Wheaton Precious Metals (canada) Stock Earnings Reports

Wheaton Precious Metals delivered a very strong start to 2026 with record quarterly revenue, earnings, and operating cash flow driven by stronger-than-expected performance at Salobo, Peñasquito and Antamina. Q1 production was 212,000 GEOs (up 22% y/y); company guidance for 2026 remains 860,000–940,000 GEOs, with production weighted to H2 (45% H1 / 55% H2). Corporate development was active: Wheaton closed the Antamina silver stream with BHP (announced and closed; $4.3B upfront), its largest-ever and the largest fresh-metal stream transaction to date, significantly boosting silver exposure; it also announced a first Australian stream at Jervois (KGL) and acquired a 1.5% NSR on Spanish Mountain. Funding for Antamina was a mix of cash on hand, a draw on the $2B RCF and a $1.5B term loan. Pro forma net debt after the Antamina payment is ~$2.1B (about 0.7x annualized Q1 EBITDA), and management expects rapid debt paydown driven by strong operating cash flow. Produced-but-not-yet-delivered (PBND) rose to ~184,000 GEOs (~2.8 months) and is expected to stay between 2.5–3.5 months in 2026 due to ramp-ups and timing. Key near-term cash outflows: Antamina funding (Q2 heavy), two dividends, and a ~$150M global minimum tax payment in June; remaining development funding for projects like Spring Valley and El Domo is contingent on permits/completions and likely to occur in 2026. Company reiterates disciplined capital allocation, preference for low-risk, long-life streams over operating exposure, and an organic growth profile of ~50% to ~1.2M GEOs by 2030.