SANDSTORM GOLD ROYALTIES PROVIDES ASSET UPDATE.

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Algemeen advies 03/12/2021 06:16
Sandstorm Gold Ltd. (“Sandstorm Gold Royalties”, “Sandstorm” or the “Company”) (NYSE: SAND, TSX: SSL) is pleased to provide an update of recent developments from the Company’s

royalty portfolio.
FIRST MAJESTIC RELEASES UPDATED SANTA ELENA MINE PLAN;
SANDSTORM UPDATES SHORT-TERM PRODUCTION GUIDANCE
In late November, First Majestic Silver Corp. (“First Majestic”) released an updated Technical
Report for the Santa Elena Mine in Mexico, which incorporates production from the nearby
Ermitaño project. Sandstorm’s gold stream on the Santa Elena mine does not cover the
Ermitaño project. The updated mine plan outlines processing of both Ermitaño and Santa
Elena material starting in 2022, reducing expected annual production from the Santa Elena
mine. Expected attributable production to Sandstorm from the Santa Elena gold stream has
been reduced starting in 2022.
Considering the expected reduction in attributable gold equivalent ounces from the Santa
Elena gold stream, Sandstorm is updating its short-term guidance (2022-2024) to
approximately 63,000 gold equivalent ounces per year. Long-term guidance remains
unchanged at 125,000 gold equivalent ounces by 2025.
For more information on the Santa Elena project and updated Technical Report, visit the
First Majestic website at www.firstmajestic.com and see the press release dated November
24, 2021.
NYSE SAND TSX SSL
EQUINOX RELEASES PFS FOR AURIZONA EXPANSION
Equinox Gold Corp. (“Equinox Gold”) released a Pre-Feasibility Study in September 2021 for
an expansion to the Aurizona mine through the development of an underground mine and
additional satellite open-pit deposits, which would be operated concurrently with the existing
open-pit mine. The assessment outlines total production of 1.5 Moz gold over an 11 year mine
life. Average annual production over the mine life is 137,000 ounces, with peak production
between 2026–2029, expected to average greater than 160,000 ounces per year.
The Aurizona Proven & Probable Mineral Reserves increased 73% to 1.66 Moz gold
(contained in 32.3 Mt at 1.6 grams per tonne (“g/t”) gold with a cut-off grade of 0.35–0.47
g/t for open-pit and 1.8 g/t gold for underground, effective date of June 30, 2021) compared
to previously stated Mineral Reserves from December 31, 2019. Measured & Indicated
Resources (exclusive of reserves) increased to an estimated 868,000 ounces contained in 18.1
Mt at 1.5 g/t gold (cut-off grade of 0.3 g/t for open pit and 1.0 g/t for underground resources,
effective date of June 30, 2021).
For more information, visit the Equinox Gold website at www.equinoxgold.com and see
the press release dated September 20, 2021. Sandstorm has a 3%–5% sliding scale NSR
royalty on the Aurizona project. At gold prices between $1,500 and $2,000 per ounce, the
royalty is a 4% NSR.
ANTIPA INTERSECTS 1.7 G/T GOLD AND 0.21% COPPER
OVER 172.0 METRES AT MINYARI DEPOSIT
Antipa Minerals Limited (“Antipa”) has released results from their 2021 drill program on the
Minyari deposit at the North Telfer project in Western Australia. The drill program has been
focused on testing for extensions from existing resources, infill drilling, and exploring for new
zones of mineralization. Given the success of the program in October 2021, Antipa expanded
the drill program from 21,000 metres to 45,000 metres.
Highlighted drill results include:
• 21MYC0216: 172.0 metres of 1.7 g/t gold and 0.21% copper from 230.0 metres;
• 21MYC0221: 77.0 metres of 1.3 g/t gold, 0.41% copper, and 1.1 g/t silver from 85.0 metres;
• 21MYC0233: 134.0 metres of 1.7 g/t gold and 0.30% copper from 212.0 metres; and
• 21MYC0235: 30.0 metres of 3.0 g/t gold and 0.14% copper from 149.0 metres.
Intersections are downhole lengths; true widths are not known with certainty. For more
information and complete drill results, visit the Antipa website at
www.antipaminerals.com.au and see the press releases dated July 20, 2021 and October
5, 2021. Sandstorm has a 1.0% NSR on the North Telfer project.
NYSE SAND TSX SSL
ERDENE INTERSECTS 33.5 G/T GOLD OVER 8 METRES AT
DARK HORSE MANE DISCOVERY
Erdene Resource Development Corporation (“Erdene”) released results from their follow-up
drill program at the Dark Horse deposit. The Dark Horse deposit was discovered in early
2021 and is located 2.4 kilometres north of the Bayan Khundii Gold project. This discovery is
the most significant area of gold mineralization in Erdene’s Khundii Gold District since the
discovery of the Bayan Khundii gold deposit.
To date, Erdene has completed 14,681 metres of drilling in 128 holes at the greater Dark
Horse prospect, covering an area of approximately 4.6 kilometres by 2.6 kilometres. The
recent drilling confirmed a high-grade oxide zone starting at surface and is open at depth and
along strike. Further follow-up drilling at Dark Horse is expected to commence in late Q4-
2021.
Highlighted drill results include:
• ADD-146: 17.0 metres of 16.7 g/t gold from 15.0 metres, including 8.0 metres of 33.5 g/t
gold;
• ADD-137: 24.5 metres of 9.4 g/t gold from 1.5 metres;
• ADD-138: 25.0 metres of 6.1 g/t gold from 18.0 metres; and
• ADD-136: 30.0 metres of 5.6 g/t gold from 6.0 metres.
Reported intervals are downhole apparent widths; true widths are not known. For more
information and complete drill results, visit the Erdene website at www.erdene.com and
see the press release dated November 17, 2021. Sandstorm has a 1.0% NSR on the Bayan
Khundii project.
QP
Qualified
Person
Keith Laskowski (MSc), Sandstorm’s Vice President, Technical
Services is a Qualified Professional (#01221QP) of the Mining and
Metallurgical Society of America and a Qualified Person as defined
by Canadian National Instrument 43-101. He has reviewed and
approved the scientific and technical information in this press
release.
NYSE SAND TSX SSL

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 KIM BERGEN
PRESIDENT & CEO CAPITAL MARKETS



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