07:50 AM EDT, 07/07/2025 (MT Newswires) -- Royal Gold ( RGLD ) said Monday it has agreed to acquire Sandstorm Gold ( SAND ) and Horizon Copper in two deals.

Under the transaction with Sandstorm, Royal Gold ( RGLD ) said it will acquire all of Sandstorm's shares through an all-stock deal at an exchange ratio of 0.0625 Royal Gold ( RGLD ) shares per Sandstorm share. This reflects a transaction equity value of about $3.5 billion.

Meanwhile, under the Horizon Copper deal, Royal Gold ( RGLD ) agreed to acquire all outstanding shares of Horizon Copper for 2 Canadian dollars ($1.46) per share in cash. This reflects a transaction equity value of about $196 million.

The transactions are expected to add 40 producing assets and are expected to increase its 2025 gold equivalent output by 26%, the company said.

Royal Gold ( RGLD ) expects the deals to be immediately accretive to net asset value per share. The deals are set to close in Q4.

Shares of Royal Gold ( RGLD ) were down more than 3% in recent pre-bell activity Monday, while Sandstorm shares gained more than 9%.