Mr. Nolan Watson reports

SANDSTORM GOLD PROVIDES UPDATES ON NORMAL COURSE ISSUER BID AND PROJECTS

Sandstorm Gold Ltd. has provided an update regarding activity under its normal course issuer bid, as well as exploration and development progress at a number of assets underlying the company's streams and royalties.

Normal course issuer bid

Sandstorm previously announced a normal course issuer bid (see press release dated March 30, 2016), providing the company with the option to purchase its common shares when management believes that the common shares are undervalued by the market. The fourth quarter of 2016 has seen significant declines in the price of gold, impacting Sandstorm's share price and market valuation. As a result, the company has recently purchased some of its common shares. Since Dec. 15, 2016, the company has purchased 545,977 common shares at a weighted average price of $4.56 per common share.

Under the normal course issuer bid rules of the Toronto Stock Exchange, daily purchases cannot exceed 49,211 common shares subject to the company's ability to make block purchases.

Anfield provides progress update on the Coringa project

Since completing the acquisition of Magellan Minerals Ltd., Anfield Gold Corp. has made substantial progress at the Coringa gold project in Para state, Brazil, and is targeting production in late 2017.

The development work required to advance the project includes a 20,000-metre infill drilling program, engineering work to complete a National Instrument 43-101 feasibility study incorporating the Andorinhas plant, disassembly, relocation and reassembly of the Andorinhas plant to the Coringa site, and permitting.

Anfield has completed 11,281 metres of a 20,000-metre infill drilling program and 1,000 drill samples have been sent for assay. The results of the infill drilling program will be used to update the feasibility study resource model, mine design and schedule. Feasibility-level design of the Coringa CIL (carbon-in-leach) plant incorporating the Andorinhas CIP (carbon-in-pulp) plant is complete and the balance of geology, engineering, environmental and social studies supporting the feasibility study are continuing. The study is expected to be completed in the second quarter of 2017. Final engineering design to support the Coringa plant construction has been initiated.

Anfield has assembled a Brazil-based operating team and several key management members and operations staff previously operated the Andorinhas plant. Over 75 per cent of the Andorinhas plant and mining equipment have been disassembled and shipped to the Coringa site, and reassembly of the plant will begin once detailed engineering is complete and the required permits are obtained.

Permitting efforts are continuing to obtain the mining concession licence and related operating licences for the Coringa project. These will allow for the planned full-scale production rate of 750 tonnes of mineralized material per day. Full-scale production permitting will be a primary focus of the company in 2017.

For more information, visit the Anfield website and see the press release dated Nov. 3, 2016.

Sandstorm holds a 2.5-per-cent net smelter return royalty on the Coringa project.

Mariana reports further high-grade intercepts from infill and extension drilling at Hot Maden, begins drilling at Ergama

Mariana Resources Ltd. continues to report high-grade gold-copper intercepts from continuing diamond drilling at the Hot Maden project in northeast Turkey, confirming the internal continuity of gold-copper mineralization within the main zone resource area.

The recent infill drilling forms part of a program designed to reduce drill hole spacings to 25 metres by 25 metres and to provide both detailed geotechnical data and metallurgical samples for mine development studies. Highlights from the drill results include:

• HTD-71: 69.6 metres of 62.7 grams per tonne gold and 2.68 per cent copper from 210 metres down hole, including:
  • Seven metres of 526 grams per tonne gold and 3.28 per cent copper (210 metres to 217 metres);
  • 14 metres of 27.7 grams per tonne gold and 3.38 per cent copper (217 metres to 231 metres);
  • 48.6 metres of 1.7 grams per tonne gold and 2.39 per cent copper (231 metres to 279.6 metres);
• HTD-70: 63 metres of 8.3 grams per tonne gold and 1.65 per cent copper from 218 metres down hole, including:
  • Five metres of 35.6 grams per tonne gold and 1.46 per cent copper from 225 metres down hole;
• HTD-72: 34.5 metres of 19.4 grams per tonne gold and 1.31 per cent copper from 180.5 metres down hole, including:
  • Three metres of 54.4 grams per tonne gold and 1.3 per cent copper from 192 metres down hole;
• HTD-82: 31 metres of 17 grams per tonne gold and 1.7 per cent copper from 266 metres down hole and 37.5 metres of 2.1 grams per tonne gold and 1.49 per cent copper from 317 metres down hole;
• HTD-78: 79 metres of 14.3 grams per tonne gold and 1.59 per cent copper from 294 metres down hole, including:
  • 18 metres of 55.1 grams per tonne gold and 1.58 per cent copper from 296 metres down hole;
• HTD-77: 90 metres of 22.6 grams per tonne gold and 4.39 per cent copper from 96 metres down hole, including:
  • 11 metres of 30.9 grams per tonne gold and 6.3 per cent copper from 99 metres down hole;
• HTD-75: 62 metres of 11.7 grams per tonne gold and 1.43 per cent copper from 276 metres down hole, including:
  • Two metres of 250 grams per tonne gold and 6.5 per cent copper from 282 metres down hole and 44 metres of 1.05 grams per tonne gold and 1.46 per cent copper from 334 metres down hole.

