TSX | NYSE | LSE: WPM
Designated News Release
FIRST QUARTER 2022 FINANCIAL RESULTS
VANCOUVER, BC, May 5, 2022 /PRNewswire/ - "Wheaton once again
had a solid start to the year, generating over $210 million in operating cash flow and
continuing to return value to our shareholders through our
competitive dividend," said Randy
Smallwood, President and Chief Executive Officer of Wheaton
Precious Metals. "In the first three months of 2022, we added two
new streams and increased our interest in a pre-existing stream. In
addition, we took a significant step in strengthening our
environmental, social and governance strategy by formalizing our
climate change policy, including setting a goal of reaching net
zero carbon emissions by 2050. The year is off to a good start, and
I look forward to advancing on all of our initiatives throughout
the year in order to continue building a strong, sustainable
business, that delivers value and growth to all of our
stakeholders."
First Quarter 2022 Highlights:
- Over $305 million in revenue and
$210 million in operating cash flow
during the quarter, resulting in a net cash balance of $376 million as at March
31, 2022.
- $158 million in adjusted net
earnings1 during the first quarter of 2022.
- Announced a new precious metal purchase agreement ("PMPA") on
Adventus Mining Corporation's Curipamba Project in respect of gold
and silver production.
- Announced PMPA on Sabina Gold
& Silver Corp.'s Goose Project in respect of gold
production.
- Amended the PMPA on Aris Gold Corp.'s Marmato Mine, increasing
the gold stream in exchange for additional upfront
consideration.
- Adopted a climate change policy and commitment to net zero
carbon emissions by 2050.
- Declared quarterly dividend1 of $0.15 per common share, an increase of 7%
relative to the comparable period in 2021.
Operational Overview
(all figures in US
dollars unless otherwise noted)
|
|
|
Q1 2022
|
|
|
Q1 2021
|
|
Change
|
Units
produced
|
|
|
|
|
|
|
|
|
Gold
ounces
|
|
|
79,087
|
|
|
78,529
|
|
0.7 %
|
Silver
ounces
|
|
|
6,206
|
|
|
6,765
|
|
(8.3)%
|
Palladium
ounces
|
|
|
4,488
|
|
|
5,769
|
|
(22.2)%
|
Cobalt
pounds
|
|
|
234
|
|
|
1,162
|
|
(79.8)%
|
Gold
equivalent ounces 2
|
|
|
171,367
|
|
|
196,756
|
|
(12.9)%
|
Units
sold
|
|
|
|
|
|
|
|
|
Gold
ounces
|
|
|
77,901
|
|
|
75,104
|
|
3.7 %
|
Silver
ounces
|
|
|
5,553
|
|
|
6,657
|
|
(16.6)%
|
Palladium
ounces
|
|
|
4,075
|
|
|
5,131
|
|
(20.6)%
|
Cobalt
pounds
|
|
|
511
|
|
|
132
|
|
286.7 %
|
Gold
equivalent ounces 2
|
|
|
166,065
|
|
|
172,271
|
|
(3.6)%
|
Revenue
|
|
$
|
307,244
|
|
$
|
324,119
|
|
(5.2)%
|
Net
earnings
|
|
$
|
157,467
|
|
$
|
162,002
|
|
(2.8)%
|
Per
share
|
|
$
|
0.349
|
|
$
|
0.360
|
|
(3.1)%
|
Adjusted net
earnings 1
|
|
$
|
158,007
|
|
$
|
161,132
|
|
(1.9)%
|
Per
share 1
|
|
$
|
0.350
|
|
$
|
0.358
|
|
(2.2)%
|
Operating cash
flows
|
|
$
|
210,540
|
|
$
|
232,154
|
|
(9.3)%
|
Per share
1
|
|
$
|
0.467
|
|
$
|
0.516
|
|
(9.5)%
|
All amounts in
thousands except gold, palladium & gold equivalent ounces and
cobalt pounds produced & sold, and per share
amounts.[1][2]
|
Financial Review
Revenues
Revenue was $307 million in the first quarter of 2022
representing a 5% decrease from the first quarter of 2021 due
primarily to a 4% decrease in the number of GEOs² sold.
Cash Costs and Margin
Average cash costs¹ in
the first quarter of 2022 were $421
per GEO² as compared to $457 in the
first quarter of 2021. This resulted in a cash operating
margin¹ of $1,429 per GEO² sold,
virtually unchanged as compared with the first quarter of 2021.
Balance Sheet (at March
31, 2022)
- Approximately $376 million of
cash on hand.
- The Company's $2 billion
revolving term loan (the "Revolving Facility") remains fully
undrawn.
- The Company is well positioned to fund all outstanding
commitments as well as providing flexibility to acquire additional
accretive mineral stream interests.
First Quarter Asset Highlights
Salobo: In the first quarter of 2022, Salobo
produced 44,900 ounces of attributable gold, a decrease of
approximately 4% relative to the first quarter of 2021. According
to Vale S.A. ("Vale"), during the quarter, Salobo operations were
impacted by both planned and corrective maintenance in the mill
liners. In addition, above average seasonal rain level in the
region during the fourth quarter of 2021 impacted mine plans in the
first quarter of 2022; however, Vale does not anticipate any impact
to the overall 2022 production.
As per Vale's First Quarter 2022 Performance Report, on
January 6, 2022, heavy rainfall in
the region of the Salobo III mine expansion caused a landslide that
damaged part of a conveyor belt and blocked access to the project
site. Vale reports that remediation work on the conveyor is ongoing
and is expected to be completed in May. Furthermore, Vale does not
foresee the impacts of this event modifying the project delivery
date beyond the fourth quarter of 2022. Vale reports that physical
completion of the Salobo III mine expansion was 90% at the end of
the first quarter.
Antamina: In the first quarter of 2022, Antamina
produced 1.3 million ounces of attributable silver, a decrease of
approximately 20% relative to the first quarter of 2021, primarily
due to lower grades as per the mine plan.
Constancia: In the first quarter of 2022,
Constancia produced 0.5 million ounces of attributable silver and
6,300 ounces of attributable gold, an increase of approximately 25%
and 157%, respectively, relative to the first quarter of 2021.
Silver production increased primarily due to higher throughput and
grades. The increase in gold production was primarily due to higher
grades resulting from the commencement of ore production from the
Pampacancha satellite deposit and the increase in fixed recoveries
from 55% to 70%.
Sudbury: In the
first quarter of 2022, Vale's Sudbury mines produced 6,400 ounces of
attributable gold, a decrease of approximately 9% relative to the
first quarter of 2021 primarily due to lower throughput as a result
of the temporary closure of the Totten mine. As per Vale, on
September 26, 2021, a large piece of
equipment, called a bucket scoop, blocked and damaged the mine
shaft resulting in its temporary closure. Vale has reported that
production at the Totten mine, which accounts for approximately 15%
to 20% of the Company's attributable gold production from
Sudbury, resumed in the first
quarter of 2022 and that operations at the Sudbury mines are expected to normalize in the
second quarter of 2022.
Stillwater: In the first quarter
of 2022, the Stillwater mines
produced 2,500 ounces of attributable gold and 4,500 ounces of
attributable palladium, a decrease of approximately 18% for gold
and 22% for palladium relative to the first quarter of 2021. The
decrease was due to lower throughput and grades, partially offset
by higher recoveries.
San Dimas: In the
first quarter of 2022, San Dimas
produced 10,500 ounces of attributable gold, virtually unchanged
relative to the first quarter of 2021. First Majestic Silver Corp.
("First Majestic") reports that production in the first quarter of
2022 was impacted due to high absenteeism in the months of January
and February caused by an increase in COVID-19 infections within
the Tayoltita community.
Other Gold: In the first quarter of 2022, total
Other Gold attributable production was 8,500 ounces, a decrease of
approximately 4% relative to the first quarter of 2021, primarily
due to the mining of lower grade material at 777, which is
scheduled to close in June 2022.
Other Silver: In the first quarter of 2022,
total Other Silver attributable production was 2.2 million ounces,
a decrease of approximately 14% relative to the first quarter of
2021, primarily due to lower grades at Aljustrel and the placement
of Stratoni into care and maintenance.
Voisey's Bay: In the first quarter of 2022,
the Voisey's Bay mine produced 234 thousand pounds of attributable
cobalt, a decrease of approximately 80% relative to the first
quarter of 2021. The apparent significant decrease relative to the
first quarter of 2021 was primarily attributed to Wheaton being
contractually entitled to any cobalt processed at the Long Harbour
Processing Plant as of January 1,
2021, resulting in reported production in the first quarter
of 2021 including some material produced at the Voisey's Bay Mine
from prior periods. As per Vale's First Quarter 2022 Performance
Report, physical completion of the Voisey's Bay underground mine
extension was 70% at the end of the first quarter.
Produced But Not Yet Delivered3 and
Inventory
As at March 31, 2022, payable
ounces and pounds attributable to the Company produced but not yet
delivered amounted to:
- 82,400 payable gold ounces, a decrease of 2,600 ounces during
Q1 2022, primarily due to decreases at the Constancia and 777 mines
partially offset by an increase at the Sudbury mines.
- 3.9 million payable silver ounces, a decrease of 0.3 million
ounces during Q1 2022.
- 5,500 payable palladium ounces, virtually unchanged during Q1
2022.
