Sandstorm receives ISS backing for Royal Gold deal

Executive Summary

• Leading proxy advisory firms (ISS, Institutional Shareholder Services Inc., etc.) recommend Sandstorm Gold shareholders vote in favor of the proposed arrangement with Royal Gold.
• Under the arrangement, each Sandstorm share would be converted into 0.0625 shares of Royal Gold common stock, providing a premium and continued equity interest.
• The board unanimously supports the resolution; the special shareholder meeting is scheduled for October 9, 2025 (proxy deadline October 7, 2025).

Key Details

• Proposed Exchange Ratio: 0.0625 share of Royal Gold common stock per Sandstorm share.
• Proxy Advisory Recommendations: ISS and Institutional Shareholder Services Inc. (and other leading firms) recommend a “yes” vote, citing strategic benefits, premium value, and continued equity interest.
• Board Position: Sandstone’s board of directors unanimously recommends shareholders approve the arrangement.
• Special Meeting Date & Time: Thursday, October 9, 2025 at 8:00 a.m. Vancouver time, Gold Boardroom, Suite 3200, 733 Seymour St., Vancouver, B.C., Canada.
• Proxy Deadline: 8:00 a.m. Vancouver time on October 7, 2025.
• Voting Assistance Contact: Laurel Hill Advisory Group – toll‑free (1‑877‑452‑7184), international (1‑416‑304‑0211), email [email protected].
• Management Comment: Nolan Watson, President & CEO, stated the proxy recommendations “confirm our strategic rationale for the arrangement and the benefits to our shareholders.”

Notable Quotes

• ISS: “The arrangement confers a number of strategic benefits and provides shareholders with premium value and a continuing equity interest in the combined company.”
• Nolan Watson (CEO): “We are pleased to receive a positive recommendation from ISS and other leading proxy advisors, which confirms our strategic rationale for the arrangement and the benefits to our shareholders.”