Royal Gold Acquires Sandstorm Gold Ltd. and Horizon Copper Corp.

October 20, 2025

Royal Gold, Inc. completed the previously announced acquisitions of Sandstorm Gold Ltd. and Horizon Copper Corp., issuing approximately 18.6 million shares to Sandstorm shareholders and paying roughly $126 million in cash consideration for Horizon. The transactions increase Royal Gold's scale and diversification in precious metals streaming and royalties; Sandstorm and Horizon have requested delisting of their public shares following closing.

Buyers
Royal Gold, Inc.
Targets
Sandstorm Gold Ltd., Horizon Copper Corp.
Sellers
Sandstorm Gold Ltd. shareholders, Horizon Copper Corp. shareholders
Industry
Energy
Location
British Columbia, Canada
Transaction Type
Buyout

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