Note 24 - Segment Reporting The Company’s President & Chief Executive Officer, who is the Company’s chief operating decision-maker (“CODM”), assesses the Company’s performance and makes decisions regarding resource allocation based on primarily the operating segments’ revenue, in addition to gross profit. The CODM organizes and manages the business under three reportable segments, consisting of precious metals, other mining and energy. The Company’s reportable segments for the purposes of assessing performance are presented as follows: | | | | | | | | | | | | | | | | | 2025 | | | Precious metals | | | Other mining | | | Energy | | Total | | Revenue | | | | | | | | | | | | | | | Revenue from royalty, streams and working interests | | $ | 1,548.7 | | $ | 56.1 | | | $ | 203.8 | | $ | 1,808.6 | | Interest revenue | | | 14.2 | | | — | | | | — | | | 14.2 | | Total Revenue | | $ | 1,562.9 | | $ | 56.1 | | | $ | 203.8 | | $ | 1,822.8 | | | | | | | | | | | | | | | | | Expenses | | | | | | | | | | | | | | | Costs of sales | | $ | 156.3 | | $ | 0.1 | | | $ | 12.4 | | $ | 168.8 | | Depletion and depreciation | | | 225.6 | | | 14.9 | | | | 65.6 | | | 306.1 | | Segment gross profit | | $ | 1,181.0 | | $ | 41.1 | | | $ | 125.8 | | $ | 1,347.9 | |
| | | | | | | | | | | | | | | | | 2024 | | | Precious metals | | | Other mining | | | Energy | | Total | | Revenue | | | | | | | | | | | | | | | Revenue from royalty, streams and working interests | | $ | 853.0 | | $ | 58.7 | | | $ | 193.0 | | $ | 1,104.7 | | Interest revenue | | | 8.3 | | | — | | | | — | | | 8.3 | | Other interest income | | | 0.6 | | | — | | | | — | | | 0.6 | | Total Revenue | | $ | 861.9 | | $ | 58.7 | | | $ | 193.0 | | $ | 1,113.6 | | | | | | | | | | | | | | | | | Expenses | | | | | | | | | | | | | | | Costs of sales | | $ | 116.7 | | $ | 0.1 | | | $ | 12.2 | | $ | 129.0 | | Depletion and depreciation | | | 150.5 | | | 11.6 | | | | 62.6 | | | 224.7 | | Segment gross profit | | $ | 594.7 | | $ | 47.0 | | | $ | 118.2 | | $ | 759.9 | |
A reconciliation of segment gross profit to consolidated net income before taxes is presented below: | | | | | | | | | | | | | 2025 | | | 2024 | | Segment gross profit | | $ | 1,347.9 | | | $ | 759.9 | | | | | | | | | | | | | Other operating expenses (income) | | | | | | | | | | General and administrative expenses | | $ | 35.3 | | | $ | 32.9 | | | Share-based compensation expense | | | 16.9 | | | | 8.0 | | | Impairment reversal(1) | | | (4.8) | | | | — | | | Gain on disposal of royalty interests(1) | | | — | | | | (0.3) | | | Gain on sale of gold and silver bullion(1) | | | (54.3) | | | | (7.9) | | | Depreciation | | | 0.6 | | | | 0.6 | | | Foreign exchange (gain) loss and other (income) expenses | | | (36.7) | | | | 20.7 | | | Income before finance items and income taxes | | $ | 1,390.9 | | | $ | 705.9 | | | | | | | | | | | | | Finance items | | | | | | | | | | Finance income | | $ | 28.2 | | | $ | 60.6 | | | Finance expenses | | | (3.1) | | | | (2.6) | | | Net income before income taxes | | $ | 1,416.0 | | | $ | 763.9 | | |
| 1. | Amounts were attributed to the precious metals reportable segment for the year ended December 31, 2025 and 2024. |
Revenues earned during the years ended December 31, 2025 and 2024 are presented by geographic area based on the location of the mining operations giving rise to the royalty, stream or working interest and location of the borrower giving rise to interest revenue and other interest income: | | | | | | | | | | | 2025 | | 2024 | | Latin America | | | | | | | | | Peru | | $ | 384.4 | | | $ | 223.7 | | Chile | | | 251.6 | | | | 168.9 | | Brazil | | | 147.5 | | | | 52.2 | | Panama | | | 38.3 | | | | 0.1 | | Other | | | 145.3 | | | | 92.3 | | Canada | | | 354.0 | | | | 192.8 | | United States | | | 266.1 | | | | 205.0 | | Rest of World | | | 235.6 | | | | 178.6 | | | | $ | 1,822.8 | | | $ | 1,113.6 | |
For the year ended December 31, 2025, one interest generated 13% of the Company’s revenue, totaling $232.5 million. Comparatively, for the year ended December 31, 2024 two interests generated revenue of 15% and 12%, respectively, totaling $294.1 million. Royalty, stream and working interests as at December 31, 2025 and 2024 are presented by geographic area based on the location of the mining operations giving rise to the royalty, stream or working interest. | | | | | | | | | | | | 2025 | | | | 2024 | | Latin America | | | | | | | | | Peru | | $ | 715.1 | | | $ | 789.5 | | Brazil | | | 661.8 | | | | 673.3 | | Chile | | | 476.5 | | | | 509.6 | | Other | | | 179.5 | | | | 151.5 | | Canada | | | 1,930.4 | | | | 600.4 | | United States | | | 1,435.8 | | | | 1,197.4 | | South Africa | | | 484.8 | | | | 12.9 | | Australia | | | 33.3 | | | | 29.5 | | Rest of World | | | 125.9 | | | | 134.7 | | | | $ | 6,043.1 | | | $ | 4,098.8 | |
The Company also holds investments, loans receivable and well equipment in the following geographic area: | | | | | | | | | | | | 2025 | | | | 2024 | | Investments | | | | | | | | | Canada | | $ | 1,140.0 | | | $ | 320.4 | | United States | | | 1.3 | | | | 5.1 | | | | $ | 1,141.3 | | | $ | 325.5 | | Loans receivable | | | | | | | | | Canada | | $ | - | | | $ | 110.0 | | | | $ | - | | | $ | 110.0 | | Well equipment(1) | | | | | | | | | Canada | | $ | 6.4 | | | $ | 5.6 | | | | $ | 6.4 | | | $ | 5.6 | |
| 1 | Well equipment is included in other assets, as referenced in Note 11. |
|