STREAM AND ROYALTY INTERESTS, NET

6 Months Ended

Jun. 30, 2026

The following tables summarize our stream and royalty interests, net as of June 30, 2026 and December 31, 2025.


As of June 30, 2026 (amounts in thousands):	Cost		Accumulated Depletion		Net
Production stage interests:
Streams	$	4,950,297	$	(1,472,326)	$	3,477,971
Royalties	2,364,254		(830,974)		1,533,280
Total production stage interests	7,314,551		(2,303,300)		5,011,251

Development stage interests:
Streams	252,504		—		252,504
Royalties	597,791		—		597,791
Total development stage interests	850,295		—		850,295

Exploration stage interests:
Streams	800,495		—		800,495
Royalties	1,938,428		—		1,938,428
Total exploration stage interests	2,738,923		—		2,738,923
Total stream and royalty interests, net	$	10,903,769	$	(2,303,300)	$	8,600,469

Settlement of Fixed Delivery Obligation for the Relief Canyon Mine

On May 25, 2026, we reached an agreement with Americas Gold and Silver Corporation (“Americas”) to settle the remaining fixed gold delivery obligations on Relief Canyon for the immediate delivery of 5,000 ounces of gold and 2,652,532 common shares of Americas. As a result of the agreement, a $2.6 million gain recorded within Gain on settlement of Relief Canyon fixed obligation in the consolidated statement of operations was recognized, and the net book value of the Relief Canyon stream interest, $12.9 million, was reduced to zero. The value of the 2,652,532 Americas common shares received on the agreement date, $15.5 million, is recorded within Marketable securities in the consolidated balance sheets.

During the three months ended June 30, 2026, the fair value of certain streams and royalties acquired as part of the Sandstorm and Horizon acquisition were adjusted by $120.0 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.


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