2024-05-13 03:56:14 ET
Summary
- Wheaton Precious Metals reported solid Q1 results with increased revenue, adjusted earnings, and cash flow.
- Meanwhile, key development assets continue to progress, including Platreef, Goose, and Blackwater, which are expected to begin production within 12 months despite a minor delay at Goose.
- In this update, we'll dig into the Q1 2024 results, recent developments, and where the stock's updated low-risk buy zone lies.
The Q1 Earnings Season is nearly over and one of the most recent companies to report its results was Wheaton Precious Metals ( WPM ). Overall, the company reported solid results with revenue, adjusted earnings, and cash flow up meaningfully year-over-year, benefiting from higher production from Salobo, Constancia and Penasquito, as well as higher gold prices. And while 2024 is not expected to be as robust a year as initially expected with Aljustrel heading offline temporarily, Wheaton is positioned to see significant growth in annual gold-equivalent ounce [GEO] production starting later this year once the Blackwater Project heads online. In this update, we'll dig into the Q1 2024 results, recent developments and where the stock's updated low-risk buy zone lies:
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Wheaton Precious Metals: A Solid Start To The Year