Franco-Nevada (FNV) 6-K 5 Nov 18 2018 Q3 Franco-Nevada Reports Strong Q3 Results Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2018
Document and Entity Information
Entity Registrant Name	FRANCO NEVADA Corp
Entity Central Index Key	1,456,346
Document Type	6-K
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents (Note 4)	$ 76.9	$ 511.1
Receivables	60.7	65.9
Prepaid expenses and other (Note 6)	34.9	39.4
Current assets	172.5	616.4
Royalty, stream and working interests, net (Note 3)	4,436	3,939.2
Investments (Note 5)	197.7	203.1
Deferred income tax assets	14.9	14.5
Other assets (Note 7)	13.4	15.2
Total assets	4,834.5	4,788.4
LIABILITIES
Accounts payable and accrued liabilities	21.2	21.5
Current income tax liabilities	1.4	1.1
Current liabilities	22.6	22.6
Deferred income tax liabilities	67	60.3
Total liabilities	89.6	82.9
SHAREHOLDERS' EQUITY (Note 14)
Common shares	5,136.3	5,107.8
Contributed surplus	18.7	14.2
Deficit	(245.5)	(310)
Accumulated other comprehensive loss	(164.6)	(106.5)
Total shareholders' equity	4,744.9	4,705.5
Total liabilities and shareholders' equity	$ 4,834.5	$ 4,788.4

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
Revenue (Note 10)	$ 170.6	$ 171.5	$ 505	$ 507.8
Cost of sales
Costs of sales (Note 11)	33.4	33	93.4	106.8
Depletion and depreciation	66	70.5	186.2	209.2
Total cost of sales	99.4	103.5	279.6	316
Gross profit	71.2	68	225.4	191.8
Other operating expenses (income)
General and administrative expenses	5.2	5.2	17.4	17.9
Loss (gain) on sale of gold bullion	0.2	(0.2)	(0.1)	(0.3)
Total other operating expenses (income)	5.4	5	17.3	17.6
Operating income	65.8	63	208.1	174.2
Foreign exchange gain (loss) and other income (expense)	0.1	(0.9)	0.6	0.2
Income before finance items and income taxes	65.9	62.1	208.7	174.4
Finance items
Finance income	0.7	1.6	2.4	3.6
Finance expenses	(0.7)	(0.8)	(2.4)	(2.4)
Net income before income taxes	65.9	62.9	208.7	175.6
Income tax expense (Note 13)	13.8	2.9	38.4	24.4
Net income	52.1	60	170.3	151.2
Items that may be reclassified subsequently to profit and loss:
Changes in the fair value of available-for-sale investments, net of income tax (Note 5)		17.7		7.4
Currency translation adjustment	11.2	41.4	(29.3)	81.9
Items that will not be reclassified subsequently to profit and loss
Changes in the fair value of equity investments at fair value through other comprehensive income, net of income tax (Note 5)	13.6		(1.7)
Other comprehensive income (loss)	24.8	59.1	(31)	89.3
Comprehensive income	$ 76.9	$ 119.1	$ 139.3	$ 240.5
Basic earnings per share (Note 15) (in dollars per share)	$ 0.28	$ 0.32	$ 0.92	$ 0.83
Diluted earnings per share (Note 15) (in dollars per share)	$ 0.28	$ 0.32	$ 0.91	$ 0.83

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities
Net income	$ 170.3	$ 151.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion and depreciation	186.2	209.2
Non-cash costs of sales	5.7	4.7
Share-based payments	4.1	4
Unrealized foreign exchange gain	(0.1)	(0.6)
Deferred income tax expense	7.5	10.2
Other non-cash items	(0.9)	(2)
Acquisition of gold bullion	(19.4)	(17.8)
Proceeds from sale of gold bullion	8.1	13.3
Operating cash flows before changes in non-cash working capital	361.5	372.2
Changes in non-cash working capital:
Decrease in receivables	5.2	6.2
Increase (decrease) in prepaid expenses and other	10.3	(9.9)
Decrease in current liabilities		(6.2)
Net cash provided by operating activities	377	362.3
Cash flows from investing activities
Acquisition of royalty, stream and working interests	(702.3)	(371.1)
Acquisition of oil & gas well equipment	(1.1)	(1.3)
Acquisition of investments		(12.3)
Net cash used in investing activities	(703.4)	(384.7)
Cash flows from financing activities
Credit facility amendment costs	(0.5)	(1)
Payment of dividends	(104.5)	(94)
Proceeds from exercise of warrants		356.4
Proceeds from exercise of stock options	0.1	10.3
Net cash (used in) provided by financing activities	(104.9)	271.7
Effect of exchange rate changes on cash and cash equivalents	(2.9)	31
Net change in cash and cash equivalents	(434.2)	280.3
Cash and cash equivalents at beginning of period	511.1	253
Cash and cash equivalents at end of period	76.9	533.3
Supplemental cash flow information:
Cash paid for interest expense and loan standby fees	1.7	1.8
Income taxes paid	$ 20.9	$ 36.6

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Share Capital (Note 14)	Contributed Surplus	Accumulated Other Comprehensive Income (Loss)	Deficit	Total
Balance at beginning of period at Dec. 31, 2016	$ 4,666.2	$ 41.6	$ (224.5)	$ (336.8)	$ 4,146.5
Net income				151.2	151.2
Other comprehensive (loss) income			89.3		89.3
Total comprehensive income					240.5
Exercise of stock options	13.9	(3.6)			10.3
Exercise of warrants	382.6	(26.2)			356.4
Share-based payments		4.2			4.2
Dividend reinvestment plan	30.7				30.7
Dividends declared				(124.7)	(124.7)
Balance at end of period at Sep. 30, 2017	5,093.4	16	(135.2)	(310.3)	4,663.9
Impact on adoption of IFRS 9 (Note 2)			(27.1)	27.1
Restated balance at January 1, 2018	5,107.8	14.2	(133.6)	(282.9)	4,705.5
Balance at beginning of period at Dec. 31, 2017	5,107.8	14.2	(106.5)	(310)	4,705.5
Net income				170.3	170.3
Other comprehensive (loss) income			(31)		(31)
Total comprehensive income					139.3
Exercise of stock options	0.1				0.1
Share-based payments		4.5			4.5
Dividend reinvestment plan	28.4				28.4
Dividends declared				(132.9)	(132.9)
Balance at end of period at Sep. 30, 2018	$ 5,136.3	$ 18.7	$ (164.6)	$ (245.5)	$ 4,744.9

Corporate information

Corporate information	9 Months Ended
	Sep. 30, 2018
Corporate information
Corporate information	Note 1 – Corporate information Franco-Nevada Corporation (“Franco-Nevada” or the “Company”) is incorporated under the Canada Business Corporations Act. The Company is a gold-focused royalty and stream company with additional interests in silver, platinum group metals, oil & gas and other resource assets. The majority of revenues are generated from a diversified portfolio of properties in the United States, Canada, Mexico, Peru, Chile, Australia and Africa. At September 30, 2018, the portfolio includes approximately 377 assets covering properties at various stages from production to early stage exploration. The Company’s shares are listed on the Toronto Stock Exchange and the New York Stock Exchange and the Company is domiciled in Canada. The Company’s head and registered office is located at 199 Bay Street, Suite 2000, Commerce Court West, Toronto, Ontario, Canada.

