<SEC-DOCUMENT>0001279569-17-000956.txt : 20170508
<SEC-HEADER>0001279569-17-000956.hdr.sgml : 20170508
<ACCEPTANCE-DATETIME>20170505174950
ACCESSION NUMBER:		0001279569-17-000956
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20170505
FILED AS OF DATE:		20170508
DATE AS OF CHANGE:		20170505

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:		17819715

	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>v466192_6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML>
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<P STYLE="margin: 0"></P>

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

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<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><B>UNITED STATES</B></P>

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

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

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

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

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

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

<P STYLE="text-align: center; text-indent: 0; 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; text-indent: 0"><B>For the month of May,
2017</B></P>

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

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

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

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

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

<P STYLE="text-align: center; text-indent: 0; 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>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; width: 100%">
<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>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibit 99.1 (Management&rsquo;s Discussion and Analysis for
the Period Ended March 31, 2017 and Condensed Consolidated Interim Financial Statements of the Company for the Three Month Periods
Ended March 31, 2017 and March 31, 2016) to this Report on Form 6-K is incorporated by reference into this report and is hereby
incorporated by reference into and as an exhibit to the registrant&rsquo;s Registration Statement on Form F-10 (File No. 333-215009),
as amended or supplemented, to the extent not superseded by documents or reports subsequently filed or furnished by us under the
Securities Act of 1933 or the Securities Exchange Act of 1934, in each case as amended.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"></P>

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



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<HR SIZE="4" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

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


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

<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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<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">99.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">CO-OPERATION AGREEMENT</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">99.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">MATERIAL CHANGE REPORT UNDER NATIONAL INSTRUMENT 51-102</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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


<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

<P STYLE="font: 8pt 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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="margin: 0">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <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, 2017</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>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v466192_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 25%; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 25%; text-align: justify"><font style="font-size: 10pt"><b>Dated </b></font></td>
    <TD STYLE="width: 25%; text-align: right"><font style="font-size: 10pt"><b>4 May 2017</b></font></td>
    <TD STYLE="width: 25%; text-align: justify">&nbsp;</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Sandstorm
Gold Ltd.</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Mariana
Resources LIMITED</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>co-operation
agreement</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><IMG SRC="pg01img01_ex99-1.jpg" ALT="">&nbsp;</P>

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

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


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

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

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

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

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<TR>
    <TD STYLE="vertical-align: top; width: 5%; text-align: left"><B>Clause</B></TD>
    <TD STYLE="vertical-align: top; width: 90%; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%; text-align: left"><B>Page</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Definitions and Interpretation</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Termination of Prior Co-operation Agreement</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Approvals</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Combination Document</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Employee Equity Plans and the Mariana Warrants</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">6</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Termination</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">7</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Takeover Code</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">8</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-solicitation</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">9</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Representations and Warranties</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">10</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notices</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">11</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Costs and Expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Entire Agreement</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">13</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Variation</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">14</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Assignment</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">15</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Contracts (Rights of Third Parties) Act 1999</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">16</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Counterparts</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">17</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Governing Law</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">18</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Jurisdiction</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">19</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Appointment of Process Agent</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Schedule 1 The Employee Equity Plans</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15</FONT></TD></TR>
</TABLE>


