<SEC-DOCUMENT>0001279569-21-001753.txt : 20211207
<SEC-HEADER>0001279569-21-001753.hdr.sgml : 20211207
<ACCEPTANCE-DATETIME>20211206191343
ACCESSION NUMBER:		0001279569-21-001753
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20211206
FILED AS OF DATE:		20211207
DATE AS OF CHANGE:		20211206

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:		211474308

	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>sandstormform6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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



<P STYLE="font: 10pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 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-align: center"><FONT STYLE="font-size: 18pt"><B>FORM 6-K</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER<BR>
PURSUANT TO RULE 13A-16 OR 15D-16<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>

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

<P STYLE="font: 10pt 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></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>For the month of December, 2021</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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-align: center">Commission File Number: <B>001-35617</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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-align: center"><FONT STYLE="font-size: 24pt"><B>Sandstorm Gold Ltd.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Translation of registrant&rsquo;s name into English)</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-align: center"></P>

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<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-align: center">&nbsp;</P>

<P STYLE="font: 10pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;(Address of principal executive offices)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0">Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.&nbsp;</P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; padding-right: 0.8pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form 20-F&nbsp;&nbsp; &#9744;</FONT></TD>
    <TD STYLE="width: 63%; padding-right: 0.8pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form 40-F&nbsp;&nbsp; &#9746;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 11.25pt 0 0; text-align: justify"><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)(1):&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 11.25pt 0 0"><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;&nbsp; </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0">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;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; padding-right: 0.8pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes&nbsp;&nbsp; &#9744;</FONT></TD>
    <TD STYLE="width: 63%; padding-right: 0.8pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No&nbsp;&nbsp; &#9746;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">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-align: center">&nbsp;</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-align: center"><B>Incorporation by Reference</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">Exhibit 99.1 (Material Change Report) and Exhibit 99.2 (Consent of Imola
G&ouml;tz) to this Report on Form 6-K are hereby filed and incorporated by reference into this report and incorporated by reference into
and as an exhibit to the registrant&rsquo;s Registration Statement on Form F-10 (File No. 333-237619), 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: 11.25pt 0 0; text-align: justify"></P>

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



<P STYLE="font: 10pt/0.05pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"></P>

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<P STYLE="font: 10pt/0.05pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">&nbsp;</P>


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

<P STYLE="font: 10pt/0.05pt Times New Roman, Times, Serif; margin: 0">&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"><B>&nbsp;</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 90%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Exhibit</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex991.htm">99.1</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><P STYLE="margin: 0; font: 11pt/106% Calibri, Helvetica, Sans-Serif"><A HREF="ex991.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material Change Report</FONT></A></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex992.htm">99.2</A></FONT></TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt"><A HREF="ex992.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Imola G&ouml;tz</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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

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

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

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

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<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>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<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-right: 0.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SANDSTORM GOLD LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 0.05pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: December 6, 2021</FONT></TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp; &nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;Erfan Kazemi</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Erfan Kazemi</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>MATERIAL CHANGE REPORT
<TEXT>
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<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>EXHIBIT 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>FORM 51-102F3</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>MATERIAL CHANGE REPORT</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>UNDER NATIONAL INSTRUMENT 51-102</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Item 1&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name and Address of Company</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Item 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Date of Material Change</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">November 24, 2021.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Item 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;News Release</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">A news release was disseminated
through CNW Group Ltd. on November 24, 2021 and filed on SEDAR.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 11pt"><B>Item 4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Summary of Material </B></FONT><B>Change</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On November 24, 2021, the Company announced a summary
of the results of a feasibility study prepared in accordance with the disclosure standards under National Instrument 43-101 (&ldquo;<B>NI
43-101</B>&rdquo;) for the Hod Maden project in Turkey.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Item 5&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full Description of Material Change </B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On November 24, 2021, the Company announced a summary
of the results from the Hod Maden Feasibility Study (&ldquo;<B>FS</B>&rdquo;). All figures are in U.S. dollars and are on a 100% project
basis unless otherwise stated. Sandstorm has a 30% interest in the Hod Maden project.</P>

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

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">FEASIBILITY STUDY HIGHLIGHTS</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/130% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pre-tax net present value (&ldquo;<B>NPV</B>&rdquo;) (5% discount
rate) of $1.3 billion and an internal rate of return (&ldquo;<B>IRR</B>&rdquo;) of 41%</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/130% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Post-tax NPV (5% discount rate) of $1.05 billion and an IRR
of 36%</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/130% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Estimated all-in sustaining costs (&ldquo;<B>AISC</B>&rdquo;)
of $334 per ounce on a by-product basis<SUP>1</SUP> and $595 per ounce on a co-product basis<SUP>1</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/130% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Upfront capital cost of $309 million</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/130% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Proven and Probable Mineral Reserves of 2.45 million ounces
of gold and 287 million pounds of copper</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/130% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: 0.2pt">13-</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">y<FONT STYLE="letter-spacing: 0.2pt">ear</FONT>
mine life with annual mill design capacity of 800,000 tonnes</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/130% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Annual average production of approximately 195,000 gold equivalent
(&ldquo;<B>AuEq</B>&rdquo;) ounces</FONT></TD></TR></TABLE>


