Franco-Nevada (FNV) 6-K 11 Aug 21 2021 Q2 Franco-Nevada Reports Record Q2 and H1 Results Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2021
Ifrs Statement Line Items
Document Type	6-K
Entity File Number	001-35286
Entity Registrant Name	FRANCO-NEVADA CORPORATION
Entity Address, Address Line One	199 Bay Street
Entity Address, Address Line Two	Suite 2000
Entity Address, Address Line Three	P.O. Box 285
Entity Address, Address Line Four	Commerce Court Postal Station
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Country	CA
Entity Address, Postal Zip Code	M5L 1G9
Entity Central Index Key	0001456346
Document Period End Date	Jun. 30, 2021
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Position - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents (note 4)	$ 197.7	$ 534.2
Receivables	115.7	93.4
Prepaid expenses and other (note 6)	45.5	36.1
Current assets	358.9	663.7
Royalty, stream and working interests, net (note 7)	5,222.4	4,632.1
Investments and loan receivable (note 5)	308.2	238.4
Deferred income tax assets	46.7	45.1
Other assets (note 8)	18.9	13.6
Total assets	5,955.1	5,592.9
LIABILITIES
Accounts payable and accrued liabilities	32.8	40.8
Current income tax liabilities	3.6	12.4
Current liabilities	36.4	53.2
Deferred income tax liabilities	115.1	91.5
Other liabilities	4.1	4.4
Total liabilities	155.6	149.1
SHAREHOLDERS' EQUITY
Share capital (note 15)	5,600	5,580.1
Contributed surplus	17.1	14
Retained earnings (deficit)	212.9	(34.4)
Accumulated other comprehensive loss	(30.5)	(115.9)
Total shareholders' equity	5,799.5	5,443.8
Total liabilities and shareholders' equity	$ 5,955.1	$ 5,592.9

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Ifrs Statement Line Items
Revenue (note 10)	$ 347.1	$ 195.4	$ 656	$ 435.9
Costs of sales
Costs of sales (note 11)	47.3	28	87.9	71.6
Depletion and depreciation	77.2	52.3	148.4	116.7
Total costs of sales	124.5	80.3	236.3	188.3
Gross profit	222.6	115.1	419.7	247.6
Other operating expenses (income)
Impairment charges (note 7)	7.5		7.5	271.7
General and administrative expenses	5.4	4.9	9.6	9.8
Share-based compensation expenses (note 12)	5	6.8	7	8.1
Gain on sale of gold bullion	(0.6)	(2.4)	(1.2)	(4.4)
Total other operating expenses (income)	17.3	9.3	22.9	285.2
Operating income (loss)	205.3	105.8	396.8	(37.6)
Foreign exchange loss and other income (expenses)	(1.2)	(0.1)	(1.3)	(0.2)
Income (loss) before finance items and income taxes	204.1	105.7	395.5	(37.8)
Finance items (note 14)
Finance income	1.7	1	2.4	1.9
Finance expenses	(1.1)	(0.8)	(1.9)	(1.9)
Net income (loss) before income taxes	204.7	105.9	396	(37.8)
Income tax expense (recovery) (note 15)	29.4	11.5	49.2	(33.4)
Net income (loss)	175.3	94.4	346.8	(4.4)
Items that may be reclassified subsequently to profit and loss:
Currency translation adjustment	17.7	29.4	27.1	(34.2)
Items that will not be reclassified subsequently to profit and loss:
Gain on changes in the fair value of equity investments at fair value through other comprehensive income ("FVTOCI"), net of income tax (note 5)	46.7	37	65.3	1.7
Other comprehensive income (loss)	64.4	66.4	92.4	(32.5)
Comprehensive income (loss)	$ 239.7	$ 160.8	$ 439.2	$ (36.9)
Basic earnings (loss) per share (in dollars per share)	$ 0.92	$ 0.50	$ 1.82	$ (0.02)
Diluted earnings (loss) per share (in dollars per share)	$ 0.92	$ 0.50	$ 1.81	$ (0.02)
Weighted average basic number of shares outstanding	191	190.2	191	189.6
Weighted average diluted number of shares outstanding	191.4	190.6	191.3	189.6

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net income (loss)	$ 346.8	$ (4.4)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion and depreciation	148.4	116.7
Share-based compensation expenses	3	2.5
Impairment charges	7.5	271.7
Unrealized foreign exchange loss	0.3	0.4
Deferred income tax expense (recovery)	11.9	(57.9)
Other non-cash items	(2.4)	(5.6)
Acquisition of gold bullion	(21.2)	(17.6)
Proceeds from sale of gold bullion	17.5	28.1
Operating cash flows before changes in non-cash working capital	511.8	333.9
Changes in non-cash working capital:
(Increase) decrease in receivables	(22.3)	19.4
(Increase) decrease in prepaid expenses and other	(12)	2.3
Decrease in current liabilities	(8)	(10.2)
Net cash provided by operating activities	469.5	345.4
Cash flows used in investing activities
Acquisition of royalty, stream and working interests	(733.5)	(38.3)
Acquisition of energy well equipment	(0.7)	(0.2)
Proceeds from sale of investments	12.7
Issuance of loan receivable		(15)
Net cash used in investing activities	(721.5)	(53.5)
Cash flows used in financing activities
Payment of dividends	(87)	(76)
Proceeds from draw of revolving credit facilities	150
Repayment of revolving credit facilities	(150)
Repayment of term loan		(80)
Proceeds from at-the-market equity offerings		107.3
Credit facility amendment costs	(0.1)
Proceeds from exercise of stock options	0.3	6
Net cash used in financing activities	(86.8)	(42.7)
Effect of exchange rate changes on cash and cash equivalents	2.3	(2.8)
Net change in cash and cash equivalents	(336.5)	246.4
Cash and cash equivalents at beginning of period	534.2	132.1
Cash and cash equivalents at end of period	197.7	378.5
Supplemental cash flow information:
Dividend income received	13.9	3.7
Interest and standby fees paid	1.3	1.3
Income taxes paid	$ 51.3	$ 33.5

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions	Share Capital	Contributed Surplus	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Deficit)	Total
Balance at beginning of period at Dec. 31, 2019	$ 5,390.7	$ 14.2	$ (178.3)	$ (164.4)	$ 5,062.2
Net income (loss)				(4.4)	(4.4)
Other comprehensive (loss) income			(32.5)		(32.5)
Total comprehensive (loss) income					(36.9)
At-the-market equity offering	112.3				112.3
Exercise of stock options	7.9	(1.9)			6
Share-based payments		2.8			2.8
Dividend reinvestment plan	21				21
Dividends declared				(97)	(97)
Balance at end of period at Jun. 30, 2020	5,531.9	15.1	(210.8)	(265.8)	5,070.4
Balance at beginning of period at Dec. 31, 2019	5,390.7	14.2	(178.3)	(164.4)	5,062.2
At-the-market equity offering	133.7
Exercise of stock options	9.7
Vesting of restricted share units	3.7
Dividend reinvestment plan	42.3
Balance at end of period at Dec. 31, 2020	5,580.1	14	(115.9)	(34.4)	5,443.8
Net income (loss)				346.8	346.8
Other comprehensive (loss) income			92.4		92.4
Total comprehensive (loss) income					439.2
Exercise of stock options	0.4	(0.1)			0.3
Share-based payments		3.2			3.2
Transfer of gain on disposal of equity investments at FVTOCI			(7)	7
Dividend reinvestment plan	19.5				19.5
Dividends declared				(106.5)	(106.5)
Balance at end of period at Jun. 30, 2021	$ 5,600	$ 17.1	$ (30.5)	$ 212.9	$ 5,799.5

Corporate Information

Corporate Information	6 Months Ended
	Jun. 30, 2021
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’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, Toronto, Ontario, Canada.

Significant accounting policies

Significant accounting policies	6 Months Ended
	Jun. 30, 2021
Significant accounting policies
Significant accounting policies	Note 2 – Significant accounting policies (a) Basis of presentation These unaudited condensed consolidated interim financial statements include the accounts of Franco-Nevada and its wholly-owned subsidiaries (its “subsidiaries”) (hereinafter together with Franco-Nevada, 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, 2020 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, 2020, with the exception of standards adopted in 2021 as discussed in note 2 (c). These condensed interim consolidated financial statements were authorized for issuance by the Board of Directors on August 11, 2021. 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 six months ended June 30, 2021 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) Significant judgments, estimates and assumptions The preparation of consolidated financial statements in accordance with IFRS requires the Company to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The areas of judgment and estimation are consistent with those reported in the annual consolidated financial statements for the year ended December 31, 2020 and include measurement uncertainty in assessments of impairment of royalty, stream and working interests which were impacted by the following developments during the three and six months ended June 30, 2021. Impact of the COVID-19 pandemic The COVID-19 global health pandemic has had a significant impact on the global economy and commodity and financial markets. The full extent and impact of the COVID-19 pandemic is unknown. The adverse effects of the pandemic may continue for an extended and unknown period of time, particularly as variant strains of the virus are identified. The impact of the pandemic to date has included extreme volatility in financial markets, a slowdown in economic activity, extreme volatility in commodity prices (including gold, silver, palladium and oil and gas). As well, as efforts have been undertaken to slow the spread of the COVID-19 pandemic, the operation and development of mining projects has been impacted. Many mining projects, including a number of the properties in which Franco-Nevada holds a royalty, stream or other interest have been impacted by the pandemic resulting in the temporary suspension of operations, and other mitigation measures that impacted production. If the operation or development of one or more of the properties in which Franco-Nevada holds a royalty, stream or other interest and from which it receives or expects to receive significant revenue is suspended as a result of the continuing COVID-19 pandemic or future pandemics or other public health emergencies, it may have a material adverse impact on Franco-Nevada’s profitability, results of operations, financial condition and the trading price of Franco-Nevada’s securities. The broader impact of the COVID-19 pandemic or future pandemics or similar public health emergencies on investors, businesses, the global economy or financial and commodity markets may also have a material adverse impact on Franco-Nevada’s profitability, results of operations, financial condition and the trading price of Franco-Nevada’s securities. ​ (c) New and amended standards adopted by the Company The following standard was effective and implemented for the annual period as of January 1, 2021. Interest rate benchmark reform In 2020, the IASB published Interest Rate Benchmark Reform - Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and IFRS 16) (“Phase 2 amendments”) to address the financial reporting impacts of replacing one benchmark interest rate with an alternative rate. The Phase 2 amendments provide a practical expedient to ease the potential burden of accounting for changes in contractual cash flows and include disclosure requirements at the time of benchmark interest rate replacement. The Company has adopted these Phase 2 amendments effective January 1, 2021 and has applied the Phase 2 amendments retrospectively. There was no significant impact to the current period or comparative periods presented as a result of the Phase 2 amendments. ​

Acquisitions and other transact

Acquisitions and other transactions	6 Months Ended
	Jun. 30, 2021
Acquisitions and other transactions
Acquisitions and other transactions	Note 3 – Acquisitions and other transactions (a) Acquisition of Vale Royalty Debentures – Brazil On April 16, 2021, the Company acquired 57 million of Vale S.A.’s (“Vale”) outstanding participating debentures (“Royalty Debentures”) for $538 million. The terms of the Royalty Debentures were set to ensure that holders would participate in potential future benefits that might be obtained from exploration of mineral resources from Vale’s Northern System, Southeastern System and on certain copper and gold assets. Holders of the debentures have the right to receive semi-annual payments equal to an agreed percentage of revenues less value-added and other sales or revenue taxes, transport fee and insurance expenses related to the trading of the products, derived from these mineral resources. Royalty payments are made on a semi-annual basis on March 31 st th of each year reflecting the sales from the underlying mines in the preceding half calendar year period. The first payment for H1/2021 will be payable to the Company on September 30, 2021, reflecting a net sales royalty for the six-month period from January 1, 2021 to June 30, 2021. Management has determined that the Royalty Debentures are economically equivalent to royalty interests with no maturity until the underlying mining rights are extinguished, and has accounted for them as an acquisition of a mineral interest. (b) Acquisition of Séguéla Royalty – Côte d'Ivoire On March 30, 2021, the Company acquired a 1.2% NSR on Roxgold Inc.’s (“Roxgold”) Séguéla gold project in Côte d'Ivoire for $15.2 million (A$20.0 million). The royalty agreement is subject to a buy-back at the option of Roxgold of up to 50% of the royalty at a pro rata portion of the purchase price for a period of up to three years after closing. The acquisition of the Séguéla royalty has been accounted for as an asset acquisition. (c) Acquisition of Condestable Gold and Silver Stream – Peru On March 8, 2021, the Company, through a wholly-owned subsidiary, closed a precious metals stream agreement with reference to the gold and silver production from the Condestable mine in Peru, for an up-front deposit of $165.0 million. The Condestable mine is located approximately 90 kilometers south of Lima, Peru, and is owned and operated by a subsidiary of Southern Peaks Mining LP (“SPM”), a private company. Commencing on January 1, 2021 and ending December 31, 2025, Franco-Nevada will receive 8,760 ounces of gold and 291,000 ounces of silver annually until a total of 43,800 ounces of gold and 1,455,000 ounces of silver have been delivered (the “Fixed Deliveries”). Thereafter, Franco-Nevada will receive 63% of the contained gold and contained silver produced until a cumulative total of 87,600 ounces of gold and 2,910,000 ounces of silver have been delivered (the “Variable Phase 1 Deliveries”). The stream then reduces to 25% of gold and silver produced from concentrate over the remaining life of mine (the “Variable Phase 2 Deliveries”). Franco-Nevada will pay 20% of the spot price for gold and silver for each ounce delivered under the stream (the “Ongoing Payment”). The stream has an effective date of January 1, 2021, with the first quarterly delivery received on March 15, 2021. ​ Until March 8, 2025, subject to certain restrictions, a subsidiary of SPM may, at its option, make a one-time special delivery comprising the number of ounces of refined gold equal to $118.8 million at the then current spot price subject to the Ongoing Payment, to achieve the early payment of the Fixed Deliveries and Variable Phase 1 Deliveries. The Variable Phase 2 Deliveries would commence immediately thereafter. The acquisition of the Condestable stream has been accounted for as an asset acquisition. (d) Acquisition of U.S. Oil & Gas Mineral Rights with Continental Resources, Inc. The Company, through a wholly-owned subsidiary, has a strategic relationship with Continental Resources, Inc. (“Continental”) to acquire, through a jointly-owned entity (the “Royalty Acquisition Venture”), royalty rights within Continental’s areas of operation. In the six months ended June 30, 2021, Franco-Nevada recorded contributions to the Royalty Acquisition Venture of $4.1 million (H1/2020 – $19.3 million). As at June 30, 2021, the total cumulative investment in the Royalty Acquisition Venture totaled $410.1 million. Franco-Nevada has remaining commitments of up to $109.9 million, less than half of which is expected to be deployed in the remainder of 2021. Accrued liabilities at June 30, 2021 include $1.4 million (December 31, 2020 - $10.2 million) of contributions disbursed after period-end. The Royalty Acquisition Venture is accounted for as a joint operation in accordance with IFRS 11 Joint Arrangements .

Cash and cash equivalents

Cash and cash equivalents	6 Months Ended
	Jun. 30, 2021
Cash and cash equivalents
Cash and cash equivalents	Note 4 – Cash and cash equivalents As at June 30, 2021 and December 31, 2020, cash and cash equivalents were primarily held in interest-bearing deposits. Cash and cash equivalents comprised the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, ​ ​ At December 31, ​ 2021 2020 Cash deposits ​ ​ $ 187.7 ​ ​ $ 523.7 ​ Term deposits ​ ​ 10.0 ​ ​ 10.5 ​ ​ ​ ​ $ 197.7 ​ ​ $ 534.2 ​ ​

Investments and loan receivable

Investments and loan receivable	6 Months Ended
	Jun. 30, 2021
Investments and loan receivable
Investments and loan receivable	Note 5 – Investments and loan receivable Investments and loan receivable comprised the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, ​ ​ At December 31, ​ 2021 2020 Equity investments ​ ​ $ 266.5 ​ ​ $ 195.6 ​ Loan receivable ​ ​ ​ 38.4 ​ ​ ​ 37.1 ​ Warrants ​ ​ 3.3 ​ ​ 5.7 ​ ​ ​ ​ $ 308.2 ​ ​ $ 238.4 ​ ​ The change in the fair value of equity investments recognized in other comprehensive income (loss) for the periods ended June 30, 2021 and 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ ​ 2021 2020 2021 2020 Gain on changes in the fair value of equity investments at FVTOCI ​ $ 53.5 ​ $ 42.6 ​ ​ $ 74.9 ​ ​ $ 1.9 ​ Income tax expense in other comprehensive income ​ (6.8) ​ (5.6) ​ ​ (9.6) ​ ​ (0.2) ​ Gain on changes in the fair value of equity investments at FVTOCI, net of income tax ​ $ 46.7 ​ 37.0 ​ $ 65.3 ​ ​ $ 1.7 ​ ​ ​ (a) Equity investments Equity investments comprised the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, ​ ​ At December 31, ​ 2021 2020 Labrador Iron Ore Royalty Corporation ​ ​ $ 239.9 ​ ​ $ 162.2 ​ Other ​ ​ 26.6 ​ ​ 33.4 ​ ​ ​ ​ $ 266.5 ​ ​ $ 195.6 ​ ​ During the six months ended June 30, 2021, the Company disposed of equity investments with a cost of $4.6 million for gross proceeds of $12.7 million. (b) Loan receivable The loan receivable was extended to Noront Resources Ltd. (“Noront”) as part of the Company’s acquisition of royalty rights in the Ring of Fire mining district of Ontario, Canada, in April 2015. The loan bears 7% interest, is secured by certain mining claims held by Noront in the Ring of Fire district, and has a maturity date of September 30, 2022.