- 550 thousand payable cobalt pounds, virtually unchanged during
Q1 2022.
As of March 31, 2022,
approximately 410 thousand pounds of cobalt were held in inventory
by Wheaton, a decrease of 247 pounds during Q1 2022.
Detailed mine-by-mine production and sales figures can be found
in the Appendix to this press release and in Wheaton's consolidated
MD&A in the 'Results of Operations and Operational Review'
section.
Corporate Development
Curipamba PMPA: On January
17, 2022, the Company entered into a PMPA with Adventus
Mining Corporation ("Adventus") in respect of the Curipamba Project
("Curipamba") located in Ecuador.
Under the Curipamba PMPA, Wheaton will purchase 50% of the payable
gold production until 145,000 ounces have been delivered,
thereafter dropping to 33% of payable gold production for the life
of the mine and 75% of the payable silver production until 4.6
million ounces have been delivered, thereafter dropping to 50% for
the life of mine. Under the terms of the agreement, the Company is
committed to pay Adventus total upfront cash consideration of
$175.5 million, $13 million of which is available
pre-construction and $500,000 of
which will be paid to support certain local community development
initiatives around Curipamba. The remainder will be payable in four
staged installments during construction, subject to various
customary conditions being satisfied. In addition, Wheaton will
make ongoing production payments for the gold and silver ounces
delivered equal to 18% of the spot prices until the value of gold
and silver delivered, net of the production payment, is equal to
the upfront consideration of $175.5
million, at which point the production payment will increase
to 22% of the spot prices.
Marathon PMPA: On January 26, 2022, the Company entered into the
previously announced PMPA with Generation Mining Limited ("Gen
Mining") in respect of the Marathon Project located in Ontario, Canada. Under the Marathon PMPA,
Wheaton will purchase 100% of the payable gold production until
150,000 ounces have been delivered, thereafter dropping to 67% of
payable gold production for the life of the mine and 22% of the
payable platinum production until 120,000 ounces have been
delivered, thereafter dropping to 15% for the life of mine. Under
the terms of the agreement, the Company has committed to pay Gen
Mining total upfront cash consideration of C$240 million, C$40
million of which will be paid prior to construction and to
be used for the development of the Marathon Project, with the
remainder payable in four staged installments during construction,
subject to various customary conditions being satisfied and
pre-determined completion tests. Of this amount, $16 million (C$20
million) was paid on March 31,
2022. In addition, Wheaton will make ongoing production
payments for the gold and platinum ounces delivered equal to 18% of
the spot prices until the value of gold and platinum delivered, net
of the production payment, is equal to the upfront consideration of
C$240 million, at which point the
production payment will increase to 22% of the spot prices.
Goose PMPA: On February 8, 2022, the Company announced that it
had entered into a PMPA with Sabina
Gold & Silver Corp. ("Sabina") in respect of the Goose
Project, part of Sabina's Back River Gold District located in
Nunavut, Canada. Under the Goose
PMPA, Wheaton will purchase 4.15% of the payable gold production
until 130,000 ounces have been delivered, thereafter dropping to
2.15% until 200,000 ounces have been delivered, thereafter dropping
to 1.5% of the payable gold production. Under the terms of the
agreement, the Company has committed to pay Sabina an upfront
payment of $125 million in four equal
installments during construction of the Goose Project, subject to
customary conditions. In addition, Wheaton will make ongoing
production payments for the gold ounces delivered equal to 18% of
the spot gold price until the value of gold, net of the production
payment is equal to the upfront consideration of $125 million, at which point the production
payment will increase to 22% of the spot gold price.
Amendment to the Marmato PMPA: On March 21, 2022, the Company amended its PMPA with
Aris Gold Corporation ("Aris Gold") in respect of the Marmato
mines. Under the amended terms, Wheaton will purchase 10.5% of the
gold production and 100% of the silver production from the Marmato
Upper and Lower mines until 310,000 ounces of gold and 2.15 million
ounces of silver have been delivered, after which the stream drops
to 5.25% of the gold production and 50% of the silver production
for the life of mine. This increases the gold stream from the
original Marmato PMPA under which Wheaton was entitled to purchase
6.5% of the gold production until 190,000 ounces were delivered,
after which the stream was to drop to 3.25% of the gold production.
The silver stream is unchanged. Under the terms of the amended
Marmato PMPA, the Company is committed to pay Aris Gold total upfront cash payments of
$175 million ($65 million relating to the increase in the gold
stream). Of this amount, $53 million
($15 million relating to the increase
in the gold stream) has been paid and the remaining amount is
payable during the construction of the Marmato Lower Mine, subject
to customary conditions.
Sustainability
Climate Change Commitments: On February 9, 2022, Wheaton announced the adoption
of a Climate Change and Environmental Policy and commitment to net
zero carbon emissions by 2050[4]. As part of this policy, Wheaton
plans to establish targets across both Scope 2 and Scope 3
attributable emissions to support a 1.5° C trajectory. The Company
has also committed an initial $4M to
support our mining partners' efforts to move to renewable energy
sources and reduce emissions at the mines in which we have an
interest.
San Dimas Receives Recognition for Sustainability
Efforts: The Mexican Center for Philanthropy (CEMEFI) and
the Alliance for Corporate Social Responsibility (AliaRSE) has
awarded First Majestic Silver Corp.'s ("First Majestic")
San Dimas mining unit the Socially
Responsible Business Distinction for 2022 (Distintivo Empressa
Socialmente Responsible 2022). This distinction from within the
Mexican community recognizes excellence in environmental and social
responsibility and ethical management.
Partner Community Investment Program: Wheaton
continues to support a wide range of programs with mining partners
including Vale, Glencore, Hudbay and First Majestic Silver, focused
on education, health, entrepreneurial support, and community
engagement opportunities in the communities near the mines from
which Wheaton receives precious metals. In the first quarter of
2022, all Partner Community Investment programs continued to
operate as planned such as the continued enrollment of existing
schoolteachers and administrators into the Enseña Peru training program, aimed at improving the
academic performance for students living close to the Antamina
mine. During the quarter, the Wheaton team focused on
engaging with partners on identifying and selecting programs and
initiatives to be supported by Wheaton for 2022 and beyond.
About Wheaton Precious Metals Corp. and Outlook
Wheaton is the world's premier precious metals streaming company
with the highest-quality portfolio of long-life, low-cost assets.
Its business model offers investors commodity price leverage and
exploration upside but with a much lower risk profile than a
traditional mining company. Wheaton delivers amongst the highest
cash operating margins in the mining industry, allowing it to pay a
competitive dividend and continue to grow through accretive
acquisitions. As a result, Wheaton has consistently outperformed
gold and silver, as well as other mining investments. Wheaton is
committed to strong ESG practices and giving back to the
communities where Wheaton and its mining partners operate. Wheaton
creates sustainable value through streaming for all of its
stakeholders.
Wheaton's estimated attributable production in 2022 is forecast
to be 350,000 to 380,000 ounces of gold, 23.0 to 25.0 million
ounces of silver, and 44,000 to 48,000 GEOs2 of other
metals, resulting in production of approximately 700,000 to 760,000
GEOs2, unchanged from previous guidance. For the
five-year period ending in 2026, the Company estimates that average
production will amount to 850,000 GEOs2, while for the
ten-year period ending in 2031, the Company estimates that average
annual production will amount to 910,000 GEOs2, also
unchanged from previous guidance.
Webcast and Conference Call Details
A conference call and webcast will be held on Friday, May 6, 2022 starting at 8:00am PT / 11:00 am
ET to discuss these results. To participate in the live call
please use one of the following methods:
Dial toll free from Canada or
the
US:
1-888-664-6383
Dial from outside Canada or the
US:
1-416-764-8650
Pass code:
78834538
Live webcast:
Webcast URL
Participants should dial in five to ten minutes before the
call.
The accompanying slideshow will also be available in PDF format
on the 'Presentations' page of the Wheaton Precious Metals website
before the conference call.
The conference call will be recorded and available until
May 13, 2022 at 11:59 pm ET. The webcast will be available for
one year. You can listen to an archive of the call by one of the
following methods:
Dial toll free from Canada or
the
US:
1-888-390-0541
Dial from outside Canada or the
US:
1-416-764-8677
Pass
code:
834538 #
Archived
webcast:
Webcast URL
This earnings release should be read in conjunction with Wheaton
Precious Metals' MD&A and Financial Statements, which are
available on the Company's website at www.wheatonpm.com and
have been posted on SEDAR at www.sedar.com.
Mr. Wes Carson, P.Eng., Vice
President, Mining Operations is a "qualified person" as such term
is defined under National Instrument 43-101, and have reviewed and
approved the technical information disclosed in this news
release.
Wheaton Precious Metals believes that there are no significant
differences between its corporate governance practices and those
required to be followed by United
States domestic issuers under the NYSE listing standards.
This confirmation is located on the Wheaton Precious Metals
website.
In accordance with Wheaton Precious Metals™ Corp.'s ("Wheaton
Precious Metals", "Wheaton" or the "Company") MD&A and
financial statements, reference to the Company and Wheaton includes
the Company's wholly owned subsidiaries.
