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Heritage Mining Ltd. (CSE:HML) (FRA:Y66) (“Heritage” or the “Company”) is pleased announce significant advancements in the first few weeks of its fully permitted Phase 1 exploration drilling program at the flagship Drayton – Black Lake project (the “Project”) (Figure 1), located near Sioux Lookout, Ontario. The Project is located within Eagle-Wabigoon-Manitou greenstone belt of the Wabigoon Subprovince, which also hosts the Treasury Metals Inc. (TSE:TML) Goliath-Goldlund deposits.
Exploration Update:
New Millennium Area (Never Drilled): At least three mineralized deformation corridors consisting of multiple discrete zones of deformed volcanic rocks and shear parallel quartz veins. A 5m wide orogenic load gold style sheeted quartz veins identified in the hanging and foot wall was identified on the first day of mapping at the Project. Pyrite, Chalcopyrite, and Galena observed in the vein system, similar to New Millennium veins sampled to the north. Grab sample assays pending (Figure 2). The Company has also secured a contractor to clear a trail to the New Millennium Area for proposed drilling by month’s end, weather permitting.
Peter Schloo, President, CEO and Director commented, “A fantastic find on the team’s first day at New Millennium and the largest vein in the area to date. Leveraging our local relationships, we have secured a permitted trail ahead of schedule. The trail will provide for better access thereby increasing operational efficiency and the number of available drill targets. We will continue to work with all stake holders to advance the area in a collaborative manner inclusive of all stakeholders.”
Alcona Area: Mineralized deformation corridor over 1,000 m (up to 200 m wide) consisting of multiple discrete
zones of deformed volcanic rocks and shear parallel quartz veins. The team confirmed significant galena, pyrite, chalcopyrite and sphalerite associated with a 15m corridor of primary and secondary quartz veins at the Powerline Prospect (never drilled) which has been upgraded from proposed to drill ready-status (Figure 3).
Peter Schloo, President, CEO and Director commented, “The Powerline Prospect is a great window into the Alcona Area. This extension has never been drilled and is now a priority drill target with the potential of extending strike at depth. The access is fantastic, with logging active in the area, providing additional exploration upside.”
Moretti Area: Mineralized deformation corridor over 2,500 m consisting of discrete zones of deformed volcanic rocks and shear parallel quartz veins ranging from cm to meter scale. New Logging activities in the north eastern portion of the Property allow for improved access, ideal for prospecting and drilling over more than five historic mineral occurrences on the property inclusive of the advanced target, Moretti.
Peter Schloo, President, CEO and Director commented, “Recent logging activities is fantastic for our project. This increases the probability of new discovery and optimizes capital and operational efficiency pertaining to prospecting and drilling access. There is even a logging road going right past where we want to drill at Moretti. Simply put, We spend less time and capital getting there, and more time being there, fantastic.”
Corporate Update:
In less than two weeks from mobilization, the Company has secured vital equipment for Phase 1 mapping and exploration and coreshack facilities (Figure 5).
Figure 1: Heritage Mining Claims Package
Figure 2: CEO Peter Schloo and Exploration Manager Bobby Scott standing on Quartz Reef, Powerline Prospect, Alcona Area.
Figure 3: New Millennium Prospect
Figure 4: NEW DISCOVERY, 5-Meter-wide quartz vein at New Millennium Prospect, Never Drilled.
Figure 5 – Core Shack Facility and Equipment
Qualified Person
Robert Scott, Exploration Manager for the Company, serves as a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed the scientific and technical information in this news release, approving the disclosure herein.
ABOUTHERITAGEMININGLTD.
The Company is a Canadian mineral exploration company advancing its two high grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake and the Contact Bay projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt. Both projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The Company is well capitalized, with a tight capital structure.
For further information, please contact:
HeritageMiningLtd.
Peter Schloo, CPA, CA, CFA
President, CEO and Director
Phone: (905) 505-0918
Email: peter@heritagemining.ca
FORWARD-LOOKING STATEMENTS
This news release contains certain statements that constitute forward looking information within the meaning of applicable securities laws. These statements relate to future events of the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “outlook” and similar expressions are not statements of historical fact and may be forward looking information. All statements, other than statements of historical fact, included herein are forward-looking statements.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include, among others, the inherent risk of the mining industry; adverse economic and market developments; the risk that the Company will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Company’s estimated burn rate may be higher than anticipated; risks of unexpected cost increases; risks of labour shortages; risks relating to exploration and development activities; risks relating to future prices of mineral resources; risks related to work site accidents, risks related to geological uncertainties and variations; risks related to government and community support of the Company’s projects; risks related to global pandemics and other risks related to the mining industry. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update any forward‐looking information except as required by law.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States, or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors.
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Heritage Mining
Overview
Mining in Ontario is big business. In 2021, Ontario’s mining industry produced roughly C$11.1 billion worth of minerals, accounting for 20 percent of Canada’s total production value. The importance of the mining industry has helped create a mining-friendly jurisdiction that understands the value of capitalizing on its natural resources. That’s why the Fraser Institute has ranked Ontario among the top 15 jurisdictions worldwide for investment attractiveness.
Additionally, the Canadian government is making a significant push to ramp up the production of critical minerals, including copper, lithium and aluminum. This push has resulted in more than 31 critical mineral projects in advanced exploration stages in Ontario,e paving the way for the development of a domestic supply chain for the country.
Heritage Mining (CSE:HML) is an exploration and development mining company with district-scale assets targeting gold and copper mineralizations within Ontario. The company’s flagship Drayton-Black Lake project is a strategically assembled district-scale project with encouraging bulk samples, high-grade gold intercepts and robust existing infrastructure. An experienced management team leads Heritage Mining with more than 100 years of combined experience working within the natural resources sector.
The Drayton-Black Lake project is a district-scale asset with a rich history, but a single company has never operated the entire area. Instead, it was split up among different operators and has never received systematic exploration to determine its mineralizations' actual width and depth.
As a result, Heritage Mining is launching the first systematic exploration program that will identify promising deposits throughout the entire area of this historic region from a low-grade, high-tonnage perspective.
The company entered a definitive asset purchase agreement with Bounty Gold Corp. to acquire 50 mining claims in the Split Lake zone adjacent to Heritage's flagship Drayton-Black Lake project. Heritage will acquire a 100 percent interest in the Split Lake property in exchange for issuing Bounty 100,000 common shares.
“Relative to other projects in the area, we are very close to infrastructure. There is a paved highway through the property, all-weather logging roads, and well-maintained ATV roads. So it’s quite a bit different than other projects in Northern Ontario: there are no ice roads and we don’t have to fly in to do work,” CEO Peter Schloo stated in an interview.
The company also operates the Contact Bay project containing high-grade copper-nickel mineralizations. The 4,700-hectare land package is within an active mining area and has known gold, nickel and platinum-palladium mineralizations. While the Drayton-Black Lake project is the main focus, Contact Bay will expose the company to critical minerals.
Heritage Mining’s management team has a proven track record in the mining industry and has overseen transactions exceeding C$15 billion. In addition, the team has experience in corporate finance, administration and geology.
Company Highlights
- Heritage Mining is an exploration and development mining company with district-scale opportunities in Ontario, Canada, targeting gold and copper.
- The company’s flagship project, the Drayton-Black Lake project, has strong historical results but has never been systematically explored from a low-grade, high-tonnage perspective. Heritage is the first company to own the entire area and will conduct a thorough exploration program to identify promising mineralizations.
- Drayton-Black Lake project has existing infrastructure that provides year-round highway access to the property, a significant advantage over other regional projects.
- Samples from the company’s 2022 field program showed multiple high-grade gold vein system channels.
- Heritage Mining’s Contact Bay project contains high-grade copper-gold mineralizations and exposes the company to the critical minerals market that is rapidly growing within Ontario.
- A veteran management team leads the company with a combined 100 years of experience in the mining sector.
Key Projects
Drayton-Black Lake Project
The 14,229-hectare project has undergone significant historical exploration, including more than 176 holes drilled, with high-grade gold and copper discoveries. The project is located in a mature mining district in Ontario, a jurisdiction known for its low geopolitical risk and mining-friendly government.
Project Highlights:
- Priority Zones Identified: Heritage Mining has identified four priority gold zones with multiple historic high-grade intersections that will guide future exploration programs. These zones are:
- Moretti Zone - Samples up to 1,212 g/t gold
- Split Lake Zone - 0.7 meters at 14.8 g/t gold
- Shaft Zone - 2 meters at 14.5 g/t gold
- West Zone - Up to 150.86 g/t gold
- Over 100 Years of Historical Data: Exploration data from the past century is being compiled to create a greater understanding of the area that will rapidly advance the project by guiding future exploration decisions.
- 2022 Field Program Completion: Exploration program included property-wide MagEM airborne geophysical surveying, regional mapping, prospecting and sampling in addition to the recently completed channel sampling work. Results from grab samples include:
- up to 58.1 g/t gold at Main Prospect
- up to 24.6 g/t gold at Pond Prospect
- up to 46.5 g/t gold at New Millennium Prospect
- up to 208 g/t gold at Moretti
- up to 0.95 g/t gold at Black Lake
- 2023 Drill Program Highlights: Completion of drill program validated and expanded the deformation corridor, now boasting an impressive ~200 meters width, 1 kilometer in strike length and a depth reaching at least 145 meters.
- Alcona Area, HML23-007: 0.90 g/t gold over 10.15 meters from 104.75 meters
- Moretti Area, HML23-012: 1.01 g/t gold over 5 meters from 105 meters
The Alcona Area has been approved for Phase II Drill Program to define its deposit potential.
Contact Bay Copper-Gold Project
The project covers 4,700 hectares and contains multiple high-grade copper-nickel and gold occurrences. Contact Bay is also located in Ontario andt is in the exploration phase, with targets identified for exploratory drilling.
Project Highlights:
- Promising Mineralization Styles: The asset contains a diverse range of mineralizations, including:
- Northeast - Rock sample assayed 0.40 g/t gold and 0.7 percent copper, sheared and altered gabbro
- Northeast – A 1.2-meter chip channel assayed 4.2 g/t Au
- Platinum and Palladium values up to 0.28g/t
- Priority Targets Identified: Heritage Minerals has three priority drill targets, each with high-grade historic drill intersections that warrant additional follow-up.
- Impressive Geophysical Interpretation: Exciting highlights from exploration work include the interpretation defining two substantial mafic-ultramafic intrusive bodies with multiple nickel-copper-PGE (platinum group elements) target areas:
- Nabish Lake Area: ~ 5 kilometers long, up to 1 kilometer wide, over 1 kilometer in depth)
- North Nabish Lake Area: ~ 2 kilometers long, 1 kilometer wide, over 1 kilometer in depth
Geophysical interpretation of the Contact Bay area along with findings from the 2023 prospecting program, suggest geological similarities to other Archean nickell-copper-PGE occurrences and deposits.
Management Team
Peter Schloo - President, CEO and Director
Peter Schloo holds the CPA, CA and CFA designations with over eight years of progressive experience in capital markets, operations and assurance. He has held senior executive and director positions in a number of private companies, a majority in the precious metals sector including CFO of Spirit Banner Capital and VP of corporate development and interim CFO for Ion Energy. Schloo is also currently a director of Pacific Empire Minerals. (PEMC). His past successes include over C$80 million in associated capital raising opportunities involving public and private companies.
Patrick Mohan - Chairman and Director
Patrick Mohan is a 35-year investor relations veteran and is the founder, president and chief executive officer of Mohan Group. Mohan is also on the board of Metals Creek Resources Corp. Previously, he occupied the position of president, CEO, director and head of investor relations at Kitrinor Metals. Mohan’s past successes include the development of the Cote Gold Project and the sale of Trelawney Mining & Exploration to IAMGOLD for C$585 million (US$595 million) in cash In 2012.
Wray Carvelas - Director and Chair of Compensation Committee
Wray Carvelas has provided 25 years of visionary leadership, developing and implementing ambitious strategic plans. As a senior executive at DRA Global he was responsible for the growth and development of the business in both North and South America. The mandate was to grow business in the Americas, both organically and inorganically without any significant capital base. Carvelas also held positions at KBR, ELB, and De Beers, involving management of development, production, and metallurgical (R&D and capital management) responsibilities.
Rachel Chae - CFO
Rachel Chae, with over eight years of experience, has served as CFO for various publicly traded companies, including several Canadian junior mineral exploration companies. She holds the chartered professional accountant designation working at Cross Davis & Company LLP, a chartered professional accountant firm providing accounting services to publicly listed entities, primarily in the mining sector.
James Fairbairn - Director and Chair of Audit Committee
James Fairbairn is a chartered accountant with over 25 years of experience in corporate governance, leadership, mergers and acquisitions, corporate finance and management reporting. Fairbairn has served as a senior officer and/or director in both public and privately held companies.
Patrick Sullivan - Corporate Secretary
Patrick Sullivan is a mining, M&A and securities lawyer at a national law firm with a decade of experience in the junior mineral exploration sector. He has acted on several significant global mining transactions including South32 Limited’s $2.1 billion acquisition of Arizona Mining, Washington Companies’ $1.2 billion acquisition of Dominion Diamond, and Hudbay Minerals’ $555 million acquisition of Augusta Resource Corporation. Sullivan also has significant experience advising on mineral stream and royalty finance transactions.
