Wheaton sets record year-to-date performance
Precious metals streaming company Wheaton Precious Metals has achieved record production, sales volumes, revenue, earnings and cash flow for the nine months ended September 30.
During the nine months ended September 30, the company delivered a record $2.6-billion in revenue, a record $1.5-billion in net earnings and a record $2.1-billion in operating cash flow, while in the third quarter, the company reported $772-million in revenue, $410-million in net earnings and $645-million in operating cash flow.
“Wheaton delivered another solid quarter, building on record year-to-date performance, and remains very well positioned to achieve our yearly production guidance,” said Wheaton Precious Metals president and CEO Haytham Hodaly, presenting the company’s operational and financial results for the third quarter and the nine months to September 30.
Revenue for the nine-month period under review was up $1.2-billion year-on-year owing to a 64% increase in the average realised gold equivalent price and a 9% increase in the number of gold equivalent ounces sold.
The $295-million increase in revenue for the third quarter period under review was primarily a result of a 36% increase in the average realised gold equivalent price and a 19% increase in the number of gold equivalent ounces sold.
Average cash costs for the nine months ended September 30 increased to $597/oz, leading to a cash operating margin of $3 866/oz of gold equivalent sold, while the third-quarter average cash costs increased to $548/oz of gold equivalent, resulting in a cash operating margin of $3 466/oz of gold equivalent sold.
Meanwhile, Wheaton’s operating cash flows for the nine months ended September 30 amounted to $2.1-billion, while the operating cash flow in the third quarter amounted to $645-million, with both increases owing to a higher gross margin.
As of September 30, the company had $146-million of cash on hand and $1.6-billion outstanding under the company’s term loan and its revolving credit facility.
About 178 600 oz of gold equivalent were produced but not yet delivered (PBND) as at September 30, representing 2.6 months of payable production, consistent with the preceding four quarters and placing PBND levels within our guided range of two-and-a-half to three-and-a-half months.
Wheaton declared a quarterly dividend of $0.195 a common share and made a quarterly dividend payment totalling $89-million.
“We continued to see meaningful progress on our growth pipeline, with first gold pour at Montage Gold’s Koné project and Hudbay’s approval of construction at Copper World marking important milestones for two significant contributors to our near-term growth,” said Hodaly.
“With a portfolio of high-quality assets and increasing visibility into our next phase of growth, supported by a strong financial position, we are confident in Wheaton’s outlook and our ability to deliver meaningful production growth over the coming years.”
Wheaton has streaming and royalty agreements from 57 mining assets including 22 operating mines, 20 development projects and 15 exploration and other stage projects.
During the third quarter of 2026, the company delivered attributable gold equivalent production of 231 000 oz, a 13% increase relative to the comparable period of the prior year primarily owing to the acquisition of the precious metals purchase agreement with BHP Group for its 33.75% portion of the silver produced at Antamina, in addition to the continued realisation of the company’s growth strategy with production from Hemlo, Fenix, Platreef and Mineral Park.
Wheaton’s estimated attributable production in 2026 is forecast to be 400 000 oz to 430 000 oz of gold, 27-million to 29-million ounces of silver and 19 000 oz to 21 000 oz of gold equivalent of other metals, resulting in yearly production of 860 000 oz to 940 000 oz of gold equivalent, unchanged from previous guidance.
About 3% of the company’s forecast 2026 production is estimated to be delivered from assets currently in construction or various stages of ramp-up.
Yearly production is currently forecast to increase from 2025 levels by about 50% to 1.2-million ounces of gold equivalent by 2030, a level set to be maintained from 2031 to 2035.