Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 40-F |
Document Annual Report | true |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Trading Symbol | WPM |
Document Registration Statement | false |
Entity Registrant Name | WHEATON PRECIOUS METALS CORP. |
Entity Central Index Key | 0001323404 |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 452,318,526 |
Entity Address, State or Province | BC |
Entity Address, Country | CA |
Entity Interactive Data Current | Yes |
Title of 12(b) Security | Common Shares |
ICFR Auditor Attestation Flag | true |
Entity File Number | 001-32482 |
Entity Tax Identification Number | 98-0459455 |
Entity Incorporation, State or Country Code | A6 |
Entity Address, Address Line One | 3500 – 1021 West Hastings Street |
Entity Address, City or Town | Vancouver |
Entity Address, Postal Zip Code | V6E 0C3 |
City Area Code | 604 |
Local Phone Number | 684-9648 |
Auditor Name | Deloitte LLP |
Auditor Firm ID | 1208 |
Auditor Location | Vancouver, Canada |
Audited Annual Financial Statements | true |
Annual Information Form | true |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, State or Province | DE |
Contact Personnel Name | Puglisi & Associates |
Entity Address, Address Line One | 850 Library Avenue |
Entity Address, Address Line Two | Suite 204 |
Entity Address, City or Town | Newark |
Entity Address, Postal Zip Code | 19711 |
City Area Code | 302 |
Local Phone Number | 738-6680 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Profit or loss [abstract] | |||
Sales | $ 1,065,053 | $ 1,201,665 | [1] |
Cost of sales | |||
Cost of sales, excluding depletion | 267,621 | 287,947 | [1] |
Depletion | 231,952 | 254,793 | [1] |
Total cost of sales | 499,573 | 542,740 | [1] |
Gross margin | 565,480 | 658,925 | [1] |
General and administrative expenses | 35,831 | 35,119 | [1] |
Share based compensation | 20,060 | 19,265 | [1] |
Donations and community investments | 6,296 | 6,601 | [1] |
Impairment (impairment reversal) of mineral stream interests | (8,611) | (156,717) | [1] |
Earnings from operations | 511,904 | 754,657 | [1] |
Gain on disposal of mineral stream interest | (155,868) | 0 | |
Other (income) expense | (7,449) | (5,776) | [1] |
Earnings before finance costs and income taxes | 675,221 | 760,433 | [1] |
Finance costs | 5,586 | 5,817 | [1] |
Earnings before income taxes | 669,635 | 754,616 | [1] |
Income tax (expense) recovery | (509) | 269 | [1] |
Net earnings | $ 669,126 | $ 754,885 | [1] |
Basic earnings per share | $ 1.482 | $ 1.677 | [1] |
Diluted earnings per share | $ 1.479 | $ 1.673 | [1] |
Weighted average number of shares outstanding | |||
Basic | 451,570,000 | 450,138,000 | [1] |
Diluted | 452,344,000 | 451,170,000 | [1] |
[1]Presentation of historical figures have been revised to conform with current year classifications – see Note 2. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
Statement of comprehensive income [abstract] | ||||
Net earnings | $ 669,126 | $ 754,885 | [1] | |
Items that will not be reclassified to net earnings | ||||
Gain (loss) on LTIs | [2],[3] | 21,052 | (14,000) | |
Income tax recovery (expense) related to LTIs | (6,513) | (2,314) | ||
Total other comprehensive income (loss) | [4] | 14,539 | (16,314) | |
Total comprehensive income | $ 683,665 | $ 738,571 | ||
[1]Presentation of historical figures have been revised to conform with current year classifications – see Note 2.[2]Fair Value Gains (Losses) are reflected as a component of OCI.[3]LTIs = long-term investments – common shares held.[4]Definitions as follows: “OCI” = Other Comprehensive Income (Loss); “SBC” = Equity Settled Stock Based Compensation; “Options” = Share Purchase Options; “RSUs” = Restricted Share Units; “LTI’s” = Long-Term Investments; “Warrants” = Share Purchase Warrants. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 696,089 | $ 226,045 |
Accounts receivable | 10,187 | 11,577 |
Cobalt inventory | 10,530 | 8,712 |
Other | 3,287 | 3,390 |
Total current assets | 720,093 | 249,724 |
Non-current assets | ||
Mineral stream interests | 5,707,019 | 5,905,797 |
Early deposit mineral stream interests | 46,092 | 34,741 |
Mineral royalty interest | 6,606 | 6,606 |
Long-term equity investments | 256,095 | 61,477 |
Present Value of Refundable deposit - 777 PMPA | 8,073 | 0 |
Convertible notes receivable | 0 | 17,086 |
Property, plant and equipment | 4,210 | 5,509 |
Other | 11,718 | 15,211 |
Total non-current assets | 6,039,813 | 6,046,427 |
Total assets | 6,759,906 | 6,296,151 |
Current liabilities | ||
Accounts payable and accrued liabilities | 12,570 | 13,939 |
Current taxes payable | 2,763 | 132 |
Current portion of performance share units | 14,566 | 14,807 |
Current portion of lease liabilities | 818 | 813 |
Total current liabilities | 30,717 | 29,691 |
Non-current liabilities | ||
Performance share units | 6,673 | 11,498 |
Lease liabilities | 1,152 | 2,060 |
Deferred income taxes | 165 | 100 |
Pension liability | 3,524 | 2,685 |
Total non-current liabilities | 11,514 | 16,343 |
Total liabilities | 42,231 | 46,034 |
Shareholders' equity | ||
Issued capital | 3,752,662 | 3,698,998 |
Reserves | 66,547 | 47,036 |
Retained earnings | 2,898,466 | 2,504,083 |
Total shareholders' equity | 6,717,675 | 6,250,117 |
Total liabilities and shareholders' equity | $ 6,759,906 | $ 6,296,151 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Operating activities | |||
Net earnings | $ 669,126 | $ 754,885 | [1] |
Adjustments for Depreciation and depletion | 233,539 | 256,685 | |
Gain on disposal of mineral stream interest | (155,868) | 0 | |
Impairment (reversal of impairment) of mineral stream interests | (8,611) | (156,717) | [1] |
Interest expense | 91 | 352 | |
Equity settled stock based compensation | 5,846 | 5,262 | |
Performance share units | (4,196) | (2,925) | |
Pension expense | 1,033 | 1,014 | |
Income tax expense (recovery) | 509 | (269) | |
Loss (gain) on fair value adjustment of share purchase warrants held | 1,033 | 2,101 | |
Fair value (gain) loss on convertible note receivable | 1,380 | (5,733) | |
Investment income recognized in net earnings | (6,774) | (462) | |
Other | (1,313) | (510) | |
Change in non-cash working capital | 1,573 | (8,072) | |
Cash generated from operations before income taxes and interest | 737,368 | 845,611 | |
Income taxes recovered (paid) | (171) | (279) | |
Interest paid | (93) | (429) | |
Interest received | 6,320 | 242 | |
Cash generated from operating activities | 743,424 | 845,145 | |
Financing activities | |||
Bank debt repaid | 0 | (195,000) | |
Credit facility extension fees | (1,357) | (1,727) | |
Share purchase options exercised | 10,368 | 7,953 | |
Lease payments | (800) | (780) | |
Dividends paid | (237,097) | (218,052) | |
Cash (used for) generated from financing activities | (228,886) | (407,606) | |
Investing activities | |||
Mineral stream interests | (151,929) | (520,891) | |
Early deposit mineral stream interests | (1,500) | (1,500) | |
Mineral royalty interest | 0 | (3,571) | |
Net proceeds on disposal of mineral stream interests | 131,763 | 0 | |
Acquisition of long-term investments | (22,768) | (7,453) | |
Proceeds on disposal of long-term investments | 0 | 129,753 | |
Dividends received | 453 | 221 | |
Other | (316) | (775) | |
Cash (used for) generated from investing activities | (44,297) | (404,216) | |
Effect of exchange rate changes on cash and cash equivalents | (197) | 39 | |
Increase in cash and cash equivalents | 470,044 | 33,362 | |
Cash and cash equivalents, beginning of year | 226,045 | 192,683 | |
Cash and cash equivalents, end of year | $ 696,089 | $ 226,045 | |
[1]Presentation of historical figures have been revised to conform with current year classifications – see Note 2. |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Number of Shares [member] | Issued Capital [member] | Share Purchase Warrants Reserve [member] | [1] | Share Purchase Options Reserve [member] | Reserves Restricted Share Units Reserve [member] | LTI revaluation reserve (net of tax) [member] | Total Reserves [member] | Retained Earnings [member] | ||||||
Balance at beginning of period at Dec. 31, 2020 | $ 5,714,571 | $ 3,646,291 | $ 83,077 | $ 21,855 | $ 6,815 | $ 15,135 | [2] | $ 126,882 | $ 1,941,398 | |||||||
Balance, shares at beginning of period at Dec. 31, 2020 | 449,458,394 | 449,458,000 | ||||||||||||||
Total comprehensive income | ||||||||||||||||
Net earnings | $ 754,885 | [3] | 754,885 | |||||||||||||
OCI | [2] | (16,314) | (16,314) | (16,314) | ||||||||||||
Total comprehensive income | 738,571 | (16,314) | [2] | (16,314) | 754,885 | |||||||||||
Income tax recovery (expense) | 1,811 | 1,811 | ||||||||||||||
SBC expense | [2] | 5,262 | 2,066 | 3,196 | 5,262 | |||||||||||
Options exercised | [2] | $ 7,953 | 9,525 | (1,572) | (1,572) | |||||||||||
Options exercised, shares | 398,880 | 399,000 | [2] | |||||||||||||
RSUs released | [2] | 2,815 | (2,815) | (2,815) | ||||||||||||
RSUs released, shares | 116,880 | 117,000 | [2] | |||||||||||||
Dividends (Note 22.2) | $ (218,051) | 38,556 | (256,607) | |||||||||||||
Dividends (Note 22.2), shares | 889,798 | 890,000 | ||||||||||||||
Realized gain on disposal of LTIs (Note 23.4) | $ 73,578 | (64,407) | [2] | (64,407) | [2] | 64,407 | [2] | |||||||||
Balance end of period at Dec. 31, 2021 | $ 6,250,117 | $ 3,698,998 | 83,077 | 22,349 | 7,196 | (65,586) | [2] | 47,036 | 2,504,083 | |||||||
Balance, shares at end of period at Dec. 31, 2021 | 450,863,952 | 450,864,000 | 450,863,952 | |||||||||||||
Total comprehensive income | ||||||||||||||||
Net earnings | $ 669,126 | 669,126 | ||||||||||||||
OCI | [2] | 14,539 | 14,539 | 14,539 | ||||||||||||
Total comprehensive income | 683,665 | 14,539 | [2] | 14,539 | 669,126 | |||||||||||
Income tax recovery (expense) | 4,143 | $ 4,143 | ||||||||||||||
SBC expense | [2] | 5,846 | 2,366 | 3,480 | 5,846 | |||||||||||
Options exercised | [2] | $ 11,001 | 13,138 | (2,137) | (2,137) | |||||||||||
Options exercised, shares | 493,129 | 493,000 | [2] | |||||||||||||
RSUs released | [2] | $ 0 | 2,534 | (2,534) | (2,534) | |||||||||||
RSUs released, shares | 87,838 | 88,000 | [2] | |||||||||||||
Dividends (Note 22.2) | $ (237,097) | 33,849 | (270,946) | |||||||||||||
Dividends (Note 22.2), shares | 873,607 | 874,000 | ||||||||||||||
Realized gain on disposal of LTIs (Note 23.4) | $ (3,797) | 3,797 | [2] | 3,797 | [2] | (3,797) | [2] | |||||||||
Balance end of period at Dec. 31, 2022 | $ 6,717,675 | $ 3,752,662 | $ 83,077 | $ 22,578 | $ 8,142 | $ (47,250) | [2] | $ 66,547 | $ 2,898,466 | |||||||
Balance, shares at end of period at Dec. 31, 2022 | 452,318,526 | 452,319,000 | 452,318,526 | |||||||||||||
[1]Refer to Note 23.1.[2]Definitions as follows: “OCI” = Other Comprehensive Income (Loss); “SBC” = Equity Settled Stock Based Compensation; “Options” = Share Purchase Options; “RSUs” = Restricted Share Units; “LTI’s” = Long-Term Investments; “Warrants” = Share Purchase Warrants.[3]Presentation of historical figures have been revised to conform with current year classifications – see Note 2. |
Description of Business and Nat
Description of Business and Nature of Operations | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Description of Business and Nature of Operations | 1. Description of Business and Nature of Operations Wheaton Precious Metals Corp. is a precious metal streaming company which generates its revenue primarily from the sale of precious metals (gold, silver and palladium) and cobalt. Wheaton Precious Metals Corp. (“Wheaton” or the “Company”), which is the ultimate parent company of its consolidated group, is incorporated and domiciled in Canada, and its principal place of business is at Suite 3500 - 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3. The Company trades on the Toronto Stock Exchange (“TSX”), the New York Stock Exchange (“NYSE”) and the London Stock Exchange (“LSE”) under the symbol WPM. As of December 31, 2022, the Company has 28 long-term purchase agreements (three of which are early deposit agreements), with 22 different mining companies, for the purchase of precious metals and cobalt (“precious metal purchase agreements” or “PMPA”) relating to 20 mining assets which are currently operating, 12 which are at various stages of development and 3 which have been placed in care and maintenance or have been closed, located in 13 countries. Pursuant to the PMPAs, Wheaton acquires metal production from the counterparties for an initial upfront payment plus an additional cash payment for each ounce or pound delivered which is either a fixed price or fixed percentage of the market price by contract, generally at or below the prevailing market price. The consolidated financial statements of the Company for the year ended December 31, 2022 were authorized for issue as of March 9, 2023 in accordance with a resolution of the Board of Directors. |
Basis of Presentation and State
Basis of Presentation and Statement of Compliance | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Basis of Presentation and Statement of Compliance | 2. Basis of Presentation and Statement of Compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) on a historical cost basis, except for financial assets which are not held for the purpose of collecting contractual cash flows on specified dates and derivative assets and derivative liabilities which have been measured at fair value as at the relevant balance sheet date. The consolidated financial statements are presented in United States (“US”) dollars, which is the Company’s functional currency, and all values are expressed in thousands unless otherwise noted. References to “Cdn$” refer to Canadian dollars. Effective January 1, 2022, the Company changed the classification for stock option expense (Note 23.2), RSU expense (Note 23.3), and PSU expense (Note 24.1) within the Consolidated Statement of Earnings from General and Administrative expense to Share Based Compensation. Additionally, the Company changed the classification for donations and community investments within the Consolidated Statement of Earnings from General and Administrative expense to Donations and Community Investments (Note 9). Management believes these classification changes provide more useful information to the readers of the financial statements. These changes have been retrospectively applied to all periods presented. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Significant Accounting Policies | 3. Significant Accounting Policies 3.1. New Accounting Standards Effective in 2022 The Company considers that there are no new standards, interpretations and amendments effective in 2022 that impacted the Company’s significant accounting policies. 3.2. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its 100% owned subsidiaries Wheaton Precious Metals International Ltd., Silver Wheaton Luxembourg S.a.r.l. and Wheaton Precious Metals (Cayman) Co. Subsidiaries are fully consolidated from the date on which the Company obtains a controlling interest. Control is defined as an investor’s power over an investee with exposure, or rights, to variable returns from the investee and the ability to affect the investor’s returns through its power over the investee. Subsidiaries are included in the consolidated financial results of the Company from the effective date of acquisition up to the effective date of disposition or loss of control. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. Balances, transactions, income and expenses between the Company and its subsidiaries are eliminated on consolidation. 3.3. Cash and Cash Equivalents Cash and cash equivalents include cash and highly liquid money market investments including short-term deposits, treasury bills, commercial paper, bankers’ depository notes and bankers’ acceptances with terms to maturity of less than three months. 3.4. Revenue Recognition Revenue relating to the sale of precious metals is recognized when control of the precious metal is transferred to the customer in an amount that reflects the consideration the Company expects to receive in exchange for those products. In determining whether the Company has satisfied a performance obligation, it considers the indicators of the transfer of control, which include, but are not limited to, whether: the Company has a present right to payment; the customer has legal title to the asset; the Company has transferred physical possession of the asset to the customer; and the customer has the significant risks and rewards of ownership of the asset. Under certain PMPAs, precious metal is acquired from the mine operator in the form of precious metal credits, which is then sold through bullion banks. Revenue from precious metal credit sales is recognized at the time of the sale of such credits, which is also the date that control of the precious metal is transferred to the customer. The Company will occasionally enter into forward contracts in relation to precious metal deliveries that it is highly confident will occur within a given quarter. The sales price is fixed at the delivery date based on either the terms of these short-term forward sales contracts or the spot price of the precious metal. Under certain PMPAs, precious metal is acquired from the mine operator in concentrate form, which is then sold under the terms of the concentrate sales contracts to third-party smelters or traders. Where the Company acquires precious metals in concentrate form, final precious metal prices are set on a specified future quotational period (the “Quotational Period”) pursuant to the concentrate sales contracts with third-party smelters, typically one to three months after the shipment date, based on market prices for precious metals. The contracts, in general, provide for a provisional payment based upon provisional assays and quoted precious metal prices. Final settlement is based upon the average applicable price for the Quotational Period applied to the actual number of precious metal ounces recovered calculated using confirmed smelter weights and settlement assays. Revenues and the associated cost of sales are recorded on a gross basis under these contracts at the time title passes to the buyer, which is also the date that control of the precious metal is transferred to the customer. The Company has concluded that the adjustments relating to the final assay results for the quantity of concentrate sold are not significant and do not constrain the recognition of revenue. Title to but not control of cobalt is transferred to a third-party sales agent who then onsells the cobalt to Wheaton approved third party customers. Revenue from the sale of cobalt is recognized when the third party customer and sales terms have been agreed to between Wheaton and the third-party sales agent, which is also the date that control of the cobalt is transferred to the third-party sales agent. 3.5. Financial Instruments Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through net earnings) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through net earnings are recognized immediately in net earnings. 3.6. Financial Assets Financial assets are subsequently measured at either amortized cost or fair value, depending on the classification of the financial assets. Financial Assets at Fair Value Through Other Comprehensive Income (“FVTOCI”) The Company’s long-term investments in common shares held are for long-term strategic purposes and not for trading. Upon the adoption of IFRS 9, Financial Instruments (“IFRS 9”), the Company made an irrevocable election to designate these long-term investments in common shares held as FVTOCI as it believes that this provides a more meaningful presentation for long-term strategic investments, rather than reflecting changes in fair value in net earnings. Long-term investments in common shares held are initially measured at fair value. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognized as a component of other comprehensive income (“OCI”) and accumulated in the long-term investment revaluation reserve. The cumulative gain or loss will not be reclassified to net earnings on disposal of these long-term investments but is reclassified to retained earnings. Dividends on these long-term investments in common shares held are recognized as a component of net earnings in the period they are received under the classification Other (Income) Expense. Financial Assets at Fair Value Through Net Earnings (“FVTNE”) Cash and cash equivalents are stated at FVTNE. Warrants held by the Company for long-term investment purposes are classified as FVTNE. These warrants are measured at fair value at the end of each reporting period, with any gains or losses arising on remeasurement recognized as a component of net earnings under the classification Other (Income) Expense. Convertible notes receivable (Note 1 7 As discussed in Note 3.4, the Company’s provisionally priced sales contain an embedded derivative that is reflected at fair value at the end of each reporting period. Fair value gains and losses related to the embedded derivative are included in revenue in the period they occur. Financial Assets at Amortized Cost The non-revolving non-interest non-revolving Foreign Exchange Gains and Losses The fair value of financial assets denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each reporting period. The foreign exchange component forms part of its fair value gain or loss. Therefore, · For financial assets that are classified as FVTNE, the foreign exchange component is recognized as a component of net earnings; · For financial assets that are classified as FVTOCI, the foreign exchange component is recognized as a component of OCI; and · For financial assets that are denominated in a foreign currency and are measured at amortized cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortized cost of the instruments and are recognized as a component of net earnings. Derecognition of Financial Assets The Company derecognizes a financial asset only when the contractual rights to cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognizes its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received. On derecognition of a financial asset that is classified as FVTOCI, the cumulative gain or loss (net of tax) previously accumulated in the long-term investment revaluation reserve is not reclassified to net earnings, but is reclassified to retained earnings. 3.7. Financial Liabilities and Equity Instruments Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definition of a financial liability and equity instrument. All financial liabilities are subsequently measured at amortized cost using the effective interest method or at FVTNE, depending on the classification of the instrument. Equity Instruments An equity instrument is a contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received less direct issue costs (net of any current or deferred income tax recovery attributable to such costs). Share Purchase Warrants Issued Share purchase warrants issued with an exercise price denominated in the Company’s functional currency (US dollars) are considered equity instruments with the consideration received reflected within shareholders’ equity under the classification of share purchase warrants reserve. Upon exercise, the original consideration is reallocated from share purchase warrants reserve to issued share capital along with the associated exercise price. Bank Debt Bank debt is initially measured at fair value, net of transaction costs, and is subsequently measured at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. Other Financial Liabilities Accounts payable and accrued liabilities are stated at amortized cost, which approximate fair values due to the short terms to maturity. Foreign Exchange Gains and Losses The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each reporting period. Therefore, · For financial liabilities that are denominated in a foreign currency and are measured at amortized cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortized cost of the instruments and are recognized as a component of net earnings; and · For financial liabilities that are classified as FVTNE, the foreign exchange component forms part of the fair value gains or losses and is recognized as a component of net earnings. Derecognition of Financial Liabilities The Company derecognizes financial liabilities when the Company’s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable, including any non-cash 3.8. Mineral Stream Interests Agreements for which settlement is called for in gold, silver, palladium or cobalt, the amount of which is based on production at the mines, are stated at cost less accumulated depletion and accumulated impairment charges, if any. The cost of the asset is comprised of its purchase price, any closing costs directly attributable to acquiring the asset, and, for qualifying assets, borrowing costs. The purchase price is the aggregate cash amount paid and the fair value of any other non-cash Depletion The cost of these mineral stream interests is separately allocated to reserves, resources and exploration potential. The value allocated to reserves is classified as depletable and is depleted on a unit-of-production non-depletable Asset Impairment Management considers each PMPA to be a separate cash generating unit (“CGU”), which is the lowest level for which cash inflows are largely independent of those of other assets. At the end of each reporting period, the Company assesses each PMPA to determine whether any indication of impairment or impairment reversal exists. If such an indication exists, the recoverable amount of the PMPA is estimated in order to determine the extent of the impairment or impairment reversal (if any). The recoverable amount of each PMPA is the higher of fair value less cost of disposal (“FVLCD”) and value in use (“VIU”). The FVLCD represents the amount that could be received from each PMPA in an arm’s length transaction at the measurement date. If the carrying amount of the PMPA exceeds its recoverable amount, the PMPA is considered impaired and an impairment charge is reflected as a component of net earnings so as to reduce the carrying amount to its recoverable value. A previously recognized impairment charge is reversed only if there has been an indicator of a potential impairment reversal and the resulting assessment of the PMPA’s recoverable amount exceeds its carrying value. If this is the case, the carrying amount of the PMPA is increased to its recoverable amount. The increased amount cannot exceed the carrying amount that would have been determined, net of depletion, had no impairment charge been recognized for the PMPA in prior years. Such reversal is reflected as a component of net earnings. 3.9. Borrowing and Debt Issue Costs Borrowing costs allocable to qualifying assets, which are assets that necessarily take a substantial period of preparation for their intended use, are capitalized and included in the carrying amounts of the related assets until such time as the assets are substantially ready for their intended use. Borrowing costs that do not relate to the acquisition or construction of qualifying assets are reflected as a component of net earnings under the classification Finance Costs, as incurred. Debt issue costs on non-revolving 3.10. Stock Based Payment Transactions The Company recognizes a stock based compensation expense for all share purchase options and restricted share units (“RSUs”) awarded to employees, officers and directors based on the fair values of the share purchase options and RSUs at the date of grant. The fair values of share purchase options and RSUs at the date of grant are expensed over the vesting periods of the share purchase options and RSUs, respectively, with a corresponding increase to equity. The fair value of share purchase options is determined using the Black-Scholes option pricing model with market related inputs as of the date of grant. Share purchase options with graded vesting schedules are accounted for as separate grants with different vesting periods and fair values. The fair value of RSUs is the market value of the underlying shares at the date of grant. At the end of each reporting period, the Company re-assesses The Company recognizes a stock based compensation expense for performance share units (“PSUs”) which are awarded to eligible employees and are settled in cash. Compensation expense for the PSUs is recorded on a straight-line basis over the three year vesting period. This estimated expense is reflected as a component of net earnings over the vesting period of the PSUs with the related obligation recorded as a liability on the balance sheet. The amount of compensation expense is adjusted at the end of each reporting period to reflect (i) the fair market value of common shares; (ii) the number of PSUs anticipated to vest; and (iii) the anticipated performance factor. 3.11. Income Taxes Income tax expense comprises current and deferred income tax. Current and deferred income taxes are recognized as a component of net earnings except to the extent that it relates to items recognized directly in equity or as a component of OCI. Current income tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years. Deferred income tax is recognized using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax assets and liabilities are measured using tax rates and laws that have been enacted or substantively enacted at the end of the reporting period and which are expected to apply when the related deferred income tax assets are realized or the deferred income tax liabilities are settled. Deferred income tax liabilities are generally recognized for all taxable temporary differences. Deferred income tax assets are generally recognized for all deductible temporary differences and the carry forward of unused tax losses and tax credits to the extent that it is probable that sufficient future taxable income, including income arising from reversing taxable temporary differences and tax planning opportunities, will be available against which those deductible temporary differences and the carry forward of unused tax losses and tax credits can be utilized. Deferred income tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries except where the reversal of the temporary difference can be controlled and it is probable that the difference will not reverse in the foreseeable future. Deferred income tax assets arising from deductible temporary differences associated with such investments are only recognized to the extent that it is probable that there will be sufficient taxable income against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred income tax assets are reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable income, including income arising from reversing taxable temporary differences and tax planning opportunities, will be available to allow all or part of the deferred income tax assets to be recovered. Deferred income tax assets and liabilities are not recognized for temporary differences arising from the initial recognition (other than in a business combination) of assets and liabilities in a transaction which does not affect either the accounting income or the taxable income. In addition, deferred income tax liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill. 3.12. Earnings Per Share Earnings per share calculations are based on the weighted average number of common shares and common share equivalents issued and outstanding during the year. Diluted earnings per share is calculated using the treasury method which requires the calculation of diluted earnings per share by assuming that outstanding share purchase options and warrants with an exercise price that exceeds the average market price of the common shares for the period are exercised, and th e pr 3.13. Foreign Currency Translation The functional currency is the currency of the primary economic environment in which an entity operates. The consolidated financial statements are presented in US dollars, which is the functional currency of the Company and its subsidiaries. Foreign currency monetary assets and liabilities are translated into US dollars at the exchange rates prevailing at the balance sheet date. Non-monetary 3.14. Leasing The Company as the Lessee At inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to use an identified asset for a period of time in exchange for consideration. The Company recognizes a right-of-use The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Company re-measures right-of-use re-measured The right-of-use 3.15. Property, plant and equipment Property, plant and equipment are measured at cost less accumulated depreciation. The cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is based on cost and is calculated on a straight-line basis over the estimated economic life of the asset. The right of use asset discussed in Note 3.14 and the leasehold improvements are depreciated over the life of the lease term. Other assets, which include computer software, computer equipment, office furniture and office equipment, are depreciated over their estimated economic life, which ranges from to years. 3.16. Provisions Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount required to settle the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. 3.17. Post-Employment Benefit Costs The Company provides a Supplemental Employee Retirement Plan (“SERP) to all qualified employees. The SERP is an unregistered and unfunded defined contribution plan under which the Company makes a fixed notional contribution to an account maintained by the Company. Any benefits under the SERP have a vesting period of five years from the first date of employment. The notional contributions are recognized as employee benefit expense in earnings in the periods during which services are rendered by employees. 3.18. Future Changes to Accounting Policies The IASB has issued the following new or amended standards: Amendment to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction The amendments to IAS 12 clarify that the initial recognition exemption does not apply to transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. Early application of the amendments is permitted. The amendments apply to transactions that occur on or after the beginning of the earliest comparative period presented. In addition, at the beginning of the earliest comparative period the following would be recognized: ● a deferred tax asset to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized and a deferred tax liability for all deductible and taxable temporary differences associated with right-of-use ● the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at that date. The implementation of this amendment is not expected to have a material impact on the Company. Amendment to IAS 1- The amendments to IAS 1, clarify the presentation of liabilities. The classification of liabilities as current or non-current non-current non-current Amendments to IAS 1 and IFRS Practice Statement 2 – Disclosure of Accounting policies The amendments require that an entity discloses its material accounting policies, instead of its significant accounting policies. Further amendments explain how an entity can identify a material accounting policy. Examples of when an accounting policy is likely to be material are added. To support the amendment, the IASB has also developed guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’ described in IFRS Practice Statement 2. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. The Company is currently evaluating the impact of the amendment on its financial statements. |
Key Sources of Estimation Uncer
Key Sources of Estimation Uncertainty and Critical Accounting Judgments | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Key Sources of Estimation Uncertainty and Critical Accounting Judgments | 4. Key Sources of Estimation Uncertainty and Critical Accounting Judgments The preparation of the Company’s consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates. Information about significant areas of estimation uncertainty and judgments made by management in preparing the consolidated financial statements are described below. Key Sources of Estimation Uncertainty 4.1. Attributable Reserve, Resource and Exploration Potential Estimates Mineral stream interests are significant assets of the Company, with a carrying value of $5.8 billion at December 31, 2022, inclusive of early deposit agreements. This amount represents the capitalized expenditures related to the acquisition of the mineral stream interests, net of accumulated depletion and accumulated impairment charges, if any. The Company estimates the reserves, resources and exploration potential relating to each agreement. Reserves are estimates of the amount of metals contained in ore that can be economically and legally extracted from the mining properties in respect of which the Company has PMPAs. Resources are estimates of the amount of metals contained in mineralized material for which there is a reasonable prospect for economic extraction from the mining properties in respect of which the Company has PMPAs. Exploration potential represents an estimate of additional reserves and resources which may be discovered through the mine operator’s exploration program. The Company adjusts its estimates of reserves, resources (where applicable) and exploration potential (where applicable) to reflect the Company’s percentage entitlement to metals produced from such mines. The Company compiles its estimates of its reserves and resources based on information supplied by appropriately qualified persons relating to the geological data on the size, density and grade of the ore body, and require complex geological and geostatistical judgments to interpret the data. The estimation of recoverable reserves and resources is based upon factors such as estimates of foreign exchange rates, commodity prices, future capital requirements, and production costs along with geological assumptions and judgments made in estimating the size and grade of the ore body. The Company estimates exploration potential based on assumptions surrounding the ore body continuity which requires judgment as to future success of any exploration programs undertaken by the mine operator. Changes in the reserve estimates, resource estimates or exploration potential estimates may impact upon the carrying value of the Company’s mineral stream interests and depletion charges. 4.2. Depletion As described in Note 3.8, the Company’s mineral stream interests are separately allocated to reserves, resources and exploration potential. The value allocated to reserves is classified as depletable and is depleted on a unit-of-production non-depletable 4.3. Impairment of Assets As more fully described in Note 14, the Company assesses each PMPA at the end of every reporting period to determine whether any indication of impairment or impairment reversal exists. If such an indication exists, the recoverable amount of the PMPA is estimated in order to determine the extent of the impairment or impairment reversal (if any). The calculation of the recoverable amount requires the use of estimates and assumptions such as long-term commodity prices, discount rates, recoverable ounces of attributable metals, and operating performance. The price of precious metals and cobalt has been volatile over the past several years. The Company monitors spot and forward metal prices and if necessary re-evaluates economic changes, the Company may need to re-evaluate 4.4. Valuation of Stock Based Compensation As more fully described in Note 3.10, the Company has various forms of stock based compensation, including share purchase options, restricted share units (“RSUs”) and performance share units (“PSUs”). The calculation of the fair value of share purchase options, RSUs and PSUs issued requires the use of estimates as more fully described in Notes 23.2, 23.3, and 24.1, respectively. Critical Accounting Judgments 4.5. Contingencies Due to the size, complexity and nature of the Company’s operations, various legal and tax matters are outstanding from time to time, including those matters described in Note 32. By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of contingencies inherently involves the exercise of significant judgment of the outcome of future events. If the Company is unable to resolve any of these matters favorably, there may be a material adverse impact on the Company’s financial performance, cash flows or results of operations. In the event that management’s judgement of the future resolution of these matters changes, the Company will recognize the effects of the changes in its consolidated financial statements in the appropriate period relative to when such changes occur. 4.6. Income Taxes The interpretation and application of existing tax laws, regulations or rules in Canada, the Cayman Islands, Barbados, Luxembourg, the Netherlands or any of the countries in which the Company’s subsidiaries or the mining operations are located or to which deliveries of precious metals, precious metal credits or cobalt are made requires the use of judgment. The likelihood that tax positions taken will be sustained is assessed based on facts and circumstances of the relevant tax position considering all available evidence. Differing interpretation of these laws, regulations or rules could result in an increase in the Company’s taxes, or other governmental charges, duties or impositions. Refer to Note 32 for more information. In assessing the probability of realizing deferred income tax assets, the Company makes estimates related to expectations of future taxable income, including the expected timing of reversals of existing temporary differences. Such estimates are based on forecasted cash flows from operations which require the use of estimates and assumptions such as long-term commodity prices and recoverable metal ounces. The amount of deferred income tax assets recognized on the balance sheet could be reduced if the actual taxable income differs significantly from expected taxable income. The Company reassesses its deferred income tax assets at the end of each reporting period. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Financial Instruments | 5. Financial Instruments 5.1. Capital Risk Management The Company manages its capital to ensure that it will be able to continue as a going concern while maximizing the return to stakeholders through the optimization of the debt and equity balance. The capital structure of the Company consists of debt (Note 21) and equity attributable to common shareholders, comprising of issued capital (Note 22), accumulated reserves (Note 23) and retained earnings. The Company is not subject to any externally imposed capital requirements with the exception of complying with the minimum tangible net worth covenant under the credit agreement governing bank debt (Note 21). The Company is in compliance with the debt covenants at December 31, 2022, as described in Note 21.1. 5.2. Categories of Financial Assets and Liabilities The previously outstanding non-revolving non-interest non-revolving with the Company’s long-term investments in common shares held. As these long-term investments are held for strategic purposes and not for trading, the Company has made a one time, irrevocable election to reflect the fair value adjustments associated with these investments as a component of OCI. Financial liabilities are reported at amortized cost using the effective interest method. The following table summarizes the classification of the Company’s financial assets and liabilities: December 31 December 31 (in thousands) Note 2022 2021 Financial assets Financial assets mandatorily measured at FVTNE 1 Cash and cash equivalents 26 $ 696,089 $ 226,045 Trade receivables from provisional concentrate sales, net of fair value adjustment 6, 11 2,516 1,716 Long-term investments - warrants held 560 1,536 Convertible note receivable 17 - 17,086 Investments in equity instruments designated at FVTOCI 1 Long-term investments - common shares held 18 255,535 59,941 Financial assets measured at amortized cost Non-revolving 17, 28 - 816 Trade receivables from sales of cobalt 11 6,642 9,488 Refundable deposit - 777 PMPA 1 8,073 - Other accounts receivable 1,029 373 Total financial assets $ 970,444 $ 317,001 Financial liabilities Financial liabilities at amortized cost Accounts payable and accrued liabilities $ 12,570 $ 13,939 Pension liability 3,524 2,685 Total financial liabilities $ 16,094 $ 16,624 1) FVTNE refers to Fair Value Through Net Earnings, FVTOCI refers to Fair Value Through Other Comprehensive Income 5.3. Credit Risk Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Company by failing to discharge its obligations. To mitigate exposure to credit risk on financial assets, the Company has established policies to limit the concentration of credit risk, to ensure counterparties demonstrate minimum acceptable credit worthiness and to ensure liquidity of available funds. The Company closely monitors its financial assets and does not have any significant concentration of credit risk. The Company invests surplus cash in short-term, high credit quality, money market instruments. Additionally, the outstanding accounts receivable from the sales of cobalt are supported by a $10 million letter of credit. Finally, counterparties used to sell precious metals are all large, international organizations with strong credit ratings and the balance of trade receivables on these sales in the ordinary course of business is not significant. Therefore, credit risk associated with trade receivables at December 31, 2022 is considered to be negligible. The Company’s maximum exposure to credit risk related to its financial assets is as follows: December 31 December 31 (in thousands) Note 2022 2021 Cash and cash equivalents 26 $ 696,089 $ 226,045 Trade receivables from provisional concentrate sales, net of fair value adjustment 11 2,516 1,716 Trade receivables from sales of cobalt 11 6,642 9,488 Refundable Deposit - 777 PMPA 1 8,073 - Other accounts receivables 11 1,029 373 Non-revolving 17, 28 - 816 Convertible notes receivable 17 - 17,086 Maximum exposure to credit risk related to financial assets $ 714,349 $ 255,524 5.4. Liquidity Risk The Company has in place a rigorous planning and budgeting process to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis and its expansionary plans. The Company ensures that there are sufficient committed loan facilities to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents. As at December 31, 2022, the Company had cash and cash equivalents of $696 million (December 31, 2021 - $226 million) and working capital of $689 million (December 31, 2021 - $220 million). The Company holds equity investments of several companies (Note 18) with a combined market value at December 31, 2022 of $256 million (December 31, 2021 - $61 million). The daily exchange traded volume of these shares, including the shares underlying the warrants, is not sufficient for the Company to liquidate its position in a short period of time without potentially affecting the market value of the shares. These shares and warrants are held for strategic purposes and are considered long-term investments and therefore, as part of the Company’s planning, budgeting and liquidity analysis process, these investments are not relied upon to provide operational liquidity. The following table summarizes the timing associated with the Company’s remaining contractual payments relating to its financial liabilities. The table reflects the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay (assuming that the Company is in compliance with all of its obligations). The table includes both interest and principal cash flows, where applicable. As at December 31, 2022 (in thousands) 2022 2023 - 2024 2025 - 2026 After 2026 Total Accounts payable and accrued liabilities $ 12,570 $ - $ - $ - $ 12,570 Performance share units 1 14,566 6,673 - - 21,239 Total $ 27,136 $ 6,673 $ - $ - $ 33,809 1) See Note 2 4 5.5. Currency Risk The Company undertakes certain transactions denominated in Canadian dollars, including certain operating expenses and the acquisition of strategic long-term investments. As a result, the Company is exposed to fluctuations in the value of the Canadian dollar relative to the United States dollar. The carrying amounts of the Company’s Canadian dollar denominated monetary assets and monetary liabilities at the end of the reporting period are as follows: December 31 December 31 (in thousands) 2022 2021 Monetary assets Cash and cash equivalents $ 311 $ 1,567 Accounts receivable 739 155 Long-term investments - common shares held 60,443 59,517 Long-term investments - warrants held 560 1,536 Convertible note receivable - 17,086 Non-revolving - 816 Other long-term assets 3,308 3,534 Total Canadian dollar denominated monetary assets $ 65,361 $ 84,211 Monetary liabilities Accounts payable and accrued liabilities $ 8,180 $ 9,001 Performance share units 16,971 21,079 Lease liability 1,315 1,919 Pension liability 3,524 2,685 Total Canadian dollar denominated monetary liabilities $ 29,990 $ 34,684 The following tables detail the Company’s sensitivity to a 10% increase or decrease in the Canadian dollar relative to the United States dollar, representing the sensitivity used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in exchange rates. As at December 31, 2022 Change in Canadian Dollar (in thousands) 10% 10% Increase (decrease) in net earnings $ (2,507 ) $ 2,507 Increase (decrease) in other comprehensive income 6,044 (6,044 ) Increase (decrease) in total comprehensive income $ 3,537 $ (3,537 ) As at December 31, 2021 Change in Canadian Dollar (in thousands) 10% 10% Increase (decrease) in net earnings $ (999 ) $ 999 Increase (decrease) in other comprehensive income 5,952 (5,952 ) Increase (decrease) in total comprehensive income $ 4,953 $ (4,953) 5.6. Interest Rate Risk The Company is exposed to interest rate risk on its outstanding borrowings and short-term investments. Presently, the Company has no outstanding borrowings, and historically all borrowings have been at floating interest rates. The Company monitors its exposure to interest rates and has not entered into any derivative contracts to manage this risk. During the year ended December 31, 2022, the weighted average effective interest rate paid by the Company on its outstanding borrowings was Nil (2021 - 1.17%). During the years ended December 31, 2022 and December 31, 2021, a fluctuation in interest rates of 100 basis points (1 percent) would have impacted the amount of interest expensed by approximately $Nil and $0.2 million, respectively. 