Wheaton Precious Metals Announces Solid 2023 Annual Results and Transition to Progressive Dividend Policy

Designated News Release
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS

"With a record eight acquisitions totalling just over $1 billion in commitments, we bolstered our growth strategy in 2023, enhancing our production profile and supporting our long-term, growth forecast of approximately 40% over the next five years," said Randy Smallwood President and Chief Executive Officer of Wheaton Precious Metals. "Our diversified portfolio of long-life, low-cost assets continued to deliver solid operating results, and we are pleased to have met our annual production guidance, achieving approximately 620,000 gold equivalent ounces. Furthermore, we have now recouped over 100% of the value of our initial upfront investments since inception, an accomplishment which is particularly noteworthy given the significant reserve and resource base underpinning our portfolio, supporting decades of forecasted remaining mine life. To reinforce our confidence in the sustainability and growth potential of Wheaton, we are pleased to announce a transition to a new progressive dividend policy, marked by an increase in our 2024 annual dividend. As we embark on what we anticipate being a phase of substantial and meaningful growth, our dedication to deploying capital in a manner that generates value for not only our shareholders, but also our partners and communities, remains unwavering."

Solid Financial Results and Strong Balance Sheet

  • Fourth quarter of 2023: $313 million in revenue, $242 million in operating cash flow, $168 million in net earnings and $165 million in adjusted net earnings 1 and, paid a quarterly dividend 1 of $0.15 per common share.
  • Full year of 2023: $1,016 million in revenue, $751 million in operating cash flow, $538 million in net earnings and $533 million in adjusted net earnings 1 .
  • Balance Sheet: cash balance of $547 million , no debt, and an undrawn $2 billion revolving credit facility as at December 31, 2023 after making total upfront cash payments of $452 million relative to mineral stream interests in the quarter.

High Quality Asset Base

  • Streaming and royalty agreements on 18 operating mines and 27 development projects 6 .
  • 93% of attributable production from assets in the lowest half of their respective cost curves 2,4 .
  • Attributable gold equivalent production 3 of 174,200 ounces in the fourth quarter of 2023 and 619,600 for the full year of 2023.
  • Achieved annual production guidance for 2023 of 600,000 to 660,000 GEOs 3 , with sector-leading growth over the next five to ten years.
  • Accretive portfolio growth:
    • On October 24, 2023 , the Company entered into a definitive agreement with Waterton Copper Corp. to acquire a silver stream on the Mineral Park mine for total cash consideration of $115 million .
    • On November 15, 2023 , announced the Company has entered into a definitive agreement with certain entities advised by Orion Resource Partners to acquire existing streams in respect of Ivanhoe Mines' Platreef project and BMC Minerals' Kudz Ze Kayah project, for total cash consideration of up to $455 million . In addition, the Company entered into an agreement for a gold stream in respect of Dalradian Gold's Curraghinalt project, for total cash consideration of $75 million .
    • On November 21, 2023 , the Company and Vale jointly announced the successful completion of the throughput test for the first phase of the Salobo III expansion project in Brazil , with the Salobo complex exceeding an average of 32 Mtpa over a 90-day period. Under the terms of the Salobo precious metals purchase agreement, the Company made a payment to Vale Base Metals totalling $370 million for completion of the first phase of the Salobo III expansion project in December 2023 .
    • On December 13, 2023 , the Company entered into a royalty agreement with Vista Gold Corp. to acquire a royalty in the amount of 1% of gross revenue from the sale or disposition of minerals from the Mt Todd gold project located in Australia for total cash consideration of $20 million .

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.
  • Subsequent to the quarter, Wheaton was recognized 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.

Operational Overview

(all figures in US dollars unless otherwise
noted)



Q4 2023



Q4 2022


Change



2023



2022



Change

Units produced


















Gold ounces



113,359



69,027


64.2 %



374,585



285,601



31.2 %

Silver ounces



4,208



5,303


(20.6) %



17,176



23,800



(27.8) %

Palladium ounces



4,209



3,869


8.8 %



15,800



15,485



2.0 %

Cobalt pounds



215



128


67.5 %



673



724



(7.1) %

Gold equivalent ounces 3



174,222



142,887


21.9 %



619,608



616,755



0.5 %

Units sold


















Gold ounces



115,011



68,996


66.7 %



327,336



293,234



11.6 %

Silver ounces



3,175



4,935


(35.7) %



14,326



21,570



(33.6) %

Palladium ounces



3,339



3,396


(1.7) %



13,919



15,076



(7.7) %

Cobalt pounds



288



187


54.0 %



1,074



1,038



3.5 %

Gold equivalent ounces 3



162,360



138,218


17.5 %



537,608



598,244



(10.1) %

Change in PBND and Inventory


















Gold equivalent ounces 3



(2,973)



(10,191)


(7,218)



23,674



(40,033)



(63,707)

Revenue


$

313,471


$

236,051


32.8 %


$

1,016,045


$

1,065,053



(4.6) %

Net earnings


$

168,435


$

166,125


1.4 %


$

537,644


$

669,126



(19.6) %

Per share


$

0.372


$

0.367


1.4 %


$

1.187


$

1.482



(19.9) %

Adjusted net earnings 1


$

164,569


$

103,744


58.6 %


$

533,051


$

504,912



5.6 %

Per share 1


$

0.363


$

0.229


58.5 %


$

1.177


$

1.118



5.3 %

Operating cash flows


$

242,226


$

172,028


40.8 %


$

750,809


$

743,424



1.0 %

Per share 1


$

0.535


$

0.381


40.4 %


$

1.658


$

1.646



0.7 %

All amounts in thousands except gold, palladium & gold equivalent ounces, and per share amounts.

Financial Review

Revenues
Revenue in the fourth quarter of 2023 was $313 million (74% gold, 24% silver, 1% palladium and 1% cobalt), with the $77 million increase relative to the prior period quarter being primarily due to a 17% increase in the number of GEOs³ sold; and a 13% increase in the average realized gold equivalent³ price.

Revenue was $1,016 million in the year ended December 31, 2023 , representing a $49 million decrease from 2022 due primarily to a 10% decrease in the number of GEOs³ sold, resulting from relative changes in the GEOs³ produced but not yet delivered; partially offset by a 6% increase in the average realized gold equivalent³ price.

Cash Costs and Margin
Average cash costs¹ in the fourth quarter of 2023 were $417 per GEO³ as compared to $447 in the fourth quarter of 2022. This resulted in a cash operating margin¹ of $1,514 per GEO³ sold, an increase of 20% as compared with the fourth quarter of 2022, a result of the higher realized price per ounce coupled with the lower average cash costs.

Average cash costs¹ in 2023 were $424 per GEO³ as compared to $447 in 2022. This resulted in a cash operating margin¹ of $1,466 per GEO³ sold, a 10% increase from 2022.

Cash Flow from Operations
Operating cash flow in the fourth quarter of 2023 amounted to $242 million , with the $70 million increase due primarily to the higher gross margin.

Operating cash flows in 2023 amounted to $751 million , with the $7 million increase from the comparable period of the previous year being due primarily to higher amounts of interest received during the current year, partially offset by lower sales volumes.

Balance Sheet (at December 31, 2023 )

  • Approximately $547 million of cash on hand
  • During the fourth quarter of 2023, the Company made total upfront cash payments of $452 million relative to the mineral stream interests consisting of
    • $35 million payment relative to the Blackwater Silver precious metals purchase agreement ("PMPA");
    • a $10 million payment relative to the expansion of the Blackwater Gold PMPA;
    • $17 million relative to the Cangrejos PMPA;
    • $20 million relative to the Curraghinalt PMPA; and
    • $370 million relative to the Salobo III expansion payment
  • 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.

Fourth Quarter Operating Asset Highlights

Salobo: In the fourth quarter of 2023, Salobo produced 71,800 ounces of attributable gold, an increase of approximately 89% relative to the fourth quarter of 2022, driven by higher throughput, with production from the third concentrator line commencing at the end of 2022, combined with higher grades and recoveries. The prior year was also impacted by changes in maintenance routines. In the fourth quarter of 2023, Salobo reached its highest production level since the fourth quarter of 2019 as the ramp-up of the Salobo III expansion continued to advance.

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 Mtpa over a 90-day period. Under the terms of the agreement, the Company paid Salobo $370 million for the completion of the first phase of the Salobo III expansion project on December 1, 2023 . Salobo III is expected to achieve a sustained throughput capacity of 36 Mtpa in the fourth quarter of 2024.

