Royal Gold agrees to buy Sandstorm Gold in all-stock deal, Horizon Copper for cash
Royal Gold agreed on July 6, 2025, to acquire Sandstorm Gold in an all-stock transaction, with Sandstorm shareholders receiving 0.0625 Royal Gold shares for each Sandstorm share. It also agreed to acquire Horizon Copper in an all-cash deal of C$2.00 per share. Both deals are subject to shareholder, court and regulatory approvals, and the Sandstorm deal requires Royal Gold stockholder approval for the share issuance, so shareholders would be affected by the new stock issued and the cash outlay if the deals close.
Key points
- Sandstorm deal: 0.0625 Royal Gold common shares per Sandstorm common share, subject to adjustment if applicable
- Horizon deal: C$2.00 in cash per Horizon common share, subject to adjustment if applicable
- Royal Gold stockholder approval is required for the stock issuance; the Sandstorm deal may be terminated if it is not completed by January 6, 2026 (extendable to April 6, 2026 in certain regulatory cases)
- Termination fees of $200 million payable by Royal Gold or $130 million payable by Sandstorm in specified circumstances
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:42 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 10, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.