<SEC-DOCUMENT>0001279569-15-000894.txt : 20150506
<SEC-HEADER>0001279569-15-000894.hdr.sgml : 20150506
<ACCEPTANCE-DATETIME>20150506072605
ACCESSION NUMBER:		0001279569-15-000894
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150505
FILED AS OF DATE:		20150506
DATE AS OF CHANGE:		20150506

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SANDSTORM GOLD LTD
		CENTRAL INDEX KEY:			0001434614
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35617
		FILM NUMBER:		15835069

	BUSINESS ADDRESS:	
		STREET 1:		1400-400 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3A6
		BUSINESS PHONE:		604-689-0234

	MAIL ADDRESS:	
		STREET 1:		1400-400 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3A6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SANDSTORM RESOURCES LTD
		DATE OF NAME CHANGE:	20080507
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>sandstorm6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE
COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>FORM 6-K</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><B>REPORT
OF FOREIGN PRIVATE ISSUER</B><BR>
<B>PURSUANT TO RULE 13A-16 OR 15D-16</B><BR>
<B>OF THE SECURITIES EXCHANGE ACT OF 1934&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>For the month of  May,
2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Commission File Number: <B>001-35617</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 18pt Times New Roman, Times, Serif"><B>Sandstorm
Gold Ltd.</B><BR>
<FONT STYLE="font-size: 10pt">(Translation of registrant&rsquo;s name into English)</FONT></P>



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<P STYLE="text-align: center; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><B>Suite
1400 - 400 Burrard Street</B><BR>
<B>Vancouver, British Columbia</B><BR>
<B>V6C 3A6 Canada</B><BR>
</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Indicate
by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 9pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 24%; font-size: 10pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form
20-F </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="text-align: left; width: 76%; font-size: 10pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form
40-F </FONT>&#9746;</TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<BR>
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): &#9744;<BR></FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): &nbsp;&#9744;<BR></FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.<BR>
&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 24%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Yes &#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></TD>
    <TD STYLE="text-align: left; width: 76%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0">&nbsp;<BR>
If &ldquo;Yes&rdquo; is marked, indicate
below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

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<TR>
    <TD STYLE="width: 8%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%">Exhibit</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 91%; border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt; line-height: 115%">Description of Exhibit</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%">99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"> News Release Dated   May 5, 2015 - Sandstorm Gold Announces First Quarter Results</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>SANDSTORM GOLD
    LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; line-height: 115%"></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Date:  May 5, 2015</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">By: &nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt; line-height: 115%">/s/&nbsp;Erfan Kazemi</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Name: Erfan Kazemi</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Title:&nbsp;&nbsp; Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED MAY 5, 2015
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Sandstorm Gold Announces First Quarter Results</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">VANCOUVER, May 5, 2015 /CNW/ - Sandstorm Gold Ltd. (&quot;Sandstorm&quot;
or the &quot;Company&quot;) (NYSE MKT: SAND, TSX: SSL) has released its results for the first quarter ended March 31, 2015 (all
figures in U.S. dollars).&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>&mdash; FIRST QUARTER HIGHLIGHTS </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Record Attributable Gold Equivalent ounces sold<SUP>1</SUP> of 12,460;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Revenue of $15.3 million; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Average cash cost per Attributable Gold Equivalent ounce<SUP>1</SUP>
of $323 resulting in cash operating margins<SUP>1</SUP> of $904 per ounce; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Operating cash flow of $8.1 million; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net income of $0.8 million; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Entered into 10 royalty agreements on properties located in Africa and
the USA, which include a 0.45% net smelter return royalty on Orezone Gold Corp.'s Bombor&eacute; gold project located in Burkina
Faso; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Announced an agreement to restructure its Aurizona Gold Stream and its
outstanding loan with Luna Gold Corp. (&quot;Luna&quot;); </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Acquired a 1% gross proceeds royalty over property in Lac de Gras in
the Northwest Territories, Canada, including property constituting the Diavik Diamond Mine (&quot;Diavik&quot;) operated by Rio
Tinto plc. (&quot;Rio Tinto&quot;); and, </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Subsequent to quarter end, acquired 100% of the outstanding common shares
of Gold Royalties Corporation (&quot;Gold Royalties&quot;). Gold Royalties had approximately C$2 million in cash and a portfolio
of royalties on 12 mining projects located in Canada, including one royalty that is generating cash flow from gold production.
