Mr. Nolan Watson reports

SANDSTORM GOLD ROYALTIES PORTFOLIO DRILLING AND EXPLORATION HIGHLIGHTS

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

First Majestic Silver Corp. confirms new discovery at Santa Elena

First Majestic has identified a significant gold-silver discovery on its Santa Elena property in Sonora, Mexico. The newly identified Santo Nino vein, located approximately 900 metres south of the Santa Elena processing plant, represents a significant addition to the district. The low-sulphidation epithermal quartz-adularia vein has been traced over one kilometre along strike and 400 metres downdip, with drilling to date confirming a mineralized core of approximately 600 metres by 220 metres. The discovery underscores the growing scale and potential of the Santa Elena district, which hosts four major deposits, including Santa Elena and Santo Nino, which are both located within Sandstorm's stream area of interest.

Exploration results from 14 drill intercepts at Santo Nino have returned significant gold and silver grades. Notably, hole SE-25-15 intersected 1.91 metres grading 8.38 grams per tonne gold and 248 g/t silver, including 0.43 metre of 27.5 g/t gold and 641 g/t silver. The results highlight the high-grade nature of the mineralization and its continuity across the western portion of the vein system. The structure remains open in multiple directions, and follow-up drilling is planned throughout 2025 to further delineate its extent and potential.

The Santo Nino discovery complements the continuing success at the Navidad deposit (not covered by Sandstorm's area of interest) where recent stepout drilling has expanded the mineralized footprint and returned some of the highest-grade intercepts ever recorded on the property. Together, Santo Nino and Navidad reinforce Santa Elena's status as a prolific district-scale system with substantial upside. With nine rigs currently active, First Majestic is executing an aggressive exploration program aimed at unlocking further value and extending the mine life of this cornerstone asset.

For more information, refer to First Majestic's website, and refer to the press release dated May 28, 2025. Sandstorm holds a gold stream on the Santa Elena mine, which includes the Santo Nino discovery, whereby the company has the right to purchase 20 per cent of the gold produced at Santa Elena for continuing cash payments of $487 per ounce of gold.

Fruta del Norte expands 2025 drilling program to 108,000 metres

Lundin Gold Ltd. has expanded its 2025 drilling program at the Fruta del Norte mine in Ecuador to at least 108,000 metres, following the program's success in the first quarter of 2025 and the growing pipeline of targets. The revised program represents the largest annual drill program ever completed on the land package that hosts the FDN deposit.

Additional drill results have been released from Lundin Gold's continuing conversion and near-mine exploration program. High-grade intercepts from the conversion program at FDN South have confirmed the deposit's continuity and identified additional mineralized zones. Studies are under way to integrate FDNS into FDN's 2026 long-term mine plan. Further high-grade results from FDN East continue to highlight the target's growth potential. At the recently discovered Trancaloma target, results confirm a copper-gold porphyry system at surface, and highlight the potential for other porphyries near Trancaloma. At Bonza Sur, drilling confirms the mineral envelope and indicated the potential for further extension. Highlighted drill results include (not true widths):

FDNS:

• FDN-C25-196: 72.80 g/t gold over 7.95 metres from 67.60 metres, including 1,320.0 g/t gold over 0.40 metre;
• FDN-C25-204: 40.60 g/t gold over 13.90 metres from 43.80 metres, including 272.57 g/t gold over 1.90 metres; and
• FDN-C25-198: 48.82 g/t gold over 6.45 metres from 145.85 metres, including 616.00 g/t gold over 0.45 metre.

FDN East:

• UGE-E-25-248: 7.12 g/t gold over 14.30 metres from 229.85 metres and 4.62 g/t gold over 23.15 metres from 321.30 metres.

Trancaloma target:

• TRL-2024-220: 0.41 per cent copper, 0.10 g/t gold over 858.10 metres from 0.0 metre, including 0.54 per cent copper and 0.14 g/t gold over 447.95 metres.

Bonza Sur:

• BLP-2024-205: 1.10 g/t gold over 162.30 metres from 0.40 metre, including 3.19 g/t gold over 11.00 metres; and
• BLP-2025-267: 2.14 g/t gold over 58.40 metres from 75.40 metres, including 5.41 g/t gold over 19.20 metres.

