Vancouver, BC | Sandstorm Gold Ltd. (“Sandstorm Gold Royalties”, “Sandstorm” or the “Company”) (NYSE: SAND, TSX: SSL) is pleased to provide various asset updates from its diversified stream and royalty portfolio (dollar figures in USD unless otherwise indicated).

Fruta del Norte Achieves Largest Reserve and Resource Estimate to Date; Increases Inferred Resources by 59%
Following record annual production in 2024 of over half a million gold ounces, Lundin Gold Inc. (“Lundin Gold”) has published a significant increase in the Mineral Reserves and Mineral Resources at the Fruta del Norte mine in Ecuador (“FDN”), with plans to publish an Initial Mineral Resource for the Bonza Sur deposit later in the year. A successful 2024 near-mine exploration drilling program has grown Inferred Resources at FDN by 59% to 2.36 million ounces (“Moz”) of contained gold at 5.27 grams per tonne (“g/t”). Growth in Inferred Resources was concentrated in FDN South (“FDNS”), where contained gold ounces rose from 0.73 Moz in 2023 to 2.09 Moz at an average grade of 5.25 g/t. Lundin Gold’s 2024 conversion drilling campaign was successful at reclassifying Inferred Resources to Indicated Resources in areas immediately beyond the current Mineral Reserve boundary. Measured and Indicated Resources increased to 7.06 Moz of contained gold from 30.62 Mt at an average grade of 7.17 g/t, while Proven and Probable Mineral Reserves grew to 5.54 Moz of contained gold from 22.06 Mt at an average grade of 7.81 g/t, after accounting for mining depletion of 0.54 Moz in 2024. Mineral Resources and Mineral Reserves are effective December 31, 2024. Cut-off grade applied was 3.0 g/t gold for Mineral Resources, and 3.7 g/t gold for Mineral Reserves. Lundin Gold expects 2025 production at FDN to be between 475,000–520,000 ounces at an average head grade of 9.2 g/t.

For more information, including details of the FDN Mineral Resource, visit www.lundingold.com and refer to the press releases dated February 18 and 20, 2025.

Sandstorm holds a 0.9% net smelter returns (“NSR”) royalty on the precious metals produced at FDN.

Platreef Expansion Studies Target Phase 1 Production in 2025 and Phase 2 Expansion in 2027
Ivanhoe Mines Ltd. (“Ivanhoe”) has released positive results from two independent studies covering the three-phase Platreef mine in South Africa. An updated Feasibility Study on the Phase 2 expansion targets first ore feed into the 770,000 tonnes per annum Phase 1 concentrator in the fourth quarter of 2025. Ore and waste will be hoisted using Shaft #1 and Shaft #3, with a combined capacity of 5.0 million tonnes per annum (“Mtpa”). The Phase 2 expansion is targeting first production in the fourth quarter of 2027 and will add a 3.3 Mtpa concentrator module, increasing total processing capacity to 4.1 Mtpa. Annualized gold production is expected to average approximately 6,900 ounces in the first three years, increasing to approximately 29,000 ounces with Phase 2 production. Platreef is projected to rank among the lowest-cost primary platinum-group metal (“PGM”) producers globally, with life-of-mine cash costs of $599 per ounce of platinum, palladium, rhodium, and gold (“3PE+Au”). The 4.1 Mtpa Feasibility Study estimates an after-tax NPV (8%) of $1.4 billion and an IRR of 20% over a 35-year mine life.

Beyond Phase 2, a Phase 3 Preliminary Economic Assessment (the “PEA”) outlines further expansion beginning in 2030, positioning Platreef as one of the largest global PGM producers and a significant nickel producer. Phase 3 will include two additional 3.3 Mtpa concentrator modules, increasing total processing capacity to 10.7 Mtpa by 2032. Once fully ramped-up, gold production is expected to average more than 65,000 ounces per year. Leveraging economies of scale, life-of-mine total cash costs are projected at $511 per ounce of 3PE+Au, net of by-products, with all-in cash costs of $641 per ounce. The expansion will utilize Shaft #2 and Shaft #3 for hoisting, providing a combined capacity of over 12 Mtpa. The PEA delivers an after-tax NPV (8%) of $3.2 billion and an IRR of 25% over a 29-year mine life, reinforcing Platreef’s position as a multi-generational, world-class asset.

For more information, visit the Ivanhoe Mines website at www.ivanhoemines.com and see the press release dated February 18, 2025.

Sandstorm holds a gold stream on the Platreef mine whereby the Company is entitled to purchase 37.5% of payable gold produced from Platreef until 131,250 gold ounces have been delivered, then 30% of payable gold produced until an aggregate of 256,980 ounces are delivered. Sandstorm will make ongoing cash payments of $100 per ounce of gold. The Company anticipates annual average gold deliveries of 1,000–2,000 ounces during Phase 1, increasing up to 10,000 ounces with Phase 2 production. Longer term, the Company forecasts gold deliveries of between 15,000–20,000 ounces per year once all three phases achieve full design capacity.

