|
|
|
|||
|
SILVER WHEATON CORP.
|
|
|||
March 21, 2013
|
By:
|
/s/ Curt Bernardi
|
|
||
|
|
Name:
|
Curt Bernardi
|
|
|
|
|
Title:
|
Senior Vice President,
|
|
|
|
Legal and Corporate Secretary
|
|
FOR IMMEDIATE RELEASE
|
TSX: SLW
|
|
March 21, 2013
|
NYSE: SLW
|
·
|
Fourth consecutive year of record attributable silver equivalent production of 29.6 million ounces compared to 25.4 million ounces in 2011, representing an increase of 17%.
|
·
|
Record silver equivalent sales of 27.3 million ounces compared to 21.1 million ounces in 2011, representing an increase of 30%.
|
·
|
Record revenues of $849.6 million compared to $730.0 million in 2011, representing a 16% increase.
|
·
|
Record net earnings of $586.0 million ($1.66 per share) compared to $550.0 million ($1.56 per share) in 2011, representing a 7% increase.
|
·
|
Record operating cash flows of $719.4 million ($2.03 per share1) compared to $626.4 million ($1.77 per share1) in 2011, representing a 15% increase.
|
·
|
Cash operating margin1 of $26.79 per silver equivalent ounce, compared to $30.56 in 2011, representing a 12% decrease.
|
·
|
Average cash costs1 rose to $4.30 per silver equivalent ounce, compared to $4.09 in 2011, representing a 5% increase.
|
·
|
In August 2012, acquired from Hudbay Minerals Inc. (“Hudbay”) a precious metals stream from its currently producing 777 mine (“777”) and a silver stream from its cornerstone development project, Constancia.
|
·
|
During 2012, Silver Wheaton paid $123.9 million in dividends ($0.35 per share) compared to $63.6 million in 2011 ($0.18 per share), representing a 95% increase.
|
·
|
Record attributable silver equivalent production of 8.5 million ounces compared to 6.9 million ounces in Q4 2011 and 7.7 million ounces in Q3 2012, representing an increase of 22% and 10%, respectively.
|
·
|
Record silver equivalent sales of 9.1 million ounces compared to 6.0 million ounces in Q4 2011 and 5.1 million ounces in Q3 2012, representing an increase of 53% and 78%, respectively.
|
·
|
Record revenues of $287.2 million compared to $191.9 million in Q4 2011, representing a 50% increase.
|
·
|
Record net earnings of $177.7 million ($0.50 per share) compared to $144.7 million ($0.41 per share) in Q4 2011, representing a 23% increase.
|
·
|
Record operating cash flows of $254.0 million ($0.72 per share1) compared to $163.7 million ($0.46 per share1) in Q4 2011, representing a 55% increase.
|
·
|
Cash operating margin1 of $26.76 per silver equivalent ounce, compared to $28.06 in Q4 2011, representing a 5% decrease.
|
·
|
Average cash costs1 rose to $4.70 per silver equivalent ounce, compared to $4.06 per silver equivalent ounce in Q4 2011, representing a 16% increase, driven primarily by higher costs associated with silver and gold from the Hudbay 777 mine ($5.90 and $400 per ounce of silver and gold, respectively).
|
·
|
Declared quarterly dividend of $0.14 per common share, representing 20% of the cash generated by operating activities during the three months ended December 31, 2012.
|
·
|
Silver Wheaton anticipates a 13% year over year increase in its 2013 attributable production to approximately 33.5 million silver equivalent ounces, including 145 thousand ounces of gold.
|
·
|
In 2017, the Company forecasts 53 million ounces of silver equivalent production (including 180 thousand ounces of gold), which represents an increase of 79% from 2012.
|
·
|
The acquisition of the Salobo and Sudbury gold streams from Vale S.A. (“Vale”) subsequent to December 31, 2012, is expected to double Silver Wheaton’s attributable gold production over the next five years. Coupled with a full year of attributable production from Hudbay’s 777 mine, acquired in August 2012, these cornerstone assets will drive the company’s production growth in 2013.
|
·
|
As per the Company’s news release dated March 19, 2013, attributable silver and gold reserves increased to 851.4 million ounces and 4.96 million ounces, respectively, as a result of organic and acquisition growth, inclusive of the acquisition of gold streams from Vale’s Salobo and Sudbury mines. Based on reserve estimates as at December 31, 20121, following the Vale transaction, silver equivalent reserves attributable to Silver Wheaton have grown to 1.12 billion ounces1.
