Horizon Copper Closes Arrangement with Royal Gold

The most recent news, dated October 20, 2025, announces that Horizon Copper Corp. ("Horizon") has closed the previously announced plan of arrangement with Royal Gold, Inc. ("Royal Gold"). Under the terms of the arrangement, Royal Gold has acquired all issued and outstanding shares of Horizon for C$2.00 in cash per share. The arrangement also covers outstanding warrants, with holders receiving C$2.00 less the applicable exercise price. As a result of the closing, Horizon's shares are expected to be delisted from the TSX Venture Exchange around October 21, 2025, and the company will cease to be a reporting issuer.

This news is the final, definitive step in the acquisition process that was first announced on July 7, 2025. While the initial announcement caused the stock to gap up and trade near the C$2.00 offer price, this closing announcement removes all remaining deal risk and uncertainty. It represents the successful and expected conclusion for shareholders, crystallizing the value of their investment at C$2.00 per share in cash.

For the company, the impact is terminal; it will cease to exist as a publicly traded entity. For shareholders, the impact is materially positive as it marks the official monetization of their holdings at a significant premium to the pre-announcement trading price (a 72% premium to the closing price on July 4, 2025). All company-specific risks, including asset development, jurisdictional exposure, and debt financing, are now eliminated for former Horizon shareholders. The narrative has completely shifted from a development-stage company with long-term potential to a realized cash return.

Horizon Copper Corp. was a copper-focused royalty and streaming company. It held a portfolio of non-operating interests in what it positioned as high-quality, long-life copper assets. The company was created through a Reverse Takeover (RTO) with Sandstorm Gold Ltd., which vended the core assets into Horizon.

The company's key assets included: 1. Hod Maden Project (Turkey): A 30% non-operating interest in a high-grade, development-stage copper-gold project. This was the company's flagship growth project, operated by SSR Mining. 2. Antamina NPI (Peru): A 1.66% Net Profits Interest (NPI) on the world-class Antamina copper mine, providing immediate cash flow. 3. Oyu Tolgoi Exposure (Mongolia): An approximate 24% equity stake in Entrée Resources Ltd., which holds a joint venture interest in a portion of the giant Oyu Tolgoi underground copper mine.