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Michael SmedleySandstorm Gold Ltd.SSL.TOBUYDec 04, 2012

Good valuation. Highly skilled management. Foremost junior gold streaming company in Canada and he thinks it’s just going to carry on up. There has been a nice correction to take advantage of if you don’t own it. One of his favourites in the gold sector.

Michael Smedley

Owned

Unlock Rating

$11.63

Stock price when the opinion was issued

$16.15

As of Oct 21, 2025. Market Open.

Mining

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BUY

Mistakes in capital deployment were made about 3 years ago. Believes Turkiye mine will go into production, and cashflow will really change this company. Now using FCF to pay down debt rapidly. Either share price goes up, or company is taken over.

BUY

Owns shares in company. Would recommend holding. Free cash flow is expanding. Debt a small concern, but not worth noting.

BUY

He recently upgraded to Buy. He'd been concerned about capital allocation strategy, mainly doing equity financing to buy back shares at high prices. These concerns have largely passed. Cashflow from Turkish operations will begin to come through and have a potentially transforming effect. Malaise has passed, it's back in business.

PAST TOP PICK

(A Top Pick Feb 28/22, Down 7%)

Disappointed in capital allocation recently.
Recent issuance of stock below price of latest buybacks.
Nevertheless, has been buying shares.
Will continue to own.
Expecting cash flow from Turkish assets soon.

PAST TOP PICK

(A Top Pick Feb 28/22, Down 7%) Large transaction required an increase of the issues outstanding. Good management. Increased liquidity because of increased size portends it will be a leader in the space. Price decline means he can buy more.

TOP PICK

Well run company which should experience a sudden and dramatic increase in cash flow. Another example of the sum of the parts is worth more than the whole. Turkish asset will soon generate cash and their Turkish partners are high quality. 9 Buys, 3 Holds, 0 Sells. (Analysts’ price target is $12.25)

HOLD

Likes it. A hold, with a $9 target. Let it run, reassess down the road. Will benefit from the rise in the commodity. Diversified projects, no mining production risk. Long-term, will do really well. Right now, has to catch up to inflation.

PAST TOP PICK

(A Top Pick Nov 20/19, Up 8%) It's lagged the sector, because it's a royalty company. You need to hold producers and royalties in a portfolio. With royalties, you expect more asset growth in the value of these assets. These companies help finish financing and building a mine for a producer. Once that mine is running, the royalty takes a cash flow off the top that the royalty company hands to shareholders, plus the value of the resource/metal. As that value rises, so will the cash flow. SSL continues to buyback shares, have a lot of cash flow, and are great value at current prices. He has a $13 target and it's a hold.

BUY

The analysts are very slow to raising their earnings forecasts with the price of gold. The rebound in earnings in some of these companies will be really something. He likes the producers as opposed to the commodity. Producers give you leverage due to the fast rising earnings. He likes the Juniors as well as ABX-T.

PAST TOP PICK

(A Top Pick Mar 05/19, Up 11%) Very very well-run and well-financed. Carries fine assets. It's a great small-cap miner.

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It's a Monthly Gems opinion which is available only for Stockchase Premium

Curated by Allan Tong since 2019.
99+ opinions with 4.15 rating.

TOP PICK

Another contender is Sandstorm Gold, which has soared over 41% this year so far. SSL should do even better when a Turkish mine goes online, notes Rick Rule. Joe Mazumdar likes its for the production out of its mines in Turkey and, more recently, Brazil. Good cash flow, sound management and share buybacks. At $8.89, Sandstorm is trading close to its' 52-week high of $9.47, but still a ways off from its price target of $10.33.

TOP PICK

He likes their execution. Has good cash flow and they are buying back shares. Well-managed. No dividend yet. (Analysts’ price target is $10.33)

PAST TOP PICK

(A Top Pick Nov 06/18, Up 81%) In a few years when their Turkish mine goes online, the stock will jump much higher. This stock has given a lot to investors in the past year, so what is there left to give? Great managers and cash flow. They've bought back shares, which is always a good sign.

PAST TOP PICK

(A Top Pick Mar 05/19, Up 3%) He bought it as it was levered to gold prices and is high grade producer in Turkey. They bought another asset that is now producing great results in Brazil. He still holds it and it is still a higher beta miner.

BUY

It's a royalty to 18 junior hold projects, so you avoid the risk of owning a single company. It's defensive.

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Michael SmedleySandstorm Gold Ltd.SSL.TOBUYDec 04, 2012

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