SAND - Earnings call transcript Q4 2020

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Operator

Good morning. My name is Lindsey and I will be your conference operator today. At this time, I would like to welcome everyone to the Sandstorm Gold Conference Call. All lines have been placed on mute to prevent any background noise. Please be aware that some of the commentary may contain forward-looking statements. such assurance actual statements could results from anticipated no be prove differ be those as accurate and in can that will forward-looking to materially There statements. future events be After the question-and-answer a speakers' session. there'll remarks, Instructions] you. [Operator Thank Mr. Watson, you your begin may conference.

Nolan Watson

annul QX anyone us the couple everyone, to morning, results, in and ensure is then that through we going be Call your now. into ask on And Earnings to for thank you XXXX. the walk the brief brief then direct each update can response Today, CFO, I to company a Good it And a please don't Q&A, the this going we if able all through we'll through has those presentation Lindsey. to get of will you after a period. get Awram time, on after turn a operator for questions and And need of and provide investors this to from QX will there you're us that PowerPoint live portal. any a part Dave assets. turn prepared portal, be Erfan, will going are you there, you, the over our question and the Thank question-and-answer a that, web so for Annul for update web we attention calling will provide At call. this our if

XXXX and the XXXX. that production our shutdown reporting result, well QX brought curtailments, flow. as pleased annual I'm the year. a expectation have of that we annual as cash led QX issuing am record guidance mine both as operational shutdowns, are XXXX well challenges same for for which XXXX. revenue, yet, as we're not As will including and And operating record that I COVID It's our withdraw record well to aware, now many record challenges And everyone XXXX, to pleased is us as guidance

Sandstorm's attributable see an You can between here from increase to initial on and ounces. XX,XXX providing for to equivalent production XXXX, gold range XXXX guidance we're expecting four, XX,XXX gold slide we're

cash strong. Assuming prices the new US$XXX an there D&A record which revenue flow around a flow net after we set an that midpoint going overall, It we're would sense operating stay of this a million, gold $X,XXX record from the ounce, unexpected three flow into in after range of expecting tax primary record price my be would continue translate US$XX cash to opinion this Therefore, is company. not makes gold reasons million, of forward. exciting if investment XXXX, to had to really that only XXXX, and approximately also record for in are cash approximately and

The portfolio royalties flow. performing first is is of existing and record and cash well streams our that is generating

ever that second that growth capital we've had Maden primary later. third about before. talk The a I'll bit catalyst the we And more our happening is allocate to in is which exciting is more XXXX, have little asset than Hod

us one to cash either our competitors. from our have we Specifically, that of this making catalyst important billion you acquisitions or and is cash hand, Sandstorm. between sets we expected $X.X on through dividends. for returning that things buybacks can above that an see line of capital This apart the and to either it's credit, share shareholders undrawn our or And relative Sandstorm's slide can next revolving operating this year flow allocate on

on of see the can capital we to have that this slide You relative next allocate. amounts

a cap. allocate percentage is this of our year Specifically, amount market the capital of can the slide measuring as we

of our competitors. can which more other The will some is which rightly cap, are capital. is of With market than our allocate triple shareholders the many XX% asking this our conclusion we approximately we that big how of allocate question

said, effectively two, buybacks; share alternatives one, three I and as dividends. number being the acquisitions; three, number With number

Although, patience we those we want Sandstorm company we a allocate will -- all continue we absolutely XXXX. that will portfolio, making to do would do many growth of we make alternatives. grow three that. to ensuring scenes. very twice is we as capital worked a I compared not in and will and our the crystal have exactly ball, We're we to expect intelligent XXXX, deals but XXXX behind being as acquisitions, actually we acquisitions working on hard to Despite are in few

And so were far was last XXXX, in our year. we deal even than busier team

share that believe to shareholders, to our any return there's is shares to Therefore, This to own of will shareholders. back cash our capital then number in remaining I that share decrease share our share to any market warrants price the It those business. shares. also available would per if current we continue these and Fortunately, stepping belief grow for buying in further our the price, outstanding we shares. and we our the repurchase us total the reduce be have capital will levels per from enough canceling the and value shares Sandstorm flow decrease into while increase shareholders management's

acquisitions small if believe have and dividend, Sandstorm that us either with towards that past also not put see to XXXX where declaring shares repurchased shares a in money practice, of we in all have million X.X that cash mouth price $X.XX XXXX year X.X justify at us Based this we XXXX, and year again shares of end make this see in another surprised the is, per long-term then starting flow million years, be shares, in weighted can You would next. this shares for stable, I from do repurchase it on X.X average shareholders the million our a past and then slide every share. even and or should XXXX. do three our we

continue would time. increase but it is current that that over would dividend quite to thinking be Our the initial small,

this investors timing So, for I decision. to our say would stay of the tuned

that rich XXXX, a positive catalyst expected would it's potential be to encouraged with Looking forward we're number a year benefit of events, which to shareholders.

