Wheaton Precious Metals Q1 2026 results exceeded expectations, producing 212,000 GEOs, +22% YoY, driven by strong performance at Salobo and Peñasquito and high prices.

Record revenue, +92% YoY; Record net profit, +129% YoY; Record operating cash flow, +812% YoY.

During the quarter, the new Antamina stream transaction was completed ($4.3B), significantly boosting silver production; Salobo advanced coarse particle flotation expansion to 42 Mtpa; Peñasquito production +46%; Blackwater experienced a temporary shutdown but maintained full-year guidance; development projects progressed steadily.

2026 production guidance maintained at 860,000-940,000 GEOs, with a heavier weighting in the second half; 2030 production is expected to reach 1.2M GEOs, a 50% increase. The company is confident in long-term growth.

Management tone is positive, emphasizing execution and growth pipeline; however, attention should be paid to the continued increase in PBND and Q2 debt pressure.