Exhibit 99.1

 

March 14, 2024 

Vancouver, British Columbia 

Designated News Release 

FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS

Wheaton Precious Metals Announces Solid 2023 Annual Results and

Transition to Progressive Dividend Policy

“With a record eight acquisitions totalling just over $1 billion in commitments, we bolstered our growth strategy in 2023, enhancing our production profile and supporting our long-term, growth forecast of approximately 40% over the next five years,” said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. “Our diversified portfolio of long-life, low-cost assets continued to deliver solid operating results, and we are pleased to have met our annual production guidance, achieving approximately 620,000 gold equivalent ounces. Furthermore, we have now recouped over 100% of the value of our initial upfront investments since inception, an accomplishment which is particularly noteworthy given the significant reserve and resource base underpinning our portfolio, supporting decades of forecasted remaining mine life. To reinforce our confidence in the sustainability and growth potential of Wheaton, we are pleased to announce a transition to a new progressive dividend policy, marked by an increase in our 2024 annual dividend. As we embark on what we anticipate being a phase of substantial and meaningful growth, our dedication to deploying capital in a manner that generates value for not only our shareholders, but also our partners and communities, remains unwavering.”

Solid Financial Results and Strong Balance Sheet

 

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Fourth quarter of 2023: $313 million in revenue, $242 million in operating cash flow, $168 million in net earnings and $165 million in adjusted net earnings1 and, paid a quarterly dividend1 of $0.15 per common share.

 

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Full year of 2023: $1,016 million in revenue, $751 million in operating cash flow, $538 million in net earnings and $533 million in adjusted net earnings1.

 

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Balance Sheet: cash balance of $547 million, no debt, and an undrawn $2 billion revolving credit facility as at December 31, 2023 after making total upfront cash payments of $452 million relative to mineral stream interests in the quarter.

High Quality Asset Base

 

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Streaming and royalty agreements on 18 operating mines and 27 development projects6.

 

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

 

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Attributable gold equivalent production3 of 174,200 ounces in the fourth quarter of 2023 and 619,600 for the full year of 2023.

 

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Achieved annual production guidance for 2023 of 600,000 to 660,000 GEOs3, with sector-leading growth over the next five to ten years.

 

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Accretive portfolio growth:

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On October 24, 2023, the Company entered into a definitive agreement with Waterton Copper Corp. to acquire a silver stream on the Mineral Park mine for total cash consideration of $115 million.

 

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On November 15, 2023, announced the Company has entered into a definitive agreement with certain entities advised by Orion Resource Partners to acquire existing streams in respect of Ivanhoe Mines’ Platreef project and BMC Minerals’

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Kudz Ze Kayah project, for total cash consideration of up to $455 million. In addition, the Company entered into an agreement for a gold stream in respect of Dalradian Gold’s Curraghinalt project, for total cash consideration of $75 million.

 

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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 in Brazil, with the Salobo complex exceeding an average of 32 Mtpa over a 90-day period. Under the terms of the Salobo precious metals purchase agreement, the Company made a payment to Vale Base Metals totalling $370 million for completion of the first phase of the Salobo III expansion project in December 2023.

 

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On December 13, 2023, the Company entered into a royalty agreement with Vista Gold Corp. to acquire a royalty in the amount of 1% of gross revenue from the sale or disposition of minerals from the Mt Todd gold project located in Australia for total cash consideration of $20 million.

 

Leadership in Sustainability

 

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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.

 

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Subsequent to the quarter, Wheaton was recognized 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.

Operational Overview

(all figures in US dollars unless otherwise noted)		Q4 2023				Q4 2022				Change				2023				2022				Change
Units produced
Gold ounces			113,359				69,027				64.2%				374,585				285,601				31.2%
Silver ounces			4,208				5,303				(20.6)%				17,176				23,800				(27.8)%
Palladium ounces			4,209				3,869				8.8%				15,800				15,485				2.0%
Cobalt pounds			215				128				67.5%				673				724				(7.1)%
Gold equivalent ounces 3			174,222				142,887				21.9%				619,608				616,755				0.5%
Units sold
Gold ounces			115,011				68,996				66.7%				327,336				293,234				11.6%
Silver ounces			3,175				4,935				(35.7)%				14,326				21,570				(33.6)%
Palladium ounces			3,339				3,396				(1.7)%				13,919				15,076				(7.7)%
Cobalt pounds			288				187				54.0%				1,074				1,038				3.5%
Gold equivalent ounces 3			162,360				138,218				17.5%				537,608				598,244				(10.1)%
Change in PBND and Inventory
Gold equivalent ounces 3			(2,973)				(10,191)				(7,218)				23,674				(40,033)				(63,707)
Revenue		$	313,471			$	236,051				32.8%			$	1,016,045			$	1,065,053				(4.6)%
Net earnings		$	168,435			$	166,125				1.4%			$	537,644			$	669,126				(19.6)%
Per share		$	0.372			$	0.367				1.4%			$	1.187			$	1.482				(19.9)%
Adjusted net earnings 1		$	164,569			$	103,744				58.6%			$	533,051			$	504,912				5.6%
Per share 1		$	0.363			$	0.229				58.5%			$	1.177			$	1.118				5.3%
Operating cash flows		$	242,226			$	172,028				40.8%			$	750,809			$	743,424				1.0%
Per share 1		$	0.535			$	0.381				40.4%			$	1.658			$	1.646				0.7%

All amounts in thousands except gold, palladium & gold equivalent ounces, and per share amounts.

