INVESTMENTS

12 Months Ended

Dec. 31, 2025

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.