Rover Drills 32 Meters of Continuous Gold Averaging 13.6 grams per ton at Cabin Lake project, NWT Canada

Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (" Rover Metals " or the " Company ") further to its release of October 26, 2020, Rover Metals is pleased to announce that all fire assays from its summer-fall 2020 exploration program at Cabin Lake have now been received.

Summer - Fall 2020 Cabin Lake Exploration Program
Nine diamond drill holes were completed at the 100% owned Cabin Lake Gold Project in early October 2020. The drill program was designed to confirm and hopefully expand the historic high-grade gold intersects at the southern Bugow zone, in both a parallel direction to historic holes (twinned holes) and oblique to the historic azimuths. Oblique holes were proposed to test the possible influence of a regional deformation corridor, intersecting the Bugow Iron formation, and responsible for gold deposition, therefore providing a better understanding of the structural and mineralizing controls, and to try to reproduce these mineralized zones (shoots) in other sectors of the property where the Bugow Iron Formation is intersected and the same conditions repeat. The October 26, 2020 release discussed the results from holes CL-20-01 and CL-20-03. This release discusses (1) the drill program as a whole (all results); (2) the significance of the new, previously unreleased holes, as they relate to both the historical holes and the new intersection of hole CL-20-01 (discovery of a potential ore body); and (3) an amendment to length and average grades of previously released CL-20-03 (to slightly shorten the interval reported to adjust for economic grades). See Table 1 below for a summary of assay highlights.

Drill hole CL-20-0 1 was drilled oblique (45 degrees to bedding) to historic drill hole 86-28 in an attempt to confirm the historic high-grade intersect (14.98 g/t Au continuous average over 12.1m) and also to test the influence of shearing affecting the Bugow Iron formation in both sulfidization and gold deposition. Hole CL-20-01 intersected the amphibolitic iron formation at a depth of 24.29m, where the upper contact appears sheared, deformed and intensely sulfidized. The iron formation is also flooded with quartz veining, likely related to a deformation/shearing event, and more than probable, related to the gold mineralization. Later narrow pegmatite bodies intrude both the host rock and the mineralized zones, thus explaining the dilutive low to nil gold values between high-grade gold intervals. The continuous long gold mineralized interval extends from 24.63m to 46.64m for a total of 22.0m averaging 7.94 gpt Au (all averages reported in this release are weighted). The 22.0 meter interval includes 2.78m averaging 18.50g/t Au. See Hole C-20-08, as well as Figure 1 – Drill Plan View, below below for discussion of the intersection between holes CL20-01 and CL-20-08.

Drill hole CL-20-0 3 was planned with the intent of validating and verifying both of the historic intersects of holes 86-10 and 86-11, as well as to intersect the historic Bugow Iron formation in between these historic holes after applying deviation corrections in the historic database. Hole CL-20-03 intersected a long interval of continuous gold mineralization from the upper sheared contact of the historic Bugow Iron formation at a depth of 41.199m to 54.84m, for a total of 13.7m averaging 6.97 g/t Au. The 13.7m intersect has a larger sub interval of continuous gold mineralization of 11.5m averaging 7.96 g/t Au.

Drill hole CL-20-0 5 was drilled oblique (45 degrees to bedding) to historic drill hole 86-26, and at a similar orientation to new hole CL-20-01 in an attempt to confirm the historic high-grade intersect 12.54 g/t Au over 4.1m and also to test the influence of shearing affecting the Bugow iron formation in both sulfidization and gold deposition. New hole CL-20-05 intersected the sheared and sulphidized amphibolitic iron formation at a depth of 45.53m. The continuous gold mineralized interval extends from 45.53m to 55.2m for a total of 9.67m with a weighted average of 4.15 g/t Au. The 9.67m interval includes a higher-grade interval of 8.97 g/t Au over 3.11m (from 45.53m to 48.64m).

Drill hole CL-20-06 was drilled along strike of CL-20-03. This hole was collared on section to intersect with historic holes 86-29 and 86-24, both of which had returned poor to nil historic gold assays. New hole CL-20-06 was a success and a new discovery. It was drilled closer to surface than the historic hole and intersected a silicified and sheared sulphidic iron formation from 13.01m to 20.5m that graded a continuous average of 7.55 g/t Au over 7.49m. The 7.49m interval included 9.98 g/t over 5.57m (13.1m to 18.6m), and 13.78 g/t over 2.82m (13.1m to 15.9m). The 7.49m intersection is significant because it shows that there are significant mineralized gold shoots that were missed during the historic drill campaigns , and it supports the new hypothesis that the high grade gold at the Bugow zone occurs closer to surface then previously interpreted .

Drill hole CL-20-07 stepped-out to the south of new hole CL-20-06 and intersected and confirmed gold values drilled in historic hole 86-14. A variably silicified and sheared iron formation was intersected from 28.0m to 52.93m. New hole CL-20-07 returned higher grades than historically reported bringing an continuous average interval of 7.05 g/t Au over 4.98m (from 28.6m to 33.6m).

Drill hole CL-20-08 suggests the potential discovery of continuous high-grade gold ore body (see "Figure 1 – Drill Plan View" below). New hole CL-20-08 was drilled oblique to historic drill holes 86-12 (15.77 g/t over 8.02m) and targeted the shear zone intersected by new hole CL-20-01 (see above). CL-20-08 intersected gold mineralized iron formation at a depth of 18.04m. The continuous gold mineralized interval extends from 18.04m to 32m averaging 13. 66 g/t Au over 31. 9 m . The 31.9m interval includes 29.9m of continuous 14.45 g/t gold. Hole CL-20-08 supports the interpretation that gold mineralization associated with shearing in the iron formation is continuous between the section collared at CL-20-01 and CL-20-08 , and boosts the overall average of continuous gold intersected by CL-20-01 .

Drill hole s CL-20-02, CL-20-04, and CL-20-0 9 did not return significant gold values. However, these drill holes continued through the iron formation and are helping to provide a better understanding of the structures that control the gold mineralization reported above.

