Mr. Erfan Kazemi reports

SANDSTORM GOLD ROYALTIES REPORTS STRONG FIRST QUARTER SALES AND RECORD REVENUE, $19 MILLION IN SHARE BUYBACKS; FINANCIAL RESULTS MAY 6

Sandstorm Gold Ltd. has released sales, revenue and other preliminary figures for the first quarter ended March 31, 2025 (all figures are in U.S. dollars).

First quarter preliminary results

During the three months ended March 31, 2025, the company sold approximately 18,500 attributable gold equivalent ounces (1) and realized record preliminary revenue (2) of $50.1-million (20,316 attributable gold equivalent ounces and $42.8-million in revenue for the comparable period in 2024). The company had record preliminary total sales, royalties and income from other interests (1) of $54.1-million for the three months ended March 31, 2025 ($42.8-million in total sales, royalties and income from other interests for the comparable period in 2024).

Preliminary cost of sales, excluding depletion (2) for the three months ended March 31, 2025, was $6.9-million resulting in record cash operating margins (1) of approximately $2,507 per attributable gold equivalent ounce (1) ($5.7-million and $1,782 per attributable gold equivalent ounce for the comparable period in 2024, respectively).

Share buybacks and capital allocation

During the first three months of 2025, Sandstorm purchased and cancelled approximately 3.1 million of the company's common shares for total consideration of approximately $19.0-million. The company believes that, at times, the market price of the common shares is not fully reflective of their intrinsic value, and repurchasing common shares under its normal course issuer bid represents a strategic use of available capital compared with other investment opportunities. The company will continue to assess its capital allocation strategy with a focus on further share purchases and debt repayment, dependent on market conditions. As at March 31, 2025, the outstanding balance on the company's revolving credit facility was approximately $340-million with an undrawn and available balance of $285-million (2).

Release date and conference call details

The company will release its first quarter 2025 results on Tuesday, May 6, 2025, after markets close. A conference call will be held on Wednesday, May 7, 2025, starting at 8:30 a.m. PDT, to further discuss the results. To participate in the conference call, use the following dial-in numbers and conference ID, or join the webcast.

International:  1-437-900-0527

North American toll-free:  1-888-510-2154

Conference ID:  57797

Note (1): Sandstorm Gold Royalties has included certain performance measures in this press release that do not have any standardized meaning prescribed by international financial reporting standards accounting standards including: (i) attributable gold equivalent ounces; and (ii) cash operating margin. The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these non-IFRS measures differently. Note these figures have not been audited and are subject to change.

i. As the company's operations are primarily focused on precious metals, the company presents attributable gold equivalent ounces as it believes that certain investors use this information to evaluate the company's performance in comparison with other mining companies in the precious metal mining industry which present results on a similar basis. Attributable gold equivalent ounces is a non-IFRS ratio that uses total sales, royalties and income from other interests as a component. Total sales, royalties and income from other interests is a non-IFRS measure and is calculated by taking total revenue which includes sales and royalty revenue, and adding contractual income relating to royalties, streams and other interests excluding gains and losses on dispositions, which, during the first quarter of 2025, were composed of a one-time $4-million payment received as per an option agreement with Vatukoula Gold Mines Pte. Ltd. Attributable gold equivalent ounces are calculated by dividing the company's total sales, royalties and income from other interests, less revenue attributable to non-controlling shareholders for the period, by the average realized gold price per ounce from the company's gold streams for the same respective period and may be subject to change.

ii. The company presents cash operating margin as it believes that certain investors use this information to evaluate the company's performance and ability to generate cash flow in comparison with other companies in the precious metal mining industry which present results on a similar basis. Cash operating margin is calculated by subtracting the average cash cost per attributable gold equivalent ounce from the average realized gold price per ounce from the company's gold streams for the same respective period. Average cash cost per attributable gold equivalent ounce is calculated by dividing the company's cost of sales, excluding depletion, by the number of attributable gold equivalent ounces.

Note (2): These figures have not been audited and are subject to change. As the company has not yet finished its quarter-end close procedures, the anticipated financial information presented in this press release is preliminary and subject to final quarter-end closing adjustments, and may change materially.

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.