Mineral Stream Interests | 13. Mineral Stream Interests Year Ended December 31, 2023 Cost Accumulated Depletion & Impairment 1 Carrying Amount Dec 31, 2023 (in thousands) Balance Jan 1, 2023 Additions Disposal Balance Dec 31, 2023 Balance Jan 1, 2023 Depletion Balance Dec 31, 2023 Gold interests Salobo $ 3,059,876 $ 370,035 $ - $ 3,429,911 $ (676,614) $ (71,878) $ (748,492) $ 2,681,419 Sudbury 2 623,864 - - 623,864 (340,448) (20,931) (361,379) 262,485 Constancia 140,058 - - 140,058 (44,475) (15,318) (59,793) 80,265 San Dimas 220,429 - - 220,429 (64,564) (11,143) (75,707) 144,722 Stillwater 3 239,352 - - 239,352 (23,500) (4,383) (27,883) 211,469 Other 4 545,391 152,169 (41,373) 656,187 (51,248) (1,250) (52,498) 603,689 $ 4,828,970 $ 522,204 $ (41,373) $ 5,309,801 $ (1,200,849) $ (124,903) $ (1,325,752) $ 3,984,049 Silver interests Peñasquito $ 524,626 $ - $ - 524,626 $ (230,952) $ (17,442) $ (248,394) $ 276,232 Antamina 900,343 - - 900,343 (354,975) (25,838) (380,813) 519,530 Constancia 302,948 - - 302,948 (110,001) (13,364) (123,365) 179,583 Other 5 1,018,199 141,364 - 1,159,563 (565,103) (12,347) (577,450) 582,113 $ 2,746,116 $ 141,364 $ - $ 2,887,480 $ (1,261,031) $ (68,991) $ (1,330,022) $ 1,557,458 Palladium interests Stillwater 3 $ 263,721 $ - $ - $ 263,721 $ (36,909) $ (6,145) $ (43,054) $ 220,667 Platinum interests Marathon $ 9,428 $ 23 $ - $ 9,451 $ - $ - $ - $ 9,451 Cobalt interests Voisey’s Bay 6 $ 393,422 $ - $ - $ 393,422 $ (35,849) $ (6,757) $ (42,606) $ 350,816 $ 8,241,657 $ 663,591 $ (41,373) $ 8,863,875 $ (2,534,638) $ (206,796) $ (2,741,434) $ 6,122,441 1) Includes cumulative impairment charges to December 31, 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, Cangrejos and Curraghinalt gold interests. The additions to other gold interests includes: Blackwater - $ 5) Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater, Curipamba and Mineral Park silver interests. The additions to other silver interests includes: Blackwater - $ 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 Amount Dec 31, 2022 (in thousands) Balance Jan 1, 2022 Additions Disposal Balance Dec 31, 2022 Balance Jan 1, 2022 Depletion Disposal Impairment Balance Dec 31, 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. The additions to other gold interests includes: Marmato - $18 million; Fenix - $25 million; Marathon - $22 million; Curipamba - $10 million; Goose - $63 million. 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. The additions to other silver interests includes: Marmato - $1 million; and Curipamba - $3 million. 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 The value allocated to reserves is classified as depletable upon a mining operation achieving first production and is depleted on a unit-of-production December 31, 2023 December 31, 2022 (in thousands) Depletable Non- Depletable Total Depletable Non- Depletable Total Gold interests Salobo $ 2,303,719 $ 377,700 $ 2,681,419 $ 1,990,789 $ 392,473 $ 2,383,262 Sudbury 1 218,467 44,018 262,485 239,002 44,414 283,416 Constancia 74,758 5,507 80,265 89,097 6,486 95,583 San Dimas 55,428 89,294 144,722 51,459 104,406 155,865 Stillwater 2 186,668 24,801 211,469 191,051 24,801 215,852 Other 3 17,999 585,690 603,689 19,248 474,895 494,143 $ 2,857,039 $ 1,127,010 $ 3,984,049 $ 2,580,646 $ 1,047,475 $ 3,628,121 Silver interests Peñasquito $ 202,528 $ 73,704 $ 276,232 $ 219,969 $ 73,705 $ 293,674 Antamina 172,512 347,018 519,530 198,294 347,074 545,368 Constancia 169,527 10,056 179,583 182,171 10,776 192,947 Other 4 130,462 451,651 582,113 139,424 313,672 453,096 $ 675,029 $ 882,429 $ 1,557,458 $ 739,858 $ 745,227 $ 1,485,085 Palladium interests Stillwater 2 $ 211,959 $ 8,708 $ 220,667 $ 218,104 $ 8,708 $ 226,812 Platinum interests Marathon $ - $ 9,451 $ 9,451 $ - $ 9,428 $ 9,428 Cobalt interests Voisey’s Bay $ 321,454 $ 29,362 $ 350,816 $ 316,749 $ 40,824 $ 357,573 $ 4,065,481 $ 2,056,960 $ 6,122,441 $ 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, Cangrejos and Curraghinalt 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, Curipamba and Mineral Park 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 remainder will be payable in four staged installments during construction, subject to various customary conditions being satisfied. In addition, Wheaton will make ongoing production payments for the gold and silver ounces delivered equal to 18% of the spot prices until the value of gold and silver delivered, net of the production payment, is equal to the upfront consideration of $175.5 million, at which point the production payment will increase to 22% of the spot prices. 