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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THIS CO-OPERATION AGREEMENT</B> is made
on 4 May 2017 between:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(1)</TD><TD STYLE="text-align: justify"><B>SANDSTORM GOLD LTD.</B> (incorporated under the laws of the province of British Columbia with
registered number BC1040406) whose registered office is at Suite 1400, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6
Canada (<B>Sandstorm</B>); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(2)</TD><TD STYLE="text-align: justify"><B>MARIANA RESOURCES LTD. </B>(incorporated under the laws of Guernsey with registered number 44276)
whose registered office is at Granite House, La Grande Rue, St Martin, Guernsey GY1 3RS (<B>Mariana</B>).</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(A)</TD><TD STYLE="text-align: justify">Sandstorm intends to acquire the entire issued and to be issued share capital of Mariana which
is intended to be implemented by means of a scheme of arrangement under Part VIII of the Companies Law and in compliance with Section
3(a)(10) of the US Securities Act and applicable US state securities laws and Canadian securities laws (the <B>Combination</B>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(B)</TD><TD STYLE="text-align: justify">Sandstorm reserves the right, as set out in this Agreement and the Rule 2.7 Announcement, to elect
to implement the Combination by making a takeover offer (which shall be an offer for the purposes of section 337 of the Companies
Law) for the entire issued and to be issued share capital of Mariana (the <B>Takeover Offer</B>) rather than by way of a scheme
of arrangement under Part VIII of the Companies Law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(C)</TD><TD STYLE="text-align: justify">Each party acknowledges that Sandstorm intends to rely upon the exemption from registration under
Section 3(a)(10) of the US Securities Act with respect to the issuance of New Sandstorm Shares to US Holders and that a condition
of Sandstorm&rsquo;s ability to rely on that exemption is that the Royal Court of Guernsey must be advised before the Court Hearing
that Sandstorm will rely on Section 3(a)(10) of the US Securities Act based on the Court&rsquo;s sanction of the Scheme (as defined
below).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(D)</TD><TD STYLE="text-align: justify">The parties wish to enter into this Agreement to set out certain steps they have agreed to take
to effect completion of the Combination (including the Scheme and, if relevant, the Takeover Offer).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOW IT IS HEREBY AGREED</B> as follows:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">1</TD><TD STYLE="text-align: justify">Definitions and Interpretation</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">1.1</TD><TD STYLE="text-align: justify">In this Agreement (including the recitals), the following terms and expressions shall have the
following meanings:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>2015 Warrant Instrument
</B>means the Mariana share warrant instrument dated 21 October 2015</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>2015 Warrants </B>means
the warrants issued under the 2015 Warrant Instrument</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>2016 Warrant Instrument
</B>means the Mariana share warrant instrument dated 4 May 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>2016 Warrants </B>means
the warrants issued under the 2016 Warrant Instrument</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Business Day </B>means a
day other than a Saturday, Sunday, bank holiday or other public holiday in the UK or the US, as the context may require, on which
banks are generally open in London or New York, as the context may require, for the transaction of normal banking business</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Clearances </B>means all
consents, clearances, permissions, waivers and/or filings that are necessary or desirable in order to satisfy the Regulatory Conditions,
and all waiting periods that may need to have expired, from or under the laws, regulations or practices applied by any Relevant
Authority in connection with the implementation of the Combination, and any reference to the &ldquo;satisfaction&rdquo; of the
Regulatory Conditions shall be construed as meaning that the foregoing have been obtained or, where appropriate, made or expired
in accordance with the relevant Regulatory Condition</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Combination Document </B>means
(i) if the Combination is (or is to be) implemented by the Scheme, the Scheme Circular; or (ii) if the Combination is (or is to
be) implemented by the Takeover Offer, the Offer Document</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Combination Effective Date</B>
means (i) if the Combination is implemented by means of the Scheme, the date upon which the Scheme becomes effective in accordance
with its terms; or (ii) if Sandstorm elects to implement the Combination by way of the Takeover Offer, the date that the Combination
becomes or is declared unconditional in all respects</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Companies Law </B>means
The Companies (Guernsey) Law, 2008</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Court</B> means the Royal
Court of Guernsey</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Court Hearing </B>means
the Court hearing (and any adjournment thereof) to sanction the Scheme pursuant to section 110 of the Companies Law and otherwise
in accordance with Part VIII of the Companies Law, at which the Scheme Order is expected to be granted</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Court Meeting </B>means
the meeting of holders of Scheme Shares to be convened by order of the Court pursuant to section 107 of the Companies Law to consider
and, if thought fit, to approve the Scheme (with or without amendment) and any adjournment thereof</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Directors</B> means the
directors of Mariana from time to time</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Employee Equity Plans </B>means
the Mariana Incentive Stock Option Plan and the Share Bonus Awards</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Excluded Shares </B>means
(i) any Mariana Shares beneficially owned by Sandstorm or any other member of the Sandstorm Group; (ii) any Mariana Shares held
as treasury shares by Mariana; and (iii) any other Mariana Shares which Sandstorm and Mariana agree will not be subject to the
Scheme</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>GM </B>means the general
meeting of Mariana Shareholders to be convened to consider and, if thought fit, to approve the GM Resolutions (with or without
amendment) and any adjournment thereof</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>GM Resolutions </B>means
the resolution(s) to be proposed at the GM in connection with the Scheme (or, if relevant, the Takeover Offer) and such other matters
as may be agreed between Sandstorm and Mariana as necessary or desirable for the purposes of implementing the Scheme (or, if relevant,
the Takeover Offer), including any resolution(s) required by the Takeover Code and MI 61-101</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Group</B> means, in relation
to any person, that person and any companies which are holding companies, subsidiaries or subsidiary undertakings of it or of any
such holding company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Independent Competing Transaction
</B>means any offer (within the meaning of the Takeover Code) to acquire all the equity share capital of Mariana, other than that
already owned by the person meeting such offer and any person acting in concert with it (within the meaning of the Takeover Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Long Stop Date </B>means
31 August 2017 or such later date as may be agreed in writing by Sandstorm and Mariana (with the Panel&rsquo;s consent and as the
Court may approve (if such approval(s) are required))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Meetings </B>means the Court
Meeting and the GM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Mariana Incentive Stock
Option Plan </B>means the plan of that name adopted by Mariana on 22 June 2011</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Mariana Shareholders</B>
means the holders of Mariana Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Mariana Shares</B> means
the ordinary shares of 0.1 pence each in the capital of Mariana</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Mariana Warrant Instruments
</B>means, collectively, the 2015 Warrant Instrument and the 2016 Warrant Instrument</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Mariana Warrants </B>means
the 2015 Warrants and the 2016 Warrants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Offer Document</B> means,
if following the date of this Agreement, Sandstorm elects to implement the Combination by way of the Takeover Offer, the document
to be prepared in accordance with the requirements of the Takeover Code and posted to Mariana Shareholders and others by Sandstorm
