The concept of buying royalties outside precious metals is unproven. There are a few such as Altius focussed on iron ore and International Royalty was bought out a few years ago but there is no footprint for success.
Furthermore SND messed up big time with NDX one of their first major investments.
My view is that SND may eventually do extremely well by focussing on bigger fish rather than on limping along marginal operations.
But for the next few years Sandstorm Metals and Energy should be seen as an experiment with results to come in over the next few years.
It may shut down or it mighr become a 5 bagger. Nobody knows and certainly Nolan does not know.
Mat