Precious metals streaming / Operating streaming company / Gold & Precious Metals
Wheaton Precious Metals
TSXWPMNYSEWPM
Wheaton Precious Metals owns no mines. It owns contracts. The company describes its business as purchasing a percentage of the metals produced by a mine for an upfront payment plus an additional payment on delivery, with the delivery payment generally below the prevailing spot price [1]. At June 30, 2026 it held streaming and royalty agreements on 22 operating mines, 20 development projects and 15 exploration and other assets, 57 in all [2]. The head office is in Vancouver, and the shares trade on the Toronto Stock Exchange, the New York Stock Exchange and the London Stock Exchange under the symbol WPM, so a U.S. investor can buy the NYSE line in U.S. dollars [3][4]. Wheaton reports in U.S. dollars [2].
Three contracts show how the model works. At Salobo in Brazil, operated by Vale, Wheaton bought 75% of the gold for the life of the mine in February 2013 for upfront consideration of US$3,573 million and pays US$429 an ounce on delivery, adjusted 1% a year for inflation [5]. At Peñasquito in Mexico, operated by Newmont, it has taken 25% of the silver since July 2007 for US$485 million upfront and pays US$4.56 an ounce, adjusted for CPI [6]. At Antamina in Peru it holds two silver streams: one bought from Glencore in November 2015 for US$900 million, and one bought from BHP for US$4.3 billion that closed on April 1, 2026 and entitles Wheaton to 33.75% of the payable silver until 100 million ounces have been delivered, then 22.5% for the life of the mine, paying 20% of the spot price per ounce [7][4]. In each case the operator pays for the mine, the people, the power and the sustaining capital; Wheaton pays a fixed or formula price per ounce and keeps the rest.
The quarter ended June 30, 2026 shows what that produces at a high gold price. Attributable production was 202,229 gold equivalent ounces (GEOs, the company's conversion of silver and other metals into gold at prevailing prices), of which 90,434 ounces were gold and 6.4 million ounces were silver; sales were 209,115 GEOs [2]. The average cash cost was US$568 per GEO against a realized gold price of US$4,452 per ounce, leaving a cash operating margin of US$3,875 per GEO sold [2]. Revenue was a record US$929 million, net earnings US$543 million or US$1.196 per share, and operating cash flow US$650 million, all as the company rounds them [2]. Q2 2025 revenue was US$503.218 million and net earnings US$292.270 million on 190,179 GEOs produced [8].
The balance sheet changed shape in 2026. Cash was US$2,164.505 million at March 31, 2026, before the Antamina payment [9]. By June 30 cash was US$100.192 million and bank debt US$1,969.282 million, for net debt of US$1,869.090 million, after Wheaton drew a US$1.5 billion term loan and part of its revolving facility to pay BHP; the revolving facility was then enlarged by US$500 million to US$2.5 billion, giving total liquidity of US$2.6 billion [2][9]. The company guides to 860,000 to 940,000 GEOs in 2026, including 400,000 to 430,000 ounces of gold and 27 million to 29 million ounces of silver, and forecasts about 1,200,000 GEOs a year by 2030 [2]. It declared a quarterly dividend of US$0.195 per common share in both the first and second quarters of 2026 and describes its dividend policy as progressive [2][9][3].
What a U.S. reader is buying, then, is a portfolio of long-dated purchase contracts on other people's mines, financed partly with debt, with almost all of the gold and silver price passed through to the margin. The risks sit with the operators and with the price paid for each contract, and the profile below treats both as open questions.
