The following table is a roll-forward of the Company’s investment in the Peak Gold JV as of March 31, 2026:


	Investment
	in Peak Gold, LLC
Investment balance at December 31, 2024	$	60,523,622
Distributions received from Peak Gold, LLC		(24,000,000	)
Income from equity investment in Peak Gold, LLC		22,320,034
Investment balance at March 31, 2025	$	58,843,656
Distributions received from Peak Gold, LLC		(30,000,000	)
Income from equity investment in Peak Gold, LLC		27,326,184
Investment balance at June 30, 2025	$	56,169,840
Distributions received from Peak Gold, LLC		(33,000,000	)
Income from equity investment in Peak Gold, LLC		29,533,425
Investment balance at September 30, 2025	$	52,703,265
Distributions received from Peak Gold, LLC		(15,000,000	)
Income from equity investment in Peak Gold, LLC		9,405,468
Investment balance at December 31, 2025	$	47,108,733
Distributions received from Peak Gold, LLC		(9,000,000	)
Income from equity investment in Peak Gold, LLC		12,758,228
Investment balance at March 31, 2026	$	50,866,961

As of March 31, 2026 the Company has contributed approximately $106.2 million to and held a 30% membership interest in the Peak Gold JV and received distributions of $151.5 million.

During the three months ended March 31, 2026, the Company received cash distributions of $9.0 million. The following table presents the condensed unaudited results of operations for the Peak Gold JV for the three-month periods ended March 31, 2026 and 2025 in accordance with US GAAP:


	Three Months Ended			Three Months Ended
	March 31, 2026			March 31, 2025

Revenue	$	133,970,443		$	168,229,394
Cost of sales		(76,088,075	)		(78,622,724	)
Gross profit		57,882,368			89,606,670
Other expenses		(15,354,941	)		(15,206,557	)
Net Income	$	42,527,427		$	74,400,113

The Peak Gold JV income does not include any provisions related to income taxes as the Peak Gold JV is treated as a partnership for income tax purposes. As of March 31, 2026 and March 31, 2025, the Company's cumulative investment in the Peak Gold JV exceeded its cumulative losses, which allowed the Company to recognize its investment of $50.9 million and $58.8 million, respectively.