# Sandstorm Gold Royalties Portfolio Updates; Platreef Expansion Studies, FDN Resource Growth, Argentine Project Advancements Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/sandstorm-gold-royalties-portfolio-updates-platreef-expansion-studies-fdn-resour--0298d41a-aacc-4531-a59c-fc629a7588b8 Original source: https://money.tmx.com/en/quote/SAND/news/5846768021374297/sandstorm-gold-royalties-portfolio-updates-platreef-expansion-studies-fdn-resour Publisher: tmx Original announcement: 2025-02-24T13:15:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Sandstorm Gold Royalties Ltd. - Ticker: SAND - Exchange: TSX - Region: Unavailable - Primary commodity: Gold - Secondary commodities: Platinum, Palladium, Rhodium, Nickel, Copper, Silver, Zinc - Document categories: Resource update, Drill results, Other - Extracted: 2026-09-12 23:23:23 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Sandstorm Gold Royalties reported significant portfolio updates, headlined by substantial resource and reserve growth at the Fruta del Norte mine in Ecuador. The company also highlighted positive expansion studies for the Platreef mine in South Africa and advancements in its Argentine royalty portfolio driven by the new RIGI investment regime. Reasoning: The announcement contains multiple high-materiality updates including significant resource growth at a key asset \(FDN\) and positive expansion studies for Platreef. - Positive factor: Significant resource and reserve growth at Fruta del Norte - Positive factor: Successful conversion of Inferred to Indicated resources at FDN - Positive factor: Positive feasibility study results for Platreef expansion - Positive factor: Advancements in Argentine projects under new RIGI regime Facts used in scoring: 3 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides significant updates to the Mineral Resource and Mineral Reserve estimates for the Fruta del Norte mine. Evidence · text > Lundin Gold Inc. \("Lundin Gold"\) has published a significant increase in the Mineral Reserves and Mineral Resources at the Fruta del Norte mine **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The release explicitly references NI 43-101 standards for the technical information provided. Evidence · text > as defined by Canadian National Instrument 43-101 ## Extracted facts Stored fact records: 3. Some facts used in scoring do not have a stored record. ## Resource Estimates (3) ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/sandstorm-gold-royalties-portfolio-updates-platreef-expansion-studies-fdn-resour--0298d41a-aacc-4531-a59c-fc629a7588b8#fact-resource-facts-0) Fruta del Norte · gold #### Identity - Project: Fruta del Norte - Commodity: gold - Region: ecuador - Reported Region: Ecuador - Ticker: SAND #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:9abb261a92aa61b9e811 - Mining method: underground #### Resource Data - Category: inferred - Grade: 5.27 - Grade Unit: g/t - Contained Metal: 2.36 - Contained Unit: moz #### Prior Estimate - Resource Date: 2024-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-02-24T00:00:00.000Z Reasoning: Significant growth in inferred resource scale at a key asset. - Positive factor: 59% growth in inferred resources Evidence · text > grown Inferred Resources at FDN by 59% to 2.36 million ounces \("Moz"\) of contained gold at 5.27 grams per tonne \("g/t"\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/sandstorm-gold-royalties-portfolio-updates-platreef-expansion-studies-fdn-resour--0298d41a-aacc-4531-a59c-fc629a7588b8#fact-resource-facts-1) Fruta del Norte · gold #### Identity - Project: Fruta del Norte - Commodity: gold - Region: ecuador - Reported Region: Ecuador - Ticker: SAND #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:d37bbf33ba26820956af - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 30620000 - Grade: 7.17 - Grade Unit: g/t - Contained Metal: 7.06 - Contained Unit: moz #### Prior Estimate - Resource Date: 2024-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-02-24T00:00:00.000Z Reasoning: Substantial M&I resource base reported. - Positive factor: Increase in M&I resource scale Evidence · text > Measured and Indicated Resources increased to 7.06 Moz of contained gold from 30.62 Mt at an average grade of 7.17 g/t #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/sandstorm-gold-royalties-portfolio-updates-platreef-expansion-studies-fdn-resour--0298d41a-aacc-4531-a59c-fc629a7588b8#fact-resource-facts-2) Fruta del Norte · gold #### Identity - Project: Fruta del Norte - Commodity: gold - Region: ecuador - Reported Region: Ecuador - Ticker: SAND #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - Resource group id: resource:d683cb5d64bc6ac57f57 - Mining method: underground #### Resource Data - Category: probable - Tonnes: 22060000 - Grade: 7.81 - Grade Unit: g/t - Contained Metal: 5.54 - Contained Unit: moz #### Prior Estimate - Resource Date: 2024-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-02-24T00:00:00.000Z Reasoning: Strong reserve base reported. - Positive factor: Growth in mineral reserves Evidence · text > Proven and Probable Mineral Reserves grew to 5.54 Moz of contained gold from 22.06 Mt at an average grade of 7.81 g/t #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.