|
Attributable Production1, 2
|
||||||
2011
Actual
|
2012
Actual
|
2013
Forecast
|
||||
Silver ounces produced (000's)
|
||||||
Peñasquito3
|
5,284
|
6,572
|
5,800
|
|||
San Dimas4
|
5,585
|
5,905
|
6,500
|
|||
Barrick5
|
2,980
|
2,696
|
1,700
|
|||
Zinkgruvan
|
1,691
|
2,502
|
2,400
|
|||
Yauliyacu
|
2,548
|
2,412
|
2,500
|
|||
Cozamin
|
1,567
|
1,576
|
1,800
|
|||
Other6
|
4,902
|
5,231
|
5,100
|
|||
24,557
|
26,894
|
25,800
|
||||
Gold ounces produced (000's)
|
||||||
Minto
|
18.4
|
18.6
|
20
|
|||
777
|
-
|
31.4
|
70
|
|||
Sudbury and Salobo
|
-
|
-
|
55
|
|||
18.4
|
50.0
|
145
|
||||
Silver equivalent ounces produced (000's)7
|
25,374
|
29,571
|
33,500
|
|||
1) Ounces produced represent quantity of silver and gold contained in concentrate or doré prior to smelting or refining deductions.
|
||||||
2) Production figures are based on information provided by the operators of the mining operations to which the silver or gold interests relate or management estimates in those situations where other information is not available.
|
||||||
3) Production at Peñasquito is lower in 2013 due to lower grades in the mine plan.
4) Production includes Goldcorp's four year commitment to deliver to Silver Wheaton 1.5 million ounces of silver per annum resulting from their sale of San Dimas to Primero.
5) Comprised of the Lagunas Norte, Pierina and Veladero silver interests. Production in 2013 is lower due to forecasted lower grades at Lagunas Norte and Veladero, and declining production from Pierina as Barrick waits for approval to commence pushback.
|
||||||
6) Includes the Los Filos, Mineral Park, Neves-Corvo, Stratoni, Keno Hill, Campo Morado, Minto, 777 and Aljustrel silver interests.
7) Gold ounces produced are converted to a silver equivalent basis on the ratio of the average silver price received to the average gold price received during the period from the assets that produce both gold and silver. For the 2013 forecast, a silver price of $30 and gold price of $1,600 were used for the silver equivalent conversion.
|
Dial toll free from Canada or the US: | 1-888-231-8191 | ||
Dial from outside Canada or the US: | 1-647-427-7450 | ||
Pass code: | 26000662 | ||
Live audio webcast: | www.silverwheaton.com |
Dial toll free from Canada or the US: | 1-855-859-2056 | ||
Dial from outside Canada or the US: | 1-416-849-0833 | ||
Pass code: | 26000662 | ||
Archived audio webcast: | www.silverwheaton.com |
Years Ended December 31
|
|||||||||
2012
|
2011
|
2010
|
|||||||
Silver equivalent production 1
|
|||||||||
Attributable silver ounces produced (000’s)
|
26,894
|
24,557
|
21,984
|
||||||
Attributable gold ounces produced
|
50,039
|
18,436
|
28,795
|
||||||
Attributable silver equivalent ounces produced (000’s) 1
|
29,571
|
25,374
|
23,758
|
||||||
Silver equivalent sales 1
|
|||||||||
Silver ounces sold (000’s)
|
24,850
|
20,247
|
18,878
|
||||||
Gold ounces sold
|
46,094
|
18,256
|
25,884
|
||||||
Silver equivalent ounces sold (000’s) 1
|
27,328
|
21,069
|
20,483
|
||||||
Average realized price ($'s per ounce)
|
|||||||||
Average realized silver price
|
$
|
31.03
|
$
|
34.60
|
$
|
20.75
|
|||
Average realized gold price
|
$
|
1,701
|
$
|
1,609
|
$
|
1,224
|
|||
Average realized silver equivalent price 1
|
$
|
31.09
|
$
|
34.65
|
$
|
20.67
|
|||
Average cash cost ($'s per ounce) 2
|
|||||||||
Average silver cash cost
|
$
|
4.06
|
$
|
3.99
|
$
|
3.97
|
|||
Average gold cash cost
|
$
|
362
|
$
|
300
|
$
|
300
|
|||
Average silver equivalent cash cost 1
|
$
|
4.30
|
$
|
4.09
|
$
|
4.04
|
|||
Total revenue ($000's)
|
$
|
849,560
|
$
|
729,997
|
$
|
423,353
|
|||
Net earnings ($000's)
|
$
|
586,036
|
$
|
550,028
|
$
|
153,381
|
|||
Add back - loss on fair value adjustment of Canadian dollar share purchase warrants issued
|
-
|
-
|
133,210
|
||||||
Adjusted net earnings 2 ($000's)
|
$
|
586,036
|
$
|
550,028
|
$
|
286,591
|
|||
Earnings per share
|
|||||||||
Basic
|
$
|
1.66
|
$
|
1.56
|
$
|
0.45
|
|||
Diluted
|
$
|
1.65
|
$
|
1.55
|
$
|
0.44
|
|||
Adjusted earnings per share 2
|
|||||||||
Basic
|
$
|
1.66
|
$
|
1.56
|
$
|
0.83
|
|||
Diluted
|
$
|
1.65
|
$
|
1.55
|
$
|
0.83
|
|||
Cash flow from operations ($000's)
|
$
|
719,404
|
$
|
626,427
|
$
|
319,726
|
|||
Dividends
|
|||||||||
Dividends paid ($000's)
|
$
|
123,852
|
$
|
63,612
|
$
|
-
|
|||
Dividends paid per share
|
$
|
0.35
|
$
|
0.18
|
$
|
-
|
|||
Total assets ($000's)
|
$
|
3,189,337
|
$
|
2,872,335
|
$
|
2,635,383
|
|||
Total non-current financial liabilities ($000’s)
|
$
|
23,555
|
$
|
50,424
|
$
|
200,966
|
|||
Shareholders' equity ($000's)
|
$
|
3,107,074
|
$
|
2,654,217
|
$
|
2,261,949
|
1)
|
Gold ounces produced and sold are converted to a silver equivalent basis on the ratio of the average silver price received to the average gold price received during the period from the assets that produce both gold and silver.
