Vancouver, BC | Sandstorm Gold Ltd. (“Sandstorm Gold Royalties”, “Sandstorm”, or the “Company”) (NYSE: SAND, TSX: SSL) is pleased to report the sales and revenue figures for the fourth quarter and year ended December 31, 2024 (all figures in U.S. dollars).

Annual Preliminary Sales and Revenue
The Company sold approximately 72,800 attributable gold equivalent ounces1 and realized preliminary revenue2 of $176.3 million for the full 2024 year (97,245 attributable gold equivalent ounces and $179.6 million in revenue for the comparable period in 2023). Preliminary cost of sales, excluding depletion2 for the full 2024 year was $20.0 million resulting in cash operating margins1 of approximately $2,097 per attributable gold equivalent ounce1 ($21.7 million and $1,706 per attributable gold equivalent ounce for the comparable period in 2023, respectively).

Fourth Quarter Preliminary Sales and Revenue
During the three months ended December 31, 2024, the Company sold approximately 17,700 attributable gold equivalent ounces1 and realized preliminary revenue2 of $47.4 million (23,250 attributable gold equivalent ounces and $44.5 million in revenue for the comparable period in 2023). Preliminary cost of sales, excluding depletion2 for the three months ended December 31, 2024, was $4.3 million resulting in cash operating margins1 of approximately $2,397 per attributable gold equivalent ounce1 ($4.9 million and $1,737 per attributable gold equivalent ounce for the comparable period in 2023, respectively).

Long-Term Outlook and Capital Allocation
Sandstorm remains a growth-oriented company and is reiterating its long-term production forecast that is expected to reach approximately 125,000 attributable gold equivalent ounces1 within the next five years, based solely on streams and royalties that the Company has bought and paid for. The Company will state its 2025 production forecast with the release of its 2024 annual results.

Throughout 2024, the Company continued to focus on deleveraging its balance sheet following several royalty and streaming acquisitions in 2022. As at December 31, 2024, the outstanding balance on the Company’s revolving credit facility was approximately $355 million with an undrawn and available balance of $270 million2. Additionally, the Company purchased and cancelled approximately 2.0 million shares for total consideration of approximately $10.8 million during the 12 months ended December 31, 20242.

Release Date and Conference Call Details
The Company will release its 2024 fourth quarter and annual results on Tuesday, February 18, 2025, after markets close. A conference call will be held on Wednesday, February 19, 2025, starting at 8:30am PST to further discuss the results. To participate in the conference call, use the following dial-in numbers and conference ID, or join the webcast using the link below:

Conference ID: 70357
Webcast URL: https://app.webinar.net/0egpGB4Axo3

International: (+1) 437-900-0527
North American Toll-Free: (+1) 888-510-2154

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 Accounting Standards (“IFRS Accounting Standards” or “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.

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, 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 ([$176.3 million – $3.6 million]/$2,371 for the full year 2024 [$191.4 million – $3.9 million]/$1,929 for the comparable period in 2023); and ([$47.4 million – $0.6 million]/$2,640 for the three months ended December 31, 2024, and [$46.3 million – $1.0 million]/$1,948 for the comparable period in 2023) and may be subject to change.
The Company presents cash operating margin as it believes that certain investors use this information to evaluate the Company’s performance and ability to generate cash flow 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 the 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 ($20.0 million/72,800 Attributable Gold Equivalent ounces for the full year 2024, and $21.7 million/97,245 Attributable Gold Equivalent ounces for the comparable period in 2023; and $4.3 million/17,700 Attributable Gold Equivalent ounces for the three months ended December 31, 2024, and $4.9 million/23,250 Attributable Gold Equivalent ounces for the comparable period in 2023).
Note 2
These figures have not been audited and are subject to change. As the Company has not yet finished its quarter and year-end close procedures, the anticipated financial information presented in this press release is preliminary, subject to final quarter and year-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
Chief Financial Officer