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Financial Review

Revenues

Revenue in the fourth quarter of 2023 was $313 million (74% gold, 24% silver, 1% palladium and 1% cobalt), with the $77 million increase relative to the prior period quarter being primarily due to a 17% increase in the number of GEOs³ sold; and a 13% increase in the average realized gold equivalent³ price.

Revenue was $1,016 million in the year ended December 31, 2023, representing a $49 million decrease from 2022 due primarily to a 10% decrease in the number of GEOs³ sold, resulting from relative changes in the GEOs³ produced but not yet delivered; partially offset by a 6% increase in the average realized gold equivalent³ price.

Cash Costs and Margin

Average cash costs¹ in the fourth quarter of 2023 were $417 per GEO³ as compared to $447 in the fourth quarter of 2022. This resulted in a cash operating margin¹ of $1,514 per GEO³ sold, an increase of 20% as compared with the fourth quarter of 2022, a result of the higher realized price per ounce coupled with the lower average cash costs.

Average cash costs¹ in 2023 were $424 per GEO³ as compared to $447 in 2022. This resulted in a cash operating margin¹ of $1,466 per GEO³ sold, a 10% increase from 2022.

Cash Flow from Operations

Operating cash flow in the fourth quarter of 2023 amounted to $242 million, with the $70 million increase due primarily to the higher gross margin.

Operating cash flows in 2023 amounted to $751 million, with the $7 million increase from the comparable period of the previous year being due primarily to higher amounts of interest received during the current year, partially offset by lower sales volumes.

Balance Sheet (at December 31, 2023)

 

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Approximately $547 million of cash on hand

 

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During the fourth quarter of 2023, the Company made total upfront cash payments of $452 million relative to the mineral stream interests consisting of

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$35 million payment relative to the Blackwater Silver precious metals purchase agreement (“PMPA”);

 

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a $10 million payment relative to the expansion of the Blackwater Gold PMPA;

 

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$17 million relative to the Cangrejos PMPA;

 

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$20 million relative to the Curraghinalt PMPA; and

 

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$370 million relative to the Salobo III expansion payment

 

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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.

Fourth Quarter Operating Asset Highlights

Salobo: In the fourth quarter of 2023, Salobo produced 71,800 ounces of attributable gold, an increase of approximately 89% relative to the fourth quarter of 2022, driven by higher throughput, with production from the third concentrator line commencing at the end of 2022, combined with higher grades and recoveries. The prior year was also impacted by changes in maintenance routines. In the fourth quarter of 2023, Salobo reached its highest production level since the fourth quarter of 2019 as the ramp-up of the Salobo III expansion continued to advance.

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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 Mtpa over a 90-day period. Under the terms of the agreement, the Company paid Salobo $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.

Antamina: In the fourth quarter of 2023, Antamina produced 1.0 million ounces of attributable silver, a decrease of approximately 3% relative to the fourth quarter of 2022. 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 fourth quarter of 2023, Peñasquito produced 1.0 million ounces of attributable silver, a decrease of approximately 41% relative to the fourth quarter of 2022 primarily due to lower throughput resulting from a labour strike which began on June 7, 2023 and ended on October 13, 2023. Newmont Corporation (“Newmont”) reports that operations have since safely ramped up after a resolution was reached with the National Union of Mine and Metal Workers of the Mexican Republic (“the Union”) on October 13, 2023. Newmont has indicated that Peñasquito is expected to deliver higher co-product production in 2024 due to higher silver, lead and zinc content from the Chile Colorado pit.

Constancia: In the fourth quarter of 2023, Constancia produced 0.8 million ounces of attributable silver and 22,300 ounces of attributable gold, an increase of approximately 28% and 112%, respectively, relative to the fourth quarter of 2022. Record quarterly gold production combined with strong silver production are a result of significantly higher grades attributable to the mining of high-grade zones of the Pampacancha deposit, combined with higher recoveries. Hudbay Minerals Inc. (“Hudbay”) reports that gold production in 2024 is expected to decrease from 2023 levels due to a smoothing of Pampacancha high-grade gold zones over the 2023 to 2025 period as additional high-grade areas were mined in 2023 ahead of schedule, and other high-grade areas were deferred to 2025. Hudbay has indicated that the Pampacancha deposit is now expected to be depleted in the third quarter of 2025, as opposed to mid-2025 as previously reported.

Sudbury: In the fourth quarter of 2023, Vale’s Sudbury mines produced 6,300 ounces of attributable gold, an increase of approximately 19% relative to the fourth quarter of 2022, due to higher throughput, grade and recoveries.

Stillwater: In the fourth quarter of 2023, the Stillwater mines produced 2,300 ounces of attributable gold and 4,200 ounces of attributable palladium, an increase of approximately 7% for gold and 9% for palladium relative to the fourth quarter of 2022, due primarily to higher throughput and grades.

