About Sandstorm Gold

Sandstorm Gold Ltd. (Sandstorm) operates as a gold streaming and royalty company. The company generates its revenue primarily from the sale of gold and other metals and from the receipt of royalty payments. Sandstorm is a growth-focused company that seeks to acquire royalties and gold and other metals purchase agreements (‘Streams’ or ‘Gold Streams’) from companies which have advanced stage development projects or operating mines. Principal Product The company’s principal product is gold that it has agreed to purchase in the future pursuant to its Gold Stream agreements. There is a worldwide gold market into which the company can sell the gold purchased under the gold purchase agreements. The company also expects to purchase silver and copper and to receive payments pursuant to its NSR and other royalty agreements. Sandstorm has a portfolio of 250 Streams, NSRs and other royalty agreements and interests of which 39 of the underlying mines are producing. These gold and other interests owned by the company are collectively referred to herein as the ‘Mining Operations’. The company purchases or expects to be purchasing gold and/or other metals or expects to receive payments under its NSR and other royalty agreements from mines outside of Canada located in Mexico, the United States, Mongolia, South Africa, Argentina, Brazil, Chile, Ecuador, Egypt, Peru, Paraguay, Burkina Faso, Ghana, Botswana, Cote D’Ivoire, Ethiopia, Guyana, French Guiana, Türkiye, Sweden, Australia and Fiji. Mineral Interests Aurizona Mine Royalties Through a series of restructurings with respect to the company’s former gold stream (‘Aurizona Gold Stream’) on the Aurizona mine, located in Brazil (the ‘Aurizona Mine’), the Aurizona Gold Stream was terminated and replaced by two net smelter return (‘NSR’) royalties (the ‘Aurizona Project NSR’ and the ‘Greenfields NSR’) with the owner of the project, Equinox Gold Corp. (‘Equinox’). The Greenfields NSR covers approximately 190,000 – 220,000 hectares of greenfields exploration ground (‘Aurizona Greenfields’) held by Equinox and is a 2% net smelter return royalty. Equinox has the right to purchase one-half of the Greenfields NSR. The company holds a right of first refusal on any future streams or royalties on the Aurizona Mine and Aurizona Greenfields. The Aurizona Mine is located in Maranhão State in northern Brazil and is an orogenic gold deposit hosted in a greenstone belt of the São Luis Craton. There are many mineralized bodies on the Aurizona property but work to date has focused on the Piaba and Tatajuba deposits. Entree Gold Stream The Hugo North Extension is a copper-gold-porphyry deposit, and the Heruga Deposit is a copper-gold-molybdenum deposit, which are both part of the Oyu Tolgoi mining complex and are being developed by the Government of Mongolia (which owns 34% of the project) and its 66% owner and project manager Rio Tinto plc (‘Rio Tinto’). Entree retains a 20% interest in the resources of the Hugo North Extension and Heruga deposits. On October 21, 2021, Entree (Entrée Resources Ltd.) announced the completion of an updated NI 43-101 Technical Report on its interest in the Entree/Oyu Tolgoi joint venture property, which report was SEDAR filed by Entree on October 21, 2021. The updated report discusses a Feasibility Study based on Mineral Reserves attributable to the joint venture from the first lift of the Hugo North Extension copper-gold deposit and aligns Entree’s disclosure with that of other Oyu Tolgoi project stakeholders on development of the first lift of the underground mine. Entree further announced that optimization studies on Panel 1 are underway, which have the potential to further improve Lift 1 economics for the Entree/Oyu Tolgoi joint venture. Diavik Mine Diamond Royalty In March 2015, the company acquired a 1% gross proceeds royalty (‘Diavik Royalty’) based on production from the Diavik diamond mine (‘Diavik Mine’) in Lac de Gras, Northwest Territories, Canada, which is owned and operated by Rio Tinto PLC (‘Rio Tinto’). The Diavik Mine is Canada’s largest diamond mine. The mine began producing diamonds in January 2003 and has since produced more than 100 million carats from three kimberlite pipes (A154 South, A154 North, and A418). In the fourth quarter of 2018, Rio Tinto announced that it had achieved commercial production at its fourth open pit diamond pipe (A21). Multi-Asset Stream with Yamana Gold Inc. In October 2015, the company entered into a series of agreements with Yamana Gold Inc. (‘Yamana’) (the ‘Yamana Transaction’) on certain of its mining assets. For upfront consideration of $152.0 million in cash plus 