Figure 1 – D rill Plan View

Judson Cul ter , CEO at Rover Metals, state s " we are excited to get back to drilling at Cabin Lake , and the above featured Bugow zone, as soon as Q1-2020. Our preliminary geological modelling suggests that the ‘ DDH 86-28 to CL-20-01 to CL-20-08 to DDH86-19 ' quadrant at Bugow is a conceptual high-grade ore body that needs to be drill tested at depth. T he continuity of gold mineralization in Holes CL-20-01 and CL-20-08 shows us that gold is associated with sheared intervals of the iron formation and is not stratiform to bedding. Th e Summer 2020 drill confirmation of our exploration approach ge nerates new targets no t only within the Bugow zone, but also within the other historic showings on the property (the Beaver Zone, Andrew South Zone, and the Andrew North zone). We also now have opened the door to several green fields targets on the project . "

Rover's technical team, led by Raul Sanabria, will continue to work on updates to the company's website in the coming days. Updates will include more technical cross-sections and 3D modelling of all drill results at the Bugow zone to date. The Company intends to share the assay certificates and the raw drill data on its website as well, along with geological comparables for Northwest Territories archean load gold deposits that have statistically had a one-to-eight horizontal-to-vertical ratio for mineralization at depth.

Ta ble 1. Sum mary of Assay Results

CL-20-01
From(m)	To(m)	Interval(m)	Sample ID	Au ppm
24.63	24.93	0.30	V745603	1.45
24.93	25.40	0.47	V745604	5.38
25.40	25.90	0.50	V745606	11.50
25.90	26.27	0.37	V745607	16.20
26.27	26.71	0.44	V745608	1.88
26.71	27.38	0.67	V745609	3.18
27.38	28.00	0.62	V745610	0.05
28.00	29.01	1.01	V745611	2.54
29.01	29.31	0.30	V745612	11.40
29.31	29.35	0.04	V745613	8.36
29.35	29.76	0.41	V745614	5.75
29.76	30.40	0.64	V745615	5.21
30.40	30.90	0.50	V745616	5.06
30.90	31.35	0.45	V745618	20.50
31.35	31.88	0.53	V745619	11.30
31.88	32.46	0.58	V745620	9.40
32.46	32.59	0.13	V745621	0.65
32.59	32.87	0.28	V745622	2.26
32.87	34.00	1.13	V745623	10.20
34.00	34.40	0.40	V745624	12.80
34.40	34.90	0.50	V745625	4.52
34.90	35.43	0.53	V745626	4.86
35.43	35.93	0.50	V745627	4.32
35.93	36.43	0.50	V745629	1.18
36.43	37.00	0.57	V745630	3.55
37.00	37.50	0.50	V745631	13.60
37.50	38.04	0.54	V745632	13.20
38.04	38.54	0.50	V745633	9.56
38.54	39.04	0.50	V745634	6.51
39.04	39.65	0.61	V745635	4.83
39.65	40.10	0.45	V745636	3.88
40.10	40.70	0.60	V745638	6.58
40.70	41.20	0.50	V745639	4.81
41.20	41.70	0.50	V745640	7.14
41.70	42.20	0.50	V745641	12.40
42.20	42.70	0.50	V745642	18.70
42.70	43.05	0.35	V745643	27.30
43.05	43.28	0.23	V745644	1.35
43.28	43.86	0.58	V745645	20.80
43.86	44.48	0.62	V745646	22.50
44.48	44.89	0.41	V745647	0.55
44.89	45.72	0.83	V745648	4.55
45.72	46.24	0.52	V745649	3.65
46.24	46.64	0.40	V745650	2.19

CL-20-03
From(m)	To(m)	Interval(m)	Sample ID	Au ppm
41.19	42.06	0.87	V745769	1.29
42.06	42.53	0.47	V745770	4.72
42.53	43.00	0.47	V745771	23.6
43.00	43.46	0.46	V745772	11.6
43.46	43.99	0.53	V745773	3.35
43.99	44.35	0.36	V745774	3.06
44.35	44.97	0.62	V745775	1.72
44.97	45.44	0.47	V745776	2.12
45.44	45.95	0.51	V745777	4.99
45.95	46.48	0.53	V745778	8.41
46.48	46.94	0.46	V745779	23.3
46.94	47.44	0.50	V745781	23.5
47.44	47.97	0.53	V745782	5.45
47.97	48.57	0.60	V745783	18.1
48.57	49.00	0.43	V745784	16.9
49.00	49.65	0.65	V745785	10.8
49.65	49.95	0.30	V745786	5.13
49.95	50.45	0.50	V745787	3.86
50.45	50.95	0.50	V745788	0.086
50.95	51.45	0.50	V745789	0.048
51.45	52.10	0.65	V745790	0.64
52.10	52.60	0.50	V745791	6.28
52.60	53.07	0.47	V745792	1.82
53.07	53.55	0.48	V745794	5.1
53.55	54.50	0.95	V745795	1.83
54.50	54.84	0.34	V745796	2.32

CL-20-05
From(m)	To(m)	Interval(m)	Sample ID	Au ppm
45.53	46.22	0.69	Y030060	31.50
46.22	46.68	0.46	Y030061	0.08
46.68	47.18	0.50	Y030063	1.18
47.18	47.76	0.58	Y030064	1.84
47.76	48.18	0.42	Y030065	5.04
48.18	48.64	0.46	Y030066	5.09
48.64	49.08	0.44	Y030067	0.19
49.08	49.64	0.56	Y030068	0.67
49.64	50.24	0.60	Y030069	0.40
50.24	50.74	0.50	Y030104	0.95
50.74	51.34	0.60	Y030105	0.73
51.34	51.84	0.50	Y030106	1.85
51.84	52.37	0.53	Y030070	2.87
52.37	52.87	0.50	Y030071	0.37
52.87	53.17	0.30	Y030072	0.32
53.17	54.00	0.83	Y030073	1.40
54.00	54.49	0.49	Y030074	5.99
54.49	54.70	0.21	Y030075	0.50
54.70	55.20	0.50	Y030076	7.36