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


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

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

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">KEY PARAMETERS &amp; PROJECT ECONOMICS SUMMARY</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 57%; border-top: #BFBFBF 1pt dotted; border-bottom: #BFBFBF 1pt dotted; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0.05in 5.75pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt"><B>Mill Design Capacity</B></FONT></TD>
    <TD STYLE="width: 43%; border-top: #BFBFBF 1pt dotted; border-bottom: #BFBFBF 1pt dotted; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0.05in 5.75pt; text-align: center"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt">800,000 tonnes per annum</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt dotted; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0.05in 5.75pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt"><B>Mine Life</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt dotted; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0.05in 5.75pt; text-align: center"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt">13 years</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt dotted; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0.05in 5.75pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt"><B>Average Annual Production</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt dotted; padding: 0.05in 5.75pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.3pt">Gold: 156,000 ounces</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.3pt">Copper: 19.6 million
    pounds</FONT></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt dotted; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0.05in 5.75pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt"><B>Total Production</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt dotted; padding: 0.05in 5.75pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.3pt">Gold: 2,027,000 ounces</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.3pt">Copper: 255 million
    pounds</FONT></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt dotted; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0.05in 5.75pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt"><B>Average Recovery Rate</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt dotted; padding: 0.05in 5.75pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.3pt">Gold: 85%</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.3pt">Copper: 93%</FONT></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt dotted; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0.05in 5.75pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt"><B>Average Head Grade</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt dotted; padding: 0.05in 5.75pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.3pt">Gold: 8.8 grams per
tonne (&quot;<B>g/t</B>&rdquo;)</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.3pt">Copper: 1.5%</FONT></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt dotted; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0.05in 5.75pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt"><B>All-in Sustaining Cost<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt dotted; padding: 0.05in 5.75pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.3pt">By-product<SUP>1</SUP>:
    $334/oz Au</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.3pt">Co-product<SUP>1</SUP>:
    $595/oz Au</FONT></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt dotted; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0.05in 5.75pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt"><B>Upfront Capital</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt dotted; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0.05in 5.75pt; text-align: center"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt">$309 million</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt dotted; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0.05in 5.75pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt"><B>Base Case Commodity Prices</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt dotted; padding: 0.05in 5.75pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.3pt">$1,599/oz Au</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.3pt">$3.19/lb Cu</FONT></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt dotted; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0.05in 5.75pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt"><B>NPV (5% discount rate)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt dotted; padding: 0.05in 5.75pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.3pt">Pre-tax: $1.3 billion</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.3pt">Post-tax: $1.05 billion</FONT></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt dotted; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0.05in 5.75pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt"><B>IRR</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt dotted; padding: 0.05in 5.75pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.3pt">Pre-tax: 41%</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.3pt">Post-tax: 36%</FONT></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt dotted; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0.05in 5.75pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt"><B>Payback Period (from start of production)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt dotted; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0.05in 5.75pt; text-align: center"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt">Post-tax: 2.0 years</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">Mining &amp; Processing</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The FS contemplates Hod Maden as an underground mine
divided into two distinct mining zones with a modified drift and fill (&ldquo;<B>DAF</B>&rdquo;) technique applied to the upper mine area
and a long hole stoping (&ldquo;<B>LHS</B>&rdquo;) technique applied to the lower mine area. The bulk of the mineralization is located
in the lower mine area, which will be accessed through a single portal north of the deposit. The upper mine will be accessed through two
shallow shafts located north and south of the mineralization. The mine capacity is 800,000 tonnes per annum with a total of 8.7 million
tonnes of ore produced during the 13-year mine life.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The ore to be processed is classified into two main
categories: regular ore and a pyrite ore with a flowsheet reconfiguration when processing pyrite ore to maximize gold recovery. Ore processing
contemplates a single stage crush, milling, a bulk flotation concentrate, regrind through a secondary milling and a secondary flotation,
ultimately producing a saleable copper concentrate and a saleable pyrite concentrate.&nbsp;The concentrates will be transported to a port
located on the Black Sea in Turkey for shipment to smelting facilities.</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">Infrastructure &amp; Capital Costs</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The majority of the proposed project infrastructure,
including the process plant, paste plant, water treatment facility, transformer station and mining offices, will be located in the Maden
Valley near the deposit. The tailings facility, mining waste dump, and quarry will be located to the north in the Salicor Valley. A tunnel
will be constructed to connect the Maden Valley to the Salicor Valley. Grid power is available on site and some workforce can be based
out of Artvin city nearby.</P>

