2021 ASSET HANDBOOK
Hundreds of Royalty Assets in a Single Investment
A BRIGHTER WAY TO INVEST IN GOLD GLOSSARY
ADR – adsorption, desorption, and refining
Ag – silver
AISC – all in sustaining cost
AgEq – silver equivalent
Au – gold
AuEq – gold equivalent cpt – carats per tonne
Cu – copper
CuEq – copper equivalent
GOR – gross overriding royalty
GPR – gross proceeds royalty
GSR – gross smelter returns
GRR – gross revenue royalty g/t – grams per tonne k – thousand (000) km – kilometer km2 – square kilometer lbs - pounds
Kt – thousand tonnes
M – million
Mt – million tonnes
NPI – net profit interest
NSR – net smelter return oz – troy ounce royalty – contract to receive a portion of the revenue generated by a mine stream – royalty contract to purchase a portion of the metal produced from a mine tpd – tonnes per day
VMS – volcanogenic massive sulfide
To the best of Sandstorm’s knowledge, the information pertaining to the assets in this handbook is believed to be accurate as of July 29, 2021. For the most up to date asset information, please visit sandstormgold.com or email [email protected]. SANDSTORM GOLD ROYALTIES ASSET HANDBOOK
Introduction PG 05
Producing PG 10 – 37
Development PG 38 – 65
Advanced Exploration PG 66 – 87
Exploration PG 88 – 97
Additional Information PG 98 Royalty Purchase Rights and ROFRs 99 References 102 Cautionary Notes 106
2021 Asset Handbook SANDSTORM GOLD LTD. 3 ASSET HANDBOOK INTRODUCTION
4 SANDSTORM GOLD LTD. 2021 Asset Handbook SANDSTORM GOLD ROYALTIES ASSET HANDBOOK INTRODUCTION
INTRODUCTION
We began searching for our first gold streams during the depths of the global financial crisis in 2008. We had little in the way of cash, but we made up for our lack of resources with a big vision; to reshape the finance landscape in the mining sector with innovative financing solutions. Stream and royalty finance has since become a mainstream funding source for resource companies of all sizes, and Sandstorm has been a significant part of that evolution. In fact, during the last five years close to $14 billion in stream and royalty transactions were completed in the mining industry.
2021 Asset Handbook SANDSTORM GOLD LTD. 5 ASSET HANDBOOK INTRODUCTION
At the end of 2009, Sandstorm had three gold 22 streams in the portfolio, an outlook for modest cash flow and the drive to aggressively grow 200 and diversify our asset base. With over 200 1 1 0
streams and royalties at the time of this 1 writing, I am proud of what we have been able to accomplish thus far. 1
T
12
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
In 2017 we acquired a 30% interest in the “ gold-copper Hod Maden project located in northeast Turkey. Hod Maden is an anchor Hod Maden will asset for Sandstorm and is a multi-million more than double ounce discovery that is shaping up to be a Sandstorm’s high-grade, low-cost project with significant exploration upside. The project is being attributable developed by a local Turkish miner called Lidya production Madencilik who completed a Pre-Feasibility Study in mid-2018 and is working through the ” permitting process for construction of the asset. Once in production, Hod Maden will more than double Sandstorm’s attributable production and propel our cash flow to more than $100 million per year. The acquisition is truly transformative.
6 SANDSTORM GOLD LTD. 2021 Asset Handbook SANDSTORM GOLD ROYALTIES ASSET HANDBOOK INTRODUCTION
The purpose of this Asset Handbook is to Total Metres Drilled on Sandstorm Properties Per Year provide you with a detailed look at the many projects that will drive the future value of our 3,314 m 2009 company. With as many assets as we have, 20,000 m 2010 it can be difficult to keep up with all of the project developments. For example, of the 25,151 m 2011 more than 150 royalties on exploration and 29,083 m 2012 advanced exploration stage properties, several 30,036 m 2013 have undertaken material drill programs to 20,930 m 2014 test exploration targets, prove out an initial 205,218 m 2015 resource, or increase their existing reserves. 515,799 m 2016
535,579 m 2017
715,000 m 2018
521,898 m 2019
“ 540,551 m 2020 There is a great deal of optionality in our It is also worth highlighting the right of first exploration portfolio refusal and buyback rights on future streams and royalties that we have been acquiring ” during the last few years. We have accumulated more than 60 of these contracts (not included in our stream and royalty count) that in many cases give Sandstorm the perpetual right to acquire new royalties on fixed terms, at In 2020 alone, over 540,000 metres of drilling our option. Put it all together and there is a took place on these properties and Sandstorm significant amount of unrecognized value, and is not required to contribute any capital to we hope this handbook helps to illustrate that. these efforts. Overall there is a great deal of optionality in our exploration portfolio, what As we continue to redeploy our cash flow we like to call exploration acorns as they into new royalty transactions, there are a symbolize small seeds individually but have few competitive advantages that come to the potential to turn into sources of lasting mind. Firstly, I think of the quality of our growth and value for our company. internal technical team. Our senior technical
2021 Asset Handbook SANDSTORM GOLD LTD. 7 ASSET HANDBOOK INTRODUCTION
staff has diverse international experience in exploration, building and operating mines, mills, smelters etc.—they've really seen it all. “ In the last few years our technical group has When we identify a formalized and improved the thoroughness of our due diligence process, allowing us valuable opportunity to acquire streams and royalties on high- we have an effective, quality projects with exploration upside, while streamlined process avoiding troubled assets. Working alongside our technical group is our senior deal team ” made up of individuals that have billions of dollars of collective transaction experience. Another one of our competitive advantages is our ability to transact quickly. When we identify a valuable opportunity we have an effective, streamlined process and our management team and board of directors do not let needless bureaucracy stand in the way.
8 SANDSTORM GOLD LTD. 2021 Asset Handbook SANDSTORM GOLD ROYALTIES ASSET HANDBOOK INTRODUCTION
Lastly, we intend to continue being leaders and innovators in creating tailored financial solutions for our mining partners, an element of our business that has helped set us apart from our competitors.
This Asset Handbook is a living document that will continue to grow and evolve as we add new streams and royalties and as projects work their way through the cycle of exploration, development and operations. A few years from now I expect that we will have a much larger base of cash flowing assets, a stronger growth pipeline of development- stage projects and an even greater amount of optionality in the form of exploration acorns. We are excited to continue executing our business model and building value for shareholders.
Thank you for your interest in our story.
Nolan Watson President, CEO and Director
2021 Asset Handbook SANDSTORM GOLD LTD. 9 2021 Asset Handbook Producing Assets North America 12
BLACK FOX 12
BRACEMAC-MCLEOD 13
DIAVIK 14
EMIGRANT 15
GOLD BAR 16
HM CLAIM 17
MING 18
RELIEF CANYON 19
SAN FRANCISCO 20
SANTA ELENA 21
THUNDER CREEK AND 144 ZONE 22
TRIANGLE ZONE 23
South America 24
AURIZONA 24
CERRO MORO 25
DON NICOLAS 26
CHAPADA 27
FRUTA DEL NORTE 28
GUALCAMAYO 29
NORTHERN SYSTEM 30
SOSSEGO 31
Africa 32
HOUNDÉ 32
KARMA 33
MWS 34
Asia 35
ALTINTEPE 35
Australia (Oceania) 36
FORRESTANIA 36
VATUKOULA 37 11 North America PRODUCING
COMMODITY LOCATION Ontario, Canada PRODUCING Black Fox Hudson Bay SK MB QC
OPERATOR United States McEwen Mining Inc.
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
A merica N orth 2010 / 11 / 09 Stream 8% of Au $566/oz
The Black Fox Mine is located outside of below surface and is expected to extend Matheson, Ontario in the Timmins Gold to more than 800 metres in depth. District. Black Fox began operating as an open pit mine and transitioned to underground Ore mined at Black Fox is transported to the operations in 2011. Underground ore is Black Fox mill, located 28 km away, and is extracted using a combination of long fed into a 2,400 tpd grinding circuit which hole stoping, cut and fill, and narrow vein includes a two-stage closed circuit ball mill. mining methods. Ore is accessed from a Soluble gold is recovered by adsorption on series of declines branching off from the activated carbon using carbon-in-column, main ramp to surface. The underground carbon-in-leach, and carbon-in-pulp processes mine at Black Fox begins at the bottom of yielding recoveries of 90% to 95% on average. the open pit approximately 200 metres For more information refer to As of December 2019, the Probable Mineral www.mcewenmining.com Reserve at Black Fox underground was 63 kozs of gold contained in 0.35 Mt at a grade of 5.73 g/t (3.56 g/t gold cut-off). Black Fox
8.0% Gold Stream N 6.3% Gold Stream Mineralization Targets
Beatty 101 101 Hislop RECENT ACTIVITY Portal Froome Tamarak January 2021 Zone McEwen closed a private placement of approxi-
mately US$13 million. The proceeds will be used Pike River to fund the development of the Froome deposit. McEwen reported that they will be completing the access ramp to the Froome deposit in late Q1 2021 and expect to reach commercial production in Q4 2021. Royalty Map
1,009 ha October 2020
Development of the underground access to the Grey Fox Froome deposit is on track, having advanced 47% 1 km by the end of the third quarter of 2020.
12 SANDSTORM GOLD LTD. 2021 Asset Handbook North America PRODUCING
COMMODITY LOCATION Québec, Canada Bracemac- PRODUCING NWT NU
McLeod Hudson Bay AB SK MB
NL ON
OPERATOR NB PE United States Glencore plc NS
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2011 / 07 / 13 Royalty 3.0% NSR n/a A merica N orth
The Bracemac-McLeod mine is a high-grade transported to the Matagami Mill where it volcanogenic massive sulphide (VMS) deposit undergoes a flotation process to produce located in the prolific mining district of concentrates of zinc and copper. The Matagami, Québec. The Matagami district Matagami mill has been in operation since has seen mining activity for over fifty years 1963 and underwent an upgrade that was and Bracemac-McLeod is the region’s completed in 2007. Copper concentrate twelfth operating mine. Bracemac-McLeod from Bracemac-McLeod is sent to the Horne is a zinc-rich VMS deposit and also contains Smelter in Rouyn-Noranda, Québec and zinc economic values of copper, silver and gold. concentrate to the Canadian Electrolytic Zinc Refinery in Valleyfield, Québec. Underground longhole mining operations began in May 2013 with transverse and As of December 31, 2019, the Proven and For more information refer to www.glencore.com longitudinal stoping methods used to Probable Reserves at Bracemac-McLeod access the orebodies. The mine operates were 2.1 Mt at 6.0% zinc, 0.9% copper, at an average rate of 3,000 tpd and ore is 27.0 g/t silver and 0.6 g/t gold. Bracemac-McLeod
N
Royalty Map
3,104 ha
500m
Bracemac KT BRACEMAC
Upper Bracemac
R a i l r o West McLeod a d
MCLEOD
1.5% NSR 3% NSR
2 km RECENT ACTIVITY Glencore does not disclose activity updates from Bracemac-McLeod.
2021 Asset Handbook SANDSTORM GOLD LTD. 13 North America PRODUCING
COMMODITY LOCATION NWT, Canada PRODUCING Diavik Diamonds Beaufort Sea
NU U.S.A. YT OPERATOR Hudson Bay Rio Tinto plc BC AB SK MB
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
A merica N orth 2015 / 03 / 23 Royalty 1.0% GPR n/a
The Diavik mine is Canada’s largest diamond from the A154 South, A154 North and A418 mine, located on a 20 km2 island in Lac de pipes. Open pit mining from the three pipes Gras, Northwest Territories, approximately has concluded and the ore bodies are currently 300 km from Yellowknife. Access to the being mined from underground. Rio Tinto mine is by air year-round and by a 425 km announced the opening of a fourth pipe (A21) ice road in winter that operates for eight in the third quarter of 2018 and the current to ten weeks between January and March. mine plan has production continuing until Four diamond bearing kimberlite pipes are 2025. The Proven and Probable Mineral located just off the eastern shore of the island Reserve at Diavik consists of 11.0 Mt at and although the pipes are relatively small, 2.4 cpt for a total of 14.9 million carats as each having surface expressions less than of December 31, 2019 (1 mm cut-off). 200 metres in diameter, they are high grade For more information refer to In 2018, Rio Tinto revealed three of the www.riotinto.com making Diavik one of the most profitable diamond mines in the world. The majority finest rough diamonds from Diavik. The of Diavik’s products are gem-quality white diamonds are collectively known as The Diavik Stars of the Arctic and include a
Diavik stones, which are sold to select diamantaires. 177.7 carat diamond, one of the largest Diavik began extracting diamonds in January and most valuable gem quality rough 2003 and has since produced more than 120 diamonds ever produced in Canada. million carats of high quality rough diamonds
Royalty Map N Airstrip 104,582 ha
Sandstorm Royalty A154N Mine Site Location
Waste Rock Kimberlites Pile A154S Processed Kimberlite Containment A418 nunavut RECENT ACTIVITY Area
Plant Site January 2020 northwest Winter Road Full year production for 2019 totaled 6.72 million territories carats.
December 2018 The largest known diamond ever found in North A21 America was recovered at Diavik, weighing 552 carats. 1 km 20 km
14 SANDSTORM GOLD LTD. 2021 Asset Handbook North America PRODUCING
COMMODITY LOCATION Nevada, USA Emigrant PRODUCING SD OR ID WY NE
UT CO KS
CA OK AZ NM OPERATOR Pacific Ocean TX Newmont Corporation Mexico
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2013 / 10 / 04 Royalty 1.5% NSR n/a A merica N orth
The Emigrant mine is located at the south to initiating production, Newmont reported end of the Carlin Trend, a major regional gold Emigrant reserves of 1.6 million ounces of belt in Nevada, U.S.A. Emigrant is an open pit, gold (tonnage and grade were not reported). heap leach operation that reached commercial production during the third quarter of 2012. During the last quarter of 2017, Sandstorm The mine is expected to produce 90,000 received an update to the life of mine to 100,000 ounces of gold per year for production plan from Newmont. The approximately 10 years with additional years updated production plan reduced the ounces of heap leach processing beyond that. Prior expected to be produced from the areas of the mine subject to Sandstorm’s royalty.
For more information refer to www.newmont.com
Royalty Map N Emigrant 518 ha
Emigrant Royalty Other Sandstorm Royalties 1 Faults
Sections Township Boundary
2 km
Emigrant Deposit
Rain
RECENT ACTIVITY Newmont does not disclose mining or development activity related to Emigrant.
2021 Asset Handbook SANDSTORM GOLD LTD. 15 North America PRODUCING
COMMODITY LOCATION Nevada, USA PRODUCING Gold Bar SD OR ID Cabin Creek WY NE
UT CO KS
CA OK AZ NM OPERATOR Pacific Ocean TX McEwen Mining Inc. Mexico
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
A merica N orth 2016 / 01 / 19 Royalty 10% NPI n/a
The Gold Bar property is located at the phases with first planned ore production southeastern end of the Battle Mountain- coming from Cabin Creek. Gold Bar is Eureka-Cortez gold trend in Eureka County, designed as a 7,300 tpd operation with Nevada. Within the property there are three mined ore passing through a single stage defined gold deposits; Gold Pick, Gold Ridge, of crushing and onto a heap-leach pad and Cabin Creek. The mineralization is similar followed by an ADR recovery process. Gold for all three deposits and lies within 150 recovery is estimated at 82% and average metres of surface, hosted in carbonate-rich annual gold production is approximately sedimentary rocks of the Devonian McColley 60,000 ounces over a 7.4-year mine life. Canyon Formation. Gold Ridge and Cabin Creek are ancillary deposits and together Current Probable Mineral Reserves at Gold comprise approximately 22% of the mineral Bar total 17.2 Mt at 0.84 g/t gold containing For more information refer to www.mcewenmining.com resource. Sandstorm’s royalty covers the bulk 423,100 ounces (effective December of the mineral resource at Cabin Creek. 1, 2020, no cut-off grades stated).
An updated Feasibility Study released in
Gold Bar 2018 supports four open-pits mined in
Royalty Map N 84 ha Gold Bar (Cabin Creek) Gold Bar (Cabin Sandstorm Royalty
0 Gold Ridge Deposit Gold PiPickck Cabin CCreekreek
RECENT ACTIVITY
March 2020 Most of the material mined during 2019 came from the Cabin Creek pits and gold production for the year totaled 30,705 ounces.
November 2019 1 km McEwen closed a public offering for gross pro- ceeds of approximately US$50 million. Part of the proceeds will be used to advance current mining
projects and exploration prospects. GOLD ROYALTIES SANDSTORM 2019 March
16 SANDSTORM GOLD LTD. 2021 Asset Handbook North America PRODUCING
COMMODITY LOCATION Ontario, Canada HM Claim PRODUCING Hudson Bay SK MB QC
OPERATOR United States Kirkland Lake Gold Inc.
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2013 / 10 / 04 Royalty 2% NSR n/a A merica N orth
The HM claim is part of the Macassa mine support higher levels of production and enable complex located in Kirkland Lake, Ontario. more effective underground exploration The Kirkland Lake mining camp has been east of the SMC. A mid-shaft loading station a prolific gold producer since mining at approximately 1,650 metres in depth began there in 1915. Gold mineralization at is expected to be completed by 2022. Macassa is found along breaks or faults, in veins as quartz filled fractures, as sulphide Mining at Macassa is conducted primarily rich pyrite zones and as breccias. with overhand and underhand cut-and-fill methods. The Macassa mill was constructed The HM claim is an area that hosts the easterly in 1986, originally designed for throughput of extension of the South Mine Complex (SMC) 725 tpd but has been upgraded to handle 2,000 Macassa Mine and is located southeast of the #2 shaft at tpd. Ore processing at Macassa starts with the Macassa mine. The exploration results crushing and grinding before it enters leach For more information refer to from the SMC and HM Claim have identified tanks for cyanidation and then flows through a www.klgold.com a significant new find as some of the veins carbon-in-pulp circuit, followed by a Merrill- have larger widths and higher grades than Crow recovery system. The concentrate is
the Macassa main zones. Kirkland Lake Gold melted in a furnace where doré is poured HM Claim is developing a new 4,000 tpd shaft that will that typically contains 85% to 88% gold.
RECENT ACTIVITY
April 2019 An updated NI 43-101 Technical Report was filed Royalty Map for Macassa. The report estimates that phase one N of the #4 Shaft project will be completed during 10.2 ha the second quarter of 2022 and phase two at the end of 2023. The shaft will support higher levels of Sandstorm Royalty production and enable more effective underground exploration to the east of the South Mine Complex 1 km where the HM Claim is located.
South Mine Complex July 2018 Macassa Mine Kirkland Lake announced high-grade intersections from the continuation of their 2018 infill drilling East Claim program at the Macassa mine. The results have HM Claim identified a high-potential area within the HM Claim, located approximately 560 metres south- southeast of the new #4 Shaft. Highlighted underground drill results include:
South Claims ↳ Hole 53-3453: 3.7 metres of 34.6 g/t gold from 222.2 metres;
↳ Hole 53-3455: 3.9 metres of 38.4 g/t gold 112 from 220.4 metres; and
66 ↳ Hole 53-3466: 3.6 metres of 65.5 g/t gold from 218.7 metres.
2021 Asset Handbook SANDSTORM GOLD LTD. 17 North America PRODUCING
COMMODITY LOCATION Newfoundland, Canada PRODUCING Ming
Atlantic QC Ocean
OPERATOR NB PE Rambler Metals & Mining plc NS
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
A merica N orth 2010 / 02 / 04 Gold Stream 25% – 32% $0/oz
Ming is a copper-gold massive sulphide circuit at the Nugget Pond Mill approximately deposit located in northwestern 40 km from the Ming mine. The processing Newfoundland in a region that has a strong facility includes a conventional crushing, history of gold, base metal and industrial grinding and flotation process that has been minerals mining. The two dominant types in commercial production since the second of mineralization at Ming are stratiform quarter of 2013. Recoveries range from 94% volcanogenic massive sulphide (Ming to 96% for copper and 65% to 70% for gold. Massive Sulphide) and disseminated sulphide stringers (Lower Footwall Zone). Rambler expanded the mill throughput capacity to 1,250 tpd in 2017 and the current Production began in late 2011 and Rambler mine plan from the June 2015 Pre-Feasibility produced approximately 15 kozs of gold Study has production continuing through For more information refer to www.ramblermines.com in five months from a high-grade gold 2036. The Proven and Probable Reserves area, known as the 1806 Zone. This early (diluted and recovered) as of January 1, production from the gold zone allowed 2020 are 7.9 Mt of ore containing 1.72%
Ming Rambler to generate revenue while the copper and 0.4 g/t gold (1.0% Cu cut-off). company constructed a copper flotation
Royalty Map 41B 955 ha N
Gold Stream
Portal North Zone 1807 Zone 1 km
RECENT ACTIVITY 1806 Zone
March 2020 South Zone Diamond drilling in 2019 totaled 26,122 metres in 232 holes and supported an Updated Mineral 414 Resource Estimate of 24.5 Mt of Measured and Indicated Resources grading 1.70% copper and 0.34 g/t gold containing 920 Mlbs of copper and 264 kozs of gold (1% copper cut-off).
18 SANDSTORM GOLD LTD. 2021 Asset Handbook North America PRODUCING
COMMODITY LOCATION Nevada, USA Relief Canyon PRODUCING SD OR ID WY NE
UT CO KS
CA OK AZ NM OPERATOR Pacific Ocean TX Americas Gold and Silver Corporation Mexico
ACQUISITION DATE AGREEMENT TYPE TERMS
2019 / 04 / 03 Stream 32 koz Au over 5.5 yrs A merica N orth ↳ 4% Au/Ag @ 30%-65% of spot thereafter Royalty 1.4% – 2.8%
The Relief Canyon project is located at the the 11,700-hectare land package has been southern end of the Pershing Gold and Silver explored to date. A 2018 drilling program Trend along the Humboldt Range, one of comprised of 9,000 metres focused on Nevada’s highly prospective historic mining four target areas referred to as the West jurisdictions. Once a producing open pit Step-Out area, the North East Pit, the Main mine, infrastructure on site at Relief Canyon Zone, and the South East Lightbulb Pit. includes easy access to power and water as The bulk of the drilling was performed at well as a fully permitted heap-leach processing the West Step-Out area and focused on facility with a capacity of 21,500 tons per day. extending mineralization to the west and southwest of the current economic pit. A Feasibility Study released in May 2018 outlined average annual production of 91,000 In May 2020 Sandstorm received its first For more information refer to www.americassilvercorp.com ounces of gold over a 5.6-year mine life at an gold delivery from Americas Gold and average all-in-sustaining-cost of US$801 per Silver under the Relief Canyon stream ounce of gold. Proven and Probable Reserves agreement and Relief Canyon reached Relief Canyon Relief as of May 2018 totaled 27.5 Mt of 0.72 g/t commercial production in January 2021. gold material for 635,000 contained gold ounces (based on 0.17 g/t cut-off grade).
Significant exploration potential exists at Relief Canyon as approximately 20% of
N Royalty Map
RELIEF CANYON ~11,700 ha Relief Canyon Deposit Stream Processing 4km Area of Interest Plant
2.8% NSR 2.0% NSR 1.4% NSR
RECENT ACTIVITY
January 2021
4 km The Relief Canyon mine reached commercial pro- duction in January 2021. Full levels of production
SANDSTORM GOLD ROYALTIES SANDSTORM 3, 2019 March are expected to be reached in April 2021.
2021 Asset Handbook SANDSTORM GOLD LTD. 19 North America PRODUCING
COMMODITY LOCATION Sonora, Mexico PRODUCING San Francisco United States of America
Gulf of California
OPERATOR Pacific Ocean Magna Gold Corp
ACQUISITION DATE AGREEMENT TYPE TERMS
A merica N orth 2020 / 11 / 30 Royalty 1.0% NSR ↳ 3,300 oz Au over the first 4 years followed by a 1.0% NSR
The San Francisco mine property covers on the San Francisco mine, which estimates more than 47,000 hectares located in the annual gold production of 69,000 ounces per north central portion of the state of Sonora, year from 2021 to 2027. The PFS contemplates Mexico, approximately 150 km north of the a 16,875 tpd heap leach operation using state capital city of Hermosillo. The project is existing processing capacity of 22,000 tpd. comprised of two previously operated open Ore placed on the existing leach pad will be pit mines, together with heap leach processing sourced primarily from open pits over the facilities and associated infrastructure. initial mine life of eight years, supplemented Operations at San Francisco commenced by a small portion of underground ore. in 2010 and the mine produced more than Given the mine, processing plant, and 820,000 ounces of gold between 2010 and infrastructure are all existing at San Francisco, 2020, achieving yearly production of more there are no significant capital investments For more information refer to www.magnagoldcorp.com than 100,000 ounces on several occasions. required to realize the production outlined in the PFS. Commercial production at San In May 2020, Magna Gold Corp. closed Francisco was achieved on June 1, 2021 San Francisco the acquisition of the San Francisco mine and commenced a mine operational As of August 8, 2020, the Proven and Probable improvement plan, which includes a full Reserves at San Francisco were 752.0 kozs review and update to the mine design of gold contained in 46.8 Mt at a grade of and production plan, metallurgy and 0.5 g/t based on a 0.14 g/t cut-off grade. processing, workforce management, and local and regional exploration.
In September 2020, Magna Gold announced the results of a Pre-Feasibility Study (“PFS”)
RECENT ACTIVITY
June 2021 Magna announced that commercial production at San Francisco was achieved on June 1, 2021. The Company stated that it is on track to achieve its earlier stated 2021 guidance of 55,000–65,000 oz of gold production. Magna anticipates a production run rate of ~6,000 Au oz/month in Q3 2021 and looks to exit the year at a run rate of ~7,500 Au oz/month.
March 2020 Magna Gold Corp. announced the acquisition of the San Francisco mine from Timmins GoldCorp.
20 SANDSTORM GOLD LTD. 2021 Asset Handbook North America PRODUCING
COMMODITY LOCATION Sonora, Mexico Santa Elena PRODUCING United States
Gulf of Mexico
OPERATOR
First Majestic Silver Corp.
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2009 / 05 / 14 Stream 20% of Au $464/oz A merica N orth
The Santa Elena Mine is located in northern 95% for gold during 2019. Excess capacity Mexico approximately 150 km northeast at the mill is being used to reprocess ore of Hermosillo in Sonora State. The from the heap leach pads. Production mineralization at Santa Elena is classified as during 2019 totaled 2,435,604 ounces a low sulphidation epithermal system and of silver and 45,119 ounces of gold. mining and exploration has been focused on a single wide vein. The mine began operating The Proven and Probable Mineral Reserves in 2011 as an open pit, heap leach operation as of December 2019 were 3.62 Mt at 83.0 and transitioned to an underground mine g/t silver and 1.22 g/t gold for contained and mill in early 2014. First Majestic is ounces of 21.5 Mozs of silver equivalent. currently mining from three stopes, targeting Santa Elena has Measured and Indicated underground production of 1,750 tpd. Mineral Resources (excluding Ermitano) For more information refer to www.firstmajestic.com of 3.73 Mt at 104.6 g/t silver and 1.5 g/t Ore is processed into gold-silver doré gold for 27.4 Mozs of silver equivalent bars through a Merrill-Crowe processing (105-115 g/t AgEq cut-off for underground facility with capacity of 3,000 tpd and ore and 75 g/t AgEq cut-off for leach pad recoveries have averaged 91% for silver and ore). Resources are inclusive of reserves. Santa Elena
Royalty Map N
2,726 ha
Gold Stream
Pit RECENT ACTIVITY
Santa Elena Main Ramp January 2021 Liquid Natural Gas generators were successfully El Ermitano installed at Santa Elena’s new LNG power facility during the last quarter of 2020. Leachpad Cumobabi Plant November 2020 During the third quarter, five surface and three underground drills were restarted and completed 10,308 metres of drilling. Exploration in the quarter was directed towards infill and expansionary drill- Cumobabi ing at the Santa Elena mine, Ermitaño project, and 10 km 1 km on three regional projects.
