FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Wheaton Precious Metals Announces Record Revenue, Adjusted Net Earnings and Operating Cash Flow for 2024
March 13, 2025
Vancouver, British Columbia
Designated News Release
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS
Wheaton Precious Metals Announces Record Revenue, Adjusted Net Earnings
and Operating Cash Flow for 2024
“Wheaton achieved record revenue, adjusted net earnings and operating cash flow in 2024,
driven by our diversified portfolio of high-quality and long -life assets. We exceeded our
production guidance for the year due to outperformances at Salobo and Constancia and are
proud to have returned a record level of dividends to shareholders in 2024,” said Randy
Smallwood, President and Chi ef Executive Officer of Wheaton Precious Metals. “In 2024,
Wheaton remained focused on accretive growth, delivering four new streams and royalties
and further reinforcing our industry-leading growth profile. This impressive growth is readily
apparent in o ur five -year production forecast, where we estimate annual production
increasing by 40% to 870,000 gold equivalent ounces. As we enter 2025, we look forward to
building off our accomplishments from 2024, delivering on a consistent growth profile, and
ultimately creating lasting value for all stakeholders.”
Solid Financial Results and Strong Balance Sheet
• Fourth quarter of 202 4: A record $381 million in revenue , a record $319 million in
operating cash flow, $88 million in net earnings and a record $199 million in adjusted net
earnings1. Declared a quarterly dividend1 of $0.155 per common share.
• Full year of 2024: A record $1,285 million in revenue, a record $1,028 million in operating
cash flow, $529 million in net earnings and a record $640 million in adjusted net earnings1.
Declared record annual dividends1 of $0.62 per common share.
• Balance Sheet: cash balance of $818 million, no debt, and an undrawn $2 billion
revolving credit facility as at December 31, 2024.
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 1 4%
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:
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o On October 21, 2024, the Company amended the Fenix PMPA, increasing the
amount of attributable gold it is entitled to under the contract.
o 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.
o On December 5, 2024, the Company entered into a PMPA with Allied Gold
Corporation (“Allied”) in respect to the Kurmuk Project located in Ethiopia.
o 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$1 million 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.
• 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.
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Financial Review
Revenues
Revenue in the fourth quarter of 2024 was $381 million (62% gold, 35% silver, 1% palladium
and 2% cobalt) , with the $67 million increase relative to the prior period quarter being
primarily due to a 32% increase in the average realized gold equivalent³ price; partially offset
by an 8% decrease in the number of GEOs³ sold.
Revenue was $1,285 million in the year ended December 31, 2024, representing a $269
million increase from 2023 due primarily to a 20% increase in the average realized gold
equivalent³ price; and a 5% increase in the number of GEOs³ sold.
Cash Costs and Margin
Average cash costs¹ in the fourth quarter of 2024 were $441 per GEO³ as compared to $437
in the fourth quarter of 2023. This resulted in a cash operating margin¹ of $2,228 per GEO³
sold, an increase of 41% as compared with the fourth quarter of 2023, a result of the higher
realized price per ounce.
Average cash costs¹ in 2024 were $436 per GEO³ as compared to $451 in 2023. This resulted
in a cash operating margin¹ of $1,977 per GEO³ sold, a 27% increase from 2023, a result of
the higher realized price per ounce coupled with the lower average cash costs due to changes
in the sales mix.
Cash Flow from Operations
Operating cash flow in the fourth quarter of 2024 amounted to $319 million, with the $77
million increase due primarily to the higher gross margin.
Operating cash flows in 2024 amounted to $1,028 million, with the $277 million increase from
the comparable period of the previous year being due primarily to the higher gross margin.
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 42.4% of the cobalt production from its
Voisey’s Bay mine, until the delivery of 31 million pounds of cobalt and 21.2% of co balt
production thereafter for the life of mine for a total upfront cash payment of $390 million.
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 $340 million.
