What Wheaton Precious Metals does

Wheaton Precious Metals is a Vancouver-based precious metals streaming and royalty company that provides upfront capital to mining operators in exchange for the right to purchase a percentage of future metal production at predetermined delivery prices. The company serves two principal counterparty groups: (1) mining operators — including BHP, Vale, Newmont, Hudbay Minerals, First Majestic Silver, Sibanye-Stillwater, KGL Resources, Generation Mining, Spanish Mountain Gold, and Hemlo Mining — seeking non-dilutive financing for development, expansion, or balance sheet optimization, and (2) public market investors who access the company's shares on NYSE, TSX, and LSE (ticker WPM) to obtain commodity price exposure without the operational risks of traditional mining.

The company holds streaming and royalty agreements on 22 operating mines and 28 development projects spanning gold, silver, palladium, platinum, and cobalt production across North America, South America, Europe, Australia, and Africa. Its core revenue mechanism is the streaming agreement: an upfront payment to a mining operator plus ongoing delivery payments typically set at 20% of spot price (averaging $650/oz for gold and $12.50/oz for silver through 2030), generating revenue from the spread between contracted delivery prices and market prices when metals are sold. Complementing streams, Wheaton acquires net smelter return (NSR) royalties such as the 1.5% royalty on Spanish Mountain Gold. The portfolio is concentrated in low-cost, long-life assets, with 80% of production from mines in the lowest half of the industry cost curve and 23 years of mine life based on Proven and Probable reserves.

Wheaton generated record FY2025 revenue of $2.31 billion (up 91.6% YoY) and record Q1 2026 revenue of $901 million (up 92% YoY), with 690,000 GEOs produced in 2025 and a target of 1.2 million GEOs by 2030. Its largest transaction — a $4.3 billion silver streaming deal with BHP for the Antamina mine in Peru, closed April 2026 — makes Wheaton the largest precious metals streaming company by scale, with a market capitalization of $58.3 billion as of June 2026 and a net profit margin of 63.6%. With approximately 46 employees globally operating through its Vancouver headquarters and Cayman Islands subsidiary (Wheaton Precious Metals International Ltd.), the company operates a capital-light model that structurally avoids the operating cost inflation borne by traditional miners.

Name

Wheaton Precious Metals

Legal name

Wheaton Precious Metals Corp.

Website

https://wheatonpm.com

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

11–50 employees

Short description

Wheaton Precious Metals is a Vancouver-based precious metals streaming and royalty company that funds mining operators in exchange for the right to purchase a percentage of future gold, silver, palladium, platinum, and cobalt production at fixed delivery prices, serving both mining counterparties and public market investors.

Ownership category

akta.pro rank

Product category

Precious Metals Streaming and Royalties

NAICS

Support Activities for Metal Mining (213114)

SIC

Mineral Royalty Traders (6795), Gold And Silver Ores (1040)

akta.pro primary industry

Precious Metals Streaming, Royalties & Offtake (IMAKAEAF)

Keywords

• Precious metals streaming
• Mining finance solutions
• Royalty agreements
• Gold streaming services
• Silver streaming services

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. Streaming Agreements: Wheaton provides upfront capital to mining operators in exchange for rights to purchase a percentage of future metal production (gold, silver, palladium, platinum, cobalt) at predetermined delivery payments. Revenue is generated from the difference between the contracted delivery price and the spot market price when metals are sold. Major agreements include the $4.3B BHP Antamina silver stream and $275M KGL Resources Jervois stream.
2. Royalty Agreements: Wheaton acquires net smelter return (NSR) royalties on mining projects, receiving a percentage of production revenue without providing operational financing. Examples include the 1.5% NSR on Spanish Mountain Gold Project for $55 million.
3. Metal Sales: After receiving metal deliveries under streaming agreements, Wheaton sells precious metals at prevailing spot prices, generating revenue based on market commodity prices.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Wheaton Precious Metals is a precious metals streaming company that provides upfront capital to mining operators in exchange for the right to purchase a percentage of future metal production at predetermined delivery prices (typically 20% of spot). The company earns revenue from the spread between these contracted delivery payments and the prevailing spot prices when it sells the metals it receives under 22 operating mine streams and 28 development projects spanning gold, silver, palladium, platinum, and cobalt. Wheaton also acquires net smelter return (NSR) royalties on mining projects, giving it additional low-cost exposure to long-life assets globally.

Product overview

Wheaton Precious Metals operates as a precious metals streaming and royalty company, providing investors with exposure to gold, silver, palladium, platinum, and cobalt production without traditional mining operational risks. The company holds 22 operating mine streams and 28 development projects across North America, South America, Europe, Australia, and Africa. The core business model involves making upfront payments to mining operators in exchange for rights to purchase a percentage of future metal production at predetermined prices. Major assets include Salobo (75% gold stream in Brazil), Antamina (silver streams from Peru following the $4.3B BHP deal), Peñasquito (25% silver stream in Mexico), and the Jervois project in Australia (first Australian streaming transaction). Production profile is projected to grow approximately 50% to 1.2 million GEOs by 2030.

