REG - Wheaton Precious Met - Second Quarter Results 2022
12/08/2022 07:00
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RNS Number : 8363V Wheaton Precious Metals Corp. 12 August 2022
August 12, 2022
Vancouver, British Columbia
TSX | NYSE | LSE: WPM
Designated News Release
SECOND quarter 2022 financial results
Wheaton Precious Metals Announces Second Quarter Results for 2022
"Throughout the first half of 2022, we have focused on optimizing our
portfolio and further enhancing our financial flexibility in order to ensure
that we are well positioned to respond to accretive growth opportunities and
continue creating value for our shareholders," said Randy Smallwood, President
and Chief Executive Officer of Wheaton Precious Metals. "While not without its
challenges, our diverse portfolio once again delivered strong operating cash
flow and an attractive dividend yield, highlighting the resiliency of the
streaming model to the inflationary pressures currently being felt across the
global economy. Furthermore, we are pleased with our continued progress and
leadership on sustainability initiatives as highlighted in our third annual
Sustainability Report."
Second Quarter 2022 Highlights:
· Over $300 million in revenue and $206 million in operating cash flow,
resulting in a cash balance of $449 million and no debt as at June 30, 2022.
· $149 million in adjusted net earnings(1).
· Announced the proposed termination of the Keno Hill precious metal
purchase agreement ("PMPA") for $135 million.
· Subsequent to the quarter, Wheaton added a sustainability-linked
element in connection with the extension to its existing undrawn US$2 billion
revolving credit facility.
· Recognized as one of the Best 50 Corporate Citizens in Canada by
Corporate Knights.
· Declared quarterly dividend(1) of $0.15 per common share, consistent
with the comparable period in 2021.
Operational Overview
(all figures in US dollars unless otherwise noted) Q2 2022 Q2 2021 Change YTD 2022 YTD 2021 Change
Units produced
Gold ounces 68,365 90,072 (24.1)% 146,419 168,601 (13.2)%
Silver ounces 6,537 6,529 0.1 % 12,770 13,294 (3.9)%
Palladium ounces 3,899 5,301 (26.4)% 8,387 11,070 (24.2)%
Cobalt pounds 136 380 (64.1)% 371 1,542 (76.0)%
Gold equivalent ounces (2) 162,569 190,272 (14.6)% 333,265 387,028 (13.9)%
Units sold
Gold ounces 84,337 90,090 (6.4)% 162,238 165,194 (1.8)%
Silver ounces 5,848 5,600 4.4 % 11,401 12,257 (7.0)%
Palladium ounces 3,378 3,869 (12.7)% 7,453 9,000 (17.2)%
Cobalt pounds 225 395 (43.0)% 736 527 39.7 %
Gold equivalent ounces (2) 170,371 176,502 (3.5)% 336,436 348,773 (3.5)%
Revenue $ 302,922 $ 330,393 (8.3)% $ 610,166 $ 654,512 (6.8)%
Net earnings $ 149,074 $ 166,124 (10.3)% $ 306,542 $ 328,126 (6.6)%
Per share $ 0.330 $ 0.369 (10.6)% $ 0.679 $ 0.729 (6.9)%
Adjusted net earnings (1) $ 149,285 $ 161,626 (7.6)% $ 307,292 $ 322,760 (4.8)%
Per share (1) $ 0.331 $ 0.359 (7.8)% $ 0.681 $ 0.718 (5.1)%
Operating cash flows $ 206,359 $ 216,415 (4.6)% $ 416,899 $ 448,569 (7.1)%
Per share (1) $ 0.457 $ 0.481 (5.0)% $ 0.924 $ 0.997 (7.3)%
All amounts in thousands except gold, palladium & gold equivalent ounces,
and per share amounts. 1 (#_edn1) 2 (#_edn2)
Revised Annual and Long-Term Production Guidance
Given the proposed termination of the Keno Hill PMPA, lower production from
Stillwater due to severe weather and flooding in the state of Montana in June
as well as lower than expected production at Salobo, Wheaton is lowering
production guidance. Wheaton's estimated attributable production for 2022 is
now forecast to be approximately 640,000 to 680,000 gold equivalent ounces(2)
("GEOs"). For the five-year period ending December 31, 2026, average annual
production is expected to increase to 820,000 GEO's(2), primarily due to
anticipated continued production growth from Salobo, Stillwater, Constancia,
and Voisey's Bay as well as incremental production ounces from Marmato,
Blackwater, Toroparu, Marathon, the Copper World Complex (formerly referred to
as Rosemont) and Santo Domingo towards the latter end of the forecast period.
Average forecast production for the ten-year period ending December 31, 2031,
is expected to now be 870,000 GEO's(2) and includes incremental production
from the Kutcho project and the Victor mine in Sudbury. Vale S.A. has
indicated the potential for an additional expansion after the completion of
the current Salobo III expansion, but Wheaton does not currently include this
in its forecast.
2022 Production Guidance Forecast
Original Guidance Updated Guidance
Gold Ounces 350,000 to 380,000 300,000 to 320,000
Silver Ounces ('000s) 23,000 to 24,500 22,500 to 24,000
Other Metals(2) (GEOs) 44,000 to 48,000 35,000 to 40,000
Total GEOs(2) 700,000 to 760,000 640,000 to 680,000
Long-Term Forecast
5-Year Annual Average (GEOs)(2) 850,000 820,000
10-Year Annual Average (GEOs)(2) 910,000 870,000
Financial Review
Revenues
Revenue was $303 million in the second quarter of 2022 representing an 8%
decrease from the second quarter of 2021 due primarily to a 5% decrease in the
average realized gold equivalent² price; and a 3% decrease in the number of
GEOs² sold.
Revenue was $610 million in the six months ended June 30, 2022, representing a
7% decrease from the comparable period of the previous year due primarily to a
4% decrease in the number of gold equivalent² ounces sold; and a 3% decrease
in the average realized gold equivalent² price.
Cash Costs and Margin
Average cash costs¹ in the second quarter of 2022 were $440 per GEO² as
compared to $444 in the second quarter of 2021. This resulted in a cash
operating margin¹ of $1,338 per GEO² sold, a decrease of 6% as compared with
the second quarter of 2021.
Average cash costs¹ for the six months ended June 30, 2022 were $431 per
GEO² as compared to $451 in the comparable period of the previous year. This
resulted in a cash operating margin¹ of $1,383 per GEO² sold, a decrease of
3% as compared with the comparable period of the previous year.
Balance Sheet (at June 30, 2022)
· Approximately $449 million of cash on hand.
· Subsequent to the quarter, the Company extended its existing undrawn $2
billion revolving term loan (the "Revolving Facility") with its maturity date
now July 18, 2027. As part of the extension, Wheaton added a
sustainability-linked element which impacts the interest rate paid on drawn
amounts and standby fees.
· The Company is well positioned to fund all outstanding commitments and
known contingencies as well as providing flexibility to acquire additional
accretive mineral stream interests.
Second Quarter Asset Highlights
Salobo: In the second quarter of 2022, Salobo produced 34,100 ounces of
attributable gold, a decrease of approximately 39% relative to the second
quarter of 2021, primarily due to lower throughput and grades. According to
Vale S.A.'s Production and Sales 2Q22 report ("Vale"), mine movement saw
continued improvement throughout the quarter, but concentrate production was
negatively impacted by plant performance due to delays in ramp-up after
planned and corrective maintenance. Vale expects further maintenance work to
continue in the second half of 2022.
As per Vale's Second Quarter 2022 Performance Report, Vale outlines the Salobo
lll Project progress including the start of commissioning activities at the
primary crushing and stockpile areas. In addition, Vale notes that the
remediation work for the January 2022 landslide has been completed. Vale
reports that physical completion of the Salobo III mine expansion was 95% at
the end of the second quarter.
Antamina: In the second quarter of 2022, Antamina produced 1.4 million ounces
of attributable silver, a decrease of approximately 11% relative to the second
quarter of 2021, primarily due to lower grades as per the mine plan.
Constancia: In the second quarter of 2022, Constancia produced 600,000 ounces
of attributable silver and 8,000 ounces of attributable gold, an increase of
approximately 25% and 46%, respectively, relative to the second quarter of
2021, with the increases being primarily due to the mining of higher-grade
material associated with the Pampacancha deposit.
Sudbury: In the second quarter of 2022, Vale's Sudbury mines produced 7,200
ounces of attributable gold, an increase of approximately 58% relative to the
second quarter of 2021, primarily due to higher throughput as during 2021,
operations at the mine were suspended due to a labour dispute which lasted
from June 1to August 9, 2021.
