Adrian Hammond

Alex Comer

Chris Nicholson

Gerhard Engelbrecht

Sean Ungerer

David Fraser

Debella Beksa

Erika Ive

Faisal

Gustavo Campos

Herbert Kharivhe

Jarrett Geldenhuys

Jesse Armstrong

Nick Rogers

Nishal Ramloutan

Sashank

Sashank Lanka

Shoiab

Stella Cridge

- **Royal Gold Inc.** has received all government regulatory approvals for the acquisition of **Sandstorm Gold Ltd.**, including Canadian and South African antitrust approvals.  **[314590_20250929VA86200:0]** 
- The **Sandstorm Transaction** is anticipated to close early in the **fourth quarter of 2025**, subject to customary closing conditions, including approvals by Royal Gold's stockholders and Sandstorm's shareholders.  **[314590_20250929VA86200:0]** 
- Sandstorm shareholders are reminded of the special meeting on **October 9, 2025**, to vote on the plan of arrangement with Royal Gold, with the proxy voting deadline on **October 7, 2025**.  **[314590_20250929VA86200:0]** 
- The Board of Directors of Sandstorm unanimously **recommends** that shareholders vote **FOR** the resolution approving the Arrangement.  **[314590_20250929VA86200:0]**

Sandstorm Gold Royalties Receives Regulatory Approval for Royal Gold Acquisition

- Sandstorm Gold Royalties has filed meeting materials for a special shareholder meeting on **October 9, 2025**, to approve an arrangement with Royal Gold, Inc..  **[314590_20250915VA72819:0]** 
- Shareholders of record as of **September 8, 2025**, will vote on the arrangement, which entails receiving **0.0625 shares of Royal Gold common stock for each Sandstorm Share held**.  **[314590_20250915VA72819:0]** 
- The arrangement represents an implied value of approximately **$3.5 billion** and offers a **21% premium** to Sandstorm's 20-day volume-weighted average price as of July 3, 2025.  **[314590_20250915VA72819:0]** 
- The Board of Directors and a special committee of independent directors of Sandstorm unanimously **recommend voting FOR** the Arrangement Resolution.  **[314590_20250915VA72819:0]** **[314590_20250915VA72819:1]**

Sandstorm Gold Royalties Files Meeting Materials for Royal Gold Arrangement Vote

- Sasol Ltd. reported a **14% decline** in adjusted EBITDA to **R52 billion** for H2 2025, but achieved a **75% improvement** in free cash flow to **ZAR12.6 billion** and reduced net debt (excluding leases) to **$3.7 billion**, meeting its target of staying under $4 billion.  **[314590_tx_318918_2]** **[314590_tx_318918_5]** **[314590_tx_318918_6]** **[314590_tx_318918_1]** 
- The company successfully contained cash fixed cost increases to **1% below inflation** and achieved a Southern Africa value chain breakeven price of **$59 per barrel**, in line with its target.  **[314590_tx_318918_1]** **[314590_tx_318918_5]** 
- International Chemicals' adjusted EBITDA increased by **more than $120 million** to **$411 million** in H2 2025, with a margin improvement from **6% to 9%**, and is projected to reach **$450 million to $550 million** with a **10-13% margin** in FY 2026.  **[314590_tx_318918_1]** **[314590_tx_318918_3]** 
- Sasol is progressing its emission reduction roadmap, having secured **more than 900 megawatts** of renewable energy in South Africa and bringing the **97-megawatt Damlakhte solar plant** online.  **[314590_tx_318918_1]** **[314590_tx_318918_8]**  For FY 2026, the company targets Secunda production of **7 million to 7.2 million tonnes** and aims to continue deleveraging towards a **$3 billion net debt target** between FY 2027 and FY 2028.  **[314590_tx_318918_2]** **[314590_tx_318918_7]**

Sasol Ltd. Reports H2 2025 Financial and Operational Results

SASOL (SSL)