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Silver Wheaton Increases its Gold Stream from the Salobo Mine and Revises Production Guidance
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PR Newswire
VANCOUVER, British Columbia, August 2, 2016
VANCOUVER, British Columbia, August 2, 2016 /PRNewswire/ --
TSX: SLW
NYSE: SLW
Silver Wheaton Corp. ("Silver Wheaton" or the "Company") (TSX:SLW) (NYSE:SLW) is pleased to announce that its wholly-owned subsidiary, Silver Wheaton (Caymans) Ltd. ("SWC"), has agreed to acquire from a subsidiary of Vale S.A. ("Vale") (NYSE:VALE) an additional amount of gold equal to 25% of the life of mine gold production from its Salobo mine, located in Brazil. This acquisition is in addition to the 50% of the Salobo gold production that SWC is currently entitled to. SWC will pay upfront cash consideration of US$800 million for the increased gold stream and the 10 million Silver Wheaton common share purchase warrants previously issued to a subsidiary of Vale will be amended to reduce the strike price from US$65 to US$43.75 per common share[1]. In addition, SWC will make ongoing payments of the lesser of US$400 (subject to a 1% annual inflation adjustment now commencing in 2019 on the entire 75% stream) and the prevailing market price for each ounce of gold delivered under the agreement.
TRANSACTION HIGHLIGHTS
- Provides immediate and long-term production and cash flow
- SWC will receive an additional 25% of the gold production from Vale's Salobo mine, entitling SWC to a total of 75% of the life-of-mine gold production from the mine.
- Immediately increases Silver Wheaton's consolidated production and cash flow profile as Salobo gold production is expected to average approximately 300,000 ounces per year in total between 2016 and 2020, of which SWC will be entitled to 75% as of the effective date of July 1, 2016.
- Increases Silver Wheaton's consolidated estimated Proven and Probable gold reserves by 3.2 million ounces, Measured and Indicated gold resources by 0.7 million ounces, and Inferred gold resources by 0.4 million ounces.
- At current production rates, Proven and Probable reserves are sufficient to support 50 years of mine life, with excellent potential to further extend the mine life.
- Increases Silver Wheaton's gold growth profile
- With the additional stream from Salobo, Silver Wheaton's estimated attributable gold production in 2016 is now forecast to be 305,000 ounces, and estimated average annual attributable gold production over the next five years (including 2016) is anticipated to be approximately 330,000 ounces per year.
"The Salobo mine is a cornerstone asset for Silver Wheaton and should be for generations to come," said Randy Smallwood, Silver Wheaton's President and Chief Executive Officer. "We did not hesitate at the opportunity to increase our exposure to a mine with one of the lowest copper cash costs in the world, 50 years of mine life on reserves alone, and what we believe to be substantial exploration and expansion potential. As we have said on numerous occasions, Salobo is the ideal asset for the streaming model, as it is primarily a base metal producer where precious metals represent only a relatively small portion of the mine's overall revenues."
"The addition of another 25% gold stream from Salobo further adds to Silver Wheaton's robust cash flow. Given the quality of the portfolio, with over 90% of our production coming from mines in the lowest half of their respective cost curves, and the expected production profile over the next five years, Silver Wheaton is very comfortable financing this transaction using cash on hand and our existing revolving credit facility. Based on our guidance and current commodity prices, the upfront payment represents slightly more than one year of anticipated cash flow. The strength of our cash flow potential speaks volumes about the streaming model in general and the unparalleled quality of Silver Wheaton's portfolio in particular."
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- The existing gold purchase agreement has been amended and restated to provide for the additional 25% stream, with SWC now receiving 75% of the life-of-mine gold production from this mine.
- SWC will be entitled to all attributable gold production for which an off-taker payment is received after July 1, 2016.
- SWC will pay a wholly-owned subsidiary of Vale upfront cash consideration of US$800 million for the increased gold stream as an advance payment against the purchase price for the sale of gold to SWC.
