Wheaton Precious Metals Corp · TSX:WPM
Wheaton Precious Metals — Q4 2024 Earnings Presentation
26 slides from Wheaton Precious Metals's earnings presentation, March 2025
Slide 1: 2024 Fourth Quarter Conference Call
2024 Fourth Quarter Conference Call WHEATONPM.COM March 2025 TSX | NYSE | LSE: WPM
Slide 2: Cautionary Statements
Cautionary Statements Cautionary Note Regarding Forward-Looking Statements The information contained in this presentation contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meanin
Slide 3: Highlights
Wheaton Precious Metals Fourth Quarter 2024 Fourth Quarter Financial Results Board of Directors Declares First Quarterly Dividend of 2025: Revenue $381 million • Announced quarterly dividend of $0.165 per Net Adj. Earnings $199 million common share, marking a 6.5% increase from the previous quarter.
Slide 4: Operations Overview
Operations Overview Salobo: 75% of gold for life of mine • In the fourth quarter of 2024, Salobo produced over 84,000 ounces of attributable gold, an increase of approximately 17% relative to the fourth quarter of 2023, driven by higher throughput as the ramp-up of the Salobo III expansion continued
Slide 5: Year-to-Date Production Relative to Guidance
Year-to-Date Production Relative to Guidance As of December 31, 2024 800 2024 Actuals: 2024 Guidance: ~9% GEOs: 635 Koz Gold Equivalent Production (GEO) (Koz)5 700 GEOs: 550-620 Koz 16.2 K GEOs 600 12.0-15.0 K GEOs Other Metals Other Metals 500 325-370 380 Koz Au Wheaton Koz Au 400 exceeded the 300
Slide 6: The Streaming Industry's Most Robust Growth Profile
The Streaming Industry’s Most Robust Growth Profile As of February 2025: Pathway to Long-term, Organic Growth1,8 Production Growth from 2025 Long-Term Guidance9 1,000 202412 2025 Actuals: Guidance: 900 GEOs: GEOs: 635 Koz 600-670 Koz Gold Equivalent Production (GEO) (Koz)5 800 Anticipated Organic Gr
Slide 7: Production & Sales By Metal
Production & Sales By Metal 200 Production 187 165 147 159 135 137 145 143 150 100 Gold Equivalent Ounces (koz)5 50 0 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 200 Sales 155 143 143 150 130 123 124 109 112 100 50 0 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Slide 8: Q4 2024 Profitability Overview
Q4 2024 Profitability Overview Q4 2023 ($313M) Q4 2024 ($381M) $4 $4 $5 $7 Quarter Comparison: Revenue ($M) $75 Total Revenue: +21% $135 Average Realized Prices: Gold +34% $235 Silver +32% $231 Palladium -6% Cobalt +6% Gold Silver Palladium Cobalt Gold Silver Palladium Cobalt Gross Margin Gross Marg
Slide 9: Produced But Not Delivered
Produced But Not Delivered Total PBND 4.0 Produced but not delivered (koz)7 150 3.0 Number of Months 100 2.0 50 1.0 0 0.0 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Gold PBND Silver PBND Other Metals Gold (# of months) Silver (# of months) GEOs (# of months) At the end of Q4 202
Slide 10: Q4 2024 Financial Overview
Q4 2024 Financial Overview Q4 2024 Q4 2023 Change G&A Expenses $10.5M $9.2M -13% Net Earnings $88M $168M -48% Adj. Net Earnings* $199M $165M +21% Adj. Net Earnings per share* $0.439/share $0.363/share +21% Operating Cash Flow $319M $242M +32% Operating Cash flow per share* $0.704/share $0.535/share
Slide 11: 2024 Profitability Overview
2024 Profitability Overview 2023 ($1.0B) 2024 ($1.3B) $19 $15 $17 $14 Quarter Comparison: Revenue ($M) Total Revenue: +26% $458 $339 Average Realized Prices: Gold +22% $796 $644 Silver +21% Palladium -26% Cobalt +3% Gold Silver Palladium Cobalt Gold Silver Palladium Cobalt Gross Margin Gross Margin
Slide 12: Quarterly Net Cash Balance
Quarterly Net Cash Balance $900 $319 $818 $800 $700 $694 $600 Millions ($US) $(103) $500 $(70) $(22) $400 $300 $200 $100 $0 PMPA and royalty Other financing & Net cash disbursements investing (December 31, 2024) Net cash Dividends paid activities Operating (September 30, 2024) cash flows With over $