Voisey’s Bay: In the fourth quarter of 2023, the Voisey’s Bay mine produced 215,000 pounds of attributable cobalt, an increase of approximately 67% relative to the fourth quarter of 2022, as the transitional period between the depletion of the Ovoid open-pit and ramp-up to full production of the Voisey’s Bay underground extension nears completion. Vale reports that physical completion of the Voisey’s Bay underground mine extension was 92% at the end of the fourth quarter, and that the main surface assets are completed and already operating. The electromechanical assembly on the remaining surface assets are well advanced (above 60% physical progress). In the underground portion, the scope in Reid Brook is completed and the project is fully focused on Eastern Deeps.

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The mine development is concluded and construction is ongoing.

Other Gold: In the fourth quarter of 2023, total Other Gold attributable production was 700 ounces, a decrease of approximately 78% relative to the fourth quarter of 2022, primarily due to the closure of the Minto mine in May 2023.

Other Silver: In the fourth quarter of 2023, total Other Silver attributable production was 1.3 million ounces, a decrease of approximately 28% relative to the fourth quarter of 2022, primarily due to the temporary suspension of attributable production from Aljustrel and the disposal of the Yauliyacu PMPA.

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 December 15, 2023, Artemis announced that it has completed its first draw of $150 million under its $360 million project loan facility announced on March 1, 2023, reporting that construction of Blackwater remains on track and that the funds will be allocated to continue to fund construction towards completion. On January 30, 2024, Artemis announced that overall construction was 59% complete. On February 21, 2024, 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.

Platreef Project: On February 26, 2024, Ivanhoe Mines (“Ivanhoe”) reported that while construction activities for the Platreef Phase 1 concentrator are on track for completion in the third quarter of 2024, hot commissioning and ramp-up of production are now anticipated for early 2025 in order to prioritize shaft development. An updated independent feasibility study (“FS”) is planned for the second half of 2024 on an optimized development plan for Phase 2. The optimized development plan accelerates the development of Phase 2 at a total processing capacity of 4 Mtpa by equipping Shaft #3 for hoisting. An independent preliminary economic assessment (“PEA”) is planned concurrently with the FS on a significantly larger Phase 3 expansion, once the major 8 Mtpa Shaft #2 is available for hoisting. 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 January 23, 2024, B2Gold Corp., (“B2Gold”) provided a construction update highlighting that it is progressing ahead of schedule within the mill and processing buildings, along with preparatory work for peak construction activities in the second and third quarter of 2024, with the project remaining on schedule for first gold pour in the first quarter of 2025.

Marmato Mine: On July 12, 2023, Aris Mining Corporation (“Aris Mining”) announced that they have received approval from the Corporación Autónoma Regional del Caldas (“Corpocaldas”), a regional environmental authority in Colombia, of the Environmental Management Plan (“PMA”) which now permits the development of the Marmato Lower Mine. On March 6, 2024, Aris Mining provided an update that construction at the Marmato Lower Mine has ramped up with initial access roads completed, the lead contractor for portal and decline development selected, and tenders for key items for the new processing plant underway. First gold pour is expected in late 2025.

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Curipamba Project: Adventus Mining Corporation (“Adventus”) announced that the El Domo – Curipamba project has been issued a favourable Certificate of No Affect of Water (October 2, 2023) and the environmental license for construction and operation (January 22, 2024) by the Ministry of Environment and Water of the Government of Ecuador. 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”). The start of TSF construction is a key condition precedent to commence installment payments under the precious metals purchase agreement with the Company. Adventus reports that a construction decision is expected in the second quarter of 2024, and gold-rich copper & zinc concentrate production is expected by the first quarter of 2026.

Marathon Project: The permitting process for the Marathon project continues to advance, with Generation Mining Limited (“Gen Mining”) announcing on November 7, 2023, that the province of Ontario had accepted and filed the Closure Plan, and on November 21, 2023 Gen Mining announced that the Ministry of Natural Resources and Forestry of the province of Ontario had issued the permit to remove trees. In addition, on November 21, 2023, Gen Mining announced the closure of the Cdn$15 million bought deal financing with a lead order of Cdn$5 million from Wheaton.

Fenix Project: On December 20, 2023, Rio2 reported that it had been successful in being granted approval of its Environmental Impact Assessment (“EIA”), allowing Rio2 to advance the Fenix project through statutory permitting, financing, and the currently planned recommencement of construction activities during 2024.

Copper World Complex: On September 8, 2023, Hudbay announced the results of the enhanced pre-feasibility study for Phase I of its 100%-owned Copper World project in Arizona. After receipt of two outstanding permits which are expected in mid-2024, Hudbay intends to complete a minority joint venture partner process prior to commencing a definitive feasibility study. The opportunity to sanction Copper World is not expected until 2025 based on current estimated timelines. With the results from this pre-feasibility study, Wheaton has now incorporated gold in the 2023 mineral reserves and mineral resources statement on our website.