- In addition, subject to the approval of the Toronto Stock Exchange, the 10 million Silver Wheaton common share purchase warrants, initially issued on February 28, 2013 and expiring on February 28, 2023 entitling a wholly-owned subsidiary of Vale to purchase one common share of Silver Wheaton for each whole warrant upon payment of US$65 per common share (subject to the terms of the warrant indenture) will be amended such that the per common share strike price will be decreased from US$65 to US$43.75. The amended warrants will become effective on August 16, 2016. Neither Vale nor its wholly-owned subsidiary is an insider of Silver Wheaton.
- SWC will make ongoing payments of the lesser of US$400 (subject to a 1% annual inflation adjustment now commencing in 2019 for the Salobo stream) and the prevailing market price, for each ounce of gold delivered under the agreement. The terms of the existing gold stream on Salobo were modified so that the annual inflation adjustment that was scheduled to start in 2017 will now start in 2019.
- Gold deliveries for the entire 75% gold stream will be the obligation of a wholly owned subsidiary of Vale, but will be guaranteed by Vale and the direct holder of Salobo, Salobo Metais S.A.
- Mill throughput at the Salobo mine is currently 24 million tonnes per annum ("Mtpa"). If throughput capacity is expanded within a predetermined period and depending on the grade of material processed, SWC will be required to make an additional payment to Vale, relative to the 75% stream, that now ranges from US$113 million if throughput is expanded beyond 28 Mtpa by January 1, 2036, up to US$953 million if throughput is expanded beyond 40 Mtpa by January 1, 2021. For example, if Salobo is expanded to 36 Mtpa between 2021 and 2025, the expansion payment would range between US$514 million and US$692 million.
FINANCING THE ACQUISITION
Silver Wheaton intends to use cash on hand together with proceeds available under the Company's US$2 billion revolving credit facility ("Revolving Facility") to pay the upfront cash payment of US$800 million. The Revolving Facility has a maturity date of February 27, 2021.
ABOUT THE SALOBO MINE
According to Vale's public filings, the Salobo mine, located in the Pará state of Brazil, is the largest copper deposit in Brazil. This low-cost copper-gold mine was commissioned in November 2012 with a design throughput capacity of 12 Mtpa and subsequently expanded to 24 Mtpa of mill capacity in mid-2014. The mine is well-positioned relative to infrastructure and is connected to the national power grid.
The Salobo mine has total estimated Mineral Reserves of 1.157 billion tonnes grading 0.67% copper and 0.35 g/t gold[2], and, along with additional Mineral Resources, also has substantial exploration and expansion potential. The acquisition of an additional 25% life of mine gold stream adds an estimated 3.2 million ounces of Proven and Probable Mineral Reserves, 0.7 million ounces of Measured and Indicated Mineral Resources, and 0.4 million ounces of Inferred Mineral Resources attributable to Silver Wheaton. Total estimated attributable Mineral Reserves and Mineral Resources for the now 75% life-of-mine gold stream are detailed in the table below.
Vale has indicated that it intends to re-initiate an exploration program at Salobo as early as 2017 that will include additional exploration drilling.
SILVER WHEATON ANNOUNCES NEW PRODUCTION GUIDANCE
Silver Wheaton is pleased to provide its updated one-year and long-term production guidance, which incorporates the additional 25% life-of-mine gold stream on the Salobo mine. In 2016, Silver Wheaton's estimated attributable gold production is now forecast to be 305,000 ounces, up from 265,000 ounces previously, and estimated average annual attributable gold production over the next five years (including 2016) is anticipated to be approximately 330,000 ounces of gold per year, up from 260,000 ounces. Silver production in 2016 is now forecast to be approximately 32 million ounces, down slightly from 32.8 million ounces previously guided as production from San Dimas and Peñasquito is expected to be lower offset in part by better than expected production from Antamina. Average annual silver production over the next five years (including 2016) remains unchanged at 31 million ounces per year.
Given the strong performance of the silver price year to date, the gold:silver ratio has contracted substantially since Silver Wheaton originally released silver equivalent production guidance for the year. Previous guidance was based on a gold:silver ratio of 80:1. Given the recent volatility of both gold and silver prices, Silver Wheaton will now provide production guidance on both a silver equivalent basis (SEO) and gold equivalent basis (GEO). As such, and based on the average LBMA gold and silver price for the first half of 2016 ($1,234 and $16.27, respectively)[3], Silver Wheaton is now forecasting 2016 production of 55 million SEOs or 730,000 GEOs, and production over the next five years (including 2016) is forecast to average 56 million SEOs per year or 740,000 GEOs per year.
