Sandstorm Metals & Energy Ltd STTYF

RE: RE: Due Diligence -- SND RISK ANALYSIS

[Kewl2]

Truebull -- there does appear to be a discrepancy on the SND website. The share count shown in the SHARE INFO section on the main web site shows 229.2M shares outstanding while the recent presentation reflects 318M (as per your note).

If we use your suggestion and revise the calculations to reflect the fully diluted share count the math would revise as follows:

Amount invested to date               --> $108.7M
Proceeds from warrants/option  --> $ 113.0M
                                                              ========
Total                                                        $223.7M

Fully diluted share count  = 480M

The value per share would therefore be -->  $223.7/480 = $.466/share which is slightly less than a penny lower than my original calculations.

I believe that my original conclusion that the current price of SND shares provide a virtually zero financial risk investment opportunity would remain valid. 

Thanks for catching the discrepancy -- I will ask Denver to make sure the site information is corrected!