Wheaton Precious Metals’ (WPM’s) Q224 results exceeded Edison Group’s forecasts, as well as the market’s. In general, WPM produced more than Edison had expected during the quarter, albeit sales were in line. As such, the main points of variance were G&A costs (US$1.9m better) and ‘other’ income (also US$1.9m better) to result in earnings that were US$6.6m (5.7%) above Edison’s estimates. Edison has upgraded their earnings forecasts by a modest 2.4% for FY24 in light of the Q2 results. In the meantime, forecasts for FY25 currently appear conservative, but arise from relatively low precious metals forecasts of US$2,004/oz Au and US$23.72/oz Ag for the year. Edison will revisit these in the coming months.
9 August 2024
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