v3.25.2

Segment disclosure | 12 Months Ended
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Dec. 31, 2025
Disclosure of operating segments [Abstract] |
Segment disclosure [Text Block] | 25. Segment disclosure The Company's business is organized and reported as a single operating segment, consisting of acquiring and managing precious metals and other royalties, streams and other interests. All of the Company's assets, liabilities, revenues, expenses and cash flows are attributable to this single operating segment. The President and Chief Executive Officer, who is the Company's chief operating decision-maker, makes capital allocation decisions, reviews operating results and assesses financial performance. The following tables present segmented information for this single segment. Geographic revenues Geographic revenues from the sale of precious metals and other commodities received or acquired from in-kind royalties, streams and other interests are determined by the location of the mining operations giving rise to the royalty, stream or other interest. For the years ended December 31, 2025 and 2024, royalty, stream and other interest revenues were earned from the following jurisdictions:
|  | North America (i) |  |  | South America |  |  | Australia |  |  | Africa |  |  | Europe |  |  | Total |
|  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Royalties |  | 165,738 |  |  | 5,765 |  |  | 347 |  |  | 5,414 |  |  | - |  |  | 177,264 |
Streams |  | 11,883 |  |  | 45,831 |  |  | 27,029 |  |  | - |  |  | 15,363 |  |  | 100,106 |
|  | 177,621 |  |  | 51,596 |  |  | 27,376 |  |  | 5,414 |  |  | 15,363 |  |  | 277,370 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Royalties |  | 126,101 |  |  | 1,338 |  |  | 240 |  |  | 2,696 |  |  | - |  |  | 130,375 |
Streams |  | 8,204 |  |  | 22,371 |  |  | 19,808 |  |  | - |  |  | 10,399 |  |  | 60,782 |
|  | 134,305 |  |  | 23,709 |  |  | 20,048 |  |  | 2,696 |  |  | 10,399 |  |  | 191,157 |
(i) In 2025, revenues generated from Canada amounted to $160.1 million ($121.7 million in 2024). In 2025, two royalty/stream interests generated revenues of $154.1 million (two royalty/stream interests generated revenues of $100.6 million in 2024), which represented 56% of revenues (53% of revenues in 2024), including one royalty interest that generated revenues of $108.2 million ($78.3 million in 2024). In 2025, revenues generated from precious metals represented 95% of total revenues (94% in 2024). Geographic net assets The following table summarizes the royalty, stream and other interests by jurisdiction, as at December 31, 2025 and December 31, 2024, which is based on the location of the properties related to the royalty, stream or other interests:
|  | North America (i) |  |  | South America |  |  | Australia |  |  | Africa |  |  | Asia |  |  | Europe |  |  | Total |
$ |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Royalties |  | 404,599 |  |  | 131,823 |  |  | 58,078 |  |  | 48,841 |  |  | 5,248 |  |  | 10,847 |  |  | 659,436 |
Streams |  | 161,176 |  |  | 128,907 |  |  | 127,252 |  |  | - |  |  | 22,300 |  |  | 30,184 |  |  | 469,819 |
Offtakes |  | - |  |  | - |  |  | 7,067 |  |  | - |  |  | 3,704 |  |  | - |  |  | 10,771 |
|  | 565,775 |  |  | 260,730 |  |  | 192,397 |  |  | 48,841 |  |  | 31,252 |  |  | 41,031 |  |  | 1,140,026 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Royalties |  | 392,520 |  |  | 127,008 |  |  | 57,646 |  |  | 49,906 |  |  | - |  |  | 10,333 |  |  | 637,413 |
Streams |  | 146,408 |  |  | 127,974 |  |  | 136,386 |  |  | - |  |  | 22,300 |  |  | 32,603 |  |  | 465,671 |
Offtakes |  | - |  |  | - |  |  | 7,067 |  |  | - |  |  | 3,704 |  |  | - |  |  | 10,771 |
|  | 538,928 |  |  | 254,982 |  |  | 201,099 |  |  | 49,906 |  |  | 26,004 |  |  | 42,936 |  |  | 1,113,855 |
(i) As at December 31, 2025, the carrying value of the net interests located in Canada amounted to $355.7 million ($338.5 million as at December 31, 2024).

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