<SEC-DOCUMENT>0001279569-22-001384.txt : 20220816
<SEC-HEADER>0001279569-22-001384.hdr.sgml : 20220816
<ACCEPTANCE-DATETIME>20220816160136
ACCESSION NUMBER:		0001279569-22-001384
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20220816
FILED AS OF DATE:		20220816
DATE AS OF CHANGE:		20220816

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:		221170115

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

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<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: 10pt 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>For the month of August, 2022</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">Commission File Number: <B>001-35617</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">&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: 12pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 12pt/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>Suite 1400 - 400 Burrard Street<BR>
Vancouver, British Columbia<BR>
V6C 3A6 Canada</B></P>

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

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

<P STYLE="font: 12pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 12pt/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">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: 12pt/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; </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</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; </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD></TR>
  </TABLE>
<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">&nbsp;<BR>
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&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: 12pt/11.25pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <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; </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</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; </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</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-&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>
<P STYLE="font: 10pt/0.05pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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




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

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

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

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

<P STYLE="font: 12pt/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">&nbsp;</P>

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    <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 STYLE="background-color: rgb(204,238,255)">
    <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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex991.htm">Registration Rights Agreement dated August 15, 2022</A></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex992.htm">Supplemental Warrant Indenture dated August 15, 2022</A></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <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="ex993.htm">99.3</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex993.htm">Material Change Report dated August 16, 2022</A></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/106% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt/0.05pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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


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<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"><B>SIGNATURE</B></P>

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

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

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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD 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: August 16, 2022</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>
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<P STYLE="font: 11pt/106% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>REGISTRATION RIGHTS AGREEMENT DATED AUGUST 15, 2022
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Exhibit 99.1</B></FONT></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 66pt 0 12pt; text-align: center"><B>SANDSTORM GOLD LTD.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0; text-align: center"><B>- and -</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0; text-align: center"><B>- and -</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 66pt; text-align: center"><B>ORION MINE FINANCE III LP</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; border-top: Black 0.5pt solid"><B><BR>&nbsp;</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; border-bottom: Black 0.5pt solid"><B>August
15, 2022<BR>
<BR>
</B></P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0.5in 0 1.1in; text-transform: uppercase; text-indent: -1.1in">&nbsp;</P>

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    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table of Contents</B></FONT></P>

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</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 0.5in; text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 0.5in; text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 0.5in; text-indent: 0in; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom"><B>Page</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 12pt; padding-right: 0.5in; text-indent: 0in; text-transform: uppercase">Article&nbsp;1 DEFINITIONS AND INTERPRETATION</TD>
    <TD STYLE="text-align: right; text-indent: 0in; text-transform: uppercase; vertical-align: bottom">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">1.1</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Definitions</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">1.2</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Headings and Table of Contents</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">1.3</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Gender and Number</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">1.4</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Rules of Construction</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding-top: 12pt; padding-right: 0.5in; text-indent: 0in; text-transform: uppercase">Article&nbsp;2 REGISTRATION RIGHTS</TD>
    <TD STYLE="text-align: right; text-indent: 0in; text-transform: uppercase; vertical-align: bottom">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">2.1</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Demand Registration Rights</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">2.2</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Shelf Registration and Take-Down</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">8</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">2.3</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Underwriters&rsquo; Cutback</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">9</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">2.4</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Withdrawal of Registrable Securities</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">2.5</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Expenses</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">2.6</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Rules 144 and Regulation S</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">2.7</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Compliance with Canadian Securities Laws</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding-top: 12pt; padding-right: 0.5in; text-indent: 0in; text-transform: uppercase">Article&nbsp;3 INFORMATION; ACCESS; INDEMNIFICATION</TD>
    <TD STYLE="text-align: right; text-indent: 0in; text-transform: uppercase; vertical-align: bottom">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">3.1</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Preparation; Reasonable Investigation</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">3.2</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Indemnification by the Company</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">3.3</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Indemnification by Shareholders</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">14</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">3.4</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Defence of the Action by the Indemnifying Parties</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">15</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">3.5</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Contribution</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">16</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">3.6</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Survival</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">3.7</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Shareholder is Trustee</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">3.8</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Company is Trustee</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 12pt; padding-right: 0.5in; text-indent: 0in; text-transform: uppercase">Article&nbsp;4 GENERAL PROVISIONS</TD>
    <TD STYLE="text-align: right; text-indent: 0in; text-transform: uppercase; vertical-align: bottom">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">4.1</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Changes in Capital of the Company</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">4.2</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Articles</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">4.3</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Term</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">4.4</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Termination Not to Affect Rights or Obligations</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">4.5</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Remedies</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">4.6</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Notices</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">19</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">4.7</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Time of Essence</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">19</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">4.8</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Time Periods</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">4.9</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Further Assurances</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">4.10</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Independent Legal Advice</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">4.11</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Assignment</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">4.12</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Waiver, Amendment</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">4.13</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Entire Agreement</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">21</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">4.14</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Successors and Assigns</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">21</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">4.15</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Severability</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">21</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">4.16</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Governing Law</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">21</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">4.17</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Waiver of Jury Trial</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">21</TD></TR>
</TABLE>

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: center">(continued)</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><BR>
</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0.5in 0 0; text-transform: uppercase; text-indent: 0in">&nbsp;</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 0.5in; text-indent: 0in; text-transform: uppercase">&nbsp;</TD>    <TD STYLE="padding-top: 12pt; padding-right: 0.5in; text-indent: 0in; text-transform: uppercase">&nbsp;</TD>    <TD STYLE="padding-top: 12pt; padding-right: 0.5in; text-indent: 0in; text-transform: uppercase">&nbsp;</TD>    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom"><B>Page</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>    <TD STYLE="padding-right: 0.5in; text-indent: 0in">4.18</TD>    <TD STYLE="padding-right: 0.5in; text-indent: 0in">Counterparts</TD>    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding-right: 0.5in; text-indent: 0in">SCHEDULE A REGISTRATION RIGHTS PROCEDURES </TD>    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">A-1</TD></TR>
</TABLE>


