Long-Term Equity Investments

6 Months Ended

Jun. 30, 2026

15.	Long-Term Equity Investments



(in thousands)	June 30 2026		December 31 2025

Common shares held	$	144,789	$	407,230

Warrants held		2,830		3,265

Total long-term equity investments	$	147,619	$	410,495

Common Shares Held


	Three Months Ended June 30, 2026

(in thousands)	Fair Value at Mar 31, 2026		Additions		Disposals		Fair Value Adjustment Losses 1			Fair Value at Jun 30, 2026		Realized Gain (Loss) on Disposal

Held at end of period

Streaming or royalty partners	$	114,737	$	-	$	-	$	(11,511	)	$	103,226	$	-

Strategic investments		47,142		-		-		(5,579	)		41,563		-

Total	$	161,879	$	-	$	-	$	(17,090)		$	144,789	$	-

1)	Fair Value Gains (Losses) are reflected as a component of OCI.


	Three Months Ended June 30, 2025

(in thousands)	Fair Value at Mar 31, 2025		Additions		Disposals		Fair Value Adjustment Gains 1		Fair Value at Jun 30, 2025		Realized Gain on Disposal

Held at end of period

Streaming or royalty partners	$	121,799	$	-	$	-	$	39,595	$	161,394	$	-

Strategic investments		5,669		-		-		925		6,594		-

Total	$	127,468	$	-	$	-	$	40,520	$	167,988	$	-

1)	Fair Value Gains (Losses) are reflected as a component of OCI.


	Six Months Ended June 30, 2026

(in thousands)	Fair Value at Dec 31, 2025		Additions		Disposals 2			Fair Value Adjustment (Losses) Gains 1			Fair Value at Jun 30, 2026		Realized Gain (Loss) on Disposal

Held at end of period

Streaming or royalty partners	$	109,211	$	-	$	-		$	(5,985	)	$	103,226	$	-
Strategic investments		17,294		14,608		-			9,661			41,563		-

Derecognized during period

Streaming or royalty partners		273,417		-		(313,106	)		39,689			-		204,846

Strategic investments		7,308		-		(10,315	)		3,008			-		(53,327	)

Total	$	407,230	$	14,608	$	(323,421 )		$	46,373		$	144,789	$	151,519

1)	Fair Value Gains (Losses) are reflected as a component of OCI.

2)	The disposals during the quarter were made to partially fund the BHP Antamina PMPA (Note 12).


	Six Months Ended June 30, 2025

(in thousands)	Fair Value at Dec 31, 2024		Additions		Disposals		Fair Value Adjustment Gains (Losses) 1			Fair Value at Jun 30, 2025		Realized (Loss) Gain on Disposal

Held at end of period

Streaming or royalty partners	$	93,915	$	-	$	-	$	67,479		$	161,394	$	-

Strategic investments		4,275		3,117		-		(798	)		6,594		-

Total	$	98,190	$	3,117	$	-	$	66,681		$	167,988	$	-

1)	Fair Value Gains (Losses) are reflected as a component of OCI.

The Company’s long-term investments in common shares (“LTIs”) are held for long-term strategic purposes and not for trading purposes. As such, the Company has elected to reflect any fair value adjustments, net of tax, as a component of other comprehensive income (“OCI”). The cumulative gain or loss will not be reclassified to net earnings on disposal of these long-term investments but is reclassified to retained earnings.

By holding these long-term investments, the Company is inherently exposed to various risk factors including currency risk, market price risk and liquidity risk.