Significant accounting policies

Significant accounting policies	9 Months Ended
	Sep. 30, 2018
Significant accounting policies
Significant accounting policies	Note 2 – Significant accounting policies (a) These unaudited condensed consolidated interim financial statements include the accounts of the Company and its wholly-owned subsidiaries (its “subsidiaries”) (together the “Company”). These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) applicable to the preparation of condensed interim financial statements, including IAS 34 Interim Financial Reporting . These condensed consolidated interim financial statements should be read in conjunction with the Company’s annual consolidated financial statements for the year ended December 31, 2017 and were prepared using the same accounting policies, method of computation and presentation as were applied in the annual consolidated financial statements for the year ended December 31, 2017, except as noted in Note 2(b) – Significant accounting policies, New and amended standards adopted by the Company . These condensed consolidated financial statements were authorized for issuance by the Board of Directors on November 5, 2018. The financial information included herein reflects all adjustments, consisting only of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the results to be expected for the full year. Seasonality is not considered to have a significant impact over the condensed consolidated interim financial statements. Taxes on income in the interim period have been accrued using the tax rates that would be applicable to expected total annual income. (b) The following accounting standards were adopted by the Company as of January 1, 2018. The impact of the adoption of these standards and the new accounting policies are disclosed below. IFRS 9 Financial Instruments IFRS 9 Financial Instruments (“IFRS 9”), replaces the provisions of IAS 39 Financial Instruments: Recognition and Measurement (“IAS 39”) that relate to the recognition, classification and measurement of financial assets and financial liabilities, derecognition of financial instruments, impairment of financial assets and hedge accounting. The adoption of IFRS 9 on January 1, 2018 resulted in changes in accounting policies and adjustments to the amounts recognized in the financial statements. The Company has applied the changes in accounting policies retrospectively; however in accordance with the transitional provisions in IFRS 9, comparative figures have not been restated. The reclassifications and adjustments are recognized in the opening balance sheet as at January 1, 2018 as summarized below. · The Company has made an irrevocable election available under IFRS 9 to continue to classify its long-term investments in equity securities at fair value through other comprehensive income (“FVTOCI”) because these investments are held as long-term strategic investments that are not expected to be sold in the short term. This election is available on an instrument-by-instrument basis. Previously these investments were classified as available-for-sale under IAS 39. Changes in the fair value of these investments are recognized in other comprehensive income (loss). On adoption of IFRS 9, the Company recorded an adjustment of $27.1 million to reduce opening deficit with a corresponding adjustment to increase accumulated other comprehensive loss to reclassify the accumulated impairment losses on these investments to accumulated other comprehensive loss. There was no impact on net income or other comprehensive loss for the three and nine months ended September 30, 2018. · Under IAS 39, investments in equity instruments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured can be measured at cost. This cost exemption is not available under IFRS 9. At the date of adoption, the Company held one equity investment at cost, which had a carrying value of $4.0 million as at January 1, 2018. The Company assessed the fair value of the instrument based on valuation techniques that include inputs that are not based on observable market data and determined that the fair value approximates the carrying value of the instrument as of the date of adoption and as such the Company concluded no adjustment is required. The Company has determined that there was no change in the fair value of this investment during the three and nine months ended September 30, 2018. · IFRS 9 applies an expected credit loss model to evaluate financial assets for impairment, rather than an incurred loss model previously applied under IAS 39. The Company’s financial assets which are subject to credit risk include cash and cash equivalents, receivables and loan receivable. The Company holds one loan receivable from Noront Resources Ltd. The loan receivable is carried at amortized cost and had a carrying value of $30.1 million as at January 1, 2018. Application of the expected credit loss model at the date of adoption did not have a significant impact on the Company’s financial assets because the Company determined that the expected credit losses on its financial assets were nominal. There were no impairment losses recorded on financial assets during the three and nine months ended September 30, 2018. On the date of the initial application, January 1, 2018, the financial instruments of the Company were as follows, with any reclassifications noted: Measurement category Carrying amount Original New Original New (IAS 39) (IFRS 9) (IAS 39) (IFRS 9) Difference Current financial assets Cash and cash equivalents Available-for-sale Amortized cost $ 511.1 $ 511.1 $ — Receivables Amortized cost Amortized cost 54.6 54.6 — Receivables from provisional concentrate sales FVTPL (1) FVTPL 11.3 11.3 — Non-current financial assets Equity investments Available-for-sale FVTOCI (2) $ 172.2 $ 172.2 $ — Warrants FVTPL FVTPL 0.8 0.8 — Loan receivable Amortized cost Amortized cost 30.1 30.1 — Financial liabilities Accounts payable and accrued liabilities Amortized cost Amortized cost $ 21.5 $ 21.5 $ — Debt Amortized cost Amortized cost — — — 1 Fair value through profit or loss. 2 Fair value through other comprehensive income or loss. Except as noted above, the adoption of IFRS 9 did not result in changes in the carrying values of the Company’s financial instruments on January 1, 2018. Financial assets and financial liabilities are recognized on the Company’s statement of financial position when the Company has become a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. The Company’s financial instruments consist of cash and cash equivalents, receivables, accounts payable, accrued liabilities, debt, and investments, including equity investments, loans receivable, and warrants. Financial instruments are recognized initially at fair value. IFRS 9 includes a revised model for classifying financial assets, which results in classification according to a financial instrument’s contractual cash flow characteristics and the business models under which they are held. Under the IFRS 9 model for classification the Company has classified its financial assets as described below. (i) Cash and cash equivalents Cash and cash equivalents comprise cash on hand, deposits held with banks and other short-term highly liquid investments with original maturities of three months or less. Cash and cash equivalents are recorded at amortized cost using the effective interest method. Previously under IAS 39 these amounts were classified as available-for-sale. The change in classification did not impact the measurement of cash and cash equivalents. (ii) Receivables, other than those related to stream agreements with provisional pricing mechanisms, are classified as financial assets at amortized cost and measured using the effective interest method less any impairment loss allowance. The loss allowance for receivables is measured based on lifetime expected credit losses. (iii) Investments comprise equity interests in publicly-traded and privately-held entities, warrants, marketable securities with original maturities at the date of the purchase of more than three months and a loan receivable. The Company’s equity investments are held for strategic purposes and not for trading. Upon adoption of IFRS 9, the Company made an irrevocable election to designate these investments in common shares at FVTOCI. FVTOCI investments are recognized initially at fair value plus transaction costs. Subsequent to initial recognition, FVTOCI investments are measured at fair value and changes in the fair value are recognized directly in other comprehensive income (loss). When an equity investment at FVTOCI is sold, the accumulated gains or losses are reclassified from accumulated other comprehensive income (loss) directly to deficit. Previously under IAS 39, these equity investments were classified as available-for-sale financial assets. Translation differences on equity securities classified as FVTOCI are included in other comprehensive income (loss). Derivative instruments, such as warrants and receivables related to stream agreements with provisional pricing mechanisms, are classified as fair value through profit and loss (“FVTPL”) and are recognized initially at fair value. Subsequent to initial recognition, derivatives are measured at fair value. In the case of receivables related to stream agreements with provisional pricing, once the final settlement price is determined the financial instrument is no longer a derivative and is classified as a financial asset at amortized cost. Changes in the fair value of receivables related to stream agreements with provisional pricing mechanisms are recognized in revenue in the statement of income and other comprehensive income (loss). Changes in fair value of warrants are recognized as other income (expenses) in the statement of income and comprehensive income (loss). Loans receivable are classified as financial assets at amortized cost because these instruments are held for collection of contractual cash flows and those cash flows represent solely payments of principal and interest. Loans are measured at amortized cost using the effective interest method, less any impairment loss allowance. The impairment loss allowance for the loan receivable is measured based on expected credit losses. Interest income is recognized by applying the effective interest rate method and presented as finance income in the statement of income and comprehensive income (loss). (iv) Financial liabilities, including accounts payable, accrued liabilities and debt, are classified as financial liabilities to be subsequently measured at amortized cost using the effective interest method. IFRS 15 Revenue from Contracts with Customers Effective January 1, 2018, the Company has adopted IFRS 15 Revenue from Contracts with Customers (“IFRS 15”). This new standard was applied using a modified retrospective approach whereby the effects of the change in accounting policies for revenue as at January 1, 2018 are presented together as a single adjustment to the opening balance of deficit. Therefore, the comparative information has not been restated and continues to be reported under IAS 18 Revenue. The adoption of IFRS 15 did not have a significant impact on the timing or measurement of the Company’s revenue and no adjustment to the opening balance of deficit as at January 1, 2018 has been recorded as result of adopting IFRS 15. The following policies applied in accounting for revenue for the three and nine months ended September 30, 2018. In the comparative periods, revenue was accounted for in accordance with the revenue recognition policies disclosed in the Company’s annual consolidated financial statements for the year ended December 31, 2017. The Company generates revenue from contracts with customers under each of its royalty, stream and working interests. The Company has determined that each unit of a commodity that is delivered to a customer under a royalty, stream, or working interest arrangement is a performance obligation for the delivery of a good that is separate from each other unit of the commodity to be delivered under the same arrangement. (i) Stream arrangements Under its stream arrangements, the Company acquires commodities from operators of mining properties on which the Company has stream interests. The Company sells the commodities received under these arrangements to its customers under separate sales contracts. For those stream arrangements where the Company acquires refined metal from the operator, the Company sells the refined metal to third party financial institutions or brokers. The Company transfers control over the commodity on the date the commodity is delivered to the customer’s metal account, which is the date that title to the commodity and the risks and rewards of ownership transfer to the customer and the customer is able to direct the use of and obtain substantially all of the benefits from the commodity. The transaction price for these sales is fixed at the delivery date based on the spot price for the commodity and payment of the transaction price is generally due immediately when control has been transferred. For those stream arrangements where the Company acquires the commodities in concentrate form from the operator, the Company sells the concentrate under sales contracts with independent smelting companies. The Company transfers control over the concentrate at the time of shipment, which is when the risks and rewards of ownership and title pass to the independent smelting company. The final prices for metals contained in the concentrate are determined based on the market price for the metals on a specified future date after shipment. Upon transfer of control at shipment, the Company records revenue and a corresponding receivable from these sales based on forward commodity prices at the time of shipment. Variations between the price recorded at the transfer of control and the actual final price set under the contracts with the smelting companies are caused by changes in market commodity prices, and result in an embedded derivative in the receivable. The embedded derivative is recorded at fair value each period until final settlement occurs, with changes in fair value classified as provisional price adjustments and included as a component of stream revenue. IFRS 15 does not consider provisional price adjustments associated with concentrate sales to be revenue from contracts with customers as they arise from changes in market commodity prices. As such, provisional price adjustments are presented separately in Note 10 - Revenue, of these condensed consolidated financial statements. (ii) Royalty arrangements For royalty interests, the Company sells commodities to customers under contracts that are established by the operator of each mining or oil & gas property on which the royalty interest is held. The Company recognizes revenue from these sales when control over the commodity transfers to the customer. This transfer of control generally occurs when the operator of the mining or oil & gas property on which the royalty interest is held physically delivers the commodity to the customer. At this point in time, the risks and rewards of ownership have transferred to the customer and the Company has an unconditional right to payment. Revenue from royalty arrangements is measured at the transaction price agreed in the royalty arrangement with the operator of each mining or oil & gas property. The transaction price will reflect the gross value of the commodity sold less deductions that vary based on the terms of the royalty arrangement. (iii) Working interest arrangements The Company sells its proportionate share of the crude oil, natural gas and natural gas liquids to third-party customers using the services of a third-party marketing agent. The Company transfers control over the oil & gas at the time it enters the pipeline system, which is when title and the risks and rewards of ownership are transferred to customers and the Company has an unconditional right to payment. Revenue is measured at the transaction price set by reference to monthly market commodity prices plus certain price adjustments. Price adjustments include product quality and transportation adjustments and market differentials. (c) IFRIC 23 Uncertainty over Income Tax Treatments In June 2017, the IFRS Interpretation Committee issued IFRIC 23 Uncertainty over Income Tax Treatment (“IFRIC 23”) which clarifies how the recognition and measurement requirements of IAS 12 Income Taxes are applied where there is uncertainty over income tax treatments. IFRIC 23 becomes effective for annual periods beginning on or after January 1, 2019 and is to be applied retrospectively with early adoption permitted. The Company is in the process of assessing the impact of IFRIC 23 on the consolidated financial statements. IFRS 16 Leases In January 2016, the IASB issued IFRS 16 Leases (“IFRS 16”), which requires lessees to recognize assets and liabilities for most leases. IFRS 16 becomes effective for annual periods beginning on or after January 1, 2019 and is to be applied retrospectively with early adoption permitted, provided IFRS 15 has been applied or is applied at the same date as IFRS 16. The Company does not anticipate early adoption of this new standard. The Company has identified and is in the process of reviewing its material operating lease agreements and service contracts and assessing the impact of IFRS 16 on the consolidated financial statements. The Company expects to report more detailed information, including estimated quantitative financial impacts, if material, in its consolidated financial statements for the year ending December 31, 2018.

