Core Viewpoint - Royal Gold, Inc. is pursuing an acquisition of Sandstorm Gold Ltd. in an all-stock deal valued at $3.5 billion, which is expected to enhance its position in the North American precious metals market [1][4][5]. Group 1: Acquisition Details - Royal Gold submitted a definitive proxy statement to the U.S. Securities and Exchange Commission for the acquisition of Sandstorm Gold [1]. - The acquisition involves offering 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 closing price on July 3, 2025 [4]. - Post-acquisition, Sandstorm shareholders will receive approximately 19 million Royal Gold shares, equating to about 23% of Royal Gold's fully diluted shares [4][7]. Group 2: Approval Process - A special meeting for Royal Gold shareholders is scheduled for October 9, 2025, to vote on the approval of the share issuance for the Sandstorm transaction [1][5]. - Sandstorm Gold shareholders will also hold a meeting on the same date to seek approval for the deal [5]. Group 3: Market Performance - Over the past year, Royal Gold's shares have increased by 38.6%, while the industry has seen a more significant rise of 73.9% [6].

Summary of Gold Royalty Corporation Conference Call Company Overview - **Company Name**: Gold Royalty Corporation (GROY) - **Trading Symbol**: GROY on NYSE American - **Founded**: Five years ago, went public in March 2021 - **Initial Capital Raised**: USD 90 million at IPO with a share price of $5 [4][3] - **Current Portfolio**: Approximately 250 royalties, with 7 cash-flowing and 14 in various stages of development [5][6] Key Financial Highlights - **Revenue Growth**: Projected gold equivalent ounce growth of 360% over the next five years [5][6] - **Free Cash Flow**: First year of positive free cash flow in history; expected to grow significantly [6][38] - **G&A Costs**: Reduced to $7-8 million per annum, down from $10 million due to synergies from acquisitions [25][26] - **Projected Revenue**: Anticipated revenue of nearly $90 million by the end of the decade at current gold prices [25][24] Growth Strategy - **Acquisitions**: Successfully executed a roll-up strategy, acquiring three companies and significantly diversifying the royalty portfolio [5][17] - **Organic Growth**: Generated over 70 royalties for free through staking exploration claims [19][21] - **Production Increase**: Expected increase from 6,000 to nearly 30,000 gold equivalent ounces by 2029 [22][23] Market Position and Competitive Advantage - **Royalty Model**: Provides capital to mine operators and receives a percentage of gross revenue, insulated from operating costs and inflation [8][10] - **Diversification**: Portfolio includes royalties from three of the five largest gold mines in North America [22][29] - **Management Experience**: Management team has extensive industry experience, enhancing risk evaluation and opportunity identification [15][16] Industry Context - **Gold Price Dynamics**: Historical increase in gold prices; expected to continue due to global debt levels and inflationary pressures [49][52] - **Market Consolidation**: Anticipated further consolidation in the royalty sector, creating opportunities for mid-tier players [30][31] Future Outlook - **Debt Management**: Expected to be debt-free by 2026 due to free cash flow generation and convertible debenture conversion [41][42] - **Shareholder Returns**: Plans to return capital to shareholders through buybacks or dividends once financial position stabilizes [54][55] - **Production and Cost Structure**: Focus on large-scale operations with economies of scale, mitigating cost inflation risks [56][57] Additional Insights - **Jurisdictional Focus**: Over 80% of the portfolio is in top-rated jurisdictions (Nevada, Quebec, Ontario) with low political and regulatory risks [33][34] - **Long-term Viability**: The royalty model allows for perpetual ownership of royalties, providing long-term cash flow potential [11][12] This summary encapsulates the key points discussed during the Gold Royalty Corporation conference call, highlighting the company's strategic direction, financial performance, and market positioning.

