Wheaton Precious Metals - Record quarterly cash flow

Wheaton Precious Metals’ (WPM’s) Q324 results, announced 7 November, showed a less than 1% variance for the quarter relative to our forecasts at the earnings level. Notably, however, three mines (Constancia, Stillwater and Voisey’s Bay) outperformed our expectations in terms of production but underperformed in terms of sales. This arguably sets up the potential for a rebound in Q4 when Wheaton’s streaming partners traditionally flush through sales ahead of the end of the financial year. Note that, at current metals prices, our EPS forecast for FY25 would be US$1.68 per share compared to the base case of US$1.23 per share.