Acquisitions and other transact

Acquisitions and other transactions	9 Months Ended
	Sep. 30, 2018
Acquisitions and other transactions
Acquisitions and other transactions	Note 3 – Acquisitions and other transactions (a) Acquisition of U.S. Oil & Gas Mineral Rights with Continental Resources, Inc. – SCOOP and STACK, Oklahoma As previously announced, on August 6, 2018, the Company entered, through a wholly-owned subsidiary, into a strategic relationship with Continental Resources, Inc. (“Continental”) to jointly acquire, through a newly-formed entity (the “Continental Minerals Venture”), mineral rights in the South Central Oklahoma Oil Province (“SCOOP”) and Sooner Trend Anadarko Basin Canadian and Kingfisher Counties (“STACK”) plays of Oklahoma. Subsequent to September 30, 2018, on October 23, 2018, the Company closed this transaction, and contributed $218.5 million for its stake in the Continental Minerals Venture. The contribution was funded net of $3.7 million in royalties generated by the acquired assets between March 1, 2018, the effective date of the transaction, and October 23, 2018, the date of closing, for a net disbursement of $214.8 million. In addition to the initial net contribution of $214.8 million, Franco-Nevada is committed, subject to satisfaction of agreed upon development thresholds, to spend up to $300 million over the next three years to acquire additional mineral rights, subject to satisfaction of agreed upon development thresholds. Continental has committed to spend up to $75 million over the same period through the Continental Minerals Venture. Acquisition of mineral rights by the Continental Minerals Venture is moving ahead at a pace faster than initially expected, and Franco-Nevada expects to fund additional capital contributions of between $35 million and $55 million in 2018. These accelerated contributions will reduce Franco-Nevada’s commitment in the last of the three years, such that the total commitment remains $300 million. Upon closing, the newly-formed entity will be accounted for in accordance with IFRS 11 Joint Arrangements . (b) Acquisition of Additional Stream and Update on the Cobre Panama Project, Panama On January 19, 2018, the Company, through a wholly-owned subsidiary, entered into an amended and restated stream agreement with First Quantum Minerals Ltd. (“First Quantum”) and Korea Resources Corp. (“KORES”). The amended and restated stream agreement covers 100% of the Cobre Panama project (“Cobre Panama”). Cobre Panama, which is in the construction phase and is located Panama, is 90% owned by First Quantum and 10% by KORES. The amended and restated stream agreement comprises two distinct precious metals streams: the original stream covering First Quantum’s initial 80% interest in the project (the “Fixed Payment Stream”) and a new stream covering (i) First Quantum’s additional 10% interest in the project First Quantum acquired from LS-Nikko Copper Inc. in Q4/2017 and (ii) KORES’ 10% interest in the project (the “Floating Payment Stream”). Fixed Payment Stream Under the terms of the Fixed Payment Stream, Franco-Nevada has funding a deposit of $1.0 billion against future deliveries of gold and silver from Cobre Panama. The deposit was funded on a pro-rata basis of 1:3 to First Quantum’s share of the capital costs for Cobre Panama in excess of $1.0 billion. For the three and nine months ended September 30, 2018, the Company funded $88.4 million and $247.8 million, respectively, towards the Fixed Payment Stream, for a cumulative total of $974.4 million of its maximum $1.0 billion commitment. Subsequent to September 30, 2018, the Company fulfilled its $1.0 billion commitment under the terms of the Fixed Payment Stream. Refer to Note 16 (b) – Subsequent events . Under the terms of the amended and restated stream agreement, the fixed price for the Fixed Payment Stream is $418 per ounce of gold and $6.27 per ounce of silver (each increased by a 1.5% annual inflation factor), until 1,341,000 ounces of gold and 21,500,000 ounces of silver have been delivered. Thereafter, the ongoing payment will be the greater of 50% of the fixed price and 50% of the spot price. Floating Payment Stream The purchase price of the Floating Payment Stream was $356.0 million and was funded upfront upon closing on March 16, 2018. The terms of the Floating Payment Stream, other than the ongoing price, are similar to the Fixed Payment Stream, including initially linking precious metals deliveries to copper in concentrate shipped. Under the Floating Payment Stream, the ongoing price per ounce for deliveries is 20% of the spot price until 604,000 ounces of gold and 9,618,000 ounces of silver have been delivered. Thereafter, the ongoing payment will be 50% of the spot price. The acquisition of the Floating Payment Stream for $356.0 million has been accounted for as an asset acquisition. As September 30, 2018 , total capitalized costs for the Cobre Panama project of $1,337.8 million are included in royalty, stream and working interests on the statement of financial position. (c) Acquisition of Bowen Basin Coal Royalties, Australia On February 28, 2018, Franco-Nevada, through a wholly-owned subsidiary, acquired a portfolio of metallurgical coal royalties located in the Bowen Basin of Queensland, Australia for cash consideration of A$4.2 million. The portfolio includes certain claims that comprise the producing Moorvale mine, the Olive Downs project which had permitting applications, and another 33 exploration tenements. The Bowen Basin Coal royalties are production payments of A$0.10 per tonne, adjusted for consumer price index changes since December 31, 1997. The acquisition of the Bowen Basin Coal royalties has been accounted for as a business combination. (d) Acquisition of U.S. Oil & Gas Royalties – Delaware Basin, Texas On February 20, 2018, the Company, through a wholly-owned subsidiary, closed the acquisition of a royalty portfolio in the Delaware Basin, which represents the western portion of the Permian Basin, for $101.3 million. The royalties are derived principally from mineral title which provides a perpetual interest in royalty lands. The transaction entitles the Company to royalties, effective October 1, 2017. Prior to the December 31, 2017 year-end, the Company had advanced $11.0 million into escrow in respect to this transaction and this amount was included in royalty, stream and working interests, net in the statement of financial position as at December 31, 2017. The acquisition of the Delaware Basin U.S. Oil & Gas royalties has been accounted for as an asset acquisition.

Cash and cash equivalents

Cash and cash equivalents	9 Months Ended
	Sep. 30, 2018
Cash and cash equivalents.
Cash and cash equivalents	Note 4 – Cash and cash equivalents As at September 30, 2018, cash and cash equivalents were primarily held in interest-bearing deposits. At September 30, At December 31, Cash deposits $ 67.3 $ 469.5 Term deposits 9.6 41.6 $ 76.9 $ 511.1

Investments

Investments	9 Months Ended
	Sep. 30, 2018
Investments
Investments	Note 5 – Investments Investments comprise the following: (i) equity interests in various public and non-public entities which the Company acquired through the open market or through transactions; (ii) warrants in various publicly-listed companies; and (iii) a loan receivable extended to Noront Resources Ltd. as part of the Company’s acquisition of royalty rights in the Ring of Fire mining district of Ontario, Canada, in April 2015. At September 30, At December 31, Equity investments $ 165.2 $ 172.2 Warrants 0.8 0.8 Loan receivable 31.7 30.1 Total investments $ 197.7 $ 203.1 The change in the fair value of equity investments recognized in other comprehensive income for the three and nine months ended September 30, 2018 and 2017 were as follows: For the three months ended For the nine months ended September 30, September 30, Change in the fair value of equity investments $ 15.6 $ 20.4 $ (2.1) $ 8.5 Deferred tax recovery (expense) in other comprehensive income (2.0) (2.7) 0.4 (1.1) Change in the fair value of equity investments, net of tax 13.6 17.7 $ (1.7) $ 7.4

Prepaid expenses and other

Prepaid expenses and other	9 Months Ended
	Sep. 30, 2018
Prepaid expenses and other
Prepaid expenses and other	Note 6 – Prepaid expenses and other Prepaid expenses and other current assets comprise the following: At September 30, At December 31, Gold bullion $ 26.1 $ 14.6 Inventory 1.4 7.1 Prepaid expenses 6.7 17.0 Debt issue costs 0.7 0.7 $ 34.9 $ 39.4

Other assets

Other assets	9 Months Ended
	Sep. 30, 2018
Other assets
Other assets	Note 7 – Other assets Other assets comprise the following: At September 30, At December 31, Oil & gas well equipment, net $ 10.9 $ 12.7 Furniture and fixtures, net 0.5 0.6 Debt issue costs 2.0 1.9 $ 13.4 $ 15.2

Fair value measurements

Fair value measurements	9 Months Ended
	Sep. 30, 2018
Fair value measurements
Fair value measurements	Note 8 - Fair value measurements Fair value is a market-based measurement, not an entity-specific measurement. For some assets and liabilities, observable market transactions or market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same — to estimate the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions (i.e. an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability). The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value.  Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.  Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts and volatility measurements used to value option contracts), or inputs that are derived principally from or corroborated by observable market data or other means.  Level 3 inputs are unobservable (supported by little or no market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. There were no transfers between the levels of the fair value hierarchy during the nine months ended September 30, 2018. Assets and Liabilities Measured at Fair Value on a Recurring Basis Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Aggregate As at September 30, 2018 (Level 1) (Level 2) (Level 3) Fair Value Receivables from provisional concentrate sales $ — $ 8.6 $ — $ 8.6 Equity investments 161.3 — 3.9 165.2 Warrants — 0.8 — 0.8 $ 161.3 $ 9.4 $ 3.9 $ 174.6 Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Aggregate As at December 31, 2017 (Level 1) (Level 2) (Level 3) Fair Value Cash and cash equivalents $ 511.1 $ — $ — $ 511.1 Receivables from provisional concentrate sales — 11.3 — 11.3 Available-for-sale equity investments 168.1 — — 168.1 Warrants — 0.8 — 0.8 $ 679.2 $ 12.1 $ — $ 691.3 Fair Values of Financial Assets and Liabilities The fair values of the Company’s remaining financial assets and liabilities, which include cash and cash equivalents, receivables, loan receivables, accounts payable and accrued liabilities, approximate their carrying values due to their short-term nature and historically negligible credit losses and/or fair value of collateral. The Company has not offset financial assets with financial liabilities. The valuation techniques that are used to measure fair value are as follows: (a) The fair values of receivables arising from gold and platinum group metal sales contracts that contain provisional pricing mechanisms are determined using the appropriate quoted forward prices from the exchange that is the principal active market for the particular metal. As such, these receivables are classified within Level 2 of the fair value hierarchy. (b) The fair values of publicly-traded equity investments are determined based on a market approach reflecting the closing prices of each particular security at the statement of financial position date. The closing prices are quoted market prices obtained from the exchange that is the principal active market for the particular security, and therefore are classified within Level 1 of the fair value hierarchy. The Company holds one equity investment that does not have a quoted market price in an active market. The Company has assessed the fair value of the instrument based on a valuation technique using unobservable discounted future cash-flows. As a result, the fair value is classified within Level 3 of the fair value hierarchy. The fair values of warrants are estimated using the Black-Scholes pricing model which requires the use of inputs that are observable in the market. As such, these investments are classified within Level 2 of the fair value hierarchy.

