Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | WHEATON PRECIOUS METALS CORP. |
Entity Central Index Key | 0001323404 |
Current Fiscal Year End Date | --12-31 |
Condensed Interim Consolidated
Condensed Interim Consolidated Statements of Earnings - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Profit or loss [abstract] | ||||
Sales | $ 264,972 | $ 302,922 | $ 479,437 | $ 610,166 |
Cost of sales | ||||
Cost of sales, excluding depletion | 58,642 | 74,943 | 110,606 | 144,936 |
Depletion | 54,474 | 65,682 | 99,473 | 123,084 |
Total cost of sales | 113,116 | 140,625 | 210,079 | 268,020 |
Gross margin | 151,856 | 162,297 | 269,358 | 342,146 |
General and administrative expenses | 10,216 | 9,685 | 20,315 | 19,089 |
Share based compensation | 4,484 | 1,608 | 11,881 | 11,509 |
Donations and community investments | 1,940 | 1,160 | 3,318 | 1,973 |
Earnings from operations | 135,216 | 149,844 | 233,844 | 309,575 |
Gain on disposal of mineral stream interest | (5,027) | 0 | (5,027) | 0 |
Other (income) expense | (8,692) | (820) | (16,254) | (650) |
Earnings before finance costs and income taxes | 148,935 | 150,664 | 255,125 | 310,225 |
Finance costs | 1,352 | 1,389 | 2,731 | 2,811 |
Earnings before income taxes | 147,583 | 149,275 | 252,394 | 307,414 |
Income tax (expense) recovery | (6,135) | (201) | 445 | (872) |
Net earnings | $ 141,448 | $ 149,074 | $ 252,839 | $ 306,542 |
Basic earnings per share | $ 0.312 | $ 0.33 | $ 0.559 | $ 0.679 |
Diluted earnings per share | $ 0.312 | $ 0.33 | $ 0.558 | $ 0.678 |
Weighted average number of shares outstanding | ||||
Basic | 452,892,000 | 451,524,000 | 452,633,000 | 451,221,000 |
Diluted | 453,575,000 | 452,359,000 | 453,368,000 | 452,123,000 |
Condensed Interim Consolidate_2
Condensed Interim Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||||||
Statement of comprehensive income [abstract] | |||||||||
Net earnings | $ 141,448 | $ 149,074 | $ 252,839 | $ 306,542 | |||||
Items that will not be reclassified to net earnings | |||||||||
Loss on LTIs | [2] | (53,083) | [1] | (33,874) | [3] | (8,429) | [3] | (33,784) | [3] |
Income tax recovery related to LTIs | 6,044 | 349 | 2,090 | 155 | |||||
Total other comprehensive loss | (47,039) | [4] | (33,525) | [4] | (6,339) | (33,629) | |||
Total comprehensive income | $ 94,409 | $ 115,549 | $ 246,500 | $ 272,913 | |||||
[1]Fair Value Gains (Losses) are reflected as a component of Other Comprehensive Income (“OCI”).[2]LTIs = long-term investments – common shares held.[3]Fair Value Gains (Losses) are reflected as a component of OCI.[4]Definitions as follows: “OCI” = Other Comprehensive Income (Loss); “SBC” = Equity Settled Stock Based Compensation; “Options” = Share Purchase Options; “RSUs” = Restricted Share Units; “LTI’s” = Long-Term Investments; “Warrants” = Share Purchase Warrants. |
Condensed Interim Consolidate_3
Condensed Interim Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 828,837 | $ 696,089 |
Accounts receivable | 6,971 | 10,187 |
Cobalt inventory | 4,956 | 10,530 |
Taxes receivable | 4,217 | 0 |
Other | 4,466 | 3,287 |
Total current assets | 849,447 | 720,093 |
Non-current assets | ||
Mineral stream interests | 5,691,166 | 5,707,019 |
Early deposit mineral stream interests | 46,843 | 46,092 |
Long-term equity investments | 255,534 | 256,095 |
Property, plant and equipment | 8,458 | 4,210 |
Other | 28,457 | 26,397 |
Total non-current assets | 6,030,458 | 6,039,813 |
Total assets | 6,879,905 | 6,759,906 |
Current liabilities | ||
Accounts payable and accrued liabilities | 9,578 | 12,570 |
Current taxes payable | 0 | 2,763 |
Current portion of performance share units | 8,692 | 14,566 |
Current portion of lease liabilities | 609 | 818 |
Total current liabilities | 18,879 | 30,717 |
Non-current liabilities | ||
Performance share units | 4,549 | 6,673 |
Lease liabilities | 5,925 | 1,152 |
Deferred income taxes | 190 | 165 |
Pension liability | 3,949 | 3,524 |
Total non-current liabilities | 14,613 | 11,514 |
Total liabilities | 33,492 | 42,231 |
Shareholders' equity | ||
Issued capital | 3,773,227 | 3,752,662 |
Reserves | (26,189) | 66,547 |
Retained earnings | 3,099,375 | 2,898,466 |
Total shareholders' equity | 6,846,413 | 6,717,675 |
Total liabilities and shareholders' equity | $ 6,879,905 | $ 6,759,906 |
Condensed Interim Consolidate_4
Condensed Interim Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities | ||||
Net earnings | $ 141,448 | $ 149,074 | $ 252,839 | $ 306,542 |
Adjustments for Depreciation and depletion | 54,857 | 66,080 | 100,247 | 123,875 |
Gain on disposal of mineral stream interest | (5,027) | 0 | (5,027) | 0 |
Interest expense | 36 | 24 | 53 | 50 |
Equity settled stock based compensation | 1,859 | 1,498 | 3,402 | 2,839 |
Performance share units - expense | 2,625 | 110 | 8,479 | 8,670 |
Performance share units - paid | 0 | (18,247) | (16,675) | (18,247) |
Pension expense | 291 | 271 | 458 | 429 |
Pension paid | (20) | 0 | (116) | 0 |
Income tax expense (recovery) | 6,135 | 201 | (445) | 872 |
Loss (gain) on fair value adjustment of share purchase warrants held | 280 | 154 | 105 | 897 |
Investment income recognized in net earnings | (8,880) | (549) | (16,028) | (743) |
Other | 418 | 42 | 499 | (92) |
Change in non-cash working capital | 1,685 | 7,365 | (387) | (8,553) |
Cash generated from operations before income taxes and interest | 195,707 | 206,023 | 327,404 | 416,539 |
Income taxes paid | (988) | (80) | (4,332) | (112) |
Interest paid | (15) | (25) | (33) | (51) |
Interest received | 7,672 | 441 | 14,443 | 523 |
Cash generated from operating activities | 202,376 | 206,359 | 337,482 | 416,899 |
Financing activities | ||||
Credit facility extension fees | (846) | (2) | (846) | (2) |
Share purchase options exercised | 1,134 | 1,777 | 10,510 | 7,549 |
Lease payments | (177) | (202) | (379) | (402) |
Dividends paid | (131,091) | (117,117) | (131,091) | (117,117) |
Cash used for financing activities | (130,980) | (115,544) | (121,806) | (109,972) |
Investing activities | ||||
Mineral stream interests | (88,710) | (15,549) | (120,234) | (60,801) |
Early deposit mineral stream interests | 0 | 0 | (750) | (750) |
Net proceeds on disposal of mineral stream interests | 46,400 | 0 | 46,400 | 0 |
Acquisition of long-term investments | (31) | (2,633) | (8,175) | (22,768) |
Proceeds on disposal of long-term investments | 202 | 0 | 202 | 0 |
Dividends received | 917 | 108 | 917 | 220 |
Other | (1,209) | (89) | (1,770) | (125) |
Cash used for investing activities | (42,431) | (18,163) | (83,410) | (84,224) |
Effect of exchange rate changes on cash and cash equivalents | 175 | (189) | 482 | (122) |
Increase in cash and cash equivalents | 29,140 | 72,463 | 132,748 | 222,581 |
Cash and cash equivalents, beginning of year | 799,697 | 376,163 | 696,089 | 226,045 |
Cash and cash equivalents, end of year | $ 828,837 | $ 448,626 | $ 828,837 | $ 448,626 |
Condensed Interim Consolidate_5
Condensed Interim Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Number of Shares [member] | Issued Capital [member] | Share Purchase Warrants Reserve [member] | [1] | Share Purchase Options Reserve [member] | Reserves Restricted Share Units Reserve [member] | LTI revaluation reserve (net of tax) [member] | Total Reserves [member] | Retained Earnings [member] | ||||
Balance at beginning of period at Dec. 31, 2021 | $ 6,250,117 | $ 3,698,998 | $ 83,077 | $ 22,349 | $ 7,196 | $ (65,586) | [2] | $ 47,036 | $ 2,504,083 | |||||
Balance, shares at beginning of period at Dec. 31, 2021 | 450,863,952 | 450,864,000 | ||||||||||||
Total comprehensive income | ||||||||||||||
Net earnings | $ 157,467 | 157,467 | ||||||||||||
OCI | [2] | (103) | (103) | (103) | ||||||||||
Total comprehensive income | 157,364 | (103) | [2] | (103) | 157,467 | |||||||||
Income tax recovery (expense) | 793 | 793 | ||||||||||||
SBC expense | [2] | 1,342 | 534 | 808 | 1,342 | |||||||||
Options exercised | [2] | $ 7,532 | 8,969 | (1,437) | (1,437) | |||||||||
Options exercised, shares | 329,480 | [3] | 329,000 | [2] | ||||||||||
RSUs released | [2] | 2,534 | (2,534) | (2,534) | ||||||||||
RSUs released, shares | 87,838 | [3] | 88,000 | [2] | ||||||||||
Dividends (Note 18.2) | $ (67,688) | (67,688) | ||||||||||||
Balance end of period at Mar. 31, 2022 | $ 6,349,460 | 3,711,294 | 83,077 | 21,446 | 5,470 | (65,689) | [2] | 44,304 | 2,593,862 | |||||
Balance, shares at end of period at Mar. 31, 2022 | 451,281,270 | 451,281,000 | ||||||||||||
Balance at beginning of period at Dec. 31, 2021 | $ 6,250,117 | 3,698,998 | 83,077 | 22,349 | 7,196 | (65,586) | [2] | 47,036 | 2,504,083 | |||||
Balance, shares at beginning of period at Dec. 31, 2021 | 450,863,952 | 450,864,000 | ||||||||||||
Total comprehensive income | ||||||||||||||
Net earnings | $ 306,542 | |||||||||||||
OCI | (33,629) | |||||||||||||
Total comprehensive income | 272,913 | |||||||||||||
Dividends (Note 18.2) | (135,396) | |||||||||||||
Balance end of period at Jun. 30, 2022 | $ 6,416,801 | 3,729,300 | 83,077 | 22,054 | 6,356 | (99,214) | [2] | 12,273 | 2,675,228 | |||||
Balance, shares at end of period at Jun. 30, 2022 | 451,692,192 | 451,692,000 | ||||||||||||
Balance at beginning of period at Mar. 31, 2022 | $ 6,349,460 | 3,711,294 | 83,077 | 21,446 | 5,470 | (65,689) | [2] | 44,304 | 2,593,862 | |||||
Balance, shares at beginning of period at Mar. 31, 2022 | 451,281,270 | 451,281,000 | ||||||||||||
Total comprehensive income | ||||||||||||||
Net earnings | $ 149,074 | 149,074 | ||||||||||||
OCI | [2] | (33,525) | (33,525) | (33,525) | ||||||||||
Total comprehensive income | 115,549 | (33,525) | [2] | (33,525) | 149,074 | |||||||||
Income tax recovery (expense) | (293) | (293) | ||||||||||||
SBC expense | [2] | 1,497 | 611 | 886 | 1,497 | |||||||||
Options exercised | [2] | $ 17 | 20 | (3) | (3) | |||||||||
Options exercised, shares | 434 | [3] | 0 | [2] | ||||||||||
Dividends (Note 18.2) | $ (49,429) | 18,279 | (67,708) | |||||||||||
Dividends (Note 18.2), shares | 410,488 | [4] | 411,000 | |||||||||||
Balance end of period at Jun. 30, 2022 | $ 6,416,801 | 3,729,300 | 83,077 | 22,054 | 6,356 | (99,214) | [2] | 12,273 | 2,675,228 | |||||
Balance, shares at end of period at Jun. 30, 2022 | 451,692,192 | 451,692,000 | ||||||||||||
Total comprehensive income | ||||||||||||||
Net earnings | $ 362,585 | 362,585 | ||||||||||||
OCI | [2] | 48,167 | 48,167 | 48,167 | ||||||||||
Total comprehensive income | 410,752 | 48,167 | [2] | 48,167 | 362,585 | |||||||||
Income tax recovery (expense) | 3,644 | 3,644 | ||||||||||||
SBC expense | [2] | 3,006 | 1,220 | 1,786 | 3,006 | |||||||||
Options exercised | [2] | $ 3,452 | 4,148 | (696) | (696) | |||||||||
Options exercised, shares | 163,215 | [3] | 164,000 | [2] | ||||||||||
Dividends (Note 18.2) | $ (119,980) | 15,570 | (135,550) | |||||||||||
Dividends (Note 18.2), shares | 463,119 | [4] | 463,000 | |||||||||||
Realized gain (loss) on disposal of LTIs (Note 19.4) | [2] | 3,797 | 3,797 | (3,797) | ||||||||||
Balance end of period at Dec. 31, 2022 | $ 6,717,675 | $ 3,752,662 | 83,077 | 22,578 | 8,142 | (47,250) | [2] | 66,547 | 2,898,466 | |||||
Balance, shares at end of period at Dec. 31, 2022 | 452,318,526 | 452,319,000 | 452,318,526 | |||||||||||
Total comprehensive income | ||||||||||||||
Net earnings | $ 111,391 | 111,391 | ||||||||||||
OCI | [2] | 40,700 | 40,700 | 40,700 | ||||||||||
Total comprehensive income | 152,091 | 40,700 | [2] | 40,700 | 111,391 | |||||||||
SBC expense | [2] | 1,542 | 631 | 911 | 1,542 | |||||||||
Options exercised | [2] | $ 9,056 | $ 10,808 | (1,752) | (1,752) | |||||||||
Options exercised, shares | 397,636 | [3] | 398,000 | [2] | ||||||||||
RSUs released | [2] | 2,484 | (2,484) | (2,484) | ||||||||||
RSUs released, shares | 59,672 | [3] | 59,000 | [2] | ||||||||||
Warrant expiration | (83,077) | (83,077) | 83,077 | |||||||||||
Dividends (Note 18.2) | $ (67,910) | (67,910) | ||||||||||||
Realized gain (loss) on disposal of LTIs (Note 19.4) | [2] | 990 | 990 | (990) | ||||||||||
Balance end of period at Mar. 31, 2023 | $ 6,812,454 | 3,765,954 | 21,457 | 6,569 | (5,560) | [2] | 22,466 | 3,024,034 | ||||||
Balance, shares at end of period at Mar. 31, 2023 | 452,775,834 | 452,776,000 | ||||||||||||
Balance at beginning of period at Dec. 31, 2022 | $ 6,717,675 | $ 3,752,662 | $ 83,077 | 22,578 | 8,142 | (47,250) | [2] | 66,547 | 2,898,466 | |||||
Balance, shares at beginning of period at Dec. 31, 2022 | 452,318,526 | 452,319,000 | 452,318,526 | |||||||||||
Total comprehensive income | ||||||||||||||
Net earnings | $ 252,839 | |||||||||||||
OCI | (6,339) | |||||||||||||
Total comprehensive income | 246,500 | |||||||||||||
Dividends (Note 18.2) | (135,849) | |||||||||||||
Balance end of period at Jun. 30, 2023 | $ 6,846,413 | $ 3,773,227 | 22,019 | 6,222 | (54,430) | [2] | (26,189) | 3,099,375 | ||||||
Balance, shares at end of period at Jun. 30, 2023 | 452,969,332 | 452,969,000 | 452,969,332 | |||||||||||
Balance at beginning of period at Mar. 31, 2023 | $ 6,812,454 | $ 3,765,954 | 21,457 | 6,569 | (5,560) | [2] | 22,466 | 3,024,034 | ||||||
Balance, shares at beginning of period at Mar. 31, 2023 | 452,775,834 | 452,776,000 | ||||||||||||
Total comprehensive income | ||||||||||||||
Net earnings | $ 141,448 | 141,448 | ||||||||||||
OCI | [2] | (47,039) | (47,039) | (47,039) | ||||||||||
Total comprehensive income | 94,409 | (47,039) | [2] | (47,039) | 141,448 | |||||||||
SBC expense | [2] | 1,859 | 724 | 1,135 | 1,859 | |||||||||
Options exercised | [2] | $ 871 | 1,033 | (162) | (162) | |||||||||
Options exercised, shares | 32,611 | [3] | 33,000 | [2] | ||||||||||
RSUs released | [2] | 1,482 | (1,482) | (1,482) | ||||||||||
RSUs released, shares | 60,155 | [3] | 60,000 | [2] | ||||||||||
Dividends (Note 18.2) | $ (63,180) | 4,758 | (67,938) | |||||||||||
Dividends (Note 18.2), shares | 100,732 | [4] | 100,000 | |||||||||||
Realized gain (loss) on disposal of LTIs (Note 19.4) | [2] | (1,831) | (1,831) | 1,831 | ||||||||||
Balance end of period at Jun. 30, 2023 | $ 6,846,413 | $ 3,773,227 | $ 22,019 | $ 6,222 | $ (54,430) | [2] | $ (26,189) | $ 3,099,375 | ||||||
Balance, shares at end of period at Jun. 30, 2023 | 452,969,332 | 452,969,000 | 452,969,332 | |||||||||||
[1]Refer to Note 19.1.[2]Definitions as follows: “OCI” = Other Comprehensive Income (Loss); “SBC” = Equity Settled Stock Based Compensation; “Options” = Share Purchase Options; “RSUs” = Restricted Share Units; “LTI’s” = Long-Term Investments; “Warrants” = Share Purchase Warrants.[3]The weighted average price of share purchase options exercised and restricted share units released represents the respective exercise price.[4]The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. The weighted average price for common shares issued under the DRIP represents the volume weighted average price of the common shares on the five trading days preceding the dividend payment date, less a discount of 1% where applicable. |
Description of Business and Nat
Description of Business and Nature of Operations | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Description of Business and Nature of Operations | 1. Description of Business and Nature of Operations Wheaton Precious Metals Corp. is a precious metal streaming company which generates its revenue primarily from the sale of precious metals (gold, silver and palladium) and cobalt. Wheaton Precious Metals Corp. (“Wheaton” or the “Company”), which is the ultimate parent company of its consolidated group, is incorporated and domiciled in Canada, and its principal place of business is at Suite 3500 - 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3. The Company trades on the Toronto Stock Exchange (“TSX”), the New York Stock Exchange (“NYSE”) and the London Stock Exchange (“LSE”) under the symbol WPM. As of June 30, 2023, the Company has 29 long-term purchase agreements (three of which are early deposit agreements), with 23 different mining companies, for the purchase of precious metals and cobalt (“precious metal purchase agreements” or “PMPA”) relating to 19 mining assets which are currently operating, 13 which are at various stages of development and 4 which have been placed in care and maintenance or have been closed, located in 13 countries. Pursuant to the PMPAs, Wheaton acquires metal production from the counterparties for an initial upfront payment plus an additional cash payment for each ounce or pound delivered which is either a fixed price or fixed percentage of the market price by contract, generally at or below the prevailing market price. The condensed interim consolidated financial statements of the Company for the three and six months ended June 30, 2023 were authorized for issue as of August 10, 2023 in accordance with a resolution of the Board of Directors. |
Basis of Presentation and State
Basis of Presentation and Statement of Compliance | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Basis of Presentation and Statement of Compliance | 2. Basis of Presentation and Statement of Compliance These unaudited condensed interim consolidated financial statements have been prepared on a historical cost basis, except for certain financial instruments which have been measured at fair value as at the relevant balance sheet date. The consolidated financial statements are presented in United States (“US”) dollars, which is the Company’s functional currency, and all values are rounded to the nearest thousand US dollars (US$ 000’s) unless otherwise noted. References to “Cdn$” refer to Canadian dollars. These unaudited condensed interim consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board. The accounting policies applied in these unaudited condensed interim consolidated financial statements are based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and have been prepared using the same accounting policies and methods of application as disclosed in Note 3 to the audited consolidated financial statements for the year ended December 31, 2022 and were consistently applied to all the periods presented unless otherwise stated below. These unaudited condensed interim consolidated financial statements do not include all the information and note disclosures required by IFRS for annual consolidated financial statements and therefore should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2022. The preparation of financial statements in accordance with IAS 34 requires the use of certain accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 4. In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present fairly the financial position at June 30, 2023 and the results of operations and cash flows for all periods presented have been made. The interim results are not necessarily indicative of results for a full year. |
Material Accounting Policy Info
Material Accounting Policy Information | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Material Accounting Policy Information | 3. Material Accounting Policy Information 3.1. New Accounting Standards Effective in 2023 Amendment to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction The amendments to IAS 12 clarify that the initial recognition exemption does not apply to transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. Early application of the amendments is permitted. The amendments apply to transactions that occur on or after the beginning of the earliest comparative period presented. In addition, at the beginning of the earliest comparative period the following would be recognized: · a deferred tax asset to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized and a deferred tax liability for all deductible and taxable temporary differences associated with right-of-use · the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at that date. The implementation of this amendment did not have a material impact on the Company. Amendments to IAS 1 and IFRS Practice Statement 2 – Disclosure of Accounting policies The amendments require that an entity discloses its material accounting policy information, instead of its significant accounting policies. Further amendments explain how an entity can identify a material accounting policy. Examples of when an accounting policy is likely to be material are added. To support the amendment, the IASB has also developed guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’ described in IFRS Practice Statement 2. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. This amendment did not have a significant impact to the Company’s condensed interim consolidated financial statements. 3.2. Future Changes to Accounting Policies The IASB has issued the following new or amended standards: Amendment to IAS 1- The amendments to IAS 1, clarify the presentation of liabilities. The classification of liabilities as current or non-current non-current non-current Amendments to IAS 12 - International Tax Reform — Pillar Two Model Rules The amendments to IAS 12 provide a mandatory temporary exception to the requirements regarding deferred tax assets and liabilities related to pillar two income taxes (Global Minimum Tax) as well as disclosure requirements that an entity has to disclose separately its current tax expense related to Global Minimum Tax and that in periods in which Global Minimum Tax legislation is enacted or substantively enacted, but not yet in effect, an entity discloses known or reasonably estimable information that helps users of financial statements understand the entity’s exposure to Global Minimum Tax arising from that legislation. The mandatory temporary exemption is effective immediately and the disclosure requirements are effective for annual periods beginning January 1, 2023. The Company has applied this mandatory exception in the current period. Refer to Note 23 for further information on Global Minimum Tax. |
Key Sources of Estimation Uncer
Key Sources of Estimation Uncertainty and Critical Accounting Judgments | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Key Sources of Estimation Uncertainty and Critical Accounting Judgments | 4. Key Sources of Estimation Uncertainty and Critical Accounting Judgments The preparation of the Company’s condensed interim consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates. Information about significant areas of estimation uncertainty and judgments made by management in preparing the condensed interim consolidated financial statements are unchanged from those disclosed in Note 4 to the audited consolidated financial statements for the year ended December 31, 2022. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Financial Instruments | 5. Financial Instruments 5.1. Capital Risk Management The Company manages its capital to ensure that it will be able to continue as a going concern and satisfy its outstanding funding commitments while maintaining a high degree of financial flexibility to consummate new streaming investments. The capital structure of the Company consists of debt (Note 17) and equity attributable to common shareholders, comprising of issued capital (Note 18), accumulated reserves (Note 19) and retained earnings. The Company is not subject to any externally imposed capital requirements with the exception of complying with the minimum tangible net worth covenant under the credit agreement governing bank debt (Note 17). The Company is in compliance with the debt covenants at June 30, 2023, as described in Note 17.1. 5.2. Categories of Financial Assets and Liabilities The refundable deposit on the 777 PMPA, which requires a single principal payment at maturity, is carried at amortized cost. Trade receivables from sales of cobalt and other receivables are non-interest (in thousands) Note June 30 2023 December 31 2022 Financial assets Financial assets mandatorily measured at FVTNE 1 Cash and cash equivalents 2 2 $ 828,837 $ 696,089 Trade receivables from provisional concentrate sales, net of fair value adjustment 6,11 1,105 2,516 Long-term investments - warrants held 458 560 Investments in equity instruments designated at FVTOCI 1 Long-term investments - common shares held 1 5 255,076 255,535 Financial assets measured at amortized cost Trade receivables from sales of cobalt 11 4,945 6,642 Refundable deposit - 777 PMPA 2 5 8,393 8,073 Other accounts receivable 921 1,029 Total financial assets $ 1,099,735 $ 970,444 Financial liabilities Financial liabilities at amortized cost Accounts payable and accrued liabilities $ 9,578 $ 12,570 Pension liability 3,949 3,524 Total financial liabilities $ 13,527 $ 16,094 1) FVTNE refers to Fair Value Through Net Earnings, FVTOCI refers to Fair Value Through Other Comprehensive Income 5.3. Credit Risk Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Company by failing to discharge its obligations. To mitigate exposure to credit risk on financial assets, the Company has established policies to limit the concentration of credit risk, to ensure counterparties demonstrate minimum acceptable credit worthiness and to ensure liquidity of available funds. The Company closely monitors its financial assets and does not have any significant concentration of credit risk. The Company invests surplus cash in short-term, high credit quality, money market instruments. Additionally, the outstanding accounts receivable from the sales of cobalt are supported by a $7.5 million letter of credit. Finally, counterparties used to sell precious metals are all large, international organizations with strong credit ratings and the balance of trade receivables on these sales in the ordinary course of business is not significant. Therefore, credit risk associated with trade receivables at June 30, 2023 is considered to be negligible. The Company’s maximum exposure to credit risk related to its financial assets is as follows: (in thousands) Note June 30 2023 December 31 2022 Cash and cash equivalents 2 2 $ 828,837 $ 696,089 Trade receivables from provisional concentrate sales, net of fair value adjustment 11 1,105 2,516 Trade receivables from sales of cobalt 11 4,945 6,642 Refundable Deposit - 777 PMPA 2 5 8,393 8,073 Other accounts receivables 11 921 1,029 Maximum exposure to credit risk related to financial assets $ 844,201 $ 714,349 5.4. Liquidity Risk The Company has in place a rigorous planning and budgeting process to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis and its expansionary plans. The Company ensures that there are sufficient committed loan facilities to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents. As at June 30, 2023, the Company had cash and cash equivalents of $829 million (December 31, 2022 - $696 million) and working capital of $831 million (December 31, 2022 - $689 million). The Company holds equity investments of several companies (Note 1 5 The following table summarizes the timing associated with the Company’s remaining contractual payments relating to its financial liabilities. The table reflects the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay (assuming that the Company is in compliance with all of its obligations). The table includes both interest and principal cash flows, where applicable. As at June 30, 2023 (in thousands) 2023 2024 - 2025 2026 - 2027 After 2027 Total Accounts payable and accrued liabilities $ 9,578 $ - $ - $ - $ 9,578 Performance share units 1 - 12,627 614 - 13,241 Total $ 9,578 $ 12,627 $ 614 $ - $ 22,819 1) See Note 2 0 5.5. Currency Risk The Company undertakes certain transactions denominated in Canadian dollars, including certain operating expenses and the acquisition of strategic long-term investments. As a result, the Company is exposed to fluctuations in the value of the Canadian dollar relative to the United States dollar. The carrying amounts of the Company’s Canadian dollar denominated monetary assets and monetary liabilities at the end of the reporting period are as follows: (in thousands) June 30 2023 December 31 2022 Monetary assets Cash and cash equivalents $ 4,539 $ 311 Accounts receivable 128 739 Long-term investments - common shares held 74,927 60,443 Long-term investments - warrants held 459 560 Other long-term assets 3,384 3,308 Total Canadian dollar denominated monetary assets $ 83,437 $ 65,361 Monetary liabilities Accounts payable and accrued liabilities $ 6,469 $ 8,180 Performance share units 10,579 16,971 Lease liability 6,037 1,315 Pension liability 3,949 3,524 Total Canadian dollar denominated monetary liabilities $ 27,034 $ 29,990 The following tables detail the Company’s sensitivity to a 10% increase or decrease in the Canadian dollar relative to the United States dollar, representing the sensitivity used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in exchange rates. As at June 30, 2023 Change in Canadian Dollar (in thousands) 10% Increase 10% Decrease Increase (decrease) in net earnings $ (1,852) $ 1,852 Increase (decrease) in other comprehensive income 7,493 (7,493) Increase (decrease) in total comprehensive income $ 5,641 $ (5,641) As at December 31, 2022 Change in Canadian Dollar (in thousands) 10% Increase 10% Decrease Increase (decrease) in net earnings $ (2,507) $ 2,507 Increase (decrease) in other comprehensive income 6,044 (6,044) Increase (decrease) in total comprehensive income $ 3,537 $ (3,537) 5.6. Interest Rate Risk The Company is exposed to interest rate risk on its outstanding borrowings and short-term investments. Presently, the Company has no outstanding borrowings, and historically all borrowings have been at floating interest rates. The Company monitors its exposure to interest rates and has not entered into any derivative contracts to manage this risk. During the three and six months ended June 30, 2023 and 2022, the weighted average effective interest rate paid by the Company on its outstanding borrowings was Nil. During the three and six months ended June 30, 2023 and 2022, a fluctuation in interest rates of 100 basis points (1 percent) would not have impacted the amount of interest expensed by the Company. 5.7. Other Price Risk The Company is exposed to equity price risk as a result of holding long-term investments in common shares of various companies. The Company does not actively trade these investments. If equity prices had been 10% higher or lower at the respective balance sheet date, other comprehensive income for the three and six months ended June 30, 2023 and 2022 would have increased/decreased by approximately $26 million and $6 million respectively, as a result of changes in the fair value of common shares held. 5.8. Fair Value Estimation The Company classifies its fair value measurements within a fair value hierarchy, which reflects the significance of the inputs used in making the measurements as defined in IFRS 13 – Fair Value Measurements (“IFRS 13”). Level 1 - Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets. Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 - Unobservable inputs which are supported by little or no market activity. The following table sets forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy. As required by IFRS 13, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. June 30, 2023 (in thousands) Note Total Level 1 Level 2 Level 3 Cash and cash equivalents 2 2 $ 828,837 $ 828,837 $ - $ - Trade receivables from provisional concentrate sales, net of fair value adjustment 11 1,105 - 1,105 - Long-term investments - common shares held 1 5 255,076 255,076 - - Long-term investments - warrants held 1 5 458 - 458 - $ 1,085,476 $ 1,083,913 $ 1,563 $ - December 31, 2022 (in thousands) Note Total Level 1 Level 2 Level 3 Cash and cash equivalents 2 2 $ 696,089 $ 696,089 $ - $ - Trade receivables from provisional concentrate sales, net of fair value adjustment 11 2,516 - 2,516 - Long-term investments - common shares held 1 5 255,535 255,535 - - Long-term investments - warrants held 1 5 560 - 560 - $ 954,700 $ 951,624 $ 3,076 $ - The Refundable Deposit on the 777 PMPA is carried at amortized cost. Trade accounts receivables, other accounts receivables and accounts payables and accrued liabilities are non-interest When balances are outstanding, the Company’s bank debt (Note 1 7 5.8.1. Valuation Techniques for Level 1 Assets Cash and Cash Equivalents The Company’s cash and cash equivalents are valued using quoted market prices in active markets and, as such, are classified within Level 1 of the fair value hierarchy. Long-Term Investments in Common Shares Held The Company’s long-term investments in common shares held are valued using quoted market prices in active markets and, as such, are classified within Level 1 of the fair value hierarchy. The fair value of the long-term investments in common shares held is calculated as the quoted market price of the common share multiplied by the quantity of shares held by the Company. 5.8.2. Valuation Techniques for Level 2 Assets Accounts Receivable Arising from Sales of Metal Concentrates The Company’s trade receivables and accrued liabilities from provisional concentrate sales are valued based on forward prices of gold and silver to the expected date of final settlement (Note 6). As such, these receivables and/or liabilities are classified within Level 2 of the fair value hierarchy. Long-Term Investments in Warrants Held The fair value of the Company’s long-term investments in warrants held that are not traded in an active market are determined using a Black-Scholes model based on assumptions including risk free interest rate, expected dividend yield, expected volatility and expected warrant life which are supported by observable current market conditions and as such are classified within Level 2 of the fair value hierarchy. The use of reasonably possible alternative assumptions would not significantly affect the Company’s results. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Revenue | 6. Revenue Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2023 2022 2023 2022 Sales Gold credit sales $ 149,511 56 % $ 157,842 52 % $ 268,708 56 % $ 303,517 50 % Silver Silver credit sales $ 90,826 35 % $ 110,383 36 % $ 156,005 32 % $ 223,913 37 % Concentrate sales 16,255 6 % 19,845 7 % 36,753 8 % 40,647 6 % Total silver sales $ 107,081 41 % $ 130,228 43 % $ 192,758 40 % $ 264,560 43 % Palladium credit sales $ 4,879 2 % $ 7,203 2 % $ 9,614 2 % $ 16,736 3 % Cobalt sales $ 3,501 1 % $ 7,649 3 % $ 8,357 2 % $ 25,353 4 % Total sales revenue $ 264,972 100 % $ 302,922 100 % $ 479,437 100 % $ 610,166 100 % Gold, Silver and Palladium Credit Sales Under certain PMPAs, precious metal is acquired from the mine operator in the form of precious metal credits, which is then sold through bullion banks. Revenue from precious metal credit sales is recognized at the time of the sale of such credits, which is also the date that control of the precious metal is transferred to the customer. The Company will occasionally enter into forward contracts in relation to precious metal deliveries that it is highly confident will occur within a given quarter. The sales price is fixed at the delivery date based on either the terms of these short-term forward sales contracts or the spot price of precious metal. Concentrate Sales Under certain PMPAs, gold and/or silver is acquired from the mine operator in concentrate form, which is then sold under the terms of the concentrate sales contracts to third-party smelters or traders. Where the Company acquires precious metal in concentrate form, final precious metal prices are set on a specified future quotational period (the “Quotational Period”) pursuant to the concentrate sales contracts with third-party smelters, typically one to three months after the shipment date, based on market prices for precious metal. The contracts, in general, provide for a provisional payment based upon provisional assays and quoted gold and silver prices. Final settlement is based upon the average applicable price for the Quotational Period applied to the actual number of precious metal ounces recovered calculated using confirmed smelter weights and settlement assays. Revenues and the associated cost of sales are recorded on a gross basis under these contracts at the time title passes to the customer, which is also the date that control of the precious metal is transferred to the customer. The Company has concluded that the adjustments relating to the final assay results for the quantity of concentrate sold are not significant and do not constrain the recognition of revenue. Cobalt Sales Cobalt is sold to a third-party sales agent who generally on-sells e |
General and Administrative
General and Administrative | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
General and Administrative | 7. General and Administrative Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2023 2022 2023 2022 Corporate Salaries and benefits $ 3,593 $ 3,912 $ 7,454 $ 8,149 Depreciation 268 288 556 575 Professional fees 909 329 1,423 822 Business travel 311 363 652 465 Director fees 248 279 581 601 Employer health tax 139 391 713 708 Audit and regulatory 1,337 887 2,169 1,716 Insurance 519 529 1,057 1,035 Other 952 888 2,016 1,783 General and administrative - corporate $ 8,276 $ 7,866 $ 16,621 $ 15,854 Subsidiaries Salaries and benefits $ 1,156 $ 1,149 $ 2,317 $ 2,257 Depreciation 115 110 218 216 Professional fees 189 165 260 258 Business travel 94 64 147 68 Director fees 52 50 103 100 Insurance 11 10 27 24 Other 323 271 622 312 General and administrative - subsidiaries $ 1,940 $ 1,819 $ 3,694 $ 3,235 Consolidated general and administrative $ 10,216 $ 9,685 $ 20,315 $ 19,089 |
Share Based Compensation
Share Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
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Share Based Compensation | 8. Share Based Compensation Three Months Ended June 30 Six Months Ended June 30 (in thousands) Note 2023 2022 2023 2022 Equity settled share based compensation 1 Stock options 1 9 $ 724 $ 611 $ 1,355 $ 1,145 RSUs 1 9 1,135 886 2,047 1,694 Cash settled share based compensation PSUs 2 0 $ 2,625 $ 111 $ 8,479 $ 8,670 Total share based compensation $ 4,484 $ 1,608 $ 11,881 $ 11,509 1) Equity settled stock based compensation is a non-cash |
Donations and Community Investm
Donations and Community Investments | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of Donations and Community Investments [Abstract] | |
Donations and Community Investments | 9. Donations and Community Investments Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2023 2022 2023 2022 Local donations and community investments 1 $ 407 $ 352 $ 942 $ 907 Partner donations and community investments 2 1,533 708 2,376 901 COVID-19 3 - 100 - 165 Total donations and community investments $ 1,940 $ 1,160 $ 3,318 $ 1,973 1) The Local Community Investment Program supports organizations in Vancouver and the Cayman Islands, where Wheaton’s offices are located. 2) The Partner Community Investment Program supports the communities influenced by Mining Partners’ operations. 3) Committed funding under this program has been fully disbursed. |
Other (Income) Expense
Other (Income) Expense | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Other (Income) Expense | 10. Other (Income) Expense Three Months Ended June 30 Six Months Ended June 30 (in thousands) Note 2023 2022 2023 2022 Interest income $ (8,181) $ (441) $ (15,111) $ (523) Dividend income (700) (108) (917) (220) Foreign exchange loss (gain) 202 (433) (71) (19) Net (gain) loss arising on financial assets mandatorily measured at FVTPL ¹ (Gain) loss on fair value adjustment of share purchase warrants held 280 154 105 897 Other (293) 8 (260) (785) Total other (income) expense $ (8,692) $ (820) $ (16,254) $ (650) 1) FVTPL refers to Fair Value Through Profit or Loss |
Accounts Receivable
Accounts Receivable | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Accounts Receivable | 11. Accounts Receivable (in thousands) Note June 30 2023 December 31 2022 Trade receivables from provisional concentrate sales, net of fair value adjustment 6 $ 1,105 $ 2,516 Trade receivables from sales of cobalt 6 4,945 6,642 Other accounts receivable 921 1,029 Total accounts receivable $ 6,971 $ 10,187 The trade receivables from sales of cobalt generally have extended payment terms with outstanding amounts being supported by a $7.5 million letter of credit. |
Cobalt Inventory
Cobalt Inventory | 6 Months Ended |
Jun. 30, 2023 | |
Cobalt Inventory [Abstract] | |
Cobalt Inventory | 12. Cobalt Inventory The Company carries its cobalt inventory, which is recorded using weighted average costing, at the lower of cost or net realizable value. A summary of the inventory on hand at June 30, 2023 and December 31, 2022 is as follows: (in thousands) June 30 2023 December 31 2022 Cobalt Inventory, carried at: Cost $ 4,202 $ - Net realizable value 753 10,530 Total cobalt inventory $ 4,955 $ 10,530 At June 30, 2023, the Company recorded an inventory write down reversal of $1.5 million (December 31, 2022 – inventory write down of $2 million). |
Mineral Stream Interests
Mineral Stream Interests | 6 Months Ended |
Jun. 30, 2023 | |
