Royal Gold, Inc. (RGLD) entered a merger agreement on July 7, 2025, to acquire both Sandstorm Gold Ltd. (SAND) and Horizon Copper in deals worth $3.5 billion and $196 million, respectively.
Under the terms of the agreement, Royal Gold will acquire 100% of the issued share capital of Sandstorm in exchange for Royal Gold shares at an exchange ratio of 0.0625 common shares of Royal Gold for each common share of Sandstorm, representing a price of $11.24 per share. The per-share price is at a premium of 16.72% from the stock’s last close.
Royal Gold will also acquire 100% of the issued share capital of Horizon Copper in exchange for cash of C$2/share.
Sandstorm Gold is a Canadian-focused gold royalty and streaming company that provides upfront financing to mining operators in exchange for a long-term share of their precious metals output. It owns roughly 230 royalty and streaming agreements, about 40 of which are on producing mines, across regions including North and South America, Africa, Asia, and Australia.
Horizon Copper is a Canadian growth-focused copper investment company that holds passive interests, including net profit interests and equity stakes, in copper mines like Antamina (Peru), Oyu Tolgoi (Mongolia), and Hod Maden (Türkiye).
Royal Gold is a U.S.-based precious metals streaming and royalty company that provides upfront capital to mining operators in exchange for long-term rights to purchase or earn a percentage of their metal production. As of early 2025, it holds interests across approximately 175–185 properties on five continents, including over 40 producing mines and nearly 20 development-stage projects, generating high-margin, asset-backed cash flow.
The transactions will add 40 producing assets to Royal Gold’s portfolio, contributing an estimated 65,000 to 80,000 gold equivalent ounces (GEOs) in 2025. Based on the midpoints of 2025 guidance for Royal Gold and Sandstorm, and assuming a full year of contribution, these assets are expected to increase Royal Gold’s GEO production by approximately 26%.
Through this deal, Royal Gold’s portfolio will comprise 393 streams and royalties, largely focused on the Americas, with 80 cash-flowing assets and 47 in development.
The deal is expected to close in the fourth quarter of 2025.
Scotiabank is the lead financial advisor to Royal Gold, with legal advice from McCarthy Tétrault, Skadden, Arps, Slate, Meagher & Flom, and Richards, Layton & Finger. Raymond James is also acting as a financial advisor to Royal Gold. For Sandstorm, BMO Capital Markets is the lead financial advisor, with legal counsel from Cassels Brock & Blackwell and Crowell & Moring. Fort Capital Partners is the lead financial advisor to Horizon, with Gowlings WLG as legal counsel. Cormark Securities is also acting as a financial advisor to Horizon.
Royal Gold is paying 23.31 times EBITDA for Sandstorm Gold.
To explore more about this merger and acquisition transaction, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of Sandstorm Gold Ltd. (SAND) by Royal Gold, Inc. (RGLD)
The Deal Metrics page for each merger or acquisition includes:
– A spread history chart of the merger from announcement through eventual completion or failure.
– Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And much more.
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Editor’s Note: Baranjot Kaur contributed to this article