Mr. Nolan Watson reports

SANDSTORM GOLD ROYALTIES PORTFOLIO DRILLING AND DEVELOPMENT HIGHLIGHTS

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

Erdene secures working capital for Bayan Khundii commissioning; first gold expected mid 2025

Erdene Resource Development Corp. has secured a $50-million working capital facility provided by the Development Bank of Mongolia, which will finance premining and commissioning activities of the Bayan Khundii gold project in Mongolia. In December, 2024, Erdene reported construction progress at the process plant and critical non-process infrastructure buildings. Mechanical and electrical works are expected to be complete in the first quarter of 2025 followed by commissioning and preproduction mining in the second quarter. Erdene expects first gold produced at Bayan Khundii in mid 2025 and commercial production in the third quarter.

For more information, visit Erdene's website and see the press release dated Dec. 10, 2024. Sandstorm has a 1.0-per-cent net smelter returns (NSR) royalty on the Bayan Khundii project.

• 8.5 metres of 173 grams per tonne gold intersected at Fruta del Norte; copper-gold mineralization discovered at new Trancaloma target.

Subsequent to the release of the updated mineral resource estimate (MRE) at the Fruta del Norte mine (FDN) in Ecuador, Lundin Gold Ltd. has released additional drill results from its continuing near-mine exploration program. The results include the highest-grade intercepts ever reported at the FDN South deposit (FDNS) as well as early stage results at the new Trancaloma copper-gold target located less than one kilometre east of the Bonza Sur deposit. Drilling east of the FDN deposit (FDN East) also confirmed continuity of gold mineralization, including the widest mineralized interval at FDN East to date. All drill results reported by Lundin Gold at FDNS, FDN East and Trancaloma are included within the area of interest of Sandstorm's precious metals royalty.

Highlighted drill results include (not true widths)

FDNS

• UGE-S-24-212: 173.98 grams per tonne (g/t) gold over 8.45 metres from 77.60 metres, including 572.47 g/t gold over 2.50 metres;
• UGE-S-24-213: 77.31 g/t gold over 10.90 metres from 94.80 metres, including 394.78 g/t gold over 2.10 metres;
• UGE-S-24-185: (included in 2024 MRE) 49.86 g/t gold over 7.80 metres from 59.00 metres, including 83.48 g/t gold over 4.50 metres.

FDN East

• FDNE-2024-200: 3.15 g/t gold over 53.00 metres from 277.80 metres, including 7.13 g/t gold over 8.40 metres;
• UGE-E-24-210: 10.16 g/t gold over 6.25 metres from 238.85 metres, including 14.84 g/t gold over 3.25 metres.

Trancaloma target

• BLP-2024-195: 0.25 per cent copper, 0.08 g/t gold over 407.75 metres from 22.50 metres, including 0.31 per cent copper and 0.10 g/t gold over 228.00 metres.

The near-mine drill program is focused on extending mine life through the expansion of mineral resources at FDN by exploring and delineating new discoveries nearby existing operations. At FDNS, exploration drilling has successfully defined inferred mineral resources of 2.09 million ounces (Moz) contained in 12.35 million tonnes with an average grade of 5.25 g/t gold, which was previously reported in the FDN updated MRE (see Lundin Gold's press release dated Feb. 18, 2025).

Exploration activities continue to generate new discoveries at FDN, including the new copper-gold Trancaloma target. Lundin Gold has completed four drill holes to date at Trancaloma, which all returned anomalous values of copper and gold, potentially related to an outer hydrothermal alteration halo of a porphyry system. The target requires further exploration to determine its significance and Lundin Gold currently has two surface drill rigs at Trancaloma.

Lundin Gold plans to drill a minimum of 80,000 metres at FDN in 2025, following up on the 80,000 metres drilled in 2024. For more information, visit Lundin Gold's website and refer to the press release dated Feb. 23, 2025.

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

High-grade assays from Hugo North extension and new drilling at Heruga deposit

Entree Resources Ltd. has released additional analytical results from drilling completed in 2022 to 2024 at the Hugo North extension (HNE) and the western edge of the Heruga deposit at the Oyu Tolgoi mine in Mongolia. The results are in addition to previously released assays in the latter half of 2024, and Entree will continue to release results as they become available from the company's joint venture partner Oyu Tolgoi LLC (OTLLC).

At HNE, eight underground drill holes with newly reported significant assays were drilled at moderate dips toward the north and northwest and after crossing onto the Entree/Oyu Tolgoi joint venture property intersected significant grades of copper and gold within the potential Lift 2 footprint of HNE. At the Heruga deposit, the first drill hole since 2012 was completed, several hundred metres west of the majority of previous drilling in the northern half of the deposit. Consistent mineralization, cut by occasional andesitic dikes, started at 1,090 metres and continued until the end of the hole where it terminated in strong copper-gold mineralization. The grades across this interval appear to be consistent with the average grade of the overall Heruga deposit and suggest that the deposit remains open to the west in some areas.

Highlighted drill results include:

HNE underground drill holes

• UGD 578: 164 metres grading 1.36 per cent copper and 0.42 g/t gold from 150 metres, including 72 metres grading 2.42 per cent copper and 0.80 g/t gold from 206 metres;
• UGD 807C: 465.5 metres grading 1.19 per cent copper and 0.56 g/t gold from 205.1 metres, including 188.5 metres grading 1.95 per cent copper and 0.94 g/t gold from 420 metres;
• UGD 815: 224 metres grading 1.75 per cent copper and 0.50 g/t gold from 298 metres;
• UGD 852: 351.2 metres grading 1.31 per cent copper and 0.36 g/t gold from 125 metres, including 104 metres grading 2.06 per cent copper and 1.01 g/t gold from 368 metres.

