05:50 PM EDT, 03/31/2025 (MT Newswires) -- Sandstorm Gold ( SAND ) said Monday that based on SSR Mining's 2025 capital expenditure guidance the Hod Maden gold-copper joint-venture project in Turkey will have an early-works capital investments of between $60 million and $100 million.

It added that 2025 activities will focus on road and tunnel construction as SSR Mining plans an initial exploration program for deposit extension.

The company said it maintained its forecast of first production in 2028.

Sandstorm has a 2% net smelter returns royalty and a gold stream on the project. Under the gold stream with Horizon Copper, Sandstorm has agreed to purchase 20% of all gold produced from Hod Maden.