v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities    
Net income $ 1,112.1 $ 552.1
Adjustments to reconcile net income to net cash provided by operating activities:    
Depletion and depreciation 306.7 225.3
Share-based compensation expenses 6.3 5.4
Impairment reversal (4.8)  
Gain on disposal of royalty interests   (0.3)
Unrealized foreign exchange (gain) loss (10.4) 12.9
Deferred income tax expense 108.1 66.3
Gain on sale of gold and silver bullion (Note 8) (54.3) (7.9)
(Gain) loss on derivative financial instruments (32.7) 6.0
Other non-cash items (10.3) (4.2)
Gold and silver bullion from royalties received in-kind (117.0) (72.7)
Proceeds from sale of gold and silver bullion 221.0 42.6
Changes in other assets   (17.4)
Operating cash flows before changes in non-cash working capital 1,524.7 808.1
Changes in non-cash working capital:    
Increase in receivables (90.1) (40.8)
(Increase) decrease in other current assets (4.7) 15.6
Increase in accounts payable and accrued liabilities 63.8 46.6
Net cash provided by operating activities 1,493.7 829.5
Cash flows used in investing activities    
Acquisition of royalty, stream and working interests (2,191.6) (406.0)
Proceeds from repayment of loan receivable 114.1 28.9
Proceeds from sale of investments 109.9 23.3
Acquisition of investments (60.3) (74.5)
Advances of loans receivable   (118.2)
Proceeds from disposal of royalty interests   11.2
Acquisition of energy well equipment (2.7) (1.8)
Acquisition of property and equipment (2.4) (0.2)
Net cash used in investing activities (2,033.0) (537.3)
Cash flows used in financing activities    
Payment of dividends (275.1) (242.4)
Proceeds from draw down of Corporate Revolver 175.0  
Repayment of Corporate Revolver (175.0)  
Proceeds from exercise of stock options 7.7 2.8
Revolving credit facility amendment costs   (0.8)
Net cash used in financing activities (267.4) (240.4)
Effect of exchange rate changes on cash and cash equivalents 26.3 (22.4)
Net change in cash and cash equivalents (780.4) 29.4
Cash and cash equivalents at beginning of year 1,451.3 1,421.9
Cash and cash equivalents at end of year 670.9 1,451.3
Supplemental cash flow information:    
Income taxes paid 162.0 73.8
Dividend income received 8.7 12.6
Interest and standby fees paid $ 4.0 $ 2.1