Wheaton Precious Metals Announces First Quarter 2024 Results

“Wheaton delivered a robust quarter to start the year, generating over $219 million in operating cash flows, and underscoring the effectiveness of our business model in leveraging rising commodity prices while maintaining strong cash operating margins,” said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. “Looking ahead, we continue to forecast peer-leading production growth of 40% by 2028, buoyed by several development projects in our portfolio, many of which achieved significant milestones during the quarter. Building on the momentum from a record eight acquisitions in 2023, our corporate development team remains actively engaged in evaluating new opportunities and as always, Wheaton remains committed to ensuring that our growth is both accretive and sustainable for all stakeholders. We believe that strong commodity price trends and our sector leading growth profile provide Wheaton shareholders with one of the best vehicles for investing into the gold and precious metals space.”

Solid Financial Results and Strong Balance Sheet

• First quarter of 2024: $297 million in revenue, $219 million in operating cash flow, $164 million in net earnings and $164 million in adjusted net earnings[1] and, declared a quarterly dividend1 of $0.155 per common share.
• Balance Sheet: cash balance of $306 million, no debt, and an undrawn $2 billion revolving credit facility as at March 31, 2024, after making total upfront cash payments of $462 million relative to mineral stream and royalty interests in the quarter.

High-Quality Asset Base

• Streaming and royalty agreements on 18 operating mines and 27 development projects5.
• 93% of attributable production from assets in the lowest half of their respective cost curves[2],4.
• Attributable gold equivalent production3 of 160,100 ounces in the first quarter of 2024, an increase of 19% relative to the comparable period of the prior year due primarily to the mill throughput expansion at Salobo and higher production at Constancia due to the mining of the high-grade zones of the Pampacancha deposit.
• Forecasting annual production of over 800,000 gold equivalent ounces (“GEOs”) by 2028, with average annual attributable production growing to over 850,000 GEOs3 in years 2029 to 2033.
• Accretive portfolio growth:
  • On February 27, 2024, the Company closed the previously announced agreement with certain entities advised by Orion Resource Partners to acquire existing PMPAs in respect of Ivanhoe Mines’ Platreef project and BMC Minerals’ Kudz Ze Kayah project.
  • On February 20, 2024, the Company acquired a 1.5% Net Smelter Royalty from Integra Resources Corporation on the DeLamar and Florida Mountain project.

Leadership in Sustainability

• Top Rankings: Ranked in the Global Top 50 out of over 15,000 multi-sector companies by Sustainalytics, AA rated by MSCI, and Prime rated by ISS.
• Recognized among Corporate Knights’ 2024 100 most sustainable corporations in the world.
• Peer-leading community investment program that supports social and environmental initiatives alongside Wheaton’s mining partners.

News in full

In the interview below CEO Randy Smallwood provides an overview of the business and his view on the precious metals market