Stillwater: In the second quarter of 2022, the Stillwater mines produced 2,200
ounces of attributable gold and 3,900 ounces of attributable palladium, a
decrease of approximately 27% for gold and 26% for palladium relative to the
second quarter of 2021. As per Sibanye-Stillwater Limited's news release dated
August 11, 2022, regional floods impacted the Stillwater operations on June
13, 2022, including damage to bridges and the access road to the Stillwater
mine. Operations at the Stillwater mine, which accounts for 60% of the mined
production from the Stillwater operations, were suspended for seven weeks, but
resumed on July 29, 2022. Access to the East Boulder mine and the Columbus
metallurgical facilities remains intact and both facilities continued
operating during the flooding events.
San Dimas: In the second quarter of 2022, San Dimas produced 10,000 ounces of
attributable gold, a decrease of approximately 12% relative to the second
quarter of 2021, primarily the result of mining lower grade material.
According to First Majestic Silver Corp.'s ("First Majestic") Q2 production
report, underground development for stope preparation and ventilation within
the Perez vein is progressing and forecast to be ready for initial production
in August. Furthermore, First Majestic reports that improving dilution
controls at San Dimas and prioritizing long-hole stoping of the Jessica and
Regina veins is anticipated to improve ore grade and overall production in the
second half of 2022.
Other Gold: In the second quarter of 2022, total Other Gold attributable
production was 6,800 ounces, a decrease of approximately 32% relative to the
second quarter of 2021, primarily due to the lower throughput and grades at
777, which closed as of June 2022.
Voisey's Bay: In the second quarter of 2022, the Voisey's Bay mine produced
136,000pounds of attributable cobalt, a decrease of approximately 64% relative
to the second quarter of 2021, primarily due to lower throughput resulting
from a scheduled maintenance shut down coupled with lower grades during the
ongoing transitional period between the depletion of the Ovoid open-pit mine
and ramp-up to full production of the Voisey's Bay underground project. As per
Vale's Second Quarter 2022 Performance Report, physical completion of the
Voisey's Bay underground mine extension was 74% at the end of the second
quarter. Civil works continue for the balance of facilities, with civil
completion planned by the end of 2022.
Development Assets
Copper World Complex (formerly referred to as Rosemont): On June 8, 2022,
Hudbay Minerals Inc. ("Hudbay") announced the results of the preliminary
economic assessment ("PEA") of its 100%-owned Copper World Complex in Arizona,
which includes the recently discovered Copper World deposits along with the
Rosemont deposit. The PEA highlights a two-phase mine plan, with Phase I
reflecting a standalone operation on private land and patented mining claims
over a 16-year mine life. Phase II expands mining activities onto federal land
and extends the mine life to 44 years. In addition, Hudbay is evaluating
several opportunities to optimize the project, including the potential to
expand Phase I beyond 16 years with additions to the company's private land
package for tailings and waste rock storage and the potential to accelerate
Phase II if federal permits are received earlier than as outlined in the PEA.
As per the PEA, Hudbay anticipates the Phase 1 feasibility study and permits
should be completed by the end of 2023, with a sanctioning decision by Hudbay
in 2024, and construction expected to take three years.
Fenix: On June 28, 2022, Rio2 Limited ("Rio2") provided an update on the Fenix
Gold environmental assessment process. The Environmental Assessment Service
("SEA") published the Consolidation Evaluation Report with the recommendation
to reject the Environmental Impact Assessment ("EIA") as it has been alleged
that Fenix Gold has not provided enough information during the evaluation
process to eliminate adverse impacts over the chinchilla, guanaco, and
vicuña. On July 5, 2022, Rio2 announced that the Regional Evaluation
Commission has voted for not approving the EIA for its Fenix Gold project in
Chile. Following this decision, Rio2 provided a further update on July 11,
2022, stating that Rio2 along with its Chilean environmental and legal
advisor, are currently evaluating options to continue to advance the project.
Portfolio Optimization
Keno Hill: On July 5, 2022, Hecla Mining Company ("Hecla") announced a
definitive agreement for Hecla to acquire all of the outstanding common shares
of Alexco Resource Corp. ("Alexco"). In conjunction with this agreement, the
Company has entered into an agreement with Hecla to terminate the Keno Hill
PMPA in exchange for $135 million of Hecla common stock, conditional upon the
completion of Hecla's acquisition of Alexco and other customary approvals.
Produced But Not Yet Delivered 3 (#_edn3) and Inventory
As at June 30, 2022, payable ounces and pounds attributable to the Company
produced but not yet delivered amounted to:
· 61,200 payable gold ounces, a decrease of 20,200 ounces during Q2 2022,
primarily due to decreases at the Salobo and Sudbury mines.
· 3.7 million payable silver ounces, a decrease of 0.2 million ounces
during Q2 2022 primarily due to decreases at the Peñasquito and Yauliyacu
mines.
· 6,300 payable palladium ounces, an increase of 700 ounces during Q2
2022.
· 280,000 payable cobalt pounds, a decrease of 270 thousand pounds during
Q2 2022.
As of June 30, 2022, approximately 582,000 pounds of cobalt were held in
inventory by Wheaton, an increase of 172,000 pounds during Q2 2022.
Detailed mine-by-mine production and sales figures can be found in the
Appendix to this press release and in Wheaton's consolidated MD&A in the
'Results of Operations and Operational Review' section.
Sustainability
Recognized as One of the Best 50 Corporate Citizens in Canada: Wheaton was
named to the Corporate Knights' 2022 list of the Best 50 Corporate Citizens in
Canada
(https://www.corporateknights.com/rankings/best-50-rankings/2022-best-50-rankings/canadas-best-50-corporate-citizens-of-2022-continue-to-conquer-the-markets/)
. Corporate Knights has been producing global corporate and fund rankings for
20 years. Wheaton was selected from a pool of 332 Canadian companies - each
evaluated on a set of 24 environmental, social and governance indicators,
relative to their industry peers and using publicly available information. The
Best 50 Corporate Citizens sets the standard for sustainability leadership in
Canada.
Sustainability-Linked Revolving Credit Facility: Wheaton has added a
sustainability-linked element in connection with the extension to its existing
undrawn US$2 billion revolving credit facility, underscoring Wheaton's
commitment to sustainability initiatives. Under the renewed revolving credit
facility, the interest rate paid on drawn amounts and standby fees will be
adjusted based upon Wheaton's performance in three sustainability-related
areas including climate change, diversity and overall sustainability
performance.
Published third Annual Sustainability Report
(https://s21.q4cdn.com/266470217/files/doc_downloads/2022/05/22078_WPM_SR_24MAY2022.pdf)
: On May 24, 2022, Wheaton published its third annual Sustainability Report.
Highlights of the report include establishment of a formal ESG strategy with
targets and commitments across several material ESG topics and significant
enhancement of disclosure around climate change (including inaugural reporting
of our Scope 3 financed emissions associated with our Mining Partners).
Webcast and Conference Call Details
A conference call and webcast will be held on Friday, August 12, 2022 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:
06939369
Live
webcast:
Webcast URL
(https://produceredition.webcasts.com/starthere.jsp?ei=1517110&tp_key=89265d0696)
The accompanying slideshow will also be available in PDF format on the
'Events' page of the Wheaton Precious Metals website
(https://www.wheatonpm.com/Investors/events-and-webcasts/default.aspx) before
the conference call.
The conference call will be recorded and available until August 19, 2022 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:
939369 #
Archived
webcast:
Webcast URL
(https://produceredition.webcasts.com/starthere.jsp?ei=1517110&tp_key=89265d0696)
This earnings release should be read in conjunction with Wheaton Precious
Metals' MD&A and Financial Statements, which are available on the
Company's website at www.wheatonpm.com and have been posted on SEDAR at
www.sedar.com.
Mr. Wes Carson, P.Eng., Vice President, Mining Operations is a "qualified
person" as such term is defined under National Instrument 43-101, and have
reviewed and approved the technical information disclosed in this news
release.
Wheaton Precious Metals believes that there are no significant differences
between its corporate governance practices and those required to be followed
by United States domestic issuers under the NYSE listing standards. This
confirmation is located on the Wheaton Precious Metals website at
http://www.wheatonpm.com/Company/corporate-governance/default.aspx
(http://www.wheatonpm.com/Company/corporate-governance/default.aspx)
(http://www.silverwheaton.com/company/corporate-governance/default.aspx) .
