Royal Gold Inc.
Royal Gold Completes Acquisition of Sandstorm Gold and Horizon Copper
Summary
Royal Gold, Inc. completed the acquisitions of Sandstorm Gold Ltd. and Horizon Copper Corp. on October 20, 2025. In the Sandstorm Arrangement, IRC acquired all issued and outstanding shares of Sandstorm, with Sandstorm shareholders receiving Royal Gold Common Stock in exchange. In the Horizon Arrangement, IRC acquired Horizon shares (excluding those held by Sandstorm), with Horizon shareholders receiving cash. Royal Gold issued approximately 18.6 million shares and drew $450 million on its credit facility to complete these transactions. Both Sandstorm and Horizon have ceased trading and are in the process of terminating their public reporting requirements.
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About Royal Gold Inc.
Royal Gold Inc. is a leading precious metals royalty and streaming company that primarily engages in acquiring and managing royalties and metal streams for gold products. Founded in 1981 and headquartered in Denver, Colorado, Royal Gold plays a pivotal role in the mining sector by providing upfront capital to mining operations in exchange for future royalties or metal at a discounted rate. This unique business model allows the company to benefit from the production value without incurring the high costs and risks associated with direct mining operations. Royal Gold's portfolio spans multiple continents, with interests in various key mining regions across North America, South America, and Australia, among others. By focusing on royalty agreements, Royal Gold strategically aligns with high-quality mines managed by experienced and well-financed operators, ensuring consistent revenue streams. The company is noted for its diversified portfolio, including ownership interests in some of the world's largest and most productive mines, significantly impacting the global supply chain of precious metals and mining equities.
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