FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2026

a) Assets and Liabilities Measured at Fair Value on a

Recurring Basis


As at June 30, 2026	Quoted prices in active markets for identical assets	Significant other observable inputs	Significant unobservable inputs	Aggregate fair value
As at June 30, 2026	(Level 1)	(Level 2)	(Level 3)
Other investments1	$37	$—	$—	$37
Derivatives2	—	(176)	—	(176)
Receivables from provisional copper and gold sales	—	325	—	325
Receivable from NOVAGOLD	—	—	175	175
Contingent consideration3	—	—	344	344
	$37	$149	$519	$705

1Includes equity investments in other mining companies.

2Refer to note 13 for further details.

3 Primarily includes contingent consideration relating to the Tongon mine,

Norte Abierto project, Hemlo mine and Alturas project.

b) Fair Values of Financial Assets and Liabilities

1Includes restricted cash and amounts due from our partners.

2Includes equity investments in other mining companies. Recorded at fair

value. Quoted market prices are used to determine fair value.

3Primarily includes contingent consideration relating to the Tongon mine,

Norte Abierto project, Hemlo mine and Alturas project.

4Debt is generally recorded at amortized cost. The fair value of debt is

primarily determined using quoted market prices. Balance includes both

current and long-term portions of debt.

5Refer to note 13 for further details.

The Company’s valuation techniques for our remaining

financial assets and liabilities were presented in Note 26 of

the 2025 Annual Financial Statements and have been

consistently applied in these interim financial statements.