The potential for the discovery of a deep (over 250 metres), possibly fault offset block of main-zone-type mineralization beneath the Ridge area (southern limit of the main zone resource) has increased with the successful intersection of high-grade gold and copper mineralization at depth in three holes. Assay results include:

• HTD-69: seven metres of 19.7 grams per tonne gold and 2.1 per cent copper from 351 metres down hole;
• HTD-76: 33 metres of 1.4 grams per tonne gold and 0.99 per cent copper from 357 metres down hole and 11 metres of 6.1 grams per tonne gold and 0.97 per cent copper from 443 metres down hole.
• HTD-80: 4.5 metres of 16.3 grams per tonne gold and 1.9 per cent copper from 177.5 metres down hole and five metres of 8.4 grams per tonne gold and 1.3 per cent copper from 194 metres down hole.

The Hot Maden preliminary economic assessment is in the process of being finalized with an anticipated completion date expected early in the new year.

In addition to its exploration work at Hot Maden, Mariana recently announced that it has commenced an initial seven-hole diamond drill program at the Ergama copper-gold project in western Turkey. The drilling is expected to be completed in early January, 2017, with assay results expected before the end of the first quarter of 2017. The main targets to be tested include near-surface, porphyry-style copper-gold mineralization within the central portion of the Ergama claim block, in addition to peripheral high-grade vein-/fault-hosted gold-silver mineralization.

For more information and complete drill results and mineral resource details, visit the Mariana Resources website and see the press releases dated Oct. 26, 2016, Nov. 29, 2016, and Dec. 20, 2016.

Sandstorm holds a 2-per-cent net smelter return royalty on the Hot Maden and Ergama projects.

Erdene continues to expand high-grade zones at Bayan Khundii, releases drill results at Altan Nar

Erdene Resource Development Corp. has released a number of drill results from its 2016 third quarter/fourth quarter drill campaign at the Bayan Khundii gold project in southwest Mongolia. Gold mineralization at Bayan Khundii has been identified over a 1.7-kilometre trend, with detailed exploration taking place over a 500-metre-by-350-metre zone in the southwest portion of the prospect area, where Erdene's drill programs have focused. Results include several high-grade intersections within a series of parallel structures.

As of Nov. 28, 2016, 87 diamond drill holes totalling 9,784 metres had been drilled at Bayan Khundii, and the most recent results released in November (BKD-62 to BKD-87) continued to expand the boundaries of gold mineralization, with several high-grade gold intersections over wide intervals. Multiple gold-bearing structures are now being defined at Bayan Khundii, including Striker zone, the most extensively explored zone.

Deep Striker

Drilling along the southern boundary of the Striker zone, targeting extensions at depth, returned the highest-grade gold intercept reported to date with 65 metres of 6.3 grams per tonne gold (71 metres to 136 metres), including 37 metres of 11 grams per tonne gold (76 metres to 113 metres) in BKD-77.

Striker North

As part of Erdene's Striker zone expansion program, drilling has further defined a new gold zone north of Striker with six metres of nine grams per tonne gold (54 metres to 60 metres) in BKD-63 and 19 metres of 1.6 grams per tonne gold (25 metres to 40 metres) in BKD-65. The latest three holes testing the northern extension ended in gold mineralization and included 18 metres of 7.1 grams per tonne gold in BKD-86.

