Wheaton Precious Metals Corp. Q3 2026 Earnings Recap

Shares rose 8.7% after Wheaton reported third-quarter production up 13% year over year and said it remained on track to meet 2026 production guidance. The quarter also added visibility to future growth, with several development assets advancing into production or construction.

Key Takeaways

• Production was 231,000 gold-equivalent ounces, up 13% year over year, primarily reflecting the addition of the BHP Antamina stream and new production from Hemlo, Phoenix, Platreef, and Mineral Park.
• Salobo produced 65,800 attributable gold ounces, down about 2% year over year, as lower grades from mine sequencing were partly offset by higher recoveries and throughput.
• Antamina produced 2.7 million attributable silver ounces, up about 60% year over year; the increase primarily reflected Wheaton’s share rising from 33.75% to 67.5% effective April 1, partly offset by lower silver grades.
• Wheaton reported approximately $3 billion of total liquidity as of September 30 and said its forecast operating cash flows provide flexibility to fund commitments and pursue new opportunities.
• Management reiterated a 50% organic growth profile by 2030, while Phoenix and Platreef were expected to reach commercial production in Q4 2026 and Kurmuk before year-end.