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.

HOD MADEN RECEIVES FORESTRY PERMIT AND BEGINS EARLY WORKS CONSTRUCTION
Lidya Madencilik Sanayi ve Ticaret A.S. (“Lidya”), the majority owner and operator of the Hod Maden project in Turkey, has been advancing the project as all major permits have been received, with the award of the final permit from the Ministry of Forestry. The Environmental Impact Assessment was approved in 2021, another major project milestone.

Lidya has commenced two out of four planned early works projects at site. The access road and pad preparation for the electrical substation is almost complete and the road upgrades in the Salicor Valley to the north are well underway. Once installed, the electrical substation will tie to the existing overhead high-voltage lines. Other early works projects that are permitted and set to begin are the access road upgrade and tunnel to the North Valley. All four early works projects are expected to be underway or completed by the start of Q4 2022.

Sandstorm has a gold stream on the Hod Maden project allowing the Company to purchase 20% of gold produced (on a 100% basis) for ongoing payments at a price equal to 50% of the gold spot price until 405,000 ounces of gold are delivered (the “Delivery Threshold”). After the Delivery Threshold has been reached, the gold stream will entitle Sandstorm to purchase 12% of gold produced for the life of the mine at a price equal to 60% of the gold spot price. Sandstorm also holds a 2.0% net smelter returns (“NSR”) royalty on the Hod Maden project.

GREENSTONE ACHIEVES 46% PROJECT READINESS, ON TRACK TO FIRST GOLD POUR IN FIRST HALF OF 2024
Equinox Gold Corp. (“Equinox”) provided an update on progress at the Greenstone Project in Ontario, Canada. The overall project is approximately 46% complete and on track to pour gold in the first half of 2024. Detailed engineering is effectively complete, while other construction milestones including procurement, earthworks, tailings storage facility, and structural concrete are all approaching or at 60% completion. It is expected that by the end of 2022 the water treatment plant will be commissioned, the majority of the buildings constructed, and some preproduction mining activities will begin.

Greenstone is anticipated to be one of the largest gold mines in Canada, producing more than 400,000 ounces of gold annually for the first five years and more than 5 million ounces (“Moz”) of gold over its initial 14-year mine life.

For more information, visit the Equinox Gold website at www.equinoxgold.com and see the press release dated July 27, 2022 and the Greenstone Mine Site Tour presentation dated September 7, 2022.

Sandstorm has a gold stream agreement to purchase 2.375% of the gold produced at Greenstone (on a 100% basis) up to a maximum of 120,333 ounces delivered, then 1.583% of the gold thereafter. Sandstorm will make ongoing payments for each ounce of gold purchased equal to 20% of the spot price of gold. Sandstorm will also make an additional payment of up to $30 per ounce in ESG contributions.

LUNDIN GOLD INCREASES PRODUCTION GUIDANCE AT FRUTA DEL NORTE AND UPDATES ON NEAR-MINE & REGIONAL EXPLORATION PROGRAMS
Lundin Gold Inc. (“Lundin”) provided updates on the exploration programs at the Fruta del Norte project in Nevada. A 6,000 metre exploration program is focusing on targets within and around the existing Fruta del Norte operation, near the deposit, and along strike on the extension of major structures. A 16,500 metre regional exploration drilling program is ongoing with a focus on the Barbasco and Puente Princesa targets. Four additional targets of interest have been identified from regional exploration: Barbasco Norte, Capullo, Puma, and Quebrada La Negra.

For the first half of 2022, Lundin reported production of 233,555 ounces and sold 215,573 ounces of gold at an all-in sustaining cost (“AISC”) of $771 per ounce. As a result of the strong results, Lundin has increased its 2022 production guidance to between 430,000 and 460,000 ounces from 405,000 to 445,000 ounces. The company has also decreased AISC guidance to between $820 and $870 per ounce sold from $860 to $930 per ounce sold. In October, Lundin announced gold production of 121,635 ounces in the third quarter 2022, which is on track with the latest production guidance.

For more information, visit the Lundin Gold website at www.lundingold.com and see the press releases dated August 4, 2022, and August 9, 2022. Sandstorm has a 0.9% NSR royalty on the precious metals produced from the Fruta del Norte project.

