SCHEDULE 13G/A: Orion Resource Partners Discloses 7.1% Passive Stake in Sandstorm Gold Ltd.

Orion Resource Partners (USA) LP has filed an amended Schedule 13G, revealing a 7.1% beneficial ownership stake in Sandstorm Gold Ltd. as of March 31, 2025.

Summary

• Orion Resource Partners (USA) LP, an investment adviser, has filed an Amendment No. 2 to Schedule 13G regarding its beneficial ownership in Sandstorm Gold Ltd.
• As of March 31, 2025, Orion Resource Partners (USA) LP beneficially owns 20,851,772 Common Shares of Sandstorm Gold Ltd.
• This ownership represents approximately 7.1% of Sandstorm Gold Ltd.'s outstanding Common Shares.
• The percentage is calculated based on 293,445,255 Common Shares outstanding as of March 31, 2025, as reported by the Issuer.
• The shares are held through Orion Mine Finance Fund II, LP (17,236,318 shares) and Orion Mine Finance Fund III LP (3,615,454 shares), for which Orion Resource Partners (USA) LP serves as investment advisor.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership, providing neutral information about an investor's stake without commentary on the company's performance or future prospects.

Positives

• A significant institutional investor, Orion Resource Partners, maintains a substantial 7.1% stake, indicating continued confidence in Sandstorm Gold Ltd.

Risks

• The filing itself does not detail specific risks related to Sandstorm Gold Ltd.'s operations or financial health, as it is a beneficial ownership disclosure.

Future Outlook

This document is a beneficial ownership disclosure and does not contain forward-looking statements or guidance regarding Sandstorm Gold Ltd.'s future performance or outlook.

Industry Context

This filing indicates continued institutional investment in the gold royalty and streaming sector, a common strategy for gaining exposure to gold prices and mining production without direct operational risks. The sustained stake by Orion Resource Partners, a prominent resource-focused investment firm, suggests ongoing interest in the long-term value proposition of companies like Sandstorm Gold Ltd. within the precious metals industry.

Stakeholder Impact

• Shareholders: The disclosure of a significant, passive stake by a reputable investment firm like Orion Resource Partners may be viewed positively, signaling institutional confidence in the company.

Key Dates

Keywords

Sandstorm Gold Ltd., Orion Resource Partners, Schedule 13G, Beneficial Ownership, Gold Royalty, Investment Adviser, Common Shares, SEC Filing, Institutional Investor