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


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The upfront capital cost estimate of $309 million includes a contingency
of $31 million.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 67%; border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 8.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 6pt 5.4pt 8.5pt; vertical-align: middle; width: 33%; text-align: center"><FONT STYLE="text-transform: uppercase; letter-spacing: 0.2pt"><B><I>US$ Million</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt">Mining Predevelopment Costs</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt">$63</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt">Mining Surface Infrastructure</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt">2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt">Other Site Infrastructure</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt">78</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt">Process Plant Infrastructure</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt">56</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt">EPCM Fees, Indirect Costs &amp; Construction Facilities</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt">37</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt">Owners&rsquo; Costs</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt">42</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1.5pt double; padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt">Project Contingency</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1.5pt double; padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt">31</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt"><B>Total Upfront Capital Expenditure</B></FONT></TD>
    <TD STYLE="padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 9pt; letter-spacing: 0.3pt"><B>$309</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">Economics</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The post-tax NPV of $1.05 billion, using a 5% discount
rate, has an IRR of 36% and payback period of 2 years. The AISC<SUP>1</SUP> for gold with copper as a by-product credit is $334 per ounce.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 67%; border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 8.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 6pt 5.4pt 8.5pt; width: 33%; text-align: center"><FONT STYLE="text-transform: uppercase; letter-spacing: 0.2pt"><B><I>By-Product Basis US$/oz </I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 9pt; color: #191A19; letter-spacing: 0.3pt">Mining Operating Cost</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">$230</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 9pt; color: #191A19; letter-spacing: 0.3pt">Processing Operating Cost</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">104</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 9pt; color: #191A19; letter-spacing: 0.3pt">TC/RCs (net of credits &amp; penalties) &amp; Transport Costs</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">95</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 9pt; color: #191A19; letter-spacing: 0.3pt">G&amp;A Operating Cost &amp; Other</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">55</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 9pt; color: #191A19; letter-spacing: 0.3pt">Revenue from Sales of Payable Copper</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">(401)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 9pt; color: #191A19; letter-spacing: 0.3pt"><B>C1 Cost<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt"><B>$84</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 9pt; color: #191A19; letter-spacing: 0.3pt">Royalties</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">172</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 9pt; color: #191A19; letter-spacing: 0.3pt">Sustaining Capital Depreciation</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">57</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 9pt; color: #191A19; letter-spacing: 0.3pt">Corporate Costs</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">13</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1.5pt double; padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 9pt; color: #191A19; letter-spacing: 0.3pt">Closure Costs</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1.5pt double; padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">8</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 9pt; color: #191A19; letter-spacing: 0.3pt"><B>AISC<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt"><B>$334</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">Timeline</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">With the release of the FS, the Hod Maden project moves
into the next stage of development. The operator, Lidya Madencilik Sanayi ve Ticaret A.S. (&ldquo;<B>Lidya</B>&rdquo;), commenced the
application process for the forestry permit after receiving the final approval of the Environmental Impact Assessment (&ldquo;<B>EIA</B>&rdquo;)
from the Ministry of Environment, Urbanization and Climate Change of Turkey in November 2021. Production from Hod Maden is currently expected
in the second half of 2024.</P>

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

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">MINERAL RESERVES AND RESOURCES</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Mineral Reserve is reported in accordance with
the disclosure standards of NI 43-101 and Canadian Institute of Mining (CIM) Definition Standards for Mineral Resources and Mineral Reserves
(2014).</P>

