REG - Wheaton Precious Met - 2023 Annual Results & Progressive Dividend Policy
15/03/2024 07:00
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RNS Number : 9526G Wheaton Precious Metals Corp. 15 March 2024
March 15, 2024
Vancouver, British Columbia
Designated News Release
FOURTH QUARTER AND FULL YEAR FINANCIAL results
Wheaton Precious Metals Announces Solid 2023 Annual Results and
Transition to Progressive Dividend Policy
"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 (#_edn1) 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 (#_edn2) (,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:
o 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.
o 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.
o 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.
o 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 2024 2028 2029-2033
Actual Production Guidance(5) Target Average Annual Production
Production(1,5) Production Guidance(5) 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 (https://app.webinar.net/m7plYyeYgrO)
(https://app.webinar.net/m7plYyeYgrO) Link
(https://app.webinar.net/m7plYyeYgrO)
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
(https://app.webinar.net/m7plYyeYgrO) (https://app.webinar.net/m7plYyeYgrO)
Link (https://app.webinar.net/m7plYyeYgrO)
This earnings release should be read in conjunction with Wheaton Precious
Metals' MD&A and Financial Statements, which are available on the
Company's website at www.wheatonpm.com and have been posted on SEDAR+ at
www.sedarplus.ca.
Mr. Wes Carson, P.Eng., Vice President, Mining Operations, Neil Burns, P.Geo.,
Vice President, Technical Services for Wheaton Precious Metals and Ryan
Ulansky, P.Eng., Vice President, Engineering, are a "qualified person" as such
term is defined under National Instrument 43-101, and have reviewed and
approved the technical information disclosed in this news release
(specifically Mr. Carson has reviewed production figures, Mr. Burns has
reviewed mineral resource estimates and Mr. Ulansky has reviewed the mineral
reserve estimates).
Wheaton Precious Metals believes that there are no significant differences
between its corporate governance practices and those required to be followed
by United States domestic issuers under the NYSE listing standards. This
confirmation is located on the Wheaton Precious Metals website at
http://www.wheatonpm.com/Company/corporate-governance/default.aspx
(http://www.wheatonpm.com/Company/corporate-governance/default.aspx) .
For further information:
Investor Contact
Emma Murray
Vice President, Investor Relations
Tel: 1-844-288-9878
Email: info@wheatonpm.com
Media Contact
Simona Antolak
Vice President, Communications & Corporate Affairs
Tel: 604-639-9870
Email: simona.antolak@wheatonpm.com
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 As at
December 31
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 represent the amount of gold, silver, palladium and
cobalt contained in concentrate or doré prior to smelting or refining
deductions. Production figures and payable rates are based on information
provided by the operators of the mining operations to which the mineral stream
interests relate or management estimates in those situations where other
information is not available. Certain production figures and payable rates may
be updated in future periods as additional information is received.
3) Comprised of the Coleman, Copper Cliff, Garson, Creighton and Totten
gold interests.
4) Under the terms of the San Dimas PMPA, the Company is entitled to an
amount equal to 25% of the payable gold production plus an additional amount
of gold equal to 25% of the payable silver production converted to gold at a
fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the
average gold to silver price ratio decreases to less than 50:1 or increases to
more than 90:1 for a period of 6 months or more, then the "70" shall be
revised to "50" or "90", as the case may be, until such time as the average
gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or
more in which event the "70" shall be reinstated. For reference, attributable
silver production from prior periods is as follows: 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 $18.75 per pound cobalt; consistent
with those used in estimating the Company's production guidance for 2023.
5) Payable gold, silver and palladium ounces as well as cobalt pounds
produced but not yet delivered ("PBND") are based on management estimates.
These figures may be updated in future periods as additional information is
received.
Results of Operations
The operating results of the Company's reportable operating segments are
summarized in the tables and commentary below.
Three Months Ended December 31, 2023
Units Produced² Units Average Average Average Sales Net Cash Flow Total
Sold
Realized
Cash Cost
Depletion
Earnings
From
Assets
Price
($'s Per
($'s Per
Operations
($'s
Unit) (3)
Unit)
Per Unit)
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 $0.08 per pound of cobalt sold. The inventory which
was written down in 2022 was fully sold during 2023, and no further inventory
write down was required during 2023. The Company reflects the cobalt inventory
at the lower of cost and net realizable value, and will continue to monitor
the market price of cobalt relative to the carrying value of the inventory at
each reporting period.