CL-20-06
From (m)	To (m)	Interval(m)	Sample ID	Au ppm
13.05	13.55	0.50	Y031107	16.90
13.55	13.85	0.30	Y031109	43.40
13.85	14.25	0.40	Y031110	2.42
14.25	15.00	0.75	Y031111	4.01
15.00	15.24	0.24	Y031112	14.50
15.24	15.54	0.30	Y031113	6.92
15.54	15.87	0.33	Y031114	23.80
15.87	16.40	0.53	Y031116	1.49
16.40	16.85	0.45	Y031117	1.87
16.85	17.64	0.79	Y031118	5.13
17.64	18.14	0.50	Y031119	16.20
18.14	18.62	0.48	Y031120	6.15
18.62	19.00	0.38	Y031121	0.67

CL-20-07
From(m)	To(m)	Interval(m)	Sample ID	Au ppm
28.60	29.14	0.54	Y031132	8.08
29.14	29.64	0.50	Y031133	30.70
29.64	30.14	0.50	Y031135	2.25
30.14	31.15	1.01	Y031136	2.26
31.15	32.17	1.02	Y031137	0.12
32.17	32.96	0.79	Y031138	8.64
32.96	33.58	0.62	Y031139	8.11

CL-20-08
From(m)	To(m)	Interval(m)	Sample ID	Au ppm
17.49	18.04	0.55	Y031167	2.58
18.04	18.57	0.53	Y031169	26.90
18.57	19.30	0.73	Y031170	13.60
19.30	19.94	0.64	Y031172	6.54
19.94	20.60	0.66	Y031173	18.20
20.60	20.90	0.30	Y031174	25.10
20.90	21.53	0.63	Y031175	28.00
21.53	22.00	0.47	Y031176	25.50
22.00	22.50	0.50	Y031177	20.80
22.50	22.94	0.44	Y031178	13.50
22.94	23.58	0.64	Y031180	7.44
23.58	23.88	0.30	Y031181	37.90
23.88	24.60	0.72	Y031182	13.20
24.60	25.00	0.40	Y031183	11.60
25.00	25.48	0.48	Y031184	31.10
25.48	25.81	0.33	Y031185	26.30
25.81	26.31	0.50	Y031186	17.00
26.31	26.84	0.53	Y031187	3.84
26.84	27.36	0.52	Y031188	5.14
27.36	28.10	0.74	Y031189	7.25
28.10	28.55	0.45	Y031190	11.60
28.55	29.09	0.54	Y031191	4.92
29.09	29.72	0.63	Y031192	12.10
29.72	30.38	0.66	Y031194	18.60
30.38	30.93	0.55	Y031195	14.70

CL-20-08 (continued)
From(m)	To(m)	Interval(m)	Sample ID	Au ppm
30.93	31.49	0.56	Y031196	8.36
31.49	32.01	0.52	Y031197	27.50
32.01	32.51	0.50	Y031198	20.60
32.51	33.00	0.49	Y031200	16.30
33.00	33.53	0.53	Y031501	2.46
33.53	34.13	0.60	Y031502	0.83
34.13	34.53	0.40	Y031503	1.52
34.53	35.06	0.53	Y031504	16.50
35.06	35.56	0.50	Y031505	21.40
35.56	36.00	0.44	Y031506	11.00
36.00	36.58	0.58	Y031507	15.20
36.58	37.22	0.64	Y031510	13.80
37.22	37.76	0.54	Y031511	5.45
37.76	38.48	0.72	Y031512	4.13
38.48	39.05	0.57	Y031513	9.00
39.05	39.65	0.60	Y031514	12.50
39.65	40.00	0.35	Y031515	9.50
40.00	40.50	0.50	Y031516	26.30
40.50	41.04	0.54	Y031517	19.30
41.04	41.50	0.46	Y031518	22.00
41.50	42.10	0.60	Y031519	11.80
42.10	43.15	1.05	Y031520	2.25
43.15	43.60	0.45	Y031521	0.35
43.60	44.02	0.42	Y031522	6.89
44.02	44.65	0.63	Y031523	20.70
44.65	45.17	0.52	Y031524	17.90
45.17	45.75	0.58	Y031526	21.90
45.75	46.23	0.48	Y031527	20.00
46.23	46.73	0.50	Y031528	6.29
46.73	47.29	0.56	Y031529	31.90
47.29	47.93	0.64	Y031530	22.40
47.93	48.45	0.52	Y031531	1.81
48.45	48.90	0.45	Y031532	1.94

Technical Information

Drill core is cut with half sent to AGAT Laboratories Inc. (AGAT) for drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 µm (200#). AGAT is an ISO 17025 accredited laboratory. A 50 g charge is Fire Assayed and analyzed using an AAS finish for Gold. Samples above 10.00 g/t Au are analyzed by Fire Assay with a gravimetric finish and selected samples with visible gold or high-grade mineralization are assayed by Metallic Screen Fire Assay on a 1.00 kg sample.

True thicknesses of the intervals reported herein reported have not been calculated, therefore, all intervals are reported as drill core intervals and should be considered apparent thicknesses. All historic and 2020 program gold grade averages are reported at weighted averages.

Technical information in this news release has been approved by Raul Sanabria, M.Sc., P.Geo., Technical Advisor and shareholder of Rover Metals Corp. and a Qualified Person for the purposes of National Instrument 43-101.

About Rover Metals

Rover Metals is a precious metals exploration company specialized in North American precious metal resources, that is currently advancing the gold potential of its existing projects.

You can follow Rover Metals on its social media channels:

Twitter: https://twitter.com/rovermetals
LinkedIn: https://www.linkedin.com/company/rover-metals/
Facebook: https://www.facebook.com/RoverMetals/
for daily company updates and industry news, and
YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber
for corporate videos.
Website: https://www.rovermetals.com/

ON BEHALF OF THE BOARD OF DIRECTORS
"Judson Culter "
Chief Executive Officer and Director
For further information, please contact:
Judson Culter
Email: judson@rovermetals.com
Phone: (604) 449-5347

Statement Regarding Forward-Looking Information

This news release contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover's expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.

