Wheaton Precious Metals Announces 2022 Production and Sales Results and Forecasts Over 30% Long-Term Growth
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February 21, 2023
Vancouver, British Columbia
Wheaton Precious Metals Announces 2022 Production and Sales Results and
Forecasts Over 30% Long-Term Growth
"Wheaton delivered solid production results at the low end of guidance despite facing a number of headwinds in
2022. In addition, we took steps to optimize our portfolio as part of our responsibility to manage our existing
assets and to ensure we are well positioned for a period of prolonged growth," said Randy Smallwood, President
and Chief Executive Officer of Wheaton Precious Metals. “Wheaton further diversified its asset base in 2022 by
adding four additional streams on development assets, which will contribute to our steady organic growth over
the next five years. Given the strong tenure of our reserve and resource base, we are also pleased to continue
to present ten-year production guidance highlighting the long-term strength in our portfolio.”
Wheaton Precious Metals™ Corp. (“Wheaton” or the “Company”) will provide full production and financial details
with the release of its 2022 fourth quarter and full year results on Thursday, March 9, 2023, after market close.
2022 Attributable Production and Sales
Metal
2022
Forecast
Production
2022
Actual
Production1
2022
Actual
Sales
Gold Ounces 300,000 to 320,000 286,985 293,234
Silver Ounces (‘000s) 22,500 to 24,000 23,979 21,570
Other Metals (GEOs2) 35,000 to 40,000 31,347 36,625
Palladium Ounces 15,485 15,076
Cobalt pounds (‘000s) 724 1,038
Gold Equivalent Ounces2 based on:
$1,800 / oz gold, $24 / oz silver, $2,100 / oz
palladium and $33 / lb cobalt
640,000 to 680,000 638,048 617,450
In 2022, gold equivalent production met the low end of the revised guidance primarily as a result of stronger than
expected production at Antamina due to higher grades being offset by weaker than expected production from
Salobo due to lower throughput and grades as a result of changes in maintenance routines and Stillwater due to
lower throughput as a result of significant regional flooding that impacted operations primarily in the second half
of the year.
2023 and Long-Term Production Outlook
Metal 2023
Forecast1
5-year Annual
Average
(2023-2027)3
10-year Annual
Average
(2023-2032)3
Gold Ounces 320,000 to 350,000
Silver Ounces (‘000s) 20,000 to 22,000
Other Metals (Palladium & Cobalt)
(GEOs4) 22,000 to 25,000
Gold Equivalent Ounces4 based
on: $1,850 / oz gold, $24 / oz silver,
$1,800 / oz palladium, $1,100 / oz
platinum and $18.75 / lb cobalt
600,000 to 660,000 810,000 850,000
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In 2023, gold equivalent production is forecast to be slightly higher than 2022 as expected stronger attributable
production from Salobo and Constancia is forecast to be offset by weaker production from Antamina and the
termination of the silver stream on Yauliyacu. Attributable production is forecast to increase at Salobo as a result
of uninterrupted operations as well as the start -up of the Salobo III mine expansion and at Constancia due to
higher grades associated with the mining of the Pampacancha depos it. Attributable production is forecast to
decrease a Antamina due to lower grades as per the mine plan.
On August 18, 2022, the Company announced that it had entered into an agreement with Glencore plc
("Glencore") to terminate its silver stream on the Yauliyacu Mine in Peru for a cash payment of $150 million, less
the aggregate value of any deliveries to Wheaton, prior to closing, of silver produced subsequent to December
31, 2021. Wheaton agreed to terminate the stream in order to help facilitate the sale of the Yauliyacu Mine by
Glencore. In the fourth quarter of 2022, the stream was terminated , and Wheaton received $13 2 million from
Glencore. In 2022, attributable production from the Yauliyacu mine was approximately 2.1 million ounces of
silver.