Rick Horne - Geologist
Rick Horne has over 40 years of experience as an economic geologist. His experience includes senior roles with Acadian Mining (Atlantic Gold) as chief geologist and with Dufferin Gold Mine (Resource Capital Gold) as chief geologist and mine manager. Horne is an expert in lode gold systems, structural geology and geological mapping spending 22 years with NS Energy and Mines focussing on Bedrock mapping.
Mitchel Lavery, - Advisor
Mitchel Lavery has over 45 years’ experience in the exploration and development of mining projects with several junior and major mining companies. Lavery was instrumental in the discovery of the Bell Creek Gold Mine in Timmins, ON; the development and operation of the Joubie Gold Mine, Val-d’Or, QC; and the acquisition and development of the Quebec Lithium property, Lacorne, QC. He is the president and a director of Seahawk Gold. and is a qualified person under NI-43-101 regulations.
Heritage Mining Congratulates Neighbouring Treasury Metals Inc. on Combination Transaction with Frank Giustra Backed Deal
VANCOUVER, BC TheNewswire - May 8, 2024 Heritage Mining Ltd. (CSE: HML FRA:Y66) (" Heritage " or the " Company ") is pleased to congratulate Treasury Metals Inc. (" Treasury ") on its recently announced business combination transaction with Blackwolf Copper and Gold Inc. (" Blackwolf "). The Company believes this is a significant vote of confidence to one of the last underdevelopment greenstone belts in Northwestern Ontario, Canada.
Select Transaction Highlights & Comments 1
Potential Near-Term Gold Production at Treasury's Goliath Gold Complex Project
Strong Financial Position: The balance sheet of the combined entity will be fortified with a combined cash position of more than C$10 million, plus a proposed concurrent minimum C$4 million flow-through financing.
Enhanced Capital Markets Focus: New capital markets strategy to be led by cornerstone investor Frank Giustra complements significant expertise in mine permitting, construction, operations, and exploration to create value for shareholders.
Renewed Exploration Commitment: Exploration efforts are expected to be intensified within the Dryden, Ontario district, focusing on expanding the current resource area. An experienced team will oversee these efforts, aiming to simultaneously advance development and exploration, maximizing dual-track value realization.
Growth and Consolidation Strategy: The companies are actively pursuing a proactive strategy to assess and undertake strategic acquisitions, aiming to accelerate growth and strengthen its industry position.
Frank Giustra, Blackwolf's largest shareholder and expected largest shareholder of the combined company, stated: "This is a strong transaction for Blackwolf and Treasury shareholders that puts the company on the path of a buy and build strategy that I have implemented many times. We see the GGC Project as buildable and expandable on a district scale. I look forward to continuing to be a supportive shareholder and am excited to join the team as a Strategic Advisor."
"There has been growing interest in the belt over the last two years now hosting some the most world renowned mining icons in the world (Figure 1). Frank Giustra as a large shareholder to the combined entity confirms we are in the right place and we'd like to welcome Frank Giustra to the District.
Our Flagship Property has significant exploration potential with 30 kilometers of underexplored strike in a geologic setting that is shared with Treasury Metals' Goliath Gold Complex project in a highly active gold belt that also hosts Rainy River's New Gold mine and other deposits. The geological models and exploration methods that have successfully proven up over 14 million ounces of gold at Treasury, New Gold, and other projects in the region since the 1990s have yet to be systematically applied at Black Lake – Drayton.
We intend to do just that and look forward to developing our flagship project in a systematic manner with updates coming soon" Commented Peter Schloo, President, CEO and Director.
Click Image To View Full Size
Figure 1: HML – Regional Geologic Setting
Click Image To View Full Size
Figure 1: HML – DBL Project Area
ABOUT HERITAGE MINING LTD.
The Company is a Canadian mineral exploration company advancing its two high grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake and the Contact Bay projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt . Both projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The Company is well capitalized, with a tight capital structure.
For further information, please contact:
Heritage Mining Ltd.
Peter Schloo, CPA, CA, CFA
President, CEO and Director
Phone: (905) 505-0918
Email: peter@heritagemining.ca
FORWARD-LOOKING STATEMENTS
This news release contains certain statements that constitute forward looking information within the meaning of applicable securities laws. These statements relate to future events of the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "outlook" and similar expressions are not statements of historical fact and may be forward looking information. All statements, other than statements of historical fact, included herein are forward-looking statements.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include, among others, the inherent risk of the mining industry; adverse economic and market developments; the risk that the Company will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Company's estimated burn rate may be higher than anticipated; risks of unexpected cost increases; risks of labour shortages; risks relating to exploration and development activities; risks relating to future prices of mineral resources; risks related to work site accidents, risks related to geological uncertainties and variations; risks related to government and community support of the Company's projects; risks related to global pandemics and other risks related to the mining industry. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update any forward‐looking information except as required by law.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States, or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors.
1 Source: Treasury Metals Inc.'s Press Release dated May 2, 2024 Treasury Metals and Blackwolf to Create New Growth-Focused North American Gold Platform"
Copyright (c) 2024 TheNewswire - All rights reserved.
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Heritage Mining Announces Exploration Permit for Flagship Project Drayton Black Lake
(TheNewswire)
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VANCOUVER, BC TheNewswire - April 22, 2024 Heritage Mining Ltd. (CSE: HML FRA:Y66) ("Heritage" or the "Company") is pleased to announce that the Ontario Ministry of Mines has issued the exploration permit required in connection with its 2024 drilling and additional exploration program on its flagship Drayton-Black Lake Project ("DBL"). The program's primary focus will be to drill six priority targets at DBL (Figure 1).
Click Image To View Full Size
Figure 1: Drayton-Black Lake Target Areas
"The permit approval is a confirmation of our established relationships with the nearby First Nations communities and the Ministry of Mines.
We would like to personally thank the Lac Seul First Nation, Ojibway Nation of Saugeen, Metis Nation of Ontario as well as the Ministry of Mines for their time and efforts on the permitting process.
This is a great step forward to advancing our flagship project and we look forward to growing these mutually
beneficial relationships as we progress together.
With the permit approval in our rear-view mirror, we are looking forward to further advancing our flagship
project this spring/summer in a systematic manner" commented Peter Schloo, President, CEO and Director of
Heritage.
ABOUT HERITAGE MINING LTD.
The Company is a Canadian mineral exploration company advancing its two high grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake and the Contact Bay projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt . Both projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The Company is well capitalized, with a tight capital structure.
For further information, please contact:
Heritage Mining Ltd.
Peter Schloo, CPA, CA, CFA
President, CEO and Director
Phone: (905) 505-0918
Email: peter@heritagemining.ca
FORWARD-LOOKING STATEMENTS
This news release contains certain statements that constitute forward looking information within the meaning of applicable securities laws. These statements relate to future events of the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "outlook" and similar expressions are not statements of historical fact and may be forward looking information. All statements, other than statements of historical fact, included herein are forward-looking statements.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include, among others, the inherent risk of the mining industry; adverse economic and market developments; the risk that the Company will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Company's estimated burn rate may be higher than anticipated; risks of unexpected cost increases; risks of labour shortages; risks relating to exploration and development activities; risks relating to future prices of mineral resources; risks related to work site accidents, risks related to geological uncertainties and variations; risks related to government and community support of the Company's projects; risks related to global pandemics and other risks related to the mining industry. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update any forward‐looking information except as required by law.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States, or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors.
Copyright (c) 2024 TheNewswire - All rights reserved.
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Heritage Mining Announces Appointment of Key Advisors and OJEP Receipt
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Heritage Mining Announces Grant of Options
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VANCOUVER, BC, April 12, 2024 TheNewswire Heritage Mining Ltd. (CSE: HML FRA:Y66) (" Heritage " or the " Company ") is pleased to announce that the board has approved the grant of incentive stock options pursuant to its stock option plan (the " Plan ") to certain directors, officers, and consultants to purchase up to an aggregate of 1,385,000 common shares in the capital of the company (the " Options "). The Options are exercisable at a price of $0.05 per common share and will expire three years from the date of grant. The Options are subject to the terms of the Plan, the applicable Option agreements and the requirements of the Canadian Securities Exchange.
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Heritage Mining Announces OJEP Approval of Fourth Tranche
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LJN4 Continues to Deliver with the Deepest Intersection at 650m Down Dip
- After a significant intersection of 16m at 4.51g/t from 411m within MLJDD033, which was a very large 200m step out below the current resource (Figures 1 and 4) a further seven deeper diamond holes totalling 2,354m holes averaging 336m were drilled to ascertain the depth continuity in other parts of the LJN4 Deposit. Some compelling intersections are outlined below.
- MLJDD039 has the deepest intersection to date of 28m at 1.19g/t from 432m including 7m at 2.57g/t from 432m and is 100m down dip of MLJDD033 which intersected 25m at 3.01g/t from 408m and includes 16m at 4.51g/t from 411m. These intersections (Figure 1) are part of a 650m down dip, 45-degree mineralised zone, which is the longest so far within the 750m long LJN4 deposit.
- In the northern part of LJN4 there is a strong green fuchsite-silica-pyrite alteration within the ultramafic. Drill holes MLJDD040 intersected 7m at 4.73g/t from 380m (Figure 2 ) and contained silicified ultramafic with fuchsite and quartz veins. This intersection is 100m down dip of MLJRCD829 which intersected 17m at 2.31g/t from 287m which includes 7m at 4.22g/t from 292m (which is also intensely fuchsite altered with quartz veins). The extend of this down dip zone is 450m and is still open at depth.
- This ultramafic alteration is much more prevalent and occurs within the 350m long northern part of LJN4 (Figure 3) and is also present in holes MLJDD044 (from 376-396m), MLJDD045 (from 313-350m) and MLDD051 (from 313-340m), which have assays pending. The central and northern parts of LJN4 are still open at depth and there is a suggestion that the zones plunge to the SE (Figure 3).
- These intersections in MLJDD039 and 40 are far below the open pit from our PFS study (ASX release 7 March 2024) and are also not included in our current resource, this augers well for the enlargement of the resource, increasing both the potential size of the open pit and the accompanying positive economic studies.
- MLRDD036 intersected 18.9m at 2.26 g/t from 275M within a 21m zone, which is a 40m step out down dip from MLJRCD807 which intersected 15.2m at 1.79g/t from 287m (Figure 4).
- As described in the 5 March 2024 ASX release there was a 7.7% increase in overall resource in the Laverton Project to 24.9Mt @1.66g/t totalling 1.33moz of gold at 0.5g/t cut off and LJN4 has increased 11% to 948,200 oz (Table 1).
- It is particularly interesting that we have 8 stacked lodes in the central part of LJN4 and we have one planned 600m hole that will be testing for stacked lodes beneath the current mineralised stacked lodes.
- A number of deeper step out holes have now been carried out to see whether the LJN4 resource appears to extend further at depth and there are assays pending for 7 diamond drillholes totalling 1980m averaging 396m and include MLJDD042-46, 48, 50, 51) and 14 RC drillholes totalling 946m (MLJRC839-859). In addition, there are 6 holes being drilled in this current programme totalling 2800m and averaging 466m and are expected to be completed by the end of May 2024 with three diamond rigs operating.
The central and northern part of the 750m long LJN4 deposit has been drilled with very promising results. Highlights of this drilling are shown in Table 4, Figures 1-4.
Figure 1. Composite section for LJN4 central area showing high-grade dipping gold zone containing resource model outline and MLJDD039 being a down dip extension of over 100m from MLJDD033and being part of a very large 650m interpreted down dip mineralised zone.
Figure 2. Cross section for LJN4 northern area showing high-grade dipping gold zone containing resource model outline and MLJDD040 being a down dip extension of over 100m with intense fuchsite alteration.
Figure 3. Composite Inclined Longitudinal Projection of LJN4 in gram-metres. Highlighting continuous mineralisation over the whole 750m length, being open at depth in the central area and suggesting a SE plunging zone. New drilled holes awaiting assays (in blue) and further planned holes (in yellow).
Figure 4. The Lady Julie North 4 deposit has numerous significant thick intersections from the latest drill programme (yellow large rectangular label) and previous drilling (white label) with maximum gold projected to surface and planned deeper drillholes (in yellow).
The follow up deeper diamond holes have tested and are looking to extend up to two and in some cases eight, stacked lodes mainly found in the central parts of LJN4. Hole MLJDD053 is a 600m deep hole and is designed to investigate for further stacked lodes below the current bottom stacked lode. Many of these are outside the existing resource and have potential for the enlargement of the LJN4 (Indicated and Inferred) of 15.4mt at 1.92g/t for 948,200oz at a 0.5g/t cutoff (Table 1).
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Wheaton Precious Metals Announces Quarterly Dividend
Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce that its Board of Directors has declared its second quarterly cash dividend payment for 2024 of US$0.155 per common share. The second quarterly cash dividend for 2024 will be paid to holders of record of Wheaton common shares as of the close of business on May 29, 2024 and will be distributed on or about June 11, 2024 . The ex-dividend trading date is May 29, 2024 .
The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes.
Dividend Reinvestment Plan
The Company has previously implemented a Dividend Reinvestment Plan ("DRIP"). Participation in the DRIP is optional. For the purposes of this quarterly dividend, the Company has elected to issue common shares under the DRIP through treasury at the Average Market Price, as defined in the DRIP, without a discount.
The Company may, from time to time, in its discretion, apply, change or eliminate any discount applicable to Treasury Acquisitions, as defined in the DRIP, or direct that such common shares be purchased in Market Acquisitions, as defined in the DRIP, at the prevailing market price, any of which would be publicly announced.
The DRIP and enrollment forms, including direct deposit, are available for download on the Company's website at www.wheatonpm.com , in the 'investors' section under the 'dividends' tab.