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 and Partial Disposition 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 was 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, resulting in a gain on partial disposal of the Goose PMPA in the amount of $5 million, calculated as follows: (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. Termination of the Keno Hill PMPA On October 2, 2008, the Company entered into a PMPA (the “Keno Hill PMPA”) with Alexco Resource Corp. (“Alexco”) to acquire an amount equal to 25% of the silver produced by Alexco’s Keno Hill mine in Canada. On September 7, 2022, Hecla Mining Company (“Hecla”) completed the previously announced acquisition of (in thousands) Fair value of Hecla Mining Company shares received $ 140,596 Less: carrying value after impairment reversal, plus closing costs (36,201) Gain on disposal of the Keno Hill PMPA $ 104,395 The Company also recorded a $10.3 million gain on impairment reversal during the year ended December 31, 2022 associated with the termination of the Keno Hill PMPA. Termination of the Yauliyacu PMPA On March 23, 2006, the Company entered into a PMPA (the “Yauliyacu PMPA”) with Glencore plc (“Glencore”) in respect of the mine in Peru. Under the terms of the amended agreement, per annum the Company purchased an amount equal to 100% of the first 1.5 million ounces of silver for which an offtaker payment is due, and 50% of any excess. On August 18, 2022, the Company announced that it had entered into an agreement with Glencore to terminate the Yauliyacu PMPA for a cash payment of $150 million, less the aggregate value of any deliveries to Wheaton, prior to closing, of silver produced subsequent to December 31, 2021. On December 14, 2022 the Company received a cash payment of $132 million resulting in a gain on disposal of the Yauliyacu PMPA in the amount of $51 million, calculated as follows: (in thousands) Proceeds received on disposal of Yauliyacu $ 131,937 Less: carrying value plus closing costs (80,464) Gain on disposal of the Yauliyacu PMPA $ 51,473 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 be reduced to 4.4% of the payable gold production for the life of the mine. Under the terms of the Cangrejos PMPA, the Company is committed to pay Lumina total upfront cash payments of $300 million, $48 million of which is available pre-construction, 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 Acquisition of Mineral Park PMPA On October 24, 2023, the Company entered into a PMPA (the “Mineral Park PMPA”) with Waterton Copper Corp., a subsidiary of Waterton Copper LP (“Waterton Copper”), in respect of silver production from the Mineral Park mine located in Arizona, USA (“Mineral Park”). Under the Mineral Park PMPA, Wheaton will purchase an amount of silver equal to 100% of the payable silver production for the life of the mine. Under the terms of the Mineral Park PMPA, the Company is committed to pay Waterton Copper total upfront cash consideration of $115 million in four payments during construction through three installments of $25 million and a final installment of $40 million. In addition, Wheaton will make ongoing payments for the silver ounces delivered equal to 18% of the spot price of silver until the value of the silver delivered, net of the production payment, is equal to the upfront consideration of $115 million, at which point the production payment will increase to 22% of the spot price of silver. The Company has also entered into a loan agreement to provide a secured debt facility of up to $25 million to Origin Mining Company, LLC, the Mineral Park owner and affiliate of Waterton Copper, once the full upfront consideration has been paid (see Note 27). Acquisition of Curraghinalt PMPA On November 15, 2023, the Company entered into a PMPA for a gold stream in respect of Dalradian Gold’s Curraghinalt Project (the “Curraghinalt PMPA”). The Curraghinalt project is located in Northern Ireland, United Kingdom. Under the Curraghinalt PMPA, the Company will purchase an amount of gold equal to 3.05 % of the payable gold production until ounces of gold has been delivered, at which point the stream will be reduced to % of the payable gold production for life of mine. Under the terms of the Curraghinalt PMPA, the Company paid $ million being paid during construction, subject to various customary conditions being satisfied. In addition, Wheaton will make ongoing payments for the gold ounces delivered equal to 18% of the spot price of gold until the value of the gold delivered, net of the production payment, is equal to the upfront consideration of $ 75 Salobo – Mill Throughput Expansion Payment On November 21, 2023, Vale reported the successful completion of the throughput test for the first phase of the Salobo III project, with the Salobo complex exceeding an average of million tonnes per annum (“Mtpa”) over a 90-day period. Under the terms of the agreement, the Company paid Vale $ million for the completion of the first phase of the Salobo III expansion project on December 1, 2023 (see Note 27 for more information). |