Slide 13: Progressive and Sustainable Dividend
Progressive and Sustainable Dividend Record Level Dividends Declared in 2024 10 $0.70 $0.66 Dividend per share ($US)12 $0.62 $0.60 $0.60 Quarterly Dividend Policy $0.60 $0.57 $0.50 $0.42 o Maintained a progressive dividend policy, $0.40 $0.36 $0.36 $0.33 marked by an increase to our 2025 annual $0.3
Slide 14: Transaction Key Terms: Koné Project
Transaction Key Terms Koné Project Operator Montage Gold Location Côte d'Ivoire Stream Gold Date of Acquisition October 23, 2024 19.5% of the payable gold until a total of 400 Koz of gold has been delivered, then Wheaton Precious Metals International Ltd. (“Wheaton”) will purchase 10.8% of the payab
Slide 15: Transaction Key Terms: Kurmuk Project
Transaction Key Terms Kurmuk Project Operator Allied Gold Location Ethiopia Stream Gold Date of Acquisition December 05, 2024 6.7% of the payable gold until a total of 220 Koz of gold has been delivered at which Stream Parameters point WPMI will purchase 4.8% of the payable gold for the life of mine
Slide 16: Q4 2024 Highlights
Q4 2024 Highlights Delivered Record Quarterly Results on Multiple Metrics Continued Corporate Development Momentum Further De-risking Of Development Project Pipeline Balance Sheet Strength Declared First Quarterly Dividend for 2025 Sustainability Leadership WHEATON PRECIOUS METALS
Slide 17: Q&A
Q&A WHEATON PRECIOUS METALS
Slide 18: Endnotes
Endnotes The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking statements, whi
Slide 19: Endnotes (Cont.)
Endnotes (Cont.) Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “projects”, “intends”, “anticipates” or “does not anticipate”, or
Slide 20: Endnotes (Cont.)
Endnotes (Cont.) • risks related to environmental regulations; • the ability of Wheaton and the Mining Operations to obtain and maintain necessary licenses, permits, approvals and rulings; • the ability of Wheaton and the Mining Operations to comply with applicable laws, regulations and permitting r
Slide 21: Endnotes
Endnotes Forward-looking statements are based on assumptions management currently believes to be reasonable, including but not limited to: • that there will be no material adverse change in the market price of commodities; • that the Mining Operations will continue to operate and the mining projects
Slide 22: Endnotes
Endnotes 2. Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: The information contained herein has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United S
Slide 23: Endnotes: Non-GAAP measures
Endnotes: Non-GAAP measures Wheaton has included, throughout this document, certain non-GAAP performance measures, including (i) adjusted net earnings and adjusted net earnings per share; (ii) operating cash flow per share (basic and diluted); (iii) average cash costs of gold, silver and palladium o
Slide 24: Endnotes: Non-GAAP measures
Endnotes: Non-GAAP measures ii. Operating cash flow per share (basic and diluted) is calculated by dividing cash generated by operating activities by the weighted average number of shares outstanding (basic and diluted). The Company presents operating cash flow per share as management and certain in
Slide 25: Endnotes: Non-GAAP measures
Endnotes: Non-GAAP measures iii. Average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis is calculated by dividing the total cost of sales, less depletion and cost of sales related to delay ounces, by the ounces or pounds sold. In the precious metal minin
Slide 26: Endnotes: Non-IFRS measures
Endnotes: Non-IFRS measures iv. Cash operating margin is calculated by adding back depletion and the cost of sales related to delay ounces to the gross margin. Cash operating margin on a per ounce or per pound basis is calculated by dividing the cash operating margin by the number of ounces or pound
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