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Wheaton Precious Metals
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=== FY22 and five-year and 10-year guidance === WPM has provided a detailed production outlook for FY22 as well as longer-term guidance to FY31. This is summarised below and compared with Edison’s equivalent forecasts (now including Marathon, Curipamba and Goose, but not yet Fenix, which, at the current time, is non-binding): {| class="wikitable" |+Exhibit 11: WPM precious metals production – Edison forecasts cf guidance<ref>Source: WPM, Edison Investment Research forecasts. Note: *Edison forecasts include Salobo III from FY23e and Rosemont from FY26e.</ref> ! |FY22e |Implied *FY23–26 average |FY22–31 average |- |Current Edison forecast | | | |- |Silver production (Moz) |23.7 | | |- |Gold production (koz) |349.4 | | |- |Cobalt production (klb) |1,274 | | |- |Palladium production (koz) |19 | | |- |Gold equivalent (koz) |710.2 |871 |849 |- |WPM updated guidance | | | |- |Silver production (Moz) |23.0–25.0 | | |- |Gold production (koz) |350–380 | | |- |Cobalt & palladium production (koz AuE) |44–48 | | |- |Palladium production (koz) |N/A | | |- |Gold equivalent (koz) |700–760 |880 |910 |} WPM’s updated five-year and 10-year guidance is based on standardised pricing assumptions of US$1,800/oz Au, US$24.00/oz Ag (cf US$25.00/oz previously), US$2,100/oz palladium (cf US$2,300/oz previously) and US$33.00/lb cobalt (cf US$17.75/lb previously). Of note in this context is an implied gold/silver ratio of 75x, which compares with its current ratio of 86.2x and a long-term average of 61.5x (since gold was demonetised in August 1971). Self-evidently, at the standardised prices indicated, Edison Investment Research's gold equivalent production forecast of 710.2koz AuE for FY22e lies well within WPM’s guidance range of 700–760koz AuE. Otherwise, readers will note that Edison’s medium-term production forecasts are within 2% of WPM’s (implied) guidance for the period FY23–26 and within 7% of its longer-term guidance for FY22–31 (albeit this estimate necessarily excludes potential future stream acquisitions).
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