granted growth Turkish key primary government, milestone. we Hod an XXXX, in permitting a be the to asset Maden our is which from example, expect EIA For

We officially also year feasibility results the releasing expect the then Maden EPCM contract and award to of the later the Hod construction. in next study the be to quarter, for mine's

a COVID, ounces expecting catalyst shareholders catalysts dividend. buying based our even to In year benefit in completing will of portfolio, partners, that to no benefiting us. XXXX both cost XXXX addition, Sandstorm. And we new we the good all see for anticipate potentially before while the XXXX declaring the our shares deals find continued success expect was our And continue grow exploration gold these and from our by while us, back they better as at to I on will an Overall, new despite be year. I'm first

more go hard precious metals XX-plus from As that. I'm With in the are very bullish exposure. well-positioned get that working to even on it financial Sandstorm we I now this, the to portfolio metals next over believe but And existing well-positioned Erfan the that, past, based results. hand over I through precious to I'll is to to years. accomplish our assets we're profit on mentioned had of

Erfan Kazemi

quarter take to Thank time like items. you, This breaking few and record we've the the decreased us platform in the production today. year unforeseen important pandemic, another both and and here results year few and chart of walk trend To an Nolan. it's the to begin, of over through a a result for Sandstorm. Despite I'd noteworthy was a and to from a Hello, Sandstorm seen everyone. year-end resulting some for expected you joining cash think the I unlike revenue of last for financial the had before. from decade highlight of Thank anything shows recognize fourth production both operations. revenue Sandstorm's royalties XXXX flow as gold terms

XXXX was number we run-up of year, no Sandstorm's While delays XXXX of to as financial to optimistic the close XXXX, We're fiscal to a sold of in moving reason gold expect the as into result ounces assisted pandemic. have the Sandstorm further equivalent gold the production price results. in

gold back to over with years, on setting expect production Sandstorm stronger we record time so, this And much market. track the in a be levels

attributable of per set $XXX chart. ounce cash average flows this approximately of approximately sold per ounce. realized $XX average ounce an new price cash can per gold Here, we Sandstorm This for at on record of each ounce. cost see an resulted in $X,XXX attribute This price cash with attributable million XXXX. operating gold the record activities operating $X,XXX, average XXXX, In margins of in a overlaid from

the summary financial at of Looking results. Sandstorm year-end

up As the revenues year XX,XXX mentioned, in sold total XXXX. of from attributable to XX,XXX compared This X% had $XX during ounces from Sandstorm million, gold came XXXX.

experienced thanks a temporary following up in net in the not and year. in the from slide activities operating mining net Quarterly cash spring the million. summary in $XX.X I've record from in up activities record, while again, for line quarter, As our shutdown record operating sold full which producing gold million the operations quarter portfolio $XX.X COVID-related was back the to million expectations, also with a in of revenue at XX% capacity fourth just income for fourth This results. attributable ounces were million, was fourth Sandstorm, quarter and resulted million, $XX.X number flows Cash flow months. of was quarter in the fourth equivalent mentioned, from summer a XXXX. of XXXX the of financial $XX.X the The next was is for also XX% fourth from at income record $XX.X quarter

where shows to the revenues year, third continues coming royalty and Americas, out with a revenue revenue Looking over revenues the and of sales region North the came majority for from Sandstorm America. from type. at of by slide its metal Sandstorm by from receive this broken

