Royal Gold Acquires Sandstorm And Horizon In Bold Expansion Move

Royal Gold, Inc. RGLD is making a decisive move to scale up in the precious metals streaming and royalty space through two simultaneous acquisitions, a $3.5 billion all-share merger with Sandstorm Gold Ltd. SAND and a $196 million cash deal for Horizon Copper Corp. HNCUF.

Under the terms, Sandstorm shareholders will receive 0.0625 Royal Gold shares for each share held, reflecting a 21% premium to its 20-day average price.

The Horizon acquisition values each share at 2.00 Canadian dollars, representing an 85% premium over its recent average. These deals aim to create a dominant North American player with deep asset diversity and enhanced cash flow strength.

Also Read: China’s Largest Gold Miner Expands In Central Asia With $1.2 Billion Acquisition

When finalized, the combined portfolio will comprise 393 streams and royalties, largely focused in the Americas, with 80 cash-flowing assets and 47 in development. Approximately 87% of its revenue will stem from precious metals, with gold alone contributing about 75% in 2025. No single asset will make up more than 13% of net asset value, significantly lowering risk from asset concentration.

Royal Gold will maintain its name post-merger, while Sandstorm investors will hold around 23% of the enlarged entity. Sandstorm’s CEO, Nolan Watson, called the agreement a “milestone” and noted the merger allows investors to participate in a stronger, more liquid company with long-term upside.

Horizon CEO Erfan Kazemi emphasized the value unlocked for shareholders as Horizon integrates its copper-heavy portfolio into a bigger precious metals platform.

The transaction adds key assets such as Mount Milligan in Canada, Pueblo Viejo in the Dominican Republic, and MARA in Argentina. Projects in Chile, South Africa, Türkiye, and Botswana round out a global footprint focused in mining-friendly regions. Development-stage investments like Hod Maden, Platreef, and Antamina are also expected to drive future organic growth.

Boards and special committees at all three companies have endorsed the deals. Final approval depends on shareholder votes, court proceedings, and regulatory sign-offs, including antitrust reviews in Canada and South Africa. Completion is anticipated in the fourth quarter of 2025, after which Sandstorm and Horizon shares will be delisted.

Royal Gold held $240.76 million in cash and cash equivalents as of March 31, 2025.

Related ETFs: VanEck Gold Miners ETF GDX, iShares MSCI Global Metals & Mining Producers ETF PICK.

Price Action: SAND shares are trading higher by 5.30% to $10.14, and RGLD shares are trading lower by 8.36% to $164.80 at the last check Monday.

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