Q1 2025 Wheaton Precious Metals Corp Earnings Call Transcript
Key Points
- Wheaton Precious Metals Corp (WPM) achieved record quarterly revenue, adjusted net earnings, and operating cash flow in Q1 2025.
- The company was recognized among Corporate Knight's 100 most Sustainable Corporations in the World for 2025.
- WPM's production outlook for 2025 remains strong, with total attributable production expected to fall between 600,000 and 670,000 gold equivalent ounces.
- The company has a robust pipeline of development projects, with several assets scheduled to come online within the year, supporting an anticipated organic growth profile of over 40% by 2029.
- WPM maintains a strong balance sheet with a cash balance of $1.1 billion and a fully undrawn $2 billion revolving credit facility, positioning it well for future investments and acquisitions.
- Production in Q1 2025 was 151,000 gold equivalent ounces, a 4% decrease from Q1 2024, mainly due to lower production from Peñasquito and Constancia.
- The reduction in gold and silver production at Constancia was expected due to lower grades as more material was mined from the Constancia pit and reclaimed from the stockpile.
- The Peñasquito deposit, which contained relatively higher gold grades, is expected to be depleted by early 2025.
- There is a potential for additional payments of $5.1 million to $8.5 million annually if a high-grade mine plan is pursued at Salobo.
- Sales volumes were higher than production in Q1 2025, indicating potential timing delays between production and sales, which could affect future quarters.
Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Wheaton Precious Metals 2025 first quarter results conference call. (Operator Instructions). I would like to remind everyone that this conference call is being recorded on Friday, May 9, 2025 at 11:00 AM Eastern Time.
I will now turn the conference over to Emma Murray, Vice President of Investor Relations. Please go ahead.
Thank you, Andrew. Good morning, ladies and gentlemen, and thank you for participating in today's call. I'm joined today by Randy Smallwood, Wheaton Precious Metals' President and Chief Executive Officer; Vincent Lau, Senior Vice President and Chief Financial Officer; Haytham Hodaly, Senior Vice President, Corporate Development; and Wes Carson, Vice President, Mining Operations.
Please note for those not currently on the webcast, a slide presentation accompanying this conference call is available in PDF format on the Presentations page of our website. Some of the
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