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Wheaton Precious Metals earns nearly all its revenue from gold and silver supplied by third-party mines, rather than from operating mines itself. It pays mining companies upfront for a specified share of future production, then makes a further payment for each unit delivered under terms set by contract. Those payments may be fixed amounts or a share of the metal’s market price. Wheaton resells the metals, mainly to bullion banks.
Gold is its largest revenue source, followed by silver. Its agreements with Vale supply a substantial part of the business, notably gold from Brazil’s Salobo mine. A few financial institutions buy most of Wheaton’s metal sales, but it can redirect sales to other institutions.
Earnings depend on how much metal mine operators produce and deliver, and the prices Wheaton receives when it sells. Wheaton generally has no ownership or operational control over the mines, so it cannot decide whether they keep producing. Deliveries also depend on operators retaining the permits needed to develop and run their mines.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Wheaton’s results hinge on gold and silver prices and output from its contracted mines, including Antamina, where Glencore backs agreements that accounted for 10% of Wheaton’s 2025 revenue.
Franco-Nevada competes with Wheaton to fund miners in return for metal deliveries or a share of mine revenue, rather than running mines itself. Its new precious-metal financing deals show where Wheaton faces competition for future metal supply.
Royal Gold competes with Wheaton to fund miners in exchange for metal purchase rights or revenue shares, and both buy gold from Platreef. Watch Platreef gold deliveries: Wheaton’s entitlement steps down at thresholds partly determined by deliveries to both buyers.
Wheaton depends heavily on Vale, whose Salobo and Sudbury gold and Voisey’s Bay cobalt agreements generated 49% of Wheaton’s 2025 revenue. Vale receives payment for those deliveries, so output at these mines matters more to Wheaton than Vale’s much larger iron ore business.
Triple Flag competes with Wheaton to pay miners upfront in return for the right to buy part of their metal output or receive mine revenue shares. Its new financing agreements reveal which future metal supplies Wheaton’s rivals are securing.
OR Royalties competes with Wheaton to finance miners in exchange for precious-metal deliveries or payments tied to mine production and revenue. Its rights to participate in future royalty and metal-purchase financings make those new deals worth watching for competition facing Wheaton.
Newmont and Wheaton both sell precious metals, but Newmont also supplies Wheaton with 25% of Peñasquito’s silver production at a contracted price. Watch that mine’s silver output: the agreement accounted for 13% of Wheaton’s 2025 revenue.
Copper miner Hudbay supplies Wheaton with all payable silver and half the payable gold from Constancia in return for upfront funding and delivery payments. Constancia generated 10% of Wheaton’s 2025 revenue, while development of Copper World matters for future deliveries because its payable gold and silver are also committed to Wheaton.
BHP ties Wheaton more directly to Antamina’s silver output through a new US$4.3 billion agreement: BHP buys and delivers metal credits based on the mine’s production and receives 20% of spot silver prices at delivery. Watch Antamina production rather than BHP’s broader copper and iron ore sales, as the agreement has no minimum delivery requirement.
First Majestic shares Wheaton’s exposure to silver and gold prices and supplies it with 25% of San Dimas gold-equivalent production in return for contracted payments. Watch San Dimas’s gold and silver output, since the silver is converted into gold-equivalent deliveries using an agreed exchange ratio.
Pan American Silver and Wheaton respond to the same gold and silver prices: Pan American sells metals from mines it operates, while Wheaton sells metals bought under long-term mine agreements. Pan American’s gold and silver sales are the relevant comparison, rather than its zinc, lead and copper sales.
Agnico Eagle and Wheaton both have substantial exposure to gold prices: Agnico sells mined gold at spot prices, while Wheaton resells gold bought under mine agreements. Agnico’s gold sales offer a price-cycle comparison for Wheaton, whose 2025 revenue was 62% gold.
Barrick and Wheaton both sell gold, so gold prices affect both, but Barrick operates mines while Wheaton buys metal through contracts rather than bearing the same mining costs. Barrick’s gold business is the useful comparison for Wheaton, not its copper earnings.
