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On July 7, 2025 Horizon Copper Corp. (TSX-V:HCU, OTCQB:HNCUF) (“Horizon Copper”, “Horizon”, or the “Company”) announced that it has entered into a definitive agreement with Royal Gold Inc. (“Royal Gold”) pursuant to which Royal Gold will acquire all of the issued and outstanding shares of Horizon Copper in an all-cash transaction with an equity value of approximately US$196 million and an implied enterprise value of approximately US$410 million (the “Transaction”). Horizon Copper shareholders will receive C$2.00 for each Horizon share held (the “Consideration”), implying a 72% premium to Horizon Copper’s last closing price prior to the announcement of the Transaction.
Horizon Copper holds a portfolio of economic interests in world-class copper assets, including a 1.66% net profits interest on the Antamina copper mine in Peru, exposure to the Oyu Tolgoi copper mine through a 24% equity ownership in Entrée Resources, and a 30% interest in the copper-gold Hod Maden project.
The Transaction offers Horizon Copper shareholders a significant upfront premium through an all-cash offer with no financing conditions, delivering certainty of value and immediate liquidity. It also accelerates the realization of shareholder value that would otherwise emerge only gradually through long-term equity cash flows.
Concurrent with the Horizon Transaction, Royal Gold has entered into a definitive arrangement agreement with Sandstorm Gold Royalties (“Sandstorm”), pursuant to which Royal Gold will acquire all of the issued and outstanding common shares of Sandstorm in an all-share transaction valued at approximately US$3.5 billion. Sandstorm is a 34% shareholder of Horizon.
Fort Capital acted as financial advisor to Horizon Copper with respect to the Transaction and provided a fairness opinion to the Board of Directors of the Company.