Wheaton Precious Metals Reports Record Q1 2026 Results, Announces Major Streaming Deals

Wheaton Precious Metals Q1 2026 results: record revenue, earnings and cash flow

Wheaton Precious Metals has come out swinging in the first quarter of 2026. The headline numbers were genuinely strong: record revenue of $901 million, record net earnings of $582 million and record operating cash flow of $766 million. For investors, that tells you one thing straight away – this business is benefiting massively from higher precious metals prices, while its streaming model is doing exactly what it is supposed to do.

A streaming company is different from a traditional miner. Instead of operating mines itself, Wheaton gives miners upfront cash and, in return, gets the right to buy a portion of future metal production at agreed ongoing prices. That usually means lower operating risk than owning mines directly, but plenty of upside when gold and silver prices rise.

Why Wheaton Precious Metals made so much more money in Q1 2026

The most important detail is that revenue almost doubled even though gold equivalent ounces sold actually fell 3.4% to 181,743 GEOs. That sounds odd at first, but the answer is simple: prices did the heavy lifting. Wheaton said the average realised gold equivalent price jumped 98.4% to $4,960 per GEO sold.

That matters because Wheaton’s contracts often have fixed or formula-based purchase costs. So when metal prices rise sharply, a lot of that uplift drops through to profit and cash flow. You can see it in the cash operating margin, which climbed to $4,279 per GEO sold, up 103% year on year.

There was also a production boost. Attributable production rose 21.5% to 211,951 GEOs, helped by stronger output from Peñasquito, Antamina and Blackwater, plus the restart of Aljustrel. That is a healthy mix of stronger prices and stronger operational contribution from key assets.

Antamina streaming deal with BHP: the big strategic move investors need to watch

The standout corporate development was the Antamina deal with BHP. Wheaton entered into a precious metals purchase agreement, or PMPA, for BHP’s 33.75% portion of silver from the Antamina mine in Peru. From 1 April 2026, Wheaton will receive a combined 67.5% of all the silver produced at Antamina, up from the 33.75% it already received under the existing Glencore silver stream.

This is a big deal in every sense. The upfront payment was $4.3 billion, making it Wheaton’s largest streaming transaction to date. In my view, this is clearly positive for long-term growth because Antamina is already producing strongly – attributable silver production in Q1 rose about 48% to 1.6 million ounces.

But there is a catch. Big growth deals usually mean more financial risk in the short term, and that is true here too. Wheaton funded the Antamina payment using cash on hand, a draw on its previously undrawn $2.0 billion revolving facility and a new $1.5 billion term loan.

So yes, the asset quality looks attractive, but the balance sheet is no longer quite as pristine as the 31 March cash figure alone might suggest. Investors should understand that the reported $2.2 billion cash balance was before that $4.3 billion payment went out on 1 April.

Jervois and Spanish Mountain deals broaden the growth pipeline

Wheaton did not stop at Antamina. On 1 April 2026, it signed its first streaming agreement in Australia with KGL Resources for part of the gold and silver from the Jervois project. The total upfront cash consideration is $275 million, paid in six instalments as conditions are met, with ongoing payments equal to 20% of the spot price of gold and silver.

Then on 20 April 2026, Wheaton agreed a 1.5% net smelter returns royalty on the Spanish Mountain Gold project. A net smelter returns royalty is a cut of revenue from metal sales, less certain smelting and refining costs. The total upfront cash consideration is $55 million, with $22.5 million already paid on 1 May 2026.

Both deals look sensible rather than flashy. They add geographic diversity, expand the counterparty base and give Wheaton more shots on goal for future production.

Mine performance, PBND inventory and the few softer spots in the quarter

Operationally, Peñasquito and Antamina did the heavy lifting, while Salobo – still a major asset – saw attributable gold production dip about 3% due to lower grades. Blackwater continued to ramp, and Wheaton received first deliveries from Hemlo, Fenix and Mineral Park, which is exactly what investors want to see from newer agreements.

One wrinkle in the quarter was produced but not yet delivered, or PBND. This is metal that has been produced at partner mines but not yet delivered to Wheaton for sale. PBND stood at about 183,500 GEOs at 31 March 2026, equal to roughly 2.8 months of payable production.

That is not automatically bad. In this case, it was mainly driven by strong production at Peñasquito, and management said it remains within the guided range of two and a half to three and a half months. Still, it does affect quarterly sales timing, which is why production rose much faster than sales.

There were also some caution flags. At Goose, B2Gold reported a fire in part of the crushing circuit in April, and Q2 production is expected to be about 50% lower than Q1 and around 30% below the original Q2 plan. That looks like a near-term nuisance rather than a thesis-breaker, but it is worth noting.

Wheaton balance sheet, tax payments and dividend growth

The dividend was lifted 18% to $0.195 per common share, which is a solid vote of confidence from management. Record cash flow helps support that. So does the fact that Wheaton monetised some long-term equity investments in Q1, generating $323 million of cash proceeds and a realised gain before tax of $152 million.

That said, investors should keep an eye on future cash demands. The company expects to pay Cdn$155 million around 30 June 2026 in respect of the 2024 global minimum tax, and Cdn$346 million around 31 March 2027 for the 2025 year. Those are real cash outflows, not theoretical accounting noise.

2026 guidance and long-term outlook: still pointing to major production growth

Importantly, Wheaton left its 2026 guidance unchanged at 860,000 to 940,000 GEOs. It also kept its long-term target of roughly 1,200,000 GEOs by 2030, with average annual production expected to remain at 1,200,000 GEOs between 2031 and 2035.

That consistency matters. It suggests management believes the current project pipeline – including Platreef, Koné, Kurmuk, Santo Domingo and others – is still moving in the right direction. Around 3% of 2026 production is expected from assets in construction or ramp-up, so there is still some execution risk, but the broader growth story remains intact.

What this Wheaton Precious Metals RNS really means for retail investors

This was a very good update. The quarter showed the strength of Wheaton’s model in a rising gold and silver price environment, and the company used that strength to land a huge, potentially value-enhancing Antamina deal.

The bullish case is straightforward: record financials, rising production, a bigger dividend, unchanged long-term guidance and fresh deals that deepen the asset base. The more cautious view is also clear: Wheaton has taken on debt to fund growth, future tax payments are sizeable, and some project-level hiccups will inevitably show up along the way.

My take is that the positives comfortably outweigh the negatives. For retail investors who want exposure to precious metals without taking full mine-operator risk, Wheaton still looks like one of the cleaner ways to do it. Just do not forget that after a blockbuster quarter and a $4.3 billion deal, expectations are now higher too.