Group 1: Sandstorm Gold Ltd. Developments - Sandstorm Gold Ltd. is pleased to announce various developments and exploration highlights within its diversified stream and royalty portfolio [1] - The company holds a gold stream on the Santa Elena mine, allowing it to purchase 20% of the gold produced at Santa Elena for ongoing cash payments of $487 per ounce of gold [5] Group 2: First Majestic Silver Corp. Discoveries - First Majestic Silver Corp. has identified a significant gold-silver discovery on its Santa Elena property, specifically the Santo Niño vein, which has been traced over one kilometre along strike and 400 metres down-dip [2] - Exploration results from 14 drill intercepts at Santo Niño have returned significant gold and silver grades, with notable results including hole SE-25-15 intersecting 1.91 metres grading 8.38 g/t gold and 248 g/t silver [3] - The Santo Niño discovery complements ongoing success at the Navidad deposit, reinforcing Santa Elena's status as a prolific, district-scale system with substantial upside [4] Group 3: Lundin Gold Ltd. Drilling Program - Lundin Gold Ltd. has expanded its 2025 drilling program at the Fruta del Norte mine to at least 108,000 metres, marking the largest annual drill program ever completed on the land package [6] - High-grade intercepts from the conversion program at FDN South have confirmed the deposit's continuity and identified additional mineralized zones [7] - Sandstorm holds a 0.9% net smelter returns royalty on the precious metals produced at Fruta del Norte [11] Group 4: Entrée Resources Ltd. Drilling Results - Entrée Resources Ltd. has released additional analytical results from drilling on the Hugo North Extension at the Oyu Tolgoi mine, with highlights including a surface hole grading 2.30% copper and 1.45 g/t gold [12][13] - Sandstorm has a copper and precious metal stream with Entrée, allowing it to purchase 0.33% of the copper and 4.47% of the gold and silver produced at the HNE [15] Group 5: Awalé Resources Ltd. Drilling Campaign - Awalé Resources Ltd. is executing an 18,000-metre drill campaign at the Odienné project, with results confirming a broad gold-copper system extending over 1 kilometre of strike at the BBM Zone [19][20] - Sandstorm holds a 2.0% NSR royalty on the Odienné project [23] Group 6: Omai Gold Mines Corp. Drilling Results - Omai Gold Mines Corp. has completed 15,639 metres of drilling in 2025, surpassing the planned 15,000 metres, with results extending the known limits of gold mineralization at Wenot [24] - Sandstorm holds a 1.0% NSR royalty on the Omai gold mine [30] Group 7: Troilus Gold Corp. Drill Campaign - Troilus Gold Corp. released results from its 2025 drill campaign focused on identifying higher-grade mineralization within the Troilus project [31] - Sandstorm holds a 1.0% NSR royalty on the Troilus project [32]

Core Viewpoint - Osisko Development Corp. announced positive results from the optimized Feasibility Study for the Cariboo Gold Project, confirming strong economics for a low-impact underground operation with favorable operating costs and capital requirements [2][3]. Project Overview - The Cariboo Gold Project is a 100%-owned, permitted gold project located in central British Columbia, Canada, designed as a traditional underground operation using mechanized bulk mining methods [2][5]. - The 2025 Feasibility Study (FS) was completed by BBA Engineering Ltd. and adheres to National Instrument 43-101 standards [2]. Economic Metrics - The base case gold price is set at $2,400/oz, with a net present value (NPV) of $943 million and an internal rate of return (IRR) of 22.1% [5][6]. - Under a spot case scenario with a gold price of $3,300/oz, the NPV increases to $2,066 million, and the IRR rises to 38.0% [5][6]. - Average annual free cash flow is projected at $158 million, with $296 million in the first five years [6][9]. Production and Costs - The project anticipates an average annual production of approximately 190,000 ounces of gold over a 10-year mine life, with first gold expected in the second half of 2027 [6][34]. - The average all-in sustaining costs (AISC) are estimated at $1,157/oz, placing the project in the lower half of the global cost curve for gold mines [6][9]. Improvements from Previous Studies - The 2025 FS incorporates significant improvements over the 2023 FS, including a streamlined processing facility and enhanced metallurgical recovery, resulting in an overall gold recovery of 92.6% [6][7][50]. - The average stope size has increased by approximately 60%, reducing the total number of stopes required [11][38]. Capital Expenditures - Initial capital costs are estimated at $881 million, with sustaining capital costs over the life of the mine projected at $525 million [6][69]. - Total cumulative capital costs, including reclamation and closure costs, are estimated at $1,307 million [69]. Permitting and Community Engagement - The project has received necessary permits, including the Environmental Assessment Certificate and Mines Act permits, solidifying its shovel-ready status [72][73]. - The company is committed to engaging with Indigenous nations and local communities to ensure mutual benefits from the project [73][76]. Future Opportunities - There are significant opportunities for further optimization and enhancement of the project's economics, which will be detailed in the forthcoming Technical Report [77][78].

Financial Performance - The company's Q1 2025 realized gold price was $2,891 per ounce, compared to $2,062 per ounce in Q1 2024[21] - Adjusted EBITDA increased to $1590 million in Q1 2025 from $929 million in Q1 2024[21] - Net debt was reduced to $5 million at the end of Q1 2025[17, 29, 34] - The company returned approximately $251 million directly to shareholders in Q1 2025[17] - Free cash flow was $594 million in Q1 2025, compared to $396 million in Q1 2024[21] Operational Highlights - Gold production in Q1 2025 was 874 koz, slightly lower than the 879 koz produced in Q1 2024[15, 21] - Total cash costs were $903 per ounce in Q1 2025, compared to $901 per ounce in Q1 2024[21] - All-in sustaining costs (AISC) were $1,183 per ounce in Q1 2025, compared to $1,190 per ounce in Q1 2024[21] - The company is well-positioned to achieve its 2025 gold production guidance of 3300 koz to 3500 koz[15] Sustainability - The company's global GHG intensity is under the industry average at 038t CO2e/oz[19] - Approximately $11 million was donated and sponsored to local organizations, and approximately $19 billion was spent on local goods and services, of which approximately $1 billion went to Indigenous businesses[20]