Ecuador

Quito, Ecuador –  August 29, 2025 – BUSTAMANTE FABARA, a leading law firm in cross-border transactions and international projects, is proud to announce its role as legal counsel to Royal Gold Inc., one of the world’s premier precious metals royalty and streaming companies, in its acquisition of Sandstorm Gold Ltd. The companies entered into a definitive arrangement agreement under which Royal Gold will acquire all of the issued and outstanding common shares of Sandstorm in an all-stock transaction, with an implied value of approximately USD 3.5 billion. Sandstorm Gold Ltd. is an established royalty and streaming company with a diversified portfolio of mining projects worldwide. This strategic acquisition will allow Royal Gold Inc. to significantly expand its asset base and geographically diversify its presence, further consolidating its position as a leading player in the precious metals royalty sector. BUSTAMANTE FABARA advised Royal Gold on the regulatory, legal, and due diligence aspects related to the royalty agreements held by Sandstorm Gold Ltd. in Ecuador. The multidisciplinary BUSTAMANTE FABARA team, led by Partner Rafael Valdivieso and Director Bruno Pesantes, is supporting Royal Gold Inc. throughout the process, ensuring a robust risk assessment and regulatory compliance, and contributing to the success of a potential high-impact transaction for the global precious metals market. About BUSTAMANTE FABARA BUSTAMANTE FABARA is one of Ecuador’s leading law firms, with a proven track record in advising on complex financial transactions, environmental initiatives, and international projects. With more than 120 lawyers and a total of 190 team members, the firm continues to shape the legal landscape of Ecuador. About Royal Gold Inc. Royal Gold is a leading precious metals streaming and royalty company, specializing in the acquisition and management of royalties on gold, silver, and other precious metals worldwide. Press Contact: María José Sotomayor Hidalgo Director of Marketing and Communications BUSTAMANTE FABARA Email: [email protected] Phone: +593 989 728 788

Dentons Paz Horowitz is pleased to announce that Carmen Crespo has joined the firm as a Partner in its Tax practice. With over a decade of experience in tax law, Carmen brings a deep understanding of cross-border taxation, international transactions, and corporate tax planning. Carmen advises multinational corporations, private equity funds, and high-net-worth individuals on a broad range of tax matters, including mergers and acquisitions, restructurings, investment strategies, and U.S. tax compliance. Her experience extends to navigating complex treaty applications and advising clients in multiple jurisdictions. Prior to joining Dentons, Carmen spent 5 years as a Manager in the Transaction Tax Advisory practice at Ernst & Young LLP in the United States, Followed by over a year and a half as part of the EY US Desk in Munich, Germany. During her time at EY, she led major due diligence and structuring projects, supported IPO-related tax planning, and advised on significant divestitures involving over 28 jurisdictions. In Ecuador, Carmen began her career at a boutique law firm, where she represented clients in commercial, tax, and administrative litigation, including proceedings involving the Ecuadorian government. Carmen holds an LL.M. in Taxation from Georgetown University Law Center, where she graduated with distinction, and a Master of Laws with a specialization in Tax Law from Universidad Andina Simón Bolívar. She is admitted to practice in Ecuador, New York, and Washington, D.C. Reflecting on her new role, Carmen said: “After several years advising clients on international tax strategies across multiple jurisdictions, joining Dentons represents an exciting opportunity to offer world-class service to clients in Ecuador and beyond. I look forward to contributing to the firm’s continued growth and excellence.” Carmen joins a dynamic team at Dentons Paz Horowitz, which provides integrated legal services across more than 20 practice areas and industries throughout Latin America and globally. As part of Dentons, the world’s largest law firm with more than 21,000 professionals in over 200 locations across 80+ countries, Dentons Paz Horowitz continues to strengthen its position as a leading legal advisor in the region.