Company Overview - Royal Gold (NASDAQ: RGLD) is one of the largest royalty and streaming companies, primarily focused on gold, silver, and especially copper [1] - The company has been undergoing significant acquisitions in recent months, indicating a strategic expansion in its operations [1] Analyst Background - The analyst has over 10 years of experience researching companies across various sectors, including commodities like oil, natural gas, gold, and copper, as well as technology and emerging market stocks [1] - The analyst has researched over 1000 companies in depth and has transitioned from writing a blog to a value investing-focused YouTube channel [1] - The analyst expresses a particular interest in covering metals and mining stocks, while also being comfortable with other industries such as consumer discretionary/staples, REITs, and utilities [1]

Financial Data and Key Metrics Changes - Total revenue for Q2 was $51.4 million, a 24% increase compared to the same period last year, driven by strong realized gold prices averaging over $3,300 per attributable ounce [10] - Operating cash flow was over $38 million, with net income of $16.9 million, reflecting a 61% year-over-year increase [4][11] - Average cash cost per attributable ounce was $350, resulting in record cash operating margins of $2,981 per ounce [11] Business Line Data and Key Metrics Changes - Sandstorm sold approximately 15,100 attributable gold equivalent ounces in Q2, a decrease year-over-year due to the outperformance of gold relative to other commodities [10] - Production at Chapada was impacted by lower recoveries from processing lower grade stockpiles, but higher grade ore is expected in the latter half of the year [12] - Greenstone's gold production rose to 51,274 ounces in Q2, a 15% increase from Q1, indicating improved operational efficiency [16][19] Market Data and Key Metrics Changes - Approximately 45% of attributable GEOs in Q2 came from South America, 34% from North America, and 21% from other jurisdictions [15] - On a metals basis, 82% of GEOs were from precious metals, with copper contributing 11% and other base metals making up the remaining 7% [15] Company Strategy and Development Direction - The acquisition by Royal Gold is expected to enhance portfolio diversification and solidify value for investors, with a focus on maintaining exposure to gold [5][6] - The transaction is anticipated to close in Q4, with Royal Gold's portfolio expected to include over 80 cash flowing royalties and streams [5][6] - Development projects like Greenstone and Platte Reef are on track, with significant production increases and expansions planned [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive response from shareholders regarding the acquisition and the expected completion timeline [5] - The strong gold price environment is expected to continue supporting revenue growth despite lower GEOs compared to Q1 [11] - Exploration successes at Lundin Gold's Fruta Del Norte are expected to extend the mine life and enhance production profiles [22][24] Other Important Information - The company made net debt repayments of $25 million during the quarter, continuing its deleveraging efforts [11] - The exploration program at Fruta Del Norte has expanded significantly, with the largest annual drill campaign ever planned [25] Q&A Session Summary - There were no questions during the Q&A session, and management indicated they would be available for follow-up inquiries [29]

Core Viewpoint - Sandstorm Gold Ltd. reported record financial results for Q2 2025, driven by strong commodity prices, and announced a definitive agreement for Royal Gold, Inc. to acquire Sandstorm in an all-share transaction valued at approximately $3.5 billion [1][2][3]. Financial Highlights - Record revenue of $51.4 million for Q2 2025, up from $41.4 million in Q2 2024 [4][12]. - Attributable production of 15,098 gold equivalent ounces, down from 17,414 ounces in the comparable period in 2024 [4][12]. - Cash flows from operating activities of $37.7 million, compared to $32.6 million in Q2 2024 [4][14]. - Record cash operating margins of $2,981 per attributable gold equivalent ounce, compared to $2,043 in Q2 2024 [4][14]. - Net income of $16.9 million, up from $10.5 million in Q2 2024 [4][14]. Transaction Details - Royal Gold will acquire all Sandstorm common shares at an implied value of approximately $3.5 billion, with Sandstorm shareholders receiving 0.0625 of a Royal Gold share for each Sandstorm share held [2][3]. - Post-transaction, existing Royal Gold and Sandstorm shareholders will own approximately 77% and 23% of the combined company, respectively [2][3]. Portfolio and Growth Potential - The combined portfolios are expected to create a highly diversified precious metals streaming and royalty company, with no single asset accounting for more than 12% of NAV [3][5]. - The gold-dominated portfolio is projected to have a revenue mix of approximately 87% precious metals in 2025, with 75% of total revenues from gold [3][5]. - Significant production growth is anticipated from gold-focused assets such as MARA, Hod Maden, Great Bear, Platreef, and Warintza [3][5]. Operational Insights - Approximately 82% of the gold equivalent production in Q2 2025 was from precious metals, with 11% from copper and 7% from other commodities [12][15]. - The Greenstone gold mine in Ontario is ramping up capacity, with full-year production estimates of 220,000–260,000 ounces in 2025 [16]. - The Chapada copper mine's production was impacted by lower-grade stockpiles, with forecasts of 40,000–45,000 tonnes of copper production in 2025 [18]. Future Outlook - Attributable gold equivalent ounces are forecasted to be between 65,000 and 80,000 ounces in 2025, with long-term production expected to reach approximately 150,000 ounces by 2030 [11][12]. - The company continues to focus on deleveraging, having made $25 million in net debt repayments during Q2 2025 [7].