price. the company, stream. up first ongoing from asset, Digging annual as summer, of July. the Canyon of third In throughput nearly has at next by performing the Relief year its gold suspensions a plan Sandstorm total ounces production first in scale million producing silver mine ounces produced royalty per full are this to to market and The in majority temporary reflected year. of production production two announced ounces. end In December gold, gold the X,XXX producing Yamana shutdown to from of opera end for XX% stronger attributable slide Canyon X% the will slide no note Sandstorm stream first at on was and Sandstorm breakdown agreement, the the mine mind by bit gold most XXXX. another will stream the of the received ounces to X%. an everyone XXXX. recall, completed ounce, in mill the production the Aurizona, XXXX. the COVID-related experienced If acquired second Fruta Gold July, silver the spot and from receiving commercial commenced annual payments the in temporary May, experience deliveries in and X.X to above both Relief recently X%. Equinox Sandstorm Sandstorm Sandstorm, mine vast del in on of focused operational the silver value COIVD-related X% production is to expected of XXXX. expected, this XX%, began marked price mine been del gold deliveries this coming Norte, asset. to precious assets a commercial during the year sliding The from sold shutdown entitled going mine and at by XX,XXX producing Sandstorm Cerro Moro a with to mine Aurizona quarter. produced of Sandstorm's metals gold half Norte expand prices royalties. into has reached that asset forward. received in With silver was quarter we're The asset in Aurizona bring of a full fix will type, which Fruta gold did of del in With $X,XXX increase has royalty Fruta Sandstorm amount the about the second on NSR of metal Sandstorm's which Moro Norte Gold rise optimistic the that Cerro with this assets. maximum cash Lundin silver this royalty year, terms a a of deeper, revenue Two equal XXX,XXX top remains of royalty per bringing further February in for at dependent to lasted XXXX, XX% XXXX. and silver Under of the XXXX this

and want to cash in I briefly Finally, that to took events speak Sandstorm's XXXX. some position place notable

November, proceeds In XXXX, were best exercise the one from The program the outstanding the already company's it has been the As also pay-off over of non-core received able of facility. credit debt early in higher warranty gross one a set mentioned, equity The both expired first million warrants last asset is of the of of on free, final Sandstorm history remaining and $XX We were warrants. the in and Nolan free making in liquidating $XX in our XXXX. to financial has in Sandstorm ever. used in and to prices, early investments gold from positions million take advantage debt of balance the company. approximately proceeds April Sandstorm

approximately the equity and to of and that million $XX monetize As non-core for development had debt future we acquisitions of can end XXXX, in Sandstorm efforts. corporate investments continue

gold with attributable a over attributable equivalent our gold updates in for production forecast assets. further to Sandstorm I'll XX,XXX XXXX. turn XX,XXX be approximately with XXXX, And ounces ounces of and between on equivalent Nolan XXX,XXX in that, long-term Dave? Dave it to As forecasting stated, is

David Awram

Great. Thanks, Erfan.

investor seen we the assets would you were that XX. drilled tracking we and then streams familiar if So, started we've similar have on with what been have something the amount presentation, on on. royalties Since meters to of we our Sandstorm you have slide

that continues two-thirds XXXX. drilled. XXXX has XXXX. we for producing by on previous meters year of increase the previous you you compiled trend see million like years, in almost assets. that COVID-XX, team data disrupted this that drilling completed And the over was seriously being can And the X.X four-year saw still Despite see of Our drilling over with

that increased resources see Houndé, the reflected in and in others. Chapada can Aurizona, You

X For five seen almost projects. last of we've our the partner meters now, drilling million years on

we'll almost to Despite of the the it's of at see from tonnage any a XX,XXX not to Sandstorm as an preset royalty success, not of in head converting have year. forward. not billion half of That's recovery, exposure XXXX Lundin the I'm infill both is Now, average COVID but XX soon working dollar drilling XXXX mine When you program, on focused sort plan to this On their they're we contribute -- towards tons before grade expansion been over on and Houndé inferred producing for beating targets Fruta during del in XX-year Barbasco drilling to exactly investment in are investigated in Lundin there in helps to assets Suarez likely driving value ounces been moments this of number on. on value Nolan for expecting XXX,XXX exploration it, production is without stressed meters has your not mining completed reserving going targets. driving sure be of driver -- there ounces about upside but in After a the of ounces other exploration to represents has to first of the few This success. Lundin expansion that both and a complete have top is in and and the life. and Pull-Apart Princesa I work XX for streaming what exploration just Fruta, $X.X great have throughput place. Fruta portfolio project year, that this, and initial to, between the the first basin. has of resource half example focus and the that Erfan have at far to The production, located XXX,XXX in investment, into Sandstorm, were as milling on the already gone work XXX,XXX of of Norte, of best project has did excellent exploration that as terms that ago. targets XX Since shutdown of Onto years. purchasing production have exploration been working drilling an best in XXXX. infill to beginning in Gold an our receive that XXXX illustrate get chance the that a And receive Gold most guidance deals. Puenta to growing on of importance both which the expansion two shareholder they multiple regional ways. million of XXX,XXX are of an the have like is million additional These for their talked XX% second the

