/s/ Randy Smallwood |
/s/ Gary Brown | |
Randy Smallwood | Gary Brown | |
President & Chief Executive Officer | Senior Vice President & Chief Financial Officer |
● |
Evaluated the effectiveness of the Company’s controls over management’s assessment of indicators of impairment or impairment reversal. |
● |
Evaluated management’s ability to accurately forecast future recoverable ounces of metals attributable to the Company by: |
o | Assessing the methodology used in management’s determination of the future recoverable ounces of attributable metals; |
o | Completing retrospective analysis comparing the Company’s historical forecasts to actual results; |
o | Comparing management’s expected future recoverable ounces of attributable metals to reserve and resource estimates prepared by the third-party mining property operators; and |
o | Considering the professional qualifications and objectivity of management’s specialists. |
● |
With the assistance of fair value specialists, evaluated the significance of movements in future metal prices for gold, silver, palladium and cobalt by comparing historical forecasts to current third-party forecasts. |
i. | pertain to the maintenance of records that accurately and fairly reflect, in reasonable detail, the transactions related to Wheaton’s assets; |
ii. | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, and Wheaton receipts and expenditures are made only in accordance with authorizations of management and Wheaton’s directors; and |
iii. | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of Wheaton’s assets that could have a material effect on Wheaton’s financial statements. |
/s/ Randy Smallwood |
/s/ Gary Brown | |
Randy Smallwood | Gary Brown | |
President & Chief Executive Officer | Senior Vice President & Chief Financial Officer |
Years Ended December 31 | ||||||||||||
(US dollars and shares in thousands, except per share amounts) |
Note | 2023 | 2022 | |||||||||
Sales |
6 | $ | |
$ | |
|||||||
Cost of sales |
||||||||||||
Cost of sales, excluding depletion |
$ | $ | ||||||||||
Depletion |
||||||||||||
Total cost of sales |
$ | $ | ||||||||||
Gross margin |
$ | $ | ||||||||||
General and administrative expenses |
7 | |||||||||||
Share based compensation |
8 | |||||||||||
Donations and community investments |
9 | |||||||||||
Impairment reversal of mineral stream interests |
13, 25 | ( |
||||||||||
Earnings from operations |
$ | $ | ||||||||||
Gain on disposal of mineral stream interests |
13 | |||||||||||
Other income (expense) |
10 | |||||||||||
Earnings before finance costs and income taxes |
$ | $ | ||||||||||
Finance costs |
17.3 | |||||||||||
Earnings before income taxes |
$ | $ | ||||||||||
Income tax expense |
23 | |||||||||||
Net earnings |
$ | $ | ||||||||||
Basic earnings per share |
$ | $ | ||||||||||
Diluted earnings per share |
$ | $ | ||||||||||
Weighted average number of shares outstanding |
||||||||||||
Basic |
21 | |||||||||||
Diluted |
21 |
Years Ended December 31 | ||||||||||||
(US dollars in thousands) |
Note | 2023 | 2022 | |||||||||
Net earnings |
$ | $ | |
|||||||||
Other comprehensive income |
||||||||||||
Items that will not be reclassified to net earnings |
||||||||||||
(Loss) gain on LTIs¹ |
16 | $ | ( |
$ | ||||||||
Income tax (recovery) expense related to LTIs |
23 | ( |
||||||||||
Total other comprehensive (loss) income |
$ | ( |
$ | |||||||||
Total comprehensive income |
$ | |
$ |
1) | LTIs = long-term investments – common shares held. |
As at December 31 |
As at December 31 |
|||||||||||
(US dollars in thousands) |
Note | 2023 | 2022 | |||||||||
Assets |
||||||||||||
Current assets |
||||||||||||
Cash and cash equivalents |
22 |
$ | $ | |||||||||
Accounts receivable |
11 |
|||||||||||
Cobalt inventory |
12 |
|||||||||||
Income taxes receivable |
23 |
|||||||||||
Other |
24 |
|||||||||||
Total current assets |
$ | $ | ||||||||||
Non-current assets |
||||||||||||
Mineral stream interests |
13 |
$ | $ | |||||||||
Early deposit mineral stream interests |
14 |
|||||||||||
Mineral royalty interests |
15 |
|||||||||||
Long-term equity investments |
16 |
|||||||||||
Property, plant and equipment |
||||||||||||
Other |
25 |
|||||||||||
Total non-current assets |
$ | $ | ||||||||||
Total assets |
$ | $ | ||||||||||
Liabilities |
||||||||||||
Current liabilities |
||||||||||||
Accounts payable and accrued liabilities |
$ | $ | ||||||||||
Income taxes payable |
23 |
|||||||||||
Current portion of performance share units |
20.1 |
|||||||||||
Current portion of lease liabilities |
17.2 |
|||||||||||
Total current liabilities |
$ | $ | ||||||||||
Non-current liabilities |
||||||||||||
Performance share units |
20.1 |
$ | $ | |||||||||
Lease liabilities |
17.2 |
|||||||||||
Deferred income taxes |
23 |
|||||||||||
Pension liability |
||||||||||||
Total non-current liabilities |
$ | $ | ||||||||||
Total liabilities |
$ | $ | ||||||||||
Shareholders’ equity |
||||||||||||
Issued capital |
18 |
$ | $ | |||||||||
Reserves |
19 |
( |
||||||||||
Retained earnings |
||||||||||||
Total shareholders’ equity |
$ | $ | ||||||||||
Total liabilities and shareholders’ equity |
$ | |
$ | |
/s/ Randy Smallwood |
/s/ Marilyn Schonberner | |||
Randy Smallwood |
Marilyn Schonberner | |||
Director |
Director |
Years Ended December 31 | ||||||||||||
(US dollars in thousands) |
Note | 2023 | 2022 | |||||||||
Operating activities |
||||||||||||
Net earnings |
$ | $ | ||||||||||
Adjustments for |
||||||||||||
Depreciation and depletion |
||||||||||||
Gain on disposal of mineral stream interest |
13 |
( |
( |
|||||||||
Impairment reversal of mineral stream interests |
( |
|||||||||||
Interest expense |
17.3 |
|
|
|
||||||||
Equity settled stock based compensation |
20 | |||||||||||
Performance share units - expense |
20.1 |
|||||||||||
Performance share units - paid |
20.1 |
( |
( |
|||||||||
Pension expense |
||||||||||||
Pension paid |
( |
|||||||||||
Income tax expense (recovery) |
23 |
|||||||||||
Loss (gain) on fair value adjustment of share purchase warrants held |
10 |
|||||||||||
Investment income recognized in net earnings |
( |
( |
||||||||||
Other |
||||||||||||
Change in non-cash working capital |
22 |
|||||||||||
Cash generated from operations before income taxes and interest |
$ | $ | ||||||||||
Income taxes paid |
( |
( |
||||||||||
Interest paid |
( |
( |
||||||||||
Interest received |
|
|||||||||||
Cash generated from operating activities |
|
$ | $ | |||||||||
Financing activities |
||||||||||||
Credit facility extension fees |
17.1 |
$ | ( |
$ | ( |
|||||||
Share purchase options exercised |
19.2 |
|||||||||||
Lease payments |
17.2 |
( |
( |
|||||||||
Dividends paid |
18.2 |
( |
( |
|||||||||
Cash used for financing activities |
|
$ | ( |
$ | ( |
|||||||
Investing activities |
||||||||||||
Mineral stream interests |
13 |
$ | ( |
$ | ( |
|||||||
Early deposit mineral stream interests |
14 |
( |
( |
|||||||||
Mineral royalty interest |
15 |
( |
||||||||||
Net proceeds on disposal of mineral stream interests |
13 |
|||||||||||
Acquisition of long-term investments |
16, 22 |
( |
( |
|||||||||
Proceeds on disposal of long-term investments |
16, 22 |
|||||||||||
Investment in subscription rights |
25 |
( |
||||||||||
Dividends received |
||||||||||||
Other |
|
( |
( |
|||||||||
Cash (used for) generated from investing activities |
|
$ | ( |
$ | ( |
|||||||
Effect of exchange rate changes on cash and cash equivalents |
|
$ | $ | ( |
||||||||
(Decrease) increase in cash and cash equivalents |
$ | ( |
$ | |||||||||
Cash and cash equivalents, beginning of year |
|
|||||||||||
Cash and cash equivalents, end of year |
22 |
$ | |
$ | |
Reserves | ||||||||||||||||||||||||||||||||||||
(US dollars in thousands) | Number of Shares (000’s) |
Issued Capital |
Share Purchase Warrants Reserve 2 |
Share Purchase Options Reserve |
Restricted Share Units Reserve |
LTI 1 Revaluation Reserve (Net of Tax) |
Total Reserves |
Retained Earnings |
Total | |||||||||||||||||||||||||||
At January 1, 2022 |
$ | $ | $ | $ | $ | ( |
$ | $ | $ | |||||||||||||||||||||||||||
Total comprehensive income |
||||||||||||||||||||||||||||||||||||
Net earnings |
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | $ | ||||||||||||||||||||||
