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RGLD's Deal With SAND & Horizon Nears Completion After Approval Grant
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Key Takeaways
Royal Gold's deals with Sandstorm and Horizon received final approval from the B.C. Supreme Court.
RGLD will acquire Sandstorm in an all-stock deal valued at $3.5B and Horizon for $196M in cash.
The deals add 40 producing assets, lifting the 2025 GEO output 26% and deepening gold exposure.
Royal Gold, Inc.'s (RGLD - Free Report) acquisition of Sandstorm Gold Ltd. (SAND - Free Report) and Horizon Copper Corp. received approval from the Supreme Court of British Columbia. This was the final order necessary to complete the deal inked on July 6.
On Oct. 9, Sandstorm Gold held a shareholders' meeting where the deal was approved. Royal Gold and Horizon’s shareholders have also approved the deal.
Details of Royal Gold’s Buyout Transactions
RGLD is set to acquire Sandstorm Gold in an all-stock deal, wherein it is offering 0.0625 Royal Gold shares for each Sandstorm share. This offer implies a $3.5-billion equity value and a premium of 21% based on the 20-day VWAP and 17% based on the July 3, 2025, closing price. Post the deal closure, SAND shareholders will receive around 19 million Royal Gold shares and hold approximately 23% of RGLD's fully diluted shares.
RGLD is also set to acquire Horizon Copper in 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. The deal is valued at around $196 million.
Post the completion of the deal, SAND will delist its shares from the Toronto Stock Exchange and the New York Stock Exchange. Horizon shares will delist from the TSX Venture Exchange.
The addition of these assets from SAND and Horizon Copper will create a uniquely diversified global precious metals portfolio for Royal Gold with significant growth and exploration potential.
The deal will add 40 producing assets to Royal Gold’s portfolio. These assets are expected to generate gold equivalent ounces (GEO) of 65,000-80,000 in 2025. The transaction is expected to increase GEO production by 26%, based on the midpoints of the 2025 guidance provided by both Royal Gold and Sandstorm Gold.
After the transaction, the revenue mix is expected to be 87% from precious metals, with gold accounting for 75% of the total revenues.
RGLD’s Q3 Results to Reflect High Metal Prices
In the third quarter, RGLD Gold AG — the wholly owned subsidiary of Royal Gold — sold 48,000 GEOs, comprising 38,600 ounces of gold, 594,500 ounces of silver and 1,200 tons of copper related to its streaming agreements. This marks an increase from 40,600 GEOs sold in the second quarter of 2025 but a dip from 53,800 GEOs sold in the third quarter of 2024.
Royal Gold’s third-quarter revenues are likely to reflect the impacts of year-over-year increases in gold, silver and copper prices that will help offset the impacts of lower sales than the prior-year quarter.
The Zacks Consensus Estimate for the company’s third-quarter earnings is pegged at $2.19. Notably, RGLD reported earnings of $1.47 in the third quarter of 2024.
RGLD belongs to the Mining - Gold industry. Let us check how its peers performed in their most recent earnings.
B2Gold Corp (BTG - Free Report) reported adjusted earnings per share of 12 cents for the second quarter of 2025, missing the Zacks Consensus Estimate of 15 cents. However, the bottom line marked a significant improvement from 6 cents in the prior-year quarter.
BTG generated revenues of $692 million in the second quarter of 2025 compared with the prior-year quarter’s $493 million.
Agnico Eagle Mines Limited (AEM - Free Report) posted adjusted earnings of $1.94 per share for the second quarter of 2025, up from $1.07 in the year-ago quarter. The bottom line topped the Zacks Consensus Estimate of $1.83.
Agnico Eagle Mines generated revenues of $2.82 billion, up 35.6% year over year. The top line surpassed the Zacks Consensus Estimate of $2.55 billion.
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RGLD's Deal With SAND & Horizon Nears Completion After Approval Grant
Key Takeaways
Royal Gold, Inc.'s (RGLD - Free Report) acquisition of Sandstorm Gold Ltd. (SAND - Free Report) and Horizon Copper Corp. received approval from the Supreme Court of British Columbia. This was the final order necessary to complete the deal inked on July 6.
On Oct. 9, Sandstorm Gold held a shareholders' meeting where the deal was approved. Royal Gold and Horizon’s shareholders have also approved the deal.
Details of Royal Gold’s Buyout Transactions
RGLD is set to acquire Sandstorm Gold in an all-stock deal, wherein it is offering 0.0625 Royal Gold shares for each Sandstorm share. This offer implies a $3.5-billion equity value and a premium of 21% based on the 20-day VWAP and 17% based on the July 3, 2025, closing price. Post the deal closure, SAND shareholders will receive around 19 million Royal Gold shares and hold approximately 23% of RGLD's fully diluted shares.
RGLD is also set to acquire Horizon Copper in 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. The deal is valued at around $196 million.
Post the completion of the deal, SAND will delist its shares from the Toronto Stock Exchange and the New York Stock Exchange. Horizon shares will delist from the TSX Venture Exchange.
The addition of these assets from SAND and Horizon Copper will create a uniquely diversified global precious metals portfolio for Royal Gold with significant growth and exploration potential.
The deal will add 40 producing assets to Royal Gold’s portfolio. These assets are expected to generate gold equivalent ounces (GEO) of 65,000-80,000 in 2025. The transaction is expected to increase GEO production by 26%, based on the midpoints of the 2025 guidance provided by both Royal Gold and Sandstorm Gold.
After the transaction, the revenue mix is expected to be 87% from precious metals, with gold accounting for 75% of the total revenues.
RGLD’s Q3 Results to Reflect High Metal Prices
In the third quarter, RGLD Gold AG — the wholly owned subsidiary of Royal Gold — sold 48,000 GEOs, comprising 38,600 ounces of gold, 594,500 ounces of silver and 1,200 tons of copper related to its streaming agreements. This marks an increase from 40,600 GEOs sold in the second quarter of 2025 but a dip from 53,800 GEOs sold in the third quarter of 2024.
Royal Gold’s third-quarter revenues are likely to reflect the impacts of year-over-year increases in gold, silver and copper prices that will help offset the impacts of lower sales than the prior-year quarter.
The Zacks Consensus Estimate for the company’s third-quarter earnings is pegged at $2.19. Notably, RGLD reported earnings of $1.47 in the third quarter of 2024.
RGLD belongs to the Mining - Gold industry. Let us check how its peers performed in their most recent earnings.
B2Gold Corp (BTG - Free Report) reported adjusted earnings per share of 12 cents for the second quarter of 2025, missing the Zacks Consensus Estimate of 15 cents. However, the bottom line marked a significant improvement from 6 cents in the prior-year quarter.
BTG generated revenues of $692 million in the second quarter of 2025 compared with the prior-year quarter’s $493 million.
Agnico Eagle Mines Limited (AEM - Free Report) posted adjusted earnings of $1.94 per share for the second quarter of 2025, up from $1.07 in the year-ago quarter. The bottom line topped the Zacks Consensus Estimate of $1.83.
Agnico Eagle Mines generated revenues of $2.82 billion, up 35.6% year over year. The top line surpassed the Zacks Consensus Estimate of $2.55 billion.