Mr. Nolan Watson reports

SANDSTORM GOLD ROYALTIES REPORTS PORTFOLIO EXPLORATION ACTIVITY AND DEVELOPMENT ADVANCEMENTS

Sandstorm Gold Ltd. has provided exploration advancements on certain assets from its diversified stream and royalty portfolio (dollar figures are in U.S. dollars unless otherwise indicated).

Additional high-grade intercepts at Fruta del Norte

Lundin Gold Inc. announced additional high-grade results from its 2024 near-mine and conversion drilling programs at the Fruta del Norte gold mine in Ecuador. The near-mine exploration at FDN South has confirmed the continuity and high-grade nature of the mineralized system extending south of the main deposit. The exploration strategy aims to extend the mine's life by expanding mineral resources at FDN through the exploration and delineation of new discoveries near the existing operation. As of Nov. 4, Lundin Gold reported that a total of 45,325 metres have been drilled across 120 holes from both surface and underground as part of the near-mine program. Since the second quarter of 2024, the program has concentrated on FDNS.

FDNS drilling highlights include (not true widths):

• UGE-S-24-145: 22.67 grams per tonne gold over 41.6 metres from 26.4 metres, including:
  • 68.81 g/t gold over 4.7 metres from 40.7 metres;
  • 53.08 g/t gold over 10.8 metres from 57.2 metres;
• UGE-S-24-175: 15.26 g/t over 38.0 metres from 19.4 metres, including:
  • 22.02 g/t gold over 4.3 metres from 27.9 metres;
  • 65.01 g/t gold over 5.4 metres from 44.5 metres;
• UGE-S-24-174: 9.02 g/t gold over 26.2 metres from 4.6 metres, including:
  • 16.20 g/t gold over 12.1 metres.

The conversion drilling program, aimed at upgrading inferred mineral resources to indicated, continued to return high-grade results as well, confirming mineralization adjacent to mine workings. A total of 13,755 metres of underground drilling from 110 drill holes has been executed in 2024, and drilling for the year is complete. An updated resource estimate is planned to be issued in the first quarter of 2025.

Conversion drilling highlights include (not true widths):

• FDN-C24-140: 8.28 g/t gold over 80.9 metres from 143.5 metres, including:
  • 31.29 g/t gold over 9.25 metres from 167.8 metres;
• FDN-C24-157: 7.00 g/t gold over 46.5 metres from 5.0 metres, including:
  • 20.17 g/t gold over 10.4 metres from 31.9 metres;
• FDN-C24-153: 18.75 g/t gold over 10.9 metres from 18.5 metres, including:
  • 30.32 g/t gold over 6.4 metres from 21.5 metres.

For more information, including the complete drilling results, visit the Lundin Gold website, and refer to the press release dated Nov. 4, 2024. Sandstorm holds a 0.9-per-cent net smelter return royalty on the precious metals produced at FDN.

Allied Gold Corp. focuses on resource upgrade at Bonikro gold mine

Allied Gold reported exploration and resource drilling at the Bonikro mine in Ivory Coast during the third quarter 2024, focused on advancing both the Hire mining licence and the Oume exploration licence. At Hire, 231 holes totalling 12,696 metres of drilling were completed. Fresh rock gold intersections suggest the presence of a linking mineralized structure between the Akissi-So and Agbale deposits. Additional infill drilling is planned to further test this area as Allied Gold aims to connect these mineralized zones and expand the resource.

On the Oume exploration licence, 66 holes totalling 10,283 metres of drilling were completed primarily at the Dougbafla West and North deposits, with a focus on upgrading inferred resources. Drilling at Dougbafla West focused on advancing the oxide portion of the resource while activities at Dougbafla North included core drilling and structural geological analysis, which improved the understanding of mineralization geometry and supported resource estimation wire framing. Target generation across the broader Hire mining licence progressed, with field teams actively conducting exploration at the Ditula prospect.

These exploration and development activities reflect Allied Gold's concerted effort to expand and upgrade resources across the Bonikro mine's key prospects. For more information, visit Allied Gold's website, and refer to the press release dated Nov. 7, 2024.

