What changed in this filing

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Item 1. Business

2026-02-19 compared with 2025-02-13 · 53 added, 60 removed, 142 unchanged (44% of the section changed)

11 unchanged sentences

As discussed in further detail throughout this report, some key business highlights and developments for the year ended December 31, 2025 were as follows:

• During calendar year 2024 we repaid the remaining $250 million outstanding under our $1 billion revolving credit facility, resulting in the revolving credit facility being fully undrawn and available as of December 31, 2024.

• We had record revenue of $719.4 million for the year ended December 31, 2024, compared to $605.7 million for the comparable prior year period, representing a 19% increase.

• We had record revenue of $1.0 billion for the year ended December 31, 2025, compared to $719.4 million for the comparable prior year period, representing a 43% increase.

• We generated a record $704.8 million of net operating cash flow for the year ended December 31, 2025, compared to $529.5 million for the comparable prior year period, representing a 33% increase.

1 unchanged sentence

This represents a 6% increase compared with the dividend paid during calendar year 2025.

• On February 13, 2024, we entered into a Cost Support Agreement with Centerra Gold Inc.

("Centerra") to incentivize Centerra to continue to invest and maximize the value of the large mineral endowment at Mount Milligan.

The Cost Support Agreement provided a basis for a reserve increase and extension of the Mount Milligan mine life to 2035 and may provide a basis for further extension of the mine life beyond 2035.

• We acquired royalty interests for total cash consideration of $106 million on the Back River Gold District in Nunavut, Canada, and the Cactus Project in Arizona, U.S.A.

• We extended the maturity of our revolving credit facility to June 30, 2030, increased the accordion feature from $250 million to $400 million and ultimately exercised the accordion feature, increasing the total credit facility amount to $1.4 billion.

• We acquired all the issued and outstanding common shares of Sandstorm Gold Ltd.

and Horizon Copper Corp for $4.148 billion.

• We made an advance payment of $1.0 billion for a gold stream on the Kansanshi copper-gold mine in the North Western Province of Zambia.

• We acquired a gold stream and net smelter return royalty for total cash consideration of $200.0 million on the Warintza project located in Southeastern Ecuador.

Certain Definitions

4 unchanged sentences

We refer to Canadian dollars as C$.

Europe, the Middle East and Africa.

Exploration stage property:

6 unchanged sentences

That part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling.

The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.

The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in Subpart 1300 of Regulation S-K (“S-K 1300”), in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.

Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.

6 unchanged sentences

dollars for silver.

The London Metals Exchange settlement price for copper and other metals, as applicable.

The London Metal Exchange settlement price for copper and other metals, as applicable.

Measured mineral resource:

That part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling.

The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in Subpart 1300 of Regulation S-K (“S-K 1300”), in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit.

The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit.

Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve.

6 unchanged sentences

A concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction.

A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions,

location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable.

A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable.

It is not merely an inventory of all mineralization drilled or sampled.

Net profits interest (NPI) royalty:

A defined percentage of profits less certain contract-defined expenses.

Net smelter return (NSR) royalty:

16 unchanged sentences

• Acquisition and Management of Stream Interests — A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement.

As of December 31, 2024 we owned nine stream interests, which are on seven production stage properties and two development stage properties.

Stream interests accounted for 67% and 69% of our total revenue for the years ended December 31, 2024 and 2023, respectively.

As of December 31, 2025, we owned stream interests relating to 18 production stage properties and 5 development stage properties.

Stream interests acco unted for 67% of our total r evenue for each of the years ended December 31, 2025 and 2024.

We expect stream interests to continue representing a significant portion of our total revenue.

• Acquisition and Management of Royalty Interests — Royalties are non-operating interests in mining projects that provide the right to revenue or metals produced from the project after deducting specified costs, if any.

As of December 31, 2024, we owned royalty interests on 35 production stage properties, 16 development stage properties and 115 exploration stage properties, of which we consider 50 to be evaluation stage projects.

As of December 31, 2025, we owned royalty interests relating to 63 production stage properties, 24 development stage properties and 254 exploration stage properties, of which we consider 76 to be evaluation stage projects.

