WHEATON PRECIOUS METALS CORP. Condensed Interim Consolidated Statements of Earnings
Three Months Ended | |||||
March 31 | |||||
(US dollars and shares in thousands, except per share amounts - unaudited) | Note | 2024 | 2023 | ||
Sales | 6 | $ | 296,806 | $ | 214,465 |
Cost of sales | |||||
Cost of sales, excluding depletion | $ | 61,555 | $ | 51,964 | |
Depletion | 63,676 | 45,000 | |||
Total cost of sales | $ | 125,231 | $ | 96,964 | |
Gross margin | $ | 171,575 | $ | 117,501 | |
General and administrative expenses | 7 | 10,464 | 10,099 | ||
Share based compensation | 8 | 1,281 | 7,397 | ||
Donations and community investments | 9 | 1,570 | 1,378 | ||
Earnings from operations | $ | 158,260 | $ | 98,627 | |
Other income (expense) | 10 | 7,196 | 7,562 | ||
Earnings before finance costs and income taxes | $ | 165,456 | $ | 106,189 | |
Finance costs | 16.3 | 1,442 | 1,378 | ||
Earnings before income taxes | $ | 164,014 | $ | 104,811 | |
Income tax recovery | 22 | (27) | (6,580) | ||
Net earnings | $ | 164,041 | $ | 111,391 | |
Basic earnings per share | $ | 0.362 | $ | 0.246 | |
Diluted earnings per share | $ | 0.362 | $ | 0.246 | |
Weighted average number of shares outstanding | |||||
Basic | 20 | 453,094 | 452,370 | ||
Diluted | 20 | 453,666 | 453,159 |
The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [2]
Condensed Interim Consolidated Statements of Comprehensive Income
Three Months Ended | |||||
March 31 | |||||
(US dollars in thousands - unaudited) | Note | 2024 | 2023 | ||
Net earnings | $ | 164,041 | $ | 111,391 | |
Other comprehensive income | |||||
Items that will not be reclassified to net earnings | |||||
(Loss) gain on LTIs¹ | 15 | $ | (5,470) | $ | 44,654 |
Income tax expense related to LTIs | 22 | 96 | 3,954 | ||
Total other comprehensive (loss) income | $ | (5,566) | $ | 40,700 | |
Total comprehensive income | $ | 158,475 | $ | 152,091 |
- LTIs = long-term investments - common shares held.
The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [3]
Condensed Interim Consolidated Balance Sheets
(US dollars in thousands - unaudited)
As at | As at | |
March 31 | December 31 | |
Note | 2024 | 2023 |
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | 21 | $ | 306,109 | $ | 546,527 | |
Accounts receivable | 11 | 5,514 | 10,078 | |||
Cobalt inventory | - | 1,372 | ||||
Income taxes receivable | 22 | 5,851 | 5,935 | |||
Other | 23 | 3,374 | 3,499 | |||
Total current assets | $ | 320,848 | $ | 567,411 | ||
Non-current assets | ||||||
Mineral stream interests | 12 | $ | 6,510,767 | $ | 6,122,441 | |
Early deposit mineral stream interests | 13 | 47,094 | 47,093 | |||
Mineral royalty interests | 14 | 25,448 | 13,454 | |||
Long-term equity investments | 15 | 246,652 | 246,678 | |||
Property, plant and equipment | 7,996 | 7,638 | ||||
Other | 24 | 21,650 | 26,470 | |||
Total non-current assets | $ | 6,859,607 | $ | 6,463,774 | ||
Total assets | $ | 7,180,455 | $ | 7,031,185 | ||
Liabilities | ||||||
Current liabilities | ||||||
Accounts payable and accrued liabilities | $ | 10,918 | $ | 13,458 | ||
Dividends payable | 17.2 | 70,261 | - | |||
Current portion of performance share units | 19.1 | 6,261 | 12,013 | |||
Current portion of lease liabilities | 16.2 | 518 | 604 | |||
Total current liabilities | $ | 87,958 | $ | 26,075 | ||
Non-current liabilities | ||||||
Performance share units | 19.1 | $ | 2,991 | $ | 9,113 | |
Lease liabilities | 16.2 | 5,423 | 5,625 | |||
Deferred income taxes | 22 | 242 | 232 | |||
Pension liability | 4,646 | 4,624 | ||||
Total non-current liabilities | $ | 13,302 | $ | 19,594 | ||
Total liabilities | $ | 101,260 | $ | 45,669 | ||
Shareholders' equity | ||||||
Issued capital | 17 | $ | 3,784,848 | $ | 3,777,323 | |
Reserves | 18 | (47,717) | (40,091) | |||
Retained earnings | 3,342,064 | 3,248,284 | ||||
Total shareholders' equity | $ | 7,079,195 | $ | 6,985,516 | ||
Total liabilities and shareholders' equity | $ | 7,180,455 | $ | 7,031,185 |
The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [4]
Condensed Interim Consolidated Statements of Cash Flows
Three Months Ended | |||||
March 31 | |||||
(US dollars in thousands - unaudited) | Note | 2024 | 2023 | ||
Operating activities | |||||
Net earnings | $ | 164,041 | $ | 111,391 | |
Adjustments for | |||||
Depreciation and depletion | 64,013 | 45,390 | |||
Interest expense | 16.3 | 74 | 17 | ||
Equity settled share based compensation | 8 | 1,598 | 1,542 | ||