(or such other entity as it may elect) containing, amongst other things, the Takeover Offer Conditions and certain information
about Sandstorm and Mariana and, where the context so admits, includes any form of acceptance, election, notice or other document
required in connection with the Takeover Offer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Panel</B> means the UK Panel
on Takeovers and Mergers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Prior Co-operation Agreement</B>
means the co-operation agreement in relation to the Combination entered into between the parties on 26 April 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Proceedings </B>has the
meaning given to such term in clause 18</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Regulatory Conditions </B>means
conditions 2 and 3 in Part A of Appendix 1 to the Rule 2.7 Announcement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Relevant Authority</B> means
any ministry, government department, governmental, quasi-governmental (including the European Union), regulatory (including any
national or supranational anti-trust or merger control authority), trade or environmental body, agency or authority or any court
or tribunal in any jurisdiction, including for the avoidance of doubt, the Court, the Toronto Stock Exchange, the US Securities
Exchange Commission, and the Minister of Mines in the Republic of C&ocirc;te d'Ivoire</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Rolled Over Options </B>has
the meaning given to that term in paragraph 2.3(d) of Schedule 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Rule 2.7 Announcement</B>
means the joint announcement of the Combination released by Mariana under Rule 2.7 of the Takeover Code on 26 April 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Sandstorm Group </B>means
Sandstorm and the members of its Group</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Sandstorm Responsible Persons
</B>means those persons designated by the Takeover Panel as being required to take responsibility for Sandstorm information under
the Takeover as more particularly set out in the Scheme Circular</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Sandstorm Shares</B> means
Sandstorm common shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Scheme</B> means the scheme
of arrangement proposed to be made under Part VIII of the Companies Law between Mariana and the holders of the Scheme Shares, with
or subject to any modification, addition or condition approved or imposed by the Court and agreed to by Mariana and Sandstorm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Scheme Circular </B>means,
if the Combination is implemented by way of the Scheme, the document prepared in accordance with section 108 of the Companies Law
and posted to Mariana Shareholders and others by Mariana containing, amongst other things, the Scheme Conditions and other relevant
terms and conditions, details relating to the Scheme, certain information about Sandstorm and Mariana and the notices of the Meetings
and, where the context so permits, includes any form of proxy, election, notice, court document, meeting advertisement or other
document required in connection with the Scheme</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Scheme Conditions </B>means
the terms and conditions set out in Appendix 1 of the Rule 2.7 Announcement, together with any other conditions as Sandstorm and
Mariana may agree in writing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Scheme Order </B>means the
order of the Court sanctioning the Scheme</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Scheme Shares </B>means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(a)</TD><TD STYLE="text-align: justify">the existing Mariana Shares which are unconditionally issued at the date of the Combination Document;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(b)</TD><TD STYLE="text-align: justify">any further Mariana Shares which are unconditionally issued after the date of the Combination Document
but before the Scheme Voting Record Time; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(c)</TD><TD STYLE="text-align: justify">any Mariana Shares unconditionally allotted or issued and fully paid at or after the Scheme Voting
Record Time but before the Scheme Record Time, in respect of which the original or any subsequent holders thereof are, or shall
have agreed in writing to be, bound by the Scheme,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">in each case other than any
Excluded Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Scheme Record Time </B>means
the time and date specified in the Combination Document or such later time as Sandstorm and Mariana may agree</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Scheme Voting Record Time
</B>means 6.00pm on the day which is two days before the date of the Court Meeting or, if such Court Meeting is adjourned, 6.00pm
on the second day before the day of such adjourned meeting (or, in each case, such other day and time as the parties may agree
having regard to applicable law)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Share Bonus Awards </B>means
the rights granted to the Chief Executive Officer of Mariana and the Chief Operating Officer of Mariana to acquire 495,000 Mariana
Shares and 405,000 Mariana Shares respectively pursuant to agreements entered into dated 10 March 2017 (and, for avoidance of doubt,
excludes the options to subscribe for Mariana Shares referred to in those agreements)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Takeover Code </B>means
the United Kingdom Takeover Code as amended and in force from time to time</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Takeover Offer </B>has the
meaning given to it in Recital (B)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>Takeover Offer Conditions</B>
means the Scheme Conditions, so far as applicable and subject to appropriate amendments for a takeover offer, including (without
limitation) the deletion of the Condition set out in paragraph 1 of Appendix 1 of the Rule 2.7 Announcement and its replacement
with a condition that the Takeover Offer be conditional on valid acceptances being received in respect of not less than 90 per
cent (or such lesser percentage as Sandstorm may decide or the Panel may require) in nominal value of the Mariana Shares to which
the Takeover Offer relates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>United States of America</B>,<B>
United States </B>or<B> US </B>means the United States of America, its territories and possessions, any state of the United States
and the District of Columbia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>US Holders </B>means holders
of Mariana Shares in the US, resident in the US or with a registered address in the US, and any custodian, nominee or trustee holding
Mariana Shares for persons in the US or with a registered address in the US</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>US Securities Act</B> means
the United States Securities Act of 1933 and the rules and regulations promulgated thereunder (as amended)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">1.2</TD><TD STYLE="text-align: justify">In this Agreement, unless the context otherwise requires:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(a)</TD><TD STYLE="text-align: justify">references to clauses, sub-clauses and Schedules are to clauses and sub-clauses of, and schedules
to, this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(b)</TD><TD STYLE="text-align: justify">references to a <B>person </B>include any individual, firm, body corporate (wherever incorporated),
government, state or agency of a state or any joint venture, association, partnership, works council or employee representative
body (whether or not having separate legal personality);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(c)</TD><TD STYLE="text-align: justify">headings do not affect the interpretation of this Agreement, the singular shall include the plural
and vice versa, and references to one gender include all genders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(d)</TD><TD STYLE="text-align: justify">references to any English legal term or concept shall, in respect of any jurisdiction other than
England, be construed as references to the term or concept which most nearly corresponds to it in that jurisdiction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(e)</TD><TD STYLE="text-align: justify">references to a <B>day</B> (including within the phrase Business Day) shall mean a period of 24
hours running from midnight to midnight;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(f)</TD><TD STYLE="text-align: justify">references to time are to London time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(g)</TD><TD STYLE="text-align: justify">a reference to any other document referred to in this Agreement is a reference to that other document
as amended, revised, varied, novated or supplemented at any time; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(h)</TD><TD STYLE="text-align: justify">any phrase introduced by the terms <B>including</B>, <B>include</B>, <B>in particular </B>or any
similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">1.3</TD><TD STYLE="text-align: justify">Except as otherwise expressly provided in this Agreement, any express reference to an enactment
