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Segment Reporting | 12 Months Ended
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Dec. 31, 2024
Segment Reporting |
Segment Reporting | Note 24 - Segment Reporting The Company’s President & Chief Executive Officer, who is the Company’s chief operating decision-maker, assesses the Company’s performance and makes decisions regarding resource allocation based on primarily the operating segments’ revenue, in addition to gross profit. Prior to 2024, the Company presented two reportable segments: mining (which comprised the precious metal and other mining operating segments) and energy. Starting in the fourth quarter of 2024, the Company has changed its reportable segments to precious metals, other mining and energy. The prior year amounts have been reclassified for consistency with the current year presentation. The Company’s reportable segments for the purposes of assessing performance are presented as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024
​ |  | Precious metals | ​ | ​ | Other mining |  | Energy |  | Total | ​
Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue from royalty, streams and working interests | ​ | $ | 853.0 | ​ | $ | 58.7 | ​ | $ | 193.0 | ​ | $ | 1,104.7 | ​
Interest revenue | ​ | ​ | 8.3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8.3 | ​
Other interest income | ​ | ​ | 0.6 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.6 | ​
Total Revenue | ​ | $ | 861.9 | ​ | $ | 58.7 | ​ | $ | 193.0 | ​ | $ | 1,113.6 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Costs of sales | ​ | $ | 116.7 | ​ | $ | 0.1 | ​ | $ | 12.2 | ​ | $ | 129.0 | ​
Depletion and depreciation | ​ | ​ | 150.5 | ​ | ​ | 11.6 | ​ | ​ | 62.6 | ​ | ​ | 224.7 | ​
Segment gross profit | ​ | $ | 594.7 | ​ | $ | 47.0 | ​ | $ | 118.2 | ​ | $ | 759.9 | ​
​ ​ ​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023
​ |  | Precious metals | ​ | ​ | Other mining |  | Energy |  | Total | ​
Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue from royalty, streams and working interests | ​ | $ | 950.9 | ​ | $ | 60.4 | ​ | $ | 207.7 | ​ | $ | 1,219.0 | ​
Interest revenue | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
Other interest income | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
Total Revenue | ​ | $ | 950.9 | ​ | $ | 60.4 | ​ | $ | 207.7 | ​ | $ | 1,219.0 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Costs of sales | ​ | $ | 166.5 | ​ | $ | 0.1 | ​ | $ | 12.7 | ​ | $ | 179.3 | ​
Depletion and depreciation | ​ | ​ | 194.3 | ​ | ​ | 15.6 | ​ | ​ | 62.5 | ​ | ​ | 272.4 | ​
Segment gross profit | ​ | $ | 590.1 | ​ | $ | 44.7 | ​ | $ | 132.5 | ​ | $ | 767.3 | ​
​ A reconciliation of total segment gross profit to consolidated net income (loss) before taxes is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | 2024 | ​ | ​ | 2023 | ​
Total segment gross profit | ​ | $ | 759.9 | ​ | ​ | $ | 767.3 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other operating expenses (income) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
General and administrative expenses | ​ | $ | 26.6 | ​ | ​ | $ | 23.5 | ​ | ​
Share-based compensation expense | ​ | ​ | 8.0 | ​ | ​ | ​ | 4.4 | ​ | ​
Cobre Panama arbitration expense(1) | ​ | ​ | 6.3 | ​ | ​ | ​ | 1.0 | ​ | ​
Impairment losses(2) | ​ | ​ | — | ​ | ​ | ​ | 1,173.3 | ​ | ​
Gain on disposal of royalty interests(1) | ​ | ​ | (0.3) | ​ | ​ | ​ | (3.7) | ​ | ​
Gain on sale of gold and silver bullion(1) | ​ | ​ | (7.9) | ​ | ​ | ​ | (3.9) | ​ | ​
Depreciation | ​ | ​ | 0.6 | ​ | ​ | ​ | 0.7 | ​ | ​
Foreign exchange loss (gain) and other expenses (income) | ​ | ​ | 20.7 | ​ | ​ | ​ | (14.4) | ​ | ​
Income (loss) before finance items and income taxes | ​ | $ | 705.9 | ​ | ​ | $ | (413.6) | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance items | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance income | ​ | $ | 60.6 | ​ | ​ | $ | 52.3 | ​ | ​
Finance expenses | ​ | ​ | (2.6) | ​ | ​ | ​ | (2.9) | ​ | ​
Net income (loss) before income taxes | ​ | $ | 763.9 | ​ | ​ | $ | (364.2) | ​ | ​
| 1. | Amounts were attributed to the precious metals reportable segment for the year ended December 31, 2024 and 2023.
