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"In 2023, the importance of our diversified portfolio of high-quality, low-cost assets was underscored by Wheaton's ability to meet its annual production guidance, well within the projected range for the year, as strong outperformances by Salobo and Constancia offset headwinds faced by other assets. Moreover, in 2023, we expanded our portfolio by securing agreements for eight development assets, further enhancing our production profile and contributing to our five-year growth profile of 40%," said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. "While our projected 2024 production is consistent with levels attained in 2023, we anticipate growth in the near-term as several assets are slated to commence operations by year-end, with the expanded range in our 2024 guidance accommodating the typical variability associated with development project ramp-ups.
As the premier streaming company with the highest proportion of revenue stemming from precious metals, we consider Wheaton to be the best investment vehicle available to gain long term exposure to precious metals. In addition, with the strength of our balance sheet combined with the demand for streaming capital, we believe Wheaton is strategically positioned to further enhance its industry-leading growth profile."
Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") will provide full production and financial details with the release of its 2023 fourth quarter and full year results on Thursday, March 14, 2024, after market close.
2023 Attributable Production and Sales
| Metal | 2023 Production | 2023 Actual Production1,2 | 2023 Actual Sales |
| Gold Ounces | 374,585 | 327,336 | |
| Silver Ounces ('000s) | 17,220 | 14,326 | |
| Other Metals (GEOs2) | 22,194 | 24,424 | |
| Palladium Ounces | 15,800 | 13,919 | |
| Cobalt pounds ('000s) | 673 | 1,074 | |
| Gold Equivalent Ounces2 ("GEOs") | 600,000 to 660,000 | 620,177 | 537,608 |
| 2023 GEOs based on: $1,850 / oz gold, $24 / oz silver, $1,800 / oz palladium, $1,100 / oz platinum and $18.75 / lb cobalt | |||
In 2023, gold equivalent production came within 2% of the mid-point of the guidance range, primarily as a result of stronger than expected production at Salobo due to higher throughput as the Salobo III expansion project ramped up, and higher grades at Constancia from the mining of the high-grade zones of the Pampacancha deposit. These outperformances were partially offset by lower production from Peñasquito due to the temporary suspension of the mine resulting from a labour dispute lasting from June 7, 2023 to October 13, 2023, the suspension of operations at Minto beginning May 13, 2023, and the halting of production at Aljustrel beginning September 24, 2023.
Commodity Price Assumptions
| Metal | Previous 2023 Forecast | Updated 2024 Forecast |
| Gold ($ / oz) | $ 1,850 | $ 2,000 |
| Silver ($ / oz) | $ 24.00 | $ 23.00 |
| Palladium ($ / oz) | $ 1,800 | $ 1,000 |
| Platinum ($ / oz) | $ 1,100 | $ 950 |
| Cobalt ($ / lb) | $ 18.75 | $ 13.00 |
It is important to note that as gold outperformed all other metals during 2023, the assumed metal prices for 2024 results in lower gold equivalency calculations1,3 in 2024 compared to 2023.
2024 and Long-Term Production Outlook Using Updated Commodity Price Assumptions
| Metal | 2023 Actual Production1,3 | 2024 Production | 2028 Target Production | 2029-2033 Average Annual Guidance3, 4 |
| Gold Ounces | 374,585 | 325,000 to 370,000 | ||
| Silver Ounces ('000s) | 17,220 | 18,500 to 20,500 | ||
| Other Metals (GEOs3) | 12,275 | 12,000 to 15,000 | ||
| Gold Equivalent Ounces3 | 584,892 | 550,000 to 620,000 | Over 800,000 | Over 850,000 |
2024 and long-term GEOs based on $2,000 / oz gold, $23 / oz silver, $1,000 / oz palladium, $950 / oz platinum, and $13 / lb cobalt. For purposes of comparison, 2023 Actual Production numbers have been adjusted to reflect 2024 commodity price assumptions. | ||||
2024 Production Outlook
In 2024, GEO3 production is forecast to be consistent with levels achieved in 2023, as expected stronger attributable production from Peñasquito and Voisey's Bay is forecast to be offset by lower production from Salobo, the suspension of operations at Minto, and the temporary halting of production at Aljustrel. Attributable production is forecast to increase at Peñasquito as a result of uninterrupted operations, and at Voisey's Bay due to the ongoing transition from the Ovoid pit to the underground mines. Attributable production is forecast to decrease slightly at Salobo due to lower grades as per the mine plan, which are expected to partially offset increasing throughput as the Salobo III expansion project continues toward completion. In addition, the Company anticipates production from the Blackwater and Platreef Projects to commence in the fourth quarter of 2024.
On May 13, 2023, it was announced that operations at the Minto Mine had been suspended, and the Yukon Government had assumed care and control of the site. On September 12, 2023, it was announced that as a result of low zinc prices, the production of zinc and lead concentrates at the Aljustrel Mine would be halted from September 24, 2023, until the second quarter of 2025. Combined, the removal of production from Minto and Aljustrel accounts for a 25,000 GEO3 reduction in 2024 production guidance.
Long-Term Production Outlook
Production is forecast to increase by approximately 40% over the next five years to over 800,000 GEOs3,4 by 2028, primarily due to growth from Operating assets including Salobo, Antamina, Peñasquito, Voisey's Bay and Marmato; Development projects which are in-construction and/or permitted including Platreef, Blackwater, Goose, Mineral Park, Fenix and Santo Domingo; and Pre-development projects including Curipamba, Marathon and Copper World, for which production is anticipated towards the latter end of the five-year forecast period.
From 2029 to 2033, attributable production is forecast to average over 850,000 GEOs3,4 in the five-year period and incorporates additional incremental production from pre-development assets including the Cangrejos, Kudz ze Kayah, Curraghinalt, Victor, Toroparu and Kutcho projects, in addition to the Brewery Creek, Black Pine and Mt. Todd royalties.
Not included in Wheaton's long-term forecast and instead classified as 'optionality', includes potential future production from Pascua Lama, Navidad, Cotabambas, Metates and additional expansions at Salobo outside of the Salobo III mine expansion project.
Posted In: WPM