Performance share units - expense | 19.1 | (317) | 5,855 | ||
Performance share units - paid | 19.1 | (11,129) | (16,675) | ||
Pension expense | 175 | 167 | |||
Pension paid | (43) | (96) | |||
Income tax (recovery) expense | 22 | (27) | (6,580) | ||
(Gain) loss on fair value adjustment of share purchase warrants held | 10 | (183) | (175) | ||
Investment income recognized in net earnings | (6,438) | (7,148) | |||
Other | (83) | 79 | |||
Change in non-cash working capital | 21 | 2,155 | (2,072) | ||
Cash generated from operations before income taxes and interest | $ | 213,836 | $ | 131,695 | |
Income taxes paid | (116) | (3,344) | |||
Interest paid | (75) | (18) | |||
Interest received | 5,735 | 6,771 | |||
Cash generated from operating activities | $ | 219,380 | $ | 135,104 | |
Financing activities | |||||
Share purchase options exercised | 18.1 | 3,816 | 9,376 | ||
Lease payments | 16.2 | (148) | (202) | ||
Cash generated from financing activities | $ | 3,668 | $ | 9,174 | |
Investing activities | |||||
Mineral stream interests | 12 | $ | (450,902) | $ | (31,524) |
Early deposit mineral stream interests | 13 | - | (750) | ||
Mineral royalty interest | 14 | (11,947) | - | ||
Net proceeds on disposal of mineral stream interests | - | (29) | |||
Acquisition of long-term investments | 15, 21 | (751) | (8,144) | ||
Dividends received | 700 | - | |||
Other | (596) | (530) | |||
Cash used for investing activities | $ | (463,496) | $ | (40,977) | |
Effect of exchange rate changes on cash and cash equivalents | $ | 30 | $ | 307 | |
(Decrease) increase in cash and cash equivalents | $ | (240,418) | $ | 103,608 | |
Cash and cash equivalents, beginning of period | 546,527 | 696,089 | |||
Cash and cash equivalents, end of period | 21 | $ | 306,109 | $ | 799,697 |
The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [5]
Condensed Interim Consolidated Statements of Shareholders' Equity
Reserves | |||||||||||||||||
Share | Share | LTI 1 | |||||||||||||||
Number of | Purchase | Purchase | Restricted | Revaluation | |||||||||||||
(US dollars in thousands - | Shares | Issued | Warrants | Options | Share Units | Reserve | Total | Retained | |||||||||
unaudited) | (000's) | Capital | Reserve | Reserve | Reserve | (Net of Tax) | Reserves | Earnings | Total | ||||||||
At January 1, 2023 | 452,319 | $ | 3,752,662 | $ | 83,077 | $ | 22,578 | $ | 8,142 | $ | (47,250) | $ | 66,547 | $ | 2,898,466 | $ | 6,717,675 |
Total comprehensive income | |||||||||||||||||
Net earnings | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 111,391 | $ | 111,391 | |
OCI 1 | - | - | - | - | 40,700 | 40,700 | - | 40,700 | |||||||||
Total comprehensive income | $ | - | $ | - | $ | - | $ | - | $ | 40,700 | $ | 40,700 | $ | 111,391 | $ | 152,091 | |
SBC 1 expense | $ | - | $ | - | $ | 631 | $ | 911 | $ | - | $ | 1,542 | $ | - | $ | 1,542 | |
Options 1 exercised | 398 | 10,808 | - | (1,752) | - | - | (1,752) | - | 9,056 | ||||||||
RSUs 1 released | 59 | 2,484 | - | - | (2,484) | - | (2,484) | - | - | ||||||||
Warrant expiration | - | - | (83,077) | - | - | - | (83,077) | 83,077 | - | ||||||||
Dividends (Note 17.2) | - | - | - | - | - | - | (67,910) | (67,910) | |||||||||
Realized loss on disposal of | |||||||||||||||||
LTIs ¹ (Note 18.3) | - | - | - | - | 990 | 990 | (990) | - | |||||||||
At March 31, 2023 | 452,776 | $ | 3,765,954 | $ | - | $ | 21,457 | $ | 6,569 | $ | (5,560) | $ | 22,466 | $ | 3,024,034 | $ | 6,812,454 |
Total comprehensive income | |||||||||||||||||
Net earnings | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 426,253 | $ | 426,253 | |
OCI 1 | - | - | - | - | (63,613) | (63,613) | - | (63,613) | |||||||||
Total comprehensive income | $ | - | $ | - | $ | - | $ | - | $ | (63,613) | $ | (63,613) | $ | 426,253 | $ | 362,640 | |
SBC 1 expense | $ | - | $ | - | $ | 1,976 | $ | 2,920 | $ | - | $ | 4,896 | $ | - | $ | 4,896 | |
Options 1 exercised | 91 | 3,252 | - | (526) | - | - | (526) | - | 2,726 | ||||||||
RSUs 1 released | 60 | 1,483 | - | - | (1,483) | - | (1,483) | - | - | ||||||||
Dividends (Note 17.2) | 142 | 6,634 | - | - | - | - | - | (203,834) | (197,200) | ||||||||
Realized gain on disposal of | |||||||||||||||||
LTIs ¹ (Note 18.3) | - | - | - | - | (1,831) | (1,831) | 1,831 | - | |||||||||
At December 31, 2023 | 453,069 | $ | 3,777,323 | $ | - | $ | 22,907 | $ | 8,006 | $ | (71,004) | $ | (40,091) | $ | 3,248,284 | $ | 6,985,516 |
Total comprehensive income