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Mineral Stream Interests | 13. Mineral Stream Interests Six Months Ended June 30, 2023 Cost Accumulated Depletion & Impairment 1 (in thousands) Balance Jan 1, 2023 Additions Disposal Balance Jun 30, 2023 Balance Jan 1, 2023 Depletion Balance Jun 30, 2023 Carrying Amount Jun 30, 2023 Gold interests Salobo $ 3,059,876 $ - $ - $ 3,059,876 $ (676,614) $ (27,093) $ (703,707) $ 2,356,169 Sudbury 2 623,864 - - 623,864 (340,448) (9,368) (349,816) 274,048 Constancia 140,058 - - 140,058 (44,475) (5,114) (49,589) 90,469 San Dimas 220,429 - - 220,429 (64,564) (5,711) (70,275) 150,154 Stillwater 3 239,352 - - 239,352 (23,500) (2,189) (25,689) 213,663 Other 4 545,391 84,925 (41,373) 588,943 (51,248) (498) (51,746) 537,197 $ 4,828,970 $ 84,925 $ (41,373) $ 4,872,522 $ (1,200,849) $ (49,973) $ (1,250,822) $ 3,621,700 Silver interests Peñasquito $ 524,626 $ - $ - 524,626 $ (230,952) $ (13,802) $ (244,754) $ 279,872 Antamina 900,343 - - 900,343 (354,975) (12,540) (367,515) 532,828 Constancia 302,948 - - 302,948 (110,001) (6,495) (116,496) 186,452 Other 5 1,018,199 35,288 - 1,053,487 (565,103) (5,812) (570,915) 482,572 $ 2,746,116 $ 35,288 $ - $ 2,781,404 $ (1,261,031) $ (38,649) $ (1,299,680) $ 1,481,724 Palladium interests Stillwater 3 $ 263,721 $ - $ - $ 263,721 $ (36,909) $ (2,713) $ (39,622) $ 224,099 Platinum interests Marathon $ 9,428 $ 20 $ - $ 9,448 $ - $ - $ - $ 9,448 Cobalt interests Voisey’s Bay 6 $ 393,422 $ - $ - $ 393,422 $ (35,849) $ (3,378) $ (39,227) $ 354,195 $ 8,241,657 $ 120,233 $ (41,373) $ 8,320,517 $ (2,534,638) $ (94,713) $ (2,629,351) $ 5,691,166 1) Includes cumulative impairment charges to June 30, 2023 as follows: Pascua-Lama silver interest - $338 million; and Sudbury gold interest - $120 million. 2) Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests. 3) Comprised of the Stillwater and East Boulder gold and palladium interests. 4) Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, Curipamba and Cangrejos gold interests. 5) Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater and Curipamba silver interests. 6) When cobalt is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the cobalt is recorded as a cost of sale. Depletion in this table for the Voisey’s Bay cobalt interest is inclusive of depletion relating to inventory. Year Ended December 31, 2022 Cost Accumulated Depletion & Impairment 1 Carrying 2022 (in thousands) Balance Additions (Reductions) Disposal Balance 2022 Balance Depletion Disposal Impairment Balance 2022 Gold interests Salobo $ 3,059,876 $ - $ - $ 3,059,876 $ (621,937) $ (54,677) $ - $ - $ (676,614) $ 2,383,262 Sudbury 2 623,864 - - 623,864 (316,695) (23,753) - - (340,448) 283,416 Constancia 140,058 - - 140,058 (36,269) (8,206) - - (44,475) 95,583 San Dimas 220,429 - - 220,429 (53,706) (10,858) - - (64,564) 155,865 Stillwater 3 239,352 - - 239,352 (19,567) (3,933) - - (23,500) 215,852 Other 4 761,334 138,515 (354,458) 545,391 (396,542) (1,252) 348,265 (1,719) (51,248) 494,143 $ 5,044,913 $ 138,515 $ (354,458) $ 4,828,970 $ (1,444,716) $ (102,679) $ 348,265 $ (1,719) $ (1,200,849) $ 3,628,121 Silver interests Peñasquito $ 524,626 $ - $ - $ 524,626 $ (202,608) $ (28,344) $ - $ - $ (230,952) $ 293,674 Antamina 900,343 - - 900,343 (320,291) (34,684) - - (354,975) 545,368 Constancia 302,948 - - 302,948 (97,064) (12,937) - - (110,001) 192,947 Other 5 1,438,974 4,519 (425,294) 1,018,199 (845,779) (36,640) 306,986 10,330 (565,103) 453,096 $ 3,166,891 $ 4,519 $ (425,294) $ 2,746,116 $ (1,465,742) $ (112,605) $ 306,986 $ 10,330 $ (1,261,031) $ 1,485,085 Palladium interests Stillwater 3 $ 263,721 $ - $ - $ 263,721 $ (30,891) $ (6,018) $ - $ - $ (36,909) $ 226,812 Platinum interests Marathon $ - $ 9,428 $ - $ 9,428 $ - $ - $ - $ - $ - $ 9,428 Cobalt interests Voisey’s Bay 6 $ 393,422 $ - $ - $ 393,422 $ (21,801) $ (14,048) $ - $ - $ (35,849) $ 357,573 $ 8,868,947 $ 152,462 $ (779,752) $ 8,241,657 $ (2,963,150) $ (235,350) $ 655,251 $ 8,611 $ (2,534,638) $ 5,707,019 1) Includes cumulative impairment charges to December 31, 2022 as follows: Pascua-Lama silver interest - $338 million; and Sudbury gold interest - $120 million. 2) Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests. 3) Comprised of the Stillwater and East Boulder gold and palladium interests. 4) Comprised of the Minto, Copper World Complex, 777, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose and Curipamba gold interests.As the 777 mine has been permanently closed, the 777 PMPA has been reflected as a disposition, with the carrying value transferred to a long-term receivable. 5) Comprised of the Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Keno Hill, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, 777, Marmato, Cozamin, Blackwater and Curipamba silver interests. The Keno Hill PMPA and the Yauliyacu PMPA were terminated on September 7, 2022 and December 14, 2022, respectively. As the 777 mine has been permanently closed, the 777 PMPA has been reflected as a disposition, with the carrying value transferred to a long-term receivable. 6) When cobalt is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the cobalt is recorded as a cost of sale. Depletion in this table for the Voisey’s Bay cobalt interest is inclusive of depletion relating to inventory. The value allocated to reserves is classified as depletable upon a mining operation achieving first production and is depleted on a unit-of-production non-depletable June 30, 2023 December 31, 2022 (in thousands) Depletable Non- Depletable Total Depletable Non- Depletable Total Gold interests Salobo $ 1,978,470 $ 377,699 $ 2,356,169 $ 1,990,789 $ 392,473 $ 2,383,262 Sudbury 1 249,685 24,363 274,048 239,002 44,414 283,416 Constancia 84,962 5,507 90,469 89,097 6,486 95,583 San Dimas 45,748 104,406 150,154 51,459 104,406 155,865 Stillwater 2 188,862 24,801 213,663 191,051 24,801 215,852 Other 3 18,749 518,448 537,197 19,248 474,895 494,143 $ 2,566,476 $ 1,055,224 $ 3,621,700 $ 2,580,646 $ 1,047,475 $ 3,628,121 Silver interests Peñasquito $ 206,167 $ 73,705 $ 279,872 $ 219,969 $ 73,705 $ 293,674 Antamina 185,811 347,017 532,828 198,294 347,074 545,368 Constancia 176,397 10,055 186,452 182,171 10,776 192,947 Other 4 136,996 345,576 482,572 139,424 313,672 453,096 $ 705,371 $ 776,353 $ 1,481,724 $ 739,858 $ 745,227 $ 1,485,085 Palladium interests Stillwater 2 $ 215,391 $ 8,708 $ 224,099 $ 218,104 $ 8,708 $ 226,812 Platinum interests Marathon $ - $ 9,448 $ 9,448 $ - $ 9,428 $ 9,428 Cobalt interests Voisey’s Bay $ 324,833 $ 29,362 $ 354,195 $ 316,749 $ 40,824 $ 357,573 $ 3,812,071 $ 1,879,095 $ 5,691,166 $ 3,855,357 $ 1,851,662 $ 5,707,019 1) Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests. 2) Comprised of the Stillwater and East Boulder gold and palladium interests. 3) Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, Curipamba and Cangrejos gold interests. 4) Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater and Curipamba silver interests. Acquisition of Curipamba PMPA On January 17, 2022, the Company entered into a PMPA (the “Curipamba PMPA”) with Adventus Mining Corporation (“Adventus”) in respect of gold and silver production from the Curipamba Project located in Ecuador (the “Curipamba Project”). Under the Curipamba PMPA, Wheaton will purchase an amount of gold equal to 50% of the payable gold production until 145,000 ounces have been delivered, thereafter dropping to 33% of payable gold production for the life of the mine and an amount of silver equal to 75% of the payable silver production until 4.6 million ounces have been delivered, thereafter dropping to 50% for the life of mine. Under the terms of the Curipamba PMPA, the Company is committed to pay Adventus total upfront cash consideration of $175.5 million, $13 million of which is available pre-construction Acquisition of Marathon PMPA On January 26, 2022, the Company entered into a PMPA (the “Marathon PMPA”) with Generation Mining Limited (“Gen Mining”) in respect of gold and platinum production from the Marathon Project located in Ontario, Canada (the “Marathon Project”). Under the Marathon PMPA, Wheaton will purchase an amount of gold equal to 100% of the payable gold production until 150,000 ounces have been delivered, thereafter dropping to 67% of payable gold production for the life of the mine and an amount of platinum production equal to 22% of the payable platinum production until 120,000 ounces have been delivered, thereafter dropping to 15% for the life of mine. Under the terms of the Marathon PMPA, the Company is committed to pay Gen Mining total upfront cash consideration of $178 million (Cdn$240 million), $16 million (Cdn$20 million) of which was paid on March 31, 2022 and $15 million (Cdn$20 million) was paid on September 7, 2022. The remainder is to be paid in four staged installments during construction, subject to various customary conditions being satisfied and pre-determined Acquisition of Goose PMPA On February 8, 2022, the Company entered into a PMPA (the “Goose PMPA”) with Sabina Gold & Silver Corp. (“Sabina”) in respect of gold production from the Goose Project, part of Sabina’s Back River Gold District located in Nunavut, Canada (the “Goose Project”). Under the Goose PMPA, Wheaton was to purchase an amount of gold equal to 4.15% of the payable gold production until 130,000 ounces have been delivered, dropping to 2.15% until 200,000 ounces have been delivered, and thereafter dropping to 1.5% of the payable gold production for the life of mine. Under the terms of the Goose PMPA, the Company is committed to pay Sabina an upfront payment of $125 million in four equal installments during construction of the Goose Project, subject to customary conditions. The initial payment of $31.25 million was paid on September 28, 2022, the second installment of $31.25 million was paid on December 6, 2022, the third installment of $31.25 million was paid on February 3, 2023 and the final installment of $31.25 million was paid on April 4, 2023. On April 12, 2023, Sabina announced that shareholders approved the proposed acquisition by B2Gold Corp. (“B2Gold”) of all the issued and outstanding common shares of Sabina. The transaction closed April 19, 2023. Subsequent to closing, B2Gold exercised the option to acquire 33% of the stream under the Goose PMPA in exchange for a cash payment in the amount of $ 46 million (in thousands) Proceeds received on 33% buyback of Goose $ 46,400 Less: 33% carrying value (41,373) Gain on partial disposal of the Goose PMPA $ 5,027 In connection with the exercise of the option, the Company’s attributable gold production has been modified such that the Company will purchase an amount of gold equal to 2.78% of the payable gold production until the Company has received 87,100 ounces of gold under the Goose PMPA, dropping to 1.44%, until 134,000 ounces have been delivered, and thereafter dropping to 1.0%. In addition, Wheaton will make ongoing production payments for the gold ounces delivered equal to 18% of the spot gold price until the value of gold delivered, net of the production payment, is equal to the revised upfront consideration of $83.75 million, at which point the production payment will increase to 22% of the spot gold price. Amendment to the Marmato PMPA On March 21, 2022, the Company amended its PMPA with Aris Mining Corporation (“Aris Mining”) in respect of the Marmato PMPA. Under the terms of the amended agreement, Wheaton will purchase 10.5% of the gold production and 100% of the silver production from the Marmato Upper and Lower mines until 310,000 ounces of gold and 2.15 million ounces of silver have been delivered, after which the stream drops to 5.25% of the gold production and 50% of the silver production for the life of mine. Under the terms of the amended Marmato PMPA, the Company is committed to pay Aris Mining total upfront cash payments of $175 million. Of this amount, $53 million has been paid and the remaining amount is payable during the construction of the Marmato Lower Mine, subject to customary conditions. Acquisition of Cangrejos PMPA On May 16, 2023, the Company entered into a PMPA (the “Cangrejos PMPA”) with Lumina Gold Corp. (“Lumina”) in respect of its 100% owned Cangrejos gold-copper project located in El Oro Province, Ecuador. Under the terms of the agreement, Wheaton will purchase 6.6% of the payable gold production until 700,000 ounces of gold have been delivered, at which point the stream will pre-construction, ing ing rights. In addition, Wheaton will make ongoing production payments for the gold ounces delivered equal to 18% of the spot gold price until the value of gold delivered, net of the production payment, is equal to the upfront consideration of $300 million, at which point the production payment will increase to 22% of the spot gold price. Amendment to the Blackwater Gold PMPA On December 13, 2021, the Company acquired the existing gold stream in respect of gold production from the Blackwater Project (the “Blackwater Gold PMPA”). On June 14, 2023, the Company amended the Blackwater Gold PMPA. Under the terms of the amended agreement, the Company is entitled to purchase an amount of gold equal to 8% of the payable gold production until 464,000 ounces have been delivered (previously 279,908 ounces), with this threshold to increase should there be a delay in the anticipated timing of deliveries. Once the threshold has been achieved, the Company’s attributable gold production will drop to 4% of payable gold production for the life of the mine. In exchange for the amendment, the Company is committed to pay upfront cash consideration of $40 million, payable in four installments, with the first payment of $10 million having been paid on June 15, 2023. |
Early Deposit Mineral Stream In
Early Deposit Mineral Stream Interests | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Early Deposit Mineral Stream Interests | 14. Early Deposit Mineral Stream Interests Early deposit mineral stream interests represent agreements relative to early stage development projects whereby Wheaton can choose not to proceed with the agreement once certain documentation has been received including, but not limited to, feasibility studies, environmental studies and impact assessment studies (please see Note 2 6 The following table summarizes the early deposit mineral stream interests currently owned by the Company: Attributable Production to be Purchased Early Deposit Mineral Stream Interests Mine Owner Location of Upfront Paid to Date 1 Upfront 1, 2 Total Gold Silver Term of Toroparu Aris Mining Guyana $ 15,500 $ 138,000 $ 153,500 10% 50% Life of Mine Cotabambas Panoro Peru 13,750 126,250 140,000 25% 100% ³ Life of Mine Kutcho Kutcho Canada 16,852 58,000 74,852 100% 100% Life of Mine $ 46,102 $ 322,250 $ 368,352 1) Expressed in thousands of United States dollars; excludes closing costs and capitalized interest, where applicable. 2) Please refer to Note 26 for details of when the remaining upfront consideration to be paid becomes due. 3) Once 90 million silver equivalent ounces attributable to Wheaton have been produced, the attributable production will decrease to 16.67% of gold production and 66.67% of silver production for the life of mine. |
Long-Term Equity Investments
Long-Term Equity Investments | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Long-Term Equity Investments | 1 5 Long-Term Equity Investments (in thousands) June 30 2023 December 31 2022 Common shares held $ 255,076 $ 255,535 Warrants held 458 560 Total long-term equity investments $ 255,534 $ 256,095 Common Shar e Three Months Ended June 30, 2023 (in thousands) Shares Owned (000’s) % of Outstanding Shares Owned Fair Value at Mar 31, 2023 Cost of Additions Proceeds of Disposition 1 Fair Value Adjustment Gains (Losses) 2 Fair Value at Jun 30, 2023 Realized Gain on Disposal Bear Creek 13,264 8.58% $ 6,763 $ - $ - $ (1,253) $ 5,510 $ - Sabina - 0.00% 47,104 - (48,832) 1,728 - 872 Kutcho 18,640 13.27% 3,994 - - (1,390) 2,604 - Hecla 34,980 5.71% 221,628 - (202) (41,277) 180,149 73 B2Gold 12,025 0.93% - 48,832 - (5,965) 42,867 - Other 28,841 31 - (4,926) 23,946 - Total $ 308,330 $ 48,863 $ (49,034 ) $ (53,083 ) $ 255,076 $ 945 1) The disposal of the Sabina shares was as a result of the acquisition of Sabina by B2Gold, while the partial disposition of the Hecla shares was made in order to capitalize on Hecla’s share price appreciation. 2) Fair Value Gains (Losses) are reflected as a component of Other Compr e Three Months Ended June 30, 2022 (in thousands) Shares Owned (000’s) % of Outstanding Shares Owned Fair Value at Mar 31, 2022 Cost of Additions Proceeds of Disposition Fair Value Adjustment Gains (Losses) 1 Fair Value at Jun 30, 2022 Realized Gain on Disposal Bear Creek 13,264 8.70% $ 11,358 $ - $ - $ (3,123) $ 8,235 $ - Sabina 31,095 5.67% 34,476 2,633 - (11,530) 25,579 - Kutcho 18,640 14.97% 8,502 - - (4,162) 4,340 - Other 37,008 - - (15,059) 21,949 - Total $ 91,344 $ 2,633 $ - $ (33,874 ) $ 60,103 $ - 1) Fair Value Gains (Losses) are reflected as a component of OCI. WHEATON PRECIOUS METALS 2023 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [22] Six Months Ended June 30, 2023 (in thousands) Shares Owned (000’s) % of Outstanding Shares Owned Fair Value at Dec 31, 2022 Cost of Additions Proceeds of Disposition 1 Fair Value Adjustment Gains (Losses) 2 Fair Value at Jun 30, 2023 Realized Gain (Loss) on Disposal Bear Creek 13,264 8.58% $ 7,443 $ - $ - $ (1,933) $ 5,510 $ - Sabina - 0.00% 30,535 - (48,832) 18,297 - 872 Kutcho 18,640 13.27% 3,097 - - (493) 2,604 - Hecla 34,980 5.71% 194,668 - (202) (14,317) 180,149 73 B2Gold 12,025 0.93% - 48,832 - (5,965) 42,867 - Other 19,792 8,199 (27) (4,018) 23,946 (990) Total $ 255,535 $ 57,031 $ (49,061 ) $ (8,429 ) $ 255,076 $ (45) 1) The disposal of the Sabina shares was as a result of the acquisition of Sabina by B2Gold, while the partial disposition of the Hecla shares was made in order to capitalize on Hecla’s share price appreciation. 2) Fair Value Gains (Losses) are reflected as a component of OCI. Six Months Ended June 30, 2022 (in thousands) Shares Owned (000’s) % of Outstanding Shares Owned Fair Value at Dec 31, 2021 Cost of Additions Proceeds of Disposition Fair Value Adjustment Gains (Losses) 1 Fair Value at Jun 30, 2022 Realized Gain on Disposal Bear Creek 13,264 8.70% $ 12,764 $ - $ - $ (4,529) $ 8,235 $ - Sabina 31,095 5.67% 13,381 19,833 - (7,635) 25,579 - Kutcho 18,640 14.97% - 11,721 - (7,381) 4,340 - Other 33,796 2,392 - (14,239) 21,949 - Total $ 59,941 $ 33,946 $ - $ (33,784) $ 60,103 $ - 1) Fair Value Gains (Losses) are reflected as a component of OCI. The Company’s long-term inv e By holding these long-term investments, the Company is inherently exposed to various risk factors including currency risk, market price risk and liquidity risk. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Property, Plant and Equipment | 1 6 Property, Plant and Equipment June 30, 2023 (in thousands) Leasehold Improvements Right of Use Assets - Property Other Total Cost Balance - January 1, 2023 $ 4,004 $ 4,793 $ 4,917 $ 13,714 Additions - 4,838 184 5,022 Disposals - - (4 ) (4) Balance - June 30, 2023 $ 4,004 $ 9,631 $ 5,097 $ 18,732 Accumulated Depreciation Balance - January 1, 2023 $ (3,168 ) $ (2,965 ) $ (3,371 ) $ (9,504) Disposals - - 4 4 Depreciation (136 ) (394 ) (244 ) (774) Balance - June 30, 2023 $ (3,304 ) $ (3,359 ) $ (3,611 ) $ (10,274) Net book value - June 30, 2023 $ 700 $ 6,272 $ 1,486 $ 8,458 December 31, 2022 (in thousands) Leasehold Improvements Right of Use Assets - Property Other Total Cost Balance - January 1, 2022 $ 4,382 $ 4,793 $ 4,856 $ 14,031 Additions - - 289 289 Disposals (378 ) - (228 ) (606) Balance - December 31, 2022 $ 4,004 $ 4,793 $ 4,917 $ 13,714 Accumulated Depreciation Balance - January 1, 2022 $ (3,226 ) $ (2,196 ) $ (3,100 ) $ (8,522) Disposals 378 - 228 606 Depreciation (320 ) (769 ) (499 ) (1,588) Balance - December 31, 2022 $ (3,168 ) $ (2,965 ) $ (3,371 ) $ (9,504) Net book value - December 31, 2022 $ 836 $ 1,828 $ 1,546 $ 4,210 |
Credit Facilities
Credit Facilities | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Credit Facilities | 1 7 Credit Facilities 1 7 Sustainability-Linked Revolving Credit Facility On June 22, 2023, the term of the Company’s undrawn $2 billion revolving term loan (“Revolving Facility”) was extended by an additional year, with the facility now maturing on June 22, 2028. The Company’s Revolving Facility has financial covenants which require the Company to maintain: (i) a net debt to tangible net worth ratio of less than or equal to 0.75:1; and (ii) an interest coverage ratio of greater than or equal to 3.00:1. Only cash interest expenses are included for the purposes of calculating the interest coverage ratio. The Company is in compliance with these debt covenants as at June 30, 2023. At the Company’s option, amounts drawn under the Revolving Facility incur interest based on the Company’s leverage ratio at either (i) the Secured Overnight Financing Rate (“SOFR”) plus 1.10% to 2.15%; or (ii) the Bank of Nova Scotia’s Base Rate plus 0.00% to 1.05%. Under both options, the interest rate shall not be less than 0%. In connection with the extension, the interest rate paid on drawn amounts will be adjusted by up to +/- 0.05% based upon the Company’s performance in three sustainability-related areas including climate change, diversity and overall performance in sustainability. During the three and six months ended June 30, 2023 and June 30, 2022, the stand-by The Revolving Facility, which is classified as a financial liability and reported at amortized cost using the effective interest method, can be drawn down at any time to finance acquisitions, investments or for general corporate purposes. In connection with the Revolving Facility, there is $6 million unamortized debt issue costs which have been recorded as a long-term asset under the classification Other (see Note 2 5 1 7 Lease Liabilities The lease liability on the Company’s offices located in Vancouver, Canada and the Cayman Islands is as follows: (in thousands) June 30 2023 December 31 2022 Current portion $ 609 $ 818 Long-term portion 5,925 1,152 Total lease liabilities $ 6,534 $ 1,970 The maturity analysis, on an undiscounted basis, of these leases is as follows: (in thousands) June 30 2023 Not later than 1 year $ 887 Later than 1 year and not later than 5 years 2,727 Later than 5 years 5,012 Total lease liabilities $ 8,626 1 7 Finance Costs A summary of the Company’s finance costs associated with the above facilities during the period is as follows: Three Months Ended June 30 Six Months Ended June 30 (in thousands) Note 2023 2022 2023 2022 Costs related to undrawn credit facilities 1 7 $ 1,272 $ 1,297 $ 2,589 $ 2,639 Interest expense - lease liabilities 1 7 36 24 53 50 Letters of guarantee 5.3 44 68 89 122 Total finance costs $ 1,352 $ 1,389 $ 2,731 $ 2,811 |
Issued Capital
Issued Capital | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Issued Capital | 1 8 Issued Capital (in thousands) Note June 30 2023 December 31 Issued capital Share capital issued and outstanding: 452,969,332 common shares (December 31, 2022: 452,318,526 common shares) 1 8 $ 3,773,227 $ 3,752,662 1 8 Shares Issued The Company is authorized to issue an unlimited number of common shares having no par value and an unlimited number of preference shares issuable in series. As at June 30, 2023, the Company had no preference shares outstanding. A continuity sch e Number of Shares Weighted Average Price At January 1, 2022 450,863,952 Share purchase options exercised 1 329,480 Cdn$ 28.84 Restricted share units released 1 87,838 Cdn$0.00 At March 31, 2022 451,281,270 Share purchase options exercised 1 434 Cdn$50.36 Dividend reinvestment plan 2 410,488 US$44.53 At June 30, 2022 451,692,192 Share purchase options exercised 1 163,215 Cdn$28.55 Dividend reinvestment plan 2 463,119 US$33.62 At December 31, 2022 452,318,526 Share purchase options exercised 1 397,636 Cdn$31.17 Restricted share units released 1 59,672 Cdn$0.00 At March 31, 2023 452,775,834 Share purchase options exercised 1 32,611 Cdn$35.78 Restricted share units released 1 60,155 Cdn$0.00 Dividend reinvestment plan 2 100,732 US$47.23 At June 30, 2023 452,969,332 1) The weighted average price of share purchase options exercised and restricted share units released represents the respective exercise price. 2) The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. The weighted average price for common shares issued under the DRIP represents the volume weighted average price of the common shares on the five trading days preceding the dividend payment date, less a discount of 1% where applicable. At the Market Equity Program The Company has established an at-the-market Wheaton intends that the net proceeds from the ATM Program, if any, will be available as one potential source of funding for stream acquisitions and/or other general corporate purposes including the repayment of indebtedness. As at June 30, 2023, the Company has not issued any shares under the ATM program. 1 8 Dividends Declared Three Months Ended Six (in thousands, except per share amounts) 2023 2022 2023 2022 Dividends declared per share $ 0.15 $ 0.15 $ 0.30 $ 0.30 Average number of shares eligible for dividend 452,919 451,387 452,827 451,320 Total dividends paid $ 67,938 $ 67,708 $ 135,849 $ 135,396 Paid as follows: Cash $ 65,857 97 % $ 58,613 87 % $ 131,091 96 % $ 117,117 86 % DRIP 1 2,081 3 % 9,095 13 % 4,758 4 % 18,279 14 % Total dividends paid $ 67,938 100 % $ 67,708 100 % $ 135,849 100 % $ 135,396 100 % Shares issued under the DRIP 46 218 101 410 1) The Company has implemented a DRIP whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. 2) As at June 30, 2023, cumulative dividends of $1,930 million have been declared and paid by the Company. |
Reserves
Reserves | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Reserves | 1 9 Reserves (in thousands) Note June 30 December 31 Reserves Share purchase warrants 19 $ - $ 83,077 Share purchase options 1 9 22,019 22,578 Restricted share units 19 6,222 8,142 Long-term investment revaluation reserve, net of tax 1 9 (54,430 ) (47,250) Total reserves $ (26,189 ) $ 66,547 1 9 Share Purchase Warrants The Company’s share purchase warrants (“warrants”) are presented below: Number of Weighted Exchange Share Purchase Warrants outstanding at December 31, 2022 10,000,000 $ 43.75 1.00 $ 83,077 Expired (10,000,000 ) 43.75 1.00 (83,077 ) Warrants outstanding at June 30, 2023 - $ 43.75 1.00 $ - Each warrant entitled the holder the right to purchase one of the Company’s common shares. The warrants expired unexercised on February 28, 2023. 1 9 Share Purchase Options The Company has established an equity settled share purchase option plan whereby the Company’s Board of Directors may, from time to time, grant options to employees or consultants. The maximum term of any share purchase option may be ten years, but generally options are granted with a term to expiry of five to seven y e Each share purchase option converts into one common share of Wheaton on exercise. No amounts are paid or payable by the recipient on receipt of the option. The options do not carry rights to dividends or voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry, subject to certain black-out The Company expenses the fair value of share purchase options that are expected to vest on a straight-line basis over the vesting period using the Black-Scholes option pricing model to estimate the fair value for each option at the date of grant. The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions. The model requires the use of subjective assumptions, including expected share price volatility. Historical data has been considered in s e 30-month Six Months Ended 2023 2022 Black-Scholes weighted average assumptions Grant date share price and exercise price Cdn$59.41 Cdn$60.00 Expected dividend yield 1.39% 1.32% Expected volatility 30% 35% Risk-free interest rate 3.40% 1.72% Expected option life, in years 3.0 3.0 Weighted average fair value per option granted Cdn$12.89 Cdn$13.84 Number of options issued during the period 316,580 283,440 Total fair value of options issued (000’s) $ 2,972 $ 3,069 The following table summarizes information about the options outstanding and exercisable at June 30, 2023: Exercise Price (Cdn$) Exercisable Options Non-Exercisable Options Total Options Outstanding Weighted Average Remaining Contractual Life $30.82 4,477 - 4,477 1.0 $31.88¹ 22,000 - 22,000 1.7 $32.50¹ 13,680 - 13,680 0.7 years $32.93 142,165 - 142,165 0.7 years $33.47 292,345 - 292,345 1.7 years $49.86 156,693 79,873 236,566 4.7 years $52.89¹ 39,738 20,088 59,826 4.7 years $57.29¹ - 63,190 63,190 6.7 years $59.41 - 252,630 252,630 6.7 years $60.00 73,578 148,556 222,134 5.7 years $62.18¹ 17,624 35,246 52,870 5.7 years 762,300 599,583 1,361,883 4.2 years 1) US$ share purchase options converted to Cdn$ using the exchange rate of 1.3240, being the Cdn$/US$ exchange rate at June 30, 2023. A continuity schedule of the Company’s outstanding share purchase options from January 1, 2022 to June 30, 2023 is presented below: Number of Options Outstanding Weighted Average Exercise Price At January 1, 2022 1,705,497 Cdn$34.40 Granted (fair value - $3 million or Cdn$13.84 per option) 283,440 60.00 Exercised (329,480) 28.84 At March 31, 2022 1,659,457 Cdn$38.59 Exercised (434) 50.36 Forfeited (6,154) 49.86 At June 30, 2022 1,652,869 Cdn$38.73 Exercised (163,215) 28.55 Forfeited (11,354) 55.83 At December 31, 2022 1,478,300 Cdn$41.37 Granted (fair value - $3 million or Cdn$12.89 per option) 316,580 59.41 Exercised (397,636) 31.17 Forfeited (1,300) 55.01 At March 31, 2023 1,395,944 Cdn$48.32 Exercised (32,611) 35.77 Forfeited (1,450) 59.69 At June 30, 2023 1,361,883 Cdn$48.43 As it relates to share purchase options, during the three months ended June 30, 2023, the weighted average share price at the time of exercise was Cdn$68.37 per share (six months - Cdn$ 63.57 19.3. Restricted Share Units (“RSUs”) The Company has established an RSU plan whereby RSUs will be issued to eligible employees or directors as determined by the Company’s Board of Directors or the Company’s Compensation Committee. RSUs give the holder the right to receive a specified number of common shares at the specified vesting date. RSUs generally vest over a period of two to three years. Compensation expense related to RSUs is recognized over the vesting period based upon the fair value of the Company’s common shares on the grant date and the awards that are expected to vest. The fair value is calculated with reference to the closing price of the Company’s common shares on the TSX on the business day prior to the date of grant. RSU holders receive a cash payment based on the dividends paid on the Company’s common shares in the event that the holder of a vested RSU has elected to defer the release of the RSU to a future date. This cash payment is reflected as a component of net earnings under the classification Share Based Compensation. A continuity schedule of the Company’s restricted share units outstanding from January 1, 2022 to June 30, 2023 is presented below: Number of Weighted At January 1, 2022 350,058 $ 26.69 Granted (fair value - $4 million) 89,210 46.93 Released (87,838) 28.85 At March 31, 2022 351,430 $31.28 Granted 2,570 39.39 Forfeited (1,320) 39.95 At June 30, 2022 352,680 $31.31 Forfeited (2,474) 39.95 At December 31, 2022 350,206 $31.25 Granted (fair value - $4 million) 92,880 43.27 Released (59,672) 41.64 Forfeited (290) 43.58 At March 31, 2023 383,124 $32.54 Granted 1,110 50.26 Released (60,155) 24.64 Forfeited (320) 45.11 At June 30, 2023 323,759 $34.05 1 9 Long-Term Investment Revaluation Reserve The Company’s long-term investments in common shares (Note 1 5 Where the fair value of a long-term investment in common shares held exceeds its tax cost, the Company recognizes a deferred income tax liability. To the extent that the value of the long-term investment subsequently declines, the deferred income tax liability is reduced. However, where the fair value of the long-term investment decreases below the tax cost, the Company does not recognize a deferred income tax asset on the unrealized capital loss unless it is probable that the Company will generate future capital gains that will offset the loss. A continuity schedule of the Company’s long-term investment revaluation reserve from January 1, 2022 to June 30, 2023 is presented below: (in thousands) Change in Fair Value Deferred Tax Recovery (Expense) Total At January 1, 2022 $ (65,475 $ (111 $ (65,586 Unrealized gain (loss) on LTIs 1 91 (194) (103) At March 31, 2022 $ (65,384) $ (305) $ (65,689) Unrealized gain (loss) on LTIs 1 (33,874) 349 (33,525) At June 30, 2022 $ (99,258) $ 44 $ (99,214) Unrealized gain (loss) on LTIs 1 54,835 (6,668) 48,167 Reallocate reserve to retained earnings upon disposal of LTIs 1 3,797 - 3,797 At December 31, 2022 $ (40,626) $ (6,624) $ (47,250) Unrealized gain (loss) on LTIs 1 44,654 (3,954) 40,700 Reallocate reserve to retained earnings upon disposal of LTIs 1 990 - 990 At March 31, 2023 $ 5,018 $ (10,578) $ (5,560) Unrealized gain (loss) on LTIs 1 (53,083) 6,044 (47,039) Reallocate reserve to retained earnings upon disposal of LTIs 1 1 5 (1,831) - (1,831) At June 30, 2023 $ (49,896) $ (4,534) $ (54,430) 1) LTIs refers to long-term investments in common shares held. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Stock Based Compensation | 2 0 Share Based Compensation The Company’s share based compensation consists of share purchase options (Note 19 19 20 2 0 Performance Share Units (“PSUs”) The Company has established a Performance Share Unit Plan (“the PSU plan”) whereby PSUs will be issued to eligible employees as determined by the Company’s Board of Directors or the Company’s Compensation Committee. PSUs issued under the PSU plan entitle the holder to a cash payment at the end of a three year performance period equal to the number of PSUs granted, multiplied by a performance factor and multiplied by the fair market value of a Wheaton common share on the expiry of the performance period. The performance factor can range from 0% to 200% and is determined by comparing the Company’s total shareholder return to those achieved by various peer companies, the Philadelphia Gold and Silver Index and the price of gold and silver. Compensation expense for the PSUs is recorded on a straight-line basis over the three year vesting period. The amount of compensation expense is adjusted at the end of each reporting period to reflect (i) the fair value of common shares; (ii) the number of PSUs anticipated to vest; and (iii) the anticipated performance factor. A continuity schedule of the Company’s outstanding PSUs (assuming a performance factor of 100% is achieved over the performance period) and the Company’s PSU accrual from January 1, 2022 to June 30, 2023 is presented below: (in thousands, except for number of PSUs outstanding) Number of PSUs PSU accrual liability At January 1, 2022 513,510 $ 26,305 Granted 129,140 - Accrual related to the fair value of the PSUs outstanding - 8,625 Foreign exchange adjustment - 307 Forfeited (3,970) (65) At March 31, 2022 638,680 $ 35,172 Accrual related to the fair value of the PSUs outstanding - 111 Foreign exchange adjustment - (530) Paid (184,780) (18,247) At June 30, 2022 453,900 $ 16,506 Accrual related to the fair value of the PSUs outstanding - 5,678 Foreign exchange adjustment - (648) Paid (1,950) (163) Forfeited (7,330) (134) At December 31, 2022 444,620 $ 21,239 Granted 135,690 - Accrual related to the fair value of the PSUs outstanding - 5,855 Foreign exchange adjustment - 13 Paid (191,980) (16,675) At March 31, 2023 388,330 $ 10,432 Accrual related to the fair value of the PSUs outstanding - 2,645 Foreign exchange adjustment - 185 Forfeited (1,280) (21) At June 30, 2023 387,050 $ 13,241 A summary of the PSUs outstanding at June 30, 2023 is as follows: Year Year of Number Estimated Value Per PSU at Maturity Anticipated Percent of Vesting Period Complete at PSU 2021 2024 126,590 $45.39 198% 76% $ 8,692 2022 2025 125,100 $44.80 163% 43% 3,935 2023 2026 135,360 $44.11 104% 10% 614 387,050 $ 13,241 |
Earnings per Share ("EPS") and
Earnings per Share ("EPS") and Diluted Earnings per Share ("Diluted EPS") | 6 Months Ended |
Jun. 30, 2023 | |
Profit or loss [abstract] | |
Earnings per Share ("EPS") and Diluted Earnings per Share ("Diluted EPS") | 2 1 Earnings per Share (“EPS”) and Diluted Earnings per Share (“Diluted EPS”) Diluted earnings per share is calculated using the treasury method which assumes that outstanding share purchase options and warrants, with exercise prices that are lower than the average market price of the Company’s common shares for the relevant period, are exercised and the proceeds are used to purchase shares of the Company at the average market price of the common shares for the relevant period. Diluted EPS is calculated based on the following weighted average number of shares outstanding: Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2023 2022 2023 2022 Basic weighted average number of shares outstanding 452,892 451,524 452,633 451,221 Effect of dilutive securities Share purchase options 332 484 381 551 Restricted share units 351 351 354 351 Diluted weighted average number of shares outstanding 453,575 452,359 453,368 452,123 The following table lists the number of share purchase options and share purchase warrants excluded from the computation of diluted earnings per share because the exercise prices exceeded the average market value of the common shares of Cdn$63.69 (six months - Cdn$61.40), compared to Cdn$55.28 (six months - Cdn$55.15) for the comparable period in 2022. Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2023 2022 2023 2022 Share purchase options - 283 53 283 Share purchase warrants - 10,000 - 10,000 Total - 10,283 53 10,283 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Supplemental Cash Flow Information | 2 2 Supplemental Cash Flow Information Change in Non-Cash Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2023 2022 2023 2022 Change in non-cash Accounts receivable $ 2,132 $ 12,630 $ 2,981 $ (1,972) Cobalt inventory 187 (1,392) 815 (594) Accounts payable and accrued liabilities 452 (2,140) (3,004) (4,353) Other (1,086) (1,733) (1,179) (1,634) Total change in non-cash $ 1,685 $ 7,365 $ (387) $ (8,553) Non-Cash During the six months end e Non-Cash As more fully described in Note 1 8 Cash and Cash Equivalents (in thousands) June 30 December 31 Cash and cash equivalents comprised of: Cash $ 356,426 $ 170,155 Cash equivalents 472,411 525,934 Total cash and cash equivalents $ 828,837 $ 696,089 Cash equivalents include short-term deposits, tr e |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Income Taxes | 2 3 Income Taxes A summary of the Company’s income tax exp e Income Tax Expense (Recovery) in Net Earnings Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2023 2022 2023 2022 Current income tax expense (recovery) $ 80 $ (819) $ (2,560) $ 78 Deferred income tax expense (recovery) related to: Origination and reversal of temporary differences $ 1,701 $ 2,849 $ 3,061 $ 9,123 Write down (reversal of write down) or recognition of prior period temporary differences 4,354 (1,829) (946) (8,329) Total deferred income tax expense $ 6,055 $ 1,020 $ 2,115 $ 794 Total income tax expense (recovery) recognized in net earnings $ 6,135 $ 201 $ (445) $ 872 Income Tax Expense (Recovery) in Other Comprehensive Income Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2023 2022 2023 2022 Income tax expense (recovery) related to LTIs - common shares held $ (6,044) $ (349) $ (2,090) $ (155) Income Tax Expense (Recovery) in Shareholders’ Equity 1 Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2023 2022 2023 2022 Current income tax expense (recovery) $ - $ 852 $ - $ 3 Deferred income tax expense (recovery) related to: Origination and reversal of temporary differences $ - $ (852 ) $ - $ (3 ) Write down (reversal of write down) or recognition of prior period temporary differences $ - $ 292 $ - $ (500 ) Total deferred income tax expense (recovery) $ - $ (560 ) $ - $ (503 ) Total income tax expense (recovery) recognized in equity $ - $ 292 $ - $ (500 ) 1) Income tax expense (recovery) in shareholders’ equity relates to share financing fees. Share financing fees are deducted over a five-year period for Canadian income tax purposes. For accounting purposes, share financing fees are charged directly to issued capital. Income Tax Rate Reconciliation The provision for income taxes diff e Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2023 2022 2023 2022 Earnings before income taxes $ 147,583 $ 149,275 $ 252,394 $ 307,414 Canadian federal and provincial income tax rates 27.00% 27.00% 27.00% 27.00% Income tax expense (recovery) based on above rates $ 39,847 $ 40,305 $ 68,146 $ 83,002 Non-deductible (non-taxable - - - (1,052) Non-deductible 547 627 886 1,099 Differences in tax rates in foreign jurisdictions 1 (39,044) (37,177) (68,938) (76,056) Current period unrecognized temporary differences 431 (1,725) 407 2,208 Write down (reversal of write down) or recognition of prior period temporary differences 4,354 (1,829) (946) (8,329) Total income tax expense (recovery) recognized in net earnings $ 6,135 $ 201 $ (445) $ 872 1) During the six months ended June 30, 2023, the Company’s subsidiaries generated net earnings of $257 million, as compared to $283 million during the comparable period of the prior year. The majority of the Company’s income generating activities is conducted by its 100% owned subsidiary, Wheaton Precious Metals International Ltd., which operates in the Cayman Islands and is not subject to income tax. Update on Global Minimum Tax On August 4, 2023 the Canadian Federal Government released draft legislation that, if enacted, would implement a % global minimum tax for fiscal years that begin on or after December 31, 2023. The proposed rules in the Global Minimum Tax Act would apply to the income of the Company’s non-Canadian Current Income Taxes (Payable) Receivable The movement in current income taxes payable for the six June 30 (in thousands) Current Taxes Payable Current taxes payable - December 31, 2022 $ (2,763) Current income tax recovery - income statement 2,560 Income taxes paid 4,332 Foreign exchange adjustments 88 Current taxes recoverable - June 30, 2023 $ 4,217 Deferred Income Taxes The recognized deferred income tax assets and liabilities are offset on the balance sheet and relate to Canada, except for the foreign withholding tax. The movement in deferred income tax assets and liabilities for the six months ended June 30, 2023 and the year ended December 31, 2022 is shown below: Six Months Ended June 30, 2023 Recognized deferred income tax assets and liabilities Opening Balance Recovery (Expense) Recognized In Net Earnings Recovery (Expense) Recognized In OCI Recovery (Expense) Recognized In Shareholders’ Equity Closing Balance Deferred tax assets Non-capital 1 $ - $ 472 $ - $ - $ 472 Capital loss carryforward 792 (1) 124 - 915 Other 2 4,256 (1,695) - - 2,561 Deferred tax liabilities Debt financing fees 3 (774) (21) - - (795) Unrealized gains on long-term investments (8,006) 1 1,966 - (6,039) Mineral stream interests 4 3,732 (846) - - 2,886 Foreign withholding tax (165) (25) - - (190) Total $ (165) $ (2,115) $ 2,090 $ - $ (190) 1) As at June 30, 2023, the Company had recognized the tax effect on $2 million of non-capital 2) Other includes capital assets, cobalt inventory, charitable donation carryforward, and PSU and pension liabilities. 3) Debt and share financing fees are deducted over a five-year period for Canadian income tax purposes. For accounting purposes, debt financing fees are deducted over the term of the credit facility and share financing fees are charged directly to issued capital. 4) The Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, is that the cost of the precious metal acquired under the Canadian PMPAs is equal to the market value while a deposit is outstanding (where applicable to an agreement), and the cash cost thereafter. For accounting purposes, the cost of the mineral stream interests is depleted on a unit-of-production Year Ended December 31, 2022 Recognized deferred income tax assets and liabilities Opening Recovery Recovery Recovery Closing Deferred tax assets Non-capital $ 6,967 $ (5,178) $ - $ (1,789) $ - Capital loss carryforward - 277 515 - 792 Other 1,325 2,739 192 - 4,256 Deferred tax liabilities Interest capitalized for accounting (87) 87 - - - Debt and share financing fees (737) (37) - - (774) Kutcho Convertible Note - 112 (112) - - Unrealized gains on long-term investments (170) (728) (7,108) - (8,006) Mineral stream interests (7,298) 11,030 - - 3,732 Foreign withholding tax (100) (65) - - (165) Total $ (100) $ 8,237 $ (6,513) $ (1,789) $ (165) Deferred income tax assets in Canada not recognized are shown below: (in thousands) June 30 2023 December 31 2022 Mineral stream interests $ 6,593 $ 7,369 Other 1,798 1,575 Unrealized losses on long-term investments 12,131 13,069 Total $ 20,522 $ 22,013 1) As at June 30, 2023, the Company had fully recognized the tax effect of non-capital |
