Royal Gold to acquire Sandstorm Gold (~$3.5B equity) and Horizon Copper (~$196M cash)

ROYAL GOLD INC

Royal Gold to acquire Sandstorm in all-stock deal at 0.0625x exchange ratio; 21% premium to 20-day VWAP.
Sandstorm equity value ~$3.5B; Royal Gold shareholders will own ~77% of combined company.
Horizon acquired for C$2.00/share in cash, representing 85% premium to 20-day VWAP; equity value ~$196M.
Transactions expected to add 40 producing assets and 65,000–80,000 GEOs in 2025, increasing GEOs ~26%.
Pro forma portfolio: 80 revenue-producing assets, ~87% precious metals revenue, no single asset >13% NAV.

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