<SEC-DOCUMENT>0000905148-25-001718.txt : 20250515
<SEC-HEADER>0000905148-25-001718.hdr.sgml : 20250515
<ACCEPTANCE-DATETIME>20250515160132
ACCESSION NUMBER:		0000905148-25-001718
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250515
DATE AS OF CHANGE:		20250515

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SANDSTORM GOLD LTD
		CENTRAL INDEX KEY:			0001434614
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			A1

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-87202
		FILM NUMBER:		25952394

	BUSINESS ADDRESS:	
		STREET 1:		733 SEYMOUR STREET
		STREET 2:		SUITE 3200
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6B 0S6
		BUSINESS PHONE:		604-689-0234

	MAIL ADDRESS:	
		STREET 1:		733 SEYMOUR STREET
		STREET 2:		SUITE 3200
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6B 0S6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SANDSTORM RESOURCES LTD
		DATE OF NAME CHANGE:	20080507

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ORION RESOURCE PARTNERS (USA) LP
		CENTRAL INDEX KEY:			0001714217
		ORGANIZATION NAME:           	
		EIN:				861158062
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		1045 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		212-596-3497

	MAIL ADDRESS:	
		STREET 1:		1045 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
<headerData>
<submissionType>SCHEDULE 13G/A</submissionType>
<previousAccessionNumber>0001140361-22-032902</previousAccessionNumber>
<filerInfo>
<filer>
<filerCredentials>
<cik>0001714217</cik>
<ccc>XXXXXXXX</ccc>
</filerCredentials>
</filer>
<liveTestFlag>LIVE</liveTestFlag>



</filerInfo>
</headerData>
<formData>
<coverPageHeader>
<amendmentNo>2</amendmentNo>
<securitiesClassTitle>Common Shares, no par value</securitiesClassTitle>
<eventDateRequiresFilingThisStatement>03/31/2025</eventDateRequiresFilingThisStatement>
<issuerInfo>
<issuerCik>0001434614</issuerCik>
<issuerName>SANDSTORM GOLD LTD</issuerName>
<issuerCusip>80013R206</issuerCusip>
<issuerPrincipalExecutiveOfficeAddress>
<com:street1>733 SEYMOUR STREET</com:street1>
<com:street2>SUITE 3200</com:street2>
<com:city>VANCOUVER</com:city>
<com:stateOrCountry>A1</com:stateOrCountry>
<com:zipCode>V6B OS6</com:zipCode>
</issuerPrincipalExecutiveOfficeAddress>
</issuerInfo>
<designateRulesPursuantThisScheduleFiled>
<designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
</designateRulesPursuantThisScheduleFiled>
</coverPageHeader>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>ORION RESOURCE PARTNERS (USA) LP</reportingPersonName>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>20851772</soleVotingPower>
<sharedVotingPower>0</sharedVotingPower>
<soleDispositivePower>20851772</soleDispositivePower>
<sharedDispositivePower>0</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>20851772</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>7.1</classPercent>
<typeOfReportingPerson>IA</typeOfReportingPerson>
<typeOfReportingPerson>PN</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<items>
<item1>
<issuerName>SANDSTORM GOLD LTD</issuerName>
<issuerPrincipalExecutiveOfficeAddress>733 SEYMOUR STREET, SUITE 3200, VANCOUVER, British Columbia, Canada, V6B OS6</issuerPrincipalExecutiveOfficeAddress>
</item1>
<item2>
<filingPersonName>This Statement is filed on behalf of Orion Resource Partners (USA) LP (the "Reporting Person").  The Reporting Person serves as investment advisor to each of Orion Mine Finance Fund II, LP, a Bermuda exempted limited partnership ("Fund II"), and Orion Mine Finance Fund III LP, a limited partnership existing under the laws of the Cayman Islands ("Fund III").  Based on the relationships described herein, the Reporting Person may be deemed to have voting and investment control over the Common Shares reported herein.</filingPersonName>
<principalBusinessOfficeOrResidenceAddress>The address of the principal business office of the Reporting Person is 1045 Avenue of the Americas, New York, NY 10018.</principalBusinessOfficeOrResidenceAddress>
<citizenship>The Reporting Person is a Delaware limited partnership.</citizenship>
</item2>
<item3>
<notApplicableFlag>N</notApplicableFlag>
<typeOfPersonFiling>IA</typeOfPersonFiling>
</item3>
<item4>
<amountBeneficiallyOwned>As of March 31, 2025, the Reporting Person may be deemed the beneficial owner of 20,851,772 Common Shares.  This amount includes (i) 17,236,318 Common Shares held directly by Fund II and (ii) 3,615,454 Common Shares held directly by Fund III.</amountBeneficiallyOwned>
<classPercent>As of March 31, 2025, the Reporting Person may be deemed the beneficial owner of approximately 7.1% of the Common Shares outstanding.  This percentage is based on 293,445,255 Common Shares outstanding as of March 31, 2025, as reported in Exhibit 99.1 to the Issuer's current report on Form 6-K filed with the Securities and Exchange Commission on May 6, 2025.</classPercent>
<numberOfSharesPersonHas>
<solePowerOrDirectToVote>20,851,772</solePowerOrDirectToVote>
<sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
<solePowerOrDirectToDispose>20,851,772</solePowerOrDirectToDispose>
<sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
</numberOfSharesPersonHas>
</item4>
<item5>
<notApplicableFlag>Y</notApplicableFlag>
</item5>
<item6>
<notApplicableFlag>N</notApplicableFlag>
<ownershipMoreThan5PercentOnBehalfOfAnotherPerson>The responses to Items 2 and 4 are incorporated by reference herein.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
</item6>
<item7>
<notApplicableFlag>Y</notApplicableFlag>
</item7>
<item8>
<notApplicableFlag>Y</notApplicableFlag>
</item8>
<item9>
<notApplicableFlag>Y</notApplicableFlag>
</item9>
<item10>
<notApplicableFlag>N</notApplicableFlag>
<certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
</item10>
</items>
<signatureInformation>
<reportingPersonName>ORION RESOURCE PARTNERS (USA) LP</reportingPersonName>
<signatureDetails>
<signature>/s/ Rick Gashler</signature>
<title>Rick Gashler, Chief Compliance Officer</title>
<date>05/15/2025</date>
</signatureDetails>
</signatureInformation>
</formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