Heruga drill hole

• EJD0099: 409.9 metres grading 0.36 per cent copper and 0.32 g/t gold from 1,090.1 metres, including 230 metres grading 0.51 per cent copper and 0.37 g/t gold.

For more information, visit Entree's website and refer to the press release dated Feb. 27, 2025.

Sandstorm has a copper and precious metal stream with Entree whereby the company has the right to purchase 0.33 per cent of the copper and 4.47 per cent of the gold and silver produced at the HNE, and 0.33 per cent of the copper and 3.39 per cent of the gold and silver produced from the Heruga deposit. The company will make continuing cash payments of 50 cents per pound of copper, $220 per ounce of gold and $5.00 per ounce of silver.

Omai Gold Mines drills 4.48 g/t gold over 57 metres at Wenot and releases first assays from Gilt Creek deposit

Omai Gold Mines Corp. has released significant assay results from the 2024 drill program at the Omai gold mine (OGM). During 2024, over 13,000 metres of drilling across 26 drill holes were completed. The objectives of the drill program were to delineate further mineralization in previous undrilled areas along the 2.5 kilometre strike of the OGM Wenot deposit, extend known mineralization in multiple subparallel zones and increase shallow drilling at West Wenot. Additional drilling was also completed at the Gilt Creek deposit, which has the potential to become an underground expansion of the OGM. Omai has commenced its 2025 drill program with an initial 10,000 metres planned. An updated MRE is expected in the second quarter of 2025 followed by an updated preliminary economic assessment (PEA) in the third quarter. The updated PEA is expected to incorporate the Gilt Creek underground deposit into an expanded mine plan with the Wenot open pit, which has the potential to significantly increase projected production rates and life of mine for the OGM.

Highlighted drill results include

Wenot deposit

• 24ODD-092: 4.48 g/t gold over 57.0 metres from 561.5 metres, including 21.13 g/t gold over 10.0 metres;
• 24ODD-097: 5.21 g/t gold over 19.3 metres from 382.4 metres, including 11.44 g/t gold over 4.6 metres and 11.75 g/t gold over 3.6 metres;
• 24ODD-094: 1.13 g/t gold over 20.4 metres from 241.40 metres and 1.10 g/t gold over 63.2 metres from 290.30 metres;
• 24ODD-091: 5.76 g/t gold over 5.4 metres from 389.5 metres, 2.50 g/t gold over 9.0 metres from 489.0 metres and 0.79 g/t gold over 48.0 metres from 667.0 metres;
• 24ODD-090: 1.01 g/t gold over 28.5 metres from 395.5 metres.

Gilt Creek deposit

Assay results from hole 24ODD-095 include:

• 2.00 g/t gold over 64.0 metres from 543.0 metres, including 5.79 g/t gold over 9.0 metres, and also including 2.68 g/t gold over 12.5 metres;
• 1.90 g/t gold over 48.0 metres from 815.5 metres, including 4.19 g/t gold over 7.5 metres;
• 2.14 g/t gold over 37.5 metres from 623.5 metres, including 2.62 g/t gold over 24.2 metres.

Once South America's largest producing gold mine, the OGM produced over 3.7 Moz of gold between 1993 and 2005. A PEA released on the Wenot deposit in April, 2024, envisioned an open pit operation producing 1.84 Moz of gold over a 13-year period. The 2024 PEA only incorporates 45 per cent of the property's current MRE of 2.0 Moz of indicated resources and 2.3 Moz of inferred resources.

For more information, visit Omai's website and refer to the press releases dated Jan. 21, Feb. 24 and March 5, 2025. Sandstorm holds a 1.0-per-cent NSR royalty on the OGM.

Gold Fields restarts drilling at Phoenix JV; high-grade assays from Moss target

Bonterra Resources Inc. has released additional high-grade assay results from the Moss target at the Phoenix JV (formerly the Urban-Barry property) and announced the restart of drilling at the project by its joint venture partner Gold Fields Ltd. (formerly Osisko Mining Inc.).

The project is under a definitive earn-in and joint-venture agreement with Gold Fields, whereby Gold Fields has the right to acquire up to a 70-per-cent interest in the project by spending $30-million (Canadian) on the project over a three-year period. To date, over 60,000 metres have been drilled and approximately $16-million (Canadian) has been spent at the Phoenix JV. Extensive drilling at the Moss target has identified high-grade mineralization and the recently released assays highlight the potential for further discoveries.

Highlighted drill results include:

• OSK-PHX-24-112: 6.23 g/t gold over 2.8 metres from 210.1 metres, including 18.1 g/t gold over 0.9 metre;
• OSK-PHX-24-073: 3.97 g/t gold over 3.4 metres from 554.6 metres and 12.3 g/t gold over 0.5 metres from 700.4 metres;
• OSK-PHX-24-106: 7.50 g/t gold over 0.9 metre from 453.0 metres, including 20.9 g/t gold over 0.3 metre;
• OSK-PHX-24-053: 5.05 g/t gold over 1.0 metres from 89.0 metres.

Following Gold Field's acquisition of Osisko Mining in October, 2024, exploration activities have recommenced at the Phoenix JV property. Gold Fields is in the planning stage for a potential 20,000-metre drill program and possible geophysical surveys, having identified several prospective targets based on historical data.

For more information, visit Bonterra's website and refer to the press release dated Dec. 11, 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.

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 metals-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 grow and diversify its low-cost production profile through the acquisition of additional gold royalties.

We seek Safe Harbor.