Wheaton Shatters Records Without Digging A Single Mine

Wheaton Precious Metals posted a record quarter driven by a surge in gold and silver prices, recording Q1 2026 revenue of $901m, net income of $582m and operating cash flow of $766m. The streaming business model amplified margins — Wheaton paid about $570/oz for gold and sold at an average of $4,849/oz in Q1 — while silver averaged $84.52/oz (up 161% YoY). Management closed a landmark $4.3bn silver streaming deal with BHP on April 1, 2026, raising Wheaton’s Antamina silver entitlement to 67.5% and marking the largest precious-metals streaming transaction ever. Production and cash-flow guidance remains robust (2026 GEOs 860k–940k; 2030–2035 target >1.2m GEOs), leaving Wheaton positioned to benefit if metals remain elevated. Market impact: the company is a leveraged play on rising gold/silver prices and its huge streaming deal could materially boost future cash flow and shareholder returns — making Wheaton (and other streaming/precious-metals exposures) an attractive vehicle for bullish metal exposure.