The transaction will see Sandstorm become a wholly owned subsidiary of Royal Gold.
Stockholders of Royal Gold as of 29 August 2025 will vote on the issuance of shares connected to the deal at a special meeting scheduled for 9 October 2025. The Royal Gold Board of Directors has unanimously recommended that stockholders support the proposals outlined in the proxy statement. On the same day, Sandstorm will convene a shareholder meeting to obtain approval for the acquisition.
In addition to Sandstorm’s meeting, Horizon Copper will also hold a security-holder meeting on 9 October 2025 to vote on Royal Gold’s proposed acquisition of Horizon. Both transactions are linked, as certain conditions of the Sandstorm deal depend on the outcome of the Horizon transaction.
The closing of the Sandstorm acquisition remains subject to customary conditions. These include approval from Royal Gold’s stockholders, Sandstorm’s shareholders, and the endorsement of the Supreme Court of British Columbia. It also requires the satisfaction or waiver of conditions tied to the Horizon acquisition. Furthermore, the deal depends on the successful listing of the new Royal Gold shares to be issued on Nasdaq, alongside the receipt of necessary regulatory approvals.
Progress has already been made in securing regulatory clearances. Approvals under competition laws in both Canada and South Africa have been obtained. However, the review under the Investment Canada Act is still ongoing. Provided these conditions are fulfilled, the transaction is expected to close in the fourth quarter of 2025.
The completion of the acquisition will further strengthen Royal Gold’s position as a leading North American gold-focused streaming and royalty company. It will also broaden its portfolio through expanded assets and partnerships, reinforcing its strategy of securing long-term, stable revenue streams.
Separately, in August, Royal Gold’s subsidiary RGLD Gold entered into a stream agreement related to the Kansanshi mine in Zambia. The arrangement secures gold deliveries linked to copper production from the site, supporting the company’s growth strategy in global mining projects.
By moving forward with the acquisitions of both Sandstorm and Horizon, Royal Gold is positioning itself to enhance scale and diversification. The forthcoming votes and approvals will determine the timeline for completion, but with regulatory milestones already achieved and strong board support, the company remains on track to finalize the Sandstorm transaction in late 2025.
