Wheaton Precious Metals Corp.

Wheaton signed a gold and silver stream with KGL Resources on the Jervois copper project in Australia, its first streaming deal in Australia, paying US$275M upfront: two US$16M early payments expected in Q2 and Q3 2026, then US$243M in four equal installments during construction. It buys 75% of payable gold and silver at first, stepping down to 37.5% and then 25% for the life of the mine, paying 20% of spot prices; first production is expected in the second half of 2027. Wheaton also commits to join a future KGL equity raise (lesser of AU$35M or 20% of the shares offered, capped at a 9.9% stake), and provides up to US$25M of cost overrun stream. The release says most of the upfront payment is to be funded from operating cash flow as construction advances through 2027. This adds another development commitment alongside the large Antamina deal; the release does not say whether the Antamina closing expected around April 1 has occurred.

business combination

Wheaton agreed to buy BHP's 33.75% share of Antamina silver (Peru) for US$4.3B upfront at closing, expected around April 1, 2026, so it would receive 67.5% of the mine's silver, up from 33.75% under the existing Glencore stream. It buys 33.75% of payable silver until 100 million oz are delivered, then 22.5% for the life of the mine, paying 20% of spot silver. Funding is about US$1.9B of cash, a new US$1.5B two-year term loan (Bank of Montreal and Bank of Nova Scotia as lead arrangers) and about US$0.9B drawn on the US$2B revolver; the release expects net debt of about US$2.4B at closing. This is by far the largest commitment in the context and is the first time the revolver is expected to be drawn.

business combination

Wheaton reported 2025 production of about 692,000 gold equivalent ounces, above the top of its 600,000-670,000 guidance, helped by record Salobo results, Peñasquito and Constancia; Goose and Mineral Park ramped up slower than expected. This resolves the earlier open question on 2025 first production at those projects, at least in part: the release describes them as ramping up, not yet at full rate. It guides 2026 to 860,000-940,000 GEOs on much higher price assumptions (US$4,800 gold, US$80 silver, versus US$2,600 and US$30 for 2025), and now targets about 1.2 million GEOs by 2030 and for 2031-2035, replacing the earlier 870,000 by 2029 target. The 2026 growth is driven mainly by the additional Antamina stream starting April 1, 2026. Full results are due March 12, 2026.

production update

Wheaton signed a gold stream with Waterton Gold on the Spring Valley project in Nevada, paying US$670M upfront in installments as conditions are met. It buys 8% of payable gold until 300,000 oz, then 6% for the life of the mine, paying 20% of spot gold until the deposit is reduced to zero and 22% after that; production is forecast at about 29,000 oz a year for the first five years, with first production expected in 2028. Wheaton also provides a cost overrun facility of up to US$150M. Waterton is the same partner as at Mineral Park. The release says Wheaton had about US$1B of cash at June 30, 2025, plus the US$2B revolver (with a US$500M accordion), to fund it. This adds a large new development commitment to the existing list.

business combination

Wheaton reported 2024 production of over 633,000 gold equivalent ounces, above the top of its 620,000 guidance range, helped by Salobo (record Q4) and Constancia; San Dimas and Zinkgruvan came in lower on grades. It guides 2025 to 600,000-670,000 GEOs and forecasts about 40% growth to 870,000 GEOs by 2029, and over 950,000 a year on average for 2030-2034. It expects first production in 2025 from Blackwater, Goose, Mineral Park and Platreef, which resolves the earlier open question on their timing; Aljustrel is expected to restart in Q3 2025. Full results are due March 13, 2025.

production update

Wheaton signed a gold stream with Allied Gold on the Kurmuk project in Ethiopia, paying US$175M upfront in four equal installments during construction. It gets 6.7% of payable gold until 220,000 oz, then 4.8% for the life of the mine, and pays 15% of the spot gold price; attributable output is forecast at over 16,000 oz a year for the first ten years, with first production anticipated in mid-2026. Wheaton also bought shares (C$20.15M) in Allied's October 18, 2024 equity financing, and the release says it had about US$694M of cash at September 30, 2024, plus the US$2B revolver, to fund this. It adds to the development-stream commitments alongside Koné and Fenix.

