Hod Maden PFS hot off the press. 2x the resource and 2x the...

Hod Maden PFS hot off the press. 2x the resource and 2x the throughput but gives you a good idea of what we are working with here:

https://ceo.ca/@newswire/sandstorm-gold-royalties-releases-hod-maden-pfs-and

—PRE-FEASIBILITY STUDY HIGHLIGHTS
Economics

• Pre-tax NPV (5% discount rate) of $1.4 billion and an internal rate of return ("IRR") of 60%
• Post-tax NPV (5% discount rate) of $1.1 billion and an IRR of 50%
• All-in sustaining costs are estimated to be $374 per ounce on a co-product basis¹
• Upfront capital cost of $272 million

Reserves

• Proven and Probable Mineral Reserves of 2.61 million ounces of gold and 129,000 tonnes of copper

Production

• Mine life of 11 years with average annual mill throughput of 900,000 tonnes
• Annual average production of approximately 266,000 gold equivalent ("AuEq") ounces
• Average head grade of 11.9 grams per tonne ("g/t") AuEq

"Hod Maden was discovered only three years ago and has since made remarkable progress towards production, at a pace that few projects in the mining industry could match and Sandstorm is pleased to be partnered with one of the best Turkish mining operators," said President & CEO Nolan Watson. "The PFS outlines total production of more than 2.6 million gold equivalent ounces over an 11 year mine life and with the by-product credits from copper, we expect gold to be produced at a low all-in sustaining cost. The current financing plan is 65% debt financing, leaving Sandstorm's capital contribution at less than $30 million. I look forward to continued development at Hod Maden and as further exploration and technical work is completed, we expect this resource base to grow even larger than currently outlined."

—SUMMARY OF KEY PARAMETERS AND PROJECT ECONOMICS

	Column 1	Column 2
0
1	Mill Capacity	900,000 tonnes per annum
2	Mine Life	11 Years
3	Average Annual Production	Gold: 200,000 ounces Copper: 12,600 tonnes
4	Total Production	Gold: 2,030,000 ounces Copper 122,800 tonnes
5	Average Recovery Rate	Gold: 77% Copper: 94%
6	Average Head Grade	Gold: 8.9 g/t Copper: 1.4%
7	All-In Sustaining Cost1	Co-product: $374/oz
8	Upfront Capital	$272 million
9	Base Case Commodity Price Assumption	Gold: $1,300/oz Copper: $3.00/lb
10	NPV (5% discount rate)	Pre-tax: $1.4 billion Post-tax: $1.1 billion
11	IRR	Pre-tax: 60% Post-tax: 50%
12	Payback Period (from start of production)	Pre-tax: 1.3 years Post-tax: 1.5 years