On a gold equivalent basis, results for the Company for the three months ended
December 31, 2023 were as follows:
Three Months Ended December 31, 2023
Ounces Ounces Average Average Cash Operating Margin Average Gross
Produced (1)
Sold
Realized
Cash Cost
($'s Per Ounce) (3)
Depletion
Margin
Price
($'s Per
($'s Per
($'s Per
($'s Per
Ounce) (2)
Ounce)
Ounce)
Ounce)
Gold equivalent basis (4) 174,222 162,360 $ 1,931 $ 417 $ 1,514 $ 422 $ 1,092
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 $18.75 per pound cobalt; consistent
with those used in estimating the Company's production guidance for 2023.
Three Months Ended December 31, 2022
Units Produced² Units Average Average Average Sales Impairment (Charges) Reversals / Gain on Disposal (4) Net Cash Flow Total
Sold
Realized
Cash Cost
Depletion
Earnings
From
Assets
Price
($'s Per
($'s Per
Operations
($'s
Unit) (3)
Unit)
Per Unit)
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
$8.71 per pound of cobalt sold. The Company reflects the cobalt inventory at
the lower of cost and net realizable value, and will continue to monitor the
market price of cobalt relative to the carrying value of the inventory at each
reporting period.
On a gold equivalent basis, results for the Company for the three months ended
December 31, 2022 were as follows:
Three Months Ended December 31, 2022
Ounces Ounces Average Average Cash Operating Margin Average Gross
Produced (1)
Sold
Realized
Cash Cost
($'s Per Ounce) (3)
Depletion
Margin
Price
($'s Per
($'s Per
($'s Per
($'s Per
Ounce) (2)
Ounce)
Ounce)
Ounce)
Gold equivalent basis (4) 142,887 138,218 $ 1,708 $ 447 $ 1,261 $ 384 $ 877
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 $18.75 per pound cobalt; consistent
with those used in estimating the Company's production guidance for 2023.
Year Ended December 31, 2023
Units Produced² Units Average Average Average Sales Gain on Disposal (4) Net Cash Flow Total
Sold
Realized
Cash Cost
Depletion
Earnings
From
Assets
Price
($'s Per
($'s Per
Operations
($'s
Unit) (3)
Unit)
Per Unit)
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 $0.91 per pound of cobalt sold. The inventory which
was written down in 2022 was fully sold during 2023, and no further inventory
write down was required during 2023. The Company reflects the cobalt inventory
at the lower of cost and net realizable value and will continue to monitor the
market price of cobalt relative to the carrying value of the inventory at each
reporting period.
On a gold equivalent basis, results for the Company for the year ended
December 31, 2023 were as follows:
Year Ended December 31, 2023
Ounces Ounces Average Average Cash Operating Margin Average Gross
Produced (1)
Sold
Realized
Cash Cost
($'s Per Ounce) (3)
Depletion
Margin
Price
($'s Per
($'s Per
($'s Per
($'s Per
Ounce) (2)
Ounce)
Ounce)
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 $18.75 per pound cobalt; consistent
with those used in estimating the Company's production guidance for 2023.
Year Ended December 31, 2022
Units Produced² Units Average Average Average Sales Impairment (Charges) Reversals / Gain (on) Disposal (4) Net Cash Flow Total
Sold
Realized
Cash Cost
Depletion
Earnings
From
Assets
Price
($'s Per
($'s Per
Operations
($'s
Unit) (3)
Unit)
Per Unit)
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
$1.60 per pound of cobalt sold. The Company reflects the cobalt inventory at
the lower of cost and net realizable value, and will continue to monitor the
market price of cobalt relative to the carrying value of the inventory at each
reporting period.
On a gold equivalent basis, results for the Company for the year ended
December 31, 2022 were as follows:
Year Ended December 31, 2022
Ounces Ounces Average Average Cash Operating Margin Average Gross
Produced (1)
Sold
Realized
Cash Cost
($'s Per Ounce) (3)
Depletion
Margin
Price
($'s Per
($'s Per
($'s Per
($'s Per
Ounce) (2)
Ounce)
Ounce)
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 Years Ended
December 31
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' - - - 4,143
Equity
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 Years Ended
December 31
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 Years Ended
December 31
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 Years Ended
December 31
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 (http://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 (https://www.sec.gov/edgar.shtml) .
End Notes
1 (#_ednref1) 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 (#_ednref2) 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.
(4)Source: Company reports & S and P Capital IQ estimates of 2024
byproduct cost curves for gold, zinc/lead, copper, PGM, nickel & silver
mines. Portfolio mine life based on recoverable reserves and resources as of
Dec 31, 2022 and 2022 actual mill throughput and is weighted by individual
reserve and resource category.
(5)Gold 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.
(6)Total 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.
(7)Under 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.
(8)Under 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%.
(9)Under 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.
(10)Under 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.
(11)To 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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