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[DEFA14A] Royal Gold Inc Additional Proxy Soliciting Materials

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DEFA14A
Rhea-AI Filing Summary

Royal Gold, Inc. (Nasdaq: RGLD) has signed definitive arrangement agreements to acquire Sandstorm Gold Ltd. and Horizon Copper Corp., creating one of the largest North-American precious-metal streaming and royalty companies. The combined transactions (the 鈥淭ransactions鈥�) comprise:

  • Sandstorm Gold: all-stock deal valuing Sandstorm at 鈮� US$3.5 billion; exchange ratio of 0.0625 RGLD share for each Sandstorm share, representing a 21% premium to the 20-day VWAP and 17% to the 3 July 2025 NYSE close.
  • Horizon Copper: all-cash offer of C$2.00 per share (鈮� US$196 million equity value), an 85% premium to the 20-day VWAP and 72% to the 4 July 2025 TSX-V close.

Strategic rationale

  • Adds 40 producing assets, lifting 2025 guidance by ~26% to an incremental 65鈥�80 k GEOs; pro-forma revenue mix estimated at 87% precious metals (75% gold).
  • Creates a highly diversified portfolio of 80 cash-flowing and 47 development assets, with no single asset >13% of NAV.
  • Strengthens balance sheet and liquidity; management expects low leverage post-close, enabling further accretive growth.
  • Provides immediate NAV accretion to RGLD shareholders and increases size/liquidity for Sandstorm investors; Horizon holders receive a substantial cash exit.

Structure & timing

  • Both deals executed via court-approved plans of arrangement in British Columbia.
  • Closing conditions: shareholder approvals (RGLD majority; Sandstorm 66 鈪�% plus disinterested majority; Horizon 66 鈪�% plus disinterested majority), B.C. Supreme Court approval, regulatory clearances, Sandstorm/Horizon cross-condition which each buyer may waive.
  • Targeted closing: Q4-2025; RGLD will issue 鈮�19 million new shares (鈮�23% of pro-forma fully diluted shares).

Key assets added: Mount Milligan, Pueblo Viejo, Cortez, Andacollo, Khoemacau, Wassa (producing); MARA, Hod Maden, Platreef (development). The combined portfolio will total 393 streams/royalties.

Governance & next steps: Boards and independent special committees of all three companies unanimously recommend that shareholders vote in favour. Proxy materials will be filed with the SEC and SEDAR+. A joint conference call is scheduled for 7 July 2025 at 10:00 a.m. ET.

Forward-looking statements highlight customary risks, including approvals, integration, commodity prices, and operator performance.

Royal Gold, Inc. (Nasdaq: RGLD) ha firmato accordi definitivi per acquisire Sandstorm Gold Ltd. e Horizon Copper Corp., dando vita a una delle pi霉 grandi societ脿 nordamericane di streaming e royalty sui metalli preziosi. Le operazioni combinate (le 鈥淥perazioni鈥�) comprendono:

  • Sandstorm Gold: accordo interamente in azioni che valuta Sandstorm circa 3,5 miliardi di dollari USA; rapporto di cambio di 0,0625 azioni RGLD per ogni azione Sandstorm, rappresentando un premio del 21% rispetto alla media ponderata degli ultimi 20 giorni e del 17% rispetto alla chiusura del 3 luglio 2025 alla NYSE.
  • Horizon Copper: offerta in contanti di 2,00 dollari canadesi per azione (circa 196 milioni di dollari USA di valore azionario), con un premio dell'85% rispetto alla media ponderata degli ultimi 20 giorni e del 72% rispetto alla chiusura del 4 luglio 2025 alla TSX-V.

Razionale strategico

  • Aggiunge 40 asset produttivi, aumentando la guida per il 2025 di circa il 26% a un incremento di 65鈥�80 mila GEO; mix di ricavi pro-forma stimato all鈥�87% metalli preziosi (75% oro).
  • Crea un portafoglio altamente diversificato con 80 flussi di cassa e 47 asset in sviluppo, senza alcun singolo asset superiore al 13% del NAV.
  • Rafforza il bilancio e la liquidit脿; la direzione prevede una leva finanziaria bassa dopo la chiusura, permettendo ulteriori crescite accretive.
  • Fornisce un aumento immediato del NAV per gli azionisti RGLD e accresce dimensioni e liquidit脿 per gli investitori Sandstorm; i detentori Horizon ricevono un鈥檜scita in contanti sostanziale.

Struttura e tempistiche

  • Entrambi gli accordi saranno eseguiti tramite piani di riorganizzazione approvati dal tribunale della British Columbia.
  • Condizioni di chiusura: approvazioni degli azionisti (maggioranza RGLD; 66 鈪�% pi霉 maggioranza indipendente per Sandstorm e Horizon), approvazione della Corte Suprema della BC, autorizzazioni regolamentari, condizione incrociata Sandstorm/Horizon che ciascun acquirente pu貌 rinunciare.
  • Chiusura prevista: quarto trimestre 2025; RGLD emetter脿 circa 19 milioni di nuove azioni (circa il 23% delle azioni pro-forma totalmente diluite).

Principali asset acquisiti: Mount Milligan, Pueblo Viejo, Cortez, Andacollo, Khoemacau, Wassa (in produzione); MARA, Hod Maden, Platreef (in sviluppo). Il portafoglio combinato conter脿 393 flussi/royalties.

Governance e prossimi passi: i consigli di amministrazione e i comitati speciali indipendenti delle tre societ脿 raccomandano all鈥檜nanimit脿 agli azionisti di votare a favore. I materiali per la delega saranno depositati presso SEC e SEDAR+. 脠 prevista una conference call congiunta il 7 luglio 2025 alle 10:00 ET.

Le dichiarazioni previsionali evidenziano rischi consueti, tra cui approvazioni, integrazione, prezzi delle materie prime e performance degli operatori.

Royal Gold, Inc. (Nasdaq: RGLD) ha firmado acuerdos definitivos para adquirir Sandstorm Gold Ltd. y Horizon Copper Corp., creando una de las mayores compa帽铆as norteamericanas de streaming y regal铆as en metales preciosos. Las transacciones combinadas (las 鈥淭ransacciones鈥�) comprenden:

  • Sandstorm Gold: acuerdo totalmente en acciones valorando Sandstorm en aproximadamente 3,5 mil millones de d贸lares estadounidenses; ratio de intercambio de 0,0625 acciones RGLD por cada acci贸n de Sandstorm, representando una prima del 21% sobre el VWAP de 20 d铆as y del 17% sobre el cierre del 3 de julio de 2025 en NYSE.
  • Horizon Copper: oferta en efectivo de 2,00 d贸lares canadienses por acci贸n (aproximadamente 196 millones de d贸lares estadounidenses de valor patrimonial), una prima del 85% sobre el VWAP de 20 d铆as y del 72% sobre el cierre del 4 de julio de 2025 en TSX-V.

Razonamiento estrat茅gico

  • Agrega 40 activos en producci贸n, elevando la gu铆a para 2025 en aproximadamente un 26% a un incremento de 65鈥�80 mil GEO; mezcla de ingresos pro forma estimada en 87% metales preciosos (75% oro).
  • Crea una cartera altamente diversificada con 80 flujos de caja y 47 activos en desarrollo, sin que ning煤n activo individual supere el 13% del NAV.
  • Fortalece el balance y la liquidez; la direcci贸n espera un bajo apalancamiento tras el cierre, permitiendo un crecimiento adicional y accretivo.
  • Proporciona una inmediata apreciaci贸n del NAV para los accionistas de RGLD y aumenta tama帽o/liquidez para los inversores de Sandstorm; los tenedores de Horizon reciben una salida significativa en efectivo.

Estructura y tiempos

  • Ambos acuerdos se ejecutar谩n mediante planes de arreglo aprobados por la corte en Columbia Brit谩nica.
  • Condiciones de cierre: aprobaciones de accionistas (mayor铆a de RGLD; 66 鈪�% m谩s mayor铆a independiente para Sandstorm y Horizon), aprobaci贸n de la Corte Suprema de BC, autorizaciones regulatorias, condici贸n cruzada Sandstorm/Horizon que cada comprador puede renunciar.
  • Cierre previsto: cuarto trimestre de 2025; RGLD emitir谩 aproximadamente 19 millones de nuevas acciones (aproximadamente 23% de las acciones totalmente diluidas pro forma).

Principales activos a帽adidos: Mount Milligan, Pueblo Viejo, Cortez, Andacollo, Khoemacau, Wassa (en producci贸n); MARA, Hod Maden, Platreef (en desarrollo). La cartera combinada totalizar谩 393 streams/regal铆as.

Gobernanza y pr贸ximos pasos: Los consejos y comit茅s especiales independientes de las tres compa帽铆as recomiendan por unanimidad que los accionistas voten a favor. Los materiales de poder ser谩n presentados ante la SEC y SEDAR+. Est谩 programada una llamada conjunta para el 7 de julio de 2025 a las 10:00 a.m. ET.

Las declaraciones prospectivas resaltan riesgos habituales, incluyendo aprobaciones, integraci贸n, precios de materias primas y desempe帽o del operador.

Royal Gold, Inc. (雮橃姢雼�: RGLD)電� Sandstorm Gold Ltd.鞕� Horizon Copper Corp.毳� 鞚胳垬頃橁赴 鞙勴暅 斓滌 頃╇硲 瓿勳暯鞚� 觳搓舶頃橃棳 攵侂 斓滊寑 攴滊鞚� 攴�旮堨啀 鞀ろ姼毽皪 氚� 搿滌棿韹� 須岇偓 欷� 頃橂倶毳� 靹る頃╇媹雼�. 瓴绊暕 瓯半灅(鈥滉卑霝樷��)電� 雼れ潓瓿� 臧欖姷雼堧嫟:

  • Sandstorm Gold: 鞎� 35鞏� 雼煬(USD) 臧�旃橃潣 鞝勳暋 欤检嫕 瓯半灅; Sandstorm 欤检嫕 1欤茧嫻 0.0625 RGLD 欤检嫕 甑愴櫂 牍勳湪搿�, 20鞚� VWAP 雽�牍� 21%, 2025雲� 7鞗� 3鞚� NYSE 膦呹皜 雽�牍� 17% 頂勲Μ氙胳梽鞚� 雮橅儉雰�.
  • Horizon Copper: 欤茧嫻 2.00 旌愲倶雼� 雼煬(鞎� 1鞏� 9600毵� 雼煬 USD) 順勱笀 鞝滌晥, 20鞚� VWAP 雽�牍� 85%, 2025雲� 7鞗� 4鞚� TSX-V 膦呹皜 雽�牍� 72% 頂勲Μ氙胳梽.

