Royalty North Partners Ltd. announced that it has entered into a letter of intent with Sandstorm Gold Ltd. dated February 17, 2022, whereby RNP will acquire certain copper-gold assets from Sandstorm, repositioning RNP as a high-growth copper mining company. The assets acquired by RNP include a 30% equity interest in the Hod Maden copper-gold project and approximately 49.7 million shares in Entrée Resources Ltd. The transaction will constitute a "Reverse Takeover" transaction for Royalty North under the policies of the TSX Venture Exchange. Upon completion of the Transaction, RNP plans to change its name to "Horizon Copper Corp" or such other name as may be determined.

Any following references to the "Resulting Issuer" or "Horizon Copper" are to RNP after the closing of the RTO. All financial references in this news release are expressed in US dollars unless otherwise indicated. TRANSACTION TERMS & DETAILS: Under the terms of the LOI, RNP will acquire Sandstorm's 30% stake in the Hod Maden project and common shares of Entrée representing an approximate 25% equity stake in ETG.

Sandstorm will also contribute $10 million in cash to RNP as part of the Transaction which, together with the concurrent financing noted below, is expected to provide the Resulting Issuer with a cash balance of more than $30 million upon closing of the RTO. In consideration for the Transaction, RNP will: enter into a $200 million gold stream with Sandstorm on the Hod Maden project; issue between 23,716,551 and 28,908,951 common shares to Sandstorm, which will correspond to an approximate 34% equity interest in the Resulting Issuer2, and which amount is dependent on the size of the concurrent Financing described; and provide Sandstorm a debenture with a principal amount of $95 million. Full terms of the consideration to be paid to Sandstorm, as contemplated in the LOI, are outlined below.

A subsequent news release containing the definitive terms of the consideration payable under the Transaction will follow once such terms are finalized.