Reported Earnings • May 08
First quarter 2026 earnings released: EPS: US$1.28 (vs US$0.56 in 1Q 2025) First quarter 2026 results: EPS: US$1.28 (up from US$0.56 in 1Q 2025). Revenue: US$901.5m (up 92% from 1Q 2025). Net income: US$582.0m (up 129% from 1Q 2025). Profit margin: 65% (up from 54% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 39% per year whereas the company’s share price has increased by 35% per year. Buy Or Sell Opportunity • Mar 20
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €101. The fair value is estimated to be €128, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Recent Insider Transactions • Mar 19
President recently bought €1.2m worth of stock On the 17th of March, Haytham Hodaly bought around 10k shares on-market at roughly €120 per share. This transaction increased Haytham's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Haytham has been a buyer over the last 12 months, purchasing a net total of €1.3m worth in shares. Declared Dividend • Mar 16
Fourth quarter dividend of US$0.20 announced Shareholders will receive a dividend of US$0.20. Ex-date: 31st March 2026 Payment date: 10th April 2026 Dividend yield will be 0.5%, which is lower than the industry average of 4.8%. Payout Ratios Payout ratio: 20%. Cash payout ratio: 63%. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: US$3.24 (vs US$1.17 in FY 2024) Full year 2025 results: EPS: US$3.24 (up from US$1.17 in FY 2024). Revenue: US$2.31b (up 80% from FY 2024). Net income: US$1.47b (up 178% from FY 2024). Profit margin: 64% (up from 41% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 13
Wheaton Precious Metals Corp. Announces Quarterly Dividend, Payable on March 31, 2026 Wheaton Precious Metals Corp. announced that its Board of Directors has declared its first quarterly cash dividend payment for 2026 of $0.195 per common share, an 18% increase from the fourth quarterly cash dividend payment for 2025 of $0.165 per common share. The Company declared record dividends during 2025, totaling $0.66 per common share. The first quarterly cash dividend for 2026 will be paid to holders of record of Wheaton common shares as of the close of business on March 31, 2026, and will be distributed on or about April 10, 2026. The ex-dividend trading date is March 31, 2026. Buy Or Sell Opportunity • Dec 17
Now 20% undervalued Over the last 90 days, the stock has risen 10.0% to €96.54. The fair value is estimated to be €121, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 5.7%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Buy Or Sell Opportunity • Nov 27
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 7.9% to €91.96. The fair value is estimated to be €76.46, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 5.7%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Declared Dividend • Nov 10
Third quarter dividend of US$0.17 announced Shareholders will receive a dividend of US$0.17. Ex-date: 20th November 2025 Payment date: 4th December 2025 Dividend yield will be 0.7%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 9.8% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 08
Wheaton Precious Metals™ Corp. Announces Quarterly Dividend, Payable on November 20, 2025 Wheaton Precious Metals™ Corp. announced that its Board of Directors has declared its fourth quarterly cash dividend payment for 2025 of USD 0.165 per common share, an increase of 6.5% relative to the fourth quarterly cash dividend declared in 2024. The fourth quarterly cash dividend for 2025 will be paid to holders of record of Wheaton common shares as of the close of business on November 20, 2025, and will be distributed on or about December 4, 2025. The ex-dividend trading date is November 20, 2025. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: US$0.81 (vs US$0.34 in 3Q 2024) Third quarter 2025 results: EPS: US$0.81 (up from US$0.34 in 3Q 2024). Revenue: US$476.3m (up 55% from 3Q 2024). Net income: US$367.2m (up 138% from 3Q 2024). Profit margin: 77% (up from 50% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Oct 18
Now 20% undervalued Over the last 90 days, the stock has risen 19% to €90.04. The fair value is estimated to be €113, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 4.3%. Revenue is forecast to grow by 37% in 2 years. Earnings are forecast to grow by 42% in the next 2 years. Declared Dividend • Aug 11
Second quarter dividend of US$0.17 announced Shareholders will receive a dividend of US$0.17. Ex-date: 21st August 2025 Payment date: 4th September 2025 Dividend yield will be 0.7%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by both earnings (37% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 36% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 10