Financial Data and Key Metrics Changes - The company achieved record earnings of $132 million or $2.1 per share for the quarter, with adjusted earnings of $119 million or $1.81 per share after accounting for discrete tax items [5][6][22] - Revenue for the quarter was a record $210 million, up 20% year-over-year, driven by a 40% increase in gold prices [19][22] - The adjusted EBITDA margin increased to 84% due to strong gold prices and stable cash G&A [6][19] - The company remains debt-free and paid a quarterly dividend of $0.45 per share [6][24] Business Line Data and Key Metrics Changes - Royalty revenue increased by about 50% year-over-year to $77 million, with strong contributions from Penasquito and Mancho [12] - Stream segment revenue was $133 million, up 8% from the previous year, with increased sales from Mount Milligan and Pueblo Viejo [12] - The overall volume was 63,900 GEOs for the quarter, contributing to the record revenue [12] Market Data and Key Metrics Changes - Gold accounted for approximately 78% of total revenue, followed by silver at 11% and copper at 7% [20] - Metal prices were a significant driver for revenue increase, with gold up 40% and silver up 17% year-over-year [19][20] Company Strategy and Development Direction - The company is positioning itself as a premier growth company through acquisitions of Sandstorm Gold and Horizon Copper, which will enhance scale, growth, and diversification [7][8] - The strategic focus remains on growth in precious metals, maintaining a strong balance sheet, and increasing dividends [9] - Recent acquisitions include a gold stream on the Kansanshi mine in Zambia, a stream and royalty interest on the Wurinza project in Ecuador, and a royalty on the Lawyers Ranch development project in British Columbia [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in closing the Sandstorm and Horizon transactions by the fourth quarter, with constructive engagement from investors [28][29] - The company is comfortable maintaining its 2025 guidance range despite underperformance in some key assets, due to a rigorous risk-adjusted budgeting process [41] - Management acknowledged the political volatility in African jurisdictions but remains open to further investments in countries where they have had success [45][46] Other Important Information - The company expects to receive the first delivery of deferred gold consideration from the Mount Milligan cost support agreement in late third quarter or early fourth quarter [26] - The total liquidity grew to over $1.25 billion, including a fully undrawn revolving credit facility of $1 billion [24] Q&A Session Summary Question: Can you discuss the deleveraging goal post-transactions? - Management indicated that the plan is to use excess cash flow to pay down the revolver over time, balancing this with potential investment opportunities [31][32] Question: Regarding Milligan's reduced production guidance, how does this affect your 2025 guidance? - Management explained that they maintain their guidance due to a rigorous budgeting process that incorporates historical performance and risk adjustments [36][41] Question: Are you maxed out on African exposure with the Kansanshi acquisition? - Management stated they are comfortable with their current African investments and would consider additional opportunities if the countries are deemed stable [44][46] Question: Is there any consideration for a share buyback given recent share performance? - Management emphasized that the focus will be on debt repayment before considering a buyback [48] Question: Can you provide an update on the timing of the Sandstorm transaction? - Management confirmed they will file the preliminary proxy with the SEC soon, targeting a fourth-quarter closing [51][52]

Financial Data and Key Metrics Changes - The company reported record earnings of $132 million or $2.1 per share for Q2 2025, with adjusted earnings of $119 million or $1.81 per share after accounting for discrete tax items [5][20] - Revenue reached a record $210 million, up 20% year-over-year, driven by a 40% increase in gold prices [11][17] - Adjusted EBITDA margin increased to 84% due to strong gold prices and stable cash G&A [6][20] - Operating cash flow also set a record at $153 million, significantly up from $114 million in the prior year [21] Business Line Data and Key Metrics Changes - Royalty revenue increased by about 50% year-over-year to $77 million, with strong contributions from Penasquito and Mancho [11] - Stream segment revenue was $133 million, up 8% from the previous year, driven by increased sales from Mount Milligan and Pueblo Viejo [11][12] - The company achieved full offset of the Pueblo Viejo advanced stream deposit during