
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS
“Wheaton achieved record revenue, adjusted net earnings and operating cash flow in 2024, driven by our diversified portfolio of high-quality and long-life assets. We exceeded our production guidance for the year due to outperformances at Salobo and Constancia and are proud to have returned a record level of dividends to shareholders in 2024,” said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. “In 2024, Wheaton remained focused on accretive growth, delivering four new streams and royalties and further reinforcing our industry-leading growth profile. This impressive growth is readily apparent in our five-year production forecast, where we estimate annual production increasing by 40% to 870,000 gold equivalent ounces. As we enter 2025, we look forward to building off our accomplishments from 2024, delivering on a consistent growth profile, and ultimately creating lasting value for all stakeholders.”
Solid Financial Results and Strong Balance Sheet
High Quality Asset Base
Leadership in Sustainability
Operational Overview
(all figures in US dollars unless otherwise noted) | Q4 2024 | Q4 2023 | Change | 2024 | 2023 | Change | ||||||||||||
Units produced | ||||||||||||||||||
Gold ounces | 117,526 | 112,926 | 4.1 % | 379,530 | 374,152 | 1.4 % | ||||||||||||
Silver ounces | 5,740 | 4,206 | 36.5 % | 20,807 | 17,191 | 21.0 % | ||||||||||||
Palladium ounces | 2,797 | 4,209 | (33.5) % | 15,632 | 15,800 | (1.1) % | ||||||||||||
Cobalt pounds | 393 | 215 | 83.1 % | 1,289 | 673 | 91.5 % | ||||||||||||
Gold equivalent ounces3 | 187,493 | 164,796 | 13.8 % | 635,007 | 584,127 | 8.7 % | ||||||||||||
Units sold | ||||||||||||||||||
Gold ounces | 87,662 | 115,011 | (23.8) % | 332,701 | 327,336 | 1.6 % | ||||||||||||
Silver ounces | 4,307 | 3,175 | 35.7 % | 16,072 | 14,326 | 12.2 % | ||||||||||||
Palladium ounces | 4,434 | 3,339 | 32.8 % | 17,270 | 13,919 | 24.1 % | ||||||||||||
Cobalt pounds | 485 | 288 | 68.4 % | 970 | 1,074 | (9.7) % | ||||||||||||
Gold equivalent ounces3 | 142,561 | 155,059 | (8.1) % | 532,468 | 506,020 | 5.2 % | ||||||||||||
Change in PBND and Inventory | ||||||||||||||||||
Gold equivalent ounces3 | 29,293 | (4,030) | (33,323) | 46,378 | 15,990 | (30,388) | ||||||||||||
Revenue | $ | 380,516 | $ | 313,471 | 21.4 % | $ | 1,284,639 | $ | 1,016,045 | 26.4 % | ||||||||
Net earnings | $ | 88,148 | $ | 168,435 | (47.7) % | $ | 529,140 | $ | 537,644 | (1.6) % | ||||||||
Per share | $ | 0.194 | $ | 0.372 | (47.8) % | $ | 1.167 | $ | 1.187 | (1.7) % | ||||||||
Adjusted net earnings 1 | $ | 198,969 | $ | 164,569 | 20.9 % | $ | 640,170 | $ | 533,051 | 20.1 % | ||||||||
Per share1 | $ | 0.439 | $ | 0.363 | 20.9 % | $ | 1.412 | $ | 1.177 | 20.0 % | ||||||||
Operating cash flows | $ | 319,471 | $ | 242,226 | 31.9 % | $ | 1,027,581 | $ | 750,809 | 36.9 % | ||||||||
Per share1 | $ | 0.704 | $ | 0.535 | 31.6 % | $ | 2.266 | $ | 1.658 | 36.7 % | ||||||||
All amounts in thousands except gold, palladium & gold equivalent ounces, and per share amounts. | ||||||||||||||||||
Financial Review
Revenues
Revenue in the fourth quarter of 2024 was $381 million (62% gold, 35% silver, 1% palladium and 2% cobalt), with the $67 million increase relative to the prior period quarter being primarily due to a 32% increase in the average realized gold equivalent³ price; partially offset by an 8% decrease in the number of GEOs³ sold.
Revenue was $1,285 million in the year ended December 31, 2024, representing a $269 million increase from 2023 due primarily to a 20% increase in the average realized gold equivalent³ price; and a 5% increase in the number of GEOs³ sold.
Cash Costs and Margin
Average cash costs¹ in the fourth quarter of 2024 were $441 per GEO³ as compared to $437 in the fourth quarter of 2023. This resulted in a cash operating margin¹ of $2,228 per GEO³ sold, an increase of 41% as compared with the fourth quarter of 2023, a result of the higher realized price per ounce.
Average cash costs¹ in 2024 were $436 per GEO³ as compared to $451 in 2023. This resulted in a cash operating margin¹ of $1,977 per GEO³ sold, a 27% increase from 2023, a result of the higher realized price per ounce coupled with the lower average cash costs due to changes in the sales mix.
Cash Flow from Operations
Operating cash flow in the fourth quarter of 2024 amounted to $319 million, with the $77 million increase due primarily to the higher gross margin.
Operating cash flows in 2024 amounted to $1,028 million, with the $277 million increase from the comparable period of the previous year being due primarily to the higher gross margin.
Voisey’s Bay Impairment
On June 11, 2018, the Company entered into an agreement (the “Voisey’s Bay PMPA”) to acquire from Vale an amount of cobalt equal to 42.4% of the cobalt production from its Voisey’s Bay mine, until the delivery of 31 million pounds of cobalt and 21.2% of cobalt production thereafter for the life of mine for a total upfront cash payment of $390 million.
At December 31, 2024, the Company determined there to be an impairment charge relative to the Voisey’s Bay PMPA due to a significant and sustained decline in market cobalt prices. The Voisey’s Bay PMPA had a carrying value at December 31, 2024 of $340 million. Management estimated that the recoverable amount at December 31, 2024 under the Voisey’s Bay PMPA was $231 million, representing its fair value less cost of disposal and resulting in an impairment charge of $109 million. The recoverable amount related to the Voisey’s Bay PMPA was estimated using an average discount rate of 5.5% and the market price of cobalt of $13.62 per pound.
Produced But Not Yet Delivered
As at December 31, 2024, approximately 163,600 GEO’s3 were produced but not yet delivered representing approximately three months of payable production. This build in PBND is an increase from the preceding four quarters and at the upper end of our guided range of two to three months, due to a significant increase in quarter-over-quarter production driven by increased production at Peñasquito and Salobo, with Salobo representing a quarterly record.
Balance Sheet (at December 31, 2024)
Global Minimum Tax
The Company is within the scope of global minimum tax under the OECD Pillar Two model rules, under which large multinational entities are subject to a 15% GMT. On June 20, 2024, Canada’s Global Minimum Tax Act, received royal assent. The GMTA enacts the OECD Pillar Two model rules where in scope companies are subject to a 15% GMT for fiscal years commencing on or after December 31, 2023. With the enactment of the GMTA on June 20, 2024, the income of the Company’s subsidiaries which operate in jurisdictions with a statutory tax rate of 0% are subject to the GMTA. For the three months and year ended December 31, 2024 an amount of $35 million and $114 million, respectively, current tax expense associated with GMT was recorded. GMT accrued to December 31, 2024, is payable on or before June 30, 2026 (18 months following year-end).
Fourth Quarter Operating Asset Highlights
Salobo: In the fourth quarter of 2024, Salobo produced 84,300 ounces of attributable gold, representing record quarterly production and an increase of approximately 17% relative to the fourth quarter of 2023, primarily due to higher throughput, grades and recovery. On January 28, 2025, Vale S.A. announced the completion of the Salobo III ramp-up and improved performance at Salobo I and II.
On March 4, 2025, Vale informed the Company that it had achieved a sustained throughput capacity of over 35 Mtpa over a 90-day period, indicating completion of the second phase of the Salobo III expansion project. Pending review of the final completion test by the Company, Wheaton anticipates advancing the remaining balance of the expansion payment to Vale, in the amount of $144 million within thirty days of the date of receipt.
Antamina: In the fourth quarter of 2024, Antamina produced 0.9 million ounces of attributable silver, a decrease of approximately 8% relative to the fourth quarter of 2023 primarily due to lower throughput, partially offset by higher recoveries.
