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Royal Gold, Inc. today announced its wholly-owned subsidiary RGLD Gold AG acquired a comprehensive stream and royalty interests in the Warintza Project, a large-scale copper-gold-molybdenum development project located in southeastern Ecuador. The agreement, forged with Solaris Resources, Inc. (Solaris), the indirect owner and operator of Warintza, involves a total cash consideration of $200 million, positioning Royal Gold for long-term exposure to a potentially world-class asset.

The acquisition comprises two distinct agreements: a Gold Purchase Agreement, granting Royal Gold a stream interest in gold production, and a separate Net Smelter Return Royalty Agreement covering all metals produced from Warintza. This dual approach provides Royal Gold with diversified exposure to the project's output and future upside.

The acquisition offers Royal Gold shareholders exposure to a project boasting impressive scale and longevity. Warintza's current Measured and Indicated Resources stand at a substantial 1.082 billion tonnes at a copper equivalent grade of 0.48%, complemented by an Inferred Resource of 3.135 billion tonnes at a copper equivalent grade of 0.27% (based on metal prices of $4.00/lb copper, $20.00/lb molybdenum, and $1,850/oz gold). An updated mineral resource estimate, incorporating an additional 82,000 meters of drilling, and the publication of a prefeasibility study are anticipated in the third quarter of 2025, which could further enhance these figures.

Solaris's management team, recognized for its extensive experience in advancing major copper projects across Latin America, is targeting an aggressive development timeline. Early works are slated to begin in the second half of 2026, with a construction decision by the end of 2026, and potential first production as early as 2030. This accelerated schedule is a significant draw for Royal Gold, indicating a timely return on investment.

Furthermore, the stream and royalty agreements encompass large areas of interest with substantial long-term growth potential. These areas include identified mineralization targets for pit expansion, reductions to stripping, resource growth, and additional porphyry targets, suggesting significant upside beyond current estimates.

A notable aspect of the transaction structure is the built-in protection for Royal Gold's investment against development and change of control risks. The unique financing agreements provide Royal Gold with the right to receive a full repayment of its upfront investment, while retaining a life-of-mine royalty exposure, should development timelines be extended or a change of control of Solaris occur within specified periods.

The total $200 million cash consideration, referred to as the 鈥淎dvance,鈥� will be paid in three installments. The initial $100 million is expected on financial closing, followed by $50 million after technical approval of the Environmental Impact Assessment (expected mid-2025) and publication of the Pre-Feasibility Study (expected in Q3 2025). The final $50 million will be paid one year after closing, upon full registration of security in Ecuador. These proceeds are earmarked for advancing technical studies, permitting activities, early infrastructure development, repayment of existing debt, district exploration, and general working capital, with Solaris anticipating full funding through to a final investment decision upon receipt of the entire Advance.