|
2)
|
Refer to discussion on non-IFRS measures at the end of this press release.
|
Years Ended December 31
|
|||||
(US dollars and shares in thousands, except per share amounts)
|
2012
|
2011
|
|||
Sales
|
$
|
849,560
|
$
|
729,997
|
|
Cost of sales
|
|||||
Cost of sales, excluding depletion
|
$
|
117,489
|
$
|
86,266
|
|
Depletion
|
101,229
|
57,457
|
|||
Total cost of sales
|
$
|
218,718
|
$
|
143,723
|
|
Earnings from operations
|
$
|
630,842
|
$
|
586,274
|
|
Expenses and other income
|
|||||
General and administrative 1
|
$
|
30,839
|
$
|
25,180
|
|
Foreign exchange loss (gain)
|
29
|
(453)
|
|||
Other (income) expense
|
(817)
|
3,182
|
|||
$
|
30,051
|
$
|
27,909
|
||
Earnings before income taxes
|
$
|
600,791
|
$
|
558,365
|
|
Income tax expense
|
(14,755)
|
(8,337)
|
|||
Net earnings
|
$
|
586,036
|
$
|
550,028
|
|
Basic earnings per share
|
$
|
1.66
|
$
|
1.56
|
|
Diluted earnings per share
|
$
|
1.65
|
$
|
1.55
|
|
Weighted average number of shares outstanding
|
|||||
Basic
|
353,874
|
353,249
|
|||
Diluted
|
356,008
|
355,904
|
|||
1) Equity settled stock based compensation (a non-cash item) included in general and administrative expenses.
|
$
|
6,420
|
$
|
6,329
|
Years Ended December 31
|
|||||
(US dollars in thousands)
|
2012
|
2011
|
|||
Net earnings
|
$
|
586,036
|
$
|
550,028
|
|
Other comprehensive income (loss)
|
|||||
Loss on long-term investments - common shares held
|
$
|
(31,134)
|
$
|
(119,114)
|
|
Deferred income tax recovery
|
2,479
|
10,699
|
|||
Total other comprehensive loss
|
$
|
(28,655)
|
$
|
(108,415)
|
|
Total comprehensive income
|
$
|
557,381
|
$
|
441,613
|
December 31
|
December 31
|
||||
(US dollars in thousands)
|
2012
|
2011
|
|||
Assets
|
|||||
Current assets
|
|||||
Cash and cash equivalents
|
$
|
778,216
|
$
|
840,201
|
|
Accounts receivable
|
6,197
|
3,890
|
|||
Other
|
966
|
1,221
|
|||
Total current assets
|
$
|
785,379
|
$
|
845,312
|
|
Non-current assets
|
|||||
Silver and gold interests
|
$
|
2,281,234
|
$
|
1,871,726
|
|
Long-term investments
|
121,377
|
151,621
|
|||
Deferred income taxes
|
-
|
2,301
|
|||
Other
|
1,347
|
1,375
|
|||
Total non-current assets
|
$
|
2,403,958
|
$
|
2,027,023
|
|
Total assets
|
$
|
3,189,337
|
$
|
2,872,335
|
|
Liabilities
|
|||||
Current liabilities
|
|||||
Accounts payable and accrued liabilities
|
$
|
20,898
|
$
|
8,345
|
|
Current portion of bank debt
|
28,560
|
28,560
|
|||
Current portion of silver interest payments
|
-
|
130,789
|
|||
Total current liabilities
|
$
|
49,458
|
$
|
167,694
|
|
Non-current liabilities
|
|||||
Long-term portion of bank debt
|
$
|
21,500
|
$
|
50,060
|
|
Deferred income taxes
|
9,250
|
-
|
|||
Performance share units
|
2,055
|
364
|
|||
Total non-current liabilities
|
$
|
32,805
|
$
|
50,424
|
|
Total liabilities
|
$
|
82,263
|
$
|
218,118
|
|
Shareholders' equity
|
|||||
Issued capital
|
$
|
1,811,577
|
$
|
1,793,772
|
|
Reserves
|
(1,710)
|
25,422
|
|||
Retained earnings
|
1,297,207
|
835,023
|
|||
Total shareholders' equity
|
$
|
3,107,074
|
$
|
2,654,217
|
|
Total liabilities and shareholders' equity
|
$
|
3,189,337
|
$
|
2,872,335
|
|
Years Ended December 31
|
|||||
(US dollars in thousands)
|
2012
|
2011
|
|||
Operating activities
|
|||||
Net earnings
|
$
|
586,036
|
$
|
550,028
|
|
Adjustments for
|
|||||
Depreciation and depletion
|
101,457
|
57,720
|
|||
Equity settled stock based compensation
|
6,420
|
6,329
|
|||
Cash settled stock based compensation
|
1,685
|
377
|
|||
Deferred income tax expense
|
14,031
|
7,575
|
|||
(Gain) loss on fair value adjustment of share purchase warrants held
|
(496)
|
3,118
|
|||
Investment income recognized in net earnings
|
(1,367)
|
(929)
|
|||
Other
|
(15)
|
(97)
|
|||
Change in non-cash operating working capital
|
10,366
|
1,422
|
|||
Operating cash flows before interest received
|
$
|
718,117