Striker Main

The Striker Main drilling continues to provide impressive intersections with good continuity and high grades over broad intervals, including 56 metres of 2.1 grams per tonne gold (44 metres to 100 metres) in BKD-74, including three metres of 22.7 grams per tonne gold (68 metres to 71 metres); 71 metres of 1.1 grams per tonne gold (29 metres to 100 metres) in BKD-73; and 21 metres of 8.3 grams per tonne gold (61 metres to 82 metres), within 36.7 metres of five grams per tonne gold (46 metres to 82.7 metres) in BKD-84.

Step-out drilling

On Nov. 25, 2016, Erdene mobilized a drill rig to test a target area approximately 200 metres north of the Striker zone, surrounding the successful step-out hole BKD-60, which intercepted 123 metres of 1.23 grams per tonne gold (20 metres to 143 metres). Results from a series of drill holes in this area are anticipated to be reported early in the first quarter of 2017.

A summary of the drill results for holes BKD-01 to BKD-60 can be found in the attached table.

Results           Drill hole    From      To      Interval     Gold 
reported                          (m)     (m)           (m)    (g/t)

Dec. 9, 2015      BKD-01          14       21            7     27.5
Dec. 14, 2015     BKD-09          33       59           26      5.9
                  Including       34       49           15     16.2
Dec. 14, 2015     BKD-10           0       35           35      5.7
                  Including       11       23           12     16.2
May 9, 2016       BKD-17          50      113           63     5.31
                  Including       54       69           15     11.5
                  Including       82       95           13     11.3
May 24, 2016      BKD-28          42      120           78        1
June 14, 2016     BKD-34          76      142           66     1.01
June 22, 2016     BKD-44         0.7        9          8.3     14.2
Oct. 4, 2016      BKD-46         2.3       19         16.7     4.65
                  Including        8       15            7     10.2
                  And            100      108            8     5.61
Oct. 4, 2016      BKD-49          45      116           71     3.06
                  Including       74       98           24     7.52
Oct. 4, 2016      BKD-51           0      112          112     1.17
                  Including       76      106           30     3.23
                  Including      100      103            3     19.8
Oct. 18, 2016     BKD-57          36      126           90     2.51
                  Including       62       93           31      6.8
                  Including       66       73            7       26
Oct. 18, 2016     BKD-60          20      143          123     1.32
                  Including       24       92           68     1.96
                  Including       29       59           30     2.98

Altan Nar

In addition to the exploration program at Bayan Khundii, Erdene recently tested a target at the Altan Nar gold-polymetallic project, 19 kilometres to the northwest of Bayan Khundii. Hole TND-101 intersected 110 metres of 9.3 grams per tonne gold, 32 grams per tonne silver and 1.4 per cent combined lead-zinc (32 metres to 142 metres), including 14 metres of 55.6 grams per tonne gold, 131 grams per tonne silver and 5.65 per cent combined lead-zinc (96 metres to 110 metres) and five metres of 24.8 grams per tonne gold, 49.8 grams per tonne silver and 3.48 per cent combined lead-zinc (73 metres to 78 metres).

Altan Nar is considered to be a carbonate-base metals gold deposit, a style of deposit that includes the most prolific gold producers in the southwest Pacific Rim and includes well-known deposits such as Porgera (Papua New Guinea) and Kelian (Indonesia).

For more information and complete drill results, visit the Erdene website and see the press releases dated Nov. 17, 2016, Nov. 28, 2016, and Dec. 19, 2016.

Sandstorm holds a 2-per-cent net smelter return royalty on Erdene's Bayan Khundii and Altan Nar projects. The company also owns five million shares of Erdene at an average cost of 20 cents.

Osisko increases drill program at Windfall by 250,000 metres

Osisko Mining Inc. has announced that it is increasing the scale on the continuing drill program at the Windfall Lake gold project located in Quebec, Canada. Since late October, 2015, Osisko has drilled approximately 115,000 metres as part of an originally announced 50,000-metre program (expanded twice to the current 150,000-metre drilling campaign) on the Windfall Lake gold deposit and surrounding exploration targets. Exploration success in the initial 150,000-metre program has included:

• An upgraded geological interpretation of the Windfall deposit, which is leading to a significantly expanded and still growing footprint for the previously known area of mineralization;
• The discovery of several significant new zones of mineralization, including the Wolf zone and the recently announced new shallow high-grade zone known as the Lynx zone discovered on the 600-metre extension fence;
• The recently announced 600-metre northeast extension of the main corridors of mineralization (Caribou, zone 27, Wolf and Underdog);
• Two new discoveries in the surrounding area (Fox and Black Dog).

