Sandstorm Gold Royalties Announces Sale Of Select Non-Core, Non-Precious Metals Assets For Cash Proceeds Of $21M Plus The Retention Of The Next $10M In Proceeds From The Copper Mountain Royalty, And Renews Normal Course Issuer Bid
Portfolio Pulse from Benzinga Newsdesk
Sandstorm Gold Ltd. (SAND) has announced the sale of non-core, non-precious metals royalties for $21M plus retention of the next $10M from the Copper Mountain Royalty. This move, part of a strategy to expedite debt repayment, has led to over $50M in asset sales since Q3 2023. Additionally, Sandstorm's Board approved a Normal Course Issuer Bid (NCIB) to repurchase undervalued shares. The sale includes royalties from several projects, with the transaction expected to close in Q2 2024. Sandstorm maintains its 2024 production guidance, and the NCIB allows for the purchase of up to 20M common shares.
May 02, 2024 | 9:33 pm
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Sandstorm Gold Ltd. announces sale of non-core assets for $21M and retention of $10M from Copper Mountain Royalty, alongside a renewed NCIB for share repurchase.
The sale of non-core assets and the retention of proceeds from the Copper Mountain Royalty enhance Sandstorm's financial flexibility and signal confidence in its stock value, likely leading to a positive short-term impact on SAND's stock price. The announcement of a renewed NCIB to repurchase shares further supports the potential for stock price appreciation, as it indicates management's belief that the shares are undervalued.
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