Peñasquito: In the fourth quarter of 2024, Peñasquito produced 2.5 million ounces of attributable silver, an increase of approximately 138% relative to the fourth quarter of 2023, as prior year operations were impacted by a labour strike which began on June 7, 2023 and ended on October 13, 2023 with the safe ramp-up of operations beginning after the end of the strike. On February 20, 2025, Newmont Corporation (“Newmont”) announced that co-product production in 2025 is expected to decline as mining moves back into the Peñasco pit which contains lower silver grades relative to the Chile Colorado pit.
Constancia: In the fourth quarter of 2024, Constancia produced 1.0 million ounces of attributable silver and 18,200 ounces of attributable gold, an increase of approximately 16% for silver production and a decrease of approximately 18% for gold production relative to the fourth quarter of 2023. The increase in silver production, which represented a quarterly record, was primarily due to higher grades. The decrease in gold production was primarily the result of lower gold grades as more material was mined from Constancia and reclaimed from the stockpile compared with the prior year. On February 19, 2025, Hudbay Minerals Inc. announced that gold production in 2025 is expected to be lower than 2024 levels as additional high grade gold benches were mined in late 2024, ahead of schedule, resulting in gold production exceeding 2024 guidance levels. The Pampacancha deposit is now expected to be depleted in early December 2025 as opposed to October 2025, as the mine plan has smoothed Pampacancha production throughout the year. Total mill ore feed from Pampacancha is expected to be approximately 25% in 2025, lower than the typical one-third in prior years as Pampacancha approaches depletion.
Sudbury: In the fourth quarter of 2024, Vale’s Sudbury mines produced 5,000 ounces of attributable gold, a decrease of approximately 14% relative to the fourth quarter of 2023, due to lower recoveries.
Stillwater: In the fourth quarter of 2024, the Stillwater mines produced 2,200 ounces of attributable gold and 2,800 ounces of attributable palladium, a decrease of approximately 7% for gold and 34% for palladium relative to the fourth quarter of 2023, primarily due to lower throughput as Stillwater West operations were put into care and maintenance on September 12, 2024.
Voisey’s Bay: In the fourth quarter of 2024, the Voisey’s Bay mine produced 393,000 pounds of attributable cobalt, an increase of approximately 83% relative to the fourth quarter of 2023, as the transitional period between the depletion of the Ovoid open-pit and ramp-up to full production of the Voisey’s Bay underground mine nears completion. On December 3, 2024, Vale reported that it has completed construction and commissioning of the Voisey’s Bay underground mine extension. The expansion transitioned Voisey’s Bay from open pit to underground mining. The project involved the development of two underground mines, Reid Brook and Eastern Deeps, which will deliver ore for processing at Vale’s Long Harbour refinery. The full ramp-up is expected by the second half of 2026.
Other Silver: In the fourth quarter of 2024, total Other Silver attributable production was 1.4 million ounces, an increase of approximately 4% relative to the fourth quarter of 2023, primarily due to higher production at Zinkgruvan, partially offset by lower production at Neves-Corvo.
Detailed mine-by-mine production and sales figures can be found in the Appendix to this press release and in Wheaton’s consolidated MD&A in the ‘Results of Operations and Operational Review’ section.
Recent Development Asset Updates
Blackwater Project: On November 6, 2024, Artemis announced that overall construction of the Blackwater project was over 95% complete as of September 30, 2024. Construction of the tailings storage facility is ready to allow for the commencement of commissioning of the plant. Artemis reported that the initial mining fleet has been commissioned and pre-stripping of the mine, as well as the construction of haul roads are well advanced. On January 22, 2025, Artemis announced that commissioning of the grinding circuit at the Blackwater project has advanced and milling of first ore commenced, with the first pour of gold and silver being announced on January 29, 2025. Commercial production remains targeted for Q2 2025.
Goose Project: On February 19, 2025, B2Gold Corp. announced that all planned construction activities for 2024 were completed and project construction and development continue to progress on track to achieve first gold pour at the Goose project in the second quarter of 2025, followed by a ramp up to commercial production in the third quarter of 2025. Following the successful completion of the 2024 sea lift, the construction of the 163 kilometer Winter Ice Road was completed in February 2025. As of February 18, 2025, the Winter Ice Road is fully operational with the transportation of all materials from the Marine Laydown Area to the Goose project site expected to be completed by May 15, 2025.
Mineral Park Project: During the quarter, Waterton’s Origin Mining continued to advance the Mineral Park project, with the installation of new crushing and milling circuits nearing completion. Project construction continues to progress on track for first ore to the mill in Q2 2025, followed by a ramp up to commercial production during the second half of 2025. At project completion the fully refurbished mill capacity will be 16.5 Mtpa.
Platreef Project: On October 30, 2024, Ivanhoe Mines reported that construction of the Phase 1 concentrator was completed on schedule early in the third quarter. First ore is scheduled for the second half of 2025, while underground development prioritizes development to accelerate Phase 2. Ivanhoe also states that work continues on the updated feasibility study to accelerate the startup of Phase 2, as well as the preliminary economic assessment of the previously announced Phase 3 expansion to 10 Mtpa processing capacity. On February 18, 2025, Ivanhoe reported positive results from the two independent technical studies completed on the Phase 2 and Phase 3 expansions. The study outlines Phase 1 production from Q4-2025, followed by the Phase 2 expansion two years later in Q4-2027. Ivanhoe noted that the Phase 3 expansion is expected to rank Platreef as one of the largest primary PGM producers on a platinum equivalent basis.
Fenix Project: On October 2, 2024, Rio2 Limited announced that its Chilean subsidiary has received the principal Sectorial Permits it requires to begin construction at the Fenix project. These Sectorial Permits represent the last governmental authorization required to enable the start of the construction phase and subsequent operation of the Fenix mine. On January 13, 2025, Rio2 reported that construction activities recommenced in October 2024 and construction is expected to be completed in November 2025. Bulk earthworks at the plant side have been completed and concrete bases for the footings of the processing plant have been poured. Earthworks have commenced on the leach pad stability platform, which forms the base of the Phase 1 leach pad. First gold production is currently expected in January 2026.
Marmato Mine: On March 13, 2025, Aris announced an enhanced Marmato expansion, whereby the design of the carbon-in-pulp processing facility will be upgraded by 25% from 4,000 tpd to 5,000 tpd. Aris reports that construction remains on track, and production is expected to start ramping up in the second half of 2026.
Kurmuk Project: On January 22, 2025, Allied reported that earthworks at the plant terrace advanced during the quarter to near completion, while civil works and structural, mechanical, plate, and piping contractor mobilizations are in progress. Main camp construction, along with engineering and procurement activities, progressed during the quarter, with the project remaining on track and on budget. On February 20, 2025, Allied reported that the Kurmuk project is expected to start production by mid-2026.
El Domo Project: During the second quarter of 2024, Silvercorp Metals Inc. announced that an Ecuadorian court rejected a constitutional protective action filed by third parties against Ministry of Environment, Water and Energy Transition of the Government of Ecuador (“MAATE”) and concluded that the consultative process followed by MAATE in issuing the various permits relative to the El Domo project complied with applicable legal requirements. An appeal was granted and a hearing took place at the Superior Court of Bolivar (the Superior Court”) on October 17, 2024. On November 15, 2024, Silvercorp announced that the Superior Court rejected the appeal.
On January 7, 2025, Silvercorp reported it is targeting to bring the project into production in the second half of 2026 and have recently awarded the earthworks contract to a large international mining contractor with over ten years of experience working in Ecuador.
Koné Project: On December 18, 2024, Montage announced that it has launched the construction of its Koné project, with first gold production scheduled for the second quarter of 2027. Significant progress is being made to rapidly advance and de-risk the project as early works are well underway and major construction works are set to commence in the coming weeks, once further construction equipment arrives to site. The Koné project is fully permitted.
Copper World Project: On January 2, 2025, Hudbay announced that it has received an Air Quality Permit for the Copper World project from the Arizona Department of Environmental Quality. The issuance of this permit is a significant milestone in the advancement of the project as it is the final major permit required for the development and operation of Copper World. Hudbay commenced a minority joint venture partner process early in 2025, and it is anticipated that any minority joint venture partner would participate in the funding of definitive feasibility study activities in 2025 as well as in the final project design and construction for Copper World. The sanctioning of Copper World is not expected until 2026 based on current estimated timelines.
Santo Domingo Project: On January 20, 2025, Capstone Copper Corporation announced plans to progress partnership discussions and its financing strategy throughout 2025. A potential project sanctioning decision is not anticipated prior to 2026. On February 19, 2025, Capstone reported the Mantoverde exploration drill program commenced in Q4 2024.
