Wheaton Precious Metals Posts 62% Revenue Jump on Record Quarter

Wheaton Precious Metals grew third-quarter revenue 62% year over year to $772 million, as higher precious metals prices and a 19% jump in sales volumes drove record results for the first nine months of 2026. The company held its annual production guidance at 860,000 to 940,000 gold equivalent ounces, or GEOs, after producing roughly 640,000 GEOs through September.

Management expects a stronger fourth quarter, led by improved grades at the Salobo mine in Brazil. Chief Executive Officer Haytham Hodaly said first gold at Koné in Côte d'Ivoire, the start of production at Kurmuk in Ethiopia and construction approvals elsewhere underpin a goal of growing production about 50% by 2030 — growth he said is embedded in the existing portfolio and doesn't depend on future transactions.

What drove the record numbers?

Production rose 13% year over year to 231,000 GEOs in the quarter, primarily from the newly added BHP Antamina stream and contributions from Hemlo, Fenix, Platreef and Mineral Park. Sales volumes climbed 19% to 192,000 GEOs.

• Revenue: $772 million, helped by a 36% increase in the average realized gold equivalent price
• Net earnings: $410 million, up 12%
• Adjusted net earnings: $410 million, up 46%
• Operating cash flow: about $645 million

Chief Financial Officer Vincent Lau said gold accounted for 51% of revenue and silver 46%, with palladium and cobalt making up the rest. On the balance sheet, Wheaton repaid $372 million on its revolving credit facility and cut net debt (total debt minus cash) to roughly $1.5 billion at quarter-end from about $1.9 billion three months earlier. Lau said the company expects to return to a net cash position toward the end of 2027 or in early 2028.

Produced but not yet delivered inventory rose to an estimated 179,000 GEOs — 2.6 months of payable production. Lau expects a modest further increase in the fourth quarter, with higher sales volumes following in the first quarter of 2027 as deliveries catch up.

Why is Salobo the fourth-quarter swing factor?

Salobo produced 65,800 attributable ounces of gold, down about 2% year over year on lower grades from mine sequencing. Wes Carson, vice president of mining operations, said grades should improve significantly in the fourth quarter as mining returns to the bottom of the pit. For 2027, he expects Salobo grades roughly in line with 2026 overall.

Vale Base Metals will add a coarse particle flotation circuit (a technology that recovers more metal from larger ore particles) at Salobo, lifting annual ore processing capacity by 6 million tons and targeting 42 million tons of throughput a year by 2029. Under a revised agreement, Wheaton will make two $20 million payments tied to construction milestones; previously contemplated $8 million payments linked to a high-grade option were removed, Carson said.

Lau pegged payback on the $40 million commitment at about a year and a half. Hodaly said the flotation project should lift Salobo production around 5%, with some of that contribution already in forecasts.

At Antamina, attributable silver production rose about 60% to 2.7 million ounces. The BHP stream doubled Wheaton's share of the mine's silver production to 67.5%, effective April 1. Hodaly said Antamina output is scheduled slightly lower, but not materially lower, in 2027. Carson also flagged a significant decrease in silver production at Peñasquito in the fourth quarter and into next year as mine sequencing changes — a decline already baked into plans.

What's ahead for growth and capital?

Wheaton still forecasts annual production of 1.2 million GEOs by 2030, averaging roughly 1.2 million GEOs annually from 2031 through 2035, though Hodaly cautioned the figure can shift with the gold-to-silver price ratio, which the company reassesses around year-end.

• Montage Gold achieved first gold pour at Koné in September; commercial production is expected at Koné's oxide circuit in the fourth quarter
• Allied Gold has begun production at Kurmuk, with commercial production expected before year-end; Hodaly projects more than 50,000 attributable ounces from Koné in 2027 and over 60,000 in 2028, and less than 10,000 ounces from Kurmuk in 2027, rising roughly 50% in 2028
• Commercial production at Fenix and Platreef is also expected in the fourth quarter
• Hudbay and Mitsubishi approved Copper World in Arizona, targeting first production in the second half of 2029
• KGL Resources approved a final investment decision for Australia's Jervois project, with first concentrate targeted for the first half of 2028

The company had about $3 billion in total liquidity as of Sept. 30, Hodaly said. Neil Burns, vice president of corporate development, said Wheaton narrowed its deal pipeline from about 20 opportunities to just over a dozen, mostly development projects and gold streams with potential transaction values of $300 million to $600 million.

Hodaly said management has capacity to raise the dividend and will discuss it with the board early in 2027, while noting that redeploying capital into accretive transactions remains the priority for long-term growth. For a streaming company that finances miners upfront in exchange for metal purchases, the numbers point one direction: up.