(Adds commentary from National Bank in fourth paragraph and to the end of this updated version of the story)

Horizon Copper (HCU.V) overnight Monday provided updates related to its 30% non-operating interest in the Hod Maden copper-gold development project in Turkiye, its interest in the Hugo North Extension and Heruga deposit of the Oyu Tolgoi copper mine through its 24% equity ownership of Entree Resources Ltd. (ETG.TO), and other corporate updates.

Among highlights, the operator of Hod Maden, SSR Mining Inc. (SSRM.TO), has announced the expected capital expenditure in 2025 for early works construction at Hod Maden to be between US$60-$100 million on a 100% basis. Also, Entree released additional high grade assays from Hugo North Extension and Heruga.

Horizon Copper amended certain terms of promissory notes with Sandstorm (SSL.TO).

National Bank in an overnight note said the announcement is a "positive sign" for HCU and SSL as it outlines progress at the project. However, the bank said, a methodical, safe construction process for SSRM is vital to ensure the company maintains a positive community and Government relationship in Turkiye given the previous heap-leach slide at Copler in 2024.

National Bank reiterated its Outperform rating for Sandstorm on the company's asset diversification and growth outlook, an improving balance sheet given strong gold prices/declining interest rates and a discounted valuation. It noted the company continues to focus on deleveraging efforts which can occur quickly amidst the current commodity price environment. The market view of the stock should improve as SSL lowers debt and allows organic growth within the portfolio to materialize, the bank added.

SSL, National Bank noted, was trading at 1.25x NAV compared to Intermediate royalty and streaming peers (TFPM and OR) at an average of 1.43x. The bank continues to base its target on a weighted multiple of 1.2x NAV (33%) + 20.0x EV/2025E CF (33%) + 20.0x EV/2026E CF (33%).

National's Sector Perform (Speculative) rating on Horizon Copper stems from cash sweeps of income to repay promissory notes, restricting near-term FCF generation, the company's exposure to more inflation risk relative to Junior royalty peers and a less diversified portfolio. It said these factors are offset by a friendly debtholder arrangement and partner in Sandstorm Gold. "Operating exposure to Oyu Tolgoi and Hod Maden may be attractive risk factors to investors looking for higher torque to commodity prices. We look for future acquisitions to support a re-rating as well as strengthening commodity prices to improve our outlook and a more definitive development timeline/funding arrangement for Hod Maden to see increased confidence in our estimates and lowering our Risk Rating."

National noted Horizon Copper was trading at 0.68x NAV, compared to Junior coper producers at 0.85x and Junior royalty peers at 0.64x. The bank derived its $1.50 target from an unchanged 0.8x Project NAV multiple which reflects ownership interest in development projects and higher variability in cash flows due to the Antamina NPI royalty.