Second quarter 2025 earnings released: EPS: US$0.64 (vs US$0.27 in 2Q 2024) Second quarter 2025 results: EPS: US$0.64 (up from US$0.27 in 2Q 2024). Revenue: US$503.2m (up 68% from 2Q 2024). Net income: US$292.3m (up 139% from 2Q 2024). Profit margin: 58% (up from 41% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings. New Risk • Aug 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. Minor Risk Significant insider selling over the past 3 months (€2.3m sold). New Risk • Jul 04
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €2.3m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company. Recent Insider Transactions • Jul 03
Independent Chairman recently sold €1.1m worth of stock On the 30th of June, George Brack sold around 15k shares on-market at roughly €75.54 per share. This transaction amounted to 62% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was George's only on-market trade for the last 12 months. Buy Or Sell Opportunity • Jun 27
Now 21% undervalued Over the last 90 days, the stock has risen 5.6% to €74.92. The fair value is estimated to be €95.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 7.4% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Announcement • Jun 19
Wheaton Precious Metals Corp. Announces Senior Management Promotions Wheaton Precious Metals Corp. announced key senior management promotions as the company positions itself for its next era of innovation and growth. The Company will appoint Haytham Hodaly, current Senior Vice President of Corporate Development, to President of the Company. In addition, Curt Bernardi, current Senior Vice President Legal and Strategic Development, will be promoted to Executive Vice President, Strategy and General Counsel. These changes will be effective June 30, 2025. Randy Smallwood remains the Chief Executive Officer at Wheaton. Mr. Hodaly joined Wheaton Precious Metals in 2012 and has played a pivotal role in executing over $10 billion in streaming transactions, significantly enhancing the company's growth trajectory. Prior to his tenure at Wheaton, Mr. Hodaly was a Director and Mining Analyst at RBC Capital Markets, where he provided strategic insights to institutional clients globally. He also co-directed research at Salman Partners Inc., contributing to its establishment as a leading independent, resource-focused investment dealer. An engineer by training, Mr. Hodaly holds a Bachelor of Applied Science in Mining and Mineral Processing Engineering and a Master's degree in Engineering specializing in Mineral Economics, both from the University of British Columbia. Mr. Bernard joined Wheaton Precious Metals in 2008 and has been instrumental in providing strategic direction and expertly structuring many of the Company's key streaming transactions. With a legal career spanning over three decades, he brings deep expertise in corporate finance, mergers and acquisitions, and governance. Prior to joining Wheaton, Mr. Bernardi held senior legal roles at Westcoast Energy, Duke Energy Gas Transmission, and Union Gas. He holds a Bachelor of Commerce from the University of British Columbia and a Bachelor of Law from the University of Toronto and is a member of the Law Society of British Columbia. Buy Or Sell Opportunity • Jun 06
Now 21% undervalued Over the last 90 days, the stock has risen 21% to €78.08. The fair value is estimated to be €99.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 7.0% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Declared Dividend • May 12
First quarter dividend of US$0.17 announced Shareholders will receive a dividend of US$0.17. Ex-date: 28th May 2025 Payment date: 10th June 2025 Dividend yield will be 0.8%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by both earnings (46% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: US$0.56 (vs US$0.36 in 1Q 2024) First quarter 2025 results: EPS: US$0.56 (up from US$0.36 in 1Q 2024). Revenue: US$470.4m (up 59% from 1Q 2024). Net income: US$254.0m (up 55% from 1Q 2024). Profit margin: 54% (down from 55% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Announcement • May 07