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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Exhibit A - Joinder Agreement</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><B>REGISTRATION RIGHTS AGREEMENT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: justify"><B>THIS AGREEMENT </B>is made as of the 15<SUP>th</SUP>
day of August, 2022.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify"><B>SANDSTORM GOLD LTD., </B>a corporation
existing under the laws of the Province of British Columbia (the &ldquo;<B>Company</B>&rdquo;),</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify"><B>ORION MINE FINANCE FUND II LP </B>(&ldquo;<B>Orion
Fund II</B>&rdquo;)</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify"><B>ORION MINE FINANCE FUND III LP </B>(together
with Orion Fund II, the &ldquo;<B>Shareholders</B>&rdquo;)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>WHEREAS, </B>on the date hereof, pursuant
to a plan of arrangement effective as of the date hereof (the &ldquo;<B>Plan</B>&rdquo;) involving the Company and Nomad Royalty Company
Ltd (&ldquo;<B>Nomad</B>&rdquo;), the Company has issued Common Shares (as defined herein) to the Shareholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>AND WHEREAS, </B>pursuant to the terms of
the Plan, the Company and the Shareholders are setting forth their agreements regarding the registration rights of electing Shareholders
as shareholders of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>NOW, THEREFORE</B>, in consideration of
the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;1<BR>
DEFINITIONS AND INTERPRETATION</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD STYLE="text-align: justify">Definitions</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In this Agreement, the following terms have
the following meanings:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Affiliate</B>&rdquo; means,
as to any specified Person, any other Person or entity who directly, or indirectly through one or more intermediaries, (i) controls such
specified Person, (ii) is controlled by such specified Person, or (iii) is under common control with such specified Person<FONT STYLE="letter-spacing: -0.15pt">;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Agreement</B>&rdquo; means
this Registration Rights Agreement, as it may be supplemented or amended from time to time, and the expressions &ldquo;<B>hereof</B>&rdquo;,
&ldquo;<B>herein</B>&rdquo;, &ldquo;<B>hereto</B>&rdquo;, &ldquo;<B>hereunder</B>&rdquo;, &ldquo;<B>hereby</B>&rdquo; and similar expressions
refer to this Agreement, and unless otherwise indicated, references to Articles and Sections are to the specified Articles and Sections,
as applicable, of this Agreement;</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Articles</B>&rdquo; means the
certificate and articles of incorporation of the Company, as amended to the date of this Agreement, and as may be amended, replaced or
superseded from time to time;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Board</B>&rdquo; means the
board of directors of the Company;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Bought Deal</B>&rdquo; means
a public offering of securities as described in the definition of &ldquo;bought deal agreement&rdquo; in Section 7.1 of National Instrument
44-101 - <I>Short Form Prospectus Distributions</I>;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Business Day</B>&rdquo; means
any day, other than Saturday, Sunday or any statutory or civic holiday in the City of New York or the Province of British Columbia;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Canadian Base Shelf Prospectus</B>&rdquo;
has the meaning ascribed thereto in National Instrument 44-102 - <I>Shelf Distributions</I>;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Canadian Prospectus</B>&rdquo;
means a prospectus, as such term is used in National Instrument 41-101 - <I>General Prospectus Requirements</I>, including all amendments
and supplements thereto, and includes a preliminary prospectus, a (final) prospectus and, collectively, a Canadian Base Shelf Prospectus
and a Canadian Shelf Prospectus Supplement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Canadian Securities Laws</B>&rdquo;
means, collectively, the applicable securities laws of each of the provinces and territories of Canada and the respective regulations,
instruments and rules made under those securities laws, together with all applicable published policy statements, notices, blanket orders
and rulings of the securities commissions or regulatory authorities of Canada and of each of the provinces and territories of Canada and
the applicable rules and requirements of any Stock Exchange;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Canadian Securities Regulators</B>&rdquo;
has the meaning set out in Schedule A to this Agreement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Canadian Shelf Prospectus Supplement</B>&rdquo;
has the meaning given to it in National Instrument 44-102 - <I>Shelf Distributions</I>;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Common Shares</B>&rdquo; means
the common shares in the capital of the Company;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Company</B>&rdquo; has the
meaning set out in the preamble to this Agreement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Company Indemnitee</B>&rdquo;
has the meaning set out in Section 3.2(c);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Control</B>&rdquo; or &ldquo;<B>control</B>&rdquo;
means the possession by any Person of the ownership, control or direction, directly or indirectly, of 50% or more of the outstanding voting
securities of a Person, or the power to direct or cause, directly or indirectly, the direction of the management and policies of a Person
(whether by contract or otherwise), and, if such Person is a limited partnership, control means the possession by any Person of the ownership,
control or direction, directly or indirectly, of 50% or more of the outstanding voting securities of the general partner of the limited
partnership, or the power to direct or cause, directly or indirectly, the direction of the management and policies of the general partner
of the limited partnership (whether by contract or otherwise); and each of &ldquo;<B>controlled by</B>&rdquo; or &ldquo;<B>controlling</B>&rdquo;
has a corresponding meaning;</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Convertible Securities</B>&rdquo;
means securities directly or indirectly convertible into, exchangeable for or exercisable to acquire Common Shares;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Covered Person</B>&rdquo; has
the meaning set out in Section 3.2(a);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Demand Registration</B>&rdquo;
has the meaning set out in Section 2.1(a);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Director</B>&rdquo; means a
director on the Board;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Distribution</B>&rdquo; means
a sale or distribution of Common Shares to the public by way of (i) a Canadian Prospectus under Canadian Securities Laws in one or more
jurisdictions in Canada, other than Quebec, (ii) a Registration Statement under U.S. Securities Laws in the United States or (iii) a combination
of (i) and (ii);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>FINRA</B>&rdquo; means the
Financial Industry Regulatory Authority;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Free Writing&nbsp;Prospectus</B>&rdquo;
means a Company free writing prospectus, as defined in Rule 433 under the U.S. Securities Act, relating to an offer of the Common Shares;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Indemnified Party</B>&rdquo;
has the meaning set out in Section 3.4;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Indemnifying Party</B>&rdquo;
has the meaning set out in Section 3.4;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Initiating Notice</B>&rdquo;
has the meaning set out in Section 2.1(a);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Losses</B>&rdquo; has the meaning
set out in Section 3.2(a);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Minimum Price</B>&rdquo; has
the meaning set out in Section 2.3(a)(ii);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>MJDS</B>&rdquo; means the multijurisdictional
disclosure system established by the United States and Canada;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>BC Securities Act</B>&rdquo;
means the <I>Securities Act </I>(British Columbia), as the same may be amended from time to time, and any successor legislation thereto,
except where otherwise expressly provided;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Party</B>&rdquo; or &ldquo;<B>Parties</B>&rdquo;
means one or more of the parties to this Agreement and includes any Person who becomes a party hereto by execution of a joinder agreement
substantially in the form of Exhibit A hereto;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Person</B>&rdquo; means any
individual, partnership, limited partnership, corporation, company, limited liability company, unlimited liability company, unincorporated
organization, association, trust, joint venture or government;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Permitted Transferee</B>&rdquo;
means with respect to any Shareholder, an Affiliate of such Shareholder, provided, however, that any such transferee shall agree in a
writing in the form attached as Exhibit A hereto to be bound by and to comply with all applicable provisions of this Agreement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Plan </B>&rdquo; has the meaning
set out in the preamble to this Agreement;</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Price Range</B>&rdquo; has
the meaning set out in Section 2.1(g);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Prospectus</B>&rdquo; means
(i)&nbsp;the prospectus included in any Registration Statement, all amendments and supplements to such prospectus, including post-effective
amendments and supplements, and all other material incorporated by reference in such prospectus, and (ii)&nbsp;any Free Writing Prospectus;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Registrable Securities</B>&rdquo;
means the Common Shares acquired pursuant to the Plan that are held or controlled by any Shareholder, until the earliest date on which
such Common Shares (i) are no longer beneficially owned (within the meaning of applicable Securities Laws) by a Shareholder, (ii) have
been resold to Persons other than a Shareholder pursuant to Rule 144 under the U.S. Securities Act or pursuant to an exemption from the
requirement to prepare a Canadian Prospectus under the Canadian Securities Laws or (iii) have been resold by a Shareholder under an effective
Registration Statement or Canadian Prospectus;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Registration Statement</B>&rdquo;
means any registration statement of the Company filed with, or to be filed with, the SEC under the U.S. Securities Act including the related
Prospectus, amendments and supplements to such registration statement, include pre- and post-effective amendments, and all exhibits and
all material incorporated by reference in such registration statement, other than a registration statement (and related Prospectus) filed
on Form S-4, Form F-4 or Form S-8 or any successor form thereto;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>SEC</B>&rdquo; means the Securities
and Exchange Commission or any successor agency having jurisdiction under the U.S. Securities Act;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Securities Laws</B>&rdquo;
means, collectively, the Canadian Securities Laws and the U.S. Securities Laws;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Shareholder</B>&rdquo; means
(i) any Shareholder or (ii) any Permitted Transferee that has acquired Registrable Securities from a Shareholder and that has entered
into a joinder agreement substantially in the form of Exhibit A hereto, in each case so long as such Person continues to hold any Registrable
Securities;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Shareholders&rsquo; Expenses</B>&rdquo;
has the meaning set out in Section 2.5;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Shelf Registration</B>&rdquo;
has the meaning set out in Section 2.2(a);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Shelf Registration Statement</B>&rdquo;
has the meaning set out in Section 2.2(a);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Shelf Underwritten Offering</B>&rdquo;
has the meaning set out in Section 2.2(d);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Stock Exchange</B>&rdquo; means
any stock exchange on which the securities of the Company are listed and/or traded, including but not limited to the Toronto Stock Exchange
and the New York Stock Exchange;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>underwriter</B>&rdquo; and
all terms which are derivatives thereof shall be deemed to include &ldquo;best efforts agent&rdquo; and all terms which are derivatives
thereof, as appropriate;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Underwriters&rsquo; Cutback</B>&rdquo;
has the meaning set out in Section 2.3(a);</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>U.S. Exchange Act</B>&rdquo;
means the United States <I>Securities Exchange Act of 1934</I>, as amended;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>U.S. Securities Act</B>&rdquo;
means the United States <I>Securities Act of 1933</I>, as amended;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>U.S. Securities Laws</B>&rdquo;
means, collectively, the U.S. Securities Act, the U.S. Exchange Act, the applicable securities laws of each of the states of the United
States and the respective regulations, instruments and rules made under those securities laws, together with all applicable published
policy statements, notices, blanket orders and rulings of the securities commissions or regulatory authorities of the United States and
of each of the states of the United States and the applicable rules and requirements of any United States national securities exchange;
and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;<B>Valid Business Reason</B>&rdquo;
has the meaning set out in Section 2.1(c)(ii).</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.2</TD><TD STYLE="text-align: justify">Headings and Table of Contents</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The inclusion of headings and a table of contents
in this Agreement are for convenience of reference only and shall not affect the construction or interpretation hereof.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.3</TD><TD STYLE="text-align: justify">Gender and Number</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In this Agreement, unless the context otherwise
requires, words importing the singular include the plural and <I>vice versa</I>, words importing gender include all genders or the neuter,
and words importing the neuter include all genders.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.4</TD><TD STYLE="text-align: justify">Rules of Construction</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Parties to this Agreement waive the application
of any law or rule of construction providing that ambiguities in any agreement or other document shall be construed against the Party
drafting such agreement or other document.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;2<BR>
REGISTRATION RIGHTS</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify">Demand Registration Rights</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">At any time and from time to time from and after the date hereof, the Shareholders shall have the right,
subject to the limitations of this Article&nbsp;2, to require the Company to register under the U.S. Securities Act the offer and sale
to the public of any Registrable Securities held by such Shareholders under a Registration Statement and, if necessary in connection therewith,
to file a Canadian Prospectus under applicable Canadian Securities Laws, and take such other steps as may be necessary to facilitate the
Distribution of all or any portion of the Registrable Securities held by such Shareholders (a &ldquo;<B>Demand Registration</B>&rdquo;),
by giving written notice of such Demand Registration to the Company (the &ldquo;<B>Initiating Notice</B>&rdquo;). Under no circumstances
shall the Company be obligated to effect more than an aggregate of three (3)&nbsp;registrations pursuant to a Demand Registration by the
Shareholders under this&nbsp;Section 2.1(a)&nbsp;with respect to any or all Registrable Securities held by such Shareholders.</TD></TR></TABLE>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Upon exercise of a Demand Registration right as set forth in Section 2.1(a), the Company shall, subject
to the limitations of this Article&nbsp;2 and applicable Securities Laws, use reasonable best efforts to as expeditiously as practicable
(i) prepare and file a Registration Statement relating to such Demand Registration and cause such Registration Statement to become effective
under the U.S. Securities Act as soon as practicable thereafter, and, if necessary in connection therewith, (ii) prepare and file a Canadian
Prospectus under applicable Canadian Securities Laws and, if applicable, secure the issuance of a receipt for a Canadian Prospectus, and
promptly thereafter take such other steps as may be necessary in order to permit the Distribution of all or any portion (as may be reduced
pursuant to Section 2.4) of the Registrable Securities of the Shareholders requested to be included in such Demand Registration, together
with any Common Shares to be offered and sold by the Company in such Demand Registration as contemplated in Section 2.1(f). The Company,
the Shareholders shall cooperate in a timely manner in connection with any such Demand Registration and the procedures in Schedule A shall
apply to such Distribution.</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The Company shall not be obliged to effect a Demand Registration under this Section 2.1:</TD></TR></TABLE>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">in any particular calendar year after having complied with two Demand Registration requests in the aggregate
from the Shareholders and/or their Permitted Transferees in such calendar year pursuant to this Section 2.1 or Section 2.2(d), or if within
the preceding 180 days a Demand Registration was effected;</TD></TR></TABLE>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">in the event the Board reasonably determines in its good faith judgment that either: (A) compliance with
the Demand Registration, after giving effect to the Company&rsquo;s participation in such Demand Registration as contemplated in Section
2.1(f), would (x) impede the ability of the Company to consummate a material financing, acquisition, corporate reorganization, merger
or other material transaction involving the Company which is pending, proposed or under active engagement with underwriters and/or the
board of the Company or (y) could reasonably be expected to result in a material adverse effect on the business or prospects of the Company;
or (B) there exists at the time material non-public information relating to the Company that the Company has a bona fide purpose for preserving
as confidential and the disclosure of which would be detrimental to the Company (each of (A) and (B) being a &ldquo;<B>Valid Business
