TSX | NYSE | LSE: WPM
Designated News Release
SECOND QUARTER 2021 FINANCIAL RESULTS
VANCOUVER, BC, Aug. 12, 2021 /CNW/ - "Wheaton once again
delivered strong results in the second quarter and remains well on
track to achieve 2021 guidance of 720,000 to 780,000 gold
equivalent ounces. With record sales volumes in the first half of
2021, Wheaton generated both record revenue and cash flow of
$655 million and $449 million, respectively. This solid
performance reflects the underlying strength of our diversified,
high-quality portfolio, and has resulted in an increase to our
dividend for the fourth quarter in a row, an increase of 50% over
the prior year," said Randy
Smallwood, President and Chief Executive Officer of Wheaton
Precious Metals Corp. "We continue to remain extremely active
on the corporate development front, closing the previously
announced precious metals stream on Capstone's Santo Domingo project and subsequent to the
quarter, entering into an agreement on a new precious metals stream
on Rio2's Fenix Gold project in Chile. In addition, we remain committed to
sustainability and are proud to have published our annual
sustainability report in the second quarter, highlighting our focus
on delivering value to all of our stakeholders."
Second Quarter 2021 Highlights:
- $216 million in operating cash
flow during the second quarter.
- Record quarterly revenue of $330
million during the second quarter.
- Gold equivalent production2 increased over 32%
relative to Q2 2020.
- Declared quarterly dividend1 of $0.15 per common share representing the fourth
quarterly dividend increase in a row and a 50% increase relative to
Q2 2020.
- Initial gold and silver production from the Pampacancha deposit
at the Constancia mine.
- First gold and silver deliveries from the Marmato mine.
- Inaugural cobalt production from Voisey's Bay underground
extension.
Operational Overview
(all figures in US
dollars unless otherwise noted)
|
|
Q2 2021
|
|
Q2 2020
|
Change
|
Units
produced
|
|
|
|
|
|
Gold ounces
|
|
90,290
|
|
88,783
|
1.7 %
|
Silver
ounces
|
|
6,720
|
|
3,651
|
84.1 %
|
Palladium
ounces
|
|
5,301
|
|
5,759
|
(8.0)%
|
Cobalt
pounds
|
|
379,757
|
|
-
|
n.a.
|
Gold equivalent ounces
2
|
|
194,140
|
|
146,857
|
32.2 %
|
Units
sold
|
|
|
|
|
|
Gold ounces
|
|
90,090
|
|
92,804
|
(2.9)%
|
Silver
ounces
|
|
5,600
|
|
4,729
|
18.4 %
|
Palladium
ounces
|
|
3,869
|
|
4,976
|
(22.2)%
|
Cobalt
pounds
|
|
394,623
|
|
-
|
n.a.
|
Gold equivalent ounces
2
|
|
176,700
|
|
164,844
|
7.2 %
|
Revenue
|
$
|
330,393
|
$
|
247,954
|
33.2 %
|
Net
earnings
|
$
|
166,124
|
$
|
105,812
|
57.0 %
|
Per share
|
$
|
0.369
|
$
|
0.236
|
56.4 %
|
Adjusted net
earnings 1
|
$
|
161,626
|
$
|
97,354
|
66.0 %
|
Per share
1
|
$
|
0.359
|
$
|
0.217
|
65.4 %
|
Operating cash
flows
|
$
|
216,415
|
$
|
151,793
|
42.6 %
|
Per share
1
|
$
|
0.481
|
$
|
0.338
|
42.3 %
|
All amounts in
thousands except gold, palladium & gold equivalent ounces and
cobalt pounds produced & sold, per ounce/pound amounts &
per share amounts.
|
Subsequent to the Quarter – Corporate Development
Fenix Gold Project: On July 20, 2021, the Company signed a non-binding
term sheet with Rio2 Limited ("Rio2") to enter into a precious
metals purchase agreement ("PMPA") in connection with the Fenix
Gold project located in Chile.
Under the terms of the proposed Fenix PMPA, the Company will
acquire 6% of the gold production until 90,000 ounces have been
delivered and 4% of the gold production until 140,000 ounces have
been delivered, after which the stream drops to 3.5% for the life
of mine. In addition, under the proposed Fenix PMPA, the Company
will pay a total upfront cash consideration of $50 million, $25
million of which is payable upon closing, subject to certain
conditions, and $25 million payable
subject to Rio2's receipt of its Environmental Impact Assessment
for the Fenix Gold project, and certain other conditions. In
addition, the Company will make ongoing delivery payments equal to
approximately 18% of the spot price until the value of gold
delivered less the production payment is equal to the upfront
consideration of $50 million, at
which point the production payment will increase to 22% of the spot
gold price. The entering into of the Fenix PMPA is subject to,
among other matters, the negotiation and completion of definitive
documentation.
Financial Review
Revenues
Revenue was $330 million in the second quarter of 2021
representing a 33% increase from the second quarter of 2020 due
primarily to a 24% increase in the average realized gold
equivalent² price; and coupled with a 7% increase in the number of
gold equivalent² ounces sold.
Cash Costs and Margin
Average cash costs¹ in
the second quarter of 2021 were $444
per gold equivalent² ounce as compared to $396 in Q2 2020. This resulted in a cash
operating margin¹ of $1,426 per gold
equivalent² ounce sold, an increase of 29% as compared with the
second quarter of 2020.
Balance Sheet (at June 30, 2021)
- Approximately $235 million of
cash on hand.
- The Company's $2 billion
revolving term loan (the "Revolving Facility") remains fully
repaid. During the quarter, the term of the Revolving Facility was
extended by an additional year, with the facility now maturing on
June 9, 2026.
Second Quarter Asset Highlights
Salobo: In the second quarter of 2021, Salobo
produced 55,600 ounces of attributable gold, a decrease of
approximately 6% relative to the second quarter of 2020 due to
lower grade, partially offset by higher throughput. According to
Vale S.A.'s ("Vale") Second Quarter 2021 Performance Report,
production was mainly impacted as the mine maintenance workshops
continued to ramp up in the quarter after a broader review in the
first quarter of 2021, which limited mine movement and feed grade
available for the quarter. Vale further reports that physical
completion of the Salobo III mine expansion was 77% at the end of
the second quarter and is on track for start-up in the
second half of 2022.
Peñasquito: In the second quarter of 2021,
Peñasquito produced 2.0 million ounces of attributable silver, an
increase of approximately 109% relative to the second quarter of
2020 as operations at the mine were temporarily suspended during
the second quarter of 2020 as a result of the COVID-19
pandemic.
Antamina: In the second quarter of 2021, Antamina
produced 1.6 million ounces of attributable silver, an increase of
approximately 155% relative to the second quarter of 2020 as
operations at the mine were temporarily suspended during the second
quarter of 2020 as a result of the COVID-19 pandemic.