Wheaton Precious Metals Announces Demise of Peter Gillin, Founding Board Member on May 2, 2025 Wheaton Precious Metals Corp. announced the passing of founding board member, Peter Gillin, who passed away on May 2, 2025, after courageously facing health challenges. Mr. Gillin brought more than four decades of experience in the mining and financial sectors to Wheaton, serving with distinction as a dedicated member of Wheaton's Board of Directors for over twenty years. During his tenure, he held key positions including former Chair of the Compensation Committee, and member of the Governance and Sustainability and Audit Committees, where his leadership and expertise played a vital role in guiding Wheaton's growth and success. Mr. Gillin had previously announced his planned retirement ahead of the Company's 2025 Annual General Meeting. In memory of Mr. Gillin and in honour of his legacy, Wheaton will make an increased contribution to the Heart and Stroke Foundation of Canada to support their ongoing efforts in research, prevention, and care. Declared Dividend • Mar 17
Fourth quarter dividend of US$0.17 announced Shareholders will receive a dividend of US$0.17. Ex-date: 1st April 2025 Payment date: 11th April 2025 Dividend yield will be 0.9%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by both earnings (53% earnings payout ratio) and cash flows (81% cash payout ratio). The dividend has increased by an average of 3.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 46% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: US$1.17 (vs US$1.19 in FY 2023) Full year 2024 results: EPS: US$1.17 (down from US$1.19 in FY 2023). Revenue: US$1.28b (up 26% from FY 2023). Net income: US$529.1m (down 1.6% from FY 2023). Profit margin: 41% (down from 53% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • Mar 14
Wheaton Precious Metals Corp. Declares First Quarter Cash Dividend, Payable on or About April 11, 2025 Wheaton Precious Metals Corp. announced that its Board of Directors has declared its first quarterly cash dividend payment for 2025 of USD 0.165 per common share, a 6.5% increase from the fourth quarterly cash dividend payment for 2024 of USD 0.155 per common share. The Company declared record dividends during 2024, totaling USD 0.62 per common share. The first quarterly cash dividend for 2025 will be paid to holders of record of Wheaton common shares as of the close of business on April 1, 2025 and will be distributed on or about April 11, 2025. The ex-dividend trading date is April 1, 2025. Announcement • Feb 21
Wheaton Precious Metals Corp. Provides Production Guidance for the Year 2025 Wheaton Precious Metals Corp. provided production guidance for the year 2025. For the year, the company expects production of gold of 350,000 ounces to 390,000 ounces, production of Silver of 20,500,000 to 22,500,000, Other Metals of 12,500 GEOs to 13,500 GEOs, Gold Equivalent Ounces of 600,000 ounces to 670,000 ounces. Announcement • Feb 14
Wheaton Precious Metals Corp., Annual General Meeting, May 09, 2025 Wheaton Precious Metals Corp., Annual General Meeting, May 09, 2025. Announcement • Jan 10
Wheaton Precious Metals Corp Announces Chief Financial Officer Changes Wheaton Precious Metals Corp. announced that Gary Brown will be stepping down from his role as Chief Financial Officer, effective March 31, 2025. As part of a planned leadership succession, Vincent Lau, Wheaton's Vice President of Finance, will be appointed CFO and will join the senior leadership team. Throughout his nearly 17 years of dedicated service, Mr. Brown has played an integral role in the Company's financial growth, strategic direction, and risk management, all contributing to Wheaton's long-term success. Mr. Brown's legacy will be marked by a strong financial foundation, a culture of excellence, and a focus on sustainable growth. Vincent has served as Wheaton's Vice President of Finance for 13 years, where he has managed the corporate finance and risk management functions. Prior to joining Wheaton, Vincent held senior finance roles at CHC Helicopters and in KPMG's Transaction Services group based in New York. Vincent holds the Chartered Professional Accountant and Chartered Financial Analyst designations and received a Bachelor of Commerce degree from the University of British Columbia. Declared Dividend • Nov 11
Third quarter dividend of US$0.15 announced Shareholders will receive a dividend of US$0.15. Ex-date: 21st November 2024 Payment date: 6th December 2024 Dividend yield will be 1.0%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (46% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 33% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: US$0.34 (vs US$0.26 in 3Q 2023) Third quarter 2024 results: EPS: US$0.34 (up from US$0.26 in 3Q 2023). Revenue: US$308.3m (up 38% from 3Q 2023). Net income: US$154.6m (up 33% from 3Q 2023). Profit margin: 50% (down from 52% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Declared Dividend • Aug 12