5.7. Other Price Risk The Company is exposed to equity price risk as a result of holding long-term investments in common shares of various companies. The Company does not actively trade these investments. If equity prices had been 10% higher or lower at the respective balance sheet date, other comprehensive income for the year ended December 31, 2022 and 2021 would have increased/decreased by approximately $25 million and $6 million respectively, as a result of changes in the fair value of common shares held. 5.8. Fair Value Estimation The Company classifies its fair value measurements within a fair value hierarchy, which reflects the significance of the inputs used in making the measurements as defined in IFRS 13 – Fair Value Measurements (“IFRS 13”). Level 1 - Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets. Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 - Unobservable inputs which are supported by little or no market activity. The following table sets forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy. As required by IFRS 13, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. December 31, 2022 (in thousands) Note Total Level 1 Level 2 Level 3 Cash and cash equivalents 26 $ 696,089 $ 696,089 $ - $ - Trade receivables from provisional concentrate sales, net of fair value adjustment 11 2,516 - 2,516 - Long-term investments - common shares held 18 255,535 255,535 - - Long-term investments - warrants held 18 560 - 560 - $ 954,700 $ 951,624 $ 3,076 $ - December 31, 2021 (in thousands) Note Total Level 1 Level 2 Level 3 Cash and cash equivalents 26 $ 226,045 $ 226,045 $ - $ - Trade receivables from provisional concentrate sales, net of fair value adjustment 11 1,716 - 1,716 - Long-term investments - common shares held 18 59,941 59,941 - - Long-term investments - warrants held 18 1,536 - 1,536 - Kutcho Convertible Note 17 17,086 - - 17,086 $ 306,324 $ 285,986 $ 3,252 $ 17,086 The Refundable Deposit on the 777 PMPA (Note 19 non-revolving non-interest When balances are outstanding, the Company’s bank debt (Note 21.1) is reported at amortized cost using the effective interest method. The carrying value of the bank debt approximates its fair value. 5.8.1. Valuation Techniques for Level 1 Assets Cash and Cash Equivalents The Company’s cash and cash equivalents are valued using quoted market prices in active markets and, as such, are classified within Level 1 of the fair value hierarchy. Long-Term Investments in Common Shares Held The Company’s long-term investments in common shares held are valued using quoted market prices in active markets and, as such, are classified within Level 1 of the fair value hierarchy. The fair value of the long-term investments in common shares held is calculated as the quoted market price of the common share multiplied by the quantity of shares held by the Company. 5.8.2. Valuation Techniques for Level 2 Assets Accounts Receivable Arising from Sales of Metal Concentrates The Company’s trade receivables and accrued liabilities from provisional concentrate sales are valued based on forward prices of gold and silver to the expected date of final settlement (Note 6). As such, these receivables and/or liabilities are classified within Level 2 of the fair value hierarchy. Long-Term Investments in Warrants Held The fair value of the Company’s long-term investments in warrants held that are not traded in an active market are determined using a Black-Scholes model based on assumptions including risk free interest rate, expected dividend yield, expected volatility and expected warrant life which are supported by observable current market conditions and as such are classified within Level 2 of the fair value hierarchy. The use of reasonably possible alternative assumptions would not significantly affect the Company’s results. 5.8.3. Valuation Techniques for Level 3 Assets Convertible Note Receivable At February 18, 2022 (the date the Kutcho Convertible Note was terminated) and December 31, 2021, the fair value of the Kutcho Convertible Note (Note 1 7 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Revenue | 6. Revenue Years Ended December 31 (in thousands) 2022 2021 Sales Gold credit sales $ 529,698 50 % $ 561,920 47 % Silver Silver credit sales $ 400,372 38 % $ 489,936 41 % Concentrate sales 70,631 6 % 83,493 7 % Total silver sales $ 471,003 44 % $ 573,429 48 % Palladium credit sales $ 32,160 3 % $ 45,834 4 % Cobalt sales $ 32,192 3 % $ 20,482 1 % Total sales revenue $ 1,065,053 100 % $ 1,201,665 100 % Gold, Silver and Palladium Credit Sales Under certain PMPAs, precious metal is acquired from the mine operator in the form of precious metal credits, which is then sold through bullion banks. Revenue from precious metal credit sales is recognized at the time of the sale of such credits, which is also the date that control of the precious metal is transferred to the customer. During the year ended December 31, 2022, sales to three financial institutions accounted for 29%, 24% and 20% of the Company’s revenue as compared to sales to four financial institutions accounted for 28%, 25%, 11% and 10% of the Company’s revenue during the comparable period of the previous year. The Company would not be materially affected should any of these financial institutions cease to buy precious metal credits from the Company as these sales would be redirected to alternate financial institutions. The Company will occasionally enter into forward contracts in relation to precious metal deliveries that it is highly confident will occur within a given quarter. The sales price is fixed at the delivery date based on either the terms of these short-term forward sales contracts or the spot price of precious metal. Concentrate Sales Under certain PMPAs, gold and/or silver is acquired from the mine operator in concentrate form, which is then sold under the terms of the concentrate sales contracts to third-party smelters or traders. Where the Company acquires precious metal in concentrate form, final precious metal prices are set on a specified future quotational period (the “Quotational Period”) pursuant to the concentrate sales contracts with third-party smelters, typically one to three months after the shipment date, based on market prices for precious metal. The contracts, in general, provide for a provisional payment based upon provisional assays and quoted gold and silver prices. Final settlement is based upon the average applicable price for the Quotational Period applied to the actual number of precious metal ounces recovered calculated using confirmed smelter weights and settlement assays. Revenues and the associated cost of sales are recorded on a gross basis under these contracts at the time title passes to the customer, which is also the date that control of the precious metal is transferred to the customer. The Company has concluded that the adjustments relating to the final assay results for the quantity of concentrate sold are not significant and do not constrain the recognition of revenue. Cobalt Sales Cobalt is sold to a third-party sales agent who generally on-sells |
General and Administrative
General and Administrative | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
General and Administrative | 7. General and Administrative Years Ended December 31 (in thousands) 2022 2021 Corporate Salaries and benefits $ 14,895 $ 14,205 Depreciation 1,154 1,102 Professional fees 1,680 3,376 Business travel 950 219 Director f e 1,109 1,096 Employer hea lt 840 750 Audit and reg ul 2,845 2,937 Insurance 2,135 1,771 Other 3,469 3,100 General and administrative - corporate $ 29,077 $ 28,556 Subsidiaries Salaries and benefits $ 4,327 $ 4,039 Depreciation 434 408 Professional fees 539 797 Business travel 242 33 Director fees 200 200 Insurance 44 36 Other 968 1,050 General and administrative - subsidiaries $ 6,754 $ 6,563 Consolidated general and administrative $ 35,831 $ 35,119 |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Share Based Compensation | 8. Share Based Compensation Years Ended December 31 (in thousands) Note 2022 2021 Equity settled share based compensation 1 Stock options 23.2 $ 2,366 $ 2,065 RSUs 23.3 3,480 3,196 Cash settled share based compensation PSUs 24.1 $ 14,214 $ 14,004 Total share based compensation $ 20,060 $ 19,265 1) Equity settled stock based compensation is a non-cash |
Donations and Community Investm
Donations and Community Investments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Donations and Community Investments [Abstract] | |
Donations and Community Investments | 9. Donations and Community Investments Years Ended December 31 (in thousands) 2022 2021 Local donations and community investments 1 $ 2,333 $ 1,953 Partner donations and community investments 2 3,798 3,204 COVID-19 165 1,444 Total donations and community investments $ 6,296 $ 6,601 1) The Local Community Investment Program supports organizations in Vancouver and the Cayman Islands, where Wheaton’s offices are located. 2) The Partner Community Investment Program supports the communities influenced by Mining Partners’ operations. |
Other (Income) Expense
Other (Income) Expense | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Other (Income) Expense | 10. Other (Income) Expense Years Ended December 31 (in thousands) Note 2022 2021 Interest income $ (6,321) $ (241) Dividends received from equity investments designated as FVTOCI ¹ relating to investments held at the end of the period (453) (221) Foreign exchange (gain) loss (890) 275 Net (gain) loss arising on financial assets mandatorily measured at FVTPL ² (Gain) loss on fair value adjustment of share purchase warrants held 1,033 2,101 (Gain) loss on fair value adjustment of convertible notes receivable 17 1,380 (5,733) Other (2,198) (1,957) Total other (income) expense $ (7,449) $ (5,776) 1) FVTOCI refers to Fair Value Through Other Comprehensive Income 2) FVTPL refers to Fair Value Through Profit or Loss |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Accounts Receivable | 11. Accounts Receivable December 31 December 31 (in thousands) Note 2022 2021 Trade receivables from provisional concentrate sales, net of fair value adjustment 6 $ 2,516 $ 1,716 Trade receivables from sales of cobalt 6 6,642 9,488 Other accounts receivable 1,029 373 Total accounts receivable $ 10,187 $ 11,577 The trade receivables from sales of cobalt generally have extended payment terms with outstanding amounts being supported by a $10 million letter of credit. |
Cobalt Inventory
Cobalt Inventory | 12 Months Ended |
Dec. 31, 2022 | |
Cobalt Inventory [Abstract] | |
Cobalt Inventory | 12. Cobalt Inventory The Company carries its cobalt inventory, which is recorded using weighted average costing, at the lower of cost or net realizable value. A summary of the inventory on hand at December 31, 2022 and 2021 is as follows: December 31 December 31 (in thousands) 2022 2021 Cobalt Inventory, carried at: Cost $ - $ 8,712 Net realizable value 10,530 - Total cobalt inventory $ 10,530 $ 8,712 At December 31, 2022, the Company recorded an inventory write down of $ million compared to an inventory write down of $ NIL year. |
Mineral Stream Interests
Mineral Stream Interests | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Mineral Stream Interests | 13. Mineral Stream Interests Year Ended December 31, 2022 Cost Accumulated Depletion & Impairment 1 Carrying 2022 (in thousands) Balance Additions (Reductions) Disposal Balance 2022 Balance Depletion Disposal Impairment (Charge) Reversal Balance Gold interests Salobo $ 3,059,876 $ - - $ 3,059,876 $ (621,937) $ (54,677) - $ - $ (676,614) $ 2,383,262 Sudbury 2 623,864 - - 623,864 (316,695) (23,753) - - (340,448) 283,416 Constancia 140,058 - - 140,058 (36,269) (8,206) - - (44,475) 95,583 San Dimas 220,429 - - 220,429 (53,706) (10,858) - - (64,564) 155,865 Stillwater 3 239,352 - - 239,352 (19,567) (3,933) - - (23,500) 215,852 Other 4 761,334 138,515 (354,458) 545,391 (396,542) (1,252) 348,265 (1,719) (51,248) 494,143 $ 5,044,913 $ 138,515 $ (354,458) $ 4,828,970 $ (1,444,716) $ (102,679) $ 348,265 $ (1,719) $ (1,200,849) $ 3,628,121 Silver interests Peñasquito $ 524,626 $ - $ - 524,626 $ (202,608) $ (28,344) $ - $ - $ (230,952) $ 293,674 Antamina 900,343 - - 900,343 (320,291) (34,684) - - (354,975) 545,368 Constancia 302,948 - - 302,948 (97,064) (12,937) - - (110,001) 192,947 Other 5 1,438,974 4,519 (425,294) 1,018,199 (845,779) (36,640) 306,986 10,330 (565,103) 453,096 $ 3,166,891 $ 4,519 $ (425,294) $ 2,746,116 $ (1,465,742) $ (112,605) $ 306,986 $ 10,330 $ (1,261,031) $ 1,485,085 Palladium interests Stillwater 3 $ 263,721 $ - - $ 263,721 $ (30,891) $ (6,018) - $ - $ (36,909) $ 226,812 Platinum interests Marathon $ - $ 9,428 - $ 9,428 $ - $ - - $ - $ - $ 9,428 Cobalt interests Voisey’s Bay 6 $ 393,422 $ - - $ 393,422 $ (21,801) $ (14,048) - $ - $ (35,849) $ 357,573 $ 8,868,947 $ 152,462 $ (779,752) $ 8,241,657 $ (2,963,150) $ (235,350) $ 655,251 $ 8,611 $ (2,534,638) $ 5,707,019 1) Includes cumulative impairment charges to December 31, 2022 as follows: Pascua-Lama silver interest - $338 million; and Sudbury gold interest - $120 million. 2) Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests. 3) Comprised of the Stillwater and East Boulder gold and palladium interests. 4) Comprised of the Minto, Copper World Complex (formerly referred to as Rosemont in these financial statements), 777, Marmato, Santo Domingo, Fenix, Blackwater Marathon, Goose and Curipamba gold interests. As the 777 mine has been permanently closed, the 777 PMPA has been reflected as a disposition, with the carrying value transferred to a long-term receivable (Note 19). 5) Comprised of the Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Keno Hill, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex (formerly referred to as Rosemont in these financial statements), 777, Marmato, Cozamin, Blackwater and Curipamba silver interests. The Keno Hill PMPA and the Yauliyacu PMPA were terminated on September 7, 2022 and December 14, 2022, respectively. As the 777 mine has been permanently closed, the 777 PMPA has been reflected as a disposition, with the carrying value transferred to a long-term receivable (Note 19). 6) When cobalt is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the cobalt is recorded as a cost of sale. Depletion in this table for the Voisey’s Bay cobalt interest is inclusive of depletion relating to inventory. Year Ended December 31, 2021 Cost Accumulated Depletion & Impairment 1 Carrying (in thousands) Balance Additions (Reductions) Balance Balance Depletion Impairment Reversal Balance Gold interests Salobo $ 3,059,876 $ - $ 3,059,876 $ (550,532 ) $ (71,405 ) $ - $ (621,937 ) $ 2,437,939 Sudbury 2 623,864 - 623,864 (302,848 ) (13,847 ) - (316,695 ) 307,169 Constancia 136,058 4,000 140,058 (30,489 ) (5,780 ) - (36,269 ) 103,789 San Dimas 220,429 - 220,429 (38,227 ) (15,479 ) - (53,706 ) 166,723 Stillwater 3 239,352 - 239,352 (15,042 ) (4,525 ) - (19,567 ) 219,785 Other 4 402,232 359,102 761,334 (394,706 ) (1,836 ) - (396,542 ) 364,792 $ 4,681,811 $ 363,102 $ 5,044,913 $ (1,331,844 ) $ (112,872 ) $ - $ (1,444,716 ) $ 3,600,197 Silver interests Peñasquito $ 524,626 $ - $ 524,626 $ (174,054 ) $ (28,554 ) $ - $ (202,608 ) $ 322,018 Antamina 900,343 - 900,343 (273,409 ) (46,882 ) - (320,291 ) 580,052 Constancia 302,948 - 302,948 (85,904 ) (11,160 ) - (97,064 ) 205,884 Other 5 1,281,228 157,746 1,438,974 (806,253 ) (39,526 ) - (845,779 ) 593,195 $ 3,009,145 $ 157,746 $ 3,166,891 $ (1,339,620 ) $ (126,122 ) $ - $ (1,465,742 ) $ 1,701,149 Palladium interests Stillwater 3 $ 263,721 $ - $ 263,721 $ (22,332 ) $ (8,559 ) $ - $ (30,891 ) $ 232,830 Cobalt interests Voisey’s Bay 6 $ 393,422 $ - $ 393,422 $ (165,912 ) $ (12,606 ) $ 156,717 $ (21,801 ) $ 371,621 $ 8,348,099 $ 520,848 $ 8,868,947 $ (2,859,708 ) $ (260,159 ) $ 156,717 $ (2,963,150 ) $ 5,905,797 1) Includes cumulative impairment charges to December 31, 2021 as follows: Keno Hill silver interest - $11 million; Pascua-Lama silver interest - $338 million; 777 silver interest - $64 million; 777 gold interest - $151 million; and Sudbury gold interest - $120 million. 2) Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests. 3) Comprised of the Stillwater and East Boulder gold and palladium interests. 4) Comprised of the Minto, Copper World Complex (formerly referred to as Rosemont in these financial statements), 777, Marmato, Santo Domingo, Fenix and Blackwater gold interests. 5) Comprised of the Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Keno Hill, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex (formerly referred to as Rosemont in these financial statements), 777, Marmato, Cozamin and Blackwater silver interests. The Keno Hill PMPA and the Yauliyacu PMPA were terminated on September 7, 2022 and December 14, 2022, respectively. 6) When cobalt is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the cobalt is recorded as a cost of sale. Depletion in this table for the Voisey’s Bay cobalt interest is inclusive of depletion relating to inventory. The value allocated to reserves is classified as depletable upon a mining operation achieving first production and is depleted on a unit-of-production non-depletable December 31, 2022 December 31, 2021 (in thousands) Depletable Non- Depletable Total Depletable Non- Depletable Total Gold interests Salobo $ 1,990,789 $ 392,473 $ 2,383,262 $ 2,045,466 $ 392,473 $ 2,437,939 Sudbury 1 239,002 44,414 283,416 244,109 63,060 307,169 Constancia 89,097 6,486 95,583 96,808 6,981 103,789 San Dimas 51,459 104,406 155,865 60,574 106,149 166,723 Stillwater 2 191,051 24,801 215,852 196,853 22,932 219,785 Other 3 19,248 474,895 494,143 28,025 336,767 364,792 $ 2,580,646 $ 1,047,475 $ 3,628,121 $ 2,671,835 $ 928,362 $ 3,600,197 Silver interests Peñasquito $ 219,969 $ 73,705 $ 293,674 $ 237,720 $ 84,298 $ 322,018 Antamina 198,294 347,074 545,368 232,977 347,075 580,052 Constancia 182,171 10,776 192,947 194,364 11,520 205,884 Other 4 139,424 313,672 453,096 272,620 320,575 593,195 $ 739,858 $ 745,227 $ 1,485,085 $ 937,681 $ 763,468 $ 1,701,149 Palladium interests Stillwater 2 $ 218,104 $ 8,708 $ 226,812 $ 222,859 $ 9,971 $ 232,830 Platinum interests Marathon $ - $ 9,428 $ 9,428 $ - $ - $ - Cobalt interests Voisey’s Bay $ 316,749 $ 40,824 $ 357,573 $ 330,795 $ 40,826 $ 371,621 $ 3,855,357 $ 1,851,662 $ 5,707,019 $ 4,163,170 $ 1,742,627 $ 5,905,797 1) Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests. 2) Comprised of the Stillwater and East Boulder gold and palladium interests. 3) Comprised of the Minto, Copper World Complex (formerly referred to as Rosemont in these financial statements), 777, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose and Curipamba gold interests. As the 777 mine has been permanently closed, the 777 PMPA has been reflected as a disposition, with the carrying value transferred to a long-term receivable (Note 19). 4) Comprised of the Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Keno Hill, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex (formerly referred to as Rosemont in these financial statements), 777, Marmato, Cozamin, Blackwater and Curipamba silver interests. The Keno Hill PMPA and the Yauliyacu PMPA were terminated on September 7, 2022 and December 14, 2022, respectively. As the 777 mine has been permanently closed, the 777 PMPA has been reflected as a disposition, with the carrying value transferred to a long-term receivable (Note 19). Constancia – Pampacancha Additional Upfront Payment On May 10, 2021, Wheaton and Hudbay Minerals Inc. (“Hudbay”) agreed to amend the Constancia streaming agreement so that Hudbay would no longer be required to deliver an additional Acquisition of Santo Domingo Precious Metals Purchase Agreement On March 24, 2021, the Company entered into a PMPA with Capstone in respect to the Santo Domingo project located in the Atacama Region of Chile. Under the terms of the agreement, the Company will purchase an amount of gold equal to 100% of the payable gold production until 285,000 ounces have been delivered, thereafter dropping to 67% of payable gold production for the life of the mine. The Company will pay Capstone a total upfront cash consideration of $290 million, $30 million of which was paid on April 21, 2021 and the remainder of which is payable during construction of the Santo Domingo project, subject to customary conditions being satisfied, including Capstone attaining sufficient financing to cover total expected capital expenditures. In addition, Wheaton will make ongoing production payments for gold ounces delivered equal to 18% of the spot gold price until the market value of gold delivered to the Company, net of the per ounce production payment, exceeds the initial upfront cash deposit, and 22% of the spot gold price thereafter. Acquisition of Fenix Precious Metals Purchase Agreement On November 15, 2021, the Company entered into a PMPA (the “Fenix PMPA”) with Rio2 Limited (“Rio2”) in respect of gold production from the Fenix Project located in Chile (the “Fenix Project”). Under the terms of the Fenix PMPA, the Company will acquire an amount of gold equal to 6% of the gold production until 90,000 ounces have been delivered, 4% of the gold production until the delivery of a further 140,000 ounces, and 3.5% gold production thereafter for the life of mine. In addition, under the Fenix PMPA, the Company will pay total upfront cash consideration of $50 million, $25 million of which was paid on March 25, 2022. The remaining $25 million is payable subject to Rio2’s receipt of its Environmental Impact Assessment for the Fenix Project, and certain other conditions. In addition, the Company will make ongoing production payments equal to 18% of the spot price until the value of gold delivered, net of the production payment, is equal to the upfront consideration of $50 million, at which point the production payment will increase to 22% of the spot gold price. Acquisition of Blackwater Precious Metals Purchase Agreements On December 13, 2021, the Company entered into a PMPA (the “Blackwater Silver PMPA”) with Artemis Gold Inc. (“Artemis”) in respect of silver production from the Blackwater Project located in British Columbia in Canada (the “Blackwater Project”). Under the Blackwater Silver PMPA, Wheaton will acquire an amount of silver equal to 50% of the payable silver production until 17.8 million ounces have been delivered and 33% of payable silver production thereafter for the life of the mine. The Company is committed to pay total upfront cash consideration of approximately $141 million for this stream, payable in four equal installments during the construction of the Blackwater Project, subject to customary conditions. In addition, Wheaton will make ongoing cash payments equal to 18% of the spot silver price per ounce of silver delivered under the Blackwater Silver PMPA until the value of silver delivered, net of the per ounce production payment for silver, is equal to the upfront consideration of $141 million, and 22% of the spot price of silver thereafter. Additionally, on December 13, 2021, the Company announced that it had entered into a definitive agreement to acquire the existing gold stream held by New Gold Inc. (“New Gold”) in respect of gold production from the Blackwater Project (the “Blackwater Gold PMPA”). Wheaton is entitled to purchase an amount of gold equal to 8% of the payable gold production until 279,908 ounces have been delivered, thereafter dropping to 4% of payable gold production for the life of the mine. The Company paid $300 million to New Gold for the Blackwater Gold PMPA. In addition, Wheaton will make ongoing production payments equal to 35% of the spot gold price per ounce of gold delivered under the agreement. Acquisition of Curipamba Precious Metals Purchase Agreement On January 17, 2022, the Company entered into a PMPA (the “Curipamba PMPA”) with Adventus Mining Corporation (“Adventus”) in respect of gold and silver production from the Curipamba Project located in Ecuador (the “Curipamba Project”). Under the Curipamba PMPA, Wheaton will purchase an amount of gold equal to 50% of the payable gold production until 145,000 ounces have been delivered, thereafter dropping to 33% of payable gold production for the life of the mine and an amount of silver equal to 75% of the payable silver production until 4.6 million ounces have been delivered, thereafter dropping to 50% for the life of mine. Under the terms of the Curipamba PMPA, the Company is committed to pay Adventus total upfront cash consideration of $175.5 million, $13 million of which is available pre-construction 13 Acquisition of Marathon Precious Metals Purchase Agreement On January 26, 2022, the Company entered into a PMPA (the “Marathon PMPA”) with Generation Mining Limited (“Gen Mining”) in respect of gold and platinum production from the Marathon Project located in Ontario, Canada (the “Marathon Project”). Under the Marathon PMPA, Wheaton will purchase an amount of gold equal to production until 120,000 ounces have 15 20 pre-determined 18 240 22 Acquisition of Goose Precious Metals Purchase Agreement On February 8, 2022, the Company entered into a PMPA (the “Goose PMPA”) with Sabina Gold & Silver Corp. (“Sabina”) in respect of gold production from the Goose Project, part of Sabina’s Back River Gold District located in Nunavut, Canada (the “Goose Project”). Under the Goose PMPA, Wheaton will purchase an amount of gold equal to 4.15% of the payable gold production until 130,000 ounces have been delivered, dropping to 2.15% until 200,000 ounces have been delivered, and thereafter dropping to 1.5% of the payable gold production for the life of mine. Under the terms of the Goose PMPA, the Company is committed to pay Sabina an upfront payment of $125 million in four equal installments during construction of the Goose Project, subject to customary conditions. The initial payment of $31.25 million was paid on September 28, 2022 and the second installment of $31.25 million was paid on December 6, 2022. In addition, Wheaton will make ongoing production payments for the gold ounces delivered equal to 18% of the spot gold price until the value of gold delivered, net of the production payment, is equal to the upfront consideration of $125 million, at which point the production payment will increase to 22% of the spot gold price. Amendment to the Marmato PMPA On March 21, 2022, the Company amended its PMPA with Aris Mining Corporation (“Aris Mining”) in respect of the Marmato PMPA. Under the terms of the amended agreement, Wheaton will purchase 10.5% of the gold production and 100 Termination of the Keno Hill PMPA On October 2, 2008, the Company entered into a PMPA (the “Keno Hill PMPA”) with Alexco Resource Corp. (“Alexco”) to acquire an amount equal to 25% of the silver produced by Alexco’s Keno Hill mine in Canada. On September 7, 2022, Hecla Mining Company (“Hecla”) completed the previously announced acquisition of all of the outstanding common shares of Alexco. In connection with this acquisition, the Company entered an agreement with Hecla to terminate the Keno Hill PMPA effective September 7, 2022 in exchange for 34,800,989 common shares of Hecla valued at $141 million (the “Hecla shares” 1 (in thousands) Fair value of Hecla Mining Company shares received $ 140,596 Less: carrying value after impairment reversal, plus closing costs (36,201 ) Gain on disposal of the Keno Hill PMPA $ 104,395 Termination of the Yauliyacu PMPA On March 23, 2006, the Company entered into a PMPA (the “Yauliyacu PMPA”) with Glencore plc (“Glencore”) in respect of the mine in Peru. Under the terms of the a 1 terminate the Yauliyacu PMPA for a cash payment of $150 million, less the aggregate value of any deliveries to Wheaton, prior to closing, of silver produced subsequent to December 31, 2021. On December 14, 2022 the Company received a cash payment of $132 million resulting in a gain on disposal of the Yauliyacu PMPA in the amount of $51 million, calculated as follows: (in thousands) Proceeds received on disposal of Yauliyacu $ 131,937 Less: carrying value plus closing costs (80,464 ) Gain on disposal of the Yauliyacu PMPA $ 51,473 |
Impairment (Impairment Reversal
Impairment (Impairment Reversal) of Mineral Stream Interests | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Impairment (Impairment Reversal) of Mineral Stream Interests | 14. Impairment (Impairment Reversal) of Mineral Stream Interests As more fully described in Note 3.8, at every reporting period the Company assesses each PMPA to determine whether any indication of impairment or impairment reversal exists. Based on the Company’s analysis, there was an indicator of impairment and indicators of impairment reversal identified at December 31, 2022 and December 31, 2021 for the following PMPAs: Years Ended December 31 (in thousands) Note 2022 2021 Gold interests Other gold interests 777 19 $ 1,719 $ - Silver interests Other silver interests Keno Hill $ (10,330) $ - Cobalt Interests Voisey’s Bay - (156,717) Total net impairment reversal $ (8,611) $ (156,717) Voisey’s Bay – Impairment Reversal At June 30, 2019, the Company determined there to be an impairment charge relative to the Voisey’s Bay cobalt interest (“Voisey’s Bay PMPA”) due to a significant decline in market cobalt prices and a sale of a similar PMPA by a third-party group at a price significantly below Wheaton’s comparable carrying value for the Voisey’s Bay PMPA. At June 30, 2019, management estimated that the recoverable amount under the Voisey’s Bay PMPA was $227 million, representing its FVLCD and resulting in an impairment charge of $166 million. At December 31, 2021, an indicator of impairment reversal was identified relative to the Voisey’s Bay PMPA as a result of significant and sustained increases in the market prices of cobalt over the year ended December 31, 2021 compared to market prices of cobalt at the time the original impairment was recorded. Management estimated that the recoverable amount at December 31, 2021 of the Voisey’s Bay PMPA exceeded the carrying amount that would have been determined, net of depletion, had no impairment charge been recognized for the PMPA in prior years. The recoverable amount represented its FVLCD and resulted in an impairment reversal of $157 million at December 31, 2021 which represented a full reversal of the impairment charge recorded in the year ended December 31, 2019, net of depletion that otherwise would have been recorded. The recoverable amount of the Voisey’s Bay PMPA was estimated using a discounted cash flow model with an average discount rate of 8% and an average projected market price of cobalt of $23.97 per pound. As this valuation technique requires the use of estimates and assumptions such as commodity prices, discount rates, recoverable pounds of cobalt and operating performance, it is classified within Level 3 of the fair value hierarchy. Keno Hill – Impairment Reversal At December 31, 2015, the Company determined there to be an impairment charge of $10.5 million relative to the Keno Hill PMPA due to the suspension of operations at the Bellekeno mine. As discussed in Note 1 3 PMPA. As a result, an impairment reversal of $10.3 million has been recorded for the year ended December 31, 2022, which represents a full reversal of the impairment charge recorded in the year ended December 31, 2015, net of depletion that otherwise would have been recorded. The recoverable amount of the Keno Hill PMPA was determined based on the value of the consideration received in exchange for its termination, and as such is classified within Level 1 of the fair value hierarchy. |
Early Deposit Mineral Stream In
Early Deposit Mineral Stream Interests | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Early Deposit Mineral Stream Interests | 15. Early Deposit Mineral Stream Interests Early deposit mineral stream interests represent agreements relative to early stage development projects whereby Wheaton 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 (please see Note 32 for more information). Once Wheaton has elected to proceed with the agreement, the carrying value of the stream will be transferred to Mineral Stream Interests. The following table summarizes the early deposit mineral stream interests currently owned by the Company: Attributable Early Deposit Mineral Stream Interests Mine Location of Upfront 1 Upfront 1, 2 Total Gold Silver Term of Toroparu Aris Mining Guyana $ 15,500 $ 138,000 $ 153,500 10% 50% Life of Mine Cotabambas Panoro Peru 13,000 127,000 140,000 25% ³ 100% ³ Life of Mine Kutcho Kutcho Canada 16,852 58,000 74,852 100% 100% Life of Mine $ 45,352 $ 323,000 $ 368,352 1) Expressed in thousands of United States dollars; excludes closing costs and capitalized interest, where applicable. 2) Please refer to Note 32 for details of when the remaining upfront consideration to be paid becomes due. 3) Once 90 million silver equivalent ounces attributable to Wheaton have been produced, the attributable production will decrease to 16.67% of gold production and 66.67% of silver production for the life of mine. Kutcho – Contract Modifications As discussed in Note 1 7 |
Mineral Royalty Interests
Mineral Royalty Interests | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Mineral Royalty Interests | 16. Mineral Royalty Interests On January 5, 2021, the Company paid $3 million for an existing 2.0% net smelter return royalty interest on the first 600,000 ounces of gold mined from ore extracted from the Brewery Creek quartz mineral claims located in the Yukon Territories, Canada owned by Golden Predator Exploration Ltd., a subsidiary of Sabre Gold Mines Corp. (“Golden Predator”) and any mineral tenure derived therefrom, and a 2.75% net smelter returns royalty interest thereafter (the “Brewery Creek Royalty”). The Brewery Creek Royalty agreement provides, among other things, that Golden Predator may reduce the 2.75% net smelter returns royalty interest to 2.125%, on payment of the sum of Cdn$2 million to Wheaton. Additionally, the Company has a 0.5% net smelter return royalty interest in the Metates properties (the “Metates Royalty”) located in Mexico from Chesapeake Gold Corp. (“Chesapeake”) for the life of mine. The carrying cost of the Metates Royalty is $3 million. The Company also has a right of first refusal on any silver streaming, royalty or any other transaction on the Metates properties. To date, no revenue has been recognized and no depletion has been taken with respect to these royalty agreements. |
Convertible Notes Receivable
Convertible Notes Receivable | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Convertible Note Receivable | 17. Convertible Notes Receivable Kutcho Copper Corp. Effective December 14, 2017, in connection with the Kutcho Early Deposit Agreement, the Company advanced to Kutcho $16 million (Cdn$20 million) and received the Kutcho Convertible Note. The Kutcho Convertible Note, which had a seven year term to maturity, carried interest at 10% per annum, compounded and payable semi-annually. Kutcho elected to defer the first seven interest payments. The deferred interest carried interest at 15% per annum, compounded semi-annually. In addition to the Kutcho Convertible Note, on November 25, 2019, the Company entered into a non-revolving Effective February 18, 2022, the Company agreed to settle and terminate the Kutcho Convertible Note and the non-revolving Convertible Notes Receivable Valuation Summary The fair value of the Kutcho Convertible Note, which was not traded in an active market, was determined by reference to the value of the shares the Company would receive if the right to convert the note into shares was exercised. A summary of the fair value of the Kutcho Convertible Note and the fair value changes recognized as a component of the Company’s net earnings during the years ended December 31, 2022 and 2021 is presented below: Year Ended December 31, 2022 (in thousands) Fair Value at Amount Termination Fair Value Fair Value at Dec 31, 2022 Kutcho $ 17,086 $ - $ (15,706 ) $ (1,380 ) $ - Year Ended December 31, 2021 (in thousands) Fair Value at Amount Advanced Termination Fair Value Fair Value at Kutcho $ 11,353 $ - $ - $ 5,733 $ 17,086 |
Long-Term Equity Investments
Long-Term Equity Investments | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Long-Term Equity Investments | 18. Long-Term Equity Investments December 31 December 31 (in thousands) 2022 2021 Common shares held $ 255,535 $ 59,941 Warrants held 560 1,536 Total long-term equity investments $ 256,095 $ 61,477 Common Shares Held Year Ended December 31, 2022 (in thousands) Shares % of Fair Value at Cost of Proceeds of Disposition 1 Fair Value 2 Fair Value at Realized Loss Bear Creek 13,264 8.65% $ 12,764 $ - $ - $ (5,321) $ 7,443 $ - Sabina 31,095 5.58% 13,381 19,833 - (2,679) 30,535 - Kutcho 18,640 14.83% - 11,721 - (8,624) 3,097 - Hecla 35,012 5.78% - 141,450 - 53,218 194,668 - Other 33,796 6,139 (4,601) (15,542) 19,792 (3,797) Total $ 59,941 $ 179,143 $ (4,601) $ 21,052 $ 255,535 $ (3,797) 1) Disposals during 2022 were made as a result of the acquisition of the companies to which the shares relate by unrelated third party entities. 2) Fair Value Gains (Losses) are reflected as a component of OCI. Year Ended December 31, 2021 (in thousands) Shares % of Fair Value at Cost of Proceeds of 1 Fair Value 2 Fair Value at Realized Gain Bear Creek 13,264 10.67% $ 32,609 $ - $ - $ (19,845) $ 12,764 $ - Sabina 11,700 2.82% 30,233 - - (16,852) 13,381 - First Majestic - 0.00% 95,984 - (112,188) 16,204 - 60,530 Other 37,415 7,453 (17,565) 6,493 33,796 13,048 Total $ 196,241 $ 7,453 $ (129,753) $ (14,000) $ 59,941 $ 73,578 1) Disposals during 2021 were made in order to capitalize on the share appreciation resulting from the strong commodity price environment. 2) Fair Value Gains (Losses) are reflected as a component of OCI. The Company’s long-term investments in common shares (“LTI’s”) are held for long-term strategic purposes and not for trading purposes. As such, the Company has elected to reflect any fair value adjustments, net of tax, as a component of other comprehensive income (“OCI”). The cumulative gain or loss will not be reclassified to net earnings on disposal of these long-term investments but is reclassified to retained earnings. By holding these long-term investments, the Company is inherently exposed to various risk factors including currency risk, market price risk and liquidity risk. |
Refundable Deposit - 777 PMPA
Refundable Deposit - 777 PMPA | 12 Months Ended |
Dec. 31, 2022 | |
Refundable Deposit 777 PMPA [Abstract] | |
Refundable Deposit - 777 PMPA | 19. Refundable Deposit – 777 PMPA On August 8, 2012, the Company entered into a PMPA with Hudbay in respect to the 777 mine (Note 13). Under the terms of the 777 PMPA, should the market value of gold and silver delivered to Wheaton through the initial At December 31, 2022, the balance of the Refundable Deposit was $79 million. The Company has estimated that a credit facility with similar terms and conditions would have an interest rate of million at December 31, 2022, resulting in a $2 million impairment on the 777 PMPA. The Company has derecognized the 777 PMPA and recognized a long-term receivable, with interest to be accreted on a quarterly basis until maturity which is August 8, 2052. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Property, Plant and Equipment | 20. Property, Plant and Equipment December 31, 2022 (in thousands) Leasehold Right of Use Other Total Cost Balance - January 1, 2022 $ 4,382 $ 4,793 $ 4,856 $ 14,031 Additions - - 289 289 Disposals (378) - (228) (606) Balance - December 31, 2022 $ 4,004 $ 4,793 $ 4,917 $ 13,714 Accumulated Depreciation Balance - January 1, 2022 $ (3,226) $ (2,196) $ (3,100) $ (8,522) Disposals 378 - 228 606 Depreciation (320) (769) (499) (1,588) Balance - December 31, 2022 $ (3,168) $ (2,965) $ (3,371) $ (9,504) Net book value - December 31, 2022 $ 836 $ 1,828 $ 1,546 $ 4,210 December 31, 2021 (in thousands) Leasehold Right of Use Other Total Cost Balance - January 1, 2021 $ 4,382 $ 4,793 $ 4,131 $ 13,306 Additions - - 730 730 Disposals - - (5) (5) Balance - December 31, 2021 $ 4,382 $ 4,793 $ 4,856 $ 14,031 Accumulated Depreciation Balance - January 1, 2021 $ (2,906) $ (1,444) $ (2,667) $ (7,017) Disposals - - 5 5 Depreciation (320) (752) (438) (1,510) Balance - December 31, 2021 $ (3,226) $ (2,196) $ (3,100) $ (8,522) Net book value - December 31, 2021 $ 1,156 $ 2,597 $ 1,756 $ 5,509 |
Credit Facilities
Credit Facilities | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Credit Facilities | 21. Credit Facilities 21.1. Sustainability-Linked Revolving Credit Facility On July 18, 2022, the term of the Company’s undrawn $2 billion revolving term loan (“Revolving Facility”) was extended by an additional year, with the facility now maturing on July 18, 2027. The Company’s Revolving Facility has financial covenants which require the Company to maintain: (i) a net debt to tangible net worth ratio of less than or equal to 0.75:1; and (ii) an interest coverage ratio of greater than or equal to 3.00:1. Only cash interest expenses are included for the purposes of calculating the interest coverage ratio. The Company is in compliance with these debt covenants as at December 31, 2022. At the Company’s option, amounts drawn under the Revolving Facility incur interest based on the Company’s leverage ratio at either (i) the Secured Overnight Financing Rate (“SOFR”) plus 1.10% to 2.30%; or (ii) the Bank of Nova Scotia’s Base Rate plus 0.00% to 1.05%. Under both options, the interest rate shall not be less than 0%. In connection with the extension, the interest rate paid on drawn amounts will be adjusted by up to +/- 0.05% based upon the Company’s performance in three sustainability-related areas including climate change, diversity and overall performance in sustainability. During the year ended December 31, 2022 and December 31, 2021, the stand-by The Revolving Facility, which is classified as a financial liability and reported at amortized cost using the effective interest method, can be drawn down at any time to finance acquisitions, investments or for general corporate purposes. In connection with the Revolving Facility, there is $6 million unamortized debt issue costs which have been recorded as a long-term asset under the classification Other (see Note 29). 21.2. Lease Liabilities The lease liability on the Company’s offices located in Vancouver, Canada and the Cayman Islands is as follows: December 31 December 31 (in thousands) 2022 2021 Current portion $ 818 $ 813 Long-term portion 1,152 2,060 Total lease liabilities $ 1,970 $ 2,873 The maturity analysis, on an undiscounted basis, of these leases is as follows: (in thousands) December 31 2022 Not later than 1 year $ 870 Later than 1 year and not later than 5 years 1,182 Later than 5 years - Total lease liabilities $ 2,052 21.3. Finance Costs A summary of the Company’s finance costs associated with the above facilities during the period is as follows: Years Ended December 31 (in thousands) Note 2022 2021 Interest Expense During Period Average principal outstanding during period $ - $ 19,506 Average effective interest rate during period 21.1 n.a. 1.17% Total interest expense incurred during period $ - $ 229 Costs related to undrawn credit facilities 21.1 5,262 5,313 Interest expense - lease liabilities 21.2 91 123 Letters of guarantee 5.3 233 152 Total finance costs $ 5,586 $ 5,817 |
Issued Capital
Issued Capital | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Issued Capital | 22. Issued Capital (in thousands) Note December 31 December 31 Issued capital Share capital issued and outstanding: 452,318,526 common shares (December 31, 2021: 450,863,952 common shares) 22.1 $ 3,752,662 $ 3,698,998 22.1. Shares Issued The Company is authorized to issue an unlimited number of common shares having no par value and an unlimited number of preference shares issuable in series. As at December 31, 2022, the Company had no preference shares outstanding. A continuity schedule of the Company’s issued and outstanding common shares from January 1, 2021 to December 31, 2022 is presented below: Number Weighted At January 1, 2021 449,458,394 Share purchase options exercised 1 398,880 Cdn$24.96 Restricted share units released 1 116,880 Cdn$0.00 Dividend reinvestment plan 2 889,798 US$43.33 At December 31, 2021 450,863,952 Share purchase options exercised 1 493,129 Cdn$28.76 Restricted share units released 1 87,838 Cdn$0.00 Dividend reinvestment plan 2 873,607 US$38.75 At December 31, 2022 452,318,526 1) The weighted average price of share purchase options exercised and restricted share units released represents the respective exercise price. 2) The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. The weighted average price for common shares issued under the DRIP represents the volume weighted average price of the common shares on the five trading days preceding the dividend payment date, less a discount of 1%. At the Market Equity Program The Company has established an at-the-market Wheaton intends that the net proceeds from the ATM Program, if any, will be available as one potential source of funding for stream acquisitions and/or other general corporate purposes including the repayment of indebtedness. As at December 31, 2022, the Company has not issued any shares under the ATM program. 22.2. Dividends Declared Years Ended December 31 (in thousands, except per share amounts) 2022 2021 Dividends declared per share $ 0.60 $ 0.57 Average number of shares eligible for dividend 451,577 450,188 Total dividends paid $ 270,946 $ 256,607 Paid as follows: Cash $ 237,097 88% $ 218,052 85% DRIP 1 33,849 12% 38,555 15% Total dividends paid $ 270,946 100% $ 256,607 100% Shares issued under the DRIP 874 890 1) The Company has implemented a DRIP whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. 2) As at December 31, 2022, cumulative dividends of $1,795 million have been declared and paid by the Company. |
Reserves
