Mr. Nolan Watson reports

SANDSTORM GOLD ROYALTIES ANNOUNCES VOTING RESULTS FROM 2023 ANNUAL SHAREHOLDER MEETING AND RENEWS ATM PROGRAM

Sandstorm Gold Ltd. has provided the voting results from the company's annual general meeting of shareholders and has renewed the company's at-the-market equity program.

Voting results from annual general meeting of shareholders

The meeting was held today, June 9 in Vancouver, B.C., at which 61 per cent of the issued common shares, as of the record date for the meeting, were represented. Shareholders voted in favour of all resolutions presented, including the re-election of all director nominees, namely Nolan Watson, David Awram, David E. De Witt, Andrew T. Swarthout, John P.A. Budreski, Mary L. Little, Vera Kobalia and the election of new director, Elif Levesque. Detailed results of the vote for directors are set out in the attached table.

Detailed voting results for all matters considered at the meeting will be available on SEDAR and on EDGAR.

Renewal of atm equity program

Sandstorm has re-established an at-the-market equity program after the previous ATM program expired on May 20, 2022, and following certain blackout periods pertaining to the Nomad Royalty Company and BaseCore transactions. The ATM program allows the company to issue up to $150-million (U.S.) (or the equivalent in Canadian dollars) of common shares from treasury to the public from time to time, at the company's discretion and subject to regulatory requirements. Sandstorm's previous ATM program expired with no shares being issued under the program, and the company does not currently have any plans to use the ATM program.

Any common shares sold in the ATM program will be sold by way of (i) ordinary brokers' transactions that meet the definition of an at-the-market offering under the rules and regulations of the Securities and Exchange Commission under the Securities Act of 1933, as amended, (ii) ordinary brokers' transactions that constitute an at-the-market distribution as described in Part 9 of National Instrument 44-102 -- Shelf Distributions, or (iii) such other sales of common shares by an agent (as defined herein) on behalf of the company in its capacity as agent of the company as shall be agreed by the company and the applicable agent in writing, at market prices prevailing at the time of the sale or at prices related to the prevailing market prices or at negotiated prices subject to certain minimum prices. Since the common shares will be distributed at the prevailing market prices at the time of the sale, prices may vary among purchasers and during the period of distribution.

Sandstorm intends to use the net proceeds from the ATM program, if any, to finance future gold and other metal purchase agreements and the purchase of royalties and/or for other general corporate purposes, including the repayment of indebtedness.

Sales of common shares through the ATM program will be made pursuant to the terms of an equity distribution agreement dated June 9, 2023, entered into among the company, BMO Nesbitt Burns Inc., Scotia Capital Inc., National Bank Financial Inc., CIBC Capital Markets, RBC Dominion Securities Inc. and Raymond James Ltd. (the Canadian agents), and BMO Capital Markets Corp., Scotia Capital (USA) Inc., National Bank of Canada Financial Inc. and H.C. Wainwright & Co. LLC (the United States agents and, together with the Canadian agents, the agents). The ATM program will be effective until the earliest of the date that all common shares available for issue under the ATM program have been issued, Oct. 22, 2024, or the ATM program is terminated prior to such date by the company or the agents.

The ATM program is being established pursuant to a prospectus supplement dated June 9, 2023, to the company's Canadian base shelf prospectus dated Sept. 22, 2022, filed with the securities commissions in each of the provinces and territories of Canada, copies of which are available for free from SEDAR, and pursuant to a prospectus supplement dated June 9, 2023, to the company's U.S. base shelf prospectus dated Sept. 22, 2022, included in its registration statement on Form F-10 and filed with the SEC, copies of which are available for free via EDGAR on the SEC website. Before you invest, you should read these documents and all other documents the company has filed with the Canadian securities regulatory authorities and the SEC, as applicable, for more complete information about the company and the ATM program.

Alternatively, copies of these documents may be obtained upon request by contacting (i) in Canada: BMO Nesbitt Burns by mail at Brampton Distribution Centre, 9195 Torbram Rd., Brampton, Ont., L6S 6H2, attention: The Data Group of Companies, by e-mail at torbramwarehouse@datagroup.ca or by telephone at 905-791-3151 extension 4312, or Scotia Capital Inc. by mail at Scotia Plaza, 62nd floor, 40 King St. West, Toronto, Ont., M5H 3Y2, attention: Equity Capital Markets, by e-mail at equityprospectus@scotiabank.com or by telephone at 416-863-7704; and (ii) in the United States: BMO Capital Markets Corp. by mail at 151 W 42nd St., 32nd floor, New York, N.Y., 10036, attention: Equity Syndicate Department, by e-mail at bmoprospectus@bmo.com or by telephone at 800-414-3627, or Scotia Capital (USA) by mail at 250 Vesey St., 24th floor, New York, N.Y., 10281, attention: Equity Capital Markets, by e-mail at equityprospectus@scotiabank.com or by telephone at 212-225-6853.

Sandstorm files early warning report

Pursuant to National Instrument 62-103 -- The Early Warning System and Related Take Over Bid and Insider Reporting Issues, the company reports a change in its holdings of Aton Resources Inc. ("Aton"). On May 28, 2023, the company's 20 million warrants that entitled it to purchase an additional 2.0 million postconsolidation common shares of Aton for a period of five years, expired. As a result of the expiration of these Aton warrants, the company's holdings in Aton have decreased to less than 10 per cent.

Sandstorm's early warning report, as required under National Instrument 62-103, contains additional information with respect to the foregoing matters and will be filed by Sandstorm on Aton's SEDAR profile and may also be obtained by contacting Sandstorm at 604-628-1164 or by e-mail at info@sandstormgold.com.

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 holds a portfolio of 250 royalties, of which 40 of the underlying mines are producing. Sandstorm plans to expand and diversify its low-cost production profile through the acquisition of additional gold royalties.

We seek Safe Harbor.