false2024-06-302024Q20001323404--12-31See Note 12 for more information. 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 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, 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. On September 12, 2023, it was announced that the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the second quarter of 2025.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 interests as well as the non-operating Minto, 777, Copper World, 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. See Notes 12 for more information.Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests. 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 comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin silver interests as well as the non-operating Stratoni, Aljustrel, Minto, Pascua-Lama, Copper World, Navidad, Blackwater, Curipamba, Mineral Park and Kudz Ze Kayah silver interests. 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 comprised of the operating Marmato gold interest as well as the non-operating Minto, Copper World, Santo Domingo, Fenix, Blackwater, Curipamba, Marathon, Goose, Cangrejos, Platreef, Curraghinalt and Kudz Ze Kayah gold interests. Expressed in thousands; excludes closing costs.Liberty Gold has been granted an option to repurchase 50% of the NSR for $4 million at any point in time up to the earlier of commercial production at Black Pine or January 1, 2030.The Mt Todd royalty is at a rate of 1% of gross revenue with such rate being subject to increase to a maximum rate of 2%, depending on the timing associated with the achievement of certain operational milestones.The Company paid $3 million for an existing 2.0% net smelter return royalty interests on the first 600,000 ounces of gold mined and a 2.75% net smelter returns royalty interest thereafter. The Brewery Creek Royalty agreement provides, among other things, that Golden Predator Mining Corp., (subsidiary of Victoria Gold) may reduce the 2.75% net smelter royalty interest to 2.125% on payment of the sum of Cdn $2 million to the Company.LTIs = long-term investments – common shares held.Definitions as follows: “OCI” = Other Comprehensive Income (Loss); “SBC” = Equity Settled Stock Based Compensation; “Options” = Share Purchase Options; “RSUs” = Restricted Share Units; “LTI’s” = Long-Term Investments; “Warrants” = Share Purchase Warrants.FVTNE refers to Fair Value Through Net EarningsExpressed in thousands of United States dollars; excludes closing costs and capitalized interest, where applicable.Please refer to Note 25 for details of when the remaining upfront consideration to be paid becomes due.Once 90 million silver equivalent ounces attributable to Wheaton have been produced, the attributable production will decrease to 16.67% of gold production and 66.67% of silver production for the life of mine.Fair Value Gains (Losses) are reflected as a component of OCI.The disposition of the Hecla shares was made in order to capitalize on Hecla’s share price appreciation.The weighted average price of share purchase options exercised and restricted share units released represents the respective exercise price.The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. The weighted average price for common shares issued under the DRIP represents the volume weighted average price of the common shares on the five trading days preceding the dividend payment date.US$ share purchase options converted to Cdn$ using the exchange rate of 1.3687, being the Cdn$/US$ exchange rate at June 30, 2024. LTIs refers to long-term investments in common shares held.During the six months ended June 30, 2024, the Company’s subsidiaries generated net earnings of $337 million, as compared to $551 million during the comparable period of the prior year.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 12.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.Other includes capital assets, charitable donation carryforward, and PSU and pension liabilities.As at June 30, 2024, the Company had no non-capital losses available to recognize against deferred tax liabilities.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. Under the DeLamar royalty, if completion is not achieved by January 1, 2029, the DeLamar Royalty will increase annually by 0.15% of net smelter returns to a maximum of 2.7% of net smelter returns.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.Equity settled share based compensation is a non-cash expense.The Local Community Investment Program supports organizations in Vancouver and the Cayman Islands, where Wheaton’s offices are located.The Partner Community Investment Program supports the communities influenced by Mining Partners’ operations.Abbreviation as follows: NSR = Net Smelter Return Royalty; and GR = Gross Royalty.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
6-K
Report of Foreign Private Issuer Pursuant to Rule
13a-16
or15d-16
Under theSecurities Exchange Act of 1934
For the Month of August, 2024
Commission File Number:
001-32482
WHEATON PRECIOUS METALS CORP.
(Exact name of registrant as specified in its charter)
Suite 3500, 1021 West Hastings Street
Vancouver, British Columbia
V6E 0C3
(604)
684-9648
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form
20-F
or Form40-F.
Form
20-F ☐ Form
40-F ☑
This report on Form
6-K
shall be incorporated by reference into the registrant’s Registration Statement onForm S-8
(FileNo. 333-128128),
on FormF-10
(FileNo. 333-271239)
and on FormF-3D
(FileNo. 333-194702)
under the Securities Act of 1933, as amended.DOCUMENTS FILED AS PART OF THIS FORM
6-K
See the Exhibit Index to this Form
6-K.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
WHEATON PRECIOUS METALS CORP. | ||||||||||
| August 7, 2024 | By: | /s/ Curt Bernardi | ||||||||
| Name: | Curt Bernardi | |||||||||
| Title: | Senior Vice President, Legal | |||||||||
and Strategic Development | ||||||||||
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EXHIBIT INDEX
| 99.1 | News Release dated August 7, 2024 | |
| 99.2 | Management’s Discussion and Analysis for the period ended June 30, 2024 | |
| 99.3 | Unaudited Interim Consolidated Financial Statements for the period ended June 30, 2024 | |
| 99.4 | Certification of the Chief Executive Officer pursuant to Form 52-109F2 | |
| 99.5 | Certification of the Chief Financial Officer pursuant to Form 52-109F2 | |
| 99.6 | Consent of W. Carson | |
| 99.7 | Consent of N. Burns | |
| 99.8 | Consent of R. Ulansky | |
| 101 | Interactive Data File (formatted as Inline XBRL) | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |
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