VANCOUVER, BC, March 31, 2025 /PRNewswire/ - Sandstorm Gold Ltd. ("Sandstorm Gold Royalties", "Sandstorm" or the "Company") (NYSE: SAND) (TSX: SSL) is pleased to report that SSR Mining Inc. ("SSR Mining") has released its 2025 guidance, including anticipated capital expenditure for the Hod Maden gold- copper project in Türkiye. For 2025, the Hod Maden joint venture has approved early-works capital investments of approximately US$60–$100 million (on a 100% basis), which is in addition to the reported US$42 m ...

VANCOUVER, BC, March 25, 2025 /PRNewswire/ - Sandstorm Gold Ltd. ("Sandstorm Gold Royalties", "Sandstorm" or the "Company") (NYSE: SAND) (TSX: SSL) is pleased to announce the early renewal of the Company's normal course issuer bid ("NCIB") and its automatic share purchase plan ("ASPP").Normal Course Issuer BidSandstorm is renewing its NCIB following the voluntary and early termination of the previous NCIB on March 24, 2025. The previous NCIB provided Sandstorm with the option to purchase up to 20.0 million ...

Core Insights - Gold prices have surged recently, exceeding $3,000 per ounce, driven by uncertainties surrounding tariffs and escalating geopolitical tensions [1] Group 1: Market Trends - The rising gold prices are often seen as beneficial for gold mining companies, indicating a potential growth opportunity in the sector [1] Group 2: Investment Philosophy - Mountain Valley Value Investments focuses on identifying undervalued companies with strong growth potential across various sectors, emphasizing long-term value and strategic buying [1] - The company employs deep industry insights and rigorous analysis to uncover investment opportunities that can deliver strong returns [1] - The investment approach is grounded in disciplined research and a commitment to highlighting risks that may impact investment theses [1]

Core Insights - Sandstorm Gold Ltd. is actively involved in various developments and exploration highlights within its diversified stream and royalty portfolio [1] Group 1: Erdene Resource Development Corp. - Erdene has secured a $50 million working capital facility from the Development Bank of Mongolia for the Bayan Khundii gold project [2] - The company expects to produce its first gold from the Bayan Khundii project in mid-2025, with commercial production anticipated in the third quarter of 2025 [2][3] - Sandstorm holds a 1.0% net smelter returns (NSR) royalty on the Bayan Khundii project [3] Group 2: Lundin Gold Ltd. - Lundin Gold has reported high-grade drill results from the Fruta del Norte mine in Ecuador, including 173.98 g/t gold over 8.45 metres [7] - The near-mine drill program aims to extend the mine life by expanding mineral resources, with inferred mineral resources at FDNS estimated at 2.09 million ounces at an average grade of 5.25 g/t gold [6] - Sandstorm holds a 0.9% NSR royalty on the precious metals produced at the Fruta del Norte mine [9] Group 3: Entrée Resources Ltd. - Entrée has released significant assay results from drilling at the Hugo North Extension and Heruga deposit at the Oyu Tolgoi mine in Mongolia [10] - The highlighted drill results from the Heruga deposit include 409.9 metres grading 0.36% copper and 0.32 g/t gold [13] - Sandstorm has a copper and precious metal stream with Entrée, allowing it to purchase a percentage of the copper and gold produced [14] Group 4: Omai Gold Mines Corp. - Omai has reported significant assay results from its 2024 drill program at the Omai gold mine, including 4.48 g/t gold over 57 metres at the Wenot deposit [15][17] - The company plans to conduct an updated mineral resource estimate (MRE) and a preliminary economic assessment (PEA) in 2025 [16] - Sandstorm holds a 1.0% NSR royalty on the Omai gold mine [19] Group 5: Bonterra Resources Inc. - Bonterra has released high-grade assay results from the Moss target at the Phoenix JV, with Gold Fields restarting drilling at the project [20][24] - The project is under a joint-venture agreement with Gold Fields, which has spent approximately C$16 million to date [21] - Sandstorm holds an NSR royalty ranging from 0.5% to 3.9% on portions of the Phoenix JV property [25]