Average forecast production over the next five years is expected to increase primarily due to anticipated
continued production growth from Salobo, Stillwater, Constancia, Voisey’s Bay and Marmato as well as
incremental production ounces from Blackwater, Toroparu, Marathon, Rosemont and Santo Domingo towards
the latter end of the forecast period. Average forecast production over the next ten years includes additional
incremental production from the Fenix project, Kutcho project and the Victor mine in Sudbury . Vale S.A. has
indicated the potential for an additional expansion after the Salobo III expansion, but Wheaton does not currently
include this in its forecast. Lastly, although Barrick Gold Corp. continues to advance a comprehensive review of
the Pascua Lama project, Wheaton does not include any production from the project in its estimated average
ten-year production guidance.
Fourth Quarter and Full Year 2022 Results
Wheaton will release its 2022 fourth quarter and full year results on Thursday, March 9, 2023, after market close.
A conference call will be held on Friday, March 1 0, 2023, starting at 11:00 am (Eastern Time) to discuss these
results. To participate in the live call please use one of the following methods:
To join the conference call without operator assistance, you may register and enter your phone number at here
to receive an instant automated call back
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: 94667668
Live audio webcast: Webcast Link
Participants should dial in five to ten minutes before the call.
The conference call will be recorded and available until March 1 7, 2023 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: 667668 #
Archived audio webcast: Webcast Link
Wheaton Precious Metals’ quarterly reporting for the remainder of 2023 is scheduled to be issued, after market
close, on the following dates:
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Q1 2023 – Thursday, May 4, 2023
Q2 2023 – Thursday, August 10, 2023
Q3 2023 – Thursday, November 9, 2023
Mr. Wes Carson, P.Eng., Vice President, Mining Operations is a “qualified person” as such
term is defined under National Instrument 43 -101, and has reviewed and approved the technical information
disclosed in this news release.
About Wheaton Precious Metals Corp.
Wheaton Precious Metals 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 leverage to commodity prices 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. The Company is committed to strong ESG practices and giving
back to the communities where Wheaton and its mining partners operate. As a result, Wheaton has consistently
outperformed gold and silver, as well as other mining investments. Wheaton creates sustainable value through
streaming.
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
End Notes
1 Ounces produced represent the quantity of gold, silver, palladium and cobalt contained in concentrate or doré prior to
smelting or refining deductions. Production figures and average payable rates are based on information provided by the
operators of the mining operations to which the silver, gold , palladium or cobalt interests relate or management estimates
in those situations where other information is not available (specifically, final 202 2 production information for Zinkgruvan,
Neves-Corvo, and Los Filos is based on management estimates) . Certain production figures may be upd ated in future
periods as additional information is received.
2 Gold equivalent ounces for 2022 actual production and sales are calculated by converting silver, palladium and cobalt to
a gold equivalent by using the following commodity price assumptions, $1,800 per ounce gold, $24 per ounce silver, $2,100
per ounce palladium and $33 per pound cobalt.
3 Five- and ten-year guidance do not include optionality production from Pascua Lama, Navidad, Cotabambas, Metatas ,
or additional expansions at Salobo outside of the project currently in construction. In addition, five-year guidance also
does not include any production from Kutcho or the Victor project at Sudbury.
4 Gold equivalent forecast production for 2023 and the longer-term outlook are based on the following updated commodity
price assumptions: $1,850 per ounce gold, $24 per ounce silver, $1,800 per ounce palladium, $1,100 per ounce of platinum
and $18.75 per pound cobalt.