Prepaid expenses and other curr

Prepaid expenses and other current assets	6 Months Ended
	Jun. 30, 2021
Prepaid expenses and other current assets.
Prepaid expenses and other current assets	Note 6 – Prepaid expenses and other current assets Prepaid expenses and other current assets comprised the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, ​ ​ At December 31, ​ ​ 2021 2020 Gold bullion ​ ​ $ 23.5 ​ ​ $ 18.6 ​ Prepaid expenses ​ ​ 20.4 ​ ​ 16.4 ​ Stream ounces inventory ​ ​ ​ 0.9 ​ ​ ​ 0.5 ​ Debt issue costs ​ ​ 0.7 ​ ​ 0.6 ​ ​ ​ ​ $ 45.5 ​ ​ $ 36.1 ​ ​

Royalty, stream and working int

Royalty, stream and working interests	6 Months Ended
	Jun. 30, 2021
Royalty, stream and working interests
Royalty, stream and working interests	Note 7 – Royalty, stream and working interests (a) Royalties, streams and working interests Royalty, stream and working interests, net of accumulated depletion and impairment charges and reversals, comprised the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impairment ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ (charges) ​ ​ ​ ​ ​ As at June 30, 2021 Cost depletion (1) reversals Carrying value Mining royalties ​ $ 1,594.9 ​ $ (663.1) ​ $ — ​ ​ $ 931.8 ​ Streams ​ ​ 4,511.6 ​ ​ (1,790.8) ​ ​ — ​ ​ ​ 2,720.8 ​ Energy ​ ​ 1,969.1 ​ ​ (769.5) ​ ​ — ​ ​ ​ 1,199.6 ​ Advanced ​ ​ 364.0 ​ ​ (49.8) ​ ​ (7.5) ​ ​ ​ 306.7 ​ Exploration ​ ​ 76.8 ​ ​ (13.3) ​ ​ — ​ ​ ​ 63.5 ​ ​ ​ $ 8,516.4 ​ $ (3,286.5) ​ $ (7.5) ​ ​ $ 5,222.4 ​ 1. Accumulated depletion includes previously recognized impairment charges. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impairments ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ (charges) ​ ​ ​ ​ ​ As at December 31, 2020 Cost depletion (1) reversals Carrying value Mining royalties ​ $ 1,049.2 ​ $ (642.3) ​ $ — ​ ​ $ 406.9 ​ Streams ​ ​ 4,346.6 ​ ​ (1,702.6) ​ ​ 9.6 ​ ​ 2,653.6 ​ Energy ​ ​ 1,944.7 ​ ​ (462.4) ​ ​ (267.7) ​ ​ 1,214.6 ​ Advanced ​ ​ 343.0 ​ ​ (49.0) ​ ​ — ​ ​ ​ 294.0 ​ Exploration ​ ​ 76.1 ​ ​ (13.1) ​ ​ — ​ ​ ​ 63.0 ​ ​ ​ $ 7,759.6 ​ $ (2,869.4) ​ $ (258.1) ​ ​ $ 4,632.1 ​ 1. Accumulated depletion includes previously recognized impairment charges. ​ Changes in royalty, stream and working interests for the periods ended June 30, 2021 and December 31, 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mining ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ royalties Streams Energy Advanced Exploration Total Balance at January 1, 2020 ​ $ 415.6 ​ $ 2,804.0 ​ $ 1,353.6 ​ $ 170.9 ​ $ 53.7 ​ $ 4,797.8 ​ Additions ​ 18.8 ​ — ​ 170.2 ​ 118.6 ​ 8.2 ​ 315.8 ​ Transfers ​ (1.2) ​ — ​ — ​ 1.2 ​ — ​ — ​ Impairment (charges) and reversals ​ — ​ ​ 9.6 ​ (267.7) ​ — ​ — ​ (258.1) ​ Depletion ​ (31.5) ​ (160.0) ​ (44.9) ​ (2.1) ​ (0.2) ​ (238.7) ​ Impact of foreign exchange ​ 5.2 ​ — ​ 3.4 ​ 5.4 ​ 1.3 ​ 15.3 ​ Balance at December 31, 2020 ​ $ 406.9 ​ $ 2,653.6 ​ $ 1,214.6 ​ $ 294.0 ​ $ 63.0 ​ $ 4,632.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions ​ $ 540.0 ​ $ 165.6 ​ $ 4.2 ​ $ 14.9 ​ $ — ​ $ 724.7 ​ Impairment charges ​ ​ — ​ ​ — ​ — ​ (7.5) ​ — ​ (7.5) ​ Depletion ​ (21.6) ​ (98.4) ​ (27.0) ​ (0.3) ​ — ​ (147.3) ​ Impact of foreign exchange ​ 6.5 ​ — ​ 7.8 ​ 5.6 ​ 0.5 ​ 20.4 ​ Balance at June 30, 2021 ​ $ 931.8 ​ $ 2,720.8 ​ $ 1,199.6 ​ $ 306.7 ​ $ 63.5 ​ $ 5,222.4 ​ ​ ​ Of the total net book value as at June 30, 2021, $4,162.5 million (December 31, 2020 - $3,327.3 million) is depletable and $1,059.9 million (December 31, 2020 - $1,304.8 million) is non-depletable. ​ ​ (b) Impairment reversal of Sudbury (McCreedy West) stream At every reporting period, the Company assesses whether there is an indication that an impairment loss previously recognized for an asset may no longer exist or may have decreased. In 2013, as a result of a significant reduction in mining activities at the McCreedy West mine in the Sudbury basin of Ontario, the Company recorded an impairment loss on its stream interest of $107.9 million. In 2021, KGHM International Ltd. (“KGHM”), approved an extension of mining operations at the McCreedy West mine. The Company assessed that the extension of the life of mine represented an indication that the previously recorded impairment loss may no longer exist or may have decreased. The Company carried out an asset impairment reversal analysis, and estimated that the recoverable amount, based on the fair value less costs of disposal, was $32.7 million. However, no impairment reversal was recorded as the carrying value that would have been determined without the previously recorded impairment loss, net of depletion, was nil. The following table summarizes the impairment reversal and estimated recoverable amount for the McCreedy West stream interest: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impairment ​ ​ ​ ​ ​ ​ ​ ​ ​ reversal ​ ​ ​ Recoverable ​ ​ ​ ​ ​ amount ​ ​ ​ amount ​ Royalty, stream and working interests, net ​ ​ ​ ​ ​ ​ ​ ​ ​ Sudbury - McCreedy West ​ ​ $ — ​ ​ $ 32.7 ​ ​ ​ ​ $ — ​ ​ $ 32.7 ​ ​ (c) Impairment of A ğ i Da ğ i royalty On April 20, 2021, Alamos Gold Inc. (“Alamos”) announced its filing of an investment treaty claim against the Republic of Turkey for failing to grant routine renewals of key licenses and permits for its Kirazlı gold mine. Though Franco-Nevada does not have a royalty on the Kirazlı mine, cessation of development activities at Kirazlı are expected to negatively impact the advancement of the Aği Daği project. As such, Franco-Nevada considered this event an indicator of impairment, and wrote-off the entire carrying value of its Aği Daği royalty of $7.5 million.

Other assets

Other assets	6 Months Ended
	Jun. 30, 2021
Other assets
Other assets	Note 8 – Other assets Other assets comprised the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, ​ ​ At December 31, ​ ​ 2021 2020 Amounts receivable related to CRA audits ​ ​ $ 10.5 ​ ​ $ 4.9 ​ Energy well equipment, net ​ ​ ​ 5.2 ​ ​ ​ 5.0 ​ Right-of-use assets, net ​ ​ 1.8 ​ ​ 2.0 ​ Debt issue costs ​ ​ ​ 1.1 ​ ​ ​ 1.3 ​ Furniture and fixtures, net ​ ​ 0.3 ​ ​ 0.4 ​ ​ ​ ​ $ 18.9 ​ ​ $ 13.6 ​ ​

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt
Debt	Note 9 – Debt Changes in obligations related to the Company’s credit facilities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ ​ FNBC ​ ​ Corporate ​ ​ ​ ​ ​ ​ revolver ​ ​ revolver ​ ​ term loan ​ ​ ​ Total ​ Size of facility ​ $ 1,000.0 ​ $ 100.0 ​ $ 160.0 ​ ​ $ 1,260.0 ​ Balance at January 1, 2020 ​ $ — ​ $ — ​ $ 80.0 ​ ​ $ 80.0 ​ Repayment ​ ​ — ​ ​ — ​ ​ (80.0) ​ ​ ​ (80.0) ​ Balance at December 31, 2020 ​ $ — ​ $ — ​ $ — ​ ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Drawdowns ​ $ 150.0 $ — ​ $ — $ 150.0 ​ Repayment ​ ​ (150.0) ​ ​ — ​ ​ — ​ ​ ​ (150.0) ​ Balance at June 30, 2021 ​ $ — ​ $ — ​ $ — ​ ​ $ — ​ ​ (a) Corporate Revolver The Company has a $1.0 billion unsecured revolving term credit facility (the “Corporate Revolver”). As at June 30, 2021, the Corporate Revolver had a maturity date of March 22, 2024. Subsequent to June 30, 2021, the maturity date was extended to July 9, 2025. During the six months ended June 30, 2021, the Company drew down $150.0 million to finance the acquisition of the Vale Royalty Debentures, as referenced in note 4(a). The amounts borrowed were fully repaid as at June 30, 2021. The Company also has two standby letters of credit in the amount of $18.9 million (C $23.1 million) against the Corporate Revolver in relation to the audit by the Canada Revenue Agency (“CRA”) of its 2013–2015 taxation years, as referenced in note 21. Advances under the Corporate Revolver can be drawn as follows: U.S. dollars · Base rate advances with interest payable monthly at the Canadian Imperial Bank of Commerce (“CIBC”) base rate, plus between 0.00% and 1.05% per annum depending upon the Company’s leverage ratio; or · LIBOR loans for periods of 1, 2, 3 or 6 months with interest payable at a rate of LIBOR, plus between 1.00% and 2.05% per annum, depending on the Company’s leverage ratio. Canadian dollars · Prime rate advances with interest payable monthly at the CIBC prime rate, plus between 0.00% and 1.05% per annum, depending on the Company’s leverage ratio; or · Bankers’ acceptances for a period of 30 All loans are readily convertible into loans of other types, described above, on customary terms and upon provision of appropriate notice. Borrowings under the Corporate Revolver are guaranteed by certain of the Company’s subsidiaries and are unsecured. The Corporate Revolver is subject to a standby fee of 0.20% to 0.41% per annum, depending on the Company’s leverage ratio, even if no amounts are outstanding under the Corporate Revolver. (b) FNBC Revolver The Company’s subsidiary, Franco-Nevada (Barbados) Corporation (“FNBC”), has an unsecured revolving term credit facility (the “FNBC Revolver”). The FNBC Revolver provides for the availability over a one year period of up to $100.0 million in borrowings. On March 16, 2021, the FNBC Revolver was amended to provide an extension of the maturity date to March 20, 2022. Advances, under the amended terms of the FNBC Revolver, can be drawn in U.S. dollars as follows: ● Base rate advances with interest payable monthly at the CIBC base rate, plus 0.25% per annum; or ● LIBOR loans for periods of 1, 2, 3 or 6 months with interest payable at a rate of LIBOR plus 1.25% per annum. All loans are readily convertible into loans of other types on customary terms and upon provision of appropriate notice. The FNBC Revolver is subject to a standby fee of 0.25% per annum, even if no amounts are outstanding.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2021
Revenue.
Revenue	Note 10 – Revenue Revenue classified by commodity, geography and type comprised the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ For the six months ended ​ ​ June 30, ​ ​ June 30, ​ ​ 2021 2020 2021 2020 Commodity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold (1) ​ $ 194.9 ​ ​ $ 136.6 ​ ​ $ 384.9 ​ ​ $ 303.6 ​ Silver ​ 45.0 ​ ​ ​ 20.2 ​ ​ 92.7 ​ ​ ​ 42.3 ​ Platinum group metals (1) ​ 22.0 ​ ​ ​ 21.4 ​ ​ 41.5 ​ ​ ​ 44.0 ​ Other mining commodities (2) ​ 37.9 ​ ​ ​ 2.6 ​ ​ 44.5 ​ ​ ​ 4.9 ​ Mining ​ $ 299.8 ​ ​ $ 180.8 ​ ​ $ 563.6 ​ ​ $ 394.8 ​ Energy ​ 47.3 ​ ​ ​ 14.6 ​ ​ 92.4 ​ ​ ​ 41.1 ​ ​ ​ $ 347.1 ​ ​ $ 195.4 ​ ​ $ 656.0 ​ ​ $ 435.9 ​ Geography ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ South America ​ $ 116.0 ​ ​ $ 52.4 ​ ​ $ 204.9 ​ ​ $ 109.9 ​ Central America & Mexico ​ ​ 89.9 ​ ​ ​ 28.0 ​ ​ ​ 158.1 ​ ​ ​ 88.1 ​ United States ​ 66.3 ​ ​ ​ 44.7 ​ ​ 132.6 ​ ​ ​ 89.7 ​ Canada (1)(2) ​ 46.3 ​ ​ ​ 35.7 ​ ​ 102.0 ​ ​ ​ 82.1 ​ Rest of World ​ 28.6 ​ ​ ​ 34.6 ​ ​ 58.4 ​ ​ ​ 66.1 ​ ​ ​ $ 347.1 ​ ​ $ 195.4 ​ ​ $ 656.0 ​ ​ $ 435.9 ​ Type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue-based royalties ​ $ 111.4 ​ ​ $ 65.1 ​ ​ $ 205.5 ​ ​ $ 133.5 ​ Streams (1) ​ 199.5 ​ ​ 112.6 ​ ​ 376.4 ​ ​ 263.4 ​ Profit-based royalties ​ 22.2 ​ ​ 14.1 ​ ​ 50.9 ​ ​ 30.3 ​ Other (2) ​ 14.0 ​ ​ 3.6 ​ ​ 23.2 ​ ​ 8.7 ​ ​ ​ $ 347.1 ​ ​ $ 195.4 ​ ​ $ 656.0 ​ ​ $ 435.9 ​ 1. For Q2/2021, includes losses of $0.1 million and $0.1 million of provisional pricing adjustments for gold and platinum group metals, respectively (Q2/2020 – $nil and $0.1 million, respectively). For H1/2021, includes a loss of $0.3 million and a gain of $0.5 million of provisional pricing adjustments for gold and platinum group metals, respectively (H1/2020 – a gain of $0.2 million and $3.1 million, respectively). 2. Includes dividend income of $ 8.9 million and $ 13.9 million from the Company’s equity investment in Labrador Iron Ore Royalty Corporation for the three and six months ended June 30, 2021, respectively (Q2/2020 and H1/2020 - $ 2.1 million and $ 3.7 million, respectively).

Costs of sales

Costs of sales	6 Months Ended
	Jun. 30, 2021
Costs of sales
Costs of sales	​ ​ Note 11 – Costs of sales Costs of sales comprised the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ For the six months ended ​ ​ June 30, ​ ​ June 30, ​ ​ 2021 ​ 2020 2021 2020 Costs of stream sales ​ $ 44.2 ​ ​ $ 26.2 ​ ​ $ 81.3 ​ ​ $ 67.0 ​ Mineral production taxes ​ 0.5 ​ ​ 0.8 ​ ​ 1.1 ​ ​ 1.5 ​ Mining costs of sales ​ $ 44.7 ​ ​ $ 27.0 ​ ​ $ 82.4 ​ ​ $ 68.5 ​ Energy costs of sales ​ 2.6 ​ ​ 1.0 ​ ​ 5.5 ​ ​ 3.1 ​ ​ ​ $ 47.3 ​ ​ $ 28.0 ​ ​ $ 87.9 ​ ​ $ 71.6 ​ ​

Share-based compensation expens

Share-based compensation expense	6 Months Ended
	Jun. 30, 2021
Share-based compensation expense
Share-based compensation expense	Note 12 – Share-based compensation expense Share-based compensation expenses comprised the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ For the six months ended ​ ​ June 30, ​ ​ June 30, ​ ​ 2021 2020 2021 2020 Stock options and restricted share units ​ $ 1.6 ​ $ 1.3 ​ ​ $ 3.0 ​ ​ $ 2.5 ​ Deferred share units ​ 3.4 ​ 5.5 ​ ​ 4.0 ​ ​ 5.6 ​ ​ ​ $ 5.0 ​ $ 6.8 ​ ​ $ 7.0 ​ ​ $ 8.1 ​ ​ Share-based compensation expenses include the amortization expense of equity-settled stock options and restricted share units, as well as the gain or loss on the mark-to-market of the value of the deferred share units (“DSUs”) granted to the directors of the Company. These expenses were previously presented in general and administrative expenses. Amounts in the comparative period have been reclassified in order to conform with the current period presentation.

Related party disclosures

Related party disclosures	6 Months Ended
	Jun. 30, 2021
Related party disclosures
Related party disclosures	Note 13 – 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 six months ended ​ ​ June 30, ​ ​ June 30, ​ ​ 2021 2020 2021 2020 Short-term benefits (1) ​ $ 0.9 ​ $ 0.6 ​ ​ $ 1.7 ​ ​ $ 1.4 ​ Share-based payments (2) ​ 5.0 ​ 6.4 ​ ​ 5.9 ​ ​ 8.0 ​ ​ ​ $ 5.9 ​ $ 7.0 ​ ​ $ 7.6 ​ ​ $ 9.4 ​ 1. Includes salary, benefits and short-term accrued incentives/other bonuses earned in the period. 2. Represents the expense of stock options and restricted share units and mark-to-market charges on deferred share units during the period.