|
$
|
625,543
|
|
Interest received
|
1,287
|
884
|
|||
Cash generated by operating activities
|
$
|
719,404
|
$
|
626,427
|
|
Financing activities
|
|||||
Bank debt repaid
|
$
|
(28,560)
|
$
|
(28,560)
|
|
Share purchase warrants exercised
|
1,878
|
99
|
|||
Share purchase options exercised
|
11,030
|
7,839
|
|||
Dividends paid
|
(123,852)
|
(63,612)
|
|||
Cash applied to financing activities
|
$
|
(139,504)
|
$
|
(84,234)
|
|
Investing activities
|
|||||
Silver and gold interests
|
$
|
(640,718)
|
$
|
(140,063)
|
|
Silver and gold interests - interest paid
|
(671)
|
(1,260)
|
|||
Acquisition of long-term investments
|
(395)
|
(13,674)
|
|||
Proceeds on disposal of long-term investments
|
-
|
24,270
|
|||
Dividend income received
|
80
|
45
|
|||
Other
|
(192)
|
(54)
|
|||
Cash applied to investing activities
|
$
|
(641,896)
|
$
|
(130,736)
|
|
Effect of exchange rate changes on cash and cash equivalents
|
$
|
11
|
$
|
108
|
|
(Decrease) increase in cash and cash equivalents
|
$
|
(61,985)
|
$
|
411,565
|
|
Cash and cash equivalents, beginning of year
|
840,201
|
428,636
|
|||
Cash and cash equivalents, end of year
|
$
|
778,216
|
$
|
840,201
|
2012
|
2011
|
||||||||
(in thousands)
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q3
|
Q2
|
Q1
|
|
Silver ounces produced ¹
|
|||||||||
San Dimas ²
|
1,694
|
1,288
|
1,231
|
1,692
|
1,578
|
1,251
|
1,150
|
1,606
|
|
Zinkgruvan
|
566
|
621
|
673
|
642
|
390
|
379
|
414
|
508
|
|
Yauliyacu
|
616
|
640
|
606
|
550
|
583
|
608
|
674
|
683
|
|
Peñasquito
|
1,445
|
1,940
|
1,822
|
1,365
|
1,633
|
1,162
|
1,282
|
1,207
|
|
Cozamin
|
372
|
370
|
429
|
405
|
433
|
395
|
414
|
325
|
|
Barrick ³
|
934
|
627
|
468
|
667
|
723
|
794
|
741
|
722
|
|
Other ⁴
|
1,407
|
1,260
|
1,276
|
1,288
|
1,389
|
1,272
|
1,153
|
1,088
|
|
7,034
|
6,746
|
6,505
|
6,609
|
6,729
|
5,861
|
5,828
|
6,139
|
||
Silver equivalent ounces of gold produced ⁵
|
|||||||||
Minto
|
373
|
337
|
189
|
107
|
202
|
257
|
261
|
97
|
|
777
|
1,059
|
612⁶
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Silver equivalent ounces produced ⁵
|
8,466
|
7,695
|
6,694
|
6,716
|
6,931
|
6,118
|
6,089
|
6,236
|
|
Silver ounces sold
|
|||||||||
San Dimas ²
|
1,629
|
1,178
|
1,295
|
1,701
|
1,488
|
1,232
|
1,149
|
1,748
|
|
Zinkgruvan
|
532
|
495
|
580
|
517
|
425
|
319
|
401
|
321
|
|
Yauliyacu
|
1,097
|
184
|
1,155
|
497
|
655
|
11
|
471
|
120
|
|
Peñasquito
|
1,642
|
1,304
|
1,845
|
1,189
|
851
|
1,382
|
961
|
941
|
|
Cozamin
|
406
|
301
|
395
|
376
|
374
|
335
|
281
|
271
|
|
Barrick ³
|
826
|
528
|
470
|
656
|
755
|
747
|
726
|
680
|
|
Other ⁴
|
1,215
|
796
|
1,049
|
992
|
1,230
|
770
|
862
|
741
|
|
7,347
|
4,786
|
6,789
|
5,928
|
5,778
|
4,796
|
4,851
|
4,822
|
||
Silver equivalent ounces of gold sold ⁵
|
|||||||||
Minto
|
268
|
357
|
139
|
198
|
196
|
316
|
227
|
83
|
|
777
|
1,516
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Silver equivalent ounces sold ⁵
|
9,131
|
5,143
|
6,928
|
6,126
|
5,974
|
5,112
|
5,078
|
4,905
|
|
Gold / silver ratio ⁵
|
54.1
|
51.7
|
58.7
|
51.2
|
51.9
|
50.4
|
40.1
|
33.0
|
|
Cumulative payable silver equivalent ounces produced but not yet delivered ⁷
|
3,824
|
5,195
|
3,212
|
4,166
|
4,127
|
3,805
|
3,537
|
3,018
|
1)
|
Ounces produced represent the quantity of silver and gold 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 silver or gold 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. The Company has been informed that reported production related to the Yauliyacu mine may have been overstated by a total of approximately 200,000 ounces for all or some portion of the period between April 1, 2011 and June 30, 2012. The required adjustments to production, if any, related to the Yauliyacu mine for these periods will be made once management completes a review of the timing and amount of any production variance.
