Wheaton Precious Metals: Fourth Quarter and Full Year Financial Results

11th March 2022 | Wheaton Precious Metals


“Wheaton generated record annual revenue and operating cash flow in 2021 as our diversified portfolio of high-quality, long-life assets delivered strong results. We are proud of the value we were able to return to our shareholders resulting from our record-setting performance, with total dividends paid in 2021 increasing by over 35% from 2020,” said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. “In 2021, Wheaton also remained focused on accretive growth, and over the past three months alone, we added five new streams to our already robust portfolio. This additional growth is readily apparent in our ten-year production forecast, where we see annual production climbing to well over 900,000 gold equivalent ounces.”

“In addition to our financial and corporate development successes in 2021, Wheaton also made significant strides in bolstering our sustainability efforts while continuing to support community programs around our offices and mining partners’ sites. We substantially strengthened our policies and disclosure around our environmental, social and governance strategy, including aligning our approach with the most recent climate science with the goal of reaching net zero carbon emissions by 2050. As we enter 2022, we look forward to building off our accomplishments from 2021 and continuing to create lasting value for all of our stakeholders.”

Fourth Quarter and Year End 2021 Highlights:

  • Nearly $200 million in operating cash flow during the fourth quarter and a record $845 million during 2021.
  • $278 million in revenue during the fourth quarter and a record $1.2 billion during 2021.
  • $132 million in adjusted net earnings1 during the fourth quarter and a record $592 million during 2021.
  • Attributable production in 2021 was 752,958 gold equivalent ounces2 (“GEOs”), in line with Company guidance.
  • Announced a new precious metal purchase agreement (“PMPA”) on Artemis Gold Inc.’s Blackwater Gold Project (“Blackwater”) in respect of silver production and acquired the existing PMPA held by New Gold Inc. in respect of gold production from Blackwater.
  • Announced new PMPA on Generation Mining Limited’s Marathon Project in respect of gold and platinum production.
  • Subsequent to the quarter, announced new PMPAs on Adventus Mining Corporation’s Curipamba Project in respect of gold and silver production and Sabina Gold & Silver Corp.’s Goose Project in respect of gold production.
  • On a GEO3 basis, total attributable Proven and Probable Mineral Reserves for all metals increased by 13%, driven by a 20% increase in total attributable gold Proven and Probable Mineral Reserves, primarily due to recently added PMPAs and increases at Salobo.
  • Declared quarterly dividend1 of $0.15 per common share.

News in full

In the interview below CEO Randy Smallwood provides an overview of the business and his view on the precious metals market

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