Sandstorm Gold Ltd N

Sandstorm Gold Ltd N — Sandstorm Gold — Investor Presentation (August 2023)

36 slides from Sandstorm Gold Ltd N's investor presentation, August 2023

  1. Slide 1: A Brighter Way to Invest in Gold

    INVESTOR PRESENTATION NYSE SAND TSX SSL A Brighter Way to Invest in Gold AUGUST 2023

  2. Slide 2: Cautionary Note Regarding Forward-Looking Information and Non-IFRS Measures

    C AU T I O N A RY N OT E R E G A R D I N G F O R WA R D - LO O K I N G I N F O R M AT I O N A N D N O N - I F R S M E A S U R E S Except for the statements of historical fact contained herein, the information presented constitutes “forward-looking statements”, within the meaning of the U.S. Securiti

  3. Slide 3: Hundreds of Royalties. One Investment.

    INVESTOR PRESENTATION Hundreds of Royalties. One Investment. Gold focused Diversified SANDSTORMGOLD.COM High-quality, long life mines 03

  4. Slide 4: Sustainable Long-Term Production

    INVESTOR PRESENTATION Sustainable Long-Term Production 1 +125k Peak Production2 + MARA + Platreef Expansion + Fruta del Norte Exploration & Expansion + Lobo Marte 110,000 ounces 95k + Woodlawn 15-Year Annual Average + Chapada Exploration & Expansion 82k + Horne 5 68k + Troilus 64k 58k + Gualcamayo D

  5. Slide 5: Record Cash Flow

    INVESTOR PRESENTATION $170–$180M Record Cash Flow 5yr Peak Cash Flow $167 $158 $122 PORTFOLIO CASH FLOWS 1 in US$ Millions Cash flows from Horizon Copper Debentures $93 Gold $76 $69 $1,800/oz $58 $54 $50 Silver $22/oz Copper SANDSTORMGOLD.COM $4.50/lb 2016 2017 2018 2019 2020 2021 2022 2023 5-Year O

  6. Slide 6: Leverage to Incremental Cash Flows From Higher Commodity Prices

    INVESTOR PRESENTATION $190–$210M 5yr Peak Cash Flow Leverage to Incremental Cash $186 Flows From Higher Commodity Prices Commodity Prices $122 PORTFOLIO CASH FLOWS 1 in US$ Millions $93 Gold $76 $2,200/oz $69 $58 $54 $50 Silver $25/oz Copper SANDSTORMGOLD.COM $5.00/lb 2016 2017 2018 2019 2020 2021 2

  7. Slide 7: Precious Metals Revenue by Metal

    INVESTOR PRESENTATION Precious Metals REVENUE BY METAL1 Gold Silver Copper Other Focused 68% 70% 80% 10% 8% 7% 13% 22% 22% 7% 49% 56% 73% 14% 19% SANDSTORMGOLD.COM 2023 2025 LONG-TERM 1 Commodity Price Assumptions: $1,800/oz Au, $22/oz Ag, $4.50/lb Cu 07

  8. Slide 8: Principal Assets % of NAV

    INVESTOR PRESENTATION PRINCIPAL ASSETS % OF NAV Diversified Hod Maden1 12% + Antamina1 8% + Platreef Vale 8% 6% Portfolio + Blyvoor 6% No asset greater than 12% of NAV No country greater than 14% of NAV + Greenstone 5% Chapada 4% + Recent Acquisitions + Caserones 4% Aurizona 4% SANDSTORMGOLD.COM Oyu

  9. Slide 9: Proven Record of Strong Returns

    INVESTOR PRESENTATION Proven Record of Strong Returns $75M $23M $70M $159 $70 $229M $85 $18 $103M $56 $83 $139M Aurizona 2009 Santa Elena 2009 Chapada 2015 $22M $200M $45 $20 $50 $15 $85M $221 $56 $277M $29 $39 $68M Teck Portfolio 2016 Hod Maden 2017 Houndé 2018 Investment $33M $116M Cash Flow SANDS

  10. Slide 10: Never a Better Time to Own a Mid-Tier Royalty Company

    INVESTOR PRESENTATION Never a Better Time to Own a Mid-Tier Royalty Company 2023 ESTIMATED PRODUCTION1 CONSENSUS P/NAV2 Total Number of Royalties 2023 Avg Daily Trading Value (US$M)3 All Others 670koz 660koz Asset 5 Asset 4 Asset 3 419 34 Asset 2 Asset 1 2.3x 2.0x 1.9x 333koz 303koz 1.2x 182 654 $14

  11. Slide 11: Mid-Tier Royalty Companies P/NAV

    INVESTOR PRESENTATION 1.4x 30% Upside on 1.2x Trading Multiple 1.0x Normalization 0.8x 0.6x MID-TIER ROYALTY COMPANIES P/NAV1 0.4x Private Equity Ownership (%) 16% 0% 67% 0.2x SANDSTORMGOLD.COM 0.0x Sandstorm Osisko Triple Flag P/NAV P/NAV P/NAV 1 Based on consensus NAV estimates. Share price as of

  12. Slide 12: Production Outlook

    INVESTOR PRESENTATION PRODUCTION OUTLOOK1 (GEO KOZ) The Value 175 Long-Term Potential Long-Term Long-Term +35koz Choice Amongst 150 Potential Potential optionality Guidance outside Guidance guidance 125 Guidance 100 Peers 75 50 25 2023 2023 2023 SANDSTORMGOLD.COM 0 Osisko Triple Flag Sandstorm 12 1.

