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CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements", within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Sandstorm Gold Ltd. (“Sandstorm”). Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, the estimation of mineral reserves and resources, realization of mineral reserve estimates, the timing and amount of estimated future production. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans”, or similar terminology. Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of Sandstorm to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Sandstorm will operate in the future, including the price of gold and anticipated costs. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, gold price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold Sandstorm will purchase, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Sandstorm to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which Sandstorm will purchase gold and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the section entitled “Risks to Sandstorm” in Sandstorm’s annual report for the financial year ended December 31, 2014 available at www.sedar.com. Although Sandstorm has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Sandstorm does not undertake to update any forward looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws. 2
OVER 100 NEW STREAMS & ROYALTIES In Last 24 Months US$1.6 Million US$1 Million US$4.6 Million US$152 Million Pinecrest Resources Akorade Royalty Gold Royalties Yamana 1 royalty buy back 13 royalties 2 Streams + 1 NSR US$44 Million US$400,000 US$50,000 US$0.5 Million US$19 Million SND Acquisition Nyrstar 8 Nevada Royalties Pacific Ridge Teck 8 streams/royalties 8 royalties 3 royalties 55 royalties 2015 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR APR MAY JUN JUL AUG SEP OCT NOV DEC 2016 2014 Diavik Royalty US$52.2 Million Alexandria Minerals Karma Stream Bomboré Royalty 2 royalties US$30 Million US$1 Million US$3 Million 3
OPERATING CASHFLOW BY COUNTERPARTY Juniors Mid-tiers Majors 12% 77% 90% 8% 10% 4% 23% 46% 33% 57% 88% 31% in 2013 in 2016 in 2019 4
COUNTERPARTY UPGRADES Juniors Mid-tiers Majors 5
OPERATING CASH FLOW AFTER TAX $1,200/oz Au, $15.00/oz Ag, $2.10/lb Cu $65M $70M YA M A N A $60M $53M Streams $50M $40M $30M Royalties $20M $10M 2016 2017 2018 2019 2020 2021 * Cash flow figures exclude interest expense and approx. $6 million/yr of G&A 6
Karma ASSET UPDATES Expansion True Gold Mining Inc. North Kao Deposit 1499500.0 N 1499000.0 N 1498500.0 N 1498000.0 N 1497500.0 N Design pits Resource optimization pits North Kao Kao Grade (g/t Au) 0.10–0.20 0.20–0.50 0.50–0.75 0.75–1.00 1.00–3.00 300m 0 100 200 > 3.00 7
Karma ASSET UPDATES Expansion True Gold Mining Inc. North Kao Deposit 7.1m @ 6.6g/t Au 70.5m @ 07 1.9g/t Au Drill Discoveries 45 6.0m @ 29.5g/t Au New Drill Ready 16.3m @ Targets 0.9g/t Au 5.6m @ 233 12.61g/t Au Significant Gold Anomalies 22.5m @ 2.4g/t Au 76.0m @ 0.5g/t Au 8
Hot Maden ASSET UPDATES Mineral Reserves and Resources Figure 3: Hot Maden – Cross Section 4,542,250N Figure 4: Hot Maden – Cross Section 4,542,200N Figure 5: Hot Maden – Cross Section 4,542,150N 3 6 0 Planned 1 1 3 5 4 - Drillhole - - D D D 3 3 5 HTD-17 0 T H T D - 0 9 H T D - 0 4 - - T T 4 2 1 D D - H 2 3 3 H H D 0 2 T T - - - 0 T 1 D D D H H - - H T T T D D Overburden 5 H H H Au-Zn 9 1 T T 2 8 - H H D Zone - 1 850m Overburden D - T D T H H T H 1m @ 9.0 g/t Au Au-Cu Overburden 850m 63.6m @ 14.5 g/t Au, Zone Zn Zn 36.3m @ 21.7 g/t Au, 3.4% Cu Zone Zone 5.5% Cu 83m @ 13.4 g/t, 22m @ 3.05 g/t Au 3.88 % Cu 800m 71m @ 32.7 g/t Au, 103m @ 9.0 g/t Au, 16m @ 0.93 g/t Au 1.99% Cu 2.2 % Cu 800m 800m Planned Drillhole Zn Zn 750m Zone Zone 750m 750m Open Open 100.2m @ 5.6 g/t Au, 1.3% Cu 82m @ 20.4 g/t Au, 700m 1.9% Cu Au-Cu 700m 700m Zone Au-Cu 650m Zone 650m 650m 117.3m @ 13.9 g/t Au, Overburden 2.0% Cu 200m Au-Cu Zone 109.9m @ 11.9 g/t Au, Zn Zone 1.1% Cu 600m Looking North 600m 600m 0 50m 100.7m @ 2.3 g/t Au, 1.8% Cu 550m 550m 108.2m @ 3.0 g/t Au, 1.3% Cu LATE STAGE 500m Overburden 500m LATE STAGE ANHYDRITE ANHYDRITE FLOODING Au-Cu Zone 126.0m @ 0.3 g/t Au, FLOODING 200m 0.6% Cu Zn Zone ? Anhydrite Zone ? Open 450m 6m @ 0.8 g/t Au, 0.6% Cu Looking North ? 0 50m 17m @ 0.7% Cu 400m 740400E 740500E 740600E 740700E 740800E Overburden ? Au-Cu Zone 200m 10m @ 0.6% Cu Zn Zone Anhydrite Zone 350m Looking North 0 50m 300m 740600 740700 740800 9
Black Fox ASSET UPDATES Primero Mining Corp. Froome Zone 10
Black Fox ASSET UPDATES Primero Mining Corp. Froome Zone 11
144 Gap ASSET UPDATES Lake Shore Gold Corp. 12
144 Gap ASSET UPDATES Lake Shore Gold Corp. Timmins Deposit Timmins West Mine Thunder Creek TC – 144 Trend 144 Gap Deposit Indicated: 1,734,000 tonnes @ 5.41 gpt (301.7k oz) 144 Gap Inferred: 1,914,000 tonnes @ 5.19 gpt (319.2k oz) 144 Gap SW Zone Discovery 144 (Within 200 m of 144 Gap Zone) North Near-Term Exploration Targets Gold River Trend 144 South Gold River Deposit M&I: 690k tonnes @ 5.3 gpt (117k oz) Inferred: 5.3M tonnes at 6.1 gpt (1.0M oz) 8 13
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