Registered shareholders may also enroll in the DRIP online through the plan agent's self-service web portal at: https://tsxtrust.com/DRIP
Beneficial shareholders should contact their financial intermediary to arrange enrollment. All shareholders considering enrollment in the DRIP should carefully review the terms of the DRIP and consult with their advisors as to the implications of enrollment in the DRIP.
This press release is not an offer to sell or a solicitation of an offer of securities. A registration statement relating to the DRIP has been filed with the U.S. Securities and Exchange Commission and may be obtained under the Company's profile on the U.S. Securities and Exchange Commission's website at http://www.sec.gov . A written copy of the prospectus included in the registration statement may be obtained by contacting the Corporate Secretary of the Company at 1021 West Hastings Street, Suite 3500, Vancouver, British Columbia , Canada V6E 0C3.
CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS
This press release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation concerning the business, operations and financial performance of Wheaton. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to future dividends. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements including risks discussed in the section entitled "Description of the Business – Risk Factors" in Wheaton's Annual Information Form available on SEDAR+ at www.sedarplus.ca and Wheaton's Form 40-F for the year ended December 31, 2023 filed March 28, 2024 on file with the U.S. Securities and Exchange Commission on EDGAR and the risks identified under "Risks and Uncertainties" in Wheaton's Management's Discussion and Analysis for the year ended December 31, 2023 , available on SEDAR+ and in Wheaton's Form 6-K filed March 19, 2024 . Forward-looking statements are based on assumptions management currently believes to be reasonable, including (without limitation) that there will be no material adverse change in the market price of commodities, that estimations of future production from the mining operations and mineral reserves and resources are accurate, that the mining operations from which Wheaton purchases precious metals will continue to operate, that each party will satisfy their obligations in accordance with the precious metals purchase agreements and royalty agreements, and that Wheaton's application of the CRA Settlement (including the Company's assessment that there will be no material change in the Company's facts or change in law or jurisprudence for years subsequent to 2010) and assessment of the impact of a 15% global minimum tax, are accurate and that expectations regarding the resolution of legal and tax matters will be achieved (including CRA audits involving the Company).
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SOURCE Wheaton Precious Metals Corp.
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Kinross announces Annual Shareholder Meeting voting results
Kinross Gold Corporation (TSX: K, NYSE: KGC) has announced the detailed voting results of the election of its Board of Directors, which took place at the Company's virtual Annual Meeting of Shareholders on May 8, 2024.
The nominees listed in the Management Information Circular dated March 12, 2024, were elected as directors of Kinross at the meeting (see detailed voting results below).
Board of Directors voting results
| Nominee | Votes for | % for | Votes withheld | % withheld |
| Kerry D. Dyte | 763,966,358 | 95.76% | 33,838,456 | 4.24% |
| Glenn A. Ives | 790,145,889 | 99.04% | 7,658,922 | 0.96% |
| Ave G. Lethbridge | 773,109,953 | 96.90% | 24,694,858 | 3.10% |
| Michael A. Lewis | 789,269,572 | 98.93% | 8,535,239 | 1.07% |
| Elizabeth D. McGregor | 796,309,472 | 99.81% | 1,495,338 | 0.19% |
| Catherine McLeod-Seltzer | 681,020,185 | 85.36% | 116,784,572 | 14.64% |
| Kelly J. Osborne | 789,473,477 | 98.96% | 8,331,333 | 1.04% |
| George Paspalas | 794,628,439 | 99.60% | 3,176,371 | 0.40% |
| J. Paul Rollinson | 796,291,562 | 99.81% | 1,513,249 | 0.19% |
| David A. Scott | 796,515,263 | 99.84% | 1,289,547 | 0.16% |
Voting results on the other items of business at the Annual Meeting of Shareholders are as follows:
Appointment of auditors
| Votes for | % for | Votes withheld | % withheld |
| 839,757,579 | 97.41% | 22,364,699 | 2.59% |
Reconfirmation of Shareholder Rights Plan
| Votes for | % for | Votes against | % withheld |
| 759,363,511 | 95.18% | 38,441,303 | 4.82% |
"Say on Pay" resolution on executive compensation
| Votes for | % for | Votes against | % withheld |
| 743,795,499 | 93.23% | 54,009,309 | 6.77% |
A report on all matters voted on at the meeting has been filed on SEDAR+.
About Kinross Gold Corporation
Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC).
Media Contact
Victoria Barrington
Senior Director, Corporate Communications
phone: 647-788-4153
victoria.barrington@kinross.com
Investor Relations Contact
Chris Lichtenheldt
Vice-President, Investor Relations
phone: 416-365-2761
chris.lichtenheldt@kinross.com
Source: Kinross Gold Corp.
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Wheaton Precious Metals Announces First Quarter 2024 Results
Designated News Release
FIRST QUARTER FINANCIAL RESULTS
"Wheaton delivered a robust quarter to start the year, generating over $219 million in operating cash flows, and underscoring the effectiveness of our business model in leveraging rising commodity prices while maintaining strong cash operating margins," said Randy Smallwood President and Chief Executive Officer of Wheaton Precious Metals. "Looking ahead, we continue to forecast peer-leading production growth of 40% by 2028, buoyed by several development projects in our portfolio, many of which achieved significant milestones during the quarter. Building on the momentum from a record eight acquisitions in 2023, our corporate development team remains actively engaged in evaluating new opportunities and as always, Wheaton remains committed to ensuring that our growth is both accretive and sustainable for all stakeholders. We believe that strong commodity price trends and our sector leading growth profile provide Wheaton shareholders with one of the best vehicles for investing into the gold and precious metals space."
Solid Financial Results and Strong Balance Sheet
- First quarter of 2024: $297 million in revenue, $219 million in operating cash flow, $164 million in net earnings and $164 million in adjusted net earnings 1 and, declared a quarterly dividend 1 of $0.155 per common share.
- Balance Sheet: cash balance of $306 million , no debt, and an undrawn $2 billion revolving credit facility as at March 31, 2024 , after making total upfront cash payments of $462 million relative to mineral stream and royalty interests in the quarter.
High-Quality Asset Base
- Streaming and royalty agreements on 18 operating mines and 27 development projects 5 .
- 93% of attributable production from assets in the lowest half of their respective cost curves 2,4 .
- Attributable gold equivalent production 3 of 160,100 ounces in the first quarter of 2024, an increase of 19% relative to the comparable period of the prior year due primarily to the mill throughput expansion at Salobo and higher production at Constancia due to the mining of the high-grade zones of the Pampacancha deposit.
- Forecasting annual production of over 800,000 gold equivalent ounces ("GEOs") by 2028, with average annual attributable production growing to over 850,000 GEOs 3 in years 2029 to 2033.
- Accretive portfolio growth:
- On February 27, 2024 , the Company closed the previously announced agreement with certain entities advised by Orion Resource Partners to acquire existing PMPAs in respect of Ivanhoe Mines' Platreef project and BMC Minerals' Kudz Ze Kayah project.
- On February 20, 2024 , the Company acquired a 1.5% Net Smelter Royalty from Integra Resources Corporation on the DeLamar and Florida Mountain project.
Leadership in Sustainability
- Top Rankings: Ranked in the Global Top 50 out of over 15,000 multi-sector companies by Sustainalytics, AA rated by MSCI, and Prime rated by ISS.
- Recognized among Corporate Knights' 2024 100 most sustainable corporations in the world.
- Peer-leading community investment program that supports social and environmental initiatives alongside Wheaton's mining partners.
Operational Overview
(all figures in US dollars unless otherwise noted) | Q1 2024 | Q1 2023 | Change | |||||
Units produced | ||||||||
Gold ounces | 93,370 | 73,019 | 27.9 % | |||||
Silver ounces | 5,476 | 5,134 | 6.7 % | |||||
Palladium ounces | 4,463 | 3,705 | 20.5 % | |||||
Cobalt pounds | 240 | 124 | 93.1 % | |||||
Gold equivalent ounces 3 | 160,133 | 134,730 | 18.9 % | |||||
Units sold | ||||||||
Gold ounces | 92,019 | 62,605 | 47.0 % | |||||
Silver ounces | 4,067 | 3,749 | 8.5 % | |||||
Palladium ounces | 4,774 | 2,946 | 62.1 % | |||||
Cobalt pounds | 309 | 323 | (4.3) % | |||||
Gold equivalent ounces 3 | 143,184 | 109,293 | 31.0 % | |||||
Change in PBND and Inventory | ||||||||
Gold equivalent ounces 3 | 2,102 | 11,756 | 9,654 | |||||
Revenue | $ | 296,806 | $ | 214,465 | 38.4 % | |||
Net earnings | $ | 164,041 | $ | 111,391 | 47.3 % | |||
Per share | $ | 0.362 | $ | 0.246 | 47.2 % | |||
Adjusted net earnings 1 | $ | 163,589 | $ | 104,431 | 56.6 % | |||
Per share 1 | $ | 0.361 | $ | 0.231 | 56.3 % | |||
Operating cash flows | $ | 219,380 | $ | 135,104 | 62.4 % | |||
Per share 1 | $ | 0.484 | $ | 0.299 | 61.9 % |
All amounts in thousands except gold, palladium & gold equivalent ounces, and per share amounts. |
Financial Review
Revenues
Revenue in the first quarter of 2024 was $297 million (64% gold, 32% silver, 2% palladium and 2% cobalt), with the $82 million increase relative to the prior period quarter being primarily due to a 31% increase in the number of GEOs³ sold; and a 6% increase in the average realized gold equivalent³ price.
Cash Costs and Margin
Average cash costs¹ in the first quarter of 2024 were $430 per GEO³ as compared to $475 in the first quarter of 2023. This resulted in a cash operating margin¹ of $1,643 per GEO³ sold, an increase of 10% as compared with the first quarter of 2023, a result of the higher realized price per ounce coupled with the lower average cash costs.
Cash Flow from Operations
Operating cash flow in the first quarter of 2024 amounted to $219 million , with the $84 million increase due primarily to the higher gross margin.
Balance Sheet (at March 31, 2024 )
- Approximately $306 million of cash on hand
- During the first quarter of 2024, the Company made total upfront cash payments of $462 million relative to the mineral stream and royalty interests consisting of:
- $450 million relative to the Platreef and Kudz Ze Kayah precious metals purchase agreements ("PMPAs")
- $7 million relative to the Mt Todd Royalty; and
- $5 million relative to the DeLamar Royalty
- Subsequent to the quarter, the Company disposed of its investment in Hecla Mining Company for gross proceeds of $177 million .
- With the existing cash on hand coupled with the fully undrawn $2 billion revolving credit facility, the Company believes it is well positioned to fund all outstanding commitments and known contingencies as well as providing flexibility to acquire additional accretive mineral stream interests.
Global Minimum Tax
The Company is within the scope of global minimum tax ("GMT") under the OECD Pillar Two model rules ("Pillar Two"), under which large multinational entities will be subject to a 15% GMT. On May 2, 2024 , the Canadian Federal Government introduced the Federal budget bill, C-69, into parliament which contains the Global Minimum Tax Act ("GMTA") reflecting application of GMT to in-scope companies for fiscal years commencing on or after December 31, 2023 . However, as of the date of this press release, the legislation related to the GMTA has not been enacted. As the legislation was not enacted as of the Balance Sheet date, for the three months ended March 31, 2024 , the Company has recorded no current tax expense associated with GMT, although the Company's wholly-owned foreign subsidiaries which reside in jurisdictions where the GMT is expected to apply had net earnings of $165 million with 15% of such amounting to $25 million .
The Company will recognize the tax expense associated with the GMT in its consolidated financial statements in the appropriate period relative to when the legislation is enacted. If enacted as drafted, Company's wholly-owned foreign subsidiaries which reside in jurisdictions where the GMT is expected to apply would be subject to the proposed Canadian rules in the GMTA retroactively to January 1, 2024 .
First Quarter Operating Asset Highlights 2
Salobo: In the first quarter of 2024, Salobo produced 61,600 ounces of attributable gold, an increase of approximately 41% relative to the first quarter of 2023, driven by higher throughput, with production from the third concentrator line commencing at the end of 2022, partially offset by lower grades which was expected as per the mine development plan. As reported by Vale S.A. ("Vale"), Salobo 3 reached ~90% average throughput in the first quarter as the ramp-up continues. Salobo 1 & 2 plants also posted strong performance in the quarter, with 14% higher throughput rate, 10% productivity and 3% higher asset availability relative to the first quarter of 2023.
On November 21, 2023 , Vale reported the successful completion of the throughput test for the first phase of the Salobo III project, with the Salobo complex exceeding an average of 32 million tonnes per annum ("Mtpa") over a 90-day period. Under the terms of the agreement, the Company paid Vale $370 million for the completion of the first phase of the Salobo III expansion project on December 1, 2023 . The remaining balance of the expansion payment is dependent on the timing of completion and will be triggered once Vale expands actual throughput above 35 Mtpa for a period of 90 days.
Antamina: In the first quarter of 2024, Antamina produced 0.8 million ounces of attributable silver, a decrease of approximately 8% relative to the first quarter of 2023 primarily due to lower grades. On February 15, 2024 , Peru's National Environmental Certification Service for Sustainable Investments approved, after a detailed evaluation process, the Modification of the Environmental Impact Study, which will allow for the extension of Antamina's mine life from 2028 to 2036.
Peñasquito: In the first quarter of 2024, Peñasquito produced 2.6 million ounces of attributable silver, an increase of approximately 27% relative to the first quarter of 2023 primarily due to higher grades.
