Subject to the completion of the plan of arrangement between Royal Gold Inc. and Sandstorm Gold Ltd., resulting in the combination of the two companies, each share of Sandstorm Gold will be exchanged for 0.0625 new Royal Gold share. As a result of closing conditions being met, Sandstorm Gold's shares will be removed from the S&P/TSX Composite Index prior to the open of trading on Monday, Oct. 20, 2025. The shares outstanding of Royal Gold will be increased at the same time to reflect the issuance of shares. The new shares outstanding will be 84,139,438 and the IWF will decrease to 0.96.