Reserves | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Reserves | 23. Reserves Note December 31 December 31 (in thousands) 2022 2021 Reserves Share purchase warrants 23.1 $ 83,077 $ 83,077 Share purchase options 23.2 22,578 22,349 Restricted share units 23.3 8,142 7,196 Long-term investment revaluation reserve, net of tax 23.4 (47,250) (65,586) Total reserves $ 66,547 $ 47,036 23.1. Share Purchase Warrants The Company’s share purchase warrants (“warrants”) are presented below: Number of Weighted Exchange Share Warrants outstanding 10,000,000 $43.75 1.00 $ 83,077 Each warrant entitled the holder the right to purchase one of the Company’s common shares. The warrants expired unexercised on February 28, 2023. 23.2. Share Purchase Options The Company has established an equity settled share purchase option plan whereby the Company’s Board of Directors may, from time to time, grant options to employees or consultants. The maximum term of any share purchase option may be ten years, but generally options are granted with a term to expiry of five to seven years. The exercise price of an option is not less than the closing price on the TSX on the last trading day preceding the grant date. The vesting period of the options is determined at the discretion of the Company’s Board of Directors at the time the options are granted, but generally vest over a period of two or three years. Each share purchase option converts into one common share of Wheaton on exercise. No amounts are paid or payable by the recipient on receipt of the option. The options do not carry rights to dividends or voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry, subject to certain black-out The Company expenses the fair value of share purchase options that are expected to vest on a straight-line basis over the vesting period using the Black-Scholes option pricing model to estimate the fair value for each option at the date of grant. The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions. The model requires the use of subjective assumptions, including expected share price volatility. Historical data has been considered in setting the assumptions. Expected volatility is determined by considering the trailing 30-month Years Ended December 31 2022 2021 Black-Scholes weighted average assumptions Grant date share price and exercise price Cdn$60.00 Cdn$49.86 Expected dividend yield 1.32% 1.53% Expected volatility 35% 35% Risk-free interest rate 1.72% 0.51% Expected option life, in years 3.0 3.0 Weighted average fair value per option granted Cdn$13.84 Cdn$10.69 Number of options issued during the period 283,440 317,560 Total fair value of options issued (000’s) $ 3,069 $ 2,720 The following table summarizes information about the options outstanding and exercisable at December 31, 2022: Exercise Price (Cdn$) Exercisable Non-Exercisable Total Options Weighted $26.24 114,610 - 114,610 0.2 years $27.64¹ 3,660 - 3,660 0.2 years $30.82 4,477 - 4,477 1.5 years $32.61¹ 53,435 - 53,435 2.2 years $32.93 358,050 - 358,050 1.2 years $33.25¹ 35,375 - 35,375 1.2 years $33.47 327,495 - 327,495 2.2 years $49.86 83,596 160,386 243,982 5.2 years $54.11¹ 19,650 40,176 59,826 5.2 years $60.00 - 224,520 224,520 6.2 years $63.60¹ - 52,870 52,870 6.2 years 1,000,348 477,952 1,478,300 3.2 years 1) US$ share purchase options converted to Cdn$ using the exchange rate of 1.3544, being the Cdn$/US$ exchange rate at December 31, 2022. A continuity schedule of the Company’s outstanding share purchase options from January 1, 2021 to December 31, 2022 is presented below: Number of Weighted Average Exercise Price At January 1, 2021 1,786,817 Cdn$29.54 Granted (fair value - $3 million or Cdn$10.69 per option) 317,560 49.86 Exercised (398,880) 24.96 At December 31, 2021 1,705,497 Cdn$34.40 Granted (fair value - $3 million or Cdn$13.84 per option) 283,440 60.00 Exercised (493,129) 28.76 Forfeited (17,508) 53.73 At December 31, 2022 1,478,300 Cdn$41.37 As it relates to share purchase options, during the year ended December 31, 2022, the weighted average share price at the time of exercise was Cdn$57.96 per share, as compared to Cdn$51.50 per share during the comparable period in 2021. 23.3. Restricted Share Units (“RSUs”) The Company has established an RSU plan whereby RSUs will be issued to eligible employees or directors as determined by the Company’s Board of Directors or the Company’s Compensation Committee. RSUs give the holder the right to receive a specified number of common shares at the specified vesting date. RSUs generally vest over a period of two to three years. Compensation expense related to RSUs is recognized over the vesting period based upon the fair value of the Company’s common shares on the grant date and the awards that are expected to vest. The fair value is calculated with reference to the closing price of the Company’s common shares on the TSX on the business day prior to the date of grant. RSU holders receive a cash payment based on the dividends paid on the Company’s common shares in the event that the holder of a vested RSU has elected to defer the release of the RSU to a future date. This cash payment is reflected as a component of net earnings under the classification Share Based Compensation. A continuity schedule of the Company’s restricted share units outstanding from January 1, 2021 to December 31, 2022 is presented below: Number of Weighted At January 1, 2021 370,258 $22.40 Granted (fair value - $4 million) 96,680 39.95 Released (116,880) 24.09 At December 31, 2021 350,058 $26.69 Granted (fair value - $4 million) 91,780 46.72 Released (87,838) 28.85 Forfeited (3,794) 39.95 At December 31, 2022 350,206 $31.25 23.4. Long-Term Investment Revaluation Reserve The Company’s long-term investments in common shares (Note 18) are held for long-term strategic purposes and not for trading purposes. The Company has chosen to designate these long-term investments in common shares as financial assets with fair value adjustments being recorded as a component of OCI as it believes that this provides a more meaningful presentation for long-term strategic investments, rather than reflecting changes in fair value as a component of net earnings. As some of these long-term investments are denominated in Canadian dollars, changes in their fair value is affected by both the change in share price in addition to changes in the Cdn$/US$ exchange rate. Where the fair value of a long-term investment in common shares held exceeds its tax cost, the Company recognizes a deferred income tax liability. To the extent that the value of the long-term investment subsequently declines, the deferred income tax liability is reduced. However, where the fair value of the long-term investment decreases below the tax cost, the Company does not recognize a deferred income tax asset on the unrealized capital loss unless it is probable that the Company will generate future capital gains that will offset the loss. A continuity schedule of the Company’s long-term investment revaluation reserve from January 1, 2021 to December 31, 2022 is presented below: (in thousands) Change in Deferred Recovery Total At January 1, 2021 $ 22,103 $ (6,968) $ 15,135 Unrealized gain (loss) on LTIs 1 (14,000) (2,314) (16,314) Reallocate reserve to retained earnings upon disposal of LTIs 1 18 (73,578) 9,171 (64,407) At December 31, 2021 $ (65,475) $ (111) $ (65,586) Unrealized gain (loss) on LTIs 1 21,052 (6,513) 14,539 Reallocate reserve to retained earnings upon disposal of LTIs 1 18 3,797 - 3,797 At December 31, 2022 $ (40,626) $ (6,624) $ (47,250) 1) LTIs refers to long-term investments in common shares held. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Stock Based Compensation | 24. Share Based Compensation The Company’s share based compensation consists of share purchase options (Note 23.2), restricted share units (Note 23.3) and performance share units (Note 24.1). The accrued value of share purchase options and restricted share units are reflected as reserves in the shareholder’s equity section of the Company’s balance sheet while the accrued value associated with performance share units is reflected as an accrued liability. 24.1. Performance Share Units (“PSUs”) The Company has established a Performance Share Unit Plan (“the PSU plan”) whereby PSUs will be issued to eligible employees as determined by the Company’s Board of Directors or the Company’s Compensation Committee. PSUs issued under the PSU plan entitle the holder to a cash payment at the end of a three year performance period equal to the number of PSUs granted, multiplied by a performance factor and multiplied by the fair market value of a Wheaton common share on the expiry of the performance period. The performance factor can range from 0% to 200% and is determined by comparing the Company’s total shareholder return to those achieved by various peer companies, the Philadelphia Gold and Silver Index and the price of gold and silver. Compensation expense for the PSUs is recorded on a straight-line basis over the three year vesting period. The amount of compensation expense is adjusted at the end of each reporting period to reflect (i) the fair value of common shares; (ii) the number of PSUs anticipated to vest; and (iii) the anticipated performance factor. A continuity schedule of the Company’s outstanding PSUs (assuming a performance factor of 100% is achieved over the performance period) and the Company’s PSU accrual from January 1, 2021 to December 31, 2022 is presented below: (in thousands, except for number of PSUs outstanding) Number of PSUs PSU accrual liability At January 1, 2021 593,150 $ 29,081 Granted 134,180 - Accrual related to the fair value of the PSUs outstanding - 14,004 Foreign exchange adjustment - 149 Paid (213,820) (16,929) At December 31, 2021 513,510 $ 26,305 Granted 129,140 - Accrual related to the fair value of the PSUs outstanding - 14,414 Foreign exchange adjustment - (870) Paid (186,730) (18,411) Forfeited (11,300) (199) At December 31, 2022 444,620 $ 21,239 A summary of the PSUs outstanding at December 31, 2022 is as follows: Year of Grant Year of Number Estimated Value Per PSU at Anticipated Percent PSU 2020 2023 191,980 $40.73 200% 93% 14,566 2021 2024 126,590 $40.24 175% 60% 5,345 2022 2025 126,050 $39.63 100% 27% 1,328 444,620 $ 21,239 |
Earnings per Share ("EPS") and
Earnings per Share ("EPS") and Diluted Earnings per Share ("Diluted EPS") | 12 Months Ended |
Dec. 31, 2022 | |
Profit or loss [abstract] | |
Earnings per Share ("EPS") and Diluted Earnings per Share ("Diluted EPS") | 25. Earnings per Share (“EPS”) and Diluted Earnings per Share (“Diluted EPS”) Diluted earnings per share is calculated using the treasury method which assumes that outstanding share purchase options and warrants, with exercise prices that are lower than the average market price of the Company’s common shares for the relevant period, are exercised and the proceeds are used to purchase shares of the Company at the average market price of the common shares for the relevant period. Diluted EPS is calculated based on the following weighted average number of shares outstanding: Years Ended December 31 (in thousands) 2022 2021 Basic weighted average number of shares outstanding 451,570 450,138 Effect of dilutive securities Share purchase options 425 676 Restricted share units 349 356 Diluted weighted average number of shares outstanding 452,344 451,170 The following table lists the number of share purchase options and share purchase warrants excluded from the computation of diluted earnings per share because the exercise prices exceeded the average market value of the common shares of Cdn$50.55, compared to Cdn$52.94 for the comparable period in 2021. Years Ended December 31 (in thousands) 2022 2021 Share purchase options 337 - Share purchase warrants 10,000 10,000 Total 10,337 10,000 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Supplemental Cash Flow Information | 26. Supplemental Cash Flow Information Change in Non-Cash Years Ended December 31 (in thousands) 2022 2021 Change in non-cash Accounts receivable $ 2,023 $ (5,695) Cobalt inventory 1,579 (4,444) Accounts payable and accrued liabilities (1,318) 1,095 Other (711) 972 Total change in non-cash $ 1,573 $ (8,072) Non-Cash As more fully described in notes 1 3 8 Non-Cash Non-Revolving As more fully described in notes 1 5 7 8 non-revolving 5 Non-Cash As more fully described in Note 22 Non-Cash During 2022, the Company received common shares valued at $4.6 million as consideration for the disposal of long-term equity investments. Cash and Cash Equivalents December 31 December 31 (in thousands) 2022 2021 Cash and cash equivalents comprised of: Cash $ 170,155 $ 126,053 Cash equivalents 525,934 99,992 Total cash and cash equivalents $ 696,089 $ 226,045 Cash equivalents include short-term deposits, treasury bills, commercial paper, bankers’ depository notes and bankers’ acceptances with terms to maturity at inception of less than three months. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Income Taxes | 27. Income Taxes A summary of the Company’s income tax expense (recovery) is as follows: Income Tax Expense (Recovery) in Net Earnings Years Ended December 31 (in thousands) 2022 2021 Current income tax expense (recovery) $ 8,746 $ (7,117) Deferred income tax expense (recovery) related to: Origination and reversal of temporary differences $ 32,430 $ 65,866 Write down (reversal of write down) or recognition of prior period temporary differences (40,667) (59,018) Total deferred income tax expense (recovery) $ (8,237) $ 6,848 Total income tax expense (recovery) recognized in net earnings $ 509 $ (269) Income Tax Expense (Recovery) in Other Comprehensive Income Years Ended December 31 (in thousands) 2022 2021 Income tax expense (recovery) related to LTIs - common shares held $ 6,513 $ 2,314 Income Tax Expense (Recovery) in Shareholders ’ Equity 1 Years Ended December 31 (in thousands) 2022 2021 Current income tax expense (recovery) $ (5,932) $ (1,705) Deferred income tax expense (recovery) related to: Origination and reversal of temporary differences $ 5,932 $ 1,705 Write down (reversal of write down) or recognition of prior period temporary differences $ (4,143) $ (1,811) Total deferred income tax expense (recovery) $ 1,789 $ (106) Total income tax expense (recovery) recognized in equity $ (4,143) $ (1,811) 1) Income tax expense (recovery) in shareholders’ equity relate to share financing fees. Share financing fees are deducted over a five-year period for Canadian income tax purposes. For accounting purposes, share financing fees are charged directly to issued capital. Income Tax Rate Reconciliation The provision for income taxes differs from the amount that would be obtained by applying the statutory income tax rate to consolidated earnings before income taxes due to the following: Years Ended December 31 (in thousands) 2022 2021 Earnings before income taxes $ 669,635 $ 754,616 Canadian federal and provincial income tax rates 27.00% 27.00% Income tax expense (recovery) based on above rates $ 180,781 $ 203,746 Non-deductible (non-taxable (1,052) - Non-deductible 1,529 1,549 Differences in tax rates in foreign jurisdictions 1 (142,869) (151,037) Current period unrecognized temporary differences 2,787 4,491 Write down (reversal of write down) or recognition of prior period temporary differences (40,667) (59,018) Total income tax expense (recovery) recognized in net earnings $ 509 $ (269) 1) During the year ended December 31, 2022, the Company’s subsidiaries generated net earnings of $532 million, as compared to $564 million during the comparable period of the prior year. The majority of the Company’s income generating activities is conducted by its 100% owned subsidiary, Wheaton Precious Metals International Ltd., which operates in the Cayman Isla nd Current Income Taxes Payable The movement in current income taxes payable for the twelve months ended December 31, 2022 is as follows: (in thousands) Current Taxes Payable Current taxes payable - December 31, 2021 $ 132 Current income tax expense - income statement 8,746 Current income tax recovery - shareholders’ equity (5,932) Income taxes paid (171) Foreign exchange adjustments (12) Current taxes payable - December 31, 2022 $ 2,763 Deferred Income Taxes The recognized deferred income tax assets and liabilities are offset on the balance sheet and relate to Canada, except for the foreign withholding tax. The movement in deferred income tax assets and liabilities for the years ended December 31, 2022 and December 31, 2021, respectively, is shown below: Year Ended December 31, 2022 Recognized deferred income tax assets and liabilities Opening Balance Recovery Recovery Recovery Closing Balance Deferred tax assets Non-capital 1 $ 6,967 $ (5,178) $ - $ (1,789) $ - Capital loss carryforward - 277 515 - 792 Other 2 1,325 2,739 192 - 4,256 Deferred tax liabilities Interest capitalized for accounting (87) 87 - - - Debt financing fees 3 (737) (37) - - (774) Kutcho Convertible Note - 112 (112) - - Unrealized gains on long-term investments (170) (728) (7,108) - (8,006) Mineral stream interests 4 (7,298) 11,030 - - 3,732 Foreign withholding tax (100) (65) - - (165) Total $ (100) $ 8,237 $ (6,513) $ (1,789) $ (165) 1) As at December 31, 2022, the Company had no non-capital 2) Other includes capital assets, cobalt inventory, charitable donation carryforward, and PSU and pension liabilities. 3) Debt and share financing fees are deducted over a five-year period for Canadian income tax purposes. For accounting purposes, debt financing fees are deducted over the term of the credit facility and share financing fees are charged directly to issued capital. 4) The Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, is that the cost of the precious metal acquired under the Canadian PMPAs is equal to the market value while a deposit is outstanding (where applicable to an agreement), and the cash cost thereafter. For accounting purposes, the cost of the mineral stream interests is depleted on a unit-of-production Year Ended December 31, 2021 Opening Balance Recovery Recognized Recovery Recognized Recovery Shareholders’ Closing Balance Recognized deferred income tax assets and liabilities Deferred tax assets Non-capital $ 5,894 $ 967 $ - $ 106 $ 6,967 Capital loss carryforward 761 - (761) - - Other 5,500 (4,175) - - 1,325 Deferred tax liabilities Interest capitalized for accounting (87) - - - (87) Debt and share financing fees (728) (9) - - (737) Unrealized gains on long-term investments (7,808) 20 7,618 - (170) Mineral stream interests (3,532) (3,766) - - (7,298) Foreign withholding tax (214) 114 - - (100) Total $ (214) $ (6,849) $ 6,857 $ 106 $ (100) Deferred income tax assets in Canada not recognized are shown below: December 31 December 31 (in thousands) 2022 2021 Non-capital 1 $ - $ 19,293 Mineral stream interests 7,369 41,642 Other 1,575 8,149 Kutcho Convertible Note - 901 Unrealized losses on long-term investments 13,069 9,593 Total $ 22,013 $ 79,578 1) As at December 31, 2022, the Company had fully recognized the tax effect of non-capital Deferred income taxes have not been provided on the temporary difference relating to investments in foreign subsidiaries for which the Company can control the timing of and manner in which funds are repatriated and does not plan to repatriate funds to Ca billion as at December 31, 2022, all of which is anticipated to reverse in the future and be exempt from tax on repatriation, leaving $nil that would taxable on repatriation. |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2022 | |
Miscellaneous current assets [abstract] | |
Other Current Assets | 28. Other Current Assets The composition of other current assets is shown below: December 31 December 31 (in thousands) Note 2022 2021 Non-revolving 17 $ - $ 816 Prepaid expenses 2,856 2,525 Other 431 49 Total other current assets $ 3,287 $ 3,390 |
Other Long-Term Assets
Other Long-Term Assets | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Other Long-Term Assets | 29. Other Long-Term Assets The composition of other long-term assets is shown below: December 31 December 31 (in thousands) Note 2022 2021 Intangible assets $ 2,270 $ 2,652 Debt issue costs - Revolving Facility 21.1 5,757 5,620 Other 3,691 6,939 Total other long-term assets $ 11,718 $ 15,211 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Related Party Transactions | 30. Related Party Transactions Compensation of Key Management Personnel Key management personnel compensation, including directors, is as follows: Years Ended December 31 (in thousands) 2022 2021 Short-term benefits 1 $ 8,666 $ 8,779 Post-employment benefits 829 801 PSUs 2 8,557 8,160 Equity settled stock based compensation (a non-cash 3 3,537 3,367 Total executive compensation $ 21,589 $ 21,107 1) Short-term employee benefits include salaries, bonuses payable within twelve months of the balance sheet date and other annual employee benefits. 2) As more fully disclosed in Note 2 4 3) As more fully disclosed in Notes 2 3 3 |
Post-Employment Benefit Costs
Post-Employment Benefit Costs | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Post-Employment Benefit Costs | 31. Post-Employment Benefit Costs The Company sponsors a Group Registered Retirement Savings Plan (“RRSP”) for all qualified employees. Participants in the plan can elect to contribute up to 8% of their annual base salary and cash bonus, and the Company will contribute 125% of this amount, up to a maximum of 5/9 The Company has implemented an unregistered and unfunded defined contribution plan (known as the Supplemental Employee Retirement Plan, or the “SERP”) for all qualified employees. Under the terms of the SERP, benefits accumulate equal to 10% (or 15% for certain senior employees) of the employee’s base salary plus target bonus, less amounts contributed by the Company under the Group RRSP plan. Interest on this benefit accrues annually based on the 5-year 10-year A summary of the Company’s post-employment benefit costs during the years ended December 31, 2022 and 2021 is summarized below: Years Ended December 31 (in thousands) 2022 2021 Post-employment benefits Supplemental Employee Retirement Plan (SERP) $ 1,033 $ 1,014 Group RRSP 360 297 Total post-employment benefits $ 1,393 $ 1,311 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Commitments and Contingencies | 32. Commitments and Contingencies Mineral Stream Interests The following table summarizes the Company’s commitments to make per-ounce Mineral Stream Attributable Payable Production to be Purchased Per Unit of Measurement Cash Payment 1 Term of Date of Gold Silver Palladium Cobalt Platinum Gold Silver Palladium Cobalt Platinum Peñasquito 0 % 25% 0% 0% 0% n/a $ 4.43 n/a n/a n/a Life of Mine 24-Jul-07 Constancia 50% 100% 0% 0% 0% $ 416 2 $ 6.14 2 n/a n/a n/a Life of Mine 8-Aug-12 Salobo 75% 0% 0% 0% 0% $ 420 n/a n/a n/a n/a Life of Mine 28-Feb-13 Sudbury 70% 0% 0% 0% 0% $ 400 n/a n/a n/a n/a 20 years 28-Feb-13 Antamina 0% 33.75% 0% 0% 0% n/a 20% n/a n/a n/a Life of Mine 3-Nov-15 San Dimas variable 3 0% 3 0% 0% 0% $ 624 n/a n/a n/a n/a Life of Mine 10-May-18 Stillwater 100% 0% 4.5% 4´ 0% 0% 18% 5 n/a 18% 5 n/a n/a Life of Mine 16-Jul-18 Voisey’s Bay 0% 0% 0% 42.4% 6 0% n/a n/a n/a 18% 7 n/a Life of Mine 11-Jun-18 Marathon 100% 8 0% 0% 0% 22% 8 18% 5 n/a n/a n/a 18% 5 Life of Mine 26-Jan-22 Other Los Filos 0% 100% 0% 0% 0% n/a $ 4.60 n/a n/a n/a 25 years 15-Oct-04 Zinkgruvan 0% 100% 0% 0% 0% n/a $ 4.60 n/a n/a n/a Life of Mine 8-Dec-04 Stratoni 0% 100% 0% 0% 0% n/a $ 11.54 n/a n/a n/a Life of Mine 23-Apr-07 Neves-Corvo 0% 100% 0% 0% 0% n/a $ 4.42 n/a n/a n/a 50 years 5-Jun-07 Aljustrel 0% 100% 9 0% 0% 0% n/a 50% n/a n/a n/a 50 years 5-Jun-07 Minto 100% 10 100% 0% 0% 0% 65% 11 $ 4.39 11 n/a n/a n/a Life of Mine 20-Nov-08 Pascua-Lama 0% 25% 0% 0% 0% n/a $ 3.90 n/a n/a n/a Life of Mine 8-Sep-09 Copper World ¹² 100% 100% 0% 0% 0% $ 450 $ 3.90 n/a n/a n/a Life of Mine 10-Feb-10 Loma de La Plata 0% 12.5% 0% 0% 0% n/a $ 4.00 n/a n/a n/a Life of Mine n/a ¹³ Marmato 10.5% 14 100% 14 0% 0% 0% 18% 15 18% 15 n/a n/a n/a Life of Mine 5-Nov-20 Cozamin 0% 50% 16 0% 0% 0% n/a 10% n/a n/a n/a Life of Mine 11-Dec-20 Santo Domingo 100% 17 0% 0% 0% 0% 18% 5 n/a n/a n/a n/a Life of Mine 24-Mar-21 Fenix 6% 18 0% 0% 0% 0% 18% 5 n/a n/a n/a n/a Life of Mine 15-Nov-21 Blackwater 8% 19 50% 19 0% 0% 0% 35% 18% 5 n/a n/a n/a Life of Mine 13-Dec-21 Curipamba 50% 20 75% 20 0% 0% 0% 18% 5 18% 5 n/a n/a n/a Life of Mine 17-Jan-22 Goose 4.15% 21 0% 0% 0% 0% 18% 5 n/a n/a n/a n/a Life of Mine 8-Feb-22 Early Deposit Toroparu 10% 50% 0% 0% 0% $ 400 $ 3.90 n/a n/a n/a Life of Mine 11-Nov-13 Cotabambas 25% 22 100% 2 2 0% 0% 0% $ 450 $ 5.90 n/a n/a n/a Life of Mine 21-Mar-16 Kutcho 100% 100% 0% 0% 0% 20% 20% n/a n/a n/a Life of Mine 14-Dec-17 1) The production payment is measured as either a fixed amount per unit of metal delivered, or as a percentage of the spot price of the underlying metal on the date of delivery. Contracts where the payment is a fixed amount per unit of metal delivered are subject to an annual inflationary increase, with the exception of Loma de La Plata and Sudbury. Additionally, should the prevailing market price for the applicable metal be lower than this fixed amount, the per unit cash payment will be reduced to the prevailing market price . 2) Subject to an increase to $9.90 per ounce of silver and $550 per ounce of gold after the initial 40-year 3) Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the “70” shall be revised to “50” or “90”, as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the “70” shall be reinstated. Currently, the fixed gold to silver exchange ratio is 70:1. 4) The Company is committed to purchase 4.5% of Stillwater palladium production until 375,000 ounces are delivered to the Company, thereafter 2.25% of Stillwater palladium production until 550,000 ounces are delivered to the Company and 1% of Stillwater palladium production thereafter for the life of mine. 5) To be increased to 22% once the market value of metal delivered to Wheaton, net of the per ounce cash payment, exceeds the initial upfront cash deposit. 6) Once the Company has received 31 million pounds of cobalt, the Company’s attributable cobalt production will be reduced to 21.2%. 7) To be increased to 22% once the market value of cobalt delivered to Wheaton, net of the per pound cash payment, exceeds the initial upfront cash deposit. Additionally, on each sale of cobalt, the Company is committed to pay a variable commission depending on the market price of cobalt. 8) Once the Company has received 150,000 ounces of gold and 120,000 ounces of platinum under the Marathon PMPA, the attributable gold and platinum production will be reduced to 67% and 15%, respectively. 9) Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine. 10) The Company is committed to acquire 100% of the first 30,000 ounces of gold produced per annum and 50% thereafter. 11) Effective January 12, 2023, the cash payment per ounce of gold and silver delivered was at % of the spot price until February 28, 2023. The parties are currently in discussions in connection with a possible restructuring of the Minto PMPA and as a result, the cash payment per ounce of gold delivered will be maintained at 90 % during the negotiation period, with the production payment for silver reverting to the price under the existing Minto PMPA. In the event that the parties are unable to agree to terms for the restructuring, the production payment for gold will remain as set out in the existing Minto PMPA, being % of spot price of gold. 12) Copper World Complex (formerly referred to as Rosemont in these financial statements). 13) Terms of the agreement not yet finalized. 14) Once Wheaton has received 310.000 ounces of gold and 2.15 million ounces of silver under the Marmato PMPA the Company’s attributable gold and silver production will be reduced to 5.25% and 50%, respectively. 15) To be increased to 22% of the spot price once the market value of gold and silver delivered to the Company, net of the per ounce cash payment, exceeds the initial upfront cash deposit. 16) Once Wheaton has received 10 million ounces under the Cozamin PMPA, the Company’s attributable silver production will be reduced to 33% of silver production for the life of the mine. 17) Once the Company has received 285,000 ounces of gold under the Santo Domingo PMPA, the Company’s attributable gold production will be reduced to 67%. 18) Once the Company has received 90,000 ounces of gold under the Fenix PMPA, the Company attributable gold production will be reduced to 4% until 140,000 ounces have been delivered, after which the stream drops to 3.5%. 19) Once the Company has received 279,908 ounces of gold under the Blackwater gold PMPA, the attributable gold production will be reduced to 4%. Once the Company has received 17.8 million ounces of silver under the Blackwater silver PMPA, the attributable silver production will be reduced to 33%. 20) Once the Company has received 145,000 ounces of gold under the Curipamba PMPA, the attributable gold production will be reduced to 33%, and once the Company has received 4.6 million ounces of silver, the attributable silver production will be reduced to 50%. 21) The Company is committed to purchase 4.15 2.15 200,000 22) Once 90 million silver equivalent ounces attributable to Wheaton have been produced under the Cotabambas PMPA, the attributable production will decrease to 16.67% of gold production and 66.67% of silver production for the life of mine. Other Contractual Obligations and Contingencies Projected Payment Dates 1 (in thousands) 2023 2024 - 2025 2026 - 2027 After 2027 Total Payments for mineral stream interests Copper World 2 $ - $ - $ - $ 231,150 $ 231,150 Loma de La Plata - - - 32,400 32,400 Marmato 76,000 46,000 - - 122,000 Santo Domingo - 260,000 - - 260,000 Salobo 3 552,000 - - - 552,000 Fenix Gold - - - 25,000 25,000 Blackwater 70,500 70,500 - - 141,000 Marathon 59,061 88,591 - - 147,652 Curipamba 30,375 131,625 - - 162,000 Goose 62,500 - - - 62,500 Payments for early deposit mineral stream interest Toroparu - 138,000 - - 138,000 Cotabambas 1,000 - - 126,000 127,000 Kutcho - 29,000 29,000 - 58,000 Leases liabilities 876 1,178 - - 2,054 Total contractual obligations $ 852,312 $ 764,894 $ 29,000 $ 414,550 $ 2,060,756 1) Projected payment date based on management estimate. Dates may be updated in the future as additional information is received. 2) Copper World Complex (formerly referred to as Rosemont in these financial statements). Figure includes contingent transaction costs of $ 1 3 As more fully explained on the following page, assuming the Salobo III expansion project results in throughput being expanded beyond 35 Mtpa by January 1, 2024, the Company would expect to pay an expansion payment of $552 million. Copper World Complex The Company is committed to pay Hudbay total upfront cash payments of $230 million in two installments, with the first $50 million being advanced upon Hudbay’s receipt of permitting for the Copper World Complex (formerly referred to as Rosemont in these financial statements) and other customary conditions and the balance of $180 million being advanced once project costs incurred on the Copper World Complex exceed $98 million and certain other customary conditions. Under the Copper World Complex PMPA, the Company is permitted to elect to pay the deposit in cash or the delivery of common shares. Additionally, the Company will be entitled to certain delay payments, including where construction ceases in any material respect, or if completion is not achieved within agreed upon timelines. Hudbay and certain affiliates have provided the Company with a corporate guarantee and other security. As per Hudbay’s press release of May 12, 2022, the Ninth Circuit affirmed the U.S. District Court for Arizona’s previous decision to vacate and remand the Final Record of Decision for the Rosemont deposit within the Copper World Complex in Arizona. This decision does not impact the development of deposits within the Copper World Complex on private lands. Loma de La Plata Under the terms of the Loma de La Plata PMPA, the Company is committed to pay Pan American Silver Corp. (“Pan American”) total upfront cash payments of $32 million following the satisfaction of certain conditions, including Pan American receiving all necessary permits to proceed with the mine construction and the Company finalizing the definitive terms of the PMPA. Marmato Under the terms of the Marmato PMPA, the Company is committed to pay Aris Mining total upfront cash payments of $110 million. Of this amount, $34 million was paid on April 15, 2021; $4 million was paid on February 28, 2022; and the remaining amount is payable during the construction of the Marmato Lower Mine development portion of the Marmato mine, subject to customary conditions. Under the amended terms of the Marmato PMPA, the Company is committed to pay Aris Mining an additional cash consideration of $65 million, $15 million of which was paid to Aris Mining on April 11, 2022 and the remaining $50 million is payable during the construction and development of the Lower Mine. Santo Domingo Under the terms of the Santo Domingo PMPA, the Company is committed to pay Capstone total upfront cash payments of $290 million, $30 million of which was paid on April 21, 2021 and the remaining portion of which is payable during the construction of the Santo Domingo project, subject to customary conditions being satisfied, including Capstone attaining sufficient financing to cover total expected capital expenditures. Salobo The Salobo mine historically had a mill throughput capacity of 24 Mtpa. In October 2018, Vale’s Board of Directors approved the investment in the Salobo Expansion, which is proposed to include a third concentrator line and will use Salobo’s existing infrastructure. Vale reports the Salobo Expansion successfully commenced at the end of 2022. The project consists of two lines, which will increase the mill throughput by 50 % , the first of which started up in the fourth quarter of 2022 and the second expected to start in the first quarter of 2023. Subsequent to year e nd $ 552 million if throughput is expanded beyond 35 Mtpa by January 1, 2024. In addition, Wheaton will be required to make annual payments of between $ 5.1 million to $ 8.5 million for a 10-year period following payment of the expansion payments if the Salobo mine implements a high-grade mine plan. Fenix Under the terms of the Fenix PMPA, the Company is committed to pay total cash consideration of $50 million, of which $25 million was paid on March 25, 2022. The remaining $25 million is payable subject to Rio2’s receipt of its Environmental Impact Assessment for the Fenix Project, and certain other conditions. On June 28, 2022, Rio2 provided an update on the Fenix Gold environmental assessment process. The Environmental Assessment Service (“SEA”) published the Consolidation Evaluation Report with the recommendation to reject the EIA as it has been alleged that Rio2 has not provided enough information during the evaluation process to eliminate adverse impacts over the chinchilla, guanaco, and vicuña. On July 5, 2022, Rio2 announced that the Regional Evaluation Commission has voted to not approve the EIA. On September 7, 2022, Rio2 announced that on review of the Environmental Qualification Resolution (“RCA”), Rio2 identified numerous discrepancies with factual and procedural matters in the RCA and Rio2 has filed an administrative appeal on August 31, 2022. In parallel with the administrative appeal process, Rio2 indicate that they will work closely with regional authorities to address any remaining concerns. On September 7, 2022, Rio2 stated that the estimated timing for obtaining EIA approval is approximately one and a half to two years. The Company’s management has determined that no indicator of impairment existed as of the balance sheet date and will continue to monitor Rio2’s response to the Regional Evaluation Commission decision. Blackwater Under the terms of the Blackwater Silver PMPA, the Company is committed to pay total upfront consideration of $141 million, which is payable in four equal installments during the construction of the Blackwater Project, subject to customary conditions being satisfied. Marathon Under the terms of the Marathon PMPA, the Company is committed to pay total upfront cash consideration of $ 178 million (Cdn$ million), $ million (Cdn$ million) of which was paid on March 31 , 2022 and $ million (Cdn$ 20 million) was paid o Curipamba Under the terms of the Curipamba PMPA, the Company is committed to pay total upfront cash consideration of $175.5 million, $13 million of which is available pre-construction ve Goose Under the terms of the Goose PMPA, the Company is committed to pay total upfront cash consideration of $125 million in four equal installments during construction of the Goose Project, subject to customary conditions. The initial payment of $31.25 million was paid on September 28, 2022 and the second installment of $31.25 million was paid on December 6, 2022. Toroparu Under the terms of the Toroparu Early Deposit Agreement, the Company is committed to pay a subsidiary of Aris Mining an additional $138 million, payable on an installment basis to partially fund construction of the mine. Aris Mining is to deliver certain feasibility documentation . t he delivery of this feasibility documentation , Cotabambas Under the terms of the Cotabambas Early Deposit Agreement, the Company is committed to pay Panoro a total cash consideration of $140 million, of which $13 million has been paid to date. Once certain conditions have been met, the Company will advance an additional $1 million to Panoro. Following the delivery of a bankable definitive feasibility study, environmental study and impact assessment, and other related documents (collectively, the “Cotabambas Feasibility Documentation”), and receipt of permits and construction commencing, the Company may then advance the remaining deposit or elect to terminate the Cotabambas Early Deposit Agreement. If the Company elects to terminate, the Company will be entitled to a return of the portion of the amounts advanced less $2 million payable upon certain triggering events occurring. Kutcho Under the terms of the Kutcho Early Deposit Agreement, the Company is committed to pay Kutcho a total cash consideration of $65 million, of which $7 million has been paid to date. The remaining $58 million will be advanced on an installment basis to partially fund construction of the mine once certain conditions have been satisfied. Canada Revenue Agency – Canada Revenue Agency – 2013 to 2016 Taxation Years - Domestic Reassessments The Company received Notices of Reassessment in 2018, 2019, and 2022 for the 2013 to 2016 taxation years in which the Canada Revenue Agency (“CRA”) is seeking to change the timing of the deduction of upfront payments with respect to the Company’s PMPAs relating to Canadian mining assets, so that the cost of precious metal acquired under these Canadian PMPAs is equal to the cash cost paid on delivery plus an amortized amount of the upfront payment determined on a units-of-production In total, the Company expects the Domestic Reassessments to have assessed tax, interest and other penalties of approximately $2 million. Management believes the Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, that the cost of the precious metal acquired under the Canadian PMPAs is equal to the market value while a deposit is outstanding, and the cash cost thereafter, is correct. The Company has filed Notices of Objection and paid 50% of the disputed amounts in order to challenge the Domestic Reassessments. Tax Contingencies Due to the size, complexity and nature of the Company’s operations, various legal and tax matters are outstanding from time to time, including audits and disputes. Under the terms of the settlement with the CRA of the transfer pricing dispute relating to the 2005 to 2010 taxation years (the “CRA Settlement”), income earned outside of Canada by the Company’s foreign subsidiaries will not be subject to tax in Canada under transfer pricing rules. The CRA Settlement principles apply to all taxation years after 2010 subject to there being no material change in facts or change in law or jurisprudence. The CRA is not restricted under the terms of the CRA Settlement from issuing reassessments on some basis other than transfer pricing which could result in some or all of the income of the Company’s foreign subsidiaries being subject to tax in Canada. It is not known or determinable by the Company when the currently ongoing audits by CRA of international and domestic transactions will be completed, or whether reassessments will be issued, or the basis, quantum or timing of any such potential reassessments, and it is therefore not practicable for the Company to estimate the financial effect, if any, of those ongoing audits. From time to time there may also be proposed legislative changes to law or outstanding legal actions that may have an impact on the current or prior periods, the outcome, applicability and impact of which is also not known or determinable by the Company. General By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events. If the Company is unable to resolve any of these matters favorably, there may be a material adverse impact on the Company’s financial performance, cash flows or results of operations. In the event that the Company’s estimate of the future resolution of any of the foregoing matters changes, the Company will recognize the effects of the change in its consolidated financial statements in the appropriate period relative to when such change occurs. |
Segmented Information
Segmented Information | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Segmented Information | 33. Segmented Information Operating Segments The Company’s reportable operating segments, which are the components of the Company’s business where discrete financial information is available and which are evaluated on a regular basis by the Company’s Chief Executive Officer (“CEO”), who is the Company’s chief operating decision maker, for the purpose of assessing performance, are summarized in the tables below: Year Ended December 31, 2022 (in thousands) Sales Cost Depletion Impairment 1 Net Cash Flow From Operations Total Gold Salobo 5 $ 296,145 $ 68,211 $ 54,677 $ - $ 173,257 $ 227,933 $ 2,383,262 Sudbury 2, 5 39,211 8,706 23,753 - 6,752 30,789 283,416 Constancia 54,868 12,520 8,206 - 34,142 42,348 95,583 San Dimas 75,238 26,053 10,858 - 38,327 49,186 155,865 Stillwater 16,583 2,983 3,933 - 9,667 13,600 215,852 Other 3 47,653 19,995 1,252 1,719 24,687 27,610 494,143 Total gold interests $ 529,698 $ 138,468 $ 102,679 $ 1,719 $ 286,832 $ 391,466 $ 3,628,121 Silver Peñasquito 5 $ 174,635 $ 34,657 $ 28,344 $ - $ 111,634 $ 139,978 $ 293,674 Antamina 5 107,794 21,622 34,684 - 51,488 85,824 545,368 Constancia 44,798 12,440 12,937 - 19,421 32,358 192,947 Other 4, 5 143,776 46,339 36,640 (166,198) 226,995 96,251 453,096 Total silver interests $ 471,003 $ 115,058 $ 112,605 $ (166,198) $ 409,538 $ 354,411 $ 1,485,085 Palladium Stillwater $ 32,160 $ 5,687 $ 6,018 $ - $ 20,455 $ 26,472 $ 226,812 Platinum Marathon $ - $ - $ - $ - $ - $ - $ 9,428 Cobalt Voisey’s Bay $ 32,192 $ 8,408 $ 10,650 $ - $ 13,134 $ 28,449 $ 357,573 Total mineral stream interests $ 1,065,053 $ 267,621 $ 231,952 $ (164,479) $ 729,959 $ 800,798 $ 5,707,019 Other General and administrative $ (35,831) $ (35,332) Share based compensation (20,060) (18,161) Donations and community investments (6,296) (5,718) Finance costs (5,586) (4,135) Other 7,449 6,143 Income tax (509) (171) Total other $ (60,833) $ (57,374) $ 1,052,887 Consolidated $ 669,126 $ 743,424 $ 6,759,906 1) See Notes 1 3 4 2) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating 3) Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating 777, Minto and Marmato gold interests as well as the non-operating 4) Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Minto, Cozamin, Marmato and 777 silver interests, the non-operating Loma de La Plata, Stratoni, Pascua-Lama, Copper World Complex (formerly referred to as Rosemont in these financial statements), Blackwater and Curipamba silver interests and the previously owned Keno Hill and Yauliyacu silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. The Stratoni mine was placed into care and maintenance during Q4-2021. On September 7, 2022, the Keno Hill stream was terminated in exchange for 141 3 132 3 5) As it relates to mine operator concentration risk: a. The counterparty obligations under the Salobo, Sudbury and Voisey’s Bay PMPAs are guaranteed by the parent company Vale. Total revenues relative to Vale PMPAs during the year ended December 31, 2022 were 35% of the Company’s total revenue. b. The counterparty obligations under the Antamina PMPA and the Yauliyacu PMPA (which is included as part of Other silver interests) are guaranteed by the parent company Glencore plc (“Glencore”) and its subsidiary. Total revenues relative to Glencore PMPAs during the year ended December 31, 202 2 c. The counterparty obligations under the Peñasquito PMPA are guaranteed by the parent company Newmont Corporation (“Newmont”). Total revenues relative to Newmont during the year ended December 31, 2022 were 16% of the Company’s total revenue. Should any of these mine operators become unable or unwilling to fulfill their obligations under their agreements with the Company, there could be a material adverse impact on the Company including, but not limited to, the Company’s revenue, net income and cash flows from operations Year Ended December 31, 2021 (in thousands) Sales Cost Depletion Impairment 1 Net Cash Flow From Operations Total Gold Salobo 5 $ 343,398 $ 78,746 $ 71,405 $ - $ 193,247 $ 264,652 $ 2,437,939 Sudbury 2, 5 24,475 5,407 13,847 - 5,221 19,068 307,169 Constancia 5 32,974 7,536 5,780 - 19,658 25,438 103,789 San Dimas 86,290 29,612 15,479 - 41,199 56,679 166,723 Stillwater 20,487 3,703 4,525 - 12,259 16,784 219,785 Other 3, 5 54,296 18,268 1,836 - 34,192 36,444 364,792 Total gold interests $ 561,920 $ 143,272 $ 112,872 $ - $ 305,776 $ 419,065 $ 3,600,197 Silver Peñasquito $ 201,688 $ 34,518 $ 28,554 $ - $ 138,616 $ 167,169 $ 322,018 Antamina 5 156,735 31,395 46,882 - 78,458 125,688 580,052 Constancia 5 36,775 8,926 11,160 - 16,689 27,848 205,884 Other 4, 5 178,231 57,312 39,526 - 81,393 123,359 593,195 Total silver interests $ 573,429 $ 132,151 $ 126,122 $ - $ 315,156 $ 444,064 $ 1,701,149 Palladium Stillwater $ 45,834 $ 8,384 $ 8,559 $ - $ 28,891 $ 37,450 $ 232,830 Cobalt Voisey’s Bay 5 $ 20,482 $ 4,140 $ 7,240 $ (156,717) $ 165,819 $ 3,687 $ 371,621 Total mineral stream interests $ 1,201,665 $ 287,947 $ 254,793 $ (156,717) $ 815,642 $ 904,266 $ 5,905,797 Other General and administrative $ (35,119) $ (31,931) Share based compensation (19,265) (16,926) Donations and community investments (6,601) (6,323) Finance costs (5,817) (4,271) Other 5,776 609 Income tax 269 (279) Total corporate $ (60,757) $ (59,121) $ 390,354 Consolidated $ 754,885 $ 845,145 $ 6,296,151 2) See Note 1 4 3) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating 4) Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating 777, Minto and Marmato gold interests as well as the non-operating 5) Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Stratoni, Aljustrel, Neves-Corvo, Minto, 777, Marmato and Cozamin silver interests, the non-operating Loma de La Plata, Copper World Complex (formerly referred to as Rosemont in these financial statements) and Pascua-Lama silver interests and the previously owned Keno Hill and Yauliyacu silver interests. The Stratoni mine was placed into care and maintenance during Q4-2021. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On 141 3 132 3 6) As it relates to mine operator concentration risk: a. The counterparty obligations under the Salobo, Sudbury and Voisey’s Bay PMPAs are guaranteed by the parent company Vale. Total revenues relative to Vale PMPAs during the year ended December 31, 2021 were 32% of the Company’s total revenue. b. The counterparty obligations under the Antamina PMPA and the previously owned Yauliyacu PMPA (which is included as part of Other silver interests) are guaranteed by the parent company Glencore plc (“Glencore”) and its subsidiary. Total revenues relative to Glencore PMPAs during the year ended December 31, 2021 were 18% of the Company’s total revenue. c. The counterparty obligations under the Peñasquito PMPA are guaranteed by the parent company Newmont Corporation (“Newmont”). Total revenues relative to Newmont during the year ended December 31, 2021 were 17% of the Company’s total revenue. Should any of these mine operators become unable or unwilling to fulfill their obligations under their agreements with the Company, there could be a material adverse impact on the Company including, but not limited to, the Company’s revenue, net income and cash flows from operations. Geographical Areas The Company’s geographical information, which is based on the location of the mining operations to which the mineral stream interests relate, are summarized in the tables below: Carrying Amount at (in thousands) Sales Gold Silver Palladium Platinum Cobalt Total North America Canada $ 124,710 12% $ 668,011 $ 450 $ - $ 9,428 $ 357,573 $ 1,035,462 United States 48,743 5% 215,852 566 226,812 - - 443,230 Mexico 266,367 25% 155,863 423,103 - - - 578,966 Europe Greece 3,291 0% - - - - - - Portugal 25,728 2% - 18,366 - - - 18,366 Sweden 41,613 4% - 29,108 - - - 29,108 South America Argentina/Chile 1 - 0% - 253,514 - - - 253,514 Argentina - 0% - 10,889 - - - 10,889 Chile - 0% 56,536 - - - - 56,536 Brazil 296,145 28% 2,383,263 - - - - 2,383,263 Peru 253,441 24% 95,584 738,310 - - - 833,894 Ecuador - 0% 10,181 3,671 - - - 13,852 Colombia 5,015 0% 42,831 7,108 - - - 49,939 Consolidated $ 1,065,053 100% $ 3,628,121 $ 1,485,085 $ 226,812 $ 9,428 $ 357,573 $ 5,707,019 1) Includes the Pascua-Lama project, which straddles the border of Argentina and Chile. Carrying Amount at (in thousands) Sales Gold Silver Palladium Platinum Cobalt Total North America Canada $ 108,594 9% $ 614,733 $ 28,138 $ - $ - $ 371,621 $ 1,014,492 United States 66,321 6% 219,785 566 232,830 - - 453,181 Mexico 307,639 26% 166,722 462,627 - - - 629,349 Europe Greece 9,154 1% - - - - - - Portugal 41,320 3% - 19,001 - - - 19,001 Sweden 33,018 3% - 31,152 - - - 31,152 South America Argentina/Chile 1 - 0% - 253,514 - - - 253,514 Argentina - 0% - 10,889 - - - 10,889 Chile - 0% 31,349 - - - - 31,349 Brazil 343,398 28% 2,437,938 - - - - 2,437,938 Peru 286,285 24% 103,789 888,730 - - - 992,519 Colombia 5,936 0% 25,881 6,532 - - - 32,413 Consolidated $ 1,201,665 100% $ 3,600,197 $ 1,701,149 $ 232,830 $ - $ 371,621 $ 5,905,797 1) Includes the Pascua-Lama project, which straddles the border of Argentina and Chile. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Subsequent Events | 34. Subsequent Events Declaration of Dividend Under the Company’s dividend policy, the quarterly dividend per common share is targeted to equal approximately 30% of the average cash flow generated by operating activities in the previous four quarters divided by the Company’s then outstanding common shares, all rounded to the nearest cent. To minimize volatility in quarterly dividends, the Company has set a minimum quarterly dividend for the duration of 202 3 On March 9, 2023, the Board of Directors declared a dividend in the amount of $0.15 per common share, with this dividend being payable to shareholders of record on March 24, 2023 and is expected to be distributed on or about April 6, 2023. The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares based on the Average Market Price, as defined in the DRIP. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
New Accounting Standards Effective in 2022 | 3.1. New Accounting Standards Effective in 2022 The Company considers that there are no new standards, interpretations and amendments effective in 2022 that impacted the Company’s significant accounting policies. |
