Wheaton Precious Metals Announces Record Revenue, Adjusted Net Earnings and Operating Cash Flow for 2024
Wheaton Precious Metals (WPM) reported record financial performance in 2024, with revenue reaching $1,285 million, operating cash flow of $1,028 million, and adjusted net earnings of $640 million. The company exceeded its production guidance, delivering 635,000 gold equivalent ounces (GEOs).
Q4 2024 highlights include record revenue of $381 million and operating cash flow of $319 million. The company maintained a strong balance sheet with $818 million in cash and no debt. Production increased 14% year-over-year, driven by stronger performance at Salobo and Peñasquito.
Key developments include four new streaming agreements, including Koné and Kurmuk projects. The company's five-year forecast projects a 40% increase in annual production to 870,000 GEOs. However, WPM recorded a $109 million impairment charge on the Voisey's Bay PMPA due to declining cobalt prices.
Wheaton Precious Metals (WPM) ha riportato una performance finanziaria record nel 2024, con ricavi che hanno raggiunto 1.285 milioni di dollari, un flusso di cassa operativo di 1.028 milioni di dollari e utili netti rettificati di 640 milioni di dollari. L'azienda ha superato le previsioni di produzione, consegnando 635.000 once equivalenti d'oro (GEO).
I punti salienti del Q4 2024 includono ricavi record di 381 milioni di dollari e un flusso di cassa operativo di 319 milioni di dollari. L'azienda ha mantenuto un bilancio solido con 818 milioni di dollari in contante e senza debiti. La produzione è aumentata del 14% rispetto all'anno precedente, grazie a una performance più forte a Salobo e Peñasquito.
Sviluppi chiave includono quattro nuovi accordi di streaming, tra cui i progetti Koné e Kurmuk. Le previsioni quinquennali dell'azienda prevedono un aumento del 40% nella produzione annuale, raggiungendo 870.000 GEO. Tuttavia, WPM ha registrato una perdita di valore di 109 milioni di dollari sul PMPA di Voisey's Bay a causa del calo dei prezzi del cobalto.
Wheaton Precious Metals (WPM) reportó un rendimiento financiero récord en 2024, con ingresos alcanzando 1.285 millones de dólares, un flujo de caja operativo de 1.028 millones de dólares y ganancias netas ajustadas de 640 millones de dólares. La compañía superó su guía de producción, entregando 635.000 onzas equivalentes de oro (GEO).
Los aspectos destacados del cuarto trimestre de 2024 incluyen ingresos récord de 381 millones de dólares y un flujo de caja operativo de 319 millones de dólares. La empresa mantuvo un balance sólido con 818 millones de dólares en efectivo y sin deudas. La producción aumentó un 14% interanual, impulsada por un mejor rendimiento en Salobo y Peñasquito.
Los desarrollos clave incluyen cuatro nuevos acuerdos de streaming, incluidos los proyectos Koné y Kurmuk. La proyección de cinco años de la compañía prevé un aumento del 40% en la producción anual, alcanzando 870.000 GEO. Sin embargo, WPM registró un cargo por deterioro de 109 millones de dólares en el PMPA de Voisey's Bay debido a la caída de los precios del cobalto.
위튼 귀금속 (WPM)은 2024년에 기록적인 재무 성과를 보고했으며, 수익이 12억 8,500만 달러에 달하고 운영 현금 흐름이 10억 2,800만 달러, 조정된 순이익이 6억 4,000만 달러에 이릅니다. 이 회사는 생산 지침을 초과 달성하여 635,000 금 등가 온스(GEO)를 전달했습니다.
2024년 4분기 하이라이트에는 3억 8,100만 달러의 기록적인 수익과 3억 1,900만 달러의 운영 현금 흐름이 포함됩니다. 이 회사는 8억 1,800만 달러의 현금을 보유하고 있으며 부채가 없습니다. 생산량은 Salobo와 Peñasquito의 성과가 강화되면서 전년 대비 14% 증가했습니다.
주요 개발 사항으로는 Koné 및 Kurmuk 프로젝트를 포함한 4개의 새로운 스트리밍 계약이 있습니다. 이 회사의 5년 예측은 연간 생산량이 870,000 GEO로 40% 증가할 것으로 예상합니다. 그러나 WPM은 코발트 가격 하락으로 인해 Voisey's Bay PMPA에 대해 1억 900만 달러의 손상 차손을 기록했습니다.
Wheaton Precious Metals (WPM) a annoncé une performance financière record en 2024, avec des revenus atteignant 1,285 milliard de dollars, un flux de trésorerie opérationnel de 1,028 milliard de dollars et des bénéfices nets ajustés de 640 millions de dollars. L'entreprise a dépassé ses prévisions de production en livrant 635 000 onces équivalentes en or (GEO).
Les faits marquants du quatrième trimestre 2024 comprennent des revenus records de 381 millions de dollars et un flux de trésorerie opérationnel de 319 millions de dollars. L'entreprise a maintenu un bilan solide avec 818 millions de dollars en liquidités et aucune dette. La production a augmenté de 14 % par rapport à l'année précédente, soutenue par une meilleure performance à Salobo et Peñasquito.
Les développements clés incluent quatre nouveaux accords de streaming, y compris les projets Koné et Kurmuk. Les prévisions de l'entreprise sur cinq ans prévoient une augmentation de 40 % de la production annuelle, atteignant 870 000 GEO. Cependant, WPM a enregistré une charge de dépréciation de 109 millions de dollars sur le PMPA de Voisey's Bay en raison de la baisse des prix du cobalt.
Wheaton Precious Metals (WPM) hat im Jahr 2024 eine Rekordfinanzleistung gemeldet, mit Einnahmen von 1.285 Millionen US-Dollar, einem operativen Cashflow von 1.028 Millionen US-Dollar und bereinigten Nettogewinnen von 640 Millionen US-Dollar. Das Unternehmen übertraf seine Produktionsprognose und lieferte 635.000 Goldäquivalentunzen (GEO).
Die Highlights des 4. Quartals 2024 umfassen Rekordumsätze von 381 Millionen US-Dollar und einen operativen Cashflow von 319 Millionen US-Dollar. Das Unternehmen wies eine starke Bilanz mit 818 Millionen US-Dollar in bar und ohne Schulden auf. Die Produktion stieg im Jahresvergleich um 14%, angetrieben durch eine stärkere Leistung in Salobo und Peñasquito.
Wichtige Entwicklungen umfassen vier neue Streaming-Vereinbarungen, einschließlich der Projekte Koné und Kurmuk. Die Fünfjahresprognose des Unternehmens rechnet mit einem Anstieg der jährlichen Produktion um 40% auf 870.000 GEO. WPM verzeichnete jedoch einen Wertberichtigungsaufwand von 109 Millionen US-Dollar für das PMPA in Voisey's Bay aufgrund sinkender Kobaltpreise.
- Record revenue of $1,285M in 2024, up from previous year
- Record operating cash flow of $1,028M
- Strong balance sheet with $818M cash and no debt
- Production exceeded guidance with 635,000 GEOs in 2024
- 40% projected production growth over next 5 years
- Addition of four new streaming agreements
- $109M impairment charge on Voisey's Bay PMPA
- 8% decrease in GEOs sold in Q4 2024
- Implementation of 15% Global Minimum Tax affecting subsidiaries
- Declining cobalt prices impacting Voisey's Bay valuation
Insights
Wheaton's Q4 and full-year 2024 results showcase exceptional financial performance with record revenue of $1,285 million (up 26% YoY) and record adjusted net earnings of $640 million for 2024. The company's operating cash flow reached $1,028 million, demonstrating robust operational execution.
Production fundamentals are equally impressive, with 635,000 gold equivalent ounces for 2024, exceeding the upper range of guidance (550,000-620,000 GEOs). This outperformance stemmed primarily from Salobo (higher grades/recoveries) and Constancia (Pampacancha deposit mining).
The balance sheet remains fortress-like with $818 million cash, zero debt, and $2 billion in undrawn credit, positioning Wheaton to fund all commitments while maintaining flexibility for additional accretive acquisitions.
The company faces two headwinds worth noting: a $109 million impairment charge on Voisey's Bay due to declining cobalt prices, and $114 million in Global Minimum Tax expense for 2024.
Looking forward, Wheaton's growth profile is compelling with projected 40% production growth over five years to 870,000 GEOs. Several development assets are progressing well, including Blackwater (first pour achieved, commercial production expected Q2 2025) and Goose (on track for Q2 2025 first pour).
The company's strategic portfolio expansion continued with four new streams/royalties added in 2024. Shareholders benefited directly through record annual dividends of $0.62 per share, highlighting management's commitment to returning capital.
Wheaton's operational results reveal significant production strength across its diversified streaming portfolio. The 14% increase in Q4 attributable GEOs compared to Q4 2023 underscores robust asset performance, particularly at key properties.
Salobo stands out as a major catalyst, achieving record quarterly gold production of 84,300 ounces (up 17% YoY) driven by higher throughput, grades, and recoveries. Vale's confirmation of Salobo III ramp-up completion and the achievement of sustained 35+ Mtpa throughput capacity triggers an anticipated $144 million expansion payment, validating this cornerstone asset's development success.
Peñasquito's silver production rebounded dramatically with 2.5 million ounces (up 138% YoY) following the resolution of 2023's labor strike. However, investors should note Newmont's guidance for lower silver production in 2025 as mining transitions back to the Peñasco pit with lower silver grades.
Constancia delivered mixed results with record quarterly silver production (up 16% YoY) but decreased gold output (down 18% YoY) as focus shifted from high-grade Pampacancha to lower-grade Constancia material. Hudbay's disclosure that Pampacancha depletion is expected by December 2025 signals a transition period ahead.
The development pipeline is progressing well: Blackwater achieved first gold/silver pour in January 2025, Goose remains on track for Q2 2025 production, and Mineral Park is nearing completion of crushing/milling circuits. This development progression supports Wheaton's 40% five-year production growth forecast, providing clear visibility to increased metal deliveries.
Designated News Release
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS
Solid Financial Results and Strong Balance Sheet
- Fourth quarter of 2024: A record
$381 million $319 million $88 million $199 million $0.15 5 - Full year of 2024: A record
$1,285 million $1,028 million $529 million $640 million $0.62 - Balance Sheet: cash balance of
$818 million $2 billion
High Quality Asset Base
- Streaming and royalty agreements on 18 operating mines and 28 development projects and other5, including the addition of the Koné and Kurmuk projects announced in the fourth quarter.
- Attributable gold equivalent production3 ("GEOs") of 187,500 ounces in the fourth quarter of 2024 and 635,000 for the full year of 2024, with quarterly production increasing
14% relative to the comparable period of the prior year as a result of higher production from Salobo and Peñasquito, with gold production achieving record quarterly production. - Exceeded the upper limits of the 2024 annual production guidance of 550,000 to 620,000 GEOs3, primarily resulting from stronger than expected production at Salobo due to higher gold grades and recoveries, and higher grades at Constancia from the mining of the Pampacancha deposit.
- Further de-risked forecast growth profile as construction activities advanced at a number of projects, including the Blackwater, Goose, Platreef, and Mineral Park projects which are expected to be producing by the end of 2025.
- Accretive portfolio growth:
- On October 21, 2024, the Company amended the Fenix PMPA, increasing the amount of attributable gold it is entitled to under the contract.
