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FINANCIËLE RESULTATEN EERSTE KWARTAAL 2021

VANCOUVER, BC, 6 mei 2021 /PRNewswire/ – “Wheaton’s first quarter results illustrate the strength and growth profile of our diversified, high-quality portfolio with record revenue achieved and over $ 230 miljoen in operating cash flow generated. As a result of these strong results, we have increased our dividend for the third quarter in a row and now have net cash on the balance sheet, which we will look to deploy to further grow our sector-leading portfolio,” said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. “We are excited to report our first production of cobalt from the Voisey’s Bay mine in Canada and look forward to having many more years of what we believe is the most environmentally friendly, socially responsible cobalt production in the world. In addition, in the first quarter, we added a new precious metals stream on a top-tier copper development project, Santo Domingo, which should provide additional growth. Our corporate development team remains exceptionally busy evaluating a host of new opportunities, and as always, Wheaton is focused on ensuring our growth is both accretive and sustainable for all of our stakeholders.”

Hoogtepunten eerste kwartaal 2021:

• $ 232 miljoen in operating cash flow during the first quarter.
• Record quarterly revenue of $ 324 miljoen tijdens het eerste kwartaal.
• Revolving facility fully repaid during the quarter, resulting in $ 191 miljoen of cash on hand.
• Declared quarterly dividend¹ of $0.14 per common share representing the third quarterly dividend increase in a row and a 40% increase relative to Q1 2020.
• First cobalt and silver deliveries from the Voisey’s Bay and Cozamin mines, respectively.
• New precious metal purchase agreement in respect to the Santo Domingo project.

Operationeel overzicht

Financieel overzicht
Inkomsten

De omzet was $ 324 miljoen in the first quarter of 2021 representing a 27% increase from the first quarter of 2020 due primarily to a 27% increase in the average realized gold equivalent² price. 

Contante kosten en marge
Average cash costs¹ in the first quarter of 2021 were $449 per gold equivalent² ounce as compared to $382 in Q1 2020. This resulted in a cash operating margin¹ of $1,399 per gold equivalent² ounce sold, an increase of 30% as compared with the first quarter of 2020.

Balans (op 31 maart 2021)

• Ongeveer $ 191 miljoen of cash on hand.
• De bedrijven $ 2 miljard revolving term loan (the “Revolving Facility”) fully repaid.
• During Q1 2021, the company received $ 112 miljoen in proceeds from the sale of its remaining equity investment in First Majestic Silver Corp. (“First Majestic”).
• During Q1 2021, the Company has repaid $ 195 miljoen under the Revolving Facility.
• The average effective interest rate for Q1 2021 was 1.17%.

Voornaam* Quarter Asset Highlights

salobo: In the first quarter of 2021, Salobo produced 46,600 ounces of attributable gold, a decrease of approximately 25% relative to the first quarter of 2020 due to lower throughput. According to Vale S.A.’s (“Vale”) First Quarter 2021 Production and Sales Report, throughput at Salobo was impacted due to changes in maintenance routines which restricted mine movement, with further impacts on feed grade for the quarter. As per Vale’s First Quarter 2021 Performance Report, physical completion of the Salobo III mine expansion was 73% at the end of the first quarter and is on track for start-up in the first half of 2022.

Peñasquito: In the first quarter of 2021, Peñasquito produced 2.2 million ounces of attributable silver, a decrease of approximately 17% relative to the first quarter of 2020 primarily due to the mining of lower grade material as per the mine plan.

Antamina: In the first quarter of 2021, Antamina produced 1.6 million ounces of attributable silver, an increase of approximately 20% relative to the first quarter of 2020, due to higher grades, recovery and throughput.  

San Dimas: In the first quarter of 2021, San Dimas produced 10,500 ounces of attributable gold, a decrease of approximately 7% relative to the first quarter of 2020 due primarily to lower grades. As per First Majestic’s First Quarter 2021 Production Report, increased ore development activities resulted in lower average ore grades processed in the plant.  