Principles of Consolidation | 3.2. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its 100% owned subsidiaries Wheaton Precious Metals International Ltd., Silver Wheaton Luxembourg S.a.r.l. and Wheaton Precious Metals (Cayman) Co. Subsidiaries are fully consolidated from the date on which the Company obtains a controlling interest. Control is defined as an investor’s power over an investee with exposure, or rights, to variable returns from the investee and the ability to affect the investor’s returns through its power over the investee. Subsidiaries are included in the consolidated financial results of the Company from the effective date of acquisition up to the effective date of disposition or loss of control. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. Balances, transactions, income and expenses between the Company and its subsidiaries are eliminated on consolidation. |
Cash and Cash Equivalents | 3.3. Cash and Cash Equivalents Cash and cash equivalents include cash and highly liquid money market investments including short-term deposits, treasury bills, commercial paper, bankers’ depository notes and bankers’ acceptances with terms to maturity of less than three months. |
Revenue Recognition | 3.4. Revenue Recognition Revenue relating to the sale of precious metals is recognized when control of the precious metal is transferred to the customer in an amount that reflects the consideration the Company expects to receive in exchange for those products. In determining whether the Company has satisfied a performance obligation, it considers the indicators of the transfer of control, which include, but are not limited to, whether: the Company has a present right to payment; the customer has legal title to the asset; the Company has transferred physical possession of the asset to the customer; and the customer has the significant risks and rewards of ownership of the asset. Under certain PMPAs, precious metal is acquired from the mine operator in the form of precious metal credits, which is then sold through bullion banks. Revenue from precious metal credit sales is recognized at the time of the sale of such credits, which is also the date that control of the precious metal is transferred to the customer. The Company will occasionally enter into forward contracts in relation to precious metal deliveries that it is highly confident will occur within a given quarter. The sales price is fixed at the delivery date based on either the terms of these short-term forward sales contracts or the spot price of the precious metal. Under certain PMPAs, precious metal is acquired from the mine operator in concentrate form, which is then sold under the terms of the concentrate sales contracts to third-party smelters or traders. Where the Company acquires precious metals in concentrate form, final precious metal prices are set on a specified future quotational period (the “Quotational Period”) pursuant to the concentrate sales contracts with third-party smelters, typically one to three months after the shipment date, based on market prices for precious metals. The contracts, in general, provide for a provisional payment based upon provisional assays and quoted precious metal prices. Final settlement is based upon the average applicable price for the Quotational Period applied to the actual number of precious metal ounces recovered calculated using confirmed smelter weights and settlement assays. Revenues and the associated cost of sales are recorded on a gross basis under these contracts at the time title passes to the buyer, which is also the date that control of the precious metal is transferred to the customer. The Company has concluded that the adjustments relating to the final assay results for the quantity of concentrate sold are not significant and do not constrain the recognition of revenue. Title to but not control of cobalt is transferred to a third-party sales agent who then onsells the cobalt to Wheaton approved third party customers. Revenue from the sale of cobalt is recognized when the third party customer and sales terms have been agreed to between Wheaton and the third-party sales agent, which is also the date that control of the cobalt is transferred to the third-party sales agent. |
Financial Instruments | 3.5. Financial Instruments Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through net earnings) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through net earnings are recognized immediately in net earnings. |
Financial Assets | 3.6. Financial Assets Financial assets are subsequently measured at either amortized cost or fair value, depending on the classification of the financial assets. Financial Assets at Fair Value Through Other Comprehensive Income (“FVTOCI”) The Company’s long-term investments in common shares held are for long-term strategic purposes and not for trading. Upon the adoption of IFRS 9, Financial Instruments (“IFRS 9”), the Company made an irrevocable election to designate these long-term investments in common shares held as FVTOCI as it believes that this provides a more meaningful presentation for long-term strategic investments, rather than reflecting changes in fair value in net earnings. Long-term investments in common shares held are initially measured at fair value. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognized as a component of other comprehensive income (“OCI”) and accumulated in the long-term investment revaluation reserve. The cumulative gain or loss will not be reclassified to net earnings on disposal of these long-term investments but is reclassified to retained earnings. Dividends on these long-term investments in common shares held are recognized as a component of net earnings in the period they are received under the classification Other (Income) Expense. Financial Assets at Fair Value Through Net Earnings (“FVTNE”) Cash and cash equivalents are stated at FVTNE. Warrants held by the Company for long-term investment purposes are classified as FVTNE. These warrants are measured at fair value at the end of each reporting period, with any gains or losses arising on remeasurement recognized as a component of net earnings under the classification Other (Income) Expense. Convertible notes receivable (Note 1 7 As discussed in Note 3.4, the Company’s provisionally priced sales contain an embedded derivative that is reflected at fair value at the end of each reporting period. Fair value gains and losses related to the embedded derivative are included in revenue in the period they occur. Financial Assets at Amortized Cost The non-revolving non-interest non-revolving Foreign Exchange Gains and Losses The fair value of financial assets denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each reporting period. The foreign exchange component forms part of its fair value gain or loss. Therefore, · For financial assets that are classified as FVTNE, the foreign exchange component is recognized as a component of net earnings; · For financial assets that are classified as FVTOCI, the foreign exchange component is recognized as a component of OCI; and · For financial assets that are denominated in a foreign currency and are measured at amortized cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortized cost of the instruments and are recognized as a component of net earnings. Derecognition of Financial Assets The Company derecognizes a financial asset only when the contractual rights to cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognizes its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received. On derecognition of a financial asset that is classified as FVTOCI, the cumulative gain or loss (net of tax) previously accumulated in the long-term investment revaluation reserve is not reclassified to net earnings, but is reclassified to retained earnings. |
Financial Liabilities and Equity Instruments | 3.7. Financial Liabilities and Equity Instruments Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definition of a financial liability and equity instrument. All financial liabilities are subsequently measured at amortized cost using the effective interest method or at FVTNE, depending on the classification of the instrument. Equity Instruments An equity instrument is a contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received less direct issue costs (net of any current or deferred income tax recovery attributable to such costs). Share Purchase Warrants Issued Share purchase warrants issued with an exercise price denominated in the Company’s functional currency (US dollars) are considered equity instruments with the consideration received reflected within shareholders’ equity under the classification of share purchase warrants reserve. Upon exercise, the original consideration is reallocated from share purchase warrants reserve to issued share capital along with the associated exercise price. Bank Debt Bank debt is initially measured at fair value, net of transaction costs, and is subsequently measured at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. Other Financial Liabilities Accounts payable and accrued liabilities are stated at amortized cost, which approximate fair values due to the short terms to maturity. Foreign Exchange Gains and Losses The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each reporting period. Therefore, · For financial liabilities that are denominated in a foreign currency and are measured at amortized cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortized cost of the instruments and are recognized as a component of net earnings; and · For financial liabilities that are classified as FVTNE, the foreign exchange component forms part of the fair value gains or losses and is recognized as a component of net earnings. Derecognition of Financial Liabilities The Company derecognizes financial liabilities when the Company’s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable, including any non-cash |
Mineral Stream Interests | 3.8. Mineral Stream Interests Agreements for which settlement is called for in gold, silver, palladium or cobalt, the amount of which is based on production at the mines, are stated at cost less accumulated depletion and accumulated impairment charges, if any. The cost of the asset is comprised of its purchase price, any closing costs directly attributable to acquiring the asset, and, for qualifying assets, borrowing costs. The purchase price is the aggregate cash amount paid and the fair value of any other non-cash Depletion The cost of these mineral stream interests is separately allocated to reserves, resources and exploration potential. The value allocated to reserves is classified as depletable and is depleted on a unit-of-production non-depletable Asset Impairment Management considers each PMPA to be a separate cash generating unit (“CGU”), which is the lowest level for which cash inflows are largely independent of those of other assets. At the end of each reporting period, the Company assesses each PMPA to determine whether any indication of impairment or impairment reversal exists. If such an indication exists, the recoverable amount of the PMPA is estimated in order to determine the extent of the impairment or impairment reversal (if any). The recoverable amount of each PMPA is the higher of fair value less cost of disposal (“FVLCD”) and value in use (“VIU”). The FVLCD represents the amount that could be received from each PMPA in an arm’s length transaction at the measurement date. If the carrying amount of the PMPA exceeds its recoverable amount, the PMPA is considered impaired and an impairment charge is reflected as a component of net earnings so as to reduce the carrying amount to its recoverable value. A previously recognized impairment charge is reversed only if there has been an indicator of a potential impairment reversal and the resulting assessment of the PMPA’s recoverable amount exceeds its carrying value. If this |
Borrowing and Debt Issue Costs | 3.9. Borrowing and Debt Issue Costs Borrowing costs allocable to qualifying assets, which are assets that necessarily take a substantial period of preparation for their intended use, are capitalized and included in the carrying amounts of the related assets until such time as the assets are substantially ready for their intended use. Borrowing costs that do not relate to the acquisition or construction of qualifying assets are reflected as a component of net earnings under the classification Finance Costs, as incurred. Debt issue costs on non-revolving |
Stock Based Payment Transactions | 3.10. Stock Based Payment Transactions The Company recognizes a stock based compensation expense for all share purchase options and restricted share units (“RSUs”) awarded to employees, officers and directors based on the fair values of the share purchase options and RSUs at the date of grant. The fair values of share purchase options and RSUs at the date of grant are expensed over the vesting periods of the share purchase options and RSUs, respectively, with a corresponding increase to equity. The fair value of share purchase options is determined using the Black-Scholes option pricing model with market related inputs as of the date of grant. Share purchase options with graded vesting schedules are accounted for as separate grants with different vesting periods and fair values. The fair value of RSUs is the market value of the underlying shares at the date of grant. At the end of each reporting period, the Company re-assesses The Company recognizes a stock based compensation expense for performance share units (“PSUs”) which are awarded to eligible employees and are settled in cash. Compensation expense for the PSUs is recorded on a straight-line basis over the three year vesting period. This estimated expense is reflected as a component of net earnings over the vesting period of the PSUs with the related obligation recorded as a liability on the balance sheet. The amount of compensation expense is adjusted at the end of each reporting period to reflect (i) the fair market value of common shares; (ii) the number of PSUs anticipated to vest; and (iii) the anticipated performance factor. |
Income Taxes | 3.11. Income Taxes Income tax expense comprises current and deferred income tax. Current and deferred income taxes are recognized as a component of net earnings except to the extent that it relates to items recognized directly in equity or as a component of OCI. Current income tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years. Deferred income tax is recognized using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax assets and liabilities are measured using tax rates and laws that have been enacted or substantively enacted at the end of the reporting period and which are expected to apply when the related deferred income tax assets are realized or the deferred income tax liabilities are settled. Deferred income tax liabilities are generally recognized for all taxable temporary differences. Deferred income tax assets are generally recognized for all deductible temporary differences and the carry forward of unused tax losses and tax credits to the extent that it is probable that sufficient future taxable income, including income arising from reversing taxable temporary differences and tax planning opportunities, will be available against which those deductible temporary differences and the carry forward of unused tax losses and tax credits can be utilized. Deferred income tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries except where the reversal of the temporary difference can be controlled and it is probable that the difference will not reverse in the foreseeable future. Deferred income tax assets arising from deductible temporary differences associated with such investments are only recognized to the extent that it is probable that there will be sufficient taxable income against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred income tax assets are reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable income, including income arising from reversing taxable temporary differences and tax planning opportunities, will be available to allow all or part of the deferred income tax assets to be recovered. Deferred income tax assets and liabilities are not recognized for temporary differences arising from the initial recognition (other than in a business combination) of assets and liabilities in a transaction which does not affect either the accounting income or the taxable income. In addition, deferred income tax liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill. |
Earnings Per Share | 3.12. Earnings Per Share Earnings per share calculations are based on the weighted average number of common shares and common share equivalents issued and outstanding during the year. Diluted earnings per share is calculated using the treasury method which requires the calculation of diluted earnings per share by assuming that outstanding share purchase options and warrants with an exercise price that exceeds the average market price of the common shares for the period are exercised, and th e pr |
Foreign Currency Translation | 3.13. Foreign Currency Translation The functional currency is the currency of the primary economic environment in which an entity operates. The consolidated financial statements are presented in US dollars, which is the functional currency of the Company and its subsidiaries. Foreign currency monetary assets and liabilities are translated into US dollars at the exchange rates prevailing at the balance sheet date. Non-monetary |
Leasing | 3.14. Leasing The Company as the Lessee At inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to use an identified asset for a period of time in exchange for consideration. The Company recognizes a right-of-use The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Company re-measures right-of-use re-measured The right-of-use |
Property, plant and equipment | 3.15. Property, plant and equipment Property, plant and equipment are measured at cost less accumulated depreciation. The cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is based on cost and is calculated on a straight-line basis over the estimated economic life of the asset. The right of use asset discussed in Note 3.14 and the leasehold improvements are depreciated over the life of the lease term. Other assets, which include computer software, computer equipment, office furniture and office equipment, are depreciated over their estimated economic life, which ranges from to years. |
Provisions | 3.16. Provisions Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount required to settle the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. |
Post-Employment Benefit Costs | 3.17. Post-Employment Benefit Costs The Company provides a Supplemental Employee Retirement Plan (“SERP) to all qualified employees. The SERP is an unregistered and unfunded defined contribution plan under which the Company makes a fixed notional contribution to an account maintained by the Company. Any benefits under the SERP have a vesting period of five years from the first date of employment. The notional contributions are recognized as employee benefit expense in earnings in the periods during which services are rendered by employees. |
Future Changes in Accounting Policies | 3.18. Future Changes to Accounting Policies The IASB has issued the following new or amended standards: Amendment to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction The amendments to IAS 12 clarify that the initial recognition exemption does not apply to transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. Early application of the amendments is permitted. The amendments apply to transactions that occur on or after the beginning of the earliest comparative period presented. In addition, at the beginning of the earliest comparative period the following would be recognized: ● a deferred tax asset to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized and a deferred tax liability for all deductible and taxable temporary differences associated with right-of-use ● the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at that date. The implementation of this amendment is not expected to have a material impact on the Company. Amendment to IAS 1- The amendments to IAS 1, clarify the presentation of liabilities. The classification of liabilities as current or non-current non-current non-current Amendments to IAS 1 and IFRS Practice Statement 2 – Disclosure of Accounting policies The amendments require that an entity discloses its material accounting policies, instead of its significant accounting policies. Further amendments explain how an entity can identify a material accounting policy. Examples of when an accounting policy is likely to be material are added. To support the amendment, the IASB has also developed guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’ described in IFRS Practice Statement 2. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. The Company is currently evaluating the impact of the amendment on its financial statements. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Classification of Financial Assets and Liabilities | The following table summarizes the classification of the Company’s financial assets and liabilities: December 31 December 31 (in thousands) Note 2022 2021 Financial assets Financial assets mandatorily measured at FVTNE 1 Cash and cash equivalents 26 $ 696,089 $ 226,045 Trade receivables from provisional concentrate sales, net of fair value adjustment 6, 11 2,516 1,716 Long-term investments - warrants held 560 1,536 Convertible note receivable 17 - 17,086 Investments in equity instruments designated at FVTOCI 1 Long-term investments - common shares held 18 255,535 59,941 Financial assets measured at amortized cost Non-revolving 17, 28 - 816 Trade receivables from sales of cobalt 11 6,642 9,488 Refundable deposit - 777 PMPA 1 8,073 - Other accounts receivable 1,029 373 Total financial assets $ 970,444 $ 317,001 Financial liabilities Financial liabilities at amortized cost Accounts payable and accrued liabilities $ 12,570 $ 13,939 Pension liability 3,524 2,685 Total financial liabilities $ 16,094 $ 16,624 1) FVTNE refers to Fair Value Through Net Earnings, FVTOCI refers to Fair Value Through Other Comprehensive Income |
Maximum Exposure to Credit Risk Related to Financial Assets | The Company’s maximum exposure to credit risk related to its financial assets is as follows: December 31 December 31 (in thousands) Note 2022 2021 Cash and cash equivalents 26 $ 696,089 $ 226,045 Trade receivables from provisional concentrate sales, net of fair value adjustment 11 2,516 1,716 Trade receivables from sales of cobalt 11 6,642 9,488 Refundable Deposit - 777 PMPA 1 8,073 - Other accounts receivables 11 1,029 373 Non-revolving 17, 28 - 816 Convertible notes receivable 17 - 17,086 Maximum exposure to credit risk related to financial assets $ 714,349 $ 255,524 |
Timing Associated with Remaining Contractual Payments Relating to Financial Liabilities | The table includes both interest and principal cash flows, where applicable. As at December 31, 2022 (in thousands) 2022 2023 - 2024 2025 - 2026 After 2026 Total Accounts payable and accrued liabilities $ 12,570 $ - $ - $ - $ 12,570 Performance share units 1 14,566 6,673 - - 21,239 Total $ 27,136 $ 6,673 $ - $ - $ 33,809 1) See Note 2 4 |
Summary of Carrying Amounts of Canadian Dollar Denominated Monetary Assets and Monetary Liabilities | The carrying amounts of the Company’s Canadian dollar denominated monetary assets and monetary liabilities at the end of the reporting period are as follows: December 31 December 31 (in thousands) 2022 2021 Monetary assets Cash and cash equivalents $ 311 $ 1,567 Accounts receivable 739 155 Long-term investments - common shares held 60,443 59,517 Long-term investments - warrants held 560 1,536 Convertible note receivable - 17,086 Non-revolving - 816 Other long-term assets 3,308 3,534 Total Canadian dollar denominated monetary assets $ 65,361 $ 84,211 Monetary liabilities Accounts payable and accrued liabilities $ 8,180 $ 9,001 Performance share units 16,971 21,079 Lease liability 1,315 1,919 Pension liability 3,524 2,685 Total Canadian dollar denominated monetary liabilities $ 29,990 $ 34,684 |
Summary of Sensitivity to 10% Increase or Decrease in Canadian Dollar | The following tables detail the Company’s sensitivity to a 10% increase or decrease in the Canadian dollar relative to the United States dollar, representing the sensitivity used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in exchange rates. As at December 31, 2022 Change in Canadian Dollar (in thousands) 10% 10% Increase (decrease) in net earnings $ (2,507 ) $ 2,507 Increase (decrease) in other comprehensive income 6,044 (6,044 ) Increase (decrease) in total comprehensive income $ 3,537 $ (3,537 ) As at December 31, 2021 Change in Canadian Dollar (in thousands) 10% 10% Increase (decrease) in net earnings $ (999 ) $ 999 Increase (decrease) in other comprehensive income 5,952 (5,952 ) Increase (decrease) in total comprehensive income $ 4,953 $ (4,953) |
Summary of Financial Assets and Liabilities Measured at Fair Value by Level within Fair Value Hierarchy | The following table sets forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy. As required by IFRS 13, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. December 31, 2022 (in thousands) Note Total Level 1 Level 2 Level 3 Cash and cash equivalents 26 $ 696,089 $ 696,089 $ - $ - Trade receivables from provisional concentrate sales, net of fair value adjustment 11 2,516 - 2,516 - Long-term investments - common shares held 18 255,535 255,535 - - Long-term investments - warrants held 18 560 - 560 - $ 954,700 $ 951,624 $ 3,076 $ - December 31, 2021 (in thousands) Note Total Level 1 Level 2 Level 3 Cash and cash equivalents 26 $ 226,045 $ 226,045 $ - $ - Trade receivables from provisional concentrate sales, net of fair value adjustment 11 1,716 - 1,716 - Long-term investments - common shares held 18 59,941 59,941 - - Long-term investments - warrants held 18 1,536 - 1,536 - Kutcho Convertible Note 17 17,086 - - 17,086 $ 306,324 $ 285,986 $ 3,252 $ 17,086 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Revenue | Years Ended December 31 (in thousands) 2022 2021 Sales Gold credit sales $ 529,698 50 % $ 561,920 47 % Silver Silver credit sales $ 400,372 38 % $ 489,936 41 % Concentrate sales 70,631 6 % 83,493 7 % Total silver sales $ 471,003 44 % $ 573,429 48 % Palladium credit sales $ 32,160 3 % $ 45,834 4 % Cobalt sales $ 32,192 3 % $ 20,482 1 % Total sales revenue $ 1,065,053 100 % $ 1,201,665 100 % |
General and Administrative (Tab
General and Administrative (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of General and Administrative Expense | Years Ended December 31 (in thousands) 2022 2021 Corporate Salaries and benefits $ 14,895 $ 14,205 Depreciation 1,154 1,102 Professional fees 1,680 3,376 Business travel 950 219 Director f e 1,109 1,096 Employer hea lt 840 750 Audit and reg ul 2,845 2,937 Insurance 2,135 1,771 Other 3,469 3,100 General and administrative - corporate $ 29,077 $ 28,556 Subsidiaries Salaries and benefits $ 4,327 $ 4,039 Depreciation 434 408 Professional fees 539 797 Business travel 242 33 Director fees 200 200 Insurance 44 36 Other 968 1,050 General and administrative - subsidiaries $ 6,754 $ 6,563 Consolidated general and administrative $ 35,831 $ 35,119 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Summary of share based compensation | Years Ended December 31 (in thousands) Note 2022 2021 Equity settled share based compensation 1 Stock options 23.2 $ 2,366 $ 2,065 RSUs 23.3 3,480 3,196 Cash settled share based compensation PSUs 24.1 $ 14,214 $ 14,004 Total share based compensation $ 20,060 $ 19,265 1) Equity settled stock based compensation is a non-cash |
Donations and Community Inves_2
Donations and Community Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Donations and Community Investments [Abstract] | |
Disclosure of Donations and Community Investments | Years Ended December 31 (in thousands) 2022 2021 Local donations and community investments 1 $ 2,333 $ 1,953 Partner donations and community investments 2 3,798 3,204 COVID-19 165 1,444 Total donations and community investments $ 6,296 $ 6,601 1) The Local Community Investment Program supports organizations in Vancouver and the Cayman Islands, where Wheaton’s offices are located. 2) The Partner Community Investment Program supports the communities influenced by Mining Partners’ operations. |
Other (Income) Expense (Tables)
Other (Income) Expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Other (Income) Expense | Years Ended December 31 (in thousands) Note 2022 2021 Interest income $ (6,321) $ (241) Dividends received from equity investments designated as FVTOCI ¹ relating to investments held at the end of the period (453) (221) Foreign exchange (gain) loss (890) 275 Net (gain) loss arising on financial assets mandatorily measured at FVTPL ² (Gain) loss on fair value adjustment of share purchase warrants held 1,033 2,101 (Gain) loss on fair value adjustment of convertible notes receivable 17 1,380 (5,733) Other (2,198) (1,957) Total other (income) expense $ (7,449) $ (5,776) 1) FVTOCI refers to Fair Value Through Other Comprehensive Income 2) FVTPL refers to Fair Value Through Profit or Loss |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Accounts Receivable | December 31 December 31 (in thousands) Note 2022 2021 Trade receivables from provisional concentrate sales, net of fair value adjustment 6 $ 2,516 $ 1,716 Trade receivables from sales of cobalt 6 6,642 9,488 Other accounts receivable 1,029 373 Total accounts receivable $ 10,187 $ 11,577 |
Cobalt Inventory (Tables)
Cobalt Inventory (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of the inventory on hand | A summary of the inventory on hand at December 31, 2022 and 2021 is as follows: December 31 December 31 (in thousands) 2022 2021 Cobalt Inventory, carried at: Cost $ - $ 8,712 Net realizable value 10,530 - Total cobalt inventory $ 10,530 $ 8,712 |
Mineral Stream Interests (Table
Mineral Stream Interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Detailed Information About Termination Of Mineral Stream Interests [Line Items] | |
Schedule of Mineral Stream Interests | Year Ended December 31, 2022 Cost Accumulated Depletion & Impairment 1 Carrying 2022 (in thousands) Balance Additions (Reductions) Disposal Balance 2022 Balance Depletion Disposal Impairment (Charge) Reversal Balance Gold interests Salobo $ 3,059,876 $ - - $ 3,059,876 $ (621,937) $ (54,677) - $ - $ (676,614) $ 2,383,262 Sudbury 2 623,864 - - 623,864 (316,695) (23,753) - - (340,448) 283,416 Constancia 140,058 - - 140,058 (36,269) (8,206) - - (44,475) 95,583 San Dimas 220,429 - - 220,429 (53,706) (10,858) - - (64,564) 155,865 Stillwater 3 239,352 - - 239,352 (19,567) (3,933) - - (23,500) 215,852 Other 4 761,334 138,515 (354,458) 545,391 (396,542) (1,252) 348,265 (1,719) (51,248) 494,143 $ 5,044,913 $ 138,515 $ (354,458) $ 4,828,970 $ (1,444,716) $ (102,679) $ 348,265 $ (1,719) $ (1,200,849) $ 3,628,121 Silver interests Peñasquito $ 524,626 $ - $ - 524,626 $ (202,608) $ (28,344) $ - $ - $ (230,952) $ 293,674 Antamina 900,343 - - 900,343 (320,291) (34,684) - - (354,975) 545,368 Constancia 302,948 - - 302,948 (97,064) (12,937) - - (110,001) 192,947 Other 5 1,438,974 4,519 (425,294) 1,018,199 (845,779) (36,640) 306,986 10,330 (565,103) 453,096 $ 3,166,891 $ 4,519 $ (425,294) $ 2,746,116 $ (1,465,742) $ (112,605) $ 306,986 $ 10,330 $ (1,261,031) $ 1,485,085 Palladium interests Stillwater 3 $ 263,721 $ - - $ 263,721 $ (30,891) $ (6,018) - $ - $ (36,909) $ 226,812 Platinum interests Marathon $ - $ 9,428 - $ 9,428 $ - $ - - $ - $ - $ 9,428 Cobalt interests Voisey’s Bay 6 $ 393,422 $ - - $ 393,422 $ (21,801) $ (14,048) - $ - $ (35,849) $ 357,573 $ 8,868,947 $ 152,462 $ (779,752) $ 8,241,657 $ (2,963,150) $ (235,350) $ 655,251 $ 8,611 $ (2,534,638) $ 5,707,019 1) Includes cumulative impairment charges to December 31, 2022 as follows: Pascua-Lama silver interest - $338 million; and Sudbury gold interest - $120 million. 2) Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests. 3) Comprised of the Stillwater and East Boulder gold and palladium interests. 4) Comprised of the Minto, Copper World Complex (formerly referred to as Rosemont in these financial statements), 777, Marmato, Santo Domingo, Fenix, Blackwater Marathon, Goose and Curipamba gold interests. As the 777 mine has been permanently closed, the 777 PMPA has been reflected as a disposition, with the carrying value transferred to a long-term receivable (Note 19). 5) Comprised of the Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Keno Hill, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex (formerly referred to as Rosemont in these financial statements), 777, Marmato, Cozamin, Blackwater and Curipamba silver interests. The Keno Hill PMPA and the Yauliyacu PMPA were terminated on September 7, 2022 and December 14, 2022, respectively. As the 777 mine has been permanently closed, the 777 PMPA has been reflected as a disposition, with the carrying value transferred to a long-term receivable (Note 19). 6) When cobalt is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the cobalt is recorded as a cost of sale. Depletion in this table for the Voisey’s Bay cobalt interest is inclusive of depletion relating to inventory. Year Ended December 31, 2021 Cost Accumulated Depletion & Impairment 1 Carrying (in thousands) Balance Additions (Reductions) Balance Balance Depletion Impairment Reversal Balance Gold interests Salobo $ 3,059,876 $ - $ 3,059,876 $ (550,532 ) $ (71,405 ) $ - $ (621,937 ) $ 2,437,939 Sudbury 2 623,864 - 623,864 (302,848 ) (13,847 ) - (316,695 ) 307,169 Constancia 136,058 4,000 140,058 (30,489 ) (5,780 ) - (36,269 ) 103,789 San Dimas 220,429 - 220,429 (38,227 ) (15,479 ) - (53,706 ) 166,723 Stillwater 3 239,352 - 239,352 (15,042 ) (4,525 ) - (19,567 ) 219,785 Other 4 402,232 359,102 761,334 (394,706 ) (1,836 ) - (396,542 ) 364,792 $ 4,681,811 $ 363,102 $ 5,044,913 $ (1,331,844 ) $ (112,872 ) $ - $ (1,444,716 ) $ 3,600,197 Silver interests Peñasquito $ 524,626 $ - $ 524,626 $ (174,054 ) $ (28,554 ) $ - $ (202,608 ) $ 322,018 Antamina 900,343 - 900,343 (273,409 ) (46,882 ) - (320,291 ) 580,052 Constancia 302,948 - 302,948 (85,904 ) (11,160 ) - (97,064 ) 205,884 Other 5 1,281,228 157,746 1,438,974 (806,253 ) (39,526 ) - (845,779 ) 593,195 $ 3,009,145 $ 157,746 $ 3,166,891 $ (1,339,620 ) $ (126,122 ) $ - $ (1,465,742 ) $ 1,701,149 Palladium interests Stillwater 3 $ 263,721 $ - $ 263,721 $ (22,332 ) $ (8,559 ) $ - $ (30,891 ) $ 232,830 Cobalt interests Voisey’s Bay 6 $ 393,422 $ - $ 393,422 $ (165,912 ) $ (12,606 ) $ 156,717 $ (21,801 ) $ 371,621 $ 8,348,099 $ 520,848 $ 8,868,947 $ (2,859,708 ) $ (260,159 ) $ 156,717 $ (2,963,150 ) $ 5,905,797 1) Includes cumulative impairment charges to December 31, 2021 as follows: Keno Hill silver interest - $11 million; Pascua-Lama silver interest - $338 million; 777 silver interest - $64 million; 777 gold interest - $151 million; and Sudbury gold interest - $120 million. 2) Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests. 3) Comprised of the Stillwater and East Boulder gold and palladium interests. 4) Comprised of the Minto, Copper World Complex (formerly referred to as Rosemont in these financial statements), 777, Marmato, Santo Domingo, Fenix and Blackwater gold interests. 5) Comprised of the Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Keno Hill, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex (formerly referred to as Rosemont in these financial statements), 777, Marmato, Cozamin and Blackwater silver interests. The Keno Hill PMPA and the Yauliyacu PMPA were terminated on September 7, 2022 and December 14, 2022, respectively. 6) When cobalt is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the cobalt is recorded as a cost of sale. Depletion in this table for the Voisey’s Bay cobalt interest is inclusive of depletion relating to inventory. |
Classification of Mining Interest Between Depletable and Non-depletable | December 31, 2022 December 31, 2021 (in thousands) Depletable Non- Depletable Total Depletable Non- Depletable Total Gold interests Salobo $ 1,990,789 $ 392,473 $ 2,383,262 $ 2,045,466 $ 392,473 $ 2,437,939 Sudbury 1 239,002 44,414 283,416 244,109 63,060 307,169 Constancia 89,097 6,486 95,583 96,808 6,981 103,789 San Dimas 51,459 104,406 155,865 60,574 106,149 166,723 Stillwater 2 191,051 24,801 215,852 196,853 22,932 219,785 Other 3 19,248 474,895 494,143 28,025 336,767 364,792 $ 2,580,646 $ 1,047,475 $ 3,628,121 $ 2,671,835 $ 928,362 $ 3,600,197 Silver interests Peñasquito $ 219,969 $ 73,705 $ 293,674 $ 237,720 $ 84,298 $ 322,018 Antamina 198,294 347,074 545,368 232,977 347,075 580,052 Constancia 182,171 10,776 192,947 194,364 11,520 205,884 Other 4 139,424 313,672 453,096 272,620 320,575 593,195 $ 739,858 $ 745,227 $ 1,485,085 $ 937,681 $ 763,468 $ 1,701,149 Palladium interests Stillwater 2 $ 218,104 $ 8,708 $ 226,812 $ 222,859 $ 9,971 $ 232,830 Platinum interests Marathon $ - $ 9,428 $ 9,428 $ - $ - $ - Cobalt interests Voisey’s Bay $ 316,749 $ 40,824 $ 357,573 $ 330,795 $ 40,826 $ 371,621 $ 3,855,357 $ 1,851,662 $ 5,707,019 $ 4,163,170 $ 1,742,627 $ 5,905,797 1) Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests. 2) Comprised of the Stillwater and East Boulder gold and palladium interests. 3) Comprised of the Minto, Copper World Complex (formerly referred to as Rosemont in these financial statements), 777, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose and Curipamba gold interests. As the 777 mine has been permanently closed, the 777 PMPA has been reflected as a disposition, with the carrying value transferred to a long-term receivable (Note 19). 4) Comprised of the Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Keno Hill, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex (formerly referred to as Rosemont in these financial statements), 777, Marmato, Cozamin, Blackwater and Curipamba silver interests. The Keno Hill PMPA and the Yauliyacu PMPA were terminated on September 7, 2022 and December 14, 2022, respectively. As the 777 mine has been permanently closed, the 777 PMPA has been reflected as a disposition, with the carrying value transferred to a long-term receivable (Note 19). |
Keno Hill Pmpa [Member] | |
Disclosure Of Detailed Information About Termination Of Mineral Stream Interests [Line Items] | |
Disclosure Of Detailed Information About Termination Of Investment Property | (in thousands) Fair value of Hecla Mining Company shares received $ 140,596 Less: carrying value after impairment reversal, plus closing costs (36,201 ) Gain on disposal of the Keno Hill PMPA $ 104,395 |
Yauliyacu PMPA [Member] | |
Disclosure Of Detailed Information About Termination Of Mineral Stream Interests [Line Items] | |
Disclosure Of Detailed Information About Termination Of Investment Property | (in thousands) Proceeds received on disposal of Yauliyacu $ 131,937 Less: carrying value plus closing costs (80,464 ) Gain on disposal of the Yauliyacu PMPA $ 51,473 |
Impairment (Impairment Revers_2
Impairment (Impairment Reversal) of Mineral Stream Interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Schedule of Impairment (Reversal) of Mineral Stream Interests | Years Ended December 31 (in thousands) Note 2022 2021 Gold interests Other gold interests 777 19 $ 1,719 $ - Silver interests Other silver interests Keno Hill $ (10,330) $ - Cobalt Interests Voisey’s Bay - (156,717) Total net impairment reversal $ (8,611) $ (156,717) |
Early Deposit Mineral Stream _2
Early Deposit Mineral Stream Interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Early Deposit Mineral Stream Interests | The following table summarizes the early deposit mineral stream interests currently owned by the Company: Attributable Early Deposit Mineral Stream Interests Mine Location of Upfront 1 Upfront 1, 2 Total Gold Silver Term of Toroparu Aris Mining Guyana $ 15,500 $ 138,000 $ 153,500 10% 50% Life of Mine Cotabambas Panoro Peru 13,000 127,000 140,000 25% ³ 100% ³ Life of Mine Kutcho Kutcho Canada 16,852 58,000 74,852 100% 100% Life of Mine $ 45,352 $ 323,000 $ 368,352 1) Expressed in thousands of United States dollars; excludes closing costs and capitalized interest, where applicable. 2) Please refer to Note 32 for details of when the remaining upfront consideration to be paid becomes due. 3) Once 90 million silver equivalent ounces attributable to Wheaton have been produced, the attributable production will decrease to 16.67% of gold production and 66.67% of silver production for the life of mine. |
Convertible Notes Receivable (T
Convertible Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Schedule of the Company's Convertible Note Receivable | Year Ended December 31, 2022 (in thousands) Fair Value at Amount Termination Fair Value Fair Value at Dec 31, 2022 Kutcho $ 17,086 $ - $ (15,706 ) $ (1,380 ) $ - Year Ended December 31, 2021 (in thousands) Fair Value at Amount Advanced Termination Fair Value Fair Value at Kutcho $ 11,353 $ - $ - $ 5,733 $ 17,086 |
Long-Term Equity Investments (T
Long-Term Equity Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Long-Term Equity Investments | December 31 December 31 (in thousands) 2022 2021 Common shares held $ 255,535 $ 59,941 Warrants held 560 1,536 Total long-term equity investments $ 256,095 $ 61,477 Common Shares Held Year Ended December 31, 2022 (in thousands) Shares % of Fair Value at Cost of Proceeds of Disposition 1 Fair Value 2 Fair Value at Realized Loss Bear Creek 13,264 8.65% $ 12,764 $ - $ - $ (5,321) $ 7,443 $ - Sabina 31,095 5.58% 13,381 19,833 - (2,679) 30,535 - Kutcho 18,640 14.83% - 11,721 - (8,624) 3,097 - Hecla 35,012 5.78% - 141,450 - 53,218 194,668 - Other 33,796 6,139 (4,601) (15,542) 19,792 (3,797) Total $ 59,941 $ 179,143 $ (4,601) $ 21,052 $ 255,535 $ (3,797) 1) Disposals during 2022 were made as a result of the acquisition of the companies to which the shares relate by unrelated third party entities. 2) Fair Value Gains (Losses) are reflected as a component of OCI. Year Ended December 31, 2021 (in thousands) Shares % of Fair Value at Cost of Proceeds of 1 Fair Value 2 Fair Value at Realized Gain Bear Creek 13,264 10.67% $ 32,609 $ - $ - $ (19,845) $ 12,764 $ - Sabina 11,700 2.82% 30,233 - - (16,852) 13,381 - First Majestic - 0.00% 95,984 - (112,188) 16,204 - 60,530 Other 37,415 7,453 (17,565) 6,493 33,796 13,048 Total $ 196,241 $ 7,453 $ (129,753) $ (14,000) $ 59,941 $ 73,578 1) Disposals during 2021 were made in order to capitalize on the share appreciation resulting from the strong commodity price environment. 2) Fair Value Gains (Losses) are reflected as a component of OCI. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Property, Plant and Equipment | December 31, 2022 (in thousands) Leasehold Right of Use Other Total Cost Balance - January 1, 2022 $ 4,382 $ 4,793 $ 4,856 $ 14,031 Additions - - 289 289 Disposals (378) - (228) (606) Balance - December 31, 2022 $ 4,004 $ 4,793 $ 4,917 $ 13,714 Accumulated Depreciation Balance - January 1, 2022 $ (3,226) $ (2,196) $ (3,100) $ (8,522) Disposals 378 - 228 606 Depreciation (320) (769) (499) (1,588) Balance - December 31, 2022 $ (3,168) $ (2,965) $ (3,371) $ (9,504) Net book value - December 31, 2022 $ 836 $ 1,828 $ 1,546 $ 4,210 December 31, 2021 (in thousands) Leasehold Right of Use Other Total Cost Balance - January 1, 2021 $ 4,382 $ 4,793 $ 4,131 $ 13,306 Additions - - 730 730 Disposals - - (5) (5) Balance - December 31, 2021 $ 4,382 $ 4,793 $ 4,856 $ 14,031 Accumulated Depreciation Balance - January 1, 2021 $ (2,906) $ (1,444) $ (2,667) $ (7,017) Disposals - - 5 5 Depreciation (320) (752) (438) (1,510) Balance - December 31, 2021 $ (3,226) $ (2,196) $ (3,100) $ (8,522) Net book value - December 31, 2021 $ 1,156 $ 2,597 $ 1,756 $ 5,509 |
Credit Facilities (Tables)
Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Lease Liabilities Explanatory | The lease liability on the Company’s offices located in Vancouver, Canada and the Cayman Islands is as follows: December 31 December 31 (in thousands) 2022 2021 Current portion $ 818 $ 813 Long-term portion 1,152 2,060 Total lease liabilities $ 1,970 $ 2,873 |
Summary of Finance Lease Maturity Analys is Explanatory | The maturity analysis, on an undiscounted basis, of these leases is as follows: (in thousands) December 31 2022 Not later than 1 year $ 870 Later than 1 year and not later than 5 years 1,182 Later than 5 years - Total lease liabilities $ 2,052 |
Summary of Company's Finance Costs | A summary of the Company’s finance costs associated with the above facilities during the period is as follows: Years Ended December 31 (in thousands) Note 2022 2021 Interest Expense During Period Average principal outstanding during period $ - $ 19,506 Average effective interest rate during period 21.1 n.a. 1.17% Total interest expense incurred during period $ - $ 229 Costs related to undrawn credit facilities 21.1 5,262 5,313 Interest expense - lease liabilities 21.2 91 123 Letters of guarantee 5.3 233 152 Total finance costs $ 5,586 $ 5,817 |
Issued Capital (Tables)
Issued Capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Capital Issued | (in thousands) Note December 31 December 31 Issued capital Share capital issued and outstanding: 452,318,526 common shares (December 31, 2021: 450,863,952 common shares) 22.1 $ 3,752,662 $ 3,698,998 |
Summary of Common Shares Issued and Outstanding | A continuity schedule of the Company’s issued and outstanding common shares from January 1, 2021 to December 31, 2022 is presented below: Number Weighted At January 1, 2021 449,458,394 Share purchase options exercised 1 398,880 Cdn$24.96 Restricted share units released 1 116,880 Cdn$0.00 Dividend reinvestment plan 2 889,798 US$43.33 At December 31, 2021 450,863,952 Share purchase options exercised 1 493,129 Cdn$28.76 Restricted share units released 1 87,838 Cdn$0.00 Dividend reinvestment plan 2 873,607 US$38.75 At December 31, 2022 452,318,526 1) The weighted average price of share purchase options exercised and restricted share units released represents the respective exercise price. 2) The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. The weighted average price for common shares issued under the DRIP represents the volume weighted average price of the common shares on the five trading days preceding the dividend payment date, less a discount of 1%. |
Schedule of Dividends Declared | 22.2. Dividends Declared Years Ended December 31 (in thousands, except per share amounts) 2022 2021 Dividends declared per share $ 0.60 $ 0.57 Average number of shares eligible for dividend 451,577 450,188 Total dividends paid $ 270,946 $ 256,607 Paid as follows: Cash $ 237,097 88% $ 218,052 85% DRIP 1 33,849 12% 38,555 15% Total dividends paid $ 270,946 100% $ 256,607 100% Shares issued under the DRIP 874 890 1) The Company has implemented a DRIP whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. 2) As at December 31, 2022, cumulative dividends of $1,795 million have been declared and paid by the Company. |
Reserves (Tables)
Reserves (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Reserves | Note December 31 December 31 (in thousands) 2022 2021 Reserves Share purchase warrants 23.1 $ 83,077 $ 83,077 Share purchase options 23.2 22,578 22,349 Restricted share units 23.3 8,142 7,196 Long-term investment revaluation reserve, net of tax 23.4 (47,250) (65,586) Total reserves $ 66,547 $ 47,036 |
Summary of Share Purchase Warrants | The Company’s share purchase warrants (“warrants”) are presented below: Number of Weighted Exchange Share Warrants outstanding 10,000,000 $43.75 1.00 $ 83,077 |
Summary of Fair Value of Share Purchase Options | The weighted average fair value of share purchase options granted and principal assumptions used in applying the Black-Scholes option pricing model are as follows: Years Ended December 31 2022 2021 Black-Scholes weighted average assumptions Grant date share price and exercise price Cdn$60.00 Cdn$49.86 Expected dividend yield 1.32% 1.53% Expected volatility 35% 35% Risk-free interest rate 1.72% 0.51% Expected option life, in years 3.0 3.0 Weighted average fair value per option granted Cdn$13.84 Cdn$10.69 Number of options issued during the period 283,440 317,560 Total fair value of options issued (000’s) $ 3,069 $ 2,720 |
Disclosure of Information About Options Outstanding and Exercisable | The following table summarizes information about the options outstanding and exercisable at December 31, 2022: Exercise Price (Cdn$) Exercisable Non-Exercisable Total Options Weighted $26.24 114,610 - 114,610 0.2 years $27.64¹ 3,660 - 3,660 0.2 years $30.82 4,477 - 4,477 1.5 years $32.61¹ 53,435 - 53,435 2.2 years $32.93 358,050 - 358,050 1.2 years $33.25¹ 35,375 - 35,375 1.2 years $33.47 327,495 - 327,495 2.2 years $49.86 83,596 160,386 243,982 5.2 years $54.11¹ 19,650 40,176 59,826 5.2 years $60.00 - 224,520 224,520 6.2 years $63.60¹ - 52,870 52,870 6.2 years 1,000,348 477,952 1,478,300 3.2 years 1) US$ share purchase options converted to Cdn$ using the exchange rate of 1.3544, being the Cdn$/US$ exchange rate at December 31, 2022. |
Disclosure of Share Purchase Options Reserve | A continuity schedule of the Company’s outstanding share purchase options from January 1, 2021 to December 31, 2022 is presented below: Number of Weighted Average Exercise Price At January 1, 2021 1,786,817 Cdn$29.54 Granted (fair value - $3 million or Cdn$10.69 per option) 317,560 49.86 Exercised (398,880) 24.96 At December 31, 2021 1,705,497 Cdn$34.40 Granted (fair value - $3 million or Cdn$13.84 per option) 283,440 60.00 Exercised (493,129) 28.76 Forfeited (17,508) 53.73 At December 31, 2022 1,478,300 Cdn$41.37 |