About Wheaton Precious Metals Corp. and Outlook
Wheaton is the world's premier precious metals streaming company with the
highest-quality portfolio of long-life, low-cost assets. Its business model
offers investors commodity price leverage and exploration upside but with a
much lower risk profile than a traditional mining company. Wheaton delivers
amongst the highest cash operating margins in the mining industry, allowing it
to pay a competitive dividend and continue to grow through accretive
acquisitions. As a result, Wheaton has consistently outperformed gold and
silver, as well as other mining investments. Wheaton is committed to strong
ESG practices and giving back to the communities where Wheaton and its mining
partners operate. Wheaton creates sustainable value through streaming for all
of its stakeholders.
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.
Condensed Interim Consolidated Statements of Earnings
Three Months Ended Six Months Ended
June 30
June 30
(US dollars and shares in thousands, except per share amounts - unaudited) 2022 2021 2022 2021
Sales $ 302,922 $ 330,393 $ 610,166 $ 654,512
Cost of sales
Cost of sales, excluding depletion $ 74,943 $ 78,445 $ 144,936 $ 157,228
Depletion 65,682 70,308 123,084 140,482
Total cost of sales $ 140,625 $ 148,753 $ 268,020 $ 297,710
Gross margin $ 162,297 $ 181,640 $ 342,146 $ 356,802
General and administrative expenses 9,685 8,904 19,089 18,639
Share based compensation 1,608 7,978 11,509 9,608
Donations and community investments 1,160 1,583 1,973 2,188
Earnings from operations $ 149,844 $ 163,175 $ 309,575 $ 326,367
Other (income) expense (820) (3,420) (650) (3,301)
Earnings before finance costs and income taxes $ 150,664 $ 166,595 $ 310,225 $ 329,668
Finance costs 1,389 1,357 2,811 2,930
Earnings before income taxes $ 149,275 $ 165,238 $ 307,414 $ 326,738
Income tax (expense) recovery (201) 886 (872) 1,388
Net earnings $ 149,074 $ 166,124 $ 306,542 $ 328,126
Basic earnings per share $ 0.330 $ 0.369 $ 0.679 $ 0.729
Diluted earnings per share $ 0.330 $ 0.368 $ 0.678 $ 0.728
Weighted average number of shares outstanding
Basic 451,524 450,088 451,221 449,800
Diluted 452,359 451,203 452,123 450,869
Condensed Interim Consolidated Balance Sheets
As at As at
June 30
December 31
(US dollars in thousands - unaudited) 2022 2021
Assets
Current assets
Cash and cash equivalents $ 448,626 $ 226,045
Accounts receivable 13,550 11,577
Other 16,160 12,102
Total current assets $ 478,336 $ 249,724
Non-current assets
Mineral stream interests $ 5,841,478 $ 5,905,797
Early deposit mineral stream interests 45,342 34,741
Mineral royalty interest 6,606 6,606
Long-term equity investments 60,799 61,477
Convertible notes receivable - 17,086
Property, plant and equipment 4,814 5,509
Other 11,320 15,211
Total non-current assets $ 5,970,359 $ 6,046,427
Total assets $ 6,448,695 $ 6,296,151
Liabilities
Current liabilities
Accounts payable and accrued liabilities $ 9,546 $ 13,935
Current portion of performance share units 11,989 14,807
Current portion of lease liabilities 824 813
Other 97 136
Total current liabilities $ 22,456 $ 29,691
Non-current liabilities
Lease liabilities 1,619 2,060
Deferred income taxes 236 100
Performance share units 4,517 11,498
Pension liability 3,066 2,685
Total non-current liabilities $ 9,438 $ 16,343
Total liabilities $ 31,894 $ 46,034
Shareholders' equity
Issued capital $ 3,729,300 $ 3,698,998
Reserves 12,273 47,036
Retained earnings 2,675,228 2,504,083
Total shareholders' equity $ 6,416,801 $ 6,250,117
Total liabilities and shareholders' equity $ 6,448,695 $ 6,296,151
Condensed Interim Consolidated Statements of Cash Flows
Three Months Ended Six Months Ended
June 30
June 30
(US dollars in thousands - unaudited) 2022 2021 2022 2021
Operating activities
Net earnings $ 149,074 $ 166,124 $ 306,542 $ 328,126
Adjustments for
Depreciation and depletion 66,080 70,775 123,875 141,424
Interest expense 24 32 50 294
Equity settled stock based compensation 1,498 1,307 2,839 2,632
Performance share units (18,137) (10,258) (9,577) (9,952)
Pension expense 271 265 429 416
Income tax expense (recovery) 201 (886) 872 (1,388)
Loss (gain) on fair value adjustment of share purchase warrants held 154 194 897 1,145
Fair value (gain) loss on convertible note receivable - (3,388) 1,380 (4,626)
Investment income recognized in net earnings (549) (95) (743) (97)
Other 42 103 (1,472) 694
Change in non-cash working capital 7,365 (7,803) (8,553) (9,775)
Cash generated from operations before income taxes and interest $ 206,023 $ 216,370 $ 416,539 $ 448,893
Income taxes recovered (paid) (80) (21) (112) (51)
Interest paid (25) (29) (51) (370)
Interest received 441 95 523 97
Cash generated from operating activities $ 206,359 $ 216,415 $ 416,899 $ 448,569
Financing activities
Bank debt repaid $ - $ - $ - $ (195,000)
Credit facility extension fees (2) (1,673) (2) (1,673)
Share purchase options exercised 1,777 743 7,549 5,536
Lease payments (202) (173) (402) (387)
Dividends paid (117,117) (103,549) (117,117) (103,549)
Cash (used for) generated from financing activities $ (115,544) $ (104,652) $ (109,972) $ (295,073)
Investing activities
Mineral stream interests $ (15,549) $ (64,771) $ (60,801) $ (215,790)
Early deposit mineral stream interests - - (750) (750)
Mineral royalty interest - (10) - (3,571)
Acquisition of long-term investments (2,633) (2,377) (22,768) (2,377)
Proceeds on disposal of long-term investments - - - 112,188
Dividends received 108 - 220 -
Other (89) (386) (125) (520)
Cash (used for) generated from investing activities $ (18,163) $ (67,544) $ (84,224) $ (110,820)
Effect of exchange rate changes on cash and cash equivalents $ (189) $ 65 $ (122) $ 87
Increase in cash and cash equivalents $ 72,463 $ 44,284 $ 222,581 $ 42,763
Cash and cash equivalents, beginning of period 376,163 191,162 226,045 192,683
Cash and cash equivalents, end of period $ 448,626 $ 235,446 $ 448,626 $ 235,446
Summary of Units Produced
Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020
Gold ounces produced ²
Salobo 34,129 44,883 48,235 55,205 55,590 46,622 62,854 63,408
Sudbury (3) 7,212 5,362 4,379 148 4,563 7,004 6,659 3,798
Constancia 8,042 6,311 9,857 8,533 5,525 2,453 3,929 3,780
San Dimas (4) 10,044 10,461 13,714 11,936 11,478 10,491 11,652 9,228
Stillwater (5) 2,171 2,497 2,664 2,949 2,962 3,041 3,290 3,176
Other
Minto 2,480 4,060 3,506 1,703 3,206 2,638 789 1,832
777 (6) 3,509 4,003 4,462 4,717 5,035 6,280 2,866 5,278
Marmato 778 477 479 433 1,713 - - -
Total Other 6,767 8,540 8,447 6,853 9,954 8,918 3,655 7,110
Total gold ounces produced 68,365 78,054 87,296 85,624 90,072 78,529 92,039 90,500
Silver ounces produced (2)
Peñasquito 2,089 2,219 2,145 2,180 2,026 2,202 2,014 1,992
Antamina 1,379 1,268 1,366 1,548 1,558 1,577 1,930 1,516
Constancia 584 506 578 521 468 406 478 430
Other
Los Filos (7) 23 42 37 17 26 31 6 17
Zinkgruvan 739 577 482 658 457 420 515 498
Yauliyacu 756 637 382 372 629 737 454 679
Stratoni (8) - - 129 18 164 165 185 156
Minto 25 45 44 25 33 21 16 15
Neves-Corvo 345 344 522 362 408 345 420 281
Aljustrel 292 287 325 314 400 474 440 348
Cozamin 169 186 213 199 183 230 - -
Marmato 8 11 7 10 39 - - -
Keno Hill (9) 48 20 30 44 55 27 - -
777 (6) 80 91 96 81 83 130 51 96
Total Other 2,485 2,240 2,267 2,100 2,477 2,580 2,087 2,090
Total silver ounces produced 6,537 6,233 6,356 6,349 6,529 6,765 6,509 6,028
Palladium ounces produced ²
Stillwater (5) 3,899 4,488 4,733 5,105 5,301 5,769 5,672 5,444
Cobalt pounds produced ²
Voisey's Bay 136 234 381 370 380 1,162 ¹⁰ - -
GEOs produced (11) 162,569 170,696 184,551 183,012 190,272 196,756 185,436 177,230
SEOs produced (11) 12,193 12,802 13,841 13,726 14,270 14,757 13,908 13,292
Average payable rate (2)
Gold 95.1% 95.2% 96.0% 96.0% 95.8% 95.0% 95.2% 95.3%
Silver 85.5% 86.2% 86.0% 86.6% 86.9% 86.6% 86.3% 86.1%
Palladium 94.6% 92.7% 92.2% 94.5% 95.0% 91.6% 93.6% 94.0%
Cobalt 93.3% 93.3% 93.3% 93.3% 93.3% 93.3% n.a. n.a.
