The Globe and Mail reports in its Tuesday edition that Sandstorm Gold ($7.71) is a cheaper option among the royalty golds. Globe columnist Gordon Pape writes that Sandstorm provides upfront financing to gold-mining companies that are looking for capital. In return, it receives the right to a percentage of the gold produced from a mine, for the life of the mine. Sandstorm has a portfolio of 131 streams and royalties, of which 20 of the underlying mines are producing. The stock has been publicly traded since 2008. The shares hit a peak of about $14 in late 2012 before going into a prolonged decline when the price of gold tumbled. They reached a low of $2.82 in January. There are fewer risks associated with royalty companies than with traditional miners. Sandstorm is well positioned to expand its portfolio, with a fat war chest of $110-million for new acquisitions (all figures U.S.). The company reported revenue of $29.1-million for the six months ended June 30, down slightly from $30.7-million the year before. During the quarter, the company used operating cash flow and proceeds from a recent stock issue to pay off its line of credit. Sandstorm is a buy for aggressive investors and those who believe in gold.