Cosmos Chiu

Derick Ma

Lawson Winder

Tanya Jakusconek

Brian MacArthur

Fahad Tariq

Joshua Wolfson

Josh Wolfson

- Royal Gold, Inc. completed the acquisitions of **Sandstorm Gold Ltd.** and **Horizon Copper Corp.** on **October 20, 2025**, aiming to increase its scale, diversification, and potential for organic growth.  **[85535_0000085535-25-000149_rgld-20251020.htm:0]** **[85535_0000085535-25-000149_ex991rgldclosessandstorman.htm:0]** 
- The Sandstorm acquisition was an all-stock transaction, resulting in Royal Gold issuing approximately **18.6 million shares** of common stock and increasing its outstanding share count to approximately **84.4 million shares**.  **[85535_0000085535-25-000149_ex991rgldclosessandstorman.htm:0]** 
- The Horizon acquisition was an all-cash transaction, funded by drawing **$450 million** from Royal Gold's **$1.4 billion** revolving credit facility, leaving **$175 million** undrawn and available as of October 20, 2025.  **[85535_0000085535-25-000149_ex991rgldclosessandstorman.htm:0]** 
- Following the Sandstorm acquisition, persons who were Sandstorm shareholders now own approximately **22.5%** of the combined company on a fully diluted basis, while Royal Gold shareholders own approximately **77.5%**.  **[85535_0000085535-25-000149_rgld-20251020.htm:1]**

Royal Gold Completes Sandstorm Gold and Horizon Copper Acquisitions

- **Royal Gold has completed the acquisition of Sandstorm Gold Royalties**, gaining control over all outstanding Sandstorm shares.  **[85535_171a285c9e8d4d07978ebb43a9690808]** 
- Following the acquisition, **Sandstorm's shares will be delisted** from both the Toronto Stock Exchange and the New York Stock Exchange.  **[85535_171a285c9e8d4d07978ebb43a9690808]** 
- Sandstorm shareholders received **0.0625 of a share of common stock of Royal Gold** for each Sandstorm share held as consideration.  **[85535_171a285c9e8d4d07978ebb43a9690808]** 
- This acquisition aligns with Royal Gold's strategy to **expand its portfolio of precious metal royalties and streams** without assuming mining operational risks.  **[85535_171a285c9e8d4d07978ebb43a9690808]**

Royal Gold Completes Acquisition of Sandstorm Gold Royalties

- Royal Gold's subsidiary, RGLD Gold AG, sold approximately **48,000 gold equivalent ounces (GEOs)** during the third quarter ended September 30, 2025.  **[85535_0000085535-25-000145_ex991q32025streamsalessegm.htm:0]** 
- These sales comprised approximately **38,600 ounces of gold**, **594,500 ounces of silver**, and **1,200 tonnes of copper**.  **[85535_0000085535-25-000145_ex991q32025streamsalessegm.htm:0]** 
- At the end of Q3 2025, RGLD Gold AG held an inventory of approximately **19,000 ounces of gold** and **379,200 ounces of silver**.  **[85535_0000085535-25-000145_ex991q32025streamsalessegm.htm:0]** 
- The average realized prices for the quarter were **$3,415 per ounce for gold**, **$37.90 per ounce for silver**, and **$9,660 per tonne for copper**, with a cost of sales of approximately **$653 per GEO**.  **[85535_0000085535-25-000145_ex991q32025streamsalessegm.htm:0]** 
- Royal Gold plans to release its full Q3 2025 results after market close on **Wednesday, November 5, 2025**, followed by a conference call on **Thursday, November 6, 2025, at 12:00 p.m. Eastern Time**.  **[85535_0000085535-25-000145_ex991q32025streamsalessegm.htm:0]**

Royal Gold Provides Update on Q3 2025 Stream Segment Sales

- Royal Gold, Inc. (RGLD) announced that its subsidiary, RGLD Gold AG, sold approximately **48,000 gold equivalent ounces (GEOs)** from its streaming agreements during the third quarter ended September 30, 2025.  **[85535_eb22f91c18b44828bdddeb364b4bd634_0]** 
- These sales were comprised of approximately **38,600 ounces of gold**, **594,500 ounces of silver**, and **1,200 tonnes of copper**.  **[85535_eb22f91c18b44828bdddeb364b4bd634_0]** 
- The average realized prices for the third quarter were **$3,415 per ounce for gold**, **$37.90 per ounce for silver**, and **$9,660 per tonne for copper**.  **[85535_eb22f91c18b44828bdddeb364b4bd634_0]** 
- The cost of sales for the third quarter was approximately **$653 per GEO**.  **[85535_eb22f91c18b44828bdddeb364b4bd634_0]** 
- Royal Gold's full results for Q3 2025 are scheduled to be released after market close on **Wednesday, November 5, 2025**, followed by a conference call on **Thursday, November 6, 2025**.  **[85535_eb22f91c18b44828bdddeb364b4bd634_0]**

