1. Limited diversification: Sandstorm Gold Ltd primarily focuses on gold streaming and royalty investments, which can make the company more susceptible to fluctuations in the gold market compared to peers that have a more diversified portfolio.

2. Reliance on third-party mining operations: Sandstorm Gold Ltd does not operate its own mines, but instead enters into agreements with mining companies to purchase a portion of their future gold production. This reliance on third-party operations can introduce risks such as production delays, operational issues, or changes in mining plans.

3. Exposure to geopolitical risks: As Sandstorm Gold Ltd operates globally, it is exposed to geopolitical risks in various countries where its mining partners operate. Political instability, changes in regulations, or resource nationalism can impact the company's operations and profitability.

4. Limited control over production decisions: Since Sandstorm Gold Ltd does not have direct control over the mining operations, it may have limited influence on production decisions, such as expansion plans or operational improvements. This lack of control can impact the company's ability to optimize its investments.

5. Vulnerability to commodity price volatility: The company's financial performance is highly dependent on the price of gold. Fluctuations in gold prices can significantly impact Sandstorm Gold Ltd's revenue and profitability, making it vulnerable to market volatility.

6. Relatively small market capitalization: Compared to some of its peers, Sandstorm Gold Ltd has a relatively smaller market capitalization. This can limit the company's access to capital and potentially hinder its ability to compete with larger players in the industry.