Other Current Assets
Other Current Assets | 6 Months Ended |
Jun. 30, 2023 | |
Miscellaneous current assets [abstract] | |
Other Current Assets | 2 4 Other Current Assets The composition of other current assets is shown below: (in thousands) Note June 30 2023 December 31 2022 Prepaid expenses $ 3,505 $ 2,856 Other 961 431 Total other current assets $ 4,466 $ 3,287 |
Other Long-Term Assets
Other Long-Term Assets | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Other Long-Term Assets | 2 5 Other Long-Term Assets The composition of other long-t e (in thousands) Note June 30 2023 December 31 2022 Intangible assets $ 2,078 $ 2,270 Debt issue costs - Revolving Facility 1 7 6,040 5,757 Refundable deposit - 777 PMPA 8,393 8,073 Mineral royalty interest 6,606 6,606 Other 5,340 3,691 Total other long-term assets $ 28,457 $ 26,397 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Commitments and Contingencies | 2 6 Commitments and Contingencies Mineral Stream Interests The following tabl e per-ounce Attributable Payable Production to be Purchased Per Unit of Measurement Cash Payment 1 Term of Date of Mineral Stream Interests Gold Silver Palladium Cobalt Platinum Gold Silver Palladium Cobalt Platinum Peñasquito 0% 25% 0% 0% 0% n/a $ 4.43 n/a n/a n/a Life of Mine 24-Jul-07 Constancia 50% 100% 0% 0% 0% $ 416 2 $ 6.14 2 n/a n/a n/a Life of Mine 8-Aug-12 Salobo 75% 0% 0% 0% 0% $ 420 n/a n/a n/a n/a Life of Mine 28-Feb-13 Sudbury 70% 0% 0% 0% 0% $ 400 n/a n/a n/a n/a 20 years 28-Feb-13 Antamina 0% 33.75% 0% 0% 0% n/a 20% n/a n/a n/a Life of Mine 3-Nov-15 San Dimas variable 3 0% 3 0% 0% 0% $ 631 n/a n/a n/a n/a Life of Mine 10-May-18 Stillwater 100% 0% 4.5% 4 0% 0% 18% 5 n/a 18% 5 n/a n/a Life of Mine 16-Jul-18 Voisey’s Bay 0% 0% 0% 42.4% 6 0% n/a n/a n/a 18% 7 n/a Life of Mine 11-Jun-18 Marathon 100% 8 0% 0% 0% 22% 8 18% 5 n/a n/a n/a 18% 5 Life of Mine 26-Jan-22 Other Los Filos 0% 100% 0% 0% 0% n/a $ 4.60 n/a n/a n/a 25 years 15-Oct-04 Zinkgruvan 0% 100% 0% 0% 0% n/a $ 4.60 n/a n/a n/a Life of Mine 8-Dec-04 Stratoni 0% 100% 0% 0% 0% n/a $ 11.54 n/a n/a n/a Life of Mine 23-Apr-07 Neves-Corvo 0% 100% 0% 0% 0% n/a $ 4.46 n/a n/a n/a 50 years 5-Jun-07 Aljustrel 0% 100% 9 0% 0% 0% n/a 50% n/a n/a n/a 50 years 5-Jun-07 Minto 100% 10 100% 0% 0% 0% 50% 11 $ 4.39 n/a n/a n/a Life of Mine 20-Nov-08 Pascua-Lama 0% 25% 0% 0% 0% n/a $ 3.90 n/a n/a n/a Life of Mine 8-Sep-09 Copper World 100% 100% 0% 0% 0% $ 450 $ 3.90 n/a n/a n/a Life of Mine 10-Feb-10 Loma de La Plata 0% 12.5% 0% 0% 0% n/a $ 4.00 n/a n/a n/a Life of Mine n/a 12 Marmato 10.5% ¹³ 100% 13 0% 0% 0% 18% 14 18% 14 n/a n/a n/a Life of Mine 5-Nov-20 Cozamin 0% 50% 15 0% 0% 0% n/a 10% n/a n/a n/a Life of Mine 11-Dec-20 Santo Domingo 100% 16 0% 0% 0% 0% 18% 5 n/a n/a n/a n/a Life of Mine 24-Mar-21 Fenix 6% 17 0% 0% 0% 0% 18% 5 n/a n/a n/a n/a Life of Mine 15-Nov-21 Blackwater 8% 18 50% 18 0% 0% 0% 35% 18% 5 n/a n/a n/a Life of Mine 13-Dec-21 Curipamba 50% 19 75% 19 0% 0% 0% 18% 5 18% 5 n/a n/a n/a Life of Mine 17-Jan-22 Goose 2.78% 20 0% 0% 0% 0% 18% 5 n/a n/a n/a n/a Life of Mine 8-Feb-22 Cangrejos 6.6% 21 0% 0% 0% 0% 18% 5 n/a n/a n/a n/a Life of Mine 16-May-23 Early Deposit Toroparu 10% 50% 0% 0% 0% $ 400 $ 3.90 n/a n/a n/a Life of Mine 11-Nov-13 Cotabambas 25% 22 100% 22 0% 0% 0% $ 450 $ 5.90 n/a n/a n/a Life of Mine 21-Mar-16 Kutcho 100% 100% 0% 0% 0% 20% 20% n/a n/a n/a Life of Mine 14-Dec-17 1) The production payment is measured as either a fixed amount per unit of metal delivered, or as a percentage of the spot price of the underlying metal on the date of delivery. Contracts where the payment is a fixed amount per unit of metal delivered are subject to an annual inflationary increase, with the exception of Loma de La Plata and Sudbury. Additionally, should the prevailing market price for the applicable metal be lower than this fixed amount, the per unit cash payment will be reduced to the prevailing market price. 2) Subject to an increase to $9.90 per ounce of silver and $550 per ounce of gold after the initial 40 3) 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 4) The Company is committed to purchase 4.5% of Stillwater palladium production until 375,000 ounces are delivered to the Company, thereafter 2.25% of Stillwater palladium production until 550,000 ounces are delivered to the Company and 1% of Stillwater palladium production thereafter for the life of mine. 5) To be increased to 22% once the market value of metal delivered to Wheaton, net of the per ounce cash payment, exceeds the initial upfront cash deposit. 6) Once the Company has received 31 million pounds of cobalt, the Company’s attributable cobalt production will be reduced to 21.2%. 7) To be increased to 22% once the market value of cobalt delivered to Wheaton, net of the per pound cash payment, exceeds the initial upfront cash deposit. Additionally, on each sale of cobalt, the Company is committed to pay a variable commission depending on the market price of cobalt. 8) Once the Company has received 150,000 ounces of gold and 120,000 ounces of platinum under the Marathon PMPA, the attributable gold and platinum production will be reduced to 67% and 15%, respectively. 9) Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine. 10) The Company is committed to acquire 100% of the first 30,000 ounces of gold produced per annum and 50% thereafter. On May 13, 2023 Minto Metals Corp., announced the suspension of operations at the Minto mine. 11) Prior to the announcement by Minto Metals Corp. of the suspension of operations at the Minto mine on May 13, 2023, the parties were in discussions in connection with a possible restructuring of the Minto PMPA. During that negotiation period, the cash payment per ounce of gold delivered was set at of spot price. Following the May 13 announcement, and as negotiations were not successful, the price of deliveries of gold reverts to of spot price as set out in the existing Minto PMPA. 12) Terms of the agreement not yet finalized. 13) Once Wheaton has received 310,000 ounces of gold and 2.15 million ounces of silver under the Marmato PMPA the Company’s attributable gold and silver production will be reduced to 5.25% and 50%, respectively. 14) To be increased to 22% of the spot price once the market value of gold and silver delivered to the Company, net of the per ounce cash payment, exceeds the initial upfront cash deposit. 15) Once Wheaton has received 10 million ounces under the Cozamin PMPA, the Company’s attributable silver production will be reduced to 33% of silver production for the life of the mine. 16) Once the Company has received 285,000 ounces of gold under the Santo Domingo PMPA, the Company’s attributable gold production will be reduced to 67%. 17) Once the Company has received 90,000 ounces of gold under the Fenix PMPA, the Company attributable gold production will be reduced to 4% until 140,000 ounces have been delivered, after which the stream drops to 3.5%. 18) Once the Company has received 464,000 ounces of gold under the amended Blackwater gold PMPA, the attributable gold production will be reduced to 4%. Once the Company has received 17.8 million ounces of silver under the Blackwater silver PMPA, the attributable silver production will be reduced to 33%. 19) Once the Company has received 145,000 ounces of gold under the Curipamba PMPA, the attributable gold production will be reduced to 33%, and once the Company has received 4.6 million ounces of silver, the attributable silver production will be reduced to 50%. 20) During Q2-2023, 21) Once the Company has received 700,000 ounces of gold under the Cangrejos PMPA, the attributable gold production will be reduced to 4.4%, 22) Once 90 million silver equivalent ounces attributable to Wheaton have been produced under the Cotabambas PMPA, the attributable production will decrease to 16.67% of gold production and 66.67% of silver production for the life of mine. Other Contractual Obligations and Contingencies Projected Payment Dates 1 (in thousands) 2023 2024 - 2025 2026 - 2027 After 2027 Total Payments for mineral stream interests Salobo 2 $ 552,000 $ - $ - $ - $ 552,000 Blackwater 135,750 - - - 135,750 Marathon 15,105 135,944 - - 151,049 Cangrejos 21,000 15,000 252,000 - 288,000 Marmato 40,016 81,984 - - 122,000 Santo Domingo - 260,000 - - 260,000 Copper World 3 - 231,150 - - 231,150 Curipamba 100 250 162,000 - 162,350 Fenix Gold - - - 25,000 25,000 Loma de La Plata - - - 32,400 32,400 Payments for early deposit mineral stream interest Cotabambas 250 - - 126,000 126,250 Toroparu - 138,000 - - 138,000 Kutcho - 29,000 29,000 - 58,000 Leases liabilities 444 1,550 1,317 5,316 8,627 Total contractual obligations $ 764,665 $ 892,878 $ 444,317 $ 188,716 $ 2,290,576 1) Projected payment date based on management estimate. Dates may be updated in the future as additional information is received. 2) As more fully explained below, assuming the Salobo III expansion project results in throughput being expanded beyond 35 Mtpa by January 1, 2024, the Company would expect to pay an expansion payment of $552 million. 3) Figure includes contingent transaction costs of $1 million. Salobo The Salobo mine historically had a mill throughput capacity of 24 Mtpa. In Octob e During Q1-2023, Wheaton and Vale agreed January 1, 2024. In addition, Wheaton will be required to make annual payments of between $5.1 million to $8.5 million for a 10-year Blackwater Under the terms of the Blackwater PMPA, the Company is committed to pay additional upfront consideration of $136 million, which is payable in three equal installments during the construction of the Blackwater project, subject to customary conditions being satisfied. Marathon Under the terms of the Marathon PMPA, the Company is committed to pay additional upfront cash payments of $151 million (Cdn$200 million), which is to be paid in four staged installments during construction of the Marathon project, subject to various customary conditions being satisfied. Cangrejos Under the terms of the Cangrejos PMPA, which had a closing date of May 16, 2023, the Company is committed to pay additional upfront consideration of $288 million. Of this amount, $10 million is to be paid six months after the closing date, $15 million is to be paid 12 months after the closing date, $11 million can be drawn upon for committed acquisition of surface rights and the remainder is to be paid in four staged equal installments during construction of the mine, subject to various customary conditions being satisfied. Marmato Under the terms of the Marmato PMPA, the Company is committed to pay Aris Mining additional upfront cash payments of $122 million, payable during the construction of the Marmato Lower Mine development portion of the Marmato mine, subject to customary conditions. Santo Domingo Under the terms of the Santo Domingo PMPA, the Company is committed to pay Capstone Copper Corp. (“Capstone”) additional upfront cash payments of $260 million, which is payable during the construction of the Santo Domingo project, subject to customary conditions being satisfied, including Capstone attaining sufficient financing to cover total expected capital expenditures. Copper World Complex The Company is committed to pay Hudbay total upfront cash payments of $230 million in two installments, with the first $50 million being advanced upon Hudbay’s receipt of permitting for the Copper World Complex and other customary conditions and the balance of $180 million being advanced once project costs incurred on the Copper World Complex exceed $98 million and certain other customary conditions. Under the Copper World Complex PMPA, the Company is permitted to elect to pay the deposit in cash or the delivery of common shares. Additionally, the Company will be entitled to certain delay payments, including where construction ceases in any material respect, or if completion is not achieved within agreed upon timelines. Curipamba Under the terms of the Curipamba PMPA, the Company is committed to pay additional upfront cash payments of $162.4 million, which includes $350,000 which will be paid to support certain local community development initiatives around the Curipamba Project. The payments will be payable in four staged installments during construction, subject to various customary conditions being satisfied. Fenix Under the terms of the Fenix PMPA, the Company is committed to pay Rio2 Limited (“Rio2”) additional upfront cash payments of $25 million, payable subject to Rio2’s receipt of its Environmental Impact Assessment for the Fenix Project, and certain other conditions. On June 28, 2022, Rio2 provided an update on the Fenix Gold environmental assessment process. The Environmental Assessment Service (“SEA”) published the Consolidation Evaluation Report with the recommendation to reject the EIA as it has been alleged that Rio2 has not provided enough information during the evaluation process to eliminate adverse impacts over the chinchilla, guanaco, and vicuña. On July 5, 2022, Rio2 announced that the Regional Evaluation Commission has voted to not approve the EIA. On September 7, 2022, Rio2 announced that on review of the Environmental Qualification Resolution (“RCA”), Rio2 identified numerous discrepancies with factual and procedural matters in the RCA and Rio2 has filed an administrative appeal on August 31, 2022. In parallel with the administrative appeal process, Rio2 indicate that they will work closely with regional authorities to address any remaining concerns. On September 7, 2022, Rio2 stated that the estimated timing for obtaining EIA approval is approximately one and a half to two years. The Company’s management has determined that no indicator of impairment existed as of the balance sheet date and will continue to monitor Rio2’s response to the Regional Evaluation Commission decision. Loma de La Plata Under the terms of the Loma de La Plata PMPA, the Company is committed to pay Pan American Silver Corp. (“Pan American”) total upfront cash payments of $32 million following the satisfaction of certain conditions, including Pan American receiving all necessary permits to proceed with the mine construction and the Company finalizing the definitive terms of the PMPA. Cotabambas Under the terms of the Cotabambas Early Deposit Agreement, the Company is committed to pay Panoro additional upfront cash payments of $126 million, including $250,000 which will be advanced once certain conditions have been met. Following the delivery of a bankable definitive feasibility study, environmental study and impact assessment, and other related documents (collectively, the “Cotabambas Feasibility Documentation”), and receipt of permits and construction commencing, the Company may then advance the remaining deposit or elect to terminate the Cotabambas Early Deposit Agreement. If the Company elects to terminate, the Company will be entitled to a return of the portion of the amounts advanced less $2 million payable upon certain triggering events occurring. Toroparu Under the terms of the Toroparu Early Deposit Agreement, the Company is committed to pay a subsidiary of Aris Mining an additional $138 million, payable on an installment basis to partially fund construction of the mine. Aris Mining is to deliver certain feasibility documentation. Prior to the delivery of this feasibility documentation, Wheaton may elect to (i) not proceed with the agreement or (ii) not pay the balance of the upfront consideration and reduce the gold stream percentage from 10% to 0.909% and the silver stream percentage from 50% to nil. If option (i) is chosen, Wheaton will be entitled to a return of the amounts advanced less $2 million. If Wheaton elects option (ii), Aris Mining may elect to terminate the agreement and Wheaton will be entitled to a return of the amount of the deposit already advanced less $2 million. Kutcho Under the terms of the Kutcho Early Deposit Agreement, the Company is committed to pay Kutcho additional upfront cash payments of $58 million, which will be advanced on an installment basis to partially fund construction of the mine once certain conditions have been satisfied. Taxes – Canada Revenue Agency – 2013 to 2016 Taxation Years - Domestic Reassessments The Company received Notices of Reassessment in 2018, 2019, and 2022 for the 2013 to 2016 taxation years in which the Canada Revenue Agency (“CRA”) is seeking to change the timing of the deduction of upfront payments with respect to the Company’s PMPAs relating to Canadian mining assets, so that the cost of precious metal acquired under these Canadian PMPAs is equal to the cash cost paid on delivery plus an amortized amount of the upfront payment determined on a units-of-production In total, the Company expects the Domestic Reassessments to have assessed tax, interest and other penalties of approximately $2 million. Management believes the Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, that the cost of the precious metal acquired under the Canadian PMPAs is equal to the market value while a deposit is outstanding, and the cash cost thereafter, is correct. The Company has filed Notices of Objection and paid 50% of the disputed amounts in order to challenge the Domestic Reassessments. Tax Contingencies Due to the size, complexity and nature of the Company’s operations, various legal and tax matters are outstanding from time to time, including audits and disputes. Under the terms of the settlement with the CRA of the transfer pricing dispute relating to the 2005 to 2010 taxation years (the “CRA Settlement”), income earned outside of Canada by the Company’s foreign subsidiaries will not be subject to tax in Canada under transfer pricing rules. The CRA Settlement principles apply to all taxation years after 2010 subject to there being no material change in facts or change in law or jurisprudence. The CRA is not restricted under the terms of the CRA Settlement from issuing reassessments on some basis other than transfer pricing which could result in some or all of the income of the Company’s foreign subsidiaries being subject to tax in Canada. It is not known or determinable by the Company when the currently ongoing audits by CRA of international and domestic transactions will be completed, or whether reassessments will be issued, or the basis, quantum or timing of any such potential reassessments, and it is therefore not practicable for the Company to estimate the financial effect, if any, of those ongoing audits. From time to time there may also be proposed legislative changes to law or outstanding legal actions that may have an impact on the current or prior periods, the outcome, applicability and impact of which is also not known or determinable by the Company. General By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events. If the Company is unable to resolve any of these matters favorably, there may be a material adverse impact on the Company’s financial performance, cash flows or results of operations. In the event that the Company’s estimate of the future resolution of any of the foregoing matters changes, the Company will recognize the effects of the change in its consolidated financial statements in the appropriate period relative to when such change occurs. |
Segmented Information
Segmented Information | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Segmented Information | 2 7 Segmented Information Operating Segments The Company’s reportable operating segments, which are the components of the Company’s business where discrete financial information is available and which are evaluated on a regular basis by the Company’s Chief Executive Officer (“CEO”), who is the Company’s chief operating decision maker, for the purpose of assessing performance, are summarized in the tables below: Three Months Ended June 30, 2023 (in thousands) Sales Cost of Sales Depletion Gain on Disposal 1 Net Earnings Cash Flow From Operations Total Assets Gold Salobo $ 91,350 $ 19,351 $ 15,209 $ - $ 56,790 $ 71,999 $ 2,356,169 Sudbury 2 9,549 1,910 4,892 - 2,747 7,579 274,048 Constancia 19,090 4,004 3,037 - 12,049 15,085 90,469 San Dimas 22,532 7,131 2,947 - 12,454 15,401 150,154 Stillwater 4,356 785 1,120 - 2,451 3,571 213,663 Other 3 2,634 1,494 246 - 894 1,252 537,197 Total gold interests $ 149,511 $ 34,675 $ 27,451 $ - $ 87,385 $ 114,887 $ 3,621,700 Silver Peñasquito $ 46,291 $ 8,475 $ 7,775 $ - $ 30,041 $ 37,816 $ 279,872 Antamina 23,302 4,523 6,794 - 11,985 18,780 532,828 Constancia 16,322 4,142 4,212 - 7,968 12,180 186,452 Other 4 21,166 5,094 3,068 (5,027) 18,031 15,878 482,572 Total silver interests $ 107,081 $ 22,234 $ 21,849 $ (5,027) $ 68,025 $ 84,654 $ 1,481,724 Palladium Stillwater $ 4,879 $ 887 $ 1,510 $ - $ 2,482 $ 3,993 $ 224,099 Platinum Marathon $ - $ - $ - $ - $ - $ - $ 9,448 Cobalt Voisey’s Bay $ 3,501 $ 846 $ 3,664 $ - $ (1,009) $ 4,335 $ 354,195 Total mineral stream interests $ 264,972 $ 58,642 $ 54,474 $ (5,027) $ 156,883 $ 207,869 $ 5,691,166 Other General and administrative $ (10,216) $ (9,544) Share based compensation (4,484) - Donations and community investments (1,940) (1,738) Finance costs (1,352) (999) Other 8,692 7,776 Income tax (6,135) (988) Total other $ (15,435) $ (5,493) $ 1,188,739 Consolidated $ 141,448 $ 202,376 $ 6,879,905 1) See Note 13 for more information. 2) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating 3) Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating Marmato gold interest as well as the non-operating 4) Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Cozamin and Marmato silver interests and the non-operating Three Months Ended June 30, 2022 (in thousands) Sales Cost Depletion Net Cash Flow From Operations Total Assets Gold Salobo $ 90,842 $ 20,193 $ 16,187 $ 54,462 $ 70,649 $ 2,407,579 Sudbury 1 14,780 3,167 8,630 2,983 11,613 294,485 Constancia 13,915 3,063 2,014 8,838 10,686 98,930 San Dimas 19,910 6,630 2,760 10,520 13,280 161,350 Stillwater 4,917 893 1,127 2,897 4,024 217,530 Other 2 13,478 5,243 412 7,823 8,529 419,696 Total gold interests $ 157,842 $ 39,189 $ 31,130 $ 87,523 $ 118,781 $ 3,599,570 Silver Peñasquito $ 47,102 $ 9,139 $ 7,475 $ 30,488 $ 37,963 $ 306,742 Antamina 26,448 5,206 8,308 12,934 21,242 561,383 Constancia 11,101 3,004 3,139 4,958 7,784 198,672 Other 3 45,577 15,485 11,944 18,148 30,198 577,944 Total silver interests $ 130,228 $ 32,834 $ 30,866 $ 66,528 $ 97,187 $ 1,644,741 Palladium Stillwater $ 7,203 $ 1,378 $ 1,348 $ 4,477 $ 5,825 $ 229,855 Platinum Marathon $ - $ - $ - $ - $ - $ 4,852 Cobalt Voisey’s Bay $ 7,649 $ 1,542 $ 2,338 $ 3,769 $ 13,797 $ 362,460 Total mineral stream interests $ 302,922 $ 74,943 $ 65,682 $ 162,297 $ 235,590 $ 5,841,478 Other General and administrative $ (9,685) $ (8,546) Share based compensation (1,608) (18,247) Donations and community investments (1,160) (1,152) Finance costs (1,389) (1,011) Other 820 (195) Income tax (201) (80) Total other $ (13,223) $ (29,231) $ 607,217 Consolidated $ 149,074 $ 206,359 $ 6,448,695 1) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating 2) Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating 777, Minto and Marmato gold interests as well as the non-operating Copper World Complex, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba and Goose 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. 3) Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Aljustrel, Neves-Corvo, Minto, 777, Marmato and Cozamin silver interests, the non-operating Loma de La Plata, Stratoni, Copper World Complex, Pascua-Lama, Blackwater and Curipamba silver interests and the previously owned Keno Hill and Yauliyacu silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill stream was terminated in exchange for Six Months Ended June 30, 2023 (in thousands) Sales Cost Depletion Gain on 1 Net Cash Flow Total Assets Gold Salobo $ 159,825 $ 34,471 $ 27,093 $ - $ 98,261 $ 125,353 $ 2,356,169 Sudbury 2 17,866 3,657 9,368 - 4,841 13,925 274,048 Constancia 31,615 6,742 5,114 - 19,759 24,873 90,469 San Dimas 42,812 13,782 5,711 - 23,319 29,030 150,154 Stillwater 8,343 1,483 2,189 - 4,671 6,860 213,663 Other 3 8,247 5,576 498 - 2,173 2,407 537,197 Total gold interests $ 268,708 $ 65,711 $ 49,973 $ - $ 153,024 $ 202,448 $ 3,621,700 Silver Peñasquito $ 80,162 $ 15,043 $ 13,802 $ - $ 51,317 $ 65,119 $ 279,872 Antamina 41,897 8,229 12,540 - 21,128 33,668 532,828 Constancia 24,674 6,387 6,495 - 11,792 18,288 186,452 Other 4 46,025 11,572 5,812 (5,027) 33,668 35,925 482,572 Total silver interests $ 192,758 $ 41,231 $ 38,649 $ (5,027) $ 117,905 $ 153,000 $ 1,481,724 Palladium Stillwater $ 9,614 $ 1,752 $ 2,713 $ - $ 5,149 $ 7,862 $ 224,099 Platinum Marathon $ - $ - $ - $ - $ - $ - $ 9,448 Cobalt Voisey’s Bay $ 8,357 $ 1,912 $ 8,138 $ - $ (1,693) $ 8,820 $ 354,195 Total mineral stream interests $ 479,437 $ 110,606 $ 99,473 $ (5,027) $ 274,385 $ 372,130 $ 5,691,166 Other General and administrative $ (20,315) $ (23,384) Share based compensation (11,881) (16,675) Donations and community investments (3,318) (3,146) Finance costs (2,731) (2,066) Other 16,254 14,955 Income tax 445 (4,332) Total other $ (21,546) $ (34,648) $ 1,188,739 Consolidated $ 252,839 $ 337,482 $ 6,879,905 1) See Note 13 for more information 2) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating 3) Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating Marmato gold interest as well as the non-operating Minto, 777, Copper World Complex, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba, Goose and Cangrejos 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. 4) Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Cozamin and Marmato silver interests and the non-operating Three and Six Months Ended June 30, 2023 (US Dollars) Six Months Ended June 30, 2022 (in thousands) Sales Cost Depletion Net Cash Flow Total Gold Salobo $ 170,407 $ 37,889 $ 30,371 $ 102,147 $ 132,517 $ 2,407,579 Sudbury 1 21,689 4,651 12,684 4,354 17,038 294,485 Constancia 33,555 7,388 4,859 21,308 26,168 98,930 San Dimas 38,756 12,855 5,373 20,528 25,901 161,350 Stillwater 9,835 1,757 2,255 5,823 8,078 217,530 Other 2 29,275 11,781 623 16,871 17,351 419,696 Total gold interests $ 303,517 $ 76,321 $ 56,165 $ 171,031 $ 227,053 $ 3,599,570 Silver Peñasquito $ 99,829 $ 18,679 $ 15,276 $ 65,874 $ 81,151 $ 306,742 Antamina 61,806 12,457 18,669 30,680 49,001 561,383 Constancia 26,614 6,918 7,212 12,484 19,697 198,672 Other 3 76,311 23,095 16,270 36,946 54,073 577,944 Total silver interests $ 264,560 $ 61,149 $ 57,427 $ 145,984 $ 203,922 $ 1,644,741 Palladium Stillwater $ 16,736 $ 2,980 $ 2,975 $ 10,781 $ 13,755 $ 229,855 Platinum Marathon $ - $ - $ - $ - $ - $ 4,852 Cobalt Voisey’s Bay $ 25,353 $ 4,486 $ 6,517 $ 14,350 $ 17,060 $ 362,460 Total mineral stream interests $ 610,166 $ 144,936 $ 123,084 $ 342,146 $ 461,790 $ 5,841,478 Other General and administrative $ (19,089) $ (23,365) Share based compensation (11,509) (18,247) Donations and community investments (1,973) (1,567) Finance costs (2,811) (2,088) Other 650 488 Income tax (872) (112) Total other $ (35,604) $ (44,891) $ 607,217 Consolidated $ 306,542 $ 416,899 $ 6,448,695 1) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating 2) Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating 777, Minto and Marmato gold interests as well as the non-operating Copper World Complex, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba and Goose 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. 3) Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Aljustrel, Neves-Corvo, Minto, 777, Marmato and Cozamin silver interests, the non-operating Loma de La Plata, Stratoni, Pascua-Lama, Copper World Complex, Blackwater and Curipamba silver interests and the previously owned Keno Hill and Yauliyacu silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill stream was terminated in exchange for million. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. Geographical Areas The Company’s geographical information, which is based on the location of the mining operations to which the mineral stream interests relate, are summarized in th e Sales Carrying Amount at (in thousands) Three Month Six Months Gold Silver Palladium Platinum Cobalt Total North America Canada $ 14,982 6% $ 33,555 7% $ 689,882 $ 35,666 $ - $ 9,448 $ 354,195 $ 1,089,191 United States 9,235 3% 17,958 4% 213,664 567 224,099 - - 438,330 Mexico 73,342 28% 130,980 28% 150,152 404,805 - - - 554,957 Europe Greece - 0% - 0% - - - - - - Portugal 7,499 3% 16,044 3% - 18,050 - - - 18,050 Sweden 8,755 3% 20,709 4% - 28,202 - - - 28,202 South America Argentina/Chile 1 - 0% - 0% - 253,514 - - - 253,514 Argentina - 0% - 0% - 10,889 - - - 10,889 Chile - 0% - 0% 56,537 - - - - 56,537 Brazil 91,351 35% 159,824 34% 2,356,170 - - - - 2,356,170 Peru 58,713 22% 98,187 20% 90,470 719,275 - - - 809,745 Ecuador - 0% - 0% 22,492 3,741 - - - 26,233 Colombia 1,095 0% 2,180 0% 42,333 7,015 - - - 49,348 Consolidated $ 264,972 100% $ 479,437 100% $ 3,621,700 $ 1,481,724 $ 224,099 $ 9,448 $ 354,195 $ 5,691,166 1) Includes the Pascua-Lama project, which straddles the border of Argentina and Chile. Sales Carrying Amount at (in thousands) Three Month Six Months Gold Silver Palladium Platinum Cobalt Total North America Canada $ 37,327 12% $ 80,381 13% $ 613,681 $ 28,050 $ - $ 4,852 $ 362,460 $ 1,009,043 United States 12,120 4% 26,572 4% 217,530 566 229,855 - - 447,951 Mexico 71,256 24% 148,114 24% 161,349 441,558 - - - 602,907 Europe Greece (62) 0% 3,291 1% - - - - - - Portugal 6,230 2% 14,686 2% - 18,578 - - - 18,578 Sweden 13,679 5% 22,668 4% - 30,086 - - - 30,086 South America Argentina/Chile 1 - 0% - 0% - 253,514 - - - 253,514 Argentina - 0% - 0% - 10,889 - - - 10,889 Chile - 0% - 0% 56,529 - - - - 56,529 Brazil 90,842 30% 170,407 29% 2,407,578 - - - - 2,407,578 Peru 69,821 22% 141,394 23% 98,931 854,106 - - - 953,037 Ecuador - 0% - 0% 514 186 - - - 700 Colombia 1,709 1% 2,653 0% 43,458 7,208 - - - 50,666 Consolidate d $ 302,922 100% $ 610,166 100% $ 3,599,570 $ 1,644,741 $ 229,855 $ 4,852 $ 362,460 $ 5,841,478 1) Includes the Pascua-Lama project, which straddles the border of Argentina and Chile. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Subsequent Events | 29. Subsequent Events Declaration of Dividend Under the Company’s dividend policy, the quarterly dividend per common share is targeted to equal approximately 30% of the average cash flow generated by operating activities in the previous four quarters divided by the Company’s then outstanding common shares, all rounded to the nearest cent. To minimize volatility in quarterly dividends, the Company has set a minimum quarterly dividend for the duration of 2023 equal to the dividend per common share declared in the prior quarter, which was $0.15 per share. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. On August 10, 2023, the Board of Directors declared a dividend in the amount of $0.15 per common share, with this dividend being payable to shareholders of record on August 25, 2023 and is expected to be distributed on or about September 7, 2023. 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. |
Material Accounting Policy In_2
Material Accounting Policy Information (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
New Accounting Standards Effective in 2023 | 3.1. New Accounting Standards Effective in 2023 Amendment to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction The amendments to IAS 12 clarify that the initial recognition exemption does not apply to transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. Early application of the amendments is permitted. The amendments apply to transactions that occur on or after the beginning of the earliest comparative period presented. In addition, at the beginning of the earliest comparative period the following would be recognized: · a deferred tax asset to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized and a deferred tax liability for all deductible and taxable temporary differences associated with right-of-use · the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at that date. The implementation of this amendment did not have a material impact on the Company. Amendments to IAS 1 and IFRS Practice Statement 2 – Disclosure of Accounting policies The amendments require that an entity discloses its material accounting policy information, instead of its significant accounting policies. Further amendments explain how an entity can identify a material accounting policy. Examples of when an accounting policy is likely to be material are added. To support the amendment, the IASB has also developed guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’ described in IFRS Practice Statement 2. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. This amendment did not have a significant impact to the Company’s condensed interim consolidated financial statements. |
Future Changes in Accounting Policies | 3.2. Future Changes to Accounting Policies The IASB has issued the following new or amended standards: Amendment to IAS 1- The amendments to IAS 1, clarify the presentation of liabilities. The classification of liabilities as current or non-current non-current non-current Amendments to IAS 12 - International Tax Reform — Pillar Two Model Rules The amendments to IAS 12 provide a mandatory temporary exception to the requirements regarding deferred tax assets and liabilities related to pillar two income taxes (Global Minimum Tax) as well as disclosure requirements that an entity has to disclose separately its current tax expense related to Global Minimum Tax and that in periods in which Global Minimum Tax legislation is enacted or substantively enacted, but not yet in effect, an entity discloses known or reasonably estimable information that helps users of financial statements understand the entity’s exposure to Global Minimum Tax arising from that legislation. The mandatory temporary exemption is effective immediately and the disclosure requirements are effective for annual periods beginning January 1, 2023. The Company has applied this mandatory exception in the current period. Refer to Note 23 for further information on Global Minimum Tax. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Classification of Financial Assets and Liabilities | The following table summarizes the classification of the Company’s financial assets and liabilities: (in thousands) Note June 30 2023 December 31 2022 Financial assets Financial assets mandatorily measured at FVTNE 1 Cash and cash equivalents 2 2 $ 828,837 $ 696,089 Trade receivables from provisional concentrate sales, net of fair value adjustment 6,11 1,105 2,516 Long-term investments - warrants held 458 560 Investments in equity instruments designated at FVTOCI 1 Long-term investments - common shares held 1 5 255,076 255,535 Financial assets measured at amortized cost Trade receivables from sales of cobalt 11 4,945 6,642 Refundable deposit - 777 PMPA 2 5 8,393 8,073 Other accounts receivable 921 1,029 Total financial assets $ 1,099,735 $ 970,444 Financial liabilities Financial liabilities at amortized cost Accounts payable and accrued liabilities $ 9,578 $ 12,570 Pension liability 3,949 3,524 Total financial liabilities $ 13,527 $ 16,094 1) FVTNE refers to Fair Value Through Net Earnings, FVTOCI refers to Fair Value Through Other Comprehensive Income |
Maximum Exposure to Credit Risk Related to Financial Assets | The Company’s maximum exposure to credit risk related to its financial assets is as follows: (in thousands) Note June 30 2023 December 31 2022 Cash and cash equivalents 2 2 $ 828,837 $ 696,089 Trade receivables from provisional concentrate sales, net of fair value adjustment 11 1,105 2,516 Trade receivables from sales of cobalt 11 4,945 6,642 Refundable Deposit - 777 PMPA 2 5 8,393 8,073 Other accounts receivables 11 921 1,029 Maximum exposure to credit risk related to financial assets $ 844,201 $ 714,349 |
Timing Associated with Remaining Contractual Payments Relating to Financial Liabilities | The table includes both interest and principal cash flows, where applicable. As at June 30, 2023 (in thousands) 2023 2024 - 2025 2026 - 2027 After 2027 Total Accounts payable and accrued liabilities $ 9,578 $ - $ - $ - $ 9,578 Performance share units 1 - 12,627 614 - 13,241 Total $ 9,578 $ 12,627 $ 614 $ - $ 22,819 1) See Note 2 0 |
Summary of Carrying Amounts of Canadian Dollar Denominated Monetary Assets and Monetary Liabilities | The carrying amounts of the Company’s Canadian dollar denominated monetary assets and monetary liabilities at the end of the reporting period are as follows: (in thousands) June 30 2023 December 31 2022 Monetary assets Cash and cash equivalents $ 4,539 $ 311 Accounts receivable 128 739 Long-term investments - common shares held 74,927 60,443 Long-term investments - warrants held 459 560 Other long-term assets 3,384 3,308 Total Canadian dollar denominated monetary assets $ 83,437 $ 65,361 Monetary liabilities Accounts payable and accrued liabilities $ 6,469 $ 8,180 Performance share units 10,579 16,971 Lease liability 6,037 1,315 Pension liability 3,949 3,524 Total Canadian dollar denominated monetary liabilities $ 27,034 $ 29,990 |
Summary of Sensitivity to 10% Increase or Decrease in Canadian Dollar | The following tables detail the Company’s sensitivity to a 10% increase or decrease in the Canadian dollar relative to the United States dollar, representing the sensitivity used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in exchange rates. As at June 30, 2023 Change in Canadian Dollar (in thousands) 10% Increase 10% Decrease Increase (decrease) in net earnings $ (1,852) $ 1,852 Increase (decrease) in other comprehensive income 7,493 (7,493) Increase (decrease) in total comprehensive income $ 5,641 $ (5,641) As at December 31, 2022 Change in Canadian Dollar (in thousands) 10% Increase 10% Decrease Increase (decrease) in net earnings $ (2,507) $ 2,507 Increase (decrease) in other comprehensive income 6,044 (6,044) Increase (decrease) in total comprehensive income $ 3,537 $ (3,537) |
Summary of Financial Assets and Liabilities Measured at Fair Value by Level within Fair Value Hierarchy | The following table sets forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy. As required by IFRS 13, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. June 30, 2023 (in thousands) Note Total Level 1 Level 2 Level 3 Cash and cash equivalents 2 2 $ 828,837 $ 828,837 $ - $ - Trade receivables from provisional concentrate sales, net of fair value adjustment 11 1,105 - 1,105 - Long-term investments - common shares held 1 5 255,076 255,076 - - Long-term investments - warrants held 1 5 458 - 458 - $ 1,085,476 $ 1,083,913 $ 1,563 $ - December 31, 2022 (in thousands) Note Total Level 1 Level 2 Level 3 Cash and cash equivalents 2 2 $ 696,089 $ 696,089 $ - $ - Trade receivables from provisional concentrate sales, net of fair value adjustment 11 2,516 - 2,516 - Long-term investments - common shares held 1 5 255,535 255,535 - - Long-term investments - warrants held 1 5 560 - 560 - $ 954,700 $ 951,624 $ 3,076 $ - |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of Revenue | Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2023 2022 2023 2022 Sales Gold credit sales $ 149,511 56 % $ 157,842 52 % $ 268,708 56 % $ 303,517 50 % Silver Silver credit sales $ 90,826 35 % $ 110,383 36 % $ 156,005 32 % $ 223,913 37 % Concentrate sales 16,255 6 % 19,845 7 % 36,753 8 % 40,647 6 % Total silver sales $ 107,081 41 % $ 130,228 43 % $ 192,758 40 % $ 264,560 43 % Palladium credit sales $ 4,879 2 % $ 7,203 2 % $ 9,614 2 % $ 16,736 3 % Cobalt sales $ 3,501 1 % $ 7,649 3 % $ 8,357 2 % $ 25,353 4 % Total sales revenue $ 264,972 100 % $ 302,922 100 % $ 479,437 100 % $ 610,166 100 % |
General and Administrative (Tab
