Wheaton Precious Metals Q2 Earnings Call Highlights

Record financial performance: Wheaton reported second-quarter revenue of $929 million, up 85% year over year, while net earnings rose 86% to $543 million and operating cash flow increased 57% to $650 million. First-half production reached 415,000 gold equivalent ounces, keeping the company on track for its 860,000–940,000 GEO full-year guidance.

Antamina expands production exposure: The completed $4.3 billion BHP silver-stream transaction doubled Wheaton’s share of Antamina’s silver production to 67.5%, with attributable silver output up about 56% year over year. The company also invested in projects including Koné, Spanish Mountain, Jervois and Cipango.

Growth and deal capacity remain strong: Wheaton ended the quarter with approximately $2.6 billion in available liquidity and more than $200 million in monthly free cash flow, supporting further acquisitions while reducing debt. Management maintained its target of roughly 1.2 million GEOs of annual production by 2030, about 50% above current levels.

Wheaton Precious Metals NYSE: WPM reported record results for the first half of 2026, supported by higher commodity prices, increased sales volumes and contributions from recently added streams and ramping operations. President and Chief Executive Officer Haytham Hodaly said the company recorded first-half highs in production, sales volumes, revenue, earnings and operating cash flow. Wheaton produced 415,000 gold equivalent ounces, or GEOs, during the first six months of the year and sold 390,000 GEOs, positioning it to meet its full-year production guidance of 860,000 to 940,000 GEOs.

Second-quarter production totaled 202,000 GEOs, up 6% from a year earlier, while sales volumes increased 14% to 209,000 GEOs. Chief Financial Officer Vincent Lau said sales exceeded production because the company delivered ounces that had been produced but not yet delivered in prior periods. Record quarterly revenue reached $929 million, an 85% increase from the prior-year period. Lau attributed the gain primarily to a 61% increase in the average realized gold equivalent price and higher sales volumes. Gold accounted for 46% of quarterly revenue, silver represented 52%, and cobalt and palladium made up the remainder.

Net earnings rose 86% year over year to $543 million, while operating cash flow increased 57% to $650 million. At the end of the quarter, Wheaton had a produced-but-not-yet-delivered balance of about 158,000 GEOs, equal to 2.6 months of payable production and within its stated 2.5- to 3.5-month range. Lau said the company expects production and sales to be relatively close in the second half, although the produced-but-not-yet-delivered balance could be flat or rise modestly by year-end.

The quarter included the closing of Wheaton’s $4.3 billion silver stream transaction with BHP at the Antamina mine. Hodaly described the deal as the largest precious-metals streaming transaction completed to date. The agreement increased Wheaton’s share of silver production at Antamina from 33.75% to 67.5%, effective April 1. Antamina produced 2.3 million attributable silver ounces during the quarter, up about 56% from the year-earlier period. Vice President of Mining Operations Wes Carson said the increased ownership share was partly offset by lower silver grades and the timing of maintenance. A scheduled July shutdown was moved into June, while mine sequencing resulted in more copper-only...