Sandstorm Gold Ltd. (“Sandstorm Gold Royalties”, “Sandstorm” or the “Company”) (NYSE American: SAND, TSX: SSL) is pleased to provide an update related to share repurchases under the Company’s Normal Course Issuer Bid (“NCIB”), monetization of non-core equity investments, and recent developments from the Company’s royalty portfolio.

SHARE BUYBACK PROGRAM

During the fourth quarter of 2018, Sandstorm announced a share buyback program to purchase up to 18.3 million of the Company’s common shares. Since the announcement, Sandstorm has purchased approximately 7.9 million shares of the Company.

For more information regarding Sandstorm’s NCIB, see Sandstorm’s press releases dated November 15, 2018 and April 2, 2019 at www.sandstormgold.com or on Sandstorm’s Sedar profile at www.sedar.com.

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. Any securities acquired under the NCIB will be cancelled.

SANDSTORM MONETIZES NON-CORE EQUITY INVESTMENTS

Sandstorm recently sold approximately US$17 million of its equity investments, representing a continuation of the Company’s strategy to monetize non-core assets. Proceeds from the sale were largely used to pay down debt drawn on the Company’s revolving credit facility.

HOD MADEN PROGRESS UPDATE

Lidya Madencilik Sanayi ve Ticaret A.S. (“Lidya”), the majority owner and operator of the Hod Maden project in Turkey, has been steadily advancing the project during 2019. A gap analysis and trade-off studies on Hod Maden were completed during the first quarter of 2019 which will contribute to the Feasibility Study work, which began during the second quarter of 2019. The Feasibility Study contract was awarded to GR Engineering Services and AMC Consultants.

In conjunction with the Feasibility Study, an Environmental Impact Assessment has been submitted and a public participation meeting was successfully conducted as part of the permitting process.

The Feasibility Study is expected to be completed in the second quarter of 2020, with first production projected for the fourth quarter of 2022.

Sandstorm has a 30% net profits interest and a 2.0% net smelter returns (“NSR”) royalty on the Hod Maden project.

AURIZONA POURS FIRST GOLD IN MAY 2019

Equinox Gold Corp. (“Equinox Gold”) announced on May 14, 2019 that the first gold pour took place at the Aurizona Gold Mine in Brazil. Equinox Gold also announced the receipt of the License to Operate permit, the final operating permit required from the Maranhão State Environmental Agency. The Aurizona Gold Mine is expected to reach commercial production around the end of the second quarter of 2019.

For more information, visit the Equinox Gold website at www.equinoxgold.com and see the press release dated May 14, 2019. Sandstorm has a 3.0% - 5.0% sliding scale NSR royalty on the Aurizona project. At gold prices less than or equal to US$1,500 per ounce, the royalty is a 3.0% NSR. In addition, Sandstorm holds a 2.0% NSR royalty on the Aurizona Greenfields property, a package of exploration ground adjacent to the Aurizona project.

ERDENE INTERSECTS 112.0 METRES OF 5.9 G/T GOLD

Erdene Resource Development Corp. (“Erdene”) announced results from their ongoing 2019 drill program at the Khundii Gold Project located in Mongolia. An 1,800 metre drill program was conducted in April 2019 to increase confidence in the existing resource, confirm gold grades, and expand Bayan Khundii mineralization. The results will be incorporated into the recently launched Pre-Feasibility Study and used in planning the next phase of the 2019 exploration drill program.

Highlights from the April drill program include:

-MIDFIELD ZONE
•BKD-261: 112.0 metres of 5.9 grams per tonne (“g/t”) gold from 13.0 metres; and
•BKD-262: 14.0 metres of 14.1 g/t gold from 9.0 metres.

-NORTH MIDFIELD
•BKD-260: 23.3 metres of 4.4 g/t gold from 97.6 metres; and
•BKD-259: 2.0 metres of 39.0 g/t gold from 202.0 metres.

.STRIKER WEST
•BKD-265: 16.0 metres of 1.1 g/t gold from 28.0 metres and 3.0 metres of 40.0 g/t gold from 142.0 metres.

For more information and full drill results, visit the Erdene website at www.erdene.com and see the press release dated May 13, 2019. Sandstorm has a 1.0% NSR royalty on Erdene’s Bayan Khundii and Altan Nar properties.

