UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 Under the
Securities Exchange Act of 1934

For the Month of May, 2024

Commission File Number: 001-32482

WHEATON PRECIOUS METALS CORP.
(Exact name of registrant as specified in its charter)

Suite 3500, 1021 West Hastings Street
Vancouver, British Columbia
V6E 0C3
(604) 684-9648
(Address of principal executive offices)


 Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F                 Form 40-F    ☑


This report on Form 6-K shall be incorporated by reference into the registrant’s Registration Statement on Form S-8 (File No. 333-128128), on Form F-10 (File No. 333-271239) and on Form F-3D (File No. 333-194702) under the Securities Act of 1933, as amended.













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DOCUMENTS FILED AS PART OF THIS FORM 6-K
See the Exhibit Index to this Form 6-K.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


     
 
WHEATON PRECIOUS METALS CORP.
 
 
 
 
May 9, 2024
By:
  /s/ Curt Bernardi
   
Name:
Curt Bernardi
   
Title:
Senior Vice President, Legal
     
and Strategic Development



































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EXHIBIT INDEX

99.1
99.2
99.3
99.4
99.5
99.6
99.7
99.8































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EX99.1
May 9, 2024 
Vancouver, British Columbia 
Designated News Release 
FIRST QUARTER FINANCIAL RESULTS


Wheaton Precious Metals Announces First Quarter 2024 Results

“Wheaton delivered a robust quarter to start the year, generating over $219 million in operating cash flows, and underscoring the effectiveness of our business model in leveraging rising commodity prices while maintaining strong cash operating margins," said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. "Looking ahead, we continue to forecast peer-leading production growth of 40% by 2028, buoyed by several development projects in our portfolio, many of which achieved significant milestones during the quarter. Building on the momentum from a record eight acquisitions in 2023, our corporate development team remains actively engaged in evaluating new opportunities and as always, Wheaton remains committed to ensuring that our growth is both accretive and sustainable for all stakeholders. We believe that strong commodity price trends and our sector leading growth profile provide Wheaton shareholders with one of the best vehicles for investing into the gold and precious metals space."

Solid Financial Results and Strong Balance Sheet

 •
First quarter of 2024: $297 million in revenue, $219 million in operating cash flow, $164 million in net earnings and $164 million in adjusted net earnings1 and, declared a quarterly dividend1 of $0.155 per common share.

•
Balance Sheet: cash balance of $306 million, no debt, and an undrawn $2 billion revolving credit facility as at March 31, 2024, after making total upfront cash payments of $462 million relative to mineral stream and royalty interests in the quarter.

High-Quality Asset Base

 •
Streaming and royalty agreements on 18 operating mines and 27 development projects5.

•
93% of attributable production from assets in the lowest half of their respective cost curves2,4.

•
Attributable gold equivalent production3 of 160,100 ounces in the first quarter of 2024, an increase of 19% relative to the comparable period of the prior year due primarily to the mill throughput expansion at Salobo and higher production at Constancia due to the mining of the high-grade zones of the Pampacancha deposit.

•
Forecasting annual production of over 800,000 gold equivalent ounces ("GEOs") by 2028, with average annual attributable production growing to over 850,000 GEOs3 in years 2029 to 2033.

•
Accretive portfolio growth:

o
On February 27, 2024, the Company closed the previously announced agreement with certain entities advised by Orion Resource Partners to acquire existing PMPAs in respect of Ivanhoe Mines’ Platreef project and BMC Minerals’ Kudz Ze Kayah project.

o
On February 20, 2024, the Company acquired a 1.5% Net Smelter Royalty from Integra Resources Corporation on the DeLamar and Florida Mountain project.


-2-


Leadership in Sustainability

 •
Top Rankings: Ranked in the Global Top 50 out of over 15,000 multi-sector companies by Sustainalytics, AA rated by MSCI, and Prime rated by ISS.

•
Recognized among Corporate Knights’ 2024 100 most sustainable corporations in the world.

•
Peer-leading community investment program that supports social and environmental initiatives alongside Wheaton's mining partners.

Operational Overview
(all figures in US dollars unless otherwise noted)
 
 
Q1 2024
 
 
Q1 2023
 
Change
Units produced
 
 
 
 
        
Gold ounces
 
 
93,370
 
  
73,019
  
 27.9 %
Silver ounces
 
 
5,476
 
  
5,134
  
 6.7 %
Palladium ounces
 
 
4,463
 
  
3,705
  
 20.5 %
Cobalt pounds
 
 
240
 
  
          124
  
 93.1 %
Gold equivalent ounces 3
 
 
160,133
 
  
134,730
  
 18.9 %
Units sold
 
 
 
 
        
Gold ounces
 
 
92,019
 
  
62,605
  
 47.0 %
Silver ounces
 
 
4,067
 
  
3,749
  
 8.5 %
Palladium ounces
 
 
4,774
 
  
       2,946
  
 62.1 %
Cobalt pounds
 
 
309
 
  
          323
  
(4.3)%
Gold equivalent ounces 3
 
 
143,184
 
  
  109,293
  
 31.0 %
Change in PBND and Inventory
 
 
 
 
        
Gold equivalent ounces 3
 
 
2,102
 
 
     11,756
 
        9,654
Revenue
 
$
296,806
 
$
214,465
  
 38.4 %
Net earnings
 
$
164,041
 
$
111,391
  
 47.3 %
Per share
 
$
0.362
 
$
0.246
  
 47.2 %
Adjusted net earnings 1
 
$
163,589
 
$
104,431
  
 56.6 %
Per share 1
 
$
0.361
 
$
0.231
  
 56.3 %
Operating cash flows
 
$
219,380
 
$
135,104
  
 62.4 %
Per share 1
 
$
0.484
 
$
0.299
 
 61.9 %
All amounts in thousands except gold, palladium & gold equivalent ounces, and per share amounts.

Financial Review
Revenues
Revenue in the first quarter of 2024 was $297 million (64% gold, 32% silver, 2% palladium and 2% cobalt), with the $82 million increase relative to the prior period quarter being primarily due to a 31% increase in the number of GEOs³ sold; and a 6% increase in the average realized gold equivalent³ price.

Cash Costs and Margin
Average cash costs¹ in the first quarter of 2024 were $430 per GEO³ as compared to $475 in the first quarter of 2023. This resulted in a cash operating margin¹ of $1,643 per GEO³ sold, an increase of 10% as compared with the first quarter of 2023, a result of the higher realized price per ounce coupled with the lower average cash costs.

Cash Flow from Operations
Operating cash flow in the first quarter of 2024 amounted to $219 million, with the $84 million increase due primarily to the higher gross margin.

-3-


Balance Sheet (at March 31, 2024)

 •
Approximately $306 million of cash on hand

•
During the first quarter of 2024, the Company made total upfront cash payments of $462 million relative to the mineral stream and royalty interests consisting of:

o
$450 million relative to the Platreef and Kudz Ze Kayah precious metals purchase agreements (“PMPAs”)

o
$7 million relative to the Mt Todd Royalty; and

o
$5 million relative to the DeLamar Royalty

•
Subsequent to the quarter, the Company disposed of its investment in Hecla Mining Company for gross proceeds of $177 million.

•
With the existing cash on hand coupled with the fully undrawn $2 billion revolving credit facility, the Company believes it is well positioned to fund all outstanding commitments and known contingencies as well as providing flexibility to acquire additional accretive mineral stream interests.

Global Minimum Tax
The Company is within the scope of global minimum tax (“GMT”) under the OECD Pillar Two model rules (“Pillar Two”), under which large multinational entities will be subject to a 15% GMT. On May 2, 2024, the Canadian Federal Government introduced the Federal budget bill, C-69, into parliament which contains the Global Minimum Tax Act (“GMTA”) reflecting application of GMT to in-scope companies for fiscal years commencing on or after December 31, 2023. However, as of the date of this press release, the legislation related to the GMTA has not been enacted. As the legislation was not enacted as of the Balance Sheet date, for the three months ended March 31, 2024, the Company has recorded no current tax expense associated with GMT, although the Company's wholly-owned foreign subsidiaries which reside in jurisdictions where the GMT is expected to apply had net earnings of $165 million with 15% of such amounting to $25 million.

The Company will recognize the tax expense associated with the GMT in its consolidated financial statements in the appropriate period relative to when the legislation is enacted. If enacted as drafted,  Company’s wholly-owned foreign subsidiaries which reside in jurisdictions where the GMT is expected to apply would be subject to the proposed Canadian rules in the GMTA retroactively to January 1, 2024.

First Quarter Operating Asset Highlights2
Salobo: In the first quarter of 2024, Salobo produced 61,600 ounces of attributable gold, an increase of approximately 41% relative to the first quarter of 2023, driven by higher throughput, with production from the third concentrator line commencing at the end of 2022, partially offset by lower grades which was expected as per the mine development plan. As reported by Vale S.A. (“Vale”), Salobo 3 reached ~90% average throughput in the first quarter as the ramp-up continues. Salobo 1 & 2 plants also posted strong performance in the quarter, with 14% higher throughput rate, 10% productivity and 3% higher asset availability relative to the first quarter of 2023.

On November 21, 2023, Vale reported the successful completion of the throughput test for the first phase of the Salobo III project, with the Salobo complex exceeding an average of 32 million tonnes per annum (“Mtpa”) over a 90-day period. Under the terms of the agreement, the Company paid Vale $370 million for the completion of the first phase of the Salobo III expansion project on December 1, 2023. The remaining balance of the expansion payment is dependent on the timing of completion and will be triggered once Vale expands actual throughput above 35 Mtpa for a period of 90 days.

-4-


Antamina: In the first quarter of 2024, Antamina produced 0.8 million ounces of attributable silver, a decrease of approximately 8% relative to the first quarter of 2023 primarily due to lower grades. On February 15, 2024, Peru’s National Environmental Certification Service for Sustainable Investments approved, after a detailed evaluation process, the Modification of the Environmental Impact Study, which will allow for the extension of Antamina’s mine life from 2028 to 2036.

Peñasquito: In the first quarter of 2024, Peñasquito produced 2.6 million ounces of attributable silver, an increase of approximately 27% relative to the first quarter of 2023 primarily due to higher grades.

Constancia: In the first quarter of 2024, Constancia produced 0.6 million ounces of attributable silver and 13,900 ounces of attributable gold, an increase of approximately 16% and 101%, respectively, relative to the first quarter of 2023, with the increases being primarily the result of significantly higher gold grades attributable to the mining of high-grade zones of the Pampacancha deposit, combined with higher recoveries.

On March 28, 2024, Hudbay Minerals Inc., (“Hudbay”) reported that Constancia’s expected mine life has been extended by three years to 2041 as a result of the successful conversion of mineral resources to mineral reserves with the addition of a further mining phase at the Constancia pit following positive geotechnical drilling and studies in 2023. There remains potential for future mine life extensions based on the mineral resources that have not yet been converted to mineral reserves.

Sudbury: In the first quarter of 2024, Vale’s Sudbury mines produced 7,000 ounces of attributable gold, an increase of approximately 14% relative to the first quarter of 2023, due to higher throughput.

Stillwater: In the first quarter of 2024, the Stillwater mines produced 2,600 ounces of attributable gold and 4,500 ounces of attributable palladium, an increase of approximately 35% for gold and 20% for palladium relative to the first quarter of 2023, due primarily to higher throughput and grades.

Voisey’s Bay: In the first quarter of 2024, the Voisey's Bay mine produced 240,000 pounds of attributable cobalt, an increase of approximately 93% relative to the first quarter of 2023, as the transitional period between the depletion of the Ovoid open-pit and ramp-up to full production of the Voisey’s Bay underground mine nears completion. Vale reports that physical completion of the Voisey’s Bay underground mine extension was 94% at the end of the first quarter, and that the main surface assets are completed and already operating. In the underground portion, the scope in Reid Brook is completed and the mine development at Eastern Deeps is concluded. Construction of the Bulk Material Handling system, dewatering and support facilities is ongoing. The full mine assets at Eastern Deeps are expected to be in operation by the end of 2024.

Other Gold: In the first quarter of 2024, total Other Gold attributable production was 600 ounces, a decrease of approximately 82% relative to the first quarter of 2023, primarily due to the closure of the Minto mine in May 2023.

Other Silver: In the first quarter of 2024, total Other Silver attributable production was 1.4 million ounces, a decrease of approximately 15% relative to the first quarter of 2023, primarily due to the temporary suspension of attributable production from Aljustrel.

-5-

Detailed mine-by-mine production and sales figures can be found in the Appendix to this press release and in Wheaton’s consolidated MD&A in the ‘Results of Operations and Operational Review’ section.

Recent Development Asset Updates
Blackwater Project: On February 21, 2024, Artemis Gold Inc. (“Artemis”) announced the results of an expansion study to optimize the timing of mine expansion through the advancing of Phase 2. A decision on the acceleration of the Phase 2 expansion is expected to be considered in the second half of 2024. On April 24, 2024, Artemis announced that overall construction was approximately 73% complete and that construction of major site water management facilities, including the water management pond, the central diversion system, and the Davidson Creek diversion, have been completed along with work on the tailings storage facility which is progressing well. Artemis also states that the project remains on schedule for first gold pour in the second half of 2024.

Platreef Project: On April 30, 2024, Ivanhoe Mines Ltd. (“Ivanhoe”) reported that construction activities for the Platreef Phase 1 concentrator are on schedule at almost 90% complete and on track for cold commissioning in the third quarter of 2024. An updated independent feasibility study on an optimized development plan for the acceleration of Phase 2 is planned to be completed and published in the fourth quarter of 2024. As a result of the planned acceleration of Phase 2, first feed and ramp-up of production will be deferred until mid-2025. In addition, a preliminary economic assessment on a Phase 3 expansion is expected to be completed at the same time, increasing Platreef’s processing capacity up to approximately 10 Mtpa. A Phase 3 expansion to 10 Mtpa processing capacity is expected to rank Platreef as one of the world’s largest platinum-group metal, nickel, copper and gold producers.

Goose Project: On May 7, 2024, B2Gold Corp., (“B2Gold”) announced the successful completion of the 2024 winter ice road (“WIR”) campaign, delivering all necessary materials to complete the construction of the Goose project. B2Gold reports that while mill construction remains on schedule, development of the open pit and underground is slightly behind schedule due to equipment availability, adverse weather conditions and prioritization of critical path construction activities. As a result, B2Gold reports that first gold pour is now expected in the second quarter of 2025 with ramp up to full production in the third quarter of 2025, one quarter later than previous estimates.

Marmato Mine: On April 15, 2024, Aris Mining Corporation (“Aris”) provided an update that at the Marmato Lower Mine expansion project, the access road to the new processing facility area is now complete and earthworks in the plant area will commence soon. The contractor for the new portal and decline is fully mobilized and cutting of the portal face has commenced.

Curipamba Project: On January 22, 2024, Adventus Mining Corporation (“Adventus”) announced that the Ministry of Environment, Water and Energy Transition of the Government of Ecuador has granted the environmental license for the construction and operation of the El Domo – Curipamba project (the “Curipamba project”). On January 30, 2024, Adventus announced that the Ministry of Energy and Mines of Ecuador has issued a permit which grants approval for the design, construction, operation, and maintenance of the tailings storage facility (“TSF”) for the Curipamba project. The start of TSF construction is a key condition precedent for the Company to make additional upfront cash payments under the Curipamba PMPA.

-6-




On April 26, 2024, Adventus announced that Silvercorp Metals Inc. (“Silvercorp”) has entered into a definitive arrangement agreement with Adventus pursuant to which Silvercorp has agreed to acquire all of the issued and outstanding common shares of Adventus. As reported by Silvercorp, the existing stream with Wheaton, combined with Silvercorp’s existing cash and cash equivalents of approximately $200 million, is more than sufficient to fully fund the Curipamba project through construction.

Fenix Project: On April 8, 2024, Rio2 Limited ("Rio2") announced that its Chilean subsidiary has received the formal Environmental Qualification Resolution ("RCA") for the Fenix gold project. The receipt of the RCA now allows Rio2 to advance permitting activities for the Fenix project. Rio2 has noted that there are four principal Sectorial Permits required before construction can commence at the Project: 1) Mining Methods; 2) Process Plant; 3) Waste Dumps & Stockpiles; and 4) Closure Plan and that work on these permits is well underway. Rio2 notes that the current timing for receipt of these principal permits is by the end of July 2024.

Cangrejos Project: On January 18, 2024, Lumina Gold Corp. (“Lumina”) announced results from the phase 1 mining resource conversion drilling campaign in support of the ongoing feasibility study at Cangrejos. Lumina noted that the assays from the resource infill program continue to demonstrate the exceptional continuity of grade at Cangrejos. Lumina also noted that it is operating normally at the Cangrejos project and to date their activities have not been affected by the recent civil disturbances that have impacted other areas in Ecuador.
Curraghinalt Project: Subsequent to the quarter, the Planning Appeals Commission & Water Appeals Commission (“the commission”) in Northern Ireland concluded that the water abstraction and impoundment licenses (“water licenses”) relative to the Curraghinalt Project have been rescinded and that license applications would need to be resubmitted and subsequent public inquiry referrals held. The commission noted that it has suspended arrangements for the current inquiry timetable until it is in receipt of the expected water license applications, at which time it will move to set directions and new dates for the submission of statements of case, rebuttals, and for the opening of the re-scheduled hearing sessions in due course.

Corporate Development
DeLamar Royalty
On February 20, 2024, the Company purchased a 1.5% net smelter return royalty interest (“DeLamar Royalty”) in the DeLamar and Florida mountain project located in Idaho, United States (the “DeLamar project”) from a subsidiary of Integra Resources Corporation (“Integra”) for $9.75 million to be paid in two equal installments, the first of which was paid in the first quarter of 2024, with the balance expected to be paid in July 2024 subject to customary conditions.  Under the DeLamar Royalty, if completion is not achieved by January 1, 2029, the DeLamar Royalty will increase annually by 0.15% of net smelter returns to a maximum of 2.7% of net smelter returns. The Company had previously acquired a right of first refusal on any precious metals streaming, royalty, pre-pay or other similar transaction on the DeLamar project.

-7-

Sustainability
Ratings & Awards:

 •
On January 17, 2024, the Company announced its ranking among Corporate Knights' 2024 100 Most Sustainable Corporations in the world. The Company will be included in the Global 100 Index, which represents a benchmark for sustainability excellence.

Community Investment Program:

 •
On March 1, 2024, Wheaton International commenced a new program with the Vale Foundation to support an ambitious three-year initiative in Brazil that aims to improve the primary health care being offered in the municipalities near the Salobo mine and along the Carajas railroad. The program will be carried out in 8 municipalities of Pará State, impacting approximately 550,000 individuals and in 24 municipalities of Maranhão State, impacting approximately 1.3 million individuals. Wheaton International and the Vale Foundation each committed BRL$17 million. The total contribution of Wheaton and the Vale Foundation of BRL$34 million is being matched by the Brazilian Development Bank, magnifying the impact of the contribution being made by Wheaton International.

•
The Pacific Salmon Foundation's Vancouver Gala presented by Wheaton raised CA$0.5 million in support of advancing critical marine science research and conservation work.

•
The Daffodil Ball presented by Wheaton raised over CA$4.4 million for the Canadian Cancer Society.

2024 and Long-Term Production Outlook
Wheaton's estimated attributable production in 2024 is forecast to be 325,000 to 370,000 ounces of gold, 18.5 to 20.5 million ounces of silver, and 12,000 to 15,000 GEOs3 of other metals, resulting in annual production of approximately 550,000 to 620,000 GEOs3, unchanged from previous guidance2,3.

Annual production is forecast to increase by approximately 40% to over 800,000 GEOs3 by 2028, with average annual production forecast to grow to over 850,000 GEO3 in years 2029 to 2033, also unchanged from previous guidance.

About Wheaton Precious Metals Corp.
Wheaton is the world’s premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors commodity price leverage and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. As a result, Wheaton has consistently outperformed gold and silver, as well as other mining investments. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming for all of its stakeholders.

In accordance with Wheaton Precious Metals™ Corp.’s (“Wheaton Precious Metals”, “Wheaton” or the “Company”) MD&A and Financial Statements, reference to the Company and Wheaton includes the Company’s wholly owned subsidiaries.
-8-


Webcast and Conference Call Details

A conference call will be held on Friday, May 10, 2024, starting at 8:00am PT (11:00 am ET) to discuss these results. To participate in the live call please use one of the following methods:

RapidConnect URL:                                             Click here
Live webcast:                                                          Click here
Dial toll free:                                                             1-888-664-6383 or 1-416-764-8650
Conference Call ID:                                  12432661

Participants should dial in five to ten minutes before the call.

The conference call will be recorded and available until May 17, 2024 at 11:59 pm ET. The webcast will be available for one year. You can listen to an archive of the call by one of the following methods:

Dial toll free from Canada or the US:              1-888-390-0541
Dial from outside Canada or the US:               1-416-764-8677
Pass code:                                                  432661 #
Archived webcast:                                                   Click here

This earnings release should be read in conjunction with Wheaton Precious Metals’ MD&A and Financial Statements, which are available on the Company’s website at www.wheatonpm.com and have been posted on SEDAR+ at www.sedarplus.ca.

Mr. Wes Carson, P.Eng., Vice President, Mining Operations, Neil Burns, P.Geo., Vice President, Technical Services for Wheaton Precious Metals and Ryan Ulansky, P.Eng., Vice President, Engineering, are a “qualified person” as such term is defined under National Instrument 43-101, and have reviewed and approved the technical information disclosed in this news release (specifically Mr. Carson has reviewed production figures, Mr. Burns has reviewed mineral resource estimates and Mr. Ulansky has reviewed the mineral reserve estimates).

Wheaton Precious Metals believes that there are no significant differences between its corporate governance practices and those required to be followed by United States domestic issuers under the NYSE listing standards. This confirmation is located on the Wheaton Precious Metals website at http://www.wheatonpm.com/Company/corporate-governance/default.aspx.

For further information:

Investor Contact
Emma Murray
Vice President, Investor Relations
Tel: 1-844-288-9878
Email: info@wheatonpm.com

Media Contact
Simona Antolak
Vice President, Communications & Corporate Affairs
Tel: 604-639-9870
Email: simona.antolak@wheatonpm.com
-9-


Condensed Interim Consolidated Statements of Earnings

   
Three Months Ended
March 31
(US dollars and shares in thousands, except per share amounts - unaudited)
 
2024
2023
Sales
 
$
296,806
$
214,465
Cost of sales
  
 
 
    
Cost of sales, excluding depletion
  
$
61,555
$
51,964
Depletion
 
 
63,676
 
45,000
Total cost of sales
 
$
125,231
$
96,964
Gross margin
 
$
171,575
$
117,501
General and administrative expenses
  
 
10,464
  
10,099
Share based compensation
  
 
1,281
  
7,397
Donations and community investments
 
 
1,570
 
1,378
Earnings from operations
  
$
158,260
$
98,627
Other income (expense)
 
 
7,196
 
7,562
Earnings before finance costs and income taxes
  
$
165,456
$
106,189
Finance costs
 
 
1,442
 
1,378
Earnings before income taxes
  
$
164,014
$
104,811
Income tax recovery
 
 
(27)
 
(6,580)
Net earnings
 
$
164,041
$
111,391
Basic earnings per share
  
$
0.362
$
0.246
Diluted earnings per share
  
$
0.362
$
0.246
Weighted average number of shares outstanding
  
 
 
    
Basic
  
 
453,094
  
452,370
Diluted
 
 
453,666
 
453,159
-10-


Condensed Interim Consolidated Balance Sheets


 
As at
March 31
As at
December 31
(US dollars in thousands - unaudited)
2024
2023
Assets
 
 
    
Current assets
 
 
    
Cash and cash equivalents
$
306,109
$
546,527
Accounts receivable
 
5,514
  
10,078
Cobalt inventory
 
-
  
1,372
Income taxes receivable
 
5,851
  
5,935
Other
 
3,374
 
3,499
Total current assets
$
320,848
$
567,411
Non-current assets
 
 
    
Mineral stream interests
$
6,510,767
$
6,122,441
Early deposit mineral stream interests
 
47,094
  
47,093
Mineral royalty interests
 
25,448
  
13,454
Long-term equity investments
 
246,652
  
246,678
Property, plant and equipment
 
7,996
  
7,638
Other
 
21,650
 
26,470
Total non-current assets
$
6,859,607
$
6,463,774
Total assets
$
7,180,455
$
7,031,185
Liabilities
 
 
    
Current liabilities
 
 
    
Accounts payable and accrued liabilities
$
10,918
$
13,458
Dividends payable
 
70,261
  
-
Current portion of performance share units
 
6,261
  
12,013
Current portion of lease liabilities
 
518
  
604
Total current liabilities
$
87,958
$
26,075
Non-current liabilities
 
 
    
Performance share units
$
2,991
$
9,113
Lease liabilities
 
5,423
  
5,625
Deferred income taxes
 
242
  
232
Pension liability
 
4,646
 
4,624
Total non-current liabilities
$
13,302
$
19,594
Total liabilities
$
101,260
$
45,669
Shareholders' equity
 
 
    
Issued capital
$
3,784,848
$
3,777,323
Reserves
 
(47,717)
  
(40,091)
Retained earnings
 
3,342,064
 
3,248,284
Total shareholders' equity
$
7,079,195
$
6,985,516
Total liabilities and shareholders' equity
$
7,180,455
$
7,031,185

-11-


Condensed Interim Consolidated Statements of Cash Flows


   
Three Months Ended
March 31
(US dollars in thousands - unaudited)
 
2024
2023
Operating activities
  
 
 
    
Net earnings
  
$
164,041
$
111,391
Adjustments for
  
 
 
    
Depreciation and depletion
  
 
64,013
  
45,390
Interest expense
  
 
74
  
17
Equity settled stock based compensation
  
 
1,598
  
1,542
Performance share units - expense
  
 
(317)
  
5,855
Performance share units - paid
  
 
(11,129)
  
(16,675)
Pension expense
  
 
175
  
167
Pension paid
  
 
(43)
  
(96)
Income tax (recovery) expense
  
 
(27)
  
(6,580)
(Gain) loss on fair value adjustment of share purchase warrants held
  
 
(183)
  
(175)
Investment income recognized in net earnings
  
 
(6,438)
  
(7,148)
Other
  
 
(83)
  
79
Change in non-cash working capital
 
 
2,155
 
(2,072)
Cash generated from operations before income taxes and interest
  
$
213,836
$
131,695
Income taxes paid
  
 
(116)
  
(3,344)
Interest paid
  
 
(75)
  
(18)
Interest received
 
 
5,735
 
6,771
Cash generated from operating activities
 
$
219,380
$
135,104
Financing activities
  
 
 
    
Share purchase options exercised
  
 
3,816
  
9,376
Lease payments
 
 
(148)
 
(202)
Cash generated from financing activities
 
$
3,668
$
9,174
Investing activities
  
 
 
    
Mineral stream interests
  
$
(450,902)
$
(31,524)
Early deposit mineral stream interests
  
 
-
  
(750)
Mineral royalty interest
  
 
(11,947)
  
-
Net proceeds on disposal of mineral stream interests
  
 
-
  
(29)
Acquisition of long-term investments
  
 
(751)
  
(8,144)
Dividends received
  
 
700
  
-
Other
 
 
(596)
 
(530)
Cash used for investing activities
 
$
(463,496)
$
(40,977)
Effect of exchange rate changes on cash and cash equivalents
 
$
30
$
307
(Decrease) increase in cash and cash equivalents
  
$
(240,418)
$
103,608
Cash and cash equivalents, beginning of period
 
 
546,527
 
696,089
Cash and cash equivalents, end of period
 
$
306,109
$
799,697
-12-


Summary of Units Produced
 
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Q4 2022
Q3 2022
Q2 2022
Gold ounces produced ²
 
 
 
 
        
Salobo
          61,622
          71,778
          69,045
         54,804
     43,677
     37,939
      44,212
      34,129
Sudbury 3
           7,049
            5,823
            3,857
             5,818
       6,203
       5,270
       3,437
       5,289
Constancia
          13,897
         22,292
           19,003
            7,444
       6,905
      10,496
        7,196
       8,042
San Dimas 4
           7,542
          10,024
            9,995
            11,166
      10,754
      10,037
       11,808
      10,044
Stillwater 5
           2,637
             2,341
            2,454
             2,017
        1,960
        2,185
        1,833
         2,171
Other
 
 
 
 
        
Marmato
               623
               668
                673
               639
           457
           533
           542
           778
777 6
                     -
                     -
                      -
                     -
                 -
                 -
                 -
       3,509
Minto 7
                     -
                     -
                      -
             1,292
       3,063
       2,567
       3,050
       2,480
Total Other
               623
               668
                673
              1,931
       3,520
        3,100
       3,592
       6,767
Total gold ounces produced
         93,370
         112,926
        105,027
          83,180
      73,019
     69,027
     72,078
     66,442
Silver ounces produced 2
 
 
 
 
        
Peñasquito 8
           2,643
             1,036
                      -
             1,744
       2,076
         1,761
        2,017
       2,089
Antamina
               806
             1,030
                894
               984
           872
        1,067
        1,327
        1,330
Constancia
               640
               836
                697
               420
           552
           655
           564
           584
Other
 
 
 
 
        
Los Filos
                 42
                  28
                  28
                  28
             45
              14
              21
             35
Zinkgruvan
               641
                510
                785
               374
           632
           664
           642
           739
Neves-Corvo
               524
               573
                486
               407
           436
           369
           323
           345
Aljustrel 9
                     -
                     -
                327
               279
           343
            313
           246
           292
Cozamin
                173
                185
                 165
                184
             141
            157
            179
            169
Marmato
                    7
                   10
                    11
                    7
                8
                9
                7
                7
Yauliyacu 10
                     -
                     -
                      -
                     -
                 -
            261
           463
           756
Minto 7
                     -
                     -
                      -
                   14
             29
             33
             33
             26
Keno Hill 11
                     -
                     -
                      -
                     -
                 -
                 -
                 -
             48
777 6
                     -
                     -
                      -
                     -
                 -
                 -
                 -
             80
Total Other
            1,387
             1,306
             1,802
             1,293
        1,634
        1,820
         1,914
       2,497
Total silver ounces produced
           5,476
            4,208
            3,393
             4,441
        5,134
       5,303
       5,822
       6,500
Palladium ounces produced ²
 
 
 
 
        
Stillwater 5
           4,463
            4,209
            4,006
            3,880
       3,705
       3,869
       3,229
       3,899
Cobalt pounds produced ²
 
 
 
 
        
Voisey's Bay
               240
                215
                 183
                152
            124
            128
           226
            136
GEOs produced 12
         160,133
         164,818
        147,230
         137,176
   134,730
   132,780
    142,103
    144,019
Average payable rate 2
 
 
 
 
    
 
 
Gold
94.8%
95.1%
95.4%
95.1%
95.1%
94.9%
95.1%
95.1%
Silver
84.5%
83.0%
78.3%
83.7%
83.1%
84.2%
86.3%
86.5%
Palladium
96.9%
95.9%
93.6%
94.1%
96.0%
91.7%
95.0%
94.6%
Cobalt
93.3%
93.3%
93.3%
93.3%
93.3%
93.3%
93.3%
93.3%
GEO 11
90.7%
91.6%
90.8%
90.8%
89.8%
89.9%
90.9%
90.7%
1)
All figures in thousands except gold and palladium ounces produced.
2)
Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures and payable rates are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures and payable rates may be updated in future periods as additional information is received.
3)
Comprised of the Coleman, Copper Cliff, Garson, Creighton and Totten gold interests.
4)
Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the "70" shall be revised to "50" or "90", as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the "70" shall be reinstated. For reference, attributable silver production from prior periods is as follows: Q1 2024 - 291,000 ounces; Q4 2023 - 378,000 ounces; Q3 2023 - 387,000 ounces; Q2 2023 - 423,000 ounces; Q1 2023 - 401,000 ounces; Q4 2022 - 348,000 ounces; Q3 2022 - 412,000 ounces; Q2 2022 - 382,000 ounces.
5)
Comprised of the Stillwater and East Boulder gold and palladium interests.
6)
On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.
7)
On May 13, 2023, Minto Metals Corp. announced the suspension of operations at the Minto mine.
8)
There was a temporary suspension of operations at Peñasquito due to a labour strike which ran from June 7, 2023 to October 13, 2023.
9)
On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the second quarter of 2025.
10)
On December 14, 2022 the Company terminated the Yauliyacu PMPA in exchange for a cash payment of $132 million.
11)
On September 7, 2022, the Company terminated the Keno Hill PMPA in exchange for $141 million of Hecla common stock.
12)
GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2024.
-13-


Summary of Units Sold

 
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Q4 2022
Q3 2022
Q2 2022
Gold ounces sold
 
 
 
 
        
Salobo
          56,841
         76,656
          44,444
         46,030
     35,966
      41,029
       31,818
      48,515
Sudbury 2
            4,129
              5,011
            4,836
            4,775
       4,368
       4,988
        5,147
        7,916
Constancia
          20,123
          19,925
           12,399
             9,619
       6,579
        6,013
       6,336
        7,431
San Dimas
           7,933
          10,472
            9,695
           11,354
       10,651
      10,943
       10,196
      10,633
Stillwater 3
           2,355
             2,314
             1,985
             2,195
       2,094
        1,783
        2,127
       2,626
Other
 
 
 
 
        
Marmato
               638
               633
                792
               467
           480
           473
            719
            781
777
                     -
                     -
                275
                153
            126
           785
       3,098
       3,629
Minto
                     -
                     -
                      -
                701
        2,341
       2,982
       2,559
       2,806
Total Other
               638
               633
             1,067
              1,321
       2,947
       4,240
       6,376
        7,216
Total gold ounces sold
          92,019
           115,011
          74,426
         75,294
     62,605
     68,996
     62,000
     84,337
Silver ounces sold
 
 
 
 
        
Peñasquito
            1,839
               442
                453
              1,913
        1,483
       2,066
        1,599
       2,096
Antamina
               762
              1,091
                794
               963
            814
          1,114
         1,155
         1,177
Constancia
               726
               665
                435
               674
           366
           403
           498
           494
Other
 
 
 
 
        
Los Filos
                 44
                  24
                  30
                  37
             34
              16
             24
              41
Zinkgruvan
               297
               449
                 714
               370
           520
           547
           376
           650
Neves-Corvo
               243
               268
                245
                132
             171
             80
            105
            167
Aljustrel
                     1
                  86
                 142
                182
           205
            156
            185
            123
Cozamin
                147
                 141
                 139
                150
             119
            150
            154
            148
Marmato
                    8
                    9
                    11
                    7
                7
                7
                8
               11
Yauliyacu
                     -
                     -
                      -
                     -
                 -
           337
        1,005
            817
Stratoni
                     -
                     -
                      -
                     -
                 -
                 -
                 -
                (2)
Minto
                     -
                     -
                      -
                    7
             29
             23
             22
              21
Keno Hill
                     -
                     -
                      -
                     -
                 1
                 1
             30
             30
777
                     -
                     -
                     2
                    2
                 -
             35
             73
             75
Total Other
               740
               977
             1,283
               887
        1,086
        1,352
        1,982
        2,081
Total silver ounces sold
           4,067
             3,175
            2,965
            4,437
       3,749
       4,935
       5,234
       5,848
Palladium ounces sold
 
 
 
 
        
Stillwater 3
           4,774
            3,339
            4,242
            3,392
       2,946
       3,396
       4,227
       3,378
Cobalt pounds sold
 
 
 
 
        
Voisey's Bay
               309
               288
                 198
               265
           323
            187
             115
           225
GEOs sold 4
        143,184
        155,059
          111,935
        129,734
     109,293
     128,662
     125,053
     154,737
Cumulative payable units PBND 5
 
 
 
 
 
 
 
 
Gold ounces
         87,542
          91,092
           98,715
          72,916
     77,377
     70,562
     74,053
     67,529
Silver ounces
           2,347
             1,787
             1,469
             1,777
        2,531
        2,013
        2,481
       2,694
Palladium ounces
            6,198
            6,666
            5,607
             6,122
        5,751
       5,098
        5,041
       6,267
Cobalt pounds
               360
               356
                377
                251
           285
           258
           403
           280
GEO 4
        119,968
         117,293
        120,864
         98,039
      111,216
     97,934
    107,718
   103,465
Inventory on hand
 
 
 
 
 
 
 
 
Cobalt pounds
                     -
                  88
                 155
                310
           398
           633
           556
           582
1)
All figures in thousands except gold and palladium ounces sold.
2)
Comprised of the Coleman, Copper Cliff, Garson, Creighton and Totten gold interests.
3)
Comprised of the Stillwater and East Boulder gold and palladium interests.
4)
GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2024.
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.
-14-


Results of Operations

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


Three Months Ended March 31, 2024
 
Units
Produced²
Units
Sold
Average
Realized
Price
($'s
Per Unit)
Average
Cash Cost
($'s Per
Unit) 3
Average
Depletion
($'s Per
Unit)
Sales
Net
Earnings
Cash Flow
From
Operations
Total
Assets
Gold
                                
Salobo
61,622
56,841
$
2,073
$
425
$
393
$
117,851
$
71,396
$
94,050
$
2,659,099
Sudbury 4
7,049
4,129
  
2,049
  
400
  
1,145
  
8,461
  
2,081
  
6,814
  
257,757
Constancia
13,897
20,123
  
2,073
  
420
  
316
  
41,723
  
26,910
  
33,263
  
73,912
San Dimas
7,542
7,933
  
2,073
  
631
  
279
  
16,448
  
9,237
  
11,445
  
142,512
Stillwater
2,637
2,355
  
2,073
  
372
  
510
  
4,883
  
2,806
  
4,008
  
210,267
Other 5
623
638
 
2,073
 
374
 
527
 
1,323
 
748
 
1,084
 
892,983
 
93,370
92,019
$
2,072
$
439
$
404
$
190,689
$
113,178
$
150,664
$
4,236,530
Silver
                                
Peñasquito
2,643
1,839
$
23.74
$
4.50
$
4.06
$
43,650
$
27,901
$
35,375
$
268,758
Antamina
806
762
  
23.74
  
4.68
  
7.06
  
18,088
  
9,147
  
14,523
  
514,154
Constancia
640
726
  
23.74
  
6.20
  
6.24
  
17,236
  
8,200
  
12,734
  
175,049
Other 6
1,387
740
 
23.89
 
4.15
 
4.16
 
17,684
 
11,539
 
15,819
 
603,933
 
5,476
4,067
$
23.77
$
4.77
$
5.03
$
96,658
$
56,787
$
78,451
$
1,561,894
Palladium
                                
Stillwater
4,463
4,774
$
980
$
182
$
445
$
4,677
$
1,683
$
3,808
$
218,542
Platreef
-
-
 
n.a.
 
n.a.
 
n.a.
 
-
 
-
 
-
 
78,786
 
4,463
4,774
$
980
$
182
$
445
$
4,677
$
1,683
$
3,808
$
297,328
Platinum
                                
Marathon
-
-
$
n.a.
$
n.a.
$
n.a.
$
-
$
-
$
-
$
9,451
Platreef
-
-
 
n.a.
 
n.a.
 
n.a.
 
-
 
-
 
-
 
57,564
 
-
-
$
n.a.
$
n.a.
$
n.a.
$
-
$
-
$
-
$
67,015
Cobalt
                                
Voisey's Bay
240
309
$
15.49
$
2.96
$
12.77
$
4,782
$
(73)
$
7,006
$
348,000
Operating results
 
 
 
 
 
 
 
$
296,806
$
171,575
$
239,929
$
6,510,767
Other
                            
General and administrative
                  
$
(10,464)
$
(15,958)
    
Share based compensation
                    
(1,281)
  
(11,129)
    
Donations and community investments
                    
(1,570)
  
(1,373)
    
Finance costs
                      
(1,442)
  
(1,125)
    
Other
                    
7,196
  
9,152
    
Income tax
 
 
 
 
 
 
 
 
 
 
 
27
 
(116)
 
 
Total other
 
 
 
 
 
 
 
 
$
(7,534)
$
(20,549)
$
669,688
 
 
 
 
 
 
 
 
 
 
 
$
164,041
$
219,380
$
7,180,455



1)
Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts.
2)
Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.
3)
Refer to discussion on non-IFRS measure (iii) at the end of this press release.
4)
Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests and the non-operating Stobie and Victor gold interests.
5)
Other gold interests comprised of the operating Marmato gold interest as well as the non-operating Minto, Copper World, Santo Domingo, Fenix, Blackwater, Curipamba, Marathon, Goose, Cangrejos, Platreef, Curraghinalt and Kudz Ze Kayah gold interests.
6)
Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin  silver interests as well as the non-operating Stratoni, Aljustrel, Minto, Pascua-Lama, Copper World, Navidad, Blackwater, Curipamba, Mineral Park and Kudz Ze Kayah silver interests.

-15-


On a gold equivalent basis, results for the Company for the three months ended March 31, 2024 were as follows:
Three Months Ended March 31, 2024
 
Ounces
Produced 1
Ounces
Sold
Average
Realized
Price
($'s Per
Ounce)
Average
Cash Cost
($'s Per
Ounce) 2
Cash Operating Margin
($'s Per Ounce) 3
Average
Depletion
($'s Per
Ounce)
Gross
Margin
($'s Per
Ounce)
Gold equivalent basis 4
160,133
143,184
 $    2,073
 $    430
 $    1,643
 $    445
 $    1,198

1)
Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.
2)
Refer to discussion on non-IFRS measure (iii) at the end of this press release.
3)
Refer to discussion on non-IFRS measure (iv) at the end of this press release.
4)
GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2024.



-16-




Three Months Ended March 31, 2023
 
Units
 Produced²
Units
Sold
Average
Realized
Price
($'s
Per Unit)
Average
Cash Cost
($'s Per
Unit) 3
Average
Depletion
($'s Per
Unit)
Sales
Net
Earnings
Cash Flow
From
Operations
Total
Assets
Gold
                                
Salobo
43,677
35,966
$
1,904
$
420
$
330
$
68,475
$
41,471
$
53,355
$
2,371,378
Sudbury 4
6,203
4,368
  
1,904
  
400
  
1,025
  
8,317
  
2,095
  
6,346
  
278,941
Constancia
6,905
6,579
  
1,904
  
416
  
316
  
12,526
  
7,710
  
9,788
  
93,506
San Dimas
10,754
10,651
  
1,904
  
624
  
260
  
20,279
  
10,865
  
13,629
  
153,101
Stillwater
1,960
2,094
  
1,904
  
334
  
510
  
3,987
  
2,220
  
3,288
  
214,783
Other 5
3,520
2,947
 
1,904
 
1,385
 
86
 
5,612
 
1,278
 
1,155
 
525,338
 
73,019
62,605
$
1,904
$
496
$
360
$
119,196
$
65,639
$
87,561
$
3,637,047
Silver
                                
Peñasquito
2,076
1,483
$
22.84
$
4.43
$
4.06
$
33,872
$
21,276
$
27,303
$
287,647
Antamina
872
814
  
22.84
  
4.55
  
7.06
  
18,594
  
9,142
  
14,888
  
539,623
Constancia
552
366
  
22.84
  
6.14
  
6.24
  
8,353
  
3,825
  
6,107
  
190,664
Other 6
1,634
1,086
 
22.87
 
5.96
 
2.53
 
24,859
 
15,637
 
20,047
 
450,412
 
5,134
3,749
$
22.85
$
5.07
$
4.48
$
85,678
$
49,880
$
68,345
$
1,468,346
Palladium
                                
Stillwater
3,705
2,946
$
1,607
$
294
$
408
$
4,735
$
2,666
$
3,870
$
225,609
Platinum
                                
Marathon
-
-
$
n.a.
$
n.a.
$
n.a.
$
-
$
-
$
-
$
9,440
Cobalt
                                
Voisey's Bay
124
323
$
15.04
$
3.30⁷
$
13.85
$
4,856
$
(684)
$
4,485
$
356,447
Operating results
 
 
 
 
 
 
 
$
214,465
$
117,501
$
164,261
$
5,696,889
Other
                            
General and administrative
                  
$
(10,099)
$
(13,836)
    
Share based compensation
                    
(7,397)
  
(16,675)
    
Donations and community investments
                    
(1,378)
  
(1,408)
    
Finance costs
                      
(1,378)
  
(1,070)
    
Other
                    
7,562
  
7,176
    
Income tax
 
 
 
 
 
 
 
 
 
 
 
6,580
 
(3,344)
 
 
Total other
 
 
 
 
 
 
 
 
$
(6,110)
$
(29,157)
$
1,208,590
 
 
 
 
 
 
 
 
 
 
 
$
111,391
$
135,104
$
6,905,479

1)
Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts.
2)
Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.
3)
Refer to discussion on non-IFRS measure (iii) at the end of this press release.
4)
Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests.
5)
Other gold interests are comprised of the operating Minto and Marmato gold interests as well as the non-operating 777, Copper World, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba and Goose gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.
6)
Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Minto, Cozamin and Marmato silver interests, the non-operating Loma de La Plata, Stratoni, Pascua-Lama, Copper World, Blackwater and Curipamba silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the second quarter of 2025.
7)
Cash cost per pound of cobalt sold during the first quarter of 2023 was net of a previously recorded inventory write-down of $1 million, resulting in a decrease of $3.18 per pound of cobalt sold.