Reason</B>&rdquo;), then in either case, the Company&rsquo;s obligations under this Section 2.1 may be deferred for a period of not more
than 90 days from the date of receipt of the Initiating Notice and no more than once in any 12-month period; provided, however, that the
Company shall give written notice to the Shareholders: (1) of its determination to postpone compliance with the Demand Registration; (2)
subject to compliance by the Company with applicable Securities Laws, of the facts giving rise to the Valid Business Reason; and (3) of
the time at which it determines the Valid Business Reason to no longer exist; or</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --> -</P></DIV>
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">if the anticipated gross aggregate offering price of the Registrable Securities to be registered or qualified
in connection with such Demand Registration, including the value of any Registrable Securities which may be included in the Distribution
pursuant to Section 2.1(f), is less than $50,000,000.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">An Initiating Notice shall:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">specify the names of the requesting Shareholders intending to offer and sell Registrable Securities and
the number of Registrable Securities that such Shareholders intend to offer and sell;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">express the intention of the requesting Shareholders to offer or cause the offering of such Registrable
Securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">describe the nature or methods of the proposed offer and sale thereof and specify whether the offer shall
be made in the United States and/or Canada;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">contain the undertaking of the requesting Shareholders to provide all such information regarding their
holdings and the proposed manner of distribution thereof as may be required in order to permit the Company to comply with all applicable
Securities Laws; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">specify whether such offer and sale shall be made by an underwritten offering.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">In the case of an underwritten public offering initiated pursuant to this Section 2.1, the requesting
Shareholders shall have the right to select the managing underwriter or underwriters to effect the Distribution in connection with such
Demand Registration; provided that if the number of Common Shares to be offered and sold by the Company in such Demand Registration as
contemplated in Section 2.1(f) exceeds the number of Common Shares to be offered and sold by the requesting Shareholders, then the consent
of the Company shall be required for such managing underwriter selection, which consent shall not be unreasonably withheld. The Company
shall have the right to retain counsel of its choice to assist it in fulfilling its obligations under this Article&nbsp;2.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">The Company shall be entitled to include Common Shares in any Demand Registration for its own account,
subject to the terms and conditions herein.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">Notwithstanding any of the provisions of this Section 2.1 to the contrary, if the managing underwriter
or underwriters shall impose a limitation on the number or kind of securities which may be included in any Distribution because, in its
reasonable judgment, the inclusion of securities requested to be included in such Distribution exceeds the number of securities which
can be sold in an orderly manner in such offering within a price range reasonably acceptable to (i) the requesting Shareholders and (ii)
in the event the Company elects to participate in such Demand Registration pursuant to Section 2.1(f), the Company (the &ldquo;<B>Price
Range</B>&rdquo;), then the requesting Shareholders and, if applicable, the Company, shall be entitled to include in such Distribution
only such portion of the Common Shares that have been requested to be included in such Distribution as is determined in good faith by
such managing underwriter or underwriters in the priority provided in Section 2.3(a).</TD></TR></TABLE>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">Subject to Section 2.1(c) of Schedule A, all such Shareholders proposing to distribute their Registrable
Securities through an Underwritten Offering under this&nbsp;Section 2.1 shall enter into an underwriting agreement in customary form with
the Underwriter(s)&nbsp;selected for such Underwritten Offering. In the case of an underwritten Demand Registration, the Shareholders
and their representatives may participate in the negotiation of the terms of any underwriting agreement with respect to the rights, obligations,
representations, warranties, covenants and indemnities specifically applicable to such Shareholders. Such participation in, and the Company&rsquo;s
completion of, the underwritten Demand Registration is conditional upon each of the Shareholders and the Company agreeing that the terms
of any underwriting agreement are satisfactory to it, in its reasonable discretion.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.2</TD><TD STYLE="text-align: justify">Shelf Registration and Take-Down</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Shareholders shall have the right to require the Company at any time and from time to time to file
a shelf Registration Statement with the SEC pursuant to MJDS or Rule 415 under the U.S. Securities Act (a &ldquo;<B>Shelf Registration
Statement</B>&rdquo;), and if necessary pursuant to the MJDS in connection therewith, to file a Canadian Prospectus pursuant to the provisions
of National Instrument 44-102 - <I>Shelf Distributions, </I>which, for greater certainty, shall include BC Instrument 45-503 - <I>Exemption
from Certain Prospectus Requirements for Canadian Well-known Seasoned Issuers</I>, and take such other steps as may be necessary to register
the Distribution in the United States of all or any portion of the Registrable Securities held by the Shareholders (a &ldquo;<B>Shelf
Registration</B>&rdquo;), by giving an Initiating Notice with the information required in section 2.1(d) of such Shelf Registration to
the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Upon exercise of a Shelf Registration right as set forth in Section 2.2(a), the Company shall, and applicable
Securities Laws, use reasonable best efforts to as expeditiously as practicable prepare and file a Shelf Registration Statement relating
to such Shelf Registration and cause such Shelf Registration Statement to become effective under the U.S. Securities Act, and, as required,
prepare and file a preliminary Canadian Base Shelf Prospectus (if applicable) and a final Canadian Base Shelf Prospectus relating to such
Shelf Registration and secure the issuance of a receipt for such preliminary Canadian Base Shelf Prospectus (if applicable) and final
Canadian Base Shelf Prospectus, and promptly thereafter take such other steps as may be necessary in order to permit the Distribution
in the United States of all or any portion (as may be reduced pursuant to Section 2.3) of the Registrable Securities of the Shareholders
requested to be included in such Shelf Registration.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Upon filing any Shelf Registration Statement and, if required, a Canadian Base Shelf Prospectus, the Company
shall use its reasonable best efforts to keep such Shelf Registration Statement effective with the SEC and, if required such Canadian
Base Shelf Prospectus effective with the applicable Canadian Securities Regulators, respectively, at all times and to re-file such Shelf
Registration Statement or renew such Canadian Base Shelf Prospectus upon its expiration by filing a preliminary Canadian Base Shelf Prospectus
(if applicable) and final Canadian Base Shelf Prospectus, and to cooperate in any shelf take-down, whether or not underwritten, by amending
or supplementing any Shelf Registration Statement or Canadian Base Shelf Prospectus related to such Shelf Registration as may be reasonably
requested by the Shareholders or as otherwise required, until such time as all Registrable Securities that could be sold pursuant to such
Shelf Registration Statement have been sold, are no longer outstanding or otherwise cease to be &ldquo;Registrable Securities&rdquo;.</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --> -</P></DIV>
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">At any time that a Shelf Registration Statement is effective, if the Shareholders deliver a notice to
the Company stating that they intend to effect an underwritten public offering of all or part of the Registrable Securities included on
the Shelf Registration Statement (a &ldquo;<B>Shelf Underwritten Offering</B>&rdquo;), then the Company shall file a prospectus supplement
to the Shelf Registration Statement and any applicable Canadian Prospectus as may be necessary to enable such Registrable Securities to
be distributed pursuant to the Shelf Underwritten Offering, which Shelf Registration shall be deemed a &ldquo;Demand Registration&rdquo;
for all purposes in this Agreement. Such notice shall include substantially the same information as required by Section 2.1(d) for an
Initiating Notice and shall be considered an &ldquo;Initiating Notice&rdquo; for all purposes in this Agreement, to the extent the applicable
as the context may require. The Shareholders&rsquo; rights to request a Shelf Underwritten Offering under the Shelf Registration Statement
with respect to the Registrable Securities held by the Shareholders shall be in addition to the other registration rights provided in
this Article 2; provided that the Company shall not be obligated to effect any such Shelf Underwritten Offering for any of the reasons
set forth in Section 2.1(c) for a Demand Registration, <I>mutatis mutandis, </I>including, without limitation, Section 2.1(c)(i). In addition,
the provisions of clause 2.1(e) of Section 2.1 shall apply to any Shelf Underwritten Offering, <I>mutatis mutandis</I>. The Company and
the Shareholders shall cooperate in a timely manner in connection with any such Shelf Underwritten Offering and the procedures in Schedule
A shall apply to such Shelf Underwritten Offering. The obligations of the Company in this Section 2.2 shall be subject to such timely
cooperation of the Shareholders.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.3</TD><TD STYLE="text-align: justify">Underwriters&rsquo; Cutback</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">If, in connection with a Demand Registration, the managing underwriter or underwriters shall impose a
limitation on the number or kind of securities which may be included in any such Distribution (an &ldquo;<B>Underwriters&rsquo; Cutback</B>&rdquo;)
because, in its reasonable judgment, the inclusion of securities requested to be included in such offering exceeds the number of securities
which can be sold in an orderly manner in such offering within the Price Range, then the Shareholders and the Company shall be obligated
to include in such Distribution such securities as is determined in good faith by such managing underwriter or underwriters in the following
priority:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">first, such Registrable Securities requested to be qualified by the Shareholders, <I>pro rata </I>among
such Shareholders based on the number of Registrable Securities held by such Shareholders; and</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --> -</P></DIV>
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">second, if there are any additional Registrable Securities that may be underwritten at no less than the
lowest price in the Price Range (the &ldquo;<B>Minimum Price</B>&rdquo;) after allowing for the inclusion of all of the Registrable Securities
required under (i) above, such Registrable Securities requested to be qualified by the Shareholders, <I>pro rata </I>among such Shareholders
based on the number of Registrable Securities held by such Shareholders; provided that, if any Registrable Securities requested to be
qualified by such Shareholders are not otherwise included in the Distribution, such Registrable Securities that are not so included shall
be included in an over-allotment option which shall be granted to the underwriters in connection with such Distribution for such amount
of Registrable Securities requested to be qualified by such Shareholders that were not otherwise included in such Distribution, up to
an aggregate maximum number as is equal to 15% of the Registrable Securities referred to in (i) above; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">third, if there are any additional Registrable Securities that may be underwritten at no less than the
Minimum Price after allowing for the inclusion of all of the Registrable Securities required under (i) above, such Registrable Securities
offered by the Company for its own account; provided that, if any Registrable Securities requested to be qualified by the Company are
not otherwise included in the Distribution, such Registrable Securities that are not so included shall be included in an over-allotment
option which shall be granted to the underwriters in connection with such Distribution for such amount of Registrable Securities requested
to be qualified by the Company that were not otherwise included in such Distribution, up to an aggregate maximum number as is equal to
15% of the Registrable Securities referred to in (i) above.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, if there would exist a Valid Business Reason pursuant to clause (A) of
the definition thereof, but the Company&rsquo;s participation and priority allocation in such Demand Registration as contemplated in Section
2.1(f) would be sufficient to avoid such Valid Business Reason, then the Shareholders and the Company shall be obligated to include such
securities proposed to be included in such Distribution that may be underwritten at no less than the Minimum Price in accordance with
a priority as shall be determined in good faith by and among the Shareholders, the Company and such managing underwriter or underwriters.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.4</TD><TD STYLE="text-align: justify">Withdrawal of Registrable Securities</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Each Shareholder will have the right to withdraw its request for inclusion of its Registrable Securities
in any Demand Registration pursuant to Section 2.1 by giving written notice to the Company of its request to withdraw; provided, however,
that:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">such request must be made in writing prior to the execution of the enforceable Bought Deal letter or underwriting
agreement with respect to such Distribution; and</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --> -</P></DIV>
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">such withdrawal will be irrevocable and, after making such withdrawal, such Shareholder will no longer
have any right to include its Registrable Securities in the Distribution pertaining to which such withdrawal was made.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Provided that a Shareholder withdraws all of its Registrable Securities from a Demand Registration, in
accordance with Section 2.4(a) prior to the effectiveness of a Registration Statement &nbsp;(or in the case of an Shelf Underwritten Offering
pursuant to the MJDS or Rule&nbsp;415, at least five (5)&nbsp;business days prior to the time of pricing of the applicable offering) or
the filing of a preliminary Canadian Prospectus, as applicable, such Shareholder shall be deemed to not have participated in or requested
such Demand Registration.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Notwithstanding Section 2.4(a)(i), if a Shareholder withdraws its request for inclusion of its Registrable
Securities from a Demand Registration, at any time after having learned of a material adverse change in the condition, business or prospects
of the Company, such Shareholder shall be deemed to not have participated in or requested such Demand Registration.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, if the Company defers the filing of a Registration Statement or a Canadian
Prospectus pursuant to Section 2.1(c)(ii) and if the Shareholders, as applicable, at any time prior to receiving written notice that the
Valid Business Reason for such deferral no longer exists, advise the Company in writing that they have determined to withdraw their request
for a Demand Registration, then such Demand Registration and the request therefor shall be deemed to be withdrawn and such request will
be deemed not to have been made for purposes of determining whether the Shareholders exercised their right to a Demand Registration.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.5</TD><TD STYLE="text-align: justify">Expenses</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">All expenses incurred in
connection with a Demand Registration or Shelf Registration pursuant to Section 2.1 and Section 2.2, as applicable (excluding underwriters&rsquo;
fees applicable to the sale of Shareholders&rsquo; Registrable Securities, if any, applicable transfer taxes, if any, and fees and disbursements
of counsel to the Shareholders (which counsel shall be selected by the Shareholders), which shall be borne by the Shareholders (the &ldquo;<B>Shareholders&rsquo;
Expenses</B>&rdquo;)), including: (i) Canadian Securities Regulators, applicable U.S. and Canadian Stock Exchange registration listing
and filing fees relating to the Registrable Securities; (ii) fees and expenses of compliance with applicable Securities Laws; (iii) printing
and copying expenses; (iv) messenger and delivery expenses; (v) expenses incurred in connection with any road show and marketing activities;
(vi) fees and disbursements of counsel to the Company; (vii) fees and disbursements of all independent public accountants (including the
expenses of any audit and/or &ldquo;comfort&rdquo; letter) and fees and expenses of any other special experts retained by the Company;
and (viii) any other fees and disbursements of underwriters customarily paid by issuers or sellers of securities (but excluding the Shareholders&rsquo;
Expenses), shall be borne by the Company.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.6</TD><TD STYLE="text-align: justify">Rules 144 and Regulation S</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Company shall file the reports required
to be filed by it under the U.S. Securities Act and the U.S. Exchange Act and the rules and regulations adopted by the SEC thereunder
(or, if the Company is not required to file such reports, it will, upon the request of any Shareholder, make publicly available such necessary
information for so long as necessary to permit sales that would otherwise be permitted by this Agreement pursuant to Rule 144 or Regulation
S under the U.S. Securities Act, as such rules may be amended from time to time or any similar rule or regulation hereafter adopted by
the SEC), and it will take such further action as any Shareholder may reasonably request, all to the extent required from time to time
to enable such Shareholder to sell Registrable Securities without registration under the U.S. Securities Act in transactions that would
otherwise be permitted by this Agreement and within the limitation of the exemptions provided by (i) Rule 144 or Regulation S under the
