Wheaton Precious Metals Corp

Mining royalty and streaming companies are emerging as key financiers for a sector facing a $250 billion capital shortfall to sustain current copper output, according to veteran investor Rick Rule. Wheaton Precious Metals CEO Haytham Hodaly said his company could complete roughly one transaction the size of its $4.3 billion silver stream on BHP's Antamina mine annually over the next three to four years, supported by about $2.7 billion in annual free cash flow and more than $2.5 billion of revolving credit capacity. Rule expects $30 billion to $75 billion of unconventional finance will be needed, with major streamers leading syndicates that may include mid-tier royalty companies and private funds. However, McEwen Inc. founder Rob McEwen warned that royalties and streams weaken operators by giving away future margins, though he acknowledged their appeal for investors seeking lower-risk exposure to gold or silver.

The VanEck Gold Miners ETF has surged 18% over the past month and 53% over the past year to roughly $88, its highest level in over a decade, as gold broke above $4,400 an ounce on August 11. Newmont posted a record $2.2 billion in second-quarter free cash flow, while Agnico Eagle generated $1.3 billion, with both miners holding inside their full-year all-in sustaining cost guidance. The fund's top holdings, Newmont and Agnico Eagle, together anchor more than a quarter of the portfolio, and miners have historically leveraged gold price moves roughly two to one. However, a pullback to $4,000 gold alongside WTI crude above $95 would quickly erase the margin expansion story that lifted miners in July.

Vale Base Metals is proceeding with the Coarse Particle Flotation project at its Salobo Copper Complex in Brazil, which is expected to add up to about 30,000 tonnes of annual copper production and 6 million tonnes of annual ore processing capacity. Start-up is accelerated to the first half of 2028, roughly one year earlier than initially projected, and the company has received the construction license from IBAMA ahead of schedule. The project will bring Salobo's overall processing capacity to 42 million tonnes per year and is also expected to produce approximately 15,000 ounces of gold annually as a byproduct. Wheaton Precious Metals has agreed to provide $40 million in two $20 million milestone payments, in lieu of future payments under the existing Salobo streaming agreement, reducing Vale Base Metals' capital expenditure to approximately $175 million from a simplified project capex estimate of about $215 million. The project's internal rate of return is projected above 50%, with capital intensity of $5,000 to $6,000 per copper equivalent tonne.

Wheaton Precious Metals reported adjusted earnings of $1.19 per share for the second quarter of 2026, beating the Zacks Consensus Estimate of $1.15 by 3.48% and rising 89.7% year over year. Revenues surged 84.7% to $929 million, exceeding the consensus of $877 million, driven by a 61% increase in average realized gold-equivalent price and a 14% rise in gold-equivalent ounces sold to 209,115. The company reaffirmed its 2026 production guidance of 860,000 to 940,000 gold-equivalent ounces, with output weighted to the second half, and maintained its forecast of 1.2 million gold-equivalent ounces by 2030.

Wheaton Precious Metals announced an 18% increase in its quarterly dividend alongside its second-quarter results. The company reported strong Q2 2026 sales and net income figures compared with the same quarter a year earlier. Management linked the higher dividend to confidence in Wheaton Precious Metals cash generation and business outlook. The company also reaffirmed its 2026 production guidance.

Wheaton Precious Metals reported record first-half results, with production of 415,000 gold equivalent ounces and sales of 390,000 GEOs, positioning it to meet full-year guidance of 860,000 to 940,000 GEOs. Second-quarter production rose 6% to 202,000 GEOs, sales volumes increased 14% to 209,000 GEOs, and record quarterly revenue surged 85% to $929 million, driven by a 61% increase in average realized gold equivalent price and higher volumes. Net earnings climbed 86% to $543 million and operating cash flow rose 57% to $650 million. The quarter included the closing of a $4.3 billion silver stream transaction with BHP at the Antamina mine, the largest precious-metals streaming deal to date, which increased Wheaton's share of silver production at Antamina from 33.75% to 67.5% effective April 1. The company ended the quarter with about $100 million in cash, net debt of roughly $1.9 billion, and available liquidity of approximately $2.6 billion after expanding its revolving credit facility, and management said it is generating more than $200 million of free cash flow per month while pursuing accretive deals.

JPMorgan Chase has issued a forecast that gold could rise to more than $5,000 an ounce by the fourth quarter of 2026, with potential for further gains thereafter. The prediction comes as CEO Jamie Dimon warned of elevated market risks, likening them to colliding tectonic plates. The bank suggests investors consider gold as a hedge, highlighting streaming and royalty companies like Franco-Nevada, Royal Gold, and Wheaton Precious Metals as attractive vehicles due to their diversification and dividend histories.

