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Wheaton Precious Metals Announces 2023 Production and Sales Results and Forecasts 40% Growth in the Next Five Years
“In 2023, the importance of our diversified portfolio of high-quality, low-cost assets was underscored by Wheaton’s ability to meet its annual production guidance, well within the projected range for the year, as strong outperformances by Salobo and Constancia offset headwinds faced by other assets. Moreover, in 2023, we expanded our portfolio by securing agreements for eight development assets, further enhancing our production profile and contributing to our five-year growth profile of 40%,” said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. “While our projected 2024 production is consistent with levels attained in 2023, we anticipate growth in the near-term as several assets are slated to commence operations by year-end, with the expanded range in our 2024 guidance accommodating the typical variability associated with development project ramp-ups.
As the premier streaming company with the highest proportion of revenue stemming from precious metals, we consider Wheaton to be the best investment vehicle available to gain long term exposure to precious metals. In addition, with the strength of our balance sheet combined with the demand for streaming capital, we believe Wheaton is strategically positioned to further enhance its industry-leading growth profile.”
Wheaton Precious Metals™ Corp. will provide full production and financial details with the release of its 2023 fourth quarter and full year results on Thursday, March 14, 2024, after market close.
2023 Attributable Production and Sales
| Metal | 2023
Production |
2023
Actual Production1,2 |
2023
Actual Sales |
| Gold Ounces | 374,585 | 327,336 | |
| Silver Ounces (‘000s) | 17,220 | 14,326 | |
| Other Metals (GEOs2) | 22,194 | 24,424 | |
| Palladium Ounces | 15,800 | 13,919 | |
| Cobalt pounds (‘000s) | 673 | 1,074 | |
| Gold Equivalent Ounces2 (“GEOs”) | 600,000 to 660,000 | 620,177 | 537,608 |
| 2023 GEOs based on: $1,850 / oz gold, $24 / oz silver, $1,800 / oz palladium, $1,100 / oz platinum and $18.75 / lb cobalt | |||
In 2023, gold equivalent production came within 2% of the mid-point of the guidance range, primarily as a result of stronger than expected production at Salobo due to higher throughput as the Salobo III expansion project ramped up, and higher grades at Constancia from the mining of the high-grade zones of the Pampacancha deposit. These outperformances were partially offset by lower production from Peñasquito due to the temporary suspension of the mine resulting from a labour dispute lasting from June 7, 2023 to October 13, 2023, the suspension of operations at Minto beginning May 13, 2023, and the halting of production at Aljustrel beginning September 24, 2023.
Commodity Price Assumptions
| Metal | Previous
2023 Forecast |
Updated
2024 Forecast |
| Gold ($ / oz) | $ 1,850 | $ 2,000 |
| Silver ($ / oz) | $ 24.00 | $ 23.00 |
| Palladium ($ / oz) | $ 1,800 | $ 1,000 |
| Platinum ($ / oz) | $ 1,100 | $ 950 |
| Cobalt ($ / lb) | $ 18.75 | $ 13.00 |
It is important to note that as gold outperformed all other metals during 2023, the assumed metal prices for 2024 results in lower gold equivalency calculations1,3 in 2024 compared to 2023.
2024 and Long-Term Production Outlook Using Updated Commodity Price Assumptions
| Metal | 2023
Actual Production1,3 |
2024
Production |
2028
Target Production |
2029-2033
Average Annual Guidance3, 4 |
| Gold Ounces | 374,585 | 325,000 to 370,000 | ||
| Silver Ounces (‘000s) | 17,220 | 18,500 to 20,500 | ||
| Other Metals (GEOs3) | 12,275 | 12,000 to 15,000 | ||
| Gold Equivalent Ounces3 | 584,892 | 550,000 to 620,000 | Over 800,000 | Over 850,000 |
| 2024 and long-term GEOs based on $2,000 / oz gold, $23 / oz silver, $1,000 / oz palladium, $950 / oz platinum, and $13 / lb cobalt.