鞝勲灥鞝� 攴缄卑

  • 靸濎偘 鞛愳偘 40臧� 於旉皜搿� 2025雲� 臧�鞚措崢鞀るゼ 鞎� 26% 靸來枼 臁办爼頃橃棳 65鈥�80觳� GEO 於旉皜 靸濎偘霟� 旮半寑; 頂勲韽 毵れ稖 甑劚鞚� 攴�旮堨啀 87%(旮� 75%)搿� 於旍爼.
  • 瓿犽弰搿� 雼れ枒頇旊悳 80臧� 順勱笀 頋愲 鞛愳偘 氚� 47臧� 臧滊皽 鞛愳偘 韽姼韽措Μ鞓� 甑稌, 雼澕 鞛愳偘鞚� NAV鞚� 13% 齑堦臣頃橃 鞎婌潓.
  • 鞛 靸來儨 氚� 鞙犽彊靹� 臧曧檾; 瓴届榿歆勳潃 瓯半灅 鞕勲 頉� 雮潃 攵�毂勲箘鞙潉 鞓堨儊頃橂┌, 於旉皜 靹膘灔 臧�電レ劚鞚� 鞐挫柎霊�.
  • RGLD 欤检＜鞐愱矊 歃夑皝鞝侅澑 NAV 歃濌皜毳� 鞝滉车頃橁碃 Sandstorm 韴瀽鞛愳棎瓴� 攴滊 氚� 鞙犽彊靹� 歃濌皜; Horizon 欤检＜電� 靸侂嫻頃� 順勱笀 須岇垬毳� 氚涭潓.

甑“ 氚� 鞚检爼

  • 霊� 瓯半灅 氇憪 敫岆Μ韹办嫓旎熂牍勳晞 氩曥洂鞚� 鞀轨澑霅� 頃╇硲 瓿勴殟鞚� 韱淀暣 歆勴枆.
  • 膦呹舶 臁瓣贝: 欤检＜ 鞀轨澑(RGLD 瓿茧皹靾�; Sandstorm 氚� Horizon鞚� 66鈪�% 鞚挫儊 氚� 氍搓磤 雼れ垬 彀劚), BC 雽�氩曥洂 鞀轨澑, 攴滌牅 鞀轨澑, Sandstorm/Horizon 靸來樃 臁瓣贝(臧� 毵れ垬鞛愱皜 韽赴 臧�電�).
  • 鞓堨爼 膦呹舶 鞁滉赴: 2025雲� 4攵勱赴; RGLD電� 鞎� 1,900毵� 欤� 鞁犼窚 氚滍枆(頂勲韽 鞕勳爠 頋劃 欤检嫕鞚� 鞎� 23%).

欤检殧 鞛愳偘 於旉皜: Mount Milligan, Pueblo Viejo, Cortez, Andacollo, Khoemacau, Wassa(靸濎偘 欷�); MARA, Hod Maden, Platreef(臧滊皽 欷�). 瓴绊暕 韽姼韽措Μ鞓る姅 齑� 393臧� 鞀ろ姼毽�/搿滌棿韹� 韽暔.

瓯半矂雱岇姢 氚� 頄ロ泟 鞚检爼: 靹� 須岇偓鞚� 鞚挫偓須� 氚� 霃呺 韸闺硠 鞙勳洂須岆姅 欤检＜霌れ澊 彀劚 韴憸頃� 瓴冹潉 毵岇灔鞚检箻搿� 甓岅碃. 鞙勳瀯鞛� 鞛愲電� SEC 氚� SEDAR+鞐� 鞝滌稖 鞓堨爼. 2025雲� 7鞗� 7鞚� 鞓れ爠 10鞁�(霃欕秬鞁滉皠)鞐� 瓿惦彊 旎嵓霟办姢 旖� 鞓堨爼.

鞝勲 歆勳垹鞐愲姅 鞀轨澑, 韱淀暕, 鞗愳瀽鞛� 臧�瓴� 氚� 鞖挫榿鞛� 靹标臣 霌� 鞚茧皹鞝侅澑 鞙勴棙鞚� 韽暔霅橃柎 鞛堨姷雼堧嫟.

Royal Gold, Inc. (Nasdaq : RGLD) a sign茅 des accords d茅finitifs pour acqu茅rir Sandstorm Gold Ltd. et Horizon Copper Corp., cr茅ant ainsi l'une des plus grandes soci茅t茅s nord-am茅ricaines de streaming et de redevances sur m茅taux pr茅cieux. Les transactions combin茅es (les 芦 Transactions 禄) comprennent :

  • Sandstorm Gold : transaction enti猫rement en actions valorisant Sandstorm 脿 environ 3,5 milliards de dollars US ; ratio d鈥櫭ヽhange de 0,0625 action RGLD pour chaque action Sandstorm, repr茅sentant une prime de 21 % par rapport au VWAP sur 20 jours et de 17 % par rapport 脿 la cl么ture du 3 juillet 2025 脿 la NYSE.
  • Horizon Copper : offre en num茅raire de 2,00 dollars canadiens par action (valeur des capitaux propres d鈥檈nviron 196 millions de dollars US), soit une prime de 85 % par rapport au VWAP sur 20 jours et de 72 % par rapport 脿 la cl么ture du 4 juillet 2025 脿 la TSX-V.

Justification strat茅gique

  • Ajoute 40 actifs en production, augmentant les pr茅visions 2025 d鈥檈nviron 26 % pour atteindre 65鈥�80 k GEO suppl茅mentaires ; la r茅partition pro forma des revenus est estim茅e 脿 87 % de m茅taux pr茅cieux (75 % d鈥檕r).
  • Cr茅e un portefeuille hautement diversifi茅 de 80 actifs g茅n茅rateurs de flux de tr茅sorerie et 47 actifs en d茅veloppement, aucun actif unique ne repr茅sentant plus de 13 % de la valeur nette d鈥檌nventaire (VNI).
  • Renforce le bilan et la liquidit茅 ; la direction pr茅voit un faible endettement apr猫s la cl么ture, permettant une croissance suppl茅mentaire cr茅atrice de valeur.
  • Offre une augmentation imm茅diate de la VNI aux actionnaires de RGLD et accro卯t la taille et la liquidit茅 pour les investisseurs de Sandstorm ; les d茅tenteurs d鈥橦orizon b茅n茅ficient d鈥檜ne sortie en num茅raire substantielle.

Structure et calendrier

  • Les deux op茅rations seront r茅alis茅es via des plans d鈥檃rrangement approuv茅s par la cour en Colombie-Britannique.
  • Conditions de cl么ture : approbations des actionnaires (majorit茅 RGLD ; 66 鈪� % plus majorit茅 ind茅pendante pour Sandstorm et Horizon), approbation de la Cour supr锚me de la Colombie-Britannique, autorisations r茅glementaires, condition crois茅e Sandstorm/Horizon que chaque acqu茅reur peut lever.
  • Cl么ture pr茅vue : 4e trimestre 2025 ; RGLD 茅mettra environ 19 millions de nouvelles actions (environ 23 % des actions totalement dilu茅es pro forma).

Principaux actifs acquis : Mount Milligan, Pueblo Viejo, Cortez, Andacollo, Khoemacau, Wassa (en production) ; MARA, Hod Maden, Platreef (en d茅veloppement). Le portefeuille combin茅 comptera 393 streams/redevances.

Gouvernance et prochaines 茅tapes : Les conseils d鈥檃dministration et comit茅s sp茅ciaux ind茅pendants des trois soci茅t茅s recommandent 脿 l鈥檜nanimit茅 aux actionnaires de voter en faveur. Les documents de procuration seront d茅pos茅s aupr猫s de la SEC et de SEDAR+. Une conf茅rence t茅l茅phonique conjointe est pr茅vue le 7 juillet 2025 脿 10h00 ET.

Les d茅clarations prospectives soulignent les risques habituels, notamment les approbations, l鈥檌nt茅gration, les prix des mati猫res premi猫res et la performance des op茅rateurs.

Royal Gold, Inc. (Nasdaq: RGLD) hat endg眉ltige Vereinbarungen zur 脺bernahme von Sandstorm Gold Ltd. und Horizon Copper Corp. unterzeichnet und schafft damit eines der gr枚脽ten nordamerikanischen Streaming- und Lizenzunternehmen f眉r Edelmetalle. Die kombinierten Transaktionen (die 鈥濼ransaktionen鈥�) umfassen:

  • Sandstorm Gold: rein aktienbasierter Deal mit einer Bewertung von ca. 3,5 Mrd. USD; Umtauschverh盲ltnis von 0,0625 RGLD-Aktien f眉r jede Sandstorm-Aktie, was eine Pr盲mie von 21 % gegen眉ber dem 20-Tage-VWAP und 17 % gegen眉ber dem Schlusskurs vom 3. Juli 2025 an der NYSE darstellt.
  • Horizon Copper: Barangebot von 2,00 CAD pro Aktie (ca. 196 Mio. USD Eigenkapitalwert), eine Pr盲mie von 85 % gegen眉ber dem 20-Tage-VWAP und 72 % gegen眉ber dem Schlusskurs vom 4. Juli 2025 an der TSX-V.

Strategische Begr眉ndung

  • F眉gt 40 produzierende Verm枚genswerte hinzu und hebt die Prognose f眉r 2025 um ca. 26 % auf eine zus盲tzliche Menge von 65鈥�80 Tsd. GEO an; die pro-forma-Umsatzmischung wird auf 87 % Edelmetalle (75 % Gold) gesch盲tzt.
  • Schafft ein hoch diversifiziertes Portfolio von 80 Cashflow-erzeugenden und 47 Entwicklungsobjekten, wobei kein einzelner Verm枚genswert mehr als 13 % des NAV ausmacht.
  • St盲rkt die Bilanz und Liquidit盲t; das Management erwartet nach Abschluss eine niedrige Verschuldung, was weiteres wachstumsf枚rderndes Wachstum erm枚glicht.
  • Bietet den RGLD-Aktion盲ren sofortige NAV-Steigerungen und erh枚ht die Gr枚脽e/Liquidit盲t f眉r Sandstorm-Investoren; Horizon-Anleger erhalten einen erheblichen Barausstieg.

Struktur & Zeitplan

  • Beide Deals werden 眉ber gerichtlich genehmigte Umstrukturierungspl盲ne in British Columbia abgewickelt.
  • Abschlussbedingungen: Aktion盲rszustimmungen (RGLD-Mehrheit; Sandstorm 66 鈪�% plus unabh盲ngige Mehrheit; Horizon 66 鈪�% plus unabh盲ngige Mehrheit), Genehmigung des Obersten Gerichts von BC, beh枚rdliche Freigaben, Sandstorm/Horizon Kreuzbedingung, auf die jeder K盲ufer verzichten kann.
  • Geplanter Abschluss: Q4 2025; RGLD wird ca. 19 Millionen neue Aktien ausgeben (ca. 23 % der pro-forma voll verw盲sserten Aktien).

