Royal Gold to acquire Sandstorm Gold in stock deal and Horizon Copper for C$2.00/share

ROYAL GOLD INC

Sandstorm shareholders receive 0.0625 RGLD share per SAND share in all-stock transaction.
Horizon shareholders get C$2.00/share in cash; total Horizon consideration C$2.00 per share.
Termination fees: RGLD pays $200M to Sandstorm; Sandstorm pays $130M; Horizon pays $10M; RGLD pays $15M.
Support agreements: insiders holding ~54% of Horizon and ~1% of Sandstorm shares committed to vote in favor.
Approvals required: shareholder votes (66 2/3% for Sandstorm), court and regulatory clearance; deadline Jan 6, 2026.

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