Net earnings | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 164,041 | $ | 164,041 | |
OCI 1 | - | - | - | - | (5,566) | (5,566) | - | (5,566) | |||||||||
Total comprehensive income | $ | - | $ | - | $ | - | $ | - | $ | (5,566) | $ | (5,566) | $ | 164,041 | $ | 158,475 | |
SBC 1 expense | $ | - | $ | - | $ | 674 | $ | 924 | $ | - | $ | 1,598 | $ | - | $ | 1,598 | |
Options 1 exercised | 158 | 4,565 | - | (698) | - | - | (698) | - | 3,867 | ||||||||
RSUs 1 released | 68 | 2,960 | - | - | (2,960) | - | (2,960) | - | - | ||||||||
Dividends (Note 17.2) | - | - | - | - | - | - | (70,261) | (70,261) | |||||||||
At March 31, 2024 | 453,295 | $ | 3,784,848 | $ | - | $ | 22,883 | $ | 5,970 | $ | (76,570) | $ | (47,717) | $ | 3,342,064 | $ | 7,079,195 |
- 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.
The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [6]
Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)
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 March 31, 2024, the Company has entered into 38 long-term agreements (30 of which are precious metal purchase agreements, or "PMPAs", three of which are early deposit PMPAs, and five of which are royalty agreements), with 32 different mining companies, related to precious metals and cobalt relating to 18 mining assets which are currently operating, 23 which are at various stages of development and 4 which have been placed into care and maintenance or have been closed, located in 16 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 months ended March 31, 2024 were authorized for issue as of May 9, 2024 in accordance with a resolution of the Board of Directors.
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, 2023 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, 2023.
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 March 31, 2024 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.
3. Material Accounting Policy Information
3.1. New Accounting Standards Effective in 2024
Amendment to IAS 1- Presentation of Financial statements
The amendments to IAS 1, clarify the presentation of liabilities. The classification of liabilities as current or non- current is based on contractual rights that are in existence at the end of the reporting period and is affected by expectations about whether an entity will exercise its right to defer settlement. A liability not due over the next twelve months is classified as non-current even if management intends or expects to settle the liability within twelve months. The amendment also introduces a definition of 'settlement' to make clear that settlement refers to the transfer of cash, equity instruments, other assets, or services to the counterparty. The amendment issued in October 2022 also clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. Covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. The amendments are effective for annual reporting periods
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [7]
Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)
beginning on or after January 1, 2024. The adoption of this amendment did not have a material impact on the Company's financial statements.
3.2. Future Changes to Accounting Policies
The IASB has issued the following new or amended standards:
IFRS 18 - Presentation and Disclosure in Financial Statements.
In April 2024, the IASB released IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 replaces IAS 1 Presentation of Financial Statements while carrying forward many of the requirements in IAS 1. IFRS 18 introduces new requirements to: i) present specified categories and defined subtotals in the statement of earnings, ii) provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements, iii) improve aggregation and disaggregation. Some of the requirements in IAS 1 are moved to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and IFRS 7 Financial Instruments: Disclosures. The IASB also made minor amendments to IAS 7 Statement of Cash Flows and IAS 33 Earnings per Share in connection with the new standard. IFRS 18 requires retrospective application with specific transition provisions. The Company is required to apply IFRS 18 for annual reporting periods beginning on or after January 1, 2027 with early adoption permitted. The Company is currently evaluating the impact of IFRS 18 on its financial statements.
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, 2023.
