Wheaton Precious Metals Q1 2025: Dissecting Contradictions in Production, Dividends, and Expansion Plans

Production profile and timing, dividend payout ratio strategy, Antamina production and mine plan, cobalt production and sales, and Salobo's expansion and production are the key contradictions discussed in Wheaton Precious Metals Corp.'s latest 2025Q1 earnings call.



Strong Financial Performance:
- Wheaton Precious Metals Corp. achieved record quarterly revenue of $470 million, a 59% increase compared to the prior year, with a gross margin increase by 86%, and record adjusted net earnings of $251 million, representing a 53% increase.
- This growth was driven by strong production levels at key assets like Salobo and a significant increase in sales volume.

Production Trends:
- Production in Q1 was 151,000 GEOs, showing a 4% decrease from Q1 2024, mainly due to lower production at Peñasquito and Constancia.
- The decrease was expected due to lower grades, but was partially offset by higher production at Salobo and Antamina.

Development Pipeline:
- Four development projects came online in 2025, with the Blackwater Mine achieving its first gold and silver pour in January.
- This catalyst-rich year supports Wheaton's anticipated organic growth profile of over 40% by 2029.

Sustainability and Community Investments:
- Wheaton was recognized amongst Corporate Knight's 100 Most Sustainable Corporations in the World for 2025, reflecting its commitment to sustainable streaming and community investment.
- The company's inaugural Future of Mining Challenge focused on sustainable water management, reflecting a commitment to responsible operations.