Note 6 - Investments Investments comprised the following: | | | | | | | | | | | | | At December 31, | | | At December 31, | | | | | 2025 | | | 2024 | | Equity investments at FVTOCI | | | $ | 1,105.3 | | | $ | 324.8 | | Warrants | | | | 36.0 | | | | 0.7 | | | | | $ | 1,141.3 | | | $ | 325.5 | |
Equity Investments at FVTOCI Changes in equity investments at FVTOCI for the years ended December 31, 2025 and 2024 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair value at | | | | | Gain on | | | | | Impact of | | | Fair value at | | | Realized | | | | January 1, | | | Cost of | | changes in | | Proceeds of | | | foreign | | | December 31, | | | gain on | | | | 2025 | | | additions | | fair value | | disposition | | | exchange | | | 2025 | | | disposal | G Mining Ventures | | | $ | 133.8 | | | $ | — | | $ | 392.3 | | $ | — | | | $ | 13.5 | | | $ | 539.6 | | | $ | — | Discovery | | | | — | | | | 49.4 | | | 351.6 | | | (84.4) | | | | 6.4 | | | | 323.0 | | | | 67.4 | Labrador Iron Ore Royalty Corporation ("LIORC") | | | | 127.3 | | | | — | | | 4.2 | | | — | | | | 6.5 | | | | 138.0 | | | | — | Other | | | | 63.7 | | | | 26.7 | | | 54.2 | | | (42.7) | | | | 2.8 | | | | 104.7 | | | | 19.7 | | | | $ | 324.8 | | | $ | 76.1 | | $ | 802.3 | | $ | (127.1) | | | $ | 29.2 | | | $ | 1,105.3 | | | $ | 87.1 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair value at | | | | | Gain (loss) on | | | | | Impact of | | | Fair value at | | | Realized | | | | January 1, | | | Cost of | | changes in | | Proceeds of | | | foreign | | | December 31, | | | loss on | | | | 2024 | | | additions | | fair value | | disposition | | | exchange | | | 2024 | | | disposal | G Mining Ventures | | | $ | 47.6 | | | $ | 47.1 | | $ | 46.5 | | $ | — | | | $ | (7.4) | | | $ | 133.8 | | | $ | — | LIORC | | | | 152.7 | | | | — | | | (13.0) | | | — | | | | (12.4) | | | | 127.3 | | | | — | Other | | | | 46.1 | | | | 56.1 | | | 13.1 | | | (45.5) | | | | (6.1) | | | | 63.7 | | | | (2.1) | | | | $ | 246.4 | | | $ | 103.2 | | $ | 46.6 | | $ | (45.5) | | | $ | (25.9) | | | $ | 324.8 | | | $ | (2.1) |
Changes in equity investments at FVTOCI and accumulated other comprehensive income (loss) for the years ended December 31, 2025 and 2024 were as follows: | | | | | | | | | | | | | | | | | 2025 | | | 2024 | | | | | | | Accumulated other | | | | | | | | | | | Equity investments | | | comprehensive | | | Equity investments | | | Accumulated other | | | | | at FVTOCI | | | income (loss) | | | at FVTOCI | | | comprehensive loss | | Balance at January 1 | | $ | 324.8 | | $ | (282.0) | | $ | 246.4 | | $ | (192.0) | | | | | | | | | | | | | | | | Changes in fair value of equity investments at FVTOCI: | | | | | | | | | | | | | | Held during the year | | | 717.3 | | | 717.3 | | | 38.5 | | | 38.5 | | Disposed during the year | | | 85.0 | | | 85.0 | | | 8.1 | | | 8.1 | | Income tax expense | | | — | | | (106.0) | | | — | | | (6.2) | | Gain on changes in the fair value of equity investments at FVTOCI | | | 802.3 | | | 696.3 | | | 46.6 | | | 40.4 | | | | | | | | | | | | | | | | Additions | | | 76.1 | | | — | | | 103.2 | | | — | | Disposals | | | (127.1) | | | — | | | (45.5) | | | — | | Transfers within equity following disposal | | | — | | | (75.0) | | | — | | | 0.9 | | Impact of foreign exchange | | | 29.2 | | | — | | | (25.9) | | | — | | Currency translation adjustment | | | — | | | 91.2 | | | — | | | (131.3) | | Balance at December 31 | | $ | 1,105.3 | | $ | 430.5 | | $ | 324.8 | | $ | (282.0) | |
During the year ended December 31, 2025, the Company disposed of equity investments with an initial cost of $40.0 million for gross proceeds of $127.1 million, and realized a fair value gain of $75.0 million, net of tax, which was reclassified from accumulated other income (loss) to retained earnings.
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