Download - Creating growth opportunities with streaming finance models by Nolan Watson, Sandstorm Gold
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NOLAN WATSON
COMMODITY STREAMING
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STARTON TIME
DELAYED
Timeline to Production
78%
22%
FIRST YEAR
ANTICIPATEDPRODUCTION
Success of Anticipated Production
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DELAYED
Timeline to Production Success of Anticipated Production
78%
22%
FIRST YEAR
ACTUALPRODUCTION
STARTON TIME
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DELAYED
Timeline to Production Success of Anticipated Production
78%
22%
FIRST YEAR
MISSINGPRODUCTION
STARTON TIME
ACTUALPRODUCTION
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“Don’t take capital from people whose incentives are not aligned with yours.”
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Level Of Debt (%debt/mc)R
ET
UR
N
3.7%–32.0%
-20%
-15%
-10%
-5%
5%
-25%
-30%
-35%
10%
Between 10% – 20% Greater than 20%
HighLow
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TIME
ST
OC
K P
RIC
E
Debt financing
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TIME
ST
OC
K P
RIC
E
Equity financing
Debt financing
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LUNDIN MINING
GLENCORE INTERNATIONAL
AG
GOLDCORP
EUROPEAN GOLDFIELDS MERCATOR MINERALS
FARALLON RESOURCES
FNX MINING
FIRSTURANIUM
CORP.
LUNA GOLD
SILVERCREST
RAMBLER METALS
BRIGUS GOLDNOVADX VENTURES
METANORRESOURCES
DONNER METALS
THUNDERBIRD ENERGY
COLOSSUSMINERALS
Combined Market Cap ofStreaming Companies
2004$0
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GLENCORE INTERNATIONAL
GOLDCORP
LUNDIN MINING
GLENCORE INTERNATIONAL
AG
GOLDCORP
EUROPEAN GOLDFIELDS MERCATOR MINERALS
FARALLON RESOURCES
FNX MINING
FIRSTURANIUM
CORP.
LUNA GOLD
SILVERCREST
RAMBLER METALS
BRIGUS GOLDNOVADX VENTURES
METANORRESOURCES
DONNER METALS
THUNDERBIRD ENERGY
COLOSSUSMINERALS
Combined Market Cap ofStreaming Companies
2012$27 BILLION
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GLENCORE INTERNATIONAL
GOLDCORP
LUNDIN MINING
GLENCORE INTERNATIONAL
AG
GOLDCORP
EUROPEAN GOLDFIELDS MERCATOR MINERALS
FARALLON RESOURCES
FNX MINING
FIRSTURANIUM
CORP.
LUNA GOLD
SILVERCREST
RAMBLER METALS
BRIGUS GOLDNOVADX VENTURES
METANORRESOURCES
DONNER METALS
THUNDERBIRD ENERGY
COLOSSUSMINERALS
Combined Market Cap ofStreaming Companies
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Benefits of Streaming
LESS
DILUTIVETHAN EQUITY
LESS
RISKYTHAN DEBT
GLENCORE INTERNATIONAL
GOLDCORP
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TIME
ST
OC
K P
RIC
E
Stream fin
ancing
Equity financing
Debt financing
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TIME
ST
OC
K P
RIC
E
Stream fin
ancing
Equity financing
Debt financing
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STR
EA
MIN
G
EQUITY
DEBT
“Becoming All Things to All People”
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