TSX | NYSE | LSE: WPM
Designated News Release
THIRD QUARTER
2021 FINANCIAL RESULTS
VANCOUVER, BC, Nov. 4,
2021 /CNW/ - "Wheaton's diversified portfolio of
high-quality, long-life assets continues to deliver strong results,
including record revenue, earnings and cash flow in the first nine
months of 2021. In addition, the Company declared a dividend of
$0.15 per common share, a 25%
increase relative to the prior year," said Randy Smallwood, President and Chief Executive
Officer of Wheaton Precious Metals. "Strong year to date
production, particularly driven by silver, has led the Company to
narrow its annual guidance to 735,000 to 765,000 gold equivalent
ounces, consistent with the previous midpoint of
guidance."
Third Quarter 2021 Highlights:
- Over $200 million in
operating cash flow during the third quarter and a record
$650 million in the first nine months
of 2021.
- $269 million in revenue
during the third quarter and a record $923
million in the first nine months of 2021.
- $137 million in adjusted
net earnings during the third quarter and a record $460 million in the first nine months of
2021.
- Signed a non-binding term sheet with Rio2 Limited to
enter into a precious metals purchase agreement in connection with
the Fenix Gold project located in Chile.
- Strong financial position with approximately $372 million in cash on hand and $2 billion of additional capacity through the
revolving credit facility as of September
30, 2021.
- Declared quarterly
dividend1 of $0.15 per common share.
Operational Overview
(all figures in US
dollars unless otherwise noted)
|
|
Q3 2021
|
|
Q3 2020
|
Change
|
Units produced
|
|
|
|
|
|
Gold ounces
|
|
85,941
|
|
90,500
|
(5.0)%
|
Silver
ounces
|
|
6,394
|
|
6,028
|
6.1 %
|
Palladium
ounces
|
|
5,105
|
|
5,444
|
(6.2)%
|
Cobalt
pounds
|
|
370,522
|
|
-
|
n.a.
|
Gold equivalent ounces
2
|
|
184,918
|
|
181,184
|
2.1 %
|
Units sold
|
|
|
|
|
|
Gold ounces
|
|
67,649
|
|
90,101
|
(24.9)%
|
Silver
ounces
|
|
5,487
|
|
4,999
|
9.8 %
|
Palladium
ounces
|
|
5,703
|
|
5,546
|
2.8 %
|
Cobalt
pounds
|
|
131,174
|
|
-
|
n.a.
|
Gold equivalent ounces
2
|
|
152,432
|
|
166,611
|
(8.5)%
|
Revenue
|
$
|
268,957
|
$
|
307,268
|
(12.5)%
|
Net earnings
|
$
|
134,937
|
$
|
149,875
|
(10.0)%
|
Per share
|
$
|
0.300
|
$
|
0.334
|
(10.2)%
|
Adjusted net earnings 1
|
$
|
137,087
|
$
|
152,007
|
(9.8)%
|
Per share
1
|
$
|
0.304
|
$
|
0.338
|
(10.1)%
|
Operating cash flows
|
$
|
201,287
|
$
|
228,099
|
(11.8)%
|
Per share
1
|
$
|
0.447
|
$
|
0.508
|
(12.0)%
|
All amounts in thousands except gold, palladium &
gold equivalent ounces and cobalt pounds produced & sold, per
ounce/pound amounts & per share amounts.
|
Reiterating Gold Equivalent Production Guidance
Wheaton's estimated attributable production in 2021 is now
forecast to be approximately 735,000 to 765,000 gold equivalent
ounces2 ("GEOs") in line with previous guidance of
720,000 to 780,000 GEOs. However, given strong performances at
Peñasquito, Antamina and Voisey's Bay, coupled with production
being lower than expected at Salobo, Wheaton is adjusting the
production mix by metal as per the table below. Longer term
guidance remains unchanged at an average production of 810,000
GEOs for the five-year period ending 2025 and 830,000 GEOs for the
ten-year period ending in 20303.
|
Updated
Guidance
|
Original
Guidance
|
Gold
Ounces
|
330,000 to
345,000
|
370,000 to
400,000
|
Silver
Ounces('000s)
|
25,500 to
26,500
|
22,500 to
24,000
|
Other
Metals2(GEOs)
|
45,000 to
55,000
|
40,000 to
45,000
|
Total
GEOs2
|
735,000 to
765,000
|
720,000 to
780,000
|
Corporate Development
Fenix Gold Project: On
July 20, 2021, the Company signed a
non-binding term sheet with Rio2 Limited ("Rio2") to enter into a
precious metals purchase agreement ("PMPA") in connection with the
Fenix Gold project located in Chile. Under the terms of the proposed Fenix
PMPA, the Company will acquire 6% of the gold production until
90,000 ounces have been delivered and 4% of the gold production
until 140,000 ounces have been delivered, after which the stream
drops to 3.5% for the life of mine. In addition, under the proposed
Fenix PMPA, the Company will pay a total upfront cash consideration
of $50 million, $25 million of which is payable upon closing,
subject to certain conditions, and $25
million payable subject to Rio2's receipt of its
Environmental Impact Assessment for the Fenix Gold project, and
certain other conditions. In addition, the Company will make
ongoing delivery payments equal to approximately 18% of the spot
price until the value of gold delivered less the production payment
is equal to the upfront consideration of $50
million, at which point the production payment will increase
to 22% of the spot gold price. The entering into of the Fenix PMPA
is subject to, among other matters, the negotiation and completion
of definitive documentation.
Financial Review
Revenues
Revenue was
$269 million in the third quarter of
2021 representing a 12% decrease from the third quarter of 2020 due
primarily to a 9% decrease in the number of gold
equivalent² ounces sold, primarily the result of a large build-up
of payable ounces produced but not yet delivered ("PBND") at
Salobo; and a 4% decrease in the average realized gold equivalent²
price.
Cash Costs and
Margin
Average cash costs¹ in the third
quarter of 2021 were $410 per gold
equivalent² ounce as compared to $421
in third quarter of 2020.This resulted in a cash
operating margin¹ of $1,354 per gold
equivalent² ounce sold, a decrease of 5% as compared with the third
quarter of 2020.
Balance Sheet (at
September 30,
2021)
- Approximately $372 million
of cash on hand.
- The Company's $2 billion
revolving term loan (the "Revolving Facility") remains fully
repaid.
Third Quarter Asset Highlights
Salobo: In the third quarter of
2021, Salobo produced 55,200 ounces of attributable gold, a
decrease of approximately 13% relative to the third quarter of 2020
due to lower throughput and grade. On October 22, 2021, Vale S.A. ("Vale") announced
the resumption of conveyor belt operations at Salobo, that was
halted for 18 days due to a fire. Other activities, including mine
and maintenance operations, continued as usual during this period
but concentrate production was interrupted. Concentrate production
resumed on October 22, 2021 and
ramped up over a three day period. Vale further reports that
physical completion of the Salobo III mine expansion was 81% at the
end of the third quarter and is on track
for start-up in the second half of 2022.
Peñasquito: In the third
quarter of 2021, Peñasquito produced 2.2 million ounces of
attributable silver, an increase of approximately 9% relative to
the third quarter of 2020, with throughput, grades and recoveries
all being higher.
Antamina: In the third quarter
of 2021, Antamina produced 1.5 million ounces of attributable
silver, an increase of approximately 2% relative to the third
quarter of 2020, primarily due to higher
recoveries. Subsequent to the quarter, as
per Compañía Minera Antamina S.A.'s (the operating company of
Antamina) news release dated October 31,
2021, operations at Antamina have been temporarily suspended
to ensure the health and safety of its workforce and other
stakeholders following recent protests in Peru.
