STREAM AND ROYALTY INTERESTS, NET

12 Months Ended

Dec. 31, 2025

STREAM AND ROYALTY INTERESTS, NET

STREAM AND ROYALTY INTERESTS, NET

STREAM AND ROYALTY INTERESTS, NET

The following summarizes our stream and royalty interests as of December 31, 2025 and 2024:

As of December 31, 2025 (Amounts in thousands):	Cost		Accumulated Depletion		Net
Production stage interests:
Streams	$	4,190,864	$	(1,359,206)	$	2,831,658
Royalties	2,319,553		(760,108)		1,559,445
Total production stage interests	6,510,417		(2,119,314)		4,391,103
Development stage interests:
Streams	936,726		—		936,726
Royalties	581,746		—		581,746
Total development stage interests	1,518,472		—		1,518,472
Exploration stage interests:
Streams	776,358		—		776,358
Royalties	1,897,942		—		1,897,942
Total exploration stage interests	2,674,300		—		2,674,300
Total stream and royalty interests, net	$	10,703,189	$	(2,119,314)	$	8,583,875

As of December 31, 2024 (Amounts in thousands):	Cost		Accumulated Depletion		Net
Production stage interests:
Streams	$	2,472,689	$	(1,246,349)	$	1,226,340
Royalties	1,294,424		(696,357)		598,067
Total production stage interests	3,767,113		(1,942,706)		1,824,407
Development stage interests:
Streams	12,038		—		12,038
Royalties	154,349		—		154,349
Total development stage interests	166,387		—		166,387
Exploration stage interests:
Streams	14,792		—		14,792
Royalties	1,037,218		—		1,037,218
Total exploration stage interests	1,052,010		—		1,052,010
Total stream and royalty interests, net	$	4,985,510	$	(1,942,706)	$	3,042,804