(which includes any legislation in any jurisdiction) includes references to (i) that enactment as amended, replaced, consolidated
or re-enacted by or under any other enactment before or after the date of this Agreement; (ii) any enactment which that enactment
re-enacts (with or without modification); and (iii) any subordinate legislation (including regulations) made (before or after the
date of this Agreement) under that enactment, including (where applicable) that enactment as amended, consolidated or re-enacted
as described in (i) or (ii) above.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">2</TD><TD STYLE="text-align: justify">Termination of Prior Co-operation Agreement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">2.1</TD><TD STYLE="text-align: justify">Pursuant to clause 6.1(b) of the Prior Co-operation Agreement, the parties agree that the Prior
Co-operation Agreement shall be terminated (and all obligations of Sandstorm and Mariana under that agreement shall cease) with
effect from the date of this Agreement.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">3</TD><TD STYLE="text-align: justify">Approvals</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">3.1</TD><TD STYLE="text-align: justify">Sandstorm and Mariana undertake to provide each other with such information and assistance as is
reasonably necessary to procure the obtaining of the Clearances as soon as practicable after the date of this Agreement, provided
that nothing shall require either party to provide or disclose to the other, or to its advisers, any information:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(a)</TD><TD STYLE="text-align: justify">which the disclosing party reasonably considers to be commercially sensitive or confidential or
which constitutes a trade secret, and has not already been disclosed to the other party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(b)</TD><TD STYLE="text-align: justify">which the disclosing party is prohibited from disclosing by contract or by applicable law or regulation;
or</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(c)</TD><TD STYLE="text-align: justify">in circumstances where such disclosure would result in the loss of any privilege that subsists
in relation to such information (including legal advice privilege),</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.8pt; text-align: justify; text-indent: 0in">and any such
information shall, to the extent practicable and deemed appropriate by the disclosing party, be provided or disclosed to the other
party's legal advisers (and, to the extent reasonably necessary, its other advisers) on an &quot;external advisers only&quot; basis,
with a non-confidential version of any relevant filing, notification, submission or communication that includes or refers to such
information being provided to the other party.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">4</TD><TD STYLE="text-align: justify">Combination Document</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">4.1</TD><TD STYLE="text-align: justify">Sandstorm agrees to provide promptly to Mariana all such information about itself, the Sandstorm
Responsible Persons and the Sandstorm Group (and, where relevant, any persons acting in concert with them, within the meaning of
the Takeover Code) as may be reasonably requested and which is required by Mariana (having regard to the Takeover Code and applicable
law and regulations, including the Companies Law, Section 3(a)(10) of the US Securities Act) for the purpose of preparation of
and inclusion in the Scheme Circular and to provide all other documentation, assistance and access which may be reasonably required
for the preparation of the Scheme Circular and any other document required by applicable law or under the Takeover Code to be published
in connection with the Scheme, including access to, and ensuring reasonable assistance is provided by, its professional advisers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">4.2</TD><TD STYLE="text-align: justify">Sandstorm shall procure that the Sandstorm Responsible Persons take responsibility, in the terms
required by the Takeover Code in the Scheme Circular, for all relevant information relating to themselves, Sandstorm or the Sandstorm
Group (and, where relevant, any persons acting in concert with them, within the meaning of the Takeover Code).</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">5</TD><TD STYLE="text-align: justify">The Employee Equity Plans and the Mariana Warrants</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">5.1</TD><TD STYLE="text-align: justify">The parties agree that the provisions of Schedule 1 with respect to the Employee Equity Plans shall
be implemented in accordance with that Schedule.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">6</TD><TD STYLE="text-align: justify">Termination</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">6.1</TD><TD STYLE="text-align: justify">This Agreement shall terminate (and all obligations of Sandstorm and Mariana under this Agreement
shall cease) with immediate effect in the following circumstances:</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(a)</TD><TD STYLE="text-align: justify">if agreed in writing between Sandstorm and Mariana at any time prior to the Combination Effective
Date;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(b)</TD><TD STYLE="text-align: justify">the Scheme (or the Takeover Offer as the case may be) is withdrawn or lapses (other than where
such lapse or withdrawal is a result of Sandstorm electing to implement the Combination by way of Takeover Offer or is otherwise
to be followed by the release of an announcement by Sandstorm (or an affiliate of Sandstorm) under Rule 2.7 of the Code to implement
the Combination by a different offer or scheme of arrangement on substantially the same terms as the Scheme);</TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(c)</TD><TD STYLE="text-align: justify">the Mariana Directors withdraw or adversely modify or qualify their intention to give or make a
unanimous recommendation of the Scheme (or the Takeover Offer, as the case may be) or, after having given such recommendation,
withdraw or adversely modify or qualify such recommendation;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(d)</TD><TD STYLE="text-align: justify">an Independent Competing Transaction becomes effective or becomes or is declared unconditional
in all respects or is completed; and</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(e)</TD><TD STYLE="text-align: justify">the Scheme has not become effective or if Sandstorm implements the Combination by way of Takeover
Offer, the Takeover Offer has not become unconditional, in each case by the Long Stop Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">6.2</TD><TD STYLE="text-align: justify">Termination of this Agreement shall be without prejudice to the rights of either party which have
arisen on or prior to termination including (without limitation) any claim in respect of a breach of this Agreement. Clause 1 <I>(Definitions
and Interpretation) </I>and clauses 10<I> (Notices) </I>to 19 <I>(Appointment of Process Agent)</I> (inclusive) shall survive the
termination of this Agreement.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">7</TD><TD STYLE="text-align: justify">The Takeover Code</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">7.1</TD><TD STYLE="text-align: justify">The parties agree that, if the Panel determines that any provision of this Agreement that requires
Mariana to take or not to take action, whether as a direct obligation or as a condition to any other person's obligation (however
expressed), is not permitted by Rule 21.2 of the Takeover Code, that provision shall have no effect and shall be disregarded.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">8</TD><TD STYLE="text-align: justify">Non-solicitation</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">8.1</TD><TD STYLE="text-align: justify">Sandstorm undertakes that it shall not, and shall procure that no member of the Sandstorm Group
shall, at any time from the date of this Agreement until the earlier of (i) the date on which the Scheme has become effective or
(if Sandstorm implements the Combination by way of Takeover Offer) the Takeover Offer has become unconditional and (ii) the first
anniversary of the date of this Agreement, solicit or entice away from their role as director, officer or employee of Mariana or
any member of its Group, or offer to employ or engage (in any capacity), any director, officer or employee of Mariana or any member
of its Group unless such person has replied to a general employment offer made by Sandstorm or any other member of the Sandstorm
Group through an advertisement or such person has made an unsolicited approach to Sandstorm or any other member of the Sandstorm
Group for employment by Sandstorm or such other member of the Sandstorm Group.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">9</TD><TD STYLE="text-align: justify">Representations and Warranties</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">9.1</TD><TD STYLE="text-align: justify">Each of Sandstorm and Mariana represents and warrants to the other on the date of this Agreement
that:</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(a)</TD><TD STYLE="text-align: justify">it has the requisite power and authority to enter into, and perform its obligations under, this