15.0 million warrants of the company (the ‘Yamana Warrants’), the company has a silver stream (the ‘Silver Stream’) on the operating Cerro Moro gold-silver mine in Argentina (the ‘Cerro Moro Mine’), a copper stream (the ‘Copper Stream’) on the operating open pit copper-gold Chapada mine in Brazil (the ‘Chapada Mine’) and a potential gold stream on the project formerly known as the Agua Rica project in Argentina (now known as the ‘MARA Project’) at the company’s sole option (the ‘Early Deposit Gold Stream’). The Silver Stream – Cerro Moro Mine The Cerro Moro Mine, which commenced commercial production in 2018, is located approximately 70 kilometres southwest of the coastal port city of Puerto Deseado in the Santa Cruz province of Argentina. The Cerro Moro Mine contains several high-grade epithermal gold and silver deposits, some of which will be mined via open pit and some via underground mining methods. The Copper Stream – Chapada Mine The Chapada Mine has been in production since 2007 and is a relatively low-cost South American copper-gold operation. The ore is treated through a flotation plant with processing capacity of 24 million tonnes of ore per annum. The Early Deposit Gold Stream The Agua Rica Project is a large-scale porphyry copper, molybdenum, gold and silver deposit located in the province of Catamarca, Argentina. In March 2015, Yamana signed a definitive agreement (the ‘Definitive Agreement’) with the provincial Government of Catamarca, Argentina, represented by the provincial mining company Catamarca Mineria y Energetica Sociedad del Estado (‘CAMYEN’). On March 7, 2019, Yamana, Glencore International AG and Goldcorp Inc. (which was acquired by Newmont Corporation (‘Newmont’) in April 2019) announced the signing of an integration agreement pursuant to which the Agua Rica Project would be developed and operated using the existing infrastructure and facilities of Minera Alumbrera Limited in the province of Catamarca, Argentina. On December 18, 2020, Yamana announced the completion of the integration of the Agua Rica Project with the Minera Alumbrera Limited plant and infrastructure and stated that, going forward the integrated project will be known as the MARA project and that Yamana, Glencore International AG and Newmont had created a new joint venture for the purpose of developing the project. On September 23, 2022, Glencore International AG and Newmont announced that they have reached an agreement pursuant to which Glencore International AG will acquire Newmont’s 18.75% shareholding in the MARA project, following which Glencore International AG will own 43.75% of the project. Yamana will remain as the operator, owning 56.25% of the project. MARA has Proven and Probable Mineral Reserves of 5.4 million tonnes of copper and 7.4 million ounces of gold contained in 1.105 billion tonnes of ore with an initial mine life of 28 years. Royalty Package from Teck Resources Limited In January 2016, the company agreed to acquire (the ‘Teck Transaction’) 56 royalties from Teck Resources Limited and its affiliates (collectively, ‘Teck’). Teck was subsequently unable to complete the transfer of four of the 56 royalties to the company because underlying rights of first offer and refusal (‘ROFRs’) were exercised. Royalty counterparties include Barrick Gold Corporation, Glencore plc, KGHM Polska Miedz SA, Newmont, Kinross Gold Corporation (‘Kinross’), New Gold Inc. and Imperial Metals Corporation. The Teck Royalty Package included the following key assets: 2.0% NSR royalty (‘Hod Maden NSR Royalty’) on the high-grade, exploration-stage Hod Maden project (‘Hod Maden Project’) located in Türkiye, owned by the company’s former subsidiary Mariana Resources Limited (as to 30%) and its Turkish partner Lidya Madencilik Sanayi ve Ticaret A.S. (‘Lidya’) (as to 70%) through their Turkish subsidiary company. When the company sold its equity interest in the Hod Maden Project in August 2022 to Horizon Copper Corp. in exchange for, inter alia, the Hod Maden Gold Stream, the company maintained its Hod Maden NSR Royalty. 2.0% NSR royalty on the development-stage Hackett River project (‘Hackett River’) in Nunavut, Canada owned by a subsidiary of Glencore plc (the 2.0% NSR royalty covers 7,141 hectares of the Hackett River property, including the licenses where the Mineral Resources have been defined) – this non-core asset was one of the royalties, which the company subsequently sold to Sandbox Royalties Corp. in June 2022. 