Wheaton Precious Metals Reports Record First Half as Antamina Deal Transforms Portfolio
The streaming giant posted record production, revenue and cash flow in Q2 2026 while completing the industry's largest precious metal streaming transaction.
Record Performance Amid Major Expansion
Wheaton Precious Metals Corp. delivered record-breaking results across key metrics in the first half of 2026, marking a transformative period for the Canadian streaming company as it integrated the industry's largest precious metal streaming transaction.
The company achieved record production of 415,000 gold equivalent ounces (GEOs) and record sales volumes of 390,000 GEOs through the first six months of the year (earnings call, 2026-08-07). Second quarter production totaled 202,000 GEOs, representing a 6% year-over-year increase, while sales volumes reached 209,000 GEOs, up 14% from the prior year period.
"These results reflect the continued strength of our high-quality portfolio and the resilience of the streaming business model," said Haytham Hodaly, President and Chief Executive Officer (earnings call, 2026-08-07).
Antamina Transaction Reshapes Silver Exposure
The quarter's headline achievement was closing the Antamina silver stream with BHP, which Hodaly described as "the largest precious metal streaming transaction ever completed" (earnings call, 2026-08-07). The transaction, funded on April 1 with approximately $4 billion in upfront cash payments, increased Wheaton's share of silver production at Antamina from 33.75% to 67.5%.
The expanded stream's impact was immediately visible, with Antamina producing 2.3 million ounces of attributable silver in Q2, a 56% increase compared to Q2 2025 (earnings call, 2026-08-07). The benefit was partially offset by lower silver grades due to pit sequencing and planned maintenance timing.
Strong Financial Performance
Quarterly revenue reached a record $929 million, an 85% increase compared to the prior year, driven by both higher commodity prices and increased sales volumes (earnings call, 2026-08-07). Net earnings rose 86% to $543 million, while operating cash flow totaled $650 million, up 57% year-over-year.
The revenue mix reflected 46% from gold and 52% from silver, though CFO Vincent Lau indicated "we expect the revenue split to favor gold as the new gold dominant development projects come online" (earnings call, 2026-08-07).
Balance Sheet and Growth Strategy
Wheaton ended the quarter with $100 million in cash and access to its $2.5 billion revolving credit facility, which was upsized by $500 million during the quarter (earnings call, 2026-08-07). Net debt stood at approximately $1.9 billion, down from $2.1 billion immediately following the Antamina funding.
The company deployed additional capital during the quarter beyond Antamina, including $156 million for KONE and smaller transactions for Jervois, Spanish Mountain, and Cipango. The Jervois transaction marked Wheaton's first streaming deal in Australia.
Production Outlook
Wheaton maintained its 2026 production guidance range of 860,000 to 940,000 GEOs, with Wes Carson, VP of Mining Operations, noting production "is expected to be weighted to the second half of 2026" (earnings call, 2026-08-07).
Looking further ahead, the company projects "annual production to grow at an industry-leading rate of approximately 50% reaching 1.2 million GEOs by 2030" (earnings call, 2026-08-07), supported by multiple development assets including expansions at Blackwater, where Artemis Gold is advancing plans to increase throughput capacity by 250% to 21 million tonnes per annum by 2028.
MarginX data shows the company faces upcoming FOMC rate decisions in September and October 2026, while recent insider activity included modest share dispositions by director Chantal Gosselin.
This article was generated by MarginX from the earnings call on 2026-08-07. It is not investment advice.