-17-


On a gold equivalent basis, results for the Company for the three months ended March 31, 2023 were as follows:

Three Months Ended March 31, 2023
 
Ounces
Produced 1
Ounces
Sold
Average
Realized
Price
($'s Per
Ounce)
Average
Cash Cost
($'s Per
Ounce) 2
Cash Operating Margin
($'s Per Ounce) 3
Average
Depletion
($'s Per
Ounce)
Gross
Margin
($'s Per
Ounce)
Gold equivalent basis 4
134,730
109,293
 $    1,962
 $    475
 $    1,487
 $    412
 $    1,075
1)
Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.
2)
Refer to discussion on non-IFRS measure (iii) at the end of this press release.
3)
Refer to discussion on non-IFRS measure (iv) at the end of this press release.
4)
GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2024.


-18-




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
March 31
(in thousands, except for per share amounts)
 
2024
 
2023
Net earnings
 
$
164,041
  
$
111,391
Add back (deduct):
 
 
 
      
(Gain) loss on fair value adjustment of share purchase warrants held
 
 
(183)
    
(175)
Income tax (expense) recovery recognized in the Statement of OCI
 
 
(96)
    
(3,954)
Income tax recovery related to prior year disposal of Mineral Stream Interest
 
 
-
    
(2,672)
Other
 
 
(173)
 
 
(159)
Adjusted net earnings
 
$
163,589
 
$
104,431
Divided by:
 
 
 
      
Basic weighted average number of shares outstanding
 
 
453,094
    
452,370
Diluted weighted average number of shares outstanding
 
 
453,666
 
 
453,159
Equals:
 
 
 
      
Adjusted earnings per share - basic
 
$
0.361
  
$
0.231
Adjusted earnings per share - diluted
 
$
0.361
 
$
0.230


-19-



 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
March 31
(in thousands, except for per share amounts)
 
2024
 
2023
Cash generated by operating activities
 
$
219,380
 
$
135,104
Divided by:
 
 
 
      
Basic weighted average number of shares outstanding
 
 
453,094
    
452,370
Diluted weighted average number of shares outstanding
 
 
453,666
 
 
453,159
Equals:
 
 
 
      
Operating cash flow per share - basic
 
$
0.484
  
$
0.299
Operating cash flow per share - diluted
 
$
0.484
 
$
0.298



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
March 31
(in thousands, except for gold and palladium ounces sold and per unit amounts)
 
2024
 
2023
Cost of sales
 
$
125,231
  
$
96,964
Less:  depletion
 
 
(63,676)
 
 
(45,000)
Cash cost of sales
 
$
61,555
 
$
51,964
Cash cost of sales is comprised of:
 
 
 
      
Total cash cost of gold sold
 
$
40,362
  
$
31,035
Total cash cost of silver sold
 
 
19,411
    
18,997
Total cash cost of palladium sold
 
 
869
    
866
Total cash cost of cobalt sold1
 
 
913
 
 
1,066
Total cash cost of sales
 
$
61,555
 
$
51,964
Divided by:
 
 
 
      
Total gold ounces sold
 
 
92,019
    
62,605
Total silver ounces sold
 
 
4,067
    
3,749
Total palladium ounces sold
 
 
4,774
    
2,946
Total cobalt pounds sold
 
 
309
 
 
323
Equals:
 
 
 
      
Average cash cost of gold (per ounce)
 
$
439
  
$
496
Average cash cost of silver (per ounce)
 
$
4.77
  
$
5.07
Average cash cost of palladium (per ounce)
 
$
182
  
$
294
Average cash cost of cobalt (per pound)
 
$
2.96
 
$
3.30

1)
Cash cost per pound of cobalt sold during the first quarter of 2023 was net of a previously recorded inventory write-down of $1 million, resulting in a decrease of $3.18 per pound of cobalt sold.
-20-



 iv.
Cash operating margin is calculated by adding back depletion to the gross margin. Cash operating margin on a per ounce or per pound basis is calculated by dividing the cash operating margin by the number of ounces or pounds sold during the period. The Company presents cash operating margin as management and certain investors use this information to evaluate the Company’s performance in comparison to other companies in the precious metal mining industry who present results on a similar basis as well as to evaluate the Company’s ability to generate cash flow.

The following table provides a reconciliation of cash operating margin.

 
Three Months Ended
March 31
(in thousands, except for gold and palladium ounces sold and per unit amounts)
 
2024
 
2023
Gross margin
 
$
171,575
  
$
117,501
Add back:  depletion
 
 
63,676
 
 
45,000
Cash operating margin
 
$
235,251
 
$
162,501
Cash operating margin is comprised of:
 
 
 
      
Total cash operating margin of gold sold
 
$
150,327
  
$
88,161
Total cash operating margin of silver sold
 
 
77,247
    
66,681
Total cash operating margin of palladium sold
 
 
3,808
    
3,869
Total cash operating margin of cobalt sold
 
 
3,869
 
 
3,790
Total cash operating margin
 
$
235,251
 
$
162,501
Divided by:
 
 
 
      
Total gold ounces sold
 
 
92,019
    
62,605
Total silver ounces sold
 
 
4,067
    
3,749
Total palladium ounces sold
 
 
4,774
    
2,946
Total cobalt pounds sold
 
 
309
 
 
323
Equals:
 
 
 
      
Cash operating margin per gold ounce sold
 
$
1,633
  
$
1,408
Cash operating margin per silver ounce sold
 
$
19.00
  
$
17.78
Cash operating margin per palladium ounce sold
 
$
798
  
$
1,313
Cash operating margin per cobalt pound sold
 
$
12.53
 
$
11.74



These non-IFRS measures do not have any standardized meaning prescribed by IFRS, and other companies may calculate these measures differently.  The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For more detailed information, please refer to Wheaton’s MD&A available on the Company’s website at www.wheatonpm.com and posted on SEDAR+ at www.sedarplus.ca.


-21-



CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation concerning the business, operations and financial performance of Wheaton and, in some instances, the business, mining operations and performance of Wheaton’s PMPA counterparties. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to:
•
the future price of commodities;
•
the estimation of future production from the mineral stream interests and mineral royalty interests currently owned by the Company (the “Mining Operations”) (including in the estimation of production, mill throughput, grades, recoveries and exploration potential);
•
the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates and the realization of such estimations);
•
the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton’s PMPA counterparties at Mining Operations;
•
the payment of upfront cash consideration to counterparties under PMPAs, the satisfaction of each party's obligations in accordance with PMPAs and the receipt by the Company of precious metals and cobalt production or other payments in respect of the applicable Mining Operations under PMPAs;
•
the ability of Wheaton’s PMPA counterparties to comply with the terms of a PMPA (including as a result of the business, mining operations and performance of Wheaton’s PMPA counterparties) and the potential impacts of such on Wheaton;
•
future payments by the Company in accordance with PMPAs, including any acceleration of payments;
•
the costs of future production;
•
the estimation of produced but not yet delivered ounces;
•
the future sales of Common Shares under, the amount of net proceeds from, and the use of the net proceeds from, the at-the-market equity program;
•
continued listing of the Common Shares on the LSE, NYSE and TSX;
•
any statements as to future dividends;
•
the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs;
•
projected increases to Wheaton's production and cash flow profile;
•
projected changes to Wheaton’s production mix;
•
the ability of Wheaton’s PMPA counterparties to comply with the terms of any other obligations under agreements with the Company;
•
the ability to sell precious metals and cobalt production;
•
confidence in the Company’s business structure;
•
the Company’s assessment of taxes payable, including the implementation of a 15% global minimum tax, and the impact of the CRA Settlement;
•
possible CRA domestic audits for taxation years subsequent to 2016 and international audits;
•
the Company’s assessment of the impact of any tax reassessments;
•
the Company’s intention to file future tax returns in a manner consistent with the CRA Settlement;
•
the Company’s climate change and environmental commitments; and
•
assessments of the impact and resolution of various legal and tax matters, including but not limited to audits.

Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “projects”, “intends”, “anticipates” or “does not anticipate”, or “believes”, “potential”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:
•
risks associated with fluctuations in the price of commodities (including Wheaton’s ability to sell its precious metals or cobalt production at acceptable prices or at all);
•
risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with exploration, development, operating, expansion and improvement at the Mining Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as Mining Operations plans continue to be refined);
•
absence of control over the Mining Operations and having to rely on the accuracy of the public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations as the basis for its analyses, forecasts and assessments relating to its own business;
•
risks related to the uncertainty in the accuracy of mineral reserve and mineral resource estimation;
•
risks related to the satisfaction of each party’s obligations in accordance with the terms of the Company’s PMPAs, including the ability of the companies with which the Company has PMPAs to perform their obligations under those PMPAs in the event of a material adverse effect on the results of operations, financial condition, cash flows or business of such companies, any acceleration of payments, estimated throughput and exploration potential;
-22-


•
risks relating to production estimates from Mining Operations, including anticipated timing of the commencement of production by certain Mining Operations;
•
Wheaton’s interpretation of, or compliance with, or application of, tax laws and regulations or accounting policies and rules, being found to be incorrect or the tax impact to the Company’s business operations being materially different than currently contemplated;
•
any challenge or reassessment by the CRA of the Company’s tax filings being successful and the potential negative impact to the Company’s previous and future tax filings;
•
risks in assessing the impact of the CRA Settlement (including whether there will be any material change in the Company's facts or change in law or jurisprudence);
•
risks related to any potential amendments to Canada’s transfer pricing rules under the Income Tax Act (Canada) that may result from the Department of Finance’s consultation paper released June 6, 2023;
•
risks relating to the implementation of a 15% global minimum tax, including the Federal budget bill, C-69, which contains the GMTA reflecting application of global minimum tax to in-scope companies for fiscal years beginning on or after December 31, 2023 and the legislation enacted in Luxembourg that applies to the income of the Company’s Luxembourg subsidiary as of January 1, 2024 and the Company and its other subsidiaries from January 1, 2025;
•
counterparty credit and liquidity risks;
•
mine operator and counterparty concentration risks;
•
indebtedness and guarantees risks;
•
hedging risk;
•
competition in the streaming industry risk;
•
risks relating to security over underlying assets;
•
risks relating to third-party PMPAs;
•
risks relating to revenue from royalty interests;
•
risks related to Wheaton’s acquisition strategy;
•
risks relating to third-party rights under PMPAs;
•
risks relating to future financings and security issuances;
•
risks relating to unknown defects and impairments;
•
risks related to governmental regulations;
•
risks related to international operations of Wheaton and the Mining Operations;
•
risks relating to exploration, development, operating, expansions and improvements at the Mining Operations;
•
risks related to environmental regulations;
•
the ability of Wheaton and the Mining Operations to obtain and maintain necessary licenses, permits, approvals and rulings;
•
the ability of Wheaton and the Mining Operations to comply with applicable laws, regulations and permitting requirements;
•
lack of suitable supplies, infrastructure and employees to support the Mining Operations;
•
risks related to underinsured Mining Operations;
•
inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by certain Mining Operations (including increases in production, estimated grades and recoveries);
•
uncertainties related to title and indigenous rights with respect to the mineral properties of the Mining Operations;
•
the ability of Wheaton and the Mining Operations to obtain adequate financing;
•
the ability of the Mining Operations to complete permitting, construction, development and expansion;
•
challenges related to global financial conditions;
•
risks associated with environmental, social and governance matters;
•
risks related to fluctuations in commodity prices of metals produced from the Mining Operations other than precious metals or cobalt;
•
risks related to claims and legal proceedings against Wheaton or the Mining Operations;
•
risks related to the market price of the Common Shares of Wheaton;
•
the ability of Wheaton and the Mining Operations to retain key management employees or procure the services of skilled and experienced personnel;
•
risks related to interest rates;
•
risks related to the declaration, timing and payment of dividends;
•
risks related to access to confidential information regarding Mining Operations;
•
risks associated with multiple listings of the Common Shares on the LSE, NYSE and TSX;
•
risks associated with a possible suspension of trading of Common Shares;
•
risks associated with the sale of Common Shares under the at-the-market equity program, including the amount of any net proceeds from such offering of Common Shares and the use of any such proceeds;
•
equity price risks related to Wheaton’s holding of long‑term investments in other companies;
•
risks relating to activist shareholders;
•
risks relating to reputational damage;
•
risks relating to expression of views by industry analysts;
•
risks related to the impacts of climate change and the transition to a low-carbon economy;
•
risks associated with the ability to achieve climate change and environmental commitments at Wheaton and at the Mining Operations;
•
risks related to ensuring the security and safety of information systems, including cyber security risks;
-23-


•
risks relating to generative artificial intelligence;
•
risks relating to compliance with anti-corruption and anti-bribery laws;
•
risks relating to corporate governance and public disclosure compliance;
•
risks of significant impacts on Wheaton or the Mining Operations as a result of an epidemic or pandemic;
•
risks related to the adequacy of internal control over financial reporting; and
•
other risks discussed in the section entitled "Description of the Business – Risk Factors" in Wheaton's Annual Information Form available on SEDAR+ at www.sedarplus.ca and Wheaton's Form 40-F for the year ended December 31, 2022 on file with the U.S. Securities and Exchange Commission on EDGAR (the "Disclosure”).

Forward-looking statements are based on assumptions management currently believes to be reasonable, including (without limitation):
•
that there will be no material adverse change in the market price of commodities;
•
that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates;
•
that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate;
•
that public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations is accurate and complete;
•
that the production estimates from Mining Operations are accurate;
•
that each party will satisfy their obligations in accordance with the PMPAs;
•
that Wheaton will continue to be able to fund or obtain funding for outstanding commitments;
•
that Wheaton will be able to source and obtain accretive PMPAs;
•
that the terms and conditions of a PMPA are sufficient to recover liabilities owed to the Company;
•
that Wheaton has fully considered the value and impact of any third-party interests in PMPAs;
•
that expectations regarding the resolution of legal and tax matters will be achieved (including CRA audits involving the Company);
•
that Wheaton has properly considered the application of Canadian tax laws to its structure and operations;
•
that Wheaton has filed its tax returns and paid applicable taxes in compliance with Canadian tax laws;
•
that Wheaton's application of the CRA Settlement is accurate (including the Company's assessment that there has been no material change in the Company's facts or change in law or jurisprudence);
•
that Wheaton’s assessment of the tax exposure and impact on the Company and its subsidiaries of the implementation of a 15% global minimum tax is accurate;
•
that any sale of Common Shares under the at-the-market equity program will not have a significant impact on the market price of the Common Shares and that the net proceeds of sales of Common Shares, if any, will be used as anticipated;
•
that the trading of the Common Shares will not be adversely affected by the differences in liquidity, settlement and clearing systems as a result of multiple listings of the Common Shares on the LSE, the TSX and the NYSE;
•
that the trading of the Company’s Common Shares will not be suspended;
•
the estimate of the recoverable amount for any PMPA with an indicator of impairment;
•
that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic or pandemic; and
•
such other assumptions and factors as set out in the Disclosure.

There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Wheaton. Readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing readers with information to assist them in understanding Wheaton's expected financial and operational performance and may not be appropriate for other purposes. Any forward-looking statement speaks only as of the date on which it is made, reflects Wheaton’s management’s current beliefs based on current information and will not be updated except in accordance with applicable securities laws. Although Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward‑looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended.

Cautionary Language Regarding Reserves and Resources

For further information on Mineral Reserves and Mineral Resources and on Wheaton more generally, readers should refer to Wheaton’s Annual Information Form for the year ended December 31, 2023, which was filed on March 28, 2024 and other continuous disclosure documents filed by Wheaton since January 1, 2024, available on SEDAR+ at www.sedarplus.ca. Wheaton’s Mineral Reserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: The information contained herein has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The Company reports information regarding mineral properties, mineralization and estimates of mineral reserves and mineral resources in accordance with Canadian reporting requirements which are governed by, and utilize definitions required by,  Canadian
-24-


National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). These definitions differ from the definitions adopted by the United States Securities and Exchange Commission (“SEC”) under the United States Securities Act of 1933, as amended (the “Securities Act”) which are applicable to U.S. companies. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted by the SEC. Accordingly, information contained herein that describes Wheaton’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. United States investors are urged to consider closely the disclosure in Wheaton’s Form 40-F, a copy of which may be obtained from Wheaton or from https://www.sec.gov/edgar.shtml.

End Notes

1 Please refer to disclosure on non-IFRS measures in 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 dated May 9, 2024, titled “Wheaton Precious Metals Declares Quarterly Dividend.”
2 Statements made in this section contain forward-looking information with respect to forecast production, production growth, funding outstanding commitments, continuing to acquire accretive mineral stream interests and the commencement, timing and achievement of construction, expansion or improvement projects and readers are cautioned that actual outcomes may vary. Please see “Cautionary Note Regarding Forward-Looking Statements” for material risks, assumptions and important disclosure associated with this information.
3 Gold equivalent forecast production for 2024 and the longer-term outlook are based on the following commodity price assumptions: $2,000 per ounce gold, $23 per ounce silver, $1,000 per ounce palladium, $950 per ounce of platinum and $13.00 per pound cobalt.
4 Source: Company reports & S and P Capital IQ estimates of 2024 byproduct cost curves for gold, zinc/lead, copper, PGM, nickel & silver mines. Portfolio mine life based on recoverable reserves and resources as of Dec 31, 2022 and 2022 actual mill throughput and is weighted by individual reserve and resource category.
5 Total streaming and royalty agreements relate to precious metals purchase agreements for the purchase of precious metals and cobalt relating to 18 mining assets which are currently operating, 23 which are at various stages of development and 4 of which have been placed in care and maintenance or have been closed.
EX99.2



Management’s Discussion and Analysis of Results of Operations and Financial Condition for the Three Months Ended March 31, 2024
This Management’s Discussion and Analysis (“MD&A”) should be read in conjunction with Wheaton Precious Metals Corp.’s (“Wheaton” or the “Company”) unaudited condensed interim consolidated financial statements for the three months ended March 31, 2024 and related notes thereto which have been prepared in accordance with IAS 34, Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board. In addition, the following should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023, the related MD&A and the 2023 Annual Information Form as well as other information relating to Wheaton on file with the Canadian securities regulatory authorities and on SEDAR+ at www.sedarplus.ca. Reference to Wheaton or the Company includes the Company’s wholly-owned subsidiaries. This MD&A contains “forward-looking” statements that are subject to risk factors set out in the cautionary note contained on page 44 of this MD&A as well as throughout this document. All figures are presented in United States dollars unless otherwise noted. This MD&A has been prepared as of May 9, 2024.

Table of Contents
 Highlights
 5
 Outlook
6
 Mineral Stream Interests
 7
      Updates on the Operating Mineral Stream Interests
 8
      Updates on the Development Stage Mineral Stream Interests
 9
 Mineral Royalty Interests
 10
 Long-Term Equity Investments
 11
 Summary of Units Produced
 12
 Summary of Units Sold
 13
 Quarterly Financial Review
 14
 Results of Operations and Operational Review
 15
      General and Administrative
 19
      Share Based Compensation
 20
      Donations and Community Investments
 20
      Other Income (Expense)
 20
      Finance Costs
 21
      Income Tax Expense (Recovery)
 21
 Liquidity and Capital Resources
 22
 Share Capital
 30
 Financial Instruments
 30
 New Accounting Standards Effective in 2024
 31
 Future Changes to Accounting Policies
 31
 Non-IFRS Measures
 32
 Subsequent Events
 36
 Controls and Procedures
 36
 Attributable Reserves and Resources
  37
 Cautionary Note Regarding Forward-Looking Statements
  44


WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [2]


Overview
Wheaton Precious Metals Corp. is a precious metal streaming company which generates its revenue primarily from the sale of precious metals (gold, silver and palladium) and cobalt. The Company is listed on the New York Stock Exchange (“NYSE”), the Toronto Stock Exchange (“TSX”) and the London Stock Exchange (“LSE”) and trades under the symbol WPM.

As of March 31, 2024, the Company has entered into 38 long-term agreements (30 of which are precious metal purchase agreements, or “PMPAs”, three of which are early deposit PMPAs, and five of which are royalty agreements), with 32 different mining companies, related to precious metals and cobalt relating to 18 mining assets which are currently operating, 23 which are at various stages of development and 4 which have been placed into care and maintenance or have been closed, located in 16 countries. Pursuant to the PMPAs, Wheaton acquires metal production from the counterparties for an initial upfront payment plus an additional cash payment for each ounce or pound delivered which is fixed by contract, generally at or below the prevailing market price. Attributable metal production as referred to in this MD&A is the metal production to which Wheaton is entitled pursuant to the various PMPAs. During the three months ended March 31, 2024, the per ounce price paid by the Company for the metals acquired under the agreements averaged $439 for gold, $4.77 for silver, $182 for palladium and $2.98 per pound for cobalt. The primary drivers of the Company’s financial results are the volume of metal production at the various mining assets to which the PMPAs relate and the price realized by Wheaton upon the sale of the metals received. Throughout this MD&A, the production and sales volume of gold, silver and palladium are reported in ounces, while cobalt is reported in pounds.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [3]


Operational Overview
 
 
 
Q1 2024
 
 
Q1 2023
 
Change
Units produced
 
 
 
 
        
Gold ounces
 
 
93,370
 
  
73,019
  
 27.9 %
Silver ounces
 
 
5,476
 
  
5,134
  
 6.7 %
Palladium ounces
 
 
           4,463
 
  
       3,705
  
 20.5 %
Cobalt pounds
 
 
              240
 
  
          124
  
 93.1 %
Gold equivalent ounces 2
 
 
160,133
 
  
134,730
  
 18.9 %
Units sold
 
 
 
 
        
Gold ounces
 
 
92,019
 
  
62,605
  
 47.0 %
Silver ounces
 
 
4,067
 
  
3,749
  
 8.5 %
Palladium ounces
 
 
           4,774
 
  
       2,946
  
 62.1 %
Cobalt pounds
 
 
              309
 
  
          323
  
(4.3)%
Gold equivalent ounces 2
 
 
143,184
 
  
109,293
  
 31.0 %
Change in PBND and Inventory 3
 
 
 
 
        
Gold ounces
 
 
          (3,550)
 
  
       6,815
  
         10,365
Silver ounces
 
 
              560
 
  
          518
  
              (42)
Palladium ounces
 
 
             (467)
 
  
          653
  
           1,120
Cobalt pounds
 
 
               (85)
 
  
         (207)
  
            (122)
Gold equivalent ounces 2
 
 
           2,102
 
 
11,756
 
           9,654
Per unit metrics
 
 
 
 
        
Sales price
 
 
 
 
        
Gold per ounce
 
$
2,072
 
$
1,904
  
 8.8 %
Silver per ounce
 
$
23.77
 
$
22.85
  
 4.0 %
Palladium per ounce
 
$
980
 
$
1,607
  
(39.0)%
Cobalt per pound
 
$
15.49
 
$
15.04
  
 3.0 %
Gold equivalent per ounce 2
 
$
2,073
 
$
1,962
  
 5.7 %
Cash costs 4
 
 
 
 
        
Gold per ounce 4
 
$
439
 
$
496
  
 11.5 %
Silver per ounce 4
 
$
4.77
 
$
5.07
  
 5.9 %
Palladium per ounce 4
 
$
182
 
$
294
  
 38.1 %
Cobalt per pound 4, 5
 
$
2.96
 
$
3.30
  
 10.3 %
Gold equivalent per ounce 2, 4
 
$
430
 
$
475
  
 9.5 %
Cash operating margin 4
 
 
 
 
        
Gold per ounce 4
 
$
1,633
 
$
1,408
  
 16.0 %
Silver per ounce 4
 
$
19.00
 
$
17.78
  
 6.9 %
Palladium per ounce 4
 
$
798
 
$
1,313
  
(39.2)%
Cobalt per pound 4
 
$
12.53
 
$
11.74
  
 6.7 %
Gold equivalent per ounce 2, 4
 
$
1,643
 
$
1,487
 
 10.5 %
Total revenue
 
$
296,806
 
$
214,465
  
 38.4 %
Gold revenue
 
$
190,689
 
$
119,196
  
 60.0 %
Silver revenue
 
$
96,658
 
$
85,678
  
 12.8 %
Palladium revenue
 
$
           4,677
 
$
       4,735
  
(1.2)%
Cobalt revenue
 
$
           4,782
 
$
       4,856
  
(1.5)%
Net earnings
 
$
164,041
 
$
111,391
  
 47.3 %
Per share
 
$
0.362
 
$
0.246
  
 47.2 %
Adjusted net earnings 4
 
$
163,589
 
$
104,431
  
 56.6 %
Per share 4
 
$
0.361
 
$
0.231
  
 56.3 %
Operating cash flows
 
$
219,380
 
$
135,104
  
 62.4 %
Per share 4
 
$
0.484
 
$
0.299
  
 61.9 %
Dividends declared ⁶
 
$
70,261
 
$
67,910
  
 3.5 %
Per share
 
$
0.155
 
$
0.150
 
 3.3 %

1)
All amounts in thousands except gold and palladium ounces produced and sold, per ounce amounts and per share amounts.
2)
Gold-equivalent ounces ("GEOs"), which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2024.
3)
Represents the increase (decrease) in payable ounces produced but not delivered (“PBND”) relative to the various mines that the Company derives precious metal from and, for cobalt, the increase (decrease) of payable pounds PBND and inventory on hand. Payable units PBND will be recognized in future sales as they are delivered to the Company under the terms of their contracts. Payable ounces PBND to Wheaton is expected to average approximately two to three months of annualized production for both gold and palladium and two months for silver but may vary from quarter to quarter due to a number of factors, including mine ramp-up and the timing of shipments. Please see “Cautionary Note Regarding Forward-Looking Statements” for material risks, assumptions and important disclosure associated with this information.
4)
Refer to discussion on non-IFRS measures beginning on page 32 of this MD&A.
5)
Cash cost per pound of cobalt sold during the first quarter of 2023 was net of a previously recorded inventory write-down of $1 million, resulting in a decrease of $3.18 per pound of cobalt sold.
6)
As at March 31, 2024, cumulative dividends of $2,137 million have been declared by the Company.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [4]


Highlights
Operations

 •
For the three months ended March 31, 2024, relative to the comparable period of the prior year:

o
Production amounted to 160,100 gold equivalent ounces ("GEOs"), an increase of 19% relative to the comparable period of the prior year, with gold production increasing 28% primarily due to the mill throughput expansion at Salobo and higher production at Constancia due to the mining of the high-grade zones of the Pampacancha deposit.

o
Sales volumes amounted to 143,200 GEO's, an increase of 31% relative to the comparable period of the prior year due to the higher production levels coupled with relative changes in PBND.

o
Revenue increased 38% or $82 million to $297 million (64% gold, 32% silver, 2% palladium and 2% cobalt), with the increase being primarily due to the higher sales volumes coupled with a 6% increase in realized commodity prices.

o
Gross margin amounted to $172 million, representing an increase of $54 million.

o
Net earnings amounted to $164 million, an increase of $53 million, primarily due to the higher gross margin and lower share based compensation costs, partially offset by a lower income tax recovery.

o
Operating cashflow amounted to $219 million, representing an $84 million increase.

•
On May 9, 2024, the Board of Directors declared a dividend in the amount of $0.155 per common share.

Corporate Development

 •
On February 27, 2024, the Company closed the previously announced agreement with certain entities advised by Orion Resource Partners (“Orion”) to acquire existing PMPAs in respect of Ivanhoe Mines’ Platreef Project (the “Platreef PMPA”) and BMC Minerals’ Kudz Ze Kayah Project (the “Kudz Ze Kayah PMPA”) (the “Orion Purchase Agreement”).

•
On February 20, 2024, the Company acquired a 1.5% Net Smelter Royalty (“NSR”) from Integra Resources Corporation (“Integra”) on the DeLamar and Florida Mountain project located in Idaho, United States (the “DeLamar project”).

Other

 •
The Company is within the scope of global minimum tax (“GMT”) under the OECD Pillar Two model rules (“Pillar Two”), under which large multinational entities will be subject to a 15% GMT. On May 2, 2024, the Canadian Federal Government introduced the Federal budget bill, C-69, into parliament which contains the Global Minimum Tax Act (“GMTA”) reflecting application of GMT to in-scope companies for fiscal years commencing on or after December 31, 2023. However, as of the date of this MD&A, the legislation related to the GMTA has not been enacted. As the legislation was not enacted as of the Balance Sheet date, for the three months ended March 31, 2024, the Company has recorded no current tax expense associated with GMT, although the Cayman Islands subsidiaries had net earnings of $165 million with 15% of such amounting to $25 million. The Company will recognize the tax expense associated with the GMT in its consolidated financial statements in the appropriate period relative to when the legislation is enacted. If enacted as drafted, the proposed Canadian rules in the GMTA would apply to the income of the Company's Cayman Island subsidiaries from January 1, 2024.

•
During the first quarter of 2024, the Company made total upfront cash payments of $462 million relative to the Platreef and Kudz Ze Kayah PMPAs ($450 million), the DeLamar royalty ($5 million) and the Mt Todd royalty ($7 million).

•
During April 2024, the Company disposed of its investment in Hecla Mining Company for gross proceeds of $177 million.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [5]


Outlook1
Wheaton's estimated attributable production in 2024 is forecast to be 325,000 to 370,000 ounces of gold, 18.5 to 20.5 million ounces of silver, and 12,000 to 15,000 gold equivalent ounces (“GEOs”) of other metals, resulting in production of approximately 550,000 to 620,000 GEOs2, unchanged from previous guidance.

Annual production is forecast to increase by approximately 40% to over 800,000 GEOs2 by 2028, with average annual production forecast to grow to over 850,000 GEOs2 in years 2029 to 2033, also unchanged from previous guidance.

Liquidity
From a liquidity perspective, the $306 million of cash and cash equivalents as at March 31, 2024 combined with the liquidity provided by the available credit under the $2 billion revolving term loan (“Revolving Facility”) and ongoing operating cash flows positions the Company well to fund all outstanding commitments and known contingencies as well as providing flexibility to acquire additional accretive mineral stream interests.


1 Statements made in this section contain forward-looking information with respect to forecast production, funding outstanding commitments and continuing to acquire accretive mineral stream interests and readers are cautioned that actual outcomes may vary. Please see “Cautionary Note Regarding Forward-Looking Statements” for material risks, assumptions and important disclosure associated with this information.
2 Gold equivalent forecast production for 2024 and the longer-term outlook are based on the following commodity price assumptions: $2,000 per ounce gold, $23 per ounce silver, $1,000 per ounce palladium, $950 per ounce of platinum and $13.00 per pound cobalt. Other metal includes palladium, platinum and cobalt. Not included in Wheaton’s long-term forecast and instead classified as ‘optionality’, includes potential future production from Pascua Lama, Navidad, Toroparu, Cotabambas, Metates, DeLamar and additional expansions at Salobo outside of the Salobo III mine expansion project. Ounces produced represent the quantity of silver, gold, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [6]


Mineral Stream Interests

The following table summarizes the mineral stream interests currently owned by the Company:
         
Total Upfront Consideration
        
Mineral Stream Interests
Mine
Owner ¹
Location¹
Attributable
Production
Production
Payment
Per
Unit 2,3
Paid to
Mar 31 2024 3
To be Paid 1, 2
Total ³
Cash Flow
Generated to
Date ³
Units
Received &
Sold to Date ³
Q1-2024
PBND 3, 4
Term ¹
Gold
                      
Salobo
Vale
BRA
 75%
$425
 $    3,429,360
 $         163,000
 $     3,592,360
 $      2,258,415
      2,026,116
        64,560
LOM
Sudbury ⁵
Vale
CAN
 70%
$400
623,572
-
623,572
295,913
        282,599
         12,390
20 years ⁵
Constancia
Hudbay
PER
 50%
$420
135,000
-
135,000
254,227
          197,927
           2,914
LOM
San Dimas
FM
MEX
 variable ⁶
$631
220,000
-
220,000
267,744
         245,194
          2,204
LOM
Stillwater ⁷
Sibanye
USA
 100%
18%
237,880
-
237,880
86,366
            62,112
           5,372
LOM
Other
                      
Minto
MNTO
CAN
 100% ⁸
50%
              47,283
                         -
              47,283
           230,824
          231,091
                    -
LOM
Copper World
Hudbay
USA
 100%
$450
                         -
             39,296
             39,296
                         -
                      -
                    -
LOM
Marmato ⁹
Aris
CO
 10.5% ⁹
18%
              45,400
             117,600
            163,000
               12,164
              7,931
               102
LOM
Santo Domingo
Capstone
CHL
 100% ¹⁰
18%
             30,000
           260,000
           290,000
                         -
                      -
                    -
LOM
Fenix
Rio2
CHL
 6% ¹¹
18%
              25,000
              25,000
              50,000
                         -
                      -
                    -
LOM
Blackwater
Artemis
CAN
 8% ¹²
35%
           340,000
                         -
           340,000
                         -
                      -
                    -
LOM
Curipamba
Adventus
ECU
 50% ¹³
18%
               10,190
              119,165
             129,355
                         -
                      -
                    -
LOM
Marathon
Gen Mining
CAN
 100% ¹⁴
18%
               21,857
             103,321
              125,178
                         -
                      -
                    -
LOM
Goose
B2Gold
CAN
 2.78% ¹⁵
18%
              83,750
                         -
              83,750
                         -
                      -
                    -
LOM
Cangrejos
Lumina
ECU
 6.6% ¹⁶
18%
              28,700
            271,300
           300,000
                         -
                      -
                    -
LOM
Platreef
Ivanhoe
SA
 62.5% ¹⁷
$100
            275,300
                         -
            275,300
                         -
                      -
                    -
LOM ¹⁷
Curraghinalt
Dalradian
UK
 3.05% ¹⁸
18%
             20,000
              55,000
              75,000
                         -
                      -
                    -
LOM
Kudz Ze Kayah
BMC
CAN
 6.875% ¹⁹
20%
              13,860
                 1,800
               15,660
                         -
                      -
                    -
LOM
 
 
 
 
 
 $       5,587,152
 $       1,155,482
 $     6,742,634
 $     3,405,653
     3,052,970
         87,542
 
Silver
                      
Peñasquito
Newmont
MEX
 25%
$4.50
 $        485,000
 $                    -
 $        485,000
 $      1,424,319
           81,926
           1,005
LOM
Antamina
Glencore
PER
 33.75% ²⁰
20%
900,000
-
900,000
700,306
          44,986
               574
LOM
Constancia
Hudbay
PER
 100%
$6.20
294,900
-
294,900
238,658
            17,936
               144
LOM
Other
                      
Los Filos
Equinox
MEX
 100%
$4.68
                4,463
                         -
                4,463
               41,305
             2,228
                28
25 years ²¹
Zinkgruvan
Lundin
SWE
 100%
$4.68
              77,866
                         -
              77,866
            501,640
            33,561
              357
LOM
Stratoni
Eldorado
GRC
 100%
$11.54
               57,500
                         -
               57,500
             155,868
            10,378
                    -
LOM
Neves-Corvo
Lundin
PRT
 100%
$4.46
              35,350
                         -
              35,350
             167,095
             9,832
               135
50 years ²²
Aljustrel
Almina
PRT
 100% ²³
$0.50
                 2,451
                         -
                 2,451
               48,811
             4,274
                    -
50 years ²²
Minto
MNTO
CAN
 100% ⁸
$4.39
                 7,522
                         -
                 7,522
              28,995
              1,646
                    -
LOM
Pascua-Lama
Barrick
CHL/ARG
 25%
$3.90
           625,000
                         -
           625,000
            372,767
             19,775
                    -
LOM
Copper World
Hudbay
USA
 100%
$3.90
                         -
              191,855
              191,855
                         -
                      -
                    -
LOM
Navidad
PAAS
ARG
 12.5%
$4.00
               10,788
             32,400
              43,188
                         -
                      -
                    -
LOM
Marmato ⁹
Aris
CO
 100% ⁹
18%
                7,600
                4,400
              12,000
                2,568
                 130
                   3
LOM
Cozamin
Capstone
MEX
 50% ²⁴
10%
            150,000
                         -
            150,000
               42,775
             2,009
                101
LOM
Blackwater
Artemis
CAN
 50% ¹²
18%
            140,800
                         -
            140,800
                         -
                      -
                    -
LOM
Curipamba
Adventus
ECU
 75% ¹³
18%
                 3,675
             43,084
              46,759
                         -
                      -
                    -
LOM
Mineral Park
Waterton
US
 100%
18%
                         -
             115,000
             115,000
                         -
              2,149
                    -
LOM
Kudz Ze Kayah
BMC
CAN
 6.875% ¹⁹
20%
             24,640
                3,200
              27,840
                         -
                      -
                    -
LOM
 
 
 
 
 
 $      2,827,555
 $        389,939
 $      3,217,494
 $       3,725,107
        230,830
           2,347
 
Palladium
                      
Stillwater ⁷
Sibanye
USA
 4.5% ²⁵
18%
 $         262,120
 $                    -
   $        262,120
 $          152,647
         102,562
           6,198
LOM
Platreef
Ivanhoe
SA
 5.25% ¹⁷
30%
              78,700
                         -
              78,700
                         -
                      -
                    -
LOM ¹⁷
 
 
 
 
 
$         340,820
 $                    -
 $        340,820
 $          152,647
         102,562
           6,198
 
Platinum
                      
Marathon
Gen Mining
CAN
 22% ¹⁴
18%
 $            9,367
 $          44,280
 $          53,647
 $                    -
                      -
                    -
LOM
Platreef
Ivanhoe
SA
 5.25% ¹⁷
30%
               57,500
                         -
               57,500
                         -
                      -
                    -
LOM ¹⁷
 
 
 
 
 
 $           66,867
 $          44,280
 $         111,147
 $                    -
                      -
                    -
 
Cobalt
                      
Voisey's Bay
Vale
CAN
 42.4% ²⁶
18%
 $         390,000
 $                    -
 $        390,000
 $           53,942
             3,307
              360
LOM
Total PMPAs Currently Owned
 
 
 $      9,076,194
 $       1,589,701
 $    10,665,895
 $      7,337,349
 
 
 
Terminated / Matured PMPAs
    
         1,303,697
                         -
 $      1,303,697
           3,117,152
      
Total
 
 
 
 
 $    10,379,891
 $       1,589,701
 $    11,969,592
 $     10,454,501
 
 
 

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [7]


1)
Abbreviations as follows: FM = First Majestic Silver Corp; MNTO = Minto Metals Corp.; PAAS = Pan American Silver Corp; ARG = Argentina; BRA = Brazil; CAN = Canada; CHL = Chile; CO = Colombia; ECU = Ecuador; GRC = Greece; MEX = Mexico; PER = Peru; PRT = Portugal; SA = South Africa; SWE = Sweden; USA = United States; UK = United Kingdom; and LOM = Life of Mine.
2)
Please refer to the section entitled “Contractual Obligations and Contingencies – Mineral Stream Interests” on page 25 of this MD&A for more information.
3)
All figures in thousands except gold and palladium ounces and per ounce amounts. The total upfront consideration paid to date excludes closing costs and capitalized interest, where applicable. Please refer to the section entitled “Other Contractual Obligations and Contingencies” on page 27 of this MD&A for details of when the remaining upfront consideration is forecasted to be paid.
4)
Payable gold, silver, palladium and cobalt PBND are based on management estimates. These figures may be updated in the future as additional information is received. Please see “Cautionary Note Regarding Forward-Looking Statements” for material risks, assumptions and important disclosure associated with this information.
5)
Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests. As of March 31, 2024, the Company has received approximately $296 million of operating cash flows from the Sudbury stream. Should the market value of gold delivered to Wheaton through the 20-year term of the contract, net of the per ounce cash payment, be lower than the initial $670 million refundable deposit, the Company will be entitled to a refund of the difference at the conclusion of the term. The term of the Sudbury PMPA ends on May 11, 2033.
6)
The original San Dimas SPA, entered into on October 15, 2004, was terminated on May 10, 2018 and concurrently the Company entered into the new San Dimas PMPA. 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. The current ratio is 70:1.
7)
Comprised of the Stillwater and East Boulder gold and palladium interests.
8)
The Company is entitled to acquire 100% of the first 30,000 ounces of gold produced per annum and 50% thereafter. On May 13, 2023, Minto Metals Corp. announced the suspension of operations at the Minto mine.
9)
Once the Company has received 310,000 ounces of gold and 2.15 million ounces of silver under the Marmato PMPA, the attributable gold and silver production will be reduced to 5.25% and 50%, respectively.
10)
Once the Company has received 285,000 ounces of gold under the Santo Domingo PMPA, the Company’s attributable gold production will be reduced to 67%.
11)
Once the Company has received 90,000 ounces of gold under the Fenix PMPA, the attributable gold production will reduce to 4% until 140,000 ounces have been delivered, after which the stream drops to 3.5%.
12)
Once the Company has received 464,000 ounces of gold under the amended Blackwater Gold PMPA, the attributable gold production will be reduced to 4%. Once the Company has received 17.8 million ounces of silver under the Blackwater Silver PMPA, the attributable silver production will be reduced to 33%.
13)
Once the Company has received 145,000 ounces of gold under the Curipamba PMPA, the attributable gold production will be reduced to 33%, and once the Company has received 4.6 million ounces of silver, the attributable silver production will be reduced to 50%.
14)
Once the Company has received 150,000 ounces of gold and 120,000 ounces of platinum under the Marathon PMPA, the attributable gold and platinum production will be reduced to 67% and 15%.
15)
Once the Company has received 87,100 ounces of gold under the Goose PMPA, the Company’s attributable gold production will be 1.44%, and once the Company has received 134,000 ounces of gold under the agreement, the Company’s attributable gold production will be reduced to 1.0%.
16)
Once Wheaton has received 700,000 ounces of gold under the Cangrejos PMPA, the Company’s attributable gold production will be reduced to 4.4%.
17)
Once the Company has received 218,750 ounces of gold under the Platreef Gold PMPA, the attributable gold production will reduce to 50% until 428,300 ounces have been delivered, after which the stream drops to 3.125%. Under the Platreef Palladium and Platinum PMPA, once the Company has received 350,000 ounces of combined palladium and platinum, the attributable palladium and platinum production will reduce to 3% until 485,115 ounces have been delivered, after which the stream drops to 0.1% of the payable palladium and platinum production. If certain thresholds are met, including if production through the Platreef project concentrator achieves 5.5 million tonnes per annum (“Mtpa”), the 3.125% residual gold stream and the 0.1% residual palladium and platinum stream will terminate. Under the Platreef Gold PMPA, Sandstorm Gold Ltd. (which acquired Nomad Royalty Ltd. on August 15, 2022) (“Sandstorm”) is entitled to purchase 37.5% of payable gold. The decrease in the percentage of payable metal that Wheaton will be entitled to purchase is conditional on delivery of the total amount of payable gold to all purchasers (Wheaton and Sandstorm combined). The values set out herein pertain only to Wheaton’s share of the payable gold.
18)
Once the Company has received 125,000 ounces of gold under the Curraghinalt PMPA, the Company’s attributable gold production will be reduced to 1.5%.
19)
Under the Kudz Ze Kayah PMPA, the Company will be entitled to purchase staged percentages of produced gold and produced silver ranging from 6.875% to 7.375% until 330,000 ounces of gold and 43.30 million ounces of silver are produced and delivered, thereafter reducing to a range of 5.625% to 6.125% until a further 59,800 ounces of gold and 7.96 million ounces of silver are produced and delivered, further reducing to a range of 5% to 5.5% until a further 270,200 ounces of gold and 35.34 million ounces of silver are produced and delivered for a total of 660,000 ounces of gold and 86.6 million ounces of silver and thereafter ranging between 6.25% and 6.75%.
20)
Once Wheaton has received 140 million ounces of silver under the Antamina PMPA, the Company’s attributable silver production will be reduced to 22.5%.
21)
The term of the Los Filos PMPA ends on October 15, 2029.
22)
The term of the Neves-Corvo and Aljustrel PMPAs ends on June 5, 2057.
23)
Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine. On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the second quarter of 2025.
24)
Once Wheaton has received 10 million ounces of silver under the Cozamin PMPA, the Company’s attributable silver production will be reduced to 33%.
25)
Once the Company has received 375,000 ounces of palladium under the Stillwater PMPA, the Company’s attributable palladium production will be reduced to 2.25%, and once the Company has received 550,000 ounces of palladium under the agreement, the Company’s attributable palladium production will be reduced to 1%.
26)
Once the Company has received 31 million pounds of cobalt under the Voisey’s Bay PMPA, the Company’s attributable cobalt production will be reduced to 21.2%.