BUSTAMANTE FABARA is proud to announce the promotion of Gustavo Almeida and Bruno Pesantes to the position of Directors, effective from April 1, 2025. This strategic move reflects our continued commitment to excellence and further strengthens our leadership in the areas of Environment, Energy & Natural Resources. As we evolve to meet the complex and ever-changing needs of our clients, this milestone reaffirms BUSTAMANTE FABARA’s mission to provide innovative and high-impact legal solutions. The promotion of these outstanding professionals enhances our ability to deliver world-class legal services across Ecuador and beyond. About Gustavo Almeida Gustavo Almeida, now Director at BUSTAMANTE FABARA, advises local and international companies in energy regulation, oil & gas, mining, environmental law, and infrastructure. He brings a deep understanding of energy project structuring, having led regulatory approvals for generation, self-generation, and distributed generation initiatives. Gustavo has successfully negotiated concession contracts, PPAs, and infrastructure agreements. With extensive in-house experience at Ecuador’s largest oil and gas company, Gustavo offers valuable insight into production sharing and service contracts, integrated services with financing, and regulatory matters. His mining practice includes legal support on enabling titles, royalty agreements, compliance, and due diligence. Gustavo’s environmental law practice includes performing due diligence, obtaining environmental permits, challenging sanctions, and advising on environmental compliance across sectors. He has also advised on landmark transactions with a significant environmental component. Beyond his legal practice, Gustavo is the founding president of the Ecuadorian Institute of Energy and Natural Resources Law (IEDERN), a former adjunct professor of Administrative Law, and a recognized thought leader in his field. He has been ranked as a Leading Associate in Energy and Natural Resources by The Legal 500 About Bruno Pesantes Bruno Pesantes, also appointed as Director, advises national and international clients. His practice is primarily focused on energy and natural resources, with a special emphasis on regulatory law in mining, oil & gas, as well as environmental and corporate law. He has extensive experience in the oil & gas industry, particularly in regulatory, strategic, environmental, and operational matters. He actively participates in major contract negotiations with the State and the National Oil Company. In the mining sector, Bruno supports clients in obtaining government authorizations and provides counsel on regulatory, environmental, and project structuring matters. He also has vast experience in complex transactions and acquisitions of mining projects, as well as negotiations with the State for the signing of strategic agreements and in international disputes. In environmental law, Bruno advises companies from various sectors on regulatory compliance, environmental permitting, audits, and due diligence. He has worked on high-impact projects, helping to mitigate environmental risks, manage community conflicts, and implement new regulations to ensure legal compliance in business operations.Furthermore, Bruno is a founding member and first vice president of the Ecuadorian Institute of Energy and Natural Resources Law (IEDERN). These appointments reflect BUSTAMANTE FABARA’s focus on professional development, strategic growth, and delivering exceptional legal counsel in highly specialized and regulated sectors. For media inquiries, please contact: María José Sotomayor Marketing and Communications Director BUSTAMANTE FABARA Email: [email protected]

In a significant step forward for the Loja-Catamayo Road Corridor in Ecuador, Dentons will support the Canadian Commercial Corporation (CCC) in structuring this project under a Public-Private Partnership (PPP) model. This initiative aims to enhance connectivity in southern Ecuador and drive economic growth in the region. Dentons' infrastructure team in Canada, led by Ilan Dunsky, along with the Ecuador infrastructure team, led by Gabriel Solís, will be involved in the legal and transactional structuring, as well as local coordination and alignment with the country’s legal and regulatory frameworks. Our partner, Gabriel Solís, supported by Dentons Paz Horowitz Managing Partner, Agustín Acosta Cárdenas, and Founding Partner Jorge Paz, has played a crucial role in navigating the complexities of the local legal environment, ensuring the project’s seamless execution and integration with Ecuador’s broader infrastructure objectives. “We are thrilled to be part of this transformative project and to contribute to the creation of a safer and more efficient transportation corridor for the people of Loja province and the productive sectors of southern Ecuador,” said Gabriel Solís. The significance of this project goes beyond improving road infrastructure. Enhanced connectivity will facilitate better access to Catamayo Airport, a critical hub for travel in southern Ecuador. This is expected to spur economic growth, strengthen integration with the rest of the country, and create new opportunities for local communities. The signing of the Government-to-Government (G2G) contract marks a critical step in the realization of this infrastructure project. The agreement between CCC and Ecuador’s Secretariat for Public-Private Investments brings Canadian expertise in legal and transactional structuring to support Ecuador’s vision of modernizing its road infrastructure. The joint efforts of Dentons Canada and Dentons Paz Horowitz in Ecuador highlight the firm’s commitment to fostering international collaboration. For more information, please contact [email protected].