EQUITY METHOD INVESTMENT

6 Months Ended

Jun. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

EQUITY METHOD INVESTMENT

EQUITY METHOD INVESTMENT

Hod Maden Interest

As of June 30, 2026, the Company held a 30% equity interest in Artmin Madencilik Sanayi ve Ticaret A.Ş. (“Artmin”), a privately held company incorporated in Türkiye which owns the Hod Maden project. The carrying value of the Hod Maden equity investment at June 30, 2026 and December 31, 2025, was $92.2 million and $249.5 million, respectively, and is included in Equity method investment on the consolidated balance sheets. During the three months ended June 30, 2026, the Hod Maden equity method investment was adjusted lower by $154.6 million as we continued to refine our preliminary purchase price allocation. Refer to Note 2 for more information on the acquisition of Sandstorm and Horizon.

The Company applies the equity method to investments when it has the ability to exercise significant influence over the operating and financial policies of the investee. The Company's share of the investee's losses is included in Interest and other expense in the consolidated statement of operations.

On July 17, 2026, we completed a restructuring of our interest in Artmin which included a 50% reduction in our direct equity ownership in Artmin from 30% to 15%, the grant of a new effective 2.5% net smelter return royalty, certain rights pertaining to new royalty interests granted to the Company and SSR Mining, Inc. over the Hod Maden project.

Loan to Associate

As of June 30, 2026 and December 31, 2025, the Company advanced $66.1 million and $51.4 million, respectively, of shareholder loans to Artmin to fund the Company's share of cash calls for ongoing development costs at Hod Maden. The loans bear interest at 4% plus the credit default swap rate of Türkiye at the start of each quarterly period and have five-year terms. In May 2026, the Company advanced an additional $70.0 million for project costs. The loan bears interest at 4.13% per annum and has a five-year term. Combined, these loans totaled $136.1 million as of June 30, 2026, and $51.4 million as of December 31, 2025 and are included in Equity method investment on the consolidated balance sheets.