10:44 AM EDT, 04/09/2024 (MT Newswires) -- RBC Capital Markets said Monday that Sandstorm Gold Ltd.'s ( SAND ) first-quarter preliminary revenue of a "higher reported" US$43 million beat RBC's forecast of US$38 million and consensus $41 million.

Gold equivalent sales of more than 20,000 ounces was also above RBC's forecast of 19,000 ounces, and +6% versus a consensus of 19.1k.

As a result, RBC calculated Sandstorm's Q4 cash margins at $37 million, 14% higher than RBC's estimate of $33 million. This was primarily supported by higher production, although better cash operating margins of $1,781/GEO were also reported (+4% vs. RBCe $1,713/GEO).

RBC gave Sandstorm an outperform rating with a US$5.50 price target.

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