Constancia: In the first quarter of 2024, Constancia produced 0.6 million ounces of attributable silver and 13,900 ounces of attributable gold, an increase of approximately 16% and 101%, respectively, relative to the first quarter of 2023, with the increases being primarily the result of significantly higher gold grades attributable to the mining of high-grade zones of the Pampacancha deposit, combined with higher recoveries.
On March 28, 2024 , Hudbay Minerals Inc., ("Hudbay") reported that Constancia's expected mine life has been extended by three years to 2041 as a result of the successful conversion of mineral resources to mineral reserves with the addition of a further mining phase at the Constancia pit following positive geotechnical drilling and studies in 2023. There remains potential for future mine life extensions based on the mineral resources that have not yet been converted to mineral reserves.
Sudbury : In the first quarter of 2024, Vale's Sudbury mines produced 7,000 ounces of attributable gold, an increase of approximately 14% relative to the first quarter of 2023, due to higher throughput.
Stillwater : In the first quarter of 2024, the Stillwater mines produced 2,600 ounces of attributable gold and 4,500 ounces of attributable palladium, an increase of approximately 35% for gold and 20% for palladium relative to the first quarter of 2023, due primarily to higher throughput and grades.
Voisey's Bay: In the first quarter of 2024, the Voisey's Bay mine produced 240,000 pounds of attributable cobalt, an increase of approximately 93% relative to the first quarter of 2023, as the transitional period between the depletion of the Ovoid open-pit and ramp-up to full production of the Voisey's Bay underground mine nears completion. Vale reports that physical completion of the Voisey's Bay underground mine extension was 94% at the end of the first quarter, and that the main surface assets are completed and already operating. In the underground portion, the scope in Reid Brook is completed and the mine development at Eastern Deeps is concluded. Construction of the Bulk Material Handling system, dewatering and support facilities is ongoing. The full mine assets at Eastern Deeps are expected to be in operation by the end of 2024.
Other Gold: In the first quarter of 2024, total Other Gold attributable production was 600 ounces, a decrease of approximately 82% relative to the first quarter of 2023, primarily due to the closure of the Minto mine in May 2023 .
Other Silver: In the first quarter of 2024, total Other Silver attributable production was 1.4 million ounces, a decrease of approximately 15% relative to the first quarter of 2023, primarily due to the temporary suspension of attributable production from Aljustrel.
Detailed mine-by-mine production and sales figures can be found in the Appendix to this press release and in Wheaton's consolidated MD&A in the 'Results of Operations and Operational Review' section.
Recent Development Asset Updates
Blackwater Project: On February 21, 2024 , Artemis Gold Inc. ("Artemis") announced the results of an expansion study to optimize the timing of mine expansion through the advancing of Phase 2. A decision on the acceleration of the Phase 2 expansion is expected to be considered in the second half of 2024. On April 24, 2024 , Artemis announced that overall construction was approximately 73% complete and that construction of major site water management facilities, including the water management pond, the central diversion system, and the Davidson Creek diversion, have been completed along with work on the tailings storage facility which is progressing well. Artemis also states that the project remains on schedule for first gold pour in the second half of 2024.
Platreef Project: On April 30, 2024 , Ivanhoe Mines Ltd. ("Ivanhoe") reported that construction activities for the Platreef Phase 1 concentrator are on schedule at almost 90% complete and on track for cold commissioning in the third quarter of 2024. An updated independent feasibility study on an optimized development plan for the acceleration of Phase 2 is planned to be completed and published in the fourth quarter of 2024. As a result of the planned acceleration of Phase 2, first feed and ramp-up of production will be deferred until mid-2025. In addition, a preliminary economic assessment on a Phase 3 expansion is expected to be completed at the same time, increasing Platreef's processing capacity up to approximately 10 Mtpa. A Phase 3 expansion to 10 Mtpa processing capacity is expected to rank Platreef as one of the world's largest platinum-group metal, nickel, copper and gold producers.
Goose Project: On May 7, 2024 , B2Gold Corp., ("B2Gold") announced the successful completion of the 2024 winter ice road ("WIR") campaign, delivering all necessary materials to complete the construction of the Goose project. B2Gold reports that while mill construction remains on schedule, development of the open pit and underground is slightly behind schedule due to equipment availability, adverse weather conditions and prioritization of critical path construction activities. As a result, B2Gold reports that first gold pour is now expected in the second quarter of 2025 with ramp up to full production in the third quarter of 2025, one quarter later than previous estimates.
Marmato Mine: On April 15, 2024 , Aris Mining Corporation ("Aris") provided an update that at the Marmato Lower Mine expansion project, the access road to the new processing facility area is now complete and earthworks in the plant area will commence soon. The contractor for the new portal and decline is fully mobilized and cutting of the portal face has commenced.
Curipamba Project: On January 22, 2024 , Adventus Mining Corporation ("Adventus") announced that the Ministry of Environment, Water and Energy Transition of the Government of Ecuador has granted the environmental license for the construction and operation of the El Domo – Curipamba project (the "Curipamba project"). On January 30, 2024 , Adventus announced that the Ministry of Energy and Mines of Ecuador has issued a permit which grants approval for the design, construction, operation, and maintenance of the tailings storage facility ("TSF") for the Curipamba project. The start of TSF construction is a key condition precedent for the Company to make additional upfront cash payments under the Curipamba PMPA.
On April 26, 2024 , Adventus announced that Silvercorp Metals Inc. ("Silvercorp") has entered into a definitive arrangement agreement with Adventus pursuant to which Silvercorp has agreed to acquire all of the issued and outstanding common shares of Adventus. As reported by Silvercorp, the existing stream with Wheaton, combined with Silvercorp's existing cash and cash equivalents of approximately $200 million , is more than sufficient to fully fund the Curipamba project through construction.
Fenix Project: On April 8, 2024 , Rio2 Limited ("Rio2") announced that its Chilean subsidiary has received the formal Environmental Qualification Resolution ("RCA") for the Fenix gold project. The receipt of the RCA now allows Rio2 to advance permitting activities for the Fenix project. Rio2 has noted that there are four principal Sectorial Permits required before construction can commence at the Project: 1) Mining Methods; 2) Process Plant; 3) Waste Dumps & Stockpiles; and 4) Closure Plan and that work on these permits is well underway. Rio2 notes that the current timing for receipt of these principal permits is by the end of July 2024 .
Cangrejos Project: On January 18, 2024 , Lumina Gold Corp. ("Lumina") announced results from the phase 1 mining resource conversion drilling campaign in support of the ongoing feasibility study at Cangrejos. Lumina noted that the assays from the resource infill program continue to demonstrate the exceptional continuity of grade at Cangrejos. Lumina also noted that it is operating normally at the Cangrejos project and to date their activities have not been affected by the recent civil disturbances that have impacted other areas in Ecuador .
Curraghinalt Project: Subsequent to the quarter, the Planning Appeals Commission & Water Appeals Commission ("the commission") in Northern Ireland concluded that the water abstraction and impoundment licenses ("water licenses") relative to the Curraghinalt Project have been rescinded and that license applications would need to be resubmitted and subsequent public inquiry referrals held. The commission noted that it has suspended arrangements for the current inquiry timetable until it is in receipt of the expected water license applications, at which time it will move to set directions and new dates for the submission of statements of case, rebuttals, and for the opening of the re-scheduled hearing sessions in due course.
Corporate Development
DeLamar Royalty
On February 20, 2024 , the Company purchased a 1.5% net smelter return royalty interest ("DeLamar Royalty") in the DeLamar and Florida mountain project located in Idaho , United States (the "DeLamar project") from a subsidiary of Integra Resources Corporation ("Integra") for $9.75 million to be paid in two equal installments, the first of which was paid in the first quarter of 2024, with the balance expected to be paid in July 2024 subject to customary conditions. Under the DeLamar Royalty, if completion is not achieved by January 1, 2029 , the DeLamar Royalty will increase annually by 0.15% of net smelter returns to a maximum of 2.7% of net smelter returns. The Company had previously acquired a right of first refusal on any precious metals streaming, royalty, pre-pay or other similar transaction on the DeLamar project.
Sustainability
Ratings & Awards:
- On January 17, 2024 , the Company announced its ranking among Corporate Knights' 2024 100 Most Sustainable Corporations in the world. The Company will be included in the Global 100 Index, which represents a benchmark for sustainability excellence.
Community Investment Program:
- On March 1, 2024 , Wheaton International commenced a new program with the Vale Foundation to support an ambitious three-year initiative in Brazil that aims to improve the primary health care being offered in the municipalities near the Salobo mine and along the Carajas railroad. The program will be carried out in 8 municipalities of Pará State, impacting approximately 550,000 individuals and in 24 municipalities of Maranhão State, impacting approximately 1.3 million individuals. Wheaton International and the Vale Foundation each committed BRL$17 million. The total contribution of Wheaton and the Vale Foundation of BRL$34 million is being matched by the Brazilian Development Bank, magnifying the impact of the contribution being made by Wheaton International.
- The Pacific Salmon Foundation's Vancouver Gala presented by Wheaton raised CA$0.5 million in support of advancing critical marine science research and conservation work.
- The Daffodil Ball presented by Wheaton raised over CA$4.4 million for the Canadian Cancer Society.
2024 and Long-Term Production Outlook
Wheaton's estimated attributable production in 2024 is forecast to be 325,000 to 370,000 ounces of gold, 18.5 to 20.5 million ounces of silver, and 12,000 to 15,000 GEOs 3 of other metals, resulting in annual production of approximately 550,000 to 620,000 GEOs 3 , unchanged from previous guidance 2,3 .
Annual production is forecast to increase by approximately 40% to over 800,000 GEOs 3 by 2028, with average annual production forecast to grow to over 850,000 GEO 3 in years 2029 to 2033, also unchanged from previous guidance.
About Wheaton Precious Metals Corp.
Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors commodity price leverage and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. As a result, Wheaton has consistently outperformed gold and silver, as well as other mining investments. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming for all of its stakeholders.
In accordance with Wheaton Precious Metals™ Corp.'s ("Wheaton Precious Metals", "Wheaton" or the "Company") MD&A and Financial Statements, reference to the Company and Wheaton includes the Company's wholly owned subsidiaries.
Webcast and Conference Call Details
A conference call will be held on Friday, May 10, 2024 , starting at 8:00am PT ( 11:00 am ET ) to discuss these results. To participate in the live call please use one of the following methods:
RapidConnect URL: | |
Live webcast: | |
Dial toll free: | 1-888-664-6383 or 1-416-764-8650 |
Conference Call ID: | 12432661 |
Participants should dial in five to ten minutes before the call.
The conference call will be recorded and available until May 17, 2024 at 11:59 pm ET . The webcast will be available for one year. You can listen to an archive of the call by one of the following methods:
Dial toll free from Canada or the US | 1-888-390-0541 |
Dial from outside Canada or the US: | 1-416-764-8677 |
Pass code: | 432661 # |
Archived webcast: |
This earnings release should be read in conjunction with Wheaton Precious Metals' MD&A and Financial Statements, which are available on the Company's website at www.wheatonpm.com and have been posted on SEDAR+ at www.sedarplus.ca .
Mr. Wes Carson , P.Eng., Vice President, Mining Operations, Neil Burns , P.Geo., Vice President, Technical Services for Wheaton Precious Metals and Ryan Ulansky , P.Eng., Vice President, Engineering, are a "qualified person" as such term is defined under National Instrument 43-101, and have reviewed and approved the technical information disclosed in this news release (specifically Mr. Carson has reviewed production figures, Mr. Burns has reviewed mineral resource estimates and Mr. Ulansky has reviewed the mineral reserve estimates).
Wheaton Precious Metals believes that there are no significant differences between its corporate governance practices and those required to be followed by United States domestic issuers under the NYSE listing standards. This confirmation is located on the Wheaton Precious Metals website at http://www.wheatonpm.com/Company/corporate-governance/default.aspx .
