Core Insights - Royal Gold, Inc. (RGLD) has received approval for its acquisition of Sandstorm Gold Ltd. (SAND) and Horizon Copper Corp., marking a significant step in expanding its portfolio [1][9] - The acquisition of Sandstorm is an all-stock deal valued at $3.5 billion, while the Horizon Copper acquisition is a cash deal worth approximately $196 million [2][3] Acquisition Details - RGLD will offer 0.0625 Royal Gold shares for each Sandstorm share, representing a 21% premium based on the 20-day VWAP and a 17% premium based on the July 3, 2025, closing price [2] - The Horizon Copper acquisition is priced at C$2.00 per share, reflecting an 85% premium to its 20-day VWAP and a 72% premium to its July 4, 2025, closing price [3] Portfolio Expansion - The acquisitions will add 40 producing assets to Royal Gold's portfolio, expected to generate 65,000-80,000 gold equivalent ounces (GEO) in 2025, increasing GEO production by 26% [4][9] - Post-acquisition, SAND and Horizon shares will be delisted from their respective exchanges [3] Revenue Composition - After the transaction, the revenue mix for Royal Gold is projected to be 87% from precious metals, with gold contributing 75% of total revenues [5] Q3 Performance Insights - In Q3, RGLD Gold AG sold 48,000 GEOs, an increase from 40,600 GEOs in Q2 2025 but a decrease from 53,800 GEOs in Q3 2024 [6] - The anticipated revenue for Q3 is expected to benefit from higher year-over-year prices for gold, silver, and copper, despite lower sales compared to the previous year [7]

Core Points - Horizon Copper Corp. has completed a plan of arrangement with Royal Gold, Inc. and its subsidiary, AcquireCo, resulting in Royal Gold acquiring all issued and outstanding Horizon shares and warrants [1][2] - Shareholders will receive C$2.00 for each Horizon Share held, while Warrantholders will receive C$2.00 minus the applicable exercise price for each underlying share [2] - Horizon Shares are expected to be delisted from the TSX Venture Exchange effective October 21, 2025, and the company will apply to cease being a reporting issuer [3] Arrangement Details - The Arrangement involves Royal Gold acquiring Horizon's shares and warrants, with specific consideration outlined for both Shareholders and Warrantholders [1][2] - Shareholders and Warrantholders are advised to review the Circular for procedures on receiving their Consideration [4][5] - Registered Shareholders and Warrantholders must submit necessary documentation to Computershare Investor Services Inc. for processing [5][6] Additional Information - The company is addressing potential delays due to the ongoing Canada Post strike, advising Shareholders and Warrantholders to use courier services for documentation submission [6] - For inquiries regarding the procedures for receiving Consideration, Shareholders and Warrantholders can contact Computershare Investor Services Inc. [7]