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 6pt 5.4pt 8.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 6pt 5.4pt 8.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 6pt 5.4pt 8.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 6pt 5.4pt 8.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; padding: 6pt 5.4pt 8.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: #F2F2F2; padding-right: 5.4pt; padding-bottom: 8.5pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; text-transform: uppercase; letter-spacing: 0.2pt"><B>Contained Metal</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 23%; border-bottom: #F2F2F2 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #191A19; letter-spacing: 0.3pt"><B>Reserve <BR>
Classification<BR>
<BR>
</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #F2F2F2 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt"><B>Tonnes<BR>
(kt)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #F2F2F2 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt"><B>AuEq <BR>
(g/t)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #F2F2F2 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt"><B>Au<BR>
(g/t)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #F2F2F2 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt"><B>Cu <BR>
(%)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt"><B>AuEq<BR>
(koz)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt"><B>Au<BR>
(koz)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt"><B>Cu<BR>
(Mlb)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 2pt 5.4pt; white-space: nowrap"><FONT STYLE="font-size: 9pt; color: #191A19; letter-spacing: 0.3pt"><B>Proven</B></FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">1,899</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">19.4</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">16.7</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; border-bottom: #F2F2F2 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">1.7%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">1,186</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">1,021</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">71</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 2pt 5.4pt; white-space: nowrap"><FONT STYLE="font-size: 9pt; color: #191A19; letter-spacing: 0.3pt"><B>Probable</B></FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">6,798</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">8.8</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">6.5</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; border-bottom: #F2F2F2 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">1.4%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">1,928</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">1,431</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">216</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap"><FONT STYLE="font-size: 9pt; color: #191A19; letter-spacing: 0.3pt"><B>Proven &amp; Probable</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">8,696</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">11.1</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">8.8</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; border-bottom: white 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">1.5%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">3,114</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">2,452</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">287</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt/130% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: 0.2pt; text-indent: 0in">Notes</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 6.5pt/130% Georgia, Times, Serif; letter-spacing: 0.2pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CIM Definitions Standards (2014) were used in the preparation
of the Mineral Reserve estimates.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 6.5pt/130% Georgia, Times, Serif; letter-spacing: 0.2pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Mineral Reserve is estimated using metal prices of US$1,300
per oz Au and US$3.00 per lb Cu.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 6.5pt/130% Georgia, Times, Serif; letter-spacing: 0.2pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Effective Date of Mineral Reserve is 31 July 2020.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 6.5pt/130% Georgia, Times, Serif; letter-spacing: 0.2pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Errors in the totals are due to rounding.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 6.5pt/130% Georgia, Times, Serif; letter-spacing: 0.2pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mineral Reserves are reported on the basis of mined ore to
be delivered to the plant as mill feed.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 6.5pt/130% Georgia, Times, Serif; letter-spacing: 0.2pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The estimation was carried out using a breakeven cut-off value
of USD82/t and incremental cut-of values of USD63/t for stopes and USD40/t for development.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 6.5pt/130% Georgia, Times, Serif; letter-spacing: 0.2pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The average mining recovery and dilution factors applied were
94% and 10% respectively.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 6.5pt/130% Georgia, Times, Serif; letter-spacing: 0.2pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Process recovery and payable factors averaged 85% and 98%
respectively for gold and 93% and 95% respectively for copper.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 6.5pt/130% Georgia, Times, Serif; letter-spacing: 0.2pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Probable reserve gold grade and contained metal is higher
than the indicated resource grade and contained metal due to the inclusion of measured resource from the modified DAF mining area above
the 783m elevation.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 6.5pt/130% Georgia, Times, Serif; letter-spacing: 0.2pt; margin-top: 0; margin-bottom: 24pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Calculation of the gold equivalent grade (AuEq) is by the
following formula: AuEq = [(Au Ounces + (Cu Pounds x 3/1300)) x 31.10348]/Tonnes</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Mineral Resource is reported in accordance with
NI 43-101 and CIM Definition Standards for Mineral Resources and Mineral Reserves (2014). The Mineral Resource estimate, reported above
a net smelter return (&ldquo;<B>NSR</B>&rdquo;) cut-off of $63/tonne, is shown below.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 6pt 5.4pt 8.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 6pt 5.4pt 8.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 6pt 5.4pt 8.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 6pt 5.4pt 8.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; padding: 6pt 5.4pt 8.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 6pt 5.4pt 8.5pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 9pt; letter-spacing: 0.2pt"><B>CONTAINED METAL</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 30%; border-bottom: #F2F2F2 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #191A19; letter-spacing: 0.3pt"><B>Resource <BR>
Category<BR>
<BR>
</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #F2F2F2 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #44546A; letter-spacing: 0.3pt"><B>Tonnes (kt)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #F2F2F2 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #44546A; letter-spacing: 0.3pt"><B>AuEq <BR>
(g/t)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #F2F2F2 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #44546A; letter-spacing: 0.3pt"><B>Au <BR>
(g/t)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #F2F2F2 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #44546A; letter-spacing: 0.3pt"><B>Cu <BR>
(%)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #44546A; letter-spacing: 0.3pt"><B>AuEq<BR>
(koz)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #44546A; letter-spacing: 0.3pt"><B>Au<BR>
(koz)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #44546A; letter-spacing: 0.3pt"><B>Cu<BR>
(Mlb)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 2pt 5.4pt; white-space: nowrap"><FONT STYLE="font-size: 9pt; color: #191A19; letter-spacing: 0.3pt"><B>Measured</B></FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">2,461</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">24.3</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">20.7</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; border-bottom: #F2F2F2 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">2.3%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">1,920</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">1,634</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">124</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 2pt 5.4pt; white-space: nowrap"><FONT STYLE="font-size: 9pt; color: #191A19; letter-spacing: 0.3pt"><B>Indicated</B></FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">5,683</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">8.8</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">6.2</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; border-bottom: #F2F2F2 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">1.7%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">1,608</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">1,133</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">206</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap"><FONT STYLE="font-size: 9pt; color: #191A19; letter-spacing: 0.3pt"><B>Measured &amp; Indicated</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">8,143</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">13.5</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">10.6</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; border-bottom: white 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">1.8%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">3,530</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">2,768</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 9pt; color: #323332; letter-spacing: 0.3pt">330</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt/130% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: 0.2pt; text-indent: 0in">Notes</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 6.5pt/130% Georgia, Times, Serif; letter-spacing: 0.2pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1)</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CIM Definitions Standards (2014) were followed for Mineral
Resources.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 6.5pt/130% Georgia, Times, Serif; letter-spacing: 0.2pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2)</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mineral Resources are inclusive of Mineral Reserves.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 6.5pt/130% Georgia, Times, Serif; letter-spacing: 0.2pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3)</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Effective Date of Mineral Resource is 27 July 2019.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 6.5pt/130% Georgia, Times, Serif; letter-spacing: 0.2pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4)</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mineral Resources are estimated at NSR cut-offs of $63/t for
gold/copper zones.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 6.5pt/130% Georgia, Times, Serif; letter-spacing: 0.2pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5)</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 6.5pt/130% Georgia, Times, Serif; letter-spacing: 0.2pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6)</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Totals may not match due to rounding.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 6.5pt/130% Georgia, Times, Serif; letter-spacing: 0.2pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7)</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Metal prices used as input into the NSR cut-off calculation
are US$1,300/oz for gold, and US$6,614/tonne for copper.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 6.5pt/130% Georgia, Times, Serif; letter-spacing: 0.2pt; margin-top: 0; margin-bottom: 24pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8)</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Calculation of the gold equivalent grade (AuEq) is by the
following formula: AuEq = [(Au Ounces + (Cu Pounds x 3/1300)) x 31.10348]/Tonnes</FONT></TD></TR></TABLE>


