| INVESTMENTS |
10.INVESTMENTS | | | | | | | | | As at December 31, | | As at December 31, | | | 2025 | | 2024 | Equity securities (Note 6) | | $ | 1,423,499 | | $ | 559,165 | Share purchase warrants (Note 6) | | | 84,753 | | | 53,724 | Total investments | | $ | 1,508,252 | | $ | 612,889 |
The following tables set out details of the Company’s largest equity investments by carrying value: | | | | | | | | | | | | As at December 31, 2025 | | | Equity | | Share purchase | | | | | | securities | | warrants | | Total | Foran Mining Corporation | | $ | 254,190 | | $ | — | | $ | 254,190 | Collective Mining Ltd | | | 197,106 | | | — | | | 197,106 | Perpetua Resources Corporation | | | 194,098 | | | 23,464 | | | 217,562 | Rupert Resources Ltd. | | | 154,461 | | | — | | | 154,461 | ATEX Resources Inc. | | | 100,391 | | | 21,357 | | | 121,748 | Other(i) | | | 523,253 | | | 39,932 | | | 563,185 | Total investments | | $ | 1,423,499 | | $ | 84,753 | | $ | 1,508,252 |
| | | | | | | | | | | | As at December 31, 2024 | | | Equity | | Share purchase | | | | | | securities | | warrants | | Total | Orla Mining Ltd. | | $ | 152,697 | | $ | 36,730 | | $ | 189,427 | Foran Mining Corporation | | | 106,861 | | | — | | | 106,861 | Rupert Resources Ltd. | | | 88,690 | | | — | | | 88,690 | ATEX Resources Inc. | | | 33,543 | | | 7,460 | | | 41,003 | Other(i) | | | 177,374 | | | 9,534 | | | 186,908 | Total investments | | $ | 559,165 | | $ | 53,724 | | $ | 612,889 |
Note: (i) The balance is comprised of 64 (2024 — 58) equity investments. During the year ended December 31, 2025, the Company sold its interest in certain equity securities. The fair value at the time of sale was $443.8 million. On disposal, a cumulative net gain of $227.2 million (net of tax) was transferred out of other reserves into retained earnings (Note 18). The Company also purchased $440.4 million of equity investments during the year ended December 31, 2025. During the year ended December 31, 2024, the Company transferred a cumulative net gain of $0.3 million out of other reserves into retained earnings on the disposal of certain equity securities and also purchased $180.5 million of equity investments.
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