|
2)
|
The ounces produced and sold include ounces received from Goldcorp in connection with Goldcorp’s four year commitment to deliver to Silver Wheaton 1.5 million ounces of silver per annum resulting from their sale of San Dimas to Primero.
|
3)
|
Comprised of the Lagunas Norte, Pierina and Veladero silver interests.
|
4)
|
Comprised of the Los Filos, Mineral Park, Neves-Corvo, Stratoni, Keno Hill, Minto, 777, Aljustrel and Campo Morado silver interests.
|
5)
|
Gold ounces produced and sold are converted to a silver equivalent basis on the ratio of the average silver price received to the average gold price received during the period from the assets that produce both gold and silver.
|
6)
|
Represents production for the period August 8, 2012 to September 30, 2012.
|
7)
|
Based on management estimates.
|
Three Months Ended December 31, 2012
|
|||||||||||||||||||
Ounces Produced²
|
Ounces Sold
|
Sales
|
Average
Realized
Price
($'s Per Ounce)
|
Average
Cash Cost
($'s Per
Ounce) 3
|
Average
Depletion
($'s Per
Ounce)
|
Net
Earnings
|
Cash Flow
From
Operations
|
Total Assets
|
|||||||||||
Silver
|
|||||||||||||||||||
San Dimas 4
|
1,694
|
1,629
|
$
|
52,080
|
$
|
31.97
|
$
|
4.13
|
$
|
0.79
|
$
|
44,059
|
$
|
45,351
|
$
|
162,936
|
|||
Zinkgruvan
|
566
|
532
|
16,485
|
30.99
|
4.15
|
1.68
|
13,387
|
16,668
|
54,075
|
||||||||||
Yauliyacu
|
616
|
1,097
|
30,753
|
28.03
|
4.08
|
5.02
|
20,773
|
32,106
|
215,295
|
||||||||||
Peñasquito
|
1,445
|
1,642
|
53,697
|
32.71
|
3.99
|
2.96
|
42,287
|
47,147
|
487,272
|
||||||||||
Cozamin
|
372
|
406
|
13,109
|
32.25
|
4.12
|
4.05
|
9,790
|
11,873
|
19,135
|
||||||||||
Barrick 5
|
934
|
826
|
26,920
|
32.59
|
3.90
|
4.34
|
20,112
|
23,561
|
597,736
|
||||||||||
Other 6
|
1,407
|
1,215
|
38,182
|
31.43
|
4.43
|
6.29
|
25,167
|
33,296
|
381,467
|
||||||||||
7,034
|
7,347
|
$
|
231,226
|
$
|
31.47
|
$
|
4.12
|
$
|
3.46
|
$
|
175,575
|
$
|
210,002
|
$
|
1,917,916
|
||||
Gold
|
|||||||||||||||||||
Minto
|
6,785
|
4,876
|
$
|
8,247
|
$
|
1,691
|
$
|
303
|
$
|
171
|
$
|
5,937
|
$
|
8,052
|
$
|
30,586
|
|||
777
|
19,615
|
28,084
|
47,768
|
1,701
|
400
|
773
|
14,813
|
40,507
|
332,732
|
||||||||||
26,400
|
32,960
|
$
|
56,015
|
$
|
1,699
|
$
|
386
|
$
|
684
|
$
|
20,750
|
$
|
48,559
|
$
|
363,318
|
||||
Silver equivalent 7
|
8,466
|
9,131
|
$
|
287,241
|
$
|
31.46
|
$
|
4.70
|
$
|
5.25
|
$
|
196,325
|
$
|
258,561
|
$
|
2,281,234
|
|||
Corporate
|
|||||||||||||||||||
General and administrative
|
$
|
(9,159)
|
|||||||||||||||||
Other
|
(9,422)
|
||||||||||||||||||
Total corporate
|
$
|
(18,581)
|
$
|
(4,535)
|
$
|
908,103
|
|||||||||||||
8,466
|
9,131
|
$
|
287,241
|
$
|
31.46
|
$
|
4.70
|
$
|
5.25
|
$
|
177,744
|
$
|
254,026
|
$
|
3,189,337
|
1)
|
All figures in thousands except gold ounces produced and sold and per ounce amounts.