Constancia: In the third
quarter of 2021, Constancia produced 0.5 million ounces of
attributable silver and 8,500 ounces of attributable gold, an
increase of approximately 21% and 126%, respectively, relative to
the third quarter of 2020. Silver production was higher primarily
as a result of higher grades. The increase in gold production was
primarily due to higher grades resulting from the commencement of
ore production from the Pampacancha satellite deposit and the
increase in fixed recoveries from 55% to 70%, partially offset by
the receipt of 2,005 ounces in the third quarter of 2020 related to
delays in accessing the Pampacancha deposit while no delay payment
was received in 2021.
Sudbury: In the third quarter of 2021,
Vale's Sudbury mines produced 500
ounces of attributable gold, a decrease of approximately 88%
relative to the third quarter of 2020, which was primarily due to
lower throughput, as operations at the mine were suspended due to a
labour dispute, which lasted from June 1,
2021 to August 9, 2021. Vale
announced on August 3, 2021 that a
new five-year collective bargaining agreement had been ratified
with mine workers. The Sudbury PMPA had an effective date of
February 28, 2013 with a term of 20
years. Under the provisions of the Sudbury PMPA, should the
facilities at Sudbury be shut down
for 60 or more cumulative days, exclusive of scheduled maintenance
or shutdowns for periods of 20 days or less, the term of the
Sudbury PMPA shall be extended for the same duration. As a result,
the term of the agreement was extended by 69 days.
Stillwater: In the third
quarter of 2021, the Stillwater
mines produced 2,900 ounces of attributable gold and 5,100 ounces
of attributable palladium, a decrease of approximately 7% for gold
and 6% for palladium relative to the third quarter of 2020 due to
lower grades.
San Dimas: In the third quarter
of 2021, San Dimas produced 11,900 ounces of attributable gold, an
increase of approximately 29% relative to the third quarter of
2020, primarily due to higher throughput
coupled with the impact of changing the silver to gold conversion
ratio from 70:1 to 90:1 from April 1,
2020 to October 15, 2020, at
which time it reverted to 70:1.
Voisey's Bay: In the third
quarter of 2021, the Voisey's Bay mine produced 371,000 pounds of
attributable cobalt. As at the end of the third
quarter 2021, approximately 488,000 pounds of cobalt were held in
inventory by Wheaton and 638,000 pounds were produced but not yet
delivered. As per Vale's Third Quarter 2021 Performance Report,
physical completion of the Voisey's Bay underground mine extension,
which includes developing two underground mines - Reid Brook and Eastern Deeps - was 70% at the
end of the third quarter.
Rosemont: Hudbay
announced on September 22, 2021, the
intersection of additional high-grade copper sulphide and oxide
mineralization on its wholly-owned patented mining claims located
within close proximity of its Rosemont copper project in Arizona ("Copper World"). To date,
seven deposits have been identified at Copper World with a combined
strike length of over seven kilometres. As of June 30, 2021, approximately 166 holes were
completed totaling over 91,000 feet of drilling. Hudbay expects to
publish an initial inferred mineral resource estimate for Copper
World before the end of 2021, and these mineral resource estimates
will form the basis for a preliminary economic assessment ("PEA")
expected to be released by Hudbay in the first half of
2022. The Copper World discovery is included in Wheaton's area
of interest under the PMPA.
Produced But Not Yet
Delivered4
As at September 30,
2021, payable ounces and pounds attributable to
the Company produced but not yet delivered amounted to:
- 81,200 payable gold ounces, an increase of 15,000 ounces
during Q3 2021, primarily due to an increase during
the period at the Salobo mine.
- 4.1 million payable silver ounces, virtually unchanged
during Q3 2021, as decreases during the period at the Peñasquito
mine were offset by an increase at the Yauliyacu mine.
- 5,600 payable palladium ounces, a decrease of 1,200
ounces during Q3 2021.
- 638,000 payable cobalt pounds, a decrease of 139,300
pounds during Q3 2021.
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.
Sustainability
COVID-19 Community Support and Response
Fund: In the second quarter of 2020, Wheaton
announced the launch of a $5 million
Community Support and Response Fund (the "CSR Fund") to support
global efforts to combat the social and economic impact of the
COVID-19 pandemic. The CSR Fund is designed to meet the immediate
needs of the communities in which Wheaton and its mining partners
operate. This fund is incremental to Wheaton's already active
Community Investment Program that currently provides support to
over 50 programs in multiple communities around the world. As of
September 30, 2021, the Company has
made donations totaling approximately $4
million through the CSR Fund.
ESG Ratings: Following recent
rating updates, Wheaton's Sustainalytics5 score further
improved from 9.2 to 7.9 indicating reduced risk exposure and
maintained its AA rating from MSCI5
demonstrating Wheaton's continued leadership in ESG
practices. Wheaton is currently ranked in the Global Top 50 out of
more than 14,000 companies and #1 for precious metals out of 122
companies by
Sustainalytics5.
Partner CSR Program: Wheaton
continues to support a wide range of programs with mining partners
including Vale, Glencore, Hudbay and First Majestic Silver focused
on education, health, entrepreneurial support, and community
engagement opportunities in the communities near the mines from
which Wheaton receives precious metals. In the third quarter of
2021, a solar panel installation project was completed at a
Knowledge Station run by the Vale Foundation in the community of
Marabá, Brazil.
Webcast and Conference Call Details
A conference call and webcast will be held on Friday, November 5, 2021 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:
61024959
Live audio
webcast:
Webcast URL
Participants should dial in five to ten minutes before the
call.
The accompanying slideshow will also be available in PDF
format on the 'Presentations' page of the Wheaton Precious Metals
website before the conference call.
The conference call will be recorded and available until
November 12, 2021 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:
024959#
Archived audio
webcast:
Webcast URL
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.sedar.com.
Mr. Wes Carson, P.Eng.,
Vice President, Mining Operations, is a "qualified person" as such
term is defined under National Instrument 43-101 and has reviewed
and approved the technical information disclosed in
this news release.
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
About Wheaton Precious Metals Corp. and Outlook
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.
Wheaton's estimated attributable production in 2021 is
forecast to be 330,000 to 345,000 ounces of gold, 25.5 to 26.5
million ounces of silver, and 45,000 to 55,000 GEOs of other
metals, resulting in production of approximately 735,000 to
765,000 GEOs, in line with previous guidance. For the
five-year period ending in 2025, the Company estimates that average
production will amount to 810,000
GEOs3. For the ten-year period
ending in 2030, the Company estimates that average annual
production will amount to 830,000
GEOs3.
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.
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.
2 Commodity price assumptions for the gold equivalent
production and sales in 2021 and long-term forecasts are $1,800 /
ounce gold, $25 / ounce silver, and $2,300 / ounce palladium and
$17.75 / pound cobalt. Other metal includes palladium and
cobalt.
3 Gold equivalent guidance based on the commodity prices
outlined in note 2 above. Five- and ten-year guidance do not
include optionality production from Pascua Lama, Navidad,
Cotabambas, or additional expansions at Salobo outside of project
currently in construction. In addition, five-year guidance also
does not include any production from Rosemont, Toroparu, Kutcho, or
the Victor project at Sudbury.
4 Payable gold, silver and palladium ounces and cobalt
pounds produced but not yet delivered are based on management
estimates only and rely upon information provided by the owners and
operators of mining operations and may be revised and updated in
future periods as additional information is received.