Antamina: In the fourth quarter of 2023, Antamina produced 1.0 million ounces of attributable silver, a decrease of approximately 3% relative to the fourth quarter of 2022. 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 fourth quarter of 2023, Peñasquito produced 1.0 million ounces of attributable silver, a decrease of approximately 41% relative to the fourth quarter of 2022 primarily due to lower throughput resulting from a labour strike which began on June 7, 2023 and ended on October 13, 2023 . Newmont Corporation ("Newmont") reports that operations have since safely ramped up after a resolution was reached with the National Union of Mine and Metal Workers of the Mexican Republic ("the Union") on October 13, 2023 . Newmont has indicated that Peñasquito is expected to deliver higher co-product production in 2024 due to higher silver, lead and zinc content from the Chile Colorado pit.

Constancia: In the fourth quarter of 2023, Constancia produced 0.8 million ounces of attributable silver and 22,300 ounces of attributable gold, an increase of approximately 28% and 112%, respectively, relative to the fourth quarter of 2022. Record quarterly gold production combined with strong silver production are a result of significantly higher grades attributable to the mining of high-grade zones of the Pampacancha deposit, combined with higher recoveries. Hudbay Minerals Inc. ("Hudbay") reports that gold production in 2024 is expected to decrease from 2023 levels due to a smoothing of Pampacancha high-grade gold zones over the 2023 to 2025 period as additional high-grade areas were mined in 2023 ahead of schedule, and other high-grade areas were deferred to 2025. Hudbay has indicated that the Pampacancha deposit is now expected to be depleted in the third quarter of 2025, as opposed to mid-2025 as previously reported.

Sudbury : In the fourth quarter of 2023, Vale's Sudbury mines produced 6,300 ounces of attributable gold, an increase of approximately 19% relative to the fourth quarter of 2022, due to higher throughput, grade and recoveries.

Stillwater : In the fourth quarter of 2023, the Stillwater mines produced 2,300 ounces of attributable gold and 4,200 ounces of attributable palladium, an increase of approximately 7% for gold and 9% for palladium relative to the fourth quarter of 2022, due primarily to higher throughput and grades.

Voisey's Bay: In the fourth quarter of 2023, the Voisey's Bay mine produced 215,000 pounds of attributable cobalt, an increase of approximately 67% relative to the fourth quarter of 2022, as the transitional period between the depletion of the Ovoid open-pit and ramp-up to full production of the Voisey's Bay underground extension nears completion. Vale reports that physical completion of the Voisey's Bay underground mine extension was 92% at the end of the fourth quarter, and that the main surface assets are completed and already operating. The electromechanical assembly on the remaining surface assets are well advanced (above 60% physical progress). In the underground portion, the scope in Reid Brook is completed and the project is fully focused on Eastern Deeps. The mine development is concluded and construction is ongoing.

Other Gold: In the fourth quarter of 2023, total Other Gold attributable production was 700 ounces, a decrease of approximately 78% relative to the fourth quarter of 2022, primarily due to the closure of the Minto mine in May 2023 .

Other Silver: In the fourth quarter of 2023, total Other Silver attributable production was 1.3 million ounces, a decrease of approximately 28% relative to the fourth quarter of 2022, primarily due to the temporary suspension of attributable production from Aljustrel and the disposal of the Yauliyacu PMPA.

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 December 15, 2023 , Artemis announced that it has completed its first draw of $150 million under its $360 million project loan facility announced on March 1, 2023 , reporting that construction of Blackwater remains on track and that the funds will be allocated to continue to fund construction towards completion. On January 30, 2024 , Artemis announced that overall construction was 59% complete. On February 21, 2024 , 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.

Platreef Project: On February 26, 2024 , Ivanhoe Mines ("Ivanhoe") reported that while construction activities for the Platreef Phase 1 concentrator are on track for completion in the third quarter of 2024, hot commissioning and ramp-up of production are now anticipated for early 2025 in order to prioritize shaft development. An updated independent feasibility study ("FS") is planned for the second half of 2024 on an optimized development plan for Phase 2. The optimized development plan accelerates the development of Phase 2 at a total processing capacity of 4 Mtpa by equipping Shaft #3 for hoisting. An independent preliminary economic assessment(" PEA") is planned concurrently with the FS on a significantly larger Phase 3 expansion, once the major 8 Mtpa Shaft #2 is available for hoisting. 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 January 23, 2024 , B2Gold Corp., ("B2Gold") provided a construction update highlighting that it is progressing ahead of schedule within the mill and processing buildings, along with preparatory work for peak construction activities in the second and third quarter of 2024, with the project remaining on schedule for first gold pour in the first quarter of 2025.

Marmato Mine: On July 12, 2023 , Aris Mining Corporation ("Aris Mining") announced that they have received approval from the Corporación Autónoma Regional del Caldas ("Corpocaldas"), a regional environmental authority in Colombia , of the Environmental Management Plan ("PMA") which now permits the development of the Marmato Lower Mine. On March 6, 2024 , Aris Mining provided an update that construction at the Marmato Lower Mine has ramped up with initial access roads completed, the lead contractor for portal and decline development selected, and tenders for key items for the new processing plant underway. First gold pour is expected in late 2025.

Curipamba Project: Adventus Mining Corporation ("Adventus") announced that the El Domo – Curipamba project has been issued a favourable Certificate of No Affect of Water ( October 2, 2023 ) and the environmental license for construction and operation ( January 22, 2024 ) by the Ministry of Environment and Water of the Government of Ecuador . 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"). The start of TSF construction is a key condition precedent to commence installment payments under the precious metals purchase agreement with the Company. Adventus reports that a construction decision is expected in the second quarter of 2024, and gold-rich copper & zinc concentrate production is expected by the first quarter of 2026.

Marathon Project: The permitting process for the Marathon project continues to advance, with Generation Mining Limited ("Gen Mining") announcing on November 7, 2023 , that the province of Ontario had accepted and filed the Closure Plan, and on November 21, 2023 , Gen Mining announced that the Ministry of Natural Resources and Forestry of the province of Ontario had issued the permit to remove trees. In addition, on November 21, 2023 , Gen Mining announced the closure of the Cdn$15 million bought deal financing with a lead order of Cdn$5 million from Wheaton.

Fenix Project: On December 20, 2023 , Rio2 reported that it had been successful in being granted approval of its Environmental Impact Assessment ("EIA"), allowing Rio2 to advance the Fenix project through statutory permitting, financing, and the currently planned recommencement of construction activities during 2024.

Copper World Complex: On September 8, 2023 , Hudbay announced the results of the enhanced pre-feasibility study for Phase I of its 100%-owned Copper World project in Arizona . After receipt of two outstanding permits which are expected in mid-2024, Hudbay intends to complete a minority joint venture partner process prior to commencing a definitive feasibility study. The opportunity to sanction Copper World is not expected until 2025 based on current estimated timelines. With the results from this pre-feasibility study, Wheaton has now incorporated gold in the 2023 mineral reserves and mineral resources statement on our website.

Cangrejos Project: On October 18, 2023 , Lumina Gold Corp., ("Lumina") announced that the Cangrejos project is proceeding on schedule. Lumina has been actively executing its 2023 feasibility study drill plan with nine rigs currently at site. Lumina has signed contracts with several engineering companies for the advancement of the feasibility study. The feasibility study is expected to be completed in the first quarter of 2025. On January 18, 2024 , 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 their activities have not been affected by the recent civil disturbances that have impacted other areas in Ecuador .

Corporate Development

Mineral Park Project
On October 24, 2023 , the Company announced that it had entered into a PMPA (the "Mineral Park PMPA") with Waterton Copper in respect of silver production from the Mineral Park mine located in Arizona, USA ("Mineral Park"). Under the Mineral Park PMPA, Wheaton will purchase 100% of the payable silver from Mineral Park for the life of the mine. Under the terms of the Mineral Park PMPA, the Company is committed to pay Waterton Copper total upfront cash consideration of $115 million in four payments during construction through three installments of $25 million and a final installment of $40 million . In addition, Wheaton will make ongoing payments for the silver ounces delivered equal to 18% of the spot price of silver until the value of the silver delivered, net of the production payment, is equal to the upfront consideration of $115 million , at which point the production payment will increase to 22% of the spot price of silver. The Company has also entered into a loan agreement to provide a secured debt facility of up to $25 million to the Mineral Park owner, an affiliate of Waterton Copper, once the full upfront consideration has been paid.

Platreef, Kudz Ze Kayah & Curraghinalt Streams
On November 15, 2023 , the Company announced that it had entered into a definitive agreement with certain entities advised by Orion Resource Partners ("Orion") to acquire existing streams in respect of Ivanhoe Mines' Platreef project (the "Platreef Gold PMPA" and the "Platreef Palladium and Platinum PMPA") and BMC Minerals' Kudz Ze Kayah project (the "KZK PMPA"). In addition, the Company entered into a new PMPA for a gold stream in respect of Dalradian Gold's Curraghinalt project (the "Curraghinalt PMPA").

