Wheaton Precious Metals Corp on Thursday backed production guidance and reported first half earnings growth.
In the six months to June 30, the Vancouver-headquartered precious metals company said revenue rose 24% to $595.9 million from $479.4 million a year prior. Pretax profit was up 33% to $336.8 million from $252.4 million.
Total gold production in the six-month period was 305,761 gold equivalent ounces, up 13% from 271,906.
The production increase was buoyed by second quarter output at its Salobo and Penasquito projects, with production up 15% year-over-year to 63,200 attributable gold ounces and silver production up 30% to 2.3 million attributable silver ounces.
Wheaton announced its third dividend of 15.5 US cents this calendar year, to be paid on September 4. The company had in April and June paid dividends of the same amount.
Looking ahead, Wheaton confirmed annual total production guidance of 550,000 to 620,000 GEOs, of which it expects 325,000 and 370,000 ounces of gold, 18.5 to 20.5 million ounces of silver, and 12,000 to 15,000 GEOs of other metals.
‘Our performance in the first half of 2024 supports our belief that the strength of our organic growth profile and high-quality, long-life portfolio, combined with favorable commodity price trends, firmly positions Wheaton as a premier choice for precious metals exposure,’ said Chief Executive Officer Randy Smallwood.
Wheaton shares closed down 5.9% at 4,262.64 pence each on Thursday in London
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