COMMODITY STREAMING     NOLAN WATSON
Timeline to Production   Success of Anticipated Production            78%                                         ANTICIPA...
Timeline to Production   Success of Anticipated Production            78%    22%                                          ...
Timeline to Production   Success of Anticipated Production            78%                                           MISSIN...
“Don’t take capital from people whose incentives are not aligned with yours.”
Level Of Debt (%debt/mc)         10%          5%                3.7%                                           –32.0%     ...
STOCK PRICE                     Debt fin                              anc                                  ing            ...
STOCK PRICE                     Equity fi nancing                       Debt fin                                anc       ...
LUNA          GOLD                    FIRST                                  DONNER METALS                  Combined Marke...
LUNA          GOLD                    FIRST                                   DONNER METALS                   Combined Mar...
LUNA          GOLD                    FIRST                                   DONNER METALS                   Combined Mar...
Benefits of Streaming      LESS                  LESS    RISKYTIONAL                 DILUTIVE    THAN DEBT            THAN...
n   g                                           a nci                                    f in                            a...
n   g                                           a nci                                    f in                            a...
“Becoming All Things to All People”                          G                     IN                 M            EA     ...
Creating growth opportunities with streaming finance models by Nolan Watson, Sandstorm Gold
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.

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

  1. 1. COMMODITY STREAMING NOLAN WATSON
  2. 2. Timeline to Production Success of Anticipated Production 78% ANTICIPATED PRODUCTION 22% START DELAYED FIRST YEARON TIME
  3. 3. Timeline to Production Success of Anticipated Production 78% 22% ACTUAL PRODUCTION START DELAYED FIRST YEARON TIME
  4. 4. Timeline to Production Success of Anticipated Production 78% MISSING PRODUCTION 22% ACTUAL PRODUCTION START DELAYED FIRST YEARON TIME
  5. 5. “Don’t take capital from people whose incentives are not aligned with yours.”
  6. 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. 7. STOCK PRICE Debt fin anc ing TIME
  8. 8. STOCK PRICE Equity fi nancing Debt fin anc ing TIME
  9. 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. 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. 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. 12. Benefits of Streaming LESS LESS RISKYTIONAL DILUTIVE THAN DEBT THAN EQUITY
  13. 13. n g a nci f in a m t reSTOCK PRICE S Equity fi nancing Debt fin anc ing TIME
  14. 14. n g a nci f in a m t reSTOCK PRICE S Equity fi nancing Debt fin anc ing TIME
  15. 15. “Becoming All Things to All People” G IN M EA EQ UI R T ST Y D EB T
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