Summary of North American Metals & Mining Conference Call Industry Overview - **Industry**: North American Precious Metals - **Key Commodities**: Gold and Silver Core Insights and Arguments 1. **Price Forecasts**: - Gold is projected to reach **$5,000/oz** and silver to **$65/oz** in the next 12-18 months, with 2026 average forecasts for gold raised by **18%** to **$4,329/oz** and silver by **29%** to **$54.88/oz** [1][10][11] - Investment demand for gold is expected to increase by **14%** in 2026, similar to the current year [2] 2. **Market Dynamics**: - Key conditions supporting gold price strength include: - US structural deficit - Inflationary pressures from deglobalization - Threats to the independence of the US central bank - Ongoing global geopolitical tensions [1] 3. **Investment Trends**: - ETF purchases of gold surged by **880% YoY** in September, reaching an all-time high of **$14 billion** [2] - Total physical and paper gold investment has nearly doubled, exceeding **5%** of global equity and fixed income markets [2] 4. **Risks to Monitor**: - Supreme Court ruling on President Trump's tariffs - Potential hawkish pivot from the Federal Reserve if economic data improves - Outcomes of the US mid-term elections affecting economic policy implementation [2] Company-Specific Updates 1. **Net Asset Value (NAV) and Price Objectives (PO)**: - NAV estimates for North American Precious Metals coverage increased by **10%**, with average POs raised by **16%** [3][19] - IAMGOLD (IAG) saw the largest PO increase of **49%** to **$16.75** per share, reflecting improved jurisdictional risk [3][15] - SSR Mining (SSRM) PO raised by **41%** to **$18.00** per share, despite an Underperform rating due to uncertainties regarding Çöpler mine [3][15] 2. **Top Picks**: - Agnico Eagle Mines (AEM) is highlighted as the top pick due to its strong track record and growth projects [4] - Pan American Silver (PAAS) is favored for balanced exposure to silver and gold [4] 3. **EBITDA Revisions**: - Average EBITDA estimates for 2026 and 2027 increased by **25%** and **18%**, respectively, driven by revised commodity price forecasts [20] 4. **Valuation Multiples**: - Target multiples for IAMGOLD and SSR Mining adjusted to **1.60x** and **1.00x**, respectively, reflecting improved performance and market conditions [15][16] Additional Important Information - The report indicates potential conflicts of interest due to BofA Securities' business relationships with covered issuers [6] - The document includes various disclosures and certifications relevant to the research [5][6] This summary encapsulates the key points from the conference call, focusing on industry trends, company-specific updates, and potential investment opportunities and risks.

Core Viewpoint - Horizon Copper Corp. has received final approval from the Supreme Court of British Columbia for its arrangement with Royal Gold, Inc., which will result in Royal Gold acquiring all outstanding shares and warrants of Horizon Copper [1][2]. Group 1: Transaction Details - The Horizon Transaction will see Horizon shareholders receive C$2.00 for each share held and C$2.00 minus the applicable exercise price for each warrant held [1]. - The completion of the Horizon Transaction is expected on October 20, 2025, pending customary closing conditions [2]. - Following the transaction, Horizon shares will be delisted from the TSX Venture Exchange, and the company will apply to cease being a reporting issuer [2]. Group 2: Company Overview - Horizon Copper holds significant copper assets, including a 1.66% net profits interest in the Antamina copper mine, a 24% equity ownership in Entrée Resources Ltd. related to the Oyu Tolgoi copper mine, and a 30% interest in the Hod Maden project [4].

Key Takeaways Royal Gold sold 48,000 GEOs in Q3 2025, up 18% from the prior quarter.Average realized gold, silver and copper prices rose sequentially in Q3.The Zacks Consensus Estimate projects Q3 EPS of $2.19, up from $1.47 a year earlier.Royal Gold, Inc. (RGLD) issued a stream segment sales update for third-quarter 2025. In the quarter, RGLD Gold AG — the fully owned subsidiary of Royal Gold — sold 48,000 gold equivalent ounces (GEOs), comprising 38,600 ounces of gold, 594,500 ounces of silver and 1,200 t ...

Core Insights - Royal Gold, Inc. has received shareholder approval for its acquisitions of Sandstorm Gold Ltd. and Horizon Copper Corp. [1][3] - The acquisitions are expected to close on October 20, pending the satisfaction or waiver of all closing conditions [3]. Group 1: Company Overview - Royal Gold, Inc. is recognized as a leading precious metals streaming and royalty company with a diversified portfolio in attractive mines [4]. - Sandstorm Gold Ltd. is focused on precious metals royalties, while Horizon Copper Corp. holds a strong portfolio of copper assets [3]. Group 2: Acquisition Details - The special meeting of Royal Gold's stockholders resulted in the approval for the issuance of common stock to facilitate the acquisition of Sandstorm Gold Ltd. [1][3]. - Security holders of both Sandstorm Gold and Horizon Copper have agreed to their respective acquisitions by Royal Gold [2].

