Sandstorm Gold Ltd N — Sandstorm Gold — Investor Presentation (May 2025)
49 slides from Sandstorm Gold Ltd N's investor presentation, May 2025
Slide 1: Investor Presentation
NYSE SAND TSX SSL Investor Presentation MAY 2 02 5
Slide 2: Cautionary Note Regarding Forward-Looking Information and Non-IFRS Measures
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION AND NON-IFRS MEASURES Except for the statements of historical fact contained herein, the information presented constitutes “forward-looking statements”, within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 19
Slide 3: Hundreds of Royalties. One Investment.
INVESTOR PRESENTATION Hundreds of Royalties. One Investment. SANDSTORMGOLD.COM 03
Slide 4: A New Era of Production Growth
INVESTOR PRESENTATION A New Era of Production Growth in Ounces 180,000 Increasing cash flow to +150koz 160,000 over $255M per year1 140,000 120,000 ATTRIBUTABLE GOLD EQUIVALENT PRODUCTION2 100,000 Oyu Tolgoi 80,000 MARA Gualcamayo 60,000 Hod Maden Robertson 40,000 Platreef 20,000 Greenstone SANDSTOR
Slide 5: Portfolio Cash Flows
INVESTOR PRESENTATION PORTFOLIO CASH FLOWS 1 350 in US$ Millions 300 $255M Built in Cash 250 $165M Flow Growth 200 Gold 150 $3,200/oz Gold 100 $2,000/oz Gold Silver Copper 50 $2,600/oz $30/oz $4.00/lb SANDSTORMGOLD.COM 0 2025 2030 1. Cash flows from operating activities attributable to the Company’s
Slide 6: Strong Balance Sheet
INVESTOR PRESENTATION Strong Balance DEBT OBLIGATIONS Sheet $600M $637M $500M $400M $328M Equity $300M Investments HORIZON ASSETS Antamina Hod Maden $200M Oyu Tolgoi cu Se $331 Million 1 re t s dD m en $100M e b t I n ve s t SANDSTORMGOLD.COM Investment Portfolio 0 Debt Funding Bank Debt as at 2022
Slide 7: The Future is in Construction
INVESTOR PRESENTATION AISA Group Equinox Gold Ivanhoe Mines Barrick Gold SSR Mining Gualcamayo Greenstone Platreef Robertson Hod Maden Deep Carbonates Cortez Complex Average Annual 3,000 oz Attributable 8,000–10,000 oz 15,000–20,000 oz 3,000–4,000 oz 33,000–39,000 oz Production $30M Production Payme
Slide 8: Greenstone
INVESTOR PRESENTATION STAGE: Producing OPERATOR: Equinox Gold LOCATION: Ontario, Canada Greenstone One of Canada’s Largest AVERAGE ATTRIBUTABLE GEO PER YEAR Open-Pit Gold Mines 8,000–10,000 oz Continuing to ramp-up Sandstorm’s area of Potential throughput expansion INITIAL MINE LIFE to an avg. of 39
Slide 9: Platreef
INVESTOR PRESENTATION STAGE: Construction OPERATOR: Ivanhoe Mines LOCATION: South Africa Platreef AVERAGE ATTRIBUTABLE GEO PER YEAR Building the World’s Largest 15,000 –20,000 oz1 and Lowest Cost PGM Mine INITIAL MINE LIFE 29 years Platreef Phase 1 Concentrator Multi-phase ramp-up reduces risk STREA
Slide 10: Platreef Accelerating Expansion
INVESTOR PRESENTATION STAGE: Construction OPERATOR: Ivanhoe Mines LOCATION: South Africa Platreef Accelerating Expansion AVERAGE ATTRIBUTABLE GEO PER YEAR Phase 1 & 2: targeting Phase 2: accelerated by Phase 3: Largest shaft in 15,000 –20,000 oz1 production capacity of hoisting with both Shaft #1 Af
Slide 11: Comparing Platreef to Other Bushveld Deposits