OCI 1 |
- | - | - | - | - | |||||||||||||||||||||||||||||||
Total comprehensive income |
$ | - | $ | - | $ | - | $ | - | $ | $ | $ | $ | ||||||||||||||||||||||||
Income tax recovery (expense) |
$ | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | ||||||||||||||||||||||
SBC 1 expense |
- | - | - | - | ||||||||||||||||||||||||||||||||
Options 1 exercised |
- | ( |
- | - | ( |
- | ||||||||||||||||||||||||||||||
RSUs 1 released |
- | - | ( |
- | ( |
- | - | |||||||||||||||||||||||||||||
Dividends (Note 18.2) |
- | - | - | - | - | ( |
( |
|||||||||||||||||||||||||||||
Realized loss on disposal of LTIs ¹ (Note 19.4) |
- | - | - | - | ( |
- | ||||||||||||||||||||||||||||||
At December 31, 2022 |
$ | $ | $ | $ | $ | ( |
$ | $ | $ | |||||||||||||||||||||||||||
Total comprehensive income |
||||||||||||||||||||||||||||||||||||
Net earnings |
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | $ | ||||||||||||||||||||||
OCI 1 |
- | - | - | - | ( |
( |
- | ( |
||||||||||||||||||||||||||||
Total comprehensive income |
$ | - | $ | - | $ | - | $ | - | $ | ( |
$ | ( |
$ | $ | ||||||||||||||||||||||
SBC 1 expense |
$ | - | $ | - | $ | $ | $ | - | $ | $ | - | $ | ||||||||||||||||||||||||
Options 1 exercised |
- | ( |
- | - | ( |
- | ||||||||||||||||||||||||||||||
RSUs 1 released |
- | - | ( |
- | ( |
- | - | |||||||||||||||||||||||||||||
Dividends (Note 18.2) |
- | - | - | - | - | ( |
( |
|||||||||||||||||||||||||||||
Warrant expiration |
- | ( |
- | - | - | ( |
||||||||||||||||||||||||||||||
Realized gain on disposal of LTIs ¹ (Note 19.4) |
- | - | - | - | ( |
( |
- | |||||||||||||||||||||||||||||
At December 31, 2023 |
$ | |
$ | - | $ | |
$ | $ | ( |
$ | ( |
$ | |
$ | |
1) | Definitions as follows: “OCI” = Other Comprehensive Income (Loss); “SBC” = Equity Settled Stock Based Compensation; “Options” = Share Purchase Options; “RSUs” = Restricted Share Units; “LTI’s” = Long-Term Investments; “Warrants” = Share Purchase Warrants. |
2) | Refer to Note 19.1. |
1. |
Description of Business and Nature of Operations |
2. |
Basis of Presentation and Statement of Compliance |
3. |
Material Accounting Policy Information |
3.1. |
New Accounting Standards Effective in 2023 |
3.2. |
Principles of Consolidation |
3.3. |
Revenue Recognition |
3.4. |
Financial Instruments |
3.5. |
Financial Assets |
· |
For financial assets that are classified as FVTNE, the foreign exchange component is recognized as a component of net earnings; |
· |
For financial assets that are classified as FVTOCI, the foreign exchange component is recognized as a component of OCI; and |
· |
For financial assets that are denominated in a foreign currency and are measured at amortized cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortized cost of the instruments and are recognized as a component of net earnings. |
3.6. |
Financial Liabilities and Equity Instruments |
· |
For financial liabilities that are denominated in a foreign currency and are measured at amortized cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortized cost of the instruments and are recognized as a component of net earnings; and |
· |
For financial liabilities that are classified as FVTNE, the foreign exchange component forms part of the fair value gains or losses and is recognized as a component of net earnings. |
3.7. |
Mineral Stream Interests |
3.8. |
Debt Issue Costs |
3.9. |
Stock Based Payment Transactions |
3.10. |
Income Taxes |
3.11. |
Earnings Per Share |
3.12. |
Provisions |
3.1 3 . |
Post-Employment Benefit Costs |
3.14. |
Future Changes to Accounting Policies |
4. |
Key Sources of Estimation Uncertainty and Critical Accounting Judgments |
4.1. |
Attributable Reserve, Resource and Exploration Potential Estimates |
4.2. |
Depletion |
4.3. |
Impairment of Assets |
4.4. |
Valuation of Stock Based Compensation |
4.5. |
Contingencies |
4.6. |
Income Taxes |
5. |
Financial Instruments |
5.1. |
Capital Risk Management |
5.2. |
Categories of Financial Assets and Liabilities |
December 31 |
December 31 |
|||||||||
(in thousands) |
Note | 2023 | 2022 | |||||||
Financial assets |
||||||||||
Financial assets mandatorily measured at FVTNE 1 |
||||||||||
Cash and cash equivalents |
22 | $ | $ | |||||||
Trade receivables from provisional concentrate sales, net of fair value adjustment |
6, 11 | |||||||||
Long-term investments - warrants held |
||||||||||
Investments in equity instruments designated at FVTOCI 1 |
||||||||||
Long-term investments - common shares held |
16 | |||||||||
Financial assets measured at amortized cost |
||||||||||
Trade receivables from sales of cobalt |
11 | |||||||||
Refundable deposit - 777 PMPA |
25 | |||||||||
Other accounts receivable |
||||||||||
Total financial assets |
$ | $ | ||||||||
Financial liabilities |
||||||||||
Financial liabilities at amortized cost |
||||||||||
Accounts payable and accrued liabilities |
$ | $ | ||||||||
Lease liabilities |
17.2 | |||||||||
Total financial liabilities |
$ | $ |
1) | FVTNE refers to Fair Value Through Net Earnings, FVTOCI refers to Fair Value Through Other Comprehensive Income |
5.3. |
Credit Risk |
December 31 |
December 31 |
|||||||||
(in thousands) |
Note |
2023 |
2022 |
|||||||
Cash and cash equivalents |
22 | $ | $ | |||||||
Trade receivables from provisional concentrate sales, net of fair value adjustment |
11 | |||||||||
Trade receivables from sales of cobalt |
11 | |||||||||
Refundable Deposit - 777 PMPA |
25 | |||||||||
Other accounts receivables |
11 | |||||||||
Maximum exposure to credit risk related to financial assets |
$ | |
$ | |
5.4. |
Liquidity Risk |
As at December 31, 2023 |
||||||||||||||||||||
(in thousands) |
2024 | 2025 - 2026 |
2027 - 2028 |
After 2028 | Total | |||||||||||||||
Accounts payable and accrued liabilities | $ | $ | - | $ | - | $ | - | $ | ||||||||||||
Performance share units 1 |
- | - | ||||||||||||||||||
Total | $ | |
$ | |
$ | - | $ | - | $ | |
1) | See Note 20.1 for estimated value per PSU at maturity and anticipated performance factor at maturity. |
5.5. |
Currency Risk |
December 31 | December 31 | |||||||
(in thousands) |
2023 | 2022 | ||||||
Monetary assets |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Accounts receivable |
||||||||
Long-term investments - common shares held |
||||||||
Long-term investments - warrants held |
||||||||
Other long-term assets |
||||||||
Total Canadian dollar denominated monetary assets |
$ | |
$ | |
||||
Monetary liabilities |
||||||||
Accounts payable and accrued liabilities |
$ | $ | ||||||
Performance share units |
||||||||
Lease liability |
||||||||
Pension liability |
||||||||
Total Canadian dollar denominated monetary liabilities |
$ | |
$ | |
As at December 31, 2023 | ||||||||
Change in Canadian Dollar | ||||||||
(in thousands) |
10% Increase |
10% Decrease |
||||||
Increase (decrease) in net earnings |
$ | ( |
) | $ | ||||
Increase (decrease) in other comprehensive income |
( |
) | ||||||
Increase (decrease) in total comprehensive income |
$ | $ | ( |
) |
As at December 31, 2022 | ||||||||
Change in Canadian Dollar | ||||||||
(in thousands) |
10% Increase |
10% Decrease |
||||||
Increase (decrease) in net earnings |
$ | ( |
) | $ | ||||
Increase (decrease) in other comprehensive income |
( |
) | ||||||
Increase (decrease) in total comprehensive income |
$ | $ | ( |
) |
5.6. |
Interest Rate Risk |
5.7. |
Other Price Risk |
5.8. |
Fair Value Estimation |
December 31, 2023 |
||||||||||||||||||||
(in thousands) |
Note | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
Cash and cash equivalents |
2 2 |
$ | |
$ | |
$ | - | $ | - | |||||||||||
Trade receivables from provisional concentrate sales, net of fair value adjustment |
11 | - | - | |||||||||||||||||
Long-term investments - common shares held |
1 6 |
- | - | |||||||||||||||||
Long-term investments - warrants held |
1 6 |
- | - | |||||||||||||||||
$ | $ | $ | |
$ | |
December 31, 2022 |
||||||||||||||||||||
(in thousands) |
Note | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
Cash and cash equivalents |
2 2 |
$ | |
$ | |
$ | - | $ | - | |||||||||||
Trade receivables from provisional concentrate sales, net of fair value adjustment |
