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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of income tax expense


			2023				2022
Current income tax expense
Expense for the year			$	73.0			$	99.8
Adjustments in respect of prior years				2.6				(4.1)
Current income tax expense			$	75.6			$	95.7
Deferred income tax expense
Origination and reversal of temporary differences			$	22.8			$	34.9
Impact of changes in tax rates				(0.9)				1.2
Change in unrecognized deductible temporary differences				8.1				—
Adjustments in respect of prior years				(2.9)				1.6
Other				(0.5)				(0.3)
Deferred income tax expense				26.6				37.4
Income tax expense			$	102.2			$	133.1

Reconciliation of the provision for income taxes


			2023				2022
Net (loss) income before income taxes			$	(364.2)			$	833.7
Statutory tax rate				26.5%				26.5%
Tax (recovery) expense at statutory rate			$	(96.5)			$	220.9
Reconciling items
Change in unrecognized deductible temporary differences			$	8.1			$	—
Income not taxable				(5.5)				(2.6)
Differences in foreign statutory tax rates				195.7				(85.1)
Differences due to changing future tax rates				(0.9)				1.2
Foreign withholding taxes				0.6				0.9
Adjustments in respect of prior years				(0.3)				(2.5)
Other				1.0				0.3
Income tax expense			$	102.2			$	133.1

Schedule of income tax recovery (expense) recognized in other comprehensive income (loss)


				2023												2022
				Income								Income				Loss								Loss
				before				Tax				after				before				Tax				after
				tax				expense				tax				tax				recovery				tax
Gain (loss) on changes in the fair value of equity investments at FVTOCI			$	8.4			$	(1.1)			$	7.3			$	(42.3)			$	5.6			$	(36.7)
Currency translation adjustment				34.8				—				34.8				(92.0)				—				(92.0)
Other comprehensive income (loss)			$	43.2			$	(1.1)			$	42.1			$	(134.3)			$	5.6			$	(128.7)
Income tax (expense) recovery in other comprehensive income (loss)							$	(1.1)											$	5.6

Schedule of components of deferred income tax assets and liabilities


			2023				2022
Deferred income tax assets
Deductible temporary differences relating to
Royalty, stream and working interests			$	28.7			$	34.1
Non-capital loss carry-forwards				7.9				6.6
Other				0.4				(0.8)
			$	37.0			$	39.9

Deferred income tax liabilities
Taxable temporary differences relating to
Share issue and debt issue costs			$	(0.3)			$	(0.3)
Royalty, stream and working interests				179.9				156.4
Non-capital loss carry-forwards				(2.8)				(2.6)
Investments				10.1				7.5
Other				(6.8)				(8.0)
			$	180.1			$	153.0
Deferred income tax liabilities, net			$	143.1			$	113.1

Schedule of movement in net deferred tax liabilities


				2023				2022
Balance, beginning of year			$	113.1			$	86.0
Recognized in net (loss) income				26.6				37.4
Recognized in other comprehensive income (loss)				1.1				(5.6)
Other				2.3				(4.7)
Balance, end of year			$	143.1			$	113.1

Schedule of non-capital losses


Country		Type		Amount			Expiry date
Canada		Non-Capital Losses		$	30.1		2030-2039
Chile		Non-Capital Losses			10.5		No expiry
				$	40.6

Schedule of deductible temporary differences, losses and unused tax credits for which no deferred tax assets


			2023					2022
Royalty, stream and working interests			$	672.8			$	—
Tax losses (expiry dates - 2032-2043) - Canada				6.5				—
			$	679.3			$	—