Acquisition:
2022 / 08 / 15
Agreement:
Stream
Terms:
37.5% Au @ $100/oz until 131,250 oz are delivered; then
30% Au @ $100/oz until 256,980 cumulative oz are delivered; then
1.875% Au @ 80% of spot thereafter if certain conditions are met
Ongoing Payment:
$100/oz
Development Highlights
The Platreef Project is located in northeast South Africa, within the Bushveld Igneous Complex’s northern limb, the world’s largest source of platinum group metals (PGM). Platreef is a development-stage project which contains a large new discovery of PGM, nickel, copper and gold. The project is owned by Ivanhoe Mines (64%), a Japanese consortium of Itochu, JOGMEC and Japan Gas Corporation (10%), and a group of local communities organized through the Broad-Based Black Economic Empowerment Initiative (26%). The deposit currently ranks as one of the largest precious metals deposits being developed in the world.
Ivanhoe recently announced an optimized development plan for Platreef which de-risks initial production and accelerates Phase 2 expansion by up to three years. Under the revised development plan, Ivanhoe will re-purpose ventilation Shaft #3 for hoisting at a rate of 3 Mtpa and increase the size of the initial Phase 2 concentrator to 3.3 Mtpa (previously 2.2 Mtpa), bringing site-wide processing capacity to 4.0 Mtpa. Shaft #3 is expected to be ready for hoisting in the first quarter of 2026. Positive results from the Feasibility Study on the Phase 2 expansion were announced in February 2025.
In addition, Ivanhoe completed a Phase 3 Preliminary Economic Assessment (PEA) that outlines further expansion, which would increase total processing capacity to approximately 10.0 Mtpa. The PEA delivered an after-tax NPV (8%) of $3.2 billion and an IRR of 25% over a 29-year mine life, reinforcing Platreef’s position as a multi-generational, world-class asset.
Royalty Ounces
Attributable to Sandstorm
| P&P | M&I1 | Inferred | |
|---|---|---|---|
| Platreef GEOs | 253 koz | 24 koz | 54 koz |
1. Measured and Indicated Mineral Resources are Exclusive of Mineral Reserves.
For notes to Royalty Ounces see page 109 to page 112 of our Asset Handbook.
Reserves and Resources
On a 100% Basis
| Tonnage | Grade | Contained | ||
|---|---|---|---|---|
| Proven & Probable |  | 129.7 Mt | 0.29 g/t | 1,210 koz |
| Measured & Indicated1 | | 346.0 Mt | 0.28 g/t | 3,120 koz |
| Inferred | | 506.0 Mt | 0.26 g/t | 4,300 koz |
1. Measured and Indicated Mineral Resources are Inclusive of Mineral Reserves.
For notes to Mineral Reserves and Mineral Resources see page 118 of our Asset Handbook.