Disclosure of Restricted Share Units Reserve | A continuity schedule of the Company’s restricted share units outstanding from January 1, 2021 to December 31, 2022 is presented below: Number of Weighted At January 1, 2021 370,258 $22.40 Granted (fair value - $4 million) 96,680 39.95 Released (116,880) 24.09 At December 31, 2021 350,058 $26.69 Granted (fair value - $4 million) 91,780 46.72 Released (87,838) 28.85 Forfeited (3,794) 39.95 At December 31, 2022 350,206 $31.25 |
Disclosure of Long Term Investment Revaluation Reserve | A continuity schedule of the Company’s long-term investment revaluation reserve from January 1, 2021 to December 31, 2022 is presented below: (in thousands) Change in Deferred Recovery Total At January 1, 2021 $ 22,103 $ (6,968) $ 15,135 Unrealized gain (loss) on LTIs 1 (14,000) (2,314) (16,314) Reallocate reserve to retained earnings upon disposal of LTIs 1 18 (73,578) 9,171 (64,407) At December 31, 2021 $ (65,475) $ (111) $ (65,586) Unrealized gain (loss) on LTIs 1 21,052 (6,513) 14,539 Reallocate reserve to retained earnings upon disposal of LTIs 1 18 3,797 - 3,797 At December 31, 2022 $ (40,626) $ (6,624) $ (47,250) 1) LTIs refers to long-term investments in common shares held. |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Schedule of the Company's Outstanding PSUs | A continuity schedule of the Company’s outstanding PSUs (assuming a performance factor of 100% is achieved over the performance period) and the Company’s PSU accrual from January 1, 2021 to December 31, 2022 is presented below: (in thousands, except for number of PSUs outstanding) Number of PSUs PSU accrual liability At January 1, 2021 593,150 $ 29,081 Granted 134,180 - Accrual related to the fair value of the PSUs outstanding - 14,004 Foreign exchange adjustment - 149 Paid (213,820) (16,929) At December 31, 2021 513,510 $ 26,305 Granted 129,140 - Accrual related to the fair value of the PSUs outstanding - 14,414 Foreign exchange adjustment - (870) Paid (186,730) (18,411) Forfeited (11,300) (199) At December 31, 2022 444,620 $ 21,239 |
Schedule of Performance Share Units Outstanding | A summary of the PSUs outstanding at December 31, 2022 is as follows: Year of Grant Year of Number Estimated Value Per PSU at Anticipated Percent PSU 2020 2023 191,980 $40.73 200% 93% 14,566 2021 2024 126,590 $40.24 175% 60% 5,345 2022 2025 126,050 $39.63 100% 27% 1,328 444,620 $ 21,239 |
Earnings per Share ("EPS") an_2
Earnings per Share ("EPS") and Diluted Earnings per Share ("Diluted EPS") (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Profit or loss [abstract] | |
Summary of Diluted EPS Calculated Based on Weighted Average Number of Shares Outstanding | Diluted EPS is calculated based on the following weighted average number of shares outstanding: Years Ended December 31 (in thousands) 2022 2021 Basic weighted average number of shares outstanding 451,570 450,138 Effect of dilutive securities Share purchase options 425 676 Restricted share units 349 356 Diluted weighted average number of shares outstanding 452,344 451,170 |
Summary of Share Purchase Options and Share Purchase Warrants Excluded From Computation of Diluted Earnings Per Share | The following table lists the number of share purchase options and share purchase warrants excluded from the computation of diluted earnings per share because the exercise prices exceeded the average market value of the common shares of Cdn$50.55, compared to Cdn$52.94 for the comparable period in 2021. Years Ended December 31 (in thousands) 2022 2021 Share purchase options 337 - Share purchase warrants 10,000 10,000 Total 10,337 10,000 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Change in Non-Cash Working Capital | Change in Non-Cash Years Ended December 31 (in thousands) 2022 2021 Change in non-cash Accounts receivable $ 2,023 $ (5,695) Cobalt inventory 1,579 (4,444) Accounts payable and accrued liabilities (1,318) 1,095 Other (711) 972 Total change in non-cash $ 1,573 $ (8,072) |
Summary of Cash and Cash Equivalents | Cash and Cash Equivalents December 31 December 31 (in thousands) 2022 2021 Cash and cash equivalents comprised of: Cash $ 170,155 $ 126,053 Cash equivalents 525,934 99,992 Total cash and cash equivalents $ 696,089 $ 226,045 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Schedule of Income Tax Expense (Recovery) | A summary of the Company’s income tax expense (recovery) is as follows: Income Tax Expense (Recovery) in Net Earnings Years Ended December 31 (in thousands) 2022 2021 Current income tax expense (recovery) $ 8,746 $ (7,117) Deferred income tax expense (recovery) related to: Origination and reversal of temporary differences $ 32,430 $ 65,866 Write down (reversal of write down) or recognition of prior period temporary differences (40,667) (59,018) Total deferred income tax expense (recovery) $ (8,237) $ 6,848 Total income tax expense (recovery) recognized in net earnings $ 509 $ (269) |
Schedule of Income Tax Expense (Recovery) in Other Comprehensive Income | Income Tax Expense (Recovery) in Other Comprehensive Income Years Ended December 31 (in thousands) 2022 2021 Income tax expense (recovery) related to LTIs - common shares held $ 6,513 $ 2,314 |
Schedule of Income Tax Expense (Recovery) in Shareholders' Equity | Income Tax Expense (Recovery) in Shareholders ’ Equity 1 Years Ended December 31 (in thousands) 2022 2021 Current income tax expense (recovery) $ (5,932) $ (1,705) Deferred income tax expense (recovery) related to: Origination and reversal of temporary differences $ 5,932 $ 1,705 Write down (reversal of write down) or recognition of prior period temporary differences $ (4,143) $ (1,811) Total deferred income tax expense (recovery) $ 1,789 $ (106) Total income tax expense (recovery) recognized in equity $ (4,143) $ (1,811) 1) Income tax expense (recovery) in shareholders’ equity relate to share financing fees. Share financing fees are deducted over a five-year period for Canadian income tax purposes. For accounting purposes, share financing fees are charged directly to issued capital. |
Schedule of Income Tax Rate Reconciliation | Income Tax Rate Reconciliation The provision for income taxes differs from the amount that would be obtained by applying the statutory income tax rate to consolidated earnings before income taxes due to the following: Years Ended December 31 (in thousands) 2022 2021 Earnings before income taxes $ 669,635 $ 754,616 Canadian federal and provincial income tax rates 27.00% 27.00% Income tax expense (recovery) based on above rates $ 180,781 $ 203,746 Non-deductible (non-taxable (1,052) - Non-deductible 1,529 1,549 Differences in tax rates in foreign jurisdictions 1 (142,869) (151,037) Current period unrecognized temporary differences 2,787 4,491 Write down (reversal of write down) or recognition of prior period temporary differences (40,667) (59,018) Total income tax expense (recovery) recognized in net earnings $ 509 $ (269) 1) During the year ended December 31, 2022, the Company’s subsidiaries generated net earnings of $532 million, as compared to $564 million during the comparable period of the prior year. |
Schedule of Deferred Income Taxes | Deferred Income Taxes The recognized deferred income tax assets and liabilities are offset on the balance sheet and relate to Canada, except for the foreign withholding tax. The movement in deferred income tax assets and liabilities for the years ended December 31, 2022 and December 31, 2021, respectively, is shown below: Year Ended December 31, 2022 Recognized deferred income tax assets and liabilities Opening Balance Recovery Recovery Recovery Closing Balance Deferred tax assets Non-capital 1 $ 6,967 $ (5,178) $ - $ (1,789) $ - Capital loss carryforward - 277 515 - 792 Other 2 1,325 2,739 192 - 4,256 Deferred tax liabilities Interest capitalized for accounting (87) 87 - - - Debt financing fees 3 (737) (37) - - (774) Kutcho Convertible Note - 112 (112) - - Unrealized gains on long-term investments (170) (728) (7,108) - (8,006) Mineral stream interests 4 (7,298) 11,030 - - 3,732 Foreign withholding tax (100) (65) - - (165) Total $ (100) $ 8,237 $ (6,513) $ (1,789) $ (165) 1) As at December 31, 2022, the Company had no non-capital 2) Other includes capital assets, cobalt inventory, charitable donation carryforward, and PSU and pension liabilities. 3) Debt and share financing fees are deducted over a five-year period for Canadian income tax purposes. For accounting purposes, debt financing fees are deducted over the term of the credit facility and share financing fees are charged directly to issued capital. 4) The Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, is that the cost of the precious metal acquired under the Canadian PMPAs is equal to the market value while a deposit is outstanding (where applicable to an agreement), and the cash cost thereafter. For accounting purposes, the cost of the mineral stream interests is depleted on a unit-of-production Year Ended December 31, 2021 Opening Balance Recovery Recognized Recovery Recognized Recovery Shareholders’ Closing Balance Recognized deferred income tax assets and liabilities Deferred tax assets Non-capital $ 5,894 $ 967 $ - $ 106 $ 6,967 Capital loss carryforward 761 - (761) - - Other 5,500 (4,175) - - 1,325 Deferred tax liabilities Interest capitalized for accounting (87) - - - (87) Debt and share financing fees (728) (9) - - (737) Unrealized gains on long-term investments (7,808) 20 7,618 - (170) Mineral stream interests (3,532) (3,766) - - (7,298) Foreign withholding tax (214) 114 - - (100) Total $ (214) $ (6,849) $ 6,857 $ 106 $ (100) |
Deferred income tax assets in Canada not recognized | Deferred income tax assets in Canada not recognized are shown below: December 31 December 31 (in thousands) 2022 2021 Non-capital 1 $ - $ 19,293 Mineral stream interests 7,369 41,642 Other 1,575 8,149 Kutcho Convertible Note - 901 Unrealized losses on long-term investments 13,069 9,593 Total $ 22,013 $ 79,578 1) As at December 31, 2022, the Company had fully recognized the tax effect of non-capital |
Disclosure Of Detailed Information About Current Income Taxes Payable Explanatory | Current Income Taxes Payable The movement in current income taxes payable for the twelve months ended December 31, 2022 is as follows: (in thousands) Current Taxes Payable Current taxes payable - December 31, 2021 $ 132 Current income tax expense - income statement 8,746 Current income tax recovery - shareholders’ equity (5,932) Income taxes paid (171) Foreign exchange adjustments (12) Current taxes payable - December 31, 2022 $ 2,763 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Miscellaneous current assets [abstract] | |
Disclosure of other current assets | The composition of other current assets is shown below: December 31 December 31 (in thousands) Note 2022 2021 Non-revolving 17 $ - $ 816 Prepaid expenses 2,856 2,525 Other 431 49 Total other current assets $ 3,287 $ 3,390 |
Other Long-Term Assets (Tables)
Other Long-Term Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Composition of other long term assets table explanatory | The composition of other long-term assets is shown below: December 31 December 31 (in thousands) Note 2022 2021 Intangible assets $ 2,270 $ 2,652 Debt issue costs - Revolving Facility 21.1 5,757 5,620 Other 3,691 6,939 Total other long-term assets $ 11,718 $ 15,211 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Schedule of Key Management Personnel Compensation, Including Directors | Key management personnel compensation, including directors, is as follows: Years Ended December 31 (in thousands) 2022 2021 Short-term benefits 1 $ 8,666 $ 8,779 Post-employment benefits 829 801 PSUs 2 8,557 8,160 Equity settled stock based compensation (a non-cash 3 3,537 3,367 Total executive compensation $ 21,589 $ 21,107 1) Short-term employee benefits include salaries, bonuses payable within twelve months of the balance sheet date and other annual employee benefits. 2) As more fully disclosed in Note 2 4 3) As more fully disclosed in Notes 2 3 3 |
Post-Employment Benefit Costs (
Post-Employment Benefit Costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Schedule of post employment benefits | A summary of the Company’s post-employment benefit costs during the years ended December 31, 2022 and 2021 is summarized below: Years Ended December 31 (in thousands) 2022 2021 Post-employment benefits Supplemental Employee Retirement Plan (SERP) $ 1,033 $ 1,014 Group RRSP 360 297 Total post-employment benefits $ 1,393 $ 1,311 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Commitments to Purchase Mineral Stream | Mineral Stream Interests The following table summarizes the Company’s commitments to make per-ounce Mineral Stream Attributable Payable Production to be Purchased Per Unit of Measurement Cash Payment 1 Term of Date of Gold Silver Palladium Cobalt Platinum Gold Silver Palladium Cobalt Platinum Peñasquito 0 % 25% 0% 0% 0% n/a $ 4.43 n/a n/a n/a Life of Mine 24-Jul-07 Constancia 50% 100% 0% 0% 0% $ 416 2 $ 6.14 2 n/a n/a n/a Life of Mine 8-Aug-12 Salobo 75% 0% 0% 0% 0% $ 420 n/a n/a n/a n/a Life of Mine 28-Feb-13 Sudbury 70% 0% 0% 0% 0% $ 400 n/a n/a n/a n/a 20 years 28-Feb-13 Antamina 0% 33.75% 0% 0% 0% n/a 20% n/a n/a n/a Life of Mine 3-Nov-15 San Dimas variable 3 0% 3 0% 0% 0% $ 624 n/a n/a n/a n/a Life of Mine 10-May-18 Stillwater 100% 0% 4.5% 4´ 0% 0% 18% 5 n/a 18% 5 n/a n/a Life of Mine 16-Jul-18 Voisey’s Bay 0% 0% 0% 42.4% 6 0% n/a n/a n/a 18% 7 n/a Life of Mine 11-Jun-18 Marathon 100% 8 0% 0% 0% 22% 8 18% 5 n/a n/a n/a 18% 5 Life of Mine 26-Jan-22 Other Los Filos 0% 100% 0% 0% 0% n/a $ 4.60 n/a n/a n/a 25 years 15-Oct-04 Zinkgruvan 0% 100% 0% 0% 0% n/a $ 4.60 n/a n/a n/a Life of Mine 8-Dec-04 Stratoni 0% 100% 0% 0% 0% n/a $ 11.54 n/a n/a n/a Life of Mine 23-Apr-07 Neves-Corvo 0% 100% 0% 0% 0% n/a $ 4.42 n/a n/a n/a 50 years 5-Jun-07 Aljustrel 0% 100% 9 0% 0% 0% n/a 50% n/a n/a n/a 50 years 5-Jun-07 Minto 100% 10 100% 0% 0% 0% 65% 11 $ 4.39 11 n/a n/a n/a Life of Mine 20-Nov-08 Pascua-Lama 0% 25% 0% 0% 0% n/a $ 3.90 n/a n/a n/a Life of Mine 8-Sep-09 Copper World ¹² 100% 100% 0% 0% 0% $ 450 $ 3.90 n/a n/a n/a Life of Mine 10-Feb-10 Loma de La Plata 0% 12.5% 0% 0% 0% n/a $ 4.00 n/a n/a n/a Life of Mine n/a ¹³ Marmato 10.5% 14 100% 14 0% 0% 0% 18% 15 18% 15 n/a n/a n/a Life of Mine 5-Nov-20 Cozamin 0% 50% 16 0% 0% 0% n/a 10% n/a n/a n/a Life of Mine 11-Dec-20 Santo Domingo 100% 17 0% 0% 0% 0% 18% 5 n/a n/a n/a n/a Life of Mine 24-Mar-21 Fenix 6% 18 0% 0% 0% 0% 18% 5 n/a n/a n/a n/a Life of Mine 15-Nov-21 Blackwater 8% 19 50% 19 0% 0% 0% 35% 18% 5 n/a n/a n/a Life of Mine 13-Dec-21 Curipamba 50% 20 75% 20 0% 0% 0% 18% 5 18% 5 n/a n/a n/a Life of Mine 17-Jan-22 Goose 4.15% 21 0% 0% 0% 0% 18% 5 n/a n/a n/a n/a Life of Mine 8-Feb-22 Early Deposit Toroparu 10% 50% 0% 0% 0% $ 400 $ 3.90 n/a n/a n/a Life of Mine 11-Nov-13 Cotabambas 25% 22 100% 2 2 0% 0% 0% $ 450 $ 5.90 n/a n/a n/a Life of Mine 21-Mar-16 Kutcho 100% 100% 0% 0% 0% 20% 20% n/a n/a n/a Life of Mine 14-Dec-17 1) The production payment is measured as either a fixed amount per unit of metal delivered, or as a percentage of the spot price of the underlying metal on the date of delivery. Contracts where the payment is a fixed amount per unit of metal delivered are subject to an annual inflationary increase, with the exception of Loma de La Plata and Sudbury. Additionally, should the prevailing market price for the applicable metal be lower than this fixed amount, the per unit cash payment will be reduced to the prevailing market price . 2) Subject to an increase to $9.90 per ounce of silver and $550 per ounce of gold after the initial 40-year 3) Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the “70” shall be revised to “50” or “90”, as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the “70” shall be reinstated. Currently, the fixed gold to silver exchange ratio is 70:1. 4) The Company is committed to purchase 4.5% of Stillwater palladium production until 375,000 ounces are delivered to the Company, thereafter 2.25% of Stillwater palladium production until 550,000 ounces are delivered to the Company and 1% of Stillwater palladium production thereafter for the life of mine. 5) To be increased to 22% once the market value of metal delivered to Wheaton, net of the per ounce cash payment, exceeds the initial upfront cash deposit. 6) Once the Company has received 31 million pounds of cobalt, the Company’s attributable cobalt production will be reduced to 21.2%. 7) To be increased to 22% once the market value of cobalt delivered to Wheaton, net of the per pound cash payment, exceeds the initial upfront cash deposit. Additionally, on each sale of cobalt, the Company is committed to pay a variable commission depending on the market price of cobalt. 8) Once the Company has received 150,000 ounces of gold and 120,000 ounces of platinum under the Marathon PMPA, the attributable gold and platinum production will be reduced to 67% and 15%, respectively. 9) Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine. 10) The Company is committed to acquire 100% of the first 30,000 ounces of gold produced per annum and 50% thereafter. 11) Effective January 12, 2023, the cash payment per ounce of gold and silver delivered was at % of the spot price until February 28, 2023. The parties are currently in discussions in connection with a possible restructuring of the Minto PMPA and as a result, the cash payment per ounce of gold delivered will be maintained at 90 % during the negotiation period, with the production payment for silver reverting to the price under the existing Minto PMPA. In the event that the parties are unable to agree to terms for the restructuring, the production payment for gold will remain as set out in the existing Minto PMPA, being % of spot price of gold. 12) Copper World Complex (formerly referred to as Rosemont in these financial statements). 13) Terms of the agreement not yet finalized. 14) Once Wheaton has received 310.000 ounces of gold and 2.15 million ounces of silver under the Marmato PMPA the Company’s attributable gold and silver production will be reduced to 5.25% and 50%, respectively. 15) To be increased to 22% of the spot price once the market value of gold and silver delivered to the Company, net of the per ounce cash payment, exceeds the initial upfront cash deposit. 16) Once Wheaton has received 10 million ounces under the Cozamin PMPA, the Company’s attributable silver production will be reduced to 33% of silver production for the life of the mine. 17) Once the Company has received 285,000 ounces of gold under the Santo Domingo PMPA, the Company’s attributable gold production will be reduced to 67%. 18) Once the Company has received 90,000 ounces of gold under the Fenix PMPA, the Company attributable gold production will be reduced to 4% until 140,000 ounces have been delivered, after which the stream drops to 3.5%. 19) Once the Company has received 279,908 ounces of gold under the Blackwater gold PMPA, the attributable gold production will be reduced to 4%. Once the Company has received 17.8 million ounces of silver under the Blackwater silver PMPA, the attributable silver production will be reduced to 33%. 20) Once the Company has received 145,000 ounces of gold under the Curipamba PMPA, the attributable gold production will be reduced to 33%, and once the Company has received 4.6 million ounces of silver, the attributable silver production will be reduced to 50%. 21) The Company is committed to purchase 4.15 2.15 200,000 22) Once 90 million silver equivalent ounces attributable to Wheaton have been produced under the Cotabambas PMPA, the attributable production will decrease to 16.67% of gold production and 66.67% of silver production for the life of mine. |
Summary of Other Contractual Obligations and Contingencies | Other Contractual Obligations and Contingencies Projected Payment Dates 1 (in thousands) 2023 2024 - 2025 2026 - 2027 After 2027 Total Payments for mineral stream interests Copper World 2 $ - $ - $ - $ 231,150 $ 231,150 Loma de La Plata - - - 32,400 32,400 Marmato 76,000 46,000 - - 122,000 Santo Domingo - 260,000 - - 260,000 Salobo 3 552,000 - - - 552,000 Fenix Gold - - - 25,000 25,000 Blackwater 70,500 70,500 - - 141,000 Marathon 59,061 88,591 - - 147,652 Curipamba 30,375 131,625 - - 162,000 Goose 62,500 - - - 62,500 Payments for early deposit mineral stream interest Toroparu - 138,000 - - 138,000 Cotabambas 1,000 - - 126,000 127,000 Kutcho - 29,000 29,000 - 58,000 Leases liabilities 876 1,178 - - 2,054 Total contractual obligations $ 852,312 $ 764,894 $ 29,000 $ 414,550 $ 2,060,756 1) Projected payment date based on management estimate. Dates may be updated in the future as additional information is received. 2) Copper World Complex (formerly referred to as Rosemont in these financial statements). Figure includes contingent transaction costs of $ 1 3 As more fully explained on the following page, assuming the Salobo III expansion project results in throughput being expanded beyond 35 Mtpa by January 1, 2024, the Company would expect to pay an expansion payment of $552 million. |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Schedule of Operating Segments | The Company’s reportable operating segments, which are the components of the Company’s business where discrete financial information is available and which are evaluated on a regular basis by the Company’s Chief Executive Officer (“CEO”), who is the Company’s chief operating decision maker, for the purpose of assessing performance, are summarized in the tables below: Year Ended December 31, 2022 (in thousands) Sales Cost Depletion Impairment 1 Net Cash Flow From Operations Total Gold Salobo 5 $ 296,145 $ 68,211 $ 54,677 $ - $ 173,257 $ 227,933 $ 2,383,262 Sudbury 2, 5 39,211 8,706 23,753 - 6,752 30,789 283,416 Constancia 54,868 12,520 8,206 - 34,142 42,348 95,583 San Dimas 75,238 26,053 10,858 - 38,327 49,186 155,865 Stillwater 16,583 2,983 3,933 - 9,667 13,600 215,852 Other 3 47,653 19,995 1,252 1,719 24,687 27,610 494,143 Total gold interests $ 529,698 $ 138,468 $ 102,679 $ 1,719 $ 286,832 $ 391,466 $ 3,628,121 Silver Peñasquito 5 $ 174,635 $ 34,657 $ 28,344 $ - $ 111,634 $ 139,978 $ 293,674 Antamina 5 107,794 21,622 34,684 - 51,488 85,824 545,368 Constancia 44,798 12,440 12,937 - 19,421 32,358 192,947 Other 4, 5 143,776 46,339 36,640 (166,198) 226,995 96,251 453,096 Total silver interests $ 471,003 $ 115,058 $ 112,605 $ (166,198) $ 409,538 $ 354,411 $ 1,485,085 Palladium Stillwater $ 32,160 $ 5,687 $ 6,018 $ - $ 20,455 $ 26,472 $ 226,812 Platinum Marathon $ - $ - $ - $ - $ - $ - $ 9,428 Cobalt Voisey’s Bay $ 32,192 $ 8,408 $ 10,650 $ - $ 13,134 $ 28,449 $ 357,573 Total mineral stream interests $ 1,065,053 $ 267,621 $ 231,952 $ (164,479) $ 729,959 $ 800,798 $ 5,707,019 Other General and administrative $ (35,831) $ (35,332) Share based compensation (20,060) (18,161) Donations and community investments (6,296) (5,718) Finance costs (5,586) (4,135) Other 7,449 6,143 Income tax (509) (171) Total other $ (60,833) $ (57,374) $ 1,052,887 Consolidated $ 669,126 $ 743,424 $ 6,759,906 1) See Notes 1 3 4 2) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating 3) Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating 777, Minto and Marmato gold interests as well as the non-operating 4) Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Minto, Cozamin, Marmato and 777 silver interests, the non-operating Loma de La Plata, Stratoni, Pascua-Lama, Copper World Complex (formerly referred to as Rosemont in these financial statements), Blackwater and Curipamba silver interests and the previously owned Keno Hill and Yauliyacu silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. The Stratoni mine was placed into care and maintenance during Q4-2021. On September 7, 2022, the Keno Hill stream was terminated in exchange for 141 3 132 3 5) As it relates to mine operator concentration risk: a. The counterparty obligations under the Salobo, Sudbury and Voisey’s Bay PMPAs are guaranteed by the parent company Vale. Total revenues relative to Vale PMPAs during the year ended December 31, 2022 were 35% of the Company’s total revenue. b. The counterparty obligations under the Antamina PMPA and the Yauliyacu PMPA (which is included as part of Other silver interests) are guaranteed by the parent company Glencore plc (“Glencore”) and its subsidiary. Total revenues relative to Glencore PMPAs during the year ended December 31, 202 2 c. The counterparty obligations under the Peñasquito PMPA are guaranteed by the parent company Newmont Corporation (“Newmont”). Total revenues relative to Newmont during the year ended December 31, 2022 were 16% of the Company’s total revenue. Should any of these mine operators become unable or unwilling to fulfill their obligations under their agreements with the Company, there could be a material adverse impact on the Company including, but not limited to, the Company’s revenue, net income and cash flows from operations Year Ended December 31, 2021 (in thousands) Sales Cost Depletion Impairment 1 Net Cash Flow From Operations Total Gold Salobo 5 $ 343,398 $ 78,746 $ 71,405 $ - $ 193,247 $ 264,652 $ 2,437,939 Sudbury 2, 5 24,475 5,407 13,847 - 5,221 19,068 307,169 Constancia 5 32,974 7,536 5,780 - 19,658 25,438 103,789 San Dimas 86,290 29,612 15,479 - 41,199 56,679 166,723 Stillwater 20,487 3,703 4,525 - 12,259 16,784 219,785 Other 3, 5 54,296 18,268 1,836 - 34,192 36,444 364,792 Total gold interests $ 561,920 $ 143,272 $ 112,872 $ - $ 305,776 $ 419,065 $ 3,600,197 Silver Peñasquito $ 201,688 $ 34,518 $ 28,554 $ - $ 138,616 $ 167,169 $ 322,018 Antamina 5 156,735 31,395 46,882 - 78,458 125,688 580,052 Constancia 5 36,775 8,926 11,160 - 16,689 27,848 205,884 Other 4, 5 178,231 57,312 39,526 - 81,393 123,359 593,195 Total silver interests $ 573,429 $ 132,151 $ 126,122 $ - $ 315,156 $ 444,064 $ 1,701,149 Palladium Stillwater $ 45,834 $ 8,384 $ 8,559 $ - $ 28,891 $ 37,450 $ 232,830 Cobalt Voisey’s Bay 5 $ 20,482 $ 4,140 $ 7,240 $ (156,717) $ 165,819 $ 3,687 $ 371,621 Total mineral stream interests $ 1,201,665 $ 287,947 $ 254,793 $ (156,717) $ 815,642 $ 904,266 $ 5,905,797 Other General and administrative $ (35,119) $ (31,931) Share based compensation (19,265) (16,926) Donations and community investments (6,601) (6,323) Finance costs (5,817) (4,271) Other 5,776 609 Income tax 269 (279) Total corporate $ (60,757) $ (59,121) $ 390,354 Consolidated $ 754,885 $ 845,145 $ 6,296,151 2) See Note 1 4 3) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating 4) Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating 777, Minto and Marmato gold interests as well as the non-operating 5) Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Stratoni, Aljustrel, Neves-Corvo, Minto, 777, Marmato and Cozamin silver interests, the non-operating Loma de La Plata, Copper World Complex (formerly referred to as Rosemont in these financial statements) and Pascua-Lama silver interests and the previously owned Keno Hill and Yauliyacu silver interests. The Stratoni mine was placed into care and maintenance during Q4-2021. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On 141 3 132 3 6) As it relates to mine operator concentration risk: a. The counterparty obligations under the Salobo, Sudbury and Voisey’s Bay PMPAs are guaranteed by the parent company Vale. Total revenues relative to Vale PMPAs during the year ended December 31, 2021 were 32% of the Company’s total revenue. b. The counterparty obligations under the Antamina PMPA and the previously owned Yauliyacu PMPA (which is included as part of Other silver interests) are guaranteed by the parent company Glencore plc (“Glencore”) and its subsidiary. Total revenues relative to Glencore PMPAs during the year ended December 31, 2021 were 18% of the Company’s total revenue. c. The counterparty obligations under the Peñasquito PMPA are guaranteed by the parent company Newmont Corporation (“Newmont”). Total revenues relative to Newmont during the year ended December 31, 2021 were 17% of the Company’s total revenue. Should any of these mine operators become unable or unwilling to fulfill their obligations under their agreements with the Company, there could be a material adverse impact on the Company including, but not limited to, the Company’s revenue, net income and cash flows from operations. |
Schedule of Company's Geographical Information | The Company’s geographical information, which is based on the location of the mining operations to which the mineral stream interests relate, are summarized in the tables below: Carrying Amount at (in thousands) Sales Gold Silver Palladium Platinum Cobalt Total North America Canada $ 124,710 12% $ 668,011 $ 450 $ - $ 9,428 $ 357,573 $ 1,035,462 United States 48,743 5% 215,852 566 226,812 - - 443,230 Mexico 266,367 25% 155,863 423,103 - - - 578,966 Europe Greece 3,291 0% - - - - - - Portugal 25,728 2% - 18,366 - - - 18,366 Sweden 41,613 4% - 29,108 - - - 29,108 South America Argentina/Chile 1 - 0% - 253,514 - - - 253,514 Argentina - 0% - 10,889 - - - 10,889 Chile - 0% 56,536 - - - - 56,536 Brazil 296,145 28% 2,383,263 - - - - 2,383,263 Peru 253,441 24% 95,584 738,310 - - - 833,894 Ecuador - 0% 10,181 3,671 - - - 13,852 Colombia 5,015 0% 42,831 7,108 - - - 49,939 Consolidated $ 1,065,053 100% $ 3,628,121 $ 1,485,085 $ 226,812 $ 9,428 $ 357,573 $ 5,707,019 1) Includes the Pascua-Lama project, which straddles the border of Argentina and Chile. Carrying Amount at (in thousands) Sales Gold Silver Palladium Platinum Cobalt Total North America Canada $ 108,594 9% $ 614,733 $ 28,138 $ - $ - $ 371,621 $ 1,014,492 United States 66,321 6% 219,785 566 232,830 - - 453,181 Mexico 307,639 26% 166,722 462,627 - - - 629,349 Europe Greece 9,154 1% - - - - - - Portugal 41,320 3% - 19,001 - - - 19,001 Sweden 33,018 3% - 31,152 - - - 31,152 South America Argentina/Chile 1 - 0% - 253,514 - - - 253,514 Argentina - 0% - 10,889 - - - 10,889 Chile - 0% 31,349 - - - - 31,349 Brazil 343,398 28% 2,437,938 - - - - 2,437,938 Peru 286,285 24% 103,789 888,730 - - - 992,519 Colombia 5,936 0% 25,881 6,532 - - - 32,413 Consolidated $ 1,201,665 100% $ 3,600,197 $ 1,701,149 $ 232,830 $ - $ 371,621 $ 5,905,797 1) Includes the Pascua-Lama project, which straddles the border of Argentina and Chile. |
Description of Business and N_2
Description of Business and Nature of Operations - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 Asset Agreement | |
Description Of Business And Nature Of Operations [Line Items] | |
Number of long-term purchase agreements | Agreement | 28 |
Number of early deposit long-term purchase agreements | Agreement | 3 |
Number of mining companies engaged in precious metal purchase agreements | Agreement | 22 |
Number of currently operating mining assets | 20 |
Number of mining assets under various stages of development | 12 |
Number of countries operating mining assets | 13 |
Number of mining assets placed in care and maintenance | 3 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of significant accounting policies [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Cash and cash equivalents maximum maturity period | 3 months |
Vesting period | 3 years |
Bottom of range [member] | |
Disclosure of significant accounting policies [line items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Top of range [member] | |
Disclosure of significant accounting policies [line items] | |
Useful life measured as period of time, property, plant and equipment | 10 years |
Performance share units (PSUs) [member] | |
Disclosure of significant accounting policies [line items] | |
Vesting period | 3 years |
Wheaton Precious Metals International Ltd [member] | |
Disclosure of significant accounting policies [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Wheaton Precious Metals (Cayman) Co [member] | |
Disclosure of significant accounting policies [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Silver Wheaton Luxembourg S.a.r.l [member] | |
Disclosure of significant accounting policies [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Key Sources of Estimation Unc_2
Key Sources of Estimation Uncertainty and Critical Accounting Judgments - Additional Information (Detail) $ in Billions | Dec. 31, 2022 USD ($) |
Disclosure of key sources of estimation uncertainty [line items] | |
Mineral stream interests | $ 5.8 |
Financial Instruments - Classif
Financial Instruments - Classification of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Financial assets | |||
Cash and cash equivalents | $ 696,089 | $ 226,045 | $ 192,683 |
Trade receivables from provisional concentrate sales, net of fair value adjustment | 2,516 | 1,716 | |
Long-term investments - warrants held | 560 | 1,536 | |
Convertible note receivable | 0 | 17,086 | |
Long-term investments - common shares held | 255,535 | 59,941 | $ 196,241 |
Trade receivables from sales of cobalt | 6,642 | 9,488 | |
Refundable deposit - 777 PMPA | 8,073 | 0 | |
Other accounts receivable | 1,029 | 373 | |
Financial liabilities | |||
Accounts payable and accrued liabilities | 12,570 | 13,939 | |
Pension liability | 3,524 | 2,685 | |
Total financial liabilities | 16,094 | 16,624 | |
Financial assets at fair value through net earnings, category [member] | |||
Financial assets | |||
Cash and cash equivalents | 696,089 | 226,045 | |
Trade receivables from provisional concentrate sales, net of fair value adjustment | 2,516 | 1,716 | |
Long-term investments - warrants held | 560 | 1,536 | |
Convertible note receivable | 17,086 | ||
Financial assets at fair value through other comprehensive income, category [member] | |||
Financial assets | |||
Long-term investments - common shares held | 255,535 | 59,941 | |
Financial assets at amortized cost, category [member] | |||
Financial assets | |||
Non-revolving term loan | 816 | ||
Trade receivables from sales of cobalt | 6,642 | 9,488 | |
Refundable deposit - 777 PMPA | 8,073 | ||
Total financial assets | 970,444 | 317,001 | |
Financial liabilities | |||
Accounts payable and accrued liabilities | 12,570 | 13,939 | |
Pension liability | $ 3,524 | $ 2,685 |
Financial Instruments - Maximum
Financial Instruments - Maximum Exposure to Credit Risk Related to Financial Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | |||
Cash and cash equivalents | $ 696,089 | $ 226,045 | $ 192,683 |
Trade receivables from provisional concentrate sales, net of fair value adjustment | 2,516 | 1,716 | |
Trade receivables from sales of cobalt | 6,642 | 9,488 | |
Refundable deposit - 777 PMPA | 8,073 | 0 | |
Other accounts receivables | 1,029 | 373 | |
Convertible note receivable | 0 | 17,086 | |
Maximum exposure to credit risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Cash and cash equivalents | 696,089 | 226,045 | |
Trade receivables from provisional concentrate sales, net of fair value adjustment | 2,516 | 1,716 | |
Trade receivables from sales of cobalt | 6,642 | 9,488 | |
Refundable deposit - 777 PMPA | 8,073 | 0 | |
Other accounts receivables | 1,029 | 373 | |
Non-revolving term loan | 0 | 816 | |
Convertible note receivable | 0 | 17,086 | |
Maximum exposure to credit risk related to financial assets | $ 714,349 | $ 255,524 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |||
Cash and cash equivalents | $ 696,089 | $ 226,045 | $ 192,683 |
Working capital | 689,000 | 220,000 | |
Long-term investments-equity investments held | 255,535 | 59,941 | $ 196,241 |
Increased/decreased in other comprehensive income on assumption | 25,000 | $ 6,000 | |
letter of credit [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Letter of guarantee supporting accounts receivable balance from the sale of cobalt | $ 10,000 | ||
Interest rate risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Weighted average effective interest rate paid on its outstanding borrowings, percentage | 0% | 1.17% | |
Change in interest rate, percentage | 1% | ||
Impacted in interest expense due to fluctuation in interest rates | $ 0 | $ 200 | |
Financial assets at fair value through other comprehensive income, category [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Long-term investments-equity investments held | 255,535 | 59,941 | |
Financial assets at fair value through other comprehensive income, category [member] | At fair value [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Long-term investments-equity investments held | $ 256,000 | $ 61,000 |
Financial Instruments - Timing
Financial Instruments - Timing Associated with Remaining Contractual Payments Relating to Financial Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Non-derivative financial liabilities | ||
Accounts payable and accrued liabilities | $ 12,570 | $ 13,939 |
Non-Derivative Financial Instrument [Member] | ||
Non-derivative financial liabilities | ||
Accounts payable and accrued liabilities | 12,570 | |
Performance share units | 21,239 | |
Financial liabilities and contractual commitments, undiscounted cash flows | 33,809 | |
Non-Derivative Financial Instrument [Member] | 2022 [member] | ||
Non-derivative financial liabilities | ||
Accounts payable and accrued liabilities | 12,570 | |
Performance share units | 14,566 | |
Financial liabilities and contractual commitments, undiscounted cash flows | 27,136 | |
Non-Derivative Financial Instrument [Member] | 2023-2024 [member] | ||
Non-derivative financial liabilities | ||
Performance share units | 6,673 | |
Financial liabilities and contractual commitments, undiscounted cash flows | $ 6,673 |
Financial Instruments - Summary
Financial Instruments - Summary of Carrying Amounts of Canadian Dollar Denominated Monetary Assets and Monetary Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Monetary assets | |||
Cash and cash equivalents | $ 696,089 | $ 226,045 | $ 192,683 |
Accounts receivable | 10,187 | 11,577 | |
Long-term investments - common shares held | 255,535 | 59,941 | $ 196,241 |
Long-term investments - warrants held | 560 | 1,536 | |
Convertible note receivable | 0 | 17,086 | |
Other long-term assets | 11,718 | 15,211 | |
Monetary liabilities | |||
Accounts payable and accrued liabilities | 12,570 | 13,939 | |
Lease Liability | 2,052 | ||
Pension liability | 3,524 | 2,685 | |
Currency risk [member] | |||
Monetary assets | |||
Cash and cash equivalents | 311 | 1,567 | |
Accounts receivable | 739 | 155 | |
Long-term investments - common shares held | 60,443 | 59,517 | |
Long-term investments - warrants held | 560 | 1,536 | |
Convertible note receivable | 17,086 | ||
Non-revolving term loan | 816 | ||
Other long-term assets | 3,308 | 3,534 | |
Total Canadian dollar denominated monetary assets | 65,361 | 84,211 | |
Monetary liabilities | |||
Accounts payable and accrued liabilities | 8,180 | 9,001 | |
Performance share units | 16,971 | 21,079 | |
Lease Liability | 1,315 | 1,919 | |
Pension liability | 3,524 | 2,685 | |
Total Canadian dollar denominated monetary liabilities | $ 29,990 | $ 34,684 |
Financial Instruments - Summa_2
Financial Instruments - Summary of Sensitivity to 10% Increase or Decrease in Canadian Dollar Relative to United States Dollar (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of sensitivity to ten percentage increase or decrease in exchange rate [abstract] | ||
Increase (decrease) in net earnings | $ (2,507) | $ (999) |
Increase (decrease) in other comprehensive income | 6,044 | 5,952 |
Increase (decrease) in total comprehensive income | 3,537 | 4,953 |
Increase (decrease) in net earnings | 2,507 | 999 |
Increase (decrease) in other comprehensive income | (6,044) | (5,952) |
Increase (decrease) in total comprehensive income | $ (3,537) | $ (4,953) |
Financial Instruments - Summa_3
Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value by Level within Fair Value Hierarchy (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of fair value measurements of assets and liabilities [line items] | |||
Cash and cash equivalents | $ 696,089 | $ 226,045 | $ 192,683 |
Trade receivables from provisional concentrate sales, net of fair value adjustment | 2,516 | 1,716 | |
Long-term investments - common shares held | 255,535 | 59,941 | $ 196,241 |
Long-term investments - warrants held | 560 | 1,536 | |
Kutcho Convertible Note | 0 | 17,086 | |
Total net financial assets measured at fair value | 954,700 | 306,324 | |
Investments in equity instruments designated at fair value through other comprehensive income [member] | |||
Disclosure of fair value measurements of assets and liabilities [line items] | |||
Long-term investments - common shares held | 255,535 | 59,941 | |
Level 1 [member] | |||
Disclosure of fair value measurements of assets and liabilities [line items] | |||
Cash and cash equivalents | 696,089 | 226,045 | |
Total net financial assets measured at fair value | 951,624 | 285,986 | |
Level 1 [member] | Investments in equity instruments designated at fair value through other comprehensive income [member] | |||
Disclosure of fair value measurements of assets and liabilities [line items] | |||
Long-term investments - common shares held | 255,535 | 59,941 | |
Level 2 [member] | |||
Disclosure of fair value measurements of assets and liabilities [line items] | |||
Trade receivables from provisional concentrate sales, net of fair value adjustment | 2,516 | 1,716 | |
Long-term investments - warrants held | 560 | 1,536 | |
Total net financial assets measured at fair value | 3,076 | 3,252 | |
Level 3 [member] | |||
Disclosure of fair value measurements of assets and liabilities [line items] | |||
Kutcho Convertible Note | 17,086 | ||
Total net financial assets measured at fair value | $ 0 | $ 17,086 |
Revenue - Summary of Revenue (D
Revenue - Summary of Revenue (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenue [abstract] | |||
Gold credit sales | $ 529,698 | $ 561,920 | |
Silver credit sales | 400,372 | 489,936 | |
Concentrate sales | 70,631 | 83,493 | |
Revenue from sale of silver | 471,003 | 573,429 | |
Palladium credit sales | 32,160 | 45,834 | |
Revenue From Cobalt Sales | 32,192 | 20,482 | |
Total sales revenue | $ 1,065,053 | $ 1,201,665 | [1] |
Gold | |||
Gold credit sales | 50% | 47% | |
Silver | |||
Silver credit sales | 38% | 41% | |
Concentrate sales | 6% | 7% | |
Revenue from sale | 44% | 48% | |
Palladium | |||
Palladium credit sales | 3% | 4% | |
Cobalt sales | 3% | 1% | |
Total sales revenue | 100% | 100% | |
[1]Presentation of historical figures have been revised to conform with current year classifications – see Note 2. |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Customer A [member] | ||
Disclosure of revenue [line items] | ||
Risk Revenue | 29% | 28% |
Customer B [member] | ||
Disclosure of revenue [line items] | ||
Risk Revenue | 24% | 25% |
Customer C [member] | ||
Disclosure of revenue [line items] | ||
Risk Revenue | 20% | 11% |
Customer D [Member] | ||
Disclosure of revenue [line items] | ||
Risk Revenue | 10% |
General and Administrative - Su
General and Administrative - Summary of General and Administrative Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Salaries and benefits | |||
Total general and administrative | $ 35,831 | $ 35,119 | [1] |
Corporate [Member] | |||
Salaries and benefits | |||
Salaries and benefits | 14,895 | 14,205 | |
Depreciation | 1,154 | 1,102 | |
Professional fees | 1,680 | 3,376 | |
Business travel | 950 | 219 | |
Director fees | 1,109 | 1,096 | |
Employer health tax | 840 | 750 | |
Audit and Regulatory | 2,845 | 2,937 | |
Insurance | 2,135 | 1,771 | |
Other | 3,469 | 3,100 | |
General and administrative before equity settled stock based compensation | 29,077 | 28,556 | |
Subsidiaries [member] | |||
Salaries and benefits | |||
Salaries and benefits | 4,327 | 4,039 | |
Depreciation | 434 | 408 | |
Professional fees | 539 | 797 | |
Business travel | 242 | 33 | |
Director fees | 200 | 200 | |
Insurance | 44 | 36 | |
Other | 968 | 1,050 | |
General and administrative before equity settled stock based compensation | 6,754 | 6,563 | |
Total general and administrative | $ 35,831 | $ 35,119 | |
[1]Presentation of historical figures have been revised to conform with current year classifications – see Note 2. |
Share Based Compensation - Summ
Share Based Compensation - Summary of share based compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of share based compensation [Line Items] | |||
Total share based compensation | $ 20,060 | $ 19,265 | [1] |
Stock Options [member] | |||
Disclosure of share based compensation [Line Items] | |||
Equity settled share based compensation | 2,366 | 2,065 | |
RSUs | |||
Disclosure of share based compensation [Line Items] | |||
Equity settled share based compensation | 3,480 | 3,196 | |
PSUs | |||
Disclosure of share based compensation [Line Items] | |||
Cash settled share based compensation | $ 14,214 | $ 14,004 | |
[1]Presentation of historical figures have been revised to conform with current year classifications – see Note 2. |
Donations and Community Inves_3
Donations and Community Investments - Summary Of Donations and Community Investments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure of Donations and Community Investments [Line Items] | ||||
Local donations and community investments | [1] | $ 2,333 | $ 1,953 | |
Partner donations and community investments | [2] | 3,798 | 3,204 | |
COVID-19 and community support and response fund | 165 | 1,444 | ||
Total donations and community investments | $ 6,296 | $ 6,601 | [3] | |
[1]The Local Community Investment Program supports organizations in Vancouver and the Cayman Islands, where Wheaton’s offices are located.[2]The Partner Community Investment Program supports the communities influenced by Mining Partners’ operations.[3]Presentation of historical figures have been revised to conform with current year classifications – see Note 2. |
Other (Income) Expense - Summar
Other (Income) Expense - Summary of Other (Income) Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure of other operating income [line items] | ||||
Interest income | $ (6,321) | $ (241) | ||
Foreign exchange (gain) loss | (890) | 275 | ||
(Gain) loss on fair value adjustment of share purchase warrants held | [1] | 1,033 | 2,101 | |
(Gain) loss on fair value adjustment of convertible notes receivable | [1] | 1,380 | (5,733) | |
Other | (2,198) | (1,957) | ||
Total other (income) expense | (7,449) | (5,776) | [2] | |
Investments in equity instruments designated at fair value through other comprehensive income [member] | ||||
Disclosure of other operating income [line items] | ||||
Dividends received from equity investments designated as FVTOCI relating to investments | [3] | $ (453) | $ (221) | |
[1]FVTPL refers to Fair Value Through Profit or Loss[2]Presentation of historical figures have been revised to conform with current year classifications – see Note 2.[3]FVTOCI refers to Fair Value Through Other Comprehensive Income |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other receivables [abstract] | ||
Trade receivables from provisional concentrate sales, net of fair value adjustment | $ 2,516 | $ 1,716 |
Trade receivables from sales of cobalt | 6,642 | 9,488 |
Other accounts receivable | 1,029 | 373 |
Total accounts receivable | $ 10,187 | $ 11,577 |
Accounts Receivables - Addition
Accounts Receivables - Additional Information (Details) $ in Millions | Dec. 31, 2022 USD ($) |
letter of credit [Member] | |
Statement [Line Items] | |
Letter of guarantee supporting accounts receivable balance from the sale of cobalt | $ 10 |
Cobalt Inventory - Summary of t
Cobalt Inventory - Summary of the Inventory on Hand (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Inventories [Line Items] | ||
Total cash and cash equivalents | $ 10,530 | $ 8,712 |
Cobalt [member] | ||
Disclosure Of Inventories [Line Items] | ||
Cost | 0 | 8,712 |
Net realizable value | 10,530 | 0 |
Total cash and cash equivalents | $ 10,530 | $ 8,712 |
Cobalt Inventory - Additional I
Cobalt Inventory - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Inventories [Abstract] | ||
Inventory write down | $ 2 | $ 0 |
Mineral Stream Interests - Sche
Mineral Stream Interests - Schedule of Mineral Stream Interests (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | $ 5,905,797 | ||
Ending balance | 5,707,019 | $ 5,905,797 | |
Impairment reversal | 8,611 | 156,717 | [1] |
Gold interests [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 3,600,197 | ||
Ending balance | 3,628,121 | 3,600,197 | |
Gold interests [member] | Sudbury [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 307,169 | ||
Ending balance | 283,416 | 307,169 | |
Gold interests [member] | Salobo [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 2,437,939 | ||
Ending balance | 2,383,262 | 2,437,939 | |
Gold interests [member] | Constancia [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 103,789 | ||
Ending balance | 95,583 | 103,789 | |
Gold interests [member] | San Dimas [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 166,723 | ||
Ending balance | 155,865 | 166,723 | |
Gold interests [member] | Stillwater [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 219,785 | ||
Ending balance | 215,852 | 219,785 | |
Gold interests [member] | Other gold interests [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 364,792 | ||
Ending balance | 494,143 | 364,792 | |
Gold interests [member] | Cost [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 5,044,913 | 4,681,811 | |
Additions (Reductions) | 138,515 | 363,102 | |
Disposal | (354,458) | ||
Ending balance | 4,828,970 | 5,044,913 | |
Gold interests [member] | Cost [member] | Sudbury [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 623,864 | 623,864 | |
Additions (Reductions) | 0 | 0 | |
Disposal | 0 | ||
Ending balance | 623,864 | 623,864 | |
