Mr. Nolan Watson reports

SANDSTORM GOLD ROYALTIES: HOD MADEN JOINT VENTURE TO INVEST UP TO $100M TO ADVANCE CRITICAL PATH; UNDERPINS LONG-TERM OUTLOOK

Sandstorm Gold Ltd. has noted SSR Mining Inc. has released its 2025 guidance, including anticipated capital expenditure for the Hod Maden gold-copper project in Turkey. For 2025, the Hod Maden joint venture has approved early works capital investments of approximately $60-million (U.S.) to $100-million (U.S.) (on a 100-per-cent basis), which is in addition to the reported $42-million (U.S.) in development costs incurred at the project in 2024. To date, technical work continues to affirm prior due diligence outcomes, and SSR Mining continues infill drilling with an aim of derisking the initial years of the mine. The focus of 2025 activities will be on advancing the project's critical path items -- principally, road and tunnel construction. An initial exploration program focused on potential extension of the existing deposit and defining new targets is also planned for 2025. In addition to these development activities, SSR Mining is expected to continue the process of securing project financing for Hod Maden as it advances the asset toward a final investment decision. Based on the continued progress of these critical path early works initiatives, Sandstorm maintains its forecast for first production at Hod Maden in 2028.

Sandstorm has a 2.0-per-cent net smelter return royalty and a gold stream on the Hod Maden project. Under the terms of the gold stream with Horizon Copper Corp., the company has agreed to purchase 20 per cent of all gold produced from Hod Maden (on a 100-per-cent basis) for continuing per-ounce 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 payments equal to 60 per cent of the spot price of gold.

Sandstorm filing of 40-F

Sandstorm filed its Form 40-F for the year ended Dec. 31, 2024, with the Securities and Exchange Commission, and it is available on EDGAR. The company's 2024 audited financial statements, along with its Form 40-F, are both available on the company's website.

Shareholders may also receive copies of these documents, without charge, upon request to Sandstorm's investor relations department, Suite 3200, 733 Seymour St., Vancouver, B.C., V6B 0S6, Canada, or to info@sandstormgold.com.

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 230 royalties, of which 40 of the underlying mines are producing. Sandstorm plans to expand and diversify its low-cost production profile through the acquisition of additional gold royalties.

We seek Safe Harbor.