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Revenue | 6 Months Ended
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Jun. 30, 2025
Revenue. |
Revenue | Note 12 - Revenue Disaggregated revenue under revenue contracts with customers classified by commodity, geography and type comprised the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | ​ | For the six months ended |
​ | ​ | June 30, | ​ | ​ | June 30, | ​
​ |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Commodity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gold(1) | ​ | $ | 258.4 | ​ | ​ | $ | 156.9 | ​ | ​ | $ | 504.2 | ​ | ​ | $ | 317.8 | ​
Silver | ​ |  | 38.1 | ​ | ​ | ​ | 28.1 | ​ | ​ |  | 75.2 | ​ | ​ | ​ | 53.0 | ​
Platinum group metals(1) | ​ |  | 7.5 | ​ | ​ | ​ | 8.0 | ​ | ​ |  | 15.3 | ​ | ​ | ​ | 16.2 | ​
Precious metals | ​ | $ | 304.0 | ​ | ​ | $ | 193.0 | ​ | ​ | $ | 594.7 | ​ | ​ | $ | 387.0 | ​
Iron ore(2) | ​ | $ | 7.2 | ​ | ​ | $ | 12.0 | ​ | ​ | $ | 19.6 | ​ | ​ | $ | 26.8 | ​
Other mining assets | ​ | ​ | 3.0 | ​ | ​ | ​ | 1.7 | ​ | ​ | ​ | 7.4 | ​ | ​ | ​ | 4.7 | ​
Other mining | ​ | $ | 10.2 | ​ | ​ | $ | 13.7 | ​ | ​ | $ | 27.0 | ​ | ​ | $ | 31.5 | ​
Oil | ​ | $ | 30.6 | ​ | ​ | $ | 35.9 | ​ | ​ | $ | 65.5 | ​ | ​ | $ | 62.1 | ​
Gas | ​ | ​ | 16.9 | ​ | ​ | ​ | 10.8 | ​ | ​ | ​ | 34.3 | ​ | ​ | ​ | 23.1 | ​
Natural gas liquids | ​ | ​ | 5.0 | ​ | ​ | ​ | 4.2 | ​ | ​ | ​ | 10.7 | ​ | ​ | ​ | 9.5 | ​
Energy | ​ | $ | 52.5 | ​ | ​ | $ | 50.9 | ​ | ​ | $ | 110.5 | ​ | ​ | $ | 94.7 | ​
Revenue from royalty, stream and working interests | ​ | $ | 366.7 | ​ | ​ | $ | 257.6 | ​ | ​ | $ | 732.2 | ​ | ​ | $ | 513.2 | ​
Interest from loans receivable | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest revenue | ​ | $ | 2.7 | ​ | ​ | $ | 2.2 | ​ | ​ | $ | 5.6 | ​ | ​ | $ | 3.1 | ​
Other interest income | ​ | ​ | — | ​ | ​ | ​ | 0.3 | ​ | ​ | ​ | — | ​ | ​ | ​ | 0.6 | ​
​ | ​ | $ | 369.4 | ​ | ​ | $ | 260.1 | ​ | ​ | $ | 737.8 | ​ | ​ | $ | 516.9 | ​
Geography | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
South America | ​ | $ | 140.7 | ​ | ​ | $ | 93.6 | ​ | ​ | $ | 292.2 | ​ | ​ | $ | 194.4 | ​
Central America & Mexico | ​ | ​ | 43.4 | ​ | ​ | ​ | 16.8 | ​ | ​ | ​ | 79.9 | ​ | ​ | ​ | 41.6 | ​
United States | ​ |  | 60.8 | ​ | ​ | ​ | 51.2 | ​ | ​ |  | 119.0 | ​ | ​ | ​ | 98.0 | ​
Canada(1)(2) | ​ |  | 72.7 | ​ | ​ | ​ | 51.3 | ​ | ​ |  | 137.6 | ​ | ​ | ​ | 91.5 | ​
Rest of World | ​ |  | 51.8 | ​ | ​ | ​ | 47.2 | ​ | ​ |  | 109.1 | ​ | ​ | ​ | 91.4 | ​
​ | ​ | $ | 369.4 | ​ | ​ | $ | 260.1 | ​ | ​ | $ | 737.8 | ​ | ​ | $ | 516.9 | ​
Type | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue-based royalties | ​ | $ | 142.0 | ​ | ​ | $ | 101.2 | ​ | ​ | $ | 277.0 | ​ | ​ | $ | 199.7 | ​
Streams(1) | ​ |  | 186.2 | ​ | ​ |  | 127.8 | ​ | ​ |  | 382.1 | ​ | ​ |  | 260.0 | ​
Profit-based royalties | ​ |  | 28.1 | ​ | ​ |  | 17.9 | ​ | ​ |  | 53.8 | ​ | ​ |  | 31.9 | ​
Interest revenue and other(2) | ​ |  | 13.1 | ​ | ​ |  | 13.2 | ​ | ​ |  | 24.9 | ​ | ​ |  | 25.3 | ​
​ | ​ | $ | 369.4 | ​ | ​ | $ | 260.1 | ​ | ​ | $ | 737.8 | ​ | ​ | $ | 516.9 | ​
| 1. | For Q2 2025, revenue includes a gain of nil for provisional pricing adjustments for gold and platinum group metals (Q2 2024 – a loss of $0.1 million and a gain of $0.2 million for gold and platinum group metals, respectively). For H1 2025, revenue includes gains of $0.1 million and $0.4 million for provisional pricing adjustments for gold and platinum group metals, respectively (H1 2024 – a gain of nil and a loss of $0.1 million, respectively).
| 2. | For Q2 2025, revenue includes dividend income of $1.4 million from the Company’s equity investment in LIORC (Q2 2024 – $5.1 million). For H1 2025, revenue includes dividend income of $3.6 million from the Company’s equity investment in LIORC (H1 2024 – $7.2 million).

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