Wheaton Precious Metals stock extends growth after strong Q3

Wheaton Precious Metals stock traded at 124.75 euros on Lang & Schwarz at 14:03 CET on Wednesday, November 11, 2026, 1.84 percent above the Xetra close of Tuesday, November 10, 2026. The company had released its third-quarter results on November 5, reporting stronger revenue, earnings and cash flow while leaving its production guidance unchanged.

Strong quarter, unchanged outlook

According to Wheaton Precious Metals, third-quarter revenue reached 771.7 million US dollars, up 62.0 percent from the year-earlier quarter. Net earnings rose 11.7 percent to 410.2 million US dollars, while operating cash flow increased 68.4 percent to 644.9 million US dollars.

Gold-equivalent production climbed 13.3 percent to 230,965 ounces, and sales increased 18.8 percent to 192,270 ounces. Wheaton said the expanded BHP Antamina silver stream and contributions from Hemlo, Fenix, Platreef and Mineral Park were key drivers of the production gain.

Higher prices lift margins

The revenue increase reflected both market conditions and higher volumes. Wheaton said the average realized gold-equivalent price rose 36.4 percent, while gold-equivalent sales grew 18.8 percent. Gold generated 51 percent of quarterly revenue and silver 46 percent, with palladium and cobalt providing the balance.

The streaming model continued to show strong operating leverage. Average cash costs were 548 US dollars per gold-equivalent ounce, compared with 452 US dollars a year earlier, while the cash operating margin increased 39 percent to 3,466 US dollars per ounce sold. The figures are non-GAAP measures and should be read alongside the reported earnings.

Pipeline milestones support growth

Management said it remained well positioned to achieve 2026 production of 860,000 to 940,000 gold-equivalent ounces. The range covers forecast output of 400,000 to 430,000 ounces of gold, 27 million to 29 million ounces of silver and 19,000 to 21,000 gold-equivalent ounces from other metals.

The company also retained its longer-term target of approximately 1.2 million gold-equivalent ounces of annual production by 2030, with the same average level forecast for 2031 through 2035. Wheaton cited the first gold pour at Montage Gold's Kone project, construction approval for Hudbay's Copper World project and progress at several development assets as support for the next phase of expansion.

The quarterly dividend was set at 0.195 US dollars per common share. Wheaton reported 146 million US dollars in cash at September 30 and 1.6 billion US dollars of bank debt, after repaying 372 million US dollars of revolving credit during the quarter.

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