KINROSS COMPLETES SCOPING STUDY ON LOBO-MARTE

Kinross Gold Corporation (“Kinross”) announced that they have completed a Scoping Study on the Lobo-Marte project in Chile. The Scoping Study estimates a mine life that could extend more than 10 years, with total life of mine production of approximately 4.1 million gold ounces at a grade of 1.2 g/t gold. Kinross is now progressing to a Pre-Feasibility study with permitting efforts also underway. The Pre-Feasibility study is expected to be completed by mid-2020.

For more information, visit the Kinross website at www.kinross.com and see the press release dated May 7, 2019. Sandstorm has a 1.05% NSR royalty on the Lobo-Marte project.

BONTERRA INTERSECTS 12.8 G/T GOLD OVER 5.6 METRES AT MOROY

Bonterra Resources Inc. (“Bonterra”) announced results from their ongoing drill program at the Gladiator, Barry and Moroy deposits located in Quebec, Canada. Bonterra currently has five drills operating at the properties, which are testing a combination of resource expansion and earlier stage exploration targets.

Highlighted drill results include:

-BARRY
•MB-19-209: 4.2 metres of 5.1 g/t gold from 206.7 metres; and
•MB-19-211: 1.5 metres of 6.3 g/t gold from 453.7 metres.

-MOROY
•MY-19-155: 5.6 metres of 12.8 g/t gold from 256.3 metres; and
•MY-19-158: 5.4 metres of 12.2 g/t gold from 70.5 metres.

For more information and complete drill results, visit the Bonterra website at www.bonterraresources.com and see the press release dated June 12, 2019.

Sandstorm receives a minimum of 1,500 ounces of gold per quarter from Bachelor Lake until 12,000 ounces of gold have been delivered. The gold stream will then convert to a 3.9% NSR royalty. In addition to this, Sandstorm holds a 1.0% NSR royalty on Bachelor Lake. When combined with Sandstorm’s existing royalties, the Company will then hold a total 4.9% NSR on Bachelor Lake/Moroy project, a 3.9%?–?4.9% NSR on the Barry project and a 1% NSR on a portion of the Gladiator project.

SANDSTORM FILES EARLY WARNING REPORT

Pursuant to National Instrument 62-103 - The Early Warning System and Related Take Over Bid and Insider Reporting Issues, Sandstorm is announcing the acquisition of an aggregate of 3,498,000 common shares (the “Entrée Acquired Shares”) of Entrée Resources Ltd. (“Entrée”), representing approximately 2.0% of the outstanding common shares of Entrée (the “Entrée Shares”).

Prior to the acquisition of the Entrée Acquired Shares, Sandstorm held 28,643,880 Entrée Shares as well as warrants to purchase an additional 457,317 Entrée Shares (“Entrée Warrants”), representing approximately 16.4% of the outstanding Entrée Shares on a non-diluted basis. Assuming the exercise of all 457,317 Entrée Warrants held by the Company, Sandstorm would have previously held an aggregate of 29,101,197 Entrée Shares, representing approximately 16.6% of the outstanding Entrée Shares (on a partially diluted basis). Upon completion of the acquisition of the Entrée Acquired Shares, an aggregate 32,141,880 Entrée Shares are now owned directly by Sandstorm, representing approximately 18.4% of the outstanding Entrée Shares. Assuming the exercise of the Company's 457,317 Entrée Warrants, the Company would then hold 32,599,197 Entrée Shares, representing approximately 18.6% of the outstanding Entrée Shares (on a partially diluted basis).

The Entrée Acquired Shares were acquired by Sandstorm on the open market over the facilities of the Toronto Stock Exchange and other published markets for the Entrée Shares at prices ranging from C$0.44 to C$0.46 per Entrée Acquired Share. The acquisition of the Entrée Acquired Shares by Sandstorm was effected for investment purposes. Sandstorm may from time to time acquire additional securities of Entrée, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its current position.

The early warning report, as required under National Instrument 62-103, contains additional information with respect to the foregoing matters and will be filed by the Company on Entrée’s SEDAR profile at www.sedar.com.

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 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