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VANCOUVER - Wheaton Precious Metals (NYSE:WPM) Corp. reported a record-breaking start to the year with significant increases in revenue, net earnings, and operating cash flow for the first quarter of 2025, according to their recent financial results. The streaming company, which provides funding to mining operations in exchange for the right to purchase a portion of their production, saw its revenue climb to $470 million, a 58.5% increase from the same period last year.
The company’s net earnings for the quarter reached $254 million, while operating cash flow hit $361 million, marking a substantial year-over-year growth. Wheaton attributed the robust financial performance to exceeding production expectations at its core assets, which in turn drove the quarterly revenue to new heights.
Despite a 4% decrease in quarterly production compared to the previous year, due to planned lower production from the Constancia and Peñasquito mines, the overall production still surpassed expectations. This was primarily due to strong quarterly production at the Salobo mine. The company also highlighted advancements in construction activities at several development projects, which are expected to contribute to Wheaton’s production by the end of 2025.
Wheaton’s President and CEO, Randy Smallwood, emphasized the company’s position in offering low-risk investment opportunities in precious metals, particularly gold, which is often seen as a reliable store of value during economic uncertainty. The company also declared a quarterly dividend of $0.165 per common share.
The balance sheet remained solid with a cash balance of $1.1 billion, no debt, and an undrawn $2 billion revolving credit facility as of March 31, 2025. Additionally, Wheaton updated its sustainability achievements, highlighting its top ratings from Sustainalytics and MSCI, and its recognition as one of the 2025 Global 100 Most Sustainable Corporations.
Operational highlights included a 16% increase in attributable gold production from the Salobo mine compared to the first quarter of 2024 and the successful ramp-up of Voisey’s Bay’s underground operations. Wheaton also noted the commercial production achievement at the Blackwater mine on May 2, 2025, which is expected to become a significant asset in their portfolio.
The company’s long-term production outlook remains unchanged, forecasting a 40% increase in annual production to 870,000 gold equivalent ounces by 2029. Wheaton Precious Metals Corp. continues to focus on delivering long-term value creation for stakeholders through its streaming business model and growth profile.
This article is based on a press release statement.
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