Core Viewpoint - Sandstorm Gold Ltd. supports Royal Gold Inc.'s acquisition of a gold stream on the Kansanshi copper-gold mine for US$1 billion, which is expected to enhance Sandstorm's portfolio and provide benefits to its shareholders [1][2]. Group 1: Acquisition Details - Royal Gold has entered into a precious metals purchase agreement for gold deliveries linked to copper production from the Kansanshi mine, which is operated and 80% owned by First Quantum Minerals Ltd [1]. - The gold stream acquisition is funded through Royal Gold's available cash and revolving credit facility, without the need to issue new shares [1]. - The Kansanshi transaction is projected to add approximately 35,000 to 40,000 ounces of gold per year over the next 10 years, supporting a 20-year mine life from a first-tier operator [2]. Group 2: Company Strategy and Portfolio - Sandstorm Gold is a precious metals-focused royalty company that provides upfront financing to mining companies and holds a portfolio of approximately 230 royalties, with 40 of the underlying mines currently producing [3]. - The company aims to grow and diversify its low-cost production profile through the acquisition of additional gold royalties [3]. - The acquisition agreement with Royal Gold anticipated the potential for a large stream acquisition, indicating a strategic alignment between the two companies [2].

Core Viewpoint - Smart Sand, Inc. is set to release its second quarter 2025 financial results on August 12, 2025, after market close, inviting investors to access related documents on its website [1]. Company Overview - Smart Sand is a fully integrated frac and industrial sand supply and services company, providing complete solutions from mine to wellsite for frac sand customers and a wide range of products for industrial sand customers [2]. - The company produces low-cost, high-quality Northern White sand, which is utilized as a proppant to enhance hydrocarbon recovery rates in hydraulic fracturing of oil and natural gas wells [2]. - Smart Sand's products are also used in various industrial applications, including glass, foundry, building products, filtration, geothermal, renewables, ceramics, turf & landscaping, retail, and recreation [2]. - The company offers logistics solutions through in-basin transloading terminals and SmartSystems™ for wellsite storage and sand management [2]. - Smart Sand owns and operates premium sand mines and processing facilities in Wisconsin and Illinois, with access to four Class I rail lines for product delivery across the United States and Canada [2].

Core Viewpoint - Smart Sand, Inc. has declared a special cash dividend of $0.10 per share, reflecting the company's strategy to return value to its stockholders [1][2]. Company Overview - Smart Sand is a fully integrated frac and industrial sand supply and services company, providing complete solutions from mine to wellsite for frac sand customers and a wide range of products for industrial sand customers [2]. - The company produces low-cost, high-quality Northern White sand, which is utilized as a proppant to enhance hydrocarbon recovery rates in hydraulic fracturing [2]. - Smart Sand's products are also used in various industrial applications, including glass, foundry, building products, filtration, geothermal, renewables, ceramics, turf & landscaping, and recreation [2]. - The company operates premium sand mines and processing facilities in Wisconsin and Illinois, with access to four Class I rail lines, enabling product delivery across the United States and Canada [2]. Financial Strategy - The CEO of Smart Sand emphasized the commitment to managing costs and maximizing efficiency to create further opportunities for returning value to stockholders [2].

Core Insights - Sandstorm Gold Ltd. (SAND) reported a 24.2% year-over-year increase in preliminary revenues for Q2 2025, reaching a record $51 million, up from $41 million in the same quarter last year [2][8] - The cash operating margin improved by 45.9%, achieving a record $17,400 per attributable gold equivalent ounce (GEO) [3][8] - The company sold nearly 15,100 attributable GEOs in Q2 2025, which is a 13.2% decline from the 17,400 GEOs sold in Q2 2024 [2][8] Financial Performance - The preliminary cost of sales (excluding depletion) for Q2 2025 was reported at $5.3 million, an increase from $4.7 million in Q2 2024 [3] - The cash operating margin per attributable GEO was significantly higher than the previous year's margin of $2,043 [3] Corporate Developments - As of June 30, 2025, Sandstorm Gold had an outstanding balance of approximately $315 million on its revolving credit facility, with an undrawn balance of $310 million [4] - On July 7, 2025, Sandstorm Gold entered into an agreement with Royal Gold, Inc. (RGLD) for an acquisition valued at approximately $3.5 billion, with shareholders receiving 0.0625 of a share of Royal Gold's common stock for each Sandstorm share [5][6] Market Performance - Sandstorm Gold's stock has surged 74.3% over the past year, outperforming the industry growth of 39% [7]

Core Viewpoint - Sandstorm Gold Ltd. reported strong preliminary results for the second quarter of 2025, achieving record revenue and gold equivalent sales compared to the same period in 2024 [2][3]. Financial Performance - The company sold approximately 15,100 attributable gold equivalent ounces in Q2 2025, generating preliminary revenue of $51.4 million, compared to 17,414 ounces and $41.4 million in Q2 2024 [2]. - The preliminary cost of sales, excluding depletion, was $5.3 million, resulting in record cash operating margins of approximately $2,980 per attributable gold equivalent ounce, up from $2,043 per ounce in the comparable period of 2024 [3][7]. Credit Facility - As of June 30, 2025, the outstanding balance on the company's revolving credit facility was approximately $315 million, with an undrawn and available balance of $310 million [3]. Upcoming Events - The company plans to release its detailed second quarter results on August 7, 2025, with a conference call scheduled for August 8, 2025, to discuss the results further [4]. Company Overview - Sandstorm Gold Royalties is a precious metals-focused royalty company that provides upfront financing to mining companies and holds a portfolio of approximately 230 royalties, with 40 underlying mines currently in production [9].