Gold interests [member] | Cost [member] | Salobo [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 3,059,876 | 3,059,876 | |
Additions (Reductions) | 0 | 0 | |
Disposal | 0 | ||
Ending balance | 3,059,876 | 3,059,876 | |
Gold interests [member] | Cost [member] | Constancia [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 140,058 | 136,058 | |
Additions (Reductions) | 0 | 4,000 | |
Disposal | 0 | ||
Ending balance | 140,058 | 140,058 | |
Gold interests [member] | Cost [member] | San Dimas [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 220,429 | 220,429 | |
Additions (Reductions) | 0 | 0 | |
Disposal | 0 | ||
Ending balance | 220,429 | 220,429 | |
Gold interests [member] | Cost [member] | Stillwater [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 239,352 | 239,352 | |
Additions (Reductions) | 0 | 0 | |
Disposal | 0 | ||
Ending balance | 239,352 | 239,352 | |
Gold interests [member] | Cost [member] | Other gold interests [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 761,334 | 402,232 | |
Additions (Reductions) | 138,515 | 359,102 | |
Disposal | (354,458) | ||
Ending balance | 545,391 | 761,334 | |
Gold interests [member] | Accumulated Depletion & Impairment [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | (1,444,716) | (1,331,844) | |
Disposal | 348,265 | ||
Ending balance | (1,200,849) | (1,444,716) | |
Depletion | (102,679) | (112,872) | |
Impairment reversal | (1,719) | 0 | |
Gold interests [member] | Accumulated Depletion & Impairment [member] | Sudbury [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | (316,695) | (302,848) | |
Disposal | 0 | ||
Ending balance | (340,448) | (316,695) | |
Depletion | (23,753) | (13,847) | |
Impairment reversal | 0 | 0 | |
Gold interests [member] | Accumulated Depletion & Impairment [member] | Salobo [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | (621,937) | (550,532) | |
Disposal | 0 | ||
Ending balance | (676,614) | (621,937) | |
Depletion | (54,677) | (71,405) | |
Impairment reversal | 0 | 0 | |
Gold interests [member] | Accumulated Depletion & Impairment [member] | Constancia [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | (36,269) | (30,489) | |
Disposal | 0 | ||
Ending balance | (44,475) | (36,269) | |
Depletion | (8,206) | (5,780) | |
Impairment reversal | 0 | 0 | |
Gold interests [member] | Accumulated Depletion & Impairment [member] | San Dimas [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | (53,706) | (38,227) | |
Disposal | 0 | ||
Ending balance | (64,564) | (53,706) | |
Depletion | (10,858) | (15,479) | |
Impairment reversal | 0 | 0 | |
Gold interests [member] | Accumulated Depletion & Impairment [member] | Stillwater [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | (19,567) | (15,042) | |
Disposal | 0 | ||
Ending balance | (23,500) | (19,567) | |
Depletion | (3,933) | (4,525) | |
Impairment reversal | 0 | 0 | |
Gold interests [member] | Accumulated Depletion & Impairment [member] | Other gold interests [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | (396,542) | (394,706) | |
Disposal | 348,265 | ||
Ending balance | (51,248) | (396,542) | |
Depletion | (1,252) | (1,836) | |
Impairment reversal | (1,719) | 0 | |
Silver interests [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 1,701,149 | ||
Ending balance | 1,485,085 | 1,701,149 | |
Silver interests [member] | Penasquito [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 322,018 | ||
Ending balance | 293,674 | 322,018 | |
Silver interests [member] | Antamina [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 580,052 | ||
Ending balance | 545,368 | 580,052 | |
Silver interests [member] | Constancia [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 205,884 | ||
Ending balance | 192,947 | 205,884 | |
Silver interests [member] | Other silver interests [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 593,195 | ||
Ending balance | 453,096 | 593,195 | |
Silver interests [member] | Cost [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 3,166,891 | 3,009,145 | |
Additions (Reductions) | 4,519 | 157,746 | |
Disposal | (425,294) | ||
Ending balance | 2,746,116 | 3,166,891 | |
Silver interests [member] | Cost [member] | Penasquito [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 524,626 | 524,626 | |
Additions (Reductions) | 0 | 0 | |
Disposal | 0 | ||
Ending balance | 524,626 | 524,626 | |
Silver interests [member] | Cost [member] | Antamina [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 900,343 | 900,343 | |
Additions (Reductions) | 0 | 0 | |
Disposal | 0 | ||
Ending balance | 900,343 | 900,343 | |
Silver interests [member] | Cost [member] | Constancia [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 302,948 | 302,948 | |
Additions (Reductions) | 0 | 0 | |
Disposal | 0 | ||
Ending balance | 302,948 | 302,948 | |
Silver interests [member] | Cost [member] | Other silver interests [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 1,438,974 | 1,281,228 | |
Additions (Reductions) | 4,519 | 157,746 | |
Disposal | (425,294) | ||
Ending balance | 1,018,199 | 1,438,974 | |
Silver interests [member] | Accumulated Depletion & Impairment [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | (1,465,742) | (1,339,620) | |
Disposal | 306,986 | ||
Ending balance | (1,261,031) | (1,465,742) | |
Depletion | (112,605) | (126,122) | |
Impairment reversal | 10,330 | 0 | |
Silver interests [member] | Accumulated Depletion & Impairment [member] | Penasquito [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | (202,608) | (174,054) | |
Disposal | 0 | ||
Ending balance | (230,952) | (202,608) | |
Depletion | (28,344) | (28,554) | |
Impairment reversal | 0 | 0 | |
Silver interests [member] | Accumulated Depletion & Impairment [member] | Antamina [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | (320,291) | (273,409) | |
Disposal | 0 | ||
Ending balance | (354,975) | (320,291) | |
Depletion | (34,684) | (46,882) | |
Impairment reversal | 0 | 0 | |
Silver interests [member] | Accumulated Depletion & Impairment [member] | Constancia [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | (97,064) | (85,904) | |
Disposal | 0 | ||
Ending balance | (110,001) | (97,064) | |
Depletion | (12,937) | (11,160) | |
Impairment reversal | 0 | 0 | |
Silver interests [member] | Accumulated Depletion & Impairment [member] | Other silver interests [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | (845,779) | (806,253) | |
Disposal | 306,986 | ||
Ending balance | (565,103) | (845,779) | |
Depletion | (36,640) | (39,526) | |
Impairment reversal | 10,330 | 0 | |
Palladium interest [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 232,830 | ||
Ending balance | 226,812 | 232,830 | |
Palladium interest [member] | Stillwater [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 232,830 | ||
Ending balance | 226,812 | 232,830 | |
Palladium interest [member] | Cost [member] | Stillwater [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 263,721 | 263,721 | |
Additions (Reductions) | 0 | 0 | |
Disposal | 0 | ||
Ending balance | 263,721 | 263,721 | |
Palladium interest [member] | Accumulated Depletion & Impairment [member] | Stillwater [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | (30,891) | (22,332) | |
Disposal | 0 | ||
Ending balance | (36,909) | (30,891) | |
Depletion | (6,018) | (8,559) | |
Impairment reversal | 0 | 0 | |
Cobalt Interests [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 371,621 | ||
Ending balance | 357,573 | 371,621 | |
Cobalt Interests [member] | Cost [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 393,422 | 393,422 | |
Additions (Reductions) | 0 | 0 | |
Disposal | 0 | ||
Ending balance | 393,422 | 393,422 | |
Cobalt Interests [member] | Accumulated Depletion & Impairment [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | (21,801) | (165,912) | |
Disposal | 0 | ||
Ending balance | (35,849) | (21,801) | |
Depletion | (14,048) | (12,606) | |
Impairment reversal | 0 | 156,717 | |
Mineral Stream Interests [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 5,905,797 | ||
Ending balance | 5,707,019 | 5,905,797 | |
Mineral Stream Interests [member] | Cost [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 8,868,947 | 8,348,099 | |
Additions (Reductions) | 152,462 | 520,848 | |
Disposal | (779,752) | ||
Ending balance | 8,241,657 | 8,868,947 | |
Mineral Stream Interests [member] | Accumulated Depletion & Impairment [member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | (2,963,150) | (2,859,708) | |
Disposal | 655,251 | ||
Ending balance | (2,534,638) | (2,963,150) | |
Depletion | (235,350) | (260,159) | |
Impairment reversal | 8,611 | 156,717 | |
Platinum Interest Marathon [Member] | Marathon [Member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Ending balance | 9,428 | ||
Platinum Interest Marathon [Member] | Cost [member] | Marathon [Member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 0 | ||
Additions (Reductions) | 9,428 | ||
Disposal | 0 | ||
Ending balance | 9,428 | 0 | |
Platinum Interest Marathon [Member] | Accumulated Depletion & Impairment [member] | Marathon [Member] | |||
Disclosure Of Mineral Stream Interests [line items] | |||
Beginning balance | 0 | ||
Disposal | 0 | ||
Ending balance | 0 | $ 0 | |
Depletion | 0 | ||
Impairment reversal | $ 0 | ||
[1]Presentation of historical figures have been revised to conform with current year classifications – see Note 2. |
Mineral Stream Interests - Sc_2
Mineral Stream Interests - Schedule of Mineral Stream Interests (Parenthetical) (Detail) - Accumulated impairment [member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Gold interests [member] | Sudbury [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Cumulative impairment charges | $ 120 | $ 120 |
Gold interests [member] | 777 [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Cumulative impairment charges | 151 | |
Silver interests [member] | Keno Hill [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Cumulative impairment charges | 11 | |
Silver interests [member] | Pascua-Lama [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Cumulative impairment charges | $ 338 | 338 |
Silver interests [member] | 777 [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Cumulative impairment charges | $ 64 |
Mineral Stream Interests - Clas
Mineral Stream Interests - Classification of Mining Interest (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Gold interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | $ 2,580,646 | $ 2,671,835 |
Non-Depletable | 1,047,475 | 928,362 |
Total | 3,628,121 | 3,600,197 |
Silver interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 739,858 | 937,681 |
Non-Depletable | 745,227 | 763,468 |
Total | 1,485,085 | 1,701,149 |
Mineral Stream Interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 3,855,357 | 4,163,170 |
Non-Depletable | 1,851,662 | 1,742,627 |
Total | 5,707,019 | 5,905,797 |
Voisey's Bay [member] | Cobalt Interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 316,749 | 330,795 |
Non-Depletable | 40,824 | 40,826 |
Total | 357,573 | 371,621 |
Stillwater [member] | Palladium interest [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 218,104 | 222,859 |
Non-Depletable | 8,708 | 9,971 |
Total | 226,812 | 232,830 |
Marathon [Member] | Platinum Interest Marathon [Member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Non-Depletable | 9,428 | |
Total | 9,428 | |
Penasquito [member] | Silver interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 219,969 | 237,720 |
Non-Depletable | 73,705 | 84,298 |
Total | 293,674 | 322,018 |
Antamina [member] | Silver interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 198,294 | 232,977 |
Non-Depletable | 347,074 | 347,075 |
Total | 545,368 | 580,052 |
Constancia [member] | Silver interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 182,171 | 194,364 |
Non-Depletable | 10,776 | 11,520 |
Total | 192,947 | 205,884 |
Other silver interests [member] | Silver interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 139,424 | 272,620 |
Non-Depletable | 313,672 | 320,575 |
Total | 453,096 | 593,195 |
Sudbury [member] | Gold interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 239,002 | 244,109 |
Non-Depletable | 44,414 | 63,060 |
Total | 283,416 | 307,169 |
Salobo [member] | Gold interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 1,990,789 | 2,045,466 |
Non-Depletable | 392,473 | 392,473 |
Total | 2,383,262 | 2,437,939 |
Constancia [member] | Gold interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 89,097 | 96,808 |
Non-Depletable | 6,486 | 6,981 |
Total | 95,583 | 103,789 |
San Dimas [member] | Gold interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 51,459 | 60,574 |
Non-Depletable | 104,406 | 106,149 |
Total | 155,865 | 166,723 |
Stillwater [member] | Gold interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 191,051 | 196,853 |
Non-Depletable | 24,801 | 22,932 |
Total | 215,852 | 219,785 |
Other gold interests [member] | Gold interests [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Depletable | 19,248 | 28,025 |
Non-Depletable | 474,895 | 336,767 |
Total | $ 494,143 | $ 364,792 |
Mineral Stream Interests - Addi
Mineral Stream Interests - Additional Information (Detail) MillionTonnesPerAnnum in Millions, $ in Millions | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 14, 2022 USD ($) | Sep. 07, 2022 USD ($) shares | Jan. 17, 2022 USD ($) UNIT_OZ | Dec. 13, 2021 USD ($) oz | Nov. 15, 2021 USD ($) oz | Jun. 30, 2021 MillionTonnesPerAnnum | Mar. 24, 2021 USD ($) $ / oz | Dec. 31, 2022 USD ($) oz Agreement | Dec. 31, 2021 USD ($) UNIT_OZ | Dec. 31, 2022 CAD ($) oz Agreement | Dec. 06, 2022 USD ($) | Sep. 28, 2022 USD ($) | Sep. 07, 2022 CAD ($) shares | Apr. 11, 2022 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 CAD ($) | Mar. 21, 2022 USD ($) UNIT_OZ | Feb. 28, 2022 USD ($) | Feb. 08, 2022 USD ($) UNIT_OZ | Jan. 26, 2022 USD ($) UNIT_OZ $ / oz | Jan. 26, 2022 CAD ($) UNIT_OZ $ / oz | Dec. 23, 2021 USD ($) | May 10, 2021 oz | Apr. 21, 2021 USD ($) | Apr. 15, 2021 USD ($) | Nov. 05, 2020 UNIT_OZ | Oct. 02, 2008 | Mar. 23, 2006 oz | ||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Gain on disposal of silver streaming interest | $ 155,868,000 | $ 0 | |||||||||||||||||||||||||||
Upfront cash consideration paid | [1] | 45,352,000 | |||||||||||||||||||||||||||
Upfront cash consideration to be paid | [1],[2] | 323,000,000 | |||||||||||||||||||||||||||
Keno Hill Pmpa [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 25% | ||||||||||||||||||||||||||||
Gain on disposal of silver streaming interest | $ 104,395,000 | ||||||||||||||||||||||||||||
Receipt of shares as consideration for termination, shares | shares | 34,800,989 | 34,800,989 | |||||||||||||||||||||||||||
Receipt of shares as consideration for termination, value | $ 141,000,000 | ||||||||||||||||||||||||||||
Yauliyacu PMPA [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 100% | ||||||||||||||||||||||||||||
Cash consideration received upon disposal of mineral stream interest | $ 132,000,000 | ||||||||||||||||||||||||||||
Gain on disposal of silver streaming interest | $ 51,473,000 | ||||||||||||||||||||||||||||
Expected cash consideration | 150,000,000 | ||||||||||||||||||||||||||||
Number Of Ounces To Be Purchased Of Which Payment Due | oz | 1,500,000 | ||||||||||||||||||||||||||||
Per Ounce Cash Payment As Percentage Of The Per Ounce Price Payment Due | 50% | ||||||||||||||||||||||||||||
Percentage Of Issued And Outstanding Shares | 6% | ||||||||||||||||||||||||||||
Tranche One [Member] | Curipamba PMPA [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Upfront cash consideration paid | $ 13,000,000 | ||||||||||||||||||||||||||||
Marmato [member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Upfront cash consideration paid | $ 4,000,000 | $ 34,000,000 | |||||||||||||||||||||||||||
Additional cash consideration paid to date | $ 15,000,000 | ||||||||||||||||||||||||||||
Additional cash consideration For Precious Metal Purchase Agreement | 65,000,000 | ||||||||||||||||||||||||||||
Santo Domingo [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Upfront cash consideration paid | $ 30,000,000 | ||||||||||||||||||||||||||||
Upfront cash consideration to be paid | 290,000,000 | ||||||||||||||||||||||||||||
Fenix Gold [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Upfront cash consideration paid | 25,000,000 | ||||||||||||||||||||||||||||
Constancia [member] | Bottom of range [member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Fixed rate gold recoveries | 55% | ||||||||||||||||||||||||||||
Constancia [member] | Top of range [member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Fixed rate gold recoveries | 70% | ||||||||||||||||||||||||||||
Curipamba [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Upfront cash consideration paid | 13,000,000 | 13,000,000 | |||||||||||||||||||||||||||
Upfront cash consideration to be paid | 175,500,000 | ||||||||||||||||||||||||||||
Cash Consideration That Will Be Paid To Support Certain Local Community Development Initiatives | 500,000 | ||||||||||||||||||||||||||||
Marathon [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Upfront cash consideration paid | $ 15,000,000 | 16,000,000 | $ 20 | $ 20 | $ 16,000,000 | $ 20 | |||||||||||||||||||||||
Upfront cash consideration to be paid | 178,000,000 | $ 240 | $ 178,000,000 | $ 240 | |||||||||||||||||||||||||
Goose [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Upfront cash consideration to be paid | $ 125,000,000 | ||||||||||||||||||||||||||||
Goose [Member] | Tranche One [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Upfront cash consideration paid | 31,250,000 | $ 31,250,000 | |||||||||||||||||||||||||||
Goose PMPA [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Upfront cash consideration paid | $ 31,250,000 | $ 31,250,000 | |||||||||||||||||||||||||||
Silver [member] | Marmato [member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 100% | 100% | |||||||||||||||||||||||||||
NumberOfOuncesToBeDeliveredBeforeFirstStepDownInEntitlementPercentage | oz | 2,150,000 | 2,150,000 | |||||||||||||||||||||||||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 22% | 22% | |||||||||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | ||||||||||||||||||||||||||||
Silver [member] | Marmato [member] | Amended Agreement [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 100% | ||||||||||||||||||||||||||||
Percentage of metal production at the mine which WPM is entitled to after step down | 50% | ||||||||||||||||||||||||||||
NumberOfOuncesToBeDeliveredBeforeFirstStepDownInEntitlementPercentage | UNIT_OZ | 2,150,000 | ||||||||||||||||||||||||||||
Silver [member] | Santo Domingo [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 0% | 0% | |||||||||||||||||||||||||||
Silver [member] | Blackwater [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 50% | 50% | 50% | ||||||||||||||||||||||||||
Percentage of metal production at the mine which WPM is entitled to after step down | 33% | ||||||||||||||||||||||||||||
Percentage of spot price of metal thereafter | 22% | ||||||||||||||||||||||||||||
NumberOfOuncesToBeDeliveredBeforeFirstStepDownInEntitlementPercentage | oz | 17,800,000 | ||||||||||||||||||||||||||||
Upfront cash consideration to be paid | $ 141,000,000 | $ 141,000,000 | |||||||||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | 18% | |||||||||||||||||||||||||||
Percentage of production to be purchased after stream percentage reduction | 33% | 33% | |||||||||||||||||||||||||||
Silver [member] | Constancia [member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 100% | 100% | |||||||||||||||||||||||||||
Silver [member] | Curipamba [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 75% | 75% | 75% | ||||||||||||||||||||||||||
Percentage of metal production at the mine which WPM is entitled to after step down | 50% | ||||||||||||||||||||||||||||
NumberOfOuncesToBeDeliveredBeforeFirstStepDownInEntitlementPercentage | UNIT_OZ | 4,600,000 | ||||||||||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | ||||||||||||||||||||||||||||
Percentage of production to be purchased after stream percentage reduction | 50% | 50% | |||||||||||||||||||||||||||
Silver [member] | Marathon [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 0% | 0% | |||||||||||||||||||||||||||
Silver [member] | Goose [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 0% | 0% | |||||||||||||||||||||||||||
Gold [member] | Marmato [member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 10.50% | 10.50% | 6.50% | ||||||||||||||||||||||||||
Percentage of metal production at the mine which WPM is entitled to after step down | 3.25% | ||||||||||||||||||||||||||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 22% | 22% | |||||||||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | ||||||||||||||||||||||||||||
Gold ounces to be delivered before entitlement step down takes effect | UNIT_OZ | 190,000 | ||||||||||||||||||||||||||||
Additional cash consideration paid to date | $ 15,000,000 | ||||||||||||||||||||||||||||
Additional cash consideration For Precious Metal Purchase Agreement | $ 65,000,000 | ||||||||||||||||||||||||||||
Gold [member] | Marmato [member] | Amended Agreement [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 10.50% | ||||||||||||||||||||||||||||
Upfront cash consideration paid | $ 53,000,000 | ||||||||||||||||||||||||||||
Upfront cash consideration to be paid | $ 175,000,000 | ||||||||||||||||||||||||||||
Gold ounces to be delivered before entitlement step down takes effect | UNIT_OZ | 310,000 | ||||||||||||||||||||||||||||
Percentage of production to be purchased after stream percentage reduction | 5.25% | ||||||||||||||||||||||||||||
Gold [member] | Santo Domingo [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 100% | 100% | 100% | ||||||||||||||||||||||||||
Upfront cash consideration paid | $ 30,000,000 | $ 30,000,000 | |||||||||||||||||||||||||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 22% | ||||||||||||||||||||||||||||
Upfront cash consideration to be paid | $ 290,000,000 | ||||||||||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | 18% | |||||||||||||||||||||||||||
Gold ounces to be delivered before entitlement step down takes effect | $ / oz | 285,000 | ||||||||||||||||||||||||||||
Percentage of production to be purchased after stream percentage reduction | 67% | ||||||||||||||||||||||||||||
Gold [member] | Fenix Gold [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Upfront cash consideration paid | $ 25,000,000 | ||||||||||||||||||||||||||||
Percentage of metal production at the mine which WPM is entitled to after step down | 3.50% | ||||||||||||||||||||||||||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 22% | ||||||||||||||||||||||||||||
Upfront cash consideration to be paid | $ 50,000,000 | ||||||||||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | ||||||||||||||||||||||||||||
Percentage Of Production To Be Acquired | 6% | ||||||||||||||||||||||||||||
Number Of Gold Ounces To Be Delivered Before First Step Down In Entitlement Percentage | oz | 90,000 | ||||||||||||||||||||||||||||
Percentage of production to be acquired | 4% | ||||||||||||||||||||||||||||
Number Of Gold Ounces To Be Delivered Before Second Step Down In Entitlement Percentage | oz | 140,000 | ||||||||||||||||||||||||||||
Upfront Cash Consideration To Be Payable Subject To Receipt Of Environmental Impact Assessment | $ 25,000,000 | ||||||||||||||||||||||||||||
Gold [member] | Blackwater [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 8% | 8% | 8% | ||||||||||||||||||||||||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 35% | ||||||||||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 35% | ||||||||||||||||||||||||||||
Gold ounces to be delivered before entitlement step down takes effect | oz | 279,908 | ||||||||||||||||||||||||||||
Amount paid for the stream | $ 300,000,000 | ||||||||||||||||||||||||||||
Percentage of production to be purchased after stream percentage reduction | 4% | 4% | 4% | ||||||||||||||||||||||||||
Gold [member] | Constancia [member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 50% | 50% | |||||||||||||||||||||||||||
Upfront cash consideration paid | $ 4,000,000 | ||||||||||||||||||||||||||||
Gold penalty for failure to mine minimum tonnes cancelled | oz | 8,020 | ||||||||||||||||||||||||||||
Minimum processed tonnage required before additional cash consideration due | MillionTonnesPerAnnum | 4 | ||||||||||||||||||||||||||||
Gold [member] | Curipamba [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 50% | 50% | 50% | ||||||||||||||||||||||||||
NumberOfOuncesToBeDeliveredBeforeFirstStepDownInEntitlementPercentage | UNIT_OZ | 145,000 | ||||||||||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | ||||||||||||||||||||||||||||
Percentage of production to be purchased after stream percentage reduction | 33% | 33% | 33% | ||||||||||||||||||||||||||
Gold [member] | Marathon [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 100% | 100% | 100% | 100% | |||||||||||||||||||||||||
NumberOfOuncesToBeDeliveredBeforeFirstStepDownInEntitlementPercentage | UNIT_OZ | 150,000 | 150,000 | |||||||||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | ||||||||||||||||||||||||||||
Percentage of production to be purchased after stream percentage reduction | 67% | 67% | 67% | 67% | |||||||||||||||||||||||||
Gold [member] | Goose [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 4.15% | 4.15% | 4.15% | ||||||||||||||||||||||||||
NumberOfOuncesToBeDeliveredBeforeFirstStepDownInEntitlementPercentage | 130,000 | 130,000 | 130,000 | ||||||||||||||||||||||||||
Percentage of production to be purchased after first step down | 2.15% | 2.15% | 2.15% | ||||||||||||||||||||||||||
Number of ounces to be delivered before second step down in entitlement percentage | 200,000 | 200,000 | 200,000 | ||||||||||||||||||||||||||
Percentage of production to be purchased after second step down | 1.50% | 1.50% | 1.50% | ||||||||||||||||||||||||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 22% | ||||||||||||||||||||||||||||
Upfront cash consideration to be paid | $ 125,000,000 | ||||||||||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | ||||||||||||||||||||||||||||
Per ounce cash payment as a percentage of the spot price of metal delivered | 18% | ||||||||||||||||||||||||||||
Gold And Silver [Member] | Curipamba [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 22% | ||||||||||||||||||||||||||||
Upfront cash consideration to be paid | $ 175,500,000 | ||||||||||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | ||||||||||||||||||||||||||||
Cash Consideration That Will Be Paid To Support Certain Local Community Development Initiatives | $ 500,000 | ||||||||||||||||||||||||||||
Upfront Cash Consideration Available For Advance Pre Construction | $ 13,000,000 | ||||||||||||||||||||||||||||
Platinum [Member] | Marmato [member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 0% | 0% | |||||||||||||||||||||||||||
Platinum [Member] | Santo Domingo [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 0% | 0% | |||||||||||||||||||||||||||
Platinum [Member] | Blackwater [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 0% | 0% | |||||||||||||||||||||||||||
Platinum [Member] | Constancia [member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 0% | 0% | |||||||||||||||||||||||||||
Platinum [Member] | Curipamba [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 0% | 0% | |||||||||||||||||||||||||||
Platinum [Member] | Marathon [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 22% | 22% | 22% | 22% | |||||||||||||||||||||||||
NumberOfOuncesToBeDeliveredBeforeFirstStepDownInEntitlementPercentage | $ / oz | 120,000 | 120,000 | |||||||||||||||||||||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | ||||||||||||||||||||||||||||
Percentage of production to be purchased after stream percentage reduction | 15% | 15% | 15% | 15% | |||||||||||||||||||||||||
Platinum [Member] | Goose [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Percentage of production to be purchased | 0% | 0% | |||||||||||||||||||||||||||
Gold And Platinum [Member] | Marathon [Member] | |||||||||||||||||||||||||||||
Disclosure Of Mineral Stream Interests [line items] | |||||||||||||||||||||||||||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 22% | 22% | |||||||||||||||||||||||||||
Upfront cash consideration to be paid | $ 240 | ||||||||||||||||||||||||||||
Per ounce cash payment as a percentage of the spot price of metal delivered | 18% | 18% | |||||||||||||||||||||||||||
[1]Expressed in thousands of United States dollars; excludes closing costs and capitalized interest, where applicable.[2]Please refer to Note 32 for details of when the remaining upfront consideration to be paid becomes due. |
Mineral Stream Interests - Disc
Mineral Stream Interests - Disclosure of Detailed Information About Termination of Investment Property Keno Hill PMPA (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 07, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Detailed Information About Termination Of Mineral Stream Interests [Line Items] | |||
Gain on disposal | $ 155,868 | $ 0 | |
Keno Hill Pmpa [Member] | |||
Disclosure Of Detailed Information About Termination Of Mineral Stream Interests [Line Items] | |||
Fair value of Hecla Mining Company shares received | $ 140,596 | ||
Less: carrying value after impairment reversal, plus closing costs | (36,201) | ||
Gain on disposal | $ 104,395 |
Mineral Stream Interests - Di_2
Mineral Stream Interests - Disclosure of Detailed Information About Termination of Investment Property Yauliyacu PMPA (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 14, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Detailed Information About Termination Of Mineral Stream Interests [Line Items] | |||
Gain on disposal | $ 155,868 | $ 0 | |
Yauliyacu PMPA [Member] | |||
Disclosure Of Detailed Information About Termination Of Mineral Stream Interests [Line Items] | |||
Proceeds received on disposal of Yauliyacu | $ 131,937 | ||
Less: carrying value plus closing costs | (80,464) | ||
Gain on disposal | $ 51,473 |
Impairment (Impairment Revers_3
Impairment (Impairment Reversal) of Mineral Stream Interests - Schedule of Impairment (Reversal) of Mineral Stream Interests (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of Impairment Loss and Reversal of Impairment Loss [Line Items] | |||
Impairment (impairment reversal) of mineral stream interests | $ (8,611) | $ (156,717) | [1] |
Voisey's Bay [member] | |||
Disclosure of Impairment Loss and Reversal of Impairment Loss [Line Items] | |||
Impairment (impairment reversal) of mineral stream interests | (157,000) | ||
Keno Hill [member] | |||
Disclosure of Impairment Loss and Reversal of Impairment Loss [Line Items] | |||
Impairment (impairment reversal) of mineral stream interests | (10,300) | ||
Silver interests [member] | Other silver interests [member] | Keno Hill [member] | |||
Disclosure of Impairment Loss and Reversal of Impairment Loss [Line Items] | |||
Impairment (impairment reversal) of mineral stream interests | (10,330) | 0 | |
Gold Interests [member] | Other Gold Interests [member] | 777 [member] | |||
Disclosure of Impairment Loss and Reversal of Impairment Loss [Line Items] | |||
Impairment (impairment reversal) of mineral stream interests | 1,719 | 0 | |
Cobalt Interests [member] | Voisey's Bay [member] | |||
Disclosure of Impairment Loss and Reversal of Impairment Loss [Line Items] | |||
Impairment (impairment reversal) of mineral stream interests | $ 0 | $ (156,717) | |
[1]Presentation of historical figures have been revised to conform with current year classifications – see Note 2. |
Reversal of Impairment of Miner
Reversal of Impairment of Mineral Stream Interests - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2019 USD ($) | Dec. 31, 2015 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) $ / lb | Sep. 07, 2022 USD ($) shares | ||
Disclosure of Impairment Loss and Reversal of Impairment Loss [Line Items] | ||||||
Impairment reversal | $ 8,611 | $ 156,717 | [1] | |||
Voisey's Bay [member] | ||||||
Disclosure of Impairment Loss and Reversal of Impairment Loss [Line Items] | ||||||
Recoverable amount | $ 227,000 | |||||
Impairment charge | $ 166,000 | |||||
Discount rate | 8% | |||||
Projected market price of Cobalt | $ / lb | 23.97 | |||||
Impairment reversal | $ 157,000 | |||||
Keno Hill [member] | ||||||
Disclosure of Impairment Loss and Reversal of Impairment Loss [Line Items] | ||||||
Impairment charge | $ 10,500 | |||||
Impairment reversal | $ 10,300 | |||||
Receipt of shares as consideration for termination, shares | shares | 34,800,989 | |||||
Receipt of shares as consideration for termination, value | $ 141,000 | |||||
[1]Presentation of historical figures have been revised to conform with current year classifications – see Note 2. |
Early Deposit Mineral Stream _3
Early Deposit Mineral Stream Interests - Additional Information (Detail) - Kutcho [member] $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) Tonnes_Per_Day | |
Disclosure Of Mineral Stream Interests [line items] | |
Percentage of gold and silver elimination of drop down | 66.70% |
Additional upfront consideration | $ | $ 20 |
Mill throughput capacity | Tonnes_Per_Day | 4,500 |
Early Deposit Mineral Stream _4
Early Deposit Mineral Stream Interests - Summary of Early Deposit Mineral Stream Interests (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Upfront Consideration Paid to Date | $ 45,352 | [1] |
Upfront Consideration to be Paid | 323,000 | [1],[2] |
Total Upfront Consideration | $ 368,352 | [1] |
Toroparu [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Name of mine owner | Aris Mining | |
Location of Mine | Guyana | |
Upfront Consideration Paid to Date | $ 15,500 | [1] |
Upfront Consideration to be Paid | 138,000 | [1],[2] |
Total Upfront Consideration | $ 153,500 | [1] |
Gold | 10% | |
Silver | 50% | |
Term of Agreement | Life of Mine | |
Cotabambas [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Name of mine owner | Panoro | |
Location of Mine | Peru | |
Upfront Consideration Paid to Date | $ 13,000 | [1] |
Upfront Consideration to be Paid | 127,000 | [1],[2] |
Total Upfront Consideration | $ 140,000 | [1] |
Gold | 25% | [3] |
Silver | 100% | [3] |
Term of Agreement | Life of Mine | |
Kutcho [member] | ||
Disclosure Of Mineral Stream Interests [line items] | ||
Name of mine owner | Kutcho | |
Location of Mine | Canada | |
Upfront Consideration Paid to Date | $ 16,852 | [1] |
Upfront Consideration to be Paid | 58,000 | [1],[2] |
Total Upfront Consideration | $ 74,852 | [1] |
Gold | 100% | |
Silver | 100% | |
Term of Agreement | Life of Mine | |
[1]Expressed in thousands of United States dollars; excludes closing costs and capitalized interest, where applicable.[2]Please refer to Note 32 for details of when the remaining upfront consideration to be paid becomes due.[3]Once 90 million silver equivalent ounces attributable to Wheaton have been produced, the attributable production will decrease to 16.67% of gold production and 66.67% of silver production for the life of mine. |
Early Deposit Mineral Stream _5
Early Deposit Mineral Stream Interests - Summary of Early Deposit Mineral Stream Interests (Parenthetical) (Detail) - Cotabambas [member] Agreement in Millions | 12 Months Ended |
Dec. 31, 2022 Agreement | |
Disclosure Of Mineral Stream Interests [line items] | |
Silver Equivalent ounces to be delivered before entitlement step down takes effect | 90 |
Percentage of silver production at the mine which WPM is entitled to after step down | 66.67% |
Percentage of gold production at the mine which WPM is entitled to after step down | 16.67% |
Mineral Royalty Interests - Add
Mineral Royalty Interests - Additional Information (Detail) $ in Thousands, $ in Millions | 12 Months Ended | ||
Jan. 05, 2021 USD ($) oz | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CAD ($) | |
Metates Properties [member] | |||
Disclosure Of Royalty Arrangements [line items] | |||
Net smelter return royalty percentage | 0.50% | ||
Revenues recognized in royalty agreement | $ 0 | ||
Depletion in royalty agreement | 0 | ||
Carrying cost of royalty | $ 3,000 | ||
Brewery Creek Royalty [Member] | |||
Disclosure Of Royalty Arrangements [line items] | |||
Net smelter return royalty percentage | 2% | ||
Upfront cash payment for Royalty interest | $ 3,000 | ||
Total consideration owed by Mine Operator upon election of reacquisition of royalty interest | $ 2 | ||
Ounces of gold mined from ore extracted from the property before step up in royalty percentage | oz | 600,000 | ||
Net smelter return royalty percentage after potential buy back | 2.125% | ||
Net smelter return royalty percentage after step up | 2.75% |
Convertible Notes Receivable -
Convertible Notes Receivable - Additional Information (Detail) $ in Thousands, $ in Millions | 12 Months Ended | |||||||
Nov. 27, 2019 | Dec. 14, 2017 USD ($) | Dec. 31, 2022 USD ($) Tonnes_Per_Day | Feb. 18, 2022 USD ($) | Dec. 31, 2021 USD ($) | Nov. 25, 2019 USD ($) | Nov. 25, 2019 CAD ($) | Dec. 14, 2017 CAD ($) | |
Convertible notes receivable [line items] | ||||||||
Balance of convertible note receivable | $ 0 | $ 17,086 | ||||||
Non revolving short term loan maximum lending capacity | $ 816 | |||||||
Percentage of mining streaming interest of Gold and silver | 66.70% | |||||||
Kutcho [member] | ||||||||
Convertible notes receivable [line items] | ||||||||
Non revolving short term loan maximum lending capacity | $ 800 | $ 1 | ||||||
Short term loan advanced stated interest rate | 15% | |||||||
Additional upfront consideration | $ 20,000 | |||||||
Mill throughput capacity | Tonnes_Per_Day | 4,500 | |||||||
Value of shares received as partial consideration for settling and terminating convertible note and non revolving loan | $ 6,700 | |||||||
Convertible note receivable [member] | Kutcho [member] | ||||||||
Convertible notes receivable [line items] | ||||||||
Balance of convertible note receivable | $ 16,000 | $ 20 | ||||||
Coupon rate on convertible note receivable | 10% | 10% | ||||||
Interest rate charged On deferred interest | 15% | |||||||
Convertible note original term to maturity | seven year | |||||||
Option to defer interest payment criteria | Kutcho elected to defer the first seven interest payments |
Convertible Notes Receivable _2
Convertible Notes Receivable - Schedule of Company's Convertible Note Receivable (Detail) - Kutcho [member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Convertible notes receivable [line items] | ||
Beginning balance | $ 17,086 | $ 11,353 |
Amount advanced | 0 | 0 |
Termination | (15,706) | 0 |
Fair value gain (loss) reflected in net earnings | (1,380) | 5,733 |
Ending balance | $ 0 | $ 17,086 |
Long-Term Equity Investments -
Long-Term Equity Investments - Summary of Long-Term Equity Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Long term investments 1 [abstract] | |||
Long-term investments - common shares held | $ 255,535 | $ 59,941 | $ 196,241 |
Long-term investments - warrants held | 560 | 1,536 | |
Long-term investments | $ 256,095 | $ 61,477 |
Long-Term Equity Investments _2
Long-Term Equity Investments - Summary of Common Shares Held (Detail) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Long term investments - common shares held [line items] | ||||
Fair value | $ 255,535 | $ 59,941 | $ 196,241 | |
Cost of Addition | 179,143 | 7,453 | ||
Proceeds of Disposition | [1] | (4,601) | (129,753) | |
Fair value adjustment gains (losses) | [2],[3] | 21,052 | (14,000) | |
Fair value ending balance | 255,535 | 59,941 | ||
Realized gain (loss) on disposal | $ (3,797) | $ 73,578 | ||
Bear Creek [member] | ||||
Long term investments - common shares held [line items] | ||||
Shares owned | 13,264 | 13,264 | ||
Percentage of outstanding shares owned | 8.65% | 10.67% | ||
Fair value | $ 7,443 | $ 12,764 | 32,609 | |
Fair value adjustment gains (losses) | [2] | (5,321) | (19,845) | |
Fair value ending balance | 7,443 | 12,764 | ||
Realized gain (loss) on disposal | $ 0 | $ 0 | ||
Sabina [member] | ||||
Long term investments - common shares held [line items] | ||||
Shares owned | 31,095 | 11,700 | ||
Percentage of outstanding shares owned | 5.58% | 2.82% | ||
Fair value | $ 30,535 | $ 13,381 | 30,233 | |
Cost of Addition | 19,833 | |||
Fair value adjustment gains (losses) | [2] | (2,679) | (16,852) | |
Fair value ending balance | $ 30,535 | $ 13,381 | ||
Kutcho [member] | ||||
Long term investments - common shares held [line items] | ||||
Shares owned | 18,640 | |||
Percentage of outstanding shares owned | 14.83% | |||
Fair value | $ 3,097 | |||
Cost of Addition | 11,721 | |||
Fair value adjustment gains (losses) | [2] | (8,624) | ||
Fair value ending balance | $ 3,097 | |||
Hecla [Member] | ||||
Long term investments - common shares held [line items] | ||||
Shares owned | 35,012 | |||
Percentage of outstanding shares owned | 5.78% | |||
Fair value | $ 194,668 | |||
Cost of Addition | 141,450 | |||
Fair value adjustment gains (losses) | [2] | 53,218 | ||
Fair value ending balance | 194,668 | |||
First Majestic [member] | ||||
Long term investments - common shares held [line items] | ||||
Percentage of outstanding shares owned | 0% | |||
Fair value | 95,984 | |||
Proceeds of Disposition | [1] | $ (112,188) | ||
Fair value adjustment gains (losses) | [2] | 16,204 | ||
Realized gain (loss) on disposal | 60,530 | |||
Other investments [member] | ||||
Long term investments - common shares held [line items] | ||||
Fair value | 19,792 | 33,796 | $ 37,415 | |
Cost of Addition | 6,139 | 7,453 | ||
Proceeds of Disposition | [1] | (4,601) | (17,565) | |
Fair value adjustment gains (losses) | [2] | (15,542) | 6,493 | |
Fair value ending balance | 19,792 | 33,796 | ||
Realized gain (loss) on disposal | $ (3,797) | $ 13,048 | ||
[1]Disposals during 2021 were made in order to capitalize on the share appreciation resulting from the strong commodity price environment.[2]Fair Value Gains (Losses) are reflected as a component of OCI.[3]LTIs = long-term investments – common shares held. |
Refundable Deposit - 777 PMPA -
Refundable Deposit - 777 PMPA - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Aug. 08, 2012 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure Of Refundable Deposit [Line Items] | ||||
Upfront cash consideration paid | [1] | $ 45,352 | ||
Present Value of Refundable deposit - 777 PMPA | 8,073 | $ 0 | ||
777 PMPA [Member] | ||||
Disclosure Of Refundable Deposit [Line Items] | ||||
Term of contract | 40 years | |||
Upfront cash consideration paid | $ 455,000 | |||
Refundable deposit - 777 PMPA | $ 79,000 | |||
Interest rate | 8% | |||
Impairment losses | $ 2,000 | |||
777 PMPA [Member] | At fair value [member] | ||||
Disclosure Of Refundable Deposit [Line Items] | ||||
Present Value of Refundable deposit - 777 PMPA | $ 8,000 | |||
[1]Expressed in thousands of United States dollars; excludes closing costs and capitalized interest, where applicable. |
Property Plant and Equipment -
Property Plant and Equipment - Summary of Property Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | ||
Balance | $ 5,509 | |
Balance | 4,210 | $ 5,509 |
Leasehold improvements [member] | ||
Statement [Line Items] | ||
Balance | 1,156 | |
Balance | 836 | 1,156 |
Right-of-use assets [member] | ||
Statement [Line Items] | ||
Balance | 2,597 | |
Balance | 1,828 | 2,597 |
Other | ||
Statement [Line Items] | ||
Balance | 1,756 | |
Balance | 1,546 | 1,756 |
At Cost [member] | ||
Statement [Line Items] | ||
Balance | 14,031 | 13,306 |
Additions | 289 | 730 |
Disposals | (606) | (5) |
Balance | 13,714 | 14,031 |
At Cost [member] | Leasehold improvements [member] | ||
Statement [Line Items] | ||
Balance | 4,382 | 4,382 |
Disposals | (378) | |
Balance | 4,004 | 4,382 |
At Cost [member] | Right-of-use assets [member] | ||
Statement [Line Items] | ||
Balance | 4,793 | 4,793 |
Balance | 4,793 | 4,793 |
At Cost [member] | Other | ||
Statement [Line Items] | ||
Balance | 4,856 | 4,131 |
Additions | 289 | 730 |
Disposals | (228) | (5) |
Balance | 4,917 | 4,856 |
Accumulated depreciation and amortisation [member] | ||
Statement [Line Items] | ||
Balance | (8,522) | (7,017) |
Disposals | 606 | 5 |
Depreciation | (1,588) | (1,510) |
Balance | (9,504) | (8,522) |
Accumulated depreciation and amortisation [member] | Leasehold improvements [member] | ||
Statement [Line Items] | ||
Balance | (3,226) | (2,906) |
Disposals | 378 | |
Depreciation | (320) | (320) |
Balance | (3,168) | (3,226) |
Accumulated depreciation and amortisation [member] | Right-of-use assets [member] | ||
Statement [Line Items] | ||
Balance | (2,196) | (1,444) |
Depreciation | (769) | (752) |
Balance | (2,965) | (2,196) |
Accumulated depreciation and amortisation [member] | Other | ||
Statement [Line Items] | ||
Balance | (3,100) | (2,667) |
Disposals | 228 | 5 |
Depreciation | (499) | (438) |
Balance | $ (3,371) | $ (3,100) |
Credit Facilities - Additional
Credit Facilities - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure Of Bank Debt Facilities | ||
Stand-by fees rate charged for undrawn facilities | 0.20% | 0.20% |
Unamortized debt issue costs | $ 5,757 | $ 5,620 |
Revolving Term Loan [member] | ||
Disclosure Of Bank Debt Facilities | ||
Maximum available credit under revolving term loan | $ 2,000,000 | |
Maximum net debt to tangible net worth ratio | 0.75% | |
Minimum interest coverage ratio | 3 | |
Unamortized debt issue costs | $ 6,000 | |
Revolving Term Loan [member] | Bottom of range [member] | LIBOR [member] | ||
Disclosure Of Bank Debt Facilities | ||
Basis spread | 1.10% | |
Revolving Term Loan [member] | Bottom of range [member] | Bank of Nova Scotia Base Rate [member] | ||
Disclosure Of Bank Debt Facilities | ||
Basis spread | 0% | |
Revolving Term Loan [member] | Top of range [member] | LIBOR [member] | ||
Disclosure Of Bank Debt Facilities | ||
Basis spread | 2.30% | |
Revolving Term Loan [member] | Top of range [member] | Bank of Nova Scotia Base Rate [member] | ||
Disclosure Of Bank Debt Facilities | ||
Basis spread | 1.05% |
Credit Facilities - Summary of
Credit Facilities - Summary of Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Presentation of leases for lessee [abstract] | ||
Current portion | $ 818 | $ 813 |
Long-term portion | 1,152 | 2,060 |
Total lease liabilities | $ 1,970 | $ 2,873 |
Credit Facilities - Summary o_2
Credit Facilities - Summary of Lease Maturities (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Disclosure of Lease liabilities [Line Items] | |
Lease liability | $ 2,052 |
Not later than 1 year [member] | |
Disclosure of Lease liabilities [Line Items] | |
Lease liability | 870 |
Later than 1 year and not later than 5 years | |
Disclosure of Lease liabilities [Line Items] | |
Lease liability | 1,182 |
Later than 5 years [member] | |
Disclosure of Lease liabilities [Line Items] | |
Lease liability | $ 0 |
Credit Facilities - Summary o_3
Credit Facilities - Summary of Company's Finance Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of Finance Cost [abstract] | |||
Average principal outstanding during period | $ 0 | $ 19,506 | |
Average effective interest rate during period | 1.17% | ||
Total interest expense incurred during period | 0 | $ 229 | |
Costs related to undrawn credit facilities | 5,262 | 5,313 | |
Interest expense—lease liabilities | 91 | 123 | |
Letters of guarantee | 233 | 152 | |
Total finance costs | $ 5,586 | $ 5,817 | [1] |
[1]Presentation of historical figures have been revised to conform with current year classifications – see Note 2. |
Issued Capital - Summary of Cap
Issued Capital - Summary of Capital Issued (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Capital and Reserve [line items] | ||
Issued capital | $ 3,752,662 | $ 3,698,998 |
Issued Capital [member] | ||
Disclosure of Capital and Reserve [line items] | ||
Issued capital | $ 3,752,662 | $ 3,698,998 |
Issued Capital - Summary of C_2
Issued Capital - Summary of Capital Issued (Parenthetical) (Detail) - shares | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of Capital and Reserve [line items] | |||
Common shares outstanding | 452,318,526 | 450,863,952 | 449,458,394 |
Issued Capital [member] | |||
Disclosure of Capital and Reserve [line items] | |||
Common shares issued | 452,318,526 | 450,863,952 | |
Common shares outstanding | 452,318,526 | 450,863,952 |
Issued Capital - Additional Inf
Issued Capital - Additional Information (Detail) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Statement [Line Items] | |
Par value per common share | $ / shares | $ 0 |
Preference shares outstanding | shares | 0 |
At The Market Equity Program [Member] | |
Statement [Line Items] | |
Maximum value of common shares that can be issued under the at-the-market equity program | $ | $ 300 |
Issued Capital - Summary of Com
Issued Capital - Summary of Common Shares Issued and Outstanding (Detail) | 12 Months Ended | ||||
Dec. 31, 2022 $ / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2021 $ / shares shares | ||
Disclosure of classes of share capital [abstract] | |||||
Balance, shares at beginning of period | 450,863,952 | 450,863,952 | 449,458,394 | 449,458,394 | |
Share purchase options exercised | $ / shares | [1] | $ 28.76 | $ 24.96 | ||
Restricted share units released | $ / shares | [1] | $ 0 | $ 0 | ||
Dividend reinvestment plan | $ / shares | [2] | $ 38.75 | $ 43.33 | ||
Share purchase options exercised | 493,129 | 493,129 | 398,880 | 398,880 | |
Restricted share units released | 87,838 | 87,838 | 116,880 | 116,880 | |
Dividend reinvestment plan | 873,607 | 873,607 | 889,798 | 889,798 | |
Balance, shares at end of period | 452,318,526 | 452,318,526 | 450,863,952 | 450,863,952 | |