Finance income and expenses

Finance income and expenses	6 Months Ended
	Jun. 30, 2021
Finance income and expenses
Finance income and expenses	Note 14 – Finance income and expenses Finance income and expenses comprised the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ For the six months ended ​ ​ ​ ​ June 30, ​ ​ June 30, ​ ​ 2021 2020 ​ 2021 2020 ​ Finance income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ $ 1.7 ​ ​ $ 1.0 ​ ​ $ 2.4 ​ ​ $ 1.9 ​ ​ ​ ​ $ 1.7 ​ ​ $ 1.0 ​ ​ $ 2.4 ​ ​ $ 1.9 ​ Finance expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Standby charges ​ ​ $ 0.5 ​ ​ $ 0.5 ​ ​ $ 1.1 ​ ​ $ 1.0 ​ Amortization of debt issue costs ​ ​ 0.3 ​ ​ 0.3 ​ ​ 0.5 ​ ​ 0.5 ​ Interest ​ ​ ​ 0.2 ​ ​ — ​ ​ 0.2 ​ ​ ​ 0.3 ​ Accretion of lease liabilities ​ ​ 0.1 ​ ​ — ​ ​ 0.1 ​ ​ 0.1 ​ ​ ​ ​ $ 1.1 ​ ​ $ 0.8 ​ ​ $ 1.9 ​ ​ $ 1.9 ​ ​

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 2021
Income taxes
Income taxes	Note 15 - Income taxes Income tax expense for the periods ended June 30, 2021 and 2020 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ For the six months ended ​ ​ June 30, ​ ​ June 30, ​ 2021 ​ ​ 2021 2020 Current income tax expense ​ $ 15.2 ​ ​ 10.1 ​ ​ $ 37.3 ​ ​ $ 24.5 ​ Deferred income tax expense (recovery) ​ 14.2 ​ ​ 1.4 ​ ​ ​ 11.9 ​ ​ ​ (57.9) ​ Income tax expense (recovery) ​ $ 29.4 ​ $ 11.5 ​ ​ $ 49.2 ​ ​ $ (33.4) ​ ​ The Company is undergoing an audit by the Canada Revenue Agency of its 2012-2017 taxation years, as referenced in note 21 .

Shareholders' equity

Shareholders' equity	6 Months Ended
	Jun. 30, 2021
Shareholders' equity
Shareholders' equity	Note 16 – Shareholders’ equity (a) Share capital The Company’s authorized capital stock includes an unlimited number of common shares (191,105,644 common shares issued and outstanding as at June 30, 2021) having no par value and preferred shares issuable in series (issued - nil). Changes in share capital in the six months ended June 30, 2021 and year ended December 31, 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ ​ ​ of shares Amount Balance at January 1, 2020 ​ 189,381,388 ​ $ 5,390.7 ​ At-the-market equity offering ​ ​ 1,054,800 ​ ​ 133.7 ​ Exercise of stock options ​ ​ 150,482 ​ ​ 9.7 ​ Vesting of restricted share units ​ ​ 42,328 ​ ​ 3.7 ​ Dividend reinvestment plan ​ ​ 327,478 ​ ​ 42.3 ​ Balance at December 31, 2020 ​ ​ 190,956,476 ​ $ 5,580.1 ​ Exercise of stock options ​ ​ 4,000 ​ ​ 0.4 ​ Dividend reinvestment plan ​ ​ 145,168 ​ $ 19.5 ​ Balance at June 30, 2021 ​ ​ 191,105,644 ​ $ 5,600.0 ​ ​ (b) At-the-Market Equity Program On May 11, 2020, the Company established a new at-the-market equity program (the “ATM Program”) permitting the Company to issue up to an aggregate of $300 million worth of common shares from treasury at prevailing market prices to the public through the Toronto Stock Exchange, the New York Stock Exchange or any other marketplace on which the common shares are listed, quoted or otherwise trade. During the six months ended June 30, 2021, the Company did no t issue any common shares under the ATM Program. (c) Dividends In Q2/2021 and H1/2021, the Company declared dividends of Dividends paid in cash and through the Company’s Dividend Reinvestment Plan (“DRIP”) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ For the six months ended ​ ​ June 30, ​ ​ June 30, ​ 2021 2020 2021 2020 Cash dividends ​ $ 45.2 ​ $ 39.8 ​ ​ $ 87.0 ​ ​ $ 76.0 ​ DRIP dividends ​ 11.4 ​ 10.1 ​ ​ 19.5 ​ ​ 21.0 ​ ​ ​ $ 56.6 ​ $ 49.9 ​ ​ $ 106.5 ​ ​ $ 97.0 ​ ​

Earnings per share ("EPS")

Earnings per share ("EPS")	6 Months Ended
	Jun. 30, 2021
Earnings per share ("EPS")
Earnings per share ("EPS")	​ ​ Note 17 – Earnings per share (“EPS”) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ ​ 2021 ​ 2020 ​ ​ ​ Shares ​ Per Share ​ ​ Shares ​ Per Share ​ ​ ​ Net income ​ (in millions) ​ ​ Amount ​ Net income ​ (in millions) ​ ​ Amount Basic earnings per share ​ ​ $ 175.3 191.0 ​ ​ $ 0.92 ​ ​ $ 94.4 190.2 ​ ​ $ 0.50 ​ Effect of dilutive securities ​ ​ — 0.4 ​ ​ — ​ ​ — 0.4 ​ ​ — ​ Diluted earnings per share ​ ​ $ 175.3 191.4 ​ ​ $ 0.92 ​ ​ $ 94.4 190.6 ​ ​ $ 0.50 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, ​ ​ 2021 ​ 2020 ​ ​ ​ Shares ​ Per Share ​ ​ Shares ​ Per Share ​ ​ ​ Net income ​ (in millions) ​ ​ Amount ​ Net loss ​ (in millions) ​ ​ Amount Basic earnings (loss) per share ​ ​ $ 346.8 191.0 ​ ​ $ 1.82 ​ ​ $ (4.4) 189.6 ​ ​ $ (0.02) ​ Effect of dilutive securities ​ ​ — 0.3 ​ ​ (0.01) ​ ​ — — ​ ​ — ​ Diluted earnings (loss) per share ​ ​ $ 346.8 191.3 ​ ​ $ 1.81 ​ ​ $ (4.4) 189.6 ​ ​ $ (0.02) ​ ​ For the three months ended June 30, 2021, there were 61,594 stock options (Q2/2020 – no stock options) excluded in the computation of diluted EPS due to being anti-dilutive. For the six months ended June 30, 2021, there were 61,594 stock options (H2/2020 – no stock options) excluded from the computation of diluted EPS due to the strike price exceeding the average share price during the period. RSUs totaling 66,996 were excluded from the computation of diluted EPS due to the performance criteria for the vesting of the RSUs not being measurable as at June 30, 2021 (June 30, 2020 – 65,630 RSUs).

Segment reporting

Segment reporting	6 Months Ended
	Jun. 30, 2021
Segment reporting
Segment reporting	Note 18 – Segment reporting The chief operating decision-maker organizes and manages the business under two operating segments, consisting of royalty, stream and working interests in each of the mining and energy sectors. The Company’s reportable segments for purposes of assessing performance are presented as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ ​ ​ 2021 ​ 2020 ​ ​ ​ Mining ​ Energy ​ Total ​ ​ Mining ​ Energy ​ Total ​ Revenue ​ $ 299.8 ​ $ 47.3 ​ $ 347.1 ​ ​ $ 180.8 ​ $ 14.6 ​ $ 195.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of sales ​ $ 44.7 ​ $ 2.6 ​ $ 47.3 ​ ​ $ 27.0 ​ $ 1.0 ​ $ 28.0 ​ Depletion and depreciation ​ ​ 61.1 ​ ​ 15.5 ​ ​ 76.6 ​ ​ ​ 42.1 ​ ​ 9.8 ​ ​ 51.9 ​ Segment gross profit ​ $ 194.0 ​ $ 29.2 ​ $ 223.2 ​ ​ $ 111.7 ​ $ 3.8 ​ $ 115.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, ​ ​ ​ 2021 ​ 2020 ​ ​ Mining Energy Total ​ Mining Energy Total Revenue ​ $ 563.6 ​ $ 92.4 ​ $ 656.0 ​ ​ $ 394.8 ​ $ 41.1 ​ $ 435.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of sales ​ $ 82.4 ​ $ 5.5 ​ $ 87.9 ​ ​ $ 68.5 ​ $ 3.1 ​ $ 71.6 ​ Depletion and depreciation ​ ​ 120.3 ​ ​ 27.0 ​ ​ 147.3 ​ ​ ​ 94.0 ​ ​ 21.5 ​ ​ 115.5 ​ Segment gross profit ​ $ 360.9 ​ $ 59.9 ​ $ 420.8 ​ ​ $ 232.3 ​ $ 16.5 ​ $ 248.8 ​ ​ ​ A reconciliation of total segment gross profit to consolidated net income before income taxes is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ For the six months ended ​ ​ ​ ​ June 30, ​ ​ June 30, ​ ​ ​ ​ 2021 ​ ​ 2020 ​ ​ 2021 ​ ​ 2020 ​ Total segment gross profit ​ $ 223.2 ​ ​ $ 115.5 ​ ​ $ 420.8 ​ ​ $ 248.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other operating (income)/expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impairment charges ​ $ 7.5 ​ ​ $ — ​ ​ $ 7.5 ​ ​ $ 271.7 ​ ​ General and administrative expenses ​ ​ 5.4 ​ ​ ​ 4.9 ​ ​ ​ 9.6 ​ ​ ​ 9.8 ​ ​ Share-based compensation expense ​ ​ 5.0 ​ ​ ​ 6.8 ​ ​ ​ 7.0 ​ ​ ​ 8.1 ​ ​ Gain on sale of gold bullion ​ ​ (0.6) ​ ​ ​ (2.4) ​ ​ ​ (1.2) ​ ​ ​ (4.4) ​ ​ Depreciation ​ ​ 0.6 ​ ​ ​ 0.4 ​ ​ ​ 1.1 ​ ​ ​ 1.2 ​ ​ Foreign exchange loss and other (income) expenses ​ ​ 1.2 ​ ​ ​ 0.1 ​ ​ ​ 1.3 ​ ​ ​ 0.2 ​ ​ Income (loss) before finance items and income taxes ​ $ 204.1 ​ ​ $ 105.7 ​ ​ $ 395.5 ​ ​ $ (37.8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance items ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance income ​ $ 1.7 ​ ​ $ 1.0 ​ ​ $ 2.4 ​ ​ $ 1.9 ​ ​ Finance expenses ​ ​ (1.1) ​ ​ ​ (0.8) ​ ​ ​ (1.9) ​ ​ ​ (1.9) ​ ​ Net income (loss) before income taxes ​ $ 204.7 ​ ​ $ 105.9 ​ ​ $ 396.0 ​ ​ $ (37.8) ​ ​ ​

Fair value measurements

Fair value measurements	6 Months Ended
	Jun. 30, 2021
Fair value measurements
Fair value measurements	Note 19 - 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 levels fair value hierarchy during 30, 2021. ​ 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 June 30, 2021 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ ​ fair value Receivables from provisional concentrate sales ​ $ — ​ $ 8.4 ​ $ — ​ ​ $ 8.4 ​ Equity investments ​ 262.3 ​ — ​ 4.2 ​ ​ 266.5 ​ Warrants ​ — ​ 3.3 ​ — ​ ​ 3.3 ​ ​ ​ $ 262.3 ​ $ 11.7 ​ $ 4.2 ​ ​ $ 278.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted prices in Significant other Significant ​ ​ ​ active markets for ​ observable ​ unobservable ​ ​ ​ ​ ​ identical assets ​ inputs ​ inputs ​ ​ Aggregate As at December 31, 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ ​ fair value Receivables from provisional concentrate sales ​ $ — ​ $ 10.1 ​ $ — ​ ​ $ 10.1 ​ Equity investments ​ 191.8 ​ — ​ 3.8 ​ ​ 195.6 ​ Warrants ​ — ​ 5.7 ​ — ​ ​ 5.7 ​ ​ ​ $ 191.8 ​ $ 15.8 ​ $ 3.8 ​ ​ $ 211.4 ​ ​ 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, and debt approximate their carrying values due to their short-term nature, historically negligible credit losses, fair value of collateral, or floating interest rate. The Company has not offset financial assets with financial liabilities. The valuation techniques that are used to measure fair value are as follows: (a) Receivables The fair values of receivables arising from gold and platinum group metal concentrate 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) Investments The fair values of publicly-traded 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.

Commitments

Commitments	6 Months Ended
	Jun. 30, 2021
Commitments
Commitments	​ Note 20 – Commitments (a) Commodity purchase commitments The following table summarizes the Company’s commitments pursuant to the associated precious metals agreements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Attributable payable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ production to be purchased ​ Per ounce cash payment (1),(2) ​ Term of ​ Date of Interest Gold Silver PGM Gold Silver PGM agreement (3) contract Antamina 0 % 22.5 % (4) 0 % ​ n/a ​ ​ 5 % (5) ​ n/a 40 years ​ 7-Oct-15 ​ Antapaccay — % (6) — % (7) 0 % 20 % (8) ​ 20 % (9) ​ n/a 40 years ​ 10-Feb-16 ​ Candelaria 68 % (10) 68 % (10) 0 % $ 400 ​ $ 4.00 ​ ​ n/a 40 years ​ 6-Oct-14 ​ Cobre Panama Fixed Payment Stream — % (11) — % (12) 0 % $ 418 (13) $ 6.27 (14) ​ n/a 40 years ​ 19-Jan-18 ​ Cobre Panama Floating Payment Stream ​ — % (15) — % (16) 0 % ​ 20 % (17) ​ 20 % (18) ​ n/a 40 years ​ 19-Jan-18 ​ Condestable ​ — % (19) — % (20) 0 % ​ 20 % (21) ​ 20 % (22) ​ n/a 40 years ​ 8-Mar-21 ​ Karma 4.875 % (23) 0 % 0 % 20 % (24) ​ n/a ​ ​ n/a 40 years ​ 11-Aug-14 ​ Guadalupe-Palmarejo 50 % 0 % 0 % $ 800 ​ ​ n/a ​ ​ n/a 40 years ​ 2-Oct-14 ​ Sabodala — % (25) 0 % 0 % 20 % (26) ​ n/a ​ ​ n/a 40 years ​ 25-Sep-20 ​ MWS 25 % 0 % 0 % $ 400 ​ ​ n/a ​ ​ n/a 40 years (27) 2-Mar-12 ​ Cooke 4 7 % 0 % 0 % $ 400 ​ ​ n/a ​ ​ n/a 40 years ​ 5-Nov-09 ​ Sudbury (28) 50 % 0 % 50 % $ 400 ​ ​ n/a ​ $ 400 40 years ​ 15-Jul-08 ​ ​ 1 Subject to an annual inflationary adjustment except for Antamina, Antapaccay, Karma, Guadalupe-Palmarejo, and Sabodala. 2 Should the prevailing market price for gold be lower than this amount, the per ounce cash payment will be reduced to the prevailing market price. 3 Subject to successive extensions. 4 Subject to a fixed payability of 90% . Percentage decreases to 15% after 86 million ounces of silver has been delivered under the agreement. 5 Purchase price is 5% of the average silver price at the time of delivery. 6 Gold deliveries are referenced to copper in concentrate shipped with 300 ounces of gold delivered for each 1,000 tonnes of copper in concentrate shipped, until 630,000 ounces of gold has been delivered. Thereafter, percentage is 30% of gold shipped. 7 Silver deliveries are referenced to copper in concentrate shipped with 4,700 ounces of silver delivered for each 1,000 tonnes of copper in concentrate shipped, until 10.0 million ounces of silver has been delivered. Thereafter, percentage is 30% of silver shipped. 8 Purchase price is 20% of the spot price of gold until 750,000 ounces of gold have been delivered, thereafter the purchase price is 30% of the spot price of gold. 9 Purchase price is 20% of the spot price of silver until 12.8 million ounces of silver have been delivered, thereafter the purchase price is 30% of the spot price of silver. 10 Percentage decreases to 40% after 720,000 ounces of gold and 12.0 million ounces of silver have been delivered under the agreement. 11 Gold deliveries are indexed to copper in concentrate produced from the project. 120 ounces of gold per every 1 million pounds of copper produced until 808,000 ounces of gold delivered. Thereafter, 81 ounces of gold per 1 million pounds of copper produced until 1,716,188 ounces of gold delivered. Thereafter, 63.4% of the gold in concentrate. 12 Silver deliveries are indexed to copper in concentrate produced from the project. 1,376 ounces of silver per every 1 million pounds of copper produced until 9,842,000 ounces of silver delivered. Thereafter 1,776 ounces of silver per 1 million pounds of copper produced until 29,731,000 ounces of silver delivered. Thereafter, 62.1% of the silver in concentrate. 13 After 1,341,000 ounces of gold delivered, purchase price is the greater of 50% of spot and $418.27 per ounce. As the mill throughput for 30 consecutive days commensurate with annual capacity of 58 million tonnes per annum was not reached by January 1, 2019, Franco-Nevada will receive a 5% annual rate of return until such mill throughput was achieved, through a reduction of the applicable fixed gold price of $100 per ounce or a delivery of additional ounces for no consideration. 14 After 21,510,000 ounces of silver delivered, purchase price is the greater of 50% of spot and $6.27 per ounce. 15 Gold deliveries are indexed to copper in concentrate produced from the project. 30 ounces of gold per every 1 million pounds of copper produced until 202,000 ounces of gold delivered. Thereafter 20.25 ounces of gold per 1 million pounds of copper produced until 429,047 ounces of gold delivered. Thereafter, 15.85% of the gold in concentrate. 16 Silver deliveries are indexed to copper in concentrate produced from the project. 344 ounces of silver per every 1 million pounds of copper produced until 2,460,500 ounces of silver delivered. Thereafter, 444 ounces of silver per 1 million pounds of copper produced until 7,432,750 ounces of silver delivered. Thereafter 15.53% of the silver in concentrate. 17 After 604,000 ounces of gold delivered, purchase price is 50% of the spot price of gold. As the mill throughput for 30 consecutive days commensurate with annual capacity of 58 million tonnes per annum was not reached by January 1, 2019, Franco-Nevada will receive a 5% annual rate of return until such mill throughput was achieved, through a reduction of the applicable fixed gold price of $100 per ounce or a delivery of additional ounces for no consideration. 18 After 9,618,000 ounces of silver delivered, purchase price is 50% of the spot price of silver. 19 Gold deliveries are fixed at 8,760 ounces per annum from January 1, 2021 to December 31, 2025. Thereafter, 63% of the gold in concentrate until a cumulative total of 87,600 ounces of gold delivered. Thereafter, 25% of the gold in concentrate. 20 Silver deliveries are fixed at 291,000 ounces per annum from January 1, 2021 to December 31, 2025. Thereafter, 63% of the silver in concentrate until a cumulative total of 2,910,000 ounces of silver delivered. Thereafter, 25% of the silver in concentrate. 21 Purchase price is 20% of the spot price of gold at the time of delivery. 22 Purchase price is 20% of the spot price of silver at the time of delivery. 23 Gold deliveries are fixed at 15,000 ounces per annum from March 31, 2016 until February 28, 2021 (exclusive of an aggregate 5,625 gold ounces, or 703 gold ounces per quarter, to be delivered as a result of the exercise by the operator of its option to increase the upfront deposit). Thereafter, percentage is 4.875% . 24 Purchase price is 20% of the average gold price at the time of delivery. 25 Based on amended agreement with an effective date of September 1, 2020, gold deliveries are fixed at 783.33 ounces per month until 105,750 ounces of gold is delivered. Thereafter, percentage is 6% of gold production (subject to reconciliation after fixed delivery period to determine if Franco-Nevada would have received more or less than 105,750 ounces of gold under the original 6% variable stream for such period, entitling the operator to a credit for an over-delivery applied against future stream deliveries or a one-time additional delivery to Franco-Nevada for an under-delivery). 26 Purchase price is 20% of prevailing market price at the time of delivery. 27 Agreement is capped at 312,500 ounces of gold. 28 The Company is committed to purchase 50% of the precious metals contained in ore from the properties. Payment is based on gold equivalent ounces. For McCreedy West, effective June 1, 2021, purchase price per gold equivalent ounce is determined based on the monthly average gold spot price: (i) when the gold spot price is less than $800 per ounce, the purchase price is the prevailing monthly average gold spot price; (ii) when the gold spot price is greater than $800 per ounce but less than $1,333 per ounce, the purchase price is $800 per ounce; (iii) when the gold spot price is greater than $1,333 per ounce but less than $2,000 per ounce, the purchase price is 60% of the prevailing monthly average gold spot price; and (iv) when the gold spot price is greater than $2,000, the purchase price is $1,200 per ounce. ​ (b) Capital commitments The Company is committed to funding its share of the acquisition of mineral rights acquired through the Royalty Acquisition Venture with Continental, as described in note 3 (c).

