UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer Pursuant
to Rule 13a-16 or 15d-16 Under the
Securities Exchange Act of 1934
October 24, 2024
Commission File Number: 001-32482
WHEATON PRECIOUS METALS CORP.
(Exact name of registrant as specified in its
charter)
Suite 3500 - 1021 West Hastings St.
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 Form 40-F.
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.
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WHEATON PRECIOUS METALS CORP. |
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(Registrant) |
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| October 24, 2024 |
By: |
/s/
Curt Bernardi |
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Name: |
Curt
Bernardi |
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Title: |
Senior
Vice President, Legal |
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and
Corporate Secretary |
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-2-
EXHIBIT INDEX
- 3 -
Exhibit 99.1
Wheaton Precious Metals Announces the Acquisition
of a Gold Stream from Montage Gold's Koné Gold Project
VANCOUVER, BC, Oct. 23, 2024 /CNW/ - Wheaton
Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce that its wholly-owned subsidiary,
Wheaton Precious Metals International Ltd. ("WPMI") has entered into a definitive Precious Metals Purchase Agreement (the "Gold
Stream") with Montage Gold Corp. ("Montage") in respect to its Koné Gold Project located in Côte d'Ivoire
(the "Project" or "Koné").
"With essential permits in place coupled with
its impressive scale, we believe the Koné Project stands out as one of the premier gold assets in Africa, and we are excited to
partner with Montage to deliver a full financing package for its development," said Randy Smallwood, President and CEO of Wheaton
Precious Metals. "Supported by strong shareholder backing from the Lundin Group and Zijin Mining, the Koné Project is expected
to significantly boost Wheaton's near-term annual gold production and further strengthen our peer-leading growth trajectory. We look forward
to collaborating with Montage's outstanding team, whose extensive experience in West Africa has driven remarkable progress in de-risking
the project and advancing it towards construction."
"We are pleased to partner with Wheaton to deliver
our strategy of creating a premier African gold producer, commencing with the construction of our Koné project in Côte d'Ivoire
which is set to become West-Africa's next sizable, long-life, low production cost gold mine," said Martino De Ciccio, CEO of Montage.
"Moreover, both companies share a commitment to delivering strong social and economic benefits to host countries, which underpins
our goal of becoming the partner of choice for our local stakeholders. With strong shareholder backing, along with our partnership with
Wheaton, we look forward to continuing to grow our presence in West Africa."
Transaction Key Terms
(All values in US$ unless otherwise noted)
| • | Gold Stream Upfront Consideration: WPMI will pay Montage
total upfront cash consideration of US$625 million (the "Deposit") in four equal installment payments during construction, subject
to certain customary conditions. |
| • | Streamed Metal: WPMI will purchase 19.5% of the payable gold
until a total of 400 thousand ounces ("Koz") of gold has been delivered, subject to adjustment if there are delays in deliveries
relative to an agreed schedule, at which point WPMI will purchase 10.8% of the payable gold until an additional 130 Koz of
gold has been delivered (the "Second Dropdown Threshold"), at which point WPMI will purchase 5.4% of payable
gold for the life of the mine. Payable gold is calculated using a fixed payable factor of 99.9%. |
| • | Production Profile1: Attributable Gold Stream production
is forecast to average over 60 Koz of gold per year for the first five years of production, over 47 Koz of gold per year for the first
10 years of production, and over 34 Koz for the life of mine. The Project is forecast to have a 16-year mine life based on reserves, with
first production anticipated in early 2027. |
| • | Production Payments: WPMI will make ongoing payments for the gold
ounces delivered equal to 20% of the spot price of gold. For the first five years after the Precious Metals Purchase Agreement ("PMPA")
is signed, there will be a price adjustment mechanism in place if the spot price of gold is less than $2,100/oz or greater than $2,700/oz.
For example, if spot gold is $3,200 per ounce, Wheaton's production payment would be $675 per ounce, equating to 21% of the spot price.