End Notes
__________________________________
|
1 Please refer to non-IFRS
measures at the end of this press release. Dividends declared in
the referenced calendar quarter, relative to the financial results
of the prior quarter. Details of the dividend can be found in the
Wheaton's news release date May 5, 2022, titled "Wheaton Precious
Metals Declares Quarterly Dividend."
|
2
Commodity price assumptions for the gold equivalent production and
sales in 2022 are $1,800 / ounce gold, $24 / ounce silver, and
$2,100 / ounce palladium and $33 / pound cobalt. Other metal
includes palladium and cobalt.
|
3 Payable gold, silver and
palladium ounces and cobalt pounds produced but not yet delivered
are based on management estimates only and rely upon information
provided by the owners and operators of mining operations and may
be revised and updated in future periods as additional information
is received.
|
4 Net
zero includes emissions reductions in line with a 1.5 trajectory
across Scopes 1, 2 and 3. Achievement of net zero may include the
use of offsets for residual emissions in 2050.
|
Condensed Interim Consolidated Statements of Earnings
|
|
Three Months Ended
March 31
|
(US dollars and shares
in thousands, except per share amounts - unaudited)
|
|
2022
|
2021
|
Sales
|
|
$
|
307,244
|
$
|
324,119
|
Cost of
sales
|
|
|
|
|
|
Cost of
sales, excluding depletion
|
|
$
|
69,994
|
$
|
78,783
|
Depletion
|
|
|
57,402
|
|
70,173
|
Total cost of
sales
|
|
$
|
127,396
|
$
|
148,956
|
Gross margin
|
|
$
|
179,848
|
$
|
175,163
|
General and
administrative expenses
|
|
|
9,403
|
|
9,735
|
Share based
compensation
|
|
|
9,902
|
|
1,630
|
Donations &
community investments
|
|
|
813
|
|
606
|
Earnings from
operations
|
|
$
|
159,730
|
$
|
163,192
|
Other (income)
expense
|
|
|
170
|
|
119
|
Earnings before finance
costs and income taxes
|
|
$
|
159,560
|
$
|
163,073
|
Finance
costs
|
|
|
1,422
|
|
1,573
|
Earnings before income
taxes
|
|
$
|
158,138
|
$
|
161,500
|
Income tax (expense)
recovery
|
|
|
(671)
|
|
502
|
Net earnings
|
|
$
|
157,467
|
$
|
162,002
|
Basic earnings per
share
|
|
$
|
0.349
|
$
|
0.360
|
Diluted earnings per
share
|
|
$
|
0.348
|
$
|
0.360
|
Weighted average number
of shares outstanding
|
|
|
|
|
|
Basic
|
|
|
450,915
|
|
449,509
|
Diluted
|
|
|
451,953
|
|
450,600
|
Condensed Interim Consolidated Balance Sheets
|
As at
March 31
|
As at
December 31
|
(US dollars in
thousands - unaudited)
|
2022
|
2021
|
Assets
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and
cash equivalents
|
$
|
376,163
|
$
|
226,045
|
Accounts
receivable
|
|
27,939
|
|
11,577
|
Other
|
|
9,875
|
|
12,102
|
Total current
assets
|
$
|
413,977
|
$
|
249,724
|
Non-current
assets
|
|
|
|
|
Mineral
stream interests
|
$
|
5,894,884
|
$
|
5,905,797
|
Early
deposit mineral stream interests
|
|
45,342
|
|
34,741
|
Mineral
royalty interest
|
|
6,606
|
|
6,606
|
Long-term
equity investments
|
|
92,194
|
|
61,477
|
Convertible notes receivable
|
|
-
|
|
17,086
|
Property,
plant and equipment
|
|
5,183
|
|
5,509
|
Other
|
|
11,847
|
|
15,211
|
Total non-current
assets
|
$
|
6,056,056
|
$
|
6,046,427
|
Total assets
|
$
|
6,470,033
|
$
|
6,296,151
|
Liabilities
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts
payable and accrued liabilities
|
$
|
11,861
|
$
|
13,935
|
Dividends
payable
|
|
67,687
|
|
-
|
Current
portion of performance share units
|
|
31,413
|
|
14,807
|
Current
portion of lease liabilities
|
|
830
|
|
813
|
Other
|
|
150
|
|
136
|
Total current
liabilities
|
$
|
111,941
|
$
|
29,691
|
Non-current liabilities
|
|
|
|
|
Lease
liabilities
|
|
1,868
|
|
2,060
|
Deferred
income taxes
|
|
121
|
|
100
|
Performance share units
|
|
3,759
|
|
11,498
|
Pension
liability
|
|
2,883
|
|
2,685
|
Total non-current
liabilities
|
$
|
8,631
|
$
|
16,343
|
Total
liabilities
|
$
|
120,572
|
$
|
46,034
|
Shareholders'
equity
|
|
|
|
|
Issued
capital
|
$
|
3,711,294
|
$
|
3,698,998
|
Reserves
|
|
44,304
|
|
47,036
|
Retained
earnings
|
|
2,593,863
|
|
2,504,083
|
Total shareholders'
equity
|
$
|
6,349,461
|
$
|
6,250,117
|
Total liabilities and
shareholders' equity
|
$
|
6,470,033
|
$
|
6,296,151
|
Condensed Interim Consolidated Statements of Cash
Flows
|
|
Three Months Ended
March 31
|
(US dollars in
thousands - unaudited)
|
|
2022
|
2021
|
Operating
activities
|
|
|
|
|
|
Net earnings
|
|
$
|
157,467
|
$
|
162,002
|
Adjustments
for
|
|
|
|
|
|
Depreciation and depletion
|
|
|
57,795
|
|
70,649
|
Interest expense
|
|
|
26
|
|
262
|
Equity settled stock based compensation
|
|
|
1,342
|
|
1,325
|
Performance share units
|
|
|
8,560
|
|
305
|
Pension expense
|
|
|
158
|
|
151
|
Income tax expense (recovery)
|
|
|
671
|
|
(502)
|
Loss (gain) on fair value adjustment of share purchase
warrants held
|
|
|
743
|
|
950
|
Fair value (gain) loss on convertible note
receivable
|
|
|
1,380
|
|
(1,238)
|
Investment income recognized in net earnings
|
|
|
(194)
|
|
(2)
|
Other
|
|
|
(1,514)
|
|
593
|
Change in non-cash
working capital
|
|
|
(15,918)
|
|
(1,972)
|
Cash generated from
operations before income taxes and interest
|
|
$
|
210,516
|
$
|
232,523
|
Income taxes recovered
(paid)
|
|
|
(32)
|
|
(30)
|
Interest
paid
|
|
|
(26)
|
|
(341)
|
Interest
received
|
|
|
82
|
|
2
|
Cash generated from
operating activities
|
|
$
|
210,540
|
$
|
232,154
|
Financing
activities
|
|
|
|
|
|
Bank debt
repaid
|
|
$
|
-
|
$
|
(195,000)
|
Share purchase options
exercised
|
|
|
5,772
|
|
4,793
|
Lease
payments
|
|
|
(200)
|
|
(214)
|
Cash (used for)
generated from financing activities
|
|
$
|
5,572
|
$
|
(190,421)
|
Investing
activities
|
|
|
|
|
|
Mineral stream
interests
|
|
$
|
(45,252)
|
$
|
(151,019)
|
Early deposit mineral
stream interests
|
|
|
(750)
|
|
(750)
|
Mineral royalty
interest
|
|
|
-
|
|
(3,561)
|
Acquisition of
long-term investments
|
|
|
(20,135)
|
|
-
|
Proceeds on disposal of
long-term investments
|
|
|
-
|
|
112,188
|
Dividends
received
|
|
|
112
|
|
-
|
Other
|
|
|
(36)
|
|
(134)
|
Cash (used for)
generated from investing activities
|
|
$
|
(66,061)
|
$
|
(43,276)
|
Effect of exchange rate
changes on cash and cash equivalents
|
|
$
|
67
|
$
|
22
|
Increase (decrease) in
cash and cash equivalents
|
|
$
|
150,118
|
$
|
(1,521)
|
Cash and cash
equivalents, beginning of period
|
|
|
226,045
|
|
192,683
|
Cash and cash
equivalents, end of period
|
|
$
|
376,163
|
$
|
191,162
|
Summary of Units Produced
