Royal Gold, Inc. (NasdaqGS:RGLD) entered into agreement to acquire Horizon Copper Corp. (TSXV:HCU) for approximately CAD 180 million on July 6, 2025. Royal Gold will acquire 100% of the issued share capital of Horizon in exchange for cash of CAD 2 per share. In related transaction, Royal Gold, Inc. entered into agreement to acquire Sandstorm Gold Ltd. on July 6, 2025. The Horizon Arrangement Agreement contains customary deal protections, including non-solicitation, "fiduciary out", and "right to match" provisions in respect of Horizon, as well as a CAD 13.6 million termination fee payable by Horizon Copper in certain circumstances and a CAD 20.4 million reverse termination fee payable by Royal Gold in certain circumstances.

The completion of the Horizon Transaction is subject to customary closing conditions, as well as the approval by Horizon?s shareholders, the approval of the Supreme Court of British Columbia, completion of the Sandstorm Transaction (which can be waived by Royal Gold in its sole discretion), and regulatory clearances or approvals. As of September 29, 2025, required government regulatory approval has been obtained. As of October 9, 2025, the transaction was approved by the target shareholders. As of October 9, 2025, the completion of the Horizon Transaction is anticipated to occur on October 20, 2025. As of October 15, 2025, the Supreme Court of British Columbia has granted the final order to approve the transaction. The transaction is expected to close on October 20, 2025.

Scotiabank, Inc. acted as financial advisor for Royal Gold, Inc. McCarthy Tétrault US LLP acted as legal advisor for Royal Gold, Inc. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor for Royal Gold, Inc. Richards, Layton & Finger, P.A. acted as legal advisor for Royal Gold, Inc. Raymond James Ltd. acted as financial advisor for Royal Gold, Inc. Fort Capital Partners Ontario and Cormark Securities Inc. as financial advisor, Gowling WLG (Canada) LLP act as legal advisor for Horizon Copper Corp. Aaron Dixon of Alston & Bird LLP represented Scotiabank, Inc. as financial advisor.

Royal Gold, Inc. (NasdaqGS:RGLD) completed the acquisition of Horizon Copper Corp. (TSXV:HCU) on October 20, 2025.