Second quarter dividend of US$0.15 announced Shareholders will receive a dividend of US$0.15. Ex-date: 21st August 2024 Payment date: 4th September 2024 Dividend yield will be 1.1%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (48% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: US$0.27 (vs US$0.31 in 2Q 2023) Second quarter 2024 results: EPS: US$0.27 (down from US$0.31 in 2Q 2023). Revenue: US$299.1m (up 13% from 2Q 2023). Net income: US$122.3m (down 14% from 2Q 2023). Profit margin: 41% (down from 53% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Aug 08
Wheaton Precious Metals Corp. Provides Production Guidance for 2024 Wheaton Precious Metals Corp. provided production guidance for 2024. The company continues to forecast estimated attributable production in 2024 to be 325,000 ounces to 370,000 ounces of gold, 18.5 million to 20.5 million ounces of silver, and 12,000 ounces to 15,000 gold equivalent ounces (“GEOs”) of other metals, resulting in production of approximately 550,000 to 620,000 GEOs2, unchanged from previous guidance. Annual production is forecast to increase by approximately 40% to over 800,000 GEOs2 by 2028, with average annual production forecast to grow to over 850,000 GEOs2 in years 2029 to 2033, also unchanged from previous guidance. New Risk • Jun 17
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €1.7m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company. Declared Dividend • May 13
First quarter dividend of US$0.15 announced Shareholders will receive a dividend of US$0.15. Ex-date: 29th May 2024 Payment date: 11th June 2024 Dividend yield will be 1.1%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (46% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 10% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 10
An unknown buyer acquired 5% stake in Hecla Mining Company (NYSE:HL) from Wheaton Precious Metals Corp. (TSX:WPM) for approximately $180 million. An unknown buyer acquired 5% stake in Hecla Mining Company (NYSE:HL) from Wheaton Precious Metals Corp. (TSX:WPM) for approximately $180 million during April 2024.
An unknown buyer completed the acquisition of 5% stake in Hecla Mining Company (NYSE:HL) from Wheaton Precious Metals Corp. (TSX:WPM) during April 2024. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: US$0.36 (vs US$0.25 in 1Q 2023) First quarter 2024 results: EPS: US$0.36 (up from US$0.25 in 1Q 2023). Revenue: US$296.8m (up 38% from 1Q 2023). Net income: US$164.0m (up 47% from 1Q 2023). Profit margin: 55% (up from 52% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Declared Dividend • Mar 18
Fourth quarter dividend of US$0.15 announced Shareholders will receive a dividend of US$0.15. Ex-date: 2nd April 2024 Payment date: 15th April 2024 Dividend yield will be 1.4%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (51% earnings payout ratio) but not covered by cash flows (375% cash payout ratio). The dividend has increased by an average of 3.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 14% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 15
Wheaton Precious Metals Corp. Declares Dividend, Payable on or About April 15, 2024 On March 14, 2024, Wheaton Precious Metals Corp. declared a dividend in the amount of $0.155 per common share, with this dividend being payable to shareholders of record on April 3, 2024 and is expected to be distributed on or about April 15, 2024. The Company has implemented a dividend reinvestment plan ("DRIP") whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares based on the Average Market Price, as defined in the DRIP. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: US$1.19 (vs US$1.48 in FY 2022) Full year 2023 results: EPS: US$1.19 (down from US$1.48 in FY 2022). Revenue: US$1.02b (down 4.6% from FY 2022). Net income: US$537.6m (down 20% from FY 2022). Profit margin: 53% (down from 63% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 1.0% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. New Risk • Feb 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Feb 13
Wheaton Precious Metals Corp., Annual General Meeting, May 10, 2024 Wheaton Precious Metals Corp., Annual General Meeting, May 10, 2024. Announcement • Nov 23