|
Q1
2022
|
Q4
2021
|
Q3
2021
|
Q2
2021
|
Q1
2021
|
Q4
2020
|
Q3
2020
|
Q2
2020
|
Gold ounces produced
²
|
|
|
|
|
|
|
|
|
Salobo
|
44,883
|
48,235
|
55,205
|
55,590
|
46,622
|
62,854
|
63,408
|
59,104
|
Sudbury
3
|
6,395
|
4,379
|
148
|
4,563
|
7,004
|
6,659
|
3,798
|
9,257
|
Constancia
7
|
6,311
|
9,857
|
8,533
|
5,525
|
2,453
|
3,929
|
3,780
|
3,470
|
San Dimas
4, 7
|
10,461
|
13,714
|
11,936
|
11,478
|
10,491
|
11,652
|
9,228
|
6,074
|
Stillwater
5
|
2,497
|
2,664
|
2,949
|
2,962
|
3,041
|
3,290
|
3,176
|
3,222
|
Other
|
|
|
|
|
|
|
|
|
Minto
|
4,060
|
3,506
|
1,703
|
3,206
|
2,638
|
789
|
1,832
|
2,928
|
777 8
|
4,003
|
4,462
|
4,717
|
5,035
|
6,280
|
2,866
|
5,278
|
4,728
|
Marmato
|
477
|
479
|
433
|
1,713
|
-
|
-
|
-
|
-
|
Total Other
|
8,540
|
8,447
|
6,853
|
9,954
|
8,918
|
3,655
|
7,110
|
7,656
|
Total gold ounces
produced
|
79,087
|
87,296
|
85,624
|
90,072
|
78,529
|
92,039
|
90,500
|
88,783
|
Silver ounces produced
2
|
|
|
|
|
|
|
|
|
Peñasquito
7
|
2,219
|
2,145
|
2,180
|
2,026
|
2,202
|
2,014
|
1,992
|
967
|
Antamina
7
|
1,260
|
1,366
|
1,548
|
1,558
|
1,577
|
1,930
|
1,516
|
612
|
Constancia
7
|
506
|
578
|
521
|
468
|
406
|
478
|
430
|
254
|
Other
|
|
|
|
|
|
|
|
|
Los Filos 7
|
23
|
37
|
17
|
26
|
31
|
6
|
17
|
14
|
Zinkgruvan
|
577
|
482
|
658
|
457
|
420
|
515
|
498
|
389
|
Yauliyacu 7
|
637
|
382
|
372
|
629
|
737
|
454
|
679
|
273
|
Stratoni 9
|
-
|
129
|
18
|
164
|
165
|
185
|
156
|
148
|
Minto
|
45
|
44
|
25
|
33
|
21
|
16
|
15
|
19
|
Neves-Corvo
|
344
|
522
|
362
|
408
|
345
|
420
|
281
|
479
|
Aljustrel
|
287
|
325
|
314
|
400
|
474
|
440
|
348
|
388
|
Cozamin
|
186
|
213
|
199
|
183
|
230
|
-
|
-
|
-
|
Marmato
|
11
|
7
|
10
|
39
|
-
|
-
|
-
|
-
|
Keno Hill
|
20
|
30
|
44
|
55
|
27
|
-
|
-
|
-
|
777 8
|
91
|
96
|
81
|
83
|
130
|
51
|
96
|
108
|
Total Other
|
2,221
|
2,267
|
2,100
|
2,477
|
2,580
|
2,087
|
2,090
|
1,818
|
Total silver ounces
produced
|
6,206
|
6,356
|
6,349
|
6,529
|
6,765
|
6,509
|
6,028
|
3,651
|
Palladium ounces
produced ²
|
|
|
|
|
|
|
|
|
Stillwater
5
|
4,488
|
4,733
|
5,105
|
5,301
|
5,769
|
5,672
|
5,444
|
5,759
|
Cobalt pounds produced
²
|
|
|
|
|
|
|
|
|
Voisey's
Bay
|
234
|
381
|
370
|
380
|
1,162
¹⁰
|
-
|
-
|
-
|
GEOs produced
6
|
171,367
|
184,551
|
183,012
|
190,272
|
196,756
|
185,436
|
177,230
|
144,188
|
SEOs produced
6
|
12,853
|
13,841
|
13,726
|
14,270
|
14,757
|
13,908
|
13,292
|
10,814
|
Average payable rate
2
|
|
|
|
|
|
|
|
|
Gold
|
95.2%
|
96.0%
|
96.0%
|
95.8%
|
95.0%
|
95.2%
|
95.3%
|
94.7%
|
Silver
|
86.1%
|
86.0%
|
86.6%
|
86.9%
|
86.6%
|
86.3%
|
86.1%
|
81.9%
|
Palladium
|
92.7%
|
92.2%
|
94.5%
|
95.0%
|
91.6%
|
93.6%
|
94.0%
|
90.8%
|
Cobalt
|
93.3%
|
93.3%
|
93.3%
|
93.3%
|
93.3%
|
n.a.
|
n.a.
|
n.a.
|
GEO
6
|
90.6%
|
91.4%
|
91.3%
|
91.8%
|
90.7%
|
91.2%
|
91.2%
|
90.0%
|
1)
|
All figures in
thousands except gold and palladium ounces produced.
|
2)
|
Quantity produced
represent the amount of gold, silver, palladium and cobalt
contained in concentrate or doré prior to smelting or refining
deductions. Production figures and payable rates are based on
information provided by the operators of the mining operations to
which the mineral stream interests relate or management estimates
in those situations where other information is not available.
Certain production figures and payable rates may be updated in
future periods as additional information is
received.
|
3)
|
Comprised of the
Coleman, Copper Cliff, Garson, Creighton and Totten gold interests.
Operations at the Sudbury mines were suspended from June 1, 2021 to
August 9, 2021 as a result of a labour disruption by unionized
employees.
|
4)
|
Under the terms of the
San Dimas PMPA, the Company is entitled to an amount equal to 25%
of the payable gold production plus an additional amount of gold
equal to 25% of the payable silver production converted to gold at
a fixed gold to silver exchange ratio of 70:1 from the San Dimas
mine. If the average gold to silver price ratio decreases to less
than 50:1 or increases to more than 90:1 for a period of 6 months
or more, then the "70" shall be revised to "50" or "90", as the
case may be, until such time as the average gold to silver price
ratio is between 50:1 to 90:1 for a period of 6 months or more in
which event the "70" shall be reinstated. Effective April 1, 2020,
the fixed gold to silver exchange ratio was revised to 90:1, with
the 70:1 ratio being reinstated on October 15, 2020. For reference,
attributable silver production from prior periods is as follows:
Q1-2022 - 408,000 ounces; Q4-2021 - 544,000 ounces; Q3-2021 -
472,000 ounces; Q2-2021 - 467,000 ounces; Q1-2021 - 429,000 ounces;
Q4-2020 - 485,000 ounces; Q3-2020 - 420,000 ounces; Q2-2020 -
276,000 ounces.
|
5)
|
Comprised of the
Stillwater and East Boulder gold and palladium
interests.
|
6)
|
GEOs and SEOs, which
are provided to assist the reader, are based on the following
commodity price assumptions: $1,800 per ounce gold; $24.00 per
ounce silver; $2,100 per ounce palladium; and $33.00 per pound
cobalt; consistent with those used in estimating the Company's
production guidance for 2022.
|
7)
|
Operations at these
mines had been temporarily suspended during the second quarter of
2020 as a result of the COVID-19 pandemic. During the second half
of 2020, all of the operations were restarted. Additionally,
operations at Los Filos were suspended from September 3, 2020 to
December 23, 2020 as the result of an illegal road blockade by
members of the nearby Carrizalillo community and had been
temporarily suspended from June 22, 2021 to July 26, 2021 as the
result of illegal blockades by a group of unionized employees and
members of the Xochipala community.
|
8)
|
Operations at 777 were
temporarily suspended from October 11, 2020 to November 25, 2020 as
a result of an incident that occurred on October 9th during routine
maintenance of the hoist rope and skip.
|
9)
|
The Stratoni mine was
placed into care and maintenance during Q4-2021.
|
10)
|
Effective January 1,
2021, the Company was entitled to cobalt production from the
Voisey's Bay mine. As per the Voisey's Bay PMPA with Vale, Wheaton
is entitled to any cobalt processed at the Long Harbour Processing
Plant as of January 1, 2021, resulting in reported production in
the first quarter of 2021 including some material produced at the
Voisey's Bay mine in the previous quarter.