  13. Slide 13: Approach to Guidance and Long-Term Optionality

    INVESTOR PRESENTATION Approach to Guidance and Long-Term Optionality GOLD EQUIVALENT PRODUCTION1 (KOZ) 35k 160koz 160 Current Long-Term Guidance 140 68k 125koz 120 Platreef accelerated Ph. 2 95koz 38k 100 80 60 ~30koz ~20koz 40 Stream step-downs / Nomad asset ramp-up SANDSTORMGOLD.COM fixed deliveri

  14. Slide 14: All-In Sustaining Cost Profile

    INVESTOR PRESENTATION SANDSTORM 54% Lowest Cost WHEATON 33% Mines TRIPLE FLAG 25% FRANCO-NEVADA ALL-IN SUSTAINING COST PROFILE 11% Top 10 Assets by Quartile 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile ROYAL GOLD 10% OSISKO SANDSTORMGOLD.COM Source: BMO Capital Markets Equity Research at stre

  15. Slide 15: Industry Leading Diversification

    INVESTOR PRESENTATION Industry Leading 62% 65% 67% 68% Diversification 49% 42% MINERAL PROPERTY VALUE CONTRIBUTION Top 5 Assets Assets 6–10 Other 1st Cost Quartile 2nd Cost Quartile 3rd Cost Quartile 4th Cost Quartile SANDSTORMGOLD.COM Sandstorm Triple Flag Franco Osisko Royal Gold Wheaton Nevada BM

  16. Slide 16: Development & Exploration Assets

    INVESTOR PRESENTATION Development & Exploration Assets Portfolio of streams & royalties with over 40 Producing Assets cash flowing assets Globally Diversified SANDSTORMGOLD.COM 16

  17. Slide 17: Growing Asset Portfolio

    INVESTOR PRESENTATION 250 Growing Asset 230 Producing Portfolio 200 187 190 Development 174 Adv. Exploration 135 TOTAL NUMBER OF ROYALTIES PER YEAR 75 Exploration 45 33 SANDSTORMGOLD.COM 7 12 5 2010 2022 17

  18. Slide 18: Metres Drilled on Sandstorm Properties

    INVESTOR PRESENTATION 2013 2022 METRES DRILLED ON SANDSTORM PROPERTIES 0m Drilling Success 100,000 m 200,000 m Thousands of metres drilled at no 300,000 m additional cost to shareholders. 400,000 m 500,000 m 600,000 m 658,000 m SANDSTORMGOLD.COM 700,000 m approx. 340,000 metres drilled on producing

  19. Slide 19: Sandstorm's Gold Attributable Ounces

    INVESTOR PRESENTATION 105 97 SANDSTORM’S GOLD ATTRIBUTABLE OUNCES Produced Discovered 85 82 71 68 Discovered 58 64 52 54 Ounces (ounces in 000’s) Sandstorm properties have a consistent track record of replacing and discovering SANDSTORMGOLD.COM more ounces than mined. 2018 2019 2020 2021 2022 19

  20. Slide 20: Sandstorm Does Not Need to Compete With Major Royalty Companies for Growth

    INVESTOR PRESENTATION Sandstorm does not need to compete with major royalty companies for growth Organic Growth MARA Gold Stream Partnership with Greenstone, Platreef, Exclusive option to Horizon Copper Hod Maden acquire $225 million Precious metal stream by-product streams SANDSTORMGOLD.COM 20

  21. Slide 21: Debt

    INVESTOR PRESENTATION $700M Debt Available Credit Facility $600M Repayment $500M $400M Price Scenario 1 $300M Gold Silver Copper $1,800/oz $22/oz $4.50/lb $200M Price Scenario 2 $100M SANDSTORMGOLD.COM Gold Silver Copper $2,200/oz $25/oz $5.00/lb 2 1 $0 2024 2025 2026 2027 current1 1 Bank debt as at

  22. Slide 22: Debt and Investments

    INVESTOR PRESENTATION Debt and Investments (US$ Millions) Bank Debt1 $457 Equity Investments2 –$55 Loans to Mining Companies2 –$234 Debt, Net of Investments $168 SANDSTORMGOLD.COM 1 Bank debt as at August 3, 2023. 2 As at June 30, 2023. Book value used for SBOX equity investment; fair value used for

  23. Slide 23: ESG Highlights

    INVESTOR PRESENTATION ESG Highlights First royalty company with ESG linked MSCI Rating: AA1 credit facility CCC B BB BBB A AA AAA Near 50/50 balance of women and men PARTICIPANT MEMBER Ranked low risk by Sustainalytics 2023 SANDSTORMGOLD.COM 1 As of 2022, Sandstorm received an MSCI ESG Rating of AA.

