ACQUISITION OF SANDSTORM GOLD AND HORIZON COPPER

6 Months Ended

Jun. 30, 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.

During the quarter ended June 30, 2026, we continued to refine our preliminary purchase price allocation and we expect to finalize our assessment in the third quarter of 2026. These adjustments did not change the total purchase price when compared to the purchase price allocation as of December 31, 2025, which is included in the Company's 2025 10-K. The total purchase price of $4.148 billion has been allocated to the net assets acquired based on their respective fair values (in thousands) as follows:


	Initial purchase price allocation		Measurement period adjustments		Current purchase price allocation

Cash	$	60,024	$	—	$	60,024
Royalty receivables	35,374		—		35,374
Income tax receivable	1,232		—		1,232
Prepaid expenses and other	1,170		—		1,170
Stream and royalty interests	4,561,177		120,048		4,681,225
Equity method investment	292,089		(154,627)		137,462
Marketable securities	380,269		—		380,269
Other assets	57,125		—		57,125
Accounts payable	(51,913)		426		(51,487)
Other current liabilities	(28,932)		—		(28,932)
Deferred tax liabilities	(1,076,909)		34,153		(1,042,756)
Other liabilities	(43,754)		—		(43,754)
Non-controlling interests	(38,797)		—		(38,797)
Total allocated purchase price	$	4,148,155	$	—	$	4,148,155