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DEBT | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
DEBT | DEBT The Company's debt as of September 30, 2025 and December 31, 2024 consists of the following (amounts in thousands):
| As of September 30, 2025 |  | As of December 31, 2024
| Principal |  | Debt Issuance Costs |  | Total |  | Principal |  | Debt Issuance Costs(1) |  | Total
Revolving credit facility | $ | 775,000 |  |  | $ | (4,805) |  |  | $ | 770,195 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total debt | $ | 775,000 |  |  | $ | (4,805) |  |  | $ | 770,195 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
_______________________________________________ (1)Debt issuance costs of $3.1 million included within Other assets on our consolidated balance sheets. Revolving credit facility On June 26, 2025, we entered into a sixth amendment to our revolving credit facility dated June 2, 2017, as amended. The amendment extended the maturity date from June 28, 2028, to June 30, 2030, increased the size of the accordion feature from $250.0 million to $400.0 million and revised the leverage ratio required to be less than or equal to 4.00:1.00 at all times, rather than 4.00:1.00 for only the two fiscal quarters following the consummation of a material permitted acquisition (as defined) and 3.50:1.00 at all other times. In July 2025, we notified the members of the credit syndication group of our exercise of the accordion feature and received commitments from the group for the full $400.0 million of increased capacity. On August 5, 2025, we closed on the accordion feature with our credit syndication group, bringing our total committed revolving credit facility to $1.4 billion. On August 1, 2025, we borrowed $825.0 million under our revolving credit facility for the acquisition of the Kansanshi gold stream. Refer to Note 2 for further discussion on the Kansanshi gold stream acquisition. In September 2025, we repaid $50.0 million of the outstanding borrowings. As of September 30, 2025, we had $775.0 million outstanding and $625.0 million available under our revolving credit facility. Interest expense, which includes interest on outstanding borrowings and amortization of the debt issuance costs, was $8.1 million and $8.7 million for the three and nine months ended September 30, 2025, respectively, and $0.4 million and $6.1 million for the three and nine months ended September 30, 2024, respectively. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under our revolving credit facility as of September 30, 2025. In October 2025, we borrowed $450.0 million under our revolving credit facility for the acquisition of Sandstorm Gold Ltd. and Horizon Copper Corp. (Note 13) and have $175.0 million undrawn and available as of the date of this report. We may repay borrowings under our revolving credit facility at any time without premium or penalty. The interest rate on borrowings under our credit facility as of September 30, 2025, was SOFR plus 1.10% for an all-in rate of 5.3%.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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