San Dimas: In the second quarter of 2021, San
Dimas produced 11,500 ounces of attributable gold, an increase of
approximately 89% relative to the second quarter of
2020, primarily due to operations being temporarily suspended
during the second quarter of 2020 due to the COVID-19 pandemic
coupled with the impact of changing the silver to gold conversion
ratio from 70:1 to 90:1 from April 1,
2020 to October 15, 2020, at
which time it reverted to 70:1.
Constancia: In the second quarter of 2021,
Constancia produced 0.5 million ounces of attributable silver and
5,500 ounces of attributable gold, an increase of approximately 85%
and 59%, respectively, relative to the second quarter of 2020,
which was primarily due to operations being temporarily suspended
during the second quarter of 2020 due to the COVID-19
pandemic, and, for gold, the improved grades and recoveries
as a result of the commencement of first ore production from the
Pampacancha satellite deposit. According to Hudbay Minerals
Inc.'s ("Hudbay") second quarter of 2021 MD&A, following the
finalization of the remaining land user agreement and due to its
short ramp-up period, Pampacancha achieved commercial production in
April 2021. On May 10, 2021, Wheaton and Hudbay agreed to amend
the Constancia streaming agreement so that Hudbay would no longer
be required to deliver an additional 8,020 ounces of gold to
Wheaton for not mining four million tonnes of ore from Pampacancha
by June 30, 2021. As part of this
amendment, Hudbay has agreed to increase the fixed gold recoveries
that apply to Constancia ore production from 55% to 70% during the
reserve life of Pampacancha3.
Sudbury: In the
second quarter of 2021, Vale's Sudbury mines produced 4,800 ounces of
attributable gold, a decrease of approximately 48% relative to the
second quarter of 2020, which was primarily due to lower grades and
throughput, as operations at the mine were suspended due to a
labour dispute, which lasted from June 1,
2021 to August 9, 2021. Vale
announced on August 3, 2021 that a
new five-year collective bargaining agreement had been ratified
with mine workers. The Sudbury PMPA had an effective date of
February 28, 2013 with a term of 20
years. Under the provisions of the Sudbury PMPA, should the
facilities at Sudbury be shut down
for 60 or more cumulative days, exclusive of scheduled maintenance
or shutdowns for periods of 20 days or less, the term of the
Sudbury PMPA shall be extended for the same duration.
Stillwater: In the second quarter
of 2021, the Stillwater mines
produced 3,000 ounces of attributable gold and 5,300 ounces of
attributable palladium, a decrease of approximately 8% for gold and
8% for palladium relative to the second quarter of 2020 due to
lower grades.
Other Gold: In the second quarter of 2021, total
Other Gold attributable production was 10,000 ounces, an increase
of approximately 30% relative to the second quarter of 2020,
primarily due production from the newly acquired Marmato
stream.
Other Silver: In the second quarter of 2021,
total Other Silver attributable production was 2.7 million ounces,
an increase of approximately 47% relative to the second quarter of
2020, primarily due to higher production at Yauliyacu as prior year
operations were temporarily suspended due to the COVID-19 pandemic
coupled with the resumption of mining at Keno Hill and production
from the newly acquired Cozamin and Marmato streams.
Voisey's Bay: In the second quarter of 2021,
the Voisey's Bay mine produced 380,000 pounds of attributable
cobalt. As at the end of the second quarter 2021, approximately
134,000 pounds of cobalt were held in inventory by Wheaton and
777,000 pounds were produced but not delivered. As per
Vale's Second Quarter 2021 Performance Report, physical completion
of the Voisey's Bay underground mine extension, which includes
developing two underground mines -Reid
Brook and Eastern Deeps - was 66% at the end of the second
quarter. Reid Brook produced its
first ore in June of 2021, and Vale reports that Eastern Deeps is
expected to start up in 2022.
Produced But Not Yet Delivered4
As at June 30, 2021, payable
ounces and pounds attributable to the Company produced but not yet
delivered amounted to:
- 65,900 payable gold ounces, a decrease of 3,600 ounces during
Q2 2021, primarily due to reductions during the period relative to
the Salobo and Sudbury mines
partially offset by an increase at the Constancia mine.
- 4.0 million payable silver ounces, an increase of 0.2 million
ounces during Q2 2021, primarily due to increases during the period
relative to the Yauliyacu and Constancia mines.
- 6,800 payable palladium ounces, an increase of 1,400 ounces
during Q2 2021.
- 777,300 payable cobalt pounds, a decrease of 40,300 pounds
during Q2 2021.
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
- On April 15, 2021, the previously
announced PMPA relative to the Marmato mine was closed, with the
initial upfront cash consideration of $34
million being paid to Aris Gold Corporation on that
date.
- On April 21, 2021, the previously
announced PMPA with Capstone Mining Corp. ("Capstone") relative to
the Santo Domingo project was
closed with the initial upfront cash consideration of $30 million being paid to Capstone on that
date.
- On July 20, 2021, the Company
signed a non-binding term sheet with Rio2 to enter into a PMPA
relative to the Fenix Gold project located in Chile.
Sustainability
COVID-19 Community Support and Response Fund: In
the second quarter of 2020, Wheaton announced the launch of a
$5 million Community Support and
Response Fund (the "CSR Fund") to support global efforts to combat
the COVID-19 pandemic and its impacts on our communities. The CSR
Fund is designed to meet the immediate needs of the communities in
which Wheaton and its mining partners operate. This fund is
incremental to Wheaton's already active Community Investment
Program that currently provides support to over 50 programs in
multiple communities around the world. As of June 30, 2021, the Company has made donations
totalling approximately $4 million
through the CSR Fund.
2020 Sustainability Report: In the second
quarter of 2021, Wheaton published its annual sustainability
report, a comprehensive disclosure outlining Wheaton's commitment
to sustainability and environmental, social and governance
("ESG") performance.
Partner CSR Program: In the second quarter of
2021, Wheaton continued to support a wide range of programs with
various mining partners. Wheaton committed to support the Enseña
Peru educational program near the
Antamina mine for another two years, bringing to a total of six
years of Wheaton's support; continued to work with the Vale
Foundation in supporting ten different programs focused on health,
education, entrepreneurial support and community engagement
opportunities near the Salobo mine; and, committed to the second
phase of an agricultural and livestock development program
previously supported by Wheaton and a new waste management program
with Hudbay near the Constancia mine.
Webcast and Conference Call Details
A conference call and webcast will be held on Friday, August 13, 2021 starting at 11:00 am (Eastern Time) 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:
|
26071335
|
Live audio
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
August 20, 2021 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:
|
071335 #
|
Archived audio
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 has 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
at
http://www.wheatonpm.com/Company/corporate-governance/default.aspx.
