Wheaton Precious Metals (WPM) Company Report

Analyst Coverage

Research analysts who have asked questions during Wheaton Precious Metals earnings calls.

Tanya Jakusconek

Scotiabank

4 questions for WPM

Also covers: AEM, AU, BVN +11 more

Brian MacArthur

Raymond James Financial, Inc.

3 questions for WPM

Also covers: CCJ, CDE, CGAU +9 more

Daniel Major

UBS

3 questions for WPM

Also covers: AA, AEM, FCX +5 more

Cosmos Chiu

CIBC World Markets

2 questions for WPM

Also covers: AGI, EGO, FNV +5 more

Martin Pradier

Veritas Investment Research

2 questions for WPM

Also covers: FNV, GOLD

Charles Gibson

Edison Group

1 question for WPM

Derick Ma

TD Cowen

1 question for WPM

Also covers: FNV, RGLD, SAND +2 more

Lawson Winder

Bank of America

1 question for WPM

Also covers: AA, AEM, CCJ +21 more

Matthew Murphy

BMO Capital Markets

1 question for WPM

Also covers: ERO, FNV, HBM +3 more

Ralph Profiti

8 Capital

1 question for WPM

Also covers: AEM, BTG, CCJ +6 more

Richard Hatch

Berenberg

1 question for WPM

Also covers: RIO

William Dalby

Berenberg

1 question for WPM

Latest news

Recent press releases and 8-K filings for WPM.

Capstone Copper Announces Record 2025 Production Results and Provides Mantoverde Labour Negotiations Update

WPM

Earnings

Guidance Update

Legal Proceedings

Capstone Copper achieved record annual consolidated copper production of 224,764 tonnes in 2025, meeting its guidance and representing a 22% increase over 2024.
The company also reported record quarterly consolidated copper production of 58,273 tonnes in Q4 2025.
Mantoverde's Union #2 initiated a strike on January 2, 2026, after mediation failed.
During the strike, Mantoverde has maintained copper production at approximately 75% of normal levels to date, with expectations to continue operations at 50% to 75% of normal production.

5 days ago

Press Release

Hudbay closes strategic investment from Mitsubishi for Copper World joint venture

WPM

New Projects/Investments

M&A

Hudbay Minerals Inc. has closed a strategic investment from Mitsubishi Corporation for a 30% joint venture interest in Copper World LLC, which owns the fully-permitted Copper World project in Arizona.
Mitsubishi contributed approximately $420 million in cash on closing and will contribute an additional $180 million within 18 months to complete its initial $600 million investment.
This transaction significantly de-risks the Copper World project, increasing Hudbay's project IRR to approximately 90% based on pre-feasibility study estimates.
Mitsubishi will also fund its pro-rata 30% share of future equity capital contributions required to construct Copper World.
This investment, along with the Wheaton Precious Metals Corp. stream, defers Hudbay's first capital contribution for Copper World to 2028 at the earliest.

Jan 12, 2026, 11:00 AM

Press Release

Wheaton Precious Metals Completes Gold Stream on Hemlo Mine

WPM

New Projects/Investments

M&A

Wheaton Precious Metals Corp. completed a Gold Stream agreement with Carcetti Capital Corporation (now Hemlo Mining Corp. or HMC) to support HMC's acquisition of the Hemlo Mine from Barrick Mining Corporation.
Wheaton provided $300 million in upfront cash consideration for the Gold Stream and participated in HMC's equity financing with approximately $30 million.
Under the Gold Stream, Wheaton will purchase 10.13% of payable gold until 135,750 ounces are delivered, then 6.75% until an additional 117,998 ounces, and finally 4.50% for the life of the mine, with ongoing payments equal to 20% of the spot price of gold.
The Gold Stream, effective October 31, 2025, is forecast to add an average of approximately 15 Koz of gold per annum to Wheaton's attributable production for the first 10 full years and increase Wheaton's total estimated Proven and Probable Mineral gold reserves by 0.19 million ounces.
As of September 30, 2025, Wheaton had approximately $1.2 billion of cash on hand to fund this Gold Stream.

Nov 26, 2025, 11:01 PM

6-K

Wheaton Precious Metals Completes Gold Stream on Hemlo Mine

WPM

New Projects/Investments

M&A

Wheaton Precious Metals (WPM) completed a $300 million Gold Stream with Carcetti Capital Corporation (now Hemlo Mining Corp. - HMC) on November 26, 2025, to support HMC's acquisition of the Hemlo Mine from Barrick Mining Corporation.
Under the terms, Wheaton will purchase 10.13% of payable gold until 135,750 ounces are delivered, then 6.75% until an additional 117,998 ounces, and subsequently 4.50% for the life of the mine, with ongoing payments equal to 20% of the spot price of gold.
This Gold Stream is forecast to deliver an average of approximately 15 Koz of gold per annum for the first 10 full years of production and increases Wheaton's total estimated Proven and Probable Mineral gold reserves by 0.19 million ounces.