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2021
Contingencies
Contingencies	Note 21 – Contingencies Canada Revenue Agency Audit: The CRA is conducting an audit of Franco-Nevada for the 2012-2017 taxation years. The following table provides a summary of the various CRA audit and reassessment matters further detailed below: ​ ​ CRA Position Taxation Years Reassessed Potential Exposure for Tax, Interest and Penalties (in millions) Canadian Domestic Tax Matters ​ Upfront payment made in connection with precious metal stream agreements should be deducted for income tax purposes in a similar manner to how such amount is expensed for financial statement purposes. 2014, 2015 For 2014-2015: Tax: $1.1 (C $1.4 ) Interest and other penalties: $0.2 (C $0.2 ) ​ If CRA were to reassess the 2016-2020 taxation years on the same basis: Tax: $34.6 (C $42.8 ) Interest and other penalties: $5.2 (C $6.4 ) ​ Transfer Pricing (Mexico) ​ Transfer pricing provisions in the Act (as defined below) apply such that a majority of the income earned by the Company’s Mexican subsidiary should be included in the income of the Company and subject to tax in Canada. ​ 2013, 2014, 2015 For 2013-2015: Tax: $20.4 (C $25.3 ) Transfer pricing penalties: $8.3 (C $10.3 ) Interest and other penalties: $8.2 (C $10.3 ) ​ If CRA were to reassess the 2016-2020 taxation years on the same basis: Tax: $3.7 (C $4.6 ) Transfer pricing penalties: $1.4 (C $1.7 ) Interest and other penalties: $1.0 (C $1.2 ) ​ Transfer Pricing (Barbados) ​ Transfer pricing provisions in the Act (as defined below) apply such that a majority of the income relating to certain precious metal streams earned by the Company’s Barbadian subsidiary should be included in the income of the Company and subject to tax in Canada. ​ 2014, 2015 For 2014-2015: Tax: $5.4 (C $6.7 ) Transfer pricing penalties: $2.0 (C $2.5 ) Interest and other penalties: $2.0 (C $2.5 ) ​ If CRA were to reassess the 2016-2020 taxation years on the same basis: Tax: $140.6 (C $174.2 ) Transfer pricing penalties: $52.9 (C $65.6 ) Interest and other penalties: $14.6 (C $18.1 ) ​ FAPI (Barbados) ​ The FAPI provisions in the Act (as defined below) apply such that a majority of the income relating to precious metal streams earned by the Company’s Barbadian subsidiary, in 2012 and 2013, should be included in the income of the Company and subject to tax in Canada. ​ 2012, 2013 For 2012-2013: Tax: $6.2 (C $7.7 ) Interest and other penalties: $2.7 (C $3.4 ) ​ Based on CRA’s proposal letter, no reassessments for this issue for years after 2013 are expected. ​ ​ (a) Canadian Domestic Tax Matters (2014-2015): In October 2019, certain wholly-owned Canadian subsidiaries of the Company received Notices of Reassessment for the 2014 and 2015 taxation years (the “Domestic Reassessments”) in which the CRA increased income by adjusting the timing of the deduction of the upfront payments which were made in connection with precious metal stream agreements. The CRA’s position is that the upfront payment should be deducted for income tax purposes in a similar manner to how such upfront payment is expensed for financial statement purposes. Consequently, the CRA’s position results in a slower deduction of the upfront payment and an acceleration of the payment of Canadian taxes. This results in the Company being subject to an incremental payment of Federal and provincial income taxes for these years of $1.1 million (C $1.4 million) (after applying available non-capital losses and other deductions) plus estimated interest (calculated to June 30, 2021) and other penalties of $0.2 million (C $0.2 million). The Company has filed formal Notices of Objection with the CRA against the Domestic Reassessments and has posted security in cash for 50% of the reassessed amounts of tax, interest and penalties. The Company has commenced an appeal in the Tax Court of Canada with respect to these reassessments. If the CRA were to reassess the particular Canadian subsidiaries for taxation years 2016 through 2020 on the same basis, the Company estimates that it would be subject to an incremental payment of Canadian tax (after applying available non-capital losses and other deductions) of approximately $8.1 million (C $10.0 million) for 2016 and $26.5 million (C $32.8 million) for 2017 through 2020 plus interest (calculated to June 30, 2021) and other penalties of approximately $5.2 million (C $6.4 million). Similarly, an additional amount of tax, interest and applicable penalties would arise for the 2021 taxation year. On August 9, 2021, the Company received a proposal letter (the “Proposal Letter”) in which the CRA proposes to reassess a wholly-owned Canadian subsidiary of the Company for the 2016 taxation year on the same basis as the Domestic Reassessments as described above. The CRA proposes to increase the Canadian subsidiary’s taxable income by $31.9 million that would result in an incremental payment of Canadian tax of approximately $8.1 million (C$10.0 million) plus interest and applicable penalties, consistent with the estimate disclosed above. (b) Mexico (2013-2015): In December 2018, the Company received a Notice of Reassessment from the CRA for the 2013 taxation year (the “2013 Reassessment”) in relation to its Mexican subsidiary. The reassessment was made on the basis of the transfer pricing provisions in the Income Tax Act In December 2019, the Company received Notices of Reassessment for the 2014 and 2015 taxation years (the “2014 and 2015 Reassessments”) on the same basis as the 2013 Reassessment, resulting in additional Federal and provincial income taxes of $11.7 million (C$14.5 million) plus estimated interest (calculated to June 30, 2021) and other penalties of $4.5 million (C$5.6 million) but before any relief under the Canada-Mexico tax treaty. The Company has filed formal Notices of Objection with the CRA against the 2013 Reassessment and the 2014 and 2015 Reassessments and has posted security in the form of a standby letter of credit for 50% of the reassessed amounts of tax, interest and penalties, as referenced in Note 9 (a). Further, the Company has commenced an appeal in the Tax Court of Canada with respect to these reassessments. For taxation years 2013 through 2015, the Company’s Mexican subsidiary paid a total of $30.3 million (419.4 million Pesos) in cash taxes, at a 30% tax rate, to the Mexican tax authorities on income earned in Mexico. If required, the Company intends to seek relief from double taxation under the Canada-Mexico tax treaty. In December 2020, the CRA issued revised 2013 Reassessment and 2014 and 2015 Reassessments to include transfer pricing penalties of $8.3 million (C$10.3 million). The Company has filed formal Notices of Objection with the CRA against these revised reassessments and has posted security in the form of cash for 50% of the reassessed amounts of penalties. The Company intends to commence an appeal in the Tax Court of Canada with respect to these revised reassessments. If the CRA were to reassess the Company for taxation years 2016 through 2020 on the same basis and continue to apply transfer pricing penalties, the Company estimates that it would be subject to additional Canadian tax for these years of approximately $3.7 million (C$4.6 million), transfer pricing penalties of approximately $1.4 million (C$1.7 million) plus interest (calculated to June 30, 2021) and other penalties of approximately $1.0 million (C$1.2 million) but before any relief under the Canada-Mexico tax treaty. The Company’s Mexican subsidiary paid $3.8 million (71.0 million Pesos) in cash taxes, at a 30% tax rate, to the Mexican tax authorities on income earned in Mexico for the 2016 year and ceased operations after 2016. (c) Barbados (2014-2015): The 2014 and 2015 Reassessments also reassess the Company in relation to its Barbadian subsidiary. The reassessments were made on the basis of the transfer pricing provisions in the Act and assert that a majority of the income relating to certain precious metal streams earned by the Barbadian subsidiary should have been included in the income of the Company and subject to tax in Canada, resulting in additional Federal and provincial income taxes of $5.4 million (C$6.7 million) plus estimated interest (calculated to June 30, 2021) and other penalties of $2.0 million (C$2.5 million). As noted previously, the Company has filed formal Notices of Objection with the CRA against the 2014 and 2015 Reassessments and has posted security in the form of a standby letter of credit for 50% of the reassessed amounts of tax, interest and penalties, as referenced in Note 9 (a). Further, the Company has commenced an appeal in the Tax Court of Canada with respect to the 2014 and 2015 Reassessments. As noted above, in December 2020, the CRA issued revised 2014 and 2015 Reassessments to include transfer pricing penalties of $2.0 million (C$2.5 million). The Company has filed formal Notices of Objection with the CRA against these revised reassessments and has posted security in the form of cash for If the CRA were to reassess the Company for taxation years 2016 through 2020 on the same basis and continue to apply transfer pricing penalties, the Company estimates that it would be subject to additional Canadian tax for these years of approximately $140.6 million (C$174.2 million), transfer pricing penalties of approximately $52.9 million (C$65.6 million) plus interest (calculated to June 30, 2021) and other penalties of approximately $14.6 million (C$18.1 million). Similarly, an additional amount of tax, interest and applicable penalties would arise for the 2021 taxation year. (d) Barbados (2012-2013): In August 2020, the Company received Notices of Reassessment for the 2012 and 2013 taxation years (the “FAPI Reassessments” and, collectively with the Domestic Reassessments, the 2013 Reassessment and the 2014 and 2015 Reassessments, the “Reassessments”) in relation to its Barbadian subsidiary. The reassessments assert that a majority of the income relating to precious metal streams earned by the Barbadian subsidiary, in those years, should have been included in the income of its Canadian parent company and subject to tax in Canada as Foreign Accrual Property Income (“FAPI”). The CRA has noted that its position may not extend beyond the 2013 taxation year. The FAPI Reassessments result in additional Federal and provincial income taxes of $6.2 million (C$7.7 million) plus estimated interest (calculated to June 30, 2021) and other penalties of $2.7 million (C$3.4 million). The Company has filed formal Notices of Objection with the CRA against the FAPI Reassessments and has posted security in cash for 50% of the reassessed amounts of tax, interest and penalties. Management believes that the Company and its subsidiaries have filed all tax returns and paid all applicable taxes in compliance with Canadian and applicable foreign tax laws and, as a result, no amounts have been recorded in the financial statements of the Company for the Reassessments, the Proposal Letter, or for any potential tax exposure that may arise in respect of these matters. The Company does not believe that the Reassessments or the Proposal Letter are supported by Canadian tax law and jurisprudence and intends to vigorously defend its tax filing positions. The CRA audit is ongoing and there can be no assurance that the CRA will not further challenge the manner in which the Company or any of its subsidiaries has filed its tax returns and reported its income. In the event that the CRA successfully challenges the manner in which the Company or a subsidiary has filed its tax returns and reported its income, this could potentially result in additional income taxes, penalties and interest, which could have a material adverse effect on the Company.

Subsequent events

Subsequent events	6 Months Ended
	Jun. 30, 2021
Subsequent events.
Subsequent events	Note 22 – Subsequent events Renewal of Corporate Revolver Subsequent to June 30, 2021, the Company renewed its Corporate Revolver under substantially the same terms, extending the facility’s maturity date from March 22, 2024 to July 9, 2025. Refer to note 9 (a) for further details on the Corporate Revolver.

Significant accounting polici_2

Significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2021
Significant accounting policies
Basis of presentation	(a) Basis of presentation These unaudited condensed consolidated interim financial statements include the accounts of Franco-Nevada and its wholly-owned subsidiaries (its “subsidiaries”) (hereinafter together with Franco-Nevada, 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, 2020 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, 2020, with the exception of standards adopted in 2021 as discussed in note 2 (c). These condensed interim consolidated financial statements were authorized for issuance by the Board of Directors on August 11, 2021. 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 six months ended June 30, 2021 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.
Significant judgments, estimates and assumptions	(b) Significant judgments, estimates and assumptions The preparation of consolidated financial statements in accordance with IFRS requires the Company to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The areas of judgment and estimation are consistent with those reported in the annual consolidated financial statements for the year ended December 31, 2020 and include measurement uncertainty in assessments of impairment of royalty, stream and working interests which were impacted by the following developments during the three and six months ended June 30, 2021. Impact of the COVID-19 pandemic The COVID-19 global health pandemic has had a significant impact on the global economy and commodity and financial markets. The full extent and impact of the COVID-19 pandemic is unknown. The adverse effects of the pandemic may continue for an extended and unknown period of time, particularly as variant strains of the virus are identified. The impact of the pandemic to date has included extreme volatility in financial markets, a slowdown in economic activity, extreme volatility in commodity prices (including gold, silver, palladium and oil and gas). As well, as efforts have been undertaken to slow the spread of the COVID-19 pandemic, the operation and development of mining projects has been impacted. Many mining projects, including a number of the properties in which Franco-Nevada holds a royalty, stream or other interest have been impacted by the pandemic resulting in the temporary suspension of operations, and other mitigation measures that impacted production. If the operation or development of one or more of the properties in which Franco-Nevada holds a royalty, stream or other interest and from which it receives or expects to receive significant revenue is suspended as a result of the continuing COVID-19 pandemic or future pandemics or other public health emergencies, it may have a material adverse impact on Franco-Nevada’s profitability, results of operations, financial condition and the trading price of Franco-Nevada’s securities. The broader impact of the COVID-19 pandemic or future pandemics or similar public health emergencies on investors, businesses, the global economy or financial and commodity markets may also have a material adverse impact on Franco-Nevada’s profitability, results of operations, financial condition and the trading price of Franco-Nevada’s securities.
New and amended standards adopted by the company	(c) New and amended standards adopted by the Company The following standard was effective and implemented for the annual period as of January 1, 2021. Interest rate benchmark reform In 2020, the IASB published Interest Rate Benchmark Reform - Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and IFRS 16) (“Phase 2 amendments”) to address the financial reporting impacts of replacing one benchmark interest rate with an alternative rate. The Phase 2 amendments provide a practical expedient to ease the potential burden of accounting for changes in contractual cash flows and include disclosure requirements at the time of benchmark interest rate replacement. The Company has adopted these Phase 2 amendments effective January 1, 2021 and has applied the Phase 2 amendments retrospectively. There was no significant impact to the current period or comparative periods presented as a result of the Phase 2 amendments.