General and Administrative (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of General and Administrative Expense | Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2023 2022 2023 2022 Corporate Salaries and benefits $ 3,593 $ 3,912 $ 7,454 $ 8,149 Depreciation 268 288 556 575 Professional fees 909 329 1,423 822 Business travel 311 363 652 465 Director fees 248 279 581 601 Employer health tax 139 391 713 708 Audit and regulatory 1,337 887 2,169 1,716 Insurance 519 529 1,057 1,035 Other 952 888 2,016 1,783 General and administrative - corporate $ 8,276 $ 7,866 $ 16,621 $ 15,854 Subsidiaries Salaries and benefits $ 1,156 $ 1,149 $ 2,317 $ 2,257 Depreciation 115 110 218 216 Professional fees 189 165 260 258 Business travel 94 64 147 68 Director fees 52 50 103 100 Insurance 11 10 27 24 Other 323 271 622 312 General and administrative - subsidiaries $ 1,940 $ 1,819 $ 3,694 $ 3,235 Consolidated general and administrative $ 10,216 $ 9,685 $ 20,315 $ 19,089 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Summary of share based compensation | Three Months Ended June 30 Six Months Ended June 30 (in thousands) Note 2023 2022 2023 2022 Equity settled share based compensation 1 Stock options 1 9 $ 724 $ 611 $ 1,355 $ 1,145 RSUs 1 9 1,135 886 2,047 1,694 Cash settled share based compensation PSUs 2 0 $ 2,625 $ 111 $ 8,479 $ 8,670 Total share based compensation $ 4,484 $ 1,608 $ 11,881 $ 11,509 1) Equity settled stock based compensation is a non-cash |
Donations and Community Inves_2
Donations and Community Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of Donations and Community Investments [Abstract] | |
Disclosure of Donations and Community Investments | Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2023 2022 2023 2022 Local donations and community investments 1 $ 407 $ 352 $ 942 $ 907 Partner donations and community investments 2 1,533 708 2,376 901 COVID-19 3 - 100 - 165 Total donations and community investments $ 1,940 $ 1,160 $ 3,318 $ 1,973 1) The Local Community Investment Program supports organizations in Vancouver and the Cayman Islands, where Wheaton’s offices are located. 2) The Partner Community Investment Program supports the communities influenced by Mining Partners’ operations. 3) Committed funding under this program has been fully disbursed. |
Other (Income) Expense (Tables)
Other (Income) Expense (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of Other (Income) Expense | Three Months Ended June 30 Six Months Ended June 30 (in thousands) Note 2023 2022 2023 2022 Interest income $ (8,181) $ (441) $ (15,111) $ (523) Dividend income (700) (108) (917) (220) Foreign exchange loss (gain) 202 (433) (71) (19) Net (gain) loss arising on financial assets mandatorily measured at FVTPL ¹ (Gain) loss on fair value adjustment of share purchase warrants held 280 154 105 897 Other (293) 8 (260) (785) Total other (income) expense $ (8,692) $ (820) $ (16,254) $ (650) 1) FVTPL refers to Fair Value Through Profit or Loss |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of Accounts Receivable | (in thousands) Note June 30 2023 December 31 2022 Trade receivables from provisional concentrate sales, net of fair value adjustment 6 $ 1,105 $ 2,516 Trade receivables from sales of cobalt 6 4,945 6,642 Other accounts receivable 921 1,029 Total accounts receivable $ 6,971 $ 10,187 |
Cobalt Inventory (Tables)
Cobalt Inventory (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of the inventory on hand | A summary of the inventory on hand at June 30, 2023 and December 31, 2022 is as follows: (in thousands) June 30 2023 December 31 2022 Cobalt Inventory, carried at: Cost $ 4,202 $ - Net realizable value 753 10,530 Total cobalt inventory $ 4,955 $ 10,530 |
Mineral Stream Interests (Table
Mineral Stream Interests (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Detailed Information About Termination Of Mineral Stream Interests [Line Items] | |
Schedule of Mineral Stream Interests | Six Months Ended June 30, 2023 Cost Accumulated Depletion & Impairment 1 (in thousands) Balance Jan 1, 2023 Additions Disposal Balance Jun 30, 2023 Balance Jan 1, 2023 Depletion Balance Jun 30, 2023 Carrying Amount Jun 30, 2023 Gold interests Salobo $ 3,059,876 $ - $ - $ 3,059,876 $ (676,614) $ (27,093) $ (703,707) $ 2,356,169 Sudbury 2 623,864 - - 623,864 (340,448) (9,368) (349,816) 274,048 Constancia 140,058 - - 140,058 (44,475) (5,114) (49,589) 90,469 San Dimas 220,429 - - 220,429 (64,564) (5,711) (70,275) 150,154 Stillwater 3 239,352 - - 239,352 (23,500) (2,189) (25,689) 213,663 Other 4 545,391 84,925 (41,373) 588,943 (51,248) (498) (51,746) 537,197 $ 4,828,970 $ 84,925 $ (41,373) $ 4,872,522 $ (1,200,849) $ (49,973) $ (1,250,822) $ 3,621,700 Silver interests Peñasquito $ 524,626 $ - $ - 524,626 $ (230,952) $ (13,802) $ (244,754) $ 279,872 Antamina 900,343 - - 900,343 (354,975) (12,540) (367,515) 532,828 Constancia 302,948 - - 302,948 (110,001) (6,495) (116,496) 186,452 Other 5 1,018,199 35,288 - 1,053,487 (565,103) (5,812) (570,915) 482,572 $ 2,746,116 $ 35,288 $ - $ 2,781,404 $ (1,261,031) $ (38,649) $ (1,299,680) $ 1,481,724 Palladium interests Stillwater 3 $ 263,721 $ - $ - $ 263,721 $ (36,909) $ (2,713) $ (39,622) $ 224,099 Platinum interests Marathon $ 9,428 $ 20 $ - $ 9,448 $ - $ - $ - $ 9,448 Cobalt interests Voisey’s Bay 6 $ 393,422 $ - $ - $ 393,422 $ (35,849) $ (3,378) $ (39,227) $ 354,195 $ 8,241,657 $ 120,233 $ (41,373) $ 8,320,517 $ (2,534,638) $ (94,713) $ (2,629,351) $ 5,691,166 1) Includes cumulative impairment charges to June 30, 2023 as follows: Pascua-Lama silver interest - $338 million; and Sudbury gold interest - $120 million. 2) Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests. 3) Comprised of the Stillwater and East Boulder gold and palladium interests. 4) Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, Curipamba and Cangrejos gold interests. 5) Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater and Curipamba silver interests. 6) When cobalt is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the cobalt is recorded as a cost of sale. Depletion in this table for the Voisey’s Bay cobalt interest is inclusive of depletion relating to inventory. Year Ended December 31, 2022 Cost Accumulated Depletion & Impairment 1 Carrying 2022 (in thousands) Balance Additions (Reductions) Disposal Balance 2022 Balance Depletion Disposal Impairment Balance 2022 Gold interests Salobo $ 3,059,876 $ - $ - $ 3,059,876 $ (621,937) $ (54,677) $ - $ - $ (676,614) $ 2,383,262 Sudbury 2 623,864 - - 623,864 (316,695) (23,753) - - (340,448) 283,416 Constancia 140,058 - - 140,058 (36,269) (8,206) - - (44,475) 95,583 San Dimas 220,429 - - 220,429 (53,706) (10,858) - - (64,564) 155,865 Stillwater 3 239,352 - - 239,352 (19,567) (3,933) - - (23,500) 215,852 Other 4 761,334 138,515 (354,458) 545,391 (396,542) (1,252) 348,265 (1,719) (51,248) 494,143 $ 5,044,913 $ 138,515 $ (354,458) $ 4,828,970 $ (1,444,716) $ (102,679) $ 348,265 $ (1,719) $ (1,200,849) $ 3,628,121 Silver interests Peñasquito $ 524,626 $ - $ - $ 524,626 $ (202,608) $ (28,344) $ - $ - $ (230,952) $ 293,674 Antamina 900,343 - - 900,343 (320,291) (34,684) - - (354,975) 545,368 Constancia 302,948 - - 302,948 (97,064) (12,937) - - (110,001) 192,947 Other 5 1,438,974 4,519 (425,294) 1,018,199 (845,779) (36,640) 306,986 10,330 (565,103) 453,096 $ 3,166,891 $ 4,519 $ (425,294) $ 2,746,116 $ (1,465,742) $ (112,605) $ 306,986 $ 10,330 $ (1,261,031) $ 1,485,085 Palladium interests Stillwater 3 $ 263,721 $ - $ - $ 263,721 $ (30,891) $ (6,018) $ - $ - $ (36,909) $ 226,812 Platinum interests Marathon $ - $ 9,428 $ - $ 9,428 $ - $ - $ - $ - $ - $ 9,428 Cobalt interests Voisey’s Bay 6 $ 393,422 $ - $ - $ 393,422 $ (21,801) $ (14,048) $ - $ - $ (35,849) $ 357,573 $ 8,868,947 $ 152,462 $ (779,752) $ 8,241,657 $ (2,963,150) $ (235,350) $ 655,251 $ 8,611 $ (2,534,638) $ 5,707,019 1) Includes cumulative impairment charges to December 31, 2022 as follows: Pascua-Lama silver interest - $338 million; and Sudbury gold interest - $120 million. 2) Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests. 3) Comprised of the Stillwater and East Boulder gold and palladium interests. 4) Comprised of the Minto, Copper World Complex, 777, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose and Curipamba gold interests.As the 777 mine has been permanently closed, the 777 PMPA has been reflected as a disposition, with the carrying value transferred to a long-term receivable. 5) Comprised of the Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Keno Hill, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, 777, Marmato, Cozamin, Blackwater and Curipamba silver interests. The Keno Hill PMPA and the Yauliyacu PMPA were terminated on September 7, 2022 and December 14, 2022, respectively. As the 777 mine has been permanently closed, the 777 PMPA has been reflected as a disposition, with the carrying value transferred to a long-term receivable. 6) When cobalt is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the cobalt is recorded as a cost of sale. Depletion in this table for the Voisey’s Bay cobalt interest is inclusive of depletion relating to inventory. |
Classification of Mining Interest Between Depletable and Non-depletable | June 30, 2023 December 31, 2022 (in thousands) Depletable Non- Depletable Total Depletable Non- Depletable Total Gold interests Salobo $ 1,978,470 $ 377,699 $ 2,356,169 $ 1,990,789 $ 392,473 $ 2,383,262 Sudbury 1 249,685 24,363 274,048 239,002 44,414 283,416 Constancia 84,962 5,507 90,469 89,097 6,486 95,583 San Dimas 45,748 104,406 150,154 51,459 104,406 155,865 Stillwater 2 188,862 24,801 213,663 191,051 24,801 215,852 Other 3 18,749 518,448 537,197 19,248 474,895 494,143 $ 2,566,476 $ 1,055,224 $ 3,621,700 $ 2,580,646 $ 1,047,475 $ 3,628,121 Silver interests Peñasquito $ 206,167 $ 73,705 $ 279,872 $ 219,969 $ 73,705 $ 293,674 Antamina 185,811 347,017 532,828 198,294 347,074 545,368 Constancia 176,397 10,055 186,452 182,171 10,776 192,947 Other 4 136,996 345,576 482,572 139,424 313,672 453,096 $ 705,371 $ 776,353 $ 1,481,724 $ 739,858 $ 745,227 $ 1,485,085 Palladium interests Stillwater 2 $ 215,391 $ 8,708 $ 224,099 $ 218,104 $ 8,708 $ 226,812 Platinum interests Marathon $ - $ 9,448 $ 9,448 $ - $ 9,428 $ 9,428 Cobalt interests Voisey’s Bay $ 324,833 $ 29,362 $ 354,195 $ 316,749 $ 40,824 $ 357,573 $ 3,812,071 $ 1,879,095 $ 5,691,166 $ 3,855,357 $ 1,851,662 $ 5,707,019 1) Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests. 2) Comprised of the Stillwater and East Boulder gold and palladium interests. 3) Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, Curipamba and Cangrejos gold interests. 4) Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater and Curipamba silver interests. |
Goose PMPA [Member] | |
Disclosure Of Detailed Information About Termination Of Mineral Stream Interests [Line Items] | |
Disclosure of Detailed Information about Partial Termination of Goose Precious Metals Purchase Agreement | (in thousands) Proceeds received on 33% buyback of Goose $ 46,400 Less: 33% carrying value (41,373) Gain on partial disposal of the Goose PMPA $ 5,027 |
Early Deposit Mineral Stream _2
Early Deposit Mineral Stream Interests (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of Early Deposit Mineral Stream Interests | The following table summarizes the early deposit mineral stream interests currently owned by the Company: Attributable Production to be Purchased Early Deposit Mineral Stream Interests Mine Owner Location of Upfront Paid to Date 1 Upfront 1, 2 Total Gold Silver Term of Toroparu Aris Mining Guyana $ 15,500 $ 138,000 $ 153,500 10% 50% Life of Mine Cotabambas Panoro Peru 13,750 126,250 140,000 25% 100% ³ Life of Mine Kutcho Kutcho Canada 16,852 58,000 74,852 100% 100% Life of Mine $ 46,102 $ 322,250 $ 368,352 1) Expressed in thousands of United States dollars; excludes closing costs and capitalized interest, where applicable. 2) Please refer to Note 26 for details of when the remaining upfront consideration to be paid becomes due. 3) Once 90 million silver equivalent ounces attributable to Wheaton have been produced, the attributable production will decrease to 16.67% of gold production and 66.67% of silver production for the life of mine. |
Long-Term Equity Investments (T
Long-Term Equity Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of Long-Term Equity Investments | (in thousands) June 30 2023 December 31 2022 Common shares held $ 255,076 $ 255,535 Warrants held 458 560 Total long-term equity investments $ 255,534 $ 256,095 Common Shar e Three Months Ended June 30, 2023 (in thousands) Shares Owned (000’s) % of Outstanding Shares Owned Fair Value at Mar 31, 2023 Cost of Additions Proceeds of Disposition 1 Fair Value Adjustment Gains (Losses) 2 Fair Value at Jun 30, 2023 Realized Gain on Disposal Bear Creek 13,264 8.58% $ 6,763 $ - $ - $ (1,253) $ 5,510 $ - Sabina - 0.00% 47,104 - (48,832) 1,728 - 872 Kutcho 18,640 13.27% 3,994 - - (1,390) 2,604 - Hecla 34,980 5.71% 221,628 - (202) (41,277) 180,149 73 B2Gold 12,025 0.93% - 48,832 - (5,965) 42,867 - Other 28,841 31 - (4,926) 23,946 - Total $ 308,330 $ 48,863 $ (49,034 ) $ (53,083 ) $ 255,076 $ 945 1) The disposal of the Sabina shares was as a result of the acquisition of Sabina by B2Gold, while the partial disposition of the Hecla shares was made in order to capitalize on Hecla’s share price appreciation. 2) Fair Value Gains (Losses) are reflected as a component of Other Compr e Three Months Ended June 30, 2022 (in thousands) Shares Owned (000’s) % of Outstanding Shares Owned Fair Value at Mar 31, 2022 Cost of Additions Proceeds of Disposition Fair Value Adjustment Gains (Losses) 1 Fair Value at Jun 30, 2022 Realized Gain on Disposal Bear Creek 13,264 8.70% $ 11,358 $ - $ - $ (3,123) $ 8,235 $ - Sabina 31,095 5.67% 34,476 2,633 - (11,530) 25,579 - Kutcho 18,640 14.97% 8,502 - - (4,162) 4,340 - Other 37,008 - - (15,059) 21,949 - Total $ 91,344 $ 2,633 $ - $ (33,874 ) $ 60,103 $ - 1) Fair Value Gains (Losses) are reflected as a component of OCI. WHEATON PRECIOUS METALS 2023 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [22] Six Months Ended June 30, 2023 (in thousands) Shares Owned (000’s) % of Outstanding Shares Owned Fair Value at Dec 31, 2022 Cost of Additions Proceeds of Disposition 1 Fair Value Adjustment Gains (Losses) 2 Fair Value at Jun 30, 2023 Realized Gain (Loss) on Disposal Bear Creek 13,264 8.58% $ 7,443 $ - $ - $ (1,933) $ 5,510 $ - Sabina - 0.00% 30,535 - (48,832) 18,297 - 872 Kutcho 18,640 13.27% 3,097 - - (493) 2,604 - Hecla 34,980 5.71% 194,668 - (202) (14,317) 180,149 73 B2Gold 12,025 0.93% - 48,832 - (5,965) 42,867 - Other 19,792 8,199 (27) (4,018) 23,946 (990) Total $ 255,535 $ 57,031 $ (49,061 ) $ (8,429 ) $ 255,076 $ (45) 1) The disposal of the Sabina shares was as a result of the acquisition of Sabina by B2Gold, while the partial disposition of the Hecla shares was made in order to capitalize on Hecla’s share price appreciation. 2) Fair Value Gains (Losses) are reflected as a component of OCI. Six Months Ended June 30, 2022 (in thousands) Shares Owned (000’s) % of Outstanding Shares Owned Fair Value at Dec 31, 2021 Cost of Additions Proceeds of Disposition Fair Value Adjustment Gains (Losses) 1 Fair Value at Jun 30, 2022 Realized Gain on Disposal Bear Creek 13,264 8.70% $ 12,764 $ - $ - $ (4,529) $ 8,235 $ - Sabina 31,095 5.67% 13,381 19,833 - (7,635) 25,579 - Kutcho 18,640 14.97% - 11,721 - (7,381) 4,340 - Other 33,796 2,392 - (14,239) 21,949 - Total $ 59,941 $ 33,946 $ - $ (33,784) $ 60,103 $ - 1) Fair Value Gains (Losses) are reflected as a component of OCI. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of Property, Plant and Equipment | June 30, 2023 (in thousands) Leasehold Improvements Right of Use Assets - Property Other Total Cost Balance - January 1, 2023 $ 4,004 $ 4,793 $ 4,917 $ 13,714 Additions - 4,838 184 5,022 Disposals - - (4 ) (4) Balance - June 30, 2023 $ 4,004 $ 9,631 $ 5,097 $ 18,732 Accumulated Depreciation Balance - January 1, 2023 $ (3,168 ) $ (2,965 ) $ (3,371 ) $ (9,504) Disposals - - 4 4 Depreciation (136 ) (394 ) (244 ) (774) Balance - June 30, 2023 $ (3,304 ) $ (3,359 ) $ (3,611 ) $ (10,274) Net book value - June 30, 2023 $ 700 $ 6,272 $ 1,486 $ 8,458 December 31, 2022 (in thousands) Leasehold Improvements Right of Use Assets - Property Other Total Cost Balance - January 1, 2022 $ 4,382 $ 4,793 $ 4,856 $ 14,031 Additions - - 289 289 Disposals (378 ) - (228 ) (606) Balance - December 31, 2022 $ 4,004 $ 4,793 $ 4,917 $ 13,714 Accumulated Depreciation Balance - January 1, 2022 $ (3,226 ) $ (2,196 ) $ (3,100 ) $ (8,522) Disposals 378 - 228 606 Depreciation (320 ) (769 ) (499 ) (1,588) Balance - December 31, 2022 $ (3,168 ) $ (2,965 ) $ (3,371 ) $ (9,504) Net book value - December 31, 2022 $ 836 $ 1,828 $ 1,546 $ 4,210 |
Credit Facilities (Tables)
Credit Facilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of Lease Liabilities Explanatory | The lease liability on the Company’s offices located in Vancouver, Canada and the Cayman Islands is as follows: (in thousands) June 30 2023 December 31 2022 Current portion $ 609 $ 818 Long-term portion 5,925 1,152 Total lease liabilities $ 6,534 $ 1,970 |
Summary of Finance Lease Maturity Analys is Explanatory | The maturity analysis, on an undiscounted basis, of these leases is as follows: (in thousands) June 30 2023 Not later than 1 year $ 887 Later than 1 year and not later than 5 years 2,727 Later than 5 years 5,012 Total lease liabilities $ 8,626 |
Summary of Company's Finance Costs | A summary of the Company’s finance costs associated with the above facilities during the period is as follows: Three Months Ended June 30 Six Months Ended June 30 (in thousands) Note 2023 2022 2023 2022 Costs related to undrawn credit facilities 1 7 $ 1,272 $ 1,297 $ 2,589 $ 2,639 Interest expense - lease liabilities 1 7 36 24 53 50 Letters of guarantee 5.3 44 68 89 122 Total finance costs $ 1,352 $ 1,389 $ 2,731 $ 2,811 |
Issued Capital (Tables)
Issued Capital (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of Capital Issued | (in thousands) Note June 30 2023 December 31 Issued capital Share capital issued and outstanding: 452,969,332 common shares (December 31, 2022: 452,318,526 common shares) 1 8 $ 3,773,227 $ 3,752,662 |
Summary of Common Shares Issued and Outstanding | A continuity sch e Number of Shares Weighted Average Price At January 1, 2022 450,863,952 Share purchase options exercised 1 329,480 Cdn$ 28.84 Restricted share units released 1 87,838 Cdn$0.00 At March 31, 2022 451,281,270 Share purchase options exercised 1 434 Cdn$50.36 Dividend reinvestment plan 2 410,488 US$44.53 At June 30, 2022 451,692,192 Share purchase options exercised 1 163,215 Cdn$28.55 Dividend reinvestment plan 2 463,119 US$33.62 At December 31, 2022 452,318,526 Share purchase options exercised 1 397,636 Cdn$31.17 Restricted share units released 1 59,672 Cdn$0.00 At March 31, 2023 452,775,834 Share purchase options exercised 1 32,611 Cdn$35.78 Restricted share units released 1 60,155 Cdn$0.00 Dividend reinvestment plan 2 100,732 US$47.23 At June 30, 2023 452,969,332 1) The weighted average price of share purchase options exercised and restricted share units released represents the respective exercise price. 2) The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. The weighted average price for common shares issued under the DRIP represents the volume weighted average price of the common shares on the five trading days preceding the dividend payment date, less a discount of 1% where applicable. |
Schedule of Dividends Declared | Three Months Ended Six (in thousands, except per share amounts) 2023 2022 2023 2022 Dividends declared per share $ 0.15 $ 0.15 $ 0.30 $ 0.30 Average number of shares eligible for dividend 452,919 451,387 452,827 451,320 Total dividends paid $ 67,938 $ 67,708 $ 135,849 $ 135,396 Paid as follows: Cash $ 65,857 97 % $ 58,613 87 % $ 131,091 96 % $ 117,117 86 % DRIP 1 2,081 3 % 9,095 13 % 4,758 4 % 18,279 14 % Total dividends paid $ 67,938 100 % $ 67,708 100 % $ 135,849 100 % $ 135,396 100 % Shares issued under the DRIP 46 218 101 410 1) The Company has implemented a DRIP whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. 2) As at June 30, 2023, cumulative dividends of $1,930 million have been declared and paid by the Company. |
Reserves (Tables)
Reserves (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of Reserves | (in thousands) Note June 30 December 31 Reserves Share purchase warrants 19 $ - $ 83,077 Share purchase options 1 9 22,019 22,578 Restricted share units 19 6,222 8,142 Long-term investment revaluation reserve, net of tax 1 9 (54,430 ) (47,250) Total reserves $ (26,189 ) $ 66,547 |
Summary of Share Purchase Warrants | The Company’s share purchase warrants (“warrants”) are presented below: Number of Weighted Exchange Share Purchase Warrants outstanding at December 31, 2022 10,000,000 $ 43.75 1.00 $ 83,077 Expired (10,000,000 ) 43.75 1.00 (83,077 ) Warrants outstanding at June 30, 2023 - $ 43.75 1.00 $ - |
Summary of Fair Value of Share Purchase Options | The weighted average fair value of share purchase options granted and principal assumptions used in applying the Black-Scholes option pricing model are as follows: Six Months Ended 2023 2022 Black-Scholes weighted average assumptions Grant date share price and exercise price Cdn$59.41 Cdn$60.00 Expected dividend yield 1.39% 1.32% Expected volatility 30% 35% Risk-free interest rate 3.40% 1.72% Expected option life, in years 3.0 3.0 Weighted average fair value per option granted Cdn$12.89 Cdn$13.84 Number of options issued during the period 316,580 283,440 Total fair value of options issued (000’s) $ 2,972 $ 3,069 |
Disclosure of Information About Options Outstanding and Exercisable | The following table summarizes information about the options outstanding and exercisable at June 30, 2023: Exercise Price (Cdn$) Exercisable Options Non-Exercisable Options Total Options Outstanding Weighted Average Remaining Contractual Life $30.82 4,477 - 4,477 1.0 $31.88¹ 22,000 - 22,000 1.7 $32.50¹ 13,680 - 13,680 0.7 years $32.93 142,165 - 142,165 0.7 years $33.47 292,345 - 292,345 1.7 years $49.86 156,693 79,873 236,566 4.7 years $52.89¹ 39,738 20,088 59,826 4.7 years $57.29¹ - 63,190 63,190 6.7 years $59.41 - 252,630 252,630 6.7 years $60.00 73,578 148,556 222,134 5.7 years $62.18¹ 17,624 35,246 52,870 5.7 years 762,300 599,583 1,361,883 4.2 years 1) US$ share purchase options converted to Cdn$ using the exchange rate of 1.3240, being the Cdn$/US$ exchange rate at June 30, 2023. |
Disclosure of Outstanding Share Purchase Options | A continuity schedule of the Company’s outstanding share purchase options from January 1, 2022 to June 30, 2023 is presented below: Number of Options Outstanding Weighted Average Exercise Price At January 1, 2022 1,705,497 Cdn$34.40 Granted (fair value - $3 million or Cdn$13.84 per option) 283,440 60.00 Exercised (329,480) 28.84 At March 31, 2022 1,659,457 Cdn$38.59 Exercised (434) 50.36 Forfeited (6,154) 49.86 At June 30, 2022 1,652,869 Cdn$38.73 Exercised (163,215) 28.55 Forfeited (11,354) 55.83 At December 31, 2022 1,478,300 Cdn$41.37 Granted (fair value - $3 million or Cdn$12.89 per option) 316,580 59.41 Exercised (397,636) 31.17 Forfeited (1,300) 55.01 At March 31, 2023 1,395,944 Cdn$48.32 Exercised (32,611) 35.77 Forfeited (1,450) 59.69 At June 30, 2023 1,361,883 Cdn$48.43 |
Disclosure of Restricted Share Units Reserve | A continuity schedule of the Company’s restricted share units outstanding from January 1, 2022 to June 30, 2023 is presented below: Number of Weighted At January 1, 2022 350,058 $ 26.69 Granted (fair value - $4 million) 89,210 46.93 Released (87,838) 28.85 At March 31, 2022 351,430 $31.28 Granted 2,570 39.39 Forfeited (1,320) 39.95 At June 30, 2022 352,680 $31.31 Forfeited (2,474) 39.95 At December 31, 2022 350,206 $31.25 Granted (fair value - $4 million) 92,880 43.27 Released (59,672) 41.64 Forfeited (290) 43.58 At March 31, 2023 383,124 $32.54 Granted 1,110 50.26 Released (60,155) 24.64 Forfeited (320) 45.11 At June 30, 2023 323,759 $34.05 |
Disclosure of Long Term Investment Revaluation Reserve | A continuity schedule of the Company’s long-term investment revaluation reserve from January 1, 2022 to June 30, 2023 is presented below: (in thousands) Change in Fair Value Deferred Tax Recovery (Expense) Total At January 1, 2022 $ (65,475 $ (111 $ (65,586 Unrealized gain (loss) on LTIs 1 91 (194) (103) At March 31, 2022 $ (65,384) $ (305) $ (65,689) Unrealized gain (loss) on LTIs 1 (33,874) 349 (33,525) At June 30, 2022 $ (99,258) $ 44 $ (99,214) Unrealized gain (loss) on LTIs 1 54,835 (6,668) 48,167 Reallocate reserve to retained earnings upon disposal of LTIs 1 3,797 - 3,797 At December 31, 2022 $ (40,626) $ (6,624) $ (47,250) Unrealized gain (loss) on LTIs 1 44,654 (3,954) 40,700 Reallocate reserve to retained earnings upon disposal of LTIs 1 990 - 990 At March 31, 2023 $ 5,018 $ (10,578) $ (5,560) Unrealized gain (loss) on LTIs 1 (53,083) 6,044 (47,039) Reallocate reserve to retained earnings upon disposal of LTIs 1 1 5 (1,831) - (1,831) At June 30, 2023 $ (49,896) $ (4,534) $ (54,430) 1) LTIs refers to long-term investments in common shares held. |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Schedule of the Company's Outstanding PSUs | A continuity schedule of the Company’s outstanding PSUs (assuming a performance factor of 100% is achieved over the performance period) and the Company’s PSU accrual from January 1, 2022 to June 30, 2023 is presented below: (in thousands, except for number of PSUs outstanding) Number of PSUs PSU accrual liability At January 1, 2022 513,510 $ 26,305 Granted 129,140 - Accrual related to the fair value of the PSUs outstanding - 8,625 Foreign exchange adjustment - 307 Forfeited (3,970) (65) At March 31, 2022 638,680 $ 35,172 Accrual related to the fair value of the PSUs outstanding - 111 Foreign exchange adjustment - (530) Paid (184,780) (18,247) At June 30, 2022 453,900 $ 16,506 Accrual related to the fair value of the PSUs outstanding - 5,678 Foreign exchange adjustment - (648) Paid (1,950) (163) Forfeited (7,330) (134) At December 31, 2022 444,620 $ 21,239 Granted 135,690 - Accrual related to the fair value of the PSUs outstanding - 5,855 Foreign exchange adjustment - 13 Paid (191,980) (16,675) At March 31, 2023 388,330 $ 10,432 Accrual related to the fair value of the PSUs outstanding - 2,645 Foreign exchange adjustment - 185 Forfeited (1,280) (21) At June 30, 2023 387,050 $ 13,241 |
Schedule of Performance Share Units Outstanding | A summary of the PSUs outstanding at June 30, 2023 is as follows: Year Year of Number Estimated Value Per PSU at Maturity Anticipated Percent of Vesting Period Complete at PSU 2021 2024 126,590 $45.39 198% 76% $ 8,692 2022 2025 125,100 $44.80 163% 43% 3,935 2023 2026 135,360 $44.11 104% 10% 614 387,050 $ 13,241 |
Earnings per Share ("EPS") an_2
Earnings per Share ("EPS") and Diluted Earnings per Share ("Diluted EPS") (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Profit or loss [abstract] | |
Summary of Diluted EPS Calculated Based on Weighted Average Number of Shares Outstanding | Diluted EPS is calculated based on the following weighted average number of shares outstanding: Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2023 2022 2023 2022 Basic weighted average number of shares outstanding 452,892 451,524 452,633 451,221 Effect of dilutive securities Share purchase options 332 484 381 551 Restricted share units 351 351 354 351 Diluted weighted average number of shares outstanding 453,575 452,359 453,368 452,123 |
Summary of Share Purchase Options and Share Purchase Warrants Excluded From Computation of Diluted Earnings Per Share | The following table lists the number of share purchase options and share purchase warrants excluded from the computation of diluted earnings per share because the exercise prices exceeded the average market value of the common shares of Cdn$63.69 (six months - Cdn$61.40), compared to Cdn$55.28 (six months - Cdn$55.15) for the comparable period in 2022. Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2023 2022 2023 2022 Share purchase options - 283 53 283 Share purchase warrants - 10,000 - 10,000 Total - 10,283 53 10,283 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of Change in Non-Cash Working Capital | Change in Non-Cash Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2023 2022 2023 2022 Change in non-cash Accounts receivable $ 2,132 $ 12,630 $ 2,981 $ (1,972) Cobalt inventory 187 (1,392) 815 (594) Accounts payable and accrued liabilities 452 (2,140) (3,004) (4,353) Other (1,086) (1,733) (1,179) (1,634) Total change in non-cash $ 1,685 $ 7,365 $ (387) $ (8,553) |
Summary of Cash and Cash Equivalents | Cash and Cash Equivalents (in thousands) June 30 December 31 Cash and cash equivalents comprised of: Cash $ 356,426 $ 170,155 Cash equivalents 472,411 525,934 Total cash and cash equivalents $ 828,837 $ 696,089 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Schedule of Income Tax Expense (Recovery) | A summary of the Company’s income tax exp e Income Tax Expense (Recovery) in Net Earnings Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2023 2022 2023 2022 Current income tax expense (recovery) $ 80 $ (819) $ (2,560) $ 78 Deferred income tax expense (recovery) related to: Origination and reversal of temporary differences $ 1,701 $ 2,849 $ 3,061 $ 9,123 Write down (reversal of write down) or recognition of prior period temporary differences 4,354 (1,829) (946) (8,329) Total deferred income tax expense $ 6,055 $ 1,020 $ 2,115 $ 794 Total income tax expense (recovery) recognized in net earnings $ 6,135 $ 201 $ (445) $ 872 |
Schedule of Income Tax Expense (Recovery) in Other Comprehensive Income | Income Tax Expense (Recovery) in Other Comprehensive Income Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2023 2022 2023 2022 Income tax expense (recovery) related to LTIs - common shares held $ (6,044) $ (349) $ (2,090) $ (155) |
Schedule of Income Tax Expense (Recovery) in Shareholders' Equity | Income Tax Expense (Recovery) in Shareholders’ Equity 1 Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2023 2022 2023 2022 Current income tax expense (recovery) $ - $ 852 $ - $ 3 Deferred income tax expense (recovery) related to: Origination and reversal of temporary differences $ - $ (852 ) $ - $ (3 ) Write down (reversal of write down) or recognition of prior period temporary differences $ - $ 292 $ - $ (500 ) Total deferred income tax expense (recovery) $ - $ (560 ) $ - $ (503 ) Total income tax expense (recovery) recognized in equity $ - $ 292 $ - $ (500 ) 1) Income tax expense (recovery) in shareholders’ equity relates to share financing fees. Share financing fees are deducted over a five-year period for Canadian income tax purposes. For accounting purposes, share financing fees are charged directly to issued capital. |
Schedule of Income Tax Rate Reconciliation | Income Tax Rate Reconciliation The provision for income taxes diff e Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2023 2022 2023 2022 Earnings before income taxes $ 147,583 $ 149,275 $ 252,394 $ 307,414 Canadian federal and provincial income tax rates 27.00% 27.00% 27.00% 27.00% Income tax expense (recovery) based on above rates $ 39,847 $ 40,305 $ 68,146 $ 83,002 Non-deductible (non-taxable - - - (1,052) Non-deductible 547 627 886 1,099 Differences in tax rates in foreign jurisdictions 1 (39,044) (37,177) (68,938) (76,056) Current period unrecognized temporary differences 431 (1,725) 407 2,208 Write down (reversal of write down) or recognition of prior period temporary differences 4,354 (1,829) (946) (8,329) Total income tax expense (recovery) recognized in net earnings $ 6,135 $ 201 $ (445) $ 872 1) During the six months ended June 30, 2023, the Company’s subsidiaries generated net earnings of $257 million, as compared to $283 million during the comparable period of the prior year. |
Schedule of Deferred Income Taxes | Deferred Income Taxes The recognized deferred income tax assets and liabilities are offset on the balance sheet and relate to Canada, except for the foreign withholding tax. The movement in deferred income tax assets and liabilities for the six months ended June 30, 2023 and the year ended December 31, 2022 is shown below: Six Months Ended June 30, 2023 Recognized deferred income tax assets and liabilities Opening Balance Recovery (Expense) Recognized In Net Earnings Recovery (Expense) Recognized In OCI Recovery (Expense) Recognized In Shareholders’ Equity Closing Balance Deferred tax assets Non-capital 1 $ - $ 472 $ - $ - $ 472 Capital loss carryforward 792 (1) 124 - 915 Other 2 4,256 (1,695) - - 2,561 Deferred tax liabilities Debt financing fees 3 (774) (21) - - (795) Unrealized gains on long-term investments (8,006) 1 1,966 - (6,039) Mineral stream interests 4 3,732 (846) - - 2,886 Foreign withholding tax (165) (25) - - (190) Total $ (165) $ (2,115) $ 2,090 $ - $ (190) 1) As at June 30, 2023, the Company had recognized the tax effect on $2 million of non-capital 2) Other includes capital assets, cobalt inventory, charitable donation carryforward, and PSU and pension liabilities. 3) Debt and share financing fees are deducted over a five-year period for Canadian income tax purposes. For accounting purposes, debt financing fees are deducted over the term of the credit facility and share financing fees are charged directly to issued capital. 4) The Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, is that the cost of the precious metal acquired under the Canadian PMPAs is equal to the market value while a deposit is outstanding (where applicable to an agreement), and the cash cost thereafter. For accounting purposes, the cost of the mineral stream interests is depleted on a unit-of-production Year Ended December 31, 2022 Recognized deferred income tax assets and liabilities Opening Recovery Recovery Recovery Closing Deferred tax assets Non-capital $ 6,967 $ (5,178) $ - $ (1,789) $ - Capital loss carryforward - 277 515 - 792 Other 1,325 2,739 192 - 4,256 Deferred tax liabilities Interest capitalized for accounting (87) 87 - - - Debt and share financing fees (737) (37) - - (774) Kutcho Convertible Note - 112 (112) - - Unrealized gains on long-term investments (170) (728) (7,108) - (8,006) Mineral stream interests (7,298) 11,030 - - 3,732 Foreign withholding tax (100) (65) - - (165) Total $ (100) $ 8,237 $ (6,513) $ (1,789) $ (165) |
Deferred income tax assets in Canada not recognized | Deferred income tax assets in Canada not recognized are shown below: (in thousands) June 30 2023 December 31 2022 Mineral stream interests $ 6,593 $ 7,369 Other 1,798 1,575 Unrealized losses on long-term investments 12,131 13,069 Total $ 20,522 $ 22,013 1) As at June 30, 2023, the Company had fully recognized the tax effect of non-capital |
Disclosure Of Detailed Information About Current Income Taxes Payable Explanatory | Current Income Taxes (Payable) Receivable The movement in current income taxes payable for the six June 30 (in thousands) Current Taxes Payable Current taxes payable - December 31, 2022 $ (2,763) Current income tax recovery - income statement 2,560 Income taxes paid 4,332 Foreign exchange adjustments 88 Current taxes recoverable - June 30, 2023 $ 4,217 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Miscellaneous current assets [abstract] | |
Disclosure of other current assets | The composition of other current assets is shown below: (in thousands) Note June 30 2023 December 31 2022 Prepaid expenses $ 3,505 $ 2,856 Other 961 431 Total other current assets $ 4,466 $ 3,287 |
Other Long-Term Assets (Tables)
Other Long-Term Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Composition of other long term assets table explanatory | The composition of other long-t e (in thousands) Note June 30 2023 December 31 2022 Intangible assets $ 2,078 $ 2,270 Debt issue costs - Revolving Facility 1 7 6,040 5,757 Refundable deposit - 777 PMPA 8,393 8,073 Mineral royalty interest 6,606 6,606 Other 5,340 3,691 Total other long-term assets $ 28,457 $ 26,397 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of Commitments to Purchase Mineral Stream | Mineral Stream Interests The following tabl e per-ounce Attributable Payable Production to be Purchased Per Unit of Measurement Cash Payment 1 Term of Date of Mineral Stream Interests Gold Silver Palladium Cobalt Platinum Gold Silver Palladium Cobalt Platinum Peñasquito 0% 25% 0% 0% 0% n/a $ 4.43 n/a n/a n/a Life of Mine 24-Jul-07 Constancia 50% 100% 0% 0% 0% $ 416 2 $ 6.14 2 n/a n/a n/a Life of Mine 8-Aug-12 Salobo 75% 0% 0% 0% 0% $ 420 n/a n/a n/a n/a Life of Mine 28-Feb-13 Sudbury 70% 0% 0% 0% 0% $ 400 n/a n/a n/a n/a 20 years 28-Feb-13 Antamina 0% 33.75% 0% 0% 0% n/a 20% n/a n/a n/a Life of Mine 3-Nov-15 San Dimas variable 3 0% 3 0% 0% 0% $ 631 n/a n/a n/a n/a Life of Mine 10-May-18 Stillwater 100% 0% 4.5% 4 0% 0% 18% 5 n/a 18% 5 n/a n/a Life of Mine 16-Jul-18 Voisey’s Bay 0% 0% 0% 42.4% 6 0% n/a n/a n/a 18% 7 n/a Life of Mine 11-Jun-18 Marathon 100% 8 0% 0% 0% 22% 8 18% 5 n/a n/a n/a 18% 5 Life of Mine 26-Jan-22 Other Los Filos 0% 100% 0% 0% 0% n/a $ 4.60 n/a n/a n/a 25 years 15-Oct-04 Zinkgruvan 0% 100% 0% 0% 0% n/a $ 4.60 n/a n/a n/a Life of Mine 8-Dec-04 Stratoni 0% 100% 0% 0% 0% n/a $ 11.54 n/a n/a n/a Life of Mine 23-Apr-07 Neves-Corvo 0% 100% 0% 0% 0% n/a $ 4.46 n/a n/a n/a 50 years 5-Jun-07 Aljustrel 0% 100% 9 0% 0% 0% n/a 50% n/a n/a n/a 50 years 5-Jun-07 Minto 100% 10 100% 0% 0% 0% 50% 11 $ 4.39 n/a n/a n/a Life of Mine 20-Nov-08 Pascua-Lama 0% 25% 0% 0% 0% n/a $ 3.90 n/a n/a n/a Life of Mine 8-Sep-09 Copper World 100% 100% 0% 0% 0% $ 450 $ 3.90 n/a n/a n/a Life of Mine 10-Feb-10 Loma de La Plata 0% 12.5% 0% 0% 0% n/a $ 4.00 n/a n/a n/a Life of Mine n/a 12 Marmato 10.5% ¹³ 100% 13 0% 0% 0% 18% 14 18% 14 n/a n/a n/a Life of Mine 5-Nov-20 Cozamin 0% 50% 15 0% 0% 0% n/a 10% n/a n/a n/a Life of Mine 11-Dec-20 Santo Domingo 100% 16 0% 0% 0% 0% 18% 5 n/a n/a n/a n/a Life of Mine 24-Mar-21 Fenix 6% 17 0% 0% 0% 0% 18% 5 n/a n/a n/a n/a Life of Mine 15-Nov-21 Blackwater 8% 18 50% 18 0% 0% 0% 35% 18% 5 n/a n/a n/a Life of Mine 13-Dec-21 Curipamba 50% 19 75% 19 0% 0% 0% 18% 5 18% 5 n/a n/a n/a Life of Mine 17-Jan-22 Goose 2.78% 20 0% 0% 0% 0% 18% 5 n/a n/a n/a n/a Life of Mine 8-Feb-22 Cangrejos 6.6% 21 0% 0% 0% 0% 18% 5 n/a n/a n/a n/a Life of Mine 16-May-23 Early Deposit Toroparu 10% 50% 0% 0% 0% $ 400 $ 3.90 n/a n/a n/a Life of Mine 11-Nov-13 Cotabambas 25% 22 100% 22 0% 0% 0% $ 450 $ 5.90 n/a n/a n/a Life of Mine 21-Mar-16 Kutcho 100% 100% 0% 0% 0% 20% 20% n/a n/a n/a Life of Mine 14-Dec-17 1) The production payment is measured as either a fixed amount per unit of metal delivered, or as a percentage of the spot price of the underlying metal on the date of delivery. Contracts where the payment is a fixed amount per unit of metal delivered are subject to an annual inflationary increase, with the exception of Loma de La Plata and Sudbury. Additionally, should the prevailing market price for the applicable metal be lower than this fixed amount, the per unit cash payment will be reduced to the prevailing market price. 2) Subject to an increase to $9.90 per ounce of silver and $550 per ounce of gold after the initial 40 3) 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 4) The Company is committed to purchase 4.5% of Stillwater palladium production until 375,000 ounces are delivered to the Company, thereafter 2.25% of Stillwater palladium production until 550,000 ounces are delivered to the Company and 1% of Stillwater palladium production thereafter for the life of mine. 5) To be increased to 22% once the market value of metal delivered to Wheaton, net of the per ounce cash payment, exceeds the initial upfront cash deposit. 6) Once the Company has received 31 million pounds of cobalt, the Company’s attributable cobalt production will be reduced to 21.2%. 7) To be increased to 22% once the market value of cobalt delivered to Wheaton, net of the per pound cash payment, exceeds the initial upfront cash deposit. Additionally, on each sale of cobalt, the Company is committed to pay a variable commission depending on the market price of cobalt. 8) Once the Company has received 150,000 ounces of gold and 120,000 ounces of platinum under the Marathon PMPA, the attributable gold and platinum production will be reduced to 67% and 15%, respectively. 9) Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine. 10) The Company is committed to acquire 100% of the first 30,000 ounces of gold produced per annum and 50% thereafter. On May 13, 2023 Minto Metals Corp., announced the suspension of operations at the Minto mine. 11) Prior to the announcement by Minto Metals Corp. of the suspension of operations at the Minto mine on May 13, 2023, the parties were in discussions in connection with a possible restructuring of the Minto PMPA. During that negotiation period, the cash payment per ounce of gold delivered was set at of spot price. Following the May 13 announcement, and as negotiations were not successful, the price of deliveries of gold reverts to of spot price as set out in the existing Minto PMPA. 12) Terms of the agreement not yet finalized. 13) Once Wheaton has received 310,000 ounces of gold and 2.15 million ounces of silver under the Marmato PMPA the Company’s attributable gold and silver production will be reduced to 5.25% and 50%, respectively. 14) To be increased to 22% of the spot price once the market value of gold and silver delivered to the Company, net of the per ounce cash payment, exceeds the initial upfront cash deposit. 15) Once Wheaton has received 10 million ounces under the Cozamin PMPA, the Company’s attributable silver production will be reduced to 33% of silver production for the life of the mine. 16) Once the Company has received 285,000 ounces of gold under the Santo Domingo PMPA, the Company’s attributable gold production will be reduced to 67%. 17) Once the Company has received 90,000 ounces of gold under the Fenix PMPA, the Company attributable gold production will be reduced to 4% until 140,000 ounces have been delivered, after which the stream drops to 3.5%. 18) Once the Company has received 464,000 ounces of gold under the amended Blackwater gold PMPA, the attributable gold production will be reduced to 4%. Once the Company has received 17.8 million ounces of silver under the Blackwater silver PMPA, the attributable silver production will be reduced to 33%. 19) Once the Company has received 145,000 ounces of gold under the Curipamba PMPA, the attributable gold production will be reduced to 33%, and once the Company has received 4.6 million ounces of silver, the attributable silver production will be reduced to 50%. 20) During Q2-2023, 21) Once the Company has received 700,000 ounces of gold under the Cangrejos PMPA, the attributable gold production will be reduced to 4.4%, 22) Once 90 million silver equivalent ounces attributable to Wheaton have been produced under the Cotabambas PMPA, the attributable production will decrease to 16.67% of gold production and 66.67% of silver production for the life of mine. |