Condensed Interim Consolidated Statements of Earnings
Three Months Ended | |||||
(US dollars and shares in thousands, except per share amounts - unaudited) | 2024 | 2023 | |||
Sales | $ | 296,806 | $ | 214,465 | |
Cost of sales | |||||
Cost of sales, excluding depletion | $ | 61,555 | $ | 51,964 | |
Depletion | 63,676 | 45,000 | |||
Total cost of sales | $ | 125,231 | $ | 96,964 | |
Gross margin | $ | 171,575 | $ | 117,501 | |
General and administrative expenses | 10,464 | 10,099 | |||
Share based compensation | 1,281 | 7,397 | |||
Donations and community investments | 1,570 | 1,378 | |||
Earnings from operations | $ | 158,260 | $ | 98,627 | |
Other income (expense) | 7,196 | 7,562 | |||
Earnings before finance costs and income taxes | $ | 165,456 | $ | 106,189 | |
Finance costs | 1,442 | 1,378 | |||
Earnings before income taxes | $ | 164,014 | $ | 104,811 | |
Income tax recovery | (27) | (6,580) | |||
Net earnings | $ | 164,041 | $ | 111,391 | |
Basic earnings per share | $ | 0.362 | $ | 0.246 | |
Diluted earnings per share | $ | 0.362 | $ | 0.246 | |
Weighted average number of shares outstanding | |||||
Basic | 453,094 | 452,370 | |||
Diluted | 453,666 | 453,159 | |||
Condensed Interim Consolidated Balance Sheets
As at | As at | |||
(US dollars in thousands - unaudited) | 2024 | 2023 | ||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | $ | 306,109 | $ | 546,527 |
Accounts receivable | 5,514 | 10,078 | ||
Cobalt inventory | - | 1,372 | ||
Income taxes receivable | 5,851 | 5,935 | ||
Other | 3,374 | 3,499 | ||
Total current assets | $ | 320,848 | $ | 567,411 |
Non-current assets | ||||
Mineral stream interests | $ | 6,510,767 | $ | 6,122,441 |
Early deposit mineral stream interests | 47,094 | 47,093 | ||
Mineral royalty interests | 25,448 | 13,454 | ||
Long-term equity investments | 246,652 | 246,678 | ||
Property, plant and equipment | 7,996 | 7,638 | ||
Other | 21,650 | 26,470 | ||
Total non-current assets | $ | 6,859,607 | $ | 6,463,774 |
Total assets | $ | 7,180,455 | $ | 7,031,185 |
Liabilities | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities | $ | 10,918 | $ | 13,458 |
Dividends payable | 70,261 | - | ||
Current portion of performance share units | 6,261 | 12,013 | ||
Current portion of lease liabilities | 518 | 604 | ||
Total current liabilities | $ | 87,958 | $ | 26,075 |
Non-current liabilities | ||||
Performance share units | $ | 2,991 | $ | 9,113 |
Lease liabilities | 5,423 | 5,625 | ||
Deferred income taxes | 242 | 232 | ||
Pension liability | 4,646 | 4,624 | ||
Total non-current liabilities | $ | 13,302 | $ | 19,594 |
Total liabilities | $ | 101,260 | $ | 45,669 |
Shareholders' equity | ||||
Issued capital | $ | 3,784,848 | $ | 3,777,323 |
Reserves | (47,717) | (40,091) | ||
Retained earnings | 3,342,064 | 3,248,284 | ||
Total shareholders' equity | $ | 7,079,195 | $ | 6,985,516 |
Total liabilities and shareholders' equity | $ | 7,180,455 | $ | 7,031,185 |
Condensed Interim Consolidated Statements of Cash Flows
Three Months Ended | |||||
(US dollars in thousands - unaudited) | 2024 | 2023 | |||
Operating activities | |||||
Net earnings | $ | 164,041 | $ | 111,391 | |
Adjustments for | |||||
Depreciation and depletion | 64,013 | 45,390 | |||
Interest expense | 74 | 17 | |||
Equity settled stock based compensation | 1,598 | 1,542 | |||
Performance share units - expense | (317) | 5,855 | |||
Performance share units - paid | (11,129) | (16,675) | |||
Pension expense | 175 | 167 | |||
Pension paid | (43) | (96) | |||
Income tax (recovery) expense | (27) | (6,580) | |||
(Gain) loss on fair value adjustment of share purchase | (183) | (175) | |||
Investment income recognized in net earnings | (6,438) | (7,148) | |||
Other | (83) | 79 | |||
Change in non-cash working capital | 2,155 | (2,072) | |||
Cash generated from operations before income taxes and interest | $ | 213,836 | $ | 131,695 | |
Income taxes paid | (116) | (3,344) | |||
Interest paid | (75) | (18) | |||
Interest received | 5,735 | 6,771 | |||
Cash generated from operating activities | $ | 219,380 | $ | 135,104 | |
Financing activities | |||||
Share purchase options exercised | 3,816 | 9,376 | |||
Lease payments | (148) | (202) | |||
Cash generated from financing activities | $ | 3,668 | $ | 9,174 | |
Investing activities | |||||
Mineral stream interests | $ | (450,902) | $ | (31,524) | |
Early deposit mineral stream interests | - | (750) | |||
Mineral royalty interest | (11,947) | - | |||
Net proceeds on disposal of mineral stream interests | - | (29) | |||
Acquisition of long-term investments | (751) | (8,144) | |||
Dividends received | 700 | - | |||
Other | (596) | (530) | |||
Cash used for investing activities | $ | (463,496) | $ | (40,977) | |
Effect of exchange rate changes on cash and cash equivalents | $ | 30 | $ | 307 | |
(Decrease) increase in cash and cash equivalents | $ | (240,418) | $ | 103,608 | |
Cash and cash equivalents, beginning of period | 546,527 | 696,089 | |||
Cash and cash equivalents, end of period | $ | 306,109 | $ | 799,697 | |
Summary of Units Produced
Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | |
Gold ounces produced ² | ||||||||
Salobo | 61,622 | 71,778 | 69,045 | 54,804 | 43,677 | 37,939 | 44,212 | 34,129 |
Sudbury 3 | 7,049 | 5,823 | 3,857 | 5,818 | 6,203 | 5,270 | 3,437 | 5,289 |
Constancia | 13,897 | 22,292 | 19,003 | 7,444 | 6,905 | 10,496 | 7,196 | 8,042 |
San Dimas 4 | 7,542 | 10,024 | 9,995 | 11,166 | 10,754 | 10,037 | 11,808 | 10,044 |
Stillwater 5 | 2,637 | 2,341 | 2,454 | 2,017 | 1,960 | 2,185 | 1,833 | 2,171 |
Other | ||||||||
Marmato | 623 | 668 | 673 | 639 | 457 | 533 | 542 | 778 |
777 6 | - | - | - | - | - | - | - | 3,509 |
Minto 7 | - | - | - | 1,292 | 3,063 | 2,567 | 3,050 | 2,480 |
Total Other | 623 | 668 | 673 | 1,931 | 3,520 | 3,100 | 3,592 | 6,767 |
Total gold ounces produced | 93,370 | 112,926 | 105,027 | 83,180 | 73,019 | 69,027 | 72,078 | 66,442 |
Silver ounces produced 2 | ||||||||
Peñasquito 8 | 2,643 | 1,036 | - | 1,744 | 2,076 | 1,761 | 2,017 | 2,089 |
Antamina | 806 | 1,030 | 894 | 984 | 872 | 1,067 | 1,327 | 1,330 |
Constancia | 640 | 836 | 697 | 420 | 552 | 655 | 564 | 584 |
Other | ||||||||
Los Filos | 42 | 28 | 28 | 28 | 45 | 14 | 21 | 35 |
Zinkgruvan | 641 | 510 | 785 | 374 | 632 | 664 | 642 | 739 |
Neves-Corvo | 524 | 573 | 486 | 407 | 436 | 369 | 323 | 345 |
Aljustrel 9 | - | - | 327 | 279 | 343 | 313 | 246 | 292 |
Cozamin | 173 | 185 | 165 | 184 | 141 | 157 | 179 | 169 |
Marmato | 7 | 10 | 11 | 7 | 8 | 9 | 7 | 7 |
Yauliyacu 10 | - | - | - | - | - | 261 | 463 | 756 |
Minto 7 | - | - | - | 14 | 29 | 33 | 33 | 26 |
Keno Hill 11 | - | - | - | - | - | - | - | 48 |
777 6 | - | - | - | - | - | - | - | 80 |
Total Other | 1,387 | 1,306 | 1,802 | 1,293 | 1,634 | 1,820 | 1,914 | 2,497 |
Total silver ounces produced | 5,476 | 4,208 | 3,393 | 4,441 | 5,134 | 5,303 | 5,822 | 6,500 |
Palladium ounces produced ² | ||||||||
Stillwater 5 | 4,463 | 4,209 | 4,006 | 3,880 | 3,705 | 3,869 | 3,229 | 3,899 |
Cobalt pounds produced ² | ||||||||
Voisey's Bay | 240 | 215 | 183 | 152 | 124 | 128 | 226 | 136 |
GEOs produced 12 | 160,133 | 164,818 | 147,230 | 137,176 | 134,730 | 132,780 | 142,103 | 144,019 |
Average payable rate 2 | ||||||||
Gold | 94.8 % | 95.1 % | 95.4 % | 95.1 % | 95.1 % | 94.9 % | 95.1 % | 95.1 % |
Silver | 84.5 % | 83.0 % | 78.3 % | 83.7 % | 83.1 % | 84.2 % | 86.3 % | 86.5 % |
Palladium | 96.9 % | 95.9 % | 93.6 % | 94.1 % | 96.0 % | 91.7 % | 95.0 % | 94.6 % |
Cobalt | 93.3 % | 93.3 % | 93.3 % | 93.3 % | 93.3 % | 93.3 % | 93.3 % | 93.3 % |
GEO 11 | 90.7 % | 91.6 % | 90.8 % | 90.8 % | 89.8 % | 89.9 % | 90.9 % | 90.7 % |
1) | All figures in thousands except gold and palladium ounces produced. |
2) | Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures and payable rates are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures and payable rates may be updated in future periods as additional information is received. |
3) | Comprised of the Coleman, Copper Cliff, Garson, Creighton and Totten gold interests. |
4) | Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the "70" shall be revised to "50" or "90", as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the "70" shall be reinstated. For reference, attributable silver production from prior periods is as follows: Q1 2024 - 291,000 ounces; Q4 2023 - 378,000 ounces; Q3 2023 - 387,000 ounces; Q2 2023 - 423,000 ounces; Q1 2023 - 401,000 ounces; Q4 2022 - 348,000 ounces; Q3 2022 - 412,000 ounces; Q2 2022 - 382,000 ounces. |
5) | Comprised of the Stillwater and East Boulder gold and palladium interests. |
6) | On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. |
7) | On May 13, 2023, Minto Metals Corp. announced the suspension of operations at the Minto mine. |
8) | There was a temporary suspension of operations at Peñasquito due to a labour strike which ran from June 7, 2023 to October 13, 2023. |
9) | On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the second quarter of 2025. |
10) | On December 14, 2022 the Company terminated the Yauliyacu PMPA in exchange for a cash payment of $132 million. |
11) | On September 7, 2022, the Company terminated the Keno Hill PMPA in exchange for $141 million of Hecla common stock. |
12) | GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2024. |
Summary of Units Sold
Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | |
Gold ounces sold | ||||||||
Salobo | 56,841 | 76,656 | 44,444 | 46,030 | 35,966 | 41,029 | 31,818 | 48,515 |
Sudbury 2 | 4,129 | 5,011 | 4,836 | 4,775 | 4,368 | 4,988 | 5,147 | 7,916 |
Constancia | 20,123 | 19,925 | 12,399 | 9,619 | 6,579 | 6,013 | 6,336 | 7,431 |
San Dimas | 7,933 | 10,472 | 9,695 | 11,354 | 10,651 | 10,943 | 10,196 | 10,633 |
Stillwater 3 | 2,355 | 2,314 | 1,985 | 2,195 | 2,094 | 1,783 | 2,127 | 2,626 |
Other | ||||||||
Marmato | 638 | 633 | 792 | 467 | 480 | 473 | 719 | 781 |
777 | - | - | 275 | 153 | 126 | 785 | 3,098 | 3,629 |
Minto | - | - | - | 701 | 2,341 | 2,982 | 2,559 | 2,806 |
Total Other | 638 | 633 | 1,067 | 1,321 | 2,947 | 4,240 | 6,376 | 7,216 |
Total gold ounces sold | 92,019 | 115,011 | 74,426 | 75,294 | 62,605 | 68,996 | 62,000 | 84,337 |
Silver ounces sold | ||||||||
Peñasquito | 1,839 | 442 | 453 | 1,913 | 1,483 | 2,066 | 1,599 | 2,096 |
Antamina | 762 | 1,091 | 794 | 963 | 814 | 1,114 | 1,155 | 1,177 |
Constancia | 726 | 665 | 435 | 674 | 366 | 403 | 498 | 494 |
Other | ||||||||
Los Filos | 44 | 24 | 30 | 37 | 34 | 16 | 24 | 41 |
Zinkgruvan | 297 | 449 | 714 | 370 | 520 | 547 | 376 | 650 |
Neves-Corvo | 243 | 268 | 245 | 132 | 171 | 80 | 105 | 167 |
Aljustrel | 1 | 86 | 142 | 182 | 205 | 156 | 185 | 123 |
Cozamin | 147 | 141 | 139 | 150 | 119 | 150 | 154 | 148 |
Marmato | 8 | 9 | 11 | 7 | 7 | 7 | 8 | 11 |
Yauliyacu | - | - | - | - | - | 337 | 1,005 | 817 |
Stratoni | - | - | - | - | - | - | - | (2) |
Minto | - | - | - | 7 | 29 | 23 | 22 | 21 |
Keno Hill | - | - | - | - | 1 | 1 | 30 | 30 |
777 | - | - | 2 | 2 | - | 35 | 73 | 75 |
Total Other | 740 | 977 | 1,283 | 887 | 1,086 | 1,352 | 1,982 | 2,081 |
Total silver ounces sold | 4,067 | 3,175 | 2,965 | 4,437 | 3,749 | 4,935 | 5,234 | 5,848 |
Palladium ounces sold | ||||||||
Stillwater 3 | 4,774 | 3,339 | 4,242 | 3,392 | 2,946 | 3,396 | 4,227 | 3,378 |
Cobalt pounds sold | ||||||||
Voisey's Bay | 309 | 288 | 198 | 265 | 323 | 187 | 115 | 225 |
GEOs sold 4 | 143,184 | 155,059 | 111,935 | 129,734 | 109,293 | 128,662 | 125,053 | 154,737 |
Cumulative payable units | ||||||||
Gold ounces | 87,542 | 91,092 | 98,715 | 72,916 | 77,377 | 70,562 | 74,053 | 67,529 |
Silver ounces | 2,347 | 1,787 | 1,469 | 1,777 | 2,531 | 2,013 | 2,481 | 2,694 |
Palladium ounces | 6,198 | 6,666 | 5,607 | 6,122 | 5,751 | 5,098 | 5,041 | 6,267 |
Cobalt pounds | 360 | 356 | 377 | 251 | 285 | 258 | 403 | 280 |
GEO 4 | 119,968 | 117,293 | 120,864 | 98,039 | 111,216 | 97,934 | 107,718 | 103,465 |
Inventory on hand | ||||||||
Cobalt pounds | - | 88 | 155 | 310 | 398 | 633 | 556 | 582 |
1) | All figures in thousands except gold and palladium ounces sold. |
2) | Comprised of the Coleman, Copper Cliff, Garson, Creighton and Totten gold interests. |
3) | Comprised of the Stillwater and East Boulder gold and palladium interests. |
4) | GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2024. |
5) | Payable gold, silver and palladium ounces as well as cobalt pounds produced but not yet delivered ("PBND") are based on management estimates. These figures may be updated in future periods as additional information is received. |
Results of Operations
The operating results of the Company's reportable operating segments are summarized in the tables and commentary below.
