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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2023
Shareholders' Equity |
Shareholders' Equity | Note 19 – Shareholders’ Equity
(a) | Share Capital
The Company’s authorized capital stock includes an unlimited number of common shares (192,175,042 common shares issued and outstanding as at December 31, 2023) having no par value and preferred shares issuable in series (issued - nil). Changes in share capital for the year ended December 31, 2023 and 2022 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Number | ​ | ​ | ​ | ​
​ |  |  | of shares |  |  | Amount |
Balance at January 1, 2022 | ​ |  | 191,334,392 | ​ | $ | 5,628.5 | ​
Exercise of stock options | ​ | ​ | 148,295 | ​ | ​ | 12.2 | ​
Vesting of restricted share units | ​ | ​ | 49,919 | ​ | ​ | 6.4 | ​
Dividend reinvestment plan | ​ | ​ | 360,085 | ​ | ​ | 48.2 | ​
Balance at December 31, 2022 | ​ | ​ | 191,892,691 | ​ | $ | 5,695.3 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at January 1, 2023 | ​ | ​ | 191,892,691 | ​ | $ | 5,695.3 | ​
Exercise of stock options | ​ | ​ | 61,000 | ​ | ​ | 3.8 | ​
Dividend reinvestment plan | ​ | ​ | 221,351 | ​ | ​ | 29.1 | ​
Balance at December 31, 2023 | ​ | ​ | 192,175,042 | ​ | $ | 5,728.2 | ​
​
(b) | Dividends
In 2023, the Company declared dividends of $1.36 per common share (2022 - $1.28 per common share). Dividends paid in cash and through the Company’s Dividend Reinvestment Plan (“DRIP”) were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  | 2023 |  |  | 2022 |
Cash dividends | ​ | ​ | $ | 233.0 | ​ | ​ | $ | 197.6 | ​
DRIP dividends | ​ | ​ |  | 29.1 | ​ | ​ |  | 48.2 | ​
​ | ​ | ​ | $ | 262.1 | ​ | ​ | $ | 245.8 | ​
​
(c) | Stock-Based Payments
On March 7, 2018, the Company’s Board of Directors adopted an amended and restated share compensation plan covering both stock options and RSUs effective May 9, 2018 (the “Plan”), with subsequent modifications on November 8, 2023. Pursuant to the Plan, the Company may grant incentive stock options to directors, officers, employees and consultants at the discretion of the Board of Directors. The exercise price and vesting period of any option is fixed by the Board of Directors on the date of grant. The term of options is at the sole discretion of the Board of Directors but may not exceed ten years from the date of grant. Options expire on the earlier of the expiry date or the date of termination and are non-transferable. The options granted will be adjusted in the event of an amalgamation, rights offering, share consolidation or subdivision or other similar adjustments of the share capital of the Company. The aggregate number of common shares that may be issued under the Plan is limited to 9,700,876 common shares. Within any one-year period, the number of common shares issued to any single insider participant under the Plan shall not exceed 5% of the common shares then issued and outstanding. Options to purchase common shares of the Company granted during the years ended December 31, 2023 and 2022 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  | ​ |  | Weighted |
​ | ​ | ​ | ​ | ​ | average exercise | ​
​ | ​ | ​ | Number | ​ | price | ​
Stock options outstanding, at January 1, 2022 |  | ​ | 822,046 | ​ | C$ | 97.88 | ​
Granted |  | ​ | 67,604 |  | C$ | 183.61 | ​
Exercised |  | ​ | (148,295) |  | C$ | 82.81 | ​
Forfeited | ​ | ​ | (16,702) | ​ | C$ | 168.43 | ​
Stock options outstanding, at December 31, 2022 |  | ​ | 724,653 |  | C$ | 107.34 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stock options outstanding, at January 1, 2023 | ​ | ​ | 724,653 | ​ | C$ | 107.34 | ​
Granted | ​ | ​ | 5,548 |  | C$ | 169.78 | ​
Exercised | ​ | ​ | (61,000) |  | C$ | 64.50 | ​
Stock options outstanding, at December 31, 2023 |  | ​ | 669,201 |  | C$ | 111.76 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable stock options, at December 31, 2022 | ​ | ​ | 584,522 | ​ | C$ | 90.84 | ​
Exercisable stock options, at December 31, 2023 |  | ​ | 570,572 |  | C$ | 100.51 | ​
​ Options granted in 2023 and 2022 have a ten-year term and vest over five years in equal portions on the anniversary of the grant date. The fair value of stock options granted in 2023 was $0.2 million (2022 – $2.5 million), based on a weighted average fair value of C$47.02 per stock option (2022 - C$47.35 per stock option) based on the following assumptions: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | 2023 | ​ | ​ | 2022 | ​
Risk-free interest rate | ​ | ​ | 4.08 | % | ​ | 2.93 | %
Expected dividend yield | ​ | ​ | 1.10 | % | ​ | 0.92 | %
Expected price volatility of the Company’s common shares | ​ | ​ | 30.9 | % | ​ | 30.0 | %
Expected life of the option | ​ |  | 4 years | ​ | ​ | 4 years | ​
Forfeiture rate | ​ | ​ | 0 | % | ​ | 0 | %