|
2)
|
Ounces produced represent the quantity of silver and gold 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 silver or gold 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 measures at the end of this press release.
|
4)
|
Results for San Dimas include 375,000 ounces received from Goldcorp in connection with Goldcorp’s four year commitment to deliver to Silver Wheaton 1.5 million ounces of silver per annum resulting from their sale of San Dimas to Primero.
|
5)
|
Comprised of the operating Lagunas Norte, Pierina and Veladero silver interests in addition to the non-operating Pascua-Lama silver interest.
|
6)
|
Comprised of the operating Los Filos, Keno Hill, Mineral Park, Neves-Corvo, Stratoni, Campo Morado, Minto, 777 and Aljustrel silver interests in addition to the non-operating Rosemont silver and gold interest and Loma de La Plata and Constancia silver interests.
|
7)
|
Gold ounces produced and sold are converted to a silver equivalent basis on the ratio of the average silver price received to the average gold price received during the period from the assets that produce both gold and silver.
|
Three Months Ended December 31, 2011
|
|||||||||||||||||
Ounces Produced 2
|
Ounces Sold
|
Sales
|
Average
Realized
Price
($'s Per Ounce)
|
Average
Cash Cost
($'s Per
Ounce) 3
|
Average
Depletion
($'s Per
Ounce)
|
Net
Earnings
|
Cash Flow
From
Operations
|
Total Assets
|
|||||||||
Silver
|
|||||||||||||||||
San Dimas 4
|
1,578
|
1,488
|
$
|
44,641
|
$
|
30.00
|
$
|
4.09
|
$
|
0.71
|
$
|
37,494
|
$
|
38,551
|
$
|
167,527
|
|
Zinkgruvan
|
390
|
425
|
13,537
|
31.87
|
4.10
|
1.69
|
11,077
|
14,061
|
57,639
|
||||||||
Yauliyacu
|
583
|
655
|
22,270
|
34.00
|
4.02
|
5.02
|
16,350
|
19,637
|
230,012
|
||||||||
Peñasquito
|
1,633
|
851
|
27,374
|
32.17
|
3.96
|
2.41
|
21,954
|
24,004
|
504,973
|
||||||||
Cozamin
|
433
|
374
|
12,786
|
34.18
|
4.08
|
4.62
|
9,531
|
10,260
|
25,115
|
||||||||
Barrick 5
|
723
|
755
|
24,673
|
32.67
|
3.90
|
3.60
|
19,008
|
21,728
|
601,085
|
||||||||
Other 6
|
1,389
|
1,230
|
40,120
|
32.63
|
3.94
|
4.22
|
30,089
|
36,301
|
251,716
|
||||||||
6,729
|
5,778
|
$
|
185,401
|
$
|
32.09
|
$
|
4.01
|
$
|
2.90
|
$
|
145,503
|
$
|
164,542
|
$
|
1,838,067
|
||
Gold
|
|||||||||||||||||
Minto
|
3,891
|
3,777
|
6,466
|
1,712
|
301
|
169
|
4,689
|
6,314
|
33,659
|
||||||||
Silver equivalent 7
|
6,931
|
5,974
|
$
|
191,867
|
$
|
32.12
|
$
|
4.06
|
$
|
2.91
|
$
|
150,192
|
$
|
170,856
|
$
|
1,871,726
|
|
Corporate
|
|||||||||||||||||
General and administrative
|
$
|
(6,115)
|
|||||||||||||||
Other
|
670
|
||||||||||||||||
Total corporate
|
$
|
(5,445)
|
$
|
(7,142)
|
$
|
1,000,609
|
|||||||||||
6,931
|
5,974
|
$
|
191,867
|
$
|
32.12
|
$
|
4.06
|
$
|
2.91
|
$
|
144,747
|
$
|
163,714
|
$
|
2,872,335
|
1)
|
All figures in thousands except gold ounces produced and sold and per ounce amounts.
|
2)
|
Ounces produced represent the quantity of silver and gold 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 silver or gold 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 measures at the end of this press release.
|
4)
|
Results for San Dimas include 375,000 ounces received from Goldcorp in connection with Goldcorp’s four year commitment to deliver to Silver Wheaton 1.5 million ounces of silver per annum resulting from their sale of San Dimas to Primero.
|
5)
|
Comprised of the operating Lagunas Norte, Pierina and Veladero silver interests in addition to the non-operating Pascua-Lama silver interest.
