Wheaton Precious Metals Corp. Q1 2026 Earnings Recap

Wheaton Precious Metals’ shares rose 5.5% following Q1 results, driven by stronger-than-expected production and contributions from major assets Salobo, Peñasquito, and the newly added Antamina silver stream.

Key Takeaways

• Total production increased 22% year-over-year to 212,000 GEOs, led by Salobo and Peñasquito outperforming prior period results.
• Salobo contributed 69,000 ounces of gold despite a 3% year-over-year grade decline, supported by higher throughput and recoveries.
• Antamina silver production surged 48% from 2025, reflecting higher grades and recoveries, with the new BHP silver stream effective April 1 adding significant volume.
• Peñasquito delivered a 46% increase in attributable silver, though a Q2 production dip is expected due to planned maintenance.
• Operational challenges at Blackwater included a seven-day mill shutdown, but strong grades helped offset lost throughput with full-year guidance maintained.