REG - Wheaton Precious Met - Acquisition of Stream on Hemlo Mine

Wheaton Precious MetalsAnnouncement

11/09/2025 07:00

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RNS Number : 9409Y  Wheaton Precious Metals Corp.  11 September 2025

 

September 10, 2025
Vancouver, British Columbia

 
 

Wheaton Precious Metals Announces Financing Commitment to

Carcetti Capital for Hemlo Mine Acquisition

 

Vancouver, British Columbia - Wheaton Precious Metals™ Corp. ("Wheaton" or
the "Company") is pleased to announce it has committed financing to Carcetti
Capital Corporation ("Carcetti") to support Carcetti's proposed acquisition
(the "Acquisition") of the Hemlo Mine from Barrick Mining Corporation
("Barrick").

 

Carcetti's financing package for the Acquisition is expected to include:

 

·      Up to $400 million Wheaton gold stream (the "Gold Stream");

·      Concurrent equity financing with estimated proceeds of
approximately $415 million (the "Equity Financing"); and

·    $200 million in bank debt (the "Acquisition Facility").

 

Wheaton has committed to provide the Gold Stream and to participate in the
Equity Financing (up to the lesser of $50 million or 20% of the Equity
Financing), subject to execution of definitive agreements and satisfaction of
customary conditions.

 

The Gold Stream would be a key component of Carcetti's comprehensive financing
package, which is expected to provide Carcetti with the capital required to
complete the Acquisition and advance further improvements at Hemlo,
positioning the asset to achieve its full potential. Upon closing, Carcetti
intends to change its name to Hemlo Mining Corp. ("HMC").

 

"Hemlo offers a unique opportunity to add immediate, accretive gold ounces
from a politically stable jurisdiction, backed by a long history of production
and a capable operating team," said Randy Smallwood, Chief Executive Officer
of Wheaton Precious Metals. "We are proud to support HMC in its acquisition of
a mine that has long been considered a cornerstone of Canada's mining
industry, while also contributing to strategic M&A momentum across the
sector."

 

"The Hemlo stream reflects our commitment to disciplined capital deployment
and long-term value creation," added Haytham Hodaly, President of Wheaton
Precious Metals. "This transaction highlights our continued focus on investing
in assets with strong geological potential and responsible stewardship. We are
pleased to partner with HMC, whose leadership is guided by a strong strategic
vision for unlocking further value at Hemlo."

 

"We are grateful to have the support of Wheaton Precious Metals as we move
forward with the acquisition of the Hemlo Gold mine," said Jason Kosec,
incoming President & Chief Executive Officer of HMC. "Their backing not
only validates the quality of the opportunity but also strengthens our ability
to unlock the mine's full potential. With Wheaton's partnership, we can
responsibly maximize value from the operation, create meaningful benefits for
our stakeholders, and continue building a strong Canadian intermediate growth
focused gold producer."

 

 

Gold Stream Key Terms

(All values in US$ unless otherwise noted)

Wheaton has committed to provide the Gold Stream on the following terms,
subject to execution of definitive agreements and completion of the
Acquisition:

§ Upfront Consideration: Wheaton will pay HMC total upfront cash
consideration of up to $400 million (the "Deposit") subject to certain
customary conditions. Under the terms of Wheaton's commitment to HMC, if the
Equity Financing exceeds $300 million (excluding Wheaton's participation), HMC
may request that the Deposit be reduced by the amount of the excess (to a
maximum of $100 million), in which case the stream percentage would be
adjusted proportionately and Wheaton's commitment to participate in the Equity
Financing would be limited to the lesser of $30 million and 20% of the Equity
Financing.  Any such adjustments to the Deposit and stream percentage would
be reflected in the definitive agreement for the Gold Stream.