Recently reported drill results include the following.

Fox

• 27.6 grams per tonne gold over 3.1 metres (406 metres to 409.1 metres) in DDH OSK-U-16-734;
• 8.04 grams per tonne gold over three metres (65.5 metres to 68.5 metres) in DDH OSK-U-16-732;
• 6.78 grams per tonne gold over two metres (229 metres to 229.8 metres) in DDH OSK-U-16-731.

Windfall Extension

• 65.0 grams per tonne gold over 5.7 metres (226.3 metres to 232 metres) in DDH OSK-W-16-760, including:
  • 76 grams per tonne gold over 3.5 metres (226.3 metres to 229.8 metres);
  • 100 grams per tonne gold over 0.8 metre (229 metres to 229.8 metres).

Underdog

• 34.4 grams per tonne gold over 5.7 metres uncut (260 metres to 265.7 metres) in DDH OSK-W-16-720;
• 13.8 grams per tonne gold over 6.6 metres (1,135.5 metres to 1,142.1 metres) in DDH OSK-W-16-708-W2;
• 7.57 grams per tonne gold over 7.7 metres (944.8 metres to 952.5 metres) in DDH OSK-W-16-706-W3;
• 11.8 grams per tonne gold over 4.6 metres (539.2 metres to 543.8 metres) in DDH OSK-W-16-309-W3;
• 25.1 grams per tonne gold over two metres and 15.5 grams per tonne gold over 2.9 metres (797 metres to 799 metres) in DDH OSK-W-16-704-W1;
• 13 grams per tonne gold over two metres (918.8 metres to 921 metres) in DDH OSK-W-16-311-W2.

The new 250,000 metres of drilling will assist Osisko in further exploring and defining the known mineralization within the main deposit area and the recently discovered northeast extension area. Osisko's objective is to maximize the level of information to be included in an anticipated initial 2017 resource update.

For more information and complete drill results, visit the Osisko website and see press releases dated Oct. 12, 2016, Oct. 25, 2016, Nov. 23, 2016, Dec. 5, 2016, and Dec. 19, 2016.

Sandstorm holds a 0.5-per-cent and a 1-per-cent net smelter return royalty on portions of the Windfall Lake property.

Entree Gold discusses Turquoise Hill release of Oyu Tolgoi expansion preliminary economic assessment

Entree Gold Inc. announced the filing of an updated technical report relating to the Oyu Tolgoi copper-gold project in Mongolia. Turquoise Hill Resources Ltd. filed the report under NI 43-101, Standards of Disclosure for Mineral Projects.

In addition to updating the reserve case on the open pit and Hugo North (including Hugo North Extension) Lift 1 block cave, the 2016 Oyu Tolgoi technical report includes preliminary economic assessments of potential later phases of the Oyu Tolgoi deposits utilizing four alternative production cases. Two of these deposits, Hugo North (including Hugo North Extension) Lift 2 and Heruga, include Entree/Oyu Tolgoi LLC joint venture resources. The alternative production cases take advantage of productivity improvements in plant throughput that have begun to be recognized in the process plant and evaluate plant capacity expansions as high as 120 million tonnes per year. Variations in operating and capital costs are also evaluated.

Sandstorm has a stream agreement to purchase 5.62 per cent of the gold, 4.26 per cent of the silver and 0.42 per cent of the copper from the Oyu Tolgoi project deposits -- the Hugo North Extension copper-gold deposit and the Heruga copper-gold-molybdenum deposit. These deposits are the northernmost and southernmost, respectively, in the 12-kilometre-long Oyu Tolgoi series of deposits. The resources at Hugo North Extension include a probable reserve, which is included in Lift 1 of the underground mine development.

On Nov. 3, 2016, Turquoise Hill announced that work had begun for shaft 5 sinking and the convey-to-surface box-cut excavation, while construction of critical on-site facilities continued. Oyu Tolgoi recently signed an additional underground mining and support services contract with Dayan Contract Mining for the sinking of shafts 2 and 5. At the end of the third quarter of 2016, the underground work force was approximately 1,600 people and was expected to reach 2,400 people by the end of 2016.

