---
schema_version: "secwatch.filing_event.v1"
accession: "0000085535-25-000149"
form_type: "8-K"
ticker: "RGLD"
cik: "0000085535"
company_name: "ROYAL GOLD INC"
filed_at: "2025-10-21T23:59:59+00:00"
generated_at: "2026-05-17T03:09:41.532284+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Royal Gold completes acquisitions of Sandstorm Gold and Horizon Copper, creating premier streaming and royalty company

## Summary
- Issued ~18.6M shares to Sandstorm shareholders; legacy RGLD holders own 77.5% of combined company.
- Paid C$2.00/share cash for Horizon, total ~C$127M to shareholders (excl. Sandstorm).
- Drew $450M on $1.4B credit facility to repay assumed debt and fund Horizon cash; total drawn now $1.225B.
- Combined company has ~84.4M shares outstanding, lowest share count among GDX constituents.
- Expects to repay borrowings within two years under current metal prices and no further investments.

## SEC filing metadata
- accession: 0000085535-25-000149
- form_type: 8-K
- ticker: RGLD
- cik: 0000085535
- company_name: ROYAL GOLD INC
- filed_at: 2025-10-21T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.01, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/85535/000008553525000149/0000085535-25-000149-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/85535/000008553525000149/rgld-20251020.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000085535-25-000149
- JSON: https://secwatch.observer/filing/0000085535-25-000149.json
- Plain text: https://secwatch.observer/filing/0000085535-25-000149.txt

## Key facts
- M&A Transactions
  ROYAL GOLD INC completed an acquisition involving Sandstorm Gold Ltd. for 0.0625 of a share of common stock, par value $0.01 per share, of Royal Gold (closed 2025-10-20).
  - Action: acquisition
  - Counterparty: Sandstorm Gold Ltd.
  - Consideration: 0.0625 of a share of common stock, par value $0.01 per share, of Royal Gold
  - Closing: 2025-10-20
  source text: usly announced, on July 6, 2025, Royal Gold, Inc., a Delaware corporation (“Royal Gold”), and its wholly owned subsidiary International Royalty Corporation, a Canadian corporation (“IRC”), entered into an arrangement agreement (the “Sandstorm Agreement”) with Sandstorm Gold Ltd., a British Columbia corporation (“Sandstorm”), pursuant to which, on the terms and subject to the conditions set forth therein, Royal Gold agreed to acquire Sandstorm in an all-stock transaction, subject to satisfaction of certain closing conditions.
  evidence_url: https://www.sec.gov/Archives/edgar/data/85535/000008553525000149/0000085535-25-000149-index.htm
- M&A Transactions
  ROYAL GOLD INC completed an acquisition involving Horizon Copper Corp. for C$2.00 in cash (closed 2025-10-20).
  - Action: acquisition
  - Counterparty: Horizon Copper Corp.
  - Consideration: C$2.00 in cash
  - Closing: 2025-10-20
  source text: Also on July 6, 2025, Royal Gold and IRC entered into an arrangement agreement (the “Horizon Agreement”) with Horizon Copper Corp., a British Columbia corporation (“Horizon”), pursuant to which, on the terms and subject to the conditions set forth therein, Royal Gold agreed to acquire Horizon in an all-cash transaction, subject to satisfaction of certain closing conditions.
  evidence_url: https://www.sec.gov/Archives/edgar/data/85535/000008553525000149/0000085535-25-000149-index.htm

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