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MOUNT MILLIGAN DEFERRED LIABILITY | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
MOUNT MILLIGAN DEFERRED LIABILITY | MOUNT MILLIGAN DEFERRED LIABILITY On February 13, 2024, we entered into a Cost Support Agreement (the "Mount Milligan Cost Support Agreement") with Centerra Gold Inc. ("Centerra") with respect to the Mount Milligan mine for cash consideration of $24.5 million, 50,000 ounces of gold to be delivered in the future ("Deferred Gold Consideration") and a free cash flow interest. The value of the cash consideration and free cash flow interest received from Centerra is recorded as a deferred liability in our consolidated balance sheets as of September 30, 2025. For further detail on the Mount Milligan Cost Support Agreement and the Deferred Gold Consideration refer to our 2024 10-K. 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 and obligation 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 streaming agreements are taken into inventory, and then sold primarily at cash average or spot market prices. The sales price for the averaging contracts is determined by the average daily gold, silver or copper spot prices during the term of the contract, typically a consecutive period between ten days and three months (depending on the frequency of deliveries under the respective streaming agreement and our sales policy in effect at the time), commencing shortly after receipt and purchase of the metal. We settle both averaging and spot sales contracts via physical delivery of the metal to the purchaser (our customer) on the settlement date specified in the contract. Under our 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 occurs. 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 its 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 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 for that period. 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 and are recorded in the period that the actual amounts are known. Please also refer to our “Use of Estimates” accounting policy discussed in our 2024 10-K. For the three months ended September 30, 2025, royalty revenue that was estimated or was attributable to metal production for a period prior to the three months ended September 30, 2025, 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 10. Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Stream revenue: |  |  |  |  |  |  |
Gold | $ | 131,950 |  |  | $ | 100,126 |  |  | $ | 330,965 |  |  | $ | 270,000 |
Silver | 22,533 |  |  | 20,026 |  |  | 60,279 |  |  | 51,653 |
Copper | 11,598 |  |  | 12,900 |  |  | 30,510 |  |  | 36,878 |
Total stream revenue | $ | 166,081 |  |  | $ | 133,052 |  |  | $ | 421,754 |  |  | $ | 358,531 |
Royalty revenue: |  |  |  |  |  |  |
Gold | $ | 64,655 |  |  | $ | 46,837 |  |  | $ | 175,681 |  |  | $ | 117,504 |
Silver | 7,767 |  |  | 3,674 |  |  | 17,684 |  |  | 12,981 |
Copper | 4,794 |  |  | 4,808 |  |  | 17,459 |  |  | 12,077 |
Other | 8,771 |  |  | 5,466 |  |  | 22,570 |  |  | 15,742 |
Total royalty revenue | $ | 85,987 |  |  | $ | 60,785 |  |  | $ | 233,394 |  |  | $ | 158,304 |
Total revenue | $ | 252,068 |  |  | $ | 193,837 |  |  | $ | 655,148 |  |  | $ | 516,835 |
Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands):
|  |  | Three Months Ended |  | Nine Months Ended
| Metal(s) |  | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Stream revenue: |  |  |  |  |  |  |  |  |
Mount Milligan | Gold & Copper |  | $ | 61,057 |  |  | $ | 56,570 |  |  | $ | 167,520 |  |  | $ | 143,704 |
Pueblo Viejo | Gold & Silver |  | 28,141 |  |  | 26,585 |  |  | 82,509 |  |  | 64,147 |
Andacollo | Gold |  | 23,022 |  |  | 9,652 |  |  | 45,255 |  |  | 31,949 |
Other(1) | Gold & Silver |  | 53,861 |  |  | 40,245 |  |  | 126,470 |  |  | 118,731 |
Total stream revenue |  |  | $ | 166,081 |  |  | $ | 133,052 |  |  | $ | 421,754 |  |  | $ | 358,531 |
Royalty revenue: |  |  |  |  |  |  |  |  |
Cortez Legacy Zone | Gold |  | $ | 6,782 |  |  | $ | 13,047 |  |  | $ | 26,432 |  |  | $ | 41,610 |
Cortez CC Zone | Gold |  | 10,412 |  |  | 2,739 |  |  | 22,054 |  |  | 7,713 |
Other(1) | Various |  | 68,793 |  |  | 44,999 |  |  | 184,908 |  |  | 108,981 |
Total royalty revenue |  |  | $ | 85,987 |  |  | $ | 60,785 |  |  | $ | 233,394 |  |  | $ | 158,304 |
Total revenue |  |  | $ | 252,068 |  |  | $ | 193,837 |  |  | $ | 655,148 |  |  | $ | 516,835 |
______________________________________________ (1)In our 2024 10-K, Khoemac a u and Peñasquito were reclassified from principal to non-principal stream and royalty properties, respectively, and are shown within "Other" in the table above. Please refer to Note 10 for the geographical distribution of our revenue by reportable segment.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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