Over the next five years, forecast production growth from Salobo, Peñasquito and Constancia is expected to be offset by the cessation of production from assets with fixed terms. In particular, the 10-year-term contract on Capstone Mining's Cozamin mine, acquired with Silver Wheaton's 2009 acquisition of Silverstone, expires in April 2017. In addition, Silver Wheaton's streaming agreement with Barrick regarding Pascua-Lama provides the Company with silver production from the Lagunas Norte, Veladero, and Pierina mines until March 31, 2018. Hudbay's Constancia mine is expected to meet the completion test, resulting in gold production from the 777 mine attributable to Silver Wheaton dropping from 100% to 50% in 2017. And lastly, as a reminder, Silver Wheaton does not include any production from Barrick's Pascua-Lama project or Hudbay's Rosemont project in its guidance.
SALOBO ACQUISITION PRESENTATION
A presentation on the highlights of the acquisition has been posted on the Company's home page at http://www.silverwheaton.com.
Q2 2016 CONFERENCE CALL
Silver Wheaton will discuss the transaction in more detail in its 2016 second quarter results conference call to be held on Thursday, August 11, 2016, starting at 11:00 am (Eastern Time). To participate in the live call please use one of the following methods:
Dial toll free from Canada or the US: 1-888-231-8191
Dial from outside Canada or the US: 1-647-427-7450
Pass code: 45537734
Live audio webcast: http://www.silverwheaton.com
Participants should dial in five to ten minutes before the call.
The conference call will be recorded and available until August 18, 2016 at 11:59 pm ET. The webcast will be available for one year. You can listen to an archive of the call by one of the following methods:
Dial toll free from Canada or the US: 1-855-859-2056
Dial from outside Canada or the US: 1-416-849-0833
Pass code: 45537734
Archived audio webcast: http://www.silverwheaton.com
ABOUT SILVER WHEATON
Silver Wheaton is the largest pure precious metals streaming company in the world. The Company has streams on some of the largest and lowest cost mines in the world. Silver Wheaton's production and growth are founded on cornerstone assets including the Salobo mine in Brazil, the Peñasquito and San Dimas mines in Mexico, and the Antamina mine in Peru. Based upon its current agreements, forecast 2016 estimated annual attributable production is approximately 32 million ounces of silver and 305,000 ounces of gold. Silver Wheaton's estimated average annual attributable production over the next five years is anticipated to be approximately 31 million ounces of silver and 330,000 ounces of gold per year.
Mr. Neil Burns, Vice President of Technical Services, is a "qualified person" as such term is defined under National Instrument 43-101, and has reviewed and approved the technical disclosure in this news release including information on mineral reserves and mineral resources.
[1 ]The amendment to the 10,000,000 Silver Wheaton common share purchase warrants is subject to the approval of the Toronto Stock Exchange.
[2 ]Silver Wheaton has previously filed a technical report for the Salobo mine dated effective December 31, 2015, which is available on SEDAR at http://www.sedar.com. For further details on Silver Wheaton's attributable Salobo mineral reserves and mineral resources, see the tables appended to this news release.
[3 ]London Bullion Market Association (LBMA) gold prices are the average of the daily LBMA AM and PM gold benchmark prices in the first half of 2016. The LBMA silver price is the daily average of the LBMA silver benchmark prices in the first half of 2016.