|
Summary of Units Sold
|
Q1
2022
|
Q4
2021
|
Q3
2021
|
Q2
2021
|
Q1
2021
|
Q4
2020
|
Q3
2020
|
Q2
2020
|
Gold ounces
sold
|
|
|
|
|
|
|
|
|
Salobo
|
42,513
|
47,171
|
35,185
|
57,296
|
51,423
|
53,197
|
59,584
|
68,487
|
Sudbury
2
|
3,712
|
965
|
1,915
|
6,945
|
3,691
|
7,620
|
7,858
|
7,414
|
Constancia
6
|
10,494
|
6,196
|
8,159
|
2,321
|
1,676
|
3,853
|
4,112
|
3,024
|
San Dimas
6
|
10,070
|
15,182
|
11,346
|
11,214
|
10,273
|
11,529
|
9,687
|
6,030
|
Stillwater
3
|
2,628
|
2,933
|
2,820
|
2,574
|
3,074
|
3,069
|
3,015
|
3,066
|
Other
|
|
|
|
|
|
|
|
|
Minto
|
3,695
|
2,462
|
1,907
|
2,359
|
2,390
|
1,540
|
-
|
-
|
777
|
4,388
|
4,290
|
5,879
|
5,694
|
2,577
|
5,435
|
5,845
|
4,783
|
Marmato
|
401
|
423
|
438
|
1,687
|
-
|
-
|
-
|
-
|
Total Other
|
8,484
|
7,175
|
8,224
|
9,740
|
4,967
|
6,975
|
5,845
|
4,783
|
Total gold ounces
sold
|
77,901
|
79,622
|
67,649
|
90,090
|
75,104
|
86,243
|
90,101
|
92,804
|
Silver ounces
sold
|
|
|
|
|
|
|
|
|
Peñasquito
6
|
2,188
|
1,818
|
2,210
|
1,844
|
2,174
|
1,417
|
1,799
|
1,917
|
Antamina
6
|
1,468
|
1,297
|
1,502
|
1,499
|
1,930
|
1,669
|
1,090
|
788
|
Constancia
6
|
644
|
351
|
484
|
295
|
346
|
442
|
415
|
254
|
Other
|
|
|
|
|
|
|
|
|
Los Filos 6
|
42
|
17
|
12
|
42
|
27
|
-
|
19
|
25
|
Zinkgruvan
|
355
|
346
|
354
|
355
|
293
|
326
|
492
|
376
|
Yauliyacu 6
|
44
|
551
|
182
|
601
|
1,014
|
15
|
580
|
704
|
Stratoni
|
133
|
42
|
41
|
167
|
117
|
169
|
134
|
77
|
Minto
|
31
|
27
|
24
|
29
|
26
|
20
|
-
|
-
|
Neves-Corvo
|
204
|
259
|
193
|
215
|
239
|
145
|
201
|
236
|
Aljustrel
|
145
|
133
|
155
|
208
|
257
|
280
|
148
|
252
|
Cozamin
|
177
|
174
|
170
|
168
|
173
|
-
|
-
|
-
|
Marmato
|
8
|
8
|
10
|
35
|
-
|
-
|
-
|
-
|
Keno Hill
|
27
|
24
|
51
|
33
|
12
|
-
|
-
|
-
|
777
|
87
|
69
|
99
|
109
|
49
|
93
|
121
|
100
|
Total
Other
|
1,253
|
1,650
|
1,291
|
1,962
|
2,207
|
1,048
|
1,695
|
1,770
|
Total silver ounces
sold
|
5,553
|
5,116
|
5,487
|
5,600
|
6,657
|
4,576
|
4,999
|
4,729
|
Palladium ounces
sold
|
|
|
|
|
|
|
|
|
Stillwater
3
|
4,075
|
4,641
|
5,703
|
3,869
|
5,131
|
4,591
|
5,546
|
4,976
|
Cobalt pounds
sold
|
|
|
|
|
|
|
|
|
Voisey's
Bay
|
511
|
228
|
131
|
395
|
132
|
-
|
-
|
-
|
GEOs sold
4
|
166,065
|
157,439
|
149,862
|
176,502
|
172,271
|
152,613
|
163,218
|
161,664
|
SEOs sold
4
|
12,455
|
11,808
|
11,240
|
13,238
|
12,920
|
11,446
|
12,241
|
12,125
|
Cumulative payable
units PBND 5
|
|
|
|
|
|
|
|
|
Gold
ounces
|
82,350
|
84,989
|
80,819
|
66,238
|
70,072
|
70,555
|
75,750
|
79,632
|
Silver
ounces
|
3,893
|
4,200
|
3,845
|
3,802
|
3,738
|
4,486
|
3,437
|
3,222
|
Palladium
ounces
|
5,535
|
5,629
|
5,619
|
6,822
|
5,373
|
5,597
|
4,616
|
4,883
|
Cobalt
pounds
|
550
|
596
|
637
|
777
|
820
|
-
|
-
|
-
|
GEO
4
|
150,794
|
158,477
|
150,317
|
139,145
|
141,206
|
136,894
|
126,968
|
128,291
|
SEO
4
|
11,310
|
11,886
|
11,274
|
10,436
|
10,590
|
10,267
|
9,523
|
9,622
|
Inventory on
hand
|
|
|
|
|
|
|
|
|
Cobalt
pounds
|
410
|
657
|
488
|
134
|
132
|
-
|
-
|
-
|
1)
|
All figures in
thousands except gold and palladium ounces sold.
|
2)
|
Comprised of the
Coleman, Copper Cliff, Garson, Creighton and Totten gold
interests.
|
3)
|
Comprised of the
Stillwater and East Boulder gold and palladium
interests.
|
4)
|
GEOs and SEOs, which
are provided to assist the reader, are based on the following
commodity price assumptions: $1,800 per ounce gold; $24.00 per
ounce silver; $2,100 per ounce palladium; and $33.00 per pound
cobalt; consistent with those used in estimating the Company's
production guidance for 2022.
|
5)
|
Payable gold, silver
and palladium ounces as well as cobalt pounds produced but not yet
delivered ("PBND") are based on management estimates. These figures
may be updated in future periods as additional information is
received.
|
6)
|
Operations at these
mines had been temporarily suspended during the second quarter of
2020 as a result of the COVID-19 pandemic. During the second half
of 2020, all of the operations were restarted.
|
Results of Operations
The operating results of the Company's reportable operating
segments are summarized in the tables and commentary below.
Three Months Ended
March 31, 2022
|
|
Units
Produced²
|
Units
Sold
|
Average
Realized
Price
($'s
Per Unit)
|
Average
Cash Cost
($'s Per
Unit) 3
|
Average
Depletion
($'s Per
Unit)
|
Sales
|
Net
Earnings
|
Cash Flow
From
Operations
|
Total
Assets
|
Gold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salobo
|
44,883
|
42,513
|
$
|
1,872
|
$
|
416
|
$
|
334
|
$
|
79,564
|
$
|
47,684
|
$
|
61,869
|
$
|
2,423,755
|
Sudbury
4
|
6,395
|
3,712
|
|
1,861
|
|
400
|
|
1,092
|
|
6,909
|
|
1,370
|
|
5,425
|
|
303,115
|
Constancia
|
6,311
|
10,494
|
|
1,872
|
|
412
|
|
271
|
|
19,641
|
|
12,471
|
|
15,482
|
|
100,944
|
San
Dimas
|
10,461
|
10,070
|
|
1,872
|
|
618
|
|
260
|
|
18,846
|
|
10,008
|
|
12,621
|
|
164,110
|
Stillwater
|
2,497
|
2,628
|
|
1,872
|
|
329
|
|
429
|
|
4,918
|
|
2,926
|
|
4,054
|
|
218,657
|
Other
5
|
8,540
|
8,484
|
|
1,862
|
|
771
|
|
25
|
|
15,797
|
|
9,048
|
|
8,822
|
|
404,729
|
|
79,087
|
77,901
|
$
|
1,870
|
$
|
477
|
$
|
321
|
$
|
145,675
|
$
|
83,507
|
$
|
108,273
|
$
|
3,615,310
|
Silver
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Peñasquito
|
2,219
|
2,188
|
$
|
24.10
|
$
|
4.36
|
$
|
3.57
|
$
|
52,727
|
$
|
35,387
|
$
|
43,188
|
$
|
314,217
|
Antamina
|
1,260
|
1,468
|
|
24.09
|
|
4.94
|
|
7.06
|
|
35,359
|
|
17,747
|
|
27,759
|
|
569,691
|
Constancia
|
506
|
644
|
|
24.10
|
|
6.08
|
|
6.33
|
|
15,513
|
|
7,526
|
|
11,913
|
|
201,811
|
Other
6
|
2,221
|
1,253
|
|
24.52
|
|
6.07
|
|
3.45
|
|
30,733
|
|
18,797
|
|
23,874
|
|
589,875
|
|
6,206
|
5,553
|
$
|
24.19
|
$
|
5.10
|
$
|
4.78
|
$
|
134,332
|
$
|
79,457
|
$
|
106,734
|
$
|
1,675,594
|
Palladium
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stillwater
|
4,488
|
4,075
|
$
|
2,339
|
$
|
394
|
$
|
399
|
$
|
9,533
|
$
|
6,303
|
$
|
7,930
|
$
|
231,203
|
Platinum
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marathon
|
-
|
-
|
$
|
n.a.
|
$
|
n.a.
|
$
|
n.a.
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
4,820
|
Cobalt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voisey's
Bay
|
234
|
511
|
$
|
34.61
|
$
|
5.76
|
$
|
8.17
|
$
|
17,704
|
$
|
10,581
|
$
|
3,263
|
$
|
367,957
|
Operating
results
|
|
|
|
|
|
|
|
$
|
307,244
|
$
|
179,848
|
$
|
226,200
|
$
|
5,894,884
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General
and administrative
|
|
|
|
|
|
|
|
|
|
$
|
(9,403)
|
$
|
(15,128)
|
|
|
Share
based compensation
|
|
|
|
|
|
|
|
|
|
|
(9,902)
|
|
-
|
|
|
Donations
& community investments
|
|
|
|
|
|
|
|
|
|
|
(813)
|
|
(430)
|
|
|
Finance
costs
|
|
|
|
|
|
|
|
|
|
|
|
(1,422)
|
|
(1,077)
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
(170)
|
|
1,007
|
|
|
Income
tax
|
|
|
|
|
|
|
|
|
|
|
|
(671)
|
|
(32)
|
|
|
Total other
|
|
|
|
|
|
|
|
|
$
|
(22,381)
|
$
|
(15,660)
|
$
|
575,149
|
|
|
|
|
|
|
|
|
|
|
|
$
|
157,467
|
$
|
210,540
|
$
|
6,470,033
|
1)
|
Units of gold, silver
and palladium produced and sold are reported in ounces, while
cobalt is reported in pounds. All figures in thousands except gold
and palladium ounces produced and sold and per unit
amounts.
|
2)
|
Quantity produced
represent the amount of gold, silver, palladium and cobalt
contained in concentrate or doré prior to smelting or refining
deductions. Production figures are based on information provided by
the operators of the mining operations to which the mineral stream
interests relate or management estimates in those situations where
other information is not available. Certain production figures may
be updated in future periods as additional information is
received.
