VANCOUVER, BC, June 24,
2024 /CNW/ - Wheaton Precious Metals™ Corp.
("Wheaton" or the "Company") is pleased to announce the publication
of its 2023 Climate Change Report (the "Report"), prepared in
alignment with the recommendations of the Task Force on
Climate-related Financial Disclosures ("TCFD"). The Report details
how Wheaton is addressing climate change risks and opportunities,
as well as potential climate-related impacts.
"With the release of our 2023 Climate Change Report, we
underscore the important role mining plays in the global effort to
decarbonize and reach net zero goals," said Patrick Drouin, Chief Sustainability Officer and
President of Wheaton Precious Metals International and. "We are
proud to have partnered with mining companies that are
demonstrating leadership on this front with 87% of our Scope 3
financed emissions now covered by reduction goals aligned with 2°C
or less. Furthermore, over 70% of Wheaton's current revenue is
sourced from mines that are producing metals required for the clean
energy transition, and we continue to evaluate new opportunities to
provide capital to responsible mine operators that will deliver
these necessary commodities for a low-carbon future. We recognize
there are still significant challenges for the industry that need
to be overcome, and we are committed to doing our part."
Report Highlights
Highlights from the 2023 Climate Change Report include:
- Details on climate-related governance, strategy, risk
management, and metrics and performance.
- Information on the pathway to achieve net-zero carbon emissions
by 20501 and progress to date, with a focus on Scope 3
financed emissions.
- 87% of 2022 Scope 3 financed emissions covered by emissions
reductions targets aligned to 2°C or less, an increase of 19% from
the previous year.
- Commitment to address industry-wide challenges in
decarbonization and climate change through financial support for
research and innovation.
- Identification and management of climate risks and
opportunities, ensuring their integration into the due diligence
process and ongoing monitoring.
Wheaton's Climate Change Report complements our recently
published 2023 Sustainability Report and reinforces our commitment
to provide stakeholders with transparent and detailed reporting of
our environmental, social and governance ("ESG") performance and
practices.2
ISSB IFRS S2 Update
Given Wheaton's commitment to transparent disclosure of climate
and sustainability related information, we are currently in the
process of identifying opportunities to integrate guidance issued
by the International Sustainability Standards Board ("ISSB") under
the IFRS Foundation for preparing and reporting financial
information related to sustainability and climate change into
public disclosures. Beginning with IFRS S2, which sets out the
standard for disclosing climate-related matters, the Company has
undertaken an updated detailed climate risk and opportunity
assessment. While not yet required under applicable disclosure
requirements, the results of this assessment and additional
information guided by IFRS S2 will be included in next year's
Climate Change Report. By beginning to integrate key elements of
the standards early, Wheaton is reinforcing its leadership in
sustainability amongst the precious metals streaming industry.
To access the 2023 Climate Change Report and learn more about
Wheaton's sustainability approach and commitments, please visit the
website at: www.wheatonpm.com/Sustainability.
About Wheaton Precious Metals Corp.
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 leverage to commodity prices
and exploration upside but typically 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.
Endnotes
1 Net zero includes emissions reductions in line with
a 1.5°C trajectory across Scopes 1, 2 and 3. Achievement of
net zero may include the use of offsets for residual emissions in
2050.
2 All information in the Climate Report is
subject to the cautionary language contained therein as well as
Wheaton's annual and quarterly financial statements, management's
discussion and analysis, annual information form and annual
report.
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.
Forward-looking statements, which are all statements other than
statements of historical fact, include, but are not limited to,
statements with respect to climate change and ESG commitments by
Wheaton and at mineral stream interests currently owned by Wheaton
(the "Mining Operations"). 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
(without limitation) risks related to climate change,
environmental, social and governance matters, the ability to
achieve ESG commitments and goals at both Wheaton and the Mining
Operations 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 filed March 28, 2024 with the U.S. Securities and
Exchange Commission on EDGAR and the risks identified under "Risks
and Uncertainties" in Wheaton's Management's Discussion and
Analysis for the year ended December 31,
2023, available on SEDAR+ and in Wheaton's Form 6-K filed
March 19, 2024. Forward-looking
statements are based on assumptions management currently believes
to be reasonable, including (without limitation) that climate
change and ESG commitments and goals at both Wheaton and the Mining
Operations will be achieved, that there will be no material adverse
change in the market price of commodities, that estimations of
future production from the mining operations and mineral reserves
and resources are accurate, that the mining operations from which
Wheaton purchases precious metals will continue to operate, that
each party will satisfy their obligations in accordance with the
precious metals purchase agreements and royalty agreements, and
that Wheaton's application of the CRA Settlement (including the
Company's assessment that there will be no material change in the
Company's facts or change in law or jurisprudence for years
subsequent to 2010) and assessment of the impact of the
implementation of a 15% global minimum tax, are accurate and that
expectations regarding the resolution of legal and tax matters will
be achieved (including CRA audits involving the
Company).
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SOURCE Wheaton Precious Metals Corp.