Silver Wheaton's Estimated Attributable Reserves and Resources are as follows:
Proven & Probable Reserves Attributable to Silver Wheaton [1,2,3,8,22]
As of December 31, Proven Probable
2015 unless Tonnage Grade Contained Tonnage Grade Contained
otherwise noted [6] Mt g/t Moz Mt g/t Moz
SILVER
Peñasquito
(25%) [10]
Mill 99.6 32.6 104.5 47.1 24.5 37.2
Heap Leach 4.1 22.7 3.0 1.4 19.9 0.9
San Dimas
[10],[11] 1.5 325.8 15.2 3.8 330.0 40.0
Antamina (33.75%)
[12],[13] 64.5 11.0 22.7 137.4 10.5 46.2
Pascua-Lama
(25%) 8.0 69.8 17.9 73.2 64.1 150.8
Veladero [12] 3.7 12.8 1.5 66.1 12.8 27.3
Lagunas Norte
[12] 7.0 4.1 0.9 25.2 4.1 3.3
Constancia 500.0 3.0 47.8 114.0 2.9 10.8
Zinkgruvan
Zinc 8.1 80.0 20.7 3.7 51.0 6.0
Copper 3.5 35.0 3.9 - - -
Neves-Corvo
Copper 6.3 39.0 7.9 19.7 36.0 22.8
Zinc 11.5 71.5 26.4 13.9 62.0 27.6
Yauliyacu [14] 0.7 136.6 3.1 3.2 137.9 14.1
777 [15] 3.3 26.7 2.8 3.0 27.8 2.7
Stratoni 0.4 172.0 2.4 0.2 184.0 1.3
Cozamin [12] - - - 1.6 42.1 2.2
Minto 1.7 8.3 0.5 3.8 5.2 0.6
Los Filos 20.0 7.1 4.6 20.5 9.1 6.0
Rosemont [16] 279.5 4.1 37.0 325.8 4.1 43.1
Metates Royalty[17] 4.1 18.0 2.3 13.2 13.1 5.5
TOTAL SILVER 325.0 448.3
GOLD
Salobo (75%) [18] 490.8 0.38 6.03 376.7 0.31 3.72
Sudbury (70%)[12] - - - 47.4 0.43 0.66
Constancia
(50%) 250.0 0.05 0.40 57.0 0.07 0.14
777 [12],[15] 2.0 1.80 0.12 1.8 1.80 0.11
Minto 1.7 1.19 0.06 3.8 0.64 0.08
Toroparu (10%)[19] 3.0 1.10 0.10 9.7 0.98 0.31
Metates Royalty [17] 4.1 0.68 0.09 13.2 0.44 0.19
TOTAL GOLD 6.80 5.19
TABLE CONT.
Proven & Probable Reserves Attributable to Silver Wheaton [1,2,3,8,22]
As of December 31, Proven & Probable
2015 unless Tonnage Grade Contained Process
otherwise noted [6] Mt g/t Moz Recovery [7]
SILVER
Peñasquito
(25%) [10]
Mill 146.7 30.0 141.6 75-80%
Heap Leach 5.4 22.0 3.9 22-28%
San Dimas
[10],[11] 5.2 328.8 55.2 94%
Antamina (33.75%)
[12],[13] 201.8 10.6 68.9 71%
Pascua-Lama
(25%) 81.2 64.7 168.7 82%
Veladero [12] 69.8 12.8 28.8 8%
Lagunas Norte
[12] 32.2 4.1 4.2 34%
Constancia 614.0 3.0 58.6 71%
Zinkgruvan
Zinc 11.7 70.9 26.7 87%
Copper 3.5 35.0 3.9 65%
Neves-Corvo
Copper 25.9 36.7 30.6 35%
Zinc 25.3 66.3 54.0 20%
Yauliyacu [14] 3.9 137.6 17.1 85%
777 [15] 6.3 27.2 5.5 50%
Stratoni 0.7 176.2 3.7 84%
Cozamin [12] 1.6 42.1 2.2 72%
Minto 5.5 6.1 1.1 78%
Los Filos 40.5 8.1 10.5 5%
Rosemont [16] 605.3 4.1 80.1 76%
Metates Royalty[17] 17.2 14.2 7.9 76%
TOTAL SILVER 773.3
GOLD
Salobo (75%) [18] 867.6 0.35 9.75 66%
Sudbury (70%)[12] 47.4 0.43 0.66 72%
Constancia
(50%) 307.0 0.05 0.54 61%
777 [12],[15] 3.9 1.80 0.22 55%
Minto 5.5 0.81 0.14 74%
Toroparu (10%)[19] 12.7 1.01 0.41 89%