Wichtigste hinzugef眉gte Verm枚genswerte: Mount Milligan, Pueblo Viejo, Cortez, Andacollo, Khoemacau, Wassa (produzierend); MARA, Hod Maden, Platreef (in Entwicklung). Das kombinierte Portfolio umfasst insgesamt 393 Streams/Royaltys.

Governance & n盲chste Schritte: Die Vorst盲nde und unabh盲ngigen Sonderaussch眉sse aller drei Unternehmen empfehlen einstimmig, dass die Aktion盲re zustimmen. Die Vollmachtsunterlagen werden bei der SEC und SEDAR+ eingereicht. Eine gemeinsame Telefonkonferenz ist f眉r den 7. Juli 2025 um 10:00 Uhr ET geplant.

Ausblicksaussagen weisen auf 眉bliche Risiken hin, darunter Genehmigungen, Integration, Rohstoffpreise und Betreiberleistung.

Positive
  • 26% projected increase in 2025 gold-equivalent output, immediately expanding revenue base.
  • 87% precious-metal mix with wide asset diversification; no single mine >13% NAV, reducing concentration risk.
  • All-stock consideration for Sandstorm preserves borrowing capacity and maintains low debt-to-EBITDA at close.
  • Sandstorm shareholders gain 23% stake in a larger, more liquid U.S.-listed vehicle, enhancing market visibility.
  • Horizon shareholders receive an 85% cash premium, offering compelling exit value.
Negative
  • Deals require multiple shareholder and court approvals; failure at any step could void both transactions.
  • Issuance of 鈮�19 m new RGLD shares results in ~23% dilution to existing holders.
  • RGLD must fund C$196 m cash plus 30% of Hod Maden capex, potentially tightening short-term liquidity.
  • Forward benefits hinge on operator performance and commodity prices; underperformance could erode projected 65鈥�80 k GEOs.
  • Integration of 393 streams/royalties adds organizational complexity and monitoring costs.

Insights

TL;DR: Transformative, mostly stock-funded roll-up boosts scale 26%, diversification, and liquidity; integration and issuance risk manageable.

The dual acquisition gives Royal Gold immediate critical mass versus peers Franco-Nevada and Wheaton. By using equity for Sandstorm and cash for Horizon, RGLD preserves leverage capacity and limits balance-sheet strain. The 21% and 85% premiums are in line with recent royalty-sector precedents; issuing only ~19 m new shares mitigates dilution (鈮�23% of pro-forma). Strategically, Sandstorm鈥檚 breadth plus Horizon鈥檚 copper exposure accelerate organic option value while simplifying inter-company structures (notably Hod Maden). Diversifying revenue so no asset exceeds 13% NAV should command a multiple rerating. Key execution risks lie in shareholder votes and regulatory clearance, but cross-border royalty deals historically close smoothly. Overall, I view the announcement as value-accretive and impactful.

TL;DR: Positive upside but contingent on approvals, integration complexity, commodity cyclicality and Horizon cash outlay.

Although portfolio diversification lowers single-asset dependence, the deal introduces several risk vectors. First, three separate shareholder votes and B.C. court approvals inject timing uncertainty; any dissent (notably from Sandstorm minority holders) could delay Q4 close. Second, RGLD must fund C$196 million in cash and 30% of Hod Maden capex, temporarily tightening liquidity amid volatile gold prices. Third, the equity issuance exposes RGLD holders to market swings before close. Finally, forward-looking benefits such as 65鈥�80 k GEO contribution rely on operators meeting guidance; production slippage at projects like MARA or Platreef could erode the forecast 26% uplift. Net impact is cautiously neutral-to-positive but execution bear-watching.

Royal Gold, Inc. (Nasdaq: RGLD) ha firmato accordi definitivi per acquisire Sandstorm Gold Ltd. e Horizon Copper Corp., dando vita a una delle pi霉 grandi societ脿 nordamericane di streaming e royalty sui metalli preziosi. Le operazioni combinate (le 鈥淥perazioni鈥�) comprendono:

  • Sandstorm Gold: accordo interamente in azioni che valuta Sandstorm circa 3,5 miliardi di dollari USA; rapporto di cambio di 0,0625 azioni RGLD per ogni azione Sandstorm, rappresentando un premio del 21% rispetto alla media ponderata degli ultimi 20 giorni e del 17% rispetto alla chiusura del 3 luglio 2025 alla NYSE.
  • Horizon Copper: offerta in contanti di 2,00 dollari canadesi per azione (circa 196 milioni di dollari USA di valore azionario), con un premio dell'85% rispetto alla media ponderata degli ultimi 20 giorni e del 72% rispetto alla chiusura del 4 luglio 2025 alla TSX-V.

Razionale strategico

  • Aggiunge 40 asset produttivi, aumentando la guida per il 2025 di circa il 26% a un incremento di 65鈥�80 mila GEO; mix di ricavi pro-forma stimato all鈥�87% metalli preziosi (75% oro).
  • Crea un portafoglio altamente diversificato con 80 flussi di cassa e 47 asset in sviluppo, senza alcun singolo asset superiore al 13% del NAV.
  • Rafforza il bilancio e la liquidit脿; la direzione prevede una leva finanziaria bassa dopo la chiusura, permettendo ulteriori crescite accretive.
  • Fornisce un aumento immediato del NAV per gli azionisti RGLD e accresce dimensioni e liquidit脿 per gli investitori Sandstorm; i detentori Horizon ricevono un鈥檜scita in contanti sostanziale.

Struttura e tempistiche

  • Entrambi gli accordi saranno eseguiti tramite piani di riorganizzazione approvati dal tribunale della British Columbia.
  • Condizioni di chiusura: approvazioni degli azionisti (maggioranza RGLD; 66 鈪�% pi霉 maggioranza indipendente per Sandstorm e Horizon), approvazione della Corte Suprema della BC, autorizzazioni regolamentari, condizione incrociata Sandstorm/Horizon che ciascun acquirente pu貌 rinunciare.
  • Chiusura prevista: quarto trimestre 2025; RGLD emetter脿 circa 19 milioni di nuove azioni (circa il 23% delle azioni pro-forma totalmente diluite).

Principali asset acquisiti: Mount Milligan, Pueblo Viejo, Cortez, Andacollo, Khoemacau, Wassa (in produzione); MARA, Hod Maden, Platreef (in sviluppo). Il portafoglio combinato conter脿 393 flussi/royalties.

Governance e prossimi passi: i consigli di amministrazione e i comitati speciali indipendenti delle tre societ脿 raccomandano all鈥檜nanimit脿 agli azionisti di votare a favore. I materiali per la delega saranno depositati presso SEC e SEDAR+. 脠 prevista una conference call congiunta il 7 luglio 2025 alle 10:00 ET.

Le dichiarazioni previsionali evidenziano rischi consueti, tra cui approvazioni, integrazione, prezzi delle materie prime e performance degli operatori.

Royal Gold, Inc. (Nasdaq: RGLD) ha firmado acuerdos definitivos para adquirir Sandstorm Gold Ltd. y Horizon Copper Corp., creando una de las mayores compa帽铆as norteamericanas de streaming y regal铆as en metales preciosos. Las transacciones combinadas (las 鈥淭ransacciones鈥�) comprenden:

  • Sandstorm Gold: acuerdo totalmente en acciones valorando Sandstorm en aproximadamente 3,5 mil millones de d贸lares estadounidenses; ratio de intercambio de 0,0625 acciones RGLD por cada acci贸n de Sandstorm, representando una prima del 21% sobre el VWAP de 20 d铆as y del 17% sobre el cierre del 3 de julio de 2025 en NYSE.
  • Horizon Copper: oferta en efectivo de 2,00 d贸lares canadienses por acci贸n (aproximadamente 196 millones de d贸lares estadounidenses de valor patrimonial), una prima del 85% sobre el VWAP de 20 d铆as y del 72% sobre el cierre del 4 de julio de 2025 en TSX-V.

Razonamiento estrat茅gico

  • Agrega 40 activos en producci贸n, elevando la gu铆a para 2025 en aproximadamente un 26% a un incremento de 65鈥�80 mil GEO; mezcla de ingresos pro forma estimada en 87% metales preciosos (75% oro).
  • Crea una cartera altamente diversificada con 80 flujos de caja y 47 activos en desarrollo, sin que ning煤n activo individual supere el 13% del NAV.
  • Fortalece el balance y la liquidez; la direcci贸n espera un bajo apalancamiento tras el cierre, permitiendo un crecimiento adicional y accretivo.
  • Proporciona una inmediata apreciaci贸n del NAV para los accionistas de RGLD y aumenta tama帽o/liquidez para los inversores de Sandstorm; los tenedores de Horizon reciben una salida significativa en efectivo.

Estructura y tiempos

  • Ambos acuerdos se ejecutar谩n mediante planes de arreglo aprobados por la corte en Columbia Brit谩nica.
  • Condiciones de cierre: aprobaciones de accionistas (mayor铆a de RGLD; 66 鈪�% m谩s mayor铆a independiente para Sandstorm y Horizon), aprobaci贸n de la Corte Suprema de BC, autorizaciones regulatorias, condici贸n cruzada Sandstorm/Horizon que cada comprador puede renunciar.
  • Cierre previsto: cuarto trimestre de 2025; RGLD emitir谩 aproximadamente 19 millones de nuevas acciones (aproximadamente 23% de las acciones totalmente diluidas pro forma).

Principales activos a帽adidos: Mount Milligan, Pueblo Viejo, Cortez, Andacollo, Khoemacau, Wassa (en producci贸n); MARA, Hod Maden, Platreef (en desarrollo). La cartera combinada totalizar谩 393 streams/regal铆as.

Gobernanza y pr贸ximos pasos: Los consejos y comit茅s especiales independientes de las tres compa帽铆as recomiendan por unanimidad que los accionistas voten a favor. Los materiales de poder ser谩n presentados ante la SEC y SEDAR+. Est谩 programada una llamada conjunta para el 7 de julio de 2025 a las 10:00 a.m. ET.

Las declaraciones prospectivas resaltan riesgos habituales, incluyendo aprobaciones, integraci贸n, precios de materias primas y desempe帽o del operador.

