<SEC-DOCUMENT>0001654954-19-012109.txt : 20191030
<SEC-HEADER>0001654954-19-012109.hdr.sgml : 20191030
<ACCEPTANCE-DATETIME>20191030164033
ACCESSION NUMBER:		0001654954-19-012109
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20191030
FILED AS OF DATE:		20191030
DATE AS OF CHANGE:		20191030

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:		191180762

	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>ssl_6k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<html>
<head>
<!-- Document created using Blueprint(R) - powered by Issuer Direct - www.issuerdirect.com -->
<!-- Copyright 2019 Issuer Direct Corporation -->
<title>Blueprint</title>
</head>
<body style="font-family: Times New Roman; font-size: 13px;">
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 8px; border-top: 4px solid #000000; border-bottom: 1px solid #000000">
<!--style header--><br></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
UNITED STATES</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
SECURITIES AND EXCHANGE COMMISSION</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Washington, D.C. 20549</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
FORM 6-K</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
REPORT OF FOREIGN PRIVATE ISSUER</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
PURSUANT TO RULE 13A-16 OR 15D-16</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
OF THE SECURITIES EXCHANGE ACT OF 1934</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
For the month of October, 2019</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Commission
File Number: <font style="font-weight: bold">001-35617</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Sandstorm Gold Ltd.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(Translation
of registrant&#x2019;s name into English)</font></div>
<br>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Suite 1400 - 400 Burrard Street</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Vancouver, British Columbia</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
V6C 3A6 Canada</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;(Address
of principal executive offices)</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 7px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Form
20-F&#xA0;&#xA0; &#x2610;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Form
40-F&#xA0;&#xA0; &#x2612;</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">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):&#xA0;&#xA0;
&#x2610;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">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):&#xA0;&#xA0;
&#x2610;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">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.&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Yes&#xA0;&#xA0;
&#x2610;</font></div>
</td>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">No&#xA0;&#xA0;
&#x2612;</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If
&#x201C;Yes&#x201D; is marked, indicate below the file number
assigned to the registrant in connection with Rule 12g3-2(b):
82-&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;
<font style="font-family: Times New Roman; font-size: 13px"><br>
</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 8px; border-top: 1px solid #000000; border-bottom: 4px solid #000000">
<!--style footer--><br></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
EXHIBIT INDEX</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 90%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Exhibit</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 90%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Description
of Exhibit</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 90%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 9%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="ssl_ex991.htm"><font style="font-family: Times New Roman; font-size: 13px">99.1</font></a></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Sandstorm
Gold Royalties Announces Record 2019 Third Quarter
Results</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<br>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
SIGNATURE</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
SANDSTORM GOLD LTD.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 51%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Date:
October 30, 2019</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">By:&#xA0;&#xA0;
&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 45%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">/s/&#xA0;Erfan
Kazemi</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Name:
Erfan Kazemi</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Title:
Chief Financial Officer</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ssl_ex991.htm
<DESCRIPTION>SANDSTORM GOLD ROYALTIES ANNOUNCES RECORD 2019 THIRD QUARTER RESULTS
<TEXT>
<html>
<head>
<!-- Document created using Blueprint(R) - powered by Issuer Direct - www.issuerdirect.com -->
<!-- Copyright 2019 Issuer Direct Corporation -->
<title>Blueprint</title>
</head>
<body style="font-family: Times New Roman; font-size: 13px;">
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Exhibit 99.1</font><br></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 49%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="ssl_ex991001.jpg"></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 51%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #998B57; font-family: Times New Roman; font-size: 13px">
PRESS RELEASE</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
OCTOBER 30, 2019</font><font style="font-weight: bold; font-size: 24px">&#xA0;</font><font style="font-size: 13px">|</font><font style="font-weight: bold; font-size: 24px">&#xA0;</font><font style="font-weight: bold">VANCOUVER, BC</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 24px">
SANDSTORM GOLD ROYALTIES ANNOUNCES RECORD 2019 THIRD QUARTER
RESULTS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><a name="_Hlk511135707"><!--anchor--></a>Sandstorm Gold Ltd.
