An anonymous director reports

SANDSTORM GOLD ROYALTIES CLOSES ARRANGEMENT WITH ROYAL GOLD

Sandstorm Gold Ltd. has completed the previously announced plan of arrangement with Royal Gold Inc., whereby Royal Gold indirectly acquired all of the issued and outstanding common shares of Sandstorm.

Pursuant to the arrangement, Sandstorm shareholders were entitled to receive 0.0625 of a share of common stock of Royal Gold for each Sandstorm share held.

The Sandstorm shares are expected to be delisted from the Toronto Stock Exchange and the New York Stock Exchange within two to three business days following the date hereof. Sandstorm will also apply to the Canadian securities regulators for the company to cease to be a reporting issuer in the applicable jurisdictions and will deregister the Sandstorm shares under the U.S. Securities Exchange Act of 1934, as amended.

Further details of the arrangement are set out in Sandstorm's management information circular dated Sept. 8, 2025, and related continuous disclosure documents, which are available under the company's profile on SEDAR+ and on EDGAR Next.

Shareholders are reminded to review the circular in respect of the procedure for receiving the consideration for their Sandstorm shares. Registered shareholders (Sandstorm shares held in physical form or a direct registration system (DRS) advice) must complete, sign and return the letter of transmittal, along with their share certificate(s) or DRS advice(s), to Computershare Investor Services Inc., the depositary for the arrangement. Non-registered shareholders (Sandstorm shares held with a broker, bank or other intermediary) should contact their intermediaries for instructions and assistance in receiving the consideration for such Sandstorm shares.

While the Canada Post strike is continuing, registered shareholders who wish to deposit their letters of transmittal, share certificates and other required documentation, as applicable, should use courier services or hand deliver such documentation to the depositary, Computershare Investor Services Inc., at 320 Bay St., 14th floor, Toronto, Ont., M5H 4A6.

We seek Safe Harbor.