TLDR
- Royal Gold has completed its acquisition of Sandstorm Gold Royalties (SAND) through a plan of arrangement announced earlier this year
- Sandstorm shareholders receive 0.0625 shares of Royal Gold common stock for each SAND share they own
- SAND shares will be delisted from the NYSE and TSX within two to three business days
- The deal received 98.68% approval from all shareholders and 98.66% from minority shareholders
- Sandstorm delivered 118.72% year-to-date returns and has $3.59 billion market cap with 84.3% gross profit margins
Royal Gold has finalized its acquisition of Sandstorm Gold Royalties. The transaction closed Monday through a previously announced plan of arrangement.
The deal values Sandstorm at $3.59 billion based on current market cap. The company reported gross profit margins of 84.3% before the acquisition.
Sandstorm shareholders are receiving 0.0625 shares of Royal Gold common stock for each SAND share they hold. This exchange ratio was established when the deal was first announced.
The acquisition received overwhelming support from shareholders at the vote. All shareholders approved the arrangement with 98.68% voting in favor.
Minority shareholders voted separately and approved with 98.66% support. The vote met all necessary Canadian regulatory requirements for the transaction to proceed.
SAND shares are expected to be delisted from both the Toronto Stock Exchange and New York Stock Exchange. The delisting should occur within two to three business days.
Sandstorm will apply to cease being a reporting issuer in Canada. The company will also deregister its shares under the U.S. Securities Exchange Act of 1934.
Share Exchange Process
Registered shareholders must take action to receive their Royal Gold shares. They need to complete a letter of transmittal and return it to Computershare Investor Services.
Shareholders must include their share certificates or direct registration system advices with the transmittal. Non-registered shareholders should contact their brokers or intermediaries for specific instructions.
Canada Post is currently experiencing a strike. Registered shareholders should use courier services or hand deliver their documentation to the depositary due to this disruption.
The company initially detailed the acquisition terms in its Management Information Circular dated September 8, 2025. This document is available on regulatory databases under Sandstorm’s profile.
Stock Performance Before Closing
Sandstorm shares delivered strong returns ahead of the acquisition closing. The stock posted a 118.72% return year-to-date according to recent data.
SAND was trading near its 52-week high before the deal closed. The stock hit $6.20 earlier in the week.
Proxy advisory firm Institutional Shareholder Services recommended shareholders approve the deal. Other proxy advisory firms also backed the transaction.
Sandstorm declared a quarterly cash dividend of C$0.02 per common share for Q3 2025. The dividend was paid on October 7, 2025 to shareholders of record as of September 26, 2025.
The transaction combines two precious metals royalty companies. Royal Gold is absorbing Sandstorm’s portfolio of royalty and streaming assets.
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