  24. Slide 24: With Leverage to Rising Commodity Prices

    INVESTOR PRESENTATION with leverage to rising commodity prices with long-life assets reducing asset and jurisdictional risk development assets and optionality SANDSTORMGOLD.COM 24

  25. Slide 25: Appendix

    INVESTOR PRESENTATION NYSE SAND TSX SSL APPENDIX AUGUST 2023

  26. Slide 26: Gold 247

    INVESTOR PRESENTATION INITIATIVES GOLD 2 4 7 Gold Bar Integrity Programme 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 Enabling a digital t

  27. Slide 27: Producing Royalty Portfolio: Black Fox and Others

    INVESTOR PRESENTATION PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 1 Black Fox McEwen Mining Canada PRODUCING 8% Au @ $589/oz 2 CEZinc Glencore Canada PRODUCING 1% Zn @ 20% spot until Jun 2030 or 68 Mlbs 3 Diavik Rio Tinto Canada PRODUCING 1.0% GPR 4 Highland Valley Teck Resources Canada PRODUCING

  28. Slide 28: Producing Portfolio: Antamina and Others

    INVESTOR PRESENTATION PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 28 Antamina Compañia Minera Antamina SA Peru PRODUCING 1.66% Ag @ 2.5% spot; 0.55% NPI 29 Caserones Lundin Mining Corporation Chile PRODUCING 0.63% NSR* 30 Cerro Moro Pan American Silver Corp. Argentina PRODUCING 20% Ag @ 30% of sp

  29. Slide 29: Development Portfolio: Gualcamayo and Others

    INVESTOR PRESENTATION PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 2.0% NSR on oxides (after 396koz); 1.5% NSR on 56 Gualcamayo Mineros S.A. Argentina DEVELOPMENT DCP plus production payment* 57 MARA (Agua Rica) Pan American Silver Corp. Argentina DEVELOPMENT 0.25% NSR 58 Chapada (Suruca Deposit)

  30. Slide 30: Advanced Exploration Portfolio: Tulks South and Others

    INVESTOR PRESENTATION PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 83 Tulks South Canterra Minerals Corporation Canada ADV. EXPLORATION 2.0% NSR 84 Goldwedge Scorpio Gold Corp. USA ADV. EXPLORATION 2.0% NSR 85 Pony Creek Contact Gold USA ADV. EXPLORATION 3.0% NSR 86 Whistler GoldMining USA ADV. EX

  31. Slide 31: Exploration Portfolio: Eureka and Others

    INVESTOR PRESENTATION PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 112 Eureka Pacific Ridge Exploration/Trifecta Gold Canada EXPLORATION 1.0% NSR 113 Forrest Kerr Aben Minerals Ltd. Canada EXPLORATION 0.5%–1.0% NSR 114 Fostung Transition Metals Corp. Canada EXPLORATION 1.0% NSR 115 Frontline 1 Tri

  32. Slide 32: Exploration Portfolio: Scott Lake and Others

    INVESTOR PRESENTATION PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 142 Scott Lake Yorbeau Resources Inc. Canada EXPLORATION C$1–4M Production Bonus 143 Seymour Lake Ardiden Canada EXPLORATION 1.5% NSR 144 Sheerness Westmoreland Coal Company Canada EXPLORATION 5.0% GRR 145 Skinner Prosper Gold Corp

  33. Slide 33: Exploration Portfolio: NT Green and Others

    INVESTOR PRESENTATION PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 172 NT Green SSR Mining USA EXPLORATION 0.5%–2.0% NSR 173 Rain Newmont Corporation/Premier Gold Mines USA EXPLORATION 1.5% NSR 174 RF #1-8 (Railroad) Gold Standard Ventures USA EXPLORATION 3.0% NSR 175 Rochester (Expansion) Coeur M

  34. Slide 34: Exploration Portfolio: Gatita and Others

    INVESTOR PRESENTATION PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 202 Gatita Compania Menera Potosi Peru EXPLORATION 1.0% NSR 203 Huiñac Punta Condor Resources Peru EXPLORATION 0.5% NSR 204 Huiniccasa Volcan Compañía Minera Peru EXPLORATION 1.25% NSR 205 Humaya Condor Resources Peru EXPLORATION 0

  35. Slide 35: Exploration Portfolio: Meli and Others

    INVESTOR PRESENTATION PROJECT OPERATOR COUNTRY STATUS INITIAL TERMS* 232 Meli Sun Peak Metals Corp. Ethiopia EXPLORATION 1.0% NSR 233 Nefasit Sun Peak Metals Corp. Ethiopia EXPLORATION 1.0% NSR 234 Terer Sun Peak Metals Corp. Ethiopia EXPLORATION 1.0% NSR 235 Kiskama Talga Resources Sweden EXPLORATI

  36. Slide 36: NYSE SAND TSX SSL

    NYSE SAND TSX SSL

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