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	6 Months Ended
	Jun. 30, 2021
Cash and cash equivalents
Schedule of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, ​ ​ At December 31, ​ 2021 2020 Cash deposits ​ ​ $ 187.7 ​ ​ $ 523.7 ​ Term deposits ​ ​ 10.0 ​ ​ 10.5 ​ ​ ​ ​ $ 197.7 ​ ​ $ 534.2 ​

Investments and loan receivab_2

Investments and loan receivable (Tables)	6 Months Ended
	Jun. 30, 2021
Investments and loan receivable
Schedule of investments and loan receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, ​ ​ At December 31, ​ 2021 2020 Equity investments ​ ​ $ 266.5 ​ ​ $ 195.6 ​ Loan receivable ​ ​ ​ 38.4 ​ ​ ​ 37.1 ​ Warrants ​ ​ 3.3 ​ ​ 5.7 ​ ​ ​ ​ $ 308.2 ​ ​ $ 238.4 ​
Schedule of unrealized gains (losses) on available-for-sale investments recognized in other comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ ​ 2021 2020 2021 2020 Gain on changes in the fair value of equity investments at FVTOCI ​ $ 53.5 ​ $ 42.6 ​ ​ $ 74.9 ​ ​ $ 1.9 ​ Income tax expense in other comprehensive income ​ (6.8) ​ (5.6) ​ ​ (9.6) ​ ​ (0.2) ​ Gain on changes in the fair value of equity investments at FVTOCI, net of income tax ​ $ 46.7 ​ 37.0 ​ $ 65.3 ​ ​ $ 1.7 ​
Schedule of equity method investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, ​ ​ At December 31, ​ 2021 2020 Labrador Iron Ore Royalty Corporation ​ ​ $ 239.9 ​ ​ $ 162.2 ​ Other ​ ​ 26.6 ​ ​ 33.4 ​ ​ ​ ​ $ 266.5 ​ ​ $ 195.6 ​

Prepaid expenses and other cu_2

Prepaid expenses and other current assets (Tables)	6 Months Ended
	Jun. 30, 2021
Prepaid expenses and other current assets.
The schedule of prepaid expenses and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, ​ ​ At December 31, ​ ​ 2021 2020 Gold bullion ​ ​ $ 23.5 ​ ​ $ 18.6 ​ Prepaid expenses ​ ​ 20.4 ​ ​ 16.4 ​ Stream ounces inventory ​ ​ ​ 0.9 ​ ​ ​ 0.5 ​ Debt issue costs ​ ​ 0.7 ​ ​ 0.6 ​ ​ ​ ​ $ 45.5 ​ ​ $ 36.1 ​

Royalty, stream and working i_2

Royalty, stream and working interests (Tables)	6 Months Ended
	Jun. 30, 2021
Royalty, stream and working interests
Disclosure of detailed information about royalty, stream and working interest, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impairment ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ (charges) ​ ​ ​ ​ ​ As at June 30, 2021 Cost depletion (1) reversals Carrying value Mining royalties ​ $ 1,594.9 ​ $ (663.1) ​ $ — ​ ​ $ 931.8 ​ Streams ​ ​ 4,511.6 ​ ​ (1,790.8) ​ ​ — ​ ​ ​ 2,720.8 ​ Energy ​ ​ 1,969.1 ​ ​ (769.5) ​ ​ — ​ ​ ​ 1,199.6 ​ Advanced ​ ​ 364.0 ​ ​ (49.8) ​ ​ (7.5) ​ ​ ​ 306.7 ​ Exploration ​ ​ 76.8 ​ ​ (13.3) ​ ​ — ​ ​ ​ 63.5 ​ ​ ​ $ 8,516.4 ​ $ (3,286.5) ​ $ (7.5) ​ ​ $ 5,222.4 ​ 1. Accumulated depletion includes previously recognized impairment charges. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impairments ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ (charges) ​ ​ ​ ​ ​ As at December 31, 2020 Cost depletion (1) reversals Carrying value Mining royalties ​ $ 1,049.2 ​ $ (642.3) ​ $ — ​ ​ $ 406.9 ​ Streams ​ ​ 4,346.6 ​ ​ (1,702.6) ​ ​ 9.6 ​ ​ 2,653.6 ​ Energy ​ ​ 1,944.7 ​ ​ (462.4) ​ ​ (267.7) ​ ​ 1,214.6 ​ Advanced ​ ​ 343.0 ​ ​ (49.0) ​ ​ — ​ ​ ​ 294.0 ​ Exploration ​ ​ 76.1 ​ ​ (13.1) ​ ​ — ​ ​ ​ 63.0 ​ ​ ​ $ 7,759.6 ​ $ (2,869.4) ​ $ (258.1) ​ ​ $ 4,632.1 ​ 1. Accumulated depletion includes previously recognized impairment charges.
Disclosure of detailed information about royalty, stream and working interest, net rollforward	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mining ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ royalties Streams Energy Advanced Exploration Total Balance at January 1, 2020 ​ $ 415.6 ​ $ 2,804.0 ​ $ 1,353.6 ​ $ 170.9 ​ $ 53.7 ​ $ 4,797.8 ​ Additions ​ 18.8 ​ — ​ 170.2 ​ 118.6 ​ 8.2 ​ 315.8 ​ Transfers ​ (1.2) ​ — ​ — ​ 1.2 ​ — ​ — ​ Impairment (charges) and reversals ​ — ​ ​ 9.6 ​ (267.7) ​ — ​ — ​ (258.1) ​ Depletion ​ (31.5) ​ (160.0) ​ (44.9) ​ (2.1) ​ (0.2) ​ (238.7) ​ Impact of foreign exchange ​ 5.2 ​ — ​ 3.4 ​ 5.4 ​ 1.3 ​ 15.3 ​ Balance at December 31, 2020 ​ $ 406.9 ​ $ 2,653.6 ​ $ 1,214.6 ​ $ 294.0 ​ $ 63.0 ​ $ 4,632.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions ​ $ 540.0 ​ $ 165.6 ​ $ 4.2 ​ $ 14.9 ​ $ — ​ $ 724.7 ​ Impairment charges ​ ​ — ​ ​ — ​ — ​ (7.5) ​ — ​ (7.5) ​ Depletion ​ (21.6) ​ (98.4) ​ (27.0) ​ (0.3) ​ — ​ (147.3) ​ Impact of foreign exchange ​ 6.5 ​ — ​ 7.8 ​ 5.6 ​ 0.5 ​ 20.4 ​ Balance at June 30, 2021 ​ $ 931.8 ​ $ 2,720.8 ​ $ 1,199.6 ​ $ 306.7 ​ $ 63.5 ​ $ 5,222.4 ​
Streams
Royalty, stream and working interests
Schedule of impairments of Royalty, Stream and Working Interests, Net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impairment ​ ​ ​ ​ ​ ​ ​ ​ ​ reversal ​ ​ ​ Recoverable ​ ​ ​ ​ ​ amount ​ ​ ​ amount ​ Royalty, stream and working interests, net ​ ​ ​ ​ ​ ​ ​ ​ ​ Sudbury - McCreedy West ​ ​ $ — ​ ​ $ 32.7 ​ ​ ​ ​ $ — ​ ​ $ 32.7 ​

Other assets (Tables)

Other assets (Tables)	6 Months Ended
	Jun. 30, 2021
Other assets
Schedule of Other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, ​ ​ At December 31, ​ ​ 2021 2020 Amounts receivable related to CRA audits ​ ​ $ 10.5 ​ ​ $ 4.9 ​ Energy well equipment, net ​ ​ ​ 5.2 ​ ​ ​ 5.0 ​ Right-of-use assets, net ​ ​ 1.8 ​ ​ 2.0 ​ Debt issue costs ​ ​ ​ 1.1 ​ ​ ​ 1.3 ​ Furniture and fixtures, net ​ ​ 0.3 ​ ​ 0.4 ​ ​ ​ ​ $ 18.9 ​ ​ $ 13.6 ​

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt
Schedule of changes in obligations related to the Credit Facility	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ ​ FNBC ​ ​ Corporate ​ ​ ​ ​ ​ ​ revolver ​ ​ revolver ​ ​ term loan ​ ​ ​ Total ​ Size of facility ​ $ 1,000.0 ​ $ 100.0 ​ $ 160.0 ​ ​ $ 1,260.0 ​ Balance at January 1, 2020 ​ $ — ​ $ — ​ $ 80.0 ​ ​ $ 80.0 ​ Repayment ​ ​ — ​ ​ — ​ ​ (80.0) ​ ​ ​ (80.0) ​ Balance at December 31, 2020 ​ $ — ​ $ — ​ $ — ​ ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Drawdowns ​ $ 150.0 $ — ​ $ — $ 150.0 ​ Repayment ​ ​ (150.0) ​ ​ — ​ ​ — ​ ​ ​ (150.0) ​ Balance at June 30, 2021 ​ $ — ​ $ — ​ $ — ​ ​ $ — ​

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue.
Schedule of Revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ For the six months ended ​ ​ June 30, ​ ​ June 30, ​ ​ 2021 2020 2021 2020 Commodity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold (1) ​ $ 194.9 ​ ​ $ 136.6 ​ ​ $ 384.9 ​ ​ $ 303.6 ​ Silver ​ 45.0 ​ ​ ​ 20.2 ​ ​ 92.7 ​ ​ ​ 42.3 ​ Platinum group metals (1) ​ 22.0 ​ ​ ​ 21.4 ​ ​ 41.5 ​ ​ ​ 44.0 ​ Other mining commodities (2) ​ 37.9 ​ ​ ​ 2.6 ​ ​ 44.5 ​ ​ ​ 4.9 ​ Mining ​ $ 299.8 ​ ​ $ 180.8 ​ ​ $ 563.6 ​ ​ $ 394.8 ​ Energy ​ 47.3 ​ ​ ​ 14.6 ​ ​ 92.4 ​ ​ ​ 41.1 ​ ​ ​ $ 347.1 ​ ​ $ 195.4 ​ ​ $ 656.0 ​ ​ $ 435.9 ​ Geography ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ South America ​ $ 116.0 ​ ​ $ 52.4 ​ ​ $ 204.9 ​ ​ $ 109.9 ​ Central America & Mexico ​ ​ 89.9 ​ ​ ​ 28.0 ​ ​ ​ 158.1 ​ ​ ​ 88.1 ​ United States ​ 66.3 ​ ​ ​ 44.7 ​ ​ 132.6 ​ ​ ​ 89.7 ​ Canada (1)(2) ​ 46.3 ​ ​ ​ 35.7 ​ ​ 102.0 ​ ​ ​ 82.1 ​ Rest of World ​ 28.6 ​ ​ ​ 34.6 ​ ​ 58.4 ​ ​ ​ 66.1 ​ ​ ​ $ 347.1 ​ ​ $ 195.4 ​ ​ $ 656.0 ​ ​ $ 435.9 ​ Type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue-based royalties ​ $ 111.4 ​ ​ $ 65.1 ​ ​ $ 205.5 ​ ​ $ 133.5 ​ Streams (1) ​ 199.5 ​ ​ 112.6 ​ ​ 376.4 ​ ​ 263.4 ​ Profit-based royalties ​ 22.2 ​ ​ 14.1 ​ ​ 50.9 ​ ​ 30.3 ​ Other (2) ​ 14.0 ​ ​ 3.6 ​ ​ 23.2 ​ ​ 8.7 ​ ​ ​ $ 347.1 ​ ​ $ 195.4 ​ ​ $ 656.0 ​ ​ $ 435.9 ​ 1. For Q2/2021, includes losses of $0.1 million and $0.1 million of provisional pricing adjustments for gold and platinum group metals, respectively (Q2/2020 – $nil and $0.1 million, respectively). For H1/2021, includes a loss of $0.3 million and a gain of $0.5 million of provisional pricing adjustments for gold and platinum group metals, respectively (H1/2020 – a gain of $0.2 million and $3.1 million, respectively). 2. Includes dividend income of $ 8.9 million and $ 13.9 million from the Company’s equity investment in Labrador Iron Ore Royalty Corporation for the three and six months ended June 30, 2021, respectively (Q2/2020 and H1/2020 - $ 2.1 million and $ 3.7 million, respectively).

Costs of sales (Tables)

Costs of sales (Tables)	6 Months Ended
	Jun. 30, 2021
Costs of sales
Schedule of Costs of sales	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ For the six months ended ​ ​ June 30, ​ ​ June 30, ​ ​ 2021 ​ 2020 2021 2020 Costs of stream sales ​ $ 44.2 ​ ​ $ 26.2 ​ ​ $ 81.3 ​ ​ $ 67.0 ​ Mineral production taxes ​ 0.5 ​ ​ 0.8 ​ ​ 1.1 ​ ​ 1.5 ​ Mining costs of sales ​ $ 44.7 ​ ​ $ 27.0 ​ ​ $ 82.4 ​ ​ $ 68.5 ​ Energy costs of sales ​ 2.6 ​ ​ 1.0 ​ ​ 5.5 ​ ​ 3.1 ​ ​ ​ $ 47.3 ​ ​ $ 28.0 ​ ​ $ 87.9 ​ ​ $ 71.6 ​

Share-based compensation expe_2

Share-based compensation expense (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based compensation expense
Schedule of Share-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ For the six months ended ​ ​ June 30, ​ ​ June 30, ​ ​ 2021 2020 2021 2020 Stock options and restricted share units ​ $ 1.6 ​ $ 1.3 ​ ​ $ 3.0 ​ ​ $ 2.5 ​ Deferred share units ​ 3.4 ​ 5.5 ​ ​ 4.0 ​ ​ 5.6 ​ ​ ​ $ 5.0 ​ $ 6.8 ​ ​ $ 7.0 ​ ​ $ 8.1 ​

Related party disclosures (Tabl

Related party disclosures (Tables)	6 Months Ended
	Jun. 30, 2021
Related party disclosures
Schedule of compensation for key management personnel	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ For the six months ended ​ ​ June 30, ​ ​ June 30, ​ ​ 2021 2020 2021 2020 Short-term benefits (1) ​ $ 0.9 ​ $ 0.6 ​ ​ $ 1.7 ​ ​ $ 1.4 ​ Share-based payments (2) ​ 5.0 ​ 6.4 ​ ​ 5.9 ​ ​ 8.0 ​ ​ ​ $ 5.9 ​ $ 7.0 ​ ​ $ 7.6 ​ ​ $ 9.4 ​ 1. Includes salary, benefits and short-term accrued incentives/other bonuses earned in the period. 2. Represents the expense of stock options and restricted share units and mark-to-market charges on deferred share units during the period.

Finance income and expenses (Ta

Finance income and expenses (Tables)	6 Months Ended
	Jun. 30, 2021
Finance income and expenses
Schedule of finance income and expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ For the six months ended ​ ​ ​ ​ June 30, ​ ​ June 30, ​ ​ 2021 2020 ​ 2021 2020 ​ Finance income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ $ 1.7 ​ ​ $ 1.0 ​ ​ $ 2.4 ​ ​ $ 1.9 ​ ​ ​ ​ $ 1.7 ​ ​ $ 1.0 ​ ​ $ 2.4 ​ ​ $ 1.9 ​ Finance expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Standby charges ​ ​ $ 0.5 ​ ​ $ 0.5 ​ ​ $ 1.1 ​ ​ $ 1.0 ​ Amortization of debt issue costs ​ ​ 0.3 ​ ​ 0.3 ​ ​ 0.5 ​ ​ 0.5 ​ Interest ​ ​ ​ 0.2 ​ ​ — ​ ​ 0.2 ​ ​ ​ 0.3 ​ Accretion of lease liabilities ​ ​ 0.1 ​ ​ — ​ ​ 0.1 ​ ​ 0.1 ​ ​ ​ ​ $ 1.1 ​ ​ $ 0.8 ​ ​ $ 1.9 ​ ​ $ 1.9 ​

Income taxes (Tables)

Income taxes (Tables)	6 Months Ended
	Jun. 30, 2021
Income taxes
Schedule of income tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ For the six months ended ​ ​ June 30, ​ ​ June 30, ​ 2021 ​ ​ 2021 2020 Current income tax expense ​ $ 15.2 ​ ​ 10.1 ​ ​ $ 37.3 ​ ​ $ 24.5 ​ Deferred income tax expense (recovery) ​ 14.2 ​ ​ 1.4 ​ ​ ​ 11.9 ​ ​ ​ (57.9) ​ Income tax expense (recovery) ​ $ 29.4 ​ $ 11.5 ​ ​ $ 49.2 ​ ​ $ (33.4) ​

Shareholders' equity (Tables)

Shareholders' equity (Tables)	6 Months Ended
	Jun. 30, 2021
Shareholders' equity
Schedule of changes in share capital	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ ​ ​ of shares Amount Balance at January 1, 2020 ​ 189,381,388 ​ $ 5,390.7 ​ At-the-market equity offering ​ ​ 1,054,800 ​ ​ 133.7 ​ Exercise of stock options ​ ​ 150,482 ​ ​ 9.7 ​ Vesting of restricted share units ​ ​ 42,328 ​ ​ 3.7 ​ Dividend reinvestment plan ​ ​ 327,478 ​ ​ 42.3 ​ Balance at December 31, 2020 ​ ​ 190,956,476 ​ $ 5,580.1 ​ Exercise of stock options ​ ​ 4,000 ​ ​ 0.4 ​ Dividend reinvestment plan ​ ​ 145,168 ​ $ 19.5 ​ Balance at June 30, 2021 ​ ​ 191,105,644 ​ $ 5,600.0 ​
Schedule of dividends paid	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ For the six months ended ​ ​ June 30, ​ ​ June 30, ​ 2021 2020 2021 2020 Cash dividends ​ $ 45.2 ​ $ 39.8 ​ ​ $ 87.0 ​ ​ $ 76.0 ​ DRIP dividends ​ 11.4 ​ 10.1 ​ ​ 19.5 ​ ​ 21.0 ​ ​ ​ $ 56.6 ​ $ 49.9 ​ ​ $ 106.5 ​ ​ $ 97.0 ​

Earnings per share ("EPS") (Tab

Earnings per share ("EPS") (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings per share ("EPS")
Schedule of basic and diluted EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ ​ 2021 ​ 2020 ​ ​ ​ Shares ​ Per Share ​ ​ Shares ​ Per Share ​ ​ ​ Net income ​ (in millions) ​ ​ Amount ​ Net income ​ (in millions) ​ ​ Amount Basic earnings per share ​ ​ $ 175.3 191.0 ​ ​ $ 0.92 ​ ​ $ 94.4 190.2 ​ ​ $ 0.50 ​ Effect of dilutive securities ​ ​ — 0.4 ​ ​ — ​ ​ — 0.4 ​ ​ — ​ Diluted earnings per share ​ ​ $ 175.3 191.4 ​ ​ $ 0.92 ​ ​ $ 94.4 190.6 ​ ​ $ 0.50 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, ​ ​ 2021 ​ 2020 ​ ​ ​ Shares ​ Per Share ​ ​ Shares ​ Per Share ​ ​ ​ Net income ​ (in millions) ​ ​ Amount ​ Net loss ​ (in millions) ​ ​ Amount Basic earnings (loss) per share ​ ​ $ 346.8 191.0 ​ ​ $ 1.82 ​ ​ $ (4.4) 189.6 ​ ​ $ (0.02) ​ Effect of dilutive securities ​ ​ — 0.3 ​ ​ (0.01) ​ ​ — — ​ ​ — ​ Diluted earnings (loss) per share ​ ​ $ 346.8 191.3 ​ ​ $ 1.81 ​ ​ $ (4.4) 189.6 ​ ​ $ (0.02) ​

Segment reporting (Tables)