Cangrejos Project: On January 28, 2025, Lumina Gold Corp., announced significant progress regarding power infrastructure required for the Cangrejos project. Lumina received approval of the definitive feasibility level designs for connection to the national grid for the future energy demand of the Cangrejos project from Corporación Eléctrica del Ecuador on January 15, 2025. The lead engineering contractor for the feasibility study has completed 92% of the estimated work. The feasibility study remains on schedule for completion during Q2 2025. Work for the Environmental Impact Study is progressing on schedule which will allow for its submission to the Government of Ecuador in mid-2025. Lumina is targeting receiving its environmental license by early 2026.
Corporate Development
Amendment to the Fenix PMPA: On October 21, 2024, the Company amended the Fenix PMPA6, in exchange for which, the Company is committed to pay additional upfront cash consideration of $100 million, payable in two equal installments, subject to various customary conditions being satisfied. To date, no amounts have been advanced under the Fenix PMPA amendment.
Koné Project: On October 23, 2024, the Company entered into a PMPA (the “Koné Gold PMPA”)7 with Montage in respect of its 90% owned Koné Gold project located in Côte d’Ivoire. Under the terms of the Koné Gold PMPA, the Company is committed to pay Montage total upfront cash payments of $625 million, payable in four equal installment payments during construction, subject to certain conditions, including that all permits have been obtained. To date, no amounts have been advanced under the Koné Gold PMPA.
Kurmuk Project: On December 5, 2024, the Company entered into a PMPA (the “Kurmuk Gold PMPA”)8 with Allied Gold Corporation in respect of its Kurmuk project located in Ethiopia. Under the terms of the agreement, Wheaton is committed to pay Allied total upfront cash payments of $175 million, payable in four equal installment payments during construction, subject to certain conditions. The first payment of $44 million was paid on December 19, 2024.
Amendment to Blackwater PMPA: On March 7, 2025, the Company amended its PMPA (the “Blackwater Silver PMPA”) with Artemis Gold Inc. in respect of silver production from the Blackwater Project located in British Columbia in Canada. Under the Blackwater Silver PMPA, Wheaton will acquire an amount of silver equal to 50% of the payable silver until 17.8 million ounces have been delivered and 33% of payable silver thereafter for the life of the mine.
Previously, the determination of payable silver production under the Silver Stream required the application of a complex metallurgical protocol to determine the silver content of the mill feed and applied a fixed recovery rate of 61%. As a result of the amendment, the amount of payable silver will be determined based on a fixed ratio of silver to gold ounces produced. The ratio will be as follows:
Once 17.8 million ounces of silver have been delivered, the determination of payable silver will revert to being based on a fixed silver recovery factor, consistent with the previous terms of the Blackwater Silver PMPA. As a result of the changed payable silver profile which is expected to deliver silver ounces to the Company sooner relative to the original profile, on March 10, 2025, the Company paid Artemis $30 million in connection with this amendment.
Reserves and Resources (at December 31, 2024)
Estimated attributable reserves and resources contained in this press release are based on information available to the Company as of March 6, 2025, and therefore will not reflect updates, if any, after that date. Updated reserves and resources data incorporating year-end 2024 estimates will also be included in the Company’s 2024 Annual Information Form. Wheaton’s most current attributable reserves and resources, as of December 31, 2024, can be found on the Company’s website at www.wheatonpm.com.
Sustainability
Future of Mining Challenge
On March 4, 2025, Wheaton announced the winner of its inaugural Future of Mining Challenge. ReThink Milling Inc. has been awarded $1 million for its Conjugate Anvil Hammer Mill and MonoRoll technologies, which have the potential to revolutionize the milling process. This innovative grinding technology demonstrates immense potential to deliver greater efficiency with significantly lower energy use, leading to reduced greenhouse gas emissions and operating costs.
Community Investment Program
Subsequent Events
Declaration of Dividend
The Company has increased its quarterly dividend under its dividend policy, setting it at $0.165 per common share for 2025. This represents a 6.5% increase over the quarterly dividend paid in 2024 and represents the second consecutive year that the dividend has been increased, highlighting the Company’s commitment to a progressive dividend. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.
Chief Financial Officer Transition
On January 9, 2024, Wheaton announced that Gary Brown will be stepping down from his role as Chief Financial Officer, effective March 31, 2025. As part of a planned leadership succession, Vincent Lau, Wheaton’s Vice President of Finance, will be appointed CFO and will join the senior leadership team.
2025 Production Outlook
In 2025, Wheaton provides 2025 production guidance between 600,000 and 670,000 GEOs4. The midpoint of the 2024 guidance range compared to the midpoint of the 2025 guidance range suggests year-over-year production growth of approximately 10%, in alignment with the Company’s previously stated long-term growth forecast. This forecast growth is driven by stronger attributable production from Antamina, the start-up of several development projects, and a stable forecast for Salobo production. This increase is expected to be partially offset by lower production from Peñasquito and Constancia.
Attributable production is forecast to increase at Antamina in 2025 due to expected higher silver grades, as a result of a higher ratio of copper-zinc ore versus copper-only ore being mined in 2025. Wheaton’s 2025 forecast also includes inaugural production from four projects currently in development; Blackwater, Goose, Mineral Park and Platreef, all of which are expected to commence production in 2025. In addition, the Aljustrel mine is anticipated to re-start production in the third quarter of 2025, following the announcement made on September 12, 2023, that as a result of low zinc prices, the production of zinc and lead concentrates would be temporarily halted from September 24, 2023 onward. Increased production from the forementioned assets is anticipated to be offset by lower production at Peñasquito, as mining transitions from the Chile Colorado to the main Peñasco pit, which contains lower relative silver grades. In addition, lower production levels are anticipated at Constancia, predominantly due to additional gold benches being mined in late 2024 that were brought forward from the 2025 plan, coupled with the expectation that total mill ore feed from Pampacancha will be approximately 25% in 2025, lower than the typical one-third in prior years as Pampacancha approaches depletion. After a record-breaking quarter to end 2024, production levels at Salobo are expected to remain consistent, with higher throughput levels attributable to the Salobo III expansion project anticipated to be offset by lower gold grades.
Long-Term Production Outlook
Production is forecast to increase by approximately 40% over the next five years to 870,000 GEOs4 by 2029, due to growth from multiple Operating assets including Antamina, Aljustrel and Marmato; Development assets that are in construction, including the Blackwater, Mineral Park, Goose, Platreef, Fenix, Kurmuk, and Koné projects; and Pre-development assets including the El Domo and Copper World projects.
From 2030 to 2034, attributable production is forecast to average over 950,000 GEOs4 annually and incorporates additional incremental production from Pre-development assets including the Santo Domingo, Cangrejos, Kudz ze Kayah, Marathon and Kutcho projects, in addition to the Mt. Todd, Black Pine and DeLamar royalties.
Not included in Wheaton’s long-term forecast and instead classified as ‘optionality’, is potential future production from nine other assets, including Pascua-Lama and Navidad, in addition to expansions at Salobo outside of the Salobo III mine expansion project.
About Wheaton Precious Metals Corp.
Wheaton is the world’s premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors commodity price leverage and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. As a result, Wheaton has consistently outperformed gold and silver, as well as other mining investments. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming for all of its stakeholders.
In accordance with Wheaton Precious Metals™ Corp.’s MD&A and Financial Statements, reference to the Company and Wheaton includes the Company’s wholly owned subsidiaries.
Mr. Wes Carson, P.Eng., Vice President, Mining Operations, Neil Burns, P.Geo., Vice President, Technical Services for Wheaton Precious Metals and Ryan Ulansky, P.Eng., Vice President, Engineering, are a “qualified person” as such term is defined under National Instrument 43-101, and have reviewed and approved the technical information disclosed in this news release (specifically Mr. Carson has reviewed production figures, Mr. Burns has reviewed mineral resource estimates and Mr. Ulansky has reviewed the mineral reserve estimates).
Wheaton Precious Metals believes that there are no significant differences between its corporate governance practices and those required to be followed by United States domestic issuers under the NYSE listing standards. This confirmation is located on the Wheaton Precious Metals website at http://www.wheatonpm.com.