§ Streamed Metal: Wheaton will purchase 13.5% of the payable gold until a
total of 181,000 ounces of gold has been delivered (the "First Dropdown
Threshold"), at which point Wheaton will purchase 9.0% of the payable gold
until an additional 157,330 ounces of gold has been delivered (the "Second
Dropdown Threshold"), at which point Wheaton will purchase 6.0% of payable
gold for the life of the mine.  Each of the First Dropdown Threshold and the
Second Dropdown Threshold will be subject to adjustment if there are delays in
deliveries relative to an agreed schedule, and commencing in 2033, if
deliveries fall behind the agreed schedule by 10 Koz or more, the stream
percentage will be increased by 5% until deliveries catch up with the agreed
schedule.  The applicable stream percentage will be reduced by half with
respect to gold production from certain claims comprising the Interlake
deposit. Payable gold is calculated using a fixed payable factor of 99.95%.

§ Production Profile(1): Attributable Gold Stream production is forecast to
average approximately 20 Koz of gold per annum for the first 10 full years of
production, and over 17 Koz per annum for the life of mine. The Hemlo Mine is
forecast to have a 14-year mine life, with significant brownfield exploration
potential near existing underground infrastructure.

§ Production Payments: Wheaton will make ongoing payments for the gold ounces
delivered equal to 20% of the spot price of gold.

§ Incremental Reserves and Resources(1)(( (#_edn1) )): The addition of the
Hemlo Mine will increase Wheaton's total estimated Proven and Probable Mineral
gold reserves by 0.25 million ounces ("Moz"), Measured and Indicated Mineral
gold resources by 0.08 Moz and Inferred gold resources by 0.04 Moz.

§ Other Considerations:

o  Wheaton will obtain a right of first refusal on any future precious metal
streams, royalties, prepays or similar transactions with respect to the Hemlo
Mine.

o  HMC will provide Wheaton with corporate guarantees, as well as
first-priority security interests on substantially all of HMC's assets on a
shared basis with the lenders under the Acquisition Facility.

o  HMC is expected to comply in all material respects with the Global
Industry Standard on Tailings Management, the Towards Sustainable Mining
Standard, and Wheaton's Partner/Supplier Code of Conduct, which outlines
Wheaton's expectations in regard to environmental, social and governance
("ESG") matters.

o  The transaction is expected to close in the fourth quarter of 2025.

 

1) Please refer to the Attributable Mineral Reserves & Mineral Resources
table in this news release for full disclosure of reserves and resources
associated with the Hemlo Mine including accompanying footnotes.

 

Financing the Transactions

As at June 30, 2025, the Company had approximately $1.0 billion of cash on
hand. Wheaton believes that, when combined with the liquidity available under
its $2 billion revolving term loan and ongoing operating cash flows, it is
well positioned to fund the acquisition of the Gold Stream. This financial
position supports outstanding commitments and known contingencies, while
providing flexibility to pursue additional accretive mineral stream interests.

 

About Carcetti / HMC and the Hemlo Mine

Carcetti Capital Corp. is a Canadian-listed investment firm, headquartered in
Vancouver, British Columbia. Upon closing, Carcetti is to be re-named Hemlo
Mining Corp. and will be led by an experienced leadership team with a long
history and deep understanding of Hemlo. The Hemlo mine has produced
approximately 25 million ounces of gold, and has been operating continuously
for more than 30 years. Located just north of Lake Superior on the
Trans-Canada Highway, about 35 kilometres east of Marathon, Ontario, it's
currently an underground operation and has long been considered a cornerstone
of Canada's mining sector. Previously under the ownership of Barrick Mining
Corporation, Hemlo transitioned from an open pit operation to an underground
operation in October 2020.

 

 

Attributable Gold Mineral Reserves and Mineral Resources - Hemlo Mine

 

 Category                  Zone              Tonnage  Grade Au g/t  Contained

                                             Mt                     Au Moz

 Probable                  Interlake UG       0.3      3.94          0.04
                           Non-Interlake UG   1.0      3.63          0.11
                           Open Pit           3.5      0.85          0.10
                           Total              4.8      1.62          0.25
 Measured                  Interlake UG       -        -             -
                           Non-Interlake UG   0.02     2.53          0.002
                           Open Pit           -        -             -
                           Total              0.02     2.53          0.002
 Indicated                 Interlake UG       -        -             -
                           Non-Interlake UG   0.1      2.53          0.01
                           Open Pit           2.6      0.85          0.07
                           Total              2.6      0.90          0.08
 Measured & Indicated      Interlake UG       -        -             -
                           Non-Interlake UG   0.1      2.53          0.01
                           Open Pit           2.6      0.85          0.07
                           Total              2.7      0.92          0.08
 Inferred                  Interlake UG       0.1      6.18          0.01
                           Non-Interlake UG   0.2      3.46          0.02
                           Open Pit           0.6      0.42          0.01
                           Total              0.8      1.53          0.04