|
6)
|
Comprised of the operating Los Filos, Keno Hill, Mineral Park, Neves-Corvo, Stratoni, Campo Morado, Minto and Aljustrel silver interests in addition to the non-operating Rosemont silver and gold interest and Loma de La Plata silver interest.
|
7)
|
Gold ounces produced and sold are converted to a silver equivalent basis on the ratio of the average silver price received to the average gold price received during the period from the assets that produce both gold and silver.
|
Year Ended December 31, 2012
|
|||||||||||||||||
Ounces Produced 2
|
Ounces Sold
|
Sales
|
Average
Realized
Price
($'s Per Ounce)
|
Average
Cash Cost
($'s Per
Ounce) 3
|
Average
Depletion
($'s Per
Ounce)
|
Net
Earnings
|
Cash Flow
From
Operations
|
Total Assets
|
|||||||||
Silver
|
|||||||||||||||||
San Dimas 4
|
5,905
|
5,803
|
$
|
181,906
|
$
|
31.35
|
$
|
4.11
|
$
|
0.79
|
$
|
153,469
|
$
|
158,060
|
$
|
162,936
|
|
Zinkgruvan
|
2,502
|
2,124
|
65,914
|
31.03
|
4.14
|
1.68
|
53,553
|
55,855
|
54,075
|
||||||||
Yauliyacu
|
2,412
|
2,933
|
86,185
|
29.38
|
4.07
|
5.02
|
59,531
|
80,077
|
215,295
|
||||||||
Peñasquito
|
6,572
|
5,980
|
186,085
|
31.12
|
3.99
|
2.96
|
144,524
|
162,225
|
487,272
|
||||||||
Cozamin
|
1,576
|
1,478
|
46,601
|
31.54
|
4.11
|
4.05
|
34,552
|
40,143
|
19,135
|
||||||||
Barrick 5
|
2,696
|
2,480
|
78,359
|
31.60
|
3.90
|
4.34
|
57,926
|
69,504
|
597,736
|
||||||||
Other 6
|
5,231
|
4,052
|
126,118
|
31.12
|
4.10
|
4.72
|
90,381
|
108,208
|
381,467
|
||||||||
26,894
|
24,850
|
$
|
771,168
|
$
|
31.03
|
$
|
4.06
|
$
|
3.08
|
$
|
593,936
|
$
|
674,072
|
$
|
1,917,916
|
||
Gold
|
|||||||||||||||||
Minto
|
18,600
|
18,010
|
$
|
30,624
|
$
|
1,700
|
$
|
303
|
$
|
171
|
$
|
22,094
|
$
|
25,059
|
$
|
30,586
|
|
777
|
31,439
|
28,084
|
47,768
|
1,701
|
400
|
773
|
14,812
|
40,507
|
332,732
|
||||||||
50,039
|
46,094
|
$
|
78,392
|
$
|
1,701
|
$
|
362
|
$
|
538
|
$
|
36,906
|
$
|
65,566
|
$
|
363,318
|
||
Silver equivalent 7
|
29,571
|
27,328
|
$
|
849,560
|
$
|
31.09
|
$
|
4.30
|
$
|
3.70
|
$
|
630,842
|
$
|
739,638
|
$
|
2,281,234
|
|
Corporate
|
|||||||||||||||||
General and administrative
|
$
|
(30,839)
|
|||||||||||||||
Other
|
(13,967)
|
||||||||||||||||
Total corporate
|
$
|
(44,806)
|
$
|
(20,234)
|
$
|
908,103
|
|||||||||||
29,571
|
27,328
|
$
|
849,560
|
$
|
31.09
|
$
|
4.30
|
$
|
3.70
|
$
|
586,036
|
$
|
719,404
|
$
|
3,189,337
|
1)
|
All figures in thousands except gold ounces produced and sold and per ounce amounts.
|
2)
|
Ounces produced represent the quantity of silver and gold 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 silver or gold 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 measures at the end of this press release.
|
4)
|
Results for San Dimas include 1.5 million ounces received from Goldcorp in connection with Goldcorp’s four year commitment to deliver to Silver Wheaton 1.5 million ounces of silver per annum resulting from their sale of San Dimas to Primero.
|
5)
|
Comprised of the operating Lagunas Norte, Pierina and Veladero silver interests in addition to the non-operating Pascua-Lama silver interest.
|
6)
|
Comprised of the operating Los Filos, Keno Hill, Mineral Park, Neves-Corvo, Stratoni, Campo Morado, Minto, 777 and Aljustrel silver interests in addition to the non-operating Rosemont silver and gold interest and Loma de La Plata and Constancia silver interests.
|
7)
|
Gold ounces produced and sold are converted to a silver equivalent basis on the ratio of the average silver price received to the average gold price received during the period from the assets that produce both gold and silver.