business combination

Wheaton signed a gold stream with Montage Gold on the Koné project in Côte d'Ivoire, paying US$625M upfront in four equal installments during construction. It gets 19.5% of payable gold until 400,000 oz, then 10.8% until a further 130,000 oz, then 5.4% for the life of the mine, paying 20% of spot gold (with a price adjustment band between US$2,100 and US$2,700/oz for five years); production is forecast to average over 60,000 oz/year for the first five years, with first production anticipated in early 2027. Wheaton also provides a secured debt facility of up to US$75M for project costs including overruns. Separately, it expanded the Fenix project deal with Rio2: US$100M additional upfront (over the remaining US$25M under the existing stream) for 95,000 oz of gold, a 20% production payment, a US$20M contingent cost-overrun loan facility and a C$5M share placement commitment. The release says Wheaton had about US$540M of cash at June 30, 2024, plus the US$2B revolver and operating cash flow, to fund this. This is the largest single upfront commitment in the context and builds on the earlier development-stream additions.

business combination

Wheaton declared its first 2024 dividend of US$0.155 per share, up from US$0.15, payable around April 15, 2024 to holders of record April 3, 2024. It also changed its dividend policy, replacing the 30%-of-average-operating-cash-flow formula (with the prior quarter as a floor) with a progressive policy built around an increased 2024 annual dividend. This ends the flat US$0.15 payments seen since 2022; the reinvestment plan still issues shares at market price with no discount.

dividend declaration

Wheaton agreed to buy existing streams from funds advised by Orion Resource Partners on Ivanhoe Mines' Platreef project (South Africa) and BMC Minerals' Kudz Ze Kayah project (Yukon), and signed a new gold stream on Dalradian Gold's Curraghinalt project (Northern Ireland). Upfront cash is up to US$530M: US$450M to Orion at closing (plus a US$5M contingency payment on Kudz Ze Kayah), and US$20M early deposit to Dalradian plus US$55M during Curraghinalt construction. Platreef is under construction with commercial production expected Q4 2024; Kudz Ze Kayah still lacks two provincial permits and faces a Kaska Nation lawsuit with judgment expected by end of 2023; Curraghinalt is in final permitting with construction expected from 2025. Closing is expected in Q4 2023 or early Q1 2024, and the release says Wheaton had about US$834M of cash at September 30, 2023, plus the undrawn US$2B revolver, to fund it. This adds to the development-stream commitments (Cangrejos, Mineral Park and others) in the context.

business combination

Wheaton signed a silver stream with Waterton Copper on the Mineral Park mine in Arizona, paying US$115 million upfront in four payments during construction (three of US$25 million and a final US$40 million). It gets 100% of payable silver for the life of the mine (payable factor fixed at 90%) and pays 18% of the spot silver price (22% once the upfront amount is recovered). Attributable production is forecast to average over 0.69 million oz of silver a year for the first five years, with construction due to finish by the end of Q1 2025. Wheaton will also provide a secured debt facility of up to US$25 million once the full upfront amount is paid. The CEO speaks of bringing Mineral Park 'back into our portfolio' and cites Wheaton's 'long history with the mine'; the filing does not detail that earlier relationship. The release says Wheaton had about US$829 million of cash at June 30, 2023 to fund this and its other commitments.

business combination

Wheaton signed a gold stream with Lumina Gold on the Cangrejos project in Ecuador, paying US$300 million upfront. Of that, US$48 million is available before construction and the remaining US$252 million is paid in equal installments during construction. It gets 6.6% of payable gold until 700,000 oz, then 4.4% for the life of the mine, and pays 18% of the spot gold price (22% once the upfront amount is recovered). Attributable production is forecast to average over 24,000 oz of gold a year for the first ten years. The release says Wheaton had about US$800 million of cash at March 31, 2023 and expects to fund this and its other commitments from cash, the undrawn US$2 billion revolver and operating cash flow. It is another development-stage stream, following Curipamba, Goose and others, and a second Ecuador project after Curipamba.

business combination

Wheaton reported 2022 production of 638,048 gold equivalent oz (286,985 oz gold, 23.98M oz silver, 31,347 other-metal GEO), at the low end of its revised 640,000-680,000 guidance and below the 700,000-760,000 forecast given in February 2022. The release attributes this to weaker Salobo (lower throughput and grades) and Stillwater (regional flooding), partly offset by stronger Antamina. The silver stream on Yauliyacu was terminated in Q4 2022 under an August 2022 agreement with Glencore, with Wheaton receiving US$132M (the agreement was for US$150M less deliveries received). It added four streams on development assets in 2022. For 2023 it forecasts 600,000-660,000 GEO, a five-year (2023-27) average of 810,000 and a ten-year (2023-32) average of 850,000, lower than the prior 850,000 and 910,000 averages; full results are due March 9, 2023.

