fortune favours the gold · 2 except for the statements of historical fact contained herein, the...

TSX: SSL

FORTUNE FAVOURS THE GOLD

MAY 2018

NYSE AMERICAN: SAND

2

Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements", within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Sandstorm GoldLtd. (“Sandstorm”). Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, the estimation of mineral reserves and resources, realization of mineral reserve estimates, the timing and amount of estimated future production.

Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of Sandstorm to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Sandstorm will operate in the future, including the price of gold and anticipated costs. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, gold and other commodity price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold Sandstorm will purchase, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition.

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 “Risks to Sandstorm” in Sandstorm’s annual report for the financial year ended December 31, 2017 and the Company’s annual information form dated March 29, 2018 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.

CAUTIONARY NOTE REGARDINGFORWARD-LOOKING INFORMATION

3

Why OwnSandstorm?

Right Model, Right Team

Industry Leading Growth

Significant Exploration Upside

Trading at Discount to Peers

1

2

3

4

4

The RightTechnical Team

Our technical team average 40 years experience in the mining industry

5

Transaction experience includes more than$3 billion in royalty financings

The RightManagement

Team

6

Sandstorm’s Attributable AuEq Ounces

Industry LeadingGrowth

108%

40k

20k

0

60k

80k

100k

120k

20182021

20222023

20192020

60K

125K

Au$1,300/oz

Ag$18.00/oz

Cu$3.00/lb

7

INDUSTRY LEADING GROWTH

Operating Cash Flow After Tax

in millions

20182021

20222023

$20M

$0

$40M

$60M

$100M

$80M

20192020

Au$1,300/oz

Ag$18.00/oz

Cu$3.00/lb

$102M

$75M

Cash flow figures exclude approx. $6 million/yr of G&A

8


Gold Equivalent Ounces

2010 2011 2012 2013 2014 2015 201720160

10,000

20,000

30,000

40,000

50,000

60,000

Revenue US$M

2010 2011 2012 2013 2014 2015 201720160

10

20

30

40

50

70

60

175

5

Number of Assets

2010 2017

9

100%

2010

2018


Ounces based on counterparty

Majors JuniorsMid-tiers

Average All-In Cost atmines below $600/oz

83%

24%

59%

17%

2022

89%

50%39%

11%

10

TRANSACTION RATIONALE

SANDSTORM ACQUIRES

ANCHOR ASSET, HOD MADEN

FOR US$175 MILLION


1

High grade & low capex

Anchor royalty asset

100% increase in production for 19% dilution

Strong local operator

Huge exploration upside

2

3

4

5

11

Southern limit of drilling

Northern limit of drilling

Main Gold-CopperResource

New SouthernDiscovery

Pre-1923 RussianMining Area

4 km

Main Gold-CopperResource

New SouthernDiscovery

Pre-1923 RussianMining Area

Northern Extensionof Hod MadenFault Zone

Northern Extensionof Hod MadenFault Zone

1 km

3 drill rigs, over 25,000 metres of exploration and infill drilling completed in 2017

Hod Maden Land Packageapprox. 74km2

12

HTD-90

HTD-72

HTD-62

HTD-60HTD-15

HTD-18

HTD-77

HTD-65

600m

500m

400m

700m

800m

750m

650m

550m

450m

HTD-88

Au-Cu Zone

95.5m@ 32.1 g/t Au, 3.3% Cu

90.0m@ 22.6 g/t Au, 4.39% Cu

34.5m@ 19.4 g/t Au, 1.31% Cu

83.3m@ 15.9 g/t Au, 1.57% Cu

79.0M@ 8.1 g/t Au, 1.90% Cu

117.3m@ 13.9 g/t Au, 2.04% Cu

74.0m@ 3.0 g/t Au, 1.57% Cu

86.5m@ 3.4 g/t Au, 1.44% Cu

29.0m@ 0.3 g/t Au, 1.31% Cu

108.2m@ 3.0 g/t Au, 1.35% Cu

HOD MADEN Cross Section

50m

13

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2 018 2019 2020 2021 2022

Pre-feasibility Study

Feasibility Study

Permitting

Construction

Commissioning

Production

Estimated productionby end of 2021

TimelineHOD MADEN

14

TRANSACTION RATIONALE

SANDSTORM ACQUIRES

2% NSR ON HOUNDÉ GOLD MINE

FOR US$45 MILLION


1

Strong operator

Immediate cash flow

Upside Potential, Large Land Package

2

3

151 Findings based on internal study by Sandstorm1 Findings based on internal study by Sandstorm

SignificantExplorationUpside

40k

60k

100k

80k

2016 2017

20k

More ounces were discovered on Sandstorm properties than were mined in in 2016 and 2017 1

