Wheaton Precious Metals (WPM) Q4 2024 earnings summary

Executive summary

• Achieved record annual and quarterly revenue, adjusted net earnings, and operating cash flow in 2024, with annual production of 635,000 gold-equivalent ounces, surpassing guidance and driven by strong performance at Salobo and Constancia.

• Added four new investments and streaming deals, including the largest gold streaming deal in a decade, further diversifying the portfolio and expanding geographic reach.

• Announced a 6.5% increase to the quarterly dividend for 2025, with record dividends paid in 2024 and a progressive dividend policy.

• Recognized for sustainability leadership and innovation, including top ESG ratings from MSCI, Sustainalytics, and inclusion in the 2025 Global 100 Most Sustainable Corporations.

Financial highlights

• Q4 2024 revenue reached $381 million (+21% YoY), with gross margin of $247 million (+40% YoY), and operating cash flow of $319 million (+30% YoY).

• Full-year 2024 revenue rose 26% to $1.3 billion, with adjusted net earnings up 20% to $640 million, and record annual operating cash flow of $1,028 million.

• Paid record dividends of over $280 million in 2024, with a new quarterly dividend of $0.165 per share for 2025.

• Ended 2024 with $818 million in cash, no debt, and a fully undrawn $2 billion credit facility.

• Recognized a $109 million impairment charge on Voisey's Bay cobalt stream due to cobalt price declines.

Outlook and guidance

• 2025 production guidance: 600,000–670,000 GEOs, with long-term growth to 870,000 GEOs by 2029 and an average of over 950,000 GEOs from 2030–2034.

• Growth driven by new production from Antamina, Blackwater, Goose, Mineral Park, Platreef, and other development assets.

• 2025 G&A expenses forecasted at $50–$55 million, up due to new initiatives.

• Production in 2025 expected to be 45% in H1 and 55% in H2, with new mines ramping up.