Mr. Nolan Watson reports

SANDSTORM GOLD ROYALTIES SUPPORTS ROYAL GOLD'S ACQUISITION OF KANSANSHI GOLD STREAM

Sandstorm Gold Ltd. has acknowledged and supports Royal Gold Inc.'s acquisition of a gold stream on the Kansanshi copper-gold mine for $1-billion (U.S.). Royal Gold announced earlier today that the company has entered into a precious metals purchase agreement for gold deliveries referenced to copper production from the Kansanshi copper-gold mine in the North Western province of Zambia, operated and 80 per cent owned by a subsidiary of First Quantum Minerals Ltd. Royal Gold will finance the gold stream with available cash and the company's revolving credit facility without issuing new shares. For full details, refer to Royal Gold's press release dated Aug. 5, 2025.

"Sandstorm is pleased to support Royal Gold's acquisition of the Kansanshi gold stream," commented Nolan Watson, president and chief executive officer of Sandstorm. "Our acquisition agreement with Royal Gold specifically contemplated the potential for a large stream acquisition before closing the Royal Gold/Sandstorm transaction, and we are pleased with today's announcement. Being part of a larger and well-capitalized entity creates the opportunity for Sandstorm shareholders to benefit from exposure to larger acquisitions. The Kansanshi transaction is an excellent example of a cash-flowing stream on a large, long-life mine with current reserves supporting a 20-year mine life from a first-tier operator. The gold stream is expected to add approximately 35,000 to 40,000 ounces per year over the next 10 years, further enhancing the combined portfolio."

On July 6, 2025, Sandstorm entered into a definitive arrangement agreement with Royal Gold, pursuant to which Royal Gold will acquire all of the issued and outstanding common shares of Sandstorm in an all-share transaction. For more information regarding the proposed acquisition, refer to the company's press release dated July 7, 2025.

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

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