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Sandstorm Gold Ltd. has entered into a definitive arrangement agreement with Royal Gold Inc. pursuant to which Royal Gold will acquire all of the issued and outstanding common shares of Sandstorm in an all-share transaction with an implied value of approximately US$3.5 billion for Sandstorm, and a separate $196-million cash bid for Horizon. Sandstorm is the largest shareholder in Horizon, with a 34-per-cent stake.
Royal’s financial advisers are Bank of Nova Scotia and Raymond James Ltd., while the firm hired McCarthy Tétrault LLP, Skadden, Arps, Slate, Meagher & Flom LLP and Richards, Layton & Finger, P.A. as legal advisers.
BMO Capital Markets is Sandstorm’s financial adviser and Cassels Brock & Blackwell LLP and Crowell & Moring LLP are serving as legal advisers.
National Bank of Canada and CIBC World Markets Inc. are advising the special committee to the Sandstorm board, along with lawyers at Fasken Martineau DuMoulin LLP.
Horizon hired Fort Capital Partners and Cormark Securities Inc. as financial advisers and Gowlings WLG as legal adviser.
The transaction was completed on October 20, 2025.
Parties
Company
Royal Gold Inc.
Company
Sandstorm Gold Ltd.
Company
Horizon Copper Corp.
Deal Type
Merger & AcquisitionIndustry
MiningTransaction
$ 4,973,727,500Deal Status
ClosedClosing Date
20 October 2025