Sandstorm Gold Royalties Closes Arrangement with Royal Gold

The news release dated October 20, 2025, announces that Sandstorm Gold Ltd. ("Sandstorm") has completed its previously announced plan of arrangement with Royal Gold, Inc. ("Royal Gold"). Under the terms of the arrangement, Royal Gold has acquired all of the issued and outstanding common shares of Sandstorm. Sandstorm shareholders will receive 0.0625 of a share of Royal Gold common stock for each Sandstorm share held. As a result of the completed transaction, Sandstorm's shares are expected to be delisted from the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE) within two to three business days, and the company will apply to cease being a reporting issuer.

This news is the definitive confirmation that the acquisition of Sandstorm by Royal Gold is complete. This is a highly material and positive event for Sandstorm shareholders, representing the successful culmination of the acquisition process announced on July 7, 2025.

The historical news releases detail a logical and systematic progression towards this closing: * July 7, 2025: The deal was first announced as an all-share transaction implying a 17%-21% premium for Sandstorm shareholders and a pro forma ownership of approximately 23% in the combined entity. * September 22 & 29, 2025: The transaction gained crucial support, first from proxy advisory firm ISS and then with the receipt of Investment Canada Act approval. * October 9, 2025: Shareholders of both companies overwhelmingly approved the arrangement, with over 98% of Sandstorm votes cast in favor. This significantly de-risked the transaction. * October 15, 2025: The company received the final court order from the Supreme Court of British Columbia, the last major hurdle before closing.

The final announcement on October 20 confirms that all conditions have been met and the deal has closed as anticipated. The impact is the end of Sandstorm Gold as an independent publicly traded company. Shareholders' investment thesis now shifts entirely to the prospects of the larger, more diversified Royal Gold. The acquisition was executed smoothly and according to the previously communicated timeline, locking in the premium offered to shareholders in July.

Sandstorm Gold Ltd. was a gold-focused royalty and streaming company with a diversified portfolio of over 250 royalties and streams. It did not have a single "flagship" project but rather a collection of significant assets that underpinned its value. Key growth assets included streams on Ivanhoe's Platreef project (South Africa), SSR Mining's Hod Maden project (Turkey), and an option on Glencore's MARA project (Argentina). Its key producing assets included royalties and streams on the Antamina mine, Fruta del Norte mine, and the Greenstone mine. The acquisition by Royal Gold was justified by creating a larger, more diversified, and more liquid investment vehicle for precious metals exposure.