|
3)
|
Refer to discussion on
non-IFRS measure (iii) at the end of this press release.
|
4)
|
Comprised of the
operating Coleman, Copper Cliff, Garson, Creighton and Totten gold
interests and the non-operating Stobie and Victor gold
interests.
|
5)
|
Comprised of the
operating 777, Minto and Marmato gold interests as well as the
non-operating Rosemont, Santo Domingo, Blackwater, Fenix, Goose,
Marathon and Curipamba gold interests.
|
6)
|
Comprised of the Los
Filos, Zinkgruvan, Yauliyacu, Stratoni, Neves-Corvo, Aljustrel,
Minto, Keno Hill, Cozamin, Marmato and 777 silver interests as well
as the non-operating Loma de La Plata, Pascua-Lama, Rosemont,
Blackwater and Curipamba silver interests. The Stratoni mine was
placed into care and maintenance during Q4-2021.
|
On a gold equivalent and silver equivalent basis, results for
the Company for the three months ended March
31, 2022 were as follows:
Three Months Ended
March 31, 2022
|
|
Ounces
Produced 1, 2
|
Ounces
Sold 2
|
Average
Realized
Price
($'s Per
Ounce)
|
Average
Cash Cost
($'s Per
Ounce) 3
|
Cash
Operating
Margin
($'s Per
Ounce) 4
|
Average
Depletion
($'s Per
Ounce)
|
Gross
Margin
($'s Per
Ounce)
|
Gold equivalent basis
5
|
171,367
|
166,065
|
$
1,850
|
$
421
|
$
1,429
|
$
346
|
$
1,083
|
Silver equivalent basis
5
|
12,853
|
12,455
|
$
24.67
|
$
5.62
|
$
19.05
|
$
4.61
|
$
14.44
|
1)
|
Quantity produced
represent the amount of gold, silver, palladium and cobalt
contained in concentrate or doré prior to smelting or refining
deductions. Production figures are based on information provided by
the operators of the mining operations to which the mineral stream
interests relate or management estimates in those situations where
other information is not available. Certain production figures may
be updated in future periods as additional information is
received.
|
2)
|
Silver ounces produced
and sold in thousands.
|
3)
|
Refer to discussion on
non-IFRS measure (iii) at the end of this press release.
|
4)
|
Refer to discussion on
non-IFRS measure (iv) at the end of this press release.
|
5)
|
GEOs and SEOs, which
are provided to assist the reader, are based on the following
commodity price assumptions: $1,800 per ounce gold; $24.00 per
ounce silver; $2,100 per ounce palladium; and $33.00 per pound
cobalt; consistent with those used in estimating the Company's
production guidance for 2022.
|
Three Months Ended
March 31, 2021
|
|
Units
Produced²
|
Units
Sold
|
Average
Realized
Price
($'s
Per Unit)
|
Average
Cash Cost
($'s Per
Unit) 3
|
Average
Depletion
($'s Per
Unit)
|
Sales
|
Net
Earnings
|
Cash Flow
From
Operations
|
Total
Assets
|
Gold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salobo
|
46,622
|
51,423
|
$
|
1,796
|
$
|
412
|
$
|
374
|
$
|
92,356
|
$
|
51,946
|
$
|
71,163
|
$
|
2,490,127
|
Sudbury
4
|
7,004
|
3,691
|
|
1,812
|
|
400
|
|
1,024
|
|
6,688
|
|
1,431
|
|
5,219
|
|
317,235
|
Constancia
|
2,453
|
1,676
|
|
1,796
|
|
408
|
|
315
|
|
3,010
|
|
1,798
|
|
2,326
|
|
105,041
|
San
Dimas
|
10,491
|
10,273
|
|
1,796
|
|
612
|
|
322
|
|
18,450
|
|
8,851
|
|
12,162
|
|
178,891
|
Stillwater
|
3,041
|
3,074
|
|
1,796
|
|
329
|
|
397
|
|
5,521
|
|
3,290
|
|
4,510
|
|
223,090
|
Other
5
|
8,918
|
4,967
|
|
1,812
|
|
629
|
|
-
|
|
9,000
|
|
5,878
|
|
5,855
|
|
7,591
|
|
78,529
|
75,104
|
$
|
1,798
|
$
|
450
|
$
|
374
|
$
|
135,025
|
$
|
73,194
|
$
|
101,235
|
$
|
3,321,975
|
Silver
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Peñasquito
|
2,202
|
2,174
|
$
|
26.21
|
$
|
4.29
|
$
|
3.55
|
$
|
56,983
|
$
|
39,940
|
$
|
47,655
|
$
|
342,857
|
Antamina
|
1,577
|
1,930
|
|
26.21
|
|
5.18
|
|
7.53
|
|
50,581
|
|
26,058
|
|
40,591
|
|
612,401
|
Constancia
|
406
|
346
|
|
26.21
|
|
6.02
|
|
7.56
|
|
9,072
|
|
4,372
|
|
6,988
|
|
214,428
|
Other
6
|
2,580
|
2,207
|
|
25.95
|
|
9.41
|
|
6.30
|
|
57,247
|
|
22,589
|
|
39,098
|
|
612,237
|
|
6,765
|
6,657
|
$
|
26.12
|
$
|
6.33
|
$
|
5.82
|
$
|
173,883
|
$
|
92,959
|
$
|
134,332
|
$
|
1,781,923
|
Palladium
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stillwater
|
5,769
|
5,131
|
$
|
2,392
|
$
|
427
|
$
|
442
|
$
|
12,275
|
$
|
7,813
|
$
|
10,084
|
$
|
239,118
|
Cobalt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voisey's
Bay
|
1,162
|
132
|
$
|
22.19
|
$
|
4.98
|
$
|
8.17
|
$
|
2,936
|
$
|
1,197
|
$
|
(966)
|
$
|
225,348
|
Operating
results
|
|
|
|
|
|
|
|
$
|
324,119
|
$
|
175,163
|
$
|
244,685
|
$
|
5,568,364
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General
and administrative
|
|
|
|
|
|
|
|
|
|
$
|
(9,735)
|
$
|
(12,664)
|
|
|
Share
based compensation
|
|
|
|
|
|
|
|
|
|
|
(1,630)
|
|
-
|
|
|
Donations
& community investments
|
|
|
|
|
|
|
|
|
|
|
(606)
|
|
(498)
|
|
|
Finance
costs
|
|
|
|
|
|
|
|
|
|
|
|
(1,573)
|
|
(1,229)
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
(119)
|
|
1,890
|
|
|
Income
tax
|
|
|
|
|
|
|
|
|
|
|
|
502
|
|
(30)
|
|
|
Total other
|
|
|
|
|
|
|
|
|
$
|
(13,161)
|
$
|
(12,531)
|
$
|
360,048
|
|
|
|
|
|
|
|
|
|
|
|
$
|
162,002
|
$
|
232,154
|
$
|
5,928,412
|
1)
|
Units of gold, silver
and palladium produced and sold are reported in ounces, while
cobalt is reported in pounds. All figures in thousands gold and
palladium ounces produced and sold and per unit amounts.
|
2)
|
Quantity produced
represent the amount of gold, silver, palladium and cobalt
contained in concentrate or doré prior to smelting or refining
deductions. Production figures are based on information provided by
the operators of the mining operations to which the mineral stream
interests relate or management estimates in those situations where
other information is not available. Certain production figures may
be updated in future periods as additional information is
received.
|
3)
|
Refer to discussion on
non-IFRS measure (iii) at the end of this press release.
|
4)
|
Comprised of the
operating Coleman, Copper Cliff, Garson, Creighton and Totten gold
interests as well as the non-operating Stobie and Victor gold
interests.
|
5)
|
Comprised of the
operating Minto, 777 and Marmato gold interests as well as the
non-operating Rosemont gold interest.
|
6)
|
Comprised of the
operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Neves-Corvo,
Aljustrel, Minto, Keno Hill, 777, Marmato and Cozamin silver
interests as well as the non-operating Loma de La Plata,
Pascua-Lama and Rosemont silver interests.
|
On a gold equivalent and silver equivalent basis, results for
the Company for the three months ended March
31, 2021 were as follows:
Three Months Ended
March 31, 2021
|
|
Ounces
Produced 1, 2
|
Ounces
Sold 2
|
Average
Realized
Price
($'s Per
Ounce)
|
Average
Cash Cost
($'s Per
Ounce) 3
|
Cash
Operating
Margin
($'s Per
Ounce) 4
|
Average
Depletion
($'s Per
Ounce)
|
Gross
Margin
($'s Per
Ounce)
|
Gold equivalent basis
5
|
196,756
|
172,271
|
$
1,881
|
$
457
|
$
1,424
|
$
407
|
$
1,017
|
Silver equivalent basis
5
|
14,757
|
12,920
|
$
25.09
|
$
6.10
|
$
18.99
|
$
5.43
|
$
13.56
|
1)
|
Quantity produced
represent the amount of gold, silver, palladium and cobalt
contained in concentrate or doré prior to smelting or refining
deductions. Production figures are based on information provided by
the operators of the mining operations to which the mineral stream
interests relate or management estimates in those situations where
other information is not available. Certain production figures may
be updated in future periods as additional information is
received.
|
2)
|
Silver ounces produced
and sold in thousands.