  • Platreef Project
    Until certain delivery thresholds have been met, in respect of the existing Platreef Gold PMPA, the Company is entitled to purchase 62.5% of the payable gold and in respect of the Platreef Palladium and Platinum PMPA, the Company is entitled to purchase 5.25% of the payable palladium and platinum, after which the percentage of payable metal will be reduced as set forth in each of the respective PMPAs 7 .
  • Kudz Ze Kayah Project
    In respect of the existing KZK PMPA, the Company is entitled to purchase staged percentages of produced gold and payable silver ranging from 6.875% to 7.375% until certain delivery thresholds have been met, at which point the percentage of produced gold and payable silver will be reduced as set forth in the KZK PMPA 8 .
  • Curraghinalt Project
    In respect of the Curraghinalt PMPA, the Company is entitled to purchase 3.05% of the payable gold until certain delivery thresholds have been met, at which point the percentage of payable gold will be reduced as set forth in the Curraghinalt PMPA 9 .

Under the agreement with Orion to purchase the Platreef and KZK PMPAs, the Company committed to pay $450 million on closing of the acquisition, with an additional $5 million contingency payment in respect of the KZK PMPA. Under the terms of the Curraghinalt PMPA, the Company paid $20 million on December 21, 2023 , with an additional $55 million to be paid during construction, subject to various customary conditions being satisfied. In addition, the Company will make ongoing payments for the precious metals delivered as set forth in the various PMPAs 10 . Closing of the Orion Purchase Agreement occurred on February 27, 2024 .

Mt Todd Royalty
On December 13, 2023 , the Company entered into a royalty agreement with Vista Australia Pty. Ltd., a subsidiary of Vista Gold Corp. ("Vista"), in relation to the Mt Todd gold project located in Northern Territory, Australia for total cash consideration of $20 million . The Company was granted a Right of First Refusal on all royalties, streams or pre-pays that include precious metals pertaining to Mt Todd. On December 18, 2023 , the Company paid the first installment payment of $3 million under the royalty agreement.

DeLamar Royalty
On February 20, 2024 , the Company purchased a 1.5% net smelter return royalty interest (the "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 installment of $4.875 million was paid on closing on March 7,2024 . The second installment is expected to be paid four months after the first installment.

Reserves and Resources (at December 31, 2023 )

  • Proven and Probable Mineral Reserves attributable to Wheaton were 15.1 million ounces of gold compared with 13.4 million ounces as reported in Wheaton's 2022 Annual Information Form ("AIF"), an increase of 12%; 484.7 million ounces of silver compared with 484.6 million ounces, unchanged; 0.90 million ounces palladium compared with 0.60 million ounces, an increase of 49%; 0.52 million ounces of platinum compared with 0.18 million ounces, an increase of 192%; and 33.3 million pounds of cobalt compared to 33.2 million pounds, a decrease of 3%. On a GEO 5 basis, total Proven and Probable Mineral Reserves for all metals attributable to Wheaton were 21.6 million ounces compared to 19.6 million ounces, an increase of 10%.
  • Measured and Indicated Mineral Resources attributable to Wheaton were 7.0 million ounces of gold compared with 5.5 million ounces as reported in Wheaton's 2022 AIF, an increase of 28%; 714.6 million ounces of silver compared with 673.0 million ounces, an increase of 6%; 0.12 million ounces of palladium compared with 0.09 million ounces, an increase of 36%; 0.09 million ounces of platinum compared with 0.08 million ounces, an increase of 16%; and 1.2 million pounds of cobalt compared with 1.5 million pounds, a decrease of 24%. On a GEO 5 basis, total Measured and Indicated Mineral Resources for all metals attributable to Wheaton were 15.4 million ounces compared with 13.3 million ounces, an increase of 15%.
  • Inferred Mineral Resources attributable to Wheaton were 5.1 million ounces of gold compared with 4.6 million ounces as reported in Wheaton's 2022 AIF, an increase of 10%; 307.8 million ounces of silver compared with 326.3 million ounces, a decrease of 6%, 0.37 million ounces of palladium compared with 0.35 million ounces, an increase of 4%; 0.04 million ounces of platinum compared with 0.01 million ounces, an increase of 173%; and 7.2 million pounds of cobalt compared with 7.8 million pounds, a decrease of 7%. On a GEO 5 basis, total Inferred Mineral Resources for all metals attributable to Wheaton were 8.9 million ounces compared with 8.6 million ounces, an increase of 3%.

Estimated attributable reserves and resources contained in this press release are based on information available to the Company as of March 8, 2024 , and therefore will not reflect updates, if any, after that date. Updated reserves and resources data incorporating year-end 2023 estimates will also be included in the Company's 2023 Annual Information Form. Wheaton's most current attributable reserves and resources, as of December 31, 2023 , can be found on the Company's website at www.wheatonpm.com .

Sustainability

Ratings & Awards:

  • Subsequent to the quarter, on January 17, 2024 , the Company announced that it has ranked 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:

  • Subsequent to the quarter, 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 funding will support technical training and cooperation between individual health care units and relevant agencies. Through the program, equipment and furniture will be delivered to the facilities providing health care services. This initiative also looks to enhance the social protection networks among various participating agencies. 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 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.

Declaration of Dividend and Transition to Progressive Dividend Policy

The Company has revised its dividend policy, transitioning from distributing 30% of the average of the previous four quarters' operating cash flows to shareholders, to adopting a progressive dividend policy marked by an increase in our 2024 annual dividend. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.

On March 14, 2024 , the Board of Directors declared a dividend in the amount of $0.155 per common share, with this dividend being payable to shareholders of record on April 3, 2024 and is expected to be distributed on or about April 15, 2024 . The Company has implemented a dividend reinvestment plan ("DRIP") whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares based on the Average Market Price, as defined in the DRIP.

2024 and Long-Term Production Outlook Using Updated 2024 Commodity Price Assumptions

It is important to note that as gold outperformed all other metals during 2023, the assumed metal prices for 2024 results in lower gold equivalency calculations 1 in 2024 compared to 2023.

Metal

2023
Actual
Production 1,5

2024
Production
Guidance 5

2028
Target
Production
Guidance 5

2029-2033
Average Annual
Production
Guidance 5

Gold Ounces

374,585

325,000 to 370,000



Silver Ounces ('000s)

17,176

18,500 to 20,500



Other Metals (GEOs 5 )

12,275

12,000 to 15,000



Gold Equivalent Ounces 5,11

584,389

550,000 to 620,000

Over 800,000

Over 850,000

2024 and long-term GEOs based on $2,000 / oz gold, $23 / oz silver, $1,000 / oz palladium, $950 / oz platinum, and $13 / lb cobalt.

In 2024, GEO 5 production is forecast to be consistent with levels achieved in 2023, as expected stronger attributable production from Peñasquito and Voisey's Bay is forecast to be offset by lower production from Salobo, the suspension of operations at Minto , and the temporary halting of production at Aljustrel. Attributable production is forecast to increase at Peñasquito as a result of uninterrupted operations, and at Voisey's Bay due to the ongoing transition from the Ovoid pit to the underground mines. Attributable production is forecast to decrease slightly at Salobo due to lower grades as per the mine plan, which are expected to partially offset increasing throughput as the Salobo III expansion project continues toward completion. In addition, the Company anticipates production from the Blackwater project to commence in the fourth quarter of 2024.

On May 13, 2023 , it was announced that operations at the Minto Mine had been suspended, and the Yukon Government had assumed care and control of the site. On September 12, 2023 , it was announced that as a result of low zinc prices, the production of zinc and lead concentrates at the Aljustrel Mine would be halted from September 24, 2023 , until the second quarter of 2025. Combined, the removal of production from Minto and Aljustrel accounts for a 25,000 GEO 5 reduction in 2024 production guidance.

Long-Term Production Outlook

Historically, Wheaton has provided 5 and 10-year averages for its long-term guidance, however, the Company has elected to introduce a 5-year target (2028), in addition to an annual average for years 6 through 10 (i.e. 2029-2033), with a goal of providing increased granularity and further transparency of our expected growth trajectory.

Production is forecast to increase by approximately 40% over the next five years to over 800,000 GEOs 5 by 2028, primarily due to growth from Operating assets including Salobo, Antamina, Peñasquito, Voisey's Bay and Marmato; Development projects which are in-construction and/or permitted including Blackwater, Platreef, Goose, Mineral Park, Fenix, Curipamba and Santo Domingo ; and Pre-development projects including Marathon and Copper World, for which production is anticipated towards the latter end of the five-year forecast period.