Revolving term credit facilitie

Revolving term credit facilities	9 Months Ended
	Sep. 30, 2018
Revolving term credit facilities
Revolving term credit facilities	Note 9 – Revolving term credit facilities (a) The Company has a five year $1.0 billion unsecured revolving term credit facility (the “Credit Facility”). On March 7, 2018, the Company amended its Credit Facility by extending the term from March 22, 2022 to March 22, 2023 and reducing the applicable margins and standby fee, depending on the Company’s leverage ratio. Advances under the Credit Facility can be drawn as follows: U.S. dollars · · Canadian dollars · · All loans are readily convertible into loans of other types, described above, on customary terms and upon provision of appropriate notice. Borrowings under the Credit Facility are guaranteed by certain of the Company’s subsidiaries and are unsecured. The Credit Facility is subject to a standby fee of 0.22% to 0.44% per annum, depending on the Company’s leverage ratio, even if no amounts are outstanding under the Credit Facility. As at September 30, 2018, there was no balance (December 31, 2017 – $nil) outstanding under the Credit Facility. Subsequent to September 30, 2018, the Company drew $200.0 million under its Credit Facility. Refer to Note 16 (c) – Subsequent events . A balance of $2.7 million related to debt issue costs is remaining to be amortized over the remaining term of the Credit Facility (December 31, 2017 – $2.5 million). The unamortized debt issue costs associated with the Credit Facility are included in prepaid expenses and other current assets (Note 6 – Prepaid expenses and other) , and other non-current assets (Note 7 – Other assets) . (b) The Company’s subsidiary, Franco-Nevada (Barbados) Corporation (“FNBC”) has an unsecured revolving term credit facility (the “FNBC Credit Facility”). The FNBC Credit Facility provides for the availability over a one-year period of up to $100.0 million in borrowings. The FNBC Credit Facility, which had an original maturity date of March 20, 2018, was extended to March 20, 2019. FNBC has the option of requesting, during a period of time before each anniversary date, an additional one-year extension of the maturity, subject to approval from the lenders. During the first quarter of 2018, FNBC drew down and repaid an amount of $20.0 million on the FNBC Credit Facility. As at September 30, 2018, there was no balance outstanding under the FNBC Credit Facility (December 31, 2017 - $nil). Subsequent to September 30, 2018, on October 18, 2018, FNBC drew $7.0 million under its FNBC Credit Facility. The drawdown was repaid in full on October 31, 2018. Refer to Note 16 (c) – Subsequent events . As at September 30, 2018, a balance of $0.1 million (December 31, 2017 - $0.1 million) related to debt issue costs is remaining to be amortized over the remaining term of the FNBC Credit Facility (December 31, 2017 - $0.1 million) and is included in prepaid expenses and other current assets (Note 6 – Prepaid expenses and other) .

Revenue

Revenue	9 Months Ended
	Sep. 30, 2018
Revenue.
Revenue	Note 10 – Revenue Revenue comprises the following: For the three months ended For the nine months ended September 30, September 30, Commodity Gold (1) $ 110.6 $ 114.4 $ 337.5 $ 353.8 Silver 20.5 26.8 62.1 74.0 Platinum-group metals (1) 9.0 11.1 27.9 32.8 Other mining commodities 4.3 6.7 9.6 14.2 Oil & gas 26.2 12.5 67.9 33.0 $ 170.6 $ 171.5 $ 505.0 $ 507.8 Geography Latin America $ 74.6 $ 85.8 $ 215.6 $ 248.6 United States 33.9 22.8 100.1 73.2 Canada (1) 32.6 31.2 95.3 92.5 Rest of World 29.5 31.7 94.0 93.5 $ 170.6 $ 171.5 $ 505.0 $ 507.8 Type Revenue-based royalties $ 47.5 $ 39.2 $ 146.4 $ 115.9 Streams (1) 99.3 114.7 293.7 336.7 Profit-based royalties 11.4 8.6 35.1 27.6 Other 12.4 9.0 29.8 27.6 $ 170.6 $ 171.5 $ 505.0 $ 507.8 1 Includes $0.2 and $0.7 million of provisional price adjustments for gold for the three and nine months ended September 30, 2018, respectively, and $1.5 and $2.1 million of provisional price adjustments for platinum-group metals, for the three and nine months ended September 30, 2018, respectively.

Costs of sales

Costs of sales	9 Months Ended
	Sep. 30, 2018
Costs of sales
Costs of sales	Note 11 – Costs of sales Costs of sales comprise the following: For the three months ended For the nine months ended September 30, September 30, Cost of stream sales $ 29.3 $ 30.8 $ 82.0 $ 96.9 Cost of prepaid ounces 2.0 0.6 5.7 4.7 Mineral production taxes 0.6 0.5 1.7 1.8 Oil & Gas operating costs 1.5 1.1 4.0 3.4 $ 33.4 $ 33.0 $ 93.4 $ 106.8

Related party disclosures

Related party disclosures	9 Months Ended
	Sep. 30, 2018
Related party disclosures
Related party disclosures	Note 12 – Related party disclosures Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company. Key management personnel include the Board of Directors and the executive management team. Compensation for key management personnel of the Company was as follows: For the three months ended For the nine months ended September 30, September 30, Short-term benefits (1) $ 0.8 $ 0.8 $ 2.4 $ 2.4 Share-based payments (2) 0.3 1.2 2.7 4.8 $ 1.1 $ 2.0 $ 5.1 $ 7.2 1 Includes salary, benefits and short-term accrued incentives/other bonuses earned in the period. 2 Represents the expense of stock options, restricted share units (“RSUs”) earned and mark-to-market charges on deferred share units during the year.

Income taxes

Income taxes	9 Months Ended
	Sep. 30, 2018
Income taxes
Income taxes	Note 13 - Income taxes Income tax expense for the three and nine months ended September 30, 2018 and 2017 was as follows: For the three months ended For the nine months ended September 30, September 30, Current income tax expense (recovery) $ 18.1 (1.3) $ 30.9 14.2 Deferred income tax (recovery) expense (4.3) 4.2 7.5 10.2 $ 13.8 $ 2.9 $ 38.4 $ 24.4

Shareholders' equity

Shareholders' equity	9 Months Ended
	Sep. 30, 2018
Shareholders' equity
Shareholders' equity	Note 14 - Shareholders’ equity (a) The Company’s authorized capital stock includes an unlimited number of common shares (issued - 186,362,994 common shares as at September 30, 2018) having no par value and preferred shares issuable in series (issued - nil). During the three months ended September 30, 2018, the Company issued 179,478 common shares (Q3/2017 – 139,806 common shares) pursuant to the terms of the Company’s Dividend Reinvestment Plan (“DRIP”). For the nine months ended September 30, 2018, the Company issued 427,663 common shares (YTD/2017 – 424,847 common shares) under its DRIP. (b) The Company paid dividends in the amount of $45.0 million (Q3/2017 - $42.8 million), or $0.24 per share (Q3/2017 - $0.23 per share), for the three months ended September 30, 2018, and $132.9 million (YTD/2017 - $124.7 million), or $0.71 per share (YTD/2017 - $0.68 per share), in the nine months ended September 30, 2018. The Company paid cash dividends in the amount of $33.8 million (Q3/2017 – $31.8 million) and $104.5 million (YTD/2017 - $94.0 million) and issued common shares pursuant to its DRIP valued at $11.2 million (Q3/2017 - $11.0 million) and $28.4 million (YTD/2017 - $30.7 million), in the three and nine months ended September 30, 2018, respectively. (c) During the three and nine months ended September 30, 2018, an expense of $1.5 million (Q3/2017 – $0.9 million) and $4.1 million (YTD/2017 - $4.0 million), respectively, related to stock options and restricted share units has been included in the consolidated statement of income and comprehensive income. In the three and nine months ended September 30, 2018, nil (Q3/2017 - $nil) and $0.3 million (YTD/2017 - $0.2 million) was capitalized to royalty, stream and working interests. During the three months ended September 30, 2018, the Company granted 47,732 stock options (Q3/2017 – nil) to employees at a weighted average exercise price of C$88.76 (Q3/2017 – n/a). These ten-year term options vest over three years in equal portions on the anniversary of the grant date. The fair value of the stock options granted during Q3/2018 has been determined to be $0.9 million (Q3/2017 – n/a). The fair value of the options was calculated using the Black-Scholes option pricing model and utilized the following assumptions, resulting in a fair value of C$25.14 per stock option (Q3/2017 – n/a): Risk-free interest rate 2.18 % Expected dividend yield 1.41 % Expected price volatility of the Company’s common shares 33.3 % Expected life of the option 5 years Forfeiture rate 0 %

Earnings per share ("EPS")

Earnings per share ("EPS")	9 Months Ended
	Sep. 30, 2018
Earnings per share ("EPS")
Earnings per share ("EPS")	Note 15 – Earnings per share (“EPS”) For the three months ended September 30, 2018 Earnings Shares Per Share (Numerator) (Denominator) Amount Basic EPS $ 52.1 186.1 $ 0.28 Effect of dilutive securities — 0.3 — Diluted EPS $ 52.1 186.4 $ 0.28 For the three months ended September 30, 2017 Earnings Shares Per Share (Numerator) (Denominator) Amount Basic EPS $ 60.0 185.5 $ 0.32 Effect of dilutive securities — 0.4 — Diluted EPS $ 60.0 185.9 $ 0.32 For the nine months ended September 30, 2018 Earnings Shares Per Share (Numerator) (Denominator) Amount Basic EPS $ 170.3 186.1 $ 0.92 Effect of dilutive securities — 0.3 (0.01) Diluted EPS $ 170.3 186.4 $ 0.91 For the nine months ended September 30, 2017 Earnings Shares Per Share (Numerator) (Denominator) Amount Basic EPS $ 151.2 181.9 $ 0.83 Effect of dilutive securities — 0.4 — Diluted EPS $ 151.2 182.3 $ 0.83 For the three months ended September 30, 2018, 145,521 stock options (Q3/2017 – nil) were excluded from the computation of diluted EPS due to being anti-dilutive. For the nine months ended September 30, 2018, 145,521 stock options (YTD/2017 – 263,568) were excluded from the computation of diluted EPS due to being anti-dilutive. Restricted share units totalling 73,762 were excluded from the computation of diluted EPS for the three and nine months ended September 30, 2018 (three and nine months ended September 30, 2017 – 84,094) due to the performance criteria for the vesting of the RSUs not being measurable as at September 30, 2018.