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 2021 is forecast
to be 370,000 to 400,000 ounces of gold, 22.5 to 24.0 million
ounces of silver, and 40,000 to 45,000 gold equivalent
ounces2 ("GEOs") of other metals, resulting in
production of approximately 720,000 to 780,000
GEOs2, unchanged from previous guidance. For the
five-year period ending in 2025, the Company estimates that average
production will amount to 810,000 GEOs5. For the
ten-year period ending in 2030, the Company estimates that average
annual production will amount to 830,000 GEOs5.
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.
|
2
|
Commodity price
assumptions for the gold equivalent production and sales in 2021
and long-term forecasts are $1,800 / ounce gold, $25 / ounce
silver, and $2,300 / ounce palladium and $17.75 / pound cobalt.
Other metal includes palladium and cobalt.
|
3
|
If Hudbay mines and
processes four million tonnes of ore from the Pampacancha deposit
by December 31, 2021, the Company will make an additional deposit
payment of $4 million to Hudbay.
|
4
|
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.
|
5
|
Gold equivalent
guidance based on the commodity prices outlined in note 2 above.
Five- and ten-year guidance do not include optionality production
from Pascua Lama, Navidad, Cotabambas, or additional expansions at
Salobo outside of project currently in construction. In addition,
five-year guidance also does not include any production from
Rosemont, Toroparu, Kutcho, or the Victor project at
Sudbury.
|
Condensed Interim Consolidated Statements of
Earnings
|
|
Three Months
Ended
June 30
|
Six Months Ended
June 30
|
(US dollars and
shares in thousands, except per share amounts -
unaudited)
|
|
2021
|
2020
|
2021
|
2020
|
Sales
|
|
$
|
330,393
|
$
|
247,954
|
$
|
654,512
|
$
|
502,744
|
Cost of
sales
|
|
|
|
|
|
|
|
|
|
Cost of sales,
excluding depletion
|
|
$
|
78,445
|
$
|
65,211
|
$
|
157,228
|
$
|
132,119
|
Depletion
|
|
|
70,308
|
|
58,661
|
|
140,482
|
|
123,503
|
Total cost of
sales
|
|
$
|
148,753
|
$
|
123,872
|
$
|
297,710
|
$
|
255,622
|
Gross
margin
|
|
$
|
181,640
|
$
|
124,082
|
$
|
356,802
|
$
|
247,122
|
General and
administrative expenses
|
|
|
18,465
|
|
21,799
|
|
30,435
|
|
34,981
|
Earnings from
operations
|
|
$
|
163,175
|
$
|
102,283
|
$
|
326,367
|
$
|
212,141
|
Other (income)
expense
|
|
|
(3,420)
|
|
(3,366)
|
|
(3,301)
|
|
(3,963)
|
Earnings before
finance costs and income taxes
|
$
|
166,595
|
$
|
105,649
|
$
|
329,668
|
$
|
216,104
|
Finance
costs
|
|
|
1,357
|
|
4,636
|
|
2,930
|
|
11,753
|
Earnings before
income taxes
|
|
$
|
165,238
|
$
|
101,013
|
$
|
326,738
|
$
|
204,351
|
Income tax recovery
(expense)
|
|
|
886
|
|
4,799
|
|
1,388
|
|
(3,643)
|
Net
earnings
|
|
$
|
166,124
|
$
|
105,812
|
$
|
328,126
|
$
|
200,708
|
Basic earnings per
share
|
|
$
|
0.369
|
$
|
0.236
|
$
|
0.729
|
$
|
0.448
|
Diluted earnings per
share
|
|
$
|
0.368
|
$
|
0.235
|
$
|
0.728
|
$
|
0.447
|
Weighted average
number of shares outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
450,088
|
|
448,636
|
|
449,800
|
|
448,217
|
Diluted
|
|
|
451,203
|
|
450,042
|
|
450,869
|
|
449,513
|
Condensed Interim Consolidated Balance Sheets
|
As at
June 30
|
As at
December 31
|
(US dollars in
thousands - unaudited)
|
2021
|
2020
|
Assets
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
$
|
235,446
|
$
|
192,683
|
Accounts
receivable
|
|
12,952
|
|
5,883
|
Other
|
|
6,050
|
|
3,265
|
Total current
assets
|
$
|
254,448
|
$
|
201,831
|
Non-current
assets
|
|
|
|
|
Mineral stream
interests
|
$
|
5,563,515
|
$
|
5,488,391
|
Early deposit mineral
stream interests
|
|
33,991
|
|
33,241
|
Mineral royalty
interest
|
|
6,606
|
|
3,047
|
Long-term equity
investments
|
|
86,379
|
|
199,878
|
Convertible notes
receivable
|
|
15,979
|
|
11,353
|
Property, plant and
equipment
|
|
5,984
|
|
6,289
|
Other
|
|
14,564
|
|
13,242
|
Total non-current
assets
|
$
|
5,727,018
|
$
|
5,755,441
|
Total
assets
|
$
|
5,981,466
|
$
|
5,957,272
|
Liabilities
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts payable and
accrued liabilities
|
$
|
12,781
|
$
|
13,023
|
Current portion of
performance share units
|
|
13,113
|
|
17,297
|
Current portion of
lease liabilities
|
|
805
|
|
773
|
Other
|
|
103
|
|
76
|
Total current
liabilities
|
$
|
26,802
|
$
|
31,169
|
Non-current
liabilities
|
|
|
|
|
Bank debt
|
$
|
-
|
$
|
195,000
|
Lease
liabilities
|
|
2,508
|
|
2,864
|
Deferred income
taxes
|
|
252
|
|
214
|
Performance share
units
|
|
6,507
|
|
11,784
|
Pension
liability
|
|
2,133
|
|
1,670
|
Total non-current
liabilities
|
$
|
11,400
|
$
|
211,532
|
Total
liabilities
|
$
|
38,202
|
$
|
242,701
|
Shareholders'