Argentine Incentive Regime Stimulates Advancement at Gualcamayo DCP and MARA Project
The government of Argentina’s newly adopted Promotional Regime for Large Investment (“RIGI”) is driving capital investment within the country. The program aims to provide certainty and legal stability for long-term investments by offering offers tax, customs, legal, and foreign exchange benefits for investments exceeding $200 million. The RIGI application deadline is July 2026.

Minas Argentinas SA, part of AISA Group and the operator of the Gualcamayo mine in San Juan, has submitted the first mining investment plan under RIGI. The $1 billion investment plan includes the development of the Gualcamayo Deep Carbonates Project (“DCP”), which includes the construction of a new underground mine, a milling system, and a floatation plant with a processing capacity of 3,500–4,500 tonnes per day. The DCP is expected to yield approximately 120,000 ounces of gold annually for at least 17 years. A Feasibility Study and engineering studies are underway on the DCP and are expected to be completed in 2025.

For more information, visit AISA Group’s website at www.aisagroup.ca and see the press release dated November 12, 2024.

Sandstorm has several royalties on the Gualcamayo mine summating to a 1.0–3.0% NSR royalty on production from oxides, a 2.5% NSR on production from the DCP, and a $30 million production payment upon commercial production at the DCP. In 2025, Sandstorm anticipates operations at Gualcamayo to exceed the production threshold, triggering the Company’s 3.0% NSR on oxides production.

Recently, Glencore plc (“Glencore”) stated that it plans to submit a RIGI application for the MARA copper-gold project in the first half of 2025. Glencore has earmarked $400 million towards its two Argentine development assets, of which, MARA is the most advanced and lowest capital intensity. MARA will utilize the existing Alumbrera plant, which continues to operate, to processes ore from the Agua Rica deposit located approximately 34 kilometres away. Glencore estimates MARA will produce approximately 200,000 tonnes of copper equivalent per year with a mine life exceeding 20 years.

For more information, refer to Glencore’s 2024 fourth quarter earnings call recorded on February 19, 2025.

Sandstorm holds an option on the MARA project to convert its 0.25% NSR royalty into a 20% gold stream. Under this arrangement, the company may make a maximum total payment of $225 million—disbursed in quarterly installments during the construction period, proportionate to overall project spending. Under the terms of the MARA gold stream, the Company will have the right to purchase an amount of gold equal to 20% of the life of mine for ongoing payments equal to 30% of the spot price of gold.

Equinox Gold Ramps-up Greenstone Toward Nameplate Capacity
Equinox Gold Corp. (“Equinox”) expects its wholly-owned Greenstone gold mine to produce 300,000–350,000 gold ounces in 2025. Equinox’s primary operating focus for 2025 is to ramp-up Greenstone to design capacity throughput of 27,000 tonnes per day and gold recoveries averaging 90%. In December 2024, Greenstone averaged 77% of throughput capacity and 86% gold recoveries. Optimizations and improvements implemented in the fourth quarter of 2024 are expected to meaningfully increase plant availability, while average grade is expected to ramp-up from approximately 1.0 g/t to between 1.6–1.7 g/t towards the end of 2025.

For more information, visit Equinox Gold’s website at www.equinoxgold.com and refer to the press release dated February 19, 2025, and the company’s fourth quarter earnings call transcript recorded on February 20. 2025.

Sandstorm holds a gold stream on the Greenstone mine whereby the Company is entitled to purchase 2.375% of gold produced at the mine until 120,333 ounces are delivered, and then 1.583% of gold produced thereafter. Sandstorm will make ongoing payments equal to 20% of the spot price of gold per ounce plus an additional payment of up to $30 per ounce in ESG contributions.

Woodlawn Plant 70% Complete; Mining to Commence in First Quarter
In December 2024, Develop Global Limited’s (“Develop Global”) Board of Directors made a Final Investment Decision supporting the re-start of the Woodlawn copper-zinc mine in New South Wales, Australia, after finalizing documentation for a previous announced loan facility of approximately A$100 million. Develop Global advised that mining teams had been fully mobilized by late 2024 and refurbishment of the processing plant was 70% complete by the end of January 2025. The Woodlawn re-start plan is on time and on budget, with ore production from underground scheduled to commence in March and first concentrate production and cashflows in June 2025.

For more information, visit Develop Global’s website at www.develop.com.au and see the press release dated January 29, 2025.

Sandstorm has a silver stream on the Woodlawn project whereby the Company has the right to receive an amount of silver equal to 80% of payable silver produced, to a maximum value of A$27 million. In addition, the Company holds a second stream on Woodlawn under which the operator has agreed to pay Sandstorm A$1.0 million for each 1 million tonnes of tailings ore processed at Woodlawn, subject to a cumulative cap of A$10 million.

QUALIFIED PERSON

Imola Götz (M.Sc., P.Eng, F.E.C.), Sandstorm’s Vice President, Mining & Engineering is a Qualified Person as defined by Canadian National Instrument 43-101. Ms. Götz has reviewed and approved the scientific and technical information in this news 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