Updates on the Operating Mineral Stream Interests
Salobo – Mill Throughput Expansion
On November 21, 2023, Vale S.A. (“Vale”) reported the successful completion of the throughput test for the first phase of the Salobo III project, with the Salobo complex exceeding an average of 32 million tonnes per annum (“Mtpa”) over a 90-day period. Under the terms of the agreement, the Company paid Vale $370 million for the completion of the first phase of the Salobo III expansion project on December 1, 2023. Salobo III is expected to achieve a sustained throughput capacity of 36 Mtpa in the fourth quarter of 2024. On April 24, 2024, Vale reported the continued ramp-up at Salobo III, which reached 90% average throughput in the first quarter.

Constancia – Expected Mine Life Extension
On March 28, 2024, Hudbay Minerals Inc., (“Hudbay”) reported that Constancia’s expected mine life has been extended by three years to 2041 as a result of the successful conversion of mineral resources to mineral reserves with the addition of a further mining phase at the Constancia pit following positive geotechnical drilling and studies in 2023. There remains potential for future mine life extensions based on the mineral resources that have not yet been converted to mineral reserves.

Antamina – Approval of the Modification of the Environmental Impact Study
On February 15, 2024, Peru’s National Environmental Certification Service for Sustainable Investments approved, after a detailed evaluation process, the Modification of the Environmental Impact Study, which will allow for the extension of Antamina’s mine life from 2028 to 2036.

Voisey’s Bay – Underground Mine Extension
Vale reports that physical completion of the Voisey’s Bay underground mine extension was 94% at the end of the first quarter, and that the main surface assets are completed and already operating. In the underground portion, the scope in Reid Brook is completed and the mine development at Eastern Deeps is concluded. Construction of the Bulk
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [8]


Material Handling system, dewatering and support facilities is ongoing. The full mine assets at Eastern Deeps are expected to be in operation by the end of 2024.

Updates on the Development Stage Mineral Stream Interests
Marmato Mine
On April 15, 2024, Aris Mining Corporation (“Aris”) provided an update that at the Marmato Lower Mine expansion project, the access road to the new processing facility area is now complete and earthworks in the plant area will commence soon. The contractor for the new portal and decline is fully mobilized and cutting of the portal face has commenced.

Fenix
On April 8, 2024, Rio2 Limited (“Rio2”) announced that its Chilean subsidiary has received the formal Environmental Qualification Resolution (“RCA”) for the Fenix gold project. The receipt of the RCA now allows Rio2 to advance permitting activities for the Fenix project. Rio2 has noted that there are four principal Sectorial Permits required before construction can commence at the Project: 1) Mining Methods; 2) Process Plant; 3) Waste Dumps & Stockpiles; and 4) Closure Plan and that work on these permits is well underway. Rio2 anticipates that the current timing for receipt of these principal permits is by the end of July 2024.

Blackwater
On February 21, 2024, Artemis Gold Inc., (“Artemis”) announced the results of an expansion study to optimize the timing of mine expansion through the advancing of Phase 2. A decision on the acceleration of the Phase 2 expansion is expected to be considered in the second half of 2024. On April 24, 2024, Artemis announced that overall construction was approximately 73% complete and that construction of major site water management facilities, including the water management pond, the central diversion system, and the Davidson Creek diversion, have been completed along with work on the tailings storage facility which is progressing well. Artemis also states that the project remains on schedule for first gold pour in the second half of 2024.

Curipamba
On January 22, 2024, Adventus Mining Corporation (“Adventus”) announced that the Ministry of Environment, Water and Energy Transition of the Government of Ecuador has granted the environmental license for the construction and operation of the El Domo – Curipamba project. On January 30, 2024, Adventus announced that the Ministry of Energy and Mines of Ecuador has issued a permit which grants approval for the design, construction, operation, and maintenance of the tailings storage facility (“TSF”) for the Curipamba project. The start of TSF construction is a key condition precedent for the Company to make additional upfront cash payments under the Curipamba PMPA.

On April 26, 2024, Adventus announced that Silvercorp Metals Inc. (“Silvercorp”) has entered into a definitive arrangement agreement with Adventus pursuant to which Silvercorp has agreed to acquire all of the issued and outstanding common shares of Adventus. Under the terms of the Curipamba PMPA, within 30 days of a change of control, Adventus has a one-time option to repurchase 33% of the gold and silver stream for an amount ensuring a fixed internal rate of return to the Company. As reported by Silvercorp, the existing stream with Wheaton, combined with Silvercorp’s existing cash and cash equivalents of approximately $200 million, is more than sufficient to fully fund the Curipamba project through construction.

Goose
On May 7, 2024, B2Gold Corp., (“B2Gold”) announced the successful completion of the 2024 winter ice road (“WIR”) campaign, delivering all necessary materials to complete the construction of the Goose project. B2Gold reports that while mill construction remains on schedule, development of the open pit and underground is slightly behind schedule due to equipment availability, adverse weather conditions and prioritization of critical path construction activities. As a result, B2Gold reports that first gold pour is now expected in the second quarter of 2025 with ramp up to full production in the third quarter of 2025, one quarter later than previous estimates.

Cangrejos
On January 18, 2024, Lumina Gold Corp., (“Lumina”) announced results from the phase 1 mining resource conversion drilling campaign in support of the ongoing feasibility study at Cangrejos. Lumina noted that the assays from the resource infill program continue to demonstrate the exceptional continuity of grade at Cangrejos. Lumina also noted that it is operating normally at the Cangrejos project and to date their activities have not been affected by the recent civil disturbances that have impacted other areas in Ecuador.

Platreef
On April 30, 2024, Ivanhoe Mines Ltd., (“Ivanhoe”) reported that construction activities for the Platreef Phase 1 concentrator are on schedule at almost 90% complete and on track for cold commissioning in the third quarter of 2024. An updated independent feasibility study on an optimized development plan for the acceleration of Phase 2 is planned to be completed and published in the fourth quarter of 2024. As a result of the planned acceleration of Phase 2, first feed and ramp-up of production will be deferred until mid-2025. In addition, a preliminary economic
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [9]


assessment on a Phase 3 expansion is expected to be completed at the same time, increasing Platreef’s processing capacity up to approximately 10 Mtpa. A Phase 3 expansion to 10 Mtpa processing capacity is expected to rank Platreef as one of the world’s largest platinum-group metal, nickel, copper and gold producers.

Curraghinalt
Subsequent to the quarter, the Planning Appeals Commission & Water Appeals Commission (“the commission”) in Northern Ireland concluded that the water abstraction and impoundment licenses (“water licenses”) relative to the Curraghinalt Project have been rescinded and that license applications would need to be resubmitted and subsequent public inquiry referrals held. The commission noted that it has suspended arrangements for the current inquiry timetable until it is in receipt of the expected water license applications, at which time it will move to set directions and new dates for the submission of statements of case, rebuttals, and for the opening of the re-scheduled hearing sessions in due course.

Cotabambas
On January 15, 2024, Panoro Minerals Ltd., (“Panoro”) announced that it has received the mineral resource estimate for the Cotabambas project, and now plan to complete the prefeasibility study.

Early Deposit Mineral Stream Interests
Early deposit mineral stream interests represent agreements relative to early stage development projects whereby Wheaton can choose not to proceed with the agreement once certain documentation has been received including, but not limited to, feasibility studies, environmental studies and impact assessment studies. Once Wheaton has elected to proceed with the agreement, the carrying value of the stream will be transferred to Mineral Stream Interests.

The following table summarizes the early deposit mineral stream interests currently owned by the Company:

 
Mine
Owner
 
 
 
 
 
 
 
Attributable
Production to be
Purchased
 
 
Early Deposit Mineral Stream Interests
Location of
Mine
Upfront
Consideration
Paid to Date 1
Upfront
Consideration
to be Paid 1, 2
Total
Upfront
Consideration¹
Gold
Silver
Term of
Agreement
Date of
Original
Contract
Toroparu
Aris Mining
Guyana
$
15,500
$
138,000
$
153,500
 10%
 50%
Life of Mine
11-Nov-13
Cotabambas
Panoro
Peru
  
14,000
  
126,000
  
140,000
 25% ³
 100% ³
Life of Mine
21-Mar-16
Kutcho
Kutcho
Canada
 
            16,852
 
58,000
 
74,852
 100%
 100%
Life of Mine
14-Dec-17
 
 
 
$
46,352
$
322,000
$
368,352
 
 
 
 
1)
Expressed in thousands; excludes closing costs and capitalized interest, where applicable.
2)
Please refer to the section entitled “Other Contractual Obligations and Contingencies” on page 27 of this MD&A for details of when the remaining upfront consideration is forecast to be paid.
3)
Once 90 million silver equivalent ounces attributable to Wheaton have been produced, the attributable production will decrease to 16.67% of gold production and 66.67% of silver production for the life of mine.

Mineral Royalty Interests
The following table summarizes the mineral royalty interests owned by the Company as at March 31, 2024:


Royalty Interests
Mine
Owner
Location of
Mine
Royalty 1
Upfront
Consideration
Paid to Date 2
Upfront
Consideration
to be Paid 2
Total
Upfront
Consideration 2
Term of
Agreement
Date of Original Contract
Metates
Chesapeake
Mexico
0.5% NSR
$
           3,000
$
                  -
$
             3,000
Life of Mine
07-Aug-2014
Brewery Creek 3
Victoria Gold
Canada
2.0% NSR
  
           3,529
  
                  -
  
             3,529
Life of Mine
04-Jan-2021
Black Pine 4
Liberty Gold
USA
0.5% NSR
  
           3,600
  
                  -
  
             3,600
Life of Mine
10-Sep-2023
Mt Todd 5
Vista
Australia
1.0% GR
  
         10,000
  
         10,000
  
           20,000
Life of Mine
13-Dec-2023
DeLamar 6
Integra
USA
1.5% NSR
  
           4,875
  
           4,875
  
             9,750
Life of Mine
20-Feb-2024
 
 
 
 
$
         25,004
$
         14,875
$
           39,879
 
 

1)
Abbreviation as follows: NSR = Net Smelter Return Royalty; and GR = Gross Royalty.
2)
Expressed in thousands; excludes closing costs.
3)
The Company paid $3 million for an existing 2.0% net smelter return royalty interests on the first 600,000 ounces of gold mined and a 2.75% net smelter returns royalty interest thereafter. The Brewery Creek Royalty agreement provides, among other things, that Golden Predator Mining Corp., (subsidiary of Victoria Gold) may reduce the 2.75% net smelter royalty interest to 2.125% on payment of the sum of Cdn$2 million to the Company.
4)
Liberty Gold has been granted an option to repurchase 50% of the NSR for $4 million at any point in time up to the earlier of commercial production at Black Pine or January 1, 2030.
5)
The Mt Todd royalty is at a rate of 1% of gross revenue with such rate being subject to increase to a maximum rate of 2%, depending on the timing associated with the achievement of certain operational milestones.
6)
Under the DeLamar royalty, if completion is not achieved by January 1, 2029, the DeLamar Royalty will increase annually by 0.15% of net smelter returns to a maximum of 2.7% of net smelter returns.

To date, no revenue has been recognized and no depletion has been taken with respect to these royalty agreements.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [10]


Long-Term Equity Investments
The Company will, from time to time, invest in securities of companies for strategic purposes including, but not limited to, exploration and mining companies. The Company held the following investments as at March 31, 2024 and December 31, 2023:

 
March 31
December 31
(in thousands)
2024
2023
Common shares held
$
245,678
$
246,026
Warrants held
 
974
 
652
Total long-term equity investments
$
246,652
$
246,678


The Company’s long-term investments in common shares (“LTI’s”) are held for long-term strategic purposes and not for trading purposes. As such, the Company has elected to reflect any fair value adjustments, net of tax, as a component of other comprehensive income (“OCI”). The cumulative gain or loss will not be reclassified to net earnings on disposal of these long-term investments but is reclassified to retained earnings.

While long-term investments in warrants are also held for long-term strategic purposes, they meet the definition of a derivative and therefore are classified as financial assets with fair value adjustments being recorded as a component of net earnings under the classification Other Income (Expense). Warrants that do not have a quoted market price are valued using a Black-Scholes option pricing model.

By holding these long-term investments, the Company is inherently exposed to various risk factors including currency risk, market price risk and liquidity risk.
A summary of the fair value of these equity investments and the fair value changes recognized as a component of the Company’s OCI during the three months ended March 31, 2024 and 2023 is presented below:

Common Shares Held
 
Three Months Ended March 31, 2024
(in thousands)
Shares
Owned
(000's)
% of
Outstanding
Shares Owned
Fair Value at
Dec 31, 2023
Cost of
Additions
Proceeds of
Disposition
Fair Value
Adjustment
Gains (Losses) 1
Fair Value at
Mar 31, 2024
Realized Gain
on Disposal
Bear Creek
      15,707
6.90%
  $         2,138
  $                 -
  $                 -
  $            470
  $         2,608
  $                 -
Kutcho
      18,640
12.03%
1,551
-
-
100
1,651
-
Hecla
      34,980
5.60%
168,255
-
-
-
168,255
-
B2Gold
      12,025
0.92%
38,094
-
-
(6,590)
31,504
-
Other
 
 
35,988
5,122
-
550
41,660
-
Total
 
 
  $     246,026
  $         5,122
  $                 -
  $       (5,470)
  $     245,678
  $                 -

1)
Fair Value Gains (Losses) are reflected as a component of Other Comprehensive Income (“OCI”).
 
Three Months Ended March 31, 2023
(in thousands)
Shares
Owned
(000's)
% of
Outstanding
Shares Owned
Fair Value at
Dec 31, 2022
Cost of
Additions
Proceeds of
Disposition 1
Fair Value
Adjustment
Gains (Losses) 2
Fair Value at
Mar 31, 2023
Realized Loss
on Disposal
Bear Creek
      13,264
8.58%
  $         7,443
  $                 -
  $                 -
  $          (680)
  $         6,763
  $                 -
Sabina
      31,095
5.56%
30,535
-
-
16,569
47,104
-
Kutcho
      18,640
14.79%
3,097
-
-
897
3,994
-
Hecla
      35,012
5.76%
194,668
-
-
26,960
221,628
-
Other
 
 
19,792
8,168
(27)
908
28,841
(990)
Total
 
 
  $     255,535
  $         8,168
  $            (27)
  $       44,654
  $     308,330
  $          (990)

1)
Disposals during 2023 were made as a result of the acquisition of the companies to which the shares relate by unrelated third-party entities.
2)
Fair Value Gains (Losses) are reflected as a component of OCI.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [11]


Summary of Units Produced
 
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Q4 2022
Q3 2022
Q2 2022
Gold ounces produced ²
 
 
 
 
        
Salobo
          61,622
          71,778
          69,045
         54,804
     43,677
     37,939
      44,212
      34,129
Sudbury 3
           7,049
            5,823
            3,857
             5,818
       6,203
       5,270
       3,437
       5,289
Constancia
          13,897
         22,292
           19,003
            7,444
       6,905
      10,496
        7,196
       8,042
San Dimas 4
           7,542
          10,024
            9,995
            11,166
      10,754
      10,037
       11,808
      10,044
Stillwater 5
           2,637
             2,341
            2,454
             2,017
        1,960
        2,185
        1,833
         2,171
Other
 
 
 
 
        
Marmato
               623
               668
                673
               639
           457
           533
           542
           778
777 6
                     -
                     -
                      -
                     -
                 -
                 -
                 -
       3,509
Minto 7
                     -
                     -
                      -
             1,292
       3,063
       2,567
       3,050
       2,480
Total Other
               623
               668
                673
              1,931
       3,520
        3,100
       3,592
       6,767
Total gold ounces produced
         93,370
         112,926
        105,027
          83,180
      73,019
     69,027
     72,078
     66,442
Silver ounces produced 2
 
 
 
 
        
Peñasquito 8
           2,643
             1,036
                      -
             1,744
       2,076
         1,761
        2,017
       2,089
Antamina
               806
             1,030
                894
               984
           872
        1,067
        1,327
        1,330
Constancia
               640
               836
                697
               420
           552
           655
           564
           584
Other
 
 
 
 
        
Los Filos
                 42
                  28
                  28
                  28
             45
              14
              21
             35
Zinkgruvan
               641
                510
                785
               374
           632
           664
           642
           739
Neves-Corvo
               524
               573
                486
               407
           436
           369
           323
           345
Aljustrel 9
                     -
                     -
                327
               279
           343
            313
           246
           292
Cozamin
                173
                185
                 165
                184
             141
            157
            179
            169
Marmato
                    7
                   10
                    11
                    7
                8
                9
                7
                7
Yauliyacu 10
                     -
                     -
                      -
                     -
                 -
            261
           463
           756
Minto 7
                     -
                     -
                      -
                   14
             29
             33
             33
             26
Keno Hill 11
                     -
                     -
                      -
                     -
                 -
                 -
                 -
             48
777 6
                     -
                     -
                      -
                     -
                 -
                 -
                 -
             80
Total Other
            1,387
             1,306
             1,802
             1,293
        1,634
        1,820
         1,914
       2,497
Total silver ounces produced
           5,476
            4,208
            3,393
             4,441
        5,134
       5,303
       5,822
       6,500
Palladium ounces produced ²
 
 
 
 
        
Stillwater 5
           4,463
            4,209
            4,006
            3,880
       3,705
       3,869
       3,229
       3,899
Cobalt pounds produced ²
 
 
 
 
        
Voisey's Bay
               240
                215
                 183
                152
            124
            128
           226
            136
GEOs produced 12
         160,133
         164,818
        147,230
         137,176
   134,730
   132,780
    142,103
    144,019
Average payable rate 2
 
 
 
 
    
 
 
Gold
94.8%
95.1%
95.4%
95.1%
95.1%
94.9%
95.1%
95.1%
Silver
84.5%
83.0%
78.3%
83.7%
83.1%
84.2%
86.3%
86.5%
Palladium
96.9%
95.9%
93.6%
94.1%
96.0%
91.7%
95.0%
94.6%
Cobalt
93.3%
93.3%
93.3%
93.3%
93.3%
93.3%
93.3%
93.3%
GEO 11
90.7%
91.6%
90.8%
90.8%
89.8%
89.9%
90.9%
90.7%

1)
All figures in thousands except gold and palladium ounces produced.
2)
Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures and payable rates are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures and payable rates may be updated in future periods as additional information is received.
3)
Comprised of the Coleman, Copper Cliff, Garson, Creighton and Totten gold interests.
4)
Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the "70" shall be revised to "50" or "90", as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the "70" shall be reinstated. For reference, attributable silver production from prior periods is as follows: Q1 2024 - 291,000 ounces; Q4 2023 - 378,000 ounces; Q3 2023 - 387,000 ounces; Q2 2023 - 423,000 ounces; Q1 2023 - 401,000 ounces; Q4 2022 - 348,000 ounces; Q3 2022 - 412,000 ounces; Q2 2022 - 382,000 ounces.
5)
Comprised of the Stillwater and East Boulder gold and palladium interests.
6)
On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.
7)
On May 13, 2023, Minto Metals Corp. announced the suspension of operations at the Minto mine.
8)
There was a temporary suspension of operations at Peñasquito due to a labour strike which ran from June 7, 2023 to October 13, 2023.
9)
On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the second quarter of 2025.
10)
On December 14, 2022, the Company terminated the Yauliyacu PMPA in exchange for a cash payment of $132 million.
11)
On September 7, 2022, the Company terminated the Keno Hill PMPA in exchange for $141 million of Hecla common stock.
12)
GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2024.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [12]


Summary of Units Sold
 
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Q4 2022
Q3 2022
Q2 2022
Gold ounces sold
 
 
 
 
        
Salobo
          56,841
         76,656
          44,444
         46,030
     35,966
      41,029
       31,818
      48,515
Sudbury 2
            4,129
              5,011
            4,836
            4,775
       4,368
       4,988
        5,147
        7,916
Constancia
          20,123
          19,925
           12,399
             9,619
       6,579
        6,013
       6,336
        7,431
San Dimas
           7,933
          10,472
            9,695
           11,354
       10,651
      10,943
       10,196
      10,633
Stillwater 3
           2,355
             2,314
             1,985
             2,195
       2,094
        1,783
        2,127
       2,626
Other
 
 
 
 
        
Marmato
               638
               633
                792
               467
           480
           473
            719
            781
777
                     -
                     -
                275
                153
            126
           785
       3,098
       3,629
Minto
                     -
                     -
                      -
                701
        2,341
       2,982
       2,559
       2,806
Total Other
               638
               633
             1,067
              1,321
       2,947
       4,240
       6,376
        7,216
Total gold ounces sold
          92,019
           115,011
          74,426
         75,294
     62,605
     68,996
     62,000
     84,337
Silver ounces sold
 
 
 
 
        
Peñasquito
            1,839
               442
                453
              1,913
        1,483
       2,066
        1,599
       2,096
Antamina
               762
              1,091
                794
               963
            814
          1,114
         1,155
         1,177
Constancia
               726
               665
                435
               674
           366
           403
           498
           494
Other
 
 
 
 
        
Los Filos
                 44
                  24
                  30
                  37
             34
              16
             24
              41
Zinkgruvan
               297
               449
                 714
               370
           520
           547
           376
           650
Neves-Corvo
               243
               268
                245
                132
             171
             80
            105
            167
Aljustrel
                     1
                  86
                 142
                182
           205
            156
            185
            123
Cozamin
                147
                 141
                 139
                150
             119
            150
            154
            148
Marmato
                    8
                    9
                    11
                    7
                7
                7
                8
               11
Yauliyacu
                     -
                     -
                      -
                     -
                 -
           337
        1,005
            817
Stratoni
                     -
                     -
                      -
                     -
                 -
                 -
                 -
                (2)
Minto
                     -
                     -
                      -
                    7
             29
             23
             22
              21
Keno Hill
                     -
                     -
                      -
                     -
                 1
                 1
             30
             30
777
                     -
                     -
                     2
                    2
                 -
             35
             73
             75
Total Other
               740
               977
             1,283
               887
        1,086
        1,352
        1,982
        2,081
Total silver ounces sold
           4,067
             3,175
            2,965
            4,437
       3,749
       4,935
       5,234
       5,848
Palladium ounces sold
 
 
 
 
        
Stillwater 3
           4,774
            3,339
            4,242
            3,392
       2,946
       3,396
       4,227
       3,378
Cobalt pounds sold
 
 
 
 
        
Voisey's Bay
               309
               288
                 198
               265
           323
            187
             115
           225
GEOs sold 4
        143,184
        155,059
          111,935
        129,734
     109,293
     128,662
     125,053
     154,737
Cumulative payable units PBND 5
 
 
 
 
 
 
 
 
Gold ounces
         87,542
          91,092
           98,715
          72,916
     77,377
     70,562
     74,053
     67,529
Silver ounces
           2,347
             1,787
             1,469
             1,777
        2,531
        2,013
        2,481
       2,694
Palladium ounces
            6,198
            6,666
            5,607
             6,122
        5,751
       5,098
        5,041
       6,267
Cobalt pounds
               360
               356
                377
                251
           285
           258
           403
           280
GEO 4
        119,968
         117,293
        120,864
         98,039
      111,216
     97,934
    107,718
   103,465
Inventory on hand
 
 
 
 
 
 
 
 
Cobalt pounds
                     -
                  88
                 155
                310
           398
           633
           556
           582
1)
All figures in thousands except gold and palladium ounces sold.
2)
Comprised of the Coleman, Copper Cliff, Garson, Creighton and Totten gold interests.
3)
Comprised of the Stillwater and East Boulder gold and palladium interests.
4)
GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2024.
5)
Payable gold, silver and palladium ounces PBND and cobalt pounds PBND are based on management estimates. These figures may be updated in future periods as additional information is received.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [13]


Quarterly Financial Review 1

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Q4 2022
Q3 2022
Q2 2022
Gold ounces sold
xx
xx
          92,019
xx
xx
             115,011
xx
xx
            74,426
xx
xx
            75,294
 xx
xx
            62,605
  xx
xx
            68,996
  xx
xx
            62,000
  xx
xx
            84,337
Realized price 2
 
$
2,072
 
$
2,006
 
$
1,944
 
$
1,986
 
$
1,904
 
$
1,725
 
$
1,728
 
$
1,872
Gold sales
 
$
190,689
 
$
230,716
 
$
144,707
 
$
149,511
 
$
119,196
 
$
119,051
 
$
107,128
 
$
157,842
Silver ounces sold
 
 
           4,067
 
 
               3,175
 
 
              2,965
 
 
              4,437
    
              3,749
    
              4,935
    
              5,234
    
              5,848
Realized price 2
 
$
23.77
 
$
23.77
 
$
23.73
 
$
24.13
 
$
22.85
 
$
21.52
 
$
19.16
 
$
22.27
Silver sales
 
$
96,658
 
$
75,465
 
$
70,372
 
$
107,081
 
$
85,678
 
$
106,175
 
$
100,270
 
$
130,228
Palladium ounces sold
 
 
           4,774
 
 
              3,339
 
 
              4,242
 
 
              3,392
    
              2,946
    
              3,396
    
              4,227
    
              3,378
Realized price 2
 
$
980
 
$
1,070
 
$
1,251
 
$
1,438
 
$
1,607
 
$
1,939
 
$
2,091
 
$
2,132
Palladium sales
 
$
4,677
 
$
3,574
 
$
5,307
 
$
4,879
 
$
4,735
 
$
6,586
 
$
8,838
 
$
7,203
Cobalt pounds sold
 
 
               309
 
 
                  288
 
 
                   198
 
 
                  265
    
                  323
    
                   187
    
                    115
    
                  225
Realized price 2
 
$
15.49
 
$
12.92
 
$
13.87
 
$
13.23
 
$
15.04
 
$
22.62
 
$
22.68
 
$
34.01
Cobalt sales
 
$
4,782
 
$
3,716
 
$
2,751
 
$
3,501
 
$
4,856
 
$
4,239
 
$
2,600
 
$
7,649
Total sales
 
$
296,806
 
$
313,471
 
$
223,137
 
$
264,972
 
$
214,465
 
$
236,051
 
$
218,836
 
$
302,922
Cash cost 2, 3
 
 
 
 
 
 
 
 
 
 
 
 
                        
Gold / oz
 
$
439
 
$
437
 
$
444
 
$
461
  
$
496
  
$
475
  
$
474
  
$
465
Silver / oz
 
$
4.77
 
$
5.02
 
$
5.10
 
$
5.01
  
$
5.07
  
$
5.00
  
$
5.59
  
$
5.61
Palladium / oz
 
$
182
 
$
198
 
$
223
 
$
261
  
$
294
  
$
357
  
$
353
  
$
408
Cobalt / lb 4
 
$
2.96
 
$
3.14
 
$
3.66
 
$
3.20
 
$
3.30
 
$
16.52
 
$
7.21
 
$
6.86
Depletion 2
 
 
 
 
 
 
 
 
 
 
 
 
                        
Gold / oz
 
$
404
 
$
405
 
$
381
 
$
365
  
$
360
  
$
357
  
$
353
  
$
369
Silver / oz
 
$
5.03
 
$
5.29
 
$
4.57
 
$
4.92
  
$
4.48
  
$
4.98
  
$
5.84
  
$
5.28
Palladium / oz
 
$
445
 
$
445
 
$
459
 
$
445
  
$
408
  
$
399
  
$
399
  
$
399
Cobalt / lb
 
$
12.77
 
$
12.80
 
$
12.98
 
$
13.85
 
$
13.85
 
$
13.72
 
$
13.63
 
$
10.40
Gain on disposal of PMPA
 
$
 -
 
$
 -
 
$
 -
 
$
5,027
  
$
 -
  
$
51,443
  
$
104,425
  
$
 -
Impairment (reversal)
 
$
 -
 
$
 -
 
$
 -
 
$
 -
  
$
 -
  
$
1,719
  
$
(10,330)
  
$
 -
Net earnings
 
$
164,041
 
$
168,435
 
$
116,371
 
$
141,448
  
$
111,391
  
$
166,125
  
$
196,460
  
$
149,074
Per share
 
 
 
 
 
 
 
 
 
 
 
 
                        
Basic
 
$
0.362
 
$
0.372
 
$
0.257
 
$
0.312
  
$
0.246
  
$
0.367
  
$
0.435
  
$
0.330
Diluted
 
$
0.362
 
$
0.371
 
$
0.257
 
$
0.312
 
$
0.246
 
$
0.367
 
$
0.434
 
$
0.330
Adjusted net earnings  3
 
$
163,589
 
$
164,569
 
$
121,467
 
$
142,584
  
$
104,431
  
$
103,744
  
$
93,878
  
$
149,283
Per share
 
 
 
 
 
 
 
 
 
 
 
 
                        
Basic
 
$
0.361
 
$
0.363
 
$
0.268
 
$
0.315
  
$
0.231
  
$
0.229
  
$
0.208
  
$
0.331
Diluted
 
$
0.361
 
$
0.363
 
$
0.268
 
$
0.314
 
$
0.230
 
$
0.229
 
$
0.208
 
$
0.330
Cash flow from operations
 
$
219,380
 
$
242,226
 
$
171,103
 
$
202,376
  
$
135,104
  
$
172,028
  
$
154,497
  
$
206,359
Per share 3
 
 
 
 
 
 
 
 
 
 
 
 
                        
Basic
 
$
0.484
 
$
0.535
 
$
0.378
 
$
0.447
  
$
0.299
  
$
0.381
  
$
0.342
  
$
0.457
Diluted
 
$
0.484
 
$
0.534
 
$
0.377
 
$
0.446
 
$
0.298
 
$
0.380
 
$
0.342
 
$
0.456
Dividends declared
 
$
70,261
 
$
67,950
 
$
67,946
 
$
67,938
  
$
67,910
  
$
67,797
  
$
67,754
  
$
67,708
Per share
 
$
0.155
 
$
0.150
 
$
0.150
 
$
0.150
 
$
0.150
 
$
0.150
 
$
0.150
 
$
0.150
Total assets
 
$
7,180,455
 
$
7,031,185
 
$
6,881,515
 
$
6,879,905
 
$
6,905,479
 
$
6,759,906
 
$
6,587,595
 
$
6,448,695
Total liabilities
 
$
101,260
 
$
45,669
 
$
38,254
 
$
33,492
 
$
93,025
 
$
42,231
 
$
38,783
 
$
31,894
Total shareholders' equity
 
$
7,079,195
 
$
6,985,516
 
$
6,843,261
 
$
6,846,413
 
$
6,812,454
 
$
6,717,675
 
$
6,548,812
 
$
6,416,801

1)
All figures in thousands except gold and palladium ounces produced and sold, per unit amounts and per share amounts.
2)
Expressed as dollars per ounce and for cobalt per pound.
3)
Refer to discussion on non-IFRS beginning on page 32 of this MD&A.
4)
Cash cost per pound of cobalt sold during the fourth quarter of 2022 includes an inventory write-down of $1.6 million, resulting in an increase of $8.71 per pound. During the three months ended March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, the cobalt inventory sold was net of the inventory write-down taken in 2022 in the amount of $1.0 million, $0.5 million,  $0.1 million and $0.02 million, respectively, resulting in a decrease to the reported cost of cobalt sold of $3.18 per pound of cobalt sold, $1.81 per pound of cobalt sold, $0.51 per pound of cobalt sold and $0.08 per pound of cobalt sold, respectively.

Changes in sales, net earnings and cash flow from operations from quarter to quarter are affected primarily by fluctuations in production at the mines, the timing of shipments, changes in the price of commodities, the commencement of operations of mines under construction, as well as acquisitions of PMPAs and any related capital raising activities.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [14]


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

Results of Operations For The Three Months Ended March 31, 2024 and 2023
The following two tables present the results of operations based on the Company’s reportable operating segments.


Three Months Ended March 31, 2024
 
Units
Produced²
Units
Sold
Average
Realized
Price
($'s
Per Unit)
Average
Cash Cost
($'s Per
Unit) 3
Average
Depletion
($'s Per
Unit)
Sales
Net
Earnings
Cash Flow
From
Operations
Total
Assets
Gold
                                
Salobo
61,622
56,841
$
2,073
$
425
$
393
$
117,851
$
71,396
$
94,050
$
2,659,099
Sudbury 4
7,049
4,129
  
2,049
  
400
  
1,145
  
8,461
  
2,081
  
6,814
  
257,757
Constancia
13,897
20,123
  
2,073
  
420
  
316
  
41,723
  
26,910
  
33,263
  
73,912
San Dimas
7,542
7,933
  
2,073
  
631
  
279
  
16,448
  
9,237
  
11,445
  
142,512
Stillwater
2,637
2,355
  
2,073
  
372
  
510
  
4,883
  
2,806
  
4,008
  
210,267
Other 5
623
638
 
2,073
 
374
 
527
 
1,323
 
748
 
1,084
 
892,983
 
93,370
92,019
$
2,072
$
439
$
404
$
190,689
$
113,178
$
150,664
$
4,236,530
Silver
                                
Peñasquito
2,643
1,839
$
23.74
$
4.50
$
4.06
$
43,650
$
27,901
$
35,375
$
268,758
Antamina
806
762
  
23.74
  
4.68
  
7.06
  
18,088
  
9,147
  
14,523
  
514,154
Constancia
640
726
  
23.74
  
6.20
  
6.24
  
17,236
  
8,200
  
12,734
  
175,049
Other 6
1,387
740
 
23.89
 
4.15
 
4.16
 
17,684
 
11,539
 
15,819
 
603,933
 
5,476
4,067
$
23.77
$
4.77
$
5.03
$
96,658
$
56,787
$
78,451
$
1,561,894
Palladium
                                
Stillwater
4,463
4,774
$
980
$
182
$
445
$
4,677
$
1,683
$
3,808
$
218,542
Platreef
-
-
 
n.a.
 
n.a.
 
n.a.
 
-
 
-
 
-
 
78,786
 
4,463
4,774
$
980
$
182
$
445
$
4,677
$
1,683
$
3,808
$
297,328
Platinum
                                
Marathon
-
-
$
n.a.
$
n.a.
$
n.a.
$
-
$
-
$
-
$
9,451
Platreef
-
-
 
n.a.
 
n.a.
 
n.a.
 
-
 
-
 
-
 
57,564
 
-
-
$
n.a.
$
n.a.
$
n.a.
$
-
$
-
$
-
$
67,015
Cobalt
                                
Voisey's Bay
240
309
$
15.49
$
2.96
$
12.77
$
4,782
$
(73)
$
7,006
$
348,000
Operating results
 
 
 
 
 
 
 
$
296,806
$
171,575
$
239,929
$
6,510,767
Other
                            
General and administrative
                  
$
(10,464)
$
(15,958)
    
Share based compensation
                    
(1,281)
  
(11,129)
    
Donations and community investments
                    
(1,570)
  
(1,373)
    
Finance costs
                      
(1,442)
  
(1,125)
    
Other
                    
7,196
  
9,152
    
Income tax
 
 
 
 
 
 
 
 
 
 
 
27
 
(116)
 
 
Total other
 
 
 
 
 
 
 
 
$
(7,534)
$
(20,549)
$
669,688
 
 
 
 
 
 
 
 
 
 
 
$
164,041
$
219,380
$
7,180,455

1)
Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts.
2)
Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.
3)
Refer to discussion on non-IFRS measure (iii) on page 34 of this MD&A.
4)
Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests and the non-operating Stobie and Victor gold interests.
5)
Other gold interests comprised of the operating Marmato gold interest as well as the non-operating Minto, Copper World, Santo Domingo, Fenix, Blackwater, Curipamba, Marathon, Goose, Cangrejos, Platreef, Curraghinalt and Kudz Ze Kayah gold interests.
6)
Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin  silver interests as well as the non-operating Stratoni, Aljustrel, Minto, Pascua-Lama, Copper World, Navidad, Blackwater, Curipamba, Mineral Park and Kudz Ze Kayah silver interests.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [15]




Three Months Ended March 31, 2023
 
Units
Produced²
Units
Sold
Average
Realized
Price
($'s
Per Unit)
Average
Cash Cost
($'s Per
Unit) 3
Average
Depletion
($'s Per
Unit)
Sales
Net
Earnings
Cash Flow
From
Operations
Total
Assets
Gold
                                
Salobo
43,677
35,966
$
1,904
$
420
$
330
$
68,475
$
41,471
$
53,355
$
2,371,378
Sudbury 4
6,203
4,368
  
1,904
  
400
  
1,025
  
8,317
  
2,095
  
6,346
  
278,941
Constancia
6,905
6,579
  
1,904
  
416
  
316
  
12,526
  
7,710
  
9,788
  
93,506
San Dimas
10,754
10,651
  
1,904
  
624
  
260
  
20,279
  
10,865
  
13,629
  
153,101
Stillwater
1,960
2,094
  
1,904
  
334
  
510
  
3,987
  
2,220
  
3,288
  
214,783
Other 5
3,520
2,947
 
1,904
 
1,385
 
86
 
5,612
 
1,278
 
1,155
 
525,338
 
73,019
62,605
$
1,904
$
496
$
360
$
119,196
$
65,639
$
87,561
$
3,637,047
Silver
                                
Peñasquito
2,076
1,483
$
22.84
$
4.43
$
4.06
$
33,872
$
21,276
$
27,303
$
287,647
Antamina
872
814
  
22.84
  
4.55
  
7.06
  
18,594
  
9,142
  
14,888
  
539,623
Constancia
552
366
  
22.84
  
6.14
  
6.24
  
8,353
  
3,825
  
6,107
  
190,664
Other 6
1,634
1,086
 
22.87
 
5.96
 
2.53
 
24,859
 
15,637
 
20,047
 
450,412
 
5,134
3,749
$
22.85
$
5.07
$
4.48
$
85,678
$
49,880
$
68,345
$
1,468,346
Palladium
                                
Stillwater
3,705
2,946
$
1,607
$
294
$
408
$
4,735
$
2,666
$
3,870
$
225,609
Platinum
                                
Marathon
-
-
$
n.a.
$
n.a.
$
n.a.
$
-
$
-
$
-
$
9,440
Cobalt
                                
Voisey's Bay
124
323
$
15.04
$
3.30⁷
$
13.85
$
4,856
$
(684)
$
4,485
$
356,447
Operating results
 
 
 
 
 
 
 
$
214,465
$
117,501
$
164,261
$
5,696,889
Other
                            
General and administrative
                  
$
(10,099)
$
(13,836)
    
Share based compensation
                    
(7,397)
  
(16,675)
    
Donations and community investments
                    
(1,378)
  
(1,408)
    
Finance costs
                      
(1,378)
  
(1,070)
    
Other
                    
7,562
  
7,176
    
Income tax
 
 
 
 
 
 
 
 
 
 
 
6,580
 
(3,344)
 
 
Total other
 
 
 
 
 
 
 
 
$
(6,110)
$
(29,157)
$
1,208,590
 
 
 
 
 
 
 
 
 
 
 
$
111,391
$
135,104
$
6,905,479

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) on page 34 of this MD&A.
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)
Other gold interests are comprised of the operating Minto and Marmato gold interests as well as the non-operating 777, Copper World, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba and Goose gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.
6)
Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Minto, Cozamin and Marmato silver interests, the non-operating Loma de La Plata, Stratoni, Pascua-Lama, Copper World, Blackwater and Curipamba silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the second quarter of 2025.
7)
Cash cost per pound of cobalt sold during the first quarter of 2023 was net of a previously recorded inventory write-down of $1 million, resulting in a decrease of $3.18 per pound of cobalt sold.








WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [16]


Comparative Results of Operations on a GEO Basis

 
 
 
Q1 2024
 
 
Q1 2023
 
 
Change
 
Change
GEO Production 1, 2
 
 
       160,133
 
 
   134,730
 
 
     25,404
 
 18.9 %
GEO Sales 2
 
 
       143,184
 
  
   109,293
    
     33,891
  
 31.0 %
Average price per GEO sold 2
 
$
           2,073
 
$
       1,962
 
$
          111
 
 5.7 %
Revenue
 
$
       296,806
 
$
   214,465
 
$
     82,341
 
 38.4 %
Cost of sales, excluding depletion
 
$
         61,555
 
$
     51,964
  
$
     (9,591)
  
(18.5)%
Depletion
 
 
         63,676
 
 
     45,000
 
 
   (18,676)
 
(41.5)%
Cost of Sales
 
$
       125,231
 
$
     96,964
 
$
   (28,267)
 
(29.2)%
Gross Margin
 
$
       171,575
 
$
   117,501
  
$
     54,074
  
 46.0 %
General and administrative expenses
 
 
         10,464
 
  
     10,099
    
        (365)
  
(3.6)%
Share based compensation
 
 
           1,281
 
  
       7,397
    
       6,116
  
 82.7 %
Donations and community investments
 
 
           1,570
 
 
       1,378
 
 
        (192)
 
(13.9)%
Earnings from Operations
 
$
       158,260
 
$
     98,627
  
$
     59,633
  
 60.5 %
Other income (expense)
 
 
           7,196
 
 
       7,562
 
 
        (366)
 
(4.8)%
Earnings before finance costs and income taxes
 
$
       165,456
 
$
   106,189
  
$
     59,267
  
 55.8 %
Finance costs
 
 
           1,442
 
 
       1,378
 
 
          (64)
 
(4.6)%
Earnings before income taxes
 
$
       164,014
 
$
   104,811
  
$
     59,203
  
 56.5 %
Income tax recovery
 
 
               (27)
 
 
      (6,580)
 
 
     (6,553)
 
(99.6)%
Net earnings
 
$
       164,041
 
$
   111,391
 
$
     52,650
 
 47.3 %

1)
Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.
2)
GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2024.

GEO Production
For the three months ended March 31, 2024, attributable GEO production was 160,100 ounces, with the 25,400 ounce increase from the comparable period in 2023 being primarily attributable to the following factors:

 •
17,900 ounce or 41% increase from Salobo resulting from higher throughput, with production from the third concentrator line commencing at the end of 2022 and achieving the initial completion test of 32 Mtpa in Q4 2023. From a throughput perspective, the three 12 mtpa lines operated at approximately 82% of capacity during Q1-2024 as compared to approximately 54% during Q1-2023;

•
8,000 ounce or 60% increase from Constancia (comprised of 7,000 gold ounces and 88,000 silver ounces), primarily due to a significant increase in grades attributable to the mining of the high-grade zones of the Pampacancha deposit; and

•
6,500 ounce or 27% increase from Peñasquito (567,000 silver ounces) primarily due to higher grades; partially offset by

•
5,700 ounce or 26% decrease from the Other mines (comprised of 2,900 gold ounces and 247,000 silver ounces), primarily due to the closure of the Minto mine and the temporary suspension of attributable production from Aljustrel; and


•
3,200 ounce or 30% decrease from San Dimas, primarily due to lower throughput and grades.


WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [17]


Net Earnings
For the three months ended March 31, 2024, net earnings amounted to $164 million, with the $53 million increase relative to the comparable period of the prior year being attributable to the following factors:

Net earnings for the three months ended March 31, 2023
 
 
$
111,391
Variance in gross margin
        
Variance in revenue due to:
        
Payable gold production
$
36,268
    
Payable silver production
  
8,213
    
Payable palladium production
  
1,137
    
Payable cobalt production
 
1,623
 
 
Total payable production
    
$
47,241
Changes in inventory and PBND
      
18,749
Prices realized per ounce sold
 
 
 
16,351
Total increase to revenue
 
 
$
82,341
Variance in cost of sales due to:
        
GEO payable production volume
    
$
(22,228)
GEO payable production mix differences
      
5,669
Changes in inventory and PBND
      
(7,504)
Cash cost per ounce
      
(171)
Depletion per ounce
 
 
 
(4,033)
Total increase to cost of sales
 
 
$
(28,267)
Total increase to gross margin
 
 
$
54,074
Other variances
        
General and administrative expenses (see page 19)
      
(365)
Share based compensation (see page 20)
      
6,116
Donations and community investment (see page 20)
      
(192)
Other income / expense (see page 20)
      
(366)
Finance costs (see page 21)
      
(64)
Income taxes (see page 21)
 
 
 
(6,553)
Total increase in net earnings
    
$
52,650
Net earnings for the three months ended March 31, 2024
 
 
$
164,041



WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [18]


General and Administrative

 
Three Months Ended
March 31
(in thousands)
2024
2023
Corporate
 
  
Salaries and benefits
 $          3,964
 $          3,860
Depreciation
218
288
Professional fees
494
514
Business travel
284
341
Director fees
289
333
Business taxes
347
574
Audit and regulatory
879
832
Insurance
497
538
Other
1,283
1,064
General and administrative - corporate
 $          8,255
 $          8,344
Subsidiaries
 
  
Salaries and benefits
 $          1,401
 $          1,161
Depreciation
119
103
Professional fees
191
71
Business travel
71
53
Director fees
63
52
Business taxes
73
74
Insurance
17
16
Other
274
225
General and administrative - subsidiaries
 $          2,209
 $          1,755
Consolidated general and administrative
 $       10,464
 $       10,099

General and administrative expenses for the three months ended March 31, 2024 were consistent with 2023.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [19]


Share Based Compensation

 
Three Months Ended
March 31
(in thousands)
2024
2023
Equity settled share based compensation 1
 
  
Stock options
 $             674
 $             631
Restricted share units
924
911
Cash settled share based compensation
 
  
PSUs
(317)
5,855
Total share based compensation
 $          1,281
 $          7,397

1)
Equity settled share based compensation is a non-cash expense.

For the three months ended March 31, 2024, share based compensation decreased by $6 million relative to the comparable period in the previous year with the decrease being primarily due to differences in accrued costs associated with the Company’s performance share units (“PSUs”).

Donations and Community Investments

 
Three Months Ended
March 31
(in thousands)
2024
2023
Local donations and community investments 1
 $             689
 $             535
Partner donations and community investments 2
881
843
Total donations and community investments
 $          1,570
 $          1,378

1)
The Local Community Investment Program supports organizations in Vancouver and the Cayman Islands, where Wheaton’s offices are located.
2)
The Partner Community Investment Program supports the communities influenced by Mining Partners' operations.

Other Income (Expense)

 
Three Months Ended
March 31
  
(in thousands)
2024
2023
Interest income
 $          5,738
 $          6,931
Dividend income
700
217
Foreign exchange gain (loss)
575
273
Gain (loss) on fair value adjustment of share purchase warrants held
183
175
Other
-
(34)
Total other income (expense)
 $          7,196
 $          7,562

Interest Income
For the three months ended March 31, 2024, interest income decreased by $1 million, a result of the average cash balance during the period decreasing from approximately $667 million to approximately $434 million, partially offset by an increase in the rates of interest earned of approximately 1%.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [20]


Finance Costs

 
Three Months Ended
March 31
(in thousands)
2024
2023
Costs related to undrawn credit facilities
 $          1,338
 $          1,316
Interest expense - lease liabilities
74
17
Letter of guarantee
30
45
Total finance costs
 $          1,442
 $          1,378


Income Tax Expense (Recovery)

Income tax recognized in net earnings is comprised of the following:

 
Three Months Ended
March 31
(in thousands)
2024
2023
Current income tax expense (recovery)
 $               59
 $        (2,641)
Deferred income tax expense (recovery) related to:
 
  
Origination and reversal of temporary differences
 $             225
 $          1,361
Write down (reversal of write down) or recognition of prior period temporary differences
(311)
(5,300)
Total deferred income tax recovery
 $              (86)
 $        (3,939)
Total income tax expense (recovery) recognized in net earnings
 $              (27)
 $        (6,580)


For the three months ended March 31, 2023, the Company reflected a deferred tax recovery of $4 million in net earnings, which offsets a deferred tax expense in the statement of OCI of $4 million, resulting from an increase in unrealized gains on long-term investments in equity instruments. Additionally, for the three months ended March 31, 2023, the Company reflected a current tax recovery of $3 million, reflecting the loss for Canadian tax purposes in Q1-2023, with this loss partially reducing the previously estimated Canadian income tax expense associated with the disposition of the Keno Hill PMPA in Q3-2022.

The movement in current income taxes payable for the three months ended March 31, 2024 is as follows:

(in thousands)
Current Taxes (Payable) Receivable
Current taxes receivable - December 31, 2023
 $           5,935
Current income tax recovery - income statement
                  (59)
Income taxes paid
                  116
Foreign exchange adjustments
                (141)
Current taxes receivable - March 31, 2024
 $           5,851

Global Minimum Tax
The Company is within the scope of GMT under the OECD Pillar Two model rules (“Pillar Two”).  Subject to tax legislation enacting Pillar Two being passed in the jurisdictions where the Company and its subsidiaries operate, the group is liable to pay a top-up tax for any deficiency between the minimum tax rate of 15% and the effective tax rate per jurisdiction. The Canadian parent company, as well as its Luxembourg subsidiary (Silver Wheaton Luxembourg S.a.r.l., or “Silver Wheaton Luxembourg”) have an effective tax rate that exceeds 15% or are in a loss position. The group’s subsidiaries that operate in the Cayman Islands have an effective tax rate of 0%.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [21]


Jurisdictional updates are as follows:

Canada
On May 2, 2024, the Canadian Federal Government introduced the Federal budget bill, C-69, into parliament which contains the GMTA reflecting application of GMT to in-scope companies for fiscal years commencing on or after December 31, 2023. However, as at the date of this MD&A, the legislation related to the GMTA has not been enacted. If enacted as drafted, the proposed Canadian rules in the GMTA would apply to the income of the Company’s Cayman Island subsidiaries from January 1, 2024.

Luxembourg
Pillar Two legislation was enacted in Luxembourg on December 22, 2023. The rules are applicable from January 1, 2024. As discussed above, Silver Wheaton Luxembourg has an effective tax rate in excess of 15%. The Luxembourg Pillar Two legislation also contains an undertaxed profits rule which is effective January 1, 2025, that would allow Luxembourg to collect Pillar Two top-up taxes related to the Company’s subsidiaries operating in the Cayman Islands if the GMTA were not enacted in Canada. Given the Canadian government’s stated intent to enact the GMTA, the Company does not expect the Luxembourg Pillar Two legislation to have a material impact on the Company.

Cayman Islands
To date, the government of the Cayman Islands has indicated that they do not intend to enact Pillar Two Legislation.

The Company does not operate in any jurisdiction where Pillar Two legislation was effective as for the three months ended March 31, 2024. As a result, the Company has recorded no current tax expense associated with GMT, although the Cayman Islands subsidiaries had net earnings of $165 million with 15% of such amounting to $25 million. The Company will recognize the tax expense associated with GMT in its consolidated financial statements in the appropriate period relative to when the legislation is enacted.

Liquidity and Capital Resources1
As at March 31, 2024, the Company had cash and cash equivalents of $306 million (December 31, 2023 - $547 million) and no debt outstanding under its Revolving Facility (December 31, 2023 - $NIL).

In the opinion of management, the $306 million of cash and cash equivalents as at March 31, 2024, combined with the liquidity provided by the available credit under the $2 billion Revolving Facility and ongoing operating cash flows positions the Company well to fund all outstanding commitments, as detailed on pages 25 through 27 of this MD&A, as well as providing flexibility to acquire additional accretive mineral stream interests.



1 Statements made in this section contain forward-looking information with respect to funding outstanding commitments and continuing to acquire accretive mineral stream interests and readers are cautioned that actual outcomes may vary. Please see “Cautionary Note Regarding Forward-Looking Statements” for material risks, assumptions and important disclosure associated with this information.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [22]


A summary of the Company’s cash flow activity is as follows:

Three Months Ended March 31, 2024
Cash Flows From Operating Activities
During the three months ended March 31, 2024, the Company generated operating cash flows of $219 million, with the $84 million increase relative to the comparable period of the prior year being attributable to the following factors:

Operating cash inflow for the three months ended March 31, 2023
$
135,104
Variance attributable to revenue (see page 18):
$
82,341
Changes in accounts receivable
 
3,610
Total increase to cash inflows attributable to sales
$
85,951
Variance attributable to cost of sales, excluding depletion:
    
Sales volume
$
(16,682)
Sales mix differences
  
7,262
Cost per ounce
  
(171)
Changes in working capital, excluding accounts receivable
  
(692)
Total increase to cash outflows attributable to cost of sales
$
(10,283)
Total increase to net cash inflows attributable to gross margin
$
75,668
Other variances:
    
General and administrative
  
(2,122)
Donation and community investment
  
35
Share based compensation - PSUs
  
5,546
Finance costs
  
(55)
Income taxes
  
3,228
Other
 
1,976
Total increase to net cash inflows
$
84,276
Operating cash inflow for the three months ended March 31, 2024
$
219,380


Share Based Compensation – PSU Variance
The decrease to cash outflows relative to PSUs was due to a lower PSU payout in 2024 compared to 2023 resulting from a lower share price.

Cash Flows From Financing Activities
During the three months ended March 31, 2024, the Company had net cash inflows from financing activities of $4 million, as compared to $9 million for the comparable period of the previous year, with the major sources of cash flows being as follows:
 
Three Months Ended
March 31
(in thousands)
2024
2023
Share purchase options exercised
        3,816
        9,376
Lease payments
          (148)
          (202)
Cash generated from financing activities
 $     3,668
 $     9,174


WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [23]


Cash Flows From Investing Activities
During the three months ended March 31, 2024, the Company had net cash outflows from investing activities of $463 million, as compared to $41 million during the comparable period of the previous year, with the major uses of cash flow being as follows:
 
Three Months Ended
March 31
(in thousands)
2024
2023
Payments for the acquisition of new PMPAs 1:
 
  
Platreef PMPA
 $  (411,500)
 $                  -
Kudz Ze Kayah PMPA
        (38,500)
                     -
Curipamba PMPA
              (100)
                     -
Goose PMPA
                     -
        (31,250)
Panoro early deposit PMPA
                     -
              (750)
 
 $  (450,100)
 $     (32,000)
Acquisition of long-term equity investments
              (751)
          (8,144)
Payments for the acquisition of new royalty agreements:
 
  
DeLamar Royalty
          (4,875)
                     -
Mt Todd Royalty
          (7,000)
                     -
Other
              (770)
              (833)
Total cash (used for) generated from investing activities
 $  (463,496)
 $     (40,977)

1)
Excludes closing costs.


WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [24]


Contractual Obligations and Contingencies1

Mineral Stream Interests
The following tables summarize the Company’s commitments to make per-ounce or per pound cash payments for gold, silver, palladium, platinum and cobalt to which it has the contractual right pursuant to the PMPAs:

Per Ounce Cash Payment for Gold

Mineral Stream Interests
Attributable
Payable Production
to be Purchased
Per Ounce Cash
Payment 1
Term of
Agreement
Date of
Original
Contract
Constancia
 50%
$
420 ²
Life of Mine
8-Aug-12
Salobo
 75%
$
425
Life of Mine
28-Feb-13
Sudbury
 70%
$
400
20 years
28-Feb-13
San Dimas
 variable ³
$
631
Life of Mine
10-May-18
Stillwater
 100%
 
18% ⁴
Life of Mine
16-Jul-18
Marathon
 100% ⁵
 
18% ⁴
Life of Mine
26-Jan-22
Other
 
 
 
 
 
Minto
 100% ⁶
 
50% ⁶
Life of Mine
20-Nov-08
Copper World
 100%
$
450
Life of Mine
10-Feb-10
Marmato
 10.5% ⁵
 
18% ⁴
Life of Mine
5-Nov-20
Santo Domingo
 100% ⁵
 
18% ⁴
Life of Mine
24-Mar-21
Fenix
 6% ⁵
 
18% ⁴
Life of Mine
15-Nov-21
Blackwater
 8% ⁵
 
35%
Life of Mine
13-Dec-21
Curipamba
 50% ⁵
 
18% ⁴
Life of Mine
17-Jan-22
Goose
 2.78% ⁵
 
18% ⁴
Life of Mine
8-Feb-22
Cangrejos
 6.6% ⁵
 
18% ⁴
Life of Mine
16-May-23
Platreef
 62.5% ⁵
$
 100 ⁵
Life of Mine ⁵
7-Dec-21 ⁸
Curraghinalt
 3.05% ⁵
 
18% ⁴
Life of Mine
15-Nov-23
Kudz Ze Kayah
 6.875% ⁷
 
20%
Life of Mine
22-Dec-21 ⁸
Early Deposit
 
 
 
 
 
Toroparu
 10%
$
400
Life of Mine
11-Nov-13
Cotabambas
 25% ⁵
$
450
Life of Mine
21-Mar-16
Kutcho
 100%
 
20%
Life of Mine
14-Dec-17

1)
The production payment is measured as either a fixed amount per ounce of gold delivered, or as a percentage of the spot price of gold on the date of delivery. Contracts where the payment is a fixed amount per ounce of gold delivered are subject to an annual inflationary increase, with the exception of Sudbury. Additionally, should the prevailing market price for gold be lower than this fixed amount, the per ounce cash payment will be reduced to the prevailing market price, subject to an annual inflationary factor.
2)
Subject to an increase to $550 per ounce of gold after the initial 40-year term.
3)
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. Currently, the fixed gold to silver exchange ratio is 70:1.
4)
To be increased to 22% once the market value of all metals delivered to Wheaton, net of the per ounce cash payment, exceeds the initial upfront cash deposit.
5)
Under certain PMPAs, the Company’s attributable gold percentage will be reduced once certain thresholds are achieved:

a.
Marathon – reduced to 67% once the Company has received 150,000 ounces of gold.

b.
Marmato – reduced to 5.25% once Wheaton has received 310,000 ounces of gold.

c.
Santo Domingo – reduced to 67% once the Company has received 285,000 ounces of gold.

d.
Fenix – reduced to 4% once the Company has received 90,000 ounces of gold, with a further reduction to 3.5% once the Company has received 140,000 ounces.

e.
Blackwater – reduced to 4% once the Company has received 464,000 ounces of gold.

f.
Curipamba – reduced to 33% once the Company has received 145,000 ounces of gold.

g.
Goose – reduced to 1.44% once the Company has received 87,100 ounces of gold, with a further reduction to 1% once the Company has received 134,000 ounces.

h.
Cangrejos – reduced to 4.4% once the Company has received 700,000 ounces of gold.

i.
Platreef - reduced to 50% once the Company has received 218,750 ounces of gold, with a further reduction to 3.125% once the Company has received 428,300 ounces, at which point the per ounce cash payment increases to 80% of the spot price of gold. If certain thresholds are met, including if production through the Platreef project concentrator achieves 5.5 Mtpa, the 3.125% residual gold stream will terminate.

j.
Curraghinalt – reduced to 1.5% once the Company has received 125,000 ounces of gold.

k.
Cotabambas – reduced to 16.67% once the Company has received 90 million silver equivalent ounces.
6)
The Company is committed to acquire 100% of the first 30,000 ounces of gold produced per annum and 50% thereafter. On May 13, 2023, Minto Metals Corp., announced the suspension of operations at the Minto mine.
7)
Under the Kudz Ze Kayah PMPA, the Company will be entitled to purchase staged percentages of produced gold ranging from 6.875% to 7.375% until 330,000 ounces of gold are produced and delivered, thereafter reducing to a range of 5.625% to 6.125% until a further 59,800 ounces of gold are produced and delivered, further reducing to a range of 5% to 5.5% until a further 270,200 ounces of gold are produced and delivered for a total of 660,000 ounces of gold thereafter ranging between 6.25% and 6.75%.
8)
On February 27, 2024, the Company closed the Orion Purchase Agreement to acquire the Platreef and Kudz Ze Kayah PMPAs.


1 Statements made in this section contain forward-looking information and readers are cautioned that actual outcomes may vary. Please see “Cautionary Note Regarding Forward-Looking Statements” for material risks, assumptions and important disclosure associated with this information.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [25]


Per Ounce Cash Payment for Silver

Mineral Stream Interests
Attributable
Payable Production
to be Purchased
Per Ounce Cash
Payment 1
Term of
Agreement
Date of
Original
Contract
Peñasquito
 25%
$
4.50
Life of Mine
24-Jul-07
Constancia
 100%
$
6.20 ²
Life of Mine
8-Aug-12
Antamina
 33.75%
 
20%
Life of Mine
3-Nov-15
Other
 
 
 
 
 
Los Filos
 100%
$
4.68
25 years
15-Oct-04
Zinkgruvan
 100%
$
4.68
Life of Mine
8-Dec-04
Stratoni
 100%
$
11.54
Life of Mine
23-Apr-07
Neves-Corvo
 100%
$
4.46
50 years
5-Jun-07
Aljustrel
 100% ³
 
50%
50 years
5-Jun-07
Minto
 100% ⁴
$
4.39
Life of Mine
20-Nov-08
Pascua-Lama
 25%
$
3.90
Life of Mine
8-Sep-09
Copper World
 100%
$
3.90
Life of Mine
10-Feb-10
Loma de La Plata
 12.5%
$
4.00
Life of Mine
n/a ⁵
Marmato
 100% ⁶
 
18% ⁷
Life of Mine
5-Nov-20
Cozamin
 50% ⁶
 
10%
Life of Mine
11-Dec-20
Blackwater
 50% ⁶
 
18% ⁷
Life of Mine
13-Dec-21
Curipamba
 75%
 
18% ⁷
Life of Mine
17-Jan-22
Mineral Park
 100%
 
18% ⁷
Life of Mine
24-Oct-23
Kudz Ze Kayah
 6.875 ⁸
 
20%
Life of Mine
22-Dec-21 ⁹
Early Deposit
 
 
 
 
 
Toroparu
 50%
$
3.90
Life of Mine
11-Nov-13
Cotabambas
 100% ⁶
$
5.90
Life of Mine
21-Mar-16
Kutcho
 100%
 
20%
Life of Mine
14-Dec-17

1)
The production payment is measured as either a fixed amount per unit of silver delivered, or as a percentage of the spot price of silver on the date of delivery. Contracts where the payment is a fixed amount per ounce of silver delivered are subject to an annual inflationary increase, with the exception of Loma de La Plata. Additionally, should the prevailing market price for silver be lower than this fixed amount, the per ounce cash payment will be reduced to the prevailing market price, subject to an annual inflationary factor.
2)
Subject to an increase to $9.90 per ounce of silver after the initial 40-year term.
3)
Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine. On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the second quarter of 2025.
4)
On May 13, 2023, Minto Metals Corp. announced the suspension of operations at the Minto mine.
5)
Terms of the agreement not yet finalized.
6)
Under certain PMPAs, the Company’s attributable silver percentage will be reduced once certain thresholds are achieved:

a.
Marmato – reduced to 50% once the Company has received 2.15 million ounces of silver.

b.
Cozamin – reduced to 33% once the Company has received 10 million ounces of silver.

c.
Blackwater – reduced to 33% once the Company has received 17.8 million ounces of silver.

d.
Cotabambas – reduced to 66.67% once the Company has received 90 million silver equivalent ounces.
7)
To be increased to 22% once the total market value of all metals delivered to the Company, net of the per ounce cash payment, exceeds the initial upfront cash deposit.
8)
Under the Kudz Ze Kayah PMPA, the Company will be entitled to purchase: staged percentages of produced silver ranging from 6.875% to 7.375% until 43.30 million ounces of silver are produced and delivered, thereafter reducing to a range of 5.625% to 6.125% until a further 7.96 million ounces of silver are produced and delivered, further reducing to a range of 5% to 5.5% until a further 35.34 million ounces of silver are produced and delivered for a total of 86.6 million ounces of silver and thereafter ranging between 6.25% and 6.75%.
9)
On February 27, 2024, the Company closed the Orion Purchase Agreement to acquire the Platreef and Kudz Ze Kayah PMPAs.


WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [26]


Per Ounce Cash Payment for Palladium and Platinum and Per Pound for Cobalt

Mineral Stream Interests
Attributable
Payable Production
to be Purchased
Per Unit of
Measurement Cash
Payment 1
Term of
Agreement
Date of
Original
Contract
Palladium
 
 
 
 
 
Stillwater
 4.5% ²
 
18% ³
Life of Mine
16-Jul-18
Platreef
 5.25% ²
 
30% ²
Life of Mine ²
7-Dec-21 ⁴
Platinum
 
 
 
 
 
Marathon
 22% ²
 
18% ³
Life of Mine
26-Jan-22
Platreef
 5.25% ²
 
30% ²
Life of Mine ²
7-Dec-21 ⁴
Cobalt
 
 
 
 
 
Voisey's Bay
 42.4% ²
 
18% ³
Life of Mine
11-Jun-18

1)
The production payment is measured as either a fixed amount per unit of metal delivered, or as a percentage of the spot price of the underlying metal on the date of delivery.
2)
Under certain PMPAs, the Company’s attributable metal percentage will be reduced once certain thresholds are achieved:

a.
Stillwater – reduced to 2.25% once the Company has received 375,000 ounces of palladium, with a further reduction to 1% once the Company has received 550,000 ounces.

b.
Platreef – reduced to 3% once the Company has received 350,000 ounces of combined palladium and platinum, with a further reduction to 0.1% once the Company has received a combined 485,115 ounces, at which point the per ounce cash payment increases to 80% of the spot price of palladium and platinum. If certain thresholds are met, including if production through the Platreef project concentrator achieves 5.5 Mtpa, the 0.1% residual palladium and platinum stream will terminate.

c.
Marathon – reduced to 15% once the Company has received 120,000 ounces of platinum.

d.
Voisey’s Bay – reduced to 21.2% once the Company has received 31 million pounds of cobalt.
3)
To be increased to 22% once the market value of all metals delivered to Wheaton, net of the per unit cash payment, exceeds the initial upfront cash deposit.
4)
On February 27, 2024, the Company closed the Orion Purchase Agreement to acquire the Platreef and Kudz Ze Kayah PMPAs.

Other Contractual Obligations and Contingencies

   
Projected Payment Dates 1
      
(in thousands)
2024
2025 - 2026
2027 - 2028
After 2028
Total
Payments for mineral stream interests & royalty
                      
 
 
 
Salobo 2
$
163,000
  
$
-
  
$
16,000
  
$
64,000
 
 $
243,000
Copper World 3
  
-
    
231,150
    
-
    
-
 
 
231,150
Marmato
  
80,032
    
41,968
    
-
    
-
 
 
122,000
Santo Domingo
  
-
    
260,000
    
-
    
-
 
 
260,000
Fenix Gold
  
25,000
    
-
    
-
    
-
 
 
25,000
Curipamba
  
30,625
    
131,625
    
-
    
-
 
 
162,250
Marathon
  
-
    
147,601
    
-
    
-
 
 
147,601
Cangrejos
  
19,300
    
126,000
    
126,000
    
-
 
 
271,300
Curraghinalt
  
-
    
55,000
    
-
    
-
 
 
55,000
Loma de La Plata
  
-
    
-
    
-
    
32,400
 
 
32,400
Mineral Park
  
115,000
    
-
    
-
    
-
 
 
115,000
Kudz Ze Kayah
  
5,000
    
-
    
-
    
-
 
 
5,000
Mt Todd Royalty
  
10,000
    
-
    
-
    
-
 
 
10,000
DeLamar Royalty
  
4,875
    
-
    
-
    
-
 
 
4,875
Payments for early deposit mineral stream interest
                      
 
 
 
Cotabambas
  
-
    
-
    
-
    
126,000
 
 
126,000
Toroparu
  
-
    
-
    
-
    
138,000
 
 
138,000
Kutcho
  
-
    
-
    
29,000
    
29,000
 
 
58,000
Leases liabilities
 
663
 
 
1,182
 
 
1,306
 
 
4,655
 
 
7,806
Total contractual obligations
$
453,495
 
$
994,526
 
$
172,306
 
$
394,055
 
 $
2,014,382

1)
Projected payment date based on management estimate. Dates may be updated in the future as additional information is received.
2)
As more fully explained below, the expansion payment relative to the Salobo III expansion project is dependent on the timing and size of the throughput expansion.
3)
Figure includes contingent transaction costs of $1 million.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [27]



Salobo
The Salobo mine historically had a mill throughput capacity of 24 Mtpa and is currently ramping up to full capacity of 36 Mtpa, expected in the fourth quarter of 2024. On November 21, 2023, the Company and Vale jointly announced the successful completion of the throughput test for the first phase of the Salobo III expansion project, with the Salobo complex exceeding an average throughput of 32 Mtpa over a 90-day period. As a result, Wheaton paid Vale $370 million on December 1, 2023, representing the amount due for completion of the first phase of the Salobo III expansion project.
The remaining balance of the expansion payment is dependent on the timing of completion and will be triggered once Vale expands actual throughput above 35 Mtpa for a period of 90 days. If actual throughput is expanded above 35 Mtpa by January 1, 2031, Wheaton will be required to make additional payments to Vale based on the size of the expansion and the timing of completion. The set payments range from a total of $52 million if throughput is expanded beyond 35 Mtpa by January 1, 2031, to up to $163 million if throughput is expanded beyond 35 Mtpa by January 1, 2025.
In addition, Wheaton will be required to make annual payments of between $5.1 million to $8.5 million for a 10-year period following payment of the expansion payments if the Salobo mine implements a high-grade mine plan, with payments to be made for each year the high-grade plan is achieved.
Copper World Complex
The Company is committed to pay Hudbay total upfront cash payments of $230 million in two installments, with the first $50 million being advanced upon Hudbay’s receipt of permitting for the Copper World Complex and other customary conditions and the balance of $180 million being advanced once project costs incurred on the Copper World Complex exceed $98 million and certain other customary conditions. Under the Copper World Complex PMPA, the Company is permitted to elect to pay the deposit in cash or the delivery of common shares. Additionally, the Company will be entitled to certain delay payments, including where construction ceases in any material respect, or if completion is not achieved within agreed upon timelines.

Marmato
Under the terms of the Marmato PMPA, the Company is committed to pay Aris Mining additional upfront cash payments of $122 million, payable during the construction of the Marmato Lower Mine development portion of the Marmato mine, subject to customary conditions.

Santo Domingo
Under the terms of the Santo Domingo PMPA, the Company is committed to pay Capstone Copper Corp., (“Capstone”) additional upfront cash payments of $260 million, which is payable during the construction of the Santo Domingo project, subject to customary conditions being satisfied, including Capstone attaining sufficient financing to cover total expected capital expenditures.

Fenix
Under the terms of the Fenix PMPA, the Company is committed to pay Rio2 additional upfront cash payments of $25 million, payable subject to certain customary conditions.

Curipamba
Under the terms of the Curipamba PMPA, the Company is committed to pay additional upfront cash payments of $162.2 million, which includes $150,000 which will be paid to support certain local community development initiatives around the Curipamba Project. The payments will be payable in four staged installments during construction, subject to various customary conditions being satisfied.

Marathon
Under the terms of the Marathon PMPA, the Company is committed to pay additional upfront cash payments of $148 million (Cdn$200 million), which is to be paid in four staged installments during construction of the Marathon project, subject to various customary conditions being satisfied.

Cangrejos
Under the terms of the Cangrejos PMPA, which had a closing date of May 16, 2023, the Company is committed to pay additional upfront consideration of $271 million. Of this amount, $15 million is to be paid 12 months after the closing date, $4 million can be drawn upon for committed acquisition of surface rights and the remainder is to be paid in four staged equal installments during construction of the mine, subject to various customary conditions being satisfied.

Curraghinalt
Under the terms of the Curraghinalt PMPA, the Company is committed to pay additional upfront cash payments of $55 million to be paid to an affiliate of Dalradian Gold during construction of the Curraghinalt project.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [28]



Loma de La Plata
Under the terms of the Loma de La Plata PMPA, the Company is committed to pay Pan American Silver Corp., (“PAAS”) total upfront cash payments of $32 million following the satisfaction of certain conditions, including PAAS receiving all necessary permits to proceed with the mine construction and the Company finalizing the definitive terms of the PMPA.

Mineral Park
Under the terms of the Mineral Park PMPA, the Company is committed to pay total upfront cash payments of $115 million in four payments during construction through three installments of $25 million and a final installment of $40 million.

Kudz Ze Kayah
Under the terms of the Kudz Ze Kayah PMPA (“KZK”), an additional $5 million contingency payment is due to Orion if the KZK project achieves certain milestones.

Mt Todd Royalty
Under the terms of the royalty agreement with Vista, the Company is committed to pay additional upfront cash payment of $10 million to advance Mt. Todd and for general corporate purposes, with the payment being due in in June 2024 subject to the commencement of exploration drilling program of at least 6,000 meters and other customary conditions.

DeLamar Royalty
Under the terms of the royalty agreement with Integra, the Company is committed to pay additional upfront cash payment of $5 million to advance DeLamar project, with the payment being due in in July 2024 subject to customary conditions.

Cotabambas
Under the terms of the Cotabambas Early Deposit Agreement, the Company is committed to pay Panoro additional upfront cash payments of $126 million. Following the delivery of a bankable definitive feasibility study, environmental study and impact assessment, and other related documents (collectively, the "Cotabambas Feasibility Documentation"), and receipt of permits and construction commencing, the Company may then advance the remaining deposit or elect to terminate the Cotabambas Early Deposit Agreement. If the Company elects to terminate, the Company will be entitled to a return of the portion of the amounts advanced less $2 million payable upon certain triggering events occurring.

Toroparu
Under the terms of the Toroparu Early Deposit Agreement, the Company is committed to pay a subsidiary of Aris Mining an additional $138 million, payable on an installment basis to partially fund construction of the mine. Aris Mining is to deliver certain feasibility documentation. Prior to the delivery of this feasibility documentation, Wheaton may elect to (i) not proceed with the agreement or (ii) not pay the balance of the upfront consideration and reduce the gold stream percentage from 10% to 0.909% and the silver stream percentage from 50% to nil. If option (i) is chosen, Wheaton will be entitled to a return of the amounts advanced less $2 million. If Wheaton elects option (ii), Aris Mining may elect to terminate the agreement and Wheaton will be entitled to a return of the amount of the deposit already advanced less $2 million.

Kutcho
Under the terms of the Kutcho Early Deposit Agreement, the Company is committed to pay Kutcho additional upfront cash payments of $58 million, which will be advanced on an installment basis to partially fund construction of the mine once certain conditions have been satisfied.

Taxes - Canada Revenue Agency – 2013 to 2016 Taxation Years - Domestic Reassessments 1
The Company received Notices of Reassessment in 2018, 2019, and 2022 for the 2013 to 2016 taxation years in which the Canada Revenue Agency (“CRA”) is seeking to change the timing of the deduction of upfront payments with respect to the Company’s PMPAs relating to Canadian mining assets, so that the cost of precious metal acquired under these Canadian PMPAs is equal to the cash cost paid on delivery plus an amortized amount of the upfront payment determined on a units-of-production basis over the estimated recoverable reserves, and where applicable, resources and exploration potential at the respective mine (the “Domestic Reassessments”).

In total, the Company expects the Domestic Reassessments to have assessed tax, interest and other penalties of approximately $2 million.


1 The assessment by management of the expected impact of the Domestic Reassessments on the Company is “forward-looking information”. Please see “Cautionary Note Regarding Forward-Looking Statements” in the MD&A for material risks, assumptions and important disclosure associated with this information.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [29]



Management believes the Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, that the cost of the precious metal acquired under the Canadian PMPAs is equal to the market value while a deposit is outstanding, and the cash cost thereafter, is correct. The Company has filed Notices of Objection and paid 50% of the disputed amounts in order to challenge the Domestic Reassessments.

Tax Contingencies
Due to the size, complexity and nature of the Company’s operations, various legal and tax matters are outstanding from time to time, including audits and disputes.

Under the terms of the settlement with the CRA of the transfer pricing dispute relating to the 2005 to 2010 taxation years (the “CRA Settlement”), income earned outside of Canada by the Company’s foreign subsidiaries will not be subject to tax in Canada under transfer pricing rules.  The CRA Settlement principles apply to all taxation years after 2010 subject to there being no material change in facts or change in law or jurisprudence. The CRA is not restricted under the terms of the CRA Settlement from issuing reassessments on some basis other than transfer pricing which could result in some or all of the income of the Company’s foreign subsidiaries being subject to tax in Canada.

It is not known or determinable by the Company when any ongoing audits by CRA of international and domestic transactions will be completed, or whether reassessments will be issued, or the basis, quantum or timing of any such potential reassessments, and it is therefore not practicable for the Company to estimate the financial effect, if any, of any ongoing audits.

From time to time there may also be proposed legislative changes to law or outstanding legal actions that may have an impact on the current or prior periods, the outcome, applicability and impact of which is also not known or determinable by the Company.

General
By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events. If the Company is unable to resolve any of these matters favorably, there may be a material adverse impact on the Company’s financial performance, cash flows or results of operations. In the event that the Company’s estimate of the future resolution of any of the foregoing matters changes, the Company will recognize the effects of the change in its consolidated financial statements in the appropriate period relative to when such change occurs.

Share Capital
During the three months ended March 31, 2024, the Company received proceeds of $4 million from the exercise of 158,148 share purchase options at a weighted average exercise price of Cdn$33.20 per option. During the three months ended March 31, 2023, the Company received cash proceeds of $9 million from the exercise of 397,636 share purchase options at a weighted average exercise price of Cdn$31.17 per option.
During the three months ended March 31, 2024, the Company released 68,277 RSUs, as compared to 59,672 RSUs during the comparable period of the previous year.
The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares.

As of May 9, 2024, there were 453,316,077 outstanding common shares, 1,412,843 share purchase options and 337,136 restricted share units.

At the Market Equity Program
The Company has established an at-the-market equity program (the “ATM Program”) that allows the Company to issue up to $300 million worth of common shares from treasury (“Common Shares”) to the public from time to time at the Company’s discretion and subject to regulatory requirements. The ATM Program will be effective until the date that all Common Shares available for issue under the ATM Program have been issued or the ATM Program is terminated prior to such date by the Company or the agents.

Wheaton intends that the net proceeds from the ATM Program, if any, will be available as one potential source of funding for stream acquisitions and/or other general corporate purposes including the repayment of indebtedness. As at March 31, 2024 the Company has not issued any shares under the ATM program.

Financial Instruments
The Company owns equity interests in several companies as long-term investments (see page 11 of this MD&A) and therefore is inherently exposed to various risk factors including currency risk, market price risk and liquidity risk.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [30]


In order to mitigate the effect of short-term volatility in gold, silver and palladium prices, the Company will occasionally enter into forward contracts in relation to gold, silver and palladium deliveries that it is highly confident will occur within a given quarter. The Company does not hedge its long-term exposure to commodity prices. The Company has not used derivative financial instruments to manage the risks associated with its operations and therefore, in the normal course of business, it is inherently exposed to currency, interest rate and commodity price fluctuations.

New Accounting Standards Effective in 2024
Amendment to IAS 1- Presentation of Financial Statements
The amendments to IAS 1, clarify the presentation of liabilities. The classification of liabilities as current or non-current is based on contractual rights that are in existence at the end of the reporting period and is affected by expectations about whether an entity will exercise its right to defer settlement. A liability not due over the next twelve months is classified as non-current even if management intends or expects to settle the liability within twelve months. The amendment also introduces a definition of ‘settlement’ to make clear that settlement refers to the transfer of cash, equity instruments, other assets, or services to the counterparty. The amendment issued in October 2022 also clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. Covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. The amendments are effective for annual reporting periods beginning on or after January 1, 2024. The adoption of this amendment did not have a material impact on the Company’s financial statements.

Future Changes to Accounting Policies
IFRS 18 - Presentation and Disclosure in Financial Statements.
In April 2024, the IASB released IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 replaces IAS 1 Presentation of Financial Statements while carrying forward many of the requirements in IAS 1. IFRS 18 introduces new requirements to: i) present specified categories and defined subtotals in the statement of earnings, ii) provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements, iii) improve aggregation and disaggregation. Some of the requirements in IAS 1 are moved to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and IFRS 7 Financial Instruments: Disclosures. The IASB also made minor amendments to IAS 7 Statement of Cash Flows and IAS 33 Earnings per Share in connection with the new standard. IFRS 18 requires retrospective application with specific transition provisions. The Company is required to apply IFRS 18 for annual reporting periods beginning on or after January 1, 2027 with early adoption permitted. The Company is currently evaluating the impact of IFRS 18 on its financial statements.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [31]


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.

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.


 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
March 31
(in thousands, except for per share amounts)
 
2024
 
2023
Net earnings
 
$
164,041
  
$
111,391
Add back (deduct):
 
 
 
      
(Gain) loss on fair value adjustment of share purchase warrants held
 
 
(183)
    
(175)
Income tax (expense) recovery recognized in the Statement of OCI
 
 
(96)
    
(3,954)
Income tax recovery related to prior year disposal of Mineral Stream Interest
 
 
-
    
(2,672)
Other
 
 
(173)
 
 
(159)
Adjusted net earnings
 
$
163,589
 
$
104,431
Divided by:
 
 
 
      
Basic weighted average number of shares outstanding
 
 
453,094
    
452,370
Diluted weighted average number of shares outstanding
 
 
453,666
 
 
453,159
Equals:
 
 
 
      
Adjusted earnings per share - basic
 
$
0.361
  
$
0.231
Adjusted earnings per share - diluted
 
$
0.361
 
$
0.230


WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [32]



 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
March 31
(in thousands, except for per share amounts)
 
2024
 
2023
Cash generated by operating activities
 
$
219,380
 
$
135,104
Divided by:
 
 
 
      
Basic weighted average number of shares outstanding
 
 
453,094
    
452,370
Diluted weighted average number of shares outstanding
 
 
453,666
 
 
453,159
Equals:
 
 
 
      
Operating cash flow per share - basic
 
$
0.484
  
$
0.299
Operating cash flow per share - diluted
 
$
0.484
 
$
0.298
             

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [33]



 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
March 31
(in thousands, except for gold and palladium ounces sold and per unit amounts)
 
2024
 
2023
Cost of sales
 
$
125,231
  
$
96,964
Less:  depletion
 
 
(63,676)
 
 
(45,000)
Cash cost of sales
 
$
61,555
 
$
51,964
Cash cost of sales is comprised of:
 
 
 
      
Total cash cost of gold sold
 
$
40,362
  
$
31,035
Total cash cost of silver sold
 
 
19,411
    
18,997
Total cash cost of palladium sold
 
 
869
    
866
Total cash cost of cobalt sold 1
 
 
913
 
 
1,066
Total cash cost of sales
 
$
61,555
 
$
51,964
Divided by:
 
 
 
      
Total gold ounces sold
 
 
92,019
    
62,605
Total silver ounces sold
 
 
4,067
    
3,749
Total palladium ounces sold
 
 
4,774
    
2,946
Total cobalt pounds sold
 
 
309
 
 
323
Equals:
 
 
 
      
Average cash cost of gold (per ounce)
 
$
439
  
$
496
Average cash cost of silver (per ounce)
 
$
4.77
  
$
5.07
Average cash cost of palladium (per ounce)
 
$
182
  
$
294
Average cash cost of cobalt (per pound)
 
$
2.96
 
$
3.30


1)
Cash cost per pound of cobalt sold during the first quarter of 2023 was net of a previously recorded inventory write-down of $1 million, resulting in a decrease of $3.18 per pound of cobalt sold.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [34]



 iv.
Cash operating margin is calculated by adding back depletion to the gross margin. Cash operating margin on a per ounce or per pound basis is calculated by dividing the cash operating margin by the number of ounces or pounds sold during the period. The Company presents cash operating margin as management and certain investors use this information to evaluate the Company’s performance in comparison to other companies in the precious metal mining industry who present results on a similar basis as well as to evaluate the Company’s ability to generate cash flow.

The following table provides a reconciliation of cash operating margin.



 
Three Months Ended
March 31
(in thousands, except for gold and palladium ounces sold and per unit amounts)
 
2024
 
2023
Gross margin
 
$
171,575
  
$
117,501
Add back:  depletion
 
 
63,676
 
 
45,000
Cash operating margin
 
$
235,251
 
$
162,501
Cash operating margin is comprised of:
 
 
 
      
Total cash operating margin of gold sold
 
$
150,327
  
$
88,161
Total cash operating margin of silver sold
 
 
77,247
    
66,681
Total cash operating margin of palladium sold
 
 
3,808
    
3,869
Total cash operating margin of cobalt sold
 
 
3,869
 
 
3,790
Total cash operating margin
 
$
235,251
 
$
162,501
Divided by:
 
 
 
      
Total gold ounces sold
 
 
92,019
    
62,605
Total silver ounces sold
 
 
4,067
    
3,749
Total palladium ounces sold
 
 
4,774
    
2,946
Total cobalt pounds sold
 
 
309
 
 
323
Equals:
 
 
 
      
Cash operating margin per gold ounce sold
 
$
1,633
  
$
1,408
Cash operating margin per silver ounce sold
 
$
19.00
  
$
17.78
Cash operating margin per palladium ounce sold
 
$
798
  
$
1,313
Cash operating margin per cobalt pound sold
 
$
12.53
 
$
11.74










WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [35]


Subsequent Events
Declaration of Dividend
Under the Company’s dividend policy, the quarterly dividend is fixed at $0.155 per common share. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.

On May 9, 2024, the Board of Directors declared a dividend in the amount of $0.155 per common share, with this dividend being payable to shareholders of record on May 29, 2024 and is expected to be distributed on or about June 11, 2024. The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares based on the Average Market Price, as defined in the DRIP.

Controls and Procedures
Disclosure Controls and Procedures
Management is responsible for establishing and  maintaining adequate internal control over financial reporting and disclosure controls and procedures, as those terms are defined in National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings, for the Company.

Together, the internal control frameworks provide internal control over financial reporting and disclosure. Due to its inherent limitations, internal control over financial reporting and disclosure may not prevent or detect all misstatements. Further, the effectiveness of internal control is subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may change.

There were no changes in the Company’s internal controls over financial reporting during the three months ended March 31, 2024 that have materially affected, or are reasonably likely to materially affect, the internal controls over financial reporting.

Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, management will continue to monitor and evaluate the design and effectiveness of its internal control over financial reporting and disclosure controls and procedures, and may make modifications from time to time as considered necessary.

Limitation of Controls and Procedures
The Company’s management, including its Chief Executive Officer and Chief Financial Officer, believe that any disclosure controls and procedures or internal control over financial reporting, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, they cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented or detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent limitations in a cost effective control system, misstatements due to error or fraud may occur and not be detected.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [36]


Attributable Reserves and Resources
The following tables set forth the estimated Mineral Reserves and Mineral Resources (metals attributable to Wheaton only) for the mines relating to which the Company has PMPAs, adjusted where applicable to reflect the Company’s percentage entitlement to such metals, as of December 31, 2023, unless otherwise noted.