2021 Asset Handbook SANDSTORM GOLD LTD. 21 North America PRODUCING
COMMODITY LOCATION Ontario, Canada PRODUCING Thunder Creek Hudson Bay and 144 Zone SK MB QC
OPERATOR United States Pan American Silver Corp.
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
A merica N orth 2013 / 10 / 04 Royalty 1.0% NSR n/a
The Thunder Creek and 144 properties are processed with single-stage crushing and part of the Timmins West mine complex in grinding with a portion of the gold recovered Ontario. The deposits all occur along the by gravity methods, followed by pre-oxidation 144 Trend, a broad structural corridor that and cyanidation with carbon-in-leach and is host to extensive gold mineralization. carbon-in-pulp recovery. The Probable The gold occurs in steep north-northwest Reserves at Thunder Creek as of Jan. 2018 plunging zones within and proximal to totaled 0.47 Mt at 2.9 g/t gold (2.0 g/t cut-off). the 144 Trend and related structures. Drilling activity at the 144 project led to Thunder Creek is an underground mine the discovery of two significant zones of that has been in production since 2010 and gold mineralization about 750 metres to has produced more than 500 kozs of gold. the southwest of Thunder Creek, the 144 For more information refer to www.tahoeresources.com Primary mining methods include longitudinal Gap Zone and the 144 Gap SW Zone. The and transverse longhole stoping and ore is Proven and Probable Reserves as of Jan. hoisted to surface via a shaft and trucked 2018 at 144 Gap are 5.01 Mt grading 3.15 to the Bell Creek mill for processing. Ore is g/t for 496 kozs of gold (2.0 g/t cut-off). Thunder Creek and 144 Zone Creek Thunder
Timmins Deposit
101 N RECENT ACTIVITY Royalty Map Thunder August 2018 862 ha Creek Progress continued to be made on the infrastructure at 144 Gap which included ramp, raise and lateral Sandstorm Royalty 144 Gap Deposit development to access the resource. Underground 144 Gap SW Zone Discovery infill and definition drilling has totaled 20,487 1 km metres during the first half of 2018. 144 North
Gold River Deposit May 2018 Pan American is focused on optimizing operations 144 South at Timmins West in 2018. Efforts to rework the mine plan are underway in order to enhance flexibility in the stoping sequence and to maximize the develop- ment of stopes in ore. 144
22 SANDSTORM GOLD LTD. 2021 Asset Handbook North America PRODUCING
COMMODITY LOCATION Québec, Canada Triangle Zone PRODUCING NWT NU
Hudson Bay AB SK MB
NL ON
OPERATOR NB PE United States Eldorado Gold Corporation NS
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2015 / 10 / 21 Royalty 2.0% NSR n/a A merica N orth
The Triangle Zone is located within the vertically. To date, seven structures have Lamaque project in the prolific Val d’Or been identified by drilling from surface mining district of Québec. The property is to around 1,000 metres vertical depth. located 2.5 km south of the past producing Lamaque and Sigma Mines, which together As of Dec. 31, 2017, the Proven and Probable produced more than 10 Mozs of gold. Mineral Reserve at the Triangle deposit was 893 kozs of gold contained in 3.8 Mt Triangle is an Archean greenstone-hosted at a grade of 7.3 g/t (3.5 g/t cut-off) and orogenic lode gold deposit. Gold is found the Measured and Indicated Resource Lamaque Mine within quartz-tourmaline-carbonate veins, was 1.1 Mozs contained in 3.7 Mt at 8.9 which are hosted within a series of sub- g/t gold. The Inferred Resource totals For more information refer to www.eldoradogold.com parallel sub-vertical shear zones centered 1.1 Moz in 4.7 Mt at a grade of 7.42 g/t around a steeply plunging cylinder-shaped (2.5 g/t cut-off inclusive of Reserves). porphyritic diorite. Individual gold bearing vein zones and associated alteration are Eldorado achieved commercial production in 4 to 5 metres thick on average and extend March 2019. The Sandstorm royalty covers a 500 to 700 metres horizontally and portion of the Triangle reserves and resources. Triangle Zone Triangle
Royalty Map
7 ha N
Sandstorm Royalty Resource Area RECENT ACTIVITY Lamaque South
March 2020 1 km Eldorado received a Certificate of Authorization Sigma from the Quebec Ministry of Environment allowing Mine Sigma Mill for the expansion of underground production from the Triangle Deposit from 1,800 tonnes per day to Lamaque 2,650 tonner per day. Mine
Fortune Zone Parallel Zone September 2019 Exploration activities at Lamaque including 22,650 metres of diamond drilling targeting the
No. 4 Plug lower Triangle Deposit have focused on expand- ing mineral resources and converting resources to reserves. Results to date have successfully expanded high-grade mineralization beyond the 2018 resource Triangle Deposit model.
2021 Asset Handbook SANDSTORM GOLD LTD. 23 South America PRODUCING
COMMODITY LOCATION Maranhão, Brazil PRODUCING Aurizona Venezuela Atlantic Ocean Columbia
Ecuador
Peru
Pacific Ocean OPERATOR Bolivia Equinox Gold Corp. Chile
ACQUISITION DATE AGREEMENT TYPE TERMS
S outh A merica 2009 / 05 / 15 Royalty Au ≤ $1,500 = 3% NSR Au $1,501–$2,000 = 4% NSR Au > $2,000 = 5% NSR
The Aurizona Gold Project is located involving an upgrade to the mill that provides in Maranhão State in northern Brazil. for an 8,000 tpd crushing and grinding circuit Aurizona is an orogenic gold deposit hosted that can treat all ore types. The average annual in a greenstone belt of the São Luis Craton. production is expected to be 136,000 ounces There are many mineralized bodies on of gold over an initial 6.5 year mine life. the property but work to date has focused on the Piaba and Tatajuba deposits on An updated Mineral Reserve Estimate which the current resource is based. reported 958,000 ounces of Proven and Probable Reserves as of December 2019 The Aurizona mine was an active open-pit contained in 19.8 Mt of 1.5 g/t gold material operation from 2010 to 2015, producing (0.6 g/t gold cut-off for Piaba and Piaba East approximately 329 kozs of gold at an and 0.41 g/t gold cut-off for Boa Esperança). For more information refer to average grade of 1.3 g/t. Ore was processed Exploration programs are ongoing and www.equinoxgold.com through a gravity and carbon-in-leach plant focused on expanding the resource at with gold recoveries averaging 88%. Tatajuba and along the Piaba trend as
Aurizona well as upgrading inferred resources to A Feasibility Study was released in August indicated in the Piaba underground area. 2017 and outlined a mine restart plan
RECENT ACTIVITY
January 2021 Equinox Gold released positive drill results from the Royalty Map N 2020 Piaba underground drill program, with 96% 20,627 ha of holes intersecting significant gold mineralization.
Sandstorm Royalty
November 2020 Processing Plant Equinox Gold expanded its planned 17,000 metre underground drill program at Piaba to 25,000 metres with 23,093 meters completed at press time. The objective of the drill program is to con- vert underground Inferred Resources to Indicated Waste Dump Resources in support of a Pre-Feasibility Study for potential underground development. Piaba Pit Tailings Piaba Dam Boa West Ferradura May 2020 Tatajuba Conceiçāo The Aurizona Measured and Indicated Resources (exclusive of reserves) increased 22% to 844,000 ounces of contained gold from 16.0 Mt at 1.6 g/t gold, with Measured Resources of 2.7 Mt grading 1.25 g/t gold and Indicated Resources of 13.2 Mt grading 1.7 g/t gold (based on a underground cut-off grade of 1.0 g/t Au and an open pit cut-off grade of 0.6 g/t Au). 3 km
24 SANDSTORM GOLD LTD. 2021 Asset Handbook PRODUCING
COMMODITY LOCATION Santa Cruz, Argentina Cerro Moro PRODUCING
Pacific Brazil Ocean Paraguay
Uruguay
Atlantic Ocean OPERATOR Chile Yamana Gold Inc.
ACQUISITION DATE AGREEMENT TYPE TERMS
2015 / 10 / 27 Silver Stream 20% of Ag S outh A merica ↳ up to a maximum of 1.2Mozs of silver annually, until 7.0Mozs are delivered; then
ONGOING PAYMENT 9% of Ag ↳ for the life of the mine 30% of spot
The Cerro Moro low sulfidation, silver-gold ounces. The Reserve cut-off grade is $215 deposit is located within the Deseado Massif NSR/t based on $1,250/oz gold and $18.00/ approximately 70 km southwest of the oz silver with metallurgical recoveries coastal port city of Puerto Deseado in the of 95% for gold and 93% for silver. Santa Cruz province of Argentina. Cerro Moro contains a number of high-grade Yamana is targeting the addition of 1.0 epithermal gold and silver deposits, some of million gold equivalent ounces to the which will be mined via open pit and some mineral inventory over the coming years. via underground mining methods. The plant On June 26, 2018, Yamana declared has the capacity to process 1,000 tpd and commercial production and in January 2019, consists of a crushing, grinding and flotation Sandstorm began purchasing silver ounces For more information refer to circuit with a counter current decantation Moro Cerro from Cerro Moro. Yamana produced 6,322,864 www.yamana.com and a Merrill Crowe circuit included. ounces of silver and 120,802 ounces of gold The Proven and Probable Reserve estimate in 2019. The mine plan involves a transition as of December 2019 is 1.53 Mt with an to a greater proportion of underground average grade of 619.2 g/t silver for 30.5 mining over the next three years including million ounces and 10.75 g/t gold for 529,000 production from Zoe underground. CERRO MORO
Royalty Map RECENT ACTIVITY Gabriela
Silver Stream April 2021 5km Area of Interest Nini The opening of additional mining faces and Mineralization transition to increased mill feed coming from underground mining, at higher grades than the open pit ore, continued in the first quarter 2021, Escondida Far West with Zoe contributions becoming more prevalent in Escondida East Carlita the second half of March. This trend will continue Escondida throughout 2021, with most of the ore to plant
Veronica coming from Escondida Far West, Zoe, Escondida Plant Central and Escondida West. Zoe
February 2020 A US$18 million exploration budget for 2020 will include drill programs and multi-disciplinary 2 km fieldwork aimed at extending the mine life at Cerro Moro. 20 km SANDSTORM GOLD ROYALTIES SANDSTORM July 7, 2021 July 7,
2021 Asset Handbook SANDSTORM GOLD LTD. 25 South America PRODUCING
COMMODITY LOCATION Santa Cruz, Argentina PRODUCING Don Nicolas
Pacific Brazil Ocean Paraguay
Uruguay
Atlantic Ocean OPERATOR Chile Cerrado Gold Inc.
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
S outh A merica 2013 /10 / 04 Royalty $3/oz on Au n/a capped at $2M
The Don Nicolás project is located in Santa Cerrado Gold Inc. acquired Don Nicolás Cruz, Argentina within the Deseado Massif in March 2020 and expects the mine to geological setting. The gold and silver at produce approximately 50,000 ounces per Don Nicolás occurs as low sulphidation, year over at least 7 years with ore sourced epithermal mineralization within sub- from the Martinetas and La Paloma deposits. vertically oriented quartz-breccia veins. Metallurgical recoveries are expected to average 92% for gold and 47% for silver. A Feasibility Study was completed in 2012 by Mineral IRL Limited evaluating an Upside opportunities for the project open pit mine with ore production from include underground development of the two districts, Martinetas and La Paloma, deeper high-grade shoots at Sulfuro on located approximately 50 kilometres apart. the La Paloma property, and heap leach For more information refer to A private Argentinian company Compañía recovery of lower-grade material around www.cerradogold.com Inversora en Minas (CIMINAS) acquired the Martinetas area where a portion the project from Mineral IRL in 2014 and of the mineral resource is based. began developing the mine and constructed a
Don Nicolas processing facility with a two-stage crushing Sandstorm’s royalty is capped at $2 million circuit and carbon-in leach treatment plant and covers a portion of the Don Nicolás with capacity to process 1,000 tpd. The first property claims. Sandstorm acquired gold doré bar was poured from the Martinetas the royalty as part of its acquisition district at Don Nicolás in September 2017. of Premier Royalty Inc. in 2013.
RECENT ACTIVITY
May 2021 As of May 5, 2021, Cerrado had completed 1,172 metres of an ongoing 12,000 metre exploration drill Royalty Map program at the Chulengo target on Don Nicholas property. Highlights includes: ~19,800 ha ↳ PA-D21-62: 2.7 metres grading 118.0 g/t Au, starting from 15.7 metres; and Sandstorm Royalty La Paloma N ↳ PA-D21-63: 7.1 metres grading 22.6 g/t Au, Processing Plant Deposit starting from 33.1 metres. 10 km
October 2020 Cerrado Gold Inc. has filed an updated Techni- 3 cal Report for Don Nicolas. The report included Measured and Indicated Resources as at August 31, 2020 of 1.1 Mt grading 5.5 g/t Au and 8.4 g/t Ag (based on an underground cut-off grade of 3.0 g/t Au and an open pit cut-off grade of 0.3 g/t Au).
Martinetas March 2020 Deposit Cerrado Gold Inc. announced the closing of the US$45 million acquisition of Minera Don Nicolás S.A. including the Don Nicolás mine.
26 SANDSTORM GOLD LTD. 2021 Asset Handbook PRODUCING
COMMODITY LOCATION Goiás, Brazia Chapada PRODUCING
Ecuador
Peru Pacific Ocean Bolivia
Paraguay
OPERATOR Chile Atlantic Argentina Ocean Lundin Mining Corp.
ACQUISITION DATE AGREEMENT TYPE TERMS
2015 / 10 / 27 Copper Stream 4.2% of Cu S outh A merica ↳ up to a maximum of 3.9 million lbs of copper annually, until 39 million lbs are delivered; then ONGOING PAYMENT 3.0% of Cu 30% of spot ↳ until, on a cumulative basis, 50 million lbs of copper are delivered; then
1.5% of Cu for the life of the mine
Chapada is an open pit copper-gold mine October, an updated technical report was filed located 270 km northwest of Brasília in Goiás which outlines production through 2050. state, Brazil. The mine reached commercial production in 2007 and is an open pit truck Yamana, the previous owners, completed and shovel operation, with ore being treated studies to evaluate several development through a flotation plant with capacity of 23.4 opportunities at Chapada. These Mt per annum. The Chapada mine plan has opportunities range in scope from plant three open pit mining areas including Corpo optimization initiatives to enhance copper and Corpo Sul, which are currently being and gold recoveries, to a plant expansion mined, and the Suruca deposit that Yamana to bring forward cash flows and pit wall
plans to develop in the future. Exploration pushbacks to expose higher grade ore Chapada is ongoing to develop near mine targets at zones. Lundin is currently evaluating For more information refer to www.lundinmining.com Suruca SW, Suruca NE, Baru and Interpits. these and other scenarios for expansion that would increase the processing rate The Proven and Probable Reserves at Chapada up to 32 million tonnes per annum. total 759.7 Mt at a grade of 0.23% copper and 0.15 g/t gold containing approximately 1.8 Mt of copper and 3.6 million ounces of gold. * In *Reserves are calculated using an NSR cut-off grade value of US$4.73 per tonne based on US$3.00/lb copper and $1,300/oz gold and an exchange rate of USD/BRL of 4.00. The cut off value for gold only reserves is 0.19 – 0.30 in the Suruca open pit. RECENT ACTIVITY
April 2021 N Exploration expenditures in 2021 will focus on supporting in-mine and near-mine targets. Lundin Royalty Map Mining has a budget of $14.0 million for exploration Formiga work at Chapada in 2021. 63,428 ha (18km) Suruca
Sandstorm Stream December 2020 Plant 3km Area of Interest Suruca SW A return to full production rates has been achieved Mine Site Location at the Chapada mine. The return to full processing Baru capacity was achieved following the installation of Targets Sucupira the repaired motor on the ball mill. Interpits Buriti Chapada Pit September 2020 Corpo Sul Pit Lundin Mining announced that processing activi- ties have been interrupted at the Chapada mine in Brazil after the operation suffered a power outage on September 27, 2020. When the power was re- 2 km stored, the protection system at the operation’s main electrical substation failed, resulting in significant 10 km damage to the SAG and ball mill motors.
2021 Asset Handbook SANDSTORM GOLD LTD. 27 South America PRODUCING
COMMODITY LOCATION Morona-Santiago, Ecuador PRODUCING Fruta del Norte Columbia
Pacific Ocean OPERATOR Peru Brazil Lundin Gold Inc.
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
S outh A merica 2019 / 01 / 18 Royalty 0.9% NSR n/a
The Fruta del Norte gold project, located Gold to move quickly towards a feasibility in southeast Ecuador about 139 km east- study and ultimately a production decision northeast of the City of Loja, is one of the after acquiring FDN in late 2014. highest-grade gold projects currently under construction in the world today. The majority Current Probable Mineral Reserves of of the project area lies in the highlands 5.4 million ounces of gold in 20.8 Mt at a south of the Zamora River and east of the grade of 8.1 g/t (3.8 – 4.4 g/t cut-off grade) Nangaritza River in the Condor mountain support a 14-year life of mine (2021-2034). region. The Fruta del Norte (“FDN”) deposit The process plant will use gravity, flotation is an intermediate-sulphidation epithermal and carbon-in-leach circuits to recover gold-silver deposit measuring approximately gold to concentrate and as doré. 1,670 metres along strike, 700 metres For more information refer to Lundin Gold has completed several drill down dip and between 150 metres and 300 www.lundingold.com programs since 2015. Mapping, geochemical metres wide. The structure that hosts the sampling and permitting required for future FDN deposit is a Jurassic aged structural drilling continues at multiple epithermal zone termed the Suárez pull-apart basin. gold-silver targets to be explored inside Historical work carried out by prior owners and outside of the Suárez basin structure. including Aurelian Resources Inc., and
Fruta del Norte Kinross Gold Corporation, enabled Lundin
RECENT ACTIVITY
April 2021 Lundin Gold remains on schedule with its planned 10,000 metre drill program targeting conversion and expansion of the Fruta del Norte mineral resource, and completion of the second raise of the Fruta del Norte tailings dam. Royalty Map N A drill program focused on the high priority Bar- 64,406 ha basco and Puente-Princesa targets has commenced as part of the Company’s 9,000 metre regional Sandstorm Royalty
exploration drilling campaign. DEL NORTE FRUTA Fruta del Norte Area of Interest Deposit
December 2020 Suarez Pull-Apart Basin Bonza (Las Peñas) Effective July 31, 2020 Probable Mineral Reserves Exploration Targets Alejandro at Fruta del Norte have increased 8%, to 20.8 Mt at a grade of 8.1 g/t Au (based on a cut-off grade of 3.8 g/t for transverse stopes and 4.4 g/t Au for drift and fill stopes). Puente Princesa Barbasco
November 2020 Gata Salvaje An initial internal throughput expansion study was completed by Lundin Gold on the technical feasibil- ity of increasing throughput in the plant from 3,500 Emperador to 4,200 tpd. Engineering, costing, procurement of Robles additional equipment and scheduling are underway with the objective of completing this project before 5 km the end of 2021. 20 km
SANDSTORM GOLD ROYALTIES SANDSTORM 600% ZOOM January 2019
28 SANDSTORM GOLD LTD. 2021 Asset Handbook South America PRODUCING
COMMODITY LOCATION San Juan, Argentina Gualcamayo PRODUCING
Pacific Brazil Ocean Paraguay
Uruguay
Atlantic Ocean OPERATOR Chile Mineros S.A.
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2013 / 10 / 04 Royalty 1.0% NSR n/a S outh A merica
The Gualcamayo mine is an open pit and mineralization. Porphyry style molybdenum underground heap leach operation that mineralization also occurs at the project. reached commercial production in 2009. Gualcamayo consists of three substantial The process facility at Gualcamayo is designed zones of gold mineralization called Quebrada to treat 24,000 tpd and includes a primary, del Diablo (QDD), Amelia Ines-Magdalena secondary and tertiary crushing circuit. Gold (AIM) and QDD Lower West. QDD is recovery of approximately 60% is achieved a sediment-hosted disseminated gold with heap leaching and activated carbon in deposit while AIM is a sulphide-bearing an ADR plant where gold doré is produced skarn deposit containing copper, zinc and sent to a refinery. The December 2017 and molybdenum with gold-arsenic Proven and Probable Reserves at Gualcamayo contain 491 kozs of gold in 10.25 Mt at a For more information refer to www.yamana.com grade of 1.5 g/t (variable cut-off grades). Gualcamayo
GUALCAMAYO 1 GUALCAMAYO 2 Royalty Map N RECENT ACTIVITY 7,128 ha
Las Vacas March 2021 Sandstorm Royalty Project Camp Mineros S.A. plans to continue making investments in exploration at Gualcamayo to increase the life 2 km of the mine.
Potenciales Cerro Condor October 2018 Project Gualcamayo Project Pit Yamana announced the sale of the Gualcamayo mine to Mineros S.A. for approximately $85.0 million. Mineros S.A. is a Columbia based gold producer with operations in Columbia and Nicara- gua. Gualcamayo produced close to 70,000 ounces of gold during the first three quarters of 2018.
July 2018 RIO PIOJOS CATEO In the first half of 2018, production at Gualcamayo totaled 47,940 ounces of gold.
2021 Asset Handbook SANDSTORM GOLD LTD. 29 South America PRODUCING
COMMODITY LOCATION Para, Brazil PRODUCING Northern
Columbia Atlantic Ocean System Ecuador
Serra Leste Peru Serra Norte Pacific Ocean Serra Sul (S11D) Bolivia OPERATOR Paraguay Vale S.A. Argentina
ACQUISITION DATE AGREEMENT TYPE TERMS
S outh A merica 2021 / 06 / 29 Royalty 0.04% Net Iron Sales
The Vale Northern System is comprised of began production in 2014 and is expected three mine complexes: Serra Sul, Serra Norte, to produce through the late 2040s. and Serra Leste. The system is located in the Pará state of Brazil and is fully integrated In 2020, the Northern System produced 192 with mines, railroads, maritime terminals million tonnes (“Mt”) of premium +65% and a port. The mineralization is high-grade iron ore. Production capacity was 206 Mt hermatite ore with iron grades around 65%. at the end of 2020. Capacity is expected to increase to 230 Mt by the end of 2022, with Production in the Northern System started a long-term target of 260 Mt, which would in 1984 at the Serra Norte complex, which be achieved via the approved expansion is currently expected to run through the at Serra Sul and other growth projects. late 2030s. Serra Sul started production For more information refer to The approved expansion at Serra Sul (the www.vale.com in 2016 and is expected to produce through the late 2050s and Serra Leste Serra Sul 120 Project) consists of increasing capacity at the S11D mine to a total of 120 Mt, which is expected to be complete in 2024. The S11D mine is currently one of the largest iron ore mines in the world. Northern System
Royalty Map
Sandstorm Royalty NORTHERN SYSTEM
N
Alemão Serra Leste Serra Norte
Sossego 20 km Serra Sul (S11D) SANDSTORM GOLD ROYALTIES SANDSTORM 2021 June 30,
30 SANDSTORM GOLD LTD. 2021 Asset Handbook South America PRODUCING
COMMODITY LOCATION Para, Brazil Sossego PRODUCING
Columbia Atlantic Ocean Ecuador
Peru
Pacific Ocean Bolivia OPERATOR Paraguay Vale S.A. Argentina
ACQUISITION DATE AGREEMENT TYPE TERMS
2021 / 06 / 29 Royalty 0.03% Net Cu-Au Sales S outh A merica
The Sossego Mine Complex consists four main zones, from west to east areas: of two open-pit mines, Sossego and Pista, Sequerinho, Baiano and Sossego Sequeirinho, located in the Carajas region Hill of which, the Sequeirinho deposit is in the southeastern portion of Para State the most important in terms of size. in Brazil. Access to the Sossego Mine Complex is via a bitumen road from Copper ore is mined using the open-pit the township of Parauapebas. Sossego method, and the run-of-mine is processed was the first copper project taken into by means of standard primary crushing and operation by Vale and has been producing conveying, SAG milling, ball milling, copper copper concentrate since 2004. concentrate flotation, tailings disposal, concentrate thickening, filtration and load out. The Sossego deposit is associated with For more information refer to In 2020, the Sossego mine produced 87,700 www.vale.com a 10 km regional structural shear zone striking northeast to southeast and dipping tonnes of copper and Vale reported an updated steeply to the south. A series of copper gold reserves estimate for Sossego totaling 98.3 deposits are associated with this structure. million tonnes grading 0.69% copper and
The Sossego deposit has been divided into 0.19 g/t gold as of December 31, 2020. Sossego
Royalty Map
Sandstorm Royalty NORTHERN SYSTEM
N
Alemão Serra Leste Serra Norte
Sossego 20 km Serra Sul (S11D) SANDSTORM GOLD ROYALTIES SANDSTORM 2021 June 30,
2021 Asset Handbook SANDSTORM GOLD LTD. 31 Africa PRODUCING
COMMODITY LOCATION Tuy, Burkina Faso PRODUCING Houndé
Mali Niger
Benin OPERATOR Togo
Ghana Nigeria Endeavour Mining Corporation Cote d'Ivoire A frica
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2017 / 12 / 18 Royalty 2.0% NSR n/a
The Houndé project is located 250 km gravity circuit and carbon-in-leach plant. southwest of Ouagadougou, the capital city Gold recoveries are expected to average 93%. of Burkina Faso. Infrastructure in the area includes a paved highway approximately The mineralization at Houndé is within the 2.7 km from the mine site, a 225 kV power highly productive and prospective Birimian line as close as 200 metres in some areas Greenstone belt and occurs mainly as and a rail line that extends to the port quartz stockwork-style. The Vindaloo trend, of Abidjan, Côte d’Ivoire approximately where the bulk of the Mineral Reserves 25 km west of the deposit area. have been identified, has been drill tested for a distance of approximately 7.7 km along The mine reached commercial production strike and up to 350 metres in depth. The in November 2017 and Houndé is now mineralization remains open both along For more information refer to www.endeavourmining.com Endeavour’s flagship asset, ranking amongst strike and to depth and Endeavour has West Africa’s top tier cash generating mines. set an exploration budget of $40 million The average annual production during the to be spent over the next four years. first four years of operations is expected
Houndé to be 235,000 ounces of gold at an all-in- Sandstorm’s royalty covers the Kari North and sustaining-cost of US$610 per ounce. Houndé Kari South tenements which contain Proven is an open-pit mine with a 3.0 Mt per year and Probable Reserves as of December 2019 of 24.2 Mt at a gold grade of 1.8 g/t for 1.4 RECENT ACTIVITY million contained ounces (0.5 g/t cut-off).
May 2021 Houndé is on track to meet its full year guidance and produce between 240–260 koz in 2021 at AISC of $855–905 per ounce. Mining will continue to focus on the Kari Pump pit with contributions from the
Bouéré and Vindaloo Centre pits, while stripping N activities are expected to increase at the Vindaloo HOUND É Royalty Map Main pit. An exploration program of up to $7.0 million has been planned for 2021, comprised of 48,035 ha approximately 47,000 meters of drilling. HIGHWAY Sandstorm Royalty POWER LINES January 2021 Deposits
Endeavour plans to announce maiden Mineral Plant Dohoun Reserve estimates for Kari Center and Kari Gap Kari Pump in March 2021. Boueré Kari West
November 2020 Kari Center Vindaloo Endeavour announced an update to the Houndé mine plan to include the newly discovered Kari Pump and Kari West deposits. The updated mine plan also reflects the increased plant capacity of
more than 4.0 Mtpa, outperforming its nameplate 10 km capacity of 3.0 Mtpa. The updated mine plan has production through 2031, with average produc- tion for the next five years estimated to be 250,000 ounces per year. Sandstorm’s royalty covers a por- SANDSTORM GOLD ROYALTIES SANDSTORM 2021 January 20, tion of the Kari area.