(&#x201C;Sandstorm Gold Royalties&#x201D;, &#x201C;Sandstorm&#x201D; or
the &#x201C;Company&#x201D;) (NYSE American: SAND, TSX: SSL) has
released its results for the third quarter ended September 30, 2019
(all figures in U.S. dollars).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 127px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">THIRD
QUARTER HIGHLIGHTS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-weight: bold; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Record attributable gold equivalent ounces
sold</font><font style="font-weight: bold; font-size: 70%; vertical-align: top">1</font>
of 17,289 ounces (Q3 2018: 14,314 ounces);</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Record revenue</font> of $25.8 million (Q3
2018: $17.3 million);</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Record cash flows from operating activities,
excluding changes in non-cash working capital</font><font style="font-weight: bold; font-size: 70%; vertical-align: top">1</font><font style="font-weight: bold">&#xA0;</font>of
$18.2 million (Q3 2018: $11.7 million);</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Average cash cost per attributable gold
equivalent ounce</font><font style="font-weight: bold; font-size: 70%; vertical-align: top">1</font>
of $288 resulting in cash operating margins<font style="font-size: 70%; vertical-align: top">1</font> of $1,203 per ounce
(Q3 2018: $248 per ounce and $960 per ounce
respectively);</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Net income</font> of $6.2 million (Q3 2018:
$2.1 million);</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Normal Course Issuer Bid:</font> Under
Sandstorm&#x2019;s normal course issuer bid, the Company purchased
and cancelled approximately 2.4 million shares during the third
quarter of 2019;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Commercial production at Aurizona:</font> On
July 1, 2019, Equinox Gold Corp. achieved commercial production at
the Aurizona mine. Sandstorm has a 3%-5% sliding scale net smelter
returns (&#x201C;NSR&#x201D;) royalty on the project. At gold prices
less than or equal to $1,500 per ounce, the royalty is a 3% NSR
royalty. At gold prices between $1,500 and $2,000 per ounce, the
royalty is a 4% NSR royalty.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 127px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">OUTLOOK</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Based
on the Company&#x2019;s existing royalties, attributable gold
equivalent ounces sold for 2019 is forecasted to be between 63,000
and 70,000 ounces. The Company is forecasting attributable gold
equivalent production of 140,000 ounces in 2023.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 127px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">FINANCIAL
RESULTS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">During
the third quarter of 2019, the Company realized quarterly records
for both revenue and attributable gold equivalent ounces sold of
$25.8 million and 17,289 ounces respectively. The record represents
a 49% increase in revenue and a 21% increase in attributable gold
equivalent ounces sold compared to the third quarter of
2018.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Net
income was higher when compared to the same period in 2018 driven
by an increase in revenue and a $2.0 million increase in gains
recognized on the revaluation of the Company&#x2019;s investments;
whereby a gain of $2.1 million was recognized during the third
quarter of 2019 largely driven by the change in fair value of the
Americas Gold and Silver Corp. convertible debenture and Equinox
Gold Corp. convertible debenture. The increase in net income was
partially offset by a $0.5 million increase in finance expense
related to the Company drawing on its revolving credit facility
during the third quarter of 2019.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 127px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">STREAMS
&amp; ROYALTIES: Q3 UPDATES</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Of the
gold equivalent ounces sold by Sandstorm during the third quarter
of 2019, approximately 31% were attributable to mines located in
Canada, 20% from the rest of North America, 35% from South America
and 14% from other countries.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td rowspan="2" style="vertical-align: top; width: 49%; border-bottom: 2px solid #f2f2f2">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 51%; border-bottom: 2px solid rgb(242, 242, 242); background-color: rgb(153, 139, 87);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
THREE MONTHS ENDED</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
SEPTEMBER 30, 2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 26%; border-bottom: 2px solid #f2f2f2">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #191A19; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Revenue (in millions)</font></div>
</td>
<td style="vertical-align: bottom; width: 25%; border-bottom: 2px solid #f2f2f2">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #191A19; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Gold Equivalent Ounces</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 2px solid #f2f2f2">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Canada</font></div>
</td>
<td style="vertical-align: top; width: 26%; border-bottom: 2px solid rgb(242, 242, 242);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$8.1</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-bottom: 2px solid rgb(242, 242, 242);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">5,397</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 2px solid #f2f2f2">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">North