News Provided by GlobeNewswire via QuoteMedia

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(all figures in US dollars unless otherwise noted)		Q4 2022		Q4 2021	Change		2022		2021	Change
Units produced
Gold ounces		70,099		87,296	(19.7) %		286,805		341,521	(16.0) %
Silver ounces		5,352		6,356	(15.8) %		23,997		25,999	(7.7) %
Palladium ounces		3,869		4,733	(18.3) %		15,485		20,908	(25.9) %
Cobalt pounds		128		381	(66.4) %		724		2,293	(68.4) %
Gold equivalent ounces ³		148,323		184,551	(19.6) %		638,113		754,591	(15.4) %
Units sold
Gold ounces		68,996		79,622	(13.3) %		293,234		312,465	(6.2) %
Silver ounces		4,935		5,116	(3.5) %		21,570		22,860	(5.6) %
Palladium ounces		3,396		4,641	(26.8) %		15,076		19,344	(22.1) %
Cobalt pounds		187		228	(18.0) %		1,038		886	17.2 %
Gold equivalent ounces ³		142,190		157,439	(9.7) %		617,450		656,074	(5.9) %
Change in PBND and Inventory
Gold equivalent ounces ³		(11,870)		11,252	23,122		(47,055)		33,628	80,683
Revenue	$	236,051	$	278,197	(15.1) %	$	1,065,053	$	1,201,665	(11.4) %
Net earnings	$	166,125	$	291,822	(43.1) %	$	669,126	$	754,885	(11.4) %
Per share	$	0.367	$	0.648	(43.4) %	$	1.482	$	1.677	(11.6) %
Adjusted net earnings ¹	$	103,744	$	132,232	(21.5) %	$	504,912	$	592,079	(14.7) %
Per share ¹	$	0.229	$	0.293	(21.8) %	$	1.118	$	1.315	(15.0) %
Operating cash flows	$	172,028	$	195,290	(11.9) %	$	743,424	$	845,145	(12.0) %
Per share ¹	$	0.381	$	0.433	(12.0) %	$	1.646	$	1.878	(12.4) %

Metal	2023 Forecast ²	5-year Annual Average (2023-2027) ²^,⁵	10-year Annual Average (2023-2032) ²^,⁵
Gold Ounces	320,000 to 350,000
Silver Ounces ('000s)	20,000 to 22,000
Other Metals (Palladium & Cobalt) (GEOs ³ )	22,000 to 25,000
Total Gold Equivalent Ounces ³	600,000 to 660,000	810,000	850,000

	Years Ended December 31
(US dollars and shares in thousands, except per share amounts)	2022		2021
Sales	$	1,065,053	$	1,201,665
Cost of sales
Cost of sales, excluding depletion	$	267,621	$	287,947
Depletion		231,952		254,793
Total cost of sales	$	499,573	$	542,740
Gross margin	$	565,480	$	658,925
General and administrative expenses		35,831		35,119
Share based compensation		20,060		19,265
Donations and community investments		6,296		6,601
Impairment (impairment reversal) of mineral stream interests		(8,611)		(156,717)
Earnings from operations	$	511,904	$	754,657
Gain on disposal of mineral stream interest		(155,868)		-
Other (income) expense		(7,449)		(5,776)
Earnings before finance costs and income taxes	$	675,221	$	760,433
Finance costs		5,586		5,817
Earnings before income taxes	$	669,635	$	754,616
Income tax (expense) recovery		(509)		269
Net earnings	$	669,126	$	754,885
Basic earnings per share	$	1.482	$	1.677
Diluted earnings per share	$	1.479	$	1.673
Weighted average number of shares outstanding
Basic		451,570		450,138
Diluted		452,344		451,170

	As at December 31		As at December 31
(US dollars in thousands)	2022		2021
Assets
Current assets
Cash and cash equivalents	$	696,089	$	226,045
Accounts receivable		10,187		11,577
Cobalt inventory		10,530		8,712
Other		3,287		3,390
Total current assets	$	720,093	$	249,724
Non-current assets
Mineral stream interests	$	5,707,019	$	5,905,797
Early deposit mineral stream interests		46,092		34,741
Mineral royalty interest		6,606		6,606
Long-term equity investments		256,095		61,477
Refundable deposit - 777 PMPA		8,073		-
Convertible notes receivable		-		17,086
Property, plant and equipment		4,210		5,509
Other		11,718		15,211
Total non-current assets	$	6,039,813	$	6,046,427
Total assets	$	6,759,906	$	6,296,151
Liabilities
Current liabilities
Accounts payable and accrued liabilities	$	12,570	$	13,939
Current taxes payable		2,763		132
Current portion of performance share units		14,566		14,807
Current portion of lease liabilities		818		813
Total current liabilities	$	30,717	$	29,691
Non-current liabilities
Performance share units		6,673		11,498
Lease liabilities		1,152		2,060
Deferred income taxes		165		100
Pension liability		3,524		2,685
Total non-current liabilities	$	11,514	$	16,343
Total liabilities	$	42,231	$	46,034
Shareholders' equity
Issued capital	$	3,752,662	$	3,698,998
Reserves		66,547		47,036
Retained earnings		2,898,466		2,504,083
Total shareholders' equity	$	6,717,675	$	6,250,117
Total liabilities and shareholders' equity	$	6,759,906	$	6,296,151