32 SANDSTORM GOLD LTD. 2021 Asset Handbook Africa PRODUCING
COMMODITY LOCATION Yatenga, Burkina Faso Karma PRODUCING
Mali Niger
Benin OPERATOR Togo
Ghana Nigeria Endeavour Mining Corporation Cote d'Ivoire A frica
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2014 / 08 / 11 Gold Stream 25kozs 20% of spot over 5yrs, 1.6% thereafter
Karma is a mesothermal, shear-hosted contiguous exploration permits (Goulagou, gold deposit. The soft nature of the open Rambo, Kao, Rounga, Youba, and Tougou) pit material allows the majority of the ore totaling more than 900 km2 and includes and waste to be excavated without blasting, more than 45 high-priority targets with making it a low cost operation. Production high-grade rock values associated with began in early 2016 from five open pits gold-in-soil anomalies and historical and ore is processed with conventional workings that remain untested. heap leaching. Recoveries range between 85% and 90% and gold production from The Proven and Probable Reserves as of Dec. Karma totaled 97 kozs during 2019. 2019 totaled 9.2 Mt of 0.99 g/t material for 293 kozs of contained gold. Cut-off grades Karma hosts a target-rich landscape with range from 0.3 – 0.8 g/t depending on the For more information refer to www.endeavourmining.com the essential hallmarks of a multi-deposit metallurgical character of the rock, including environment. The property consists of six oxide, transition and sulphide material. Karma
Royalty Map N
91,061 ha
Gold Stream 5km Area of Interest ROUNGA
Pit Locations RECENT ACTIVITY
1 Goulagou I YOUNBA 2 Goulagou II May 2021 3 Nami 4 Rambo TOUGOU Karma is expected to meet its full year guidance and 5 North Kao produce between 80–90koz in 2021 at an AISC of 6 Kao Main 3 $1,220–$1,300 per ounce. GOULAGOU 1 2 RAMBO 4 10 km August 2020 5 Production guidance for 2020 is in the range of City of KAO 6 Ouahigouya 100,000 to 110,000 ounces with AISC guidance in the range of $980 to $1,050 per ounce.
Endeavour has planned an exploration program of up to $2.0 million in the second half of 2020 with the aim of in-fill drilling and testing extensions of known deposits.
2021 Asset Handbook SANDSTORM GOLD LTD. 33 Africa PRODUCING
COMMODITY LOCATION North West, South Africa PRODUCING MWS
Mozambique A Botswana
t
l
a
n Namibia Swaziland
t
i c
O
c Lesotho e a n OPERATOR Indian Ocean Harmony Gold Mining Company Ltd. A frica
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2013 / 10 / 04 Royalty 1.0% NSR n/a
The Mine Waste Solutions (MWS) project Mt per annum and the uranium plant has is located near Stilfontein, South Africa a design capacity of 1.2 Mt per year. within the Witwatersrand Basin. MWS is a gold and uranium tailings reprocessing The gold and uranium in the tailings at operation that processes slurry material, MWS occurred within conglomerate reclaimed hydraulically from various reefs that were mined at the now closed tailings storage facilities through three Stilfontein and Buffelsfontein gold mines. processing plants. The gold plants have The facilities also include a modern tailings the capacity to treat approximately 26 storage facility approximately 15 km from the gold plant modules where residues from the treatment plants are deposited.
For more information refer to www.harmony.co.za MWS
Royalty Map N
Sandstorm Royalty (815 ha) MWS4 Tailings Storage Facility MWS5 N12 Plant Sites MWS2
Town of Stilfontein
Harties 5,6
HARTEBEESTFONTEIN SECTION
Harties 5,61,2 Kareerand BUFFELSFONTEIN South Sulphur SECTION RECENT ACTIVITY East Paydam
East March 2018 Bu els 1,2,3,4 Production at MWS was 109 kozs of gold in 2017, Bu els 5 18% higher than in 2016. The increase was due to West Exit the improvement in feed grades from the Sulphur West Complex Paydam and East tailing storage facilities, coupled 5 km with improved recoveries.
34 SANDSTORM GOLD LTD. 2021 Asset Handbook Asia PRODUCING
COMMODITY LOCATION Ordu, Turkey Altintepe PRODUCING Bulgaria Black Sea Georgia
Greece
OPERATOR Cyprus Syria Iraq Bahar Madencilik Sanayi ve Ticaret Mediterranean Sea sia A
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2016 /01 / 19 Royalty 1.5% NSR n/a
Altintepe is located in the Ordu province late 2015. Production from the first stage of Turkey and is a high-sulphidation of operations is expected to average 30,000 epithermal gold deposit. Mineralization ounces of gold per year over a 40 month occurs in a series of linear, fault-controlled period. Other mineralized zones that may veins and related stockworks. increase the mine life include Kayatepe, Camlik East, Extension Ridge, and Karakışla. The open-pit heap leach operation at Altintepe poured gold for the first time in
For more information refer to www.stratexinternational.com Altintepe
N
Heap Leach Royalty Map
1,651 ha
Open Pit 1.5 km Processing Plant
RECENT ACTIVITY Bahar Madencilik is a private company and does not disclose mining or development activity related to Altintepe.
2021 Asset Handbook SANDSTORM GOLD LTD. 35 Australia (Oceania) PRODUCING
COMMODITY LOCATION WA, Australia PRODUCING Forrestania Indian Coral Sea Ocean NT QLD
SA NSW Great Australian ACT OPERATOR Bight VIC Tasman Sea Western Areas Ltd. TAS
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2016 / 09 / 16 Royalty 1.0% GRR n/a ceania ) (O ustralia A
The Forrestania project is Western Areas’ Production at Flying Fox commenced in flagship asset and contains two of the highest 2006 and is an underground, long-hole grade operating nickel mines in the world, stoping operation with low cash costs Flying Fox and Spotted Quoll. The high at under $3.00 per pound of nickel. The grade nickel ore is processed through the Flying Fox mineralization extends from Cosmic Boy Concentrator which consists 250 metres to 1.2 km below the surface and of a three stage crushing circuit followed includes discrete independent orebodies by a single closed circuit ball mill and a with high grade massive sulphide as well as system of flotation tanks and thickening/ a large volume of low grade disseminated filtration system. Nickel recovery rates mineralization. Resource grades range from at Cosmic Boy average between 85% and 3.9% to 6.2% nickel and increase at depth. 90%. Forrestania also includes a significant regional tenement package, considered highly The June 2020 Probable Reserves at Flying prospective for further nickel discoveries. Fox totaled 0.4 Mt at a grade of 3.0% for 12,020 tonnes of nickel. The Indicated Sandstorm’s royalty covers approximately Mineral Resource was 1.2 Mt at a grade of 42 km2 of the Forrestania property 3.8% nickel for 45,307 tonnes of nickel. Forrestania including a portion of the Flying Fox mine.
Source: Western Areas corporate presentation dated Februrary 2020
For more information refer to www.westernareas.com
beautiful sunday deposit N
cross roads Royalty Map north ironcap deposit deposit 4,167 ha south tetleys deposit Flying Fox 5 km Mine
Cosmic Boy Spotted Quoll Concentrator Sandstorm Royalty Mine
RECENT ACTIVITY
August 2020 Production from Flying Fox totaled 253,394 tonnes of ore at 4.0% nickel during the 2020 fiscal year (ended June 30). Sandstorm’s royalty covers a por- tion of the Flying Fox property called the Lounge Lizard deposit.
36 SANDSTORM GOLD LTD. 2021 Asset Handbook Australia (Oceania) PRODUCING
COMMODITY LOCATION Viti Levu, Fiji Vatukoula PRODUCING
Coral Sea
Samoa Islands Vanuatu
Tonga OPERATOR Tasman Sea Vatukoula Gold Mines PTE Limited
ACQUISITION DATE AGREEMENT TYPE TERMS
2021 / 06 / 29 Stream 26 koz Au over 6 yrs
↳ 2.9% Au thereafter for first 100koz/yr, 2.55% ceania ) (O ustralia for production over 100koz/yr, at 20% of spot A 0.45% NSR on certain licenses Royalty
Vatukoula (meaning “gold rock” in Fijian) gold (cut-off grade of 3.43 g/t gold, effective is an underground gold mine located on December 31, 2020). Reports also identify the main island Viti Levu in Fiji, operated measured and indicated underground by Vatukoula Gold Mines PTE Limited inclusive resources of 1,050,000 ounces of (“VGML”). The mine has produced more than gold contained in 4.3 Mt at a grade of 7.55 g/t 7 million ounces of gold over the last 85+ years. gold and inferred underground resources Gold reserves at Vatukoula occur in more of 290,000 ounces of gold contained in 1.8 than 25 current ore bodies and historically Mt at a grade of 5.0 g/t gold. These resource many other high grade mineralized estimates were calculated using a cut-off structures were mined, with production grade based on the product of multiplying rates of 75,000–100,000 ounces per year. the intercept width by the gold grade, with a minimum of 4.0 gram-metres per tonne
For more information refer to Vatukoula currently operates a 1,550 tonne with at least one assay greater than 2.0 g/t. Vatukoula www.vgmplc.com per day processing plant. Underground ore is subject to three-stage crushing, a ball More recently, annual mine production mill, and flotation prior to roasting and has averaged 30,000–40,000 ounces per leaching to a gold recovery circuit. Tailings year. Management believes the property are also re-processed via a thickener, has significant growth potential based on leach tanks and a gold recovery circuit. optimizing current reserves and operations, expanding known deposits with increased VGML has identified underground reserves* drilling, and exploring new target areas (proven and probable) of 580,000 ounces of within the current mine workings and gold contained in 3.5 million tonnes (“Mt”) areas immediately adjacent. VGML plans at a grade of 5.2 grams per tonne (“g/t”) to expand underground operations with a production target of 50,000–70,000 ounces per year in the next 3–5 years. Royalty Map *The mineral reserves and resources at the VATUKOULA 20,795 ha N Vatukoula mine are based on historical estimates and are not considered current Sandstorm Stream according to NI 43-101. A qualified Vatukoula Gold Mine 5 km AOI person has not done sufficient work to classify the historical estimate as current Sandstorm Royalty mineral reserves or mineral resources. 5 km AOI
For more information regarding the Vatukoula mine 5 km mineral reserve and resource estimates, please see Sandstorm’s press release dated June 29, 2021.
Any production within both the royalty and stream AOI will be subject only to the stream. SANDSTORM GOLD ROYALTIES SANDSTORM 2021 June 30,
2021 Asset Handbook SANDSTORM GOLD LTD. 37 2021 Asset Handbook Development Projects North America 40
AJAX 40
BARRY 41
CONVERSE 42
COPPER MOUNTAIN 43
GLADIATOR 44
HACKETT RIVER 45
MASON 46
MOROY / BACHELOR 47
MT. HAMILTON 48
NORTH TIMMINS 49
PRAIRIE CREEK 50
South America 51
CORINGA 51
LOBO-MARTE 52
MARA 53
MONTAGNE D'OR 54
SOUTHEASTERN SYSTEM 55
Africa 56
BUFFELSFONTEIN 56
Europe 57
VITTANGI 57
Asia 58
AĞI DAĞI 58
BAYAN KHUNDII 59
HOD MADEN 60
HUGO NORTH EXTENSION 61
IVRINDI 62
KIRAZLI 63
Australia 64
GUM CREEK 64
WILUNA 65 North America DEVELOPMENT
Ajax COMMODITY LOCATION British Columbia, Canada DEVELOPMENT YT NWT NU
AB SK MB
OPERATOR Pacific Ocean KGHM Polska Miedz S.A. United States
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
A merica N orth 2016 / 01 / 19 Royalty 1.5% NSR n/a
The Ajax property is located in the southern and a gravity circuit to recover copper and boundaries of the city of Kamloops in British gold. A Feasibility Study released in Feb. 2016 Columbia, Canada. The project is owned by a estimated recoveries at about 85% for both joint venture between KGHM Polska Miedz metals and average annual production of S.A. (80% interest) and Abacus Mining & 127.4 Mlbs of copper and 123 kozs of gold. Life Exploration Corp. (20% interest). The Ajax of mine production is estimated at 19 years property is an alkalic copper-gold porphyry based on a Dec. 2014 Proven and Probable deposit hosted within the Iron Mask Batholith. Mineral Reserve estimate of 426 Mt of ore containing 0.29% copper, 0.2 g/t gold and The proposed mine plan is an open pit with 0.4 g/t silver (NSR cut-off of $7.10/tonne). a processing plant that will treat 65,000 tonnes of ore per day. The plant will include The Ajax royalty was acquired as part of a For more information refer to www.kghm.com/en crushing and grinding followed by flotation package of 52 royalties from Teck Resources. Ajax
RECENT ACTIVITY
September 2019 N KGHM and Abacus Mining began the process of reengaging the project stakeholders with a goal of satisfying new provincial and federal environ-
mental regulations, including reconciliation with 1 Indigenous Peoples.
December 2017 The British Columbia Minister of Environment and Climate Change Strategy and Minister of Energy,
Mines and Petroleum Resources declined to issue Open Pit 5A an Environmental Assessment Certificate for the Ajax project. KGHM is considering its next steps
in light of the ruling. y
w
H Royalty Map
a
l
l
a h Processing
1,771 ha i
December 2016 u
q Tailings Plant o
An updated feasibility study was filed reflecting C Storage changes to the project. The mine’s infrastructure Sandstorm Royalty was moved farther from the nearest buildings in the town of Kamloops, technology improvements 3 km were incorporated and the processing facility’s 5 throughput capacity was increased from 60,000 to 65,000 tonnes of ore per day.
40 SANDSTORM GOLD LTD. 2021 Asset Handbook North America DEVELOPMENT
Barry COMMODITY LOCATION Québec, Canada DEVELOPMENT NWT NU
Hudson Bay AB SK MB
NL ON
OPERATOR NB PE United States Bonterra Resources Inc. NS
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2017 / 09 / 29 Royalty 3.9% NSR n/a A merica N orth 2015 / 04 / 28 Royalty 0.5–1.0% NSR
The Barry project is located in the Urban- The mill’s processing capacity is being Barry mining camp 110 km east of the city of expanded to 2,400 tpd and Barry is expected Lebel-sur-Quévillon in Québec. The region to contribute 900 tpd of mill feed at an has been the focus of significant exploration average grade of 7.0 g/t gold for annual activity including the ongoing 800,000 metre production of about 72,000 ounces of gold. drill program at Osisko Mining’s Windfall project, adjacent to the Barry property. In May 2019, Bonterra reported a Mineral Resource Estimate of 2.1 Mt at a grade of The Barry deposit is structurally controlled 5.8 g/t gold containing 385,000 oz of gold with gold mineralization contained in a in the Indicated category and an Inferred system of veins associated with sheared Resource of 2.7 Mt at a grade of 5.1 g/t gold zones included in a wide deformation containing 453,000 oz of gold (cut-off grade For more information refer to corridor. Mineralization has been of 3.5 g/t gold). Work on a Preliminary www.bonterraresources.com identified 1,300 metres along strike and Economic Assessment (“PEA”) is ongoing to 600 metres at depth and coincides with and is expected to be completed in Q4 2021. strong IP anomalies occurring in volcanic Barry units throughout the property. The deposit remains open in all directions.
Bonterra is developing an underground RECENT ACTIVITY ramp and plans to mine ore from Barry and the nearby Moroy and Gladiator June 2021 deposits to feed the Urban-Barry mill. Bonterra released further results from its ongoing drilling campaign at the Barry project. The Barry H15 Zone gold mineralized outline has quadrupled in size since the last National Instrument 43-101 technical report was filed in 2019 and remains open along strike and at depth
Bonterra is currently drilling at a rate of ap- proximately 10,000 metres per month and plans Windfall Lake to announce a mineral resource estimate update on its three main deposits, Gladiator, Barry, and Moroy in the coming months. The resource estimate Panache Sud N is expected to incorporate approximately 130,000 metres of new drilling information. Royalty Map Moss
8,831 ha December 2020 Results from the ongoing drilling campaign have 3.9% NSR confirmed a new gold discovery at Barry North. Drilling has shown the existence of gold mineralized 1% NSR vein structures approximately 750 meters in length 0.5% NSR located about 150 meters north of the Barry deposit. Results obtained from the new zone intercepts up Bart Zone Barry to 2.6 g/t Au over 3.9 m from 6.5 meters depth in Deposit hole MB-20-295.
Bonterra also closed a private placement of C$15 million. Net proceeds will be used to fund drilling programs and to prepare a PEA on the Moroy, Gladiator and Barry projects. 3 km
2021 Asset Handbook SANDSTORM GOLD LTD. 41 North America DEVELOPMENT
Converse COMMODITY LOCATION Nevada, USA DEVELOPMENT SD OR ID WY NE
UT CO KS
CA OK AZ NM OPERATOR Pacific Ocean TX Converse Resources Mexico
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
A merica N orth 2021 / 05 / 13 Royalty 1.0% NSR n/a
The Converse project is located in Nevada’s The study estimated initial capital costs Battle Mountain trend and is in close to be $455 million with total life of mine proximity to SSR Mining’s Marigold mine production of 2.2 million ounces of gold and and Barrick Gold’s Lone Tree mine. The 8.5 million ounces of silver over 13 years. Redline deposit at the Converse project is a skarn deposit with gold mineralization The March 2014 Measured and Indicated occurring with chalcopyrite and pyrrhotite. Mineral Resources at Converse consist of 363.1 Mt at 0.52 g/t containing 6.1 million A Preliminary Economic Assessment was ounces of gold (0.27 g/t Au cut-off) and released in 2012 which envisions an open Inferred Resource of 37.5 Mt at 0.49 g/t pit mine and heap leach operation with containing 0.6 million ounces of gold. a throughput rate of 50,000 tons per day. Converse
42 SANDSTORM GOLD LTD. 2021 Asset Handbook North America DEVELOPMENT
Copper COMMODITY LOCATION British Columbia, Canada YT NWT NU DEVELOPMENT Mountain
AB SK MB
OPERATOR Pacific Ocean Copper Mountain Mining Corporation United States
ACQUISITION DATE AGREEMENT TYPE TERMS
2016 / 01 / 19 Royalty 5% NSR of Cu, 2.5% other metals A merica N orth
Copper Mountain mine contains a porphyry with the addition of a secondary crusher copper-gold system located in British production capacity is now estimated Columbia, 180 km east of Vancouver. The mine up to 40,000 tpd. As of December 2020, initiated production in August 2011 and uses Copper Mountain filed a technical report truck and shovel open pit mining methods. proposing a mill expansion that would be capable of processing 65,000 tpd. The A majority of the copper-gold mineralization process recoveries will range from 80% for at Copper Mountain occurs in veins, copper, 65% for gold, and 70% for silver. fracture fillings and disseminations within volcanic rocks of the Nicola Group. Sandstorm’s royalty covers a portion of Mineralization remains open for expansion the Copper Mountain claims, including in many areas, particularly at depth. the Alabama and Virginia deposits. For more information refer to www.cumtn.com Ore is not currently being mined from The mineral processing facility was initially Sandstorm’s royalty ground. designed to process 35,000 tpd, however Copper Mountain Copper
N COPPER MOUNTAIN COPPER
Royalty Map Tailings Pond 365 ha Alabama Pit Virgina Pit Sandstorm Royalty
Processing Plant Ingerbelle Deposit RECENT ACTIVITY Pit 2 Pit 1 Super Pit September 2018 2 km Copper Mountain announced the results from the Pit 3 Preliminary Economic Assessment for the New Ingerbelle deposit, located one kilometer from the Copper Mountain mine. Sandstorm’s royalty does not cover the Ingerbelle deposit.
January 2017 Mining activities were focused on the Pit#2 and Virginia pit areas during 2016. Copper Mountain is no longer producing from the Virginia pit. SANDSTORM GOLD ROYALTIES SANDSTORM 21, 2020 December
2021 Asset Handbook SANDSTORM GOLD LTD. 43 North America DEVELOPMENT
Gladiator COMMODITY LOCATION Québec, Canada DEVELOPMENT NWT NU West Arena Hudson Bay AB SK MB
NL ON
OPERATOR NB PE United States Bonterra Resources Inc. NS
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
A merica N orth 2015 / 04 / 28 Royalty 1.0% NSR n/a
The West Arena property lies near the gold for 897,000 ounces of gold is listed in middle of the Urban-Barry Greenstone the Inferred category. A 60,000 metre drill Belt, approximately 170 km northeast of campaign completed during 2017 and a 70,000 Val-d’Or, Québec. The property contains metre program in 2018 has expanded the strike the Gladiator gold deposit where Bonterra’s length and depth of the Gladiator deposit to exploration programs have been focused. 1,300 metres and 1,100 metres respectively, Gladiator contains highly altered, silicified, with a number of subparallel zones or sheared mafic volcanics, with local intrusions mineralized horizons being identified. The of syenite and quartz porphyry. Gold occurs deposit remains open in all directions. primarily in smokey quartz-carbonate and tourmaline veins ranging from 20 Bonterra has initiated the permitting centimetres to 4 metres in width. process for the development of a decline to For more information refer to complete a bulk sample at Gladiator. The bonterraresources.com A Mineral Resource Estimate for the Gladiator project is being considered for providing deposit was published in May 2019 and 1,000 tpd of gold ore to the Urban-Barry contains 743 kt grading 8.5 g/t for 202,000 mill, a nearby processing plant that is being
Gladiator ounces of gold in the Indicated category (3.5 expanded to handle throughput of 2,400 tpd. g/t cut-off). Another 3.1 Mt grading 9.1 g/t
RECENT ACTIVITY
January 2021 Windfall Lake Deposit A 16,500 metre drill program is underway at Gladi- Royalty Map ator focused on expanding the size and scope of the project, as well as improving the grade continuity for 364 ha N the upcoming Mineral Resources Estimate update. Sandstorm Royalty Gladiator December 2020 Gold Deposit Bonterra closed a private placement of C$15 million. East Net proceeds will be used to fund drilling programs West Arena Arena and to prepare a PEA on the Moroy, Gladiator and Coliseum Barry Barry projects. Deposit
July 2020 Bonterra Resources Inc. (“Bonterra”) announced in mid-July that they have resumed their 2020 drill program at the Moroy, Gladiator and Barry projects. Bonterra has 56,000 metres of drilling planned for the remainder of 2020 including 16,000 metres at Gladiator. 5 km
44 SANDSTORM GOLD LTD. 2021 Asset Handbook North America DEVELOPMENT
Hackett River COMMODITY LOCATION Nunavut, Canada DEVELOPMENT Beaufort Sea
U.S.A. YT NWT OPERATOR Hudson Bay Glencore plc BC AB SK MB
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2016 / 01 / 19 Royalty 2.0% NSR n/a A merica N orth
The Hackett River property is located in large-scale open pit and underground mining Nunavut, Canada, approximately 480 km operation, processing up to 12,000 tpd. northeast of Yellowknife and 105 km south of The proposed process plant was a crushing the community of Bathurst Inlet, located on and grinding flotation circuit that would the Arctic Ocean. Hackett River is a silver-rich produce a saleable concentrate for zinc, lead volcanogenic massive sulphide deposit within and copper with an emphasis on optimizing an Archean greenstone belt and the property silver recovery. The projected average metal contains four massive sulphide deposits recoveries were 75% for copper, 55% for gold, (East Cleaver, Boot Lake, Main Zone and Jo 77% for silver, 85% for lead and 92% for zinc. Zone) that occur over a 6.6 km strike length.
A Preliminary Economic Assessment was For more information refer to www.glencore.com completed in 2010 and evaluated a possible Hackett River Hackett
Royalty Map N 7,139 ha
Sandstorm Royalty Deposits Boot Deposit Main Deposit 8 km
East Jo Cleaver Deposit Deposit
RECENT ACTIVITY
December 2019 Effective Dec. 31, 2020 Glencore reported an Indi- cated Mineral Resource of 27.1 Mt containing 4.5% zinc, 130 g/t silver as well as 0.6% lead, 0.5% copper and 0.3 g/t gold. The Inferred Mineral Resource at Hackett River contains 60.0 Mt of 4.0% zinc, 1.0% lead, 0.4% copper, 150 g/t silver and 0.2 g/t gold. The cut-off grade was not reported.
2021 Asset Handbook SANDSTORM GOLD LTD. 45 North America DEVELOPMENT
Mason COMMODITY LOCATION Nevada, USA DEVELOPMENT SD OR ID WY NE
UT CO KS
CA OK AZ NM OPERATOR Pacific Ocean TX Hudbay Minerals Inc. Mexico
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
A merica N orth 2013 / 02 / 14 Royalty 0.4% NSR n/a
The Mason project is located in west-central annual copper production of approximately Nevada, approximately 75 km southeast of 140,000 tonnes over the first ten years of Reno within the historical Yerington Mining full production. At a copper price of $3.10 District. Mason is a copper-molybdenum per pound, the after-tax net present value porphyry deposit hosted by granodiorite and using a 10% discount rate is $519 million. quartz monzonite. Projected to the surface, the mineralization greater than 0.15% copper The PEA and mine plan were based on a covers an area approximately 2.3 km by 1.3 revised resource model which was used to km. At depth, it extends more than a kilometer publish Hudbay’s first compiled updated and remains open in most directions. resource estimate for Mason. The updated Measured and Indicated Mineral Resources In April 2021, Hudbay announced a positive at Mason consist of 2,219 Mt at 0.32% copper For more information refer to Preliminary Economic Assessment (“PEA”) and 67 g/t molybdenum (NSR cut-off of www.masonresources.com that contemplates an open pit operation $6.25/tonne), effective January 1, 2021. with a 27-year mine life with average Mason
N
RECENT ACTIVITY
April 2021 Royalty Map Hudbay announced a positive Preliminary Eco- nomic Assessment (“PEA”) for the Mason Copper 1,867 ha Project with an after-tax NPV of $519 million (10% discount). The PEA contemplates a 27-year mine Sandstorm Royalty Blue Hill DepositResource life with average annual copper production of approximately 140,000 tonnes over the first ten years of full production. 1 km Ann Mason DepositResource The PEA used the updated Measured and Indicated Open Pit Mineral Resources at Mason consisting of 2,219 Mt at 0.32% copper and 67 g/t molybdenum (NSR cut-off of $6.25/tonne), effective January 1, 2021.
October 2018 Hudbay Minerals Inc. entered into an arrangement agreement to acquire Mason Resources and the Mason project.
