Producing

Cerro Moro

The Cerro Moro silver-gold deposit is located within the Deseado Massif approximately 70 km southwest of the coastal port city of Puerto Deseado in the Santa Cruz province of Argentina.

Commodity
Ag
Au
Location
Santa Cruz

,

Argentina
Operator
Pan American Silver Corp.

Acquisition:

2015 / 10 / 27

Agreement:

Stream

Terms:

20% Ag up to a maximum of 1.2 Mozs of silver annually, until 7.0 Mozs are delivered; then

9% Ag for the life of the mine

Ongoing Payment:

30% of spot

Development Highlights

Cerro Moro contains a number of high-grade epithermal gold and silver deposits, some of which will be mined via open pit and some via underground mining methods. The plant has the capacity to process 1,000 tpd and consists of a crushing, grinding and flotation circuit.

On June 26, 2018, Yamana declared commercial production and in January 2019, Sandstorm began purchasing silver ounces from Cerro Moro.

Following completion of the Yamana acquisition on March 31, 2023, production for the remainder of the year was 3.55 Moz of silver and 84.6 koz of gold. In 2023, Pan American invested $25.4 million in sustaining capital, primarily on near-mine exploration, underground mine development and mine equipment replacements and refurbishments.

Royalty Ounces

Attributable to Sandstorm

P&PM&I1Inferred
Cerro Moro GEOs9 koz7 koz4 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

TonnageGradeContained
Proven & Probable1.0 Mt233.3 g/t7,500 koz
Measured & Indicated10.6 Mt331.8 g/t6,400 koz
Inferred0.7 Mt168.0 g/t3,600 koz

1. Measured and Indicated Mineral Resources are Exclusive of Mineral Reserves.

For notes to Mineral Reserves and Mineral Resources see page 118 of our Asset Handbook.

Recent Activity

  • April 2024

    Cerro Moro is forecast to produce between 3.2 to 3.5 Moz of silver and 93.0 to 115.0 koz of gold, reflecting mine sequencing into lower silver grade ores in 2024.

  • March 2023

    Pan American completed the acquisition of Yamana Gold’s producing mines in South America, including the Cerro Moro mine.

Use the link below to browse a list of available technical reports for the projects within Sandstorm’s portfolio. For the most up-to-date information on each project, please refer to the project operator or developer.

Investor Presentation

Download the latest Investor Presentation to learn why Sandstorm is a gold investment that stands out from the rest.

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Asset Handbook

With over 230 royalties acquired since 2009, we offer an exciting investment opportunity in a diverse portfolio of royalty assets. Discover all of Sandstorm’s royalties around the globe.

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Annual Report

Our 2024 Annual Report includes our annual Financial Statements and Management Discussion & Analysis and a letter from Sandstorm’s President & CEO.

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Sustainability Report

Learn more about Sandstorm’s approach to sustainability including our due diligence process, mining partnerships, and employee engagement.

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