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Wheaton Precious Metals (WPM) investor relations material
Wheaton Precious Metals Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record Q2 2025 revenue of $503 million, net earnings of $292 million, and adjusted net earnings of $286 million, driven by higher commodity prices and increased sales volumes, with strong performances at Salobo, Penasquito, Blackwater, and Goose.
Declared a quarterly dividend of $0.165 per share, a 6.5% increase year-over-year, with $150 million paid in Q2.
Maintained a robust balance sheet with $1 billion in cash, no debt, and a $2 billion undrawn credit facility, supporting $3 billion in liquidity.
Recognized among the top 10 corporate citizens in Canada and launched new sustainability and water management initiatives.
Significant operational milestones included Blackwater reaching commercial production and Goose delivering its first gold pour.
Financial highlights
Q2 2025 revenue reached a record $503 million, up 68% year-over-year, with net earnings up 139% to $292 million and adjusted net earnings up 91% to $286 million.
Operating cash flow grew 77% to $415 million, outpacing commodity price increases.
Gross margin nearly doubled to $353 million, with a cash operating margin per GEO sold of $2,717, up 37% year-over-year.
Average realized price per GEO sold was $3,187, with gold at $3,318/oz and silver at $34.05/oz.
Sales volumes were 158,000 GEOs, benefiting from a drawdown in produced but not delivered inventory.
Outlook and guidance
2025 production guidance reaffirmed at 600,000–670,000 GEOs, with production expected to be weighted toward the second half of the year.
Annual production expected to rise 38–40% to 850,000–870,000 GEOs by 2029, with average annual production over 950,000 GEOs from 2030–2034.
Silver production expected to remain stable or grow, with potential upside from Antamina if operational challenges are resolved.
Guidance for the year remains at a 47%/53% first half/second half production split, with a slight bias to Q4.
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