Note 22 - Shareholders’ Equity

The Company’s authorized capital stock includes an unlimited number of common shares (192,798,692 common shares issued and outstanding as at December 31, 2025) having no par value and preferred shares issuable in series (issued - nil).

Changes in share capital for the years ended December 31, 2025 and December 31, 2024 were as follows:

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In 2025 the Company declared dividends of $1.52 per common share (2024 – $1.44). Dividends paid in cash and through the Company’s Dividend Reinvestment Plan (“DRIP”) were as follows:

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On March 7, 2018, the Company’s Board of Directors adopted an amended and restated share compensation plan covering both stock options and RSUs effective May 9, 2018 (the “Plan”), with subsequent modifications on November 8, 2023. Pursuant to the Plan, the Company may grant incentive stock options to directors, officers, employees and consultants at the discretion of the Board of Directors. The exercise price and vesting period of any option is fixed by the Board of Directors on the date of grant. The term of options is at the sole discretion of the Board of Directors but may not exceed ten years from the date of grant. Options expire on the earlier of the expiry date or the date of termination and are non-transferable. The options granted will be adjusted in the event of an amalgamation, rights offering, share consolidation or subdivision or other similar adjustments of the share capital of the Company. The aggregate number of common shares that may be issued under the Plan is limited to 9,700,876 common shares. Within any one-year period, the number of common shares issued to any single insider participant under the Plan shall not exceed 5% of the common shares then issued and outstanding.

Options to purchase common shares of the Company granted during the years ended December 31, 2025 and 2024 were as follows:

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Options granted in 2025 and 2024 have a ten-year term and vest over five years in equal portions on the anniversary of the grant date. The fair value of stock options granted in 2025 was $0.6 million (2024 – $1.7 million), based on a weighted average fair value of C$51.10 per stock option (2024 - C$38.06 per stock option) based on the following assumptions:

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In the year ended December 31, 2025, an expense of $1.0 million (2024 - $1.1 million) related to stock options has been included in the consolidated statement of income and comprehensive income (loss), and $0.1 million (2024 - $0.2 million) was capitalized to royalty, stream and working interests. As at December 31, 2025, there was $1.3 million (2024 – $2.6 million) of total unrecognized non-cash stock-based compensation relating to stock options granted under the Plan, which is expected to be recognized over a weighted average period of 2.4 years (2024 – 2.5 years).

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Options to purchase common shares outstanding at December 31, 2025, exercise prices and weighted average lives to maturity as follows:

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Changes in the number of RSUs outstanding during the years ended December 31, 2025 and 2024 were as follows:

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The fair value of the RSUs granted in 2025 was $5.9 million (2024 –$ 5.8 million). Included in the Company’s stock-based compensation expense is an amount of $5.3 million (2024 – $4.8 million) relating to RSUs. In addition, $0.1 million related to the RSUs was capitalized to royalty, stream and working interests (2024 – $0.3 million). As at December 31, 2025, there is $6.0 million (2024 – $5.3 million) of total unrecognized non-cash stock-based compensation expense relating to non-vested RSUs granted under the Plan, which is expected to be recognized over a weighted average period of 1.3 years (2024 – 1.7 years).

Changes in the number of DSUs outstanding during the years ended December 31, 2025 and 2024 were as follows:

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The value of the DSU liability as at December 31, 2025 was $20.0 million (2024 - $11.1 million) and is included in accounts payable and accrued liabilities on the statement of financial position.

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The following table sets out the number of common shares outstanding or issuable pursuant to other outstanding securities at December 31, 2025 and 2024:

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