v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities        
Net income $ 247.1 $ 79.5 $ 456.9 $ 224.0
Adjustments to reconcile net income to net cash provided by operating activities:        
Depletion and depreciation 64.0 52.9 132.4 111.1
Share-based compensation expenses 1.0 1.5 3.1 2.9
Impairment reversal (4.1)   (4.1)  
Gain on disposal of royalty interests       (0.3)
Unrealized foreign exchange (gain) loss (5.2) 6.7 (11.2) 7.8
Deferred income tax expense 37.2 50.9 46.3 56.3
Gain on sale of gold and silver bullion (Note 7) (42.2) (1.1) (49.3) (2.5)
Other non-cash items (5.3) (0.9) (5.6) (1.5)
Gold and silver bullion from royalties received in-kind (10.9) (16.5) (30.1) (32.4)
Proceeds from sale of gold and silver bullion 147.1 5.9 177.3 16.6
Changes in other assets       (17.4)
Operating cash flows before changes in non-cash working capital 428.7 178.9 715.7 364.6
Changes in non-cash working capital:        
Decrease (increase) in receivables 13.5 5.8 5.1 (9.9)
(Increase) decrease in other current assets (20.0) 1.8 (11.1) 2.5
Increase in accounts payable and accrued liabilities 8.1 7.8 9.5 15.7
Net cash provided by operating activities 430.3 194.3 719.2 372.9
Cash flows used in investing activities        
Acquisition of royalty, stream and working interests (1,360.4) (16.2) (1,865.6) (163.1)
Acquisition of investments (3.0) (4.3) (55.3) (11.0)
Proceeds from sale of investments 15.8 1.1 25.5 1.1
Proceeds from repayment of loan receivable 10.0 18.9 10.0 18.9
Acquisition of property and equipment (0.1)   (2.1) (0.1)
Acquisition of energy well equipment (0.4) (0.4) (1.6) (0.7)
Advances of loans receivable   (42.3)   (83.5)
Proceeds from disposal of royalty interests   6.5   11.2
Net cash used in investing activities (1,338.1) (36.7) (1,889.1) (227.2)
Cash flows used in financing activities        
Payment of dividends (67.0) (60.3) (137.2) (119.2)
Proceeds from exercise of stock options 0.9 1.9 4.3 2.7
Revolving credit facility amendment costs   (0.8)   (0.8)
Net cash used in financing activities (66.1) (59.2) (132.9) (117.3)
Effect of exchange rate changes on cash and cash equivalents 6.1 (11.4) 11.8 (11.3)
Net change in cash and cash equivalents (967.8) 87.0 (1,291.0) 17.1
Cash and cash equivalents at beginning of period 1,128.1 1,352.0 1,451.3 1,421.9
Cash and cash equivalents at end of period 160.3 1,439.0 160.3 1,439.0
Supplemental cash flow information:        
Income taxes paid 45.7 35.1 93.2 42.5
Dividend income received 2.2 2.1 5.5 4.2
Interest and standby fees paid $ 0.4 $ 0.6 $ 1.4 $ 1.0