Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments

Schedule of investments


			At December 31,				At December 31,
			2025				2024
Equity investments at FVTOCI			$	1,105.3			$	324.8
Warrants				36.0				0.7
			$	1,141.3			$	325.5

Schedule of equity method investments

Changes in equity investments at FVTOCI for the years ended December 31, 2025 and 2024 were as follows:


			Fair value at							Gain on							Impact of				Fair value at				Realized
			January 1,				Cost of			changes in			Proceeds of				foreign				December 31,				gain on
			2025				additions			fair value			disposition				exchange				2025				disposal
G Mining Ventures			$	133.8			$	—		$	392.3		$	—			$	13.5			$	539.6			$	—
Discovery				—				49.4			351.6			(84.4)				6.4				323.0				67.4
Labrador Iron Ore Royalty Corporation ("LIORC")				127.3				—			4.2			—				6.5				138.0				—
Other				63.7				26.7			54.2			(42.7)				2.8				104.7				19.7
			$	324.8			$	76.1		$	802.3		$	(127.1)			$	29.2			$	1,105.3			$	87.1


			Fair value at							Gain (loss) on							Impact of				Fair value at				Realized
			January 1,				Cost of			changes in			Proceeds of				foreign				December 31,				loss on
			2024				additions			fair value			disposition				exchange				2024				disposal
G Mining Ventures			$	47.6			$	47.1		$	46.5		$	—			$	(7.4)			$	133.8			$	—
LIORC				152.7				—			(13.0)			—				(12.4)				127.3				—
Other				46.1				56.1			13.1			(45.5)				(6.1)				63.7				(2.1)
			$	246.4			$	103.2		$	46.6		$	(45.5)			$	(25.9)			$	324.8			$	(2.1)

Schedule of unrealized gains (losses) on available-for-sale investments recognized in other comprehensive income


			2025						2024
						Accumulated other
			Equity investments			comprehensive			Equity investments			Accumulated other
			at FVTOCI			income (loss)			at FVTOCI			comprehensive loss
Balance at January 1		$	324.8		$	(282.0)		$	246.4		$	(192.0)

Changes in fair value of equity investments at FVTOCI:
Held during the year			717.3			717.3			38.5			38.5
Disposed during the year			85.0			85.0			8.1			8.1
Income tax expense			—			(106.0)			—			(6.2)
Gain on changes in the fair value of equity investments at FVTOCI			802.3			696.3			46.6			40.4

Additions			76.1			—			103.2			—
Disposals			(127.1)			—			(45.5)			—
Transfers within equity following disposal			—			(75.0)			—			0.9
Impact of foreign exchange			29.2			—			(25.9)			—
Currency translation adjustment			—			91.2			—			(131.3)
Balance at December 31		$	1,105.3		$	430.5		$	324.8		$	(282.0)