Highlights

  • Wheaton posts record revenue and earnings for the first nine months of 2025.
  • Attributable production rises across key assets with continued project development progress.
  • Balance sheet remains debt-free with USD 1.2B cash and available credit.

Wheaton Precious Metals (LSE:WPM) reported record financial results for the third quarter and the first nine months of 2025. Q3 revenue reached USD 476M, an increase supported by higher realized metal prices and greater gold-equivalent ounces (GEOs) sold. Net income for the quarter were USD 367M, while adjusted net earnings totaled USD 281M.

For the first nine months of 2025, revenue amounted to USD 1.45B, compared with USD 904M in the same period of 2024. Net earnings for the period reached USD 913M, and operating cash flow totaled USD 1.16B.

Production Momentum Across Key Assets

Attributable GEO production in Q3 2025 was 173,400 ounces, reflecting a 22% increase from the prior year, primarily due to output from Salobo, Antamina and Blackwater. GEO sales reached 137,563 ounces, while year-to-date sales rose 19% to 460,775 ounces.

Gold production in the quarter totaled 100,090 ounces, with silver output at 5,999 ounces, palladium at 2,650 ounces, and cobalt at 604 pounds. Compared with Q3 2024, silver and cobalt production increased, while palladium decreased.

PBND (produced but not yet delivered) volumes reached 151,800 GEOs at quarter-end, representing approximately 2.9 months of payable production.

Liquidity Position and Capital Deployment

Wheaton ended the quarter with USD 1.2B in cash, no debt, and access to a USD 2B undrawn revolving credit facility and a USD 500M accordion. The company paid a quarterly dividend of USD 0.165 per share, totaling USD 75M.

During Q3, Wheaton made upfront cash payments totaling USD 250M related to mineral stream interests, including USD 156M for Koné, USD 50M for Fenix and USD 44M for Kurmuk. Subsequent to quarter-end, an additional USD 94M was deployed toward Fenix and El Domo.

Asset Developments and Operational Updates

Several operating mines recorded changes in attributable production during Q3, including Salobo, Antamina, Penasquito, Constancia, San Dimas, Stillwater, Blackwater, Goose and Voisey’s Bay.

Progress continued across development assets such as Mineral Park, Platreef, Fenix, Kurmuk, Koné and El Domo, with various milestones reached, including commissioning stages, construction advancements and decisions affecting future expansion plans.

Share Performance of WPM

WPM shares were trading GBX 7,540 per share, up by 1.89% at the time of writing on 7 November 2025.