$57 Million $37 Million Units Co-Lead Manager Oct. 2010 & 2009 36.2% 15.0% 7.8% 5.4% 5.1% 30.4% $0.00 $4.00 $8.00 $12.00 $16.00 Jan-10 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Share Price (C$) Sandstorm Gold - Share Price Sandstorm Gold - Cormark Target Price Supporting Our Clients – Sandstorm Case Study Sales & Trading Financing Leadership Research Coverage •Cormarkwasthe2 nd dealer to initiate research coverage on Sandstorm Gold in April 2010 with a ‘Buy’ rating and $5.25 target price • Cormark has provided research coverage of Sandstorm Metals & Energy since its spin-out from Sandstorm Gold in April 2011 • Cormark has been the lead or co-lead underwriter for all of Sandstorm Gold and Sandstorm Metals & Energy’s financings since October 2009, for tota

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