Consolidated Statements of Earnings
Years Ended December 31 | |||||
(US dollars and shares in thousands, except per share amounts) | 2024 | 2023 | |||
Sales | $ | 1,284,639 | $ | 1,016,045 | |
Cost of sales | |||||
Cost of sales, excluding depletion | $ | 235,108 | $ | 228,171 | |
Depletion | 246,944 | 214,434 | |||
Total cost of sales | $ | 482,052 | $ | 442,605 | |
Gross margin | $ | 802,587 | $ | 573,440 | |
General and administrative expenses | 40,668 | 38,165 | |||
Share based compensation | 23,268 | 22,744 | |||
Donations and community investments | 8,958 | 7,261 | |||
Impairment of mineral stream interests | 108,861 | – | |||
Earnings from operations | $ | 620,832 | $ | 505,270 | |
Gain on disposal of mineral stream interests | – | 5,027 | |||
Other income (expense) | 29,061 | 34,271 | |||
Earnings before finance costs and income taxes | $ | 649,893 | $ | 544,568 | |
Finance costs | 5,549 | 5,510 | |||
Earnings before income taxes | $ | 644,344 | $ | 539,058 | |
Income tax expense | 115,204 | 1,414 | |||
Net earnings | $ | 529,140 | $ | 537,644 | |
Basic earnings per share | $ | 1.167 | $ | 1.187 | |
Diluted earnings per share | $ | 1.165 | $ | 1.186 | |
Weighted average number of shares outstanding | |||||
Basic | 453,460 | 452,814 | |||
Diluted | 454,119 | 453,463 |
Consolidated Balance Sheets
As at December 31 |
As at December 31 |
|||
(US dollars in thousands) | 2024 | 2023 | ||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | $ | 818,166 | $ | 546,527 |
Accounts receivable | 6,217 | 10,078 | ||
Cobalt inventory | – | 1,372 | ||
Income taxes receivable | – | 5,935 | ||
Other | 3,697 | 3,499 | ||
Total current assets | $ | 828,080 | $ | 567,411 |
Non-current assets | ||||
Mineral stream interests | $ | 6,379,580 | $ | 6,122,441 |
Early deposit mineral stream interests | 47,094 | 47,093 | ||
Mineral royalty interests | 40,421 | 13,454 | ||
Long-term equity investments | 98,975 | 246,678 | ||
Property, plant and equipment | 8,691 | 7,638 | ||
Other | 21,616 | 26,470 | ||
Total non-current assets | $ | 6,596,377 | $ | 6,463,774 |
Total assets | $ | 7,424,457 | $ | 7,031,185 |
Liabilities | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities | $ | 13,553 | $ | 13,458 |
Income taxes payable | 2,127 | – | ||
Current portion of performance share units | 13,562 | 12,013 | ||
Current portion of lease liabilities | 262 | 604 | ||
Total current liabilities | $ | 29,504 | $ | 26,075 |
Non-current liabilities | ||||
Performance share units | $ | 11,522 | $ | 9,113 |
Lease liabilities | 4,909 | 5,625 | ||
Global minimum tax payable | 113,505 | – | ||
Deferred income taxes | 349 | 232 | ||
Pension liability | 5,289 | 4,624 | ||
Total non-current liabilities | $ | 135,574 | $ | 19,594 |
Total liabilities | $ | 165,078 | $ | 45,669 |
Shareholders’ equity | ||||
Issued capital | $ | 3,798,108 | $ | 3,777,323 |
Reserves | (63,503) | (40,091) | ||
Retained earnings | 3,524,774 | 3,248,284 | ||
Total shareholders’ equity | $ | 7,259,379 | $ | 6,985,516 |
Total liabilities and shareholders’ equity | $ | 7,424,457 | $ | 7,031,185 |
Consolidated Statements of Cash Flows
Years Ended December 31 | |||||
(US dollars in thousands) | 2024 | 2023 | |||
Operating activities | |||||
Net earnings | $ | 529,140 | $ | 537,644 | |
Adjustments for | |||||
Depreciation and depletion | 248,303 | 215,926 | |||
Gain on disposal of mineral stream interest | – | (5,027) | |||
Impairment of mineral stream interests | 108,861 | – | |||
Interest expense | 284 | 207 | |||
Equity settled stock based compensation | 6,703 | 6,438 | |||
Performance share units – expense | 16,565 | 16,306 | |||
Performance share units – paid | (11,129) | (16,675) | |||
Pension expense | 1,124 | 1,122 | |||
Pension paid | (43) | (116) | |||
Income tax expense | 115,204 | 1,414 | |||
(Gain) loss on fair value adjustment of share purchase warrants held | 8 | 31 | |||
Investment income recognized in net earnings | (27,014) | (37,178) | |||
Other | 3,142 | 1,227 | |||
Change in non-cash working capital | 4,426 | 1,912 | |||
Cash generated from operations before income taxes and interest | $ | 995,574 | $ | 723,231 | |
Income taxes refunded (paid) | 8,516 | (6,192) | |||
Interest paid | (287) | (187) | |||
Interest received | 23,778 | 33,957 | |||
Cash generated from operating activities | $ | 1,027,581 | $ | 750,809 | |
Financing activities | |||||
Credit facility extension fees | $ | (937) | $ | (859) | |
Share purchase options exercised | 13,192 | 12,415 | |||
Lease payments | (594) | (691) | |||
Dividends paid | (279,050) | (265,109) | |||
Cash used for financing activities | $ | (267,389) | $ | (254,244) | |
Investing activities | |||||
Mineral stream interests | $ | (628,234) | $ | (663,528) | |
Repayment of mineral stream interests deposit | 13,250 | – | |||
Early deposit mineral stream interests | – | (1,000) | |||
Mineral royalty interest | (26,981) | (6,833) | |||
Net proceeds on disposal of mineral stream interests | – | 46,400 | |||
Acquisition of long-term investments | (20,234) | (17,447) | |||
Proceeds on disposal of long-term investments | 177,088 | 202 | |||
Investment in subscription rights | (3,114) | (4,510) | |||
Dividends received | 2,188 | 2,317 | |||
Other | (2,266) | (2,247) | |||
Cash used for investing activities | $ | (488,303) | $ | (646,646) | |
Effect of exchange rate changes on cash and cash equivalents | $ | (250) | $ | 519 | |
Increase (decrease) in cash and cash equivalents | $ | 271,639 | $ | (149,562) | |
Cash and cash equivalents, beginning of year | 546,527 | 696,089 | |||
Cash and cash equivalents, end of year | $ | 818,166 | $ | 546,527 |
Summary of Units Produced
Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | |
Gold ounces produced ² | ||||||||
Salobo | 84,291 | 62,689 | 63,225 | 61,622 | 71,778 | 69,045 | 54,804 | 43,677 |
Sudbury3 | 5,004 | 3,593 | 4,477 | 5,618 | 5,823 | 3,857 | 5,818 | 6,203 |
Constancia | 18,180 | 10,446 | 6,086 | 13,897 | 22,292 | 19,003 | 7,444 | 6,905 |
San Dimas4 | 7,263 | 6,882 | 7,089 | 7,542 | 10,024 | 9,995 | 11,166 | 10,754 |
Stillwater5 | 2,166 | 2,247 | 2,099 | 2,637 | 2,341 | 2,454 | 2,017 | 1,960 |
Other | ||||||||
Marmato | 622 | 648 | 584 | 623 | 668 | 673 | 639 | 457 |
Minto6 | – | – | – | – | – | – | 1,292 | 3,063 |
Total Other | 622 | 648 | 584 | 623 | 668 | 673 | 1,931 | 3,520 |
Total gold ounces produced | 117,526 | 86,505 | 83,560 | 91,939 | 112,926 | 105,027 | 83,180 | 73,019 |
Silver ounces produced2 | ||||||||
Peñasquito7 | 2,465 | 1,785 | 2,263 | 2,643 | 1,036 | – | 1,744 | 2,076 |
Antamina | 947 | 925 | 992 | 806 | 1,030 | 894 | 984 | 872 |