For more information and complete drill results, visit Lundin Gold's website, and refer to the press release dated May 7, 2025. Sandstorm holds a 0.9-per-cent net smelter return royalty on the precious metals produced at FDN. All drill results reported by Lundin Gold at FDNS, FDN East, Trancaloma and Bonza Sur are included within the area of interest of Sandstorm's precious metal royalty.

260 metres grading 3.29 per cent copper and 2.08 g/t gold intersected at Hugo North Extension

Entree Resources Ltd. has released additional analytical results from drilling completed in 2022 to 2024 on the Hugo North Extension at the Oyu Tolgoi mine in Mongolia. The results are in addition to previously released assays in the latter half of 2024 and the first quarter of 2025, and Entree will continue to release results as they become available from the company's joint venture partner Oyu Tolgoi LLC. Highlights from the drill results include:

HNE surface hole:

• UGD 189B: 552 metres grading 2.30 per cent copper and 1.45 g/t gold from 1,226 metres, including 260 metres grading 3.29 per cent copper and 2.08 g/t gold.

HNE underground drill holes:

• UGD 871: 197 metres grading 1.07 per cent copper and 0.38 g/t gold from 358 metres, including 89 metres grading 1.33 per cent copper and 0.44 g/t gold;
• UGD 873A: 279 metres grading 1.12 per cent copper and 0.16 g/t gold from 360 metres; and
• UGD 876: 169.3 metres grading 2.72 per cent copper and 0.82 g/t gold from 224.7 metres, including 112 metres grading 3.33 per cent copper and 0.81 g/t gold from 232 metres.

The newly released results include one surface diamond drill hole and five underground diamond drill holes completed in 2024 on the Shivee Tolgoi mining licence, along with one underground drill hole from the 2022 program. Each of the six diamond drill holes with newly reported assay results targeted mineralization within the potential lift 2 block cave or area immediately to the east. Several drill holes reported in the May 14, 2025, release and previous news releases from Entree have continued up to 200 metres vertically below the base of the potential lift 2 block cave and remained in strong copper and gold mineralization.

For more information and complete drill results, visit Entree's website, and refer to the press release dated May 14, 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 per ounce of silver (1).

Drill results reinforce district-scale potential of Odienne project

Awale Resources Ltd. continues to report on its 2025 drilling campaign at the Odienne project in Ivory Coast. Results from drilling across three key targets -- BBM zone, Charger and Empire -- have returned multiple high-grade gold and polymetallic intercepts, reinforcing the district-scale potential of the project. BBM zone, Charger and Empire are part of a broader pipeline of targets at Odienne, where Awale is executing an 18,000-metre drill campaign. The project is being advanced as a potential mining camp with multiple feed sources for a central processing facility.

BBM zone

Awale has released the final results from a 22-hole, 6,380-metre drill program at the BBM zone, confirming a broad gold-copper system extending over one kilometre of strike and to depths of 300 metres. Notably, hole OEDD-131 returned 45.0 metres of 1.4 g/t gold and 0.41 per cent copper from 220 metres, including 4.0 metres of 2.6 g/t gold and 0.55 per cent copper. The BBM zone remains open down plunge, with a 300-metre-wide higher-grade core and multiple satellite targets identified within two to three kilometres, representing a key component of Awale's broader exploration strategy at the Odienne project.

Charger target

At the Charger target, Awale reported high-grade gold and polymetallic intercepts from nine diamond drill holes, including:

• OEDD-120: 26.0 metres of 12.0 g/t gold from 146 metres;
• OEDD-118: 95.0 metres of 1.8 g/t gold from 170 metres; and
• OEDD-121: 4.0 metres of 18.5 g/t gold and 3.03 per cent copper from 67 metres.

Additionally, a new parallel mineralized breccia zone was discovered 50 metres west of the main corridor, with 26.0 metres of 2.0 g/t gold in hole OEDD-137. These results support the presence of multiple mineralized structures and highlight the scalability of the Charger system.

Empire target

Awale has resumed drilling at the Empire target, which is the company's first high-grade gold discovery at Odienne, discovered in 2019. Empire sits within a 20-kilometre west-northwest-trending structure corridor and 2.5 kilometres south of the Charger discovery. Six diamond drill holes at Empire were completed, totalling 1,168 metres, and intersected significant mineralization, including:

• OEDD-127: 15.0 metres of 5.2 g/t gold from 215 metres, including 10.0 metres of 7.5 g/t gold;
• OEDD-114: 16.0 metres of 3.0 g/t gold from 44 metres; and
• OEDD-124: 19.0 metres of 2.3 g/t gold from 76 metres.