- On October 23, 2024, the Company entered into a precious metals purchase agreement ("PMPA") with Montage Gold Corp. ("Montage") in respect to the Koné Gold Project located in Côte d'Ivoire.
- On December 5, 2024, the Company entered into a PMPA with Allied Gold Corporation ("Allied") in respect to the Kurmuk Project located in
Ethiopia . - Subsequent to the quarter, on March 7, 2025, the Company amended its PMPA with Artemis Gold Inc. ("Artemis") in respect to the Blackwater project located in
Canada .
Leadership in Sustainability
- Top Rankings: One of the top-rated companies by Sustainalytics, AAA rated by MSCI (upgraded in 2024 from AA to AAA, the highest possible rating), and Prime rated by ISS.
- Subsequent to the quarter, awarded
US to the winning venture of the inaugural Future of Mining Challenge, ReThink Milling Inc., to advance their Conjugate Anvil Hammer Mill ("CAHM") and MonoRoll technologies, for their potential ability to lower energy use in the milling process.$1 million - Subsequent to the quarter, Wheaton was recognized by Corporate Knights as one of the 2025 Global 100 Most Sustainable Corporations, based on a rigorous assessment of over more than 8,300 public companies with revenue over
US .$1 billion
Operational Overview
(all figures in US dollars unless otherwise noted) | Q4 2024 | Q4 2023 | Change | 2024 | 2023 | Change | |||||||||||
Units produced | |||||||||||||||||
Gold ounces | 117,526 | 112,926 | 4.1 % | 379,530 | 374,152 | 1.4 % | |||||||||||
Silver ounces | 5,740 | 4,206 | 36.5 % | 20,807 | 17,191 | 21.0 % | |||||||||||
Palladium ounces | 2,797 | 4,209 | (33.5) % | 15,632 | 15,800 | (1.1) % | |||||||||||
Cobalt pounds | 393 | 215 | 83.1 % | 1,289 | 673 | 91.5 % | |||||||||||
Gold equivalent ounces 3 | 187,493 | 164,796 | 13.8 % | 635,007 | 584,127 | 8.7 % | |||||||||||
Units sold | |||||||||||||||||
Gold ounces | 87,662 | 115,011 | (23.8) % | 332,701 | 327,336 | 1.6 % | |||||||||||
Silver ounces | 4,307 | 3,175 | 35.7 % | 16,072 | 14,326 | 12.2 % | |||||||||||
Palladium ounces | 4,434 | 3,339 | 32.8 % | 17,270 | 13,919 | 24.1 % | |||||||||||
Cobalt pounds | 485 | 288 | 68.4 % | 970 | 1,074 | (9.7) % | |||||||||||
Gold equivalent ounces 3 | 142,561 | 155,059 | (8.1) % | 532,468 | 506,020 | 5.2 % | |||||||||||
Change in PBND and Inventory | |||||||||||||||||
Gold equivalent ounces 3 | 29,293 | (4,030) | (33,323) | 46,378 | 15,990 | (30,388) | |||||||||||
Revenue | $ | 380,516 | $ | 313,471 | 21.4 % | $ | 1,284,639 | $ | 1,016,045 | 26.4 % | |||||||
Net earnings | $ | 88,148 | $ | 168,435 | (47.7) % | $ | 529,140 | $ | 537,644 | (1.6) % | |||||||
Per share | $ | 0.194 | $ | 0.372 | (47.8) % | $ | 1.167 | $ | 1.187 | (1.7) % | |||||||
Adjusted net earnings 1 | $ | 198,969 | $ | 164,569 | 20.9 % | $ | 640,170 | $ | 533,051 | 20.1 % | |||||||
Per share 1 | $ | 0.439 | $ | 0.363 | 20.9 % | $ | 1.412 | $ | 1.177 | 20.0 % | |||||||
Operating cash flows | $ | 319,471 | $ | 242,226 | 31.9 % | $ | 1,027,581 | $ | 750,809 | 36.9 % | |||||||
Per share 1 | $ | 0.704 | $ | 0.535 | 31.6 % | $ | 2.266 | $ | 1.658 | 36.7 % |
All amounts in thousands except gold, palladium & gold equivalent ounces, and per share amounts. |
Financial Review
Revenues
Revenue in the fourth quarter of 2024 was
Revenue was
Cash Costs and Margin
Average cash costs¹ in the fourth quarter of 2024 were
Average cash costs¹ in 2024 were
Cash Flow from Operations
Operating cash flow in the fourth quarter of 2024 amounted to
Operating cash flows in 2024 amounted to
Voisey's Bay Impairment
On June 11, 2018, the Company entered into an agreement (the "Voisey's Bay PMPA") to acquire from Vale an amount of cobalt equal to
At December 31, 2024, the Company determined there to be an impairment charge relative to the Voisey's Bay PMPA due to a significant and sustained decline in market cobalt prices. The Voisey's Bay PMPA had a carrying value at December 31, 2024 of
Produced But Not Yet Delivered
As at December 31, 2024, approximately 163,600 GEO's3 were produced but not yet delivered representing approximately three months of payable production. This build in PBND is an increase from the preceding four quarters and at the upper end of our guided range of two to three months, due to a significant increase in quarter-over-quarter production driven by increased production at Peñasquito and Salobo, with Salobo representing a quarterly record.
Balance Sheet (at December 31, 2024)
- Approximately
$818 million - During the fourth quarter of 2024, the Company made total upfront cash payments of
$115 million $44 million $40 million $25 million $6 million
- During the fourth quarter of 2024, the Company received a repayment of the upfront cash payment of
$13 million - With the existing cash on hand coupled with the fully undrawn
$2 billion
Global Minimum Tax
The Company is within the scope of global minimum tax ("GMT") under the OECD Pillar Two model rules ("Pillar Two"), under which large multinational entities are subject to a
Fourth Quarter Operating Asset Highlights
Salobo: In the fourth quarter of 2024, Salobo produced 84,300 ounces of attributable gold, representing record quarterly production and an increase of approximately
On March 4, 2025, Vale informed the Company that it had achieved a sustained throughput capacity of over 35 Mtpa over a 90-day period, indicating completion of the second phase of the Salobo III expansion project. Pending review of the final completion test by the Company, Wheaton anticipates advancing the remaining balance of the expansion payment to Vale, in the amount of
Antamina: In the fourth quarter of 2024, Antamina produced 0.9 million ounces of attributable silver, a decrease of approximately
Peñasquito: In the fourth quarter of 2024, Peñasquito produced 2.5 million ounces of attributable silver, an increase of approximately
Constancia: In the fourth quarter of 2024, Constancia produced 1.0 million ounces of attributable silver and 18,200 ounces of attributable gold, an increase of approximately
Voisey's Bay: In the fourth quarter of 2024, the Voisey's Bay mine produced 393,000 pounds of attributable cobalt, an increase of approximately
Other Silver: In the fourth quarter of 2024, total Other Silver attributable production was 1.4 million ounces, an increase of approximately
Detailed mine-by-mine production and sales figures can be found in the Appendix to this press release and in Wheaton's consolidated MD&A in the 'Results of Operations and Operational Review' section.
Recent Development Asset Updates
Blackwater Project: On November 6, 2024, Artemis announced that overall construction of the Blackwater project was over
Goose Project: On February 19, 2025, B2Gold Corp. ("B2Gold") announced that all planned construction activities for 2024 were completed and project construction and development continue to progress on track to achieve first gold pour at the Goose project in the second quarter of 2025, followed by a ramp up to commercial production in the third quarter of 2025. Following the successful completion of the 2024 sea lift, the construction of the 163 kilometer Winter Ice Road was completed in February 2025. As of February 18, 2025, the Winter Ice Road is fully operational with the transportation of all materials from the Marine Laydown Area to the Goose project site expected to be completed by May 15, 2025.
Mineral Park Project: During the quarter, Waterton's Origin Mining continued to advance the Mineral Park project, with the installation of new crushing and milling circuits nearing completion. Project construction continues to progress on track for first ore to the mill in Q2 2025, followed by a ramp up to commercial production during the second half of 2025. At project completion the fully refurbished mill capacity will be 16.5 Mtpa.
Platreef Project: On October 30, 2024, Ivanhoe Mines ("Ivanhoe") reported that construction of the Phase 1 concentrator was completed on schedule early in the third quarter. First ore is scheduled for the second half of 2025, while underground development prioritizes development to accelerate Phase 2. Ivanhoe also states that work continues on the updated feasibility study to accelerate the startup of Phase 2, as well as the preliminary economic assessment of the previously announced Phase 3 expansion to 10 Mtpa processing capacity. On February 18, 2025, Ivanhoe reported positive results from the two independent technical studies completed on the Phase 2 and Phase 3 expansions. The study outlines Phase 1 production from Q4-2025, followed by the Phase 2 expansion two years later in Q4-2027. Ivanhoe noted that the Phase 3 expansion is expected to rank Platreef as one of the largest primary PGM producers on a platinum equivalent basis.
Fenix Project: On October 2, 2024, Rio2 Limited ("Rio2") announced that its Chilean subsidiary has received the principal Sectorial Permits it requires to begin construction at the Fenix project. These Sectorial Permits represent the last governmental authorization required to enable the start of the construction phase and subsequent operation of the Fenix mine. On January 13, 2025, Rio2 reported that construction activities recommenced in October 2024 and construction is expected to be completed in November 2025. Bulk earthworks at the plant side have been completed and concrete bases for the footings of the processing plant have been poured. Earthworks have commenced on the leach pad stability platform, which forms the base of the Phase 1 leach pad. First gold production is currently expected in January 2026.
Marmato Mine: On March 13, 2025, Aris announced an enhanced Marmato expansion, whereby the design of the carbon-in-pulp processing facility will be upgraded by
Kurmuk Project: On January 22, 2025, Allied reported that earthworks at the plant terrace advanced during the quarter to near completion, while civil works and structural, mechanical, plate, and piping contractor mobilizations are in progress. Main camp construction, along with engineering and procurement activities, progressed during the quarter, with the project remaining on track and on budget. On February 20, 2025, Allied reported that the Kurmuk project is expected to start production by mid-2026.
El Domo Project: During the second quarter of 2024, Silvercorp Metals Inc. ("Silvercorp" announced that an Ecuadorian court rejected a constitutional protective action (the "Constitutional Action") filed by third parties against Ministry of Environment, Water and Energy Transition of the Government of
On January 7, 2025, Silvercorp reported it is targeting to bring the project into production in the second half of 2026 and have recently awarded the earthworks contract to a large international mining contractor with over ten years of experience working in
Koné Project: On December 18, 2024, Montage announced that it has launched the construction of its Koné project, with first gold production scheduled for the second quarter of 2027. Significant progress is being made to rapidly advance and de-risk the project as early works are well underway and major construction works are set to commence in the coming weeks, once further construction equipment arrives to site. The Koné project is fully permitted.
Copper World Project: On January 2, 2025, Hudbay announced that it has received an Air Quality Permit for the Copper World project from the Arizona Department of Environmental Quality. The issuance of this permit is a significant milestone in the advancement of the project as it is the final major permit required for the development and operation of Copper World. Hudbay commenced a minority joint venture partner process early in 2025, and it is anticipated that any minority joint venture partner would participate in the funding of definitive feasibility study activities in 2025 as well as in the final project design and construction for Copper World. The sanctioning of Copper World is not expected until 2026 based on current estimated timelines.
