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Franco-Nevada Reports 2022 Results

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Franco-Nevada Reports 2022 Results






Diversified Portfolio Outperformed


(in U.S. dollars unless otherwise noted)


“Franco-Nevada is reporting strong fourth quarter and annual results for 2022. Our Diversified assets outperformed due to elevated energy prices in the year, stated Paul Brink, CEO. We are pleased that First Quantum and the Government of Panama have agreed on terms for a refreshed concession contract and look forward to Cobre Panama achieving its expanded throughput capacity later this year. Precious metal GEOs and Diversified production in 2023 are expected to be consistent with 2022. We are however guiding to lower total GEOs for the year as current energy prices are below 2022 levels. The organic growth in our 5 year outlook comes from both mine expansions and new mines. Franco-Nevada is debt-free, is growing its cash balances and has an active pipeline of growth opportunities.”


Q4 2022 2022
Q4 results vs Annual results vs
Q4 2021 2021
Total GEOs1 sold (including Energy) 183,886 GEOs +1 % 729,960 GEOs +0.2 %
Precious Metal GEOs1 sold 129,642 GEOs -7 % 510,385 GEOs -9 %
Revenue $320.4 million -2 % $1,315.7 million +1 %
Net income $165.0 million ($0.86/share) -25 % $700.6 million ($3.66/share) +5 %
Adjusted Net Income2 $164.9 million ($0.86/share) +1 % $697.6 million ($3.64/share) +4 %
Adjusted EBITDA2 $262.4 million ($1.37/share) -3 % $1,106.9 million ($5.78/share) +1 %
Adjusted EBITDA Margin2 81.9 % -0.5 % 84.1 % +0.1 %



Strong Financial Position

  • Earned record GEOs, revenue, Adjusted Net Income, Adjusted EBITDA and operating cash flow in 2022
  • No debt and $2.2 billion in available capital as at December 31, 2022
  • Generated close to $1 billion in operating cash flow in 2022
  • Quarterly dividend increased 6.25% to $0.34/share effective Q1 2023


Sector-Leading ESG

  • Ranked #1 gold company by Sustainalytics, AA by MSCI and Prime by ISS ESG
  • Named on the Corporate Knights’ 2022 list of the Best 50 Corporate Citizens in Canada
  • Committed to the World Gold Council’s “Responsible Gold Mining Principles”
  • Partnering with our operators on community and ESG initiatives
  • Goal of 40% diverse representation at the Board and top leadership levels as a group by 2025


Diverse, Long-Life Portfolio

  • Most diverse royalty and streaming portfolio by asset, operator and country
  • Core assets outperforming since time of acquisition
  • Long-life reserves and resources


Growth and Optionality

  • Acquisitions, mine expansions and new mines driving future growth
  • Long-term optionality in gold, copper and nickel and to some of the world’s great mineral endowments
  • Strong pipeline of precious metal opportunities


 Quarterly revenue and GEOs sold by commodity
Q4 2022 Q4 2021
GEOs Sold Revenue GEOs Sold Revenue
# (in millions) # (in millions)
Gold 102,583 $ 178.2 109,637 $ 196.5
Silver 18,493 32.7 21,479 38.6
PGM 8,566 15.5 7,683 14.0
129,642 $ 226.4 138,799 $ 249.1
Iron ore 6,230 $ 10.8 8,600 $ 15.5
Other mining assets 301 0.5 656 1.1
Oil 19,619 34.2 16,148 28.9
Gas 24,630 42.5 14,569 26.3
NGL 3,464 6.0 3,771 6.8
54,244 $ 94.0 43,744 $ 78.6
183,886 $ 320.4 182,543 $ 327.7




