VANCOUVER, British Columbia,
July 25, 2018 /PRNewswire/ --
TSX: WPM
NYSE: WPM
All $ are USD$
Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is
pleased to announce that the Company, through its wholly-owned
subsidiary Wheaton Precious Metals International Ltd. ("Wheaton
International") confirms that all outstanding conditions required
to complete the gold and palladium stream agreement with
Sibanye-Stillwater ("Sibanye-Stillwater") (JSE: SGL) (NYSE: SBGL)
(the "Precious Metals Stream") have been fulfilled. Under the
Precious Metals Stream, Wheaton International has paid a total
upfront cash payment of US$500
million to Sibanye-Stillwater in exchange for an amount of
gold equal to 100% of the gold production from the Stillwater assets over the operating life of
the assets and an amount of palladium equal to: 4.5% of palladium
production from the Stillwater
assets until 375 thousand ounces ("Koz") are delivered to Wheaton
International; thereafter, 2.25% of palladium production until 550
Koz are delivered; and subsequently 1% of palladium production for
the life of the Stillwater assets.
In addition, Wheaton International will make ongoing payments equal
to a maximum of 18% of the spot gold price and spot palladium price
until such time as the balance of the upfront cash payment is
reduced to zero. Thereafter, ongoing payments will be 22% of the
spot gold price and spot palladium prices. The Precious Metals
Stream is effective July 1, 2018.
Full details of the transaction can be found in Wheaton's news
release dated July 16, 2018.
CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS
The information contained herein 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. Forward-looking statements, which are all statements
other than statements of historical fact, include, but are not
limited to, statements with respect to:
- the timing of delivery of gold and palladium by
Sibanye-Stillwater under the Precious Metals Stream;
- the receipt of Wheaton of gold and palladium production in
respect of Stillwater;
- the demand, uses and supply of gold and palladium;
- the construction timeline, including completion, of the Blitz
Project; and
- the commencement and timing of delivery of gold and palladium
by Sibanye-Stilwater under the Precious Metals Stream.
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:
- that each party does not satisfy its obligations in accordance
with the terms of the Precious Metals Stream;
- Sibanye-Stillwater is unable to commence, or the timing of
delivery of gold and palladium by Sibanye-Stillwater is delayed or
deferred under the Precious Metals Stream or Wheaton International
is unable to sell its gold or palladium production delivered under
the Precious Metals Stream at acceptable prices or at all;
- the decrease in demand for palladium, the decrease in uses for
palladium or the discovery of new supplies of palladium, any or all
of which could result in a decrease to the price of palladium or a
decrease in the ability to sell palladium; and
- Sibanye-Stillwater does not meet the construction timeline,
including anticipated completion of the Blitz Project.
Forward-looking statements are based on assumptions management
currently believes to be reasonable, including but not limited
to:
- Sibanye-Stillwater is able to commence and meet its timing for
delivery of gold and palladium under the Precious Metals Stream and
Wheaton International is able to sell palladium production
delivered under the Precious Metals Stream at acceptable
prices;
- the demand and uses for palladium will not significantly
decrease and the supply of palladium will not significantly
increase;
- Sibanye-Stillwater is able to meet the construction timeline,
including anticipated completion, of the Blitz Project; and
- Sibanye-Stillwater is able to commence and meet its timing for
delivery of gold and palladium under the Precious Metals Stream and
Wheaton is able to sell gold and palladium production delivered
under the Precious Metals Stream at acceptable prices.
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. 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. Accordingly, 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 investors 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. Wheaton does not undertake to update any forward-looking
statements that are included or incorporated by reference herein,
except in accordance with applicable securities laws.
Patrick Drouin, Senior Vice
President
Investor Relations
Wheaton Precious Metals Corp.
Tel: +1-844-288-9878
Email: info@wheatonpm.com
Website: http://www.wheatonpm.com