Gualcamayo DCP

Eris LLC
San Juan




2022 / 08 / 15


Production Payment


2.0% NSR on oxides (excluding first 396 koz produced after Oct 25, 2018) capped @ $50M

1.5% NSR of the deep carbonate project

$30 million on commercial production of the deep carbonate project

The Gualcamayo mine is an open pit and underground mine and heap leach operation that reached commercial production in 2009. The process facility at Gualcamayo is designed to treat 24,000 tpd and includes a primary, secondary, and tertiary crushing circuit. Gold recovery of approximately 60% is achieved with heap leaching and activated carbon in an ADR plant where gold doré is produced and sent to a refinery.

Mineros announced in June 2021 that the Gualcamayo Mine Mineral Reserves are expected to be depleted by the end of 2022, although a minimal amount of gold will continue to be recovered from stockpile material in 2023 and 2024 through heap leach processing.

The focus is now on the Gualcamayo Deep Carbonates Project (DCP), which is currently under internal study. As of December 31, 2022 Measured & Indicated Mineral Resources, exclusive of Mineral Reserves, for Gualcamayo DCP are estimated to total 19.8 Mt at a grade of 3.3 g/t gold for 2.1 Moz gold. In addition, Inferred Mineral Resources were estimated at 3.5 Mt at a grade of 3.4 g/t gold for 376,000 oz of gold based on cut-off grades of 1.5-2.0 g/t gold.

Recent Activity

    November 2022

    During the quarter, a total of 19,856 metres were drilled at the Gualcamayo property in support of resource expansion. At the Deep Carbonate Project, metallurgical testwork to support advancement of the project is underway. The results will help determine whether to move forward with a Preliminary Economic Assessment.

    August 2022

    Mineros S.A. is planning to complete 17,000 m of drilling in proximity to existing mining operations at the Gualcamayo property. The objective is to upgrade mineral resources, provide material for metallurgical test work, resource expansion, and evaluation of the remaining gold in the heap leach pads.

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.


Asset Handbook

With 250 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.


Annual Report

Our 2023 Annual Report includes our annual Financial Statements and Management Discussion & Analysis and a letter from Sandstorm’s President & CEO.


Sustainability Report

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