Sandstorm Gold Ltd. (TSX: SSL) (NYSE: SAND) is pleased to report that the Company sold approximately 28,400 attributable gold equivalent ounces¹ and realized preliminary revenue² of $44.0 million during the three months ended March 31, 2023, both representing a record for the Company (18,741 attributable gold equivalent ounces and $35.4 million in revenue for the comparable period in 2022).

The Company had preliminary total sales, royalties, and income from other interests¹ of $54.0 million for the three month period, a record for the Company ($35.4 million total sales, royalties, and income from other interests for the comparable period in 2022).

Preliminary cost of sales, excluding depletion² for the three month period was $6.5 million resulting in cash operating margins¹ of approximately $1,650 per attributable gold equivalent ounce¹ ($5.3 million and $1,604 per attributable gold equivalent ounce for the comparable period in 2022, respectively).

RENEWAL OF NORMAL COURSE ISSUER BID

The Company’s normal course issuer bid is being renewed after the existing NCIB expires on April 6, 2023. The current NCIB provides Sandstorm with the option to purchase up to 18.9 million of the Company’s common shares from time to time when Sandstorm’s management believes that the Common Shares are undervalued by the market. Under the renewed NCIB, Sandstorm may purchase up to 24.0 million of its Common Shares, representing approximately 8% of the Company’s issued and outstanding Common Shares. As of March 31, 2023, the Company had 298,740,427 Common Shares issued and outstanding, 247,355,113 of which made up the “Public Float” (within the meaning of the rules of the Toronto Stock Exchange) and the 24.0 million Common Shares purchasable under the NCIB represents approximately 9.7% of the Company’s Public Float. The new NCIB also provides Sandstorm with the option to purchase its Common Shares from time to time when Sandstorm’s management believes that the Common Shares are undervalued by the market. The Toronto Stock Exchange (“TSX”) has accepted the Company’s notice that it intends to proceed with a NCIB in accordance with TSX rules. Purchases under the renewed NCIB may commence on April 11, 2023, and will terminate on the earlier of April 10, 2024, the date that Sandstorm completes its purchases pursuant to the NCIB as filed with the TSX, or the date of notice by Sandstorm of termination of the NCIB.

All purchases under the NCIB will be executed on the open market through the facilities of the TSX or alternative Canadian trading systems and through the facilities of the NYSE or alternative trading systems in the United States of America. Purchases will be made at the market price of the Common Shares at the time of acquisition and may be funded by Sandstorm’s working capital. Any Common Shares acquired by the Company under the NCIB will be cancelled. Sandstorm’s average daily trading volume on the TSX during the last six calendar months was 389,301 Common Shares. Under the rules of the TSX, subject to the Company’s ability to make block purchases, daily purchases on the TSX under the NCIB will not exceed 97,325 Common Shares, which represents 25% of the average daily trading volume on the TSX during the last six calendar months. The maximum number of Common Shares which can be purchased per day on the NYSE will be 25% of the average daily trading volume for the four calendar weeks preceding the date of purchase, subject to certain exceptions for block purchases.

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.

In the last twelve months, the Company has purchased 336,201 Common Shares pursuant to its NCIB at a volume-weighted average price of approximately C$6.69 per common share on the TSX and alternative Canadian trading systems and approximately US$5.00 per common share on the NYSE and alternative US trading systems.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT SANDSTORM GOLD ROYALTIES

Sandstorm is a gold royalty company that provides upfront financing to gold mining companies that are looking for capital and in return, receives the right to a percentage of the gold produced from a mine, for the life of the mine. Sandstorm holds a portfolio of 250 royalties, of which 39 of the underlying mines are producing. Sandstorm plans to grow and diversify its low cost production profile through the acquisition of additional gold royalties.