Royal Gold, Inc. (雮橃姢雼�: RGLD)電� Sandstorm Gold Ltd.鞕� Horizon Copper Corp.毳� 鞚胳垬頃橁赴 鞙勴暅 斓滌 頃╇硲 瓿勳暯鞚� 觳搓舶頃橃棳 攵侂 斓滊寑 攴滊鞚� 攴�旮堨啀 鞀ろ姼毽皪 氚� 搿滌棿韹� 須岇偓 欷� 頃橂倶毳� 靹る頃╇媹雼�. 瓴绊暕 瓯半灅(鈥滉卑霝樷��)電� 雼れ潓瓿� 臧欖姷雼堧嫟:

  • Sandstorm Gold: 鞎� 35鞏� 雼煬(USD) 臧�旃橃潣 鞝勳暋 欤检嫕 瓯半灅; Sandstorm 欤检嫕 1欤茧嫻 0.0625 RGLD 欤检嫕 甑愴櫂 牍勳湪搿�, 20鞚� VWAP 雽�牍� 21%, 2025雲� 7鞗� 3鞚� NYSE 膦呹皜 雽�牍� 17% 頂勲Μ氙胳梽鞚� 雮橅儉雰�.
  • Horizon Copper: 欤茧嫻 2.00 旌愲倶雼� 雼煬(鞎� 1鞏� 9600毵� 雼煬 USD) 順勱笀 鞝滌晥, 20鞚� VWAP 雽�牍� 85%, 2025雲� 7鞗� 4鞚� TSX-V 膦呹皜 雽�牍� 72% 頂勲Μ氙胳梽.

鞝勲灥鞝� 攴缄卑

  • 靸濎偘 鞛愳偘 40臧� 於旉皜搿� 2025雲� 臧�鞚措崢鞀るゼ 鞎� 26% 靸來枼 臁办爼頃橃棳 65鈥�80觳� GEO 於旉皜 靸濎偘霟� 旮半寑; 頂勲韽 毵れ稖 甑劚鞚� 攴�旮堨啀 87%(旮� 75%)搿� 於旍爼.
  • 瓿犽弰搿� 雼れ枒頇旊悳 80臧� 順勱笀 頋愲 鞛愳偘 氚� 47臧� 臧滊皽 鞛愳偘 韽姼韽措Μ鞓� 甑稌, 雼澕 鞛愳偘鞚� NAV鞚� 13% 齑堦臣頃橃 鞎婌潓.
  • 鞛 靸來儨 氚� 鞙犽彊靹� 臧曧檾; 瓴届榿歆勳潃 瓯半灅 鞕勲 頉� 雮潃 攵�毂勲箘鞙潉 鞓堨儊頃橂┌, 於旉皜 靹膘灔 臧�電レ劚鞚� 鞐挫柎霊�.
  • RGLD 欤检＜鞐愱矊 歃夑皝鞝侅澑 NAV 歃濌皜毳� 鞝滉车頃橁碃 Sandstorm 韴瀽鞛愳棎瓴� 攴滊 氚� 鞙犽彊靹� 歃濌皜; Horizon 欤检＜電� 靸侂嫻頃� 順勱笀 須岇垬毳� 氚涭潓.

甑“ 氚� 鞚检爼

  • 霊� 瓯半灅 氇憪 敫岆Μ韹办嫓旎熂牍勳晞 氩曥洂鞚� 鞀轨澑霅� 頃╇硲 瓿勴殟鞚� 韱淀暣 歆勴枆.
  • 膦呹舶 臁瓣贝: 欤检＜ 鞀轨澑(RGLD 瓿茧皹靾�; Sandstorm 氚� Horizon鞚� 66鈪�% 鞚挫儊 氚� 氍搓磤 雼れ垬 彀劚), BC 雽�氩曥洂 鞀轨澑, 攴滌牅 鞀轨澑, Sandstorm/Horizon 靸來樃 臁瓣贝(臧� 毵れ垬鞛愱皜 韽赴 臧�電�).
  • 鞓堨爼 膦呹舶 鞁滉赴: 2025雲� 4攵勱赴; RGLD電� 鞎� 1,900毵� 欤� 鞁犼窚 氚滍枆(頂勲韽 鞕勳爠 頋劃 欤检嫕鞚� 鞎� 23%).

欤检殧 鞛愳偘 於旉皜: Mount Milligan, Pueblo Viejo, Cortez, Andacollo, Khoemacau, Wassa(靸濎偘 欷�); MARA, Hod Maden, Platreef(臧滊皽 欷�). 瓴绊暕 韽姼韽措Μ鞓る姅 齑� 393臧� 鞀ろ姼毽�/搿滌棿韹� 韽暔.

瓯半矂雱岇姢 氚� 頄ロ泟 鞚检爼: 靹� 須岇偓鞚� 鞚挫偓須� 氚� 霃呺 韸闺硠 鞙勳洂須岆姅 欤检＜霌れ澊 彀劚 韴憸頃� 瓴冹潉 毵岇灔鞚检箻搿� 甓岅碃. 鞙勳瀯鞛� 鞛愲電� SEC 氚� SEDAR+鞐� 鞝滌稖 鞓堨爼. 2025雲� 7鞗� 7鞚� 鞓れ爠 10鞁�(霃欕秬鞁滉皠)鞐� 瓿惦彊 旎嵓霟办姢 旖� 鞓堨爼.

鞝勲 歆勳垹鞐愲姅 鞀轨澑, 韱淀暕, 鞗愳瀽鞛� 臧�瓴� 氚� 鞖挫榿鞛� 靹标臣 霌� 鞚茧皹鞝侅澑 鞙勴棙鞚� 韽暔霅橃柎 鞛堨姷雼堧嫟.

Royal Gold, Inc. (Nasdaq : RGLD) a sign茅 des accords d茅finitifs pour acqu茅rir Sandstorm Gold Ltd. et Horizon Copper Corp., cr茅ant ainsi l'une des plus grandes soci茅t茅s nord-am茅ricaines de streaming et de redevances sur m茅taux pr茅cieux. Les transactions combin茅es (les 芦 Transactions 禄) comprennent :

  • Sandstorm Gold : transaction enti猫rement en actions valorisant Sandstorm 脿 environ 3,5 milliards de dollars US ; ratio d鈥櫭ヽhange de 0,0625 action RGLD pour chaque action Sandstorm, repr茅sentant une prime de 21 % par rapport au VWAP sur 20 jours et de 17 % par rapport 脿 la cl么ture du 3 juillet 2025 脿 la NYSE.
  • Horizon Copper : offre en num茅raire de 2,00 dollars canadiens par action (valeur des capitaux propres d鈥檈nviron 196 millions de dollars US), soit une prime de 85 % par rapport au VWAP sur 20 jours et de 72 % par rapport 脿 la cl么ture du 4 juillet 2025 脿 la TSX-V.

Justification strat茅gique

  • Ajoute 40 actifs en production, augmentant les pr茅visions 2025 d鈥檈nviron 26 % pour atteindre 65鈥�80 k GEO suppl茅mentaires ; la r茅partition pro forma des revenus est estim茅e 脿 87 % de m茅taux pr茅cieux (75 % d鈥檕r).
  • Cr茅e un portefeuille hautement diversifi茅 de 80 actifs g茅n茅rateurs de flux de tr茅sorerie et 47 actifs en d茅veloppement, aucun actif unique ne repr茅sentant plus de 13 % de la valeur nette d鈥檌nventaire (VNI).
  • Renforce le bilan et la liquidit茅 ; la direction pr茅voit un faible endettement apr猫s la cl么ture, permettant une croissance suppl茅mentaire cr茅atrice de valeur.
  • Offre une augmentation imm茅diate de la VNI aux actionnaires de RGLD et accro卯t la taille et la liquidit茅 pour les investisseurs de Sandstorm ; les d茅tenteurs d鈥橦orizon b茅n茅ficient d鈥檜ne sortie en num茅raire substantielle.

Structure et calendrier

  • Les deux op茅rations seront r茅alis茅es via des plans d鈥檃rrangement approuv茅s par la cour en Colombie-Britannique.
  • Conditions de cl么ture : approbations des actionnaires (majorit茅 RGLD ; 66 鈪� % plus majorit茅 ind茅pendante pour Sandstorm et Horizon), approbation de la Cour supr锚me de la Colombie-Britannique, autorisations r茅glementaires, condition crois茅e Sandstorm/Horizon que chaque acqu茅reur peut lever.
  • Cl么ture pr茅vue : 4e trimestre 2025 ; RGLD 茅mettra environ 19 millions de nouvelles actions (environ 23 % des actions totalement dilu茅es pro forma).

Principaux actifs acquis : Mount Milligan, Pueblo Viejo, Cortez, Andacollo, Khoemacau, Wassa (en production) ; MARA, Hod Maden, Platreef (en d茅veloppement). Le portefeuille combin茅 comptera 393 streams/redevances.

Gouvernance et prochaines 茅tapes : Les conseils d鈥檃dministration et comit茅s sp茅ciaux ind茅pendants des trois soci茅t茅s recommandent 脿 l鈥檜nanimit茅 aux actionnaires de voter en faveur. Les documents de procuration seront d茅pos茅s aupr猫s de la SEC et de SEDAR+. Une conf茅rence t茅l茅phonique conjointe est pr茅vue le 7 juillet 2025 脿 10h00 ET.

Les d茅clarations prospectives soulignent les risques habituels, notamment les approbations, l鈥檌nt茅gration, les prix des mati猫res premi猫res et la performance des op茅rateurs.

Royal Gold, Inc. (Nasdaq: RGLD) hat endg眉ltige Vereinbarungen zur 脺bernahme von Sandstorm Gold Ltd. und Horizon Copper Corp. unterzeichnet und schafft damit eines der gr枚脽ten nordamerikanischen Streaming- und Lizenzunternehmen f眉r Edelmetalle. Die kombinierten Transaktionen (die 鈥濼ransaktionen鈥�) umfassen:

  • Sandstorm Gold: rein aktienbasierter Deal mit einer Bewertung von ca. 3,5 Mrd. USD; Umtauschverh盲ltnis von 0,0625 RGLD-Aktien f眉r jede Sandstorm-Aktie, was eine Pr盲mie von 21 % gegen眉ber dem 20-Tage-VWAP und 17 % gegen眉ber dem Schlusskurs vom 3. Juli 2025 an der NYSE darstellt.
  • Horizon Copper: Barangebot von 2,00 CAD pro Aktie (ca. 196 Mio. USD Eigenkapitalwert), eine Pr盲mie von 85 % gegen眉ber dem 20-Tage-VWAP und 72 % gegen眉ber dem Schlusskurs vom 4. Juli 2025 an der TSX-V.