the quarter [6][14] Market Data and Key Metrics Changes - Gold accounted for approximately 78% of total revenue, followed by silver at 11% and copper at 7% [17] - Metal prices were a primary driver for revenue increase, with gold up 40% and silver up 17% year-over-year [17] Company Strategy and Development Direction - The company is positioning itself as a premier growth company through acquisitions of Sandstorm Gold and Horizon Copper, which will enhance scale, growth, and diversification [7][27] - The strategic focus remains on growth in precious metals, maintaining a strong balance sheet, and increasing dividends [8][27] - Recent acquisitions include a gold stream on the Kansanshi mine in Zambia, which is expected to deliver approximately 12,500 ounces of gold this year [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in closing the Sandstorm and Horizon transactions by the fourth quarter, having received necessary approvals under Canadian competition laws [27][28] - The company remains comfortable with its 2025 guidance range despite underperformance in some key assets, attributing this to a rigorous risk-adjusted budgeting process [41] Other Important Information - The company remains debt-free and has total liquidity of over $1.25 billion, including a $1 billion revolving credit facility [22] - Recent business development successes have led to an increase in the revolving credit facility's accordion feature from $250 million to $400 million [22][23] Q&A Session Summary Question: Can you discuss the deleveraging goal post-transactions? - Management indicated that they plan to use excess cash flow to pay down the revolver over time, with a goal to potentially return it to zero [30][32] Question: What assets are offsetting the underperformance in key assets? - Management explained that they do not disclose guidance based on individual operations but conduct a rigorous budgeting process to maintain their guidance range [36][41] Question: Are you maxed out on African exposure with the Kansanshi acquisition? - Management stated they are comfortable with their current African investments and would consider additional opportunities if the country conditions are favorable [44][45] Question: Is there any consideration for a share buyback due to underperformance? - Management emphasized that the focus will be on debt repayment before considering any buyback options [46][47] Question: What is the timing for the Sandstorm transaction circular filing? - Management could not provide a detailed timetable but confirmed that they expect to file the preliminary proxy with the SEC shortly [49][50]

Core Insights - Royal Gold, Inc. (RGLD) reported adjusted earnings per share (EPS) of $1.81 for Q2 2025, exceeding the Zacks Consensus Estimate of $1.70, marking a 45% year-over-year increase [1][6] - The company achieved record revenues of $210 million, a 20.4% increase year-over-year, driven by higher metal prices and gold production from Peñasquito and Manh Choh, despite lower gold sales from Xavantina [2][6] - Adjusted EBITDA rose 24.5% to $175 million, with an adjusted EBITDA margin of 83.8%, up from 81% in the prior year [3][6] Financial Performance - The cost of sales remained flat at $24 million year-over-year, while general and administrative expenses decreased by 2.3% to $10 million [3] - Net cash from operating activities was $153 million, up from $113.5 million in the prior year, with cash and cash equivalents at approximately $248 million compared to $195 million at the end of 2024 [4] Stock Performance - Over the past year, RGLD shares have increased by 27.6%, while the industry has seen a growth of 57.9% [5] Peer Comparisons - Kinross Gold Corporation (KGC) reported adjusted earnings of $0.44 per share, a significant increase from $0.14 in the prior year, with revenues rising 41.7% year-over-year to $1,728.5 million [9] - Agnico Eagle Mines Limited (AEM) reported adjusted earnings of $1.94 per share, up from $1.07, with revenues of $2,816.1 million, a 35.6% increase year-over-year [10] - Newmont Corporation (NEM) reported adjusted earnings of $1.43 per share, up from $0.72, with revenues of $5,317 million, a 20.8% increase from the prior year [11]

Second Quarter 2025 Results August 7, 2025 Cautionary Statements Important Additional Information and Where to Find It: In connection with the proposed transactions, Royal Gold, Sandstorm and Horizon intend to file materials with the SEC and on SEDAR+, as applicable. Royal Gold plans to file proxy materials with the SEC in connection with the solicitation of proxies for Royal Gold's special meeting of shareholders (the "Royal Gold Special Meeting"). Prior to the Royal Gold Special Meeting, Royal Gold will f ...

