SANDSTORM GOLD (SAND) Company Report

Sandstorm Gold Royalties has received final court approval for its arrangement with Royal Gold Inc..
Under the arrangement, Sandstorm shareholders will receive 0.0625 of a Royal Gold common stock share for each Sandstorm Share held.
The transaction is anticipated to close on October 20, 2025.
Following the completion of the arrangement, Sandstorm expects to delist its shares from the Toronto Stock Exchange and the New York Stock Exchange.

Oct 15, 2025, 8:16 PM

Sandstorm Gold Royalties Shareholders Approve Royal Gold Arrangement

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M&A

Proxy Vote Outcomes

Delisting/Listing Issues

Sandstorm Gold Ltd. shareholders approved the proposed plan of arrangement with Royal Gold, Inc. at a Special Meeting held on October 9, 2025, with 98.68% of the votes cast by all shareholders in favor.
The transaction is anticipated to close on October 20, 2025, subject to the satisfaction or waiver of remaining customary closing conditions.
Following the completion of the arrangement, Sandstorm Gold Ltd. expects to delist its shares from the Toronto Stock Exchange and the New York Stock Exchange.

Oct 9, 2025, 8:19 PM

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

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M&A

Proxy Vote Outcomes

Royal Gold Inc. has secured all required government regulatory approvals, including those from Canada and South Africa, for its acquisition of Sandstorm Gold Ltd..
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.
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).
The Board of Directors of Sandstorm unanimously recommends shareholders vote FOR the arrangement.

Sep 29, 2025, 10:15 PM

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

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M&A

Proxy Vote Outcomes

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..
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.
The Board of Directors of Sandstorm unanimously recommends that shareholders vote FOR the Arrangement Resolution.
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.

Sep 22, 2025, 12:48 PM

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

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M&A

Proxy Vote Outcomes

Takeover Bid

Sandstorm Gold Royalties has announced a special shareholder meeting on October 9, 2025, to approve a plan of arrangement with Royal Gold, Inc..
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.
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.
The Board of Directors and a special committee of independent directors of Sandstorm have unanimously recommended that shareholders vote FOR the Arrangement Resolution.

Sep 15, 2025, 12:46 PM

Sandstorm Gold to be acquired by Royal Gold in $3.5 billion all-share transaction

SAND

M&A

Delisting/Listing Issues

Dividends

Sandstorm Gold Ltd. will be acquired by Royal Gold, Inc. in an all-share transaction with an implied value of approximately $3.5 billion. 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.
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.
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).
For the six months ended June 30, 2025, Sandstorm reported a net loss of $(43,256) thousand and royalty revenue of $6,490 thousand.
Sandstorm declared dividends of C$0.02 per Company Share for both the first and second quarters of 2025.