Morning Briefing: Royal Gold to Acquire Sandstorm Gold and Horizon Copper
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Monday, July 7th
Gold is down in early morning trading hours today as investors throughout the globe are focusing on clarity of finalized trade and tariff agreement. There are rumors that the July 9th deadline could be extended. Signs of progress on multiple deals have weakened the allure of gold, for now. The dollar is showing some relative strength this morning, trading up to 97.35, but nothing close to breaking that downward trend. Economic data for the week is pretty sparse, with Fed minutes being released on Wednesday and initial jobless claims on Thursday. On Friday, the Treasury department released its monthly US Federal Budget. And we’ll be reporting from Florida and the Rick Rule Investment Symposium, so lots of corporate updates and market analysis happening here on MSD throughout the week.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by…Equinox Gold
Equinox has recently completed the business combination with Calibre Mining to create an Americas-focused diversified gold producer with a portfolio of mines in five countries, anchored by two high-profile, long-life Canadian gold mines, Greenstone and Valentine. Learn more about the business and its operations at equinoxgold.com
And here’s what you need to know this morning…..
Another big deal in the royalty and streaming space today. Royal Gold is to acquire Sandstorm Gold and Horizon Copper. Royal Gold will acquire 100% of the issued share capital of Sandstorm in exchange for Royal Gold shares at an exchange ratio of 0.0625 common shares of Royal Gold for each common share of Sandstorm. Thats a 21% premium based on the 20-day volume-weighted average price and reflects a transaction equity value of approximately $3.5 billion. Under the terms of the agreement with Horizon, Royal Gold will acquire 100% of the issued share capital of Horizon in exchange for cash of C$2.00/share. That is an 85% premium and an equity transaction value of jus thunder $200M. The Transactions will contribute 40 additional producing assets to Royal Gold’s portfolio, which are expected to account for between 65,000 and 80,000 gold equivalent ounces. Royal Gold says the combination of Sandstorm and Horizon will convert a greater proportion of stream and royalty earnings into equity free cash flow, foregoing the need for more complex counterparty structures, particularity for the Hod Maden and Antamina interests. (NASDAQ: RGLD) News Release
Dundee Precious Metals has received its environmental license for exploitation for the Loma Larga Project from the Government of Ecuador. The Company’s intention is to develop the Loma Larga project in accordance with Ecuadorian and international standards, with a focus on maximizing benefits for local communities and stakeholders, including the use of local suppliers and implementing training programs, while delivering the best value for shareholders. During the second quarter of 2025, DPM completed an updated feasibility study for the Loma Larga project. This included an update to the project economics to reflect the current gold price environment and revised capital and operating cost estimates. It is the Company’s intention to disclose the results in due course to focus on the announced acquisition of Adriatic Metals. (TSX: DPM) News Release
Mawson Finland announced results from the remaining drillholes from the 2025 drilling season the Rajapalot gold-cobalt project in Finland. The company drilled .7m of 18 g/t gold and 7.9m of 2.29 g/t gold and 868 ppm cobalt in a 200m down-plunge step-out at Raja Deeps. The company also discovered a new gold-only occurrence of mineralisation situated approximately 300 m west of Raja in drillhole PAL0387, assaying 0.5 m @ 14.4 g/t gold. During the 2025 winter drilling programme at Rajapalot a total of 33 drillholes of NQ diamond core, 11,397 m was drilled. (TSX-V:MFL) News Release
Talisker Resources has commenced milling and processing of run of mine material from Talisker’s Mustang Mine at Nicola Mining’s Craigmont Mill in Merritt, British Columbia. Nicola successfully completed the installation of the gravity circuit as planned in June and following comprehensive process testing commenced milling Talisker’s material late last week. To date, a total of 3,100 tonnes of material has been transported from Mustang to Craigmont for processing. (TSX: TSK, OTCQX: TSKFF) News Release
And there are some new financings to be reported as well. Brixton Metals announced a non-brokered private placement of 17 and a half common shares in a flow-through financing for $2.3M. Ocean Partners UK is providing Scottie Resources an equity investment of $6M and a construction Loan of $25M USD for a 100% offtake agreement for the first 8 years of mine life. Surge Copper announced a $6.4M equity financing to support its Pre-Feasibility Study and Environmental Assessment work at Berg. And Michael Gentile is at it again, this time with Big Ridge Gold and a $5M private placement he will be participating in.
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That’s it for today everyone. Have a great day. Stay safe.
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