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Gold/Mining/Energy : Sandstorm Gold

SAND 12.12

0.0%

Oct 24 9:30 AM EST

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From: kidl	6/29/2013 12:33:53 PM
	of 1133

Email from Denver Harris (IR) I found on SH. Can’t guarantee that it’s real but it sure sounds like him. One of the key attributes that Sandstorm looks for in a streaming partner, is that they will be a low-cost producer. Last quarter, three mines made of 80% of our overall attributable gold production and those three mines produced gold at less than $900 per ounce on average. At $1,200, we are not concerned about the viability of our partner’s operations. Our management team is being very conservative with our cash at the moment because there is a lot of uncertainty in how long this downtrend could continue. We want to ensure that we are well positioned to complete highly accretive streaming transactions so that when the sentiment changes, we will be leaders to the upside. There doesn’t seem to be a lot rationality in the way that our share price is being sold off. We currently have $60 million in cash, a $100 million undrawn revolving line of credit, and we are generating millions of dollars in free cash flow every month. Because of our business model, Sandstorm is insulated from many of the challenges that the mining industry is facing right now but the market has not recognized that. It has been challenging for our investors to watch the company lose such a large portion of its market value, but we still firmly believe in the gold story in the medium to long-term and we are doing our best to increase shareholder value during this downward trend in the cycle.

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