11 | - | - | |||||||||||||||||
Long-term investments - common shares held |
1 6 |
- | - | |||||||||||||||||
Long-term investments - warrants held |
1 6 |
- | - | |||||||||||||||||
$ | $ | $ | |
$ | |
5.8.1. |
Valuation Techniques for Level 2 Assets |
6. |
Revenue |
Years Ended December 31 | ||||||||||||||||
(in thousands) |
2023 | 2022 | ||||||||||||||
Sales |
||||||||||||||||
Gold credit sales |
$ | % | $ | % | ||||||||||||
Silver |
||||||||||||||||
Silver credit sales |
$ | % | $ | % | ||||||||||||
Concentrate sales |
% | % | ||||||||||||||
Total silver sales |
$ | % | $ | % | ||||||||||||
Palladium credit sales |
$ | % | $ | % | ||||||||||||
Cobalt sales |
$ | % | $ | % | ||||||||||||
Total sales revenue |
$ | |
% | $ | |
% |
7. |
General and Administrative |
Years Ended December 31 | ||||||||
(in thousands) |
2023 | 2022 | ||||||
Corporate |
||||||||
Salaries and benefits |
$ | $ | ||||||
Depreciation |
||||||||
Professional fees |
||||||||
Business travel |
||||||||
Director fees |
||||||||
Business taxes |
||||||||
Audit and regulatory |
||||||||
Insurance |
||||||||
Other |
||||||||
General and administrative - corporate |
$ | |
$ | |
||||
Subsidiaries |
||||||||
Salaries and benefits |
$ | $ | ||||||
Depreciation |
||||||||
Professional fees |
||||||||
Business travel |
||||||||
Director fees |
||||||||
Business taxes |
||||||||
Insurance |
||||||||
Other |
||||||||
General and administrative - subsidiaries |
$ | $ | ||||||
Consolidated general and administrative |
$ | $ |
8. |
Share Based Compensation |
Years Ended December 31 | ||||||||||||
(in thousands) |
Note | 2023 | 2022 | |||||||||
Equity settled share based compensation 1 |
||||||||||||
Stock options |
19 .2 |
$ | $ | |||||||||
RSUs |
19 .3 |
|||||||||||
Cash settled share based compensation |
||||||||||||
PSUs |
2 0 .1 |
$ | $ | |||||||||
Total share based compensation |
$ | |
$ | |
1) | Equity settled stock based compensation is a non-cash expense. |
9. |
Donations and Community Investments |
Years Ended December 31 | ||||||||
(in thousands) |
2023 | 2022 | ||||||
Local donations and community investments 1 |
$ | |
$ | |
||||
Partner donations and community investments 2 |
||||||||
COVID-19 and community support and response fund 3 |
||||||||
Total donations and community investments |
$ | $ |
1) |
The Local Community Investment Program supports organizations in Vancouver and the Cayman Islands, where Wheaton’s offices are located. |
2) |
The Partner Community Investment Program supports the communities influenced by Mining Partners’ operations. |
3) |
Committed funding under this program has been fully disbursed. |
10. |
Other Income (Expense) |
Years Ended December 31 | ||||||||||
(in thousands) |
Note | 2023 | 2022 | |||||||
Interest income |
$ | $ | ||||||||
Dividends received from equity investments designated as FVTOCI ¹ relating to investments held at the end of the period |
||||||||||
Foreign exchange gain (loss) |
||||||||||
Net gain (loss) arising on financial assets mandatorily measured at FVTNE ² |
||||||||||
Gain (loss) on fair value adjustment of share purchase warrants held |
( |
( |
||||||||
Other |
( |
|||||||||
Total other income (expense) |
$ | $ |
1) | FVTOCI refers to Fair Value through Other Comprehensive Income |
2) |
FVTNE refers to Fair Value Through Net Earnings |
11. |
Accounts Receivable |
December 31 |
December 31 |
|||||||||
(in thousands) |
Note | 2023 | 2022 | |||||||
Trade receivables from provisional concentrate sales, net of fair value adjustment |
6 | $ | $ | |||||||
Trade receivables from sales of cobalt |
6 | |||||||||
Other accounts receivable |
||||||||||
Total accounts receivable |
$ | |
$ | |
12. |
Cobalt Inventory |
December 31 | December 31 | |||||||
(in thousands) |
2023 | 2022 | ||||||
Cobalt Inventory, carried at: |
||||||||
Cost |
$ | $ | ||||||
Net realizable value |
||||||||
Total cobalt inventory |
$ | |
$ | |
13. |
Mineral Stream Interests |
Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Cost | Accumulated Depletion & Impairment 1 |
Carrying Amount Dec 31, 2023 |
||||||||||||||||||||||||||||||
(in thousands) |
Balance Jan 1, 2023 |
Additions | Disposal | Balance Dec 31, 2023 |
Balance Jan 1, 2023 |
Depletion | Balance Dec 31, 2023 |
|||||||||||||||||||||||||
Gold interests |
||||||||||||||||||||||||||||||||
Salobo |
$ | $ | $ | $ | $ | ( |
$ | ( |
$ | ( |
$ | |||||||||||||||||||||
Sudbury 2 |
( |
( |
( |
|||||||||||||||||||||||||||||
Constancia |
( |
( |
( |
|||||||||||||||||||||||||||||
San Dimas |
( |
( |
( |
|||||||||||||||||||||||||||||
Stillwater 3 |
( |
( |
( |
|||||||||||||||||||||||||||||
Other 4 |
( |
( |
( |
( |
||||||||||||||||||||||||||||
$ | $ | $ | ( |
$ | $ | ( |
$ | ( |
$ | ( |
$ | |||||||||||||||||||||
Silver interests |
||||||||||||||||||||||||||||||||
Peñasquito |
$ | $ | $ | $ | ( |
$ | ( |
$ | ( |
$ | ||||||||||||||||||||||
Antamina |
( |
( |
( |
|||||||||||||||||||||||||||||
Constancia |
( |
( |
( |
|||||||||||||||||||||||||||||
Other 5 |
( |
( |
( |
|||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | ( |
$ | ( |
$ | ( |
$ | ||||||||||||||||||||||
Palladium interests |
||||||||||||||||||||||||||||||||
Stillwater 3 |
$ | $ | $ | $ | $ | ( |
$ | ( |
$ | ( |
$ | |||||||||||||||||||||
Platinum interests |
||||||||||||||||||||||||||||||||
Marathon |
$ | $ | $ | - | $ | $ | - | $ | - | $ | - | $ | ||||||||||||||||||||
Cobalt interests |
||||||||||||||||||||||||||||||||
Voisey’s Bay 6 |
$ | $ | $ | $ | $ | ( |
$ | ( |
$ | ( |
$ | |||||||||||||||||||||
$ | |
$ | |
$ | ( |
$ | |
$ | ( |
$ | ( |
$ | ( |
$ | |
1) | Includes cumulative impairment charges to December 31, 2023 as follows: Pascua-Lama silver interest - $ |
2) | Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests. |
3) | Comprised of the Stillwater and East Boulder gold and palladium interests. |
4) | Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, Curipamba, Cangrejos and Curraghinalt gold interests. The additions to other gold interests includes: Blackwater - $ |
5) | Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater, Curipamba and Mineral Park silver interests. The additions to other silver interests includes: Blackwater - $ |
6) | When cobalt is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the cobalt is recorded as a cost of sale. Depletion in this table for the Voisey’s Bay cobalt interest is inclusive of depletion relating to inventory. |
Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Cost | Accumulated Depletion & Impairment 1 |
Carrying Amount Dec 31, 2022 |
||||||||||||||||||||||||||||||||||||||
(in thousands) |
Balance Jan 1, 2022 |
Additions (Reductions) |
Disposal | Balance Dec 31, 2022 |
Balance Jan 1, 2022 |
Depletion | Disposal | Impairment (Charge) Reversal |
Balance Dec 31, 2022 |
|||||||||||||||||||||||||||||||
Gold interests |
||||||||||||||||||||||||||||||||||||||||
Salobo |
$ | $ | $ | $ | $ | ( |
$ | ( |
$ | $ | $ | ( |
$ | |||||||||||||||||||||||||||
Sudbury 2 |
( |
( |
( |
|||||||||||||||||||||||||||||||||||||
Constancia |
( |
( |
( |
|||||||||||||||||||||||||||||||||||||
San Dimas |
( |
( |
( |
|||||||||||||||||||||||||||||||||||||
Stillwater 3 |
( |
( |
( |
|||||||||||||||||||||||||||||||||||||
Other 4 |
( |
( |
( |
( |
( |
|||||||||||||||||||||||||||||||||||
$ | $ | $ | ( |
$ | $ | ( |
$ | ( |
$ | $ | ( |
$ | ( |
$ | ||||||||||||||||||||||||||
Silver interests |
||||||||||||||||||||||||||||||||||||||||
Peñasquito |
$ | $ | $ | $ | $ | ( |
$ | ( |
$ | $ | $ | ( |
$ | |||||||||||||||||||||||||||
Antamina |
( |
( |
( |
|||||||||||||||||||||||||||||||||||||
Constancia |
( |
( |
( |
|||||||||||||||||||||||||||||||||||||
Other 5 |
( |
( |
( |
( |
||||||||||||||||||||||||||||||||||||
$ | $ | $ | ( |
$ | $ | ( |
$ | ( |
$ | $ | $ | ( |
$ | |||||||||||||||||||||||||||
Palladium interests |
||||||||||||||||||||||||||||||||||||||||
Stillwater 3 |
$ | $ | $ | $ | $ | ( |
$ | ( |
$ | $ | $ | ( |
$ | |||||||||||||||||||||||||||
Platinum interests |
||||||||||||||||||||||||||||||||||||||||
Marathon |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Cobalt interests |
||||||||||||||||||||||||||||||||||||||||
Voisey’s Bay 6 |
$ | $ | $ | $ | $ | ( |
$ | ( |
