Royal Gold acquires Kansanshi gold stream; $1.0B advance, 35-40k oz/yr gold deliveries

ROYAL GOLD INC

Advance payment of $1.0B for gold stream linked to Kansanshi copper production; stream rates: 75 oz per million lbs Cu initially.
Expected gold deliveries: ~12,500 oz in 2025, averaging 35,000-40,000 oz/yr over next 10 years.
Funding: $825M drawn on revolver, plus $400M accordion exercised, increasing facility to $1.4B; no equity issuance.
Royal Gold pays 20% of spot gold per ounce, increasing to 35% upon certain debt ratio or credit rating thresholds.
Transaction accretive per share; Kansanshi mine operated by First Quantum with >20-year mine life.

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