An anonymous director reports

SANDSTORM GOLD ROYALTIES ANNOUNCES 2024 FIRST QUARTER SALES AND REVENUE; FINANCIAL RESULTS TO BE RELEASED MAY 2

Sandstorm Gold Ltd. has released the sales and revenue figures for the first quarter ended March 31, 2024 (all figures are in U.S. dollars).

First quarter preliminary sales and revenue

During the three months ended March 31, 2024, the company sold approximately 20,300 attributable gold equivalent ounces (1) and realized preliminary revenue (2) of $42.8-million (28,368 attributable gold equivalent ounces and $44.0-million in revenue for the comparable period in 2023). The company had preliminary total sales, royalties and income from other interests1 of $42.8-million for the three months ended March 31, 2024 ($54.0-million total sales, royalties and income from other interests for the comparable period in 2023).

Preliminary cost of sales, excluding depletion (2) for the three months ended March 31, 2024, was $5.7-million resulting in cash operating margins (1) of approximately $1,781 per attributable gold equivalent ounce (1) ($6.5-million and $1,652 per attributable gold equivalent ounce for the comparable period in 2023, respectively).

Release date and conference call details

The company will release its first quarter 2024 results on Thursday, May 2, 2024, after markets close. A conference call will be held on Friday, May 3, 2024, starting at 8:30 a.m. PDT, to further discuss the first quarter results. To participate in the conference call, use the following dial-in numbers and conference ID, or join the webcast.

International:  1-416-764-8688

North American toll-free:  1-888-390-0546

Conference ID:  

Note 1

Sandstorm Gold Royalties has included certain performance measures in this press release that do not have any standardized meaning prescribed by international financial reporting standards including: (i) attributable gold equivalent ounces; and (ii) cash operating margin. The presentation of these non-IFRS measures is intended to provide additional information, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these non-IFRS measures differently. Note these figures have not been audited and are subject to change.

As the company's operations are primarily focused on precious metals, the company presents attributable gold equivalent ounces as it believes that certain investors use this information to evaluate the company's performance in comparison with other mining companies in the precious metal mining industry which present results on a similar basis. Attributable gold equivalent ounces is a non-IFRS ratio that uses total sales, royalties and income from other interests as a component. Total sales, royalties and income from other interests is a non-IFRS measure and are calculated by taking total revenue, which includes sales and royalty revenue, and adding contractual income relating to royalties, streams, and other interests excluding gains and losses on dispositions, which, during the first quarter 2023, were primarily composed of a one-time payment received as per the company's royalty agreement on the Mount Hamilton project. Attributable gold equivalent ounces is calculated by dividing the company's total sales, royalties and income from other interests, less revenue attributable to non-controlling shareholders for the period by the average realized gold price per ounce from the company's gold streams for the same respective period, and may be subject to change.

The company presents cash operating margin as it believes that certain investors use this information to evaluate the company's performance and ability to generate cash flow in comparison with other companies in the precious metal mining industry which present results on a similar basis. Cash operating margin is calculated by subtracting the average cash cost per attributable gold equivalent ounce from the average realized gold price per ounce from the company's gold streams for the same respective period. Average cash cost per attributable gold equivalent ounce is calculated by dividing the company's cost of sales, excluding depletion, by the number of attributable gold equivalent ounces.

Note 2

These figures have not been audited and are subject to change. As the company has not yet finished its quarter-end close procedures, the anticipated financial information presented in this press release is preliminary and subject to final quarter-end closing adjustments, and may change materially.

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 approximately 240 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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