Cangrejos Project: On October 18, 2023, Lumina Gold Corp., (“Lumina”) announced that the Cangrejos project is proceeding on schedule. Lumina has been actively executing its 2023 feasibility study drill plan with nine rigs currently at site. Lumina has signed contracts with several engineering companies for the advancement of the feasibility study. The feasibility study is expected to be completed in the first quarter of 2025. On January 18, 2024, 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 their activities have not been affected by the recent civil disturbances that have impacted other areas in Ecuador.

Corporate Development

Mineral Park Project

On October 24, 2023, the Company announced that it had entered into a PMPA (the “Mineral Park PMPA”) with Waterton Copper in respect of silver production from the Mineral Park mine located in Arizona, USA (“Mineral Park”). Under the Mineral Park PMPA, Wheaton will purchase 100% of the payable silver from Mineral Park for the life of the mine.

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Under the terms of the Mineral Park PMPA, the Company is committed to pay Waterton Copper total upfront cash consideration of $115 million in four payments during construction through three installments of $25 million and a final installment of $40 million. In addition, Wheaton will make ongoing payments for the silver ounces delivered equal to 18% of the spot price of silver until the value of the silver delivered, net of the production payment, is equal to the upfront consideration of $115 million, at which point the production payment will increase to 22% of the spot price of silver. The Company has also entered into a loan agreement to provide a secured debt facility of up to $25 million to the Mineral Park owner, an affiliate of Waterton Copper, once the full upfront consideration has been paid.

Platreef, Kudz Ze Kayah & Curraghinalt Streams

On November 15, 2023, the Company announced that it had entered into a definitive agreement with certain entities advised by Orion Resource Partners (“Orion”) to acquire existing streams in respect of Ivanhoe Mines’ Platreef project (the “Platreef Gold PMPA” and the “Platreef Palladium and Platinum PMPA”) and BMC Minerals’ Kudz Ze Kayah project (the “KZK PMPA”). In addition, the Company entered into a new PMPA for a gold stream in respect of Dalradian Gold’s Curraghinalt project (the “Curraghinalt PMPA”).

 

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Platreef Project

Until certain delivery thresholds have been met, in respect of the existing Platreef Gold PMPA, the Company is entitled to purchase 62.5% of the payable gold and in respect of the Platreef Palladium and Platinum PMPA, the Company is entitled to purchase 5.25% of the payable palladium and platinum, after which the percentage of payable metal will be reduced as set forth in each of the respective PMPAs7.

 

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Kudz Ze Kayah Project

In respect of the existing KZK PMPA, the Company is entitled to purchase staged percentages of produced gold and payable silver ranging from 6.875% to 7.375% until certain delivery thresholds have been met, at which point the percentage of produced gold and payable silver will be reduced as set forth in the KZK PMPA8.

 

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Curraghinalt Project

In respect of the Curraghinalt PMPA, the Company is entitled to purchase 3.05% of the payable gold until certain delivery thresholds have been met, at which point the percentage of payable gold will be reduced as set forth in the Curraghinalt PMPA9.

Under the agreement with Orion to purchase the Platreef and KZK PMPAs, the Company committed to pay $450 million on closing of the acquisition, with an additional $5 million contingency payment in respect of the KZK PMPA. Under the terms of the Curraghinalt PMPA, the Company paid $20 million on December 21, 2023 with an additional $55 million to be paid during construction, subject to various customary conditions being satisfied. In addition, the Company will make ongoing payments for the precious metals delivered as set forth in the various PMPAs10. Closing of the Orion Purchase Agreement occurred on February 27, 2024.

Mt Todd Royalty

On December 13, 2023, the Company entered into a royalty agreement with Vista Australia Pty. Ltd., a subsidiary of Vista Gold Corp. (“Vista”), in relation to the Mt Todd gold project located in Northern Territory, Australia for total cash consideration of $20 million. The Company was granted a Right of First Refusal on all royalties, streams or pre-pays that include precious metals pertaining to Mt Todd. On December 18, 2023, the Company paid the first installment payment of $3 million under the royalty agreement.

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DeLamar Royalty

On February 20, 2024, the Company purchased a 1.5% net smelter return royalty interest (the “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 installment of $4.875 million was paid on closing on March 7, 2024. The second installment is expected to be paid four months after the first installment.

Reserves and Resources (at December 31, 2023)

 

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Proven and Probable Mineral Reserves attributable to Wheaton were 15.1 million ounces of gold compared with 13.4 million ounces as reported in Wheaton’s 2022 Annual Information Form (“AIF”), an increase of 12%; 484.7 million ounces of silver compared with 484.6 million ounces, unchanged; 0.90 million ounces palladium compared with 0.60 million ounces, an increase of 49%; 0.52 million ounces of platinum compared with 0.18 million ounces, an increase of 192%; and 33.3 million pounds of cobalt compared to 33.2 million pounds, a decrease of 3%. On a GEO5 basis, total Proven and Probable Mineral Reserves for all metals attributable to Wheaton were 21.6 million ounces compared to 19.6 million ounces, an increase of 10%.