equity
|
|
|
|
|
Issued
capital
|
$
|
3,674,783
|
$
|
3,646,291
|
Reserves
|
|
67,325
|
|
126,882
|
Retained
earnings
|
|
2,201,156
|
|
1,941,398
|
Total shareholders'
equity
|
$
|
5,943,264
|
$
|
5,714,571
|
Total liabilities and
shareholders' equity
|
$
|
5,981,466
|
$
|
5,957,272
|
Condensed Interim Consolidated Statements of Cash
Flows
|
Three Months
Ended
June 30
|
Six Months Ended
June 30
|
(US dollars in
thousands - unaudited)
|
2021
|
2020
|
2021
|
2020
|
Operating
activities
|
|
|
|
|
|
|
|
|
Net
earnings
|
$
|
166,124
|
$
|
105,812
|
$
|
328,126
|
$
|
200,708
|
Adjustments
for
|
|
|
|
|
|
|
|
|
Depreciation and
depletion
|
|
70,775
|
|
59,140
|
|
141,424
|
|
124,492
|
Interest
expense
|
|
32
|
|
3,515
|
|
294
|
|
9,494
|
Equity settled stock
based compensation
|
|
1,307
|
|
1,305
|
|
2,632
|
|
2,808
|
Performance share
units
|
|
(10,258)
|
|
(868)
|
|
(9,952)
|
|
2,409
|
Pension
expense
|
|
265
|
|
233
|
|
416
|
|
268
|
Income tax expense
(recovery)
|
|
(886)
|
|
(4,799)
|
|
(1,388)
|
|
3,643
|
Loss (gain) on fair
value adjustment of share purchase warrants held
|
|
194
|
|
(333)
|
|
1,145
|
|
(262)
|
Fair value (gain) loss
on convertible note receivable
|
|
(3,388)
|
|
(3,267)
|
|
(4,626)
|
|
(2,477)
|
Investment income
recognized in net earnings
|
|
(95)
|
|
(37)
|
|
(97)
|
|
(155)
|
Other
|
|
103
|
|
264
|
|
694
|
|
(53)
|
Change in non-cash
working capital
|
|
(7,803)
|
|
(5,505)
|
|
(9,775)
|
|
(885)
|
Cash generated from
operations before income taxes and interest
|
$
|
216,370
|
$
|
155,460
|
$
|
448,893
|
$
|
339,990
|
Income taxes
recovered (paid)
|
|
(21)
|
|
(19)
|
|
(51)
|
|
70
|
Interest
paid
|
|
(29)
|
|
(3,685)
|
|
(370)
|
|
(10,833)
|
Interest
received
|
|
95
|
|
37
|
|
97
|
|
154
|
Cash generated from
operating activities
|
$
|
216,415
|
$
|
151,793
|
$
|
448,569
|
$
|
329,381
|
Financing
activities
|
|
|
|
|
|
|
|
|
Bank debt
repaid
|
$
|
-
|
$
|
(75,000)
|
$
|
(195,000)
|
$
|
(234,000)
|
Credit facility
extension fees
|
|
(1,673)
|
|
(7)
|
|
(1,673)
|
|
(1,367)
|
Share purchase
options exercised
|
|
743
|
|
11,094
|
|
5,536
|
|
18,016
|
Lease
payments
|
|
(173)
|
|
(139)
|
|
(387)
|
|
(306)
|
Dividends
paid
|
|
(103,549)
|
|
(83,003)
|
|
(103,549)
|
|
(83,003)
|
Cash (used for)
generated from financing activities
|
$
|
(104,652)
|
$
|
(147,055)
|
$
|
(295,073)
|
$
|
(300,660)
|
Investing
activities
|
|
|
|
|
|
|
|
|
Mineral stream
interests
|
$
|
(64,771)
|
$
|
-
|
$
|
(215,790)
|
$
|
-
|
Early deposit mineral
stream interests
|
|
-
|
|
-
|
|
(750)
|
|
(750)
|
Mineral royalty
interest
|
|
(10)
|
|
-
|
|
(3,571)
|
|
-
|
Acquisition of
long-term investments
|
|
(2,377)
|
|
-
|
|
(2,377)
|
|
-
|
Proceeds on disposal
of long-term investments
|
|
-
|
|
123
|
|
112,188
|
|
123
|
Other
|
|
(386)
|
|
(71)
|
|
(520)
|
|
(328)
|
Cash generated from
(used for) investing activities
|
$
|
(67,544)
|
$
|
52
|
$
|
(110,820)
|
$
|
(955)
|
Effect of exchange
rate changes on cash and cash equivalents
|
$
|
65
|
$
|
298
|
$
|
87
|
$
|
12
|
Increase in cash and
cash equivalents
|
$
|
44,284
|
$
|
5,088
|
$
|
42,763
|
$
|
27,778
|
Cash and cash
equivalents, beginning of period
|
|
191,162
|
|
126,676
|
|
192,683
|
|
103,986
|
Cash and cash
equivalents, end of period
|
$
|
235,446
|
$
|
131,764
|
$
|
235,446
|
$
|
131,764
|
Summary of Units Produced
|
Q2
2021
|
Q1
2021
|
Q4
2020
|
Q3
2020
|
Q2
2020
|
Q1
2020
|
Q4
2019
|
Q3
2019
|
Gold ounces produced
²
|
|
|
|
|
|
|
|
|
Salobo
|
55,590
|
46,622
|
62,854
|
63,408
|
59,104
|
62,575
|
74,716
|
73,615
|
Sudbury
3
|
4,787
|
6,466
|
6,659
|
3,798
|
9,257
|
7,795
|
6,468
|
6,082
|
Constancia
8
|
5,519
|
2,453
|
3,929
|
3,780
|
3,470
|
3,681
|
4,757
|
5,172
|
San Dimas 4,
8
|
11,478
|
10,491
|
11,652
|
9,228
|
6,074
|
11,318
|
11,352
|
11,239
|
Stillwater
5
|
2,962
|
3,041
|
3,290
|
3,176
|
3,222
|
2,955
|
3,585
|
3,238
|
Other
|
|
|
|
|
|
|
|
|
|
Minto
6
|
3,206
|
2,638
|
789
|
1,832
|
2,928
|
2,124
|
2,189
|
-
|
|
777
9
|
5,035
|
6,280
|
2,866
|
5,278
|
4,728
|
4,551
|
3,987
|
4,278
|
|
Marmato
|
1,713
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Total Other
|
9,954
|
8,918
|
3,655
|
7,110
|
7,656
|
6,675
|
6,176
|
4,278
|
Total gold ounces
produced
|
90,290
|
77,991
|
92,039
|
90,500
|
88,783
|
94,999
|
107,054
|
103,624
|
Silver ounces
produced 2
|
|
|
|
|
|
|
|
|
Peñasquito
8
|
2,026
|
2,202
|
2,014
|
1,992
|
967
|
2,658
|
1,895
|
2,026
|
Antamina
8
|
1,558
|
1,577
|
1,930
|
1,516
|
612
|
1,311
|
1,342
|
1,223
|
Constancia
8
|
468
|
406
|
478
|
430
|
254
|
461
|
632
|
686
|
Other
|
|
|
|
|
|
|
|
|
|
Los Filos
8
|
26
|
31
|
6
|
17
|
14
|
29
|
55
|
33
|
|
Zinkgruvan
|
457
|
420
|
515
|
498
|
389
|
662
|
670
|
587
|
|
Yauliyacu
8
|
821
|
737
