Aug 7, 2026 earnings call — Closed Antamina stream and record first-half results
Wheaton closed the Antamina silver stream and reported record quarterly revenue of $929 million.
Revenue $0.9B (est $0.9B) · EPS $1.19 (est $1.15)
Key quotes
"We closed the Antamina silver stream with BHP, a defining milestone for both Wheaton and the industry, representing the largest precious metal streaming transaction ever completed."
"Strong commodity prices, coupled with solid production led to record quarterly revenue of $929 million, an increase of 85% compared to last year."
"We announced our first ever streaming transaction in Australia, a gold and silver stream on the Jervois project through our partnership with KGL Resources."
Analyst Q&A 5
drivers of second-half production
Q (Daniel Major · UBS): He asked how much of the second-half uplift comes from new assets versus mine sequencing. He also asked about deal appetite, royalties and the copper project pipeline.
A: Management said mine sequencing is the main driver and the ramp-ups this year only add about 3% of total production. They noted they have almost $2.6 billion of unused revolver capacity and are generating in excess of $200 million of free cash flow every month, so they are comfortable transacting. They said large copper projects exist but are 3 to 8 years out and not imminent.
"Most of the ramp-ups this year, well, all of the ramp-ups only amount to about 3% of our total production on the year." — Wesley Carson
sales vs production; deals and hiring
Q (Tanya Jakusconek · Scotiabank): She asked how sales and production will look in the second half and whether sales will track production. She also asked about the deal pipeline, deal structures, and what they are doing to add technical staff.
A: They said PBND at the end of Q2 is about 2.6 months and they expect PBND to be flat or rise a little, so production and sales should be close. On deals, most opportunities are sub-$500 million but there are occasional $1 billion to $2 billion ones, mainly in gold, and structures often include a financing package with stream, equity and debt. They are adding 2 to 3 people over the next 3 or 4 months and do most reviews internally.
"At the end of Q2, we're sitting at about 2.6 months." — Vincent Lau (CFO)
Antamina mix, write-down risk, Japan deal
Q (Cosmos Chiu · CIBC): He asked whether the Antamina concentrate split was driven by prices or pit sequencing, whether there is risk of write-downs on the Antamina stream, and about their investment in Japan (Cipango).
A: They said the concentrate mix is driven by pit sequencing, not selective feeding, and they expect higher silver grades to come in later in the year and continue over the next 12 to 18 months. On accounting, the Glencore and BHP streams are separate CGUs and there are no indicators of impairment at this point. On Japan, Cipango has multiple projects covered by their NSR and the ROFR covers 16 projects, giving them large optionality.
"But we're certainly expecting to see those higher silver grades come in later in the year and kind of continue over the next kind of 12 to 18 months." — Wesley Carson
timing and structure of big project payments
Q (Brian MacArthur · Raymond James): He asked whether remaining payments for Toroparu and Cotabambas are one-time or staged, whether payments might come sooner than post-2030, and how buydown options work.
A: They said the payments are staged and the company initially committed very little capital; additional capital is provided as projects derisk and reach milestones. They will not provide capital until a project is permitted and in construction, which derisks the investment, and both Cotabambas and Toroparu are currently outside the 10-year guidance but are being watched. They also said recent deals typically allow only a partial 1/3 buyback on change of control and those two deals likely did not have buyback options.
"Typically, on the more recent transactions, in the event of a change of control, we have allowed a partial only 1/3 buyback." — Haytham Hodaly (CEO)
long-term GEO target and Los Filos
Q (Jack Baxter · Bloomberg Intelligence): He asked if the 1.2 million GEOs by 2030 outlook is still neutral or turning positive, and whether there have been discussions with Equinox about extending or funding Los Filos beyond the stream expiry.
A: They said the 1.2 million ounce forecast is based on projects in the pipeline that are permitted, financed and in construction, so they will stick with that number until new transactions are completed. They also said they are a growth company and will keep deploying cash into accretive deals, but they will not change the forecast until deals close. On Los Filos, there have been no significant discussions, it is a small stream for them, and they would be willing to help if Equinox needed it.
"That is based on projects that we have in the pipeline that are currently permitted, financed and all the 3 are in construction." — Haytham Hodaly (CEO)