BERAL, INC.
Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944
E-mail: mlikar@aol.com

SANDSTORM GOLD
(SNDXF – NASDAQ)

PRICE:

PRICE RANGE (52 – WEEKS)

SHARES OUTSTANDING

MARKET CAP

$1.50

$2.00 - 38¢

320,000,000

$450M


SHARE STRUCTURE

 

Number

 

Exercise
Price

 

318M

   

Options

13M

 

$0.54

Compensation Warrants

7 M

   

Warrants (expire 4/23/14)

99M

US

$0.60

Warrants (expire 10/19/15)

20M

US

$1.00

 TOTAL PRO-FORMA

  • The U.S. $0.60 warrants trade under the symbol SSL.WT
  • The US $1.00 warrants trade under the symbol SSL.WT.A
  • Insiders ownership is 11%; institutional ownership is 80%
  • Exercise of warrants and options would bring in approximately US $87M

SANDSTORM

BUSINESS SUMMARY

Sandstrom Gold Ltd., a resource based company, focuses on completing gold purchase agreements with gold mining companies that have advanced stage development projects or operating mines. The company engages in mine financing business, as well as offers an alternative to mining companies in search of capital. It provides cash payment to gold mining companies partners and in exchange, receives the right to purchase a percentage of the gold produced for the life of the mine at a fixed price per ounce. The company was formerly known as Sandstorm Resources Ltd and changed its name to Sandstorm Gold Ltd in February 2011. Sandstorm Gold Ltd was incorporated in2007 and is headquartered in Vancouver, Canada.

Sandstorm Gold Ltd. Is a growth focused resource based company that seeks to complete gold purchase agreements with gold mining companies that have advanced stage development projects or operating mines. A gold purchase agreement involves Sandstorm making an upfront cash payment to its partners and in exchange, Sandstorm receives the right to purchase a percentage of the gold produced for the life of the mine, at a fixed price per ounce. Sandstorm helps other companies in the resource industry grow their business, while acquiring attractive assets in the process.

SANDSTORM IS A NON-OPERATING GOLD MINING COMPANY AND THE ONLY 100% PURE GOLD STREAMING COMPANY.

THE INTERVIEW

Racz: Mr. Watson, all your life you have been to your colleagues the darlings of the stock market. You have formed various silver, gold, corporate entities. Anything you touch has gone up. For the first time your main gold company, Sandstorm Gold, is selling way below realistic value, why?

Watson: Well, I think to be candid, our company is only a couple of years old and although we have been making progress on a week by week and month by month basis and the stock price has been going up, it takes a while for word to get out about these types of things.

The company has a $450M market cap

Price:

$1.50

Shares Outstanding:

$320,000,000

Cost:

$480M

Yearly Income – 60,000 ounces of gold - $120M at $2.000 per ounce.
After two years – total worth is estimated 120,000 ounces
If volume – 120,000 ounces at $2,000 per ounce = $240M

Racz: The fundamental is in one sense is as follows. You have about five or six of these so-called deals with gold mining companies. You put up the money for exploration and then you get approximately 25% from the gold production from the mine, correct?

Watson: Yes.

Racz: And then you add up all the shares and if I’m correct, it’s 60,000 ounces.

Watson: Sandstorm will get, once the mines are all wrapped up, will get about 60,000 ounces a year from our existing assets, and we should get that for a very, very long period of time. Our cost is $600 per ounce

Total gold:

60,000 ounces

Cost/ounce:

$600M

Net Income:

$1400

Gross income:

$78,000,000

Racz: If you look at the tables, you have over 300 million shares.

Watson: Yes.

Racz: And warrant various prices.

Watson: Yes.

Racz: If you converted all the warrants , how much cash would you get?

Watson: We would get over $100 million.

Racz: If you have 60,000 ounces divided by 12, it’s about 5,000 ounces a month. That’s your revenue, correct?

Watson: Yes.