For purposes of comparison, 2023 Actual Production numbers have been adjusted to reflect 2024 commodity price assumptions. |
||||
2024 Production Outlook
In 2024, GEO3 production is forecast to be consistent with levels achieved in 2023, as expected stronger attributable production from Peñasquito and Voisey’s Bay is forecast to be offset by lower production from Salobo, the suspension of operations at Minto, and the temporary halting of production at Aljustrel. Attributable production is forecast to increase at Peñasquito as a result of uninterrupted operations, and at Voisey’s Bay due to the ongoing transition from the Ovoid pit to the underground mines. Attributable production is forecast to decrease slightly at Salobo due to lower grades as per the mine plan, which are expected to partially offset increasing throughput as the Salobo III expansion project continues toward completion. In addition, the Company anticipates production from the Blackwater and Platreef Projects to commence in the fourth quarter of 2024.
On May 13, 2023, it was announced that operations at the Minto Mine had been suspended, and the Yukon Government had assumed care and control of the site. On September 12, 2023, it was announced that as a result of low zinc prices, the production of zinc and lead concentrates at the Aljustrel Mine would be halted from September 24, 2023, until the second quarter of 2025. Combined, the removal of production from Minto and Aljustrel accounts for a 25,000 GEO3 reduction in 2024 production guidance.
Long-Term Production Outlook
Production is forecast to increase by approximately 40% over the next five years to over 800,000 GEOs3,4 by 2028, primarily due to growth from Operating assets including Salobo, Antamina, Peñasquito, Voisey’s Bay and Marmato; Development projects which are in-construction and/or permitted including Platreef, Blackwater, Goose, Mineral Park, Fenix and Santo Domingo; and Pre-development projects including Curipamba, Marathon and Copper World, for which production is anticipated towards the latter end of the five-year forecast period.
From 2029 to 2033, attributable production is forecast to average over 850,000 GEOs3,4 in the five-year period and incorporates additional incremental production from pre-development assets including the Cangrejos, Kudz ze Kayah, Curraghinalt, Victor, Toroparu and Kutcho projects, in addition to the Brewery Creek, Black Pine and Mt. Todd royalties.
Not included in Wheaton’s long-term forecast and instead classified as ‘optionality’, includes potential future production from Pascua Lama, Navidad, Cotabambas, Metates and additional expansions at Salobo outside of the Salobo III mine expansion project.
Wheaton Precious Metals’ quarterly reporting for the remainder of 2024 is scheduled to be issued, after market close, on the following dates:
Q1 2024 – Thursday, May 9, 2024
Q2 2024 – Thursday, August 8, 2024
Q3 2024 – Thursday, November 7, 2024
Mr. Wes Carson, P.Eng., Vice President, Mining Operations is a “qualified person” as such term is defined under National Instrument 43-101, and has reviewed and approved the technical information disclosed in this news release.
About Wheaton Precious Metals Corp.
Wheaton Precious Metals 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 leverage to commodity prices 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. The Company is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. As a result, Wheaton has consistently outperformed gold and silver, as well as other mining investments. Wheaton creates sustainable value through streaming.
