Sandstorm Gold Ltd. (SAND)

Sandstorm Gold Ltd. was a gold royalty and streaming company headquartered in Vancouver, British Columbia. It was incorporated in 2007 and began as Sandstorm Resources Ltd., changing its name to Sandstorm Gold Ltd. in 2011. It was founded by Nolan Watson, who served as chief executive officer, together with David Awram and David Garofalo.

Its business model was to provide upfront financing to mining companies in exchange for the right to purchase a percentage of future gold or other metal production at a fixed, low price, or to receive a royalty on revenue. This allowed Sandstorm to hold exposure to mine output without operating mines or bearing most of their operating costs. By the mid-2020s its portfolio included more than 250 streams and royalties on producing, development and exploration assets across Canada, the United States, Latin America, Africa and other regions.

The company's shares traded on the Toronto Stock Exchange and on the NYSE under the symbol SAND. It grew through a series of acquisitions of streams, royalties and portfolios, including the 2022 acquisition of Nomad Royalty Company, and it later spun off or separated certain copper assets into a separate company, Horizon Copper.

In July 2025, Royal Gold, Inc. announced a definitive agreement to acquire Sandstorm Gold. Royal Gold was a Denver-based royalty and streaming company that traded on the Nasdaq under the symbol RGLD. The agreement provided for an all-share acquisition through a plan of arrangement under Canadian law, with Sandstorm shareholders receiving 0.1429 of a Royal Gold common share for each Sandstorm common share.

Sandstorm shareholders approved the arrangement at a special meeting, and a Canadian court granted final approval. The transaction also required regulatory and other customary approvals. The companies said the combination would create a larger royalty and streaming portfolio with a broader set of producing assets.

The transaction closed on October 20, 2025. Sandstorm became a wholly owned subsidiary of Royal Gold, and Sandstorm's shares were delisted from the NYSE and the TSX. A Form 25 was filed with the SEC for the removal of the common shares from listing and registration. Former Sandstorm shareholders now hold Royal Gold shares, which trade on the Nasdaq.