Royal Gold to Acquire Horizon Copper for C$2.00 per Share

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]