Wheaton Precious Metals Corporation (WPM) 2004年年度报告「NYSE」.pdf

1、 SILVER WHEATON CORP.Annual Report Four Months Ended December 31,2004 SILVER WHEATON CORP.1 Managements Discussion and Analysis of Results of Operations and Financial Condition Four Months Ended December 31,2004 and Years Ended August 31,2004 and 2003 The following should be read in conjunction with

2、 the Companys consolidated financial statements for the four months ended December 31,2004 and related notes thereto which have been prepared in accordance with Canadian generally accepted accounting principles.All figures are in United States dollars unless otherwise noted.HIGHLIGHTS In October,200

3、4,the Company acquired the right to purchase 100%of the silver produced by Wheaton Rivers Luismin mining operations in Mexico,which is expected to approximate 8 million ounces per annum for over 20 years.In December,2004,the Company acquired the right to purchase 100%of the silver produced by Lundin

4、 Minings Zinkgruvan mining operations in Sweden,which is expected to approximate 2 million ounces per annum for over 20 years.Net cash flow from operations of$8.4 million from the sale of 1.5 million ounces of silver.Net earnings of$1.8 million($0.02 per share).Cash and cash equivalents at December

5、31,2004 of$20.0 million and working capital of$18.1 million.On October 22,2004 the Company began trading on the TSX under the symbol SLW.In December,2004,the Companys name was changed from Chap Mercantile Inc.to Silver Wheaton Corp.and the outstanding shares were consolidated on a 5 for 1 basis.The

6、Company is debt free,unhedged and seeking further acquisitions.OVERVIEW Silver Wheaton Corp.(“Silver Wheaton”or the“Company”)is a growth-oriented silver company.Silver Wheaton is the only mining company with 100%of its revenue from silver production.The Companys goal is to be recognized as the world