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

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

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Detailed Schedules<SUP>2</SUP></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">Mill Feed</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 28%; border-bottom: Black 1.5pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: Black 1.5pt solid; padding: 6pt 4.25pt 2.85pt; background-color: black; text-align: center"><FONT STYLE="font-size: 8pt; text-transform: uppercase; color: white; letter-spacing: 0.2pt"><B>YR1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: Black 1.5pt solid; padding: 6pt 4.25pt 2.85pt; background-color: black; text-align: center"><FONT STYLE="font-size: 8pt; text-transform: uppercase; color: white; letter-spacing: 0.2pt"><B>YR2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: Black 1.5pt solid; padding: 6pt 4.25pt 2.85pt; background-color: black; text-align: center"><FONT STYLE="font-size: 8pt; text-transform: uppercase; color: white; letter-spacing: 0.2pt"><B>YR3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: Black 1.5pt solid; padding: 6pt 4.25pt 2.85pt; background-color: black; text-align: center"><FONT STYLE="font-size: 8pt; text-transform: uppercase; color: white; letter-spacing: 0.2pt"><B>YR4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: Black 1.5pt solid; padding: 6pt 4.25pt 2.85pt; background-color: black; text-align: center"><FONT STYLE="font-size: 8pt; text-transform: uppercase; color: white; letter-spacing: 0.2pt"><B>YR5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: Black 1.5pt solid; padding: 6pt 4.25pt 2.85pt; background-color: black; text-align: center"><FONT STYLE="font-size: 8pt; text-transform: uppercase; color: white; letter-spacing: 0.2pt"><B>YR6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: Black 1.5pt solid; padding: 6pt 4.25pt 2.85pt; background-color: black; text-align: center"><FONT STYLE="font-size: 8pt; text-transform: uppercase; color: white; letter-spacing: 0.2pt"><B>YR7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: Black 1.5pt solid; padding: 6pt 4.25pt 2.85pt; background-color: black; text-align: center"><FONT STYLE="font-size: 8pt; text-transform: uppercase; color: white; letter-spacing: 0.2pt"><B>YR8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: Black 1.5pt solid; padding: 6pt 4.25pt 2.85pt; background-color: black; text-align: center"><FONT STYLE="font-size: 8pt; text-transform: uppercase; color: white; letter-spacing: 0.2pt"><B>YR9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: Black 1.5pt solid; padding: 6pt 4.25pt 2.85pt; background-color: black; text-align: center"><FONT STYLE="font-size: 8pt; text-transform: uppercase; color: white; letter-spacing: 0.2pt"><B>YR10</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: Black 1.5pt solid; padding: 6pt 4.25pt 2.85pt; background-color: black; text-align: center"><FONT STYLE="font-size: 8pt; text-transform: uppercase; color: white; letter-spacing: 0.2pt"><B>YR11</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: Black 1.5pt solid; padding: 6pt 4.25pt 2.85pt; background-color: black; text-align: center"><FONT STYLE="font-size: 8pt; text-transform: uppercase; color: white; letter-spacing: 0.2pt"><B>YR12</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: Black 1.5pt solid; padding: 6pt 4.25pt 2.85pt; background-color: black; text-align: center"><FONT STYLE="font-size: 8pt; text-transform: uppercase; color: white; letter-spacing: 0.2pt"><B>YR13</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: Black 1.5pt solid; padding: 6pt 4.25pt 2.85pt; background-color: black; text-align: center"><FONT STYLE="font-size: 8pt; text-transform: uppercase; color: white; letter-spacing: 0.2pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt"><FONT STYLE="font-size: 8pt; color: #191A19"><B>Mill Feed</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; background-color: #E5E5E5">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt"><FONT STYLE="font-size: 8pt; color: #191A19">Ore processed (kt)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">449</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">560</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">800</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">800</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">802</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">800</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">800</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">787</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">722</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">720</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">599</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">480</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">378</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; background-color: #E5E5E5; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332"><B>8,696</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt"><FONT STYLE="font-size: 8pt; color: #191A19">Copper grade (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">1.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">1.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">1.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">1.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">1.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">1.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">1.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">1.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">1.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">1.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">1.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">1.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">1.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; background-color: #E5E5E5; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332"><B>1.5</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt"><FONT STYLE="font-size: 8pt; color: #191A19">Gold grade (g/t)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">12.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">13.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">8.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">7.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">6.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">5.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">5.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">7.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">8.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">9.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">9.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">13.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">13.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; background-color: #E5E5E5; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332"><B>8.8</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt"><FONT STYLE="font-size: 8pt; color: #191A19"><B>Copper Concentrate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; background-color: #E5E5E5">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt"><FONT STYLE="font-size: 8pt; color: #191A19">Concentrate mass (kt, dmt)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">26</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">33</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">47</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">48</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">47</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">46</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">44</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">48</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">41</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">43</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">34</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; background-color: #E5E5E5; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332"><B>508</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt"><FONT STYLE="font-size: 8pt; color: #191A19">Copper grade (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">26</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; background-color: #E5E5E5; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332"><B>24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt"><FONT STYLE="font-size: 8pt; color: #191A19">Gold grade (g/t)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">158</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">176</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">108</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">96</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">81</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">81</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">70</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">98</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">118</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">123</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">137</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">169</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">182</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; background-color: #E5E5E5; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332"><B>115</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt"><FONT STYLE="font-size: 8pt; color: #191A19"><B>Pyrite Concentrate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; background-color: #E5E5E5">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt"><FONT STYLE="font-size: 8pt; color: #191A19">Concentrate mass (kt, dmt)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">41</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">35</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">47</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">32</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">41</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">41</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">27</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">39</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">54</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">33</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; background-color: #E5E5E5; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332"><B>461</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt"><FONT