Mr. Nolan Watson reports

SANDSTORM GOLD ROYALTIES PROVIDES UPDATES ON PRODUCING AND KEY DEVELOPMENT ASSETS

Sandstorm Gold Ltd. has provided various developments within its diversified stream and royalty portfolio (dollar figures in U.S. dollars unless otherwise indicated).

Robertson receives approval of key environmental permit

On Nov. 15, the U.S. Bureau of Land Management filed a positive record of decision for the Robertson mine, following publication of the project's final environmental impact statement and public review period. The record of decision is the last major federal permit under the National Environmental Protection Act of 1969. Robertson is owned by Nevada Gold Mines, a joint venture between Barrick Gold Corp. and Newmont Corp., and is located at the north end of Nevada's Cortez district. The project is fewer than 10 kilometres east of the Pipeline and Cortez mine complex, a mining district that hosts NGM gold production from the operating Pipeline, Cortez and Goldrush mines. Robertson is planned as an open-pit, heap leach operation that will utilize certain infrastructure and facilities at the Pipeline and Cortez mine complex. NGM most recently estimated first production at Robertson in 2027, subject to permitting, and feasibility work remains continuing. For more information about the Robertson mine, visit the Barrick website. For information regarding the record of decision, visit the U.S. Bureau of Land Management's website, and refer to the press release dated Nov. 20, 2024.

Sandstorm has a 1.0-per-cent to 2.25-per-cent sliding scale net smelter return royalty on the Robertson project. At current gold prices, Sandstorm expects the upper end of the sliding scale would apply to its royalty.

Hod Maden site preparation continues

SSR Mining Inc. reports that engineering studies and site preparation activities continue at its Hod Maden project in Turkey as the company continues to advance the project through to a construction decision. In the third quarter of 2024, approximately $10.9-million was spent at Hod Maden. SSR Mining will provide guidance on the expected 2025 capital spend at Hod Maden with its annual 2025 guidance. For more information, visit the SSR Mining website and refer to the press release dated Nov. 6, 2024.

Sandstorm holds a 2.0-per-cent NSR royalty and a 20-per-cent gold stream on the Hod Maden project. Under the terms of the Hod Maden gold stream, Sandstorm has agreed to purchase 20 per cent of all gold produced from Hod Maden (on a 100-per-cent basis) for continuing per-ounce cash payments equal to 50 per cent of the spot price of gold until 405,000 ounces of gold are delivered. Sandstorm will then receive 12 per cent of the gold produced for the life of the mine for continuing per-ounce cash payments equal to 60 per cent of the spot price of gold.

Underground development commences at Hugo North extension; additional high-grade intercepts released

Entree Resources Ltd. announced the commencement of underground development work at Oyu Tolgoi lift 1 panel 1 on the Entree/Oyu Tolgoi joint venture property in November. This initial phase involves up to 212 metres of lateral development in the southwestern corner of the Hugo North extension as outlined in the 2024 Oyu Tolgoi mine plan, intended to support the development of mine infrastructure. Entree continues to advance discussions with Rio Tinto and Oyu Tolgoi LLC to finalize either: (i) the execution and delivery of the existing JV agreement between the parties; or (ii) conversion to an alternative agreement of equivalent economic value to govern their relationship during the development and mining stages of the Entree/Oyu Tolgoi joint venture property. Entree, Rio Tinto and OTLLC have identified a potential pathway forward, with corresponding definitive agreements subject to the approval of the entire OTLLC board.

Entree also released additional results from the 2023 drilling program at HNE, which includes both infill and extension holes from surface and underground. In addition to confirming long, high-grade intervals within the existing Hugo North lift 2 block cave footprint, drill hole EGD 174 was terminated in mineralization at a depth of 1,800 metres, highlighting that the deposit remains open at depth with continuity for deeper potential lifts at Oyu Tolgoi. At depths, the Hugo North deposit dips to the northwest with an increasing proportion located on the Entree/Oyu Tolgoi joint venture ground. Underground geotechnical holes UGD 807A, UGD 807B and UGD 808 confirmed continuity of mineralization outside of the potential Hugo North lift 2 footprint.

Highlights from the surface drill results include:

• EGD 174: 448 metres grading 1.31 per cent copper, including:
  • 172 metres grading 1.58 per cent copper;
• EGD 1771: 143 metres grading 1.09 per cent copper, including:
  • 51 metres grading 1.75 per cent copper.

Highlights from the underground drill results include:

• UGD 805B: 177.3 metres grading 1.79 per cent copper;
• UGD 808: 613.6 metres grading 0.69 per cent copper, including:
  • 214 metres grading 1.04 per cent copper;
• UGD 813: 56 metres grading 1.45 per cent copper;
• UGD 814: 138 metres grading 1.92 per cent copper.

