Revenue

6 Months Ended

Jun. 30, 2025

Revenue.

Revenue

Note 12 - Revenue

Disaggregated revenue under revenue contracts with customers classified by commodity, geography and type comprised the following:


		For the three months ended								For the six months ended
		June 30,								June 30,
		2025				2024				2025				2024
Commodity
Gold⁽¹⁾		$	258.4			$	156.9			$	504.2			$	317.8
Silver			38.1				28.1				75.2				53.0
Platinum group metals⁽¹⁾			7.5				8.0				15.3				16.2
Precious metals		$	304.0			$	193.0			$	594.7			$	387.0
Iron ore⁽²⁾		$	7.2			$	12.0			$	19.6			$	26.8
Other mining assets			3.0				1.7				7.4				4.7
Other mining		$	10.2			$	13.7			$	27.0			$	31.5
Oil		$	30.6			$	35.9			$	65.5			$	62.1
Gas			16.9				10.8				34.3				23.1
Natural gas liquids			5.0				4.2				10.7				9.5
Energy		$	52.5			$	50.9			$	110.5			$	94.7
Revenue from royalty, stream and working interests		$	366.7			$	257.6			$	732.2			$	513.2
Interest from loans receivable
Interest revenue		$	2.7			$	2.2			$	5.6			$	3.1
Other interest income			—				0.3				—				0.6
		$	369.4			$	260.1			$	737.8			$	516.9
Geography
South America		$	140.7			$	93.6			$	292.2			$	194.4
Central America & Mexico			43.4				16.8				79.9				41.6
United States			60.8				51.2				119.0				98.0
Canada⁽¹⁾⁽²⁾			72.7				51.3				137.6				91.5
Rest of World			51.8				47.2				109.1				91.4
		$	369.4			$	260.1			$	737.8			$	516.9
Type
Revenue-based royalties		$	142.0			$	101.2			$	277.0			$	199.7
Streams⁽¹⁾			186.2				127.8				382.1				260.0
Profit-based royalties			28.1				17.9				53.8				31.9
Interest revenue and other⁽²⁾			13.1				13.2				24.9				25.3
		$	369.4			$	260.1			$	737.8			$	516.9

1.

For Q2 2025, revenue includes a gain of nil for provisional pricing adjustments for gold and platinum group metals (Q2 2024 – a loss of $0.1 million and a gain of $0.2 million for gold and platinum group metals, respectively). For H1 2025, revenue includes gains of $0.1 million and $0.4 million for provisional pricing adjustments for gold and platinum group metals, respectively (H1 2024 – a gain of nil and a loss of $0.1 million, respectively).

2.

For Q2 2025, revenue includes dividend income of $1.4 million from the Company’s equity investment in LIORC (Q2 2024 – $5.1 million). For H1 2025, revenue includes dividend income of $3.6 million from the Company’s equity investment in LIORC (H1 2024 – $7.2 million).