Annual revenue and GEOs sold by commodity
2022 2021
GEOs Sold Revenue GEOs Sold Revenue
# (in millions) # (in millions)
Gold 401,756 $ 723.1 420,535 $ 750.6
Silver 77,232 139.9 97,234 172.7
PGM 31,397 56.7 40,628 72.4
510,385 $ 919.7 558,397 $ 995.7
Iron ore 30,803 $ 55.5 49,748 $ 89.6
Other mining assets 3,760 6.9 2,836 5.2
Oil 86,068 156.0 60,447 108.1
Gas 84,227 150.9 44,685 79.8
NGL 14,717 26.7 12,124 21.6
219,575 $ 396.0 169,840 $ 304.3
729,960 $ 1,315.7 728,237 $ 1,300.0



In Q4 2022, we earned $320.4 million in revenue, down 2.2% from Q4 2021. The decrease was driven by lower contributions from our Precious Metal and Iron Ore assets, largely offset by our Energy assets due to higher realized oil and gas prices. Precious Metal revenue accounted for 70.7% of our revenue (55.6% gold, 10.2% silver, 4.9% PGM). Revenue was sourced 90.5% from the Americas (26.8% South America, 22.8% Central America & Mexico, 27.0% U.S. and 13.9% Canada).


2023 Guidance


Please see our MD&A for the year ended December 31, 2022 for more details on our guidance and see “Forward-Looking Statements” below.


For 2023, we expect GEO sales from our Precious Metal assets to range between 490,000 and 530,000 GEOs, consistent with 2022, but anticipate total GEOs sales to be between 640,000 and 700,000 GEOs, a reduction from 2022 primarily based on lower assumed oil and gas prices. With respect to Cobre Panama, based on First Quantum’s most recent 2023 guidance of between 350,000 and 380,000 tonnes of copper, our attributable GEO production would be between 131,000 and 142,000 GEOs. Following the restriction of concentrate shipments in February, we have made a larger allowance for the impact of shipment timing for the year. We have estimated GEOs delivered and sold from Cobre Panama to be between 115,000 and 135,000 GEOs. We expect higher production from Antapaccay, MWS and Musselwhite, and initial contributions from new mines including Magino, Séguéla and Salares Norte, partly offset by anticipated decreases in GEO sales from Antamina, Hemlo and Candelaria. For our Diversified assets, we are guiding to lower GEOs, reflecting lower assumed oil and gas prices, partly offset by higher GEO contributions from our Iron Ore and Other Mining assets.


We estimate depletion expense to be between $275 and $305 million. Our remaining capital commitment to the Royalty Acquisition Venture with Continental is $79.4 million. In addition, we expect to commence funding of our $250 million stream on the Tocantinzinho project at the end of Q1 2023.


5-Year Outlook


We expect our portfolio to produce between 760,000 and 820,000 GEOs in 2027, of which 565,000 to 605,000 GEOs are expected to be generated from Precious Metal assets. This outlook assumes the expansion of the mill throughput capacity to 100 million tonnes per year at Cobre Panama, increased attributable production from Vale’s Northern and Southeastern systems, production growth from the continued development of our U.S. Energy assets, and assumes the commencement of production at Stibnite, Copper World and Eskay Creek. In our 5-year outlook, we also anticipate that our attributable portion of gold and silver production from Candelaria will step down from 68% to 40%, and that our stream at MWS will have reached its cap in 2024.


For both our 2023 guidance and 5-year outlook, when reflecting revenue earned from gold, silver, platinum, palladium, iron ore, oil and gas commodities to GEOs, we assumed the following prices: $1,800/oz Au, $21/oz Ag, $900/oz Pt, $1,500/oz Pd, $120/tonne Fe 62% CFR China, $80/bbl WTI oil and $3.00/mcf Henry Hub natural gas. In addition, we do not assume any other acquisitions and do not reflect any incremental revenue from additional contributions we may make to the Royalty Acquisition Venture with Continental as part of our remaining commitment of $79.4 million. The 2023 guidance and 5-year outlook are based on public forecasts and other disclosure by the third-party owners and operators of our assets and our assessment thereof.