STYLE="font-size: 8pt; color: #191A19">Gold grade (g/t)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">17</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">15</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">15</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">15</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">15</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">15</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; background-color: #E5E5E5; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332"><B>14</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt"><FONT STYLE="font-size: 8pt; color: #191A19"><B>Payable Metal</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; background-color: #E5E5E5">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt"><FONT STYLE="font-size: 8pt; color: #191A19">Copper (Mlb)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">17</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 4.25pt; background-color: #E5E5E5; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332"><B>255</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F1F4F1 1pt solid; padding: 2.85pt 4.25pt"><FONT STYLE="font-size: 8pt; color: #191A19">Gold (koz)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F1F4F1 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">147</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F1F4F1 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">193</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F1F4F1 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">178</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F1F4F1 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">159</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F1F4F1 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">135</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F1F4F1 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">127</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F1F4F1 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">110</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F1F4F1 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">162</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F1F4F1 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">162</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F1F4F1 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">184</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F1F4F1 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">154</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F1F4F1 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">184</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F1F4F1 1pt solid; padding: 2.85pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332">132</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F1F4F1 1pt solid; padding: 2.85pt 4.25pt; background-color: #E5E5E5; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332"><B>2,027</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">Site Cost (Life of Mine Average)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 65%; border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 8pt; color: #191A19; letter-spacing: 0.3pt">Mining</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 35%; border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332; letter-spacing: 0.3pt">$53.71/t</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 8pt; color: #191A19; letter-spacing: 0.3pt">Processing</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332; letter-spacing: 0.3pt">$24.26/t</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 8pt; color: #191A19; letter-spacing: 0.3pt">G&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332; letter-spacing: 0.3pt">$11.04/t</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F1F4F1 1pt solid; padding: 4.25pt 5.4pt 1.7pt"><FONT STYLE="font-size: 8pt; color: #191A19; letter-spacing: 0.3pt"><B>Site subtotal</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F1F4F1 1pt solid; padding: 4.25pt 5.4pt 1.7pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332; letter-spacing: 0.3pt"><B>$89.01/t</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">OffSite Cost (Life of Mine Average)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 53%; padding: 2.85pt 5.4pt 5.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 22%; padding: 2.85pt 5.4pt 5.65pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; text-transform: uppercase; letter-spacing: 0.2pt"><B>Copper <BR>
Concentrate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25%; padding: 2.85pt 5.4pt 5.65pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; text-transform: uppercase; letter-spacing: 0.2pt"><B>Pyrite <BR>
concentrate</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt; color: #191A19; letter-spacing: 0.3pt">Freight</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332; letter-spacing: 0.3pt">$62.50/wmt</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332; letter-spacing: 0.3pt">$35.50/wmt</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt; color: #191A19; letter-spacing: 0.3pt">Treatment charge</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332; letter-spacing: 0.3pt">$90.00/dmt</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332; letter-spacing: 0.3pt">$125.00/dmt</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt; color: #191A19; letter-spacing: 0.3pt">Copper refining</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332; letter-spacing: 0.3pt">$0.09/lb</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332; letter-spacing: 0.3pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-bottom: #F1F4F1 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt; color: #191A19; letter-spacing: 0.3pt">Gold refining</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F1F4F1 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332; letter-spacing: 0.3pt">$6.50/oz</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F1F4F1 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt; color: #323332; letter-spacing: 0.3pt">$8.00/oz</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">Capital Expenditures</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 29%; padding: 1.4pt 5.4pt 8.5pt"><FONT STYLE="font-size: 8pt; text-transform: uppercase; letter-spacing: 0.2pt"><B>CAPEX BREAKDOWN</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding: 1.4pt 5.4pt 8.5pt; text-align: right"><FONT STYLE="font-size: 8pt; text-transform: uppercase; letter-spacing: 0.2pt"><B>Initial</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 21%; padding: 1.4pt 5.4pt 8.5pt; text-align: right"><FONT STYLE="font-size: 8pt; text-transform: uppercase; letter-spacing: 0.2pt"><B>Sustaining</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; padding: 1.4pt 5.4pt 8.5pt; text-align: right"><FONT STYLE="font-size: 8pt; text-transform: uppercase; letter-spacing: 0.2pt"><B>Closure</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 19%; padding: 1.4pt 5.4pt 8.5pt; text-align: right"><FONT STYLE="font-size: 8pt; text-transform: uppercase; letter-spacing: 0.2pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">Year -2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">$71M</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt; background-color: #F8F8F8; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt"><B>$71M</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">Year -1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">$151M</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt; background-color: #F8F8F8; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt"><B>$151M</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">Year 0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">$87M</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt; background-color: #F8F8F8; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt"><B>$87M</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">Years 1-5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">$80M</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt; background-color: #F8F8F8; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt"><B>$80M</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">Years 6-10</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">$35M</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding: 1.4pt 5.4pt; background-color: #F8F8F8; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt"><B>$35M</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding: 1.4pt 5.4pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">Years 11+</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding: 1.4pt 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding: 1.4pt 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">$9M</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding: 1.4pt 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt">$16M</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding: 1.4pt 5.4pt; background-color: #F8F8F8; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt"><B>$25M</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding: 1.4pt 5.4pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1.4pt 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt"><B>$309M</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1.4pt 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt"><B>$124M</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1.4pt 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt"><B>$16M</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1.4pt 5.4pt; background-color: #F8F8F8; text-align: right"><FONT STYLE="font-size: 8pt; letter-spacing: 0.3pt"><B>$449M</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sandstorm will file or furnish, as applicable, a technical
report prepared in accordance with NI 43-101 for the FS entitled &ldquo;Hod Maden Project Feasibility Study NI 43-101 Technical Report&rdquo;
(the &ldquo;<B>Technical Report</B>&rdquo;). The Technical Report will be filed within 45 days of the November 24, 2021, news release
on SEDAR at www.sedar.com, on EDGAR at www.sec.gov and on Sandstorm&rsquo;s website at www.sandstormgold.com, in accordance with NI 43-101.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Readers are encouraged to read the Technical Report
in its entirety, including all qualifications, assumptions and exclusions that relate to the details summarized in this material change
report. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.</P>

