Mr. Nolan Watson reports

SANDSTORM GOLD ROYALTIES PROVIDES ASSET AND CORPORATE UPDATE

Sandstorm Gold Ltd. has provided recent updates related to the company's royalty properties and share buyback program.

Sandstorm receives first silver delivery from the Cerro Moro stream

In early April, Sandstorm received its first silver delivery under the Cerro Moro stream agreement. This delivery, which amounted to 300,000 silver ounces, represented the maximum quarterly amount under the stream agreement. Cerro Moro is expected to produce six million silver ounces in 2019.

Cerro Moro increases 2019 exploration budget by 33 per cent over 2018

Yamana Gold Inc. announced a $15-million (U.S.) exploration budget in 2019 at the Cerro Moro mine, representing a 33-per-cent increase over the 2018 exploration expenditures. The budget will be used for an aggressive drill program designed to test major structures that have the potential to host new mineralized zones and to generate new targets through multidisciplinary fieldwork.

For more information, visit the Yamana website and see the press release dated Feb. 14, 2019.

Sandstorm has a silver stream agreement to purchase an amount of silver from Cerro Moro equal to 20 per cent of the silver produced, up to a maximum of 1.2 million ounces of silver annually. When seven million ounces of silver have been delivered to Sandstorm, the silver stream will reduce to 9 per cent of the silver produced for the life of the mine. Sandstorm will make continuing payments for each ounce of silver received, equal to 30 per cent of the spot price per ounce of silver.

Share buyback program

During the fourth quarter of 2018, Sandstorm announced a share buyback program to purchase up to 18.3 million of the company's common shares. Since the announcement, Sandstorm has purchased approximately 6.3 million shares of the company (of which 800,000 shares were purchased in April, 2019).

For more information regarding Sandstorm's normal course issuer bid, see Sandstorm's press releases dated Nov. 15, 2018, and April 2, 2019, or on Sandstorm's SEDAR profile.

The actual number of common shares that may be purchased and the timing of such purchases will be determined by the company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash and other factors. Any securities acquired under the normal course issuer bid will be cancelled.

Yamana Gold announces integration agreement for the Agua Rica project

In early March, Yamana, Glencore International AG and Goldcorp Inc. announced the signing of an integration agreement whereby the Agua Rica project in Argentina would be developed and operated using the existing infrastructure and facilities at the Alumbrera mine.

The parties have established a technical committee to direct the review and evaluation of the integrated project and, given the proximity of the Agua Rica project and the Alumbrera mine, the parties believe there is potential to realize significant synergies. A prefeasibility study is expected to be completed in 2019 and a full feasibility study by 2020.

For more information, visit the Yamana website and see the press release dated March 7, 2019.

In October, 2015, Sandstorm entered into an early deposit gold stream agreement with Yamana on the Agua Rica project. At the time when 25 per cent of the construction of Agua Rica has been completed, Sandstorm may elect to make an additional advance payment in an amount between $135-million (U.S.) and $225-million (U.S.) based on the following formula: $150,000 (U.S.) multiplied by the price of gold plus $7.5-million (U.S.). If Sandstorm elects to pay the additional advance payment, the company will have the right to purchase an amount of gold equal to 20 per cent of the life-of-mine gold produced from Agua Rica. Sandstorm would make continuing payments for each ounce of gold received, equal to 30 per cent of the spot price per ounce of gold. If Sandstorm elects not to pay the additional advance payment, the company will retain a 0.25-per-cent net smelter returns (NSR) royalty on Agua Rica. In the event that Sandstorm wishes to syndicate the gold stream to a third party, it has the right to transfer any and all of its rights and obligations under certain conditions.

Equinox Gold Corp. increases resources at Aurizona

Equinox Gold completed an updated mineral resource estimate for the Aurizona mine located in Brazil. The updated mineral resource estimate incorporated 13,635 metres of shallow infill and stepout drilling focused on the western end of the Piaba deposit.

