Fourth Quarter and Full Year Financial Results Wheaton Precious Metals Announces Record Revenue, Earnings and Operating Cash Flow FOR 2021
March 10, 2022 TSX | NYSE | LSE: WPM
Vancouver, British Columbia
Designated News Release
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS
WHEATON PRECIOUS METALS ANNOUNCES RECORD REVENUE, EARNINGS
AND OPERATING CASH FLOW FOR 2021
“Wheaton generated record annual revenue and operating cash flow in 2021 as our diversified
portfolio of high-quality, long-life assets delivered strong results. We are proud of the value we
were able to return to our shareholders resulting from our record -setting performance, with total
dividends paid in 2021 increasing by over 35% from 2020,” said Randy Smallwood, President and
Chief Executive Officer of Wheaton Precious Metals. “In 2021, Wheaton also remained focused
on accretive growth, and over the pas t three months alone, we added five new streams to our
already robust portfolio. This additional growth is readily apparent in our ten -year production
forecast, where we see annual production climbing to well over 900,000 gold equivalent ounces.”
“In addition to our financial and corporate development successes in 2021, Wheaton also made
significant strides in bolstering our sustainability efforts while continuing to support community
programs around our offices and mining partners’ sites. We substanti ally strengthened our
policies and disclosure around our environmental, social and governance strategy, including
aligning our approach with the most recent climate science with the goal of reaching net zero
carbon emissions by 2050. As we enter 2022, we look forward to building off our accomplishments
from 2021 and continuing to create lasting value for all of our stakeholders.”
Fourth Quarter and Year End 2021 Highlights:
• Nearly $200 million in operating cash flow during the fourth quarter and a record $845 million
during 2021.
• $278 million in revenue during the fourth quarter and a record $1.2 billion during 2021.
• $132 million in adjusted net earnings 1 during the fourth quarter and a record $ 592 million
during 2021.
• Attributable production in 2021 was 752,958 gold equivalent ounces2 (“GEOs”), in line with
Company guidance.
• Announced a new precious metal purchase agreement (“PMPA”) on Art emis Gold Inc.’s
Blackwater Gold Project (“Blackwater”) in respect of silver produc tion and acquire d the
existing PMPA held by New Gold Inc. in respect of gold production from Blackwater.
• Announced new PMPA on Generation Mining Limited’s Marathon Project in respect of gold
and platinum production.
• Subsequent to the quarter, announced new PMPAs on Adventus Mining Corporation ’s
Curipamba Project in respect of gold and silver production and Sabina Gold & Silver Corp.’s
Goose Project in respect of gold production.
• On a GEO 3 basis, total attributable Proven and Probable Mineral Reserves for all metals
increased by 13%, driven by a 20% increase in total attributable gold Proven and Probable
Mineral Reserves, primarily due to recently added PMPAs and increases at Salobo.
• Declared quarterly dividend1 of $0.15 per common share.
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Operational Overview
(all figures in US dollars unless
otherwise noted) Q4 2021 Q4 2020 Change 2021 2020 Change
Units produced
Gold ounces 88,321 92,039 (4.0)% 342,546 366,321 (6.5)%
Silver ounces 6,356 6,509 (2.4)% 25,999 22,892 13.6 %
Palladium ounces 4,733 5,672 (16.6)% 20,908 22,187 (5.8)%
Cobalt pounds 381 - n.a. 2,293 0 n.a.
Gold equivalent ounces 2 186,404 189,682 (1.7)% 752,958 712,624 5.7 %
Units sold
Gold ounces 79,622 86,243 (7.7)% 312,465 369,553 (15.4)%
Silver ounces 5,116 4,576 11.8 % 22,860 19,232 18.9 %
Palladium ounces 4,641 4,591 1.1 % 19,344 20,051 (3.5)%
Cobalt pounds 228 - n.a. 886 - n.a.
