VANCOUVER, BC, Nov. 9, 2023 /CNW/ - "The importance of having a diversified portfolio of high-quality, low-cost assets was evidenced by Wheaton's ability to deliver solid operating results in the quarter, despite the temporary suspension of one of our largest assets, which has since begun the safe ramp-up of operations. Strong outperformances from Salobo and Constancia, have not only offset challenges faced by others, but also contributed significantly to our overall success. As such, we are pleased to reiterate our annual production guidance range for 2023 of 600,000 to 660,000 gold equivalent ounces," said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. "In this high interest rate environment, streaming continues to be one of the most competitive sources of capital, and our corporate development team remains exceptionally busy evaluating new opportunities. We remain resolutely committed to enhancing our portfolio with growth that is accretive and sustainable, benefiting all stakeholders."
Solid Financial Results and Strong Balance Sheet
Third quarter of 2023: $223 million in revenue, $171 million in operating cash flow, $116 million in net earnings and $121 million in adjusted net earnings1.
A cash balance of $834 million and no debt as at September 30, 2023, after making total upfront cash payments of $90 million relative to mineral stream interests in the quarter.
Undrawn $2 billion revolving credit facility maturing on June 22, 2028.
Declared a quarterly dividend1 of $0.15 per common share.
High Quality Asset Base
Streaming agreements on 18 operating mines and 14 development projects.
93% of attributable production from assets in the lowest half of their respective cost curves2,3.
30 years of mine life based on Proven and Probable Mineral Reserves and potential additional mine life from mineral resource conversion and exploration2,4.
Third quarter production increased quarter over quarter to 154,800 gold equivalent ounces3 ("GEOs"), driven by strong outperformances at both Salobo and Constancia, and despite the temporary suspension at Peñasquito, highlighting the strength of our diversified portfolio.
Average annual production guidance for 2023 of 600,000 to 660,000 GEOs2,3 is maintained, with sector-leading growth over the next five to ten years.
Accretive portfolio growth: see & read more on
VANCOUVER, BC, Nov. 9, 2023 /CNW/ - Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce that its Board of Directors has declared its fourth quarterly cash dividend payment for 2023 of US$0.15 per common share.
Fourth Quarterly Dividend
The fourth quarterly cash dividend for 2023 of US$0.15 will be paid to holders of record of Wheaton common shares as of the close of business on November 28, 2023, and will be distributed on or about December 8, 2023. The ex-dividend trading date is November 27, 2023.
Under the Company's dividend policy, for the 2023 calendar year, the quarterly dividend per common share is targeted to equal the greater of 30% of the average cash generated by operating activities in the previous four quarters divided by the Company's then outstanding common shares, all rounded to the nearest cent and the dividend declared in the prior quarter. To minimize volatility in quarterly dividends, the Company has set a minimum quarterly dividend for the duration of 2023 equal to the dividend per common share declared in the prior quarter.
The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes.
Dividend Reinvestment Plan
The Company has previously implemented a Dividend Reinvestment Plan ("DRIP"). Participation in the DRIP is optional. For the purposes of this quarterly dividend, the Company has elected to issue common shares under the DRIP through treasury at the Average Market Price, as defined in the DRIP, without a discount.
The Company may, from time to time, in its discretion, apply, change or eliminate any discount applicable to Treasury Acquisitions, as defined in the DRIP, or direct that such common shares be purchased in Market Acquisitions, as defined in the DRIP, at the prevailing market price, any of which would be publicly announced.
The DRIP and enrollment forms, including direct deposit, are available for download on the Company's website at www.wheatonpm.com, in the 'investors' section under the 'dividends' tab.
Registered shareholders may also enroll in the DRIP online through the plan agent's self-service web portal at: https://tsxtrust.com/DRIP
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