Metates Royalty [17] 17.2 0.50 0.28 89%
TOTAL GOLD 11.99
Measured & Indicated Resources Attributable to Silver Wheaton
[1,2,3,4,5,9,22]
As of December 31, Measured Indicated Measured & Indicated
2015 unless Tonnage Grade Contai- Tonnage Grade Contai- Tonnage Grade Contai-
otherwise noted[6] ned ned ned
Mt g/t Moz Mt g/t Moz Mt g/t Moz
SILVER
Peñasquito (25%)
[10]
Mill 23.6 30.5 23.2 37.7 24.6 29.9 61.3 26.9 53.0
Heap Leach 3.1 25.5 2.6 8.7 17.0 4.8 11.9 19.3 7.4
San Dimas [10],[11] 0.3 189.1 2.0 0.9 189.1 5.2 1.2 189.1 7.2
Antamina (33.75%)
[12],[13] 21.9 9.5 6.7 146.5 11.1 52.3 168.4 10.9 59.1
Pascua-Lama (25%) 3.7 26.4 3.1 35.7 22.3 25.5 39.4 22.7 28.7
Constancia 73.0 2.4 5.6 299.0 2.0 19.4 372.0 2.1 25.0
Zinkgruvan
Zinc 1.5 62.1 3.0 5.1 95.0 15.7 6.7 87.5 18.8
Copper 1.6 22.8 1.2 0.6 49.0 0.9 2.2 29.8 2.1
Neves-Corvo
Copper 8.2 51.4 13.6 36.3 48.7 56.9 44.5 49.2 70.5
Zinc 11.2 53.1 19.0 71.4 55.5 127.4 82.5 55.2 146.4
Yauliyacu [14] 1.3 162.2 6.7 7.0 199.3 44.6 8.2 193.5 51.3
777 [15] - - - 0.7 26.3 0.6 0.7 26.3 0.6
Stratoni 0.3 193.5 1.7 0.2 203.8 1.4 0.5 198.0 3.1
Minto 6.4 3.0 0.6 33.1 3.2 3.4 39.6 3.1 4.0
Los Filos 81.6 6.7 17.6 276.3 7.9 70.0 357.9 7.6 87.6
Rosemont [16] 38.5 3.0 3.7 197.7 2.7 17.1 236.2 2.7 20.8
Aljustrel [20] 1.3 65.6 2.7 20.5 60.3 39.7 21.8 60.7 42.4
Keno Hill (25%)
Underground - - - 0.8 467.2 11.5 0.8 467.2 11.5
Elsa
Tailings - - - 0.6 119.0 2.4 0.6 119.0 2.4
Loma de La Plata
(12.5%) - - - 3.6 169.0 19.8 3.6 169.0 19.8
Cotabambas [(21)] - - - 117.1 2.7 10.3 117.1 2.7 10.3
Toroparu (50%)[20] 22.2 1.2 0.8 97.9 0.7 2.3 120.1 0.8 3.1
TOTAL SILVER 113.9 561.0 674.9
GOLD
Salobo (75%)[18] 33.1 0.48 0.51 138.8 0.37 1.65 171.8 0.39 2.16
Sudbury (70%)[12] - - - 16.2 0.22 0.12 16.2 0.22 0.12
Constancia (50%) 36.5 0.05 0.06 149.5 0.04 0.18 186.0 0.04 0.23
777 [12],[15] - - - 0.4 1.83 0.02 0.4 1.83 0.02
Minto 6.4 0.34 0.07 33.1 0.34 0.37 39.6 0.34 0.44
Cotabambas (25%)[21] - - - 29.3 0.23 0.21 29.3 0.23 0.21
Toroparu (10%)[19] 0.9 0.87 0.03 7.9 0.83 0.21 8.8 0.84 0.24
TOTAL GOLD 0.67 2.76 3.42
Inferred Resources Attributable to Silver Wheaton
[(1],[2],[3],[4],[5],[9],[22)]
Inferred
As of December 31, 2015 Tonnage Grade Contained
unless otherwise noted [6] Mt g/t Moz
SILVER
Peñasquito (25%) [10]
Mill 4.9 20.6 3.2
Heap Leach 0.1 15.5 0.1
San Dimas [10],[11] 7.0 330.0 74.0
Antamina (33.75) [12],[13] 351.1 11.1 125.3
Pascua-Lama (25%) 4.9 20.1 3.2
Constancia 200.0 1.9 12.0
Zinkgruvan
Zinc 7.3 83.0 19.4
Copper 0.2 39.0 0.2
Neves-Corvo
Copper 13.4 37.0 15.9
Zinc 12.6 55.0 22.3
Yauliyacu [14] 13.5 177.6 76.9
777 [15] 0.7 32.6 0.7