America excl. Canada</font></div>
</td>
<td style="vertical-align: top; width: 26%; border-bottom: 2px solid #f2f2f2">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$5.1</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-bottom: 2px solid #f2f2f2">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3,428</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 2px solid #f2f2f2">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">South
America</font></div>
</td>
<td style="vertical-align: top; width: 26%; border-bottom: 2px solid rgb(242, 242, 242);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$8.9</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-bottom: 2px solid rgb(242, 242, 242);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">5,987</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 2px solid #f2f2f2">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other</font></div>
</td>
<td style="vertical-align: top; width: 26%; border-bottom: 2px solid #f2f2f2">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$3.7</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-bottom: 2px solid #f2f2f2">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2,477</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 2px solid rgb(241, 244, 241);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Total</font></font></font></div>
</td>
<td style="vertical-align: top; width: 26%; border-bottom: 2px solid #f1f4f1">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">
$25.8</font></font></font></div>
</td>
<td style="vertical-align: top; width: 25%; border-bottom: 2px solid rgb(241, 244, 241);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">
17,289</font></font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Canada</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Streams
and royalties on Canadian mines contributed 5,397 of the
attributable gold equivalent ounces sold during the third quarter
of 2019, a 2% decrease compared to the third quarter of 2018. The
change is primarily due to a decrease in royalty revenue from the
Diavik mine in the Northwest Territories, partially offset by an
increase in gold equivalent ounces sold from the Ming mine in
Newfoundland.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
North America Excluding Canada</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
attributable gold equivalent ounces sold from operations located
within North America, but outside of Canada, increased by 38%
compared to the third quarter in 2018. The change was driven
primarily by an increase in gold equivalent ounces sold from the
Santa Elena mine in Mexico, largely related to the timing of sales
and higher gold grades.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
South America</font></div>
<div><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Operations
in South America contributed 88% more gold equivalent ounces when
compared to the third quarter of 2018. The change was driven by the
addition of royalty revenue from the Aurizona mine in Brazil and an
increase in gold equivalent ounces sold from the Cerro Moro mine in
Brazil. In July 2019, Sandstorm received its second quarterly
silver delivery from Yamana Gold Inc.&#x2019;s Cerro Moro mine. This
delivery, which amounted to 300,000 silver ounces, represented the
maximum quarterly amount under the stream agreement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Other</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Streams
and royalties on mines in other countries contributed 20% less gold
equivalent ounces sold when compared to the third quarter of 2018.
The change is primarily due to a decrease in gold equivalent ounces
sold from the Karma mine in Burkina Faso and a decrease in royalty
revenue from the Hound&#xE9; mine in Burkina Faso.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 127px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">WEBCAST
&amp; CONFERENCE CALL DETAILS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">A
conference call will be held on Thursday, October 31, 2019 starting
at 8:30am PDT to further discuss the third quarter results. To
participate in the conference call, use the following dial-in
numbers and conference ID, or join the webcast using the link
below:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">International:
(+1) 201 389 0899</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">North
American Toll-Free: (+1) 877 407 0312</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Conference
ID: 13695911</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Webcast
URL: <font style="font-weight: bold; color: #191A19">https://bit.ly/2W31dcw</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #323332; font-family: Times New Roman; font-size: 13px">
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #323332; font-family: Times New Roman; font-size: 13px">
Note 1</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #323332; font-family: Times New Roman; font-size: 13px">
Sandstorm has included certain performance measures in this press
release that do not have any standardized meaning prescribed by
International Financial Reporting Standards (&#x201C;IFRS&#x201D;)
including average cash cost per attributable gold equivalent ounce,
average realized gold price per attributable gold equivalent ounce,
cash operating margin, and cash flows from operating activities
excluding changes in non-cash working capital. Average cash cost
