Mr. Nolan Watson reports

SANDSTORM GOLD ROYALTIES REPORTS PORTFOLIO DRILLING AND EXPLORATION ACTIVITY

Sandstorm Gold Ltd. has provided various drilling and exploration updates from its diversified portfolio of streaming and royalty assets.

Lundin Gold Inc. provides Bonza Sur gold discovery updates; expands near-mine drill program

Lundin Gold announced additional results from its 2024 near-mine drilling program, with recent intercepts continuing to delineate the new Bonza Sur gold deposit at the Fruta del Norte mine. The Bonza Sur gold deposit, discovered in 2023, is located one kilometre south of FDN. The deposit features a large mineralized envelope extending over 1.8 kilometres along strike, 100 metres wide and at least 500 metres deep. More than 50 drill holes have been completed, revealing a higher-grade core with hydrothermal alteration and quartz veins. Lundin Gold's 2024 near-mine drilling program has been expanded by 10,000 metres to a total of 56,000 metres to further assess the deposit's full potential. As of August, the program had completed approximately 26,056 metres of drilling, the vast majority of which has been at Bonza Sur. The expanded program will increase costs by $2-million (U.S.), which, combined with the regional program, results in an estimated program cost of $44-million (U.S.).

Lundin Gold is focused on expanding Bonza Sur's potential with a metallurgical study planned for 2024, and a maiden mineral resource estimate is expected by mid-2025. As part of its recent investor day, the company highlighted the opportunity for Bonza Sur to be its second producing deposit within the La Zarza mining concession. A preliminary economic assessment on Bonza Sur is expected prior to the end of 2025, which will outline the potential to develop a new 10,000- to 15,000-tonne-per-day open-pit mine at Bonza Sur.

Bonza Sur exploration highlights include (not true widths):

• BLP-2024-107: 2.01 grams per tonne gold over 113.3 metres from 6.5 metres, including:
  • 3.10 g/t gold over 54.8 metres from 6.5 metres, with 8.59 g/t gold over 9.0 metres;
• BLP-2024-128: 1.96 g/t gold over 102.6 metres from 57.3 metres, including:
  • 3.84 g/t gold over 41.4 metres from 111.3 metres with 7.24 g/t gold over 11.6 metres;
• BLP-2024-123: 1.54 g/t gold over 126.7 metres from 77.1 metres, including:
  • 4.11 g/t gold over 31.4 metres from 77.1 metres, with 13.75 g/t gold over 9.0 metres;
• BLP-2024-133: 1.01 g/t gold over 125.7 metres from 0.0 metres, including:
  • 3.32 g/t gold over 22.1 metres from 86.8 metres, with 7.81 g/t gold over 6.4 metres.

For more information, including complete details of the drill results, visit Lundin Gold's website, and refer to the press release dated Aug. 7, 2024, and Lundin Gold's investor day transcript dated Sept. 6, 2024. Sandstorm holds a 0.9-per-cent net smelter return royalty on the precious metals produced at FDN.

High-grade drill results at Bonterra Resources Inc.'s Phoenix joint venture Moss target

Bonterra announced additional drill results on the Phoenix JV (formerly known as the Urban-Barry property), which is under a definitive earn-in and joint venture agreement with Osisko Mining Inc., whereby Osisko Mining has the right to acquire an up-to-70-per-cent interest in the Phoenix JV by spending $30-million in work expenditures over a three-year period. As of Aug. 6, 2024, approximately 60,000 metres have been drilled on the project, including 37,000 metres solely on the Moss target where mineralization similar to the high-grade Lynx zone has been confirmed at depth by Osisko Mining.

Highlights at the Moss target include:

• OSK-PHX-24-078: 38.33 g/t gold over 1.1 metres from 844.4 metres, including:
  • 69.6 g/t gold over 0.6 metre;
• OSK-PHX-24-096: 7.37 g/t gold over 4.2 metres from 930.6 metres, including:
  • 28.6 g/t gold over 0.4 metre;
• OSK-PHX-24-082: 14.35 g/t gold over 1.6 metres from 314.7 metres, including:
  • 29.6 g/t gold over 0.7 metre;
• OSK-PHX-24-072: 24.14 g/t gold over 1.4 metres from 334.3 metres, including:
  • 48.1 g/t gold over 0.7 metre;
• OSK-PHX-24-080: 42.1 g/t gold over 0.8 metre from 329.1 metres;
• OSK-PHX-24-049: 75.8 g/t gold over 0.3 metre from 185.4 metres.