$ | $ | $ | ( |
$ | |||||||||||||||||||||||||||
$ | $ | $ | ( |
$ | $ | ( |
$ | ( |
$ | $ | $ | ( |
$ |
1) | Includes cumulative impairment charges to December 31, 2022 as follows: Pascua-Lama silver interest - $ |
2) | Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests. |
3) | Comprised of the Stillwater and East Boulder gold and palladium interests. |
4) | Comprised of the Minto, Copper World Complex, 777, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose and Curipamba gold interests. As the 777 mine has been permanently closed, the 777 PMPA has been reflected as a disposition, with the carrying value transferred to a long-term receivable. The additions to other gold interests includes: Marmato - $ |
5) | Comprised of the Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Keno Hill, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, 777, Marmato, Cozamin, Blackwater and Curipamba silver interests. The Keno Hill PMPA and the Yauliyacu PMPA were terminated on September 7, 2022 and December 14, 2022, respectively. As the 777 mine has been permanently closed, the 777 PMPA has been reflected as a disposition, with the carrying value transferred to a long-term receivable. The additions to other silver interests includes: Marmato - $ |
6) | When cobalt is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the cobalt is recorded as a cost of sale. Depletion in this table for the Voisey’s Bay cobalt interest is inclusive of depletion relating to inventory. |
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||
(in thousands) |
Depletable | Non- Depletable |
Total | Depletable | Non- Depletable |
Total | ||||||||||||||||||
Gold interests |
||||||||||||||||||||||||
Salobo |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Sudbury 1 |
||||||||||||||||||||||||
Constancia |
||||||||||||||||||||||||
San Dimas |
||||||||||||||||||||||||
Stillwater 2 |
||||||||||||||||||||||||
Other 3 |
||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||||||
Silver interests |
||||||||||||||||||||||||
Peñasquito |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Antamina |
||||||||||||||||||||||||
Constancia |
||||||||||||||||||||||||
Other 4 |
||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||||||
Palladium interests |
||||||||||||||||||||||||
Stillwater 2 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Platinum interests |
||||||||||||||||||||||||
Marathon |
$ | - | $ | $ | $ | - | $ | $ | ||||||||||||||||
Cobalt interests |
||||||||||||||||||||||||
Voisey’s Bay |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
1) | Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests. |
2) | Comprised of the Stillwater and East Boulder gold and palladium interests. |
3) | Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, Curipamba, Cangrejos and Curraghinalt gold interests. |
4) | Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater, Curipamba and Mineral Park silver interests. |
(in thousands) |
||||
Proceeds received on 33% buyback of Goose |
$ | |||
Less: 33% carrying value |
( |
|||
Gain on partial disposal of the Goose PMPA |
$ | |
(in thousands) |
||||
Fair value of Hecla Mining Company shares received |
$ | |||
Less: carrying value after impairment reversal, plus closing costs |
( |
|||
Gain on disposal of the Keno Hill PMPA |
$ | |
(in thousands) |
||||
Proceeds received on disposal of Yauliyacu |
$ | |
||
Less: carrying value plus closing costs |
( |
|||
Gain on disposal of the Yauliyacu PMPA |
$ |
14. |
Early Deposit Mineral Stream Interests |
Attributable Production to be Purchased |
||||||||||||||||||||||||||||||||
Early Deposit Mineral Stream Interests |
Mine Owner |
Location of Mine |
Upfront Consideration Paid to Date 1 |
Upfront Consideration to be Paid 1, 2 |
Total Upfront Consideration¹ |
Gold |
Silver |
Term of Agreement |
||||||||||||||||||||||||
Toroparu |
$ | $ | $ | |||||||||||||||||||||||||||||
Cotabambas |
||||||||||||||||||||||||||||||||
Kutcho |
||||||||||||||||||||||||||||||||
$ | $ | $ |
1) | Expressed in thousands of United States dollars; excludes closing costs and capitalized interest, where applicable. |
2) | Please refer to Note 27 for details of when the remaining upfront consideration to be paid becomes due. |
3) | Once |
1 5 . |
Mineral Royalty Interests |
Royalty Interests |
Mine Owner |
Location of Mine |
Royalty 1 |
Upfront Consideration Paid to Date 2 |
Upfront Consideration to be Paid 2 |
Total Upfront Consideration 2 |
||||||||||||||||||
Metates |
$ | $ | $ | |||||||||||||||||||||
Brewery Creek 3 |
||||||||||||||||||||||||
Black Pine 4 |
||||||||||||||||||||||||
Mt Todd 5 |
||||||||||||||||||||||||
$ | |
$ | |
$ | |
1) | Abbreviation as follows: NSR = Net Smelter Return Royalty; and GR = Gross Royalty. |
2) | Expressed in thousands; excludes closing costs. |
3) | The Company paid $ |
4) | Liberty Gold has been granted an option to repurchase |
5) | The Mt Todd royalty is at a rate of |
1 6 . |
Long-Term Equity Investments |
December 31 | December 31 | |||||||
(in thousands) |
2023 | 2022 | ||||||
Common shares held |
$ | $ | ||||||
Warrants held |
||||||||
Total long-term equity investments |
$ | |
$ | |
Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||
(in thousands) |
Shares Owned (000’s) |
% of Outstanding Shares Owned |
Fair Value at Dec 31, 2022 |
Cost of Additions |
Proceeds of Disposition 1 |
Fair Value Adjustment Gains (Losses) 2 |
Fair Value at Dec 31, 2023 |
Realized Gain (Loss) on Disposal |
||||||||||||||||||||||||
Bear Creek |
$ | $ | $ | - | $ | ( |
$ | $ |
||||||||||||||||||||||||
Sabina |
- | - | ( |
- | ||||||||||||||||||||||||||||
Kutcho |
- | - | ( |
- | ||||||||||||||||||||||||||||
Hecla |
- | ( |
( |
|||||||||||||||||||||||||||||
B2Gold |
( |
|||||||||||||||||||||||||||||||
Other |
( |
( |
( |
|||||||||||||||||||||||||||||
Total |
$ | |
$ | |
$ | ( |
$ | ( |
$ | |
$ ( |
1) | The disposal of the Sabina shares was as a result of the acquisition of Sabina by B2Gold, while the partial disposition of the Hecla shares was made in order to capitalize on Hecla’s share price appreciation. |
2) | Fair Value Gains (Losses) are reflected as a component of OCI. |
Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||
(in thousands) |
Shares Owned (000’s) |
% of Outstanding Shares Owned |
Fair Value at Dec 31, 2021 |
Cost of Additions |
Proceeds of Disposition 1 |
Fair Value Adjustment Gains (Losses) 2 |
Fair Value at Dec 31, 2022 |
Realized Loss on Disposal |
||||||||||||||||||||||||
Bear Creek |
$ | $ | - | $ | - | $ | ( |
$ | $ | |||||||||||||||||||||||
Sabina |
- | ( |
- | |||||||||||||||||||||||||||||
Kutcho |
- | - | ( |
- | ||||||||||||||||||||||||||||
Hecla |
- | - | - | |||||||||||||||||||||||||||||
Other |
( |
( |
( |
|||||||||||||||||||||||||||||
Total |
$ | |
$ | |
$ | ( |
$ | |
$ | |
$ | ( |
1) | Disposals during 2022 were made as a result of the acquisition of the companies to which the shares relate by unrelated third party entities. |
2) | Fair Value Gains (Losses) are reflected as a component of OCI. |
17. |
Credit Facilities |
1 7 .1. |
Sustainability-Linked Revolving Credit Facility |
1 7 .2. |
Lease Liabilities |
December 31 |
December 31 |
|||||||
(in thousands) |
2023 | 2022 | ||||||
Current portion |
$ | $ | ||||||
Long-term portion |
||||||||
Total lease liabilities |
$ | $ |
(in thousands) |
December 31 2023 | |||
Not later than 1 year |
$ | |||
Later than 1 year and not later than 5 years |
||||
Later than 5 years |
||||
Total lease liabilities |
$ | |
1 7 .3. |
Finance Costs |
Years Ended December 31 |
||||||||||||
(in thousands) |
Note | 2023 | 2022 | |||||||||
Costs related to undrawn credit facilities |
17.1 | $ | $ | |||||||||
Interest expense - lease liabilities |
17.2 | |||||||||||
Letters of guarantee |
5.3 | |||||||||||
Total finance costs |
$ | |
$ | |
18 . |
Issued Capital |
(in thousands) |
Note | December 31 2023 |
December 31 2022 |
|||||||
Issued capital |
||||||||||
Share capital issued and outstanding: (December 31, 2022: |
18.1 | $ | |
$ | |
18 .1. |
Shares Issued |
Number of Shares |
Weighted Average Price | |||||||
At January 1, 2022 |
||||||||
Share purchase options exercised 1 |
Cdn$ |
|||||||