This price adjustment mechanism expires on the fifth anniversary of the PMPA, after which the production payment will be equal to 20%
of the spot price going forward. |
| • | Secured Debt Facility: WPMI has also provided Montage with a secured
debt facility of up to $75 million to be allocated to project costs, including cost overruns. |
| • | Incremental Reserves and Resources1: The addition
of the Koné Project will increase Wheaton's total estimated Proven and Probable Mineral gold reserves by 0.62 million ounces ("Moz"),
Measured and Indicated Mineral gold resources by 0.05 Moz and Inferred gold resources by 0.02 Moz. |
| • | The Gold Stream will include a customary completion test based on expected
gold production and expected mining rates. |
| • | WPMI has also obtained a right of first refusal on any future precious metal
streams, royalties, prepays or similar transactions. |
| • | The Gold Stream will apply to a Core Area of Interest inclusive of the Koné
and Gbongogo deposits (the "Core Area of Interest"), with exploration upside beyond the currently defined deposits. |
| • | Ore from within a 100km Expanded Area of Interest ("Expanded Area of
Interest") will be subject to the stream if that ore is processed at the Koné mineral processing facility, until such time
following the Second Dropdown Threshold that ounces received under the stream from the Expanded Area of Interest is equal to the remaining
ounces from the Core Area of Interest, at which point the stream percentage will be reduced to nil. If at any point after that the
remaining ounces from the Core Area of Interest exceed the ounces received from the Expanded Area of Interest, the Company will continue
receiving 5.4% of payable gold from the Core Area of Interest, for the remaining life of mine. |
| • | In the event of a change of control prior to the earlier of completion and
December 31, 2026, Montage will have an option to buyback one third of the stream. |
| • | Montage will provide WPMI with corporate guarantees and certain other security
over their assets. |
| • | Montage is expected to comply in all material respects with the International
Finance Corporation's Performance Standards on Environmental and Social Sustainability, the Global Industry Standard on Tailings Management,
and WPMI's Partner/Supplier Code of Conduct, which outlines Wheaton's expectations in regard to environmental, social and governance ("ESG")
matters. |
Financing the Transactions
As at June 30, 2024, the Company had approximately
$540 million of cash on hand and believes that when combined with the liquidity provided by the available credit under the $2 billion
revolving term loan and ongoing operating cash flows, WPMI is well positioned to fund the acquisition of the Gold Stream as well as all
outstanding commitments and known contingencies and provides flexibility to acquire additional accretive mineral stream interests.
About Montage and the Koné Project
Montage Gold Corp. (TSXV: MAU) is a Canadian-listed
company focused on becoming a premier multi-asset African gold producer, with its flagship, fully permitted, Koné Project, located
in Côte d'Ivoire. Koné is located approximately 350 kilometres north-west of Yamoussoukro, the political capital of Côte
d'Ivoire, and approximately 600 kilometres north-west of Abidjan, the commercial capital of the country. The Project is situated near
existing infrastructure, accessible year-round via road, and has access to ample water resources. Based on the Feasibility Study published
in 2024, Koné ranks as one of the highest quality gold projects in Africa with a long 16-year mine life, low AISC of $998/oz over
its life of mine, and sizeable annual production of +300 Koz of gold over the first eight years. Over the course of 2024, the Montage
management team will be leveraging their extensive track record in developing projects in Africa to progress Koné towards a construction
launch, with a goal of unlocking significant value for all its stakeholders.