Santo Domingo Project: On January 20, 2025, Capstone Copper Corporation ("Capstone") announced plans to progress partnership discussions and its financing strategy throughout 2025. A potential project sanctioning decision is not anticipated prior to 2026. On February 19, 2025, Capstone reported the Mantoverde exploration drill program commenced in Q4 2024.
Cangrejos Project: On January 28, 2025, Lumina Gold Corp., ("Lumina"), announced significant progress regarding power infrastructure required for the Cangrejos project. Lumina received approval of the definitive feasibility level designs for connection to the national grid for the future energy demand of the Cangrejos project from Corporación Eléctrica del
Corporate Development
Amendment to the Fenix PMPA: On October 21, 2024, the Company amended the Fenix PMPA6, in exchange for which, the Company is committed to pay additional upfront cash consideration of
Koné Project: On October 23, 2024, the Company entered into a PMPA (the "Koné Gold PMPA")7 with Montage in respect of its
Kurmuk Project: On December 5, 2024, the Company entered into a PMPA (the "Kurmuk Gold PMPA")8 with Allied Gold Corporation ("Allied") in respect of its Kurmuk project located in
Amendment to Blackwater PMPA: On March 7, 2025, the Company amended its PMPA (the "Blackwater Silver PMPA") with Artemis Gold Inc. ("Artemis") in respect of silver production from the Blackwater Project located in
Previously, the determination of payable silver production under the Silver Stream required the application of a complex metallurgical protocol to determine the silver content of the mill feed and applied a fixed recovery rate of
- 5.17 ounces of silver for every ounce of gold produced while the plant throughput is less than 15Mtpa;
- 5.10 ounces of silver for every ounce of gold produced while the plant throughput exceeds 15Mtpa, but is less than 20Mtpa;
- 5.07 ounces of silver for every ounce of gold produced while the plant throughput exceeds 20Mtpa.
Once 17.8 million ounces of silver have been delivered, the determination of payable silver will revert to being based on a fixed silver recovery factor, consistent with the previous terms of the Blackwater Silver PMPA. As a result of the changed payable silver profile which is expected to deliver silver ounces to the Company sooner relative to the original profile, on March 10, 2025, the Company paid Artemis
Reserves and Resources (at December 31, 2024)
- Proven and Probable Mineral Reserves attributable to Wheaton were 15.5 million ounces of gold compared with 15.1 million ounces as reported in Wheaton's 2023 Annual Information Form ("AIF"), an increase of
3% ; 476.3 million ounces of silver compared with 484.7 million ounces, a decrease of2% ; 0.83 million ounces palladium compared with 0.90 million ounces, a decrease of8% ; 0.52 million ounces of platinum, unchanged; and 30.6 million pounds of cobalt compared to 32.3 million pounds, a decrease of5% . On a GEO5 basis, total Proven and Probable Mineral Reserves for all metals attributable to Wheaton were 21.6 million ounces compared to 21.3 million ounces, an increase of1% . - Measured and Indicated Mineral Resources attributable to Wheaton were 6.8 million ounces of gold compared with 6.9 million ounces as reported in Wheaton's 2023 AIF, a decrease of
2% ; 701.4 million ounces of silver compared with 707.2 million ounces, a decrease of1% ; 0.13 million ounces of palladium compared with 0.12 million ounces, an increase of11% ; 0.092 million ounces of platinum compared with 0.093 million ounces, a decrease of1% ; and 1.2 million pounds of cobalt, unchanged. On a GEO5 basis, total Measured and Indicated Mineral Resources for all metals attributable to Wheaton were 15.0 million ounces compared with 15.2 million ounces, a decrease of1% . - Inferred Mineral Resources attributable to Wheaton were 4.9 million ounces of gold compared with 5.1 million ounces as reported in Wheaton's 2023 AIF, a decrease of
3% ; 327.8 million ounces of silver compared with 306.8 million ounces, an increase of7% , 0.34 million ounces of palladium compared with 0.36 million ounces, a decrease of6% ; 0.04 million ounces of platinum, unchanged; and 7.4 million pounds of cobalt compared with 7.2 million pounds, an increase of4% . On a GEO5 basis, total Inferred Mineral Resources for all metals attributable to Wheaton were 8.9 million ounces compared with 8.8 million ounces, an increase of1% .
Estimated attributable reserves and resources contained in this press release are based on information available to the Company as of March 6, 2025, and therefore will not reflect updates, if any, after that date. Updated reserves and resources data incorporating year-end 2024 estimates will also be included in the Company's 2024 Annual Information Form. Wheaton's most current attributable reserves and resources, as of December 31, 2024, can be found on the Company's website at www.wheatonpm.com.
Sustainability
Future of Mining Challenge
On March 4, 2025, Wheaton announced the winner of its inaugural Future of Mining Challenge. ReThink Milling Inc. has been awarded
Community Investment Program
- In 2024, Wheaton contributed more than
US to over 130 charitable causes and initiatives globally.$8.5 million - Wheaton's Partner Community Investment Program continues to support initiatives with the Vale Foundation, Vale Canada, Glencore via Antamina, Hudbay Minerals, First Majestic Silver and Sibanye-Stillwater to support the communities influenced by the mines and provide vital services and programs including educational resources, health and dental programs, poverty reduction initiatives, entrepreneurial opportunities, and various social and environmental programs.
- In November 2024, Wheaton was the presenting sponsor for the Special Olympics BC Sports Celebrities Festival, which raises money for the Canucks for Kids Fund and Special Olympics B.C.'s work to offer year-round programs for athletes with intellectual disabilities of all ages and a wide range of ability levels in 55 communities across
British Columbia . The 2024 gala raised$500,000
Subsequent Events
Declaration of Dividend
The Company has increased its quarterly dividend under its dividend policy, setting it at
Chief Financial Officer Transition
On January 9, 2024, Wheaton announced that Gary Brown will be stepping down from his role as Chief Financial Officer ("CFO"), effective March 31, 2025. As part of a planned leadership succession, Vincent Lau, Wheaton's Vice President of Finance, will be appointed CFO and will join the senior leadership team.
2025 Production Outlook
In 2025, Wheaton provides 2025 production guidance between 600,000 and 670,000 GEOs4. The midpoint of the 2024 guidance range compared to the midpoint of the 2025 guidance range suggests year-over-year production growth of approximately
Attributable production is forecast to increase at Antamina in 2025 due to expected higher silver grades, as a result of a higher ratio of copper-zinc ore versus copper-only ore being mined in 2025. Wheaton's 2025 forecast also includes inaugural production from four projects currently in development; Blackwater, Goose, Mineral Park and Platreef, all of which are expected to commence production in 2025. In addition, the Aljustrel mine is anticipated to re-start production in the third quarter of 2025, following the announcement made on September 12, 2023, that as a result of low zinc prices, the production of zinc and lead concentrates would be temporarily halted from September 24, 2023 onward. Increased production from the forementioned assets is anticipated to be offset by lower production at Peñasquito, as mining transitions from the Chile Colorado to the main Peñasco pit, which contains lower relative silver grades. In addition, lower production levels are anticipated at Constancia, predominantly due to additional gold benches being mined in late 2024 that were brought forward from the 2025 plan, coupled with the expectation that total mill ore feed from Pampacancha will be approximately
Long-Term Production Outlook
Production is forecast to increase by approximately
From 2030 to 2034, attributable production is forecast to average over 950,000 GEOs4 annually and incorporates additional incremental production from Pre-development assets including the
Not included in Wheaton's long-term forecast and instead classified as 'optionality', is potential future production from nine other assets, including Pascua-Lama and Navidad, in addition to expansions at Salobo outside of the Salobo III mine expansion project.
About Wheaton Precious Metals Corp.
Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors commodity price leverage and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. As a result, Wheaton has consistently outperformed gold and silver, as well as other mining investments. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming for all of its stakeholders.
In accordance with Wheaton Precious Metals™ Corp.'s ("Wheaton Precious Metals", "Wheaton" or the "Company") MD&A and Financial Statements, reference to the Company and Wheaton includes the Company's wholly owned subsidiaries.
Webcast and Conference Call Details
Wheaton will release its 2024 fourth quarter and full year results on Thursday, March 13, 2025, after market close. A conference call will be held on Friday, March 14, 2025, starting at 8:00am PT (11:00 am ET) to discuss these results. To participate in the live call please use one of the following methods:
Dial toll free from
Dial from outside
Pass code: 69732#
Live audio webcast: Webcast Link
Participants should dial in five to ten minutes before the call.
The conference call will be recorded and available until March 20, 2025 at 11:59 pm ET. The webcast will be available for one year. You can listen to an archive of the call by one of the following methods:
Dial toll free from
Dial from outside
Pass code: 69732#
Archived audio webcast: Webcast Link
This earnings release should be read in conjunction with Wheaton Precious Metals' MD&A and Financial Statements, which are available on the Company's website at www.wheatonpm.com and have been posted on SEDAR+ at www.sedarplus.ca.
Mr. Wes Carson, P.Eng., Vice President, Mining Operations, Neil Burns, P.Geo., Vice President, Technical Services for Wheaton Precious Metals and Ryan Ulansky, P.Eng., Vice President, Engineering, are a "qualified person" as such term is defined under National Instrument 43-101, and have reviewed and approved the technical information disclosed in this news release (specifically Mr. Carson has reviewed production figures, Mr. Burns has reviewed mineral resource estimates and Mr. Ulansky has reviewed the mineral reserve estimates).