Environmental, Social and Governance Updates


During the quarter, we partnered with Glencore at Antapaccay to help fund the Alto Huarco community potable water project in Espinar, Peru and also fulfilled our charitable commitment under our BlackNorth pledge. We continue to rank highly with leading ESG rating agencies. We were awarded a Sustainalytics Global 50 Top Rated rating, given to the top 50 companies in the Sustainalytics ratings universe, and received our 2022 CDP score of “B-“.


Portfolio Additions

  • Acquisition of Gold Royalties – Australia: Subsequent to year-end, on February 22, 2023, we acquired a portfolio of five primarily gold royalties from Trident Royalties Plc, which includes a 1.5% NSR on Ramelius Resources’ Rebecca gold project located in Western Australia, for total consideration of $15.6 million.
  • Acquisition of Additional Royalty on Eskay Creek: On December 30, 2022, we acquired an additional 0.5% NSR on Skeena’s Eskay Creek gold-silver project for total consideration of $21.0 million (C$28.5 million). We now hold a 1.5% NSR over Eskay Creek covering the majority of the project’s land package, including the known Mineral Resource.
  • Financing Package with Argonaut Gold on the Magino Gold Project: As previously announced, on October 27, 2022, we acquired a 2% NSR on Argonaut Gold Inc.’s (“Argonaut”) construction-stage Magino gold project for a purchase price of $52.5 million. We also completed a private placement with Argonaut of $10.0 million (C$13.6 million).


Cobre Panama Update


As previously announced on February 23, 2023, ore processing operations at Cobre Panama were suspended while negotiations between First Quantum and the Government of Panama on a refreshed concession contract were ongoing. On March 8, 2023, First Quantum and the Government of Panama agreed and finalized the draft of a concession contract for Cobre Panama. The proposed concession contract is subject to a 30-day public consultation process and approvals by the Panamanian Cabinet, Comptroller General of the Republic and the National Assembly. MPSA has received authorization from the Panama Maritime Authority and concentrate loading operations at the Punta Rincón port have resumed. Cobre Panama processing operations have resumed to normal levels with all three trains operating. MPSA continues to remobilize the workforce to full staffing levels.


Q4 2022 Portfolio Updates


Precious Metal assets: GEOs sold from our Precious Metal assets were 129,642, compared to 138,799 GEOs in Q4 2021. Higher contributions from Hemlo, Tasiast and Subika (Ahafo) were more than offset by lower deliveries from Antapaccay, Cobre Panama and Guadalupe-Palmarejo.


  South America:

  • Candelaria (gold and silver stream) – GEOs delivered and sold in Q4 2022 were relatively consistent with those sold in Q4 2021. For 2023, we forecast GEO sales of between 60,000 and 70,000 GEOs, a decrease compared to 69,854 GEOs sold in 2022 due to sequencing of the open pit.
  • Antapaccay (gold and silver stream) – GEOs delivered and sold were lower in Q4 2022 compared to Q4 2021 due to anticipated lower grades in 2022 based on sequencing of the mine. For 2023, we anticipate GEOs sold to increase from 53,023 GEOs in 2022 to between 57,500 and 67,500 GEOs reflecting higher expected production based on the mining sequence.
  • Antamina (22.5% silver stream) – GEOs delivered and sold were lower in Q4 2022 compared to Q4 2021, partly due to a less favourable silver to gold conversion ratio. For 2023, we anticipate between 2.4 to 2.8 million silver ounces, compared to 3.1 million silver ounces sold in 2022, due to silver grades which are forecasted to be lower than average in 2023.
  • Salares Norte (1-2% royalties) – Gold Fields reported total project completion of 87% for the construction of Salares Norte at the end of December 2022. With the commencement of commercial production at Salares Norte now expected in Q4 2023, we do not anticipate meaningful royalty payments until 2024.
  • Tocantinzinho (gold stream) – G Mining Ventures reported that, as of December 31, 2022, the project continues to be on track and on budget for commercial production to start in H2 2024.
  • Cascabel (1% royalty) – In February 2023, SolGold and Cornerstone Capital Resources completed the previously announced friendly merger, consolidating the ownership of the Cascabel project under one combined entity.
  • Cerro Moro (2% royalty) – In January 2023, shareholders of Yamana and Pan American Silver approved the acquisition of Yamana by Pan American Silver. The transaction is expected to close in Q1 2023.
  • Posse (Mara Rosa) (1% royalty) – Construction of Mara Rosa is advancing on schedule and reported to be 50% complete as of the end of December 2022, with first production anticipated in H1 2024.