ERDENE ADVANCES BAYAN KHUNDII PROJECT DEVELOPMENT, DRILLING EXPANDS MINERALIZATION AT ULAAN
Erdene Resource Development Corp. (“Erdene”) reported that construction readiness activities have progressed at the Bayan Khundii project, with preparatory site works underway and key permits received for most facilities. The remaining permits are expected to be received in the coming months.

Erdene also provided an update on the first phase of the 2022 Khundii Gold District exploration program, where over 5,000 metres of drilling was completed. Drilling has expanded the high-grade Ulaan Southeast discovery west, intersecting an interpreted feeder zone. Drill results from Ulaan Southeast traced mineralization over 200 metres of strike and to a depth of 450 metres, remaining open to the west and at depth.

For more information, visit the Erdene website at www.erdene.com and see the press release dated August 4, 2022. Sandstorm has a 1.0% NSR royalty on the Bayan Khundii project and a 1.0% NSR on the Ulaan exploration project.

ANTIPA INCREASES MINYARI DOME RESOURCES TO 950,000 INDICATED AND 800,000 INFERRED GOLD OZ AND RELEASES SCOPING STUDY
In May, Antipa Minerals Limited (“Antipa”) announced a 250% increase to the Minyari Dome project Mineral Resource Estimate in Western Australia. The project contains gold-silver-copper-cobalt mineralization located in five areas. Indicated Gold Resources increased to 950,000 ounces contained in 21.1 million tonnes (“Mt”) at 1.4 grams per tonne (“g/t”) gold from the Minyari and WACA Zones. Inferred Resources increased to 800,000 ounces contained in 12.8 Mt at 1.94 g/t gold from the Minyari, WACA, Minyari South, Sundown, and WACA West zones. Gold Resources were estimated using gold-equivalent (“AuEq”) cut-off grades based on gold, silver, copper and cobalt of 0.5 g/t AuEq for material located above sea level, and 1.5 g/t AuEq for material located below sea level. The updated Mineral Resource includes potential open pit and underground development. Additional Resource growth is present at Minyari, WACA, Minyari South, Sundown, and several other prospects nearby.

Antipa’s recent Scoping Study for the Minyari Dome project includes development based on the May 2022 Mineral Resource Estimate. The study outlined a combined open pit and underground mining operation that extracted 21.4 Mt at 1.6 g/t gold for 1.1 Moz gold.

For more information, visit the Antipa website at www.antipaminerals.com.au and see the press releases dated May 2, 2022, July 28, 2022, and August 31, 2022. Sandstorm has a 1.0% NSR royalty on the North Telfer project, which encompasses the Minyari Dome project.

ARIANA INTERSECTS 2.9 G/T GOLD OVER 17.8 METRES AT TAVSAN PROJECT, MOVES TO CONSTRUCTION STAGE
Ariana Resources plc (“Ariana”) announced positive drill results from vertical core holes in June for the Tavsan project located in Turkey. The drill results extend known mineralization in the North Zone, which contains the highest grades and widest intercepts of mineralization for the project.

Highlights from the infill resource drilling include:

TAV-D66-21: 17.8 metres grading 2.9 g/t gold and 5.1 g/t silver from 12.7 metres, including 3.2 metres grading 6.8 g/t gold and 8.3 g/t silver from 12.7 metres;
TAV-D69-22: 12.0 metres grading 1.7 g/t gold and 2.9 g/t silver from 41.0 metres, including 5.3 metres grading 2.0 g/t gold and 2.6 g/t silver from 45.7 metres; and
TAV-D90-22: 12.9 metres grading 1.6 g/t gold and 1.9 g/t silver from 15.9 metres.
The Tavsan project is transitioning to construction stage and a ramp-up of development activities is proceeding. Ariana is preparing an updated Mineral Resource Estimate, and corresponding updates to the Feasibility Study as well as evaluating geology to identify new exploration areas for further drill testing.

For more information, visit the Ariana website at www.arianaresources.com and see the press releases dated June 16, 2022, and June 23, 2022. For the Red Rabbit (Tavsan) project, Sandstorm has a 1.0%–2.0% NSR royalty on gold and silver produced at Tavsan and a 2.0% NSR royalty on all other metals.

QP
Qualified
Person Keith Laskowski (MSc), Sandstorm’s Vice President, Geology 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 technical information in this press release.
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