Wheaton Precious Metals’ Revenue Breakdown (2016-2023)

This statistic highlights Wheaton Precious Metals’ Revenue Breakdown, split between Silver, Gold, Palladium and Cobalt, reported quarterly from Q1 2016 onwards.

Wheaton Precious Metals’ Revenue Breakdown

Cobalt:

Cobalt’s contribution to revenue has been relatively small throughout the periods analyzed. In Q2 2022, Cobalt revenue decreased by 2.53% to $7,649,000 due to a decline in market demand for cobalt. This could be attributed to a shift in global supply chains or reduced demand for cobalt-based products during that period. However, in Q4 2022, Cobalt revenue increased by 63.57% to $4,239,000, indicating a recovery in market conditions or increased demand. The subsequent increase in Q1 2023 by 14.52% to $4,856,000 suggests continued improvement in market conditions for cobalt, potentially driven by the growing demand for cobalt in industries such as electric vehicle manufacturing.

Gold:

Gold represents the largest portion of Wheaton Precious Metals’ revenue. In Q2 2022, Gold revenue increased by 2.36% to $157,842,000. This can be attributed to higher gold prices in the market and potentially increased production volumes from mining partners. However, in Q3 2022, Gold revenue decreased by 32.01% to $107,128,000. This decline was primarily due to lower gold prices and potential challenges faced by Wheaton Precious Metals’ mining partners in delivering gold shipments. The subsequent increase in Q4 2022 by 11.12% to $119,053,000 indicates improved market conditions and a recovery in gold prices. The slight increase in Q1 2023 by 0.12% to $119,196,000 suggests a stable performance in the gold segment.

Palladium:

Palladium’s contribution to revenue remains relatively low compared to gold and silver. In Q2 2022, Palladium revenue decreased by 24.45% to $7,203,000. This decline can be attributed to lower palladium prices in the market during that period. However, in Q3 2022, Palladium revenue increased by 22.71% to $8,838,000, indicating a recovery in prices or increased demand for palladium-based products, such as catalytic converters in the automotive industry. The subsequent decrease in Q4 2022 by 25.43% to $6,586,000 and in Q1 2023 by 28.10% to $4,735,000 suggests ongoing challenges in the palladium market, potentially driven by factors like supply chain disruptions or fluctuations in industrial demand.

Silver:

Silver represents a significant portion of Wheaton Precious Metals’ revenue. In Q2 2022, Silver revenue decreased by 2.89% to $130,228,000. This decline can be attributed to lower silver prices in the market and potential delays or disruptions in silver shipments from mining partners. In Q3 2022, Silver revenue further declined by 23.03% to $100,270,000, primarily due to a combination of lower silver prices and challenges in silver deliveries. However, in Q4 2022, Silver revenue increased by 5.88% to $106,173,000, suggesting improved market conditions and a recovery in silver prices. The significant decrease in Q1 2023 by 19.35% to $85,678,000 could be indicative of ongoing challenges or lower production volumes from mining partners in the silver segment.

Company Overview: 

Wheaton Precious Metals is one of the largest precious metals streaming companies in the world. Founded in 2004, the company has established itself as a key player in the industry by entering into agreements to purchase all or a portion of the precious metals or cobalt production from high-quality mines. This unique business model allows Wheaton to provide upfront payments to mining companies in exchange for the right to purchase future metal production at a predetermined price. 

The company caters to a diverse range of mining partners, including both operating mines and development stage projects. With streaming agreements in place for 21 operating mines and 13 development stage projects, Wheaton has built a robust portfolio of low-cost, long-life assets. Notable among these are the gold stream on Vale’s Salobo mine and the silver stream on Newmont’s Peñasquito mine. 

Wheaton’s production profile is influenced by various factors, such as commodity prices, market conditions, and the operational performance of its mining partners. The company’s revenue generation is closely tied to fluctuations in the prices of precious metals, including gold, silver, palladium, and cobalt. Additionally, factors such as production volumes, delivery schedules, and any disruptions in the mining operations of its partners can impact Wheaton’s business performance. 

Through its strategic partnerships and focus on acquiring streams from high-quality mines, Wheaton Precious Metals has positioned itself as a trusted and reliable partner for mining companies seeking capital to fund their operations. By leveraging its extensive experience and global presence, Wheaton continues to play a significant role in supporting the production and supply of precious metals to meet the growing global demand.