Not FOR Rel Ease, Publication OR Distribution IN Whole OR IN Part, Directly OR Indirectly, IN OR into OR Fr OM Australia, Japan, South Africa OR Any Other Jurisdiction Where IT is Unlawful to Distribute This Announcement.
NOT FOR REL EASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO OR FR OM AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.
This announcement is an adverti sement and not a prospectus for the purposes of the Prospectus
Regulation Rules of the UK Financial Conduct Authority (“FCA”) or otherwise and is not an offer of
securities for sale in any jurisdiction, including in or into Canada, the United States, Austr alia,
Japan or South Africa.
Neither this announcement, nor anything contained herein, shall form the basis of, or be relied upon in
connection with, any offer or commitment whatsoever in any jurisdiction. Investors should not purchase
any common shares (the “ Shares”) referred to in this announcement except solely on the basis of
information in a prospectus in its final form (the "Prospectus"), including the risk factors set out therein,
that may be published by Wheaton Precious Metals Corp. (the “ Company”, and together with its
subsidiaries, “ Wheaton”), in due course in connection with the proposed listing of its Shares on the
standard listing segment of the Official List of the FCA and admission to trading on the main m arket for
listed securities of Londo n Stock Exchange plc (“LSE”). A copy of any Prospectus published by the
Company will, if approved and published , be available for inspection on Wheaton’s website at
www.wheatonpm.com subject to certain access restrictions.
September 21, 2020 TSX: WPM
Vancouver, British Columbia NYSE: WPM
DESIGNATED NEWS RELEASE
WHEATON PRECIOUS METALS ANNOUNCES INTENTION
TO LIST ON THE LONDON STOCK EXCHANGE
Wheaton Precious Metals Corp. ("Wheaton" or the "Company") is pleased to announce its
intention to seek the listing of its Shares on the standard listing segment of the Official List
of the FCA and admission to trading on the main m arket for listed securities of the London
Stock Exchange (“Admission”). This secondary listing is part of Wheaton’s growth strategy
and brings one of the world’s largest precious metal streaming compan ies to the London
Stock Exchange (“LSE”). Subject to r equired regulatory approvals from the FCA and the
LSE, including publication of a Prospectus, the Company intends to seek Admission during
Q4 2020.
“As a leader in the precious metals sector, Wheaton is excited to take our place amongst
the largest mini ng companies globally on the London Stock Exchange. Wheaton is one of
the world’s largest precious metals streaming companies, providing investors a unique and
sustainable proposition with some of the highest margins in the mining industry and
exposure to a high-quality portfolio of assets. As a result, the Company has consistently
outperformed gold and silver historically, as well as most other traditional mining
investments,” said Randy Smallwood, President and Chief Executive Officer of Wheaton.
“We have a strong track record of distributing a large portion of our earnings as dividends
while retaining the financial firepower to sustainably grow the Company through accretive
acquisitions. The listing will complement our existing North American stock exch ange
listings, which have served us well over the years and supported our growth.”
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The Company is not intending to raise capital in conjunction with Admission and will be
retaining its primary listing on the Toronto Stock Exchange (“TSX”) and dual listing on the
New York Stock Exchange (“NYSE”), where it continues to trade under the ticker “WPM”.
Reasons for the LSE Listing
Wheaton considers that Admission to trading on the main market of the L SE, in addition to
the Company’s current TSX and NYSE listing s, will enhance the Company’s access to the
pools of equity capital available in the United Kingdom and key financial centres in the
EMEA region.
This proposed listing will support the Company’s plans for growth and brings the first senior
precious metal streaming company to the LSE.
About Wheaton Precious Metals
Wheaton is a streaming company , which generates its revenue primarily from the sale of
precious metals. The Company enters into precious metal purchase agreements to
purchase all, or a portion, of the precious metals production from mines located around the
world for an upfront payment and an additional payment upon the delivery of the precious
metal.
The Company’s business model offers investors commodity price leverage and exploration
upside b ut 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.
Key Company Highlights:
• Wheaton provides investors with the upside associated with mining companies but
with a much lower risk profile, more comparable to owning bullion or ETFs directly.
• Wheaton has consistently outperformed gold and silver, as well as o ther mining
investments.1
• As of today, the Company has entered into 23 long -term purchase agreements with
17 different mining companies for the purchase of precious metals and cobalt
relating to 20 mining assets which are currently operating, and nine which are at
various stages of development, as well as one in care and maintenance, located
across 11 countries.
