Mr. Nolan Watson reports

SANDSTORM GOLD ROYALTIES PORTFOLIO UPDATES; PLATREEF EXPANSION STUDIES, FDN RESOURCE GROWTH, ARGENTINE PROJECT ADVANCEMENTS

Sandstorm Gold Ltd. (Sandstorm Gold Royalties) has provided various asset updates from its diversified stream and royalty portfolio (dollar figures are in U.S. dollars unless otherwise indicated).

Fruta del Norte achieves largest reserve and resource estimate to date; increases inferred resources by 59 per cent

Following record annual production in 2024 of over 500,000 gold ounces, Lundin Gold Inc. has published a significant increase in the mineral reserves and mineral resources at the Fruta del Norte mine in Ecuador, with plans to publish an initial mineral resource for the Bonza Sur deposit later in the year. A successful 2024 near-mine exploration drilling program has increased inferred resources at FDN by 59 per cent to 2.36 million ounces of contained gold at 5.27 grams per tonne. Growth in inferred resources was concentrated in FDN South, where contained gold ounces rose from 730,000 oz in 2023 to 2.09 Moz at an average grade of 5.25 g/t. Lundin Gold's 2024 conversion drilling campaign was successful at reclassifying inferred resources to indicated resources in areas immediately beyond the current mineral reserve boundary. Measured and indicated resources increased to 7.06 Moz of contained gold from 30.62 million tonnes at an average grade of 7.17 g/t, while proven and probable mineral reserves grew to 5.54 Moz of contained gold from 22.06 Mt at an average grade of 7.81 g/t, after accounting for mining depletion of 0.54 Moz in 2024. Mineral resources and mineral reserves are effective Dec. 31, 2024. Cut-off grade applied was 3.0 g/t gold for mineral resources, and 3.7 g/t gold for mineral reserves. Lundin Gold expects 2025 production at FDN to be between 475,000 and 520,000 ounces at an average head grade of 9.2 g/t.

For more information, including details of the FDN mineral resource, visit the Lundin Gold website, and refer to the press releases dated Feb. 18 and Feb. 20, 2025.

Sandstorm holds a 0.9-per-cent net smelter return royalty on the precious metals produced at FDN.

Platreef expansion studies target phase 1 production in 2025 and phase 2 expansion in 2027

Ivanhoe Mines Ltd. has released positive results from two independent studies covering the three-phase Platreef mine in South Africa. An updated feasibility study on the phase 2 expansion targets first ore feed into the 770,000-tonne-per-year phase 1 concentrator in the fourth quarter of 2025. Ore and waste will be hoisted using shaft No. 1 and shaft No. 3, with a combined capacity of 5.0 million tonnes per year. The phase 2 expansion is targeting first production in the fourth quarter of 2027 and will add a 3.3-million-tonne-per-year concentrator module, increasing total processing capacity to 4.1 million tonnes per year. Annualized gold production is expected to average approximately 6,900 ounces in the first three years, increasing to approximately 29,000 ounces with phase 2 production. Platreef is projected to rank among the lowest-cost primary platinum group metal producers globally, with life-of-mine cash costs of $599 per ounce of platinum, palladium, rhodium and gold. The 4.1-million-tonne-per-year feasibility study estimates an after-tax net present value (8 per cent) of $1.4-billion and an internal rate of return of 20 per cent over a 35-year mine life.

Beyond phase 2, a phase 3 preliminary economic assessment outlines further expansion beginning in 2030, positioning Platreef as one of the largest global platinum group metal producers and a significant nickel producer. Phase 3 will include two additional 3.3-million-tonne-per-year concentrator modules, increasing total processing capacity to 10.7 Mtpy by 2032. Once fully ramped up, gold production is expected to average more than 65,000 ounces per year. Leveraging economies of scale, life-of-mine total cash costs are projected at $511 per ounce of 3PE plus Au, net of byproducts, with all-in cash costs of $641 per ounce. The expansion will utilize shaft No. 2 and shaft No. 3 for hoisting, providing a combined capacity of over 12 Mtpy. The PEA delivers an after-tax net present value (8 per cent) of $3.2-billion and an IRR of 25 per cent over a 29-year mine life, reinforcing Platreef's position as a multigenerational, world-class asset.

For more information, visit the Ivanhoe Mines website, and see the press release dated Feb. 18, 2025.

Sandstorm holds a gold stream on the Platreef mine whereby the company is entitled to purchase 37.5 per cent of payable gold produced from Platreef until 131,250 gold ounces have been delivered, and then 30 per cent of payable gold produced until an aggregate of 256,980 ounces are delivered. Sandstorm will make continuing cash payments of $100 per ounce of gold. The company anticipates annual average gold deliveries of 1,000 to 2,000 ounces during phase 1, increasing up to 10,000 ounces with phase 2 production. Longer term, the company forecasts gold deliveries of between 15,000 and 20,000 ounces per year once all three phases achieve full design capacity.

