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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of income tax expense

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​	​	​	​	​	​	​	​	​	​
​			2024				2023
Current income tax expense	​	​	​	​	​	​	​	​	​
Expense for the year	​	​	$	127.0	​	​	$	73.0	​
Global minimum tax	​	​	​	19.8	​	​	​	—	​
Adjustments in respect of prior years	​	​	​	(1.3)	​	​	​	2.6	​
Current income tax expense	​	​	$	145.5	​	​	$	75.6	​
Deferred income tax expense	​	​	​	​	​	​	​	​	​
Origination and reversal of temporary differences	​	​	$	18.5	​	​	$	22.8	​
Impact of changes in tax rates	​	​	​	0.1	​	​	​	(0.9)	​
Change in unrecognized deductible temporary differences	​	​	​	(1.1)	​	​	​	8.1	​
Impact of Barbados corporate tax reform	​	​	​	49.1	​	​	​	—	​
Adjustments in respect of prior years	​	​	​	—	​	​	​	(2.9)	​
Other	​	​	​	(0.3)	​	​	​	(0.5)	​
Deferred income tax expense	​	​	​	66.3	​	​	​	26.6	​
Income tax expense	​	​	$	211.8	​	​	$	102.2	​

Reconciliation of the provision for income taxes

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​	​	​	​	​	​	​	​	​	​
​		​	2024			​	2023
Net income (loss) before income taxes	​	​	$	763.9	​	​	$	(364.2)	​
Statutory tax rate	​	​	​	26.5%	​	​	​	26.5%	​
Tax expense (recovery) at statutory rate	​	​	$	202.4	​	​	$	(96.5)	​
Reconciling items	​	​	​	​	​	​	​	​	​
Change in unrecognized deductible temporary differences	​	​	$	(1.1)	​	​	$	8.1	​
Impact of Barbados corporate tax reform	​	​	​	49.1	​	​	​	—	​
Income not taxable	​	​	​	(0.8)	​	​	​	(5.5)	​
Differences in foreign statutory tax rates	​	​	​	(58.1)	​	​	​	195.7	​
Global minimum tax	​	​	​	19.8	​	​	​	—	​
Differences due to changing future tax rates	​	​	​	0.1	​	​	​	(0.9)	​
Foreign withholding taxes	​	​	​	0.5	​	​	​	0.6	​
Adjustments in respect of prior years	​	​	​	(1.3)	​	​	​	(0.3)	​
Other	​	​	​	1.2	​	​	​	1.0	​
Income tax expense	​	​	$	211.8	​	​	$	102.2	​

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

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2024

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2023

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Loss

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Loss

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Income

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Income

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before

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Tax

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after

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before

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Tax

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after

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tax

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expense

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tax

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tax

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expense

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tax

Gain on changes in the fair value of equity investments at FVTOCI

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$

46.6

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​

$

(6.2)

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$

40.4

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$

8.4

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​

$

(1.1)

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$

7.3

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Currency translation adjustment

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​

(131.3)

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​

​

—

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(131.3)

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34.8

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—

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34.8

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Other comprehensive (loss) income

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$

(84.7)

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$

(6.2)

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$

(90.9)

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$

43.2

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$

(1.1)

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$

42.1

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Income tax expense in other comprehensive (loss) income

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​

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$

(6.2)

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$

(1.1)

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Schedule of components of deferred income tax assets and liabilities

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​	​	​	​	​	​	​	​	​	​
​			2024		​		2023
Deferred income tax assets	​	​	​	​	​	​	​	​	​
Deductible temporary differences relating to	​	​	​	​	​	​	​	​	​
Royalty, stream and working interests	​	​	$	22.8	​	​	$	28.7	​
Non-capital loss carry-forwards	​	​	​	6.4	​	​	​	7.9	​
Other	​	​	​	1.6	​	​	​	0.4	​
​	​	​	$	30.8	​	​	$	37.0	​
​	​	​	​	​	​	​	​	​	​
Deferred income tax liabilities	​	​	​	​	​	​	​	​	​
Taxable temporary differences relating to	​	​	​	​	​	​	​	​	​
Royalty, stream and working interests	​	​	$	233.9	​	​	$	179.9	​
Share issue and debt issue costs	​	​	​	0.2	​	​	​	(0.3)	​
Non-capital loss carry-forwards	​	​	​	(2.6)	​	​	​	(2.8)	​
Investments	​	​	​	14.7	​	​	​	10.1	​
Other	​	​	​	(8.2)	​	​	​	(6.8)	​
​	​	​	$	238.0	​	​	$	180.1	​
Deferred income tax liabilities, net	​	​	$	207.2	​	​	$	143.1	​

Schedule of movement in net deferred tax liabilities

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​	​	​	​	​	​	​	​	​	​
​			​	2024			​	2023
Balance, beginning of year	​	​	$	143.1	​	​	$	113.1	​
Recognized in net income (loss)	​	​		66.3	​	​		26.6	​
Recognized in other comprehensive (loss) income	​	​		6.2	​	​		1.1	​
Foreign exchange	​	​	​	(8.4)	​	​	​	2.3	​
Balance, end of year	​	​	$	207.2	​	​	$	143.1	​

Schedule of non-capital losses

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​	​	​	​	​	​	​	​	​
Country		Type		Amount			Expiry date
Canada		Non-Capital Losses	​	$	20.2		2031-2039	​
Chile		Non-Capital Losses	​	​	13.6		No expiry	​
​	​	​	​	$	33.8	​	​	​

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

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​	​	​	​	​	​	​	​	​	​
​			2024		​		​	2023	​
Royalty, stream and working interests - Chile, Barbados	​	​	$	675.0	​	​	$	672.8	​
Tax losses (expiry dates - 2032-2043) - Canada	​	​		—	​	​		6.5	​
​	​	​	$	675.0	​	​	$	679.3	​

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The disclosure of temporary differences and unused tax credits for which no deferred tax assets.

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Tabular disclosures of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosures of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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