Drilling activities are complete, and Bonterra expects drilling will resume later in 2024 once all assays are received. Bonterra reported that total expenditures on the project will exceed the minimum annual spending commitment of $10-million outlined in the JV agreement.

In August, Gold Fields Ltd. announced that it had entered into a definitive agreement to acquire Osisko Mining, consolidating ownership of the Windfall project and the surrounding exploration district. As part of the strategic rationale for the transaction, Gold Fields cited significant regional exploration potential in the highly prospective Urban-Barry district and the near-mine exploration upside enhanced through the Osisko Mining JV agreement.

For more information, including a complete list of drill results, visit Bonterra's website, and refer to the press release dated Aug. 6, 2024. For more information regarding Gold Fields' acquisition of Osisko Mining, visit the Goldfields website, and refer to the press release dated Aug. 12, 2024.

Sandstorm holds an NSR royalty ranging between 0.5 per cent to 3.9 per cent on portions of the Phoenix JV property, which covers both the Barry and Moss deposits. Sandstorm also holds a 1.0-per-cent NSR royalty on the neighbouring Gladiator (West Arena) gold deposit.

Awale Resources Ltd. reports high-grade results at Odienne including 45.7 g/t gold over 32 metres and 20 g/t gold over 29 metres

Awale reported several high-grade intercepts from its continuing drill program at the Odienne project in Ivory Coast, with significant assay results at both the BBM and Charger zones.

In January, 2024, Awale announced a significant new discovery (the BBM zone), reporting multiple high-grade intercepts. This discovery set the stage for further drilling, and by March, 2024, the company had completed follow-up drilling that confirmed the continuity of shallow, high-grade mineralization at the BBM zone. The assays revealed excellent gold and copper potential, with the mineralization remaining open in multiple directions. Highlights from the drill program include:

BBM zone:

• OEDD-89: 35 metres at 2.2 g/t gold from 318 metres, including:
  • 23 metres at 2.5 g/t gold from 330 metres;
• OEDD-90: 52 metres at 1.5 g/t gold from 181 metres, including:
  • 19 metres at 2.6 g/t gold from 212 metres;
• OEDD-74: 75 metres at 1.8 g/t gold from 242 metres, including:
  • One metre at 8.0 g/t gold from 281 metres;
  • 17 metres at 2.4 g/t from 300 metres;
• OEDD-76: 40 metres at 1.5 g/t gold from 194 metres, including:
  • 12 metres at 4.0 g/t from 219 metres;
• OEDD-65: 44 metres at 1.4 g/t gold from 131 metres, including:
  • Six metres at 3.9 g/t gold from 134 metres;
  • Nine metres at 1.9 g/t gold from 146 metres;
• OEDD-64: 22 metres at 1.7 g/t gold from 60 metres, including:
  • Two metres at 5.7 g/t gold from 72 metres.

In April, 2024, drilling resumed at the Charger zone, building on previous discoveries. Most notably, Awale reported assay results of 20 g/t gold over 29 metres, following an earlier intercept of 45.7 g/t gold over 32 metres. These high-grade breccia zones demonstrated strong continuity and further exploration potential. Highlights from the drill program include:

Charger zone:

• OEDD-88: 20 g/t gold over 29 metres from 149 metres, including:
  • 39.5 g/t gold over eight metres from 149 metres;
• OEDD-83: 57 metres at 26 g/t gold from 164 metres, including:
  • 45.7 g/t gold over 32 metres from 165 metres;
• OERC-132: 32 metres at 3.0 g/t gold from 74 metres, including:
  • Four metres at 12.4 g/t gold from 78 metres;
• OEDD-45 (step back from OERC-132) contains three notable intervals within a 65-metre-wide zone of mineralization, including:
  • 12 metres at 4.9 g/t gold from 89 metres;
  • 13 metres at 1.3 g/t gold from 114 metres;
  • 21 metres at 1.3 g/t gold from 133 metres;
• OEDD-53 (50-metre step back from OEDD-45):
  • 32 metres at 1.5 g/t gold from 215 metres, including: three metres at 5.2 g/t gold from 77 metres.

Awale has planned to expand its drilling program, aiming to complete 25,000 metres of drilling by the end of 2024, focusing on both the Charger and BBM zones.

For more information, including complete drill results, visit Awale's website, and refer to the press releases dated Jan. 11, March 18, March 25, July 31 and Sept. 9, 2024. Sandstorm holds a 2.0-per-cent NSR royalty on the Odienne project.