|
454
|
679
|
273
|
557
|
358
|
620
|
|
Stratoni
|
164
|
165
|
185
|
156
|
148
|
183
|
147
|
131
|
|
Minto
6
|
33
|
21
|
16
|
15
|
19
|
18
|
18
|
-
|
|
Neves-Corvo
|
408
|
345
|
420
|
281
|
479
|
377
|
385
|
431
|
|
Aljustrel
|
400
|
474
|
440
|
348
|
388
|
352
|
325
|
240
|
|
Cozamin
|
182
|
230
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Marmato
|
39
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Keno Hill
|
55
|
30
|
-
|
-
|
-
|
-
|
-
|
-
|
|
777
9
|
83
|
130
|
51
|
96
|
108
|
96
|
81
|
62
|
Total Other
|
2,668
|
2,583
|
2,087
|
2,090
|
1,818
|
2,274
|
2,039
|
2,104
|
Total silver ounces
produced
|
6,720
|
6,768
|
6,509
|
6,028
|
3,651
|
6,704
|
5,908
|
6,039
|
Palladium ounces
produced ²
|
|
|
|
|
|
|
|
|
Stillwater
5
|
5,301
|
5,769
|
5,672
|
5,444
|
5,759
|
5,312
|
6,057
|
5,471
|
Cobalt pounds
produced ²
|
|
|
|
|
|
|
|
|
Voisey's Bay
10
|
379,757
|
1,162,243
|
-
|
-
|
-
|
-
|
-
|
-
|
GEOs produced
7
|
194,140
|
190,820
|
189,682
|
181,184
|
146,857
|
194,901
|
196,850
|
194,499
|
SEOs produced
7
|
13,978
|
13,739
|
13,657
|
13,045
|
10,574
|
14,033
|
14,173
|
14,004
|
Average payable rate
2
|
|
|
|
|
|
|
|
|
Gold
|
95.8%
|
95.0%
|
95.2%
|
95.3%
|
94.7%
|
95.1%
|
95.6%
|
95.1%
|
Silver
|
87.0%
|
86.6%
|
86.3%
|
86.1%
|
81.9%
|
85.6%
|
85.3%
|
85.1%
|
Palladium
|
95.0%
|
91.6%
|
93.6%
|
94.0%
|
90.8%
|
91.0%
|
92.2%
|
91.3%
|
Cobalt
|
93.3%
|
93.3%
|
n.a.
|
n.a.
|
n.a.
|
n.a.
|
n.a.
|
n.a.
|
GEO
7
|
91.7%
|
90.4%
|
91.1%
|
91.1%
|
89.8%
|
90.4%
|
91.5%
|
90.4%
|
1)
|
All figures in
thousands except cobalt pounds and 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.
On June 1, 2021, Vale announced that operations at the Sudbury
mines were suspended 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: Q2-2021 – 432,000 ounces; Q1-2021 – 437,000 ounces;
Q4-2020 – 476,000 ounces; Q3-2020 – 420,000 ounces; Q2-2020 –
276,000 ounces; Q1-2020 – 419,000 ounces; Q4-2019 – 415,000 ounces;
and Q3-2019 – 410,000 ounces.
|
5)
|
Comprised of the
Stillwater and East Boulder gold and palladium
interests.
|
6)
|
The Minto mine was
placed into care and maintenance from October 2018 to October
2019.
|
7)
|
GEOs and SEOs, which
are provided to assist the reader, are based on the following
commodity price assumptions: $1,800 per ounce gold; $25.00 per
ounce silver; $2,300 per ounce palladium; and $17.75 per pound
cobalt; consistent with those used in estimating the Company's
production guidance for 2021.
|
8)
|
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.
|
9)
|
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.
|
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
|
Q2
2021
|
Q1
2021
|
Q4
2020
|
Q3
2020
|
Q2
2020
|
Q1
2020
|
Q4
2019
|
Q3
2019
|
Gold ounces
sold
|
|
|
|
|
|
|
|
|
Salobo
|
57,296
|
51,423
|
53,197
|
59,584
|
68,487
|
74,944
|
58,137
|
63,064
|
Sudbury
2
|
6,945
|
3,691
|
7,620
|
7,858
|
7,414
|
4,822
|
7,394
|
7,600
|
Constancia
7
|
2,321
|
1,676
|
3,853
|
4,112
|
3,024
|
3,331
|
5,108
|
4,742
|
San Dimas
7
|
11,214
|
10,273
|
11,529
|
9,687
|
6,030
|
11,358
|
11,499
|
11,374
|
Stillwater
3
|
2,574
|
3,074
|
3,069
|
3,015
|
3,066
|
3,510
|
2,925
|
3,314
|
Other
|
|
|
|
|
|
|
|
|
|
Minto
4
|
2,359
|
2,390
|
1,540
|
-
|
-
|
-
|
-
|
-
|
|
777
|
5,694
|
2,577
|
5,435
|
5,845
|
4,783
|
2,440
|
4,160
|
4,672
|
|
Marmato
|
1,687
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Total Other
|
9,740
|
4,967
|
6,975
|
5,845
|
4,783
|
2,440
|
4,160
|
4,672
|
Total gold ounces
sold
|
90,090
|
75,104
|
86,243
|
90,101
|
92,804
|
100,405
|
89,223
|
94,766
|
Silver ounces
sold
|
|
|
|
|
|
|
|
|
Peñasquito
7
|
1,844
|
2,174
|
1,417
|
1,799
|
1,917
|
2,310
|
1,268
|
1,233
|
Antamina
7
|
1,499
|
1,930
|
1,669
|
1,090
|
788
|
1,244
|
1,227
|
1,059
|
Constancia
7
|
295
|
346
|
442
|
415
|
254
|
350
|
672
|
521
|
Other
|
|
|
|
|
|
|
|
|
|
Los Filos
7
|
42
|
27
|
-
|
19
|
25
|
37
|
26
|
44
|
|
Zinkgruvan
|
355
|
293
|
326
|
492
|
376
|
447
|
473
|
459
|
|
Yauliyacu
7
|
601
|
1,014
|
15
|
580
|
704
|
9
|
561
|
574
|
|
Stratoni
|
167
|
117
|
169
|
134
|
77
|
163
|
120
|
126
|
|
Minto
4
|
29
|
26
|
20
|
-
|
-
|
-
|
-
|
-
|
|
Neves-Corvo
|
215
|
239
|
145
|
201
|
236
|
204
|
154
|
243
|
|
Aljustrel
|
208
|
257
|
280
|
148
|
252
|
123
|
121
|
139
|
|
Cozamin
|
168
|
173
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Marmato
|
35
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Keno Hill
|
33
|
12
|
-
|
-
|
-
|
-
|
-
|
-
|
|
777
|
109
|
49
|
93
|
121
|
100
|
41
|
62
|
86
|
Total Other
|
1,962
|
2,207
|
1,048
|
1,695
|
1,770
|
1,024
|
1,517
|
1,671
|
Total silver ounces
sold
|
5,600
|
6,657
|
4,576
|
4,999
|
4,729
|
4,928
|
4,684
|
4,484
|
Palladium ounces
sold
|
|
|
|
|
|
|
|
