Each one in plain English, with the numbers worked through for a shareholder.
19 July 2022debt financing▲ Good
Wheaton renewed its existing undrawn US$2 billion revolving credit facility and added a sustainability link: interest on drawn amounts and standby fees will move with three measures (emissions of mining partners covered by science-based targets, board and management diversity, and its S&P ESG score). The maturity was extended by one year to July 18, 2027 (previously Feb 27, 2024 in the context); nothing is drawn. This ties to the net zero by 2050 commitment from the May 2022 Sustainability Report.
Wheaton published its 2021 Sustainability Report, with a commitment to net zero carbon emissions by 2050, a first report of Scope 3 financed emissions, and an initial US$4M commitment to help mining partners move to renewable energy. It says it gave over US$6.2M to more than 100 causes in 2021 and now has 30% female board members, meeting its 2024 target two years early (the target noted in the 2020 report). It carries no financial, production or deal information.
Wheaton declared its second 2022 quarterly dividend of US$0.15 per share, payable around June 3, 2022 to holders of record May 20, 2022. The policy is described as revised for 2022: the dividend targets the greater of 30% of average operating cash flow over the prior four quarters and the previous quarter's dividend, which is also the minimum. The reinvestment plan discount stays at 1%.
Wheaton declared its first 2022 quarterly dividend of US$0.15 per share, payable around April 7, 2022 to holders of record March 24, 2022. This matches the prior quarter's US$0.15. The policy is still about 30% of average operating cash flow over the prior four quarters, and for 2022 the minimum is set at the prior quarter's dividend; the reinvestment plan discount stays at 1%.
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.
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.
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.
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.
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.
Wheaton declared its fourth 2021 quarterly dividend of US$0.15 per share, up 25% from the same period in 2020, payable around December 6, 2021 to holders of record November 22, 2021. This is above the US$0.13 minimum set for 2021 and follows the same policy of about 30% of average operating cash flow, with the reinvestment plan still at a 1% discount.
Wheaton published its 2020 Sustainability Report, citing a US$5 million COVID-19 community fund, over US$5.8 million given to more than 100 charities and initiatives, carbon-neutral status for a sixth year, a new goal of 30% women directors by 2024, and top ratings from Sustainalytics, MSCI (AA) and ISS ESG (Prime). It carries no financial, production or deal information.
Wheaton amended its April 2020 at-the-market share sales agreement with the same group of banks, mainly to add the London Stock Exchange alongside the TSX and NYSE and to reflect Canadian territories and an additional April 9, 2021 Quebec translation exemption. The text shown contains no change to the US$300 million size and gives no figures on shares sold, so this is a housekeeping update to an existing program; any dilution depends on actual sales, which are not stated.
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.
Wheaton declared its first 2021 quarterly dividend of US$0.13 per share, up 30% from the comparable 2020 period, payable around April 13, 2021 to holders of record March 26, 2021. It also set a minimum of US$0.13 per quarter for all of 2021 (up from the US$0.10 minimum in 2020), under the same policy of about 30% of average operating cash flow; the reinvestment plan discount stays at 1%.
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.
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.
Wheaton raised its fourth 2020 quarterly dividend to US$0.12 per share, a 20% increase from the prior US$0.10, payable around December 10, 2020 to holders of record November 25, 2020. This is above the US$0.10 minimum set for 2020, under the same policy of about 30% of average operating cash flow. The reinvestment plan discount stays at 1%.
Wheaton declared its third 2020 quarterly dividend of US$0.10 per share, payable around September 10, 2020 to holders of record August 27, 2020. The amount and policy are unchanged from earlier in 2020; the release now adds an assumption that neither Wheaton nor its mines will suffer significant impacts from an epidemic such as COVID-19.
Wheaton declared its second 2020 quarterly dividend of US$0.10 per share, payable around June 4, 2020 to holders of record May 22, 2020. This matches the first-quarter 2020 dividend and follows the same policy (about 30% of average operating cash flow, US$0.10 minimum for 2020), with the reinvestment plan still at a 1% discount.
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.
Wheaton declared its first 2020 dividend of US$0.10 per share, an 11% increase, payable around April 9, 2020 to holders of record March 26, 2020. The dividend policy changed from 20% to a target of about 30% of average operating cash flow over the prior four quarters, with a minimum of US$0.10 per quarter for all of 2020 (up from the US$0.09 minimum in 2019). The reinvestment plan discount is now 1% rather than the 3% used earlier.
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.
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.
Wheaton said it filed its annual Form 40-F and a Salobo technical report, and set its annual and special shareholder meeting for May 11, 2018 in Vancouver. This is a correction release and gives no new reserve or resource figures, so it is mainly a record of paperwork and a meeting date.
12 Jan 2018asset acquisition disposition● NeutralMajor
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
Silver Wheaton declared its first 2017 quarterly dividend of US$0.07 per share, up US$0.01 from the previous quarterly dividend, payable around April 21, 2017 to holders of record April 5, 2017. The amount follows the policy of 20% of average operating cash flow over the prior four quarters, and the dividend reinvestment plan again offers treasury shares at a 3% discount. This is higher than the US$0.05 paid in each of the first three 2016 quarters.
Silver Wheaton declared its third 2016 quarterly dividend of US$0.05 per share, payable around September 7, 2016 to holders of record August 24, 2016. It matches the first two 2016 payments and follows the same dividend policy.
Silver Wheaton declared its second 2016 quarterly dividend of US$0.05 per share, payable around June 2, 2016 to holders of record May 19, 2016. The amount is unchanged from the first quarter and follows the same 20%-of-average-operating-cash-flow policy.
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.
31 Mar 2016capital raising announcement● NeutralMajor
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).
