Wheaton Precious Metals Corp. (WPM) published its third quarter 2026 results on 6 November 2026, reporting record year-to-date revenue of $2.6 billion alongside record net earnings of $1.5 billion and record operating cash flow of $2.1 billion for the nine months ended 30 September 2026. The Vancouver-based precious metals streaming company also delivered attributable gold equivalent production of 231,000 ounces in Q3 2026, a 13% increase on the comparable prior-year period. Key growth milestones across the company's global portfolio, including first gold pour at the Koné project in Côte d'Ivoire and construction approval at Copper World in the United States, signal meaningful near-term pipeline progress that investors may be watching closely.

Key Points

  • Wheaton Precious Metals Corp. (WPM) — world's largest precious metals streaming company
  • Q3 2026 revenue of $772 million; nine-month record revenue of $2.6 billion, up 79.5% year-on-year
  • 2026 annual production guidance unchanged at approximately 860,000 to 940,000 gold equivalent ounces; long-term forecast targets 1,200,000 GEOs by 2030
  • Investors may watch El Domo's four-month delay, the San Dimas and Stillwater labour disputes, and upcoming Santo Domingo final investment decision in Q1 2027

Record Q3 2026 Financials Driven by Higher Gold Equivalent Prices and BHP Antamina PMPA Acquisition

Wheaton's Q3 2026 revenue of $772 million represented a 62% increase on Q3 2025, with the announcement attributing the rise to a 36% increase in the average realised gold equivalent price and a 19% increase in GEOs sold. Net earnings reached $410 million, up 11.7% year-on-year, while operating cash flow of $645 million rose 68.4%. The cash operating margin widened to $3,466 per GEO sold in Q3 2026, a 39% improvement versus Q3 2025. The company declared a quarterly dividend of $0.195 per common share, with total dividend payments of $89 million in the quarter. Average cash costs rose to $548 per GEO from $452 in Q3 2025.

Antamina Silver and Peñasquito Drive Production Growth While San Dimas and Stillwater Face Labour Disruptions

The 13% year-on-year increase in Q3 GEO production was primarily driven by the BHP Antamina precious metals purchase agreement, which doubled Wheaton's share of Antamina silver production to 67.5% effective 1 April 2026, lifting attributable silver output there by 60%. Peñasquito delivered a record 3.1 million ounces of attributable silver, up 46%, due to higher throughput and grades. Partially offsetting these gains, San Dimas gold output fell 25% following a labour dispute beginning 18 September 2026, and the Stillwater mines saw production decline 30% for gold and 19% for palladium due to a separate labour dispute lasting from 3 September to 9 October 2026.

Koné First Gold Pour and Copper World Construction Approval Mark Pipeline Milestones

The announcement highlights several significant development-stage milestones. First gold pour was achieved at Montage Gold's Koné project in Côte d'Ivoire on 26 September 2026, with commercial production expected in Q4 2026 and the plant operating at over 90% of its 11Mtpa nameplate capacity during October. Hudbay approved construction at the Copper World project in the United States, targeting first production in the second half of 2029. Conversely, the El Domo project in Ecuador faces a four-month delay to approximately November 2027 due to extended rainfall and powerline construction setbacks, representing a specific near-term risk to Wheaton's growth timeline.

2026 Production Guidance Unchanged as Wheaton Targets 50% Output Growth to 1.2 Million GEOs by 2030

Wheaton reaffirmed its full-year 2026 production guidance of 860,000 to 940,000 GEOs, comprising 400,000 to 430,000 ounces of gold, 27 to 29 million ounces of silver, and 19,000 to 21,000 GEOs of other metals. The company's long-term forecast targets average annual production of approximately 1,200,000 GEOs from 2030 through to 2035, unchanged from previous guidance. Wheaton's streaming model, covering 57 assets including 22 operating mines and 20 development projects, is structured to provide commodity price leverage with lower operational risk than traditional mining, though project delays and partner operational disruptions, as evidenced this quarter, remain inherent sector-specific risks.