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Royalty, Stream and Working Interests | 6 Months Ended
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Jun. 30, 2024
Royalty, Stream and Working Interests |
Royalty, Stream and Working Interests | ​ ​ Note 8 - Royalty, Stream and Working Interests
(a) | Royalty, Stream and Working Interests
Royalty, stream and working interests, net of accumulated depletion and impairment losses and reversals, comprised the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Impairment | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Accumulated | ​ | (losses) | ​ | ​ | ​ | ​ | ​
As at June 30, 2024 |  | Cost |  | depletion(1) |  | reversals(2) |  |  | Carrying value |
Mining royalties | ​ | $ | 1,717.5 | ​ | $ | (775.3) | ​ | $ | — | ​ | ​ | $ | 942.2 | ​
Streams | ​ | ​ | 4,774.3 | ​ | ​ | (3,463.5) | ​ | ​ | — | ​ | ​ | ​ | 1,310.8 | ​
Energy | ​ | ​ | 2,084.5 | ​ | ​ | (846.5) | ​ | ​ | — | ​ | ​ | ​ | 1,238.0 | ​
Advanced | ​ | ​ | 406.1 | ​ | ​ | (46.6) | ​ | ​ | — | ​ | ​ | ​ | 359.5 | ​
Exploration | ​ | ​ | 198.8 | ​ | ​ | (18.2) | ​ | ​ | — | ​ | ​ | ​ | 180.6 | ​
​ | ​ | $ | 9,181.2 | ​ | $ | (5,150.1) | ​ | $ | — | ​ | ​ | $ | 4,031.1 | ​
| 1. | Accumulated depletion includes impairment losses recognized prior to the six months ended June 30, 2024.
| 2. | Impairment (losses) reversals recognized in the six months ended June 30, 2024.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Impairments | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Accumulated | ​ | (losses) | ​ | ​ | ​ | ​ | ​
As at December 31, 2023 |  | Cost |  | depletion(1) |  | reversals(2) |  |  | Carrying value |
Mining royalties | ​ | $ | 1,709.7 | ​ | $ | (761.0) | ​ | $ | — | ​ | ​ | $ | 948.7 | ​
Streams | ​ | ​ | 4,763.6 | ​ | ​ | (2,235.4) | ​ | ​ | (1,169.2) | ​ | ​ |  | 1,359.0 | ​
Energy | ​ | ​ | 1,976.0 | ​ | ​ | (825.5) | ​ | ​ | (4.1) | ​ | ​ |  | 1,146.4 | ​
Advanced | ​ | ​ | 444.5 | ​ | ​ | (48.5) | ​ | ​ | — | ​ | ​ | ​ | 396.0 | ​
Exploration | ​ | ​ | 194.7 | ​ | ​ | (17.7) | ​ | ​ | — | ​ | ​ | ​ | 177.0 | ​
​ | ​ | $ | 9,088.5 | ​ | $ | (3,888.1) | ​ | $ | (1,173.3) | ​ | ​ | $ | 4,027.1 | ​
​
| 1. | Accumulated depletion includes impairment losses recognized prior to the year ended December 31, 2023.
| 2. | Impairment (losses) reversals recognized in the year ended December 31, 2023 included the impairment related to Cobre Panama (refer to Note 23 (a)).
Changes in royalty, stream and working interests for the periods ended June 30, 2024 and December 31, 2023 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Mining | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | royalties |  | Streams |  | Energy |  | Advanced |  | Exploration |  | Total |
Balance at January 1, 2023 | ​ | $ | 865.8 | ​ | $ | 2,447.4 | ​ | $ | 1,181.5 | ​ | $ | 371.0 | ​ | $ | 61.8 | ​ | $ | 4,927.5 | ​
Additions | ​ | ​ | 37.7 | ​ | ​ | 250.2 | ​ | ​ | 22.2 | ​ | ​ | 99.3 | ​ | ​ | 110.2 | ​ |  | 519.6 | ​
Disposals | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (3.3) | ​ |  | — | ​ |  | (3.3) | ​
Transfers | ​ |  | 71.3 | ​ |  | — | ​ |  | — | ​ |  | (75.6) | ​ |  | 4.3 | ​ |  | — | ​
Impairment losses | ​ | ​ | — | ​ | ​ | (1,169.2) | ​ |  | (4.1) | ​ |  | — | ​ |  | — | ​ |  | (1,173.3) | ​
Depletion | ​ |  | (40.2) | ​ |  | (169.4) | ​ |  | (60.8) | ​ |  | (0.3) | ​ |  | — | ​ |  | (270.7) | ​
Impact of foreign exchange | ​ |  | 14.1 | ​ |  | — | ​ |  | 7.6 | ​ |  | 4.9 | ​ |  | 0.7 | ​ |  | 27.3 | ​
Balance at December 31, 2023 | ​ | $ | 948.7 | ​ | $ | 1,359.0 | ​ | $ | 1,146.4 | ​ | $ | 396.0 | ​ | $ | 177.0 | ​ | $ | 4,027.1 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at January 1, 2024 | ​ | $ | 948.7 | ​ | $ | 1,359.0 | ​ | $ | 1,146.4 | ​ | $ | 396.0 | ​ | $ | 177.0 | ​ | $ | 4,027.1 | ​
Additions | ​ | ​ | — | ​ | ​ | 10.8 | ​ | ​ | 132.5 | ​ | ​ | 8.9 | ​ | ​ | 13.3 | ​ | ​ | 165.5 | ​
Disposals | ​ |  | (10.8) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (10.8) | ​
Transfers | ​ |  | 44.8 | ​ |  | — | ​ |  | — | ​ |  | (36.5) | ​ |  | (8.3) | ​ |  | — | ​
Depletion | ​ |  | (20.5) | ​ |  | (59.0) | ​ |  | (30.4) | ​ |  | — | ​ |  | — | ​ |  | (109.9) | ​
Impact of foreign exchange | ​ |  | (20.0) | ​ |  | — | ​ |  | (10.5) | ​ |  | (8.9) | ​ |  | (1.4) | ​ |  | (40.8) | ​
Balance at June 30, 2024 | ​ | $ | 942.2 | ​ | $ | 1,310.8 | ​ | $ | 1,238.0 | ​ | $ | 359.5 | ​ | $ | 180.6 | ​ | $ | 4,031.1 | ​
​ ​ Of the total net book value as at June 30, 2024, $3,059.1 million (December 31, 2023 - $2,990.9 million) is depletable and $972.0 million (December 31, 2023 - $1,036.2 million) is non-depletable.
(b) | Disposals of Royalty Interests
On March 30, 2024, Fortuna exercised its option to buy-back 0.6% of the Company’s initial 1.2% NSR on the Séguéla mine for a price of $6.5 million (A$10 million). On January 19, 2024, EMX exercised its option to acquire a portion of the Company’s effective NSR on the Caserones mine for a price of $4.7 million.

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