Canadian streaming company Wheaton Precious Metals said on Tuesday that it had produced 633 000 gold-equivalent ounces (GEOs) in 2024, surpassing the upper-end of its guidance range of 620 000 GEOs.

The company has also provided its 2025 production guidance of 600 000 to 670 000 GEOs and said it expected production to grow by about 40% to 870 000 GEOs by 2029.

The company will release its full production and financial details for 2024 on March 13.

"Wheaton's diversified portfolio of high-quality, low-cost assets had an exceptional year in 2024, exceeding the top-end of our annual production guidance range, driven by strong performances, particularly from Salobo, which achieved record quarterly production in the fourth quarter. Moreover, we continued our corporate development momentum with investments into four assets, further enhancing and contributing to our five-year growth profile of approximately 40%," said CEO Randy Smallwood. 

"The past year ultimately set a strong foundation for our sector leading growth profile, which we believe will propel Wheaton to a level of precious metals production unprecedented in the streaming industry."

The midpoint of Wheaton’s 2025 guidance suggests year-on-year production growth of about 10%, aligning with the company’s long-term growth forecast. The increase is expected to be driven by stronger production from Antamina, the startup of several development projects, and stable output at Salobo. These gains will be partially offset by lower production from Peñasquito and Constancia.

At Antamina, higher silver grades are expected owing to a greater proportion of copper/zinc ore being mined. Wheaton also expects its first production from four development-stage assets: Blackwater, Goose, Mineral Park, and Platreef.

Further, the Aljustrel mine is scheduled to restart production in the third quarter of 2025 after being placed on temporary suspension in 2023 owing to low zinc prices.

Production at Peñasquito is expected to decline as mining transitions from the Chile Colorado pit to the main Peñasco pit, which contains lower silver grades. Constancia’s production is also projected to drop, as additional gold benches were mined in late 2024 ahead of schedule, and the Pampacancha deposit nears depletion.

"As the leading streaming company with the largest share of revenue derived from precious metals, we believe Wheaton offers an optimal opportunity for long-term exposure in this sector. With a robust balance sheet and growing demand for streaming capital, we are confident that Wheaton is strategically positioned to continue driving its industry-leading growth trajectory," said Smallwood.