INVESTOR DAY 2026 Advancing Our Post-Transaction Priorities Fully collapsed the Horizon Copper structure Divested +$200M of equity positions Restructured Bear Creek assets ↳ Supported Bear Creek’s merger with Highlander Silver ↳ Converted debt and other interests into royalty assets, including Corani Began with $1.225B outstanding at close of the Sandstorm/Horizon transaction (Oct 20, 2025); initial expectation of repayment by mid-2027 Already repaid $625M since closing; targeting full repayment by early Q1 2027 (6 months faster) Increased dividend for the 25th consecutive year Simplified Portfolio Accelerated Debt Repayment Consistent Capital Returns 19