Strategische Begr眉ndung

  • F眉gt 40 produzierende Verm枚genswerte hinzu und hebt die Prognose f眉r 2025 um ca. 26 % auf eine zus盲tzliche Menge von 65鈥�80 Tsd. GEO an; die pro-forma-Umsatzmischung wird auf 87 % Edelmetalle (75 % Gold) gesch盲tzt.
  • Schafft ein hoch diversifiziertes Portfolio von 80 Cashflow-erzeugenden und 47 Entwicklungsobjekten, wobei kein einzelner Verm枚genswert mehr als 13 % des NAV ausmacht.
  • St盲rkt die Bilanz und Liquidit盲t; das Management erwartet nach Abschluss eine niedrige Verschuldung, was weiteres wachstumsf枚rderndes Wachstum erm枚glicht.
  • Bietet den RGLD-Aktion盲ren sofortige NAV-Steigerungen und erh枚ht die Gr枚脽e/Liquidit盲t f眉r Sandstorm-Investoren; Horizon-Anleger erhalten einen erheblichen Barausstieg.

Struktur & Zeitplan

  • Beide Deals werden 眉ber gerichtlich genehmigte Umstrukturierungspl盲ne in British Columbia abgewickelt.
  • Abschlussbedingungen: Aktion盲rszustimmungen (RGLD-Mehrheit; Sandstorm 66 鈪�% plus unabh盲ngige Mehrheit; Horizon 66 鈪�% plus unabh盲ngige Mehrheit), Genehmigung des Obersten Gerichts von BC, beh枚rdliche Freigaben, Sandstorm/Horizon Kreuzbedingung, auf die jeder K盲ufer verzichten kann.
  • Geplanter Abschluss: Q4 2025; RGLD wird ca. 19 Millionen neue Aktien ausgeben (ca. 23 % der pro-forma voll verw盲sserten Aktien).

Wichtigste hinzugef眉gte Verm枚genswerte: Mount Milligan, Pueblo Viejo, Cortez, Andacollo, Khoemacau, Wassa (produzierend); MARA, Hod Maden, Platreef (in Entwicklung). Das kombinierte Portfolio umfasst insgesamt 393 Streams/Royaltys.

Governance & n盲chste Schritte: Die Vorst盲nde und unabh盲ngigen Sonderaussch眉sse aller drei Unternehmen empfehlen einstimmig, dass die Aktion盲re zustimmen. Die Vollmachtsunterlagen werden bei der SEC und SEDAR+ eingereicht. Eine gemeinsame Telefonkonferenz ist f眉r den 7. Juli 2025 um 10:00 Uhr ET geplant.

Ausblicksaussagen weisen auf 眉bliche Risiken hin, darunter Genehmigungen, Integration, Rohstoffpreise und Betreiberleistung.


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 7, 2025
Royal Gold, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-1335784-0835164
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
1144 15th Street, Suite 2500, Denver, CO
80202
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (303) 573-1660
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
xSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:
Trading SymbolName of each exchange on which registered:
Common Stock, $0.01 par value
RGLDNasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
    


Item 7.01     Regulation FD Disclosure
On July 7, 2025, Royal Gold, Inc. (“Royal Gold”) announced its entry into arrangement agreements with each of Sandstorm Gold Ltd. (“Sandstorm”) and Horizon Copper Corp. (“Horizon”), pursuant to which, on the terms and subject to the conditions set forth therein, Royal Gold will acquire Sandstorm in an all-stock transaction and Royal Gold will acquire Horizon in an all-cash transaction (the “Transactions”). A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated into this Item 7.01 by reference.
Also on July 7, 2025, Royal Gold issued an investor presentation relating to the Transactions. A copy of the investor presentation is furnished as Exhibit 99.2 hereto and is incorporated into this Item 7.01 by reference.
The information furnished under this Item 7.01, including the exhibits, will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as expressly set forth by reference to such filing.
No Offer or Solicitation
Communications in this report do not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a solicitation of any vote or approval with respect to the proposed Transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Important Additional Information and Where to Find It:
In connection with the proposed Transactions, Royal Gold, Sandstorm and Horizon intend to file materials with the SEC and on SEDAR+, as applicable. Royal Gold plans to file proxy materials with the SEC in connection with the solicitation of proxies for Royal Gold’s special meeting of shareholders (the “Royal Gold Special Meeting”). Prior to the Royal Gold Special Meeting, Royal Gold will file a definitive proxy statement (the “Royal Gold Proxy Statement”), together with a proxy card. Sandstorm intends to file a management information circular (the “Sandstorm Circular”) on SEDAR+ in connection with the solicitation of proxies to obtain Sandstorm shareholder approval of the Sandstorm transaction. Horizon intends to file a management information circular (the “Horizon Circular”) on SEDAR+ in connection with the solicitation of proxies to obtain Horizon shareholder approval of the Horizon transaction. This report is not a substitute for the Royal Gold Proxy Statement, the Sandstorm Circular, the Horizon Circular, or for any other document that Royal Gold, Sandstorm or Horizon may file with the SEC or on SEDAR+ and/or send to their respective security holders in connection with the proposed Transactions. INVESTORS AND SECURITYHOLDERS OF ROYAL GOLD, SANDSTORM AND HORIZON ARE URGED TO CAREFULLY AND THOROUGHLY READ THE ROYAL GOLD PROXY STATEMENT, THE SANDSTORM CIRCULAR, AND THE HORIZON CIRCULAR, RESPECTIVELY, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY ROYAL GOLD, SANDSTORM, AND/OR HORIZON WITH THE SEC OR ON SEDAR+ WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ROYAL GOLD, SANDSTORM, HORIZON, THE PROPOSED TRANSACTIONS, THE RISKS RELATED THERETO, AND RELATED MATTERS.
Securityholders of Royal Gold, Sandstorm, and Horizon will be able to obtain, free of charge, copies of the Royal Gold Proxy Statement, Sandstorm Circular, and Horizon Circular, as each may be amended from time to time, and other relevant documents filed by Royal Gold, Sandstorm, and/or Horizon with the SEC or on SEDAR+ (when they become available) through the website maintained by the SEC at www.sec.gov or at www.sedarplus.ca, as applicable. Copies of documents filed with the SEC by Royal Gold will be available, free of charge, from Royal Gold’s website at www.royalgold.com under the “Investor Resources” tab or by contacting Royal Gold at (303) 573-1660 or InvestorRelations@royalgold.com. Copies of documents filed on SEDAR+ by Sandstorm will be available free of charge from Sandstorm’s website at www.sandstormgold.com under the “Investors” tab or by contacting Sandstorm at (844) 628-1164 or info@sandstormgold.com. Copies of documents filed on SEDAR+ by Horizon will be available free of charge from Horizon’s website at www.horizoncopper.com under the “Investors” tab or by contacting Horizon at (604) 336-8189 or info@horizoncopper.com.


Certain Information Regarding Participants:
Royal Gold, Sandstorm, Horizon and their respective directors and certain of their executive officers and other members of management and employees may be deemed, under SEC rules, to be “participants” (as defined in Section 14(a) of the Securities Exchange Act of 1934, as amended) in the solicitation of proxies from Royal Gold shareholders in connection with the Royal Gold Special Meeting. Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the Royal Gold Proxy Statement and other materials to be filed with the SEC in connection with the Royal Gold Special Meeting. Information relating to the foregoing can also be found in Royal Gold’s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 13, 2025, and Royal Gold’s definitive proxy statement for its 2025 annual meeting of stockholders filed with the SEC on April 4, 2025. To the extent the holdings of Royal Gold’s directors and executive officers in Royal Gold’s securities have changed since the amounts described in the April 4, 2025 proxy statement, such changes have been reflected in the following Initial Statements of Beneficial Ownership of Securities on Form 3 and Statements of Change in Ownership on Form 4 filed with the SEC with respect to Royal Gold: Form 4, filed by William Heissenbuttel on April 22, 2025; Form 3, filed by Mark Isto on May 27, 2025; and Form 4, filed by Paul Libner on June 10, 2025. These filings can be found at the SEC’s website at www.sec.gov. Information regarding the executive officers and directors of Sandstorm and Horizon is included in their respective management information circulars for their 2025 shareholder meetings filed on SEDAR+ on April 22, 2025 and May 1, 2025, respectively. More detailed and updated information regarding the identity of participants in the solicitation and their direct or indirect interests (by security holdings or otherwise), will be set forth in the Royal Gold Proxy Statement and other materials to be filed with the SEC or on SEDAR+. These documents can be obtained free of charge from the sources indicated above.
Forward-Looking Statements
This report includes “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words like “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward-looking statements include, among others, statements regarding the following: plans and expectations with respect to the Transactions; the results, effects, benefits and synergies of the Transactions; the expected timetable for completing the Transactions; future growth and opportunities for the combined company; the anticipated impact of the Transactions on the combined company’s results of operations, financial position, growth opportunities and competitive position; guidance, projections and any other statements regarding Royal Gold’s, Sandstorm’s or Horizon’s future expectations, beliefs, plans, objectives, or assumptions; operators’ expected operating and financial performance and other anticipated developments relating to their properties and operations, including production, deliveries, environmental and feasibility studies, technical reports, mine plans, capital requirements, liquidity and capital expenditures; anticipated liquidity, capital resources, financing, and stockholder returns; borrowings and repayments under Royal Gold’s revolving credit facility; and prices for gold, silver, copper and other metals.
Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: the possibility that shareholders of Royal Gold may not approve the issuance of new shares of Royal Gold common stock in the Sandstorm transaction or that security holders of Sandstorm or Horizon may not approve the Transactions; the risks that a condition to closing of the Transactions may not be satisfied, that a party may terminate an arrangement agreement or that the closing of the Transactions might be delayed or not occur at all; delays or adverse decisions regarding regulatory approval of the Transactions; potential adverse reactions or changes to business or employee relationships of Royal Gold, Sandstorm or Horizon, including those resulting from the announcement or completion of the Transactions; the diversion of management time on Transaction-related issues; the ultimate timing, outcome and results of integrating the operations of Royal Gold, Sandstorm and Horizon; the ability of the combined company to realize anticipated synergies in the timeframe expected or at all; changes in capital markets and the ability of the combined company to finance operations in the manner expected; changes in the price of gold, silver, copper or other metals; operating activities or financial performance of properties on which the Royal Gold, Sandstorm or Horizon hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; changes of control of properties or operators; contractual issues involving stream or royalty agreements; the timing of


deliveries of metals from operators and subsequent sales of metal; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; adverse economic and market conditions; effects of health epidemics and pandemics; changes in laws or regulations governing Royal Gold, Sandstorm, Horizon, operators or operating properties; changes in management and key employees; and other factors described in Royal Gold’s reports filed with the SEC, including Item 1A, Risk Factors of Royal Gold’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and in the reports filed by Sandstorm and Horizon with the SEC and on SEDAR+, as applicable. Most of these factors are beyond the parties’ ability to predict or control. Other unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements.
Forward-looking statements speak only as of the date on which they are made. Each of Royal Gold, Sandstorm and Horizon disclaims any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements.

