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Wheaton (WPM) Inks Deal to Acquire Three Existing Streams
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Wheaton Precious Metals (WPM - Free Report) announced that its wholly-owned subsidiary, Wheaton Precious Metals International Ltd., has signed a deal with certain entities to acquire existing streams in the Platreef Project of Ivanhoe Mines and the Kudz Ze Kayah Project of BMC Minerals. The acquisition of these diverse, high-quality streams will further boost Wheaton's portfolio of high-margin, low-cost assets and aid the company's growth profile.
The company also announced it has signed a new precious metals purchase agreement for a gold stream with Dalradian Gold's Curraghinalt Project.
Wheaton and Wheaton International will pay Orion $450 million in cash upon the completion of the acquisition of the Platreef Streams and Kudz Ze Kayah Streams, with a $5 million contingency payment for the Kudz Ze Kayah Stream. Dalradian Gold will receive $20 million as an early deposit for the Curraghinalt Stream, with an additional $55 million paid during the construction of the Curraghinalt Project, subject to various usual conditions being met.
The acquisition of the Platreef, Kudz Ze Kayah, and Curraghinalt Streams is expected to close in fourth-quarter 2023 or early first-quarter 2024, subject to customary terms and conditions.
The Platreef Project's attributable production is expected to average over 13,000 ounces of gold and 8,500 ounces of palladium and platinum per year for the first ten years. It is expected to increase to more than 24,000 ounces of gold and 13,500 ounces of palladium and platinum per year for the following ten years. Life-of-mine annual attributable output from Kudz Ze Kayah Streams is expected to average roughly 1,700 ounces of gold and 230,000 ounces of silver.
For the first ten years of production, attributable production for Curraghinalt Stream is expected to average around 4,400 ounces of gold per year, with a life-of-mine average of roughly 3,200 ounces of gold per year.
Price Performance
Shares of Wheaton have gained 21.5% in the past year compared with the industry’s 54.2% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Wheaton currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation (CRS - Free Report) , Universal Stainless & Alloy Products, Inc. (USAP - Free Report) and The Andersons Inc. (ANDE - Free Report) . CRS sports a Zacks Rank #1 (Strong Buy) and USAP and ANDE each carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology has an average trailing four-quarter earnings surprise of 14.3%. The Zacks Consensus Estimate for CRS’ fiscal 2024 earnings is pegged at $3.57 per share. The consensus estimate for 2024 earnings has moved 3% north in the past 60 days. Its shares have gained 65% in a year’s time.
Universal Stainless & Alloy Products has an average trailing four-quarter earnings surprise of 44.4%. The Zacks Consensus Estimate for USAP’s 2023 earnings is pegged at 27 cents per share. Earnings estimates have been unchanged in the past 60 days. USAP’s shares gained 96% in the last year.
The consensus estimate for ANDE's current-year earnings has been revised 3.3% upward over the past 60 days. Andersons beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average. ANDE shares have rallied around 32% in a year.
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Wheaton (WPM) Inks Deal to Acquire Three Existing Streams
Wheaton Precious Metals (WPM - Free Report) announced that its wholly-owned subsidiary, Wheaton Precious Metals International Ltd., has signed a deal with certain entities to acquire existing streams in the Platreef Project of Ivanhoe Mines and the Kudz Ze Kayah Project of BMC Minerals. The acquisition of these diverse, high-quality streams will further boost Wheaton's portfolio of high-margin, low-cost assets and aid the company's growth profile.
The company also announced it has signed a new precious metals purchase agreement for a gold stream with Dalradian Gold's Curraghinalt Project.
Wheaton and Wheaton International will pay Orion $450 million in cash upon the completion of the acquisition of the Platreef Streams and Kudz Ze Kayah Streams, with a $5 million contingency payment for the Kudz Ze Kayah Stream. Dalradian Gold will receive $20 million as an early deposit for the Curraghinalt Stream, with an additional $55 million paid during the construction of the Curraghinalt Project, subject to various usual conditions being met.
The acquisition of the Platreef, Kudz Ze Kayah, and Curraghinalt Streams is expected to close in fourth-quarter 2023 or early first-quarter 2024, subject to customary terms and conditions.
The Platreef Project's attributable production is expected to average over 13,000 ounces of gold and 8,500 ounces of palladium and platinum per year for the first ten years. It is expected to increase to more than 24,000 ounces of gold and 13,500 ounces of palladium and platinum per year for the following ten years. Life-of-mine annual attributable output from Kudz Ze Kayah Streams is expected to average roughly 1,700 ounces of gold and 230,000 ounces of silver.
For the first ten years of production, attributable production for Curraghinalt Stream is expected to average around 4,400 ounces of gold per year, with a life-of-mine average of roughly 3,200 ounces of gold per year.
Price Performance
Shares of Wheaton have gained 21.5% in the past year compared with the industry’s 54.2% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Wheaton currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation (CRS - Free Report) , Universal Stainless & Alloy Products, Inc. (USAP - Free Report) and The Andersons Inc. (ANDE - Free Report) . CRS sports a Zacks Rank #1 (Strong Buy) and USAP and ANDE each carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology has an average trailing four-quarter earnings surprise of 14.3%. The Zacks Consensus Estimate for CRS’ fiscal 2024 earnings is pegged at $3.57 per share. The consensus estimate for 2024 earnings has moved 3% north in the past 60 days. Its shares have gained 65% in a year’s time.
Universal Stainless & Alloy Products has an average trailing four-quarter earnings surprise of 44.4%. The Zacks Consensus Estimate for USAP’s 2023 earnings is pegged at 27 cents per share. Earnings estimates have been unchanged in the past 60 days. USAP’s shares gained 96% in the last year.
The consensus estimate for ANDE's current-year earnings has been revised 3.3% upward over the past 60 days. Andersons beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average. ANDE shares have rallied around 32% in a year.