INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

INVESTMENTS

Schedule of 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.