Agreement;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(b)</TD><TD STYLE="text-align: justify">this Agreement constitutes its binding obligations in accordance with its terms; and</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(c)</TD><TD STYLE="text-align: justify">the execution and delivery of, and performance of its obligations under, this Agreement will not:</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD STYLE="text-align: justify">result in a breach of any provision of its constitutional documents; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD STYLE="text-align: justify">result in a breach of, or constitute a default under, any agreement to which it is a party or by
which it is bound (other than a breach or default which would not affect its ability to comply with its obligations under this
Agreement); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.35pt">(iii)</TD><TD STYLE="text-align: justify">result in a breach of any order, judgment or decree of any court or governmental agency to which
it is a party or by which it is bound.<B><I> </I></B></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">10</TD><TD STYLE="text-align: justify">Notices</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">10.1</TD><TD STYLE="text-align: justify">Notices under this Agreement shall be given in writing by personal delivery or recorded delivery
mail or by facsimile transmission, with a confirmation copy despatched by personal delivery or recorded delivery mail, and shall
be effective when received. Notices shall be given as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(a)</TD><TD STYLE="text-align: justify">if to Mariana:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">Federal Trust Company Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">PO Box 293</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">Granite House</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">La Grande Rue, St Martin</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">Guernsey GY1 3RS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">FAO: Robin Barnes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">Fax: +61 2 9437 4599</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(b)</TD><TD STYLE="text-align: justify">if to Sandstorm:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">Suite 1400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">400 Burrard Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">Vancouver, British Columbia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">V6C 3A6 Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">FAO: Nolan Watson (CEO)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">Fax: 604.689.7317</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">10.2</TD><TD STYLE="text-align: justify">Any notice given under this Agreement shall, in the absence of earlier receipt, be deemed to have
been duly given as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(a)</TD><TD STYLE="text-align: justify">if delivered personally, on delivery;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(b)</TD><TD STYLE="text-align: justify">if sent by facsimile, when sent (with receipt confirmed); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(c)</TD><TD STYLE="text-align: justify">if sent by courier, on delivery.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">11</TD><TD STYLE="text-align: justify">Costs and Expenses</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Without prejudice to its other
rights pursuant to this Agreement (or in relation to a breach by either party of the terms of this Agreement), each party shall
pay its own costs and expenses in relation to the negotiation and preparation of this Agreement and the implementation of the transactions
contemplated by it.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">12</TD><TD STYLE="text-align: justify">Entire Agreement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">This Agreement, together with
the confidentiality agreement dated 28 March 2017 entered into between the parties in relation to the Combination, constitute(s)
the entire agreement between the parties and supersede(s) any prior agreement, understanding, undertaking or arrangement between
the parties relating to the subject matter of this Agreement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">13</TD><TD STYLE="text-align: justify">Variation</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The provisions of this Agreement
may be modified or amended only by written agreement between Sandstorm and Mariana.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">14</TD><TD STYLE="text-align: justify">Assignment</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Neither party to this Agreement
may (or may purport to) assign, transfer, charge or otherwise deal with all or any of its rights under this agreement nor grant,
declare, create or dispose of any right or interest in it without the prior written consent of the other party.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">15</TD><TD STYLE="text-align: justify">Contracts (Rights of Third Parties) Act 1999</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">A person who is not a party
to this Agreement shall have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of its terms.</P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">16</TD><TD STYLE="text-align: justify">Counterparts</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">This Agreement may be executed
in any number of counterparts and by the parties to it on separate counterparts, each of which is an original but all of which
together constitute one and the same instrument.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">17</TD><TD STYLE="text-align: justify">Governing Law</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">This Agreement and any non-contractual
obligations connected with it shall be governed by and construed in accordance with English law.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">18</TD><TD STYLE="text-align: justify">Jurisdiction</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">18.1</TD><TD STYLE="text-align: justify">The parties irrevocably agree that the courts of England and Wales are to have exclusive jurisdiction,
and that no other court is to have jurisdiction to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(a)</TD><TD STYLE="text-align: justify">determine any claim, dispute or difference arising under or in connection with this Agreement,
any non-contractual obligations connected with it, or in connection with the negotiation, existence, legal validity, enforceability
or termination of this Agreement, whether the alleged liability shall arise under the law of England or under the law of some other
country and regardless of whether a particular cause of action may successfully be brought in the English courts (<B>Proceedings</B>);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(b)</TD><TD STYLE="text-align: justify">grant interim remedies, or other provisional or protective relief.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">18.2</TD><TD STYLE="text-align: justify">The parties submit to the exclusive jurisdiction of the courts of England and Wales and accordingly
any Proceedings may be brought against the parties or any of their respective assets in such courts.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">19</TD><TD STYLE="text-align: justify">Appointment of Process Agent</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">19.1</TD><TD STYLE="text-align: justify">Sandstorm hereby irrevocably authorises and appoints Norose Notices Limited of 3 More London Riverside,
London, SE1 2AQ, United Kingdom (marked for the attention of the Partnership Office Manager, Reference: LD09248), and Mariana hereby
irrevocably authorises and appoints WFW Legal Services Limited (Reference 23336.50012) at its registered office from time to time
(currently 15 Appold Street, London, EC2A 2HB), to accept on its behalf service of all legal process arising out of or in connection
with any proceedings before the English courts in connection with this Agreement. Further, each Party agrees that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(a)</TD><TD STYLE="text-align: justify">failure by the relevant appointee to notify their appointor of the process will not invalidate
the proceedings concerned; and</TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(b)</TD><TD STYLE="text-align: justify">if their appointment is terminated for any reason, they will appoint a replacement agent and will
ensure that the new agent notifies the other Party of its acceptance of appointment.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">IN WITNESS WHEREOF
this Agreement has been entered into on the date stated on page 1.</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Schedule&nbsp;1<BR>
The Employee Equity Plans</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">1</TD><TD STYLE="text-align: justify">GENERAL OBLIGATIONS</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">1.1</TD><TD STYLE="text-align: justify">Mariana undertakes to provide Sandstorm with such details in relation to the Employee Equity Plans
