Wheaton Precious Metals Corp. (Canada) (NYSE: WPM), the world’s premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets, is reporting on its first-quarter 2024 results. Highlights of the report show Q1 2024 revenue of $297 million in revenue along with $219 million in operating cash flow, $164 million in net earnings and $164 million in adjusted net earnings; the company also declared a quarterly dividend $0.155 per common share. In addition, the company has no debt and reported a cash balance of $306 million and an undrawn $2 billion revolving credit facility at the end of the quarter, the period ending March 31, 2024. The report noted that Wheaton has streaming and royalty agreements on 18 operating mines and 27 development projects, with 93% of attributable production from assets in the lowest half of its respective cost curves. The company reported attributable gold equivalent production reaching 160,100 ounces in the first quarter of 2024, a 19% increase to the comparable period from 2023; the company is also projecting annual production of more than 800,000 gold equivalent ounces (“GEOs”) by 2028, growing to more than 850,000 GEOs in 2029 through 2033. “Wheaton delivered a robust quarter to start the year, generating over $219 million in operating cash flows, and underscoring the effectiveness of our business model in leveraging rising commodity prices while maintaining strong cash operating margins,” said Wheaton Precious Metals president and CEO Randy Smallwood in the press release. ”Looking ahead, we continue to forecast peer-leading production growth of 40% by 2028, buoyed by several development projects in our portfolio, many of which achieved significant milestones during the quarter. Building on the momentum from a record eight acquisitions in 2023, our corporate development team remains actively engaged in evaluating new opportunities and as always, Wheaton remains committed to ensuring that our growth is both accretive and sustainable for all stakeholders. We believe that strong commodity price trends and our sector leading growth profile provide Wheaton shareholders with one of the best vehicles for investing into the gold and precious metals space.”
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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 among 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. For more information about the company, please visit www.WheatonPM.com.
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