5 Rating current as of October 7, 2021, for
Sustainalytics and as of September 23, 2021, for MSCI.
|
Condensed Interim Consolidated Statements of
Earnings
|
|
Three Months
Ended
September 30
|
Nine Months Ended
September 30
|
(US dollars and
shares in thousands, except per share amounts -
unaudited)
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Sales
|
|
$
|
268,957
|
$
|
307,268
|
$
|
923,468
|
$
|
810,012
|
Cost of
sales
|
|
|
|
|
|
|
|
|
|
Cost of sales,
excluding depletion
|
|
$
|
62,529
|
$
|
70,119
|
$
|
219,757
|
$
|
202,238
|
Depletion
|
|
|
54,976
|
|
60,601
|
|
195,458
|
|
184,104
|
Total cost of
sales
|
|
$
|
117,505
|
$
|
130,720
|
$
|
415,215
|
$
|
386,342
|
Gross
margin
|
|
$
|
151,452
|
$
|
176,548
|
$
|
508,253
|
$
|
423,670
|
General and
administrative expenses
|
|
|
13,595
|
|
21,326
|
|
44,030
|
|
56,307
|
Earnings from
operations
|
|
$
|
137,857
|
$
|
155,222
|
$
|
464,223
|
$
|
367,363
|
Other (income)
expense
|
|
|
1,108
|
|
2,624
|
|
(2,194)
|
|
(1,340)
|
Earnings before
finance costs and income taxes
|
$
|
136,749
|
$
|
152,598
|
$
|
466,417
|
$
|
368,703
|
Finance
costs
|
|
|
1,379
|
|
2,766
|
|
4,309
|
|
14,519
|
Earnings before
income taxes
|
|
$
|
135,370
|
$
|
149,832
|
$
|
462,108
|
$
|
354,184
|
Income tax (expense)
recovery
|
|
|
(433)
|
|
43
|
|
955
|
|
(3,601)
|
Net
earnings
|
|
$
|
134,937
|
$
|
149,875
|
$
|
463,063
|
$
|
350,583
|
Basic earnings per
share
|
|
$
|
0.300
|
$
|
0.334
|
$
|
1.029
|
$
|
0.782
|
Diluted earnings per
share
|
|
$
|
0.299
|
$
|
0.332
|
$
|
1.026
|
$
|
0.779
|
Weighted average
number of shares outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
450,326
|
|
449,125
|
|
449,977
|
|
448,484
|
Diluted
|
|
|
451,717
|
|
451,999
|
|
451,369
|
|
449,892
|
Condensed Interim Consolidated Balance
Sheets
|
As at
September 30
|
As at
December 31
|
(US dollars in
thousands - unaudited)
|
2021
|
2020
|
Assets
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
$
|
372,450
|
$
|
192,683
|
Accounts
receivable
|
|
10,392
|
|
5,883
|
Other
|
|
9,874
|
|
3,265
|
Total current
assets
|
$
|
392,716
|
$
|
201,831
|
Non-current
assets
|
|
|
|
|
Mineral stream
interests
|
$
|
5,505,663
|
$
|
5,488,391
|
Early deposit mineral
stream interests
|
|
34,741
|
|
33,241
|
Mineral royalty
interest
|
|
6,606
|
|
3,047
|
Long-term equity
investments
|
|
71,741
|
|
199,878
|
Convertible notes
receivable
|
|
15,489
|
|
11,353
|
Property, plant and
equipment
|
|
5,790
|
|
6,289
|
Other
|
|
13,994
|
|
13,242
|
Total non-current
assets
|
$
|
5,654,024
|
$
|
5,755,441
|
Total
assets
|
$
|
6,046,740
|
$
|
5,957,272
|
Liabilities
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts payable and
accrued liabilities
|
$
|
14,514
|
$
|
13,023
|
Current portion of
performance share units
|
|
13,348
|
|
17,297
|
Current portion of
lease liabilities
|
|
801
|
|
773
|
Other
|
|
154
|
|
76
|
Total current
liabilities
|
$
|
28,817
|
$
|
31,169
|
Non-current
liabilities
|
|
|
|
|
Bank debt
|
$
|
-
|
$
|
195,000
|
Lease
liabilities
|
|
2,258
|
|
2,864
|
Deferred income
taxes
|
|
276
|
|
214
|
Performance share
units
|
|
8,667
|
|
11,784
|
Pension
liability
|
|
2,369
|
|
1,670
|
Total non-current
liabilities
|
$
|
13,570
|
$
|
211,532
|
Total
liabilities
|
$
|
42,387
|
$
|
242,701
|
Shareholders' equity
|
|
|
|
|
Issued
capital
|
$
|
3,685,032
|
$
|
3,646,291
|
Reserves
|
|
50,769
|
|
126,882
|
Retained
earnings
|
|
2,268,552
|
|
1,941,398
|
Total shareholders'
equity
|
$
|
6,004,353
|
$
|
5,714,571
|
Total liabilities and
shareholders' equity
|
$
|
6,046,740
|
$
|
5,957,272
|
Condensed Interim Consolidated Statements of
Cash Flows
|
Three Months
Ended
September 30
|
Nine Months Ended
September 30
|
(US dollars in
thousands - unaudited)
|
2021
|
2020
|
2021
|
2020
|
Operating activities
|
|
|
|
|
|
|
|
|
Net
earnings
|
$
|
134,937
|
$
|
149,875
|
$
|
463,063
|
$
|
350,583
|
Adjustments
for
|
|
|
|
|
|
|
|
|
Depreciation and
depletion
|
|
55,445
|
|
61,050
|
|
196,869
|
|
185,542
|
Interest
expense
|
|
30
|
|
1,795
|
|
324
|
|
11,289
|
Equity settled stock
based compensation
|
|
1,315
|
|
1,319
|
|
3,946
|
|
4,127
|
Performance share
units
|
|
2,824
|
|
9,325
|
|
(7,128)
|
|
11,734
|
Pension
expense
|
|
294
|
|
265
|
|
710
|
|
533
|
Income tax expense
(recovery)
|
|
433
|
|
(43)
|
|
(955)
|
|
3,601
|
Loss (gain) on fair
value adjustment of share purchase warrants held
|
|
1,246
|
|
1,107
|
|
2,392
|
|
845
|
Fair value (gain) loss
on convertible note receivable
|
|
490
|
|
1,095
|
|
(4,136)
|
|
(1,382)
|
Investment income
recognized in net earnings
|
|
(178)
|
|
(23)
|
|
(275)
|
|
(178)
|
Other
|
|
(9)
|
|
567
|
|
685
|
|
513
|
Change in non-cash
working capital
|
|
4,434
|
|
3,656
|
|
(5,341)
|
|
2,771
|
Cash generated from
operations before income taxes and interest
|
$
|
201,261
|
$
|
229,988
|
$
|
650,154
|
$
|
569,978
|
Income taxes
recovered (paid)
|
|
-
|
|
-
|
|
(51)
|
|
70
|
Interest
paid
|
|
(31)
|
|
(1,912)
|
|
(401)
|
|
(12,745)
|
Interest
received
|
|
57
|
|
23
|
|
154
|
|
177
|
Cash generated from
operating activities
|
$
|
201,287
|
$
|
228,099
|
$
|
649,856
|
$
|
557,480
|
Financing activities
|
|
|
|
|
|
|
|
|
Bank debt
repaid
|
$
|
-
|
$
|
(153,000)
|
$
|
(195,000)
|
$
|
(387,000)
|
Credit facility
extension fees
|
|
(54)
|
|
(6)
|
|
(1,727)
|
|
(1,373)
|
Share purchase
options exercised
|
|
183
|
|
2,763
|
|
5,719
|
|
20,779
|
Lease
payments
|
|
(196)
|
|
(132)
|
|
(583)
|
|
(438)
|
Dividends
paid
|
|
(57,235)
|
|
(37,309)
|
|
(160,784)
|
|
(120,312)
|
Cash (used for)
generated from financing activities
|
$
|
(57,302)
|
$
|
(187,684)
|
$
|
(352,375)
|
$
|
(488,344)
|
Investing activities
|
|
|
|
|
|
|
|
|
Mineral stream
interests
|
$
|
(1,055)
|
$
|
(40)
|
$
|
(216,845)
|
$
|
(40)
|
