### Overall ConclusionThis quarter’s results exceeded expectations, primarily driven by the significant contribution from the Sandstorm and Horizon asset portfolios acquired in 2025, which propelled record growth in revenue and cash flow.

### Key DataRevenue reached $451 million, up 115% year-over-year; operating cash flow was $335 million, up 119% year-over-year; adjusted earnings per share stood at $2.56, up 41% year-over-year.

### Business ProgressDuring the quarter, the company completed several asset portfolio optimizations: reducing its stake in Hod Maden from 30% to 15% in exchange for additional royalty interests; resolving the fixed delivery obligation at Relief Canyon; and simplifying the complex structure of Sandstorm. On the operational front, Greenstone mine operated above design capacity for 69% of the days, Red Chris secured a CAD 500 million investment from the Canadian government, new copper-gold porphyry deposits were discovered at Caserones and Fruta del Norte, and Platreef is expected to achieve commercial production in Q4 2026. These developments enhance asset diversification and long-term growth potential.

### Guidance and OutlookManagement maintained full-year guidance, but sales of copper and other metals may exceed the upper end of the range. The revolving credit balance is expected to be fully repaid in Q4, with an additional $100 million repayment planned for mid-August.

### Risk/Positive SignalsPositive signals: Management emphasized that “the transaction noise is behind us,” with the business returning to stability and predictability, and all per-share metrics from the 2025 acquisitions indicate value accretion. Negative signals: Caution was expressed regarding the volatility of Antamina NPI revenue, as historical data differs significantly from current performance, and no guidance adjustments have been made for now.