Nov 26, 2025, 9:52 PM

Press Release

Wheaton Precious Metals Reports Record Q3 2025 Financial Results and Announces New Streaming Deals

WPM

Earnings

Guidance Update

New Projects/Investments

Wheaton Precious Metals reported record revenue of $476 million, net earnings of $367 million, and operating cash flow of $383 million for Q3 2025, driven by strong commodity prices and increased sales volumes.
The company achieved 173,000 gold-equivalent ounces (GEOs) in Q3 2025 production, a 22% increase from the prior year, and remains on track to meet its 2025 production guidance of 600,000-670,000 GEOs.
Wheaton announced two new streaming transactions: a $300 million gold stream on the Hemlo mine and a $670 million gold stream on the Spring Valley project, reinforcing its growth profile and disciplined capital deployment.
The company maintains a strong financial position with over $1.2 billion in cash and an undrawn $2.5 billion revolving credit facility, positioning it to fund future commitments and pursue new opportunities.
Key assets like Salobo and Antamina delivered strong performances, and development projects such as Blackwater and Goose ramped up production, contributing to the company's de-risked growth profile and projected 40% production growth by 2029.

Nov 7, 2025, 4:00 PM

Transcript

Wheaton Precious Metals Corp. Announces Quarterly Dividend and Transfer Agent Change

WPM

Dividends

Wheaton Precious Metals Corp. has declared its fourth quarterly cash dividend for 2025 of US$0.165 per common share.
This dividend represents an increase of 6.5% relative to the fourth quarterly cash dividend declared in 2024.
The dividend will be paid on or about December 4, 2025, to shareholders of record as of the close of business on November 20, 2025.
The company also announced that Odyssey Trust Company will replace TSX Trust as its transfer agent, effective December 17, 2025.

Nov 7, 2025, 2:38 AM

6-K

Wheaton Precious Metals Corp. Reports Strong Q3 2025 Financial and Operational Growth, Announces New Gold Stream Investments

WPM

Earnings

New Projects/Investments

Dividends

Wheaton Precious Metals Corp. reported robust financial results for Q3 2025, with total revenue increasing 54.5% to $476.26 million and net earnings rising 137.5% to $367.22 million compared to Q3 2024. Year-to-date 2025, total revenue reached $1.45 billion, up 60.4%, and net earnings were $913.47 million, up 107.1%.
Operationally, gold equivalent ounces (GEOs) produced in Q3 2025 increased 21.5% to 173,415 ounces, while GEOs sold rose 12.5% to 137,563 ounces compared to the prior year period.
The company announced significant new investments, including entering into a Spring Valley PMPA with Waterton Gold Corp., committing to total upfront cash payments of $670 million for a gold stream. Additionally, Wheaton made a financing commitment of up to $400 million (expected $300 million) for a gold stream from the Hemlo mine, anticipated to close in Q4 2025.
On November 6, 2025, the Board of Directors declared a quarterly dividend of $0.165 per common share.

Nov 7, 2025, 1:55 AM

6-K

Wheaton Precious Metals announces gold stream acquisition

WPM

M&A

New Projects/Investments

Wheaton Precious Metals International Ltd. (WPMI) has entered into a Precious Metals Purchase Agreement (Gold Stream) with Waterton Gold Corp. for the Spring Valley Project located in Nevada, USA.
WPMI will pay an upfront cash consideration of $670 million.
Under the Gold Stream, WPMI will purchase 8% of the payable gold until 300,000 ounces have been delivered, after which it will purchase 6% of the payable gold for the life of the mine.
Attributable production is forecast to average approximately 29 thousand ounces of gold per year for the first five years of production, with first production expected in 2028.
The addition of Spring Valley will increase Wheaton's total estimated Probable Mineral gold reserves by 0.31 Moz, Indicated Mineral gold resources by 0.06 Moz, and Inferred gold resources by 0.05 Moz.

Nov 7, 2025, 12:21 AM

6-K

Wheaton Precious Metals Reports Record Revenue, Earnings, and Cash Flow for First Nine Months of 2025

WPM

Earnings

New Projects/Investments

Dividends

Wheaton Precious Metals reported record revenue, earnings, and cash flow for the first nine months of 2025.
For the third quarter of 2025, the company generated $476 million in revenue, $367 million in net earnings, and $383 million in operating cash flow.
The company maintained a strong balance sheet with a $1.2 billion cash balance and no debt as of September 30, 2025.
Attributable gold equivalent production for Q3 2025 increased 22% year-over-year to 173,400 ounces, positioning the company to meet its annual production guidance of 600,000 to 670,000 gold equivalent ounces.
Wheaton also announced a gold stream on the Hemlo Mine, expected to close in Q4 2025, and declared a quarterly dividend of $0.165 per common share.

Nov 6, 2025, 11:44 PM

Press Release

Wheaton Precious Metals Declares Fourth Quarterly Dividend for 2025

WPM

Dividends

Wheaton Precious Metals declared a fourth quarterly cash dividend for 2025 of US$0.165 per common share.
This dividend represents a 6.5% increase relative to the fourth quarterly cash dividend declared in 2024.
The dividend will be paid on or about December 4, 2025, to shareholders of record as of November 20, 2025.
Effective December 17, 2025, Odyssey Trust Company will replace TSX Trust as the company's transfer agent for both Canadian and US services.