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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Disclosure of income tax [Abstract] |
Components of income tax expense | Components of Income Tax Expense
| 2024 | 2023
Current tax expense (recovery) |  |
Recognized in profit or loss in current year | $ | 245.3 |  | $ | 132.7 |
Adjustments recognized in the current year with respect to prior years | 46.0 |  | 0.2 |
| 291.3 |  | 132.9 |
Deferred tax expense (recovery) |  |
Deferred tax expense (recovery) recognized in the current year | 42.4 |  | (101.7) |
Adjustments recognized in the current year with respect to prior years | (2.4) |  | 3.4 |
Impact of tax rate changes | 0.5 |  | — |
Derecognition of previously recognized deferred tax assets | 18.3 |  | 3.7 |
Benefit from previously unrecognized losses, and other temporary differences | (12.9) |  | — |
Impact of impairments on deferred tax assets and liabilities | — |  | (3.4) |
Increase (decrease) in deferred tax liabilities due to tax impact of net realizable adjustments to inventories | (18.2) |  | 11.2 |
| 27.7 |  | (86.8) |
Income tax expense | $ | 319.0 |  | $ | 46.1 |
Reconciliation of effective income tax rate | Reconciliation of Effective Income Tax Rate
| 2024 | 2023
Earnings (loss) before taxes and non-controlling interest | $ | 431.7 |  | $ | (58.8) |
Statutory Canadian income tax rate | 27.00 | % | 27.00 | %
Income tax expense (recovery) based on above rates | $ | 116.6 |  | $ | (15.9) |
Increase (decrease) due to: |  |
Non-deductible expenditures | 13.8 |  | 3.2 |
Foreign tax rate differences | (18.7) |  | 2.7 |
Change in net deferred tax assets not recognized | 34.8 |  | 66.3 |
Effect of other taxes paid (mining and withholding) | 45.7 |  | 22.1 |
Effect of foreign exchange on tax expense | 71.1 |  | (36.0) |
Non-taxable impact of foreign exchange | (6.8) |  | 3.8 |
Change in non-deductible portion of reclamation liabilities | 20.5 |  | 1.9 |
Change in income tax expense related to prior years | 40.5 |  | — |
Changes to opening temporary differences | 7.7 |  | 3.9 |
Impact of inflation | (4.6) |  | (7.4) |
Other | (1.6) |  | 1.5 |
Income tax expense | $ | 319.0 |  | $ | 46.1 |
Analysis of deferred tax assets and liabilities | The following is the analysis of the deferred tax assets (liabilities) presented in the Consolidated Financial Statements:
| 2024 | 2023
Net deferred tax liabilities, beginning of year | $ | (461.2) |  | $ | (84.4) |
Recognized in net earnings in the year | (27.7) |  | 86.8 |
Initial deferred tax liability associated with the Yamana Acquisition (Note 8) | — |  | (881.2) |
Disposition of mining properties (Note 9) | 11.7 |  | 419.3 |
Recognized in other comprehensive income (loss) in year (1) | — |  | (0.5) |
Other | — |  | (1.2) |
Net deferred liabilities, end of year | (477.2) |  | (461.2) |
Deferred tax assets | 44.5 |  | 80.4 |
Deferred tax liabilities | (521.7) |  | (541.6) |
Net deferred tax liabilities | $ | (477.2) |  | $ | (461.2) |
(1)Deferred tax impact related to unrealized loss on long-term investment (see Note 10(c)).
Components of deferred tax assets and liabilities | The deferred tax assets (liabilities) are comprised of the various temporary differences, as detailed below:
| 2024 | 2023
Deferred tax assets (liabilities) arising from: |  |
Closure and decommissioning costs | $ | 13.1 |  | $ | 33.9 |
Tax losses, resource pools and mining tax credits | 109.4 |  | 84.6 |
Mineral properties, plant, and equipment | (630.1) |  | (636.0) |
Other temporary differences and provisions | 30.4 |  | 56.3 |
Net deferred tax liabilities | $ | (477.2) |  | $ | (461.2) |
Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets have been recognised | Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets have been recognized are attributable to the following:
| 2024 | 2023
Operating tax loss | $ | 1,360.3 |  | $ | 1,236.6 |
Net capital tax loss | 32.2 |  | 36.5 |
Resource pools and other tax credits (1) | 135.7 |  | 174.7 |
Mineral properties, plant, and equipment | 207.7 |  | 314.2 |
Closure and decommissioning costs | 239.6 |  | 297.6 |
Other temporary differences | 365.2 |  | 211.1 |
| $ | 2,340.7 |  | $ | 2,270.7 |
(1)Includes tax credits which will begin to expire after 2027 year end, if unused.
Schedule of operating loss carryforwards | Included in the above amounts are operating tax losses, which if not utilized will expire as follows:
At December 31, 2024 |  |  |  |  |  |  |  |  |
| Canada | US | Peru | Mexico | Barbados | Argentina | Chile | Brazil | Netherlands | Total
2025 | $ | — |  | $ | 2.3 |  | $ | — |  | $ | 0.2 |  | $ | 4.7 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 7.2 |
2026 | — |  | 0.4 |  | — |  | — |  | 2.5 |  | — |  | — |  | — |  | — |  | 2.9 |
2027 – and after | 888.3 |  | 115.3 |  | 0.6 |  | 38.2 |  | 25.3 |  | 150.5 |  | 64.4 |  | 59.3 |  | 8.3 |  | 1,350.2 |
Total tax losses | $ | 888.3 |  | $ | 118.0 |  | $ | 0.6 |  | $ | 38.4 |  | $ | 32.5 |  | $ | 150.5 |  | $ | 64.4 |  | $ | 59.3 |  | $ | 8.3 |  | $ | 1,360.3 |
At December 31, 2023 |  |  |  |  |  |  |  |  |
| Canada | US | Peru | Mexico | Barbados | Argentina | Chile | Brazil | Netherlands | Total
2024 | $ | — |  | $ | 15.5 |  | $ | 0.3 |  | $ | 0.3 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 16.1 |
2025 | — |  | 9.7 |  | — |  | 0.6 |  | 4.7 |  | 5.4 |  | — |  | — |  | — |  | 20.4 |
2026 – and after | 695.2 |  | 146.1 |  | 0.4 |  | 2.2 |  | 20.9 |  | 95.1 |  | 146.6 |  | 88.2 |  | 5.4 |  | 1,200.1 |
Total tax losses | $ | 695.2 |  | $ | 171.3 |  | $ | 0.7 |  | $ | 3.1 |  | $ | 25.6 |  | $ | 100.5 |  | $ | 146.6 |  | $ | 88.2 |  | $ | 5.4 |  | $ | 1,236.6 |

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