84,000

79,000

50,00055,000

Sandstorm’s Attributable AuEq Ounces

Produced Discovered

16

SIGNIFICANT EXPLORATION UPSIDE

Over 500,000 metreswere drilled on Sandstormproperties in 2016 and 2017 1

1 Findings based on internal study by Sandstorm

400,000

500,000

600,000

300,000

200,000

100,000

Metres Drilled2017

2010 2011 2012 2013 2014 2015 2016

17

HOLE # INTERCEPT (Not True Width) Au (g/t) Cu (%) FROM (m)

Hod MadenLidya Madencilik

AurizonaEquinox Gold Corp.

Bayan KhundiiErdene Resource Devleopment Corp.

HTD-157 33.0 metres 40.4 1.77 287.0 including 7.0 metres 97.6 3.86 308.0HTD-128 105.5 metres 17.4 2.34 9.0HTD-85 60.6 metres 82.2 1.44 209.4HTD-71 69.6 metres 62.7 2.68 210.0

BRAZD612 21.0 metres 84.3 5.0BRAZP603 19.0 metres 1.9 48.0 including 8.0 metres 3.7 54.BRAZP587 1.0 metres 19.7 92.0BRAZP587 5.0 metres 67.1 97.0 including 1.0 metres 329.0 97.0

BKD-232 36.5 metres 5.6 90.5 including 22.0 metres 8.3 102.0BKD-231 14.0 metres 158.3 193.0 including 1.0 metres 2,200.0 193.0BKD-227 61.0 metres 4.2 54.0BKD-222 40.0 metres 4.0 41.0

Recent Drill Results

18

BEO-17-79 0.5 metres 119.0 367.5MB-17-140 3.0 metres 8.1 96.0MB-17-137 4.5 metres 10.4 367.5MB-17-131 4.9 metres 5.9 501.1

OAX-17-210 206.1 metres 1.1 43.1 including 15.8 metres 4.1 212.0OAX-17-168 17.5 metres 8.6 24.8

BGM17-045-022 2.8 metres 6.2 32.8 including 1.0 metres 13.0 34.0BGM17-045-015 2.5 metres 66.7 73.0 including 1.0 metres 156.0 73.0BGM17-045-012 4.2 metres 21.0 68.0

740-L275-71 1.8 metres 41.0 6.3740-L275-71 6.1 metres 36.9 26.1680-F115-09 4.0 metres 77.3 73.6520-EX346-35 1.7 metres 29.5 385.6520-EX346-23 5.1 metres 39.6 357.2520-EX346-17 3.9 metres 7.2 474.1

HOLE # INTERCEPT (Not True Width) Au (g/t) Cu (%) FROM (m)

BarryMetanor Resources Inc.

Cadillac BreakAlexandria Minerals Corp.

BradshawGowest Gold Ltd.

Black FoxMcEwen Mining Inc.

* Orenada Zone 4

Recent Drill Results

19

2,146 km2 480 km2 634 km2Cerro MoroYamana Gold

ChapadaYamana Gold

HoundéEndeavour Mining

SIGNIFICANT EXPLORATION UPSIDE

Massive Land Packages

20 km

Area of Interest

Mine Site

N

10 kmTargets

Deposits

N

10 km

Area of Interest

Chapada Pit

N

Over 3,000 combinedsquare kilometres

20

EV/EBITDA Comparison

2018 2022

TRADING AT DISCOUNT TO PEERS

12xRoyal Gold

13xWheaton

13xOsisko

17xFranco-Nevada

6xSandstorm

5x

10x

15x

20x

25x

0x

21

Diavik

Don Nicolas

Karma

Altintepe

Chapada

Ming

Sheerness

Bachelor LakeBracemac-McLeod

Black FoxThunder Creek & 144 Gap

MWS

Houndé

Flying Fox

Emigrant

Santa Elena

San Andres

Koricancha

Minera Florida

Gualcamayo

PRODUCINGGlobal Assets

22

Cerro Moro STREAM

20% of silver produced until 7Mozs delivered. 9% silver streamthereafter.