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Measured and Indicated Mineral Resources attributable to Wheaton were 7.0 million ounces of gold compared with 5.5 million ounces as reported in Wheaton’s 2022 AIF, an increase of 28%; 714.6 million ounces of silver compared with 673.0 million ounces, an increase of 6%; 0.12 million ounces of palladium compared with 0.09 million ounces, an increase of 36%; 0.09 million ounces of platinum compared with 0.08 million ounces, an increase of 16%; and 1.2 million pounds of cobalt compared with 1.5 million pounds, a decrease of 24%. On a GEO5 basis, total Measured and Indicated Mineral Resources for all metals attributable to Wheaton were 15.4 million ounces compared with 13.3 million ounces, an increase of 15%.

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Inferred Mineral Resources attributable to Wheaton were 5.1 million ounces of gold compared with 4.6 million ounces as reported in Wheaton’s 2022 AIF, an increase of 10%; 307.8 million ounces of silver compared with 326.3 million ounces, a decrease of 6%, 0.37 million ounces of palladium compared with 0.35 million ounces, an increase of 4%; 0.04 million ounces of platinum compared with 0.01 million ounces, an increase of 173%; and 7.2 million pounds of cobalt compared with 7.8 million pounds, a decrease of 7%. On a GEO5 basis, total Inferred Mineral Resources for all metals attributable to Wheaton were 8.9 million ounces compared with 8.6 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 8, 2024, and therefore will not reflect updates, if any, after that date. Updated reserves and resources data incorporating year-end 2023 estimates will also be included in the Company’s 2023 Annual Information Form. Wheaton’s most current attributable reserves and resources, as of December 31, 2023, can be found on the Company’s website at www.wheatonpm.com.

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Sustainability

Ratings & Awards:

 

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Subsequent to the quarter, on January 17, 2024, the Company announced that it has ranked 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:

 

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Subsequent to the quarter, 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 funding will support technical training and cooperation between individual health care units and relevant agencies. Through the program, equipment and furniture will be delivered to the facilities providing health care services. This initiative also looks to enhance the social protection networks among various participating agencies. 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 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.

Declaration of Dividend and Transition to Progressive Dividend Policy

The Company has revised its dividend policy, transitioning from distributing 30% of the average of the previous four quarters’ operating cash flows to shareholders, to adopting a progressive dividend policy marked by an increase in our 2024 annual dividend. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.

On March 14, 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 April 3, 2024 and is expected to be distributed on or about April 15, 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.

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2024 and Long-Term Production Outlook Using Updated 2024 Commodity Price Assumptions

It is important to note that as gold outperformed all other metals during 2023, the assumed metal prices for 2024 results in lower gold equivalency calculations1 in 2024 compared to 2023.

 

Metal		2023 Actual Production1,5		2024 Production Guidance5		2028 Target Production Guidance5		2029-2033 Average Annual Production Guidance5
Gold Ounces		374,585		325,000 to 370,000
Silver Ounces (‘000s)		17,176		18,500 to 20,500
Other Metals (GEOs5)		12,275		12,000 to 15,000
Gold Equivalent Ounces5,11		584,389		550,000 to 620,000		Over 800,000		Over 850,000
2024 and long-term GEOs based on $2,000 / oz gold, $23 / oz silver, $1,000 / oz palladium, $950 / oz platinum, and $13 / lb cobalt.

In 2024, GEO5 production is forecast to be consistent with levels achieved in 2023, as expected stronger attributable production from Peñasquito and Voisey’s Bay is forecast to be offset by lower production from Salobo, the suspension of operations at Minto, and the temporary halting of production at Aljustrel. Attributable production is forecast to increase at Peñasquito as a result of uninterrupted operations, and at Voisey’s Bay due to the ongoing transition from the Ovoid pit to the underground mines. Attributable production is forecast to decrease slightly at Salobo due to lower grades as per the mine plan, which are expected to partially offset increasing throughput as the Salobo III expansion project continues toward completion. In addition, the Company anticipates production from the Blackwater project to commence in the fourth quarter of 2024.

On May 13, 2023, it was announced that operations at the Minto Mine had been suspended, and the Yukon Government had assumed care and control of the site. On September 12, 2023, it was announced that as a result of low zinc prices, the production of zinc and lead concentrates at the Aljustrel Mine would be halted from September 24, 2023, until the second quarter of 2025. Combined, the removal of production from Minto and Aljustrel accounts for a 25,000 GEO5 reduction in 2024 production guidance.

Long-Term Production Outlook

Historically, Wheaton has provided 5 and 10-year averages for its long-term guidance, however, the Company has elected to introduce a 5-year target (2028), in addition to an annual average for years 6 through 10 (i.e. 2029-2033), with a goal of providing increased granularity and further transparency of our expected growth trajectory.

Production is forecast to increase by approximately 40% over the next five years to over 800,000 GEOs5 by 2028, primarily due to growth from Operating assets including Salobo, Antamina, Peñasquito, Voisey’s Bay and Marmato; Development projects which are in-construction and/or permitted including Blackwater, Platreef, Goose, Mineral Park, Fenix, Curipamba and Santo Domingo; and Pre-development projects including Marathon and Copper World, for which production is anticipated towards the latter end of the five-year forecast period.