Summary of Other Contractual Obligations and Contingencies | Other Contractual Obligations and Contingencies Projected Payment Dates 1 (in thousands) 2023 2024 - 2025 2026 - 2027 After 2027 Total Payments for mineral stream interests Salobo 2 $ 552,000 $ - $ - $ - $ 552,000 Blackwater 135,750 - - - 135,750 Marathon 15,105 135,944 - - 151,049 Cangrejos 21,000 15,000 252,000 - 288,000 Marmato 40,016 81,984 - - 122,000 Santo Domingo - 260,000 - - 260,000 Copper World 3 - 231,150 - - 231,150 Curipamba 100 250 162,000 - 162,350 Fenix Gold - - - 25,000 25,000 Loma de La Plata - - - 32,400 32,400 Payments for early deposit mineral stream interest Cotabambas 250 - - 126,000 126,250 Toroparu - 138,000 - - 138,000 Kutcho - 29,000 29,000 - 58,000 Leases liabilities 444 1,550 1,317 5,316 8,627 Total contractual obligations $ 764,665 $ 892,878 $ 444,317 $ 188,716 $ 2,290,576 1) Projected payment date based on management estimate. Dates may be updated in the future as additional information is received. 2) As more fully explained below, assuming the Salobo III expansion project results in throughput being expanded beyond 35 Mtpa by January 1, 2024, the Company would expect to pay an expansion payment of $552 million. 3) Figure includes contingent transaction costs of $1 million. |
Segmented Information (Tables)
Segmented Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Schedule of Operating Segments | Operating Segments The Company’s reportable operating segments, which are the components of the Company’s business where discrete financial information is available and which are evaluated on a regular basis by the Company’s Chief Executive Officer (“CEO”), who is the Company’s chief operating decision maker, for the purpose of assessing performance, are summarized in the tables below: Three Months Ended June 30, 2023 (in thousands) Sales Cost of Sales Depletion Gain on Disposal 1 Net Earnings Cash Flow From Operations Total Assets Gold Salobo $ 91,350 $ 19,351 $ 15,209 $ - $ 56,790 $ 71,999 $ 2,356,169 Sudbury 2 9,549 1,910 4,892 - 2,747 7,579 274,048 Constancia 19,090 4,004 3,037 - 12,049 15,085 90,469 San Dimas 22,532 7,131 2,947 - 12,454 15,401 150,154 Stillwater 4,356 785 1,120 - 2,451 3,571 213,663 Other 3 2,634 1,494 246 - 894 1,252 537,197 Total gold interests $ 149,511 $ 34,675 $ 27,451 $ - $ 87,385 $ 114,887 $ 3,621,700 Silver Peñasquito $ 46,291 $ 8,475 $ 7,775 $ - $ 30,041 $ 37,816 $ 279,872 Antamina 23,302 4,523 6,794 - 11,985 18,780 532,828 Constancia 16,322 4,142 4,212 - 7,968 12,180 186,452 Other 4 21,166 5,094 3,068 (5,027) 18,031 15,878 482,572 Total silver interests $ 107,081 $ 22,234 $ 21,849 $ (5,027) $ 68,025 $ 84,654 $ 1,481,724 Palladium Stillwater $ 4,879 $ 887 $ 1,510 $ - $ 2,482 $ 3,993 $ 224,099 Platinum Marathon $ - $ - $ - $ - $ - $ - $ 9,448 Cobalt Voisey’s Bay $ 3,501 $ 846 $ 3,664 $ - $ (1,009) $ 4,335 $ 354,195 Total mineral stream interests $ 264,972 $ 58,642 $ 54,474 $ (5,027) $ 156,883 $ 207,869 $ 5,691,166 Other General and administrative $ (10,216) $ (9,544) Share based compensation (4,484) - Donations and community investments (1,940) (1,738) Finance costs (1,352) (999) Other 8,692 7,776 Income tax (6,135) (988) Total other $ (15,435) $ (5,493) $ 1,188,739 Consolidated $ 141,448 $ 202,376 $ 6,879,905 1) See Note 13 for more information. 2) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating 3) Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating Marmato gold interest as well as the non-operating 4) Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Cozamin and Marmato silver interests and the non-operating Three Months Ended June 30, 2022 (in thousands) Sales Cost Depletion Net Cash Flow From Operations Total Assets Gold Salobo $ 90,842 $ 20,193 $ 16,187 $ 54,462 $ 70,649 $ 2,407,579 Sudbury 1 14,780 3,167 8,630 2,983 11,613 294,485 Constancia 13,915 3,063 2,014 8,838 10,686 98,930 San Dimas 19,910 6,630 2,760 10,520 13,280 161,350 Stillwater 4,917 893 1,127 2,897 4,024 217,530 Other 2 13,478 5,243 412 7,823 8,529 419,696 Total gold interests $ 157,842 $ 39,189 $ 31,130 $ 87,523 $ 118,781 $ 3,599,570 Silver Peñasquito $ 47,102 $ 9,139 $ 7,475 $ 30,488 $ 37,963 $ 306,742 Antamina 26,448 5,206 8,308 12,934 21,242 561,383 Constancia 11,101 3,004 3,139 4,958 7,784 198,672 Other 3 45,577 15,485 11,944 18,148 30,198 577,944 Total silver interests $ 130,228 $ 32,834 $ 30,866 $ 66,528 $ 97,187 $ 1,644,741 Palladium Stillwater $ 7,203 $ 1,378 $ 1,348 $ 4,477 $ 5,825 $ 229,855 Platinum Marathon $ - $ - $ - $ - $ - $ 4,852 Cobalt Voisey’s Bay $ 7,649 $ 1,542 $ 2,338 $ 3,769 $ 13,797 $ 362,460 Total mineral stream interests $ 302,922 $ 74,943 $ 65,682 $ 162,297 $ 235,590 $ 5,841,478 Other General and administrative $ (9,685) $ (8,546) Share based compensation (1,608) (18,247) Donations and community investments (1,160) (1,152) Finance costs (1,389) (1,011) Other 820 (195) Income tax (201) (80) Total other $ (13,223) $ (29,231) $ 607,217 Consolidated $ 149,074 $ 206,359 $ 6,448,695 1) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating 2) Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating 777, Minto and Marmato gold interests as well as the non-operating Copper World Complex, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba and Goose 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. 3) Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Aljustrel, Neves-Corvo, Minto, 777, Marmato and Cozamin silver interests, the non-operating Loma de La Plata, Stratoni, Copper World Complex, Pascua-Lama, Blackwater and Curipamba silver interests and the previously owned Keno Hill and Yauliyacu silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill stream was terminated in exchange for Six Months Ended June 30, 2023 (in thousands) Sales Cost Depletion Gain on 1 Net Cash Flow Total Assets Gold Salobo $ 159,825 $ 34,471 $ 27,093 $ - $ 98,261 $ 125,353 $ 2,356,169 Sudbury 2 17,866 3,657 9,368 - 4,841 13,925 274,048 Constancia 31,615 6,742 5,114 - 19,759 24,873 90,469 San Dimas 42,812 13,782 5,711 - 23,319 29,030 150,154 Stillwater 8,343 1,483 2,189 - 4,671 6,860 213,663 Other 3 8,247 5,576 498 - 2,173 2,407 537,197 Total gold interests $ 268,708 $ 65,711 $ 49,973 $ - $ 153,024 $ 202,448 $ 3,621,700 Silver Peñasquito $ 80,162 $ 15,043 $ 13,802 $ - $ 51,317 $ 65,119 $ 279,872 Antamina 41,897 8,229 12,540 - 21,128 33,668 532,828 Constancia 24,674 6,387 6,495 - 11,792 18,288 186,452 Other 4 46,025 11,572 5,812 (5,027) 33,668 35,925 482,572 Total silver interests $ 192,758 $ 41,231 $ 38,649 $ (5,027) $ 117,905 $ 153,000 $ 1,481,724 Palladium Stillwater $ 9,614 $ 1,752 $ 2,713 $ - $ 5,149 $ 7,862 $ 224,099 Platinum Marathon $ - $ - $ - $ - $ - $ - $ 9,448 Cobalt Voisey’s Bay $ 8,357 $ 1,912 $ 8,138 $ - $ (1,693) $ 8,820 $ 354,195 Total mineral stream interests $ 479,437 $ 110,606 $ 99,473 $ (5,027) $ 274,385 $ 372,130 $ 5,691,166 Other General and administrative $ (20,315) $ (23,384) Share based compensation (11,881) (16,675) Donations and community investments (3,318) (3,146) Finance costs (2,731) (2,066) Other 16,254 14,955 Income tax 445 (4,332) Total other $ (21,546) $ (34,648) $ 1,188,739 Consolidated $ 252,839 $ 337,482 $ 6,879,905 1) See Note 13 for more information 2) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating 3) Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating Marmato gold interest as well as the non-operating Minto, 777, Copper World Complex, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba, Goose and Cangrejos 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. 4) Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Cozamin and Marmato silver interests and the non-operating Three and Six Months Ended June 30, 2023 (US Dollars) Six Months Ended June 30, 2022 (in thousands) Sales Cost Depletion Net Cash Flow Total Gold Salobo $ 170,407 $ 37,889 $ 30,371 $ 102,147 $ 132,517 $ 2,407,579 Sudbury 1 21,689 4,651 12,684 4,354 17,038 294,485 Constancia 33,555 7,388 4,859 21,308 26,168 98,930 San Dimas 38,756 12,855 5,373 20,528 25,901 161,350 Stillwater 9,835 1,757 2,255 5,823 8,078 217,530 Other 2 29,275 11,781 623 16,871 17,351 419,696 Total gold interests $ 303,517 $ 76,321 $ 56,165 $ 171,031 $ 227,053 $ 3,599,570 Silver Peñasquito $ 99,829 $ 18,679 $ 15,276 $ 65,874 $ 81,151 $ 306,742 Antamina 61,806 12,457 18,669 30,680 49,001 561,383 Constancia 26,614 6,918 7,212 12,484 19,697 198,672 Other 3 76,311 23,095 16,270 36,946 54,073 577,944 Total silver interests $ 264,560 $ 61,149 $ 57,427 $ 145,984 $ 203,922 $ 1,644,741 Palladium Stillwater $ 16,736 $ 2,980 $ 2,975 $ 10,781 $ 13,755 $ 229,855 Platinum Marathon $ - $ - $ - $ - $ - $ 4,852 Cobalt Voisey’s Bay $ 25,353 $ 4,486 $ 6,517 $ 14,350 $ 17,060 $ 362,460 Total mineral stream interests $ 610,166 $ 144,936 $ 123,084 $ 342,146 $ 461,790 $ 5,841,478 Other General and administrative $ (19,089) $ (23,365) Share based compensation (11,509) (18,247) Donations and community investments (1,973) (1,567) Finance costs (2,811) (2,088) Other 650 488 Income tax (872) (112) Total other $ (35,604) $ (44,891) $ 607,217 Consolidated $ 306,542 $ 416,899 $ 6,448,695 1) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating 2) Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating 777, Minto and Marmato gold interests as well as the non-operating Copper World Complex, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba and Goose 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. 3) Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Aljustrel, Neves-Corvo, Minto, 777, Marmato and Cozamin silver interests, the non-operating Loma de La Plata, Stratoni, Pascua-Lama, Copper World Complex, Blackwater and Curipamba silver interests and the previously owned Keno Hill and Yauliyacu silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill stream was terminated in exchange for million. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. |
Schedule of Company's Geographical Information | Geographical Areas The Company’s geographical information, which is based on the location of the mining operations to which the mineral stream interests relate, are summarized in th e Sales Carrying Amount at (in thousands) Three Month Six Months Gold Silver Palladium Platinum Cobalt Total North America Canada $ 14,982 6% $ 33,555 7% $ 689,882 $ 35,666 $ - $ 9,448 $ 354,195 $ 1,089,191 United States 9,235 3% 17,958 4% 213,664 567 224,099 - - 438,330 Mexico 73,342 28% 130,980 28% 150,152 404,805 - - - 554,957 Europe Greece - 0% - 0% - - - - - - Portugal 7,499 3% 16,044 3% - 18,050 - - - 18,050 Sweden 8,755 3% 20,709 4% - 28,202 - - - 28,202 South America Argentina/Chile 1 - 0% - 0% - 253,514 - - - 253,514 Argentina - 0% - 0% - 10,889 - - - 10,889 Chile - 0% - 0% 56,537 - - - - 56,537 Brazil 91,351 35% 159,824 34% 2,356,170 - - - - 2,356,170 Peru 58,713 22% 98,187 20% 90,470 719,275 - - - 809,745 Ecuador - 0% - 0% 22,492 3,741 - - - 26,233 Colombia 1,095 0% 2,180 0% 42,333 7,015 - - - 49,348 Consolidated $ 264,972 100% $ 479,437 100% $ 3,621,700 $ 1,481,724 $ 224,099 $ 9,448 $ 354,195 $ 5,691,166 1) Includes the Pascua-Lama project, which straddles the border of Argentina and Chile. Sales Carrying Amount at (in thousands) Three Month Six Months Gold Silver Palladium Platinum Cobalt Total North America Canada $ 37,327 12% $ 80,381 13% $ 613,681 $ 28,050 $ - $ 4,852 $ 362,460 $ 1,009,043 United States 12,120 4% 26,572 4% 217,530 566 229,855 - - 447,951 Mexico 71,256 24% 148,114 24% 161,349 441,558 - - - 602,907 Europe Greece (62) 0% 3,291 1% - - - - - - Portugal 6,230 2% 14,686 2% - 18,578 - - - 18,578 Sweden 13,679 5% 22,668 4% - 30,086 - - - 30,086 South America Argentina/Chile 1 - 0% - 0% - 253,514 - - - 253,514 Argentina - 0% - 0% - 10,889 - - - 10,889 Chile - 0% - 0% 56,529 - - - - 56,529 Brazil 90,842 30% 170,407 29% 2,407,578 - - - - 2,407,578 Peru 69,821 22% 141,394 23% 98,931 854,106 - - - 953,037 Ecuador - 0% - 0% 514 186 - - - 700 Colombia 1,709 1% 2,653 0% 43,458 7,208 - - - 50,666 Consolidate d $ 302,922 100% $ 610,166 100% $ 3,599,570 $ 1,644,741 $ 229,855 $ 4,852 $ 362,460 $ 5,841,478 1) Includes the Pascua-Lama project, which straddles the border of Argentina and Chile. |
Description of Business and N_2
Description of Business and Nature of Operations - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2023 Asset Agreement | |
Description Of Business And Nature Of Operations [Line Items] | |
Number of long-term purchase agreements | Agreement | 29 |
Number of early deposit long-term purchase agreements | Agreement | 3 |
Number of mining companies engaged in precious metal purchase agreements | Agreement | 23 |
Number of currently operating mining assets | 19 |
Number of mining assets under various stages of development | 13 |
Number of countries operating mining assets | 13 |
Number of mining assets placed in care and maintenance | 4 |
Financial Instruments - Classif
Financial Instruments - Classification of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Financial assets | ||||||
Cash and cash equivalents | $ 828,837 | $ 799,697 | $ 696,089 | $ 448,626 | $ 376,163 | $ 226,045 |
Trade receivables from provisional concentrate sales, net of fair value adjustment | 1,105 | 2,516 | ||||
Long-term investments - warrants held | 458 | 560 | ||||
Long-term investments - common shares held | 255,076 | $ 308,330 | 255,535 | $ 60,103 | $ 91,344 | $ 59,941 |
Trade receivables from sales of cobalt | 4,945 | 6,642 | ||||
Total financial assets | 1,099,735 | 970,444 | ||||
Financial liabilities | ||||||
Accounts payable and accrued liabilities | 9,578 | 12,570 | ||||
Pension liability | 3,949 | 3,524 | ||||
Total financial liabilities | 13,527 | 16,094 | ||||
Financial assets at fair value through net earnings, category [member] | ||||||
Financial assets | ||||||
Cash and cash equivalents | 828,837 | 696,089 | ||||
Trade receivables from provisional concentrate sales, net of fair value adjustment | 1,105 | 2,516 | ||||
Long-term investments - warrants held | 458 | 560 | ||||
Financial assets at fair value through other comprehensive income, category [member] | ||||||
Financial assets | ||||||
Long-term investments - common shares held | 255,076 | 255,535 | ||||
Financial assets at amortized cost, category [member] | ||||||
Financial assets | ||||||
Trade receivables from sales of cobalt | 4,945 | 6,642 | ||||
Refundable deposit - 777 PMPA | 8,393 | 8,073 | ||||
Other accounts receivable | 921 | 1,029 | ||||
Financial liabilities | ||||||
Accounts payable and accrued liabilities | 9,578 | 12,570 | ||||
Pension liability | $ 3,949 | $ 3,524 |
Financial Instruments - Maximum
Financial Instruments - Maximum Exposure to Credit Risk Related to Financial Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||||||
Cash and cash equivalents | $ 828,837 | $ 799,697 | $ 696,089 | $ 448,626 | $ 376,163 | $ 226,045 |
Trade receivables from provisional concentrate sales, net of fair value adjustment | 1,105 | 2,516 | ||||
Trade receivables from sales of cobalt | 4,945 | 6,642 | ||||
Maximum exposure to credit risk [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Cash and cash equivalents | 828,837 | 696,089 | ||||
Trade receivables from provisional concentrate sales, net of fair value adjustment | 1,105 | 2,516 | ||||
Trade receivables from sales of cobalt | 4,945 | 6,642 | ||||
Refundable deposit - 777 PMPA | 8,393 | 8,073 | ||||
Other accounts receivables | 921 | 1,029 | ||||
Maximum exposure to credit risk related to financial assets | $ 844,201 | $ 714,349 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | ||||||||
Cash and cash equivalents | $ 828,837 | $ 448,626 | $ 828,837 | $ 448,626 | $ 799,697 | $ 696,089 | $ 376,163 | $ 226,045 |
Working capital | 831,000 | 831,000 | 689,000 | |||||
Long-term investments-equity investments held | 255,076 | 60,103 | 255,076 | 60,103 | $ 308,330 | 255,535 | $ 91,344 | $ 59,941 |
Increased/decreased in other comprehensive income on assumption | 26,000 | $ 6,000 | 26,000 | $ 6,000 | ||||
Letter Of Credit [Member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Letter of guarantee supporting accounts receivable balance from the sale of cobalt | $ 7,500 | $ 7,500 | ||||||
Interest rate risk [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Weighted average effective interest rate paid on its outstanding borrowings, percentage | 0% | 0% | 0% | 0% | ||||
Change in interest rate, percentage | 1% | 1% | 1% | 1% | ||||
Financial assets at fair value through other comprehensive income, category [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Long-term investments-equity investments held | $ 255,076 | $ 255,076 | 255,535 | |||||
Financial assets at fair value through other comprehensive income, category [member] | At fair value [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Long-term investments-equity investments held | $ 256,000 | $ 256,000 | $ 256,000 |
Financial Instruments - Timing
Financial Instruments - Timing Associated with Remaining Contractual Payments Relating to Financial Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Non-derivative financial liabilities | ||
Accounts payable and accrued liabilities | $ 9,578 | $ 12,570 |
Non-Derivative Financial Instrument [Member] | ||
Non-derivative financial liabilities | ||
Accounts payable and accrued liabilities | 9,578 | |
Performance share units | 13,241 | |
Financial liabilities and contractual commitments, undiscounted cash flows | 22,819 | |
Non-Derivative Financial Instrument [Member] | 2023 [member] | ||
Non-derivative financial liabilities | ||
Accounts payable and accrued liabilities | 9,578 | |
Financial liabilities and contractual commitments, undiscounted cash flows | 9,578 | |
Non-Derivative Financial Instrument [Member] | 2024 - 2025 [member] | ||
Non-derivative financial liabilities | ||
Performance share units | 12,627 | |
Financial liabilities and contractual commitments, undiscounted cash flows | 12,627 | |
Non-Derivative Financial Instrument [Member] | 2026 - 2027 [member] | ||
Non-derivative financial liabilities | ||
Performance share units | 614 | |
Financial liabilities and contractual commitments, undiscounted cash flows | 614 | |
Non-Derivative Financial Instrument [Member] | After 2027 [member] | ||
Non-derivative financial liabilities | ||
Accounts payable and accrued liabilities | 0 | |
Performance share units | 0 | |
Financial liabilities and contractual commitments, undiscounted cash flows | $ 0 |
Financial Instruments - Summary
Financial Instruments - Summary of Carrying Amounts of Canadian Dollar Denominated Monetary Assets and Monetary Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Monetary assets | ||||||
Cash and cash equivalents | $ 828,837 | $ 799,697 | $ 696,089 | $ 448,626 | $ 376,163 | $ 226,045 |
Accounts receivable | 6,971 | 10,187 | ||||
Long-term investments - common shares held | 255,076 | $ 308,330 | 255,535 | $ 60,103 | $ 91,344 | $ 59,941 |
Long-term investments - warrants held | 458 | 560 | ||||
Other long-term assets | 28,457 | 26,397 | ||||
Monetary liabilities | ||||||
Accounts payable and accrued liabilities | 9,578 | 12,570 | ||||
Lease Liability | 8,626 | |||||
Pension liability | 3,949 | 3,524 | ||||
Currency risk [member] | ||||||
Monetary assets | ||||||
Cash and cash equivalents | 4,539 | 311 | ||||
Accounts receivable | 128 | 739 | ||||
Long-term investments - common shares held | 74,927 | 60,443 | ||||
Long-term investments - warrants held | 459 | 560 | ||||
Other long-term assets | 3,384 | 3,308 | ||||
Total Canadian dollar denominated monetary assets | 83,437 | 65,361 | ||||
Monetary liabilities | ||||||
Accounts payable and accrued liabilities | 6,469 | 8,180 | ||||
Performance share units | 10,579 | 16,971 | ||||
Lease Liability | 6,037 | 1,315 | ||||
Pension liability | 3,949 | 3,524 | ||||
Total Canadian dollar denominated monetary liabilities | $ 27,034 | $ 29,990 |
Financial Instruments - Summa_2
Financial Instruments - Summary of Sensitivity to 10% Increase or Decrease in Canadian Dollar Relative to United States Dollar (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Disclosure of sensitivity to ten percentage increase or decrease in exchange rate [abstract] | ||
Increase (decrease) in net earnings | $ (1,852) | $ (2,507) |
Increase (decrease) in other comprehensive income | 7,493 | 6,044 |
Increase (decrease) in total comprehensive income | 5,641 | 3,537 |
Increase (decrease) in net earnings | 1,852 | 2,507 |
Increase (decrease) in other comprehensive income | (7,493) | (6,044) |
Increase (decrease) in total comprehensive income | $ (5,641) | $ (3,537) |
Financial Instruments - Summa_3
Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value by Level within Fair Value Hierarchy (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Disclosure of fair value measurements of assets and liabilities [line items] | ||||||
Cash and cash equivalents | $ 828,837 | $ 799,697 | $ 696,089 | $ 448,626 | $ 376,163 | $ 226,045 |
Trade receivables from provisional concentrate sales, net of fair value adjustment | 1,105 | 2,516 | ||||
Long-term investments - common shares held | 255,076 | $ 308,330 | 255,535 | $ 60,103 | $ 91,344 | $ 59,941 |
Long-term investments - warrants held | 458 | 560 | ||||
Total net financial assets measured at fair value | 1,085,476 | 954,700 | ||||
Investments in equity instruments designated at fair value through other comprehensive income [member] | ||||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||||
Long-term investments - common shares held | 255,076 | 255,535 | ||||
Level 1 [member] | ||||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||||
Cash and cash equivalents | 828,837 | 696,089 | ||||
Total net financial assets measured at fair value | 1,083,913 | 951,624 | ||||
Level 1 [member] | Investments in equity instruments designated at fair value through other comprehensive income [member] | ||||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||||
Long-term investments - common shares held | 255,076 | 255,535 | ||||
Level 2 [member] | ||||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||||
Trade receivables from provisional concentrate sales, net of fair value adjustment | 1,105 | 2,516 | ||||
Long-term investments - warrants held | 458 | 560 | ||||
Total net financial assets measured at fair value | 1,563 | 3,076 | ||||
Level 3 [member] | ||||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||||
Total net financial assets measured at fair value | $ 0 | $ 0 |
Revenue - Summary of Revenue (D
Revenue - Summary of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue [abstract] | ||||
Gold credit sales | $ 149,511 | $ 157,842 | $ 268,708 | $ 303,517 |
Silver credit sales | 90,826 | 110,383 | 156,005 | 223,913 |
Concentrate sales | 16,255 | 19,845 | 36,753 | 40,647 |
Total silver sales | 107,081 | 130,228 | 192,758 | 264,560 |
Palladium credit sales | 4,879 | 7,203 | 9,614 | 16,736 |
Cobalt sales | 3,501 | 7,649 | 8,357 | 25,353 |
Total sales revenue | $ 264,972 | $ 302,922 | $ 479,437 | $ 610,166 |
Gold | ||||
Gold credit sales | 56% | 52% | 56% | 50% |
Silver | ||||
Silver credit sales | 35% | 36% | 32% | 37% |
Concentrate sales | 6% | 7% | 8% | 6% |
Total silver sales | 41% | 43% | 40% | 43% |
Palladium | ||||
Palladium credit sales | 2% | 2% | 2% | 3% |
Cobalt sales | 1% | 3% | 2% | 4% |
Total sales revenue | 100% | 100% | 100% | 100% |
General and Administrative - Su
General and Administrative - Summary of General and Administrative Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Salaries and benefits | ||||
Total general and administrative | $ 10,216 | $ 9,685 | $ 20,315 | $ 19,089 |
Corporate [Member] | ||||
Salaries and benefits | ||||
Salaries and benefits | 3,593 | 3,912 | 7,454 | 8,149 |
Depreciation | 268 | 288 | 556 | 575 |
Professional fees | 909 | 329 | 1,423 | 822 |
Business travel | 311 | 363 | 652 | 465 |
Director fees | 248 | 279 | 581 | 601 |
Employer health tax | 139 | 391 | 713 | 708 |
Audit and regulatory | 1,337 | 887 | 2,169 | 1,716 |
Insurance | 519 | 529 | 1,057 | 1,035 |
Other | 952 | 888 | 2,016 | 1,783 |
General and administrative before equity settled stock based compensation | 8,276 | 7,866 | 16,621 | 15,854 |
Subsidiaries [member] | ||||
Salaries and benefits | ||||
Salaries and benefits | 1,156 | 1,149 | 2,317 | 2,257 |
Depreciation | 115 | 110 | 218 | 216 |
Professional fees | 189 | 165 | 260 | 258 |
Business travel | 94 | 64 | 147 | 68 |
Director fees | 52 | 50 | 103 | 100 |
Insurance | 11 | 10 | 27 | 24 |
Other | 323 | 271 | 622 | 312 |
General and administrative before equity settled stock based compensation | $ 1,940 | $ 1,819 | $ 3,694 | $ 3,235 |
Share Based Compensation - Summ
Share Based Compensation - Summary of share based compensation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of share based compensation [Line Items] | ||||
Total share based compensation | $ 4,484 | $ 1,608 | $ 11,881 | $ 11,509 |
Stock Options [member] | ||||
Disclosure of share based compensation [Line Items] | ||||
Equity settled share based compensation | 724 | 611 | 1,355 | 1,145 |
RSUs [member] | ||||
Disclosure of share based compensation [Line Items] | ||||
Equity settled share based compensation | 1,135 | 886 | 2,047 | 1,694 |
PSUs [member] | ||||
Disclosure of share based compensation [Line Items] | ||||
Cash settled share based compensation | $ 2,625 | $ 111 | $ 8,479 | $ 8,670 |
Donations and Community Inves_3
Donations and Community Investments - Summary Of Donations and Community Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Disclosure of Donations and Community Investments [Line Items] | |||||
Local donations and community investments | [1] | $ 407 | $ 352 | $ 942 | $ 907 |
Partner donations and community investments | [2] | 1,533 | 708 | 2,376 | 901 |
COVID-19 and community support and response fund | [3] | 0 | 100 | 0 | 165 |
Total donations and community investments | $ 1,940 | $ 1,160 | $ 3,318 | $ 1,973 | |
[1]The Local Community Investment Program supports organizations in Vancouver and the Cayman Islands, where Wheaton’s offices are located.[2]The Partner Community Investment Program supports the communities influenced by Mining Partners’ operations.[3]Committed funding under this program has been fully disbursed. |
Other (Income) Expense - Summar
Other (Income) Expense - Summary of Other (Income) Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of other operating income [line items] | ||||
Interest income | $ (8,181) | $ (441) | $ (15,111) | $ (523) |
Dividend income | (700) | (108) | (917) | (220) |
Foreign exchange loss (gain) | 202 | (433) | (71) | (19) |
(Gain) loss on fair value adjustment of share purchase warrants held | 280 | 154 | 105 | 897 |
Other | (293) | 8 | (260) | (785) |
Total other (income) expense | $ (8,692) | $ (820) | $ (16,254) | $ (650) |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Trade and other receivables [abstract] | ||
Trade receivables from provisional concentrate sales, net of fair value adjustment | $ 1,105 | $ 2,516 |
Trade receivables from sales of cobalt | 4,945 | 6,642 |
Other accounts receivable | 921 | 1,029 |
Total accounts receivable | $ 6,971 | $ 10,187 |
Accounts Receivables - Addition
Accounts Receivables - Additional Information (Detail) $ in Millions | Jun. 30, 2023 USD ($) |
Letter of credit [Member] | |
Statement [Line Items] | |
Letter of guarantee supporting accounts receivable balance from the sale of cobalt | $ 7.5 |
Cobalt Inventory - Summary of t
Cobalt Inventory - Summary of the Inventory on Hand (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Inventories [Line Items] | ||
Total cash and cash equivalents | $ 4,956 | $ 10,530 |
Cobalt [member] | ||
Disclosure Of Inventories [Line Items] | ||
Cost | 4,202 | 0 |
Net realizable value | 753 | 10,530 |
Total cash and cash equivalents | $ 4,955 | $ 10,530 |
Cobalt Inventory - Additional I
Cobalt Inventory - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Disclosure Of Inventories [Abstract] | ||
Reversal of inventory write-down | $ 1.5 | |
Inventory write down | $ 2 |
Mineral Stream Interests - Sche
Mineral Stream Interests - Schedule of Mineral Stream Interests (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Disclosure Of Mineral Stream Interests [line items] | ||
Ending balance | $ 5,691,166 | |
Gold interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 3,628,121 | |
Ending balance | 3,621,700 | $ 3,628,121 |
Gold interests [member] | Sudbury [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 283,416 | |
Ending balance | 274,048 | 283,416 |
Gold interests [member] | Salobo [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 2,383,262 | |
Ending balance | 2,356,169 | 2,383,262 |
Gold interests [member] | Constancia [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 95,583 | |
Ending balance | 90,469 | 95,583 |
Gold interests [member] | San Dimas [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 155,865 | |
Ending balance | 150,154 | 155,865 |
Gold interests [member] | Stillwater [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 215,852 | |
Ending balance | 213,663 | 215,852 |
Gold interests [member] | Other gold interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 494,143 | |
Ending balance | 537,197 | 494,143 |
Gold interests [member] | Cost [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 4,828,970 | 5,044,913 |
Additions (Reductions) | 84,925 | 138,515 |
Disposal | (41,373) | (354,458) |
Ending balance | 4,872,522 | 4,828,970 |
Gold interests [member] | Cost [member] | Sudbury [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 623,864 | 623,864 |
Additions (Reductions) | 0 | 0 |
Disposal | 0 | 0 |
Ending balance | 623,864 | 623,864 |
Gold interests [member] | Cost [member] | Salobo [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 3,059,876 | 3,059,876 |
Additions (Reductions) | 0 | 0 |
Disposal | 0 | 0 |
Ending balance | 3,059,876 | 3,059,876 |
Gold interests [member] | Cost [member] | Constancia [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 140,058 | 140,058 |
Additions (Reductions) | 0 | 0 |
Disposal | 0 | 0 |
Ending balance | 140,058 | 140,058 |
Gold interests [member] | Cost [member] | San Dimas [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 220,429 | 220,429 |
Additions (Reductions) | 0 | 0 |
Disposal | 0 | 0 |
Ending balance | 220,429 | 220,429 |
Gold interests [member] | Cost [member] | Stillwater [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 239,352 | 239,352 |
Additions (Reductions) | 0 | 0 |
Disposal | 0 | 0 |
Ending balance | 239,352 | 239,352 |
Gold interests [member] | Cost [member] | Other gold interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 545,391 | 761,334 |
Additions (Reductions) | 84,925 | 138,515 |
Disposal | (41,373) | (354,458) |
Ending balance | 588,943 | 545,391 |
Gold interests [member] | Accumulated Depletion & Impairment [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | (1,200,849) | (1,444,716) |
Disposal | 348,265 | |
Ending balance | (1,250,822) | (1,200,849) |
Depletion | (49,973) | (102,679) |
Impairment reversal | (1,719) | |
Gold interests [member] | Accumulated Depletion & Impairment [member] | Sudbury [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | (340,448) | (316,695) |
Disposal | 0 | |
Ending balance | (349,816) | (340,448) |
Depletion | (9,368) | (23,753) |
Impairment reversal | 0 | |
Gold interests [member] | Accumulated Depletion & Impairment [member] | Salobo [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | (676,614) | (621,937) |
Disposal | 0 | |
Ending balance | (703,707) | (676,614) |
Depletion | (27,093) | (54,677) |
Impairment reversal | 0 | |
Gold interests [member] | Accumulated Depletion & Impairment [member] | Constancia [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | (44,475) | (36,269) |
Disposal | 0 | |
Ending balance | (49,589) | (44,475) |
Depletion | (5,114) | (8,206) |
Impairment reversal | 0 | |
Gold interests [member] | Accumulated Depletion & Impairment [member] | San Dimas [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | (64,564) | (53,706) |
Disposal | 0 | |
Ending balance | (70,275) | (64,564) |
Depletion | (5,711) | (10,858) |
Impairment reversal | 0 | |
Gold interests [member] | Accumulated Depletion & Impairment [member] | Stillwater [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | (23,500) | (19,567) |
Disposal | 0 | |
Ending balance | (25,689) | (23,500) |
Depletion | (2,189) | (3,933) |
Impairment reversal | 0 | |
Gold interests [member] | Accumulated Depletion & Impairment [member] | Other gold interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | (51,248) | (396,542) |
Disposal | 348,265 | |
Ending balance | (51,746) | (51,248) |
Depletion | (498) | (1,252) |
Impairment reversal | (1,719) | |
Silver interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 1,485,085 | |
Ending balance | 1,481,724 | 1,485,085 |
Silver interests [member] | Penasquito [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 293,674 | |
Ending balance | 279,872 | 293,674 |
Silver interests [member] | Antamina [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 545,368 | |
Ending balance | 532,828 | 545,368 |
Silver interests [member] | Constancia [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 192,947 | |
Ending balance | 186,452 | 192,947 |
Silver interests [member] | Other silver interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 453,096 | |
Ending balance | 482,572 | 453,096 |
Silver interests [member] | Cost [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 2,746,116 | 3,166,891 |
Additions (Reductions) | 35,288 | 4,519 |
Disposal | 0 | (425,294) |
Ending balance | 2,781,404 | 2,746,116 |
Silver interests [member] | Cost [member] | Penasquito [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 524,626 | 524,626 |
Additions (Reductions) | 0 | 0 |
Disposal | 0 | 0 |
Ending balance | 524,626 | 524,626 |
Silver interests [member] | Cost [member] | Antamina [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 900,343 | 900,343 |
Additions (Reductions) | 0 | 0 |
Disposal | 0 | 0 |
Ending balance | 900,343 | 900,343 |
Silver interests [member] | Cost [member] | Constancia [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 302,948 | 302,948 |
Additions (Reductions) | 0 | 0 |
Disposal | 0 | 0 |
Ending balance | 302,948 | 302,948 |
Silver interests [member] | Cost [member] | Other silver interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 1,018,199 | 1,438,974 |
Additions (Reductions) | 35,288 | 4,519 |
Disposal | 0 | (425,294) |
Ending balance | 1,053,487 | 1,018,199 |
Silver interests [member] | Accumulated Depletion & Impairment [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | (1,261,031) | (1,465,742) |
Disposal | 306,986 | |
Ending balance | (1,299,680) | (1,261,031) |
Depletion | (38,649) | (112,605) |
Impairment reversal | 10,330 | |
Silver interests [member] | Accumulated Depletion & Impairment [member] | Penasquito [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | (230,952) | (202,608) |
Disposal | 0 | |
Ending balance | (244,754) | (230,952) |
Depletion | (13,802) | (28,344) |
Impairment reversal | 0 | |
Silver interests [member] | Accumulated Depletion & Impairment [member] | Antamina [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | (354,975) | (320,291) |
Disposal | 0 | |
Ending balance | (367,515) | (354,975) |
Depletion | (12,540) | (34,684) |
Impairment reversal | 0 | |
Silver interests [member] | Accumulated Depletion & Impairment [member] | Constancia [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | (110,001) | (97,064) |
Disposal | 0 | |
Ending balance | (116,496) | (110,001) |
Depletion | (6,495) | (12,937) |
Impairment reversal | 0 | |
Silver interests [member] | Accumulated Depletion & Impairment [member] | Other silver interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | (565,103) | (845,779) |
Disposal | 306,986 | |
Ending balance | (570,915) | (565,103) |
Depletion | (5,812) | (36,640) |
Impairment reversal | 10,330 | |
Palladium interest [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Ending balance | 224,099 | |
Palladium interest [member] | Stillwater [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 226,812 | |
Ending balance | 224,099 | 226,812 |
Palladium interest [member] | Cost [member] | Stillwater [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 263,721 | 263,721 |
Additions (Reductions) | 0 | 0 |
Disposal | 0 | 0 |
Ending balance | 263,721 | 263,721 |
Palladium interest [member] | Accumulated Depletion & Impairment [member] | Stillwater [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | (36,909) | (30,891) |
Disposal | 0 | |
Ending balance | (39,622) | (36,909) |
Depletion | (2,713) | (6,018) |
Impairment reversal | 0 | |
Cobalt Interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 357,573 | |
Ending balance | 354,195 | 357,573 |
Cobalt Interests [member] | Cost [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 393,422 | 393,422 |
Additions (Reductions) | 0 | 0 |
Disposal | 0 | 0 |
Ending balance | 393,422 | 393,422 |
Cobalt Interests [member] | Accumulated Depletion & Impairment [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | (35,849) | (21,801) |
Disposal | 0 | |
Ending balance | (39,227) | (35,849) |
Depletion | (3,378) | (14,048) |
Impairment reversal | 0 | |
Mineral Stream Interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 5,707,019 | |
Ending balance | 5,691,166 | 5,707,019 |
Mineral Stream Interests [member] | Cost [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 8,241,657 | 8,868,947 |
Additions (Reductions) | 120,233 | 152,462 |
Disposal | (41,373) | (779,752) |
Ending balance | 8,320,517 | 8,241,657 |
Mineral Stream Interests [member] | Accumulated Depletion & Impairment [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | (2,534,638) | (2,963,150) |
Disposal | 655,251 | |
Ending balance | (2,629,351) | (2,534,638) |
Depletion | (94,713) | (235,350) |
Impairment reversal | 8,611 | |
Platinum Interest [Member] | Marathon [Member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 9,428 | |
Ending balance | 9,448 | 9,428 |
Platinum Interest [Member] | Cost [member] | Marathon [Member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 9,428 | 0 |
Additions (Reductions) | 20 | 9,428 |
Disposal | 0 | 0 |
Ending balance | 9,448 | 9,428 |
Platinum Interest [Member] | Accumulated Depletion & Impairment [member] | Marathon [Member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Beginning balance | 0 | 0 |
Disposal | 0 | |
Ending balance | 0 | 0 |
Depletion | $ 0 | 0 |
Impairment reversal | $ 0 |
Mineral Stream Interests - Sc_2
Mineral Stream Interests - Schedule of Mineral Stream Interests (Parenthetical) (Detail) - Accumulated impairment [member] - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Gold interests [member] | Sudbury [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Cumulative impairment charges | $ 120 | $ 120 |
Silver interests [member] | Pascua-Lama [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Cumulative impairment charges | $ 338 | $ 338 |
Mineral Stream Interests - Clas
Mineral Stream Interests - Classification of Mining Interest (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Gold interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | $ 2,566,476 | $ 2,580,646 |
Non-Depletable | 1,055,224 | 1,047,475 |
Total | 3,621,700 | 3,628,121 |
Silver interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 705,371 | 739,858 |
Non-Depletable | 776,353 | 745,227 |
Total | 1,481,724 | 1,485,085 |
Mineral Stream Interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 3,812,071 | 3,855,357 |
Non-Depletable | 1,879,095 | 1,851,662 |
Total | 5,691,166 | 5,707,019 |
Voisey's Bay [member] | Cobalt Interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 324,833 | 316,749 |
Non-Depletable | 29,362 | 40,824 |
Total | 354,195 | 357,573 |
Stillwater [member] | Palladium interest [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 215,391 | 218,104 |
Non-Depletable | 8,708 | 8,708 |
Total | 224,099 | 226,812 |
Marathon [Member] | Platinum Interest Marathon [Member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 0 | 0 |
Non-Depletable | 9,448 | 9,428 |
Total | 9,448 | 9,428 |
Penasquito [member] | Silver interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 206,167 | 219,969 |
Non-Depletable | 73,705 | 73,705 |
Total | 279,872 | 293,674 |
Antamina [member] | Silver interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 185,811 | 198,294 |
Non-Depletable | 347,017 | 347,074 |
Total | 532,828 | 545,368 |
Constancia [member] | Silver interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 176,397 | 182,171 |
Non-Depletable | 10,055 | 10,776 |
Total | 186,452 | 192,947 |
Other silver interests [member] | Silver interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 136,996 | 139,424 |
Non-Depletable | 345,576 | 313,672 |
Total | 482,572 | 453,096 |
Sudbury [member] | Gold interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 249,685 | 239,002 |
Non-Depletable | 24,363 | 44,414 |
Total | 274,048 | 283,416 |
Salobo [member] | Gold interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 1,978,470 | 1,990,789 |
Non-Depletable | 377,699 | 392,473 |
Total | 2,356,169 | 2,383,262 |
Constancia [member] | Gold interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 84,962 | 89,097 |
Non-Depletable | 5,507 | 6,486 |
Total | 90,469 | 95,583 |
San Dimas [member] | Gold interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 45,748 | 51,459 |
Non-Depletable | 104,406 | 104,406 |
Total | 150,154 | 155,865 |