|
3)
|
Refer to discussion on
non-IFRS measure (iii) at the end of this press release.
|
4)
|
Refer to discussion on
non-IFRS measure (iv) at the end of this press release.
|
5)
|
GEOs and SEOs, which
are provided to assist the reader, are based on the following
commodity price assumptions: $1,800 per ounce gold; $24.00 per
ounce silver; $2,100 per ounce palladium; and $33.00 per pound
cobalt; consistent with those used in estimating the Company's
production guidance for 2022.
|
Non-IFRS Measures
Wheaton has included,
throughout this document, certain non-IFRS performance measures,
including (i) adjusted net earnings and adjusted net earnings per
share; (ii) operating cash flow per share (basic and diluted);
(iii) average cash costs of gold, silver and palladium on a per
ounce basis and cobalt on a per pound basis, with the Company
receiving its first deliveries of cobalt from Voisey's Bay during
the first quarter of 2021; and (iv) cash operating margin. The
Company has removed the non-IFRS measure associated with net debt
as Wheaton fully repaid its debt during the first quarter of
2021.
|
|
i.
|
Adjusted net earnings
and adjusted net earnings per share are calculated by removing the
effects of non-cash impairment charges (reversals) (if any),
non-cash fair value (gains) losses and other one-time (income)
expenses as well as the reversal of non-cash income tax expense
(recovery) which is offset by income tax expense (recovery)
recognized in the Statements of Shareholders' Equity and OCI,
respectively. The Company believes that, in addition to
conventional measures prepared in accordance with IFRS, management
and certain investors use this information to evaluate the
Company's performance.
|
|
|
|
The following table
provides a reconciliation of adjusted net earnings and adjusted net
earnings per share (basic and diluted).
|
|
Three Months Ended
March 31
|
(in thousands, except
for per share amounts)
|
|
2022
|
|
2021
|
Net earnings
|
|
$
|
157,467
|
|
$
|
162,002
|
Add back
(deduct):
|
|
|
|
|
|
|
(Gain)
loss on fair value adjustment of share purchase warrants
held
|
|
|
743
|
|
|
950
|
(Gain)
loss on fair value adjustment of convertible notes
receivable
|
|
|
1,380
|
|
|
(1,238)
|
Income
tax expense (recovery) recognized in the Statement of Shareholders'
Equity
|
|
|
793
|
|
|
1,568
|
Income
tax expense (recovery) recognized in the Statement of
OCI
|
|
|
(194)
|
|
|
(2,137)
|
Other
|
|
|
(2,182)
|
|
|
(13)
|
Adjusted net
earnings
|
|
$
|
158,007
|
|
$
|
161,132
|
Divided by:
|
|
|
|
|
|
|
Basic
weighted average number of shares outstanding
|
|
|
450,915
|
|
|
449,509
|
Diluted
weighted average number of shares outstanding
|
|
|
451,953
|
|
|
450,600
|
Equals:
|
|
|
|
|
|
|
Adjusted
earnings per share - basic
|
|
$
|
0.350
|
|
$
|
0.358
|
Adjusted
earnings per share - diluted
|
|
$
|
0.350
|
|
$
|
0.358
|
ii.
|
Operating cash flow per
share (basic and diluted) is calculated by dividing cash generated
by operating activities by the weighted average number of shares
outstanding (basic and diluted). The Company presents operating
cash flow per share as management and certain investors use this
information to evaluate the Company's performance in comparison to
other companies in the precious metal mining industry who present
results on a similar basis.
|
|
|
|
The following table
provides a reconciliation of operating cash flow per share (basic
and diluted).
|
|
Three Months Ended
March 31
|
(in thousands, except
for per share amounts)
|
|
2022
|
|
2021
|
Cash generated by
operating activities
|
|
$
|
210,540
|
|
$
|
232,154
|
Divided by:
|
|
|
|
|
|
|
Basic
weighted average number of shares outstanding
|
|
|
450,915
|
|
|
449,509
|
Diluted
weighted average number of shares outstanding
|
|
|
451,953
|
|
|
450,600
|
Equals:
|
|
|
|
|
|
|
Operating
cash flow per share - basic
|
|
$
|
0.467
|
|
$
|
0.516
|
Operating
cash flow per share - diluted
|
|
$
|
0.466
|
|
$
|
0.515
|
iii.
|
Average cash cost of
gold, silver and palladium on a per ounce basis and cobalt on a per
pound basis is calculated by dividing the total cost of sales, less
depletion, by the ounces or pounds sold. In the precious metal
mining industry, this is a common performance measure but does not
have any standardized meaning prescribed by IFRS. In addition to
conventional measures prepared in accordance with IFRS, management
and certain investors use this information to evaluate the
Company's performance and ability to generate cash flow.
|
|
|
|
The following table
provides a calculation of average cash cost of gold, silver and
palladium on a per ounce basis and cobalt on a per pound
basis.
|
|
Three Months Ended
March 31
|
(in thousands, except
for gold and palladium ounces sold and per unit amounts)
|
|
2022
|
|
2021
|
Cost of
sales
|
|
$
|
127,396
|
|
$
|
148,956
|
Less:
depletion
|
|
|
(57,402)
|
|
|
(70,173)
|
Cash cost of
sales
|
|
$
|
69,994
|
|
$
|
78,783
|
Cash cost of sales is
comprised of:
|
|
|
|
|
|
|
Total cash
cost of gold sold
|
|
$
|
37,133
|
|
$
|
33,774
|
Total cash
cost of silver sold
|
|
|
28,314
|
|
|
42,160
|
Total cash
cost of palladium sold
|
|
|
1,603
|
|
|
2,191
|
Total cash
cost of cobalt sold
|
|
|
2,944
|
|
|
658
|
Total cash cost of
sales
|
|
$
|
69,994
|
|
$
|
78,783
|
Divided by:
|
|
|
|
|
|
|
Total gold
ounces sold
|
|
|
77,901
|
|
|
75,104
|
Total
silver ounces sold
|
|
|
5,553
|
|
|
6,657
|
Total
palladium ounces sold
|
|
|
4,075
|
|
|
5,131
|
Total
cobalt pounds sold
|
|
|
511
|
|
|
132
|
Equals:
|
|
|
|
|
|
|
Average
cash cost of gold (per ounce)
|
|
$
|
477
|
|
$
|
450
|
Average cash cost of
silver (per ounce)
|
|
$
|
5.10
|
|
$
|
6.33
|
Average cash cost of
palladium (per ounce)
|
|
$
|
394
|
|
$
|
427
|
Average cash cost of
cobalt (per pound)
|
|
$
|
5.76
|
|
$
|
4.98
|
iv.
|
Cash operating margin
is calculated by subtracting the average cash cost of gold, silver
and palladium on a per ounce basis and cobalt on a per pound basis
from the average realized selling price of gold, silver and
palladium on a per ounce basis and cobalt on a per pound basis. The
Company presents cash operating margin as management and certain
investors use this information to evaluate the Company's
performance in comparison to other companies in the precious metal
mining industry who present results on a similar basis as well as
to evaluate the Company's ability to generate cash
flow.
|
|
|
|
The following table
provides a reconciliation of cash operating margin.
|
|
Three Months Ended
March 31
|
(in thousands, except
for gold and palladium ounces sold and per unit amounts)
|
|
2022
|
|
2021
|
Total sales:
|
|
|
|
|
|
|
Gold
|
|
$
|
145,675
|
|
$
|
135,025
|
Silver
|
|
$
|
134,332
|
|
$
|
173,883
|
Palladium
|
|
$
|
9,533
|
|
$
|
12,275
|
Cobalt
|
|
$
|
17,704
|
|
$
|
2,936
|
Divided by:
|
|
|
|
|
|
|
Total gold
ounces sold
|
|
|
77,901
|
|
|
75,104
|
Total
silver ounces sold
|
|
|
5,553
|
|
|
6,657
|
Total
palladium ounces sold
|
|
|
4,075
|
|
|
5,131
|
Total
cobalt pounds sold
|
|
|
511
|
|
|
132
|
Equals:
|
|
|
|
|
|
|
Average
realized price of gold (per ounce)
|
|
$
|
1,870
|
|
$
|
1,798
|
Average
realized price of silver (per ounce)
|
|
$
|
24.19
|
|
$
|
26.12
|
Average
realized price of palladium (per ounce)
|
|
$
|
2,339
|
|
$
|
2,392
|
Average
realized price of cobalt (per pound)
|
|
$
|
34.61
|
|
$
|
22.19
|
Less:
|
|
|
|
|
|
|
Average
cash cost of gold 1 (per ounce)
|
|
$
|
(477)
|
|
$
|
(450)
|
Average
cash cost of silver 1 (per ounce)
|
|
$
|
(5.10)
|
|
$
|
(6.33)
|
Average
cash cost of palladium 1 (per ounce)
|
|
$
|
(394)
|
|
$
|
(427)
|
Average
cash cost of cobalt 1 (per pound)
|
|
$
|
(5.76)
|
|
$
|
(4.98)
|
Equals:
|
|
|
|
|
|
|
Cash
operating margin per gold ounce sold
|
|
$
|
1,393
|
|
$
|
1,348
|
As
a percentage of realized price of gold
|
|
|
74%
|
|
|
75%
|
Cash
operating margin per silver ounce sold
|
|
$
|
19.09
|
|
$
|
19.79
|
As
a percentage of realized price of silver
|
|
|
79%
|
|
|
76%
|
Cash
operating margin per palladium ounce sold
|
|
$
|
1,945
|
|
$
|
1,965
|
As
a percentage of realized price of palladium
|
|
|
83%
|
|
|
82%
|
Cash
operating margin per cobalt pound sold
|
|
$
|
28.85
|
|
$
|
17.21
|
As
a percentage of realized price of cobalt
|
|
|
83%
|
|
|
78%
|
1) Please refer to
non-IFRS measure (iii), above.