Segment reporting (Tables)	6 Months Ended
	Jun. 30, 2021
Segment reporting
Schedule of reportable segments for purposes of assessing performance	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ ​ ​ 2021 ​ 2020 ​ ​ ​ Mining ​ Energy ​ Total ​ ​ Mining ​ Energy ​ Total ​ Revenue ​ $ 299.8 ​ $ 47.3 ​ $ 347.1 ​ ​ $ 180.8 ​ $ 14.6 ​ $ 195.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of sales ​ $ 44.7 ​ $ 2.6 ​ $ 47.3 ​ ​ $ 27.0 ​ $ 1.0 ​ $ 28.0 ​ Depletion and depreciation ​ ​ 61.1 ​ ​ 15.5 ​ ​ 76.6 ​ ​ ​ 42.1 ​ ​ 9.8 ​ ​ 51.9 ​ Segment gross profit ​ $ 194.0 ​ $ 29.2 ​ $ 223.2 ​ ​ $ 111.7 ​ $ 3.8 ​ $ 115.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, ​ ​ ​ 2021 ​ 2020 ​ ​ Mining Energy Total ​ Mining Energy Total Revenue ​ $ 563.6 ​ $ 92.4 ​ $ 656.0 ​ ​ $ 394.8 ​ $ 41.1 ​ $ 435.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of sales ​ $ 82.4 ​ $ 5.5 ​ $ 87.9 ​ ​ $ 68.5 ​ $ 3.1 ​ $ 71.6 ​ Depletion and depreciation ​ ​ 120.3 ​ ​ 27.0 ​ ​ 147.3 ​ ​ ​ 94.0 ​ ​ 21.5 ​ ​ 115.5 ​ Segment gross profit ​ $ 360.9 ​ $ 59.9 ​ $ 420.8 ​ ​ $ 232.3 ​ $ 16.5 ​ $ 248.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ For the six months ended ​ ​ ​ ​ June 30, ​ ​ June 30, ​ ​ ​ ​ 2021 ​ ​ 2020 ​ ​ 2021 ​ ​ 2020 ​ Total segment gross profit ​ $ 223.2 ​ ​ $ 115.5 ​ ​ $ 420.8 ​ ​ $ 248.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other operating (income)/expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impairment charges ​ $ 7.5 ​ ​ $ — ​ ​ $ 7.5 ​ ​ $ 271.7 ​ ​ General and administrative expenses ​ ​ 5.4 ​ ​ ​ 4.9 ​ ​ ​ 9.6 ​ ​ ​ 9.8 ​ ​ Share-based compensation expense ​ ​ 5.0 ​ ​ ​ 6.8 ​ ​ ​ 7.0 ​ ​ ​ 8.1 ​ ​ Gain on sale of gold bullion ​ ​ (0.6) ​ ​ ​ (2.4) ​ ​ ​ (1.2) ​ ​ ​ (4.4) ​ ​ Depreciation ​ ​ 0.6 ​ ​ ​ 0.4 ​ ​ ​ 1.1 ​ ​ ​ 1.2 ​ ​ Foreign exchange loss and other (income) expenses ​ ​ 1.2 ​ ​ ​ 0.1 ​ ​ ​ 1.3 ​ ​ ​ 0.2 ​ ​ Income (loss) before finance items and income taxes ​ $ 204.1 ​ ​ $ 105.7 ​ ​ $ 395.5 ​ ​ $ (37.8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance items ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance income ​ $ 1.7 ​ ​ $ 1.0 ​ ​ $ 2.4 ​ ​ $ 1.9 ​ ​ Finance expenses ​ ​ (1.1) ​ ​ ​ (0.8) ​ ​ ​ (1.9) ​ ​ ​ (1.9) ​ ​ Net income (loss) before income taxes ​ $ 204.7 ​ ​ $ 105.9 ​ ​ $ 396.0 ​ ​ $ (37.8) ​ ​

Fair value measurements (Tables

Fair value measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Recurring Basis
Fair value measurements
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 June 30, 2021 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ ​ fair value Receivables from provisional concentrate sales ​ $ — ​ $ 8.4 ​ $ — ​ ​ $ 8.4 ​ Equity investments ​ 262.3 ​ — ​ 4.2 ​ ​ 266.5 ​ Warrants ​ — ​ 3.3 ​ — ​ ​ 3.3 ​ ​ ​ $ 262.3 ​ $ 11.7 ​ $ 4.2 ​ ​ $ 278.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted prices in Significant other Significant ​ ​ ​ active markets for ​ observable ​ unobservable ​ ​ ​ ​ ​ identical assets ​ inputs ​ inputs ​ ​ Aggregate As at December 31, 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ ​ fair value Receivables from provisional concentrate sales ​ $ — ​ $ 10.1 ​ $ — ​ ​ $ 10.1 ​ Equity investments ​ 191.8 ​ — ​ 3.8 ​ ​ 195.6 ​ Warrants ​ — ​ 5.7 ​ — ​ ​ 5.7 ​ ​ ​ $ 191.8 ​ $ 15.8 ​ $ 3.8 ​ ​ $ 211.4 ​

Commitments (Tables)

Commitments (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments
Schedule of company's commitment to pay for metals pursuant to the agreement	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Attributable payable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ production to be purchased ​ Per ounce cash payment (1),(2) ​ Term of ​ Date of Interest Gold Silver PGM Gold Silver PGM agreement (3) contract Antamina 0 % 22.5 % (4) 0 % ​ n/a ​ ​ 5 % (5) ​ n/a 40 years ​ 7-Oct-15 ​ Antapaccay — % (6) — % (7) 0 % 20 % (8) ​ 20 % (9) ​ n/a 40 years ​ 10-Feb-16 ​ Candelaria 68 % (10) 68 % (10) 0 % $ 400 ​ $ 4.00 ​ ​ n/a 40 years ​ 6-Oct-14 ​ Cobre Panama Fixed Payment Stream — % (11) — % (12) 0 % $ 418 (13) $ 6.27 (14) ​ n/a 40 years ​ 19-Jan-18 ​ Cobre Panama Floating Payment Stream ​ — % (15) — % (16) 0 % ​ 20 % (17) ​ 20 % (18) ​ n/a 40 years ​ 19-Jan-18 ​ Condestable ​ — % (19) — % (20) 0 % ​ 20 % (21) ​ 20 % (22) ​ n/a 40 years ​ 8-Mar-21 ​ Karma 4.875 % (23) 0 % 0 % 20 % (24) ​ n/a ​ ​ n/a 40 years ​ 11-Aug-14 ​ Guadalupe-Palmarejo 50 % 0 % 0 % $ 800 ​ ​ n/a ​ ​ n/a 40 years ​ 2-Oct-14 ​ Sabodala — % (25) 0 % 0 % 20 % (26) ​ n/a ​ ​ n/a 40 years ​ 25-Sep-20 ​ MWS 25 % 0 % 0 % $ 400 ​ ​ n/a ​ ​ n/a 40 years (27) 2-Mar-12 ​ Cooke 4 7 % 0 % 0 % $ 400 ​ ​ n/a ​ ​ n/a 40 years ​ 5-Nov-09 ​ Sudbury (28) 50 % 0 % 50 % $ 400 ​ ​ n/a ​ $ 400 40 years ​ 15-Jul-08 ​ ​ 1 Subject to an annual inflationary adjustment except for Antamina, Antapaccay, Karma, Guadalupe-Palmarejo, and Sabodala. 2 Should the prevailing market price for gold be lower than this amount, the per ounce cash payment will be reduced to the prevailing market price. 3 Subject to successive extensions. 4 Subject to a fixed payability of 90% . Percentage decreases to 15% after 86 million ounces of silver has been delivered under the agreement. 5 Purchase price is 5% of the average silver price at the time of delivery. 6 Gold deliveries are referenced to copper in concentrate shipped with 300 ounces of gold delivered for each 1,000 tonnes of copper in concentrate shipped, until 630,000 ounces of gold has been delivered. Thereafter, percentage is 30% of gold shipped. 7 Silver deliveries are referenced to copper in concentrate shipped with 4,700 ounces of silver delivered for each 1,000 tonnes of copper in concentrate shipped, until 10.0 million ounces of silver has been delivered. Thereafter, percentage is 30% of silver shipped. 8 Purchase price is 20% of the spot price of gold until 750,000 ounces of gold have been delivered, thereafter the purchase price is 30% of the spot price of gold. 9 Purchase price is 20% of the spot price of silver until 12.8 million ounces of silver have been delivered, thereafter the purchase price is 30% of the spot price of silver. 10 Percentage decreases to 40% after 720,000 ounces of gold and 12.0 million ounces of silver have been delivered under the agreement. 11 Gold deliveries are indexed to copper in concentrate produced from the project. 120 ounces of gold per every 1 million pounds of copper produced until 808,000 ounces of gold delivered. Thereafter, 81 ounces of gold per 1 million pounds of copper produced until 1,716,188 ounces of gold delivered. Thereafter, 63.4% of the gold in concentrate. 12 Silver deliveries are indexed to copper in concentrate produced from the project. 1,376 ounces of silver per every 1 million pounds of copper produced until 9,842,000 ounces of silver delivered. Thereafter 1,776 ounces of silver per 1 million pounds of copper produced until 29,731,000 ounces of silver delivered. Thereafter, 62.1% of the silver in concentrate. 13 After 1,341,000 ounces of gold delivered, purchase price is the greater of 50% of spot and $418.27 per ounce. As the mill throughput for 30 consecutive days commensurate with annual capacity of 58 million tonnes per annum was not reached by January 1, 2019, Franco-Nevada will receive a 5% annual rate of return until such mill throughput was achieved, through a reduction of the applicable fixed gold price of $100 per ounce or a delivery of additional ounces for no consideration. 14 After 21,510,000 ounces of silver delivered, purchase price is the greater of 50% of spot and $6.27 per ounce. 15 Gold deliveries are indexed to copper in concentrate produced from the project. 30 ounces of gold per every 1 million pounds of copper produced until 202,000 ounces of gold delivered. Thereafter 20.25 ounces of gold per 1 million pounds of copper produced until 429,047 ounces of gold delivered. Thereafter, 15.85% of the gold in concentrate. 16 Silver deliveries are indexed to copper in concentrate produced from the project. 344 ounces of silver per every 1 million pounds of copper produced until 2,460,500 ounces of silver delivered. Thereafter, 444 ounces of silver per 1 million pounds of copper produced until 7,432,750 ounces of silver delivered. Thereafter 15.53% of the silver in concentrate. 17 After 604,000 ounces of gold delivered, purchase price is 50% of the spot price of gold. As the mill throughput for 30 consecutive days commensurate with annual capacity of 58 million tonnes per annum was not reached by January 1, 2019, Franco-Nevada will receive a 5% annual rate of return until such mill throughput was achieved, through a reduction of the applicable fixed gold price of $100 per ounce or a delivery of additional ounces for no consideration. 18 After 9,618,000 ounces of silver delivered, purchase price is 50% of the spot price of silver. 19 Gold deliveries are fixed at 8,760 ounces per annum from January 1, 2021 to December 31, 2025. Thereafter, 63% of the gold in concentrate until a cumulative total of 87,600 ounces of gold delivered. Thereafter, 25% of the gold in concentrate. 20 Silver deliveries are fixed at 291,000 ounces per annum from January 1, 2021 to December 31, 2025. Thereafter, 63% of the silver in concentrate until a cumulative total of 2,910,000 ounces of silver delivered. Thereafter, 25% of the silver in concentrate. 21 Purchase price is 20% of the spot price of gold at the time of delivery. 22 Purchase price is 20% of the spot price of silver at the time of delivery. 23 Gold deliveries are fixed at 15,000 ounces per annum from March 31, 2016 until February 28, 2021 (exclusive of an aggregate 5,625 gold ounces, or 703 gold ounces per quarter, to be delivered as a result of the exercise by the operator of its option to increase the upfront deposit). Thereafter, percentage is 4.875% . 24 Purchase price is 20% of the average gold price at the time of delivery. 25 Based on amended agreement with an effective date of September 1, 2020, gold deliveries are fixed at 783.33 ounces per month until 105,750 ounces of gold is delivered. Thereafter, percentage is 6% of gold production (subject to reconciliation after fixed delivery period to determine if Franco-Nevada would have received more or less than 105,750 ounces of gold under the original 6% variable stream for such period, entitling the operator to a credit for an over-delivery applied against future stream deliveries or a one-time additional delivery to Franco-Nevada for an under-delivery). 26 Purchase price is 20% of prevailing market price at the time of delivery. 27 Agreement is capped at 312,500 ounces of gold. 28 The Company is committed to purchase 50% of the precious metals contained in ore from the properties. Payment is based on gold equivalent ounces. For McCreedy West, effective June 1, 2021, purchase price per gold equivalent ounce is determined based on the monthly average gold spot price: (i) when the gold spot price is less than $800 per ounce, the purchase price is the prevailing monthly average gold spot price; (ii) when the gold spot price is greater than $800 per ounce but less than $1,333 per ounce, the purchase price is $800 per ounce; (iii) when the gold spot price is greater than $1,333 per ounce but less than $2,000 per ounce, the purchase price is 60% of the prevailing monthly average gold spot price; and (iv) when the gold spot price is greater than $2,000, the purchase price is $1,200 per ounce.

Contingencies (Tables)

Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Contingencies
Summary of the various CRA audit and reassessment matters	​ ​ CRA Position Taxation Years Reassessed Potential Exposure for Tax, Interest and Penalties (in millions) Canadian Domestic Tax Matters ​ Upfront payment made in connection with precious metal stream agreements should be deducted for income tax purposes in a similar manner to how such amount is expensed for financial statement purposes. 2014, 2015 For 2014-2015: Tax: $1.1 (C $1.4 ) Interest and other penalties: $0.2 (C $0.2 ) ​ If CRA were to reassess the 2016-2020 taxation years on the same basis: Tax: $34.6 (C $42.8 ) Interest and other penalties: $5.2 (C $6.4 ) ​ Transfer Pricing (Mexico) ​ Transfer pricing provisions in the Act (as defined below) apply such that a majority of the income earned by the Company’s Mexican subsidiary should be included in the income of the Company and subject to tax in Canada. ​ 2013, 2014, 2015 For 2013-2015: Tax: $20.4 (C $25.3 ) Transfer pricing penalties: $8.3 (C $10.3 ) Interest and other penalties: $8.2 (C $10.3 ) ​ If CRA were to reassess the 2016-2020 taxation years on the same basis: Tax: $3.7 (C $4.6 ) Transfer pricing penalties: $1.4 (C $1.7 ) Interest and other penalties: $1.0 (C $1.2 ) ​ Transfer Pricing (Barbados) ​ Transfer pricing provisions in the Act (as defined below) apply such that a majority of the income relating to certain precious metal streams earned by the Company’s Barbadian subsidiary should be included in the income of the Company and subject to tax in Canada. ​ 2014, 2015 For 2014-2015: Tax: $5.4 (C $6.7 ) Transfer pricing penalties: $2.0 (C $2.5 ) Interest and other penalties: $2.0 (C $2.5 ) ​ If CRA were to reassess the 2016-2020 taxation years on the same basis: Tax: $140.6 (C $174.2 ) Transfer pricing penalties: $52.9 (C $65.6 ) Interest and other penalties: $14.6 (C $18.1 ) ​ FAPI (Barbados) ​ The FAPI provisions in the Act (as defined below) apply such that a majority of the income relating to precious metal streams earned by the Company’s Barbadian subsidiary, in 2012 and 2013, should be included in the income of the Company and subject to tax in Canada. ​ 2012, 2013 For 2012-2013: Tax: $6.2 (C $7.7 ) Interest and other penalties: $2.7 (C $3.4 ) ​ Based on CRA’s proposal letter, no reassessments for this issue for years after 2013 are expected.

Corporate Information (Details)

Corporate Information (Details)	6 Months Ended
	Jun. 30, 2021
Corporate Information
Revenue target from gold and gold equivalents (as a percent)	80.00%

Acquisitions and other transa_2

Acquisitions and other transactions (Details) shares in Millions, $ in Millions, $ in Millions	Apr. 16, 2021USD ($)shares	Mar. 30, 2021USD ($)	Mar. 08, 2021USD ($)oz	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 30, 2021AUD ($)	Dec. 31, 2020USD ($)
Vale Royalty Debentures - Brazil
Acquisitions
Number of debentures acquired | shares	57
Consideration transferred	$ 538
Sgula Royalty - Cte d'Ivoire
Acquisitions
Consideration transferred		$ 15.2				$ 20
Percentage of NSR		1.20%
Option to buy back of NSR (as a percent)		50.00%				50.00%
Period to buy back of NSR		three years
Condestable Gold and Silver Stream Acquisition, Peru
Acquisitions
Consideration transferred			$ 165
Receive of refined gold quarterly as percentage of production from stream area | oz			8,760
Receive of refined silver quarterly as percentage of production from stream area | oz			291,000
Gold Purchase Price Upon Delivery Initial			20.00%
Amount of one time special delivery			$ 118.8
Deliveries of ounces of refined gold threshold | oz			43,800
Deliveries of refined silver threshold ounces | oz			1,455,000
Condestable Gold and Silver Stream Acquisition, Peru Variable Phase 1 Deliveries of Stream
Acquisitions
Refined gold will receive as percentage of production from stream area			63.00%
Refined silver will receive as percentage of production from stream area			63.00%
Deliveries of ounces of refined gold threshold | oz			87,600
Deliveries of refined silver threshold ounces | oz			2,910,000
Condestable Gold and Silver Stream Acquisition, Peru, Fixed Phase 2 Deliveries of Stream
Acquisitions
Silver Purchase Price Upon Delivery Initial			20.00%
Refined gold delivery as percentage of production from stream area			25.00%
Refined silver delivery as percentage of production from stream area			25.00%
South Central Oklahoma Oil Province And Sooner Trend Anadarko Basin Canadian And Kingfisher Countries
Acquisitions
Total contributions made				$ 4.1	$ 19.3
Cumulative investment in royalty acquisition venture				410.1
South Central Oklahoma Oil Province And Sooner Trend Anadarko Basin Canadian And Kingfisher Countries | Top
Acquisitions
Total cumulative investment				109.9
South Central Oklahoma Oil Province And Sooner Trend Anadarko Basin Canadian And Kingfisher Countries | Accrued liabilities
Acquisitions
Contributions disbursed				$ 1.4			$ 10.2

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Investments and loan receivable
Cash deposits	$ 187.7	$ 523.7
Term deposits	10	10.5
Cash and cash equivalents	$ 197.7	$ 534.2	$ 378.5	$ 132.1