The total measured and indicated resources (exclusive of reserves) increased to 692,000 ounces contained in 12.8 million tonnes at 1.68 grams per tonne (g/t) gold, including a new underground indicated resource of 460,000 ounces grading 1.96 g/t gold (cut-off grade of 0.6 g/t gold). The total measured and indicated resource grade increased from 1.57 g/t gold to 1.68 g/t gold. Underground inferred resources increased 115 per cent to 1.1 million ounces contained in 16.5 million tonnes at 1.98 g/t gold.

The updated resource does not include 5,500 metres of drilling to the northeast of Piaba and 1,804 metres of drilling at the Tatajuba target, which represents a potential four-kilometre extension to the Piaba trend. Equinox Gold is planning future drill programs for both of these targets.

For more information, visit the Equinox Gold website see the press release dated March 19, 2019. Sandstorm has a 3-per-cent to 5-per-cent sliding-scale NSR royalty on the Aurizona project. At gold prices less than or equal to $1,500 (U.S.) per ounce, the royalty is a 3-per-cent NSR. In addition, Sandstorm holds a 2-per-cent NSR royalty on the Aurizona greenfields property, a package of exploration ground adjacent to the Aurizona project.

Lundin Mining Corp. to acquire the Chapada copper mine

Lundin Mining announced that it has entered into a definitive purchase agreement with Yamana to acquire the Chapada copper-gold mine located in Brazil. The acquisition is expected to close during the third quarter of 2019.

Several initiatives are under way to improve the performance of the Chapada processing plant. The next phase of this optimization involves expanding the scavenger flotation circuit and is expected to increase copper and gold recoveries by 1.5 per cent to 2 per cent. In addition, Yamana has been assessing plant expansion opportunities to increase the processing rate and the relocation of some plant infrastructure to allow a push back of the pit wall for the development of the Sucupira deposit. Lundin Mining intends to evaluate these and other value creating scenarios for optimization and expansion at Chapada.

For more information, visit the Lundin Mining website and see the press release dated April 15, 2019.

Sandstorm has a copper stream agreement to purchase 4.2 per cent of the copper produced at Chapada up to a maximum of 3.9 million pounds annually. When 39 million pounds of copper have been delivered to Sandstorm, the copper stream will reduce to 3 per cent. Once 50 million pounds of copper have been delivered to Sandstorm on a cumulative basis, the stream will reduce to 1.5 per cent of the copper produced for the life of the mine. Sandstorm will make continuing payments for each pound of copper purchased equal to 30 per cent of the spot price of copper.

Lundin Gold Inc. closes $110-million (U.S.) in equity and debt financing for Fruta del Norte

Lundin Gold announced in March that it closed a bought deal equity offering for gross proceeds of $46.6-million. The net proceeds are intended to be used to finance exploration on the Fruta del Norte property in Ecuador and for general corporate purposes. Lundin Gold plans to focus the exploration on targets around the Suarez pull-apart basin, the structure that hosts the Fruta del Norte gold deposit.

In early April, Lundin Gold announced the closing of a $75-million (U.S.) cost overrun facility that can be used to finance any potential cost overruns related to the development of the Fruta del Norte project. In addition to the cost overrun facility, Lundin Gold has access to a $350-million (U.S.) debt facility. As of April 2, the company had drawn on $159-million (U.S.) of that debt facility to advance the development of Fruta del Norte. First gold production at Fruta del Norte is expected during the fourth quarter of 2019.

For more information, visit the Lundin Gold website and see the press releases dated March 1, 2019, and April 2, 2019. Sandstorm has a 0.9-per-cent NSR royalty on the Fruta del Norte project.

Alianza Minerals Ltd. options Nevada properties to Hochschild Mining PLC

Alianza Minerals announced that it has entered into an agreement with Hochschild Mining whereby Hochschild can earn a majority interest in the Horsethief and Bellview properties located in Nevada, United States. Hochschild is a mid-tier precious metal producer listed on the London Stock Exchange.