For more information, visit the Entree Gold website and see the press release dated Oct. 24, 2016. The Turquoise Hill technical report, titled "2016 Oyu Tolgoi Technical Report," with an effective date of Oct. 14, 2016, is available on SEDAR under Turquoise Hill's profile.

Kirkland Lake Gold reports additional high-grade intercepts and identifies new mineralization at Macassa from underground drilling on the South mine complex

Kirkland Lake Gold Inc. reported new high-grade drill intercepts from underground exploration drilling on the south mine complex at the Macassa mine complex, in Kirkland Lake, Ont.

The drilling program infilled gaps in drill-hole coverage between inferred resource blocks and identified new mineralization associated with the easterly strike extension of the south mine complex within the HM claim, located approximately 610 metres southeast of the No. 2 shaft at the Macassa mine complex. Underground drilling highlights include:

• 651.8 grams per tonne gold (93.6 grams per tonne cut) over 3.8 metres, including 2,846.1 grams per tonne gold over 0.5 metre, in hole 53-2921;
• 40.1 grams per tonne gold over three metres in hole 53-2967;
• 97.7 grams per tonne gold (70.2 grams per tonne cut) over 1.6 metres, including 263.3 grams per tonne gold over 0.3 metre, in hole 53-3065;
• 102.5 grams per tonne gold (26.7 grams per tonne cut) over 3.2 metres, including 923.3 grams per tonne gold over 0.3 metre, in hole 53-3098;
• 100.5 grams per tonne gold (68.6 grams per tonne cut) over 1.6 metres, including 261.6 grams per tonne gold over 0.3 metre, in hole 53-3099.

All intercepts are core lengths. High-grade assays are cut to 246.9 grams per tonne or 120 grams per tonne depending on the zone.

The drill program concentrated on both infilling gaps in drill-hole coverage and also expanding the south mining complex farther to the east within the HM claim by testing a zone which was initially identified by drill hole 53-2414.

Kirkland Lake Gold has since completed 24 additional drill holes which has expanded and better defined this zone of mineralization. Based on the additional drilling, the zone has been defined over a strike length of 130 metres and is open up dip and is currently being tested with additional step-out drilling.

For more information and for complete drill results, visit the Kirkland Lake Gold website and see the press release dated Nov. 7, 2016. Sandstorm holds a 2-per-cent net smelter return royalty on the HM claim.

Primero provides exploration update on Black Fox Deep Central zone

Primero Mining Corp. announced the results of successful exploration at the Black Fox mine located near Timmins, Ont., Canada. The discovery, delineation and recent commencement of production from the Deep Central zone at Black Fox are an important milestone for the mine. Initial production mining of the Deep Central zone has returned positive results with grades and tonnes reconciling well with the production block model. First long-hole production blasting occurred in early September and is expected to continue to ramp up from this area.

Three underground diamond drill rigs have been active on the 520-level exploration drift, targeting mineralization located down plunge and to the west of the Deep Central zone. Results have reconfirmed the high-grade tenure of the Deep Central zone, with drill hole 520-EX346-06 intercepting 27.9 grams per tonne gold over 5.8 metres (from 355.6 metres to 361.4 metres) at approximately 800 metres depth and more recent drilling returning significant gold grades, including 34.4 grams per tonne gold over one metre (402 metres to 403 metres) in 520-EX346-09 below the Deep Central zone at approximately 900 metres depth. Deep-drilling efforts are continuing and are expected to be released by Primero in due course.

After successfully expanding and delineating the Black Fox Deep Central zone, Primero has shifted focus to other priority target areas located to the west and at depth. Recent exploration of the west targets has returned positive results with significant gold grades, including 87.3 grams per tonne gold over 1.4 metres (505.9 metres to 507.3 metres) in 520-EX290-02, 9.5 grams per tonne gold over one metre (368.5 metres to 369.5 metres) in 520-EX286-07, 28.1 grams per tonne gold over 2.7 metres (376 metres to 378.7 metres) in 520-EX286-05, 4.6 grams per tonne gold over 5.4 metres (454 metres to 459.4 metres) in 520-EX286-01 and 9.1 grams per tonne gold over 1.2 metres (497.2 metres to 498.4 metres) in 520-EX286-02. Drill hole 520-EX286-05 was drilled to test an extension of the W1 High Quartz target, which remains open at depth. Holes 520-EX286-01 and 520-EX286-02 have identified the W5 Far West target, which requires further infill exploration and remains open at depth. In addition, two surface drill rigs have been testing for other areas of Froome-like mineralization.