Constancia | 969 | 648 | 451 | 640 | 836 | 697 | 420 | 552 |
Other | ||||||||
Los Filos | 29 | 26 | 27 | 48 | 26 | 32 | 41 | 45 |
Zinkgruvan | 637 | 537 | 699 | 641 | 510 | 785 | 374 | 632 |
Neves-Corvo | 494 | 425 | 432 | 524 | 573 | 486 | 407 | 436 |
Aljustrel 8 | – | – | – | – | – | 327 | 279 | 343 |
Cozamin | 192 | 185 | 177 | 173 | 185 | 165 | 184 | 141 |
Marmato | 7 | 7 | 6 | 7 | 10 | 11 | 7 | 8 |
Minto6 | – | – | – | – | – | – | 14 | 29 |
Total Other | 1,359 | 1,180 | 1,341 | 1,393 | 1,304 | 1,806 | 1,306 | 1,634 |
Total silver ounces produced | 5,740 | 4,538 | 5,047 | 5,482 | 4,206 | 3,397 | 4,454 | 5,134 |
Palladium ounces produced ² | ||||||||
Stillwater5 | 2,797 | 4,034 | 4,338 | 4,463 | 4,209 | 4,006 | 3,880 | 3,705 |
Cobalt pounds produced ² | ||||||||
Voisey’s Bay | 393 | 397 | 259 | 240 | 215 | 183 | 152 | 124 |
GEOs produced9 | 187,493 | 143,290 | 145,449 | 158,775 | 164,796 | 147,278 | 137,323 | 134,730 |
Average payable rate2 | ||||||||
Gold | 95.3 % | 95.0 % | 95.0 % | 94.7 % | 95.1 % | 95.4 % | 95.1 % | 95.1 % |
Silver | 84.2 % | 83.9 % | 84.3 % | 84.5 % | 83.0 % | 78.4 % | 83.7 % | 83.1 % |
Palladium | 97.5 % | 98.4 % | 97.3 % | 97.8 % | 98.0 % | 94.1 % | 94.1 % | 96.3 % |
Cobalt | 93.3 % | 93.3 % | 93.3 % | 93.3 % | 93.3 % | 93.3 % | 93.3 % | 93.3 % |
GEO 9 | 91.4 % | 91.0 % | 90.7 % | 90.7 % | 91.6 % | 90.9 % | 90.9 % | 89.8 % |
1) | All figures in thousands except gold and palladium ounces produced. | |||||||
2) | Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures and payable rates are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures and payable rates may be updated in future periods as additional information is received. | |||||||
3) | Comprised of the Coleman, Copper Cliff, Garson, Creighton and Totten gold interests. | |||||||
4) | Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the “70” shall be revised to “50” or “90”, as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the “70” shall be reinstated. For reference, attributable silver production from prior periods is as follows: Q4 2024 – 295,000 ounces; Q3 2024 – 262,000 ounces; Q2 2024 – 285,000 ounces; Q1 2024 – 291,000 ounces; Q4 2023 – 378,000 ounces; Q3 2023 – 387,000 ounces; Q2 2023 – 423,000 ounces; Q1 2023 – 401,000 ounces. | |||||||
5) | Comprised of the Stillwater and East Boulder gold and palladium interests. | |||||||
6) | On May 13, 2023, Minto Metals Corp. announced the suspension of operations at the Minto mine. | |||||||
7) | There was a temporary suspension of operations at Peñasquito due to a labour strike which ran from June 7, 2023 to October 13, 2023. | |||||||
8) | On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the third quarter of 2025. | |||||||
9) | GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2024. |
Summary of Units Sold
Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | ||||||
Gold ounces sold | |||||||||||||
Salobo | 55,170 | 58,101 | 54,962 | 56,841 | 76,656 | 44,444 | 46,030 | 35,966 | |||||
Sudbury2 | 4,048 | 2,495 | 5,679 | 4,129 | 5,011 | 4,836 | 4,775 | 4,368 | |||||
Constancia | 17,873 | 5,186 | 6,640 | 20,123 | 19,925 | 12,399 | 9,619 | 6,579 | |||||
San Dimas | 6,990 | 7,022 | 6,801 | 7,933 | 10,472 | 9,695 | 11,354 | 10,651 | |||||
Stillwater3 | 2,410 | 1,635 | 2,628 | 2,355 | 2,314 | 1,985 | 2,195 | 2,094 | |||||
Other | |||||||||||||
Marmato | 650 | 550 | 616 | 638 | 633 | 792 | 467 | 480 | |||||
777 | – | – | – | – | – | 275 | 153 | 126 | |||||
Minto | – | – | – | – | – | – | 701 | 2,341 | |||||
Santo Domingo 4 | 312 | 447 | – | – | – | – | – | – | |||||
El Domo 4 | 209 | 258 | – | – | – | – | – | – | |||||
Total Other | 1,171 | 1,255 | 616 | 638 | 633 | 1,067 | 1,321 | 2,947 | |||||
Total gold ounces sold | 87,662 | 75,694 | 77,326 | 92,019 | 115,011 | 74,426 | 75,294 | 62,605 | |||||
Silver ounces sold |
|||||||||||||
Peñasquito | 1,852 | 1,667 | 1,482 | 1,839 | 442 | 453 | 1,913 | 1,483 | |||||
Antamina | 858 | 989 | 917 | 762 | 1,091 | 794 | 963 | 814 | |||||
Constancia | 797 | 366 | 422 | 726 | 665 | 435 | 674 | 366 | |||||
Other | |||||||||||||
Los Filos | 29 | 26 | 24 | 44 | 24 | 30 | 37 | 34 | |||||
Zinkgruvan | 452 | 488 | 597 | 297 | 449 | 714 | 370 | 520 | |||||
Neves-Corvo | 154 | 185 | 216 | 243 | 268 | 245 | 132 | 171 | |||||
Aljustrel | – | – | – | 1 | 86 | 142 | 182 | 205 | |||||
Cozamin | 158 | 148 | 158 | 147 | 141 | 139 | 150 | 119 | |||||
Marmato | 7 | 6 | 7 | 8 | 9 | 11 | 7 | 7 | |||||
Minto | – | – | – | – | – | – | 7 | 29 | |||||
Keno Hill | – | – | – | – | – | – | – | 1 | |||||
777 | – | – | – | – | – | 2 | 2 | – | |||||
Total Other | 800 | 853 | 1,002 | 740 | 977 | 1,283 | 887 | 1,086 | |||||
Total silver ounces sold | 4,307 | 3,875 | 3,823 | 4,067 | 3,175 | 2,965 | 4,437 | 3,749 | |||||
Palladium ounces sold | |||||||||||||
Stillwater3 | 4,434 | 3,761 | 4,301 | 4,774 | 3,339 | 4,242 | 3,392 | 2,946 | |||||
Cobalt pounds sold | |||||||||||||
Voisey’s Bay | 485 | 88 | 88 | 309 | 288 | 198 | 265 | 323 | |||||
GEOs sold5 | 142,561 | 122,715 | 124,009 | 143,184 | 155,059 | 111,935 | 129,734 | 109,293 | |||||
Cumulative payable units PBND6 | |||||||||||||
Gold ounces | 119,446 | 94,578 | 87,350 | 85,259 | 90,237 | 97,860 | 72,061 | 76,522 | |||||
Silver ounces | 3,260 | 2,733 | 2,801 | 2,368 | 1,802 | 1,486 | 1,790 | 2,531 | |||||
Palladium ounces | 4,439 | 6,186 | 6,018 | 6,198 | 6,666 | 5,607 | 6,122 | 5,751 | |||||
Cobalt pounds | 678 | 796 | 513 | 360 | 356 | 377 | 251 | 285 | |||||
GEO5 | 163,562 | 134,269 | 125,906 | 117,930 | 116,610 | 120,203 | 97,331 | 110,362 | |||||
Inventory on hand | |||||||||||||
Cobalt pounds | – | – | – | – | 88 | 155 | 310 | 398 | |||||
1) | All figures in thousands except gold and palladium ounces sold. | ||||||||||||
2) | Comprised of the Coleman, Copper Cliff, Garson, Creighton and Totten gold interests. | ||||||||||||
3) | Comprised of the Stillwater and East Boulder gold and palladium interests. | ||||||||||||
4) | The ounces sold under Santo Domingo and El Domo relate to ounces received due to the delay ounce provision as per the respective PMPA. Please see the Company’s MD&A for more information. | ||||||||||||
5) | GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2024. | ||||||||||||
6) | Payable gold, silver and palladium ounces as well as cobalt pounds produced but not yet delivered are based on management estimates. These figures may be updated in future periods as additional information is received. | ||||||||||||
Results of Operations
The operating results of the Company’s reportable operating segments are summarized in the tables and commentary below.
