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Investments
 12 Months Ended
Dec. 31, 2022
Text block1 [abstract]  
Investments
7 – Investments
As of and for the year ended December 31, 2022:
 
  In $000s
   
      Jan. 1, 2022
     
      Additions
     
      Disposals
    
      Transfers
    
Fair Value
      Adjustment
    
Interest
      Revenue
    
      Dec. 31, 2022
  
               
Short-term investments
                                                           
               
Convertible debt instruments
1
    $ -      $ -      $ -     $ 1,272     $ -     $ -     $ 1,272  
               
Loans receivable
3
      5,001        -        (2,787 )      -       -       287       2,501  
               
Total short-term investments
   
$
5,001
 
   
$
-
 
   
$
(2,787
) 
  
$
1,272
 
  
$
-
 
  
$
287
 
  
$
3,773
 
               
                                                            
               
Non-current
investments
                                                           
               
Common shares
2
    $ 21,486      $ 10,748      $ (4,820 )    $ -     $ (8,389 )    $ -     $ 19,025  
               
Warrants and other
1
      1,666        -        -       -       422       -       2,088  
               
Convertible debt instruments
1
      904        104,972        (934 )      (1,272 )      1,334       -       105,004  
               
Loans receivable
3
      -        33,781        (33,311 )      -       -       (470 )      -  
               
Total
non-current
investments
   
$
24,056
 
   
$
149,501
 
   
$
(39,065
) 
  
$
(1,272
) 
  
$
(6,633
 )
 
  
$
(470
) 
  
$
126,117
 
               
Total investments
   
$
29,057
 
   
$
149,501
 
   
$
(41,852
) 
  
$
-
 
  
$
(6,633
 )
 
  
$
(183
) 
  
$
129,890
 
 
1
Fair value adjustment recorded within Net Income (loss) for the period.
2
Fair value adjustment recorded within Other Comprehensive Income (loss) for the period.
3
Interest revenue recorded within Net Income (loss) for the period.
In
 
April 2022, the Company closed its previously announced financing package of Bear Creek. The financing package included a $
22.5
 million convertible debenture which bears an interest rate of
6
% per annum and has a term of
three years
, which is measured at fair value through profit or loss. The transaction is further discussed in note 5(b).
In May 2022, the Company sold its equity interest in Entrée Resources Ltd. to Horizon Copper in consideration for a $33.8 million promissory note, measured at amortized cost. This promissory note was extinguished in August 2022 as a part of the finalization of the sale of Hod Maden to Horizon Copper. The transaction is further discussed in note 6.
In June 2022, the Company closed its previously announced sale of a portfolio of royalties to Sandbox, as further discussed in note
5
(b). The secured convertible promissory note, which is measured at fair value through profit and loss, has a principal amount of $31.4 million payable in 10 years, with a fair value at December 31, 2022 of $14.7 million.
In
August 2022, the Company closed
it
s previously announced sale of its 30% interest in Hod Maden, as further discussed in note 6. The convertible promissory note, which is measured at fair value through profit and loss, has a principal amount of $95 million payable in 10 years, with a fair value at
 
the date of the transaction of $68.3 million and a fair value at
December 31, 2022 of $70.3 million. The debenture 
bears
 
an interest rate of SOFR plus 2% over a
10-year
term, with a
3-year
interest holiday.
Subject to certain conditions, principal
repayments begin once Horizon Copper begins receiving cash flows from its 30% interest in the Hod Maden project. Prepayment of the debenture can occur at any time prior to maturity without penalty.
Either party may elect to settle amounts owed under the note in Horizon Copper shares based on a 20 days volume weighted average price so long as Sandstorm’s common share ownership does not exceed 34%.
Under the terms of the debenture, certain additional principal amounts may be made available under limited
circumstances.
 
As
of and for the year ended December 31, 2021:
 
  In $000s
   
      Jan. 1, 2021
     
      Additions
     
      Disposals
     
      Transfers
     
Fair Value
      Adjustment
     
Interest
      Revenue
     
      Dec. 31, 2021
  
               
Short-term investments
                                                               
               
Convertible debt instruments
1
    $ 1,852      $ -      $ (1,722)      $ -      $ (130)      $ -      $ -  
               
Loans receivable
3
      15        -        (176)        4,986        -        176        5,001  
               
Total short-term investments
   
$
1,867
 
   
$
-
 
   
$
(1,898)
 
   
$
4,986
 
   
$
(130)
 
   
$
176
 
   
$
5,001
 
               
                                                                
Non-current
investments
                                                               
               
Common shares
2
    $ 28,416      $ 20,799      $ (15,882)      $ -      $ (11,847)      $ -      $ 21,486  
               
Vale royalties financial instrument
      -        -        (5,887)        -        5,887        -        -  
               
Warrants and other
1
      1,143        -        (99)        -        622        -        1,666  
               
Convertible debt instruments
1
      15,525        -        (12,470)        -        (2,151)        -        904  
               
Loans receivable
3
      5,001        -        (189)        (4,986)        -        174        -  
               
Total
non-current
investments
   
$
50,085
 
   
$
20,799
 
   
$
(34,527)
 
   
$
(4,986)
 
   
$
(7,489)
 
   
$
174
 
   
$
24,056
 
               
Total investments
   
$
51,952
 
   
$
20,799
 
   
$
(36,425)
 
   
$
-
 
   
$
(7,619)
 
   
$
350
 
   
$
29,057
 

1
Fair value adjustment recorded within Net Income (loss) for the period.
2
Fair value adjustment recorded within Other Comprehensive Income (loss) for the period.
3
Interest revenue recorded within Net Income (loss) for the period.