Standvastigheid: In the first quarter of 2021, Constancia produced 0.4 million ounces of attributable silver and 2,500 ounces of attributable gold, a decrease of approximately 12% and 33%, respectively, relative to the first quarter of 2020, with the reduction in gold production being primarily due to inclusion of 2,005 ounces received in the first quarter of 2020 as a delay payment relative to Pampacancha. Hudbay Minerals Inc. (“Hudbay”) announced on 7 april 2021, that the final land user agreement for Pampacancha has been completed and Hudbay now has full access to the site and has begun pit development activities. As per Hudbay’s MD&A for the year ended 31 december 2020, Hudbay no longer expects to mine four million tonnes of ore from the Pampacancha deposit by 30 June 2021, and should they fail to meet this milestone, they will be required to deliver an additional 8,020 ounces of gold to the Company in four equal quarterly installments, commencing 30 september 2021. Hudbay and the Company are currently in discussions about, among other things, alternatives to defer the additional gold deliveries over the Pampacancha mine life.

Sudbury: In the first quarter of 2021, Vale’s Sudbury mines produced 6,200 ounces of attributable gold, a decrease of approximately 20% relative to the first quarter of 2020, due primarily to lower throughput.

Ander zilver: In the first quarter of 2021, total Other Silver attributable production was 2.6 million ounces, an increase of approximately 13% relative to the first quarter of 2020 primarily due to the initial production from the Cozamin mine. As per the precious metals purchase agreement (“PMPA”) with Capstone Mining Corp. (“Capstone”), Wheaton is entitled to any silver sold from the Cozamin mine to an offtaker as of 1 december 2020, resulting in reported production in the first quarter of 2021 including some material processed in the previous quarter.

Voisey’s Bay: In the first quarter of 2021, the Voisey’s Bay mine produced 1,161,000 pounds of attributable cobalt. As at the end of the first quarter 2021, approximately 132,000 pounds of cobalt were held in inventory by Wheaton and 818,600 pounds were produced but not delivered. As per the PMPA with Vale, Wheaton is entitled to any cobalt processed at the Long Harbour Processing Plant as of 1 januari 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. As per Vale’s First Quarter 2021 Performance Report, physical completion of the Voisey’s Bay underground mine extension was 62% at the end of the first quarter and is on track for start-up in the first half of 2021, with full completion scheduled for 2023.

Rosemont: Hudbay announced on 29 maart 2021, the intersection of high-grade copper sulphide and oxide mineralization at shallow depth on its wholly-owned patented mining claims located within seven kilometers of its Rosemont copper project in Arizona. As a result of the discovery, Hudbay has initiated a second phase of exploration drilling in 2021 with a 70,000 foot follow-up drill program and has doubled the number of drill rigs operating at site to six. The discovery is included in Wheaton’s area of interest under the PMPA.

Produced But Not Yet Delivered³

Zoals bij 31 maart 2021, payable ounces and pounds attributable to the Company produced but not yet delivered amounted to:

• 69,300 payable gold ounces, a decrease of 1,300 ounces during Q1 2021, primarily due to a reduction during the period relative to the Salobo mine partially offset by increases at the 777 and Sudbury mijnen.
• 3.7 million payable silver ounces, a decrease of 0.8 million ounces during Q1 2021, primarily due to reductions during the period relative to the Antamina, Yauliyacu and Peñasquito mines.
• 5,400 payable palladium ounces, a decrease of 200 ounces during Q1 2021.
• 818,600 payable cobalt pounds.

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.

Corporate Development

Santo Domingo Mine: On 25 maart 2021, the Company announced that it had entered into a PMPA with Capstone in respect to the Santo Domingo project located in the Atacama Region, Chili. The Company will purchase 100% of the payable gold production until 285,000 ounces have been delivered, thereafter dropping to 67% of payable gold production for the life of the mine. The Company will pay Capstone a total upfront cash consideration of $ 290 miljoen, $ 30 miljoen waarvan werd betaald 21 april 2021, and the remainder of which is payable during construction of the Santo Domingo project, subject to customary conditions being satisfied, including Capstone attaining sufficient financing to cover total expected capital expenditures. In addition, Wheaton will make ongoing payments for gold ounces delivered equal to 18% of the spot gold price until the market value of gold delivered to the Company, net of the per ounce cash payment, exceeds the initial upfront cash deposit, and 22% of the spot gold price thereafter.

