Wheaton Precious Metals deployed $4.5 billion into mineral stream interests during the second quarter of 2026, including a $4.3 billion investment tied to Antamina, as the company reported record financial performance and expanded its exposure to future precious-metals production.
The largest investment was Wheaton’s acquisition of BHP’s Antamina precious metals purchase agreement. The transaction increased Wheaton’s share of silver production from Antamina from 33.75% to 67.5%, effective April 1. Antamina subsequently delivered 2.3 million ounces of attributable silver to Wheaton in the second quarter, a 56% increase from the prior-year period.
The Antamina investment accounted for $4.3 billion of Wheaton’s $4.5 billion of net upfront payments during the quarter. Other investments included $156 million for Koné, $23 million for Spanish Mountain, $16 million for Jervois and $4.5 million for Cipango. After quarter-end, Wheaton made another $43.875 million upfront payment related to the El Domo mineral stream.
The new investments came alongside record financial results. Second-quarter revenue reached $929 million, net earnings were $543 million and operating cash flow totaled $650 million. For the first six months of 2026, Wheaton generated a record $1.8 billion of revenue, $1.1 billion of net earnings and $1.4 billion of operating cash flow.
Compared with a year earlier, second-quarter revenue increased 84.7%, net earnings increased 85.9% and operating cash flow rose 56.5%. Attributable gold equivalent production reached approximately 202,200 ounces, up 6%, while year-to-date production reached about 414,800 GEOs, up 13.8%.
Higher realized precious-metal prices further strengthened margins. Revenue growth in the second quarter was driven primarily by a 61% increase in the average realized gold equivalent price and a 14% increase in GEOs sold. Cash operating margin reached $3,875 per GEO sold, up 65% year-over-year. For the first half, cash operating margin increased 83% to $4,063 per GEO.
Wheaton partly financed the Antamina purchase by drawing a new $1.5 billion two-year term loan, along with its revolving credit facility and cash on hand. During the quarter, the company expanded its revolving credit facility by $500 million to $2.5 billion and extended its maturity to June 30, 2031. At quarter-end, Wheaton had $100 million of cash and $2 billion of outstanding debt, resulting in $1.9 billion of net debt. Including a $500 million accordion feature, available liquidity totaled $2.6 billion.
The company’s portfolio now includes streaming and royalty agreements covering 22 operating mines, 20 development projects and 15 exploration and other-stage projects, for 57 assets overall. Construction is advancing across projects including Mineral Park, Platreef, Fenix, El Domo, Kurmuk and Koné.
Wheaton maintained its 2026 production forecast of approximately 860,000 to 940,000 GEOs. Longer term, annual production is forecast to increase by approximately 50% to 1.2 million GEOs by 2030 and remain around that level from 2031 through 2035.
The company also declared a quarterly dividend of $0.195 per common share.
KEY QUOTES:
“Wheaton delivered another strong quarter, with solid production across the portfolio driving record year-to-date production, sales volumes, revenue, earnings and cash flow. In an environment marked by commodity price volatility and cost pressures, our robust margins and cash flow generation underscore the strength of the streaming model.”
“Our financial position provides significant flexibility to pursue accretive streaming opportunities while continuing to advance one of the strongest growth profiles in the industry. Backed by a diversified portfolio of high-quality assets and a compelling pipeline of growth, we believe we are well positioned to deliver long-term value for all stakeholders.”
Haytham Hodaly, President and CEO of Wheaton Precious Metals