Wheaton Precious Metals believes that there are no significant differences between its corporate governance practices and those required to be followed by
Consolidated Statements of Earnings
Years Ended December 31 | |||||
(US dollars and shares in thousands, except per share amounts) | 2024 | 2023 | |||
Sales | $ | 1,284,639 | $ | 1,016,045 | |
Cost of sales | |||||
Cost of sales, excluding depletion | $ | 235,108 | $ | 228,171 | |
Depletion | 246,944 | 214,434 | |||
Total cost of sales | $ | 482,052 | $ | 442,605 | |
Gross margin | $ | 802,587 | $ | 573,440 | |
General and administrative expenses | 40,668 | 38,165 | |||
Share based compensation | 23,268 | 22,744 | |||
Donations and community investments | 8,958 | 7,261 | |||
Impairment of mineral stream interests | 108,861 | - | |||
Earnings from operations | $ | 620,832 | $ | 505,270 | |
Gain on disposal of mineral stream interests | - | 5,027 | |||
Other income (expense) | 29,061 | 34,271 | |||
Earnings before finance costs and income taxes | $ | 649,893 | $ | 544,568 | |
Finance costs | 5,549 | 5,510 | |||
Earnings before income taxes | $ | 644,344 | $ | 539,058 | |
Income tax expense | 115,204 | 1,414 | |||
Net earnings | $ | 529,140 | $ | 537,644 | |
Basic earnings per share | $ | 1.167 | $ | 1.187 | |
Diluted earnings per share | $ | 1.165 | $ | 1.186 | |
Weighted average number of shares outstanding | |||||
Basic | 453,460 | 452,814 | |||
Diluted | 454,119 | 453,463 | |||
Consolidated Balance Sheets
As at | As at | |||
(US dollars in thousands) | 2024 | 2023 | ||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | $ | 818,166 | $ | 546,527 |
Accounts receivable | 6,217 | 10,078 | ||
Cobalt inventory | - | 1,372 | ||
Income taxes receivable | - | 5,935 | ||
Other | 3,697 | 3,499 | ||
Total current assets | $ | 828,080 | $ | 567,411 |
Non-current assets | ||||
Mineral stream interests | $ | 6,379,580 | $ | 6,122,441 |
Early deposit mineral stream interests | 47,094 | 47,093 | ||
Mineral royalty interests | 40,421 | 13,454 | ||
Long-term equity investments | 98,975 | 246,678 | ||
Property, plant and equipment | 8,691 | 7,638 | ||
Other | 21,616 | 26,470 | ||
Total non-current assets | $ | 6,596,377 | $ | 6,463,774 |
Total assets | $ | 7,424,457 | $ | 7,031,185 |
Liabilities | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities | $ | 13,553 | $ | 13,458 |
Income taxes payable | 2,127 | - | ||
Current portion of performance share units | 13,562 | 12,013 | ||
Current portion of lease liabilities | 262 | 604 | ||
Total current liabilities | $ | 29,504 | $ | 26,075 |
Non-current liabilities | ||||
Performance share units | $ | 11,522 | $ | 9,113 |
Lease liabilities | 4,909 | 5,625 | ||
Global minimum tax payable | 113,505 | - | ||
Deferred income taxes | 349 | 232 | ||
Pension liability | 5,289 | 4,624 | ||
Total non-current liabilities | $ | 135,574 | $ | 19,594 |
Total liabilities | $ | 165,078 | $ | 45,669 |
Shareholders' equity | ||||
Issued capital | $ | 3,798,108 | $ | 3,777,323 |
Reserves | (63,503) | (40,091) | ||
Retained earnings | 3,524,774 | 3,248,284 | ||
Total shareholders' equity | $ | 7,259,379 | $ | 6,985,516 |
Total liabilities and shareholders' equity | $ | 7,424,457 | $ | 7,031,185 |
Consolidated Statements of Cash Flows
Years Ended December 31 | |||||
(US dollars in thousands) | 2024 | 2023 | |||
Operating activities | |||||
Net earnings | $ | 529,140 | $ | 537,644 | |
Adjustments for | |||||
Depreciation and depletion | 248,303 | 215,926 | |||
Gain on disposal of mineral stream interest | - | (5,027) | |||
Impairment of mineral stream interests | 108,861 | - | |||
Interest expense | 284 | 207 | |||
Equity settled stock based compensation | 6,703 | 6,438 | |||
Performance share units - expense | 16,565 | 16,306 | |||
Performance share units - paid | (11,129) | (16,675) | |||
Pension expense | 1,124 | 1,122 | |||
Pension paid | (43) | (116) | |||
Income tax expense | 115,204 | 1,414 | |||
(Gain) loss on fair value adjustment of share purchase warrants held | 8 | 31 | |||
Investment income recognized in net earnings | (27,014) | (37,178) | |||
Other | 3,142 | 1,227 | |||
Change in non-cash working capital | 4,426 | 1,912 | |||
Cash generated from operations before income taxes and interest | $ | 995,574 | $ | 723,231 | |
Income taxes refunded (paid) | 8,516 | (6,192) | |||
Interest paid | (287) | (187) | |||
Interest received | 23,778 | 33,957 | |||
Cash generated from operating activities | $ | 1,027,581 | $ | 750,809 | |
Financing activities | |||||
Credit facility extension fees | $ | (937) | $ | (859) | |
Share purchase options exercised | 13,192 | 12,415 | |||
Lease payments | (594) | (691) | |||
Dividends paid | (279,050) | (265,109) | |||
Cash used for financing activities | $ | (267,389) | $ | (254,244) | |
Investing activities | |||||
Mineral stream interests | $ | (628,234) | $ | (663,528) | |
Repayment of mineral stream interests deposit | 13,250 | - | |||
Early deposit mineral stream interests | - | (1,000) | |||
Mineral royalty interest | (26,981) | (6,833) | |||
Net proceeds on disposal of mineral stream interests | - | 46,400 | |||
Acquisition of long-term investments | (20,234) | (17,447) | |||
Proceeds on disposal of long-term investments | 177,088 | 202 | |||
Investment in subscription rights | (3,114) | (4,510) | |||
Dividends received | 2,188 | 2,317 | |||
Other | (2,266) | (2,247) | |||
Cash used for investing activities | $ | (488,303) | $ | (646,646) | |
Effect of exchange rate changes on cash and cash equivalents | $ | (250) | $ | 519 | |
Increase (decrease) in cash and cash equivalents | $ | 271,639 | $ | (149,562) | |
Cash and cash equivalents, beginning of year | 546,527 | 696,089 | |||
Cash and cash equivalents, end of year | $ | 818,166 | $ | 546,527 | |
Summary of Units Produced
Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | |
Gold ounces produced ² | ||||||||
Salobo | 84,291 | 62,689 | 63,225 | 61,622 | 71,778 | 69,045 | 54,804 | 43,677 |
5,004 | 3,593 | 4,477 | 5,618 | 5,823 | 3,857 | 5,818 | 6,203 | |
Constancia | 18,180 | 10,446 | 6,086 | 13,897 | 22,292 | 19,003 | 7,444 | 6,905 |
San Dimas 4 | 7,263 | 6,882 | 7,089 | 7,542 | 10,024 | 9,995 | 11,166 | 10,754 |
2,166 | 2,247 | 2,099 | 2,637 | 2,341 | 2,454 | 2,017 | 1,960 | |
Other | ||||||||
Marmato | 622 | 648 | 584 | 623 | 668 | 673 | 639 | 457 |
- | - | - | - | - | - | 1,292 | 3,063 | |
Total Other | 622 | 648 | 584 | 623 | 668 | 673 | 1,931 | 3,520 |
Total gold ounces produced | 117,526 | 86,505 | 83,560 | 91,939 | 112,926 | 105,027 | 83,180 | 73,019 |
Silver ounces produced 2 | ||||||||
Peñasquito 7 | 2,465 | 1,785 | 2,263 | 2,643 | 1,036 | - | 1,744 | 2,076 |
Antamina | 947 | 925 | 992 | 806 | 1,030 | 894 | 984 | 872 |
Constancia | 969 | 648 | 451 | 640 | 836 | 697 | 420 | 552 |
Other | ||||||||
Los Filos | 29 | 26 | 27 | 48 | 26 | 32 | 41 | 45 |
Zinkgruvan | 637 | 537 | 699 | 641 | 510 | 785 | 374 | 632 |
Neves-Corvo | 494 | 425 | 432 | 524 | 573 | 486 | 407 | 436 |
Aljustrel 8 | - | - | - | - | - | 327 | 279 | 343 |
Cozamin | 192 | 185 | 177 | 173 | 185 | 165 | 184 | 141 |
Marmato | 7 | 7 | 6 | 7 | 10 | 11 | 7 | 8 |
- | - | - | - | - | - | 14 | 29 | |
Total Other | 1,359 | 1,180 | 1,341 | 1,393 | 1,304 | 1,806 | 1,306 | 1,634 |
Total silver ounces produced | 5,740 | 4,538 | 5,047 | 5,482 | 4,206 | 3,397 | 4,454 | 5,134 |
Palladium ounces produced ² | ||||||||
2,797 | 4,034 | 4,338 | 4,463 | 4,209 | 4,006 | 3,880 | 3,705 | |
Cobalt pounds produced ² | ||||||||
Voisey's Bay | 393 | 397 | 259 | 240 | 215 | 183 | 152 | 124 |
GEOs produced 9 | 187,493 | 143,290 | 145,449 | 158,775 | 164,796 | 147,278 | 137,323 | 134,730 |
Average payable rate 2 | ||||||||
Gold | 95.3 % | 95.0 % | 95.0 % | 94.7 % | 95.1 % | 95.4 % | 95.1 % | 95.1 % |
Silver | 84.2 % | 83.9 % | 84.3 % | 84.5 % | 83.0 % | 78.4 % | 83.7 % | 83.1 % |
Palladium | 97.5 % | 98.4 % | 97.3 % | 97.8 % | 98.0 % | 94.1 % | 94.1 % | 96.3 % |
Cobalt | 93.3 % | 93.3 % | 93.3 % | 93.3 % | 93.3 % | 93.3 % | 93.3 % | 93.3 % |
GEO 9 | 91.4 % | 91.0 % | 90.7 % | 90.7 % | 91.6 % | 90.9 % | 90.9 % | 89.8 % |
1) | All figures in thousands except gold and palladium ounces produced. |
2) | Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures and payable rates are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures and payable rates may be updated in future periods as additional information is received. |
3) | Comprised of the |
4) | Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to |
5) | Comprised of the |
6) | On May 13, 2023, Minto Metals Corp. announced the suspension of operations at the |
7) | There was a temporary suspension of operations at Peñasquito due to a labour strike which ran from June 7, 2023 to October 13, 2023. |
8) | On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the third quarter of 2025. |
9) | GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: |
Summary of Units Sold
Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | |||||
Gold ounces sold | ||||||||||||
Salobo | 55,170 | 58,101 | 54,962 | 56,841 | 76,656 | 44,444 | 46,030 | 35,966 | ||||
4,048 | 2,495 | 5,679 | 4,129 | 5,011 | 4,836 | 4,775 | 4,368 | |||||
Constancia | 17,873 | 5,186 | 6,640 | 20,123 | 19,925 | 12,399 | 9,619 | 6,579 | ||||
San Dimas | 6,990 | 7,022 | 6,801 | 7,933 | 10,472 | 9,695 | 11,354 | 10,651 | ||||
2,410 | 1,635 | 2,628 | 2,355 | 2,314 | 1,985 | 2,195 | 2,094 | |||||
Other | ||||||||||||
Marmato | 650 | 550 | 616 | 638 | 633 | 792 | 467 | 480 | ||||
777 | - | - | - | - | - | 275 | 153 | 126 | ||||
- | - | - | - | - | - | 701 | 2,341 | |||||
312 | 447 | - | - | - | - | - | - | |||||
El Domo 4 | 209 | 258 | - | - | - | - | - | - | ||||
Total Other | 1,171 | 1,255 | 616 | 638 | 633 | 1,067 | 1,321 | 2,947 | ||||
Total gold ounces sold | 87,662 | 75,694 | 77,326 | 92,019 | 115,011 | 74,426 | 75,294 | 62,605 | ||||
Silver ounces sold | ||||||||||||
Peñasquito | 1,852 | 1,667 | 1,482 | 1,839 | 442 | 453 | 1,913 | 1,483 | ||||
Antamina | 858 | 989 | 917 | 762 | 1,091 | 794 | 963 | 814 | ||||
Constancia | 797 | 366 | 422 | 726 | 665 | 435 | 674 | 366 | ||||
Other | ||||||||||||
Los Filos | 29 | 26 | 24 | 44 | 24 | 30 | 37 | 34 | ||||
Zinkgruvan | 452 | 488 | 597 | 297 | 449 | 714 | 370 | 520 | ||||
Neves-Corvo | 154 | 185 | 216 | 243 | 268 | 245 | 132 | 171 | ||||
Aljustrel | - | - | - | 1 | 86 | 142 | 182 | 205 | ||||
Cozamin | 158 | 148 | 158 | 147 | 141 | 139 | 150 | 119 | ||||
Marmato | 7 | 6 | 7 | 8 | 9 | 11 | 7 | 7 | ||||
- | - | - | - | - | - | 7 | 29 | |||||
Keno Hill | - | - | - | - | - | - | - | 1 | ||||
777 | - | - | - | - | - | 2 | 2 | - | ||||
Total Other | 800 | 853 | 1,002 | 740 | 977 | 1,283 | 887 | 1,086 | ||||
Total silver ounces sold | 4,307 | 3,875 | 3,823 | 4,067 | 3,175 | 2,965 | 4,437 | 3,749 | ||||
Palladium ounces sold | ||||||||||||
4,434 | 3,761 | 4,301 | 4,774 | 3,339 | 4,242 | 3,392 | 2,946 | |||||
Cobalt pounds sold | ||||||||||||
Voisey's Bay | 485 | 88 | 88 | 309 | 288 | 198 | 265 | 323 | ||||
GEOs sold 5 | 142,561 | 122,715 | 124,009 | 143,184 | 155,059 | 111,935 | 129,734 | 109,293 | ||||
Cumulative payable units PBND 6 | ||||||||||||
Gold ounces | 119,446 | 94,578 | 87,350 | 85,259 | 90,237 | 97,860 | 72,061 | 76,522 | ||||
Silver ounces | 3,260 | 2,733 | 2,801 | 2,368 | 1,802 | 1,486 | 1,790 | 2,531 | ||||
Palladium ounces | 4,439 | 6,186 | 6,018 | 6,198 | 6,666 | 5,607 | 6,122 | 5,751 | ||||
Cobalt pounds | 678 | 796 | 513 | 360 | 356 | 377 | 251 | 285 | ||||
GEO 5 | 163,562 | 134,269 | 125,906 | 117,930 | 116,610 | 120,203 | 97,331 | 110,362 | ||||
Inventory on hand | ||||||||||||
Cobalt pounds | - | - | - | - | 88 | 155 | 310 | 398 | ||||
1) | All figures in thousands except gold and palladium ounces sold. |
2) | Comprised of the |
3) | Comprised of the |
4) | The ounces sold under |
5) | GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: |
6) | Payable gold, silver and palladium ounces as well as cobalt pounds produced but not yet delivered ("PBND") are based on management estimates. These figures may be updated in future periods as additional information is received. |
Results of Operations
The operating results of the Company's reportable operating segments are summarized in the tables and commentary below.