Attributable Gold Mineral Reserves and Mineral
Resources - Koné Project
| Category |
Tonnage
Mt |
Grade Au g/t |
Contained
Au Moz |
|
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| Probable |
26.7 |
0.72 |
0.62 |
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| Indicated |
3.5 |
0.40 |
0.05 |
|
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| Inferred |
1.4 |
0.50 |
0.02 |
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| Notes on Mineral Reserves & Mineral Resources: |
| 1. |
All Mineral Reserves and Mineral Resources have been estimated in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards for Mineral Resources and Mineral Reserves and National Instrument 43-101 - Standards for Disclosure for Mineral Projects ("NI 43-101"). |
| 2. |
Mineral Reserves and Mineral Resources are reported above in millions of metric tonnes ("Mt"), grams per metric tonne ("g/t") and millions of ounces ("Moz"). |
| 3. |
Qualified persons ("QPs"), as defined by the NI 43-101, for the technical information contained in this document (including the Mineral Reserve and Mineral Resource estimates) are: |
| |
a. |
Neil Burns, M.Sc., P.Geo. (Vice President, Technical Services); and |
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b. |
Ryan Ulansky, M.A.Sc., P.Eng. (Vice President, Engineering), both employees of the Company (the "Company's QPs"). |
| 4. |
The Mineral Resources reported in the above tables are exclusive of Mineral Reserves. |
| 5. |
Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. |
| 6. |
Koné Project Mineral Reserves are reported as of January 15, 2024 and Mineral Resources as of December 19, 2023. |
| 7. |
Koné Project Mineral Reserves are reported above gold grade cut-offs ranging from 0.19 to 0.49 grams per tonne assuming $1,550 per ounce gold. |
| 8. |
Koné Project Mineral Resources are reported above gold grade cut-offs of 0.2 grams per tonne for the Koné deposit and 0.5 grams per tonne for the Gbongogo deposit, both assuming a gold price of $1,800 per ounce. |
| 9. |
The Gold Stream provides that Montage will deliver gold equal to19.5% of the payable gold until a total of 400 Koz of gold has been delivered, subject to adjustment if there are delays in deliveries relative to an agreed schedule, then 10.8% of the payable gold until an additional 130 Koz of gold has been delivered, then 5.4% of payable gold for the life of the mine.
|
Neil Burns, P.Geo., Vice President, Technical Services
for Wheaton Precious Metals and Ryan Ulansky, P.Eng., Vice President, Engineering, are a "qualified person" as such term is
defined under National Instrument 43-101, and have reviewed and approved the technical information disclosed in this news release (specifically
Mr. Burns has reviewed mineral resource estimates and Mr. Ulansky has reviewed the mineral reserve estimates).
Conference Call
A conference call will be held on October 24, 2024,
starting at 10:30am Eastern Time to discuss these transactions. A presentation on the transaction will be available on the Company's website
shortly before the conference call. To participate in the live call, please use one of the following methods:
RapidConnect URL:
Click here
Live webcast:
Click here
Dial toll free:
1-888-510-2154 or 1-437-900-0527
Conference Call ID:
82162
This conference call will be recorded and available
until October 31, 2024 at 11:59 pm ET. The webcast will be available for one year. You can listen to an archive of the call by one of
the following methods:
Dial toll free from Canada or the US:
1-888-660-6345
Dial from outside Canada or the US: 1-289-819-1450
Pass code:
82162 #
Archived webcast:
Click here
Fenix Project Update
On October 21, 2024, Rio2 Limited ("Rio2") announced an expanded relationship with Wheaton whereby WPMI now will provide
a full financing package for the construction, development, operation, commissioning and ramp-up of the Fenix Gold Project (the "Fenix
Project"). WPMI will pay Rio2 additional upfront cash consideration of $100 million (over and above the remaining $25 million payable
under the existing stream with Rio2), in exchange for which Rio2 will deliver 95,000 ounces of gold from the Fenix Project (subject to
adjustment if there are delays in deliveries relative to an agreed schedule). In addition, the Company has also agreed to adjust the production
payment for all gold ounces delivered to 20% of the spot gold price. Rio2 has a one-time option to terminate the requirement to deliver
the additional gold production from the end of 2027 until the end of 2029 by delivering 95,000oz less any of the previously delivered
gold ounces.
Wheaton will also provide a US$20 million contingent
cost overrun facility in the form of a standby loan facility. Lastly, Wheaton has committed to participate in a private placement of Rio2
common shares for C$5 million at a price per share equal to, and concurrent with, a public offering by Rio2.
About Wheaton Precious Metals
Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets.
