Gold and Precious Metals

Wheaton Precious Metals stock gains 11% after earnings report

Pure gold from the mine that was unearthed was placed on the black sand

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Wheaton Precious Metals (NYSE:WPM) stock gained ~11% on Friday after the precious metals streaming firm reported Q3 results that were largely in line with expectations.

Q3 adj. EPS was $0.21 vs. $0.30 in Q3 2021.

Revenue fell 18.6% Y/Y to $218.83M due to 12% decrease in average realized gold equivalent price and 7% decline in the number of GEOs sold.

Wheaton (WPM) produced over 73.5K oz of gold, down 14.2%, and ~5.9K oz of silver, down 7.3%.

The company sold 62K oz of gold, down 8.4%, and 5.2K oz of silver, down 4.6%.

Average cash costs in Q3 were $439 per gold equivalent ounce vs. $417 in Q3 2021, resulting in cash operating margin of $1,137 per GEO sold, down 17%.

Wheaton (WPM) had ~$495M of cash on hand as of Sept. 30.

The company guided for 2022 attributable production of 300K-320K oz ounces of gold, 22.5M-24M oz of silver, and 35K-40K GEOs, resulting in production of ~640K-680K GEOs.

After the termination of the Yauliyacu PMPA, Wheaton (WPM) expects average annual production for the five-year period ending Dec. 31, 2026, to be ~800K GEOs (from 820K GEOs previously) and for the ten-year period ending Dec. 31, 2031, to be ~850K GEOs (from 870K GEOs previously).

Shares of Wheaton (WPM) have fallen ~19% YTD.

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