[1]The weighted average price of share purchase options exercised and restricted share units released represents the respective exercise price.[2]The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. The weighted average price for common shares issued under the DRIP represents the volume weighted average price of the common shares on the five trading days preceding the dividend payment date, less a discount of 1%. |
Issued Capital - Summary of C_3
Issued Capital - Summary of Common Shares Issued and Outstanding (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
Discount applied to average share price in determining number of shares to be issued under DRIP | 1% |
Issued Capital - Schedule of Di
Issued Capital - Schedule of Dividends Declared (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | 144 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | |
Disclosure of Dividends [line items] | |||
Dividends declared per share | $ 0.6 | $ 0.57 | |
Average number of shares eligible for dividend | 451,577 | 450,188 | |
Total dividends paid | $ 237,097 | $ 218,051 | $ 1,795,000 |
Cash percentage | 88% | 85% | |
DRIP percentage | 12% | 15% | |
Total dividends paid percentage | 100% | 100% | |
Shares issued under the DRIP | 874 | 890 | |
Retained Earnings [member] | |||
Disclosure of Dividends [line items] | |||
Total dividends paid | $ 270,946 | $ 256,607 | |
Dividends Paid in Cash [member] | |||
Disclosure of Dividends [line items] | |||
Total dividends paid | 237,097 | 218,052 | |
Dividends Paid in DRIP [member] | |||
Disclosure of Dividends [line items] | |||
Total dividends paid | $ 33,849 | $ 38,555 |
Issued Capital - Schedule of _2
Issued Capital - Schedule of Dividends Declared (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | 144 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | |
Disclosure of dividend [abstract] | |||
Dividend declared | $ 237,097 | $ 218,051 | $ 1,795,000 |
Reserves - Additional Informati
Reserves - Additional Information (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Warrant holders right to purchase common shares | Each warrant entitled the holder the right to purchase one of the Company’s common shares | |
Stock Options [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Trailing period for expected volatility | 30 months | |
Description of share option grants | The Company expenses the fair value of share purchase options that are expected to vest on a straight-line basis over the vesting period using the Black-Scholes option pricing model to estimate the fair value for each option at the date of grant | |
Weighted average share price at the time of exercise | $ 57.96 | $ 51.5 |
Stock Options [member] | Top of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Description of Typical Term Of options issued | seven | |
Vesting period | three | |
Stock Options [member] | Bottom of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Description of Typical Term Of options issued | five | |
Vesting period | two | |
RSU [member] | Top of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period | three | |
RSU [member] | Bottom of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period | two |
Reserves - Summary of Reserves
Reserves - Summary of Reserves (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Reserves | ||
Share purchase warrants | $ 83,077 | $ 83,077 |
Share purchase options | 22,578 | 22,349 |
Restricted share units | 8,142 | 7,196 |
Long-term investment revaluation reserve, net of tax | (47,250) | (65,586) |
Total reserves | $ 66,547 | $ 47,036 |
Reserves - Summary of Share Pur
Reserves - Summary of Share Purchase Warrants (Detail) $ / shares in Units, $ in Thousands | Dec. 31, 2022 USD ($) Exchange_Ratio $ / shares shares | Dec. 31, 2021 USD ($) |
Disclosure of reserves within equity [abstract] | ||
Number of warrants | shares | 10,000,000 | |
Weighted Average Exercise Price | $ / shares | $ 43.75 | |
Exchange Ratio | Exchange_Ratio | 1 | |
Share Purchase Warrants Reserve | $ | $ 83,077 | $ 83,077 |
Reserves - Summary of Fair Valu
Reserves - Summary of Fair Value of Share Purchase Options (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 $ / shares | Dec. 31, 2022 USD ($) yr shares | Dec. 31, 2021 $ / shares | Dec. 31, 2021 USD ($) yr shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Grant date share price and exercise price | $ / shares | $ 60 | $ 49.86 | ||
Weighted average fair value per option granted | $ / shares | $ 13.84 | $ 10.69 | ||
Total fair value of options issued | $ | $ 3,000 | $ 3,000 | ||
Black-Scholes Weighted Average Assumptions [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Expected dividend yield | 1.32% | 1.53% | ||
Expected volatility | 35% | 35% | ||
Risk-free interest rate | 1.72% | 0.51% | ||
Expected option life, in years | yr | 3 | 3 | ||
Number of options issued during the period | shares | 283,440 | 317,560 | ||
Total fair value of options issued | $ | $ 3,069 | $ 2,720 |
Reserves - Disclosure of Inform
Reserves - Disclosure of Information About Options Outstanding and Exercisable (Detail) | 12 Months Ended | |||
Dec. 31, 2022 Agreement $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Total Options Outstanding | 1,478,300 | 1,705,497 | 1,786,817 | |
Options [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercisable Options | 1,000,348 | |||
Non-Exercisable Options | 477,952 | |||
Total Options Outstanding | 1,478,300 | |||
Weighted Average Remaining Contractual Life | 3 years 2 months 12 days | |||
Options [member] | 26.24 [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise Price | $ / shares | $ 26.24 | |||
Exercisable Options | 114,610 | |||
Total Options Outstanding | 114,610 | |||
Weighted Average Remaining Contractual Life | 2 months 12 days | |||
Options [member] | 27.64 [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise Price | $ / shares | [1] | $ 27.64 | ||
Exercisable Options | 3,660 | |||
Total Options Outstanding | 3,660 | |||
Weighted Average Remaining Contractual Life | 2 months 12 days | |||
Options [member] | 30.82 [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise Price | $ / shares | $ 30.82 | |||
Exercisable Options | 4,477 | |||
Total Options Outstanding | 4,477 | |||
Weighted Average Remaining Contractual Life | 1 year 6 months | |||
Options [member] | 32.61 [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise Price | $ / shares | [1] | $ 32.61 | ||
Exercisable Options | 53,435 | |||
Total Options Outstanding | 53,435 | |||
Weighted Average Remaining Contractual Life | 2 years 2 months 12 days | |||
Options [member] | 32.93 [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise Price | $ / shares | $ 32.93 | |||
Exercisable Options | 358,050 | |||
Total Options Outstanding | 358,050 | |||
Weighted Average Remaining Contractual Life | 1 year 2 months 12 days | |||
Options [member] | 33.25 [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise Price | $ / shares | [1] | $ 33.25 | ||
Exercisable Options | 35,375 | |||
Total Options Outstanding | 35,375 | |||
Weighted Average Remaining Contractual Life | 1 year 2 months 12 days | |||
Options [member] | 33.47 [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise Price | $ / shares | $ 33.47 | |||
Exercisable Options | 327,495 | |||
Total Options Outstanding | 327,495 | |||
Weighted Average Remaining Contractual Life | 2 years 2 months 12 days | |||
Options [member] | 49.86 [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise Price | $ / shares | $ 49.86 | |||
Exercisable Options | 83,596 | |||
Non-Exercisable Options | 160,386 | |||
Total Options Outstanding | 243,982 | |||
Weighted Average Remaining Contractual Life | 5 years 2 months 12 days | |||
Options [member] | 54.11 [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise Price | $ / shares | [1] | $ 54.11 | ||
Exercisable Options | 19,650 | |||
Non-Exercisable Options | 40,176 | |||
Total Options Outstanding | 59,826 | |||
Weighted Average Remaining Contractual Life | 5 years 2 months 12 days | |||
Options [member] | 60.00 [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise Price | $ / shares | $ 60 | |||
Non-Exercisable Options | 224,520 | |||
Total Options Outstanding | 224,520 | |||
Weighted Average Remaining Contractual Life | 6 years 2 months 12 days | |||
Options [member] | 63.60 [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise Price | $ / shares | [1] | $ 63.6 | ||
Non-Exercisable Options | 52,870 | |||
Total Options Outstanding | 52,870 | |||
Weighted Average Remaining Contractual Life | 6 years 2 months 12 days | |||
[1]US$ share purchase options converted to Cdn$ using the exchange rate of 1.3544, being the Cdn$/US$ exchange rate at December 31, 2022. |
Reserves - Disclosure of Info_2
Reserves - Disclosure of Information About Options Outstanding and Exercisable (Parenthetical) (Detail) | Dec. 31, 2022 ExchangeRate |
Disclosure of number and weighted average remaining contractual life of outstanding share options [abstract] | |
Cdn$/US$ exchange rate | 1.3544 |
Reserves - Disclosure of Outsta
Reserves - Disclosure of Outstanding Share Purchase Options (Detail) | 12 Months Ended | |
Dec. 31, 2022 $ / shares | Dec. 31, 2021 $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Number of Options Outstanding, Beginning balance | 1,705,497 | 1,786,817 |
Number of Options Outstanding, Granted | 283,440 | 317,560 |
Number of Options Outstanding, Exercised | (493,129) | (398,880) |
Number of Options Outstanding, Forfeited | (17,508) | |
Number of Options Outstanding, Ending balance | 1,478,300 | 1,705,497 |
Weighted Average Exercise Price, Beginning balance | $ 34.4 | $ 29.54 |
Weighted Average Exercise Price, Granted | 60 | 49.86 |
Weighted Average Exercise Price, Exercised | 28.76 | 24.96 |
Weighted Average Exercise Price, Forfeited | 53.73 | |
Weighted Average Exercise Price, Ending balance | $ 41.37 | $ 34.4 |
Reserves - Disclosure of Outs_2
Reserves - Disclosure of Outstanding Share Purchase Options (Parenthetical) (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 $ / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 $ / shares | Dec. 31, 2021 USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||||
Fair value per option granted | $ / shares | $ 13.84 | $ 10.69 | ||
Fair value of options issued during the year | $ | $ 3 | $ 3 |
Reserves - Disclosure of Restri
Reserves - Disclosure of Restricted Share Units Reserve (Detail) - RSU [member] | 12 Months Ended | |
Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Disclosure of restricted share units reserve [line items] | ||
Beginning balance | shares | 350,058 | 370,258 |
Granted | shares | 91,780 | 96,680 |
Released | shares | (87,838) | (116,880) |
Forfeited | shares | (3,794) | |
Ending balance | shares | 350,206 | 350,058 |
Weighted Average Intrinsic Value,Beginning Balance | $ | $ 26.69 | $ 22.4 |
Weighted Average Intrinsic Value,Granted | $ | 46.72 | 39.95 |
Weighted Average Intrinsic Value,Released | $ | 28.85 | 24.09 |
Weighted Average Intrinsic Value, Forfeited | $ | 39.95 | |
Weighted Average Intrinsic Value, Ending Balance | $ | $ 31.25 | $ 26.69 |
Reserves - Disclosure of Rest_2
Reserves - Disclosure of Restricted Share Units Reserve (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
RSU [member] | ||
Disclosure of restricted share units reserve [line items] | ||
Fair value of RSU granted | $ 4 | $ 4 |
Reserves - Disclosure of Long T
Reserves - Disclosure of Long Term Investment Revaluation Reserve (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure Of Long Term Investment Revaluation Reserve [line items] | |||
Unrealized gain (loss) on LTIs | [1] | $ 14,539 | $ (16,314) |
Reallocate reserve to retained earnings upon disposal of LTIs | (3,797) | 73,578 | |
LTI revaluation reserve (net of tax) [member] | |||
Disclosure Of Long Term Investment Revaluation Reserve [line items] | |||
Long-term investment revaluation reserve at beginning of period | (65,586) | 15,135 | |
Unrealized gain (loss) on LTIs | [2] | 14,539 | (16,314) |
Reallocate reserve to retained earnings upon disposal of LTIs | [2] | 3,797 | (64,407) |
Long-term investment revaluation reserve at end of period | (47,250) | (65,586) | |
Change in Fair Value [Member] | LTI revaluation reserve (net of tax) [member] | |||
Disclosure Of Long Term Investment Revaluation Reserve [line items] | |||
Long-term investment revaluation reserve at beginning of period | (65,475) | 22,103 | |
Unrealized gain (loss) on LTIs | [2] | 21,052 | (14,000) |
Reallocate reserve to retained earnings upon disposal of LTIs | [2] | 3,797 | (73,578) |
Long-term investment revaluation reserve at end of period | (40,626) | (65,475) | |
Deferred Tax Recovery Expense [member] | LTI revaluation reserve (net of tax) [member] | |||
Disclosure Of Long Term Investment Revaluation Reserve [line items] | |||
Long-term investment revaluation reserve at beginning of period | (111) | (6,968) | |
Unrealized gain (loss) on LTIs | [2] | (6,513) | (2,314) |
Reallocate reserve to retained earnings upon disposal of LTIs | [2] | 0 | 9,171 |
Long-term investment revaluation reserve at end of period | $ (6,624) | $ (111) | |
[1]Definitions as follows: “OCI” = Other Comprehensive Income (Loss); “SBC” = Equity Settled Stock Based Compensation; “Options” = Share Purchase Options; “RSUs” = Restricted Share Units; “LTI’s” = Long-Term Investments; “Warrants” = Share Purchase Warrants.[2]LTIs refers to long-term investments in common shares held. |
Stock Based Compensation - Perf
Stock Based Compensation - Performance Share Units - Additional Information (Detail) - Performance share units (PSUs) [member] | 12 Months Ended |
Dec. 31, 2022 | |
Bottom of range [member] | |
Disclosure of information relative to Performance Share Units [line items] | |
Potential Performance Factors | 0% |
Top of range [member] | |
Disclosure of information relative to Performance Share Units [line items] | |
Potential Performance Factors | 200% |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of the Company's Outstanding PSUs (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) PSU | Dec. 31, 2021 USD ($) PSU | |
Disclosure Of Other Equity Instruments - Performance Share Units [abstract] | ||
Beginning balance | PSU | 513,510 | 593,150 |
Beginning balance | $ 26,305 | $ 29,081 |
Granted | PSU | 129,140 | 134,180 |
Paid | PSU | (186,730) | (213,820) |
Forfeited | PSU | (11,300) | |
Ending balance | PSU | 444,620 | 513,510 |
Accrual related to the fair value of the PSUs outstanding | $ 14,414 | $ 14,004 |
Foreign exchange adjustment | (870) | 149 |
Paid | (18,411) | (16,929) |
Forfeited | (199) | |
Ending balance | $ 21,239 | $ 26,305 |
Stock Based Compensation - Sc_2
Stock Based Compensation - Schedule of Performance Share Units Outstanding (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) USDperPSU PSU | Dec. 31, 2021 USD ($) PSU | Dec. 31, 2020 USD ($) PSU | |
Disclosure of other equity instruments [line items] | |||
Number outstanding | PSU | 444,620 | 513,510 | 593,150 |
PSU liability at Dec 31, 2021 | $ | $ 21,239 | $ 26,305 | $ 29,081 |
Grant Year 2020 [Member] | |||
Disclosure of other equity instruments [line items] | |||
Year Of Maturity | 2023 | ||
Number outstanding | PSU | 191,980 | ||
Estimated Value Per PSU at Maturity | USDperPSU | 40.73 | ||
Anticipated performance factor at maturity | 200% | ||
Percent of vesting period complete | 93% | ||
PSU liability at Dec 31, 2021 | $ | $ 14,566 | ||
Grant Year 2021 [Member] | |||
Disclosure of other equity instruments [line items] | |||
Year Of Maturity | 2024 | ||
Number outstanding | PSU | 126,590 | ||
Estimated Value Per PSU at Maturity | USDperPSU | 40.24 | ||
Anticipated performance factor at maturity | 175% | ||
Percent of vesting period complete | 60% | ||
PSU liability at Dec 31, 2021 | $ | $ 5,345 | ||
Grant Year 2022 [Member] | |||
Disclosure of other equity instruments [line items] | |||
Year Of Maturity | 2025 | ||
Number outstanding | PSU | 126,050 | ||
Estimated Value Per PSU at Maturity | USDperPSU | 39.63 | ||
Anticipated performance factor at maturity | 100% | ||
Percent of vesting period complete | 27% | ||
PSU liability at Dec 31, 2021 | $ | $ 1,328 |
Earnings per Share ("EPS") an_3
Earnings per Share ("EPS") and Diluted Earnings per Share ("Diluted EPS") - Summary of Diluted EPS Calculated Based on Weighted Average Number of Shares Outstanding (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Earnings per share [line items] | |||
Basic weighted average number of shares outstanding | 451,570,000 | 450,138,000 | [1] |
Diluted weighted average number of shares outstanding | 452,344,000 | 451,170,000 | [1] |
Share purchase options [member] | |||
Earnings per share [line items] | |||
Effect of dilutive securities | 425,000 | 676,000 | |
Restricted stock units [member] | |||
Earnings per share [line items] | |||
Effect of dilutive securities | 349,000 | 356,000 | |
[1]Presentation of historical figures have been revised to conform with current year classifications – see Note 2. |
Earnings per Share ("EPS") an_4
Earnings per Share ("EPS") and Diluted Earnings per Share ("Diluted EPS") - Additional Information (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | ||
Average market value of common shares | $ 50.55 | $ 52.94 |
Earnings per Share ("EPS") an_5
Earnings per Share ("EPS") and Diluted Earnings per Share ("Diluted EPS") - Summary of Share Purchase Options and Share Purchase Warrants Excluded From Computation of Diluted Earnings Per Share (Detail) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [line items] | ||
Share options not included in calculation of diluted earnings per share | 10,337,000 | 10,000,000 |
Share purchase options [member] | ||
Earnings per share [line items] | ||
Share options not included in calculation of diluted earnings per share | 337,000 | 0 |
Share purchase warrants [member] | ||
Earnings per share [line items] | ||
Share options not included in calculation of diluted earnings per share | 10,000,000 | 10,000,000 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Summary of Change in Non-Cash Working Capital (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Change in non-cash working capital | ||
Accounts receivable | $ 2,023 | $ (5,695) |
Cobalt inventory | 1,579 | (4,444) |
Accounts payable and accrued liabilities | (1,318) | 1,095 |
Other | (711) | 972 |
Total change in non-cash working capital | $ 1,573 | $ (8,072) |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents [abstract] | |||
Cash | $ 170,155 | $ 126,053 | |
Cash equivalents | 525,934 | 99,992 | |
Total cash and cash equvivalents | $ 696,089 | $ 226,045 | $ 192,683 |
Supplemental Cash Flow Inform_5
Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 07, 2022 | Feb. 18, 2022 | |
Disclosure of cash flow statement [line items] | ||||
Dividends declared per share | $ 0.6 | $ 0.57 | ||
DRIP percentage | 12% | 15% | ||
Value of shares received as consideration for the disposal of long term equity investments | $ 4.6 | |||
Kutcho [member] | ||||
Disclosure of cash flow statement [line items] | ||||
Value of shares received as partial consideration for settling and terminating convertible note and non revolving loan | $ 6.7 | |||
Keno Hill PMPA [Member] | ||||
Disclosure of cash flow statement [line items] | ||||
Receipt of shares as consideration for termination, shares | 34,800,989 | |||
Receipt of shares as consideration for termination, value | $ 141 | |||
Retained Earnings [member] | ||||
Disclosure of cash flow statement [line items] | ||||
Dividends paid, common shares | 271 | $ 257 | ||
Dividends Paid in Cash [member] | ||||
Disclosure of cash flow statement [line items] | ||||
Dividends paid, common shares | 237 | 218 | ||
Dividends Paid in DRIP [member] | ||||
Disclosure of cash flow statement [line items] | ||||
Dividends paid, common shares | $ 34 | $ 39 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Recovery) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Income tax [line items] | |||
Write down (reversal of write down) or recognition of prior period temporary differences | $ (40,667) | $ (59,018) | |
Total deferred income tax expense (recovery) | (8,237) | 6,849 | |
Total income tax expense (recovery) recognized in net earnings | 509 | (269) | [1] |
Current income tax expense [member] | |||
Income tax [line items] | |||
Current income tax expense (recovery) | 8,746 | (7,117) | |
Deferred income tax expense [member] | |||
Income tax [line items] | |||
Origination and reversal of temporary differences | 32,430 | 65,866 | |
Write down (reversal of write down) or recognition of prior period temporary differences | (40,667) | (59,018) | |
Total deferred income tax expense (recovery) | $ (8,237) | $ 6,848 | |
[1]Presentation of historical figures have been revised to conform with current year classifications – see Note 2. |
Income Taxes - Schedule of In_2
Income Taxes - Schedule of Income Tax Expense (Recovery) in Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income tax relating to components of other comprehensive income [abstract] | ||
Income tax expense (recovery) related to LTIs - common shares held | $ 6,513 | $ 2,314 |
Income Taxes - Schedule of In_3
Income Taxes - Schedule of Income Tax Expense (Recovery) in Shareholders' Equity (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current and deferred tax relating to items charged or credited directly to equity [line items] | ||
Write down (reversal of write down) or recognition of prior period temporary differences | $ (40,667) | $ (59,018) |
Total deferred income tax expense (recovery) | 1,789 | (106) |
Total income tax expense (recovery) recognized in equity | (4,143) | (1,811) |
Deferred Income Tax Expense [Member] | ||
Current and deferred tax relating to items charged or credited directly to equity [line items] | ||
Origination and reversal of temporary differences | 32,430 | 65,866 |
Write down (reversal of write down) or recognition of prior period temporary differences | (40,667) | (59,018) |
Equity attributable to owners of parent [member] | Current Income Tax Expense [Member] | ||
Current and deferred tax relating to items charged or credited directly to equity [line items] | ||
Current income tax expense (recovery) | (5,932) | (1,705) |
Equity attributable to owners of parent [member] | Deferred Income Tax Expense [Member] | ||
Current and deferred tax relating to items charged or credited directly to equity [line items] | ||
Origination and reversal of temporary differences | 5,932 | 1,705 |
Write down (reversal of write down) or recognition of prior period temporary differences | (4,143) | (1,811) |
Total deferred income tax expense (recovery) | 1,789 | (106) |
Total income tax expense (recovery) recognized in equity | $ (4,143) | $ (1,811) |
Income Taxes - Schedule of In_4
Income Taxes - Schedule of Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||||
Earnings before income taxes | $ 669,635 | $ 754,616 | [1] | |
Canadian federal and provincial income tax rates | 27% | 27% | ||
Income tax expense (recovery) based on above rates | $ 180,781 | $ 203,746 | ||
Non-deductible portion of capital losses (non-taxable portion of capital gains) | (1,052) | 0 | ||
Non-deductible stock based compensation and other | 1,529 | 1,549 | ||
Differences in tax rates in foreign jurisdictions | [2] | (142,869) | (151,037) | |
Current period unrecognized temporary differences | 2,787 | 4,491 | ||
Write down (reversal of write down) or recognition of prior period temporary differences | (40,667) | (59,018) | ||
Total income tax expense (recovery) recognized in net earnings | $ 509 | $ (269) | [1] | |
[1]Presentation of historical figures have been revised to conform with current year classifications – see Note 2.[2]During the year ended December 31, 2022, the Company’s subsidiaries generated net earnings of $532 million, as compared to $564 million during the comparable period of the prior year. |
Income Taxes - Schedule of In_5
Income Taxes - Schedule of Income Tax Rate Reconciliation (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Income tax [line items] | |||
Net earnings | $ 669,126 | $ 754,885 | [1] |
Subsidiaries [member] | |||
Income tax [line items] | |||
Net earnings | $ 532,000 | $ 564,000 | |
[1]Presentation of historical figures have been revised to conform with current year classifications – see Note 2. |
Income Taxes - Disclosure Of De
Income Taxes - Disclosure Of Detailed Information About Current Income Taxes Payable Explanatory (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | ||
Current taxes payable - December 31, 2021 | $ 132 | |
Income taxes paid | (171) | $ (279) |
Foreign exchange adjustments | (12) | |
Current taxes payable - December 31, 2022 | 2,763 | 132 |
Current Income Tax Expense [Member] | ||
Income Taxes [Line Items] | ||
Current income tax | 8,746 | (7,117) |
Current Income Tax Expense [Member] | Equity attributable to owners of parent [member] | ||
Income Taxes [Line Items] | ||
Current income tax | $ (5,932) | $ (1,705) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Billions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Income tax [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Temporary differences associated with investments in subsidiaries | $ 1.8 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
Deferred Tax Assets And Liabilities [line items] | ||||
Opening Balance | $ (100) | $ (214) | ||
Recovery (Expense) Recognized In Net Earnings | 8,237 | (6,849) | ||
Deferred Income Tax Relating To Components Of Other Comprehensive Income | (6,513) | 6,857 | ||
Recovery (Expense) Recognized In Shareholders' Equity | (1,789) | 106 | ||
Closing Balance | (165) | (100) | ||
Non-capital loss carryforwards [member] | ||||
Deferred Tax Assets And Liabilities [line items] | ||||
Opening Balance | 6,967 | [1] | 5,894 | |
Recovery (Expense) Recognized In Net Earnings | (5,178) | [1] | 967 | |
Recovery (Expense) Recognized In Shareholders' Equity | (1,789) | [1] | 106 | |
Closing Balance | [1] | 0 | 6,967 | |
Capital losses carryforward [member] | ||||
Deferred Tax Assets And Liabilities [line items] | ||||
Opening Balance | 0 | 761 | ||
Recovery (Expense) Recognized In Net Earnings | 277 | |||
Deferred Income Tax Relating To Components Of Other Comprehensive Income | 515 | (761) | ||
Closing Balance | 792 | 0 | ||
Deferred tax assets other [member] | ||||
Deferred Tax Assets And Liabilities [line items] | ||||
Opening Balance | 1,325 | [2] | 5,500 | |
Recovery (Expense) Recognized In Net Earnings | 2,739 | [2] | (4,175) | |
Deferred Income Tax Relating To Components Of Other Comprehensive Income | 192 | |||
Closing Balance | [2] | 4,256 | 1,325 | |
Interest capitalized for accounting [member] | ||||
Deferred Tax Assets And Liabilities [line items] | ||||
Opening Balance | (87) | (87) | ||
Recovery (Expense) Recognized In Net Earnings | 87 | |||
Closing Balance | 0 | (87) | ||
Debt financing fees | ||||
Deferred Tax Assets And Liabilities [line items] | ||||
Opening Balance | (737) | [3] | (728) | |
Recovery (Expense) Recognized In Net Earnings | (37) | [3] | (9) | |
Closing Balance | [3] | (774) | (737) | |
Kutcho convertible note [member] | ||||
Deferred Tax Assets And Liabilities [line items] | ||||
Opening Balance | 0 | |||
Recovery (Expense) Recognized In Net Earnings | 112 | |||
Deferred Income Tax Relating To Components Of Other Comprehensive Income | (112) | |||
Closing Balance | 0 | |||
Unrealized gains on Long term investments [member] | ||||
Deferred Tax Assets And Liabilities [line items] | ||||
Opening Balance | (170) | (7,808) | ||
Recovery (Expense) Recognized In Net Earnings | (728) | 20 | ||
Deferred Income Tax Relating To Components Of Other Comprehensive Income | (7,108) | 7,618 | ||
Closing Balance | (8,006) | (170) | ||
Mineral stream interest [member] | ||||
Deferred Tax Assets And Liabilities [line items] | ||||
Opening Balance | (7,298) | [4] | (3,532) | |
Recovery (Expense) Recognized In Net Earnings | 11,030 | [4] | (3,766) | |
Closing Balance | [4] | 3,732 | (7,298) | |
Foreign withholding tax [member] | ||||
Deferred Tax Assets And Liabilities [line items] | ||||
Opening Balance | (100) | (214) | ||
Recovery (Expense) Recognized In Net Earnings | (65) | 114 | ||
Closing Balance | $ (165) | $ (100) | ||
[1]As at December 31, 2022, the Company had no non-capital losses available to recognize against deferred tax liabilities.[2]Other includes capital assets, cobalt inventory, charitable donation carryforward, and PSU and pension liabilities.[3]Debt and share financing fees are deducted over a five-year period for Canadian income tax purposes. For accounting purposes, debt financing fees are deducted over the term of the credit facility and share financing fees are charged directly to issued capital.[4]The Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, is that the cost of the precious metal acquired under the Canadian PMPAs is equal to the market value while a deposit is outstanding (where applicable to an agreement), and the cash cost thereafter. For accounting purposes, the cost of the mineral stream interests is depleted on a unit-of-production basis as described in Note 4.2. |
Income Taxes - Deferred Incom_2
Income Taxes - Deferred Income Taxes (Parenthetical) (Detail) $ in Millions | Dec. 31, 2022 USD ($) |
Deferred tax assets and liabilities [abstract] | |
Non-tax effected deductible temporary differences which gave rise to a deferred tax asset being recognized | $ 0 |
Income Taxes -Schedule of Defer
Income Taxes -Schedule of Deferred Income Tax Assets Unrecognized (Detail) - Canada [member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Unrecognized deferred tax assets [line items] | |||
Deferred tax assets | $ 22,013 | $ 79,578 | |
Non-capital losses [member] | |||
Unrecognized deferred tax assets [line items] | |||
Deferred tax assets | [1] | 19,293 | |
Mineral stream interest [member] | |||
Unrecognized deferred tax assets [line items] | |||
Deferred tax assets | 7,369 | 41,642 | |
Deferred tax assets other [member] | |||
Unrecognized deferred tax assets [line items] | |||
Deferred tax assets | 1,575 | 8,149 | |
Kutcho convertible note [member] | |||
Unrecognized deferred tax assets [line items] | |||
Deferred tax assets | 901 | ||
Unrealized losses on long term investments [member] | |||
Unrecognized deferred tax assets [line items] | |||
Deferred tax assets | $ 13,069 | $ 9,593 | |
[1]As at December 31, 2022, the Company had fully recognized the tax effect of non-capital losses. |
Other Current Assets - Disclosu
Other Current Assets - Disclosure of other current assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Other Current Assets [Line Items] | ||
Non-revolving term loan | $ 816 | |
Prepaid expenses | $ 2,856 | 2,525 |
Other | 431 | 49 |
Total other current assets | $ 3,287 | $ 3,390 |
Other Long-Term Assets - Schedu
Other Long-Term Assets - Schedule of Other Long-Term Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Other Non current Assets [Abstract] | ||
Intangible assets | $ 2,270 | $ 2,652 |
Debt issue costs—Revolving Facility | 5,757 | 5,620 |
Other | 3,691 | 6,939 |
Total other long-term assets | $ 11,718 | $ 15,211 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Key Management Personnel Compensation, Including Directors (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of transactions between related parties [line items] | |||
Short-term benefits | [1] | $ 8,666 | $ 8,779 |
Post-employment benefits | 829 | 801 | |
Equity settled stock based compensation (a non-cash expense) | [2] | 3,537 | 3,367 |
Total executive compensation | 21,589 | 21,107 | |
Performance share units (PSUs) [member] | |||
Disclosure of transactions between related parties [line items] | |||
Equity settled stock based compensation (a non-cash expense) | [3] | $ 8,557 | $ 8,160 |
[1]Short-term employee benefits include salaries, bonuses payable within twelve months of the balance sheet date and other annual employee benefits.[2]As more fully disclosed in Notes 23.2 and 23.3, equity settled stock based compensation expense is recorded on a straight-line basis over the vesting period.[3]As more fully disclosed in Note 24.1, PSU compensation expense is recorded on a straight-line basis over the three year vesting period, with the expense being adjusted at the end of each reporting period to reflect (i) the fair value of common shares; (ii) the number of PSUs anticipated to vest; and (iii) the anticipated performance factor. |
Related Party Transactions - _2
Related Party Transactions - Schedule of Key Management Personnel Compensation, Including Directors (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Vesting period of performance share units | 3 years |
Post-Employment Benefit Costs -
Post-Employment Benefit Costs - Schedule of Post Employment Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of defined contribution retirement savings plan [abstract] | ||
Supplemental Employee Retirement Plan (SERP) | $ 1,033 | $ 1,014 |
Group RRSP | 360 | 297 |
Total post-employment benefits | $ 1,393 | $ 1,311 |
Post-Employment Benefit Costs_2
Post-Employment Benefit Costs - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits Plan [Line Items] | |
Post employment benefit plan employer matching contribution percent of match | 125% |
Percentage of registered retirement savings plan contribution limit to be paid by employer | 56% |
Percentage of employee salary eligible for Registered Retirement Savings Plan contribution by employee | 8% |
Supplemental employee retirement plan [member] | |
Retirement Benefits Plan [Line Items] | |
Description of retirement benefits promised to participants | Interest on this benefit accrues annually based on the 5-year Government of Canada bond rate |
Retirement plan benefits vesting period | 5 years |
Retirement plan benenfits period over which the same shall be distributed | 10 years |
Supplemental employee retirement plan [member] | Bottom of range [member] | |
Retirement Benefits Plan [Line Items] | |
Agggregate percentage of employees base salary and target bonus net of amount paid to group RRSP | 10% |
Supplemental employee retirement plan [member] | Top of range [member] | |
Retirement Benefits Plan [Line Items] | |
Agggregate percentage of employees base salary and target bonus net of amount paid to group RRSP | 15% |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Commitments to Purchase Mineral Stream (Detail) - $ / oz | 12 Months Ended | |||||||
Dec. 13, 2021 | Mar. 24, 2021 | Dec. 31, 2022 | Feb. 08, 2022 | Jan. 26, 2022 | Jan. 17, 2022 | Nov. 05, 2020 | ||
Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Penasquito [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | Jul. 24, 2007 | |||||||
Penasquito [member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Penasquito [member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Percentage of production to be purchased | 25% | |||||||
Per Unit of Measurement Cash Payment | 4.43 | |||||||
Penasquito [member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Penasquito [member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Penasquito [member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Constancia [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | Aug. 08, 2012 | |||||||
Constancia [member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Percentage of production to be purchased | 50% | |||||||
Per Unit of Measurement Cash Payment | 416 | |||||||
Constancia [member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Percentage of production to be purchased | 100% | |||||||
Per Unit of Measurement Cash Payment | 6.14 | |||||||
Constancia [member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Constancia [member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Constancia [member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Salobo [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | Feb. 28, 2013 | |||||||
Salobo [member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Percentage of production to be purchased | 75% | |||||||
Per Unit of Measurement Cash Payment | 420 | |||||||
Salobo [member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Salobo [member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Salobo [member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Salobo [member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Sudbury [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | 20 years | |||||||
Date of Original Contract | Feb. 28, 2013 | |||||||
Sudbury [member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Percentage of production to be purchased | 70% | |||||||
Per Unit of Measurement Cash Payment | 400 | |||||||
Sudbury [member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Sudbury [member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Sudbury [member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Sudbury [member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Antamina [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | Nov. 03, 2015 | |||||||
Antamina [member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Antamina [member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 20% | |||||||
Percentage of production to be purchased | 33.75% | |||||||
Antamina [member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Antamina [member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Antamina [member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
San Dimas [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | May 10, 2018 | |||||||
San Dimas [member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Percentage of production to be purchased, description | [1] | variable | ||||||
Percentage of production to be purchased | 25% | |||||||
Per Unit of Measurement Cash Payment | 624 | |||||||
San Dimas [member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
San Dimas [member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
San Dimas [member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
San Dimas [member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Stillwater [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | Jul. 16, 2018 | |||||||
Stillwater [member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||||
Percentage of production to be purchased | 100% | |||||||
Stillwater [member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Stillwater [member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||||
Percentage of production to be purchased | 4.50% | |||||||
Stillwater [member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Stillwater [member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Voisey's Bay [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | Jun. 11, 2018 | |||||||
Voisey's Bay [member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Voisey's Bay [member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Voisey's Bay [member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Voisey's Bay [member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||||
Percentage of production to be purchased | 42.40% | |||||||
Voisey's Bay [member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Percentage of production to be purchased | 0% | |||||||
Marathon [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | Jan. 26, 2022 | |||||||
Marathon [Member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||||
Percentage of production to be purchased | 100% | 100% | ||||||
Marathon [Member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Marathon [Member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Marathon [Member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Marathon [Member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||||
Percentage of production to be purchased | 22% | 22% | ||||||
Los Filos [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | 25 years | |||||||
Date of Original Contract | Oct. 15, 2004 | |||||||
Los Filos [member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Los Filos [member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Percentage of production to be purchased | 100% | |||||||
Per Unit of Measurement Cash Payment | 4.6 | |||||||
Los Filos [member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Los Filos [member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Los Filos [member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Zinkgruvan [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | Dec. 08, 2004 | |||||||
Zinkgruvan [member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Zinkgruvan [member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Percentage of production to be purchased | 100% | |||||||
Per Unit of Measurement Cash Payment | 4.6 | |||||||
Zinkgruvan [member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Zinkgruvan [member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Zinkgruvan [member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Stratoni [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | Apr. 23, 2007 | |||||||
Stratoni [member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Stratoni [member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Percentage of production to be purchased | 100% | |||||||
Per Unit of Measurement Cash Payment | 11.54 | |||||||
Stratoni [member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Stratoni [member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Stratoni [member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Neves-Corvo [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | 50 years | |||||||
Date of Original Contract | Jun. 05, 2007 | |||||||
Neves-Corvo [member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Neves-Corvo [member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Percentage of production to be purchased | 100% | |||||||
Per Unit of Measurement Cash Payment | 4.42 | |||||||
Neves-Corvo [member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Neves-Corvo [member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Neves-Corvo [member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Aljustrel [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | 50 years | |||||||
Date of Original Contract | Jun. 05, 2007 | |||||||
Aljustrel [member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Aljustrel [member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 50% | |||||||
Percentage of production to be purchased | 100% | |||||||
Aljustrel [member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Aljustrel [member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Aljustrel [member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Minto [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | Nov. 20, 2008 | |||||||
Minto [member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 65% | |||||||
Percentage of production to be purchased | 100% | |||||||
Minto [member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Percentage of production to be purchased | 100% | |||||||
Per Unit of Measurement Cash Payment | 4.39 | |||||||
Minto [member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Minto [member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Minto [member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Pascua-Lama [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | Sep. 08, 2009 | |||||||
Pascua-Lama [member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Pascua-Lama [member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Percentage of production to be purchased | 25% | |||||||
Per Unit of Measurement Cash Payment | 3.9 | |||||||
Pascua-Lama [member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Pascua-Lama [member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Pascua-Lama [member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Copper World [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | Feb. 10, 2010 | |||||||
Copper World [Member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Percentage of production to be purchased | 100% | |||||||
Per Unit of Measurement Cash Payment | 450 | |||||||
Copper World [Member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Percentage of production to be purchased | 100% | |||||||
Per Unit of Measurement Cash Payment | 3.9 | |||||||
Copper World [Member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Copper World [Member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Copper World [Member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Loma de La Plata [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Loma de La Plata [member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Loma de La Plata [member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Percentage of production to be purchased | 12.50% | |||||||
Per Unit of Measurement Cash Payment | 4 | |||||||
Loma de La Plata [member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Loma de La Plata [member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Loma de La Plata [member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Marmato [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | Nov. 05, 2020 | |||||||
Marmato [Member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||||
Percentage of production to be purchased | 10.50% | 6.50% | ||||||
Marmato [Member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||||
Percentage of production to be purchased | 100% | |||||||
Marmato [Member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Marmato [Member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Marmato [Member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Cozamin [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | Dec. 11, 2020 | |||||||
Cozamin [Member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Cozamin [Member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 10% | |||||||
Percentage of production to be purchased | 50% | |||||||
Cozamin [Member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Cozamin [Member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Cozamin [Member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Santo Domingo [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | Mar. 24, 2021 | |||||||
Santo Domingo [Member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | 18% | ||||||
Percentage of production to be purchased | 100% | 100% | ||||||
Santo Domingo [Member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Santo Domingo [Member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Santo Domingo [Member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Santo Domingo [Member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Fenix [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | Nov. 15, 2021 | |||||||
Fenix [Member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||||
Percentage of production to be purchased | 6% | |||||||
Fenix [Member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Fenix [Member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Fenix [Member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Fenix [Member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Black Water [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | Dec. 13, 2021 | |||||||
Black Water [Member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 35% | |||||||
Percentage of production to be purchased | 8% | 8% | ||||||
Black Water [Member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | 18% | ||||||
Percentage of production to be purchased | 50% | 50% | ||||||
Black Water [Member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Black Water [Member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Black Water [Member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Curipamba [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | Jan. 17, 2022 | |||||||
Curipamba [Member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||||
Percentage of production to be purchased | 50% | 50% | ||||||
Curipamba [Member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||||
Percentage of production to be purchased | 75% | 75% | ||||||
Curipamba [Member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Curipamba [Member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Curipamba [Member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Goose [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | Feb. 08, 2022 | |||||||
Goose [Member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 18% | |||||||
Percentage of production to be purchased | 4.15% | 4.15% | ||||||
Goose [Member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Goose [Member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Goose [Member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Goose [Member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Toroparu [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | Nov. 11, 2013 | |||||||
Toroparu [member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Percentage of production to be purchased | 10% | |||||||
Per Unit of Measurement Cash Payment | 400 | |||||||
Toroparu [member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Percentage of production to be purchased | 50% | |||||||
Per Unit of Measurement Cash Payment | 3.9 | |||||||
Toroparu [member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Toroparu [member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Toroparu [member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Cotabambas [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | Mar. 21, 2016 | |||||||
Cotabambas [member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Percentage of production to be purchased | 25% | |||||||
Per Unit of Measurement Cash Payment | 450 | |||||||