During 2024, drilling has continued at HNE with all holes targeting the potential lift 2 mineralized footprint. As of Oct. 31, 2024, OTLLC had advised Entree that approximately 5,287 metres of underground drilling in 23 diamond drill holes and 2,476 metres of surface drilling in four diamond drill holes had been completed. Entree will report on the drill results once they have been received and reviewed.

For more information, including full details of the drill results, visit the Entree website, and refer to the press releases dated Oct. 29 and Nov. 4, 2024. Sandstorm has a copper and precious metal stream with Entree on the HNE whereby the company has the right to purchase 0.42 per cent of the copper, 5.62 per cent of gold and 4.26 per cent of silver produced for continuing cash payments of 50 cents per pound of copper, $220 per ounce of gold and $5 per ounce of silver.

Equinox Gold Corp. to restart mining at Aurizona Piaba pit; expansion plans continuing

Equinox Gold expects to resume mining at its Aurizona Piaba pit in the fourth quarter of 2024, following remediation from a geotechnical event caused by persistent heavy rains earlier in the year. Mining has been paused at Piaba since March, 2024, while ore feed at Aurizona has relied on existing stockpiles and mining from the Tatajuba open pit. A revised mine plan incorporating the Tatajuba, Boa Esperanca and Piaba pits has been prepared, and Equinox Gold has concluded that the geotechnical event does not have a significant negative impact on the long-term economic performance of Aurizona.

Despite weather challenges, exploration activities in 2024 have included over 6,500 metres of regional drilling at Aurizona, focused on high-potential targets. In the first nine months of 2024, nearly 3,500 metres of drilling has focused on resource delineation of the western extension of the Tatajuba deposit.

Expansion plans at Aurizona aim to extend the mine life beyond 10 years and increase annual gold production through the development of an underground mine that would operate concurrently with the open pits. Engineering studies for the underground mine beneath the Piaba pit are continuing, with efforts focused on refining ventilation systems, access layouts and ore extraction plans. Construction of a portal and underground decline is expected to begin in 2025, enabling underground drilling and bulk sampling and ultimately supporting production operations.

For more information, visit the Equinox Gold website, and refer to the company's third quarter 2024 management's discussion and analysis. Sandstorm has a sliding scale net smelter return royalty on the Aurizona mine, including the Piaba, Tatajuba and Boa Esperanca pits. When gold prices are above $2,000 per ounce, Sandstorm's royalty is a 5-per-cent NSR.

Chapada optimization plan improves project cash flows

Following optimization efforts at Lundin Mining Corp.'s Chapada mine in Brazil, mining costs have decreased by 46 per cent compared with 2022. In addition to improved haulage cycle times, fleet availability and blasting fragmentation, the stockpile feed levels were also optimized. A redesigned mining plan was implemented with a lower annual stripping requirement, reducing annual mining rates by 30 million tonnes.

These changes are expected to streamline operations while maintaining output, further improving free cash flow generated from the mine. Lundin Mining is concluding a scoping study on the Sauva deposit, and an updated technical report for the Chapada mine is expected to be filed in 2025.

For more information, visit the Lundin Mining website, and refer to Lundin Mining's conference call held on Nov. 7, 2024, discussing the company's third quarter 2024 financial results. Sandstorm holds a copper stream on the Chapada mine, whereby Sandstorm has agreed to purchased, for continuing per-pound cash payments equal to 30 per cent of the spot price of copper, 4.2 per cent of the copper produced up to maximum of 3.9 million pounds annually until 39 Mlb are delivered, then 3.0 per cent of the copper until 50 Mlb are delivered and then 1.5 per cent of the copper for the life of mine.

Updated preliminary economic assessment for high-grade Coringa gold project

Serabi Gold PLC has published an updated preliminary economic assessment for the Coringa gold project in Brazil, highlighting significant improvements compared with the 2019 study. Annual production is estimated at 28,000 ounces in 2025 and then averaging 36,000 ounces per year between 2026 and 2031 with an 11-year mine life until 2034. The updated PEA reflects an updated mineral resource inventory at Coringa that includes measured and indicated resources of 795,000 tonnes at 7.03 grams per tonne gold containing 179,000 oz gold and inferred resources of 1.45 million tonnes at 5.81 grams per tonne gold containing 271,000 oz gold. The mine plan utilizes 81 per cent of the total measured and indicated resource inventory and 89 per cent of inferred resources (3.16 g/t cut-off). The Coringa project has been in production since July, 2022, as an underground operation using open stoping mining methods. Processing of Coringa ore is undertaken at Serabi's Palito complex, utilizing existing process plant capacity.

For more information, visit the Serabi website, and refer to the press release dated Oct. 21, 2024. Sandstorm holds a 2.5-per-cent NSR royalty on the Coringa 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. Ms. Gotz 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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