Stratoni 0.5 169.0 2.7
Minto 25.3 2.5 2.1
Los Filos 141.0 9.2 41.6
Rosemont [16] 104.5 3.3 11.1
Aljustrel [20] 8.7 50.4 14.0
Keno Hill (25%)
Underground 0.3 363.4 3.0
Loma de La Plata (12.5%) 0.2 76.0 0.4
Cotabambas [21] 605.3 2.3 45.4
Toroparu (50%) [19] 64.8 0.1 0.2
Metates Royalty [17] 1.0 9.7 0.3
TOTAL SILVER 474.0
GOLD
Salobo (75%) [18] 111.5 0.31 1.11
Sudbury (70%) [12] 12.0 0.52 0.20
Constancia (50%) 100.0 0.03 0.10
777 [12],[15] 0.3 1.76 0.02
Minto 25.3 0.25 0.20
Cotabambas (25%) [21] 151.3 0.17 0.84
Toroparu (10%) [19] 13.0 0.74 0.31
Metates Royalty [17] 1.0 0.38 0.01
TOTAL GOLD 2.80
Notes on Reserves & Resources:
1. All Mineral Reserves and Mineral Resources have been estimated in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards for Mineral Resources and Mineral Reserves and National Instrument 43-101 - Standards for Disclosure for Mineral Projects ("NI 43-101"), or the 2012 Australasian Joint Ore Reserves Committee (JORC) Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.
2. Mineral Reserves and Mineral Resources are reported above in millions of metric tonnes ("Mt"), grams per metric tonne ("g/t") and millions of ounces ("Moz").
3. Individual qualified persons ("QPs"), as defined by the NI 43-101, for the technical information contained in this document (including the Mineral Reserve and Mineral Resource estimates) for the following operations are as follows:
a. Salobo mine -Gerrit Vos, P.Eng., Technical Director, Mining, Dr Georges Verly, P.Eng., Chief Geostatistician, Dr Armando Simon, P.Geo., Principal Geologist, Pierre Lacombe, P.Eng., Consulting Metallurgist, Donald Hickson, P.Eng., Division Manager, Earth and Infrastructure, Vikram Khera, P.Eng., Senior Financial Analyst, and Stella Searston, RM SME, Principal Geologist, all of whom are now, or were at the time of the preparation of the Salobo Report, employees of Amec Foster Wheeler Americas Limited (Amec Foster Wheeler).
b. All other operations and development projects: the Company's QPs Neil Burns, M.Sc., P.Geo. (Vice President, Technical Services); Samuel Mah, M.A.Sc., P.Eng. (Senior Director, Project Evaluations), both employees of the Company (the "Company's QPs").
4. The Mineral Resources reported in the above tables are exclusive of Mineral Reserves. The San Dimas mine, Minto mine, Neves-Corvo mine, Zinkgruvan mine, Stratoni mine and Toroparu project (gold only) report Mineral Resources inclusive of Mineral Reserves. The Company's QPs have made the exclusive Mineral Resource estimates for these mines based on average mine recoveries and dilution.
5. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
6. Other than as detailed below, Mineral Reserves and Mineral Resources are reported as of December 31, 2015 based on information available to the Company as of the date of this document, and therefore will not reflect updates, if any, after such date.
a. Mineral Resources and Mineral Reserves for the Pascua-Lama project are reported as of December 31, 2013.
b. Mineral Resources for the Constancia mine (including the Pampacancha deposit) are reported as of September 30, 2013 and Mineral Reserves as of December 31, 2013.
c. Mineral Resources and Mineral Reserves for the Neves-Corvo and Zinkgruvan mines are reported as of June 30, 2015.
d. Mineral Resources and Mineral Reserves for the Rosemont project are reported as of August 28, 2012.
e. Mineral Resources for Aljustrel's Feitais and Moinho mines are reported as of November 30, 2010. Mineral Resources for the Estaçao project are reported as of December 31, 2007.
f. Mineral Resources for Keno Hill's Elsa Tailings project are reported as of April 22, 2010, Lucky Queen project as of July 27, 2011, Onek project as of October 15, 2014, Flame and Moth and
Bermingham projects as of April 28, 2015, Bellekeno mine Inferred Mineral Resources as of September 30, 2012 and Bellekeno mine Indicated Mineral Resources as of September 30, 2013.
g. Mineral Resources for the Loma de La Plata project are reported as of May 20, 2009.
h. Mineral Resources for the Cotabambas project are reported as of June 20, 2013.
i. Mineral Resources and Mineral Reserves for gold at the Toroparu project are reported as of March 31, 2013 and Mineral Resources for silver are reported as of September 1, 2014.
j. Mineral Resources for Metates royalty are reported as of February 16, 2012 and Mineral Reserves as of March 18, 2013.
7. Process recoveries are the average percentage of silver or gold in a saleable product (doré or concentrate) recovered from mined ore at the applicable site process plants as reported by the
operators.
8. Mineral Reserves are estimated using appropriate process and mine recovery rates, dilution, operating costs and the following commodity prices:
a. Antamina mine - $2.96 per pound copper $0.99 per pound zinc, $11.91 per pound molybdenum and $21.34 per ounce silver.
b. Constancia mine - $1,250 per ounce gold, $25.00 per ounce silver, $3.00 per pound copper and $13.50 per pound molybdenum.
c. Cozamin mine - $42.00 per tonne NSR cut-off assuming $20.00 per ounce silver, $2.50 per pound copper, $0.85 per pound lead and $0.80 per pound zinc.
d. Lagunas Norte and Veladero mines - $1,000 per ounce gold and $15.00 per ounce silver.
e. Los Filos mine - $1,100 per ounce gold and $16.50 per ounce silver.
f. Metates royalty - 0.35 grams per tonne gold equivalent cut-off assuming $1,200 per ounce gold and $24.00 per ounce silver.
g. Minto mine - 0.5% copper cut-off for Open Pit and $64.40 per tonne NSR cut-off for Underground assuming $300 per ounce gold, $3.90 per ounce silver and $2.50 per pound copper.
h. Neves-Corvo mine - 1.6% copper cut-off for the copper Reserve and 4.8% zinc equivalent cut-off for all the zinc Reserves, both assuming $2.50 per pound copper, $1.00 per pound lead and zinc.
i. Pascua-Lama project - $1,100 per ounce gold, $21.00 per ounce silver and $3.00 per pound copper.
j. Peñasquito mine - $1,100 per ounce gold, $16.50 per ounce silver, $0.90 per pound lead and $0.95 per pound zinc.
k. Rosemont project - $4.90 per ton NSR cut-off assuming $20.00 per ounce silver, $2.50 per pound copper and $15.00 per pound molybdenum.
l. Salobo mine - 0.253% copper equivalent cut-off assuming $1,250 per ounce gold and $3.45 per pound copper.
m. San Dimas mine - 2.50 grams per tonne gold equivalent cut-off assuming $1,200 per ounce gold and $18.00 per ounce silver.
n. Stratoni mine - 15.54% zinc equivalent cut-off assuming $0.91 per pound lead and zinc.
o. Sudbury mines - $1,250 per ounce gold, $18.50 per ounce silver, $9.07 per pound nickel, $2.95 per pound copper, $1,550 per ounce platinum, $875 per ounce palladium and $12.50 per pound cobalt.
p. Toroparu project - 0.38 grams per tonne gold cut-off assuming $1,070 per ounce gold for fresh rock and 0.35 grams per tonne gold cut-off assuming $970 per ounce gold for saprolite.
q. Yauliyacu mine - $17.20 per ounce silver, $2.83 per pound copper, $0.91 per pound lead and $1.02 per pound zinc.
r. Zinkgruvan mine - 3.98% zinc equivalent cut-off for the zinc Reserve and 1.5% copper cut-off for the copper Reserve, both assuming $2.50 per pound copper and $1.00 per pound lead and zinc.
s. 777 mine - $1,190 per ounce gold, $16.50 per ounce silver, $2.75 per pound copper and $1.16 per pound zinc.