PART I FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements for Q2 and H1 2025, showing significant growth in revenue and net income driven by higher metal prices and new acquisitions Consolidated Balance Sheet Highlights (as of June 30, 2025) | Account | June 30, 2025 ($ thousands) | December 31, 2024 ($ thousands) | | :--- | :--- | :--- | | **Total current assets** | 342,013 | 275,287 | | **Total assets** | 3,572,453 | 3,392,130 | | **Total current liabilities** | 76,101 | 85,151 | | **Total liabilities** | 253,494 | 260,924 | | **Total equity** | 3,318,959 | 3,131,206 | Consolidated Statement of Operations Highlights | Metric | Q2 2025 ($ thousands) | Q2 2024 ($ thousands) | Six Months 2025 ($ thousands) | Six Months 2024 ($ thousands) | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 209,643 | 174,096 | 403,080 | 322,999 | | **Operating income** | 141,840 | 102,083 | 264,952 | 177,609 | | **Net income attributable to Royal Gold** | 132,349 | 81,208 | 245,847 | 128,372 | | **Diluted EPS** | $2.01 | $1.23 | $3.73 | $1.95 | Consolidated Statement of Cash Flows Highlights (Six Months Ended June 30) | Cash Flow Activity | 2025 ($ thousands) | 2024 ($ thousands) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | 289,171 | 251,799 | | **Net cash used in investing activities** | (171,049) | (27,341) | | **Net cash used in financing activities** | (65,440) | (254,393) | | **Net increase (decrease) in cash** | 52,682 | (29,935) | Notes to Consolidated Financial Statements Notes detail accounting policies and financial line items, disclosing recent acquisitions and credit facility amendments - In Q2 2025, the company entered into a **$200 million** stream and royalty agreement for the Warintza Project, with **$100 million** paid at closing and the remainder conditional[20](index=20&type=chunk) - The company's revolving credit facility was amended on June 26, 2025, extending the maturity to 2030 and increasing the accordion feature to **$400 million**. As of June 30, 2025, no amount was outstanding[35](index=35&type=chunk)[37](index=37&type=chunk) - Subsequent to the quarter end, the company acquired a **$1.0 billion** gold stream on the Kansanshi mine, funded by cash and an **$825 million** draw on its credit facility. It also entered into agreements to acquire Sandstorm Gold and Horizon Copper[72](index=72&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) Revenue by Segment (Six Months Ended June 30, 2025) | Segment | Revenue ($ thousands) | | :--- | :--- | | Stream interests | 255,673 | | Royalty interests | 147,407 | | **Total** | **403,080** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes Q2 and H1 2025 financial results, highlighting revenue growth from higher metal prices, recent acquisitions, and liquidity - The company's business is divided into two segments: Acquisition and Management of Stream Interests (**63% of H1 2025 revenue**) and Acquisition and Management of Royalty Interests (**37% of H1 2025 revenue**)[87](index=87&type=chunk) - Recent strategic developments include the **$1.0 billion** Kansanshi gold stream acquisition, agreements to acquire Sandstorm Gold and Horizon Copper, and the **$200 million** Warintza project stream and royalty agreement[91](index=91&type=chunk)[98](index=98&type=chunk)[100](index=100&type=chunk) Q2 2025 vs Q2 2024 Performance | Metric | Q2 2025 | Q2 2024 | Change Driver | | :--- | :--- | :--- | :--- | | **Total Revenue** | $209.6M | $174.1M | Higher average gold and silver prices | | **Net Income** | $132.3M | $81.2M | Higher revenue and lower tax expense | | **Average Gold Price** | $3,280/oz | $2,338/oz | Market conditions | - As of June 30, 2025, the company had working capital of **$265.9 million** and total liquidity of approximately **$1.3 billion**. Subsequent to the quarter, the credit facility was increased to **$1.4 billion**, and **$825 million** was drawn for the Kansanshi