 Central America & Mexico:

  • Cobre Panama (gold and silver stream) – First Quantum reported strong production in Q4 2022, with copper production of 90,000 tonnes and mill throughput of 22.4 million tonnes. New weekly and monthly throughput records were also set in December 2022. Our GEO deliveries were lower in Q4 2022 than in the prior year period due to the timing of shipments.
  • Guadalupe-Palmarejo (50% gold stream) – GEOs sold from Guadalupe-Palmarejo decreased in Q4 2022 compared to the same quarter in 2021 due to a lower proportion of production being sourced from ground covered by our stream.



  • Stillwater (5% royalty) – We expect higher PGM production in 2023 than in 2022, with production rates normalizing since the regional flood that occurred in June 2022. However, production from Stillwater West is expected to be temporarily affected following an incident reported in March 2023 that damaged shaft infrastructure. Additionally, we expect a less favourable conversion ratio to GEOs based on the commodity prices assumed in our 2023 guidance.
  • Marigold (0.5-5% royalties) – SSR Mining plans significant waste stripping activities at the Red Dot deposit with an aim to optimize the longer-term production profile. For 2023, production is forecasted to increase based on the mine sequencing.
  • Stibnite Gold (1.7% royalty) – With the comment period on the Supplemental Draft Environmental Impact Statement for the Stibnite project closed in January 2023, Perpetua Resources anticipates a draft Record of Decision in mid-2023. In December, the Stibnite Gold project was also awarded up to $24.8 million under the U.S. Defense Production Act.
  • Copper World/East Pit (Rosemont) (2.085% royalty) – Hudbay continues to advance the pre-feasibility study for Phase I of Copper World, which is now expected in H1 2023, with a definitive feasibility study anticipated in 2024.



  • Detour Lake (2% royalty) – Detour Lake had record production of over 732,000 gold ounces in 2022. In 2023, the focus remains on optimizing mill processes and improving runtime to achieve and potentially surpass mill throughput of 28 million tonnes per year. Exploration efforts are expected to focus on extending mineralization to the west and establishing an initial underground mineral resource. Agnico Eagle also expects to provide an update on the pathway to potentially increase production to one million ounces of gold per year.
  • Hemlo (3% royalty & 50% NPI) – Revenue from our Hemlo royalties was higher than in Q4 2021 reflecting improved operating performance. Barrick announced that it expects production from Hemlo to increase in 2023 relative to 2022, but we expect a lower proportion to be sourced from our royalty ground.
  • Brucejack (1.2% royalty) – Newcrest Mining is advancing a debottlenecking concept study to potentially increase the process plant capacity, with a permit application expected in H1 2023. Drilling continued to confirm the potential for resource growth at the Valley of the Kings deposit and surrounding area.
  • Kirkland Lake (1.5-5.5% royalty & 20% NPI) – Agnico Eagle reported the completion of Shaft #4 and of a new ventilation system at Macassa. Drilling is planned to continue at AK in 2023 from the underground platforms that were developed in 2022, with a focus on continuing to upgrade and increase the indicated mineral resources. Franco-Nevada has multiple royalties at Macassa that include AK.
  • Canadian Malartic (1.5% royalty) – Agnico Eagle reported that the Odyssey underground project, which is expected to extend the life of the complex to at least 2039, is progressing on schedule and on budget, with shaft sinking activities expected to commence in March 2023.
  • Greenstone (Hardrock) (3% royalty) – Equinox Gold reported that construction of the project is on schedule and budget, with the Greenstone project 65% complete as of the end of December 2022 with the first gold pour expected in H1 2024.
  • Magino (2% royalty) – Argonaut reported that the construction of the project is approximately 80% complete as of the end of December 2022, with the first gold pour expected in H1 2023.
  • Valentine Gold (1.5% royalty) – Marathon Gold reported that the project remains on schedule for first ore to be delivered to the mill by the end of 2024 and first gold production in Q1 2025, with overall completion at 21% as of the end of January 2023. In February 2023, Marathon Gold exercised its option for a partial buy-back of our royalty, reducing our NSR to 1.5%.
  • Eskay Creek (1.5% royalty) – Skeena Resources announced the discovery of new mineralization east of the 22 Zone in an area with no historical drilling, beyond the extents of Eskay Creek’s currently defined pit-constrained resources.
  • Ring of Fire (1-3% royalties) – Ring of Fire Metals announced it had signed a Memorandum of Understanding with Webequie First Nation, detailing how the two parties will work together to progress ongoing exploration activities as well as negotiations on a partnership agreement for the proposed Eagle’s Nest mine.