Three Months Ended December 31, 2024 | ||||||||||||||||||
Units Produced² |
Units Sold |
Average Realized Price ($’s Per Unit) |
Average Cash Cost ($’s Per Unit)3 |
Average Depletion ($’s Per Unit)4 |
Sales | Impairment Charges5 |
Net Earnings |
Cash Flow From Operations |
Total Assets |
|||||||||
Gold | ||||||||||||||||||
Salobo | 84,291 | 55,170 | $ | 2,676 | $ | 425 | $ | 378 | $ | 147,610 | $ | – | $ | 103,323 | $ | 121,254 | $ | 2,595,485 |
Sudbury6 | 5,004 | 4,048 | 2,709 | 400 | 1,326 | 10,968 | – | 3,982 | 9,853 | 241,551 | ||||||||
Constancia | 18,180 | 17,873 | 2,676 | 425 | 323 | 47,821 | – | 34,463 | 40,232 | 64,326 | ||||||||
San Dimas | 7,263 | 6,990 | 2,676 | 637 | 290 | 18,704 | – | 12,226 | 14,251 | 136,481 | ||||||||
Stillwater | 2,166 | 2,410 | 2,676 | 481 | 421 | 6,448 | – | 4,275 | 5,289 | 207,460 | ||||||||
Other7 | 622 | 1,171 | 2,681 | 265 | 1,485 | 3,139 | – | 1,089 | 2,828 | 981,316 | ||||||||
117,526 | 87,662 | $ | 2,677 | $ | 440 | $ | 420 | $ | 234,690 | $ | – | $ | 159,358 | $ | 193,707 | $ | 4,226,619 | |
Silver | ||||||||||||||||||
Peñasquito | 2,465 | 1,852 | $ | 31.48 | $ | 4.50 | $ | 4.86 | $ | 58,293 | $ | – | $ | 40,965 | $ | 49,960 | $ | 244,465 |
Antamina | 947 | 858 | 31.48 | 6.28 | 8.46 | 27,009 | – | 14,360 | 21,619 | 490,771 | ||||||||
Constancia | 969 | 797 | 31.48 | 6.26 | 6.10 | 25,084 | – | 15,232 | 20,096 | 165,378 | ||||||||
Other8 | 1,359 | 800 | 30.43 | 4.37 | 5.34 | 24,347 | – | 16,570 | 25,204 | 662,630 | ||||||||
5,740 | 4,307 | $ | 31.28 | $ | 5.16 | $ | 5.90 | $ | 134,733 | $ | – | $ | 87,127 | $ | 116,879 | $ | 1,563,244 | |
Palladium | ||||||||||||||||||
Stillwater | 2,797 | 4,434 | $ | 1,008 | $ | 184 | $ | 429 | $ | 4,468 | $ | – | $ | 1,749 | $ | 3,653 | $ | 213,179 |
Platreef | – | – | n.a. | n.a. | n.a. | – | – | – | – | 78,814 | ||||||||
2,797 | 4,434 | $ | 1,008 | $ | 184 | $ | 429 | $ | 4,468 | $ | – | $ | 1,749 | $ | 3,653 | $ | 291,993 | |
Platinum | ||||||||||||||||||
Marathon | – | – | $ | n.a. | $ | n.a. | $ | n.a. | $ | – | $ | – | $ | – | $ | – | $ | 9,451 |
Platreef | – | – | n.a. | n.a. | n.a. | – | – | – | – | 57,584 | ||||||||
– | – | $ | n.a. | $ | n.a. | $ | n.a. | $ | – | $ | – | $ | – | $ | – | $ | 67,035 | |
Cobalt | ||||||||||||||||||
Voisey’s Bay | 393 | 485 | $ | 13.66 | $ | 2.59 | $ | 12.78 | $ | 6,625 | $ | (108,861) | $ | (109,688) | $ | 4,618 | $ | 230,689 |
Operating results | $ | 380,516 | $ | (108,861) | $ | 138,546 | $ | 318,857 | $ | 6,379,580 | ||||||||
Other | ||||||||||||||||||
General and administrative | $ | (10,475) | $ | (6,996) | ||||||||||||||
Share based compensation | (6,118) | – | ||||||||||||||||
Donations and community investments | (4,332) | (3,913) | ||||||||||||||||
Finance costs | (1,404) | (1,046) | ||||||||||||||||
Other | 9,138 | 6,787 | ||||||||||||||||
Income tax | (37,207) | 5,782 | ||||||||||||||||
Total other | $ | (50,398) | $ | 614 | $ | 1,044,877 | ||||||||||||
$ | 88,148 | $ | 319,471 | $ | 7,424,457 | |||||||||||||
1) | Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. | |||||||||||||||||
2) | Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. | |||||||||||||||||
3) | Refer to discussion on non-GAAP measure (iii) at the end of this press release. | |||||||||||||||||
4) | Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company’s MD&A for more information. | |||||||||||||||||
5) | Please see page 3 of this press release for more information. | |||||||||||||||||
6) | Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests and the non-operating Stobie and Victor gold interests. | |||||||||||||||||
7) | Other gold interests comprised of the operating Marmato gold interest as well as the non-operating Copper World, Santo Domingo, Fenix, Blackwater, El Domo, Marathon, Goose, Cangrejos, Platreef, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk gold interests. Other includes ounces sold that were received under the delay ounce provisions of each of the Santo Domingo and El Domo PMPAs. Please see the Company’s MD&A for more information. | |||||||||||||||||
8) | Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin silver interests as well as the non-operating Stratoni, Aljustrel, Pascua-Lama, Copper World, Navidad, Blackwater, El Domo, Mineral Park and Kudz Ze Kayah silver interests. |
Three Months Ended December 31, 2023 |
|||||||||||||||||
Units Produced² |
Units Sold |
Average Realized Price ($’s Per Unit) |
Average Cash Cost ($’s Per Unit)3 |
Average Depletion ($’s Per Unit) |
Sales | Net Earnings |
Cash Flow From Operations |
Total Assets |
|||||||||
Gold | |||||||||||||||||
Salobo | 71,778 | 76,656 | $ | 2,005 | $ | 420 | $ | 393 | $ | 153,717 | $ | 91,390 | $ | 121,491 | $ | 2,681,419 | |
Sudbury4 | 5,823 | 5,011 | 2,023 | 400 | 1,145 | 10,137 | 2,394 | 8,134 | 262,485 | ||||||||
Constancia | 22,292 | 19,925 | 2,005 | 420 | 316 | 39,954 | 25,288 | 31,578 | 80,265 | ||||||||
San Dimas | 10,024 | 10,472 | 2,005 | 631 | 279 | 20,999 | 11,479 | 14,395 | 144,722 | ||||||||
Stillwater | 2,341 | 2,314 | 2,005 | 352 | 510 | 4,640 | 2,645 | 3,826 | 211,469 | ||||||||
Other5 | 668 | 633 | 2,005 | 350 | 527 | 1,269 | 714 | 1,047 | 603,689 | ||||||||
112,926 | 115,011 | $ | 2,006 | $ | 437 | $ | 405 | $ | 230,716 | $ | 133,910 | $ | 180,471 | $ | 3,984,049 | ||
Silver | |||||||||||||||||
Peñasquito | 1,036 | 442 | $ | 23.87 | $ | 4.43 | $ | 4.06 | $ | 10,547 | $ | 6,794 | $ | 8,589 | $ | 276,232 | |
Antamina | 1,030 | 1,091 | 23.87 | 4.73 | 7.06 | 26,043 | 13,190 | 20,887 | 519,530 | ||||||||
Constancia | 836 | 665 | 23.87 | 6.20 | 6.24 | 15,879 | 7,601 | 11,755 | 179,583 | ||||||||
Other6 | 1,304 | 977 | 23.55 | 4.82 | 3.22 | 22,996 | 15,138 | 18,909 | 582,113 | ||||||||
4,206 | 3,175 | $ | 23.77 | $ | 5.02 | $ | 5.29 | $ | 75,465 | $ | 42,723 | $ | 60,140 | $ | 1,557,458 | ||
Palladium | |||||||||||||||||
Stillwater | 4,209 | 3,339 | $ | 1,070 | $ | 198 | $ | 445 | $ | 3,574 | $ | 1,426 | $ | 2,912 | $ | 220,667 | |
Platinum | |||||||||||||||||
Marathon | – | – | $ | n.a. | $ | n.a. | $ | n.a. | $ | – | $ | – | $ | – | $ | 9,451 | |
Cobalt | |||||||||||||||||
Voisey’s Bay | 215 | 288 | $ | 12.92 | $ | 3.14 ⁷ | $ | 12.80 | $ | 3,716 | $ | (871) | $ | 2,016 | $ | 350,816 | |
Operating results | $ | 313,471 | $ | 177,188 | $ | 245,539 | $ | 6,122,441 | |||||||||
Other | |||||||||||||||||
General and administrative | $ | (9,244) | $ | (6,490) | |||||||||||||
Share based compensation | (6,527) | – | |||||||||||||||
Donations and community investments | (2,208) | (2,143) | |||||||||||||||
Finance costs | (1,371) | (1,083) | |||||||||||||||