	Years Ended December 31
(US dollars in thousands)	2022		2021
Operating activities
Net earnings	$	669,126	$	754,885
Adjustments for
Depreciation and depletion		233,539		256,685
Gain on disposal of mineral stream interest		(155,868)		-
Impairment (reversal of impairment of mineral stream interests		(8,611)		(156,717)
Interest expense		91		352
Equity settled stock based compensation		5,846		5,262
Performance share units		(4,196)		(2,925)
Pension expense		1,033		1,014
Income tax expense (recovery)		509		(269)
Loss (gain) on fair value adjustment of share purchase warrants held		1,033		2,101
Fair value (gain) loss on convertible note receivable		1,380		(5,733)
Investment income recognized in net earnings		(6,774)		(462)
Other		(1,313)		(510)
Change in non-cash working capital		1,573		(8,072)
Cash generated from operations before income taxes and interest	$	737,368	$	845,611
Income taxes recovered (paid)		(171)		(279)
Interest paid		(93)		(429)
Interest received		6,320		242
Cash generated from operating activities	$	743,424	$	845,145
Financing activities
Bank debt repaid	$	-	$	(195,000)
Credit facility extension fees		(1,357)		(1,727)
Share purchase options exercised		10,368		7,953
Lease payments		(800)		(780)
Dividends paid		(237,097)		(218,052)
Cash (used for) generated from financing activities	$	(228,886)	$	(407,606)
Investing activities
Mineral stream interests	$	(151,929)	$	(520,891)
Early deposit mineral stream interests		(1,500)		(1,500)
Mineral royalty interest		-		(3,571)
Net proceeds on disposal of mineral stream interests		131,763		-
Acquisition of long-term investments		(22,768)		(7,453)
Proceeds on disposal of long-term investments		-		129,753
Dividends received		453		221
Other		(316)		(775)
Cash (used for) generated from investing activities	$	(44,297)	$	(404,216)
Effect of exchange rate changes on cash and cash equivalents	$	(197)	$	39
Increase in cash and cash equivalents	$	470,044	$	33,362
Cash and cash equivalents, beginning of year		226,045		192,683
Cash and cash equivalents, end of year	$	696,089	$	226,045

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TOP STOCKS

		Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021
Gold ounces produced ²
Salobo		37,939	44,212	34,129	44,883	48,235	55,205	55,590	46,622
Sudbury ³		6,342	3,437	5,289	5,362	4,379	148	4,563	7,004
Constancia		10,496	7,196	8,042	6,311	9,857	8,533	5,525	2,453
San Dimas ⁴		10,037	11,808	10,044	10,461	13,714	11,936	11,478	10,491
Stillwater ⁵		2,185	1,833	2,171	2,497	2,664	2,949	2,962	3,041
Other
	Minto	2,567	3,182	2,480	4,060	3,506	1,703	3,206	2,638
	777 ⁶	-	-	3,509	4,003	4,462	4,717	5,035	6,280
	Marmato	533	542	778	477	479	433	1,713	-
Total Other		3,100	3,724	6,767	8,540	8,447	6,853	9,954	8,918
Total gold ounces produced		70,099	72,210	66,442	78,054	87,296	85,624	90,072	78,529
Silver ounces produced ²
Peñasquito		1,761	2,017	2,089	2,219	2,145	2,180	2,026	2,202
Antamina		1,107	1,377	1,379	1,260	1,366	1,548	1,558	1,577
Constancia		655	564	584	506	578	521	468	406
Other
	Los Filos ⁷	23	23	23	42	37	17	26	31
	Zinkgruvan	664	642	739	577	482	658	457	420
	Yauliyacu ⁸	261	463	756	637	382	372	629	737
	Stratoni ⁹	-	-	-	-	129	18	164	165
	Minto	33	42	25	45	44	25	33	21
	Neves-Corvo	369	323	345	344	522	362	408	345
	Aljustrel	313	246	292	287	325	314	400	474
	Cozamin	157	179	169	186	213	199	183	230
	Marmato	9	7	8	11	7	10	39	-
	Keno Hill ¹⁰	-	-	48	20	30	44	55	27
	777 ⁶	-	-	80	91	96	81	83	130
Total Other		1,829	1,925	2,485	2,240	2,267	2,100	2,477	2,580
Total silver ounces produced		5,352	5,883	6,537	6,225	6,356	6,349	6,529	6,765
Palladium ounces produced ²
Stillwater ⁵		3,869	3,229	3,899	4,488	4,733	5,105	5,301	5,769
Cobalt pounds produced ²
Voisey's Bay		128	226	136	234	381	370	380	1,162 ¹¹
GEOs produced ¹²		148,323	158,554	160,646	170,590	184,551	183,012	190,272	196,756
Average payable rate ²
Gold		94.9 %	95.0 %	95.1 %	95.2 %	96.0 %	96.0 %	95.8 %	95.0 %
Silver		83.5 %	85.5 %	85.5 %	86.1 %	86.0 %	86.6 %	86.9 %	86.6 %
Palladium		91.7 %	95.0 %	94.6 %	92.7 %	92.2 %	94.5 %	95.0 %	91.6 %
Cobalt		93.3 %	93.3 %	93.3 %	93.3 %	93.3 %	93.3 %	93.3 %	93.3 %
GEO ¹²		89.2 %	90.2 %	90.1 %	90.5 %	91.4 %	91.3 %	91.8 %	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. Operations at the Sudbury mines were suspended from June 1, 2021 to August 9, 2021 as a result of a labour disruption by unionized employees.
4)	Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the "70" shall be revised to "50" or "90", as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the "70" shall be reinstated. Effective April 1, 2020, the fixed gold to silver exchange ratio was revised to 90:1, with the 70:1 ratio being reinstated on October 15, 2020. For reference, attributable silver production from prior periods is as follows: Q4 2022 - 348,000 ounces; Q3 2022 - 412,000 ounces; Q2 2022 - 382,000 ounces; Q1 2022 - 408,000 ounces; Q4 2021 - 544,000 ounces; Q3 2021 - 472,000 ounces; Q2 2021 - 467,000 ounces; Q1 2021 - 429,000 ounces..
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)	Operations at Los Filos were temporarily suspended from June 22, 2021 to July 26, 2021 as the result of illegal blockades by a group of unionized employees and members of the Xochipala community.
8)	On December 14, 2022 the Company terminated the Yauliyacu PMPA in exchange for a cash payment of $132 million.
9)	The Stratoni mine was placed into care and maintenance during Q4-2021.
10)	On September 7, 2022, the Company terminated the Keno Hill stream in exchange for $141 million of Hecla common shares received as consideration.
11)	Effective January 1, 2021, the Company was entitled to cobalt production from the Voisey's Bay mine. As per the Voisey's Bay PMPA with Vale, Wheaton is entitled to any cobalt processed at the Long Harbour Processing Plant as of January 1, 2021, resulting in reported production in the first quarter of 2021 including some material produced at the Voisey's Bay mine in the previous quarter.
12)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,800 per ounce gold; $24.00 per ounce silver; $2,100 per ounce palladium; and $33.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2022.

