Wheaton Precious Metals

Wheaton Precious Metals is a streaming company. It pays mining companies an upfront deposit, and in return it buys part of the gold, silver or other metals of their mines for the life of the mine at a fixed price or a low percentage of the spot price. It does not operate mines.

At November 5, 2026, it had streaming and royalty agreements on 57 mining assets, of which 22 were operating mines. The largest are the Salobo gold stream in Brazil (Vale), the Antamina silver streams in Peru and the Peñasquito silver stream in Mexico. In Q3 2026, revenue was $772 million: 51% from gold, 46% from silver and the rest from palladium and cobalt.

Wheaton reports in U.S. dollars, and its shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol WPM. The head office is in Vancouver. Haytham Hodaly is President and Chief Executive Officer.

Wheaton trades above the AI estimate because investors pay for high gold and silver prices and for the growth that Wheaton expects from new mines. Its costs per ounce are fixed or low, so its margins rise when metal prices rise. In the first nine months of 2026, revenue rose 79.5% to $2,602 million, and the cash operating margin was $3,866 per gold equivalent ounce (GEO).

For the shares to keep this price, three things must be true. Gold and silver prices must stay near their 2026 levels. Production must grow from 860,000 to 940,000 GEOs in 2026 to about 1,200,000 GEOs by 2030, as projects such as Platreef, Koné, Mineral Park and Copper World start or grow.

Cash flow must reduce the net debt of $1.5 billion from the purchase of the Antamina stream. The production results and 2027 guidance, expected in mid-February 2027, are the next test. A fall in metal prices can push the shares down to the AI estimate.

AI estimate, checked by Kevin. How it is made

1. Nov 5, 2026Passed

   Q3 2026 results and production guidanceProduction growth and a confirmed 2026 guidance pass; a guidance cut fails.Outcome: Production rose 13.3% to 230,965 GEOs, and Wheaton kept its 2026 guidance.
2. Feb 2027 · est.Pending

   2026 production and 2027 guidance2026 production of 860,000 GEOs or more and 2027 guidance on the path to 1,200,000 GEOs by 2030 pass; less fails.
3. Mar 11, 2027 · est.Pending

   Q4 2026 and full year 2026 resultsLower net debt and a higher dividend pass; higher net debt fails.

Every passed and failed checkpoint across all picks

• November 5, 2026Wheaton reported Q3 2026 results. Revenue rose 62.0% to $772 million, net earnings were $410 million, or $0.903 per share, and operating cash flow was $645 million. Production was 230,965 GEOs, 13.3% more than a year earlier, mainly because of the larger Antamina silver stream. Wheaton repaid $372 million of its revolving credit facility, kept its 2026 production guidance and declared a quarterly dividend of $0.195 per share.
• August 6, 2026Wheaton reported Q2 2026 results, with record revenue of $929 million and net earnings of $543 million. It increased its revolving credit facility by $500 million to $2.5 billion and extended its maturity to June 30, 2031.
• April 1, 2026Wheaton closed the purchase of a second silver stream on Antamina from BHP for an upfront payment of $4.3 billion. It now buys silver equal to 67.5% of the silver of the mine, and it pays 20% of the spot price for each ounce of the new stream. On the same day, it agreed to a gold and silver stream on the Jervois copper project in Australia for $275 million.

Next earnings

Expected about March 11, 2027. The company has not confirmed the date.

• 6-KInterim report for the period ended Jun 30, 2026Filed August 7, 2026 · Read it on sec.gov
• 40-FAnnual report for the period ended Dec 31, 2025Filed March 31, 2026 · Read it on sec.gov
• 6-KInterim report for the period ended Jun 30, 2025Filed August 8, 2025 · Read it on sec.gov
• 40-FAnnual report for the period ended Dec 31, 2024Filed March 31, 2025 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1323404)

• Revenue follows the prices of gold and silver. A fall in metal prices cuts revenue, margins and cash flow at once.
• Wheaton depends on the mine operators. Strikes, lower grades or outages, such as the labour disputes at San Dimas and Stillwater in Q3 2026, reduce the ounces that it receives.
• Growth depends on projects that other companies build, such as Platreef, Mineral Park and Copper World. Delays or cost overruns push the planned growth to later years.
• Many mines are in Brazil, Peru, Mexico and other countries where taxes, permits and rules can change.
• Net debt was $1.5 billion at September 30, 2026, after the $4.3 billion Antamina payment. The debt has floating interest rates.

Wheaton had no debt at the end of 2025. It paid $4.3 billion for the second Antamina silver stream on April 1, 2026 with cash and bank debt. Read more

Dividend yield

0.5% (last 12 months, at today’s price of CA$202.99)

Paid per share

CA$1.041 in the last 12 months (4 payments)

Current annual rate

CA$1.076 (CA$0.269 × 4 a year)

Latest ex-dividend date

August 20, 2026, CA$0.269 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 8.9% a year. Over the last 10 years, the dividend grew by about 14.8% a year.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.