Ben Kramer-Miller
Gold & precious metals, macro, research analyst, deep value

Sandstorm Gold Shares Are Pricing In An Aurizona Expansion And Have Embedded Downside Risk

Sandstorm Gold (NYSEMKT:SAND) is probably the most controversial among the gold royalty and streaming companies. There is little doubt that the company has generated significant value for its shareholders. Yet at the same time a couple of the company's deals have not panned out, most notably the streaming deal with Colossus Minerals (OTCPK:COLUF) on its Serra Pelada mine.

As a result Sandstorm Gold has underperformed its peers. The following two charts show Sandstorm shares in terms of the two other major gold royalty/streaming companies--Franco Nevada (NYSE:FNV) and Royal Gold (NASDAQ:RGLD).

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However, despite this weak price action it appears as if Sandstorm Gold shares have bottomed, and...

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