Royal Gold Inc To Acquire Sandstorm Gold Ltd and Horizon Copper Corp Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Lawson Winder - BofA Global Research - Analyst : Interesting transaction as well. I wanted to ask about the one condition that the Horizon transaction needs to close in order for the Sandstorm transaction to close. Is there any time limit on the waiver right by Royal Gold to waive that condition? And is there any additional details on that condition that you could possibly share.

Question: Lawson Winder - BofA Global Research - Analyst : Okay. Perfect. And when you think about wrapping up the direct ownership that Horizon has in the Turkey asset. Are there any constraints on the timing within which you could do that? Or are there any -- are there any sort of rights of first refusal that you guys would be facing in trying to dispose of that direct ownership?

Question: Lawson Winder - BofA Global Research - Analyst : Okay. Fair. And then just finally on the asset mix. So I mean, Sandstorm has an asset handbook, which is not too dissimilar from the asset handbook that is produced by Royal Gold. In it, they disclose what they think the net asset value breakdown is between each of the various assets does that line up with the Royal Gold estimation of the breakdown between the contribution of each asset to the the price being paid today. And so I'm looking at page 5 of the 2025 Sandstorm Gold Royalties asset handbook.

Question: John Tumazos - John Tumazos Very Independent Research LLC - Analyst : The strategic rationale and the better diversification and the quality of the two companies are superb together -- this morning, Sandstorm is up only 4% or 5%. And if it's a taxable transaction, the income -- the federal income taxes that I would pay would be larger than the 4% or 5% premium this morning. So why should the Sandstorm investors vote in favor of this. And is Royal Gold just setting up Franco, Wheaton or Triple Flag or Cisco to buy sand storm because you're offering such a niggardly premium.