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REVENUE | 12 Months Ended
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Dec. 31, 2023
REVENUE |
REVENUE | 7. REVENUE Revenue Recognition ​ A performance obligation is a promise in a contract to transfer control of a distinct good or service (or integrated package of goods and/or services) to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, a performance obligation is satisfied. In accordance with this guidance, revenue attributable to our stream interests and royalty interests is generally recognized at the point in time that control of the related metal production transfers to our customers. The amount of revenue we recognize further reflects the consideration to which we are entitled under the respective stream or royalty agreement. A more detailed summary of our revenue recognition policies for our stream and royalty interests is discussed below. ​ Stream Interests ​ A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more of the metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. Gold, silver and copper received under our metal stream agreements are taken into inventory, and then sold primarily using average spot rate gold, silver and copper forward contracts. The sales price for these average spot rate forward contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive number of trading days between ten days and three months (depending on the frequency of deliveries under the respective stream agreement and our sales policy in effect at the time) commencing shortly after receipt and purchase of the metal. We settle our forward sales contracts via physical delivery of the metal to the purchaser (our customer) on the settlement date specified in the contract. Under our forward sales contracts, there is a single performance obligation to sell a contractually specified volume of metal to the purchaser, and we satisfy this obligation at the point in time of physical delivery. Accordingly, revenue from our metal sales is recognized on the date of settlement, which is the date that control, custody and title to the metal transfer to the purchaser. ​ Royalty Interests ​ Royalties are non-operating interests in mining projects that provide the right to a percentage of revenue or metals produced from the project after deducting specified costs, if any. We are entitled to payment for our royalty interest in a mining project based on a contractually specified commodity price (for example, a monthly or quarterly average spot price) for the period in which metal production occurred. As a royalty holder, we act as a passive entity in the production and operations of the mining project, and the third-party operator of the mining project is responsible for all mining activities, including subsequent marketing and delivery of all metal production to their ultimate customer. In all of our material royalty interest arrangements, we have concluded that we transfer control of our interest in the metal production to the operator at the point at which production occurs, and thus, the operator is our customer. We have further determined that the transfer of each unit of metal production, comprising our royalty interest, to the operator represents a separate performance obligation under the contract, and each performance obligation is satisfied at the point in time of metal production by the operator. Accordingly, we recognize revenue attributable to our royalty interests in the period in which metal production occurs at the specified commodity price per the agreement, net of any contractually allowable offsite treatment, refining, transportation and, if applicable, other contractually permitted costs. ​ Royalty Revenue Estimates ​ For a small number of our royalty interests, we may not receive, or be entitled to receive, payment information, including production information from the operator, for the period in which metal production occurred prior to issuance of our financial statements. As a result, we may estimate revenue for these royalties based on available information, including public information, from the operator. If adequate information is not available from the operator or from other public sources before we issue our financial statements, we will recognize royalty revenue during the period in which the necessary payment information is received. Differences between estimates and actual amounts could differ significantly and are recorded in the period that the actual amounts are known. Please also refer to our “Use of Estimates” accounting policy discussed in Note 2. For the quarter ended December 31, 2023, royalty revenue that was estimated or was attributable to metal production for a period prior to December 31, 2023, was not material. ​ Disaggregation of Revenue ​ We have identified two material revenue sources in our business: stream interests and royalty interests. These identified revenue sources are consistent with our reportable segments as discussed in Note 14. ​ Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended | ​ | Six Months Ended | ​ | Fiscal Year Ended
​ | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | June 30,
​ |  | 2023 |  | 2022 |  | 2021 |  | 2021
Stream revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gold | ​ | $ | 307,797 | ​ | $ | 308,302 | ​ | $ | 165,031 | ​ | $ | 323,980
Silver | ​ | ​ | 64,851 | ​ | ​ | 50,591 | ​ | ​ | 30,576 | ​ | ​ | 43,281
Copper | ​ | ​ | 45,632 | ​ | ​ | 58,900 | ​ | ​ | 30,944 | ​ | ​ | 56,728
Total stream revenue | ​ | $ | 418,280 | ​ | $ | 417,793 | ​ | $ | 226,551 | ​ | $ | 423,989
Royalty revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gold | ​ | ​ | 154,327 | ​ | $ | 131,014 | ​ | $ | 85,151 | ​ | $ | 131,784
Silver | ​ | ​ | 8,554 | ​ | ​ | 13,690 | ​ | ​ | 8,253 | ​ | ​ | 16,198
Copper | ​ | ​ | 11,792 | ​ | ​ | 15,019 | ​ | ​ | 9,511 | ​ | ​ | 16,448
Other | ​ | ​ | 12,764 | ​ | ​ | 25,690 | ​ | ​ | 13,486 | ​ | ​ | 27,437
Total royalty revenue | ​ | $ | 187,437 | ​ | $ | 185,413 | ​ | $ | 116,401 | ​ | $ | 191,867
Total revenue | ​ | $ | 605,717 | ​ | $ | 603,206 | ​ | $ | 342,952 | ​ | $ | 615,856
​ Revenue by metal type attributable to each of our principal property revenue sources is disaggregated as follows (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Years Ended | ​ | Six Months Ended | ​ | Fiscal Year Ended
​ | ​ | ​ | ​ | December 31, |  | December 31, |  | December 31, |  | June 30,
​ | ​ | Metal(s) | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​ | 2021
Stream revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mount Milligan | ​ | Gold & Copper | ​ | $ | 158,167 | ​ | $ | 180,543 | ​ | $ | 95,509 | ​ | $ | 156,938
Pueblo Viejo | ​ | Gold & Silver | ​ | ​ | 76,247 | ​ | ​ | 85,863 | ​ | ​ | 52,958 | ​ | ​ | 115,583
Andacollo | ​ | Gold | ​ | ​ | 48,920 | ​ | ​ | 47,347 | ​ | ​ | 28,076 | ​ | ​ | 82,164
Khoemacau | ​ | Silver | ​ | ​ | 34,602 | ​ | ​ | 18,786 | ​ | ​ | 5,096 | ​ | ​ | —
Other | ​ | Gold & Silver | ​ | ​ | 100,344 | ​ | ​ | 85,254 | ​ | ​ | 44,912 | ​ | ​ | 69,304
Total stream revenue | ​ | ​ | ​ | $ | 418,280 | ​ | $ | 417,793 | ​ | $ | 226,551 | ​ | $ | 423,989
Royalty revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cortez Legacy Zone | ​ | Gold | ​ | $ | 79,920 | ​ | $ | 47,769 | ​ | $ | 33,768 | ​ | $ | 36,160
Cortez CC Zone | ​ | Gold | ​ | ​ | 14,626 | ​ | ​ | 2,790 | ​ | ​ | — | ​ | ​ | —
Peñasquito | ​ | Gold, Silver, Lead & Zinc | ​ | ​ | 17,772 | ​ | ​ | 43,165 | ​ | ​ | 26,432 | ​ | ​ | 49,688
Other | ​ | Various | ​ | ​ | 75,119 | ​ | ​ | 91,689 | ​ | ​ | 56,201 | ​ | ​ | 106,019
Total royalty revenue | ​ | ​ | ​ | $ | 187,437 | ​ | $ | 185,413 | ​ | $ | 116,401 | ​ | $ | 191,867
Total revenue | ​ | ​ | ​ | $ | 605,717 | ​ | $ | 603,206 | ​ | $ | 342,952 | ​ | $ | 615,856
​ Refer to Note 14 for the geographical distribution of our revenue by reportable segment.

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