MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

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


	Fair Value
	March 31, 2026		December 31, 2025
Available-for-sale equity securities(1)	$	97,114	$	120,814
Available-for-sale debt securities(2)	—		52,066
Total marketable securities	$	97,114	$	172,880

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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.

The Company holds 50,297,717 Entrée Resources Ltd. (“Entrée”) common 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 March 31, 2026 and December 31, 2025, the carrying value of the Entrée shares was $83.4 million and $76.7 million, respectively, and is included in available-for-sale equity securities.

Highlander Silver Corp.

On February 26, 2026, as part of the previously announced agreement with Bear Creek Mining Corporation (“Bear Creek”) to restructure equity, debt and other interests in Bear Creek (the “Bear Creek Transaction”), our shares of Bear Creek converted to shares of Highlander Silver Corp. (“Highlander”) at a conversion of 0.1175 Highlander shares per one Bear Creek share. On March 27, 2026, we sold our shares in Highlander for a net realized gain of $9.9 million. This amount is recorded within Gain on sale of marketable securities on our consolidated statements of operations and comprehensive income.

Available-for-sale Debt Securities

Bear Creek Convertible Debt Securities

Upon closing of the Bear Creek Transaction, we settled outstanding debt obligations owed by Bear Creek of $49.5 million and terminated the gold and silver stream obligations between Bear Creek and Royal Gold in connection with the Mercedes Mine. In consideration for the debt settlement, we received $6.2 million cash, an incremental 1.75% NSR royalty on the Corani Project in Peru (bringing the Company's total royalty interest to 2.75%), and a 2.0% NSR royalty on the Mercedes Mine. The royalties have been accounted for as asset acquisitions and are recorded as development stage royalty interests (Note 3) within Stream and royalty interests, net on our consolidated balance sheets. The impact of the debt settlement with Bear Creek in the consolidated statements of operations and comprehensive income was not material.