Wheaton Precious Metals Corp (WPM) Q3 2025 Earnings Call Highlights: Record Revenue and ...

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Revenue: Record quarterly revenue of $476 million, a 55% increase compared to last year. Net Earnings: Increased by 138% to $367 million. Adjusted Net Earnings: Increased by 84% to $281 million. Operating Cash Flow: Increased to $383 million, a 51% increase from last year. Production: 173,000 gold equivalent ounces (GEOs), a 22% increase from the prior year. Sales Volumes: 138,000 GEOs, a 13% increase from last year. Cash Balance: Approximately $1.2 billion at September 30. Undrawn Credit Facility: $2.5 billion revolving credit facility. Commodity Prices Impact: 37% increase in commodity prices contributed to revenue growth. Gold Revenue Contribution: 58% of revenue from gold. Silver Production: Penasquito produced 2.1 million ounces of attributable silver, up 17% from last year. Salobo Production: 67,000 ounces of attributable gold, a 7% increase from last year. Constancia Production: 19,500 ounces of attributable GEOs, a 9% improvement from last year. Blackwater Production: 6,400 ounces of attributable GEOs.

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Release Date: November 07, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Wheaton Precious Metals Corp (NYSE:WPM) achieved record revenue, earnings, and operating cash flow for the first nine months of 2025, highlighting the strength of its streaming model. The company is on track to meet its 2025 production guidance of 600,000 to 670,000 gold equivalent ounces, supported by strong performances from key assets like Salobo and Antamina. Wheaton Precious Metals Corp (NYSE:WPM) has a robust financial position with over $1.2 billion in cash and an undrawn $2.5 billion revolving credit facility, providing flexibility for future opportunities. The company announced two new streaming transactions, reinforcing its disciplined approach to capital deployment and commitment to long-term value creation. Wheaton Precious Metals Corp (NYSE:WPM) continues to invest in innovation and community initiatives, launching its second annual future mining challenge focused on sustainable water management technologies.

Negative Points

The company faces challenges with social unrest in Peru, impacting operations at the Constancia mine, although operations have since resumed. There is a buildup of produced but not yet delivered gold equivalent ounces (PBND), which could affect sales timing and cash flow. The company is exposed to risks associated with the ramp-up of new mines, which could impact production timelines and financial performance. Wheaton Precious Metals Corp (NYSE:WPM) relies heavily on commodity prices, particularly silver, which can be volatile and impact revenue. The company has significant future funding commitments, with approximately $2.5 billion in upfront payments expected by the end of 2029, which could strain financial resources if not managed carefully.

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Q & A Highlights

Q: How does Wheaton Precious Metals' growth profile compare to its peers, especially considering the risks associated with restarts or operations in higher-risk jurisdictions? A: Haytham Hodaly, President, highlighted that Wheaton has a strong growth profile, with an expected increase of 250,000 ounces per year until 2029. This growth is largely de-risked, with most projects already permitted and under construction. Wheaton's growth is nearly double that of its closest peers, and recent transactions further bolster this outlook.

Q: With the current supply shortage in copper, does Wheaton plan to focus more on larger-scale copper projects in the next five years? A: Haytham Hodaly confirmed that Wheaton sees future growth in large porphyry copper-gold systems, which require significant capital investment. Streaming is expected to play a role in financing these projects. Additionally, Wheaton is seeing more silver opportunities due to recent price increases.

Q: Can you provide more details on the Spring Valley project, particularly regarding the assumptions and recoveries compared to previous reports? A: Neil Burns, VP of Corporate Development, explained that the feasibility study for Spring Valley was conducted with lower gold prices. The updated reserve and resource estimates reflect higher prices, and recoveries are detailed by the Redox state. Randy Smallwood, CEO, added that the project has significant upside potential due to its location and operational flexibility.

Q: How does Wheaton assess the value opportunity of the Spring Valley acquisition compared to public consolidation opportunities? A: Randy Smallwood noted that while some smaller companies have structural weaknesses, Wheaton's streaming model offers a more secure and attractive financing alternative. The Spring Valley acquisition is seen as attractively priced, especially given its potential upside and location in Nevada.

Q: Are there more silver opportunities available now, and is Wheaton focusing on any large silver deals? A: Haytham Hodaly and Neil Burns confirmed that there are larger silver opportunities available, driven by recent price increases. Wheaton is actively pursuing these opportunities, with a mix of gold and silver projects in their pipeline, including some large-scale deals.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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