From 2029 to 2033, attributable production is forecast to average over 850,000 GEOs 5 in the five-year period and incorporates additional incremental production from pre-development assets including Cangrejos, Kudz ze Kayah, Curraghinalt, Victor and Kutcho projects, in addition to the Brewery Creek, Black Pine and Mt. Todd royalties.

Not included in Wheaton's long-term forecast and instead classified as 'optionality', includes potential future production from Pascua Lama , Navidad, Toroparu, Cotabambas, Metates, DeLamar and additional expansions at Salobo outside of the Salobo III mine expansion project.

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, March 15, 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:

Dial toll free from Canada or the US:             1-888 664-6383
Dial from outside Canada or the US:             1-416-764-8650
Pass code:                                                      768302#
Live audio webcast: Webcast Link

Participants should dial in five to ten minutes before the call.

The conference call will be recorded and available until March 22, 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:                                                      768302#
Archived audio webcast: Webcast Link

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 and Ryan Ulansky , P.Eng., Vice President, Engineering, for Wheaton Precious Metals 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.

Consolidated Statements of Earnings



Years Ended December 31

(US dollars and shares in thousands, except per share amounts)


2023

2022

Sales


$

1,016,045

$

1,065,053

Cost of sales






Cost of sales, excluding depletion


$

228,171

$

267,621

Depletion



214,434


231,952

Total cost of sales


$

442,605

$

499,573

Gross margin


$

573,440

$

565,480

General and administrative expenses



38,165


35,831

Share based compensation



22,744


20,060

Donations and community investments



7,261


6,296

Impairment reversal of mineral stream interests



-


(8,611)

Earnings from operations


$

505,270

$

511,904

Gain on disposal of mineral stream interests



5,027


155,868

Other income (expense)



34,271


7,449

Earnings before finance costs and income taxes


$

544,568

$

675,221

Finance costs



5,510


5,586

Earnings before income taxes


$

539,058

$

669,635

Income tax expense



1,414


509

Net earnings


$

537,644

$

669,126

Basic earnings per share


$

1.187

$

1.482

Diluted earnings per share


$

1.186

$

1.479

Weighted average number of shares outstanding






Basic



452,814


451,570

Diluted



453,463


452,344

Consolidated Balance Sheets


As at
December 31

As at
December 31

(US dollars in thousands)

2023

2022

Assets





Current assets





Cash and cash equivalents

$

546,527

$

696,089

Accounts receivable


10,078


10,187

Cobalt inventory


1,372


10,530

Income taxes receivable


5,935


-

Other


3,499


3,287

Total current assets

$

567,411

$

720,093

Non-current assets





Mineral stream interests

$

6,122,441

$

5,707,019

Early deposit mineral stream interests


47,093


46,092

Mineral royalty interests


13,454


6,606

Long-term equity investments


246,678


256,095

Property, plant and equipment


7,638


4,210

Other


26,470


19,791

Total non-current assets

$

6,463,774

$

6,039,813

Total assets

$

7,031,185

$

6,759,906

Liabilities





Current liabilities





Accounts payable and accrued liabilities

$

13,458

$

12,570

Income taxes payable


-


2,763

Current portion of performance share units


12,013


14,566

Current portion of lease liabilities


604


818

Total current liabilities

$

26,075

$

30,717

Non-current liabilities





Performance share units

$

9,113

$

6,673

Lease liabilities


5,625


1,152

Deferred income taxes


232


165

Pension liability


4,624


3,524

Total non-current liabilities

$

19,594

$

11,514

Total liabilities

$

45,669

$

42,231

Shareholders' equity





Issued capital

$

3,777,323

$

3,752,662

Reserves


(40,091)


66,547

Retained earnings


3,248,284


2,898,466

Total shareholders' equity

$

6,985,516

$

6,717,675

Total liabilities and shareholders' equity

$

7,031,185

$

6,759,906

Consolidated Statements of Cash Flows



Years Ended December 31

(US dollars in thousands)


2023

2022

Operating activities






Net earnings


$

537,644

$

669,126

Adjustments for






Depreciation and depletion



215,926


233,539

Gain on disposal of mineral stream interest



(5,027)


(155,868)

Impairment reversal of mineral stream interests



-


(8,611)

Interest expense



207


91

Equity settled stock based compensation



6,438


5,846

Performance share units - expense



16,306


14,214

Performance share units - paid



(16,675)


(18,410)

Pension expense



1,122


1,033

Pension paid



(116)


-

Income tax expense (recovery)



1,414


509

Loss (gain) on fair value adjustment of share purchase warrants held



31


1,033

Investment income recognized in net earnings



(37,178)


(6,774)

Other



1,227


67

Change in non-cash working capital



1,912


1,573

Cash generated from operations before income taxes and interest


$

723,231

$

737,368

Income taxes paid



(6,192)


(171)

Interest paid



(187)


(93)

Interest received



33,957


6,320

Cash generated from operating activities


$

750,809

$

743,424

Financing activities






Credit facility extension fees


$

(859)

$

(1,357)

Share purchase options exercised



12,415


10,368

Lease payments



(691)


(800)

Dividends paid



(265,109)


(237,097)

Cash used for financing activities


$

(254,244)

$

(228,886)

Investing activities






Mineral stream interests


$

(663,528)

$

(151,929)

Early deposit mineral stream interests



(1,000)


(1,500)

Mineral royalty interest



(6,833)


-

Net proceeds on disposal of mineral stream interests



46,400


131,763

Acquisition of long-term investments



(17,447)


(22,768)

Proceeds on disposal of long-term investments



202


-

Investment in subscription rights



(4,510)


-

Dividends received



2,317


453

Other



(2,247)


(316)

Cash (used for) generated from investing activities


$

(646,646)

$

(44,297)

Effect of exchange rate changes on cash and cash equivalents


$

519

$

(197)

(Decrease) increase in cash and cash equivalents


$

(149,562)

$

470,044

Cash and cash equivalents, beginning of year



696,089


226,045

Cash and cash equivalents, end of year


$

546,527

$

696,089

Summary of Units Produced


Q4 2023

Q3 2023

Q2 2023

Q1 2023

Q4 2022

Q3 2022

Q2 2022

Q1 2022

Gold ounces produced ²









Salobo

71,778

69,045

54,804

43,677

37,939

44,212

34,129

44,883

Sudbury 3

6,256

3,857

5,818

6,203

5,270

3,437

5,289

5,362

Constancia

22,292

19,003

7,444

6,905

10,496

7,196

8,042

6,311

San Dimas 4

10,024

9,995

11,166

10,754

10,037

11,808

10,044

10,461

Stillwater 5

2,341

2,454

2,017

1,960

2,185

1,833

2,171

2,497

Other









Marmato

668

673

639

457

533

542

778

477

777 6

-

-

-

-

-

-

3,509

4,003

Minto

-

-

1,292

3,063

2,567

3,050

2,480

4,060

Total Other

668

673

1,931

3,520

3,100

3,592

6,767

8,540

Total gold ounces produced

113,359

105,027

83,180

73,019

69,027

72,078

66,442

78,054

Silver ounces produced 2









Peñasquito 7

1,036

-

1,744

2,076

1,761

2,017

2,089

2,219

Antamina

1,030

894

984

872

1,067

1,327

1,330

1,210

Constancia

836

697

420

552

655

564

584

506

Other









Los Filos

28

28

28

45

14

21

35

42

Zinkgruvan

510

785

374

632

664

642

739

577

Neves-Corvo

573

486

407

436

369

323

345

344

Aljustrel 8

-

327

279

343

313

246

292

287

Cozamin

185

165

184

141

157

179

169

186

Marmato

10

11

7

8

9

7

7

11

Yauliyacu 9

-

-

-

-

261

463

756

637

Minto

-

-

14

29

33

33

26

45

Keno Hill 10

-

-

-

-

-

-

48

20

777 6

-

-

-

-

-

-

80

91

Total Other

1,306

1,802

1,293

1,634

1,820

1,914

2,497

2,240

Total silver ounces produced

4,208

3,393

4,441

5,134

5,303

5,822

6,500

6,175

Palladium ounces produced ²









Stillwater 5

4,209

4,006

3,880

3,705

3,869

3,229

3,899

4,488

Cobalt pounds produced ²









Voisey's Bay

215

183

152

124

128

226

136

234

GEOs produced 11

174,222

154,786

146,104

144,497

142,887

153,025

155,932

164,911

Average payable rate 2









Gold

95.1 %

95.4 %

95.1 %

95.1 %

94.9 %

95.1 %

95.1 %

95.2 %

Silver

82.9 %

78.3 %

83.7 %

83.1 %

84.2 %

86.3 %

86.5 %

87.0 %

Palladium

95.9 %

93.6 %

94.1 %

96.0 %

91.7 %

95.0 %

94.6 %

92.7 %

Cobalt

93.3 %

93.3 %

93.3 %

93.3 %

93.3 %

93.3 %

93.3 %

93.3 %

GEO 11

91.5 %

90.5 %

90.6 %

89.6 %

89.6 %

90.6 %

90.7 %

91.0 %

1)

All figures in thousands except gold and palladium ounces produced.