46 SANDSTORM GOLD LTD. 2021 Asset Handbook North America DEVELOPMENT
Moroy / COMMODITY LOCATION Québec, Canada DEVELOPMENT NWT NU
Bachelor Hudson Bay AB SK MB
NL ON
OPERATOR NB PE United States Bonterra Resources Inc. NS
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2015 / 02 / 15 Royalty 0.5% NSR n/a A merica N orth 2012 / 12 / 07 Royalty 0.5% NSR n/a 2011 / 01 / 14 Royalty 3.9% NSR n/a (amended Sep. 18, 2017)
Moroy and Bachelor are greenstone hosted, the Bachelor trend. Development and drill structurally controlled alkalic-magmatic gold programs are underway with more than deposits located outside of Val d’Or, Québec. 65,000 metres of surface and underground The property was host to a producing mine drilling completed to date. A Mineral Resource during the 1980’s and in 2004 underwent Estimate for Moroy was published in May major upgrades to the existing mine and 2019 and contains 667 kt grading 5.17 g/t for mill infrastructure including the installation 111,000 ounces of gold in the Measured and of a carbon-in-pulp process plant. Indicated category and 396 kt grading 4.32 g/t for 55,000 ounces of gold in the Inferred The Bachelor mine reached commercial category (3.0 g/t gold cut-off grade). production in 2013 as a long-hole underground operation and the mined ore is processed at For more information refer to the Urban-Barry mill. The mill has a capacity www.bonterraresources.com of 800 tpd and has produced more than 210,000 ozs of gold since its commissioning. Moroy / Bachelor Moroy / Gold recoveries have averaged between 96% and 98%. Bonterra plans to expand the RECENT ACTIVITY Urban-Barry mill to increase its processing capacity to 2,400 tpd in order to accommodate December 2020 ore from Moroy, Bachelor and Bonterra’s The bulk sampling program at the Moroy Project nearby Barry and Gladiator deposits. processed 11,093 tonnes of material at an average grade of 3.9 g/t gold. With an average recovery The Moroy deposit is sub-parallel and south of of 94.9%, the bulk sample produced 1,308 ounces the Bachelor deposit, dipping north towards of gold. Bonterra closed a private placement of C$15 million. Net proceeds will be used to fund drilling programs and to prepare a PEA on the Moroy, Gladiator and Barry projects. N
September 2020 The previously announced 5,000 tonnes bulk sample Royalty Map at the Moroy project has increased to 10,000 tonnes Mine Site & Mill after receiving approval from the Ministry of Energy 11,055 ha and Natural Resources. Bonterra plans to start processing the material from the bulk sample in late 3.9% NSR Camp September and expects to be completed around the Moroy 1% NSR Deposit end of October 2020.
July 2020 Bonterra announced in mid-July that they have resumed their 2020 drill program at the Moroy, Gladiator and Barry projects. Bonterra has 56,000 metres of drilling planned for the remainder of 2020 including 20,000 metres of surface and 2 km underground drilling at Moroy.
2021 Asset Handbook SANDSTORM GOLD LTD. 47 North America DEVELOPMENT
Mt. Hamilton COMMODITY LOCATION Nevada, USA DEVELOPMENT SD OR ID WY NE
UT CO KS
CA OK AZ NM OPERATOR Pacific Ocean TX Waterton Global Resource Management LP Mexico
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
A merica N orth 2012 / 06 / 11 Royalty 2.4% NSR n/a
The Mt. Hamilton property is located in processing. Gold recoveries are estimated the historic Mt. Hamilton mining district of to be 76% and silver recoveries 39%. central Nevada, near the southern end of the Battle Mountain gold trend. Two main zones Once in operation, the mine will produce of mineralization have been identified at the approximately 68,000 ounces of gold and project, the Centennial and Seligman zones, 280,000 ounces of silver per year over a seven which are epithermal gold and silver deposits. year mine life. Mt. Hamilton has an Aug. 2014 Proven and Probable Reserve of 22.5 Mt at 0.8 A Feasibility Study was completed on the g/t gold and 6.8 g/t silver for 545,400 ounces property in 2014 proposing a 10,000 tpd of contained gold and 4,459,600 contained truck and shovel operation with ore being ounces of silver (0.2 g/t gold cut-off). hauled from the pits to a primary crusher and For more information refer to Under the royalty agreement, www.watertonglobal.com gold and silver recovered by heap leaching and conventional ADR carbon-in-column Sandstorm is guaranteed $10 million in cash flow by Dec. 31, 2022. Mt. Hamilton
N Seligman
Royalty Map Centennial 1,209 ha Shell Gold
Sandstorm Royalty
RECENT ACTIVITY 1 km June 2015 Waterton acquired Mt. Hamilton for US$30 million from Solitario Exploration & Royalty Corp. and Ely Gold & Minerals Inc. Waterton is a private equity firm and has acquired a number of Nevada projects with plans to create a Nevada focused mining company.
48 SANDSTORM GOLD LTD. 2021 Asset Handbook North America DEVELOPMENT
North Timmins COMMODITY LOCATION Ontario, Canada DEVELOPMENT Hudson Bay SK MB QC
OPERATOR United States Gowest Gold Ltd.
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2015 / 02 / 17 Royalty 1.0% GSR n/a A merica N orth
The North Timmins project consists of more gold ore from Bradshaw at the Redstone than 100 km2 within the Abitibi Greenstone Mill in Timmins, Ontario. The mill will belt in Ontario. A Pre-Feasibility Study produce a gold concentrate that will be was completed in 2015 on the Bradshaw shipped to the Humon Smelter in China. gold deposit, the most advanced gold project within the extensive property. The The Probable Reserve at Bradshaw is effective study evaluated an underground mine as of June 2015 and contains 277 kozs of gold accessible by decline from surface with the in 1.8 Mt at a grade of 4.8 g/t (3.0 g/t cut-off). primary mining method being longitudinal The Indicated Mineral Resource consists of longhole stoping with unconsolidated 1.2 Mt at 6.2 g/t gold for 422 kozs of contained and cemented crushed backfill. gold (3.0 g/t cut-off). Gowest is exploring near-mine targets within one km of Bradshaw For more information refer to www.gowestgold.com Gowest has stockpiled more than 28,000 in order to grow the reserves and resources. tonnes of development material on surface as part of a bulk sample program and has In the greater North Timmins project entered into a toll-milling agreement with area, a regional program is exploring Northern Sun Mining Corp. to process for additional gold targets in the many prospective areas on the property. North Timmins
1 km RECENT ACTIVITY Royalty Map December 2020 N 10,474 ha Northern Sun’s Redstone Mill began processing the first gold-bearing mixed development ore from the 1.0% GSR Bradshaw deposit on December 1, 2020. Gowest is Sheridan reviewing financing opportunities to raise sufficient Gold Zone funds to complete the bulk sample and advance Bradshaw towards commercial production.
Bradshaw Gold Deposit
October 2020 Gowest has now received all remaining environ- mental permits required to bring the new Bradshaw Dowe Gold Zone mine into commercial production making it the newest gold mine in the famous Timmins Camp. The Kidd Creek Mine ore-sorter has been commissioned in preparation for sorting the mixed development ore stockpiled on surface. The material will be trucked to Northern 5 km SGX Timmins North Deposit Sun’s nearby Redstone Mill for processing and gold extraction.
2021 Asset Handbook SANDSTORM GOLD LTD. 49 North America DEVELOPMENT
Prairie Creek COMMODITY LOCATION NWT, Canada DEVELOPMENT Beaufort Sea
NU
U.S.A. YT OPERATOR Hudson Bay NorZinc Ltd. BC AB SK MB
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
A merica N orth 2013 / 05 / 31 Royalty 1.2% NSR n/a
The Prairie Creek project is a zinc, silver, as an underground operation, mining an and lead deposit located in the Northwest average of 1,600 tpd over a 15 year mine life. Territories. There are four types of zinc- Average annual production is projected lead-copper-silver resources on the property to be approximately 65,000 tonnes of zinc including quartz veins, stratabound sulphides, concentrate and 72,000 tonnes of lead stockwork, and Mississippi Valley type. The concentrate containing approximately 95 most significant type of mineralization is the Mlbs of zinc, 105 Mlbs of lead and 2.1 Mozs quartz vein-type, which contains the majority of silver. Recoveries are estimated to be 83% of the currently defined Mineral Resources. for zinc, 88% for lead and 87% for silver.
In the early 1980’s, the mine was developed The August 2017 Proven and Probable and fully permitted but a decline in metal Mineral Reserve at Prairie Creek consists For more information refer to www.norzinc.com prices resulted in suspension of activity prior of 8.1 Mt at 124.2 g/t silver, 8.1% lead and to commencement of production. Much of 8.6% zinc (6%-12% ZnEq cut-off). the previous infrastructure is still on site and will be utilized and upgraded where possible. RECENT ACTIVITY Based on a Feasibility Study released in May 2021 2017, the Prairie Creek mine is proposed Prairie Creek Prairie NorZinc opened the Prairie Creek Project site with the aim of completing the surface drilling program which began in late 2020, performing annual water treatment activities, and undertaking other key site and road activities necessary to advance the project. The drill program is anticipated to start in May 2021.
The Company has progressed the process to obtain amended operating permits for increased design throughput. N
December 2020 Highlighted results from the ongoing drilling Royalty Map campaign at Prairie Creek include: 7,487 ha ↳ PC-20-225: 4.3 metres of 184.8 g/t silver, 27.2 % Zinc, and 16.9% Lead from 502.6 metres; and Sandstorm Royalty Acce ss R oa ↳ PC-20-225: 1.0 metres of 171.4 g/t silver, d 5 km 25.4% zinc, and 10.4% lead from 574.0 metres.
October 2020 As part of NorZinc’s mine enhancement program Prairie Creek at Prairie Creek, they have launched a surface Mine exploration drill program and resource update. The drill program will be focused in the area immediately to the north of the current reserve envelope and is expected to begin in mid-October and end in December 2020. Results are expected in January 2021.
50 SANDSTORM GOLD LTD. 2021 Asset Handbook South America DEVELOPMENT
Coringa COMMODITY LOCATION Pará, Brazil DEVELOPMENT Venezuela Atlantic Ocean Columbia
Ecuador
Peru
Pacific Ocean OPERATOR Bolivia Serabi Gold plc Chile
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2012 / 05 / 11 Royalty 2.5% NSR n/a S outh A merica
The Coringa project is located in the carbon-in-leach cyanidation of gravity tails. Tapajós Gold Province in Para State, Brazil The estimated gold and silver recovery approximately 200 km from Serabi’s Palito during the life of the mine is 95% for gold mine, an operation that has been producing and 61% for silver. Gold production is gold since 2014. Like Palito, Coringa contains expected to average 38 kozs per year over high grade gold in quartz veins with base an initial 9-year mine life. Serabi is working metal sulphides. The veins are hosted by to complete the permitting and licensing granite, rhyolites and volcanic breccias. processes necessary for development. Construction at Coringa is expected to The technical report supporting the start during the second half of 2021. Preliminary Economic Assessment filed in September 2019 anticipates a 465 tpd The current Indicated Mineral Resource For more information refer to www.serabigold.com underground operation using open stoping estimate consists of 735 kt grading 8.2 g/t gold mining methods. Ore will be processed containing 195 kozs of gold (2.0 g/t cut-off). through the Andorinhas plant (acquired Another 1.6 Mt were listed in the Inferred from Troy Resources Limited in 2016) Mineral Resource category (2.0 g/t cut-off). using gravity concentration followed by Coringa CORINGA N MataoMato Velho Velho
RECENT ACTIVITY
January 2021 The Federal Agency for Indigenous Communities Royalty Map FUNAI has confirmed their full support for the Valdette Coringa project. 8,064 ha Galena Serra Sandstorm Royalty September 2020 Serabi announced that they received the Licencia Coringa Demetrio Previa (“Preliminary License” or “LP”) for the Deposits Coringa project. The LP represents the first of a three-stage licensing process required for mining Meio 3 km projects in Brazil.
October 2019 Serabi released results of the Preliminary Economic Assessment at Coringa and continues to work on
SANDSTORM GOLD ROYALTIES SANDSTORM outstanding 11, 2019 September permitting requirements.
2021 Asset Handbook SANDSTORM GOLD LTD. 51 South America DEVELOPMENT
Lobo-Marte COMMODITY LOCATION Atacama, Chile DEVELOPMENT
Pacific Brazil Ocean Paraguay
Uruguay
Argentina
Atlantic OPERATOR Ocean
Kinross Gold Corporation
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
S outh A merica 2016 / 01 / 19 Royalty 1.05% NSR n/a
Lobo-Marte is located in the Maricunga Thickening) operation mining the Marte and Gold District of Chile and contains two Lobo deposits over a 15-year mine life. Pending epithermal gold deposits that are seven a positive development decision production kilometres apart. The project is 100 km would commence after mining concludes at east of the city of Copiapó and 60 km the La Coipa project. As of June 30, 2020 the south of Kinross’ La Coipa mine. Probable Reserves are 6.4 million gold ounces contained in 146.8 Mt grading 1.4 g/t gold. For A Pre-Feasibility Study (“PFS”) was completed more information see www.kinross.com. in 2020 which adds 6.4 million ounces of probable reserves with an estimated potential Sandstorm holds a 1.75% NSR royalty on total life-of-mine production of approximately 60% of future production (equivalent to 4.5 million ounces of gold. The PFS 1.05%) and is capped at $40 million. The For more information refer to www.kinross.com envisions an open pit heap-leach and SART royalty was acquired as part of a package (Sulphidization, Acidification, Recycling and of royalties from Teck Resources. Lobo-Marte
N
Marte Deposit
RECENT ACTIVITY
February 2021 Lobo Deposit The Feasibility Study continues to advance and is expected to be completed in the fourth quarter of 2021. Kinross is targeting production at Lobo- Marte in 2027, with construction potentially start- ing in 2025. Royalty Map
July 2020 ~30,000 ha Kinross will commence a Feasibility Study during Sandstorm Royalty the second half of 2020 with scheduled completion by the end of 2021. The Feasibility Study will provide the detailed engineering and project description 5 km required for permitting and submission of an Environmental Impact Assessment.
52 SANDSTORM GOLD LTD. 2021 Asset Handbook South America DEVELOPMENT
MARA COMMODITY LOCATION Catamarca, Argentina DEVELOPMENT
Agua Rica Pacific Brazil Ocean Paraguay
Uruguay
Atlantic Ocean OPERATOR Chile Yamana Gold Inc.
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2015 / 10 / 27 Royalty 0.25% NSR n/a S outh A merica
The MARA Project is a porphyry copper, The large scale open pit scenario outlined in molybdenum, gold and silver deposit located the 2019 Pre-Feasibility Study projects a mine in the province of Catamarca, Argentina. The life of 28 years at average annual production property is east of the prominent Farallón levels over the first ten years of approximately Negro Volcanic Complex which hosts 553 Mlbs of copper equivalent, including 107 Goldcorp’s producing Alumbrera mine. The kozs of gold, as well as silver and molybdenum. project has Proven and Probable Mineral Reserves of 11.8 billion pounds of copper Sandstorm entered into an early deposit gold and 7.4 million ounces of gold contained in stream on MARA that allows for an additional 1,105 Mt at copper and gold grades of 0.48% advance payment of between $135 million and 0.2 g/t respectively (0.2% Cu cut-off). and $225 million to convert the 0.25% NSR royalty into a gold stream. The amount of the For more information refer to Yamana has studied two development payment is based on the following formula: www.yamana.com scenarios for MARA, one being a large-scale $150,000 multiplied by the price of gold plus open pit operation that would be integrated $7.5 million. If this advance payment is made, with the neighboring Alumbrera mine and the Sandstorm will have the right to purchase other a smaller scale standalone operation that 20% of the gold produced at MARA for the MARA would minimize upfront capital expenditures life of the mine, with ongoing payments while maintaining longer term optionality to equal to 30% of the spot price of gold. increase the scale of the mining operation.
RECENT ACTIVITY
47 N April 2021 Yamana reported that exploration activities have started at the MARA project. Primary field activities include additional rock sampling and studies to update the environmental baseline for the Environ- mental and Social Impact Assessment and a drilling campaign to collect data for studies that will be incorporated into an updated Feasibility Study.
December 2020 Yamana Gold completed the integration of the Royalty Map Agua Rica Project and the Alumbrera Plant. Mov- ing forward, the integrated project will be called Agua Rica Deposit 1,250 ha the MARA project. This development de-risks the project with a smaller environmental footprint and Sandstorm Royalty improved efficiencies. 5km Area of Interest
Access Road July 2020 Yamana has obtained the permits required to 10 km conduct field work for the Feasibility Study with updated mineral reserves, production, and project cost estimates. Results are expected during 2021.
2021 Asset Handbook SANDSTORM GOLD LTD. 53 South America DEVELOPMENT
Montagne d'Or COMMODITY LOCATION French Guiana DEVELOPMENT
Atlantic Guyana Ocean
Suriname
OPERATOR
Brazil Orea Mining Corp. / Nord Gold N.V.
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
S outh A merica 2013 / 05 / 17 Royalty 1.0% NSR n/a
The Montagne d’Or project is located in costs to be $535 million for a project with northwest French Guiana 180 km west of the life of mine gold production of 2.57 Mozs capital, Cayenne. The project occurs within over 12 years. The mine life is supported the Guiana Gold Belt, which stretches from by September 2016 Proven and Probable western Venezuela eastward through Guyana, Reserves of 54.1 Mt grading 1.6 g/t gold Suriname, French Guiana and into Brazil. (0.4 g/t cut-off). The mine is expected to recover 94% of the gold on average. Montagne d’Or is a volcanogenic gold deposit that is expected to be mined Orea and Nord Gold will proceed to by open pit with a gravity and carbon- construction once the required permits in-leach plant to extract the gold. and authorizations are received.
For more information refer to A Feasibility Study was completed in www.oreamining.com March of 2017 and estimated initial capital Montagne d'Or
N Royalty Map
18,949 ha
Sandstorm Royalty 5km Area of Interest Road (unpaved) RECENT ACTIVITY
December 2020 Orea provided a corporate update in December 2020 stating that the engineering studies for com- mitted project improvements and modifications for mine permitting are substantially complete, with final versions of the permitting dossiers to be produced in the first quarter of 2021.
Montagne d’Or April 2019 Deposit The Montagne d’Or joint-venture achieved a major permitting milestone by providing its official decision to French authorities to move forward with permitting and development of the Montagne d’Or gold mine. Development will consist of project improvements and modifications in line with recommendations from the French National 5 km Commission of Public Debate.
54 SANDSTORM GOLD LTD. 2021 Asset Handbook South America DEVELOPMENT
Southeastern COMMODITY LOCATION Minas Gerais, Brazil DEVELOPMENT
Peru
Pacific System Ocean Bolivia
Itabira Paraguay Mariana Chile Minas Centrais Atlantic OPERATOR Ocean Argentina Vale S.A.
ACQUISITION DATE AGREEMENT TYPE TERMS
2021 / 06 / 29 Royalty 0.04% Net Iron Sale S outh A merica
↳ on a portion of the Southeastern System after a cumulative threshold is met
The Vale Southeastern System is comprised produce through the late 2050s and Mariana of three complexes: Itabira, Minas Centrais began production in 1976 and is expected and Mariana. The system is located in the to produce through the mid 2050s. Minas Gerais state of Brazil and is fully integrated with mines, railroads, maritime In 2020, the Southeastern System terminals and a port. The mineralization produced 57 million tonnes (“Mt”) of at the Southern System has high ratios of iron ore. Production capacity is expected itabirite ore relative to hematite ore type. to increase to 101 Mt by the end of 2022, Itabirite ore has iron grades of 35-60% and from current levels of 77 Mt in 2021. hematite ore has iron grades around 65%. Sandstorm’s royalty covers a portion Production in the Southeastern System of the Southeastern System after a For more information refer to cumulative threshold is met (currently www.vale.com started in 1957 at the Itabira complex, which is currently expected to run through expected in 2024). Sandstorm estimates the early 2030s. Minas Centrais started the royalty will cover approximately 70% production in 1994 and is expected to of the Southeastern System production after the threshold is triggered. Southeastern System Southeastern
Royalty Map Itabira N
Sandstorm Royalty SOUTHEASTERN SYSTEM SOUTHEASTERN
10 km Minas Centrais
Mariana SANDSTORM GOLD ROYALTIES SANDSTORM 2021 June 30,
2021 Asset Handbook SANDSTORM GOLD LTD. 55 Africa DEVELOPMENT
Buffelsfontein COMMODITY LOCATION NW, South Africa DEVELOPMENT
Mozambique A Botswana
t
l
a
n Namibia Swaziland
t
i c
O
c Lesotho e a n OPERATOR Indian Ocean Heaven-Sent Capital Management Group Co., Ltd. A frica
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2013 / 10 / 04 Royalty 1.0% NSR n/a
The Buffelsfontein project is located in the a carbon-in-pulp mill with capacity to Klerksdorp goldfields of the Witwatersrand process 180,000 tonnes of ore per month. Basin in the North West Province of South Africa, approximately 160 km southwest Buffelsfontein produced more than 2,300 of Johannesburg. The project is part of the tonnes of gold starting in 1954 and had Witwatersrand Basin where gold and uranium reported mineral resources of more than 20 occur in laterally extensive quartz pebble Mozs at the time of its closure. Buffelsfontein conglomerate horizons or reefs. Before its was last operated by Village Main Reef Limited closure in 2013, material from Buffelsfontein and was acquired by Heaven-Sent Capital was processed in the South Gold Plant, Management Group Co., Ltd. in June 2015.
For more information refer to www.ggttvc.com/en Buffelsfontein
N N12
Town of Stilfontein
Royalty Map RECENT ACTIVITY 12,861 ha June 2015 Sandstorm Royalty Heaven-Sent Capital Management Group Co., South Plant Ltd. acquired Village Main Reef Limited for R637 10 km million. Village Main Reef was the owner of the Shafts Buffelsfontein project which they shut down in May 2013.
56 SANDSTORM GOLD LTD. 2021 Asset Handbook Europe DEVELOPMENT
Vittangi COMMODITY LOCATION Lapland, Sweden Graphite DEVELOPMENT
Norwegian Sea
Norway Finland
OPERATOR Russia Talga Resources Ltd. U.K. E urope
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2016 / 01 / 19 Royalty 1.0% NSR n/a
The Vittangi project is located in northern operation with on-site concentrator Sweden approximately 3 km from grid and coastal anode refinery to produce power and 23 km to the town and railhead approximately 19,000 tonnes per year of a at Svappavaara. The Nunasvaara deposit on coated Lithium-ion battery graphite anode the Vittangi property has the highest grade material, trademarked as Talnode-C. The resource of any JORC/NI 43-101 graphite refined product will be sold to Lithium-ion deposit in the world with a reported April battery manufacturers and the Pre-Feasibility 2017 Indicated Mineral Resource totaling 10.7 Study estimates an average selling price of Mt at 25.7% graphite (17% Cg cut-off grade). $11,250 per tonne based on independent product and market price assessments. The geology of the Vittangi project area consists of a Proterozoic greenstone sequence Talga is expecting to complete a For more information refer to of sediments, volcanoclastics and intrusive Feasibility Study in 2021 and is working www.talgaresources.com rocks. Stratiform to stratabound graphite towards obtaining all necessary mineralization occurs at the Nunasvaara development permits and approvals. deposit as two individual, sub-vertical 15
to 60 metre wide, lithologically continuous Vittangi units of a very fine grained, dark-grey to black graphite rock. The Nunasvaara graphite unit extends over 15.0 km of strike, of which less than 10% has been drill tested to date. RECENT ACTIVITY A Pre-Feasibility Study completed in May 2019 proposed an open-pit mining April 2021 Despite delays due to the COVID-19 pandemic, a Feasibility Study on the Vittangi Anode Project is underway and is expected to be completed and delivered in June 2021.
VITTANGI Hwy N October 2019 Following positive assay results from a 3,047 metre Kiskama diamond drilling program, Talga completed a maiden JORC Mineral Resource Estimate for the Royalty Map North and South Niska deposits consisting of 4.6 Mt at 25.8% graphite concentrate (10.0% Cg cut-off) 5,857 ha in the Indicated category.
Sandstorm Royalty A definitive feasibility study has commenced and Other Sandstorm the application for stage one development of the Royalties Nunasvaara Vittangi Graphite Project was submitted to Swedish Deposit authorities.
Town of Vittangi
Railroad September 2019 Talga filed a Preliminary Feasibility Study sup- Hwy Town of porting a two-stage development approach for the Svappavaara Vittangi Graphite Project. The economics are based solely on the Nunasvaara South Probable Reserve of 5 km 1.9 Mt at 23.5% total graphite concentrate (12.0% Cg cut-off). SANDSTORM GOLD ROYALTIES SANDSTORM 11, 2019 September
2021 Asset Handbook SANDSTORM GOLD LTD. 57 Asia DEVELOPMENT
AgiAği DagiDaği COMMODITY LOCATION Canakkale, Turkey DEVELOPMENT Bulgaria Black Sea Georgia
Greece
OPERATOR Cyprus Syria Alamos Gold Inc. Mediterranean Sea sia A
ACQUISITION DATE AGREEMENT TYPE TERMS
2016 / 01 / 19 Production Bonus $6,000,000 Within 60 days of the commencement of commercial production
The Aği Daği project is located in the Daği and requires a land use permit, GSM For more information refer to Canakkale Province of western Turkey permit and operation permit before mine www.alamosgold.com Aği Daği Aği and is an epithermal, high-sulphidation, construction can begin. Alamos expects disseminated gold system. Aği Daği has been a 36 month development timeline for designed as a 30,000 tpd open pit heap leach the project but their current focus is on operation with a primary and secondary completing the permitting and development crushing circuit. Heap leaching will be at the nearby Kirazli project. The objective applied to the crushed ore and then processed is to utilize cash flows from Kirazli to through an ADR plant where gold and silver help fund the development of Aği Daği. doré will be produced. Annual production is expected to average 177,600 ounces of gold Within 60 days of the commencement and 444,200 ounces of silver over five years, of commercial production at Aği Daği, supported by a Proven and Probable Mineral Sandstorm will receive a production bonus of Reserve of 54.4 million tonnes at 0.7 g/t $6 million. The bonus is payable by Newmont gold and 5.4 g/t silver (as of Dec. 31, 2020). Corporation who assumed the obligation when they acquired Fronteer Gold in 2011. Alamos received a positive decision on the Environmental Impact Assessment for Aği
RECENT ACTIVITY
February 2017 A Feasibility Study was completed in 2017 and dem- onstrated positive economics. Highlights include:
↳ After-tax NPV of $298 million at an 8% discount rate and an after tax IRR of 39% using gold and silver price assumptions of $1,250 and $16 per ounce respectively.
↳ Life of mine all-in sustaining costs of $411 per ounce.
↳ Initial capital estimate of $250 million
58 SANDSTORM GOLD LTD. 2021 Asset Handbook Asia DEVELOPMENT
Bayan Khundii COMMODITY LOCATION Bayanhongor, Mongolia DEVELOPMENT Russia
OPERATOR China Erdene Resource Development Corp. sia A
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2016 / 04 / 14 Royalty 1.0% NSR n/a
Bayan Khundii (“Rich Valley”) is located zones containing up to 131.0 metres of 3.9 within the Tian Shan Copper-Gold Belt in g/t gold (including 80.0 metres of 6.0 g/t southwest Mongolia and was discovered in gold). Multiple high-grade targets have been 2015 when a rock-chip sampling program established through limited shallow drilling revealed multiple quartz veins that returned and surface sampling within four kilometres high-grade gold values. Erdene followed up the of the deposit, including the Khar Mori (Dark initial work with a comprehensive exploration Horse) prospect identified in late 2019. program that has included geological mapping, soil geochemical surveys, surface rock chip A Feasibility Study Mineral Reserve Estimate sampling, a ground magnetic survey, induced effective July 1, 2020 outlined Proven and polarization surveys, and the completion of Probable Reserves of 3.4 Mt grading 3.7 g/t more than 38,000 metres of diamond drilling. gold containing 409.0 kozs of gold. The NI For more information refer to 43-101 Technical Report contemplates a www.erdene.com The Bayan Khundii gold mineralization is high-grade open pit mine using conventional associated with quartz adularia veins and crushing and grinding, leach and a carbon-in- breccias and is disseminated within the pulp plant with processing capacity of 1,800 altered host rocks. Visible gold has been tpd. Gold recovery is estimated at 93% and
identified in several drill holes as irregular- average annual gold production of 63,500 Khundii Bayan shaped grains, but the gold is generally fine ounces is expected over a six-year mine life. grained. Drilling has intersected high gold grades (with up to 306.0 g/t gold over 1.0 metre intervals) within broad mineralized RECENT ACTIVITY
November 2020 Erdene started an 18,000 metre drill program at the Khundii Gold District in August 2020. Highlights from the first 10,000 metres drilled include high-grade gold intersections in a new zone at Striker West, 200 metres west of the proposed Bayan Khundii pit: Altan Nar N ↳ BKD-334: 28.0 metres of 2.5 g/t gold, from 122.0 metres;
↳ BKD-338: 38.0 metres of 1.8 g/t gold, from 108.0 metres;
↳ BKD-339: 54.0 metres of 1.2 g/t gold, from Royalty Map Bayan 129.0 metres. Khundii 6,294 ha Ulaan (gold) Altan Arrow North Altan Arrow July 2020 Sandstorm Royalty Ulaan (copper) Erdene has obtained many of the permits required to Khundii North 5km Area of Interest begin construction at the Bayan Khundii Gold Proj- Mineralized Trend ect. A Detailed Environmental Impact Assessment
1 (“DEIA”) has been prepared and following local Other Sandstorm Royalties Ulaan Khundii West stakeholder consultations the company will submit its statutory DEIA to the Ministry of Environment 5 km Bayan Khundii and Tourism of Mongolia for approval. Erdene also announced a $20M Private Placement financing led by Eric Sprott.