acquisition[142](index=142&type=chunk)[143](index=143&type=chunk)[148](index=148&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section outlines the company's primary market risk from metal price volatility, providing a sensitivity analysis on revenue impact - The company's earnings and cash flows are significantly impacted by fluctuations in the market prices of gold, silver, and copper[158](index=158&type=chunk) Revenue Sensitivity to 10% Metal Price Change (H1 2025) | Metal | Percentage of Total Revenue | Impact on Revenue ($) | | :--- | :--- | :--- | | Gold | 77% | $31.4 million | | Silver | 12% | $4.7 million | | Copper | 8% | $3.6 million | [Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes in internal controls during the quarter - Based on an evaluation as of June 30, 2025, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[160](index=160&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, these controls[161](index=161&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings for the period - The company reported no legal proceedings[163](index=163&type=chunk) [Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) This section updates risk factors, highlighting increased indebtedness, acquisition integration challenges, stock dilution, and joint venture risks - Increased indebtedness following the Kansanshi acquisition and planned draws for the Sandstorm and Horizon transactions could adversely affect financial condition and limit operational flexibility[165](index=165&type=chunk)[167](index=167&type=chunk) - The proposed acquisition of Sandstorm Gold will involve issuing a significant number of new shares, which could create a "market overhang" and depress the stock price. Current Royal Gold stockholders' ownership will be diluted to approximately **77%** of the combined company[169](index=169&type=chunk)[181](index=181&type=chunk) - The Sandstorm and Horizon transactions are subject to significant closing conditions and risks, including the potential inability to successfully integrate the businesses or realize anticipated synergies[171](index=171&type=chunk)[175](index=175&type=chunk) - The acquisition of Horizon includes a **30%** interest in the Hod Maden project, subjecting the company to joint venture risks where it is not the operator and has limited control over strategic decisions[178](index=178&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or related use of proceeds during the period - None reported[184](index=184&type=chunk) [Defaults Upon Senior Securities](index=35&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities - None reported[185](index=185&type=chunk) [Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to Royal Gold's business model - Not applicable[186](index=186&type=chunk) [Other Information](index=35&type=section&id=Item%205.%20Other%20Information) This section discloses no Rule 10b5-1 trading plan changes and details post-quarter financing activities, including a **$825 million** borrowing and credit facility increase - On August 1, 2025, the company borrowed **$825 million** under its revolving credit facility to fund the Kansanshi stream acquisition[188](index=188&type=chunk) - On August 5, 2025, the company exercised a **$400 million** accordion feature, increasing its total committed revolving credit facility to **$1.4 billion**, with **$575 million** remaining available after the Kansanshi borrowing[188](index=188&type=chunk) [Exhibits](index=37&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including acquisition agreements, credit facility amendments, and certifications - Key exhibits filed include the arrangement agreements for the Sandstorm and Horizon acquisitions, dated July 6, 2025[191](index=191&type=chunk) - The Sixth Amendment to the Revolving Facility Credit Agreement and the Incremental Joinder to the agreement are filed as exhibits[191](index=191&type=chunk)