Subsequent events

Subsequent events	9 Months Ended
	Sep. 30, 2018
Subsequent events
Subsequent events	Note 16 – Subsequent events (a) Acquisition of U.S. Oil & Gas Mineral Rights with Continental Resources, Inc. – SCOOP and STACK, Oklahoma On August 6, 2018, the Company announced that it had, through a wholly-owned subsidiary, executed definitive documents with Continental Resources, Inc. to jointly acquire, through a newly-formed entity, mineral rights in the SCOOP and STACK plays of Oklahoma ( Note 3 (a) – Acquisitions and other transactions, Acquisition of U.S. Oil & Gas Mineral Rights with Continental Resources, Inc. – SCOOP and STACK, Oklahoma) . The transaction closed on October 23, 2018. (b) Commitments – Cobre Panama Fixed Payment Stream As noted in Note 3 (b) – Acquisitions and other transactions, Acquisition of Additional Stream and Update on the Cobre Panama Project, Panama, the Company committed to fund the Cobre Panama project by providing a deposit of $1.0 billion against future deliveries of gold and silver from Cobre Panama under the terms of the Fixed Payment Stream. On October 19, 2018, the Company funded its final contribution of $25.6 million, for a cumulative total of $1.0 billion, thereby fulfilling its funding commitment in connection to the Fixed Payment Stream. (c) Drawdowns of revolving term credit facilities On October 17, 2018, the Company drew $200.0 million under its Credit Facility to fund a portion of its contribution for the joint acquisition of mineral rights with Continental (Note 3 (a) – Acquisition and other transactions, Acquisition of U.S. Oil & Gas Mineral Rights with Continental Resources, Inc. – SCOOP and STACK, Oklahoma) . The funds were drawn as 30-day LIBOR loans with the associated interest rate based on 30-day Libor rates plus 1.10%. On October 18, 2018, the Company’s subsidiary, FNBC, drew $7.0 million under the FNBC Credit Facility to fund a portion its contribution to the Cobre Panama Project under the terms of the Fixed Payment Stream (Note 3 (b) – Acquisitions and other transactions, Acquisition of Additional Stream and Update on the Cobre Panama Project, Panama) . The drawdown was repaid in full on October 31, 2018. The funds were drawn as 13-day LIBOR loans with the associated interest rate based on 30-day Libor rates plus 1.35%.

Significant accounting polici_2

Significant accounting policies (Policies)	9 Months Ended
	Sep. 30, 2018
Significant accounting policies
Basis of presentation	(a) These unaudited condensed consolidated interim financial statements include the accounts of the Company and its wholly-owned subsidiaries (its “subsidiaries”) (together the “Company”). These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) applicable to the preparation of condensed interim financial statements, including IAS 34 Interim Financial Reporting . These condensed consolidated interim financial statements should be read in conjunction with the Company’s annual consolidated financial statements for the year ended December 31, 2017 and were prepared using the same accounting policies, method of computation and presentation as were applied in the annual consolidated financial statements for the year ended December 31, 2017, except as noted in Note 2(b) – Significant accounting policies, New and amended standards adopted by the Company . These condensed consolidated financial statements were authorized for issuance by the Board of Directors on November 5, 2018. The financial information included herein reflects all adjustments, consisting only of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the results to be expected for the full year. Seasonality is not considered to have a significant impact over the condensed consolidated interim financial statements. Taxes on income in the interim period have been accrued using the tax rates that would be applicable to expected total annual income.
New and amended standards adopted and not yet adopted by the Company	(b) The following accounting standards were adopted by the Company as of January 1, 2018. The impact of the adoption of these standards and the new accounting policies are disclosed below. IFRS 9 Financial Instruments IFRS 9 Financial Instruments (“IFRS 9”), replaces the provisions of IAS 39 Financial Instruments: Recognition and Measurement (“IAS 39”) that relate to the recognition, classification and measurement of financial assets and financial liabilities, derecognition of financial instruments, impairment of financial assets and hedge accounting. The adoption of IFRS 9 on January 1, 2018 resulted in changes in accounting policies and adjustments to the amounts recognized in the financial statements. The Company has applied the changes in accounting policies retrospectively; however in accordance with the transitional provisions in IFRS 9, comparative figures have not been restated. The reclassifications and adjustments are recognized in the opening balance sheet as at January 1, 2018 as summarized below. · The Company has made an irrevocable election available under IFRS 9 to continue to classify its long-term investments in equity securities at fair value through other comprehensive income (“FVTOCI”) because these investments are held as long-term strategic investments that are not expected to be sold in the short term. This election is available on an instrument-by-instrument basis. Previously these investments were classified as available-for-sale under IAS 39. Changes in the fair value of these investments are recognized in other comprehensive income (loss). On adoption of IFRS 9, the Company recorded an adjustment of $27.1 million to reduce opening deficit with a corresponding adjustment to increase accumulated other comprehensive loss to reclassify the accumulated impairment losses on these investments to accumulated other comprehensive loss. There was no impact on net income or other comprehensive loss for the three and nine months ended September 30, 2018. · Under IAS 39, investments in equity instruments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured can be measured at cost. This cost exemption is not available under IFRS 9. At the date of adoption, the Company held one equity investment at cost, which had a carrying value of $4.0 million as at January 1, 2018. The Company assessed the fair value of the instrument based on valuation techniques that include inputs that are not based on observable market data and determined that the fair value approximates the carrying value of the instrument as of the date of adoption and as such the Company concluded no adjustment is required. The Company has determined that there was no change in the fair value of this investment during the three and nine months ended September 30, 2018. · IFRS 9 applies an expected credit loss model to evaluate financial assets for impairment, rather than an incurred loss model previously applied under IAS 39. The Company’s financial assets which are subject to credit risk include cash and cash equivalents, receivables and loan receivable. The Company holds one loan receivable from Noront Resources Ltd. The loan receivable is carried at amortized cost and had a carrying value of $30.1 million as at January 1, 2018. Application of the expected credit loss model at the date of adoption did not have a significant impact on the Company’s financial assets because the Company determined that the expected credit losses on its financial assets were nominal. There were no impairment losses recorded on financial assets during the three and nine months ended September 30, 2018. On the date of the initial application, January 1, 2018, the financial instruments of the Company were as follows, with any reclassifications noted: Measurement category Carrying amount Original New Original New (IAS 39) (IFRS 9) (IAS 39) (IFRS 9) Difference Current financial assets Cash and cash equivalents Available-for-sale Amortized cost $ 511.1 $ 511.1 $ — Receivables Amortized cost Amortized cost 54.6 54.6 — Receivables from provisional concentrate sales FVTPL (1) FVTPL 11.3 11.3 — Non-current financial assets Equity investments Available-for-sale FVTOCI (2) $ 172.2 $ 172.2 $ — Warrants FVTPL FVTPL 0.8 0.8 — Loan receivable Amortized cost Amortized cost 30.1 30.1 — Financial liabilities Accounts payable and accrued liabilities Amortized cost Amortized cost $ 21.5 $ 21.5 $ — Debt Amortized cost Amortized cost — — — 1 Fair value through profit or loss. 2 Fair value through other comprehensive income or loss. Except as noted above, the adoption of IFRS 9 did not result in changes in the carrying values of the Company’s financial instruments on January 1, 2018. Financial assets and financial liabilities are recognized on the Company’s statement of financial position when the Company has become a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. The Company’s financial instruments consist of cash and cash equivalents, receivables, accounts payable, accrued liabilities, debt, and investments, including equity investments, loans receivable, and warrants. Financial instruments are recognized initially at fair value. IFRS 9 includes a revised model for classifying financial assets, which results in classification according to a financial instrument’s contractual cash flow characteristics and the business models under which they are held. Under the IFRS 9 model for classification the Company has classified its financial assets as described below. (i) Cash and cash equivalents Cash and cash equivalents comprise cash on hand, deposits held with banks and other short-term highly liquid investments with original maturities of three months or less. Cash and cash equivalents are recorded at amortized cost using the effective interest method. Previously under IAS 39 these amounts were classified as available-for-sale. The change in classification did not impact the measurement of cash and cash equivalents. (ii) Receivables, other than those related to stream agreements with provisional pricing mechanisms, are classified as financial assets at amortized cost and measured using the effective interest method less any impairment loss allowance. The loss allowance for receivables is measured based on lifetime expected credit losses. (iii) Investments comprise equity interests in publicly-traded and privately-held entities, warrants, marketable securities with original maturities at the date of the purchase of more than three months and a loan receivable. The Company’s equity investments are held for strategic purposes and not for trading. Upon adoption of IFRS 9, the Company made an irrevocable election to designate these investments in common shares at FVTOCI. FVTOCI investments are recognized initially at fair value plus transaction costs. Subsequent to initial recognition, FVTOCI investments are measured at fair value and changes in the fair value are recognized directly in other comprehensive income (loss). When an equity investment at FVTOCI is sold, the accumulated gains or losses are reclassified from accumulated other comprehensive income (loss) directly to deficit. Previously under IAS 39, these equity investments were classified as available-for-sale financial assets. Translation differences on equity securities classified as FVTOCI are included in other comprehensive income (loss). Derivative instruments, such as warrants and receivables related to stream agreements with provisional pricing mechanisms, are classified as fair value through profit and loss (“FVTPL”) and are recognized initially at fair value. Subsequent to initial recognition, derivatives are measured at fair value. In the case of receivables related to stream agreements with provisional pricing, once the final settlement price is determined the financial instrument is no longer a derivative and is classified as a financial asset at amortized cost. Changes in the fair value of receivables related to stream agreements with provisional pricing mechanisms are recognized in revenue in the statement of income and other comprehensive income (loss). Changes in fair value of warrants are recognized as other income (expenses) in the statement of income and comprehensive income (loss). Loans receivable are classified as financial assets at amortized cost because these instruments are held for collection of contractual cash flows and those cash flows represent solely payments of principal and interest. Loans are measured at amortized cost using the effective interest method, less any impairment loss allowance. The impairment loss allowance for the loan receivable is measured based on expected credit losses. Interest income is recognized by applying the effective interest rate method and presented as finance income in the statement of income and comprehensive income (loss). (iv) Financial liabilities, including accounts payable, accrued liabilities and debt, are classified as financial liabilities to be subsequently measured at amortized cost using the effective interest method. IFRS 15 Revenue from Contracts with Customers Effective January 1, 2018, the Company has adopted IFRS 15 Revenue from Contracts with Customers (“IFRS 15”). This new standard was applied using a modified retrospective approach whereby the effects of the change in accounting policies for revenue as at January 1, 2018 are presented together as a single adjustment to the opening balance of deficit. Therefore, the comparative information has not been restated and continues to be reported under IAS 18 Revenue. The adoption of IFRS 15 did not have a significant impact on the timing or measurement of the Company’s revenue and no adjustment to the opening balance of deficit as at January 1, 2018 has been recorded as result of adopting IFRS 15. The following policies applied in accounting for revenue for the three and nine months ended September 30, 2018. In the comparative periods, revenue was accounted for in accordance with the revenue recognition policies disclosed in the Company’s annual consolidated financial statements for the year ended December 31, 2017. The Company generates revenue from contracts with customers under each of its royalty, stream and working interests. The Company has determined that each unit of a commodity that is delivered to a customer under a royalty, stream, or working interest arrangement is a performance obligation for the delivery of a good that is separate from each other unit of the commodity to be delivered under the same arrangement. (i) Stream arrangements Under its stream arrangements, the Company acquires commodities from operators of mining properties on which the Company has stream interests. The Company sells the commodities received under these arrangements to its customers under separate sales contracts. For those stream arrangements where the Company acquires refined metal from the operator, the Company sells the refined metal to third party financial institutions or brokers. The Company transfers control over the commodity on the date the commodity is delivered to the customer’s metal account, which is the date that title to the commodity and the risks and rewards of ownership transfer to the customer and the customer is able to direct the use of and obtain substantially all of the benefits from the commodity. The transaction price for these sales is fixed at the delivery date based on the spot price for the commodity and payment of the transaction price is generally due immediately when control has been transferred. For those stream arrangements where the Company acquires the commodities in concentrate form from the operator, the Company sells the concentrate under sales contracts with independent smelting companies. The Company transfers control over the concentrate at the time of shipment, which is when the risks and rewards of ownership and title pass to the independent smelting company. The final prices for metals contained in the concentrate are determined based on the market price for the metals on a specified future date after shipment. Upon transfer of control at shipment, the Company records revenue and a corresponding receivable from these sales based on forward commodity prices at the time of shipment. Variations between the price recorded at the transfer of control and the actual final price set under the contracts with the smelting companies are caused by changes in market commodity prices, and result in an embedded derivative in the receivable. The embedded derivative is recorded at fair value each period until final settlement occurs, with changes in fair value classified as provisional price adjustments and included as a component of stream revenue. IFRS 15 does not consider provisional price adjustments associated with concentrate sales to be revenue from contracts with customers as they arise from changes in market commodity prices. As such, provisional price adjustments are presented separately in Note 10 - Revenue, of these condensed consolidated financial statements. (ii) Royalty arrangements For royalty interests, the Company sells commodities to customers under contracts that are established by the operator of each mining or oil & gas property on which the royalty interest is held. The Company recognizes revenue from these sales when control over the commodity transfers to the customer. This transfer of control generally occurs when the operator of the mining or oil & gas property on which the royalty interest is held physically delivers the commodity to the customer. At this point in time, the risks and rewards of ownership have transferred to the customer and the Company has an unconditional right to payment. Revenue from royalty arrangements is measured at the transaction price agreed in the royalty arrangement with the operator of each mining or oil & gas property. The transaction price will reflect the gross value of the commodity sold less deductions that vary based on the terms of the royalty arrangement. (iii) Working interest arrangements The Company sells its proportionate share of the crude oil, natural gas and natural gas liquids to third-party customers using the services of a third-party marketing agent. The Company transfers control over the oil & gas at the time it enters the pipeline system, which is when title and the risks and rewards of ownership are transferred to customers and the Company has an unconditional right to payment. Revenue is measured at the transaction price set by reference to monthly market commodity prices plus certain price adjustments. Price adjustments include product quality and transportation adjustments and market differentials. (c) IFRIC 23 Uncertainty over Income Tax Treatments In June 2017, the IFRS Interpretation Committee issued IFRIC 23 Uncertainty over Income Tax Treatment (“IFRIC 23”) which clarifies how the recognition and measurement requirements of IAS 12 Income Taxes are applied where there is uncertainty over income tax treatments. IFRIC 23 becomes effective for annual periods beginning on or after January 1, 2019 and is to be applied retrospectively with early adoption permitted. The Company is in the process of assessing the impact of IFRIC 23 on the consolidated financial statements. IFRS 16 Leases In January 2016, the IASB issued IFRS 16 Leases (“IFRS 16”), which requires lessees to recognize assets and liabilities for most leases. IFRS 16 becomes effective for annual periods beginning on or after January 1, 2019 and is to be applied retrospectively with early adoption permitted, provided IFRS 15 has been applied or is applied at the same date as IFRS 16. The Company does not anticipate early adoption of this new standard. The Company has identified and is in the process of reviewing its material operating lease agreements and service contracts and assessing the impact of IFRS 16 on the consolidated financial statements. The Company expects to report more detailed information, including estimated quantitative financial impacts, if material, in its consolidated financial statements for the year ending December 31, 2018.

