DENVER--(BUSINESS WIRE)--Royal Gold Provides Update on Q3 2025 Stream Segment Sales and Details for Release of Q3 2025 Results. ...

Core Viewpoint - Crescat Capital warns that "speculative complacency" has led to inflated valuations of top technology stocks, surpassing levels seen during the 2000 dot-com bubble [1][2] Valuation Disparity - The enterprise value of the top 10 U.S. mega-cap stocks is now 76.8% of GDP, which is 270% higher than the 28.4% peak during the dot-com era [2] - Crescat's Chief Investment Officer emphasizes that investing in tech-dominated index funds at current valuations disregards fundamental market principles [2] Investment Strategy - Crescat advocates for a "great rotation" from overvalued AI-driven stocks to gold miners, which are seen as offering better growth potential at lower valuations [1][3] - The median earnings per share (EPS) growth for major gold producers is 129.4%, compared to 23.9% for the "Magnificent 9" AI stocks, with gold miners having a median price-to-earnings (P/E) ratio of 16.2 versus 38.2 for tech stocks [3] Market Signals - The report highlights weakening internal market signals, including a bearish divergence in the Dow Jones Transportation Index and declining market breadth, indicating that a few mega-cap stocks are propping up major indices while the broader market weakens [5] Performance of Gold Miners - A list of gold miners shows significant year-to-date and one-year performance, with companies like Harmony Gold Mining Company Ltd. and Perpetua Resources Corp. showing YTD performances of 115.45% and 133.39% respectively [7] - Gold miner ETFs also demonstrate strong performance, with the VanEck Gold Miners ETF up 114.43% year-to-date [8]

, /PRNewswire/ - Horizon Copper Corp. (TSXV: HCU) (OTCQB: HNCUF) ("Horizon Copper", "Horizon", or the "Company") is pleased to provide the voting results from the Company's Special Meeting of Securityholders (the "Meeting") held today, October 9, 2025 in Vancouver, at which over 80% of the Company's issued common shares ("Shares") and approximately 80% of the Shares and Horizon warrants together, as of the record date for the Meeting, were represented. The Company's securityholders have approved, by Special ...

Article contentFactors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: the risks that a condition to closing of either Transaction may not be satisfied, that a party may terminate an arrangement agreement or that the closing of either Transaction might be delayed or not occur at all; potential adverse reactions or changes to business or employee relationships of Royal Gold, Sandstorm or Horizon, including those resulting from t ...

Financial Data and Key Metrics Changes - The proposal to approve the issuance of shares of Royal Gold common stock to Sandstorm shareholders and option holders has been duly approved, indicating a positive shift in shareholder support and potential capital structure changes [3][4]. Business Line Data and Key Metrics Changes - No specific business line data or key metrics changes were discussed in the provided content. Market Data and Key Metrics Changes - No specific market data or key metrics changes were discussed in the provided content. Company Strategy and Development Direction and Industry Competition - The approval of the stock issuance proposal suggests a strategic move to enhance the company's capital position and potentially expand its market presence through the Sandstorm arrangement [3][4]. Management Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook in the provided content. Other Important Information - The special meeting of stockholders was conducted to address two proposals, with the first being the approval of stock issuance related to the Sandstorm arrangement [3]. - The meeting concluded with the announcement that the adjournment proposal would not be considered due to the approval of the stock issuance [4]. Q&A Session All Questions and Answers - No Q&A session was included in the provided content.

Financial Data and Key Metrics Changes - The proposal to approve the issuance of shares of Royal Gold common stock to Sandstorm shareholders and option holders has been duly approved, indicating a positive shift in shareholder support and potential capital structure changes [3][4] Business Line Data and Key Metrics Changes - No specific business line data or key metrics changes were discussed in the provided content Market Data and Key Metrics Changes - No specific market data or key metrics changes were discussed in the provided content Company Strategy and Development Direction and Industry Competition - The approval of the stock issuance proposal suggests a strategic move to enhance the company's capital position and potentially expand its market presence through the Sandstorm arrangement [3][4] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook in the provided content Other Important Information - The meeting concluded with the announcement that final results would be reported within four business days on a Form 8-K filed with the Securities and Exchange Commission, ensuring transparency and compliance with regulatory requirements [4] Q&A Session All Questions and Answers - No Q&A session content was provided in the documents

