If You Invested in Sandstorm Gold (SAND)

Sandstorm Gold Ltd., known as Sandstorm Gold Royalties, historically traded on the New York Stock Exchange under the symbol SAND and on the Toronto Stock Exchange under the symbol SSL. According to company disclosures, Sandstorm operated as a precious metals-focused royalty company that provided upfront financing to mining companies and, in return, received the right to a percentage of production from a mine for the life of the mine. The company’s business model centered on royalty and streaming interests rather than owning and operating mines directly.

Public information states that Sandstorm held a portfolio of approximately 230 royalties, with about 40 underlying mines in production. Through these agreements, Sandstorm obtained exposure primarily to gold and other precious metals. The company described its approach as building and diversifying a low-cost production profile through the acquisition of additional gold royalties and similar interests.

Business model and royalty focus

Sandstorm’s disclosures describe it as a precious metals-focused royalty company. In this model, Sandstorm provided upfront financing to mining companies. In exchange, it received contractual rights to a percentage of mine production, typically for the life of the mine. These arrangements allowed Sandstorm to participate in mine output without assuming the responsibilities and risks of mine operation. The company emphasized that it received a percentage of production from multiple mines through its royalty and streaming portfolio.

Previous descriptions also characterize Sandstorm as being in the gold streaming business, providing financing to gold mining companies looking to advance projects into production. In return, Sandstorm received gold streaming agreements that gave it the right to purchase a percentage of the gold produced at a fixed price for the life of the asset. Sandstorm indicated that it did not own or operate gold mining projects, but instead built a production profile through acquiring gold streams and royalties.

Scale and portfolio characteristics

Company press releases repeatedly note that Sandstorm’s portfolio comprised approximately 230 royalties, with 40 producing mines among the underlying assets. The portfolio was described as gold-focused and precious metals oriented, with built-in growth from principal assets. Sandstorm highlighted that it planned to grow and diversify its low-cost production profile through the acquisition of additional gold royalties, indicating an emphasis on expanding its royalty and streaming interests over time.

In its communications around the proposed acquisition by Royal Gold, Sandstorm referred to its portfolio as a gold-focused, high-quality, long-life royalty and streaming portfolio. The company also emphasized that its royalty holdings included development-stage and exploration-stage assets alongside producing mines, which together formed the basis of its long-term production outlook.

Corporate transformation and acquisition by Royal Gold

Sandstorm underwent a significant corporate change in October 2025. According to a Sandstorm press release dated October 20, 2025, and a related Form 6-K filing, the company completed a plan of arrangement with Royal Gold, Inc. Under this arrangement, Royal Gold indirectly acquired all of the issued and outstanding common shares of Sandstorm. Sandstorm shareholders were entitled to receive 0.0625 of a share of common stock of Royal Gold for each Sandstorm share held.

The same press release and subsequent regulatory filings state that, following completion of the arrangement, the Sandstorm shares were expected to be delisted from the Toronto Stock Exchange and the New York Stock Exchange. A Form 25 filed on October 20, 2025, by the New York Stock Exchange relates to the removal of Sandstorm Gold Ltd. common shares from listing and registration under Section 12(b) of the Securities Exchange Act of 1934.

A Form 15 filed on October 30, 2025, further documents the termination of registration of Sandstorm Gold Ltd. common shares under Section 12(g) of the Securities Exchange Act of 1934 and the suspension of reporting obligations under Sections 13 and 15(d). The Form 15 explains that, effective October 20, 2025, Royal Gold, through its wholly owned subsidiary International Royalty Corporation, acquired all of the issued and outstanding shares of Sandstorm Gold Ltd. in a court-approved statutory plan of arrangement. It also describes subsequent corporate steps under the Canada Business Corporations Act, resulting in the amalgamation of Sandstorm with other Royal Gold subsidiaries into an entity named International Royalty Corporation, a wholly owned subsidiary of Royal Gold.

Historical context for SAND stock

For investors researching the historical SAND stock listing, it is important to recognize that the ticker symbol SAND represented Sandstorm Gold Ltd. prior to the completion of the arrangement with Royal Gold. After the transaction, Sandstorm’s common shares were removed from listing on the New York Stock Exchange and the Toronto Stock Exchange, and the company ceased to be a reporting issuer in applicable jurisdictions, as indicated in Sandstorm’s news releases and SEC filings.

As a result, SAND functions as a historical symbol associated with Sandstorm Gold Ltd. and its former status as a publicly traded precious metals royalty company. Current information about the combined portfolio and ongoing operations is associated with Royal Gold, Inc., which acquired all of Sandstorm’s issued and outstanding common shares as described in the arrangement documentation.

Use of this overview

This overview is intended to summarize the historical business model of Sandstorm Gold Ltd. and the documented corporate events that led to the acquisition of all Sandstorm shares by Royal Gold. It is based on Sandstorm’s public news releases, Royal Gold’s transaction announcement, and Sandstorm’s SEC filings, including Form 25 and Form 15. It provides context for users examining the legacy SAND ticker, the nature of Sandstorm’s royalty and streaming activities, and the subsequent corporate combination with Royal Gold.