as it may reasonably request and to use all reasonable endeavours, subject to regulatory approval (if and only to the extent required),
to procure that any amendments are made to the Employee Equity Plans as Mariana and Sandstorm agree are necessary and desirable
in order to facilitate the processes contemplated by this Schedule 1.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">1.2</TD><TD STYLE="text-align: justify">Mariana confirms that the information and figures provided in this Schedule 1 in respect of the
Employee Equity Plans are accurate and complete as at the date of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">1.3</TD><TD STYLE="text-align: justify">Mariana and Sandstorm agree to take all necessary steps to prepare, in a form to be agreed between
them, letters to each of the participants in the Employee Equity Plans. Those letters shall include, without limitation, details
of how options granted under the Mariana Incentive Stock Option Plan may be treated under the Combination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">1.4</TD><TD STYLE="text-align: justify">Mariana and Sandstorm shall, as soon as reasonably practicable after the date of this Agreement,
consult and cooperate to determine which local law advice should be sought in those jurisdictions outside the United Kingdom in
which participants in the Employee Equity Plans reside, with a view to ensuring that, if possible, there are no adverse issues
in any of those jurisdictions in relation to securities laws, exchange controls, tax or other matters as a result of the arrangements
referred to in this Schedule 1.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">1.5</TD><TD STYLE="text-align: justify">The vesting, exercise and settlement of options and awards under the Employee Equity Plans as described
in this Schedule 1 will be subject to any applicable deductions for applicable taxes and/or social security contributions howsoever
described in accordance with the relevant Employee Equity Plans.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">2</TD><TD STYLE="text-align: justify">RIGHTS TO ACQUIRE MARIANA SHARES</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">2.1</TD><TD STYLE="text-align: justify">Mariana confirms that the only subsisting arrangements under which rights to acquire Mariana Shares
have been granted are:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(a)</TD><TD STYLE="text-align: justify">the Mariana Incentive Stock Option Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(b)</TD><TD STYLE="text-align: justify">the Share Bonus Awards; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(c)</TD><TD STYLE="text-align: justify">the Mariana Warrants.</TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>The Mariana Incentive
Stock Option Plan </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">2.2</TD><TD STYLE="text-align: justify">Sandstorm acknowledges that pursuant to Rule 10.1(e) of the Mariana Incentive Stock Option Plan
the Directors may, in their sole discretion, deal with options outstanding under the Mariana Incentive Stock Option Plan in the
manner they deem fair and reasonable (<B>Rule 10.1(e) Discretion</B>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">2.3</TD><TD STYLE="text-align: justify">Mariana&nbsp;undertakes and agrees that it shall procure that the Directors shall exercise the
Rule 10.1(e) Discretion so that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(a)</TD><TD STYLE="text-align: justify">subject to TSXV approval, AIM approval and approval of any other Regulatory Authority (as defined
in the Mariana Incentive Stock Option Plan) (in each case insofar as such approval is required), all options outstanding as at
the date of this Agreement will become fully vested upon the sanction of the Scheme (to the extent that they have not previously
become fully vested or do not become fully vested in accordance with their terms between the date of this Agreement and the date
on which the Scheme is sanctioned);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(b)</TD><TD STYLE="text-align: justify">the expiry date of any options outstanding as at the date of this Agreement will not be adjusted
pursuant to Rule 10.1(e)(ii);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(c)</TD><TD STYLE="text-align: justify">all options outstanding as at the date of this Agreement and which become fully vested on or before
the sanction of the Scheme will, to the extent requested by the optionholder, be exercised or deemed exercised as soon as reasonably
practicable after the sanction of the Scheme and before the Scheme Record Time so that any Mariana Shares issued to the optionholder
as a result of such exercise shall constitute Scheme Shares; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(d)</TD><TD STYLE="text-align: justify">to the extent that any options outstanding as at the date of this Agreement and which become fully
vested on or before the sanction of the Scheme are not exercised as described in paragraph 2.3(c) above, those options will remain
outstanding under the Mariana Incentive Stock Option Plan and automatically be adjusted so as to become, with effect from the Combination
Effective Date, options over Sandstorm Shares on the terms summarised in paragraph 2.4 below (<B>Rolled Over Options</B>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">2.4</TD><TD STYLE="text-align: justify">With effect from the Combination Effective Date, each option granted under the Mariana Incentive
Stock Option Plan (<B>Original Option</B>) will automatically be deemed to have become a Rolled Over Option under the Mariana Incentive
Stock Option Plan on the basis that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(a)</TD><TD STYLE="text-align: justify">the number of Sandstorm Shares to which each Rolled Over Option under the Mariana Incentive Stock
Option Plan relates shall be calculated by multiplying the number of Mariana Shares under the Original Option by the <B>Roll Over
Ratio</B> (with the Roll Over Ratio being calculated in accordance with paragraph 2.4(b) below;</TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(b)</TD><TD STYLE="text-align: justify">the Roll Over Ratio for the purposes of paragraph 2.4(a) above shall be calculated by</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD STYLE="text-align: justify">dividing the Cash Consideration Amount by the Sandstorm GBP Share Price; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD STYLE="text-align: justify">adding the New Sandstorm Share Consideration Amount,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 28.35pt">(A)</TD><TD STYLE="text-align: justify"><B>Cash Consideration Amount</B> means 28.75 pence per Mariana Share payable per Scheme Share under
the terms of the Scheme;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 28.35pt">(B)</TD><TD STYLE="text-align: justify"><B>New Sandstorm Share Consideration Amount</B> means 0.2573 Sandstorm Shares payable per Scheme
Share under the terms of the Scheme; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 28.35pt">(C)</TD><TD STYLE="text-align: justify"><B>Sandstorm GBP Share Price </B>means the US Dollar closing price per Sandstorm Share on the NYSE
on the last Business Day before the date of the Rule 2.7 Announcement, as referred to in the Rule 2.7 Announcement, converted into
British Pounds Sterling by applying the currency exchange rate referred to in Appendix 2 of the Rule 2.7 Announcement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">Based on the
Sandstorm GBP Share Price of &pound;3.1464 on 25 April 2017 (the last Business Day before the date of the Rule 2.7 Announcement)
(calculated by reference to the US Dollar closing price of US$4.04 per Sandstorm Share on the NYSE on that date and the USD:GBP
currency exchange rate of 0.7788 referred to in Appendix 2 of the Press Announcement), the Roll Over Ratio shall be 0.3487 calculated
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: center; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: center; text-indent: 0in"><I>(28.75 /
314.64) + 0.2573 = 0.3487</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(c)</TD><TD STYLE="text-align: justify">the aggregate exercise price payable to exercise a Rolled Over Option under the Mariana Incentive
Stock Option Plan shall be the same (subject only to roundings) as the aggregate exercise price payable to exercise the Original
Option, save that, where such aggregate exercise price results in an aggregate number of Sandstorm Shares which is not a whole
number, the number of Sandstorm Shares under the Rolled Over Option shall be rounded up or down, as appropriate, to the nearest
whole number;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(d)</TD><TD STYLE="text-align: justify">the Rolled Over Option shall continue to be capable of exercise at any time after its grant for
the same period of time as the Original Option, subject to the terms of the Mariana Incentive Stock Option Plan; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.8pt"></TD><TD STYLE="width: 28.9pt">(e)</TD><TD STYLE="text-align: justify">for the avoidance of doubt, only Sandstorm Shares will be issued under the Mariana Incentive Stock
Option Plan with effect from the Combination Effective Date pursuant to the Rolled Over Option.<B><I> </I></B></TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">2.5</TD><TD STYLE="text-align: justify">Sandstorm undertakes to Mariana (for itself and as agent and trustee for each holder of Rolled
