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UPDATE: Silver Wheaton Corp Jumps 2% As Reports Record Q4, Declares Q1 Dividend

Silver Wheaton Corp. (SLW.TO, SLW) announced its audited results for the fourth quarter and year ended December 31, 2012.

FOURTH QUARTER HIGHLIGHTS

- Record attributable silver equivalent production of 8.5 million ounces compared to 6.9 million ounces in Q4 2011 and 7.7 million ounces in Q3 2012, representing an increase of 22% and 10%, respectively.

- Record silver equivalent sales of 9.1 million ounces compared to 6.0 million ounces in Q4 2011 and 5.1 million ounces in Q3 2012, representing an increase of 53% and 78%, respectively.

- Record revenues of $287.2 million compared to $191.9 million in Q4 2011, representing a 50% increase.

- Record net earnings of $177.7 million ($0.50 per share) compared to $144.7 million ($0.41 per share) in Q4 2011, representing a 23% increase.

- Record operating cash flows of $254.0 million ($0.72 per share) compared to $163.7 million ($0.46 per share) in Q4 2011, representing a 55% increase.

- Cash operating margin of $26.76 per silver equivalent ounce, compared to $28.06 in Q4 2011, representing a 5% decrease.

- Average cash costs rose to $4.70 per silver equivalent ounce, compared to $4.06 per silver equivalent ounce in Q4 2011, representing a 16% increase, driven primarily by higher costs associated with silver and gold from the Hudbay 777 mine ($5.90 and $400 per ounce of silver and gold, respectively).

- Declared quarterly dividend of $0.14 per common share, representing 20% of the cash generated by operating activities during the three months ended December 31, 2012.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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