Creating growth opportunities with streaming finance models by Nolan Watson, Sandstorm Gold
 

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Creating growth opportunities with streaming finance models by Nolan Watson, Sandstorm Gold

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by Nolan Watson, CEO, Sandstorm Gold.

by Nolan Watson, CEO, Sandstorm Gold.

Presented at Mines and Money London 2012.
www.minesandmoney.com

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Creating growth opportunities with streaming finance models by Nolan Watson, Sandstorm Gold Presentation Transcript

  • 1. COMMODITY STREAMING NOLAN WATSON
  • 2. Timeline to Production Success of Anticipated Production 78% ANTICIPATED PRODUCTION 22% START DELAYED FIRST YEARON TIME
  • 3. Timeline to Production Success of Anticipated Production 78% 22% ACTUAL PRODUCTION START DELAYED FIRST YEARON TIME
  • 4. Timeline to Production Success of Anticipated Production 78% MISSING PRODUCTION 22% ACTUAL PRODUCTION START DELAYED FIRST YEARON TIME
  • 5. “Don’t take capital from people whose incentives are not aligned with yours.”
  • 6. Level Of Debt (%debt/mc) 10% 5% 3.7% –32.0% Low High -5%RETURN -10% -15% -20% -25% -30% -35% Between 10% – 20% Greater than 20%
  • 7. STOCK PRICE Debt fin anc ing TIME
  • 8. STOCK PRICE Equity fi nancing Debt fin anc ing TIME
  • 9. LUNA GOLD FIRST DONNER METALS Combined Market Cap of URANIUMLUNDIN MINING Streaming Companies CORP.EUROPEAN GOLDFIELDS MERCATOR MINERALS AGCOLOSSUS FARALLON RESOURCES RAMBLER METALSMINERALS GLENCORE INTERNANOVADX VENTURES FNX MINING BRIGUS GOLD METANORRESOURCES GOLDCORP 2004 $0 SILVERCREST THUNDERBIRD ENERGY
  • 10. LUNA GOLD FIRST DONNER METALS Combined Market Cap of URANIUMLUNDIN MINING Streaming Companies CORP. EUROPEAN GOLDFIELDS MERCATOR MINERALS AG COLOSSUS FARALLON RESOURCES RAMBLER METALS MINERALSTIONAL GLENCORE INTERNANOVADX VENTURES FNX MINING BRIGUS GOLD METANOR RESOURCES GOLDCORP 2012 $27 BILLION SILVERCREST THUNDERBIRD ENERGY
  • 11. LUNA GOLD FIRST DONNER METALS Combined Market Cap of URANIUMLUNDIN MINING Streaming Companies CORP. EUROPEAN GOLDFIELDS MERCATOR MINERALS AG COLOSSUS FARALLON RESOURCES RAMBLER METALS MINERALSTIONAL GLENCORE INTERNANOVADX VENTURES FNX MINING BRIGUS GOLD METANOR RESOURCES GOLDCORP SILVERCREST THUNDERBIRD ENERGY
  • 12. Benefits of Streaming LESS LESS RISKYTIONAL DILUTIVE THAN DEBT THAN EQUITY
  • 13. n g a nci f in a m t reSTOCK PRICE S Equity fi nancing Debt fin anc ing TIME
  • 14. n g a nci f in a m t reSTOCK PRICE S Equity fi nancing Debt fin anc ing TIME
  • 15. “Becoming All Things to All People” G IN M EA EQ UI R T ST Y D EB T