Stillwater [member] | Gold interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 188,862 | 191,051 |
Non-Depletable | 24,801 | 24,801 |
Total | 213,663 | 215,852 |
Other gold interests [member] | Gold interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 18,749 | 19,248 |
Non-Depletable | 518,448 | 474,895 |
Total | $ 537,197 | $ 494,143 |
Mineral Stream Interests - Addi
Mineral Stream Interests - Additional Information (Detail) $ in Millions | 6 Months Ended | |||||||||||||||||||||
Jun. 15, 2023 USD ($) | May 16, 2023 USD ($) oz | Apr. 19, 2023 USD ($) oz | Jan. 17, 2022 USD ($) oz | Jun. 30, 2023 USD ($) oz | Jun. 30, 2023 CAD ($) oz | Jun. 14, 2023 USD ($) oz | Jun. 13, 2023 oz | Apr. 12, 2023 USD ($) oz | Apr. 04, 2023 USD ($) | Feb. 03, 2023 USD ($) | Dec. 06, 2022 USD ($) | Sep. 28, 2022 USD ($) | Sep. 07, 2022 USD ($) | Sep. 07, 2022 CAD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 CAD ($) | Mar. 21, 2022 USD ($) oz | Feb. 08, 2022 USD ($) oz | Jan. 26, 2022 USD ($) oz | Jan. 26, 2022 CAD ($) oz | ||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Upfront cash consideration paid | [1] | $ 46,102,000 | ||||||||||||||||||||
Percentage of production to be purchased after second step down | 1% | |||||||||||||||||||||
Upfront cash consideration to be paid | [1],[2] | 322,250,000 | ||||||||||||||||||||
Tranche One [Member] | Curipamba PMPA [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Upfront cash consideration paid | $ 13,000,000 | |||||||||||||||||||||
Marmato [member] | Amended Agreement [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Upfront cash consideration paid | 53,000,000 | |||||||||||||||||||||
Upfront cash consideration to be paid | 122,000,000 | |||||||||||||||||||||
Upfront consideration committed to pay for the stream | $ 175,000,000 | |||||||||||||||||||||
Blackwater [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Upfront cash consideration to be paid | 136,000,000 | |||||||||||||||||||||
Curipamba [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Upfront cash consideration to be paid | 162,400,000 | |||||||||||||||||||||
Cash Consideration That Will Be Paid To Support Certain Local Community Development Initiatives | 350,000 | |||||||||||||||||||||
Marathon [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Upfront cash consideration paid | $ 15,000,000 | $ 20 | $ 16,000,000 | $ 20 | ||||||||||||||||||
Upfront cash consideration to be paid | 151,000,000 | $ 200 | $ 178,000,000 | $ 240 | ||||||||||||||||||
Goose PMPA [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Upfront cash consideration paid | $ 31,250,000 | $ 31,250,000 | $ 31,250,000 | $ 31,250,000 | ||||||||||||||||||
Cangrejos [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Upfront cash consideration to be paid | $ 288,000,000 | |||||||||||||||||||||
Gold Interests [member] | Goose PMPA [Member] | Sabina [member] | B Two Gold Corp [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Proceeds from sale of mineral interests | $ 46,000,000 | |||||||||||||||||||||
Percentage of mineral interest sold | 33% | |||||||||||||||||||||
Gain loss on disposal of mineral interests | $ 5,000,000 | |||||||||||||||||||||
Silver [member] | Marmato [member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 100% | 100% | ||||||||||||||||||||
Number of ounces to be delivered before first step down in entitlement percentage | oz | 2,150,000 | 2,150,000 | ||||||||||||||||||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 22% | 22% | ||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||||||||||||||||||
Silver [member] | Marmato [member] | Amended Agreement [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 100% | |||||||||||||||||||||
Percentage of metal production at the mine which WPM is entitled to after step down | 50% | |||||||||||||||||||||
Number of ounces to be delivered before first step down in entitlement percentage | oz | 2,150,000 | |||||||||||||||||||||
Silver [member] | Blackwater [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 50% | 50% | ||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||||||||||||||||||
Percentage of production to be purchased after stream percentage reduction | 33% | 33% | ||||||||||||||||||||
Silver [member] | Curipamba [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 75% | 75% | 75% | |||||||||||||||||||
Percentage of metal production at the mine which WPM is entitled to after step down | 50% | |||||||||||||||||||||
Number of ounces to be delivered before first step down in entitlement percentage | oz | 4,600,000 | |||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||||||||||||||||||
Percentage of production to be purchased after stream percentage reduction | 50% | 50% | ||||||||||||||||||||
Silver [member] | Marathon [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 0% | 0% | ||||||||||||||||||||
Silver [member] | Goose [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 0% | 0% | ||||||||||||||||||||
Silver [member] | Cangrejos [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 0% | 0% | ||||||||||||||||||||
Gold [member] | Marmato [member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 10.50% | 10.50% | ||||||||||||||||||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 22% | 22% | ||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||||||||||||||||||
Gold [member] | Marmato [member] | Amended Agreement [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 10.50% | |||||||||||||||||||||
Gold ounces to be delivered before entitlement step down takes effect | oz | 310,000 | |||||||||||||||||||||
Percentage of production to be purchased after stream percentage reduction | 5.25% | |||||||||||||||||||||
Gold [member] | Blackwater [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 8% | 8% | ||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 35% | |||||||||||||||||||||
Percentage of production to be purchased after stream percentage reduction | 4% | 4% | ||||||||||||||||||||
Number of ounces to be delivered | oz | 279,908 | |||||||||||||||||||||
Gold [member] | Blackwater [Member] | Amendment Agreement [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Upfront Amount Payable | $ 40,000,000 | |||||||||||||||||||||
Upfront Payment Made | $ 10,000,000 | |||||||||||||||||||||
Gold [member] | Blackwater [Member] | Tranche One [Member] | Amendment Agreement [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 8% | |||||||||||||||||||||
Number of ounces to be delivered | oz | 464,000 | |||||||||||||||||||||
Gold [member] | Blackwater [Member] | Tranche Two [Member] | Amendment Agreement [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased after stream percentage reduction | 4% | |||||||||||||||||||||
Gold [member] | Curipamba [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 50% | 50% | 50% | |||||||||||||||||||
Number of ounces to be delivered before first step down in entitlement percentage | oz | 145,000 | |||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||||||||||||||||||
Percentage of production to be purchased after stream percentage reduction | 33% | 33% | 33% | |||||||||||||||||||
Gold [member] | Marathon [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 100% | 100% | 100% | 100% | ||||||||||||||||||
Number of ounces to be delivered before first step down in entitlement percentage | oz | 150,000 | 150,000 | ||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||||||||||||||||||
Percentage of production to be purchased after stream percentage reduction | 67% | 67% | 67% | 67% | ||||||||||||||||||
Gold [member] | Goose [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 2.78% | 2.78% | 4.15% | |||||||||||||||||||
Number of ounces to be delivered before first step down in entitlement percentage | oz | 130,000 | |||||||||||||||||||||
Percentage of production to be purchased after first step down | 1.44% | 2.15% | ||||||||||||||||||||
Number of ounces to be delivered before second step down in entitlement percentage | oz | 200,000 | |||||||||||||||||||||
Percentage of production to be purchased after second step down | 1.50% | |||||||||||||||||||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 22% | |||||||||||||||||||||
Upfront cash consideration to be paid | $ 83,750,000 | $ 125,000,000 | ||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||||||||||||||||||
Number of gold ounces to be delivered before first step down in entitlement percentage | oz | 87,100 | |||||||||||||||||||||
Number of gold ounces to be delivered before second step down in entitlement percentage | oz | 134,000 | |||||||||||||||||||||
Per ounce cash payment as a percentage of the spot price of metal delivered | 18% | |||||||||||||||||||||
Gold [member] | Goose PMPA [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 2.78% | |||||||||||||||||||||
Number of ounces to be delivered before first step down in entitlement percentage | oz | 87,100 | |||||||||||||||||||||
Percentage of production to be purchased after first step down | 1.44% | |||||||||||||||||||||
Number of ounces to be delivered before second step down in entitlement percentage | oz | 134,000 | |||||||||||||||||||||
Percentage of production to be purchased after second step down | 1% | |||||||||||||||||||||
Percentage of mineral interest sold | 33% | |||||||||||||||||||||
Gold [member] | Cangrejos [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 6.60% | 6.60% | ||||||||||||||||||||
Upfront consideration committed to pay for the PMPA | $ 300,000,000 | |||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | 18% | ||||||||||||||||||||
Percentage of production to be purchased after stream percentage reduction | 4.40% | 4.40% | ||||||||||||||||||||
Gold [member] | Cangrejos [Member] | Upfront Payment Tranche One [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Upfront Cash Consideration Available For Advance Pre Construction | $ 48,000,000 | |||||||||||||||||||||
Gold [member] | Cangrejos [Member] | Upfront Payment Tranche One A [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Upfront cash consideration available for advance pre construction in installments | 12,000,000 | |||||||||||||||||||||
Gold [member] | Cangrejos [Member] | Upfront Payment Tranche One B [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Upfront cash consideration available for advance pre construction in installments | 10,000,000 | |||||||||||||||||||||
Gold [member] | Cangrejos [Member] | Upfront Payment Tranche One C [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Upfront cash consideration available for advance pre construction in installments | 15,000,000 | |||||||||||||||||||||
Gold [member] | Cangrejos [Member] | Upfront Payment Tranche One D [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Upfront cash consideration available for advance pre construction in installments | $ 11,000,000 | |||||||||||||||||||||
Gold [member] | Cangrejos [Member] | Lumina Gold Corp [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage Ownership Of The Mine | 100% | |||||||||||||||||||||
Gold [member] | Cangrejos Gold [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 6.60% | |||||||||||||||||||||
Number of ounces to be delivered before first step down in entitlement percentage | oz | 700,000 | |||||||||||||||||||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 22% | |||||||||||||||||||||
Percentage of production to be purchased after stream percentage reduction | 4.40% | |||||||||||||||||||||
Gold And Silver [Member] | Curipamba PMPA [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||||||||||||||||||
Gold And Silver [Member] | Curipamba [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 22% | |||||||||||||||||||||
Upfront cash consideration to be paid | $ 175,500,000 | |||||||||||||||||||||
Cash Consideration That Will Be Paid To Support Certain Local Community Development Initiatives | 500,000 | |||||||||||||||||||||
Upfront Cash Consideration Available For Advance Pre Construction | $ 13,000,000 | |||||||||||||||||||||
Platinum [Member] | Marmato [member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 0% | 0% | ||||||||||||||||||||
Platinum [Member] | Blackwater [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 0% | 0% | ||||||||||||||||||||
Platinum [Member] | Curipamba [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 0% | 0% | ||||||||||||||||||||
Platinum [Member] | Marathon [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 22% | 22% | 22% | 22% | ||||||||||||||||||
Number of ounces to be delivered before first step down in entitlement percentage | oz | 120,000 | 120,000 | ||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||||||||||||||||||
Percentage of production to be purchased after stream percentage reduction | 15% | 15% | 15% | 15% | ||||||||||||||||||
Platinum [Member] | Goose [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 0% | 0% | ||||||||||||||||||||
Platinum [Member] | Cangrejos [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Percentage of production to be purchased | 0% | 0% | ||||||||||||||||||||
Gold And Platinum [Member] | Marathon [Member] | ||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | ||||||||||||||||||||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 22% | 22% | ||||||||||||||||||||
Upfront cash consideration to be paid | $ 240 | |||||||||||||||||||||
Per ounce cash payment as a percentage of the spot price of metal delivered | 18% | 18% | ||||||||||||||||||||
[1]Expressed in thousands of United States dollars; excludes closing costs and capitalized interest, where applicable.[2]Please refer to Note 27 for details of when the remaining upfront consideration to be paid becomes due. |
Mineral Stream Interests - Disc
Mineral Stream Interests - Disclosure of Detailed Information about Partial Termination of Goose PMPA (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 19, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Detailed Information About Termination Of Mineral Stream Interests [Line Items] | |||||
Gain on partial disposal of the Goose PMPA | $ 5,027 | $ 0 | $ 5,027 | $ 0 | |
Goose PMPA [Member] | |||||
Disclosure Of Detailed Information About Termination Of Mineral Stream Interests [Line Items] | |||||
Proceeds received on 33% buyback of Goose | $ 46,400 | ||||
Less: 33% carrying value | (41,373) | ||||
Gain on partial disposal of the Goose PMPA | $ 5,027 |
Early Deposit Mineral Stream _3
Early Deposit Mineral Stream Interests - Summary of Early Deposit Mineral Stream Interests (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 USD ($) | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Upfront Consideration Paid to Date | $ 46,102 | [1] |
Upfront Consideration to be Paid | 322,250 | [1],[2] |
Total Upfront Consideration | $ 368,352 | [1] |
Toroparu [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Name of mine owner | Aris Mining | |
Location of Mine | Guyana | |
Upfront Consideration Paid to Date | $ 15,500 | [1] |
Upfront Consideration to be Paid | 138,000 | [1],[2] |
Total Upfront Consideration | $ 153,500 | [1] |
Gold | 10% | |
Silver | 50% | |
Term of Agreement | Life of Mine | |
Cotabambas [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Name of mine owner | Panoro | |
Location of Mine | Peru | |
Upfront Consideration Paid to Date | $ 13,750 | [1] |
Upfront Consideration to be Paid | 126,250 | [1],[2] |
Total Upfront Consideration | $ 140,000 | [1] |
Gold | 25% | [3] |
Silver | 100% | [3] |
Term of Agreement | Life of Mine | |
Kutcho [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Name of mine owner | Kutcho | |
Location of Mine | Canada | |
Upfront Consideration Paid to Date | $ 16,852 | [1] |
Upfront Consideration to be Paid | 58,000 | [1],[2] |
Total Upfront Consideration | $ 74,852 | [1] |
Gold | 100% | |
Silver | 100% | |
Term of Agreement | Life of Mine | |
[1]Expressed in thousands of United States dollars; excludes closing costs and capitalized interest, where applicable.[2]Please refer to Note 27 for details of when the remaining upfront consideration to be paid becomes due.[3]Once 90 million silver equivalent ounces attributable to Wheaton have been produced, the attributable production will decrease to 16.67% of gold production and 66.67% of silver production for the life of mine. |
Early Deposit Mineral Stream _4
Early Deposit Mineral Stream Interests - Summary of Early Deposit Mineral Stream Interests (Parenthetical) (Detail) - Cotabambas [member] Agreement in Millions | 6 Months Ended |
Jun. 30, 2023 Agreement | |
Disclosure Of Mineral Stream Interests [line items] | |
Silver Equivalent ounces to be delivered before entitlement step down takes effect | 90 |
Percentage of gold production at the mine which WPM is entitled to after step down | 16.67% |
Percentage of silver production at the mine which WPM is entitled to after step down | 66.67% |
Long-Term Equity Investments -
Long-Term Equity Investments - Summary of Long-Term Equity Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Long term investments 1 [abstract] | ||||||
Long-term investments - common shares held | $ 255,076 | $ 308,330 | $ 255,535 | $ 60,103 | $ 91,344 | $ 59,941 |
Long-term investments - warrants held | 458 | 560 | ||||
Long-term investments | $ 255,534 | $ 256,095 |
Long-Term Equity Investments _2
Long-Term Equity Investments - Summary of Common Shares Held (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||||||
Long term investments - common shares held [line items] | |||||||||||||
Fair value | $ 255,076 | $ 308,330 | $ 60,103 | $ 255,076 | $ 255,535 | $ 60,103 | $ 91,344 | $ 59,941 | |||||
Cost of Addition | 48,863 | 2,633 | 57,031 | 33,946 | |||||||||
Proceeds of Disposition | [1] | (49,034) | (49,061) | ||||||||||
Fair value adjustment gains (losses) | [3] | (53,083) | [2] | (33,874) | [4] | (8,429) | [4] | (33,784) | [4] | ||||
Fair value ending balance | 255,076 | 308,330 | $ 60,103 | 255,076 | 255,535 | $ 60,103 | |||||||
Realized gain (loss) on disposal | $ 945 | $ (45) | |||||||||||
Bear Creek [member] | |||||||||||||
Long term investments - common shares held [line items] | |||||||||||||
Shares owned | 13,264 | 13,264 | 13,264 | 13,264 | |||||||||
Percentage of outstanding shares owned | 8.58% | 8.70% | 8.58% | 8.70% | |||||||||
Fair value | $ 5,510 | 6,763 | $ 8,235 | $ 5,510 | 7,443 | $ 8,235 | 11,358 | 12,764 | |||||
Fair value adjustment gains (losses) | (1,253) | [2] | (3,123) | [4] | (1,933) | [1] | (4,529) | [4] | |||||
Fair value ending balance | $ 5,510 | 6,763 | $ 8,235 | $ 5,510 | 7,443 | $ 8,235 | |||||||
Sabina [member] | |||||||||||||
Long term investments - common shares held [line items] | |||||||||||||
Shares owned | 31,095 | 31,095 | |||||||||||
Percentage of outstanding shares owned | 0% | 5.67% | 0% | 5.67% | |||||||||
Fair value | 47,104 | $ 25,579 | 30,535 | $ 25,579 | 34,476 | 13,381 | |||||||
Cost of Addition | 2,633 | 19,833 | |||||||||||
Proceeds of Disposition | [1] | $ (48,832) | $ (48,832) | ||||||||||
Fair value adjustment gains (losses) | 1,728 | [2] | (11,530) | [4] | 18,297 | [1] | (7,635) | [4] | |||||
Fair value ending balance | 47,104 | $ 25,579 | 30,535 | $ 25,579 | |||||||||
Realized gain (loss) on disposal | $ 872 | $ 872 | |||||||||||
Kutcho [member] | |||||||||||||
Long term investments - common shares held [line items] | |||||||||||||
Shares owned | 18,640 | 18,640 | 18,640 | 18,640 | |||||||||
Percentage of outstanding shares owned | 13.27% | 14.97% | 13.27% | 14.97% | |||||||||
Fair value | $ 2,604 | 3,994 | $ 4,340 | $ 2,604 | 3,097 | $ 4,340 | 8,502 | ||||||
Cost of Addition | 11,721 | ||||||||||||
Fair value adjustment gains (losses) | (1,390) | [2] | (4,162) | [4] | (493) | [1] | (7,381) | [4] | |||||
Fair value ending balance | $ 2,604 | 3,994 | 4,340 | $ 2,604 | 3,097 | 4,340 | |||||||
Hecla [Member] | |||||||||||||
Long term investments - common shares held [line items] | |||||||||||||
Shares owned | 34,980 | 34,980 | |||||||||||
Percentage of outstanding shares owned | 5.71% | 5.71% | |||||||||||
Fair value | $ 180,149 | 221,628 | $ 180,149 | 194,668 | |||||||||
Proceeds of Disposition | [1] | (202) | (202) | ||||||||||
Fair value adjustment gains (losses) | (41,277) | [2] | (14,317) | [1] | |||||||||
Fair value ending balance | 180,149 | 221,628 | 180,149 | 194,668 | |||||||||
Realized gain (loss) on disposal | $ 73 | $ 73 | |||||||||||
BTwoGold [Member] | |||||||||||||
Long term investments - common shares held [line items] | |||||||||||||
Shares owned | 12,025 | 12,025 | |||||||||||
Percentage of outstanding shares owned | 0.93% | 0.93% | |||||||||||
Fair value | $ 42,867 | $ 42,867 | |||||||||||
Cost of Addition | 48,832 | 48,832 | |||||||||||
Fair value adjustment gains (losses) | (5,965) | [2] | (5,965) | [1] | |||||||||
Fair value ending balance | 42,867 | 42,867 | |||||||||||
Other investments [member] | |||||||||||||
Long term investments - common shares held [line items] | |||||||||||||
Fair value | 23,946 | 28,841 | 21,949 | 23,946 | 19,792 | 21,949 | $ 37,008 | $ 33,796 | |||||
Cost of Addition | 31 | 8,199 | 2,392 | ||||||||||
Proceeds of Disposition | [1] | (27) | |||||||||||
Fair value adjustment gains (losses) | (4,926) | [2] | (15,059) | [4] | (4,018) | [1] | (14,239) | [4] | |||||
Fair value ending balance | $ 23,946 | $ 28,841 | $ 21,949 | 23,946 | $ 19,792 | $ 21,949 | |||||||
Realized gain (loss) on disposal | $ (990) | ||||||||||||
[1]The disposal of the Sabina shares was as a result of the acquisition of Sabina by B2Gold, while the partial disposition of the Hecla shares was made in order to capitalize on Hecla’s share price appreciation.[2]Fair Value Gains (Losses) are reflected as a component of Other Comprehensive Income (“OCI”).[3]LTIs = long-term investments – common shares held.[4]Fair Value Gains (Losses) are reflected as a component of OCI. |
Property Plant and Equipment -
Property Plant and Equipment - Summary of Property Plant and Equipment (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Statement [Line Items] | ||
Balance | $ 4,210 | |
Balance | 8,458 | $ 4,210 |
Leasehold improvements [member] | ||
Statement [Line Items] | ||
Balance | 836 | |
Balance | 700 | 836 |
Right-of-use assets [member] | ||
Statement [Line Items] | ||
Balance | 1,828 | |
Balance | 6,272 | 1,828 |
Other [member] | ||
Statement [Line Items] | ||
Balance | 1,546 | |
Balance | 1,486 | 1,546 |
At Cost [member] | ||
Statement [Line Items] | ||
Balance | 13,714 | 14,031 |
Additions | 5,022 | 289 |
Disposals | (4) | (606) |
Balance | 18,732 | 13,714 |
At Cost [member] | Leasehold improvements [member] | ||
Statement [Line Items] | ||
Balance | 4,004 | 4,382 |
Disposals | (378) | |
Balance | 4,004 | 4,004 |
At Cost [member] | Right-of-use assets [member] | ||
Statement [Line Items] | ||
Balance | 4,793 | 4,793 |
Additions | 4,838 | |
Balance | 9,631 | 4,793 |
At Cost [member] | Other [member] | ||
Statement [Line Items] | ||
Balance | 4,917 | 4,856 |
Additions | 184 | 289 |
Disposals | (4) | (228) |
Balance | 5,097 | 4,917 |
Accumulated depreciation and amortisation [member] | ||
Statement [Line Items] | ||
Balance | (9,504) | (8,522) |
Disposals | 4 | 606 |
Depreciation | (774) | (1,588) |
Balance | (10,274) | (9,504) |
Accumulated depreciation and amortisation [member] | Leasehold improvements [member] | ||
Statement [Line Items] | ||
Balance | (3,168) | (3,226) |
Disposals | 378 | |
Depreciation | (136) | (320) |
Balance | (3,304) | (3,168) |
Accumulated depreciation and amortisation [member] | Right-of-use assets [member] | ||
Statement [Line Items] | ||
Balance | (2,965) | (2,196) |
Depreciation | (394) | (769) |
Balance | (3,359) | (2,965) |
Accumulated depreciation and amortisation [member] | Other [member] | ||
Statement [Line Items] | ||
Balance | (3,371) | (3,100) |
Disposals | 4 | 228 |
Depreciation | (244) | (499) |
Balance | $ (3,611) | $ (3,371) |
Credit Facilities - Additional
Credit Facilities - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 | Jun. 30, 2023 USD ($) | Jun. 30, 2022 | Dec. 31, 2022 USD ($) | |
Disclosure Of Bank Debt Facilities | |||||
Stand-by fees rate charged for undrawn facilities | 0.20% | 0.20% | 0.20% | 0.20% | |
Unamortized debt issue costs | $ 6,040 | $ 6,040 | $ 5,757 | ||
Revolving Term Loan [member] | |||||
Disclosure Of Bank Debt Facilities | |||||
Maximum available credit under revolving term loan | $ 2,000,000 | $ 2,000,000 | |||
Maximum net debt to tangible net worth ratio | 0.75% | 0.75% | |||
Minimum interest coverage ratio | 3 | ||||
Unamortized debt issue costs | $ 6,000 | $ 6,000 | |||
Revolving Term Loan [member] | Bottom of range [member] | LIBOR [member] | |||||
Disclosure Of Bank Debt Facilities | |||||
Basis spread | 1.10% | 1.10% | |||
Revolving Term Loan [member] | Bottom of range [member] | Bank of Nova Scotia Base Rate [member] | |||||
Disclosure Of Bank Debt Facilities | |||||
Basis spread | 0% | 0% | |||
Revolving Term Loan [member] | Top of range [member] | LIBOR [member] | |||||
Disclosure Of Bank Debt Facilities | |||||
Basis spread | 2.15% | 2.15% | |||
Revolving Term Loan [member] | Top of range [member] | Bank of Nova Scotia Base Rate [member] | |||||
Disclosure Of Bank Debt Facilities | |||||
Basis spread | 1.05% | 1.05% |
Credit Facilities - Summary of
Credit Facilities - Summary of Lease Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Presentation of leases for lessee [abstract] | ||
Current portion | $ 609 | $ 818 |
Long-term portion | 5,925 | 1,152 |
Total lease liabilities | $ 6,534 | $ 1,970 |
Credit Facilities - Summary o_2
Credit Facilities - Summary of Lease Maturities (Detail) $ in Thousands | Jun. 30, 2023 USD ($) |
Disclosure of Lease liabilities [Line Items] | |
Lease liability | $ 8,626 |
Not later than 1 year [member] | |
Disclosure of Lease liabilities [Line Items] | |
Lease liability | 887 |
Later than 1 year and not later than 5 years [member] | |
Disclosure of Lease liabilities [Line Items] | |
Lease liability | 2,727 |
Later than 5 years [member] | |
Disclosure of Lease liabilities [Line Items] | |
Lease liability | $ 5,012 |
Credit Facilities - Summary o_3
Credit Facilities - Summary of Company's Finance Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of Finance Cost [abstract] | ||||
Costs related to undrawn credit facilities | $ 1,272 | $ 1,297 | $ 2,589 | $ 2,639 |
Interest expense—lease liabilities | 36 | 24 | 53 | 50 |
Letters of guarantee | 44 | 68 | 89 | 122 |
Total finance costs | $ 1,352 | $ 1,389 | $ 2,731 | $ 2,811 |
Issued Capital - Summary of Cap
Issued Capital - Summary of Capital Issued (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of Capital and Reserve [line items] | ||
Issued capital | $ 3,773,227 | $ 3,752,662 |
Issued Capital [member] | ||
Disclosure of Capital and Reserve [line items] | ||
Issued capital | $ 3,773,227 | $ 3,752,662 |
Issued Capital - Summary of C_2
Issued Capital - Summary of Capital Issued (Parenthetical) (Detail) - shares | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Disclosure of Capital and Reserve [line items] | ||||||
Common shares outstanding | 452,969,332 | 452,775,834 | 452,318,526 | 451,692,192 | 451,281,270 | 450,863,952 |
Issued Capital [member] | ||||||
Disclosure of Capital and Reserve [line items] | ||||||
Common shares issued | 452,969,332 | 452,318,526 | ||||
Common shares outstanding | 452,969,332 | 452,318,526 |
Issued Capital - Additional Inf
Issued Capital - Additional Information (Detail) $ / shares in Units, $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) $ / shares shares | |
Statement [Line Items] | |
Par value per common share | $ / shares | $ 0 |
Preference shares outstanding | shares | 0 |
At The Market Equity Program [Member] | |
Statement [Line Items] | |
Maximum value of common shares that can be issued under the at-the-market equity program | $ | $ 300 |
Issued Capital - Summary of Com
Issued Capital - Summary of Common Shares Issued and Outstanding (Detail) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2023 $ / shares shares | Jun. 30, 2023 $ / shares shares | Mar. 31, 2023 $ / shares shares | Jun. 30, 2022 $ / shares shares | Jun. 30, 2022 $ / shares shares | Mar. 31, 2022 $ / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2022 $ / shares shares | ||
Disclosure of classes of share capital [abstract] | |||||||||
Balance, shares at beginning of period | 452,775,834 | 452,775,834 | 452,318,526 | 451,281,270 | 451,281,270 | 450,863,952 | 451,692,192 | 451,692,192 | |
Share purchase options exercised | $ / shares | [1] | $ 35.78 | $ 31.17 | $ 50.36 | $ 28.84 | $ 28.55 | |||
Restricted share units released | $ / shares | [1] | $ 0 | $ 0 | $ 0 | |||||
Dividend reinvestment plan | $ / shares | [2] | $ 47.23 | $ 44.53 | $ 33.62 | |||||
Share purchase options exercised | [1] | 32,611 | 32,611 | 397,636 | 434 | 434 | 329,480 | 163,215 | 163,215 |
Restricted share units released | [1] | 60,155 | 60,155 | 59,672 | 87,838 | ||||
Dividend reinvestment plan | [2] | 100,732 | 100,732 | 410,488 | 410,488 | 463,119 | 463,119 | ||
Balance, shares at end of period | 452,969,332 | 452,969,332 | 452,775,834 | 451,692,192 | 451,692,192 | 451,281,270 | 452,318,526 | 452,318,526 | |
[1]The weighted average price of share purchase options exercised and restricted share units released represents the respective exercise price.[2]The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. The weighted average price for common shares issued under the DRIP represents the volume weighted average price of the common shares on the five trading days preceding the dividend payment date, less a discount of 1% where applicable. |
Issued Capital - Summary of C_3
Issued Capital - Summary of Common Shares Issued and Outstanding (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of classes of share capital [abstract] | |
Discount applied to average share price in determining number of shares to be issued under DRIP | 1% |
Issued Capital - Schedule of Di
Issued Capital - Schedule of Dividends Declared (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 150 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2023 | |
Disclosure of Dividends [line items] | ||||||||
Dividends declared per share | $ 0.15 | $ 0.15 | $ 0.3 | $ 0.3 | ||||
Average number of shares eligible for dividend | 452,919 | 451,387 | 452,827 | 451,320 | ||||
Total dividends paid | $ 63,180 | $ 67,910 | $ 49,429 | $ 67,688 | $ 119,980 | $ 1,930,000 | ||
Cash percentage | 97% | 87% | 96% | 86% | ||||
DRIP percentage | 3% | 13% | 4% | 14% | ||||
Total dividends paid percentage | 100% | 100% | 100% | 100% | ||||
Shares issued under the DRIP | 46 | 218 | 101 | 410 | ||||
Retained Earnings [member] | ||||||||
Disclosure of Dividends [line items] | ||||||||
Total dividends paid | $ 67,938 | $ 67,910 | $ 67,708 | $ 67,688 | $ 135,849 | $ 135,550 | $ 135,396 | |
Dividends Paid in Cash [member] | ||||||||
Disclosure of Dividends [line items] | ||||||||
Total dividends paid | 65,857 | 58,613 | 131,091 | 117,117 | ||||
Dividends Paid in DRIP [member] | ||||||||
Disclosure of Dividends [line items] | ||||||||
Total dividends paid | $ 2,081 | $ 9,095 | $ 4,758 | $ 18,279 |
Issued Capital - Schedule of _2
Issued Capital - Schedule of Dividends Declared (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 150 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Jun. 30, 2023 | |
Disclosure of dividend [abstract] | ||||||
Dividend declared | $ 63,180 | $ 67,910 | $ 49,429 | $ 67,688 | $ 119,980 | $ 1,930,000 |
Reserves - Additional Informati
Reserves - Additional Information (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Warrant holders right to purchase common shares | Each warrant entitled the holder the right to purchase one of the Company’s common shares. | |||
Stock Options [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Trailing period for expected volatility | 30 months | |||
Description of share option grants | The Company expenses the fair value of share purchase options that are expected to vest on a straight-line basis over the vesting period using the Black-Scholes option pricing model to estimate the fair value for each option at the date of grant | |||
Weighted average share price at the time of exercise | $ 68.37 | $ 64.41 | $ 63.57 | $ 60.33 |
Stock Options [member] | Top of range [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Description of Typical Term Of options issued | seven | |||
Vesting period | three | |||
Stock Options [member] | Bottom of range [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Description of Typical Term Of options issued | five | |||
Vesting period | two | |||
RSU [member] | Top of range [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | three | |||
RSU [member] | Bottom of range [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | two |
Reserves - Summary of Reserves
Reserves - Summary of Reserves (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Reserves | ||
Share purchase warrants | $ 0 | $ 83,077 |
Share purchase options | 22,019 | 22,578 |
Restricted share units | 6,222 | 8,142 |
Long-term investment revaluation reserve, net of tax | (54,430) | (47,250) |
Total reserves | $ (26,189) | $ 66,547 |
Reserves - Summary of Share Pur
Reserves - Summary of Share Purchase Warrants (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) Exchange_Ratio $ / shares shares | |
Disclosure of reserves within equity [abstract] | |
Number of warrants, Beginning balance | shares | 10,000,000 |
Weighted average exercise price, Beginning balance | $ / shares | $ 43.75 |
Exchange ratio, Beginning balance | Exchange_Ratio | 1 |
Share purchase warrants reserve, Beginning balance | $ | $ 83,077 |
Number of warrants, Expired | shares | (10,000,000) |
Weighted average exercise price, Expired | $ / shares | $ 43.75 |
Exchange ratio, Expired | Exchange_Ratio | 1 |
Share purchase warrants reserve, Expired | $ | $ (83,077) |
Number of warrants, End balance | shares | 0 |
Weighted average exercise price, End balance | $ / shares | $ 43.75 |
Exchange ratio, End balance | Exchange_Ratio | 1 |
Share purchase warrants reserve, End balance | $ | $ 0 |
Reserves - Summary of Fair Valu
Reserves - Summary of Fair Value of Share Purchase Options (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Mar. 31, 2023 $ / shares | Mar. 31, 2023 USD ($) | Mar. 31, 2022 $ / shares | Mar. 31, 2022 USD ($) | Jun. 30, 2023 $ / shares | Jun. 30, 2023 USD ($) yr shares | Jun. 30, 2022 $ / shares | Jun. 30, 2022 USD ($) yr shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Grant date share price and exercise price | $ / shares | $ 59.41 | $ 60 | ||||||
Weighted average fair value per option granted | $ / shares | $ 12.89 | $ 13.84 | $ 12.89 | $ 13.84 | ||||
Total fair value of options issued | $ | $ 3,000 | $ 3,000 | ||||||
Black-Scholes Weighted Average Assumptions [Member] | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Expected dividend yield | 1.39% | 1.32% | ||||||
Expected volatility | 30% | 35% | ||||||
Risk-free interest rate | 3.40% | 1.72% | ||||||
Expected option life, in years | yr | 3 | 3 | ||||||
Number of options issued during the period | shares | 316,580 | 283,440 | ||||||
Total fair value of options issued | $ | $ 2,972 | $ 3,069 |
Reserves - Disclosure of Inform
Reserves - Disclosure of Information About Options Outstanding and Exercisable (Detail) | 6 Months Ended | ||||||
Jun. 30, 2023 Agreement $ / shares | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Total Options Outstanding | 1,361,883 | 1,395,944 | 1,478,300 | 1,652,869 | 1,659,457 | 1,705,497 | |
Options [member] | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Exercisable Options | 762,300 | ||||||
Non-Exercisable Options | 599,583 | ||||||
Total Options Outstanding | 1,361,883 | ||||||
Weighted Average Remaining Contractual Life | 4 years 2 months 12 days | ||||||
Options [member] | 30.82 [member] | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Exercise Price | $ / shares | $ 30.82 | ||||||
Exercisable Options | 4,477 | ||||||
Total Options Outstanding | 4,477 | ||||||
Weighted Average Remaining Contractual Life | 1 year | ||||||
Options [member] | 31.88 [member] | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Exercise Price | $ / shares | [1] | $ 31.88 | |||||
Exercisable Options | 22,000 | ||||||
Total Options Outstanding | 22,000 | ||||||
Weighted Average Remaining Contractual Life | 1 year 8 months 12 days | ||||||
Options [member] | 32.50 [member] | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Exercise Price | $ / shares | [1] | $ 32.5 | |||||
Exercisable Options | 13,680 | ||||||
Total Options Outstanding | 13,680 | ||||||
Weighted Average Remaining Contractual Life | 8 months 12 days | ||||||
Options [member] | 32.93 [member] | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Exercise Price | $ / shares | $ 32.93 | ||||||
Exercisable Options | 142,165 | ||||||
Total Options Outstanding | 142,165 | ||||||
Weighted Average Remaining Contractual Life | 8 months 12 days | ||||||
Options [member] | 33.47 [member] | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Exercise Price | $ / shares | $ 33.47 | ||||||
Exercisable Options | 292,345 | ||||||
Total Options Outstanding | 292,345 | ||||||
Weighted Average Remaining Contractual Life | 1 year 8 months 12 days | ||||||
Options [member] | 49.86 [member] | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Exercise Price | $ / shares | $ 49.86 | ||||||
Exercisable Options | 156,693 | ||||||
Non-Exercisable Options | 79,873 | ||||||
Total Options Outstanding | 236,566 | ||||||
Weighted Average Remaining Contractual Life | 4 years 8 months 12 days | ||||||
Options [member] | 52.89 [member] | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Exercise Price | $ / shares | [1] | $ 52.89 | |||||
Exercisable Options | 39,738 | ||||||
Non-Exercisable Options | 20,088 | ||||||
Total Options Outstanding | 59,826 | ||||||
Weighted Average Remaining Contractual Life | 4 years 8 months 12 days | ||||||
Options [member] | 57.29 [member] | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Exercise Price | $ / shares | [1] | $ 57.29 | |||||
Non-Exercisable Options | 63,190 | ||||||
Total Options Outstanding | 63,190 | ||||||
Weighted Average Remaining Contractual Life | 6 years 8 months 12 days | ||||||
Options [member] | 59.41 [member] | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Exercise Price | $ / shares | $ 59.41 | ||||||
Non-Exercisable Options | 252,630 | ||||||
Total Options Outstanding | 252,630 | ||||||
Weighted Average Remaining Contractual Life | 6 years 8 months 12 days | ||||||
Options [member] | 60.00 [member] | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Exercise Price | $ / shares | $ 60 | ||||||
Exercisable Options | 73,578 | ||||||
Non-Exercisable Options | 148,556 | ||||||
Total Options Outstanding | 222,134 | ||||||
Weighted Average Remaining Contractual Life | 5 years 8 months 12 days | ||||||
Options [member] | 62.18 [member] | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Exercise Price | $ / shares | [1] | $ 62.18 | |||||
Exercisable Options | 17,624 | ||||||
Non-Exercisable Options | 35,246 | ||||||
Total Options Outstanding | 52,870 | ||||||
Weighted Average Remaining Contractual Life | 5 years 8 months 12 days | ||||||
[1]US$ share purchase options converted to Cdn$ using the exchange rate of 1.3240, being the Cdn$/US$ exchange rate at June 30, 2023. |
Reserves - Disclosure of Info_2
Reserves - Disclosure of Information About Options Outstanding and Exercisable (Parenthetical) (Detail) | Jun. 30, 2023 ExchangeRate |
Disclosure of number and weighted average remaining contractual life of outstanding share options [abstract] | |
Cdn$/US$ exchange rate | 1.324 |
Reserves - Disclosure of Outsta
Reserves - Disclosure of Outstanding Share Purchase Options (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 $ / shares | Mar. 31, 2023 $ / shares | Jun. 30, 2022 $ / shares | Mar. 31, 2022 $ / shares | Dec. 31, 2022 $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |||||
Number of Options Outstanding, Beginning balance | 1,395,944 | 1,478,300 | 1,659,457 | 1,705,497 | 1,652,869 |
Number of Options Outstanding, Granted | 316,580 | 283,440 | |||
Number of Options Outstanding, Exercised | (32,611) | (397,636) | (434) | (329,480) | (163,215) |
Number of Options Outstanding, Forfeited | (1,450) | (1,300) | (6,154) | (11,354) | |
Number of Options Outstanding, Ending balance | 1,361,883 | 1,395,944 | 1,652,869 | 1,659,457 | 1,478,300 |
Weighted Average Exercise Price, Beginning balance | $ 48.32 | $ 41.37 | $ 38.59 | $ 34.4 | $ 38.73 |
Weighted Average Exercise Price, Granted | 59.41 | 60 | |||
Weighted Average Exercise Price, Exercised | 35.77 | 31.17 | 50.36 | 28.84 | 28.55 |
Weighted Average Exercise Price, Forfeited | 59.69 | 55.01 | 49.86 | 55.83 | |
Weighted Average Exercise Price, Ending balance | $ 48.43 | $ 48.32 | $ 38.73 | $ 38.59 | $ 41.37 |
Reserves - Disclosure of Outs_2
Reserves - Disclosure of Outstanding Share Purchase Options (Parenthetical) (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2023 $ / shares | Mar. 31, 2023 USD ($) | Mar. 31, 2022 $ / shares | Mar. 31, 2022 USD ($) | Jun. 30, 2023 $ / shares | Jun. 30, 2022 $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||||||
Fair value per option granted | $ / shares | $ 12.89 | $ 13.84 | $ 12.89 | $ 13.84 | ||
Fair value of options issued during the year | $ | $ 3 | $ 3 |
Reserves - Disclosure of Restri
Reserves - Disclosure of Restricted Share Units Reserve (Detail) - RSU [member] | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) shares | Mar. 31, 2023 USD ($) shares | Jun. 30, 2022 USD ($) shares | Mar. 31, 2022 USD ($) shares | Dec. 31, 2022 USD ($) shares | |
Disclosure of restricted share units reserve [line items] | |||||
Beginning balance | shares | 383,124 | 350,206 | 351,430 | 350,058 | 352,680 |
Granted | shares | 1,110 | 92,880 | 2,570 | 89,210 | |
Released | shares | (60,155) | (59,672) | (87,838) | ||
Forfeited | shares | (320) | (290) | (1,320) | (2,474) | |
Ending balance | shares | 323,759 | 383,124 | 352,680 | 351,430 | 350,206 |
Weighted Average Intrinsic Value,Beginning Balance | $ | $ 32.54 | $ 31.25 | $ 31.28 | $ 26.69 | $ 31.31 |