Its business model offers investors commodity price leverage and exploration upside but with a much lower risk profile than a traditional
mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend
and continue to grow through accretive acquisitions. As a result, Wheaton has consistently outperformed gold and silver, as well as other
mining investments. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners
operate. Wheaton creates sustainable value through streaming for all of its stakeholders.
| _______________________ |
| 1) Please
refer to the Attributable Mineral Reserves & Mineral Resources table in this news release for full disclosure of reserves and
resources associated with the Koné Project including accompanying footnotes. |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking
statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information"
within the meaning of applicable Canadian securities legislation concerning the business, operations and financial performance of Wheaton
and, in some instances, the business, mining operations and performance of Wheaton's Precious Metals Purchase Agreement ("PMPA")
counterparties. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited
to, statements with respect to:
| • | payment by WPMI of $600 million to Montage and the satisfaction of each party's
obligations in accordance with the Gold Stream; |
| • | the receipt by WPMI of gold production in respect of the Project; |
| • | the advance by WPMI, and the repayment by Montage, of up to $75 million to
Montage in connection with the Facility; |
| • | payment by WPMI of $125 million to Rio2 and the satisfaction of each party's
obligations in accordance with the Fenix Gold Project stream (as amended); |
| • | the receipt by WPMI of gold production in respect of the Fenix Gold Project; |
| • | the advance by WPMI, and the repayment by Rio2, of up to $20 million to Rio2
in connection with the Rio2 standby loan facility; |
| • | the receipt by WPMI of all amounts owing under the Facility, including, but
not limited to, interest; |
| • | the estimation of future production from the mineral stream interests and
mineral royalty interests currently owned by the Company (the "Mining Operations") (including in the estimation of production,
mill throughput, grades, recoveries and exploration potential); |
| • | the estimation of mineral reserves and mineral resources (including the estimation
of reserve conversion rates and the realization of such estimations); |
| • | the commencement, timing and achievement of construction, expansion or improvement
projects by Wheaton's PMPA counterparties at Mining Operations; |
| • | the payment of upfront cash consideration to counterparties under PMPAs, the
satisfaction of each party's obligations in accordance with PMPAs and the receipt by the Company of precious metals and cobalt production
or other payments in respect of the applicable Mining Operations under PMPAs; |
| • | the ability of Wheaton's PMPA counterparties to comply with the terms of a
PMPA (including as a result of the business, mining operations and performance of Wheaton's PMPA counterparties) and the potential impacts
of such on Wheaton; |
| • | future payments by the Company in accordance with PMPAs, including any acceleration
of payments; |
| • | the costs of future production; |
| • | the estimation of produced but not yet delivered ounces; |
| • | the future sales of Common Shares under, the amount of net proceeds from,
and the use of the net proceeds from, the at-the-market equity program; |
| • | continued listing of the Common Shares on the LSE, NYSE and TSX; |
| • | any statements as to future dividends; |
| • | the ability to fund outstanding commitments and the ability to continue to
acquire accretive PMPAs; |
| • | projected increases to Wheaton's production and cash flow profile; |
| • | projected changes to Wheaton's production mix; |
| • | the ability of Wheaton's PMPA counterparties to comply with the terms of any
other obligations under agreements with the Company; |
| • | the ability to sell precious metals and cobalt production; |
| • | confidence in the Company's business structure; |
| • | the Company's assessment of taxes payable, including taxes payable under the
GMT, and the impact of the CRA Settlement, and the Company's ability to pay its taxes; |
| • | possible CRA domestic audits for taxation years subsequent to 2016 and international
audits; |
| • | the Company's assessment of the impact of any tax reassessments; |
| • | the Company's intention to file future tax returns in a manner consistent
with the CRA Settlement; |
| • | the Company's climate change and environmental commitments; and |
| • | assessments of the impact and resolution of various legal and tax matters,
including but not limited to audits |
Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends",
"anticipates" or "does not anticipate", or "believes", "potential", or variations of such words
and phrases or statements that certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to
