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Founded in 2004, Wheaton Precious Metals Corp. (NYSE: WPM) has established itself as the leading precious metals streaming company globally. Wheaton’s unique business model involves purchasing all or a portion of the silver and/or gold production from high-quality mines in exchange for an upfront payment. This allows Wheaton to acquire precious metals at a low fixed cost, significantly reducing the risks commonly associated with traditional mining operations.
Wheaton has secured over 20 long-term purchase agreements with 17 different mining companies. These agreements span approximately 19 operating mines and nine development projects. Some of the notable projects in Wheaton’s portfolio include the Salobo mine owned by Vale, the Antamina mine operated by Glencore, and Goldcorp’s Peñasquito mine.
Recently, Wheaton announced the acquisition of a silver stream from the Mineral Park Mine in Arizona, USA, owned by Waterton Copper. This addition is expected to enhance Wheaton’s portfolio significantly, allowing the company to leverage its historical knowledge of the mine to assist in bringing it back into production sustainably.
As of June 30, 2023, Wheaton reported having approximately $829 million in cash on hand. This financial position, combined with a $2 billion revolving term loan, ensures that Wheaton is well-equipped to fund current and future acquisitions. The company’s business model not only provides leverage to commodity prices but also offers exploration upside while maintaining a lower risk profile. This has allowed Wheaton to consistently outperform other mining investments.
Wheaton is committed to strong Environmental, Social, and Governance (ESG) practices. The company has a robust ESG framework and actively contributes to the communities where it operates. With a focus on long-life, low-cost assets, Wheaton creates sustainable value for all stakeholders through its streaming agreements.
In the latest financial results, Wheaton delivered a strong quarter with $219 million in operating cash flows for Q1 2024. The company forecasts a 40% increase in production by 2028, driven by multiple development projects achieving significant milestones. Wheaton continues to pursue accretive acquisitions, ensuring sustainable growth and value creation for its shareholders.
Wheaton Precious Metals (WPM) exceeded its 2024 production guidance, achieving over 633,000 gold equivalent ounces (GEOs), surpassing the upper target of 620,000 GEOs. The strong performance was primarily driven by Salobo's record quarterly production in Q4 and higher grades at Constancia.
The company provides 2025 production guidance of 600,000 to 670,000 GEOs and projects approximately 40% growth to 870,000 GEOs by 2029. Long-term outlook forecasts production to average over 950,000 GEOs annually during 2030-2034.
2024 actual production included 379,742 gold ounces, 20,657,000 silver ounces, and 16,196 other metal GEOs. As of December 31, 2024, approximately 163,850 GEOs were produced but not yet delivered. The company updated its 2025 commodity price assumptions to $2,600/oz for gold and $30/oz for silver.
THE Mining Investment Event, Canada's Only Tier 1 Global Mining Investment Conference, has announced its 2025 participants and sponsors for the upcoming event in Quebec City, June 3-5, 2025. Over 100 international issuers have confirmed their participation, with new sponsors including Agnico Eagle, AtkinsRéalis, VRIFY, CAUR Technologies and the Gold Telegraph.
The event features multiple tiers of sponsorship, including the Government of Québec as a Special Participant, Platinum Sponsors like Agnico Eagle and National Bank Financial Markets, and Glencore Canada as the Student Sponsor. The conference will maintain its format of corporate presentations, private investor one-on-one meetings, and networking events across three days, with each day focusing on different sectors: Producers and Royalty Companies (Day 1), Critical & Transition Metals (Day 2), and Explorers & Developers (Day 3).
Wheaton Precious Metals announced a planned CFO transition, with Gary Brown stepping down effective March 31, 2025, after nearly 17 years of service. Vincent Lau, current Vice President of Finance, will succeed as the new CFO.
Brown's tenure was marked by contributions to the company's financial growth, strategic direction, and risk management. Lau brings 13 years of experience as Wheaton's VP of Finance, managing corporate finance and risk management functions. His background includes senior finance roles at CHC Helicopters and KPMG's Transaction Services group in New York. He holds CPA and CFA designations with a Bachelor of Commerce from the University of British Columbia.