|
These non-IFRS measures
do not have any standardized meaning prescribed by IFRS, and other
companies may calculate these measures differently. The
presentation of these non-IFRS measures is intended to provide
additional information and should not be considered in isolation or
as a substitute for measures of performance prepared in accordance
with IFRS. For more detailed information, please refer to Wheaton's
MD&A available on the Company's website at www.wheatonpm.com
and posted on SEDAR at www.sedar.com.
|
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and "forward-looking information" within the
meaning of applicable Canadian securities legislation concerning
the business, operations and financial performance of Wheaton and,
in some instances, the business, mining operations and performance
of Wheaton's PMPA counterparties. Forward-looking statements, which
are all statements other than statements of historical fact,
include, but are not limited to, statements with respect to the
future price of commodities, the estimation of future production
from Mining Operations (including in the estimation of production,
mill throughput, grades, recoveries and exploration potential), the
estimation of mineral reserves and mineral resources (including the
estimation of reserve conversion rates) and the realization of such
estimations, the commencement, timing and achievement of
construction, expansion or improvement projects by Wheaton's PMPA
counterparties at mineral stream interests owned by Wheaton (the
"Mining Operations"), the payment of upfront cash consideration to
counterparties under PMPAs, the satisfaction of each party's
obligations in accordance with PMPAs and royalty arrangements and
the receipt by the Company of precious metals and cobalt production
in respect of the applicable Mining Operations under PMPAs or other
payments under royalty arrangements, the ability of Wheaton's PMPA
counterparties to comply with the terms of a PMPA (including as a
result of the business, mining operations and performance of
Wheaton's PMPA counterparties) and the potential impacts of such on
Wheaton, future payments by the Company in accordance with PMPAs,
the costs of future production, the estimation of produced but not
yet delivered ounces, the impact of epidemics (including the
COVID-19 virus pandemic), including the potential heightening of
other risks, future sales of common shares under the ATM program,
continued listing of the Company's common shares, any statements as
to future dividends, the ability to fund outstanding commitments
and the ability to continue to acquire accretive PMPAs, including
any acceleration of payments, projected increases to Wheaton's
production and cash flow profile, projected changes to Wheaton's
production mix, the ability of Wheaton's PMPA counterparties to
comply with the terms of any other obligations under agreements
with the Company, the ability to sell precious metals and cobalt
production, confidence in the Company's business structure, the
Company's assessment of taxes payable and the impact of the CRA
Settlement for years subsequent to 2010, possible domestic audits
for taxation years subsequent to 2016 and international audits, the
Company's assessment of the impact of any tax
reassessments, the Company's intention to file future tax
returns in a manner consistent with the CRA Settlement, the
Company's climate change and environmental commitments, and
assessments of the impact and resolution of various legal and tax
matters, including but not limited to audits. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "projects", "intends", "anticipates" or "does not
anticipate", or "believes", "potential", or variations of such
words and phrases or statements that certain actions, events or
results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved". Forward-looking statements are subject to
known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or
achievements of Wheaton to be materially different from those
expressed or implied by such forward-looking statements, including
but not limited to the satisfaction of each party's obligations in
accordance with the terms of the Company's PMPAs or royalty
arrangements, risks associated with fluctuations in the price of
commodities (including Wheaton's ability to sell its precious
metals or cobalt production at acceptable prices or at all), risks
of significant impacts on Wheaton or the Mining Operations as a
result of an epidemic (including the COVID-19 virus pandemic),
risks related to the Mining Operations (including fluctuations in
the price of the primary or other commodities mined at such
operations, regulatory, political and other risks of the
jurisdictions in which the Mining Operations are located, actual
results of mining, risks associated with the exploration,
development, operating, expansion and improvement of the Mining
Operations, environmental and economic risks of the Mining
Operations, and changes in project parameters as plans continue to
be refined), the absence of control over the Mining Operations and
having to rely on the accuracy of the public disclosure and other
information Wheaton receives from the Mining Operations,
uncertainty in the estimation of production from Mining Operations,
uncertainty in the accuracy of mineral reserve and mineral resource
estimation, the ability of each party to satisfy their obligations
in accordance with the terms of the PMPAs, the estimation of future
production from Mining Operations, Wheaton's interpretation of,
compliance with or application of, tax laws and regulations or
accounting policies and rules being found to be incorrect, any
challenge or reassessment by the CRA of the Company's tax filings
being successful and the potential negative impact to the Company's
previous and future tax filings, assessing the impact of the CRA
Settlement for years subsequent to 2010 (including whether there
will be any material change in the Company's facts or change in law
or jurisprudence), potential implementation of a 15% global minimum
tax, counterparty credit and liquidity, mine operator
concentration, indebtedness and guarantees, hedging, competition,
claims and legal proceedings against Wheaton or the Mining
Operations, security over underlying assets, governmental
regulations, international operations of Wheaton and the Mining
Operations, exploration, development, operations, expansions and
improvements at the Mining Operations, environmental regulations,
climate change, Wheaton and the Mining Operations ability to obtain
and maintain necessary licenses, permits, approvals and rulings,
Wheaton and the Mining Operations ability to comply with applicable
laws, regulations and permitting requirements, lack of suitable
supplies, infrastructure and employees to support the Mining
Operations, inability to replace and expand mineral reserves,
including anticipated timing of the commencement of production by
certain Mining Operations (including increases in production,
estimated grades and recoveries), uncertainties of title and
indigenous rights with respect to the Mining Operations,
environmental, social and governance matters, Wheaton and the
Mining Operations ability to obtain adequate financing, the Mining
Operations ability to complete permitting, construction,
development and expansion, global financial conditions, Wheaton's
acquisition strategy and other risks discussed in the section
entitled "Description of the Business – Risk Factors" in Wheaton's
Annual Information Form available on SEDAR at www.sedar.com,
Wheaton's Form 40-F for the year ended December 31, 2021 and Form 6-K filed March 31, 2022 both on file with the U.S.
Securities and Exchange Commission on EDGAR (the "Disclosure").
Forward-looking statements are based on assumptions management
currently believes to be reasonable, including (without
limitation): that there will be no material adverse change in the
market price of commodities, that the Mining Operations will
continue to operate and the mining projects will be completed in
accordance with public statements and achieve their stated
production estimates, that the mineral reserves and mineral
resource estimates from Mining Operations (including reserve
conversion rates) are accurate, that each party will satisfy their
obligations in accordance with the PMPAs, that Wheaton will
continue to be able to fund or obtain funding for outstanding
commitments, that Wheaton will be able to source and obtain
accretive PMPAs, that neither Wheaton nor the Mining Operations
will suffer significant impacts as a result of an epidemic
(including the COVID-19 virus pandemic), that any outbreak or
threat of an outbreak of a virus or other contagions or epidemic
disease will be adequately responded to locally, nationally,
regionally and internationally, without such response requiring any
prolonged closure of the Mining Operations or having other material
adverse effects on the Company and counterparties to its PMPAs,
that the trading of the Company's common shares will not be
adversely affected by the differences in liquidity, settlement and
clearing systems as a result of multiple listings of the Common
Shares on the LSE, the TSX and the NYSE, that the trading of the
Company's common shares will not be suspended, and that the net
proceeds of sales of common shares, if any, will be used as
anticipated, that expectations regarding the resolution of legal
and tax matters will be achieved (including ongoing CRA audits
involving the Company), that Wheaton has properly considered the
interpretation and application of Canadian tax law to its structure
and operations, that Wheaton has filed its tax returns and paid
applicable taxes in compliance with Canadian tax law, that
Wheaton's application of the CRA Settlement for years subsequent to
2010 is accurate (including the Company's assessment that there
will be no material change in the Company's facts or change in law
or jurisprudence for years subsequent to 2010), and such other
assumptions and factors as set out in the Disclosure. There can be
no assurance that forward-looking statements will prove to be
accurate and even if events or results described in the
forward-looking statements are realized or substantially realized,
there can be no assurance that they will have the expected
consequences to, or effects on, Wheaton. Readers should not place
undue reliance on forward-looking statements and are cautioned that
actual outcomes may vary. The forward-looking statements included
herein are for the purpose of providing readers with information to
assist them in understanding Wheaton's expected financial and
operational performance and may not be appropriate for other
purposes. Any forward looking statement speaks only as of the date
on which it is made, reflects Wheaton's management's current
beliefs based on current information and will not be updated except
in accordance with applicable securities laws. Although Wheaton has
attempted to identify important factors that could cause actual
results, level of activity, performance or achievements to differ
materially from those contained in forward‑looking statements,
there may be other factors that cause results, level of activity,
performance or achievements not to be as anticipated, estimated or
intended.
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SOURCE Wheaton Precious Metals Corp.