Aris Mining supplies Wheaton with part of Marmato’s gold and silver in return for construction funding and payments on delivery, making the mine’s expansion relevant to Wheaton’s future volumes. Watch progress on Marmato’s Bulk Mining Zone: Aris reported it was about 45% complete on January 21, 2026, with completion scheduled for Q3 2026.
Silvercorp shares Wheaton’s exposure to silver and gold prices, and Wheaton is funding El Domo construction in return for part of its future gold and silver output. Watch El Domo’s construction progress: Silvercorp drew its first US$43.9 million under the agreement on November 6, 2025.
Allied Gold’s development of Kurmuk in Ethiopia matters to Wheaton’s future gold deliveries: Wheaton provided US$175 million for construction in return for a share of payable gold and pays 15% of spot gold prices on delivery. Watch Kurmuk’s development rather than production at Allied’s existing mines in Mali and Côte d’Ivoire.
B2Gold supplies Wheaton with a contracted share of Goose’s gold in return for upfront funding and ongoing purchase payments, so Goose’s ramp-up drives Wheaton’s deliveries from the mine. Watch Goose’s output and actual deliveries: B2Gold delivered 632 ounces under the agreement in 2025.
Sibanye-Stillwater supplies Wheaton with all Stillwater gold and a declining share of palladium in return for upfront funding and delivery payments, so mine shutdowns directly affect Wheaton’s supply. Watch Stillwater West: Sibanye announced in September 2024 that low palladium prices had led it to place those operations into care and maintenance.
Newmont Corporation earningsNEM
Newmont's report will show silver output at Peñasquito, the mine whose production supplies an important stream of silver to Wheaton.
Focus on Peñasquito's silver output, not Newmont's company-wide gold production. Steady or rising output would support silver deliveries to Wheaton; falling output would mean less mine supply behind an agreement that accounted for 13% of Wheaton's 2025 revenue.
Agnico Eagle Mines Ltd. earningsAEM
Agnico Eagle sells gold from its mines, so its report offers a gold-market comparison for Wheaton, whose revenue depends heavily on gold.
Read Agnico Eagle's gold sales alongside its realized gold price: price strength shows what the market is paying miners, while sales show whether mine output is keeping up. If both strengthen, Wheaton's main revenue metal has support from both price and supply; if prices weaken, rising sales alone would not remove pressure on Wheaton's selling-price environment.
VALE S.A. earningsVALE
Vale's report will show output from Salobo, Sudbury and Voisey's Bay, the mines behind Wheaton's largest source of revenue.
Focus on relevant metal output from Salobo, Sudbury and Voisey's Bay, not Vale's much larger iron ore business. Steady or rising output would support Wheaton's deliveries from these mines; falling output would put pressure on supply behind nearly half of Wheaton's revenue.
Triple Flag Precious Metals Corp. earningsTFPM
Triple Flag also funds miners in exchange for metal, and its report will show whether it is competing with Wheaton for future mine supply.
Watch for new precious-metal financing agreements, not just how much metal Triple Flag sells. More new agreements would show it securing more rights to future mine supply and competing more actively with Wheaton; fewer would mean less new competition is visible in its reported activity, not that Wheaton can necessarily win deals more easily.
Aris Mining Corporation earningsARIS
Aris Mining's report will update construction at Marmato's Bulk Mining Zone, which is tied to future gold and silver deliveries to Wheaton.
Compare construction progress with Aris Mining's previously scheduled Q3 2026 completion. Finishing on schedule would show Marmato's expansion moving toward future gold and silver deliveries to Wheaton, but would not mean deliveries have begun; unfinished work would leave that future supply dependent on construction progress.
Wheaton Precious Metals Corp. earningsThis company
Wheaton earns money by reselling gold and silver delivered from mines, and its report will show whether sales are being supported by more ounces or by a wider gap between selling prices and per-ounce costs.
Read gold and silver ounces sold alongside the realized price and cash cost per ounce. More ounces sold and a wider price-cost gap would show that both deliveries and cash margin per ounce are supporting revenue; if ounces fall while higher prices carry revenue, Wheaton is relying more on metal prices than on mine deliveries.