Wheaton Precious Metals has entered into a Gold Stream agreement with Allied Gold for the Kurmuk Project in Ethiopia. The deal involves a $175 million upfront cash consideration, paid in four equal installments during construction. Under the agreement, WPMI will purchase 6.7% of payable gold until 220,000 ounces are delivered, then 4.8% for the life of mine.
The project is expected to produce an average of 16,000 ounces of gold annually for the first ten years, with production starting in mid-2026. The mine has an 11-year life based on reserves. The acquisition will increase Wheaton's total gold reserves by 0.18 million ounces. The company participated in Allied's equity financing with a C$20.15 million investment.
Wheaton Precious Metals has declared its fourth quarterly cash dividend for 2024 of US$0.155 per common share. The dividend will be paid to shareholders of record as of November 21, 2024, with distribution scheduled for December 6, 2024. The company offers a Dividend Reinvestment Plan (DRIP), allowing shareholders to reinvest their dividends in common shares issued through treasury at the Average Market Price without a discount. Participation in the DRIP is optional, and both registered and beneficial shareholders can enroll through various channels.
Wheaton Precious Metals (WPM) reported record operating cash flow in Q3 2024, with revenue of $308 million and net earnings of $155 million. The company achieved 144,200 gold equivalent ounces production and maintained its 2024 guidance of 550,000 to 620,000 GEOs. Cash operating margins increased by over 30% compared to Q3 2023. The company announced two new streaming agreements: one with Montage's Koné Project and an amendment to Rio2's Fenix Project. WPM ended the quarter with $694 million in cash, no debt, and an undrawn $2 billion credit facility.
Wheaton Precious Metals has entered into a Gold Stream agreement with Montage Gold Corp. for the Koné Gold Project in Côte d'Ivoire. The deal involves $625 million in upfront cash consideration, paid in four equal installments during construction. WPMI will purchase 19.5% of payable gold until 400 Koz delivery, reducing to 10.8% until 130 additional Koz, then 5.4% for the mine's life. The project is expected to produce over 60 Koz of gold annually in the first five years, with production starting in early 2027. Additionally, WPMI provides a $75 million secured debt facility for project costs.
Wheaton Precious Metals Corp (WPM) has announced the release date for its 2024 third quarter results. The company will disclose its financial performance on November 7, 2024, after the market closes. A conference call to discuss these results is scheduled for Friday, November 8, 2024, at 11:00 am ET (8:00 am PT).
Investors and analysts can participate in the live call through various methods, including a RapidConnect URL, live webcast, or by dialing toll-free numbers. The conference call ID is 48142. Additionally, a slideshow will be available in PDF format on the company's website before the call.
The call will be recorded and accessible until November 15, 2024. An archived version of the webcast will remain available for one year.
Wheaton Precious Metals (WPM) has launched the Future of Mining Challenge, offering a $1 million prize to advance innovative mining technology. The initiative aims to minimize environmental impacts, improve efficiencies, and contribute to climate solutions in the mining industry. Focusing on reducing greenhouse gas emissions, the challenge invites global cleantech companies to propose scalable solutions for base and precious metal mining operations. Submissions open on September 18, 2024, with the winner to be announced in March 2025 at the PDAC Convention in Toronto. The challenge aligns with Wheaton's commitment to sustainability and responsible resource availability for future generations.
Wheaton Precious Metals (WPM) has announced an upcoming Investor Day webcast scheduled for September 24, 2024, starting at 9:00am Eastern Time. The event will feature presentations from Randy Smallwood, President and CEO, along with the Wheaton Executive team. Technical presentations for specific assets will be delivered by representatives from Wheaton's partners.
Participants can join the live call through various methods, including a RapidConnect URL, live webcast, or toll-free dial-in options. The accompanying slideshow will be available in PDF format on Wheaton's website. The conference call recording will be accessible until October 1, 2024, and the webcast will remain available for one year.
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