Core Viewpoint - The article compares Eldorado Gold Corporation (EGO) and Royal Gold (RGLD) to determine which stock is more attractive to value investors [1] Group 1: Zacks Rank and Earnings Outlook - Eldorado Gold Corporation has a Zacks Rank of 2 (Buy), indicating a stronger earnings outlook compared to Royal Gold, which has a Zacks Rank of 4 (Sell) [3] - EGO is likely to have seen a stronger improvement in its earnings outlook than RGLD recently [3] Group 2: Valuation Metrics - EGO has a forward P/E ratio of 16.28, while RGLD has a forward P/E of 26.22, suggesting EGO is more attractively priced [5] - EGO's PEG ratio is 0.44, indicating a favorable valuation relative to its expected earnings growth, whereas RGLD's PEG ratio is 1.58 [5] - EGO's P/B ratio is 1.43, compared to RGLD's P/B of 3.96, further highlighting EGO's relative undervaluation [6] Group 3: Value Grades - Based on various valuation metrics, EGO holds a Value grade of B, while RGLD has a Value grade of D, indicating EGO is the better option for value investors [6]

[General Filing Information](index=1&type=section&id=General%20Filing%20Information) This section provides essential details regarding the registrant, filing date, and contact information for the Form 8-K report [Registrant and Filing Particulars](index=1&type=section&id=Registrant%20and%20Filing%20Particulars) Details the registrant's identity, filing date, and contact information for the Form 8-K report - Registrant: **Royal Gold, Inc.**[1](index=1&type=chunk) - Date of Report (earliest event reported): **October 14, 2025**[1](index=1&type=chunk) - Principal Executive Offices: **1144 15th Street, Suite 2500, Denver, CO 80202**[1](index=1&type=chunk) [Securities Registration Details](index=1&type=section&id=Securities%20Registration%20Details) The company's common stock is registered on the Nasdaq Global Select Market under the trading symbol RGLD | Title of each class | Trading Symbol | Name of each exchange on which registered | | :--- | :--- | :--- | | Common Stock, $0.01 par value | RGLD | Nasdaq Global Select Market | - The registrant is **not an emerging growth company**[3](index=3&type=chunk) [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) This item reports on the company's financial condition and results of operations, specifically regarding stream sales [Stream Sales Press Release](index=2&type=section&id=Stream%20Sales%20Press%20Release) Royal Gold, Inc. issued a press release on October 14, 2025, providing information on stream sales for the quarter ended September 30, 2025 - Royal Gold, Inc. issued a press release on **October 14, 2025**[4](index=4&type=chunk) - The press release contains information regarding stream sales for the quarter ended **September 30, 2025**[4](index=4&type=chunk) - The information furnished under Item 2.02, including Exhibit 99.1, is **not deemed 'filed'** for purposes of Section 18 of the Securities Exchange Act of 1934[5](index=5&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This item lists all financial statements and exhibits accompanying the Form 8-K filing [Exhibits List](index=2&type=section&id=Exhibits%20List) This section lists the exhibits accompanying the Form 8-K filing, including the press release and interactive data file | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press Release dated October 14, 2025 | | 104 | Cover Page Interactive Data File (formatted as Inline XBRL) | [SIGNATURES](index=3&type=section&id=SIGNATURES) This section confirms the official authorization and signatory details for the Form 8-K filing [Authorization and Signatory](index=3&type=section&id=Authorization%20and%20Signatory) The report was duly signed on behalf of Royal Gold, Inc. by an authorized representative on October 14, 2025 - The report was signed on behalf of Royal Gold, Inc. pursuant to the requirements of the Securities Exchange Act of 1934[8](index=8&type=chunk)[9](index=9&type=chunk) - Signatory: **David R. Crandall, Vice President, Corporate Secretary and Chief Compliance Officer**[10](index=10&type=chunk) - Date of Signature: **October 14, 2025**[10](index=10&type=chunk)

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]