1.75% NSR royalty on 60% of production (i.e. 1.05%) subject to a $40.0 million cap, on the development-stage Lobo-Marte project (‘Lobo-Marte’) located in the Maricunga gold district of Chile owned by Kinross. In November 2021, Kinross announced the results of a feasibility study at Lobo-Marte, which included a total life of mine production estimate of approximately 4.7 million gold ounces during a 16-year mine life. A positive development decision by Kinross would depend on a range of factors, including permitting and other potential opportunities in the region. 2.0% NSR royalty on the development-stage Ivrindi project in Türkiye owned by Tumad Madencilik Sanayi ve Ticaret A.S. The Ivrindi royalty began paying after 300,000 ounces were produced. Hounde Royalty In January 2018, the company acquired a 2% net smelter returns royalty (‘Hounde Royalty’) on the producing Hounde gold mine located in Burkina Faso in West Africa (‘Hounde Mine’). Sandstorm acquired the Hounde Royalty from Acacia Mining PLC (the previous owner of the Hounde Royalty). The Hounde Royalty covers the Kari North and Kari South tenements, representing approximately 500 square kilometres of the Hounde property package. The Hounde Mine is 90% owned by Endeavour and 10% by the Government of Burkina Faso. The Hounde Tenements include the Vindaloo deposit, Kari West, stockpiles and the Bouere deposit. Hounde is an open pit gold mine with a 4.0 million tonne per year processing plant using a gravity circuit and a carbon-in-leach plant. Endeavour announced an updated inclusive Mineral Resource on November 12, 2020. On January 17, 2022, Endeavour announced Mineral Resource additions at Kari Centre-Gap-South and Vindaloo South. Fruta del Norte Royalty In January 2019, the company acquired a 0.9% net smelter returns royalty (‘Fruta del Norte Royalty’) on the precious metals produced from the Fruta del Norte gold project located in Ecuador (‘Fruta del Norte Mine’) owned by Lundin Gold Inc. (‘Lundin Gold’). Sandstorm acquired the Fruta del Norte Royalty from a private third party. The Fruta del Norte Royalty covers 644 square kilometres, including all 29 mining concessions held by Lundin Gold, and includes an additional one-kilometre area of interest around the property. On February 20, 2020, Lundin Gold announced that it had achieved commercial production at the Fruta del Norte Mine. On November 21, 2022, Lundin Gold announced the results from its conversion drilling program at the Fruta del Norte Mine, which confirmed the wide, consistent nature of mineralization throughout the southern sector and also generated new targets outside of the resource envelope for further work as part of their near mine program, which will support the completion of a Mineral Reserve and Mineral Resource update and subsequent NI 43-101 report, anticipated to be released by Lundin Gold in the first quarter of 2023. On January 9, 2023, Lundin Gold announced that gold production at the Fruta del Norte Mine for 2022 was 476,329 ounces (of which 314,694 was produced as concentrate and 161,635 as dore) based on an average throughput rate of 4,272 tonnes per day. The average head grade was 10.6 grams per tonne. Average mill recovery for the year was 89.5%. Relief Canyon Gold Stream On April 3, 2019, the company entered into a financing package with Americas Gold and Silver Corporation (‘Americas Gold’), which included a precious metal stream and an NSR on the Relief Canyon gold project in Nevada, USA. The Relief Canyon Mine is a past producing open pit mine located in Nevada at the southern end of the Pershing Gold and Silver Trend. On January 11, 2021, Americas Gold announced that it had achieved commercial production at the Relief Canyon Mine effective January 11, 2021, and that full ramp-up from the operation was targeted by mid-May 2021. Vale Participating Royalties On June 29, 2021, the company announced that it had acquired a diverse package of participating royalties (‘Vale Participating Royalties’) on several of Vale S.A.’s (‘Vale’) assets located in Brazil. During the third quarter of 2021, the company made an additional investment in the Vale Participating Royalties on similar pro-rata terms. The Vale Participating Royalties are publicly traded on Brazil’s National Debenture System and are economically equivalent to royalty interests with no maturity until the underlying mining rights are extinguished. These royalties provide holders with life of mine net sales royalties on seven producing mines and several exploration properties covering a total area of interest of 15,564 square kilometres (the ‘Vale Royalties’ or the ‘Vale Royalty Package’). Sandstorm’s attributable portion of the Vale Royalty Package is as follows: Northern System The Northern System is consisted of three mining complexes: Serra Sul, Serra Norte, and