Argentine incentive regime stimulates advancement at Gualcamayo DCP and Mara project

The government of Argentina's newly adopted Promotional Regime for Large Investment is driving capital investment within the country. The program aims to provide certainty and legal stability for long-term investments by offering offers tax, customs, legal and foreign exchange benefits for investments exceeding $200-million. The RIGI application deadline is July, 2026.

Minas Argentinas SA, part of AISA Group and the operator of the Gualcamayo mine in San Juan, has submitted the first mining investment plan under RIGI. The $1-billion investment plan includes the development of the Gualcamayo deep carbonates project, which includes the construction of a new underground mine, a milling system and a flotation plant with a processing capacity of 3,500 to 4,500 tonnes per day. The DCP is expected to yield approximately 120,000 ounces of gold annually for at least 17 years. A feasibility study and engineering studies are under way on the DCP and are expected to be completed in 2025.

For more information, visit AISA Group's website, and see the press release dated Nov. 12, 2024.

Sandstorm has several royalties on the Gualcamayo mine summating to a 1.0- to 3.0-per-cent net smelter royalty on production from oxides, a 2.5-per-cent NSR on production from the DCP and a $30-million production payment upon commercial production at the DCP. In 2025, Sandstorm anticipates operations at Gualcamayo to exceed the production threshold, triggering the company's 3.0-per-cent NSR on oxide production.

Recently, Glencore PLC stated that it plans to submit an RIGI application for the Mara copper-gold project in the first half of 2025. Glencore has earmarked $400-million toward its two Argentine development assets, of which Mara is the most advanced and lowest capital intensity. Mara will utilize the existing Alumbrera plant, which continues to operate, to processes ore from the Agua Rica deposit located approximately 34 kilometres away. Glencore estimates Mara will produce approximately 200,000 tonnes of copper equivalent per year with a mine life exceeding 20 years.

For more information, refer to Glencore's fourth quarter 2024 earnings call recorded on Feb. 19, 2025.

Sandstorm holds an option on the Mara project to convert its 0.25-per-cent NSR royalty into a 20-per-cent gold stream. Under this arrangement, the company may make a maximum total payment of $225-million disbursed in quarterly instalments during the construction period, proportionate to overall project spending. Under the terms of the Mara gold stream, the company will have the right to purchase an amount of gold equal to 20 per cent of the life of mine for continuing payments equal to 30 per cent of the spot price of gold.

Equinox Gold Corp. ramps up Greenstone toward nameplate capacity

Equinox expects its wholly owned Greenstone gold mine to produce 300,000 to 350,000 gold ounces in 2025. Equinox's primary operating focus for 2025 is to ramp up Greenstone to design capacity throughput of 27,000 tonnes per day and gold recoveries averaging 90 per cent. In December, 2024, Greenstone averaged 77 per cent of throughput capacity and 86-per-cent gold recoveries. Optimizations and improvements implemented in the fourth quarter of 2024 are expected to meaningfully increase plant availability, while average grade is expected to ramp-up from approximately 1.0 grams per tonne to between 1.6 and 1.7 g/t toward the end of 2025.

For more information, visit Equinox Gold's website, and refer to the press release dated Feb. 19, 2025, and the company's fourth quarter earnings call transcript recorded on Feb. 20, 2025.

Sandstorm holds a gold stream on the Greenstone mine whereby the company is entitled to purchase 2.375 per cent of gold produced at the mine until 120,333 ounces are delivered, and then 1.583 per cent of gold produced thereafter. Sandstorm will make continuing payments equal to 20 per cent of the spot price of gold per ounce plus an additional payment of up to $30 per ounce in environmental, social and governance contributions.

Woodlawn plant 70 per cent complete; mining to commence in first quarter

In December, 2024, Develop Global Ltd.'s board of directors made a final investment decision supporting the restart of the Woodlawn copper-zinc mine in New South Wales, Australia, after finalizing documentation for a previous announced loan facility of approximately $100-million (Australian). Develop Global advised that mining teams had been fully mobilized by late 2024, and refurbishment of the processing plant was 70 per cent complete by the end of January, 2025. The Woodlawn restart plan is on time and on budget, with ore production from underground scheduled to commence in March and first concentrate production and cash flows in June, 2025.

For more information, visit Develop Global's website, and see the press release dated Jan. 29, 2025.

Sandstorm has a silver stream on the Woodlawn project whereby the company has the right to receive an amount of silver equal to 80 per cent of payable silver produced, to a maximum value of $27-million (Australian). In addition, the company holds a second stream on Woodlawn under which the operator has agreed to pay Sandstorm $1.0-million (Australian) for every one million tonnes of tailings ore processed at Woodlawn, subject to a cumulative cap of $10-million (Australian).

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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