Other | 7,311 | 7,351 | |||||||||||||||
Income tax | 3,286 | (948) | |||||||||||||||
Total other | $ | (8,753) | $ | (3,313) | $ | 908,744 | |||||||||||
$ | 168,435 | $ | 242,226 | $ | 7,031,185 | ||||||||||||
1) | Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. | ||||||||||||||||
2) | Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. | ||||||||||||||||
3) | Refer to discussion on non-GAAP measure (iii) at the end of this press release. | ||||||||||||||||
4) | Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests. | ||||||||||||||||
5) | Other gold interests are comprised of the operating Marmato gold interests as well as the non-operating Minto, 777, Copper World, Santo Domingo, Fenix, Blackwater, Marathon, El Domo, Goose, Cangrejos and Curraghinalt gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. | ||||||||||||||||
6) | Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Cozamin and Marmato silver interests, the non-operating Minto, 777, Loma de La Plata, Stratoni, Pascua-Lama, Copper World, Blackwater, El Domo and Mineral Park silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the third quarter of 2025. | ||||||||||||||||
7) | Cash cost per pound of cobalt sold during the fourth quarter of 2023 was net of a previously recorded inventory write-down of $0.02 million, resulting in a decrease of $0.08 per pound of cobalt sold. |
Comparative Results of Operations on a GEO Basis
Q4 2024 | Q4 2023 | Change | Change | ||||||||
GEO Production1, 2 | 187,493 | 164,796 | 22,696 | 13.8 % | |||||||
GEO Sales2 | 142,561 | 155,059 | (12,498) | (8.1) % | |||||||
Average price per GEO sold2 | $ | 2,669 | $ | 2,022 | $ | 647 | 32.0 % | ||||
Revenue | $ | 380,516 | $ | 313,471 | $ | 67,045 | 21.4 % | ||||
Cost of sales, excluding depletion | $ | 64,236 | $ | 67,757 | $ | 3,521 | 5.2 % | ||||
Depletion | 68,873 | 68,526 | (347) | (0.5) % | |||||||
Cost of Sales | $ | 133,109 | $ | 136,283 | $ | 3,174 | 2.3 % | ||||
Gross Margin | $ | 247,407 | $ | 177,188 | $ | 70,219 | 39.6 % | ||||
General and administrative expenses | 10,475 | 9,244 | (1,231) | (13.3) % | |||||||
Share based compensation | 6,118 | 6,527 | 409 | 6.3 % | |||||||
Donations and community investments | 4,332 | 2,208 | (2,124) | (96.2) % | |||||||
Impairment of mineral stream interests | 108,861 | – | (108,861) | n.a. | |||||||
Earnings from Operations | $ | 117,621 | $ | 159,209 | $ | (41,588) | (26.1) % | ||||
Other income (expense) | 9,138 | 7,311 | 1,827 | 25.0 % | |||||||
Earnings before finance costs and income taxes | $ | 126,759 | $ | 166,520 | $ | (39,761) | (23.9) % | ||||
Finance costs | 1,404 | 1,371 | (33) | (2.4) % | |||||||
Earnings before income taxes | $ | 125,355 | $ | 165,149 | $ | (39,794) | (24.1) % | ||||
Income tax expense | 37,207 | (3,286) | (40,493) | (1,232.3) % | |||||||
Net earnings | $ | 88,148 | $ | 168,435 | $ | (80,287) | (47.7) % | ||||
1) | Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. | ||||||||||
2) | GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2024. |
Year Ended December 31, 2024 |
||||||||||||||||||
Units Produced² |
Units Sold |
Average Realized Price ($’s Per Unit) |
Average Cash Cost ($’s Per Unit)3 |
Average Depletion ($’s Per Unit)4 |
Sales | Impairment Charges5 |
Net Earnings |
Cash Flow From Operations |
Total Assets |
|||||||||
Gold | ||||||||||||||||||
Salobo | 271,827 | 225,074 | $ | 2,397 | $ | 425 | $ | 382 | $ | 539,583 | $ | – | $ | 358,081 | $ | 444,015 | $ | 2,595,485 |
Sudbury6 | 18,692 | 16,351 | 2,391 | 400 | 1,280 | 39,098 | – | 11,623 | 32,571 | 241,551 | ||||||||
Constancia | 48,609 | 49,822 | 2,370 | 422 | 320 | 118,096 | – | 81,126 | 97,066 | 64,326 | ||||||||
San Dimas | 28,776 | 28,746 | 2,388 | 635 | 287 | 68,654 | – | 42,166 | 50,407 | 136,481 | ||||||||
Stillwater | 9,149 | 9,028 | 2,392 | 425 | 444 | 21,592 | – | 13,743 | 17,752 | 207,460 | ||||||||
Other7 | 2,477 | 3,680 | 2,453 | 284 | 1,192 | 9,028 | – | 3,596 | 7,982 | 981,316 | ||||||||
379,530 | 332,701 | $ | 2,393 | $ | 440 | $ | 419 | $ | 796,051 | $ | – | $ | 510,335 | $ | 649,793 | $ | 4,226,619 | |
Silver | ||||||||||||||||||
Peñasquito | 9,156 | 6,840 | $ | 28.34 | $ | 4.50 | $ | 4.64 | $ | 193,871 | $ | – | $ | 131,325 | $ | 163,092 | $ | 244,465 |
Antamina | 3,670 | 3,526 | 28.56 | 5.74 | 8.16 | 100,719 | – | 51,738 | 80,497 | 490,771 | ||||||||
Constancia | 2,708 | 2,311 | 28.25 | 6.23 | 6.15 | 65,264 | – | 36,676 | 50,881 | 165,378 | ||||||||
Other8 | 5,273 | 3,395 | 28.85 | 4.31 | 4.71 | 97,976 | – | 67,356 | 85,230 | 662,630 | ||||||||
20,807 | 16,072 | $ | 28.49 | $ | 4.98 | $ | 5.64 | $ | 457,830 | $ | – | $ | 287,095 | $ | 379,700 | $ | 1,563,244 | |
Palladium | ||||||||||||||||||
Stillwater | 15,632 | 17,270 | $ | 984 | $ | 179 | $ | 434 | $ | 16,999 | $ | – | $ | 6,423 | $ | 13,911 | $ | 213,179 |
Platreef | – | – | n.a. | n.a. | n.a. | – | – | – | – | 78,814 | ||||||||
15,632 | 17,270 | $ | 984 | $ | 179 | $ | 434 | $ | 16,999 | $ | – | $ | 6,423 | $ | 13,911 | $ | 291,993 | |
Platinum | ||||||||||||||||||
Marathon | – | – | $ | n.a. | $ | n.a. | $ | n.a. | $ | – | $ | – | $ | – | $ | – | $ | 9,451 |
Platreef | – | – | n.a. | n.a. | n.a. | – | – | – | – | 57,584 | ||||||||
– | – | $ | n.a. | $ | n.a. | $ | n.a. | $ | – | $ | – | $ | – | $ | – | $ | 67,035 | |
Cobalt | ||||||||||||||||||
Voisey’s Bay | 1,289 | 970 | $ | 14.18 | $ | 2.71 | $ | 12.78 | $ | 13,759 | $ | (108,861) | $ | (110,127) | $ | 14,025 | $ | 230,689 |
Operating results | $ | 1,284,639 | $ | (108,861) | $ | 693,726 | $ | 1,057,429 | $ | 6,379,580 | ||||||||
Other | ||||||||||||||||||
General and administrative | $ | (40,668) | $ | (38,130) | ||||||||||||||
Share based compensation | (23,268) | (11,129) | ||||||||||||||||
Donations and community investments | (8,958) | (8,098) | ||||||||||||||||
Finance costs | (5,549) | (4,280) | ||||||||||||||||
Other | 29,061 | 23,273 | ||||||||||||||||
Income tax | (115,204) | 8,516 | ||||||||||||||||
Total other | $ | (164,586) | $ | (29,848) | $ | 1,044,877 | ||||||||||||
$ | 529,140 | $ | 1,027,581 | $ | 7,424,457 | |||||||||||||
1) | Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. | |||||||||||||||||
2) | Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. | |||||||||||||||||
3) | Refer to discussion on non-GAAP measure (iii) at the end of this press release. | |||||||||||||||||
4) | Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company’s MD&A for more information. | |||||||||||||||||
5) | Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests and the non-operating Stobie and Victor gold interests. | |||||||||||||||||
