Wheaton Precious Metals (WPM) Q4 2024 earnings summary

Executive summary

• Achieved record revenue, adjusted net earnings, and operating cash flow in 2024, with annual production of 635,000 gold-equivalent ounces, surpassing guidance and setting quarterly and annual records in several key metrics.

• 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 and received top ESG recognitions, including AAA MSCI and Sustainalytics ratings.

• Recognized for sustainability leadership and innovation, including the Future of Mining Challenge award.

• Maintained a strong balance sheet with $818 million in cash, no debt, and a $2 billion undrawn credit facility.

Financial highlights

• Q4 2024 revenue reached $381 million, up 21% year-over-year, with gross margin of $247 million (+40% YoY).

• Full-year 2024 revenue rose 26% to $1.3 billion, adjusted net earnings increased 20% to $640 million, and operating cash flow grew 37% to $1,028 million.

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

• Adjusted net earnings exclude a $109 million impairment charge on the Voisey's Bay cobalt stream due to lower cobalt prices.

• Q4 average realized price per GEO was $2,669 (up 32% YoY); full-year average was $2,413 (up 20%).

Outlook and guidance

• 2025 production guidance: 600,000–670,000 GEOs, with 350,000–390,000 oz gold and 20.5–22.5 million oz silver.

• Production expected to grow 40% over five years, reaching 870,000 GEOs by 2029, and averaging over 950,000 GEOs from 2030–2034.

• Growth driven by higher production at Antamina, new contributions from Blackwater, Goose, Mineral Park, and Platreef, and stable output from Salobo.

• 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.