Management estimated that the recoverable amount at December 31, 2024 under the
Voisey’s Bay PMPA was $2 31 million, representing its fair value less cost of disposal and
resulting in an impairment charge of $1 09 million. The recoverable amount related to the
Voisey’s Bay PMPA was estimated using an average discount rate of 5.5% and the market
price of cobalt of $13.62 per pound.
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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 inc rease 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 of cash on hand
• During the fourth quarter of 2024, the Company made total upfront cash payments of
$115 million relative to the mineral stream interests consisting of:
o $44 million relative to the Kurmuk PMPA;
o $40 million relative to the Marmato PMPA;
o $25 million relative to the Mineral Park PMPA; and
o $6 million relative to the Cangrejos PMPA.
• During the fourth quarter of 2024, the Company received a repayment of the upfront cash
payment of $13 million relative to the El Domo PMPA, with this amount to be re-advanced
at a later date.
• With the existing cash on hand coupled with the fully undrawn $2 billion revolving credit
facility, the Company believes it is well positioned to fund all outstanding commitments
and known contingencies as well as providing flexibility to acquire additional accretive
mineral stream interests. Given the strength of Wheaton’s balance sheet and forecasted
cash flows, the Company has elected to not renew its at -the-market equity program,
under which no shares have been issued as of December 31, 2024.
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 15% GMT.
On June 20, 2024, Canada’s Global Minimum Tax Act (“GMTA”), received royal assent. The
GMTA enacts the OECD Pillar Two model rules where in scope companies are subject to a
15% GMT for fiscal years commencing on or after December 31, 2023. With the enactment
of the GMTA on June 20, 2024, the income of the Company’s subsidiaries which operate in
jurisdictions with a statutory tax rate of 0% are subject to the GMTA. For the three months
and year ended December 31, 2024 an amount of $35 million and $114 million, respectively,
current tax expense associated with GMT was recorded . GMT accrued to December 31,
2024, is payable on or before June 30, 2026 (18 months following year-end).
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 17% relative to
the fourth quarter of 2023 , primarily due to higher throughput, grades and recovery . On
January 28, 2025, Vale S.A. (“Vale”) announced the completion of the Salobo III ramp -up
and improved performance at Salobo I and II.
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 $144 million within thirty days of the date of receipt.
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Antamina: In the fourth quarter of 2024, Antamina produced 0.9 million ounces of attributable
silver, a decrease of approximately 8% relative to the fourth quarter of 2023 primarily due to
lower throughput, partially offset by higher recoveries.
Peñasquito: In the fourth quarter of 2024, Peñasquito produced 2.5 million ounces of
attributable silver, an increase of approximately 138% relative to the fourth quarter of 2023 ,
as prior year operations were impacted by a labour strike which began on June 7, 2023 and
ended on October 13, 2023 with the safe ramp -up of operations beginning after the end of
the strike. On February 20, 2025, Newmont Corporation (“Newmont”) announced that co-
product production in 2025 is expected to decline as mining moves back into the Peñasco pit
which contains lower silver grades relative to the Chile Colorado pit.
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 16%
for silver production and a decrease of approximately 18% for gold production relative to the
fourth quarter of 2023 . The increase in silver production , which represented a quarterly
record, was primarily due to higher grades. The decrease in gold production was primarily
the result of lower gold grades as more material was mined from Constancia and reclaimed
from the stockpile compared with the prior year. On February 19, 2025, Hudbay Minerals Inc.
(“Hudbay”) announced that gold production in 2025 is expected to be lower than 2024 levels
as additional high grade gold benches were mined in late 2024, ahead of schedule, resulting
in gold production exceeding 2024 guidance levels. The Pampacancha deposit is now
expected to be depleted in early December 2025 as opposed to October 2025, as the mine
plan has smoothed Pampacancha production throughout the year. Total mill ore feed from
Pampacancha is expected to be approximately 25% in 2025, lower than the typical one-third
in prior years as Pampacancha approaches depletion.
Sudbury: In the fourth quarter of 2024, Vale’s Sudbury mines produced 5,000 ounces of
attributable gold, a decrease of approximately 14% relative to the fourth quarter of 2023, due
to lower recoveries.
