Wheaton Precious Metals Corp.

Q2 production was 202,000 GEOs, a 6% increase year over year. Sales volumes were 209,000 GEOs, up 14% year over year. Revenue was a quarterly record $929 million, up 85%; net earnings were $543 million, up 86%; and operating cash flow was $650 million, up 57%. The company said the 85% revenue increase was driven primarily by a 61% increase in average realized gold equivalent price and a 14% increase in volumes sold. Q2 Attributable silver production at Antamina was 2.3 million ounces, up approximately 56% year over year, while Salobo attributable gold production was 62,100 ounces, down approximately 11% year over year. Management reaffirmed 2026 production guidance of 860,000 to 940,000 GEOs and said output should be weighted to the second half, with a full quarterly contribution from the Antamina stream expected in H2. Cash ended at about $100 million and net debt was approximately $1.9 billion after about $4.5 billion of net upfront cash payments and two dividend payments totaling $171 million.

Haytham Hodaly framed the quarter as a record first half that demonstrated the resilience of Wheaton’s streaming model and the strength of its portfolio. He emphasized disciplined capital allocation, saying the company is pursuing only accretive opportunities while also expanding its geographic and counterparty diversification through deals like Antamina, Jervois, Spanish Mountain and Cipango. He also said Wheaton’s growth is not dependent on new transactions because the existing portfolio already supports about 50% organic growth by 2030.

Vincent Lau highlighted the hard numbers behind the quarter: production of 202,000 GEOs, sales of 209,000 GEOs, revenue of $929 million, net earnings of $543 million and operating cash flow of $650 million. He noted that the company deployed about $4.5 billion in net upfront cash payments, led by the $4.3 billion Antamina payment, while also paying $171 million in dividends and $109 million for its first global minimum tax payment. He said Wheaton ended with about $100 million in cash, net debt of about $1.9 billion, and roughly $2.6 billion of available liquidity after upsizing the revolving credit facility to $2.5 billion and extending maturity to June 30, 2031.

Analysts focused on the second-half production bridge, deal pipeline appetite, and Antamina’s silver grade outlook. Management said the H2 uplift is driven mainly by mine sequencing, especially Salobo and Penasquito, plus the Antamina stream being fully online, while the ramp-ups only amount to about 3% of annual production. On the pipeline, management said current unused capacity and strong monthly free cash flow leave it comfortable transacting, that most opportunities are still sub-$500 million and gold-focused, and that larger copper deals are more likely several years out. They also said Antamina’s lower Q2 silver grades were due to pit sequencing rather than price-driven ore selection, and that higher silver grades should come later in the year and continue into the next 12 to 18 months.