Core Viewpoint - Sandstorm Gold Ltd. provides updates on its diversified stream and royalty portfolio, highlighting significant developments in its associated mining projects and the overall investment landscape in the mining sector [1]. Group 1: Lundin Gold - Fruta del Norte Mine - Lundin Gold reported a 59% increase in Inferred Resources at the Fruta del Norte mine, totaling 2.36 million ounces of contained gold at an average grade of 5.27 g/t [2]. - Measured and Indicated Resources increased to 7.06 million ounces from 30.62 million tonnes at an average grade of 7.17 g/t, while Proven and Probable Mineral Reserves grew to 5.54 million ounces from 22.06 million tonnes at an average grade of 7.81 g/t [2]. - Lundin Gold expects production in 2025 to be between 475,000 and 520,000 ounces at an average head grade of 9.2 g/t [2]. Group 2: Ivanhoe Mines - Platreef Mine - Ivanhoe Mines announced positive results from studies on the Platreef mine, targeting Phase 1 production in late 2025 and Phase 2 expansion in late 2027 [4]. - The Phase 1 concentrator is expected to process 770,000 tonnes per annum, with annualized gold production averaging approximately 6,900 ounces initially, increasing to about 29,000 ounces with Phase 2 [4]. - The Feasibility Study estimates an after-tax NPV (8%) of $1.4 billion and an IRR of 20% over a 35-year mine life [4]. Group 3: Argentine Investment Incentives - Argentina's new Promotional Regime for Large Investment (RIGI) aims to stimulate capital investment by offering various benefits for investments exceeding $200 million [9]. - Minas Argentinas SA submitted a $1 billion investment plan under RIGI for the Gualcamayo Deep Carbonates Project, expected to yield approximately 120,000 ounces of gold annually for at least 17 years [10]. - Glencore plans to submit a RIGI application for the MARA copper-gold project, with an estimated production of approximately 200,000 tonnes of copper equivalent per year [12]. Group 4: Sandstorm Gold Royalties - Sandstorm holds a 0.9% net smelter returns (NSR) royalty on the precious metals produced at the Fruta del Norte mine [3]. - The company has a gold stream on the Platreef mine, allowing it to purchase 37.5% of payable gold produced until 131,250 ounces are delivered, then 30% until 256,980 ounces are reached [7]. - Sandstorm anticipates annual average gold deliveries of 1,000–2,000 ounces during Phase 1 of Platreef, increasing to 10,000 ounces with Phase 2 production [8].

