Sandstorm Gold Ltd N — Sandstorm Gold — Investor Presentation (November 2024)
40 slides from Sandstorm Gold Ltd N's investor presentation, November 2024
Slide 1: Investor Presentation
NYSE SAND TSX SSL Investor Presentation N OVEMBER 2 024
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: Growing and Sustainable Production
INVESTOR PRESENTATION Growing and Sustainable Production in Ounces 180,000 155koz 160,000 Increasing cash flow to 140,000 over $250M per year1 120,000 80koz 100,000 80,000 60,000 ATTRIBUTABLE GOLD EQUIVALENT PRODUCTION2 2024 Production Guidance 40,000 Estimated Production Range 20,000 MARA Gold Stre
Slide 5: Portfolio Cash Flows
INVESTOR PRESENTATION PORTFOLIO CASH FLOWS 1 in US$ Millions $250M MARA Gold Stream $160M Built in Cash Flow Growth Gold Silver Copper $2,300/oz $27/oz $5.00/lb SANDSTORMGOLD.COM HOD MADEN Gold Stream 2025 2029 1. Cash flows from operating activities attributable to the Company’s operating segment e
Slide 6: Debt Obligations
INVESTOR PRESENTATION DEBT OBLIGATIONS Debt is Evaporating $600M $637M $500M Share Buybacks Now $400M $369M $322M in Debt and $300M Equity Investments1 $200M $100M SANDSTORMGOLD.COM 0 Debt Funding Bank Debt as at 2022 Acquisitions Nov 7, 2024 1. Approximate fair value of investments as at Septmeber
Slide 7: 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 8: Sandstorm's Future is in Construction
INVESTOR PRESENTATION Equinox Gold Ivanhoe Mines Barrick Gold SSR Mining Glencore Greenstone Platreef Robertson Hod Maden MARA Average Annual (Cortez Complex) Attributable 8,000–10,000 oz 15,000–20,000 oz 35,000 oz 20,000–30,000 oz 3,000 oz Production 2024 2025 2027 2028 2029 Commercial Production S
Slide 9: Greenstone Equinox Gold Corp.
INVESTOR PRESENTATION Greenstone Equinox Gold Corp. One of Canada’s 0 250 500 750 Largest Open-Pit RESERVE PIT SHELL (Feasibility) Gold Mines ~WEST ~EAST Western-most hole (MM170) 18.48 g/t Au over 20.5m Commerical production announced in November 2024. 390koz gold per annum in first five years Pote
Slide 10: Platreef Ivanhoe Mines Ltd.
INVESTOR PRESENTATION Platreef Ivanhoe Mines Ltd. 10.0 Building the World’s PHASE 3 Largest PGM Mine Processing Capacity (Mtpa) Shaft #2 hoisting Concentrators ramp up to approximately 10 Mtpa Multi-phase ramp-up to reduce risks +500Mt inferred Shaft #3 hoisting Resources (Q4 2025) 4.0 Industry disr
Slide 11: Antamina Compañia Minera Antamina SA
INVESTOR PRESENTATION Antamina Compañia Minera Antamina SA ANTAMINA INDICATIVE CROSS SECTION Expanding the World’s 3rd Reserve Pit Resource Pit Mineralized Skarn Largest Copper Mine1 4,000 RL Antamina was granted approval of the MEIA* Study in February 20242 3,500 RL $2 billion, 8-year investment in
Slide 12: Hod Maden SSR Mining Inc.