2021 Asset Handbook SANDSTORM GOLD LTD. 59 Asia DEVELOPMENT
HotHod MadenMaden COMMODITY LOCATION Artvin, Turkey DEVELOPMENT Russia Black Sea Bulgaria Georgia
IraqIran OPERATOR
Cyprus Syria Iraq Lidya Madencilik Sanayi ve Ticaret A.S. sia A
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2016 / 01 / 19 Royalty 30% NPI n/a 2.0% NSR
The Hod Maden project is located in breccias. Pyrite is the dominant sulphide northeastern Turkey within the Eastern phase with relatively minor chalcopyrite. Pontides metallogenic belt. Gold-copper mineralization in the Main Zone at Hod A Pre-Feasibility Study was released in Maden is multi-stage and includes massive 2018 and considered an underground sulphide mineralization and breccia hosted mine with a processing rate of 900,000 mineralization. The project has a Mineral tonnes per annum. The base case has a Reserve from May 2018 of 9.1 million mine life of 11 years with average annual tonnes at an average grade of 8.9 g/t gold production of 266,000 ounces of AuEq per and 1.4% copper for 2.6 million ounces gold year at an average head grade of 11.9 g/t and 129,000 tonnes copper in the Proven AuEq. The average recovery is expected and Probable (2.6 g/t AuEq cut-off). to be 77% for gold and 94% for copper. For more information refer to www.lidyamadencilik.com The Southern Zone was discovered in 2016 Upfront capital expenditure is estimated and is located approximately 300 metres at $272 million and once the mine is up south of the Main Zone. The Southern and running the all-in sustaining costs Hod Maden Zone gold-copper mineralization is hosted are estimated to be $374 per ounce on dominantly in dacitic volcanic rocks and a co-product basis. The post-tax NPV, using a 5% discount rate, is $1.1 billion with an internal rate of return of 50%.
RECENT ACTIVITY
October 2020
HOD MADEN Royalty Map
Lidya has been steadily advancing the project dur- 3,512 ha ing 2020. A draft of the final Environmental Impact Assessment (“EIA”) is expected to be submitted in N Sandstorm Royalty the fourth quarter of 2020 and a final EIA com- Northern Extension Fault Zone pleted in the first quarter of 2021. Road upgrades Hwy are expected to begin in the fourth quarter of 2020. 2 km Due to COVID-19 related delays, the Feasibility Main Study is expected to be completed by the end of the Resource Zone first quarter of 2021, with first production projected Southern for the fourth quarter of 2023. Zone
Pre-1923 Russian Mining Area
June 2019 S E
A gap analysis and trade-off studies were completed N
I
L
and will contribute to the Feasibility Study work. R E W
In conjunction, an Environmental Impact Assess- O P ment has been submitted and a public participation meeting was successfully conducted as part of the permitting process. SANDSTORM GOLD ROYALTIES SANDSTORM 2021 27, May
60 SANDSTORM GOLD LTD. 2021 Asset Handbook Asia DEVELOPMENT
Hugo North COMMODITY LOCATION Ömnögovi, Mongolia DEVELOPMENT Extension Russia
OPERATOR China Turquoise Hill Resources Ltd. sia A
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2013 / 02 / 14 Stream 5.62% of Au $220/oz Au 5.62% of Ag $5/oz Ag 0.42% of Cu $0.50/lb Cu
The Hugo North Extension is a rich copper- open pit and while the pit is being mined, gold porphyry deposit in southern Mongolia underground infrastructure and block cave and forms the northern-most extension mine development is ongoing at Hugo North. of the Oyu Tolgoi mining complex. The Conventional crushing, grinding, and flotation property is managed by Oyu Tolgoi LLC circuits process the ore and the concentrates (OTLLC), a subsidiary of Turquoise Hill produced are sent to smelters in China. Resources and the Government of Mongolia. Sandstorm acquired gold, silver and copper The Hugo North Extension has a Probable streams over the Hugo North Extension Mineral Reserve of 40.0 Mt at grades of 1.5% from Entrée Resources Ltd. Entrée has a copper, 0.5 g/t gold and 3.6 g/t silver ($96.97/t 20% joint venture interest with OTLLC NSR cut-off, May 15, 2021 effective date) and on the Hugo North Extension property. an Inclusive Indicated Mineral Resource of For more information refer to www.turquoisehill.com 120.0 Mt grading 1.7% copper, 0.6 g/t gold, 4.3 Four deposits have been identified in the g/t silver or 2.0% CuEq (0.41% CuEq cut-off, mineral resources at Oyu Tolgoi: Oyut, March 31, 2021 effective date). For more Hugo North, Hugo South, and Heruga. In information visit www.entreeresourcesltd. the initial years of production, the main com and www.turquoisehill.com. Hugo North Extension source of ore has been from the Oyut
N
Royalty Map
42,593 ha Hugo North Ext. RECENT ACTIVITY
d Deposit n e r T Hugo South Deposit August 2019 Hugo North Extension i o g l 1 o Turquoise Hill reported that during the second Other Sandstorm Royalties T
u y Oyut quarter, underground and lateral development O progressed by 3.2 km and 2.4 km respectively. Heruga
Heruga Deposit January 2018 The results of a Feasibility Study based on the Mineral Reserves attributable to the Entrée/ Oyu Tolgoi JV from Lift 1 of the Hugo North Ext. underground block cave were released. 5 km
2021 Asset Handbook SANDSTORM GOLD LTD. 61 Asia DEVELOPMENT
Ivrindi COMMODITY LOCATION Marmara , Turkey DEVELOPMENT Bulgaria Black Sea Georgia
Greece
OPERATOR Cyprus Syria Tümad Madencilik San.ve Ticaret A.Ş. Mediterranean Sea sia A
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2016 / 01 / 19 Royalty 2.0% NSR n/a
The Ivrindi project is located in Western average 70% for gold and 46% for silver and Turkey and contains several gold and the mine is expected to produce approximately silver bearing quartz veins and breccia 159 koz of gold and 348 koz of silver per year zones hosted by Upper Miocene andesitic over an initial 6 year life. Construction of volcanic and volcano-clastic rocks. A typical the project was completed in 2019 and the vein zone consists of several discrete mine is currently in the ramp-up phase. low sulphidation style epithermal veins separated by short intervals of quartz The historic Proven and Probable Reserves stockwork and silicified or fresh andesite. (2017) are estimated at 45.0 Mt at 0.7 g/t gold and 1.6 g/t silver for 964 kozs of contained A Feasibility Study was completed in 2017 gold and 2.35 Mozs of contained silver. which outlined a 21,260 tpd operation, The reserves estimate was based on 86,100 For more information refer to www.tumad.com extracting material from four open-pits at metres of diamond drilling at the project.* Ballıktepe, Karteldere, Kabaktepe and Güney- Boyun. The mined ore will go through a three- * This is a historic reserve estimate and a stage crushing circuit and onto a heap-leach Qualified Person has not done sufficient work Ivrindi pad followed by an adsorption-desorption- to classify this estimate as a current mineral recovery process. Recoveries are estimated to reserve estimate. Sandstorm Gold is not treating this as a current mineral resource estimate.
N
Royalty Map
3,851 ha
Sandstorm Royalty 1 km Area of Interest Karteldere 2.0% NSR Kabak T. RECENT ACTIVITY 2.0% NSR after 300 kozs produced September 2017 Ballik T. Tümad Madencilik received a $40 million project Boyun Zone Guney Zone finance loan from the European Bank for Recon- struction and Development. The funds will be used to develop the Lapeseki and Ivrindi projects.
August 2016 The Ivrindi project received a positive decision on its Environmental Impact Assessment from the Ministry of Environment and Urban Planning in Turkey. 2 km
62 SANDSTORM GOLD LTD. 2021 Asset Handbook Asia DEVELOPMENT
Kirazli COMMODITY LOCATION Canakkale, Turkey DEVELOPMENT Bulgaria Black Sea Georgia
Greece
OPERATOR Cyprus Syria Alamos Gold Inc. Mediterranean Sea sia A
ACQUISITION DATE AGREEMENT TYPE TERMS
2016 / 01 / 19 Production Bonus $2,500,000 Within 60 days of the commencement of commercial production
The Kirazli development project is located Assessment and Forestry Permits and Alamos in the Çanakkale Province of northwestern also received the GSM permit required Turkey and is an epithermal, high- for the development of Kirazli. The GSM sulphidation, disseminated gold system. (Business Opening and Operation) permit is the final material permit required prior A Feasibility Study was completed in early to starting construction. Alamos expects 2017 and evaluated an open-pit operation that a 24-month development timeline for would process 15,000 tpd through primary Kirazli, including approximately three crushing and open circuit secondary crushing months of pre-commercial production. followed by heap leaching methods to extract the gold and silver. Average annual production Within 60 days of the commencement is estimated to be 104,000 ounces of gold and of commercial production at Kirazli, For more information refer to 617,300 ounces of silver over a five year mine Sandstorm will receive a production bonus www.alamosgold.com life, underpinned by a Proven and Probable of $2.5 million. The bonus is payable by Mineral Reserve of 33.9 Mt of 0.7 g/t gold and Newmont Corporation who assumed the Kirazli 9.4 g/t silver (as at Dec. 31, 2020). Mineral obligation when they acquired Fronteer Reserve cut-off grade for the Kirazli Pit are Gold in 2011. Sandstorm acquired the determined as a net of process value of $0.10 bonus payment as part of the Teck per tonne for each model block. For more royalty package in January 2016. information visit www.alamosgold.com.
Federal government approval has been received for the Environmental Impact RECENT ACTIVITY
April 2021 Alamos announced a US$1 billion investment treaty claim against the Republic of Turkey for expropria- tion and unfair and inequitable treatment, among other things, with respect to their Turkish gold mining project. The company is hopeful that the arbitration process will bring about the engagement that they have sought from the Turkish state, and lead to an equitable resolution to the impasse.
October 2019 Alamos has suspended construction at Kirazli pending the renewal of its Turkish mining conces- sions which expired in October. The company is working with the Turkish Department of Energy and Natural Resources on securing the renewal of the concessions in order to resume construction.
May 2019 Alamos received the Operating Permit from the Turkish Department of Energy and Natural Re- sources and now has all major permits required for the start of construction at Kirazli.
2021 Asset Handbook SANDSTORM GOLD LTD. 63 Australia DEVELOPMENT
Gum Creek COMMODITY LOCATION West Australia, Australia DEVELOPMENT Indian Coral Sea Howards and Orion Ocean NT QLD
SA NSW Great Australian ACT OPERATOR Bight VIC Tasman Sea Horizon Gold Limited TAS ustralia A ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2016 / 09 / 16 Royalty A$10/oz n/a
The Gum Creek Gold Project covers three-stage crush, ball mill, gravity circuit, approximately 800 km2 of the Gum Creek cyanide leach and elution circuit. Greenstone Belt located in the East Murchison Province of Western Australia. Four types of The Howards deposit was included in the gold mineralization are present in the belt Scoping Study and is covered by Sandstorm’s including both free milling and refractory royalty. The gold mineralization at Howards mineralization types. A Scoping Study is typically associated with sulphide poor completed in early 2016 evaluated open-pit quartz veins of 1–3 metre thickness, within a production from the free milling resources shear zone up to 50 metres wide in mafic host only, to reduce the initial construction capital rocks. Coarse free gold is often present in the while retaining optionality of production veins. The Indicated and Inferred Resources from the refractory resources at a later date. estimated at Howards are 5.3 Mt at 1.1 g/t gold For more information refer to www.horizongold.com.au and 0.7 Mt at 1.0 g/t gold respectively as of Historic gold production from free July 2013 (0.4 g/t cut-off). Metallurgical test milling sources at Gum Creek was work undertaken on Howards mineralization more than one million ounces at high resulted in average recoveries of 91%. toadter metallurgical recoveries. The process Gum Creek Sandstorm’s royalty also covers the Orion N specimen well deposit plant is designed to handle throughput of 800,000 tonnes per annum with a deposit which was not considered as an ore source in the Scoping Study.
ORION
shiraz wilsons
Royalty Map
butcherbird schear 1,992 ha premium lode
swift Sandstorm Royalty RECENT ACTIVITY kingfisher swan bitter April 2018 As part of a reverse circulation (“RC”) drill program completed during the first quarter at Gum Creek heron south howards deposit to test regional exploration targets, a single RC hole was drilled at Howards. This hole targeted an IP anomaly similar to that associated with the
HOWARDS Howards deposit. Patchy disseminated pyrite similar to the Howards’ style of mineralization was intersected throughout the hole, but without significant associated gold mineralization. 10 km 200%
64 SANDSTORM GOLD LTD. 2021 Asset Handbook Australia DEVELOPMENT
Wiluna COMMODITY LOCATION West Australia, Australia DEVELOPMENT Indian Coral Sea Nova 1 and Nova 2 Ocean NT QLD
SA NSW Great Australian ACT OPERATOR Bight VIC Tasman Sea Toro Energy Limited TAS ustralia ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT A
2016 / 09 / 16 Royalty 2.0% NSR n/a
The Wiluna uranium project is located Wiluna mine for more than 20 years. An in Western Australia, 30 km south of the alkaline agitated leach technique has been town of Wiluna. The deposit is near-surface proposed to process the ore and Toro has and calcrete-hosted allowing for a shallow successfully completed a comprehensive strip excavation process with no blasting metallurgical test work program or drilling required. The maximum mining including a trial mine and pilot plant. depth is expected to be 15 metres. Sandstorm’s royalty covers a portion of Toro Energy was the first company to obtain the Centipede and Millipede deposits, State and Federal environmental approvals subject to production minimums prior for a Western Australian uranium project. to payability. A Measured and Indicated For more information refer to www.toroenergy.com The approvals received in 2013 included the JORC Resource from 2012 estimates that Centipede and Lake Way deposits and the Centipede and Millipede contain 21.7 associated processing facility. Extensions million pounds of uranium oxide in 17 Mt to the State and Federal approvals to of ore at a grade of 0.06% (0.02% cut-off). incorporate mining from the Millipede and Lake Maitland deposits have been approved. Wiluna
Toro’s regional resource at Wiluna contains sufficient material to run the planned
Wiluna Township RECENT ACTIVITY N 49 February 2021 Toro has initiated a study to consider additional costs associated with Lake Maitland, to a scoping
airport level of confidence. Royalty Map Lake Way September 2018 1,178 ha Toro is working to ensure that the Wiluna project is capable of being financed and brought into Sandstorm Royalty production when economic conditions justify its Processing Plant development. During the third quarter the Federal Millipede Government’s Minister for the Environment and Centipede Energy granted Wiluna environmental approval, 10 km subject to implementation conditions.
July 2018 Toro announced during the second quarter that they have advanced Wiluna to the next stage of its Beneficiation and Process Design studies (“BPD Studies”). The results of the BPD Studies further ~35 km to confirm opportunities to reduce the capital and Haul Road Lake Maitland Deposit operating costs of the Wiluna processing facility that was used in the Scoping Study.
2021 Asset Handbook SANDSTORM GOLD LTD. 65 2021 Asset Handbook Advanced Exploration Projects North America 68
ANGILAK 68
BLENDE 69
CADILLAC BREAK 70
GOLDWEDGE 71
MEL 72
PICKLE CROW 73
RUDDOCK CREEK 74
WHISTLER 75
South America 76
ALEMÃO 76
ALTO PARANÁ 77
CUIÚ CUIÚ 78
LAS CALANDRIAS 79
OMAI 80
Africa 81
ABU MARAWAT 81
GCWIHABA 82
Asia 83
ALTAN NAR 83
HERUGA 84
RED RABBIT 85
YUSUFELI 86
Australia 87
NORTH TELFER 87 North America ADVANCED EXPLORATION
Angilak COMMODITY LOCATION Nunavut, Canada Beaufort Sea ADVANCED EXPLORATION ADVANCED U.S.A. YT NWT OPERATOR Hudson Bay ValOre Metals Corp. BC AB SK MB
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
A merica N orth 2017 / 01 / 10 Royalty 1.0% NSR n/a
The Angilak property is located in released in January 2013 reported 2.8 million Nunavut, Canada and hosts a number of tonnes of 0.69% U3O8 containing 43.3 million uranium mineralized zones including the pounds U3O8 (0.2% U3O8 cut-off). The high-grade Lac 50 Trend deposit and the resource also contains significant quantities of Dipole-RIB discovery. Since acquiring silver, molybdenum and copper. Metallurgical the Angilak property in 2008, ValOre and beneficiation testing was completed in has invested more than $55 million in 2013 and demonstrated a 96.7% cumulative exploration activities including ground and uranium recovery in a mass recovery of 49.2%. airborne geophysics, geological mapping, prospecting, and 90,500 metres of diamond The Dipole-RIB Trend is located drilling and reverse circulation drilling. approximately 25 km southwest of the Lac 50 deposit. Drilling has returned multiple For more information refer to The Lac 50 Trend is a basement hosted, intervals of significant near surface uranium www.valoremetals.com hydrothermal-vein type, unconformity- mineralization and the results from soil associated uranium deposit. The uranium samples collected in 2016 have further and sulphides occur in widths up to 12.75 outlined multiple anomalous uranium-in-
Angilak metres with the average mineralization being soil trends at the Dipole and Yat targets. 1.5 to 2.0 metres wide. An Inferred Resource
RECENT ACTIVITY
July 2017 Royalty Map
Given the low uranium price environment, ValOre 56,562 ha has acquired the Baffin Gold project in Nunavut. Recent exploration efforts have been focused at Sandstorm Royalty N Baffin. 5km Area of Interest
November 2016 10 km ValOre’s exploration activities during 2016 included trenching, soil sampling and a soil geochemistry Lac 50 Trend program at Yat and Dipole. A trenching program at Yat collected rock samples from both bedrock and frost heaved boulders with results confirming Lac Cinquante that high grade polymetallic uranium, copper, silver Camp and gold mineralization identified in boulders J4/RayJ4/Ray are derived from localized bedrock sources. The Yat highlight channel sample assay results included: Dipole RIB ↳ 2.5% U3O8, 16.2% Cu, 417 g/t Ag & 1.3 g/t Au across 0.5 metres in Trench Kiv-16-T03.
↳ 0.32% U3O8, 373 g/t Ag, 2.9 g/t Au & 6.4 g/t Pd across 0.65 metres in Trench Kiv- PO-T05.
68 SANDSTORM GOLD LTD. 2021 Asset Handbook North America ADVANCED EXPLORATION
Blende COMMODITY LOCATION Yukon, Canada Beaufort Sea ADVANCED EXPLORATION ADVANCED U.S.A. NWT NU OPERATOR Hudson Bay Blende Silver Corp. BC AB SK MB
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2015 / 04 / 28 Royalty 2.0% NSR n/a A merica N orth
The Blende deposit is a strata-bound of diamond drilling has been completed carbonate-hosted polymetallic deposit located on the property and the mineralization on the Mackenzie Platform in the Yukon remains open along strike and at depth. Territory. The mineralization is described as a structurally controlled, breccia-hosted system Metallurgical testing and sampling is and has been traced over an eight km strike underway as part of a Preliminary Economic length and to a vertical range exceeding 700 Assessment to evaluate the project economics. metres. Zinc and lead mineralization occur In May 2021, Blende Silver Corp. released in five main areas on the property including updates to the Mineral Resource estimate Far West, West, Central, East and Far East. on the Blende deposit containing 4.6 Mt of Blende Silver Corp. is evaluating the Blende Indicated Resource material grading 1.8% For more information refer to project as a potential bulk tonnage, open-pit zinc, 1.6% lead, and 30.3 g/t silver, or 4.6% www.blendesilver.com mine and the company is planning to conduct ZnEq. The Inferred Resource reported a drill program to extend the mineralization 42.2 Mt at 1.8% zinc, 1.6% lead and 27.5 g/t along strike and down dip to test open-pit silver, or 4.5% ZnEq (based on 1.5% ZnEq extensions. More than 25,000 metres cut-off grade), effective March 15, 2021. Blende
RECENT ACTIVITY
May 2021 Blende Silver Corp released updates to its NI 43- 101 Resource Estimate Technical Report for the N Blende deposit in north-central Yukon. The updated resource estimate was prepared to reflect current metal prices and costs which were used to calculate the cut-off grade of 1.5% ZnEq. This resulted in an
Fa increase of 15% Zinc, 7% Silver and 6% Lead. No r W e st additional drilling was completed or used to prepare W e the updated resource estimate. st C en tr Far West al June 2018 Ea Blende st A NI 43-101 Resource Estimate Technical Report was filed for Blende. Blind Creek is evaluating UPF1 Fa r E the potential for a bulk tonnage, open-pit mine as t at Blende and intends to continue exploration Camp and metallurgical test work and work towards a Royalty Map Preliminary Economic Assessment. Shanghai 1,502 ha April 2018 Sandstorm Royalty Results from a four-month metallurgical test program were released demonstrating that Blende mineralogy responds well to standard process 2 km techniques.
2021 Asset Handbook SANDSTORM GOLD LTD. 69 North America ADVANCED EXPLORATION
Cadillac Break COMMODITY LOCATION Québec, Canada NWT NU
Hudson Bay AB SK MB
NL ADVANCED EXPLORATION ADVANCED ON
OPERATOR NB PE United States O3 Mining Inc. NS
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
A merica N orth 2015 / 10 / 21 Royalty 1.0% NSR n/a
The Cadillac Break property group stretches km southeast of Val d’Or. Orenada hosts two for 35 km along the Cadillac Break, a regional near surface vein-type gold deposits, Zone 2 fault zone separating a mostly volcanic terrain and Zone 4, and in 2017 a 45,000 metre drill and related intrusive rocks on the north, from program intersected the gold vein system a sedimentary terrain on the south. Several for more than 2.5 km along strike, centered past producers and recent discoveries are around the Zone 4 open pit. The drilling has spatially associated with the Cadillac Break increased the strike length of the deposits by and the region has produced one hundred more than 300% over the previously known million ounces of gold since the early 1900’s. dimensions and the gold mineralization remains open along strike and at depth. O3 Mining’s large property package hosts a variety of geological environments In June 2018, a resource estimate at Orenada For more information refer to favourable to gold mineralization including Zone 2 and Zone 4 was released with Indicated www.o3mining.ca shear-zone, gold-rich massive sulphide, Resources of 3.8 Mt at a gold grade of 1.6 g/t porphyry gold-copper and skarn, and and an Inferred Resource of 2.1 Mt at a grade disseminated gold. The property group of 1.9 g/t (0.4 g/t gold cut-off grade for open hosts four historic gold deposits: Orenada, pit and a 2.0 g/t cut-off for underground).
Cadillac Break Mid-Canada, Akasaba, and Sleepy.
Recent exploration work has focused on the Orenada property, located approximately 4
Royalty Map
RECENT ACTIVITY 12,625 ha
March 2021 Orenada Akasaba Sleepy Zone 4 Deposit Deposit O3 Mining announced plans to complete an ad- N ditional 250,000 metres of drilling on its Cadillac Break properties by the end of 2022, bringing the total to 350,000 metres since drilling commenced in September 2019. A portion of this drilling will take place on Sandstorm’s royalty claim area.
Orenada West Zone Zone 2 (Agnico) June 2018 Updated resource contains approximately 194,500 Sandstorm 1.0% NSR (2,846 ha) 4 km ounces Indicated at 1.6 g/t gold and 126,300 ounces Inferred at 1.89 g/t gold from Orenada Zones 2 and Right to buy 1.0% NSR for $1 million (6,236 ha)
4 (0.4 g/t to 2.0 g/t cut-off). Other royalty purchase rights (3,543 ha)
70 SANDSTORM GOLD LTD. 2021 Asset Handbook North America ADVANCED EXPLORATION
Goldwedge COMMODITY LOCATION Nevada, USA SD OR ID WY NE
UT CO KS
CA EXPLORATION ADVANCED OK AZ NM OPERATOR Pacific Ocean TX Scorpio Gold Corp. Mexico
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2021 / 05 / 13 Royalty 2.0% NSR n/a A merica N orth
The Goldwedge project is located in Nevada’s Exploration. Drilling by previous owners Walker Lane and is located on the southern totals 89 surface holes and 30 underground periphery of the Manhattan Caldera, core holes for a total of 16,994 metres. approximately 16 km south of the 15 million Between 2004-2012, Royal Standard Minerals, ounce Round Mountain Mine. The property completed underground development, encompasses the Goldwedge, Keystone exploration, and bulk sampling of the deposit and Jumbo gold deposits. Several drilling and constructed the mill facility on the programs have been completed by Scorpio on property. Scorpio acquired the property the three deposits over the past several years. from Royal Standard Minerals in 2012. The current focus is on the Goldwedge deposit, which has a fully permitted underground mine The Goldwedge deposit contains several with a 400 tpd mill facility and gravity circuit. styles of gold mineralization hosted For more information refer to within fault breccia, shear zones, veins www.scorpiogold.com A number of companies have explored the stratabound replacements in limestone underground potential of the Goldwedge and pervasive quart-sericite-pyrite deposit, beginning in 1983 with Freeport alteration hosted mineralization. Goldwedge
RECENT ACTIVITY
April 2021 Scorpio has released results from the first three holes of its 2021 underground drilling program, which is focused on defining on-strike and down- dip continuity of mineralization intersected in the 2020 drill program, as well as testing new areas. Highlights include:
GWUG20-004A: 7.4 metres grading 9.0 g/t Au from 25.5 metres; and
GWUG21-005A: 5.3 metres grading 5.1 g/t Au from 37.5 metres.
2021 Asset Handbook SANDSTORM GOLD LTD. 71 North America ADVANCED EXPLORATION
Mel COMMODITY LOCATION Yukon, Canada Beaufort Sea ADVANCED EXPLORATION ADVANCED U.S.A. NWT NU OPERATOR Hudson Bay Silver Range Resources Ltd. BC AB SK MB
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
A merica N orth 2014 / 09 / 09 Royalty 1.0% NSR n/a
The Mel project is located in the Watson of course-grained sphalerite and galena Lake Mining District in the Yukon Territory. disseminated throughout a mixture of Zinc-lead-barite mineralization is hosted mudstone, silica-carbonate and coarsely within Cambrian to Ordovician marine crystalline barite. A barite marketing study sediments and similar age volcanics. regarding potential production of barite Four sediment-hosted, zinc-rich zones from the property was completed by World have been identified: the Mel Main, Industrial Minerals Inc. in 2014. The study Jeri, Jeri North, and Mel East zones. concluded that barite from the Mel project could likely be sold into the drilling products The Mel Main Zone has an Inferred market in Western Canada and Alaska. Mineral Resource of 5.4 Mt grading 6.45% zinc, 1.85% lead, and 44.8% barite For more information refer to (5.00% ZnEq cut-off). This zone consists www.silverrangeresources.com Mel
N
Jeri North
Mel East
Jeri
RECENT ACTIVITY
December 2017 Seven high-grade barite intersections were reported Mel Main Royalty Map from the Mel main zone. 5,380 ha
November 2017 Sandstorm Royalty Assay results from a nine hole exploration drill program were released including 27.8% zinc over 2 km 2.4 metres from 226.3 metres as well as 16.5% zinc and 4.3% lead over 0.9 metres from 295.5 metres.