Item 9.01     Financial Statements and Exhibits

(d) Exhibits
Exhibit No.Description
99.1Press Release dated July 7, 2025
99.2Investor Presentation dated July 7, 2025
104Cover Page Interactive Data File (formatted as Inline XBRL)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Royal Gold, Inc.
Date: July 7, 2025By:/s/ David R. Crandall
Name:David R. Crandall
Title:Vice President, Corporate Secretary and Chief Compliance Officer


Exhibit 99.1
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Royal Gold to Acquire Sandstorm Gold and Horizon Copper and Reinforce its Position as a Leading North American Gold-Focused Streaming and Royalty Company
•Transactions increase Royal Gold’s scale, diversification and potential for organic growth, and the strong balance sheet and cash flow of the pro forma company will position Royal Gold to grow and reinvest in precious metals
DENVER, COLORADO. JULY 7, 2025: ROYAL GOLD, INC. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold” or the “Company,” “we” or “our”) announced today its entry into agreements to acquire each of Sandstorm Gold Ltd. (TSX: SSL; NYSE: SAND) (“Sandstorm”) and Horizon Copper Corp. (TSXV: HCU; OTCQB: HNCUF) (“Horizon”). Under the terms of the agreement with Sandstorm, Royal Gold will acquire 100% of the issued share capital of Sandstorm in exchange for Royal Gold shares at an exchange ratio of 0.0625 common shares of Royal Gold for each common share of Sandstorm (the “Sandstorm Transaction”). The exchange ratio implies a premium of 21% based on the 20-day volume-weighted average price (“VWAP”) and 17% based on the closing price of Sandstorm shares on the New York Stock Exchange (“NYSE”) on July 3, 2025, and reflects a transaction equity value of approximately $3.5 billion. Under the terms of the agreement with Horizon, Royal Gold will acquire 100% of the issued share capital of Horizon in exchange for cash of C$2.00/share (the “Horizon Transaction” and together with the Sandstorm Transaction, the “Transactions”). The price per Horizon share implies a premium of 85% to the 20-day VWAP and 72% to the closing price of Horizon shares on the TSX-V on July 4, 2025, and reflects a transaction equity value of approximately $196 million. The Transactions are expected to add significantly to Royal Gold’s world-class diversified portfolio of precious metal stream and royalty interests.
Highlights of the Acquisitions
Royal Gold believes the acquisitions will provide the following benefits:
•Immediate and meaningful revenue growth: The Transactions will contribute 40 additional producing assets to Royal Gold’s portfolio, which are expected to account for between 65,000 and 80,000 gold equivalent ounces1,2 (“GEOs”) in 2025. Based on the midpoints of full year 2025 guidance from each of Royal Gold and Sandstorm, and assuming a full year of contribution at these levels, these transactions would increase 2025 GEO production by approximately 26%.
•Gold-dominant revenue mix: Pro forma revenue mix of approximately 87% from precious metals, with gold contributing approximately 75% of total revenue3.
•Significantly diversified portfolio with limited asset concentration: The pro forma company will have the most diversified portfolio of mining assets in the streaming and royalty sector, including 80 revenue-producing assets, with no single asset expected to account for more than 13% of net asset value (“NAV”)4.
•Attractive long-term growth potential from a large portfolio of stream and royalty interests on development, evaluation and exploration assets: The pro forma portfolio will have 47 development assets, including the addition of high quality near-term development assets such as Platreef (Ivanhoe Mines, in construction), MARA (Glencore, in development) and Hod Maden (SSR Mining, pre-construction) and a further 266 assets in the evaluation and exploration stages, creating the potential for organic growth and significant optionality as these assets are advanced by their operators.
•Assets located in safe and mining-friendly jurisdictions: The distribution of the pro forma portfolio NAV is weighted towards stable and mining-friendly jurisdictions with approximately 41% from Canada and the U.S., and the remainder from countries where mining is a welcome and well-established contributor to local economies.
1 Gold equivalent ounces, or GEOs, is calculated by the Company as revenue for a period divided by the average gold price for that same period.
2 Based on Sandstorm’s guidance provided in a press release dated May 6, 2025; excludes incremental contribution from Horizon due to lack of internal guidance or available third-party estimates.
3 Assuming a full year contribution in 2025 and metal prices of $3,025/ounce for gold, $32.95 per ounce for silver and $4.20 per pound of copper.
4 Average of available consensus NAV estimates as of June 25, 2025.


•Strong balance sheet and robust cash flow provide liquidity to reinvest and compete for the best opportunities in a competitive sector: Royal Gold expects to have a low outstanding debt balance and modest debt to EBITDA at closing. This financial strength will position Royal Gold to continue to grow and compete for the largest transactions in the sector.
•Increased size and liquidity provide appeal to a broader investor base: Increased scale is anticipated to enhance the attractiveness of Royal Gold to institutional investors as a leading North American precious metals streaming and royalty company.
•Attractive transactions provide benefits to all shareholders: Upon completion of the Transactions, Royal Gold shareholders will own approximately 77% and Sandstorm shareholders will own approximately 23% of the combined company. The Transactions provide immediate NAV per share accretion to Royal Gold shareholders; a material premium, near-term cash flow per share accretion and ownership in a larger and more liquid company to Sandstorm shareholders; and a material cash premium and liquidity for Horizon shareholders.
•Value creation through simplification of inter-company structure: The combination of Sandstorm and Horizon will convert a greater proportion of stream and royalty earnings into equity free cash flow, foregoing the need for more complex counterparty structures, particularity for the Hod Maden and Antamina interests.
“I am pleased to announce these acquisitions, which fit our strategic goal of acquiring high-quality and long-life precious metals assets in mining-friendly jurisdictions,” commented Bill Heissenbuttel, President and CEO of Royal Gold. “Upon completion of these transactions, Royal Gold will remain firmly positioned as a leading North American precious metal streaming and royalty company. Royal Gold has a 40+ year history of consistently executing a strategy of disciplined growth in gold, and the addition of the Sandstorm and Horizon assets will create a global portfolio of precious metals interests that is unmatched in terms of asset diversification, development and organic growth potential, and exploration optionality. These characteristics will position Royal Gold as the go-to vehicle for investors seeking precious metals exposure in the U.S. marketplace, and we welcome Sandstorm shareholders to participate in the formation of the premier growth company in our sector.”
President & CEO of Sandstorm, Nolan Watson, commented, “Today is a significant milestone for Sandstorm and its shareholders, marking the beginning of an exciting new chapter. Over the past 15 years, we’ve built a company that has not only delivered consistent growth and value but has helped shape the royalty sector through innovation. This transaction rewards Sandstorm shareholders in the near term while also offering a compelling opportunity to own a large-scale, world-class streaming and royalty company with continued upside potential. Joining forces with Royal Gold will amplify the strengths of Sandstorm’s portfolio and unlock new opportunities for our shareholders as we create a truly extraordinary royalty company.”
Erfan Kazemi, President & CEO of Horizon, commented, “Since its creation in 2022, Horizon’s unique position as a junior company holding a world-class copper portfolio has offered shareholders a remarkable investment opportunity. Backed by strong cash flows from our interest in Antamina and the continued progress made by our operating partners at Hod Maden and Oyu Tolgoi, Horizon has been one of the best-performing junior copper stocks over the last 12 months. The significant cash premium to Horizon’s valuation is indicative of the incredible value that underlies Horizon’s asset base.”
Overview of Pro Forma Portfolio
Upon completion of the transactions, Royal Gold will be an industry-leading precious metals streaming and royalty company with enhanced scale and liquidity, while remaining nimble enough to compete across the streaming and royalty industry in accretive ways. Royal Gold’s portfolio will comprise 393 streams and royalties, largely focused on the Americas, with 80 cash-flowing assets and 47 in development. The company will remain precious metals focused, with its 2025 revenue mix expected to be approximately 87% precious metals, and gold contributing approximately 75% of total revenue. Longer-term, Royal Gold is expected to maintain or exceed this concentration of precious metals revenue. The company will be well capitalized, generating significant free cash flow, and the combined portfolio is well-positioned for cash flow growth from its robust development pipeline.
Royal Gold will host one of the most diversified streaming and royalty portfolios in the world while benefiting from built-in optionality from high-quality assets. Below are details of the top 10 assets by NAV within the pro forma portfolio. For more details of the pro forma portfolio, including full stream and royalty terms, refer to www.royalgold.com and www.sandstormgold.com.


