Vincent Lau
SVP & CFO at Wheaton Precious Metals
Strong commodity prices, coupled with our strong production, resulted in record quarterly revenue of $470,000,000 an increase of 59% compared to the prior year, with the increase due mainly to a 36% increase in realized commodity prices, coupled with a 16% increase in sales volume. Gross margin increased by 86% compared to the prior year to $319,000,000 Notably, year over year margin growth exceeded the appreciation in gold prices over the same period, underscoring the effectiveness of our business model in leveraging rising commodity prices while maintaining strong cash operating margins. Adjusted net earnings amounted to $251,000,000 representing a quarterly record, and an increase of 53% compared to the prior year. Wheaton delivered robust cash operating margins in the first quarter, resulting in record quarterly cash flow from operations of $361,000,000 an increase of 65% compared to the prior year, and declared a dividend of 16.5¢ per share, an increase of 6.5% compared to the prior year. For 2025, the company continues to expect that G and A expenses will amount to approximately $50,000,000 During the quarter, Wheaton paid total upfront cash payments for streams of approximately $95,000,000 including $40,000,000 for Minor Park, Dollars Thirty Million for Blackwater, and $25,000,000 for Phoenix.