Early deposit mineral
stream interests
|
|
(750)
|
|
(750)
|
|
(1,500)
|
|
(1,500)
|
Mineral royalty
interest
|
|
-
|
|
-
|
|
(3,571)
|
|
-
|
Acquisition of
long-term investments
|
|
(5,076)
|
|
(10,671)
|
|
(7,453)
|
|
(10,671)
|
Proceeds on disposal
of long-term investments
|
|
-
|
|
49,454
|
|
112,188
|
|
49,577
|
Dividends
received
|
|
110
|
|
-
|
|
110
|
|
-
|
Other
|
|
(171)
|
|
(363)
|
|
(691)
|
|
(691)
|
Cash generated from
(used for) investing activities
|
$
|
(6,942)
|
$
|
37,630
|
$
|
(117,762)
|
$
|
36,675
|
Effect of exchange
rate changes on cash and cash equivalents
|
$
|
(39)
|
$
|
25
|
$
|
48
|
$
|
37
|
Increase in cash and
cash equivalents
|
$
|
137,004
|
$
|
78,070
|
$
|
179,767
|
$
|
105,848
|
Cash and cash
equivalents, beginning of period
|
|
235,446
|
|
131,764
|
|
192,683
|
|
103,986
|
Cash and cash
equivalents, end of period
|
$
|
372,450
|
$
|
209,834
|
$
|
372,450
|
$
|
209,834
|
Summary of Units Produced
|
Q3
2021
|
Q2
2021
|
Q1
2021
|
Q4
2020
|
Q3
2020
|
Q2
2020
|
Q1
2020
|
Q4
2019
|
Gold ounces produced
²
|
|
|
|
|
|
|
|
|
Salobo
|
55,205
|
55,590
|
46,622
|
62,854
|
63,408
|
59,104
|
62,575
|
74,716
|
Sudbury
3
|
465
|
4,563
|
7,004
|
6,659
|
3,798
|
9,257
|
7,795
|
6,468
|
Constancia
8
|
8,533
|
5,519
|
2,453
|
3,929
|
3,780
|
3,470
|
3,681
|
4,757
|
San Dimas 4,
8
|
11,936
|
11,478
|
10,491
|
11,652
|
9,228
|
6,074
|
11,318
|
11,352
|
Stillwater
5
|
2,949
|
2,962
|
3,041
|
3,290
|
3,176
|
3,222
|
2,955
|
3,585
|
Other
|
|
|
|
|
|
|
|
|
|
Minto
6
|
1,703
|
3,206
|
2,638
|
789
|
1,832
|
2,928
|
2,124
|
2,189
|
|
777
9
|
4,717
|
5,035
|
6,280
|
2,866
|
5,278
|
4,728
|
4,551
|
3,987
|
|
Marmato
|
433
|
1,713
|
-
|
-
|
-
|
-
|
-
|
-
|
Total Other
|
6,853
|
9,954
|
8,918
|
3,655
|
7,110
|
7,656
|
6,675
|
6,176
|
Total gold ounces
produced
|
85,941
|
90,066
|
78,529
|
92,039
|
90,500
|
88,783
|
94,999
|
107,054
|
Silver ounces
produced 2
|
|
|
|
|
|
|
|
|
Peñasquito
8
|
2,180
|
2,026
|
2,202
|
2,014
|
1,992
|
967
|
2,658
|
1,895
|
Antamina
8
|
1,548
|
1,558
|
1,577
|
1,930
|
1,516
|
612
|
1,311
|
1,342
|
Constancia
8
|
521
|
468
|
406
|
478
|
430
|
254
|
461
|
632
|
Other
|
|
|
|
|
|
|
|
|
|
Los Filos
8
|
12
|
26
|
31
|
6
|
17
|
14
|
29
|
55
|
|
Zinkgruvan
|
658
|
457
|
420
|
515
|
498
|
389
|
662
|
670
|
|
Yauliyacu
8
|
432
|
821
|
737
|
454
|
679
|
273
|
557
|
358
|
|
Stratoni
|
8
|
164
|
165
|
185
|
156
|
148
|
183
|
147
|
|
Minto
6
|
25
|
33
|
21
|
16
|
15
|
19
|
18
|
18
|
|
Neves-Corvo
|
362
|
408
|
345
|
420
|
281
|
479
|
377
|
385
|
|
Aljustrel
|
314
|
400
|
474
|
440
|
348
|
388
|
352
|
325
|
|
Cozamin
|
199
|
183
|
230
|
-
|
-
|
-
|
-
|
-
|
|
Marmato
|
10
|
39
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Keno Hill
|
44
|
55
|
27
|
-
|
-
|
-
|
-
|
-
|
|
777
9
|
81
|
83
|
130
|
51
|
96
|
108
|
96
|
81
|
Total Other
|
2,145
|
2,669
|
2,580
|
2,087
|
2,090
|
1,818
|
2,274
|
2,039
|
Total silver ounces
produced
|
6,394
|
6,721
|
6,765
|
6,509
|
6,028
|
3,651
|
6,704
|
5,908
|
Palladium ounces
produced ²
|
|
|
|
|
|
|
|
|
Stillwater
5
|
5,105
|
5,301
|
5,769
|
5,672
|
5,444
|
5,759
|
5,312
|
6,057
|
Cobalt pounds
produced ²
|
|
|
|
|
|
|
|
|
Voisey's
Bay
|
370,522
|
379,757
|
1,162,243
¹⁰
|
-
|
-
|
-
|
-
|
-
|
GEOs produced
7
|
184,918
|
193,927
|
191,308
|
189,682
|
181,184
|
146,857
|
194,901
|
196,850
|
SEOs produced
7
|
13,314
|
13,963
|
13,774
|
13,657
|
13,045
|
10,574
|
14,033
|
14,173
|
Average payable rate
2
|
|
|
|
|
|
|
|
|
Gold
|
96.2%
|
95.8%
|
95.0%
|
95.2%
|
95.3%
|
94.7%
|
95.1%
|
95.6%
|
Silver
|
86.6%
|
87.0%
|
86.6%
|
86.3%
|
86.1%
|
81.9%
|
85.6%
|
85.3%
|
Palladium
|
94.5%
|
95.0%
|
91.6%
|
93.6%
|
94.0%
|
90.8%
|
91.0%
|
92.2%
|
Cobalt
|
93.3%
|
93.3%
|
93.3%
|
n.a.
|
n.a.
|
n.a.
|
n.a.
|
n.a.
|
GEO
7
|
91.2%
|
91.7%
|
90.4%
|
91.1%
|
91.1%
|
89.8%
|
90.4%
|
91.5%
|
1)
|
All figures in
thousands except cobalt pounds and gold and palladium ounces
produced.
|
2)
|
Quantity produced
represent the amount of gold, silver, palladium and cobalt
contained in concentrate or doré prior to smelting or refining
deductions. Production figures and payable rates are based on
information provided by the operators of the mining operations to
which the mineral stream interests relate or management estimates
in those situations where other information is not available.
Certain production figures and payable rates may be updated in
future periods as additional information is
received.
|
3)
|
Comprised of the
Coleman, Copper Cliff, Garson, Creighton and Totten gold interests.
Operations at the Sudbury mines were suspended from June 1, 2021 to
August 9, 2021 as a result of a labour disruption by unionized
employees.
|
4)
|
Under the terms of
the San Dimas PMPA, the Company is entitled to an amount equal to
25% of the payable gold production plus an additional amount of
gold equal to 25% of the payable silver production converted to
gold at a fixed gold to silver exchange ratio of 70:1 from the San
Dimas mine. If the average gold to silver price ratio decreases to
less than 50:1 or increases to more than 90:1 for a period of 6
months or more, then the "70" shall be revised to "50" or "90", as
the case may be, until such time as the average gold to silver
price ratio is between 50:1 to 90:1 for a period of 6 months or
more in which event the "70" shall be reinstated. Effective April
1, 2020, the fixed gold to silver exchange ratio was revised to
90:1, with the 70:1 ratio being reinstated on October 15, 2020. For
reference, attributable silver production from prior periods is as
follows: Q3-2021 - 472,000 ounces; Q2-2021 - 467,000 ounces;
Q1-2021 - 429,000 ounces; Q4-2020 - 485,000 ounces; Q3-2020 -
420,000 ounces; Q2-2020 - 276,000 ounces; Q1-2020 - 419,000 ounces;
Q4-2019 - 415,000 ounces.