• Wheaton acquires metal production from the counterparties for an initial upfront
payment plus an additional cash payment for each ounce or pou nd delivered which
is fixed by contract, generally at or below the prevailing market price.
• In 2019, 73% of Wheaton’s production came from assets that fall in the lowest cost
quartile.2
• The Company recently reported record half year results for the six mont h period
ended June 30, 2020, which included:
o record revenues of over US$500 million;
o nearly US$330 million in operating cash flow;
o a record 322,000 gold equivalent ounces sold3;
o average cash costs in the period were US$ 418 per gold equiv alent ounce,
resulting in a cash operating margin of US$ 1,170 per gold equivalent ounce
sold3.
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• Wheaton is a leader in sustainability amongst the streaming and royalty companies
having joined the UN Global Compact in 2019 and mai ntaining a dedicated support
program for local communities around the mines from which the Company receives
metals.
• For further information on Wheaton and precious metal streaming , refer to the
Company’s corporate presentation at www.wheatonpm.com
Appointment of Corporate Brokers, Public Relations and Legal Advisors
Wheaton has retained Tavistock Communications Ltd. to provide public relations services in
the UK. The Company has engaged Joh. Berenberg, Gossler & Co. KG and Peel Hunt LLP
as joint UK corporate brokers and Bryan Cave Leighton Paisner LLP as its legal advisors.
For further information, please contact:
Patrick Drouin
Senior Vice President, Investor Relations
Wheaton Precious Metals Corp.
Tel: 1-844-288-9878
Email: [email protected]
Website: www.wheatonpm.com
UK PUBLIC RELATIONS
Tavistock +44 (0) 207 920 3150 / +44 778 597 4264
Jos Simson [email protected]
Gareth Tredway
Annabel de Morgan
UK CORPORATE BROKERS
Berenberg +44 (0) 203 207 7800
Matthew Armitt
Jennifer Wyllie
Detlir Elezi
Peel Hunt +44 (0) 207 418 8900
Ross Allister
Alexander Allen
David McKeown
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" w ithin 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
precious metal purchase agreements 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 intention to publish a Prospectus and pursue admission to the Official List (Standa rd Segment) of
the FCA and on the LSE’s Main Market . Generally, these forward-looking statements can be identified by
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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", "o ccur" or "be achieved". For ward-
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 ex pressed or implied by such forward-looking statements, including but not limited to
risks associated with publishing a Prospectus and a successful admission to the Official List (Standard
Segment) of the FCA and listing on the LSE ’s Main Market, and other risks discussed in the sec tion
entitled "Description of the Business – Risk Factors" in Wheaton's Annual Information Form available on
SEDAR at www.sedar.com, Wheaton's Form 40 -F for the year ended December 31, 2019 a nd Form 6-K
filed March 11, 2020 both on file with the U.S. Securities and Exchange Commission in Washington, D.C.
and Wheaton’s Management’s Discussion and Analysis for the three months ended March 31, 2020
available on SEDAR at www.sedar.com and Form 6 -K filed May 7, 2020 (the "Disclosure”). Forward -
looking statements are based on assumptions management currently believes to be reasonable, , of the
FCA and including (without limitation): subject to regulatory approvals , the publication and approval of a
Prospectus, successful admission to the Official List of the FCA (Standard Segment) and listing on LSE’s
Main Market , and such other assumptions and factors as set out in the Disclosure. There can be no
assurance that f orward-looking statements w ill 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 unde rstanding Wheaton's expecte d 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 b e
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 fro m t hose contained in forwar d-looking statements, there may be other factors that cause
results, level of activity, performance or achievements not to be as anticipated, estimated or intended.
Past performance cannot be relied on as a guide to future performance.
End Notes
1 Wheaton Precious Metals’ Total Return from 2005 to September 3, 2020, averaged over various
time horizons versus gold, silver, the Philadelphia gold and silver index (XAU) and the Van Eck
Vectors Gold Miners ETF (GDX) over the same period. Data from Factset includes dividend
payment.
2 Company reports & Wood Mackenzie est. of 2019 byproduct cost curves for gold, zinc/lead,
copper, PGM, nickel & silver mines. Production assume Gold $1600/oz, Silver $18/oz, Palladium
$2000/oz and Cobalt $16/lb.
3 Gold equivalent ounces for actual production and sales are calculated by converting silver and
palladium to a gold equivalent using the following commodity prices: Gold $16 00/oz, Silver $18/oz,
Palladium $2000/oz and Cobalt $16/lb.