Financial Data and Key Metrics Changes - In Q4 2024, the company reported strong revenue of $47 million and operating cash flow of $36 million, driven by gold equivalent production of 17,721 ounces, which is consistent with previous quarters [5][34] - Total revenue for 2024 was approximately $176 million, despite a drop in attributable gold equivalent ounces sold from 97,000 ounces in 2023 to approximately 73,000 ounces in 2024 [34][35] - Cash costs in 2024 were $275 per attributable ounce, resulting in cash operating margins of approximately $2,100 per ounce, leading to strong cash flows from operating activities of $139 million [36] Business Line Data and Key Metrics Changes - The Greenstone mine began production, contributing approximately 2,000 gold ounces in 2024, with expectations of 8,000 to 10,000 ounces per year once at full capacity [40] - The Bonikro stream was a top contributor in 2024, benefiting from higher grades and optimization efforts, with minimum annual deliveries expected between 4,000 and 6,000 ounces in 2025 and 2026 [41] - At the Antamina mine, operations were extended through to 2036, with potential throughput expansion of up to 40% anticipated [45] Market Data and Key Metrics Changes - Attributable production in 2024 was predominantly from South America (45%), followed by North America (35%), and other countries (20%), with 75% of production being precious metals [49] - The company expects increasing gold exposure as Greenstone ramps up and other gold streams begin contributing over the next few years [49] Company Strategy and Development Direction - The company plans to increase share buybacks significantly, prioritizing this over debt reduction once debt falls below $300 million [30][81] - Long-term production is expected to increase to over 150,000 gold equivalent ounces per year over the next five years, driven by ramp-ups at Greenstone and other development projects [18][51] - The company is focused on maintaining a strong balance sheet and capital allocation strategy, with a conservative guidance range for 2025 of 65,000 to 80,000 ounces [12][51] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that 2024 was a dip year in production due to several mines underperforming, but expressed confidence in future production increases and cash flow [9][10] - The management emphasized the importance of conservative guidance to avoid missing targets two years in a row due to fluctuating gold prices [12][104] - The company is optimistic about the future, with expectations of strong cash flows and potential upside surprises based on market conditions [16][22] Other Important Information - The company has reduced its debt from $640 million to $340 million, with expectations to drop below $300 million by mid-2025 [26][29] - A buyout option for the Vatukoula stream has been agreed upon, which could lead to a recovery of capital and profit for the company [27] Q&A Session Summary Question: What was the motivation behind the Vatukoula stream and royalty buyback? - The operator had been insolvent, and a larger Chinese company is coming in as a shareholder on the condition that they buy out the stream [70] Question: What gives the team confidence in incorporating Gualcamayo into formal guidance? - The operator is a well-capitalized multi-billion dollar Argentinian company, and the upfront capital required is manageable [73] Question: What are the priorities once the company hits the $300 million debt threshold? - The priority will be share buybacks, followed by debt reduction and potential acquisitions [81] Question: What type of deal opportunities could impact Sandstorm? - The company is not looking at significant deals currently, focusing instead on smaller opportunities that could yield substantial returns in the future [84] Question: What is the timeline for deposits related to the MARA project? - The option is indefinite until a Board-approved decision is made to start building the mine, which would trigger the payment structure [88] Question: What is causing the expected drop in production in 2027 and 2028? - The drop is attributed to the Woodlawn stream, which is capped and will see a significant reduction in contributions after 2027 [96]

Core Viewpoint - Sandstorm Gold Ltd. reported strong financial results for the year ended December 31, 2024, driven by robust commodity prices, despite a decrease in attributable gold equivalent ounces sold compared to the previous year [2][11]. Financial Highlights - The company achieved annual revenue of $176.3 million, a slight decrease from $179.6 million in 2023, with approximately 73% of revenue from precious metals, 18% from copper, and 9% from other commodities [11]. - Annual production totaled 72,810 attributable gold equivalent ounces, down from 97,245 ounces in 2023, with a cash operating margin of $2,097 per ounce for the year [8][13]. - The company made net debt repayments of $80 million in 2024, with an outstanding balance of $340 million on its revolving credit facility as of February 18, 2025 [2][12]. Shareholder Returns and Capital Allocation - In 2024, Sandstorm returned over $28 million to shareholders, including $17.5 million in dividends and $10.9 million in share repurchases, totaling approximately 2.0 million common shares purchased and canceled [4][6]. - The company plans to ramp up its share buyback program in 2025, depending on market conditions and available capital [6]. Asset Portfolio Developments - Sandstorm's key producing assets include the Greenstone gold mine, which produced approximately 111,700 ounces of gold in 2024, and the Antamina mine, which received approval for a $2 billion investment to extend operations through 2036 [9][20]. - The company anticipates first production from several development mines in 2025, including the Woodlawn mine in Australia and the Bayan Khundii gold mine in Mongolia [25]. Production Guidance and Long-term Outlook - For 2025, Sandstorm forecasts attributable gold equivalent ounces to be between 65,000 and 80,000, with a long-term production target of approximately 150,000 ounces by 2030 [10][9]. - The company expects to benefit from advancements in its development portfolio, including increased production from the Greenstone mine and the Gualcamayo Deep Carbonates Project [10][19].

SANDSTORM GOLD ROYALTIES Company Profile 2024 Annual Report NYSE SAND TSX SSL u Corporate & Shareholder Information Stock Exchange Listings Toronto Stock Exchange TSX: SSL New York Stock Exchange NYSE: SAND Transfer Agent Computershare Investor Services 2nd Floor, 510 Burrard Street Vancouver, British Columbia V6C 3B9 T 604 661 9400 Corporate Secretary Christine Gregory Corporate Offices Vancouver Head Office Suite 3200, 733 Seymour Street Vancouver, British Columbia V6B 056 Auditors PricewaterhouseCoopers ...