72 SANDSTORM GOLD LTD. 2021 Asset Handbook North America ADVANCED EXPLORATION
Pickle Crow COMMODITY LOCATION Ontario, Canada Hudson Bay SK MB QC ADVANCED EXPLORATION ADVANCED
OPERATOR United States First Mining Gold Corp.
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2013 / 10 / 04 Royalty 0.5% NSR n/a A merica N orth
The Pickle Crow property is located in the within a 3.5 kilometre section and is mining friendly jurisdiction of north-western adjacent to existing underground mine Ontario about 400 km north of Thunder development and infrastructure. Bay and 11 km east of the town of Pickle Lake. The property covers an area of 13,184 Extensive infrastructure in place or proximal ha and includes the historic Pickle Crow to the Pickle Crow property includes a 200 gold mine site which operated for 31 years tpd gravity mill on site, generators and fuel from 1935 to 1966, producing some 1.4 storage, gravel road access to the property, million ounces from 3.1 million tons with an and a regional airport at Pickle Lake average grade of 16.14 g/t gold (0.47 oz/t). approximately 10 km from the property. Sandstorm’s royalty includes the historic Auteco Minerals Ltd. entered into an mine and the surrounding 1,583 ha. For more information refer to option agreement with First Mining www.firstmininggold.com In June 2020, a JORC Inferred Resource Gold in January 2020 whereby they can estimate was released with 830,000 acquire up to 80% of Pickle Crow. ounces of gold contained in 2.3 Mt at a grade of 11.6 g/t gold (3.5 g/t cut-off grade). The Inferred Resource is located Pickle Crow
RECENT ACTIVITY
N Royalty Map September 2020 1,583 ha Auteco released a JORC Inferred Resource esti- mate with 1,000,000 ounces of gold contained in 2.8 Mt at a grade of 11.3 g/t gold (using a 3.5 g/t Sandstorm Royalty block cut-off grade) at the Pickle Crow project in Mill Site Ontario. The Inferred Resource is located within Shafts a 3.5 kilometre long zone containing 22 deposits which are adjacent to existing underground mine development and infrastructure. Auteco commenced a 5,000 metre drilling program at Pickle Crow in late May, which has now expanded to a 45,000 metres program based on initial exploration results and observations. A third drill rig is expected to commence step-out drill testing in September to expedite resource growth and test multiple walk- up targets. Auteco’s drill program is fully funded following their recent capital raise.
May 2020 Auteco Minerals announced that it has commenced its diamond drilling program at Pickle Crow. The exploration objectives for 2020 include drilling high-grade, walk-up drill targets designed to bring 2 km new resource areas into JORC compliance.
2021 Asset Handbook SANDSTORM GOLD LTD. 73 North America ADVANCED EXPLORATION
Ruddock COMMODITY LOCATION British Columbia, Canada YT NWT NU Creek
AB SK MB ADVANCED EXPLORATION ADVANCED
OPERATOR Pacific Ocean Imperial Metals Corporation United States
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
A merica N orth 2016 / 01 / 19 Royalty 1.0% NSR n/a
Ruddock Creek is a high grade zinc-lead submission of the Project Description to project located 155 km northeast of Kamloops the BC Environmental Assessment Office in British Columbia. The project is held in a (BCEAO). In 2016, the BCEAO accepted a joint venture between Imperial Metals (50%), report from Imperial Metals identifying Mitsui Mining and Smelting Co. Ltd. (30%) components of the project requiring special and Itochu Corporation (20%). The zinc-lead focus in future studies. Baseline field mineralization is hosted by a sequence studies in support of the environmental of high grade metasedimentary rocks of assessment permitting are ongoing. Paleo-Proterozoic age and is associated with a calc-silicate sequence. The main deposit Ruddock Creek has Indicated Mineral is known as the E Zone, which is continuous Resources of 6.3 Mt at 6.50% zinc and 1.33% for more than 1.1 km in strike and up to 400 lead. The Inferred Resource is 6.7 Mt at For more information refer to 6.33% zinc and 1.20% lead. The Resources www.imperialmetals.com metres in width. Other zones of mineralization include Creek, U, V, and Q Zones. are effective as of February 2013 and used a 4.00% zinc and lead cut-off grade. The first steps of project permitting for the underground mine began in 2014 with the Ruddock Creek
Forest Service Road N
Creek Zone V Zone E Zone
Q Zone RECENT ACTIVITY Royalty Map U Zone
November 2019 2,100 ha
Imperial Metals announced results from a diamond Mine Access Road drill program focused on expanding the Q and V Sandstorm Royalty zones. Highlights include 40.9 metres at 16.83% 5 km Mine Site Area zinc, 3.46% lead and 4.74 g/t silver from 760.0 metres including 20.1 metres at 18.93% zinc, 4.15% lead and 6.11 g/t silver from 780.0 metres.
74 SANDSTORM GOLD LTD. 2021 Asset Handbook North America ADVANCED EXPLORATION
Whistler COMMODITY LOCATION Alaska, USA Beaufort Sea
Canada EXPLORATION ADVANCED
OPERATOR
GoldMining Inc.
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2016 / 01 / 19 Royalty 2.0% NPI n/a A merica N orth
The Whistler project is located in the Yentna deposits, other targets have been identified Mining District, approximately 150 km on the property for future exploration. northwest of Anchorage, Alaska. The geology of the Whistler project is characterized by A technical report was completed in 2016 and a thick succession of Cretaceous to early included maiden resources on the Raintree Tertiary volcano-sedimentary rocks intruded West and the Island Mountain deposits. by plutonic rocks. More than 70,000 metres of In June 2021, an update was released with diamond drilling has been completed on the Indicated Mineral Resources of 118.2 Mt 170 km2 property and porphyry-style gold- grading 0.51 g/t gold, 2.19 g/t silver and 0.16% copper mineralization has been identified at copper and Inferred Mineral 317.0 Mt grading three main deposits: Whistler, Raintree West 0.46 g/t gold, 1.58 g/t silver and 0.10% copper and Island Mountain. In addition to these (NSR cut-off of $10.50–$25.00/tonne). For more information refer to www.goldmining.com Whistler
N
Raintree West Deposit
Whistler Deposit
Royalty Map
2,331 ha
Sandstorm Royalty
RECENT ACTIVITY 5 km
September 2018 Goldmining does not intend to conduct any explora- Island Mountain tion programs at the Whistler project during the Deposit 2018 year.
2021 Asset Handbook SANDSTORM GOLD LTD. 75 South America ADVANCED EXPLORATION
Alemão COMMODITY LOCATION Para, Brazil
Columbia Atlantic Ocean Ecuador
Peru
Pacific ADVANCED EXPLORATION ADVANCED Ocean Bolivia OPERATOR Paraguay Vale S.A. Argentina
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
S outh A merica 2021 / 06 / 29 Royalty 0.06% Net Sales n/a Royalty on Cu-Au
For more information refer to The Alemão gold-copper deposit is part of laterite zone from which significant amounts www.vale.com the Igarapé Bahia mineralized system in of gold (>60 t) were mined until 2003. the Carajás Mineral Province of Para State, Brazil. The deposit was discovered by the In 2020, Vale reported that the Company exploration arm of Vale in 1996. The Alemão has significant opportunities to grow their orebody underlies the far northwestern copper business organically. With a strong margin of the Igarapé Bahia deposit, which portfolio of copper assets, Vale plans to represents a 100 to 150 metre thick gossan- develop a multi-year copper expansion plan, with Alemão, Salobo III, and Cristalino being competitive projects that will support their strategic goal of production capacity of around 500 thousand tonnes of copper per year. Alemão
Royalty Map
Sandstorm Royalty NORTHERN SYSTEM
N
Alemão Serra Leste Serra Norte
Sossego 20 km Serra Sul (S11D) SANDSTORM GOLD ROYALTIES SANDSTORM 2021 June 30,
76 SANDSTORM GOLD LTD. 2021 Asset Handbook South America ADVANCED EXPLORATION
Alto Paraná COMMODITY LOCATION Canindeyú, Paraguay
Ecuador
Peru Brazil Pacific Ocean Bolivia ADVANCED EXPLORATION ADVANCED
OPERATOR Chile Atlantic Argentina Ocean Uranium Energy Corp.
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2016 / 03 / 04 Royalty 1.5% NSR n/a S outh A merica
The Alto Paraná project is located in eastern quality iron units for the production of steel Paraguay approximately 100 km north of or to the foundry industry for the production Ciudad del Este. Infrastructure and access of high quality ductile iron castings. to the property are excellent as a paved national highway bisects a major portion of Over 90% of titanium dioxide feedstocks the property and it is within close proximity to are used for pigment manufacturing and a hydroelectric power source. Mineralization smaller quantities in the production of consists of laterite containing ilmenite, titanium metal. Titanium dioxide pigment titanomagnetite and magnetite derived is favoured for its whiteness, ultra violet from Early Cretaceous tholeiitic basalts protection, non-toxicity, inertness and it of the Paraná Basin and associated gabbro imparts brightness and opacity to products intrusions. The basalts and gabbros have including paints, coatings, paper, ink, For more information refer to plastics with many other applications as www.uraniumenergy.com weathered to laterite to an average depth of approximately 7 metres over an extensive area. additives to cosmetics, foods and textiles.
Mining at Alto Paraná is expected to produce The December 2016 Inferred Mineral an ilmenite concentrate, which after smelting Resource at Alto Paraná consists of will result in titanium slag and pig iron 4.9 billion tonnes at 7.41% titanium Paraná Alto products. The titanium slag would be sold as dioxide and 23.58% iron oxide FeO (6.0% a feedstock for the production of titanium titanium dioxide cut-off). The resource is dioxide pigment. The pig iron would be sold to atypically high in titanium values when the iron and steel industry as a source of high- compared to most beach sand deposits.
N
y
w h
g i
H
d e v a Royalty Map P
70,498 ha
Sandstorm Royalty 30km Area of Interest
RECENT ACTIVITY
May 2020 Uranium Energy completed a 49-hole drill cam- paign yielding approximately 50 samples. Once Plant results are received, work will be initiated on a new resource estimate for the planned Preliminary 30 km 10 km Economic Assessment.
2021 Asset Handbook SANDSTORM GOLD LTD. 77 South America ADVANCED EXPLORATION
CuiuCuiú CuiuCuiú COMMODITY LOCATION Para, Brazil Venezuela Atlantic Ocean Columbia
Ecuador
Peru ADVANCED EXPLORATION ADVANCED
Pacific Ocean OPERATOR Bolivia Cabral Gold Ltd. Chile
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
S outh A merica 2012 / 05 / 11 Royalty 1.0% NSR n/a
The Cuiú Cuiú project is located in the veinlets are typically 0.2 to 2.0 cm in width Tapajos Region of northern Brazil, 20 km but occasionally are up to 20 cm wide. The northwest of Eldorado Gold’s Tocantinzinho Indicated Resource consists of 5.9 Mt of project. The Tapajos Region was the site 0.9 g/t gold material for 171 kozs of gold of a gold rush from the 1970s until the late (0.4 g/t cut-off). The Inferred Resource 1990s with artisanal miners producing an totals 19.5 Mt at a grade of 1.2 g/t gold for estimated 20 to 30 million ounces of gold. The 776 kozs of gold (0.35 to 1.3 g/t cut-off). mineralization is hosted within the Brazilian Shield, which is Archean to Proterozoic The current program of surface exploration in age and extends from Western Bolivia is following up on saprolite mining areas as through Brazil to Guyana and Venezuela. well as alluvial and geochemical anomalies to identify new drill targets. Ongoing For more information refer to In June 2018, Cabral Gold published a activities include soil sampling, channel www.cabralgold.com resource estimate based on exploration sampling, surface trenching, auger drilling drilling at four deposits called Central, and ground geophysics. In 2020, Cabral Central North, Jerimum de Baixo and announced a plan to drill a minimum of 25,000
Cuiú Moreira Gomes. The mineralization can metres on multiple targets. Mineralization be described as stockwork/sheeted veinlet remains open at depth and along strike. systems hosted within broad, altered shear zones within granitic rocks. Individual RECENT ACTIVITY
June 2021 Cabral Gold has released several assay results in the first half of 2021 from the ongoing drill campaign at the Cuiú Cuiú gold district. Highlighted diamond drilling results include:
↳ DDH-215: 17.6m at 4.1 g/t Au from 149.0m including 4.3m at 11.3 g/t gold; and
↳ DDH-214: 60.0m at 3.5 g/t Au including 2.6m at 64.6 g/t Au from 40.0 metres.
N January 2021 Ongoing prospecting at the Cuiú Cuiú District has identified several new targets since September. Three new target areas have been established based on the presence of high grade gold assays Central North Deposit from samples of surficial boulders and weathered Central Deposit bedrock, presumed to be derived from underlying bedrock. Recent drilling at the Alonso target area Moreira Gomes Deposit failed to identify any significant mineralization. Jerimum de Baixo Deposit Royalty Map August 2020 31,135 ha Cabral announced the mobilization of an RC drill rig to the Cuiú Cuiú project and is planning a Sandstorm Royalty minimum of 25,000 metres of drilling on multiple targets over the coming months. 6 km
78 SANDSTORM GOLD LTD. 2021 Asset Handbook South America ADVANCED EXPLORATION
Las Calandrias COMMODITY LOCATION Santa Cruz, Argentina
Pacific Brazil Ocean Paraguay
Uruguay ADVANCED EXPLORATION ADVANCED Atlantic Ocean OPERATOR Chile Cerrado Gold Inc.
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2017 / 07 / 03 Royalty 2% NSR n/a S outh A merica
The Las Calandrias property contains a and totaled 7.4 Mt of Indicated material low-sulfidation epithermal system located in at grades of 1.3 g/t gold and 24.65 g/t the eastern part of the Santa Cruz province silver at Calandria Sur, and 0.6 Mt at 3.1 in southern Argentina. The property is g/t gold and 8.2 g/t silver at Calandria in the Deseado Massif, a 60,000 km2 area Norte (0.8 g/t to 1.5 g/t Au cut-off). which hosts numerous low-sulfidation epithermal vein and vein-breccia deposits. The Morena vein breccia system lies Producing mines in the Deseado Massif immediately to the northwest of Calandria include Goldcorp’s Cerro Negro mine, Norte and has seen only limited drilling. AngloGold Ashanti’s Cerro Vanguardia Outcrops along the vein system have mine and Yamana’s Cerro Moro mine. returned gold grades ranging from below detection to a high of 116 g/t gold. The For more information refer to The principle area of the property that has northern extension of the Morena vein has www.cerradogold.com been explored is the Las Calandrias zone chalcedonic silica exposed on surface, similar consisting of Calandria Sur and Calandria to the northern part of the Calandria Norte Norte. Calandria Sur is a bulk tonnage vein, and remains completely untested. rhyolite dome-hosted deposit and Calandria The Refugio target lies approximately 6 Norte is a vein/breccia system that has been Las Calandrias drilled along a 400 metre strike length. km west of Calandria Norte, and consists Testing possible extensions to the known of a 1.5 km-long, sub-cropping vein breccia high-grade gold-silver mineralization system with high anomalous molybdenum is a priority for Cerrado Gold Inc. concentrations. Scout drilling at Refugio will form part of the current drill program. A September 2018 Mineral Resource estimate was published for the Las Calandrias zone
r
e
w e
o n
P i
l e RECENT ACTIVITY y
t p
i i
e c
i P t
N r
u
t s
o Royalty Map c a
e R October 2018 G
l
l
E e
a l
n
p i o An updated Mineral Resource estimate was
168,452 ha i c
t n
a i
r reported at Las Calandrias.
N P 5km Area of Interest
Resource Area September 2018 High-grade gold mineralization was intersected 10 km outside of the northern limit of the existing mineral resource area at Calandria Norte. Assays received include 4.0 metres of 11.0 g/t gold and 49 g/t silver from 58 metres. Drill holes were also completed in the Morena vein breccia system with results Refugio indicating the potential for the development of a significant new gold-silver zone.
Calandria Norte
Las Calandria Sur June 2018 Calandrias A 3,500 metre diamond drill program commenced at the Calandria Norte, Morena and Refugio targets.
2021 Asset Handbook SANDSTORM GOLD LTD. 79 South America ADVANCED EXPLORATION
Omai COMMODITY LOCATION Cuyuni-Mazaruni, Guyana
Atlantic Ocean Venezuela
ADVANCED EXPLORATION ADVANCED Suriname
OPERATOR Brazil Omai Gold Mines Corp.
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
S outh A merica 2020 / 01 / 13 Royalty 1% NSR n/a
The Omai gold mine project is located within pit. From 1992-2005 the pits produced the Guiana Shield in the interior of Guyana 1.9 Moz and 1.8 Moz gold respectively. along the Essequibo River. The property Previous drilling completed by IAMGOLD consists of a 100% undivided interest in a indicates that the mineralization in the 4,590 acre prospecting license granted from Wenot pit and the Fennell pit extends the Guyanese government to Omai Gold below the current put limits, potentially Mines for an initial period of 3 years. The connecting at depth. Additionally, the project is located approximately 60 km from geology of the Wenot pit area indicates that the city of Linden and is accessible by road mineralization continues along the strike and airstrip from the capital, Georgetown. both east and west of the current pit limits.
Omai is a past-producing gold mine that Omai Gold Mines is in the process of For more information refer to opened in 1992 and produced approximately logging and assaying over 6,000 metres of www.omaigoldmines.com 3.7 Moz gold, making it the largest gold mine existing drill core that was left behind by in South America at the time. The mine was the previous operator. The company plans subsequently shut down in 2006, largely to focus exploration efforts on the east and Omai due to a weak gold price. As such, there is west extensions of the Wenot pit as well existing infrastructure on site including as the west extension of the Fennell pit. building infrastructure, tailings pond, cell service, ferry landing, and an airstrip.
The historic open-pit mine focused on two deposits at the Fennell pit and Wenot
RECENT ACTIVITY
February 2021 Omai has commenced a 5,000 metre diamond core drill program focused on expanding the Wenot Pit. Royalty Map The company plans to use the program to accelerate an updated Mineral Resource estimate planned 1,858 ha for late 2021. N Sandstorm Royalty
July 2020 5km Area of Interest Omai announced the closing of a non-brokered private placement of US$ 2.8 million, which brings 1 km the total pre-RTO financing to US$8.9 million. The company noted they have made significant progress in refurbishing the existing camp infrastructure Fennell Pit in preparation for planned drilling in the latter half of 2020. Wenot Pit
October 2019 airstrip Avalon Investment Holdings and Anconia (TSX.V:ARA) announced a definitive agreement that affirms an amalgamation between the companies. The resulting issuer plans to change its name to “Omai Gold Mines Corp.” 5 km
80 SANDSTORM GOLD LTD. 2021 Asset Handbook Africa ADVANCED EXPLORATION
Abu Marawat COMMODITY LOCATION Red Sea, Egypt Syria Mediterranean Sea Jordan Iraq Israel
Libya Saudi EXPLORATION ADVANCED R Sea d Arabia OPERATOR
Aton Resources Inc. Chad Sudan A frica
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2018 / 05 / 08 Royalty 1.0% NSR n/a
The Abu Marawat concession is located in West, where a gold-silver resource has been Egypt’s Arabian-Nubian Shield, approximately defined and an application for a 20-year 200 km north of Centamin’s Sukari gold exploitation license has been submitted, and mine. Aton has identified a 40 km long gold the Abu Marawat gold-silver-copper-zinc mineralized trend containing numerous vein, where a resource has been defined. gold exploration targets. Several distinct geological trends exist within Abu Marawat Aton plans to drill at Rodruin, Hamama displaying potential for the development of and other exploration targets in 2021. At orogenic gold deposits, VMS precious and Hamama, they intend to drill additional base metal deposits, and iron oxide copper- oxide resource potential at Hamama East, gold precious and base metal deposits. still to date untested and to conduct further resource delineation drilling at Hamama For more information refer to The Abu Marawat concession contains 596.3 West, and test additional exploration targets www.atonresources.com km2 of property located in an area with including Abu Gaharish, Sir Bakis, Bohlog, good regional infrastructure. Numerous West Garida and Zeno. Timing remains historic workings have been identified dependent upon COVID-19 with travel including ancient small-scale mining and bans, lockdowns and local restrictions
three past-producing British mines (Semna, still causing delays to the bringing in of Abu Marawat Sir Bakis and Abu Garida) which were in equipment and personnel to Egypt. operation during the early 20th century. These old workings have been useful guides for exploration and Aton has advanced RECENT ACTIVITY multiple targets to drill readiness. January 2019 Aton has been actively exploring since 2008 Aton completed its phase 1 drilling program at the and its most advanced targets are Hamama Rodruin prospect consisting of 50 drill-holes and 4,125 metres. Assay results include:
↳ 36.0 metres at 12.5 g/t gold from 5.0 metres
↳ 34.0 metres at 1.4 g/t gold from surface
Royalty Map ↳ 70.0 metres at 1.2 g/t gold from 11.0 metres N ABU MARAWAT 44,770 ha
August 2018 Royalty A study was submitted to the Egyptian Mineral 5km Area of Interest Resources Authority in support of an exploitation Targets Abu Marawat license application at the Hamana project. A deci- Deposit sion to commence production at Hamama will be based on the results of a Preliminary Economic Assessment.
May 2018 Access roads have been completed at Hamama East in advance of anticipated drilling. Channel and grab sampling from surface have produced Hamama Rodruin results indicating potential gold-silver-zinc oxide. Deposit Mineralized channel sample intersections returned results including 84.0 metres of 1.1 g/t gold, 49.7 g/t 10 km silver and 7.29% zinc. SANDSTORM GOLD ROYALTIES SANDSTORM 8, 2020 October
2021 Asset Handbook SANDSTORM GOLD LTD. 81 ADVANCED EXPLORATION
Gcwihaba COMMODITY LOCATION Ngamiland, Botswana
Zimbabwe
A
t
l Mozambique
a Namibia
n
t ADVANCED EXPLORATION ADVANCED i Swaziland c
O South OPERATOR c e Africa a Lesotho Tsodilo Resources Ltd. n A frica
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2017 / 02 / 25 Royalty 1.0% NSR n/a
The Gcwihaba metal license area covers The reported mineral resource represents a more than 490,000 hectares of prospective small portion of the potential mineralization property in northwest Botswana. Tsodilo implied by the ground magnetics. Tsodilo began exploring the region in 2008 and has has reported an exploration target of utilized magnetic surveys, geochemistry 5.0 to 7.0 billion tonnes with grades and drilling to identify three separate ranging between 15% and 40% iron. mineralized domains. These domains include sulphide mineralization within Southeast of Xaudum, more than $15 Neoproterozoic metasediments, base metal million in exploration expenditures have and precious metal showings associated been incurred exploring for copper-cobalt with intrusions, and a large magnetite mineralization. First Quantum Minerals deposit at the Xaudum iron project, the most Ltd. partnered with Tsodilo during 2014 For more information refer to and 2015 but did not complete their earn-in www.tsodiloresources.com advanced target on the property package. requirements due to low copper prices The Xaudum deposit was discovered by at the time. Based on interpretations of testing a magnetic anomaly that extends over the Tsodilo and First Quantum datasets,
Gcwihaba 35 km. Initial drilling was used to prepare nine target areas have been identified for a maiden Inferred Resource estimate that further work. Tsodilo is in discussions with was published in August 2014 containing potential joint venture partners to help 441 Mt grading 29.4% Fe (12% Fe cut-off). advance a copper exploration program.
Namibia
N Botswana
Royalty Map
492,050 ha RECENT ACTIVITY
Sandstorm Royalty March 2019 Fe Mineralization A development proposal was submitted to the Export Development Canada Agency for potential Okavango Delta 25 km funding of a Preliminary Economic Assessment.
82 SANDSTORM GOLD LTD. 2021 Asset Handbook Asia ADVANCED EXPLORATION
Altan Nar COMMODITY LOCATION Bayanhongor, Mongolia Russia ADVANCED EXPLORATION ADVANCED
OPERATOR China Erdene Resource Development Corp. sia A
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2016 / 04 / 14 Royalty 1.0% NSR n/a
The Altan Nar (“Golden Sun”) project was 5.6 km long area. Two of the early discoveries, discovered by Erdene in 2011 as part of a Discovery Zone and Union North, are the systematic, large-scale regional exploration most advanced targets and host wide zones program over southwest Mongolia’s Tian Shan of high-grade, near-surface mineralization Copper-Gold Belt. Altan Nar is a carbonate- that remain open at depth and along strike. base metal gold deposit and is characterized by multiple, sub-parallel, moderately to steeply A mineral resource estimate was completed dipping epithermal vein and breccia zones. at Altan Nar in May 2018 and consists of 5.0 Mt of Indicated material at 2.8 g/t AuEq for Exploration programs carried out by Erdene 453 kozs of AuEq and an Inferred Resource have included mapping, geochemical and of 3.4 Mt at 2.5 g/t AuEq for an additional 277 geophysical survey programs, and a multi- kozs of AuEq (0.7 g/t AuEq cut-off grade). For more information refer to stage scout and resource delineation drilling www.erdene.com program. The results have greatly expanded Erdene is working towards the completion of the area of known mineralization at Altan Nar a Preliminary Economic Assessment of the with 18 target areas now documented over a Khundii Gold District which includes Altan Nar and the nearby Bayan Khundii project. Altan Nar
N
RECENT ACTIVITY
October 2020 Union North The second phase drill program, consisting of 8,000 metres at the Khundii Gold District, was Union South Nomin Tal launched in late October 2020. The drill program will include further resource expansion drilling at Maggie Bayan Khundii and Altan Nar. Altan Nar Discovery Zone August 2020 Royalty Map Oyut Khundii Only a small portion of the Altan Nar license has 4,669 ha been drill tested and interpretation work is under- way to develop the next round of drilling expected to commence in Phase 2 of the 2020 program. Sandstorm Royalty 5km Area of Interest Mineralized Trend February 2020 Bayan Other Sandstorm Royalties 1 Khundii During Q4-2019, Erdene drilled five holes totaling 667 metres in the Discovery Zone, one of 18 high- priority targets along a 5.6 kilometre mineralized 5 km trend. Results included 23.0 metres of 17.0 g/t gold, Ulaan 44.7 g/t silver, 0.75% lead and 1.47% zinc from a depth of 97.0 metres (TND-135).
2021 Asset Handbook SANDSTORM GOLD LTD. 83 Asia ADVANCED EXPLORATION
Heruga COMMODITY LOCATION Ömnögovi, Mongolia Russia ADVANCED EXPLORATION ADVANCED
OPERATOR China Turquoise Hill Resources Ltd. sia A
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2013 / 02 / 14 Stream 4.26% of Au $220/oz 4.26% of Ag $5/oz 0.42% of Cu $0.50/lb
Heruga is a copper-gold porphyry deposit molybdenum-rich cap at higher levels that is located at the southern end of the overlying gold-copper mineralization at depth. Oyu Tolgoi mining complex in southern Mongolia. The project is approximately 570 Underground development is underway km south of the capital city of Ulaanbaatar at the Hugo North deposit and although and 80 km north of the border with China, and Heruga is currently outside of the mine plan, lies within the eastern end of the Paleozoic it is included in the Alternative Production Tuva Mongol Arc. It is managed by Oyu Cases in a 2016 Technical Report. It is Tolgoi LLC, a subsidiary of Turquoise Hill expected to be mined in later phases by Resources and the Government of Mongolia. underground panel caving methods.