Primary assets & business
- Salobo · Brazil (Vale): 75% of gold for the life of mine; US$429/oz delivery payment with 1% annual inflation adjustment; US$3,573M upfront; agreement dated February 28, 2013; 62,100 oz of attributable gold in Q2 2026 [5][8]
- Antamina · Peru (BHP and Glencore via CMA): Glencore stream of November 15, 2015 (33.75% of silver, falling to 22.5% after 140 Moz; 20% of spot; US$900M) and BHP stream closed April 1, 2026 (33.75% of payable silver until 100 Moz, then 22.5%; 20% of spot; US$4.3B); 2.3 Moz of attributable silver in Q2 2026 [7][4][8]
- Peñasquito · Mexico (Newmont): 25% of silver for the life of mine; US$4.56/oz with CPI adjustment; US$485M upfront; agreement dated July 24, 2007 [6]
- Other operating streams and royalties named in the Q2 2026 release: Constancia, Stillwater, Blackwater, Platreef, Mineral Park, Marmato, Hemlo, Fenix, Goose, Voisey's Bay, Zinkgruvan, Neves-Corvo, Aljustrel, Cozamin, Los Filos, San Dimas, Sudbury [2][8]
- Agreements added in 2026: Jervois precious metals purchase agreement (US$275M upfront, April 1, 2026); Spanish Mountain 1.5% NSR royalty (US$55M, April 20, 2026); Cipango 1.5% NSR royalty (US$7.5M, June 4, 2026); El Domo (US$43.875M, after the quarter) [2]
- Portfolio count at June 30, 2026: 22 operating mines, 20 development projects, 15 exploration and other interests [2]
Financial position
| Revenue (latest quarter) | US$929MCompany rounding of US$929,201 thousand. Q2 2025: US$503.218M [8]. H1 2026: US$1,830.670M [2]. | Quarter ended Jun 30, 2026 [2] |
|---|---|---|
| Net earnings (latest quarter) | US$543MCompany rounding of US$543,236 thousand; US$1.196 per share; adjusted net earnings (non-GAAP) US$542.542M. Q2 2025: US$292.270M [8]. | Quarter ended Jun 30, 2026 [2] |
| Operating cash flow (latest quarter) | US$650MCompany rounding of US$649,518 thousand. H1 2026: US$1,415.340M. | Quarter ended Jun 30, 2026 [2] |
| Gold equivalent ounces produced | 202,229 GEOsSold: 209,115 GEOs. Gold 90,434 oz; silver 6.4M oz (reported as 6,400 thousand); palladium 2,788 oz. Q2 2025: 190,179 GEOs [8]. 2026 guidance 860,000–940,000 GEOs. | Quarter ended Jun 30, 2026 [2] |
| Average cash cost per GEO (non-GAAP) | US$568/ozQ1 2026: US$681/oz [9]. | Quarter ended Jun 30, 2026 [2] |
| Cash operating margin per GEO sold (non-GAAP) | US$3,875/ozUp 65% year over year per the company. Q1 2026: US$4,279/oz [9]. | Quarter ended Jun 30, 2026 [2] |
| Realized gold price | US$4,452/ozSilver US$73.41/oz. Q1 2026: gold US$4,849/oz, silver US$84.52/oz [9]. | Quarter ended Jun 30, 2026 [2] |
| Cash and cash equivalents | US$100.192MMar 31, 2026: US$2,164.505M, before the US$4.3B Antamina payment [9]. | Jun 30, 2026 [2] |
| Bank debt | US$1,969.282MNet debt US$1,869.090M. Includes a US$1.5B term loan drawn April 1, 2026. Revolving facility enlarged to US$2.5B; total liquidity US$2.6B. | Jun 30, 2026 [2] |
| Market capitalization | Not yet verifiedNot verified against a dated close. |
All figures in U.S. dollars, the company's reporting currency. Quarterly figures are for the three months ended June 30, 2026 from the Q2 2026 news release of August 6, 2026; first-quarter figures from the May 7, 2026 release. GEOs, cash cost per GEO and cash operating margin are management's non-GAAP constructions. Silver production is reported by the company in thousands of ounces. Blank means not yet verified, never zero.
Ownership & capital structure
| Common shares outstanding | Not yet verifiedNot verified here; see the latest MD&A on SEDAR+ or the 6-K on EDGAR. | |
|---|---|---|
| Quarterly dividend | US$0.195 per shareAn 18% increase at the Q1 2026 declaration [9]; US$177M paid in the first half of 2026 [2]; the company describes a progressive dividend policy and about US$2.7B of dividends declared to date [3]. Canadian withholding tax applies to non-resident holders. | Declared with Q1 and Q2 2026 results [2] |
| Significant shareholders | Not yet verifiedNot verified; see the management information circular and EDGAR 13F/13G filings. |
What has to happen next
- Third-quarter 2026 results and progress against 2026 guidance of 860,000 to 940,000 GEOs [2].
- Deliveries under the BHP Antamina stream, which closed April 1, 2026 and was financed with a US$1.5 billion term loan and a revolver draw; the pace of repayment from cash flow [2][9].
- Platreef (Ivanhoe Mines), one of Wheaton's development-stage streams, where the operator expects commercial production in the fourth quarter of 2026; see the Ivanhoe profile.
- Closing of the El Domo stream (US$43.875 million upfront) announced after the second quarter [2].
- The 2030 production forecast of about 1,200,000 GEOs depends on development projects that operators, not Wheaton, must build [2].
Research checkpoints, not a dated event calendar or a promise of outcomes.
Valuation context
We publish no valuation conclusion. A streamer's value is the present value of ounces it expects to receive, less the fixed delivery payments, across contracts whose lives are set by other companies' mine plans, minus the upfront capital already spent and the debt now carried. The inputs at June 30, 2026 were a cash operating margin of US$3,875 per GEO, 2026 guidance of 860,000 to 940,000 GEOs, net debt of US$1,869.090 million and a US$4.3 billion purchase whose return depends on silver deliveries from Antamina over decades [2][4]. Comparing Wheaton with a producer on a price-to-cash-flow basis flatters the streamer, because the streamer's capital went out the door in a lump when each contract was signed rather than year by year as sustaining capital. Any comparison should put that upfront capital back in.