Serra Leste located in the Carajas District. In 2020, the Northern System produced 192 million tonnes of iron ore. Production capacity was 206 million tonnes at the end of 2020. Vale is executing plans to increase the Northern System’s production capacity to a long-term target of 240Mt per annum, which would be achieved via the approved expansion at Serra Sul and other growth projects. In addition, Vale continues to study a number of additional growth projects at the pre-feasibility or definitive feasibility study level which could enhance production from Sandstorm’s royalty grounds. Southeastern System The Southeastern System is consisted of three mining complexes: Itabira, Minas Centrais, and Mariana located in Minas Gerais. These complexes will start contributing to the Vale Royalties once a cumulative sales threshold of 1.7 billion tonnes of iron ore has been reached, which Vale most recently estimated would occur in 2024 or 2025. Sandstorm estimates that approximately 70% of iron sales from the Southeastern System are covered by the Vale Participating Royalties. Vale is one of the world’s largest iron mining companies, contributing approximately 15% of global iron ore supply. Vatukoula Gold Stream On June 28, 2021, the company entered into an agreement (the ‘Vatukoula Gold Stream’) to acquire a gold stream from Vatukoula Gold Mines PTE Limited (‘VGML’) on the operating underground Vatukoula gold mine located in Fiji (‘Vatukoula’ or the ‘Vatukoula Mine’). In December 2021, the company closed this gold purchase agreement, which entitles it to purchase 25,920 ounces of gold over an approximate 5.5-year period (the ‘Fixed Delivery Period’) and thereafter 2.55%-2.90% of the gold produced from the Vatukoula Mine for ongoing per ounce cash payments equal to 20% of the spot price of the gold. In addition to the Vatukoula Gold Stream, Sandstorm received an effective 0.45% net smelter return royalty on certain prospecting licenses, plus a five-kilometre area of interest. Under the amended Vatukoula Gold Stream, the company has agreed to purchase 11,022 ounces of gold over a 4.5-year period beginning in January 2023 (the ‘Fixed Delivery Period’) and thereafter 1.2%–1.4% of the gold produced from VGML’s underground gold mine for ongoing per ounce cash payments equal to 20% of the spot price of gold. In addition, to the Vatukoula Gold Stream, as amended, the company holds an effective 0.21% net smelter return royalty on certain prospecting licenses plus a five-kilometre area of interest. Beginning in January 2023, during the first year of the Fixed Delivery Period, Sandstorm will receive 1,320 ounces of gold, increasing to 2,772 ounces of gold per year during the final 3.5 years of the Fixed Delivery Period, following which Sandstorm will receive a variable proportion of gold produced from the Vatukoula Mine for the life of the mine. Mercedes Gold Stream On December 16, 2021, the company entered into a financing package with Bear Creek Mining Corporation (‘Bear Creek’) to facilitate Bear Creek’s acquisition of the producing Mercedes gold-silver mine in Sonora, Mexico (‘Mercedes’ or the ‘Mercedes Mine’) from Equinox. Under the terms of the Mercedes Gold Stream, beginning in April 2022, Sandstorm agreed to purchase 25,200 ounces of gold over a 3.5-year period (the ‘Fixed Delivery Term’) and thereafter 4.4% of the gold produced from Mercedes Mine for the remainder of the life-of-mine. During the Fixed Delivery Term, Sandstorm will make ongoing per ounce cash payments to Bear Creek equal to 7.5% of the spot price of gold. After the receipt of the fixed deliveries, the ongoing per ounce cash payment will increase to 25% of the spot price of the gold. In addition, and as part of the Nomad Acquisition, the company is entitled to receive, without any additional cash payment, 1,000 gold ounces quarterly through the third quarter of 2023. The Bear Creek Debenture bears interest of 6% per annum and has a term of three years. The Mercedes Gold Stream covers all 69,285 hectares of mineral concessions at Mercedes, plus a five-kilometre area of interest. The Mercedes mill has a capacity of 2,000 tonnes per day, with gold recoveries averaging approximately 95% over the past five years. Silver Stream on Mercedes As part of the Nomad Acquisition, the company also acquired a silver stream on Mercedes, entitling it to receive 75,000 silver ounces per quarter until 1.2 million silver ounces have been delivered, after which, the company is entitled to receive 100% of the silver production from Mercedes until an additional 1.2 million silver ounces have been delivered, following which the company’s entitlement