Royal Gold, Inc. has announced significant agreements to acquire Sandstorm Gold Ltd. and Horizon Copper Corp. These strategic acquisitions are set to bolster Royal Gold's standing as a premier North American gold-focused streaming and royalty company, expanding its portfolio with numerous producing and development assets and enhancing its financial strength.
Royal Gold's acquisition of Sandstorm Gold Ltd. involves an all-stock transaction, with Sandstorm shareholders receiving 0.0625 common shares of Royal Gold for each Sandstorm share. This represents a 21% premium based on the 20-day volume-weighted average price (VWAP) and values Sandstorm at approximately $3.5 billion. Concurrently, Royal Gold will acquire Horizon Copper Corp. for C$2.00 per share in cash, a premium of 85% to Horizon's 20-day VWAP, totaling approximately $196 million.
These acquisitions are anticipated to yield substantial benefits for Royal Gold, including:
The expanded portfolio will feature a range of high-quality producing and development assets:
Key Producing Assets:
Key Development Assets:
Both the Royal Gold and Sandstorm Boards of Directors, along with their respective special committees, have recommended that shareholders vote in favor of the transactions. Similarly, the Boards of Royal Gold and Horizon, and Horizon's special committee, have endorsed the Horizon acquisition. The transactions are subject to shareholder and regulatory approvals and are expected to close in the fourth quarter of 2025.
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