Gold equivalent ounces 2 158,864 155,665 2.1 % 663,415 662,275 0.2 %
Revenue $ 278,197 $ 286,212 (2.8)% $ 1,201,665 $ 1,096,224 9.6 %
Net earnings $ 291,822 $ 157,221 85.6 % $ 754,885 $ 507,804 48.7 %
Per share $ 0.648 $ 0.350 85.1 % $ 1.677 $ 1.132 48.1 %
Adjusted net earnings 1 $ 132,232 $ 149,441 (11.5)% $ 592,079 $ 503,335 17.6 %
Per share 1 $ 0.293 $ 0.333 (12.0)% $ 1.315 $ 1.122 17.3 %
Operating cash flows $ 195,290 $ 207,962 (6.1)% $ 845,145 $ 765,442 10.4 %
Per share 1 $ 0.433 $ 0.463 (6.5)% $ 1.878 $ 1.706 10.1 %
All amounts in thousands except gold, palladium & gold equivalent ounces and cobalt pounds produced & sold, and per share amounts.12
Production Guidance
• 2022 Guidance: Wheaton's estimated attributable production in 202 2 is forecast to be
350,000 to 380,000 ounces of gold, 2 3.0 to 25.0 million ounces of silver, and 44,000 to
48,000 GEOs3 of other metals, resulting in production of approximately 700,000 to 760,000
GEOs3.
• Five-year guidance: For the five-year period ending in 2026, the Company estimates that
average production will amount to 850,000 GEOs3.
• Ten-year guidance: For the ten-year period ending in 2031, the Company estimates that
average annual production will amount to 910,000 GEOs3.
Financial Review
Revenues
Revenue was $278 million in the fourth quarter of 2021 representing a 3% decrease from the
fourth quarter of 2020 due primarily to a 5% decrease in the average realized gold equivalent²
price; partially offset by a 2% increase in the number of GEOs² sold.
Revenue was $1,202 million in the year ended December 31, 2021 representing a 10% increase
from 2020 due primarily to a 9% increase in the average realized gold equivalent² price.
Cash Costs and Margin
Average cash costs¹ in the fourth quarter of 2021 were $429 per GEO² as compared to $415 in
fourth quarter of 2020. This resulted in a cash operating margin¹ of $1,322 per GEO² sold, a
decrease of 7% as compared with the fourth quarter of 2020.
Average cash costs¹ in 2021 were $434 per GEO² as compared to $403 in 2020. This resulted in
a cash operating margin¹ of $1,377 per GEO² sold, an increase of 10% as compared with 2020.
Impairment Reversals of Mineral Stream Interests
Net earnings were positively impacted as the result of an impairment reversal on the Voisey’s Bay
PMPA amounting to $157 million at December 31, 2021.
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Indicators of impairment reversal were identified relative to the Voisey’s Bay PMPA, as a result of
significant and sustained increases in the market prices of cobalt. Management estimated that
the recoverable amount under the Voisey’s Bay PMPA exceeded the carrying amount that would
have been determined, net of depletion, had no impairment charge been recognized for the PMPA
in prior years, resulting in an impairment reversal of $157 million at December 31, 2021.
Balance Sheet (at December 31, 2021)
• Approximately $226 million of cash on hand.
• The Company's $2 billion revolving term loan (the "Revolving Facility") remains fully
undrawn.
Fourth Quarter Asset Highlights
Salobo: In the fourth quarter of 2021, Salobo produced 48,200 ounces of attributable gold, a
decrease of approximately 23% relative to the fourth quarter of 2020 primarily due to lower
throughput, grades and recovery , with throughput being impacted as a result of an 18 -day
suspension of operations following a conveyor belt fir e in October 2021. According to Vale S.A.
(“Vale”), other activities, including mine and maintenance operations, continued as usual during
this period but concentrate production was interrupted. Concentrate production resumed on
October 22, 2021 and ramped up over a three -day period. Vale report ed that despite the
challenges, mine movement continued to improve at Salobo operation and reached pre -safety
review levels by the end of the year.
As per Vale’s Fourth Quarter 2021 Performance Report, on January 6, 2022, heavy rainfall in the
region of the Salobo III mine expansion caused a landslide that damaged part of a conveyor belt
and blocked access to the project site. Safety conditions at the area were reestablished and Vale
is working on additional preventive measures and replacement of damaged equipment. A full
assessment of impact by Vale is ongoing with conclusion expected early in the second quarter of
2022. Vale further reports that physical completion of the Salobo III mine expansion was 85% at
the end of the fourth quarter.