INVESTOR PRESENTATION STAGE: Construction OPERATOR: Ivanhoe Mines LOCATION: South Africa Platreef Comparing Platreef to Other AVERAGE ATTRIBUTABLE GEO PER YEAR Bushveld Deposits 15,000 –20,000 oz1 INITIAL MINE LIFE KHOMANANI MINE PLATREEF 29 years Deposit Merensky Reef/UG2 Platreef2 STREAM TERMS Bus
Slide 12: Robertson
INVESTOR PRESENTATION STAGE: Development OPERATOR: Barrick Gold LOCATION: Nevada, USA Robertson Cortez Complex The Next Open-Pit at the Cortez Complex AVERAGE ATTRIBUTABLE GEO PER YEAR 3,000 –4,000 oz Robertson INITIAL MINE LIFE Barrick qualifies Robertson as an 12 years emerging Tier 2 Asset1 ROYAL
Slide 13: Hod Maden
INVESTOR PRESENTATION STAGE: Early Works Construction OPERATOR: SSR Mining LOCATION: Türkiye Hod Maden Unparalleled High-Grade Gold-Copper Project AVERAGE ATTRIBUTABLE GEO PER YEAR 33,000–39,000 oz INITIAL MINE LIFE 13 years 2 million ounces of gold over an initial 13-year mine life 1 ROYALTY TERMS
Slide 14: Hod Maden: An Outlier Amongst the World's Best
INVESTOR PRESENTATION STAGE: Early Works Construction OPERATOR: SSR Mining LOCATION: Türkiye Hod Maden An Outlier Amongst the World's Best AVERAGE ATTRIBUTABLE GEO PER YEAR Gold-Copper Projects 33,000–39,000 oz COPPER-GOLD PROJECT COMPARISON 1 INITIAL MINE LIFE Relative Size = Contained Reserves (Au
Slide 15: Hod Maden: High Grade, Simple Deposit
INVESTOR PRESENTATION STAGE: Early Works Construction OPERATOR: SSR Mining LOCATION: Türkiye Hod Maden High Grade, Simple Deposit AVERAGE ATTRIBUTABLE GEO PER YEAR REPRESENTATIVE CROSS SECTION 33,000–39,000 oz Au-Cu Zone HTD-72 INITIAL MINE LIFE HTD-77 HTD-62 HTD-90 HTD-15 HTD-60 13 years HTD-18 95.
Slide 16: MARA
INVESTOR PRESENTATION STAGE: Development OPERATOR: Glencore LOCATION: Catamarca, Argentina MARA AVERAGE ATTRIBUTABLE GEO PER YEAR Exclusive Gold Stream 20,000–30,000 oz Option INITIAL RESERVE LIFE Agua Rica Deposit 28 years1 Alumbrera Mill STREAM OPTION $30–$50 million average annual cash 20% of gol
Slide 17: MARA: Leveraging Existing Infrastructure to Reduce Capital Intensity
INVESTOR PRESENTATION STAGE: Development OPERATOR: Glencore LOCATION: Catamarca, Argentina MARA Leveraging Existing Infrastructure to AVERAGE ATTRIBUTABLE GEO PER YEAR Reduce Capital Intensity 20,000–30,000 oz INITIAL RESERVE LIFE 28 years1 Alumbrera Mine STREAM OPTION 20% of gold @ 30% of spot STRE
Slide 18: Argentina: Attracting Major Mining Investment
INVESTOR PRESENTATION Argentina Major mining companies increasing BOLIVIA investment in Argentina: Attracting Major • Rio Tinto acquires Arcadium Lithium for Mining Investment $5.6B with additional $2.5B dedicated to PARAGUAY expand Rincon • Lundin and BHP acquire Filo for C$4.1B Jujuy CHILE Cauchar
Slide 19: Gualcamayo DCP
INVESTOR PRESENTATION STAGE: Producing OPERATOR: AISA Group LOCATION: San Juan, Argentina Gualcamayo DCP Advancing Gualcamayo Deep Carbonates Project (DCP) AVERAGE ATTRIBUTABLE GEO PER YEAR 3,000 oz INITIAL MINE LIFE 17 years $1 Billion investment plan submitted under Argentina Promotional Regime RO
Slide 20: Oyu Tolgoi Hugo North Extension
INVESTOR PRESENTATION STAGE: Construction OPERATOR: Rio Tinto LOCATION: Mongolia Oyu Tolgoi Exploration Upside at the World’s Hugo North Extension Fourth Largest Copper Mine ATTRIBUTABLE GEO PER YEAR Up to 11,000 oz1 22 drill holes completed by OTLLC continued to drill Work to date shows OTLLC on th