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 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: 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; Q1 2022 - 408,000 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)

There was a temporary suspension of operations at Peñasquito due to a labour strike which ran from June 7, 2023 to October 13, 2023.

8)

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.

9)

On December 14, 2022 the Company terminated the Yauliyacu PMPA in exchange for a cash payment of $132 million.

10)

On September 7, 2022, the Company terminated the Keno Hill PMPA in exchange for $141 million of Hecla common stock.

11)

GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,850 per ounce gold; $24.00 per ounce silver; $1,800 per ounce palladium; and $18.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2023.

Summary of Units Sold


Q4 2023

Q3 2023

Q2 2023

Q1 2023

Q4 2022

Q3 2022

Q2 2022

Q1 2022

Gold ounces sold









Salobo

76,656

44,444

46,030

35,966

41,029

31,818

48,515

42,513

Sudbury 2

5,011

4,836

4,775

4,368

4,988

5,147

7,916

3,712

Constancia

19,925

12,399

9,619

6,579

6,013

6,336

7,431

10,494

San Dimas

10,472

9,695

11,354

10,651

10,943

10,196

10,633

10,070

Stillwater 3

2,314

1,985

2,195

2,094

1,783

2,127

2,626

2,628

Other









Marmato

633

792

467

480

473

719

781

401

777

-

275

153

126

785

3,098

3,629

4,388

Minto

-

-

701

2,341

2,982

2,559

2,806

3,695

Total Other

633

1,067

1,321

2,947

4,240

6,376

7,216

8,484

Total gold ounces sold

115,011

74,426

75,294

62,605

68,996

62,000

84,337

77,901

Silver ounces sold









Peñasquito

442

453

1,913

1,483

2,066

1,599

2,096

2,188

Antamina

1,091

794

963

814

1,114

1,155

1,177

1,468

Constancia

665

435

674

366

403

498

494

644

Other









Los Filos

24

30

37

34

16

24

41

42

Zinkgruvan

449

714

370

520

547

376

650

355

Neves-Corvo

268

245

132

171

80

105

167

204

Aljustrel

86

142

182

205

156

185

123

145

Cozamin

141

139

150

119

150

154

148

177

Marmato

9

11

7

7

7

8

11

8

Yauliyacu

-

-

-

-

337

1,005

817

44

Stratoni

-

-

-

-

-

-

(2)

133

Minto

-

-

7

29

23

22

21

31

Keno Hill

-

-

-

1

1

30

30

27

777

-

2

2

-

35

73

75

87

Total Other

977

1,283

887

1,086

1,352

1,982

2,081

1,253

Total silver ounces sold

3,175

2,965

4,437

3,749

4,935

5,234

5,848

5,553

Palladium ounces sold









Stillwater 3

3,339

4,242

3,392

2,946

3,396

4,227

3,378

4,075

Cobalt pounds sold









Voisey's Bay

288

198

265

323

187

115

225

511

GEOs sold 4

162,360

119,030

138,835

117,383

138,218

135,179

165,766

159,082

Cumulative payable units
PBND 5









Gold ounces

99,767

106,947

81,148

77,377

70,562

74,053

67,529

88,679

Silver ounces

1,817

1,504

1,812

2,531

2,013

2,481

2,694

2,922

Palladium ounces

6,666

5,607

6,122

5,751

5,098

5,041

6,267

5,535

Cobalt pounds

356

377

251

285

258

403

280

550

GEO 4

133,439

135,731

113,144

118,702

104,247

115,220

111,417

137,548

Inventory on hand









Cobalt pounds

88

155

310

398

633

556

582

410

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: $1,850 per ounce gold; $24.00 per ounce silver; $1,800 per ounce palladium; and $18.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2023.

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 December 31, 2023


Units
Produced²

Units
Sold

Average
Realized
Price
($'s
Per Unit)

Average
Cash Cost
($'s Per
Unit) 3

Average
Depletion
($'s Per
Unit)

Sales

Net
Earnings

Cash Flow
From
Operations

Total
Assets

Gold

















Salobo

71,778

76,656

$

2,005

$

420

$

393

$

153,717

$

91,390

$

121,491

$

2,681,419

Sudbury 4

6,256

5,011


2,023


400


1,145


10,137


2,394


8,134


262,485

Constancia

22,292

19,925


2,005


420


316


39,954


25,288


31,578


80,265

San Dimas

10,024

10,472


2,005


631


279


20,999


11,479


14,395


144,722

Stillwater

2,341

2,314


2,005


352


510


4,640


2,645


3,826


211,469

Other 5

668

633


2,005


350


527


1,269


714


1,047


603,689


113,359

115,011

$

2,006

$

437

$

405

$

230,716

$

133,910

$

180,471

$

3,984,049

Silver

















Peñasquito

1,036

442

$

23.87

$

4.43

$

4.06

$

10,547

$

6,794

$

8,589

$

276,232

Antamina

1,030

1,091


23.87


4.73


7.06


26,043


13,190


20,887


519,530

Constancia

836

665


23.87


6.20


6.24


15,879


7,601


11,755


179,583

Other 6

1,306

977


23.55


4.82


3.22


22,996


15,138


18,909


582,113


4,208

3,175

$

23.77

$

5.02

$

5.29

$

75,465

$

42,723

$

60,140

$

1,557,458

Palladium

















Stillwater

4,209

3,339

$

1,070

$

198

$

445

$

3,574

$

1,426

$

2,912

$

220,667

Platinum

















Marathon

-

-

$

n.a.

$

n.a.

$

n.a.

$

-

$

-

$

-

$

9,451

Cobalt

















Voisey's Bay

215

288

$

12.92

$

3.14 ⁷

$

12.80

$

3,716

$

(871)

$

2,016

$

350,816

Operating results








$

313,471

$

177,188

$

245,539

$

6,122,441

Other















General and administrative










$

(9,244)

$

(6,490)



Share based compensation











(6,527)


-



Donations and community investments











(2,208)


(2,143)



Finance costs












(1,371)


(1,083)



Other











7,311


7,351



Income tax












3,286


(948)



Total other









$

(8,753)

$

(3,313)

$

908,744












$

168,435

$

242,226

$

7,031,185

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, 777, Santo Domingo, Fenix, Blackwater, Curipamba, Marathon, Goose, Cangrejos and Curraghinalt gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.

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, 777, Navidad, Blackwater, Curipamba and Mineral Park silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the second quarter of 2025.

7)

Cash cost per pound of cobalt sold during the fourth quarter of 2023 was net of a previously recorded inventory write-down of $0.02 million, resulting in a decrease of $0.08 per pound of cobalt sold. The inventory which was written down in 2022 was fully sold during 2023, and no further inventory write down was required during 2023. The Company reflects the cobalt inventory at the lower of cost and net realizable value, and will continue to monitor the market price of cobalt relative to the carrying value of the inventory at each reporting period.

On a gold equivalent basis, results for the Company for the three months ended December 31, 2023 were as follows:

Three Months Ended December 31, 2023


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

174,222

162,360

$    1,931

$    417

$    1,514

$    422

$    1,092

1)

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.

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: $1,850 per ounce gold; $24.00 per ounce silver; $1,800 per ounce palladium; and $18.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2023.

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

$

1,727

$

416

$

334

$

70,878

$

-

$

40,110

$

53,800

$

2,383,262

Sudbury 5

5,270

4,988


1,712


400


1,092


8,538


-


1,095


7,809


283,416

Constancia

10,496

6,013


1,727


416


271


10,388


-


6,255


7,885


95,583

San Dimas

10,037

10,943


1,727


624


260


18,903


-


9,231


12,071


155,865

Stillwater

2,185

1,783


1,727


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


69,027

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

1,067

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

1,820

1,352


22.15


6.19


5.03


29,953


51,443


66,228


20,283


453,096


5,303

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)

$

(6,385)



Share based compensation













(8,474)


-



Donations and community investments













(2,916)


(2,729)



Finance costs














(1,377)


(1,028)



Other













4,000


4,073



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 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)

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 as well as the non-operating Stobie and Victor gold interests.

6)

Other gold interests comprised of the operating Minto and Marmato gold interests as well as the non-operating 777, Copper World, Santo Domingo, Blackwater, Fenix, Goose, Marathon and Curipamba gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.