Racz: Then you are working on another project.

Watson: We are working on a number of acquisitions that we think would be a great for the shareholders.

Racz: With this acquisition, what would be the total number of ounces if you succeed?

Watson: To be candid, it’s far too early for us to answer that question because we’re working on a number of different things and, of course, every mine is different and every deal is different so the number of ounces we will get depends on the deal.

Racz: You have plenty of money, correct?

Watson: Yes.

Racz: In other words, there are very few exploration companies which you couldn’t finance?

Watson: Correct.

Racz: There isn’t all that much competition for this.

Watson: The space that we’re in, we’re the only company that’s looking at these size of transactions to the best of my knowledge. I know there are one or two other companies out there that are looking for much larger transactions than we look at, but we are the only ones in our space.

Racz: There is major change in the gold market and a major change from silver. One is obviously the price of gold. If the price of gold goes to $2,000, that’s an extra $350 so if you take 60,000 ounces and multiply by $350, it’s another $20 million cash flow to you. It is nearly $100M a year.

Watson: Yes.

Racz: The price has gone from, you started the price of gold, if I’m correct, was about $1,000, from $1,000 to $2,000, it means that many exploration companies get more aggressive, look for money because they know that they will be able to deliver gold. They still get 80% . Obviously they are ambitious. So we are in the market when the population of exploration companies is increasing and not decreasing.

Watson: There is no question that there is an ever-increasing demand for finance for people, especially one asset or two asset mining companies to go build a mine.

Racz: Furthermore, if the price is high, the volume of any of production of these mining companies is also increasing. So it’s a second leverage, correct?

Watson: Correct. As long as the price stays high, you end up getting more ounces out of a mine.

Monthly Deliveries

Gold Pricev

Value

5,000
6,000
7,500

$1.700
$2.000
$2.250

$ 85M
$120M
$168M

Racz: Now the billion dollar class in every industry gives usually the ability to finance more complicated and bigger transactions than before.

Watson: Absolutely and I think those companies have a lower cost of capital and more flexibility to do more things, and certainly I experienced that when I was at Silver Wheaton. You can have that low cost of capital, and there is a lot of things that you can look at doing.

Racz: So in other words, it is a whole generation of transactions that will be available for you with greater profitability of higher price than anybody calculated Sandstorm even three months or 36 months ago.

Watson: I think that’s accurate. What I would probably add to that is that unlike most companies who have very small deal teams or teams that go out there and look for acquisitions, as we grow that side of that team so that we can be doing those larger transactions as we get bigger but also continue to do the smaller ones so that senior management don’t have to necessarily focus all of their time on the smaller deals. You can have people who are solely dedicated to that so we can keep doing them.

Racz: Now this will last until President Obama will put you into the same category as Donald Trump and Steve Jobs. He will tax you to death.

Watson: Fortunately, our tax structure is set up so that a Sandstorm Gold we are taxable in jurisdictions other than the United States. So some of our tax gets paid in Canada, but the vast majority of our value actually goes to Barbados so we really don’t pay much tax on it.

Racz: I came from a communist country, Hungary, and I read what Lenid said about the Millions and the Billionaires. The truth of the matter is that 70% of the former Soviet Union and Russia’s expansion and modernization came from the mining industry. In the mining industry after some success, there are many more billionaires than anywhere else. This is the middle of 2011, gold price today is again up 17 points, yesterday it was up and it means that there is confidence of the change of capital structure in the world. Suppose by the end of 2013 you have 20, 25 projects, it is possible?

Watson: To be candid, I think with the rate of cash flow that we have coming in, we’re going to try to focus on high-quality deals on the assets that have the potential to be long-life assets and that are lower cash cost. Those are fewer and far between, so I wouldn’t say 20-25, but there certainly will be I hope a number of acquisitions between now and then.

Racz: And the market cap will be over a billion.

Watson: I would expect it to be so.

