STREAM AND ROYALTY INTERESTS, NET

9 Months Ended

Sep. 30, 2025

The following tables summarize our stream and royalty interests, net as of September 30, 2025 and December 31, 2024.


As of September 30, 2025 (Amounts in thousands):	Cost		Accumulated Depletion		Net
Production stage stream interests:
Kansanshi	$	1,000,388	$	—	$	1,000,388
Mount Milligan	790,635		(480,076)		310,559
Pueblo Viejo	610,404		(315,400)		295,004
Andacollo	388,182		(184,754)		203,428
Khoemacau	265,911		(69,350)		196,561
Rainy River	175,727		(94,146)		81,581
Other	241,830		(163,533)		78,297
Total production stage stream interests	3,473,077		(1,307,259)		2,165,818

Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)	366,435		(96,350)		270,085
Voisey's Bay	205,724		(129,985)		75,739
Red Chris	116,187		(9,033)		107,154
Peñasquito	99,172		(70,205)		28,967
Other	519,720		(426,680)		93,040
Total production stage royalty interests	1,307,238		(732,253)		574,985
Total production stage stream and royalty interests	4,780,315		(2,039,512)		2,740,803

Development stage stream interests:
Ilovica	12,038		—		12,038
Development stage royalty interests:
Cactus	48,126		—		48,126
Back River	42,948		—		42,948
La Fortuna	35,140		—		35,140

Other	21,133		—		21,133
Total development stage stream and royalty interests	159,385		—		159,385

Exploration stage stream interests:
Warintza	95,252		—		95,252
Xavantina	64,834		—		64,834
Exploration stage royalty interests:
Cortez (Legacy Zone and CC Zone)	443,894		—		443,894
Great Bear	209,106		—		209,106
Pascua-Lama	177,690		—		177,690
Red Chris	48,895		—		48,895
Côté	29,610		—		29,610
Other	132,762		—		132,762

Total exploration stage stream and royalty interests	$	1,202,043	$	—	$	1,202,043
Total stream and royalty interests, net	$	6,141,743	$	(2,039,512)	$	4,102,231


As of December 31, 2024 (Amounts in thousands):	Cost		Accumulated Depletion		Net
Production stage stream interests:
Mount Milligan	$	790,635	$	(462,412)	$	328,223
Pueblo Viejo	610,404		(308,283)		302,121
Andacollo	388,182		(177,059)		211,123
Khoemacau	265,911		(58,043)		207,868
Rainy River	175,727		(86,307)		89,420
Other	241,830		(154,245)		87,585
Total production stage stream interests	2,472,689		(1,246,349)		1,226,340

Production stage royalty interests:
Cortez (Legacy Zone and CC Zone)	353,850		(81,845)		272,005
Voisey's Bay	205,724		(124,526)		81,198
Red Chris	116,187		(5,966)		110,221
Peñasquito	99,172		(65,372)		33,800
Other	519,491		(418,648)		100,843
Total production stage royalty interests	1,294,424		(696,357)		598,067
Total production stage stream and royalty interests	3,767,113		(1,942,706)		1,824,407

Development stage stream interests:
Ilovica	12,038		—		12,038
Development stage royalty interests:
Cactus	55,128		—		55,128
Back River	42,948		—		42,948
La Fortuna	35,140		—		35,140
Other	21,133		—		21,133
Total development stage stream and royalty interests	166,387		—		166,387

Exploration stage stream interests:
Xavantina	14,792		—		14,792
Exploration stage royalty interests:
Cortez (Legacy Zone and CC Zone)	456,479		—		456,479
Great Bear	209,106		—		209,106
Pascua-Lama	177,690		—		177,690
Red Chris	48,895		—		48,895
Côté	29,610		—		29,610
Other	115,438		—		115,438


Total exploration stage stream and royalty interests	$	1,052,010	$	—	$	1,052,010
Total stream and royalty interests, net	$	4,985,510	$	(1,942,706)	$	3,042,804