8th Aug 2025 13:20
(Alliance News) - Wheaton Precious Metals Corp on Friday reported strong trading in the first half of 2025, hitting "record" revenue and upping its dividend.
Shares in the Vancouver-based mining company rose 3.5% to 7,586.86 pence on Friday afternoon in London and have climbed 77% in the past 12 months.
For the six months that ended June 30, Wheaton posted USD973.6 million in revenue, up 63% from USD595.9 million the year prior.
Pretax profit jumped 88% to USD634.8 million from USD336.8 million, while diluted earnings per share grew to 120.2 cents from 63.1 cents.
For the three months to June 30, revenue rose 68% to USD503.2 million from USD299.1 million.
Second-quarter pretax profit climbed 96% to USD338.0 million from USD172.8 million a year ago, and diluted EPS more than doubled to 64.3 US cents from 26.9 cents.
As a result, Wheaton boosted its third-quarter dividend to 16.5 cents per share, up 6.5% from 15.5 cents the previous year.
Chief Executive Randy Smallwood described the results as "outstanding" and said: "We also made significant progress in our near-term growth strategy as Blackwater announced commercial production and Goose successfully delivered its first gold pour during the quarter, a strong indicator that our catalyst-rich year is progressing as planned."
Back in 2021, Wheaton agreed to purchase 50% of silver produced at Blackwater, a Canadian mine operated by Artemis Gold Inc, reducing to 33% once 18 million ounces have been delivered. Wheaton also has an 8% gold stream contract which will reduce to 4%.
The firm in 2022 signed on to buy gold from the Goose mine, run by B2Gold Corp and also based in Canada. The initial 2.78% uptake will decrease over time to 1%.
Wheaton backed full-year guidance for attributable production to range from 600,000 to 670,000 gold equivalent ounces. In 2024, production was ahead of guidance at 633,000 gold equivalent ounces.
The firm is targeting annual production of 870,000 gold equivalent ounces by 2029, increasing to more than 950,000 annually from 2030 to 2024.
By Holly Munks, Alliance News reporter
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