|
Stillwater
3
|
3,869
|
5,131
|
4,591
|
5,546
|
4,976
|
4,938
|
5,312
|
4,907
|
Cobalt pounds
sold
|
|
|
|
|
|
|
|
|
Voisey's
Bay
|
394,623
|
132,277
|
-
|
-
|
-
|
-
|
-
|
-
|
GEOs sold
5
|
176,700
|
175,419
|
155,665
|
166,611
|
164,844
|
175,154
|
161,066
|
163,314
|
SEOs sold
5
|
12,722
|
12,630
|
11,208
|
11,996
|
11,869
|
12,611
|
11,597
|
11,759
|
Cumulative payable
units PBND 6
|
|
|
|
|
|
|
|
|
Gold ounces
|
65,943
|
69,533
|
70,555
|
75,750
|
79,632
|
88,383
|
98,475
|
85,335
|
Silver
ounces
|
3,990
|
3,741
|
4,486
|
3,437
|
3,222
|
4,961
|
4,142
|
3,796
|
Palladium
ounces
|
6,822
|
5,373
|
5,597
|
4,616
|
4,883
|
4,875
|
4,872
|
4,163
|
Cobalt
pounds
|
777,304
|
819,819
|
-
|
-
|
-
|
-
|
-
|
-
|
GEO
5
|
137,746
|
136,441
|
140,008
|
129,391
|
130,623
|
163,521
|
162,225
|
143,380
|
SEO
5
|
9,366
|
9,242
|
10,081
|
9,316
|
9,405
|
11,774
|
11,680
|
10,323
|
Inventory on
hand
|
|
|
|
|
|
|
|
|
Cobalt
pounds
|
134,482
|
132,277
|
-
|
-
|
-
|
-
|
-
|
-
|
1)
|
All figures in
thousands except cobalt pounds and 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)
|
The Minto mine was
placed into care and maintenance from October 2018 to October
2019.
|
5)
|
GEOs and SEOs, which
are provided to assist the reader, are based on the following
commodity price assumptions: $1,800 per ounce gold; $25.00 per
ounce silver; $2,300 per ounce palladium; and $17.75 per pound
cobalt; consistent with those used in estimating the Company's
production guidance for 2021.
|
6)
|
Payable gold, silver
and palladium ounces as well as cobalt pounds produced but not yet
delivered ("PBND") are based on management estimates. These figures
may be updated in future periods as additional information is
received.
|
7)
|
Operations at these
mines had been temporarily suspended during the second quarter of
2020 as a result of the COVID-19 pandemic. During the second half
of 2020, all of the operations were restarted.
|
Results of Operations
The operating results of the Company's reportable operating
segments are summarized in the tables and commentary below.
Three Months Ended
June 30, 2021
|
|
Units
Produced²
|
Units
Sold
|
Average
Realized
Price
($'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
|
55,590
|
57,296
|
$
|
1,798
|
$
|
412
|
$
|
374
|
$
|
103,039
|
$
|
58,015
|
$
|
79,426
|
$
|
2,468,716
|
Sudbury
4
|
4,787
|
6,945
|
|
1,817
|
|
400
|
|
1,024
|
|
12,618
|
|
2,725
|
|
10,262
|
|
310,120
|
Constancia
|
5,519
|
2,321
|
|
1,798
|
|
408
|
|
315
|
|
4,174
|
|
2,496
|
|
3,227
|
|
104,310
|
San Dimas
|
11,478
|
11,214
|
|
1,798
|
|
618
|
|
322
|
|
20,167
|
|
9,627
|
|
13,242
|
|
175,275
|
Stillwater
|
2,962
|
2,574
|
|
1,798
|
|
326
|
|
397
|
|
4,629
|
|
2,769
|
|
3,791
|
|
222,069
|
Other
5
|
9,954
|
9,740
|
|
1,814
|
|
559
|
|
125
|
|
17,666
|
|
11,007
|
|
12,238
|
|
65,296
|
|
90,290
|
90,090
|
$
|
1,801
|
$
|
450
|
$
|
390
|
$
|
162,293
|
$
|
86,639
|
$
|
122,186
|
$
|
3,345,786
|
Silver
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Peñasquito
|
2,026
|
1,844
|
$
|
26.65
|
$
|
4.29
|
$
|
3.55
|
$
|
49,133
|
$
|
34,682
|
$
|
41,223
|
$
|
336,314
|
Antamina
|
1,558
|
1,499
|
|
26.63
|
|
5.39
|
|
7.53
|
|
39,903
|
|
20,545
|
|
31,013
|
|
601,117
|
Constancia
|
468
|
295
|
|
26.65
|
|
6.02
|
|
7.56
|
|
7,865
|
|
3,858
|
|
6,088
|
|
212,197
|
Other
6
|
2,668
|
1,962
|
|
26.78
|
|
8.39
|
|
5.20
|
|
52,554
|
|
25,893
|
|
34,132
|
|
608,588
|
|
6,720
|
5,600
|
$
|
26.69
|
$
|
6.11
|
$
|
5.40
|
$
|
149,455
|
$
|
84,978
|
$
|
112,456
|
$
|
1,758,216
|
Palladium
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stillwater
|
5,301
|
3,869
|
$
|
2,797
|
$
|
503
|
$
|
442
|
$
|
10,822
|
$
|
7,164
|
$
|
8,876
|
$
|
237,407
|
Cobalt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voisey's
Bay
|
379,757
|
394,623
|
$
|
19.82
|
$
|
4.41
|
$
|
8.17
|
$
|
7,823
|
$
|
2,859
|
$
|
2,052
|
$
|
222,106
|
Operating
results
|
|
|
|
|
|
|
|
$
|
330,393
|
$
|
181,640
|
$
|
245,570
|
$
|
5,563,515
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
|
|
|
|
|
|
|
|
$
|
(18,465)
|
$
|
(26,566)
|
|
|
Finance
costs
|
|
|
|
|
|
|
|
|
|
|
|
(1,357)
|
|
(978)
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
3,420
|
|
(1,590)
|
|
|
Income tax
|
|
|
|
|
|
|
|
|
|
|
|
886
|
|
(21)
|
|
|
Total
other
|
|
|
|
|
|
|
|
|
$
|
(15,516)
|
$
|
(29,155)
|
$
|
417,951
|
|
|
|
|
|
|
|
|
|
|
|
$
|
166,124
|
$
|
216,415
|
$
|
5,981,466
|
1)
|
Units produced and
sold relative to gold, silver and palladium are reported in ounces,
while cobalt is reported in pounds. All figures in thousands except
cobalt pounds produced and sold, 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, the non-operating
Rosemont and Santo Domingo gold interests.