GEO (11) 90.2% 90.5% 91.4% 91.3% 91.8% 90.7% 91.2% 91.2%
1) All figures in thousands except gold and palladium ounces produced.
2) Quantity produced represent the amount of gold, silver, palladium and
cobalt contained in concentrate or doré prior to smelting or refining
deductions. Production figures and payable rates are based on information
provided by the operators of the mining operations to which the mineral stream
interests relate or management estimates in those situations where other
information is not available. Certain production figures and payable rates may
be updated in future periods as additional information is received.
3) Comprised of the Coleman, Copper Cliff, Garson, Creighton and Totten
gold interests. Operations at the Sudbury mines were suspended from June 1,
2021 to August 9, 2021 as a result of a labour disruption by unionized
employees.
4) Under the terms of the San Dimas PMPA, the Company is entitled to an
amount equal to 25% of the payable gold production plus an additional amount
of gold equal to 25% of the payable silver production converted to gold at a
fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the
average gold to silver price ratio decreases to less than 50:1 or increases to
more than 90:1 for a period of 6 months or more, then the "70" shall be
revised to "50" or "90", as the case may be, until such time as the average
gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or
more in which event the "70" shall be reinstated. Effective April 1, 2020, the
fixed gold to silver exchange ratio was revised to 90:1, with the 70:1 ratio
being reinstated on October 15, 2020. For reference, attributable silver
production from prior periods is as follows: Q2-2022 - 382,000 ounces; Q1-2022
- 408,000 ounces; Q4-2021 - 544,000 ounces; Q3-2021 - 472,000 ounces; Q2-2021
- 467,000 ounces; Q1-2021 - 429,000 ounces; Q4-2020 - 485,000 ounces; Q3-2020
- 420,000 ounces.
5) Comprised of the Stillwater and East Boulder gold and palladium
interests.
6) Operations at 777 were temporarily suspended from October 11, 2020 to
November 25, 2020 as a result of an incident that occurred on October 9th
during routine maintenance of the hoist rope and skip. On June 22, 2022,
Hudbay announced that mining activities at 777 have concluded and closure
activities have commenced.
7) Operations at Los Filos were suspended from September 3, 2020 to
December 23, 2020 as the result of an illegal road blockade by members of the
nearby Carrizalillo community and had been temporarily suspended from June 22,
2021 to July 26, 2021 as the result of illegal blockades by a group of
unionized employees and members of the Xochipala community.
8) The Stratoni mine was placed into care and maintenance during Q4-2021.
9) On June 22, 2022, Alexco elected to temporarily suspend milling
operations for five to six months to focus on advancing underground
development at Keno Hill.
10) Effective January 1, 2021, the Company
was entitled to cobalt production from the Voisey's Bay mine. As per the
Voisey's Bay PMPA with Vale, Wheaton is entitled to any cobalt processed at
the Long Harbour Processing Plant as of January 1, 2021, resulting in reported
production in the first quarter of 2021 including some material produced at
the Voisey's Bay mine in the previous quarter.
11) GEOs and SEOs, which are provided to
assist the reader, are based on the following commodity price assumptions:
$1,800 per ounce gold; $24.00 per ounce silver; $2,100 per ounce palladium;
and $33.00 per pound cobalt; consistent with those used in estimating the
Company's production guidance for 2022.
Summary of Units Sold
Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020
Gold ounces sold
Salobo 48,515 42,513 47,171 35,185 57,296 51,423 53,197 59,584
Sudbury (2) 7,916 3,712 965 1,915 6,945 3,691 7,620 7,858
Constancia 7,431 10,494 6,196 8,159 2,321 1,676 3,853 4,112
San Dimas 10,633 10,070 15,182 11,346 11,214 10,273 11,529 9,687
Stillwater (3) 2,626 2,628 2,933 2,820 2,574 3,074 3,069 3,015
Other
Minto 2,806 3,695 2,462 1,907 2,359 2,390 1,540 -
777 3,629 4,388 4,290 5,879 5,694 2,577 5,435 5,845
Marmato 781 401 423 438 1,687 - - -
Total Other 7,216 8,484 7,175 8,224 9,740 4,967 6,975 5,845
Total gold ounces sold 84,337 77,901 79,622 67,649 90,090 75,104 86,243 90,101
Silver ounces sold
Peñasquito 2,096 2,188 1,818 2,210 1,844 2,174 1,417 1,799
Antamina 1,177 1,468 1,297 1,502 1,499 1,930 1,669 1,090
Constancia 494 644 351 484 295 346 442 415
Other
Los Filos 41 42 17 12 42 27 - 19
Zinkgruvan 650 355 346 354 355 293 326 492
Yauliyacu 817 44 551 182 601 1,014 15 580
Stratoni (2) 133 42 41 167 117 169 134
Minto 21 31 27 24 29 26 20 -
Neves-Corvo 167 204 259 193 215 239 145 201
Aljustrel 123 145 133 155 208 257 280 148
Cozamin 148 177 174 170 168 173 - -
Marmato 11 8 8 10 35 - - -
Keno Hill 30 27 24 51 33 12 - -
777 75 87 69 99 109 49 93 121
Total Other 2,081 1,253 1,650 1,291 1,962 2,207 1,048 1,695
Total silver ounces sold 5,848 5,553 5,116 5,487 5,600 6,657 4,576 4,999
Palladium ounces sold
Stillwater (3) 3,378 4,075 4,641 5,703 3,869 5,131 4,591 5,546
Cobalt pounds sold
Voisey's Bay 225 511 228 131 395 132 - -
GEOs sold (4) 170,371 166,065 157,439 149,862 176,502 172,271 152,613 163,218
SEOs sold (4) 12,778 12,455 11,808 11,240 13,238 12,920 11,446 12,241
Cumulative payable units PBND (5)
Gold ounces 61,198 81,365 84,989 80,819 66,238 70,072 70,555 75,750
Silver ounces 3,684 3,920 4,200 3,845 3,802 3,738 4,486 3,437
Palladium ounces 6,267 5,535 5,629 5,619 6,822 5,373 5,597 4,616
Cobalt pounds 280 550 596 637 777 820 - -
GEO (4) 122,758 150,170 158,477 150,317 139,145 141,206 136,894 126,968
SEO (4) 9,207 11,263 11,886 11,274 10,436 10,590 10,267 9,523
Inventory on hand
Cobalt pounds 582 410 657 488 134 132 - -
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 and SEOs, which are provided to assist the reader, are based on
the following commodity price assumptions: $1,800 per ounce gold; $24.00 per
ounce silver; $2,100 per ounce palladium; and $33.00 per pound cobalt;
consistent with those used in estimating the Company's production guidance for
2022.
5) Payable gold, silver and palladium ounces as well as cobalt pounds
produced but not yet delivered ("PBND") are based on management estimates.
These figures may be updated in future periods as additional information is
received.
Results of Operations
The operating results of the Company's reportable operating segments are
summarized in the tables and commentary below.
