Wheaton Precious Metals’ (WPM’s) Q323 profits exceeded Edison Group’s prior forecasts by US$4.0m (or 3.4%) at the pre-tax level and by US$4.2m (or 3.6%) at the post-tax level, driven by very strong production performances at Salobo and Constancia in particular. Production during the quarter amounted to 154,800oz gold equivalent ounces (GEOs) compared to Edison Group’s prior estimate of 151,919oz, as a consequence of which their FY23 production forecast remains within the company’s 600–660koz GEO guidance range, while the adjusted EPS forecast has changed by less than 1% (notwithstanding the cessation of lead and zinc concentrate production at Aljustrel until Q225).
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