We use “evaluation stage” to describe exploration stage properties that contain mineral resources and on which operators are engaged in the search for reserves.

Royalty interests accounted for 33% and 31% of our total revenue for the years ended December 31, 2024 and 2023, respectively.

Our long-lived assets (stream and royalty interests, net) for the years ended December 31, 2024 and 2023 are geographically distributed as shown in the following table (amounts are in thousands):

Royalty interests accounted for 33% of our total revenue for each of the years ended December 31, 2025 and 2024.

Our long-lived assets (stream and royalty interests, net) for the years ended December 31, 2025 and 2024 are geographically distributed, and the book values are shown in the following table (amounts are in thousands):

As of December 31, 2025 As of December 31, 2024

5 unchanged sentences

interests, net

Canada $ 417,643 $ 659,070 $ 1,076,713 $ 461,398 $ 614,900 $ 1,076,298

Dominican Republic 302,122 — 302,122 311,050 — 311,050

Africa 237,028 321 237,349 264,529 321 264,850

Chile 211,123 224,116 435,239 222,629 224,116 446,745

United States — 827,277 827,277 — 794,891 794,891

Mexico — 33,800 33,800 — 41,803 41,803

Australia — 19,265 19,265 — 21,288 21,288

Rest of world 85,254 25,785 111,039 92,010 26,639 118,649

Total $ 1,253,170 $ 1,789,634 $ 3,042,804 $ 1,351,616 $ 1,723,958 $ 3,075,574

North America $ 1,214,810 $ 1,834,921 $ 3,049,731 $ 719,765 $ 1,520,147 $ 2,239,912

South and Central America 1,045,620 1,846,211 2,891,831 284,340 249,901 534,241

EMEA 2,270,717 309,467 2,580,184 249,065 321 249,386

Australia Pacific 13,595 48,534 62,129 — 19,265 19,265

$ 4,544,742 $ 4,039,133 $ 8,583,875 $ 1,253,170 $ 1,789,634 $ 3,042,804

_______________________________________________________

(1) Includes the carrying value of all stream and royalty interests acquired during the years ended December 31, 2025 and 2024.

Our reportable segments for purposes of assessing performance for the years ended December 31, 2025, 2024 and 2023, respectively, are shown below (amounts are in thousands):

