Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting

Schedule of reportable segments for purposes of assessing performance and reconciliation of total segment gross profit to consolidated net income (loss) before taxes


		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


			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.

Summary of revenue, royalty, stream or working interest, investments, loans receivable and well equipment by geographical area


		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


			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


			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.