Key Producing Assets
Mount Milligan
Mount Milligan is a large-scale, open-pit copper and gold mine located in north-central British Columbia operated by an indirect subsidiary of Centerra Gold Inc. In production since 2014, the project has a 60,000 tonne per day flotation processing plant and a reserve life through to 2036, with a pre-feasibility study underway to define the long-term outlook of the mine. The operator’s 2025 production guidance is 165,000–185,000 ounces of gold and 50–60 million pounds of copper. Royal Gold holds the right to purchase 35% of the payable gold for ongoing payments of $435 per ounce and 18.75% of the payable copper for ongoing payments equal to 15% of the copper spot price, subject to a cost support agreement that will provide additional cash purchase prices for gold and copper deliveries in three periods, which are defined by gold and copper deliveries. Royal Gold also holds a 5% free cash flow royalty interest on Mount Milligan that will become payable after the earlier of reaching certain gold and copper delivery thresholds or January 1, 2036, potentially increasing to 10% after reaching additional gold and copper delivery thresholds.
Pueblo Viejo
Located in the central part of the Dominican Republic, Pueblo Viejo is an open-pit gold mine owned by a joint venture between Barrick Gold Corporation and Newmont Corporation. In production since 2013, the mine completed construction of a plant expansion in 2024, which is currently ramping up to target throughput levels. Royal Gold holds the right to purchase 7.5% of Barrick’s interest in payable gold produced until 990,000 ounces have been delivered, and 3.75% thereafter. Royal Gold also holds the right to purchase 75% of Barrick’s interest in payable silver from Pueblo Viejo until 50 million ounces are delivered, and 37.5% thereafter. Royal Gold currently makes ongoing payments of 30% of both the spot price of gold and silver per ounce delivered, which will increase to 60% after reaching certain gold and silver delivery thresholds. Barrick‘s 2025 production guidance is 370,000–410,000 ounces of gold for its interest in Pueblo Viejo (silver production guidance is not provided), and Barrick expects production to average of 800,000 ounces of gold per year (100% basis) to the mid-2040’s.
Cortez
The Cortez Complex, operated by Barrick Gold Corporation and held within the Nevada Gold Mines joint venture, is a series of large, open-pit and underground mines with oxide milling and heap leach processing facilities situated on the Cortez-Battle Mountain trend of Nevada. The operator’s 2025 production guidance is 680,000–765,000 ounces of gold with a longer-term outlook of between 750,000–1.1 million ounces annually over the next five years. Royal Gold owns various royalty interests on the Cortez Complex across producing operations, development projects, and several exploration targets on a large land package. Several of these royalty interests overlap in certain areas, creating multiple effective royalty rates across the Cortez Complex. Royal Gold will hold an additional sliding scale net smelter returns (“NSR”) royalty of 2.25% at current metal prices on the Robertson development project acquired through the Sandstorm Transaction.
Andacollo
Andacollo is an open-pit copper mine and milling operation located in central Chile, operated by Compañía Minera Teck Carmen de Andacollo, a 90% owned subsidiary of Teck Resources Lt. Gold is produced as a by-product of copper production. Teck expects Andacollo to produce 35,000–39,000 ounces of gold in 2025, with the mine plan to transition to higher-grade ore and copper production through to 2027. Gold and copper grades have been relatively positively correlated at Andacollo. Royal Gold holds the right to purchase 100% of payable gold (at a fixed payability factor of 89%) from Andacollo until 900,000 ounces have been delivered, and 50% thereafter, for ongoing payments equal to 15% of the monthly average gold price.
Khoemacau
Khoemacau is a copper-silver mine located in the Kalahari copper belt in northwestern Botswana, owned and operated by a subsidiary of MMG Limited. The Khoemacau operation consists of mechanized underground mines producing from the Zone 5 orebody and a sulfide ore flotation plant producing a copper-silver concentrate product at Boseto. Royal Gold holds the right to purchase 100% of the payable silver produced from an area of interest that includes the Zone 5 mines and the Mango NE deposits until the delivery of 40 million ounces, and 50% thereafter, for ongoing payments of 20% of the spot price of silver. MMG expects Zone 5 silver production of 1.3 to 1.5 million ounces in 2025, and is expecting long-term annual average silver production of 1.8 to 2.0 million ounces over a 20+ year mine life. MMG is currently advancing a feasibility study for expansion of the Khoemacau mine, which may increase production from the Zone 5 mines and new production from the Mango NE deposits.


Wassa
Wassa is an underground gold mine operated by Chifeng Jilong Gold Mining Co. (“Chifeng”) and located in the Western Region of Ghana. The mine started as an open pit operation in 1998, and the underground operation began in 2017. Chifeng expects 2025 production of approximately 200,000 ounces of gold, with most ore mined from underground sources. The mine has a reserve life through 2028, and Chifeng is currently advancing work to upgrade inferred resources for inclusion in a mine plan that could extend the mine life into the 2040’s. Royal Gold owns the right to purchase 10.5% of the payable gold produced from Wassa for an ongoing payment of 20% of the spot gold price until the delivery of 240,000 ounces, after which the stream rate will drop to 5.5% of payable gold for an ongoing payment of 30% of the spot gold price.
Antamina
Antamina is an open-pit copper mine located in the Andes mountain range of Peru and is considered the world’s fourth-largest copper mine on a copper equivalent basis5. Antamina is operated by Compañia Minera Antamina, an entity jointly owned by Glencore plc, BHP Billiton plc, Teck Resources Limited, and Mitsubishi Corporation. The mine has been in consistent production since 2001, and for 2025, annual production is expected to be 335,000–400,000 tonnes of copper (on a 100% basis). In 2024, According to Teck, Antamina received approval for the Modification of Environmental Impact Assessment (“MEIA”) allowing for an investment of approximately $2 billion to extend operations at Antamina through to 2036. The MEIA contemplates an increase in processing capacity to up to 208,000 tonnes per day, which is approximately a 40% increase from current levels. Antamina mineral resources are expected to support a multi-decade mine life producing high-grade copper. Through the Transactions, Royal Gold will hold a 1.66% net profits interest in the Antamina mine.
Key Development Assets
MARA
MARA is a brownfields copper-gold project located in Argentina that ranks as one of the lowest capital-intensive copper projects in the world, owing to the existing Alumbrera processing plant and associated infrastructure located nearby. Owner and operator, Glencore plc, estimates MARA will produce approximately 200,000 tonnes of copper equivalent per year with a mine life exceeding 20 years. Once operational, MARA is expected to be in the top 25 global copper producers. Through the Sandstorm Transaction, Royal Gold will hold an option to convert an existing 0.25% NSR royalty to a 20% gold stream for ongoing payments equal to 30% of the spot price of gold for a maximum payment of $225 million, which would be paid in tranches over the course of project construction.
Hod Maden
Hod Maden is a high-grade gold-copper project located in northeastern Turkey. According to the operator, SSR Mining Inc., the project’s critical path items—principally, road and tunnel construction—are advancing as they work towards a formal investment decision. Based on a 2021 feasibility study, the project is expected to produce an average of 195,000 gold equivalent ounces per year for an initial 13-year mine life. Through the Transactions, Royal Gold will hold a 2.0% NSR royalty and a 30% non-operating interest in the Hod Maden project, and Royal Gold will be required to fund its 30% share of project costs.
Platreef
Platreef is a multi-phase development project in South Africa, currently under construction by Ivanhoe Mines Ltd. According to Ivanhoe, Phase 1 is expected to commence production in late 2025 and, once all three phases are complete, Platreef is expected to be the world’s largest platinum group metals mine with total possessing capacity of approximately 10.7 million tonnes per year. Through the Sandstorm Transaction, Royal Gold will hold the right to purchase 37.5% of payable gold from Platreef until 131,250 ounces are delivered, and then 30% of payable gold until 256,980 cumulative ounces are delivered for ongoing payments of $100 per ounce.
Board of Directors and Special Committee Recommendations
The Boards of Directors of Royal Gold and Sandstorm and a special committee comprised solely of independent directors of Sandstorm (the “Sandstorm Special Committee”), after receiving external legal and financial advice, have determined that the Sandstorm Transaction is in the best interests of Royal Gold and Sandstorm, respectively.
Additionally, the Boards of Directors of Royal Gold and Horizon and a special committee comprised solely of independent directors of Horizon (the “Horizon Special Committee”), after receiving external legal and financial advice, have determined that the Horizon Transaction is in the best interests of Royal Gold and Horizon, respectively.
Accordingly, the Boards of Directors of Royal Gold, Sandstorm, and Horizon recommend that shareholders vote in favor of the Transactions.
5 Based on 2024 production of top copper mines per CapIQ.


Overview of Proposed Acquisitions
Summary of Sandstorm Transaction
The Sandstorm Transaction will be effected by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) (the “Sandstorm Arrangement Agreement”). Under the terms of the Sandstorm Arrangement Agreement, Sandstorm shareholders will receive 0.0625 common shares of Royal Gold for each Sandstorm share held, implying a 21% premium based on the 20-day VWAP of the Sandstorm Shares, and a 17% premium based on the closing price of Sandstorm Shares on the NYSE on July 3, 2025.
At closing of the Sandstorm Transaction, Royal Gold expects to issue an aggregate of approximately 19 million common shares to Sandstorm shareholders, and following completion of the Sandstorm Transaction, existing Sandstorm shareholders will own approximately 23% of the issued and outstanding common shares of Royal Gold on a fully diluted basis.
The Sandstorm Transaction will be subject to the approval of 66 2/3% of the votes cast by shareholders of Sandstorm at a special meeting (the “Sandstorm Meeting”) and the approval of a simple majority of the votes cast by shareholders of Sandstorm at the Sandstorm Meeting excluding votes cast by senior officers and directors, as required under Multilateral Instrument 61-101. In addition, Royal Gold will require approval by a simple majority of the votes cast by Royal Gold shareholders at a special meeting (the “Royal Gold Meeting”). The full details of the Sandstorm Transaction will be described in Sandstorm’s management information circular and Royal Gold’s proxy statement to be prepared in accordance with applicable securities laws.
The completion of the Sandstorm Transaction is subject to customary closing conditions, as well as the approvals by Royal Gold and Sandstorm’s shareholders described above, the approval of the Supreme Court of British Columbia, completion of the Horizon Transaction (which can be waived by Royal Gold in its sole discretion), the listing of shares of Royal Gold’s stock to be issued in the transaction on Nasdaq, and regulatory clearances or approvals.
Summary of Horizon Transaction
The Horizon Transaction will be effected by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) (the “Horizon Arrangement Agreement”). Under the terms of the Horizon Arrangement Agreement, Horizon shareholders will receive C$2.00 for each Horizon Share held, implying a 85% premium to the 20-day VWAP of the Horizon Shares, and a 72% premium to the closing price of Horizon Shares on the TSX-V on July 4, 2025.
The Horizon Transaction will be subject to the approval of 66 2/3% of the votes cast by shareholders of Horizon at a special meeting (the “Horizon Meeting”). Sandstorm, as well as the senior officers and directors of Horizon and certain additional Horizon shareholders, which collectively control 54% of the total basic common shares of Horizon, have entered into voting support agreements pursuant to which they have agreed to vote their shares in favor of the Horizon Transaction, subject to certain conditions. Additionally, the Horizon Transaction will be subject to the approval of a simple majority of the votes cast by shareholders of Horizon at the Horizon Meeting excluding votes cast by Sandstorm, senior officers, and directors as required under Multilateral Instrument 61-101. The full details of the Horizon Transaction will be described in Horizon’s management information circular to be prepared in accordance with applicable securities laws.
The completion of the Horizon Transaction is subject to customary closing conditions, as well as the approval by Horizon’s shareholders described above, the approval of the Supreme Court of British Columbia, completion of the Sandstorm Transaction (which can be waived by Royal Gold in its sole discretion), and regulatory clearances or approvals.
Timing
The Transactions are expected to close in the fourth quarter of 2025.
Advisors
Scotiabank is serving as lead financial advisor and McCarthy Tétrault LLP, Skadden, Arps, Slate, Meagher & Flom LLP and Richards, Layton & Finger, P.A. are serving as legal advisors to Royal Gold. Raymond James Ltd is also acting as financial advisor to Royal Gold.
BMO Capital Markets is serving as lead financial advisor and Cassels Brock & Blackwell LLP and Crowell & Moring LLP are serving as legal advisors to Sandstorm and its Board of Directors. National Bank of Canada is serving as lead financial advisor and Fasken Martineau DuMoulin LLP is serving as legal advisor to the Sandstorm Special Committee. CIBC World Markets Inc. is also acting as financial advisor to the Sandstorm Special Committee.
Fort Capital Partners is serving as lead financial advisor and Gowlings WLG is serving as legal advisor to Horizon and its Board of Directors. Cormark Securities Inc. is also acting as financial advisor to Horizon.