| 2. | For the year ended December 31, 2023, impairment losses of $1,169.2 million and $4.1 million were attributed to the precious metal and energy reportable segments, respectively.
Revenues earned during the years ended December 31, 2024 and 2023 are presented by geographic area based on the location of the mining operations giving rise to the royalty, stream or working interest and location of the borrower giving rise to interest revenue and other interest income: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |
Latin America | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Peru | ​ | $ | 223.7 | ​ | ​ | $ | 194.3 | ​
Chile | ​ | ​ | 168.9 | ​ | ​ | ​ | 136.1 | ​
Brazil | ​ | ​ | 52.2 | ​ | ​ | ​ | 35.1 | ​
Panama | ​ | ​ | 0.1 | ​ | ​ | ​ | 248.9 | ​
Other | ​ | ​ | 92.3 | ​ | ​ | ​ | 73.1 | ​
United States | ​ |  | 205.0 | ​ | ​ | ​ | 208.0 | ​
Canada | ​ | ​ | 192.8 | ​ | ​ | ​ | 177.1 | ​
Rest of World | ​ | ​ | 178.6 | ​ | ​ | ​ | 146.4 | ​
​ | ​ | $ | 1,113.6 | ​ | ​ | $ | 1,219.0 | ​
​ For the year ended December 31, 2024, two interests generated 15% and 12% of the Company’s revenue, totaling $294.1 million. Comparatively, for the year ended December 31, 2023 two interests generated revenue of 20% and 11%, respectively, totaling $379.2 million. Royalty, stream and working interests as at December 31, 2024 and 2023 are presented by geographic area based on the location of the mining operations giving rise to the royalty, stream or working interest. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  | 2024 |  |  | ​ | 2023 |
Latin America | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Peru | ​ | $ | 789.5 | ​ | ​ | $ | 702.6 | ​
Brazil | ​ | ​ | 673.3 | ​ | ​ | ​ | 726.2 | ​
Chile | ​ | ​ | 509.6 | ​ | ​ | ​ | 539.1 | ​
Other | ​ | ​ | 151.5 | ​ | ​ | ​ | 139.1 | ​
United States | ​ |  | 1,197.4 | ​ | ​ | ​ | 1,109.1 | ​
Canada | ​ | ​ | 600.4 | ​ | ​ | ​ | 658.8 | ​
Rest of World | ​ | ​ | 177.1 | ​ | ​ | ​ | 152.2 | ​
​ | ​ | $ | 4,098.8 | ​ | ​ | $ | 4,027.1 | ​
​ The Company also holds investments, loans receivable and well equipment in the following geographic area: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  | 2024 |  |  | ​ | 2023 |
Investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Canada | ​ | $ | 320.4 | ​ | ​ | $ | 254.5 | ​
United States | ​ | ​ | 5.1 | ​ | ​ | ​ | - | ​
​ | ​ | $ | 325.5 | ​ | ​ | $ | 254.5 | ​
Loans receivable | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Canada | ​ | $ | 110.0 | ​ | ​ | $ | 24.8 | ​
​ | ​ | $ | 110.0 | ​ | ​ | $ | 24.8 | ​
Well equipment(1) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Canada | ​ | $ | 5.6 | ​ | ​ | $ | 5.8 | ​
​ | ​ | $ | 5.6 | ​ | ​ | $ | 5.8 | ​
| 1 | Well equipment is included in other assets, as referenced in Note 11.

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