Production Under Construction

Production Under Construction

Over 60% Growth Already Built-in

Sandstorm is one of the fastest-growing precious metal royalty companies in the world. Over the next few years, the company’s gold equivalent production is expected to grow by over 60%—growth that has already been bought and paid for. Our partners are well underway building key mines that will usher in a robust and sustainable production profile with expected cash flows of over $200 million per year1.

1. Based on expected cash flows from operating activities attributable to the Company’s operating segment excluding changes in working capital, cash from Horizon Copper Debentures, and the exercise of the Company’s MARA Stream Option. Refer to Cautionary Note Regarding Forward-Looking Statements.

Over 60% Growth Already Built-in

Sandstorm is one of the fastest-growing precious metal royalty companies in the world. Over the next few years, the company’s gold equivalent production is expected to grow by over 60%—growth that has already been bought and paid for. Our partners are well underway building key mines that will usher in a robust and sustainable production profile with expected cash flows of over $200 million per year1.

1. Based on expected cash flows from operating activities attributable to the Company’s operating segment excluding changes in working capital, cash from Horizon Copper Debentures, and the exercise of the Company’s MARA Stream Option. Refer to Cautionary Note Regarding Forward-Looking Statements.

Estimated Gold Equivalent Production

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Greenstone Gold Mine

The Mines that Make Us

Discover more about the mines that will contribute to Sandstorm’s growth below.

Greenstone

Equinox Gold

2024

First Production

96%

Complete

$10–$15 million

Expected Average Annual Cash Flows to Sandstorm

360,000 ounces

Average Annual Gold Production (Life of Mine on 100% basis)

Average Annual Cash flows are post-tax, based on commodity price assumptions of $1,800/oz Au, $23/oz Ag, $3.90/lb Cu. Project completion as at November 2023. See www.equinoxgold.com for more information.

The Greenstone gold project is located approximately 275 km northeast of the city of Thunder Bay and 4 km south of the town of Geraldton, Ontario and is owned jointly by Equinox Gold Corp. (60%) and Orion Mine Finance (40%). This development stage project is centered on the historic Hardrock Gold Mine and consolidates four historic underground gold mines into one giant open pit mine development.

Platreef

Ivanhoe Mines

2025

Phase 1 Production

80%

Complete (Phase 1)

$5–$20 million

Expected Average Annual Cash Flows to Sandstorm (Phase 1 & 2)

2,500–10,000 ounces

Average Annual Gold Deliveries to Sandstorm (Phase 1 & 2)

Average Annual Cash flows are post-tax, based on commodity price assumptions of $1,800/oz Au, $23/oz Ag, $3.90/lb Cu. Average cash flow and gold deliveries include Phase 2 expansion. Project completion as at November 2023. See www.ivanhoemines.com for more information.

The Platreef Project is located in northeast South Africa, within the Bushveld Igneous Complex’s northern limb, the world’s largest source of platinum group metals (PGM). Platreef is a development-stage project which contains a large new discovery of PGM, nickel, copper and gold.

Hod Maden

SSR Mining

2028

Estimated Production

Early Works Construction

$25–$30 million

Expected Average Annual Stream and Royalty Cash Flows

195,000 ounces

Average Annual Gold Equivalent Production (100% basis)

Average Annual cash flows are post-tax, based on commodity price assumptions of $1,800/oz Au, $23/oz Ag, $3.90/lb Cu. Cash flows exclude cash flows from Horizon Copper debenture. Average Annual Gold Production based on 2021 Feasibility Study. See www.ssrmining.com for more information.

The Hod Maden project is located in northeastern Türkiye within the Eastern Pontides metallogenic belt. Gold-copper mineralization in the Main Zone at Hod Maden occurs as semi-massive to massive sulphides and multi-phase quartz-sulfide breccia-hosted mineralization.

Robertson

Nevada Gold Mines

2027

First Production

Actively Permitting

$5 million

Expected Average Annual Cash Flows to Sandstorm

1.6 million ounces

Maiden Proven & Probable Reserves

Average Annual Cash flows are post-tax, based on commodity price assumptions of $1,800/oz Au, $23/oz Ag, $3.90/lb Cu. As of December 31, 2022, Proven and Probable Reserves are 1.6 Moz contained in 110 Mt at 0.46 g/t within Measured and Indicated Resources of 160 Mt at 0.42 g/t for 2.2 Moz gold (inclusive resources, 100% basis, varied cut-off grades). See www.barrick.com for more information.

The Robertson property is located in one of the most highly mineralized areas of ground in Nevada, approximately 100 km southwest of Elko, Nevada within the Battle Mountain-Eureka Gold Trend. The property lies at the north end of the Cortez District. Robertson is owned by Nevada Gold Mines (NGM), a joint venture between Barrick Gold Corp. (61.5%) and Newmont Corporation (38.5%).

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