11:18 AM EDT, 05/24/2024 (MT Newswires) -- Sandstorm Gold ( SAND ) on Friday provided updates on various developments from the company's royalty portfolio.

Equinox Gold ( EQX ) poured the first gold at the Greenstone gold mine in Ontario, where Sandstorm holds a gold stream.

Bonterra Resources (BTR.V) reported the initial drill results from the exploration drilling program on its Phoenix joint venture with Osisko Mining ( OBNNF ) in Quebec. Sandstorm owns a net smelter returns (NSR) royalty o the project ranging from 0.5% to 3.9%.

At Endeavour Mining ( EDVMF ) 's Hounde gold mine in Burkina Faso, the company spent US$2.3 million of a proposed US$7.0 million exploration program comprising 5,328 meters of drilling. Sandstorm has a 2.0% NSR on the property.

Lundin Gold ( LUGDF ) detailed its updated reserves and resource estimate for the Fruta del Norte gold mine in Ecuador. Sandstorm owns a 0.9% NSR on the precious metals produced at the mine.

Meanwhile, Sandstorm maintained its outperform rating and $8.75 price target from National Bank of Canada after the update.

The bank said its rating is supported by Sandstorm's asset diversification and growth outlook as well as an improving balance sheet given recent non-core asset sales.

"The market view of the stock should improve as SSL lowers debt and allows organic growth within the portfolio to materialize," National Bank said. "We continue to believe the more diversified and expanded portfolio will ultimately warrant a re-rating towards that of larger-cap peers."

Sandstorm shares were last seen up $0.06 to $7.96 on the Toronto Stock Exchange.

Price: 7.96, Change: +0.06, Percent Change: +0.76