---
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"
generated_at: "2026-05-18T09:23:57.493983+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000085535-25-000094
- JSON: https://secwatch.observer/filing/0000085535-25-000094.json
- Plain text: https://secwatch.observer/filing/0000085535-25-000094.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.