be materially different from those expressed or implied by such forward-looking statements, including but not limited to:
| • | risks relating to the satisfaction of each party's obligations in accordance
with the terms of the Gold Stream; |
| • | risks relating to the satisfaction of each party's obligations in accordance
with the terms of the Facility; |
| • | risks relating to the satisfaction of each party's obligations in accordance
with the terms of the Fenix Gold Project stream; |
| • | risks relating to the satisfaction of each party's obligations in accordance
with the terms of the Rio2 standby loan facility; |
| • | risks associated with fluctuations in the price of commodities (including
Wheaton's ability to sell its precious metals or cobalt production at acceptable prices or at all); |
| • | risks related to the Mining Operations (including fluctuations in the price
of the primary or other commodities mined at such operations, regulatory, political and other risks of the jurisdictions in which the
Mining Operations are located, actual results of mining, risks associated with exploration, development, operating, expansion and improvement
at the Mining Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as Mining Operations
plans continue to be refined); |
| • | absence of control over the Mining Operations and having to rely on the accuracy
of the public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations as the basis for
its analyses, forecasts and assessments relating to its own business; |
| • | risks related to the uncertainty in the accuracy of mineral reserve and mineral
resource estimation; |
| • | risks related to the satisfaction of each party's obligations in accordance
with the terms of the Company's PMPAs, including the ability of the companies with which the Company has PMPAs to perform their obligations
under those PMPAs in the event of a material adverse effect on the results of operations, financial condition, cash flows or business
of such companies, any acceleration of payments, estimated throughput and exploration potential; |
| • | risks relating to production estimates from Mining Operations, including anticipated
timing of the commencement of production by certain Mining Operations; |
| • | Wheaton's interpretation of, or compliance with, or application of, tax laws
and regulations or accounting policies and rules, being found to be incorrect or the tax impact to the Company's business operations being
materially different than currently contemplated, or the ability of the Company to pay such taxes as and when due; |
| • | any challenge or reassessment by the CRA of the Company's tax filings being
successful and the potential negative impact to the Company's previous and future tax filings; |
| • | risks in assessing the impact of the CRA Settlement (including whether there
will be any material change in the Company's facts or change in law or jurisprudence); |
| • | risks related to any potential amendments to Canada's transfer pricing rules
under the Income Tax Act (Canada) that may result from the Department of Finance's consultation paper released June 6, 2023; |
| • | risks relating to Wheaton's interpretation of, compliance with, or application
of the GMT, including Canada's GMTA and the legislation enacted in Luxembourg, that applies to the income of the Company's subsidiaries
for fiscal years beginning on or after December 31, 2023; |
| • | counterparty credit and liquidity risks; |
| • | mine operator and counterparty concentration risks; |
| • | indebtedness and guarantees risks; |
| • | competition in the streaming industry risk; |
| • | risks relating to security over underlying assets; |
| • | risks relating to third-party PMPAs; |
| • | risks relating to revenue from royalty interests; |
| • | risks related to Wheaton's acquisition strategy; |
| • | risks relating to third-party rights under PMPAs; |
| • | risks relating to future financings and security issuances; |
| • | risks relating to unknown defects and impairments; |
| • | risks related to governmental regulations; |
| • | risks related to international operations of Wheaton and the Mining Operations; |
| • | risks relating to exploration, development, operating, expansions and improvements
at the Mining Operations; |
| • | risks related to environmental regulations; |
| • | the ability of Wheaton and the Mining Operations to obtain and maintain necessary
licenses, permits, approvals and rulings; |
| • | the ability of Wheaton and the Mining Operations to comply with applicable
laws, regulations and permitting requirements; |
| • | lack of suitable supplies, infrastructure and employees to support the Mining
Operations; |
| • | risks related to underinsured Mining Operations; |
| • | inability to replace and expand mineral reserves, including anticipated timing
of the commencement of production by certain Mining Operations (including increases in production, estimated grades and recoveries); |
| • | uncertainties related to title and indigenous rights with respect to the mineral
properties of the Mining Operations; |
| • | the ability of Wheaton and the Mining Operations to obtain adequate financing; |
