Wheaton Precious Metals (WPM) Q2 2024 earnings summary

Executive summary

• Q2 2024 delivered $234 million in operating cash flow and record H1 cash flows of $454 million, leveraging rising commodity prices and maintaining strong margins.

• Produced over 305,000 gold equivalent ounces (GEOs) year to date, up 13% year-over-year, on track to meet 2024 guidance of 550,000–620,000 GEOs.

• Maintained high liquidity with $540 million in cash and a $2 billion undrawn credit facility, supporting funding flexibility and future acquisitions.

• Recognized for sustainability, ranked among Canada’s top 10 corporate citizens and Corporate Knights' Best 50 Corporate Citizens in 2024.

Financial highlights

• Q2 2024 production: 147,000 GEOs; sales volumes: 124,000 GEOs, down 4% due to timing of sales.

• Revenue rose 13% year-over-year to $299 million, driven by strong commodity prices and production.

• Adjusted net earnings reached $150 million, up $7 million from prior year, despite a $51 million global minimum tax expense.

• Cash flow from operations was $234 million in Q2, up $32 million year-over-year; H1 cash flows set a new record at $454 million.

• Quarterly dividend increased 3% to $0.155 per share.

Outlook and guidance

• 2024 production guidance reaffirmed: 325,000–370,000 oz gold, 18.5–20.5 million oz silver, 12,000–15,000 GEOs other metals, totaling 550,000–620,000 GEOs.

• Production forecast to grow ~40% to over 800,000 GEOs by 2028, driven by ramp-ups and new projects.

• From 2029–2033, annual production expected to average over 850,000 GEOs.

• H2 2024 production expected to be slightly lower than H1 (52%/48% split), with even Q3/Q4 split; Salobo fire impact expected to be net neutral for annual output.

• Construction at Blackwater, Goose, Platreef, Mineral Park, and Marmato Lower Mine progressing, all expected to be producing within 16 months.