decreases to 30%. Non-Core Royalty Asset Sale to Sandbox Royalties Corp. On June 28, 2022, each of the company and Equinox closed their previously announced purchase and sale agreements with Sandbox Royalties Corp. (‘Sandbox’) pursuant to which Sandbox acquired a portfolio of royalties from Equinox. Non-core royalty assets sold by the company to Sandbox included, inter alia, Hackett River, Prairie Creek, Vittangi, Mason and Converse. Post closing of this transaction, Sandbox is seeking a public listing of its common shares. On closing of the Sandbox Transaction, Sandbox holds a portfolio of 23 metals royalties across a range of assets and jurisdictions, including the existing royalties held by Sandbox. The company and Equinox both hold significant equity positions in Sandbox, providing the opportunity to participate in and facilitate the future growth of Sandbox. BaseCore Transaction Pursuant to the terms of an Asset Purchase and Sale Agreement dated May 1, 2022 (the ‘BaseCore Asset Purchase Agreement’), on July 12, 2022, the company closed its acquisition of nine royalties and one stream (the ‘BaseCore Royalty Package’) from BaseCore Metals LP. Concurrent with the BaseCore Transaction, Sandstorm partnered with Horizon Copper Corp. to sell a portion of a copper royalty acquired in the BaseCore Transaction and retain a silver stream on the asset. BaseCore is an entity that was equally owned by affiliates of Glencore Plc and Ontario Teachers’ Pension Plan Board which held a high quality, long-life portfolio that includes ten royalty and stream assets, of which three are on producing assets. The BaseCore Royalty Package includes, among other things, a 1.66% net profits interest on the Antamina copper/zinc mine (producing and located in Peru) (the ‘Antamina Mine’), a 1.0% stream on production from the CEZinc project (producing and located in Canada), a 2.0% net smelter return royalty on the Horne 5 gold project (a development stage project located in Canada), and a 0.5% NPI on the Highland Valley copper mine (producing and located in Canada). Royalty revenues from the BaseCore Royalty Package accrued to Sandstorm as of April 1, 2022. The following is additional information with respect to three of the assets acquired from BaseCore: CEZinc Stream - a zinc stream to purchase 1.0% of the zinc processed at the Canadian Electrolytic Zinc (‘CEZinc’) smelter located in Quebec, Canada until the later of June 30, 2030, or delivery of 68 million pounds zinc. The smelter is operated by Noranda Income Fund (‘NIF’) and jointly owned by NIF and a wholly-owned subsidiary of Glencore Canada Corporation. On March 3, 2023, NIF announced that a final court order dated March 2, 2023, has been granted approving the acquisition of NIF by Glencore Canada Corporation by way of plan of arrangement. Horne 5 Royalty - a 2.0% NSR royalty on the Horne 5 deposit located in Quebec, Canada, owned by Falco Resources Ltd. An updated Feasibility Study, released in April 2021, envisions an underground operation producing approximately 320,000 gold equivalent ounces annually over a 15-year mine life. Proven and Probable Mineral Reserves are 80.9 million tonnes at an average grade of 1.44 grams per tonne gold, 14.14 grams per tonne silver, 0.17% copper, and 0.77% zinc with an effective date of August 26, 2017. Highland Valley NPI - a 0.5% NPI on the Highland Valley copper operations (‘HVC’) located in British Columbia, Canada and owned and operated by Teck. HVC produces both copper and molybdenum concentrates. Copper production in 2022 is anticipated to be between 127,000 - 133,000 tonnes. Teck has guided for 2023 to 2025 copper production of 110,000 - 170,000 tonnes per year, with 2023 expected to be at the lower end of the range followed by increased production in 2024 and 2025. Teck continues to evaluate the Highland Valley copper project, which would extend the mine life to at least 2040, through an extension of the existing site infrastructure. Blyvoor Gold Stream Pursuant to the Nomad Acquisition, the company owns certain producing assets, one of which is a Gold Stream (the ‘Blyvoor Gold Stream’) on Blyvoor Gold (Pty) Ltd.’s (‘Blyvoor’) underground gold mine located on the Witwatersrand gold belt, South Africa (the ‘Blyvoor Mine’). Under the terms of the Blyvoor Gold Stream, until 300,000 ounces have been delivered (‘Initial Blyvoor Delivery Threshold’), Blyvoor will deliver 10% of gold production until 16,000 ounces have been delivered in the calendar year, then 5% of the remaining production for that calendar year. Following the Initial Blyvoor Delivery Threshold, Sandstorm will receive 0.5% of gold production on