Posted February 21, 2024
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New Break Resources Ltd. (CSE: NBRK) (OTCQB: NBRKF) (FSE: O91) has received results from the last four holes of a ten-hole, 1,996 metre summer drilling program in the Zavitz gold zone at the Company's 100% owned Moray gold project. In total, New Break has completed 5,372 metres of drilling in 32 drillholes in 2026. Moray is located 49 km southeast of Timmins, Ontario and 32 km northwest of the Young-Davidson gold mine operated by Alamos Gold Inc. Select results from the final four of ten holes drilled in the summer drilling program are presented below in Table 1, while drillhole collar locations are detailed in Table 2 in Appendix A. Table 1 – Moray Summer 2026 Final Drill Results Hole ID Length (m) From (m) To (m) Width (1) (m) Au Grade (2) (g/t) NBR-26-29 322.0 77.3 78.8 1.5 0.42 and 138.0 139.1 1.1 0.38 and 162.5 173.3 10.8 (3) 1.61 and 227.4 229.0 1.6 1.21 and 231.5 232.1 0.6 1.72 NBR-26-30 250.0 37.0 38.0 1.0 0.30 and 102.8 103.5 0.7 0.60 and 121.5 122.5 1.0 0.36 and 124.5 125.5 1.0 0.33 and 128.5 129.0 0.5 0.90 and 131.0 132.0 1.0 0.36 and 169.8 174.0 4.2 2.65 and 178.0 179.5 1.5 0.77 and 183.5 186.6 3.1 1.22 and 190.0 190.5 0.5 1.06 and 191.5 192.5 1.0 1.48 and 196.0 200.5 4.5 2.53 and 203.5 204.0 0.5 2.15 and 206.5 212.0 5.5 1.57 NBR-26-31 274.0 169.0 170.5 1.5 0.37 and 184.5 186.0 1.5 0.51 and 197.0 200.0 3.0 0.94 and 201.5 202.0 0.5 0.50 and 203.5 210.0 6.5 (3) 3.12 NBR-26-32 352.0 73.5 74.0 0.5 0.44 and 174.0 174.6 0.6 0.52 and 194.0 195.0 1.0 0.66 and 199.8 203.3 3.5 2.29 and 227.3 228.0 0.7 0.97 (1) Intervals are drill intersections and do not necessarily represent true widths. (2) All intervals are presented using a cut-off grade of 0.3 g/t Au and internal dilution of no more than 1.0 metres at grades less than 0.3 g/t Au and assays are not capped (see QA/QC Procedures). (3) Drill core photos shown in Appendix B. Figure 1 – Newly Reported Drillholes NBR-26-29, 30 Figure 2 – Newly Reported Drillholes NBR-26-30, 31, 32 Note: The bottom of NBR-26-30 deviated southeast and is represented in both sections. Figure 1: Section B-B1 incorporates drillholes NBR-26-06, 07, 08, 25, 26, 27, 28, 29 and part of 30. Gold mineralization extends southeast into the syenite as exhibited in NBR-26-29. NBR-26-30 is identified in both sections A-A1 and B-B1 as the drillhole was collared along section A-A1 but deviated southeast, intersecting gold mineralization in the mafic volcanics in section B-B1. Figure 2: A-A1 incorporates drillholes NBR-26-03, 04, 05, 23, 24, 30, 31 and 32. NBR-26-31 exhibits gold mineralization both within the syenite (at the contact) and within a "flow breccia" within the hematite altered mafic volcanic at the contact. NBR-26-32 is typified by blocky faulted ground with lamprophyre dykes and gold mineralization in the hematite altered mafic volcanics in a brecciated quartz vein with angular syenitic fragments. William Love, Chief Executive Officer of New Break commented, "Ongoing drilling this summer in the Zavitz gold zone continues to deliver significant gold values, with gold mineralization intercepted in every drillhole. As depicted in Figures 1 and 2, gold mineralization has been encountered predominantly within the mafic volcanics. Importantly, drillholes NR-26-29 and NR-26-32, the deepest drilled to date, demonstrate that gold mineralization extends into the syenite to the southeast at the contact with the mafic volcanics." He further noted, "The intrusive-mafic volcanic contact in the Zavitz gold zone has a distinctive magnetic high. This could be reflective of the higher proportion of iron in these mafic volcanics, which is associated with the higher gold values. This same magnetic and IP signature has been identified elsewhere in areas also believed to be along the intrusive-mafic volcanic contact. Drilling these never before tested targets with the goal of identifying gold mineralization similar to that encountered in the Zavitz zone represents the potential for significantly expanding the Moray gold discovery. There is also the belief that the Zavitz zone could represent the first of a series of stacked mineralized gold zones, which would point to the potential for a much larger gold system at depth. We plan to test this through deeper drilling directly into the Zavitz zone." About the Moray Gold Project The Moray property is located in the heart of the Ontario Abitibi greenstone belt, 49 km southeast of Timmins surrounded by a number of significant gold producing companies and existing mills (see Figure 3). The Young-Davidson gold mine operated by Alamos Gold Inc., with its 8,000 tonne per day mill is the closest and within a short trucking distance