Being X.X% $XX I Lundin of So, on wait area, meters and successful has most Aurizona. provide current us NSR up original come they up done were our year ounces drilling. entire XX,XXX XXXX, our asset in I covers of this mineralization was of on about with year. going. million for sliding that what similar our us. to On great around this revenue in for show project looking our project. keeps Sandstorm produce exploration started XXX,XXX slide scale their $X initial budget see eight is. getting is And XXX,XXX in With ounces our we in the giving should alongside results this Aurizona what remind we in Their XXXX, for in royalty And targets. years. portfolio million to than XX, guidance this can't a to X,XXX targets all to you the investment the one per Santa expected first in Fruta less of job project they including assets to project when Elena, the investment on

remaining exploration are more exploration their Recently, and they're based years potential. also -- XXXX, and going still that keeps strong. in target targeting underground regional life Now some and results six over released they

intercepts Micote. over I our Piaba, and Chief and thought grade that have significant holes meters. areas the Genipapo For grade potential like the they XX targeting near years are section, on targets grams remarkable who the that gold surface At property. drilling some grams from be date may XX underground Geologists meters on ore section over Drilling to hit highest to XX and really to begun with directed XX they shows XX the consistent on, stood These targets, mostly the East five and holes to also assets ago in XX they've mine, over which is two grains.

consistent prefeasibility grades consistent section planning at shell. study Sandstorm. upside is meters for for its is the exploration mine is flow in you over enough deeper gold cash to see On what proceeds adds this ounces as million which to beginning drilling to start and long seriously $XXX current XX, Sandstorm, the price, over an option, to does Aurizona underground mineralization in XX,XXX drilling emerge the means To XXXX, looking slide pit $X,XXX the of under enough assuming illustrate large to is it exactly can on the what a million trends are and doing plan, a high The every X in year. That's a shareholders. into success that potential good Equinox

that, with for the over Q&A. operator, I'll So, Lindsey, pass to it

Operator

question Wainwright. Our from first Instructions] with Ihle [Operator comes Heiko H.C.

line Your now is open.

Heiko Ihle

my Thanks and guys. on year successful and pretty there. taking pretty another questions trying congratulations for Hey, times growing even

step and that repurchase market mentioned You to be the you'd into willing shares.

for be and general, on prepared more loud where seems of remarks used in maybe scale seen cash, funds. be, use then you alternate just much before. your as balance large than you're out thinking here. uses at as now, I'm royalties, your extremely are so I've sensible not right prices Just are to of essentially acquisitions Are they sheets stating focused looking to that and

Nolan Watson

search. saying for of question. the We're Thanks the Yeah. nothing

company. through a I we that growth I are went think, the emphasize comments that

a We are focused on company. growth

for terms to of inches swinging to sometimes completing just year, potential know you're I last acquisitions. realize. people efficient And can with grow. growth in many as going And in than now and pipeline and And we're that happens As do of grow just some trying didn't right nature long very of big as remember. our where our it's deals XXXX in transactions deeper got business that's within is large think been I we

Heiko Ihle

importantly, talked we end about. your deal low mention I'll I say transformational do to on last you be how plus figures, to very the But types not could should that the XX do that, ago? that months about mean, you nine shocked acquisition just on and figures. hundred year. when you royalties much. million of see deal building question, high building a prices answer, XX what anything you're easily a by the eight more you dollar Thank with And these of compared the seeing are the for

Nolan Watson

Yeah. not shareholders I do should would that. be if surprised we say

expect In fact, should that. hopefully I think, they

nature they're up of -- pricing complete XX% or a we asset really think we're million, And below well per the do more goes that too. transaction, we that million up transactions bit, be but a them of what are if million, get assets transaction. potential the a now We're you down -- come working the transaction. size still million terms the into little of -- $XXX we're there'll when on it's lot seeing $XXX and on $XXX depends IRRs some the million quality over IRRs, In $XXX in right and -- $XXX but could the expiration that

and pipeline, we're we're we seeing but can. going So based we're what yet, on take in give a bit there's which there. our to not sure And land we of -- transactions

Heiko Ihle

Excellent. get Thank queue. you very in much. back I'll

Nolan Watson

you. Thank

Operator

question Matt Capital. Our comes ROTH next from Farwell

open. now line Your is

Matthew Farwell

taking Hi. Good some of morning. comment the reading was wondering that could you news I my if Thanks question. about. on for we're

any that a whole you -- can terms risk lot in North any it not and it change? but timing go royalty what that sure knowledge as, the project? there based there's you've on on has Mongolia, project, say, risk read given you And proximity could does is also, I'm of the to your there If is