From 2029 to 2033, attributable production is forecast to average over 850,000 GEOs5 in the five-year period and incorporates additional incremental production from pre-development assets including Cangrejos, Kudz ze Kayah, Curraghinalt, Victor and Kutcho projects, in addition to the Brewery Creek, Black Pine and Mt.

- 11 -

 

Todd royalties.

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.

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.

- 12 -

 

Webcast and Conference Call Details

A conference call will be held on Friday, March 15, 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:

 

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:

768302#

 

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 22, 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:

768302#

Archived audio webcast:

Webcast Link

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

- 13 -

 

Consolidated Statements of Earnings

 

		Years Ended December 31
(US dollars and shares in thousands, except per share amounts)		2023				2022
Sales		$	1,016,045			$	1,065,053
Cost of sales
Cost of sales, excluding depletion		$	228,171			$	267,621
Depletion			214,434				231,952
Total cost of sales		$	442,605			$	499,573
Gross margin		$	573,440			$	565,480
General and administrative expenses			38,165				35,831
Share based compensation			22,744				20,060
Donations and community investments			7,261				6,296
Impairment reversal of mineral stream interests			-				(8,611)
Earnings from operations		$	505,270			$	511,904
Gain on disposal of mineral stream interests			5,027				155,868
Other income (expense)			34,271				7,449
Earnings before finance costs and income taxes		$	544,568			$	675,221
Finance costs			5,510				5,586
Earnings before income taxes		$	539,058			$	669,635
Income tax expense			1,414				509
Net earnings		$	537,644			$	669,126
Basic earnings per share		$	1.187			$	1.482
Diluted earnings per share		$	1.186			$	1.479
Weighted average number of shares outstanding
Basic			452,814				451,570
Diluted			453,463				452,344

- 14 -

 

Consolidated Balance Sheets

 

		As at December 31				As at December 31
(US dollars in thousands)		2023				2022
Assets
Current assets
Cash and cash equivalents		$	546,527			$	696,089
Accounts receivable			10,078				10,187
Cobalt inventory			1,372				10,530
Income taxes receivable			5,935				-
Other			3,499				3,287
Total current assets		$	567,411			$	720,093
Non-current assets
Mineral stream interests		$	6,122,441			$	5,707,019
Early deposit mineral stream interests			47,093				46,092
Mineral royalty interests			13,454				6,606
Long-term equity investments			246,678				256,095
Property, plant and equipment			7,638				4,210
Other			26,470				19,791
Total non-current assets		$	6,463,774			$	6,039,813
Total assets		$	7,031,185			$	6,759,906
Liabilities
Current liabilities
Accounts payable and accrued liabilities		$	13,458			$	12,570
Income taxes payable			-				2,763
Current portion of performance share units			12,013				14,566
Current portion of lease liabilities			604				818
Total current liabilities		$	26,075			$	30,717
Non-current liabilities
Performance share units		$	9,113			$	6,673
Lease liabilities			5,625				1,152
Deferred income taxes			232				165
Pension liability			4,624				3,524
Total non-current liabilities		$	19,594			$	11,514
Total liabilities		$	45,669			$	42,231
Shareholders’ equity
Issued capital		$	3,777,323			$	3,752,662
Reserves			(40,091)				66,547
Retained earnings			3,248,284				2,898,466
Total shareholders’ equity		$	6,985,516			$	6,717,675
Total liabilities and shareholders’ equity		$	7,031,185			$	6,759,906

- 15 -

 

Consolidated Statements of Cash Flows

 

		Years Ended December 31
(US dollars in thousands)		2023				2022
Operating activities
Net earnings		$	537,644			$	669,126
Adjustments for
Depreciation and depletion			215,926				233,539
Gain on disposal of mineral stream interest			(5,027)				(155,868)
Impairment reversal of mineral stream interests			-				(8,611)
Interest expense			207				91
Equity settled stock based compensation			6,438				5,846
Performance share units - expense			16,306				14,214
Performance share units - paid			(16,675)				(18,410)
Pension expense			1,122				1,033
Pension paid			(116)				-
Income tax expense (recovery)			1,414				509
Loss (gain) on fair value adjustment of share purchase warrants held			31				1,033
Investment income recognized in net earnings			(37,178)				(6,774)
Other			1,227				67
Change in non-cash working capital			1,912				1,573
Cash generated from operations before income taxes and interest		$	723,231			$	737,368
Income taxes paid			(6,192)				(171)
Interest paid			(187)				(93)
Interest received			33,957				6,320
Cash generated from operating activities		$	750,809			$	743,424
Financing activities
Credit facility extension fees		$	(859)			$	(1,357)
Share purchase options exercised			12,415				10,368
Lease payments			(691)				(800)
Dividends paid			(265,109)				(237,097)
Cash used for financing activities		$	(254,244)			$	(228,886)
Investing activities
Mineral stream interests		$	(663,528)			$	(151,929)
Early deposit mineral stream interests			(1,000)				(1,500)
Mineral royalty interest			(6,833)				-
Net proceeds on disposal of mineral stream interests			46,400				131,763
Acquisition of long-term investments			(17,447)				(22,768)
Proceeds on disposal of long-term investments			202				-
Investment in subscription rights			(4,510)				-
Dividends received			2,317				453
Other			(2,247)				(316)
Cash (used for) generated from investing activities		$	(646,646)			$	(44,297)
Effect of exchange rate changes on cash and cash equivalents		$	519			$	(197)
(Decrease) increase in cash and cash equivalents		$	(149,562)			$	470,044
Cash and cash equivalents, beginning of year			696,089				226,045
Cash and cash equivalents, end of year		$	546,527			$	696,089