Core Viewpoint - The market anticipates Sandstorm Gold (SAND) will report a year-over-year decline in earnings despite an increase in revenues when it releases its results for the quarter ended December 2024 [1] Financial Expectations - Sandstorm Gold is expected to post quarterly earnings of $0.04 per share, reflecting a year-over-year decrease of 50% [3] - Revenues are projected to be $47.4 million, which is an increase of 6.5% from the same quarter last year [3] Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating that analysts have not significantly altered their initial estimates during this period [4] - The Most Accurate Estimate for Sandstorm Gold is higher than the Zacks Consensus Estimate, resulting in a positive Earnings ESP of +15.39%, suggesting a bullish outlook from analysts [10] Earnings Surprise Prediction - A positive Earnings ESP is a strong indicator of a potential earnings beat, especially when combined with a Zacks Rank of 1 (Strong Buy), 2 (Buy), or 3 (Hold) [8] - Sandstorm Gold currently holds a Zacks Rank of 3, indicating a likelihood of beating the consensus EPS estimate [11] Historical Performance - In the last reported quarter, Sandstorm Gold was expected to earn $0.03 per share but only achieved $0.02, resulting in a surprise of -33.33% [12] - Over the past four quarters, the company has beaten consensus EPS estimates two times [13] Industry Comparison - Agnico Eagle Mines (AEM), another player in the gold mining industry, is expected to report earnings of $1.17 per share for the same quarter, representing a year-over-year increase of 105.3% [17] - Agnico's revenues are projected to be $2.1 billion, up 19.4% from the previous year [17] - Despite a recent upward revision of 3.8% in the consensus EPS estimate for Agnico, a lower Most Accurate Estimate has resulted in a negative Earnings ESP of -2.02%, making it difficult to predict an earnings beat [18]

Core Viewpoint - Sandstorm Gold Ltd. reported mixed financial results for the fourth quarter and 2024, with a year-over-year increase in fourth-quarter revenues but a decline in overall revenues for 2024, alongside improved cash operating margins [1][4]. Group 1: Fourth Quarter Performance - In the fourth quarter, Sandstorm Gold sold approximately 17,700 attributable gold equivalent ounces (GEOs), a 24% decrease from 23,250 GEOs sold in the same quarter of 2023 [2]. - Preliminary revenues for the fourth quarter reached $47.4 million, reflecting a 7% increase from $44.5 million in the prior year [2]. - The preliminary cost of sales (excluding depletion) was reported at $4.3 million, down from $4.9 million in the fourth quarter of 2023 [3]. - The cash operating margin for the quarter was $2,397 per attributable GEO, which is a 38% increase compared to $1,737 per attributable GEO in the prior year [3]. Group 2: 2024 Financial Overview - For the full year 2024, Sandstorm Gold sold nearly 72,800 attributable GEOs, representing a 25% decline year-over-year [4]. - Preliminary revenues for 2024 totaled $176 million, down from $179.6 million in 2023 [4]. - The preliminary cost of sales (excluding depletion) for 2024 was $20 million, lower than the $21.7 million recorded in 2023 [4]. - The cash operating margin increased by 23% year-over-year to $2,097 per attributable GEO in 2024 [4]. Group 3: Debt Management and Future Outlook - Throughout 2024, Sandstorm Gold focused on reducing its debt levels, with an outstanding balance on its revolving credit facility of approximately $355 million as of December 31, 2024 [5]. - The company also purchased and canceled around 2 million shares for a total consideration of $10.8 million during the year [5]. - Sandstorm Gold affirmed its long-term production target of around 125,000 attributable GEOs over the next five years, with a production forecast for 2025 to be announced on February 19, 2025 [6]. Group 4: Stock Performance - Sandstorm Gold's shares have increased by 16.3% over the past year, compared to the industry's growth of 17.2% [7].