Restricted share units released 1 |
Cdn$ |
|||||||
Dividend reinvestment plan 2 |
US$ |
|||||||
At December 31, 2022 |
||||||||
Share purchase options exercised 1 |
Cdn$ |
|||||||
Restricted share units released 1 |
Cdn$ |
|||||||
Dividend reinvestment plan 2 |
US$ |
|||||||
At December 31, 2023 |
1) | The weighted average price of share purchase options exercised and restricted share units released represents the respective exercise price. |
2) | The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. The weighted average price for common shares issued under the DRIP represents the volume weighted average price of the common shares on the five trading days preceding the dividend payment date, less a discount of |
18 .2. |
Dividends Declared |
Years Ended December 31 | ||||||||||||||||
(in thousands, except per share amounts) |
2023 | 2022 | ||||||||||||||
Dividends declared per share |
$ | $ | ||||||||||||||
Average number of shares eligible for dividend |
||||||||||||||||
Total dividends paid |
$ | |
$ | |
||||||||||||
Paid as follows: |
||||||||||||||||
Cash |
$ | $ | ||||||||||||||
DRIP 1 |
||||||||||||||||
Total dividends paid |
$ | $ | ||||||||||||||
Shares issued under the DRIP |
1) | The Company has implemented a DRIP whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. |
19. |
Reserves |
Note | December 31 | December 31 | ||||||||
(in thousands) |
2023 | 2022 | ||||||||
Reserves |
||||||||||
Share purchase warrants |
19.1 | $ | $ | |||||||
Share purchase options |
19.2 | |||||||||
Restricted share units |
19.3 | |||||||||
Long-term investment revaluation reserve, net of tax |
19.4 | ( |
) | ( |
) | |||||
Total reserves |
$ | ( |
) | $ |
19 .1. |
Share Purchase Warrants |
Number of Warrants |
Weighted Average Exercise Price |
Exchange Ratio |
Share Purchase Warrants Reserve |
|||||||||||||
Warrants outstanding at December 31, 2022 |
$ |
$ | |
|||||||||||||
Expired |
( |
) | ( |
|||||||||||||
Warrants outstanding at December 31, 2023 |
$ |
$ | ||||||||||||||
19 .2. |
Share Purchase Options |
Years Ended December 31 | ||||||||
2023 | 2022 | |||||||
Black-Scholes weighted average assumptions |
||||||||
Grant date share price and exercise price |
Cdn$ |
Cdn$ |
||||||
Expected dividend yield |
||||||||
Expected volatility |
||||||||
Risk-free interest rate |
||||||||
Expected option life, in years |
||||||||
Weighted average fair value per option granted |
Cdn$ |
Cdn$ |
||||||
Number of options issued during the period |
||||||||
Total fair value of options issued (000’s) |
$ | $ |
Exercise Price (Cdn$) | Exercisable Options |
Non-Exercisable Options |
Total Options Outstanding |
Weighted Average Remaining Contractual Life |
||||||||||||
|
||||||||||||||||
$ |
- | |||||||||||||||
$ |
- | |||||||||||||||
$ |
- | |||||||||||||||
$ |
- | |||||||||||||||
$ |
- | |||||||||||||||
$ |
||||||||||||||||
$ |
||||||||||||||||
$ |
- | |||||||||||||||
$ |
- | |||||||||||||||
$ |
||||||||||||||||
$ |
||||||||||||||||
|
||||||||||||||||
|
1) | US$ share purchase options converted to Cdn$ using the exchange rate of |
Number of Options Outstanding |
Weighted Average Exercise Price |
|||||||
|
||||||||
At January 1, 2022 |
Cdn$ |
|||||||
Granted (fair value - $ |
||||||||
Exercised |
( |
|||||||
Forfeited |
( |
|||||||
|
||||||||
At December 31, 2022 |
Cdn$ |
|||||||
Granted (fair value - $ |
||||||||
Exercised |
( |
|||||||
Forfeited |
( |
|||||||
|
||||||||
At December 31, 2023 |
Cdn$ |
|||||||
|
19 .3. |
Restricted Share Units (“RSUs”) |
Number of RSUs Outstanding |
Weighted Average Intrinsic Value at Date Granted |
|||||||
|
||||||||
At January 1, 2022 |
$ |
|||||||
Granted (fair value - $ |
||||||||
Released |
( |
|||||||
Forfeited |
( |
|||||||
|
||||||||
At December 31, 2022 |
$ |
|||||||
Granted (fair value - $ |
||||||||
Released |
( |
|||||||
Forfeited |
( |
|||||||
|
||||||||
At December 31, 2023 |
$ |
|||||||
|
19 .4. |
Long-Term Investment Revaluation Reserve |
(in thousands) |
Change in Fair Value |
Deferred Tax Recovery (Expense) |
Total | |||||||||||||
At January 1, 2022 |
$ | ( |
$ | ( |
$ | ( |
||||||||||
Unrealized gain (loss) on LTIs 1 |
( |
|||||||||||||||
Reallocate reserve to retained earnings upon disposal of LTIs 1 |
1 6 |
|||||||||||||||
At December 31, 2022 |
$ | ( |
$ | ( |
$ | ( |
||||||||||
Unrealized gain (loss) on LTIs 1 |
( |
( |
||||||||||||||
Reallocate reserve to retained earnings upon disposal of LTIs 1 |
( |
( |
||||||||||||||
At December 31, 2023 |
$ | ( |
$ | ( |
$ | ( |
1) | LTIs refers to long-term investments in common shares held. |
2 0 . |
Share Based Compensation |
2 0 .1. |
Performance Share Units (“PSUs”) |
(in thousands, except for number of PSUs outstanding) |
Number of PSUs Outstanding |
PSU accrual liability | ||||||
At January 1, 2022 |
$ | |||||||
Granted |
- | |||||||
Accrual related to the fair value of the PSUs outstanding |
- | |||||||
Foreign exchange adjustment |
- | ( |
||||||
Paid |
( |
( |
||||||
Forfeited |
( |
( |
||||||
At December 31, 2022 |
$ | |||||||
Granted |
- | |||||||
Accrual related to the fair value of the PSUs outstanding |
- | |||||||
Foreign exchange adjustment |
- | |||||||
Paid |
( |
( |
||||||
Forfeited |
( |
( |
||||||
At December 31, 2023 |
$ |
Year of Grant |
Year of Maturity |
Number outstanding |
Estimated Value Per PSU at Maturity |
Anticipated Performance Factor at Maturity |
Percent of Vesting Period Complete at Dec 31, 2023 |
PSU Liability at Dec 31, 2023 |
||||||||||||||||||||
|
|
|||||||||||||||||||||||||
2021 | $ |
$ | ||||||||||||||||||||||||
2022 | $ |
|||||||||||||||||||||||||
2023 | $ |
|||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||
$ | |
|||||||||||||||||||||||||
|
|
2 1 . |
Earnings per Share (“EPS”) and Diluted Earnings per Share (“Diluted EPS”) |
Years Ended December 31 |
||||||||
(in thousands) |
2023 |
2022 |
||||||
Basic weighted average number of shares outstanding |
|
|
||||||
Effect of dilutive securities |
||||||||
Share purchase options |
||||||||
Restricted share units |
||||||||
Diluted weighted average number of shares outstanding |
Years Ended December 31 | ||||||||
(in thousands) |
2023 | 2022 | ||||||
Share purchase options |
|
|||||||
Share purchase warrants |
|
|||||||
Total |
2 2 . |
Supplemental Cash Flow Information |
Years Ended December 31 | ||||||||
(in thousands) |
2023 | 2022 | ||||||
Change in non-cash working capital |
||||||||
Accounts receivable |
$ | ( |
$ | |||||
Accounts payable and accrued liabilities |
( |
|||||||
Other |
||||||||
Total change in non-cash working capital |
$ | |
$ | |
December 31 | December 31 | |||||||
(in thousands) |
2023 | 2022 | ||||||
Cash and cash equivalents comprised of: |
||||||||
Cash |
$ | $ | ||||||
Cash equivalents |
||||||||
Total cash and cash equivalents |
$ | |
$ | |
2 3 . |
Income Taxes |
Years Ended December 31 | ||||||||
(in thousands) |
2023 | 2022 | ||||||
Current income tax expense (recovery) |
$ | ( |
$ | |||||
Deferred income tax expense (recovery) related to: |
||||||||
Origination and reversal of temporary differences |
$ | $ | ||||||
Write down (reversal of write down) or recognition of prior period temporary differences |
( |
|||||||
Total deferred income tax expense (recovery) |
$ | |
$ | ( |
||||
Total income tax expense (recovery) recognized in net earnings |
$ | $ | |
Years Ended December 31 | ||||||||
(in thousands) |
2023 | 2022 | ||||||
Income tax expense (recovery) related to LTIs - common shares held |
$ | ( |
$ | |
Years Ended December 31 | ||||||||
(in thousands) |
2023 | 2022 | ||||||
Current income tax expense (recovery) |
$ | $ | ( |
|||||
Deferred income tax expense (recovery) related to: |
||||||||
Origination and reversal of temporary differences |
$ | $ | ||||||
Write down (reversal of write down) or recognition of prior period temporary differences |
$ | $ | ( |
|||||
Total deferred income tax expense (recovery) |
$ | $ | ||||||
Total income tax expense (recovery) recognized in equity |
$ | |
$ | ( |
1) | Income tax expense (recovery) in shareholders’ equity relates to share financing fees. Share financing fees are deducted over a five-year period for Canadian income tax purposes. For accounting purposes, share financing fees are charged directly to issued capital. |
