Note 22 - Segment Reporting Prior to Q4 2024, the Company presented two reportable segments: mining (which comprised the precious metal and other mining operating segments) and energy. Starting in Q4 2024, the Company changed to three reportable segments: precious metals, other mining and energy. The prior period amounts have been reclassified for consistency with the current period presentation. The Company’s reportable segments for purposes of assessing performance are presented as follows: | | | | | | | | | | | | | | | | | For the three months ended June 30, | | | 2025 | | | Precious metals | | | Other mining | | | Energy | | Total | | Revenue | | | | | | | | | | | | | | | Revenue from royalty, streams and working interests | | $ | 304.0 | | $ | 10.2 | | | $ | 52.5 | | $ | 366.7 | | Interest revenue | | | 2.7 | | | — | | | | — | | | 2.7 | | Total Revenue | | $ | 306.7 | | $ | 10.2 | | | $ | 52.5 | | $ | 369.4 | | | | | | | | | | | | | | | | | Expenses | | | | | | | | | | | | | | | Costs of sales | | $ | 31.1 | | $ | — | | | $ | 2.4 | | $ | 33.5 | | Depletion and depreciation | | | 44.8 | | | 2.8 | | | | 16.2 | | | 63.8 | | Segment gross profit | | $ | 230.8 | | $ | 7.4 | | | $ | 33.9 | | $ | 272.1 | |
| | | | | | | | | | | | | | | | | For the three months ended June 30, | | | 2024 | | | Precious metals | | | Other mining | | | Energy | | Total | | Revenue | | | | | | | | | | | | | | | Revenue from royalty, streams and working interests | | $ | 193.0 | | $ | 13.7 | | | $ | 50.9 | | $ | 257.6 | | Interest revenue | | | 2.2 | | | — | | | | — | | | 2.2 | | Other interest income | | | 0.3 | | | — | | | | — | | | 0.3 | | Total Revenue | | $ | 195.5 | | $ | 13.7 | | | $ | 50.9 | | $ | 260.1 | | | | | | | | | | | | | | | | | Expenses | | | | | | | | | | | | | | | Costs of sales | | $ | 26.6 | | $ | — | | | $ | 2.5 | | $ | 29.1 | | Depletion and depreciation | | | 35.3 | | | 2.9 | | | | 13.7 | | | 51.9 | | Segment gross profit | | $ | 133.6 | | $ | 10.8 | | | $ | 34.7 | | $ | 179.1 | |
| | | | | | | | | | | | | | | | | For the six months ended June 30, | | | 2025 | | | Precious metals | | | Other mining | | | Energy | | Total | | Revenue | | | | | | | | | | | | | | | Revenue from royalty, streams and working interests | | $ | 594.7 | | $ | 27.0 | | | $ | 110.5 | | $ | 732.2 | | Interest revenue | | | 5.6 | | | — | | | | — | | | 5.6 | | Total Revenue | | $ | 600.3 | | $ | 27.0 | | | $ | 110.5 | | $ | 737.8 | | | | | | | | | | | | | | | | | Expenses | | | | | | | | | | | | | | | Costs of sales | | $ | 65.1 | | $ | — | | | $ | 6.9 | | $ | 72.0 | | Depletion and depreciation | | | 91.9 | | | 7.7 | | | | 32.5 | | | 132.1 | | Segment gross profit | | $ | 443.3 | | $ | 19.3 | | | $ | 71.1 | | $ | 533.7 | |
| | | | | | | | | | | | | | | | | For the six months ended June 30, | | | 2024 | | | Precious metals | | | Other mining | | | Energy | | Total | | Revenue | | | | | | | | | | | | | | | Revenue from royalty, streams and working interests | | $ | 387.0 | | $ | 31.5 | | | $ | 94.7 | | $ | 513.2 | | Interest revenue | | | 3.1 | | | — | | | | — | | | 3.1 | | Other interest income | | | 0.6 | | | — | | | | — | | | 0.6 | | Total Revenue | | $ | 390.7 | | $ | 31.5 | | | $ | 94.7 | | $ | 516.9 | | | | | | | | | | | | | | | | | Expenses | | | | | | | | | | | | | | | Costs of sales | | $ | 57.2 | | $ | — | | | $ | 5.5 | | $ | 62.7 | | Depletion and depreciation | | | 73.0 | | | 6.5 | | | | 30.4 | | | 109.9 | | Segment gross profit | | $ | 260.5 | | $ | 25.0 | | | $ | 58.8 | | $ | 344.3 | |
A reconciliation of total segment gross profit to consolidated net income before income taxes is presented below: | | | | | | | | | | | | | | | | | | | | | For the three months ended | | | For the six months ended | | | | | June 30, | | | June 30, | | | | | 2025 | | | 2024 | | | 2025 | | | 2024 | | Total segment gross profit | | $ | 272.1 | | | $ | 179.1 | | | $ | 533.7 | | | $ | 344.3 | | | | | | | | | | | | | | | | | | | | | Other operating expenses (income) | | | | | | | | | | | | | | | | | | General and administrative expenses | | $ | 5.7 | | | $ | 7.6 | | | $ | 14.4 | | | $ | 11.8 | | | Share-based compensation expense | | | 2.8 | | | | 1.8 | | | | 8.5 | | | | 4.6 | | | Cobre Panama arbitration expense(1) | | | 3.9 | | | | 0.8 | | | | 4.6 | | | | 2.3 | | | Impairment reversal(1) | | | (4.1) | | | | — | | | | (4.1) | | | | — | | | Gain on disposal of royalty interests(1) | | | — | | | | — | | | | — | | | | (0.3) | | | Gain on sale of gold and silver bullion(1) | | | (42.2) | | | | (1.1) | | | | (49.3) | | | | (2.5) | | | Depreciation | | | 0.2 | | | | 1.0 | | | | 0.3 | | | | 1.2 | | | Foreign exchange (gain) loss and other (income) expenses | | | (4.1) | | | | 9.8 | | | | (9.8) | | | | 11.4 | | | Income before finance items and income taxes | | $ | 309.9 | | | $ | 159.2 | | | $ | 569.1 | | | $ | 315.8 | | | | | | | | | | | | | | | | | | | | | Finance items | | | | | | | | | | | | | | | | | | Finance income | | $ | 6.6 | | | $ | 16.2 | | | $ | 17.7 | | | $ | 32.2 | | | Finance expenses | | | (0.8) | | | | (0.6) | | | | (1.5) | | | | (1.2) | | | Net income before income taxes | | $ | 315.7 | | | $ | 174.8 | | | $ | 585.3 | | | $ | 346.8 | | |
| 1. | Amounts were attributed to the precious metals reportable segment for the three and six months ended June 30, 2025 and 2024. |
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