For more information, visit the Primero website and see the press releases dated Sept. 19, 2016, and Nov. 9, 2016.

Sandstorm has a gold stream agreement to purchase 8 per cent of the life-of-mine gold produced from Black Fox for a per-ounce cash payment equal $524 (U.S.) per ounce.

Yamana Gold provides exploration update at Gualcamayo

Yamana Gold Inc. issued an update on the exploration programs at its Gualcamayo mine in Argentina. Yamana has completed a total of 2,457 metres distributed in 12 holes since September, testing the near-surface oxide deposits called Potenciales and Las Vacas. Several of the holes, including 16QD-975 drilled at Potenciales, have discovered important mineral intercepts that begin near the surface and continue to depth. The results continue to suggest the potential for the expansion of the mineral resource base immediately adjacent to the southwest and northeast of the QDD open pit. Construction of road access to further test and expand these oxide deposits surrounding the QDD main pit is in the planning stage and will begin early in the first quarter of 2017.

Recent drill results from holes completed at Cerro Condor and Potenciales (Aug. 24, 2016, to Sept. 26, 2016), including all holes completed at these targets with results above a 0.5-gram-per-tonne-gold result, are reported in the attached table.

Hole ID       Target                      From       To     Length       Au 
                                            (m)      (m)        (m)    (g/t)

16QD-968      Cerro Condor -- 2600       284.0    290.0        6.0     0.58    
16QD-970      Cerro Condor -- Antena       6.0     16.0       10.0     0.43    
16QD-970      Cerro Condor -- Antena     126.0    128.0        2.0     2.59    
16QD-972      Cerro Condor 2500           12.0     26.0       14.0     5.69    
16QD-972      Cerro Condor 2500           36.0     42.0        6.0     0.98    
16QD-971      Cerro Condor -- Antena      35.5     44.0        8.5     1.35    
16QD-971      Cerro Condor -- Antena      91.0     98.0        7.0     0.91    
16QD-971      Cerro Condor -- Antena     300.0    308.0        8.0     0.71    
16QD-971      Cerro Condor -- Antena     322.0    326.0        4.0     1.16    
16QD-974      Cerro Condor 2500            8.0     10.6        2.6     1.44    
16QD-975      Potenciales -- P10           4.0    108.0      104.0     1.41    
Including     Potenciales -- P10           8.0     20.0       12.0     2.36    
Including     Potenciales -- P10          28.0     49.0       21.0     1.92    
Including     Potenciales -- P10          62.0     68.0        6.0     1.25    
Including     Potenciales -- P10          88.0    102.0       14.0     3.27    
16QD-976      Potenciales -- P10           8.0     30.0       22.0     1.23    
16QD-976      Potenciales -- P10          34.0     48.0       14.0     1.13    
16QD-977      Potenciales -- P10          18.0     28.0       10.0     2.49    
16QD-977      Potenciales -- P10          32.0     38.0        6.0     0.64   

Several of these intersections, in particular 16QD975, are at the pit wall and are sufficient in width and grade to suggest potential positive contributions to increases in mineral resources and mineral reserves at grades that exceed the current in-pit grades. These new discoveries show that large, untested potential exists at the surface or near surface, well beyond the known extents of the current mineral inventory.

For more information, visit the Yamana website and see the press release dated Oct. 27, 2016.

Sandstorm holds a 1-per-cent net smelter return royalty on the Gualcamayo mine.

Qualified person

Keith Laskowski, MSc, Sandstorm's vice-president, technical services, is a qualified professional (No. 01221QP) of the Mining and Metallurgical Society of America and a qualified person as defined by NI 43-101. Mr. Laskowski has not independently verified the resource estimates contained in this disclosure. He has reviewed and approved the technical information in this press release.

About Sandstorm Gold

Sandstorm Gold is a gold streaming and royalty company. Sandstorm has acquired a portfolio of 131 streams and royalties, of which 20 of the underlying mines are producing.

We seek Safe Harbor.