Significant accounting polici_3

Significant accounting policies (Tables)	9 Months Ended
	Sep. 30, 2018
Significant accounting policies
Schedule of initial application of IFRS 9	Measurement category Carrying amount Original New Original New (IAS 39) (IFRS 9) (IAS 39) (IFRS 9) Difference Current financial assets Cash and cash equivalents Available-for-sale Amortized cost $ 511.1 $ 511.1 $ — Receivables Amortized cost Amortized cost 54.6 54.6 — Receivables from provisional concentrate sales FVTPL (1) FVTPL 11.3 11.3 — Non-current financial assets Equity investments Available-for-sale FVTOCI (2) $ 172.2 $ 172.2 $ — Warrants FVTPL FVTPL 0.8 0.8 — Loan receivable Amortized cost Amortized cost 30.1 30.1 — Financial liabilities Accounts payable and accrued liabilities Amortized cost Amortized cost $ 21.5 $ 21.5 $ — Debt Amortized cost Amortized cost — — — 1 Fair value through profit or loss. 2 Fair value through other comprehensive income or loss.

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	9 Months Ended
	Sep. 30, 2018
Cash and cash equivalents.
Schedule of cash and cash equivalents	At September 30, At December 31, Cash deposits $ 67.3 $ 469.5 Term deposits 9.6 41.6 $ 76.9 $ 511.1

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2018
Investments
Schedule of investments	At September 30, At December 31, Equity investments $ 165.2 $ 172.2 Warrants 0.8 0.8 Loan receivable 31.7 30.1 Total investments $ 197.7 $ 203.1
Schedule of unrealized gains (losses) on available-for-sale investments recognized in other comprehensive income	For the three months ended For the nine months ended September 30, September 30, Change in the fair value of equity investments $ 15.6 $ 20.4 $ (2.1) $ 8.5 Deferred tax recovery (expense) in other comprehensive income (2.0) (2.7) 0.4 (1.1) Change in the fair value of equity investments, net of tax 13.6 17.7 $ (1.7) $ 7.4

Prepaid expenses and other (Tab

Prepaid expenses and other (Tables)	9 Months Ended
	Sep. 30, 2018
Prepaid expenses and other
The schedule of prepaid expenses and other current assets	At September 30, At December 31, Gold bullion $ 26.1 $ 14.6 Inventory 1.4 7.1 Prepaid expenses 6.7 17.0 Debt issue costs 0.7 0.7 $ 34.9 $ 39.4

Other assets (Tables)

Other assets (Tables)	9 Months Ended
	Sep. 30, 2018
Other assets
Schedule of Other assets	At September 30, At December 31, Oil & gas well equipment, net $ 10.9 $ 12.7 Furniture and fixtures, net 0.5 0.6 Debt issue costs 2.0 1.9 $ 13.4 $ 15.2

Fair value measurements (Tables

Fair value measurements (Tables)	9 Months Ended
	Sep. 30, 2018
Recurring Basis
Schedule of Assets and Liabilities Measured at Fair Value	Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Aggregate As at September 30, 2018 (Level 1) (Level 2) (Level 3) Fair Value Receivables from provisional concentrate sales $ — $ 8.6 $ — $ 8.6 Equity investments 161.3 — 3.9 165.2 Warrants — 0.8 — 0.8 $ 161.3 $ 9.4 $ 3.9 $ 174.6 Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Aggregate As at December 31, 2017 (Level 1) (Level 2) (Level 3) Fair Value Cash and cash equivalents $ 511.1 $ — $ — $ 511.1 Receivables from provisional concentrate sales — 11.3 — 11.3 Available-for-sale equity investments 168.1 — — 168.1 Warrants — 0.8 — 0.8 $ 679.2 $ 12.1 $ — $ 691.3

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2018
Revenue.
Schedule of Revenue	For the three months ended For the nine months ended September 30, September 30, Commodity Gold (1) $ 110.6 $ 114.4 $ 337.5 $ 353.8 Silver 20.5 26.8 62.1 74.0 Platinum-group metals (1) 9.0 11.1 27.9 32.8 Other mining commodities 4.3 6.7 9.6 14.2 Oil & gas 26.2 12.5 67.9 33.0 $ 170.6 $ 171.5 $ 505.0 $ 507.8 Geography Latin America $ 74.6 $ 85.8 $ 215.6 $ 248.6 United States 33.9 22.8 100.1 73.2 Canada (1) 32.6 31.2 95.3 92.5 Rest of World 29.5 31.7 94.0 93.5 $ 170.6 $ 171.5 $ 505.0 $ 507.8 Type Revenue-based royalties $ 47.5 $ 39.2 $ 146.4 $ 115.9 Streams (1) 99.3 114.7 293.7 336.7 Profit-based royalties 11.4 8.6 35.1 27.6 Other 12.4 9.0 29.8 27.6 $ 170.6 $ 171.5 $ 505.0 $ 507.8 Includes $0.2 and $0.7 million of provisional price adjustments for gold for the three and nine months ended September 30, 2018, respectively, and $1.5 and $2.1 million of provisional price adjustments for platinum-group metals, for the three and nine months ended September 30, 2018, respectively.

Costs of sales (Tables)

Costs of sales (Tables)	9 Months Ended
	Sep. 30, 2018
Costs of sales
Schedule of Costs of sales	For the three months ended For the nine months ended September 30, September 30, Cost of stream sales $ 29.3 $ 30.8 $ 82.0 $ 96.9 Cost of prepaid ounces 2.0 0.6 5.7 4.7 Mineral production taxes 0.6 0.5 1.7 1.8 Oil & Gas operating costs 1.5 1.1 4.0 3.4 $ 33.4 $ 33.0 $ 93.4 $ 106.8

Related party disclosures (Tabl

Related party disclosures (Tables)	9 Months Ended
	Sep. 30, 2018
Related party disclosures
Schedule of compensation for key management personnel	For the three months ended For the nine months ended September 30, September 30, Short-term benefits (1) $ 0.8 $ 0.8 $ 2.4 $ 2.4 Share-based payments (2) 0.3 1.2 2.7 4.8 $ 1.1 $ 2.0 $ 5.1 $ 7.2 1 Includes salary, benefits and short-term accrued incentives/other bonuses earned in the period. 2 Represents the expense of stock options, restricted share units (“RSUs”) earned and mark-to-market charges on deferred share units during the year.