Three Months Ended December 31, 2024 | ||||||||||||||||||
Units | Units | Average | Average | Average | Sales | Impairment | Net | Cash Flow | Total | |||||||||
Gold | ||||||||||||||||||
Salobo | 84,291 | 55,170 | $ | 2,676 | $ | 425 | $ | 378 | $ | 147,610 | $ | - | $ | 103,323 | $ | 121,254 | $ | 2,595,485 |
5,004 | 4,048 | 2,709 | 400 | 1,326 | 10,968 | - | 3,982 | 9,853 | 241,551 | |||||||||
Constancia | 18,180 | 17,873 | 2,676 | 425 | 323 | 47,821 | - | 34,463 | 40,232 | 64,326 | ||||||||
San Dimas | 7,263 | 6,990 | 2,676 | 637 | 290 | 18,704 | - | 12,226 | 14,251 | 136,481 | ||||||||
2,166 | 2,410 | 2,676 | 481 | 421 | 6,448 | - | 4,275 | 5,289 | 207,460 | |||||||||
Other 7 | 622 | 1,171 | 2,681 | 265 | 1,485 | 3,139 | - | 1,089 | 2,828 | 981,316 | ||||||||
117,526 | 87,662 | $ | 2,677 | $ | 440 | $ | 420 | $ | 234,690 | $ | - | $ | 159,358 | $ | 193,707 | $ | 4,226,619 | |
Silver | ||||||||||||||||||
Peñasquito | 2,465 | 1,852 | $ | 31.48 | $ | 4.50 | $ | 4.86 | $ | 58,293 | $ | - | $ | 40,965 | $ | 49,960 | $ | 244,465 |
Antamina | 947 | 858 | 31.48 | 6.28 | 8.46 | 27,009 | - | 14,360 | 21,619 | 490,771 | ||||||||
Constancia | 969 | 797 | 31.48 | 6.26 | 6.10 | 25,084 | - | 15,232 | 20,096 | 165,378 | ||||||||
Other 8 | 1,359 | 800 | 30.43 | 4.37 | 5.34 | 24,347 | - | 16,570 | 25,204 | 662,630 | ||||||||
5,740 | 4,307 | $ | 31.28 | $ | 5.16 | $ | 5.90 | $ | 134,733 | $ | - | $ | 87,127 | $ | 116,879 | $ | 1,563,244 | |
Palladium | ||||||||||||||||||
2,797 | 4,434 | $ | 1,008 | $ | 184 | $ | 429 | $ | 4,468 | $ | - | $ | 1,749 | $ | 3,653 | $ | 213,179 | |
Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | - | 78,814 | ||||||||
2,797 | 4,434 | $ | 1,008 | $ | 184 | $ | 429 | $ | 4,468 | $ | - | $ | 1,749 | $ | 3,653 | $ | 291,993 | |
Platinum | ||||||||||||||||||
Marathon | - | - | $ | n.a. | $ | n.a. | $ | n.a. | $ | - | $ | - | $ | - | $ | - | $ | 9,451 |
Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | - | 57,584 | ||||||||
- | - | $ | n.a. | $ | n.a. | $ | n.a. | $ | - | $ | - | $ | - | $ | - | $ | 67,035 | |
Cobalt | ||||||||||||||||||
Voisey's Bay | 393 | 485 | $ | 13.66 | $ | 2.59 | $ | 12.78 | $ | 6,625 | $ | (108,861) | $ | (109,688) | $ | 4,618 | $ | 230,689 |
Operating results | $ | 380,516 | $ | (108,861) | $ | 138,546 | $ | 318,857 | $ | 6,379,580 | ||||||||
Other | ||||||||||||||||||
General and administrative | $ | (10,475) | $ | (6,996) | ||||||||||||||
Share based compensation | (6,118) | - | ||||||||||||||||
Donations and community investments | (4,332) | (3,913) | ||||||||||||||||
Finance costs | (1,404) | (1,046) | ||||||||||||||||
Other | 9,138 | 6,787 | ||||||||||||||||
Income tax | (37,207) | 5,782 | ||||||||||||||||
Total other | $ | (50,398) | $ | 614 | $ | 1,044,877 | ||||||||||||
$ | 88,148 | $ | 319,471 | $ | 7,424,457 | |||||||||||||
1) | Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. |
2) | Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
3) | Refer to discussion on non-GAAP measure (iii) at the end of this press release. |
4) | Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information. |
5) | Please see page 3 of this press release for more information. |
6) | Comprised of the operating |
7) | Other gold interests comprised of the operating Marmato gold interest as well as the non-operating Copper World, |
8) | Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin silver interests as well as the non-operating Stratoni, Aljustrel, Pascua-Lama, Copper World, Navidad, Blackwater, El Domo, Mineral Park and Kudz Ze Kayah silver interests. |
Three Months Ended December 31, 2023 | |||||||||||||||||
Units | Units | Average | Average | Average | Sales | Net | Cash Flow | Total | |||||||||
Gold | |||||||||||||||||
Salobo | 71,778 | 76,656 | $ | 2,005 | $ | 420 | $ | 393 | $ | 153,717 | $ | 91,390 | $ | 121,491 | $ | 2,681,419 | |
5,823 | 5,011 | 2,023 | 400 | 1,145 | 10,137 | 2,394 | 8,134 | 262,485 | |||||||||
Constancia | 22,292 | 19,925 | 2,005 | 420 | 316 | 39,954 | 25,288 | 31,578 | 80,265 | ||||||||
San Dimas | 10,024 | 10,472 | 2,005 | 631 | 279 | 20,999 | 11,479 | 14,395 | 144,722 | ||||||||
2,341 | 2,314 | 2,005 | 352 | 510 | 4,640 | 2,645 | 3,826 | 211,469 | |||||||||
Other 5 | 668 | 633 | 2,005 | 350 | 527 | 1,269 | 714 | 1,047 | 603,689 | ||||||||
112,926 | 115,011 | $ | 2,006 | $ | 437 | $ | 405 | $ | 230,716 | $ | 133,910 | $ | 180,471 | $ | 3,984,049 | ||
Silver | |||||||||||||||||
Peñasquito | 1,036 | 442 | $ | 23.87 | $ | 4.43 | $ | 4.06 | $ | 10,547 | $ | 6,794 | $ | 8,589 | $ | 276,232 | |
Antamina | 1,030 | 1,091 | 23.87 | 4.73 | 7.06 | 26,043 | 13,190 | 20,887 | 519,530 | ||||||||
Constancia | 836 | 665 | 23.87 | 6.20 | 6.24 | 15,879 | 7,601 | 11,755 | 179,583 | ||||||||
Other 6 | 1,304 | 977 | 23.55 | 4.82 | 3.22 | 22,996 | 15,138 | 18,909 | 582,113 | ||||||||
4,206 | 3,175 | $ | 23.77 | $ | 5.02 | $ | 5.29 | $ | 75,465 | $ | 42,723 | $ | 60,140 | $ | 1,557,458 | ||
Palladium | |||||||||||||||||
4,209 | 3,339 | $ | 1,070 | $ | 198 | $ | 445 | $ | 3,574 | $ | 1,426 | $ | 2,912 | $ | 220,667 | ||
Platinum | |||||||||||||||||
Marathon | - | - | $ | n.a. | $ | n.a. | $ | n.a. | $ | - | $ | - | $ | - | $ | 9,451 | |
Cobalt | |||||||||||||||||
Voisey's Bay | 215 | 288 | $ | 12.92 | $ | 3.14 ⁷ | $ | 12.80 | $ | 3,716 | $ | (871) | $ | 2,016 | $ | 350,816 | |
Operating results | $ | 313,471 | $ | 177,188 | $ | 245,539 | $ | 6,122,441 | |||||||||
Other | |||||||||||||||||
General and administrative | $ | (9,244) | $ | (6,490) | |||||||||||||
Share based compensation | (6,527) | - | |||||||||||||||
Donations and community investments | (2,208) | (2,143) | |||||||||||||||
Finance costs | (1,371) | (1,083) | |||||||||||||||
Other | 7,311 | 7,351 | |||||||||||||||
Income tax | 3,286 | (948) | |||||||||||||||
Total other | $ | (8,753) | $ | (3,313) | $ | 908,744 | |||||||||||
$ | 168,435 | $ | 242,226 | $ | 7,031,185 | ||||||||||||
1) | Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. |
2) | Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
3) | Refer to discussion on non-GAAP measure (iii) at the end of this press release. |
4) | Comprised of the operating |
5) | Other gold interests are comprised of the operating Marmato gold interests as well as the non-operating |
6) | Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Cozamin and Marmato silver interests, the non-operating |
7) | Cash cost per pound of cobalt sold during the fourth quarter of 2023 was net of a previously recorded inventory write-down of |
Comparative Results of Operations on a GEO Basis
Q4 2024 | Q4 2023 | Change | Change | ||||||||
GEO Production 1, 2 | 187,493 | 164,796 | 22,696 | 13.8 % | |||||||
GEO Sales 2 | 142,561 | 155,059 | (12,498) | (8.1) % | |||||||
Average price per GEO sold 2 | $ | 2,669 | $ | 2,022 | $ | 647 | 32.0 % | ||||
Revenue | $ | 380,516 | $ | 313,471 | $ | 67,045 | 21.4 % | ||||
Cost of sales, excluding depletion | $ | 64,236 | $ | 67,757 | $ | 3,521 | 5.2 % | ||||
Depletion | 68,873 | 68,526 | (347) | (0.5) % | |||||||
Cost of Sales | $ | 133,109 | $ | 136,283 | $ | 3,174 | 2.3 % | ||||
Gross Margin | $ | 247,407 | $ | 177,188 | $ | 70,219 | 39.6 % | ||||
General and administrative expenses | 10,475 | 9,244 | (1,231) | (13.3) % | |||||||
Share based compensation | 6,118 | 6,527 | 409 | 6.3 % | |||||||
Donations and community investments | 4,332 | 2,208 | (2,124) | (96.2) % | |||||||
Impairment of mineral stream interests | 108,861 | - | (108,861) | n.a. | |||||||
Earnings from Operations | $ | 117,621 | $ | 159,209 | $ | (41,588) | (26.1) % | ||||
Other income (expense) | 9,138 | 7,311 | 1,827 | 25.0 % | |||||||
Earnings before finance costs and income taxes | $ | 126,759 | $ | 166,520 | $ | (39,761) | (23.9) % | ||||
Finance costs | 1,404 | 1,371 | (33) | (2.4) % | |||||||
Earnings before income taxes | $ | 125,355 | $ | 165,149 | $ | (39,794) | (24.1) % | ||||
Income tax expense | 37,207 | (3,286) | (40,493) | (1,232.3) % | |||||||
Net earnings | $ | 88,148 | $ | 168,435 | $ | (80,287) | (47.7) % |
1) | Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
2) | GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: |
Year Ended December 31, 2024 | ||||||||||||||||||
Units | Units | Average | Average | Average | Sales | Impairment | Net | Cash Flow | Total | |||||||||
Gold | ||||||||||||||||||
Salobo | 271,827 | 225,074 | $ | 2,397 | $ | 425 | $ | 382 | $ | 539,583 | $ | - | $ | 358,081 | $ | 444,015 | $ | 2,595,485 |
18,692 | 16,351 | 2,391 | 400 | 1,280 | 39,098 | - | 11,623 | 32,571 | 241,551 | |||||||||
