(Alliance News) - Wheaton Precious Metals Corp on Monday said gold production was below forecasts during 2022, due to weaker-than-expected production.

Wheaton is a Vancouver-based investor in precious metal mining through royalty and streaming deals.

The company reported gold production of 286,985 ounces, which is below forecasts of between 300,000 ounces and 320,000 ounces.

Wheaton explained that this was because stronger-than-expected production at Antamina being offset by weaker-than-expected production from Salobo and Stillwater. It noted that production at Salobo was lower as a result of changes in maintenance routines, whilst Stillwater production fell due to significant regional flooding that impacted operations primarily in the second half of the year.

Silver production met full-year guidance. In 2022 actual silver production amounted to 24.0 million ounces. Forecasted production was between 22.5 million ounces to 24.0 million ounces.

Looking ahead, Wheaton expects gold production of 320,000 ounces to 350,000 ounces. It expects silver production to be between 20.0 million ounces to 22.0 million ounces.

It explained that gold production is forecast to be slightly higher than 2022 as expected stronger attributable production from Salobo and Constancia is forecast to be offset by weaker production from Antamina and the termination of the silver stream on Yauliyacu.

Looking further ahead, average forecast production over the next five years is expected to increase primarily due to anticipated continued production growth from Salobo, Stillwater, Constancia, Voisey's Bay and Marmato, as well as incremental production ounces from Blackwater, Toroparu, Marathon, Rosemont and Santo Domingo towards the latter end of the forecast period.

"Wheaton delivered solid production results at the low end of guidance despite facing a number of headwinds in 2022. In addition, we took steps to optimize our portfolio as part of our responsibility to manage our existing assets and to ensure we are well positioned for a period of prolonged growth," said Chief Executive Randy Smallwood.

"Wheaton further diversified its asset base in 2022 by adding four additional streams on development assets, which will contribute to our steady organic growth over the next five years. Given the strong tenure of our reserve and resource base, we are also pleased to continue to present ten-year production guidance highlighting the long-term strength in our portfolio."

Wheaton will release its 2022 fourth quarter and full year results on March 9.

Shares in Wheaton were flat at 3,380.00 pence in London on Wednesday morning.

By Sophie Rose, Alliance News reporter

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