Royal Gold, Inc. · NASDAQ:RGLD
Royal Gold — Merger or Acquisition (July 2025)
23 slides from Royal Gold's merger presentation, Jul 7, 2025
Slide 1: Proposed Acquisition of Sandstorm Gold and Horizon Copper
Proposed Acquisition of Sandstorm Gold and JULY 7, 2025 Horizon Copper Creating a Premier Growth Company in the Gold Streaming and Royalty Sector
Slide 2: Important Disclosures
Important Disclosures No Offer or Solicitation: Communications in this presentation do not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a solicitation of any vote or approval with respect to the proposed transactions or otherwise, nor shall th
Slide 3: Cautionary Statements
Cautionary Statements Forward-Looking Statements: This presentation includes “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statem
Slide 4: Today's Speakers
Today’s Speakers Bill Heissenbuttel Nolan Watson President and CEO, Sandstorm Gold Ltd. President and CEO, Royal Gold Inc. Chairman, Horizon Copper Corp. ROYAL GOLD, INC. | ROYAL GOLD OFFER TO ACQUIRE SANDSTORM GOLD AND HORIZON COPPER | JULY 7, 2025 3
Slide 5: Acquisitions Add High Quality, Long-Life Precious Metals Assets
Acquisitions Add High Quality, Long-Life Precious Metals Assets Accretive transactions cement Royal Gold as a leading North American streaming and royalty company Accretive and Strategic Growth Diversified and Gold-Focused Portfolio • Adds high-quality producing assets, bolstering immediate • Gold r
Slide 6: Strategic Rationale
Strategic Rationale Significant benefits to Royal Gold, Sandstorm and Horizon shareholders Royal Gold Shareholders Sandstorm Shareholders Attractive immediate premium of 21% on a 20-day VWAP basis Meaningfully accretive to NAV and mid-to-long-term cash flows (17% premium to the July 3, 2025 closing
Slide 7: Transaction Summary
Transaction Summary Proposed • Royal Gold Inc. (“Royal Gold”) to acquire 100% of the common shares of both Sandstorm Gold Ltd. (“Sandstorm”) Transaction and Horizon Copper Corp. (“Horizon”) • Sandstorm shareholders will receive 0.0625 of a Royal Gold share for each Sandstorm share held, implying a p
Slide 8: Creating a Premier Growth Company in the Gold Streaming and Royalty Sector
Creating a Premier Growth Company in the Gold Streaming and Royalty Sector Accretive and Strategic Growth Diversified and Gold-Focused Portfolio Unlocks Synergies and Enhances Value Strengthens Market Position ROYAL GOLD, INC. | ROYAL GOLD OFFER TO ACQUIRE SANDSTORM GOLD AND HORIZON COPPER | JULY 7,
Slide 9: Addition of High-Quality Production Assets
ACCRETIVE AND STRATEGIC GROWTH Addition of High-Quality Production Assets Diversified production from top-tier assets with strong operators Antamina Greenstone Fruta Del Norte Chapada Caserones Peru Canada Ecuador Brazil Chile 1.66% 2.375% 0.9% 4.2% 0.63% NPI Gold Stream1 NSR Copper Stream1 NSR2 1 –
Slide 10: Addition of Material Growth Assets
ACCRETIVE AND STRATEGIC GROWTH Addition of Material Growth Assets Growth assets with enormous potential being advanced by experienced and well-capitalized operators Platreef MARA Oyu Tolgoi Hod Maden Hugo North Extension South Africa Argentina Mongolia Türkiye 37.5% 20% 4.47% 0.33% ~5% 30% 2% Gold &
Slide 11: Accretive to NAV for Royal Gold shareholders
ACCRETIVE AND STRATEGIC GROWTH Accretive to NAV for Royal Gold shareholders Pro Forma Consensus Asset NAV (%)1,2 23% Sandstorm Royal Gold Shareholders3 Sandstorm Horizon 27% Sandstorm and Horizon to substantially increase Royal Gold net asset value +44% Increase in Asset NAV2 3% 70% 77% Royal Gold S
Slide 12: Contribution to Near-Term Production
ACCRETIVE AND STRATEGIC GROWTH Contribution to Near-Term Production 2025E GEO Production Guidance Royal Gold1 Excludes contribution Sandstorm from Horizon given no 2025 production guidance; ~US$7M 280k GEO EBITDA estimated in Pro Forma Production 79% 20253 Immediate increase in GEO production to >35