Three Months Ended March 31, 2024 | ||||||||||||||||
Units | Units | Average | Average | Average | Sales | Net | Cash Flow | Total | ||||||||
Gold | ||||||||||||||||
Salobo | 61,622 | 56,841 | $ | 2,073 | $ | 425 | $ | 393 | $ | 117,851 | $ | 71,396 | $ | 94,050 | $ | 2,659,099 |
Sudbury 4 | 7,049 | 4,129 | 2,049 | 400 | 1,145 | 8,461 | 2,081 | 6,814 | 257,757 | |||||||
Constancia | 13,897 | 20,123 | 2,073 | 420 | 316 | 41,723 | 26,910 | 33,263 | 73,912 | |||||||
San Dimas | 7,542 | 7,933 | 2,073 | 631 | 279 | 16,448 | 9,237 | 11,445 | 142,512 | |||||||
Stillwater | 2,637 | 2,355 | 2,073 | 372 | 510 | 4,883 | 2,806 | 4,008 | 210,267 | |||||||
Other 5 | 623 | 638 | 2,073 | 374 | 527 | 1,323 | 748 | 1,084 | 892,983 | |||||||
93,370 | 92,019 | $ | 2,072 | $ | 439 | $ | 404 | $ | 190,689 | $ | 113,178 | $ | 150,664 | $ | 4,236,530 | |
Silver | ||||||||||||||||
Peñasquito | 2,643 | 1,839 | $ | 23.74 | $ | 4.50 | $ | 4.06 | $ | 43,650 | $ | 27,901 | $ | 35,375 | $ | 268,758 |
Antamina | 806 | 762 | 23.74 | 4.68 | 7.06 | 18,088 | 9,147 | 14,523 | 514,154 | |||||||
Constancia | 640 | 726 | 23.74 | 6.20 | 6.24 | 17,236 | 8,200 | 12,734 | 175,049 | |||||||
Other 6 | 1,387 | 740 | 23.89 | 4.15 | 4.16 | 17,684 | 11,539 | 15,819 | 603,933 | |||||||
5,476 | 4,067 | $ | 23.77 | $ | 4.77 | $ | 5.03 | $ | 96,658 | $ | 56,787 | $ | 78,451 | $ | 1,561,894 | |
Palladium | ||||||||||||||||
Stillwater | 4,463 | 4,774 | $ | 980 | $ | 182 | $ | 445 | $ | 4,677 | $ | 1,683 | $ | 3,808 | $ | 218,542 |
Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 78,786 | |||||||
4,463 | 4,774 | $ | 980 | $ | 182 | $ | 445 | $ | 4,677 | $ | 1,683 | $ | 3,808 | $ | 297,328 | |
Platinum | ||||||||||||||||
Marathon | - | - | $ | n.a. | $ | n.a. | $ | n.a. | $ | - | $ | - | $ | - | $ | 9,451 |
Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 57,564 | |||||||
- | - | $ | n.a. | $ | n.a. | $ | n.a. | $ | - | $ | - | $ | - | $ | 67,015 | |
Cobalt | ||||||||||||||||
Voisey's Bay | 240 | 309 | $ | 15.49 | $ | 2.96 | $ | 12.77 | $ | 4,782 | $ | (73) | $ | 7,006 | $ | 348,000 |
Operating results | $ | 296,806 | $ | 171,575 | $ | 239,929 | $ | 6,510,767 | ||||||||
Other | ||||||||||||||||
General and administrative | $ | (10,464) | $ | (15,958) | ||||||||||||
Share based compensation | (1,281) | (11,129) | ||||||||||||||
Donations and community investments | (1,570) | (1,373) | ||||||||||||||
Finance costs | (1,442) | (1,125) | ||||||||||||||
Other | 7,196 | 9,152 | ||||||||||||||
Income tax | 27 | (116) | ||||||||||||||
Total other | $ | (7,534) | $ | (20,549) | $ | 669,688 | ||||||||||
$ | 164,041 | $ | 219,380 | $ | 7,180,455 | |||||||||||
1) | Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. |
2) | Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
3) | Refer to discussion on non-IFRS measure (iii) at the end of this press release. |
4) | Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests and the non-operating Stobie and Victor gold interests. |
5) | Other gold interests comprised of the operating Marmato gold interest as well as the non-operating Minto, Copper World, Santo Domingo, Fenix, Blackwater, Curipamba, Marathon, Goose, Cangrejos, Platreef, Curraghinalt and Kudz Ze Kayah gold interests. |
6) | 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, Navidad, Blackwater, Curipamba, Mineral Park and Kudz Ze Kayah silver interests. |
On a gold equivalent basis, results for the Company for the three months ended March 31, 2024 were as follows:
Three Months Ended March 31, 2024 | |||||||
Ounces | Ounces | Average | Average | Cash | Average | Gross | |
Gold equivalent basis 4 | 160,133 | 143,184 | $ 2,073 | $ 430 | $ 1,643 | $ 445 | $ 1,198 |
1) | Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
2) | Refer to discussion on non-IFRS measure (iii) at the end of this press release. |
3) | Refer to discussion on non-IFRS measure (iv) at the end of this press release. |
4) | GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2024. |
Three Months Ended March 31, 2023 | ||||||||||||||||
Units | Units | Average | Average | Average | Sales | Net | Cash Flow | Total | ||||||||
Gold | ||||||||||||||||
Salobo | 43,677 | 35,966 | $ | 1,904 | $ | 420 | $ | 330 | $ | 68,475 | $ | 41,471 | $ | 53,355 | $ | 2,371,378 |
Sudbury 4 | 6,203 | 4,368 | 1,904 | 400 | 1,025 | 8,317 | 2,095 | 6,346 | 278,941 | |||||||
Constancia | 6,905 | 6,579 | 1,904 | 416 | 316 | 12,526 | 7,710 | 9,788 | 93,506 | |||||||
San Dimas | 10,754 | 10,651 | 1,904 | 624 | 260 | 20,279 | 10,865 | 13,629 | 153,101 | |||||||
Stillwater | 1,960 | 2,094 | 1,904 | 334 | 510 | 3,987 | 2,220 | 3,288 | 214,783 | |||||||
Other 5 | 3,520 | 2,947 | 1,904 | 1,385 | 86 | 5,612 | 1,278 | 1,155 | 525,338 | |||||||
73,019 | 62,605 | $ | 1,904 | $ | 496 | $ | 360 | $ | 119,196 | $ | 65,639 | $ | 87,561 | $ | 3,637,047 | |
Silver | ||||||||||||||||
Peñasquito | 2,076 | 1,483 | $ | 22.84 | $ | 4.43 | $ | 4.06 | $ | 33,872 | $ | 21,276 | $ | 27,303 | $ | 287,647 |
Antamina | 872 | 814 | 22.84 | 4.55 | 7.06 | 18,594 | 9,142 | 14,888 | 539,623 | |||||||
Constancia | 552 | 366 | 22.84 | 6.14 | 6.24 | 8,353 | 3,825 | 6,107 | 190,664 | |||||||
Other 6 | 1,634 | 1,086 | 22.87 | 5.96 | 2.53 | 24,859 | 15,637 | 20,047 | 450,412 | |||||||
5,134 | 3,749 | $ | 22.85 | $ | 5.07 | $ | 4.48 | $ | 85,678 | $ | 49,880 | $ | 68,345 | $ | 1,468,346 | |
Palladium | ||||||||||||||||
Stillwater | 3,705 | 2,946 | $ | 1,607 | $ | 294 | $ | 408 | $ | 4,735 | $ | 2,666 | $ | 3,870 | $ | 225,609 |
Platinum | ||||||||||||||||
Marathon | - | - | $ | n.a. | $ | n.a. | $ | n.a. | $ | - | $ | - | $ | - | $ | 9,440 |
Cobalt | ||||||||||||||||
Voisey's Bay | 124 | 323 | $ | 15.04 | $ | 3.30⁷ | $ | 13.85 | $ | 4,856 | $ | (684) | $ | 4,485 | $ | 356,447 |
Operating results | $ | 214,465 | $ | 117,501 | $ | 164,261 | $ | 5,696,889 | ||||||||
Other | ||||||||||||||||
General and administrative | $ | (10,099) | $ | (13,836) | ||||||||||||
Share based compensation | (7,397) | (16,675) | ||||||||||||||
Donations and community investments | (1,378) | (1,408) | ||||||||||||||
Finance costs | (1,378) | (1,070) | ||||||||||||||
Other | 7,562 | 7,176 | ||||||||||||||
Income tax | 6,580 | (3,344) | ||||||||||||||
Total other | $ | (6,110) | $ | (29,157) | $ | 1,208,590 | ||||||||||
$ | 111,391 | $ | 135,104 | $ | 6,905,479 | |||||||||||
1) | Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. |
2) | Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
3) | Refer to discussion on non-IFRS measure (iii) at the end of this press release. |
4) | Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests. |
5) | Other gold interests are comprised of the operating Minto and Marmato gold interests as well as the non-operating 777, Copper World, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba and Goose 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. |
6) | Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Minto, Cozamin and Marmato silver interests, the non-operating Loma de La Plata, Stratoni, Pascua-Lama, Copper World, Blackwater and Curipamba 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. |
7) | Cash cost per pound of cobalt sold during the first quarter of 2023 was net of a previously recorded inventory write-down of $1 million, resulting in a decrease of $3.18 per pound of cobalt sold. |
On a gold equivalent basis, results for the Company for the three months ended March 31, 2023 were as follows:
Three Months Ended March 31, 2023 | |||||||
Ounces | Ounces | Average | Average | Cash | Average | Gross | |
Gold equivalent basis 4 | 134,730 | 109,293 | $ 1,962 | $ 475 | $ 1,487 | $ 412 | $ 1,075 |
1) | Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
2) | Refer to discussion on non-IFRS measure (iii) at the end of this press release. |
3) | Refer to discussion on non-IFRS measure (iv) at the end of this press release. |
4) | GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2024. |
Non-IFRS Measures
Wheaton has included, throughout this document, certain non-IFRS performance measures, including (i) adjusted net earnings and adjusted net earnings per share; (ii) operating cash flow per share (basic and diluted); (iii) average cash costs of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis; and (iv) cash operating margin.
i. | Adjusted net earnings and adjusted net earnings per share are calculated by removing the effects of non-cash impairment charges (reversals) (if any), non-cash fair value (gains) losses and other one-time (income) expenses as well as the reversal of non-cash income tax expense (recovery) which is offset by income tax expense (recovery) recognized in the Statements of Shareholders' Equity and OCI, respectively. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, management and certain investors use this information to evaluate the Company's performance. |
The following table provides a reconciliation of adjusted net earnings and adjusted net earnings per share (basic and diluted).
Three Months Ended | ||||||
(in thousands, except for per share amounts) | 2024 | 2023 | ||||
Net earnings | $ | 164,041 | $ | 111,391 | ||
Add back (deduct): | ||||||
(Gain) loss on fair value adjustment of share purchase | (183) | (175) | ||||
Income tax (expense) recovery recognized in the | (96) | (3,954) | ||||
Income tax recovery related to prior year disposal of | - | (2,672) | ||||
Other | (173) | (159) | ||||
Adjusted net earnings | $ | 163,589 | $ | 104,431 | ||
Divided by: | ||||||
Basic weighted average number of shares outstanding | 453,094 | 452,370 | ||||
Diluted weighted average number of shares outstanding | 453,666 | 453,159 | ||||
Equals: | ||||||
Adjusted earnings per share - basic | $ | 0.361 | $ | 0.231 | ||
Adjusted earnings per share - diluted | $ | 0.361 | $ | 0.230 | ||
ii. | Operating cash flow per share (basic and diluted) is calculated by dividing cash generated by operating activities by the weighted average number of shares outstanding (basic and diluted). The Company presents operating cash flow per share as management and certain investors use this information to evaluate the Company's performance in comparison to other companies in the precious metal mining industry who present results on a similar basis. |
The following table provides a reconciliation of operating cash flow per share (basic and diluted).