|
5)
|
Comprised of the
Stillwater and East Boulder gold and palladium
interests.
|
6)
|
The Minto mine was
placed into care and maintenance from October 2018 to October
2019.
|
7)
|
GEOs and SEOs, which
are provided to assist the reader, are based on the following
commodity price assumptions: $1,800 per ounce gold; $25.00 per
ounce silver; $2,300 per ounce palladium; and $17.75 per pound
cobalt; consistent with those used in estimating the Company's
production guidance for 2021.
|
8)
|
Operations at these
mines had been temporarily suspended during the second quarter of
2020 as a result of the COVID-19 pandemic. During the second half
of 2020, all of the operations were restarted. Additionally,
operations at Los Filos were suspended from September 3, 2020 to
December 23, 2020 as the result of an illegal road blockade by
members of the nearby Carrizalillo community and had been
temporarily suspended from June 22, 2021 to July 26, 2021 as the
result of illegal blockades by a group of unionized employees and
members of the Xochipala community.
|
9)
|
Operations at 777
were temporarily suspended from October 11, 2020 to November 25,
2020 as a result of an incident that occurred on October 9th during
routine maintenance of the hoist rope and skip.
|
10)
|
Effective January 1, 2021, the Company was entitled
to cobalt production from the Voisey's Bay mine. As per the
Voisey's Bay PMPA with Vale, Wheaton is entitled to any cobalt
processed at the Long Harbour Processing Plant as of January 1,
2021, resulting in reported production in the first quarter of 2021
including some material produced at the Voisey's Bay mine in the
previous quarter.
|
Summary of Units Sold
|
Q3
2021
|
Q2
2021
|
Q1
2021
|
Q4
2020
|
Q3
2020
|
Q2
2020
|
Q1
2020
|
Q4
2019
|
Gold ounces
sold
|
|
|
|
|
|
|
|
|
Salobo
|
35,185
|
57,296
|
51,423
|
53,197
|
59,584
|
68,487
|
74,944
|
58,137
|
Sudbury
2
|
1,915
|
6,945
|
3,691
|
7,620
|
7,858
|
7,414
|
4,822
|
7,394
|
Constancia
7
|
8,159
|
2,321
|
1,676
|
3,853
|
4,112
|
3,024
|
3,331
|
5,108
|
San Dimas
7
|
11,346
|
11,214
|
10,273
|
11,529
|
9,687
|
6,030
|
11,358
|
11,499
|
Stillwater
3
|
2,820
|
2,574
|
3,074
|
3,069
|
3,015
|
3,066
|
3,510
|
2,925
|
Other
|
|
|
|
|
|
|
|
|
|
Minto
4
|
1,907
|
2,359
|
2,390
|
1,540
|
-
|
-
|
-
|
-
|
|
777
|
5,879
|
5,694
|
2,577
|
5,435
|
5,845
|
4,783
|
2,440
|
4,160
|
|
Marmato
|
438
|
1,687
|
-
|
-
|
-
|
-
|
-
|
-
|
Total Other
|
8,224
|
9,740
|
4,967
|
6,975
|
5,845
|
4,783
|
2,440
|
4,160
|
Total gold ounces
sold
|
67,649
|
90,090
|
75,104
|
86,243
|
90,101
|
92,804
|
100,405
|
89,223
|
Silver ounces
sold
|
|
|
|
|
|
|
|
|
Peñasquito
7
|
2,210
|
1,844
|
2,174
|
1,417
|
1,799
|
1,917
|
2,310
|
1,268
|
Antamina
7
|
1,502
|
1,499
|
1,930
|
1,669
|
1,090
|
788
|
1,244
|
1,227
|
Constancia
7
|
484
|
295
|
346
|
442
|
415
|
254
|
350
|
672
|
Other
|
|
|
|
|
|
|
|
|
|
Los Filos
7
|
12
|
42
|
27
|
-
|
19
|
25
|
37
|
26
|
|
Zinkgruvan
|
354
|
355
|
293
|
326
|
492
|
376
|
447
|
473
|
|
Yauliyacu
7
|
182
|
601
|
1,014
|
15
|
580
|
704
|
9
|
561
|
|
Stratoni
|
41
|
167
|
117
|
169
|
134
|
77
|
163
|
120
|
|
Minto
4
|
24
|
29
|
26
|
20
|
-
|
-
|
-
|
-
|
|
Neves-Corvo
|
193
|
215
|
239
|
145
|
201
|
236
|
204
|
154
|
|
Aljustrel
|
155
|
208
|
257
|
280
|
148
|
252
|
123
|
121
|
|
Cozamin
|
170
|
168
|
173
|
-
|
-
|
-
|
-
|
-
|
|
Marmato
|
10
|
35
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Keno Hill
|
51
|
33
|
12
|
-
|
-
|
-
|
-
|
-
|
|
777
|
99
|
109
|
49
|
93
|
121
|
100
|
41
|
62
|
Total Other
|
1,291
|
1,962
|
2,207
|
1,048
|
1,695
|
1,770
|
1,024
|
1,517
|
Total silver ounces
sold
|
5,487
|
5,600
|
6,657
|
4,576
|
4,999
|
4,729
|
4,928
|
4,684
|
Palladium ounces
sold
|
|
|
|
|
|
|
|
|
Stillwater
3
|
5,703
|
3,869
|
5,131
|
4,591
|
5,546
|
4,976
|
4,938
|
5,312
|
Cobalt pounds
sold
|
|
|
|
|
|
|
|
|
Voisey's
Bay
|
131,174
|
394,623
|
132,277
|
-
|
-
|
-
|
-
|
-
|
GEOs sold
5
|
152,432
|
176,700
|
175,419
|
155,665
|
166,611
|
164,844
|
175,154
|
161,066
|
SEOs sold
5
|
10,975
|
12,722
|
12,630
|
11,208
|
11,996
|
11,869
|
12,611
|
11,597
|
Cumulative payable
units PBND 6
|
|
|
|
|
|
|
|
|
Gold ounces
|
81,246
|
66,250
|
70,072
|
70,555
|
75,750
|
79,632
|
88,383
|
98,475
|
Silver
ounces
|
4,056
|
3,975
|
3,738
|
4,486
|
3,437
|
3,222
|
4,961
|
4,142
|
Palladium
ounces
|
5,619
|
6,822
|
5,373
|
5,597
|
4,616
|
4,883
|
4,875
|
4,872
|
Cobalt
pounds
|
637,986
|
777,304
|
819,819
|
-
|
-
|
-
|
-
|
-
|
GEO
5
|
151,056
|
137,835
|
136,933
|
140,008
|
129,391
|
130,623
|
163,521
|
162,225
|
SEO
5
|
10,423
|
9,372
|
9,277
|
10,081
|
9,316
|
9,405
|
11,774
|
11,680
|
Inventory on
hand
|
|
|
|
|
|
|
|
|
Cobalt
pounds
|
488,324
|
134,482
|
132,277
|
-
|
-
|
-
|
-
|
-
|
1)
|
All figures in
thousands except cobalt pounds and 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)
|
The Minto mine was
placed into care and maintenance from October 2018 to October
2019.
|
5)
|
GEOs and SEOs, which
are provided to assist the reader, are based on the following
commodity price assumptions: $1,800 per ounce gold; $25.00 per
ounce silver; $2,300 per ounce palladium; and $17.75 per pound
cobalt; consistent with those used in estimating the Company's
production guidance for 2021.
|
6)
|
Payable gold, silver
and palladium ounces as well as cobalt pounds produced but not yet
delivered ("PBND") are based on management estimates. These figures
may be updated in future periods as additional information is
received.
|
7)
|
Operations at these
mines had been temporarily suspended during the second quarter of
2020 as a result of the COVID-19 pandemic. During the second half
of 2020, all of the operations were restarted.
|
Results of Operations
The operating results of the Company's reportable
operating segments are summarized in the tables and commentary
below.