Slide 13: Creating a Premier Growth Company in the Gold Streaming and Royalty Sector
Creating a Premier Growth Company in the Gold Streaming and Royalty Sector Accretive and Strategic Growth Diversified and Gold-Focused Portfolio Unlocks Synergies and Enhances Value Strengthens Market Position ROYAL GOLD, INC. | ROYAL GOLD OFFER TO ACQUIRE SANDSTORM GOLD AND HORIZON COPPER | JULY 7,
Slide 14: Embedded Growth and Portfolio Optionality
DIVERSIFIED AND GOLD-FOCUSED PORTFOLIO Embedded Growth and Portfolio Optionality Robust Asset Portfolio with Strong Growth Pipeline1 393 assets in pro forma portfolio Producing Development Evaluation/Exploration ————————————————————————— 80 assets producing, 47 in development ———————————————————————
Slide 15: Diversified Commodity and Geographic Exposure
DIVERSIFIED AND GOLD-FOCUSED PORTFOLIO Diversified Commodity and Geographic Exposure Gold-Focused Portfolio by Asset NAV1,2 Geographically Diversified by Asset NAV1,2 78% Gold 28% Canada 11% Silver 13% United States 3% 2% 6% 9% Copper 10% Dominican Rep. 9% 3% Other 9% Chile 28% 11% 5% Brazil 15% 12%
Slide 16: Diversified Asset Portfolio
DIVERSIFIED AND GOLD-FOCUSED PORTFOLIO Diversified Asset Portfolio Top 10 Principal Assets by NAV1 Selected Consensus Asset NAV (%)1,2,3,4 PRINCIPAL ASSET % OF NAV 20% Mt. Milligan 13% Royal Gold 18% Sandstorm Pueblo Viejo 10% 16% Cortez2 8% 14% Royal Gold will have the largest mining asset portfoli
Slide 17: Creating a Premier Growth Company in the Gold Streaming and Royalty Sector
Creating a Premier Growth Company in the Gold Streaming and Royalty Sector Accretive and Strategic Growth Diversified and Gold-Focused Portfolio Unlocks Synergies and Enhances Value Strengthens Market Position ROYAL GOLD, INC. | ROYAL GOLD OFFER TO ACQUIRE SANDSTORM GOLD AND HORIZON COPPER | JULY 7,
Slide 18: Simplification of Sandstorm-Horizon Ownership Structures
UNLOCKS SYNERGIES AND ENHANCES VALUE Simplification of Sandstorm-Horizon Ownership Structures CURRENT PRO FORMA Sandstorm Royal Gold 34% Public ~US$240M 1.66% Ag ~67% Au 24% Equity 1.66% 30% JV 0.55% NPI Stream Stream 2% NSR Equity Debentures1 Stream Ownership3 NPI Interest (20% on 100% basis) Strea
Slide 19: High Quality Institutional Share Ownership
UNLOCKS SYNERGIES AND ENHANCES VALUE High Quality Institutional Share Ownership Pro Forma Shareholders1 Select Crossover Shareholders PF Ownership1: RGLD 77% Retail & Other World2 SAND 23% Insiders 15% 10% 2% 8% 8% 5% 47% 4% Other Institutional Shareholders 1 – Derived using an exchange rate of 0.06
Slide 20: Creating a Premier Growth Company in the Gold Streaming and Royalty Sector
Creating a Premier Growth Company in the Gold Streaming and Royalty Sector Accretive and Strategic Growth Diversified and Gold-Focused Portfolio Unlocks Synergies and Enhances Value Strengthens Market Position ROYAL GOLD, INC. | ROYAL GOLD OFFER TO ACQUIRE SANDSTORM GOLD AND HORIZON COPPER | JULY 7,
Slide 21: Large Enough to Compete, Small Enough to Grow
STRENGTHENS MARKET POSITION Large Enough to Compete, Small Enough to Grow Market Capitalization1 (US$B) $41.2 Transactions cement Royal Gold’s unique industry position $31.9 Increased scale, but small enough to show growth Strong financial position and continued focus on paying a growing dividend $1
Slide 22: Conclusion
Conclusion Creating a Premier Growth Company in the Gold Streaming and Royalty Sector Leading growth profile with exploration and Accretive and Strategic Growth development optionality Gold-dominant portfolio with sector-leading Diversified and Gold-Focused Portfolio diversification in mining-friend
Slide 23: Tel. (303) 573-1660 investorrelations@royalgold.com www.royalgold.com
Tel. (303) 573-1660 investorrelations@royalgold.com www.royalgold.com