Slide 21: Hugo North Extension Drilling
INVESTOR PRESENTATION STAGE: Construction OPERATOR: Rio Tinto LOCATION: Mongolia Oyu Tolgoi Hugo North Extension Drilling Hugo North Extension PLAN VIEW ATTRIBUTABLE GEO PER YEAR Up to 11,000 oz1 % CuEq 2020 mineral wireframe on –200 level 4.0 INITIAL RESERVE LIFE 3.0 17 years2 2.0 1.0 Possible STRE
Slide 22: Hugo North Extension Drilling
INVESTOR PRESENTATION STAGE: Construction OPERATOR: Rio Tinto LOCATION: Mongolia Oyu Tolgoi Hugo North Extension Drilling Hugo North Extension SECTION VIEW ATTRIBUTABLE GEO PER YEAR Up to 11,000 oz 1 S N Over $325 million in undiscounted cash flows to INITIAL RESERVE LIFE Sandstorm (at $4.00/lb copp
Slide 23: Precious Metals Focused
INVESTOR PRESENTATION Precious Metals Focused 7% 4% 6% 5% 19% REVENUE BY METAL1 74% 90% Gold Silver 14% 60% Copper Other 85% SANDSTORMGOLD.COM 2025 2030 1. Commodity Price Assumptions: $2,600/oz Au, $30/oz Ag, $4.00/lb Cu 23
Slide 24: Principal Assets % of NAV
INVESTOR PRESENTATION PRINCIPAL ASSETS % OF NAV 1 MARA Stream Platreef Glencore Ivanhoe Mines 15% 12% Diversified Hod Maden Antamina SSR Mining Glencore, BHP, Teck 11% 7% Portfolio 7% Greenstone No asset greater than 15% of NAV Equinox Gold 6% Vale No country greater than 20% of NAV Vale Aurizona Eq
Slide 25: Mineral Property Value in Production
INVESTOR PRESENTATION MINERAL PROPERTY VALUE IN PRODUCTION1 MARA 96% Hod Maden Maturing Robertson Gualcamayo DCP Oyu Tolgoi Portfolio Platreef 2025 55% Over 95% of portfolio NAV expected to be in production by 2030 SANDSTORMGOLD.COM Current 2030 1. Based on analyst consensus asset NAV estimates. 25
Slide 26: Proven Record of Strong Returns
INVESTOR PRESENTATION Proven Record of Strong Returns $90M $23M $70M $176 $104 $280M $87 $14 $101M $76 $71 $147M Aurizona 2009 Santa Elena 2009 Chapada 2015 $22M $200M $45 $28 $53 $15 $96M $241 $56 $297M $38 $51 $89M Teck Portfolio 2016 Hod Maden 2017 Houndé 2018 Investment $33M $116M Cash Flow SAND
Slide 27: Value Choice of Royalty Companies
INVESTOR PRESENTATION Value Choice of Royalty CONSENSUS P/NAV1 Companies 2.3x 2.3x +30% Upside on Trading 2.5x 2.0x Multiple Normalization 2.0x SANDSTORM 1.4x 1.2x 1.5x 1.2x 1.2x TRIPLE FLAG 1.5x 1.0x SANDSTORMGOLD.COM 0.5x OSISKO 1.5x 0 Wheaton Franco Royal Gold Mid-Caps Sandstorm Nevada Combined 1
Slide 28: Growth by 2030
INVESTOR PRESENTATION 160 in 000’s Ounces 140 +100% Production Growth by 2030 120 MARA Highest Growth 100 Among Peers 80 Platreef 60 40 GOLD EQUIVALENT PRODUCTION GUIDANCE Long-Term Production 20 2025 Production SANDSTORMGOLD.COM 0 TRIPLE FLAG OSISKO SANDSTORM $4.3B $4.4B $2.5B Market Cap Market Cap
Slide 29: Industry Leading Diversification
INVESTOR PRESENTATION Industry Leading Diversification 65% 60% MINERAL PROPERTY VALUE CONTRIBUTION 53% Top 5 Assets Assets 6–10 Other 49% 45% 1st Cost Quartile 43% 2nd Cost Quartile 3rd Cost Quartile FRANCO NEVADA 4th Cost Quartile ROYAL GOLD TRIPLE FLAG SANDSTORMGOLD.COM SANDSTORM WHEATON OSISKO BM
Slide 30: Gold Equivalent Ounces per $1M of Enterprise Value