Mandatory reading
Key risks
- Wheaton depends on operators it does not control: if Vale, Newmont, BHP or Glencore cut production, defer an expansion or close a mine, Wheaton's ounces fall with no cost it can cut, because its costs are already near fixed per ounce [5][6][7].
- The US$4.3 billion BHP Antamina stream was paid in full on April 1, 2026 and funded with a US$1.5 billion term loan and a revolver draw; the return on that capital depends on silver deliveries over decades and on the silver price, which fell from US$84.52 realized in Q1 2026 to US$73.41 in Q2 [2][4][9].
- Gold equivalent ounces are a conversion, not a physical quantity: the GEO count moves with the silver-to-gold ratio, so production 'growth' can appear or vanish with relative prices [2].
- Cash operating margin per GEO is a non-GAAP figure that tracks the gold price almost one for one; the US$3,875 margin of Q2 2026 would compress directly with a lower price, and there is no cost line to offset it [2].
- Most of the ounces come from mines outside Canada and the United States, including Brazil, Peru and Mexico, so the political and tax risk of each jurisdiction sits inside the contract even though Wheaton is a Vancouver company [5][6][7].
- The 2030 forecast of about 1,200,000 GEOs relies on development projects reaching production; Wheaton's recent agreements, including Jervois, Spanish Mountain and El Domo, are on assets that are not yet mines [2].
Source documents
-
1
Our business model
Wheaton purchases a percentage of the metals produced by a mine for an upfront payment plus an additional payment on delivery, generally below the prevailing spot price.
-
2
Wheaton Precious Metals announces second quarter 2026 results and record year-to-date production, revenue, earnings and cash flow
Revenue $929,201k; net earnings $543,236k ($1.196/share); adjusted $542,542k; operating cash flow $649,518k; cash $100,192k; bank debt $1,969,282k; net debt $1,869,090k; GEOs produced 202,229 and sold 209,115; gold 90,434 oz; silver 6,400 (thousand oz); realized gold $4,452 and silver $73.41; cash cost $568/GEO; margin $3,875/GEO; dividend $0.195; $177M dividends paid YTD; revolver enlarged by $500M to $2.5B; liquidity $2.6B; 2026 guidance 860,000–940,000 GEOs (400,000–430,000 oz gold; 27–29M oz silver); ~1,200,000 GEOs by 2030; 57 assets (22 operating, 20 development, 15 other); Jervois, Spanish Mountain, Cipango and El Domo agreements; dateline Vancouver.
-
3
Shareholder information
NYSE: WPM, TSX: WPM, LSE: WPM; progressive dividend policy; approximately $2.7 billion of dividends declared to date.
-
4
Wheaton Precious Metals announces closing of silver stream with BHP on Antamina
US$4.3 billion upfront to BHP; 33.75% of payable silver until 100 million ounces, then 22.5% for life of mine; ongoing payment 20% of spot; dateline Vancouver, British Columbia; shares listed on the LSE, NYSE and TSX.
-
5
Salobo
Operator Vale, Brazil; 75% of gold; $429/oz with 1% annual inflation adjustment; contract dated 28-Feb-13; life of mine; upfront $3,573M.
-
6
Peñasquito
Operator Newmont, Mexico; 25% of silver; $4.56/oz with CPI adjustment; contract dated 24-Jul-07; life of mine; upfront $485M.
-
7
Antamina
Operators BHP and Glencore via CMA, Peru; Glencore stream of November 15, 2015 (33.75% of silver, reduced to 22.5% after 140 Moz; 20% of spot; $900M); BHP stream of February 16, 2026 (33.75% until 100 Moz, then 22.5%; 20% of spot; $4.3B); life of mine.
-
8
Wheaton Precious Metals announces second quarter 2026 results (syndicated copy)
Q2 2025 comparatives: revenue $503,218k; net earnings $292,270k; GEOs produced 190,179; silver 5,590 (thousand oz). Antamina 2.3 million ounces of attributable silver and Salobo 62,100 ounces of attributable gold in Q2 2026; list of operating mines; 'All figures in US dollars unless otherwise noted'.
-
9
Wheaton Precious Metals announces record revenue, earnings and cash flow for the first quarter of 2026
Revenue $901M; net earnings $582,044k ($1.282/share); operating cash flow $765,823k; cash $2,164,505k at March 31, 2026; GEOs produced 211,951 and sold 181,743; gold 97,106 oz; silver 6,636 (thousand oz); realized gold $4,849 and silver $84.52; cash cost $681/GEO; margin $4,279/GEO; dividend $0.195 (18% increase); Antamina closed April 1, 2026 financed with a $1.5B term loan and a draw on the $2.0B revolving facility; G&A $12,971k; 22 operating mines and 26 development and other projects; dateline Vancouver.
