Wheaton Precious Metals’ (WPM’s) Q224 results exceeded our forecasts, as well as the market’s. In general, WPM produced more than we 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 our estimates. We have upgraded our earnings forecasts by a modest 2.4% for FY24 in light of the Q2 results. In the meantime, our 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. We will revisit these in the coming months.
