――Company Highlights.
OPERATING RESULTS
Record Attributable Gold Equivalent ounces sold, for the
three months and six months ended June 30, 2015 were
12,901 ounces and 25,361 ounces, respectively, compared
with 10,149 ounces and 22,115 ounces for the comparable
periods in 2014, representing an increase of 27% and 15%,
respectively.
Revenue for the three and six months ended June 30, 2015
was $15.4 million and $30.7 million, respectively, compared
with $13.2 million and $28.4 million for the comparable
periods in 2014.
Operating cash flows for the three and six months ended
June 30, 2015 were $9.5 million and $17.6 million, respectively,
compared with $9.4 million and $16.4 million for the
comparable periods in 2014.
Average cash costs for the three and six months ended
June 30, 2015 of $304 1 and $313 1 per Attributable Gold
Equivalent ounce, respectively, compared with $310 1 and
$334 1 per Attributable Gold Equivalent ounce for the
comparable periods in 2014.
↙ SIGNIFICANT ACQUISITIONS
On April 28, 2015, the Company closed its previously announced
agreement to acquire 100% of the outstanding
common shares of Gold Royalties Corp. Gold Royalties has
over $1 million in cash and a portfolio of royalties on 12
mining projects located in Canada, including one royalty
that is generating cash flow from gold production.
On June 30, 2015, the Company closed its previously
announced restructuring of its Aurizona Gold Stream and
its outstanding loan. Under the terms of the restructuring,
the Gold Stream was terminated and replaced by two
net smelter return royalties and a convertible debenture.
Additionally, the maturity date of the existing loan was
extended from June 30, 2017 to June 30, 2021. As part
of the restructuring, Luna completed a $30 million
financing with Pacific Road Resources Funds. Management
believes the restructuring puts Luna Gold on a
development path to move the Aurizona mine toward
sustainable, long-term production.
↙ OTHER
As a result of an ongoing assessment of the Company’s
assets held in foreign subsidiaries, the Company recognized
a non-cash $8.1 million reduction of its deferred
income tax asset relating to the value of the Company’s
deferred income tax assets.
The Company provided notice to Doray Minerals Ltd.
that it was requesting back the $6.0 million Sandstorm
had advanced under the purchase agreement. As part
of a settlement agreement, the Company received $7.0
million in June 2015.
The Company recognized an impairment charge of $3.3
million with respect to its Summit Gold Stream.

――Overview
Sandstorm is a growth-focused company that seeks to acquire gold and other
precious metal purchase agreements (“Gold Streams”) and royalties from companies
that have advanced stage development projects or operating mines. In
return for making upfront payments to acquire a Gold Stream, Sandstorm receives
the right to purchase, at a fixed price per ounce, a percentage of a mine’s gold, silver, or other commodity ("Gold Equivalent") production for the life of the mine.
Sandstorm helps other companies in the resource industry grow their businesses,
while acquiring attractive assets in the process. The Company is focused on
acquiring Gold Streams and royalties from mines with low production costs,
significant exploration potential and strong management teams. The Company
currently has 72 Gold Streams and net smelter returns royalties (“NSR”s), of
which 14 of the underlying mines are producing.

――Outlook
Based on the Company’s existing Gold Streams and NSRs, attributable Gold
Equivalent production (individually and collectively referred to as “Attributable Gold Equivalent”) for 2015 is forecasted to be between 40,000 – 50,000 Attributable Gold Equivalent ounces. The Company is forecasting Attributable Gold Equivalent production of approximately 50,000 ounces per annum beginning in 2018.

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