Crowell & Moring Represents Sandstorm as U.S. Deal Counsel in M&A Transactions With Royal Gold Valued at Over $3.5 Billion

Chicago – October 20, 2025: Crowell & Moring represented Vancouver-based Sandstorm Gold Ltd. as lead U.S. deal counsel in the closing of its public company acquisition by Denver-based Royal Gold, Inc. (NASDAQ: RGLD) in an all-stock transaction valued at over $3.5 billion. This cross-border transaction is believed to be one of the largest precious metals royalty and streaming M&A deals in history. Crowell also represented Sandstorm in the related public company sale of its investment in Horizon Copper Corp. to Royal Gold for approximately C$196 million.

The deals exemplify Crowell’s ability to strategically guide market leaders in their most significant M&A transactions.

Crowell’s multidisciplinary, cross-office team included members of the firm’s Corporate, Tax, Benefits, Antitrust and Competition, International Trade, and Economic Sanctions Groups, among others.

Read more about the transaction here.

The Crowell deal team was led by John Koenigsknecht along with David Stone and included Elaine Taussig, Christine Lane, Joe Urwitz, David Steenburg, Shawn Johnson, Erik Woodhouse, Jason Stiehl, Ryan Flynn, Justin Meltzer, Lauren Fleming, and Michael Margolis.