Van Eck Owns 18,613,017 Sandstorm Gold Shares (6.35%)

Rhea-AI Filing Summary

Van Eck Associates Corp reports beneficial ownership of 18,613,017 common shares of Sandstorm Gold Ltd, representing 6.35% of the outstanding class. Van Eck shows sole voting power over 18,529,259 shares and sole dispositive power over 18,613,017 shares. The disclosure appears as an amendment to a Schedule 13G filing, documenting a sizable institutional stake disclosed under federal securities rules.

Positive

• Beneficial ownership disclosed: 18,613,017 shares, a material holding exceeding the 5% reporting threshold (6.35%).
• Clear control metrics: Sole voting power over 18,529,259 shares and sole dispositive power over 18,613,017 shares, indicating centralized control of the reported position.
• Filed as an amendment to Schedule 13G: The filing updates prior disclosures and maintains regulatory transparency about institutional ownership.

Negative

• None.

Insights

Securities Analyst

TL;DR Van Eck holds a material passive stake in Sandstorm Gold of 6.35% with near-complete sole voting and dispositive power.

Van Eck's reported 18,613,017 shares (6.35%) cross the common 5% reporting threshold, making this a material disclosure for holders of SAND. The split between sole voting power (18,529,259) and sole dispositive power (18,613,017) indicates the adviser controls both voting direction and disposition for nearly all shares it reports. As this is a Schedule 13G amendment, it documents ownership rather than an explicit intent to change control; investors should note the size of the position when assessing institutional ownership concentration.

Corporate Governance Expert

TL;DR A single institutional holder reports significant ownership and largely sole control over voting and disposition of its shares.

The filing shows Van Eck as a significant stakeholder in Sandstorm Gold, with sole voting authority over 18,529,259 shares and sole dispositive authority over 18,613,017 shares. From a governance perspective, concentrated institutional ownership can influence shareholder votes and engagement dynamics even if filed under passive ownership rules. This disclosure provides transparency on who can effectively direct votes or sales for a material block of SAND equity.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 13)

SANDSTORM GOLD LTD

(Name of Issuer)

Common Shares

(Title of Class of Securities)

80013R206

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 80013R206

1

Names of Reporting Persons

VAN ECK ASSOCIATES CORP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 18,529,259.00
6	Shared Voting Power
7	Sole Dispositive Power 18,613,017.00
8	Shared Dispositive Power

9

Aggregate Amount Beneficially Owned by Each Reporting Person

18,613,017.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.35 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SANDSTORM GOLD LTD
(b)	Address of issuer's principal executive offices: 733 SEYMOUR STREET, SUITE 3200, VANCOUVER, British Columbia, Canada, V6B 0S6
Item 2.
(a)	Name of person filing: Van Eck Associates Corporation
(b)	Address or principal business office or, if none, residence: 666 Third Ave, 9th Floor, New York NY 10017
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 80013R206
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 18,613,017
(b)	Percent of class: 6.35 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 18,529,259
	(ii) Shared power to vote or to direct the vote:
	(iii) Sole power to dispose or to direct the disposition of: 18,613,017
	(iv) Shared power to dispose or to direct the disposition of:
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

VAN ECK ASSOCIATES CORP

Signature:	Ashley Sousa
Name/Title:	Ashley Sousa, AVP, Van Eck Associates Corporation
Date:	08/14/2025

FAQ

How many Sandstorm Gold (SAND) shares does Van Eck report owning?

Van Eck reports beneficial ownership of 18,613,017 common shares of Sandstorm Gold.

What percentage of SAND does Van Eck's stake represent?

The reported stake represents 6.35% of the outstanding class of common shares.

How much voting power does Van Eck have over its SAND holdings?

Van Eck reports sole voting power over 18,529,259 shares.

Does Van Eck have dispositive power over the shares it reports?

Yes. Van Eck reports sole dispositive power over 18,613,017 shares.

What form was used to disclose Van Eck's stake in Sandstorm Gold?

The position is disclosed via an amendment to a Schedule 13G filing.