Mineral Reserves Attributable to Wheaton Precious Metals (1,2,3,8,39)

   
December 31, 2023 (6)
December 31, 2022
 
 
Proven
Probable
Proven & Probable
 
Proven & Probable
 
 
Tonnage
Grade
Contained
Tonnage
Grade
Contained
Tonnage
Grade
Contained
Process Recovery % (7)
Tonnage
Grade
Contained
Asset
Interest
Mt
g/t / %
Moz / Mlbs
Mt
g/t / %
Moz / Mlbs
Mt
g/t / %
Moz / Mlbs
Mt
g/t / %
Moz / Mlbs
Gold
  
 
 
 
      
 
 
 
  
 
 
 
Salobo (10)
75%
216.9
0.38
2.64
599.8
0.34
6.60
816.7
0.35
9.24
72%
834.3
0.35
9.48
Stillwater (13)
100%
10.9
0.36
0.13
49.5
0.37
0.59
60.4
0.37
0.72
69%
60.2
0.37
0.72
Constancia
50%
242.8
0.05
0.39
31.1
0.03
0.03
273.9
0.05
0.43
61%
246.1
0.06
0.47
Sudbury (11)
70%
8.2
0.40
0.11
20.2
0.22
0.14
28.4
0.27
0.25
75%
30.4
0.33
0.32
San Dimas (14)
25%
0.5
3.47
0.06
0.4
2.69
0.04
0.9
3.11
0.09
95%
1.1
3.32
0.12
Marmato (11,15)
10.5%
0.2
4.31
0.03
3.0
3.07
0.30
3.3
3.16
0.33
90%
3.3
3.16
0.33
Cangrejos (11,31)
6.6%
-
-
-
43.5
0.55
0.76
43.5
0.55
0.76
85%
-
-
-
Platreef (11,35)
62.5%
-
-
-
69.8
0.30
0.67
69.8
0.30
0.67
79%
-
-
-
Blackwater (11,27)
8%
23.4
0.74
0.56
0.7
0.80
0.02
24.1
0.74
0.57
91%
19.8
0.74
0.47
Santo Domingo (11,25)
100%
65.4
0.08
0.17
326.9
0.03
0.34
392.3
0.04
0.51
61%
392.3
0.04
0.51
Marathon (11,28)
100%
111.6
0.07
0.25
12.5
0.06
0.02
124.2
0.07
0.28
71%
124.2
0.07
0.28
Copper World Complex (21)
100%
319.4
0.03
0.27
65.7
0.02
0.04
385.1
0.02
0.31
60%
-
-
-
Curipamba (11,29)
50%
1.6
2.83
0.14
1.7
2.23
0.12
3.2
2.52
0.26
53%
3.2
2.52
0.26
Goose (11,30)
2.78%
0.2
5.54
0.04
0.3
6.29
0.06
0.5
5.97
0.10
93%
0.8
5.97
0.14
Kutcho (12)
100%
6.8
0.37
0.08
10.6
0.39
0.13
17.4
0.38
0.21
41%
17.4
0.38
0.21
Fenix (11,26)
6%
3.8
0.50
0.06
3.1
0.45
0.05
6.9
0.48
0.11
75%
6.9
0.49
0.11
Curraghinalt (11,33)
3.05%
0.0
9.14
0.001
0.4
6.43
0.08
0.4
6.45
0.08
94%
-
-
-
Mt Todd (11,36)
1%
0.7
0.84
0.02
1.7
0.75
0.04
2.4
0.77
0.06
92%
-
-
-
Kudz Ze Kayah (11,34)
7.27%
-
-
-
1.1
1.32
0.05
1.1
1.32
0.05
64%
-
-
-
DeLamar (37)
1.5%
0.2
0.46
0.002
1.2
0.39
0.02
1.4
0.40
0.02
72%
-
-
-
Total Gold
 
 
 
4.94
 
 
10.09
 
 
15.04
 
 
 
13.43
Silver
  
 
 
 
      
 
 
 
  
 
 
 
Peñasquito (10)
25%
30.9
37.9
37.7
41.8
30.1
40.5
72.8
33.4
78.2
80%
79.1
34.0
86.5
Constancia
100%
485.6
2.7
42.9
62.1
2.2
4.5
547.7
2.7
47.3
70%
492.1
3.0
47.4
Antamina (10,11,18)
33.75%
 
 
 
      
 
 
 
  
 
 
 
Copper
  
37.1
7.0
8.4
16.5
10.0
5.3
53.7
7.9
13.7
75%
63.6
7.4
15.1
Copper-Zinc
  
9.8
17.0
5.3
12.8
17.0
7.0
22.6
17.0
12.4
75%
31.7
14.1
14.4
Zinkgruvan
100%
 
 
 
      
 
 
 
  
 
 
 
Zinc
  
4.3
62.1
8.6
6.7
80.9
17.5
11.0
73.6
26.1
83%
9.3
68.9
20.6
Copper
  
1.3
34.5
1.4
0.2
38.8
0.2
1.4
35.0
1.6
70%
1.7
33.6
1.8
Neves-Corvo
100%
 
 
 
      
 
 
 
  
 
 
 
Copper
  
2.6
31.8
2.7
18.6
33.2
19.8
21.2
33.0
22.5
24%
21.2
33.2
22.6
Zinc
  
4.0
67.9
8.7
17.6
62.1
35.1
21.6
63.2
43.8
30%
22.3
62.9
45.1
Aljustrel (19)
100%
10.2
45.2
14.8
25.3
44.2
35.9
35.5
44.5
50.7
26%
35.5
44.5
50.7
Mineral Park
100%
42.4
2.6
3.5
141.3
2.4
11.1
183.7
2.5
14.6
61%
-
-
-
San Dimas (14)
25%
0.5
264.6
4.2
0.4
254.0
3.4
0.9
259.7
7.6
94%
1.1
272.8
9.5
Cozamin (11,20)
50%
 
 
 
      
 
 
 
  
 
 
 
Copper
  
-
-
-
3.9
42.9
5.4
3.9
42.9
5.4
86%
5.4
45.6
8.0
Zinc
  
-
-
-
0.5
50.9
0.9
0.5
50.9
0.9
60%
0.7
44.5
1.0
Los Filos
100%
21.7
5.0
3.5
96.5
7.1
22.1
118.2
6.7
25.6
10%
118.2
6.7
25.6
Marmato (11,15)
100%
2.1
16.4
1.1
28.1
5.3
4.8
30.2
6.1
5.9
34%
30.2
6.1
5.9
Copper World Complex (21)
100%
319.4
5.7
58.3
65.7
4.3
9.1
385.1
5.4
67.4
75.5%
516.6
4.6
76.7
Blackwater (11,27)
50%
161.9
5.8
30.1
4.6
5.8
0.9
166.5
5.8
31.0
61%
166.5
5.8
31.0
Kutcho (12)
100%
6.8
24.5
5.4
10.6
30.1
10.2
17.4
27.9
15.6
46%
17.4
27.9
15.6
Curipamba (11,29)
75%
2.4
41.4
3.1
2.5
49.7
4.0
4.9
45.7
7.1
63%
4.9
45.7
7.1
Kudz Ze Kayah (11,34)
7.21%
-
-
-
1.1
137.5
4.8
1.1
137.5
4.8
86%
-
-
-
DeLamar (37)
1.5%
0.2
23.3
0.1
1.2
16.5
0.6
1.4
17.3
0.8
37%
-
-
-
Total Silver
 
 
 
239.7
 
 
243.1
 
 
482.8
 
 
 
484.6
Palladium
  
 
 
 
      
 
 
 
  
 
 
 
Platreef (11,35)
5.25%
-
-
-
5.5
2.0
0.35
5.5
2.0
0.35
87%
-
-
-
Stillwater (11,13)
4.5%
0.3
10.5
0.10
1.3
10.6
0.45
1.6
10.6
0.55
90%
1.8
10.6
0.60
Total Palladium
 
 
 
0.10
 
 
0.80
 
 
0.90
 
 
 
0.60
Platinum
  
 
 
 
      
 
 
 
  
 
 
 
Platreef (11,35)
5.25%
-
-
-
5.5
1.9
0.34
5.5
1.9
0.34
87%
-
-
-
Marathon (11,28)
22%
25.3
0.2
0.16
2.8
0.1
0.01
28.1
0.2
0.18
76%
28.1
0.2
0.18
Total Platinum
 
 
 
0.16
 
 
0.35
 
 
0.52
 
 
 
0.18
Cobalt
  
 
 
 
      
 
 
 
  
 
 
 
Voisey's Bay (11,22)
42.4%
6.6
0.10
15.1
6.6
0.12
17.3
13.2
0.11
32.3
84%
13.0
0.12
33.2
Total Cobalt
 
 
 
15.1
 
 
17.3
 
 
32.3
 
 
 
33.2

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [37]

Mineral Resources Attributable to Wheaton Precious Metals (1,2,3,4,5,9,39)


   
December 31, 2023 (6)
 
 
Measured
Indicated
Measured & Indicated
Inferred
   
Tonnage
Grade
Contained
Tonnage
Grade
Contained
Tonnage
Grade
Contained
Tonnage
Grade
Contained
 
Interest
Mt
g/t / %
Moz / Mlbs
Mt
g/t / %
Moz / Mlbs
Mt
g/t / %
Moz / Mlbs
Mt
g/t / %
Moz / Mlbs
Gold
  
 
 
 
      
 
 
 
      
Salobo (10)
75%
16.8
0.17
0.09
396.8
0.24
3.01
413.6
0.23
3.10
204.0
0.29
1.87
Stillwater (13)
100%
21.1
0.30
0.21
19.3
0.26
0.16
40.4
0.28
0.36
113.8
0.33
1.22
Constancia
50%
39.2
0.04
0.05
46.6
0.04
0.06
85.8
0.04
0.11
18.5
0.07
0.04
Sudbury (11)
70%
2.9
1.20
0.11
2.6
0.47
0.04
5.4
0.85
0.15
2.0
0.44
0.03
San Dimas (14)
25%
0.2
5.94
0.03
0.1
2.24
0.01
0.3
4.20
0.04
1.0
3.67
0.12
Marmato (11,15)
10.5%
0.1
5.04
0.01
1.7
2.28
0.13
1.8
2.40
0.14
1.9
2.43
0.15
Minto (38)
100%
-
-
-
11.1
0.53
0.19
11.1
0.53
0.19
13.0
0.49
0.21
Cangrejos (11,31)
6.6%
-
-
-
20.6
0.38
0.25
20.6
0.38
0.25
13.0
0.39
0.16
Platreef (11,35)
62.5%
-
-
-
7.9
0.26
0.07
7.9
0.26
0.07
15.8
0.26
0.13
Blackwater (11,27)
8%
4.1
0.35
0.05
6.4
0.49
0.10
10.5
0.44
0.15
0.7
0.45
0.01
Toroparu (12,16)
10%
4.2
1.45
0.198
7.3
1.46
0.34
11.5
1.45
0.54
2.1
1.71
0.12
Santo Domingo (11,25)
100%
1.4
0.05
0.002
120.1
0.03
0.11
121.5
0.03
0.12
31.8
0.02
0.03
Marathon (11,28)
100%
30.2
0.07
0.06
39.6
0.06
0.08
69.8
0.06
0.14
19.1
0.04
0.03
Copper World Complex (21)
100%
424.0
0.02
0.30
191.0
0.02
0.10
615.0
0.02
0.40
192.0
0.01
0.08
Curipamba (11,29)
50%
-
-
-
1.2
1.63
0.06
1.2
1.63
0.06
0.4
1.62
0.02
Goose (11,30)
2.78%
0.0
4.94
0.004
0.1
5.18
0.01
0.1
5.13
0.02
0.1
6.64
0.03
Kutcho (12)
100%
0.4
0.20
0.003
5.0
0.38
0.06
5.4
0.37
0.06
12.9
0.25
0.10
Fenix (11,26)
6%
2.4
0.34
0.03
8.5
0.34
0.09
10.9
0.34
0.12
3.2
0.33
0.03
Cotabambas (12,23)
25%
-
-
-
126.8
0.20
0.82
126.8
0.20
0.82
105.9
0.17
0.57
Curraghinalt (11,33)
3.05%
-
-
-
-
-
-
-
-
-
0.2
12.24
0.07
Mt Todd (11,36)
1%
0.0
1.15
0.0001
0.1
1.50
0.01
0.1
1.49
0.01
0.4
0.77
0.01
Kudz Ze Kayah (11,34)
7.27%
-
-
-
0.2
1.64
0.01
0.2
1.64
0.01
0.0
1.18
0.002
Brewery Creek Royalty (24)
2%
0.3
1.06
0.01
0.5
1.02
0.02
0.8
1.03
0.03
1.0
0.88
0.03
Metates Royalty (17)
1%
0.2
0.86
0.004
4.5
0.56
0.08
4.6
0.57
0.08
0.7
0.47
0.01
Black Pine Royalty (32)
0.5%
-
-
-
1.0
0.49
0.02
1.0
0.49
0.02
0.1
0.42
0.002
DeLamar (37)
1.5%
0.1
0.27
0.001
1.0
0.21
0.01
1.0
0.21
0.01
0.4
0.25
0.003
Total Gold
 
 
 
1.16
 
 
5.83
 
 
6.99
 
 
5.07
Silver
  
 
 
 
      
 
 
 
      
Peñasquito (10)
25%
9.4
24.5
7.4
39.3
25.1
31.8
48.7
25.0
39.1
5.7
25.4
4.7
Constancia
100%
78.4
2.2
5.5
93.1
2.0
5.9
171.5
2.1
11.5
36.9
3.6
4.3
Antamina (10,11,18)
33.75%
 
 
 
      
 
 
 
      
Copper
  
61.8
8.0
15.9
99.0
9.0
28.6
160.8
8.6
44.5
192.2
9.0
55.6
Copper-Zinc
  
14.9
20.0
9.5
51.4
18.0
29.7
66.3
18.4
39.3
91.3
15.6
45.7
Zinkgruvan
100%
 
 
 
      
 
 
 
      
Zinc
  
3.5
61.4
6.9
4.2
63.5
8.6
7.7
62.5
15.5
15.7
91.3
46.1
Copper
  
1.9
33.4
2.0
0.3
12.2
0.1
2.2
30.6
2.1
0.2
28.9
0.2
Neves-Corvo
100%
 
 
 
      
 
 
 
      
Copper
  
5.1
48.5
8.0
28.9
50.4
46.9
34.0
50.2
54.8
14.0
28.3
12.8
Zinc
  
8.3
62.1
16.5
34.7
57.5
64.1
43.0
58.4
80.6
4.1
63.2
8.3
San Dimas (14)
25%
0.2
446.2
2.4
0.1
193.0
0.9
0.3
327.1
3.3
1.0
306.3
9.7
Aljustrel (19)
100%
7.4
56.6
13.4
10.3
45.5
15.1
17.7
50.2
28.5
12.2
40.8
16.0
Mineral Park
100%
22.6
2.1
1.5
261.5
2.0
16.9
284.1
2.0
18.4
341.2
1.5
16.2
Cozamin (11,20)
50%
 
 
 
      
 
 
 
      
Copper
  
0.2
53.8
0.3
3.3
40.7
4.3
3.5
41.4
4.6
2.2
41.8
3.0
Zinc
  
-
-
-
1.4
36.5
1.7
1.4
36.5
1.7
1.7
33.8
1.8
Marmato (11,15)
100%
0.7
25.3
0.6
16.3
6.0
3.1
17.0
6.8
3.7
17.8
3.2
1.8
Minto (38)
100%
-
-
-
11.1
4.7
1.7
11.1
4.7
1.7
13.0
4.5
1.9
Stratoni
100%
-
-
-
1.4
151.7
6.8
1.4
151.7
6.8
1.8
166.5
9.7
Copper World Complex (21)
100%
424.0
4.1
55.9
191.0
3.5
21.5
615.0
3.9
77.4
192.0
3.1
19.1
Blackwater (11,27)
50%
33.7
4.7
5.1
52.9
8.7
14.8
86.6
7.1
19.9
5.6
12.8
2.3
Kutcho (12)
100%
0.4
28.0
0.4
5.0
25.7
4.1
5.4
25.9
4.5
12.9
20.0
8.3
Curipamba (11,29)
75%
-
-
-
1.8
38.4
2.2
1.8
38.4
2.2
0.7
31.6
0.7
Pascua-Lama
25%
10.7
57.2
19.7
97.9
52.2
164.4
108.6
52.7
184.1
3.8
17.8
2.2
Loma de La Plata
12.5%
-
-
-
3.6
169.0
19.8
3.6
169.0
19.8
0.2
76.0
0.4
Toroparu (12,16)
50%
21.2
1.8
1.2
36.3
1.2
1.4
57.5
1.4
2.7
10.6
0.8
0.3
Cotabambas (12,23)
100.0%
-
-
-
507.3
2.4
39.5
507.3
2.4
39.5
423.6
2.5
34.5
Kudz Ze Kayah (11,34)
7.21%
-
-
-
0.2
186.4
1.4
0.2
186.4
1.4
0.0
143.4
0.2
Metates Royalty (17)
0.5%
0.2
18.2
0.1
4.5
14.2
2.0
4.6
14.3
2.1
0.7
13.2
0.3
DeLamar (37)
1.5%
0.1
12.9
0.03
1.0
10.0
0.3
1.0
10.2
0.3
0.4
8.4
0.1
Total Silver
 
 
 
172.4
 
 
537.7
 
 
710.0
 
 
306.1
Palladium
  
 
 
 
      
 
 
 
      
Platreef (11,35)
5.25%
-
-
-
0.3
1.5
0.01
0.3
1.5
0.01
0.5
1.5
0.02
Stillwater (11,13)
4.5%
0.21
9.0
0.06
0.2
7.2
0.04
0.4
8.1
0.11
1.1
9.3
0.34
Total Palladium
 
 
 
0.06
 
 
0.06
 
 
0.12
 
 
0.36
Platinum
  
 
 
 
      
 
 
 
      
Platreef (11,35)
5.25%
-
-
-
0.3
1.5
0.01
0.3
1.5
0.01
0.5
1.4
0.02
Marathon (11,28)
22%
7.14
0.2
0.04
9.4
0.1
0.04
16.5
0.1
0.08
4.3
0.1
0.01
Total Platinum
 
 
 
0.04
 
 
0.05
 
 
0.09
 
 
0.04
Cobalt
  
 
 
 
      
 
 
 
      
Voisey's Bay (11,22)
42.4%
0.5
0.06
0.6
0.4
0.07
0.6
0.9
0.06
1.2
2.7
0.12
7.2
Total Cobalt
 
 
 
0.6
 
 
0.6
 
 
1.2
 
 
7.2

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [38]


Notes on Mineral Reserves & Mineral Resources:
1.
All Mineral Reserves and Mineral Resources have been estimated in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards for Mineral Resources and Mineral Reserves and National Instrument 43-101 – Standards for Disclosure for Mineral Projects (“NI 43-101”), or the 2012 Australasian Joint Ore Reserves Committee (JORC) Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.
2.
Mineral Reserves and Mineral Resources are reported above in millions of metric tonnes (“Mt”), grams per metric tonne (“g/t”) for gold, silver, palladium and platinum, percent (“%”) for cobalt, millions of ounces (“Moz”) for gold, silver, palladium and platinum and millions of pounds (“Mlbs”) for cobalt.
3.
Qualified persons (“QPs”), as defined by the NI 43-101, for the technical information contained in this document (including the Mineral Reserve and Mineral Resource estimates) are:
Neil Burns, M.Sc., P.Geo. (Vice President, Technical Services); and
a.
Ryan Ulansky, M.A.Sc., P.Eng. (Vice President, Engineering),
 
b.
both employees of the Company (the “Company’s QPs”).
4.
The Mineral Resources reported in the above tables are exclusive of Mineral Reserves.  The Aljustrel mines, Blackwater project, Cangrejos project, Cozamin mine, Curipamba project, Curraghinalt project, Fenix project, Goose project, Kudz Ze Kayah project, Kutcho project, Marathon project, Neves-Corvo mine, Platreef project, San Dimas mine, Santo Domingo project and Zinkgruvan mine report Mineral Resources inclusive of Mineral Reserves.  The Company’s QPs have made the exclusive Mineral Resource estimates for these mines based on average mine recoveries and dilution.
5.
Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
6.
Other than as detailed below, Mineral Reserves and Mineral Resources are reported as of December 31, 2023 based on information available to the Company as of the date of this document, and therefore will not reflect updates, if any, after such date.

a.
Mineral Resources for Aljustrel’s Feitais mine are reported as of July 2022, Moinho & St João mines as of June 2022 and the Estação project as of July 2018.  Mineral Reserves for the Feitais, Moinho and St João mines are reported as of December 2021 and the Estação project as of April 2022.

b.
Mineral Resources for the Black Pine project are reported as of February 15, 2024.

c.
Mineral Resources for the Blackwater project are reported as of May 5, 2020 and Mineral Reserves as of September 10, 2021.

d.
Mineral Resources for the Brewery Creek project are reported as of May 31, 2020.

e.
Mineral Resources for the Cangrejos project are reported as of January 30, 2023 and Mineral Reserves as of March 30, 2023.

f.
Mineral Resources and Mineral Reserves for the Copper World Complex project are reported as of July 1, 2023.

g.
Mineral Resources for the Cotabambas project are reported as of November 20, 2023.

h.
Mineral Resources for the Curipamba project are reported as of October 26, 2021 and Mineral Reserves as of October 22, 2021.

i.
Mineral Resources for the Curraghinalt project are reported as of May 10, 2018 and Mineral Reserves as of February 25, 2022.

j.
Mineral Resources for the DeLamar project are reported as of August 25, 2023 and Mineral Reserves as of January 24, 2022.

k.
Mineral Resources and Mineral Reserves for the Fenix project are reported as of October 16, 2023.

l.
Mineral Resources for the Goose project are reported as of December 31, 2020 and Mineral Reserves as of January 15, 2021.

m.
Mineral Resources for the Kudz Ze Kayah project are reported as of May 31, 2017 and Mineral Reserves as of June 30, 2019.

n.
Mineral Resources for the Kutcho project are reported as of July 30, 2021 and Mineral Reserves are reported as of November 8, 2021.

o.
Mineral Resources for the Loma de La Plata project are reported as of May 20, 2009.

p.
Mineral Resources and Mineral Reserves for the Los Filos mine are reported as of June 30, 2022.

q.
Mineral Resources and Mineral Reserves for the Marathon project are reported as of December 31, 2022.

r.
Mineral Resources and Mineral Reserves for the Marmato mine are reported as of June 30, 2022.

s.
Mineral Resources for the Metates royalty are reported as of January 28, 2023.

t.
Mineral Resources for the Mineral Park project are reported as of October 30, 2021 and Mineral Reserves as of September 29, 2023.

u.
Mineral Resources for the Minto mine are reported as of March 31, 2021.

v.
Mineral Resources for the Platreef project are reported as of January 28, 2022 and Mineral Reserves as of January 26, 2022.

w.
Mineral Resources for the Santo Domingo project are reported as of February 13, 2020 and Mineral Reserves as of November 14, 2018.

x.
Mineral Resources and Mineral Reserves for the Stratoni mine are reported as of September 30, 2023.

y.
Mineral Resources for the Toroparu project are reported as of February 10, 2023.
7.
Process recoveries are the Company’s estimated average percentage of gold, silver, palladium, platinum, or cobalt in a saleable product (doré or concentrate) recovered from mined ore at the applicable site process plants.
8.
Mineral Reserves are estimated using appropriate process and mine recovery rates, dilution, operating costs and the following commodity prices:

a.
Aljustrel mine – 3.0% zinc cut-off for the Feitais, Moinho and St João mines and the Estação project.

b.
Antamina mine - $6,000 per hour of mill operation cut-off assuming $3.50 per pound copper, $1.10 per pound zinc, $11.10 per pound molybdenum and $21.50 per ounce silver.

c.
Blackwater project – NSR cut-off of Cdn$13.00 per tonne assuming $1,400 per ounce gold and $15.00 per ounce silver.

d.
Cangrejos project - declining NSR cut-offs of between $23.00 and $7.76 per tonne assuming $1,500 per ounce gold, $3.00 per pound copper and $18.00 per ounce silver.

e.
Constancia mine – NSR cut-off of $6.40 per tonne for Constancia and $7.30 per tonne for Pampacancha assuming $1,700 per ounce gold, $23.00 per ounce silver, $4.00 per pound copper and $12.00 per pound molybdenum.

f.
Copper World Complex project – $3.75 per pound copper, $12.00 per pound molybdenum, $22.00 per ounce silver and $1,650 per ounce gold.

g.
Cozamin mine - NSR cut-off of $60.54 per tonne for long-hole and $65.55 per tonne for cut and fill assuming $3.55 per pound copper, $20.00 per ounce silver, $0.90 per pound lead and $1.15 per pound zinc.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [39]



 h.
Curraghinalt project - 3.0 grams per tonne gold cut-off assuming $1,200 per ounce gold.

i.
Curipamba project - NSR cut-off of $32.99 per tonne assuming $1,630 per ounce gold, $21.00 per ounce silver, $3.31 per pound copper, $0.92 per pound lead and $1.16 per pound zinc.

j.
DeLamar project – NSR cut-offs of $3.55 and $3.65 per tonne for Florida Mountain and DeLamar oxide leach and $4.20 and $4.65 per tonne for Florida Mountain and DeLamar mixed leach, all assuming $1,650 per ounce gold and $21.00 per ounce silver.

k.
Fenix project – 0.235 grams per tonne gold cut-off assuming $1.650 per ounce gold.

l.
Goose project:

i.
Umwelt – 1.72 grams per tonne gold cut-off for open pit and 3.9 grams per tonne for underground.

ii.
Llama – 1.74 grams per tonne gold cut-off for open pit and 4.1 grams per tonne for underground.

iii.
Goose Main – 1.70 grams per tonne gold cut-off for open pit and 4.1 grams per tonne for underground.

iv.
Echo – 1.60 grams per tonne gold cut-off for open pit and 3.5 grams per tonne for underground.

m.
Kudz Ze Kayah project - NSR cut-off of Cdn$29.30 per tonne for open pit and Cdn$173.23 per tonne for underground assuming $1,310 per ounce gold, $18.42 per ounce silver, $3.08 per pound copper, $0.94 per pound lead and $1.10 per pound zinc.

n.
Kutcho project – NSR cut-offs of Cdn$38.40 per tonne for oxide ore and Cdn$55.00 per tonne for sulfide for the open pit and Cdn$129.45 per tonne for the underground assuming $3.50 per pound copper, $1.15 per pound zinc, $20.00 per ounce silver and $1,600 per ounce gold.

o.
Los Filos mine – Variable breakeven cut-offs for the open pits depending on process destination and metallurgical recoveries and NSR cut-offs of $65.80 - $96.60 per tonne for the underground mines, assuming $1,450 per ounce gold and $18.00 per ounce silver.

p.
Marathon project - NSR cut-off of Cdn$16.00 per tonne assuming $1,500 per ounce palladium, $1,000 per ounce platinum, $3.50 per pound copper, $1,600 per ounce gold and $20.00 per ounce silver.

q.
Marmato mine – 2.05 grams per tonne gold cut-off for the Upper Mine and 1.62 grams per tonne gold cut-off for the Lower Mine, all assuming $1,500 per ounce gold.

r.
Mineral Park project - NSR cut-off of $10.50 per tonne assuming $2.81 per pound copper, $14.25 per pound molybdenum and $16.13 per ounce silver.

s.
Mt Todd project – 0.35 grams per tonne gold cut-off for the Batman deposit and zero cut-off for the Heap Leach, assuming $1,600 per ounce gold.

t.
Neves-Corvo mine – NSR cut-offs ranging from EUR 49 to 82 per tonne depending on area and mining method for both the copper and zinc Mineral Reserves assuming $3.65 per pound copper, $0.90 per pound lead and $1.15 per pound zinc.

u.
Peñasquito mine - $1,400 per ounce gold, $20.00 per ounce silver, $1.00 per pound lead and $1.20 per pound zinc.

v.
Platreef project - declining NSR cut-offs of between $155 and $80 per tonne assuming $1,600 per ounce platinum, $815 per ounce palladium, $1,300 per ounce gold, $1,500 per ounce rhodium, $8.90 per pound nickel and $3.00 per pound copper.

w.
Salobo mine – 0.25% copper equivalent cut-off assuming $1,525 per ounce gold and $3.52 per pound copper.

x.
San Dimas mine – $1,850 per ounce gold and $22.50 per ounce silver.

y.
Santo Domingo project - variable throughput rates and cut-offs assuming $3.00 per pound copper, $1,290 per ounce gold and $100 per tonne iron.

z.
Stillwater mines - combined platinum and palladium cut-off of 6.86 grams per tonne for Stillwater and East Boulder sub-level extraction and 1.71 grams per tonne for Ramp & Fill at East Boulder assuming $1,500 per ounce 2E PGM prices.

aa.
Sudbury mines - $1,450 per ounce gold, $8.16 per pound nickel, $3.40 per pound copper, $1,200 per ounce platinum, $1,400 per ounce palladium and $22.68 per pound cobalt.

bb.
Voisey’s Bay mines – NSR cut-offs of Cdn$28.00 per tonne for Discovery Hill Open Pit, Cdn$230 to $250 per tonne for Reid Brook and Cdn$210 to $250 per tonne for Eastern Deeps all assuming $3.40 per pound copper, $8.16 per pound nickel and $22.68 per pound cobalt.

cc.
Zinkgruvan mine – NSR cut-offs ranging from SEK 950 to 1,100 per tonne depending on area and mining method for both the copper and zinc Mineral Reserves assuming $3.65 per pound copper and $0.90 per pound lead and $1.15 per pound zinc.
9.
Mineral Resources are estimated using appropriate recovery rates and the following commodity prices:

a.
Aljustrel mine – 3.0% zinc cut-off for Feitais, Moinho and St João mines and the Estação project.

b.
Antamina mine - $6,000 per hour of mill operation cut-off for the open pit and $53.80 per tonne NSR cut-off for the undergound, both assuming $3.50 per pound copper, $1.30 per pound zinc, $13.30 per pound molybdenum and $24.60 per ounce silver.

c.
Black Pine – 0.2 grams per tonne gold cut-off assuming $1,800 per ounce gold.

d.
Blackwater project – 0.2 grams per tonne gold equivalent cut-off assuming $1,400 per ounce gold and $15.00 per ounce silver.

e.
Brewery Creek project – 0.37 grams per tonne gold cut-off assuming $1,500 per ounce gold.

f.
Cangrejos project - 0.25 grams per tonne gold equivalent cut-off assuming $1,600 per ounce gold, $3.50 per pound copper, $11.00 per pound molybdenum and $21.00 per ounce silver.

g.
Constancia mine – NSR cut-off of $6.40 per tonne for open pit and 0.65% copper cut-off for underground, both assuming $1,700 per ounce gold, $23.00 per ounce silver, $4.00 per pound copper and $12.00 per pound molybdenum.

h.
Copper World Complex project – 0.1% copper cut-off and an oxidation ratio of lower than 50%, assuming $3.75 per pound copper, $12.00 per pound molybdenum, $22.00 per ounce silver, and $1,650 per ounce gold.

i.
Cotabambas project – 0.15% copper equivalent cut-off assuming $1,850 per ounce gold, $23.00 per ounce silver, $4.25 per pound copper and $20.00 per pound molybdenum.

j.
Cozamin mine – NSR cut-off of $59.00 per tonne assuming $3.75 per pound copper, $22.00 per ounce silver, $1.00 per pound lead and $1.35 per pound zinc.

k.
Curraghinalt project – 5.0 grams per tonne gold cut-off assuming $1,200 per ounce gold.

l.
Curipamba project - NSR cut-off of $29.00 per tonne for the open pit and $105 per tonne for the underground assuming $1,800 per ounce gold, $24.00 per ounce silver, $4.00 per pound copper, $1.05 per pound lead and $1.30 per pound zinc.

m.
DeLamar project – 0.17 grams per tonne gold equivalent cut-off for oxide leach and mixed leach and 0.1 grams per tonne gold equivalent cut-off for stockpile, all assuming $1,800 per ounce gold and $21.00 per ounce silver
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [40]




 n.
Fenix project – 0.15 grams per tonne gold cut-off assuming $1,800 per ounce gold.

o.
Goose project - 1.4 grams per tonne gold cut-off for open pit and 3.0 grams per tonne for underground for all deposits, assuming a gold price of $1,550 per ounce.

p.
Kudz Ze Kayah project – NSR cut-off of Cdn$25 per tonne for open pit and Cdn$95 per tonne for underground assuming $1,300 per ounce gold, $20.00 per ounce silver, $3.50 per pound copper, $1.05 per pound lead and $1.50 per pound zinc.

q.
Kutcho project – 0.45% copper equivalent cut-off for the Main open pit and underground copper equivalent cut-offs of 1.05%, 0.95% and 1.05% for Main, Esso and Sumac respectively, all assuming $3.50 per pound copper, $1.15 per pound zinc, $20.00 per ounce silver and $1,600 per ounce gold.

r.
Loma de La Plata project – 50 grams per tonne silver equivalent cut-off assuming $12.50 per ounce silver and $0.50 per pound lead.

s.
Los Filos mine – 0.2 grams per tonne gold cut-off for the open pits, 1.71 grams per tonne gold cut-off for Los Filos South underground, 2.05 grams per tonne gold cut-off for Los Filos North underground and 2.71 grams per tonne gold cut-off for Bermejal underground, all assuming $1,550 per ounce gold and $18.00 per ounce silver.

t.
Marathon project – NSR cut-off of Cdn$15.00 per tonne for the Marathon project assuming $1,800 per ounce palladium, $1,000 per ounce platinum, $3.50 per pound copper, $1,600 per ounce gold and $20.00 per ounce silver.  NSR cut-off of Cdn$13.00 per tonne for the Sally and Geordie projects assuming $1,600 per ounce palladium, $900 per ounce platinum, $3.00 per pound copper, $1,500 per ounce gold and $18.00 per ounce silver.

u.
Marmato mine – 1.8 grams per tonne gold cut-off for the Upper Mine and 1.3 grams per tonne gold cut-off for the Lower Mine, all assuming $1,700 per ounce gold.

v.
Metates royalty – 0.26 grams per tonne gold equivalent cut-off assuming $1,600 per ounce gold and $20.00 per ounce silver.

w.
Mineral Park project - 0.15 percent copper equivalent cut-off assuming $3.45 per pound copper, $10.00 per pound molybdenum and $23.00 per ounce silver.

x.
Minto mine – NSR cut-off of Cdn$35.00 per tonne for open pit and Cdn$70 per tonne for underground, assuming $1,500 per ounce gold, $18.00 per ounce silver and $3.10 per pound copper.

y.
Mt Todd project – 0.4 grams per tonne gold cut-off for the Batman and Quigleys deposits and zero cut-off for Heap Leach, assuming $1,300 per ounce gold.

z.
Neves-Corvo mine – 1.0% copper cut-off for the copper Mineral Resource and 4.5% zinc cut-off for the zinc Mineral Resource, both assuming $4.20 per pound copper, $0.90 per pound lead and $1.15 per pound zinc.

aa.
Pascua-Lama project – $1,700 per ounce gold, $21.00 per ounce silver and $3.75 per pound copper.

bb.
Peñasquito mine - $1,600 per ounce gold, $23.00 per ounce silver, $1.20 per pound lead and $1.45 per pound zinc.

cc.
Platreef project - 2.0 grams per tonne 3PE + Au (platinum, palladium, rhodium and gold) cut-off.

dd.
Salobo mine – 0.25% copper equivalent cut-off assuming $1,525 per ounce gold and $3.52 per pound copper.

ee.
San Dimas mine – 215 grams per tonne silver equivalent cut-off assuming $2,000 per ounce gold and $24.50 per ounce silver.

ff.
Santo Domingo project - 0.125% copper equivalent cut-off assuming $3.50 per pound copper, $1,300 per ounce gold and $99 per tonne iron.

gg.
Stillwater mines – combined platinum and palladium cut-off of 3.77 grams per tonne for Stillwater, 6.86 grams per tonne for East Boulder sub-level extraction and 1.71 grams per tonne for East Boulder Ramp & Fill assuming $1,500 per ounce 2E PGM prices.

hh.
Stratoni mine – NSR cut-off of $200 per tonne assuming $2.75 per pound copper, $0.91 per pound lead, $1.04 per pound zinc and $17.00 per ounce silver.

ii.
Sudbury mines - $1,200 to $1,373 per ounce gold, $6.07 to $8.16 per pound nickel, $2.38 to $3.18 per pound copper, $1,150 to $1,225 per ounce platinum, $750 to $1,093 per ounce palladium and $12.47 to $20.41 per pound cobalt.

jj.
Toroparu project – 0.50 grams per tonne gold cut-off for open pit and 1.5 grams per tonne for underground assuming $1,650 per ounce gold.

kk.
Voisey’s Bay mines – NSR cut-off of Cdn$28 per tonne for Discovery Hill Open Pit and Cdn$250 per tonne for Reid Brook and Discovery Hill Underground, all assuming $3.40 per pound copper, $8.16 per pound nickel and $22.68 per pound cobalt.

ll.
Zinkgruvan mine – NSR cut-offs ranging from SEK 740 to 920 per tonne depending on area and mining method for the zinc Mineral Resources and NSR cut-offs ranging from SEK 800 to 830 per tonne for the copper Mineral Resources assuming $4.20 per pound copper and $0.90 per pound lead and $1.15 per pound zinc.
10.
The scientific and technical information in these tables regarding the Antamina, Peñasquito and Salobo mines was sourced by the Company from the following filed documents:

a.
Antamina – Teck Resources Annual Information Form filed on SEDAR on February 23, 2024.

b.
Peñasquito – Newmont’s December 31, 2023 Resources and Reserves press release dated February 22, 2024 and

c.
Salobo – Vale has filed a technical report summary for the Salobo Mine, which is available on Edgar at https://www.sec.gov/Archives/edgar/data/0000917851/000110465922040322/tm2210823d1_6k.htm.
The Company QP’s have approved this partner disclosed scientific and technical information in respect of the Company’s Mineral Resource and Mineral Reserve estimates for the Antamina mine, Peñasquito mine and Salobo mine.
11.
The Company’s attributable Mineral Resources and Mineral Reserves for the Antamina silver interest, Cozamin silver interest, Marmato gold and silver interests, Santo Domingo gold interest, Blackwater gold and silver interests, Marathon gold and platinum interests, Sudbury gold interest, Fenix gold interest, Goose gold interest, Curipamba gold and silver interests, Stillwater palladium interest, Cangrejos gold interest, Curraghinalt gold interest, Kudz Ze Kayah gold and silver interests, Platreef gold, palladium and platinum interests, Mt Todd royalty and Voisey’s Bay cobalt interest have been constrained to the production expected for the various contracts.
12.
The Company has the option in the Early Deposit agreements, to terminate the agreement following the delivery of a feasibility study or if feasibility study has not been delivered within a required time frame.
13.
The Stillwater PMPA provides that effective July 1, 2018, Sibanye-Stillwater will deliver 100% of the gold production for the life of the mines and 4.5% of palladium production until 375,000 ounces are delivered, 2.25% of palladium production until a further 175,000 ounces are delivered and 1.0% of the palladium production thereafter for the life of the mines.  Attributable palladium Mineral Reserves and Mineral Resources have been calculated based upon the 4.5% / 2.25% / 1.0% production entitlements.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [41]


The Stillwater mine has been in operation since 1986 and the East Boulder mine since 2002.  Individual grades for platinum, palladium, gold and rhodium are estimated using ratios applied to the combined platinum plus palladium grades based upon average historic production results provided to the Company as of the date of this document.  As such, the Attributable Mineral Resource and Mineral Reserve palladium and gold grades for the Stillwater mines have been estimated using the following ratios:

 a.
Stillwater mine: Pd = (Pt + Pd) / (1/3.51 + 1) and Au = (Pd + Pt) x 0.0238

b.
East Boulder mine: Pd = (Pt + Pd) / (1/3.60 + 1) and Au = (Pd + Pt) x 0.0323
14.
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.
15.
The Marmato PMPA provides that Aris Gold Corp will deliver 10.5% of the gold production until 310,000 ounces are delivered and 5.25% of gold production thereafter, as well as 100% of the silver production until 2.15 million ounces are delivered and 50% of silver production thereafter.  Attributable reserves and resources have been calculated on the 10.5% / 5.25% basis for gold and 100% / 50% basis for silver.
16.
Under the Company’s Toroparu Early Deposit Agreement, the Company will be entitled to purchase 10% of the gold production and 50% of the silver production from the Toroparu project for the life of mine.
17.
The Company’s Metates Royalty entitles the Company to a 0.5% net smelter return royalty.
18.
The Antamina PMPA provides that Glencore will deliver silver equal to 33.75% of the silver production until 140 million ounces are delivered and 22.5% of silver production thereafter.  Attributable reserves and resources have been calculated on the 33.75% / 22.5% basis.
19.
The Company only has the rights to silver contained in concentrates containing less than 15% copper at the Aljustrel mine.
20.
The new Cozamin PMPA provides that Capstone will deliver silver equal to 50% of the silver production until 10 million ounces are delivered and 33% thereafter for the life of the mine.  Attributable reserves and resources have been calculated on the 50% / 33% basis.
21.
The Copper World Complex Mineral Resources and Mineral Reserves do not include the  Leach material.
22.
The Voisey’s Bay PMPA provides that Vale will deliver 42.4% of the cobalt production until 31 million pounds are delivered to the Company and 21.2% of cobalt production thereafter, for the life of the mine.  Attributable reserves and resources have been calculated on the 42.4% / 21.2% basis.
23.
Under the Cotabambas Early Deposit Agreement, the Company will be entitled to purchase 100% of the silver production and 25% of the gold production from the Cotabambas project until 90 million silver equivalent ounces have been delivered, at which point the stream will drop to 66.67% of silver production and 16.67% of gold production for the life of mine.
24.
Under the Brewery Creek Royalty, the Company will be entitled to a 2.0% net smelter return royalty for the first 600,000 ounces of gold produced from the Brewery Creek project, above which the NSR will increase to 2.75%.  Victoria Gold has the right to repurchase 0.625% of the increased NSR by paying the Company Cdn$2.0 million.  Attributable resources have been calculated on the 2.0% / 2.75% basis.
25.
The Santo Domingo PMPA provides that Capstone will deliver gold equal to 100% of the gold production until 285,000 ounces are delivered and 67% thereafter for the life of the mine.  Attributable reserves and resources have been calculated on the 100% / 67% basis.
26.
The Fenix PMPA provides that Rio2 will deliver gold equal to 6% of the gold production until 90,000 ounces are delivered, then 4% of the gold production until 140,000 ounces are delivered and 3.5% thereafter for the life of the mine.  Attributable reserves and resources have been calculated on this 6% / 4% / 3.5% basis.
27.
The Blackwater Silver and Blackwater Gold PMPAs provide that Artemis will deliver respectively silver and gold equal to (i) 50% of the payable silver production until 17.8 million ounces are delivered and 33% thereafter for the life of the mine, and (ii) 8% of the payable gold production until 464,000 ounces are delivered and 4% thereafter for the life of the mine.  Attributable reserves and resources have been calculated on the 50% / 33% basis for silver and 8% / 4% basis for gold.
28.
The Marathon PMPA provides that Gen Mining will deliver 100% of the gold production until 150,000 ounces are delivered and 67% thereafter for the life of the mine and 22% of the platinum production until 120,000 ounces are delivered and 15% thereafter for the life of the mine.  Attributable reserves and resources have been calculated on the 100% / 67% basis for gold and 22% / 15% basis for platinum.
29.
The Curipamba PMPA provides that Adventus will deliver silver and gold equal to 75% of the silver production until 4.6 million ounces are delivered and 50% thereafter for the life of the mine and 50% of the gold production until 150,000 ounces are delivered and 33% thereafter for the life of the mine.  Attributable reserves and resources have been calculated on the 75% / 50% basis for silver and 50% / 33% basis for gold.
30.
In connection with Sabina’s exercise of its option to repurchase 33% of the Goose gold stream on a change in control,  the gold delivery obligations under the Goose PMPA with Sabina, a subsidiary of B2Gold, were reduced so that Sabina will deliver gold equal to 2.78% of the gold production until 87,100 ounces are delivered, then 1.44% until 134,000 ounces are delivered and 1.0% thereafter for the life of the mine.  Attributable reserves and resources have been calculated on the 2.78% / 1.44% / 1.0% basis.
31.
The Cangrejos PMPA provides that Lumina will deliver gold equal to 6.6% of the gold production until 0.7 million ounces are delivered and 4.4% thereafter for the life of the mine.  Attributable reserves and resources have been calculated on the 6.6% / 4.4% basis.
32.
The Black Pine Royalty provides that the Company will be entitled to a 0.5% net smelter return.  Attributable resources have been calculated on the 0.5% basis.
33.
The Curraghinalt PMPA provides that Dalradian will deliver gold equal to 3.05% of the payable gold production until 125,000 ounces of gold are delivered and 1.5% thereafter for the life of the mine.  Attributable gold reserves and resources have been calculated on the 3.05% / 1.5% basis.
34.
The Kudz Ze Kayah PMPA provides that BMC will deliver gold and silver equal to 7.375% of the metal contained in concentrates until 24,338 ounces of gold and 3,193,375 ounces of silver are delivered, then 6.125% until 28,000 ounces of gold and 3,680,803 ounces of silver are delivered, then 5.5% until 42,861 ounces of gold and 5,624,613 ounces of silver are delivered and 6.75% thereafter for the life of the mine.   Attributable gold and silver reserves and resources have been calculated on the 7.375% / 6.125% / 5.5% / 6.75% basis.
35.
The Platreef Gold PMPA provides that Ivanhoe will deliver gold equal to 62.5% of the payable gold production until 218,750 ounces of gold are delivered and 50% until 428,300 ounces of gold are delivered, then 3.125% thereafter for a tail period which will terminate on certain conditions being met. The Platreef Palladium and Platinum PMPA provides that Ivanhoe will deliver 5.25% of the platinum and palladium until 350,000 ounces are delivered and 3.0% until 485,115 ounces are delivered, then 0.1% for a tail period which will terminate on certain conditions being met.  Attributable gold reserves and resources have been calculated on the 62.5% / 50% / 3.125% basis and attributable platinum and palladium on the 5.25% / 3.0% / 0.1% basis.