INVESTOR PRESENTATION GOLD EQUIVALENT OUNCES PER $1M OF ENTERPRISE VALUE 2025 Long-Term More Production 60 50 Value for Every 40 Dollar Invested 30 Sandstorm offers the highest 20 GEO production per dollar of Enterprise Value 10 SANDSTORMGOLD.COM 0 M G LD O N A A D TO SK R O A FL O SI EA EV G ST LE
Slide 31: Royalty & Streaming EV / EBITDA
INVESTOR PRESENTATION ROYALTY & STREAMING EV / EBITDA 2025 Long-Term Most Undervalued 30x Royalty Portfolio 25x Sandstorm’s long-life, high-quality 20x portfolio trades at a material discount. 15x US$ Millions 9.4x Enterprise Value $2,910 10x Less Investment Portfolio approx. ($331) Royalty & Stream
Slide 32: Key Catalysts
INVESTOR PRESENTATION Growth-focused, KEY CATALYSTS deeply undervalued gold company Built-in growth with no SANDSTORMGOLD.COM desire to issue shares; share buybacks preferred. 32
Slide 33: Total Royalties Globally
INVESTOR PRESENTATION 230 Total Royalties Globally 41 Cash Flowing Assets Diversified 30+ Development Assets Additional optionality from SANDSTORMGOLD.COM one of the largest royalty portfolios in the world. Producing Development Exploration 33
Slide 34: Metres Drilled on Sandstorm Properties
INVESTOR PRESENTATION METRES DRILLED ON SANDSTORM PROPERTIES 2016 2018 2020 2022 2024 0m Average 500,000m 100,000 m Drilled Annually1 200,000 m Nearly 600,000 metres drilled on 300,000 m Sandstorm properties in 2024 at no 400,000 m additional cost to Sandstorm shareholders. 500,000 m 600,000 m SANDS
Slide 35: Discovered Ounces
INVESTOR PRESENTATION 116 97 105 106 Discovered 85 97 Ounces 82 71 Sandstorm properties have a consistent 73 68 track record of replacing and 64 54 discovering more ounces than mined. 58 52 SANDSTORM’S GOLD ATTRIBUTABLE OUNCES in 000’s Produced Discovered SANDSTORMGOLD.COM 2018 2019 2020 2021 2022 2
Slide 36: ESG Highlights
INVESTOR PRESENTATION ESG Highlights Groundbreaking ESG linked credit facility Near 50/50 balance of women and men MSCI Rating of AA1 CCC B BB BBB A AA AAA Ranked Low Risk by Sustainalytics 2024 SANDSTORMGOLD.COM Rated Prime by ISS Corporate ESG Performance 1. As of 2024, Sandstorm received an MSCI
Slide 37: Gold: High Quality Focused Portfolio
INVESTOR PRESENTATION Gold High Quality Focused Portfolio with leverage to rising with long-life assets commodity prices Built-in Diversified Growth reducing asset and development assets SANDSTORMGOLD.COM jurisdictional risk and optionality 37
Slide 38: Appendix
Appendix May 2 02 5 SANDSTORMGOLD.COM i
Slide 39: The Case for Gold has Never Been Stronger
INVESTOR PRESENTATION LONG-TERM The Case for Gold has GOLD SQUEEZE Never Been Stronger De-dollarization of global trade MID-TERM Global real economic growth Demand drivers are pushing gold MACROECONOMIC Gold 247 Initiative prices higher for longer. Inflation push from housing crisis, green Goldene a
Slide 40: Gold Squeeze
INVESTOR PRESENTATION INITIATIVES Gold Bar Integrity Programme 2 4 7 WGC/LBMA pilot Distributed ledger (blockchain) technology Foundation for a more accessible and fungible market WHAT IS GOLD 247? Accessible to all The World Gold Council’s strategic vision for transforming the global gold market go
Slide 41: Principal Assets