Cotabambas [member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Percentage of production to be purchased | 100% | |||||||
Per Unit of Measurement Cash Payment | 5.9 | |||||||
Cotabambas [member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Cotabambas [member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Cotabambas [member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Kutcho [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Term of Agreement | Life of Mine | |||||||
Date of Original Contract | Dec. 14, 2017 | |||||||
Kutcho [member] | Gold [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 20% | |||||||
Percentage of production to be purchased | 100% | |||||||
Kutcho [member] | Silver [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per ounce cash payment as a percentage of the per ounce price received related to metal delivered | 20% | |||||||
Percentage of production to be purchased | 100% | |||||||
Kutcho [member] | Palladium [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Kutcho [member] | Cobalt [member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
Kutcho [member] | Platinum [Member] | ||||||||
Disclosure of contractual obligations and commitments [line items] | ||||||||
Per Unit of Measurement Cash Payment, description | n/a | |||||||
Percentage of production to be purchased | 0% | |||||||
[1]Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the “70” shall be revised to “50” or “90”, as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the “70” shall be reinstated. Currently, the fixed gold to silver exchange ratio is 70:1. |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Commitments to Purchase Mineral Stream (Parenthetical) (Detail) lb in Millions | 12 Months Ended | ||||||
Dec. 31, 2022 Agreement oz lb | Feb. 08, 2022 UNIT_OZ | Jan. 26, 2022 UNIT_OZ $ / oz | Jan. 17, 2022 UNIT_OZ | Dec. 13, 2021 oz | Mar. 24, 2021 | Nov. 05, 2020 | |
Aljustrel [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Maximum percentage of copper included in concentrate | 15% | ||||||
Constancia no 777 [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Initial term of contract | 40 years | ||||||
Gold interests [member] | Minto PMPA Agreement Amendment [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Per ounce cash payment as percentage of the spot price of gold delivered before price reduction | 90% | ||||||
Production payment as a percentage of spot price of gold | 65% | ||||||
Per ounce cash payment as a percentage of spot price of gold to be paid during contract restructuring | 90% | ||||||
Gold interests [member] | Marathon [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Cumulative gold ounces to be delivered before reduction in stream percentage | 150,000 | ||||||
Gold interests [member] | Santo Domingo [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Attributable Payable Production to be Purchased after stream percentage reduction | 67% | ||||||
Gold [member] | San Dimas [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 25% | ||||||
Percentage of silver production to be Converted to gold and purchased | 25% | ||||||
Gold to silver price ratio minimum limit for revisiting stated exchange rate | 70 | ||||||
Exchange ratio to be fixed when price ratio reach minimum limit for six months | 50 | ||||||
Exchange ratio to be fixed when price ratio reach maximum limit for six months | 90 | ||||||
Gold to silver exchange ratio, description | fixed gold to silver exchange ratio is 70:1. | ||||||
Gold [member] | San Dimas [member] | Bottom of range [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Gold to silver price ratio minimum limit for revisiting stated exchange ratio | 50 | ||||||
Gold [member] | San Dimas [member] | Top of range [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Gold to silver price ratio maximum limit for revisiting stated exchange rate | 90 | ||||||
Gold [member] | Stillwater [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 100% | ||||||
Gold [member] | Voisey's Bay [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Gold [member] | Aljustrel [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Gold [member] | Minto [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 100% | ||||||
Number of ounces to be delivered before sharing mechanism applies | 30,000 | ||||||
Attributable Payable Production to be Purchased there after | 50% | ||||||
Gold [member] | Cotabambas [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 25% | ||||||
Attributable Payable Production to be Purchased after stream percentage reduction | 16.67% | ||||||
Gold [member] | Marmato [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 10.50% | 6.50% | |||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 22% | ||||||
Percentage of metal production at the mine which WPM is entitled to after step down | 5.25% | ||||||
Cumulative gold equivalent ounces to be produced before reduction in stream percentage | 310 | ||||||
Gold [member] | Cozamin [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Gold [member] | Blackwater [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 8% | 8% | |||||
Attributable Payable Production to be Purchased after stream percentage reduction | 4% | 4% | |||||
Cumulative gold ounces to be delivered before reduction in stream percentage | 279,908 | ||||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 35% | ||||||
Gold [member] | Marathon [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 100% | 100% | |||||
Attributable Payable Production to be Purchased after stream percentage reduction | 67% | 67% | |||||
Number of ounces to be delivered before first step down in entitlement percentage | UNIT_OZ | 150,000 | ||||||
Gold [member] | Fenix [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 6% | ||||||
Number of ounces to be delivered before first step down in entitlement percentage | 90,000 | ||||||
Percentage of production to be purchased after first step down | 4% | ||||||
Number of ounces to be delivered before second step down in entitlement percentage | 140,000 | ||||||
Percentage of production to be purchased after second step down | 3.50% | ||||||
Gold [member] | Curipamba [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 50% | 50% | |||||
Attributable Payable Production to be Purchased after stream percentage reduction | 33% | 33% | |||||
Cumulative gold ounces to be delivered before reduction in stream percentage | 145,000 | ||||||
Number of ounces to be delivered before first step down in entitlement percentage | UNIT_OZ | 145,000 | ||||||
Gold [member] | Goose [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 4.15% | 4.15% | |||||
Number of ounces to be delivered before first step down in entitlement percentage | 130,000 | 130,000 | |||||
Percentage of production to be purchased after first step down | 2.15% | 2.15% | |||||
Number of ounces to be delivered before second step down in entitlement percentage | 200,000 | 200,000 | |||||
Percentage of production to be purchased after second step down | 1.50% | 1.50% | |||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 22% | ||||||
Gold [member] | Santo Domingo [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 100% | 100% | |||||
Attributable Payable Production to be Purchased after stream percentage reduction | 67% | ||||||
Cumulative gold ounces to be delivered before reduction in stream percentage | 285,000 | ||||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 22% | ||||||
Gold [member] | Constancia PMPA [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Price per ounce after the initial 40 year term | Agreement | 550 | ||||||
Silver [member] | San Dimas [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Silver [member] | Stillwater [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Silver [member] | Voisey's Bay [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Silver [member] | Aljustrel [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 100% | ||||||
Silver [member] | Minto [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 100% | ||||||
Silver [member] | Cotabambas [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 100% | ||||||
Attributable Payable Production to be Purchased after stream percentage reduction | 66.67% | ||||||
Cumulative gold equivalent ounces to be produced before reduction in stream percentage | 90,000,000 | ||||||
Silver [member] | Marmato [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 100% | ||||||
Number of ounces to be delivered before first step down in entitlement percentage | 2,150,000 | ||||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 22% | ||||||
Percentage of metal production at the mine which WPM is entitled to after step down | 50% | ||||||
Silver [member] | Cozamin [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 50% | ||||||
Number of ounces to be delivered before first step down in entitlement percentage | 10,000,000 | ||||||
Percentage of metal production at the mine which WPM is entitled to after step down | 33% | ||||||
Silver [member] | Blackwater [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 50% | 50% | |||||
Attributable Payable Production to be Purchased after stream percentage reduction | 33% | ||||||
Cumulative silver ounces to be delivered before reduction in stream percentage | 17,800,000 | ||||||
Number of ounces to be delivered before first step down in entitlement percentage | 17,800,000 | ||||||
Silver [member] | Marathon [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Silver [member] | Fenix [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Silver [member] | Curipamba [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 75% | 75% | |||||
Attributable Payable Production to be Purchased after stream percentage reduction | 50% | ||||||
Cumulative silver ounces to be delivered before reduction in stream percentage | 4,600,000 | ||||||
Number of ounces to be delivered before first step down in entitlement percentage | UNIT_OZ | 4,600,000 | ||||||
Silver [member] | Goose [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Silver [member] | Santo Domingo [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Silver [member] | Constancia PMPA [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Price per ounce after the initial 40 year term | Agreement | 9.9 | ||||||
Palladium [member] | San Dimas [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Palladium [member] | Stillwater [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 4.50% | ||||||
Number of ounces to be delivered before first step down in entitlement percentage | 375,000 | ||||||
Percentage of production to be purchased after first step down | 2.25% | ||||||
Number of ounces to be delivered before second step down in entitlement percentage | Agreement | 550,000 | ||||||
Percentage of production to be purchased after second step down | 1% | ||||||
Palladium [member] | Voisey's Bay [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Palladium [member] | Aljustrel [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Palladium [member] | Minto [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Palladium [member] | Cotabambas [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Palladium [member] | Marmato [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Palladium [member] | Cozamin [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Palladium [member] | Blackwater [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Palladium [member] | Marathon [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Palladium [member] | Fenix [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Palladium [member] | Curipamba [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Palladium [member] | Goose [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Palladium [member] | Santo Domingo [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Cobalt [member] | San Dimas [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Cobalt [member] | Stillwater [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Cobalt [member] | Voisey's Bay [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 42.40% | ||||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 22% | ||||||
Cobalt pounds to be delivered before entitlement step down takes effect | lb | 31 | ||||||
Percentage of metal production at the mine which WPM is entitled to after step down | 21.20% | ||||||
Cobalt [member] | Aljustrel [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Cobalt [member] | Minto [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Cobalt [member] | Cotabambas [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Cobalt [member] | Marmato [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Cobalt [member] | Cozamin [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Cobalt [member] | Blackwater [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Cobalt [member] | Marathon [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Cobalt [member] | Fenix [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Cobalt [member] | Curipamba [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Cobalt [member] | Goose [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Cobalt [member] | Santo Domingo [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Gold and palladium [member] | Stillwater [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Per ounce cash payment as a percentage of the spot price of metal delivered after upfront deposit reduced to NIL | 22% | ||||||
Platinum [Member] | San Dimas [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Platinum [Member] | Stillwater [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Platinum [Member] | Voisey's Bay [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Platinum [Member] | Aljustrel [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Platinum [Member] | Minto [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Platinum [Member] | Cotabambas [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Platinum [Member] | Marmato [member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Platinum [Member] | Cozamin [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Platinum [Member] | Blackwater [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Platinum [Member] | Marathon [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 22% | 22% | |||||
Attributable Payable Production to be Purchased after stream percentage reduction | 15% | 15% | |||||
Number of ounces to be delivered before first step down in entitlement percentage | $ / oz | 120,000 | ||||||
Cumulative Platinum Ounces To Be Delivered Before Reduction In Stream Percentage | 120,000 | ||||||
Platinum [Member] | Fenix [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Platinum [Member] | Curipamba [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Platinum [Member] | Goose [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% | ||||||
Platinum [Member] | Santo Domingo [Member] | |||||||
Disclosure of contractual obligations and commitments [line items] | |||||||
Percentage of production to be purchased | 0% |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Detail) MillionTonnesPerAnnum in Millions, $ in Millions | 12 Months Ended | ||||||||||||||
Dec. 31, 2022 USD ($) MillionTonnesPerAnnum | Dec. 31, 2022 CAD ($) | Dec. 06, 2022 USD ($) | Sep. 28, 2022 USD ($) | Sep. 07, 2022 USD ($) | Sep. 07, 2022 CAD ($) | Apr. 11, 2022 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 CAD ($) | Feb. 28, 2022 USD ($) | Jan. 26, 2022 USD ($) | Jan. 26, 2022 CAD ($) | Apr. 21, 2021 USD ($) | Apr. 15, 2021 USD ($) | ||
Disclosure of contingent liabilities [line items] | |||||||||||||||
Upfront cash consideration to be paid | [1],[2] | $ 323,000,000 | |||||||||||||
Upfront cash consideration paid to date | [1] | $ 45,352,000 | |||||||||||||
Percentage of reassessments interest and penalties | 50% | ||||||||||||||
Loma de La Plata [member] | |||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||
Upfront cash consideration to be paid | $ 32,000,000 | ||||||||||||||
Toroparu [member] | |||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||
Upfront cash consideration to be paid | $ 138,000,000 | ||||||||||||||
Reduced stream percentage of gold | 0.909% | 0.909% | |||||||||||||
Current stream percentage of gold | 10% | 10% | |||||||||||||
Amount of non-refundable advance | $ 2,000,000 | ||||||||||||||
Current stream percentage of silver | 50% | 50% | |||||||||||||
Reduced stream percentage of silver | 0% | 0% | |||||||||||||
Cotabambas [member] | |||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||
Amount of non-refundable advance | $ 2,000,000 | ||||||||||||||
Total upfront cash payment for early deposit silver streaming interest | 140,000,000 | ||||||||||||||
Upfront cash consideration paid to date | 13,000,000 | ||||||||||||||
Unpaid upfront cash consideration with scheduled payment dates | 1,000,000 | ||||||||||||||
Kutcho [member] | |||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||
Total upfront cash payment for early deposit silver streaming interest | 65,000,000 | ||||||||||||||
Upfront cash consideration paid to date | 7,000,000 | ||||||||||||||
Unpaid upfront cash consideration with no scheduled payment dates | $ 58,000,000 | ||||||||||||||
Salobo [member] | |||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||
Mill throughput capacity | MillionTonnesPerAnnum | 24 | ||||||||||||||
Salobo [member] | Mill Throughput Capacity Expansion [member] | |||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||
Estimated expansion payments | $ 552,000,000 | ||||||||||||||
Percentage Increase In Output Capacity | 50% | ||||||||||||||
Salobo [member] | Bottom of range [member] | Mill Throughput Capacity Expansion [member] | |||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||
Expanded Mill throughput capacity | MillionTonnesPerAnnum | 32 | ||||||||||||||
Estimated expansion payments | $ 283,000,000 | ||||||||||||||
Salobo [member] | Bottom of range [member] | Mill Throughput Capacity Expansion [member] | High Grade Mine Plan [Member] | |||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||
Estimated expansion payments | $ 5,100,000 | ||||||||||||||
Salobo [member] | Top of range [member] | Mill Throughput Capacity Expansion [member] | |||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||
Expanded Mill throughput capacity | MillionTonnesPerAnnum | 35 | ||||||||||||||
Estimated expansion payments | $ 552,000,000 | ||||||||||||||
Salobo [member] | Top of range [member] | Mill Throughput Capacity Expansion [member] | High Grade Mine Plan [Member] | |||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||
Estimated expansion payments | 8,500,000 | ||||||||||||||
Marmato [member] | |||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||
Upfront cash consideration paid to date | $ 4,000,000 | $ 34,000,000 | |||||||||||||
Total Upfront Cash Payment For Precious Metal Purchase Agreement | $ 110,000,000 | ||||||||||||||
Additional cash consideration For Precious Metal Purchase Agreement | 65,000,000 | ||||||||||||||
Additional cash consideration paid to date | $ 15,000,000 | ||||||||||||||
Additional cash consideration to be paid during the construction and development of the Lower Mine | 50,000,000 | ||||||||||||||
Fenix Gold [Member] | |||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||
Upfront cash consideration paid to date | 25,000,000 | ||||||||||||||
Total Upfront Cash Payment For Precious Metal Purchase Agreement | 50,000,000 | ||||||||||||||
Upfront cash consideration to be paid subject to environmental impact assessment | 25,000,000 | ||||||||||||||
Blackwater [Member] | Silver Interests [member] | |||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||
Total Upfront Cash Payment For Precious Metal Purchase Agreement | 141,000,000 | ||||||||||||||
Marathon [Member] | |||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||
Upfront cash consideration to be paid | 178,000,000 | $ 240 | $ 178,000,000 | $ 240 | |||||||||||
Upfront cash consideration paid to date | 16,000,000 | $ 20 | $ 15,000,000 | $ 20 | $ 16,000,000 | $ 20 | |||||||||
Curipamba [Member] | |||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||
Upfront cash consideration to be paid | 175,500,000 | ||||||||||||||
Upfront cash consideration paid to date | 13,000,000 | $ 13,000,000 | |||||||||||||
Cash Consideration That Will Be Paid To Support Certain Local Community Development Initiatives | 500,000 | ||||||||||||||
Goose [Member] | |||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||
Upfront cash consideration to be paid | 125,000,000 | ||||||||||||||
Goose [Member] | Tranche One [Member] | |||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||
Upfront cash consideration paid to date | $ 31,250,000 | $ 31,250,000 | |||||||||||||
Santo Domingo [Member] | |||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||
Upfront cash consideration to be paid | 290,000,000 | ||||||||||||||
Upfront cash consideration paid to date | $ 30,000,000 | ||||||||||||||
Canada Revenue Agency 1 [member] | |||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||
Potential estimated tax loss carryback to reduce tax and interest | 2,000,000 | ||||||||||||||
Copper World [Member] | |||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||
Upfront cash consideration to be paid | 230,000,000 | ||||||||||||||
First installment payable on permitting projet | 50,000,000 | ||||||||||||||
Balance installment amount payable once project costs incurred exceeds specified amount | 180,000,000 | ||||||||||||||
Project costs incurred to trigger balance installment payable | $ 98,000,000 | ||||||||||||||
[1]Expressed in thousands of United States dollars; excludes closing costs and capitalized interest, where applicable.[2]Please refer to Note 32 for details of when the remaining upfront consideration to be paid becomes due. |
Commitments and Contingencies_4
Commitments and Contingencies - Summary of Other Contractual Obligations and Contingencies (Detail) $ in Thousands | Dec. 31, 2022 USD ($) | [1] |
Leases liabilities [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | $ 2,054 | |
Marmato [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 122,000 | |
Santo Domingo [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 260,000 | |
Salobo [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 552,000 | [2] |
Blackwater [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 141,000 | |
Marathon [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 147,652 | |
Curipamba [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 162,000 | |
Goose [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 62,500 | |
Toroparu [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 138,000 | |
Kutcho [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 58,000 | |
2023 [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 852,312 | |
2023 [member] | Leases liabilities [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 876 | |
2023 [member] | Marmato [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 76,000 | |
2023 [member] | Salobo [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 552,000 | [2] |
2023 [member] | Blackwater [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 70,500 | |
2023 [member] | Marathon [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 59,061 | |
2023 [member] | Curipamba [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 30,375 | |
2023 [member] | Goose [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 62,500 | |
2023 [member] | Cotabambas [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 1,000 | |
2024 - 2025 [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 764,894 | |
2024 - 2025 [member] | Leases liabilities [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 1,178 | |
2024 - 2025 [member] | Marmato [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 46,000 | |
2024 - 2025 [member] | Santo Domingo [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 260,000 | |
2024 - 2025 [member] | Blackwater [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 70,500 | |
2024 - 2025 [member] | Marathon [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 88,591 | |
2024 - 2025 [member] | Curipamba [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 131,625 | |
2024 - 2025 [member] | Toroparu [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 138,000 | |
2024 - 2025 [member] | Kutcho [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 29,000 | |
2026 - 2027 [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 29,000 | |
2026 - 2027 [member] | Kutcho [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 29,000 | |
After 2027 [member] | Copper World [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 231,150 | [3] |
After 2027 [member] | Loma de La Plata [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 32,400 | |
After 2027 [member] | Fenix Gold [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 25,000 | |
Sub-Total [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 414,550 | |
Sub-Total [member] | Cotabambas [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 126,000 | |
No scheduled due date [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 2,060,756 | |
No scheduled due date [member] | Copper World [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 231,150 | [3] |
No scheduled due date [member] | Loma de La Plata [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 32,400 | |
No scheduled due date [member] | Fenix Gold [Member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | 25,000 | |
No scheduled due date [member] | Cotabambas [member] | Mineral stream interest payments [member] | ||
Disclosure of contractual obligations [line items] | ||
Total contractual obligations | $ 127,000 | |
[1]Projected payment date based on management estimate. Dates may be updated in the future as additional information is received.[2]As more fully explained on the following page, assuming the Salobo III expansion project results in throughput being expanded beyond 35 Mtpa by January 1, 2024, the Company would expect to pay an expansion payment of $552 million.[3]Copper World Complex (formerly referred to as Rosemont in these financial statements). Figure includes contingent transaction costs of $1 million. |
Commitments and Contingencies_5
Commitments and Contingencies - Summary of Other Contractual Obligations and Contingencies (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Salobo [member] | Mill Throughput Capacity Expansion [member] | |
Disclosure of contractual obligations [line items] | |
Estimated expansion payments | $ 552 |
No scheduled due date [member] | Copper World [member] | |
Disclosure of contractual obligations [line items] | |
Contingent transaction costs | $ 1 |
Segmented Information - Schedul
Segmented Information - Schedule of Operating Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | ||||
Disclosure of operating segments [line items] | |||||
Sales | $ 1,065,053 | $ 1,201,665 | [1] | ||
Cost of sales | 499,573 | 542,740 | [1] | ||
Depletion | 231,952 | 254,793 | [1] | ||
Impairment (impairment reversal) of mineral stream interests | (8,611) | (156,717) | [1] | ||
Net earnings | 669,126 | 754,885 | [1] | ||
Cash Flow From Operations | 743,424 | 845,145 | |||
Total Assets | 6,759,906 | 6,296,151 | |||
General and administrative material reconciling items [member] | |||||
Disclosure of operating segments [line items] | |||||
Net earnings | (35,831) | (35,119) | |||
Cash Flow From Operations | (35,332) | (31,931) | |||
Finance costs material reconciling items [member] | |||||
Disclosure of operating segments [line items] | |||||
Net earnings | (5,586) | (5,817) | |||
Cash Flow From Operations | (4,135) | (4,271) | |||
Other material reconciling Items [member] | |||||
Disclosure of operating segments [line items] | |||||
Net earnings | 7,449 | 5,776 | |||
Cash Flow From Operations | 6,143 | 609 | |||
Income tax recovery material reconciling items [member] | |||||
Disclosure of operating segments [line items] | |||||
Net earnings | (509) | 269 | |||
Cash Flow From Operations | (171) | (279) | |||
Aggregate material reconciling items [member] | |||||
Disclosure of operating segments [line items] | |||||
Net earnings | (60,833) | (60,757) | |||
Cash Flow From Operations | (57,374) | (59,121) | |||
Total Assets | 1,052,887 | 390,354 | |||
Share based compensation material reconciling items [Member] | |||||
Disclosure of operating segments [line items] | |||||
Net earnings | (20,060) | (19,265) | |||
Cash Flow From Operations | (18,161) | (16,926) | |||
Donations and community investments material reconciling items [Member] | |||||
Disclosure of operating segments [line items] | |||||
Net earnings | (6,296) | (6,601) | |||
Cash Flow From Operations | (5,718) | (6,323) | |||
Gold interests [member] | |||||
Disclosure of operating segments [line items] | |||||
Sales | 529,698 | 561,920 | |||
Cost of sales | 138,468 | 143,272 | |||
Depletion | 102,679 | 112,872 | |||
Impairment Charge (Reversal / Gain on Disposal) | 1,719 | [2] | 0 | [3] | |
Net earnings | 286,832 | 305,776 | |||
Cash Flow From Operations | 391,466 | 419,065 | |||
Total Assets | 3,628,121 | 3,600,197 | |||
Gold interests [member] | Salobo [member] | |||||
Disclosure of operating segments [line items] | |||||
Sales | 296,145 | [4] | 343,398 | [5] | |
Cost of sales | 68,211 | [4] | 78,746 | [5] | |
Depletion | 54,677 | [4] | 71,405 | [5] | |
Impairment Charge (Reversal / Gain on Disposal) | [3],[5] | 0 | |||
Net earnings | 173,257 | [4] | 193,247 | [5] | |
Cash Flow From Operations | 227,933 | [4] | 264,652 | [5] | |
Total Assets | 2,383,262 | [4] | 2,437,939 | [5] | |
Gold interests [member] | Sudbury [member] | |||||
Disclosure of operating segments [line items] | |||||
Sales | [7] | 39,211 | [6] | 24,475 | [5] |
Cost of sales | [7] | 8,706 | [6] | 5,407 | [5] |
Depletion | [7] | 23,753 | [6] | 13,847 | [5] |
Impairment Charge (Reversal / Gain on Disposal) | [3],[5],[7] | 0 | |||
Net earnings | [7] | 6,752 | [6] | 5,221 | [5] |
Cash Flow From Operations | [7] | 30,789 | [6] | 19,068 | [5] |
Total Assets | [7] | 283,416 | [6] | 307,169 | [5] |
Gold interests [member] | Constancia [member] | |||||
Disclosure of operating segments [line items] | |||||
Sales | 54,868 | 32,974 | [5] | ||
Cost of sales | 12,520 | 7,536 | [5] | ||
Depletion | 8,206 | 5,780 | [5] | ||
Impairment Charge (Reversal / Gain on Disposal) | [3],[5] | 0 | |||
Net earnings | 34,142 | 19,658 | [5] | ||
Cash Flow From Operations | 42,348 | 25,438 | [5] | ||
Total Assets | 95,583 | 103,789 | [5] | ||
Gold interests [member] | Other gold interests [member] | |||||
Disclosure of operating segments [line items] | |||||
Sales | 47,653 | [8] | 54,296 | [5],[9] | |
Cost of sales | 19,995 | [8] | 18,268 | [5],[9] | |
Depletion | 1,252 | [8] | 1,836 | [5],[9] | |
Impairment Charge (Reversal / Gain on Disposal) | 1,719 | [2],[8] | 0 | [3],[5],[9] | |
Net earnings | 24,687 | [8] | 34,192 | [5],[9] | |
Cash Flow From Operations | 27,610 | [8] | 36,444 | [5],[9] | |
Total Assets | 494,143 | [8] | 364,792 | [5],[9] | |
Gold interests [member] | San Dimas [member] | |||||
Disclosure of operating segments [line items] | |||||
Sales | 75,238 | 86,290 | |||
Cost of sales | 26,053 | 29,612 | |||
Depletion | 10,858 | 15,479 | |||
Impairment Charge (Reversal / Gain on Disposal) | [3] | 0 | |||
Net earnings | 38,327 | 41,199 | |||
Cash Flow From Operations | 49,186 | 56,679 | |||
Total Assets | 155,865 | 166,723 | |||
Gold interests [member] | Stillwater [member] | |||||
Disclosure of operating segments [line items] | |||||
Sales | 16,583 | 20,487 | |||
Cost of sales | 2,983 | 3,703 | |||
Depletion | 3,933 | 4,525 | |||
Impairment Charge (Reversal / Gain on Disposal) | [3] | 0 | |||
Net earnings | 9,667 | 12,259 | |||
Cash Flow From Operations | 13,600 | 16,784 | |||
Total Assets | 215,852 | 219,785 | |||
Silver interests [member] | |||||
Disclosure of operating segments [line items] | |||||
Sales | 471,003 | 573,429 | |||
Cost of sales | 115,058 | 132,151 | |||
Depletion | 112,605 | 126,122 | |||
Impairment Charge (Reversal / Gain on Disposal) | (166,198) | [2] | 0 | [3] | |
Net earnings | 409,538 | 315,156 | |||
Cash Flow From Operations | 354,411 | 444,064 | |||
Total Assets | 1,485,085 | 1,701,149 | |||
Silver interests [member] | Constancia [member] | |||||
Disclosure of operating segments [line items] | |||||
Sales | 44,798 | 36,775 | [5] | ||
Cost of sales | 12,440 | 8,926 | [5] | ||
Depletion | 12,937 | 11,160 | [5] | ||
Impairment Charge (Reversal / Gain on Disposal) | [3],[5] | 0 | |||
Net earnings | 19,421 | 16,689 | [5] | ||
Cash Flow From Operations | 32,358 | 27,848 | [5] | ||
Total Assets | 192,947 | 205,884 | [5] | ||
Silver interests [member] | Penasquito [member] | |||||
Disclosure of operating segments [line items] | |||||
Sales | 174,635 | [4] | 201,688 | ||
Cost of sales | 34,657 | [4] | 34,518 | ||
Depletion | 28,344 | [4] | 28,554 | ||
Impairment Charge (Reversal / Gain on Disposal) | [3] | 0 | |||
Net earnings | 111,634 | [4] | 138,616 | ||
Cash Flow From Operations | 139,978 | [4] | 167,169 | ||
Total Assets | 293,674 | [4] | 322,018 | ||
Silver interests [member] | Antamina [member] | |||||
Disclosure of operating segments [line items] | |||||
Sales | 107,794 | [4] | 156,735 | [5] | |
Cost of sales | 21,622 | [4] | 31,395 | [5] | |
Depletion | 34,684 | [4] | 46,882 | [5] | |
Impairment Charge (Reversal / Gain on Disposal) | [3],[5] | 0 | |||
Net earnings | 51,488 | [4] | 78,458 | [5] | |
Cash Flow From Operations | 85,824 | [4] | 125,688 | [5] | |
Total Assets | 545,368 | [4] | 580,052 | [5] | |
Silver interests [member] | Other silver interests [member] | |||||
Disclosure of operating segments [line items] | |||||
Sales | 143,776 | [4],[10] | 178,231 | [5],[11] | |
Cost of sales | 46,339 | [4],[10] | 57,312 | [5],[11] | |
Depletion | 36,640 | [4],[10] | 39,526 | [5],[11] | |
Impairment Charge (Reversal / Gain on Disposal) | (166,198) | [2],[4],[10] | 0 | [3],[5],[11] | |
Net earnings | 226,995 | [4],[10] | 81,393 | [5],[11] | |
Cash Flow From Operations | 96,251 | [4],[10] | 123,359 | [5],[11] | |
Total Assets | 453,096 | [4],[10] | 593,195 | [5],[11] | |
Mineral Stream Interests [member] | |||||
Disclosure of operating segments [line items] | |||||
Sales | 1,065,053 | 1,201,665 | |||
Cost of sales | 267,621 | 287,947 | |||
Depletion | 231,952 | 254,793 | |||
Impairment Charge (Reversal / Gain on Disposal) | (164,479) | [2] | (156,717) | [3] | |
Net earnings | 729,959 | 815,642 | |||
Cash Flow From Operations | 800,798 | 904,266 | |||
Total Assets | 5,707,019 | 5,905,797 | |||
Palladium interest [member] | Stillwater [member] | |||||
Disclosure of operating segments [line items] | |||||
Sales | 32,160 | 45,834 | |||
Cost of sales | 5,687 | 8,384 | |||
Depletion | 6,018 | 8,559 | |||
Impairment Charge (Reversal / Gain on Disposal) | [3] | 0 | |||
Net earnings | 20,455 | 28,891 | |||
Cash Flow From Operations | 26,472 | 37,450 | |||
Total Assets | 226,812 | 232,830 | |||
Cobalt Interests [member] | Voisey's Bay [member] | |||||
Disclosure of operating segments [line items] | |||||
Sales | 32,192 | 20,482 | [5] | ||
Cost of sales | 8,408 | 4,140 | [5] | ||
Depletion | 10,650 | 7,240 | [5] | ||
Impairment (impairment reversal) of mineral stream interests | [3],[5] | (156,717) | |||
Net earnings | 13,134 | 165,819 | [5] | ||
Cash Flow From Operations | 28,449 | 3,687 | [5] | ||
Total Assets | 357,573 | $ 371,621 | [5] | ||
Platinum Interests [member] | Marathon [Member] | |||||
Disclosure of operating segments [line items] | |||||
Total Assets | $ 9,428 | ||||
[1]Presentation of historical figures have been revised to conform with current year classifications – see Note 2.[2]See Notes 13 and 14 for more information.[3]See Note 14 for more information.[4]As it relates to mine operator concentration risk: a. The counterparty obligations under the Salobo, Sudbury and Voisey’s Bay PMPAs are guaranteed by the parent company Vale. Total revenues relative to Vale PMPAs during the year ended December 31, 2022 were 35% of the Company’s total revenue. b. The counterparty obligations under the Antamina PMPA and the Yauliyacu PMPA (which is included as part of Other silver interests) are guaranteed by the parent company Glencore plc (“Glencore”) and its subsidiary. Total revenues relative to Glencore PMPAs during the year ended December 31, 2022 were 14% of the Company’s total revenue. c. The counterparty obligations under the Peñasquito PMPA are guaranteed by the parent company Newmont Corporation (“Newmont”). Total revenues relative to Newmont during the year ended December 31, 2022 were 16% of the Company’s total revenue. Should any of these mine operators become unable or unwilling to fulfill their obligations under their agreements with the Company, there could be a material adverse impact on the Company including, but not limited to, the Company’s revenue, net income and cash flows from operations[5]As it relates to mine operator concentration risk: a. The counterparty obligations under the Salobo, Sudbury and Voisey’s Bay PMPAs are guaranteed by the parent company Vale. Total revenues relative to Vale PMPAs during the year ended December 31, 2021 were 32% of the Company’s total revenue. b. The counterparty obligations under the Antamina PMPA and the previously owned Yauliyacu PMPA (which is included as part of Other silver interests) are guaranteed by the parent company Glencore plc (“Glencore”) and its subsidiary. Total revenues relative to Glencore PMPAs during the year ended December 31, 2021 were 18% of the Company’s total revenue. c. The counterparty obligations under the Peñasquito PMPA are guaranteed by the parent company Newmont Corporation (“Newmont”). Total revenues relative to Newmont during the year ended December 31, 2021 were 17% of the Company’s total revenue. Should any of these mine operators become unable or unwilling to fulfill their obligations under their agreements with the Company, there could be a material adverse impact on the Company including, but not limited to, the Company’s revenue, net income and cash flows from operations.[6]As more fully explained on the following page, assuming the Salobo III expansion project results in throughput being expanded beyond 35 Mtpa by January 1, 2024, the Company would expect to pay an expansion payment of $552 million.[7]Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests.[8]Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating 777, Minto and Marmato gold interests as well as the non-operating Copper World Complex (formerly referred to as Rosemont in these financial statements), Santo Domingo, Fenix, Blackwater, Marathon, Curipamba and Goose gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.[9]Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating 777, Minto and Marmato gold interests as well as the non-operating Copper World Complex gold interest (formerly referred to as Rosemont in these financial statements). On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.[10]Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Minto, Cozamin, Marmato and 777 silver interests, the non-operating Loma de La Plata, Stratoni, Pascua-Lama, Copper World Complex (formerly referred to as Rosemont in these financial statements), Blackwater and Curipamba silver interests and the previously owned Keno Hill and Yauliyacu silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. The Stratoni mine was placed into care and maintenance during Q4-2021. On September 7, 2022, the Keno Hill stream was terminated in exchange for $141 million of Hecla common stock (see Note 13). On December 14, 2022 the Company terminated the Yauliyacu PMPA in exchange for a cash payment of $132 million (see Note 13).[11]Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Stratoni, Aljustrel, Neves-Corvo, Minto, 777, Marmato and Cozamin silver interests, the non-operating Loma de La Plata, Copper World Complex (formerly referred to as Rosemont in these financial statements) and Pascua-Lama silver interests and the previously owned Keno Hill and Yauliyacu silver interests. The Stratoni mine was placed into care and maintenance during Q4-2021. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill stream was terminated in exchange for $141 million of Hecla common stock (see Note 13). On December 14, 2022 the Company terminated the Yauliyacu PMPA in exchange for a cash payment of $132 million (see Note 13). |
Segmented Information - Sched_2
Segmented Information - Schedule of Operating Segments (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 14, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 07, 2022 | |
Keno Hill [member] | ||||
Disclosure of operating segments [line items] | ||||
Receipt of Shares as Consideration for Termination, Value | $ 141 | |||
Salobo and Sudbury [member] | Vale [member] | ||||
Disclosure of operating segments [line items] | ||||
Percentage of entity's revenue relative to Mine Operator | 35% | 32% | ||
Antamina and Yauliyacu [member] | Glencore plc [member] | ||||
Disclosure of operating segments [line items] | ||||
Percentage of entity's revenue relative to Mine Operator | 14% | 18% | ||
Constancia and 777 [member] | Hudbay Minerals Inc. [member] | ||||
Disclosure of operating segments [line items] | ||||
Percentage of entity's revenue relative to Mine Operator | 16% | 17% | ||
Yauliyacu [member] | ||||
Disclosure of operating segments [line items] | ||||
Cash consideration received upon disposal of mineral stream interest | $ 132 | |||
Gold interests [member] | ||||
Disclosure of operating segments [line items] | ||||
Percentage of sales | 10% | 10% | ||
Silver interests [member] | ||||
Disclosure of operating segments [line items] | ||||
Percentage of sales | 10% | 10% |
Segmented Information - Sched_3
Segmented Information - Schedule of Company's Geographical Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure of geographical areas [line items] | ||||
Sales | $ 1,065,053 | $ 1,201,665 | [1] | |
Percentage of revenue derived from mineral stream interests located in geographic area | 100% | 100% | ||
Mineral stream interest | $ 5,707,019 | $ 5,905,797 | ||
Canada [member] | ||||
Disclosure of geographical areas [line items] | ||||
Sales | $ 124,710 | $ 108,594 | ||
Percentage of revenue derived from mineral stream interests located in geographic area | 12% | 9% | ||
Mineral stream interest | $ 1,035,462 | $ 1,014,492 | ||
United States [member] | ||||
Disclosure of geographical areas [line items] | ||||
Sales | $ 48,743 | $ 66,321 | ||
Percentage of revenue derived from mineral stream interests located in geographic area | 5% | 6% | ||
Mineral stream interest | $ 443,230 | $ 453,181 | ||
Mexico [member] | ||||
Disclosure of geographical areas [line items] | ||||
Sales | $ 266,367 | $ 307,639 | ||
Percentage of revenue derived from mineral stream interests located in geographic area | 25% | 26% | ||
Mineral stream interest | $ 578,966 | $ 629,349 | ||
Greece [member] | ||||
Disclosure of geographical areas [line items] | ||||
Sales | $ 3,291 | $ 9,154 | ||
Percentage of revenue derived from mineral stream interests located in geographic area | 0% | 1% | ||
Portugal [member] | ||||
Disclosure of geographical areas [line items] | ||||
Sales | $ 25,728 | $ 41,320 | ||
Percentage of revenue derived from mineral stream interests located in geographic area | 2% | 3% | ||
Mineral stream interest | $ 18,366 | $ 19,001 | ||
Sweden [member] | ||||
Disclosure of geographical areas [line items] | ||||
Sales | $ 41,613 | $ 33,018 | ||
Percentage of revenue derived from mineral stream interests located in geographic area | 4% | 3% | ||
Mineral stream interest | $ 29,108 | $ 31,152 | ||
Argentina / Chile [member] | ||||
Disclosure of geographical areas [line items] | ||||
Sales | [2] | $ 0 | ||
Percentage of revenue derived from mineral stream interests located in geographic area | [2] | 0% | 0% | |
Mineral stream interest | [2] | $ 253,514 | $ 253,514 | |
Argentina [member] | ||||
Disclosure of geographical areas [line items] | ||||
Sales | $ 0 | |||
Percentage of revenue derived from mineral stream interests located in geographic area | 0% | 0% | ||
Mineral stream interest | $ 10,889 | $ 10,889 | ||
Chile [member] | ||||
Disclosure of geographical areas [line items] | ||||
Sales | $ 0 | |||
Percentage of revenue derived from mineral stream interests located in geographic area | 0% | 0% | ||
Mineral stream interest | $ 56,536 | $ 31,349 | ||
Brazil [member] | ||||
Disclosure of geographical areas [line items] | ||||
Sales | $ 296,145 | $ 343,398 | ||
Percentage of revenue derived from mineral stream interests located in geographic area | 28% | 28% | ||
Mineral stream interest | $ 2,383,263 | $ 2,437,938 | ||
Peru [member] | ||||
Disclosure of geographical areas [line items] | ||||
Sales | $ 253,441 | $ 286,285 | ||
Percentage of revenue derived from mineral stream interests located in geographic area | 24% | 24% | ||
Mineral stream interest | $ 833,894 | $ 992,519 | ||
Ecuador [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Percentage of revenue derived from mineral stream interests located in geographic area | 0% | |||
Mineral stream interest | $ 13,852 | |||
Colombia [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Sales | $ 5,015 | $ 5,936 | ||
Percentage of revenue derived from mineral stream interests located in geographic area | 0% | 0% | ||
Mineral stream interest | $ 49,939 | $ 32,413 | ||
Gold interests [member] | ||||
Disclosure of geographical areas [line items] | ||||
Sales | 529,698 | 561,920 | ||
Mineral stream interest | 3,628,121 | 3,600,197 | ||
Gold interests [member] | Canada [member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | 668,011 | 614,733 | ||
Gold interests [member] | United States [member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | 215,852 | 219,785 | ||
Gold interests [member] | Mexico [member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | 155,863 | 166,722 | ||
Gold interests [member] | Chile [member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | 56,536 | 31,349 | ||
Gold interests [member] | Brazil [member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | 2,383,263 | 2,437,938 | ||
Gold interests [member] | Peru [member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | 95,584 | 103,789 | ||
Gold interests [member] | Ecuador [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | 10,181 | |||
Gold interests [member] | Colombia [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | 42,831 | 25,881 | ||
Silver interests [member] | ||||
Disclosure of geographical areas [line items] | ||||
Sales | 471,003 | 573,429 | ||
Mineral stream interest | 1,485,085 | 1,701,149 | ||
Silver interests [member] | Canada [member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | 450 | 28,138 | ||
Silver interests [member] | United States [member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | 566 | 566 | ||
Silver interests [member] | Mexico [member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | 423,103 | 462,627 | ||
Silver interests [member] | Portugal [member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | 18,366 | 19,001 | ||
Silver interests [member] | Sweden [member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | 29,108 | 31,152 | ||
Silver interests [member] | Argentina / Chile [member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | [2] | 253,514 | 253,514 | |
Silver interests [member] | Argentina [member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | 10,889 | 10,889 | ||
Silver interests [member] | Peru [member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | 738,310 | 888,730 | ||
Silver interests [member] | Ecuador [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | 3,671 | |||
Silver interests [member] | Colombia [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | 7,108 | 6,532 | ||
Palladium interest [member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | 226,812 | 232,830 | ||
Palladium interest [member] | United States [member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | 226,812 | 232,830 | ||
Cobalt Interests [member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | 357,573 | 371,621 | ||
Cobalt Interests [member] | Canada [member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | 357,573 | $ 371,621 | ||
Platinum Interests [member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | 9,428 | |||
Platinum Interests [member] | Canada [member] | ||||
Disclosure of geographical areas [line items] | ||||
Mineral stream interest | $ 9,428 | |||
[1]Presentation of historical figures have been revised to conform with current year classifications – see Note 2.[2]Includes the Pascua-Lama project, which straddles the border of Argentina and Chile. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | 12 Months Ended | |
Mar. 09, 2023 | Dec. 31, 2022 | |
Disclosure of Events After Reporting Period [line items] | ||
Declaration of quarterly dividend rate description | Under the Company’s dividend policy, the quarterly dividend per common share is targeted to equal approximately 30% of the average cash flow generated by operating activities in the previous four quarters divided by the Company’s then outstanding common shares, all rounded to the nearest cent. | |
Dividend rate percentage | 30% | |
Major Ordinary Share Transactions [member] | ||
Disclosure of Events After Reporting Period [line items] | ||
Dividend per share | $ 0.15 | |
Dividend payable, date of record | Mar. 24, 2023 | |
Dividend payable date | Apr. 06, 2023 |