Constancia | 48,609 | 49,822 | 2,370 | 422 | 320 | 118,096 | - | 81,126 | 97,066 | 64,326 | ||||||||
San Dimas | 28,776 | 28,746 | 2,388 | 635 | 287 | 68,654 | - | 42,166 | 50,407 | 136,481 | ||||||||
9,149 | 9,028 | 2,392 | 425 | 444 | 21,592 | - | 13,743 | 17,752 | 207,460 | |||||||||
Other 7 | 2,477 | 3,680 | 2,453 | 284 | 1,192 | 9,028 | - | 3,596 | 7,982 | 981,316 | ||||||||
379,530 | 332,701 | $ | 2,393 | $ | 440 | $ | 419 | $ | 796,051 | $ | - | $ | 510,335 | $ | 649,793 | $ | 4,226,619 | |
Silver | ||||||||||||||||||
Peñasquito | 9,156 | 6,840 | $ | 28.34 | $ | 4.50 | $ | 4.64 | $ | 193,871 | $ | - | $ | 131,325 | $ | 163,092 | $ | 244,465 |
Antamina | 3,670 | 3,526 | 28.56 | 5.74 | 8.16 | 100,719 | - | 51,738 | 80,497 | 490,771 | ||||||||
Constancia | 2,708 | 2,311 | 28.25 | 6.23 | 6.15 | 65,264 | - | 36,676 | 50,881 | 165,378 | ||||||||
Other 8 | 5,273 | 3,395 | 28.85 | 4.31 | 4.71 | 97,976 | - | 67,356 | 85,230 | 662,630 | ||||||||
20,807 | 16,072 | $ | 28.49 | $ | 4.98 | $ | 5.64 | $ | 457,830 | $ | - | $ | 287,095 | $ | 379,700 | $ | 1,563,244 | |
Palladium | ||||||||||||||||||
15,632 | 17,270 | $ | 984 | $ | 179 | $ | 434 | $ | 16,999 | $ | - | $ | 6,423 | $ | 13,911 | $ | 213,179 | |
Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | - | 78,814 | ||||||||
15,632 | 17,270 | $ | 984 | $ | 179 | $ | 434 | $ | 16,999 | $ | - | $ | 6,423 | $ | 13,911 | $ | 291,993 | |
Platinum | ||||||||||||||||||
Marathon | - | - | $ | n.a. | $ | n.a. | $ | n.a. | $ | - | $ | - | $ | - | $ | - | $ | 9,451 |
Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | - | 57,584 | ||||||||
- | - | $ | n.a. | $ | n.a. | $ | n.a. | $ | - | $ | - | $ | - | $ | - | $ | 67,035 | |
Cobalt | ||||||||||||||||||
Voisey's Bay | 1,289 | 970 | $ | 14.18 | $ | 2.71 | $ | 12.78 | $ | 13,759 | $ | (108,861) | $ | (110,127) | $ | 14,025 | $ | 230,689 |
Operating results | $ | 1,284,639 | $ | (108,861) | $ | 693,726 | $ | 1,057,429 | $ | 6,379,580 | ||||||||
Other | ||||||||||||||||||
General and administrative | $ | (40,668) | $ | (38,130) | ||||||||||||||
Share based compensation | (23,268) | (11,129) | ||||||||||||||||
Donations and community investments | (8,958) | (8,098) | ||||||||||||||||
Finance costs | (5,549) | (4,280) | ||||||||||||||||
Other | 29,061 | 23,273 | ||||||||||||||||
Income tax | (115,204) | 8,516 | ||||||||||||||||
Total other | $ | (164,586) | $ | (29,848) | $ | 1,044,877 | ||||||||||||
$ | 529,140 | $ | 1,027,581 | $ | 7,424,457 | |||||||||||||
1) | Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. |
2) | Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
3) | Refer to discussion on non-GAAP measure (iii) at the end of this press release. |
4) | Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information. |
5) | Comprised of the operating |
6) | Other gold interests comprised of the operating Marmato gold interest as well as the non-operating Copper World, |
7) | Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin silver interests as well as the non-operating Stratoni, Aljustrel, Pascua-Lama, Copper World, Navidad, Blackwater, El Domo, Mineral Park and Kudz Ze Kayah silver interests. |
Year Ended December 31, 2023 | ||||||||||||||||||||
Units | Units | Average | Average | Average | Sales | Gain on | Net | Cash Flow | Total | |||||||||||
Gold | ||||||||||||||||||||
Salobo | 239,304 | 203,096 | $ | 1,969 | $ | 420 | $ | 354 | $ | 399,936 | $ | - | $ | 242,676 | $ | 314,555 | $ | 2,681,419 | ||
21,701 | 18,990 | 1,971 | 400 | 1,102 | 37,432 | - | 8,905 | 29,554 | 262,485 | |||||||||||
Constancia | 55,644 | 48,522 | 1,972 | 419 | 316 | 95,672 | - | 60,039 | 75,357 | 80,265 | ||||||||||
San Dimas | 41,939 | 42,172 | 1,960 | 628 | 264 | 82,656 | - | 45,014 | 56,157 | 144,722 | ||||||||||
8,772 | 8,588 | 1,961 | 348 | 510 | 16,842 | - | 9,470 | 13,853 | 211,469 | |||||||||||
Other 6 | 6,792 | 5,968 | 1,942 | 1,037 | 209 | 11,593 | - | 4,152 | 5,137 | 603,689 | ||||||||||
374,152 | 327,336 | $ | 1,968 | $ | 455 | $ | 382 | $ | 644,131 | $ | - | $ | 370,256 | $ | 494,613 | $ | 3,984,049 | |||
Silver | ||||||||||||||||||||
Peñasquito | 4,856 | 4,291 | $ | 23.66 | $ | 4.43 | $ | 4.06 | $ | 101,514 | $ | - | $ | 65,062 | $ | 82,504 | $ | 276,232 | ||
Antamina | 3,780 | 3,662 | 23.72 | 4.70 | 7.06 | 86,855 | - | 43,814 | 69,652 | 519,530 | ||||||||||
Constancia | 2,505 | 2,140 | 23.79 | 6.17 | 6.24 | 50,913 | - | 24,352 | 37,716 | 179,583 | ||||||||||
Other 7 | 6,050 | 4,233 | 23.47 | 5.41 | 2.92 | 99,312 | 5,027 | 69,106 | 74,272 | 582,113 | ||||||||||
17,191 | 14,326 | $ | 23.64 | $ | 5.05 | $ | 4.82 | $ | 338,594 | $ | 5,027 | $ | 202,334 | $ | 264,144 | $ | 1,557,458 | |||
Palladium | ||||||||||||||||||||
15,800 | 13,919 | $ | 1,329 | $ | 241 | $ | 441 | $ | 18,496 | $ | - | $ | 8,991 | $ | 15,135 | $ | 220,667 | |||
Platinum | ||||||||||||||||||||
Marathon | - | - | $ | n.a. | $ | n.a. | $ | n.a. | $ | - | $ | - | $ | - | $ | - | $ | 9,451 | ||
Cobalt | ||||||||||||||||||||
Voisey's Bay | 673 | 1,074 | $ | 13.81 | $ | 3.30 ⁸ | $ | 13.41 | $ | 14,824 | $ | - | $ | (3,114) | $ | 15,071 | $ | 350,816 | ||
Operating results | $ | 1,016,045 | $ | 5,027 | $ | 578,467 | $ | 788,963 | $ | 6,122,441 | ||||||||||
Other | ||||||||||||||||||||
General and administrative | $ | (38,165) | $ | (36,025) | ||||||||||||||||
Share based compensation | (22,744) | (16,675) | ||||||||||||||||||
Donations and community investments | (7,261) | (7,039) | ||||||||||||||||||
Finance costs | (5,510) | (4,230) | ||||||||||||||||||
Other | 34,271 | 32,007 | ||||||||||||||||||
Income tax | (1,414) | (6,192) | ||||||||||||||||||
Total other | $ | (40,823) | $ | (38,154) | $ | 908,744 | ||||||||||||||
$ | 537,644 | $ | 750,809 | $ | 7,031,185 | |||||||||||||||
1) | Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. |
2) | Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
3) | Refer to discussion on non-GAAP measure (iii) at the end of this press release. |
4) | The gain on disposal of Other silver interests relates to the gain on the buyback of |
5) | Comprised of the operating |
6) | Other gold interests are comprised of the operating Marmato gold interests as well as the non-operating |
7) | Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Cozamin and Marmato silver interests and the non-operating |
8) | Cash cost per pound of cobalt sold during the year ended December 31, 2023 was net of a previously recorded inventory write-down of |
Comparative Results of Operations on a GEO Basis
2024 | 2023 | Change | Change | ||||||||
GEO Production 1, 2 | 635,007 | 584,127 | 50,881 | 8.7 % | |||||||
GEO Sales 2 | 532,468 | 506,020 | 26,448 | 5.2 % | |||||||
Average price per GEO sold 2 | $ | 2,413 | $ | 2,008 | $ | 405 | 20.2 % | ||||
Revenue | $ | 1,284,639 | $ | 1,016,045 | $ | 268,594 | 26.4 % | ||||
Cost of sales, excluding depletion | $ | 235,108 | $ | 228,171 | $ | (6,937) | (3.0) % | ||||
Depletion | 246,944 | 214,434 | (32,510) | (15.2) % | |||||||
Cost of Sales | $ | 482,052 | $ | 442,605 | $ | (39,447) | (8.9) % | ||||
Gross Margin | $ | 802,587 | $ | 573,440 | $ | 229,147 | 40.0 % | ||||
General and administrative expenses | 40,668 | 38,165 | (2,503) | (6.6) % | |||||||
Share based compensation | 23,268 | 22,744 | (524) | (2.3) % | |||||||
Donations and community investments | 8,958 | 7,261 | (1,697) | (23.4) % | |||||||
Impairment of mineral stream interests | 108,861 | - | (108,861) | n.a. | |||||||
Earnings from Operations | $ | 620,832 | $ | 505,270 | $ | 115,562 | 22.9 % | ||||
Gain on disposal of mineral stream interests | - | 5,027 | (5,027) | (100.0) % | |||||||
Other income (expense) | 29,061 | 34,271 | (5,210) | (15.2) % | |||||||
Earnings before finance costs and income taxes | $ | 649,893 | $ | 544,568 | $ | 105,325 | 19.3 % | ||||
Finance costs | 5,549 | 5,510 | (39) | (0.7) % | |||||||
Earnings before income taxes | $ | 644,344 | $ | 539,058 | $ | 105,286 | 19.5 % | ||||
Income tax expense | 115,204 | 1,414 | (113,790) | (8,047.4) % | |||||||
Net earnings | $ | 529,140 | $ | 537,644 | $ | (8,504) | (1.6) % |
1) | Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
2) | GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: |
Non-GAAP Measures
Wheaton has included, throughout this document, certain non-GAAP performance measures, including (i) adjusted net earnings and adjusted net earnings per share; (ii) operating cash flow per share (basic and diluted); (iii) average cash costs of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis; and (iv) cash operating margin.