per attributable gold equivalent ounce is calculated by dividing
the Company&#x2019;s cost of sales, excluding depletion by the
number of attributable gold equivalent ounces sold. The Company
presents average cash cost per attributable gold equivalent ounce
as it believes that certain investors use this information to
evaluate the Company&#x2019;s performance in comparison to other
streaming companies in the precious metals mining industry who
present results on a similar basis. Average realized gold price per
attributable gold equivalent ounce is calculated by dividing the
Company&#x2019;s revenue by the number of attributable gold
equivalent ounces sold. The Company presents average realized gold
price per attributable gold equivalent ounce as it believes that
certain investors use this information to evaluate the
Company&#x2019;s performance in comparison to other streaming
companies in the precious metals mining industry that present
results on a similar basis. Cash operating margin is calculated by
subtracting the average cash cost per attributable gold equivalent
ounce from the average realized gold price per attributable gold
equivalent ounce. The Company presents cash operating margin as it
believes that certain investors use this information to evaluate
the Company's performance in comparison to other companies in the
precious metals mining industry who present results on a similar
basis. The Company has also used the non-IFRS measure of cash flows
from operating activities excluding changes in non-cash working
capital. This measure is calculated by adding back the decrease or
subtracting the increase in changes in non-cash working capital to
or from cash provided by (used in) operating activities. The
Company presents cash flows from operating activities excluding
changes in non-cash working capital as it believes that certain
investors use this information to evaluate the Company&#x2019;s
performance in comparison to other streaming companies in the
precious metals mining industry that present results on a similar
basis. Sandstorm has included attributable gold equivalent ounces
as a performance measure in this press release which does not have
any standardized meaning prescribed by IFRS. The Company&#x2019;s
royalty and other commodity stream revenue is converted to an
attributable gold equivalent ounce basis by dividing the royalty
and other commodity stream revenue for that period by the average
realized gold price per ounce from the Company&#x2019;s gold streams
for the same respective period. These attributable gold equivalent
ounces when combined with the gold ounces sold from the
Company&#x2019;s gold streams equal total attributable gold
equivalent ounces sold and may be subject to change. The
presentation of this non-IFRS measure is intended to provide
additional information and should not be considered in isolation or
as a substitute for measures of performance prepared in accordance
with IFRS. Other companies may calculate these non-IFRS measures
differently.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 127px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">CONTACT
INFORMATION</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">For
more information about Sandstorm Gold Royalties, please visit our
website at <font style="font-weight: bold; color: #191A19; font-size: 13px">www.sandstormgold.com</font>
or email us at <font style="font-weight: bold; color: #191A19; font-size: 13px">info@sandstormgold.com</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
ERFAN KAZEMI</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
KIM (FORGAARD) BERGEN</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #464746; font-family: Times New Roman; font-size: 13px">
CHIEF FINANCIAL OFFICER</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #464746; font-family: Times New Roman; font-size: 13px">
INVESTOR RELATIONS</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
604 689 0234</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
604 628 1164</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 27%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="ssl_ex991002.jpg"></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 52%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #998B57">
TSX:</font> <font style="font-weight: bold; color: #998B57">SSL</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #998B57">
NYSE AMERICAN:</font> <font style="font-weight: bold; color: #998B57">SAND</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #969697; font-family: Times New Roman; font-size: 13px">
ABOUT SANDSTORM GOLD ROYALTIES</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #969697; font-family: Times New Roman; font-size: 13px">
Sandstorm is a gold royalty company that provides upfront financing
to gold mining companies that are looking for capital and in
return, receives the right to a percentage of the gold produced
from a mine, for the life of the mine. Sandstorm has acquired a
portfolio of 189 royalties, of which 23 of the underlying mines are
producing. Sandstorm plans to grow and diversify its low cost
production profile through the acquisition of additional gold
royalties. For more information visit:
www.sandstormgold.com.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #969697; font-family: Times New Roman; font-size: 13px">
CAUTIONARY STATEMENTS TO U.S. SECURITYHOLDERS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #969697; font-family: Times New Roman; font-size: 13px">
The financial information included or incorporated by reference in
this press release or the documents referenced herein has been