Peñasquito: In the fourth quarter of 2021, Peñasquito produced 2.1 million ounces of attributable
silver, an increase of approximately 7% relative to the fourth quarter of 2020 , primarily due to
higher grades and recoveries, partially offset by lower throughput.
Antamina: In the fourth quarter of 2021, Antamina produced 1.4 million ounces of attributable
silver, a decrease of approximately 29% relative to the fourth quarter of 2020 , primarily due to
lower throughput and grades. As per Compañía Minera Antamina S.A.’s (the operating company
of Antamina) news release dated October 31, 2021, operations at Antamina were briefly
suspended to ensure the health and safety of its workforce a nd other stakeholders following
localized protests in Peru.
Constancia: In the fourth quarter of 2021, Constancia produced 0.6 million ounces of attributable
silver and 9,900 ounces of attributable gold, an increase of approximately 21% and 151%,
respectively, relative to the fourth quarter of 2020 . Silver production increased primarily due to
higher grades. The increase in gold production was primarily due to higher grades resulting from
the commencement of ore production from the Pampacancha sate llite deposit and the increase
in fixed recoveries from 55% to 70%, partially offset by the receipt of 2,005 ounces in the fourth
quarter of 2020 related to delays in accessing the Pampacancha deposit while no delay payment
was received in 2021 . Additionally, as Hudbay mined and processed four million tonnes of ore
from the Pampacancha deposit by December 31, 2021, the Company was required to make an
additional deposit payment of $4 million to Hudbay for the increase in the fixed gold recoveries ,
which was paid on December 23, 2021.
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Sudbury: In the fourth quarter of 2021, Vale’s Sudbury mines produced 5,400 ounces of
attributable gold, a decrease of approximately 19% relative to the fourth quarter of 2020, primarily
due to lower throughput as a result of the temporary closure of the Totten mine. As per Vale, on
September 26, 2021, a large piece of equipment, called a bucket scoop, blocked and damaged
the mine shaft resulting in its temporary closure. Vale has reported that production at the Totten
mine, which accounts for approximately 15% to 20% of the Company’s gold production from
Sudbury, resumed in the first quarter of 2022 and that operations at the Sudbury mines are
expected to normalize in the second quarter of 2022.
Stillwater: In the fourth quarter of 2021, the Stillwater mines produced 2,700 ounces of
attributable gold and 4,700 ounces of attributable palladium, a decrease of approximately 19%
for gold and 17% for palladium relative to the fourth quarter of 2020 due to lower throughput.
San Dimas: In the fourth quarter of 2021, San Dimas produced 13,700 ounces of attributable
gold, an increase of approximately 18% relative to the fourth quarter of 2020, primarily due to the
mining of higher-grade material.
Other Gold: In the fourth quarter of 2021, total Other Gold attributable production was 8,400
ounces, an increase of approximately 131% relative to the fourth quarter of 2020, primarily due to
the mining of higher-grade material at Minto.
Other Silver: In the fourth quarter of 2021, total Other Silver attributable production was 2.3
million ounces, an increase of approximately 9% relative to the fourth quarter of 2020, primarily
due to higher production at Neves-Corvo and the newly acquired Cozamin stream, partially
offset by lower production at Yauliyacu and Aljustrel.
Voisey’s Bay: In the fourth quarter of 2021, the Voisey's Bay mine produced 381 thousand
pounds of attributable cobalt . As per Vale’s Fourth Quarter 2021 Performance Report, physical
completion of the Voisey’s Bay underground mine extension , which includes developing two
underground mines - Reid Brook and Eastern Deeps - was 67% at the end of the fourth quarter.
As per Vale, production commenced from Reid Brook in the second quarter of 2021, and the start-
up of Eastern Deeps is expected by the second half of 2022.
Produced But Not Yet Delivered4 and Inventory
As at December 31, 2021, payable ounces and pounds attributable to the Company produced but
not yet delivered amounted to:
• 85,900 payable gold ounces, an increase of 5,100 ounces during Q4 2021, primarily due to
an increase during the period at the Sudbury and Constancia mines.