Stillwater: In the fourth quarter of 2024, the Stillwater mines produced 2,200 ounces of
attributable gold and 2,800 ounces of attributable palladium, a decrease of approximately 7%
for gold and 34% for palladium relative to the fourth quarter of 2023 , primarily due to lower
throughput as Stillwater West operations were put into care and maintenance on September
12, 2024.
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 83% relative to the fourth quarter of 2023,
as the transitional period between the depletion of the Ovoid open -pit and ramp -up to full
production of the Voisey’s Bay underground mine nears completion. On December 3, 2024,
Vale report ed that it has completed construction and commission ing of the Voisey’s Bay
underground mine extension. The expansion transitioned Voisey’s Bay from open pit to
underground mining. The project involved the development of two underground mines, Reid
Brook and Eastern Deeps, which will deliver ore for processing at Vale’s Long Harbour
refinery. The full ramp-up is expected by the second half of 2026.
Other Silver: In the fourth quarter of 2024, total Other Silver attributable production was 1.4
million ounces, an increase of approximately 4% relative to the fourth quarter of 2023 ,
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primarily due to higher production at Zinkgruvan, partially offset by lower production at Neves-
Corvo.
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 95% complete as of September 30, 2024. Construction of
the tailings storage facility is ready to allow for the commencement of commissioning of the
plant. Artemis reported that the initial mining fleet has been commissioned and pre-stripping
of the mine, as well as the construction of haul roads are well advanced. On January 22,
2025, Artemis announced that commissioning of the grinding circuit at the Blackwater project
has advanced and milling of first ore commenced, with the first pour of gold and silver being
announced on January 29, 2025. Commercial production remains targeted for Q2 2025.
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, 2 025, 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
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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 25% from
4,000 tpd to 5,000 tpd. Aris reports that construction remains on track, and production is
expected to start ramping up in the second half of 2026.
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 Ecuador (“MAATE”) and concluded that the
consultative process followed by MAATE in issuing the various permits relative to the El
Domo project complied with applicable legal requirements. An appeal was granted and a
hearing took place at the Superior Court of Bolivar (the Superior Court”) on October 17, 2024.
On November 15, 2024, Silvercorp announced that the Superior Court rejected the appeal.
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 Ecuador.
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 fi nal 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
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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
Ecuador on January 15, 2025. The lead engineering contractor for the feasibility study has
completed 92% of the estimated work. The feasibility study remains on schedule for
completion during Q2 2025. Work for the Environmental Impact Study is progressing on
schedule which will allo w for its submission to the Government of Ecuador in mid -2025.
Lumina is targeting receiving its environmental license by early 2026.
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 $100 million, payable in two equal installments, subject to various customary
conditions being satisfied. To date, no amounts have been advanced under the Fenix PMPA
amendment.
Koné Project: On October 23, 2024 , the Company entered into a PMPA (the “ Koné Gold
PMPA”)7 with Montage in respect of its 90% owned Koné Gold project located in Côte d’Ivoire.
Under the terms of the Koné Gold PMPA, the Company is committed to pay Montage total
upfront cash payments of $ 625 million, payable in four equal installment payments during
construction, subject to certain conditions, including that all permits have been obtained. To
date, no amounts have been advanced under the Koné Gold PMPA.
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 Ethiopia. Under the terms of the agreement, Wheaton is committed to pay Allied total
upfront cash payments of $ 175 million, payable in four equal installment payments during
construction, subject to certain conditions . The first payment of $44 million was paid on
December 19, 2024.
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 British Columbia in Canada (the
“Blackwater Project”). Under the Blackwater Silver PMPA, Wheaton will acquire an amount
of silver equal to 50% of the payable silver until 17.8 million ounces have been delivered and
33% of payable silver thereafter for the life of the mine.
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 61%. As a result of the amendment, the amount of
payable silver will be determined based on a fixed ratio of silver to gold ounces produced.
The ratio will be as follows:
• 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 s ilver profile which is