| • | the ability of the Mining Operations to complete permitting, construction,
development and expansion; |
| • | challenges related to global financial conditions; |
| • | risks associated with environmental, social and governance matters; |
| • | risks related to fluctuations in commodity prices of metals produced from
the Mining Operations other than precious metals or cobalt; |
| • | risks related to claims and legal proceedings against Wheaton or the Mining
Operations; |
| • | risks related to the market price of the Common Shares of Wheaton; |
| • | the ability of Wheaton and the Mining Operations to retain key management
employees or procure the services of skilled and experienced personnel; |
| • | risks related to interest rates; |
| • | risks related to the declaration, timing and payment of dividends; |
| • | risks related to access to confidential information regarding Mining Operations; |
| • | risks associated with multiple listings of the Common Shares on the LSE, NYSE
and TSX; |
| • | risks associated with a possible suspension of trading of Common Shares; |
| • | risks associated with the sale of Common Shares under the at-the-market equity
program, including the amount of any net proceeds from such offering of Common Shares and the use of any such proceeds; |
| • | equity price risks related to Wheaton's holding of long-term investments in
other companies; |
| • | risks relating to activist shareholders; |
| • | risks relating to reputational damage; |
| • | risks relating to expression of views by industry analysts; |
| • | risks related to the impacts of climate change and the transition to a low-carbon
economy; |
| • | risks associated with the ability to achieve climate change and environmental
commitments at Wheaton and at the Mining Operations; |
| • | risks related to ensuring the security and safety of information systems,
including cyber security risks; |
| • | risks relating to generative artificial intelligence; |
| • | risks relating to compliance with anti-corruption and anti-bribery laws; |
| • | risks relating to corporate governance and public disclosure compliance; |
| • | risks of significant impacts on Wheaton or the Mining Operations as a result
of an epidemic or pandemic; |
| • | risks related to the adequacy of internal control over financial reporting;
and |
| • | other risks discussed in the section entitled "Description of the Business
- Risk Factors" in Wheaton's Annual Information Form available on SEDAR+ at www.sedarplus.ca and Wheaton's Form 40-F for the year
ended December 31, 2023 on file with the U.S. Securities and Exchange Commission on EDGAR (the "Disclosure"). |
Forward-looking statements are based on assumptions
management currently believes to be reasonable, including (without limitation):
| • | the payment of $600 million to Montage and the satisfaction of each party's
obligations in accordance with the terms of the Gold Stream; |
| • | the advance by WPMI of up to $75 million to Montage in connection with the
Facility and the receipt by WPMI of all amounts owing under the Facility, including, but not limited to, interest; |
| • | the payment of $125 million to Rio2 and the satisfaction of each party's obligations
in accordance with the terms of the Fenix Gold Project stream; |
| • | the advance by WPMI of up to $20 million to Rio2 in connection with the Rio2
standby loan facility and the receipt by WPMI of all amounts owing under the Rio2 standby loan facility, including, but not limited to,
interest; |
| • | that there will be no material adverse change in the market price of commodities; |
| • | that the Mining Operations will continue to operate and the mining projects
will be completed in accordance with public statements and achieve their stated production estimates; |
| • | that the mineral reserves and mineral resource estimates from Mining Operations
(including reserve conversion rates) are accurate; |
| • | that public disclosure and other information Wheaton receives from the owners
and operators of the Mining Operations is accurate and complete; |
| • | that the production estimates from Mining Operations are accurate; |
| • | that each party will satisfy their obligations in accordance with the PMPAs; |
| • | that Wheaton will continue to be able to fund or obtain funding for outstanding
commitments; |
| • | that Wheaton will be able to source and obtain accretive PMPAs; |
| • | that the terms and conditions of a PMPA are sufficient to recover liabilities
owed to the Company; |
| • | that Wheaton has fully considered the value and impact of any third-party
interests in PMPAs; |
| • | that expectations regarding the resolution of legal and tax matters will be
achieved (including CRA audits involving the Company); |
| • | that Wheaton has properly considered the application of Canadian tax laws
to its structure and operations and that Wheaton will be able to pay taxes when due; |
| • | that Wheaton has filed its tax returns and paid applicable taxes in compliance
with Canadian tax laws; |
| • | that Wheaton's application of the CRA Settlement is accurate (including the