• 4.2 million payable silver ounces, an increase of 0.4 million ounces during Q4 2021.
• 5,600 payable palladium ounces, virtually unchanged during Q4 2021.
• 596 thousand payable cobalt pounds, virtually unchanged during Q4 2021.
As of December 31, 2021, 657 thousand pounds of cobalt were held in inventory by Wheaton, an
increase of 169 thousand pounds during Q4 2021.
Detailed mine-by-mine production and sales figures can be found in the Appendix to this press
release and in Wheaton’s consolidated MD&A in the ‘Results of Operations and Operational
Review’ section.
Corporate Development
Fenix Gold PMPA: On November 15, 2021, the Company entered into the previously disclosed
PMPA with Rio2 Limited (“Rio2”) in connection with the Fenix Gold Project located in Chile.
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Blackwater PMPA: On December 13, 2021, the Company entered into a PMPA with Artemis
Gold Inc. (“Artemis”) in respect of silver productio n from the Blackwater Gold Project located in
British Col umbia, Canada. Under the PMPA, Wheaton will be entitled to receive 50% of the
payable silver production until 17.8 million ounces ("Moz") have been delivered, thereafter
dropping to 33% of payable silver production for the life of the mine. The Company is committed
to pay total upfront consideration of $141 million for this stream, payable in four equal installments
during the construction of Blackwater, subject to customary conditions being satisfied. In addition,
Wheaton will make ongoing cash payments equal to 18% of the spot silver price per ounce of
silver delivered under the agreement until the value of silver delivered, net of the per ounce
production payment for silver, is equal to the upfront consideration of $141 million, and 22% of
the spot price of silver thereafter.
Additionally, on December 13, 2021, the Company announced that it had entered into a definitive
agreement to acquire the existing gold stream held by New Gold Inc. (“New Gold”) in respect of
gold production from Blackwater. Under this agreement, Wheaton will be entitled to receive 8%
of the payable gold production until 279,908 ounces have been delivered, thereafter dropping to
4% of payable gold production for the life of the m ine. The Company paid $300 million for the
stream. In addition, Wheaton will make ongoing production payments equal to 35% of the spot
gold price per ounce of gold delivered under the agreement.
Subsequent to the Quarter – Corporate Development
Curipamba PMPA: On January 17, 2022, the Company entered into a PMPA with Adventus
Mining Corporation (“Adventus”) in respect of the Curipamba Project (“Curipamba”) located in
Ecuador. Under the Curipamba PMPA, Wheaton will purchase 50% of the payable gold
production until 150,000 ounces have been delivered, thereafter dropping to 33% of payable gold
production for the life of the mine and 75% of the payable silver production until 4.6 million ounces
have been delivered, thereafter dropping to 50% for the life of mine. Under the terms of the
agreement, the Company is committed to pay Adventus total upfront cash consideration of $175.5
million, $13 million of which is available pre -construction and $500,000 of which will b e paid to
support certain local community development initiatives around Curipamba. The remainder will
be payable in four staged installments during construction, subject to various customary
conditions being satisfied. In addition, Wheaton will make ongoi ng production payments for the
gold and silver ounces delivered equal to 18% of the spot prices until the value of gold and silver
delivered, net of the production payment, is equal to the upfront consideration of $175.5 million,
at which point the production payment will increase to 22% of the spot prices.
Marathon PMPA: On January 26, 2022, the Company entered into a PMPA with Generation
Mining Limited (“Gen Mining”) in respect of the Marathon Project located in Ontario, Canada.
Under the Marathon PMPA, Wheaton will purchase 100% of the payable gold production until
150,000 ounces have been delivered, thereafter dropping to 67% of payable gold production for
the life of the mine and 22% of the payable platinum production until 120,000 ounces have been
delivered, thereafter dropping to 15% for the life of mine. Under the terms of the agreement, the
Company has committed to pay Gen Mining total upfront cash consideration of C$240 million,
C$40 million of which will be paid prior to construction and to be used for the development of the
Marathon Project, with the remainder payable in four staged installments during construction,
subject to various customary conditions being satisfied and pre -determined completion tests. In
addition, Wheaton will make ongoing p roduction payments for the gold and platinum ounces
delivered equal to 18% of the spot prices until the value of gold and platinum delivered, net of the
production payment, is equal to the upfront consideration of C$240 million, at which point the
production payment will increase to 22% of the spot prices.