Exploration at Empire to date has covered only five kilometres of the Empire trend, with significant potential for further expansion. The results confirm the continuity of mineralization at depth and along strike, with Empire remaining open in multiple directions.

For more information, including complete drill results, visit Awale's website, and refer to the press releases dated April 8, April 17 and May 12, 2025. Sandstorm holds a 2.0-per-cent net smelter return royalty on the Odienne project.

Omai Gold Mines Corp. drills 28.04 g/t gold over 9.3 metres at Wenot

Omai Gold Mines has released assay results from the 2025 drill program at the Omai gold mine in Guyana. A total of 15,639 metres of drilling has been completed in 2025, surpassing the planned 15,000-metre program as results continue to extend the known limits of the gold mineralization at Wenot. Additionally, several holes have been drilled in West Wenot, an area which lies outside of any previous mining and includes a significant part of the Wenot mineral resource estimate. Omai believes West Wenot could be suitable for a starter pit in a production scenario. Highlighted drill results include the following.

Wenot deposit:

• 25ODD-103 and 103W: 3.56 g/t gold over 21.8 metres from 524.2 metres;
• 25ODD-103W: 3.93 g/t gold over 7.0 metres from 499.0 metres and 5.66 g/t gold over 4.3 metres from 560.0 metres; and
• 25ODD-102: 28.04 g/t gold over 9.3 metres from 361.2 metres, including 252.36 g/t gold over 1.0 metre.

West Wenot:

• 25ODD-116: 2.63 g/t gold over 27.5 metres from 471.5 metres;
• 25ODD-111: 4.87 g/t gold over 9.5 metres from 317.0 metres, including 10.92 g/t gold over 4.0 metres; and
• 25ODD-109: 2.37 g/t gold over 15.0 metres from 79.0 metres.

Omai has also announced that drilling has begun on a deep hole that will initially drill across the Gilt Creek deposit and then continue a further 600 to 800 metres to explore the extension of the Wenot gold zones. The hole is expected to drill roughly 600 metres below the known Wenot deposit.

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

For more information and complete drill results, visit Omai's website, and refer to the press releases dated May 12, May 23 and May 29, 2025. Sandstorm holds a 1.0-per-cent NSR royalty on the OGM.

Troilus Gold Corp. 2025 drill campaign focuses on identifying higher-grade mineralization

Troilus released results from its 2025 drill campaign on the Troilus project located in Quebec, Canada. The drill campaign is focused on identifying and delineating higher-grade mineralization and enhancing confidence in the current block model. The highlighted drill results below are from the Southwest zone and confirm the higher-grade material within the reserve pit, expected to be mined in the first five years of the mine plan:

• SW-25-688: 56 metres grading 2.03 g/t gold, 2.55 g/t silver and 0.23 per cent copper from 174 metres, including 34 metres grading 2.74 g/t gold, 3.38 g/t silver and 0.29 per cent copper;
• SW-25-679: 51 metres grading 1.13 g/t gold and 0.81 g/t silver from nine metres;
• SW-25-712: 73 metres grading 0.68 g/t gold, 0.80 g/t silver and 0.14 per cent copper from 189 metres, including 19 metres grading 1.34 g/t gold, 0.76 g/t silver and 0.29 per cent copper; and
• SW-25-681: 36 metres grading 1.40 g/t gold, 1.58 g/t silver and 0.22 per cent copper, including 23 metres grading 1.93 g/t gold, 1.85 g/t silver and 0.29 per cent copper.

For more information and complete drill results, visit Troilus's website, and refer to the press releases dated April 29 and May 22, 2025. Sandstorm holds a 1.0-per-cent NSR royalty on the Troilus project.

Note

(1) Stream terms reflect bought-down rates applicable to the HNE and Heruga deposits, assuming the Mongolian government acquires a 34-per-cent interest in Entree's share of the joint venture, at which time Sandstorm will receive up to $6.8-million in total consideration.

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 approximately 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.

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