Three Months Ended | ||||||
(in thousands, except for per share amounts) | 2024 | 2023 | ||||
Cash generated by operating activities | $ | 219,380 | $ | 135,104 | ||
Divided by: | ||||||
Basic weighted average number of shares outstanding | 453,094 | 452,370 | ||||
Diluted weighted average number of shares outstanding | 453,666 | 453,159 | ||||
Equals: | ||||||
Operating cash flow per share - basic | $ | 0.484 | $ | 0.299 | ||
Operating cash flow per share - diluted | $ | 0.484 | $ | 0.298 | ||
iii. | Average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis is calculated by dividing the total cost of sales, less depletion, by the ounces or pounds sold. In the precious metal mining industry, this is a common performance measure but does not have any standardized meaning prescribed by IFRS. In addition to conventional measures prepared in accordance with IFRS, management and certain investors use this information to evaluate the Company's performance and ability to generate cash flow. |
The following table provides a calculation of average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis.
Three Months Ended | ||||||
(in thousands, except for gold and palladium ounces sold and per unit amounts) | 2024 | 2023 | ||||
Cost of sales | $ | 125,231 | $ | 96,964 | ||
Less: depletion | (63,676) | (45,000) | ||||
Cash cost of sales | $ | 61,555 | $ | 51,964 | ||
Cash cost of sales is comprised of: | ||||||
Total cash cost of gold sold | $ | 40,362 | $ | 31,035 | ||
Total cash cost of silver sold | 19,411 | 18,997 | ||||
Total cash cost of palladium sold | 869 | 866 | ||||
Total cash cost of cobalt sold¹ | 913 | 1,066 | ||||
Total cash cost of sales | $ | 61,555 | $ | 51,964 | ||
Divided by: | ||||||
Total gold ounces sold | 92,019 | 62,605 | ||||
Total silver ounces sold | 4,067 | 3,749 | ||||
Total palladium ounces sold | 4,774 | 2,946 | ||||
Total cobalt pounds sold | 309 | 323 | ||||
Equals: | ||||||
Average cash cost of gold (per ounce) | $ | 439 | $ | 496 | ||
Average cash cost of silver (per ounce) | $ | 4.77 | $ | 5.07 | ||
Average cash cost of palladium (per ounce) | $ | 182 | $ | 294 | ||
Average cash cost of cobalt (per pound) | $ | 2.96 | $ | 3.30 | ||
1) | Cash cost per pound of cobalt sold during the first quarter of 2023 was net of a previously recorded inventory write-down of $1 million, resulting in a decrease of $3.18 per pound of cobalt sold. |
iv. | Cash operating margin is calculated by adding back depletion to the gross margin. Cash operating margin on a per ounce or per pound basis is calculated by dividing the cash operating margin by the number of ounces or pounds sold during the period. The Company presents cash operating margin as management and certain investors use this information to evaluate the Company's performance in comparison to other companies in the precious metal mining industry who present results on a similar basis as well as to evaluate the Company's ability to generate cash flow. |
The following table provides a reconciliation of cash operating margin.
Three Months Ended | ||||||
(in thousands, except for gold and palladium ounces sold and per unit amounts) | 2024 | 2023 | ||||
Gross margin | $ | 171,575 | $ | 117,501 | ||
Add back: depletion | 63,676 | 45,000 | ||||
Cash operating margin | $ | 235,251 | $ | 162,501 | ||
Cash operating margin is comprised of: | ||||||
Total cash operating margin of gold sold | $ | 150,327 | $ | 88,161 | ||
Total cash operating margin of silver sold | 77,247 | 66,681 | ||||
Total cash operating margin of palladium sold | 3,808 | 3,869 | ||||
Total cash operating margin of cobalt sold | 3,869 | 3,790 | ||||
Total cash operating margin | $ | 235,251 | $ | 162,501 | ||
Divided by: | ||||||
Total gold ounces sold | 92,019 | 62,605 | ||||
Total silver ounces sold | 4,067 | 3,749 | ||||
Total palladium ounces sold | 4,774 | 2,946 | ||||
Total cobalt pounds sold | 309 | 323 | ||||
Equals: | ||||||
Cash operating margin per gold ounce sold | $ | 1,633 | $ | 1,408 | ||
Cash operating margin per silver ounce sold | $ | 19.00 | $ | 17.78 | ||
Cash operating margin per palladium ounce sold | $ | 798 | $ | 1,313 | ||
Cash operating margin per cobalt pound sold | $ | 12.53 | $ | 11.74 | ||
These non-IFRS measures do not have any standardized meaning prescribed by IFRS, and other companies may calculate these measures differently. The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For more detailed information, please refer to Wheaton's MD&A available on the Company's website at www.wheatonpm.com and posted on SEDAR+ at www.sedarplus.ca .
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation concerning the business, operations and financial performance of Wheaton and, in some instances, the business, mining operations and performance of Wheaton's PMPA counterparties. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to:
- the future price of commodities;
- the estimation of future production from the mineral stream interests and mineral royalty interests currently owned by the Company (the "Mining Operations") (including in the estimation of production, mill throughput, grades, recoveries and exploration potential);
- the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates and the realization of such estimations);
- the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton's PMPA counterparties at Mining Operations;
- the payment of upfront cash consideration to counterparties under PMPAs, the satisfaction of each party's obligations in accordance with PMPAs and the receipt by the Company of precious metals and cobalt production or other payments in respect of the applicable Mining Operations under PMPAs;
- the ability of Wheaton's PMPA counterparties to comply with the terms of a PMPA (including as a result of the business, mining operations and performance of Wheaton's PMPA counterparties) and the potential impacts of such on Wheaton;
- future payments by the Company in accordance with PMPAs, including any acceleration of payments;
- the costs of future production;
- the estimation of produced but not yet delivered ounces;
- the future sales of Common Shares under, the amount of net proceeds from, and the use of the net proceeds from, the at-the-market equity program;
- continued listing of the Common Shares on the LSE, NYSE and TSX;
- any statements as to future dividends;
- the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs;
- projected increases to Wheaton's production and cash flow profile;
- projected changes to Wheaton's production mix;
- the ability of Wheaton's PMPA counterparties to comply with the terms of any other obligations under agreements with the Company;
- the ability to sell precious metals and cobalt production;
- confidence in the Company's business structure;
- the Company's assessment of taxes payable, including the implementation of a 15% global minimum tax, and the impact of the CRA Settlement;
- possible CRA domestic audits for taxation years subsequent to 2016 and international audits;
- the Company's assessment of the impact of any tax reassessments;
- the Company's intention to file future tax returns in a manner consistent with the CRA Settlement;
- the Company's climate change and environmental commitments; and
- assessments of the impact and resolution of various legal and tax matters, including but not limited to audits.
Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", "potential", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:
- risks associated with fluctuations in the price of commodities (including Wheaton's ability to sell its precious metals or cobalt production at acceptable prices or at all);
- risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with exploration, development, operating, expansion and improvement at the Mining Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as Mining Operations plans continue to be refined);
- absence of control over the Mining Operations and having to rely on the accuracy of the public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations as the basis for its analyses, forecasts and assessments relating to its own business;
- risks related to the uncertainty in the accuracy of mineral reserve and mineral resource estimation;
- risks related to the satisfaction of each party's obligations in accordance with the terms of the Company's PMPAs, including the ability of the companies with which the Company has PMPAs to perform their obligations under those PMPAs in the event of a material adverse effect on the results of operations, financial condition, cash flows or business of such companies, any acceleration of payments, estimated throughput and exploration potential;
- risks relating to production estimates from Mining Operations, including anticipated timing of the commencement of production by certain Mining Operations;
- Wheaton's interpretation of, or compliance with, or application of, tax laws and regulations or accounting policies and rules, being found to be incorrect or the tax impact to the Company's business operations being materially different than currently contemplated;
- any challenge or reassessment by the CRA of the Company's tax filings being successful and the potential negative impact to the Company's previous and future tax filings;
- risks in assessing the impact of the CRA Settlement (including whether there will be any material change in the Company's facts or change in law or jurisprudence);
- risks related to any potential amendments to Canada's transfer pricing rules under the Income Tax Act ( Canada ) that may result from the Department of Finance's consultation paper released June 6, 2023 ;
- risks relating to the implementation of a 15% global minimum tax, including the Federal budget bill, C-69, which contains the GMTA reflecting application of global minimum tax to in-scope companies for fiscal years beginning on or after December 31, 2023 and the legislation enacted in Luxembourg that applies to the income of the Company's Luxembourg subsidiary as of January 1, 2024 and the Company and its other subsidiaries from January 1, 2025 ;
- counterparty credit and liquidity risks;
- mine operator and counterparty concentration risks;
- indebtedness and guarantees risks;
- hedging risk;
- competition in the streaming industry risk;
- risks relating to security over underlying assets;
- risks relating to third-party PMPAs;
- risks relating to revenue from royalty interests;
- risks related to Wheaton's acquisition strategy;
- risks relating to third-party rights under PMPAs;
- risks relating to future financings and security issuances;
- risks relating to unknown defects and impairments;
- risks related to governmental regulations;
- risks related to international operations of Wheaton and the Mining Operations;
- risks relating to exploration, development, operating, expansions and improvements at the Mining Operations;
- risks related to environmental regulations;
- the ability of Wheaton and the Mining Operations to obtain and maintain necessary licenses, permits, approvals and rulings;
- the ability of Wheaton and the Mining Operations to comply with applicable laws, regulations and permitting requirements;
- lack of suitable supplies, infrastructure and employees to support the Mining Operations;
- risks related to underinsured Mining Operations;
- inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by certain Mining Operations (including increases in production, estimated grades and recoveries);
- uncertainties related to title and indigenous rights with respect to the mineral properties of the Mining Operations;
- the ability of Wheaton and the Mining Operations to obtain adequate financing;
- the ability of the Mining Operations to complete permitting, construction, development and expansion;
- challenges related to global financial conditions;
- risks associated with environmental, social and governance matters;
- risks related to fluctuations in commodity prices of metals produced from the Mining Operations other than precious metals or cobalt;
- risks related to claims and legal proceedings against Wheaton or the Mining Operations;
- risks related to the market price of the Common Shares of Wheaton;
- the ability of Wheaton and the Mining Operations to retain key management employees or procure the services of skilled and experienced personnel;
- risks related to interest rates;
- risks related to the declaration, timing and payment of dividends;
- risks related to access to confidential information regarding Mining Operations;
- risks associated with multiple listings of the Common Shares on the LSE, NYSE and TSX;
- risks associated with a possible suspension of trading of Common Shares;
- risks associated with the sale of Common Shares under the at-the-market equity program, including the amount of any net proceeds from such offering of Common Shares and the use of any such proceeds;
- equity price risks related to Wheaton's holding of long‑term investments in other companies;
- risks relating to activist shareholders;
- risks relating to reputational damage;
- risks relating to expression of views by industry analysts;
- risks related to the impacts of climate change and the transition to a low-carbon economy;
- risks associated with the ability to achieve climate change and environmental commitments at Wheaton and at the Mining Operations;
- risks related to ensuring the security and safety of information systems, including cyber security risks;
- risks relating to generative artificial intelligence;
- risks relating to compliance with anti-corruption and anti-bribery laws;
- risks relating to corporate governance and public disclosure compliance;
- risks of significant impacts on Wheaton or the Mining Operations as a result of an epidemic or pandemic;
- risks related to the adequacy of internal control over financial reporting; and
- other risks discussed in the section entitled "Description of the Business – Risk Factors" in Wheaton's Annual Information Form available on SEDAR+ at www.sedarplus.ca and Wheaton's Form 40-F for the year ended December 31, 2022 on file with the U.S. Securities and Exchange Commission on EDGAR (the "Disclosure").
Forward-looking statements are based on assumptions management currently believes to be reasonable, including (without limitation):
- that there will be no material adverse change in the market price of commodities;
- that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates;
- that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate;
- that public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations is accurate and complete;
- that the production estimates from Mining Operations are accurate;
- that each party will satisfy their obligations in accordance with the PMPAs;
- that Wheaton will continue to be able to fund or obtain funding for outstanding commitments;
- that Wheaton will be able to source and obtain accretive PMPAs;
- that the terms and conditions of a PMPA are sufficient to recover liabilities owed to the Company;
- that Wheaton has fully considered the value and impact of any third-party interests in PMPAs;
- that expectations regarding the resolution of legal and tax matters will be achieved (including CRA audits involving the Company);
- that Wheaton has properly considered the application of Canadian tax laws to its structure and operations;
- that Wheaton has filed its tax returns and paid applicable taxes in compliance with Canadian tax laws;
- that Wheaton's application of the CRA Settlement is accurate (including the Company's assessment that there has been no material change in the Company's facts or change in law or jurisprudence);
- that Wheaton's assessment of the tax exposure and impact on the Company and its subsidiaries of the implementation of a 15% global minimum tax is accurate;
- that any sale of Common Shares under the at-the-market equity program will not have a significant impact on the market price of the Common Shares and that the net proceeds of sales of Common Shares, if any, will be used as anticipated;
- that the trading of the Common Shares will not be adversely affected by the differences in liquidity, settlement and clearing systems as a result of multiple listings of the Common Shares on the LSE, the TSX and the NYSE;
- that the trading of the Company's Common Shares will not be suspended;
- the estimate of the recoverable amount for any PMPA with an indicator of impairment;
- that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic or pandemic; and
- such other assumptions and factors as set out in the Disclosure.
There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Wheaton. Readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing readers with information to assist them in understanding Wheaton's expected financial and operational performance and may not be appropriate for other purposes. Any forward-looking statement speaks only as of the date on which it is made, reflects Wheaton's management's current beliefs based on current information and will not be updated except in accordance with applicable securities laws. Although Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward‑looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended.
