Wheaton Precious Metals Corp. reported strong results for the fourth quarter and full year of 2024, achieving record revenue, adjusted net earnings, and operating cash flows. The company, which specializes in precious metals streaming and royalty agreements, recorded production of 635,000 gold equivalent ounces (GEO) for the full year, surpassing its production guidance by about 9%.

For the fourth quarter, Wheaton produced approximately 187,000 GEOs, a 14% increase compared to the same period in 2023. Revenue for the quarter reached $381 million, a year-over-year increase of 21%, while gross margin surged to $247 million, up 40% from the previous year. Wheaton’s net earnings for the quarter, after a $109 million impairment charge related to cobalt prices, were $88 million, which included a $35 million global minimum tax expense. Adjusted net earnings set a quarterly record at $199 million, a 20% growth compared to the same period last year, resulting in adjusted earnings per share of $0.44, marking an increase of 21%.

Total revenue for 2024 increased by 26% to approximately $1.3 billion, primarily driven by a 20% rise in realized commodity prices and a 5% growth in sales volumes. The gross margin for the full year also saw a significant increase, rising to $803 million, reflecting a growth of $229 million. The adjusted net earnings for the year reached an all-time high of $640 million, following the adjustment for nonrecurring items.

The company paid a dividend of $0.155 per share in the fourth quarter, noting that the dividend payout ratio continues to lead within the precious metals sector. For 2025, Wheaton has projected G&A expenses to rise to $50 million to $55 million, which includes costs associated with new initiatives. Furthermore, Wheaton expects its production to grow significantly in 2025, forecasting an attributable production range of 600,000 to 670,000 GEOs, supported by several development projects that are expected to start production.

Alongside this, the company announced a 6.5% increase in its quarterly dividend, bringing the dividend for 2025 to $0.165 per share, payable on April 11, 2025. Wheaton has made considerable upfront cash payments for mineral stream interests, totaling approximately $115 million for various projects within the year, aligning with its strategy to grow its high-quality asset portfolio. By maintaining a healthy cash balance, Wheaton is well-positioned to continue supporting its operational commitments and explore new investment opportunities.

As of December 31, 2024, Wheaton reported cash and cash equivalents of $818 million, bolstered by net cash inflows of $124 million in the fourth quarter. The company still retains a fully undrawn revolving credit facility of $2 billion. Wheaton’s management indicated confidence in its strong financial position, providing ample capacity to continue adding high-quality streams to its portfolio and optimizing shareholder returns.