ONGOING PAYMENT

30% of the spot price of silver

OPERATOR

Yamana Gold Inc.

LOCATION

Argentina

STAGE

Development

ASSET UPDATES 1/2

SITE CONSTRUCTION ACTIVITIES PLANNED:

PROJECT IS ON TIME AND ON BUDGET:

2018 Q1 Commissioning

Q2 Production ramp-up

2017 Expenditures:$172 million

2018 Expenditures:$61 million (planned)

23

AurizonaROYALTY

3%–5% NSR(gold price dependent)

OPERATOR

Equinox Gold Corp.

LOCATION

Brazil

STAGE

Development

ASSET UPDATES 2/2

� Open-pit operation expected to produce 136,000 ozs of gold per year on average.

� Mining activities are underway and initial gold pour is targeted for year-end 2018.

� US$5.0 million annual royalty revenue toSandstorm Gold.

DRILLING:

2017 22,000 metres of drilling completed

2018 34,000 metre drill program planned

24

2016

2017FEB MAR APR MAY JUN JUL AUG OCTJAN SEP NOV DEC JAN

US$17 Million

52 royaltiesTeck

US$375,000

8 royaltiesCondor Resources

US$1.2 Million

2 royaltiesErdene

Alto Paraná Royalty$0

US$3.5 Million

5 royaltiesNorilsk Nickel

US$750,000Angilak Royalty

US$175 Million

6 royaltiesMariana Resources US$45 Million

Houndé Royalty

US$375,000

3 royaltiesTower Resources

US$800,000

7 royaltiesPucara Resources

Pembrook10 royalties

US$400,000

Tsodilo Resources3 royalties

US$1.5 Million

FEB MAR APR MAY JUN JUL AUG SEP OCT

RECENT ACQUISITION TIMELINE

NOVDEC

US$152 Million2 Streams + 1 NSR

YamanaOctober 2015

DEC

25

Ca

shC

red

it

2018 2019 2020 2021 2022 2023 Non-Core Investments

$300M

$100M

0

$400M

$500M

$600M

$700M

$200M

Available Capital

FUTURE GROWTH

$32M

$17MDebtInvestments

EquityInvestments

$49M

Au$1,300/oz

Ag$18.00/oz

Cu$3.00/lb

Million$457

Million$626

Million$250

Our goal is to continuebuilding a highlydiversified, world classprecious metals royaltycompany.

Appendix

APRIL 2018

Bachelor Lake Royalty Metanor Resources Canada Producing 1% NSR

Bachelor Lake Stream Metanor Resources Canada Producing 20% Au @ $500/oz

Black Fox Primero Mining Canada Producing 8% Au @ $524/oz

Bracemac-McLeod Glencore Canada Producing 3% NSR

Diavik Rio Tinto/Dominion Diamond Canada Producing 1% GPR

Ming Rambler Metals and Mining Canada Producing 25%–32% Au @ $0/oz

Sheerness Westmoreland Coal Canada Producing 5% GRR

Thunder Creek & 144 Zone Tahoe Resources Canada Producing 1% NSR

Emigrant Newmont Mining USA Producing 1.5% NSR

Santa Elena First Majestic Silver Mexico Producing 20% Au @ $361/oz

San Andres Aura Minerals Honduras Producing 1.5% NSR

Chapada Yamana Gold Brazil Producing 4.2% Cu, 52% of Ag

@ 30% of spot

Koricancha Anthem United Peru Producing 3.5% Au @ $100/oz

Minera Florida Yamana Gold Chile Producing 38% Ag @ 30% of spot

Don Nicolas Compañia Inversora en Minas SA (CIMINAS) Argentina Producing $3/oz Au up to $2M

