19th Feb 2025 10:26
(Alliance News) - Wheaton Precious Metals Corp said it produced more gold and silver last year than it anticipated.
The Vancouver-headquartered precious metals company said it produced 379,742 ounces of gold in 2024, which is 2.6% higher than the upper end of its production guidance range of 325,000 to 370,000 ounces. It was 1.4% above 374,585 ounces produced in 2023.
For 2025, the company expects to produce between 350,000 and 390,000 ounces of gold.
The higher-than-expected gold output was due to "stronger than expected production at Salobo [in Brazil] due to higher gold grades and recoveries, and higher grades at Constancia [in Peru] from the mining of the Pampacancha deposit. These outperformances were partially offset by lower-than-expected production from San Dimas [in Mexico] and Zinkgruvan [in Sweden], in both instances due to lower grades."
Gold sales in 2024 amounted to 332,701 ounces in 2024, up 1.6% from 327,336 ounces in 2023.
The production of gold equivalent ounces, including silver production, climbed to between 630,485 and 633,481 in 2024 from 619,608 in 2023, beating the top end of its production guidance of 550,000 to 620,000 ounces.
For 2025, the company expects to produce between 600,000 and 670,000 gold equivalent ounces.
Wheaton produced 20.7 million ounces of silver in 2024, 0.8% higher than the top end of its production range of 18.5 to 20.5 million ounces. It was a jump of 20% from 17.2 million ounces of silver produced in 2023.
For 2025, Wheaton anticipates to produce between 20.5 million and 22.5 million ounces of silver.
Silver sales in 2024 rose 12% to 16.1 million ounces from 14.3 million ounces in 2023.
Wheaton updated its forecast for gold prices, expecting USD2,600 per ounce, up 30% from USD2,000 in its forecast in 2024, while silver is expected at USD30.00 per ounce, up 30% from USD23.00.
Chief Executive Officer Randy Smallwood said: "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. 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."
The company will release 2024 results on March 13.
Wheaton shares were down 0.4% to 5,400.00 pence each on Wednesday morning in London, giving it a market capitalisation of GBP24.50 billion.
By Tom Budszus, Alliance News slot editor
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