Wheaton Precious Metals and Vale Base Metals Announce Achievement of First Phase Completion Test at Salobo Wheaton Precious Metals Corp. (‘Wheaton’ or the ‘Company’), Wheaton Precious Metals International Ltd. (‘Wheaton International’) and Vale Base Metals Limited (‘VBM’) are announced the successful completion of the throughput test for the first phase of the Salobo III expansion project, a significant milestone that demonstrates increased reliability and continued strong performance at VBM's copper project in Brazil. The test required VBM's Salobo complex to run at an average annualized throughput of 32 million tonnes per annum (‘Mtpa’) for a period of 90 days. VBM confirmed completion of the test on November 17, 2023, with an average throughput of 32.3 Mtpa. The Salobo mine historically had a mill throughput capacity of 24 Mtpa, and having now exceeded throughput capacity of 32 Mtpa, is currently ramping up to full capacity of 36 Mtpa, expected in the fourth quarter of 2024. Under the terms of the Salobo precious metals purchase agreement (‘PMPA’), Wheaton International will make a payment to Vale Base Metals totaling $370 million for completion of the first phase of the Salobo III expansion project. The remaining balance of the expansion payment is dependent on the timing of completion and will be triggered once Vale Base Metals expands actual throughput above 35 Mtpa for a period of 90 days. In addition, Wheaton International will be required to make annual payments of between $5.1 million to $8.5 million for a 10-year period following payment of the expansion payments if the Salobo mine implements a high-grade mine plan. Upcoming Dividend • Nov 20
Upcoming dividend of US$0.15 per share at 1.3% yield Eligible shareholders must have bought the stock before 27 November 2023. Payment date: 08 December 2023. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (8.4%). Reported Earnings • Nov 12
Third quarter 2023 earnings released: EPS: US$0.26 (vs US$0.43 in 3Q 2022) Third quarter 2023 results: EPS: US$0.26 (down from US$0.43 in 3Q 2022). Revenue: US$223.1m (up 2.0% from 3Q 2022). Net income: US$116.4m (down 41% from 3Q 2022). Profit margin: 52% (down from 90% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 2% per year. Announcement • Nov 11
Wheaton Precious Metals Corp. Provides Production Guidance for the Full Year 2023 Wheaton Precious Metals Corp. provided production guidance for the full year 2023. 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. Announcement • Nov 10
Wheaton Precious Metals Corp. Declares Dividend for the Fourth Quarter of 2023, Payable on or About December 8, 2023 Wheaton Precious Metals Corp. ("Wheaton" or the "Company") to announced that its Board of Directors has declared its fourth quarterly cash dividend payment for 2023 of USD 0.15 per common share. The fourth quarterly cash dividend for 2023 of USD 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. New Risk • Oct 19
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 35% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Announcement • May 23
Wheaton Precious Metals Corp. Announces Demise of John Brough, Board Member Wheaton Precious Metals Corp. announced that one of the Company's founding board members, John Brough, passed away on May 17, 2023, due to a health-related issue. Spanning a career of over 40 years, Mr. Brough was active in both the real estate and mining industries. Throughout Mr. Brough's tenure with Wheaton, he played an integral role in the successful development and growth of the Company as a dedicated member of the Board of Directors, having held the positions of Chair of the Audit Committee and a member of the Governance and Sustainability Committee. Announcement • May 13
Wheaton Precious Metals Corp. Elects Jeane Hull as Director Wheaton Precious Metals Corp. at the Annual and Special Meeting of Shareholders, Ms. Jeane Hull has been elected to the Board. Ms. Hull has over 35 years of mining operational leadership and engineering experience, most notably holding the positions of Chief Operating Officer for Rio Tinto plc at the Kennecott Utah Copper Mine and Executive Vice President and Chief Technical Officer of Peabody Energy Corporation. She also held numerous management engineering and operations positions with Rio Tinto affiliates. Prior to joining Rio Tinto, she held positions with Mobil Mining and Minerals and has additional environmental engineering and regulatory affairs experience in the public and private sectors. Ms. Hull currently serves as a member of the Board of Directors of Coeur Mining Inc., Copper Mountain Mining Corporation and Eprioc AB. She previously served on the boards of Interfor Corporation, Trevali Mining Corporation, Pretium Resources Inc. and Cloud Peak Energy Inc. Ms. Hull also serves on the Advisory Board for South Dakota School of Mines and Technology. Announcement • May 09