Rest of World:

  • MWS (25% stream) – We expect an increase in GEOs from our stream at MWS in 2023 compared to in 2022, where production in 2022 was impacted by material and water supply constraints.
  • Tasiast (2% royalty) – We anticipate increased production at Tasiast, with Kinross reporting that the Tasiast 24k project is progressing on schedule to reach a throughput capacity of 24,000 tonnes per day by mid-2023, with ramp-up to operate consistently at this designed tonnage by the end of 2023.
  • Séguéla (1.2% royalty) – Fortuna Silver Mines reported that construction activities are progressing on time and on budget with the overall project 90% complete as of the end of January 2023, with the first gold pour expected in mid-2023.


Diversified assets:  Our Diversified assets, primarily comprising our Iron Ore and Energy interests, generated $94.0 million in revenue, up from $78.6 million in Q4 2021, reflecting higher realized oil and gas prices relating to our Energy assets.


Iron Ore:

  • Vale Royalty (iron ore royalty) – Revenue from the Vale royalty decreased compared to Q4 2021 due to lower iron ore prices and attributable sales. In 2023, we anticipate an increase in GEOs, reflecting the ramp-up of production at S11D and a more favourable GEO conversion ratio based on the prices we have assumed for our 2023 guidance.
  • LIORC – LIORC declared a cash dividend of C$0.70 per common share in Q4 2022, reflecting lower iron ore prices, compared to C$1.15 per common share in Q4 2021. Iron Ore Company of Canada reported significant capital expenditures to upgrade existing infrastructure at the Carol Lake mine.



  • Marcellus (1% royalty) – Revenue from the Marcellus asset increased compared to Q4 2021. Revenues benefited from higher NGL and natural gas prices and a slight increase in production.
  • Haynesville (various royalty rates) – Revenue from the Haynesville portfolio increased compared to Q4 2021, as the asset benefited from higher natural gas prices and increased production from new wells.
  • SCOOP/STACK (various royalty rates) – Revenue from the SCOOP/STACK increased compared to Q4 2021 due to higher prices and increased production from our interests earned through the Royalty Acquisition Venture with Continental Resources. In November 2022, Continental Resources completed the previously announced merger agreement with an entity privately-owned by the family of Harold G. Hamm, Continental Resources’ founder. The transaction does not directly impact our Royalty Acquisition Venture with Continental.
  • Permian Basin (various royalty rates) – Revenue from the Permian Basin increased compared to Q4 2021. The increase in revenue in the current period reflects higher realized prices and higher production from new wells.
  • Weyburn (NRI, ORR, WI) – Revenue from the Weyburn Unit was higher compared to Q4 2021, reflecting the increase in commodity prices, which more than offset higher operating and capital expenditures incurred through our NRI and working interest.


Corporate Summary


Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt-free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges. Franco-Nevada is the gold investment that works.


