Wheaton Precious Metals - In the right place at the right time

Attributable production of gold at Wheaton Precious Metals (WPM) reached a record in FY19, breaching the 400koz level for the first time ever. Record production begat record sales, although sales struggled to keep pace with production and, as a result, there was a slightly uncharacteristic (for the fourth quarter) increase in the number of ounces of metal produced but not yet delivered to WPM from its underlying streaming assets. From a financial perspective however, underlying net earnings during the quarter were within US$1m of our prior forecasts, auguring well for FY20 in terms of both EPS and DPS.