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 16) and equity attributable to common shareholders, comprising of issued capital (Note 17), accumulated reserves (Note 18) 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 its sustainability-linked revolving credit facility (Note 16).
The Company is in compliance with the debt covenants at March 31, 2024, as described in Note 16.1.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [8]
Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)
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, which approximates its fair value. Trade receivables from sales of cobalt and other receivables are non-interest bearing and are stated at amortized cost, which approximate fair values due to the short terms to maturity. Where necessary, the other receivables are reported net of allowances for uncollectable amounts. All other financial assets are reported at fair value. Fair value adjustments on financial assets are reflected as a component of net earnings with the exception of fair value adjustments associated with the Company's long-term investments in common shares held. As these long-term investments are held for strategic purposes and not for trading, the Company has made a one time, irrevocable election to reflect the fair value adjustments associated with these investments as a component of OCI. Financial liabilities are reported at amortized cost using the effective interest method, which approximate fair values due to the short terms to maturity. The following table summarizes the classification of the Company's financial assets and liabilities:
March 31 | December 31 | ||||
(in thousands) | Note | 2024 | 2023 | ||
Financial assets | |||||
Financial assets mandatorily measured at FVTNE 1 | |||||
Cash and cash equivalents | 21 | $ | 306,109 | $ | 546,527 |
Trade receivables from provisional concentrate sales, net of fair | |||||
value adjustment | 6, 11 | 3,834 | 5,360 | ||
Long-term investments - warrants held | 974 | 652 | |||
Investments in equity instruments designated at FVTOCI 1 | |||||
Long-term investments - common shares held | 15 | 245,678 | 246,026 | ||
Financial assets measured at amortized cost | |||||
Trade receivables from sales of cobalt | 11 | 977 | 3,975 | ||
Refundable deposit - 777 PMPA | 24 | 8,890 | 8,717 | ||
Other accounts receivable | 703 | 743 | |||
Total financial assets | $ | 567,165 | $ | 812,000 | |
Financial liabilities | |||||
Financial liabilities at amortized cost | |||||
Accounts payable and accrued liabilities | $ | 10,918 | $ | 13,458 | |
Lease liabilities | 16.2 | 5,941 | 6,229 | ||
Dividends payable | 17.2 | 70,261 | - | ||
Total financial liabilities | $ | 87,120 | $ | 19,687 |
- 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. 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 March 31, 2024 is considered to be negligible.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [9]
Notes to the Condensed Interim Consolidated Financial Statements
Three Months Ended March 31, 2024 (US Dollars)
The Company's maximum exposure to credit risk related to its financial assets is as follows: | |||||
March 31 | December 31 | ||||
(in thousands) | Note | 2024 | 2023 | ||
Cash and cash equivalents | 21 | $ | 306,109 | $ | 546,527 |
Trade receivables from provisional concentrate sales, net of fair value | |||||
adjustment | 11 | 3,834 | 5,360 | ||
Trade receivables from sales of cobalt | 11 | 977 | 3,975 | ||
Refundable Deposit - 777 PMPA | 24 | 8,890 | 8,717 | ||
Other accounts receivables | 11 | 703 | 743 | ||
Maximum exposure to credit risk related to financial assets | $ | 320,513 | $ | 565,322 |
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 March 31, 2024, the Company had cash and cash equivalents of $306 million (December 31, 2023 - $547 million) and working capital of $233 million (December 31, 2023 - $541 million).
The Company holds equity investments of several companies (Note 15) with a combined market value at March 31, 2024 of $247 million (December 31, 2023 - $247 million). The daily exchange traded volume of these shares, including the shares underlying the warrants, may not be sufficient for the Company to liquidate its position in a short period of time without potentially affecting the market value of the shares. These shares and warrants are held for strategic purposes and are considered long-term investments and therefore, as part of the Company's planning, budgeting and liquidity analysis process, these investments are not relied upon to provide operational liquidity.
The following table summarizes the timing associated with the Company's remaining contractual payments relating to its financial liabilities and performance share units liability. 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 March 31, 2024
(in thousands) | 2024 | 2025 - 2026 | 2027 - 2028 | After 2028 | Total | |||||
Accounts payable and accrued | ||||||||||
liabilities | $ | 10,918 | $ | - | $ | - | $ | - | $ | 10,918 |
Performance share units 1 | - | 9,202 | 50 | - | 9,252 | |||||
Dividends payable | 70,261 | - | - | - | 70,261 | |||||
Total | $ | 81,179 | $ | 9,202 | $ | 50 | $ | - | $ | 90,431 |
1) See Note 19.1 for estimated value per PSU at maturity and anticipated performance factor at maturity.
WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - FINANCIAL STATEMENTS [10]
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Wheaton Precious Metals Corp. published this content on 10 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2024 06:38:07 UTC.
