I like this opinion:

My contention, however, is that it is a 35,000 oz. producer, growing to 100,000 ounces within 4 years. The disparity between the two estimates is simple: Sandstorm tries to be as conservative as possible.


And this:

Given Sandstorm's ample capacity to acquire additional streams, it is likely Sandstorm will acquire its largest stream to date (Serra Pelada currently the highest at $60m) or acquires two medium sized streams. The reason I say this is because of gold's correction and given the fact the current spot price of gold is near the average all in costs of production (Extraction, Processing, G&A, Labor, interest expense, taxes and sustaining capital).


Should Sandstorm acquire a large stream in which they make even milestone payments, the size of the deal can be $42m larger as it will have that amount coming in April 2014 from warrants being exercised as long as its common stock remains above $3/share. Therefore capacity at the end of this month should be $105m (cash on hand) - 29m (payable to Mutiny unless it scraps the stream altogether) + 100m (long term debt facility) + 42m (warrant money inflow April 2014) or $176m.