CORPORATE PROFILE
Royal Gold is a high margin, mid-capitalization company that generates strong cash flows from a large and well-diversified portfolio of precious metal streams, royalties and similar production-based interests located in mining-friendly jurisdictions. Royal Gold shares trade under the symbol “RGLD” and provide growth, value and income investors with exposure to the metals and mining industry. The Company’s website is located at www.royalgold.com.
For further information, please contact:
Sandstorm and Horizon Acquisition Call Information:
Alistair Baker
Dial-In
833-470-1428 (U.S.); toll free
Senior Vice President, Investor Relations and Business Development
Numbers:
833-950-0062 (Canada); toll free
929-526-1599 (International)
(303) 573-1660
Access Code:
184156
Note: A joint conference call with management of Royal Gold and Sandstorm to review the proposed transactions will be held on Monday, July 7, 2025, at 10:00 am Eastern Time (8:00 am Mountain Time, 7:00 am Pacific Time). The call will be webcast and archived on the Company’s website for a limited time.
Webcast URL:
www.royalgold.com under Investors, Events & Presentations

Forward-Looking Statements: This press release includes “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words like “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward-looking statements include, among others, statements regarding the following: plans and expectations with respect to the Transactions; the results, effects, benefits and synergies of the Transactions; the expected timetable for completing the Transactions; future growth and opportunities for the combined company; the anticipated impact of the Transactions on the combined company’s results of operations, financial position, growth opportunities and competitive position; guidance, projections and any other statements regarding Royal Gold’s, Sandstorm’s or Horizon’s future expectations, beliefs, plans, objectives, or assumptions; operators’ expected operating and financial performance and other anticipated developments relating to their properties and operations, including production, deliveries, environmental and feasibility studies, technical reports, mine plans, capital requirements, liquidity and capital expenditures; anticipated liquidity, capital resources, financing, and stockholder returns; borrowings and repayments under Royal Gold’s revolving credit facility; and prices for gold, silver, copper and other metals.

Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: the possibility that shareholders of Royal Gold may not approve the issuance of new shares of Royal Gold common stock in the Sandstorm Transaction or that security holders of Sandstorm or Horizon may not approve the Transactions; the risks that a condition to closing of the Transactions may not be satisfied, that a party may terminate an arrangement agreement or that the closing of the Transactions might be delayed or not occur at all; delays or adverse decisions regarding regulatory approval of the Transactions; potential adverse reactions or changes to business or employee relationships of Royal Gold, Sandstorm or Horizon, including those resulting from the announcement or completion of the Transactions; the diversion of management time on Transaction-related issues; the ultimate timing, outcome and results of integrating the operations of Royal Gold, Sandstorm and Horizon; the ability of the combined company to realize anticipated synergies in the timeframe expected or at all; changes in capital markets and the ability of the combined company to finance operations in the manner expected; changes in the price of gold, silver, copper or other metals; operating activities or financial performance of properties on which the Royal Gold, Sandstorm or Horizon hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or


court actions, or operational disruptions; changes of control of properties or operators; contractual issues involving stream or royalty agreements; the timing of deliveries of metals from operators and subsequent sales of metal; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; adverse economic and market conditions; effects of health epidemics and pandemics; changes in laws or regulations governing Royal Gold, Sandstorm, Horizon, operators or operating properties; changes in management and key employees; and other factors described in Royal Gold’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including Item 1A, Risk Factors of Royal Gold’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and in the reports filed by Sandstorm and Horizon with the SEC and on SEDAR+, as applicable. Most of these factors are beyond the parties’ ability to predict or control. Other unpredictable or unknown factors not discussed in this press release could also have material adverse effects on forward-looking statements.

Forward-looking statements speak only as of the date on which they are made. Each of Royal Gold, Sandstorm and Horizon disclaims any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements.

Statement Regarding Third-Party Information: Certain information provided in this press release, including information about historical production, production estimates, property descriptions, and property developments, was provided to us by the operators of the relevant properties or is publicly available information filed by these operators with applicable securities regulatory bodies, including the Securities and Exchange Commission. Royal Gold has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of any such third-party information and refers the reader to the public reports filed by the operators for information regarding those properties.

No Offer or Solicitation: Communications in this press release do not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a solicitation of any vote or approval with respect to the proposed Transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Important Additional Information and Where to Find It: In connection with the proposed Transactions, Royal Gold, Sandstorm and Horizon intend to file materials with the SEC and on SEDAR+, as applicable. Royal Gold plans to file proxy materials with the SEC in connection with the solicitation of proxies for Royal Gold’s special meeting of shareholders (the “Royal Gold Special Meeting”). Prior to the Royal Gold Special Meeting, Royal Gold will file a definitive proxy statement (the “Royal Gold Proxy Statement”), together with a proxy card. Sandstorm intends to file a management information circular (the “Sandstorm Circular”) on SEDAR+ in connection with the solicitation of proxies to obtain Sandstorm shareholder approval of the Sandstorm Transaction. Horizon intends to file a management information circular (the “Horizon Circular”) on SEDAR+ in connection with the solicitation of proxies to obtain Horizon shareholder approval of the Horizon Transaction. This press release is not a substitute for the Royal Gold Proxy Statement, the Sandstorm Circular, the Horizon Circular, or for any other document that Royal Gold, Sandstorm or Horizon may file with the SEC or on SEDAR+ and/or send to their respective security holders in connection with the proposed Transactions. INVESTORS AND SECURITYHOLDERS OF ROYAL GOLD, SANDSTORM AND HORIZON ARE URGED TO CAREFULLY AND THOROUGHLY READ THE ROYAL GOLD PROXY STATEMENT, THE SANDSTORM CIRCULAR, AND THE HORIZON CIRCULAR, RESPECTIVELY, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY ROYAL GOLD, SANDSTORM, AND/OR HORIZON WITH THE SEC OR ON SEDAR+ WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ROYAL GOLD, SANDSTORM, HORIZON, THE PROPOSED TRANSACTIONS, THE RISKS RELATED THERETO, AND RELATED MATTERS.

Securityholders of Royal Gold, Sandstorm, and Horizon will be able to obtain, free of charge, copies of the Royal Gold Proxy Statement, Sandstorm Circular, and Horizon Circular, as each may be amended from time to time, and other relevant documents filed by Royal Gold, Sandstorm, and/or Horizon with the SEC or on SEDAR+ (when they become available) through the website maintained by the SEC at www.sec.gov or at www.sedarplus.ca, as applicable. Copies of documents filed with the SEC by Royal Gold will be available, free of charge, from Royal Gold’s website at www.royalgold.com under the “Investor Resources” tab or by contacting Royal Gold at (303) 573-1660 or InvestorRelations@royalgold.com. Copies of documents filed on SEDAR+ by Sandstorm will be available free of charge from Sandstorm’s website at www.sandstormgold.com under the “Investors” tab or by contacting Sandstorm at (844) 628-1164 or info@sandstormgold.com. Copies of documents filed on SEDAR+ by Horizon will be available free of charge


from Horizon’s website at www.horizoncopper.com under the “Investors” tab or by contacting Horizon at (604) 336-8189 or info@horizoncopper.com.

Certain Information Regarding Participants: Royal Gold, Sandstorm, Horizon and their respective directors and certain of their executive officers and other members of management and employees may be deemed, under SEC rules, to be “participants” (as defined in Section 14(a) of the Securities Exchange Act of 1934, as amended) in the solicitation of proxies from Royal Gold shareholders in connection with the Royal Gold Special Meeting. Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the Royal Gold Proxy Statement and other materials to be filed with the SEC in connection with the Royal Gold Special Meeting. Information relating to the foregoing can also be found in Royal Gold’s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 13, 2025, and Royal Gold’s definitive proxy statement for its 2025 annual meeting of stockholders filed with the SEC on April 4, 2025. To the extent the holdings of Royal Gold’s directors and executive officers in Royal Gold’s securities have changed since the amounts described in the April 4, 2025 proxy statement, such changes have been reflected in the following Initial Statements of Beneficial Ownership of Securities on Form 3 and Statements of Change in Ownership on Form 4 filed with the SEC with respect to the Company: Form 4, filed by William Heissenbuttel on April 22, 2025; Form 3, filed by Mark Isto on May 27, 2025; and Form 4, filed by Paul Libner on June 10, 2025. These filings can be found at the SEC’s website at www.sec.gov. Information regarding the executive officers and directors of Sandstorm and Horizon is included in their respective management information circulars for their 2025 shareholder meetings filed on SEDAR+ on April 22, 2025 and May 1, 2025, respectively. More detailed and updated information regarding the identity of participants in the solicitation and their direct or indirect interests (by security holdings or otherwise), will be set forth in the Royal Gold Proxy Statement and other materials to be filed with the SEC or on SEDAR+. These documents can be obtained free of charge from the sources indicated above.


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FAQ

What is the exchange ratio for Sandstorm (NYSE: SAND) shareholders?

0.0625 Royal Gold shares will be issued for each Sandstorm share under the plan of arrangement.

How much premium is Royal Gold (RGLD) paying for Sandstorm Gold?

The exchange ratio implies a 21% premium to Sandstorm鈥檚 20-day VWAP and 17% to the 3 July 2025 closing price.

What consideration will Horizon Copper (TSXV: HCU) investors receive?

Horizon holders will receive C$2.00 in cash per share, an 85% premium to the 20-day VWAP (鈮� US$196 m equity value).

When are the acquisitions expected to close?

Subject to approvals, both transactions are targeted to close in Q4 2025.

How will the deal affect Royal Gold鈥檚 production profile?

Adding 40 producing assets is forecast to lift 2025 output by 65,000鈥�80,000 GEOs, roughly a 26% increase over existing guidance.

Will Royal Gold take on significant debt to finance the deals?

Management expects a low outstanding debt balance post-close; Sandstorm is funded with shares, and Horizon鈥檚 C$196 m cash is modest relative to liquidity.
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Royal Gold Inc

NASDAQ:RGLD

RGLD Rankings

#1207 Ranked by Market Cap
#1779 Ranked by Dividends

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RGLD Stock Data

11.70B
65.56M
0.36%
88.35%
2.46%
Gold
Mineral Royalty Traders
United States
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