Mr. Nolan Watson reports

SANDSTORM GOLD ROYALTIES ENTERS INTO AUTOMATIC SHARE PURCHASE PLAN AND RENEWS CREDIT FACILITY WITH REDUCED INTEREST RATES

Sandstorm Gold Ltd. has provided corporate updates related to the company's share repurchase program and revolving credit facility agreement.

Automatic share purchase plan

The company has entered into an automatic share purchase plan with its designated broker to facilitate the purchase of the company's issued and outstanding common shares under its previously announced normal course issuer bid. The ASPP will facilitate purchases under the NCIB at times when the company would ordinarily not be permitted to make purchases, whether due to regulatory restriction or customary self-imposed blackout periods.

The company believes that, at times, the market price of its common shares may not fully reflect their intrinsic value, and repurchasing common shares under the NCIB represents a strategic use of available capital compared to other investment opportunities. The common share purchases will be conducted by the company's broker in accordance with the terms of the ASPP at its sole discretion and based on pre-established limits to be provided by the company, including, but not limited to: the term, price and volume of common shares to be purchased.

Under the NCIB, which commenced on May 7, 2024, and will terminate on the earlier of May 6, 2025, the date Sandstorm completes its purchases pursuant to the NCIB as filed with the Toronto Stock Exchange or the date of notice by Sandstorm of termination of the NCIB, the company may purchase up to 20.0 million of its common shares. The ASPP provides for the purchase of up to 10.0 million of the company's common shares, and purchases made under the ASPP must comply with TSX rules and will count toward the limit set by the NCIB. The ASPP has been precleared by the TSX and took effect on Dec. 9, 2024, and will remain active for the duration of the NCIB unless terminated in accordance with the ASPP. The broker will not commence purchases under the ASPP until the company provides pre-established limits. All purchases under the NCIB will be executed only on the open market through the facilities of the TSX or alternative Canadian trading systems. Purchases will be made at the market price of the common shares at the time of acquisition and may be financed by Sandstorm's working capital. Any common shares acquired by the company under the NCIB will be cancelled. The company is not currently in possession of any material undisclosed information in relation to the company.

Since the commencement of the NCIB on May 7, 2024, the company has purchased 1,578,800 common shares pursuant to its NCIB at a volume-weighted average price of approximately $7.58 per common share on the TSX and alternative Canadian trading systems and approximately $5.47 (U.S.) per common share on the New York Stock Exchange and alternative U.S. trading systems.

Expiration of at-the-market equity program

On Oct. 22, 2024, the company's at-the-market equity program expired. Previously renewed in June, 2023, the ATM program permitted the company to issue up to $150-million (U.S.) (or the equivalent in Canadian dollars) of common shares from treasury to the public from time to time, at the company's discretion and subject to regulatory requirements. The ATM program expired with no shares being issued under the program, and the company currently has no plans to re-establish another ATM program.

Renewal of revolving credit facility

The company has renewed its revolving credit agreement, allowing the company to borrow up to $625-million (U.S.). The amounts drawn on the revolving credit facility are subject to interest at the secured overnight financing rate plus 1.75 per cent to 2.75 per cent per annum, and the undrawn portion of the revolving credit facility is subject to a standby fee of 0.39 per cent to 0.62 per cent per annum, both of which are dependent on the company's leverage ratio. The revised interest rates above SOFR represent a 75-basis point reduction at the upper end and a reduction of 12.5 basis points at the lower end when compared with the previous credit agreement.

The revolving credit facility maintains its sustainability-linked incentive pricing terms that allow Sandstorm to reduce the interest rates described above as the company's performance targets are met. The syndicate of banks include Bank of Nova Scotia, Bank of Montreal, National Bank of Canada, Canadian Imperial Bank of Commerce and Royal Bank of Canada. The revolving credit facility has a term of four years, maturing in December, 2028.

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 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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