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

<P STYLE="color: #7D6E3E; font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Qualified Person</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Imola G<FONT STYLE="letter-spacing: 0.7pt">&ouml;</FONT>tz,
M.Sc., P.Eng, F.E.C., Sandstorm&rsquo;s Vice President, Mining &amp; Engineering, is a Qualified Person as defined by NI 43-101. She has
reviewed and approved the scientific and technical information contained in this Material Change Report.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 0; letter-spacing: 0.3pt">Note 1</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; letter-spacing: 0.3pt; text-align: justify"><I>Sandstorm has included
certain measures in this material change report that do not have any standardized meaning prescribed by International Financial Reporting
Standards (&ldquo;<B>IFRS</B>&rdquo;). With respect to the Hod Maden project, these measures include (i) all-in sustaining cost (&ldquo;<B>AISC</B>&rdquo;)
per gold ounce on a co-product basis and AISC per gold ounce on a by-product basis, (ii) C1 costs on a by-product basis, and (iii) attributable
gold equivalent ounce. As Sandstorm&rsquo;s operations are primarily focused on precious metals, the Company presents these measures
as it believes that certain investors use this information to evaluate the Company&rsquo;s performance in comparison to other mining
companies in the precious metals mining industry who present results on a similar basis. Other companies may calculate these measures
differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks, such as
in IFRS. The presentation of these measures is intended to provide additional information and should not be considered in isolation or
as a substitute for measures of performance prepared in accordance with IFRS.</I></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; letter-spacing: 0.3pt; text-align: justify"><I>&nbsp;</I></P>


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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; letter-spacing: 0.3pt; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 7.5pt Georgia, Times, Serif; letter-spacing: 0.3pt; margin-top: 6pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>With respect to the Hod Maden
project, AISC has been calculated on a co-product basis for gold and copper. The calculation for each metal is based on adding costs specific
to each metal to costs allocated to each metal on a proportionate value basis. For gold, AISC per gold ounce on a co-product basis is
calculated by summing certain costs (operating costs, royalties, treatment, refining &amp; transport costs, sustaining capital depreciation,
G&amp;A, and other costs) associated with the gold produced. The resulting figure is then divided by the payable gold ounces produced.
AISC per gold ounce on a by-product basis is calculated by deducting copper revenue from the summation of certain costs (operating costs,
royalties, treatment, refining &amp; transport costs, sustaining capital depreciation, G&amp;A, and other costs). The resulting figure
is then divided by the payable gold ounces produced.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 7.5pt Georgia, Times, Serif; letter-spacing: 0.3pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>AISC Co-Product Basis: [(Operating
Costs ($543 million) + Royalties ($296 million) + Treatment, Refining and Transport Costs ($151 million) + Sustaining Capital Depreciation
($93 million) + G&amp;A ($77 million) + Other Costs ($46 million)] / Payable Gold Ounces (2,027,000 oz) = $595 AISC per ounce]. </I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 7.5pt Georgia, Times, Serif; letter-spacing: 0.3pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>AISC By-Product Basis: [(Operating
Costs ($678 million) + Royalties ($349 million) + Treatment, Refining and Transport Costs ($193 million) + Sustaining Capital Depreciation
($116 million) + G&amp;A ($96 million) + Other Costs ($57 million) - Copper Revenue ($812m)] / Payable Gold Ounces (2,027k oz) = $334
AISC per ounce].</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7.5pt Georgia, Times, Serif; letter-spacing: 0.3pt; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>With respect to the Hod Maden
project, C1 Cash Cost on a by-product basis is calculated by deducting copper revenue from the summation of certain costs (operating costs,
treatment, refining &amp; transport costs, G&amp;A, and other costs) associated with the gold produced. The resulting figure is then divided
by the payable gold ounces produced. </I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7.5pt Georgia, Times, Serif; letter-spacing: 0.3pt; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>3)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>The Company&rsquo;s estimated
royalty and other commodity stream income is converted to an attributable gold equivalent ounce basis by dividing the estimated royalty
and other commodity stream income for the period by the estimated gold price per ounce for the same respective period. These attributable
gold equivalent ounces when combined with the estimated gold ounces from the Company&rsquo;s gold streams equal total attributable gold
equivalent ounces and may be subject to change.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; letter-spacing: 0.3pt">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; letter-spacing: 0.3pt">Note 2</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; letter-spacing: 0.3pt"><I>Numbers may not sum due to rounding.</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Item 6&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance on subsection 7.1(2) of National
Instrument 51-102</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Not applicable.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Item 7&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omitted Information</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Not applicable.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Item 8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Executive Officer</B></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Item 9&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date of Report</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>DATED</B> as of this 6<SUP>th</SUP> day of December, 2021.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 50%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><B>Sandstorm Gold Ltd.</B></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; padding-top: 0pt; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 87%; padding-top: 0pt; padding-right: 5.4pt; padding-left: 5.4pt"><I>&ldquo;Erfan Kazemi&rdquo;</I></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; padding-right: 5.4pt; padding-left: 5.4pt">Erfan Kazemi </TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; padding-right: 5.4pt; padding-left: 5.4pt">Chief Financial Officer</TD>
    </TR>
  </TABLE><BR STYLE="clear: both">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 199.85pt">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B><I>CAUTIONARY STATEMENTS
TO U.S. SECURITYHOLDERS</I></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>The financial information
included or incorporated by reference in this material change report 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 (&ldquo;<B>US GAAP</B>&rdquo;) in certain material respects, and thus are not directly comparable to financial
statements prepared in accordance with US GAAP.</I></P>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"></P>