Wheaton Precious Metals Corp. Confirms Retirements of Eduardo Luna and John Brough from its Board of Directors Wheaton Precious Metals Corp. announced the retirement of Mr. Eduardo Luna as part of the Company's board renewal program and the retirement of Mr. John Brough due to personal health reasons. Both directors intend to retire upon the completion of their terms at the upcoming 2023 annual general and special meeting of shareholders scheduled for May 12, 2023. Mr. Luna has served on the company's Board of Directors since 2004 and was Chair of the Company from October 2004 to May 2009. Mr. Luna was also Interim Chief Executive Officer of the Company from October 2004 to April 2006. Mr. Brough has also served on the company's Board of Directors since 2004, during which time he served as Chair of the Company's Audit Committee as well as serving on other board committees. Ms. Jeane Hull has been put forward by the Company as a nominee for director in place of Mr. Luna at the Meeting. Given the sudden nature of Mr. Broughs' departure, the Company does not intend to put forward another nominee for director at the Meeting to fill his vacancy at this time. Announcement • May 06
Wheaton Precious Metals Corp. Declares Second Quarterly Cash Dividend for 2023, Payable on or About June 2, 2023 Wheaton Precious Metals Corp. announced the second quarterly cash dividend for 2023 of USD 0.15 will be paid to holders of record of Wheaton common shares as of the close of business on May 19, 2023, and will be distributed on or about June 2, 2023. The ex-dividend trading date is May 18, 2023. Announcement • Feb 15
B2Gold Corp. (TSX:BTO) signed non-binding letter of intent to acquire Sabina Gold & Silver Corp. (TSX:SBB) for CAD $1 billion. B2Gold Corp. (TSX:BTO) signed non-binding letter of intent to acquire Sabina Gold & Silver Corp. (TSX:SBB) for CAD 1 billion on February 2, 2023. B2Gold Corp. (TSX:BTO) entered into a definitive agreement to acquire Sabina Gold & Silver Corp. (TSX:SBB) on February 13, 2023. Under the terms of the transaction, B2Gold will issue 0.3867 of a common share of B2Gold for each Sabina common share held, representing consideration of CAD 1.87 per Sabina Share. Upon completion of the Arrangement, existing B2Gold shareholders and former Sabina shareholders will own approximately 83% and 17%, respectively, of the outstanding B2Gold Shares. The Transaction will be carried out by way of a court-approvedArrangement under the Business Corporations Act (British Columbia) and will require approval by 66 2/3% of the votes cast by Sabina shareholders at a special meeting expected to be held in April 2023. The transaction is subject to normal course regulatory approvals and the satisfaction of customary closing condition, dissent rights no greater than 10% of shares outstanding and any required third-party consents, Dissent rights no greater than 10% of shares outstanding. The B2Gold Board of Directors has unanimously approved the Transaction. The Sabina Board of Directors have unanimously approved the transaction, with Sabina directors recommending that Sabina shareholders vote in favour of the transaction. Subject to the satisfaction of these conditions, B2Gold and Sabina expect that the Transaction will be completed in the second quarter of 2023.B2Gold’s financial advisor is National Bank Financial, its Canadian legal counsel is Lawson Lundell LLP and its United States legal counsel is Dorsey & Whitney LLP. Sabina’s financial advisors are BMO Capital Markets and Cormark Securities Inc., its Canadian legal counsel is Blake, Cassels & Graydon LLP. June S. Dipchand and Ryan J. Dzierniejko of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Sabina Gold & Silver Corp. Each of BMO Capital Markets and Cormark Securities Inc. has provided an oral opinion to the Board of Directors of Sabina that the consideration offered under the Transaction is fair, from a financial point of view, to the shareholders of Sabina. Upcoming Dividend • Nov 11
Upcoming dividend of US$0.15 per share Eligible shareholders must have bought the stock before 18 November 2022. Payment date: 01 December 2022. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (9.3%). Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improved over the past week After last week's 18% share price gain to €36.99, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 5x in the Metals and Mining industry in Europe. Total returns to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €31.28 per share. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: US$0.43 (vs US$0.30 in 3Q 2021) Third quarter 2022 results: EPS: US$0.43 (up from US$0.30 in 3Q 2021). Revenue: US$218.8m (down 19% from 3Q 2021). Net income: US$196.5m (up 46% from 3Q 2021). Profit margin: 90% (up from 50% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 3.4% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Nov 05