Three Months Ended
September 30, 2021
|
|
Units
Produced²
|
Units
Sold
|
Average
Realized
Price
($'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
|
55,205
|
35,185
|
$
|
1,795
|
$
|
412
|
$
|
374
|
$
|
63,154
|
$
|
35,504
|
$
|
50,404
|
$
|
2,455,567
|
Sudbury
4
|
465
|
1,915
|
|
1,794
|
|
400
|
|
1,024
|
|
3,436
|
|
708
|
|
2,242
|
|
308,158
|
Constancia
|
8,533
|
8,159
|
|
1,795
|
|
411
|
|
315
|
|
14,645
|
|
8,723
|
|
11,487
|
|
101,741
|
San Dimas
|
11,936
|
11,346
|
|
1,795
|
|
618
|
|
322
|
|
20,365
|
|
9,693
|
|
13,351
|
|
171,617
|
Stillwater
|
2,949
|
2,820
|
|
1,795
|
|
326
|
|
397
|
|
5,061
|
|
3,024
|
|
4,144
|
|
220,949
|
Other
5
|
6,853
|
8,224
|
|
1,794
|
|
590
|
|
38
|
|
14,755
|
|
9,586
|
|
9,887
|
|
64,985
|
|
85,941
|
67,649
|
$
|
1,795
|
$
|
464
|
$
|
337
|
$
|
121,416
|
$
|
67,238
|
$
|
91,515
|
$
|
3,323,017
|
Silver
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Peñasquito
|
2,180
|
2,210
|
$
|
24.09
|
$
|
4.29
|
$
|
3.55
|
$
|
53,259
|
$
|
35,932
|
$
|
43,776
|
$
|
328,470
|
Antamina
|
1,548
|
1,502
|
|
23.99
|
|
4.80
|
|
7.53
|
|
36,000
|
|
17,503
|
|
28,993
|
|
589,816
|
Constancia
|
521
|
484
|
|
24.09
|
|
6.05
|
|
7.56
|
|
11,668
|
|
5,076
|
|
9,033
|
|
208,537
|
Other
6
|
2,145
|
1,291
|
|
22.97
|
|
6.33
|
|
4.49
|
|
29,660
|
|
15,686
|
|
24,011
|
|
602,796
|
|
6,394
|
5,487
|
$
|
23.80
|
$
|
5.06
|
$
|
5.21
|
$
|
130,587
|
$
|
74,197
|
$
|
105,813
|
$
|
1,729,619
|
Palladium
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stillwater
|
5,105
|
5,703
|
$
|
2,426
|
$
|
468
|
$
|
442
|
$
|
13,834
|
$
|
8,644
|
$
|
11,168
|
$
|
234,883
|
Cobalt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voisey's
Bay
|
370,522
|
131,174
|
$
|
23.78
|
$
|
5.15
|
$
|
8.17
|
$
|
3,120
|
$
|
1,373
|
$
|
159
|
$
|
218,144
|
Operating results
|
|
|
|
|
|
|
|
$
|
268,957
|
$
|
151,452
|
$
|
208,655
|
$
|
5,505,663
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
|
|
|
|
|
|
|
|
$
|
(13,595)
|
$
|
(6,432)
|
|
|
Finance
costs
|
|
|
|
|
|
|
|
|
|
|
|
(1,379)
|
|
(1,039)
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
(1,108)
|
|
103
|
|
|
Income tax
|
|
|
|
|
|
|
|
|
|
|
|
(433)
|
|
-
|
|
|
Total
other
|
|
|
|
|
|
|
|
|
$
|
(16,515)
|
$
|
(7,368)
|
$
|
541,077
|
|
|
|
|
|
|
|
|
|
|
|
$
|
134,937
|
$
|
201,287
|
$
|
6,046,740
|
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
cobalt pounds produced and sold, gold and palladium ounces produced
and sold and per unit amounts.
|
2)
|
Quantity produced
represent the amount of gold, silver, palladium and cobalt
contained in concentrate or doré prior to smelting or refining
deductions. Production figures are based on information provided by
the operators of the mining operations to which the mineral stream
interests relate or management estimates in those situations where
other information is not available. Certain production figures may
be updated in future periods as additional information is
received.
|
3)
|
Refer to discussion
on non-IFRS measure (iii) at the end of this press
release.
|
4)
|
Comprised of the
operating Coleman, Copper Cliff, Garson, Creighton and Totten gold
interests and the non-operating Stobie and Victor gold
interests.
|
5)
|
Comprised of the
operating 777, Minto and Marmato gold interests as well as the
non-operating Rosemont and Santo Domingo gold interests.
|
6)
|
Comprised of the
operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Neves-Corvo,
Aljustrel, Minto, Keno Hill, Cozamin, Marmato and 777 silver
interests as well as the non-operating Loma de La Plata,
Pascua-Lama and Rosemont silver interests.
|
On a gold equivalent and silver equivalent basis, results
for the Company for the three months ended September 30, 2021 were as follows:
Three Months Ended
September 30, 2021
|
|
Ounces
Produced 1, 2
|
Ounces
Sold 2
|
Average
Realized
Price
($'s Per
Ounce)
|
Average
Cash Cost
($'s Per
Ounce) 3
|
Cash Operating Margin
($'s Per Ounce) 4
|
Average
Depletion
($'s Per
Ounce)
|
Gross
Margin
($'s Per
Ounce)
|
Gold equivalent basis
5
|
184,918
|
152,432
|
$
1,764
|
$
410
|
$
1,354
|
$
361
|
$
993
|
Silver equivalent
basis 5
|
13,314
|
10,975
|
$
24.51
|
$
5.70
|
$
18.81
|
$
5.01
|
$
13.80
|
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 and SEOs, which
are provided to assist the reader, are based on the following
commodity price assumptions: $1,800 per ounce gold; $25.00 per
ounce silver; $2,300 per ounce palladium; and $17.75 per pound
cobalt; consistent with those used in estimating the Company's
production guidance for 2021.
|
Three Months Ended
September 30, 2020
|
|
Units
Produced²
|
Units
Sold
|
Average
Realized
Price
($'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
|
63,408
|
59,584
|
$
|
1,902
|
$
|
408
|
$
|
374
|
$
|
113,319
|
$
|
66,700
|
$
|
91,917
|
$
|
2,529,258
|
Sudbury
4
|
3,798
|
7,858
|
|
1,929
|
|
400
|
|
831
|
|
15,161
|
|
5,485
|
|
12,018
|
|
327,352
|
Constancia
|
3,780
|
4,112
|
|
1,902
|
|
407
|
|
338
|
|
7,819
|
|
4,758
|
|
6,147
|
|
106,870
|
San Dimas
|
9,228
|
9,687
|
|
1,902
|
|
612
|
|
315
|
|
18,423
|
|
9,442
|
|
14,309
|
|
185,835
|
Stillwater
|
3,176
|
3,015
|
|
1,902
|
|
345
|
|
449
|
|
5,734
|
|
3,341
|
|
4,695
|
|
225,688
|
Other
5
|
7,110
|
5,845
|
|
1,929
|
|
423
|
|
305
|
|
11,278
|
|
7,022
|
|
8,804
|
|
9,184
|
|
90,500
|
90,101
|
$
|
1,906
|
$
|
428
|
$
|
404
|
$
|
171,734
|
$
|
96,748
|
$
|
137,890
|
$
|
3,384,187
|
Silver
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Peñasquito
|
1,992
|
1,799
|
$
|
24.55
|
$
|
4.26
|
$
|
3.24
|
$
|
44,154
|
$
|
30,660
|
$
|
36,492
|
$
|
355,167
|
Antamina
|
1,516
|
1,090
|
|
24.55
|
|
4.67
|
|
8.74
|
|
26,758
|
|
12,139
|
|
21,666
|
|
641,521
|
Constancia
|
430
|
415
|
|
24.55
|
|
5.99
|
|
7.63
|
|
10,190
|
|
4,538
|
|
7,704
|
|
220,417
|
Other
6
|
2,090
|
1,695
|
|
24.98
|
|
8.37
|
|
1.94
|
|
42,332
|
|
24,859
|
|
24,333
|
|
475,613
|
|
6,028
|
4,999
|
$
|
24.69
|
$
|
5.89
|
$
|
4.36
|
$
|
123,434
|
$
|
72,196
|
$
|
90,195
|
$
|
1,692,718
|
Palladium
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stillwater
|
5,444
|
5,546
|
$
|
2,182
|
$
|
383
|
$
|
428
|
$
|
12,100
|
$
|
7,604
|
$
|
9,977
|
$
|
243,354
|
Cobalt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voisey's
Bay
|
-
|
-
|
$
|
n.a.
|
$
|
n.a.
|
$
|
n.a.
