Derick Ma

Heiko Ihle

Brian MacArthur

Joshua Wolfson

Kelvin Lee

Tanya Jakusconek

- **Royal Gold Inc.** has secured all required government regulatory approvals, including those from Canada and South Africa, for its **acquisition of Sandstorm Gold Ltd.**.  **[1434614_0001279569-25-001067_ex991.htm:0]** 
- The acquisition is expected to close **early in the fourth quarter of 2025**, subject to shareholder approvals from both companies, Supreme Court of British Columbia approval, and Nasdaq listing for Royal Gold's stock.  **[1434614_0001279569-25-001067_ex991.htm:0]** 
- Sandstorm shareholders will vote on the arrangement at a special meeting on **October 9, 2025**, with the proxy voting deadline set for **October 7, 2025**, at 8:00 a.m. (Vancouver time).  **[1434614_0001279569-25-001067_ex991.htm:0]** 
- The Board of Directors of Sandstorm **unanimously recommends** shareholders vote **FOR** the arrangement.  **[1434614_0001279569-25-001067_ex991.htm:0]**

Sandstorm Gold Ltd. Receives Regulatory Approvals for Acquisition by Royal Gold, Sets Shareholder Vote

- **Sandstorm Gold Ltd.** announced on **September 22, 2025**, that **Institutional Shareholder Services Inc. (ISS)** and other leading independent proxy advisory firms have recommended that shareholders vote **FOR** the proposed **Plan of Arrangement with Royal Gold Inc.**.  **[1434614_0001279569-25-001026_ex991.htm:0]** 
- Under the terms of the arrangement, Sandstorm shareholders will receive **0.0625 shares of common stock of Royal Gold for each common share of Sandstorm held**.  **[1434614_0001279569-25-001026_ex991.htm:0]** 
- The **Board of Directors of Sandstorm unanimously recommends** that shareholders vote **FOR** the Arrangement Resolution.  **[1434614_0001279569-25-001026_ex991.htm:0]** 
- The **Special Meeting of Shareholders** is scheduled for **October 9, 2025**, at 8:00 a.m. Vancouver time, with the deadline for voting by proxy set for **October 7, 2025**, at 8:00 a.m. Vancouver time.  **[1434614_0001279569-25-001026_ex991.htm:0]**

Sandstorm Gold Ltd. Receives Positive Proxy Recommendations for Royal Gold Arrangement

- Sandstorm Gold Royalties has announced a special shareholder meeting on **October 9, 2025**, to approve a plan of arrangement with Royal Gold, Inc..  **[1434614_0001279569-25-000985_ex991.htm:0]** 
- Sandstorm shareholders will receive **0.0625 shares of Royal Gold common stock for each Sandstorm Share held**, representing an implied value of approximately **$3.5 billion** and a **21% premium** to Sandstorm's 20-day volume-weighted average price as of July 3, 2025.  **[1434614_0001279569-25-000985_ex991.htm:0]** 
- Upon completion of the Arrangement, existing Royal Gold and Sandstorm shareholders are expected to own approximately **77% and 23%**, respectively, of the outstanding common stock of the combined company.  **[1434614_0001279569-25-000985_ex991.htm:0]** 
- The Board of Directors and a special committee of independent directors of Sandstorm have **unanimously recommended** that shareholders vote **FOR** the Arrangement Resolution.  **[1434614_0001279569-25-000985_ex991.htm:0]** **[1434614_0001279569-25-000985_ex991.htm:1]**

Sandstorm Gold Royalties to Hold Special Meeting for Proposed Royal Gold Arrangement

- **Sandstorm Gold Ltd.** will be acquired by **Royal Gold, Inc.** in an **all-share transaction** with an implied value of approximately **$3.5 billion**.  **[1434614_0001193125-25-202859_d908875dex991.htm:305]**  Upon completion, **Sandstorm shareholders** will receive **0.0625 of a Royal Gold share** for each Sandstorm share held, resulting in approximately a **23% interest** in the Combined Company.  **[1434614_0001193125-25-202859_d908875dex991.htm:305]** **[1434614_0001193125-25-202859_d908875dex991.htm:7]** **[1434614_0001193125-25-202859_d908875dex991.htm:65]** 
- The acquisition is expected to close in the **fourth quarter of 2025**, after which **Sandstorm's shares will be delisted from the TSX and NYSE**.  **[1434614_0001193125-25-202859_d908875dex991.htm:305]** 
- Concurrently, **Royal Gold** will acquire **Horizon Copper Corp.** for **C$2.00 per share** in cash; Sandstorm holds approximately a **34% equity stake** in Horizon Copper, and this transaction is a condition to the Sandstorm acquisition (though waivable by Royal Gold).  **[1434614_0001193125-25-202859_d908875dex991.htm:283]** **[1434614_0001193125-25-202859_d908875dex991.htm:422]** 
- For the six months ended June 30, 2025, Sandstorm reported a **net loss of $(43,256) thousand** and **royalty revenue of $6,490 thousand**.  **[1434614_0001193125-25-202859_d908875dex991.htm:408]** 
- Sandstorm declared **dividends of C$0.02 per Company Share** for both the first and second quarters of 2025.  **[1434614_0001193125-25-202859_d908875dex991.htm:305]**

SANDSTORM GOLD (SAND)