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Wheaton Precious Metals generates over $1 billion in revenue, boosts dividend

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(Kitco News) - Wheaton Precious Metals, the world's premier precious metals streaming company, reported Thursday that the company’s revenue was $1,096 million in the year ended December 31, 2020, representing a 27% increase from 2019 due primarily to a 28% increase in the average realized gold equivalent price.

Average cash costs in 2020 were $425 per gold equivalent ounce as compared to $411 in 2019. This resulted in a cash operating margin of $1,323 per gold equivalent ounce sold, an increase of 38% as compared with 2019.

The company delivered $208 million in operating cash flow in Q4 2020 resulting in record annual operating cash flow of over $765 million in 2020. Net debt reduced by $275 million, resulting in a net debt position of $2 million.

The company also announced that its board has declared its first quarterly cash dividend payment for 2021 of US$0.13 per common share, an increase of 30% relative to the comparable period in 2020.

"Our strong performance in 2020 was driven by Wheaton's high-quality portfolio of assets, which generated over $1 billion in revenue and operating cash flow of over $765 million, both representing records for the Company," said President and CEO Randy Smallwood. "Despite the challenges posed by the COVID-19 pandemic, 2020 was a very productive year, and we were successful in delivering value back to our stakeholders on many fronts.”

“Given the resiliency of our production base coupled with our innovative dividend policy, we are pleased to provide greater value back to our shareholders in 2021 by increasing the minimum quarterly dividend by over 30% relative to last year," concluded Smallwood.

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