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Segment Reporting

6 Months Ended

Jun. 30, 2023

Note 18 - Segment Reporting

The chief operating decision-maker organizes and manages the business under two operating segments, consisting of royalty, stream and working interests in each of the mining and energy sectors.

The Company’s reportable segments for purposes of assessing performance are presented as follows:


	For the three months ended June 30,
	2023						2022
	Mining		Energy		Total		Mining		Energy		Total
Revenue	$	274.4	$	55.5	$	329.9	$	260.8	$	91.5	$	352.3

Expenses
Costs of sales	$	43.8	$	3.3	$	47.1	$	41.7	$	3.8	$	45.5
Depletion and depreciation		56.6		18.3		74.9		53.7		15.3		69.0
Segment gross profit	$	174.0	$	33.9	$	207.9	$	165.4	$	72.4	$	237.8


	For the six months ended June 30,
	2023						2022
	Mining		Energy		Total		Mining		Energy		Total
Revenue	$	501.7	$	104.5	$	606.2	$	524.0	$	167.1	$	691.1

Expenses
Costs of sales	$	79.2	$	6.1	$	85.3	$	82.2	$	6.9	$	89.1
Depletion and depreciation		103.4		32.4		135.8		110.9		32.3		143.2
Segment gross profit	$	319.1	$	66.0	$	385.1	$	330.9	$	127.9	$	458.8

A reconciliation of total segment gross profit to consolidated net income before income taxes is presented below:


		For the three months ended				For the six months ended
		June 30,				June 30,
		2023		2022		2023		2022
Total segment gross profit	$	207.9	$	237.8	$	385.1	$	458.8

Other operating expenses (income)
General and administrative expenses	$	6.2	$	5.8	$	12.4	$	11.4
Share-based compensation expense		2.4		—		5.6		4.3
Gain on sale of royalty interest		—		—		(3.7)		—
Gain on sale of gold bullion		(1.4)		(0.2)		(2.1)		(1.5)
Depreciation		0.2		0.6		0.3		1.0
Foreign exchange gain (loss) and other income (expenses)		(1.7)		0.4		(3.9)		(5.8)
Income before finance items and income taxes	$	202.2	$	231.2	$	376.5	$	449.4

Finance items
Finance income	$	10.0	$	2.8	$	20.5	$	3.5
Finance expenses		(0.7)		(0.8)		(1.4)		(1.7)
Net income before income taxes	$	211.5	$	233.2	$	395.6	$	451.2