Wheaton Precious Metals reports solid start to 2023

News provided by Wheaton Precious Metals Corp. May 04, 2023, 17:03 ET Share this article Share to X Share this article Share to X Designated News Release FIRST QUARTER FINANCIAL RESULTS VANCOUVER, BC , May 4, 2023 /PRNewswire/ - "Wheaton's high-quality portfolio of long-life, low-cost assets delivered a solid performance to start the year, resulting in revenue of $214 million and robust cash operating margins," said Randy Smallwood , President and Chief Executive Officer of Wheaton Precious Metals. "First quarter production was ahead of Company expectations, and as we continue to see positive developments at a number of our key assets including Salobo and Constancia, we expect to see significant production growth throughout 2023, culminating in a strong second half of the year. Notably, implicit in our five-year annual average production guidance, is an impressive organic growth profile of over 40%, with two-thirds coming from assets already in operation.

In addition, our corporate development team remains exceptionally busy evaluating new opportunities, and as always, Wheaton is focused on ensuring our growth is both accretive and sustainable for all of our stakeholders." Solid Financial Results and Strong Balance Sheet First quarter of 2023: $214 million in revenue, $135 million in operating cash flow, $111 million in net earnings and $104 million in adjusted net earnings 1 A cash balance of $800 million and no debt as at March 31, 2023 Undrawn $2 billion revolving credit facility with a July 18, 2027 maturity date Declared a quarterly dividend 1 of $0.15 per common share High Quality Asset Base Streaming agreements on 20 operating mines and 12 development projects 93% of attributable production from assets in the lowest half of their respective cost curves 2, 3 30 years of mine life based on Proven and Probable Mineral Reserves and potential additional mine life from mineral resource conversion and exploration