Vancouver – November 05, 2026 -- Wheaton Precious Metals reported record nine-month revenue of $2.6 billion, net earnings of $1.5 billion and operating cash flow of $2.1 billion for the period ended September 30, 2026, as a 64% jump in the average realized gold equivalent price drove margins higher.
Q3 revenue reaches $772 million on 36% higher realized prices
Third-quarter revenue of $772 million was split 51% gold, 46% silver, 0.5% palladium and 2% cobalt. The $295 million increase from the prior-year period came from a 36% rise in the average realized gold equivalent price and a 19% increase in gold equivalent ounces (GEOs) sold. Net earnings were $410 million and operating cash flow was $645 million, up $262 million year over year on higher gross margin.
For the nine months, revenue rose $1.2 billion, with the realized price up 64% and GEOs sold up 9%. Operating cash flow increased $901 million.
Cash operating margin climbs 39% to $3,466 per GEO despite higher costs
Average cash costs rose to $548 per GEO from $452 in Q3 2025. Cash operating margin still grew 39% to $3,466 per GEO sold. Wheaton said year-over-year margin growth exceeded gold price appreciation. Nine-month cash costs were $597 per GEO versus $415 a year earlier, while the margin rose 68% to $3,866 per GEO.
Antamina deal lifts Q3 production 13% to 231,000 GEOs
Attributable production reached 231,000 GEOs, up 13%, mainly due to the BHP Antamina precious metals purchase agreement and output from Hemlo, Fenix, Platreef and Mineral Park. The agreement doubled Wheaton's share of Antamina silver to 67.5% from 33.75%, effective April 1, 2026. Antamina attributable silver output rose 60% to 2.7 million ounces, though lower grades from pit sequencing offset part of the gain.
Peñasquito delivered a record 3.1 million ounces of attributable silver, up 46% on higher throughput and grades. CEO Haytham Hodaly said the company "remains very well positioned" to meet annual production guidance.
San Dimas output falls 25% after labour dispute begins September 18
San Dimas produced 5,700 ounces of attributable gold, down 25%, due to lower throughput during a labour dispute that began September 18, 2026. The gold-to-silver conversion ratio change from 90:1 to 70:1 on October 29, 2025 partly offset the decline.
Salobo gold output slipped 2% to 65,800 ounces on lower grades. Sudbury gold fell 18% to 4,000 ounces. Constancia gold dropped 75% to 3,200 ounces after mining at the higher-grade Pampacancha pit finished in Q4 2025 and stockpiled ore was fully processed in January 2026. Constancia silver held flat at 0.6 million ounces.
Wheaton repays $372 million of revolver, leaving net debt at $1.5 billion
Cash stood at $146 million against $1.6 billion outstanding under the term loan and revolving credit facility. Wheaton declared a quarterly dividend of $0.195 per share and paid $89 million in dividends during the quarter.
Net upfront payments on mineral stream interests totaled $86 million in Q3: $44 million for El Domo and $42 million for Marmato. After quarter-end, Wheaton paid a further $51 million, $16 million for the Jervois agreement and $35 million for Spring Valley.
Produced-but-not-yet-delivered inventory was about 178,600 GEOs, or roughly 2.6 months of payable production. That is within the guided range of 2.5 to 3.5 months and consistent with the prior four quarters.
Eight project milestones advance a 57-asset portfolio
The portfolio spans 57 assets: 22 operating mines, 20 development projects and 15 exploration and other-stage projects. Milestones in the quarter included first gold pour at Montage Gold's Koné project in Côte d'Ivoire, first deliveries from Ivanhoe's Platreef in South Africa, and production start at Allied Gold's Kurmuk in Ethiopia. Hudbay approved the Copper World project in the U.S., KGL approved a final investment decision for Jervois in Australia, and Generation Mining began construction at Marathon in Canada. B2Gold completed Phase 1 crushing plant upgrades at Goose, and Vale Base Metals will implement coarse particle flotation at Salobo.
Artemis Gold said on October 13 that the Blackwater Phase 1A expansion is 77% complete and on track for commissioning before year-end. It will lift design throughput 33% to 8 Mtpa and contribute to production from 2027. Artemis said that with the Expanded Phase 2 project, processing capacity is expected to more than triple. Blackwater's Q3 attributable output rose 14% for both metals, to 0.2 million ounces of silver and 5,600 ounces of gold.
Separately, Hudbay received approval from Peru's SENACE on July 2 to raise Constancia mill capacity to 34 million tonnes per annum from 31 million.