Three Months Ended December 31, 2022
	Units Produced²	Units Sold	Average Realized Price ($'s Per Unit)		Average Cash Cost ($'s Per Unit) ³		Average Depletion ($'s Per Unit)		Sales		Impairment (Charges) Reversals / Gain on Disposal ⁴		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	37,939	41,029	$	1,728	$	416	$	334	$	70,878	$	-	$	40,110	$	53,800	$	2,383,262
Sudbury ⁵	6,342	4,988		1,712		400		1,092		8,538		-		1,095		7,809		283,416
Constancia	10,496	6,013		1,728		416		271		10,388		-		6,255		7,885		95,583
San Dimas	10,037	10,943		1,728		624		260		18,903		-		9,231		12,071		155,865
Stillwater	2,185	1,783		1,728		309		429		3,080		-		1,765		2,530		215,852
Other ⁶	3,100	4,240		1,713		894		59		7,264		(1,719)		1,505		4,697		494,143
	70,099	68,996	$	1,725	$	475	$	357	$	119,051	$	(1,719)	$	59,961	$	88,792	$	3,628,121
Silver
Peñasquito	1,761	2,066	$	21.28	$	4.36	$	3.57	$	43,949	$	-	$	27,577	$	34,943	$	293,674
Antamina	1,107	1,114		21.28		4.33		7.06		23,701		-		11,009		18,872		545,368
Constancia	655	403		21.28		6.14		6.35		8,572		-		3,538		6,098		192,947
Other ⁷	1,829	1,352		22.15		6.19		5.03		29,953		51,443		66,228		20,283		453,096
	5,352	4,935	$	21.52	$	5.00	$	4.98	$	106,175	$	51,443	$	108,352	$	80,196	$	1,485,085
Palladium
Stillwater	3,869	3,396	$	1,939	$	357	$	399	$	6,586	$	-	$	4,018	$	5,373	$	226,812
Platinum
Marathon	-	-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	-	$	9,428
Cobalt
Voisey's Bay	128	187	$	22.62	$	16.52 ⁸	$	13.72	$	4,239	$	-	$	(1,426)	$	3,766	$	357,573
Operating results									$	236,051	$	49,724	$	170,905	$	178,127	$	5,707,019
Other
General and administrative													$	(8,383)	$	(6,399)
Share based compensation														(8,474)		-
Donations and community investments														(2,916)		(2,742)
Finance costs														(1,377)		(1,028)
Other														4,000		4,100
Income tax														12,370		(30)
Total other													$	(4,780)	$	(6,099)	$	1,052,887
													$	166,125	$	172,028	$	6,759,906

1)	Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts.
2)	Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.
3)	Refer to discussion on non-IFRS measure (iii) at the end of this press release.
4)	The gain on disposal of Other silver interests relates to the termination of the Yauliyacu PMPA, while the impairment of Other gold interests relates to the 777 PMPA.
5)	Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests and the non-operating Stobie and Victor gold interests.
6)	Comprised of the operating Minto and Marmato gold interests as well as the non-operating 777, Copper World Complex (formerly referred to as Rosemont), Santo Domingo, Blackwater, Fenix, Goose, Marathon and Curipamba gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.
7)	Comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Minto, Cozamin and Marmato silver interests, the non-operating 777, Loma de La Plata, Stratoni, Pascua-Lama, Copper World Complex (formerly referred to as Rosemont), Blackwater and Curipamba silver interests and the previously owned Yauliyacu and Keno Hill silver interests. The Stratoni mine was placed into care and maintenance during Q4-2021. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill stream was terminated in exchange for $141 million of Hecla common stock. On December 14, 2022 the Yauliyacu PMPA was terminated in exchange for a cash payment of $132 million.
8)	Cash cost per pound of cobalt sold during the fourth quarter of 2022 includes an inventory impairment charge of $1.6 million, resulting in an increase of $8.71 per pound. The Company reflects the cobalt inventory at the lower of cost and net realizable will continue to monitor the market price of cobalt relative to the carrying of the inventory at each reporting period.

Three Months Ended December 31, 2022
	Ounces Produced ¹	Ounces Sold	Average Realized Price ($'s Per Ounce)	Average Cash Cost ($'s Per Ounce) ²	Cash Operating Margin ($' s Per Ounce) ³	Average Depletion ($'s Per Ounce)	Gross Margin ($'s Per Ounce)
Gold equivalent basis ⁴	148,323	142,190	$ 1,660	$ 434	$ 1,226	$ 374	$ 852

Three Months Ended December 31, 2021
	Units Produced²	Units Sold	Average Realized Price ($'s Per Unit)		Average Cash Cost ($'s Per Unit) ³		Average Depletion ($'s Per Unit)		Sales		Impairment Reversal ⁴		Net Earnings (Loss)		Cash Flow From Operations		Total Assets
Gold
Salobo	48,235	47,171	$	1,799	$	412	$	374	$	84,849	$	-	$	47,781	$	63,659	$	2,437,939
Sudbury ⁵	4,379	965		1,795		400		1,024		1,732		-		357		1,346		307,169
Constancia	9,857	6,196		1,799		412		315		11,147		-		6,642		8,398		103,789
San Dimas	13,714	15,182		1,799		618		322		27,309		-		13,030		17,923		166,723
Stillwater	2,664	2,933		1,799		319		397		5,275		-		3,176		4,340		219,785
Other ⁶	8,447	7,175		1,795		676		42		12,875		-		7,721		8,463		364,792
	87,296	79,622	$	1,798	$	472	$	338	$	143,187	$	-	$	78,707	$	104,129	$	3,600,197
Silver
Peñasquito	2,145	1,818	$	23.28	$	4.29	$	3.55	$	42,314	$	-	$	28,064	$	34,515	$	322,018
Antamina	1,366	1,297		23.33		4.73		7.53		30,250		-		14,351		25,091		580,052
Constancia	578	351		23.28		6.08		7.56		8,170		-		3,383		5,739		205,884
Other ⁷	2,267	1,650		23.48		7.22		5.83		38,770		-		17,226		26,118		593,195
	6,356	5,116	$	23.36	$	5.47	$	5.57	$	119,504	$	-	$	63,024	$	91,463	$	1,701,149
Palladium
Stillwater	4,733	4,641	$	1,918	$	340	$	442	$	8,902	$	-	$	5,268	$	7,323	$	232,830
Cobalt
Voisey's Bay	381	228	$	28.94	$	4.68	$	8.17	$	6,604	$	156,717	$	160,390	$	2,443	$	371,621
Operating results									$	278,197	$	156,717	$	307,389	$	205,358	$	5,905,797
Other
General and administrative													$	(8,547)	$	(6,043)
Share based compensation														(5,519)		-
Donations and community investments														(2,889)		(3,067)
Finance costs														(1,508)		(1,026)
Other														3,581		296
Income tax														(685)		(228)
Total other													$	(15,567)	$	(10,068)	$	390,354
													$	291,822	$	195,290	$	6,296,151

