Overview

• Royal Gold proposed a US$3.5 billion all-share offer for Sandstorm Gold at a 21 percent premium and a C$196 million cash bid for Horizon Copper at an 85 percent premium.
• Project Helix is designed to raise Royal Gold’s gold-equivalent production by 26 percent and extend its geographic reach across North America and other key mining regions.
• The combined portfolio will feature 393 streams and royalties, including 80 cash-flowing assets and 47 projects in development, with precious metals accounting for about 87 percent of revenue.
• Sandstorm Gold’s existing 34 percent stake in Horizon Copper streamlines the twin offer structure by aligning both targets under one proposal.
• All three boards have endorsed the transactions, which require two-thirds of target-company shareholder votes and regulatory clearances to close by Q4 2025.