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.
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.