MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

The Company's marketable securities consist of the following (amounts in thousands):


	Fair Value
	December 31, 2025		December 31, 2024
Available-for-sale equity securities(1)	$	120,814	$	6
Available-for-sale debt securities(2)	52,066		—
Total marketable securities	$	172,880	$	6

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(1) Fair value adjustment recorded within net income.

(2) Fair value adjustment recorded within other comprehensive income.

Available-for-sale Equity Securities

Entrée Resources Ltd.

As a result of the Transaction (Note 3), the Company became the registered and beneficial holder of 50,297,717 Entrée Resources Ltd. (“Entrée”) shares, representing approximately 24% of the issued and outstanding Entrée common shares on an undiluted basis. Entrée is a public Canadian mining company with a carried joint venture interest in the Hugo North Extension and Heruga deposits located in Mongolia. At acquisition, the Company elected the fair value option to account for the Entrée equity securities because it best reflects the underlying economics of the investment. At December 31, 2025, the carrying value of the Entrée shares was $76.7 million and is included in available-for-sale equity securities.

Versamet Royalties Corporation

Also as a result of the Transaction (Note 3), the Company became the registered and beneficial holder of 23,654,545 Versamet Royalties Corporation (“Versamet”) shares, representing approximately 25% of the issued and outstanding Versamet common shares on an undiluted basis, as a result of the Transaction. At acquisition, the Company elected the fair value option to account for the Versamet equity securities because it best reflects the underlying economics of the investment. On November 17, 2025, the Company entered into purchase and sale agreements with each of Tether Investments, S.A. de C.V. (“Tether”) and Nemesia S.à.r.l (“Nemesia”) pursuant to which the Company agreed to sell 11,827,273 common shares of Versamet to Tether and 11,827,272 common shares of Versamet to Nemesia at a price of C$8.75 per common share, for aggregate consideration of C$207.0 million ($147.4 million). These sales represented all of the Company's Versamet shares, and upon closing of the sales, the Company ceased to have any beneficial ownership of, or control and direction over, any Versamet shares. The Company recognized a loss of $48.0 million on the sale of the Versamet shares, which is included in Loss on sale of marketable securities in the consolidated statement of operations, and has zero carrying value as of December 31, 2025.

Available-for-sale Debt Securities

Bear Creek Convertible Debt Securities

As a result of the Transaction, the Company acquired convertible debentures with total principal of $49.5 million which are convertible into Bear Creek common shares at a strike price of C$0.73 per share. The debentures bear interest at 7% and mature in September 2028. At December 31, 2025, the carrying value of the debentures was $52.1 million and is included in available-for-sale debt securities.

On December 19, 2025, we entered into agreements with Bear Creek to restructure equity, debt and other interests in Bear Creek and its assets in return for increased royalty exposure to Bear Creek's Corani and Mercedes projects, cash and shares in Highlander Silver Corp. (“Highlander”). This restructuring helped facilitate an agreement between Highlander and Bear Creek to combine their businesses, which is expected to close in the first quarter of 2026.