Wheaton Precious Metals (WPM) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 operating cash flow of $254 million, up nearly 49% year-over-year, with strong cash operating margins and effective leverage to rising commodity prices.

• Revenue rose 38% to $308 million, net earnings increased to $155 million, and adjusted net earnings reached $153 million.

• Announced two major streaming agreements: $625 million gold stream on Montage's Koné project and a $100 million expansion on Rio2's Fenix project, the largest in nearly a decade.

• Launched the $1 million Future of Mining Challenge to support sustainable mining technology and recognized for top ESG ratings.

• Maintained a strong balance sheet with $694 million cash, no debt, and a $2 billion undrawn credit facility.

Financial highlights

• Q3 2024 revenue: $308 million (+38% YoY); net earnings: $155 million (+33% YoY); adjusted net earnings: $153 million.

• Operating cash flow: $254 million (+49% YoY); per share: $0.561 (+48% YoY).

• Gross margin expanded 56% to $197 million, with cash operating margin per GEO sold at $2,075 (+34% YoY).

• Average cash cost per gold ounce: $437–$440; per silver ounce: $5.03.

• Quarterly dividend declared at $0.155 per share, a 3% increase year-over-year.

Outlook and guidance

• 2024 production guidance reaffirmed at 550,000–620,000 GEOs; sector-leading growth expected to over 800,000 GEOs by 2028.

• From 2029–2033, average annual production forecasted at over 850,000 GEOs.

• Updated long-term guidance, incorporating new streams, to be provided in Q1 2025.

• Construction at Blackwater, Goose, Platreef, and Mineral Park progressing, all expected to produce within 12 months.