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Sandstorm President &amp; CEO Nolan Watson commented, &quot;There
has been a lot of activity to start the year including the addition of 24 new royalties to our portfolio. Our focus is to grow
and diversify by acquiring assets that will generate cash flow in the near-term, while continuing to allocate small amounts of
capital to royalties with high-optionality value.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>&mdash; FINANCIAL RESULTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Revenue and Gold Sales</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Revenue was $15.3 million in the first quarter of 2015, generated
from the sale of 12,460 Attributable Gold Equivalent ounces at an average realized selling price of $1,227 per ounce. Compared
to the first quarter of 2014, revenue was the same, Attributable Gold Equivalent ounces sold was 4% higher and the average realized
selling price of gold was 4% lower.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Costs and Expenses</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The average cash cost per attributable ounce was $323 during
the quarter, resulting in a cash operating margin of $904, compared to $355 and $923 respectively for the first quarter of 2014.
Administrative expenses before share based compensation were 5% higher than the first quarter of last year due to an increase in
corporate activity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Earnings and Operating Cash Flow</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">When comparing this year's net income of $0.8 million and
cash flow from operations of $8.1 million to the net income and cash flow from operations of $3.8 million and $7.0 million for
the comparable period in 2014, the change is attributable to a combination of factors including a $2.7 million increase in depletion
expense, a $0.3 million increase in administration expenses, a $0.2 million increase in project evaluation costs and a foreign
exchange gain of $1.9 million.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Balance Sheet</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Total assets decreased by $5.9 million from December 31, 2014
to March 31, 2015 primarily as a result of depletion expense and a decline in the fair value of investments, partially offset by
operating cash flows.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>&mdash; STREAMS AND ROYALTIES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Company's stream and royalty segments for the three months
ended March 31, 2015 are summarized in the table below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
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    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>In $000's</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Attributable </B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>ounces sold</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Sales and </B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>royalty </B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>revenues</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cost of </B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>sales </B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(excluding </B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>depletion)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Depletion</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Income </B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(loss) </B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>before </B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>taxes</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash flow </B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>from </B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>operations</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Aurizona</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,112</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$ 3,857</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$ 1,263</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$ 368</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$ 2,226</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$ 2,594</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Bachelor Lake</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,033</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,473</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,016</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,208</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">249</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,457</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Black Fox</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,858</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,288</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">954</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,327</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,334</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Diavik</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,223</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,500</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,458</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">42</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Ming</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">202</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">240</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">242</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">240</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Santa Elena</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,224</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,708</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">786</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,354</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">568</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,922</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Royalties</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,808</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,219</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,841</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(622)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,664</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Corporate</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1,100)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2,092)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Consolidated</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>12,460</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$ 15,285</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$ 4,019</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$ 8,798</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$ 1,368</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$ 8,119</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Attributable Gold Equivalent ounces sold for the three months
ended March 31, 2015 was 12,460 ounces compared with 11,966 ounces for the comparable period in 2014. The ounces sold during the
2015 quarter represented a 4% increase from 2014, and a record for the Company. The increase in ounces was largely attributable
to increases in gold ounces sold from the Santa Elena Mine in Mexico (&quot;Santa Elena&quot;) and Black Fox Mine in Ontario, Canada
(&quot;Black Fox&quot;) and the addition of the recently acquired royalty on the Diavik mine in the Northwest Territories, Canada.
These gains were offset by decreases in gold ounces sold from the Bachelor Lake Mine in Quebec, Canada (&quot;Bachelor Lake&quot;)
and the Aurizona Mine in Brazil (&quot;Aurizona&quot;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Santa Elena Mine</B><BR>
SilverCrest Mines Inc. (&quot;SilverCrest&quot;) completed their transition from a heap leach operation to a conventional mill
at Santa Elena during 2014. SilverCrest is currently producing from both open-pit and underground operations at Santa Elena and
posted record production from the property during the first quarter of 2015 due to improvements in the mining of underground stopes.
