ACQUISITION OF SANDSTORM GOLD AND HORIZON COPPER

3 Months Ended

Mar. 31, 2026

ACQUISITION OF SANDSTORM GOLD AND HORIZON COPPER

On October 20, 2025, we acquired all of the issued and outstanding common shares of Sandstorm Gold Ltd. (“Sandstorm”) and Horizon Copper Corp. (“Horizon”), collectively referred to as “the Transaction.” Sandstorm and Horizon were global resource-based companies based in Vancouver, British Columbia, that held interests in mining assets, including royalty and stream interests, on mining projects across various stages of development. For more detail on the Transaction, refer to the Company's 2025 10-K.

We are in the process of finalizing our assessment of the fair value of the stream and royalty interests, deferred income taxes, the equity method investment and certain other tax matters as part of the Transaction. The total purchase price of $4.148 billion has been allocated to the net assets acquired based on their respective fair values as follows:


	(in thousands)
Cash	$	60,024
Royalty receivables	35,374
Income tax receivable	1,232
Prepaid expenses and other	1,170
Stream and royalty interests	4,561,177
Equity method investment	292,089
Marketable securities	380,269
Other assets	57,125
Accounts payable	(51,913)
Other current liabilities	(28,932)
Deferred tax liabilities	(1,076,909)
Other liabilities	(43,754)
Non-controlling interests	(38,797)
Total allocated purchase price	$	4,148,155

There were no changes made to the purchase price allocation during the three months ended March 31, 2026 when compared to the purchase price allocation as of December 31, 2025, which is included in the Company's 2025 10-K.