Canada's Wheaton Precious Metals Q1 revenue, adjusted profit soar on higher gold prices

Overview

• Canada precious metals streamer reported Q1 revenue up 92% yr/yr, beating analyst expectations

• Adjusted net earnings for Q1 more than doubled yr/yr, driven by higher realized gold prices

• Company completed largest streaming deal to date at Antamina, expanding its asset base

Outlook

• Wheaton forecasts 2026 production of 860,000 to 940,000 gold equivalent ounces, unchanged from prior guidance

• Company expects annual production to rise about 50% to 1.2 mln gold equivalent ounces by 2030

• About 3% of 2026 production is expected from assets in construction or ramp-up

Result Drivers

• HIGHER REALIZED PRICES - Co said a 98% increase in the average realized gold equivalent price was the main driver of record revenue and margin growth

• STRONG PRODUCTION AT KEY MINES - Increased attributable production at Peñasquito, Antamina and Blackwater, and the restart at Aljustrel, drove a 22% yr/yr rise in gold equivalent output

• BUSINESS MODEL LEVERAGE - Fixed per-ounce payments across most streams amplified margin gains in a rising price environment

Company press release: ID:nPnc5K1Bfa

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the gold peer group is "buy"

• The stock recently traded at 26 times the next 12-month earnings vs. a P/E of 35 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.