prepared in accordance with International Financial Reporting
Standards as issued by the International Accounting Standards
Board, which differs from US generally accepted accounting
principles (&#x201C;US GAAP&#x201D;) in certain material respects,
and thus are not directly comparable to financial statements
prepared in accordance with US GAAP.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #969697; font-family: Times New Roman; font-size: 13px">
Information contained or referenced in this press release or in the
documents referenced herein concerning the properties, technical
information and operations of Sandstorm has been prepared in
accordance with requirements and standards under securities laws,
which differ from the requirements of US securities laws. The terms
&#x201C;mineral resource&#x201D;, &#x201C;measured mineral
resource&#x201D;, &#x201C;indicated mineral resource&#x201D; and
&#x201C;inferred mineral resource&#x201D; 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
&#x201C;mineral resource&#x201D;, &#x201C;measured mineral
resource&#x201D;, &#x201C;indicated mineral resource&#x201D; and
&#x201C;inferred mineral resource&#x201D; 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 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #969697; font-family: Times New Roman; font-size: 13px">
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #969697; font-family: Times New Roman; font-size: 13px">
This press release contains "forward-looking statements", within
the meaning of the U.S. Securities Act of 1933, the U.S. Securities
Exchange Act of 1934, the Private Securities Litigation Reform Act
of 1995 and applicable Canadian securities legislation, concerning
the business, operations and financial performance and condition of
Sandstorm. Forward-looking statements include, but are not limited
to, the future price of gold, the estimation of mineral reserves
and resources, realization of mineral reserve estimates, and the
timing and amount of estimated future production. Forward-looking
statements can generally be identified by the use of
forward-looking terminology such as &#x201C;may&#x201D;,
&#x201C;will&#x201D;, &#x201C;expect&#x201D;, &#x201C;intend&#x201D;,
&#x201C;estimate&#x201D;, &#x201C;anticipate&#x201D;,
&#x201C;believe&#x201D;, &#x201C;continue&#x201D;, &#x201C;plans&#x201D;,
or similar terminology.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #969697; font-family: Times New Roman; font-size: 13px">
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, changes in business plans and strategies, market
conditions, share price, best use of available cash, gold and other
commodity 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #969697; font-family: Times New Roman; font-size: 13px">
Forward-looking statements are subject to known and unknown risks,
uncertainties and other important factors that may cause the actual
results, level of activity, performance or achievements of
Sandstorm to be materially different from those expressed or
implied by such forward-looking statements, including but not
limited to: the impact of general business and economic conditions,
the absence of control over mining operations from which Sandstorm
will purchase gold, other commodities or receive royalties from,
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 and
other commodities, fluctuation in foreign exchange rates and
interest rates, stock market volatility, as well as those factors
discussed in the section entitled &#x201C;Risks to Sandstorm&#x201D;
in Sandstorm&#x2019;s annual report for the financial year ended
December 31, 2018 and the section entitled &#x201C;Risk
Factors&#x201D; contained in the Company&#x2019;s annual information
form dated March 21, 2019 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 27%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="ssl_ex991000.jpg"></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 52%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #998B57">
TSX:</font> <font style="font-weight: bold; color: #998B57">SSL</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 22%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #998B57">
NYSE AMERICAN:</font> <font style="font-weight: bold; color: #998B57">SAND</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">5</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>ssl_ex991000.jpg
<DESCRIPTION>IMAGE
<TEXT>
begin 644 ssl_ex991000.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X0 Z17AI9@  34T *@    @  U$0  $
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M9>!Y/$]HIN8/*5XE/R[BS!0#Z8)Y^E1_$+5].TSP;JD=Y-&);BV>*&+(+NS
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MS9!R,H.F.];C#(Q5=+^V>]>T63,Z+N9<'V_Q'YBI1,C3O"#^\15<C'8D@?\
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M1TZ6QL)KB6*28S,9V4G<5 [ <?**W:*8C!\1>$['Q--I\MY-<QM8R^;$(64
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9&"V>1[8HHJ5"-AW-*EHHJUL2%%%%,#__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>ssl_ex991001.jpg
<DESCRIPTION>IMAGE
<TEXT>
begin 644 ssl_ex991001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X0 Z17AI9@  34T *@    @  U$0  $
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M2\LQY>1N[,>Y/^ &  *Z(04%9$-MN[-/ ]****L04444 1R_=/\ NFJ6E?\
<'A#_ +S?S-%%0_C0^AH#[H^E+115B"BBB@#_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>ssl_ex991002.jpg
<DESCRIPTION>IMAGE
<TEXT>
begin 644 ssl_ex991002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X0 Z17AI9@  34T *@    @  U$0  $
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8#M/*Y]#111'X[^0NAH4445L(**** /_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