|
6)
|
Comprised of the
operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Neves-Corvo,
Aljustrel, Minto, Keno Hill, Cozamin, Marmato and 777 silver
interests and 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 June
30, 2021 were as follows:
Three Months Ended
June 30, 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
|
194,140
|
176,700
|
$
1,870
|
$
444
|
$
1,426
|
$
398
|
$
1,028
|
Silver equivalent
basis 5
|
13,978
|
12,722
|
$
25.97
|
$
6.17
|
$
19.80
|
$
5.53
|
$
14.27
|
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; $25.00 per
ounce silver; $2,300 per ounce palladium; and $17.75 per pound
cobalt; consistent with those used in estimating the Company's
production guidance for 2021.
|
Three Months Ended
June 30, 2020
|
|
Units
Produced²
|
Units
Sold
|
Average
Realized
Price
($'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
|
59,104
|
68,487
|
$
|
1,719
|
$
|
408
|
$
|
374
|
$
|
117,706
|
$
|
64,122
|
$
|
90,059
|
$
|
2,551,563
|
Sudbury
4
|
9,257
|
7,414
|
|
1,700
|
|
400
|
|
831
|
|
12,605
|
|
3,475
|
|
9,639
|
|
333,885
|
Constancia
|
3,470
|
3,024
|
|
1,719
|
|
404
|
|
338
|
|
5,196
|
|
2,954
|
|
3,975
|
|
108,260
|
San Dimas
|
6,074
|
6,030
|
|
1,719
|
|
609
|
|
315
|
|
10,364
|
|
4,791
|
|
6,691
|
|
188,888
|
Stillwater
|
3,222
|
3,066
|
|
1,719
|
|
303
|
|
449
|
|
5,269
|
|
2,963
|
|
4,339
|
|
227,042
|
Other
5
|
7,656
|
4,783
|
|
1,700
|
|
420
|
|
305
|
|
8,132
|
|
4,663
|
|
6,121
|
|
10,965
|
|
88,783
|
92,804
|
$
|
1,716
|
$
|
418
|
$
|
405
|
$
|
159,272
|
$
|
82,968
|
$
|
120,824
|
$
|
3,420,603
|
Silver
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Peñasquito
|
967
|
1,917
|
$
|
16.55
|
$
|
4.26
|
$
|
3.24
|
$
|
31,714
|
$
|
17,335
|
$
|
23,549
|
$
|
360,998
|
Antamina
|
612
|
788
|
|
16.55
|
|
3.28
|
|
8.74
|
|
13,039
|
|
3,570
|
|
10,458
|
|
651,049
|
Constancia
|
254
|
254
|
|
16.55
|
|
5.96
|
|
7.63
|
|
4,203
|
|
752
|
|
2,689
|
|
223,583
|
Other
6
|
1,818
|
1,770
|
|
17.05
|
|
7.03
|
|
2.22
|
|
30,186
|
|
13,800
|
|
14,895
|
|
481,133
|
|
3,651
|
4,729
|
$
|
16.73
|
$
|
5.23
|
$
|
4.01
|
$
|
79,142
|
$
|
35,457
|
$
|
51,591
|
$
|
1,716,763
|
Palladium
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stillwater
|
5,759
|
4,976
|
$
|
1,917
|
$
|
353
|
$
|
428
|
$
|
9,540
|
$
|
5,657
|
$
|
7,786
|
$
|
245,727
|
Cobalt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voisey's
Bay
|
-
|
-
|
$
|
n.a.
|
$
|
n.a.
|
$
|
n.a.
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
227,510
|
Operating
results
|
|
|
|
|
|
|
|
$
|
247,954
|
$
|
124,082
|
$
|
180,201
|
$
|
5,610,603
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
|
|
|
|
|
|
|
|
$
|
(21,799)
|
$
|
(20,452)
|
|
|
Finance
costs
|
|
|
|
|
|
|
|
|
|
|
|
(4,636)
|
|
(4,642)
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
3,366
|
|
(3,295)
|
|
|
Income tax
|
|
|
|
|
|
|
|
|
|
|
|
4,799
|
|
(19)
|
|
|
Total
other
|
|
|
|
|
|
|
|
|
$
|
(18,270)
|
$
|
(28,408)
|
$
|
523,441
|
|
|
|
|
|
|
|
|
|
|
|
$
|
105,812
|
$
|
151,793
|
$
|
6,134,044
|
1)
|
Units produced and
sold relative to gold, silver and palladium are reported in ounces,
while cobalt is reported in pounds. All figures in thousands except
cobalt pounds produced and sold, 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 and 777 gold interests in addition to the
non-operating Rosemont gold interest.
|
6)
|
Comprised of the
operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Neves-Corvo,
Aljustrel, Minto and 777 silver interests as well as the
non-operating Keno Hill, 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 June
30, 2020 were as follows:
Three Months Ended
June 30, 2020
|
|
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
|
146,857
|
164,844
|
$
1,504
|
$
396
|
$
1,108
|
$
356
|
$
752
|
Silver equivalent
basis 5
|
10,574
|
11,869
|
$
20.89
|
$
5.49
|
$
15.40
|
$
4.94
|
$
10.46
|
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; $25.00 per
ounce silver; $2,300 per ounce palladium; and $17.75 per pound
cobalt; consistent with those used in estimating the Company's
production guidance for 2021.
