Welcome to our dedicated page for Wheaton Precious Metals news (Ticker: WPM), a resource for investors and traders seeking the latest updates and insights on Wheaton Precious Metals stock.
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 Corp. has filed its Form 40-F report with the SEC, making its 2021 audited financial statements available. Shareholders can request copies of these statements for free. The company's Annual and Special Meeting of Shareholders is scheduled for May 13, 2022, at 10:30 a.m. PT, and will feature both in-person and virtual participation options. Shareholders may ask questions and vote in real time during the online platform. Pre-registration is required for those attending in person by May 11, 2022.
Wheaton Precious Metals Corp. announces the retirement of Doug Holtby as Chair and Non-Executive Director, effective after the May 13, 2022 AGM. Holtby, who has been with the company since 2006, led Wheaton's growth into a significant player in the precious metals market. His successor, George Brack, has served as a director since 2009 and will continue to drive the company's strategic objectives. Additionally, Jaimie Donovan is nominated for election to the Board, enhancing the focus on board renewal with her extensive industry experience.
Wheaton Precious Metals has declared a quarterly cash dividend of US$0.15 per common share for 2022, marking its first dividend payment of the year. Shareholders on record as of March 24, 2022 will receive this dividend, payable on or about April 7, 2022. The company aims for its quarterly dividends to approximate 30% of cash generated from operating activities over the previous four quarters. Future dividends will be determined by the Board of Directors and qualify as eligible dividends for Canadian income tax purposes.
Wheaton Precious Metals reported record financial results for 2021, achieving $1.2 billion in revenue and $845 million in operating cash flow. The company declared a quarterly dividend of $0.15 per share, reflecting a 35% increase in total dividends paid from the previous year. Additionally, Wheaton's production forecast indicates annual production could exceed 900,000 gold equivalent ounces over the next decade. Key developments include new precious metal purchase agreements and a commitment to net zero carbon emissions by 2050.
Wheaton Precious Metals has secured a Precious Metal Purchase Agreement with Sabina Gold & Silver for the Goose Project in Nunavut, Canada. The deal involves an upfront payment of US$125 million in four installments during construction. Wheaton will receive 4.15% of the payable gold production, reducing to 1.5% after 200,000 ounces. This acquisition enhances Wheaton's gold reserves by 0.14 Moz and increases long-term guidance to 910,000 GEOs. Production is expected to start in Q1 2025, with Wheaton's financial position supported by US$372 million cash and credit facilities.
Wheaton Precious Metals reported meeting its production guidance for 2021, driven by strong performances from the Peñasquito, Antamina, and Constancia mines. The company added five new streams, contributing to long-term growth. Actual production exceeded forecasts for gold, silver, and other metals, with gold production at 342,546 ounces, and silver production at 25,801 ounces. For 2022, Wheaton projects gold production between 350,000 to 380,000 ounces. The company will release its full financial details on March 10, 2022.
Wheaton Precious Metals has signed a Precious Metal Purchase Agreement with Adventus Mining for the Curipamba Project in Ecuador. The agreement includes an upfront payment of $175.5 million, with $13 million available pre-construction. Wheaton will acquire 50% of payable gold and 75% of payable silver production initially, with production forecasted to average 17,000 oz of gold and 551,000 oz of silver annually for the first five years. This acquisition is expected to boost Wheaton's reserves significantly, enhancing its growth strategy.
Wheaton Precious Metals has entered a binding agreement with Generation Mining Limited for a Precious Metal Purchase Agreement regarding the Marathon Project in Ontario, Canada. The deal involves an upfront payment of C$240 million, with Wheaton acquiring 100% of the payable gold production until reaching 150,000 ounces, transitioning to 67% for the mine's life, alongside a platinum stream. The Marathon Project is expected to produce significant quantities of palladium and copper, aligning with the shift to a low-carbon economy, and is projected to have one of the lowest operational carbon footprints globally.
Wheaton Precious Metals has announced a definitive agreement to acquire gold and silver streams from the Blackwater Gold Project in British Columbia. The total upfront consideration is US$441 million, comprising US$300 million for the Gold Stream from New Gold and US$141 million for the Silver Stream from Artemis Gold. This transaction is expected to significantly enhance Wheaton's production profile, adding approximately 26koz of gold and over 480koz of silver per year initially. The acquisition is aimed at bolstering Wheaton's portfolio of low-cost, long-life mines.
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