Business
Royal Gold Completes Sandstorm Gold Royalties and Horizon Copper Acquisitions to Create a Premier Growth Company in the Gold Streaming and Royalty Sector
Transactions increase Royal Gold’s scale, diversification and potential for organic growth, and the strong balance sheet and cash flow of the combined company p
About this update from Royal Gold, Inc.
[{"type":"text","content":" Transactions increase Royal Gold’s scale, diversification and potential for organic growth, and the strong balance sheet and cash flow of the combined company position Royal Gold to grow and invest in precious metals DENVER / Oct 20, 2025 / Business Wire / Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold” or the “Company,” “we” or “our”) announced today the closing of the previously announced acquisitions of Sandstorm Gold Ltd. (“Sandstorm” and the “Sandstorm Transaction”) and Horizon Copper Corp. (“Horizon” and the “Horizon Transaction”), which add significantly to Royal Gold’s world-class diversified portfolio of precious metal stream and royalty interests. “These acquisitions fit our strategic goal of acquiring high-quality and long-life precious metals assets in mining-friendly jurisdictions, and I believe the addition of the Sandstorm and Horizon interests creates a global portfolio of precious metals interests that is unmatched in terms of diversification, development and organic growth potential, and exploration optionality,” commented Bill Heissenbuttel, President and CEO of Royal Gold. “Royal Gold has a 40+ year history of consistently executing a strategy of disciplined growth in gold, and with these transactions, we are firmly positioned as a leading North American precious metal streaming and royalty company with the balance sheet and liquidity to continue to grow and invest in precious metals. We look forward to demonstrating the strength of the combined company over the coming months as we integrate the Sandstorm and Horizon interests into the Royal Gold portfolio.” Royal Gold issued approximately 18.6 million shares of common stock to Sandstorm shareholders to complete the Sandstorm Transaction, increasing its outstanding share count to approximately 84.4 million shares. Royal Gold maintains the lowest share count of all the companies represented in the GDX1. Royal Gold drew $450 million on its $1.4 billion revolving credit facility in order to repay the outstanding debt assumed with the acquisition of Sandstorm and to fund the approximately $126 million in cash consideration paid to the shareholders of Horizon (excluding Sandstorm). As of October 20, 2025, Royal Gold has $1.225 billion drawn on the revolving credit facility, leaving $175 million undrawn and available. We estimate repa...