Vault-13

SANDSTORM GOLD LTD SSL

COM NEW · Common Stock · CUSIP 80013R206 · ISIN CA80013R2063

2 institutional holders -267 vs Q3 2025
12,46412.5k shares reported held*
$149.6kreported value*
1 new 0 added 1 reduced 261 sold out net sold ≈ $2.2bn (-186.9m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $12.00.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 22: 200Q4 22: 195Q1 23: 197Q2 23: 195Q3 23: 201Q4 23: 210Q1 24: 204Q2 24: 212Q3 24: 212Q4 24: 217Q1 25: 225Q2 25: 244Q3 25: 269Q4 25: 22Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 2022200
Q4 2022195
Q1 2023197
Q2 2023195
Q3 2023201
Q4 2023210
Q1 2024204
Q2 2024212
Q3 2024212
Q4 2024217
Q1 2025225
Q2 2025244
Q3 2025269
Q4 20252

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
4000400Q1 24: 82 bought or addedQ1 24: 80 cut or sold outQ2 24: 93 bought or addedQ2 24: 74 cut or sold outQ2 24Q3 24: 91 bought or addedQ3 24: 89 cut or sold outQ4 24: 106 bought or addedQ4 24: 83 cut or sold outQ4 24Q1 25: 110 bought or addedQ1 25: 80 cut or sold outQ2 25: 105 bought or addedQ2 25: 101 cut or sold outQ2 25Q3 25: 139 bought or addedQ3 25: 115 cut or sold outQ4 25: 1 bought or addedQ4 25: 262 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20248280
Q2 20249374
Q3 20249189
Q4 202410683
Q1 202511080
Q2 2025105101
Q3 2025139115
Q4 20251262

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$10m$20m$30m$40mQ1 25 calls: $17.1mQ1 25 puts: $11.1mQ1 25P/C 0.65Q2 25 calls: $31.2mQ2 25 puts: $15.0mQ2 25P/C 0.48Q3 25 calls: $32.4mQ3 25 puts: $18.5mQ3 25P/C 0.57Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —
Numbers
QuarterCallsPutsP/C
Q1 2025$17.1m$11.1m0.65
Q2 2025$31.2m$15.0m0.48
Q3 2025$32.4m$18.5m0.57
Q4 2025$0$0—

Biggest buyers

Quent Capital, LLC New +9,999+10.0k

Biggest sellers

Capital International Investors Sold out -25,025,960-25.0m
VAN ECK ASSOCIATES CORP Sold out -23,816,449-23.8m
Invesco Ltd. Sold out -10,546,653-10.5m
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Sold out -8,359,786-8.4m
Balyasny Asset Management L.P. Sold out -7,553,994-7.6m
GOLDMAN SACHS GROUP INC Sold out -7,498,159-7.5m
AQR Arbitrage LLC Sold out -6,061,783-6.1m
OMERS ADMINISTRATION Corp Sold out -5,904,000-5.9m
MILLENNIUM MANAGEMENT LLC Sold out -5,011,992-5.0m
DIMENSIONAL FUND ADVISORS LP Sold out -3,983,206-4.0m

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
VAN ECK ASSOCIATES CORP 13G · institution -1.7 pts · filed 2025-08-14 6.3% -1.7 pts 18.6m 2025-08-14

Fell to 5% or below in the last year: Capital International Investors (0.0%, 2026-02-13), ORION RESOURCE PARTNERS (USA) LP (0.0%, 2025-11-14)

Insider purchases and sales in Q4 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q4 2025.

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Quent Capital, LLC 0.01% of their portfolio NEW YORK, NY 9,99910.0k $121.2k $121.2k 0.01% New
2 IFP Advisors, Inc 0.00% of their portfolio TAMPA, FL 2,4652.5k $28.4k $28.4k 0.00% Reduced -140 -140