Wheaton Precious Metals Corp on Friday backed its annual production guidance following strong third-quarter trading.

The Vancouver-based precious metals streaming company said revenue for its third-quarter rose 38% to $308.3 million from $223.1 million the year prior, with Wheaton owing the $85.2 million improvement to a 26% surge in the average realised gold equivalent price.

Wheaton also recognised a 10% improvement in the number of attributable gold production sold throughout the period.

Year-to-date, revenue improved by 29% on-year to $904.1 million from $702.6 million, primarily reflecting a 16% increase in the average realised gold equivalent price but with Wheaton also realising an 11% increase in the number of gold equivalent ounces sold.

Pretax profit also rose during the firm’s third-quarter, up 50% to £182.1 million from £121.5 million the previous year.

Wheaton shares were up 1.4% at 5,040.00 pence on Friday morning in London.

Gold production throughout the period actually fell 17% to 87,199 ounces from 105,027 the previous year. However, GEOs only fell slightly, down 2.1% to 144,164 from 147,278.

Wheaton reiterated its annual production guidance range for 2024 of 550,000 to 620,000 gold equivalent ounces.

The $29.29 billion market capitalisation firm increased its third-quarter dividend by 3.3% $0.155 versus $0.15 the prior year.

This follows on from Wheaton’s announcement in October that its wholly-owned subsidiary, Wheaton Precious Metals International Ltd acquired a gold stream from Montage Gold Corp’s Kone gold project located in the Ivory Coast in a deal that included an upfront cash consideration of $625 million.

Wheaton Chief Executive Randy Smallwood said: ‘Wheaton achieved record cash flow from operations in the third-quarter of 2024, underscoring the effectiveness of our business model in leveraging rising commodity prices, with our cash operating margins increasing by over 30% relative to the third-quarter of 2023.

‘Our portfolio of operating assets delivered solid production levels, continuing to support our annual production guidance range for 2024 of 550,000 to 620,000 gold equivalent ounces.’

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