Securities Act, as such rules may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon
the request of any Shareholder, the Company will deliver to such Shareholder a written statement as to whether it has complied with such
requirements and, if not, the specifics thereof.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.7</TD><TD STYLE="text-align: justify">Compliance with Canadian Securities Laws</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">With a view to making available the benefits
of Canadian Securities Laws that may at any time permit the resale of Registrable Securities without the filing of a Canadian Prospectus,
the Company agrees to use its reasonable best efforts to (a) file with the appropriate Canadian Securities Regulators in a timely manner
all reports and other documents required under Canadian Securities Laws, and (b) so long as any Shareholder owns any Registrable Securities,
furnish to any Shareholder forthwith upon request a written statement by the Company stating that the Company is a reporting issuer and
is not in default of any requirement under Canadian Securities Laws.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;3<BR>
INFORMATION; ACCESS; INDEMNIFICATION</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD STYLE="text-align: justify">Preparation; Reasonable Investigation</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In connection with the preparation and filing
of any Registration Statement or Canadian Prospectus in connection with a Demand Registration or Shelf Registration as herein contemplated,
the Company will give the Shareholders, the underwriter or underwriters of such Distribution, if any, and their respective counsel, auditors
and other representatives, the opportunity to fully participate in the preparation of such documents and each amendment thereof or supplement
thereto, and shall insert therein such material furnished to the Company in writing, which in the reasonable judgment of the Company and
its counsel should be included, and will give each of them such reasonable and customary access to the Company&rsquo;s books and records
and such reasonable and customary opportunity to discuss the business of the Company with its officers and auditors, and to conduct all
reasonable and customary due diligence which the Shareholders and the underwriters or underwriter, if any, and their respective counsel
may reasonably require in order to conduct a reasonable investigation in order to enable such underwriters to execute any certificate
required to be executed by them in the United States or Canada for inclusion in such documents, provided that the Shareholders and the
underwriters agree to maintain the confidentiality of such information.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --> -</P></DIV>
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.2</TD><TD STYLE="text-align: justify">Indemnification by the Company</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">In connection with any Demand Registration or Shelf Registration, the Company will, without limitation
as to time, indemnify and hold harmless, to the fullest extent permitted by law, each Shareholder and its Affiliates and each of their
respective officers and directors and agents and each person who controls such Shareholder (within the meaning of the Securities Act)
(each such Person being referred to herein as a &ldquo;<B>Covered Person</B>&rdquo;), from and against any loss, liability, claim, damage,
cost, expense, judgment, fine, penalty and charge whatsoever (including reasonable legal fees and expenses), including any amounts paid
in settlement of any investigation, order, litigation, proceeding or claim, joint or several (collectively, &ldquo;<B>Losses</B>&rdquo;),
as incurred, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration
Statement, Prospectus, preliminary Prospectus, offering circular, Free Writing Prospectus, Canadian Prospectus, or any amendment or supplement
thereto, including all documents incorporated therein by reference, incident to any such registration, qualification, or compliance, or
based on any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein (in the case of any Prospectus, in light of the circumstances under which they were made) not misleading and will reimburse each
such Covered Person for any legal and any other expenses reasonably incurred in connection with investigating and defending or settling
any such Loss as such expenses are incurred; provided that the Company shall not be liable under this Section 3.2(a) for any settlement
of any action effected without its written consent, which consent shall not be unreasonably withheld, conditioned or delayed; provided
further that the indemnity provided for in this Section 3.2(a) in respect of a given Shareholder shall not apply to any loss, liability,
claim, damage or expense to the extent incurred, arising out of or based upon any untrue statement or omission or alleged untrue statement
or omission made in reliance upon and in conformity with written information furnished to the Company by such Shareholder stating that
such information is being provided for use in the Registration Statement, Prospectus, preliminary Prospectus, offering circular, Free
Writing Prospectus, Canadian Prospectus, or any amendment or supplement thereto. Any amounts advanced by the Company to an Indemnified
Party pursuant to this Section 3.2(a) as a result of such losses will be returned to the Company if it is finally determined by a court
in a judgment not subject to appeal or final review that such Indemnified Party was not entitled to indemnification by the Company hereunder.
The Company shall indemnify the Underwriters, their officers and directors and each person who controls such Underwriters (within the
meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification of a Shareholder.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">For greater certainty, the rights to indemnification provided in Section 3.2(a) may be exercised by each
Shareholder individually and separately from the rights to indemnification of the other Shareholders provided in Section 3.2(a), and shall
not be affected in any way by the exercise, non-exercise or waiver, in whole or in part, by any other Shareholder of such rights to indemnification.</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --> -</P></DIV>
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The Company hereby acknowledges and agrees that any Person entitled to indemnification pursuant to Section
3.2 (a &ldquo;<B>Company Indemnitee</B>&rdquo;) may have certain rights to indemnification, advancement of expenses and/or insurance provided
by other sources. The Company hereby acknowledges and agrees (i) that it is the indemnitor of first resort (i.e., its obligations to a
Company Indemnitee are primary and any obligation of such other sources to advance expenses or to provide indemnification for the same
expenses or liabilities incurred by such Company Indemnitee are secondary) and (ii) that it shall be required to advance the full amount
of expenses incurred by a Company Indemnitee and shall be liable for the full amount of all expenses, judgments, penalties, fines and
amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement without regard to any rights
a Company Indemnitee may have against such other sources. The Company further agrees that no advancement or payment by such other sources
on behalf of a Company Indemnitee with respect to any claim for which such Company Indemnitee has sought indemnification, advancement
of expenses or insurance from the Company shall affect the foregoing, and that such other sources shall have a right of contribution and/or
be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Company Indemnitee against the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.3</TD><TD STYLE="text-align: justify">Indemnification by Shareholders</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">In connection with any Demand Registration and/or Shelf Registration in which a Shareholder is participating,
each Shareholder, on a several and individual (not joint or joint and several) basis and with respect to itself only, will indemnify and
hold harmless the Company, its directors and officers and agents and each person who controls the Company (within the meaning of the Securities
Act) from and against any Losses, as incurred, arising out of or based upon any untrue statement or omission of a material fact, or alleged
untrue statement or omission of a material fact, made in the Registration Statement, Prospectus, preliminary Prospectus, offering circular,
Free Writing Prospectus or Canadian Prospectus, as applicable, included in reliance upon and in conformity with written information furnished
to the Company by such Shareholder and relating solely to such Shareholder, stating that such information is being provided for use therein;
<I>provided</I>, <I>however,</I> that such Shareholder shall not be liable under this Section 3.3(a) for any settlement of any action
effected without its written consent, which consent shall not be unreasonably withheld, conditioned or delayed; <I>provided further</I>
that the indemnity provided for in this Section 3.3(a) shall not apply to any Loss to the extent arising out of an untrue statement or
omission or alleged untrue statement or omission contained in any Registration Statement, Prospectus, preliminary Prospectus, offering
circular, Free Writing Prospectus or Canadian Prospectus relating to a Demand Registration and/or Shelf Registration if the Company or
any underwriter failed to send or deliver a copy of the Registration Statement, Prospectus, preliminary Prospectus, offering circular,
Free Writing Prospectus or Canadian Prospectus to the Person asserting such Losses on or prior to the delivery of written confirmation
of any sale of securities covered thereby to such Person in any case where such Registration Statement, Prospectus, preliminary Prospectus,
offering circular, Free Writing Prospectus or Canadian Prospectus corrected such untrue statement or omission except in the circumstances
where the obligation to deliver a Prospectus, preliminary Prospectus, offering circular, Free Writing Prospectus or Canadian Prospectus
was on the Shareholder for a sale of Registrable Securities under a Shelf Registration not involving an Underwritten Offering. Any amounts
advanced by a Shareholder to an Indemnified Party pursuant to this Section 3.3(a) as a result of such losses will be returned to such
Shareholder if it is finally determined by a court in a judgment not subject to appeal or final review that such Indemnified Party was
not entitled to indemnification by such Shareholder hereunder. The Shareholders of Registrable Securities shall indemnify the Underwriters,
their officers, directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent
as provided in the foregoing with respect to indemnification of the Company.</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --> -</P></DIV>
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Notwithstanding any provision of this Agreement or any other agreement, in connection with any Demand
Registration or Shelf Registration, in no event will a Shareholder be liable for indemnification or contribution hereunder for an amount
greater than the net sales proceeds after underwriting fees, commissions and discounts (but before any taxes and expenses which may be
payable by such Shareholder) actually received by such Shareholder from the sale of Registrable Securities covered by such Registration
Statement (less the aggregate amount of any damage which the Shareholder has otherwise been required to pay in respect of such Loss or
any substantially similar Loss arising from the sale of such Registrable Securities).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.4</TD><TD STYLE="text-align: justify">Defence of the Action by the Indemnifying Parties</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Each party entitled to indemnification under
Section 3.2 or Section 3.3, as applicable, (the &ldquo;<B>Indemnified Party</B>&rdquo;) will give written notice to the party required
to provide indemnification (the &ldquo;<B>Indemnifying Party</B>&rdquo;) promptly after such Indemnified Party has actual knowledge of
any claim as to which indemnity may be sought, but the delay or omission to so notify the Indemnifying Party shall not relieve it from
any liability which it may have to the Indemnified Party pursuant to the provisions of Section 3.2 or Section 3.3, as applicable, except
to the extent that the Indemnifying Party has been materially prejudiced by such delay or failure. The Indemnifying Party will have the
right, exercisable by giving written notice to an Indemnified Party promptly after the receipt of written notice from such Indemnified
Party of such claim or proceeding, to, unless in the Indemnified Party&rsquo;s reasonable judgment a conflict of interest between such
Indemnified Parties and Indemnifying Parties may exist in respect of such claim, assume, at the Indemnifying Party&rsquo;s expense, the
defense of any such claim or proceeding, with counsel reasonably satisfactory to such Indemnified Party; <I>provided, however</I>, that
an Indemnified Party will have the right to employ its own counsel in any such claim or proceeding and to participate in the defense thereof,
but the legal fees and expenses of such counsel will be at the expense of the Indemnified Party, unless (i) the employment of such counsel
is authorized in writing by the Indemnifying Party in connection with the defence of such action, or (ii) the Indemnifying Party fails
promptly to assume, or in the event of a conflict of interest cannot assume, the defense of such claim or proceeding or fails to employ
counsel reasonably satisfactory to such Indemnified Party or (iii) the Indemnified Party reasonably concludes, based on the opinion of
counsel, that there may be defences available to it or them which are different from or additional to those available to the Indemnifying
Party (in which case the Indemnifying Party shall not have the right to direct the defence of such action on behalf of the Indemnified
Party), in any of which events the reasonable fees and expenses will be borne by the Indemnifying Party, <I>provided, further</I>, that
in no event shall the Indemnifying Party be required, in connection with any one such claim or proceeding or separate but substantially
similar or related claims or proceedings in the same jurisdiction, arising out of the same general allegations or circumstances, to pay
the fees and expenses of more than one firm of attorneys (together with appropriate local counsel) at any time for all of the Indemnified
Parties. Whether or not such defense is assumed by the Indemnifying Party, such Indemnifying Party will not be subject to any liability
for any settlement made without its consent (but such consent will not be unreasonably withheld or delayed). The Indemnifying Party shall
not consent to entry of any judgment or enter into any settlement that (x) does not include as an unconditional term thereof the giving
by the claimant or plaintiff to such Indemnified Party of a release, in form and substance reasonably satisfactory to the Indemnified
Party, from all liability in respect of such claim or litigation for which such Indemnified Party would be entitled to indemnification
hereunder or (y) involves the imposition of equitable remedies or the imposition of any obligations on the Indemnified Party or adversely
affects such Indemnified Party other than as a result of financial obligations for which such Indemnified Party would be entitled to indemnification
hereunder.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --> -</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.5</TD><TD STYLE="text-align: justify">Contribution</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">If the indemnification provided for in Section 3.2 or Section 3.3 (as applicable) is unavailable to a
party that would have been an Indemnified Party under Section 3.2 or Section 3.3 (as applicable) in respect of any Losses, then each party
that would have been an Indemnifying Party hereunder will, in lieu of indemnifying such Indemnified Party, contribute to the amount paid
or payable by such Indemnified Party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of
the Indemnifying Party on the one hand and such Indemnified Party on the other hand in connection with the statement or omission which
resulted in such Losses, as well as any other relevant equitable considerations. The relative fault will be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the Indemnifying Party or such Indemnified Party and the parties&rsquo; relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission; <I>provided, however</I>, that, in any such case,
no Person guilty of misrepresentation within the meaning of applicable Securities Laws will be entitled to contribution from any Person
who was not guilty of misrepresentation. The amount paid or payable by a party under this Section 3.5 as a result of the Losses referred
to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any investigation
or proceeding. The Company and the Shareholders agree that it would not be just and equitable if contribution pursuant to this Section
3.5 were determined by <I>pro rata </I>allocation or by any other method of allocation which does not take into account the equitable
considerations referred to above in this Section 3.5. Notwithstanding the provisions of this Section&nbsp;3.5, an Indemnifying Party that
is a Shareholder of Registrable Securities shall not be required to contribute any amount in excess of the amount that such Indemnifying
Party has otherwise been, or would otherwise be, required to pay pursuant to Section&nbsp;3.3 by reason of such untrue or alleged untrue
statement or omission or alleged omission. No Shareholder shall be liable for contribution under this Section 3.5, except under such circumstances
as such Shareholder would have been liable for indemnification under this Article&nbsp;3 if such indemnification were enforceable under
applicable law.</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --> -</P></DIV>
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained
in the underwriting agreement entered into in connection with the underwritten public offering are more favorable to the Shareholders
in such offering than the foregoing provisions, the provisions in the applicable underwriting agreement shall control.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.6</TD><TD STYLE="text-align: justify">Survival</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The indemnification provided for under this
Agreement will survive the expiry of this Agreement and will remain in full force and effect regardless of any investigation made by or
on behalf of the Indemnified Party or any officer, director or controlling Person of such Indemnified Party and will survive any transfer
of securities pursuant thereto.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.7</TD><TD STYLE="text-align: justify">Shareholder is Trustee</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Company hereby acknowledges and agrees
that, with respect to this Article&nbsp;3, each Shareholder is contracting on its own behalf and as agent for their respective Covered
Persons referred to in this Article&nbsp;3. In this regard, each Shareholder will act as trustee for such Indemnified Parties of the covenants