Gualcamayo Yamana Gold Argentina Producing 1% NSR

Houndé Endeavour Mining Corporation Burkina Faso Producing 2% NSR

Karma Endeavour Mining Burkina Faso Producing 25kozs over 5 yrs, 1.6% thereafter

@ 20% of spot

MWS AngloGold Ashanti South Africa Producing 1% NSR

Altintepe Bahar Madencilik Turkey Producing 1.5% NSR

Forrestania Western Areas Australia Producing 1% GRR

Ajax KGHM Polska Miedz Canada Development 1.5% NSR

North Timmins (Bradshaw) Gowest Gold Canada Development 1% GSR

Copper Mountain Copper Mountain Mining Canada Development 2.5%–5% NSR

Hackett River Glencore Canada Development 2% NSR

HM Claim Kirkland Lake Gold Canada Development 2% NSR

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

STREAMS AND ROYALTIES: Complete List

PROJECT OPERATOR COUNTRY STATUS TERMS

Prairie Creek Canadian Zinc Canada Development 1.2% NSR

Roc d'Or East Extension Integra Gold Canada Development 2% NSR

Mt. Hamilton Waterton Global Resource USA Development 2.4% NSR

Montagne d’Or Nord Gold/Columbus Gold French Guiana Development 1% NSR

Aurizona Trek Mining Brazil Development 3%–5% NSR

Coringa An�eld Gold Brazil Development 2.5% NSR

Lucero Compañia Minera Casapalca Peru Development 1.5% NSR

Lobo-Marte Kinross Gold Chile Development 1.05% NSR

Cerro Moro Yamana Gold Argentina Development 20% Ag @ 30% of spot

Bu�elsfontein Heaven-Sent Capital Management Group South Africa Development 1% NSR

Agi Dagi Alamos Gold Turkey Development US$6M Production Bonus

Kirazli Alamos Gold Turkey Development US$2.5M Production Bonus

Hod Maden Lidya Madencilik/Mariana Resources Turkey Development 2% NSR

Karadere TÜMAD Madencilik Turkey Development 2% NSR

Hugo North Extension Turquoise Hill Resources Mongolia Development 5.62% Au @ $220/oz,

