Dual-listed Wheaton Precious Metals has announced impressive financial and operational results for the year 2024, achieving record revenue, adjusted net earnings, and operating cash flow, largely driven by its diverse portfolio of high-quality, long-life assets.

The company exceeded its production guidance for the year, bolstered by strong performances at the Salobo and Constancia mines. Further, Wheaton returned a record level of dividends to its shareholders in 2024.

President and CEO Randy Smallwood said that, during 2024, Wheaton remained focused on accretive growth, delivering four new streams and royalties and further reinforcing its 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 (GEOs). 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."

In the fourth quarter, the company reported a record $381-million in revenue, $319-million in operating cash flow, $88-million in net earnings, and a record $199-million in adjusted net earnings. The company also declared a quarterly dividend of $0.155 a common share. For the full year, Wheaton achieved $1.28-billion in revenue, $1.03-billion in operating cash flow, $529-million in net earnings, and a record $640-million in adjusted net earnings. 

The company declared record annual dividends of $0.62 a common share.

As of December 31, 2024, Wheaton’s balance sheet remains strong with a cash balance of $818-million, no debt, and an undrawn $2-billion revolving credit facility.

Wheaton’s diversified asset base is a key driver of its growth. The company holds streaming and royalty agreements on 18 operating mines and 28 development projects globally. In 2024, Wheaton’s attributable GEOs reached 635 000 for the year, with fourth-quarter production of 187 500 GEOs. This represented a 14% increase compared to the same period in the previous year, primarily driven by stronger performances at Salobo and Peñasquito, and record quarterly gold production.

Wheaton’s production exceeded the upper end of its 2024 production guidance, which was between 550 000 and 620 000 GEOs. This was largely owing to higher-than-expected gold grades and recoveries at Salobo, along with stronger grades from the Pampacancha deposit at Constancia.

The company further de-risked its future growth profile with significant progress in the development of key projects, including Blackwater, Goose, Platreef, and Mineral Park, which are expected to come online by the end of 2025.

Looking ahead to 2025, Wheaton’s focus will remain on consistent growth, leveraging its diversified portfolio and continuing to execute on its development and expansion plans. The company’s five-year production forecast projects a 40% increase in annual production, aiming to reach 870 000 GEO.