|
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 relative
to its Voisey's Bay PMPA during the first quarter of 2021; and (iv)
cash operating margin. The Company has removed the non-IFRS measure
relative to 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, 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
June 30
|
(in thousands, except
for per share amounts)
|
|
2021
|
2020
|
Net
earnings
|
|
$
|
166,124
|
$
|
105,812
|
Add back
(deduct):
|
|
|
|
|
|
(Gain) loss on fair
value adjustment of share purchase warrants held
|
|
|
194
|
|
(333)
|
(Gain) loss on fair
value adjustment of convertible notes receivable
|
|
|
(3,388)
|
|
(3,267)
|
Income tax expense
(recovery) recognized in the Statement of Shareholders'
Equity
|
|
|
(463)
|
|
(160)
|
Income tax expense
(recovery) recognized in the Statement of OCI
|
|
|
(479)
|
|
(4,698)
|
Other
|
|
|
(362)
|
|
-
|
Adjusted net
earnings
|
|
$
|
161,626
|
$
|
97,354
|
Divided
by:
|
|
|
|
|
|
Basic weighted average
number of shares outstanding
|
|
|
450,088
|
|
448,636
|
Diluted weighted
average number of shares outstanding
|
|
|
451,203
|
|
450,042
|
Equals:
|
|
|
|
|
|
Adjusted earnings per
share - basic
|
|
$
|
0.359
|
$
|
0.217
|
Adjusted earnings per
share - diluted
|
|
$
|
0.358
|
$
|
0.216
|
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
June 30
|
(in thousands, except
for per share amounts)
|
|
2021
|
|
2020
|
Cash generated by
operating activities
|
|
$
|
216,415
|
|
$
|
151,793
|
Divided
by:
|
|
|
|
|
|
|
Basic weighted average
number of shares outstanding
|
|
|
450,088
|
|
|
448,636
|
Diluted weighted
average number of shares outstanding
|
|
|
451,203
|
|
|
450,042
|
Equals:
|
|
|
|
|
|
|
Operating cash flow
per share - basic
|
|
$
|
0.481
|
|
$
|
0.338
|
Operating cash flow
per share - diluted
|
|
$
|
0.480
|
|
$
|
0.337
|
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
June 30
|
(in thousands, except
for gold and palladium ounces sold, cobalt pounds sold and per unit
amounts)
|
|
2021
|
2020
|
Cost of
sales
|
|
$
|
148,753
|
$
|
123,872
|
Less:
depletion
|
|
|
(70,308)
|
|
(58,661)
|
Cash cost of
sales
|
|
$
|
78,445
|
$
|
65,211
|
Cash cost of sales is
comprised of:
|
|
|
|
|
|
Total cash cost of
gold sold
|
|
$
|
40,543
|
$
|
38,746
|
Total cash cost of
silver sold
|
|
|
34,216
|
|
24,711
|
Total cash cost of
palladium sold
|
|
|
1,946
|
|
1,754
|
Total cash cost of
cobalt sold
|
|
|
1,740
|
|
-
|
Total cash cost of
sales
|
|
$
|
78,445
|
$
|
65,211
|
Divided
by:
|
|
|
|
|
|
Total gold ounces
sold
|
|
|
90,090
|
|
92,804
|
Total silver ounces
sold
|
|
|
5,600
|
|
4,729
|
Total palladium ounces
sold
|
|
|
3,869
|
|
4,976
|
Total cobalt pounds
sold
|
|
|
394,623
|
|
-
|
Equals:
|
|
|
|
|
|
Average cash cost of
gold (per ounce)
|
|
$
|
450
|
$
|
418
|
Average cash cost of
silver (per ounce)
|
|
$
|
6.11
|
$
|
5.23
|
Average cash cost of
palladium (per ounce)
|
|
$
|
503
|
$
|
353
|
Average cash cost of
cobalt (per pound)
|
|
$
|
4.41
|
$
|
n.a.
|
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
June 30
|
(in thousands, except
for cobalt pounds sold, gold and palladium ounces sold and per unit
amounts)
|
|
2021
|
2020
|
Total
sales:
|
|
|
|
|
|
Gold
|
|
$
|
162,293
|
$
|
159,272
|
Silver
|
|
$
|
149,455
|
$
|
79,142
|
Palladium
|
|
$
|
10,822
|
$
|
9,540
|
Cobalt
|
|
$
|
7,823
|
$
|
-
|
Divided
by:
|
|
|
|
|
|
Total gold ounces
sold
|
|
|
90,090
|
|
92,804
|
Total silver ounces
sold
|
|
|
5,600
|
|
4,729
|
Total palladium ounces
sold
|
|
|
3,869
|
|
4,976
|
Total cobalt pounds
sold
|
|
|
394,623
|
|
-
|
Equals:
|
|
|
|
|
|
Average realized price
of gold (per ounce)
|
|
$
|
1,801
|
$
|
1,716
|
Average realized price
of silver (per ounce)
|
|
$
|
26.69
|
$
|
16.73
|
Average realized price
of palladium (per ounce)
|
|
$
|
2,797
|
$
|
1,917
|
Average realized price
of cobalt (per pound)
|
|
$
|
19.82
|
$
|
n.a.
|
Less:
|
|
|
|
|
|
Average cash cost of
gold 1 (per ounce)
|
|
$
|
(450)
|
$
|
(418)
|
Average cash cost of
silver 1 (per ounce)
|
|
$
|
(6.11)
|
$
|
(5.23)
|
Average cash cost of
palladium 1 (per ounce)
|
|
$
|
(503)
|
$
|
(353)
|
Average cash cost of
cobalt 1 (per pound)
|
|
$
|
(4.41)
|
$
|
n.a.
|
Equals:
|
|
|
|
|
|
Cash operating margin
per gold ounce sold
|
|
$
|
1,351
|
$
|
1,298
|
As a percentage of
realized price of gold
|
|
|
75%
|
|
76%
|
Cash operating margin
per silver ounce sold
|
|
$
|
20.58
|
$
|
11.50
|
As a percentage of
realized price of silver
|
|
|
77%
|
|
69%
|
Cash operating margin
per palladium ounce sold
|
|
$
|
2,294
|
$
|
1,564
|
As a percentage of
realized price of palladium
|
|
|
82%
|
|
82%
|
Cash operating margin
per cobalt pound sold
|
|
$
|
15.41
|
$
|
n.a.
|
As a percentage of
realized price of cobalt
|
|
|
78%
|
|
n.a.
|
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
successful negotiation and entering into of definitive
documentation by Wheaton International with Rio2, payment by
Wheaton International of US$50
million to Rio2 and the satisfaction of each party's
obligations in accordance with the Fenix PMPA, the receipt by
Wheaton International of gold production in respect of the Fenix
Gold project, statements with respect to the future price of
commodities, the impact of epidemics (including the COVID-19 virus
pandemic), including the potential heightening of other risks, 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
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, the costs of future production, the
estimation of produced but not yet delivered ounces, the impact of
the 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, future payments
by the Company in accordance with 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 audits for taxation years subsequent
to 2015, 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, and assessments of
the impact and resolution of various legal and tax matters,
including but not limited to outstanding class action and 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 specific risks relating to the completion of
documentation and diligence for the Fenix PMPA with Rio2, the
satisfaction of each party's obligations in accordance with the
terms of the Fenix PMPA with Rio2, 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), the possible
adoption of a global minimum tax, credit and liquidity,
indebtedness and guarantees, mine operator concentration, 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
and 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 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, Wheaton
and the Mining Operations ability to obtain adequate financing, the
Mining Operations ability to complete permitting, construction,
development and expansion, global financial conditions, 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, 2020 and Form
6-Ks filed March 11, 2021 and
August 12, 2021, all 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): the completion of documentation and diligence in
respect of the Fenix PMPA with Rio2, the payment of US$50 million to Rio2 and the satisfaction of
each party's obligations in accordance with the terms of the Fenix
PMPA with Rio2, that there will be no material adverse change in
the market price of commodities, that neither Wheaton nor the
Mining Operations will suffer significant impacts as a result of an
epidemic (including the COVID-19 virus pandemic), 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 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 class action litigation and 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.