Investments and loan receivab_3

Investments and loan receivable (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Investments and loan receivable
Investments and loan receivable (note 5)	$ 308.2	$ 238.4	$ 308.2	$ 238.4	$ 238.4
Unrealized gains losses on available-for-sale investments
Gain on change in the fair value of equity investments at FVTOCI	53.5	42.6	74.9	1.9
Tax expense in other comprehensive income	(6.8)	(5.6)	(9.6)	(0.2)
Gain on change in the fair value of equity investments at FVTOCI, net of tax	46.7	$ 37	65.3	$ 1.7
Equity investments
Investments and loan receivable
Investments and loan receivable (note 5)	266.5		266.5		195.6
Equity method investments	266.5		266.5		195.6
Cost of equity investments disposed of	4.6		4.6
Gross proceeds from disposal			12.7
Labrador Iron Ore Royalty Corporation
Investments and loan receivable
Equity method investments	239.9		239.9		162.2
Other
Investments and loan receivable
Equity method investments	26.6		26.6		33.4
Loan receivable
Investments and loan receivable
Investments and loan receivable (note 5)	38.4		$ 38.4		37.1
Loan bears interest			7.00%
Warrants
Investments and loan receivable
Investments and loan receivable (note 5)	$ 3.3		$ 3.3		$ 5.7

Prepaid expenses and other cu_3

Prepaid expenses and other current assets (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Prepaid expenses and other current assets.
Gold bullion	$ 23.5	$ 18.6
Prepaid expenses	20.4	16.4
Stream ounces inventory	0.9	0.5
Debt issue costs	0.7	0.6
Prepaid expenses and other current assets	$ 45.5	$ 36.1

Royalty, stream and working i_3

Royalty, stream and working interests - Royalties, Streams and Working Interests (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Royalty, stream and working interests
Royalty, stream and working interests, net	$ 5,222.4	$ 4,632.1	$ 4,797.8
Royalty, stream and working interest, net depletable	4,162.5	3,327.3
Royalty, stream and working interest, net non-depletable	1,059.9	1,304.8
Cost
Royalty, stream and working interests
Royalty, stream and working interests, net	8,516.4	7,759.6
Accumulated Depletion
Royalty, stream and working interests
Royalty, stream and working interests, net	(3,286.5)	(2,869.4)
Impairment (charges) reversals
Royalty, stream and working interests
Royalty, stream and working interests, net	(7.5)	(258.1)
Mining Royalties
Royalty, stream and working interests
Royalty, stream and working interests, net	931.8	406.9	415.6
Mining Royalties | Cost
Royalty, stream and working interests
Royalty, stream and working interests, net	1,594.9	1,049.2
Mining Royalties | Accumulated Depletion
Royalty, stream and working interests
Royalty, stream and working interests, net	(663.1)	(642.3)
Streams
Royalty, stream and working interests
Royalty, stream and working interests, net	2,720.8	2,653.6	2,804
Streams | Cost
Royalty, stream and working interests
Royalty, stream and working interests, net	4,511.6	4,346.6
Streams | Accumulated Depletion
Royalty, stream and working interests
Royalty, stream and working interests, net	(1,790.8)	(1,702.6)
Streams | Impairment (charges) reversals
Royalty, stream and working interests
Royalty, stream and working interests, net		9.6
Energy
Royalty, stream and working interests
Royalty, stream and working interests, net	1,199.6	1,214.6	1,353.6
Energy | Cost
Royalty, stream and working interests
Royalty, stream and working interests, net	1,969.1	1,944.7
Energy | Accumulated Depletion
Royalty, stream and working interests
Royalty, stream and working interests, net	(769.5)	(462.4)
Energy | Impairment (charges) reversals
Royalty, stream and working interests
Royalty, stream and working interests, net		(267.7)
Advanced
Royalty, stream and working interests
Royalty, stream and working interests, net	306.7	294	170.9
Advanced | Cost
Royalty, stream and working interests
Royalty, stream and working interests, net	364	343
Advanced | Accumulated Depletion
Royalty, stream and working interests
Royalty, stream and working interests, net	(49.8)	(49)
Advanced | Impairment (charges) reversals
Royalty, stream and working interests
Royalty, stream and working interests, net	(7.5)
Exploration
Royalty, stream and working interests
Royalty, stream and working interests, net	63.5	63	$ 53.7
Exploration | Cost
Royalty, stream and working interests
Royalty, stream and working interests, net	76.8	76.1
Exploration | Accumulated Depletion
Royalty, stream and working interests
Royalty, stream and working interests, net	$ (13.3)	$ (13.1)

Royalty, stream and working i_4

Royalty, stream and working interests - Rollforward (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Royalty, stream and working interests
Balance at beginning of period	$ 4,632.1	$ 4,797.8
Additions (note 4)	724.7	315.8
Impairment (charges) and reversals	(7.5)	(258.1)
Depletion	(147.3)	(238.7)
Impact of foreign exchange	20.4	15.3
Balance at end of period	5,222.4	4,632.1
Mining Royalties
Royalty, stream and working interests
Balance at beginning of period	406.9	415.6
Additions (note 4)	540	18.8
Transfers		(1.2)
Depletion	(21.6)	(31.5)
Impact of foreign exchange	6.5	5.2
Balance at end of period	931.8	406.9
Streams
Royalty, stream and working interests
Balance at beginning of period	2,653.6	2,804
Additions (note 4)	165.6
Impairment (charges) and reversals		9.6
Depletion	(98.4)	(160)
Balance at end of period	2,720.8	2,653.6
Energy
Royalty, stream and working interests
Balance at beginning of period	1,214.6	1,353.6
Additions (note 4)	4.2	170.2
Impairment (charges) and reversals		(267.7)
Depletion	(27)	(44.9)
Impact of foreign exchange	7.8	3.4
Balance at end of period	1,199.6	1,214.6
Advanced
Royalty, stream and working interests
Balance at beginning of period	294	170.9
Additions (note 4)	14.9	118.6
Transfers		1.2
Impairment (charges) and reversals	(7.5)
Depletion	(0.3)	(2.1)
Impact of foreign exchange	5.6	5.4
Balance at end of period	306.7	294
Exploration
Royalty, stream and working interests
Balance at beginning of period	63	53.7
Additions (note 4)		8.2
Depletion		(0.2)
Impact of foreign exchange	0.5	1.3
Balance at end of period	$ 63.5	$ 63

Royalty, stream and working i_5

Royalty, stream and working interests - Impairments (Details) - USD ($) $ in Millions	Apr. 20, 2021	Jun. 30, 2021	Dec. 31, 2013	Dec. 31, 2020	Dec. 31, 2019
Royalty, stream and working interests
Carrying value		$ 5,222.4		$ 4,632.1	$ 4,797.8
Streams
Royalty, stream and working interests
Carrying value		2,720.8		2,653.6	2,804
Recoverable amount		32.7
Streams | Sudbury (McCreedy West)
Royalty, stream and working interests
Impairments			$ 107.9
Impairment reversal amount		0
Recoverable amount		32.7
Mining Royalties
Royalty, stream and working interests
Carrying value		$ 931.8		$ 406.9	$ 415.6
Mining Royalties | Agi Dagi
Royalty, stream and working interests
Impairment loss	$ 7.5

Other assets (Details)

Other assets (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Other assets
Amount receivable related to CRA audits	$ 10.5	$ 4.9
Energy well equipment, net	5.2	5
Right-of-use assets, net	1.8	2
Debt issue costs	1.1	1.3
Furniture and fixtures, net	0.3	0.4
Other assets	$ 18.9	$ 13.6

Debt (Details)

Debt (Details) $ in Millions, $ in Millions	Mar. 20, 2017USD ($)	Jun. 30, 2021USD ($)LetterOfCredit	Dec. 31, 2020USD ($)	Jun. 30, 2021CAD ($)
Revolving term credit facility
Size of facility		$ 1,260
Balance, beginning of year			$ 80
Drawdowns		150
Repayment		(150)	(80)
Credit Facility
Revolving term credit facility
Size of facility		1,000
Drawdowns		150
Repayment		(150)
Maximum borrowing capacity		$ 1,000
Credit Facility | Bottom
Revolving term credit facility
Bankers acceptance period under credit facility		30 days
Stamping fee (as a percent)		1.00%
Standby fee (as a percent)		0.20%
Credit Facility | Top
Revolving term credit facility
Bankers acceptance period under credit facility		180 days
Stamping fee (as a percent)		2.05%
Standby fee (as a percent)		0.41%
Credit Facility | CIBC | Bottom
Revolving term credit facility
Spread on variable rate (as a percent)		0.00%		0.00%
Credit Facility | CIBC | Top
Revolving term credit facility
Spread on variable rate (as a percent)		1.05%		1.05%
Credit Facility | LIBOR | Bottom
Revolving term credit facility
Spread on variable rate (as a percent)		1.00%		1.00%
Credit Facility | LIBOR | Top
Revolving term credit facility
Spread on variable rate (as a percent)		2.05%		2.05%
Credit Facility | Prime rate | Bottom
Revolving term credit facility
Spread on variable rate (as a percent)		0.00%		0.00%
Credit Facility | Prime rate | Top
Revolving term credit facility
Spread on variable rate (as a percent)		1.05%		1.05%
Term Loan
Revolving term credit facility
Balance, beginning of year			80
Repayment			$ (80)
Borrowed amount		$ 160
FNBC Credit Facility
Revolving term credit facility
Maturity period	1 year
Maximum borrowing capacity	$ 100	$ 100
Standby fee (as a percent)		0.25%
FNBC Credit Facility | CIBC
Revolving term credit facility
Spread on variable rate (as a percent)		0.25%		0.25%
FNBC Credit Facility | LIBOR
Revolving term credit facility
Spread on variable rate (as a percent)		1.25%		1.25%
Letter of credit
Revolving term credit facility
Maximum borrowing capacity		$ 18.9		$ 23.1
Number of letter of credit | LetterOfCredit		2

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue
Revenue	$ 347.1	$ 195.4	$ 656	$ 435.9
Labrador Iron Ore Royalty Corporation
Revenue
Dividend income	8.9	2.1	13.9	3.7
Revenue-based royalties
Revenue
Revenue	111.4	65.1	205.5	133.5
Streams
Revenue
Revenue	199.5	112.6	376.4	263.4
Profit-based royalties
Revenue
Revenue	22.2	14.1	50.9	30.3
Other
Revenue
Revenue	14	3.6	23.2	8.7
South America
Revenue
Revenue	116	52.4	204.9	109.9
Central America & Mexico
Revenue
Revenue	89.9	28	158.1	88.1
United States
Revenue
Revenue	66.3	44.7	132.6	89.7
Canada
Revenue
Revenue	46.3	35.7	102	82.1
Rest of World
Revenue
Revenue	28.6	34.6	58.4	66.1
Mining
Revenue
Revenue	299.8	180.8	563.6	394.8
Gold
Revenue
Revenue	194.9	136.6	384.9	303.6
Provisional price adjustment	(0.1)		(0.3)	0.2
Silver
Revenue
Revenue	45	20.2	92.7	42.3
Platinum-group metals
Revenue
Revenue	22	21.4	41.5	44
Provisional price adjustment	(0.1)	(0.1)	0.5	3.1
Other mining commodities
Revenue
Revenue	37.9	2.6	44.5	4.9
Energy
Revenue
Revenue	$ 47.3	$ 14.6	$ 92.4	$ 41.1

Costs of sales (Details)

Costs of sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Costs of sales
Cost of stream sales	$ 44.2	$ 26.2	$ 81.3	$ 67
Mineral production taxes	0.5	0.8	1.1	1.5
Mining costs of sales	44.7	27	82.4	68.5
Energy costs of sales	2.6	1	5.5	3.1
Total costs of sales	$ 47.3	$ 28	$ 87.9	$ 71.6

Share-based compensation expe_3

Share-based compensation expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation expenses (note 12)	$ 5	$ 6.8	$ 7	$ 8.1
Stock options and restricted share units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation expenses (note 12)	1.6	1.3	3	2.5
Deferred Share Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation expenses (note 12)	$ 3.4	$ 5.5	$ 4	$ 5.6

Related party disclosures (Deta

Related party disclosures (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related party disclosures
Short-term benefits	$ 0.9	$ 0.6	$ 1.7	$ 1.4
Share-based payments	5	6.4	5.9	8
Total	$ 5.9	$ 7	$ 7.6	$ 9.4

Finance income and expenses (De

Finance income and expenses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Finance income
Interest	$ 1.7	$ 1	$ 2.4	$ 1.9
Finance income	1.7	1	2.4	1.9
Finance expenses
Standby charges	0.5	0.5	1.1	1
Amortization of debt issue costs	0.3	0.3	0.5	0.5
Interest	0.2		0.2	0.3
Accretion of lease liabilities	0.1		0.1	0.1
Finance expenses	$ 1.1	$ 0.8	$ 1.9	$ 1.9

Income taxes - Other (Details)

Income taxes - Other (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Current income tax expense
Current income tax expense	$ 15.2	$ 10.1	$ 37.3	$ 24.5
Deferred income tax expense (recovery)	14.2	1.4	11.9	(57.9)
Income tax expense (recovery)	$ 29.4	$ 11.5	$ 49.2	$ (33.4)

Shareholders' equity - Common S

Shareholders' equity - Common Shares (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Reconciliation Of Amount Of Shares Outstanding [Abstract]
Balance at the beginning period			$ 5,580.1
At-the-market equity offering				$ 112.3
Amount of Exercise of stock options			0.3	6
Dividend reinvestment plan	$ 11.4	$ 10.1	19.5	$ 21
Balance at the ending period	$ 5,600		$ 5,600		$ 5,580.1
Common shares
Shareholders' equity
Shares issued	191,105,644		191,105,644
Shares, par value (dollars per share)	$ 0		$ 0
Preferred shares
Shareholders' equity
Shares issued	0		0
Share Capital
Reconciliation of number of shares outstanding [abstract]
Number of shares outstanding at beginning of period			190,956,476	189,381,388	189,381,388
At-the-market equity offering			0		1,054,800
Exercise of stock options			4,000		150,482
Vesting of restricted share units					42,328
Dividend reinvestment plan			145,168		327,478
Number of shares outstanding at end of period	191,105,644		191,105,644		190,956,476
Reconciliation Of Amount Of Shares Outstanding [Abstract]
Balance at the beginning period			$ 5,580.1	$ 5,390.7	$ 5,390.7
At-the-market equity offering				112.3	133.7
Amount of Exercise of stock options			0.4	7.9	9.7
Amount of Vesting of restricted share units					3.7
Dividend reinvestment plan			19.5	$ 21	42.3
Balance at the ending period	$ 5,600		$ 5,600		$ 5,580.1

Shareholders' equity - At-the-m

Shareholders' equity - At-the-market equity offering (Details) - USD ($) $ in Millions	May 11, 2020	Jun. 30, 2021	Dec. 31, 2020
Shareholders' equity
Maximum value of shares that can be issued from treasury to public	$ 300
Share Capital
Shareholders' equity
Number of shares issued at At-the-market equity offering		0	1,054,800

Shareholders' equity - Dividend

Shareholders' equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Shareholders' equity
Dividend declared per share	$ 0.30	$ 0.26	$ 0.56	$ 0.51
Cash dividends	$ 45.2	$ 39.8	$ 87	$ 76
DRIP dividends	11.4	10.1	19.5	21
Dividends declared	$ (56.6)	$ (49.9)	$ (106.5)	$ (97)

Earnings per share ("EPS") (Det

Earnings per share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings per share
Basic EPS - Net income (loss)	$ 175.3	$ 94.4	$ 346.8	$ (4.4)
Basic EPS - (in shares)	191,000,000	190,200,000	191,000,000	189,600,000
Basic EPS (in dollars per share)	$ 0.92	$ 0.50	$ 1.82	$ (0.02)
Effect of dilutive securities - (in shares)	400,000	400,000	300,000
Effect of dilutive securities - (in dollars per share)			(0.01)
Diluted EPS - Net income (loss)	$ 175.3	$ 94.4	$ 346.8	$ (4.4)
Diluted EPS - (in shares)	191,400,000	190,600,000	191,300,000	189,600,000
Diluted EPS (in dollars per share)	$ 0.92	$ 0.50	$ 1.81	$ (0.02)
Stock options
Earnings per share
Securities excluded from computation of diluted EPS (in shares)	61,594	0	61,594	0
Restricted shares
Earnings per share
Securities excluded from computation of diluted EPS (in shares)			66,996	65,630

Segment Reporting - Financials

Segment Reporting - Financials (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)item	Jun. 30, 2020USD ($)
Segment Reporting
Number of operating segments | item			2
Revenue	$ 347.1	$ 195.4	$ 656	$ 435.9
Expenses
Costs of sales	47.3	28	87.9	71.6
Depletion and depreciation	77.2	52.3	148.4	116.7
Gross profit	222.6	115.1	419.7	247.6
Other operating (income)/expenses
Impairment charges (note 7)	7.5		7.5	271.7
General and administrative expenses	5.4	4.9	9.6	9.8
Share-based compensation expenses (note 12)	5	6.8	7	8.1
Gain on sale of bullion	(0.6)	(2.4)	(1.2)	(4.4)
Foreign exchange (gain) loss and other (income) expenses	1.2	0.1	1.3	0.2
Income (loss) before finance items and income taxes	204.1	105.7	395.5	(37.8)
Finance items
Finance income	1.7	1	2.4	1.9
Finance expenses	(1.1)	(0.8)	(1.9)	(1.9)
Net income (loss) before income taxes	204.7	105.9	396	(37.8)
Operating Segments
Segment Reporting
Revenue	347.1	195.4	656	435.9
Expenses
Costs of sales	47.3	28	87.9	71.6
Depletion and depreciation	76.6	51.9	147.3	115.5
Gross profit	223.2	115.5	420.8	248.8
Other operating (income)/expenses
Impairment charges (note 7)	7.5		7.5	271.7
General and administrative expenses	5.4	4.9	9.6	9.8
Share-based compensation expenses (note 12)	5	6.8	7	8.1
Gain on sale of bullion	(0.6)	(2.4)	(1.2)	(4.4)
Depreciation	0.6	0.4	1.1	1.2
Foreign exchange (gain) loss and other (income) expenses	1.2	0.1	1.3	0.2
Income (loss) before finance items and income taxes	204.1	105.7	395.5	(37.8)
Finance items
Finance income	1.7	1	2.4	1.9
Finance expenses	(1.1)	(0.8)	(1.9)	(1.9)
Net income (loss) before income taxes	204.7	105.9	396	(37.8)
Operating Segments | Mining Segment
Segment Reporting
Revenue	299.8	180.8	563.6	394.8
Expenses
Costs of sales	44.7	27	82.4	68.5
Depletion and depreciation	61.1	42.1	120.3	94
Gross profit	194	111.7	360.9	232.3
Operating Segments | Energy Segment
Segment Reporting
Revenue	47.3	14.6	92.4	41.1
Expenses
Costs of sales	2.6	1	5.5	3.1
Depletion and depreciation	15.5	9.8	27	21.5
Gross profit	$ 29.2	$ 3.8	$ 59.9	$ 16.5

