Hard to complain too much about the terms. Clearly linked to the success of Deflector as cost per ounce gets mighty cheap as the deposit gets large. 15% is a nice amount that will provide upfront capital, reduce dilution and leave plenty of reserves to make strong margins on.
A few calcs on cost per ounce to Sandstorm.
If we hit the much touted 2.5M ou:
2,500,000 * 0.15 = 375k ou
38M + 4M + (375k * 500)/(375k)
= $612/ou
@ 1M ou prod:
= $780/ou
@ 750k ou prod:
= $873/ou
@ 500k ou prod: (assume no $4M conditional deposit here)
= $1006/ou
trading halt, page-37
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