On October 31, 2023, Sandbox Royalties Corp. closed an amended and restated US$75 million Gold Purchase Agreement (“GPA”) with Equinox Gold Corp., according to which, and after taking into consideration the syndication of 30 percent of the GPA to Regal, Sandbox delivered US$52.5 million (70 percent of a total US$75 million) to Equinox Gold in exchange for monthly deliveries equal to the greater of (a) 350 gold ounces, and (b) gold ounces equal to 1.26 percent of the monthly gold production from the Greenstone mine (on a 100 percent basis) at a purchase price per ounce of gold equal to 20 percent of the then prevailing market price.

Monthly gold delivery obligations commenced upon closing of the GPA and will continue until a total of 63,000 ounces of gold have been delivered to Sandbox. While gold deliveries will be calculated based on Greenstone production, gold deliveries can be sourced from production from any of Equinox Gold’s operating mines. Under the GPA, Equinox Gold retains the option to buy-down up to 75 percent of the delivery obligation at the then current spot gold price, subject to adjustment for the ongoing payment and a minimum gold price per ounce of US$2,000.

Gowling WLG acted as legal counsel to Sandbox in connection with the GPA. 

Blake, Cassels & Graydon LLP acted as legal counsel to Equinox.