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
227,510
|
Operating results
|
|
|
|
|
|
|
|
$
|
307,268
|
$
|
176,548
|
$
|
238,062
|
$
|
5,547,769
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
|
|
|
|
|
|
|
|
$
|
(21,326)
|
$
|
(7,239)
|
|
|
Finance
costs
|
|
|
|
|
|
|
|
|
|
|
|
(2,766)
|
|
(2,820)
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
(2,624)
|
|
96
|
|
|
Income tax
|
|
|
|
|
|
|
|
|
|
|
|
43
|
|
-
|
|
|
Total
other
|
|
|
|
|
|
|
|
|
$
|
(26,673)
|
$
|
(9,963)
|
$
|
543,418
|
|
|
|
|
|
|
|
|
|
|
|
$
|
149,875
|
$
|
228,099
|
$
|
6,091,187
|
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
cobalt pounds produced and sold, gold and palladium ounces produced
and sold and per unit amounts.
|
2
|
Quantity produced
represent the amount of gold, silver, palladium and cobalt
contained in concentrate or doré prior to smelting or refining
deductions. Production figures are based on information provided by
the operators of the mining operations to which the mineral stream
interests relate or management estimates in those situations where
other information is not available. Certain production figures may
be updated in future periods as additional information is
received.
|
3)
|
Refer to discussion
on non-IFRS measure (iii) at the end of this press
release.
|
4)
|
Comprised of the
operating Coleman, Copper Cliff, Garson, Creighton and Totten gold
interests as well as the non-operating Stobie and Victor gold
interests.
|
5)
|
Comprised of the
operating Minto and 777 gold interests as well as the non-operating
Rosemont gold interest.
|
6)
|
Comprised of the
operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Neves-Corvo,
Aljustrel, Minto and 777 silver interests as well as the
non-operating Keno Hill, Loma de La Plata, Pascua-Lama and Rosemont
silver interests.
|
On a gold equivalent and silver equivalent basis, results
for the Company for the three months ended September 30, 2020 were as follows:
Three Months Ended
September 30, 2020
|
|
Ounces
Produced 1, 2
|
Ounces
Sold 2
|
Average
Realized
Price
($'s Per
Ounce)
|
Average
Cash Cost
($'s Per
Ounce) 3
|
Cash Operating Margin
($'s Per Ounce) 4
|
Average
Depletion
($'s Per
Ounce)
|
Gross
Margin
($'s Per
Ounce)
|
Gold equivalent basis
5
|
181,184
|
166,611
|
$
1,844
|
$
421
|
$
1,423
|
$
364
|
$
1,059
|
Silver equivalent
basis 5
|
13,045
|
11,996
|
$
25.61
|
$
5.85
|
$
19.76
|
$
5.05
|
$
14.71
|
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 and SEOs, which
are provided to assist the reader, are based on the following
commodity price assumptions: $1,800 per ounce gold; $25.00 per
ounce silver; $2,300 per ounce palladium; and $17.75 per pound
cobalt; consistent with those used in estimating the Company's
production guidance for 2021.
|
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,
with the Company receiving its first deliveries of cobalt from
Voisey's Bay during the first quarter of 2021; and (iv) cash
operating margin. The Company has removed the non-IFRS measure
associated with net debt as Wheaton fully repaid its debt during
the first quarter of 2021.
i.
|
Adjusted net earnings
and adjusted net earnings per share are calculated by removing the
effects of non-cash impairment charges,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
September 30
|
(in thousands, except
for per share amounts)
|
|
2021
|
|
2020
|
Net
earnings
|
|
$
|
134,937
|
|
$
|
149,875
|
Add back
(deduct):
|
|
|
|
|
|
|
(Gain) loss on fair
value adjustment of share purchase warrants held
|
|
|
1,246
|
|
|
1,107
|
(Gain) loss on fair
value adjustment of convertible notes receivable
|
|
|
490
|
|
|
1,095
|
Income tax expense
(recovery) recognized in the Statement of Shareholders'
Equity
|
|
|
(269)
|
|
|
(92)
|
Income tax expense
(recovery) recognized in the Statement of OCI
|
|
|
627
|
|
|
(9)
|
Other
|
|
|
56
|
|
|
31
|
Adjusted net
earnings
|
|
$
|
137,087
|
|
$
|
152,007
|
Divided
by:
|
|
|
|
|
|
|
Basic weighted average
number of shares outstanding
|
|
|
450,326
|
|
|
449,125
|
Diluted weighted
average number of shares outstanding
|
|
|
451,717
|
|
|
451,999
|
Equals:
|
|
|
|
|
|
|
Adjusted earnings per
share - basic
|
|
$
|
0.304
|
|
$
|
0.338
|
Adjusted earnings per
share - diluted
|
|
$
|
0.303
|
|
$
|
0.336
|
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
September 30
|
(in thousands, except
for per share amounts)
|
|
2021
|
|
2020
|
Cash generated by
operating activities
|
|
$
|
201,287
|
|
$
|
228,099
|
Divided
by:
|
|
|
|
|
|
|
Basic weighted average
number of shares outstanding
|
|
|
450,326
|
|
|
449,125
|
Diluted weighted
average number of shares outstanding
|
|
|
451,717
|
|
|
451,999
|
Equals:
|
|
|
|
|
|
|
Operating cash flow
per share - basic
|
|
$
|
0.447
|
|
$
|
0.508
|
Operating cash flow
per share - diluted
|
|
$
|
0.446
|
|
$
|
0.505
|
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
September 30
|
(in thousands, except
for gold and palladium ounces sold, cobalt pounds sold and per unit
amounts)
|
|
2021
|
|
2020
|
Cost of
sales
|
|
$
|
117,505
|
|
$
|
130,720
|
Less:
depletion
|
|
|
(54,976)
|
|
|
(60,601)
|
Cash cost of
sales
|
|
$
|
62,529
|
|
$
|
70,119
|
Cash cost of sales is
comprised of:
|
|
|
|
|
|
|
Total cash cost of
gold sold
|
|
$
|
31,405
|
|
$
|
38,570
|
Total cash cost of
silver sold
|
|
|
27,782
|
|
|
29,426
|
Total cash cost of
palladium sold
|
|
|
2,667
|
|
|
2,123
|
Total cash cost of
cobalt sold
|
|
|
675
|
|
|
-
|
Total cash cost of
sales
|
|
$
|
62,529
|
|
$
|
70,119
|
Divided
by:
|
|
|
|
|
|
|
Total gold ounces
sold
|
|
|
67,649
|
|
|
90,101
|
Total silver ounces
sold
|
|
|
5,487
|
|
|
4,999
|
Total palladium ounces
sold
|
|
|
5,703
|
|
|
5,546
|
Total cobalt pounds
sold
|
|
|
131,174
|
|
|
-
|
Equals:
|
|
|
|
|
|
|
Average cash cost of
gold (per ounce)
|
|
$
|
464
|
|
$
|
428
|
Average cash cost of
silver (per ounce)
|
|
$
|
5.06
|
|
$
|
5.89
|
Average cash cost of
palladium (per ounce)
|
|
$
|
468
|
|
$
|
383
|
Average cash cost of
cobalt (per pound)
|
|
$
|
5.15
|
|
$
|
n.a.
|
iv.