Cautionary Language Regarding Reserves and Resources
For further information on Mineral Reserves and Mineral Resources and on Wheaton more generally, readers should refer to Wheaton's Annual Information Form for the year ended December 31, 2023 , which was filed on March 28, 2024 and other continuous disclosure documents filed by Wheaton since January 1, 2024 , available on SEDAR+ at www.sedarplus.ca . Wheaton's Mineral Reserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: The information contained herein has been prepared in accordance with the requirements of the securities laws in effect in Canada , which differ from the requirements of United States securities laws. The Company reports information regarding mineral properties, mineralization and estimates of mineral reserves and mineral resources in accordance with Canadian reporting requirements which are governed by, and utilize definitions required by, Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). These definitions differ from the definitions adopted by the United States Securities and Exchange Commission ("SEC") under the United States Securities Act of 1933, as amended (the "Securities Act") which are applicable to U.S. companies. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted by the SEC. Accordingly, information contained herein that describes Wheaton's mineral deposits may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. United States investors are urged to consider closely the disclosure in Wheaton's Form 40-F, a copy of which may be obtained from Wheaton or from https://www.sec.gov/edgar.shtml .
End Notes |
________________________________ |
1 Please refer to disclosure on non-IFRS measures in this press release. Dividends declared in the referenced calendar quarter, relative to the financial results of the prior quarter. Details of the dividend can be found in the Wheaton's news release dated May 9, 2024, titled "Wheaton Precious Metals Declares Quarterly Dividend." |
2 Statements made in this section contain forward-looking information with respect to forecast production, production growth, funding outstanding commitments, continuing to acquire accretive mineral stream interests and the commencement, timing and achievement of construction, expansion or improvement projects and readers are cautioned that actual outcomes may vary. Please see "Cautionary Note Regarding Forward-Looking Statements" for material risks, assumptions and important disclosure associated with this information. |
3 Gold equivalent forecast production for 2024 and the longer-term outlook are based on the following commodity price assumptions: $2,000 per ounce gold, $23 per ounce silver, $1,000 per ounce palladium, $950 per ounce of platinum and $13.00 per pound cobalt. |
4 Source: Company reports & S and P Capital IQ estimates of 2024 byproduct cost curves for gold, zinc/lead, copper, PGM, nickel & silver mines. Portfolio mine life based on recoverable reserves and resources as of Dec 31, 2022 and 2022 actual mill throughput and is weighted by individual reserve and resource category. |
5 Total streaming and royalty agreements relate to precious metals purchase agreements for the purchase of precious metals and cobalt relating to 18 mining assets which are currently operating, 23 which are at various stages of development and 4 of which have been placed in care and maintenance or have been closed. |
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SOURCE Wheaton Precious Metals Corp.
View original content: http://www.newswire.ca/en/releases/archive/May2024/09/c8631.html
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Rua Gold
Overview
Rua Gold (CSE:RUA,OTC:NZAUF,WKN:A4010V) is a gold exploration company focused on two prolific, historic gold-producing regions in New Zealand: Hauraki Goldfield and Reefton Goldfield. Both these regions boast of previous high-grade gold production, with more than 15 million ounces (Moz) produced in the Hauraki district and over 2 Moz in the Reefton Goldfield. New Zealand is a tier 1 mining jurisdiction with highly prospective geology, and a skilled workforce. The new government of New Zealand has committed to promoting economic growth through mining- and business-friendly policies, such as the Fast Track Approval Bill, which proposes quicker approval timelines for a range of projects, including mining.
New Zealand has a rich history of gold production of orogenic deposits (+9 Moz), epithermal sources (+15 Moz), and alluvial deposits (+22 Moz). The country has low sovereign risk with no corruption, making it an attractive destination for mining investment.
The company has launched a fully funded exploration program at its properties. This includes a 2,500-meter diamond drill program focused on the Pactolus prospect at Reefton Goldfield. Pactolus has returned assays for three of six holes drilled on the system, with hole DD_PAC_035 intersecting 2 meters @ 5.13 grams per ton (g/t) gold. Additional work is required to accurately model this zone's geometry before proceeding with further drilling at this prospect. Consequently, the company anticipates redirecting its focus towards the previously productive areas in Reefton in the near future, which includes the Murray Creek, Crushington, Capleston and Caledonian historic districts. These historic mines collectively produced ~700 koz at 25.2 g/t within a radius of ~20 kms.
The company has applied for a minimum impact access agreement with the New Zealand Department of Conservation for the Glamorgan project. Once granted, the company will commence an exploration program that includes soil sampling, magnetic and resistivity geophysical surveys, and geological mapping.
Rua Gold benefits from a team of professionals boasting extensive expertise in geology and mining. The company’s board of directors is led by Oliver Lennox-King (Fronteer, Roxgold), who has a successful track record developing projects and companies.
Company Highlights
- Rua Gold is a gold exploration company with two highly prospective land packages in New Zealand’s historic gold districts – Hauraki Goldfield and Reefton Goldfield.
- New Zealand is a tier 1 mining jurisdiction boasting highly promising geological formations and a significant history of gold production, with orogenic deposits (+9 Moz), epithermal sources (+15 Moz), and alluvial deposits (+22 Moz).
- The company’s two key assets include the Reefton Goldfield on New Zealand’s South Island and Glamorgan on New Zealand’s North Island.
- The new government is focused on stimulating economic growth, as evidenced by the recent Fast Track Approval Bill, which proposes fast-track approvals for a range of projects, including mining.
- Rua Gold has high-quality orogenic and epithermal gold prospects, boasting historical production grades ranging from 16 to 50 g/t gold.
- Rua Gold is fully permitted and fully financed with significant near-term catalysts. The company has launched an exploration program at its two properties. Drilling is already ongoing at the company’s properties in the Reefton district.
- A seasoned board and management team is at the helm of Rua Gold, with extensive regional knowledge and a proven track record of successful discoveries. With full financing and permits in place, the company is well-positioned to capitalize on growth prospects.
Key Projects
Reefton Goldfield
Rua Gold holds six project areas at the Reefton Goldfield – Northern, Capleston, Murray Creek, Ajax, Crushington and Southern. The Reefton district has a rich history of gold production with over 2 Moz of gold recovered at 24.5 g/t. Among the noteworthy findings from recent years of exploration is the greenfield discovery of the Pactolus quartz vein. Sampling and assays conducted thus far have unveiled significant concentrations of high-grade gold in this vein.
The company has planned a 2,500-meter diamond drill program at Pactolus, which has since been enhanced to launch a new near-mine drilling program to reflect additional work required at Pactolus. This new program will focus on targets at past producing mines, commencing with five targets in the Murray Creek area as a first step. It then plans to extend the drilling and test targets in the Murray Creek, Crushington, Capleston and Caledonian historic districts. These historic mines collectively produced ~700 koz at 25.2 g/t within a radius of ~20 kms.
Pactolus: Pactolus is a new surface greenfield discovery made by Rua Gold in 2021. Pactolus has returned assays for three of six holes drilled on the system, with hole DD_PAC_035 intersecting 2 meters @ 5.13 g/t gold and hole DD_PAC_036 intersecting 2 meters @ 3.61 g/t gold.
Initial findings and observations validate the southern extension of the Pactolus system by 550 meters, showcasing substantial mineralization at surface. However, accurately determining the plunge and quality of the ore shoots presents a challenge. An additional update is expected upon receipt of results from the remaining drill holes.
Murray Creek prospects: Rua Gold’s systematic exploration has highlighted the potential for the rejuvenation of this district in renewed opportunities around the historic high-grade gold deposits. Rua Gold completed an extensive assessment of the historical mines situated within the company's tenements in the Reefton Goldfield, yielding five targets in the Murray Creek area for drilling in Q2 2024.
Glamorgan Project
The Glamorgan project comprises over 4,600 hectares in the Hauraki district on New Zealand’s North Island. Hauraki boasts of a substantial presence of high-grade gold and silver mining, with approximately 50 epithermal deposits mined since the 1860s. These deposits have yielded over 15 Moz of gold and 60 Moz of silver. Glamorgan has a 3.8 km zone displaying indications of gold mineralization, backed by soil and rock samples, suggesting the presence of an epithermal gold mineralized system at the property.
Glamorgan is located 2.8 kms north of Oceana Gold’s recent significant discovery at Wharekirauponga. The company has applied for a minimum impact access agreement with the New Zealand Department of Conservation. Once granted, the company will commence an exploration program that includes soil sampling, magnetic and resistivity geophysical surveys, and geological mapping.
Management Team
Oliver Lennox-King – Non-executive Chairman
Oliver Lennox-King boasts a distinguished and extensive career within the mineral resource sector, encompassing a broad experience in financing, research and marketing. Since 1992, he has occupied senior executive and board roles in various junior exploration and mining enterprises. Most recently, Lennox-King was the chairman of Roxgold from 2012 until July 2021 when it was sold for $1.2 billion to Fortuna. In addition to Roxgold, he also served as chairman of other notable firms, including Pangea Goldfields, Aurora Uranium and Fronteer Gold.
Robert Eckford – CEO and Director
Robert Eckford is a certified professional accountant with significant expertise in mergers and acquisitions, accounting, finance and commercial management within the mining sector. Most recently he was co-founder and head of finance for Aris Mining, and prior to that, has worked with international mining companies, including Barrick Gold, Yamana Gold and Leagold Mining.
Simon Henderson – COO and Director
Simon Henderson is an exploration specialist and has over 40 years of experience, most of which is in New Zealand. He was part of the discovery team for several significant gold finds in New Zealand, such as Wharekirauponga. He maintains robust connections with key local stakeholders and the country's permitting authorities.
Zeenat Lokhandwala – CFO and Corporate Secretary
Zeenat Lokhandwala brings over a decade of expertise in mergers and acquisitions, finance, accounting and taxation. She is the former CFO of Great Bear Royalties and director of finance at Great Bear Resources.
Mario Vetro - Director
Mario Vetro has extensive experience structuring and providing guidance to resource companies. He is the co-founder of K92 Mining and the proprietor of Commodity Partners.
Paul Criddle - Director
Paul Criddle has extensive experience constructing and overseeing gold mines in Australia and West Africa. He was formerly a chief operating officer for West Africa at Fortuna and also served as the COO for Azimuth and Perseus. He was previously the managing director at Matador Mining.
Tyron Breytenbach – Director
Tyron Breytenbach is a geologist with operational and capital markets experience. He is currently the CEO of Lithium Africa Resources. Previously, he was senior vice-president of Capital Markets at Aris Mining and served as managing director at Cormark Securities. Before transitioning to capital markets, Breytenbach spent a decade in the mining sector as a geologist, focusing on orogenic and epithermal gold deposits and specializing in resource estimation. He earned his BSc (Honours) degree from Rand Afrikaans University in South Africa and is a designated professional geologist in Ontario.
Outback Announces Signing of Definitive Agreement
Outback Goldfields Corp. (TSXV: OZ) (OTC Pink: OZBKF) (the "Company" or "Outback") is pleased to announce that further to its press release dated March 1, 2024 the Company has entered into a definitive share purchase agreement with S2 Resources Ltd. and one of its subsidiaries (collectively, "S2") whereby Outback will acquire (the "Transaction") a subsidiary of S2 holding its prospective portfolio of gold projects in Finland. The consideration to be paid to S2 will consist of a $1,500,000 cash payment and the issuance of $5,500,000 in common shares of Outback (the "Consideration Shares"). The Transaction remains subject to, among other things, Outback completing the previously-announced $5,000,000 non-brokered private placement (the "Offering"). The Consideration Shares will be issued at deemed price equal to the price of the Offering.
"We are excited to be one step closer to closing the transformative acquisition of S2's highly prospective projects in the Central Lapland Greenstone Belt of Finland," commented Chris Donaldson, Outback CEO. "The projects we are acquiring are in a globally significant gold district hosting Agnico Eagle's Kittilä Mine which is Europe's largest gold mine. Upon closing of the transaction, Outback will control ground which hosts an important gold discovery, two separate joint ventures with Kinross Gold and Rupert Resources along with other 100% owned assets that are strategically significant."
Further details regarding the Transaction are set out in the Company's news release dated March 1, 2024.
About Outback
Outback is an exploration mining company that is acquiring a portfolio of highly prospective gold assets in the Central Lapland Greenstone Belt of Finland.
Contact Information
For more information please contact:
Chris Donaldson, Chief Executive Officer and Director
Tel: (604) 813-3931 | Email: cdonaldson@outbackgoldfields.com
Completion of the Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable, disinterested shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Outback should be considered highly speculative.
The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking statements or forward-looking information relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements in this news release include but are not limited to: obtaining the necessary approvals required for the Transaction and the Offering; completion of the Transaction and the Offering and the timing thereof; final terms of the Transaction and Offering; the benefits of the Transaction and the Offering; and exploration activities.
Forward-looking statements are based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable. Assumptions have been made regarding, among other things: the benefits of the Transaction and the Offering; the Company's ability to carry on exploration and development activities; the timely receipt of required approvals; the price of metals; the integration of assets acquired by the Company; and the Company's ability to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors include but are not limited to: the Company's early stage of development; the fluctuation of the price of metals; the availability of additional funding as and when required; the speculative nature of mineral exploration and development; the timing and ability to maintain and, where necessary, obtain necessary permits and licenses; the uncertainty in geologic, hydrological, metallurgical and geotechnical studies and opinions; infrastructure risks, including access to water and power; environmental risks and hazards; risks associated with negative operating cash flow; and risks associated with dilution. For a further discussion of risks relevant to the Company, see the Company's other public disclosure documents.
Although management has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There is no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except as, and to the extent required by, applicable securities laws.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208556
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