v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating activities    
Net earnings $ 206,088 $ 16,267
Adjustments for:    
Share-based compensation 8,388 6,238
Depletion and amortization 36,990 33,572
Impairment of royalty, stream and other interests 5,495 49,558
Change in allowance for expected credit loss and write-off of other investments and interest receivable 0 (1,399)
Share of loss of associates 14,178 30,025
Change in fair value of financial assets at fair value through profit and loss (5,315) (343)
Net loss on dilution of investments in associates 0 9,300
Gain on deemed disposal of an associate (54,439) 0
Reclassification to the statement of income of other comprehensive loss on the deemed disposal of an investment in associate 1,147 0
Foreign exchange (gain) loss (734) 4,428
Deferred income tax expense 18,664 11,183
Other 168 2,973
Net cash flows provided by operating activities before changes in non-cash working capital items 230,630 161,802
Changes in non-cash working capital items 14,966 (1,877)
Net cash flows provided by operating activities 245,596 159,925
Investing activities    
Acquisitions of short-term investments 0 (5,983)
Acquisitions of investments (12,599) 0
Proceeds from disposal of investments 49,805 3,847
Acquisitions of royalty, stream and other interests (36,879) (73,449)
Proceeds on the exercise of a buy-down right 2,051 0
Other (1,026) (57)
Net cash flows provided by (used in) investing activities 1,352 (75,642)
Financing activities    
Increase in long-term debt 10,437 35,000
Repayment of long-term debt (105,372) (84,721)
Exercise of share options and shares issued under the share purchase plan 11,736 9,558
Normal course issuer bid purchase of common shares (36,673) (428)
Dividends paid (34,861) (30,650)
Withholding taxes on settlement of restricted and deferred share units (6,512) (2,442)
Other (2,101) (1,185)
Net cash flows used in financing activities (163,346) (74,868)
Increase in cash before effects of exchange rate changes 83,602 9,415
Effects of exchange rate changes on cash (567) (1,523)
Net increase in cash 83,035 7,892
Cash - January 1 59,096 51,204
Cash - December 31 $ 142,131 $ 59,096