of the Company under this Article&nbsp;3 with respect to such Indemnified Parties and accepts these trusts and will hold and enforce those
covenants on behalf of such Indemnified Parties.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.8</TD><TD STYLE="text-align: justify">Company is Trustee</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Shareholders hereby acknowledge and agree
that, with respect to this Article&nbsp;3, the Company is contracting on its own behalf and as agent for the other Indemnified Parties
referred to in this Article&nbsp;3. In this regard, the Company will act as trustee for such Indemnified Parties of the covenants of the
Shareholders under this Article&nbsp;3 with respect to such Indemnified Parties and accepts these trusts and will hold and enforce those
covenants on behalf of such Indemnified Parties.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;4<BR>
GENERAL PROVISIONS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD STYLE="text-align: justify">Changes in Capital of the Company</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">At all times after the occurrence of any event
which results in a change to the Common Shares, this Agreement will forthwith be amended and modified as necessary in order that it will
apply with full force and effect, with appropriate changes, to all new securities into which the Common Shares are so changed and the
parties will execute and deliver a supplemental agreement giving effect to and evidencing such necessary amendments and modifications.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.2</TD><TD STYLE="text-align: justify">Articles</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">So long as this Agreement shall remain in effect,
subject to applicable legal requirements, the Articles shall accommodate and be subject to, and not in any respect conflict with, the
rights and obligations set forth herein. In the event of any conflict or inconsistency between the terms of this Agreement and the Articles,
as may be amended from time to time, the terms of this Agreement shall prevail.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.3</TD><TD STYLE="text-align: justify">Term</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This Agreement shall come into force and effect
as of the date set out on the first page of this Agreement and, except as provided below, shall continue in force until the earlier of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the date upon which the Common Shares owned, controlled or directed, directly or indirectly, in the aggregate,
by Shareholders and their affiliates constitute less than 5% of all of the issued and outstanding Common Shares (calculated on a fully
diluted basis);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the date on which this Agreement is terminated by the mutual consent of the Parties; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the dissolution or liquidation of the Company.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Notwithstanding the foregoing, the provisions
of Article&nbsp;4 shall continue in force in accordance with their terms after the termination of this Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.4</TD><TD STYLE="text-align: justify">Termination Not to Affect Rights or Obligations</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">A termination of this Agreement shall not affect
or prejudice any rights or obligations which have accrued or arisen under this Agreement prior to the time of termination and such rights
and obligations shall survive the termination of this Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.5</TD><TD STYLE="text-align: justify">Remedies</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Parties shall have all remedies available
at law, in equity or otherwise in the event of any breach or violation of this Agreement or any default hereunder. Each Party hereto acknowledges
that a breach or threatened breach by a Party of any provision of this Agreement may result in the other Parties suffering irreparable
harm which cannot be calculated fully or adequately compensated by recovery of damages alone. Accordingly, each Party agrees that the
other Parties may be entitled to interim and permanent injunctive relief, specific performance and other equitable remedies, in addition
to any other relief to which it or any other Party may become entitled, any requirement for the securing or posting of any bond in connection
with the obtaining of any such injunctive or other equitable relief hereby being waived. No delay of or omission in the exercise of any
right, power or remedy accruing to any party as a result of any breach or default by any other Party under this Agreement shall impair
any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of any similar
breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of
any other breach or default occurring before or after that waiver.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.6</TD><TD STYLE="text-align: justify">Notices</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Any notice or other communication required
or permitted to be given hereunder shall be in writing and shall be given by prepaid mail, by electronic mail or by delivery as hereafter
provided. Any such notice or other communication, if mailed by prepaid mail at any time other than during a general discontinuance of
postal service due to strike, lockout or otherwise, shall be deemed to have been received on the sixth Business Day after the post-marked
date thereof, or if sent by electronic mail, shall be deemed to have been received two hours after the time such transmission was sent,
if such time falls within business hours in the place of delivery, or at 9:00 a.m. on the next Business Day immediately following such
date in the place of delivery of the intended recipient, or if delivered by hand shall be deemed to have been received at the time it
is delivered to the applicable address noted below either to the individual designated below or to an individual at such address having
apparent authority to accept deliveries on behalf of the addressee. Notice of change of address shall also be governed by this Section
4.6. In the event of a general discontinuance of postal service due to strike, lock-out or otherwise, notices or other communications
shall be delivered by hand or sent by electronic mail and shall be deemed to have been received in accordance with this Section 4.6. Notices
and other communications shall be addressed as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">if to the Shareholders:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Orion Mine Finance Fund II LP<BR>
c/o Maples Group</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Cumberland House, 1 Victoria St, 7<SUP>th</SUP>
Floor</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Hamilton HM 11</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Bermuda</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Attention: Limor Nissan, COO &amp; General Counsel<BR>
Email: <B>[<I>Redacted</I>] </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Orion Mine Finance Fund III LP<BR>
c/o Maples Group</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">PO Box 309, Ugland House</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">KY1-1104</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Cayman Islands</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Attention: Limor Nissan, COO &amp; General Counsel<BR>
Email: <B>[<I>Redacted</I>] </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">if to the Company:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Sandstorm Gold Ltd.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Suite 1400-400 Burrard Street</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Vancouver, BC V6C 3A6</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Canada</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left"><BR>
Attention: Nolan Watson, President &amp; CEO<BR>
Email: <B>[<I>Redacted</I>] </B></P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The failure to send or deliver a copy of a notice or other communication to the referred to counsel, as
the case may be, shall not invalidate any notice given under this Section 4.6.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.7</TD><TD STYLE="text-align: justify">Time of Essence</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Time is of the essence of this Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.8</TD><TD STYLE="text-align: justify">Time Periods</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Unless otherwise specified, time periods within
or following which any payment is to be made or act is to be done shall be calculated by excluding the day on which the period commences
and including the day on which the period ends and by extending the period to the Business Day immediately following if the last day of
the period is not a Business Day.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.9</TD><TD STYLE="text-align: justify">Further Assurances</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Each Party shall use reasonable efforts to
take all such steps, execute all such documents and do all such acts and things as may be reasonably within its power to implement to
their full extent the provisions of this Agreement and to cause the Company to act in the manner contemplated by this Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.10</TD><TD STYLE="text-align: justify">Independent Legal Advice</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Parties acknowledge that they have entered
into this Agreement willingly with full knowledge of the obligations imposed by the terms of this Agreement. Further, the Parties acknowledge
that they have been afforded the opportunity to obtain independent legal advice and confirm by the execution of this Agreement that they
have either done so or waived their right to do so, and agree that this Agreement constitutes a binding legal obligation and that they
are estopped from raising any claim on the basis that they have not obtained such advice.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.11</TD><TD STYLE="text-align: justify">Assignment</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Except as may be expressly provided in this
Agreement, and except for an assignment of the rights and obligations under this Agreement by a Shareholder to a Permitted Transferee
(which assignment will be permitted), none of the Parties may assign its rights or obligations under this Agreement without the prior
written consent of all of the other Parties. Without prejudice to any other or similar conditions imposed hereunder with respect to such
transfer, no assignment permitted under the terms of this Section 4.11 will be effective unless and until the transferee to which the
assignment is being made, if not a Shareholder, has delivered to the Company the executed joinder agreement in the form attached as Exhibit
A hereto agreeing to be bound by, and be party to, this Agreement.&nbsp;A transferee to whom rights are transferred pursuant to this Section
4.11 may not again transfer those rights to any other transferee, other than as provided in this Section 4.11. Nothing in this Agreement
shall prohibit any assignment by operation of law (including by way of amalgamation, merger or other business combination).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.12</TD><TD STYLE="text-align: justify">Waiver, Amendment</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">No waiver of any of the provisions of this
Agreement will constitute a waiver of any other provision (whether or not similar). No waiver will be binding unless executed in writing
by the Party to be bound by the waiver. A Party&rsquo;s failure or delay in exercising any right under this Agreement will not operate
as a waiver of that right. A single or partial exercise of any right will not preclude a Party from any other or further exercise of that
right or the exercise of any other right. This Agreement may only be amended, supplemented or otherwise modified by written agreement
signed by all of the Parties.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --> -</P></DIV>
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.13</TD><TD STYLE="text-align: justify">Entire Agreement</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This Agreement constitutes the entire agreement
between the Parties with respect to the matters contemplated by this Agreement and supersedes all prior agreements, understandings, negotiations
and discussions, whether oral or written, of the Parties related to such matters. There are no representations, warranties, covenants,
conditions or other agreements, express or implied, collateral, statutory or otherwise, between the Parties in connection with the subject
matter of this Agreement, except as specifically set forth in this Agreement. The Parties have not relied and are not relying on any other
information, discussion or understanding in entering into this Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.14</TD><TD STYLE="text-align: justify">Successors and Assigns</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This Agreement becomes effective only when
executed by all of the Parties. After that time, it is binding on and enures to the benefit of the Parties and their respective heirs,
administrators, executors, legal representatives, successors and permitted assigns.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.15</TD><TD STYLE="text-align: justify">Severability</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If any provision of this Agreement is determined
to be illegal, invalid or unenforceable, by an arbitrator or any court of competent jurisdiction from which no appeal exists or is taken,
that provision will be severed from this Agreement and the remaining provisions will remain in full force and effect.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.16</TD><TD STYLE="text-align: justify">Governing Law</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">This Agreement is governed by, and will be interpreted and construed in accordance with, the laws of the
Province of Ontario and the federal laws of Canada applicable therein.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Each Party irrevocably attorns and submits to the exclusive jurisdiction of the Ontario courts situated
in the City of Toronto, and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient
forum.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.17</TD><TD STYLE="text-align: justify">Waiver of Jury Trial</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.18</TD><TD STYLE="text-align: justify">Counterparts</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This Agreement may be executed in any number
of counterparts, each of which is deemed to be an original, and such counterparts together constitute one and the same instrument. Transmission</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">of an executed signature page by email or other
electronic means is as effective as a manually executed counterpart of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><I>[Remainder of page intentionally left
blank]</I></B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>IN WITNESS WHEREOF, </B>the parties hereto
have caused this Agreement to be duly executed as of the date first above written.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>SANDSTORM GOLD LTD.</B></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><I>(signed) Nolan Watson</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Nolan Watson</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: President and Chief Executive Officer<BR>
<BR>
</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><I>(signed) Erfan Kazemi</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Erfan Kazemi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Chief Financial Officer</TD></TR>
  </TABLE><BR STYLE="clear: both">
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>ORION MINE FINANCE FUND III LP</B></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><I>(signed) Oskar Lewnowski</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Oskar Lewnowski</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Chief Investment Officer of Orion Mine Finance GP III LLC, GP of Orion Mine Finance GP III LP, GP of Orion Mine Finance Fund III LP</TD></TR>
  </TABLE><BR STYLE="clear: both">
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>ORION MINE FINANCE FUND II LP</B></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><I>(signed) Oskar Lewnowski</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Oskar Lewnowski</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Director of Orion Mine Finance GP II Limited, GP of Orion Mine Finance GP II LP, GP of Orion Mine Finance II LP</TD></TR>
  </TABLE><BR STYLE="clear: both">
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule
A<BR>
REGISTRATION RIGHTS PROCEDURES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>1.1 Registration Procedures</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Upon exercise of the Demand Registration or Shelf Registration rights as set forth in this Agreement,
the Company will use reasonable best efforts in accordance with this Agreement to effect such Registration of Registrable Securities to
permit the offer and sale or other disposition or Distribution of Registrable Securities of the Shareholders in the United States and/or
one or more Canadian jurisdictions, other than Quebec (as applicable) as directed by such Shareholders, and in pursuance thereof the Company
will, as applicable to the relevant exercise of such rights, as soon as practicable:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">following the Company&rsquo;s receipt of the Initiating Notice in respect of the exercise of a Demand
Registration right pursuant to Section 2.1(a) or a Shelf Registration right pursuant to Section 2.2(d) (and in any event within 21 days
of a Shelf Registration right pursuant to Section 2.2(a)) in respect of a Distribution in the United States, as applicable, prepare and
file with the SEC a Registration Statement or Registration Statements on such form as shall be available for the sale of the Registrable
Securities by the Shareholders or by the Company in accordance with the intended method or methods of distribution thereof (which may
be a Registration Statement filed on Form F-10 under the MJDS (if then available)), make all required filings with FINRA, and, if such
Registration Statement is not automatically effective upon filing, use its reasonable best efforts to cause such Registration Statement
to be declared effective as soon as practicable and to remain effective as provided herein; <I>provided, however</I>, before filing a
Registration Statement or Prospectus or any amendments or supplements thereto (including Free Writing Prospectuses) and, to the extent
reasonably practicable, documents that would be incorporated by reference or deemed to be incorporated by reference in a Registration
Statement filed pursuant to a Demand Registration, the Company shall furnish or otherwise make available to the Shareholders of the Registrable
Securities covered by such Registration Statement, their counsel and the managing underwriter(s), if any, copies of all such documents