|
Year Ended December 31, 2011
|
|||||||||||||||||
Ounces Produced 2
|
Ounces Sold
|
Sales
|
Average
Realized
Price
($'s Per Ounce)
|
Average
Cash Cost
($'s Per
Ounce) 3
|
Average
Depletion
($'s Per
Ounce)
|
Net
Earnings
|
Cash Flow
From
Operations
|
Total Assets
|
|||||||||
Silver
|
|||||||||||||||||
San Dimas 4
|
5,585
|
5,617
|
$
|
188,377
|
$
|
33.54
|
$
|
4.06
|
$
|
0.71
|
$
|
161,554
|
$
|
164,453
|
$
|
167,527
|
|
Zinkgruvan
|
1,691
|
1,466
|
52,974
|
36.14
|
4.08
|
1.69
|
44,503
|
49,377
|
57,639
|
||||||||
Yauliyacu
|
2,548
|
1,257
|
43,911
|
34.93
|
4.02
|
5.02
|
32,555
|
38,863
|
230,012
|
||||||||
Peñasquito
|
5,284
|
4,135
|
143,069
|
34.61
|
3.93
|
2.41
|
116,855
|
126,812
|
504,973
|
||||||||
Cozamin
|
1,567
|
1,261
|
43,990
|
34.85
|
4.07
|
4.62
|
33,018
|
40,586
|
25,115
|
||||||||
Barrick 5
|
2,980
|
2,908
|
102,454
|
35.23
|
3.90
|
3.58
|
80,692
|
89,554
|
601,085
|
||||||||
Other 6
|
4,902
|
3,603
|
125,854
|
34.93
|
3.94
|
4.27
|
96,298
|
112,414
|
251,716
|
||||||||
24,557
|
20,247
|
$
|
700,629
|
$
|
34.60
|
$
|
3.99
|
$
|
2.69
|
$
|
565,475
|
$
|
622,059
|
$
|
1,838,067
|
||
Gold
|
|||||||||||||||||
Minto
|
18,436
|
18,256
|
29,368
|
1,609
|
300
|
169
|
20,799
|
24,240
|
33,659
|
||||||||
Silver equivalent 7
|
25,374
|
21,069
|
$
|
729,997
|
$
|
34.65
|
$
|
4.09
|
$
|
2.73
|
$
|
586,274
|
$
|
646,299
|
$
|
1,871,726
|
|
Corporate
|
|||||||||||||||||
General and administrative
|
$
|
(25,180)
|
|||||||||||||||
Other
|
(11,066)
|
||||||||||||||||
Total corporate
|
$
|
(36,246)
|
$
|
(19,872)
|
$
|
1,000,609
|
|||||||||||
25,374
|
21,069
|
$
|
729,997
|
$
|
34.65
|
$
|
4.09
|
$
|
2.73
|
$
|
550,028
|
$
|
626,427
|
$
|
2,872,335
|
1)
|
All figures in thousands except gold ounces produced and sold and per ounce amounts.
|
2)
|
Ounces produced represent the quantity of silver and gold 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 silver or gold 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 measures at the end of this press release.
|
4)
|
Results for San Dimas include 1.5 million ounces received from Goldcorp in connection with Goldcorp’s four year commitment to deliver to Silver Wheaton 1.5 million ounces of silver per annum resulting from their sale of San Dimas to Primero.
|
5)
|
Comprised of the operating Lagunas Norte, Pierina and Veladero silver interests in addition to the non-operating Pascua-Lama silver interest.
|
6)
|
Comprised of the operating Los Filos, Keno Hill, Mineral Park, Neves-Corvo, Stratoni, Campo Morado, Minto and Aljustrel silver interests in addition to the non-operating Rosemont silver and gold interest and Loma de La Plata silver interest.
|
7)
|
Gold ounces produced and sold are converted to a silver equivalent basis on the ratio of the average silver price received to the average gold price received during the period from the assets that produce both gold and silver.
|
i.
|
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 it believes that certain investors use this information to evaluate the Company’s performance in comparison to other companies in the precious metals mining industry who present results on a similar basis.
|
ii.
|
Average cash cost of silver and gold on a per ounce basis is calculated by dividing the total cost of sales, less depletion, by the ounces sold. In the precious metals mining industry, this is a common performance measure but does not have any standardized meaning. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s performance and ability to generate cash flow.
|
iii.
|
Cash operating margin is calculated by subtracting the average cash cost of silver and gold on a per ounce basis from the average realized selling price of silver and gold on a per ounce basis. The Company presents cash operating margin as it believes that certain investors use this information to evaluate the Company’s performance in comparison to other companies in the precious metals mining industry who present results on a similar basis.
|
iv.
|
Adjusted net earnings and adjusted net earnings per share are calculated by removing the effects of the non-cash, fair value adjustment on the Company’s previously issued and outstanding share purchase warrants, which had an exercise price denominated in Canadian dollars, from net earnings of the Company. These share purchase warrants are classified as a financial liability with any fair value adjustments being reflected as a component of net earnings. This accounting treatment was applicable to the share purchase warrants which expired or were exercised prior to December 22, 2010. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors use this information to evaluate the Company’s performance.
|
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