Year Ended December 31, 2022
	Units Produced²	Units Sold	Average Realized Price ($'s Per Unit)		Average Cash Cost ($'s Per Unit) ³		Average Depletion ($'s Per Unit)		Sales		Impairment (Charges) Reversals / Gain on Disposal ⁴		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	161,163	163,875	$	1,807	$	416	$	334	$	296,145	$	-	$	173,257	$	227,933	$	2,383,262
Sudbury ⁵	20,430	21,763		1,802		400		1,091		39,211		-		6,752		30,789		283,416
Constancia	32,045	30,274		1,812		414		271		54,868		-		34,142		42,348		95,583
San Dimas	42,350	41,842		1,798		623		260		75,238		-		38,327		49,186		155,865
Stillwater	8,686	9,164		1,810		325		429		16,583		-		9,667		13,600		215,852
Other ⁶	22,131	26,316		1,811		760		48		47,653		(1,719)		24,687		27,610		494,143
	286,805	293,234	$	1,806	$	472	$	350	$	529,698	$	(1,719)	$	286,832	$	391,466	$	3,628,121
Silver
Peñasquito	8,086	7,949	$	21.97	$	4.36	$	3.57	$	174,635	$	-	$	111,634	$	139,978	$	293,674
Antamina	5,123	4,914		21.94		4.40		7.06		107,794		-		51,488		85,824		545,368
Constancia	2,309	2,039		21.97		6.10		6.35		44,798		-		19,421		32,358		192,947
Other ⁷	8,479	6,668		21.56		6.95		5.50		143,776		166,198		226,995		96,251		453,096
	23,997	21,570	$	21.84	$	5.33	$	5.22	$	471,003	$	166,198	$	409,538	$	354,411	$	1,485,085
Palladium
Stillwater	15,485	15,076	$	2,133	$	377	$	399	$	32,160	$	-	$	20,455	$	26,472	$	226,812
Platinum
Marathon	-	-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	-	$	9,428
Cobalt
Voisey's Bay	724	1,038	$	31.00	$	8.10 ⁸	$	10.26	$	32,192	$	-	$	13,134	$	28,449	$	357,573
Operating results									$	1,065,053	$	164,479	$	729,959	$	800,798	$	5,707,019
Other
General and administrative													$	(35,831)	$	(35,332)
Share based compensation														(20,060)		(18,161)
Donations and community investments														(6,296)		(5,718)
Finance costs														(5,586)		(4,135)
Other														7,449		6,143
Income tax														(509)		(171)
Total other													$	(60,833)	$	(57,374)	$	1,052,887
													$	669,126	$	743,424	$	6,759,906

Year Ended December 31, 2021
	Units Produced²	Units Sold	Average Realized Price ($'s Per Unit)		Average Cash Cost ($'s Per Unit) ³		Average Depletion ($'s Per Unit)		Sales		Impairment Reversal ⁴		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	205,652	191,075	$	1,797	$	412	$	374	$	343,398	$	-	$	193,247	$	264,652	$	2,437,939
Sudbury ⁵	16,094	13,516		1,811		400		1,024		24,475		-		5,221		19,068		307,169
Constancia	26,368	18,352		1,797		411		315		32,974		-		19,658		25,438		103,789
San Dimas	47,619	48,015		1,797		617		322		86,290		-		41,199		56,679		166,723
Stillwater	11,616	11,401		1,797		325		397		20,487		-		12,259		16,784		219,785
Other ⁶	34,172	30,106		1,804		607		61		54,296		-		34,192		36,444		364,792
	341,521	312,465	$	1,798	$	459	$	361	$	561,920	$	-	$	305,776	$	419,065	$	3,600,197
Silver
Peñasquito	8,553	8,046	$	25.07	$	4.29	$	3.55	$	201,688	$	-	$	138,616	$	167,169	$	322,018
Antamina	6,049	6,228		25.17		5.04		7.53		156,735		-		78,458		125,688		580,052
Constancia	1,973	1,476		24.91		6.05		7.56		36,775		-		16,689		27,848		205,884
Other ⁷	9,424	7,110		25.07		8.06		5.56		178,231		-		81,393		123,359		593,195
	25,999	22,860	$	25.08	$	5.78	$	5.52	$	573,429	$	-	$	315,156	$	444,064	$	1,701,149
Palladium
Stillwater	20,908	19,344	$	2,369	$	433	$	442	$	45,834	$	-	$	28,891	$	37,450	$	232,830
Cobalt
Voisey's Bay	2,293	886	$	23.11	$	4.67	$	8.17	$	20,482	$	156,717	$	165,819	$	3,687	$	371,621
Operating results									$	1,201,665	$	156,717	$	815,642	$	904,266	$	5,905,797
Other
General and administrative													$	(35,119)	$	(31,931)
Share based compensation														(19,265)		(16,926)
Donations and community investments														(6,601)		(6,323)
Finance costs														(5,817)		(4,271)
Other														5,776		609
Income tax														269		(279)
Total other													$	(60,757)	$	(59,121)	$	390,354
													$	754,885	$	845,145	$	6,296,151