Reconciliation of Non-GAAP Financial Measures:


For the three months ended For the year ended
December 31,  December 31, 
(expressed in millions, except per share amounts) 2022 2021 2022 2021
Net income $ 165.0 $ 220.9 $ 700.6 $ 733.7
Impairment reversals (75.5) (68.0)
Foreign exchange (gain) loss and other (income) expenses (0.1) 1.3 (3.6) 3.0
Finance income related to repayment of Noront loan (2.2)
Tax effect of adjustments 19.3 2.8 17.8
Other tax related adjustments
Recognition of previously unrecognized deferred tax assets (2.3) (12.9)
Adjusted Net Income $ 164.9 $ 163.7 $ 697.6 $ 673.6
Basic weighted average shares outstanding 191.7 191.2 191.5 191.1
Adjusted Net Income per share $ 0.86 $ 0.86 $ 3.64 $ 3.52




For the three months ended For the year ended
December 31,  December 31, 
(expressed in millions, except per share amounts) 2022 2021 2022 2021
Net income $ 165.0 $ 220.9 $ 700.6 $ 733.7
Income tax expense 30.0 44.7 133.1 124.1
Finance expenses 0.7 0.9 3.2 3.6
Finance income (6.7) (0.7) (12.6) (3.7)
Depletion and depreciation 73.5 78.2 286.2 299.6
Impairment reversals (75.5) (68.0)
Foreign exchange (gain) loss and other (income) expenses (0.1) 1.3 (3.6) 3.0
Adjusted EBITDA $ 262.4 $ 269.8 $ 1,106.9 $ 1,092.3
Basic weighted average shares outstanding 191.7 191.2 191.5 191.1
Adjusted EBITDA per share $ 1.37 $ 1.41 $ 5.78 $ 5.72




For the three months ended For the year ended
December 31,  December 31, 
(expressed in millions, except Adjusted EBITDA Margin) 2022 2021 2022 2021
Adjusted EBITDA $ 262.4 $ 269.8 $ 1,106.9 $ 1,092.3
Revenue 320.4 327.7 1,315.7 1,300.0
Adjusted EBITDA Margin 81.9 % 82.3 % 84.1 % 84.0 %




(in millions of U.S. dollars)


At December 31,  At December 31,
2022 2021
Cash and cash equivalents (Note 5) $ 1,196.5 $ 539.3
Receivables 135.7 119.8
Loan receivable (Note 6) 39.7
Prepaid expenses and other (Note 7) 50.9 52.6
Current assets $ 1,383.1 $ 751.4
Royalty, stream and working interests, net (Note 8) $ 4,927.5 $ 5,149.3
Investments (Note 6) 227.2 235.9
Deferred income tax assets (Note 17) 39.9 49.4
Other assets (Note 9) 49.1 23.9
Total assets $ 6,626.8 $ 6,209.9
Accounts payable and accrued liabilities (Note 10) $ 43.1 $ 33.6
Current income tax liabilities 7.1 9.6
Current liabilities $ 50.2 $ 43.2
Deferred income tax liabilities (Note 17) $ 153.0 $ 135.4
Other liabilities 6.0 6.1
Total liabilities $ 209.2 $ 184.7
Share capital (Note 18) $ 5,695.3 $ 5,628.5
Contributed surplus 15.6 16.1
Retained earnings 940.4 484.9
Accumulated other comprehensive loss (233.7) (104.3)
Total shareholders’ equity $ 6,417.6 $ 6,025.2
Total liabilities and shareholders’ equity $ 6,626.8 $ 6,209.9

The consolidated financial statements and accompanying notes can be found in our 2022 Annual Report available on our website



(in millions of U.S. dollars and shares, except per share amounts)


