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Royal Gold acquires Sandstorm Gold for US$3.5B and Horizon Copper for US$196M


Date

October 20, 2025

Offices Involved

Value

3.696 Billion USD

On October 20, 2025, Royal Gold, Inc. (“Royal Gold”) completed its acquisitions of Sandstorm Gold Ltd. and Horizon Copper Corp. The transaction, announced on July 7, 2025, had an aggregate equity value of approximately US$3.7 billion and represents one of the largest precious metals royalty and streaming M&A transactions in history.

Under the transaction, Royal Gold acquired 100% of Sandstorm Gold in a share exchange transaction valued at approximately US$3.5 billion, representing a 21% premium to Sandstorm's 20-day volume-weighted average share price, and 100% of Horizon Copper in a cash transaction valued at approximately US$196 million.

Royal Gold is a Denver-based precious metal stream and royalty company whose shares are listed on the Nasdaq stock exchange.

McCarthy Tétrault advised Royal Gold with a team led by Roger Taplin, Adam Taylor, Shawn Doyle, and Gerald Gaunt (Mining & Metals) that included Patrick McKay, Matthew Kraemer, Daniel Downie (Tax) and Jason Gudofsky, Sam Steeves (Regulatory). 

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