Goose PMPA: On February 8, 2022, the Company announced that it had entered into a PMPA
with Sabina Gold & Silver Corp. (“Sabina”) in respect of the Goose Project, part of Sabina’s Back
River Gold District located in Nunavut, Canada (the “Goose Project”). Under the Goose PMPA,
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Wheaton will purchase 4.15% of the payable gold production until 130,000 ounces have been
delivered, thereafter dropping to 2.15% until 200,000 ounces have been delivered, thereafter
dropping to 1.5% of the payable gold production. Under the terms of the agreement, the Company
has committed to pay Sabina an upfront payment of $125 million in four equal installments during
construction of the Goose Project, subject to customary conditions. In addition, Wheaton will make
ongoing production payments for the gold ounces delivered equal to 18% of the spot gold price
until the value of gold, net of the production payment is equal to the upfront consideration of $125
million, at which point the production payment will increase to 22% of the spot gold price.
Reserves and Resources (at December 31, 2021)
• Proven and Probable Mineral Reserves attributable to Wheaton were 14.01 million ounces
of gold compared with 11. 71 million ou nces as reported in Wheaton’s 20 20 Annual
Information Form (“AIF”), an increase of 20% (primarily due to recently added PMPAs and
increases at Salobo); 567.9 million ounces of silver compared with 550.3 million ounces, an
increase of 3%; 0.63 million ounce s palladium compared with 0.64 million ounces, a
decrease of 2%; 31.4 million pounds of cobalt compared to 31.7 million pounds, a decrease
of 1%; and first time reporting of platinum of 0.17 million ounces. On a GEO 3 basis, total
Proven and Probable Mineral Reserves for all metals attributable to Wheaton were 22.98
million ounces, an increase of 13%.
• Measured and Indicated Mineral Resources attributable to Wheaton were 5.3 4 million
ounces of gold compared with 4.50 million ounces as reported in Wheaton’s 2020 AIF, an
increase of 18%; 766.6 million ounces of silver compared with 743.0 million ounces, an
increase of 3%; 0.12 million ounces of palladium compar ed to 0.03 million ounces, an
increase of 318%; 1.5 million pounds of cobalt remained the same as 2020; and first time
reporting of platinum of 0.097 million ounces. On a GEO 3 basis, total Measured and
Indicated Mineral Resources for all metals attributable to Wheaton were 15. 78 million
ounces, an increase of 9%.
• Inferred Mineral Resources attributable to Wheaton were 4.96 million ounces of gold
compared with 4.46 million ounces as reported in Wheaton’s 2020 AIF, an increase of 11%;
464.0 million ounces of silver compared with 469.5 million ounces, a decrease of 1%, 0.35
million ounces of palladium compared with 0.37 million ounces, a decrease of 7%; 6 .8
million pounds of cobalt compared to 7.6, a decrease of 10%; and first time report of
platinum of 0.017 million ounces. On a GEO3 basis, total Inferred Mineral Resources for all
metals attributable to Wheaton were 11.69 million ounces, an increase of 3%.
Estimated attributable reserves and resources contained in this press release are based on
information available to the Company as of March 9, 2022, and therefore will not reflect updates,
if any, after that date. Updated reserves and resources data incorporating year -end 2021
estimates will also be included in the Company's 2021 Annual Information Form. Wheaton’s most
current attributable reserves and resources, as of December 31, 2021, can be found on the
Company’s website at www.wheatonpm.com.
Sustainability
Climate Change Commitments: Subsequent to the quarter, Wheaton announced the adoption
of a climate change policy and commitment to net zero carbon emissions by 2050. As part of this
policy, Wheaton plans to establish targets across both Scope 2 and Scope 3 attributable
emissions to support a 1.5° C trajectory. The Company has also established a fund to support our
mining partners' efforts to move to renewable energy sources and reduce emissions at the mines
in which we have an interest.
