Wheaton Precious Metals Corp.

Wheaton reported Q2 2026 production of 202,000 GEOs, up 6% year over year, and sales volumes of 209,000 GEOs, up 14% year over year. Revenue was a record $929 million, up 85% from last year, driven by a 61% increase in average realized gold equivalent price and higher sales volumes. Net earnings increased 86% to $543 million, and operating cash flow rose 57% to $650 million. At quarter-end, cash was about $100 million and net debt was approximately $1.9 billion. Management reaffirmed 2026 production guidance of 860,000 to 940,000 GEOs and said production should be weighted to the second half, with sales likely to be roughly flat to slightly higher in PBND terms.

Haytham Hodaly framed the quarter as record-breaking and emphasized that Wheaton’s results reflect the resilience of its streaming model and portfolio quality in a volatile commodity backdrop. He highlighted the Antamina deal as a defining milestone and said the company is focused on disciplined, accretive growth rather than doing deals for volume alone. He also stressed that Wheaton’s current portfolio already supports about 50% growth by 2030, and said additional transactions would be additive rather than required for the base outlook.

Vincent Lau said the quarter benefited from stronger metal prices and a 14% increase in GEO sales, producing record revenue of $929 million, net earnings of $543 million, and operating cash flow of $650 million. He noted $4.5 billion of net upfront cash payments in the quarter, led by the $4.3 billion Antamina payment, plus payments for Kone, Spanish Mountain, Jervois and Cipango, as well as $171 million in dividends and a $109 million global minimum tax payment. He also pointed to $100 million of cash, $1.9 billion of net debt, and roughly $2.6 billion of available liquidity after the revolver upsizing and accordion feature, saying the company can repay debt over a relatively short period while funding commitments and future acquisitions.

Analysts focused on the second-half production bridge, deal appetite after the Antamina funding, and whether the royalty/financing pipeline is becoming more active as metal prices soften. Management said the second-half uplift is mainly driven by mine sequencing, especially at Salobo and Penasquito, while ramp-ups only contribute about 3% of full-year production. On deal flow, management said smaller companies are facing a tougher financing environment, the mix remains gold-weighted, and larger copper transactions are more likely in the 3- to 8-year window rather than imminently; they also said royalties are being used mainly to secure ROFRs on future financings.