​ In the year ended December 31, 2023, an expense of $1.5 million (2022 - $1.8 million) related to stock options has been included in the consolidated statement of (loss) income and comprehensive (loss) income, and $0.1 million (2022 - $0.1 million) was capitalized to royalty, stream and working interests. As at December 31, 2023, there was $1.8 million (2022 – $3.1 million) of total unrecognized non-cash stock-based compensation relating to stock options granted under the Plan, which is expected to be recognized over a weighted average period of 2.4 years (2022 – 2.7 years). ​ Options to purchase common shares outstanding at December 31, 2023, exercise prices and weighted average lives to maturity as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | ​ |  | ​ |  | Weighted |
​ | Exercise | ​ | Options | ​ | Options | ​ | average life |
​ | price | ​ | outstanding | ​ | exercisable | ​ | (years) |
​ | C$40.87 |  | 28,056 |  | 28,056 |  | 0.22 | ​
​ | C$58.67 |  | 20,000 |  | 20,000 |  | 1.64 | ​
​ | C$59.52 |  | 27,751 |  | 27,751 |  | 0.95 | ​
​ | C$65.76 |  | 51,577 |  | 51,577 |  | 1.95 | ​
​ | C$75.45 |  | 117,894 |  | 117,894 |  | 2.95 | ​
​ | C$88.76 | ​ | 45,082 | ​ | 45,082 | ​ | 4.64 | ​
​ | C$94.57 | ​ | 54,221 | ​ | 54,221 | ​ | 4.95 | ​
​ | C$100.10 | ​ | 50,470 | ​ | 50,470 | ​ | 3.95 | ​
​ | C$129.32 | ​ | 77,408 | ​ | 77,408 | ​ | 5.95 | ​
​ | C$164.99 |  | 4,400 |  | — |  | — | ​
​ | C$168.43 |  | 64,996 |  | 25,998 |  | 7.95 | ​
​ | C$168.72 |  | 7,968 |  | 1,594 |  | 8.64 | ​
​ | C$171.33 |  | 58,594 |  | 58,594 |  | 6.95 | ​
​ | C$178.01 |  | 8,030 |  | 1,606 |  | 8.38 | ​
​ | C$181.57 |  | 29,470 |  | 5,894 |  | 8.38 | ​
​ | C$185.70 |  | 2,299 |  | 460 |  | 8.88 | ​
​ | C$188.13 |  | 1,148 |  | — |  | — | ​
​ | C$194.65 |  | 19,837 |  | 3,967 |  | 8.95 | ​
​ | ​ |  | 669,201 |  | 570,572 |  | 4.71 | ​
​
(d) | Restricted Share Units
Changes in the number of RSUs outstanding during the years ended December 31, 2023 and 2022 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Performance- |  | Time-based |  | ​
​ |  | based RSUs |  | RSUs |  | Total RSUs
Balance at January 1, 2022 | ​ | ​ | 66,794 | ​ | ​ | 32,100 | ​ | ​ | 98,894
Granted | ​ | ​ | 37,486 | ​ | ​ | 15,643 | ​ | ​ | 53,129
Settled | ​ | ​ | (33,229) | ​ | ​ | (16,690) | ​ | ​ | (49,919)
Balance at December 31, 2022 | ​ | ​ | 71,051 | ​ | ​ | 31,053 | ​ | ​ | 102,104
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at January 1, 2023 | ​ | ​ | 71,051 | ​ | ​ | 31,053 | ​ | ​ | 102,104
Granted | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Settled | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Balance at December 31, 2023 | ​ | ​ | 71,051 | ​ | ​ | 31,053 | ​ | ​ | 102,104
​ There were no grants of RSUs in the year 2023 (2022 - $7.9 million). Included in the Company’s stock-based compensation expense is an amount of $4.1 million (2022 – $6.4 million) relating to RSUs. In addition, $0.2 million related to the RSUs was capitalized to royalty, stream and working interests (2022 – $0.2 million). As at December 31, 2023, there is $5.2 million (2022 – $9.4 million) of total unrecognized non-cash stock-based compensation expense relating to non-vested RSUs granted under the Plan, which is expected to be recognized over a weighted average period of 1.7 years (2022 – 2.2 years). ​
(e) | Deferred Share Unit Plan
Changes in the number of DSUs outstanding during the years ended December 31, 2023 and 2022 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  | 2023 |  |  | 2022 |
Balance at beginning of year | ​ |  | 110,128 | ​ | ​ | 107,635 | ​
Granted | ​ | ​ | 11,816 | ​ | ​ | 14,703 | ​
Settled | ​ | ​ | (2,515) | ​ | ​ | (12,210) | ​
Balance at end of year | ​ | ​ | 119,429 | ​ | ​ | 110,128 | ​
​ The value of the DSU liability as at December 31, 2023 was $13.3 million (2022 - $15.0 million) and is included in accounts payable and accrued liabilities on the statement of financial position.
(f) | Outstanding Stock Options and Restricted Share Units
The following table sets out the number of common shares outstanding or issuable pursuant to other outstanding securities at December 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  | 2023 |  |  | 2022 |
Common shares outstanding | ​ |  | 192,175,042 | ​ | ​ | 191,892,691 | ​
Stock options(1) | ​ | ​ | 669,201 | ​ | ​ | 724,653 | ​
Restricted Share Units(2) | ​ | ​ | 102,104 | ​ | ​ | 102,104 | ​
​ | ​ | ​ | 192,946,347 | ​ | ​ | 192,719,448 | ​
​
| 1 | There were 669,201 stock options under our share compensation plan outstanding to directors, officers, employees and others with exercise prices ranging from C$40.87 to C$194.65 per share. The above table assumes all stock options are exercisable.
| 2 | There were 31,053 time-based RSUs and 71,051 performance-based RSUs. Vesting of the performance-based RSUs are subject to the achievement of certain performance criteria and a performance multiplier which will range from 0% to 150% of the number granted. The above table assumes a performance multiplier of 100% of performance-based RSUs granted.

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