4.26% Ag @ $5/oz and 0.42% Cu @$0.5/lb

Gum Creek (Howards & Orion) Horizon Gold Australia Development A$10/oz

Wiluna (Nova 1& 2) Toro Energy Australia Development 2% NSR

Angilak Kivalliq Energy Canada Adv. Exploration 1% NSR

Ball Creek Evrim Resources Canada Adv. Exploration 2% NSR

Barry Metanor Resources Canada Adv. Exploration 3.9%–4.9% NSR

Blende Blind Creek Resources Canada Adv. Exploration 2% NSR

Cadillac Break Alexandria Minerals Canada Adv. Exploration 1% NSR

Keno Hill Alexco Resources Canada Adv. Exploration 25% NPI

Mel Benz Mining Canada Adv. Exploration 1% NSR

Ruddock Creek Imperial Metals Canada Adv. Exploration 1% NSR

Spectrum Skeena Resources Canada Adv. Exploration 1.65% NSR

West Arena (Gladiator) BonTerra Resources Canada Adv. Exploration 1% NSR

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52



53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

Windfall Osisko Mining Canada Adv. Exploration 0.5%–1% NSR

Ann Mason Mason Resources USA Adv. Exploration 0.4% NSR

Whistler GoldMining USA Adv. Exploration 2% NPI

Cuiu Cuiu Cabral Gold Ltd. Brazil Adv. Exploration 1% NSR

Sao Francisco Aura Minerals Brazil Adv. Exploration 1.5% NSR

Alto Paraná Uranium Energy Paraguay Adv. Exploration 1.5% NSR

Agua Rica Yamana Gold Argentina Adv. Exploration 0.25% NSR

Las Calandrias New Dimension Resources Ltd. Argentina Adv. Exploration 2% NSR

Gcwihaba Tsodilo Resources Botswana Adv. Exploration 1% NSR

Vittangi Talga Resources Sweden Adv. Exploration 1% NSR

Tavsan Ariana Resources Turkey Adv. Exploration 2% NSR

Yusufeli Akdeniz Resources Madencilik A.S. Turkey Adv. Exploration 2% NSR

Altan Nar Erdene Resource Development Mongolia Adv. Exploration 2% NSR

Bayan Khundii Erdene Resource Development Mongolia Adv. Exploration 2% NSR

Heruga Turquoise Hill Resources Mongolia Adv. Exploration 5.62% Au @ $220/oz,

4.26% Ag @ $5/oz and 0.42% Cu @$0.5/lb

Abitibi/Sarah Lake Commander Resources Canada Exploration 1% NSR

Argosy Great Panther Silver Canada Exploration 0.5% NSR

Ba�n Kivalliq Energy Corporation Canada Exploration 1.5%–1.75% NSR

Bermuda Stillwater Mining Canada Exploration 0.5% NSR

Big Bulk LCT Holdings Canada Exploration 1.5% NSR

Box Fortune Bay Canada Exploration 1.5% NSR

Broulan Reef Goldcorp/Premier Gold Mines Canada Exploration 2% NSR

Butter�y Lake North Arrow Minerals Canada Exploration 0.71% GOR

Caramelia Huakan International Canada Exploration 2% NSR

CT Kreft Resources Canada Exploration 0.75% NSR

East My-Ritt Yamana Gold Canada Exploration 0.5% NSR

Eureka Paci�c Ridge Exploration Canada Exploration 1% NSR



80

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95

96

97

98

99

100

101

102

103

104

105

106

107

Fairchild Lake/Wernecke Newmont Mining Canada Exploration 0.8% NSR

Fly Lake Rubicon Minerals Canada Exploration 1.5% NSR

Fostung Duke Mountain Resources Canada Exploration 1% NSR

Gold Cap Paci�c Ridge Exploration Canada Exploration 1% NSR

Hart Northern Sun Mining Canada Exploration 1% NSR

Hudson-Patricia Rubicon Minerals Canada Exploration 1.5% NSR

Iron Horse Sokoman Iron Canada Exploration 1% NSR

Justin/Hit Aben Resources Canada Exploration 2% NSR

KM61 Stockport Exploration Canada Exploration 0.25% NSR

Lac Manitou Canadian International Minerals Canada Exploration 1% NSR

Little Gem Blackstone Minerals Limited Canada Exploration 1% NSR

Lorrain Canadian Silver Hunter Canada Exploration 2% NSR

Mainstreet Beau�eld Resources Canada Exploration 1.2% NSR

More Creek Tower Resources Canada Exploration 2% NSR

Nechako Tower Resources Canada Exploration 2% NSR

New Afton New Gold Canada Exploration 2% NSR

Newman-Madsen Pure Gold Mining Canada Exploration 0.5% NSR

Pickle Crow First Mining Finance Canada Exploration 0.5% NSR

Rabbit North Tower Resources Canada Exploration 2% NSR

Rossland Rossland Resources Canada Exploration 1%–2% NSR

Schaft Creek North Teck Resources/Copper Fox Metals Canada Exploration 2% NSR

Seymour Lake Stockport Exploration Canada Exploration 1.5% NSR

Skinner Sabina Gold & Silver Canada Exploration 7% NPI

Slate Lake Rubicon Minerals Canada Exploration 1.5% NSR

Summit Lake Rainy Mountain Royalty Canada Exploration 1.9% NSR

Tami Colorado Resources Canada Exploration 2% NSR

Ten Mile Creek Bernie Kreft Canada Exploration 1.5% NSR

Tsacha (Tommy Vein) Independence Gold Canada Exploration 2% NSR



108

109

110

111

112

113

114

115

116

117

118

119

120

121

122

123

124

125

126

127

128

129

130

131

132

133

134

135

Waconichi Northern Superior Resources Canada Exploration 1% NSR

Wrigley Devonian Metals Canada Exploration 2% NSR

Ashby Alianza Minerals USA Exploration 1% NSR

Aurora Carlin Resources USA Exploration 2% NSR

Bellview Alianza Minerals USA Exploration 0.5% NSR

Big W Barrick Gold US USA Exploration 3% NSR

Cabin Creek McEwen Mining USA Exploration 10% NPI

Cherry Creek McEwen Mining USA Exploration 1.5% GOR

East Walker Alianza Minerals USA Exploration 1% NSR

Gordon Creek Gordon Creek Energy USA Exploration 10% GOR

Horsethief Alianza Minerals USA Exploration 1% NSR

Lichen Silver Phoenix Resources USA Exploration 2% NSR

Magmont Doe Run Resources USA Exploration 1.25% NSR

Rain Premier Gold Mines/Newmont Mining USA Exploration 1.5% NSR

Red Ridge McEwen Mining USA Exploration 3% NSR

RF #1-8 (Railroad) Gold Standard Ventures USA Exploration 3% NSR

Shotgun TNR Gold USA Exploration 5% NPI

Van Stone Equinox Resources (Wash) USA Exploration 1.5% NSR

Bacanora (Los Verdes) Minera Alamos Mexico Exploration 2% NSR

Cerro Prieto Goldgroup Mining Mexico Exploration 2% NSR

El Placer Goldplay Exploration Ltd. Mexico Exploration 1% NSR

La Union Millrock Resources Mexico Exploration 1.0%–1.5% NSR

Llano del Nogal Millrock Resources Mexico Exploration 1.0%–1.5% NSR

Los Chivos Millrock Resources Mexico Exploration 1.0%–1.5% NSR

Los Cuarentas Millrock Resources / Centerra Gold Mexico Exploration 1.0%–1.5% NSR

