Royal Gold to acquire Sandstorm Gold for US$3.5B and Horizon Copper for US$196M
On July 7, 2025, Royal Gold announced agreements to acquire both Sandstrom Gold and Horizon Copper. Royal Gold will acquire 100% of Sandstorm Gold in exchange for Royal Gold shares at an exchange ratio of 0.0625 common shares for each Sandstorm common share, reflecting a transaction equity value of approximately US$3.5 billion, which represents a 21% premium over Sandstorm’s 20-day volume-weighted average share price. Royal Gold will acquire 100% of Horizon Copper in exchange for cash of $2.00 per Horizon common shares, reflecting a transaction equity value of approximately US$196 million.
Royal Gold is a Denver-based precious metal stream and royalty company whose shares are listed on the Nasdaq stock exchange.
McCarthy Tétrault advised Royal Gold with a team led by Roger Taplin, Adam Taylor, Shawn Doyle, and Gerald Gaunt (Mining & Metals) that included Patrick McKay, Matthew Kraemer, Daniel Downie (Tax) and Jason Gudofsky, Sam Steeves (Regulatory).