production update

Wheaton signed a gold stream with Sabina Gold & Silver on the Goose project in Nunavut, Canada, paying US$125M in four equal installments during construction. It gets 4.15% of payable gold, dropping to 2.15% after 130,000 oz and 1.5% after 200,000 oz, and pays 18% of the spot gold price (rising to 22% once the upfront amount is recovered). Sabina expects production to start in Q1 2025, and Wheaton plans up to US$20M of Sabina equity, staying below 10%. Wheaton raised its ten-year guidance to 910,000 gold equivalent oz from 900,000 oz; 2022 and five-year guidance are unchanged. This is another new development-stage stream after Blackwater, Marathon and Curipamba, funded from cash, the US$2B revolver and operating cash flow.

business combination

Wheaton said 2021 production was 342,546 oz gold, 25.8M oz silver and 49,324 other-metal gold equivalent oz, for 750,220 gold equivalent oz in total, inside its 735,000-765,000 forecast. Note this 2021 range is lower than the 720,000-780,000 range in the Feb 2021 guidance in the context; the release does not explain the difference. For 2022 it forecasts 700,000-760,000 gold equivalent oz, with five-year (2022-26) average 850,000 and ten-year (2022-31) average 900,000, and says it will report full 2021 results on March 10, 2022. The release says five additional development-stage streams were added in 2021, and the new longer-term figures include Blackwater, Marathon and Santo Domingo late in the period; it does not mention Curipamba in the guidance text shown.

production update

Wheaton's subsidiary signed a definitive agreement with Adventus Mining for a gold and silver stream on the Curipamba project in Ecuador, paying US$175.5 million upfront (US$13 million available before construction, US$500,000 of it for local community projects, the rest in four installments during construction). It gets 50% of payable gold until 150,000 oz (then 33%) and 75% of payable silver until 4.6 million oz (then 50%), paying 18% of spot prices (rising to 22% once the deposit is recovered). Adventus expects construction to begin as early as late 2022 and mine operations as early as 2024; Wheaton also intends to invest up to US$5 million in Adventus equity, staying below 10% ownership. This is the third new development-stage stream in about five weeks, after Blackwater and Marathon.

business combination

Wheaton entered a binding arrangement with Generation Mining for a gold and platinum stream on the Marathon project in Ontario, paying C$240 million upfront (C$40 million as an early deposit before construction, the rest in four installments during construction). It gets 100% of payable gold until 150,000 oz (then 67%) and 22% of payable platinum until 120,000 oz (then 15%), paying 18% of spot prices (rising to 22% once the upfront amount is recovered). Completion depends on Gen Mining buying the remaining 16.5% of the project from Sibanye Stillwater; the first early-deposit advance is expected early in 2022 and Gen Mining expects production in 2024. This is another new stream following Blackwater a week earlier.

business combination

Wheaton agreed to buy New Gold's existing gold stream on the Blackwater project in British Columbia for US$300 million at closing, and signed a new silver stream with Artemis Gold for about US$141 million paid in four equal installments during construction (US$441 million total). It gets 8% of payable gold until 279,908 oz (then 4%) and 50% of payable silver until 17.8 million oz (then 33%), paying 35% of spot for gold and 18% of spot for silver (rising to 22% once the upfront amount is recovered). Artemis expects major construction in Q2 2022 and production in Q1 2024; Wheaton says its US$372 million cash at Sept 30, 2021, the US$2 billion revolving facility and operating cash flow cover its commitments. This adds to the earlier Cozamin and Santo Domingo deals as another new-mine stream.

business combination

Wheaton signed a definitive agreement with Capstone for a gold stream on the Santo Domingo project in Chile, resolving the 'advanced discussions' flagged in December 2020. It will buy 100% of payable gold until 285,000 oz are delivered, then 67% for the life of the mine, for US$290 million upfront (US$30 million on closing, the rest during construction and subject to Capstone securing enough financing), plus ongoing payments of 18% of the spot gold price (rising to 22% once cumulative terms are met). Capstone expects major construction to begin in late 2021 with first full year of production in 2024, and forecast gold is 35-40k oz a year for the first five full years. Funding would come from the US$2 billion revolving facility, which had about US$1.8 billion of remaining capacity and US$193 million of cash at Dec 31, 2020; closing is expected shortly and is subject to corporate matters and customary conditions. The release does not say the Cozamin stream has closed.