7)

Other silver interests 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, Blackwater and Curipamba silver interests and the previously owned Yauliyacu silver interest. The Stratoni mine was placed into care and maintenance during Q4-2021. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the second quarter of 2025. On 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 write-down of $1.6 million, resulting in an increase of $8.71 per pound of cobalt sold. The Company reflects the cobalt inventory at the lower of cost and net realizable value, and will continue to monitor the market price of cobalt relative to the carrying value of the inventory at each reporting period.

On a gold equivalent basis, results for the Company for the three months ended December 31, 2022 were as follows:

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

142,887

138,218

$    1,708

$    447

$    1,261

$    384

$    877

1)

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.

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: $1,850 per ounce gold; $24.00 per ounce silver; $1,800 per ounce palladium; and $18.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2023.

Year Ended December 31, 2023


Units
Produced²

Units
Sold

Average
Realized
Price
($'s
Per Unit)

Average
Cash Cost
($'s Per
Unit) 3

Average
Depletion
($'s Per
Unit)

Sales

Gain on
Disposal 4

Net
Earnings

Cash Flow
From
Operations

Total
Assets

Gold



















Salobo

239,304

203,096

$

1,969

$

420

$

354

$

399,936

$

-

$

242,676

$

314,555

$

2,681,419

Sudbury 5

22,134

18,990


1,971


400


1,102


37,432


-


8,905


29,554


262,485

Constancia

55,644

48,522


1,972


419


316


95,672


-


60,039


75,357


80,265

San Dimas

41,939

42,172


1,960


628


264


82,656


-


45,014


56,157


144,722

Stillwater

8,772

8,588


1,961


348


510


16,842


-


9,470


13,853


211,469

Other 6

6,792

5,968


1,942


1,037


209


11,593


-


4,152


5,137


603,689


374,585

327,336

$

1,968

$

455

$

382

$

644,131

$

-

$

370,256

$

494,613

$

3,984,049

Silver



















Peñasquito

4,856

4,291

$

23.66

$

4.43

$

4.06

$

101,514

$

-

$

65,062

$

82,504

$

276,232

Antamina

3,780

3,662


23.72


4.70


7.06


86,855


-


43,814


69,652


519,530

Constancia

2,505

2,140


23.79


6.17


6.24


50,913


-


24,352


37,716


179,583

Other 7

6,035

4,233


23.47


5.41


2.92


99,312


5,027


69,106


74,272


582,113


17,176

14,326

$

23.64

$

5.05

$

4.82

$

338,594

$

5,027

$

202,334

$

264,144

$

1,557,458

Palladium



















Stillwater

15,800

13,919

$

1,329

$

241

$

441

$

18,496

$

-

$

8,991

$

15,135

$

220,667

Platinum



















Marathon

-

-

$

n.a.

$

n.a.

$

n.a.

$

-

$

-

$

-

$

-

$

9,451

Cobalt



















Voisey's Bay

673

1,074

$

13.81

$

3.30 ⁸

$

13.41

$

14,824

$

-

$

(3,114)

$

15,071

$

350,816

Operating results








$

1,016,045

$

5,027

$

578,467

$

788,963

$

6,122,441

Other

















General and administrative












$

(38,165)

$

(36,025)



Share based compensation













(22,744)


(16,675)



Donations and community investments













(7,261)


(7,039)



Finance costs














(5,510)


(4,230)



Other













34,271


32,007



Income tax














(1,414)


(6,192)



Total other











$

(40,823)

$

(38,154)

$

908,744














$

537,644

$

750,809

$

7,031,185

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)

The gain on disposal of other silver interests relates to the gain on the buyback of 33% of the Goose 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)

Other gold interests comprised of the operating Marmato gold interest as well as the non-operating Minto, Copper World, 777, Santo Domingo, Fenix, Blackwater, Curipamba, Marathon, Goose, Cangrejos and Curraghinalt gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.

7)

Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin  silver interests as well as the non-operating Stratoni, Aljustrel, Minto, Pascua-Lama, Copper World, 777, Navidad, Blackwater, Curipamba and Mineral Park silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the second quarter of 2025.

8)

Cash cost per pound of cobalt sold during the year ended December 31, 2023 was net of a previously recorded inventory write-down of $1.6 million, resulting in a decrease of $0.91 per pound of cobalt sold. The inventory which was written down in 2022 was fully sold during 2023, and no further inventory write down was required during 2023. The Company reflects the cobalt inventory at the lower of cost and net realizable value and will continue to monitor the market price of cobalt relative to the carrying value of the inventory at each reporting period.

On a gold equivalent basis, results for the Company for the year ended December 31, 2023 were as follows:

Year Ended December 31, 2023


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

619,608

537,608

$    1,890

$    424

$    1,466

$    399

$    1,067

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: $1,850 per ounce gold; $24.00 per ounce silver; $1,800 per ounce palladium; and $18.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2023.

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

19,358

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

21,999

26,316


1,811


760


48


47,653


(1,719)


24,687


27,610


494,143


285,601

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

4,934

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

8,471

6,668


21.56


6.95


5.50


143,776


166,198


226,995


96,251


453,096


23,800

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

$

28,178

$

357,573

Operating results








$

1,065,053

$

164,479

$

729,959

$

800,527

$

5,707,019

Other

















General and administrative












$

(35,831)

$

(35,073)



Share based compensation













(20,060)


(18,411)



Donations and community investments













(6,296)


(5,706)



Finance costs













(5,586)


(4,135)



Other













7,449


6,393



Income tax














(509)


(171)



Total other











$

(60,833)

$

(57,103)

$

1,052,887














$

669,126

$

743,424

$

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 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)

The gain on disposal of other silver interests relates to the termination of the Keno Hill and Yauliyacu PMPAs, 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 as well as the non-operating Stobie and Victor gold interests.

6)

Other gold interests comprised of the operating Minto and Marmato gold interests as well as the non-operating 777, Copper World, Santo Domingo, Blackwater, Fenix, Goose, Marathon and Curipamba gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.

7)

Other silver interests 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, Blackwater and Curipamba silver interests and the previously owned Yauliyacu and Keno Hill silver interests. The Stratoni mine was placed into care and maintenance during Q4-2021. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the second quarter of 2025. On September 7, 2022, the Keno Hill PMPA was terminated in exchange for $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 write-down of $1.6 million, resulting in an increase of $1.60 per pound of cobalt sold. The Company reflects the cobalt inventory at the lower of cost and net realizable value, and will continue to monitor the market price of cobalt relative to the carrying value of the inventory at each reporting period.

On a gold equivalent basis, results for the Company for the year ended December 31, 2022 were as follows:

Year 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

616,755

598,244

$    1,780

$    447

$    1,333

$    388

$    945

1)

Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.

2)

Silver ounces produced and sold in thousands.

3)

Refer to discussion on non-IFRS measure (iii) at the end of this press release.

4)

Refer to discussion on non-IFRS measure (iv) at the end of this press release.

5)

GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,850 per ounce gold; $24.00 per ounce silver; $1,800 per ounce palladium; and $18.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2023.

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
December 31

Years Ended
December 31

(in thousands, except for per share amounts)


2023


2022


2023


2022

Net earnings


$

168,435


$

166,125


$

537,644


$

669,126

Add back (deduct):













Impairment charge (reversal)



-



1,719



-



(8,611)

Gain on disposal of Mineral Stream
Interest



-



(51,443)



(5,027)



(155,868)

Gain (loss) on fair value adjustment
of share purchase warrants held



(217)



(67)



31



1,033

Income tax (expense) recovery
recognized in the Statement of
Shareholders' Equity



-



-



-



4,143

Income tax (expense) recovery
recognized in the Statement of
OCI



(3,487)



(7,214)



3,719



(6,513)

Income tax recovery related to prior
year disposal of Mineral Stream
Interest



-



(5,376)



(2,672)



2,404

Other



(162)



-



(644)



(802)

Adjusted net earnings


$

164,569


$

103,744


$

533,051


$

504,912

Divided by:













Basic weighted average number of
shares outstanding



453,010



452,070



452,814



451,570

Diluted weighted average number of
shares outstanding



453,611



452,778



453,463



452,344

Equals:













Adjusted earnings per share - basic


$

0.363


$

0.229


$

1.177


$

1.118

Adjusted earnings per share - diluted


$

0.363


$

0.229


$

1.176


$

1.116

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
December 31

Years Ended
December 31

(in thousands, except for per share amounts)


2023


2022


2023


2022

Cash generated by operating activities


$

242,226


$

172,028


$

750,809


$

743,424

Divided by:













Basic weighted average number of
shares outstanding



453,010



452,070



452,814



451,570

Diluted weighted average number of
shares outstanding



453,611



452,778



453,463



452,344

Equals:













Operating cash flow per share - basic


$

0.535


$

0.381


$

1.658


$

1.646

Operating cash flow per share - diluted


$

0.534


$

0.380


$

1.656


$

1.643

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)