Financial Data and Key Metrics Changes - The proposal to approve the issuance of shares of Royal Gold common stock to Sandstorm shareholders and option holders has been duly approved, indicating a positive shift in shareholder support and potential capital structure changes [3][4]. Business Line Data and Key Metrics Changes - No specific business line data or key metrics changes were discussed in the provided documents. Market Data and Key Metrics Changes - No specific market data or key metrics changes were discussed in the provided documents. Company Strategy and Development Direction and Industry Competition - The approval of the stock issuance proposal suggests a strategic move to enhance the company's capital position and potentially expand its operations through the Sandstorm arrangement [3][4]. Management Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook in the provided documents. Other Important Information - The meeting concluded with the announcement that the final results will be reported within four business days on a Form 8-K filed with the Securities and Exchange Commission, ensuring transparency and compliance with regulatory requirements [4]. Q&A Session All Questions and Answers - No Q&A session was documented in the provided materials.

Core Viewpoint - Royal Gold (NASDAQ: RGLD) shares have increased by 10.73% on a total return basis, while the S&P 500 has returned 24.23% during the same period [1] Group 1 - The article indicates a previous Hold rating on Royal Gold, suggesting a cautious approach to investment in the company [1] - The author expresses a personal interest in the Mining and Real Estate sectors, which may influence the analysis presented [1]

Core Insights - Sandstorm Gold Ltd. is seeking shareholder approval for its agreement with Royal Gold, Inc. at a special meeting scheduled for October 9, 2025, which will facilitate the completion of the SAND-RGLD deal [1][8] Deal Details - Royal Gold is proposing an all-stock acquisition of Sandstorm Gold, offering 0.0625 Royal Gold shares for each Sandstorm share, valuing the deal at $3.5 billion with a 21% premium based on the 20-day VWAP and a 17% premium based on the closing price from July 3, 2025 [2][8] - Upon completion of the deal, Sandstorm shareholders will receive approximately 19 million Royal Gold shares, representing about 23% of Royal Gold's fully diluted shares [2] Shareholder Recommendations - Sandstorm Gold received a favorable recommendation from Institutional Shareholder Services Inc. and other major proxy advisors, endorsing the strategic value and benefits of the deal for shareholders [3][8] - Royal Gold will also hold a special meeting on October 9, 2025, for its shareholders to vote on the issuance of shares for the Sandstorm transaction, with the board recommending a favorable vote [4] Financial Performance - In Q2 2025, Sandstorm Gold reported an adjusted EPS of 5 cents, consistent with Zacks Consensus Estimate, and revenues of $51 million, slightly below the consensus estimate of $52 million, marking a 13.3% year-over-year increase [5] - Comparatively, B2Gold Corp reported adjusted EPS of 12 cents and revenues of $692 million for Q2 2025, while Agnico Eagle Mines reported adjusted EPS of $1.94 and revenues of $2.82 billion, reflecting significant year-over-year growth [6][7]

Core Insights - Gold mining stocks have experienced significant gains, with some companies seeing increases close to 200% year-to-date, yet the sector is considered undervalued with potential for historic profit margins [1][2][7] Valuation and Profitability - Despite the rally in share prices, the Price-to-Earnings (P/E) ratios of gold mining stocks have contracted, indicating that earnings are growing faster than share prices [2] - Earnings per share (EPS) for the Philadelphia Gold & Silver Index have more than quadrupled over the past five years, suggesting that the sector's valuations are low relative to its profitability [3] Future Outlook - A macro strategist predicts that if gold prices remain stable or increase, gold mining companies could achieve some of the highest profit margins in the industry's history [4] - Current gold prices are nearing $3,900 per ounce, having risen 45.95% over the past year, which supports the optimistic outlook for gold miners [4][10] Macroeconomic Factors - The surge in gold prices is attributed to deeper economic concerns rather than temporary events, reflecting anxieties about the Federal Reserve's monetary policy [5][6] - Structural forces such as monetary uncertainty and fiscal strain are shaping the economic narrative, providing a solid foundation for gold's continued strength [6] Investment Considerations - The combination of strong earnings growth, attractive valuations, and a supportive macroeconomic backdrop presents a compelling case for investment in gold mining stocks [7] - A list of notable gold miners and ETFs shows significant year-to-date performance, with some companies like Anglogold Ashanti PLC seeing a 194.45% increase [10]