the first 100,000 ounces in a calendar year until a cumulative 10.32 million ounces of gold have been produced. The Blyvoor Mine is situated in a prolific gold mining area within the Carletonville Goldfield. The region hosts a number of well-established gold mines and is well serviced by all amenities. The mine is located approximately 14 kilometres from the town of Carletonville, Gauteng Province, and about 80 kilometres from Johannesburg, a major metropolitan centre. The processing plant has a capacity of 1,300 tonnes per day. Caserones Royalty Pursuant to the Nomad Acquisition, the company owns certain producing assets, one of which is an effective 0.63% NSR royalty on the production from the Caserones open-pit mine located in the Atacama region of Chile (the ‘Caserones Mine’), owned and operated by SCM Minera Lumina Copper Chile SpA, which is indirectly owned by JX Nippon Mining & Metals Corporation. In 2020, the Caserones Mine produced 127,000 tonnes of copper and 2,453 tonnes of molybdenum. Bonikro Gold Stream Pursuant to the Nomad Acquisition, the company owns certain producing assets, one of which is a Gold Stream (the ‘Bonikro Gold Stream’) on Allied Gold Corp.’s (‘Allied’) Bonikro gold mine located mine located in Cotê d’Ivoire (the ‘Bonikro Mine’). Under the terms of the Bonikro Gold Stream, Allied will deliver 6% of gold produced at the mine until 39,000 ounces of gold are delivered, then 3.5% of gold produced until a cumulative 61,750 ounces of gold have been delivered, then 2% thereafter. The Bonikro Mine is a producing gold-silver mine located approximately 67 kilometres south of Yamassoukro, the political capital of CÔte d’Ivoire, and approximately 240 kilometres northwest from Abidjan, the commercial capital of the country. The operation consists of two primary areas: the Bonikro mining license and the Hire mining license. Gold has been produced from the Bonikro open-pit and through the Bonikro carbon-in-leach plant since 2008 with over 1.0 million ounces having been produced. Corporate Takeover of Nomad Royalty Company Ltd. The Acquisition On August 15, 2022, the company acquired 100% of the issued and outstanding common shares (‘Nomad Shares’) of Nomad Royalty Company Ltd. (‘Nomad’) (the ‘Nomad Acquisition’). As a result of the completion of the Nomad Acquisition, Nomad became a wholly owned subsidiary of the company and the assets and liabilities of Nomad have been combined with those of the company. Nomad was formerly a publicly traded gold and silver stream and royalty company that purchased rights to a certain percentage of the gold or silver produced from a mine, generally for the life of the mine. Nomad owns a portfolio of 20 royalty, stream and other interests, of which seven are on producing mines. Related Property Payments Subsequent to Closing of the Nomad Acquisition Platreef Gold Stream On September 12, 2022, the company made a payment to Ivanplats (Pty) Ltd. (‘Ivanplats’) pursuant to a gold purchase agreement dated December 7, 2021, between Ivanplats and Nomad (the ‘Platreef Gold Stream’) with respect to the Platreef project located in South Africa (‘Platreef’), which is majority owned and operated by Ivanhoe Mines Ltd. and under which Sandstorm is entitled to purchase 37.5% of gold produced from Platreef until 131,250 gold ounces have been delivered, 30% until an aggregate of 256,980 ounces of gold are delivered and 1.875% thereafter, as long as certain conditions are met. The Platreef Gold Stream will be based on all recovered gold from Platreef. Platreef is a development stage project that contains an underground deposit of thick, high-grade platinum group elements and nickel-copper-gold mineralization. The Platreef Gold Stream was assumed by the company following the completion of the aforementioned Nomad Acquisition. Greenstone Gold Stream On October 28, 2021, Nomad entered into a gold purchase agreement with OMF Fund II (SC) Ltd., an affiliate of the Orions, with respect to its interest in Greenstone Gold Mines LP, which is the owner of the Greenstone gold project located in the Geraldton-Beardmore district of western Ontario, Canada (the ‘Greenstone Gold Stream’). This project is jointly owned by Equinox (60%) and Orion Mine Finance (40%). Strategy As part of the company’s business strategy, it has sought and will continue to seek to purchase Streams and royalties from third party natural resource companies or third-party individuals. History The company was incorporated under the Business Corporations Act (British Columbia) in 2007. The company was formerly known as Sandstorm Resources Ltd. and changed its name to Sandstorm Gold Ltd. in 2011.