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Wheaton Precious Metals
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== WPM’s assets == WPM currently has agreements over more than 30 major metals streams, summarised in Exhibit 9 below. {| class="wikitable" |+Exhibit 9: WPM mineral streaming agreements<ref>Source: Wheaton Precious Metals, Edison Investment Research. Note: Most recent published terms. *Historical fixed cost contracts subject to an annual inflationary adjustment with the exception of Loma de La Plata and Sudbury. **Variable. ***WPM is entitled to 33.75% of silver production at Antamina until 140Moz have been delivered and 22.5% thereafter, for a 50-year term that can be extended in increments of 10 years at the company’s discretion.</ref> !Asset !Owner/operator !Location !Attributable production to be purchased (%) !Per ounce cash payment* (US$/oz) !Term of agreement !Date of original contract |- |Gold | | | | | | |- |Salobo |Vale |Brazil |75 |416 |Life of mine |Feb 2013 |- |Constancia |Hudbay |Peru |50 |412 |Life of mine |Aug 2012 |- |San Dimas |First Majestic |Mexico |Variable |618 |Life of mine |Oct 2004 |- |Sudbury |Vale |Canada |70 |400 |20 years |Feb 2013 |- |Stillwater |Sibanye |USA |100 |18% of spot |Life of mine |Jul 2018 |- |Other gold | | | | | | |- |Minto |Pembridge |Canada |100 |65% of spot |Life of mine |Nov 2008 |- |Rosemont |Hudbay |USA |100 |450 |Life of mine |Feb 2010 |- |777 |Hudbay |Canada |50 |429 |Life of mine |Aug 2012 |- |Marmato |Aris |Colombia |6.5 |18% of spot |Life of mine |Nov 2020 |- |Santo Domingo |Capstone |Chile |100 |18% of spot |Life of mine |Mar 2021 |- |Fenix |Rio2 |Chile |6 |18% of spot |Life of mine |Nov 2021 |- |Blackwater |Artemis |Canada |8 |35% of spot |Life of mine |Dec 2021 |- |Marathon |Generation |Canada |100 |18% of spot |Life of mine |Dec 2021 |- |Curipamba |Adventus |Ecuador |50 |18% of spot |Life of mine |Jan 2022 |- |Goose |Sabina |Canada |4.15 |18% of spot |Life of mine |Feb 2022 |- | | | | | | | |- |Silver | | | | | | |- |Penasquito |Newmont |Mexico |25 |4.36 |Life of mine |Jul 2007 |- |Antamina*** |Glencore |Peru |33.75 then 22.5 |20% of spot |Life of mine |Nov 2015 |- |Constancia |Hudbay |Peru |100 |6.08 |Life of mine |Aug 2012 |- |Pascua-Lama |Barrick |Chile/Argentina |25 |3.90 |Life of mine |Sep 2009 |- |Other silver | | | | | | |- |Los Filos |Equinox |Mexico |100 |4.53 |25 years |Oct 2004 |- |Zinkgruvan |Lundin |Sweden |100 |4.53 |Life of mine |Dec 2004 |- |Yauliyacu |Glencore |Peru |1.5Moz + 50% of excess |**8.98 |Life of mine |Mar 2006 |- |Stratoni |Eldorado |Greece |100 |11.54 |Life of mine |Apr 2007 |- |Neves-Corvo |Lundin |Portugal |100 |4.38 |50 years |Jun 2007 |- |Aljustrel |Almina |Portugal |100 |50% of spot |50 years |Jun 2007 |- |Keno Hill |Alexco |Canada |25 |Variable |Life of mine |Oct 2008 |- |Minto |Pembridge |Canada |100 |4.35 |Life of mine |Nov 2008 |- |Rosemont |Hudbay |USA |100 |3.90 |Life of mine |Feb 2010 |- |777 |Hudbay |Canada |100 |6.32 |Life of mine |Aug 2012 |- |Loma de La Plata (Navidad) |Pan American |Argentina |12.5 |4.00 |Life of mine |Not finalised |- |Marmato |Aris |Colombia |100 |18% of spot |Life of mine |Nov 2020 |- |Cozamin |Capstone |Mexico |50 |10% of spot |Life of mine |Dec 2020 |- |Blackwater |Artemis |Canada |50 |18% of spot |Life of mine |Dec 2021 |- |Curipamba |Adventus |Ecuador |75 |18% of spot |Life of mine |Jan 2022 |- | | | | | | | |- |Palladium | | | | | | |- |Stillwater |Sibanye |USA |4.4 |18% of spot |Life of mine |Jul 2018 |- | | | | | | | |- |Cobalt | | | | | | |- |Voisey’s Bay |Vale |Canada |42.4 |18% of spot |Life of mine |Jun 2018 |- | | | | | | | |- |Platinum | | | | | | |- |Marathon |Generation |Canada |22 |18% of spot |Life of mine |Dec 2021 |} Readers should note that, while the above table is accurate at the time of publication, in reality an increasing number of WPM’s precious metals purchase agreements (PMPA) have terms that vary, albeit not so much that they change the fundamental economic nature of the underlying contract. WPM’s PMPA with Adventus regarding the Curipamba project in Ecuador, announced on 17 January 2022, is a case in point: * Under the PMPA, WPM will purchase 50% of Curipamba’s payable gold production until 145,000oz have been delivered, thereafter dropping to 33% of payable gold production for the life of the mine and 75% of the payable silver production until 4.6Moz have been delivered, thereafter dropping to 50% for the life of mine. Under the terms of the agreement, WPM is committed to pay Adventus a total upfront cash consideration of US$175.5m, of which US$13m is available pre-construction and US$0.5m will be paid to support certain local community development initiatives around Curipamba. The remainder will be payable in four staged instalments during construction, subject to various customary conditions being satisfied. In addition, WPM will make ongoing production payments for the gold and silver ounces delivered equal to 18% of the spot prices of gold and silver until the aggregate value of gold and silver delivered, net of the production payment, is equal to the upfront consideration of US$175.5m, at which point the production payment will increase to 22% of the spot prices. Contracts may vary in other respects. Almost all historical, fixed cost now have an inflationary clause included in their contracts, for example typically that the production payment will increase by 1% per annum. In addition, WPM has a number of early deposit mineral stream agreements with counterparties. These represent agreements relative to early stage development projects whereby WPM 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. At the current time, these include: {| class="wikitable" |+Exhibit 10: WPM early deposit mineral stream agreements<ref>Source: Wheaton Precious Metals, Edison Investment Research. Note: *Subject to an annual inflationary adjustment.</ref> ! rowspan="2" |Asset ! rowspan="2" |Owner/operator ! rowspan="2" |Location ! colspan="2" |Attributable production to be purchased (%) ! colspan="2" |Per ounce cash payment* ! rowspan="1" |Term of agreement ! rowspan="1" |Date of original contract |- !Silver !Gold !Silver !Gold ! ! |- |Toroparu |GCM |Guyana |50 |10 |3.90 |400 |Life of mine |Nov 2013 |- |Cotabambas |Panoro |Peru |100 |25 |5.90 |450 |Life of mine |Mar 2016 |- |Kutcho |Kutcho |Canada |100 |100 |20% of spot |20% of spot |Life of mine |Dec 2017 |} Finally, WPM has two royalty interests: * On 5 January 2021, the company paid US$3.0m for an existing 2.0% net smelter return royalty interest on the first 600,000oz of gold mined from ore extracted from the Brewery Creek quartz mineral claims located in the Yukon Territories (Canada), owned by Golden Predator (a subsidiary of Sabre Gold Mines) and a 2.75% net smelter royalty thereafter. * A 0.5% net smelter return royalty interest with Chesapeake Gold in the Metates properties in Mexico for the life of the mine. Note that the company also has the right of first refusal on any silver streaming, royalty or any other transaction on the Metates properties. In contrast to its other agreements however, to date, neither revenue nor depletion have yet been recognised with respect to either of these royalty agreements.
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