Operational Performance and Strategic Resilience

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• Achieved a 62% increase in revenue and operating cash flow on only 5% GEO growth, demonstrating the business model's high conversion of revenue to cash margin.

• Maintained 2026 guidance of 80,000 to 90,000 GEOs despite a rock mass movement at the Barnat open pit, which is expected to make approximately 370,000 gold ounces inaccessible over three years.

• Attributed the spread between production growth and cash flow growth to the sector-leading cash margin of $0.968 for every revenue dollar.

• Confirmed that the long-term 2030 outlook remains unaffected as the Barnat pit was already scheduled for depletion by 2028-2029, with the Odyssey underground expansion remaining the primary growth driver.

• Noted that second-half performance will be modestly lighter than the first half due to the Barnat impact, partially offset by ramp-ups at Namdini, San Gabriel, and Dalgaranga.

• Emphasized that the royalty model protects the company from operational redesigns and mine plan revisions, as the underlying ore body and royalty rights remain unchanged.

Growth Outlook and Capital Allocation Strategy

• Reiterated the 2030 production target of 120,000 to 135,000 GEOs, noting this outlook currently excludes recent acquisitions like Spring Valley and Murray Brook, providing built-in contingency.

• Anticipates first gold at Amulsar in September 2026, with royalty payments expected to begin in 2028 following the repayment of senior government loans.

• Prioritizes capital allocation toward accretive precious metals acquisitions and opportunistic share buybacks, with debt repayment serving as the default use of excess cash.

• Expects an updated mineral resource estimate and life of mine plan for Harmony in late 2026, which will serve as a key catalyst for over half of the company's Net Asset Value.

• Maintains a disciplined acquisition pipeline focused on Tier 1 jurisdictions, targeting transactions ranging from $50 million to over $1 billion.

Strategic Acquisitions and Risk Factors

• Closed $335 million in acquisitions during the quarter, including the Gold Fields royalty portfolio and Spring Valley, funded primarily through the revolving credit facility.

• Amended the revolving credit facility to increase available liquidity from $650 million to $850 million and extended the maturity to August 2030.

• Identified a fatal accident at Canadian Malartic in April that resulted in a six-day mill shutdown, emphasizing management's support for operator safety protocols over production volume.

• Reported temporary deferrals of silver and copper GEOs at the CSA mine due to transport logistics, with inventories expected to normalize by year-end.