Income taxes (Tables)

Income taxes (Tables)	9 Months Ended
	Sep. 30, 2018
Income taxes
Schedule of income tax expense	For the three months ended For the nine months ended September 30, September 30, Current income tax expense (recovery) $ 18.1 (1.3) $ 30.9 14.2 Deferred income tax (recovery) expense (4.3) 4.2 7.5 10.2 $ 13.8 $ 2.9 $ 38.4 $ 24.4

Shareholders' equity (Tables)

Shareholders' equity (Tables)	9 Months Ended
	Sep. 30, 2018
Shareholders' equity
Schedule of fair value of options calculated using Black-Scholes option pricing model and weighted average assumptions utilized	Risk-free interest rate 2.18 % Expected dividend yield 1.41 % Expected price volatility of the Company’s common shares 33.3 % Expected life of the option 5 years Forfeiture rate 0 %

Earnings per share ("EPS") (Tab

Earnings per share ("EPS") (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings per share ("EPS")
Schedule of basic and diluted EPS	For the three months ended September 30, 2018 Earnings Shares Per Share (Numerator) (Denominator) Amount Basic EPS $ 52.1 186.1 $ 0.28 Effect of dilutive securities — 0.3 — Diluted EPS $ 52.1 186.4 $ 0.28 For the three months ended September 30, 2017 Earnings Shares Per Share (Numerator) (Denominator) Amount Basic EPS $ 60.0 185.5 $ 0.32 Effect of dilutive securities — 0.4 — Diluted EPS $ 60.0 185.9 $ 0.32 For the nine months ended September 30, 2018 Earnings Shares Per Share (Numerator) (Denominator) Amount Basic EPS $ 170.3 186.1 $ 0.92 Effect of dilutive securities — 0.3 (0.01) Diluted EPS $ 170.3 186.4 $ 0.91 For the nine months ended September 30, 2017 Earnings Shares Per Share (Numerator) (Denominator) Amount Basic EPS $ 151.2 181.9 $ 0.83 Effect of dilutive securities — 0.4 — Diluted EPS $ 151.2 182.3 $ 0.83

Corporate information (Details)

Corporate information (Details)	Sep. 30, 2018item
Corporate information
The number of assets in portfolio	377

Significant accounting polici_4

Significant accounting policies - Other (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2018USD ($)	Jan. 02, 2018USD ($)	Jan. 01, 2018USD ($)item
Significant accounting policies
Ifrs Cumulative Effect Of New Accounting Principle In Period Of Adoption			$ 27,100,000
Number of equity investments accounted for at cost | item				1
Carrying value				$ 4,000,000
Number of loan receivable carried at amortized cost | item				1
Loan receivable at amortized cost				$ 30,100,000
Impairment loss recognized	$ 0	$ 0

Significant accounting polici_5

Significant accounting policies - IFRS 9 (Details) $ in Millions	Jan. 02, 2018USD ($)
Amortized cost. | Accounts payable and accrued liabilities
IFRS 9 Financial Instruments
Financial liabilities	$ 21.5
FVTPL | Receivables from provisional concentrate sales
IFRS 9 Financial Instruments
Current financial assets	11.3
FVTPL | Warrants
IFRS 9 Financial Instruments
Non-current financial assets	0.8
FVTOCI | Equity investments
IFRS 9 Financial Instruments
Non-current financial assets	172.2
Amortized cost | Cash and cash equivalents
IFRS 9 Financial Instruments
Current financial assets	511.1
Amortized cost | Receivables
IFRS 9 Financial Instruments
Current financial assets	54.6
Amortized cost | Loan receivable
IFRS 9 Financial Instruments
Non-current financial assets	30.1
Original (IAS 39) | Amortized cost. | Accounts payable and accrued liabilities
IFRS 9 Financial Instruments
Financial liabilities	21.5
Original (IAS 39) | FVTPL | Receivables from provisional concentrate sales
IFRS 9 Financial Instruments
Current financial assets	11.3
Original (IAS 39) | FVTPL | Warrants
IFRS 9 Financial Instruments
Non-current financial assets	0.8
Original (IAS 39) | Available-for-sale | Cash and cash equivalents
IFRS 9 Financial Instruments
Current financial assets	511.1
Original (IAS 39) | Available-for-sale | Equity investments
IFRS 9 Financial Instruments
Non-current financial assets	172.2
Original (IAS 39) | Amortized cost | Receivables
IFRS 9 Financial Instruments
Current financial assets	54.6
Original (IAS 39) | Amortized cost | Loan receivable
IFRS 9 Financial Instruments
Non-current financial assets	$ 30.1

Acquisitions and other transa_2

Acquisitions and other transactions (Details) $ in Millions	Oct. 19, 2018USD ($)	Feb. 28, 2018AUD ($)item	Jan. 19, 2018USD ($)$ / ozitemoz	Sep. 30, 2018USD ($)	Oct. 23, 2018USD ($)Y	Sep. 30, 2018USD ($)	Feb. 20, 2018USD ($)	Dec. 31, 2017USD ($)
SCOOP and STACK, Oklahoma | Asset acquisition subsequent to year-end
Acquisitions
Value of contribution to be made by entity					$ 218.5
Value of royalties generated by the acquired assets					3.7
net value of contribution to be made by entity					$ 214.8
The number of years of annual spending amounts | Y					3
The number of years of annual spending amounts for Continental Resources, Inc. | Y					3
SCOOP and STACK, Oklahoma | Asset acquisition subsequent to year-end | Bottom
Acquisitions
Amount of expected contribution to be made in remainder of 2018					$ 35
SCOOP and STACK, Oklahoma | Asset acquisition subsequent to year-end | Top
Acquisitions
Value of annual spending amount					300
Value of contribution to be made by Continental Resources, Inc.					75
Amount of expected contribution to be made in remainder of 2018					$ 55
Amended and restated Cobre Panama Agreement
Acquisitions
Percentage of the project covered by the amended and restated agreement (as a percent)			100.00%
Ownership percentage of the project by First Quantum (as a percent)			90.00%
Ownership percentage of project by KORES (as a percent)			10.00%
Number of distinct precious metals streams | item			2
Capitalized costs for the project						$ 1,337.8
Amended and restated Cobre Panama Agreement - Fixed Payment Stream
Acquisitions
First Quantum's initial interest percent in original stream (as a percent)			80.00%
Payment for each ounce of gold (in dollars per ounce) | $ / oz			418
Payment for each ounce of silver (in dollars per ounce) | $ / oz			6.27
The annual inflation factor rate (as a percent)			1.50%
Quantity of delivered gold ounces before purchase decreases to next threshold from initial threshold | oz			1,341,000
Maximum ounces of silver on which on-going price of spot price is payable | oz			21,500,000
Percentage of spot price of gold on which on-going price is paid after maximum ounces have been delivered			50.00%
Percentage of spot price of silver on which on-going price is paid after maximum ounces have been delivered			50.00%
Deposit funded on a pro-rata basis			33.33%
Amount funded by the company				$ 88.4		247.8
Cumulative amount funded by the company				$ 974.4		$ 974.4
Amended and restated Cobre Panama Agreement - Fixed Payment Stream | Top
Acquisitions
Deposit provided to acquiree			$ 1,000
Amended and restated Cobre Panama Agreement - Fixed Payment Stream | Asset acquisition subsequent to year-end
Acquisitions
Amount funded by the company	$ 25.6
Cumulative amount funded by the company	1,000
Amended and restated Cobre Panama Agreement - Fixed Payment Stream | Asset acquisition subsequent to year-end | Top
Acquisitions
Deposit provided to acquiree	$ 1
Amended and restated Cobre Panama Agreement - Floating Payment Stream
Acquisitions
First Quantum additional interest percent in project acquired from LS-Nikko Copper Inc. (as a percent)			10.00%
KORES interest percent in project (as a percent)			10.00%
Percentage of spot price of gold and silver on which on-going price is paid			20.00%
Maximum ounces of gold on which on-going price of spot price is payable | oz			604,000
Maximum ounces of silver on which on-going price of spot price is payable | oz			9,618,000
Percentage of spot price of gold and silver on which on-going price is paid after maximum ounces have been delivered			50.00%
Amount funded by the company			$ 356
Bowen Basin Coal Royalties, Australia
Acquisitions
Number of additional exploration tenements | item		33
Cash transferred		$ 4,200,000
Royalty rate per tonne		$ 0.10
U.S. Oil & Gas Royalties - Delaware Texas
Acquisitions
Consideration transferred							$ 101.3
Deposit provided to acquiree								$ 11

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Cash and cash equivalents.
Cash deposits	$ 67.3	$ 469.5
Term deposits	9.6	41.6
Cash and cash equivalents	$ 76.9	$ 511.1	$ 533.3	$ 253

Investments (Details)

Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Investments
Investments	$ 197.7		$ 197.7		$ 203.1
Unrealized gains losses on available-for-sale investments
Change in the fair value of equity investments	15.6	$ 20.4	(2.1)	$ 8.5
Deferred tax recovery (expense) in other comprehensive income	(2)	(2.7)	0.4	(1.1)
Change in the fair value of equity investments, net of tax	13.6	$ 17.7	(1.7)	$ 7.4
Equity investments
Investments
Investments	165.2		165.2		172.2
Warrants
Investments
Investments	0.8		0.8		0.8
Loan receivable
Investments
Investments	$ 31.7		$ 31.7		$ 30.1

Prepaid expenses and other (Det

Prepaid expenses and other (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Prepaid expenses and other
Gold bullion	$ 26.1	$ 14.6
Inventory	1.4	7.1
Prepaid expenses	6.7	17
Debt issue costs	0.7	0.7
Prepaid expenses and other	$ 34.9	$ 39.4

Other assets (Details)

Other assets (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Other assets
Oil & gas well equipment, net	$ 10.9	$ 12.7
Furniture and fixtures, net	0.5	0.6
Debt issue costs	2	1.9
Other assets	$ 13.4	$ 15.2

Fair value measurements (Detail

Fair value measurements (Details)	9 Months Ended
	Sep. 30, 2018USD ($)item	Dec. 31, 2017USD ($)
Fair value measurements
Transfer from Level 1 to 2 of financial assets	$ 0
Transfer from Level 2 to 1 of financial assets	0
Transfer from Level 1 to 2 of financial liabilities	0
Transfer from Level 2 to 1 of financial liabilities	0
Transfers Into Level 3 of financial assets	0
Transfers Out of Level 3 of financial assets	0
Transfers Into Level 3 of financial liabilities	0
Transfers Out of Level 3 of financial liabilities	0
Recurring Basis
Fair value measurements
Financial assets, at fair value	174,600,000	$ 691,300,000
Recurring Basis | Level 1
Fair value measurements
Financial assets, at fair value	161,300,000	679,200,000
Recurring Basis | Level 2
Fair value measurements
Financial assets, at fair value	9,400,000	12,100,000
Recurring Basis | Level 3
Fair value measurements
Financial assets, at fair value	3,900,000
Cash and cash equivalents | Recurring Basis
Fair value measurements
Financial assets, at fair value		511,100,000
Cash and cash equivalents | Recurring Basis | Level 1
Fair value measurements
Financial assets, at fair value		511,100,000
Receivables from provisional concentrate sales | Recurring Basis
Fair value measurements
Financial assets, at fair value	8,600,000	11,300,000
Receivables from provisional concentrate sales | Recurring Basis | Level 2
Fair value measurements
Financial assets, at fair value	$ 8,600,000	11,300,000
Equity investments
Fair value measurements
Number of investments with no quoted market price in an active market | item	1
Equity investments | Recurring Basis
Fair value measurements
Financial assets, at fair value	$ 165,200,000
Equity investments | Recurring Basis | Level 1
Fair value measurements
Financial assets, at fair value	161,300,000
Equity investments | Recurring Basis | Level 3
Fair value measurements
Financial assets, at fair value	3,900,000
Available-for-sale | Recurring Basis
Fair value measurements
Financial assets, at fair value		168,100,000
Available-for-sale | Recurring Basis | Level 1
Fair value measurements
Financial assets, at fair value		168,100,000
Warrants | Recurring Basis
Fair value measurements
Financial assets, at fair value	800,000	800,000
Warrants | Recurring Basis | Level 2
Fair value measurements
Financial assets, at fair value	$ 800,000	$ 800,000