This led to a 45% increase in Sandstorm's gold ounces sold from Santa Elena when compared to the first quarter of 2014. SilverCrest
recently filed a pre-feasibility study and resource update, showing 8 years of silver and gold production at Santa Elena.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Sandstorm has a gold stream to purchase 20% of the gold produced
at Santa Elena at a per ounce price of $354. When Sandstorm's attributable production from Santa Elena reaches 50,000 ounces of
gold, the on-going per ounce payments will increase to US$450.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Black Fox Mine</B><BR>
Primero Mining Corp. (&quot;Primero&quot;) is producing gold from both open pit and underground operations at Black Fox, feeding
the 2,200 tonne-per-day mill. Sandstorm's gold ounces sold from Black Fox increased by 28% compared to the first quarter of 2014,
primarily driven by the ramping up of operations. Primero intends on producing predominantly from the open-pit until the middle
of 2015 when production from the underground mine is expected to increase to approximately 1,000 tonnes of ore per day. The open-pit
mining is expected to be completed by September 2015. Primero recently announced a 2015 exploration budget of $12.3 million for
Black Fox.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Sandstorm has a gold stream to purchase 8% of the life of
mine gold produced from Black Fox and 6.3% of the life of mine gold produced from the Black Fox Extension, which includes a portion
of Primero's Pike River concessions, at a per ounce price of $518.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Diavik Mine</B><BR>
Sandstorm's most recent royalty acquisition was the 1% gross proceeds royalty based on the production from the Diavik mine located
in Lac de Gras, Northwest Territories, Canada. The 1% royalty contributed 1,223 Attributable Gold Equivalent ounces to Sandstorm
during the quarter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Diavik mine is Canada's largest diamond mine.&nbsp; The
mine began producing diamonds in January 2003, and has since produced more than 90 million carats from three kimberlite pipes (A154
South, A154 North, and A418). Rio Tinto recently approved the development of open pit mining from a fourth pipe (A21) which is
targeted for production in 2018. The kimberlite pipes at Diavik are high-grade in nature, making it one of the most profitable
diamond mines in the world. Rio Tinto recently released an updated reserves and resources statement for Diavik, adding an additional
3.9 million tonnes containing approximately 13 million carats to the mineral reserves.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Bachelor Lake Mine</B><BR>
Compared to the first quarter of 2014, there was a 26% decrease in gold ounces sold from Bachelor Lake, primarily related to the
mine experiencing lower feed grade largely driven by higher than expected dilution from three specific stopes. These three stopes
were adjacent to openings already mined and because these old workplaces were outside of the mineralized structure, when the stopes
were blasted some of the non-mineralized sections associated with the old workings fell and contaminated the ore grade. Metanor
considers this occurrence to be isolated and expects grades to increase in the second quarter of 2015.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Metanor recently announced the completion of a CAD$3 million
private placement, of which CAD$1 million was used to repay a portion of its convertible debentures (CAD$9 million in principal
remains outstanding). In addition, Metanor was able to extend the maturity date on the debentures by 24 months to August 22, 2017.
