Sandstorm Gold Ltd T.SSL

CLOSES PREVIOUSLY ANNOUNCED VATUKOULA GOLD STREAM

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VANCOUVER, BC, Dec. 23, 2021 /PRNewswire/ - Sandstorm Gold Ltd. ("Sandstorm Gold Royalties", "Sandstorm" or the "Company") (NYSE: SAND) (TSX: SSL) is pleased to announce that it has closed the first tranche of its US$30 million Vatukoula stream and royalty agreement (the "VGML Stream") on the producing Vatukoula Mine in Fiji. Sandstorm originally announced the acquisition on June 29, 2021. Given the delay of the VGML Stream closing, the fixed delivery schedule has been amended as follows:

• Fixed Delivery Stream: The 25,920 ounces of fixed gold deliveries is expected to begin in January 2022 and will be delivered over approximately 5.5 years (the "Fixed Delivery Period"). During the first 1.5 years, Sandstorm will receive 3,040 ounces per year, increasing to 5,340 ounces of gold per year during the final four years of the Fixed Delivery Period.
• Variable Stream: Following the Fixed Delivery Period, Sandstorm will receive a variable proportion of gold production from the Vatukoula Mine for the life of the mine (the "Variable Stream"). The Variable Stream delivery rate will be 2.9% for the first 100,000 ounces of gold produced in a calendar year and 2.55% for the volume of production above 100,000 ounces.
• Ongoing Payment: Sandstorm will pay VGML 20% of the spot price for each ounce of gold deliveries from the VGML Stream.

Sandstorm has funded US$27 million in accordance with the terms of the stream agreement. The remaining US$3 million is currently expected to be disbursed in the first quarter of 2022.

ABOUT SANDSTORM GOLD ROYALTIES

Sandstorm Gold Royalties 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. The Company has acquired a portfolio of 230 royalties, of which 29 of the underlying mines are producing. Sandstorm Gold Royalties plans to grow and diversify its low cost production profile through the acquisition of additional gold royalties. For more information visit: www.sandstormgold.com.