Years Ended December 31 | ||||||||
(in thousands) |
2023 | 2022 | ||||||
Earnings before income taxes |
$ | |
$ | |
||||
Canadian federal and provincial income tax rates |
||||||||
Income tax expense (recovery) based on above rates |
$ | |
$ | |
||||
Non-deductible portion of capital losses (non-taxable portion of capital gains) |
( |
|||||||
Non-deductible stock based compensation and other |
||||||||
Differences in tax rates in foreign jurisdictions 1 |
( |
( |
||||||
Current period unrecognized temporary differences |
||||||||
Write down (reversal of write down) or recognition of prior period temporary differences |
( |
|||||||
Total income tax expense (recovery) recognized in net earnings |
$ | |
$ | |
1) | During the year ended December 31, 2023, the Company’s subsidiaries generated net earnings of $ |
(in thousands) |
Current Taxes (Payable) Recoverable |
|||
Current taxes payable - December 31, 2021 |
$ |
( |
||
Current income tax expense - income statement |
( |
|||
Current income tax recovery - shareholders’ equity |
||||
Income taxes paid |
||||
Foreign exchange adjustments |
||||
Current taxes payable - December 31, 2022 |
$ | ( |
||
Current income tax recovery - income statement |
||||
Income taxes paid |
||||
Foreign exchange adjustments |
||||
Current taxes recoverable - December 31, 2023 |
$ | |
Year Ended December 31, 2023 |
||||||||||||||||||||
Recognized deferred income tax assets and liabilities | Opening Balance |
Recovery (Expense) Recognized In Net Earnings |
Recovery (Expense) Recognized In OCI |
Recovery (Expense) Recognized In Shareholders’ Equity |
Closing Balance | |||||||||||||||
Deferred tax assets |
||||||||||||||||||||
Non-capital loss carryforward 1 |
$ | $ | $ | - | $ | $ | ||||||||||||||
Capital loss carryforward |
- | |||||||||||||||||||
Other 2 |
|
( |
- | |||||||||||||||||
Deferred tax liabilities |
||||||||||||||||||||
Debt financing fees 3 |
( |
( |
- | - | ( |
|||||||||||||||
Unrealized gains on long-term investments |
( |
( |
- | ( |
||||||||||||||||
Mineral stream interests 4 |
( |
- | - | ( |
||||||||||||||||
Foreign withholding tax |
( |
( |
- | - | ( |
|||||||||||||||
Total |
$ | ( |
$ | ( |
$ | |
$ | |
$ | ( |
1) | As at December 31, 2023, the Company had recognized the tax effect on $ non-capital losses against deferred tax liabilities. |
2) | Other includes capital assets, cobalt inventory, charitable donation carryforward, and PSU and pension liabilities. |
3) | Debt and share financing fees are deducted over a five-year period for Canadian income tax purposes. For accounting purposes, debt financing fees are deducted over the term of the credit facility and share financing fees are charged directly to issued capital. |
4) | The Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, is that the cost of the precious metal acquired under the Canadian PMPAs is equal to the market value while a deposit is outstanding (where applicable to an agreement), and the cash cost thereafter. For accounting purposes, the cost of the mineral stream interests is depleted on a unit-of-production |
Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||
Opening Balance |
Recovery (Expense) Recognized In Net Earnings |
Recovery (Expense) Recognized In OCI |
Recovery (Expense) Recognized In Shareholders’ Equity |
Closing Balance | ||||||||||||||||||||||||||||||||
Recognized deferred income tax assets and liabilities | ||||||||||||||||||||||||||||||||||||
Deferred tax assets |
||||||||||||||||||||||||||||||||||||
Non-capital loss carryforward |
$ | |
$ | ( |
$ | - | $ | ( |
$ | |||||||||||||||||||||||||||
Capital loss carryforward |
- | |||||||||||||||||||||||||||||||||||
Other |
|
- | ||||||||||||||||||||||||||||||||||
Deferred tax liabilities |
||||||||||||||||||||||||||||||||||||
Interest capitalized for accounting |
( |
- | - | |||||||||||||||||||||||||||||||||
Debt and share financing fees |
( |
( |
- | - | ( |
|||||||||||||||||||||||||||||||
Kutcho Convertible Note |
( |
- | - | |||||||||||||||||||||||||||||||||
Unrealized gains on long-term investments |
( |
( |
( |
- | ( |
|||||||||||||||||||||||||||||||
Mineral stream interests |
( |
- | - | |||||||||||||||||||||||||||||||||
Foreign withholding tax |
( |
( |
- | - | ( |
|||||||||||||||||||||||||||||||
Total |
$ | ( |
$ | $ | ( |
$ | ( |
$ | ( |
December 31 | December 31 | |||||||
(in thousands) |
2023 | 2022 | ||||||
Mineral stream interests |
$ | $ | ||||||
Other |
||||||||
Unrealized losses on long-term investments |
||||||||
Total |
$ | $ |
1) | As at December 31, 2023, the Company had fully recognized the tax effect of non-capital losses. |
2 4 . |
Other Current Assets |
December 31 | December 31 | |||||||||||
(in thousands) |
Note | 2023 | 2022 | |||||||||
Prepaid expenses |
$ | $ | ||||||||||
Other |
||||||||||||
Total other current assets |
$ | $ |
2 5 . |
Other Long-Term Assets |
December 31 |
December 31 | |||||||||||
(in thousands) |
Note |
2023 |
2022 | |||||||||
Intangible assets |
$ | $ | ||||||||||
Debt issue costs - Revolving Facility |
1 7 .1 |
|||||||||||
Refundable deposit - 777 PMPA |
||||||||||||
Subscription Rights |
||||||||||||
Other |
||||||||||||
Total other long-term assets |
$ | $ |
2 6 . |
Related Party Transactions |
Years Ended December 31 |
||||||||
(in thousands) |
2023 |
2022 |
||||||
Short-term benefits 1 |
$ | $ |
||||||
Post-employment benefits |
||||||||
PSUs 2 |
||||||||
Equity settled stock based compensation (a non-cash expense) 3 |
||||||||
Total executive compensation |
$ | $ |
1) |
Short-term employee benefits include salaries, bonuses payable within twelve months of the balance sheet date and other annual employee benefits. |
2) | As more fully disclosed in Note 2 0 |
3) | As more fully disclosed in Notes 19.2 and 19.3, equity settled stock based compensation expense is recorded on a straight-line basis over the vesting period. |
27. |
Commitments and Contingencies |
Mineral Stream Interests | Attributable Payable Production to be Purchased |
Per Ounce Cash Payment 1 |
Term of Agreement |
Date of Original Contract |
||||||||||||
Constancia |
$ | 2 |
||||||||||||||
Salobo |
$ | |||||||||||||||
Sudbury |
$ | |||||||||||||||
San Dimas |
3 |
$ | ||||||||||||||
Stillwater |
4 |
|||||||||||||||
Marathon |
5 |
4 |
||||||||||||||
Other |
||||||||||||||||
Minto |
6 |
6 |
||||||||||||||
Copper World |
$ | |||||||||||||||
Marmato |
5 |
4 |
||||||||||||||
Santo Domingo |
5 |
4 |
||||||||||||||
Fenix |
5 |
4 |
||||||||||||||
Blackwater |
5 |
|||||||||||||||
Curipamba |
5 |
4 |
||||||||||||||
Goose |
5 |
4 |
||||||||||||||
Cangrejos |
5 |
4 |
||||||||||||||
Platreef 8 |
5 |
$ | 5 |
5 |
||||||||||||
Curraghinalt |
5 |
4 |
||||||||||||||
Kudz Ze Kayah 8 |
7 |
|||||||||||||||
Early Deposit | ||||||||||||||||
Toroparu |
$ | |||||||||||||||
Cotabambas |
5 |
$ | ||||||||||||||
Kutcho |
1) | The production payment is measured as either a fixed amount per ounce of gold delivered, or as a percentage of the spot price of gold on the date of delivery. Contracts where the payment is a fixed amount per ounce of gold delivered are subject to an annual inflationary increase, with the exception of Sudbury. Additionally, should the prevailing market price for gold be lower than this fixed amount, the per ounce cash payment will be reduced to the prevailing market price, subject to an annual inflationary factor. |
2) | Subject to an increase to $ |
3) | Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to |
4) | To be increased to |
5) | Under certain PMPAs, the Company’s attributable gold percentage will be reduced once certain thresholds are achieved: |
a. | Marathon – reduced to |
b. | Marmato – reduced to |
c. | Santo Domingo – reduced to |
d. | Fenix – reduced to |
e. | Blackwater – reduced to |
f. | Curipamba – reduced to |
g. | Goose – reduced to |
h. | Cangrejos – reduced to |
i. | Platreef - reduced to If certain thresholds are met, including if production through the Platreef project concentrator achieves |
j. | Curraghinalt – reduced to |
k. | Cotabambas – reduced to |