Core Viewpoint - Royal Gold, Inc. (RGLD) has announced agreements to acquire Sandstorm Gold Ltd. (SAND) and Horizon Copper Corp, reinforcing its position as a leading North American precious metal streaming and royalty company [1] Group 1: Details of Transactions - RGLD plans to acquire Sandstorm Gold in an all-stock deal, offering 0.0625 Royal Gold shares for each Sandstorm share, implying a $3.5 billion equity value and a 21% premium based on the 20-day VWAP [2] - The acquisition of Horizon Copper is a cash deal worth C$2.00 per share, representing an 85% premium to Horizon Copper's 20-day VWAP and a 72% premium to its July 4, 2025, closing price, valued at around $196 million [3] - Both transactions are expected to complete in the fourth quarter of 2025, with the closing of the Horizon Copper deal subject to conditions and the completion of the Sandstorm Gold transaction [3] Group 2: Benefits of the Deal - The acquisitions will create a diversified global precious metals portfolio for Royal Gold with significant growth and exploration potential [4] - The deal will add 40 producing assets to Royal Gold's portfolio, expected to generate gold equivalent ounces (GEO) of 65,000-80,000 in 2025, increasing GEO production by 26% based on midpoints of 2025 guidance [5] - Post-transaction, the revenue mix is anticipated to be 87% from precious metals, with gold accounting for 75% of total revenues [5] Group 3: Financial Position - Upon closing, Royal Gold expects a low debt balance and a manageable debt-to-EBITDA ratio, providing financial flexibility for further growth and major transactions in the industry [6] Group 4: Stock Performance - Over the past year, shares of Royal Gold have gained 29.6%, compared to the industry's growth of 48.1% [7]

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 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company focuses on medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - Proactive's news team delivers insights across various sectors including biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Core Viewpoint - Sandstorm Gold Ltd. has entered into a definitive arrangement agreement with Royal Gold Inc. for an all-share transaction valued at approximately $3.5 billion, providing Sandstorm shareholders with a premium on their shares [1][24][25]. Transaction Details - Sandstorm shareholders will receive 0.0625 of a Royal Gold Share for each Sandstorm Share held, representing a 21% premium to the 20-day volume-weighted average price (VWAP) and a 17% premium to the closing price on July 3, 2025 [1][24]. - Royal Gold will issue approximately 19 million shares to Sandstorm shareholders, resulting in former Sandstorm shareholders owning about 23% of the issued Royal Gold Shares on a fully diluted basis [25]. Strategic Rationale - The transaction is expected to create significant value for Sandstorm shareholders by providing immediate premium and maintaining exposure to a high-quality, long-life portfolio [4][5]. - The merger aims to close the valuation gap between Sandstorm and mid-tier royalty peers, improve portfolio maturity, and enhance access to institutional investors [5][7]. Pro-Forma Royal Gold - Post-transaction, Royal Gold will have a diversified portfolio of 393 streams and royalties, with 80 cash-flowing assets and 47 in development, primarily focused on precious metals [8][9]. - The revenue mix for 2025 is projected to be approximately 87% from precious metals, with gold contributing about 75% of total revenue [9][10]. Key Producing Assets - Notable assets include Mount Milligan, Pueblo Viejo, and Cortez, which are expected to contribute significantly to Royal Gold's revenue through their respective production guidance [12][13][14]. - Mount Milligan is projected to produce 165,000–185,000 ounces of gold and 50–60 million pounds of copper in 2025 [12]. Key Development Assets - Development projects such as MARA, Hod Maden, and Platreef are expected to provide substantial organic production growth over the long term [19][20][22]. - MARA is anticipated to produce approximately 200,000 tonnes of copper equivalent per year with a mine life exceeding 20 years [19]. Board Recommendations - The Boards of Directors of Royal Gold and Sandstorm, along with a special committee of independent directors, have determined that the transactions are in the best interests of their respective companies [23]. Approval and Timing - The completion of the transactions is subject to shareholder approvals and regulatory conditions, with an expected closing in the fourth quarter of 2025 [34][27][30].

Market Overview - Wall Street is experiencing a rally due to easing tariff fears and optimism regarding a potential rate cut by the Federal Reserve in the near future [1][2] - The S&P 500 and Nasdaq reached new closing highs, with investors hopeful that a rate cut will further enhance stock performance [1] Trade Agreements - Recent trade deals between the United States and Vietnam, as well as with China and the United Kingdom, have positively influenced market sentiment [4][5] - Despite the positive news, uncertainties remain regarding the impact of new tariffs on the economy, as the White House has not provided clarity [6] Federal Reserve Outlook - Optimism surrounding an anticipated rate cut in July is contributing to the market rally, although Federal Reserve Chairman Jerome Powell has maintained a hawkish stance [7] - Market participants are expecting two 25-basis-point rate cuts by the end of the year, but the lack of a clear timeline from the Federal Reserve may affect investor sentiment [7] Dividend-Paying Stocks - In light of market volatility, cautious investors may consider dividend-paying stocks for stable income and capital protection [3] - Three notable dividend-paying stocks include: - **Bank OZK**: Announced a dividend of $0.44 per share with a yield of 3.38%, having increased its dividend 21 times over the past five years [9][11] - **Lindsay Corporation**: Declared a dividend of $0.37 per share with a yield of 0.98%, having increased its dividend five times in five years [13][11] - **Sandstorm Gold Ltd.**: Announced a dividend of $0.02 per share with a yield of 0.59%, having raised its dividend seven times in five years [15][11]