Partner Community Investment Program: Wheaton continues to s upport a wide range of
programs with mining partners including Vale, Glencore, Hudbay and First Majestic Silver ,
focused on education, health, entrepreneurial support, and community engagement opportunities
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in the communities near the mines from which Whea ton receives precious metals. In the fourth
quarter of 2021, the second phase of the Agricultural and Livestock Development Program run
by Hudbay in Peru was completed. The program, aimed at improving all aspects of the production
chain related to the raising of livestock in rural communities, provided nutritional support to nearly
37,000 animals during the fourth quarter alone.
COVID-19 Community Support and Response Fund: In the second quarter of 2020, Wheaton
announced the launch of a $5 million Community Support and Response Fund (the “CSR Fund”)
to support global efforts to combat the social and economic impact of the COVID-19 pandemic.
The CSR Fund is designed to meet t he immediate needs of the communities in which Wheaton
and its mining partners operate. This fund is incremental to Wheaton's already active Community
Investment Program that currently provides support to over 50 programs in multiple communities
around the world. As of December 31 , 2021, the Company has made donations totaling
approximately $4.6 million through the CSR Fund.
Webcast and Conference Call Details
A conference call and webcast will be hel d on Friday, March 11, 2022 starting at 8:00am PT /
11:00 am ET to discuss these results. To participate in the live call please use one of the following
methods:
Dial toll free from Canada or the US: 1-888-664-6383
Dial from outside Canada or the US: 1-416-764-8650
Pass code: 99785763
Live audio webcast: Webcast URL
Participants should dial in five to ten minutes before the call.
The accompanying slideshow will also be available in PDF format on the ‘Presentations’ page of
the Wheaton Precious Metals website before the conference call.
The conference call will be recorded and available until March 18, 2022 at 11:59 pm ET. The
webcast will be available for one year. You can listen to an archive of the call by one of the
following methods:
Dial toll free from Canada or the US: 1-888-390-0541
Dial from outside Canada or the US: 1-416-764-8677
Pass code: 785763 #
Archived audio webcast: Webcast URL
This earnings release should be read in conjunction with Wheaton Precious Metals’ MD&A and
Financial Statements, which are available on the Company’s website at www.wheatonpm.com
and have been posted on SEDAR at www.sedar.com.
Mr. Wes Carson, P.Eng., Vice President, Mining Operations, Neil Burns, P.Geo., Vice President,
Technical Services for Wheaton Precious Metals and Ryan Ulansky, P.Eng., Vice Pres ident,
Engineering, are a “qualified person” as such term is defined under National Instrument 43 -101,
and ha ve 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 it s
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.
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About Wheaton Precious Metals Corp. and Outlook
Wheaton is the w orld’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 min ing 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.
End Notes
1 Please refer to non-IFRS measures at the end of this press release. Dividends declared in the referenced calendar
quarter, relative to the financial results of the prior quarter. Details of the dividend can be found in the Wheaton’s news
release date March 10, 2022, titled “Wheaton Precious Metals Declares Quarterly Dividend.”
2 Commodity price assumptions for the gold equivalent production and sales in 2021 are $1,800 / ounce gold, $25 /
ounce silver, and $2,300 / ounce palladium and $17.75 / pound cobalt. Other metal includes palladium and cobalt.
3 Gold equivalent forecast production for 2022 and the longer term outlook and for mineral reserves and resources are
based on the following commodity price assumptions: $1,800 / ounce gold, $24 / ounce silver, $2,100 / ounce palladium,
$1,000 / ounce p latinum and $33 / pound of cobalt. Other metal includes palladium and cobalt. Five - and ten-year
guidance do not include optionality production from Pascua Lama, Navidad, Cotabambas, Metates, or additional
expansions at Salobo outside of project currently in construction. In addition, five-year guidance also does not include
any production from Kutcho or the Victor project at Sudbury.
4 Payable gold, silver and palladium ounces and cobalt pounds produced but not yet delivered are based on
management estimates only and rely upon information provided by the owners and operators of mining operations and
may be revised and updated in future periods as additional information is received.