Royal Gold Provides Q3 2025 Stream Segment Sales Update

- **Royal Gold** shareholders approved the acquisition of Sandstorm Gold Ltd. with **99.1%** of votes in favor, while **Sandstorm Gold's** shareholders approved the plan of arrangement with **98.68%** of votes cast.  **[85535_1f2c9b692ba8496aa004f22440d82d31]** 
- The transactions are expected to close on **October 20, 2025**, pending approval from the Supreme Court of British Columbia scheduled for **October 15, 2025**.  **[85535_1f2c9b692ba8496aa004f22440d82d31]** 
- These acquisitions represent a significant consolidation in the precious metals royalty and streaming sector, aiming to strengthen Royal Gold's industry position.  **[85535_1f2c9b692ba8496aa004f22440d82d31]** 
- Following the completion of the acquisition, **Horizon Copper** will delist from the TSX Venture Exchange and cease to be a reporting issuer in Canada.  **[85535_1f2c9b692ba8496aa004f22440d82d31]** 
- Horizon Copper's assets include a **1.66% net profits interest** in the Antamina copper mine, a **24% equity stake** in Entrée Resources Ltd. (exposing it to the Oyu Tolgoi copper mine), and a **30% interest** in the copper-gold Hod Maden project.  **[85535_1f2c9b692ba8496aa004f22440d82d31]**

Royal Gold Shareholders Approve Sandstorm Gold and Horizon Copper Acquisitions

- Royal Gold, Inc. shareholders approved the issuance of common stock for the acquisition of Sandstorm Gold Ltd. with **99.1%** of votes cast in favor at a special meeting held on **October 9, 2025**.  **[85535_0000085535-25-000143_shareholdervoteresultsfors.htm:0]** 
- Separately, securityholders of Sandstorm Gold Ltd. and Horizon Copper Corp. also approved their respective transactions on **October 9, 2025**, with **98.7%** and **99.4%** of votes in favor, respectively.  **[85535_0000085535-25-000143_shareholdervoteresultsfors.htm:0]** 
- The acquisitions are anticipated to close on **October 20, 2025**, subject to customary closing conditions, including approval from the Supreme Court of British Columbia, which will be sought on **October 15, 2025**.  **[85535_0000085535-25-000143_shareholdervoteresultsfors.htm:0]**

Royal Gold Announces Shareholder Approval for Sandstorm and Horizon Acquisitions

- Royal Gold held a special meeting of stockholders on **October 9, 2025**, chaired by Bill Heissenbuttel.  **[0000085535_2174186_0]** 
- Stockholders **approved the issuance of Royal Gold common stock** to Sandstorm shareholders and option holders in connection with the **Sandstorm arrangement**.  **[0000085535_2174186_0]** 
- Due to the approval of the stock issuance proposal, the **adjournment proposal was not considered**.  **[0000085535_2174186_0]** 
- Final meeting results will be reported on a **Form 8-K** filed with the Securities and Exchange Commission within four business days.  **[0000085535_2174186_0]**

Royal Gold Stockholders Approve Sandstorm Arrangement Share Issuance

- **Royal Gold's largest stream interest, the Mount Milligan mine, is expected to have its life extended by approximately 10 years to **2045**, following a pre-feasibility study by Centerra Gold Inc.**  **[85535_0000085535-25-000136_milliganpfspressrelease.htm:0]** 
- **The study projects a **10%** increase in process plant throughput by **2029** and consistent average annual production of approximately **150,000 ounces of gold** and **69 million pounds of copper** from **2026 to 2042**.**  **[85535_0000085535-25-000136_milliganpfspressrelease.htm:0]** 
- **Proven and probable mineral reserves at Mount Milligan have significantly increased by **56%** for gold to **4.4 million ounces** and **52%** for copper to **1.7 billion pounds**, compared to the end of **2024**.**  **[85535_0000085535-25-000136_milliganpfspressrelease.htm:0]**

ROYAL GOLD (RGLD)