“Wheaton delivered solid operational results during the quarter, generating over $200 million of operating cash flow, primarily driven by significant sequential improvement at the recently commissioned expansion at our largest asset, Salobo. Furthermore, we continued to see momentum on the corporate development front with the addition of a new gold stream on Lumina Gold’s Cangrejos project and the expansion of our existing gold stream on Artemis Gold’s Blackwater project,” said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. “Despite operations at Peñasquito being suspended in early June, we achieved quarter-over-quarter gold equivalent production growth. As such, we are reiterating our 2023 production guidance, which we now expect to have a slightly higher weighting toward gold, highlighting the resilience of our high-quality, diversified portfolio. Lastly, we are proud to have published our 2022 Sustainability Report and inaugural 2022 Climate Change Report, demonstrating our continued commitment to sustainability and focus on delivering value to all of our stakeholders.”

Solid Financial Results and Strong Balance Sheet

• Second quarter of 2023: $265 million in revenue, $202 million in operating cash flow, $141 million in net earnings and $143 million in adjusted net earnings[1]
• A cash balance of $829 million and no debt as at June 30, 2023, after making total upfront cash payments of $89 million relative to mineral stream interests in the quarter
• Undrawn $2 billion revolving credit facility extended by an additional year with the facility now maturing on June 22, 2028
• Declared a quarterly dividend1 of $0.15 per common share

High Quality Asset Base

• Streaming agreements on 19 operating mines and 13 development projects
• 93% of attributable production from assets in the lowest half of their respective cost curves[2],[3]
• 30 years of mine life based on Proven and Probable Mineral Reserves and potential additional mine life from mineral resource conversion and exploration2,[4]
• Accretive portfolio growth:
  • Acquired a 6.6% gold stream on Lumina Gold Corp.’s (“Lumina”) Cangrejos Project (“Cangrejos”)
  • Expanded the gold stream on Artemis Gold Inc.’s Blackwater Project (“Blackwater”)
• Further de-risked growth profile: the Goose Project was acquired by B2Gold Corp (“B2Gold”). and Aris Mining Corporation (“Aris Mining”) received approval of the Environmental Management Plan which now permits the development of the Marmato Lower Mine
• Second quarter production amounted to 147,700 gold equivalent ounces3 (“GEOs”), underscored by significant progress at the recently commissioned expansion at Salobo
• Average annual production guidance for 2023 of 600,000 to 660,000 GEOs2,3 maintained, with sector-leading growth resulting in five and ten-year average annual production guidance of approximately 810,000 and 850,000 GEOs2,3, respectively

Leadership in Sustainability

• Top Rankings: #1 out of 117 precious metals companies and ranked in the Global Top 50 companies by Sustainalytics, AA rated by MSCI, and Prime rated by ISS
• Published inaugural Climate Change Report, detailing progress towards Net-Zero Carbon Emissions by 2050 and covering all material emissions including Scope 3
• Published fourth annual Sustainability Report highlighting our commitment to progress and providing a comprehensive review of Wheaton’s performance in environmental, social and governance topics

In the interview below CEO Randy Smallwood provides an overview of the business and his view on the precious metals market