Core Insights - Sandstorm Gold Ltd. (SAND) has entered into an agreement with Royal Gold, Inc. (RGLD) for the acquisition of all issued and outstanding common shares of Sandstorm at an implied value of approximately $3.5 billion [1][8] - The transaction is expected to provide Sandstorm shareholders with 0.0625 shares of Royal Gold for each Sandstorm share, representing a 21% premium to Sandstorm's 20-day volume-weighted average price as of July 3, 2025 [2][3][8] - The merger aims to enhance portfolio maturity and diversification, allowing Sandstorm shareholders to participate in a larger, diversified precious metals streaming and royalty company [3][4][8] Transaction Details - The acquisition is part of a broader strategy by Sandstorm to deliver consistent growth and value to its shareholders [2] - Royal Gold will benefit from Sandstorm's high-quality, long-life precious metals assets located in mining-friendly jurisdictions [4] - The transaction is anticipated to close in the fourth quarter of 2025, pending requisite approvals, leading to the delisting of Sandstorm and Horizon stocks from the TSX, NYSE, and TSX-V [4] Market Performance - Sandstorm's stock has increased by 85.3% over the past year, outperforming the industry average growth of 49.5% [6] - The current Zacks Rank for Sandstorm is 3 (Hold), indicating a neutral outlook [7]

Group 1 - Royal Gold (RGLD) is currently outperforming its Basic Materials peers with a year-to-date performance increase of 27.6%, compared to the sector average gain of 12.5% [4] - The Zacks Rank for Royal Gold is 1 (Strong Buy), indicating strong analyst sentiment and an improving earnings outlook, with a consensus estimate for full-year earnings moving 11.9% higher in the past quarter [3] - Royal Gold belongs to the Mining - Gold industry, which has an average year-to-date gain of 56.2%, indicating that RGLD is slightly underperforming its industry [6] Group 2 - B2Gold (BTG) is another stock in the Basic Materials sector that has outperformed, with a year-to-date increase of 50.8% and a Zacks Rank of 2 (Buy) [4][5] - The consensus EPS estimate for B2Gold has increased by 35.1% over the past three months, reflecting positive analyst sentiment [5] - Investors in the Basic Materials sector are encouraged to monitor both Royal Gold and B2Gold for their continued strong performance [7]

[Royal Gold, Inc. Form 8-K Filing (July 8, 2025)](index=1&type=section&id=Form%208-K%20Current%20Report) This Form 8-K filing details Royal Gold, Inc.'s Q2 2025 stream sales announcement and accompanying exhibits [Announcement of Q2 2025 Stream Sales](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) Royal Gold, Inc. issued a press release on July 8, 2025, providing information on its Q2 2025 stream sales, furnished under SEC regulations - Royal Gold issued a press release on July 8, 2025, containing information about its stream sales for the quarter ending June 30, 2025[4](index=4&type=chunk) - The information provided, including the press release exhibit, is considered "furnished" and not "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934[5](index=5&type=chunk) [Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists the exhibits accompanying the filing, including the press release and interactive data file List of Exhibits | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press Release dated July 8, 2025 | | 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |

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Summary of Royal Gold (RGLD) M&A Announcement Company and Industry - **Company**: Royal Gold (RGLD) - **Industry**: Gold streaming and royalty sector Core Points and Arguments 1. **Acquisition Announcement**: Royal Gold has entered into agreements to acquire Sandstorm Gold Royalties and Horizon Copper, aiming to create a premier growth company in the gold streaming and royalty sector [2][4] 2. **Strategic Growth**: The acquisitions align with Royal Gold's long-term strategy of growth through high-quality precious metals assets, enhancing its position as the only large-cap gold-focused streaming and royalty company domiciled in the U.S. [4][5] 3. **Portfolio Diversification**: The transactions will diversify Royal Gold's portfolio in terms of revenue and net asset value (NAV), adding immediate cash flow and substantial organic growth potential [5][22] 4. **Shareholder Benefits**: The addition of Sandstorm and Horizon assets is expected to be accretive to NAV and cash flow, enhancing long-term growth potential for Royal Gold shareholders [5][22] 5. **Transaction Structure**: The Sandstorm acquisition will be an all-share transaction, with Royal Gold shareholders owning 77% of the combined company, while the Horizon acquisition will be an all-cash transaction [11][12] 6. **Expected Growth**: The combined company is projected to increase 2025 gold equivalent ounces (GEO) production by approximately 26%, positioning for over 350,000 GEOs [22][23] 7. **Asset Quality**: The combined portfolio will include high-quality assets such as Antamina, Greenstone, and Fruta Del Norte, which are expected to provide significant growth and exploration upside [14][15][16] 8. **Market Position**: Post-acquisition, Royal Gold will have the largest and most diversified portfolio of mining assets in the streaming and royalty sector, with a focus on precious metals [24][28] 9. **Financial Position**: Royal Gold had no debt and a cash position of $241 million at the end of Q1, with plans to maintain a low debt-to-EBITDA ratio post-transaction [32][33] 10. **Investor Appeal**: The increased scale and liquidity from the transactions are expected to attract both passive and active investors, enhancing Royal Gold's market presence [31][34] Other Important Content 1. **Regulatory Approvals**: The transactions are subject to court and regulatory approvals, with expected closure in Q4 2025 [12][33] 2. **Simplification of Structure**: The integration of Sandstorm and Horizon will simplify the ownership structure, reducing overhead and legal complexities [29] 3. **Geographic Diversification**: The combined portfolio will maintain a strong focus on mining-friendly jurisdictions, with Canada and the U.S. representing 41% of NAV [27] 4. **Long-term Growth Potential**: The combined portfolio is expected to provide numerous growth opportunities, with 40 new revenue-producing assets and a total of 266 exploration stage assets [24][25] 5. **Market Sentiment**: There is a belief that the merger will lead to a revaluation of Royal Gold shares, benefiting Sandstorm shareholders as well [62]