Company's assessment that there has been no material change in the Company's facts or change in law or jurisprudence); |
| • | that Wheaton's assessment of the tax exposure and impact on the Company and
its subsidiaries of the implementation of a 15% global minimum tax is accurate; |
| • | that any sale of Common Shares under the at-the-market equity program will
not have a significant impact on the market price of the Common Shares and that the net proceeds of sales of Common Shares, if any, will
be used as anticipated; |
| • | that the trading of the Common Shares will not be adversely affected by the
differences in liquidity, settlement and clearing systems as a result of multiple listings of the Common Shares on the LSE, the TSX and
the NYSE; |
| • | that the trading of the Company's Common Shares will not be suspended; |
| • | the estimate of the recoverable amount for any PMPA with an indicator of impairment; |
| • | that neither Wheaton nor the Mining Operations will suffer significant impacts
as a result of an epidemic or pandemic; and |
| • | such other assumptions and factors as set out in the Disclosure. |
There can be no assurance that forward-looking statements
will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized,
there can be no assurance that they will have the expected consequences to, or effects on, Wheaton. Readers should not place undue reliance
on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for
the purpose of providing readers with information to assist them in understanding Wheaton's expected financial and operational performance
and may not be appropriate for other purposes. Any forward-looking statement speaks only as of the date on which it is made, reflects
Wheaton's management's current beliefs based on current information and will not be updated except in accordance with applicable securities
laws. Although Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or
achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level
of activity, performance or achievements not to be as anticipated, estimated or intended.
Cautionary Language Regarding Reserves And Resources
For further information on Mineral Reserves and Mineral
Resources and on Wheaton more generally, readers should refer to Wheaton's Annual Information Form for the year ended December 31, 2023,
which was filed on March 28, 2024 and other continuous disclosure documents filed by Wheaton since January 1, 2024, available on SEDAR
at www.sedar.com. Wheaton's Mineral Reserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral
Resources which are not Mineral Reserves do not have demonstrated economic viability. Numbers have been rounded as required by reporting
guidelines and may result in apparent summation differences.
Cautionary Note to United States Investors Concerning
Estimates of Measured, Indicated and Inferred Resources: The information contained herein has been prepared in accordance with
the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The
Company reports information regarding mineral properties, mineralization and estimates of mineral reserves and mineral resources in accordance
with Canadian reporting requirements which are governed by, and utilize definitions required by, Canadian National Instrument 43-101
- Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum
(the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the
"CIM Standards"). These definitions differ from the definitions adopted by the United States Securities and Exchange Commission
("SEC") under the United States Securities Act of 1933, as amended (the "Securities Act") which are applicable to
U.S. companies. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven
mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources"
and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates
under the standards adopted by the SEC. Information contained herein that describes Wheaton's mineral deposits may not be comparable to
similar information made public by U.S. companies subject to reporting and disclosure requirements under the United States federal securities
laws and the rules and regulations thereunder. United States investors are urged to consider closely the disclosure in Wheaton's Form
40-F, a copy of which may be obtained from Wheaton or from https://www.sec.gov/edgar.shtml.
View original content:https://www.prnewswire.com/news-releases/wheaton-precious-metals-announces-the-acquisition-of-a-gold-stream-from-montage-golds-kone-gold-project-302285439.html
SOURCE Wheaton Precious Metals Corp.
View original content: http://www.newswire.ca/en/releases/archive/October2024/24/c0405.html
%CIK: 0001323404
For further information: For further information, please contact:
Wheaton Precious Metals: Emma Murray, Vice President, Investor Relations, Tel: 1-844-288-9878, Email: info@wheatonpm.com; Montage Gold
Corp., Jake Cain, Strategy & Investor Relations Manager, Tel: +44 7788 687 567, Email: jcain@montagegold.com
CO: Wheaton Precious Metals Corp.
CNW 00:37e 24-OCT-24
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