Wheaton Precious Metals' asset-light streaming model, which locks in predetermined prices for future gold and silver production, has reinforced its investment appeal by limiting exposure to rising operating and inflation-driven costs that burden traditional miners. The company issued guidance on February 16, 2026, targeting 860,000 to 940,000 gold equivalent ounces in 2026 and approximately 1.2 million gold equivalent ounces by 2030, a growth trajectory that hinges on the timely delivery of projects such as Salobo III, Blackwater, Goose, and Platreef. Some analysts project revenue of about US$5.2 billion and earnings near US$3.0 billion by 2029, though they also flag portfolio concentration as a potential risk. The streaming model's inflation resistance supports the bullish thesis but does not alter the near-term catalyst of whether production growth materializes on schedule, nor the risk of margin compression from an increasingly competitive streaming market.

Wheaton Precious Metals reported record first-quarter results, with revenue surging 92% year over year and net earnings reaching a record $582 million, up 129% from last year. The precious metals streaming company, which finances miners in exchange for the right to buy future production at discounted prices, declared a dividend of $0.195 per common share in May, an 18% increase from the prior year. Wheaton’s business model locks in contractual agreements to purchase silver and gold at 15% to 20% of the spot price, insulating it from rising operational costs that pressure traditional miners. The company projects 50% production growth by 2030, targeting output of 1.2 million Gold Equivalent Ounces per year. Despite a recent 33% stock decline, major banks like JPMorgan Chase forecast gold at around $6,300 per ounce and silver at around $85 per ounce by the end of 2027, supporting the outlook for Wheaton’s earnings.

Global X Silver Miners ETF has delivered a 46% return over the past three years, surpassing the 27.7% return of SPDR Gold Shares, even as the gold fund leads over five- and ten-year periods with annualized returns of 17.5% and 11.3% compared to 14% and 7.6% for the silver miners fund. The silver miners ETF carries a higher expense ratio of 0.65% versus 0.40% for the gold ETF and exhibits significantly greater volatility with a beta of 0.84 against 0.17. While SPDR Gold Shares holds physical bullion and offers a direct hedge against currency devaluation, the Global X fund invests in silver mining companies, providing operational leverage and potential shareholder returns through dividends and buybacks. The analysis concludes that the silver miners ETF may be the better buy due to management's ability to enhance returns, despite the gold fund's lower cost and stability.

Goldman Sachs has flagged the gold trade as overcrowded, prompting income-focused retirees to consider dividend-growing equities with durable cash flow and inflation linkage. Wheaton Precious Metals ranks first among three alternatives, having posted record first-quarter revenue of $901.47 million, up 91.6% year over year, and an 18% dividend hike to $0.195 per share. Its streaming model locks in metals at fixed low prices, delivering 75% operating margins without absorbing miner cost inflation. NextEra Energy placed second, with first-quarter adjusted earnings per share of $1.09, up 10%, and a target of roughly 10% annual dividend growth through 2026. Procter & Gamble ranked third, offering a 2.8% dividend yield backed by 70 consecutive annual increases, though it faces tariff and commodity headwinds.

Bank of America published a note on June 22 arguing that the selloff in gold equities has opened an opportunity, as mining stocks are pricing in gold well below where it actually trades. Using a price-to-net asset value approach, the bank found that companies in its coverage universe are pricing gold at an average of $3,354 per ounce, a 19% discount to spot, while on an EV/EBITDA basis the implied average came in at $4,016 per ounce, a 3% discount. The bank acknowledged near-term headwinds from the Federal Reserve holding rates at 3.50% to 3.75% and signaling possible future hikes under Chairman Kevin Warsh, but pointed to persistent U.S. budget deficits, de-dollarization trends, and central bank buying as structural supports. A World Gold Council survey published June 16 found that 89% of 76 central bank respondents expect global official gold reserves to increase over the next 12 months, with a record 45% planning to add to their own holdings. Bank of America maintained its 12-month gold price target of $6,000 per ounce and raised its full-year 2026 average gold price forecast to $5,093 per ounce, implying roughly 46% upside from around $4,110 at the time of writing.

Wheaton Precious Metals has been named to Corporate Knights' 2026 Best 50 Corporate Citizens in Canada, ranking 13th overall. The Best 50 is one of Canada's most established sustainability benchmarks, assessing more than 350 large companies using a transparent, data-driven methodology focused on the share and growth of revenues tied to sustainable activities. Wheaton's inclusion reflects the quality of its portfolio, its strong organic growth profile, and its approach to partnering with leading operators, underpinned by a broader commitment to conducting business responsibly and sustainably. Earlier this year, Wheaton was also recognized among Corporate Knights' 2026 global 100 most sustainable corporations in the world.