business combination

Wheaton reported 2020 production of 368,044 oz gold, 22.9M oz silver and 22,187 oz palladium (672,619 gold equivalent oz), above the midpoint of its 655,000-685,000 forecast, helped by Peñasquito and Antamina and offset by weaker Salobo, Constancia and Stillwater. Note the 2020 forecast in this release (655,000-685,000) is lower than the 685,000-725,000 Feb 2020 forecast in the earlier context; the release does not explain the change (it may reflect a pandemic-era revision, which is an inference). For 2021 it forecasts 370,000-400,000 oz gold, 22.5-24.0M oz silver and 40,000-45,000 oz of palladium and cobalt (720,000-780,000 gold equivalent oz), and for the first time gives a ten-year average of 830,000 gold equivalent oz (five-year 810,000). Voisey's Bay cobalt becomes eligible from Jan 1, 2021, the Salobo expansion is expected to contribute from 2023, Blitz at Stillwater is now expected to reach full capacity in 2024 (a two-year delay due to COVID-19, per Sibanye-Stillwater's announcement), and Pampacancha is expected to start in 2021. Rosemont is in the ten-year but not the five-year forecast; Pascua-Lama is excluded from both.

production update

Wheaton's subsidiary signed a new silver stream on Capstone's Cozamin mine in Mexico, effective December 1, 2020: 50% of silver until 10 million oz are delivered, then 33% for the life of the mine, for US$150 million upfront plus 10% of the spot silver price per ounce. The payment is to come from the US$2 billion revolving credit facility, so debt rises; closing is expected shortly, subject to customary conditions. Forecast attributable silver is about 820,000 oz a year for five years from 2021. This brings back a Cozamin stream that Wheaton had acquired in 2009 and that expired in 2017. Wheaton also said it is in advanced discussions with Capstone about a possible gold stream on Santo Domingo; that is not yet agreed.

business combination

Wheaton signed an at-the-market equity program with a group of banks (BofA, BMO, RBC, Scotia and others) that lets it sell new common shares from time to time, for up to US$300 million in total gross sales. It is filed under the existing US$2 billion shelf prospectus. If shares are sold, existing shareholders are diluted; the filing text shown gives no sales, price or use of proceeds.

capital raising announcement

Wheaton said 2019 production beat guidance: 406,604 oz gold, 22.5M oz silver and 21,993 oz palladium (706,900 gold equivalent oz versus 690,000 guided), with Salobo outperforming and Peñasquito weaker after a temporary shutdown caused by an illegal blockade. For 2020 it forecasts 390,000-410,000 oz gold, 22.0-23.5M oz silver and 23,000-24,500 oz palladium (685,000-725,000 gold equivalent oz), and about 750,000 gold equivalent oz a year for 2020-2024. A Voisey's Bay cobalt stream starts January 1, 2021, the Salobo expansion is expected to add gold from 2023, and Pascua-Lama and Rosemont are still excluded from the five-year guidance.

production update

Wheaton reported record gold production in 2018 (373,239 oz gold, 24.5M oz silver, 14,686 oz palladium, with operating cash flow of US$477M) and declared its first 2019 dividend of US$0.09, with a minimum of US$0.09 per quarter set for all of 2019. It reports the San Dimas gold stream began May 10, 2018 and the old silver stream ended then, a Stillwater precious metals stream started July 1, 2018, and Pascua-Lama-related deliveries from Lagunas Norte, Veladero and Pierina stopped March 31, 2018. On December 13, 2018 it settled the Canada Revenue Agency tax dispute for 2005-2010, with no additional cash taxes after applying non-capital losses, which resolves that long-running open thread. Vale approved the Salobo III expansion (24 to 36 Mtpa) on October 24, 2018. About US$1.3B was drawn on the US$2B revolving facility at year-end, now maturing February 27, 2024. 2019 forecast is 365,000 oz gold, 24.5M oz silver and 22,000 oz palladium (about 690,000 gold equivalent oz), with about 750,000 oz a year through 2023.

