(Alliance News) - Wheaton Precious Metals Corp on Friday said it is aims to deliver on a consistent growth profile in 2025 as it posted increased production and revenue figures.
The Vancouver-based precious metals streaming company said pretax profit fell 24% in the fourth quarter to USD125.4 million from USD165.1 million the prior year.
However, revenue 21% to USD380.5 million from USD313.5 million as Wheaton benefitted from improvements in gold equivalent ounce production and the average price sold.
GEO production grew 14% to 187,493 from 164,796 and the average price per GEO sold surged 32% to USD2,669 from USD2,022.
GEO sales actually decreased, falling 8.1% to 142,561 from 155,059 the prior year.
The weaker profitability for the quarter can be attributed to a USD108.9 million impairment on mineral stream interests that Wheaton incurred, compared to nil the prior year.
Wheaton shares were up 0.5% at 5,680.00 pence on Friday morning in London.
For 2024 as a whole, pretax profit improved 20% to USD644.3 million from USD539.1 million as revenue climbed 26% to USD1.28 billion from USD1.02 billion in 2023.
GEO production grew 8.7% to 635,007 from 584,127, reaching the upper end of its guidance range of 550,000 to 620,000 GEOs.
Wheaton attributed the improvement to stronger-than-expected production at Salobo due to higher gold grades and recoveries and "higher grades at Constancia from the mining of the Pampacancha deposit."
GEO sales advanced 5.2% to 532,468 from 506,020.
It also benefitted from an improved average price per GEO sold of USD2,413, rising 20% from USD2,008.
Wheaton declared record dividends for 2024 of USD0.62 per share, up 3.3% from USD0.60 the prior year.
Wheaton declared its first quarterly cash dividend for 2025 of USD0.165 per share, reflecting a 6.5% uplift from the fourth quarter's USD0.155.
Looking at 2025, Wheaton guides production levels between 600,000 and 670,000 GEOs.
"In 2024, Wheaton remained focused on accretive growth, delivering four new streams and royalties and further reinforcing our industry-leading growth profile," said President & Chief Executive Randy Smallwood.
"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."
By Christopher Ward, Alliance News reporter
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