9. Mineral Resources are estimated using appropriate recovery rates and the following commodity prices:
a. Aljustrel mine - 4.5% zinc cut-off for Feitais and Moinho mines zinc Resources and 4.0% zinc cut-off for Estação zinc Resources.
b. Antamina mine - $2.96 per pound copper $0.99 per pound zinc, $11.91 per pound molybdenum and $21.34 per ounce silver.
c. Constancia mine - 0.12% copper cut-off for Constancia and 0.10% copper cut-off for Pampacancha.
d. Cotabambas project - 0.2% copper equivalent cut-off assuming $1,350 per ounce gold, $23,00 per ounce silver, $3.20 per pound copper and $12,50 per pound molybdenum.
e. Keno Hill mines:
i. Bellekeno mine - $185 per tonne NSR cut-off assuming $22.50 per ounce silver, $0.85 per pound lead and $0.95 per pound zinc.
ii. Flame and Moth and Bermingham projects - $185 per tonne NSR cut-off assuming $1,300 per ounce gold, $20.00 per ounce silver, $0.94 per pound lead and $1.00 per pound zinc.
iii. Lucky Queen project - $185 per tonne NSR cut-off assuming $1,100 per ounce gold, $18.50 per ounce silver, $0.90 per pound lead and $0.95 per pound zinc.
iv. Onek project - $185 per tonne NSR cut-off assuming $1,250 per ounce gold, $20.00 per ounce silver, $0.90 per pound lead and $0.95 per pound zinc.
v. Elsa Tailings project - 50 grams per tonne silver cut-off.
f. Loma de La Plata project - 50 gram per tonne silver equivalent cut-off assuming $12.50 per ounce silver and $0.50 per pound lead.
g. Los Filos mine - $1,300 per ounce gold and $19.00 per ounce silver.
h. Metates royalty - 0.35 grams per tonne gold equivalent cut-off assuming $1,200 per ounce gold and $24.00 per ounce silver.
i. Minto mine - 0.5% copper cut-off.
j. Neves-Corvo mine - 1.0% copper cut-off for the copper Resource and 3.0% zinc cut-off for the zinc Resource, both assuming $2.50 per pound copper and $1.00 per pound lead and zinc.
k. Pascua-Lama project - $1,500 per ounce gold, $24.00 per ounce silver and $3.50 per pound copper.
l. Peñasquito mine - $1,300 per ounce gold, $19.00 per ounce silver, $1.00 per pound lead and zinc.
m. Salobo mine - 0.286% copper equivalent cut-off assuming $1,500 per ounce gold $3.67 per pound copper.
n. San Dimas mine - 2.00 grams per tonne gold equivalent cut-off assuming $1,200 per ounce gold and $18.00 per ounce silver.
o. Stratoni mine - 15.54% zinc equivalent cut-off assuming $0.91 per pound lead and zinc.
p. Sudbury mines - $1,250 per ounce gold, $18.50 per ounce silver, $9.07 per pound nickel, $2.95 per pound copper, $1,550 per ounce platinum, $875 per ounce palladium and $12.50 per pound cobalt.
q. Rosemont project - 0.30% copper equivalent cut-off for Mixed and 0.15% copper equivalent for Sulfide assuming $20.00 per ounce silver, $2.50 per pound copper and $15.00 per pound molybdenum.
r. Toroparu project - 0.30 grams per tonne gold cut-off assuming $1,350 per ounce gold.
s. Yauliyacu mine - $17.20 per ounce silver, $2.83 per pound copper and $0.91 per pound lead and $1.02 per pound zinc.
t. Zinkgruvan mine - 3.8% zinc equivalent cut-off for the zinc Resource and 1.0% copper cut-off for the copper Resource, both assuming $2.50 per pound copper and $1.00 per pound lead and zinc.
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