On July 7, 2025, Horizon Copper Corp. announced it had entered into a definitive arrangement agreement with Royal Gold, Inc., under which Royal Gold will acquire all issued and outstanding shares of Horizon Copper not already held by Sandstorm Gold Ltd. The all-cash transaction values Horizon Copper at approximately US$196 million, with shareholders receiving C$2.00 per share. This represents an 85% premium to the 20-day volume weighted average price and a 72% premium to the closing price on July 4, 2025. The acquisition forms part of Royal Gold’s larger US$5 billion dual take-private transaction involving both Horizon Copper and Sandstorm Gold Ltd., and is expected to close in the fourth quarter of 2025, subject to shareholder, regulatory and court approvals.

Headquartered in Vancouver, Horizon Copper is a premier copper company with a globally diversified portfolio of interests in world-class assets. Royal Gold, based in Denver, Colorado, is a leading precious metals royalty and streaming company with a portfolio of long-life, high-quality assets across the globe.

Gowling WLG advised Horizon Copper with a team led by Erik Goldsilver and that included Kathleen Ritchie, Cyndi Laval, Lee Sykes, Jaanam Mahboobani and Chloe Davies (corporate/securities); Ian Macdonald (competition); Paul Carenza (tax); and Jonathan Ross and Amarit Bains (litigation).