Wheaton Precious Metals Reports Record Q3 2025 Results and New Hemlo Gold Stream

Wheaton Precious Metals smashes Q3: record revenue, profit and cash flow

Wheaton Precious Metals has posted a blockbuster third quarter, with records across the board for the first nine months of 2025. In Q3 alone, sales hit $476 million, net earnings were $367 million, adjusted net earnings reached $281 million, and operating cash flow came in at $383 million.

Management says the portfolio is firing on multiple cylinders, helped by strong prices and new ounces coming online. Crucially, full‑year guidance is unchanged at 600,000 to 670,000 gold equivalent ounces (GEOs), which suggests confidence heading into Q4.

Q3 2025 numbers at a glance

Metric	Q3 2025	Q3 2024	Change
Revenue	$476.3 million	$308.3 million	+54.5%
Net earnings	$367.2 million	$154.6 million	+137.5%
Adjusted net earnings	$281.1 million	$152.8 million	+83.9%
Operating cash flow	$383.0 million	$254.3 million	+50.6%
GEOs produced	173,415	142,716	+21.5%
GEOs sold	137,563	122,242	+12.5%
Average cash cost per GEO	$532	$439	Higher
Cash operating margin per GEO	$2,930	n/d	+41% YoY

Note: Adjusted figures exclude one‑offs such as the $86 million gain on the partial disposal of the Cangrejos stream.

What powered the beat: prices up, ounces up

Two drivers stand out. First, the average realised price per GEO was up 37%. When precious metal prices rise, streamers benefit disproportionately because most of their purchase payments are fixed per ounce. Wheaton says fixed‑payment streams accounted for 76% of revenue this quarter.

Second, volumes moved higher. Attributable GEO production rose 22% year on year, thanks to:

• Salobo gold up 7% to 67,000 ounces as the Salobo 3 expansion hit full ramp‑up.
• Antamina silver up 86% to 1.7 million ounces on higher throughput and grades.
• Blackwater contributed first commercial ounces – 4,900 ounces of gold and 0.1 million ounces of silver in Q3 2025.

There were some soft spots. Palladium from Stillwater fell 34% due to prior closures at Stillwater West, and silver at Constancia dipped 11% on lower grades and recoveries. Constancia also saw a temporary shutdown in late September due to protests, with operations resuming on 7 October.

Guidance intact and growth de‑risking continues

Wheaton reaffirmed 2025 production guidance of 600,000 to 670,000 GEOs. The long‑term outlook is unchanged too – around 870,000 GEOs by 2029 and an average above 950,000 GEOs from 2030 to 2034.

The development pipeline is busy and, importantly, progressing:

• Construction advanced at Mineral Park, Platreef, Fenix, El Domo, Kurmuk and Koné. Platreef reported first ore into the concentrator on 29 October 2025.
• Goose achieved commercial production on 2 October 2025.
• Aljustrel restarted zinc and lead concentrate production in Q3 2025, resuming silver for Wheaton.
• Joint ventures were announced for Copper World and Santo Domingo, which helps financing and delivery risk.

Balance sheet: firepower to keep buying streams

The balance sheet remains a core selling point. Wheaton reported $1.2 billion in cash, no debt, and a fully undrawn $2 billion revolving credit facility, plus a $500 million accordion, at 30 September 2025.

Capital deployment stayed active:

• $250 million of upfront cash in Q3 across Koné ($156 million), Fenix ($50 million) and Kurmuk ($44 million).
• A further $94 million after quarter‑end for Fenix ($50 million) and El Domo ($44 million).
• Quarterly dividend declared at $0.165 per share, with $75 million paid in the quarter.

Produced but not yet delivered (PBND) finished the quarter at approximately 151,800 GEOs – about 2.9 months of payable production. That is on the high side of Wheaton’s 2–3 month range and should stay elevated into year‑end as new mines ramp up. In practical terms, it provides a cushion for Q4 sales.

New deals: Hemlo gold stream and Spring Valley PMPA

The headline corporate development is the planned Hemlo gold stream alongside Carcetti’s proposed acquisition of the mine from Barrick. Wheaton has committed up to $400 million for a stream that scales down over time:

• 13.5% of payable gold until 181,000 ounces delivered.
• 9.0% for a further 157,330 ounces.
• Then 6.0% for life of mine.

Ongoing payments would be 20% of the gold spot price. Carcetti is expected to elect $300 million under the agreement, which would reduce the percentages proportionately. Closing is targeted for Q4 2025, with immediate production and cash flow to Wheaton once done. Wheaton also invested $30 million in Carcetti’s equity raise.

Separately, on 6 November 2025, Wheaton entered a precious metals purchase agreement with Waterton Gold Corp. for the Spring Valley Project in Nevada, adding another growth option in a well‑known jurisdiction.

Operational colour: where the ounces came from

• Gold: 100,090 ounces produced in Q3 2025 (+15.3%). Salobo remains the anchor. San Dimas grew 9% despite a change in the gold‑silver conversion ratio to 90:1 from 70:1 in April.
• Silver: 5.999 million ounces produced (+32.2%), driven by Antamina and higher throughput at Peñasquito.
• Cobalt: 604,000 pounds produced (+52.0%) at Voisey’s Bay as the underground ramps towards full output by H2 2026.

The balanced view: what’s great and what to watch

Positives

• Biggest driver is price leverage: cash operating margin per GEO rose 41% to $2,930, outpacing the move in gold.
• Q3 showed genuine volume growth from core assets and new start‑ups like Blackwater.
• Fortress balance sheet – $1.2 billion cash, no debt, and $2.5 billion of liquidity including the accordion – supports further accretive deals.
• Guidance intact and multi‑asset construction progress reduces execution risk.

Watch‑outs

• Cash costs per GEO increased to $532 from $439 year on year. Margins expanded thanks to prices, but cost creep is worth tracking.
• Palladium exposure at Stillwater remains soft, with production down 34% due to the prior care‑and‑maintenance at Stillwater West.
• Constancia faced protests and a temporary shutdown in late September. Operations have resumed, but it highlights jurisdictional risk.
• PBND is elevated at 2.9 months. That should help near‑term sales, but it can also swing quarter‑to‑quarter reported volumes.
• Part of Q3’s bottom line includes an $86 million gain related to the Cangrejos stream buy‑back. Adjusted earnings remove this.

Jargon buster

• Streaming model: Wheaton prepays for the right to buy metals from mines at a fixed per‑unit price, creating strong leverage to rising spot prices.
• GEOs: Gold equivalent ounces, a way to express different metals in gold terms using price assumptions.
• PBND: Produced but not yet delivered – ounces generated at partner mines that Wheaton hasn’t yet received. It mainly reflects shipping and timing.
• Accordion: An option to increase the size of a credit facility – here an extra $500 million on top of the $2 billion revolver.

My take: why this matters for investors

This is a high‑quality print. Wheaton is demonstrating exactly why investors like the streaming model: predictable, high‑margin cash flows with low operating risk, meaningful upside to metal prices, and capital to deploy into new deals. The Hemlo stream should add immediate ounces once it closes, and Spring Valley extends the growth runway.

Near term, keep an eye on Constancia stability, Stillwater palladium trends and whether PBND normalises back toward the 2–3 month range. Even with those caveats, the combination of record cash generation, an undrawn facility, and a thick pipeline suggests Wheaton can both fund its dividend and continue to buy growth without stressing the balance sheet.

Net result: a strong quarter that underpins guidance and adds fresh optionality. For investors seeking exposure to gold and silver with lower operational risk than a miner, this is the kind of update you want to see.