Farmer (Jason Statham) turns out to be the long-lost son of King Konreid (Burt Reynolds).
The King is killed by his nephew, so Farmer takes over.
Gallian (Ray Liotta), kills Merick, but Merick manages to transfer his power to his daughter Muriella (Leelee Sobieski), who it turns out is a Magus too.
Farmer kills Gallian, rescues Solana (who it turns out is pregnant, so they have a replacement child for the son that is killed at the start of the movie) and everybody lives happily ever after.
Thanks Mary C!