2023


2022


2023


2022

Cost of sales


$

136,283


$

114,870


$

442,605


$

499,573

Less:  depletion



(68,526)



(53,139)



(214,434)



(231,952)

Cash cost of sales


$

67,757


$

61,731


$

228,171


$

267,621

Cash cost of sales is comprised of:













Total cash cost of gold sold


$

50,246


$

32,749


$

148,972


$

138,468

Total cash cost of silver sold



15,945



24,674



72,296



115,058

Total cash cost of palladium sold



662



1,213



3,360



5,687

Total cash cost of cobalt sold



904



3,095



3,543



8,408

Total cash cost of sales


$

67,757


$

61,731


$

228,171


$

267,621

Divided by:













Total gold ounces sold



115,011



68,996



327,336



293,234

Total silver ounces sold



3,175



4,935



14,326



21,570

Total palladium ounces sold



3,339



3,396



13,919



15,076

Total cobalt pounds sold



288



187



1,074



1,038

Equals:













Average cash cost of gold (per ounce)


$

437


$

475


$

455


$

472

Average cash cost of silver (per ounce)


$

5.02


$

5.00


$

5.05


$

5.33

Average cash cost of palladium (per ounce)


$

198


$

357


$

241


$

377

Average cash cost of cobalt (per pound)


$

3.14


$

16.52


$

3.30


$

8.10

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
December 31

Years Ended
December 31

(in thousands, except for gold and palladium ounces sold and per
unit amounts)


2023


2022


2023


2022

Gross margin


$

177,188


$

121,181


$

573,440


$

565,480

Add back:  depletion



68,526



53,139



214,434



231,952

Cash operating margin


$

245,714


$

174,320


$

787,874


$

797,432

Cash operating margin is comprised of:













Total cash operating margin of gold sold


$

180,470


$

86,302


$

495,159


$

391,230

Total cash operating margin of silver sold



59,520



81,501



266,298



355,945

Total cash operating margin of palladium sold



2,912



5,373



15,136



26,473

Total cash operating margin of cobalt sold



2,812



1,144



11,281



23,784

Total cash operating margin


$

245,714


$

174,320


$

787,874


$

797,432

Divided by:













Total gold ounces sold



115,011



68,996



327,336



293,234

Total silver ounces sold



3,175



4,935



14,326



21,570

Total palladium ounces sold



3,339



3,396



13,919



15,076

Total cobalt pounds sold



288



187



1,074



1,038

Equals:













Cash operating margin per gold ounce sold


$

1,569


$

1,250


$

1,513


$

1,334

Cash operating margin per silver ounce sold


$

18.75


$

16.52


$

18.59


$

16.51

Cash operating margin per palladium ounce sold


$

872


$

1,582


$

1,088


$

1,756

Cash operating margin per cobalt pound sold


$

9.78


$

6.10


$

10.51


$

22.90

1) Cash cost per pound of cobalt sold during the fourth quarter of 2023 was net of a previously recorded inventory write-down of $0.02 million (twelve months - $1.6 million), resulting in a decrease of $0.08 per pound of cobalt sold (twelve months - $0.91 per pound sold). Cash cost per pound of cobalt sold during the fourth quarter of 2022 includes an inventory write-down of $1.6 million (twelve months - $1.6 million), resulting in an increase of $8.71 per pound sold (twelve months - $1.60 per pound sold).

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 draft legislation issued for consultation by the Canadian Federal Government on August 4, 2023 that would apply to the income of the Company's non-Canadian subsidiaries 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, 2022 , which was filed on March 31, 2023 and other continuous disclosure documents filed by Wheaton since January 1, 2023 , 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 non-IFRS measures at the end of this press release. Dividends declared in the referenced calendar quarter, relative to the financial results of the prior quarter. Details of the dividend can be found in the Wheaton's news release date March 14, 2024, titled "Wheaton Precious Metals Declares Quarterly Dividend."
2 Statements made in this section contain forward-looking information with respect to forecast production, funding outstanding commitments and continuing to acquire accretive mineral stream interests 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 ounces for 2023 actual production and sales are calculated by converting silver, palladium and cobalt to a gold equivalent by using the following commodity price assumptions: $1,850 per ounce gold, $24 per ounce silver, $1,800 per ounce palladium, $1,100 per ounce platinum and $18.75 per pound cobalt.
4Source: 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.
5Gold equivalent forecast production for 2024 and the longer-term outlook are based on the following updated 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.
6Total streaming and royalty agreements relate to 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.
7Under the Platreef PMPA, Wheaton International will be entitled to purchase 62.5% of the payable gold until a total of 218,750 oz of gold has been delivered to Wheaton International under the gold stream, at which point Wheaton International will be entitled to purchase 50% of the payable gold production until a total of 428,300 oz of gold has been delivered to Wheaton International under the gold stream, at which point Wheaton International will be entitled to purchase 3.125% of the payable gold production. If certain thresholds are met, including if production through the Platreef project concentrator achieves 5.5 Mtpa, the 3.125% residual gold stream will terminate.  Under the Platreef Gold PMPA, Sandstorm Gold Ltd. (which acquired Nomad Royalty Ltd. on August 15, 2022) ("Sandstorm") is entitled to purchase 37.5% of payable gold. The decrease in the percentage of payable metal that Wheaton International will be entitled to purchase is conditional on delivery of the total amount of payable metal to all purchasers (Wheaton International and Sandstorm combined). The values set out herein pertain only to Wheaton International's share of the payable gold. In addition, under the Platreef Project Stream, Wheaton International will purchase 5.25% of the payable palladium and platinum until a total of 350,000 oz of combined palladium and platinum have been received, at which point the stream will be reduced to 3.0% of the payable palladium and platinum production until 485,115 oz have been delivered, at which point the stream will be reduced to 0.1% of the payable palladium and platinum production if certain conditions are met.
8Under the KZK PMPA, the Company will be entitled to purchase: until 330,000 ounces of gold and 43,300,000 silver are produced and delivered, staged percentages of produced gold and produced silver ranging from 6.875% to 7.375% depending on the timing of such deliveries, reducing to a range of 5.625% to 6.125% until a further 59,800 ounces of gold and 7,958,000 ounces of silver are produced and delivered, further reducing to a range of 5.000% to 5.500% until a further 270,200 ounces of gold and 35,342,000 ounces of silver are produced and delivered (for a total of 660,000 ounces of gold and 86,600,000 ounces of silver), and thereafter ranging between 6.25% and 6.75%.
9Under the Curraghinalt Stream, Wheaton International will purchase 3.05% of the payable gold until 125,000 oz of gold has been delivered, at which point the stream will be reduced to 1.5% of the payable gold production for life of mine.
10Under the Platreef Gold PMPA, Wheaton International will make ongoing payments for the gold ounces delivered equal to $100/oz until a total of 428,300 oz of gold have been delivered, increasing to 80% of the spot price of gold thereafter. Under the Platreef Palladium and Platinum PMPA, Wheaton International will make ongoing payments for the palladium and platinum ounces delivered equal to 30% of the respective spot prices until 485,115 combined ounces have been received, increasing to 80% of the spot price of palladium and platinum thereafter. Under the KZK PMPA, Wheaton will make ongoing payments for the gold and silver ounces delivered equal to 20% of the spot gold and silver price. Under the Curraghinalt PMPA, Wheaton International will make ongoing payments for the gold ounces delivered equal to 18% of the spot price of gold until the uncredited deposit is reduced to nil and 22% of the spot price of gold thereafter.
11To aid the reader for purposes of comparison, the Company's production guidance using 2023 commodity price assumptions for gold equivalency calculations, which are based on $1,850 / oz gold, $24 / oz silver, $1,800 / oz palladium, $1,100 / oz platinum, and $18.75 / lb cobalt, are as follows: 2024 production guidance: 585,000 to 670,000 GEOs, 2028 Target Production Guidance: Over 850,000 GEOs, and 2029-2033 Average Annual Production Guidance: Over 900,000 GEOs.


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SOURCE Wheaton Precious Metals Corp.

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Maple Gold Mines: Advancing the Douay Gold Project in Quebec’s Abitibi Greenstone Belt

Maple Gold Mines (TSXV:MGM,OTCQB:MGMLF,FSE:M3G) has launched its campaign on the Investing News Network’s resource channel.

Maple Gold Mines is an advanced gold company developing its flagship Douay gold project located in Quebec’s Abitibi Greenstone Belt. The Douay property hosts an NI 43-101 resource of 422,000 indicated ounces of gold including 8.6 Mt grading 1.52 g/t gold and 2.35 million inferred ounces including 71.2 Mt grading 1.03 g/t gold. The Douay resource is the third-largest undeveloped gold resource in the province of Quebec.