Nolan Watson

them and could change. start a on unilaterally second first, no are either. terms we're part inclined change on of not the Heruga and on We've kind to And terms cause with venture set Entrée royalty a risk that of got to aware I'm has grounds. I them there's that change the us, the So, stone of ability that nobody North those Hugo really stream joint Extension and the

there's same. forward, So, risk. there's risk of not the those an fully the think I is timing With stay to respect complete yet always that should proper the asset that asset momentum When moving asset ceasing critical whole central forward to to bankrupt timelines. this so the functioning is funding Having would its and and that, of country. construction, the government said Mongolian the

So, the cutting government of likes noise, heads. can all to but ever lots Otherwise, that's their be make be. there'll off it own

too Yeah, So, about short-term noise. I'm not long-term delays. worried

Matthew Farwell

And to Interesting. follow-up just on then the M&A environment.

In terms flow? of Or at, you more immediate the cash given you may that focus to properties development types exploration can looking still of projects finding, have on acquire you're or you do with that are pricing properties? you think

Nolan Watson

Yeah.

both. So,

are We It's things we to I that now producing everything not in that are chance a are we of it's we're allocate things would focusing terms but capital, think to want completing at exploration. how now, are just say we in right of the the the to are have not What priority a on are priority to now. finding of stopping reasonable exploration. production things in that majority development, from we that things looking operations. right

Matthew Farwell

a issuance? share to is of would your Or what mentioned use And and rely ticket those then form the lot a at liquidity of some -- on it the transaction, or you liquidity intention credit transactions? look those or your would of in some larger when credit, you price as is your capital, you of when you for you large ideas say, for --

Nolan Watson

first. use would be Our credit to plan

Matthew Farwell

Thanks it. taking my for Great. question. Got

Operator

with next from Independent Our question Tumazos comes John Research.

is line now open. Your

John Tumazos

listed three ounces targeting development you. so market date a Thank or website producing Yesterday, What or and projects in warmest have about Kinross years? five classified XX output. the three your royalties X.X XXXX next On that are global timeline and has you you three will advanced reserved those specific then, have, dozen think you dozen million exploration of two and projects. the

Nolan Watson

the next [indiscernible]. years, five timeline in that our included all are Typically the their in projects not stuff

David Awram

Yeah.

really happen. see of market It's to Kinross great upgrade So, the forward. one is global pushing those. certainly project that that

But guidance So of of a, come it's also be currently really these smaller we that in in as too. huge type kind assets, any and once discussion not there either there. -- a isn't think, the sampling ones. and of in a few contributors -- that's to are illustrated big or I it quite that flow there's in There's may -- that of little cash Canadian does going going also profiles the lot in phases. looking, in past. bulk it also contributor kind format, online of Canadian of but not development through But feasibility to a some or -- or have They're well, construction --

venture Of course, to year another joint Glencore, more is we Yamana large one that which, Newmont. between on this information later see course, on our Rica, of do and expect Aqua is

to happens look timeline too. like. XXXX, As that's as feasibility they well outline potentially that more sometime a XXXX would And of contributor and that huge course, us, details and updated study on what really by

of starting start seeing dates think, we actually of would them of terms them. to kind might them firm that production have, that's I front serious of that in the from some are when impact significant So, to more bigger ones, up in

John Tumazos

If ask your up could you. on question. earlier another I Thank following

Your equity How stake much? -- expect is do you that out? Rio company to the for the to moments see or plan market the royalty, stream or when to sell resources. for I Tinto too that I project. XX% or a or in back stock entire Is root dynamite do Or bigger for to out into Entrée sold swap is profit? a game stream get have royalty your little And you it

screwy screwed and to before I is? what I getting die So when they're one Chile. assets over in they plan hope wondering more the your earn copper game out get company just of I'm project one that their country. Utah on in dynamites some

Nolan Watson

Yeah. It’s a great question.

looking it to that $X that, that at to worth trading or probably shares are that undervalued. And the right think is the compared think $X.XX closer would their I are fundamentally shares -- they're the are and deeply I $X way we're now, there say they probably at.

maybe of strategy, to shares of win the the when from way market, terms you pick then buy there's happy time. more ways to undervalued. some we're something we time different you And which win in that the to -- a lots exit do up in So, others, deeply

either can acquirer. to You sell strategic potential

paying can just and reasonable you more and markets, the can is market till the liquidate project You can it you continue hold. is to or price the wait more into advanced

forced of And $XXX flow cash that on, lot is a owns a should once realize just dividend we that's million It's that mine $XX $XX million than And Sandstorm close to paid a year. million being is It's think I a the generations we don't a went their for to last company shareholders. of more the a our forever. to for that XX% $XX mined shares. million company. your like a and several people if should round every that Entrée in year, lot they a year

John Tumazos

last impose one If could with one. I

Nolan Watson

Yeah.