Weighted Average Intrinsic Value,Granted | $ | 50.26 | 43.27 | 39.39 | 46.93 | |
Weighted Average Intrinsic Value,Released | $ | 24.64 | 41.64 | 28.85 | ||
Weighted Average Intrinsic Value, Forfeited | $ | 45.11 | 43.58 | 39.95 | 39.95 | |
Weighted Average Intrinsic Value, Ending Balance | $ | $ 34.05 | $ 32.54 | $ 31.31 | $ 31.28 | $ 31.25 |
Reserves - Disclosure of Rest_2
Reserves - Disclosure of Restricted Share Units Reserve (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
RSU [member] | ||
Disclosure of restricted share units reserve [line items] | ||
Fair value of RSU granted | $ 4 | $ 4 |
Reserves - Disclosure of Long T
Reserves - Disclosure of Long Term Investment Revaluation Reserve (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |||||||
Disclosure Of Long Term Investment Revaluation Reserve [line items] | |||||||||||||
Unrealized gain (loss) on LTIs | $ (47,039) | [1] | $ 40,700 | [1] | $ (33,525) | [1] | $ (103) | [1] | $ (6,339) | $ 48,167 | [1] | $ (33,629) | |
Reallocate reserve to retained earnings upon disposal of LTIs | 945 | (45) | |||||||||||
LTI revaluation reserve (net of tax) [member] | |||||||||||||
Disclosure Of Long Term Investment Revaluation Reserve [line items] | |||||||||||||
Long-term investment revaluation reserve at beginning of period | (5,560) | (47,250) | (65,689) | (65,586) | (47,250) | (99,214) | (65,586) | ||||||
Unrealized gain (loss) on LTIs | [2] | (47,039) | 40,700 | (33,525) | (103) | 48,167 | |||||||
Reallocate reserve to retained earnings upon disposal of LTIs | [2] | (1,831) | 990 | 3,797 | |||||||||
Long-term investment revaluation reserve at end of period | (54,430) | (5,560) | (99,214) | (65,689) | (54,430) | (47,250) | (99,214) | ||||||
Change in Fair Value [Member] | LTI revaluation reserve (net of tax) [member] | |||||||||||||
Disclosure Of Long Term Investment Revaluation Reserve [line items] | |||||||||||||
Long-term investment revaluation reserve at beginning of period | 5,018 | (40,626) | (65,384) | (65,475) | (40,626) | (99,258) | (65,475) | ||||||
Unrealized gain (loss) on LTIs | [2] | (53,083) | 44,654 | (33,874) | 91 | 54,835 | |||||||
Reallocate reserve to retained earnings upon disposal of LTIs | [2] | (1,831) | 990 | 3,797 | |||||||||
Long-term investment revaluation reserve at end of period | (49,896) | 5,018 | (99,258) | (65,384) | (49,896) | (40,626) | (99,258) | ||||||
Deferred Tax Recovery Expense [member] | LTI revaluation reserve (net of tax) [member] | |||||||||||||
Disclosure Of Long Term Investment Revaluation Reserve [line items] | |||||||||||||
Long-term investment revaluation reserve at beginning of period | (10,578) | (6,624) | (305) | (111) | (6,624) | 44 | (111) | ||||||
Unrealized gain (loss) on LTIs | [2] | 6,044 | (3,954) | 349 | (194) | (6,668) | |||||||
Reallocate reserve to retained earnings upon disposal of LTIs | [2] | 0 | 0 | 0 | |||||||||
Long-term investment revaluation reserve at end of period | $ (4,534) | $ (10,578) | $ 44 | $ (305) | $ (4,534) | $ (6,624) | $ 44 | ||||||
[1]Definitions as follows: “OCI” = Other Comprehensive Income (Loss); “SBC” = Equity Settled Stock Based Compensation; “Options” = Share Purchase Options; “RSUs” = Restricted Share Units; “LTI’s” = Long-Term Investments; “Warrants” = Share Purchase Warrants.[2]LTIs refers to long-term investments in common shares held. |
Stock Based Compensation - Perf
Stock Based Compensation - Performance Share Units - Additional Information (Detail) - Performance share units (PSUs) [member] | 6 Months Ended |
Jun. 30, 2023 | |
Bottom of range [member] | |
Disclosure of information relative to Performance Share Units [line items] | |
Potential Performance Factors | 0% |
Top of range [member] | |
Disclosure of information relative to Performance Share Units [line items] | |
Potential Performance Factors | 200% |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of the Company's Outstanding PSUs (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) PSU | Mar. 31, 2023 USD ($) PSU | Jun. 30, 2022 USD ($) PSU | Mar. 31, 2022 USD ($) PSU | Dec. 31, 2022 USD ($) PSU | |
Disclosure Of Other Equity Instruments - Performance Share Units [abstract] | |||||
Beginning balance | PSU | 388,330 | 444,620 | 638,680 | 513,510 | 453,900 |
Beginning balance | $ 10,432 | $ 21,239 | $ 35,172 | $ 26,305 | $ 16,506 |
Granted | PSU | 135,690 | 129,140 | |||
Paid | PSU | (191,980) | (184,780) | (1,950) | ||
Forfeited | PSU | (1,280) | (3,970) | (7,330) | ||
Ending balance | PSU | 387,050 | 388,330 | 453,900 | 638,680 | 444,620 |
Accrual related to the fair value of the PSUs outstanding | $ 2,645 | $ 5,855 | $ 111 | $ 8,625 | $ 5,678 |
Foreign exchange adjustment | 185 | 13 | (530) | 307 | (648) |
Paid | (16,675) | (18,247) | (163) | ||
Forfeited | (21) | (65) | (134) | ||
Ending balance | $ 13,241 | $ 10,432 | $ 16,506 | $ 35,172 | $ 21,239 |
Stock Based Compensation - Sc_2
Stock Based Compensation - Schedule of Performance Share Units Outstanding (Detail) $ in Thousands | 6 Months Ended | |||||
Jun. 30, 2023 USD ($) USDperPSU PSU | Mar. 31, 2023 USD ($) PSU | Dec. 31, 2022 USD ($) PSU | Jun. 30, 2022 USD ($) PSU | Mar. 31, 2022 USD ($) PSU | Dec. 31, 2021 USD ($) PSU | |
Disclosure of other equity instruments [line items] | ||||||
Number outstanding | PSU | 387,050 | 388,330 | 444,620 | 453,900 | 638,680 | 513,510 |
PSU liability at Jun 30, 2023 | $ | $ 13,241 | $ 10,432 | $ 21,239 | $ 16,506 | $ 35,172 | $ 26,305 |
Grant Year 2021 [Member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Year Of Maturity | 2024 | |||||
Number outstanding | PSU | 126,590 | |||||
Estimated Value Per PSU at Maturity | USDperPSU | 45.39 | |||||
Anticipated performance factor at maturity | 198% | |||||
Percent of vesting period complete | 76% | |||||
PSU liability at Jun 30, 2023 | $ | $ 8,692 | |||||
Grant Year 2022 [Member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Year Of Maturity | 2025 | |||||
Number outstanding | PSU | 125,100 | |||||
Estimated Value Per PSU at Maturity | USDperPSU | 44.8 | |||||
Anticipated performance factor at maturity | 163% | |||||
Percent of vesting period complete | 43% | |||||
PSU liability at Jun 30, 2023 | $ | $ 3,935 | |||||
Grant Year 2023 [Member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Year Of Maturity | 2026 | |||||
Number outstanding | PSU | 135,360 | |||||
Estimated Value Per PSU at Maturity | USDperPSU | 44.11 | |||||
Anticipated performance factor at maturity | 104% | |||||
Percent of vesting period complete | 10% | |||||
PSU liability at Jun 30, 2023 | $ | $ 614 |
Earnings per Share ("EPS") an_3
Earnings per Share ("EPS") and Diluted Earnings per Share ("Diluted EPS") - Summary of Diluted EPS Calculated Based on Weighted Average Number of Shares Outstanding (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings per share [line items] | ||||
Basic weighted average number of shares outstanding | 452,892,000 | 451,524,000 | 452,633,000 | 451,221,000 |
Diluted weighted average number of shares outstanding | 453,575,000 | 452,359,000 | 453,368,000 | 452,123,000 |
Share purchase options [member] | ||||
Earnings per share [line items] | ||||
Effect of dilutive securities | 332,000 | 484,000 | 381,000 | 551,000 |
Restricted stock units [member] | ||||
Earnings per share [line items] | ||||
Effect of dilutive securities | 351,000 | 351,000 | 354,000 | 351,000 |
Earnings per Share ("EPS") an_4
Earnings per Share ("EPS") and Diluted Earnings per Share ("Diluted EPS") - Additional Information (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings per share [abstract] | ||||
Average market value of common shares | $ 63.69 | $ 55.28 | $ 61.4 | $ 55.15 |
Earnings per Share ("EPS") an_5
Earnings per Share ("EPS") and Diluted Earnings per Share ("Diluted EPS") - Summary of Share Purchase Options and Share Purchase Warrants Excluded From Computation of Diluted Earnings Per Share (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings per share [line items] | ||||
Share options not included in calculation of diluted earnings per share | 0 | 10,283 | 53 | 10,283 |
Share purchase options [member] | ||||
Earnings per share [line items] | ||||
Share options not included in calculation of diluted earnings per share | 0 | 283 | 53 | 283 |
Share purchase warrants [member] | ||||
Earnings per share [line items] | ||||
Share options not included in calculation of diluted earnings per share | 0 | 10,000 | 0 | 10,000 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Summary of Change in Non-Cash Working Capital (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Change in non-cash working capital | ||||
Accounts receivable | $ 2,132 | $ 12,630 | $ 2,981 | $ (1,972) |
Cobalt inventory | 187 | (1,392) | 815 | (594) |
Accounts payable and accrued liabilities | 452 | (2,140) | (3,004) | (4,353) |
Other | (1,086) | (1,733) | (1,179) | (1,634) |
Total change in non-cash working capital | $ 1,685 | $ 7,365 | $ (387) | $ (8,553) |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents [abstract] | ||||||
Cash | $ 356,426 | $ 170,155 | ||||
Cash equivalents | 472,411 | 525,934 | ||||
Total cash and cash equvivalents | $ 828,837 | $ 799,697 | $ 696,089 | $ 448,626 | $ 376,163 | $ 226,045 |
Supplemental Cash Flow Inform_5
Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of cash flow statement [line items] | ||||
Dividends declared per share | $ 0.15 | $ 0.15 | $ 0.3 | $ 0.3 |
DRIP percentage | 3% | 13% | 4% | 14% |
Value of shares received as consideration for the disposal of long term equity investments | $ 48 | $ 48 | ||
Retained Earnings [member] | ||||
Disclosure of cash flow statement [line items] | ||||
Dividends paid, common shares | 136 | $ 135 | ||
Dividends Paid in Cash [member] | ||||
Disclosure of cash flow statement [line items] | ||||
Dividends paid, common shares | 131 | 117 | ||
Dividends Paid in DRIP [member] | ||||
Disclosure of cash flow statement [line items] | ||||
Dividends paid, common shares | $ 5 | $ 18 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Recovery) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Income tax [line items] | |||||
Write down (reversal of write down) or recognition of prior period temporary differences | $ 4,354 | $ (1,829) | $ (946) | $ (8,329) | |
Total deferred income tax expense | 2,115 | $ (8,237) | |||
Total income tax expense (recovery) recognized in net earnings | 6,135 | 201 | (445) | 872 | |
Current income tax expense [member] | |||||
Income tax [line items] | |||||
Current income tax expense (recovery) | 80 | (819) | (2,560) | 78 | |
Deferred income tax expense [member] | |||||
Income tax [line items] | |||||
Origination and reversal of temporary differences | 1,701 | 2,849 | 3,061 | 9,123 | |
Write down (reversal of write down) or recognition of prior period temporary differences | 4,354 | (1,829) | (946) | (8,329) | |
Total deferred income tax expense | $ 6,055 | $ 1,020 | $ 2,115 | $ 794 |
Income Taxes - Schedule of In_2
Income Taxes - Schedule of Income Tax Expense (Recovery) in Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income tax relating to components of other comprehensive income [abstract] | ||||
Income tax expense (recovery) related to LTIs - common shares held | $ (6,044) | $ (349) | $ (2,090) | $ (155) |
Income Taxes - Schedule of In_3
Income Taxes - Schedule of Income Tax Expense (Recovery) in Shareholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | |
Current and deferred tax relating to items charged or credited directly to equity [line items] | |||||||
Write down (reversal of write down) or recognition of prior period temporary differences | $ 4,354 | $ (1,829) | $ (946) | $ (8,329) | |||
Total deferred income tax expense (recovery) | 0 | $ 1,789 | |||||
Total income tax expense (recovery) recognized in equity | 293 | $ (793) | $ (3,644) | ||||
Deferred Income Tax Expense [Member] | |||||||
Current and deferred tax relating to items charged or credited directly to equity [line items] | |||||||
Origination and reversal of temporary differences | 1,701 | 2,849 | 3,061 | 9,123 | |||
Write down (reversal of write down) or recognition of prior period temporary differences | 4,354 | (1,829) | (946) | (8,329) | |||
Equity attributable to owners of parent [member] | Current Income Tax Expense [Member] | |||||||
Current and deferred tax relating to items charged or credited directly to equity [line items] | |||||||
Current income tax expense (recovery) | 0 | 852 | 0 | 3 | |||
Equity attributable to owners of parent [member] | Deferred Income Tax Expense [Member] | |||||||
Current and deferred tax relating to items charged or credited directly to equity [line items] | |||||||
Origination and reversal of temporary differences | 0 | (852) | 0 | (3) | |||
Write down (reversal of write down) or recognition of prior period temporary differences | 0 | 292 | 0 | (500) | |||
Total deferred income tax expense (recovery) | 0 | (560) | 0 | (503) | |||
Total income tax expense (recovery) recognized in equity | $ 0 | $ 292 | $ 0 | $ (500) |
Income Taxes - Schedule of In_4
Income Taxes - Schedule of Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||||
Earnings before income taxes | $ 147,583 | $ 149,275 | $ 252,394 | $ 307,414 | |
Canadian federal and provincial income tax rates | 27% | 27% | 27% | 27% | |
Income tax expense (recovery) based on above rates | $ 39,847 | $ 40,305 | $ 68,146 | $ 83,002 | |
Non-deductible portion of capital losses (non-taxable portion of capital gains) | 0 | 0 | 0 | (1,052) | |
Non-deductible stock based compensation and other | 547 | 627 | 886 | 1,099 | |
Differences in tax rates in foreign jurisdictions | [1] | (39,044) | (37,177) | (68,938) | (76,056) |
Current period unrecognized temporary differences | 431 | (1,725) | 407 | 2,208 | |
Write down (reversal of write down) or recognition of prior period temporary differences | 4,354 | (1,829) | (946) | (8,329) | |
Total income tax expense (recovery) recognized in net earnings | $ 6,135 | $ 201 | $ (445) | $ 872 | |
[1]During the six months ended June 30, 2023, the Company’s subsidiaries generated net earnings of $257 million, as compared to $283 million during the comparable period of the prior year. |
Income Taxes - Schedule of In_5
Income Taxes - Schedule of Income Tax Rate Reconciliation (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Income tax [line items] | |||||||
Net earnings | $ 141,448 | $ 111,391 | $ 149,074 | $ 157,467 | $ 252,839 | $ 362,585 | $ 306,542 |
Subsidiaries [member] | |||||||
Income tax [line items] | |||||||
Net earnings | $ 257,000 | $ 283,000 |
Income Taxes - Disclosure Of De
Income Taxes - Disclosure Of Detailed Information About Current Income Taxes Payable Explanatory (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Taxes [Line Items] | ||||
Current taxes payable - December 31, 2022 | $ (2,763) | |||
Income taxes paid | $ 988 | $ 80 | 4,332 | $ 112 |
Foreign exchange adjustments | 88 | |||
Current taxes recoverable - June 30, 2023 | 4,217 | 4,217 | ||
Current Income Tax Expense [Member] | ||||
Income Taxes [Line Items] | ||||
Current income tax recovery - income statement | $ (80) | $ 819 | $ 2,560 | $ (78) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Income tax [line items] | ||
Proportion of ownership interest in subsidiary | 100% | |
Others [Member] | Global Minimum Tax Act [Member] | ||
Income tax [line items] | ||
Global minimum tax percentage | 15% |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Taxes (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2022 | |||
Deferred Tax Assets And Liabilities [line items] | ||||
Opening Balance | $ (165) | $ (100) | ||
Recovery (Expense) Recognized In Net Earnings | (2,115) | 8,237 | ||
Recovery (Expense) Recognized In OCI | 2,090 | (6,513) | ||
Recovery (Expense) Recognized In Shareholders' Equity | 0 | (1,789) | ||
Closing Balance | (190) | (165) | ||
Non-capital loss carryforwards [member] | ||||
Deferred Tax Assets And Liabilities [line items] | ||||
Opening Balance | 0 | [1] | 6,967 | |
Recovery (Expense) Recognized In Net Earnings | 472 | [1] | (5,178) | |
Recovery (Expense) Recognized In Shareholders' Equity | 0 | [1] | (1,789) | |
Closing Balance | [1] | 472 | 0 | |
Capital losses carryforward [member] | ||||
Deferred Tax Assets And Liabilities [line items] | ||||
Opening Balance | 792 | 0 | ||
Recovery (Expense) Recognized In Net Earnings | (1) | 277 | ||
Recovery (Expense) Recognized In OCI | 124 | 515 | ||
Closing Balance | 915 | 792 | ||
Deferred tax assets other [member] | ||||
Deferred Tax Assets And Liabilities [line items] | ||||
Opening Balance | 4,256 | [2] | 1,325 | |
Recovery (Expense) Recognized In Net Earnings | (1,695) | [2] | 2,739 | |
Recovery (Expense) Recognized In OCI | 0 | [2] | 192 | |
Closing Balance | [2] | 2,561 | 4,256 | |
Interest capitalized for accounting [member] | ||||
Deferred Tax Assets And Liabilities [line items] | ||||
Opening Balance | 0 | (87) | ||
Recovery (Expense) Recognized In Net Earnings | 87 | |||
Closing Balance | 0 | |||
Debt financing fees [member] | ||||
Deferred Tax Assets And Liabilities [line items] | ||||
Opening Balance | (774) | [3] | (737) | |
Recovery (Expense) Recognized In Net Earnings | (21) | [3] | (37) | |
Closing Balance | [3] | (795) | (774) | |
Kutcho convertible note [member] | ||||
Deferred Tax Assets And Liabilities [line items] | ||||
Recovery (Expense) Recognized In Net Earnings | 112 | |||
Recovery (Expense) Recognized In OCI | (112) | |||
Unrealized gains on Long term investments [member] | ||||
Deferred Tax Assets And Liabilities [line items] | ||||
Opening Balance | (8,006) | (170) | ||
Recovery (Expense) Recognized In Net Earnings | 1 | (728) | ||
Recovery (Expense) Recognized In OCI | 1,966 | (7,108) | ||
Closing Balance | (6,039) | (8,006) | ||
Mineral stream interest [member] | ||||
Deferred Tax Assets And Liabilities [line items] | ||||
Opening Balance | 3,732 | [4] | (7,298) | |
Recovery (Expense) Recognized In Net Earnings | (846) | [4] | 11,030 | |
Closing Balance | [4] | 2,886 | 3,732 | |
Foreign withholding tax [member] | ||||
Deferred Tax Assets And Liabilities [line items] | ||||
Opening Balance | (165) | (100) | ||
Recovery (Expense) Recognized In Net Earnings | (25) | (65) | ||
Closing Balance | $ (190) | $ (165) | ||
[1]As at June 30, 2023, the Company had recognized the tax effect on $2 million of non-capital losses against deferred tax liabilities.[2]Other includes capital assets, cobalt inventory, charitable donation carryforward, and PSU and pension liabilities.[3]Debt and share financing fees are deducted over a five-year period for Canadian income tax purposes. For accounting purposes, debt financing fees are deducted over the term of the credit facility and share financing fees are charged directly to issued capital.[4]The Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, is that the cost of the precious metal acquired under the Canadian PMPAs is equal to the market value while a deposit is outstanding (where applicable to an agreement), and the cash cost thereafter. For accounting purposes, the cost of the mineral stream interests is depleted on a unit-of-production basis as described in Note 13. |
Income Taxes - Deferred Incom_2
Income Taxes - Deferred Income Taxes (Parenthetical) (Detail) $ in Millions | Jun. 30, 2023 USD ($) |
Deferred tax assets and liabilities [abstract] | |
Non-tax effected deductible temporary differences which gave rise to a deferred tax asset being recognized | $ 2 |
Income Taxes -Schedule of Defer
Income Taxes -Schedule of Deferred Income Tax Assets Unrecognized (Detail) - Canada [member] - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Unrecognized deferred tax assets [line items] | ||
Deferred tax assets | $ 20,522 | $ 22,013 |
Mineral stream interest [member] | ||
Unrecognized deferred tax assets [line items] | ||
Deferred tax assets | 6,593 | 7,369 |
Deferred tax assets other [member] | ||
Unrecognized deferred tax assets [line items] | ||
Deferred tax assets | 1,798 | 1,575 |
Unrealized losses on long term investments [member] | ||
Unrecognized deferred tax assets [line items] | ||
Deferred tax assets | $ 12,131 | $ 13,069 |
Other Current Assets - Disclosu
Other Current Assets - Disclosure of other current assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Other Current Assets [Line Items] | ||
Prepaid expenses | $ 3,505 | $ 2,856 |
Other | 961 | 431 |
Total other current assets | $ 4,466 | $ 3,287 |
Other Long-Term Assets - Schedu
Other Long-Term Assets - Schedule of Other Long-Term Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Other Non current Assets [Abstract] | ||
Intangible assets | $ 2,078 | $ 2,270 |
Debt issue costs - Revolving Facility | 6,040 | 5,757 |
Refundable deposit - 777 PMPA | 8,393 | 8,073 |
Mineral royalty interest | 6,606 | 6,606 |
Other | 5,340 | 3,691 |
Total other long-term assets | $ 28,457 | $ 26,397 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Commitments to Purchase Mineral Stream (Detail) - $ / oz | 6 Months Ended | |||||
May 16, 2023 | Jun. 30, 2023 | Feb. 08, 2022 | Jan. 26, 2022 | Jan. 17, 2022 | ||
Penasquito [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | Jul. 24, 2007 | |||||
Penasquito [member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Penasquito [member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Percentage of production to be purchased | 25% | |||||
Per Unit of Measurement Cash Payment | 4.43 | |||||
Penasquito [member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Penasquito [member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Penasquito [member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Constancia [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | Aug. 08, 2012 | |||||
Constancia [member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Percentage of production to be purchased | 50% | |||||
Per Unit of Measurement Cash Payment | 416 | |||||
Constancia [member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Percentage of production to be purchased | 100% | |||||
Per Unit of Measurement Cash Payment | 6.14 | |||||
Constancia [member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Constancia [member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Constancia [member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Salobo [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | Feb. 28, 2013 | |||||
Salobo [member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Percentage of production to be purchased | 75% | |||||
Per Unit of Measurement Cash Payment | 420 | |||||
Salobo [member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Salobo [member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Salobo [member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Salobo [member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Sudbury [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | 20 years | |||||
Date of Original Contract | Feb. 28, 2013 | |||||
Sudbury [member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Percentage of production to be purchased | 70% | |||||
Per Unit of Measurement Cash Payment | 400 | |||||
Sudbury [member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Sudbury [member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Sudbury [member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Sudbury [member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Antamina [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | Nov. 03, 2015 | |||||
Antamina [member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Antamina [member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 20% | |||||
Percentage of production to be purchased | 33.75% | |||||
Antamina [member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Antamina [member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Antamina [member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
San Dimas [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | May 10, 2018 | |||||
San Dimas [member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Percentage of production to be purchased, description | [1] | variable | ||||
Percentage of production to be purchased | 25% | |||||
Per Unit of Measurement Cash Payment | 631 | |||||
San Dimas [member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
San Dimas [member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
San Dimas [member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
San Dimas [member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Stillwater [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | Jul. 16, 2018 | |||||
Stillwater [member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||
Percentage of production to be purchased | 100% | |||||
Stillwater [member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Stillwater [member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||
Percentage of production to be purchased | 4.50% | |||||
Stillwater [member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Stillwater [member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Voisey's Bay [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | Jun. 11, 2018 | |||||
Voisey's Bay [member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Voisey's Bay [member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Voisey's Bay [member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Voisey's Bay [member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per pound cash payment as percentage of the per pound price received related to metal delivered | 18% | |||||
Percentage of production to be purchased | 42.40% | |||||
Voisey's Bay [member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Marathon [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | Jan. 26, 2022 | |||||
Marathon [Member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||
Percentage of production to be purchased | 100% | 100% | ||||
Marathon [Member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Marathon [Member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Marathon [Member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Marathon [Member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||
Percentage of production to be purchased | 22% | 22% | ||||
Los Filos [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | 25 years | |||||
Date of Original Contract | Oct. 15, 2004 | |||||
Los Filos [member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Los Filos [member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Percentage of production to be purchased | 100% | |||||
Per Unit of Measurement Cash Payment | 4.6 | |||||
Los Filos [member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Los Filos [member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Los Filos [member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Zinkgruvan [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | Dec. 08, 2004 | |||||
Zinkgruvan [member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Zinkgruvan [member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Percentage of production to be purchased | 100% | |||||
Per Unit of Measurement Cash Payment | 4.6 | |||||
Zinkgruvan [member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Zinkgruvan [member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Zinkgruvan [member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Stratoni [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | Apr. 23, 2007 | |||||
Stratoni [member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Stratoni [member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Percentage of production to be purchased | 100% | |||||
Per Unit of Measurement Cash Payment | 11.54 | |||||
Stratoni [member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Stratoni [member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Stratoni [member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Neves-Corvo [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | 50 years | |||||
Date of Original Contract | Jun. 05, 2007 | |||||
Neves-Corvo [member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Neves-Corvo [member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Percentage of production to be purchased | 100% | |||||
Per Unit of Measurement Cash Payment | 4.46 | |||||
Neves-Corvo [member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Neves-Corvo [member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Neves-Corvo [member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Aljustrel [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | 50 years | |||||
Date of Original Contract | Jun. 05, 2007 | |||||
Aljustrel [member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Aljustrel [member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 50% | |||||
Percentage of production to be purchased | 100% | |||||
Aljustrel [member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Aljustrel [member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Aljustrel [member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Minto [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | Nov. 20, 2008 | |||||
Minto [member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 50% | |||||
Percentage of production to be purchased | 100% | |||||
Minto [member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Percentage of production to be purchased | 100% | |||||
Per Unit of Measurement Cash Payment | 4.39 | |||||
Minto [member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Minto [member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Minto [member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Pascua-Lama [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | Sep. 08, 2009 | |||||
Pascua-Lama [member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Pascua-Lama [member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Percentage of production to be purchased | 25% | |||||
Per Unit of Measurement Cash Payment | 3.9 | |||||
Pascua-Lama [member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Pascua-Lama [member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Pascua-Lama [member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Copper World [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | Feb. 10, 2010 | |||||
Copper World [Member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Percentage of production to be purchased | 100% | |||||
Per Unit of Measurement Cash Payment | 450 | |||||
Copper World [Member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Percentage of production to be purchased | 100% | |||||
Per Unit of Measurement Cash Payment | 3.9 | |||||
Copper World [Member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Copper World [Member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Copper World [Member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Loma de La Plata [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Loma de La Plata [member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Loma de La Plata [member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Percentage of production to be purchased | 12.50% | |||||
Per Unit of Measurement Cash Payment | 4 | |||||
Loma de La Plata [member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Loma de La Plata [member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Loma de La Plata [member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Marmato [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | Nov. 05, 2020 | |||||
Marmato [Member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||
Percentage of production to be purchased | 10.50% | |||||
Marmato [Member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||
Percentage of production to be purchased | 100% | |||||
Marmato [Member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Marmato [Member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Marmato [Member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Cozamin [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | Dec. 11, 2020 | |||||
Cozamin [Member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Cozamin [Member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 10% | |||||
Percentage of production to be purchased | 50% | |||||
Cozamin [Member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Cozamin [Member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Cozamin [Member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Santo Domingo [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | Mar. 24, 2021 | |||||
Santo Domingo [Member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||
Percentage of production to be purchased | 100% | |||||
Santo Domingo [Member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Santo Domingo [Member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Santo Domingo [Member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Santo Domingo [Member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Fenix [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | Nov. 15, 2021 | |||||
Fenix [Member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||
Percentage of production to be purchased | 6% | |||||
Fenix [Member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Fenix [Member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Fenix [Member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Fenix [Member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Black Water [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | Dec. 13, 2021 | |||||
Black Water [Member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 35% | |||||
Percentage of production to be purchased | 8% | |||||
Black Water [Member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||
Percentage of production to be purchased | 50% | |||||
Black Water [Member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Black Water [Member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Black Water [Member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Curipamba [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | Jan. 17, 2022 | |||||
Curipamba [Member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||
Percentage of production to be purchased | 50% | 50% | ||||
Curipamba [Member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||
Percentage of production to be purchased | 75% | 75% | ||||
Curipamba [Member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Curipamba [Member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Curipamba [Member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Goose [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | Feb. 08, 2022 | |||||
Goose [Member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||
Percentage of production to be purchased | 2.78% | 4.15% | ||||
Goose [Member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Goose [Member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Goose [Member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Goose [Member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Cangrejos [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | May 16, 2023 | |||||
Cangrejos [Member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | 18% | ||||
Percentage of production to be purchased | 6.60% | |||||
Cangrejos [Member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Cangrejos [Member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Cangrejos [Member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Cangrejos [Member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Toroparu [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | Nov. 11, 2013 | |||||
Toroparu [member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Percentage of production to be purchased | 10% | |||||
Per Unit of Measurement Cash Payment | 400 | |||||
Toroparu [member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Percentage of production to be purchased | 50% | |||||
Per Unit of Measurement Cash Payment | 3.9 | |||||
Toroparu [member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Toroparu [member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Toroparu [member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Cotabambas [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | Mar. 21, 2016 | |||||
Cotabambas [member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Percentage of production to be purchased | 25% | |||||
Per Unit of Measurement Cash Payment | 450 | |||||
Cotabambas [member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Percentage of production to be purchased | 100% | |||||
Per Unit of Measurement Cash Payment | 5.9 | |||||
Cotabambas [member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Cotabambas [member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Cotabambas [member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Kutcho [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Term of Agreement | Life of Mine | |||||
Date of Original Contract | Dec. 14, 2017 | |||||
Kutcho [member] | Gold [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 20% | |||||
Percentage of production to be purchased | 100% | |||||
Kutcho [member] | Silver [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 20% | |||||
Percentage of production to be purchased | 100% | |||||
Kutcho [member] | Palladium [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Kutcho [member] | Cobalt [member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
Kutcho [member] | Platinum [Member] | ||||||
Disclosure of contractual obligations and commitments [line items] | ||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||
Percentage of production to be purchased | 0% | |||||
[1]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. Currently, the fixed gold to silver exchange ratio is 70:1. |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Commitments to Purchase Mineral Stream (Parenthetical) (Detail) $ in Thousands, lb in Millions | 3 Months Ended | 6 Months Ended | |||||
Apr. 19, 2023 USD ($) oz | Jun. 30, 2023 USD ($) oz lb | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) Agreement oz lb | Jun. 30, 2022 USD ($) | Jan. 26, 2022 oz | Jan. 17, 2022 oz | |
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased after second step down | 1% | ||||||
Gain on disposal | $ | $ 5,027 | $ 0 | $ 5,027 | $ 0 | |||
Constancia [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Initial term of contract | 40 years | ||||||
Aljustrel [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Maximum percentage of copper included in concentrate | 15% | ||||||
Gold interests [member] | Minto PMPA Agreement Amendment [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Per ounce cash payment as a percentage of spot price of gold delivered | 50% | 50% | |||||
Per ounce cash payment as a percentage of spot price of gold to be paid during contract restructuring | 90% | 90% | |||||
Gold interests [member] | Marathon [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Cumulative gold ounces to be delivered before reduction in stream percentage | 150,000 | 150,000 | |||||
Gold interests [member] | Santo Domingo [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Attributable Payable Production to be Purchased after stream percentage reduction | 67% | 67% | |||||
Gold [member] | Constancia [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 50% | 50% | |||||
Gold [member] | San Dimas [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 25% | 25% | |||||
Percentage of silver production to be Converted to gold and purchased | 25% | ||||||
Gold to silver price ratio minimum limit for revisiting stated exchange rate | 70 | 70 | |||||
Exchange ratio to be fixed when price ratio reach minimum limit for six months | 50 | 50 | |||||
Exchange ratio to be fixed when price ratio reach maximum limit for six months | 90 | 90 | |||||
Gold to silver exchange ratio, description | fixed gold to silver exchange ratio is 70:1. | ||||||
Gold [member] | San Dimas [member] | Bottom of range [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Gold to silver price ratio minimum limit for revisiting stated exchange ratio | 50 | 50 | |||||
Gold [member] | San Dimas [member] | Top of range [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Gold to silver price ratio maximum limit for revisiting stated exchange rate | 90 | 90 | |||||
Gold [member] | Stillwater [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 100% | 100% | |||||
Gold [member] | Voisey's Bay [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Gold [member] | Aljustrel [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Gold [member] | Minto [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 100% | 100% | |||||
Number of ounces to be delivered before sharing mechanism applies | 30,000 | 30,000 | |||||
Attributable Payable Production to be Purchased there after | 50% | 50% | |||||
Gold [member] | Cotabambas [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 25% | 25% | |||||
Attributable Payable Production to be Purchased after stream percentage reduction | 16.67% | 16.67% | |||||
Gold [member] | Marmato [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 10.50% | 10.50% | |||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 22% | 22% | |||||
Percentage of metal production at the mine which WPM is entitled to after step down | 5.25% | 5.25% | |||||
Cumulative gold equivalent ounces to be produced before reduction in stream percentage | 310,000 | 310,000 | |||||
Gold [member] | Cozamin [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Gold [member] | Blackwater [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 8% | 8% | |||||
Attributable Payable Production to be Purchased after stream percentage reduction | 4% | 4% | |||||
Cumulative gold ounces to be delivered before reduction in stream percentage | 464,000 | 464,000 | |||||
Gold [member] | Marathon [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 100% | 100% | 100% | ||||
Attributable Payable Production to be Purchased after stream percentage reduction | 67% | 67% | 67% | ||||