proposed to be filed (including exhibits thereto), which documents will be subject to the reasonable review and comment of such Shareholders
and counsel, and such other documents reasonably requested by such Shareholders and counsel, including any comment letter from the SEC,
and, if requested by such Shareholders or counsel, provide such Shareholders or counsel, as applicable, reasonable opportunity to participate
in the preparation of such Registration Statement and each Prospectus included therein and such other opportunities to conduct a reasonable
investigation within the meaning of the U.S. Securities Act, including reasonable access to the Company&rsquo;s books and records, officers,
accountants and other advisors. The Company will include comments to any Registration Statement and any amendments or supplements thereto
from Shareholders or their counsel, or the managing underwriters, if any, as reasonably requested on a timely basis;</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- A - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> -</P></DIV>
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">prepare and file with the SEC such amendments, including post-effective amendments, and supplements to
such Registration Statement and the Prospectus used in connection therewith and such Free Writing Prospectuses and U.S. Exchange Act reports
as may be necessary to keep such Registration Statement continuously effective during the applicable period provided herein and comply
in all material respects with the provisions of the U.S. Securities Act with respect to the disposition of all securities covered by such
Registration Statement; and cause the related Prospectus to be supplemented by any prospectus supplement as may be necessary to comply
with the provisions of the U.S. Securities Act with respect to the disposition of the securities covered by such Registration Statement,
and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the U.S. Securities Act in each
case, until such time as all of such securities have been disposed of in accordance with the intended method or methods of disposition
by the Shareholders set forth in such Registration Statement or otherwise cease to be &ldquo;Registrable Securities&rdquo;;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">to the extent necessary and advisable in connection with the foregoing registration under the U.S. Securities
Act, prepare and file in the English language with the applicable Canadian securities authorities, other than Quebec (collectively, the
&ldquo;<B>Canadian Securities Regulators</B>&rdquo;) a preliminary Canadian Prospectus (if applicable), as soon as reasonably practicable
after the Company&rsquo;s receipt of the Initiating Notice in respect of the exercise of a Demand Registration right pursuant to Section
2.1(a) or a Shelf Registration pursuant to Section 2.2(a) or 2.2(d), as applicable, and, promptly thereafter, a final Canadian Prospectus
under and in compliance with the applicable Canadian Securities Laws, relating to the applicable Demand Registration, including all exhibits,
financial statements and such other related documents required by the Canadian Securities Regulators to be filed therewith, and if applicable,
use its reasonable best efforts to cause the applicable Canadian Securities Regulator or Canadian Securities Regulators to issue a receipt
for such Canadian Prospectuses; and the Company will furnish to the Shareholders and the managing underwriters or underwriters, if any,
copies of such Canadian Prospectuses and any amendments or supplements in the form filed with the Canadian Securities Regulators, promptly
after the filing of such Canadian Prospectuses, amendments or supplements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">prepare and file with the Canadian Securities Regulators such amendments and supplements to the Canadian
Prospectus as may be necessary to complete the Distribution of all such Registrable Securities and as required under the BC Securities
Act or under any applicable provisions of Canadian Securities Laws;</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- A - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> -</P></DIV>
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">after notice thereof is received by the Company, notify the Shareholders and the managing underwriter
or underwriters, if any, and (if requested) confirm such advice in writing: (i) when the Registration Statement, Prospectus, Canadian
Prospectus, Canadian Shelf Prospectus Supplement or any amendment thereto has been filed or, if applicable, a receipt has been issued,
and furnish to the Shareholders and managing underwriters or underwriters, if any, with copies thereof; (ii) of any request by the SEC
for amendments to the Registration Statement or related Prospectus or for additional information; (iii) of any request by the Canadian
Securities Regulators for amendments to the Canadian Prospectus or for additional information; (iv) of the issuance by the SEC of any
stop order suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceedings for that purpose;
(v) of the issuance by the Canadian Securities Regulators of any stop order or cease trade order relating to the Canadian Prospectus or
any order preventing or suspending the use of any Canadian Prospectus or the initiation or threatening of any proceedings for such purposes;
and (vi) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities
for offering or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">notify the Shareholders and the managing underwriter or underwriters, if any, when the Company becomes
aware of the happening of any event as a result of which the Registration Statement or Canadian Prospectus, as applicable, contains any
untrue statement of a material fact or omits to state a material fact necessary to make the statement therein (in the case of the Prospectus
in light of the circumstances under which they were made) when such Registration Statement or Canadian Prospectus was delivered not misleading,
fails to constitute full, true and plain disclosure of all material facts regarding the Registrable Securities when such Registration
Statement or Canadian Prospectus was delivered or if for any other reason it will be necessary during such time period to amend or supplement
the Registration Statement or Canadian Prospectus in order to comply with the Securities Laws and, in either case as promptly as practicable,
prepare and file with the SEC or Canadian Securities Regulators, respectively, and furnish to the Shareholders and the managing underwriters
or underwriters, if any, a supplement or amendment to such Registration Statement or Canadian Prospectus which will correct such statement
or omission or effect such compliance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">use reasonable best efforts to obtain the withdrawal of any stop order, cease trade order or other order
against the Company or affecting the securities of the Company suspending the use of any Registration Statement or Canadian Prospectus
or suspending the qualification of any Registrable Securities covered by the Registration Statement or Canadian Prospectus, or the initiation
or the threatening of any proceedings for such purposes;</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- A - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> -</P></DIV>
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">furnish to the Shareholders and each managing underwriter or underwriters, if any, without charge, one
executed copy and as many conformed copies as they may reasonably request, of the Registration Statement, preliminary Canadian Prospectus
and final Canadian Prospectus, as applicable, including financial statements and schedules thereto and all documents incorporated therein
by reference, and provide the Shareholders and their respective counsel with a reasonable opportunity to review and provide comments to
the Company on the Registration Statement or Canadian Prospectus, as applicable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">deliver to the Shareholders and the underwriters, if any, without charge, as many commercial copies of
the Registration Statement, preliminary Canadian Prospectus or final Canadian Prospectus, as applicable, and any amendment or supplement
thereto as such Persons may reasonably request (it being understood that the Company consents to the use of the Registration Statement,
preliminary Canadian Prospectus and final Canadian Prospectus, as applicable, or any amendment or supplement thereto by each of the Shareholders
and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by the Registration Statement,
preliminary Canadian Prospectus or final Canadian Prospectus or any amendment or supplement thereto) and such other documents as the Shareholders
may reasonably request in order to facilitate the disposition of the Registrable Securities by such Person;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">use reasonable best efforts to qualify, and cooperate with the Shareholders, the managing underwriter
or underwriters, if any, and their respective counsel in connection with the qualification of, such Registrable Securities for offer and
sale under the Securities Laws of each jurisdiction (other than Quebec), as applicable, as any such Person or underwriter reasonably requests
in writing provided that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then
so qualified or to take any action which would subject it to general service of process in any such jurisdiction where it is not then
so subject;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xi)</TD><TD STYLE="text-align: justify">in connection with any underwritten offering enter into customary agreements, including an underwriting
agreement with the underwriter or underwriters, such agreements to contain such representations and warranties by the Company and such
other terms and provisions as are customarily contained in underwriting agreements with respect to secondary distributions and indemnification
provisions and/or agreements substantially consistent with Article&nbsp;3 of the Agreement, but in any event, which agreements will contain
provisions for the indemnification by the underwriter or underwriters in favour of the Company with respect to untrue statements or omissions,
or alleged untrue statements or omissions, made in the Registration Statement or Canadian Prospectus, as applicable, included in reliance
upon and in conformity with written information furnished to the Company by any underwriter in writing;</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- A - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> -</P></DIV>
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xii)</TD><TD STYLE="text-align: justify">but in any event within 2 days after filing with the SEC or Canadian Securities Regulators any document
which is incorporated by reference into the Registration Statement or Canadian Prospectus, as applicable, provide copies of such document
to the Shareholders and their respective counsel and to the managing underwriters or underwriters, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xiii)</TD><TD STYLE="text-align: justify">file, and to not withdraw, a notice declaring its intention to be qualified to file a short form prospectus
as soon as permitted by applicable Securities Laws;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xiv)</TD><TD STYLE="text-align: justify">use its reasonable best efforts to obtain a customary legal opinion, in the form and substance as is customarily
given by external company counsel in securities offerings, addressed to the underwriters, if any, and such other Persons as the underwriting
agreement may reasonably specify, and a customary &ldquo;comfort letter&rdquo; from the Company&rsquo;s auditor and/or the auditors of
any financial statements included or incorporated by reference in a Registration Statement or Canadian Prospectus, as applicable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xv)</TD><TD STYLE="text-align: justify">furnish to the managing underwriter or underwriters, if any, and such other Persons as the managing underwriter
or underwriters may reasonably specify, such corporate certificates, satisfactory to the managing underwriter or underwriters acting reasonably,
as are customarily furnished in securities offerings, and, in each case, covering substantially the same matters as are customarily covered
in such documents in the relevant jurisdictions and such other matters as the managing underwriter or underwriters may reasonably request;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xvi)</TD><TD STYLE="text-align: justify">provide and cause to be maintained a transfer agent and registrar for such Registrable Securities not
later than the effective date of the Registration Statement, if applicable, or the date a receipt is issued for the final Canadian Prospectus
by the applicable Canadian Securities Regulators and use its reasonable best efforts to cause all Registrable Securities covered by the
Registration Statement or Canadian Prospectus, as applicable, to be listed on each Stock Exchange;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xvii)</TD><TD STYLE="text-align: justify">participate in such marketing efforts as the Shareholders or managing underwriter or underwriters, if
any, determine are reasonably necessary, such as &ldquo;roadshows&rdquo;, institutional investor meetings and similar events;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xviii)</TD><TD STYLE="text-align: justify">cooperate with each Shareholder and each underwriter or agent participating in the disposition of such
Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xix)</TD><TD STYLE="text-align: justify">in the case of a Distribution under a Registration Statement, otherwise use its reasonable best efforts
to comply with all applicable rules and regulations of the SEC (including Regulation M), and make available to the Shareholders, as soon
as reasonably practicable (but no more than 18 months after the effective date of the Registration Statement or such later date as provided
by Section 11(d) of the U.S. Securities Act), an earnings statement covering the period of at least 12 months beginning with the first
day of the Company&rsquo;s first full calendar quarter after the effective date of the Registration Statement (or such later date as provided
by Section 11(d) of the U.S. Securities Act), which earnings statement will satisfy the provisions of Section 11(a) of the U.S. Securities
Act and Rule 158 thereunder; and</TD></TR></TABLE>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xx)</TD><TD STYLE="text-align: justify">take such other actions and execute and deliver such other documents as may be reasonably necessary to
give full effect to the rights of each Shareholder under the Agreement.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders&rsquo;
Obligations</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Company may require the Shareholders to furnish to the Company such information regarding the Distribution
of such Registrable Securities and such other information relating to the Shareholders and their respective beneficial ownership of Registrable
Securities as the Company may from time to time reasonably request in writing in order to comply with applicable Securities Laws in each
jurisdiction in which a Demand Registration or Shelf Registration is to be effected. The Shareholders agree to furnish such information
to the Company and to cooperate with the Company as necessary to enable the Company to comply with the provisions of the Agreement and
applicable Securities Laws. The Shareholders will promptly notify the Company when a Shareholder becomes aware of the happening of any
event (insofar as it relates to such Shareholder or information provided by such Shareholder in writing for inclusion in the applicable
Registration Statement or Prospectus) as a result of which the Registration Statement, preliminary Canadian Prospectus or final Canadian
Prospectus, as applicable, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statement
therein (in the case of the Prospectus in light of the circumstances under which they were made) when such Registration Statement or Prospectus
was delivered not misleading or, if for any other reason it will be necessary during such time period to amend or supplement Registration
Statement, preliminary Canadian Prospectus or final Canadian Prospectus in order to comply with applicable Securities Laws.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">In addition, the Shareholders shall, if required under applicable Securities Laws, execute any certificate
forming part of a Registration Statement to be filed with the SEC or Canadian Prospectus to be filed with the applicable Canadian Securities
Regulators.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">In connection with any underwritten offering in connection with a Demand Registration or Shelf Registration,
the Shareholders shall enter into customary agreements, including an underwriting agreement with the underwriter or underwriters, provided
that no Shareholder included in any such underwritten offering shall be required to make any representations or warranties to or agreements
with the Company or the underwriters in connection with an</TD></TR></TABLE>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">underwritten offering
(other than representations and warranties regarding such Shareholder, such Shareholder&rsquo;s title to the Registrable Securities and
such Shareholder&rsquo;s intended method of distribution) or to undertake any indemnification obligations to the Company or the underwriters
with respect thereto, except as otherwise specifically provided in Article&nbsp;3, but in any event, which agreements will contain provisions
for the indemnification by the underwriter or underwriters in favour of the Shareholders with respect to untrue statements or omissions,
or alleged untrue statements or omissions, made in the Registration Statement, preliminary Canadian Prospectus or final Canadian Prospectus,
as applicable, included in reliance upon and in conformity with written information furnished to the Company by the underwriter in writing.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 24pt; text-align: right"><B>Exhibit A</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Reference is made to the
Registration Rights Agreement, dated as of [&bull;], 2022 (as amended from time to time, the &ldquo;<B>Agreement</B>&rdquo;), by and among
SANDSTORM GOLD LTD., a corporation existing under the laws of the Province of British Columbia,[SHAREHOLDER], and the other parties thereto,
if any. The undersigned agrees, by execution hereof, to become a party to, and to be subject to the rights and obligations under the Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0"><B>[NAME]</B><BR>
<BR>
<BR>
By: ____________________________&#9;<BR>
&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<BR>
&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0">Date:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0">Address:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0"></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>SANDSTORM GOLD LTD.</B></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">By: ____________________________&#9;<BR>
&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<BR>
&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.3pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.3pt">&nbsp;</P>