|
Cash operating margin
is calculated by subtracting the average cash cost of gold, silver
and palladium on a per ounce basis and cobalt on a per pound basis
from the average realized selling price of gold, silver and
palladium on a per ounce basis and cobalt on a per pound basis. The
Company presents cash operating margin as management and certain
investors use this information to evaluate the Company's
performance in comparison to other companies in the precious metal
mining industry who present results on a similar basis as well as
to evaluate the Company's ability to generate cash flow.
|
|
|
|
The following table
provides a reconciliation of cash operating margin.
|
|
Three Months
Ended
September 30
|
(in thousands, except
for cobalt pounds sold, gold and palladium ounces sold and per unit
amounts)
|
|
2021
|
|
2020
|
Total
sales:
|
|
|
|
|
|
|
Gold
|
|
$
|
121,416
|
|
$
|
171,734
|
Silver
|
|
$
|
130,587
|
|
$
|
123,434
|
Palladium
|
|
$
|
13,834
|
|
$
|
12,100
|
Cobalt
|
|
$
|
3,120
|
|
$
|
-
|
Divided
by:
|
|
|
|
|
|
|
Total gold ounces
sold
|
|
|
67,649
|
|
|
90,101
|
Total silver ounces
sold
|
|
|
5,487
|
|
|
4,999
|
Total palladium ounces
sold
|
|
|
5,703
|
|
|
5,546
|
Total cobalt pounds
sold
|
|
|
131,174
|
|
|
-
|
Equals:
|
|
|
|
|
|
|
Average realized price
of gold (per ounce)
|
|
$
|
1,795
|
|
$
|
1,906
|
Average realized price
of silver (per ounce)
|
|
$
|
23.80
|
|
$
|
24.69
|
Average realized price
of palladium (per ounce)
|
|
$
|
2,426
|
|
$
|
2,182
|
Average realized price
of cobalt (per pound)
|
|
$
|
23.78
|
|
$
|
n.a.
|
Less:
|
|
|
|
|
|
|
Average cash cost of
gold 1 (per ounce)
|
|
$
|
(464)
|
|
$
|
(428)
|
Average cash cost of
silver 1 (per ounce)
|
|
$
|
(5.06)
|
|
$
|
(5.89)
|
Average cash cost of
palladium 1 (per ounce)
|
|
$
|
(468)
|
|
$
|
(383)
|
Average cash cost of
cobalt 1 (per pound)
|
|
$
|
(5.15)
|
|
$
|
n.a.
|
Equals:
|
|
|
|
|
|
|
Cash operating margin
per gold ounce sold
|
|
$
|
1,331
|
|
$
|
1,478
|
As a percentage of
realized price of gold
|
|
|
74%
|
|
|
78%
|
Cash operating margin
per silver ounce sold
|
|
$
|
18.74
|
|
$
|
18.80
|
As a percentage of
realized price of silver
|
|
|
79%
|
|
|
76%
|
Cash operating margin
per palladium ounce sold
|
|
$
|
1,958
|
|
$
|
1,799
|
As a percentage of
realized price of palladium
|
|
|
81%
|
|
|
82%
|
Cash operating margin
per cobalt pound sold
|
|
$
|
18.63
|
|
$
|
n.a.
|
As a percentage of
realized price of cobalt
|
|
|
78%
|
|
|
n.a.
|
1) Please refer to
non-IFRS measure (iii), above.
|
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.sedar.com.
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 successful negotiation and entering into of
definitive documentation by Wheaton International with Rio2,
payment by Wheaton International of US$50
million to Rio2 and the satisfaction of each party's
obligations in accordance with the Fenix PMPA, the receipt by
Wheaton International of gold production in respect of the Fenix
Gold project, statements with respect to the future price of
commodities, the impact of epidemics (including the COVID-19 virus
pandemic), including the potential heightening of other risks, the
estimation of future production from 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 mineral
stream interests owned by Wheaton (the "Mining Operations"), 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, the costs of future production, the
estimation of produced but not yet delivered ounces, the impact of
the listing of the Company's common shares, any statements as to
future dividends, the ability to fund outstanding commitments and
the ability to continue to acquire accretive PMPAs, future payments
by the Company in accordance with PMPAs, including any acceleration
of payments, 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 and the impact of the CRA Settlement for years
subsequent to 2010, possible audits for taxation years subsequent
to 2015, 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, and
assessments of the impact and resolution of various legal and tax
matters, including but not limited to outstanding class action and
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 specific risks relating to
the completion of documentation and diligence for the Fenix PMPA
with Rio2, the satisfaction of each party's obligations in
accordance with the terms of the Fenix PMPA with Rio2, 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 of significant impacts on
Wheaton or the Mining Operations as a result of an epidemic
(including the COVID-19 virus pandemic), 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 the exploration, development, operating, expansion and
improvement of the Mining Operations, environmental and economic
risks of the Mining Operations, and changes in project parameters
as plans continue to be refined), the 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 Mining
Operations, uncertainty in the estimation of production from Mining
Operations, uncertainty in the accuracy of mineral reserve and
mineral resource estimation, the ability of each party to satisfy
their obligations in accordance with the terms of the PMPAs, the
estimation of future production from Mining Operations, Wheaton's
interpretation of, compliance with or application of, tax laws and
regulations or accounting policies and rules being found to be
incorrect, 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, assessing
the impact of the CRA Settlement for years subsequent to 2010
(including whether there will be any material change in the
Company's facts or change in law or jurisprudence), potential
implementation of a 15% global minimum tax, counterparty credit and
liquidity, mine operator concentration, indebtedness and
guarantees, hedging, competition, claims and legal proceedings
against Wheaton or the Mining Operations, security over underlying
assets, governmental regulations, international operations of
Wheaton and the Mining Operations, exploration, development,
operations, expansions and improvements at the Mining Operations,
environmental regulations and climate change, Wheaton and the
Mining Operations ability to obtain and maintain necessary
licenses, permits, approvals and rulings, Wheaton and the Mining
Operations ability to comply with applicable laws, regulations and
permitting requirements, lack of suitable infrastructure and
employees to support the 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 of title and indigenous rights with respect to the
Mining Operations, Wheaton and the Mining Operations ability to
obtain adequate financing, the Mining Operations ability to
complete permitting, construction, development and expansion,
global financial conditions, 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.sedar.com, Wheaton's Form 40-F for the year
ended December 31, 2020 and Form 6-K
filed March 11, 2021 both 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):the completion of documentation and
diligence in respect of the Fenix PMPA with Rio2, the payment of
US$50 million to Rio2 and the
satisfaction of each party's obligations in accordance with the
terms of the Fenix PMPA with Rio2, that there will be no material
adverse change in the market price of commodities, that neither
Wheaton nor the Mining Operations will suffer significant impacts
as a result of an epidemic (including the COVID-19 virus pandemic),
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 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 any
outbreak or threat of an outbreak of a virus or other contagions or
epidemic disease will be adequately responded to locally,
nationally, regionally and internationally, without such response
requiring any prolonged closure of the Mining Operations or having
other material adverse effects on the Company and counterparties to
its PMPAs, that the trading of the Company's 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, and
that the net proceeds of sales of common shares, if any, will be
used as anticipated, that expectations regarding the resolution of
legal and tax matters will be achieved (including ongoing class
action litigation and CRA audits involving the Company), that
Wheaton has properly considered the interpretation and application
of Canadian tax law to its structure and operations, that Wheaton
has filed its tax returns and paid applicable taxes in compliance
with Canadian tax law, that Wheaton's application of the CRA
Settlement for years subsequent to 2010 is accurate (including the
Company's assessment that there will be no material change in the
Company's facts or change in law or jurisprudence for years
subsequent to 2010), and 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.
View original
content:https://www.prnewswire.com/news-releases/wheaton-precious-metals-announces-record-revenue-earnings-and-cash-flow-for-the-first-nine-months-of-2021-301417150.html
SOURCE Wheaton Precious Metals Corp.