Fair value measurements (Detail

Fair value measurements (Details)	6 Months Ended
	Jun. 30, 2021USD ($)EquityInstruments	Dec. 31, 2020USD ($)
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
Number of investments with no quoted market price in an active market | EquityInstruments	1
Recurring Basis
Fair value measurements
Financial assets, at fair value	$ 278,200,000	$ 211,400,000
Recurring Basis | Level 1
Fair value measurements
Financial assets, at fair value	262,300,000	191,800,000
Recurring Basis | Level 2
Fair value measurements
Financial assets, at fair value	11,700,000	15,800,000
Recurring Basis | Level 3
Fair value measurements
Financial assets, at fair value	4,200,000	3,800,000
Receivables from provisional concentrate sales | Recurring Basis
Fair value measurements
Financial assets, at fair value	8,400,000	10,100,000
Receivables from provisional concentrate sales | Recurring Basis | Level 2
Fair value measurements
Financial assets, at fair value	8,400,000	10,100,000
Equity investments | Recurring Basis
Fair value measurements
Financial assets, at fair value	266,500,000	195,600,000
Equity investments | Recurring Basis | Level 1
Fair value measurements
Financial assets, at fair value	262,300,000	191,800,000
Equity investments | Recurring Basis | Level 3
Fair value measurements
Financial assets, at fair value	4,200,000	3,800,000
Warrants | Recurring Basis
Fair value measurements
Financial assets, at fair value	3,300,000	5,700,000
Warrants | Recurring Basis | Level 2
Fair value measurements
Financial assets, at fair value	$ 3,300,000	$ 5,700,000

Commitments (Details)

Commitments (Details) - 6 months ended Jun. 30, 2021 t in Millions, lb in Millions	$ / ozozt	oz	lb	USD ($)	$ / oz	$ / shares
Antamina
Commitments
Attributable payable production of gold to be purchased (as a percent)	0.00%
Attributable payable production of silver to be purchased (as a percent)	22.50%
Attributable payable production of platinum group metals to be purchased (as a percent)	0.00%
Payment for each ounce of silver (in dollars per ounce)	5
Term of agreement	40 years
Fixed silver payability (as a percent)	90.00%
Percentage of reduction in spot price after maximum ounces of silver have been delivered under the stream agreement	15.00%
Maximum ounces of silver on which on-going price of spot price is payable		86,000,000
Purchase price per ounce of silver as a percent of average or spot price upon initial delivery	5.00%
Antapaccay
Commitments
Attributable payable production of platinum group metals to be purchased (as a percent)	0.00%
Payment for each ounce of gold (in dollars per ounce)	20
Payment for each ounce of silver (in dollars per ounce)	20
Term of agreement	40 years
Percentage of reduction in spot price after maximum ounces of silver have been delivered under the stream agreement	30.00%
Maximum ounces of silver on which on-going price of spot price is payable		12,800,000
Purchase price per ounce of silver as a percent of average or spot price upon initial delivery	20.00%
Ounces of gold receivable for each 1,000 tonnes of copper		300
Copper for 300 ounces of gold		1,000
Quantity of delivered gold ounces before payable production to be purchased decreases to next threshold from initial threshold		630,000
Percentage of gold receivable after initial threshold is achieved	30.00%
Ounces of silver receivable for each 1,l000 tonnes of copper		4,700
Copper for 4,700 ounces of silver		1,000
Maximum ounces of silver receivable		10,000,000
Percentage of spot price of gold on which on-going price is paid	20.00%
Maximum ounces of gold on which on-going price of spot price is payable		750,000
Percentage of spot price of gold on which on-going price is paid after maximum ounces have been delivered	30.00%
Percentage of spot price of silver on which on-going price is paid after maximum ounces have been delivered	30.00%
Candelaria
Commitments
Attributable payable production of gold to be purchased (as a percent)	68.00%
Attributable payable production of silver to be purchased (as a percent)	68.00%
Attributable payable production of platinum group metals to be purchased (as a percent)	0.00%
Payment for each ounce of gold (in dollars per ounce)	400
Payment for each ounce of silver (in dollars per ounce)	4
Term of agreement	40 years
Percentage of reduction in spot price after maximum ounces of silver have been delivered under the stream agreement	40.00%
Maximum ounces of silver on which on-going price of spot price is payable		12,000,000
Maximum ounces of gold on which on-going price of spot price is payable		720,000
Cobre Panama Fixed Payment Stream
Commitments
Attributable payable production of platinum group metals to be purchased (as a percent)	0.00%
Payment for each ounce of gold (in dollars per ounce)	418
Payment for each ounce of silver (in dollars per ounce)	6.27
Term of agreement	40 years
Percentage of reduction in spot price after maximum ounces of silver have been delivered under the stream agreement	62.10%
Percentage of reduction in spot price after maximum ounces of gold have been delivered under the stream agreement	63.40%
Maximum ounces of silver on which on-going price of spot price is payable		21,510,000
Maximum ounces of silver on which on-going price of spot price is payable		9,842,000
Quantity of delivered gold ounces before payable production to be purchased decreases to next threshold from initial threshold		808,000
Purchase price per ounce of gold per ounce upon delivery initial post inflation adjustment | $				418.27
The mill through put number of consecutive days of commensurate	30 days
The annual capacity of tonnes per annum reached by period end. | t	58
Annual rate of return on upfront payments until the mill throughput is achieved	5.00%
The reduction of applicable fixed gold price per ounce (in dollar per ounce) | $ / oz	100
Quantity of delivered gold ounces before purchase decreases to next threshold from initial threshold	1,341,000
Purchase price per ounce of silver per ounce upon delivery initial post inflation adjustment | $ / shares						$ 6.27
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%
Ounces of gold receivable per every 1 million pounds of copper produced		120	1
Copper for stated ounces of gold | lb			1
Copper pounds per gold ounces to purchase threshold 2		81
Maximum ounces of gold receivable for second threshold		1,716,188
Ounces of silver receivable per every 1 million pounds of copper produced | lb			1
Copper for stated ounces of silver | lb			1
Number of payable Silver ounces to be purchased per quantity of pounds of copper		1,776
Ounces of silver receivable per every 1 million pounds of copper produced		1,376
Ounces Of Silver Delivered Under Threshold 2 Before Committed Quantities Reduces		29,731,000
Cobre Panama Floating Payment Stream
Commitments
Attributable payable production of platinum group metals to be purchased (as a percent)	0.00%
Payment for each ounce of gold (in dollars per ounce)	20
Payment for each ounce of silver (in dollars per ounce)	20
Term of agreement	40 years
Percentage of reduction in spot price after maximum ounces of silver have been delivered under the stream agreement	15.53%
Percentage of reduction in spot price after maximum ounces of gold have been delivered under the stream agreement	15.85%
Maximum ounces of silver on which on-going price of spot price is payable		9,618,000
Maximum ounces of silver on which on-going price of spot price is payable		2,460,500
Quantity of delivered gold ounces before payable production to be purchased decreases to next threshold from initial threshold		202,000
The mill through put number of consecutive days of commensurate	30 days
The annual capacity of tonnes per annum reached by period end. | t	58
Annual rate of return on upfront payments until the mill throughput is achieved	5.00%
The reduction of applicable fixed gold price per ounce (in dollar per ounce) | $ / oz	100
Percentage of spot price of gold on which on-going price is paid	20.00%
Maximum ounces of gold on which on-going price of spot price is payable		604,000
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	20.00%
Percentage of spot price of silver on which on-going price is paid after maximum ounces have been delivered	50.00%
Ounces of gold receivable per every 1 million pounds of copper produced		30
Copper for stated ounces of gold | lb			1
Copper pounds per gold ounces to purchase threshold 2		20.25
Ounces of gold receivable per every 1 million pounds of copper produced | lb			1
Maximum ounces of gold receivable for second threshold		429,047
Ounces of silver receivable per every 1 million pounds of copper produced		344
Copper for stated ounces of silver | lb			1
Number of payable Silver ounces to be purchased per quantity of pounds of copper		444
Ounces of silver receivable per every 1 million pounds of copper produced | lb			1
Ounces Of Silver Delivered Under Threshold 2 Before Committed Quantities Reduces		7,432,750
Condestable
Commitments
Attributable payable production of platinum group metals to be purchased (as a percent)	0.00%
Payment for each ounce of gold (in dollars per ounce)	20
Payment for each ounce of silver (in dollars per ounce)	20
Term of agreement	40 years
Percentage of gold receivable after initial threshold is achieved	25.00%
Maximum ounces of silver receivable		291,000
Maximum ounces of gold receivable for first threshold		8,760
Deliveries of ounces of refined gold threshold	87,600
Refined gold delivery as percentage of production from stream area	63.00%
Deliveries of refined silver threshold ounces	2,910,000
Refined silver delivery as percentage of production from stream area	63.00%
Percentage of silver delivered after second phase	25.00%
Karma
Commitments
Attributable payable production of gold to be purchased (as a percent)	4.875%
Attributable payable production of silver to be purchased (as a percent)	0.00%
Attributable payable production of platinum group metals to be purchased (as a percent)	0.00%
Payment for each ounce of gold (in dollars per ounce)	20
Term of agreement	40 years
Percentage of gold receivable after initial threshold is achieved	4.875%
Percentage of spot price of gold on which on-going price is paid	20.00%
Maximum ounces of gold receivable (per annum)		15,000
Aggregate gold ounces delivered to increase the upfront deposit		5,625
Gold ounces delivered to increase the upfront deposit (per quarter)		703
Guadalupe-Palmarejo
Commitments
Attributable payable production of gold to be purchased (as a percent)	50.00%
Attributable payable production of silver to be purchased (as a percent)	0.00%
Attributable payable production of platinum group metals to be purchased (as a percent)	0.00%
Payment for each ounce of gold (in dollars per ounce)	800
Term of agreement	40 years
Sabodala
Commitments
Attributable payable production of silver to be purchased (as a percent)	0.00%
Attributable payable production of platinum group metals to be purchased (as a percent)	0.00%
Payment for each ounce of gold (in dollars per ounce)	20
Term of agreement	40 years
Maximum ounces of gold threshold		105,750
Percentage of gold receivable after initial threshold is achieved	6.00%
Percentage of spot price of gold on which on-going price is paid	20.00%
Maximum ounces of gold receivable (per month)		783.33
MWS
Commitments
Attributable payable production of gold to be purchased (as a percent)	25.00%
Attributable payable production of silver to be purchased (as a percent)	0.00%
Attributable payable production of platinum group metals to be purchased (as a percent)	0.00%
Payment for each ounce of gold (in dollars per ounce)	400
Term of agreement	40 years
Ounces of gold capped under agreement		312,500
Cooke 4
Commitments
Attributable payable production of gold to be purchased (as a percent)	7.00%
Attributable payable production of silver to be purchased (as a percent)	0.00%
Attributable payable production of platinum group metals to be purchased (as a percent)	0.00%
Payment for each ounce of gold (in dollars per ounce)	400
Term of agreement	40 years
Sudbury
Commitments
Attributable payable production of gold to be purchased (as a percent)	50.00%
Attributable payable production of silver to be purchased (as a percent)	0.00%
Attributable payable production of platinum group metals to be purchased (as a percent)	50.00%
Payment for each ounce of gold (in dollars per ounce)	400
Term of agreement	40 years
Percentage of purchase commitment	50.00%
Sudbury | Gold spot price is greater than $800 per ounce but less than $1,333 per ounce
Commitments
Payment for each ounce of gold (in dollars per ounce) | $ / oz					800
Sudbury | Gold spot price is greater than $1,333 per ounce but less than $2,000 per ounce
Commitments
Payment for each ounce of gold (as a percent)	60.00%
Sudbury | Gold spot price is greater than $2,000
Commitments
Payment for each ounce of gold (in dollars per ounce) | $ / oz					1,200

Contingencies (Details)

Contingencies (Details) $ in Millions, $ in Millions, $ in Millions	Aug. 09, 2021USD ($)	Aug. 09, 2021CAD ($)	Aug. 31, 2020USD ($)	Aug. 31, 2020CAD ($)	Oct. 31, 2019USD ($)	Oct. 31, 2019CAD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2021CAD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020MXN ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019CAD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018CAD ($)	Jun. 30, 2021CAD ($)	Dec. 31, 2020CAD ($)	Aug. 31, 2020CAD ($)	Dec. 31, 2019CAD ($)	Dec. 31, 2019MXN ($)	Oct. 31, 2019CAD ($)	Dec. 31, 2018CAD ($)
Contingencies
Income taxes paid							$ 51.3		$ 33.5
Tax Year 2016 Through 2020 | Canada
Contingencies
Contingent liability recorded																						$ 5.2
Tax Year 2016 Through 2020 | Barbados
Contingencies
Provincial income taxes assessed							$ 140.6
Canada Revenue Agency Reassessment Action | Canada
Contingencies
Proposed increase in taxonable income	$ 31.9
Provincial income taxes assessed	$ 8.1	$ 10
Canada Revenue Agency Reassessment Action | Mexico
Contingencies
Percentage of security deposit for notice of objection against reassessment							50.00%										50.00%
Canada Revenue Agency Reassessment Action | Reassessment for the 2014 and 2015 taxation years | Canada
Contingencies
Provincial income taxes assessed					$ 1.1	$ 1.4
Canada Revenue Agency Reassessment Action | Reassessment for the 2014 and 2015 taxation years | Mexico
Contingencies
Provincial income taxes assessed													$ 11.7	$ 14.5
Canada Revenue Agency Reassessment Action | Reassessment for the 2014 and 2015 taxation years | Barbados
Contingencies
Provincial income taxes assessed							$ 5.4	$ 6.7
Percentage of security deposit for notice of objection against reassessment										50.00%								50.00%
Canada Revenue Agency Reassessment Action | Reassessment for the 2013 and 2014 and 2015 taxation years | Mexico
Contingencies
Contingent liability recorded							8.3										$ 10.3
Provincial income taxes assessed							20.4	25.3
Canada Revenue Agency Reassessment Action | Tax Year 2016 Through 2020 | Canada
Contingencies
Provincial income taxes assessed					34.6	$ 42.8
Canada Revenue Agency Reassessment Action | Tax Year 2016 Through 2020 | Mexico
Contingencies
Provincial income taxes assessed							3.7	4.6		$ 3.7	$ 4.6
Income taxes paid										$ 3.8		$ 71
Tax rate (as a percent)										30.00%	30.00%	30.00%
Canada Revenue Agency Reassessment Action | Tax Year 2016 Through 2020 | Barbados
Contingencies
Provincial income taxes assessed							140.6	174.2
Canada Revenue Agency Reassessment Action | Tax Year 2016 | Canada
Contingencies
Provincial income taxes assessed							8.1	10
Canada Revenue Agency Reassessment Action | Tax Year 2017 Through 2020 | Canada
Contingencies
Provincial income taxes assessed							26.5	32.8
Canada Revenue Agency Reassessment Action | Tax Year 2013 Through 2015
Contingencies
Contingent liability recorded													$ 30.3								$ 419.4
Tax rate (as a percent)													30.00%	30.00%
Canada Revenue Agency Reassessment Action | 2013 taxation year | Mexico
Contingencies
Provincial income taxes assessed															$ 8.7	$ 10.8
Canada Revenue Agency Reassessment Action | Reassessment for the 2012 and 2013
Contingencies
Percentage of security deposit for notice of objection against reassessment			50.00%																50.00%
Canada Revenue Agency Reassessment Action | Reassessment for the 2012 and 2013 | Barbados
Contingencies
Provincial income taxes assessed			$ 6.2	$ 7.7			6.2	$ 7.7
Canada Revenue Agency Transfer Pricing Contingent Penalty | Reassessment for the 2014 and 2015 taxation years | Barbados
Contingencies
Contingent liability recorded							2										2.5
Canada Revenue Agency Transfer Pricing Contingent Penalty | Reassessment for the 2013 and 2014 and 2015 taxation years | Mexico
Contingencies
Contingent liability recorded										$ 8.3								$ 10.3
Canada Revenue Agency Transfer Pricing Contingent Penalty | Tax Year 2016 Through 2020 | Mexico
Contingencies
Contingent liability recorded							1.4			1.4							1.7	1.7
Canada Revenue Agency Transfer Pricing Contingent Penalty | Tax Year 2016 Through 2020 | Barbados
Contingencies
Contingent liability recorded							52.9										65.6
Canada Revenue Agency Transfer Pricing Contingent Penalty | Reassessment for the 2012 and 2013 | Barbados
Contingencies
Contingent liability recorded			$ 2.7
Canada Revenue Agency interest and other penalties | Reassessment for the 2014 and 2015 taxation years | Canada
Contingencies
Contingent liability recorded					0.2																	0.2
Canada Revenue Agency interest and other penalties | Reassessment for the 2014 and 2015 taxation years | Barbados
Contingencies
Contingent liability recorded							2										2.5
Canada Revenue Agency interest and other penalties | Reassessment for the 2013 and 2014 and 2015 taxation years | Mexico
Contingencies
Contingent liability recorded							8.2										10.3
Canada Revenue Agency interest and other penalties | Tax Year 2016 Through 2020 | Canada
Contingencies
Contingent liability recorded					$ 5.2																	$ 6.4
Canada Revenue Agency interest and other penalties | Tax Year 2016 Through 2020 | Mexico
Contingencies
Contingent liability recorded							1			$ 1							1.2	$ 1.2
Canada Revenue Agency interest and other penalties | Tax Year 2016 Through 2020 | Barbados
Contingencies
Contingent liability recorded							14.6										18.1
Canada Revenue Agency interest and other penalties | 2013 taxation year | Mexico
Contingencies
Contingent liability recorded													$ 4.5		$ 3.8					$ 5.6			$ 4.7
Canada Revenue Agency interest and other penalties | Reassessment for the 2012 and 2013 | Barbados
Contingencies
Contingent liability recorded							$ 2.7										$ 3.4		$ 3.4