Sandstorm Gold Royalties Announces 2020 Third Quarter Results - Seite 2

Financial Results

Sandstorm’s revenue during the third quarter of 2020 was $23.3 million compared with $25.8 million for the comparable period in 2019. The decrease is largely due to a 30% decrease in the attributable gold equivalent ounces sold, partially offset by a 29% increase in the average realized selling price of gold.

The decrease in attributable gold equivalent ounces during the third quarter is partially related to the lingering impacts of COVID-19 related shutdowns. Several mines continued to ramp up operations after the previous quarter’s restrictions.

Net income was higher when compared to the same period in 2019 primarily due to a $2.3 million decrease in depletion expense. Other factors impacting the increase in net income include a $1.9 million decrease in the cost of sales, excluding depletion, driven by a decrease in the number of attributable gold equivalent ounces sold.

Streams & Royalties

Of the gold equivalent ounces sold by Sandstorm during the third quarter of 2020, approximately 15% were attributable to mines located in Canada, 27% from the rest of North America, 37% from South America and 21% from other countries.

				THREE MONTHS ENDED SEPTEMBER 30, 2020
				Revenue (In Millions)	Gold Equivalent Ounces
Canada				$3.5	1,786
North America excl. Canada				$6.2	3,237
South America				$8.6	4,472
Other				$5.0	2,573
Total				$23.3	12,068

Canada

Streams and royalties on Canadian mines contributed 67% fewer gold equivalent ounces to Sandstorm when compared to the third quarter of 2019. The change is primarily due to a decrease in royalty revenue from the Diavik mine in the Northwest Territories and a decrease in gold equivalent ounces sold from the Bachelor Lake mine in Québec and the Ming mine in Newfoundland.