Other Corporate Development Updates:

• On 19 februari 2021, the previously announced PMPA relative to the Cozamin mine was closed, with the upfront cash consideration of $ 150 miljoen being paid to Capstone on that date.
• On 15 april 2021, the previously announced PMPA relative to the Marmato mine was closed, with the initial upfront cash consideration of $ 34 miljoen being paid to Aris Gold Corporation (“Aris”) on that date.
• On 5 januari 2021, the Company acquired a 2.0% net smelter return royalty interest relative to the Brewery Creek mine located in the Yukon Territories, Canada.

COVID-19 Community Support and Response Fund

In the second quarter of 2020, Wheaton announced the launch of a $ 5 miljoen Community Support and Response Fund (the “CSR Fund”) to support global efforts to combat the COVID-19 pandemic and its impacts on our communities. The CSR Fund is designed to meet the immediate needs of the communities in which Wheaton and its mining partners operate. This fund is incremental to Wheaton’s already active Community Investment Program that currently provides support to over 50 programs in multiple communities around the world. As of 31 maart 2021, the Company has made donations totalling approximately $ 3 miljoen with the CSR Fund.

Gegevens webcast en telefonische vergadering

A conference call and webcast will be held on Vrijdag, mei 7, 2021 vanaf 11:00 uur (Oostelijke tijd) om deze resultaten te bespreken. Gebruik een van de volgende methoden om deel te nemen aan de live oproep:

Deelnemers moeten vijf tot tien minuten vóór het gesprek inbellen.

The accompanying slideshow will also be available in PDF format on the ‘Events’ page of the Wheaton Precious Metals van de voor het conferentiegesprek.

De telefonische vergadering wordt opgenomen en is beschikbaar tot 14 mei 2021 at 11: 59 pm ET. De webcast is een jaar beschikbaar. U kunt op een van de volgende manieren naar een archief van de oproep luisteren:

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.

De heer Wes Carson, P.Eng., Vice President, Mining Operations, is a “qualified person” as such term is defined under National Instrument 43-101, and has reviewed and approved the technical information disclosed in this news release.

Wheaton Precious Metals believes that there are no significant differences between its corporate governance practices and those required to be followed by Verenigde Staten 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 .  

Over Wheaton Precious Metals Corp. en vooruitzichten

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 creates sustainable value through streaming.

Wheaton’s estimated attributable production in 2021 is forecast to be 370,000 to 400,000 ounces of gold, 22.5 to 24.0 million ounces of silver, and 40,000 to 45,000 gold equivalent ounces² (“GEOs”) of other metals, resulting in production of approximately 720,000 to 780,000 GEOs², unchanged from previous guidance.  For the five-year period ending in 2025, the Company estimates that average production will amount to 810,000 GEOs⁴. For the ten-year period ending in 2030, the Company estimates that average annual production will amount to 830,000 GEOs⁴.

In accordance with Wheaton Precious Metals™ Corp.’s (“Wheaton Precious Metals”, “Wheaton” or the “Company”) MD&A and financial statements, reference to the Company includes the Company’s wholly owned subsidiaries.

Eindnotities

Verkort tussentijds Consolidated Statements of Earnings

Verkort tussentijds Geconsolideerde balansbladen

Verkort tussentijds Geconsolideerde kasstroomoverzichten

Samenvatting van geproduceerde eenheden

Samenvatting van verkochte eenheden

Bedrijfsresultaten 

The operating results of the Company’s reportable operating segments are summarized in the tables and commentary below.

On a gold equivalent and silver equivalent basis, results for the Company for the three months ended 31 maart 2021 waren als volgt:

On a gold equivalent and silver equivalent basis, results for the Company for the three months ended 31 maart 2020 waren als volgt:

Niet-IFRS-maatstaven

Wheaton has included, throughout this document, certain non-IFRS performance measures, including (i) adjusted net earnings and adjusted net earnings per share; (ii) operating cash flow per share (basic and diluted); (iii) average cash costs of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis, with the Company receiving its first deliveries of cobalt relative to its Voisey’s Bay PMPA during the first quarter of 2021; and (iv) cash operating margin. The Company has removed the non-IFRS measure relative to net debt as Wheaton fully repaid its debt during the first quarter of 2021.

De volgende tabel geeft een aansluiting weer van de aangepaste nettowinst en de aangepaste nettowinst per aandeel (gewoon en verwaterd).

De volgende tabel geeft een aansluiting weer van de operationele kasstroom per aandeel (gewoon en verwaterd).