Three Months Ended June 30, 2022
Units Produced² Units Average Average Average Sales Net Cash Flow Total
Sold
Realized
Cash Cost
Depletion
Earnings
From
Assets
Price
($'s Per
($'s Per
Operations
($'s
Unit) (3)
Unit)
Per Unit)
Gold
Salobo 34,129 48,515 $ 1,872 $ 416 $ 334 $ 90,842 $ 54,462 $ 70,649 $ 2,407,579
Sudbury (4) 7,212 7,916 1,867 400 1,090 14,780 2,983 11,613 294,485
Constancia 8,042 7,431 1,872 412 271 13,915 8,838 10,686 98,930
San Dimas 10,044 10,633 1,872 624 260 19,910 10,520 13,280 161,350
Stillwater 2,171 2,626 1,872 340 429 4,917 2,897 4,024 217,530
Other (5) 6,767 7,216 1,868 727 57 13,478 7,823 8,529 419,696
68,365 84,337 $ 1,872 $ 465 $ 369 $ 157,842 $ 87,523 $ 118,781 $ 3,599,570
Silver
Peñasquito 2,089 2,096 $ 22.47 $ 4.36 $ 3.57 $ 47,102 $ 30,488 $ 37,963 $ 306,742
Antamina 1,379 1,177 22.47 4.42 7.06 26,448 12,934 21,242 561,383
Constancia 584 494 22.47 6.08 6.35 11,101 4,958 7,784 198,672
Other (6) 2,485 2,081 21.91 7.44 5.74 45,577 18,148 30,198 577,944
6,537 5,848 $ 22.27 $ 5.61 $ 5.28 $ 130,228 $ 66,528 $ 97,187 $ 1,644,741
Palladium
Stillwater 3,899 3,378 $ 2,132 $ 408 $ 399 $ 7,203 $ 4,477 $ 5,825 $ 229,855
Platinum
Marathon - - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 4,852
Cobalt
Voisey's Bay 136 225 $ 34.01 $ 6.86 $ 10.40 $ 7,649 $ 3,769 $ 13,797 $ 362,460
Operating results $ 302,922 $ 162,297 $ 235,590 $ 5,841,478
Other
General and administrative $ (9,685) $ (8,379)
Share based compensation (1,608) (18,161)
Donations and community investments (1,160) (1,135)
Finance costs (1,389) (1,011)
Other 820 (465)
Income tax (201) (80)
Total other $ (13,223) $ (29,231) $ 607,217
$ 149,074 $ 206,359 $ 6,448,695
1) Units of gold, silver and palladium produced and sold are reported in
ounces, while cobalt is reported in pounds. All figures in thousands except
gold and palladium ounces produced and sold and per unit amounts.
2) Quantity produced represent the amount of gold, silver, palladium and
cobalt contained in concentrate or doré prior to smelting or refining
deductions. Production figures are based on information provided by the
operators of the mining operations to which the mineral stream interests
relate or management estimates in those situations where other information is
not available. Certain production figures may be updated in future periods as
additional information is received.
3) Refer to discussion on non-IFRS measure (iii) at the end of this press
release.
4) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and
Totten gold interests and the non-operating Stobie and Victor gold interests.
5) Comprised of the operating 777, Minto and Marmato gold interests as
well as the non-operating Copper World Complex (formerly referred to as
Rosemont), Santo Domingo, Blackwater, Fenix, Goose, Marathon and Curipamba
gold interests. On June 22, 2022, Hudbay announced that mining activities at
777 have concluded and closure activities have commenced.
6) Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu,
Neves-Corvo, Aljustrel, Minto, Keno Hill, Cozamin, Marmato and 777 silver
interests as well as the non-operating Loma de La Plata, Stratoni,
Pascua-Lama, Copper World Complex (formerly referred to as Rosemont),
Blackwater and Curipamba 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 June 22, 2022, Alexco elected to temporarily suspend milling operations for
five to six months to focus on advancing underground development at Keno Hill.
On a gold equivalent and silver equivalent basis, results for the Company for
the three months ended June 30, 2022 were as follows:
Three Months Ended June 30, 2022
Ounces Ounces Average Average Cash Operating Margin Average Gross
Produced (1, 2)
Sold (2)
Realized
Cash Cost
($'s Per Ounce) (4)
Depletion
Margin
Price
($'s Per
($'s Per
($'s Per
($'s Per
Ounce) (3)
Ounce)
Ounce)
Ounce)
Gold equivalent basis (5) 162,569 170,371 $ 1,778 $ 440 $ 1,338 $ 386 $ 952
Silver equivalent basis (5) 12,193 12,778 $ 23.71 $ 5.87 $ 17.84 $ 5.14 $ 12.70
1) Quantity produced represent the amount of gold, silver, palladium and
cobalt contained in concentrate or doré prior to smelting or refining
deductions. Production figures are based on information provided by the
operators of the mining operations to which the mineral stream interests
relate or management estimates in those situations where other information is
not available. Certain production figures may be updated in future periods as
additional information is received.
2) Silver ounces produced and sold in thousands.
3) Refer to discussion on non-IFRS measure (iii) at the end of this press
release.
4) Refer to discussion on non-IFRS measure (iv) at the end of this press
release.
5) GEOs and SEOs, which are provided to assist the reader, are based on
the following commodity price assumptions: $1,800 per ounce gold; $24.00 per
ounce silver; $2,100 per ounce palladium; and $33.00 per pound cobalt;
consistent with those used in estimating the Company's production guidance for
2022.
Three Months Ended June 30, 2021
Units Produced² Units Average Average Average Sales Net Cash Flow Total
Sold
Realized
Cash Cost
Depletion
Earnings
From
Assets
Price
($'s Per
($'s Per
Operations
($'s
Unit) (3)
Unit)
Per Unit)
Gold
Salobo 55,590 57,296 $ 1,798 $ 412 $ 374 $ 103,039 $ 58,015 $ 79,426 $ 2,468,716
Sudbury (4) 4,563 6,945 1,817 400 1,024 12,618 2,725 10,262 310,120
Constancia 5,525 2,321 1,798 408 315 4,174 2,496 3,227 104,310
San Dimas 11,478 11,214 1,798 618 322 20,167 9,627 13,242 175,275
Stillwater 2,962 2,574 1,798 326 397 4,629 2,769 3,791 222,069
Other (5) 9,954 9,740 1,814 559 125 17,666 11,007 12,238 65,296
90,072 90,090 $ 1,801 $ 450 $ 390 $ 162,293 $ 86,639 $ 122,186 $ 3,345,786
Silver
Peñasquito 2,026 1,844 $ 26.65 $ 4.29 $ 3.55 $ 49,133 $ 34,682 $ 41,223 $ 336,314
Antamina 1,558 1,499 26.63 5.39 7.53 39,903 20,545 31,013 601,117
Constancia 468 295 26.65 6.02 7.56 7,865 3,858 6,088 212,197
Other (6) 2,477 1,962 26.78 8.39 5.20 52,554 25,893 34,132 608,588
6,529 5,600 $ 26.69 $ 6.11 $ 5.40 $ 149,455 $ 84,978 $ 112,456 $ 1,758,216
Palladium
Stillwater 5,301 3,869 $ 2,797 $ 503 $ 442 $ 10,822 $ 7,164 $ 8,876 $ 237,407
Cobalt
Voisey's Bay 380 395 $ 19.82 $ 4.41 $ 8.17 $ 7,823 $ 2,859 $ 2,052 $ 222,106
Operating results $ 330,393 $ 181,640 $ 245,570 $ 5,563,515
Other
General and administrative $ (8,904) $ (8,573)
Share based compensation (7,978) (16,926)
Donations and community investments (1,583) (1,075)
Finance costs (1,357) (978)
Other 3,420 (1,582)
Income tax 886 (21)
Total other $ (15,516) $ (29,155) $ 417,951
$ 166,124 $ 216,415 $ 5,981,466
1) Units of gold, silver and palladium produced and sold are reported in
ounces, while cobalt is reported in pounds. All figures in thousands except
gold and palladium ounces produced and sold and per unit amounts.
2) Quantity produced represent the amount of gold, silver, palladium and
cobalt contained in concentrate or doré prior to smelting or refining
deductions. Production figures are based on information provided by the
operators of the mining operations to which the mineral stream interests
relate or management estimates in those situations where other information is
not available. Certain production figures may be updated in future periods as
additional information is received.
3) Refer to discussion on non-IFRS measure (iii) at the end of this press
release.
4) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and
Totten gold interests as well as the non-operating Stobie and Victor gold
interests.
5) Comprised of the operating Minto, 777 and Marmato gold interests as
well as the non-operating Copper World Complex gold interest (formerly
referred to as Rosemont). On June 22, 2022, Hudbay announced that mining
activities at 777 have concluded and closure activities have commenced.
6) Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni,
Neves-Corvo, Aljustrel, Minto, Keno Hill, 777, Marmato and Cozamin silver
interests as well as the non-operating Loma de La Plata, Copper World Complex
(formerly referred to as Rosemont) and Pascua-Lama 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 June 22, 2022, Alexco elected to
temporarily suspend milling operations for five to six months to focus on
advancing underground development at Keno Hill.