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Brightstar logo

Analyst Deems Brightstar Resources an Active Agitator Amid “Waiting Game” in WA Gold Fields

Description:

Far East Capital analyst Warwick Grigor breaks down a compelling narrative of why Brightstar Resources ‘stands out from the pack.’

While most operators in the Western Australian goldfields wait patiently by filling up their plants with their own ore, and getting it relegated to the back of the queue, Brightstar Resources (ASX:BTR) refused to be part of the waiting game.

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Gold bull jumping.

How High Can the Gold Price Go? Mining Billionaires Share Big Predictions

The gold price has hit record levels in 2024, leaving investors wondering just how high it can go.

During a recent webinar presented by the Mining Network, host Simon Catt, asset management director at Arlington Group, was joined by a group of industry veterans who gave their thoughts on where gold and silver may be going.

The group was comprised of Eric Sprott, founder of Sprott Securities and Sprott Asset Management; Franco-Nevada (TSX:FNV,NYSE:FNV) founder and Chair Emeritus Pierre Lassonde; Ned Naylor-Leyland, gold and silver fund manager at Jupiter Asset Management; Luke Gromen, founder of macroeconomic research firm Forest for the Trees; and Michael Oliver, founder and CEO of technical research firm Momentum Structural Analysis.

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Trojan Gold Inc. Announces Non-Brokered Private Placement

Trojan Gold Inc. (CSE: TGII) (the "Company" or "Trojan") is pleased to announce a private placement financing consisting of the sale of up to 10,000,000 units (the "Units") and 5,000,000 flow-through units (the "FT Units") in the capital of the Company at a price of CDN$0.05 per Unit and CDN$0.10 per FT Unit for aggregate gross proceeds of a minimum of CDN$350,000 and a maximum of CDN$1,000,000 (the "Offering").

Each Unit will consist of one common share (a "Common Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Unit Warrant"). Each Unit Warrant will entitle the holder thereof to purchase one Common Share in the capital of the Company for a price of CDN$0.08 for a period of 24 months from the date of the closing, subject to acceleration of the expiry date upon the occurrence of certain events.

News Provided by Newsfile via QuoteMedia

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MONTAGE GOLD ANNOUNCES NOTICE OF ANNUAL GENERAL MEETING ALONG WITH PROPOSED DIRECTOR NOMINEES

Montage Gold Corp. ("Montage" or the "Company") (TSXV: MAU) (OTCQX: MAUTF) announces that it will hold its Annual General and Special Meeting (the "Meeting") on Friday, June 7, 2024 . The Notice of Meeting and Management Information Circular relating to the meeting has been mailed to shareholders and has been filed under the Company's profile at www.sedarplus.ca .

Montage Gold logo (CNW Group/Montage Gold Corp.)

The proposed slate of director nominees will consist of six individuals: Ron Hochstein , Richard P. Clark , Anu Dhir, David Field , Alessandro Bitelli and Martino De Ciccio . If elected, Ron Hochstein will be proposed as the Chair of the Board replacing Peter Mitchell who is not standing for re-election. In addition, Sasha Bukacheva and Hugh Stuart will not be standing for re-election as directors. With the successful transition of the previously announced new management team complete, Hugh Stuart , Kevin Ross , and Adam Spencer will be stepping down from their executive positions over the coming weeks.

Ron Hochstein , proposed Chair of the Board commented: "I would like to thank Peter Mitchell for his contributions and leadership during his time as Chair of the Board. I would also like to thank Sasha and Hugh for their contributions to the board during their tenure as directors. I also extend my gratitude to Hugh, Kevin, and Adam for their assistance during this transition phase for the Company as well as their significant contributions to the success of Montage over the years."

Shareholders as of the record date of April 26, 2024 , will be eligible to vote at the Meeting. Shareholders are encouraged to vote by proxy, which must be received by Endeavor Trust by 10:00 a.m. , Vancouver Time on Wednesday, June 5, 2024 .

Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Montage Gold Corp. (TSXV: MAU) is a Canadian-listed company focused on becoming a premier multi-asset African gold producer, with its flagship Koné project, located in Côte d'Ivoire, at the forefront. Based on the Feasibility Study published in 2024, the Koné project ranks as one of the highest quality gold projects in Africa with a long 16-year mine life, low AISC of $998 /oz over its life of mine, and sizeable annual production of +300koz of gold over the first 8 years. Over the course of 2024, the Montage management team will be leveraging their extensive track record in developing projects in Africa to progress the Koné project towards an investment decision, thereby unlocking significant value for all its stakeholders.

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking information and forward-looking statements within the meaning of Canadian securities legislation (collectively, "Forward-looking Statements"). All statements, other than statements of historical fact, constitute Forward-looking Statements. Words such as "will", "intends", "proposed" and "expects" or similar expressions are intended to identify Forward-looking Statements. Forward looking Statements in this press release include statements related to the use of proceeds from the Offering; the final acceptance of the TSX Venture Exchange; the Company's mineral reserve and mineral resource estimates; the timing and amount of future production from the Koné project; expectations with respect AISC of the Koné project; anticipated mine life of the Koné project; and expected recoveries and grades of the Koné project. Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties inherent in the preparation of mineral reserve and resource estimates and definitive feasibility studies such as the Mineral Reserve Estimate and the UFS, including but not limited to, assumptions underlying the production estimates not being realized, incorrect cost assumptions, unexpected variations in quantity of mineralized material, grade or recovery rates, unexpected changes to geotechnical or hydrogeological considerations, unexpected failures of plant, equipment or processes, unexpected changes to availability of power or the power rates, failure to maintain permits and licenses, higher than expected interest or tax rates, adverse changes in project parameters, unanticipated delays and costs of consulting and accommodating rights of local communities, environmental risks inherent in the Côte d'Ivoire, title risks, including failure to renew concessions, unanticipated commodity price and exchange rate fluctuations, risks relating to COVID-19, delays in or failure to receive access agreements or amended permits, and other risk factors set forth in the Company's 2023 AIF under the heading "Risk Factors". The Company undertakes no obligation to update or revise any Forward-looking Statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Montage to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any Forward-looking Statement. Any Forward-looking Statements contained in this press release are expressly qualified in their entirety by this cautionary statement.

NON-GAAP MEASURES

This press release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"), including cash costs and AISC (or "all-in sustaining costs") per payable ounce of gold sold and per tonne processed and mining, processing and operating costs reported on a unit basis. Non-GAAP measures do not have any standardized meaning prescribed under IFRS and, therefore, they may not be comparable to similar measures employed by other companies. The Company discloses "cash costs" and "all-in sustaining costs" and other unit costs because it understands that certain investors use this information to determine the Company's ability to generate earnings and cash flows for use in investing and other activities. The Company believes that conventional measures of performance prepared in accordance with IFRS, do not fully illustrate the ability of mines to generate cash flows. The measures, as determined under IFRS, are not necessarily indicative of operating profit or cash flows from operating activities. The measures cash costs and all-in sustaining costs and unit costs are considered to be key indicators of a project's ability to generate operating earnings and cash flows. Non-GAAP financial measures should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of operating costs, operating profit or cash flows presented under IFRS. Readers should also refer to our management's discussion and analysis, available under our corporate profile at www.sedarplus.ca for a more detailed discussion of how we calculate such measures.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/montage-gold-announces-notice-of-annual-general-meeting-along-with-proposed-director-nominees-302148393.html

SOURCE Montage Gold Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2024/17/c6524.html

News Provided by Canada Newswire via QuoteMedia

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Impact Minerals

Impact funded to complete Pre-Feasibility Study at the Lake Hope High Purity Alumina Project, WA

Impact Minerals Limited (ASX:IPT) (Company) is pleased to advise that it has received firm commitments from sophisticated investors for a strategic placement (Placement) to raise A$3,000,000 (before costs) via the issue of 150,000,000 fully paid ordinary shares (Placement Shares) in the capital of the Company (Shares) at an issue price of A$0.02 per Placement Share. For every three Placement Shares subscribed for, one free-attaching option will be issued with an exercise price of $0.027 per option and an expiry date that is 15 months after the date of issue (Placement Options).

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John Feneck, gold bars.

John Feneck: Gold, Silver, Copper, Uranium — 10 Stocks I'm Watching Now

John Feneck, partner and portfolio manager at Feneck Consulting, shared his thoughts on gold, silver, copper and uranium, outlining his outlook for these commodities and stocks he's currently watching.

Starting with gold, he said he thinks it's proven itself as a safe-haven asset, with more "smart money" now getting involved. At the same time, he sees gold-mining companies starting to put on positive performances.

"We're off to the races in gold producers in terms of doing well at the earnings level, and that gets the attention of big money ... (and) that's what's needed to generate more interest in the space," Feneck said.

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