Sandstorm Gold Ltd. (“Sandstorm Gold Royalties”, “Sandstorm” or the “Company”) (NYSE: SAND, TSX: SSL) is pleased to provide the voting results from the Company’s Annual General Meeting of Shareholders (the “Meeting”) and announce the renewal of the Company’s at-the-market equity program.

VOTING RESULTS FROM ANNUAL GENERAL MEETING OF SHAREHOLDERS
The Meeting was held today, June 9th in Vancouver, British Columbia at which 61% of the issued common shares, as of the record date for the Meeting, were represented. Shareholders voted in favour of all resolutions presented, including the re-election of all director nominees, namely Nolan Watson, David Awram, David E. De Witt, Andrew T. Swarthout, John P.A. Budreski, Mary L. Little, and Vera Kobalia and the election of new director, Elif Levesque. Detailed results of the vote for directors are set out below:

ELECTION OF DIRECTORS VOTES FOR % FOR VOTES WITHHELD % WITHHELD
Nolan Watson 149,871,473 99.25% 1,134,758 0.75%
David Awram 142,372,889 94.28% 8,633,342 5.72%
David E. De Witt 142,269,562 94.21% 8,736,669 5.79%
Andrew T. Swarthout 144,900,106 95.96% 6,106,124 4.04%
John P.A. Budreski 132,497,442 87.74% 18,508,789 12.26%
Mary L. Little 139,221,170 92.20% 11,785,061 7.80%
Vera Kobalia 149,657,993 99.11% 1,348,238 0.89%
Elif Levesque 142,192,072 94.16% 8,814,158 5.84%
Detailed voting results for all matters considered at the Meeting will be available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml.

RENEWAL OF ATM EQUITY PROGRAM

Sandstorm has re-established an at-the-market equity program (the “ATM Program”) after the previous ATM Program expired on May 20, 2022, and following certain blackout periods pertaining to the Nomad Royalty Company and BaseCore Transactions. The ATM Program allows the Company to issue up to US$150 million (or the equivalent in Canadian dollars) of common shares (“Common Shares”) from treasury to the public from time to time, at the Company’s discretion and subject to regulatory requirements. Sandstorm’s previous ATM Program expired with no shares being issued under the program, and the Company does not currently have any plans to use the ATM Program.

Any Common Shares sold in the ATM Program will be sold by way of (i) ordinary brokers’ transactions that meet the definition of an “at-the-market offering” under the rules and regulations of the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended, (ii) ordinary brokers’ transactions that constitute an “at-the-market distribution” as described in Part 9 of National Instrument 44-102 – Shelf Distributions, or (iii) such other sales of Common Shares by an Agent (as defined herein) on behalf of the Company in its capacity as agent of the Company as shall be agreed by the Company and the applicable Agent in writing, at market prices prevailing at the time of the sale or at prices related to the prevailing market prices or at negotiated prices subject to certain minimum prices. Since the Common Shares will be distributed at the prevailing market prices at the time of the sale, prices may vary among purchasers and during the period of distribution.

Sandstorm intends to use the net proceeds from the ATM Program, if any, to finance future gold and other metal purchase agreements and the purchase of royalties and/or for other general corporate purposes, including the repayment of indebtedness.

Sales of Common Shares through the ATM Program will be made pursuant to the terms of an equity distribution agreement dated June 9, 2023 entered into among the Company, BMO Nesbitt Burns Inc., Scotia Capital Inc., National Bank Financial Inc., CIBC Capital Markets, RBC Dominion Securities Inc., and Raymond James Ltd. (the “Canadian Agents”) and BMO Capital Markets Corp., Scotia Capital (USA) Inc., National Bank of Canada Financial Inc. and H.C. Wainwright & Co., LLC (the “US Agents” and, together with the Canadian Agents, the “Agents”). The ATM Program will be effective until the earliest of the date that all Common Shares available for issue under the ATM Program have been issued, October 22, 2024 or the ATM Program is terminated prior to such date by the Company or the Agents.

The ATM Program is being established pursuant to a prospectus supplement dated June 9, 2023 to the Company’s Canadian base shelf prospectus dated September 22, 2022 filed with the securities commissions in each of the provinces and territories of Canada, copies of which are available for free from SEDAR at www.sedar.com, and pursuant to a prospectus supplement dated June 9, 2023 to the Company’s U.S. base shelf prospectus dated September 22, 2022 included in its registration statement on Form F-10 and filed with the SEC, copies of which are available for free via EDGAR on the SEC website at www.sec.gov. Before you invest, you should read these documents and all other documents the Company has filed with the Canadian securities regulatory authorities and the SEC, as applicable, for more complete information about the Company and the ATM Program.

Alternatively, copies of these documents may be obtained upon request by contacting (i) in Canada: BMO Nesbitt Burns Inc. by mail at Brampton Distribution Centre, 9195 Torbram Road, Brampton, Ontario, L6S 6H2, attn: The Data Group of Companies, by email at torbramwarehouse@datagroup.ca or by telephone at 905-791-3151 ext. 4312, or Scotia Capital Inc. by mail at Scotia Plaza, 62nd Floor, 40 King Street West, Toronto, Ontario M5H 3Y2, attn: Equity Capital Markets, by email at equityprospectus@scotiabank.com or by telephone at 416-863-7704; and (ii) in the United States: BMO Capital Markets Corp. by mail at 151 W 42nd Street, 32nd Floor, New York, NY 10036, attn: Equity Syndicate Department, by email at bmoprospectus@bmo.com or by telephone at 800-414-3627, or Scotia Capital (USA) Inc. by mail at 250 Vesey Street, 24th Floor, New York, New York, 10281, attn: Equity Capital Markets, by email at equityprospectus@scotiabank.com or by telephone at 212-225-6853.

This news release does not constitute an offer to sell or the solicitation of an offer to buy the Common Shares, nor shall there be any sale of the Common Shares in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

SANDSTORM FILES EARLY WARNING REPORT
Pursuant to National Instrument 62-103 - The Early Warning System and Related Take Over Bid and Insider Reporting Issues, the Company reports a change in its holdings of Aton Resources Inc. (“Aton”). On May 28, 2023, the Company’s 20,000,000 warrants that entitled it to purchase an additional 2.0 million post-consolidation common shares of Aton for a period of five years (the “Aton Warrants”), expired. As a result of the expiration of these Aton Warrants, the Company’s holdings in Aton have decreased to less than 10%.

Sandstorm’s early warning report, as required under National Instrument 62-103, contains additional information with respect to the foregoing matters and will be filed by Sandstorm on Aton’s SEDAR profile at www.sedar.com and may also be obtained by contacting Sandstorm at 604-628-1164 or by email at info@sandstormgold.com.

CONTACT INFORMATION
For more information about Sandstorm Gold Royalties, please visit our website at www.sandstormgold.com or email us at info@sandstormgold.com.

NOLAN WATSON MARK KLAUSEN
PRESIDENT & CEO INVESTOR RELATIONS
604 689 0234 604 628 1164