On a gold equivalent and silver equivalent basis, results for the Company for
the three months ended June 30, 2021 were as follows:
Three Months Ended June 30, 2021
Ounces Ounces Average Average Cash Operating Margin Average Gross
Produced (1, 2)
Sold (2)
Realized
Cash Cost
($'s Per Ounce) (4)
Depletion
Margin
Price
($'s Per
($'s Per
($'s Per
($'s Per
Ounce) (3)
Ounce)
Ounce)
Ounce)
Gold equivalent basis (5) 190,272 176,502 $ 1,872 $ 444 $ 1,428 $ 398 $ 1,030
Silver equivalent basis (5) 14,270 13,238 $ 24.96 $ 5.93 $ 19.03 $ 5.31 $ 13.72
1) Quantity produced represent the amount of gold, silver, palladium and
cobalt contained in concentrate or doré prior to smelting or refining
deductions. Production figures are based on information provided by the
operators of the mining operations to which the mineral stream interests
relate or management estimates in those situations where other information is
not available. Certain production figures may be updated in future periods as
additional information is received.
2) Silver ounces produced and sold in thousands.
3) Refer to discussion on non-IFRS measure (iii) at the end of this press
release.
4) Refer to discussion on non-IFRS measure (iv) at the end of this press
release.
5) GEOs and SEOs, which are provided to assist the reader, are based on
the following commodity price assumptions: $1,800 per ounce gold; $24.00 per
ounce silver; $2,100 per ounce palladium; and $33.00 per pound cobalt;
consistent with those used in estimating the Company's production guidance for
2022.
Six Months Ended June 30, 2022
Units Produced² Units Average Average Average Sales Net Cash Flow Total
Sold
Realized
Cash Cost
Depletion
Earnings
From
Assets
Price
($'s Per
($'s Per
Operations
($'s
Unit) (3)
Unit)
Per Unit)
Gold
Salobo 79,012 91,028 $ 1,872 $ 416 $ 334 $ 170,407 $ 102,147 $ 132,517 $ 2,407,579
Sudbury (4) 12,574 11,628 1,865 400 1,091 21,689 4,354 17,038 294,485
Constancia 14,353 17,925 1,872 412 271 33,555 21,308 26,168 98,930
San Dimas 20,505 20,703 1,872 621 260 38,756 20,528 25,901 161,350
Stillwater 4,668 5,254 1,872 335 429 9,835 5,823 8,078 217,530
Other (5) 15,307 15,700 1,865 750 40 29,275 16,871 17,351 419,696
146,419 162,238 $ 1,871 $ 470 $ 346 $ 303,517 $ 171,031 $ 227,053 $ 3,599,570
Silver
Peñasquito 4,308 4,284 $ 23.30 $ 4.36 $ 3.57 $ 99,829 $ 65,874 $ 81,151 $ 306,742
Antamina 2,647 2,645 23.37 4.71 7.06 61,806 30,680 49,001 561,383
Constancia 1,090 1,138 23.39 6.08 6.34 26,614 12,484 19,697 198,672
Other (6) 4,725 3,334 22.89 6.93 4.88 76,311 36,946 54,073 577,944
12,770 11,401 $ 23.21 $ 5.36 $ 5.04 $ 264,560 $ 145,984 $ 203,922 $ 1,644,741
Palladium
Stillwater 8,387 7,453 $ 2,246 $ 400 $ 399 $ 16,736 $ 10,781 $ 13,755 $ 229,855
Platinum
Marathon - - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 4,852
Cobalt
Voisey's Bay 371 736 $ 34.43 $ 6.09 $ 8.85 $ 25,353 $ 14,350 $ 17,269 $ 362,460
Operating results $ 610,166 $ 342,146 $ 461,999 $ 5,841,478
Other
General and administrative $ (19,089) $ (23,506)
Share based compensation (11,509) (18,161)
Donations and community investments (1,973) (1,565)
Finance costs (2,811) (2,088)
Other 650 333
Income tax (872) (113)
Total other $ (35,604) $ (45,100) $ 607,217
$ 306,542 $ 416,899 $ 6,448,695
1) Units of gold, silver and palladium produced and sold are reported in
ounces, while cobalt is reported in pounds. All figures in thousands except
gold and palladium ounces produced and sold and per unit amounts.
2) Quantity produced represent the amount of gold, silver, palladium and
cobalt contained in concentrate or doré prior to smelting or refining
deductions. Production figures are based on information provided by the
operators of the mining operations to which the mineral stream interests
relate or management estimates in those situations where other information is
not available. Certain production figures may be updated in future periods as
additional information is received.
3) Refer to discussion on non-IFRS measure (iii) at the end of this press
release.
4) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and
Totten gold interests and the non-operating Stobie and Victor gold interests.
5) Comprised of the operating 777, Minto and Marmato gold interests as
well as the non-operating Copper World Complex (formerly referred to as
Rosemont), Santo Domingo, Blackwater, Fenix, Goose, Marathon and Curipamba
gold interests. On June 22, 2022, Hudbay announced that mining activities at
777 have concluded and closure activities have commenced.
6) Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu,
Neves-Corvo, Aljustrel, Minto, Keno Hill, Cozamin, Marmato and 777 silver
interests as well as the non-operating Loma de La Plata, Stratoni,
Pascua-Lama, Copper World Complex (formerly referred to as Rosemont),
Blackwater and Curipamba 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 June 22, 2022, Alexco elected to temporarily suspend milling operations for
five to six months to focus on advancing underground development at Keno Hill.
On a gold equivalent and silver equivalent basis, results for the Company for
the six months ended June 30, 2022 were as follows:
Six Months Ended June 30, 2022
Ounces Ounces Average Average Cash Operating Margin Average Gross
Produced (1, 2)
Sold (2)
Realized
Cash Cost
($'s Per Ounce) (4)
Depletion
Margin
Price
($'s Per
($'s Per
($'s Per
($'s Per
Ounce) (3)
Ounce)
Ounce)
Ounce)
Gold equivalent basis (5) 333,265 336,436 $ 1,814 $ 431 $ 1,383 $ 366 $ 1,017
Silver equivalent basis (5) 24,995 25,233 $ 24.18 $ 5.74 $ 18.44 $ 4.88 $ 13.56
1) Quantity produced represent the amount of gold, silver, palladium and
cobalt contained in concentrate or doré prior to smelting or refining
deductions. Production figures are based on information provided by the
operators of the mining operations to which the mineral stream interests
relate or management estimates in those situations where other information is
not available. Certain production figures may be updated in future periods as
additional information is received.
2) Silver ounces produced and sold in thousands.
3) Refer to discussion on non-IFRS measure (iii) at the end of this press
release.
4) Refer to discussion on non-IFRS measure (iv) at the end of this press
release.
5) GEOs and SEOs, which are provided to assist the reader, are based on
the following commodity price assumptions: $1,800 per ounce gold; $24.00 per
ounce silver; $2,100 per ounce palladium; and $33.00 per pound cobalt;
consistent with those used in estimating the Company's production guidance for
2022.
Six Months Ended June 30, 2021
Units Produced² Units Average Average Average Sales Net Cash Flow Total
Sold
Realized
Cash Cost
Depletion
Earnings
From
Assets
Price
($'s Per
($'s Per
Operations
($'s
Unit) (3)
Unit)
Per Unit)
Gold
Salobo 102,212 108,719 $ 1,797 $ 412 $ 374 $ 195,395 $ 109,962 $ 150,590 $ 2,468,716
Sudbury (4) 11,567 10,636 1,815 400 1,024 19,306 4,156 15,480 310,120
Constancia 7,978 3,997 1,797 408 315 7,184 4,294 5,553 104,310
San Dimas 21,969 21,487 1,797 615 322 38,617 18,477 25,404 175,275
Stillwater 6,003 5,648 1,797 327 397 10,150 6,059 8,300 222,069
Other (5) 18,872 14,707 1,813 582 83 26,667 16,885 18,093 65,296
168,601 165,194 $ 1,800 $ 450 $ 382 $ 297,319 $ 159,833 $ 223,420 $ 3,345,786
Silver
Peñasquito 4,228 4,018 $ 26.41 $ 4.29 $ 3.55 $ 106,116 $ 74,621 $ 88,879 $ 336,314
Antamina 3,135 3,429 26.39 5.27 7.53 90,485 46,603 71,604 601,117
Constancia 874 641 26.41 6.02 7.56 16,936 8,229 13,076 212,197
Other (6) 5,057 4,169 26.34 8.93 5.78 109,800 48,482 73,230 608,588
13,294 12,257 $ 26.38 $ 6.23 $ 5.63 $ 323,337 $ 177,935 $ 246,789 $ 1,758,216
Palladium
Stillwater 11,070 9,000 $ 2,566 $ 460 $ 442 $ 23,097 $ 14,978 $ 18,960 $ 237,407
Cobalt
Voisey's Bay 1,542 527 $ 20.42 $ 4.55 $ 8.17 $ 10,759 $ 4,056 $ 1,086 $ 222,106
Operating results $ 654,512 $ 356,802 $ 490,255 $ 5,563,515
Other
General and administrative $ (18,639) $ (21,236)
Share based compensation (9,608) (16,926)
Donations and community investments (2,188) (1,573)
Finance costs (2,930) (2,207)
Other 3,301 307
Income tax 1,388 (51)
Total other $ (28,676) $ (41,686) $ 417,951
$ 328,126 $ 448,569 $ 5,981,466
1) Units of gold, silver and palladium produced and sold are reported in
ounces, while cobalt is reported in pounds. All figures in thousands except
gold and palladium ounces produced and sold and per unit amounts.