Antipa Minerals Ltd. completes phase 1 drill program at Minyari Dome

Antipa announced the completion of its phase 1 drilling program, which included 14,936 metres of reverse circulation and diamond core drilling at its 100-per-cent-owned Minyari Dome gold-copper project in the Paterson province of Western Australia. The phase 1 drill program was initially planned for 71 RC drill holes but was expanded to 81 drill holes due to positive early results. Drilling at the GEO-01 discovery significantly increased the mineralized footprint, revealing zones of near-surface and high-grade gold mineralization.

Notable intersections at the GEO-01 discovery include:

• 24MYC0610: 35 metres at 3.0 g/t gold from 20 metres, including:
  • 16 metres at 5.6 g/t gold from 33 metres, also including:
    • One metre at 14.4 g/t gold from 34 metres;
    • One metre at 24.0 g/t gold from 48 metres;
• 24MYC0441: 66 metres at 1.4 g/t gold and 0.04 per cent copper from 118 metres, including:
  • Six metres at 1.9 g/t gold and 0.11 per cent copper from 118 metres;
  • 17 metres at 4.4 g/t gold from 157 metres, also including:
    • Four metres at 15.5 g/t gold from 168 metres;
• 24MYC0442: 20 metres at 2.4 g/t gold from 114 metres, including:
  • 11 metres at 3.4 g/t gold from 122 metres, also including:
    • Three metres at 4.8 g/t gold from 124 metres.

In addition to GEO-01, exploration at other targets such as the Minyari southeastern extension target revealed significant gold mineralization. Updates of the existing Minyari mineral resource estimate, including the incorporation of results from drilling at the Minyari southeastern extension target, are scheduled for completion in the third quarter 2024. Antipa's phase 2 exploration program will focus on further drilling at GEO-01, aiming to expand the existing Minyari Dome mineral resource base, which currently stands at 950,000 ounces of gold, 41,100 tonnes of copper, 387,000 ounces of silver and 7,700 tonnes of cobalt in the indicated category, contained within 21.1 million tonnes with an average grade of 1.39 g/t gold, 0.20 per cent copper, 0.57 g/t silver and 0.04 per cent cobalt, plus 800,000 ounces of gold, 23,200 tonnes of copper, 197,000 ounces of silver and 3,400 tonnes of cobalt in the inferred category, contained within 12.8 million tonnes with an average grade of 1.94 g/t gold, 0.18 per cent copper, 0.48 g/t silver and 0.03 per cent cobalt, based on cut-off grades of 0.5 and 1.5 g/t gold equivalent. For AuEq calculations refer to Antipa's website.

The Minyari Dome project is strategically located in proximity to significant mining operations, including Newmont Mining's Telfer mine and Rio Tinto's Winu project. The project area hosts the Minyari and WACA deposits, as well as several other satellite deposits and high-priority exploration targets.

For more information, including a complete list of drill results, visit Antipa's website, and refer to the press release dated July 29, 2024. Sandstorm holds a 1.0-per-cent NSR royalty on the North Telfer project, which encompasses the Minyari Dome project.

Troilus Gold Corp. releases high-grade drill results at newly discovered gold zone

In May, Troilus announced the results of the feasibility study on the Troilus gold-copper project in north-central Quebec, Canada. The feasibility study envisions a large-scale, 22-year open-pit mining project with potential for future underground development. The study outlines average annual production of 244,600 ounces of gold, 17.3 million pounds of copper and 446,700 ounces of silver. The project is expected to have all-in sustaining costs of $1,109 per ounce and base-case after-tax net present value of $884.5-million (U.S.).

Subsequent to the release of the feasibility study, Troilus announced the discovery of a new gold zone -- the West Rim zone -- located within 200 metres west of the North Reserve pit shell. The discovery is part of a continuing 25,000-metre drill program designed to expand and define select drill targets along the main mineral corridor and regionally. In September, Troilus released high-grade drill results from the West Rim zone, including:

• WR-24-003: 1.64 g/t gold over 20 metres, including:
  • 3.07 g/t gold over eight metres from 87 metres;
• WR-24-004: 1.05 g/t gold over 11 metres, including:
  • 7.03 g/t gold over one metre from 27 metres.

Troilus is actively reviewing the data from the current phase of the drill campaign to refine its targeting strategy for the next round of drilling, set to commence in the second half of 2024.

For more information, including complete drill results, visit Troilus's website, and refer to the press releases dated May 14, May 30 and Sept. 3, 2024. Sandstorm holds a 1.0-per-cent NSR royalty on the Troilus project.

Qualified person

Imola Gotz (MSc, PEng, FEC), Sandstorm's vice-president, mining and engineering, is a qualified person as defined by Canadian National Instrument 43-101. She has reviewed and approved the scientific and technical information in this news release.

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 over 230 royalties, of which 41 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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