Sandstorm Gold Royalties Announces 2020 First Quarter Sales and Renews Normal Course Issuer Bid

Sandstorm Gold Ltd. (“Sandstorm Gold Royalties”, “Sandstorm” or the “Company”) (NYSE: SAND, TSX: SSL) is pleased to announce the Company has sold approximately 13,400 attributable gold equivalent ounces¹ and realized preliminary revenue² of $21.3 million during the three months ended March 31, 2020. Preliminary cost of sales, excluding depletion² for the three month period was $4.2 million resulting in cash operating margins¹ of approximately $1,280 per attributable gold equivalent ounce¹.

Normal Course Issuer Bid Renewal

The Company’s normal course issuer bid (“NCIB”) is being renewed after the existing NCIB expires on April 4, 2020. The current NCIB provides Sandstorm with the option to purchase up to 13.0 million of the Company’s common shares (“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 17,170,237 of its Common Shares, representing approximately 10% of the Company’s issued and outstanding Common Shares of 174,211,583 as of March 31, 2020, less those Common Shares held by the Company’s directors and senior officers. 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 6, 2020 and will terminate on the earlier of April 5, 2021, 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.

During the fourth quarter of 2018, Sandstorm announced that the Company’s Board of Directors approved the purchase of up to 18.3 million of its Common Shares (the “Buyback”). Since the announcement of the Buyback on November 15, 2018, Sandstorm has bought back approximately 15.5 million Common Shares. The renewed NCIB provides Sandstorm sufficient capacity to purchase the remaining Common Shares from the previously announced Buyback, as well as additional Common Shares at management’s discretion.

All purchases under the NCIB will be executed on the open market through the facilities of the TSX or alternative Canadian trading platforms and through the facilities of the NYSE or alternative trading platforms 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 630,335 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 157,583 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.