VANCOUVER – Wheaton Precious Metals (NYSE:WPM) Corp. has released its production and sales results for 2023 and provided a forecast for significant growth over the next five years. The company, which is the world's leading precious metals streaming company, reported that its gold equivalent production in 2023 came within 2% of the mid-point of its guidance range, primarily due to stronger performances at the Salobo and Constancia mines.
Despite labor disputes and operational suspensions at several mines, including Peñasquito, Minto, and Aljustrel, Wheaton managed to achieve actual gold equivalent production of 620,177 ounces, which is within the guidance range of 600,000 to 660,000 ounces. The company's actual sales for 2023 stood at 537,608 gold equivalent ounces.
Looking ahead, Wheaton anticipates consistent production levels in 2024 compared to 2023, with a production guidance ranging from 550,000 to 620,000 gold equivalent ounces. The forecast takes into account stronger expected production from Peñasquito and Voisey's Bay, offset by lower production from Salobo and the continued suspension of operations at Minto and Aljustrel. The company expects new assets like the Blackwater and Platreef Projects to commence operations in the fourth quarter of 2024.
Long-term projections are even more optimistic, with Wheaton forecasting a 40% increase in production over the next five years, aiming to exceed 800,000 gold equivalent ounces by 2028. From 2029 to 2033, the company expects to average over 850,000 ounces annually. This growth is anticipated to come from both operating and development projects, as well as pre-development projects slated for the latter part of the forecast period.
Wheaton has based its gold equivalent forecast production for 2024 and the longer-term outlook on updated commodity price assumptions, which include $2,000 per ounce for gold and $23 per ounce for silver.
The company is scheduled to provide full production and financial details with the release of its 2023 fourth quarter and full year results on March 14, 2024, after market close. A conference call will follow the next day to discuss these results.
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