6) | The Company is committed to acquire , Minto Metals Corp., announced the suspension of operations at the Minto mine. Prior to this, the parties were in discussions in connection with a possible restructuring of the Minto PMPA. During that negotiation period, the cash payment per ounce of gold delivered was set at |
7) | Under the Kudz Ze Kayah PMPA, the Company will be entitled to purchase staged percentages of produced gold ranging from and delivered for a total of |
8) |
On November 15, 2023, the Company entered into the Orion Purchase Agreement (Note 29) to acquire the Platreef and Kudz Ze Kayah PMPAs. Closing of the Orion Purchase Agreement occurred on February 27, 2024. |
Mineral Stream Interests | Attributable Payable Production to be Purchased |
Per Ounce Cash Payment 1 |
Term of Agreement |
Date of Original Contract |
||||||||||||
Peñasquito |
$ | |||||||||||||||
Constancia |
$ | ² | ||||||||||||||
Antamina |
||||||||||||||||
Other |
||||||||||||||||
Los Filos |
$ | |||||||||||||||
Zinkgruvan |
$ | |||||||||||||||
Stratoni |
$ | |||||||||||||||
Neves-Corvo |
$ | |||||||||||||||
Aljustrel |
3 |
|||||||||||||||
Minto |
4 |
$ | ||||||||||||||
Pascua-Lama |
$ | |||||||||||||||
Copper World |
$ | |||||||||||||||
Loma de La Plata |
$ | n/a | 5 | |||||||||||||
Marmato |
6 |
7 |
||||||||||||||
Cozamin |
6 |
|||||||||||||||
Blackwater |
6 |
7 |
||||||||||||||
Curipamba |
7 |
|||||||||||||||
Mineral Park |
7 |
|||||||||||||||
Kudz Ze Kayah 9 |
8 |
|||||||||||||||
Early Deposit | ||||||||||||||||
Toroparu |
$ | |||||||||||||||
Cotabambas |
6 |
$ | ||||||||||||||
Kutcho |
1) | The production payment is measured as either a fixed amount per unit of silver delivered, or as a percentage of the spot price of silver on the date of delivery. Contracts where the payment is a fixed amount per ounce of silver delivered are subject to an annual inflationary increase, with the exception of Loma de La Plata. Additionally, should the prevailing market price for silver be lower than this fixed amount, the per ounce cash payment will be reduced to the prevailing market price, subject to an annual inflationary factor. |
2) | Subject to an increase to $ |
3) | Wheaton only has the rights to silver contained in concentrate containing less than |
4) |
On May 13, 2023, Minto Metals Corp. announced the suspension of operations at the Minto mine. |
5) | Terms of the agreement not yet finalized. |
6) | Under certain PMPAs, the Company’s attributable silver percentage will be reduced once certain thresholds are achieved: |
a. | Marmato – reduced to |
b. | Cozamin – reduced to |
c. | Blackwater – reduced to |
d. | Cotabambas – reduced to |
7) | To be increased to |
8) | Under the Kudz Ze Kayah PMPA, the Company will be entitled to purchase: staged percentages of produced silver ranging from and delivered for a total of |
9) |
On November 15, 2023, the Company entered into the Orion Purchase Agreement (Note 29) to acquire the Kudz Ze Kayah PMPA. Closing of the Orion Purchase Agreement occurred on February 27, 2024. |
Mineral Stream Interests | Attributable Payable Production to be Purchased |
Per Unit of Measurement Cash Payment 1 |
Term of Agreement |
Date of Original Contract |
||||||||||||
Palladium |
||||||||||||||||
Stillwater |
||||||||||||||||
Platreef 4 |
2 |
|||||||||||||||
Platinum |
||||||||||||||||
Marathon |
||||||||||||||||
Platreef 4 |
2 |
|||||||||||||||
Cobalt |
||||||||||||||||
Voisey’s Bay |
1) |
The production payment is measured as either a fixed amount per unit of metal delivered, or as a percentage of the spot price of the underlying metal on the date of delivery. |
2) |
Under certain PMPAs, the Company’s attributable metal percentage will be reduced once certain thresholds are achieved: |
a. | Stillwater – reduced to ounces of palladium, with a further reduction to |
b. | Platreef – reduced to 3% once the Company has received |
c. | Marathon – reduced to |
d. | Voisey’s Bay – reduced to |
3) | To be increased to 22% once the market value of all metals delivered to Wheaton, net of the per unit cash payment, exceeds the initial upfront cash deposit. |
4) |
On November 15, 2023, the Company entered into the Orion Purchase Agreement (Note 29) to acquire the Platreef PMPA. Closing of the Orion Purchase Agreement occurred on February 27, 2024. |
Projected Payment Dates 1 |
||||||||||||||||||||
(in thousands) |
2024 | 2025 - 2026 |
2027 - 2028 |
After 2028 | Total | |||||||||||||||
Payments for mineral stream interests & royalty |
||||||||||||||||||||
Salobo 2 |
$ | $ | $ | $ | $ | |||||||||||||||
Marathon |
- | - | ||||||||||||||||||
Cangrejos |
- | |||||||||||||||||||
Marmato |
- | - | ||||||||||||||||||
Santo Domingo |
- | - | - | |||||||||||||||||
Copper World 3 |
- | - | - | |||||||||||||||||
Curipamba |
- | - | ||||||||||||||||||
Mineral Park |
- | - | - | |||||||||||||||||
Platreef |
- | - | - | |||||||||||||||||
Curraghinalt |
- | - | - | |||||||||||||||||
Kudz Ze Kayah |
- | - | - | |||||||||||||||||
Fenix Gold |
- | - | - | |||||||||||||||||
Mt Todd Royalty |
- | - | - | |||||||||||||||||
Loma de La Plata |
- | - | - | |||||||||||||||||
Payments for early deposit mineral stream interest |
||||||||||||||||||||
Cotabambas |
- | - | - | |||||||||||||||||
Toroparu |
- | - | - | |||||||||||||||||
Kutcho |
- | - | ||||||||||||||||||
Leases liabilities |
||||||||||||||||||||
Total contractual obligations |
$ | |
$ | |
$ | |
$ | |
$ | |
1) | Projected payment date based on management estimate. Dates may be updated in the future as additional information is received. |
2) | As more fully explained below, the expansion payment relative to the Salobo III expansion project is dependent on the timing and size of the throughput expansion. |
3) | Figure includes contingent transaction costs of $ |
28 . |
Segmented Information |
Year Ended December 31, 2023 |
||||||||||||||||||||||||||||
(in thousands) |
Sales |
Cost of Sales |
Depletion |
Gain on Disposal 1 |
Net Earnings |
Cash Flow From Operations |
Total Assets |
|||||||||||||||||||||
Gold |
||||||||||||||||||||||||||||
Salobo 5 |
$ | $ | $ | $ | - | $ | $ | $ | ||||||||||||||||||||
Sudbury 2, 5 |
- | |||||||||||||||||||||||||||
Constancia |
- | |||||||||||||||||||||||||||
San Dimas |
- | |||||||||||||||||||||||||||
Stillwater |
- | |||||||||||||||||||||||||||
Other 3 |
- | |||||||||||||||||||||||||||
Total gold interests |
$ | $ | $ | $ | - | $ | $ | $ | ||||||||||||||||||||
Silver |
||||||||||||||||||||||||||||
Peñasquito 5 |
$ | $ | $ | $ | - | $ | $ | $ | ||||||||||||||||||||
Antamina |
- | |||||||||||||||||||||||||||
Constancia |
- | |||||||||||||||||||||||||||
Other 4 |
||||||||||||||||||||||||||||
Total silver interests |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Palladium |
||||||||||||||||||||||||||||
Stillwater |
$ | $ | $ | $ | - | $ | $ | $ | ||||||||||||||||||||
Platinum |
||||||||||||||||||||||||||||
Marathon |
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | |||||||||||||||
Cobalt |
||||||||||||||||||||||||||||
Voisey’s Bay 5 |
$ | $ | $ | $ | - | $ | ( |
$ | $ | |||||||||||||||||||
Total mineral stream interests |
$ | |
$ | |
$ | |
$ | |
$ | $ | $ | |||||||||||||||||
Other |
||||||||||||||||||||||||||||
General and administrative |
$ | ( |
$ | ( |
||||||||||||||||||||||||
Share based compensation |
( |
( |
||||||||||||||||||||||||||
Donations and community investments |
( |
( |
||||||||||||||||||||||||||
Finance costs |
( |
( |
||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||
Income tax |
( |
( |
||||||||||||||||||||||||||
Total other |
$ | ( |
$ | ( |
$ | |||||||||||||||||||||||
Consolidated |
$ | |
$ | |
$ | |
1) | See Note 13 for more information. |
2) | Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests. |
3) | Where a gold interest represents less than % of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests comprised of the operating Marmato gold interest as well as the non-operating Minto, Copper World, 777, Santo Domingo, Fenix, Blackwater, Curipamba, Marathon, Goose, Cangrejos and Curraghinalt gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. |
