MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2025


	Note	December 31, 2025		December 31, 2024
Balance – beginning of year		$	6,142	$	92,666
Additions		5,024		900
Dispositions	6(b)	(3,023)		(48,191)
Reclassification of investment in Versamet	6(a)	80,142		—
Received as partial consideration on disposal of assets	5(b)	29,526		—
Change in fair value	6(c)	44,872		(39,233)
Balance – end of year		$	162,683	$	6,142

(a)Investment in Versamet

At December 31, 2025, the Company’s investment in Versamet is classified as marketable securities (2024 – other investments in equity securities included in other non-current assets) (note 11(b)). At December 31, 2025, the carrying amount of the Company’s investment in Versamet was $108.4 million (2024 – $32.3 million).

(b)Investment in i-80 Gold Corp. (“i-80 Gold”)

During the year ended December 31, 2024, the Company sold its remaining 50.6 million common shares of i-80 Gold held for total proceeds of $48.2 million and derecognized the carrying amount of the marketable securities of $48.2 million. In connection with the dispositions, the Company transferred the cumulative loss of $74.2 million, net of tax of nil, on the marketable securities from accumulated other comprehensive (loss) gain (“AOCI”) to retained earnings.

(c)Change in fair value

During the year ended December 31, 2025, the Company recognized a total gain of $92.6 million (2024 – net loss of $40.0 million) before tax in OCI, consisting of the fair value gains of $44.9 million on its investments in marketable securities (2024 – net loss of $38.4 million) and $47.7 million (2024 – loss of $1.6 million) on its investment in Versamet included in other non-current assets prior to being reclassified to marketable securities.

At December 31, 2025, the cumulative gains, net of tax, accumulated in AOCI in respect of the Company’s investments measured at FVOCI amounted to $71.8 million (2024 – cumulative losses of $23.4 million).