The capital raise and maturity extension put Metanor in a better financial position as they continue to produce gold from Bachelor
Lake.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Sandstorm has a gold stream to purchase 20% of the gold production
at Bachelor Lake for US$500 per ounce.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Aurizona Mine</B><BR>
Gold ounces sold from the Aurizona mine was 22% lower when compared to the first quarter of 2014. Luna recently suspended mining
operations at Aurizona and began processing ore from a stockpile. Once the stockpile has been depleted it is expected that Luna
will cease mining operations for the remainder of 2015. Given Luna's current financial situation, it will likely need additional
capital to continue its mining operations, meet its financial obligations and remain solvent. There can be no assurances that Luna
will have access to the capital necessary to meet these requirements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>&mdash; OUTLOOK</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Based on the Company's existing gold streams and royalties,
production for 2015 is forecasted to be between 40,000 to 50,000 Attributable Gold Equivalent ounces. The Company is forecasting
Attributable Gold Equivalent production of approximately 50,000 ounces per annum beginning in 2018.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>&mdash; WEBCAST AND CONFERENCE CALL DETAILS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">A conference call will be held on May 6, 2015 starting at
8:30am PDT to further discuss the first quarter results. To participate in the conference call, use the following dial-in numbers
and conference ID:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Local/International: 647-788-4916<BR>
North American Toll-Free: 877-214-4966<BR>
Conference ID: 35832963</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">It is recommended that participants dial in five minutes prior
to the commencement of the conference call. An audio webcast of the conference call can be accessed via the following link, <B>http://ow.ly/M4xwj</B>,
and will also be available on the Sandstorm website.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Sandstorm Management Discussion and Analysis (MD&amp;A)
and Financial Statements for the first quarter will be accessible on the Company's website and on SEDAR at www.sedar.com. The Company
has also completed a Form 6-K filing with the SEC that will be accessible on EDGAR at www.sec.gov/edgar.shtml. Shareholders can
request a hard copy of the MD&amp;A and Financial Statements by emailing <B>info@sandstormltd.com</B>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Note 1<BR>
Sandstorm has included certain performance measures in this press release that do not have any standardized meaning prescribed
by International Financial Reporting Standards (IFRS) including average cash cost per ounce of gold and cash operating margin.
Average cash cost per ounce of gold is calculated by dividing the total cost of sales, less depletion, by the ounces sold. In the
precious metals mining industry, this is a common performance measure but does not have any standardized meaning. The Company believes
that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate
the Company's performance and ability to generate cash flow. Cash operating margin is calculated by subtracting the average cash
cost per ounce of gold from the average realized selling price per ounce of gold. The Company presents cash operating margin as
it believes that certain investors use this information to evaluate the Company's performance in comparison to other companies
in the precious metals mining industry who present results on a similar basis. The Company's royalty income is converted to an
attributable gold equivalent ounce basis by dividing the royalty income for that period by the average realized gold price per
ounce from the Company's gold streams for the same respective period. These attributable gold equivalent ounces when combined with
the gold ounces sold from the Company's gold streams (individually and collectively referred to as &quot;Attributable Gold Equivalent&quot;)
equal total Attributable Gold Equivalent ounces sold. The presentation of these non-IFRS measures is intended to provide additional
information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with
IFRS. Other companies may calculate these non-IFRS measures differently.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>&mdash; CORPORATE GOVERNANCE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">At a Sandstorm board meeting held on May 4, 2015, the Company's
board of directors instituted a nominating committee and compensation committee. The committees will be chaired by lead independent
director David DeWitt and include Sandstorm's independent directors Andrew Swarthout, John Budreski and Mary Little.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>ABOUT SANDSTORM GOLD</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Sandstorm Gold Ltd. is a gold streaming and royalty company.
Sandstorm provides upfront financing to gold mining companies that are looking for capital and in return, receives the right to
a percentage of the gold produced from a mine, for the life of the mine. Sandstorm has acquired a portfolio of 70 streams and royalties,
of which 14 of the underlying mines are producing. Sandstorm plans to grow and diversify its low cost production profile through
the acquisition of additional gold streams and royalties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">For more information visit: www.sandstormgold.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">This press release contains &quot;forward-looking statements&quot;,
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 Gold Ltd. (&quot;Sandstorm&quot;). Forward-looking statements include, but are not limited to, statements
with respect 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 &quot;may&quot;, &quot;will&quot;, &quot;expect&quot;, &quot;intend&quot;, &quot;estimate&quot;,
&quot;anticipate&quot;, &quot;believe&quot;, &quot;continue&quot;, &quot;plans&quot;, or similar terminology.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">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, gold 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">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 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,
fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the section
entitled &quot;Risks to Sandstorm&quot; in Sandstorm's annual report for the financial year ended December 31, 2014 available at
www.sedar.com. 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">SOURCE Sandstorm Gold Ltd.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">%CIK: 0001434614</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For further information:</B> Erfan Kazemi, Chief Financial Officer,
604 689 0234; Denver Harris, Investor Relations, 604 628 1178</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">CO: Sandstorm Gold Ltd.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">CNW 17:22e 05-MAY-15</P>



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