De volgende tabel geeft een berekening van de gemiddelde contante kosten van goud, zilver en palladium per ounce en kobalt per pond.

De volgende tabel geeft een aansluiting weer van de contante operationele marge.

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.

LET OP MET BETREKKING TOT TOEKOMSTGERICHTE VERKLARINGEN 

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 impact of epidemics (including the COVID-19 virus pandemic), including the potential heightening of other risks, the estimation of future production from Mining Operations (including in the estimation of production, mill throughput, grades, recoveries and exploration potential), the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates) and the realization of such estimations, the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton’s PMPA counterparties at mineral stream interests owned by Wheaton (the “Mining Operations”), the ability of Wheaton’s PMPA counterparties to comply with the terms of a PMPA (including as a result of the business, mining operations and performance of Wheaton’s PMPA counterparties) and the potential impacts of such on Wheaton, the costs of future production, the estimation of produced but not yet delivered ounces, the impact of the listing of the Company’s common shares on the LSE, any statements as to future dividends, the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs, future payments by the Company in accordance with PMPAs, including any acceleration of payments, projected increases to Wheaton’s production and cash flow profile, projected changes to Wheaton’s production mix, the ability of Wheaton’s PMPA counterparties to comply with the terms of any other obligations under agreements with the Company, the ability to sell precious metals and cobalt production, confidence in the Company’s business structure, the Company’s assessment of taxes payable and the impact of the CRA Settlement for years subsequent to 2010, possible audits for taxation years subsequent to 2015, the Company’s assessment of the impact of any tax reassessments, the Company’s intention to file future tax returns in a manner consistent with the CRA Settlement, , and assessments of the impact and resolution of various legal and tax matters, including but not limited to outstanding class action and audits. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “projects”, “intends”, “anticipates” or “does not anticipate”, or “believes”, “potential”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. www.sedar.com, Wheaton’s Form 40-F for the year ended 31 december 2020 en formulier 6-K ingediend 11 maart 2021 both on file with the U.S. Securities and Exchange Commission on EDGAR (the “Disclosure”). Forward-looking statements are based on assumptions management currently believes to be reasonable, including (without limitation): that there will be no material adverse change in the market price of commodities, that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic (including the COVID-19 virus pandemic), that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates, that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate, that each party will satisfy their obligations in accordance with the PMPAs, that Wheaton will continue to be able to fund or obtain funding for outstanding commitments, that Wheaton will be able to source and obtain accretive PMPAs, that any outbreak or threat of an outbreak of a virus or other contagions or epidemic disease will be adequately responded to locally, nationally, regionally and internationally, without such response requiring any prolonged closure of the Mining Operations or having other material adverse effects on the Company and counterparties to its PMPAs, that the trading of the Company’s common shares will not be adversely affected by the differences in liquidity, settlement and clearing systems as a result of multiple listings of the Common Shares on the LSE, the TSX and the NYSE, that the trading of the Company’s common shares will not be suspended, and that the net proceeds of sales of common shares, if any, will be used as anticipated, that expectations regarding the resolution of legal and tax matters will be achieved (including ongoing class action litigation and CRA audits involving the Company), that Wheaton has properly considered the interpretation and application of Canadian tax law to its structure and operations, that Wheaton has filed its tax returns and paid applicable taxes in compliance with Canadian tax law, that Wheaton’s application of the CRA Settlement for years subsequent to 2010 is accurate (including the Company’s assessment that there will be no material change in the Company’s facts or change in law or jurisprudence for years subsequent to 2010), and such other assumptions and factors as set out in the Disclosure. Er kan geen garantie worden gegeven dat toekomstgerichte verklaringen accuraat zullen blijken te zijn en zelfs als gebeurtenissen of resultaten die in de toekomstgerichte verklaringen worden beschreven, worden gerealiseerd of substantieel worden gerealiseerd, kan er geen garantie worden gegeven dat deze de verwachte gevolgen zullen hebben voor op, Wheaton. Lezers mogen niet overmatig vertrouwen op toekomstgerichte verklaringen en worden gewaarschuwd dat de werkelijke uitkomsten kunnen variëren. 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.

BRON Wheaton Precious Metals Corp.

Gerelateerde Links

http://www.silverwheaton.com/

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