Revenue (Tables)

12 Months Ended

Dec. 31, 2025


	2025		2024
Commodity
Gold⁽¹⁾	$	1,275.8	$	706.9
Silver		235.6		117.8
Platinum group metals⁽¹⁾		37.3		28.3
Precious metals	$	1,548.7	$	853.0
Iron ore⁽²⁾	$	43.7	$	50.5
Other mining assets		12.4		8.2
Other mining	$	56.1	$	58.7
Oil	$	118.8	$	128.6
Gas		65.4		44.1
Natural gas liquids		19.6		20.3
Energy	$	203.8	$	193.0
Revenue from royalty, stream and working interests	$	1,808.6	$	1,104.7
Interest from loans receivable
Interest revenue	$	14.2	$	8.3
Other interest income		—		0.6
	$	1,822.8	$	1,113.6
Geography
South America	$	750.5	$	451.1
Central America & Mexico		216.6		86.1
Canada⁽¹⁾⁽²⁾		354.0		192.8
United States		266.1		205.0
Rest of World		235.6		178.6
	$	1,822.8	$	1,113.6
Type
Revenue-based royalties	$	638.9	$	440.1
Streams⁽¹⁾		990.2		567.9
Profit-based royalties		143.9		57.8
Interest revenue and other⁽²⁾		49.8		47.8
	$	1,822.8	$	1,113.6

1.

For the year ended December 31, 2025, revenue includes a gain of $0.1 million and $1.3 million for provisional pricing adjustments for gold and platinum group metals, respectively (2024 – a gain of $0.1 and nil, respectively).

2.

For the year ended December 31, 2025, revenue includes dividend income of $7.0 million from the Company’s equity investment in LIORC (2024 – $13.8 million).