Company: SAND
Filing Date: 2025-03-31
Form Type: 40-F
Source: 0001628280-25-015698
Chunk: 5

Company: SANDSTORM GOLD LTD
Filing Date: 2025-03-31
Form: 40-F
Chunk 5
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. Accordingly, readers should not place undue reliance on forward-looking information.

### NOTE TO UNITED STATES READERS -
DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES

The Company is permitted, under a multi-jurisdictional disclosure system adopted by the United States, to prepare this Form 40-F in accordance with Canadian disclosure requirements, which are different from those of the United States. The Company is also subject to Canadian auditor independence standards, as well as certain U.S. federal securities laws and the applicable rules and regulations of the SEC and the Public Company Accounting Oversight Board (United States) (PCAOB).

The Company prepares its annual financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards" or "IFRS"). Consequently, the Company’s financial statements may not be comparable to those prepared by U.S. companies. The Company’s Audited Financial Statements and the Company’s MD&A are each included in the Annual Report which is filed as Exhibit 99.2 to this Form 40-F.

### CURRENCY
Unless otherwise indicated, all dollar amounts in this annual report on Form 40-F are in United States dollars. The exchange rate of United States dollars into Canadian dollars, on December 31, 2024 based upon the daily average exchange rate as published by the Bank of Canada, was U.S. $1.00 = CDN $1.4389. The

exchange rate of United States dollars into Canadian dollars, on March 28, 2025 based upon the daily average exchange rate as published by the Bank of Canada, was U.S. $1.00 = CDN 1.4307.

### CAUTIONARY NOTICE REGARDING MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES
Disclosure in this Form 40-F, the Company’s AIF, the Annual Report and the documents incorporated by reference herein and therein have been prepared in accordance with Canadian standards for the reporting of mineral resource and mineral reserve estimates, which differ in some material respects from the disclosure requirements of United States securities laws. In particular, and without limiting the generality of the foregoing, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “inferred mineral resources,”, “indicated mineral resources,” “measured mineral resources” and “mineral resources” used or referenced in this Form 40-F and the documents incorporated by reference herein are Canadian mineral disclosure terms as defined in accordance with Canadian National Instrument 43