of approximately 45 km by road from Moray. The understanding of gold mineralization at Moray continues to evolve with each round of drilling. The occurrence of gold mineralization extending into the syenite to the southeast of the Zavitz zone and in the deepest drillholes is noteworthy given the presence of syenite-hosted mineralization at Young-Davidison. More recent examination of the drill core also suggests that the gold mineralization discovered to date may resemble an intrusion related style of deposit like Agnico Eagle's Upper Beaver gold deposit east of Kirkland Lake, as opposed to a structurally hosted gold system. Both Young-Davidson and Upper Beaver host multi-million ounce gold deposits. Figure 3 – Moray Location Map: Surrounding Gold Producers and Upper Beaver Gold Project Technical Content and Qualified Person The scientific and technical information contained in this news release has been reviewed and approved by Peter C. Hubacheck, P. Geo, consulting geologist to New Break, and an independent Qualified Person as defined by National Instrument 43-101. Mr. Hubacheck certifies that this news release fairly and accurately reflects the technical information and data presented. New Break conducts its exploration activities in accordance with CIM Best Practices Guidelines. QA/QC Procedures QA/QC procedures were executed to ensure all work is conducted in accordance with best practices. All drill core was sawn in half with one half of the core prepared for shipment and the other half retained for future verification. All core is under watch from the drill site to the core processing facility. Drill core is BQTK size and sample intervals range from 0.5 metres to 1.0 metres in length. Commercially prepared certified reference material ("CRM") standards and blanks were inserted with each shipment at a rate of 1 QAQC sample in every 12 core samples. Samples from New Break's 2026 Moray drilling program were analyzed at Activation Laboratories in Timmins, Ontario, which is ISO 17025 certified, by 30-gram fire assay with atomic absorption finish. Any sample assaying greater than 10.0 g/t Au was re-assayed with fire assay gravimetric analysis. Grade composite intervals over core lengths are calculated using a weighted average grade with a cut-off grade of 0.3 g/t Au. Up to 1.0 m of internal dilution (consecutive interval below cut-off grade) are included within specific geologic domains and alteration assemblages, except as otherwise noted. The composites are constrained geologically by metasomatic alteration processes sourcing from the Fiset syenite intrusion and contact mafic volcanic rocks. Elevated gold values are coincident with hematite, silica, sericite and pyrite mineralization within structurally prepared brecciated corridors flanking the intrusion. Intervals are not true widths and no top cutting has been applied to the higher gold values. About New Break Resources Ltd. New Break is a Canadian mineral exploration company focused on its Moray gold project located 49 km southeast of Timmins, Ontario, in a well-established mining camp within proximity to existing infrastructure, and 32 km northwest of the Young-Davidson gold mine, operated by Alamos Gold Inc. Shareholders are also leveraged to exploration success in Nunavut, Canada, through New Break's 20% carried interest in the Sundog gold project and ownership of 6.0 million shares of Guardian Exploration Inc. (TSXV: GX). The Company is supported by a highly experienced team of mining professionals. Appendix A – Drillhole Data and Locations Table 2 – Moray Summer 2026 Drillhole Collar Locations Hole ID Length (m) UTM Easting UTM Northing UTM Elevation Azimuth (degrees) Dip (degrees) NBR-26-29 322.0 492703 5320285 363 220 -70 NBR-26-30 250.0 492708 5320329 363 220 -47 NBR-26-31 274.0 492708 5320329 363 220 -60 NBR-26-32 352.0 492708 5320329 363 220 -70 Total 1,198.0 Coordinates are reported in UTM Zone 17 North, with units in metres. Figure 4 – Zavitz Gold Zone – Surface Traces of 2025 and 2026 Drillholes. All of the drilling at Moray has been completed by Enviro North Exploration Inc. out of Sturgeon Falls, Ontario. Drilling in the Zavitz gold zone is shown in figure 4, with the 1,996 metres in 10 holes drilled this summer depicted in red, the 2,807 metres in 20 holes drilled from January to April 2026 shown in blue and the 1,817 metres in 8 holes drilled in 2025 shown in black. In total, 6,620 metres in 38 drillholes have been completed in the Zavitz gold zone, while New Break has completed a total of 5,372 metres in 32 drillholes of our planned 2026, 10,000 metre drilling program. Appendix B – Drill Core Photos From NBR-26-29 and NBR-26-31
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