The Heruga deposit differs from the three The Heruga Deposit has an Inferred Mineral For more information refer to other Oyu Tolgoi deposits (Oyut, Hugo Resource of 1,816 Mt containing 0.39% Cu, www.turquoisehill.com Heruga North, and Hugo South) in that it is slightly 0.4 g/t Au, 1.4 g/t Ag, and 0.01% Mo. The enriched in molybdenum. This forms a resources are effective as at Dec. 31, 2015 and use a 0.37% CuEq cut-off grade.
N airstrip Ulaan Khud
Royalty Map RECENT ACTIVITY 20,337 ha Hugo North Ext.
January 2018 d Deposit n e r T Hugo South Deposit A Preliminary Economic Assessment was released Heruga i o g l evaluating the inclusion of the Heruga deposit into 1 o Other Sandstorm Royalties T
u an overall mine plan with the Hugo North Extension y Oyut O Lift 1.
Mag West October 2017 Heruga Deposit Entrée is currently working on an updated Technical
Report, which will include a PEA on the Heruga Castlerock Southeast IP deposit. Amec Foster Wheeler Americas Limited has completed its initial data review, and has com- Heruga Southwest 5 km menced work on the updated report. It is expected to be completed in January 2018.
84 SANDSTORM GOLD LTD. 2021 Asset Handbook Asia ADVANCED EXPLORATION
Red Rabbit COMMODITY LOCATION Kutahya, Turkey Bulgaria Black Sea Tavsan Georgia
Greece ADVANCED EXPLORATION ADVANCED
OPERATORS Cyprus Syria Ariana Resources plc Mediterranean Sea Iraq sia
Proccea Construction Co. A
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2016 / 01 / 19 Royalty 1.0% NSR n/a
Tavşan is located in western Turkey about Environmental Impact Assessment and 210 km north-east of Izmir. Tavşan and associated permitting work is underway. the Kiziltepe mine, located 72 km away, form the Red Rabbit Gold project owned A JORC Measured and Indicated Mineral in a 50/50 joint venture between Ariana Resource estimate updated in June 2020 Resources plc and Proccea Construction Co. consists of 3.2 Mt at 1.9 g/t gold and 4.7 g/t silver for a total of 194.0 kozs of gold and Gold mineralization at Tavşan is epithermal 522 kozs of silver. Another 1.3 Mt were in style, with associated silver and antimony, listed in the Inferred Mineral Resource broadly situated along the thrust contact category (0.7 g/t cut-off grade). between Jurassic massively-bedded limestone and an overlying Cretaceous multi-lithic The Tavsan royalty was part of the royalty For more information refer to ophiolite sequence. Gold was discovered package acquired from Teck Resources in www.arianaresources.com in an area of outcropping mineralized January 2016. The royalty is a 1.0% NSR jasperoids covering 4 km by 4 km that up to on the first 100,000 ozs of gold equivalent 30 metres thick. The mineralized jasperoid produced, 1.5% on the next 100,000 ozs and units at Tavşan are extensive and represent then is a 2.0% NSR royalty thereafter. Red Rabbit Rabbit Red exploration potential for the project.
The Tavşan Feasibility Study proposes an open-pit, heap leach operation with ore being RECENT ACTIVITY trucked to the Kiziltepe mill. Preliminary column-leach test work has shown recoveries January 2021 of 80% for gold and 26% for silver. The Environmental, community, and permitting activi- ties are ongoing at Tavşan. Ariana expects drilling activities on the project to start in the spring of 2021.
June 2020 Ariana announced a resource update for Tavşan, with resources increasing by 50% over the 2018 estimate. Royalty Map
5,624 ha October 2018 N Cash flow from the Kiziltepe mine is funding the Sandstorm Royalty Feasibility Study and Environmental Impact As- 1km Area of Interest sessment work being completed at Tavşan. Ariana Resources is in discussions with debt financiers for Orebody Model North the Tavşan development capex. JORC Exploration Targets Zone Designed Pits April 2018 Western A resource update was announced for the Tavşan Zone Main project. Approximately 71% of the resource is now Zone in the Measured and Indicated categories. Potential resource extensions are represented by a number South of drill holes including 11.0 metres of 5.1 g/t gold Zone and 6.8 g/t silver, 6.0 metres of 3.4 g/t gold and 3.7 g/t silver and 9.0 metres of 1.3 g/t gold and 4.3 g/t 1 km silver within 20 metres from surface. 4 km
2021 Asset Handbook SANDSTORM GOLD LTD. 85 Asia ADVANCED EXPLORATION
Yusufeli COMMODITY LOCATION Artvin, Turkey Bulgaria Black Sea Georgia
Greece ADVANCED EXPLORATION ADVANCED
OPERATOR Cyprus Syria Akdeniz Resources Madencilik A.S. Mediterranean Sea Iraq sia A
ACQUISITION DATE AGREEMENT TYPE TERMS
2016 / 01 / 19 Royalty 2.0% NSR on Au, 1.75% NSR on other
The Yusufeli project is located in the Artvin quartz veins that carry variable amounts province of northeast Turkey in the Çoruh of gold and base metals typically within valley, approximately 6 km from the town of sphalerite, galena and chalcopyrite. Based Yusufeli. The Taç and Çorak deposits are two on preliminary metallurgical testwork, discoveries on the property that have been material at both Taç and Çorak respond subject to significant exploration programs well to flotation treatment methods. including mapping, sampling, IP and magnetic surveys as well as reverse circulation and The PEA envisioned production from open-pit diamond drilling. The exploration work has mines at Taç and Çorak, producing 5,500 formed the basis for a resource estimate tpd over an eight year operating life. The and a Preliminary Economic Assessment study incorporated an Indicated Resource (PEA) that was released in 2011 by former model that was released in May 2009 and For more information refer to totaled 49.5 Mt at a gold equivalent grade www.akdenizresources.com owner Mediterranean Resources Ltd. of 1.3 g/t ($11 per tonne NSR cut-off). At Taç the mineralization exhibits some common characteristics of a high sulphidation In addition to the NSR royalty, Sandstorm is
Yusufeli Yusufeli epithermal gold-base metal deposit with entitled to a $2 million payment on the six the major metals of interest being gold, month anniversary of the commencement copper and silver. Çorak contains less of commercial production at the mine. copper but has elevated levels of lead and The Yusufeli royalty was acquired as part zinc. The mineralization is comprised of of a package of 52 royalties purchased from Teck Resources in January 2016.
N
CELTIK
TAC RECENT ACTIVITY
January 2015 Mediterranean Resources announced the sale of 80% of Akdeniz Resources Madencilik A.S. to Mr. Royalty Map Cengiz Kaya for $9 million. Akdeniz Resources owns 100% of the Yusufeli project. The 20% owner of CEVRELI 2,341 ha Akdeniz Resources is Turki Çeka Insaat ve Sanayi Ticaret A.S. Mr. Kaya is a director of Çeka Insaat, Sandstorm Royalty a Turkish construction firm.
Since the project has been privately owned there CORAK 3 km have been no development updates released.
86 SANDSTORM GOLD LTD. 2021 Asset Handbook Australia ADVANCED EXPLORATION
North Telfer COMMODITY LOCATION West Australia, Australia
Indian Coral Sea Ocean NT QLD
SA
NSW EXPLORATION ADVANCED Great Australian ACT OPERATORS Bight VIC Tasman Sea Antipa Minerals Limited TAS ustralia ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT A
2016 / 01 / 19 Royalty 1.0% NSR n/a
The North Telfer project is located in the Resource and to commence evaluation of the Paterson Province of Western Australia economic potential of the Minyari Dome area. and approximately 20 kilometres north of The total Indicated and Inferred Mineral Newcrest’s large-scale Telfer mine. Within the Resource for both deposits is 11.0 million North Telfer project is a geological structure tonnes grading 2.0 g/t gold, 0.24% copper referred to as Minyari Dome which hosts and 380 ppm cobalt for 723,000 ounces of the Minyari and WACA gold-copper-silver- gold, 26,000 tonnes of copper and 4,000 cobalt deposits, both potentially amenable tonnes of cobalt (0.5 g/t gold open pit cut-off to open pit and underground mining and 1.7 g/t gold underground cut-off). methods, bearing a number of similarities to the mineralization at the Telfer deposit. Exploration programs continue with the goal of rapidly expanding the current Mineral For more information refer to Strong gold results from exploration drilling Resource to support a Scoping Study in 2019. www.antipaminerals.com.au programs completed in 2016 and 2017 enabled Antipa to establish its maiden Minyari deposit and WACA deposit JORC Mineral North Telfer
RECENT ACTIVITY
April 2021 Antipa released further assay results from ongoing diamond drilling at Minyari and WACA, which returned multiple high-grade gold and copper intersections with significant zones of gold-copper- silver-cobalt mineralization. A follow-up drilling program is expected to continue through April 2021. Significant results included:
↳ 20MYD0192: 5.35m at 12.35 g/t gold and 0.06% copper from 311.65m down hole including 1.00m at 65.40 g/t gold and 0.25% copper from 316.00m
↳ 20MYD0194: 19.65m at 2.59 g/t gold, 0.44% copper and 1.47 g/t silver from 292.35m including 0.80m at 29.70 g/t gold, 5.79% copper and 19.70 g/t silver from 298.35
↳ 20MYD0194: 23.00m at 4.53 g/t gold, 0.41% copper and 1.04 g/t silver from 549.00m down hole including 2.05m at 32.53 g/t gold, 0.97% copper and 1.93 g/t silver from 549.95m
2021 Asset Handbook SANDSTORM GOLD LTD. 87 2021 Asset Handbook Exploration Projects North America 90
HORSETHIEF 90
KENO HILL 91
OTHER 92
South America 94
LOURDES 94
PACASKA 95
OTHER 96
Africa 97
Europe / Asia / Australia 97 North America EXPLORATION
COMMODITY LOCATION Nevada, USA
EXPLORATION Horsethief SD OR ID WY NE
UT CO KS
CA OK AZ NM OPERATOR Pacific Ocean TX Alianza Minerals Ltd. Mexico
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
A merica N orth 2015 / 01 / 27 Royalty 1.0% NSR n/a
The Horsethief property is located in metres of shallow rotary drilling reporting Lincoln County, Nevada approximately multiple intervals of gold mineralization 220 km north-east of Las Vegas and 19 km including 1.2 g/t gold from 13.7 metres north-east of Pioche. Infrastructure and and 0.8 g/t gold from 39.6 metres. access to the property are favorable given the proximity to a hydroelectric power source Hochschild Mining (US) Inc. has optioned and a highway within 19 km of the property three Nevada properties from Alianza that is connected by an all-weather road. including Horsethief. Under the terms of the option agreement, Hochschild can The property geology at Horsethief is an earn a 60% interest by making exploration off-trend sediment hosted Carlin-style expenditures totaling US$5.0 million over gold system. Work by previous operators 5.5 years at Horsethief. Exploration work in For more information refer to included mapping and sampling hematite-rich 2020 includes a 2,600 metre drilling program www.alianzaminerals.com jasperoid breccia outcrops followed by 4,200 that began in the second quarter of 2020. Horsethief
N
Horsethief North
Stallion
Royalty Map
250 ha
Sandstorm Royalty Horsethief South
500 m
90 SANDSTORM GOLD LTD. 2021 Asset Handbook North America EXPLORATION
COMMODITY LOCATION Yukon, Canada
Keno Hill EXPLORATION Beaufort Sea
U.S.A. NWT NU OPERATOR Hudson Bay Alexco Resource Corp. BC AB SK MB
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2016 / 01 / 19 Royalty 25.0% NPI n/a A merica N orth
The Keno Hill project is located in the Selwyn from four deposits: Bermingham, Flame Basin in the Yukon Territory. The property lies & Moth, Bellekeno, and Lucky Queen. within the Keno Hill District of polymetallic silver-lead-zinc veins, where there are more The Sandstorm royalty covers a portion of the than thirty-five past producing mines. Alexco’s Keno Hill claims around the Bellekeno and land package covers a substantial portion Bermingham deposits but the PFS mine plan of the district with more than 200 km2. does not include ore from the royalty ground.
A Preliminary Feasibility Study (“PFS”) The royalty was acquired as part released in 2019 looked at production of a package of royalties purchased from Teck Resources in 2016.
For more information refer to www.alexcoresource.com Keno Hill Keno
N Royalty Map
917 ha
Sandstorm Royalty
Lucky Queen
Elsa Onek Tailings Bermingham
Flame & Moth Bellekeno
5 km
2021 Asset Handbook SANDSTORM GOLD LTD. 91 North America EXPLORATION EXPLORATION OTHER OPERATOR COUNTRY TERMS
1 Abitibi/Sarah Lake Commander Resources Ltd. Canada 1.0% NSR 2 Amelia Ximen Mining Corp. Canada 2.0% NSR 3 Argosy Great Panther Mining Limited Canada 0.5% NSR 4 Ashby Alianza Minerals Ltd. USA 1.0% NSR 5 Aurora Carlin Resources LLC USA 2.0% NSR 6 Ball Creek Golden Ridge Resources / Orogen Royalties Inc. Canada 2.0% NSR 7 Baffin ValOre Metals Corp. Canada 1.5%–1.75% NSR 8 Bellview Alianza Minerals Ltd. USA 0.5%–1.0% NSR
A merica N orth 9 Marathon (Bermuda) Generation Mining Limited Canada 0.5% NSR 10 Big Bulk LCT Holdings Inc. Canada 1.5% NSR 11 Big W Barrick Gold US Inc. USA 3.0% NSR 12 Box Fortune Bay Corp. Canada 1.5% NSR 13 Broulan Reef Newmont Corporation Canada 2.0% NSR 14 Butterfly Lake Benchmark Metals Inc. Canada 0.71% GOR 15 Cabin Creek McEwen Mining Inc. USA 10% NPI 16 Camporo FPX Nickel Corp. Honduras 0.4%–1.2% NSR 17 Cerro Prieto Goldgroup Mining Inc. Mexico 2.0% NSR 18 Copper Cliff Rio Tinto Group USA 1.5% NSR 19 CT Kreft Resources Ltd. Canada 0.75% NSR 20 Dixie Flats Contact Gold USA 2.0% NSR 21 Dixie Lake Pacton Gold Inc. Canada 1.0% NSR 22 Duchess Pacton Gold Inc. Canada 0.5% NSR 23 East My-Ritt Yamana Gold Inc. Canada 0.5% NSR Other 24 East Walker Alianza Minerals Ltd. USA 1.0% NSR 25 El Placer GR Silver Mining Ltd. Mexico 1.0% NSR 26 Emma & Silva Carlin Gold US USA 3.0% NSR 27 English Pacton Gold Inc. Canada 0.5% NSR 28 Eureka Pacific Ridge Exploration Ltd. Canada 1.0% NSR 29 Forrest Kerr Aben Resources Inc. Canada 0.5%–1.0% NSR 30 Fostung Transition Metals Corp. Canada 1.0% NSR 31 Francisco Marsano Leda Resources USA 1.0% NSR 32 Frontline 1 Pacton Gold Inc. Canada 0.5% NSR 33 Gold Bridge Blackstone Minerals Inc. Canada 1.0% NSR 34 Gold Cap Pacific Ridge Exploration Ltd. Canada 1.0% NSR 35 Golden Cloud Clover Nevada USA 3.0% NSR 36 Golden Loon Pacton Gold Inc. Canada 1.0% NSR 37 Goldstorm Seabridge Gold USA 1.5% NSR 38 Goldwedge Scorpio Gold Corp. USA 2.0% NSR 39 Gordon Creek Gordon Creek Energy Inc. USA 10% GOR 40 Gullrock Pacton Gold Inc. Canada 0.5% NSR 41 Hart Ji Lin Ji En Nickel Industry Co., Ltd. Canada 1.0% NSR 42 Hit Aben Resources Inc. Canada 4.0% NSR 43 Hot Creek Contact Gold USA 2.0% NSR 44 Iron Horse Sokoman Iron Corp. Canada 1.0% NSR 45 Justin Aben Resources Ltd. Canada 2.0% NSR 46 Kalium Canyon Orogen Royalties USA 1.0% NSR 47 KM61 Antler Gold Inc. Canada 0.25% NSR
92 SANDSTORM GOLD LTD. 2021 Asset Handbook North America EXPLORATION
48 La Cecilia Riverside Resources Inc. Mexico 1.5% NSR Au/Ag, 1.0% other
49 La Union Riverside Resources Inc. Mexico 1.5% NSR Au/Ag, 1.0% other EXPLORATION 50 Lac Manitou Gambier Gold Corp. Canada 1.0% NSR 51 Lichen Silver Phoenix Resources Inc. USA 2.0% NSR 52 Llano del Nogal Riverside Resources Inc. Mexico 1.5% NSR Au/Ag, 1.0% other 53 Lorrain Canadian Silver Hunter Inc. Canada 2.0% NSR 54 Los Cuarentas Riverside Resources Inc. Mexico 1.5% NSR Au/Ag, 1.0% other 55 Los Verdes (Bacanora) Minera Alamos Inc. Mexico 2.0% NSR 56 Magmont Doe Run Resources Corporation USA 1.25% NSR 57 Mainstreet Osisko Mining Inc. Canada 1.2% NSR 58 Mammoth Kohlnoor Big Springs Gold USA 3.0% NSR A merica N orth 59 Mann Lake Skyharbour Resources Ltd. Canada 2.5% NSR 60 More Creek Volatus Capital Corp. / Tower Resources Inc. Canada 2.0% NSR 61 Nechako Tower Resources Inc. Canada 2.0% NSR 62 New Afton New Gold Inc. Canada 2.0% NSR 63 Newman-Madsen Pure Gold Mining Inc. Canada 0.5% NSR 64 North Star Contact Gold USA 3.0% NSR 65 NT Green SSR Mining USA 0.5%–2.0% NSR 66 Packwash Pacton Gold Inc. Canada 1.0% NSR 67 Pony Creek Contact Gold USA 3.0% NSR 68 Rabbit North Tower Resources Inc. Canada 2.0% NSR 69 Rain Newmont Corporation USA 1.5% NSR 70 RF #1-8 (Railroad) Gold Standard Ventures Corp. USA 3.0% NSR 71 Rochester (Expansion) Coeur Mining Inc. USA 3.0% NSR 72 Rock Creek Contact Gold USA 3.0% NSR
73 Rossland Currie Rose Resources Inc. Canada 1%–2% NSR Other 74 San Javier Canuc Resources Corp. Mexico 1%–1.5% NSR 75 Santa Renia Clover Nevada USA 3.0% NSR 76 Schaft Creek North Teck Resources Ltd. Canada 2.0% NSR 77 Seymour Lake Ardiden Ltd. Canada 1.5% NSR 78 Sheerness Westmoreland Coal Company Canada 5.0% GRR 79 Shotgun TNR Gold Corp. USA 5.0% NPI 80 Skinner Prosper Gold Corp. / Sabina Gold & Silver Corp. Canada 7.5% NPI 81 Sno Contact Gold USA 4.0% NSR 82 Summit Lake Rainy Mountain Royalty Corp. Canada 1.9% NSR 83 Tami QuestEx Gold & Copper Ltd. Canada 2.0% NSR 84 Ten Mile Creek Bernie Kreft Canada 1.5% NSR 85 Tilly Pacton Gold Inc. Canada 0.5% NSR 86 Toy SSR Mining USA 0.5%–2.0% NSR 87 Treasure Hill Silver Predator Corp. USA 1.0% NSR 88 Tsacha (Tommy Vein) Independence Gold Corp. Canada 2.0% NSR 89 Van Stone Equinox Resources (Wash) Inc. USA 1.5% NSR 90 Villa Union GR Silver Mining Ltd. Mexico 1.0% NSR 91 Waconichi Brunswick Exploration Inc. Canada 1.0% NSR 92 Wilson Peak Contact Gold USA 4.0% NSR 93 Woodruff Contact Gold USA 4.0% NSR 94 Wrigley Devonian Metals Inc. Canada 2.0% NSR 95 Yauco GR Silver Mining Ltd. Mexico 1.0% NSR
2021 Asset Handbook SANDSTORM GOLD LTD. 93 South America EXPLORATION
COMMODITY LOCATION Ayacucho, Peru
EXPLORATION Lourdes Ecuador
Brazil
Pacific Ocean OPERATOR Bolivia Pucara Gold Ltd.
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
S outh A merica 2017 / 10 / 19 Royalty 1.0% NSR n/a
The Lourdes project is located in southern of elevated gold (>0.1 g/t) with some internal Peru and lies within the intersection of two zones containing greater than 1.0 g/t gold, major regional mine trends with neighbouring accompanied by associated pathfinder metals. high sulfidation mining and exploration prospects. The property is approximately The Lourdes property has many similarities 400 kilometres southeast of Lima and is with Peru’s well-known gold mines, including easily accessible by a paved, single-lane the deposits within the multi-million-ounce road originating in the town of Puquio, Yanacocha gold district. Pucara has identified 155 kilometres east of the Pan American a complex of nested diatremes, vent breccias, Highway. Lourdes contains 2,817 hectares and breccia pipes at Lourdes that are of highly prospective property that has similar in size and level of mineralization received very little prior exploration. Lourdes to some of the deposits at Yanacocha. For more information refer to These mineralized regions contain clear www.pucaragold.com represents a significant underexplored land package in the highly mineralized region. drill targets for further exploration.
Pucara has completed ground geophysical Pucara plans to commence a drill
Lourdes surveys on the property and recent rock program at Lourdes in 2020 with sampling at Lourdes has identified large areas the goal of defining a resource.
LOURDES Royalty Map
2,817 ha N
Sandstorm Royalty
Area of Interest
1 km SANDSTORM GOLD ROYALTIES SANDSTORM 14, 2020 December
94 SANDSTORM GOLD LTD. 2021 Asset Handbook South America EXPLORATION
COMMODITY LOCATION Ayacucho, Peru
Pacaska EXPLORATION Ecuador
Brazil
Pacific Ocean OPERATOR Bolivia Pucara Gold Ltd.
ACQUISITION DATE AGREEMENT TYPE TERMS ONGOING PAYMENT
2017 / 10 / 19 Royalty 1.0% NSR n/a S outh A merica
The Pacaska gold-copper project contains a geological mapping and rock chip sampling. high sulfidation gold/porphyry copper target Rock sampling at Pacaksa has returned values that sits on a 7,650 hectare property with a up to 7.0 g/t gold and 15% copper, found widespread mineralization footprint. This within multi-stage vuggy silica breccias is one of Pucara Gold Corp’s largest land — similar to the type of mineralization found packages. To date the property has received in other large gold-copper deposits in Peru. systematic soil geochemical sampling that has Pucara is quickly advancing its exploration identified strong multi-element anomalies; efforts to identify and prioritize various drill systematic ground magnetics and induced- ready targets for future drill programs. polarization geophysical surveys, and initial
For more information refer to www.pucaragold.com Pacaska
PACASKA Royalty Map
7,650 ha N
Sandstorm Royalty
Area of Interest
5 km SANDSTORM GOLD ROYALTIES SANDSTORM 2020 27, November
2021 Asset Handbook SANDSTORM GOLD LTD. 95 South America EXPLORATION EXPLORATION OTHER OPERATOR COUNTRY TERMS
1 Amapari Mineracao Amapari S.A. Brazil 3.0% NSR 2 Aurizona Greenfields Equinox Gold Corp. Brazil 2.0% NSR 3 Capricho Pucara Gold Ltd. Peru 1.0% NSR 4 Celeste Marimaca Copper Corp.. Chile 3.0% NSR 5 Chavin Condor Resources Inc. Peru 0.5% NSR 6 Gatita Compañia Menera Potosi S.A. Peru 1.0% NSR 7 Huiñac Punta Condor Resources Inc. Peru 0.5% NSR 8 Huiniccasa Volcan Compañía Minera S.A.A. Peru 1.25% NSR
S outh A merica 9 Humaya Condor Resources Inc. Peru 0.5% NSR 10 Lucero Calipuy Resources Inc. Peru 0.5% NSR 11 Los Cisnes Cerrado Gold Inc. Argentina 2.0% NSR 12 Los Tambos Pucara Gold Ltd. Peru 1.0% NSR 13 Lourdes Pucara Gold Ltd. Peru 1.0% NSR 14 Mario Kirkland Lake Gold Inc. Peru 2.0% NSR 15 Maripa Orea Mining Corp. French Guiana 0.5% NSR 16 Nassau Nassau Gold Ltd. Suriname 1.0%–2.0% NSR 17 Paco Orco Pucara Gold Ltd. Peru 1.0% NSR 18 Pucamayo Condor Resources Inc. Peru 0.5% NSR 19 Pucapaca Pucara Gold Ltd. Peru 1.0% NSR 20 Quilisane Condor Resources Inc. Peru 0.5% NSR 21 Quriurqu Condor Resources Inc. Peru 0.5% NSR 22 Rio Novo North/South Rio Minas Mineracao S.A. Brazil 0.75% NSR 23 San Martin Condor Resources Inc. Peru 0.5% NSR Other 24 Serra Pelada Colossus Minerals Inc. Brazil 2.0% NSR 25 Sierra Blanca Capella Minerals Ltd. Argentina 2.0% NSR
96 SANDSTORM GOLD LTD. 2021 Asset Handbook Africa EXPLORATION EXPLORATION OTHER OPERATOR COUNTRY TERMS
1 Abengourou Awalé Resources Limited Cote d'Ivoire 2.0% NSR 2 Adi Da-iro Sun Peak Metals Corp. Ethiopia 1.0% NSR 3 Akorade Star Goldfields Ltd. Ghana 1.0% NSR 4 Bobosso Montage Gold Corp. Cote d'Ivoire 1.0% NSR 5 Bondoukou Awalé Resources Limited Cote d'Ivoire 2.0% NSR 6 Bongou Predictive Discovery Ltd. Burkina Faso 1.0% NSR A frica 7 Bonboulou Nexus Gold Corp. Burkina Faso 1.0% NSR 8 Meli Sun Peak Metals Corp. Ethiopia 1.0% NSR 9 Nefasit Sun Peak Metals Corp. Ethiopia 1.0% NSR 10 Niangouela Nexus Gold Corp. Burkina Faso 1.0% NSR 11 Odienné Awalé Resources Limited Cote d'Ivoire 2.0% NSR 12 Rakounga Nexus Gold Corp. Burkina Faso 1.0% NSR 13 Tempetou Predictive Discovery Ltd. Burkina Faso 1.0% NSR 14 Terer Sun Peak Metals Corp. Ethiopia 1.0% NSR
EUROPE / ASIA / AUSTRALIA EXPLORATION
OTHER OPERATOR COUNTRY TERMS Other
1 Altan Arrow Erdene Resource Development Corp. Mongolia 1.0% NSR 2 Arrow Raiden Resources Ltd. Australia 1.0% NSR 3 Bungalbin Mineral Resources Ltd. Australia 3.5% NSR 4 Boodalyerrie Raiden Resources Ltd. Australia 1.0% NSR 5 Egina Pacton Gold Inc. Australia 1.0% NSR 6 Ergama AMG Ergama Madencilik A.S. Turkey 2.0% NSR 7 Hasandagi Newmont Altin Madencilik Ltd. Şirketi Turkey 2.0% NSR 8 Karaağaç Anadolu Export Maden Sanayi ve Ticaret Limited Şirketi Turkey 1.5% NSR 9 Kiskama Talga Resources Ltd. Sweden 1.0% NSR 10 Leinster Auroch Minerals Ltd. Australia 2.5% NSR 11 Masugnsbyn Talga Resources Ltd. Sweden 1.0% NSR 12 Muratdagi Kenz Enerji ve Madencilik San. Ve Tic. A.S. Turkey 2.0% NSR 13 Saints Auroch Minerals Ltd. Australia 2.5% NSR 14 Scotia Auroch Minerals Ltd. Australia 2.5% NSR 15 Tombul Elaziğ Baskil Madencilik A.S. Turkey 2.0% NSR 16 Ulaan Erdene Resource Development Corp. Mongolia 1.0% NSR 17 Yandicoogina Raiden Resources Ltd. Australia 1.0% NSR
2021 Asset Handbook SANDSTORM GOLD LTD. 97 ASSET HANDBOOK ADDITIONAL INFORMATION
ROYALTY PURCHASE RIGHTS AND ROFR
Acquiring optionality is part of our business and one of the ways we do that is by accumulating royalty purchase rights and right of first refusal options.
