Wheaton Precious Metals Corp Reports Record‑Setting Q3 2025 Performance and Announces Major U.S. Expansion

Wheaton Precious Metals Corp (WPM) delivered a robust Q3 2025 earnings presentation that underscored its resilience amid a volatile commodities landscape. The company announced a 55 % increase in revenue, bringing the quarter’s top line to $476 million—a figure that surpassed analyst expectations by $3.82 million. Net earnings surged to $367 million, a record that reflects the company’s ability to generate cash flow from its streaming agreements even as gold prices fluctuated.

Operational Highlights

The earnings call highlighted several key contributors:

  • Gold‑rich streams at Sudbury, Blackwater, Marmato, Antamina, and Stillwater (palladium) delivered higher-than-expected volumes and prices, bolstering the company’s revenue base.
  • Adjusted earnings per share (EPS) reached $0.62, exceeding market consensus by 1.6 % and surpassing Edison’s expectation by 6.6 %. Non‑GAAP EPS of $0.62 beat estimates by $0.04.
  • The company reaffirmed its outlook for FY2025, projecting attributable gold production between 350,000 oz and 390,000 oz, a range that signals continued growth potential.

Strategic Expansion into the United States

In a decisive move to diversify its geographical exposure, Wheaton announced the acquisition of a U.S. gold project from Waterton Gold LP in a $670 million cash transaction. The deal, finalized on 7 November 2025, positions Wheaton to tap into the robust U.S. gold mining sector and enhances its portfolio with a high‑grade stream. The acquisition is expected to contribute significantly to the company’s revenue stream and provide a hedge against Canadian market volatility.

Simultaneously, Wheaton secured a gold stream from the Spring Valley project, further expanding its U.S. footprint and reinforcing its strategic intent to capture premium gold streams outside of Canada.

Shareholder Returns

Wheaton’s board declared a dividend of $0.165 per share, signaling confidence in its cash‑generating capabilities and commitment to rewarding shareholders. The dividend, coupled with the company’s solid earnings performance, augments its appeal to income‑focused investors.

Market Reaction and Forward Outlook

Following the earnings announcement, Wheaton’s shares experienced a modest uptick despite a slight miss of certain Q3 guidance metrics. The market responded positively to the company’s revenue growth, earnings beat, and aggressive expansion strategy. With a market cap of $63.1 billion CAD and a P/E ratio of 43.94, Wheaton remains an attractive proposition for investors seeking exposure to precious metals through a streaming model that delivers predictable cash flows.

Looking ahead, Wheaton is well‑positioned to capitalize on upward gold price momentum, leverage its expanded U.S. stream portfolio, and continue delivering shareholder value through disciplined capital allocation and dividend policy.