A good point Quix.
From a share dilution standpoint it is the less of two evils. Streaming becomes more dilutive to net income over time but it’s an alternative way to fund the project.
What everyone seems to be overlooking here is the very high initial cost of building and starting up a mine. Then you have to maintain it and keep it running (it would be great if it was a simple as using BT’s tools). Sure they could have done things different and we all agree that they made some bad judgements but it seems that they are performing to the best of their ability. Some management teams could have done the same with half the dilution. Others would have done it with twice… or more while taking triple the salary. The fact is that they really needed the money to get this thing going. Although it seems Sandstorm got the better end of the deal… they also took on some risk.
Think of it this way… as bad as it is… it could be a lot worse.