INVESTOR PRESENTATION Hod Maden SSR Mining Inc. HTD-72 HTD-77 HTD-62 HTD-90 HTD-15 HTD-60 Unparalleled High-Grade HTD-18 95.5m @ 32.1 g/t Au, 3.3% Cu 800m Gold-Copper Project HTD-65 90.0m 750m @ 22.6 g/t Au, 4.39% Cu 34.5m 700m High-grade gold-copper development @ 19.4 g/t Au, 1.31% Cu project 650m
Slide 13: MARA Glencore plc
INVESTOR PRESENTATION MARA Glencore plc Exclusive Gold Stream Option Alumbrera Mill Adds 20k–30k GEOs average per year1 $30M–$50M average annual cash flows1 “A low capital intensity, $225M purchase price paid over construction long-life, good grade period copper project.” 28-year reserve life2 with
Slide 14: New Promotional Regime for Large Investments in Argentina
INVESTOR PRESENTATION MARA Glencore plc New Promotional Regime for Large Investments in Argentina Provides certainty and legal stability for long-term investments in mining Offers tax, customs, and currency exchange incentives Application period to benefit from regime expires SANDSTORMGOLD.COM July
Slide 15: Precious Metals Focused
INVESTOR PRESENTATION Precious Metals Focused 8% 4% 10% 4% 18% REVENUE BY METAL1 74% 85% Gold Silver 12% 62% Copper Other 81% SANDSTORMGOLD.COM 2025 2029 1. Commodity Price Assumptions: $2,300/oz Au, $27/oz Ag, $5.00/lb Cu 15
Slide 16: Principal Assets % of NAV
INVESTOR PRESENTATION PRINCIPAL ASSETS % OF NAV MARA Stream1 Hod Maden1 Glencore SSR Mining 10% 10% Diversified Platreef Antamina1 Ivanhoe Mines Glencore, BHP, Teck 9% 6% Portfolio 7% Vale No asset greater than 10% of NAV Vale 6% No country greater than 14% of NAV Greenstone Equinox Gold Aurizona Eq
Slide 17: Mineral Property Value in Production
INVESTOR PRESENTATION MINERAL PROPERTY VALUE IN PRODUCTION1 Maturing 89% Portfolio Platreef 2025 62% Nearly 90% of portfolio NAV expected to be in production by 2029 SANDSTORMGOLD.COM Current 2029 1. Based on analyst consensus asset NAV estimates. 17
Slide 18: Proven Record of Strong Returns
INVESTOR PRESENTATION Proven Record of Strong Returns $90M $23M $70M $168 $76 $244M $87 $20 $107M $66 $83 $149M Aurizona 2009 Santa Elena 2009 Chapada 2015 $22M $200M $45 $24 $54 $15 $93M $223 $56 $279M $34 $39 $73M Teck Portfolio 2016 Hod Maden 2017 Houndé 2018 Investment $33M $116M Cash Flow SANDS
Slide 19: Value Choice of Royalty
INVESTOR PRESENTATION Value Choice of Royalty CONSENSUS P/NAV1 Companies 50% Upside on Trading 2.5x 2.1x Multiple Normalization 2.0x 2.0x 1.8x SANDSTORM 1.0x 1.3x 1.5x 1.2x 1.0x TRIPLE FLAG 1.4x 1.0x SANDSTORMGOLD.COM 0.5x OSISKO 1.5x 0 WHEATON FRANCO ROYAL MID-CAPS SANDSTORM GOLD COMBINED 1. Based
Slide 20: Highest Growth Among Peers
INVESTOR PRESENTATION in 000’s Ounces 180 160 Highest Growth 100% 140 Among Peers 120 Production MARA Gold Stream Growth 100 Platreef GOLD EQUIVALENT PRODUCTION GUIDANCE 80 Long-Term Production 60 2024 Production 40 20 SANDSTORMGOLD.COM 0 SANDSTORM OSISKO TRIPLE FLAG $1.9B $3.8B $3.5B Market Cap Mar
Slide 21: Industry Leading Diversification
INVESTOR PRESENTATION Industry Leading Diversification 62% 65% 65% 60% MINERAL PROPERTY VALUE CONTRIBUTION 51% Top 5 Assets Assets 6–10 Other 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 22: Gold Equivalent Ounces per $1M of Enterprise Value
INVESTOR PRESENTATION GOLD EQUIVALENT OUNCES PER $1M OF ENTERPRISE VALUE 2024 Long-Term More Production 80 oz Value for Every 70 oz 60 oz 50 oz Dollar Invested 40 oz 30 oz Sandstorm offers the highest GEO production per dollar of 20 oz Enterprise Value 10 oz SANDSTORMGOLD.COM 0 M G O LD N A A D TO S
Slide 23: Royalty & Streaming EV / EBITDA
INVESTOR PRESENTATION ROYALTY & STREAMING EV / EBITDA Most Undervalued 2025 Long-Term Royalty Portfolio 25x 20x Sandstorm’s long-life, high-quality portfolio trades at a material discount. 15x US$ Millions Enterprise Value 10x $2,230 6.9x Less Investment Portfolio approx. ($322) Royalty & Streaming
Slide 24: 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. 24
Slide 25: Total Royalties Globally
INVESTOR PRESENTATION Over 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 25
Slide 26: Metres Drilled on Sandstorm Properties
INVESTOR PRESENTATION METRES DRILLED ON SANDSTORM PROPERTIES 2015 2017 2019 2021 2023 0m Average 500,000m 100,000 m Drilled Annually1 200,000 m 2024 is expected to set new records of 300,000 m drilling on Sandstorm's properties—at 400,000 m no additional cost to shareholders. 500,000 m 600,000 m SAN