Ramard Millrock Resources Mexico Exploration 1.0%–1.5% NSR

San Javier Millrock Resources Mexico Exploration 1.0%–1.5% NSR

Vila Union Goldplay Exploration Ltd. Mexico Exploration 1% NSR



Violeta Millrock Resources Mexico Exploration 1.0%–1.5% NSR

Yauco Goldplay Exploration Ltd. Mexico Exploration 1% NSR

Cacamuya/Camporo First Point Minerals Honduras Exploration 0.4%–1.2% NSR

Ampari Mineracao Amapari Brazil Exploration 3% NSR

Aurizona Green�elds AngloGold Ashanti/Trek Mining Brazil Exploration 2% NSR

Rio Novo North/South Rio Minas Mineracao Brazil Exploration 0.75% NSR

Sao Vicente Aura Minerals Brazil Exploration 1.5% NSR

Serra Pelada Colossus Minerals Brazil Exploration 2% NSR

Azucena Pucara Resources Corp. Peru Exploration 1% NSR

Capricho Pucara Resources Corp. Peru Exploration 1% NSR

Chavin Compañia Minera Casapalca Peru Exploration 1.5% NSR

Gatita Compania Menera Potosi Peru Exploration 1% NSR

Huajoto Alturas Minerals Peru Exploration 0.5%-1% NSR

Huiñac Punta Condor Resources Peru Exploration 0.5% NSR

Huiniccasa Volcan Compañía Minera Peru Exploration 1.25% NSR

Humaya Condor Resources Peru Exploration 0.5% NSR

Lourdes Pucara Resources Corp. Peru Exploration 1% NSR

Mario Fortuna Silver Mines Peru Exploration 2% NSR

Pacaska Pucara Resources Corp. Peru Exploration 1% NSR

Paco Orco Pucara Resources Corp. Peru Exploration 1% NSR

Pucamayo Condor Resources Peru Exploration 0.5% NSR

Pucapaca Pucara Resources Corp. Peru Exploration 1% NSR

Quilisane Condor Resources Peru Exploration 0.5% NSR

Quirurqu Condor Resources Peru Exploration 0.5% NSR

San Martin Condor Resources Peru Exploration 0.5% NSR

Santo Tomás Pucara Resources Corp. Peru Exploration 1% NSR

Celeste Coro Mining Chile Exploration 3% NSR

Los Cisnes New Dimension Resources Ltd. Argentina Exploration 2% NSR

136

137

138

139

140

141

142

143

144

145

146

147

148

149

150

151

152

153

154

155

156

157

158

159

160

161

162

163



Sierra Blanca New Dimension Resources Ltd. Argentina Exploration 2% NSR

Abengourou Awalé Resources Limited Cote d'Ivoire Exploration 2% NSR

Bondoukou Awalé Resources Limited Cote d'Ivoire Exploration 2% NSR

Odienné Awalé Resources Limited Cote d'Ivoire Exploration 2% NSR

Akorade Castle Peak Mining Ghana Exploration 1% NSR

Bosoto PL217 Tsodilo Resources Ltd. Botswana Exploration 1% NSR

Idada Tsodilo Resources Ltd. South Africa Exploration 1% NSR

Kiskama Talga Resources Sweden Exploration 1% NSR

Masugnsbyn Talga Resources Sweden Exploration 1% NSR

Ergama Mariana Resources Turkey Exploration 2% NSR

Hasandagi Newmont Altin Madencilik Turkey Exploration 2% NSR

Karaağaç Stratex International /Anadolu Export Turkey Exploration 1.5% NSR

Maden Sanayi ve Ticaret Limited Şirketi

Muratdagi Kenz Enerji ve Madencilik Turkey Exploration 2% NSR

Tombul Elazig Baskil Madencilik Turkey Exploration 2% NSR

Bungalbin Mineral Resources Australia Exploration 3.5% NSR

Leinster Shine Resources Pty Ltd. Australia Exploration 2.5% NSR

164

165

166

167

168

169

170

171

172

173

174

175

176

177

178

179



fortune favours the gold · 2 except for the statements of historical fact contained herein, the...

Documents