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RNS Number : 8027E
Wheaton Precious Metals Corp.
10 November 2020
November 9, 2020 TSX: WPM
Vancouver, British Columbia NYSE: WPM
LSE: WPM
DIVIDEND DECLARATION
WHEATON PRECIOUS METALS Announces a 20% increase in the Fourth
quarterly dividend of 2020
Vancouver, British Columbia - Wheaton Precious Metals(TM) Corp.
("Wheaton" or the "Company") is pleased to announce that its Board
of Directors has declared its fourth quarterly cash dividend
payment for 2020 of US$0.12 per common share, a 20% increase
relative to the prior period dividend.
Fourth Quarterly Dividend
The fourth quarterly cash dividend for 2020 of gross US$0.12
will be paid to holders of record of Wheaton Precious Metals common
shares as of the close of business on November 25, 2020 and will be
distributed on or about December 10, 2020 with an ex-dividend
trading date anticipated to be November 23, 2020.
Under the Company's dividend policy, the quarterly dividend per
common share is targeted to equal approximately 30% of the average
cash 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 of $0.10 per common share for the duration of 2020
representing an 11% increase relative to 2019. Under this policy,
the forecast annualized dividend for 2020 would represent an
increase of more than 90% over a five-year period.
The declaration, timing, amount and payment of future dividends
remain at the discretion of the Board of Directors. This dividend
qualifies as an 'eligible dividend' for Canadian income tax
purposes.
Dividend Reinvestment Plan
The Company has previously implemented a Dividend Reinvestment
Plan ("DRIP"). Participation in the DRIP is optional. For the
purposes of this fourth quarterly dividend, the Company has elected
to issue common shares under the DRIP through treasury at a 1%
discount to the Average Market Price, as defined in the DRIP.
However, the Company may, from time to time, in its discretion,
change or eliminate the discount applicable to Treasury
Acquisitions, as defined in the DRIP, or direct that such common
shares be purchased in Market Acquisitions, as defined in the DRIP,
at the prevailing market price, any of which would be publicly
announced.
The DRIP and enrollment forms, including direct deposit, are
available for download on the Company's website at
www.wheatonpm.com, accessible by quick links directly from the home
page, and can also be found in the 'investors' section, under the
'dividends' tab.
Registered shareholders may also enroll in the DRIP online
through the plan agent's self-service web portal at:
https://www.canstockta.com/en/InvestorServices/Investor_Information/Issuer_List/IssuerDetail.jsp?companyCode=1501.
Beneficial shareholders should contact their financial
intermediary to arrange enrollment, where available. All
shareholders considering enrollment in the DRIP should carefully
review the terms of the DRIP and consult with their advisors as to
the availability of and implications of enrollment in the DRIP.
This press release is not an offer to sell or a solicitation of
an offer of securities. A registration statement relating to the
DRIP has been filed with the U.S. Securities and Exchange
Commission and may be obtained under the Company's profile on the
U.S. Securities and Exchange Commission's website at
http://www.sec.gov. A written copy of the prospectus included in
the registration statement may be obtained by contacting the
Corporate Secretary of the Company at 1021 West Hastings Street,
Suite 3500, Vancouver, British Columbia, Canada V6E 0C3.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and "forward-looking information" within the
meaning of applicable Canadian securities legislation concerning
the business, operations and financial performance of Wheaton.
Forward-looking statements, which are all statements other than
statements of historical fact, include, but are not limited to,
statements with respect to future dividends. Forward-looking
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of Wheaton to be materially
different from those expressed or implied by such forward-looking
statements including risks discussed in the section entitled
"Description of the Business - Risk Factors" in Wheaton's Annual
Information Form available on SEDAR at www.sedar.com , , Wheaton's
Form 40-F for the year ended December 31, 2019 and Form 6-K filed
March 11, 2020 both on file with the U.S. Securities and Exchange
Commission on EDGAR and Wheaton's Management's Discussion and
Analysis for the three months ended March 31, 2020 and nine months
ended September 30, 2020, both available on SEDAR at www.sedar.com
and Form 6-Ks filed May 7, 2020 and November 9, 2020, both
available on EDGAR. Forward-looking statements are based on
assumptions management currently believes to be reasonable,
including (without limitation) that there will be no material
adverse change in the market price of commodities, that neither
Wheaton nor the Mining Operations will suffer significant impacts
as a result of an epidemic (including the COVID-19 virus pandemic),
that the mining operations from which Wheaton purchases precious
metals will continue to operate, that each party will satisfy their
obligations in accordance with the precious metals purchase
agreements and that Wheaton's application of the CRA Settlement for
years subsequent to 2010 is accurate (including the Company's
assessment that there will be no material change in the Company's
facts or change in law or jurisprudence for years subsequent to
2010).
For further information, please contact:
Patrick Drouin or Emma Murray
Investor Relations
Wheaton Precious Metals Corp.
Tel: 1-844-288-9878
Email: info@wheatonpm.com
Website: www.wheatonpm.com
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END
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