Over Options) to issue Sandstorm Shares in accordance with the Mariana Incentive Stock Option Plan as set out in paragraphs 2.2
to 2.4, notwithstanding any winding-up or liquidation or similar or other event or matter relating to Mariana.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">2.6</TD><TD STYLE="text-align: justify">Mariana expects that no further options will be granted under the Mariana Incentive Stock Option
Plan if the Combination Effective Date occurs prior to the Long Stop Date<FONT STYLE="font-size: 10pt">.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>Share Bonus Awards
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">2.7</TD><TD STYLE="text-align: justify">It is acknowledged and agreed that the intention behind the Share Bonus Awards was that all Mariana
Shares subject thereto would be delivered to the holder of the relevant award in the event of a change of control of Mariana.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">2.8</TD><TD STYLE="text-align: justify">Each of Mariana and Sandstorm confirms, undertakes and agrees that the terms of the Share Bonus
Awards shall be amended by the Directors, in a form to be agreed in advance between Mariana and Sandstorm, to ensure that the relevant
Mariana Shares are registered in the name of the holder of each Share Bonus Award no later than the Scheme Record Time so that
any Mariana Shares due to the holder of a Share Bonus Award shall constitute Scheme Shares.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">3</TD><TD STYLE="text-align: justify">CONDUCT OF EMPLOYEE EQUITY PLANS</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">3.1</TD><TD STYLE="text-align: justify">Sandstorm acknowledges and agrees that, prior to the Combination Effective Date, the Directors
(and, where appropriate, their delegate(s)) may operate the Employee Equity Plans as they consider appropriate in accordance with
the rules of the relevant Employee Equity Plan and Mariana&rsquo;s ordinary business practice.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">4</TD><TD STYLE="text-align: justify">OUTSTANDING ENTITLEMENTS AND TREATMENT OF TAKEOVER OFFER</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -22.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">4.1</TD><TD STYLE="text-align: justify">Mariana confirms that the following options are outstanding under the Mariana Incentive Stock Option
Plan as at the date of this Agreement:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Issue Date</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Expiry Date</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Exercise Price</b></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>(GBP)</b></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Number of</b></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Mariana Shares</b></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 24%; text-align: left">18/06/2013</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 23%; text-align: left">31/07/2017</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 23%; text-align: right">0.2000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 23%; text-align: right">160,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">5/03/2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">31/03/2018</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.6000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">407,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">5/03/2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">31/03/2018</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.8000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">5/03/2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">31/03/2018</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">180,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">1/03/2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">1/03/2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,415,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">1/03/2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">1/03/2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.5000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">325,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">1/03/2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">1/03/2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.7000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">325,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">10/06/2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">10/06/2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.4250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,155,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">10/06/2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">10/06/2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.4500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">400,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">10/06/2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">10/06/2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.4750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">270,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">1/02/2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">2/02/2022</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,400,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">7/09/2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">29/08/2021</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.5450</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">470,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">17/03/2017</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">31/08/2021</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1pt">0.7000</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">250,000</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><b>TOTAL: 7,897,500<sup> </sup></b></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">4.1</TD><TD STYLE="text-align: justify">Mariana confirms that the following rights over Mariana Shares are outstanding under the Share
Bonus Awards as at the date of this Agreement:<B><I> </I></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Issue Date</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Number of </b></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Mariana Shares</b></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: justify">10 March 2017</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 23%; text-align: right">495,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">10 March 2017</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">405,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><b>TOTAL: 900,000</b></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">4.2</TD><TD STYLE="text-align: justify">Mariana confirms that the following rights over Mariana Shares are outstanding under the Mariana
Warrants as at the date of this Agreement:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Warrant Series</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Strike Price</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Subscription </b></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Period End Date</b></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Number of </b></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Mariana Shares</b></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">2015 Warrant</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">30 pence</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">27 April 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,454,250</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">2016 Warrant</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 1pt">25 pence</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">6 May 2018</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">13,809,696</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; width: 24%; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; width: 23%; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: left; width: 1%; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 23%; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; width: 1%; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; width: 23%; border-bottom: Black 1pt solid"><b>TOTAL: 15,263,946</b></TD><TD STYLE="font-weight: bold; text-align: left; width: 1%; padding-bottom: 1pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 22.6pt">4.3</TD><TD STYLE="text-align: justify">This Schedule 1 shall apply mutatis mutandis in the event that the Combination is effected by way
of a Takeover Offer rather than the Scheme.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SIGNED</B> by &ldquo;<I>Nolan Watson</I>&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">for and on behalf of</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Sandstorm Gold Ltd.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SIGNED</B> by &ldquo;<I>John Horsburgh</I>&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">for and on behalf of</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mariana Resources Ltd.</B></P>