i. | Adjusted net earnings and adjusted net earnings per share are calculated by removing the effects of non-cash impairment charges (reversals) (if any), non-cash fair value (gains) losses and other one-time (income) expenses as well as the reversal of non-cash income tax expense (recovery) which is offset by income tax expense (recovery) recognized in the Statements of Shareholders' Equity and OCI, respectively. The Company believes that, in addition to conventional measures prepared in accordance with IFRS Accounting Standards, management and certain investors use this information to evaluate the Company's performance. |
The following table provides a reconciliation of adjusted net earnings and adjusted net earnings per share (basic and diluted). |
Three Months Ended | Years Ended | |||||||||||
(in thousands, except for per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||||||
Net earnings | $ | 88,148 | $ | 168,435 | $ | 529,140 | $ | 537,644 | ||||
Add back (deduct): | ||||||||||||
Impairment charge (reversal) | 108,861 | - | 108,861 | - | ||||||||
Gain on disposal of Mineral Stream Interest | - | - | - | (5,027) | ||||||||
(Gain) loss on fair value adjustment of share purchase warrants held | 910 | (217) | 8 | 31 | ||||||||
Deferred income tax (expense) recovery recognized in the Statement of OCI | 1,225 | (3,487) | 2,857 | 3,719 | ||||||||
Income tax recovery related to prior year disposal of Mineral Stream Interest | - | - | - | (2,672) | ||||||||
Other | (175) | (162) | (696) | (644) | ||||||||
Adjusted net earnings | $ | 198,969 | $ | 164,569 | $ | 640,170 | $ | 533,051 | ||||
Divided by: | ||||||||||||
Basic weighted average number of shares outstanding | 453,669 | 453,010 | 453,460 | 452,814 | ||||||||
Diluted weighted average number of shares outstanding | 454,361 | 453,611 | 454,119 | 453,463 | ||||||||
Equals: | ||||||||||||
Adjusted earnings per share - basic | $ | 0.439 | $ | 0.363 | $ | 1.412 | $ | 1.177 | ||||
Adjusted earnings per share - diluted | $ | 0.438 | $ | 0.363 | $ | 1.410 | $ | 1.176 | ||||
ii. | Operating cash flow per share (basic and diluted) is calculated by dividing cash generated by operating activities by the weighted average number of shares outstanding (basic and diluted). The Company presents operating cash flow per share as management and certain investors use this information to evaluate the Company's performance in comparison to other companies in the precious metal mining industry who present results on a similar basis. |
The following table provides a reconciliation of operating cash flow per share (basic and diluted). |
Three Months Ended | Years Ended | |||||||||||
(in thousands, except for per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||||||
Cash generated by operating activities | $ | 319,471 | $ | 242,226 | $ | 1,027,581 | $ | 750,809 | ||||
Divided by: | ||||||||||||
Basic weighted average number of shares outstanding | 453,669 | 453,010 | 453,460 | 452,814 | ||||||||
Diluted weighted average number of shares outstanding | 454,361 | 453,611 | 454,119 | 453,463 | ||||||||
Equals: | ||||||||||||
Operating cash flow per share - basic | $ | 0.704 | $ | 0.535 | $ | 2.266 | $ | 1.658 | ||||
Operating cash flow per share - diluted | $ | 0.703 | $ | 0.534 | $ | 2.263 | $ | 1.656 | ||||
iii. | Average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis is calculated by dividing the total cost of sales, less depletion and cost of sales related to delay ounces, by the ounces or pounds sold. In the precious metal mining industry, this is a common performance measure but does not have any standardized meaning prescribed by IFRS Accounting Standards. In addition to conventional measures prepared in accordance with IFRS Accounting Standards, management and certain investors use this information to evaluate the Company's performance and ability to generate cash flow. |
The following table provides a calculation of average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis. |
Three Months Ended | Years Ended | |||||||||||
(in thousands, except for gold and palladium ounces sold and per unit amounts) | 2024 | 2023 | 2024 | 2023 | ||||||||
Cost of sales | $ | 133,109 | $ | 136,283 | $ | 482,052 | $ | 442,605 | ||||
Less: depletion | (68,873) | (68,526) | (246,944) | (214,434) | ||||||||
Less: cost of sales related to delay ounces 1 | (1,396) | - | (3,095) | - | ||||||||
Cash cost of sales | $ | 62,840 | $ | 67,757 | $ | 232,013 | $ | 228,171 | ||||
Cash cost of sales is comprised of: | ||||||||||||
Total cash cost of gold sold | $ | 38,556 | $ | 50,246 | $ | 146,271 | $ | 148,972 | ||||
Total cash cost of silver sold | 22,213 | 15,945 | 80,022 | 72,296 | ||||||||
Total cash cost of palladium sold | 816 | 662 | 3,088 | 3,360 | ||||||||
Total cash cost of cobalt sold 2 | 1,255 | 904 | 2,632 | 3,543 | ||||||||
Total cash cost of sales | $ | 62,840 | $ | 67,757 | $ | 232,013 | $ | 228,171 | ||||
Divided by: | ||||||||||||
Total gold ounces sold | 87,662 | 115,011 | 332,701 | 327,336 | ||||||||
Total silver ounces sold | 4,307 | 3,175 | 16,072 | 14,326 | ||||||||
Total palladium ounces sold | 4,434 | 3,339 | 17,270 | 13,919 | ||||||||
Total cobalt pounds sold | 485 | 288 | 970 | 1,074 | ||||||||
Equals: | ||||||||||||
Average cash cost of gold (per ounce) | $ | 440 | $ | 437 | $ | 440 | $ | 455 | ||||
Average cash cost of silver (per ounce) | $ | 5.16 | $ | 5.02 | $ | 4.98 | $ | 5.05 | ||||
Average cash cost of palladium (per ounce) | $ | 184 | $ | 198 | $ | 179 | $ | 241 | ||||
Average cash cost of cobalt (per pound) | $ | 2.59 | $ | 3.14 | $ | 2.71 | $ | 3.30 | ||||
1) | The cost of sales related to delay ounces is a non-cash expense. Please see the Company's MD&A for more information. |
2) | Cash cost per pound of cobalt sold during the fourth quarter of 2023 was net of a previously recorded inventory write-down of |
iv. | Cash operating margin is calculated by adding back depletion and the cost of sales related to delay ounces to the gross margin. Cash operating margin on a per ounce or per pound basis is calculated by dividing the cash operating margin by the number of ounces or pounds sold during the period. The Company presents cash operating margin as management and certain investors use this information to evaluate the Company's performance in comparison to other companies in the precious metal mining industry who present results on a similar basis as well as to evaluate the Company's ability to generate cash flow. |
The following table provides a reconciliation of cash operating margin. |
Three Months Ended | Years Ended | |||||||||||
(in thousands, except for gold and palladium ounces sold and per unit amounts) | 2024 | 2023 | 2024 | 2023 | ||||||||
Gross margin | $ | 247,407 | $ | 177,188 | $ | 802,587 | $ | 573,440 | ||||
Add back: depletion | 68,873 | 68,526 | 246,944 | 214,434 | ||||||||
Add back: cost of sales related to delay ounces 1 | 1,396 | - | 3,095 | - | ||||||||
Cash operating margin | $ | 317,676 | $ | 245,714 | $ | 1,052,626 | $ | 787,874 | ||||
Cash operating margin is comprised of: | ||||||||||||
Total cash operating margin of gold sold | $ | 196,134 | $ | 180,470 | $ | 649,780 | $ | 495,159 | ||||
Total cash operating margin of silver sold | 112,520 | 59,520 | 377,808 | 266,298 | ||||||||
Total cash operating margin of palladium sold | 3,652 | 2,912 | 13,911 | 15,136 | ||||||||
Total cash operating margin of cobalt sold | 5,370 | 2,812 | 11,127 | 11,281 | ||||||||
Total cash operating margin | $ | 317,676 | $ | 245,714 | $ | 1,052,626 | $ | 787,874 | ||||
Divided by: | ||||||||||||
Total gold ounces sold | 87,662 | 115,011 | 332,701 | 327,336 | ||||||||
Total silver ounces sold | 4,307 | 3,175 | 16,072 | 14,326 | ||||||||
Total palladium ounces sold | 4,434 | 3,339 | 17,270 | 13,919 | ||||||||
Total cobalt pounds sold | 485 | 288 | 970 | 1,074 | ||||||||
Equals: | ||||||||||||
Cash operating margin per gold ounce sold | $ | 2,237 | $ | 1,569 | $ | 1,953 | $ | 1,513 | ||||
Cash operating margin per silver ounce sold | $ | 26.12 | $ | 18.75 | $ | 23.51 | $ | 18.59 | ||||
Cash operating margin per palladium ounce sold | $ | 824 | $ | 872 | $ | 805 | $ | 1,088 | ||||
Cash operating margin per cobalt pound sold | $ | 11.07 | $ | 9.78 | $ | 11.47 | $ | 10.51 | ||||
1) The cost of sales related to delay ounces is a non-cash expense. Please see the Company's MD&A for more information. |
These non-GAAP measures do not have any standardized meaning prescribed by IFRS Accounting Standards, and other companies may calculate these measures differently. The presentation of these non-GAAP measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. For more detailed information, please refer to Wheaton's MD&A available on the Company's website at www.wheatonpm.com and posted on SEDAR+ at www.sedarplus.ca.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation concerning the business, operations and financial performance of Wheaton and, in some instances, the business, mining operations and performance of Wheaton's PMPA counterparties. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to:
- payment by the Company of
$625 million - the receipt by the Company of gold production in respect of the Koné Gold Project;
- the advance by the Company, and the repayment by Montage, of up to
$75 million - payment by the Company of
$125 million - the receipt by the Company of gold production in respect of the Fenix Gold Project;
- the advance by the Company, and the repayment by Rio2, of up to
$20 million - the future price of commodities;
- the estimation of future production from the mineral stream interests and mineral royalty interests currently owned by the Company (the "Mining Operations") (including in the estimation of production, mill throughput, grades, recoveries and exploration potential);
- the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates and the realization of such estimations);
- the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton's PMPA counterparties at Mining Operations;
- the payment of upfront cash consideration to counterparties under PMPAs, the satisfaction of each party's obligations in accordance with PMPAs and the receipt by the Company of precious metals and cobalt production or other payments in respect of the applicable Mining Operations under PMPAs;
- the ability of Wheaton's PMPA counterparties to comply with the terms of a PMPA (including as a result of the business, mining operations and performance of Wheaton's PMPA counterparties) and the potential impacts of such on Wheaton;
- future payments by the Company in accordance with PMPAs, including any acceleration of payments;
- the costs of future production;
- the estimation of produced but not yet delivered ounces;
- the future sales of Common Shares under, the amount of net proceeds from, and the use of the net proceeds from, the at-the-market equity program;
- continued listing of the Common Shares on the LSE, NYSE and TSX;
- any statements as to future dividends;
- the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs;
- projected increases to Wheaton's production and cash flow profile;
- projected changes to Wheaton's production mix;
- the ability of Wheaton's PMPA counterparties to comply with the terms of any other obligations under agreements with the Company;
- the ability to sell precious metals and cobalt production;
- confidence in the Company's business structure;
- the Company's assessment of taxes payable, including taxes payable under the GMT, and the impact of the CRA Settlement, and the Company's ability to pay its taxes;
- possible CRA domestic audits for taxation years subsequent to 2016 and international audits;
- the Company's assessment of the impact of any tax reassessments;
- the Company's intention to file future tax returns in a manner consistent with the CRA Settlement;
- the Company's climate change and environmental commitments; and
- assessments of the impact and resolution of various legal and tax matters, including but not limited to audits.
Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", "potential", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:
- risks relating to the satisfaction of each party's obligations in accordance with the terms of the Koné Gold PMPA;
- risks relating to the satisfaction of each party's obligations in accordance with the terms of the Facility;
- risks relating to the satisfaction of each party's obligations in accordance with the terms of the Fenix PMPA;
- risks relating to the satisfaction of each party's obligations in accordance with the terms of the Rio2 standby loan facility;
- risks associated with fluctuations in the price of commodities (including Wheaton's ability to sell its precious metals or cobalt production at acceptable prices or at all);
- risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with exploration, development, operating, expansion and improvement at the Mining Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as Mining Operations plans continue to be refined);
- absence of control over the Mining Operations and having to rely on the accuracy of the public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations as the basis for its analyses, forecasts and assessments relating to its own business;
- risks related to the uncertainty in the accuracy of mineral reserve and mineral resource estimation;
- risks related to the satisfaction of each party's obligations in accordance with the terms of the Company's PMPAs, including the ability of the companies with which the Company has PMPAs to perform their obligations under those PMPAs in the event of a material adverse effect on the results of operations, financial condition, cash flows or business of such companies, any acceleration of payments, estimated throughput and exploration potential;
- risks relating to production estimates from Mining Operations, including anticipated timing of the commencement of production by certain Mining Operations;
- Wheaton's interpretation of, or compliance with, or application of, tax laws and regulations or accounting policies and rules, being found to be incorrect or the tax impact to the Company's business operations being materially different than currently contemplated, , or the ability of the Company to pay such taxes as and when due;
- any challenge or reassessment by the CRA of the Company's tax filings being successful and the potential negative impact to the Company's previous and future tax filings;
- risks in assessing the impact of the CRA Settlement (including whether there will be any material change in the Company's facts or change in law or jurisprudence);
- risks related to any potential amendments to
Canada 's transfer pricing rules under the Income Tax Act (Canada ) that may result from the Department of Finance's consultation paper released June 6, 2023; - risks relating to Wheaton's interpretation of, compliance with, or application of the GMT, including
Canada 's GMTA and the legislation enacted in Luxembourg, that applies to the income of the Company's subsidiaries for fiscal years beginning on or after December 31, 2023; - counterparty credit and liquidity risks;
- mine operator and counterparty concentration risks;
- indebtedness and guarantees risks;
- hedging risk;
- competition in the streaming industry risk;
- risks relating to security over underlying assets;
- risks relating to third-party PMPAs;
- risks relating to revenue from royalty interests;
- risks related to Wheaton's acquisition strategy;
- risks relating to third-party rights under PMPAs;
- risks relating to future financings and security issuances;
- risks relating to unknown defects and impairments;
- risks related to governmental regulations;
- risks related to international operations of Wheaton and the Mining Operations;
- risks relating to exploration, development, operating, expansions and improvements at the Mining Operations;
- risks related to environmental regulations;
- the ability of Wheaton and the Mining Operations to obtain and maintain necessary licenses, permits, approvals and rulings;
- the ability of Wheaton and the Mining Operations to comply with applicable laws, regulations and permitting requirements;
- lack of suitable supplies, infrastructure and employees to support the Mining Operations;
- risks related to underinsured Mining Operations;
- inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by certain Mining Operations (including increases in production, estimated grades and recoveries);
- uncertainties related to title and indigenous rights with respect to the mineral properties of the Mining Operations;
- the ability of Wheaton and the Mining Operations to obtain adequate financing;
- the ability of the Mining Operations to complete permitting, construction, development and expansion;
- challenges related to global financial conditions;
- risks associated with environmental, social and governance matters;
- risks related to fluctuations in commodity prices of metals produced from the Mining Operations other than precious metals or cobalt;
- risks related to claims and legal proceedings against Wheaton or the Mining Operations;
- risks related to the market price of the Common Shares of Wheaton;
- the ability of Wheaton and the Mining Operations to retain key management employees or procure the services of skilled and experienced personnel;
- risks related to interest rates;
- risks related to the declaration, timing and payment of dividends;
- risks related to access to confidential information regarding Mining Operations;
- risks associated with multiple listings of the Common Shares on the LSE, NYSE and TSX;
- risks associated with a possible suspension of trading of Common Shares;
- risks associated with the sale of Common Shares under the at-the-market equity program, including the amount of any net proceeds from such offering of Common Shares and the use of any such proceeds;
- equity price risks related to Wheaton's holding of long‑term investments in other companies;
- risks relating to activist shareholders;
- risks relating to reputational damage;
- risks relating to expression of views by industry analysts;
- risks related to the impacts of climate change and the transition to a low-carbon economy;
- risks associated with the ability to achieve climate change and environmental commitments at Wheaton and at the Mining Operations;
- risks related to ensuring the security and safety of information systems, including cyber security risks;
- risks relating to generative artificial intelligence;
- risks relating to compliance with anti-corruption and anti-bribery laws;
- risks relating to corporate governance and public disclosure compliance;
- risks of significant impacts on Wheaton or the Mining Operations as a result of an epidemic or pandemic;
- risks related to the adequacy of internal control over financial reporting; and
- other risks discussed in the section entitled "Description of the Business – Risk Factors" in Wheaton's Annual Information Form available on SEDAR+ at www.sedarplus.ca and Wheaton's Form 40-F for the year ended December 31, 2022 on file with the
U.S. Securities and Exchange Commission on EDGAR (the "Disclosure").
Forward-looking statements are based on assumptions management currently believes to be reasonable, including (without limitation):
- the payment of
$625 million - the advance by the Company of up to
$75 million - the payment of
$125 million - the advance by the Company of up to
$20 million - that there will be no material adverse change in the market price of commodities;
- that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates;
- that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate;
- that public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations is accurate and complete;
- that the production estimates from Mining Operations are accurate;
- that each party will satisfy their obligations in accordance with the PMPAs;
- that Wheaton will continue to be able to fund or obtain funding for outstanding commitments;
- that Wheaton will be able to source and obtain accretive PMPAs;
- that the terms and conditions of a PMPA are sufficient to recover liabilities owed to the Company;
- that Wheaton has fully considered the value and impact of any third-party interests in PMPAs;
- that expectations regarding the resolution of legal and tax matters will be achieved (including CRA audits involving the Company);
- that Wheaton has properly considered the application of Canadian tax laws to its structure and operations and that Wheaton will be able to pay taxes when due;
- that Wheaton has filed its tax returns and paid applicable taxes in compliance with Canadian tax laws;
- that Wheaton's application of the CRA Settlement is accurate (including the Company's assessment that there has been no material change in the Company's facts or change in law or jurisprudence);
- that Wheaton's assessment of the tax exposure and impact on the Company and its subsidiaries of the implementation of a
15% global minimum tax is accurate; - that any sale of Common Shares under the at-the-market equity program will not have a significant impact on the market price of the Common Shares and that the net proceeds of sales of Common Shares, if any, will be used as anticipated;
- that the trading of the Common Shares will not be adversely affected by the differences in liquidity, settlement and clearing systems as a result of multiple listings of the Common Shares on the LSE, the TSX and the NYSE;
- that the trading of the Company's Common Shares will not be suspended;
- the estimate of the recoverable amount for any PMPA with an indicator of impairment;
- that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic or pandemic; and
- such other assumptions and factors as set out in the Disclosure.
There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Wheaton. Readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing readers with information to assist them in understanding Wheaton's expected financial and operational performance and may not be appropriate for other purposes. Any forward-looking statement speaks only as of the date on which it is made, reflects Wheaton's management's current beliefs based on current information and will not be updated except in accordance with applicable securities laws. Although Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward‑looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended.
Cautionary Language Regarding Reserves and Resources
For further information on Mineral Reserves and Mineral Resources and on Wheaton more generally, readers should refer to Wheaton's Annual Information Form for the year ended December 31, 2023, which was filed on March 28, 2024 and other continuous disclosure documents filed by Wheaton since January 1, 2024, available on SEDAR+ at www.sedarplus.ca. Wheaton's Mineral Reserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: The information contained herein has been prepared in accordance with the requirements of the securities laws in effect in
End Notes
_____________________________________ |
1Please refer to disclosure on non-GAAP measures in this press release. Dividends declared in the referenced calendar quarter, are relative to the financial results of the prior quarter. Details of the dividend can be found in Wheaton's news release dated March 13, 2025, titled "Wheaton Precious Metals Announces Increase to Quarterly Dividend." |
2Statements made in this section contain forward-looking information with respect to forecast production, production growth, funding outstanding commitments, continuing to acquire accretive mineral stream interests and the commencement, timing and achievement of construction, expansion or improvement projects and readers are cautioned that actual outcomes may vary. Please see "Cautionary Note Regarding Forward-Looking Statements" for material risks, assumptions and important disclosure associated with this information. |
3Gold equivalent forecast production for 2024 and the longer-term outlook are based on the following commodity price assumptions: |
4Gold equivalent forecast production for 2025 and the longer-term outlook are based on the following updated commodity price assumptions: |
5Total streaming and royalty agreements relate to precious metals purchase agreements for the purchase of precious metals and cobalt relating to 18 mining assets which are currently operating, 24 which are at various stages of development and 4 of which have been placed in care and maintenance or have been closed. |
6On October 21, 2024, the Company amended the Fenix PMPA. Under the original agreement, the Company was to acquire an amount of gold equal to |
7The Koné PMPA provides that Montage will deliver gold equal to |
8The Kurmuk PMPA provides that Allied will deliver gold equal to |
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SOURCE Wheaton Precious Metals Corp.
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