Racz: Not many people accept new friends nor bought Sandstorm, but I must admit your previous achievements, Silver Wheaton is known by everybody including Mr. Hunt with whom I reviewed the silver industry on a few occasions. Everybody knows in the gold business there are various ETF’s and the various indices. Is it possible that in two years because of the number of projects, Sandstorm will be considered the gold index of the mining industry?

Watson: That’s absolutely the target that we’re shooting for, and we have big plans at Sandstorm. I think that the plans that we have for it we are able to execute on it in the manner that we think we can, then that will be the end result, yes.

THE ONLY 100%
PURE GOLD
STREAMING COMPANY

SANDSTORM

Furthermore, as gold becomes a realistic international currency, it will be recognized as a pure gold company.

It will be considered as a new currency. “Gold” and the Swiss Frank.

Sandstorm will be a household name for “gold.”

If gold is tied with the Swiss Frank – it would be a new currency, the “Swiss Frank-Gold”. Next to the dollar and the Euro. The Euro of Greece and Italy. The Swiss Frank-Gold will lead to the Gold Standard.

SANDSTORM GOLD: A GOLDEN OPPORTUNITY

In the mining streaming business, a new player has emerged. Led by the former CEO of Silver Wheaton (NYSE:SLW), Sandstorm Gold (SNDXF.PK) has the potential to match the success of Silver Wheaton and grow from their current market cap of $500 million to $11 billion market cap that SLW boasts. Given that it only trades on the Canadian Venture Exchange, now is an opportune time to get in on the ground floor of one of the most promising gold companies in Canada.

A great feature of Sandstorm is its relatively simple business model. First off, it is not a gold mining company and doesn’t employ a single miner. It functions similar to a bank that only lends to mining companies, providing large upfront cash payments in exchange for a locked in price per ounce of gold and a percentage of future production. Thus, they have no operational risk in terms of cost overruns but are exposed to all of the upside if the price of gold continues to rise. A flow chart of how a deal progresses: 

  • Financially viable gold deposits are discovered.
  • Miner seeks financing, contacts Sandstorm.
  • Sandstorm evaluates mine and potential. If they like the deal, they provide lump sum upfront cash payment.
  • In exchange, Sandstorm requires a % of future production of mine at a large discount up to gold’s current spot price (avg. $425 Au/Oz).
  • Sandstorm continues to receive payment for life of mine, as well as participates in exploration upside with varying terms.

Gold mining companies are willing to subscribe to streaming deals because it allows them to raise large amounts of cash without having to dilute shares or take on debt. In addition, without alternative funding sources like Sandstorm, many gold mines couldn’t get off the ground, as large banks would be unwilling to lend due to their lack of understanding of mining operations or corporate bureaucracy, the latter of which any consumer can attest to if they’ve approached a bank for a transaction as simple as a car loan.

 

Disclaimer

Information contained herein is based on data obtained from recognized statistical services, issuers reports or communications or other sources believed to be reliable. However, such information has not been verified by us and we do not make any representation to its accuracy or completeness. Any statement non-factual in nature constitutes only current opinions which are subject to change. BERAL INC. or their officers, directors, analysts or employees may have positions in the securities or commodities referred to herein, and may as principal or agent buy and sell such securities or commodities. An employee, analyst, officer or a director of BERAL INC. may serve as a director for companies mentioned in this report. Neither the information nor any comment expressed shall constitute an offer to sell or a solicitation of an offer to buy any securities or commodities mentioned herein. There may be instances when fundamental, technical and competitive opinions may not be in concert. This firm may from time to time perform investment banking or other services for or which investment banking or other businesses from any company mentioned in this report.

 

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Andrew Racz. 300 East 54 Street, Suite 26C, New York, NY 10022
Phone: (212) 319-6949 Fax: (212) 753-1944. E-mail: mlikar@aol.com

Copyright © 2011 Andrew Racz. All Rights Reserved.

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