An anonymous director reports

SANDSTORM GOLD ROYALTIES ANNOUNCES SALES AND RECORD REVENUE IN SECOND QUARTER 2023

Sandstorm Gold Ltd. sold approximately 24,500 attributable gold equivalent ounces and realized record preliminary revenue of $49.8-million during the three months ended June 30, 2023 (19,276 attributable gold equivalent ounces and $36.0-million in revenue for the comparable period in 2022).

Preliminary cost of sales, excluding depletion, for the three-month period was $5.6-million resulting in cash operating margins of approximately $1,743 per attributable gold equivalent ounce ($5.3-million and $1,593 per attributable gold equivalent ounce for the comparable period in 2022, respectively).

Second quarter share buybacks

During the three months ended June 30, 2023, the company purchased and cancelled approximately 2.6 million Sandstorm common shares at a weighted average price of $6.92 per share under the company's normal course issuer bid (NCIB). The NCIB, which was renewed in April, 2023 (see press release dated April 5, 2023), provides the company with the option to purchase its common shares from time to time when Sandstorm's management believes that the common shares are undervalued by the market. While the company's capital allocation strategy remains focused on debt repayment, Sandstorm's management continues to evaluate accretive opportunities to exercise the NCIB.

About Sandstorm Gold Ltd.

Sandstorm is a precious-metal-focused royalty company that provides upfront financing to mining companies and receives the right to a percentage of production 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.

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