Wheaton Precious Metals — Finalising Q125e

Wheaton Precious Metals’ (WPM’s) Q125 financial results are scheduled for release on Thursday 8 May, after the market close in Toronto. Ahead of the release, we have updated our forecasts to reflect, in particular, an increase in production from Salobo from 60,109oz to 73,655oz, in line with the volume of copper produced according to Vale’s Q125 production report, released on 15 April. We have also assumed no further inventory build in Q1, after a 27,535oz gold equivalent increase in Q424 (against the historical trend). Including an adjustment for prices as well, these changes have resulted in a 17.4% increase to our Q125 adjusted EPS estimate and a 10.7% increase to our FY25 estimate.