WPM 6-K SEC Filing Analysis

Latest settled — T+20d

WPM ▼ -16.29% at T+20d

LONG call ✗ call lost -16.29% · α vs SPY -16.31% · entry $138.85 → $116.23

Next anchor: T+60d in 8w

Last close $114.87 (close Jun 8) · -17.27% from $138.85 entry

Entry anchored
May 7, 03:59 PM ET
via Databento tick

T+1d

+3.56%

call +3.56% · α +3.33%

$143.80

settled 5w ago

T+5d

+0.30%

call +0.30% · α -1.17%

$139.26

settled 27d ago

T+20d

-16.29%

call -16.29% · α -16.31%

$116.23

settled 5d ago

T+60d

—

call — · α —

—

in 8w

Price Chart

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Executive Summary

Wheaton Precious Metals reported record Q1 2026 results: revenue of $901M (up 92% YoY), net earnings of $582M (up 129%), and operating cash flow of $766M (up 112%), driven by a 22% increase in gold-equivalent production and a 98% rise in realized prices. The company also closed a $4.3B silver stream deal with BHP at Antamina and announced two new smaller stream/royalty acquisitions.

Actionable Insight

The record results and new Antamina stream reinforce WPM's growth trajectory. Watch for further operational updates from Salobo, Peñasquito, and development projects (Platreef, Mineral Park, Koné). Monitor leverage post-Antamina: $1.5B term loan and revolver draw increase debt, but strong cash flow and $2.2B cash provide ample coverage.

Key Facts

Record quarterly revenue of $901M, up 91.6% YoY
Record net earnings of $582M, up 129.2% YoY
Record operating cash flow of $766M, up 112.3% YoY
Gold-equivalent production rose 21.5% to 212,000 oz
Average realized gold-equivalent price up 98.4% to $4,960/oz
Closed $4.3B BHP Antamina silver stream on April 1, 2026
Entered Jervois PMPA ($275M) and Spanish Mountain royalty ($55M) after quarter-end
Maintained 2026 production guidance of 860-940K GEOs, 50% growth to 1.2M GEOs by 2030

Financial Impact

Revenue $901M, net earnings $582M, operating cash flow $766M; $4.3B Antamina stream funded with cash, revolver draw, and $1.5B term loan

revenueearningsoperating cash flowproduction growth

Risk Factors

Commodity price volatility (gold, silver, palladium)
Goose mine fire impacting Q2 2026 production (expected 50% lower in Q2)
Constancia Pampacancha pit depletion; higher throughput needed to offset
Integration and performance of new Antamina stream

Market Snapshot

Exchange

NYSE

Sector

Gold and Silver Ores

Analyst Consensus

94% bullish (16 analysts)

Documents Analyzed

This report is based on 3 SEC documents filed with EDGAR.

Document	Accession Number
6-K Filing (Primary)	0001193125-26-212446
Document: d91444dex993.htm	0001193125-26-212446
Document: d91444dex991.htm	0001193125-26-212446

6 reports for WPM

T+1T+5T+20T+60

Track record builds as more directional reports settle.

Filters

Reports for WPM — sortable, filterable
	Type				Now
Jun 5, 2026 4d ago	6-K NEUTRAL ★ 2/10	$116.24 awaiting T+5	awaiting T+5	—	$114.87 (−1.18%)
May 22, 2026 18d ago	6-K NEUTRAL ★ 2/10	$126.53 $128.82	▲ +1.81%	▲ +0.13%	$114.87 (−9.22%)
May 8, 2026 4w ago	6-K NEUTRAL ★ 2/10	$143.80 $129.49	▼ −9.95%	▼ −9.87%	$114.87 (−20.12%)
May 7, 2026 4w ago	6-K BULLISH ★ 8/10	$138.85 $139.26	▲ +0.30%	▼ −1.17%	$114.87 (−17.27%)
Apr 7, 2026 9w ago	6-K NEUTRAL ★ 2/10	$135.97 $147.69	▲ +8.62%	▲ +3.29%	$114.87 (−15.52%)
Apr 2, 2026 9w ago	6-K BULLISH ★ 8/10	$135.56 $144.84	▲ +6.85%	▲ +3.23%	$114.87 (−15.26%)

US Market Status

Market Closed — Opens in 6h 52m

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