John Tumazos

some with it's purpose slide is is XX% we're to like corp. cap We don't market special frighten going acquisitions, mix of your If a change, asset for corporate might investors. capital what The acquisition the available know buying.

of world, a couple time, Some to I Maden. get your assets that next stock Mariana's a was into he trying your Turkey. almost the into Americas half are upset your your recent in Hod manager too given it Is days ago. was recent guy the investments put And at have of Faso, places. for or fund much investments to that the of first other Burkina are a that number you Mongolia, constrain investments to

Nolan Watson

the So, depends is think transaction. specific to it the on your answer question I

because it into that half Faso, that's than market production, will make ignorant an a cap Maden, sort You're looking When of value are just our of Hod at of we statement Burkina $XXX our less NAV. people we of that but it's statements be billion places $X.X half yes, like put investment for bought X% like our company million.

-- that, market again, we So over we to accretive over shareholders cap, deals If it. XX% of of for production. we do can bought that and that over we'll our are and our XX% like do

what depends are of just it front so, And us. deals on in

in best And make the to with to that. the to and sure accretive I we've and intelligent company to smart And willing it time to be We're we shareholders. we're do in patient we deal and if that going happens deals what Canada. thoughtful deal be and shown are. we'll that think next buy go we'll do is how that over about Canada, grow to methodical continue

John Tumazos

slide -- XXth the eighth output their by Fox I mine revenue might be Relief Black mines. life. mine, by XXth, America it's and closer or to in that's end look with It the at are XXth, of the as smaller XX and mine, North slide your your So, largest and seventh Canyon,

America Latin in first So, Africa, -- asset it are to hurt six it's something in two in just mines big have four but in West U.S. the wouldn't and your mix again.

Nolan Watson

I with do disagree not that. Yeah. definitely

John Tumazos

shareholder. luck. Thank you. I'm a Good

Sorry you. pest to

Nolan Watson

John. Thanks, Okay.

Operator

Wilson from comes question Josh RBC Markets. with Capital next Our

line Your is now open.

Josh Wilson

fermented, sort just Teneo when Emer to I'm and the [ph] looks that longer how of Santa what Thanks. wondering deposit like on is stream Elena, payouts there for going any that's affect visibility term? the a

Nolan Watson

Yeah.

displacement mill. agreement a ore together, put the Elena of with we did of put transaction we displacement the in terms So, going to that Santa originally

So, get started discussions finally at ore kind Teneo to to emphasis ore, there'll Santa we them. Elena with that really mill. have of least into -- to be Emer we looking have of coming Obviously, development XXXX, more processed from see at some those get type as

will become that discussion. point a So of

that Majestic them. with year we how I works as that that think clause did this original in to transaction with First displacement

Josh Wilson

the, as to The well to two delivery Okay. or the first [indiscernible] or And relates so, EIA, EIA links as I status, items. update there's feasibility we're then looking an feasibility as for study? it guess, on independent study the

Nolan Watson

items. are stages. very, is then the And QX expected be in final to study those or Feasibility slightly submitted. have before very EIA initial advanced applicants already So, in submitted for here its The EIA independent been the that. two is

I that So, went of in will -- we're hoping those happen. QX, both catalysts

David Awram

or It's opposed the process, been their EIA prioritizing get the been them to completing project into has process the EIA approval it perspective -- a operators as the for of Lydia really really final the of as study. it a from and feasibility priority getting

Josh Wilson

Those Great. questions. my Thank all you. are

Operator

turn There any the at closing over Watson time. are Mr. this in no further call questions to back comments. I'll queue for

Nolan Watson

get us to Well, always Thank And questions, free thank further contact today's you thank We'll as to happy at feel office. if call. for have phoning you. here everyone we're you you, into back any be the Lindsay, And around. to and you.

Operator

This today's conference call. concludes

You may now disconnect.

Sandstorm Gold (SAND) 12 Feb 212020 Q4 Earnings call transcript