Number of ounces to be delivered before first step down in entitlement percentage | 150,000 | ||||||
Gold [member] | Fenix [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 6% | 6% | |||||
Number of ounces to be delivered before first step down in entitlement percentage | 90,000 | 90,000 | |||||
Percentage of production to be purchased after first step down | 4% | 4% | |||||
Number of ounces to be delivered before second step down in entitlement percentage | 140,000 | 140,000 | |||||
Percentage of production to be purchased after second step down | 3.50% | 3.50% | |||||
Gold [member] | Curipamba [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 50% | 50% | 50% | ||||
Attributable Payable Production to be Purchased after stream percentage reduction | 33% | 33% | 33% | ||||
Cumulative gold ounces to be delivered before reduction in stream percentage | 145,000 | 145,000 | |||||
Number of ounces to be delivered before first step down in entitlement percentage | 145,000 | ||||||
Gold [member] | Santo Domingo [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 100% | 100% | |||||
Cumulative gold ounces to be delivered before reduction in stream percentage | 285,000 | 285,000 | |||||
Gold [member] | Constancia PMPA [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Price per ounce after the initial 40 year term | Agreement | 550 | ||||||
Gold [member] | Goose PMPA [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 2.78% | ||||||
Percentage of mineral interest sold | 33% | ||||||
Number of ounces to be delivered before first step down in entitlement percentage | 87,100 | ||||||
Percentage of production to be purchased after first step down | 1.44% | ||||||
Number of ounces to be delivered before second step down in entitlement percentage | 134,000 | ||||||
Percentage of production to be purchased after second step down | 1% | ||||||
Cash Consideration Received Upon Buyback Of Mineral Stream Interest | $ | $ 46,000 | ||||||
Gain on disposal | $ | $ 5,000 | ||||||
Gold [member] | Cangrejos [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 6.60% | 6.60% | |||||
Attributable Payable Production to be Purchased after stream percentage reduction | 4.40% | 4.40% | |||||
Cumulative gold ounces to be delivered before reduction in stream percentage | 700,000 | 700,000 | |||||
Silver [member] | Constancia [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 100% | 100% | |||||
Silver [member] | San Dimas [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Silver [member] | Stillwater [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Silver [member] | Voisey's Bay [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Silver [member] | Aljustrel [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 100% | 100% | |||||
Silver [member] | Minto [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 100% | 100% | |||||
Silver [member] | Cotabambas [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 100% | 100% | |||||
Attributable Payable Production to be Purchased after stream percentage reduction | 66.67% | 66.67% | |||||
Cumulative gold equivalent ounces to be produced before reduction in stream percentage | 90,000,000 | 90,000,000 | |||||
Silver [member] | Marmato [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 100% | 100% | |||||
Number of ounces to be delivered before first step down in entitlement percentage | 2,150,000 | 2,150,000 | |||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 22% | 22% | |||||
Percentage of metal production at the mine which WPM is entitled to after step down | 50% | 50% | |||||
Silver [member] | Cozamin [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 50% | 50% | |||||
Number of ounces to be delivered before first step down in entitlement percentage | 10,000,000 | 10,000,000 | |||||
Percentage of metal production at the mine which WPM is entitled to after step down | 33% | 33% | |||||
Silver [member] | Blackwater [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 50% | 50% | |||||
Attributable Payable Production to be Purchased after stream percentage reduction | 33% | 33% | |||||
Cumulative silver ounces to be delivered before reduction in stream percentage | 17,800,000 | 17,800,000 | |||||
Silver [member] | Marathon [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Silver [member] | Fenix [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Silver [member] | Curipamba [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 75% | 75% | 75% | ||||
Attributable Payable Production to be Purchased after stream percentage reduction | 50% | 50% | |||||
Cumulative silver ounces to be delivered before reduction in stream percentage | 4,600,000 | 4,600,000 | |||||
Number of ounces to be delivered before first step down in entitlement percentage | 4,600,000 | ||||||
Silver [member] | Santo Domingo [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Silver [member] | Constancia PMPA [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Price per ounce after the initial 40 year term | Agreement | 9.9 | ||||||
Silver [member] | Cangrejos [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Palladium [member] | Constancia [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Palladium [member] | San Dimas [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Palladium [member] | Stillwater [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 4.50% | 4.50% | |||||
Number of ounces to be delivered before first step down in entitlement percentage | 375,000 | 375,000 | |||||
Percentage of production to be purchased after first step down | 2.25% | 2.25% | |||||
Number of ounces to be delivered before second step down in entitlement percentage | 550,000 | 550,000 | |||||
Percentage of production to be purchased after second step down | 1% | 1% | |||||
Palladium [member] | Voisey's Bay [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Palladium [member] | Aljustrel [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Palladium [member] | Minto [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Palladium [member] | Cotabambas [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Palladium [member] | Marmato [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Palladium [member] | Cozamin [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Palladium [member] | Blackwater [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Palladium [member] | Marathon [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Palladium [member] | Fenix [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Palladium [member] | Curipamba [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Palladium [member] | Santo Domingo [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Palladium [member] | Cangrejos [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Cobalt [member] | Constancia [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Cobalt [member] | San Dimas [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Cobalt [member] | Stillwater [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Cobalt [member] | Voisey's Bay [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 42.40% | 42.40% | |||||
Cobalt pounds to be delivered before entitlement step down takes effect | lb | 31 | 31 | |||||
Percentage of metal production at the mine which WPM is entitled to after step down | 21.20% | 21.20% | |||||
Per pound cash payment as percentage of the spot price of metal delivered after up front deposit reduced to nil | 22% | 22% | |||||
Cobalt [member] | Aljustrel [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Cobalt [member] | Minto [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Cobalt [member] | Cotabambas [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Cobalt [member] | Marmato [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Cobalt [member] | Cozamin [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Cobalt [member] | Blackwater [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Cobalt [member] | Marathon [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Cobalt [member] | Fenix [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Cobalt [member] | Curipamba [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Cobalt [member] | Santo Domingo [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Cobalt [member] | Cangrejos [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Gold and palladium [member] | Stillwater [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 22% | 22% | |||||
Platinum [Member] | Constancia [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Platinum [Member] | San Dimas [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Platinum [Member] | Stillwater [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Platinum [Member] | Voisey's Bay [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Platinum [Member] | Aljustrel [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Platinum [Member] | Minto [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Platinum [Member] | Cotabambas [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Platinum [Member] | Marmato [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Platinum [Member] | Cozamin [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Platinum [Member] | Blackwater [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Platinum [Member] | Marathon [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 22% | 22% | 22% | ||||
Attributable Payable Production to be Purchased after stream percentage reduction | 15% | 15% | 15% | ||||
Number of ounces to be delivered before first step down in entitlement percentage | 120,000 | ||||||
Cumulative Platinum Ounces To Be Delivered Before Reduction In Stream Percentage | 120,000 | 120,000 | |||||
Platinum [Member] | Fenix [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Platinum [Member] | Curipamba [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Platinum [Member] | Santo Domingo [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% | |||||
Platinum [Member] | Cangrejos [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | 0% |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Detail) MillionTonnesPerAnnum in Millions, $ in Millions | 6 Months Ended | |||||
Jun. 30, 2023 USD ($) MillionTonnesPerAnnum | Jun. 30, 2023 CAD ($) | May 16, 2023 USD ($) | Jan. 26, 2022 USD ($) | Jan. 26, 2022 CAD ($) | ||
Disclosure of contingent liabilities [line items] | ||||||
Upfront cash consideration to be paid | [1],[2] | $ 322,250,000 | ||||
Percentage of reassessments interest and penalties | 50% | |||||
Loma de La Plata [member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Upfront cash consideration to be paid | $ 32,000,000 | |||||
Toroparu [member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Upfront cash consideration to be paid | $ 138,000,000 | |||||
Reduced stream percentage of gold | 0.909% | 0.909% | ||||
Current stream percentage of gold | 10% | 10% | ||||
Amount of non-refundable advance | $ 2,000,000 | |||||
Current stream percentage of silver | 50% | 50% | ||||
Reduced stream percentage of silver | 0% | 0% | ||||
Cotabambas [member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Upfront cash consideration to be paid | $ 126,000,000 | |||||
Amount of non-refundable advance | 2,000,000 | |||||
Unpaid upfront cash consideration with scheduled payment dates | 250,000 | |||||
Kutcho [member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Upfront cash consideration to be paid | $ 58,000,000 | |||||
Salobo [member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Historical Mill throughput capacity | MillionTonnesPerAnnum | 24 | |||||
Salobo [member] | Mill Throughput Capacity Expansion [member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Estimated expansion payments | $ 552,000,000 | |||||
Percentage Increase In Output Capacity | 50% | |||||
Salobo [member] | Bottom of range [member] | Mill Throughput Capacity Expansion [member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Expanded Mill throughput capacity | MillionTonnesPerAnnum | 32 | |||||
Estimated expansion payments | $ 283,000,000 | |||||
Salobo [member] | Bottom of range [member] | Mill Throughput Capacity Expansion [member] | High Grade Mine Plan [Member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Estimated expansion payments | $ 5,100,000 | |||||
Salobo [member] | Top of range [member] | Mill Throughput Capacity Expansion [member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Expanded Mill throughput capacity | MillionTonnesPerAnnum | 35 | |||||
Estimated expansion payments | $ 552,000,000 | |||||
Salobo [member] | Top of range [member] | Mill Throughput Capacity Expansion [member] | High Grade Mine Plan [Member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Estimated expansion payments | 8,500,000 | |||||
Marmato [member] | Amended Agreement [Member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Upfront cash consideration to be paid | 122,000,000 | |||||
Fenix Gold [Member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Upfront cash consideration to be paid | 25,000,000 | |||||
Blackwater [Member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Upfront cash consideration to be paid | 136,000,000 | |||||
Marathon [Member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Upfront cash consideration to be paid | 151,000,000 | $ 200 | $ 178,000,000 | $ 240 | ||
Curipamba [Member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Upfront cash consideration to be paid | 162,400,000 | |||||
Cash Consideration That Will Be Paid To Support Certain Local Community Development Initiatives | 350,000 | |||||
Santo Domingo [Member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Upfront cash consideration to be paid | 260,000,000 | |||||
Canada Revenue Agency 1 [member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Potential estimated tax and interest and penalty reassessment | 2,000,000 | |||||
Copper World [Member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Upfront cash consideration to be paid | 230,000,000 | |||||
First installment payable on permitting projet | 50,000,000 | |||||
Balance installment amount payable once project costs incurred exceeds specified amount | 180,000,000 | |||||
Project costs incurred to trigger balance installment payable | 98,000,000 | |||||
Cangrejos [Member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Upfront cash consideration to be paid | $ 288,000,000 | |||||
Amount to be drawn down for acquisition commitment | $ 11,000,000 | |||||
Cangrejos [Member] | Not later than one year [member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Upfront cash consideration to be paid | 10,000,000 | |||||
Cangrejos [Member] | Later than one year [member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Upfront cash consideration to be paid | $ 15,000,000 | |||||
[1]Expressed in thousands of United States dollars; excludes closing costs and capitalized interest, where applicable.[2]Please refer to Note 27 for details of when the remaining upfront consideration to be paid becomes due. |
Commitments and Contingencies_4
Commitments and Contingencies - Summary of Other Contractual Obligations and Contingencies (Detail) $ in Thousands | Jun. 30, 2023 USD ($) | [1] |
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | $ 2,290,576 | |
Leases liabilities [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 8,627 | |
Salobo [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 552,000 | [2] |
Blackwater [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 135,750 | |
Marathon [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 151,049 | |
Cangrejos [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 288,000 | |
Marmato [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 122,000 | |
Santo Domingo [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 260,000 | |
Copper World [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 231,150 | [3] |
Curipamba [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 162,350 | |
Fenix Gold [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 25,000 | |
Loma de La Plata [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 32,400 | |
Cotabambas [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 126,250 | |
Toroparu [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 138,000 | |
Kutcho [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 58,000 | |
2023 [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 764,665 | |
2023 [member] | Leases liabilities [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 444 | |
2023 [member] | Salobo [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 552,000 | [2] |
2023 [member] | Blackwater [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 135,750 | |
2023 [member] | Marathon [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 15,105 | |
2023 [member] | Cangrejos [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 21,000 | |
2023 [member] | Marmato [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 40,016 | |
2023 [member] | Curipamba [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 100 | |
2023 [member] | Cotabambas [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 250 | |
2024 - 2025 [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 892,878 | |
2024 - 2025 [member] | Leases liabilities [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 1,550 | |
2024 - 2025 [member] | Blackwater [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 0 | |
2024 - 2025 [member] | Marathon [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 135,944 | |
2024 - 2025 [member] | Cangrejos [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 15,000 | |
2024 - 2025 [member] | Marmato [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 81,984 | |
2024 - 2025 [member] | Santo Domingo [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 260,000 | |
2024 - 2025 [member] | Copper World [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 231,150 | [3] |
2024 - 2025 [member] | Curipamba [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 250 | |
2024 - 2025 [member] | Toroparu [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 138,000 | |
2024 - 2025 [member] | Kutcho [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 29,000 | |
2026 - 2027 [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 444,317 | |
2026 - 2027 [member] | Leases liabilities [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 1,317 | |
2026 - 2027 [member] | Cangrejos [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 252,000 | |
2026 - 2027 [member] | Curipamba [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 162,000 | |
2026 - 2027 [member] | Kutcho [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 29,000 | |
After 2027 [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 188,716 | |
After 2027 [member] | Leases liabilities [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 5,316 | |
After 2027 [member] | Fenix Gold [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 25,000 | |
After 2027 [member] | Loma de La Plata [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 32,400 | |
After 2027 [member] | Cotabambas [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 126,000 | |
After 2027 [member] | Kutcho [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | $ 0 | |
[1]Projected payment date based on management estimate. Dates may be updated in the future as additional information is received.[2]As more fully explained below, assuming the Salobo III expansion project results in throughput being expanded beyond 35 Mtpa by January 1, 2024, the Company would expect to pay an expansion payment of $552 million.[3]Figure includes contingent transaction costs of $1 million. |
Commitments and Contingencies_5
Commitments and Contingencies - Summary of Other Contractual Obligations and Contingencies (Parenthetical) (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Salobo [member] | Mill Throughput Capacity Expansion [member] | |
Disclosure of contractual obligations [line items] | |
Estimated expansion payments | $ 552 |
No scheduled due date [member] | Copper World [member] | |
Disclosure of contractual obligations [line items] | |
Contingent transaction costs | $ 1 |
Segmented Information - Schedul
Segmented Information - Schedule of Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | ||||||
Disclosure of operating segments [line items] | ||||||||||||
Sales | $ 264,972 | $ 302,922 | $ 479,437 | $ 610,166 | ||||||||
Cost of sales, excluding depletion | 58,642 | 74,943 | 110,606 | 144,936 | ||||||||
Depletion | 54,474 | 65,682 | 99,473 | 123,084 | ||||||||
Gains on Disposal | (5,027) | 0 | (5,027) | 0 | ||||||||
Net earnings | 141,448 | $ 111,391 | 149,074 | $ 157,467 | 252,839 | $ 362,585 | 306,542 | |||||
Cash Flow From Operations | 202,376 | 206,359 | 337,482 | 416,899 | ||||||||
Total Assets | 6,879,905 | 6,448,695 | 6,879,905 | $ 6,759,906 | 6,448,695 | |||||||
General and administrative material reconciling items [member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Net earnings | (10,216) | (9,685) | (20,315) | (19,089) | ||||||||
Cash Flow From Operations | (9,544) | (8,546) | (23,384) | (23,365) | ||||||||
Finance costs material reconciling items [member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Net earnings | (1,352) | (1,389) | (2,731) | (2,811) | ||||||||
Cash Flow From Operations | (999) | (1,011) | (2,066) | (2,088) | ||||||||
Other material reconciling Items [member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Net earnings | 8,692 | 820 | 16,254 | 650 | ||||||||
Cash Flow From Operations | 7,776 | (195) | 14,955 | 488 | ||||||||
Income tax recovery material reconciling items [member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Net earnings | (6,135) | (201) | 445 | (872) | ||||||||
Cash Flow From Operations | (988) | (80) | (4,332) | (112) | ||||||||
Aggregate material reconciling items [member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Net earnings | (15,435) | (13,223) | (21,546) | (35,604) | ||||||||
Cash Flow From Operations | (5,493) | (29,231) | (34,648) | (44,891) | ||||||||
Total Assets | 1,188,739 | 607,217 | 1,188,739 | 607,217 | ||||||||
Share based compensation material reconciling items [Member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Net earnings | (4,484) | (1,608) | (11,881) | (11,509) | ||||||||
Cash Flow From Operations | 0 | (18,247) | (16,675) | (18,247) | ||||||||
Donations and community investments material reconciling items [Member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Net earnings | (1,940) | (1,160) | (3,318) | (1,973) | ||||||||
Cash Flow From Operations | (1,738) | (1,152) | (3,146) | (1,567) | ||||||||
Gold interests [member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Sales | 149,511 | 157,842 | 268,708 | 303,517 | ||||||||
Cost of sales, excluding depletion | 34,675 | 39,189 | 65,711 | 76,321 | ||||||||
Depletion | 27,451 | 31,130 | 49,973 | 56,165 | ||||||||
Net earnings | 87,385 | 87,523 | 153,024 | 171,031 | ||||||||
Cash Flow From Operations | 114,887 | 118,781 | 202,448 | 227,053 | ||||||||
Total Assets | 3,621,700 | 3,599,570 | 3,621,700 | 3,599,570 | ||||||||
Gold interests [member] | Salobo [member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Sales | 91,350 | 90,842 | 159,825 | 170,407 | ||||||||
Cost of sales, excluding depletion | 19,351 | 20,193 | 34,471 | 37,889 | ||||||||
Depletion | 15,209 | 16,187 | 27,093 | 30,371 | ||||||||
Net earnings | 56,790 | 54,462 | 98,261 | 102,147 | ||||||||
Cash Flow From Operations | 71,999 | 70,649 | 125,353 | 132,517 | ||||||||
Total Assets | 2,356,169 | 2,407,579 | 2,356,169 | 2,407,579 | ||||||||
Gold interests [member] | Sudbury [member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Sales | [1] | 9,549 | 14,780 | 17,866 | 21,689 | |||||||
Cost of sales, excluding depletion | [1] | 1,910 | 3,167 | 3,657 | 4,651 | |||||||
Depletion | [1] | 4,892 | 8,630 | 9,368 | 12,684 | |||||||
Net earnings | [1] | 2,747 | 2,983 | 4,841 | 4,354 | |||||||
Cash Flow From Operations | [1] | 7,579 | 11,613 | 13,925 | 17,038 | |||||||
Total Assets | [1] | 274,048 | 294,485 | 274,048 | 294,485 | |||||||
Gold interests [member] | Constancia [member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Sales | 19,090 | 13,915 | 31,615 | 33,555 | ||||||||
Cost of sales, excluding depletion | 4,004 | 3,063 | 6,742 | 7,388 | ||||||||
Depletion | 3,037 | 2,014 | 5,114 | 4,859 | ||||||||
Net earnings | 12,049 | 8,838 | 19,759 | 21,308 | ||||||||
Cash Flow From Operations | 15,085 | 10,686 | 24,873 | 26,168 | ||||||||
Total Assets | 90,469 | 98,930 | 90,469 | 98,930 | ||||||||
Gold interests [member] | Other gold interests [member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Sales | 2,634 | [2] | 13,478 | [3] | 8,247 | [2] | 29,275 | [3] | ||||
Cost of sales, excluding depletion | 1,494 | [2] | 5,243 | [3] | 5,576 | [2] | 11,781 | [3] | ||||
Depletion | 246 | [2] | 412 | [3] | 498 | [2] | 623 | [3] | ||||
Net earnings | 894 | [2] | 7,823 | [3] | 2,173 | [2] | 16,871 | [3] | ||||
Cash Flow From Operations | 1,252 | [2] | 8,529 | [3] | 2,407 | [2] | 17,351 | [3] | ||||
Total Assets | 537,197 | [2] | 419,696 | [3] | 537,197 | [2] | 419,696 | [3] | ||||
Gold interests [member] | San Dimas [member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Sales | 22,532 | 19,910 | 42,812 | 38,756 | ||||||||
Cost of sales, excluding depletion | 7,131 | 6,630 | 13,782 | 12,855 | ||||||||
Depletion | 2,947 | 2,760 | 5,711 | 5,373 | ||||||||
Net earnings | 12,454 | 10,520 | 23,319 | 20,528 | ||||||||
Cash Flow From Operations | 15,401 | 13,280 | 29,030 | 25,901 | ||||||||
Total Assets | 150,154 | 161,350 | 150,154 | 161,350 | ||||||||
Gold interests [member] | Stillwater [member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Sales | 4,356 | 4,917 | 8,343 | 9,835 | ||||||||
Cost of sales, excluding depletion | 785 | 893 | 1,483 | 1,757 | ||||||||
Depletion | 1,120 | 1,127 | 2,189 | 2,255 | ||||||||
Net earnings | 2,451 | 2,897 | 4,671 | 5,823 | ||||||||
Cash Flow From Operations | 3,571 | 4,024 | 6,860 | 8,078 | ||||||||
Total Assets | 213,663 | 217,530 | 213,663 | 217,530 | ||||||||
Silver interests [member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Sales | 107,081 | 130,228 | 192,758 | 264,560 | ||||||||
Cost of sales, excluding depletion | 22,234 | 32,834 | 41,231 | 61,149 | ||||||||
Depletion | 21,849 | 30,866 | 38,649 | 57,427 | ||||||||
Gains on Disposal | [4] | (5,027) | (5,027) | |||||||||
Net earnings | 68,025 | 66,528 | 117,905 | 145,984 | ||||||||
Cash Flow From Operations | 84,654 | 97,187 | 153,000 | 203,922 | ||||||||
Total Assets | 1,481,724 | 1,644,741 | 1,481,724 | 1,644,741 | ||||||||
Silver interests [member] | Constancia [member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Sales | 16,322 | 11,101 | 24,674 | 26,614 | ||||||||
Cost of sales, excluding depletion | 4,142 | 3,004 | 6,387 | 6,918 | ||||||||
Depletion | 4,212 | 3,139 | 6,495 | 7,212 | ||||||||
Net earnings | 7,968 | 4,958 | 11,792 | 12,484 | ||||||||
Cash Flow From Operations | 12,180 | 7,784 | 18,288 | 19,697 | ||||||||
Total Assets | 186,452 | 198,672 | 186,452 | 198,672 | ||||||||
Silver interests [member] | Penasquito [member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Sales | 46,291 | 47,102 | 80,162 | 99,829 | ||||||||
Cost of sales, excluding depletion | 8,475 | 9,139 | 15,043 | 18,679 | ||||||||
Depletion | 7,775 | 7,475 | 13,802 | 15,276 | ||||||||
Net earnings | 30,041 | 30,488 | 51,317 | 65,874 | ||||||||
Cash Flow From Operations | 37,816 | 37,963 | 65,119 | 81,151 | ||||||||
Total Assets | 279,872 | 306,742 | 279,872 | 306,742 | ||||||||
Silver interests [member] | Antamina [member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Sales | 23,302 | 26,448 | 41,897 | 61,806 | ||||||||
Cost of sales, excluding depletion | 4,523 | 5,206 | 8,229 | 12,457 | ||||||||
Depletion | 6,794 | 8,308 | 12,540 | 18,669 | ||||||||
Net earnings | 11,985 | 12,934 | 21,128 | 30,680 | ||||||||
Cash Flow From Operations | 18,780 | 21,242 | 33,668 | 49,001 | ||||||||
Total Assets | 532,828 | 561,383 | 532,828 | 561,383 | ||||||||
Silver interests [member] | Other silver interests [member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Sales | 21,166 | [5] | 45,577 | [6] | 46,025 | [5] | 76,311 | [7] | ||||
Cost of sales, excluding depletion | 5,094 | [5] | 15,485 | [6] | 11,572 | [5] | 23,095 | [7] | ||||
Depletion | 3,068 | [5] | 11,944 | [6] | 5,812 | [5] | 16,270 | [7] | ||||
Gains on Disposal | [4],[5] | (5,027) | (5,027) | |||||||||
Net earnings | 18,031 | [5] | 18,148 | [6] | 33,668 | [5] | 36,946 | [7] | ||||
Cash Flow From Operations | 15,878 | [5] | 30,198 | [6] | 35,925 | [5] | 54,073 | [7] | ||||
Total Assets | 482,572 | [5] | 577,944 | [6],[7] | 482,572 | [5] | 577,944 | [6],[7] | ||||
Mineral Stream Interests [member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Sales | 264,972 | 302,922 | 479,437 | 610,166 | ||||||||
Cost of sales, excluding depletion | 58,642 | 74,943 | 110,606 | 144,936 | ||||||||
Depletion | 54,474 | 65,682 | 99,473 | 123,084 | ||||||||
Gains on Disposal | [4] | (5,027) | (5,027) | |||||||||
Net earnings | 156,883 | 162,297 | 274,385 | 342,146 | ||||||||
Cash Flow From Operations | 207,869 | 235,590 | 372,130 | 461,790 | ||||||||
Total Assets | 5,691,166 | 5,841,478 | 5,691,166 | 5,841,478 | ||||||||
Palladium interest [member] | Stillwater [member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Sales | 4,879 | 7,203 | 9,614 | 16,736 | ||||||||
Cost of sales, excluding depletion | 887 | 1,378 | 1,752 | 2,980 | ||||||||
Depletion | 1,510 | 1,348 | 2,713 | 2,975 | ||||||||
Net earnings | 2,482 | 4,477 | 5,149 | 10,781 | ||||||||
Cash Flow From Operations | 3,993 | 5,825 | 7,862 | 13,755 | ||||||||
Total Assets | 224,099 | 229,855 | 224,099 | 229,855 | ||||||||
Cobalt Interests [member] | Voisey's Bay [member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Sales | 3,501 | 7,649 | 8,357 | 25,353 | ||||||||
Cost of sales, excluding depletion | 846 | 1,542 | 1,912 | 4,486 | ||||||||
Depletion | 3,664 | 2,338 | 8,138 | 6,517 | ||||||||
Net earnings | (1,009) | 3,769 | (1,693) | 14,350 | ||||||||
Cash Flow From Operations | 4,335 | 13,797 | 8,820 | 17,060 | ||||||||
Total Assets | 354,195 | 362,460 | 354,195 | 362,460 | ||||||||
Platinum Interests [member] | Marathon [Member] | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Total Assets | $ 9,448 | $ 4,852 | $ 9,448 | $ 4,852 | ||||||||
[1]Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests.[2]Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating Marmato gold interest as well as the non-operating Minto, 777, Copper World Complex, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba, Goose and Cangrejos 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.[3]Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating 777, Minto and Marmato gold interests as well as the non-operating Copper World Complex, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba and Goose 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.[4]See Note 13 for more information.[5]Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Cozamin and Marmato silver interests and the non-operating Minto, 777, Loma de La Plata, Stratoni, Pascua-Lama, Copper World Complex, Blackwater and Curipamba 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.[6]Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Aljustrel, Neves-Corvo, Minto, 777, Marmato and Cozamin silver interests, the non-operating Loma de La Plata, Stratoni, Copper World Complex, Pascua-Lama, Blackwater and Curipamba silver interests and the previously owned Keno Hill and Yauliyacu silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill stream was terminated in exchange for $141 million of Hecla common stock. On December 14, 2022 the Company terminated the Yauliyacu PMPA in exchange for a cash payment of $132 million. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.[7]Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Aljustrel, Neves-Corvo, Minto, 777, Marmato and Cozamin silver interests, the non-operating Loma de La Plata, Stratoni, Pascua-Lama, Copper World Complex, Blackwater and Curipamba silver interests and the previously owned Keno Hill and Yauliyacu silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill stream was terminated in exchange for $141 million of Hecla common stock. On December 14, 2022 the Company terminated the Yauliyacu PMPA in exchange for a cash payment of $132 million. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. |
Segmented Information - Sched_2
Segmented Information - Schedule of Operating Segments (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Dec. 14, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 07, 2022 | |
Keno Hill [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Receipt of Shares as Consideration for Termination, Value | $ 141 | |||||
Yauliyacu [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Cash consideration received upon disposal of mineral stream interest | $ 132 | |||||
Gold interests [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Percentage of sales | 10% | 10% | 10% | 10% | ||
Silver interests [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Percentage of sales | 10% | 10% | 10% | 10% |
Segmented Information - Sched_3
Segmented Information - Schedule of Company's Geographical Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Disclosure of geographical areas [line items] | ||||||
Sales | $ 264,972 | $ 302,922 | $ 479,437 | $ 610,166 | ||
Percentage of revenue derived from mineral stream interests located in geographic area | 100% | 100% | 100% | 100% | ||
Mineral stream interest | $ 5,691,166 | $ 5,841,478 | $ 5,691,166 | $ 5,841,478 | ||
Canada [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Sales | $ 14,982 | $ 37,327 | $ 33,555 | $ 80,381 | ||
Percentage of revenue derived from mineral stream interests located in geographic area | 6% | 12% | 7% | 13% | ||
Mineral stream interest | $ 1,089,191 | $ 1,009,043 | $ 1,089,191 | $ 1,009,043 | ||
United States [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Sales | $ 9,235 | $ 12,120 | $ 17,958 | $ 26,572 | ||
Percentage of revenue derived from mineral stream interests located in geographic area | 3% | 4% | 4% | 4% | ||
Mineral stream interest | $ 438,330 | $ 447,951 | $ 438,330 | $ 447,951 | ||
Mexico [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Sales | $ 73,342 | $ 71,256 | $ 130,980 | $ 148,114 | ||
Percentage of revenue derived from mineral stream interests located in geographic area | 28% | 24% | 28% | 24% | ||
Mineral stream interest | $ 554,957 | $ 602,907 | $ 554,957 | $ 602,907 | ||
Greece [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Sales | $ (62) | $ 3,291 | ||||
Percentage of revenue derived from mineral stream interests located in geographic area | 0% | 0% | 0% | 1% | ||
Portugal [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Sales | $ 7,499 | $ 6,230 | $ 16,044 | $ 14,686 | ||
Percentage of revenue derived from mineral stream interests located in geographic area | 3% | 2% | 3% | 2% | ||
Mineral stream interest | $ 18,050 | $ 18,578 | $ 18,050 | $ 18,578 | ||
Sweden [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Sales | $ 8,755 | $ 13,679 | $ 20,709 | $ 22,668 | ||
Percentage of revenue derived from mineral stream interests located in geographic area | 3% | 5% | 4% | 4% | ||
Mineral stream interest | $ 28,202 | $ 30,086 | $ 28,202 | $ 30,086 | ||
Argentina / Chile [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Percentage of revenue derived from mineral stream interests located in geographic area | [1] | 0% | 0% | 0% | 0% | |
Mineral stream interest | [1] | $ 253,514 | $ 253,514 | $ 253,514 | $ 253,514 | |
Argentina [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Percentage of revenue derived from mineral stream interests located in geographic area | 0% | 0% | 0% | 0% | ||
Mineral stream interest | $ 10,889 | $ 10,889 | $ 10,889 | $ 10,889 | ||
Chile [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Percentage of revenue derived from mineral stream interests located in geographic area | 0% | 0% | 0% | 0% | ||
Mineral stream interest | $ 56,537 | $ 56,529 | $ 56,537 | $ 56,529 | ||
Brazil [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Sales | $ 91,351 | $ 90,842 | $ 159,824 | $ 170,407 | ||
Percentage of revenue derived from mineral stream interests located in geographic area | 35% | 30% | 34% | 29% | ||
Mineral stream interest | $ 2,356,170 | $ 2,407,578 | $ 2,356,170 | $ 2,407,578 | ||
Peru [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Sales | $ 58,713 | $ 69,821 | $ 98,187 | $ 141,394 | ||
Percentage of revenue derived from mineral stream interests located in geographic area | 22% | 22% | 20% | 23% | ||
Mineral stream interest | $ 809,745 | $ 953,037 | $ 809,745 | $ 953,037 | ||
Ecuador [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Percentage of revenue derived from mineral stream interests located in geographic area | 0% | 0% | 0% | 0% | ||
Mineral stream interest | $ 26,233 | $ 700 | $ 26,233 | $ 700 | ||
Colombia [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Sales | $ 1,095 | $ 1,709 | $ 2,180 | $ 2,653 | ||
Percentage of revenue derived from mineral stream interests located in geographic area | 0% | 1% | 0% | 0% | ||
Mineral stream interest | $ 49,348 | $ 50,666 | $ 49,348 | $ 50,666 | ||
Gold interests [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Sales | 149,511 | 157,842 | 268,708 | 303,517 | ||
Mineral stream interest | 3,621,700 | 3,599,570 | 3,621,700 | 3,599,570 | $ 3,628,121 | |
Gold interests [member] | Canada [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | 689,882 | 613,681 | 689,882 | 613,681 | ||
Gold interests [member] | United States [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | 213,664 | 217,530 | 213,664 | 217,530 | ||
Gold interests [member] | Mexico [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | 150,152 | 161,349 | 150,152 | 161,349 | ||
Gold interests [member] | Chile [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | 56,537 | 56,529 | 56,537 | 56,529 | ||
Gold interests [member] | Brazil [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | 2,356,170 | 2,407,578 | 2,356,170 | 2,407,578 | ||
Gold interests [member] | Peru [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | 90,470 | 98,931 | 90,470 | 98,931 | ||
Gold interests [member] | Ecuador [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | 22,492 | 514 | 22,492 | 514 | ||
Gold interests [member] | Colombia [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | 42,333 | 43,458 | 42,333 | 43,458 | ||
Silver interests [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Sales | 107,081 | 130,228 | 192,758 | 264,560 | ||
Mineral stream interest | 1,481,724 | 1,644,741 | 1,481,724 | 1,644,741 | 1,485,085 | |
Silver interests [member] | Canada [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | 35,666 | 28,050 | 35,666 | 28,050 | ||
Silver interests [member] | United States [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | 567 | 566 | 567 | 566 | ||
Silver interests [member] | Mexico [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | 404,805 | 441,558 | 404,805 | 441,558 | ||
Silver interests [member] | Portugal [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | 18,050 | 18,578 | 18,050 | 18,578 | ||
Silver interests [member] | Sweden [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | 28,202 | 30,086 | 28,202 | 30,086 | ||
Silver interests [member] | Argentina / Chile [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | [1] | 253,514 | 253,514 | 253,514 | 253,514 | |
Silver interests [member] | Argentina [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | 10,889 | 10,889 | 10,889 | 10,889 | ||
Silver interests [member] | Peru [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | 719,275 | 854,106 | 719,275 | 854,106 | ||
Silver interests [member] | Ecuador [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | 3,741 | 186 | 3,741 | 186 | ||
Silver interests [member] | Colombia [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | 7,015 | 7,208 | 7,015 | 7,208 | ||
Palladium interest [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | 224,099 | 229,855 | 224,099 | 229,855 | ||
Palladium interest [member] | United States [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | 224,099 | 229,855 | 224,099 | 229,855 | ||
Cobalt Interests [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | 354,195 | 362,460 | 354,195 | 362,460 | $ 357,573 | |
Cobalt Interests [member] | Canada [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | 354,195 | 362,460 | 354,195 | 362,460 | ||
Platinum Interests [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | 9,448 | 4,852 | 9,448 | 4,852 | ||
Platinum Interests [member] | Canada [member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Mineral stream interest | $ 9,448 | $ 4,852 | $ 9,448 | $ 4,852 | ||
[1]Includes the Pascua-Lama project, which straddles the border of Argentina and Chile. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | 6 Months Ended | |
Aug. 10, 2023 | Jun. 30, 2023 | |
Disclosure of Events After Reporting Period [line items] | ||
Declaration of quarterly dividend rate description | Under the Company’s dividend policy, the quarterly dividend per common share is targeted to equal approximately 30% of the average cash flow generated by operating activities in the previous four quarters divided by the Company’s then outstanding common shares, all rounded to the nearest cent. | |
Dividend rate percentage | 30% | |
Major Ordinary Share Transactions [member] | ||
Disclosure of Events After Reporting Period [line items] | ||
Dividend per share | $ 0.15 | |
Dividend payable, date of record | Aug. 25, 2023 | |
Dividend payable date | Sep. 07, 2023 | |
Quarterly dividend [member] | ||
Disclosure of Events After Reporting Period [line items] | ||
Minimum quarterly dividend to be paid during year | $ 0.15 |