2022 2021
Revenue (Note 12) $ 1,315.7 $ 1,300.0
Costs of sales
Costs of sales (Note 13) $ 176.9 $ 178.3
Depletion and depreciation 286.2 299.6
Total costs of sales $ 463.1 $ 477.9
Gross profit $ 852.6 $ 822.1
Other operating expenses (income)
General and administrative expenses $ 22.5 $ 19.6
Share-based compensation expenses (Note 14) 10.1 11.2
Impairment reversals (Note 8) (68.0)
Gain on sale of gold bullion (0.7) (1.4)
Total other operating expenses (income) $ 31.9 $ (38.6)
Operating income $ 820.7 $ 860.7
Foreign exchange gain (loss) and other income (expenses) $ 3.6 $ (3.0)
Income before finance items and income taxes $ 824.3 $ 857.7
Finance items (Note 16)
Finance income $ 12.6 $ 3.7
Finance expenses (3.2) (3.6)
Net income before income taxes $ 833.7 $ 857.8
Income tax expense (Note 17) 133.1 124.1
Net income $ 700.6 $ 733.7
Other comprehensive (loss) income, net of taxes
Items that may be reclassified subsequently to profit and loss:
Currency translation adjustment $ (92.0) $ (4.0)
Items that will not be reclassified subsequently to profit and loss:
(Loss) gain on changes in the fair value of equity investments
at fair value through other comprehensive income (“FVTOCI”),
net of income tax (Note 6) (36.7) 22.6
Other comprehensive (loss) income, net of taxes $ (128.7) $ 18.6
Comprehensive income $ 571.9 $ 752.3
Earnings per share (Note 19)
Basic $ 3.66 $ 3.84
Diluted $ 3.65 $ 3.83
Weighted average number of shares outstanding (Note 19)
Basic 191.5 191.1
Diluted 191.9 191.5


The consolidated financial statements and accompanying notes can be found in our 2022 Annual Report available on our website


(in millions of U.S. dollars)


2022 2021
Cash flows from operating activities
Net income $ 700.6 $ 733.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion and depreciation 286.2 299.6
Share-based compensation expenses 8.2 8.0
Impairment reversals (68.0)
Unrealized foreign exchange loss 3.3 1.5
Deferred income tax expense 37.4 37.1
Other non-cash items (3.5) (3.0)
Acquisition of gold bullion (46.7) (40.0)
Proceeds from sale of gold bullion 51.6 27.5
Changes in other assets (26.7) (10.7)
Operating cash flows before changes in non-cash working capital $ 1,010.4 $ 985.7
Changes in non-cash working capital:
Increase in receivables $ (15.9) $ (26.4)
Increase in prepaid expenses and other (3.2) (2.4)
Increase (decrease) in current liabilities 8.2 (1.5)
Net cash provided by operating activities $ 999.5 $ 955.4
Cash flows used in investing activities
Acquisition of royalty, stream and working interests $ (139.6) $ (758.7)
Acquisition of investments (48.5) (17.2)
Acquisition of energy well equipment (1.9) (1.8)
Proceeds from settlement of loan receivable 42.7
Proceeds from sale of investments 1.8 12.7
Net cash used in investing activities $ (145.5) $ (765.0)
Cash flows used in financing activities
Payment of dividends $ (197.6) $ (179.6)
Proceeds from draw of revolving credit facilities 150.0
Repayment of revolving credit facilities (150.0)
Credit facility amendment costs (0.9) (1.0)
Proceeds from exercise of stock options 9.5 0.4
Net cash used in financing activities $ (189.0) $ (180.2)
Effect of exchange rate changes on cash and cash equivalents $ (7.8) $ (5.1)
Net change in cash and cash equivalents $ 657.2 $ 5.1
Cash and cash equivalents at beginning of year $ 539.3 $ 534.2
Cash and cash equivalents at end of year $ 1,196.5 $ 539.3
Supplemental cash flow information:
Dividend income received $ 19.7 $ 30.2
Interest and standby fees paid $ 2.4 $ 2.4
Income taxes paid $ 95.1 $ 93.5


The consolidated financial statements and accompanying notes can be found in our 2022 Annual Report available on our website


Posted March 16, 2023

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