36.
The Mt Todd Royalty provides that the Company will be entitled to 1.0% of gross revenue until 3.47 million ounces of gold are delivered to an offtaker, then 0.667% of gross revenue for the life of the mine.  Attributable gold reserves and resources have been calculated on the 1.0% / 0.667% basis.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [42]



37.
The DeLamar Royalty provides that the Company will be entitled to a 1.5% net smelter return.  Attributable resources and reserves have been calculated on the 1.5% basis.
38.
On May 13, 2023, Minto announced the suspension of operations at the Minto mine.
39.
Precious metals and cobalt are by-product metals at all of the Mining Operations, other than gold at the Marmato mine, Toroparu project, Fenix project, Goose project, Blackwater project, Black Pine project, Curraghinalt project, Mt Todd project and DeLamar project, silver at the Loma de La Plata zone of the Navidad project and palladium at the Stillwater mines and Platreef project, and therefore, the economic cut off applied to the reporting of precious metals and cobalt reserves and resources will be influenced by changes in the commodity prices of other metals at the mines.
Statements made in this section contain forward-looking information. Please see “Cautionary Note Regarding Forward-Looking Statements” for material risks, assumptions and important disclosure associated with this information.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [43]


Cautionary Note Regarding Forward-Looking Statements

The information contained herein 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. 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 Mining Operations;

•
the payment of upfront cash consideration to counterparties under PMPAs, the satisfaction of each party's obligations in accordance with PMPAs and the receipt by the Company of precious metals and cobalt production 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, including any acceleration of payments;

•
the costs of future production;

•
the estimation of produced but not yet delivered ounces;

•
the future sales of Common Shares under, the amount of net proceeds from, and the use of the net proceeds from, the ATM Program;

•
continued listing of the Common Shares on the LSE, NYSE and TSX;

•
any statements as to future dividends;

•
the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs;

•
projected increases to Wheaton's production and cash flow profile;

•
projected changes to Wheaton’s production mix;

•
the ability of Wheaton’s PMPA counterparties to comply with the terms of any other obligations under agreements with the Company;

•
the ability to sell precious metals and cobalt production;

•
confidence in the Company’s business structure;

•
the Company's assessment of taxes payable, including the implementation of a 15% global minimum tax, and the impact of the CRA Settlement;

•
possible CRA domestic audits for taxation years subsequent to 2016 and international audits;

•
the Company’s assessment of the impact of any tax reassessments;

•
the Company’s intention to file future tax returns in a manner consistent with the CRA Settlement;

•
the Company’s climate change and environmental commitments; and

•
assessments of the impact and resolution of various legal and tax matters, including but not limited to audits.

Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “projects”, “intends”, “anticipates” or “does not anticipate”, or “believes”, “potential”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:

 •
risks associated with fluctuations in the price of commodities (including Wheaton’s ability to sell its precious metals or cobalt production at acceptable prices or at all);

•
risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with exploration, development, operating, expansion and improvement at the Mining Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as Mining Operations plans continue to be refined);

•
absence of control over the Mining Operations and having to rely on the accuracy of the public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations as the basis for its analyses, forecasts and assessments relating to its own business;

•
risks related to the uncertainty in the accuracy of mineral reserve and mineral resource estimation;
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [44]



 •
risks related to the satisfaction of each party’s obligations in accordance with the terms of the Company’s PMPAs, including the ability of the companies with which the Company has PMPAs to perform their obligations under those PMPAs in the event of a material adverse effect on the results of operations, financial condition, cash flows or business of such companies, any acceleration of payments, estimated throughput and exploration potential;

•
risks relating to production estimates from Mining Operations, including anticipated timing of the commencement of production by certain Mining Operations;

•
Wheaton’s interpretation of, or compliance with, or application of, tax laws and regulations or accounting policies and rules, being found to be incorrect or the tax impact to the Company’s business operations being materially different than currently contemplated;

•
any challenge or reassessment by the CRA of the Company’s tax filings being successful and the potential negative impact to the Company’s previous and future tax filings;

•
risks in assessing the impact of the CRA Settlement (including whether there will be any material change in the Company's facts or change in law or jurisprudence);

•
risks related to any potential amendments to Canada’s transfer pricing rules under the Income Tax Act (Canada) that may result from the Department of Finance’s consultation paper released June 6, 2023;

•
risks relating to the implementation of a 15% global minimum tax, including the Federal budget bill, C-69, which contains the GMTA reflecting application of global minimum tax to in-scope companies for fiscal years beginning on or after December 31, 2023 and the legislation enacted in Luxembourg that applies to the income of the Company’s Luxembourg subsidiary as of January 1, 2024 and the Company and its other subsidiaries from January 1, 2025;

•
counterparty credit and liquidity risks;

•
mine operator and counterparty concentration risks;

•
indebtedness and guarantees risks;

•
hedging risk;

•
competition in the streaming industry risk;

•
risks relating to security over underlying assets;

•
risks relating to third-party PMPAs;

•
risks relating to revenue from royalty interests;

•
risks related to Wheaton’s acquisition strategy;

•
risks relating to third-party rights under PMPAs;

•
risks relating to future financings and security issuances;

•
risks relating to unknown defects and impairments;

•
risks related to governmental regulations;

•
risks related to international operations of Wheaton and the Mining Operations;

•
risks relating to exploration, development, operating, expansions and improvements at the Mining Operations;

•
risks related to environmental regulations;

•
the ability of Wheaton and the Mining Operations to obtain and maintain necessary licenses, permits, approvals and rulings;

•
the ability of Wheaton and the Mining Operations to comply with applicable laws, regulations and permitting requirements;

•
lack of suitable supplies, infrastructure and employees to support the Mining Operations;

•
risks related to underinsured Mining Operations;

•
inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by certain Mining Operations (including increases in production, estimated grades and recoveries);

•
uncertainties related to title and indigenous rights with respect to the mineral properties of the Mining Operations;

•
the ability of Wheaton and the Mining Operations to obtain adequate financing;

•
the ability of the Mining Operations to complete permitting, construction, development and expansion;

•
challenges related to global financial conditions;

•
risks associated with environmental, social and governance matters;

•
risks related to fluctuations in commodity prices of metals produced from the Mining Operations other than precious metals or cobalt;

•
risks related to claims and legal proceedings against Wheaton or the Mining Operations;

•
risks related to the market price of the Common Shares of Wheaton;

•
the ability of Wheaton and the Mining Operations to retain key management employees or procure the services of skilled and experienced personnel;

•
risks related to interest rates;

•
risks related to the declaration, timing and payment of dividends;

•
risks related to access to confidential information regarding Mining Operations;
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [45]



 •
risks associated with multiple listings of the Common Shares on the LSE, NYSE and TSX;

•
risks associated with a possible suspension of trading of Common Shares;

•
risks associated with the sale of Common Shares under the ATM Program, including the amount of any net proceeds from such offering of Common Shares and the use of any such proceeds;

•
equity price risks related to Wheaton’s holding of long‑term investments in other companies;

•
risks relating to activist shareholders;

•
risks relating to reputational damage;

•
risks relating to expression of views by industry analysts;

•
risks related to the impacts of climate change and the transition to a low-carbon economy;

•
risks associated with the ability to achieve climate change and environmental commitments at Wheaton and at the Mining Operations;

•
risks related to ensuring the security and safety of information systems, including cyber security risks;

•
risks relating to generative artificial intelligence;

•
risks relating to compliance with anti-corruption and anti-bribery laws;

•
risks relating to corporate governance and public disclosure compliance;

•
risks of significant impacts on Wheaton or the Mining Operations as a result of an epidemic or pandemic;

•
risks related to the adequacy of internal control over financial reporting;

•
other risks discussed in the section entitled “Description of the Business – Risk Factors” in Wheaton’s most recent Annual Information Form available on SEDAR+ at www.sedarplus.ca, and in Wheaton’s Form 40-F and Form 6-Ks, all on file with the U.S. Securities and Exchange Commission in Washington, D.C. and available on EDGAR (the "Disclosure”).

Forward-looking statements are based on assumptions management currently believes to be reasonable, including but not limited to:

 •
that there will be no material adverse change in the market price of commodities;

•
that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates;

•
that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate;

•
that public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations is accurate and complete;

•
that the production estimates from Mining Operations are accurate;

•
that each party will satisfy their obligations in accordance with the PMPAs;

•
that Wheaton will continue to be able to fund or obtain funding for outstanding commitments;

•
that Wheaton will be able to source and obtain accretive PMPAs;

•
that the terms and conditions of a PMPA are sufficient to recover liabilities owed to the Company;

•
that Wheaton has fully considered the value and impact of any third-party interests in PMPAs;

•
that expectations regarding the resolution of legal and tax matters will be achieved (including CRA audits involving the Company);

•
that Wheaton has properly considered the application of Canadian tax laws to its structure and operations;

•
that Wheaton has filed its tax returns and paid applicable taxes in compliance with Canadian tax laws;

•
that Wheaton's application of the CRA Settlement is accurate (including the Company's assessment that there has been no material change in the Company's facts or change in law or jurisprudence);

•
that Wheaton’s assessment of the tax exposure and impact on the Company and its subsidiaries of the implementation of a 15% global minimum tax is accurate;

•
that any sale of Common Shares under the ATM Program will not have a significant impact on the market price of the Common Shares and that the net proceeds of sales of Common Shares, if any, will be used as anticipated;

•
that the trading of the Common Shares will not be adversely affected by the differences in liquidity, settlement and clearing systems as a result of multiple listings of the Common Shares on the LSE, the TSX and the NYSE;

•
that the trading of the Company’s Common Shares will not be suspended;

•
the estimate of the recoverable amount for any PMPA with an indicator of impairment;

•
that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic or pandemic; and

•
such other assumptions and factors as set out in the Disclosure.

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. 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
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [46]


that they will have the expected consequences to, or effects on, Wheaton. Accordingly, 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 investors 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. Wheaton does not undertake to update any forward-looking statements that are included or incorporated by reference herein, except in accordance with applicable securities laws.

Cautionary Language Regarding Reserves And Resources

For further information on Mineral Reserves and Mineral Resources and on Wheaton more generally, readers should refer to Wheaton’s Annual Information Form for the year ended December 31, 2023 and other continuous disclosure documents filed by Wheaton since January 1, 2024, available on SEDAR+ at www.sedarplus.ca. Wheaton’s Mineral Reserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources:

The information contained herein has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms defined in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Definition Standards"). NI 43-101 differs significantly from the disclosure requirements of the SEC generally applicable to U.S. companies. For example, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards of the SEC generally applicable to U.S. companies. Accordingly, information contained herein that describes Wheaton’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. United States investors are urged to consider closely the disclosure in Wheaton’s Form 40-F, a copy of which may be obtained from Wheaton or from http://www.sec.gov/edgar.html.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [47]



CORPORATE
INFORMATION

 
CANADA – HEAD OFFICE 
WHEATON PRECIOUS METALS CORP.  
Suite 3500 
1021 West Hastings Street 
Vancouver, BC V6E 0C3
Canada 
T: 1 604 684 9648

F: 1 604 684 3123

CAYMAN ISLANDS OFFICE 
Wheaton Precious Metals International Ltd.
Suite 300, 94 Solaris Avenue 
Camana Bay
P.O. Box 1791 GT, Grand Cayman 
Cayman Islands KY1-1109 

STOCK EXCHANGE LISTING
Toronto Stock Exchange: WPM

New York Stock Exchange: WPM
London Stock Exchange: WPM 

DIRECTORS 
GEORGE BRACK, Chair 
JAIMIE DONOVAN                                                                         
PETER GILLIN
CHANTAL GOSSELIN
JEANE HULL
GLENN IVES
CHARLES JEANNES
MARILYN SCHONBERNER
RANDY SMALLWOOD

OFFICERS
RANDY SMALLWOOD
President & Chief Executive Officer

CURT BERNARDI
Senior Vice President,
Legal & Strategic Development

GARY BROWN
Senior Vice President
& Chief Financial Officer

HAYTHAM HODALY
Senior Vice President,
Corporate Development
 
TRANSFER AGENT
TSX Trust Company
301 – 100 Adelaide Street West
Toronto, Ontario M5H 4H1

Toll-free in Canada and the United States:
1 800 387 0825

Outside of Canada and the United States:
1 416 682 3860

E: shareholderinquiries@tmx.com

AUDITORS
Deloitte LLP
Vancouver, Canada

INVESTOR RELATIONS

EMMA MURRAY
Vice President, Investor Relations
T:  1 604 684 9648 TF: 1 844 288 9878
E:  info@wheatonpm.com





Wheaton Precious Metals is a trademark of Wheaton Precious Metals Corp. in Canada, the United States and certain other jurisdictions.





EX99.3




Condensed Interim Consolidated Statements of Earnings

   
Three Months Ended
March 31
(US dollars and shares in thousands, except per share amounts - unaudited)
Note
2024
2023
Sales
6
$
296,806
$
214,465
Cost of sales
  
 
 
    
Cost of sales, excluding depletion
  
$
61,555
$
51,964
Depletion
 
 
63,676
 
45,000
Total cost of sales
 
$
125,231
$
96,964
Gross margin
 
$
171,575
$
117,501
General and administrative expenses
7
 
10,464
  
10,099
Share based compensation
8
 
1,281
  
7,397
Donations and community investments
9
 
1,570
 
1,378
Earnings from operations
  
$
158,260
$
98,627
Other income (expense)
10
 
7,196
 
7,562
Earnings before finance costs and income taxes
  
$
165,456
$
106,189
Finance costs
16.3
 
1,442
 
1,378
Earnings before income taxes
  
$
164,014
$
104,811
Income tax recovery
22
 
(27)
 
(6,580)
Net earnings
 
$
164,041
$
111,391
Basic earnings per share
  
$
0.362
$
0.246
Diluted earnings per share
  
$
0.362
$
0.246
Weighted average number of shares outstanding
  
 
 
    
Basic
20
 
453,094
  
452,370
Diluted
20
 
453,666
 
453,159




The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [2]



Condensed Interim Consolidated Statements of Comprehensive Income

   
Three Months Ended
March 31
(US dollars in thousands - unaudited)
Note
2024
2023
Net earnings
 
$
164,041
$
111,391
Other comprehensive income
  
 
 
    
Items that will not be reclassified to net earnings
  
 
 
    
(Loss) gain on LTIs¹
15
$
(5,470)
$
44,654
Income tax expense related to LTIs
22
 
96
 
3,954
Total other comprehensive (loss) income
 
$
(5,566)
$
40,700
Total comprehensive income
 
$
158,475
$
152,091


1)
LTIs = long-term investments – common shares held.















































The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [3]




Condensed Interim Consolidated Balance Sheets

 
Note
As at
March 31
As at
December 31
(US dollars in thousands - unaudited)
2024
2023
Assets
  
 
 
    
Current assets
  
 
 
    
Cash and cash equivalents
21
$
306,109
$
546,527
Accounts receivable
11
 
5,514
  
10,078
Cobalt inventory
  
 
-
  
1,372
Income taxes receivable
22
 
5,851
  
5,935
Other
23
 
3,374
 
3,499
Total current assets
 
$
320,848
$
567,411
Non-current assets
  
 
 
    
Mineral stream interests
12
$
6,510,767
$
6,122,441
Early deposit mineral stream interests
13
 
47,094
  
47,093
Mineral royalty interests
14
 
25,448
  
13,454
Long-term equity investments
15
 
246,652
  
246,678
Property, plant and equipment
  
 
7,996
  
7,638
Other
24
 
21,650
 
26,470
Total non-current assets
 
$
6,859,607
$
6,463,774
Total assets
 
$
7,180,455
$
7,031,185
Liabilities
  
 
 
    
Current liabilities
  
 
 
    
Accounts payable and accrued liabilities
  
$
10,918
$
13,458
Dividends payable
17.2
 
70,261
  
-
Current portion of performance share units
19.1
 
6,261
  
12,013
Current portion of lease liabilities
16.2
 
518
 
604
Total current liabilities
 
$
87,958
$
26,075
Non-current liabilities
  
 
 
    
Performance share units
19.1
$
2,991
$
9,113
Lease liabilities
16.2
 
5,423
  
5,625
Deferred income taxes
22
 
242
  
232
Pension liability
 
 
4,646
 
4,624
Total non-current liabilities
 
$
13,302
$
19,594
Total liabilities
 
$
101,260
$
45,669
Shareholders' equity
  
 
 
    
Issued capital
17
$
3,784,848
$
3,777,323
Reserves
18
 
(47,717)
  
(40,091)
Retained earnings
 
 
3,342,064
 
3,248,284
Total shareholders' equity
 
$
7,079,195
$
6,985,516
Total liabilities and shareholders' equity
 
$
7,180,455
$
7,031,185
The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [4]




Condensed Interim Consolidated Statements of Cash Flows

   
Three Months Ended
March 31
(US dollars in thousands - unaudited)
Note
2024
2023
Operating activities
  
 
 
    
Net earnings
  
$
164,041
$
111,391
Adjustments for
  
 
 
    
Depreciation and depletion
  
 
64,013
  
45,390
Interest expense
16.3
 
74
  
17
Equity settled share based compensation
8
 
1,598
  
1,542
Performance share units - expense
19.1
 
(317)
  
5,855
Performance share units - paid
19.1
 
(11,129)
  
(16,675)
Pension expense
  
 
175
  
167
Pension paid
  
 
(43)
  
(96)
Income tax (recovery) expense
22
 
(27)
  
(6,580)
(Gain) loss on fair value adjustment of share purchase warrants held
10
 
(183)
  
(175)
Investment income recognized in net earnings
  
 
(6,438)
  
(7,148)
Other
  
 
(83)
  
79
Change in non-cash working capital
21
 
2,155
 
(2,072)
Cash generated from operations before income taxes and interest
  
$
213,836
$
131,695
Income taxes paid
  
 
(116)
  
(3,344)
Interest paid
  
 
(75)
  
(18)
Interest received
 
 
5,735
 
6,771
Cash generated from operating activities
$
219,380
$
135,104
Financing activities
  
 
 
    
Share purchase options exercised
18.1
 
3,816
  
9,376
Lease payments
16.2
 
(148)
  
(202)
Cash generated from financing activities
$
3,668
$
9,174
Investing activities
  
 
 
    
Mineral stream interests
12
$
(450,902)
$
(31,524)
Early deposit mineral stream interests
13
 
-
  
(750)
Mineral royalty interest
14
 
(11,947)
  
-
Net proceeds on disposal of mineral stream interests
  
 
-
  
(29)
Acquisition of long-term investments
15, 21
 
(751)
  
(8,144)
Dividends received
  
 
700
  
-
Other
 
 
(596)
 
(530)
Cash used for investing activities
$
(463,496)
$
(40,977)
Effect of exchange rate changes on cash and cash equivalents
$
30
$
307
(Decrease) increase in cash and cash equivalents
$
(240,418)
$
103,608
Cash and cash equivalents, beginning of period
 
546,527
 
696,089
Cash and cash equivalents, end of period
21
$
306,109
$
799,697

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [5]




Condensed Interim Consolidated Statements of Shareholders’ Equity

 
 
 
Reserves
 
 
 
 
(US dollars in thousands - unaudited)
Number of
Shares
(000's)
Issued
Capital
Share
Purchase
Warrants
Reserve
Share
Purchase
Options
Reserve
Restricted
Share Units Reserve
LTI 1
Revaluation Reserve
(Net of Tax)
Total
Reserves
Retained
Earnings
Total
At January 1, 2023
452,319
$
3,752,662
$
83,077
$
22,578
$
8,142
$
(47,250)
$
66,547
$
2,898,466
$
6,717,675
Total comprehensive income
 
 
 
                
 
 
 
 
 
 
Net earnings
 
$
-
$
-
$
-
$
-
$
-
$
-
$
111,391
$
111,391
OCI 1
 
 
-
 
-
 
-
 
-
 
40,700
 
40,700
 
-
 
40,700
Total comprehensive income
 
$
-
$
-
$
-
$
-
$
40,700
$
40,700
$
111,391
$
152,091
SBC 1 expense
 
$
-
$
-
$
631
$
911
$
-
$
1,542
$
-
$
1,542
Options 1 exercised
398
 
10,808
  
-
  
(1,752)
  
-
  
-
 
(1,752)
 
-
 
9,056
RSUs 1 released
59
 
2,484
  
-
  
-
  
(2,484)
  
-
 
(2,484)
 
-
 
-
Warrant expiration
-
 
-
  
(83,077)
  
-
  
-
  
-
 
(83,077)
 
83,077
 
-
Dividends (Note 17.2)
 
 
-
  
-
  
-
  
-
  
-
 
-
 
(67,910)
 
(67,910)
Realized loss on disposal of LTIs ¹ (Note 18.3)
 
 
-
 
-
 
-
 
-
 
990
 
990
 
(990)
 
-
At March 31, 2023
452,776
$
3,765,954
$
-
$
21,457
$
6,569
$
(5,560)
$
22,466
$
3,024,034
$
6,812,454
Total comprehensive income
 
 
 
                
 
 
 
 
 
 
Net earnings
 
$
-
$
-
$
-
$
-
$
-
$
-
$
426,253
$
426,253
OCI 1
 
 
-
 
-
 
-
 
-
 
(63,613)
 
(63,613)
 
-
 
(63,613)
Total comprehensive income
 
$
-
$
-
$
-
$
-
$
(63,613)
$
(63,613)
$
426,253
$
362,640
SBC 1 expense
 
$
-
$
-
$
1,976
$
2,920
$
-
$
4,896
$
-
$
4,896
Options 1 exercised
91
 
3,252
  
-
  
(526)
  
-
  
-
 
(526)
 
-
 
2,726
RSUs 1 released
                  60
 
1,483
  
-
  
-
  
(1,483)
  
-
 
(1,483)
 
-
 
-
Dividends (Note 17.2)
142
 
6,634
  
-
  
-
  
-
  
-
 
-
 
(203,834)
 
(197,200)
Realized gain on disposal of LTIs ¹ (Note 18.3)
 
 
-
 
-
 
-
 
-
 
(1,831)
 
(1,831)
 
1,831
 
-
At December 31, 2023
453,069
$
3,777,323
$
-
$
22,907
$
8,006
$
(71,004)
$
(40,091)
$
3,248,284
$
6,985,516
Total comprehensive income
 
 
 
                
 
 
 
 
 
 
Net earnings
 
$
-
$
-
$
-
$
-
$
-
$
-
$
164,041
$
164,041
OCI 1
 
 
-
 
-
 
-
 
-
 
(5,566)
 
(5,566)
 
-
 
(5,566)
Total comprehensive income
 
$
-
$
-
$
-
$
-
$
(5,566)
$
(5,566)
$
164,041
$
158,475
SBC 1 expense
 
$
-
$
-
$
674
$
924
$
-
$
1,598
$
-
$
1,598
Options 1 exercised
158
 
4,565
  
-
  
(698)
  
-
  
-
 
(698)
 
-
 
3,867
RSUs 1 released
68
 
2,960
  
-
  
-
  
(2,960)
  
-
 
(2,960)
 
-
 
-
Dividends (Note 17.2)
 
 
-
  
-
  
-
  
-
  
-
 
-
 
(70,261)
 
(70,261)
At March 31, 2024
453,295
$
3,784,848
$
-
$
22,883
$
5,970
$
(76,570)
$
(47,717)
$
3,342,064
$
7,079,195
1) Definitions as follows: “OCI” = Other Comprehensive Income (Loss); “SBC” = Equity Settled Stock Based Compensation; “Options” = Share Purchase Options; “RSUs” = Restricted Share Units; “LTI’s” = Long-Term Investments; “Warrants” = Share Purchase Warrants.

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [6]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)

1.
Description of Business and Nature of Operations
Wheaton Precious Metals Corp. is a precious metal streaming company which generates its revenue primarily from the sale of precious metals (gold, silver and palladium) and cobalt. Wheaton Precious Metals Corp. (“Wheaton” or the “Company”), which is the ultimate parent company of its consolidated group, is incorporated and domiciled in Canada, and its principal place of business is at Suite 3500 - 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3. The Company trades on the Toronto Stock Exchange (“TSX”), the New York Stock Exchange (“NYSE”) and the London Stock Exchange (“LSE”) under the symbol WPM.

As of March 31, 2024, the Company has entered into 38 long-term agreements (30 of which are precious metal purchase agreements, or “PMPAs”, three of which are early deposit PMPAs, and five of which are royalty agreements), with 32 different mining companies, related to precious metals and cobalt relating to 18 mining assets which are currently operating, 23 which are at various stages of development and 4 which have been placed into care and maintenance or have been closed, located in 16 countries. Pursuant to the PMPAs, Wheaton acquires metal production from the counterparties for an initial upfront payment plus an additional cash payment for each ounce or pound delivered which is either a fixed price or fixed percentage of the market price by contract, generally at or below the prevailing market price.

The condensed interim consolidated financial statements of the Company for the three months ended March 31, 2024 were authorized for issue as of May 9, 2024 in accordance with a resolution of the Board of Directors.

2.
Basis of Presentation and Statement of Compliance
These unaudited condensed interim consolidated financial statements have been prepared on a historical cost basis, except for certain financial instruments which have been measured at fair value as at the relevant balance sheet date. The consolidated financial statements are presented in United States (“US”) dollars, which is the Company’s functional currency, and all values are rounded to the nearest thousand US dollars (US$ 000’s) unless otherwise noted. References to “Cdn$” refer to Canadian dollars.

These unaudited condensed interim consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board. The accounting policies applied in these unaudited condensed interim consolidated financial statements are based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board ("IASB") and have been prepared using the same accounting policies and methods of application as disclosed in Note 3 to the audited consolidated financial statements for the year ended December 31, 2023 and were consistently applied to all the periods presented unless otherwise stated below. These unaudited condensed interim consolidated financial statements do not include all the information and note disclosures required by IFRS for annual consolidated financial statements and therefore should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023.

The preparation of financial statements in accordance with IAS 34 requires the use of certain accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 4.

In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present fairly the financial position at March 31, 2024 and the results of operations and cash flows for all periods presented have been made. The interim results are not necessarily indicative of results for a full year.

3.
Material Accounting Policy Information
3.1.
New Accounting Standards Effective in 2024

Amendment to IAS 1- Presentation of Financial statements
The amendments to IAS 1, clarify the presentation of liabilities. The classification of liabilities as current or non-current is based on contractual rights that are in existence at the end of the reporting period and is affected by expectations about whether an entity will exercise its right to defer settlement. A liability not due over the next twelve months is classified as non-current even if management intends or expects to settle the liability within twelve months. The amendment also introduces a definition of ‘settlement’ to make clear that settlement refers to the transfer of cash, equity instruments, other assets, or services to the counterparty. The amendment issued in October 2022 also clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. Covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. The amendments are effective for annual reporting periods
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [7]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)

beginning on or after January 1, 2024. The adoption of this amendment did not have a material impact on the Company’s financial statements.

3.2.
Future Changes to Accounting Policies

The IASB has issued the following new or amended standards:

IFRS 18 - Presentation and Disclosure in Financial Statements.
In April 2024, the IASB released IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 replaces IAS 1 Presentation of Financial Statements while carrying forward many of the requirements in IAS 1. IFRS 18 introduces new requirements to: i) present specified categories and defined subtotals in the statement of earnings, ii) provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements, iii) improve aggregation and disaggregation. Some of the requirements in IAS 1 are moved to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and IFRS 7 Financial Instruments: Disclosures. The IASB also made minor amendments to IAS 7 Statement of Cash Flows and IAS 33 Earnings per Share in connection with the new standard. IFRS 18 requires retrospective application with specific transition provisions. The Company is required to apply IFRS 18 for annual reporting periods beginning on or after January 1, 2027 with early adoption permitted. The Company is currently evaluating the impact of IFRS 18 on its financial statements.

4.
Key Sources of Estimation Uncertainty and Critical Accounting Judgments
The preparation of the Company’s condensed interim consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates.

Information about significant areas of estimation uncertainty and judgments made by management in preparing the condensed interim consolidated financial statements are unchanged from those disclosed in Note 4 to the audited consolidated financial statements for the year ended December 31, 2023.

5.
Financial Instruments
5.1.
Capital Risk Management
The Company manages its capital to ensure that it will be able to continue as a going concern and satisfy its outstanding funding commitments while maintaining a high degree of financial flexibility to consummate new streaming investments.

The capital structure of the Company consists of debt (Note 16) and equity attributable to common shareholders, comprising of issued capital (Note 17), accumulated reserves (Note 18) and retained earnings.

The Company is not subject to any externally imposed capital requirements with the exception of complying with the minimum tangible net worth covenant under its sustainability-linked revolving credit facility (Note 16).

The Company is in compliance with the debt covenants at March 31, 2024, as described in Note 16.1.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [8]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)


5.2.
Categories of Financial Assets and Liabilities
The refundable deposit on the 777 PMPA, which requires a single principal payment at maturity, is carried at amortized cost, which approximates its fair value. Trade receivables from sales of cobalt and other receivables are non-interest bearing and are stated at amortized cost, which approximate fair values due to the short terms to maturity. Where necessary, the other receivables are reported net of allowances for uncollectable amounts. All other financial assets are reported at fair value. Fair value adjustments on financial assets are reflected as a component of net earnings with the exception of fair value adjustments associated with the Company’s long-term investments in common shares held. As these long-term investments are held for strategic purposes and not for trading, the Company has made a one time, irrevocable election to reflect the fair value adjustments associated with these investments as a component of OCI. Financial liabilities are reported at amortized cost using the effective interest method, which approximate fair values due to the short terms to maturity. The following table summarizes the classification of the Company’s financial assets and liabilities:


   
Note
March 31
December 31
(in thousands)
2024
2023
Financial assets
  
 
 
    
Financial assets mandatorily measured at FVTNE 1
  
 
 
    
Cash and cash equivalents
21
$
306,109
$
546,527
Trade receivables from provisional concentrate sales, net of fair value adjustment
6, 11
 
3,834
  
5,360
Long-term investments - warrants held
  
 
974
  
652
Investments in equity instruments designated at FVTOCI 1
  
 
 
    
Long-term investments - common shares held
15
 
245,678
  
246,026
Financial assets measured at amortized cost
  
 
 
    
Trade receivables from sales of cobalt
11
 
977
  
3,975
Refundable deposit - 777 PMPA
24
 
8,890
  
8,717
Other accounts receivable
  
 
703
  
743
Total financial assets
 
$
567,165
$
812,000
Financial liabilities
  
 
 
    
Financial liabilities at amortized cost
  
 
 
    
Accounts payable and accrued liabilities
  
$
10,918
$
13,458
Lease liabilities
16.2
 
5,941
  
6,229
Dividends payable
17.2
 
70,261
  
-
Total financial liabilities
 
$
87,120
$
19,687

1)
FVTNE refers to Fair Value Through Net Earnings, FVTOCI refers to Fair Value Through Other Comprehensive Income.

5.3.
Credit Risk
Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Company by failing to discharge its obligations. To mitigate exposure to credit risk on financial assets, the Company has established policies to limit the concentration of credit risk, to ensure counterparties demonstrate minimum acceptable credit worthiness and to ensure liquidity of available funds.

The Company closely monitors its financial assets and does not have any significant concentration of credit risk. The Company invests surplus cash in short-term, high credit quality, money market instruments. Finally, counterparties used to sell precious metals are all large, international organizations with strong credit ratings and the balance of trade receivables on these sales in the ordinary course of business is not significant. Therefore, credit risk associated with trade receivables at March 31, 2024 is considered to be negligible.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [9]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)


The Company’s maximum exposure to credit risk related to its financial assets is as follows:

   
March 31
December 31
(in thousands)
Note
2024
2023
Cash and cash equivalents
21
$
306,109
$
546,527
Trade receivables from provisional concentrate sales, net of fair value adjustment
11
 
3,834
  
5,360
Trade receivables from sales of cobalt
11
 
977
  
3,975
Refundable Deposit - 777 PMPA
24
 
8,890
  
8,717
Other accounts receivables
11
 
703
  
743
Maximum exposure to credit risk related to financial assets
 
$
320,513
$
565,322


5.4.
Liquidity Risk
The Company has in place a rigorous planning and budgeting process to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis and its expansionary plans. The Company ensures that there are sufficient committed loan facilities to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents. As at March 31, 2024, the Company had cash and cash equivalents of $306 million (December 31, 2023 - $547 million) and working capital of $233 million (December 31, 2023 - $541 million).

The Company holds equity investments of several companies (Note 15) with a combined market value at March 31, 2024 of $247 million (December 31, 2023 - $247 million). The daily exchange traded volume of these shares, including the shares underlying the warrants, may not be sufficient for the Company to liquidate its position in a short period of time without potentially affecting the market value of the shares. These shares and warrants are held for strategic purposes and are considered long-term investments and therefore, as part of the Company’s planning, budgeting and liquidity analysis process, these investments are not relied upon to provide operational liquidity.

The following table summarizes the timing associated with the Company’s remaining contractual payments relating to its financial liabilities and performance share units liability. The table reflects the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay (assuming that the Company is in compliance with all of its obligations). The table includes both interest and principal cash flows, where applicable.

As at March 31, 2024
(in thousands)
2024
2025 - 2026
2027 - 2028
After 2028
 
Total
Accounts payable and accrued liabilities
$
10,918
$
  
-
  
$
-
  
$
-
 
$
10,918
Performance share units 1
  
-
    
9,202
    
50
    
-
 
 
9,252
Dividends payable
  
70,261
    
-
    
-
    
-
 
 
70,261
Total
$
81,179
 
$
9,202
 
$
50
 
$
-
 
$
90,431

1)
See Note 19.1 for estimated value per PSU at maturity and anticipated performance factor at maturity.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [10]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)


5.5.
Currency Risk
The Company undertakes certain transactions denominated in Canadian dollars, including certain operating expenses and the acquisition of strategic long-term investments. As a result, the Company is exposed to fluctuations in the value of the Canadian dollar relative to the United States dollar. The carrying amounts of the Company’s Canadian dollar denominated monetary assets and monetary liabilities at the end of the reporting period are as follows:

 
 
March 31
 
December 31
(in thousands)
 
2024
 
2023
Monetary assets
 
 
 
 
    
Cash and cash equivalents
 
$
8,717
 
$
1,729
Accounts receivable
 
 
208
 
  
112
Long-term investments - common shares held
 
 
77,422
 
  
77,770
Long-term investments - warrants held
 
 
974
 
  
652
Other long-term assets
 
 
3,307
 
 
7,898
Total Canadian dollar denominated monetary assets
 
$
90,628
 
$
88,161
Monetary liabilities
 
 
 
 
    
Accounts payable and accrued liabilities
 
$
7,460
 
$
9,080
Performance share units
 
 
7,829
 
  
17,303
Lease liability
 
 
5,687
 
  
5,892
Pension liability
 
 
4,646
 
 
4,624
Total Canadian dollar denominated monetary liabilities
 
$
25,622
 
$
36,899


The following tables detail the Company’s sensitivity to a 10% increase or decrease in the Canadian dollar relative to the United States dollar, representing the sensitivity used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in exchange rates.


 
As at March 31, 2024
 
Change in Canadian Dollar
(in thousands)
10%
Increase
10%
Decrease
Increase (decrease) in net earnings
$
(1,241)
$
1,241
Increase (decrease) in other comprehensive income
 
7,742
 
(7,742)
Increase (decrease) in total comprehensive income
$
6,501
$
(6,501)


 
As at December 31, 2023
 
Change in Canadian Dollar
(in thousands)
10%
Increase
10%
Decrease
Increase (decrease) in net earnings
$
(2,651)
$
2,651
Increase (decrease) in other comprehensive income
 
7,777
 
(7,777)
Increase (decrease) in total comprehensive income
$
5,126
$
(5,126)


5.6.
Interest Rate Risk
The Company is exposed to interest rate risk on its outstanding borrowings and short-term investments. Presently, the Company has no outstanding borrowings, and historically all borrowings have been at floating interest rates. The Company monitors its exposure to interest rates and has not entered into any derivative contracts to manage this risk. During the three months ended March 31, 2024 and 2023, the weighted average effective interest rate paid by
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [11]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)

the Company on its outstanding borrowings was Nil, while the weighted average interest rate earned on its cash deposits in interest bearing accounts was 5.19% and 4.04%, respectively.

During the three months ended March 31, 2024 and 2023, a fluctuation in interest rates of 100 basis points (1 percent) would not have impacted the amount of interest expensed by the Company.

During the three months ended March 31, 2024 and 2023, a fluctuation in interest rates of 100 basis points (1 percent) would have impacted the amount of interest earned by approximately $1 million and $2 million, respectively.

5.7.
Other Price Risk
The Company is exposed to equity price risk as a result of holding long-term investments in common shares of various companies. The Company does not actively trade these investments.

If equity prices had been 10% higher or lower at the respective balance sheet date, other comprehensive income for the three months ended March 31, 2024 and 2023 would have increased/decreased by approximately $25 million and $30 million respectively, as a result of changes in the fair value of common shares held.

5.8.
Fair Value Estimation

The Company classifies its fair value measurements within a fair value hierarchy, which reflects the significance of the inputs used in making the measurements as defined in IFRS 13 – Fair Value Measurements (“IFRS 13”).

Level 1 - Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets.

Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 - Unobservable inputs which are supported by little or no market activity.

The following table sets forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy. As required by IFRS 13, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

   
March 31, 2024
(in thousands)
Note
Total
Level 1
Level 2
Level 3
Cash and cash equivalents
21
$
306,109
$
306,109
$
-
$
-
Trade receivables from provisional concentrate sales, net of fair value adjustment
11
 
3,834
 
-
 
3,834
 
-
Long-term investments - common shares held
15
 
245,678
 
245,678
 
-
 
-
Long-term investments - warrants held
15
 
974
 
-
 
974
 
-
 
 
$
556,595
$
551,787
$
4,808
$
-


   
December 31, 2023
(in thousands)
Note
Total
Level 1
Level 2
Level 3
Cash and cash equivalents
21
$
546,527
$
546,527
$
-
$
-
Trade receivables from provisional concentrate sales, net of fair value adjustment
11
  
5,360
  
-
  
5,360
  
-
Long-term investments - common shares held
15
  
246,026
  
246,026
  
-
  
-
Long-term investments - warrants held
15
  
652
  
-
  
652
  
-
 
 
$
798,565
$
792,553
$
6,012
$
-

When balances are outstanding, the Company’s bank debt (Note 16.1) is reported at amortized cost using the effective interest method.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [12]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)

5.8.1.
Valuation Techniques for Level 2 Assets
Accounts Receivable Arising from Sales of Metal Concentrates
The Company’s trade receivables from provisional concentrate sales are valued based on forward price of silver to the expected date of final settlement (Note 6). As such, these receivables and/or liabilities are classified within Level 2 of the fair value hierarchy.

Long-Term Investments in Warrants Held
The fair value of the Company’s long-term investments in warrants held that are not traded in an active market are determined using a Black-Scholes model based on assumptions including risk free interest rate, expected dividend yield, expected volatility and expected warrant life which are supported by observable current market conditions and as such are classified within Level 2 of the fair value hierarchy. The use of reasonably possible alternative assumptions would not significantly affect the Company’s results.

6.
Revenue

 
Three Months Ended
March 31
(in thousands)
2024
2023
Sales
 
 
 
      
Gold credit sales
$
190,689
64%
$
119,196
56%
Silver
 
 
 
      
Silver credit sales
$
83,710
28%
$
65,179
30%
Concentrate sales
 
12,948
4%
 
20,499
10%
Total silver sales
$
96,658
32%
$
85,678
40%
Palladium credit sales
$
4,677
2%
$
4,735
2%
Cobalt sales
$
4,782
2%
$
4,856
2%
Total sales revenue
$
296,806
100%
$
214,465
100%


Gold, Silver and Palladium Credit Sales
Under certain PMPAs, precious metal is acquired from the mine operator in the form of precious metal credits, which is then sold through bullion banks. Revenue from precious metal credit sales is recognized at the time of the sale of such credits, which is also the date that control of the precious metal is transferred to the customer.

The Company will occasionally enter into forward contracts in relation to precious metal deliveries that it is highly confident will occur within a given quarter. The sales price is fixed at the delivery date based on either the terms of these short-term forward sales contracts or the spot price of precious metal.

Concentrate Sales
Under certain PMPAs, silver is acquired from the mine operator in concentrate form, which is then sold under the terms of the concentrate sales contracts to third-party smelters or traders. Where the Company acquires precious metal in concentrate form, final precious metal prices are set on a specified future quotational period (the “Quotational Period”) pursuant to the concentrate sales contracts with third-party smelters, typically one to three months after the shipment date, based on market prices for precious metal. The contracts, in general, provide for a provisional payment based upon provisional assays and quoted gold and silver prices. Final settlement is based upon the average applicable price for the Quotational Period applied to the actual number of precious metal ounces recovered calculated using confirmed smelter weights and settlement assays. Revenues and the associated cost of sales are recorded on a gross basis under these contracts at the time title passes to the customer, which is also the date that control of the precious metal is transferred to the customer. The Company has concluded that the adjustments relating to the final assay results for the quantity of concentrate sold are not significant and do not constrain the recognition of revenue.

Cobalt Sales
Effective January 1, 2024, the Company entered into an offtake agreement under which all cobalt is sold to a third party offtaker. Revenue from the cobalt sale is recognized at the time of the delivery, which is also the date that control of the cobalt is transferred to the offtaker.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [13]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)

Prior to January 1, 2024, cobalt was sold to a third-party sales agent who generally sold the cobalt to third party customers approved by Wheaton. Revenue from the sale of cobalt was recognized once the third-party customer and sales terms had been agreed to between Wheaton and the third-party sales agent, which was also the date that control of the cobalt was transferred to the third-party sales agent. Should the sales agent retain the cobalt for their own use, revenue was recognized once the sales terms have been agreed to between Wheaton and the third-party sales agent and the product has been delivered, which is also the date that control of the cobalt is transferred to the third-party sales agent.


7.
General and Administrative

   
Three Months Ended
March 31
(in thousands)
 
2024
2023
Corporate
  
 
 
    
Salaries and benefits
  
$
3,964
$
3,860
Depreciation
  
 
218
  
288
Professional fees
  
 
494
  
514
Business travel
  
 
284
  
341
Director fees
  
 
289
  
333
Business taxes
  
 
347
  
574
Audit and regulatory
  
 
879
  
832
Insurance
  
 
497
  
538
Other
 
 
1,283
 
1,064
General and administrative - corporate
 
$
8,255
$
8,344
Subsidiaries
  
 
 
    
Salaries and benefits
  
$
1,401
$
1,161
Depreciation
  
 
119
  
103
Professional fees
  
 
191
  
71
Business travel
  
 
71
  
53
Director fees
  
 
63
  
52
Business taxes
  
 
73
  
74
Insurance
  
 
17
  
16
Other
 
 
274
 
225
General and administrative - subsidiaries
 
$
2,209
$
1,755
Consolidated general and administrative
 
$
10,464
$
10,099



8.
Share Based Compensation

   
Three Months Ended
March 31
(in thousands)
Note
2024
2023
Equity settled share based compensation 1
  
 
 
    
Stock options
18.1
$
674
$
631
RSUs
18.2
 
924
  
911
Cash settled share based compensation
  
 
 
    
PSUs
19.1
$
(317)
$
5,855
Total share based compensation
 
$
1,281
$
7,397

1)
Equity settled share based compensation is a non-cash expense.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [14]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)


9.
Donations and Community Investments

   
Three Months Ended
March 31
(in thousands)
 
2024
2023
Local donations and community investments 1
  
$
689
$
535
Partner donations and community investments 2
  
 
881
  
843
Total donations and community investments
 
$
1,570
$
1,378

1)
The Local Community Investment Program supports organizations in Vancouver and the Cayman Islands, where Wheaton’s offices are located.
2)
The Partner Community Investment Program supports the communities influenced by Mining Partners' operations.