Under the terms of the option agreement, Hochschild can earn a 60-per-cent interest in each of the properties by making exploration expenditures totalling $3.5-million (U.S.) over 4.5 years at the Bellview property and $5-million (U.S.) over 5.5 years at the Horsethief property. The 2019 exploration plans include drilling at Horsethief and a program to identify and define drill targets at Bellview.

For more information, visit the Alianza website and see the press release dated March 4, 2019. Sandstorm has a 1-per-cent NSR royalty on the Horsethief project and a 0.5-per-cent to 1-per-cent NSR royalty on the Bellview project.

Erdene Resource Development Corp. commences prefeasibility study and drilling program at Khundii gold project

Erdene Resource announced the commencement of a prefeasibility study and 2019 drilling program at the Khundii gold project in Mongolia. Results from the drilling program will be incorporated into an updated mineral resource estimate that will be included in the prefeasibility study.

The first phase of the drilling program at Bayan Khundii will focus on expanding the potential open-pit mineralization perimeter, increasing average grades and continuity in the highest-grade zones, expanding the current resource, and developing additional near-surface targets. The second phase of the drilling program, scheduled for later in 2019, will focus on regional targets.

For more information, visit the Erdene website and see the press releases dated April 1, 2019, and April 9, 2019. Sandstorm has a 1-per-cent NSR royalty on the Khundii gold project.

Underground drilling confirms multiple gold zones at Barry

Bonterra Resources Inc. announced results from an underground drilling campaign at the Barry project located in Quebec, Canada. The diamond drilling campaign comprised 25 drill holes totalling 7,548 metres and was completed during the fourth quarter of 2018 and the first quarter of 2019. The definition drilling has confirmed the location and grade of the gold-bearing zones at Barry and will be used for the planning of a bulk sample in the coming months.

Highlighted drill results include:

• BR18-03: 13.4 g/t gold over 3.2 metres from 307.4 metres;
• BR18-05: 8.2 g/t gold over 5.3 metres from 278.2 metres;
• BR18-08: 15.4 g/t gold over 2.3 metres from 343.9 metres;
• BR18-12B: 157.6 g/t gold over 1.3 metres from 231.1 metres;
• BR19-25: 15.5 g/t gold over 4.5 metres from 194.8 metres.

For more information and complete drill results, visit the Bonterra website and see the press release dated March 4, 2019. Sandstorm has a 3.9-per-cent to 4.9-per-cent NSR royalty on the Barry property.

Awale Resources Ltd. announces trench results from Boundoukou project

Awale Resources announced initial results from a trench program at the Bondoukou project located in Cote d'Ivoire. The trench program is focusing on areas at the Fako prospect where previous drilling had been completed in 2018. Awale is expecting that the trenching and associated mapping will contribute to the understanding of the structural framework associated with the mineralization.

Highlighted results from the trench program include:

• BETR0003: eight metres at 1.6 g/t gold from four metres;
• BETR003: 17 metres at 2.6 g/t gold from 62 metres, including one metre intervals at 10.5 g/t gold, 11.5 g/t gold and 4.8 g/t gold.

For more information and full trench results, visit the Awale website and see the press release dated March 4, 2019. Sandstorm has a 2-per-cent NSR royalty on the Bondoukou project.

Qualified person

Keith Laskowski (master of science), Sandstorm's vice-president of technical services is a qualified professional (No. 01221QP) of the Mining and Metallurgical Society of America and a qualified person as defined by Canadian National Instrument 43-101. He has reviewed and approved the technical information in this press release.

About Sandstorm Gold Ltd.

Sandstorm is a gold royalty company that provides upfront financing to gold mining companies that are looking for capital and, in return, receives the right to a percentage of the gold produced from a mine, for the life of the mine. Sandstorm has acquired a portfolio of 188 royalties, of which 20 of the underlying mines are producing. Sandstorm plans to grow and diversify its low-cost production profile through the acquisition of additional gold royalties.

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