
	At June 30, 2025		At December 31, 2024
Current investments:

Marketable and other equity securities (1)(2)	$	468	$	21


Non-current investments:
Marketable and other equity securities (3)	$	516	$	309

Equity method investments:
Pueblo Viejo Mine (40%)	1,503		1,516
NuevaUnión Project (50%)	968		961
Lundin Gold Inc. (32%)	923		941
Norte Abierto Project (50%)	545		532
Greatland (20% at December 31, 2024) (2)	—		212

	3,939		4,162
	$	4,455	$	4,471

Non-current restricted investments: (4)
Marketable debt securities	$	14	$	15

(1)Includes the equity interest in Discovery acquired through the sale of Porcupine. In the second quarter of 2025, the Company divested a portion of its interest for $89. In July 2025, the Company sold the remaining interest for approximately $140.

(2)The Company's investment in Greatland, acquired through the sale of Telfer in the fourth quarter of 2024, is included in equity method investments under the fair value option at December 31, 2024 and in current marketable and other equity securities at June 30, 2025 as it no longer qualifies as an equity method investment with an ownership of 10% and loss of significance influence. Refer below for further information.

(4)Non-current restricted investments are legally pledged for purposes of settling reclamation and remediation obligations and are included in Other non-current assets. Refer to Note 6 for further information regarding these amounts.

Income (loss) from the Company's equity method investments is recognized in Equity income (loss) of affiliates, which primarily consists of income from Lundin Gold Inc. ("Lundin Gold") and Pueblo Viejo of $37 and $15 for the three months ended June 30, 2025, respectively, and $64 and $59 for the six months ended June 30, 2025, respectively. Income (loss) recorded in Equity income (loss) of affiliates from Pueblo Viejo and Lundin Gold consisted of $(3) and $(2) for the three months ended June 30, 2024, respectively and $14 and $(8) for the six months ended June 30, 2024, respectively.

As of June 30, 2025 and December 31, 2024, the Company had outstanding stockholder loans to Pueblo Viejo of $523 and $486, with accrued interest of $39 and $19, respectively, included in the Pueblo Viejo equity method investment.

The Company purchases its portion (40%) of gold and silver produced from Pueblo Viejo at market price and resells those ounces to third parties. Total payments made to Pueblo Viejo for gold and silver purchased were $212 and $367 for the three and six months ended June 30, 2025, respectively. Total payments made to Pueblo Viejo for gold and silver purchased were $126 and $248 for the three and six months ended June 30, 2024, respectively. These purchases, net of subsequent sales, are included in Other income (loss), net and the net amount is immaterial. There were no amounts due to or from Pueblo Viejo for gold and silver purchases as of June 30, 2025 or December 31, 2024.

Lundin Gold is accounted for on a quarterly lag. At June 30, 2025, the calculated fair value, based on quoted closing prices of publicly traded shares, of the Company's investment in Lundin Gold was $4,073.

The Company had the right to purchase 50% of gold produced from Lundin Gold at a price determined based on delivery dates and a defined quotational period and resold the ounces purchased to third parties under an offtake agreement acquired through the Newcrest transaction (the "Offtake agreement"). In the second quarter of 2024, the Company sold the Offtake agreement to Lundin Gold resulting in settlement of the rights under the Offtake agreement. As a result, no purchases were incurred in 2025.

Total payments made to Lundin Gold under the Offtake agreement for gold purchased were $109 and $189 for the three and six months ended June 30, 2024, respectively. These payments were recognized net of subsequent sales in Other income (loss), net with the net amount being immaterial. There was no payable due to Lundin Gold for gold purchases as of December 31, 2024.

The Company acquired a 20% interest in Greatland, resulting in 2.7 billion shares, in connection with the sale of Telfer in December 2024. The Company accounted for its investment in Greatland as an equity method investment, included in Investments, for which the Company elected the fair value option as it believed it best reflected the economics of the underlying transaction. The shares are subject to a sale restriction period of one-year following the date of close, under which certain events would allow for the Company to sell its shares.

In the second quarter of 2025, Greatland completed a corporate reorganization in which Greatland Resources Limited ("GRL") became the new holding company for Greatland and involved the cancellation of Greatland’s shares and the issuance of new shares under GRL. Concurrently, a share consolidation occurred with Greatland shareholders receiving one ordinary share in GRL for every twenty Greatland shares held. As a result, the Company’s 2.7 billion Greatland shares were converted into 134 million GRL shares. In June 2025, the Company sold 67 million shares for $274, reducing its ownership to 10%, resulting in a gain of $68 recognized in Change in fair value of investments and options for the three and six months ended June 30, 2025. The remaining 67 million shares held are accounted for as marketable equity securities and are included in current Investments with a fair value of $302 at June 30, 2025.

The equity held in GRL contains an option in which a third party has the ability to acquire 67 million shares of the Company's GRL shares at a set price exercisable for four years (the "Greatland Option"). The Greatland Option does not meet the definition of a derivative and is considered to be a financial liability, for which the Company has elected the fair value option. The Company believes the fair value option best reflects the economics of the underlying transaction. At June 30, 2025 and December 31, 2024, the Greatland Option is included in Other current liabilities and Other non-current liabilities, respectively, at a fair value of $190 and $51, respectively.

Changes in the fair value of the equity interest held in GRL and the Greatland Option are recognized through earnings each reporting period in Other income (loss), net. For the three and six months ended June 30, 2025, a gain of $164 and $365 was

recognized related to the equity interest held in GRL, respectively, of which $68 related to the sale in the second quarter of 2025. For the three and six months ended June 30, 2025, a loss of $59 and $139 was recognized related to the Greatland Option, respectively.