 

Notes on Mineral Reserves & Mineral Resources:

1.   All Mineral Reserves and Mineral Resources have been estimated in
accordance with the 2014 Canadian Institute of Mining, Metallurgy and
Petroleum (CIM) Standards for Mineral Resources and Mineral Reserves and
National Instrument 43-101 - Standards for Disclosure for Mineral Projects
("NI 43-101").

2.   Mineral Reserves and Mineral Resources are reported above in millions
of metric tonnes ("Mt"), grams per metric tonne ("g/t") and millions of ounces
("Moz").

3.   Qualified persons ("QPs"), as defined by the NI 43-101, for the
technical information contained in this document (including the Mineral
Reserve and Mineral Resource estimates) are:

a.   Neil Burns, M.Sc., P.Geo. (Vice President, Corporate Development); and

b.   Ryan Ulansky, M.A.Sc., P.Eng. (Vice President, Engineering),

both employees of the Company (the "Company's QPs").

4.   The Mineral Resources reported in the above tables are exclusive of
Mineral Reserves.

5.   Mineral Resources, which are not Mineral Reserves, do not have
demonstrated economic viability.

6.   Hemlo Mine Mineral Reserves and Mineral Resources are reported as of
August 1, 2025.

7.   Hemlo Mine Mineral Reserves are reported above a US$110.8 per tonne or
US$123.0 per tonne NSR cut-off depending on underground mining method, and a
US$34.13 NSR cut-off for open pit material. Underground Mineral Resources are
reported on a diluted basis above an average cut-off grade of 2.38 grams per
tonne gold. Open-pit Mineral Resources are reported above a cut-off grade of
0.21 grams per tonne gold.

8.   The Gold Stream provides that Carcetti will deliver gold equal to 13.5%
of the payable gold until a total of 181,000 ounces of gold have been
delivered, subject to adjustment if there are delays in deliveries relative to
an agreed schedule, then 9.0% until an additional 157,330 thousand ounces of
gold have been delivered, subject to adjustment if there are delays in
deliveries relative to an agreed schedule, then 6.0% of the payable gold for
the life of the mine of the payable gold for the life of the mine. The
applicable stream percentage will be reduced by half with respect to gold
production from certain claims comprising the Interlake deposit.

 

Neil Burns, P.Geo., Vice President, Corporate Development 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. Burns has reviewed mineral resource estimates and Mr.
Ulansky has reviewed the mineral reserve estimates).

 

About Wheaton Precious Metals

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.

 

For further information, please contact:

 

Wheaton Precious Metals:

Emma Murray

Vice President, Investor Relations

Tel: 1-844-288-9878

Email: info@wheatonpm.com

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This press release contains "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable Canadian
securities legislation concerning the business, operations and financial
performance of Wheaton and, in some instances, the business, mining operations
and performance of Wheaton's PMPA counterparties. Forward-looking statements,
which are all statements other than statements of historical fact, include,
but are not limited to, statements with respect to:

·      the 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 taxes
payable under the GMT, and the impact of the CRA Settlement, and the Company's
ability to pay its taxes;

·      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, , or the ability of the
Company to pay such taxes as and when due;

·      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 Wheaton's interpretation of, compliance with,
or application of the GMT, including Canada's GMTA and the legislation enacted
in Luxembourg, that applies to the income of the Company's subsidiaries for
fiscal years beginning on or after December 31, 2023;

·      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;

·      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, 2024 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  and that Wheaton will be able to
pay taxes when due;

·      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 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, 2024, which was filed on March 31, 2025
and other continuous disclosure documents filed by Wheaton since January 1,
2025, 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) .

 

 

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