v3.25.2

Income taxes | 12 Months Ended
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Dec. 31, 2025
Major components of tax expense (income) [Abstract] |
Income taxes [Text Block] | 18. Income taxes (a) Income tax expense The income tax recorded in the consolidated statements of income for the years ended December 31, 2025 and 2024 is presented as follows:
|  | 2025 |  |  | 2024 |
|  | $ |  |  | $ |
Current income tax |  |  |  |  |  |
Expense for the year |  | 16,633 |  |  | 2,692 |
Current income tax expense |  | 16,633 |  |  | 2,692 |
Deferred income tax (Note 18 (b)): |  |  |  |  |  |
Origination and reversal of temporary differences |  | 26,005 |  |  | 5,521 |
Change in unrecognized deductible temporary differences |  | (6,423 | ) |  | 5,174 |
Adjustments in respect of prior years |  | (704 | ) |  | 462 |
Other |  | (214 | ) |  | 26 |
Deferred income tax expense |  | 18,664 |  |  | 11,183 |
Income tax expense |  | 35,297 |  |  | 13,875 |
The provision for income taxes presented in the consolidated statements of income differs from the amount that would arise using the statutory income tax rate applicable to income of the consolidated entities, as a result of the following:
|  | 2025 |  |  | 2024 |
|  | $ |  |  | $ |
Earnings before income taxes |  | 241,385 |  |  | 30,142 |
Income tax provision calculated using the combined Canadian federal and provincial statutory income tax rate |  | 63,967 |  |  | 7,988 |
Increase (decrease) in income taxes resulting from: |  |  |  |  |  |
Permanent differences on share-based compensation |  | (1,698 | ) |  | (59 | )
Non-taxable/non-deductible portion of capital (gains) losses, net |  | (6,209 | ) |  | 6,051 |
Differences in foreign statutory tax rates |  | (15,140 | ) |  | (6,566 | )
Changes in unrecognized deferred tax assets |  | (6,423 | ) |  | 5,174 |
Foreign withholding taxes |  | 1,047 |  |  | 799 |
Taxable foreign accrual property income |  | 671 |  |  | - |
Adjustments in respect of prior years |  | (704 | ) |  | 462 |
Other |  | (214 | ) |  | 26 |
Total income tax expense |  | 35,297 |  |  | 13,875 |
The 2025 and 2024 Canadian federal and provincial statutory income tax rate is 26.5%. (b) Deferred income taxes The components that give rise to deferred income tax assets and liabilities are as follows:
|  | December 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
|  | $ |  |  | $ |
Deferred tax assets: |  |  |  |  |  |
Non-capital losses |  | - |  |  | 8,387 |
Deferred and restricted share units |  | 7,596 |  |  | 4,116 |
Share and debt issue expenses |  | 422 |  |  | 888 |
Other |  | 331 |  |  | 478 |
|  | 8,349 |  |  | 13,869 |
Deferred tax liabilities: |  |  |  |  |  |
Royalty interests |  | (97,631 | ) |  | (85,089 | )
Stream interests |  | (6,322 | ) |  | (4,634 | )
Investments |  | (2,407 | ) |  | (380 | )
|  | (106,360 | ) |  | (90,103 | )
Deferred tax liability, net |  | (98,011 | ) |  | (76,234 | )
Deferred tax assets and liabilities have been offset on the balance sheets where they relate to income taxes levied by the same taxation authority and the Company has the legal right and intent to offset. The movement in net deferred tax liabilities during the years ended December 31, 2025 and 2024 may be summarized as follows:
|  | 2025 |  |  | 2024 |
|  | $ |  |  | $ |
Balance - January 1 |  | (76,234 | ) |  | (72,797 | )
Recognized in net earnings |  | (18,664 | ) |  | (11,183 | )
Recognized in other comprehensive loss / income |  | (2,050 | ) |  | 918 |
Recognized in equity |  | 2,875 |  |  | 929 |
Currency conversion adjustment |  | (3,938 | ) |  | 5,899 |
Balance - December 31 |  | (98,011 | ) |  | (76,234 | )
(c) Unrecognized deferred tax liabilities The aggregate amount of taxable temporary differences associated with investments in subsidiaries, for which deferred tax liabilities have not been recognized as at December 31, 2025, is $135.3 million ($73.7 million as at December 31, 2024). No deferred tax liabilities are recognized on the temporary differences associated with investments in subsidiaries because the Company controls the timing of reversal and it is not probable that they will reverse in the foreseeable future. (d) Unrecognized deferred tax assets As at December 31, 2025, the Company had temporary differences associated with marketable securities with a tax benefit of $26.7 million ($35.8 million as at December 31, 2024), which are not recognized as deferred tax assets. The Company recognizes the benefit of tax attributes only to the extent of anticipated future taxable income that can be reduced by these attributes.

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