10.
Other Income (Expense)

   
Three Months Ended
March 31
(in thousands)
Note
2024
2023
Interest income
  
$
5,738
$
6,931
Dividend income
  
 
700
  
217
Foreign exchange gain (loss)
  
 
575
  
273
Gain (loss) on fair value adjustment of share purchase warrants held mandatorily measured at FVTNE 1
  
 
183
  
175
Other
 
 
-
 
(34)
Total other income (expense)
 
$
7,196
$
7,562

1)
FVTNE refers to Fair Value Through Net Earnings


11.
Accounts Receivable

   
March 31
December 31
(in thousands)
Note
2024
2023
Trade receivables from provisional concentrate sales, net of fair value adjustment
6
$
3,834
$
5,360
Trade receivables from sales of cobalt
6
 
977
  
3,975
Other accounts receivable
 
 
703
 
743
Total accounts receivable
 
$
5,514
$
10,078




WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [15]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)


12.
Mineral Stream Interests

 
Three Months Ended March 31, 2024
 
Cost
Accumulated Depletion & Impairment 1
Carrying
Amount
Mar 31, 2024
(in thousands)
Balance
Jan 1, 2024
Additions
Balance
Mar 31, 2024
Balance
Jan 1, 2024
Depletion
Balance
Mar 31, 2024
Gold interests
        
 
 
 
      
 
 
 
 
Salobo
$
 3,429,911
 $
             -
 $
 3,429,911
 $
     (748,492)
 $
    (22,320)
 $
    (770,812)
 $
      2,659,099
Sudbury 2
  
    623,864
  
             -
 
    623,864
 
     (361,379)
  
      (4,728)
 
    (366,107)
 
         257,757
Constancia
  
    140,058
  
             -
 
    140,058
 
       (59,793)
  
      (6,353)
 
      (66,146)
 
           73,912
San Dimas
  
    220,429
  
             -
 
    220,429
 
       (75,707)
  
      (2,210)
 
      (77,917)
 
         142,512
Stillwater 3
  
    239,352
  
             -
 
    239,352
 
       (27,883)
  
      (1,202)
 
      (29,085)
 
         210,267
Other 4
  
    656,187
  
    289,630
 
    945,817
 
       (52,498)
  
         (336)
 
      (52,834)
 
         892,983
 
$
 5,309,801
 $
    289,630
 $
 5,599,431
 $
  (1,325,752)
 $
    (37,149)
 $
 (1,362,901)
 $
      4,236,530
Silver interests
        
 
 
 
      
 
 
 
 
Peñasquito
$
    524,626
 $
             -
 
    524,626
 $
     (248,394)
 $
      (7,474)
 $
    (255,868)
 $
         268,758
Antamina
  
    900,343
  
             -
 
    900,343
 
     (380,813)
  
      (5,376)
 
    (386,189)
 
         514,154
Constancia
  
    302,948
  
             -
 
    302,948
 
     (123,365)
  
      (4,534)
 
    (127,899)
 
         175,049
Other 5
  
 1,159,563
  
      24,896
 
 1,184,459
 
     (577,450)
  
      (3,076)
 
    (580,526)
 
         603,933
 
$
 2,887,480
 $
      24,896
 $
 2,912,376
 $
  (1,330,022)
 $
    (20,460)
 $
 (1,350,482)
 $
      1,561,894
Palladium interests
      
 
 
 
      
 
 
 
 
Stillwater 3
$
    263,721
 $
             -
 $
    263,721
 $
       (43,054)
 $
      (2,125)
 $
      (45,179)
 $
         218,542
Platreef
 
             -
 
      78,786
 
      78,786
 
                  -
 
               -
 
                 -
 
           78,786
 
$
    263,721
 $
      78,786
 $
    342,507
 $
       (43,054)
 $
      (2,125)
 $
      (45,179)
 $
         297,328
Platinum interests
        
 
 
 
      
 
 
 
 
Marathon
$
        9,451
 $
             -
 $
        9,451
 $
                  -
 $
               -
 $
                 -
 $
             9,451
Platreef
 
             -
 
      57,564
 
      57,564
 
                  -
 
               -
 
                 -
 
           57,564
 
$
        9,451
 $
      57,564
 $
      67,015
 $
                  -
 $
               -
 $
                 -
 $
           67,015
Cobalt interests
        
 
 
 
      
 
 
 
 
Voisey's Bay 6
$
    393,422
 $
             -
 $
    393,422
 $
       (42,606)
 $
      (2,816)
 $
      (45,422)
 $
         348,000
 
$
 8,863,875
 $
    450,876
 $
 9,314,751
 $
  (2,741,434)
 $
    (62,550)
 $
 (2,803,984)
 $
      6,510,767

1)
Includes cumulative impairment charges to March 31, 2024 as follows: Pascua-Lama silver interest - $338 million; and Sudbury gold interest - $120 million.
2)
Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests.
3)
Comprised of the Stillwater and East Boulder gold and palladium interests.
4)
Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, Curipamba, Cangrejos, Curraghinalt, Platreef and Kudz Ze Kayah gold interests. The additions to other gold interests includes: Platreef - $275 million; and Kudz Ze Kayah - $14 million.
5)
Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater, Curipamba. Mineral Park and Kudz Ze Kayah silver interests. The additions to other silver interests includes: Kudz Ze Kayah - $25 million.
6)
When cobalt is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the cobalt is recorded as a cost of sale. Depletion in this table for the Voisey’s Bay cobalt interest is inclusive of depletion relating to inventory.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [16]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)



 

Year Ended December 31, 2023
 
Cost
Accumulated Depletion & Impairment 1
Carrying
Amount
Dec 31, 2023
  
(in thousands)
Balance
Jan 1, 2023
Additions
Disposal
Balance
Dec 31, 2023
Balance
Jan 1, 2023
Depletion
Balance
Dec 31, 2023
Gold interests
            
 
 
 
      
 
 
 
 
Salobo
$
3,059,876
$
370,035
$
-
$
3,429,911
$
(676,614)
$
(71,878)
$
(748,492)
$
2,681,419
Sudbury 2
  
623,864
  
-
  
-
 
623,864
 
(340,448)
  
(20,931)
 
(361,379)
 
262,485
Constancia
  
140,058
  
-
  
-
 
140,058
 
(44,475)
  
(15,318)
 
(59,793)
 
80,265
San Dimas
  
220,429
  
-
  
-
 
220,429
 
(64,564)
  
(11,143)
 
(75,707)
 
144,722
Stillwater 3
  
239,352
  
-
  
-
 
239,352
 
(23,500)
  
(4,383)
 
(27,883)
 
211,469
Other 4
  
545,391
  
152,169
  
(41,373)
 
656,187
 
(51,248)
  
(1,250)
 
(52,498)
 
603,689
 
$
4,828,970
$
522,204
$
(41,373)
$
5,309,801
$
(1,200,849)
$
(124,903)
$
(1,325,752)
$
3,984,049
Silver interests
            
 
 
 
      
 
 
 
 
Peñasquito
$
524,626
$
-
$
-
$
524,626
$
(230,952)
$
(17,442)
$
(248,394)
$
276,232
Antamina
  
900,343
  
-
  
-
 
900,343
 
(354,975)
  
(25,838)
 
(380,813)
 
519,530
Constancia
  
302,948
  
-
  
-
 
302,948
 
(110,001)
  
(13,364)
 
(123,365)
 
179,583
Other 5
  
1,018,199
  
141,364
  
-
 
1,159,563
 
(565,103)
  
(12,347)
 
(577,450)
 
582,113
 
$
2,746,116
$
141,364
$
-
$
2,887,480
$
(1,261,031)
$
(68,991)
$
(1,330,022)
$
1,557,458
Palladium interests
        
 
 
 
      
 
 
 
 
Stillwater 3
$
263,721
$
-
$
-
$
263,721
$
(36,909)
$
(6,145)
$
(43,054)
$
220,667
Platinum interests
          
 
 
 
      
 
 
 
 
Marathon
$
9,428
$
23
$
-
$
9,451
$
-
$
-
$
-
$
9,451
Cobalt interests
            
 
 
 
      
 
 
 
 
Voisey's Bay 6
$
393,422
$
-
$
-
$
393,422
$
(35,849)
$
(6,757)
$
(42,606)
$
350,816
 
$
8,241,657
$
663,591
$
(41,373)
$
8,863,875
$
(2,534,638)
$
(206,796)
$
(2,741,434)
$
6,122,441

1)
Includes cumulative impairment charges to December 31, 2023 as follows: Pascua-Lama silver interest - $338 million; and Sudbury gold interest - $120 million.
2)
Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests.
3)
Comprised of the Stillwater and East Boulder gold and palladium interests.
4)
Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, Curipamba, Cangrejos and Curraghinalt gold interests. The additions to other gold interests includes: Blackwater - $40 million; Goose - $63 million; Cangrejos - $29 million; and Curraghinalt - $20 million.
5)
Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater, Curipamba and Mineral Park silver interests. The additions to other silver interests includes: Blackwater - $141 million.
6)
When cobalt is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the cobalt is recorded as a cost of sale. Depletion in this table for the Voisey’s Bay cobalt interest is inclusive of depletion relating to inventory.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [17]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)


The value allocated to reserves is classified as depletable upon a mining operation achieving first production and is depleted on a unit-of-production basis over the estimated recoverable proven and probable reserves at the mine. The value associated with resources and exploration potential is allocated at acquisition and is classified as non-depletable until such time as it is transferred to the depletable category, generally as a result of the conversion of resources or exploration potential into reserves.

 
March 31, 2024
December 31, 2023
(in thousands)
Depletable
Non-
Depletable
Total
Depletable
Non-
Depletable
Total
Gold interests
 
 
 
 
 
 
            
Salobo
$
2,281,399
$
377,700
$
2,659,099
$
2,303,719
$
377,700
$
2,681,419
Sudbury 1
 
213,739
 
44,018
 
257,757
  
218,467
  
44,018
  
262,485
Constancia
 
68,405
 
5,507
 
73,912
  
74,758
  
5,507
  
80,265
San Dimas
 
53,218
 
89,294
 
142,512
  
55,428
  
89,294
  
144,722
Stillwater 2
 
185,466
 
24,801
 
210,267
  
186,668
  
24,801
  
211,469
Other 3
 
17,662
 
875,321
 
892,983
 
17,999
 
585,690
 
603,689
 
$
2,819,889
$
1,416,641
$
4,236,530
$
2,857,039
$
1,127,010
$
3,984,049
Silver interests
 
 
 
 
 
 
            
Peñasquito
$
195,054
$
73,704
$
268,758
$
202,528
$
73,704
$
276,232
Antamina
 
167,136
 
347,018
 
514,154
  
172,512
  
347,018
  
519,530
Constancia
 
164,993
 
10,056
 
175,049
  
169,527
  
10,056
  
179,583
Other 4
 
127,386
 
476,547
 
603,933
 
130,462
 
451,651
 
582,113
 
$
654,569
$
907,325
$
1,561,894
$
675,029
$
882,429
$
1,557,458
Palladium interests
 
 
 
 
 
 
            
Stillwater 2
$
209,834
$
8,708
$
218,542
$
211,959
$
8,708
$
220,667
Platreef
 
-
 
78,786
 
78,786
 
-
 
-
 
-
 
$
209,834
$
87,494
$
297,328
$
211,959
$
8,708
$
220,667
Platinum interests
 
 
 
 
 
 
            
Marathon
$
-
$
9,451
$
9,451
$
-
$
9,451
$
9,451
Platreef
 
-
 
57,564
 
57,564
 
-
 
-
 
-
 
$
-
$
67,015
$
67,015
$
-
$
9,451
$
9,451
Cobalt interests
 
 
 
 
 
 
            
Voisey's Bay
$
318,638
$
29,362
$
348,000
$
321,454
$
29,362
$
350,816
 
$
4,002,930
$
2,507,837
$
6,510,767
$
4,065,481
$
2,056,960
$
6,122,441

1)
Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests.
2)
Comprised of the Stillwater and East Boulder gold and palladium interests.
3)
Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, Curipamba, Cangrejos, Curraghinalt, Platreef and Kudz Ze Kayah gold interests.
4)
Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater, Curipamba, Mineral Park and Kudz Ze Kayah silver interests.

Acquisition of Existing Platreef & Kudz Ze Kayah PMPAs
On February 27, 2024, the Company closed the previously announced agreement with certain entities advised by Orion Resource Partners (“Orion”) to acquire existing streams in respect of Ivanhoe Mines’ Platreef Project (the “Platreef Streams”) and BMC Minerals’ Kudz Ze Kayah (“KZK”) Project (the “Kudz Ze Kayah Streams”). On February 27, 2024, the Company paid $450 million to Orion, with an additional $5 million contingency payment due to Orion if the KZK project achieves certain milestones.

The Platreef Project is located in Johannesburg, South Africa. Under the Platreef Gold PMPA, the Company is entitled to purchase 62.5% of the payable gold until a total of 218,750 ounces of gold has been delivered to the
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [18]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)

Company, at which point the Company will be entitled to purchase 50% of the payable gold production until a total of 428,300 ounces of gold has been delivered. Once the threshold has been achieved, the Company will be entitled to purchase 3.125% of the payable gold production if certain conditions are met. Under the Platreef Gold PMPA, the Company will make ongoing payments for the gold ounces delivered equal to $100 per ounce until a total of 428,300 ounces of gold have been delivered, increasing to 80% of the spot price of gold thereafter.

Under the Platreef palladium and platinum PMPA (the “Platreef PGM PMPA”), the Company is entitled to purchase 5.25% of the payable palladium and platinum production until a total of 350,000 ounces of combined palladium and platinum have been received. Once the threshold has been achieved, the stream will be reduced to 3.0% of the payable palladium and platinum production until 485,115 ounces have been delivered, at which point the stream will be reduced to 0.1% of the payable palladium and platinum production if certain conditions are met. Under the Platreef PGM PMPA, the Company will make ongoing payments for the palladium and platinum ounces delivered equal to 30% of the respective spot prices until 485,115 combined ounces have been received, increasing to 80% of the spot price of palladium and platinum thereafter.

The Kudz Ze Kayah stream is located in Yukon, Canada. Under the Kudz Ze Kayah PMPA (the “KZK PMPA”), the Company is entitled to purchase staged percentages of produced gold and produced silver ranging from 6.875% to 7.375% depending on the timing of such deliveries, until 330,000 ounces of gold and 43.30 million ounces of silver are produced and delivered, reducing to a range of 5.625% to 6.125% until a further 59,800 ounces of gold and 7.96 million ounces of silver are produced and delivered, further reducing to a range of 5.000% to 5.500% until a further 270,200 ounces of gold and 35.34 million ounces of silver are produced and delivered (for a total of 660,000 ounces of gold and 86.60 million ounces of silver), and thereafter ranging between 6.25% and 6.75%. Under the KZK PMPA, the Company will make ongoing payments for the gold and silver ounces delivered equal to 20% of the spot gold and silver price. Under the KZK PMPA, BMC Minerals has a buyback option to repurchase 50% of the stream for a period of 30 days after June 22, 2026, for $36 million.

13.
Early Deposit Mineral Stream Interests
Early deposit mineral stream interests represent agreements relative to early stage development projects whereby Wheaton can choose not to proceed with the agreement once certain documentation has been received including, but not limited to, feasibility studies, environmental studies and impact assessment studies (please see Note 25 for more information). Once Wheaton has elected to proceed with the agreement, the carrying value of the stream will be transferred to Mineral Stream Interests.

The following table summarizes the early deposit mineral stream interests owned by the Company as of March 31, 2024:

 
Mine
Owner
 
 
 
 
 
 
 
Attributable
Production to be
Purchased
 
Early Deposit Mineral Stream Interests
Location of
Mine
Upfront
Consideration
Paid to Date 1
Upfront
Consideration
to be Paid 1, 2
Total
Upfront
Consideration¹
Gold
Silver
Term of
Agreement
Toroparu
Aris Mining
Guyana
$
15,500
$
138,000
$
153,500
 10%
 50%
Life of Mine
Cotabambas
Panoro
Peru
  
14,000
  
126,000
  
140,000
 25% ³
 100% ³
Life of Mine
Kutcho
Kutcho
Canada
 
            16,852
 
58,000
 
74,852
 100%
 100%
Life of Mine
 
 
 
$
46,352
$
322,000
$
368,352
 
 
 
1)
Expressed in thousands of United States dollars; excludes closing costs and capitalized interest, where applicable.
2)
Please refer to Note 25 for details of when the remaining upfront consideration to be paid becomes due.
3)
Once 90 million silver equivalent ounces attributable to Wheaton have been produced, the attributable production will decrease to 16.67% of gold production and 66.67% of silver production for the life of mine.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [19]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)


14.
Mineral Royalty Interests
The following table summarizes mineral royalty interests owned by the Company as of March 31, 2024. To date, no revenue has been recognized and no depletion has been taken with respect to these royalty agreements.


Royalty Interests
Mine
Owner
Location of
Mine
Royalty 1
Upfront
Consideration
Paid to Date 2
Upfront
Consideration
to be Paid 2
Total
Upfront
Consideration 2
Term of
Agreement
Date of Original Contract
Metates
Chesapeake
Mexico
0.5% NSR
$
           3,000
$
                  -
$
             3,000
Life of Mine
07-Aug-2014
Brewery Creek 3
Victoria Gold
Canada
2.0% NSR
  
           3,529
  
                  -
  
             3,529
Life of Mine
04-Jan-2021
Black Pine 4
Liberty Gold
USA
0.5% NSR
  
           3,600
  
                  -
  
             3,600
Life of Mine
10-Sep-2023
Mt Todd 5
Vista
Australia
1.0% GR
  
         10,000
  
         10,000
  
           20,000
Life of Mine
13-Dec-2023
DeLamar 6
Integra
USA
1.5% NSR
  
           4,875
  
           4,875
  
             9,750
Life of Mine
20-Feb-2024
 
 
 
 
$
         25,004
$
         14,875
$
           39,879
 
 

1)
Abbreviation as follows: NSR = Net Smelter Return Royalty; and GR = Gross Royalty.
2)
Expressed in thousands; excludes closing costs.
3)
The Company paid $3 million for an existing 2.0% net smelter return royalty interests on the first 600,000 ounces of gold mined and a 2.75% net smelter returns royalty interest thereafter. The Brewery Creek Royalty agreement provides, among other things, that Golden Predator Mining Corp., (subsidiary of Victoria Gold) may reduce the 2.75% net smelter royalty interest to 2.125% on payment of the sum of Cdn $2 million to the Company.
4)
Liberty Gold has been granted an option to repurchase 50% of the NSR for $4 million at any point in time up to the earlier of commercial production at Black Pine or January 1, 2030.
5)
The Mt Todd royalty is at a rate of 1% of gross revenue with such rate being subject to increase to a maximum rate of 2%, depending on the timing associated with the achievement of certain operational milestones.
6)
Under the DeLamar royalty, if completion is not achieved by January 1, 2029, the DeLamar Royalty will increase annually by 0.15% of net smelter returns to a maximum of 2.7% of net smelter returns.

15.
Long-Term Equity Investments


 
March 31
December 31
(in thousands)
2024
2023
Common shares held
$
245,678
$
246,026
Warrants held
 
974
 
652
Total long-term equity investments
$
246,652
$
246,678


Common Shares Held



 
Three Months Ended March 31, 2024
(in thousands)
Shares
Owned
(000's)
% of
Outstanding
Shares Owned
Fair Value at
Dec 31, 2023
Cost of
Additions
Proceeds of
Disposition
Fair Value
Adjustment
Gains (Losses) 1
Fair Value at
Mar 31, 2024
Realized Gain (Loss)
on Disposal
Bear Creek
      15,707
6.90%
  $         2,138
  $                 -
  $                 -
  $            470
  $         2,608
  $                 -
Kutcho
      18,640
12.03%
1,551
-
-
100
1,651
-
Hecla
      34,980
5.60%
168,255
-
-
-
168,255
-
B2Gold
      12,025
0.92%
38,094
-
-
(6,590)
31,504
-
Other
 
 
35,988
5,122
-
550
41,660
-
Total
 
 
  $     246,026
  $         5,122
  $                 -
  $       (5,470)
  $     245,678
  $                 -

1)
Fair Value Gains (Losses) are reflected as a component of Other Comprehensive Income (“OCI”).
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [20]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)



 
Three Months Ended March 31, 2023
(in thousands)
Shares
Owned
(000's)
% of
Outstanding
Shares Owned
Fair Value at
Dec 31, 2022
Cost of
Additions
Proceeds of
Disposition 1
Fair Value
Adjustment
Gains (Losses) 2
Fair Value at
Mar 31, 2023
Realized Loss
on Disposal
Bear Creek
      13,264
8.58%
  $         7,443
  $                 -
  $                 -
  $          (680)
  $         6,763
  $                 -
Sabina
      31,095
5.56%
30,535
-
-
16,569
47,104
-
Kutcho
      18,640
14.79%
3,097
-
-
897
3,994
-
Hecla
      35,012
5.76%
194,668
-
-
26,960
221,628
-
Other
 
 
19,792
8,168
(27)
908
28,841
(990)
Total
 
 
  $     255,535
  $         8,168
  $            (27)
  $       44,654
  $     308,330
  $          (990)

1)
Disposals during 2023 were made as a result of the acquisition of the companies to which the shares relate by unrelated third party entities.
2)
Fair Value Gains (Losses) are reflected as a component of OCI.
The Company’s long-term investments in common shares (“LTI’s”) are held for long-term strategic purposes and not for trading purposes. As such, the Company has elected to reflect any fair value adjustments, net of tax, as a component of other comprehensive income (“OCI”). The cumulative gain or loss will not be reclassified to net earnings on disposal of these long-term investments but is reclassified to retained earnings.

By holding these long-term investments, the Company is inherently exposed to various risk factors including currency risk, market price risk and liquidity risk.

16.
Credit Facilities
16.1.
Sustainability-Linked Revolving Credit Facility
The term of the Company’s undrawn $2 billion revolving term loan (“Revolving Facility”) matures on June 22, 2028.

The Company’s Revolving Facility has financial covenants which require the Company to maintain: (i) a net debt to tangible net worth ratio of less than or equal to 0.75:1; and (ii) an interest coverage ratio of greater than or equal to 3.00:1. Only cash interest expenses are included for the purposes of calculating the interest coverage ratio. The Company is in compliance with these debt covenants as at March 31, 2024 and 2023.

At the Company’s option, amounts drawn under the Revolving Facility incur interest based on the Company’s leverage ratio at either (i) the Secured Overnight Financing Rate (“SOFR”) plus 1.10% to 2.15%; or (ii) the Bank of Nova Scotia’s Base Rate plus 0.00% to 1.05%. Under both options, the interest rate shall not be less than 0%. In connection with the extension, the interest rate paid on drawn amounts will be adjusted by up to +/- 0.05% based upon the Company’s performance in three sustainability-related areas including climate change, diversity and overall performance in sustainability. During the three months ended March 31, 2024 and 2023, the stand-by fee rate was 0.20%.

The Revolving Facility, which is classified as a financial liability and reported at amortized cost using the effective interest method, can be drawn down at any time to finance acquisitions, investments or for general corporate purposes. In connection with the Revolving Facility, there is $5 million unamortized debt issue costs which have been recorded as a long-term asset under the classification Other (see Note 24).


16.2.
Lease Liabilities
The lease liability on the Company’s offices located in Vancouver, Canada and the Cayman Islands is as follows:

 
March 31
December 31
(in thousands)
2024
2023
Current portion
$
518
$
604
Long-term portion
 
5,423
 
5,625
Total lease liabilities
$
5,941
$
6,229

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [21]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)

The maturity analysis, on an undiscounted basis, of these leases is as follows:

 
March 31
(in thousands)
2024
Not later than 1 year
$
799
Later than 1 year and not later than 5 years
  
2,534
Later than 5 years
 
4,473
Total lease liabilities
$
7,806


16.3.
Finance Costs
A summary of the Company’s finance costs associated with the above facilities during the period is as follows:

   
Three Months Ended
March 31
(in thousands)
Note
2024
2023
Costs related to undrawn credit facilities
16.1
$
1,338
$
1,316
Interest expense - lease liabilities
16.2
 
74
  
17
Letters of guarantee
 
 
30
 
45
Total finance costs
 
$
1,442
$
1,378


17.
Issued Capital

 
Note
March 31
December 31
(in thousands)
2024
2023
Issued capital
  
 
 
    
Share capital issued and outstanding: 453,295,679 common shares (December 31, 2023: 453,069,254 common shares)
17.1
$
3,784,848
$
3,777,323


WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [22]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)


17.1.
Shares Issued

The Company is authorized to issue an unlimited number of common shares having no par value and an unlimited number of preference shares issuable in series. As at March 31, 2024 and 2023, the Company had no preference shares outstanding.

A continuity schedule of the Company’s issued and outstanding common shares from January 1, 2023 to March 31, 2024 is presented below:
 
Number
of
Shares
Weighted
Average
Price
At January 1, 2023
452,318,526
  
Share purchase options exercised 1
397,636
Cdn$31.17
Restricted share units released 1
59,672
Cdn$0.00
At March 31, 2023
452,775,834
  
Share purchase options exercised 1
91,286
Cdn$40.01
Restricted share units released 1
60,155
Cdn$0.00
Dividend reinvestment plan 2
141,979
US$46.73
At December 31, 2023
453,069,254
  
Share purchase options exercised 1
158,148
Cdn$33.20
Restricted share units released 1
68,277
Cdn$0.00
At March 31, 2024
453,295,679
 

1)
The weighted average price of share purchase options exercised and restricted share units released represents the respective exercise price.
2)
The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. The weighted average price for common shares issued under the DRIP represents the volume weighted average price of the common shares on the five trading days preceding the dividend payment date.

At the Market Equity Program
The Company has established an at-the-market equity program (the “ATM Program”) that allows the Company to issue up to $300 million worth of common shares from treasury (“Common Shares”) to the public from time to time at the Company’s discretion and subject to regulatory requirements. The ATM Program will be effective until the date that all Common Shares available for issue under the ATM Program have been issued or the ATM Program is terminated prior to such date by the Company or the agents.

Wheaton intends that the net proceeds from the ATM Program, if any, will be available as one potential source of funding for stream acquisitions and/or other general corporate purposes including the repayment of indebtedness. As at March 31, 2024 and 2023, the Company has not issued any shares under the ATM program.

17.2.
Dividends Declared

 
Three Months Ended
March 31
(in thousands, except per share amounts)
2024
2023
Dividends declared per share
$
0.155
 
$
0.150
  
Average number of shares eligible for dividend
 
453,293
 
 
452,735
  
Total dividends declared
$
70,261
 
$
67,910
  

1)
The Company has implemented a DRIP whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [23]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)


18.
Reserves

 
Note
 
March 31
 
December 31
(in thousands)
2024
2023
Reserves
  
 
 
    
Share purchase options
18.1
$
22,883
$
22,907
Restricted share units
18.2
 
5,970
  
8,006
Long-term investment revaluation reserve, net of tax
18.3
 
(76,570)
 
(71,004)
Total reserves
 
$
(47,717)
$
(40,091)

18.1.
Share Purchase Options
The Company has established an equity settled share purchase option plan whereby the Company’s Board of Directors may, from time to time, grant options to employees or consultants. The maximum term of any share purchase option may be ten years, but generally options are granted with a term to expiry of five to seven years. The exercise price of an option is not less than the closing price on the TSX on the last trading day preceding the grant date. The vesting period of the options is determined at the discretion of the Company’s Board of Directors at the time the options are granted, but generally vest over a period of two or three years.

Each share purchase option converts into one common share of Wheaton on exercise. No amounts are paid or payable by the recipient on receipt of the option. The options do not carry rights to dividends or voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry, subject to certain black-out periods.

The Company expenses the fair value of share purchase options that are expected to vest on a straight-line basis over the vesting period using the Black-Scholes option pricing model to estimate the fair value for each option at the date of grant. The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions. The model requires the use of subjective assumptions, including expected share price volatility. Historical data has been considered in setting the assumptions. Expected volatility is determined by considering the trailing 36-month historic average share price volatility. The weighted average fair value of share purchase options granted and principal assumptions used in applying the Black-Scholes option pricing model are as follows:

 
Three Months Ended
March 31
 
2024
2023
Black-Scholes weighted average assumptions
 
  
Grant date share price and exercise price
Cdn$59.79
Cdn$59.41
Expected dividend yield
1.45%
1.39%
Expected volatility
30%
30%
Risk-free interest rate
4.10%
3.40%
Expected option life, in years
3.0
3.0
Weighted average fair value per option granted
Cdn$13.39
Cdn$12.89
Number of options issued during the period
         305,710
         316,580
Total fair value of options issued (000's)
 $          3,022
 $          2,972


WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [24]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)


The following table summarizes information about the options outstanding and exercisable at March 31, 2024:
Exercise Price (Cdn$)
Exercisable
Options
Non-Exercisable
Options
Total Options
Outstanding
Weighted Average
Remaining
Contractual Life
$30.82
2,239
-
2,239
0.2 years
$32.63¹
18,310
-
18,310
1.0 years
$33.47
263,145
-
263,145
1.0 years
$49.86
235,876
-
235,876
4.0 years
$54.13¹
35,143
-
35,143
4.0 years
$58.63¹
15,270
30,550
45,820
6.0 years
$59.41
84,214
168,416
252,630
6.0 years
$59.79
-
237,180
237,180
7.0 years
$59.82¹
-
68,530
68,530
7.0 years
$60.00
147,511
73,933
221,444
5.0 years
$63.63¹
24,553
12,713
37,266
5.0 years
 
826,261
591,322
1,417,583
4.6 years
1) US$ share purchase options converted to Cdn$ using the exchange rate of 1.3550, being the Cdn$/US$ exchange rate at March 31, 2024.

A continuity schedule of the Company’s outstanding share purchase options from January 1, 2023 to March 31, 2024 is presented below:

 
Number of
Options
Outstanding
Weighted
Average
Exercise Price
At January 1, 2023
             1,478,300
Cdn$41.37
Granted (fair value - $3 million or Cdn$12.89 per option)
                316,580
59.41
Exercised
               (397,636)
31.17
Forfeited
                   (1,300)
55.01
At March 31, 2023
             1,395,944
Cdn$48.32
Exercised
                 (91,286)
40.01
Forfeited
                 (34,637)
59.60
At December 31, 2023
             1,270,021
Cdn$48.47
Granted (fair value - $3 million or Cdn$13.39 per option)
                305,710
59.79
Exercised
               (158,148)
33.20
At March 31, 2024
             1,417,583
Cdn$52.75

As it relates to share purchase options, during the three months ended March 31, 2024, the weighted average share price at the time of exercise was Cdn$61.21, as compared to Cdn$63.18 per share during the comparable period in 2023.

18.2.
Restricted Share Units (“RSUs”)
The Company has established an RSU plan whereby RSUs will be issued to eligible employees or directors as determined by the Company’s Board of Directors or the Company’s Compensation Committee. RSUs give the holder the right to receive a specified number of common shares at the specified vesting date. RSUs generally vest over a period of two to three years. Compensation expense related to RSUs is recognized over the vesting period based upon the fair value of the Company’s common shares on the grant date and the awards that are expected to vest. The fair value is calculated with reference to the closing price of the Company’s common shares on the TSX on the business day prior to the date of grant.

RSU holders receive a cash payment based on the dividends paid on the Company’s common shares in the event that the holder of a vested RSU has elected to defer the release of the RSU to a future date. This cash payment is reflected as a component of net earnings under the classification Share Based Compensation.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [25]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)


A continuity schedule of the Company’s restricted share units outstanding from January 1, 2023 to March 31, 2024 is presented below:

 
Number of
RSUs
Outstanding
Weighted
Average
Intrinsic Value
at Date Granted
At January 1, 2023
                350,206
$31.25
Granted (fair value - $4 million)
                   92,880
43.27
Released
                 (59,672)
41.64
Forfeited
                       (290)
43.58
At March 31, 2023
                383,124
$32.54
Granted
                     1,110
50.26
Released
                 (60,155)
24.64
Forfeited
                   (7,743)
44.42
At December 31, 2023
                316,336
$33.81
Granted (fair value - $4 million)
                   90,120
44.16
Released
                 (68,277)
43.35
At March 31, 2024
                338,179
$34.64


18.3.
Long-Term Investment Revaluation Reserve
The Company’s long-term investments in common shares (Note 15) are held for long-term strategic purposes and not for trading purposes. The Company has chosen to designate these long-term investments in common shares as financial assets with fair value adjustments being recorded as a component of OCI as it believes that this provides a more meaningful presentation for long-term strategic investments, rather than reflecting changes in fair value as a component of net earnings. As some of these long-term investments are denominated in Canadian dollars, changes in their fair value is affected by both the change in share price in addition to changes in the Cdn$/US$ exchange rate.

Where the fair value of a long-term investment in common shares held exceeds its tax cost, the Company recognizes a deferred income tax liability. To the extent that the value of the long-term investment subsequently declines, the deferred income tax liability is reduced. However, where the fair value of the long-term investment decreases below the tax cost, the Company does not recognize a deferred income tax asset on the unrealized capital loss unless it is probable that the Company will generate future capital gains that will offset the loss.

A continuity schedule of the Company’s long-term investment revaluation reserve from January 1, 2023 to March 31, 2024 is presented below:
(in thousands)
 
Change in
Fair Value
Deferred
Tax
Recovery
(Expense)
Total
At January 1, 2023
  
 $  (40,626)
 $     (6,624)
 $  (47,250)
Unrealized gain (loss) on LTIs 1
  
44,654
(3,954)
40,700
Reallocate reserve to retained earnings upon disposal of LTIs 1
15
990
-
990
At March 31, 2023
 
 $      5,018
 $  (10,578)
 $     (5,560)
Unrealized gain (loss) on LTIs 1
  
(71,286)
7,673
      (63,613)
Reallocate reserve to retained earnings upon disposal of LTIs 1
  
(1,831)
-
(1,831)
At December 31, 2023
 
 $  (68,099)
 $     (2,905)
 $  (71,004)
Unrealized gain (loss) on LTIs 1
  
(5,470)
(96)
(5,566)
At March 31, 2024
 
 $  (73,569)
 $     (3,001)
 $  (76,570)

1)
LTIs refers to long-term investments in common shares held.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [26]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)


19.
Share Based Compensation
The Company’s share based compensation consists of share purchase options (Note 18.1), restricted share units (Note 18.2) and performance share units (Note 19.1). The accrued value of share purchase options and restricted share units are reflected as reserves in the shareholder’s equity section of the Company’s balance sheet while the accrued value associated with performance share units is reflected as an accrued liability.

19.1.
Performance Share Units (“PSUs”)
The Company has established a Performance Share Unit Plan (“the PSU plan”) whereby PSUs will be issued to eligible employees as determined by the Company’s Board of Directors or the Company’s Compensation Committee. PSUs issued under the PSU plan entitle the holder to a cash payment at the end of a three year performance period equal to the number of PSUs granted, multiplied by a performance factor and multiplied by the fair market value of a Wheaton common share on the expiry of the performance period. The performance factor can range from 0% to 200% and is determined by comparing the Company’s total shareholder return to those achieved by various peer companies and the price of gold and silver.

Compensation expense for the PSUs is recorded on a straight-line basis over the three year vesting period. The amount of compensation expense is adjusted at the end of each reporting period to reflect (i) the fair value of common shares; (ii) the number of PSUs anticipated to vest; and (iii) the anticipated performance factor.

A continuity schedule of the Company’s outstanding PSUs (assuming a performance factor of 100% is achieved over the performance period) and the Company’s PSU accrual from January 1, 2023 to March 31, 2024 is presented below:

(in thousands, except for number of PSUs outstanding)
Number of PSUs
Outstanding
PSU accrual
liability
At January 1, 2023
444,620
$
21,239
Granted
135,690
  
-
Accrual related to the fair value of the PSUs outstanding
-
  
5,855
Foreign exchange adjustment
-
  
13
Paid
(191,980)
 
(16,675)
At March 31, 2023
388,330
$
10,432
Accrual related to the fair value of the PSUs outstanding
-
  
10,815
Foreign exchange adjustment
-
  
243
Forfeited
(15,870)
 
(364)
At December 31, 2023
372,460
$
21,126
Granted
135,220
  
-
Accrual related to the fair value of the PSUs outstanding
-
  
(317)
Foreign exchange adjustment
-
  
(428)
Paid
(126,590)
  
(11,129)
At March 31, 2024
381,090
$
9,252



A summary of the PSUs outstanding at March 31, 2024 is as follows:


Year
of Grant
Year of
Maturity
Number
outstanding
Estimated Value
Per PSU at
Maturity
Anticipated
Performance
Factor
at Maturity
Percent of
Vesting Period Complete at
Mar 31, 2024
PSU
 Liability at
Mar 31, 2024
2022
2025
118,240
$45.73
170%
68%
 $              6,261
2023
2026
127,630
$45.03
147%
35%
                  2,941
2024
2027
135,220
$44.49
101%
1%
                       50
 
 
381,090
 
 
 
 $              9,252


WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [27]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)

20.
Earnings per Share (“EPS”) and Diluted Earnings per Share (“Diluted EPS”)
Diluted earnings per share is calculated using the treasury method which assumes that outstanding share purchase options and warrants, with exercise prices that are lower than the average market price of the Company’s common shares for the relevant period, are exercised and the proceeds are used to purchase shares of the Company at the average market price of the common shares for the relevant period.

Diluted EPS is calculated based on the following weighted average number of shares outstanding:

 
Three Months Ended
March 31
(in thousands)
2024
2023
Basic weighted average number of shares outstanding
453,094
452,370
Effect of dilutive securities
 
  
Share purchase options
253
431
Restricted share units
319
358
Diluted weighted average number of shares outstanding
453,666
453,159


The following table lists the number of share purchase options and share purchase warrants excluded from the computation of diluted earnings per share because the exercise prices exceeded the average market value of the common shares of Cdn$60.97, compared to Cdn$59.12 for the comparable period in 2023.

 
Three Months Ended
March 31
(in thousands)
2024
2023
Share purchase options
37
530


21.
Supplemental Cash Flow Information

Change in Non-Cash Working Capital

 
Three Months Ended
March 31
(in thousands)
2024
2023
Change in non-cash working capital
 
 
    
Accounts receivable
 $
        4,445
 $
            849
Accounts payable and accrued liabilities
 
       (2,661)
  
       (3,456)
Other
 
            371
 
            535
Total change in non-cash working capital
 $
        2,155
 $
       (2,072)

Non-Cash Transactions – Receipt of Shares as Consideration for Disposal of Long-Term Equity Investments
During the three months ended March 31, 2023, the Company received common shares valued at $0.2 million as consideration for the disposal of long-term equity investments.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [28]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)


Cash and Cash Equivalents

   
March 31
December 31
(in thousands)
 
2024
2023
Cash and cash equivalents comprised of:
  
 
 
    
Cash
  
$
306,109
$
211,430
Cash equivalents
 
 
-
 
335,097
Total cash and cash equivalents
 
$
306,109
$
546,527

Cash equivalents include short-term deposits, treasury bills, commercial paper, bankers’ depository notes and bankers’ acceptances with terms to maturity at inception of less than three months.


22.
Income Taxes
A summary of the Company’s income tax expense (recovery) is as follows:

Income Tax Expense (Recovery) in Net Earnings

   
Three Months Ended
March 31
(in thousands)
 
2024
2023
Current income tax expense (recovery)
 
 $
59
 $
(2,641)
Deferred income tax expense (recovery) related to:
  
 
 
    
Origination and reversal of temporary differences
  
$
225
$
1,361
Write down (reversal of write down) or recognition of prior period temporary differences
 
 
(311)
 
(5,300)
Total deferred income tax recovery
 
$
(86)
$
(3,939)
Total income tax expense (recovery) recognized in net earnings
 
 $
(27)
 $
(6,580)


Income Tax Expense (Recovery) in Other Comprehensive Income

           
   
Three Months Ended
March 31
(in thousands)
 
2024
2023
Income tax expense (recovery) related to LTIs - common shares held
 
 $
96
 $
3,954


WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [29]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)


Income Tax Rate Reconciliation
The provision for income taxes differs from the amount that would be obtained by applying the statutory income tax rate to consolidated earnings before income taxes due to the following:

   
Three Months Ended
March 31
(in thousands)
 
2024
2023
Earnings before income taxes
  
$
164,014
$
104,811
Canadian federal and provincial income tax rates
 
 
27.00%
 
27.00%
Income tax expense (recovery) based on above rates
  
$
44,284
$
28,299
Non-deductible stock based compensation and other
  
 
349
  
339
Differences in tax rates in foreign jurisdictions 1
  
 
(44,365)
  
(29,894)
Current period unrecognized temporary differences
  
 
16
  
(24)
Write down (reversal of write down) or recognition of prior period temporary differences
 
 
(311)
 
(5,300)
Total income tax expense (recovery) recognized in net earnings
 
$
(27)
$
(6,580)

1)
During the three months ended March 31, 2024, the Company's subsidiaries generated net earnings of $165 million, as compared to $111 million during the comparable period of the prior year.

The majority of the Company’s income generating activities is conducted by its 100% owned subsidiary, Wheaton Precious Metals International Ltd., which operates in the Cayman Islands and is not subject to income tax.

Global Minimum Tax
The Company is within the scope of global minimum tax (“GMT”) under the OECD Pillar Two model rules (“Pillar Two”).  Subject to tax legislation enacting Pillar Two being passed in the jurisdictions where the Company and its subsidiaries operate, the group is liable to pay a top-up tax for any deficiency between the minimum tax rate of 15% and the effective tax rate per jurisdiction. The Canadian parent company, as well as its Luxembourg subsidiary (Silver Wheaton Luxembourg S.a.r.l., or “Silver Wheaton Luxembourg”) have an effective tax rate that exceeds 15% or are in a loss position. The group’s subsidiaries that operate in the Cayman Islands have an effective tax rate of 0%. For the three months ended March 31, 2024 and 2023, the Cayman Islands subsidiaries had net earnings of $165 million and $111 million, respectively.

The Company does not operate in any jurisdiction where Pillar Two legislation was effective as for the three months ended March 31, 2024 and therefore the Company has no related current tax expense associated with GMT.

Jurisdictional updates are as follows:

Canada
On May 2, 2024, the Canadian Federal Government introduced the Federal budget bill, C-69, into parliament which contains the Global Minimum Tax Act (“GMTA”) reflecting application of GMT to in-scope companies for fiscal years commencing on or after December 31, 2023. However, to date, the GMTA has not been enacted. If enacted as drafted, the proposed Canadian rules in the GMTA would apply to the income of the Company’s Cayman Island subsidiaries from January 1, 2024.

Luxembourg
Pillar Two legislation was enacted in Luxembourg on December 22, 2023. The rules are applicable from January 1, 2024. As discussed above, Silver Wheaton Luxembourg has an effective tax rate in excess of 15%.  The Luxembourg Pillar Two legislation also contains an undertaxed profits rule which is effective January 1, 2025, that would allow Luxembourg to collect Pillar Two top-up taxes related to the Company’s subsidiaries operating in the Cayman Islands if the GMTA were not enacted in Canada. Given the Canadian government’s stated intent to enact the GMTA, the Company does not expect the Luxembourg Pillar Two legislation to have a material impact on the Company.

