Royal Gold Completes Acquisition of Sandstorm Gold and Horizon Copper with Supreme Court Approval

Royal Gold's (RGLD) acquisition of Sandstorm Gold (SAND) and Horizon Copper Corp. has received approval from the Supreme Court of British Columbia, completing the deal. RGLD will acquire SAND in an all-stock deal and Horizon Copper in a cash deal, adding 40 producing assets and increasing gold equivalent ounces (GEO) production by 26%. The transaction is expected to create a uniquely diversified global precious metals portfolio for RGLD.

The Supreme Court of British Columbia has granted the final order for Horizon Copper Corp.'s (TSXV: HCU) plan of arrangement with Royal Gold, Inc. (NASDAQ: RGLD) and International Royalty Corporation, a wholly-owned Canadian subsidiary of Royal Gold (AcquireCo). This approval completes the deal, which involves Royal Gold acquiring Sandstorm Gold Ltd. (SAND) and Horizon Copper Corp. in separate transactions Horizon Copper Receives Court Approval for Arrangement with Royal Gold^[1].

The acquisition of Horizon Copper Corp. is a cash deal, with Royal Gold set to acquire all of the issued and outstanding Horizon shares (excluding those held by Sandstorm Gold Ltd.) and through Horizon acquire all of the outstanding Horizon warrants. Horizon shareholders will receive C$2.00 per share, while Horizon warrantholders will receive C$2.00 less the applicable exercise price per underlying share. The completion of this transaction is anticipated to occur on October 20, 2025, subject to customary closing conditions Horizon Copper Receives Court Approval for Arrangement with Royal Gold^[1].

The acquisition of Sandstorm Gold Ltd. is an all-stock deal. Royal Gold will issue its common stock to acquire Sandstorm Gold. Both acquisitions are expected to close on October 20, 2025, subject to all closing conditions being satisfied or waived Royal Gold (RGLD) Secures Shareholder Approval for Sandstorm and Horizon Acquisitions^[2].

These acquisitions will significantly enhance Royal Gold's portfolio. The combined assets will add 40 producing assets and increase gold equivalent ounces (GEO) production by 26%. This transaction is expected to create a uniquely diversified global precious metals portfolio for Royal Gold Royal Gold (RGLD) Secures Shareholder Approval for Sandstorm and Horizon Acquisitions^[2].

Following the completion of the Horizon Transaction, Horizon Copper expects to delist its shares from the TSX Venture Exchange and apply to cease being a reporting issuer in the applicable jurisdictions Horizon Copper Receives Court Approval for Arrangement with Royal Gold^[1].