Sandstorm Gold Ltd. (“Sandstorm Gold Royalties”, “Sandstorm”, or the “Company”) (NYSE: SAND, TSX: SSL) is pleased to report that the Company sold approximately 28,400 attributable gold equivalent ounces1 and realized preliminary revenue2 of $44.0 million during the three months ended March 31, 2023, both representing a record for the Company (18,741 attributable gold equivalent ounces and $35.4 million in revenue for the comparable period in 2022).

The Company had preliminary total sales, royalties, and income from other interests1 of $54.0 million for the three month period, a record for the Company ($35.4 million total sales, royalties, and income from other interests for the comparable period in 2022).

Preliminary cost of sales, excluding depletion2 for the three month period was $6.5 million resulting in cash operating margins1 of approximately $1,650 per attributable gold equivalent ounce1 ($5.3 million and $1,604 per attributable gold equivalent ounce for the comparable period in 2022, respectively).

RENEWAL OF NORMAL COURSE ISSUER BID
The Company’s normal course issuer bid (“NCIB”) is being renewed after the existing NCIB expires on April 6, 2023. The current NCIB provides Sandstorm with the option to purchase up to 18.9 million of the Company’s common shares (“Common Shares”) from time to time when Sandstorm’s management believes that the Common Shares are undervalued by the market. Under the renewed NCIB, Sandstorm may purchase up to 24.0 million of its Common Shares, representing approximately 8% of the Company’s issued and outstanding Common Shares. As of March 31, 2023, the Company had 298,740,427 Common Shares issued and outstanding, 247,355,113 of which made up the “Public Float” (within the meaning of the rules of the Toronto Stock Exchange) and the 24.0 million Common Shares purchasable under the NCIB represents approximately 9.7% of the Company’s Public Float. The new NCIB also provides Sandstorm with the option to purchase its Common Shares from time to time when Sandstorm’s management believes that the Common Shares are undervalued by the market. The Toronto Stock Exchange (“TSX”) has accepted the Company’s notice that it intends to proceed with a NCIB in accordance with TSX rules. Purchases under the renewed NCIB may commence on April 11, 2023, and will terminate on the earlier of April 10, 2024, the date that Sandstorm completes its purchases pursuant to the NCIB as filed with the TSX, or the date of notice by Sandstorm of termination of the NCIB.

All purchases under the NCIB will be executed on the open market through the facilities of the TSX or alternative Canadian trading systems and through the facilities of the NYSE or alternative trading systems in the United States of America. Purchases will be made at the market price of the Common Shares at the time of acquisition and may be funded by Sandstorm’s working capital. Any Common Shares acquired by the Company under the NCIB will be cancelled. Sandstorm’s average daily trading volume on the TSX during the last six calendar months was 389,301 Common Shares. Under the rules of the TSX, subject to the Company’s ability to make block purchases, daily purchases on the TSX under the NCIB will not exceed 97,325 Common Shares, which represents 25% of the average daily trading volume on the TSX during the last six calendar months. The maximum number of Common Shares which can be purchased per day on the NYSE will be 25% of the average daily trading volume for the four calendar weeks preceding the date of purchase, subject to certain exceptions for block purchases.

The actual number of Common Shares that may be purchased and the timing of such purchases will be determined by the Company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors.

In the last twelve months, the Company has purchased 336,201 Common Shares pursuant to its NCIB at a volume-weighted average price of approximately C$6.69 per common share on the TSX and alternative Canadian trading systems and approximately US$5.00 per common share on the NYSE and alternative US trading systems.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Note 1
Sandstorm Gold Royalties has included certain performance measures in this press release that do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) including (i) attributable gold equivalent ounces and (ii) cash operating margin. The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these non-IFRS measures differently. Note these figures have not been audited and are subject to change. (i) As the Company’s operations are primarily focused on precious metals, the Company presents attributable gold equivalent ounces as it believes that certain investors use this information to evaluate the Company’s performance in comparison to other mining companies in the precious metals mining industry who present results on a similar basis. Attributable Gold Equivalent ounces is a non-IFRS financial ratio that uses Total Sales, Royalties, and Income from Other Interests as a component. Total Sales, Royalties and Income from Other Interests is a non-IFRS financial measure and is calculated by taking total revenue which includes Sales and Royalty Revenue, and adding contractual income relating to royalties, streams and other interests excluding gains and losses on dispositions, which, during the three months ended March 31, 2023, is comprised of a one-time $10.0 million payment received as per the Company’s royalty agreement on the Mt. Hamilton project ($44 million + $10 million = $54 million). Attributable Gold Equivalent ounces is calculated by dividing the Company’s Total Sales, Royalties, and Income from other interests, less revenue attributable to non-controlling shareholders for the period, by the average realized gold price per ounce from the Company’s Gold streams for the same respective period ([$54.0 million - $0.6 million]/$1,882 average realized gold price for the three months ended March 31, 2023, and $35.4 million/$1,887 average realized gold price for the comparable period in 2022) and may be subject to change. (ii) The Company presents cash operating margin as it believes that certain investors use this information to evaluate the Company’s performance in comparison to other companies in the precious metals mining industry who present results on a similar basis. Cash operating margin is calculated by subtracting average cash cost per Attributable Gold Equivalent ounce from the average realized gold price per ounce from the Company’s Gold streams (see item i above) for the same respective period. Average cash cost per Attributable Gold Equivalent ounce is calculated by dividing the Company’s cost of sales, excluding depletion, by the number of Attributable Gold Equivalent ounces ($6.5 million/28,400 Attributable Gold Equivalent ounces for the three months ended March 31, 2023, and $5.3 million/18,741 Attributable Gold Equivalent ounces for the comparable period in 2022).

Note 2
These figures have not been audited and are subject to change. As the Company has not yet finished its quarter-end close procedures, the anticipated financial information presented in this press release is preliminary, subject to final quarter-end closing adjustments, and may change materially.

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