4) | Where a silver interest represents less than % of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin silver interests as well as the non-operating Stratoni, Aljustrel, Minto, Pascua-Lama, Copper World, 777, Navidad, Blackwater, Curipamba and Mineral Park silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the second quarter of 2025. |
5) | As it relates to mine operator concentration risk: |
a. | The counterparty obligations under the Salobo, Sudbury and Voisey’s Bay PMPAs are guaranteed by the parent company Vale. Total revenues relative to Vale PMPAs during the year ended December 31, 2023 were |
b. | The counterparty obligations under the Peñasquito PMPA are guaranteed by the parent company Newmont Corporation (“Newmont”). Total revenues relative to Newmont during the year ended December 31, 2023 were |
c. |
The counterparty obligations under the Constancia and 777 PMPA are guaranteed by the parent company Hudbay Minerals Inc (“Hudbay”). Total revenues relative to Hudbay during the year ended December 31, 2023 were |
Year Ended December 31, 2022 |
||||||||||||||||||||||||||||
(in thousands) |
Sales |
Cost of Sales |
Depletion |
Impairment Reversal / Gain on Disposal 1 |
Net Earnings (Loss) |
Cash Flow From Operations |
Total Assets |
|||||||||||||||||||||
Gold |
||||||||||||||||||||||||||||
Salobo 5 |
$ | $ | $ | $ | - | $ | $ | $ | ||||||||||||||||||||
Sudbury 2, 5 |
- | |||||||||||||||||||||||||||
Constancia |
- | |||||||||||||||||||||||||||
San Dimas |
- | |||||||||||||||||||||||||||
Stillwater |
- | |||||||||||||||||||||||||||
Other 3 |
( |
|||||||||||||||||||||||||||
Total gold interests |
$ | $ | $ | $ | ( |
$ | $ | $ | ||||||||||||||||||||
Silver |
||||||||||||||||||||||||||||
Peñasquito 5 |
$ | $ | $ | $ | - | $ | $ | $ | ||||||||||||||||||||
Antamina 5 |
- | |||||||||||||||||||||||||||
Constancia |
- | |||||||||||||||||||||||||||
Other 4, 5 |
||||||||||||||||||||||||||||
Total silver interests |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Palladium |
||||||||||||||||||||||||||||
Stillwater |
$ | $ | $ | $ | - | $ | $ | $ | ||||||||||||||||||||
Platinum |
||||||||||||||||||||||||||||
Marathon |
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | |||||||||||||||
Cobalt |
||||||||||||||||||||||||||||
Voisey’s Bay |
$ | $ | $ | $ | - | $ | $ | $ | ||||||||||||||||||||
Total mineral stream interests |
$ | |
$ | |
$ | |
$ | |
$ | $ | $ | |||||||||||||||||
Other |
||||||||||||||||||||||||||||
General and administrative |
$ | ( |
$ | ( |
||||||||||||||||||||||||
Share based compensation |
( |
( |
||||||||||||||||||||||||||
Donations and community investments |
( |
( |
||||||||||||||||||||||||||
Finance costs |
( |
( |
||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||
Income tax |
( |
( |
||||||||||||||||||||||||||
Total other |
$ | ( |
$ | ( |
$ | |||||||||||||||||||||||
Consolidated |
$ | |
$ | |
$ | |
1) |
See Notes 13 for more information. |
2) |
Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests. |
3) | Where a gold interest represents less than non-operating 777, Copper World, Santo Domingo, Blackwater, Fenix, Goose, Marathon and Curipamba gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. |
4) | Where a silver interest represents less than non-operating 777, Loma de La Plata, Stratoni, Pascua-Lama, Copper World, Blackwater and Curipamba silver interests and the previously owned Yauliyacu and Keno Hill silver interests. The Stratoni mine was placed into care and maintenance during Q4-2021. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the second quarter of 2025. On September 7, 2022, the Keno Hill PMPA was terminated in exchange for $ |
5) | As it relates to mine operator concentration risk: |
a . |
The counterparty obligations under the Salobo, Sudbury and Voisey’s Bay PMPAs are guaranteed by the parent company Vale. Total revenues relative to Vale PMPAs during the year ended December 31, 2022 were |
b . |
The counterparty obligations under the Antamina PMPA and the Yauliyacu PMPA (which is included as part of Other silver interests) are guaranteed by the parent company Glencore plc (“Glencore”) and its subsidiary. Total revenues relative to Glencore PMPAs during the year ended December 31, 2022 were |
c . |
The counterparty obligations under the Peñasquito PMPA are guaranteed by the parent company Newmont Corporation (“Newmont”). Total revenues relative to Newmont during the year ended December 31, 2022 were |
Carrying Amount at December 31, 2023 | ||||||||||||||||||||||||||||||
(in thousands) |
Sales Year Ended Dec 31, 2023 |
Gold Interests |
Silver Interests |
Palladium Interests |
Platinum Interests |
Cobalt Interests |
Total | |||||||||||||||||||||||
North America |
||||||||||||||||||||||||||||||
Canada |
$ | $ | $ | $ | - | $ | $ | $ | ||||||||||||||||||||||
United States |
- | - | ||||||||||||||||||||||||||||
Mexico |
- | - | - | |||||||||||||||||||||||||||
Europe |
||||||||||||||||||||||||||||||
Greece |
- | - | - | - | - | - | - | |||||||||||||||||||||||
Portugal |
- | - | - | - | ||||||||||||||||||||||||||
Sweden |
- | - | - | - | ||||||||||||||||||||||||||
UK |
- | - | - | - | - | |||||||||||||||||||||||||
South America |
||||||||||||||||||||||||||||||
Argentina/Chile 1 |
- | - | - | - | - | |||||||||||||||||||||||||
Argentina |
- | - | - | - | - | |||||||||||||||||||||||||
Chile |
- | - | - | - | - | |||||||||||||||||||||||||
Brazil |
- | - | - | - | ||||||||||||||||||||||||||
Peru |
- | - | - | |||||||||||||||||||||||||||
Ecuador |
- | - | - | - | ||||||||||||||||||||||||||
Colombia |
- | - | - | |||||||||||||||||||||||||||
Consolidated |
$ | $ | |
$ | |
$ | |
$ | |
$ | |
$ | ||||||||||||||||||
1) | Includes the Pascua-Lama project, which straddles the border of Argentina and Chile. |
Carrying Amount at December 31, 2022 | ||||||||||||||||||||||||||||||
(in thousands) | Sales Year Ended Dec 31, 2022 |
Gold Interests |
Silver Interests |
Palladium Interests |
Platinum Interests |
Cobalt Interests |
Total | |||||||||||||||||||||||
North America |
||||||||||||||||||||||||||||||
Canada |
$ | $ | $ | $ | - | $ | $ | $ | ||||||||||||||||||||||
United States |
- | - | ||||||||||||||||||||||||||||
Mexico |
- | - | - | |||||||||||||||||||||||||||
Europe |
||||||||||||||||||||||||||||||
Greece |
- | - | - | - | - | - | ||||||||||||||||||||||||
Portugal |
- | - | - | - | ||||||||||||||||||||||||||
Sweden |
- | - | - | - | ||||||||||||||||||||||||||
South America |
||||||||||||||||||||||||||||||
Argentina/Chile 1 |
- | - | - | - | - | |||||||||||||||||||||||||
Argentina |
- | - | - | - | - | |||||||||||||||||||||||||
Chile |
- | - | - | - | - | |||||||||||||||||||||||||
Brazil |
- | - | - | - | ||||||||||||||||||||||||||
Peru |
- | - | - | |||||||||||||||||||||||||||
Ecuador |
- | - | - | - | ||||||||||||||||||||||||||
Colombia |
- | - | - | |||||||||||||||||||||||||||
Consolidated |
$ | $ | |
$ | |
$ | |
$ | |
$ | |
$ | ||||||||||||||||||
1) | Includes the Pascua-Lama project, which straddles the border of Argentina and Chile. |
29 . |
Subsequent Events |
CANADA – HEAD OFFICE WHEATON PRECIOUS METALS CORP. Suite 3500 1021 West Hastings Street Vancouver, BC V6E 0C3 Canada T: 1 604 684 9648 F: 1 604 684 3123 CAYMAN ISLANDS OFFICE Wheaton Precious Metals International Ltd. Suite 300, 94 Solaris Avenue Camana Bay P.O. Box 1791 GT, Grand Cayman Cayman Islands KY1-1109 STOCK EXCHANGE LISTING Toronto Stock Exchange: WPM New York Stock Exchange: WPM London Stock Exchange: WPM DIRECTORS GEORGE BRACK, Chair JAIMIE DONOVAN PETER GILLIN CHANTAL GOSSELIN JEANE HULL GLENN IVES CHARLES JEANNES MARILYN SCHONBERNER RANDY SMALLWOOD OFFICERS RANDY SMALLWOOD President & Chief Executive Officer CURT BERNARDI Senior Vice President, Legal & Corporate Secretary GARY BROWN Senior Vice President & Chief Financial Officer HAYTHAM HODALY Senior Vice President, Corporate Development |
TRANSFER AGENT TSX Trust Company 1600 – 1066 West Hastings Street Vancouver, BC V6E 3X1 Toll-free in Canada and the United States: 1 800 387 0825 Outside of Canada and the United States: 1 416 682 3860 E: shareholderinquiries@tmx.com AUDITORS Deloitte LLP Vancouver, Canada INVESTOR RELATIONS EMMA MURRAY Vice President, Investor Relations T: 1 604 684 9648 TF: 1 844 288 9878 E: info@wheatonpm.com |
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