Glencore plc (LSE:GLEN) entered into an agreement to acquire Yauliyacu Mine from Wheaton Precious Metals Corp. (TSX:WPM) for $150 million. Glencore plc (LSE:GLEN) entered into an agreement to acquire Yauliyacu Mine from Wheaton Precious Metals Corp. (TSX:WPM) for $150 million on August 18, 2022. As at September 30, 2022, the net termination payment is estimated to be approximately $136 million. The closing of the transaction is contingent on Glencore divesting the Yauliyacu mine by December 31, 2022 and certain other customary conditions. Glencore retains the option to terminate the silver stream even if it does not divest the Yauliyacu mine by December 31, 2022. Recent Insider Transactions • Sep 06
Director recently bought €50k worth of stock On the 29th of August, Jaimie Donovan bought around 2k shares on-market at roughly €31.49 per share. This transaction increased Jaimie's direct individual holding by 4x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €1.0m more in shares than they bought in the last 12 months. Announcement • Aug 13
Wheaton Precious Metals Corp. Declares Third Quarterly Cash Dividend, Payable on or About September 8, 2022 Wheaton Precious Metals Corp. announced that its Board of Directors has declared third quarterly cash dividend payment for 2022 of USD 0.15 per common share will be paid to holders of record of Wheaton common shares as of the close of business on August 26, 2022 and will be distributed on or about September 8, 2022. The ex-dividend trading date to be August 25, 2022. Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: US$0.33 (vs US$0.37 in 2Q 2021) Second quarter 2022 results: EPS: US$0.33 (down from US$0.37 in 2Q 2021). Revenue: US$302.9m (down 8.3% from 2Q 2021). Net income: US$149.1m (down 10% from 2Q 2021). Profit margin: 49% (down from 50% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 9.8%, compared to a 20% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Aug 12
Wheaton Precious Metals Corp. Revises Production Guidance for the Year 2022 Wheaton Precious Metals Corp. revised production guidance for the year 2022. For the year, the company expects Gold in the range from 300,000 ounces to 320,000 ounces against previous guidance of 350,000 ounces to 380,000 ounces, Silver to be in the range from 22,500 ounces to 24,000 ounces against previous guidance of 23,000,000 ounces to 24,500,000 ounces, Other Metals (GEOs) in the range from 35,000 to 40,000 against previous guidance of 44,000 to 48,000, and Total GEOs to be in the range of 640,000 to 680,000 against previous guidance of 700,000 to 760,000. Announcement • May 14
Wheaton Precious Metals Corp. Announces Board Changes Wheaton Precious Metals Corp. announced that at its AGM, Mr. Doug Holtby who had served as Chair of Wheaton is retiring and did not stand for reelection, and Mr. George Brack has been appointed the role of Chair of the Board. In addition, Ms. Jaimie Donovan has been elected to the Board. Upcoming Dividend • May 12
Upcoming dividend of US$0.15 per share Eligible shareholders must have bought the stock before 19 May 2022. Payment date: 03 June 2022. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of German dividend payers (4.2%). Lower than average of industry peers (8.1%). Reported Earnings • May 06
First quarter 2022 earnings released: EPS: US$0.35 (vs US$0.36 in 1Q 2021) First quarter 2022 results: EPS: US$0.35 (down from US$0.36 in 1Q 2021). Revenue: US$307.2m (down 5.2% from 1Q 2021). Net income: US$157.5m (down 2.8% from 1Q 2021). Profit margin: 51% (up from 50% in 1Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 12%, compared to a 33% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 7 highly experienced directors. Non Independent Director Glenn Ives was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Apr 06
Now 20% undervalued Over the last 90 days, the stock is up 28%. The fair value is estimated to be €55.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 48%. For the next 3 years, revenue is forecast to grow by 5.0% per annum. Earnings is forecast to decline by 2.6% per annum over the same time period. 