- 16 -

 

Summary of Units Produced

 

		Q4 2023				Q3 2023				Q2 2023				Q1 2023				Q4 2022				Q3 2022				Q2 2022				Q1 2022
Gold ounces produced ²
Salobo			71,778				69,045				54,804				43,677				37,939				44,212				34,129				44,883
Sudbury 3			6,256				3,857				5,818				6,203				5,270				3,437				5,289				5,362
Constancia			22,292				19,003				7,444				6,905				10,496				7,196				8,042				6,311
San Dimas 4			10,024				9,995				11,166				10,754				10,037				11,808				10,044				10,461
Stillwater 5			2,341				2,454				2,017				1,960				2,185				1,833				2,171				2,497
Other
Marmato			668				673				639				457				533				542				778				477
777 6			-				-				-				-				-				-				3,509				4,003
Minto			-				-				1,292				3,063				2,567				3,050				2,480				4,060
Total Other			668				673				1,931				3,520				3,100				3,592				6,767				8,540
Total gold ounces produced			113,359				105,027				83,180				73,019				69,027				72,078				66,442				78,054
Silver ounces produced 2
Peñasquito 7			1,036				-				1,744				2,076				1,761				2,017				2,089				2,219
Antamina			1,030				894				984				872				1,067				1,327				1,330				1,210
Constancia			836				697				420				552				655				564				584				506
Other
Los Filos			28				28				28				45				14				21				35				42
Zinkgruvan			510				785				374				632				664				642				739				577
Neves-Corvo			573				486				407				436				369				323				345				344
Aljustrel 8			-				327				279				343				313				246				292				287
Cozamin			185				165				184				141				157				179				169				186
Marmato			10				11				7				8				9				7				7				11
Yauliyacu 9			-				-				-				-				261				463				756				637
Minto			-				-				14				29				33				33				26				45
Keno Hill 10			-				-				-				-				-				-				48				20
777 6			-				-				-				-				-				-				80				91
Total Other			1,306				1,802				1,293				1,634				1,820				1,914				2,497				2,240
Total silver ounces produced			4,208				3,393				4,441				5,134				5,303				5,822				6,500				6,175
Palladium ounces produced ²
Stillwater 5			4,209				4,006				3,880				3,705				3,869				3,229				3,899				4,488
Cobalt pounds produced ²
Voisey’s Bay			215				183				152				124				128				226				136				234
GEOs produced 11			174,222				154,786				146,104				144,497				142,887				153,025				155,932				164,911
Average payable rate 2
Gold			95.1%				95.4%				95.1%				95.1%				94.9%				95.1%				95.1%				95.2%
Silver			82.9%				78.3%				83.7%				83.1%				84.2%				86.3%				86.5%				87.0%
Palladium			95.9%				93.6%				94.1%				96.0%				91.7%				95.0%				94.6%				92.7%
Cobalt			93.3%				93.3%				93.3%				93.3%				93.3%				93.3%				93.3%				93.3%
GEO 11			91.5%				90.5%				90.6%				89.6%				89.6%				90.6%				90.7%				91.0%

 

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: 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; Q1 2022 - 408,000 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)	There was a temporary suspension of operations at Peñasquito due to a labour strike which ran from June 7, 2023 to October 13, 2023.

8)	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.

9)	On December 14, 2022 the Company terminated the Yauliyacu PMPA in exchange for a cash payment of $132 million.

10)	On September 7, 2022, the Company terminated the Keno Hill PMPA in exchange for $141 million of Hecla common stock.

11)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,850 per ounce gold; $24.00 per ounce silver; $1,800 per ounce palladium; and $18.75 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2023.

- 17 -

 

Summary of Units Sold

 

