|
Wheaton Precious Metals Corp on Friday said revenue and net earnings surged during the third quarter and announced it had struck a deal to buy a gold stream. The Vancouver-based miner said revenue rose 55% to $476.3 million for the three months ended September 30, up from $308.3 million a year ago. Wheaton credited this spike in revenue to a 37% increase in the average realised gold equivalent price and a 13% increase in the number of gold equivalent ounces sold in the quarter. The company said net earnings more than doubled to $367.2 million from $154.6 million. Wheaton said attributable gold equivalent production increased 22% to 173,415, from 142,716 ounces, driven by ‘stronger production’ at Salobo and Antamina, coupled with the beginning of production at Blackwater. The company has maintained its guidance for estimated attributable production. For 2025, Wheaton forecasts an annual production of approximately 600,000 to 670,000 gold equivalent ounces. Wheaton declared a quarterly dividend of $0.165 per common share, an increase of 6.5% from $0.155 for the same period last year. Chief Executive Randy Smallwood said: ‘Our portfolio of high-quality assets continued to deliver strong results, generating record revenue, earnings, and cash flow for the first nine months of 2025. We advanced our near-term growth strategy through key milestones including the ramp up of production at Blackwater and Goose, alongside continued construction across six development projects scheduled to come online over the next 24 months. ‘These strong results position us well to meet our annual production guidance of 600,000 to 670,000 gold equivalent ounces and underscores the streaming model’s ability to generate predictable levered cash flows in a rising precious metals price environment.’ Wheaton on Thursday announced its wholly-owned subsidiary, Wheaton Precious Metals International Ltd, had struck a deal with Waterton Gold LP to acquire a gold stream on the Spring Valley gold development project, located in Nevada, US. Wheaton will pay Waterton upfront cash of $670 million in installments, as various conditions are satisfied. Under the gold stream, Wheaton will purchase 8% of the payable gold until 300,000 ounces have been delivered, after which it will buy 6% of the payable gold for the life of the mine. Smallwood said: ‘Wheaton is delighted to support one of our existing partners, Waterton, as they advance the Spring Valley Project, a large scale gold development in Nevada.’ ‘With its strong geological profile, strategic location, and proven leadership, already demonstrated through our partnership at Mineral Park, Spring Valley aligns perfectly with our commitment to investing in high-quality, value-accretive assets.’ Shares in Wheaton lost 0.4% to 7,367.65 pence on Friday morning in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