A royalty purchase right gives Sandstorm the ability to acquire a portion of an existing royalty on pre-determined terms at any point in the future. This provides us with the ability to wait until a project is nearing production before deciding whether or not to deploy capital towards the royalty asset. A right of first refusal is related to future stream and royalty financings and gives Sandstorm the ability to match any competing stream and royalty funding offers on a project.
98 SANDSTORM GOLD LTD. 2021 Asset Handbook SANDSTORM GOLD ROYALTIES ASSET HANDBOOK ADDITIONAL INFORMATION
Royalty Purchase Rights
PROJECT OPERATOR COUNTRY HECTARES STATUS TERMS
Airport O3 Mining Inc. Canada 656 Exploration Ducros O3 Mining Inc. Canada 638 Exploration Lourmet O3 Mining Inc. Canada 144 Exploration Mid Canada O3 Mining Inc. Canada 74 Exploration
Oramaque O3 Mining Inc. Canada 393 Exploration 1% NSR Orcour O3 Mining Inc. Canada 787 Exploration for $1,000,000 Orenada O3 Mining Inc. Canada 487 Exploration Sabourin Creek O3 Mining Inc. Canada 1,457 Exploration Trivio O3 Mining Inc. Canada 1,177 Exploration Vaumon O3 Mining Inc. Canada 423 Exploration Akasaba O3 Mining Inc. Canada 427 Exploration
Bloc Sud Sleepy O3 Mining Inc. Canada 312 Exploration 1% NSR Bloc Sud Trivio O3 Mining Inc. Canada 1,012 Exploration for C$500,000 Bloc Sud West O3 Mining Inc. Canada 480 Exploration Annamaque-Faraday O3 Mining Inc. Canada 646 Exploration 1% NSR for C$800,000 Dekeyser O3 Mining Inc. Canada 176 Exploration 1% NSR for C$1,000,000 El Habal GR Silver Mining Ltd. Mexico 3,765 Exploration 1% NSR for US$2,000,000 Enchi Pinecrest Resources Ltd. Africa 69,600 Exploration 1% for US$3,500,000 Hatchet Lake ValOre Metals Corp. Canada 13,711 Exploration 0.5% NSR for C$750,000 Pacific Ridge Exploration Ltd./Eureka Mariposa Canada 28,000 Exploration 1% NSR for C$1,000,000 Dome Gold Inc. Ocros Condor Resources Inc. Canada 1,967 Exploration 1% NSR for US$2,000,000 Pucamayo 14 Condor Resources Inc. Canada 600 Exploration 1% NSR for US$2,000,000 Rabbit North Tower Resources Ltd. Canada 2,848 Exploration 2% NSR for C$3,500,000 Robert O3 Mining Inc. Canada 295 Exploration 1% NSR for C$200,000 Valdora O3 Mining Inc. Canada 156 Exploration 0.75% for C$400,000
2021 Asset Handbook SANDSTORM GOLD LTD. 99 ASSET HANDBOOK ADDITIONAL INFORMATION
ROFRs
PROJECT OPERATOR COUNTRY HECTARES STATUS
Abengourou Awalé Resources Limited Cote d'Ivoire 80,000 Exploration Abu Marawat Aton Resources Inc. Egypt 44,770 Adv. Exploration Adi Da-iro Sun Peak Metals Corp. Ethiopia 26,930 Exploration Airport Extension O3 Mining Inc. Canada 14 Exploration Akorade Star Goldfields Ltd. Ghana 22,500 Exploration Altan Nar Erdene Resource Development Corp. Mongolia 4,669 Adv. Exploration Angilak ValOre Metals Corp. Canada 89,852 Exploration Arrow Raiden Resources Ltd. Australia 37,690 Exploration Mason Hudbay Minerals Inc. USA 1,867 Adv. Exploration Ashby Alianza Minerals Ltd. USA 62 Exploration Aurizona Equinox Gold Corp. Brazil 20,627 Producing Aurizona Greenfields Equinox Gold Corp. Brazil 221,300 Exploration Baffin ValOre Metals Corp. Canada 405,083 Exploration Bayan Khundii Erdene Resource Development Corp. Mongolia 4,514 Adv. Exploration Bellview Alianza Minerals Ltd. USA 399 Exploration Bloc Sud Trivio Extension O3 Mining Inc. Canada 1,409 Exploration Bobosso Montage Gold Corp. Burkina Faso 80,000 Exploration Bomboré Orezone Gold Corporation Burkina Faso 16,750 Development Bondoukou Awalé Resources Limited Cote d'Ivoire 237,440 Exploration Bongou Predictive Discovery Ltd. Burkina Faso 48,053 Exploration Boodalyerrie Raiden Resources Ltd. Australia 5,738 Exploration Bouboulou Nexus Gold Corp. Burkina Faso 3,835 Exploration Capricho Pucara Gold Ltd. Peru 600 Exploration Coringa Serabi Gold plc Brazil 9,054 Development Cuiú Cuiú Cabral Gold Ltd. Brazil 31,135 Adv. Exploration Dixie Lake Pacton Gold Inc. Canada 1,901 Exploration Duchess Pacton Gold Inc. Canada 1,745 Exploration East Walker Alianza Minerals Ltd. USA 269 Exploration Eddy O3 Mining Inc. Canada 958 Exploration Egina Pacton Gold Inc. Australia 47,595 Exploration El Placer II GR Silver Mining Ltd. Mexico 11,118 Exploration English Pacton Gold Inc. Canada 2,228 Exploration Forrest Kerr Aben Resources Inc. Canada 14,943 Exploration Frontline 1 Pacton Gold Inc. Canada 1,353 Exploration Gcwihaba Tsodilo Resources Ltd. Botswana 892,690 Adv. Exploration Golden Loon Pacton Gold Inc. Canada 2,176 Exploration Gullrock Pacton Gold Inc. Canada 2,137 Exploration Heruga Turquoise Hill Resources Ltd. Mongolia 20,337 Adv. Exploration Hit Aben Resources Inc. Canada 5,181 Exploration Horsethief Alianza Minerals Ltd. USA 250 Exploration Hugo North Extension Turquoise Hill Resources Ltd. Mongolia 42,593 Development Huiñac Punta Condor Resources Inc. Peru 1,000 Exploration Huiniccasa Volcan Compañía Minera S.A.A. Peru — Exploration Humaya Condor Resources Inc. Peru 700 Exploration Justin Aben Resources Inc. Canada 4,828 Exploration Kalium Canyon Orogen Royalties USA — Exploration Karma Endeavour Mining Corporation Burkina Faso 91,061 Producing Las Calandrias Cerrado Gold Inc. Argentina 168,452 Adv. Exploration Los Tambos Pucara Gold Ltd. Peru 4,100 Exploration Lourdes Pucara Gold Ltd. Peru 2,535 Exploration MARA (Agua Rica) Yamana Gold Inc. Argentina 1,250 Development
100 SANDSTORM GOLD LTD. 2021 Asset Handbook SANDSTORM GOLD ROYALTIES ASSET HANDBOOK ADDITIONAL INFORMATION
ROFRs
PROJECT OPERATOR COUNTRY HECTARES STATUS
Maripa Orea Mining Corp. French Guiana 11,909 Exploration Meli Sun Peak Metals Corp. Ethiopia 9,790 Exploration Ming Rambler Metals and Mining plc Canada 955 Producing Montagne d'Or Orea Mining Corp./Nord Gold N.V. French Guiana 19,663 Development More Creek Volatus Capital Corp. / Tower Resources Inc. Canada 6,432 Exploration Mt. Hamilton Waterton Global Resource Management LP USA 2,209 Development Nechako Tower Resources Inc. Canada — Exploration Nefasit Sun Peak Metals Corp. Ethiopia 43,081 Exploration Niangouela Nexus Gold Corp. Burkina Faso 17,874 Exploration North Timmins Gold Project Gowest Gold Ltd. Canada 10,474 Development Odienné Awalé Resources Limited Cote d'Ivoire 118,710 Exploration Omai Omai Gold Mines Corp. Guyana 1,858 Adv. Exploration Orenada Extension O3 Mining Inc. Canada 465 Exploration Pacaska Pucara Gold Ltd.. Peru 4,600 Exploration Paco Orco Pucara Gold Ltd. Peru 600 Exploration Pakwash Pacton Gold Inc. Canada 2,208 Exploration Prairie Creek Canadian Zinc Corp. Canada 7,487 Development Pucamayo Condor Resources Inc. Peru 10,100 Exploration Pucapaca Pucara Gold Ltd. Peru 800 Exploration Quilisane Condor Resources Inc. Peru 400 Exploration Quirurqu Condor Resources Inc. Peru 853 Exploration Rabbit North Tower Resources Inc. Canada 13,550 Exploration Rakounga Nexus Gold Corp. Burkina Faso 25,012 Exploration San Martin Condor Resources Inc. Peru 46 Exploration Tempetou Predictive Discovery Ltd. Burkina Faso 37,135 Exploration Terer Sun Peak Metals Corp. Ethiopia 18,130 Exploration Tilly Pacton Gold Inc. Canada 919 Exploration Villa Union GR Silver Mining Ltd. Mexico 5,555 Exploration Yandicoogina Raiden Resources Ltd. Australia 8,878 Exploration Yauco GR Silver Mining Ltd. Mexico 5,964 Exploration
2021 Asset Handbook SANDSTORM GOLD LTD. 101 ASSET HANDBOOK ADDITIONAL INFORMATION
REFERENCES BUFFELSFONTEIN (CONT.) Village Main Reef Integrated Annual Report 2013 [Annual Report]; June 30, 2013; Village Main Reef Keith Laskowski (MSc), Sandstorm’s Vice President, Technical Services is a Qualified Professional (#01221QP) of the Mining C
and Metallurgical Society of America and a Qualified Person as CADILLAC BREAK NI-43-101 Technical Report: Orenada Property, defined by Canadian National Instrument 43-101. He has reviewed Province of Québec, Canada; August 14, 2009; Beauregard, A. et al., Geologica Groupe-Conseil and approved the technical information in this document. Inc.
CERRO MORO NI-43-101 Technical Report: Preliminary Economic AURIZONA (CONT.) A Assessment for the Cerro Moro Gold-Silver Project, NI-43-101 Technical Report: Pre-Feasibility Study Santa Cruz Province, Argentina; March 30, 2012; AGI DAGI on Aurizona Mine Project (Amended), Maranhao, Guzman, C. et al., Extorre Gold Mines Limited Brazil; November 16, 2016; Evans, D. et al., NI-43-101 Technical Report: Feasibility Study on Lycopodium Minerals Canada Ltd. the Agi Dagi Project and Preliminary Economic Yamana Gold Inc. Annual Information Form For the Assessment on the Camyurt Project, Canakkale fiscal Year Ended December 31, 2017 [AIF]; March Province, Turkey; February 22, 2017; Cormier, A. et 27, 2018; Yamana Gold Inc. al., JDS Energy & Mining Inc. B CHAPADA BARRY AJAX NI-43-101 Technical Report: Chapada Mine, Goiás NI-43-101 Technical Report: Feasibility Study NI-43-101 Technical Report: Resource Estimates State, Brazil; March 21, 2018; Miranda, H. et al., Update Ajax Project, British Columbia, Canada; for the Barry and Gladiator Deposits, Urban Barry RPA Inc. February 19, 2016; Dagel, K. et al., M3 Engineering Property; May 24, 2019, Armitage, A. et al., SGS & Technology Corporation Geological Services. Yamana Gold Inc. Annual Information Form For the fiscal Year Ended December 31, 2017 [AIF]; March 27, 2018; Yamana Gold Inc. BAYAN KHUNDII ALTAN NAR NI-43-101 Technical Report: Altan Nar Gold NI 43-101 Technical Report: Bayan Khundii Gold COPPER MOUNTAIN Project Mineral Resource Technical Report, Project Feasibility Study , Bayankhongor Province, Bayankhongor Aimag, Southwest Mongolia; June Mongolia; August 31, 2020; Roma Oil and Mining NI-43-101 Technical Report: Amended Resources 21, 2018; Clark, J. et al., RPMGlobal Asia Limited. Associates Limited. and Reserves of the Copper Mountain Mine, Princeton, British Columbia; August 12, 2016; Holbek, P. et al., Copper Mountain Mining Corp. BLACK FOX ALTO PARANÁ NI-43-101 Technical Report: Resource Estimate NI-43-101 Technical Report: Black Fox Complex, CORINGA on Alto Paraná Project, Alto Paraná, Paraguay: Canada; April 6, 2018; Mitrofanov, A. et al., SRK August 11, 2017; Kuhn, M. et al., Minerals Advisory Consulting (Canada) Inc. NI-43-101 Technical Report: Feasibility Study Group, LLC Coringa Gold Project, Brazil; September 8, 2017; Prenn, N. et al., MTD Project Management BLENDE Professionals, Inc. ANGILAK NI-43-101 Technical Report: Blende Project, NI-43-101 Technical Report: Technical Report and Beaver River Area, Nash Creek Map Area, Yukon CUIÚ CUIÚ Resource Update for the Angilak Property, Kivalliq Territory; March 7, 2011; Price, B., B.J. Price Region, Nunavut, Canada; March 1, 2013; Dufresne, Geological Consultants Inc. NI-43-101 Technical Report: Cuiú Cuiú Project, M. et al., APEX Geoscience Ltd. Mineral Resources Update, Para State, North- Central Brazil: December 31, 2017; Stubens, T. et al., BRACEMAC-MCLEOD Micon International Limited MASON NI-43-101 Technical Report and Feasibility Study NI-43-101 Technical Report: 2017 Updated for the Bracemac-McLeod Project, Matagami Area, Québec. GENIVAR report to Xstrata Zinc Canada; Preliminary Economic Assessment on the Ann D Mason Project, Nevada, USA: March 3, 2017; Kulla, September 21, 2010; GENIVAR G. et al., AGP Mining Consultants Inc. and Amec Foster Wheeler Americas Limited DIAVIK BUFFELSFONTEIN NI-43-101 Technical Report: Diavik Diamond Mine, An Independent Competent Persons' Report on the Northwest Territories, Canada; March 27, 2017; Yip, AURIZONA Buffelsfontein Gold Mine, North West Province, C.G. et al., Diavik Diamond Mines Inc. NI-43-101 Technical Report: Feasibility Study South Africa; October 1, 2010; Mavengere, L. et al., on the Aurizona Gold Mine Project, Maranhao, Minxcon (Pty) Ltd. Brazil; July 10, 2017; Lincoln, N. et al., Lycopodium Minerals Canada Ltd.
102 SANDSTORM GOLD LTD. 2021 Asset Handbook SANDSTORM GOLD ROYALTIES ASSET HANDBOOK ADDITIONAL INFORMATION
DON NICOLAS H KENO HILL NI-43-101 Technical Report: Don Nicolas Gold NI-43-101 Technical Report: Prefeasibility Study of Project, Santa Cruz, Argentina; February 14, 2012; HACKETT RIVER the Keno Hill Silver District Project, Yukon Territory, Grant, C. et al., Tetra Tech Company Canada: March 28, 2019; Churcher, A. et al., Mining NI-43-101 Technical Report: Hackett River Plus Canada Consulting Limited Property Royalty, Nunavut, Canada; July 31, 2013; Clemmer, S. et al., AMC Mining Consultants E (Canada) Ltd. KIRAZLI NI-43-101 Technical Report: Feasibility Study on EMIGRANT HERUGA the Kirazli Project, Canakkale Province, Turkey; February 15, 2017; Cormier, A. et al., JDS Energy & NI-43-101 Technical Report: 1.5% Production NI-43-101 Technical Report: 2016 Oyu Tolgoi Mining Inc. Royalty Held on the Emigrant Project, Elko County, Technical Report; October 14, 2016; Peters, B. et al., Nevada, USA; September 10, 2012; Lewis, W. et al., OreWin Pty Ltd. Micon International Limited L HM CLAIM NI-43-101 Technical Report: Review of Resources F LAS CALANDRIAS and Reserves of Macassa Mine, Kirkland Lake, Ontario; January 1, 2014; Clark, G. et al., Glenn R. NI-43-101 Technical Report: Gold and Silver FORRESTANIA Clark & Associates Limited Resource at Las Calandrias - An Update, Santa Activity Report For the period ending 30 June 2018 Cruz Province, Argentina: March 6, 2011; Ristorcelli, [Quarterly Activities Report]; July 23, 2018; Western S. et al., Mine Development Associates Areas Ltd. HOD MADEN NI-43-101 Technical Report: Pre-Feasibility Study, LOBO-MARTE Hot Maden Project, Turkey; June 26, 2018; Webster, FRUTA DEL NORTE R. et al., AMC Consultants Pty Ltd. Kinross Gold Reserves Increase to 51 Million NI-43-101 Technical Report: Feasibility Study on Ounces [News Release]; January 28, 2010; Kinross Fruta del Norte project, Ecuador Gold Corporation HOUNDÉ Kinross Gold Corporation Annual Information Form NI-43-101 Technical Report: Hounde Gold Project for the year ended December 31, 2017 [AIF]; March Feasibility Study, Burkina Faso, West Africa; G 29, 2018; Kinross Gold Corporation October 31, 2013; Zammit, M. et al., Lycopodium Minerals Ptd Ltd. Consultants Inc. GCWIHABA NI-43-101 Technical Report: Mineral Resource Endeavour Mining Annual Information Form for M Estimate for the Xaudum Iron Project (Block 1), the financial year ended December 31, 2017 [AIF]; Republic of Botswana; August 29, 2014; Baker, H. et March 29, 2018; Endeavour Mining MARA (AGUA RICA) al., SRK Consulting (UK) Limited. Independent Engineering Review of the Agua Rica HUGO NORTH EXTENSION Project; December 9, 2014; Kehmeier, R. et al., GLADIATOR NI-43-101 Technical Report: Entrée/Oyu Tolgoi RungePincockMinarco NI-43-101 Technical Report: Resource Estimates Joint Venture Project; February 28, 2018; Hanson, for the Barry and Gladiator Deposits, Urban Barry K. et al., Amec Foster Wheeler E&C Services, Inc. MEL Property; May 24, 2019, Armitage, A. et al., SGS Geological Services. NI-43-101 Technical Report: Mel Zinc-Lead-Barite Property, Watson Lake Mining District Southeast I Yukon: March 20, 2017; King, H. et al., H. Leo King & GOLD BAR (CABIN CREEK) Associates Inc. and Giroux Consultants Ltd. NI-43-101 Technical Report: Feasibility Study IVRINDI for the Gold Bar Project, Eureka County, Nevada; Scoping Study of the Karadere Gold Project, MING November 08, 2017; Roth,D. et al., M3 Burhaniye, Turkey; July 29, 2015; Defilippi, C. et al., Kappes, Cassiday & Associates and DAMA NI-43-101 Technical Report: Pre-Feasibility Study Engineering Co. - Ming Copper-Gold Mine Phase 2A, Newfoundland GUALCAMAYO and Labrador, Canada; September 2015; Saul, B. et NI-43-101 Technical Report: Gualcamayo Project, al., WSP Canada Inc. San Juan, Argentina; March 25, 2011; Valencia, M. et al., Yamana Gold Inc. and Metalica Consultores K MONTAGNE D'OR NI-43-101 Technical Report: Bankable Feasibility Yamana Gold Inc. Annual Information Form For the KARMA Study Montagne d'Or Project, French Guiana; fiscal Year Ended December 31, 2017 [AIF]; March NI-43-101 Technical Report: Updated Feasibility 27, 2018; Yamana Gold Inc. March 6, 2017; Stryhas, B. et al., SRK Consulting Study (GGI, GGII, Kao, Rambo & Nami Deposits) and (U.S.), Inc. a Preliminary Economic Assessment (North Kao Deposit) for the Karma Gold Project, Burkina Faso, GUM CREEK West Africa; August 10, 2014; Puritch, E. et al., P&E MOROY Gum Creek Gold Project Free Milling Scoping Mining Consultants Inc. NI-43-101 Technical Report: Technical Report on Study [News Release]; March 18, 2016; Panoramic the Moroy Project Mineral Resource Estimate; May Resources Endeavour Mining Annual Information Form for 6, 2019, Armitage, A. et al., SGS Canada Inc. the financial year ended December 31, 2017 [AIF]; March 29, 2018; Endeavour Mining
2021 Asset Handbook SANDSTORM GOLD LTD. 103 ASSET HANDBOOK ADDITIONAL INFORMATION
MT. HAMILTON RUDDOCK CREEK WHISTLER NI-43-101 Technical Report: Feasibility Study Imperial Metals Corporation Annual Information NI-43-101 Technical Report: Resource Estimate Mt. Hamilton Gold and Silver Project Centennial Form For the fiscal Year Ended December 31, 2012 for the Whistler Project, Alaska: May 30, 2016; Deposit and Seligman Deposit, White Pine County, [AIF]; March 27, 2013; Imperial Metals Corporation Giroux, G. et al., Giroux Consultants Ltd. Nevada; August 14, 2014; SRK Consulting (U.S.), Inc.
WILUNA MWS S Studies Confirm Combined Wiluna Uranium Project NI-43-101 Technical Report: Mine Waste Solutions Improvements [News Release]; January 30, 2014; Tailings Recovery Project, North West Province, SAN FRANCISCO Toro Energy Limited South Africa; January 1, 2010; Muller, C. et al., NI-43-101 Technical Report: Pre-Feasibility Study Minxcon for the San Francisco Gold Project, Sonora, Mexico: August 28, 2020; Lewis, W. et al. Y N SANTA ELENA YUSUFELI
NORTH TIMMINS NI-43-101 Technical Report: Update to Santa Elena NI-43-101 Technical Report: Preliminary Economic NI-43-101 Technical Report: Prefeasibility Pre-Feasibility Study, Sonora, Mexico; December Assessment on the Taç and Çorak Deposits, Study Bradshaw Gold Deposit, Timmins, Ontario; 31, 2014; Fier, E. et al., SilverCrest Metals Inc. Yusufeli Property, Artvin Province, Turkey: June 14, September 15, 2016; Stantec - Mining 2011; Barnett, W. et al., SRK Consulting (Canada) Silver equivalent grade is estimated as: AgEq = Ag Inc. Grade + (Au Grade x Au Recovery x Au Payable x Au Price) / (Ag Recovery x Ag Payable x Ag Price. Metal P prices considered were $18.00/oz Ag, $1,250/oz Au.
PICKLE CROW First Majestic Silver Corp. Annual Information Form Maiden JORC Resource of 830,000oz at 11.6 g/t For the Year Ended December 31, 2017 [AIF]; March gold at Pickle Crow Gold Project, Canada [News 29, 2018; First Majestic Silver Corp. Release], June 29, 2020; Auteco Minerals Ltd.
SHEERNESS PRAIRIE CREEK NI-43-101 Technical Report: Sheerness Mine, NI-43-101 Technical Report: Prairie Creek Alberta; May 19, 2006, Norwest Corporation Property Prefeasibility Update, Northwest Territories, Canada; March 31, 2016; Mosher, G. et al., AMC Mining Consultants (Canada) Ltd. T NI-43-101 Technical Report: Feasibility Study, Northwest Territories, Canada; August 2017; Smith, THUNDER CREEK & 144 ZONE H.A., et al., AMC Mining Consultants (Canada) Ltd. NI-43-101 Technical Report: Updated Mineral Reserve Estimate for Timmins West Mine and Initial Resource Estimate for the 144 Gap Deposit, R Timmins, Ontario, Canada; December 31, 2015; Kallio, E. et al., Lake Shore Gold Corp.
RED RABBIT Tahoe Resources Annual Information Form For the Excellent Results From Tavsan Scoping Study year ended December 31, 2016 [AIF]; March 9, 2017; [News Release]; November 10, 2016; Ariana Tahoe Resources Resources plc
RELIEF CANYON V NI-43-101 Technical Report: Feasibility Study for the Relief Canyon Project, Pershing County, Nevada, USA: May 24, 2018; Tietz, P. et al VITTANGI Talga Substantially Increases Flagship Graphite Resource Siz, Grade and Status [News Release]; ROC D'OR EAST EXTENSION April 27, 2017; Talga Resources Ltd. NI-43-101 Technical Report: Spring 2017 Mineral Resource Estimate Update for the Lamaque Project, Bourlamaque Township, Quebec, Canada; March 22, 2017; Girard, F. et al., InnovExplo Inc. W
NI-43-101 Technical Report: 2017 Preliminary WEST ARENA Economic Assessment Update for the Lamaque NI-43-101 Technical Report: Eastern Extension Project, Bourlamaque Township, Province of Property, Québec, Canada: July 26, 2012; Dzick, W. Quebec, Canada; February 27, 2017; Girard, F. et. et al., Snowden Mining Industry Consultants al., InnovExplo Inc..
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2021 Asset Handbook SANDSTORM GOLD LTD. 105 ASSET HANDBOOK ADDITIONAL INFORMATION
CAUTIONARY STATEMENTS TO U.S. SECURITY HOLDERS
The financial information included or incorporated by reference in this document or the documents referenced herein has been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, which differs from US generally accepted accounting principles (“US GAAP”) in certain material respects, and thus are not directly comparable to financial statements prepared in accordance with US GAAP.
Information contained or referenced in this document or in the documents referenced herein concerning the properties, technical information and operations of Sandstorm has been prepared in accordance with requirements and standards under securities laws, which differ from the requirements of US securities laws. The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” used in this or in the documents incorporated by reference herein are mining terms as defined in accordance with NI 43-101 under guidelines set out in the Definition Standards for Mineral Resources and Mineral Reserves adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on 11 December 2005. While the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are recognized and required by securities laws other than the requirements of US securities laws, they are not recognized by the SEC. Disclosure of contained ounces are or may be permitted disclosure under regulations applicable to Sandstorm; however, the SEC normally only permits issuers to report resources as in place tonnage and grade without reference to unit of production measures. As such, certain information contained in this document or in the documents incorporated by reference herein concerning descriptions of mineralization and mineral resources under these standards may not be comparable to similar information made public by US companies subject to reporting and disclosure requirements of the SEC.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This document contains "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. Forward-looking statements include, but are not limited to, the future price of gold, the estimation of mineral reserves and resources, realization of mineral reserve estimates, and 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.
106 SANDSTORM GOLD LTD. 2021 Asset Handbook SANDSTORM GOLD ROYALTIES ASSET HANDBOOK ADDITIONAL INFORMATION
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, changes in business plans and strategies, market conditions, share price, best use of available cash, gold and other commodity 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, other commodities or receive royalties from, 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 and other commodities, 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, 2020 and the section entitled “Risk Factors” contained in the Company’s annual information form dated March 30, 2021 available at www.sedar.com and most recent annual report filed on Form 40-F with the SEC on www.sec.gov. 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.
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