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 precious metals purchase agreement (“PMPA”)
counterparties. Forward-looking statements, which are all statements other than statements of historical fact, include,
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but are not limited to, statements with respect to the future price of commodities, the impact of epidemics (including
the COVID-19 virus pandemic), including the potential heightening of other risks, the estimation of future production
from mineral stream interests owned by Wheaton (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 ability of Wheaton’s PMPA counterparties to comply with the terms of a
PMPA (including as a result of the business, mining operations and performance of Wheaton’s PMPA counterparties)
and the potential impacts of such on Wheaton, the costs of future production, the estimation of produced but not yet
delivered ounces, any statements as to future dividends, the ability to fund outstanding commitments and the ability
to continue to acquire accretive PMPAs, future payments by the Company in accordance with PMPAs, including any
acceleration of payments, projected increases to Wheaton's production and cash flow profile, projected changes to
Wheaton's production mix, the ability of Wheaton’s PMPA counterparties to comply with the terms of any other
obligations under agreements with the Company, the ability to sell precious metals and cobalt production, confidence
in the Company's business structure, the Company's assessment of taxes payable and the impact of the Canada
Revenue Agency (“CRA”) Settlement for years subsequent to 2010, possible audits for taxation years subsequent to
2015, the Company's intention to file future tax returns in a manner consistent with the CRA Settlement, and
assessments of the impact and resolution of various legal a nd tax matters, including but not limited to outstanding
class actions. 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", "sched uled", "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 (without limitation) risks associated
with fluctuations in the price of commodities (including Wheaton’s ability to sell its precious metals or cobalt production
at acceptabl e prices or at all) , the Mining Operations (including fluctuations in the price of the primary or other
commodities mined at such operations, actual results of mining and exploration activities, environmental, economic
and political risks of the jurisdictions in which the Mining Operations are located, and changes in project parameters
as plans continue to be refined), the absence of control over the Mining Operations and relying on the accuracy of the
public disclosure and other information Wheaton receive s from the Mining Operations, uncertainty in the estimation
of production from Mining Operations, uncertainty in the accuracy of mineral reserve and mineral resource estimation,
the ability of each party to satisfy their obligations in accordance with the terms of the PMPAs, the estimation of future
production from Mining Operations, Wheaton's interpretation of, compliance with or application of , tax laws and
regulations or accounting policies and rules being found to be incorrect, any challenge or reassessment by the CRA
of the Company's tax filings being successful and the potential negative impact to the Company's previous and future
tax filings, assessing the impact of the CRA Settlement for years subsequent to 2010 (including whether there will be
any material change in the Company's facts or change in law or jurisprudence ), potential implementation of a 15%
global minimum tax, counterparty credit and liquidity, mine operator concentration, indebtedness and guarantees,
hedging, competition, claims and legal proceedings against Wheaton or the Mining Operations , security over
underlying assets, governmental regulations, international operations of Wheaton and the Mining Operations,
exploration, development , operations, expansions and improvements at the Mining Operations, environmental
regulations and climate change, Wheaton and the Mining Operations ability to obtain and maintain necessary licenses,
permits, approvals and rulings, Wheaton and the Mining Operations ability to comply with applicable laws, regulations
and permitting requirements, lack of suitable infrastructure and employees to support the Mining Operations, inability
to replace and expand mineral reserves, including anticipated timing of the commencement of production by certain
Mining Operations (including increases in production, estimated grades and recoveries), uncertainties of title and
indigenous rights with respect to the Mining Operations, Wheaton and the Mining Operations ability to obtain adequate
financing, the Mining Operations ability to complete permitting, construction, development and expansion, global
financial conditions, and other risks discussed in the section ent itled "Description of the Business – Risk Factors" in
Wheaton's Annual Information Form available on SEDAR at www.sedar.com, and in Wheaton's Form 40 -F for the
year ended December 31, 2020 and Form 6-K filed March 11, 2021 both 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 (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 and achieve their stated production estima tes, that the mineral reserve and
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mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate, that each party
will satisfy their obligations in accordance with the PMPAs, that Wheaton will continue to be able to fun d or obtain
funding for outstanding commitments, that Wheaton will be able to source and obtain accretive PMPAs, that
expectations regarding the resolution of legal and tax matters will be achieved (including ongoing class action litigation
and CRA audits involving the Company), that Wheaton has properly considered the interpretation and application of
Canadian tax law to its structure and operations, that Wheaton has filed its tax returns and paid applicable taxes in
compliance with Canadian tax law, that Wheaton's application of the CRA Settlement for years subsequent to 2010 is
accurate (including the Company's assessment that there will be no material change in the Company's facts or change
in law or jurisprudence for years subsequent to 2010 ), and such other assumptions and factors as set out in the
Disclosure. 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 c ause 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.