		Q4 2023				Q3 2023				Q2 2023				Q1 2023				Q4 2022				Q3 2022				Q2 2022				Q1 2022
Gold ounces sold
Salobo			76,656				44,444				46,030				35,966				41,029				31,818				48,515				42,513
Sudbury 2			5,011				4,836				4,775				4,368				4,988				5,147				7,916				3,712
Constancia			19,925				12,399				9,619				6,579				6,013				6,336				7,431				10,494
San Dimas			10,472				9,695				11,354				10,651				10,943				10,196				10,633				10,070
Stillwater 3			2,314				1,985				2,195				2,094				1,783				2,127				2,626				2,628
Other
Marmato			633				792				467				480				473				719				781				401
777			-				275				153				126				785				3,098				3,629				4,388
Minto			-				-				701				2,341				2,982				2,559				2,806				3,695
Total Other			633				1,067				1,321				2,947				4,240				6,376				7,216				8,484
Total gold ounces sold			115,011				74,426				75,294				62,605				68,996				62,000				84,337				77,901
Silver ounces sold
Peñasquito			442				453				1,913				1,483				2,066				1,599				2,096				2,188
Antamina			1,091				794				963				814				1,114				1,155				1,177				1,468
Constancia			665				435				674				366				403				498				494				644
Other
Los Filos			24				30				37				34				16				24				41				42
Zinkgruvan			449				714				370				520				547				376				650				355
Neves-Corvo			268				245				132				171				80				105				167				204
Aljustrel			86				142				182				205				156				185				123				145
Cozamin			141				139				150				119				150				154				148				177
Marmato			9				11				7				7				7				8				11				8
Yauliyacu			-				-				-				-				337				1,005				817				44
Stratoni			-				-				-				-				-				-				(2)				133
Minto			-				-				7				29				23				22				21				31
Keno Hill			-				-				-				1				1				30				30				27
777			-				2				2				-				35				73				75				87
Total Other			977				1,283				887				1,086				1,352				1,982				2,081				1,253
Total silver ounces sold			3,175				2,965				4,437				3,749				4,935				5,234				5,848				5,553
Palladium ounces sold
Stillwater 3			3,339				4,242				3,392				2,946				3,396				4,227				3,378				4,075
Cobalt pounds sold
Voisey’s Bay			288				198				265				323				187				115				225				511
GEOs sold 4			162,360				119,030				138,835				117,383				138,218				135,179				165,766				159,082
Cumulative payable units PBND 5
Gold ounces			99,767				106,947				81,148				77,377				70,562				74,053				67,529				88,679
Silver ounces			1,817				1,504				1,812				2,531				2,013				2,481				2,694				2,922
Palladium ounces			6,666				5,607				6,122				5,751				5,098				5,041				6,267				5,535
Cobalt pounds			356				377				251				285				258				403				280				550
GEO 4			133,439				135,731				113,144				118,702				104,247				115,220				111,417				137,548
Inventory on hand
Cobalt pounds			88				155				310				398				633				556				582				410

 

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: $1,850 per ounce gold; $24.00 per ounce silver; $1,800 per ounce palladium; and $18.75 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2023.

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.

- 18 -

 

Results of Operations

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

 

Three Months Ended December 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			71,778				76,656			$	2,005			$	420			$	393			$	153,717			$	91,390			$	121,491			$	2,681,419
Sudbury 4			6,256				5,011				2,023				400				1,145				10,137				2,394				8,134				262,485
Constancia			22,292				19,925				2,005				420				316				39,954				25,288				31,578				80,265
San Dimas			10,024				10,472				2,005				631				279				20,999				11,479				14,395				144,722
Stillwater			2,341				2,314				2,005				352				510				4,640				2,645				3,826				211,469
Other 5			668				633				2,005				350				527				1,269				714				1,047				603,689
			113,359				115,011			$	2,006			$	437			$	405			$	230,716			$	133,910			$	180,471			$	3,984,049
Silver
Peñasquito			1,036				442			$	23.87			$	4.43			$	4.06			$	10,547			$	6,794			$	8,589			$	276,232
Antamina			1,030				1,091				23.87				4.73				7.06				26,043				13,190				20,887				519,530
Constancia			836				665				23.87				6.20				6.24				15,879				7,601				11,755				179,583
Other 6			1,306				977				23.55				4.82				3.22				22,996				15,138				18,909				582,113
			4,208				3,175			$	23.77			$	5.02			$	5.29			$	75,465			$	42,723			$	60,140			$	1,557,458
Palladium
Stillwater			4,209				3,339			$	1,070			$	198			$	445			$	3,574			$	1,426			$	2,912			$	220,667
Platinum
Marathon			-				-			$	n.a.			$	n.a.			$	n.a.			$	-			$	-			$	-			$	9,451
Cobalt
Voisey’s Bay			215				288			$	12.92			$	3.14	7		$	12.80			$	3,716			$	(871)			$	2,016			$	350,816
Operating results																						$	313,471			$	177,188			$	245,539			$	6,122,441
Other
General and administrative																										$	(9,244)			$	(6,490)
Share based compensation																											(6,527)				-
Donations and community investments																											(2,208)				(2,143)
Finance costs																											(1,371)				(1,083)
Other																											7,311				7,351
Income tax																											3,286				(948)
Total other																										$	(8,753)			$	(3,313)			$	908,744
																										$	168,435			$	242,226			$	7,031,185

 

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, 777, Santo Domingo, Fenix, Blackwater, Curipamba, Marathon, Goose, Cangrejos and Curraghinalt 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, Marmato and Cozamin silver interests as well as the non-operating Stratoni, Aljustrel, Minto, Pascua-Lama, Copper World, 777, Navidad, Blackwater, Curipamba and Mineral Park 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 fourth quarter of 2023 was net of a previously recorded inventory write-down of $0.02 million, resulting in a decrease of $0.08 per pound of cobalt sold. The inventory which was written down in 2022 was fully sold during 2023, and no further inventory write down was required during 2023. The Company reflects the cobalt inventory at the lower of cost and net realizable value, and will continue to monitor the market price of cobalt relative to the carrying value of the inventory at each reporting period.