Slide 27: Discovered Ounces
INVESTOR PRESENTATION 105 106 Discovered 97 97 Ounces 85 82 71 68 Sandstorm properties have a consistent 64 54 track record of replacing and 58 52 discovering more ounces than mined. SANDSTORM’S GOLD ATTRIBUTABLE OUNCES in 000’s Produced Discovered SANDSTORMGOLD.COM 2018 2019 2020 2021 2022 2023 27
Slide 28: 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 SANDSTORMGOLD.COM by Sustainalytics 2023 1. As of 2023, Sandstorm received an MSCI ESG Rating of AA. 28
Slide 29: Gold Focused, High Quality 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 29
Slide 30: Appendix
Appendix N ovember 2 024 SANDSTORMGOLD.COM i
Slide 31: Initiatives: Gold 247
INVESTOR PRESENTATION GOLD EQUIVALENT OUNCES INITIATIVES PER $1M OF ENTERPRISE VALUE 2024 Long-Term More Production 80 oz Gold Bar Integrity Programme 2 4 7 WGC/LBMA pilot Distributed ledger (blockchain) Value for Every 70 oz technology 60 oz Foundation for a more accessible and Dollar Invested fung
Slide 32: Project Operator Country Status Initial Terms
PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 1 Black Fox McEwen Mining Canada PRODUCING 8% Au @ $601/oz 2 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 3 Copper Mountain Hudbay Minerals Inc. Canada PRODUCING future roy
Slide 33: Project Operator Country Status Initial Terms
PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 25 Serra Leste (Northern System) Vale S.A. Brazil PRODUCING 0.05% Net Fe Sales Royalty 26 Serra Norte (Northern System) Vale S.A. Brazil PRODUCING 0.05% Net Fe Sales Royalty 27 Serra Sul (Northern System) Vale S.A. Brazil PRODUCING 0.05% Net Fe Sales Ro
Slide 34: Project Operator Country Status Initial Terms
PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 53 Mt. Hamilton Waterton Global Resource USA DEVELOPMENT 2.4% NSR 54 Robertson (Cortez Complex) Barrick Gold USA DEVELOPMENT 1.0%–2.25% NSR* 55 Montagne d’Or Orea Mining Corp. French Guiana DEVELOPMENT 1.0% NSR 2.0% NSR on oxides (after 396koz); 1.5% NS
Slide 35: Project Operator Country Status Initial Terms
PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 79 Pickle Crow FireFly Metals Ltd. Canada ADV. EXPLORATION 0.5% NSR 80 Point Leamington Callinex Mines Inc. Canada ADV. EXPLORATION 1.5% NSR 81 Ruddock Creek Imperial Metals Canada ADV. EXPLORATION 1.0% NSR 82 South Tally/Lemarchant Canterra Minerals Co
Slide 36: Project Operator Country Status Initial Terms
PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 107 Butterfly Lake Thesis Gold Inc. Canada EXPLORATION 0.71% GOR 108 CT Kreft Resources Canada EXPLORATION 0.75% NSR 109 Dixie Lake Renegade Gold Inc. Canada EXPLORATION 1.0% NSR 110 Duchess Renegade Gold Inc. Canada EXPLORATION 0.5% NSR 111 East My-Rit
Slide 37: Project Operator Country Status Initial Terms
PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 136 New Afton New Gold Canada EXPLORATION 2.0% NSR 137 Newman-Madsen West Red Lake Gold Mines Ltd. Canada EXPLORATION 0.5% NSR 138 Pakwash Renegade Gold Inc. Canada EXPLORATION 1.0% NSR 139 Rabbit North Tower Resources Ltd. Canada EXPLORATION 2.0% NSR 1
Slide 38: Project Operator Country Status Initial Terms
PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 165 Rain Newmont Corporation/Premier Gold Mines USA EXPLORATION 1.5% NSR 166 RF #1-8 (Railroad) Gold Standard Ventures USA EXPLORATION 3.0% NSR 167 Rochester (Expansion) Coeur Mining Inc. USA EXPLORATION 3.0% NSR 168 Santa Renia Klondex Hollister Mine I
Slide 39: Project Operator Country Status Initial Terms
PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 194 Lucero Element79 Gold Corp. Peru EXPLORATION 0.5% NSR 195 Mario Agnico Eagle Mines Limited Peru EXPLORATION 2.0% NSR 196 Pacaska Pucara Gold Ltd. Peru EXPLORATION 1.0% NSR 197 Paco Orco Pucara Gold Ltd. Peru EXPLORATION 1.0% NSR 198 Pucamayo Condor
Slide 40: Project Operator Country Status Initial Terms
PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 223 Altan Arrow Erdene Resource Development Mongolia EXPLORATION 1.0% NSR 224 Ulaan Erdene Resource Development Mongolia EXPLORATION 1.0% NSR 225 Arrow Raiden Resources Ltd. Australia EXPLORATION 1.0% NSR 226 Bungalbin Mineral Resources Australia EXPLOR
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