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Royalty, Stream and Working Interests | 6 Months Ended
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Jun. 30, 2023
Royalty, Stream and Working Interests |
Royalty, Stream and Working Interests | ​ Note 7 - Royalty, Stream and Working Interests
(a) | Royalty, Stream and Working Interests
Royalty, stream and working interests, net of accumulated depletion and impairment charges and reversals, comprised the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Impairment | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Accumulated | ​ | (charges) | ​ | ​ | ​ | ​ | ​
As at June 30, 2023 |  | Cost |  | depletion(1) |  | reversals |  |  | Carrying value |
Mining royalties | ​ | $ | 1,681.1 | ​ | $ | (739.5) | ​ | $ | — | ​ | ​ | $ | 941.6 | ​
Streams | ​ | ​ | 4,697.6 | ​ | ​ | (2,149.3) | ​ | ​ | — | ​ | ​ | ​ | 2,548.3 | ​
Energy | ​ | ​ | 1,958.9 | ​ | ​ | (795.8) | ​ | ​ | — | ​ | ​ | ​ | 1,163.1 | ​
Advanced | ​ | ​ | 412.5 | ​ | ​ | (56.2) | ​ | ​ | — | ​ | ​ | ​ | 356.3 | ​
Exploration | ​ | ​ | 87.3 | ​ | ​ | (10.0) | ​ | ​ | — | ​ | ​ | ​ | 77.3 | ​
​ | ​ | $ | 8,837.4 | ​ | $ | (3,750.8) | ​ | $ | — | ​ | ​ | $ | 5,086.6 | ​
| 1. | Accumulated depletion includes previously recognized impairment charges and reversals.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Impairments | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Accumulated | ​ | (charges) | ​ | ​ | ​ | ​ | ​
As at December 31, 2022 |  | Cost |  | depletion(1) |  | reversals |  |  | Carrying value |
Mining royalties | ​ | $ | 1,582.7 | ​ | $ | (716.9) | ​ | $ | — | ​ | ​ | $ | 865.8 | ​
Streams | ​ | ​ | 4,513.1 | ​ | ​ | (2,065.7) | ​ | ​ | — | ​ | ​ |  | 2,447.4 | ​
Energy | ​ | ​ | 1,937.0 | ​ | ​ | (755.5) | ​ | ​ | — | ​ | ​ |  | 1,181.5 | ​
Advanced | ​ | ​ | 426.6 | ​ | ​ | (55.6) | ​ | ​ | — | ​ | ​ | ​ | 371.0 | ​
Exploration | ​ | ​ | 71.7 | ​ | ​ | (9.9) | ​ | ​ | — | ​ | ​ | ​ | 61.8 | ​
​ | ​ | $ | 8,531.1 | ​ | $ | (3,603.6) | ​ | $ | — | ​ | ​ | $ | 4,927.5 | ​
​
| 1. | Accumulated depletion includes previously recognized impairment charges and reversals.
Changes in royalty, stream and working interests for the periods ended June 30, 2023 and December 31, 2022 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Mining | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | royalties |  | Streams |  | Energy |  | Advanced |  | Exploration |  | Total |
Balance at January 1, 2022 | ​ | $ | 903.0 | ​ | $ | 2,623.0 | ​ | $ | 1,258.3 | ​ | $ | 308.8 | ​ | $ | 56.2 | ​ | $ | 5,149.3 | ​
Additions | ​ |  | 44.1 | ​ | ​ | 1.6 | ​ | ​ | 12.1 | ​ | ​ | 72.7 | ​ | ​ | 7.9 | ​ |  | 138.4 | ​
Depletion | ​ |  | (40.2) | ​ |  | (177.2) | ​ |  | (66.4) | ​ |  | (0.2) | ​ |  | — | ​ |  | (284.0) | ​
Impact of foreign exchange | ​ |  | (41.1) | ​ |  | — | ​ |  | (22.5) | ​ |  | (10.3) | ​ |  | (2.3) | ​ |  | (76.2) | ​
Balance at December 31, 2022 | ​ | $ | 865.8 | ​ | $ | 2,447.4 | ​ | $ | 1,181.5 | ​ | $ | 371.0 | ​ | $ | 61.8 | ​ | $ | 4,927.5 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at January 1, 2023 | ​ | $ | 865.8 | ​ | $ | 2,447.4 | ​ | $ | 1,181.5 | ​ | $ | 371.0 | ​ | $ | 61.8 | ​ | $ | 4,927.5 | ​
Additions | ​ | ​ | 9.6 | ​ | ​ | 184.3 | ​ | ​ | 5.9 | ​ | ​ | 57.4 | ​ | ​ | 15.0 | ​ | ​ | 272.2 | ​
Disposals | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (3.3) | ​ |  | — | ​ |  | (3.3) | ​
Transfers | ​ |  | 71.6 | ​ |  | — | ​ |  | — | ​ |  | (71.6) | ​ |  | — | ​ |  | — | ​
Depletion | ​ |  | (19.9) | ​ |  | (83.3) | ​ |  | (31.6) | ​ |  | (0.2) | ​ |  | — | ​ |  | (135.0) | ​
Impact of foreign exchange | ​ |  | 14.5 | ​ |  | (0.1) | ​ |  | 7.3 | ​ |  | 3.0 | ​ |  | 0.5 | ​ |  | 25.2 | ​
Balance at June 30, 2023 | ​ | $ | 941.6 | ​ | $ | 2,548.3 | ​ | $ | 1,163.1 | ​ | $ | 356.3 | ​ | $ | 77.3 | ​ | $ | 5,086.6 | ​
​ ​ Of the total net book value as at June 30, 2023, $4,186.5 million (December 31, 2022 - $3,980.2 million) is depletable and $900.1 million (December 31, 2022 - $947.3 million) is non-depletable.
(b) | Disposal of Royalty Interest
On February 22, 2023, Marathon exercised its option to buy-back 0.5% of Franco-Nevada’s initial 2.0% NSR on the Valentine Gold project by paying $7.0 million to Franco-Nevada. Franco-Nevada acquired the initial NSR on February 21, 2019 for $13.7 million (C$18.0 million). The carrying value of the NSR portion subject to the buy-back was $3.3 million (C$4.5 million). The Company recognized a gain on disposal of $3.7 million in the consolidated statement of income and comprehensive income for the six months ended June 30, 2023.

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