Cayman Islands
To date, the government of the Cayman Islands has indicated that they do not intend to enact Pillar Two Legislation.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [30]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)


Current Income Taxes (Payable) Receivable
The movement in current income taxes (payable) receivable for the three months ended March 31, 2024 is as follows:

(in thousands)
Current Taxes
(Payable)
Receivable
Current taxes receivable - December 31, 2023
 $           5,935
Current income tax recovery - income statement
                  (59)
Income taxes paid
                  116
Foreign exchange adjustments
                (141)
Current taxes receivable - March 31, 2024
 $           5,851


Deferred Income Taxes
The recognized deferred income tax assets and liabilities are offset on the balance sheet and relate to Canada, except for the foreign withholding tax. The movement in deferred income tax assets and liabilities for the three months ended March 31, 2024 and the year ended December 31, 2023 is shown below:

 
Three Months Ended March 31, 2024
 
Opening
Balance
Recovery
(Expense)
Recognized
In Net Earnings
Recovery
(Expense)
Recognized
In OCI
Closing
Balance
Recognized deferred income tax assets and liabilities
Deferred tax assets
 
 
 
 
 
 
 
 
Non-capital loss carryforward 1
$
810
$
3,073
$
-
$
3,883
Capital loss carryforward
 
956
 
-
 
-
 
956
Other 2
 
4,135
 
(3,126)
 
-
 
1,009
Deferred tax liabilities
 
 
 
 
 
 
 
 
Debt financing fees 3
 
(818)
 
9
 
-
 
(809)
Unrealized gains on long-term investments
 
(4,415)
 
(5)
 
(96)
 
(4,516)
Mineral stream interests 4
 
(668)
 
145
 
-
 
(523)
Foreign withholding tax
 
(232)
 
(10)
 
-
 
(242)
Total
$
(232)
$
86
$
(96)
$
(242)
1)
As at March 31, 2024, the Company had recognized the tax effect on $14 million of non-capital losses against deferred tax liabilities.
2)
Other includes capital assets, charitable donation carryforward, and PSU and pension liabilities.
3)
Debt and share financing fees are deducted over a five-year period for Canadian income tax purposes. For accounting purposes, debt financing fees are deducted over the term of the credit facility and share financing fees are charged directly to issued capital.
4)
The Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, is that the cost of the precious metal acquired under the Canadian PMPAs is equal to the market value while a deposit is outstanding (where applicable to an agreement), and the cash cost thereafter. For accounting purposes, the cost of the mineral stream interests is depleted on a unit-of-production basis as described in Note 12.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [31]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)



 
Year Ended December 31, 2023
 
Opening
Balance
Recovery
(Expense)
Recognized
In Net Earnings
Recovery
(Expense)
Recognized
In OCI
Closing
Balance
Recognized deferred income tax assets and liabilities
Deferred tax assets
                
Non-capital loss carryforward
$
-
$
810
$
-
$
810
Capital loss carryforward
  
792
  
40
  
124
  
956
Other
  
4,256
  
(121)
  
-
  
4,135
Deferred tax liabilities
                
Debt and share financing fees
  
(774)
  
(44)
  
-
  
(818)
Unrealized gains on long-term investments
  
(8,006)
  
(4)
  
3,595
  
(4,415)
Mineral stream interests
  
3,732
  
(4,400)
  
-
  
(668)
Foreign withholding tax
 
(165)
 
(67)
  
-
 
(232)
Total
$
(165)
$
(3,786)
$
3,719
$
(232)


Deferred income tax assets in Canada not recognized are shown below:

   
March 31
December 31
(in thousands)
 
2024
2023
Mineral stream interests
  
$
7,930
$
8,804
Other
  
 
2,974
  
2,376
Unrealized losses on long-term investments
  
 
13,727
  
12,912
Total
 
$
24,631
$
24,092

1)
As at March 31, 2024, the Company had fully recognized the tax effect of non-capital losses.



23.
Other Current Assets
The composition of other current assets is shown below:

   
March 31
December 31
(in thousands)
Note
2024
2023
Prepaid expenses
  
$
2,676
$
2,628
Other
 
 
698
 
871
Total other current assets
 
$
3,374
$
3,499


WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [32]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)


24.
Other Long-Term Assets
The composition of other long-term assets is shown below:

   
March 31
December 31
(in thousands)
Note
2024
2023
Intangible assets
  
$
1,791
$
1,886
Debt issue costs - Revolving Facility
16.1
 
5,198
  
5,496
Refundable deposit - 777 PMPA
  
 
8,890
  
8,717
Subscription Rights
  
 
-
  
4,510
Other
 
 
5,771
 
5,861
Total other long-term assets
 
$
21,650
$
26,470


Subscription Rights
The subscription rights were converted to common shares during the first quarter of 2024 and were reclassified to Long-Term Equity Investments.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [33]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)


25.
Commitments and Contingencies
Mineral Stream Interests
The following tables summarize the Company’s commitments to make per-ounce or per pound cash payments for gold, silver, palladium, platinum and cobalt to which it has the contractual right pursuant to the PMPAs:

Per Ounce Cash Payment for Gold

Mineral Stream Interests
Attributable
Payable Production
to be Purchased
Per Ounce
Cash Payment 1
Term of
Agreement
Date of
Original
Contract
Constancia
 50%
$
420 ²
Life of Mine
8-Aug-12
Salobo
 75%
$
425
Life of Mine
28-Feb-13
Sudbury
 70%
$
400
20 years
28-Feb-13
San Dimas
 variable ³
$
631
Life of Mine
10-May-18
Stillwater
 100%
 
18% ⁴
Life of Mine
16-Jul-18
Marathon
 100% ⁵
 
18% ⁴
Life of Mine
26-Jan-22
Other
 
 
 
 
 
Minto
 100% ⁶
 
50% ⁶
Life of Mine
20-Nov-08
Copper World
 100%
$
450
Life of Mine
10-Feb-10
Marmato
 10.5% ⁵
 
18% ⁴
Life of Mine
5-Nov-20
Santo Domingo
 100% ⁵
 
18% ⁴
Life of Mine
24-Mar-21
Fenix
 6% ⁵
 
18% ⁴
Life of Mine
15-Nov-21
Blackwater
 8% ⁵
 
35%
Life of Mine
13-Dec-21
Curipamba
 50% ⁵
 
18% ⁴
Life of Mine
17-Jan-22
Goose
 2.78% ⁵
 
18% ⁴
Life of Mine
8-Feb-22
Cangrejos
 6.6% ⁵
 
18% ⁴
Life of Mine
16-May-23
Platreef
 62.5% ⁵
$
 100 ⁵
Life of Mine ⁵
7-Dec-21 ⁸
Curraghinalt
 3.05% ⁵
 
18% ⁴
Life of Mine
15-Nov-23
Kudz Ze Kayah
 6.875% ⁷
 
20%
Life of Mine
22-Dec-21 ⁸
Early Deposit
 
 
 
 
 
Toroparu
 10%
$
400
Life of Mine
11-Nov-13
Cotabambas
 25% ⁵
$
450
Life of Mine
21-Mar-16
Kutcho
 100%
 
20%
Life of Mine
14-Dec-17

1)
The production payment is measured as either a fixed amount per ounce of gold delivered, or as a percentage of the spot price of gold on the date of delivery. Contracts where the payment is a fixed amount per ounce of gold delivered are subject to an annual inflationary increase, with the exception of Sudbury. Additionally, should the prevailing market price for gold be lower than this fixed amount, the per ounce cash payment will be reduced to the prevailing market price, subject to an annual inflationary factor.
2)
Subject to an increase to $550 per ounce of gold after the initial 40-year term.
3)
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. Currently, the fixed gold to silver exchange ratio is 70:1.
4)
To be increased to 22% once the market value of all metals delivered to Wheaton, net of the per ounce cash payment, exceeds the initial upfront cash deposit.
5)
Under certain PMPAs, the Company’s attributable gold percentage will be reduced once certain thresholds are achieved:

a.
Marathon – reduced to 67% once the Company has received 150,000 ounces of gold.

b.
Marmato – reduced to 5.25% once Wheaton has received 310,000 ounces of gold.

c.
Santo Domingo – reduced to 67% once the Company has received 285,000 ounces of gold.

d.
Fenix – reduced to 4% once the Company has received 90,000 ounces of gold, with a further reduction to 3.5% once the Company has received 140,000 ounces.

e.
Blackwater – reduced to 4% once the Company has received 464,000 ounces of gold.

f.
Curipamba – reduced to 33% once the Company has received 145,000 ounces of gold.

g.
Goose – reduced to 1.44% once the Company has received 87,100 ounces of gold, with a further reduction to 1% once the Company has received 134,000 ounces.

h.
Cangrejos – reduced to 4.4% once the Company has received 700,000 ounces of gold.

i.
Platreef - reduced to 50% once the Company has received 218,750 ounces of gold, with a further reduction to 3.125% once the Company has received 428,300 ounces, at which point the per ounce cash payment increases to 80% of the spot price of gold. If certain thresholds are met, including if production through the Platreef project concentrator achieves 5.5 Mtpa, the 3.125% residual gold stream will terminate.

j.
Curraghinalt – reduced to 1.5% once the Company has received 125,000 ounces of gold.

k.
Cotabambas – reduced to 16.67% once the Company has received 90 million silver equivalent ounces.
6)
The Company is committed to acquire 100% of the first 30,000 ounces of gold produced per annum and 50% thereafter. On May 13, 2023, Minto Metals Corp., announced the suspension of operations at the Minto mine. Prior to this, the parties were in discussions in connection with a possible restructuring of the Minto PMPA. During that negotiation period, the cash payment per ounce of gold delivered was set at 90% of spot price. Following the May 13 announcement, and as negotiations were not successful, the price of deliveries of gold reverts to 50% of spot price as set out in the existing Minto PMPA.
7)
Under the Kudz Ze Kayah PMPA, the Company will be entitled to purchase staged percentages of produced gold ranging from 6.875% to 7.375% until 330,000 ounces of gold are produced and delivered, thereafter reducing to a range of 5.625% to 6.125% until a further 59,800 ounces of gold are produced and delivered, further reducing to a range of 5% to 5.5% until a further 270,200 ounces of gold are produced and delivered for a total of 660,000 ounces of gold thereafter ranging between 6.25% and 6.75%.
8)
On February 27, 2024, the Company closed the Orion Purchase Agreement to acquire the Platreef and Kudz Ze Kayah PMPAs.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [34]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)


Per Ounce Cash Payment for Silver

Mineral Stream Interests
Attributable
Payable Production
to be Purchased
Per Ounce
Cash Payment 1
Term of
Agreement
Date of
Original
Contract
Peñasquito
 25%
$
4.50
Life of Mine
24-Jul-07
Constancia
 100%
$
6.20 ²
Life of Mine
8-Aug-12
Antamina
 33.75%
 
20%
Life of Mine
3-Nov-15
Other
 
 
 
 
 
Los Filos
 100%
$
4.68
25 years
15-Oct-04
Zinkgruvan
 100%
$
4.68
Life of Mine
8-Dec-04
Stratoni
 100%
$
11.54
Life of Mine
23-Apr-07
Neves-Corvo
 100%
$
4.46
50 years
5-Jun-07
Aljustrel
 100% ³
 
50%
50 years
5-Jun-07
Minto
 100% ⁴
$
4.39
Life of Mine
20-Nov-08
Pascua-Lama
 25%
$
3.90
Life of Mine
8-Sep-09
Copper World
 100%
$
3.90
Life of Mine
10-Feb-10
Loma de La Plata
 12.5%
$
4.00
Life of Mine
n/a ⁵
Marmato
 100% ⁶
 
18% ⁷
Life of Mine
5-Nov-20
Cozamin
 50% ⁶
 
10%
Life of Mine
11-Dec-20
Blackwater
 50% ⁶
 
18% ⁷
Life of Mine
13-Dec-21
Curipamba
 75%
 
18% ⁷
Life of Mine
17-Jan-22
Mineral Park
 100%
 
18% ⁷
Life of Mine
24-Oct-23
Kudz Ze Kayah
 6.875 ⁸
 
20%
Life of Mine
22-Dec-21 ⁹
Early Deposit
 
 
 
 
 
Toroparu
 50%
$
3.90
Life of Mine
11-Nov-13
Cotabambas
 100% ⁶
$
5.90
Life of Mine
21-Mar-16
Kutcho
 100%
 
20%
Life of Mine
14-Dec-17

1)
The production payment is measured as either a fixed amount per unit of silver delivered, or as a percentage of the spot price of silver on the date of delivery. Contracts where the payment is a fixed amount per ounce of silver delivered are subject to an annual inflationary increase, with the exception of Loma de La Plata. Additionally, should the prevailing market price for silver be lower than this fixed amount, the per ounce cash payment will be reduced to the prevailing market price, subject to an annual inflationary factor.
2)
Subject to an increase to $9.90 per ounce of silver after the initial 40-year term.
3)
Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine. On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the second quarter of 2025.
4)
On May 13, 2023, Minto Metals Corp. announced the suspension of operations at the Minto mine.
5)
Terms of the agreement not yet finalized.
6)
Under certain PMPAs, the Company’s attributable silver percentage will be reduced once certain thresholds are achieved:

a.
Marmato – reduced to 50% once the Company has received 2.15 million ounces of silver.

b.
Cozamin – reduced to 33% once the Company has received 10 million ounces of silver.

c.
Blackwater – reduced to 33% once the Company has received 17.8 million ounces of silver.

d.
Cotabambas – reduced to 66.67% once the Company has received 90 million silver equivalent ounces.
7)
To be increased to 22% once the total market value of all metals delivered to the Company, net of the per ounce cash payment, exceeds the initial upfront cash deposit.
8)
Under the Kudz Ze Kayah PMPA, the Company will be entitled to purchase: staged percentages of produced silver ranging from 6.875% to 7.375% until 43.30 million ounces of silver are produced and delivered, thereafter reducing to a range of 5.625% to 6.125% until a further 7.96 million ounces of silver are produced and delivered, further reducing to a range of 5% to 5.5% until a further 35.34 million ounces of silver are produced and delivered for a total of 86.6 million ounces of silver and thereafter ranging between 6.25% and 6.75%.
9)
On February 27, 2024, the Company closed the Orion Purchase Agreement to acquire the Platreef and Kudz Ze Kayah PMPAs.


WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [35]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)


Per Ounce Cash Payment for Palladium and Platinum and Per Pound for Cobalt

Mineral Stream Interests
Attributable
Payable Production
to be Purchased
Per Unit of
Measurement
Cash Payment 1
Term of
Agreement
Date of
Original
Contract
Palladium
 
 
 
 
 
Stillwater
 4.5% ²
 
18% ³
Life of Mine
16-Jul-18
Platreef
 5.25% ²
 
30% ²
Life of Mine ²
7-Dec-21 ⁴
Platinum
 
 
 
 
 
Marathon
 22% ²
 
18% ³
Life of Mine
26-Jan-22
Platreef
 5.25% ²
 
30% ²
Life of Mine ²
7-Dec-21 ⁴
Cobalt
 
 
 
 
 
Voisey's Bay
 42.4% ²
 
18% ³
Life of Mine
11-Jun-18

1)
The production payment is measured as either a fixed amount per unit of metal delivered, or as a percentage of the spot price of the underlying metal on the date of delivery.
2)
Under certain PMPAs, the Company’s attributable metal percentage will be reduced once certain thresholds are achieved:

a.
Stillwater – reduced to 2.25% once the Company has received 375,000 ounces of palladium, with a further reduction to 1% once the Company has received 550,000 ounces.

b.
Platreef – reduced to 3% once the Company has received 350,000 ounces of combined palladium and platinum, with a further reduction to 0.1% once the Company has received a combined 485,115 ounces, at which point the per ounce cash payment increases to 80% of the spot price of palladium and platinum. If certain thresholds are met, including if production through the Platreef project concentrator achieves 5.5 Mtpa, the 0.1% residual palladium and platinum stream will terminate.

c.
Marathon – reduced to 15% once the Company has received 120,000 ounces of platinum.

d.
Voisey’s Bay – reduced to 21.2% once the Company has received 31 million pounds of cobalt.
3)
To be increased to 22% once the market value of all metals delivered to Wheaton, net of the per unit cash payment, exceeds the initial upfront cash deposit.
4)
On February 27, 2024, the Company closed the Orion Purchase Agreement to acquire the Platreef and Kudz Ze Kayah PMPAs.


Other Contractual Obligations and Contingencies

   
Projected Payment Dates 1
      
(in thousands)

2024
2025 - 2026
2027 - 2028
After 2028
Total
Payments for mineral stream interests & royalty
                      
 
 
 
Salobo 2
$
163,000
  
$
-
  
$
16,000
  
$
64,000
 
 $
243,000
Copper World 3
  
-
    
231,150
    
-
    
-
 
 
231,150
Marmato
  
80,032
    
41,968
    
-
    
-
 
 
122,000
Santo Domingo
  
-
    
260,000
    
-
    
-
 
 
260,000
Fenix Gold
  
25,000
    
-
    
-
    
-
 
 
25,000
Curipamba
  
30,625
    
131,625
    
-
    
-
 
 
162,250
Marathon
  
-
    
147,601
    
-
    
-
 
 
147,601
Cangrejos
  
19,300
    
126,000
    
126,000
    
-
 
 
271,300
Curraghinalt
  
-
    
55,000
    
-
    
-
 
 
55,000
Loma de La Plata
  
-
    
-
    
-
    
32,400
 
 
32,400
Mineral Park
  
115,000
    
-
    
-
    
-
 
 
115,000
Kudz Ze Kayah
  
5,000
    
-
    
-
    
-
 
 
5,000
Mt Todd Royalty
  
10,000
    
-
    
-
    
-
 
 
10,000
DeLamar Royalty
  
4,875
    
-
    
-
    
-
 
 
4,875
Payments for early deposit mineral stream interest
                      
 
 
 
Cotabambas
  
-
    
-
    
-
    
126,000
 
 
126,000
Toroparu
  
-
    
-
    
-
    
138,000
 
 
138,000
Kutcho
  
-
    
-
    
29,000
    
29,000
 
 
58,000
Leases liabilities
 
663
 
 
1,182
 
 
1,306
 
 
4,655
 
 
7,806
Total contractual obligations
$
453,495
 
$
994,526
 
$
172,306
 
$
394,055
 
 $
2,014,382

1)
Projected payment date based on management estimate. Dates may be updated in the future as additional information is received.
2)
As more fully explained below, the expansion payment relative to the Salobo III expansion project is dependent on the timing and size of the throughput expansion.
3)
Figure includes contingent transaction costs of $1 million.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [36]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)

Salobo
The Salobo mine historically had a mill throughput capacity of 24 Mtpa and is currently ramping up to full capacity of 36 Mtpa, expected in the fourth quarter of 2024. On November 21, 2023, the Company and Vale jointly announced the successful completion of the throughput test for the first phase of the Salobo III expansion project, with the Salobo complex exceeding an average throughput of 32 Mtpa over a 90-day period. As a result, Wheaton paid Vale $370 million on December 1, 2023, representing the amount due for completion of the first phase of the Salobo III expansion project.
The remaining balance of the expansion payment is dependent on the timing of completion and will be triggered once Vale expands actual throughput above 35 Mtpa for a period of 90 days. If actual throughput is expanded above 35 Mtpa by January 1, 2031, Wheaton will be required to make additional payments to Vale based on the size of the expansion and the timing of completion. The set payments range from a total of $52 million if throughput is expanded beyond 35 Mtpa by January 1, 2031, to up to $163 million if throughput is expanded beyond 35 Mtpa by January 1, 2025.
In addition, Wheaton will be required to make annual payments of between $5.1 million to $8.5 million for a 10-year period following payment of the expansion payments if the Salobo mine implements a high-grade mine plan, with payments to be made for each year the high-grade plan is achieved.
Copper World Complex
The Company is committed to pay Hudbay total upfront cash payments of $230 million in two installments, with the first $50 million being advanced upon Hudbay’s receipt of permitting for the Copper World Complex and other customary conditions and the balance of $180 million being advanced once project costs incurred on the Copper World Complex exceed $98 million and certain other customary conditions. Under the Copper World Complex PMPA, the Company is permitted to elect to pay the deposit in cash or the delivery of common shares. Additionally, the Company will be entitled to certain delay payments, including where construction ceases in any material respect, or if completion is not achieved within agreed upon timelines.

Marmato
Under the terms of the Marmato PMPA, the Company is committed to pay Aris Mining additional upfront cash payments of $122 million, payable during the construction of the Marmato Lower Mine development portion of the Marmato mine, subject to customary conditions.

Santo Domingo
Under the terms of the Santo Domingo PMPA, the Company is committed to pay Capstone Copper Corp., (“Capstone”) additional upfront cash payments of $260 million, which is payable during the construction of the Santo Domingo project, subject to customary conditions being satisfied, including Capstone attaining sufficient financing to cover total expected capital expenditures.

Fenix
Under the terms of the Fenix PMPA, the Company is committed to pay Rio2 Limited (“Rio2”) additional upfront cash payments of $25 million, payable subject to certain customary conditions.

Curipamba
Under the terms of the Curipamba PMPA, the Company is committed to pay additional upfront cash payments of $162.2 million, which includes $150,000 which will be paid to support certain local community development initiatives around the Curipamba Project. The payments will be payable in four staged installments during construction, subject to various customary conditions being satisfied.

Marathon
Under the terms of the Marathon PMPA, the Company is committed to pay additional upfront cash payments of $148 million (Cdn$200 million), which is to be paid in four staged installments during construction of the Marathon project, subject to various customary conditions being satisfied.

Cangrejos
Under the terms of the Cangrejos PMPA, which had a closing date of May 16, 2023, the Company is committed to pay additional upfront consideration of $271 million. Of this amount, $15 million is to be paid 12 months after the closing date, $4 million can be drawn upon for committed acquisition of surface rights and the remainder is to be paid in four staged equal installments during construction of the mine, subject to various customary conditions being satisfied.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [37]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)

Curraghinalt
Under the terms of the Curraghinalt PMPA, the Company is committed to pay additional upfront cash payments of $55 million to be paid to an affiliate of Dalradian Gold during construction of the Curraghinalt project.

Loma de La Plata
Under the terms of the Loma de La Plata PMPA, the Company is committed to pay Pan American Silver Corp., (“PAAS”) total upfront cash payments of $32 million following the satisfaction of certain conditions, including PAAS  receiving all necessary permits to proceed with the mine construction and the Company finalizing the definitive terms of the PMPA.

Mineral Park
Under the terms of the Mineral Park PMPA, the Company is committed to pay total upfront cash payments of $115 million in four payments during construction through three installments of $25 million and a final installment of $40 million.

Kudz Ze Kayah
Under the terms of the Kudz Ze Kayah PMPA (“KZK”), an additional $5 million contingency payment is due to Orion if the KZK project achieves certain milestones.

Mt Todd Royalty
Under the terms of the royalty agreement with Vista, the Company is committed to pay additional upfront cash payment of $10 million to advance Mt. Todd and for general corporate purposes, with the payment being due in in June 2024 subject to the commencement of exploration drilling program of at least 6,000 meters and other customary conditions.

DeLamar Royalty
Under the terms of the royalty agreement with Integra, the Company is committed to pay additional upfront cash payment of $5 million to advance DeLamar project, with the payment being due in in July 2024 subject to customary conditions.

Cotabambas
Under the terms of the Cotabambas Early Deposit Agreement, the Company is committed to pay Panoro additional upfront cash payments of $126 million. Following the delivery of a bankable definitive feasibility study, environmental study and impact assessment, and other related documents (collectively, the "Cotabambas Feasibility Documentation"), and receipt of permits and construction commencing, the Company may then advance the remaining deposit or elect to terminate the Cotabambas Early Deposit Agreement. If the Company elects to terminate, the Company will be entitled to a return of the portion of the amounts advanced less $2 million payable upon certain triggering events occurring.

Toroparu
Under the terms of the Toroparu Early Deposit Agreement, the Company is committed to pay a subsidiary of Aris Mining an additional $138 million, payable on an installment basis to partially fund construction of the mine. Aris Mining is to deliver certain feasibility documentation. Prior to the delivery of this feasibility documentation, Wheaton may elect to (i) not proceed with the agreement or (ii) not pay the balance of the upfront consideration and reduce the gold stream percentage from 10% to 0.909% and the silver stream percentage from 50% to nil. If option (i) is chosen, Wheaton will be entitled to a return of the amounts advanced less $2 million. If Wheaton elects option (ii), Aris Mining may elect to terminate the agreement and Wheaton will be entitled to a return of the amount of the deposit already advanced less $2 million. 

Kutcho
Under the terms of the Kutcho Early Deposit Agreement, the Company is committed to pay Kutcho additional upfront cash payments of $58 million, which will be advanced on an installment basis to partially fund construction of the mine once certain conditions have been satisfied.

Taxes – Canada Revenue Agency – 2013 to 2016 Taxation Years - Domestic Reassessments
The Company received Notices of Reassessment in 2018, 2019, and 2022 for the 2013 to 2016 taxation years in which the Canada Revenue Agency (“CRA”) is seeking to change the timing of the deduction of upfront payments with respect to the Company’s PMPAs relating to Canadian mining assets, so that the cost of precious metal acquired under these Canadian PMPAs is equal to the cash cost paid on delivery plus an amortized amount of the upfront payment determined on a units-of-production basis over the estimated recoverable reserves, and where applicable, resources and exploration potential at the respective mine (the “Domestic Reassessments”).

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [38]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)

In total, the Company expects the Domestic Reassessments to have assessed tax, interest and other penalties of approximately $2 million.

Management believes the Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, that the cost of the precious metal acquired under the Canadian PMPAs is equal to the market value while a deposit is outstanding, and the cash cost thereafter, is correct. The Company has filed Notices of Objection and paid 50% of the disputed amounts in order to challenge the Domestic Reassessments.

Tax Contingencies
Due to the size, complexity and nature of the Company’s operations, various legal and tax matters are outstanding from time to time, including audits and disputes.

Under the terms of the settlement with the CRA of the transfer pricing dispute relating to the 2005 to 2010 taxation years (the “CRA Settlement”), income earned outside of Canada by the Company’s foreign subsidiaries will not be subject to tax in Canada under transfer pricing rules.  The CRA Settlement principles apply to all taxation years after 2010 subject to there being no material change in facts or change in law or jurisprudence. The CRA is not restricted under the terms of the CRA Settlement from issuing reassessments on some basis other than transfer pricing which could result in some or all of the income of the Company’s foreign subsidiaries being subject to tax in Canada.

It is not known or determinable by the Company when any ongoing audits by CRA of international and domestic transactions will be completed, or whether reassessments will be issued, or the basis, quantum or timing of any such potential reassessments, and it is therefore not practicable for the Company to estimate the financial effect, if any, of any ongoing audits.

From time to time there may also be proposed legislative changes to law or outstanding legal actions that may have an impact on the current or prior periods, the outcome, applicability and impact of which is also not known or determinable by the Company.

General
By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events. If the Company is unable to resolve any of these matters favorably, there may be a material adverse impact on the Company’s financial performance, cash flows or results of operations. In the event that the Company’s estimate of the future resolution of any of the foregoing matters changes, the Company will recognize the effects of the change in its consolidated financial statements in the appropriate period relative to when such change occurs.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [39]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)


26.
Segmented Information
Operating Segments
The Company’s reportable operating segments, which are the components of the Company’s business where discrete financial information is available and which are evaluated on a regular basis by the Company’s Chief Executive Officer (“CEO”), who is the Company’s chief operating decision maker, for the purpose of assessing performance, are summarized in the tables below:


Three Months Ended March 31, 2024
 
Sales
Cost
of Sales
Depletion
Net
Earnings
Cash Flow
From
Operations
Total
Assets
(in thousands)
Gold
                        
Salobo
$
117,851
$
24,135
$
22,320
$
71,396
$
94,050
$
2,659,099
Sudbury 1
  
8,461
  
1,652
  
4,728
  
2,081
  
6,814
  
257,757
Constancia
  
41,723
  
8,460
  
6,353
  
26,910
  
33,263
  
73,912
San Dimas
  
16,448
  
5,001
  
2,210
  
9,237
  
11,445
  
142,512
Stillwater
  
4,883
  
875
  
1,202
  
2,806
  
4,008
  
210,267
Other 2
 
1,323
 
239
 
336
 
748
 
1,084
 
892,983
Total gold interests
$
190,689
$
40,362
$
37,149
$
113,178
$
150,664
$
4,236,530
Silver
                        
Peñasquito
$
43,650
$
8,275
$
7,474
$
27,901
$
35,375
$
268,758
Antamina
  
18,088
  
3,565
  
5,376
  
9,147
  
14,523
  
514,154
Constancia
  
17,236
  
4,502
  
4,534
  
8,200
  
12,734
  
175,049
Other 3
 
17,684
 
3,069
 
3,076
 
11,539
 
15,819
 
603,933
Total silver interests
$
96,658
$
19,411
$
20,460
$
56,787
$
78,451
$
1,561,894
Palladium
                        
Stillwater
$
4,677
$
869
$
2,125
$
1,683
$
3,808
$
218,542
Platreef
 
-
 
-
 
-
 
-
 
-
 
78,786
Total palladium interests
$
4,677
$
869
$
2,125
$
1,683
$
3,808
$
297,328
Platinum
                        
Marathon
$
-
$
-
$
-
$
-
$
-
$
9,451
Platreef
 
-
 
-
 
-
 
-
 
-
 
57,564
Total platinum interests
$
-
$
-
$
-
$
-
$
-
$
67,015
Cobalt
                        
Voisey's Bay
$
4,782
$
913
$
3,942
$
(73)
$
7,006
$
348,000
Total mineral stream interests
$
296,806
$
61,555
$
63,676
$
171,575
$
239,929
$
6,510,767
Other
                        
General and administrative
          
$
(10,464)
$
(15,958)
    
Share based compensation
            
(1,281)
  
(11,129)
    
Donations and community investments
          
(1,570)
  
(1,373)
    
Finance costs
              
(1,442)
  
(1,125)
    
Other
              
7,196
  
9,152
    
Income tax
 
 
 
 
 
 
 
27
 
(116)
 
 
Total other
 
 
 
 
 
 
$
(7,534)
$
(20,549)
$
669,688
Consolidated
 
 
 
 
 
 
$
164,041
$
219,380
$
7,180,455

1)
Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests.
2)
Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests comprised of the operating Marmato gold interest as well as the non-operating Minto, Copper World, Santo Domingo, Fenix, Blackwater, Curipamba, Marathon, Goose, Cangrejos, Platreef, Curraghinalt and Kudz Ze Kayah gold interests.
3)
Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin  silver interests as well as the non-operating Stratoni, Aljustrel, Minto, Pascua-Lama, Copper World, Navidad, Blackwater, Curipamba, Mineral Park and Kudz Ze Kayah silver interests.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [40]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)

Three Months Ended March 31, 2023
 
Sales
Cost
of Sales
Depletion
Net
Earnings
Cash Flow
From
Operations
Total
Assets
(in thousands)
Gold
                        
Salobo
$
68,475
$
15,120
$
11,884
$
41,471
$
53,355
$
2,371,378
Sudbury 1
  
8,317
  
1,747
  
4,475
  
2,095
  
6,346
  
278,941
Constancia
  
12,526
  
2,739
  
2,077
  
7,710
  
9,788
  
93,506
San Dimas
  
20,279
  
6,650
  
2,764
  
10,865
  
13,629
  
153,101
Stillwater
  
3,987
  
698
  
1,069
  
2,220
  
3,288
  
214,783
Other 2
 
5,612
 
4,081
 
253
 
1,278
 
1,155
 
525,338
Total gold interests
$
119,196
$
31,035
$
22,522
$
65,639
$
87,561
$
3,637,047
Silver
                        
Peñasquito
$
33,872
$
6,569
$
6,027
$
21,276
$
27,303
$
287,647
Antamina
  
18,594
  
3,707
  
5,745
  
9,142
  
14,888
  
539,623
Constancia
  
8,353
  
2,245
  
2,283
  
3,825
  
6,107
  
190,664
Other 3
 
24,859
 
6,476
 
2,746
 
15,637
 
20,047
 
450,412
Total silver interests
$
85,678
$
18,997
$
16,801
$
49,880
$
68,345
$
1,468,346
Palladium
                        
Stillwater
$
4,735
$
866
$
1,203
$
2,666
$
3,870
$
225,609
Platinum
                        
Marathon
$
-
$
-
$
-
$
-
$
-
$
9,440
Cobalt
                        
Voisey's Bay
$
4,856
$
1,066
$
4,474
$
(684)
$
4,485
$
356,447
Total mineral stream interests
$
214,465
$
51,964
$
45,000
$
117,501
$
164,261
$
5,696,889
Other
                        
General and administrative
          
$
(10,099)
$
(13,836)
    
Share based compensation
            
(7,397)
  
(16,675)
    
Donations and community investments
          
(1,378)
  
(1,408)
    
Finance costs
              
(1,378)
  
(1,070)
    
Other
              
7,562
  
7,176
    
Income tax
 
 
 
 
 
 
 
6,580
 
(3,344)
 
 
Total other
 
 
 
 
 
 
$
(6,110)
$
(29,157)
$
1,208,590
Consolidated
 
 
 
 
 
 
$
111,391
$
135,104
$
6,905,479

1)
Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests.
2)
Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating Minto and Marmato gold interests as well as the non-operating 777, Copper World, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba and Goose gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.
3)
Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Minto, Cozamin and Marmato silver interests and the non-operating 777, Loma de La Plata, Stratoni, Pascua-Lama, Copper World, Blackwater and Curipamba silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the second quarter of 2025.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [41]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)


Geographical Areas
The Company’s geographical information, which is based on the location of the mining operations to which the mineral stream interests relate, are summarized in the tables below:

 
Sales
Carrying Amount at
March 31, 2024
(in thousands)
Three Months Ended
Mar 31, 2024
Gold
Interests
Silver
Interests
Palladium
Interests
Platinum
Interests
Cobalt
Interests
Total
North America
      
 
                      
Canada
$
13,243
4%
$
717,550
$
165,955
$
-
$
9,452
$
348,000
$
1,240,957
United States
  
9,560
3%
 
210,268
  
1,184
  
218,542
  
-
  
-
  
429,994
Mexico
  
64,630
22%
 
142,510
  
386,545
  
-
  
-
  
-
  
529,055
Europe
      
 
                      
Portugal
  
5,820
2%
 
-
  
17,263
  
-
  
-
  
-
  
17,263
Sweden
  
7,129
2%
 
-
  
26,715
  
-
  
-
  
-
  
26,715
UK
  
-
0%
 
20,231
  
-
  
-
  
-
  
-
  
20,231
South America
      
 
                      
Argentina/Chile 1
  
-
0%
 
-
  
253,514
  
-
  
-
  
-
  
253,514
Argentina
  
-
0%
 
-
  
10,889
  
-
  
-
  
-
  
10,889
Chile
  
-
0%
 
56,538
  
-
  
-
  
-
  
-
  
56,538
Brazil
  
117,850
40%
 
2,659,099
  
-
  
-
  
-
  
-
  
2,659,099
Peru
  
77,048
26%
 
73,913
  
689,196
  
-
  
-
  
-
  
763,109
Ecuador
  
-
0%
 
39,571
  
3,806
  
-
  
-
  
-
  
43,377
Colombia
  
1,526
1%
 
41,246
  
6,827
  
-
  
-
  
-
  
48,073
Africa
      
 
                      
South Africa
 
-
0%
 
275,604
 
-
 
78,786
 
57,563
 
-
 
411,953
Consolidated
$
296,806
100%
$
4,236,530
$
1,561,894
$
297,328
$
67,015
$
348,000
$
6,510,767

1)
Includes the Pascua-Lama project, which straddles the border of Argentina and Chile.


 
Sales
Carrying Amount at
December 31, 2023
(in thousands)
Three Months Ended
Mar 31, 2023
Gold
Interests
Silver
Interests
Palladium
Interests
Platinum
Interests
Cobalt
Interests
Total
North America
      
 
                      
Canada
$
18,573
9%
$
708,402
$
141,292
$
-
$
9,451
$
350,816
$
1,209,961
United States
  
8,722
4%
 
211,470
  
971
  
220,667
  
-
  
-
  
433,108
Mexico
  
57,637
27%
 
144,719
  
396,490
  
-
  
-
  
-
  
541,209
Europe
      
 
                      
Portugal
  
8,545
4%
 
-
  
17,516
  
-
  
-
  
-
  
17,516
Sweden
  
11,954
6%
 
-
  
27,017
  
-
  
-
  
-
  
27,017
UK
  
-
0%
 
20,198
  
-
  
-
  
-
  
-
  
20,198
South America
      
 
                      
Argentina/Chile 1
  
-
0%
 
-
  
253,514
  
-
  
-
  
-
  
253,514
Argentina
  
-
0%
 
-
  
10,889
  
-
  
-
  
-
  
10,889
Chile
  
-
0%
 
56,538
  
-
  
-
  
-
  
-
  
56,538
Brazil
  
68,475
31%
 
2,681,419
  
-
  
-
  
-
  
-
  
2,681,419
Peru
  
39,474
18%
 
80,265
  
699,107
  
-
  
-
  
-
  
779,372
Ecuador
  
-
0%
 
39,455
  
3,779
  
-
  
-
  
-
  
43,234
Colombia
 
1,085
1%
 
41,583
 
6,883
 
-
 
-
 
-
 
48,466
Consolidated
$
214,465
100%
$
3,984,049
$
1,557,458
$
220,667
$
9,451
$
350,816
$
6,122,441

1)
Includes the Pascua-Lama project, which straddles the border of Argentina and Chile.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [42]

Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)


27.
Subsequent Events
Declaration of Dividend
Under the Company’s dividend policy, the quarterly dividend is fixed at $0.155 per common share. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.

On May 9, 2024, the Board of Directors declared a dividend in the amount of $0.155 per common share, with this dividend being payable to shareholders of record on May 29, 2024 and is expected to be distributed on or about June 11, 2024. The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares based on the Average Market Price, as defined in the DRIP.

Disposal of Hecla
During April 2024, the Company disposed of its investment in Hecla Mining Company (Note 15) for gross proceeds of $177 million.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [43]

CORPORATE
INFORMATION


 
CANADA – HEAD OFFICE 
WHEATON PRECIOUS METALS CORP.  
Suite 3500 
1021 West Hastings Street 
Vancouver, BC V6E 0C3
Canada 
T: 1 604 684 9648

F: 1 604 684 3123

CAYMAN ISLANDS OFFICE 
Wheaton Precious Metals International Ltd.
Suite 300, 94 Solaris Avenue 
Camana Bay
P.O. Box 1791 GT, Grand Cayman 
Cayman Islands KY1-1109 

STOCK EXCHANGE LISTING
Toronto Stock Exchange: WPM

New York Stock Exchange: WPM
London Stock Exchange: WPM 

DIRECTORS 
GEORGE BRACK, Chair 
JAIMIE DONOVAN                                                                         
PETER GILLIN
CHANTAL GOSSELIN
JEANE HULL
GLENN IVES
CHARLES JEANNES
MARILYN SCHONBERNER
RANDY SMALLWOOD

OFFICERS
RANDY SMALLWOOD
President & Chief Executive Officer

CURT BERNARDI
Senior Vice President,
Legal & Strategic Development

GARY BROWN
Senior Vice President
& Chief Financial Officer

HAYTHAM HODALY
Senior Vice President,
Corporate Development
 
TRANSFER AGENT
TSX Trust Company
301 – 100 Adelaide Street West
Toronto, Ontario M5H 4H1

Toll-free in Canada and the United States:
1 800 387 0825

Outside of Canada and the United States:
1 416 682 3860

E: shareholderinquiries@tmx.com

AUDITORS
Deloitte LLP
Vancouver, Canada

INVESTOR RELATIONS

EMMA MURRAY
Vice President, Investor Relations
T:  1 604 684 9648 TF: 1 844 288 9878
E:  info@wheatonpm.com



Wheaton Precious Metals is a trademark of Wheaton Precious Metals Corp. in Canada, the United States and certain other jurisdictions.
 







EX99.4
- 1 -
FORM 52-109F2
CERTIFICATION OF INTERIM FILINGS
FULL CERTIFICATE

I, Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals Corp., certify the following:

1.
Review:  I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Wheaton Precious Metals Corp. (the “issuer”) for the interim period ended March 31, 2024.

2.
No misrepresentations:  Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.
Fair presentation:  Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.
Responsibility:  The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5.
Design:  Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings


(a)
designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that


(i)
material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and


(ii)
information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and


(b)
designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.
 

- 2 -
5.1
Control framework:  The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

5.2
N/A

5.3
N/A

6.
Reporting changes in ICFR:  The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2024 and ended on March 31, 2024 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date:  May 9, 2024
/s/ Randy Smallwood
 /s/
Name:
Randy Smallwood
Title:
President and Chief Executive Officer
 

EX99.5
- 1 -
FORM 52-109F2
CERTIFICATION OF INTERIM FILINGS
FULL CERTIFICATE

I, Gary Brown, Senior Vice President and Chief Financial Officer of Wheaton Precious Metals Corp., certify the following:

1.
Review:  I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Wheaton Precious Metals Corp. (the “issuer”) for the interim period ended March 31, 2024.

2.
No misrepresentations:  Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.
Fair presentation:  Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.
Responsibility:  The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5.
Design:  Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings


(a)
designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that


(i)
material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and


(ii)
information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and


(b)
designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.
 

- 2 -
5.1
Control framework:  The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

5.2
N/A

5.3
N/A

6.
Reporting changes in ICFR:  The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2024 and ended on March 31, 2024 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: May 9, 2024

/s/ Gary Brown
 
Name:
Gary Brown
Title:
Senior Vice President and Chief Financial Officer
 





EXHIBIT 99.6

May 9, 2024

CONSENT OF WES CARSON

United States Securities and Exchange Commission

I, Wes Carson, P.Eng., Vice President, Mining Operations, Wheaton Precious Metals Corp. (the “Company”), hereby consent to being named as having approved the disclosure of the scientific and technical information relating to production figures contained in the news release of the Company dated May 9, 2024 (the “News Release”), which have been incorporated by reference into the Company’s Registration Statement on Form F-10 (File No. 333-271239). I hereby confirm that I have read the News Release and have no reason to believe that there are any misrepresentations in the information contained therein that is within my knowledge as a result of the services performed by me in connection with my approval of the disclosure of the scientific and technical information contained in the News Release.

[Signature Appears on Following Page]



Yours truly,
 
 
   /s/ Wes Carson
Wes Carson, P.Eng.
Vice President, Mining Operations
Wheaton Precious Metals Corp.

[Signature Page to Consent]




EXHIBIT 99.7

May 9, 2024

CONSENT OF NEIL BURNS

United States Securities and Exchange Commission

I, Neil Burns, M.Sc., P.Geo., Vice President, Technical Services, Wheaton Precious Metals Corp. (the “Company”), hereby consent to being named as having approved the disclosure of the scientific and technical information, as well as the mineral resource estimates, contained in the news release of the Company dated May 9, 2024 (the “News Release”) and the Management’s Discussion and Analysis dated May 9, 2024 (the “Management’s Discussion and Analysis”), which have been incorporated by reference into the Company’s Registration Statement on Form F-10 (File No. 333-271239). I hereby confirm that I have read the News Release and the Management’s Discussion and Analysis and have no reason to believe that there are any misrepresentations in the information contained therein that is within my knowledge as a result of the services performed by me in connection with my approval of the disclosure of the scientific and technical information, as well as the mineral resource estimates, contained in the News Release and the Management’s Discussion and Analysis.

[Signature Appears on Following Page]



Yours truly,
 
 
   /s/ Neil Burns
Neil Burns, M.Sc, P.Geo.
Vice President Technical Services,
Wheaton Precious Metals Corp.

[Signature Page to Consent]



EXHIBIT 99.8

May 9, 2024

CONSENT OF RYAN ULANSKY

United States Securities and Exchange Commission

I, Ryan Ulansky, M.A.Sc., P.Eng., Vice President, Engineering, Wheaton Precious Metals Corp. (the “Company”), hereby consent to being named as having approved the disclosure of the scientific and technical information relating to mineral reserves estimates contained in the news release of the Company dated May 9, 2024 (the “News Release”) and the Management’s Discussion and Analysis dated May 9, 2024 (the “Management’s Discussion and Analysis”), which have been incorporated by reference into the Company’s Registration Statement on Form F-10 (File No. 333-271239). I hereby confirm that I have read the News Release and the Management’s Discussion and Analysis and have no reason to believe that there are any misrepresentations in the information contained therein that is within my knowledge as a result of the services performed by me in connection with my approval of the disclosure of the scientific and technical information, as well as the mineral reserves estimates, contained in the News Release and the Management’s Discussion and Analysis.

[Signature Appears on Following Page]



Yours truly,
 
 
   /s/ Ryan Ulansky
Ryan Ulansky,  M.A.Sc., P.Eng.
Vice President, Engineering
Wheaton Precious Metals Corp.

[Signature Page to Consent]