STREAM AND ROYALTY INTERESTS, NET (Tables)

3 Months Ended

Mar. 31, 2026

STREAM AND ROYALTY INTERESTS, NET

Schedule of Stream and Royalty Interests

The following tables summarize our stream and royalty interests, net as of March 31, 2026 and December 31, 2025.

As of March 31, 2026 (amounts in thousands):	Cost		Accumulated Depletion		Net
Production stage interests:
Streams	$	4,211,315	$	(1,410,237)	$	2,801,078
Royalties	2,334,644		(797,136)		1,537,508
Total production stage interests	6,545,959		(2,207,373)		4,338,586
Development stage interests:
Streams	936,721		—		936,721
Royalties	624,551		—		624,551
Total development stage interests	1,561,272		—		1,561,272
Exploration stage interests:
Streams	741,591		—		741,591
Royalties	1,897,837		—		1,897,837
Total exploration stage interests	2,639,428		—		2,639,428
Total stream and royalty interests, net	$	10,746,659	$	(2,207,373)	$	8,539,286

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