On June 9, 2023, Sandstorm Gold Ltd. announced and closed an at-the-market (ATM) equity offering of common shares, raising up to USD $150 million (approximately CAD $200.37 million). Shares were sold through BMO Nesbitt Burns Inc., Scotia Capital Inc., National Bank Financial Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Raymond James Ltd., BMO Capital Markets Corp., Scotia Capital (USA) Inc., National Bank of Canada Financial Inc., and H.C. Wainwright & Co., LLC.

Proceeds were intended for gold stream and royalty acquisitions, debt repayment, and general corporate purposes. Agents earned a commission of up to 2% of gross proceeds. Sandstorm was advised by Cassels Brock & Blackwell LLP (Canada) and Neal, Gerber & Eisenberg LLP (U.S.), while the agents were represented by Blake, Cassels & Graydon LLP (Canada) and Dorsey & Whitney LLP (U.S.). Total offering expenses, excluding commissions, were estimated at USD $1 million (approximately CAD $1.34 million).