2) Quantity produced represent the amount of gold, silver, palladium and
cobalt contained in concentrate or doré prior to smelting or refining
deductions. Production figures are based on information provided by the
operators of the mining operations to which the mineral stream interests
relate or management estimates in those situations where other information is
not available. Certain production figures may be updated in future periods as
additional information is received.
3) Refer to discussion on non-IFRS measure (iii) at the end of this press
release.
4) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and
Totten gold interests as well as the non-operating Stobie and Victor gold
interests.
5) Comprised of the operating Minto, 777 and Marmato gold interests as
well as the non-operating Copper World Complex gold interest (formerly
referred to as Rosemont). On June 22, 2022, Hudbay announced that mining
activities at 777 have concluded and closure activities have commenced.
6) Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni,
Neves-Corvo, Aljustrel, Minto, Keno Hill, 777, Marmato and Cozamin silver
interests as well as the non-operating Loma de La Plata, Copper World Complex
(formerly referred to as Rosemont) and Pascua-Lama 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 June 22, 2022, Alexco elected to
temporarily suspend milling operations for five to six months to focus on
advancing underground development at Keno Hill.
On a gold equivalent and silver equivalent basis, results for the Company for
the six months ended June 30, 2021 were as follows:
Six Months Ended June 30, 2021
Ounces Ounces Average Average Cash Operating Margin Average Gross
Produced (1, 2)
Sold (2)
Realized
Cash Cost
($'s Per Ounce) (4)
Depletion
Margin
Price
($'s Per
($'s Per
($'s Per
($'s Per
Ounce) (3)
Ounce)
Ounce)
Ounce)
Gold equivalent basis (5) 387,028 348,773 $ 1,877 $ 451 $ 1,426 $ 403 $ 1,023
Silver equivalent basis (5) 29,027 26,158 $ 25.02 $ 6.01 $ 19.01 $ 5.37 $ 13.64
1) Quantity produced represent the amount of gold, silver, palladium and
cobalt contained in concentrate or doré prior to smelting or refining
deductions. Production figures are based on information provided by the
operators of the mining operations to which the mineral stream interests
relate or management estimates in those situations where other information is
not available. Certain production figures may be updated in future periods as
additional information is received.
2) Silver ounces produced and sold in thousands.
3) Refer to discussion on non-IFRS measure (iii) at the end of this press
release.
4) Refer to discussion on non-IFRS measure (iv) at the end of this press
release.
5) GEOs and SEOs, which are provided to assist the reader, are based on
the following commodity price assumptions: $1,800 per ounce gold; $24.00 per
ounce silver; $2,100 per ounce palladium; and $33.00 per pound cobalt;
consistent with those used in estimating the Company's production guidance for
2022.
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 Six Months Ended
June 30
June 30
(in thousands, except for per share amounts) 2022 2021 2022 2021
Net earnings $ 149,074 $ 166,124 $ 306,542 $ 328,126
Add back (deduct):
(Gain) loss on fair value adjustment of share purchase warrants held 154 194 897 1,145
(Gain) loss on fair value adjustment of convertible notes receivable - (3,388) 1,380 (4,626)
Income tax expense (recovery) recognized in the Statement of Shareholders' (292) (463) 500 1,107
Equity
Income tax expense (recovery) recognized in the Statement of OCI 349 (479) 155 (2,616)
Other - (362) (2,182) (376)
Adjusted net earnings $ 149,285 $ 161,626 $ 307,292 $ 322,760
Divided by:
Basic weighted average number of shares outstanding 451,524 450,088 451,221 449,800
Diluted weighted average number of shares outstanding 452,359 451,203 452,123 450,869
Equals:
Adjusted earnings per share - basic $ 0.331 $ 0.359 $ 0.681 $ 0.718
Adjusted earnings per share - diluted $ 0.330 $ 0.358 $ 0.680 $ 0.716
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 Six Months Ended
June 30
June 30
(in thousands, except for per share amounts) 2022 2021 2022 2021
Cash generated by operating activities $ 206,359 $ 216,415 $ 416,899 $ 448,569
Divided by:
Basic weighted average number of shares outstanding 451,524 450,088 451,221 449,800
Diluted weighted average number of shares outstanding 452,359 451,203 452,123 450,869
Equals:
Operating cash flow per share - basic $ 0.457 $ 0.481 $ 0.924 $ 0.997
Operating cash flow per share - diluted $ 0.456 $ 0.480 $ 0.922 $ 0.995
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 Six Months Ended
June 30
June 30
(in thousands, except for gold and palladium ounces sold and per unit amounts) 2022 2021 2022 2021
Cost of sales $ 140,625 $ 148,753 $ 268,020 $ 297,710
Less: depletion (65,682) (70,308) (123,084) (140,482)
Cash cost of sales $ 74,943 $ 78,445 $ 144,936 $ 157,228
Cash cost of sales is comprised of:
Total cash cost of gold sold $ 39,189 $ 40,543 $ 76,321 $ 74,318
Total cash cost of silver sold 32,834 34,216 61,149 76,375
Total cash cost of palladium sold 1,378 1,946 2,980 4,137
Total cash cost of cobalt sold 1,542 1,740 4,486 2,398
Total cash cost of sales $ 74,943 $ 78,445 $ 144,936 $ 157,228
Divided by:
Total gold ounces sold 84,337 90,090 162,238 165,194
Total silver ounces sold 5,848 5,600 11,401 12,257
Total palladium ounces sold 3,378 3,869 7,453 9,000
Total cobalt pounds sold 225 395 736 527
Equals:
Average cash cost of gold (per ounce) $ 465 $ 450 $ 470 $ 450
Average cash cost of silver (per ounce) $ 5.61 $ 6.11 $ 5.36 $ 6.23
Average cash cost of palladium (per ounce) $ 408 $ 503 $ 400 $ 460
Average cash cost of cobalt (per pound) $ 6.86 $ 4.41 $ 6.09 $ 4.55
iv. Cash operating margin is calculated by subtracting the average cash
cost of gold, silver and palladium on a per ounce basis and cobalt on a per
pound basis from the average realized selling price of gold, silver and
palladium on a per ounce basis and cobalt on a per pound basis. The Company
presents cash operating margin as management and certain investors use this
information to evaluate the Company's performance in comparison to other
companies in the precious metal mining industry who present results on a
similar basis as well as to evaluate the Company's ability to generate cash
flow.
The following table provides a reconciliation of cash operating margin.