Sandstorm holds a gold stream on the Bonikro mine, which includes both the Hire mining licence and the Oume exploration licence within the stream's area of interest. Under the terms of the stream agreement, Sandstorm is entitled to purchase 6 per cent of gold produced at the mine until 39,000 ounces of gold are delivered, then 3.5 per cent of gold produced until 61,750 cumulative ounces of gold have been delivered and then 2 per cent thereafter, subject to minimum annual deliveries. Sandstorm will make continuing cash payments of $400 per ounce of gold delivered.

Gold resources at Minyari Dome grow by 33 per cent; updated scoping study

Antipa Minerals Ltd. has released the results of an updated scoping study for its 100-per-cent-owned Minyari Dome project in Western Australia. The study reaffirms the project's stand-alone development potential and incorporates the recent update to the project's mineral resource estimate, with a 33-per-cent increase in the gold resource base compared with the previous MRE dated May, 2022, now estimated at 2.3 million ounces of gold. Initial gold production of 1.3 Moz, at an average annual rate of 130,000 ounces, is expected for the first 10 years. The study also identifies opportunities to further enhance project economics, including resource expansion, byproduct potential and optimization of mining strategies.

A phase 2 drilling program comprising up to 11,000 metres, including up to 10,000 metres of reverse circulation drilling and up to 1,000 metres of diamond core drilling, recently commenced at Minyari Dome and will run through the fourth quarter of 2024, while multiple growth-focused drilling programs are planned for 2025.

For more information, visitthe Antipa website, and refer to the press releases dated Sept. 17, Oct. 15 and Oct. 24, 2024. Sandstorm holds a 1.0-per-cent net smelter return royalty on the North Telfer project, which encompasses the Minyari Dome project.

Awale Resources Ltd. drills 59 metres at 14.7 g/t gold at Odienne project

Awale has reported further assay results from the company's 2024 drill program at the Odienne project in Ivory Coast. Exploration activities have yielded significant advancements at both the Charger and BBM zones.

At the Charger zone, drilling has confirmed robust high-grade gold mineralization, highlighted by 14.7 g/t gold over 59 metres, including 22.4 g/t gold over 21 metres from 143 metres in hole OEDD-100. The results of the drilling program confirmed both grade and geological continuity within the breccia system. It has been established that the mineralization carrying breccia true width is over 30 metres within a 200-metre strike length.

Parallel zones and stepout drilling remain focus areas as Awale advances its understanding of the target's potential through further exploration into late 2024 and early 2025. The Charger zone remains a key discovery with the potential to uncover additional high-grade zones along and beyond the established corridor.

At the BBM zone, Awale recently concluded a 6,808-metre follow-up drill program, reporting high-grade results such as 27 metres at 1.9 g/t gold, including 12 metres at 2.86 g/t gold in hole OEDD-98. Drill results to date have confirmed strong grade continuity within the system while interpretation of the drill data has introduced a fold model that suggests the potential for parallel higher-grade shoots within a core zone of robust mineralization now exceeding 600 metres in length. Awale plans to complement further stepout and infill drilling with induced polarization surveys targeting both the core BBM zone and nearby satellite zones as part of a broader exploration campaign stretching into 2025.

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

Troilus Gold Corp. advances project financing

Troilus Gold has advanced its project financing efforts, securing letters of intent from Export Development Canada and three major European export credit agencies for a combined total of up to $1.3-billion to support the development of the Troilus copper-gold project in Quebec, Canada. Troilus Gold recently announced an LOI from EDC for up to $300-million, complementing previously announced LOIs including $300-million from the official Export Credit Agency of Finland, approximately $200-million from the Swedish Export Credit Agency and a $500-million LOI from Germany's Euler Hermes. The LOIs are contingent on various factors. The in-principle support from these LOIs represents a substantial portion of the estimated capital expenditures for the Troilus project, and Troilus Gold remains focused on finalizing its financing strategy and advancing the project toward development.

For more information, visit the Troilus Gold website, and refer to the press releases dated Nov. 13, Nov. 19 and Nov. 21, 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. 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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