dividend declaration

Wheaton (renamed from Silver Wheaton) agreed to end its existing San Dimas silver stream with Primero and replace it with a new stream with First Majestic, which is buying Primero by plan of arrangement. The new deal gives it 25% of San Dimas gold plus extra gold equal to 25% of silver production (converted at 70:11), paying the lesser of US$600/oz (1% annual inflation adjustment) and the market price per ounce delivered. Wheaton also gets 20,914,590 First Majestic shares valued at US$151 million (about 11% of First Majestic), a US$10 million payment from Goldcorp for releasing its guarantee, and the US$0.50/oz shortfall penalty is removed. The release itself lists a US$220 million payment by Wheaton International under the new agreement, but does not explain it in the text shown. Everything is conditional on the arrangement closing; Wheaton also extends its guarantee of Primero's credit facility to the earlier of April 30, 2018 and the arrangement's completion or termination. San Dimas silver was about 10% of production over three years (about 5.4M oz/yr) and is expected to become 40,000-45,000 oz of gold a year over five years. This changes the earlier open thread about possible

asset acquisition disposition

Silver Wheaton closed the share offering: 33,135,000 shares at US$16.60 for about US$550 million gross, led by RBC, BMO, CIBC and Scotiabank. The proceeds are meant to repay part of the US$2 billion credit facility drawn in November 2015 for the US$900 million Antamina silver stream. Underwriters hold an option for up to 4,970,250 more shares at the same price, which would raise gross proceeds to about US$632.5 million. The offering ended the automatic purchase plan under the share buyback; 3,060,454 shares had been bought back, and the buyback itself runs to September 22, 2016. Existing shareholders are diluted.

capital raising announcement

Silver Wheaton announced a US$500 million bought-deal share financing. Only the cover form and title were captured, with no price, share count or use of proceeds, so those details are not available here. It would dilute existing shareholders if completed, and it was soon increased (see the next filing).

capital raising announcement

Silver Wheaton increased its bought-deal share financing from US$500 million to US$550 million. Only the title was captured, with no price or share count in this filing. It continues the financing announced a day earlier.

capital raising announcement

Silver Wheaton agreed to buy a silver stream on Glencore's Antamina mine in Peru for US$900 million upfront, plus ongoing payments of 20% of the spot silver price per ounce delivered. It receives 33.75% of Antamina's silver until 140 million ounces are delivered, then 22.5% for the life of the mine; the effective date is September 30, 2015 and closing is expected before the end of November 2015. The upfront payment is to come from cash on hand (about US$81 million at September 30, 2015) and the US$2 billion revolving credit facility (US$647 million drawn at that date), so debt rises. Guidance rises to 44.5 million silver equivalent ounces for 2015 (from 43.5 million) and about 55 million for 2019 (from 51 million).

business combination

Silver Wheaton closed the US$800 million bought-deal share offering announced with the Salobo deal: 38,930,000 shares sold at US$20.55 each, underwritten by a syndicate led by Scotiabank. The proceeds are intended to fund the additional 25% Salobo gold stream bought from Vale, so existing shareholders were diluted by the new shares issued. This resolves the equity-funding step of the March 2 announcement.

capital raising announcement

Silver Wheaton agreed to buy a further 25% of the life-of-mine gold from Vale's Salobo mine in Brazil for US$900 million cash upfront, on top of the 25% it acquired in 2013, for a total of 50%. It will also pay the lesser of US$400 per ounce (with a 1% annual inflation adjustment from 2017) and the market price per ounce delivered, and may owe Vale additional payments of US$88 million to US$720 million if mill throughput is expanded. Production accrues from January 1, 2015, and 2015 guidance is 43.5 million silver equivalent ounces rising to 51 million in 2019. The company plans to fund it with cash on hand and a concurrent US$800 million equity offering, and possibly its revolving credit facility. The release also notes the Cozamin contract acquired with Silverstone in 2009 expires in April 2017.

business combination

Silver Wheaton filed a business acquisition report (dated July 20, 2009) on its purchase of Silverstone Resources Corp., effective May 21, 2009, by plan of arrangement. Shareholders of Silverstone received 0.185 Silver Wheaton shares per Silverstone share (23,434,332 shares issued to the trustee, plus up to 1,367,364 more issuable on Silverstone option exercises), and Silverstone became a wholly-owned subsidiary. It brought agreements to buy silver and gold from Capstone's Minto mine (Canada), silver from Capstone's Cozamin mine (Mexico) and silver from Lundin's Neves-Corvo mine (Portugal). The filing says the company has no current plans for material changes to the business. The report is being filed in June 2010 for an acquisition completed in 2009, so this is a late record of an earlier deal rather than a new transaction.

business combination