4 unchanged sentences

Stream interests

Canada $ 231,801 $ 43,262 $ — $ 43,755 $ 144,784

Dominican Republic 83,059 23,620 — 8,929 50,510

Africa 82,132 16,069 — 27,501 38,562

Chile 47,531 6,951 — 11,506 29,074

Rest of the world 38,771 7,612 — 11,109 20,050

North America $ 440,738 $ 85,608 $ — $ 54,280 $ 300,850

EMEA 137,281 25,835 — 40,531 70,915

South and Central America 107,444 19,483 — 17,038 70,923

Australia Pacific 1,009 — — 1,009 —

Total stream interests 686,472 130,926 — 112,858 442,688

Royalty interests

United States $ 121,212 $ — $ 5,419 $ 22,902 $ 92,891

Mexico 52,842 — — 8,003 44,839

Australia 28,966 — — 2,023 26,943

Canada 18,945 — 1,203 7,502 10,240

Rest of the world 14,136 — — 855 13,281

North America $ 263,332 $ — $ 8,605 $ 45,811 $ 208,916

Australia Pacific 40,349 — — 1,361 38,988

South and Central America 38,119 — — 15,389 22,730

EMEA 2,199 — — 1,191 1,008

Total royalty interests 343,999 — 8,605 63,752 271,642

5 unchanged sentences

Stream interests

Canada $ 196,961 $ 41,624 $ — $ 50,559 $ 104,778

Dominican Republic 76,247 22,339 — 9,817 44,091

Africa 70,757 14,319 — 35,193 21,245

Chile 48,920 7,225 — 13,683 28,012

Rest of the world 25,395 5,016 — 11,869 8,510

North America $ 314,860 $ 66,882 $ — $ 52,684 $ 195,294

South and Central America 86,302 14,562 — 22,615 49,125

EMEA 82,132 16,070 — 27,501 38,561

Australia Pacific — — — — —

Total stream interests 483,294 97,514 — 102,800 282,980

Royalty interests

United States $ 123,690 $ — $ 6,232 $ 28,551 $ 88,907

Mexico 25,754 — — 8,353 17,401

Australia 19,011 — — 831 18,180

Canada 12,712 — 1,062 5,650 6,000

Rest of the world 6,270 — — — 6,270

North America $ 192,999 $ — $ 6,622 $ 38,408 $ 147,969

Australia Pacific 28,966 — — 2,023 26,943

South and Central America 14,136 — — 854 13,282

EMEA — — — — —

Total royalty interests 236,101 — 6,622 41,285 188,194

5 unchanged sentences

Stream interests

Canada $ 212,369 $ 46,438 $ — $ 67,368 $ 98,563

Dominican Republic 85,863 26,211 — 29,216 30,436

Africa 53,787 11,135 — 24,348 18,304

Chile 47,347 7,165 — 12,835 27,347

Rest of the world 18,427 3,693 — 9,759 4,975

North America $ 273,208 $ 63,963 $ — $ 60,376 $ 148,869

South and Central America 74,315 12,241 — 25,552 36,522

EMEA 70,757 14,319 — 35,193 21,245

Australia Pacific — — — — —

Total stream interests 418,280 90,523 — 121,121 206,636

Royalty interests

United States $ 81,642 $ — $ 4,131 $ 13,966 $ 63,545

Mexico 52,388 — — 10,822 41,566

Canada 27,210 — 2,890 9,039 15,281

Australia 15,672 — — 1,089 14,583

Rest of the world 8,501 — — — 8,501

North America $ 162,155 $ — $ 7,294 $ 42,553 $ 112,308

Australia Pacific 19,011 — — 832 18,179

South and Central America 5,736 — — — 5,736

EMEA 535 — — — 535

Total royalty interests 187,437 — 7,294 43,385 136,758

5 unchanged sentences

Our financial results are primarily tied to the price of gold and, to a lesser extent, the prices of silver and copper, together with the amounts of production from our production stage stream and royalty interests.

During the year ended December 31, 2024, we derived approximately 88% of our revenue from precious metals (including 76% from gold and

12% from silver), 9% from copper, and 3% from other minerals.

During the year ended December 31, 2025, we derived approximately 90% of our revenue from precious metals (including 78% from gold and 12% from silver), 7% from copper, and 3% from other minerals.

The prices of gold, silver, copper, and other metals have fluctuated widely in recent years.

1 unchanged sentence

Significant declines in the prices of gold, silver, or copper could have a material adverse effect on our results of operations and financial condition.

The mining industry in general, and stream and royalty segments in particular, are very competitive.

The mining industry in general, and stream and royalty sectors in particular, are very competitive.

We compete with other stream and royalty companies, mine operators, and financial buyers in efforts to acquire existing stream and royalty interests.

2 unchanged sentences

Key competitive factors in the stream and royalty acquisition and financing business include the ability to identify and evaluate potential opportunities, transaction structure and consideration, and access to capital.

Operators of the mines that are subject to our stream and royalty interests must comply with numerous environmental, mine safety, land use, waste disposal, remediation and public health laws and regulations promulgated by federal, state, provincial and local governments in the United States, Canada, Chile, the Dominican Republic and other countries where we hold interests.

Although we, as a stream or royalty interest owner, are not responsible for ensuring compliance with these laws and regulations, failure by the operators to comply with applicable laws, regulations and permits can result in injunctive action, orders to suspend or cease operations, damages, and civil and criminal penalties on the operators, which could have a material adverse effect on our results of operations and financial condition.

3 unchanged sentences

Human Capital Management Strategy

The continued growth and success of our business depends on our people, and our people are our most important resource.

The continued growth and success of our business depends on our people, and our people are one of our most important resources.

Management is responsible for ensuring that our policies and practices support our desired corporate culture and employee development.

20 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business