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

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

<P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-transform: uppercase; letter-spacing: 0.4pt"></P>




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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ex992.htm
<DESCRIPTION>SUPPLEMENTAL WARRANT INDENTURE DATED AUGUST 15, 2022
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Exhibit 99.2</B></FONT></P>

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

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center">NOMAD ROYALTY COMPANY LTD.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center">AND</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center">SANDSTORM GOLD LTD.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center">AND</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: center">COMPUTERSHARE TRUST COMPANY OF CANADA</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 9pt 0 14pt; text-align: center">________________________________________________</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center">SUPPLEMENTAL INDENTURE<BR>
to the Warrant Indenture dated November 19, 2020</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 8pt 0 80pt; text-align: center">________________________________________________</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center">Effective August 15, 2022</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><B>THIS SUPPLEMENTAL INDENTURE</B> made effective
as of the 15<SUP>th</SUP> day of August, 2022.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><B>BETWEEN:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 9pt 1in; text-align: justify"><B>NOMAD ROYALTY COMPANY LTD.</B>, a
corporation existing under the federal laws of Canada (&ldquo;<B>Nomad</B>&rdquo;)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><B>AND:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 9pt 1in; text-align: justify"><B>SANDSTORM GOLD LTD.</B>, a corporation
existing under the laws of the Province of British Columbia (&ldquo;<B>Sandstorm</B>&rdquo;)&#9;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><B>AND:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 20pt 1in; text-align: justify"><B>COMPUTERSHARE TRUST COMPANY OF CANADA</B>,
a trust company existing under the laws of the Canada and authorized to carry on business in all provinces of Canada (the &ldquo;<B>Warrant
Agent</B>&rdquo;)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">All terms used herein have the meaning ascribed
thereto in the Indenture (as herein after defined), unless otherwise indicated.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><B>WHEREAS</B> Nomad and the Warrant Agent executed
a warrant indenture dated November 19, 2020 (the &ldquo;<B>Indenture</B>&rdquo;) pursuant to which Nomad issued 19,997,118 common share
purchase warrants (the &ldquo;<B>Warrants</B>&rdquo;), each Warrant entitling the holder thereof to acquire 0.1 of a common share of Nomad
(each whole share, a &ldquo;<B>Nomad Share</B>&rdquo;);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><B>AND WHEREAS</B>, on May 1, 2022, Nomad and
Sandstorm entered into an arrangement agreement pursuant to which the parties agreed to implement a plan of arrangement pursuant to the
provisions of the <I>Canada Business Corporations Act</I> (the &ldquo;<B>Arrangement</B>&rdquo;) whereby, among other things, Sandstorm
would acquire 100% of the outstanding Nomad Shares and Nomad would become a wholly-owned subsidiary of Sandstorm;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AND WHEREAS</B>, the Arrangement was made effective
as of 12:01 a.m. (Eastern time) (the &ldquo;<B>Effective Time</B>&rdquo;) on the date hereof (the &ldquo;<B>Effective Date</B>&rdquo;);</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AND WHEREAS</B>, pursuant to the Arrangement, shareholders
of Nomad received 1.21 common shares (each whole share, a &ldquo;<B>Sandstorm Share</B>&rdquo;) of Sandstorm (the &ldquo;<B>Consideration</B>&rdquo;)
in consideration for each Nomad Share held immediately before the Effective Time;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AND WHEREAS</B>, pursuant to Section 4.1(d) of
the Indenture, upon and from the Effective Date, each holder of a Warrant outstanding immediately prior to the Effective Date became entitled
to receive, upon the exercise of each of such holder&rsquo;s Warrants, in lieu of each Nomad Share to which such holder was theretofore
entitled upon such exercise, the Consideration;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AND WHEREAS</B> Section 8.1 of the Indenture provides
for the creation of indentures supplemental to the Indenture for the purposes of adjustments resulting from the application of the provisions
of Article 4 of the Indenture;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AND WHEREAS</B>, the board of directors of Nomad
has determined that the Indenture will be supplemented as set out herein;</P>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AND WHEREAS</B>, Sandstorm has agreed to execute
and deliver this Supplemental Indenture to, among other things, evidence its agreement to deliver Sandstorm Shares in lieu of any Nomad
Shares that are required to be delivered pursuant to the Indenture upon exercise of any Warrants<B>;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AND WHEREAS, the foregoing recitals are made as
statements of fact by Nomad and Sandstorm and not by the Warrant Agent;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>NOW THEREFORE</B> it is hereby covenanted, agreed
and declared as follows.</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 6pt 0 9pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none; color: windowtext">ARTICLE&nbsp;1</FONT><U><BR>
INTERPRETATION</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD>Definitions</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">Capitalized terms used in this Supplemental
Indenture shall have the meaning of the definitions set out in the Indenture, unless there is something in the subject matter or context
inconsistent therewith.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.2</TD><TD>Interpretation</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">In this Supplemental Indenture:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">words importing the singular number or masculine gender shall include the plural number or the feminine
or neuter genders, and vice versa; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">words and terms denoting inclusiveness (such as &ldquo;include&rdquo; or &ldquo;includes&rdquo; or &ldquo;including&rdquo;),
whether or not so stated, are not limited by and do not imply limitation of their context or the words or phrases which precede or succeed
them.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.3</TD><TD>Applicable Law</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">This Supplemental Indenture shall be construed
in accordance with the laws of the Province of Qu&eacute;bec and the laws of Canada applicable therein and shall be treated in all respects
as a Qu&eacute;bec contract.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.4</TD><TD>Invalidity, Etc.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">Any provision hereof which is prohibited or
unenforceable shall be ineffective only to the extent of such prohibition or unenforceability, without invalidating the remaining provisions
hereof.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 6pt 0 9pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none; color: windowtext">ARTICLE&nbsp;2</FONT><U><BR>
AMENDMENTS</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">Effective as of the date hereof, the Indenture
is amended as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD>Exchange Basis</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">Each of Nomad, Sandstorm and the Warrant Agent
acknowledges and agrees that, as and from the date hereof, in accordance with Section 4.1(d) of the Indenture, any Warrantholder who exercises
that holder&rsquo;s Warrants will be entitled to receive, and will accept in lieu of each whole Nomad Share to which such holder was theretofore
entitled upon such exercise, the Consideration, subject to further adjustment as provided herein and the Indenture.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.2</TD><TD>Obligation of Sandstorm to issue Sandstorm Shares</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">Sandstorm hereby agrees that, in accordance with Section 4.1(d) of the Indenture, Sandstorm will issue
and deliver Sandstorm Shares on behalf of Nomad upon any Warrantholder&rsquo;s exercise of Warrants, on the basis set out in Section 2.1
of this Supplemental Indenture, with the intent and to the extent that any and all such obligations of Nomad in respect of the issuance
and delivery of Nomad Shares under the Indenture will be satisfied by the issuance or delivery by Sandstorm of Sandstorm Shares on behalf
of Nomad rather than by the issuance or delivery by Nomad of Nomad Shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">Where the Indenture refers to Common Shares or an obligation of the Corporation to issue or deliver Common
Shares, the provisions of the Indenture will be read <I>mutatis mutandis</I> to reflect that Sandstorm will issue or deliver Sandstorm
Shares and not Nomad Shares and that references in the Indenture to the &ldquo;Common Shares&rdquo; will mean the &ldquo;Sandstorm Shares&rdquo;,
references to &ldquo;Shareholders&rdquo; or to the &ldquo;holders of Common Shares&rdquo; will refer to the &ldquo;holders of Sandstorm
Shares&rdquo;, and references to &ldquo;the Corporation&rdquo; having an obligation to issue or deliver Common Shares will refer to &ldquo;Sandstorm&rdquo;
having an obligation to issue or deliver Sandstorm Shares, as applicable.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">Any issuance or delivery of Sandstorm Shares by Sandstorm pursuant to this Section 2.2 will be treated,
for the purposes of the Indenture, as if issued or delivered by Nomad and will have the same effect under the Indenture as if made by
Nomad.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD STYLE="text-align: justify">Nomad hereby agrees that in consideration for Sandstorm&rsquo;s agreement to deliver Sandstorm Shares
issuable to Warrantholders who exercise their Warrants and Sandstorm&rsquo;s related agreements pursuant to this Supplemental Indenture,
Nomad will be legally obliged to pay to Sandstorm an amount equal to the Exercise Price delivered by Warrantholders, and Sandstorm agrees
to accept such legal obligation of Nomad in consideration and satisfaction of Sandstorm&rsquo;s agreements under this Supplemental Indenture.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.3</TD><TD>No Fractional Sandstorm Shares</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">In no event shall any Warrantholder be entitled
to a fractional Sandstorm Share upon exercise of any Warrants. Notwithstanding any other provision of the Indenture, any fractional Sandstorm
Shares that Sandstorm may otherwise be required to issue to a Warrantholder upon exercise of the Warrants in accordance with the terms
hereof, shall be rounded down to the nearest whole number.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.4</TD><TD>Specific Amendments</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">In addition to, and notwithstanding the generality
of Section 2.2(b) hereof and the <I>mutatis mutandis</I> language contained therein, and for greater certainty, in order to accommodate
the Arrangement, and to fulfil, to the extent possible, the intent and provisions of Section 4.1(d) of the Indenture, the following specific
amendments are made to the following provisions of the Indenture:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">On and from the Effective Time, the definition of &ldquo;Common Shares&rdquo; under Section 1.1 of the
Indenture will be read as follows:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify; text-indent: 0in">&ldquo;Common Shares&rdquo;
means the common shares of Sandstorm as of and from the Effective Time and the common shares of Nomad prior to the Effective Time.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">On and from the Effective Time, the definition of &ldquo;Exercise Price&rdquo; under Section 1.1 of the
Indenture will be read as follows:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify; text-indent: 0in">&ldquo;Exercise Price&rdquo;
means: (a) as of and from the Effective Date, the price at which 1.21 Sandstorm Shares may be purchased by the exercise of ten (10) Warrants,
which is C$17.10, payable in immediately available Canadian funds, subject to adjustment in accordance with the provisions of Section
4.1 and (b) prior to the Effective Date, the price at which a whole Nomad Share may be purchased by the exercise of ten (10) Warrants,
which is C$17.10 per Nomad Share, payable in immediately available Canadian funds, subject to adjustment in accordance with the provisions
of Section 4.1.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">On and from the Effective Time, references to the &ldquo;Corporation&rdquo; in the following sections
of the Indenture will mean and refer to &ldquo;Sandstorm&rdquo;:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify; text-indent: 0in">2.3; 2.11.2 (first reference
only); 3.3.2; 3.4 (third and sixth references only); 4.1(a); 4.1(b); 4.1(c); 4.1(d); 4.1(e); 4.3; 4.5; 4.6; 4.7; 4.8; 4.9; 4.10(c); 5.2
(lead in language); 5.2(e); 5.2(f); and 5.9 (fourth reference only).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">On and from the Effective Time, reference to the &ldquo;Corporation&rdquo; in the definition of &ldquo;Auditors&rdquo;
under Section 1.1 of the Indenture will mean and refer to &ldquo;Sandstorm&rdquo;.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">On and from the Effective Time, reference to the &ldquo;Corporation&rdquo; in the definition of &ldquo;Current
Market Price&rdquo; under Section 1.1 of the Indenture will mean and refer to &ldquo;Sandstorm&rdquo;.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">On and from the Effective Time, references to the &ldquo;Corporation&rdquo; in the definition of &ldquo;Dividends
Paid in Ordinary Course&rdquo; under Section 1.1 of the Indenture will mean and refer to &ldquo;Sandstorm&rdquo;.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">On and from the Effective Time, references to the &ldquo;Corporation&rdquo; in the following sections
of the Indenture will mean and refer to both &ldquo;Sandstorm and Nomad&rdquo;:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify; text-indent: 0in">2.2(e); 2.11.2 (second
and third reference only); 3.2.2; 3.9.1 (first reference only); 3.9.2; 4.4; 4.10(d); 5.2(h); 6.2; 6.3; 7.10(a); 7.10(c); 7.10(d); 7.10(e);
7.10(g); 9.1(b); 9.3; 9.7(a); 9.7(d); 9.7(e) (Sandstorm and Nomad jointly and severally); 9.9; 9.14; and 10.10.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">On and from the Effective Time, references to the &ldquo;Corporation&rdquo; and to the &ldquo;Company&rdquo;
in the legend contained in Section 2.5.3 of the Indenture will mean and refer to &ldquo;Sandstorm&rdquo;.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">On and from the Effective Time, references to the &ldquo;legend set forth in Section 2.5.2&rdquo; in Section
3.3.3 of the Indenture shall mean and be corrected to refer to &ldquo;the legend set forth in Section 2.5.3&rdquo;.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">On and from the Effective Time, Note 2 to Schedule B (Exercise Form) of the Indenture shall be amended
to read &ldquo;If Box B is checked, the certificate representing the Common Shares will bear a legend, as set forth in Section 2.5.3 (or
substantially similar), restricting transfer without registration under the U.S. Securities Act, as amended, and applicable state securities
laws unless an exemption from registration is available.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">On and from the Effective Time, references to the &ldquo;Corporation&rdquo; or to &ldquo;Nomad Royalty
Company Ltd.&rdquo; in Schedules &ldquo;A&rdquo; through &ldquo;B&rdquo; of the Indenture will mean and refer to &ldquo;Sandstorm&rdquo;
and/or &ldquo;Nomad&rdquo;, as the context requires in light of the Arrangement.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">On and from the Effective Time, Subsection 10.1.1(a) of the Indenture shall be deleted in its entirety
and replaced with the following:</TD></TR></TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify; text-indent: 0in">if to the Corporation:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify; text-indent: 0in">Sandstorm Gold Ltd.<BR>
Suite 1400, 400 Burrard Street<BR>
Vancouver, British Columbia V6C 3A6</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify; text-indent: 0in">Attention:&nbsp;&nbsp;&nbsp;&nbsp;Nolan Watson<BR>
Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>[<I>Redacted</I>] </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify; text-indent: 0in">with a copy (which will
not constitute notice) to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify; text-indent: 0in">Cassels Brock &amp; Blackwell
LLP<BR>
Suite 2200, HSBC Building, 885 West Georgia Street<BR>
Vancouver, British Columbia V6C 3E8</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify; text-indent: 0in">Attention:&nbsp;&nbsp;&nbsp;&nbsp;Jen Hansen
/ Jennifer Traub<BR>
Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;jhansen@cassels.com / jtraub@cassels.com</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify; text-indent: 0in">and a copy (which will
not constitute notice) to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">Neal, Gerber &amp; Eisenberg
LLP<BR>
Two North LaSalle Street, Suite 1700</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0in; margin-top: 0; margin-right: 0; margin-left: 1in">Chicago,
IL 60602<BR>
USA</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify; text-indent: 0in">Attention:&nbsp;&nbsp;&nbsp;John
Koenigsknecht<BR>
Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;jkoenigsknecht@nge.com&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 6pt 0 9pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none; color: windowtext">ARTICLE&nbsp;3</FONT><U><BR>
INDENTURE SUPPLEMENTAL TO PRINCIPAL INDENTURE</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD>Supplemental Indenture</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">This Supplemental Indenture is supplemental to the Indenture and the Indenture and the Warrants issued
thereunder shall henceforth be read in conjunction with this Supplemental Indenture. The Indenture and this Supplemental Indenture shall
henceforth have effect, so far as practicable, as if all the provisions of the Indenture and of this Supplemental Indenture were contained
in one instrument. Each certificate representing Warrants will, after the Effective Time, be deemed to be revised as necessary to reflect
the amendments to the Indenture as set out in this Supplemental Indenture without any further action on the part of the Warrantholders.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">On and after the date hereof, each reference in the Indenture, as amended by this Supplemental Indenture,
to &ldquo;this Indenture&rdquo;, &ldquo;this indenture&rdquo;, &ldquo;herein&rdquo;, &ldquo;hereby&rdquo;, and similar references, and
each reference to the Indenture in any other agreement, certificate, document or instrument relating thereto, will mean and refer to the
Indenture as amended hereby. Except as specifically amended by this Supplemental Indenture, all other terms and conditions of the Indenture
will remain in full force and unchanged. For greater certainty, each of Nomad, Sandstorm and the Warrant Agent acknowledge and agree that
this Supplemental Indenture is not a novation of the Indenture and nothing herein will be read as any implication to the contrary.</TD></TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 6pt 0 9pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none; color: windowtext">ARTICLE&nbsp;4</FONT><U><BR>
CONFIRMATION OF INDENTURE</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD>Confirmation</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">The Indenture as amended and supplemented by
this Supplemental Indenture is in all respects confirmed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 6pt 0 9pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none; color: windowtext">ARTICLE&nbsp;5</FONT><U><BR>
EXECUTION AND FORMAL DATE</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD>Execution</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">This Supplemental Indenture may be simultaneously
executed in several counterparts, each of which when so executed shall be deemed to be an original and such counterparts together shall
constitute one and the same instrument.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD>Further Assurances</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">The parties shall, with reasonable diligence,
do all such things and provide all such reasonable assurances as may be required to consummate the transactions contemplated by this Supplemental
Indenture, and each party shall provide such further documents or instruments required by the other party as may be reasonably necessary
or desirable to effect the purpose of this Supplemental Indenture and carry out its provisions.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.3</TD><TD>Formal Date</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">For the purpose of convenience this Supplemental
Indenture may be referred to as bearing the formal date of August 15, 2022 irrespective of the actual date of execution hereof.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center"><I>[Signature page follows.]</I></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><B>IN WITNESS</B> whereof the parties hereto
have executed these presents under the hands of their proper officers in that behalf.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="3">&nbsp;</TD>
    <TD ROWSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><B>NOMAD ROYALTY COMPANY LTD.</B></P>
    <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>(signed) Vincent Metcalfe</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Authorized Signatory</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-top: 2pt; padding-bottom: 2pt; text-align: justify; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
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    <TD ROWSPAN="3">&nbsp;</TD>
    <TD ROWSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><B>SANDSTORM GOLD LTD.</B></P>
    <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>(signed) Nolan Watson</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Authorized Signatory</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><B>COMPUTERSHARE TRUST COMPANY OF CANADA</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>(signed) Jonathan Champoux Cadoche </I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Authorized Signatory</FONT></TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>(signed) Francis Nixon </I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Authorized Signatory</FONT></TD></TR>
  </TABLE>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ex993.htm
<DESCRIPTION>MATERIAL CHANGE REPORT DATED AUGUST 16, 2022
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.3</B></FONT></P>

