| Schedule of gold and silver bullion and stream inventory |
| | | | | | | | | | | | | At June 30, | | | At December 31, | | | | | 2025 | | | 2024 | | Gold and silver bullion from royalties received in-kind(1) | | | $ | 6.6 | | | $ | 89.5 | | Stream ounces(2) | | | | 0.4 | | | | 7.3 | | | | | $ | 7.0 | | | $ | 96.8 | |
| 1. | Represents gold and silver bullion received from royalty interests settled in-kind. As at June 30, 2025, the Company holds inventory from royalty interests settled in-kind of 2,469 ounces of gold and 11,616 ounces of silver with a carrying value of $6.3 million and $0.3 million, respectively (December 31, 2024 – 41,673 ounces of gold and 10,117 ounces of silver with a carrying value of $89.3 million and $0.2 million, respectively). |
| 2. | Represents gold and silver ounces acquired by the Company from its stream arrangements. As at June 30, 2025, the stream ounces inventory consists of 39,357 ounces of silver with a carrying value of $0.4 million (December 31, 2024 – 6,216 ounces of gold and 154,010 ounces of silver with a carrying value of $5.6 million and $1.7 million, respectively). |
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