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


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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>v466192_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.2</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER NATIONAL INSTRUMENT 51-102</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item&nbsp;1</B></TD><TD><B>Name and Address of Company</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sandstorm Gold Ltd. (the &ldquo;<B>Company</B>&rdquo; or &ldquo;<B>Sandstorm</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite 1400 &ndash; 400 Burrard Street<BR>
Vancouver, BC V6C 3A6</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item&nbsp;2</B></TD><TD><B>Date of Material Change</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 26, 2017.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item&nbsp;3</B></TD><TD><B>News Release</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A news release was disseminated through
CNW Group Ltd. on April 26, 2017 and filed on SEDAR.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item&nbsp;4</B></TD><TD><B>Summary of Material Change</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 26, 2017, the Company announced
that the Board of Directors of Sandstorm and the independent directors of Mariana Resources Limited (&ldquo;<B>Mariana</B>&rdquo;)
have reached an agreement on the terms of a recommended share and cash acquisition by which the entire issued ordinary share capital
of Mariana (that Sandstorm does not already own) will be acquired by Sandstorm by means of a Court-sanctioned scheme of arrangement
(the &ldquo;<B>Scheme</B>&rdquo;) under Part VIII of the Companies (Guernsey) Law.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item&nbsp;5</B></TD><TD><B>Full Description of Material Change </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 26, 2017, the Company announced
that the Board of Directors of Sandstorm and the independent directors of Mariana have reached an agreement on the terms of a recommended
share and cash acquisition by which the entire issued ordinary share capital of Mariana (that Sandstorm does not already own) will
be acquired by Sandstorm by means of a Court-sanctioned scheme of arrangement under Part VIII of the Companies (Guernsey) Law (the
&ldquo;<B>Combination</B>&rdquo;).</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Terms
of the Combination</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of the Combination, Mariana
shareholders will receive 28.75 pence in cash and 0.2573 of a Sandstorm share for each one Mariana share held. The Combination
values Mariana at approximately 110 pence per Mariana share based on the closing price of US$4.04 per Sandstorm share on the NYSE
MKT and a currency exchange rate of &pound;0.7788 per USD, on April 25, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The terms of the Combination represent
a premium of approximately 84% to the closing price of 59.50 pence per Mariana share on April 25, 2017 and a premium of approximately
88% to the 20-day VWAP per Mariana share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If successful, the Combination will result
in Mariana shareholders, together, owning approximately 19.0% of the ordinary share capital of Sandstorm following completion of
the Combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sandstorm holds 8,980,243 Mariana shares,
representing approximately 7.0% of the issued ordinary share capital of Mariana, and Mariana warrants over a further 4,490,122
Mariana shares.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Voting
Support and Board Approval</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Mariana independent directors have
unanimously approved the Combination and intend to recommend that Mariana shareholders vote in favour of the Combination as they
have irrevocably undertaken to vote in favour of the Scheme at the meeting of shareholders to be convened by the order of the Royal
Court of Guernsey and the resolutions to be proposed at the general meeting of shareholders to be convened in connection with the
Scheme in respect of, in aggregate, 905,050 Mariana shares representing approximately 0.71% of the issued ordinary share capital
of Mariana on April 25, 2017.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the irrevocable undertakings
from the Mariana independent directors, Sandstorm has also received irrevocable undertakings from each of Australian Investors
Pty Ltd and AngloGold Ashanti Holdings Plc to vote in favour of the Scheme at the Guernsey Court Meeting and the resolutions to
be proposed at the General Meeting in respect of, in aggregate, 8,718,089 Mariana shares, representing approximately 6.80% of Mariana's
issued ordinary share capital on April 25, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sandstorm has therefore received irrevocable
undertakings to vote in favour of the Scheme at the Guernsey Court Meeting and the resolutions to be proposed at the General Meeting
in respect of, in aggregate, 9,623,139 Mariana Shares representing, in aggregate, approximately 7.51%. of the issued ordinary share
capital of Mariana on April 25, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Glen Parsons and Eric Roth have irrevocably
undertaken to vote in favour of those resolutions to be proposed at the General Meeting on which they are entitled to vote in respect
of, in aggregate, 986,621 Mariana Shares representing approximately 0.77% of the issued ordinary share capital of Mariana on April
25, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The issuance of the Sandstorm shares, including
those issuable on exercise of any Mariana warrants and the Mariana options on a post-closing basis, is subject to approval by the
Toronto Stock Exchange and the NYSE MKT.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Disclosure requirements of the UK Takeover Code (the &ldquo;Code&rdquo;)</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>As Mariana is listed in London the Combination
is subject to UK takeover regulation and, as Sandstorm shares are being offered as consideration, there are certain public disclosure
requirements imposed on Sandstorm shareholders who have positions or deal in Sandstorm shares and/or Mariana shares which are described
in detail below.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Rule 8.3(a) of the Code, any person
who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror
(being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely
in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement
in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person&rsquo;s
interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii)
any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later
than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later
than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first
identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior
to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Rule 8.3(b) of the Code, any person
who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange
offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities
exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person&rsquo;s interests and short
positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange
offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person
to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant
dealing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If two or more persons act together pursuant
to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree
company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Opening Position Disclosures must also
be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror
and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Details of the offeree and offeror companies
in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure
Table on the Takeover Panel&rsquo;s website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities
in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel&rsquo;s Market
Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure
or a Dealing Disclosure.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>CAUTIONARY STATEMENT TO U.S. SECURITYHOLDERS</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>None of the securities to be issued
pursuant to the Combination have been or will be registered under the United States Securities Act of 1933, as amended (the &ldquo;<B>U.S.
Securities Act</B>&rdquo;), or any state securities laws, and any securities issued pursuant to the Combination are anticipated
to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S.
Securities Act and applicable exemptions under state securities laws. The Guernsey court will be informed of the intention to rely
upon such exemption, in part, on the basis of its approval of the Combination. Mariana Options and Mariana Warrants outstanding
prior to the completion of the Combination will remain outstanding under their terms and any securities issuable upon exercise
thereof, as permitted, have not been and will not be registered under the Securities Act or applicable state securities laws. This
press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The financial information included or
incorporated by reference in this press release has been prepared in accordance with IFRS, which differs from US GAAP in certain
material respects, and thus are not directly comparable to financial statements prepared in accordance with US GAAP.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Information in this document or in the
documents referenced herein concerning the properties and operations of Sandstorm and of Mariana has been prepared in accordance
with requirements and standards under securities laws, which differ from the requirements of US securities laws. The terms &ldquo;mineral
resource&rdquo;, &ldquo;measured mineral resource&rdquo;, &ldquo;indicated mineral resource&rdquo; and &ldquo;inferred mineral
resource&rdquo; used in this or in the documents incorporated by reference herein are mining terms as defined in accordance with
NI 43-101 under guidelines set out in the Definition Standards for Mineral Resources and Mineral Reserves adopted by the Canadian
Institute of Mining, Metallurgy and Petroleum Council on 11 December 2005. While the terms &ldquo;mineral resource&rdquo;, &ldquo;measured
mineral resource&rdquo;, &ldquo;indicated mineral resource&rdquo; and &ldquo;inferred mineral resource&rdquo; are recognized and
required by securities laws other than the requirements of US securities laws, they are not recognized by the SEC. Disclosure of
contained ounces are or may be permitted disclosure under regulations applicable to Mariana and Sandstorm; however, the SEC normally
only permits issuers to report resources as in place tonnage and grade without reference to unit of production measures. As such,
certain information contained in this document or in the documents incorporated by reference herein concerning descriptions of
mineralization and mineral resources under these standards may not be comparable to similar information made public by US companies
subject to reporting and disclosure requirements of the SEC.</I></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Except for the statements of historical
fact contained herein, the information presented constitutes &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
&ldquo;forward-looking information&rdquo; within the meaning of applicable Canadian securities legislation, concerning the business,
operations and financial performance and condition of Sandstorm Gold Ltd. (&ldquo;Sandstorm&rdquo;). Forward-looking statements
or information include, but are not limited to, statements with respect to planned exploration, guidance on estimated production,
cash flow and information and expectations about the acquisition of Mariana, the future price of gold, the estimation of mineral
reserves and resources, realization of mineral reserve estimates, the timing and amount of estimated future production. Forward-looking
statements can generally be identified by the use of forward-looking terminology such as &ldquo;may&rdquo;, &ldquo;will&rdquo;,
&ldquo;expect&rdquo;, &ldquo;intend&rdquo;, &ldquo;estimate&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;believe&rdquo;, &ldquo;continue&rdquo;,
&ldquo;plans&rdquo;, or similar terminology.</I></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>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, the ability to successfully integrate operations and realize the anticipated benefits, 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.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>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: delays or failure to complete the transactions described herein, failure to obtain shareholder or regulatory
approvals, 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 &ldquo;Risks to Sandstorm&rdquo; in Sandstorm&rsquo;s annual report for the financial year ended December 31, 2016 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.</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item&nbsp;6</B></TD><TD><B>Reliance on subsection 7.1(2) of National Instrument 51-102</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item&nbsp;7</B></TD><TD><B>Omitted Information</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item&nbsp;8</B></TD><TD><B>Executive Officer</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For further information contact Erfan Kazemi
at (604) 689-0234.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item&nbsp;9</B></TD><TD><B>Date of Report</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>DATED</B> as of this 5<SUP>th</SUP> day of May, 2017.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>Sandstorm Gold Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>&ldquo;Erfan Kazemi&rdquo;</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Erfan Kazemi </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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