Core Viewpoint - Horizon Copper Corp. has entered into a definitive arrangement agreement with Royal Gold, Inc. for an all-cash acquisition valued at approximately US$196 million, providing significant premiums to shareholders [1][4][6] Transaction Details - Horizon shareholders will receive C$2.00 per share, representing an 85% premium to the 20-day volume weighted average price and a 72% premium to the closing price on July 4, 2025 [1][4][6] - The transaction is contingent upon the completion of a concurrent acquisition of Sandstorm Gold, valued at approximately US$3.5 billion [2][8] - The transaction will be executed through a court-approved plan of arrangement under the Business Corporations Act (British Columbia) [4][8] Strategic Rationale - The acquisition is seen as a compelling value for Horizon shareholders, with strong cash flows from interests in major copper mines like Antamina, Hod Maden, and Oyu Tolgoi [3][16] - Horizon has outperformed benchmark copper mining indexes by over 50% in the past year, indicating strong market performance [3][15] Approval Process - The transaction requires approval from 66 2/3% of votes cast by Horizon shareholders at a special meeting [5][7] - Sandstorm and certain shareholders controlling 54% of Horizon shares have entered into voting support agreements to favor the transaction [5][7] Financial and Legal Advisors - Scotiabank is the financial advisor to Royal Gold, while Fort Capital Partners is advising Horizon Copper [14]

Core Viewpoint - Red Lake Gold Inc. has filed mining disposition applications for exclusive exploration rights in northern Saskatchewan, covering approximately 83,832 hectares (about 207,064 acres), pending Crown approval [1][2]. Group 1: License Applications - The License Applications were submitted to secure regional exposure ahead of potential developments in the area, influenced by recent evaluations and market factors [2]. - The applications aim to preempt any competing parties that may seek to explore the same area [2]. - Filing fees of approximately $50,299 were paid to the Crown, which are refundable if the applications are rejected or modified [6]. Group 2: Future Plans and Expectations - Upon receiving Crown approval, the company plans to prioritize the License Applications and provide further technical details regarding the area [4][5]. - The company is optimistic that these applications will lead to a significant new exploration focus, addressing critical matters disclosed in a previous news release [5].

Core Viewpoint - Investors in the Mining - Gold sector should consider Kinross Gold (KGC) and Royal Gold (RGLD) for potential value opportunities, with KGC currently presenting a more favorable investment case [1]. Group 1: Zacks Rank and Earnings Outlook - Kinross Gold has a Zacks Rank of 2 (Buy), indicating a positive earnings estimate revision trend, while Royal Gold has a Zacks Rank of 3 (Hold) [3]. - The improving earnings outlook for KGC suggests it may be a more attractive option for value investors compared to RGLD [3]. Group 2: Valuation Metrics - KGC has a forward P/E ratio of 13.37, significantly lower than RGLD's forward P/E of 24.17, indicating KGC may be undervalued [5]. - The PEG ratio for KGC is 0.63, while RGLD's PEG ratio is 1.27, further suggesting KGC's better valuation relative to its expected earnings growth [5]. - KGC's P/B ratio is 2.57 compared to RGLD's 3.62, reinforcing KGC's position as a more attractive investment based on traditional valuation metrics [6]. Group 3: Value Grades - KGC has earned a Value grade of A, while RGLD has a Value grade of D, highlighting KGC's superior valuation profile [6]. - The combination of Zacks Rank and Style Scores indicates that KGC stands out as the better option for value investors at this time [6].

Royal Gold Commits to Acquire Royalties on Serrote and Santa Rita Mines Producing base metal mines expected to provide attractive long-term precious metal royalty exposure June 12, 2023 Cautionary Statements Forward-Looking Statements: This press release includes "forward-looking statements" within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual ...

Gold Forum Europe April 2024 Cautionary Statements Forward-Looking Statements: This presentation includes "forward-looking statements" within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words like "will," "may," "could," "should," "would," ...