Revolving term credit facilit_2

Revolving term credit facilities (Details) $ in Millions	Oct. 18, 2018USD ($)	Oct. 17, 2018USD ($)	Mar. 20, 2017USD ($)item	Oct. 31, 2018USD ($)	Mar. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Credit Facility
Revolving term credit facility
Term of credit facility						5 years
Maximum borrowing capacity						$ 1,000
Amount outstanding						0	$ 0
Debt issuance costs capitalised						$ 2.7	2.5
Credit Facility | Bottom
Revolving term credit facility
Bankers acceptance period under credit facility						30 days
Stamping fee (as a percent)						1.10%
Standby fee (as a percent)						0.22%
Credit Facility | Top
Revolving term credit facility
Bankers acceptance period under credit facility						180 days
Stamping fee (as a percent)						2.20%
Standby fee (as a percent)						0.44%
Credit Facility | Subsequent borrowings under credit facilities
Revolving term credit facility
Proceeds from draw of Credit Facility		$ 200		$ 200
Credit Facility | 30-day Libor | Subsequent borrowings under credit facilities
Revolving term credit facility
Spread on variable rate (as a percent)		1.10%
Credit Facility | CIBC | Bottom
Revolving term credit facility
Spread on variable rate (as a percent)						0.10%
Credit Facility | CIBC | Top
Revolving term credit facility
Spread on variable rate (as a percent)						1.20%
Credit Facility | LIBOR | Bottom
Revolving term credit facility
Spread on variable rate (as a percent)						1.10%
Credit Facility | LIBOR | Top
Revolving term credit facility
Spread on variable rate (as a percent)						2.20%
Credit Facility | Prime rate | Bottom
Revolving term credit facility
Spread on variable rate (as a percent)						0.10%
Credit Facility | Prime rate | Top
Revolving term credit facility
Spread on variable rate (as a percent)						1.20%
FNBC Credit Facility
Revolving term credit facility
Maturity period			1 year
Maximum borrowing capacity			$ 100
Proceeds from draw of Credit Facility					$ 20
Repayment of credit facility					$ 20
Amount outstanding						$ 0	0
Number of additional extensions available | item			1
Extension period available			1 year
Debt issuance costs capitalised						$ 0.1	$ 0.1
FNBC Credit Facility | Subsequent borrowings under credit facilities
Revolving term credit facility
Proceeds from draw of Credit Facility	$ 7
FNBC Credit Facility | 30-day Libor | Subsequent borrowings under credit facilities
Revolving term credit facility
Spread on variable rate (as a percent)	1.35%

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue
Revenue	$ 170.6	$ 171.5	$ 505	$ 507.8
Revenue-based royalties
Revenue
Revenue	47.5	39.2	146.4	115.9
Streams
Revenue
Revenue	99.3	114.7	293.7	336.7
Profit-based royalties
Revenue
Revenue	11.4	8.6	35.1	27.6
Other
Revenue
Revenue	12.4	9	29.8	27.6
Gold
Revenue
Revenue	110.6	114.4	337.5	353.8
Provisional price adjustment	0.2		0.7
Silver
Revenue
Revenue	20.5	26.8	62.1	74
Platinum-group metals
Revenue
Revenue	9	11.1	27.9	32.8
Provisional price adjustment	1.5		2.1
Other mining commodities
Revenue
Revenue	4.3	6.7	9.6	14.2
Oil and gas
Revenue
Revenue	26.2	12.5	67.9	33
Latin American
Revenue
Revenue	74.6	85.8	215.6	248.6
United States
Revenue
Revenue	33.9	22.8	100.1	73.2
Canada
Revenue
Revenue	32.6	31.2	95.3	92.5
Rest of World
Revenue
Revenue	$ 29.5	$ 31.7	$ 94	$ 93.5

Costs of sales (Details)

Costs of sales (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Costs of sales
Cost of stream sales	$ 29.3	$ 30.8	$ 82	$ 96.9
Cost of prepaid ounces	2	0.6	5.7	4.7
Mineral production taxes	0.6	0.5	1.7	1.8
Oil & gas operating costs	1.5	1.1	4	3.4
Total costs of sales	$ 33.4	$ 33	$ 93.4	$ 106.8

Related party disclosures (Deta

Related party disclosures (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Related party disclosures
Short-term benefits	$ 0.8	$ 0.8	$ 2.4	$ 2.4
Share-based payments	0.3	1.2	2.7	4.8
Total	$ 1.1	$ 2	$ 5.1	$ 7.2

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income taxes
Current income tax expense (recovery)	$ 18.1	$ (1.3)	$ 30.9	$ 14.2
Deferred income tax (recovery) expenses	(4.3)	4.2	7.5	10.2
Total income tax expense	$ 13.8	$ 2.9	$ 38.4	$ 24.4

Shareholders' equity - Common S

Shareholders' equity - Common Shares (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Common shares
Shareholders' equity
Shares issued	186,362,994		186,362,994
Shares issued - DRIP	179,478	139,806	427,663	424,847
Preferred shares
Shareholders' equity
Shares issued	0		0
Shares, par value (dollars per share)	$ 0		$ 0

Shareholders' equity - Dividend

Shareholders' equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Shareholders' equity
Dividends declared	$ 45	$ 42.8	$ 132.9	$ 124.7
Dividend declared per share	$ 0.24	$ 0.23	$ 0.71	$ 0.68
Cash dividends paid	$ 33.8	$ 31.8	$ 104.5	$ 94
Share dividends paid - DRIP	$ 11.2	$ 11	$ 28.4	$ 30.7

Shareholders' equity - Stock-ba

Shareholders' equity - Stock-based payments - Assumptions & Options (Details)	3 Months Ended			9 Months Ended
	Sep. 30, 2018$ / shares	Sep. 30, 2018USD ($)EquityInstrumentsY	Sep. 30, 2017USD ($)EquityInstruments	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)
Stock-based payments
Capitalized to royalty, stream and working interest, net		$ 0	$ 0	$ 300,000	$ 200,000
Stock options
Stock-based payments
Term of options		10 years
Vesting period		3 years
Weighted average fair value per stock option (in dollars per share) | $ / shares	$ 25.14
Risk-free interest rate		2.18%
Expected dividend yield		1.41%
Expected price volatility of the Company's common shares		33.30%
Expected life of the option | Y		5
Forfeiture rate		0.00%
Expenses related to stock options		$ 1,500,000	$ 900,000	$ 4,100,000	$ 4,000,000
Granted (in shares) | EquityInstruments		47,732	0
Granted (in dollars per share)		$ 88.76
Fair value of options granted		$ 900,000

Earnings per share ("EPS") (Det

Earnings per share ("EPS") (Details) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)$ / sharesshares	Sep. 30, 2017USD ($)$ / sharesshares	Sep. 30, 2018USD ($)$ / sharesshares	Sep. 30, 2017USD ($)$ / sharesshares
Earnings per share
Basic EPS - Earnings | $	$ 52.1	$ 60	$ 170.3	$ 151.2
Basic EPS - (in shares)	186,100,000	185,500,000	186,100,000	181,900,000
Basic EPS (in dollars per share) | $ / shares	$ 0.28	$ 0.32	$ 0.92	$ 0.83
Effect of dilutive securities - (in shares)	300,000	400,000	300,000	400,000
Effect of dilutive securities - (in dollars per share) | $ / shares			(0.01)
Diluted EPS - Earnings | $	$ 52.1	$ 60	$ 170.3	$ 151.2
Diluted EPS - (in shares)	186,400,000	185,900,000	186,400,000	182,300,000
Diluted EPS (in dollars per share) | $ / shares	$ 0.28	$ 0.32	$ 0.91	$ 0.83
Stock options
Earnings per share
Securities excluded from computation of diluted EPS (in shares)	145,521	0	145,521	263,568
Restricted shares
Earnings per share
Securities excluded from computation of diluted EPS (in shares)	73,762	84,094	73,762	84,094

Subsequent events (Details)

Subsequent events (Details) - USD ($) $ in Millions	Oct. 19, 2018	Oct. 18, 2018	Oct. 17, 2018	Oct. 31, 2018	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2018	Jan. 19, 2018
Amended and restated Cobre Panama Agreement - Fixed Payment Stream
Subsequent events
Amount funded by the company					$ 88.4		$ 247.8
Cumulative amount funded by the company					$ 974.4		$ 974.4
FNBC Credit Facility
Subsequent events
Proceeds from draw of Credit Facility						$ 20
Top | Amended and restated Cobre Panama Agreement - Fixed Payment Stream
Subsequent events
Deposit provided to acquiree								$ 1,000
Subsequent borrowings under credit facilities | Credit Facility
Subsequent events
Proceeds from draw of Credit Facility			$ 200	$ 200
Subsequent borrowings under credit facilities | Credit Facility | 30-day Libor
Subsequent events
Spread on variable rate (as a percent)			1.10%
Subsequent borrowings under credit facilities | FNBC Credit Facility
Subsequent events
Proceeds from draw of Credit Facility		$ 7
Subsequent borrowings under credit facilities | FNBC Credit Facility | 30-day Libor
Subsequent events
Spread on variable rate (as a percent)		1.35%
Asset acquisition subsequent to year-end | Amended and restated Cobre Panama Agreement - Fixed Payment Stream
Subsequent events
Amount funded by the company	$ 25.6
Cumulative amount funded by the company	1,000
Asset acquisition subsequent to year-end | Top | Amended and restated Cobre Panama Agreement - Fixed Payment Stream
Subsequent events
Deposit provided to acquiree	$ 1