Sandstorm Gold Ltd. (“Sandstorm Gold Royalties” or the “Company”) (NYSE: SAND, TSX: SSL) is pleased to report that the Company sold approximately 18,700 attributable gold equivalent ounces1 and realized preliminary revenue2 of $35.3 million during the three months ended March 31, 2022, both representing a record for the Company (17,444 attributable gold equivalent ounces and $31.0 million in revenue for the comparable period in 2021). Preliminary cost of sales, excluding depletion2 for the three month period was $5.3 million resulting in cash operating margins1 of approximately $1,600 per attributable gold equivalent ounce1 ($5.4 million and $1,470 per attributable gold equivalent ounce for the comparable period in 2021, respectively).

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. Attributable Gold Equivalent ounces is calculated by dividing the Company’s Total Sales, Royalties, and Income from other interests for the period by the average realized gold price per ounce from the Company’s Gold streams for the same respective period ($35.3 million/$1,887 realized gold price for the current period and $31.0 million/$1,777 realized gold price for the prior period) 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 a non-IFRS financial ratio that uses Total Sales, Royalties, and Income from Other Interests and Attributable Gold Equivalent ounces as components (described further in item i above). Cash operating margin is calculated by subtracting cost of sales, excluding depletion from Total Sales, Royalties, and Income from other interests and dividing this figure by attributable gold equivalent ounces sold ([$35.3 million - $5.3 million]/18,700 attributable gold equivalent ounces for the current period and [$31.0 million - $5.4 million]/17,444 attributable gold equivalent ounces for the prior period).

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.

ERFAN KAZEMI KIM BERGEN
CHIEF FINANCIAL OFFICER CAPITAL MARKETS