{"schema_version":"secwatch.filing_event.v1","accession":"0000085535-25-000094","form_type":"8-K","ticker":"RGLD","cik":"0000085535","company_name":"ROYAL GOLD INC","filed_at":"2025-07-07T23:59:59+00:00","discovered_at":"2026-05-14T18:02:46.501065+00:00","generated_at":"2026-05-18T09:23:57.493983+00:00","sec_items":["7.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.9,"calibrated_materiality_score":0.9,"confidence":"high","headline":"Royal Gold to acquire Sandstorm Gold (~$3.5B equity) and Horizon Copper (~$196M cash)","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0000085535-25-000094","json":"https://secwatch.observer/filing/0000085535-25-000094.json","markdown":"https://secwatch.observer/filing/0000085535-25-000094.md","text":"https://secwatch.observer/filing/0000085535-25-000094.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/85535/000008553525000094/0000085535-25-000094-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/85535/000008553525000094/rgld-20250707.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-18T09:23:57.493983+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}