Three Months Ended Six Months Ended
June 30
June 30
(in thousands, except for gold and palladium ounces sold and per unit amounts) 2022 2021 2022 2021
Total sales:
Gold $ 157,842 $ 162,293 $ 303,517 $ 297,319
Silver $ 130,228 $ 149,455 $ 264,560 $ 323,337
Palladium $ 7,203 $ 10,822 $ 16,736 $ 23,097
Cobalt $ 7,649 $ 7,823 $ 25,353 $ 10,759
Divided by:
Total gold ounces sold 84,337 90,090 162,238 165,194
Total silver ounces sold 5,848 5,600 11,401 12,257
Total palladium ounces sold 3,378 3,869 7,453 9,000
Total cobalt pounds sold 225 395 736 527
Equals:
Average realized price of gold (per ounce) $ 1,872 $ 1,801 $ 1,871 $ 1,800
Average realized price of silver (per ounce) $ 22.27 $ 26.69 $ 23.21 $ 26.38
Average realized price of palladium (per ounce) $ 2,132 $ 2,797 $ 2,246 $ 2,566
Average realized price of cobalt (per pound) $ 34.01 $ 19.82 $ 34.43 $ 20.42
Less:
Average cash cost of gold (1) (per ounce) $ (465) $ (450) $ (470) $ (450)
Average cash cost of silver (1) (per ounce) $ (5.61) $ (6.11) $ (5.36) $ (6.23)
Average cash cost of palladium (1) (per ounce) $ (408) $ (503) $ (400) $ (460)
Average cash cost of cobalt (1) (per pound) $ (6.86) $ (4.41) $ (6.09) $ (4.55)
Equals:
Cash operating margin per gold ounce sold $ 1,407 $ 1,351 $ 1,401 $ 1,350
As a percentage of realized price of gold 75% 75% 75% 75%
Cash operating margin per silver ounce sold $ 16.66 $ 20.58 $ 17.85 $ 20.15
As a percentage of realized price of silver 75% 77% 77% 76%
Cash operating margin per palladium ounce sold $ 1,724 $ 2,294 $ 1,846 $ 2,106
As a percentage of realized price of palladium 81% 82% 82% 82%
Cash operating margin per cobalt pound sold $ 27.15 $ 15.41 $ 28.34 $ 15.87
As a percentage of realized price of cobalt 80% 78% 82% 78%
1) Please refer to non-IFRS measure (iii), above.
These non-IFRS measures do not have any standardized meaning prescribed by
IFRS, and other companies may calculate these measures differently. The
presentation of these non-IFRS measures is intended to provide additional
information and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS. For more detailed
information, please refer to Wheaton's MD&A available on the Company's
website at www.wheatonpm.com and posted on SEDAR at www.sedar.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable Canadian
securities legislation concerning the business, operations and financial
performance of Wheaton and, in some instances, the business, mining operations
and performance of Wheaton's PMPA counterparties. Forward-looking statements,
which are all statements other than statements of historical fact, include,
but are not limited to, statements with respect to the future price of
commodities, the estimation of future production from Mining Operations
(including in the estimation of production, mill throughput, grades,
recoveries and exploration potential), the estimation of mineral reserves and
mineral resources (including the estimation of reserve conversion rates) and
the realization of such estimations, the commencement, timing and achievement
of construction, expansion or improvement projects by Wheaton's PMPA
counterparties at mineral stream interests owned by Wheaton (the "Mining
Operations"), the payment of upfront cash consideration to counterparties
under PMPAs, the satisfaction of each party's obligations in accordance with
PMPAs and royalty arrangements and the receipt by the Company of precious
metals and cobalt production in respect of the applicable Mining Operations
under PMPAs or other payments under royalty arrangements, 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, the costs of future production, the
estimation of produced but not yet delivered ounces, the impact of epidemics
(including the COVID-19 virus pandemic), including the potential heightening
of other risks, future sales of common shares under the ATM program, continued
listing of the Company's common shares, any statements as to future dividends,
the ability to fund outstanding commitments and the ability to continue to
acquire accretive PMPAs, including any acceleration of payments, projected
increases to Wheaton's production and cash flow profile, projected changes to
Wheaton's production mix, the ability of Wheaton's PMPA counterparties to
comply with the terms of any other obligations under agreements with the
Company, the ability to sell precious metals and cobalt production, confidence
in the Company's business structure, the Company's assessment of taxes payable
and the impact of the CRA Settlement for years subsequent to 2010, possible
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 the
satisfaction of each party's obligations in accordance with the terms of the
Company's PMPAs or royalty arrangements, risks associated with fluctuations in
the price of commodities (including Wheaton's ability to sell its precious
metals or cobalt production at acceptable prices or at all), risks of
significant impacts on Wheaton or the Mining Operations as a result of an
epidemic (including the COVID-19 virus pandemic), risks related to the Mining
Operations (including fluctuations in the price of the primary or other
commodities mined at such operations, regulatory, political and other risks of
the jurisdictions in which the Mining Operations are located, actual results
of mining, risks associated with the exploration, development, operating,
expansion and improvement of the Mining Operations, environmental and economic
risks of the Mining Operations, and changes in project parameters as plans
continue to be refined), the absence of control over the Mining Operations and
having to rely on the accuracy of the public disclosure and other information
Wheaton receives from the Mining Operations, uncertainty in the estimation of
production from Mining Operations, uncertainty in the accuracy of mineral
reserve and mineral resource estimation, the ability of each party to satisfy
their obligations in accordance with the terms of the PMPAs, the estimation of
future production from Mining Operations, Wheaton's interpretation of,
compliance with or application of, tax laws and regulations or accounting
policies and rules being found to be incorrect, any challenge or reassessment
by the CRA of the Company's tax filings being successful and the potential
negative impact to the Company's previous and future tax filings, assessing
the impact of the CRA Settlement (including whether there will be any material
change in the Company's facts or change in law or jurisprudence), potential
implementation of a 15% global minimum tax, counterparty credit and liquidity,
mine operator concentration, indebtedness and guarantees, hedging,
competition, claims and legal proceedings against Wheaton or the Mining
Operations, security over underlying assets, governmental regulations,
international operations of Wheaton and the Mining Operations, exploration,
development, operations, expansions and improvements at the Mining Operations,
environmental regulations, climate change, Wheaton and the Mining Operations
ability to obtain and maintain necessary licenses, permits, approvals and
rulings, Wheaton and the Mining Operations ability to comply with applicable
laws, regulations and permitting requirements, lack of suitable supplies,
infrastructure and employees to support the Mining Operations, inability to
replace and expand mineral reserves, including anticipated timing of the
commencement of production by certain Mining Operations (including increases
in production, estimated grades and recoveries), uncertainties of title and
indigenous rights with respect to the Mining Operations, environmental, social
and governance matters, Wheaton and the Mining Operations ability to obtain
adequate financing, the Mining Operations ability to complete permitting,
construction, development and expansion, global financial conditions,
Wheaton's acquisition strategy and other risks discussed in the section
entitled "Description of the Business - Risk Factors" in Wheaton's Annual
Information Form available on SEDAR at www.sedar.com (http://www.sedar.com) ,
Wheaton's Form 40-F for the year ended December 31, 2021 and Form 6-K filed
March 31, 2022 both on file with the U.S. Securities and Exchange Commission
on EDGAR (the "Disclosure"). Forward-looking statements are based on
assumptions management currently believes to be reasonable, including (without
limitation): 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 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 neither Wheaton nor the Mining
Operations will suffer significant impacts as a result of an epidemic
(including the COVID-19 virus pandemic), that any outbreak or threat of an
outbreak of a virus or other contagions or epidemic disease will be adequately
responded to locally, nationally, regionally and internationally, without such
response requiring any prolonged closure of the Mining Operations or having
other material adverse effects on the Company and counterparties to its PMPAs,
that the trading of the Company's common shares will not be adversely affected
by the differences in liquidity, settlement and clearing systems as a result
of multiple listings of the Common Shares on the LSE, the TSX and the NYSE,
that the trading of the Company's common shares will not be suspended, and
that the net proceeds of sales of common shares, if any, will be used as
anticipated, that expectations regarding the resolution of legal and tax
matters will be achieved (including ongoing CRA audits involving the Company),
that Wheaton has properly considered the interpretation and application of
Canadian tax law to its structure and operations, that Wheaton has filed its
tax returns and paid applicable taxes in compliance with Canadian tax law,
that Wheaton's application of the CRA Settlement is accurate (including the
Company's assessment that there will be no material change in the Company's
facts or change in law or jurisprudence), 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.
For further information, please contact:
Patrick Drouin
Investor Relations
Wheaton Precious Metals Corp.
Tel: 1-844-288-9878
Email: info@wheatonpm.com
Website: www.wheatonpm.com
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 August 11, 2022, titled "Wheaton
Precious Metals Declares Quarterly Dividend."
2 (#_ednref2) Commodity price assumptions for the gold equivalent production
and sales in 2022 are $1,800 / ounce gold, $24 / ounce silver, and $2,100 /
ounce palladium and $33 / pound cobalt. Other metal includes palladium and
cobalt.
3 (#_ednref3) Payable gold, silver and palladium ounces and cobalt pounds
produced but not yet delivered are based on management estimates only and rely
upon information provided by the owners and operators of mining operations and
may be revised and updated in future periods as additional information is
received.
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