6) | Other gold interests comprised of the operating Marmato gold interest as well as the non-operating Copper World, Santo Domingo, Fenix, Blackwater, El Domo, Marathon, Goose, Cangrejos, Platreef, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk gold interests. Other includes ounces sold that were received under the delay ounce provisions of each of the Santo Domingo and El Domo PMPAs. Please see the Company’s MD&A for more information. | |||||||||||||||||
7) | Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin silver interests as well as the non-operating Stratoni, Aljustrel, Pascua-Lama, Copper World, Navidad, Blackwater, El Domo, Mineral Park and Kudz Ze Kayah silver interests. |
Year Ended December 31, 2023 |
||||||||||||||||||||
Units Produced² |
Units Sold |
Average Realized Price ($’s Per Unit) |
Average Cash Cost ($’s Per Unit)3 |
Average Depletion ($’s Per Unit) |
Sales | Gain on Disposal4 |
Net Earnings |
Cash Flow From Operations |
Total Assets |
|||||||||||
Gold | ||||||||||||||||||||
Salobo | 239,304 | 203,096 | $ | 1,969 | $ | 420 | $ | 354 | $ | 399,936 | $ | – | $ | 242,676 | $ | 314,555 | $ | 2,681,419 | ||
Sudbury5 | 21,701 | 18,990 | 1,971 | 400 | 1,102 | 37,432 | – | 8,905 | 29,554 | 262,485 | ||||||||||
Constancia | 55,644 | 48,522 | 1,972 | 419 | 316 | 95,672 | – | 60,039 | 75,357 | 80,265 | ||||||||||
San Dimas | 41,939 | 42,172 | 1,960 | 628 | 264 | 82,656 | – | 45,014 | 56,157 | 144,722 | ||||||||||
Stillwater | 8,772 | 8,588 | 1,961 | 348 | 510 | 16,842 | – | 9,470 | 13,853 | 211,469 | ||||||||||
Other6 | 6,792 | 5,968 | 1,942 | 1,037 | 209 | 11,593 | – | 4,152 | 5,137 | 603,689 | ||||||||||
374,152 | 327,336 | $ | 1,968 | $ | 455 | $ | 382 | $ | 644,131 | $ | – | $ | 370,256 | $ | 494,613 | $ | 3,984,049 | |||
Silver | ||||||||||||||||||||
Peñasquito | 4,856 | 4,291 | $ | 23.66 | $ | 4.43 | $ | 4.06 | $ | 101,514 | $ | – | $ | 65,062 | $ | 82,504 | $ | 276,232 | ||
Antamina | 3,780 | 3,662 | 23.72 | 4.70 | 7.06 | 86,855 | – | 43,814 | 69,652 | 519,530 | ||||||||||
Constancia | 2,505 | 2,140 | 23.79 | 6.17 | 6.24 | 50,913 | – | 24,352 | 37,716 | 179,583 | ||||||||||
Other7 | 6,050 | 4,233 | 23.47 | 5.41 | 2.92 | 99,312 | 5,027 | 69,106 | 74,272 | 582,113 | ||||||||||
17,191 | 14,326 | $ | 23.64 | $ | 5.05 | $ | 4.82 | $ | 338,594 | $ | 5,027 | $ | 202,334 | $ | 264,144 | $ | 1,557,458 | |||
Palladium | ||||||||||||||||||||
Stillwater | 15,800 | 13,919 | $ | 1,329 | $ | 241 | $ | 441 | $ | 18,496 | $ | – | $ | 8,991 | $ | 15,135 | $ | 220,667 | ||
Platinum | ||||||||||||||||||||
Marathon | – | – | $ | n.a. | $ | n.a. | $ | n.a. | $ | – | $ | – | $ | – | $ | – | $ | 9,451 | ||
Cobalt | ||||||||||||||||||||
Voisey’s Bay | 673 | 1,074 | $ | 13.81 | $ | 3.30 ⁸ | $ | 13.41 | $ | 14,824 | $ | – | $ | (3,114) | $ | 15,071 | $ | 350,816 | ||
Operating results | $ | 1,016,045 | $ | 5,027 | $ | 578,467 | $ | 788,963 | $ | 6,122,441 | ||||||||||
Other | ||||||||||||||||||||
General and administrative | $ | (38,165) | $ | (36,025) | ||||||||||||||||
Share based compensation | (22,744) | (16,675) | ||||||||||||||||||
Donations and community investments | (7,261) | (7,039) | ||||||||||||||||||
Finance costs | (5,510) | (4,230) | ||||||||||||||||||
Other | 34,271 | 32,007 | ||||||||||||||||||
Income tax | (1,414) | (6,192) | ||||||||||||||||||
Total other | $ | (40,823) | $ | (38,154) | $ | 908,744 | ||||||||||||||
$ | 537,644 | $ | 750,809 | $ | 7,031,185 | |||||||||||||||
1) | Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. | |||||||||||||||||||
2) | Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. | |||||||||||||||||||
3) | Refer to discussion on non-GAAP measure (iii) at the end of this press release. | |||||||||||||||||||
4) | The gain on disposal of Other silver interests relates to the gain on the buyback of 33% of the Goose PMPA. | |||||||||||||||||||
5) | Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests. | |||||||||||||||||||
6) | Other gold interests are comprised of the operating Marmato gold interests as well as the non-operating Minto, 777, Copper World, Santo Domingo, Fenix, Blackwater, Marathon, El Domo, Goose, Cangrejos and Curraghinalt gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. | |||||||||||||||||||
7) | Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Cozamin and Marmato silver interests and the non-operating Minto, 777, Loma de La Plata, Stratoni, Pascua-Lama, Copper World, Blackwater, El Domo and Mineral Park silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the third quarter of 2025. | |||||||||||||||||||
8) | Cash cost per pound of cobalt sold during the year ended December 31, 2023 was net of a previously recorded inventory write-down of $1.6 million, resulting in a decrease of $0.91 per pound of cobalt sold. |
Comparative Results of Operations on a GEO Basis
2024 | 2023 | Change | Change | ||||||||
GEO Production1, 2 | 635,007 | 584,127 | 50,881 | 8.7 % | |||||||
GEO Sales2 | 532,468 | 506,020 | 26,448 | 5.2 % | |||||||
Average price per GEO sold2 | $ | 2,413 | $ | 2,008 | $ | 405 | 20.2 % | ||||
Revenue | $ | 1,284,639 | $ | 1,016,045 | $ | 268,594 | 26.4 % | ||||
Cost of sales, excluding depletion | $ | 235,108 | $ | 228,171 | $ | (6,937) | (3.0) % | ||||
Depletion | 246,944 | 214,434 | (32,510) | (15.2) % | |||||||
Cost of Sales | $ | 482,052 | $ | 442,605 | $ | (39,447) | (8.9) % | ||||
Gross Margin | $ | 802,587 | $ | 573,440 | $ | 229,147 | 40.0 % | ||||
General and administrative expenses | 40,668 | 38,165 | (2,503) | (6.6) % | |||||||
Share based compensation | 23,268 | 22,744 | (524) | (2.3) % | |||||||
Donations and community investments | 8,958 | 7,261 | (1,697) | (23.4) % | |||||||
Impairment of mineral stream interests | 108,861 | – | (108,861) | n.a. | |||||||
Earnings from Operations | $ | 620,832 | $ | 505,270 | $ | 115,562 | 22.9 % | ||||
Gain on disposal of mineral stream interests | – | 5,027 | (5,027) | (100.0) % | |||||||
Other income (expense) | 29,061 | 34,271 | (5,210) | (15.2) % | |||||||
Earnings before finance costs and income taxes | $ | 649,893 | $ | 544,568 | $ | 105,325 | 19.3 % | ||||
Finance costs | 5,549 | 5,510 | (39) | (0.7) % | |||||||
Earnings before income taxes | $ | 644,344 | $ | 539,058 | $ | 105,286 | 19.5 % | ||||
Income tax expense | 115,204 | 1,414 | (113,790) | (8,047.4) % | |||||||
Net earnings | $ | 529,140 | $ | 537,644 | $ | (8,504) | (1.6) % | ||||
1) | Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. | ||||||||||
2) | GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2024. |
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