Sandstorm Gold shareholders approve Royal Gold acquisition deal

Sandstorm Gold Ltd. (NYSE: SAND) (TSX: SSL) shareholders approved a plan of arrangement for Royal Gold Inc. to acquire all outstanding shares of the precious metals royalty company, according to voting results from a special meeting held October 9, 2025 in Vancouver.

The arrangement received approval from 98.68% of votes cast by all shareholders present or represented by proxy at the meeting, which had 58% of issued common shares represented. Under Canadian regulatory requirements excluding certain votes, 98.66% of eligible votes supported the transaction.

Royal Gold announced its stockholders also approved the issuance of Royal Gold common stock for the acquisition, with approximately 99% of votes cast in favor at their meeting.

The transaction is expected to close October 20, 2025, subject to remaining conditions including approval from the Supreme Court of British Columbia, certain conditions related to the Horizon Transaction being satisfied or waived by Royal Gold, and approval for listing Royal Gold shares on Nasdaq.

Following completion, Sandstorm expects to delist its shares from the Toronto Stock Exchange and New York Stock Exchange. The company also plans to apply to Canadian securities regulators to cease being a reporting issuer and will deregister shares under the U.S. Securities Exchange Act of 1934.

Sandstorm operates as a precious metals-focused royalty company that provides upfront financing to mining companies in exchange for production percentage rights. The company holds approximately 230 royalties, with 40 underlying mines currently producing.

Details of the arrangement are available in Sandstorm's Management Information Circular dated September 8, 2025, filed with securities regulators.

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