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

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Form 51-102F3</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">MATERIAL CHANGE REPORT</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 1</B></TD><TD STYLE="text-align: justify"><B>Name and Address of Company</B></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">Sandstorm Gold Ltd. (&ldquo;<B>Sandstorm</B>&rdquo;)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in">Suite 1400 - 400 Burrard Street</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in">Vancouver, BC V6C 3A6</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 2</B></TD><TD STYLE="text-align: justify"><B>Date of Material Change</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">August 15, 2022</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 3</B></TD><TD STYLE="text-align: justify"><B>News Release</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">A news release was disseminated through CNW
Group Ltd. on August 15, 2022 and subsequently filed on SEDAR at www.sedar.com.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 4</B></TD><TD STYLE="text-align: justify"><B>Summary of Material Change</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">On August 15, 2022, Sandstorm acquired all
of the issued and outstanding common shares of Nomad Royalty Company Ltd. (&ldquo;<B>Nomad</B>&rdquo;) pursuant to a plan of arrangement
under the <I>Canada Business Corporations Act</I> (the &ldquo;<B>Acquisition</B>&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 5</B></TD><TD STYLE="text-align: justify"><B>Full Description of Material Change</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>5.1</B></TD><TD STYLE="text-align: justify"><B>Full Description of Material Change</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">On August 15, 2022 Sandstorm acquired all of
the issued and outstanding common shares of Nomad pursuant to the terms of the Acquisition. Sandstorm issued approximately 74.4 million
common shares in the capital of Sandstorm (the &ldquo;<B>Sandstorm Shares</B>&rdquo;) to former Nomad shareholders equal to an exchange
ratio of 1.21 Sandstorm Shares for each common share of Nomad (each, a &ldquo;<B>Nomad Share</B>&rdquo;). Sandstorm&rsquo;s shareholders
approved the share issuance for the Acquisition at its special meeting of shareholders on August 9, 2022 (see press release dated August
9, 2022). The Sandstorm Shares issued pursuant to the Acquisition were listed and posted for trading on the Toronto Stock Exchange and
New York Stock Exchange. With completion of the Acquisition, existing Sandstorm and former Nomad shareholders are expected to own approximately
73% and 27% of the outstanding shares of the pro forma Sandstorm, respectively<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">Sandstorm will cause Nomad to delist the Nomad
Shares from the Toronto Stock Exchange, New York Stock Exchange and Frankfurt Stock Exchange, and to delist Nomad&rsquo;s listed warrants
from the Toronto Stock Exchange. An application has been made for Nomad to cease to be a reporting issuer in all of the provinces of Canada.
An application will also be made for Nomad to terminate its reporting obligations in the United States.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">Certain securities issued pursuant to and under
the plan of arrangement are to be issued in reliance upon available exemptions from such registration requirements of the United States
Securities Act of 1933, as amended (the &ldquo;<B>U.S. Securities Act</B>&rdquo;) pursuant to Section 3(a)(10) of the U.S. Securities
Act and applicable exemptions under state securities laws.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I></I></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>



<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT>
Pro forma ownership on a non-diluted basis, in each case based on the number of Sandstorm Shares and Nomad Shares issued and outstanding
as of July 8, 2022, taking into account the number of Nomad Shares issuable under the Nomad dividend reinvestment plan as of such date
and the completion of the BaseCore Transaction as described in Sandstorm&rsquo;s press releases dated May 2, 2022 and July 12, 2022.</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>5.2</B></TD><TD STYLE="text-align: justify"><B>Disclosure for Restructuring Transactions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 6</B></TD><TD STYLE="text-align: justify"><B>Reliance on subsection 7.1(2) of National Instrument 51-102</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 7</B></TD><TD STYLE="text-align: justify"><B>Omitted Information</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">No information has been omitted on the basis
that it is confidential information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 8</B></TD><TD STYLE="text-align: justify"><B>Executive Officer</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">For further information contact Erfan Kazemi
(604) 689-0234.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9</B></TD><TD STYLE="text-align: justify"><B>Date of Report</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">August 16, 2022</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; 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. Forward-looking statements include, but are
not limited to, expectations regarding the delisting of the Nomad Shares and Nomad&rsquo;s listed warrants; expectations regarding Nomad&rsquo;s
reporting issuer status following completion of the Acquisition; expectations regarding the listing of Sandstorm Shares issued under the
Acquisition on the Toronto Stock Exchange and New York Stock Exchange; expectations regarding the potential benefits and synergies of
the Transactions and the ability of Sandstorm post-completion of the Transactions to successfully achieve business objectives, including
integrating the companies or assets or the effects of unexpected costs, liabilities or delays; expectations regarding the growth potential
of Sandstorm including in scale and production and the anticipated benefits of the Transactions; expectations regarding financial strength,
trading liquidity, and capital markets profile; the future price of gold, silver, copper, iron ore and other metals; the estimation of
mineral reserves and mineral resources, and realization of mineral reserve and mineral resource estimates; the timing and amount of estimated
future production; and expectations for other economic, business, and/or competitive factors. 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: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Forward-looking statements are made based upon certain
assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of Sandstorm to
be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and
information are based on numerous assumptions regarding present and future business strategies and the environment in which Sandstorm
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 Sandstorm will purchase, regulatory restrictions, activities by governmental authorities
(including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition.</I></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Forward-looking statements are subject to known and
unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements
of Sandstorm to be materially different from those expressed or implied by such forward-looking statements, including but not limited
to: the impact of general business and economic conditions, the absence of control over mining operations from which Sandstorm will purchase
gold, other commodities or receive royalties from, and risks related to those mining operations, including risks related to international
operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations
and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of
gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors
discussed in the section entitled &ldquo;Risks to Sandstorm&rdquo; in Sandstorm&rsquo;s annual report for the financial year ended December
31, 2021 and the section entitled &ldquo;Risk Factors&rdquo; contained in Sandstorm&rsquo;s annual information form dated March 31, 2022
available at www.sedar.com. Although Sandstorm has attempted to identify important factors that could cause actual results to differ materially
from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated
or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Sandstorm does not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance
with applicable securities laws.</I></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

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