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

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>The disclosure and information
contained or referenced herein uses mineral reserve and mineral resource classification terms that comply with reporting standards in
Canada, and mineral reserve and mineral resource estimates are made in accordance with Canadian NI 43-101 and the Canadian Institute of
Mining, Metallurgy and Petroleum &mdash; CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council,
as amended (the &ldquo;CIM Definition Standards&rdquo;). These standards differ significantly from the mineral reserve disclosure requirements
of the United States Securities Exchange Commission (the &ldquo;SEC&rdquo;) set forth in Industry Guide 7. Consequently, information regarding
mineralization contained or referenced herein is not comparable to similar information that would generally be disclosed by U.S. companies
under Industry Guide 7 in accordance with the rules of the SEC. Further, the SEC has adopted amendments to its disclosure rules to modernize
the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the Securities Exchange Act
of 1934 (&ldquo;<B>Exchange Act</B>&rdquo;). These amendments became effective February 25, 2019 (the &ldquo;<B>SEC Modernization Rules</B>&rdquo;)
and, commencing for registrants with their first fiscal year beginning on or after January 1, 2021, the SEC Modernization Rules replaced
the historical property disclosure requirements included in SEC Industry Guide 7. As a foreign private issuer that files its annual report
on Form 40-F with the SEC pursuant to the multi-jurisdictional disclosure system, the Company is not required to provide disclosure on
its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition
Standards. The SEC Modernization Rules include the adoption of terms describing mineral reserves and mineral resources that are &ldquo;substantially
similar&rdquo; to the corresponding terms under the CIM Definition, but there are differences in the definitions under the SEC Modernization
Rules and the CIM Definition Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company
may report as &ldquo;proven mineral reserves&rdquo;, &ldquo;probable mineral reserves&rdquo;, &ldquo;measured mineral resources&rdquo;,
&ldquo;indicated mineral resources&rdquo; and &ldquo;inferred mineral resources&rdquo; under NI 43-101 would be the same had the Company
prepared the mineral reserve or mineral resource estimates under the standards adopted under the SEC Modernization Rules. U.S. investors
are also cautioned that while the SEC recognizes &ldquo;measured mineral resources&rdquo;, &ldquo;indicated mineral resources&rdquo; and
&ldquo;inferred mineral resources&rdquo; under the Modernization Rules, investors should not assume that any part or all of the mineralization
in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described
using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized
as reserves. Accordingly, investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred
mineral resources that the Company reports are or will be economically or legally mineable. Further, &ldquo;inferred mineral resources&rdquo;
have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, U.S.
investors are also cautioned not to assume that all or any part of the &ldquo;inferred mineral resources&rdquo; exist. Under Canadian
securities laws, estimates of &ldquo;inferred mineral resources&rdquo; may not form the basis of feasibility or pre-feasibility studies,
except in rare cases. For the above reasons, information contained or referenced herein regarding descriptions of our mineral reserve
and mineral resource estimates is not comparable to similar information made public by U.S. companies subject to reporting and disclosure
requirements of the SEC under either Industry Guide 7 or SEC Modernization Rules. </I></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B><I>CAUTIONARY NOTE REGARDING
FORWARD-LOOKING INFORMATION</I></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: 0.3pt; text-align: justify"><I>This material change
report contains &quot;forward-looking statements&quot;, within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange
Act of 1934, the Private Securities Litigation Reform Act of 1995 and &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 Royalties. Forward-looking statements include, but are not limited to statements with respect to the FS, including future production,
costs and expenses of the Hod Maden project, the future price of gold, silver, copper, iron ore and other metals, the estimation of mineral
reserves and mineral resources, realization of mineral reserve estimates, capital expenditures, the timing of development of the Hod
Maden project and the timing and amount of estimated future production, including the increases to production guidance. 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: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: 0.3pt; 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 Gold Royalties 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 Gold Royalties will operate in the future, including the receipt of all required approvals, the price of
gold and copper 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, failure to receive necessary approvals, 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 or other commodity the Company 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: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: 0.3pt; 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 the Company 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 the Company 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 &ldquo;Risks to Sandstorm&rdquo; in the Company&rsquo;s annual report for the
financial year ended December 31, 2020 and the section entitled &ldquo;Risk Factors&rdquo; contained in the Company&rsquo;s annual information
form dated March 30, 2021 available at www.sedar.com. Although the Company 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. The Company 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>

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<FILENAME>ex992.htm
<DESCRIPTION>QP CONSENT
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<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>EXHIBIT 99.2</B></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>CONSENT OF IMOLA G&Ouml;TZ</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">I, Imola G&ouml;tz, MSc..
P.Eng., Vice President Mining &amp; Engineering for Sandstorm Gold Ltd., consent to the use of and reference to my name as an expert or
&ldquo;qualified person&rdquo;, and the inclusion and incorporation by reference in the registration statement on Form F-10 (File No.
333-237619) of Sandstorm Gold Ltd. and any amendments or supplements thereto (the &ldquo;<B>Registration Statement</B>&rdquo;), of the
information reviewed and approved by me relating to any technical disclosure contained in the Material Change Report filed on Form 6-K
with the Securities and Exchange Commission and dated the same date hereof that is of a scientific or technical nature and all other references
to such information included or incorporated by reference in the Registration Statement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Date: December 6, 2021</P>

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<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Imola G&ouml;tz&#9;</TD></TR>
                                                                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Name:</TD><TD STYLE="text-align: justify">Imola G&ouml;tz,
MSc., P.Eng.</TD></TR>
                                                                                                                                      <TR STYLE="vertical-align: top">
<TD STYLE="width: 3.5in"></TD><TD STYLE="width: 0.5in">Title:</TD><TD STYLE="text-align: justify">Vice President Mining &amp; Engineering for Sandstorm Gold Ltd.</TD></TR></TABLE>

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