Principal Assets PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 1 Antamina Compañia Minera Antamina SA Peru PRODUCING 1.66% Ag @ 2.5% spot 2 Antamina Compañia Minera Antamina SA Peru PRODUCING 0.55% NPI 3 Aurizona Equinox Gold Brazil PRODUCING 3.0%–5.0% NSR 4 Caserones Lundin Mining Corporation Chil
Slide 42: Other Portfolio Assets
Other Portfolio Assets PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 23 Black Fox McEwen Mining Canada PRODUCING 8% Au @ $613/oz 24 CEZinc Glencore plc Canada PRODUCING 1% Zn @ 20% spot until Jun 2030 or 68 Mlbs 5% Cu, 2.5% other metal NSR capped at $10M on 25 Copper Mountain Hudbay Minerals Inc. C
Slide 43: PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS*
PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 45 Las Calandrias Cerrado Gold Inc. Argentina PRODUCING 2.0% NSR 46 Houndé Endeavour Mining plc Burkina Faso PRODUCING 2.0% NSR 47 Karma Néré Mining Burkina Faso PRODUCING 1.625% Au @ 20% spot 48 Bonikro Allied Gold Corporation Côte d’Ivoire PRODUCING 6
Slide 44: PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS*
PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 73 Angilak Atha Energy Corp. Canada ADVANCED EXPLORATION 1.0% NSR 74 Blende Blende Silver Corp. Canada ADVANCED EXPLORATION 2.0% NSR 75 Cadillac Break Alexandria Minerals Canada ADVANCED EXPLORATION 1.0% NSR 76 Long Lake Canterra Minerals Corporation Ca
Slide 45: PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS*
PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 101 Blue Quartz McLaren Resources Inc. Canada EXPLORATION 0.5% NSR 102 Big Bulk LCT Holdings Inc. Canada EXPLORATION 1.5% NSR 103 Box Fortune Bay Canada EXPLORATION 1.5% NSR 104 Bracemac-McLeod Glencore plc Canada EXPLORATION 3.0% NSR 105 Broulan Reef E
Slide 46: PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS*
PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 130 Mainstreet Gold Fields Limited Canada EXPLORATION 1.2% NSR 131 Mann Lake Skyharbour Resources Canada EXPLORATION 2.5% NSR 132 Marathon (Bermuda) Generation Mining Limited Canada EXPLORATION 0.5% NSR 133 More Creek Tower Resources Ltd. Canada EXPLORA
Slide 47: PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS*
PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 159 Kalium Canyon Green Light Metals Inc. USA EXPLORATION 1.0% NSR 160 Magmont Doe Run Resources USA EXPLORATION 1.25% NSR 161 Mammoth Kohinoor Big Springs Gold USA EXPLORATION 3.0% NSR 162 North Star Orla Mining Ltd. USA EXPLORATION 3.0% NSR 163 NT Gre
Slide 48: PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS*
PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 188 Gatita Compania Menera Potosi Peru EXPLORATION 1.0% NSR 189 Huiñac Punta Condor Resources Peru EXPLORATION 0.5% NSR 190 Huiniccasa Volcan Compañía Minera Peru EXPLORATION 1.25% NSR 191 Los Tambos Copper Standard Resources Inc. Peru EXPLORATION 1.0%
Slide 49: PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS*
PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 217 Muratdagi Kenz Enerji ve Madencilik Türkiye EXPLORATION 2.0% NSR 218 Tombul Elazig Baskil Madencilik Türkiye EXPLORATION 2.0% NSR 219 Altan Arrow Erdene Resource Development Mongolia EXPLORATION 1.0% NSR 220 Ulaan Erdene Resource Development Mongoli