Differentiator

Problem solved

Functional benefit

Products and services

• Precious Metals Streaming Agreements Purchasing a percentage of metals produced by mining operations in exchange for an upfront payment plus ongoing delivery payments (typically 20% of spot price). For mining operators seeking non-dilutive project financing; for investors seeking precious metals exposure without operational risks.
• Gold Streams Gold streaming agreements providing exposure to gold production from low-cost, long-life mines, covering approximately 52% of company revenue with streams from assets including Salobo (75% gold stream), Peñasquito, and Antamina. Fixed delivery payments averaging $650/oz for gold through 2030.
• Silver Streams Silver streaming agreements covering approximately 46% of company revenue, including the landmark Antamina silver stream (33.75% of BHP's payable silver until 100 million ounces delivered, then 22.5% for life of mine at 20% of spot silver price) and the 25% Peñasquito silver stream in Mexico. Fixed delivery payments averaging $12.50/oz for silver through 2030.
• Cobalt Streaming Cobalt streaming through the Voisey's Bay mine in Canada, with 42.4% of cobalt production until 31 million pounds delivered, then 21.2% thereafter. Provides exposure to cobalt demand tied to EV batteries and energy transition.
• Palladium and Platinum Streams Platinum Group Metals (PGM) streaming from Stillwater and East Boulder mines in Montana, USA, covering 100% of gold and declining percentages of palladium production. Marathon copper-palladium project in Ontario represents another PGM exposure.
• Net Smelter Return Royalties Acquisition of net smelter return (NSR) royalties on mining projects, receiving a percentage of production revenue without providing operational financing. Example: 1.5% NSR on Spanish Mountain Gold Project for $55 million in British Columbia.

Quantifiable outcome

• Record Q1 2026 revenue of $901M, up 92% year-over-year
• +4 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core, minor and flagship.

• Generation Mining LimitedcoreStrategic or Co-development Partner · 25 June 2026Wheaton committed C$240 million streaming deal for the Marathon Copper-Palladium Project in northern Ontario. The project would become one of North America's few palladium sources for hybrid and electric vehicles.
• University of British Columbia Sauder School of BusinessminorStrategic or Co-development Partner · 4 June 2026Collaboration with UBC's Sauder School of Business for venture-building expertise and early-stage innovation support for the Future of Mining Challenge, a $1 million cleantech innovation competition.
• Spanish Mountain Gold Ltd.coreStrategic or Co-development Partner · 21 April 2026Wheaton acquired a 1.5% net smelter return royalty on gold and silver production from the Spanish Mountain Gold Project in British Columbia for US$55 million, payable in three installments tied to development milestones.
• BHP Group LimitedflagshipStrategic or Co-development Partner · 1 April 2026Wheaton completed its landmark $4.3 billion silver streaming transaction with BHP for the Antamina Mine in Peru. Wheaton purchases 33.75% of BHP's payable silver until 100 million ounces delivered, then 22.5% for life of mine, at ongoing payments of 20% of spot silver price. This is the largest streaming deal in Wheaton's history.
• KGL Resources LimitedcoreStrategic or Co-development Partner · 1 April 2026Wheaton entered into a $275 million Precious Metals Purchase Agreement for the Jervois Copper Project in Australia's Northern Territory. Wheaton purchases 75% of payable gold and silver at 20% of spot price, with first production expected in H2 2027. This represents Wheaton's first streaming transaction in Australia.
• Cetos WaterminorStrategic or Co-development PartnerWinner of Wheaton's 2025/2026 Future of Mining Challenge for technology that transforms mining wastewater into clean, reusable water.

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Franco-Nevada Corporation: The largest precious metals royalty and streaming company globally and Wheaton's most direct competitor. Franco-Nevada operates a near-identical business model across gold, silver, platinum group metals, and energy royalties with a comparable portfolio of long-life streams. Both companies compete for the same mining-major streaming mandates.
• Royal Gold, Inc. Major precious metals royalty and streaming company with a portfolio of streams and royalties on gold, silver, copper, and other metals. Directly competes with Wheaton for streaming transactions with mining operators and shares a comparable business model and target customer base.
• Osisko Gold Royalties Ltd: Canadian precious metals royalty and streaming company with a portfolio of gold royalties, streams, and offtake agreements. Operates the same business model as Wheaton with overlapping counterparties, including exposure to Canadian Malartic and other gold assets.
• Sandstorm Gold Ltd. Precious metals streaming and royalty company providing financing to mining companies in exchange for metal streams. Smaller than Wheaton but operates the same core streaming business model with a portfolio spanning gold, silver, copper, and other metals.

Emerging players

• Metalla Royalty & Streaming Ltd. Growth-focused precious metals royalty and streaming company with a portfolio of royalties and streams primarily on gold and silver assets. Smaller and earlier-stage than Wheaton but competes in the same streaming deal market and shares the same business model.
• Gold Royalty Corp. Royalty-focused company built on the royalty portfolio formerly held by Newmont, generating revenue from gold royalties on producing assets. While smaller and royalty-only (no streaming), it competes for the same mining finance opportunities and serves as a comparable business in the precious metals royalty space.
• Vox Royalty Corp. Emerging precious metals royalty company with a portfolio of over 50 royalties on gold and other critical mineral assets. Much smaller than Wheaton and royalty-only (no streaming), but operates in the same precious metals royalty/streaming category and competes at the smaller end of the market.
• EMX Royalty Corporation: Royalty company with a diversified portfolio of royalties on gold, copper, base metals, and battery metals projects globally. Operates in the broader royalty/streaming space though with smaller deal sizes than Wheaton and a focus on earlier-stage royalties.

Broad incumbents

• Barrick Gold Corporation: One of the world's largest gold mining companies and a counterparty to Wheaton (Wheaton holds streams on assets associated with Barrick). Barrick is a broad incumbent in gold mining and represents the customer base that Wheaton serves with streaming capital.
• Newmont Corporation: World's largest gold mining company and a key Wheaton counterparty through the Peñasquito silver stream in Mexico. As a broad incumbent gold producer, Newmont is the type of mining operator that Wheaton's streaming model is designed to finance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/wheaton_pm
• Facebookfacebook.com/WheatonPM
• LinkedInlinkedin.com/company/wheatonpm

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles23 records

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments19 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Wheaton Precious Metals