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 December 31					Years Ended December 31
(in thousands, except for per share amounts)		2022		2021			2022		2021
Net earnings		$	166,125	$	291,822		$	669,126	$	754,885
Add back (deduct):
Impairment charge (reversal)			1,719		(156,717)			(8,611)		(156,717)
Gain on disposal of Mineral Stream Interest			(51,443)		-			(155,868)		-
(Gain) loss on fair value adjustment of share purchase warrants held			(67)		(290)			1,033		2,101
(Gain) loss on fair value adjustment of convertible notes receivable			-		(1,597)			1,380		(5,733)
Income tax (expense) recovery recognized in the Statement of Shareholders' Equity			-		974			4,143		1,811
Income tax (expense) recovery recognized in the Statement of OCI			(7,214)		(325)			(6,513)		(2,314)
Income tax expense (recovery) resulting from disposal of Mineral Stream Interest, net of above			(5,376)		-			2,404		-
Other			-		(1,635)			(2,182)		(1,954)
Adjusted net earnings		$	103,744	$	132,232		$	504,912	$	592,079
Divided by:
Basic weighted average number of shares outstanding			452,070		450,614			451,570		450,138
Diluted weighted average number of shares outstanding			452,778		451,570			452,344		451,170
Equals:
Adjusted earnings per share - basic		$	0.229	$	0.293		$	1.118	$	1.315
Adjusted earnings per share - diluted		$	0.229	$	0.293		$	1.116	$	1.312

		Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021
Gold ounces sold
Salobo		41,029	31,818	48,515	42,513	47,171	35,185	57,296	51,423
Sudbury ²		4,988	5,147	7,916	3,712	965	1,915	6,945	3,691
Constancia		6,013	6,336	7,431	10,494	6,196	8,159	2,321	1,676
San Dimas		10,943	10,196	10,633	10,070	15,182	11,346	11,214	10,273
Stillwater ³		1,783	2,127	2,626	2,628	2,933	2,820	2,574	3,074
Other
	Minto	2,982	2,559	2,806	3,695	2,462	1,907	2,359	2,390
	777	785	3,098	3,629	4,388	4,290	5,879	5,694	2,577
	Marmato	473	719	781	401	423	438	1,687	-
Total Other		4,240	6,376	7,216	8,484	7,175	8,224	9,740	4,967
Total gold ounces sold		68,996	62,000	84,337	77,901	79,622	67,649	90,090	75,104
Silver ounces sold
Peñasquito		2,066	1,599	2,096	2,188	1,818	2,210	1,844	2,174
Antamina		1,114	1,155	1,177	1,468	1,297	1,502	1,499	1,930
Constancia		403	498	494	644	351	484	295	346
Other
	Los Filos	16	24	41	42	17	12	42	27
	Zinkgruvan	547	376	650	355	346	354	355	293
	Yauliyacu	337	1,005	817	44	551	182	601	1,014
	Stratoni	-	-	(2)	133	42	41	167	117
	Minto	23	22	21	31	27	24	29	26
	Neves-Corvo	80	105	167	204	259	193	215	239
	Aljustrel	156	185	123	145	133	155	208	257
	Cozamin	150	154	148	177	174	170	168	173
	Marmato	7	8	11	8	8	10	35	-
	Keno Hill	1	30	30	27	24	51	33	12
	777	35	73	75	87	69	99	109	49
Total Other		1,352	1,982	2,081	1,253	1,650	1,291	1,962	2,207
Total silver ounces sold		4,935	5,234	5,848	5,553	5,116	5,487	5,600	6,657
Palladium ounces sold
Stillwater ³		3,396	4,227	3,378	4,075	4,641	5,703	3,869	5,131
Cobalt pounds sold
Voisey's Bay		187	115	225	511	228	131	395	132
GEOs sold ⁴		142,190	138,824	170,371	166,065	157,439	149,862	176,502	172,271
Cumulative payable units PBND ⁵
Gold ounces		63,601	65,978	59,331	81,365	84,989	80,819	66,238	70,072
Silver ounces		2,820	3,444	3,543	3,910	4,200	3,845	3,802	3,738
Palladium ounces		5,098	5,041	6,267	5,535	5,629	5,619	6,822	5,373


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).


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 December 31					Years Ended December 31
(in thousands, except for gold and palladium ounces sold and per unit amounts)		2022		2021			2022		2021
Cost of sales		$	114,870	$	127,525		$	499,573	$	542,740
Less: depletion			(53,139)		(59,335)			(231,952)		(254,793)
Cash cost of sales		$	61,731	$	68,190		$	267,621	$	287,947
Cash cost of sales is comprised of:
Total cash cost of gold sold		$	32,749	$	37,550		$	138,468	$	143,272
Total cash cost of silver sold			24,674		27,993			115,058		132,151
Total cash cost of palladium sold			1,213		1,580			5,687		8,384
Total cash cost of cobalt sold			3,095		1,067			8,408		4,140
Total cash cost of sales		$	61,731	$	68,190		$	267,621	$	287,947
Divided by:
Total gold ounces sold			68,996		79,622			293,234		312,465
Total silver ounces sold			4,935		5,116			21,570		22,860
Total palladium ounces sold			3,396		4,641			15,076		19,344
Total cobalt pounds sold			187		228			1,038		886
Equals:
Average cash cost of gold (per ounce)		$	475	$	472		$	472	$	459
Average cash cost of silver (per ounce)		$	5.00	$	5.47		$	5.33	$	5.78
Average cash cost of palladium (per ounce)		$	357	$	340		$	377	$	433
Average cash cost of cobalt (per pound)		$	16.52	$	4.68		$	8.10	$	4.67


iv.	Cash operating margin is calculated by subtracting the average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis from the average realized selling price of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis. The Company presents cash operating margin as management and certain investors use this information to evaluate the Company's performance in comparison to other companies in the precious metal mining industry who present results on a similar basis as well as to evaluate the Company's ability to generate cash flow.

	The following table provides a reconciliation of cash operating margin.