Wheaton Precious Metals Corp. (WPM): Business Model Canvas [Dec-2025 Updated]

You're looking to understand how Wheaton Precious Metals Corp. (WPM) generates massive returns in the commodities world without the headache of running mines, and frankly, their streaming model is a financial blueprint you should study. Honestly, it's a masterclass in de-risked leverage: they provide upfront capital to miners in exchange for a fixed, low per-ounce cost on future production, which is why their Q3 2025 Gross Profit Margin soared to 70.18% while they sat on $1.2 billion in cash. If you want to see the full nine-block strategy-from their key partnerships with major producers to how they keep their average cash cost near just $480 per GEO-the detailed Business Model Canvas below lays out exactly how they engineered this high-margin, low-operational-risk machine.

Wheaton Precious Metals Corp. (WPM) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that fuel Wheaton Precious Metals Corp.'s asset-light model. These partnerships are where the capital goes out and the metal comes back, so the quality of the counterparty is everything.

Wheaton Precious Metals Corp. maintains a portfolio of streaming and royalty agreements covering 23 operating mines and 24 development and other projects as of September 30, 2025. The company explicitly states it attracts a diverse range of partners, from major multinationals to single-asset developers needing non-dilutive, upfront capital.

The financial backing for these accretive acquisitions comes from a strong liquidity position, which includes a fully undrawn $2 billion revolving credit facility. This facility had its maturity date extended to June 30, 2030, and an incremental $500 million accordion feature was added, expanding total capacity. As of September 30, 2025, Wheaton had $1.2 billion in cash on hand, with the entire $2 billion facility and the $500 million accordion remaining available.

The recent addition of the Hemlo Mining Corp. gold stream is a prime example of this partnership structure in action. Wheaton provided $300 million in upfront cash consideration for the stream, which had an effective date of October 31, 2025. Wheaton also participated in $30 million of Hemlo Mining Corp.'s concurrent equity financing. This deal adds 0.19 million ounces of proven and probable gold reserves to Wheaton Precious Metals Corp.'s portfolio.

Wheaton Precious Metals Corp. also deepens relationships with developers. For instance, the partnership with Waterton Gold Corp. for the Spring Valley Project in Nevada involves a gold stream where Wheaton will purchase 8% of payable gold until 300,000 ounces are delivered, stepping down to 6% thereafter for the life of the mine. This project is forecast to achieve first gold production in the first half of 2028.

ESG due diligence is integral, as Wheaton collaborates with mining partners on sustainability initiatives, even though it does not manage operations directly. The company's commitment is reflected in external recognition and internal screening:

• Wheaton Precious Metals Corp. was named to Corporate Knights' 2025 Global 100 Most Sustainable Corporations list.
• The Future of Mining Challenge offers a $1,000,000 award for cleantech solutions.
• 100% of new streaming agreements in 2024 were screened for ESG issues and risks.
• Since inception, over $45 million has been contributed to local charities and mining communities.

Here's a quick look at the financial structure of the Hemlo stream, which shows the tiered commitment:

The partners providing capital for development, like Hemlo Mining Corp., get the liquidity needed to advance operations, while Wheaton Precious Metals Corp. secures immediate production and cash flow. This is a defintely symbiotic relationship.

Finance: draft Q4 2025 liquidity forecast incorporating the Hemlo closing by next Tuesday.

Wheaton Precious Metals Corp. (WPM) - Canvas Business Model: Key Activities

You're looking at the core engine of Wheaton Precious Metals Corp. (WPM) as of late 2025, which is all about securing and managing the flow of metal from the ground to the market. It's a capital-intensive activity that relies on locking in favorable terms years before the metal is actually sold.

Sourcing and executing new precious metals streaming and royalty agreements

The activity here is finding and funding the next wave of production. Wheaton Precious Metals Corp. is actively deploying capital to secure these rights. A key recent example is the execution of a gold stream agreement supporting the acquisition of the Hemlo Mine.

The terms of this latest deal involved Wheaton closing a US$300 million Gold Stream agreement with Hemlo Mining Corp.. This transaction immediately added 0.19 million ounces of gold to Wheaton Precious Metals Corp.'s proven and probable reserves. Wheaton Precious Metals Corp. looks at 60 to 70 opportunities a year, aiming to secure one or two of the best.

Strategic capital deployment for accretive acquisitions and mine expansions

This is where the cash on hand gets put to work to secure future revenue. Wheaton Precious Metals Corp. maintains a strong balance sheet to fund these moves without taking on debt for the initial payments.

As of September 30, 2025, the balance sheet held $1.2 billion in cash, with no debt and an undrawn $2 billion revolving credit facility plus a $500 million accordion. In the third quarter of 2025 alone, Wheaton Precious Metals Corp. made total upfront cash payments of $250 million related to mineral stream interests, including $156 million for Koné, $50 million for Fenix, and $44 million for Kurmuk. More broadly, recent streaming deals, including Hemlo and Spring Valley, totaled over $1 billion in upfront payments.

Active portfolio management of 23 operating mines and 24 development projects

Managing the existing asset base is crucial for hitting production targets and ensuring the model works as planned. This involves tracking progress across operational mines and construction-stage projects.

As of late 2025, Wheaton Precious Metals Corp.'s high-quality portfolio included streaming and royalty agreements on 23 operating mines and 24 development projects globally. The company is focused on assets where over 80% of current production comes from high-margin mines operating in the lowest half of their respective cost curves.

Here's a look at the production profile and portfolio status:

Wheaton Precious Metals Corp. advanced its near-term growth strategy with key milestones, including the production ramp-up at Blackwater and the first gold pour at Goose. Furthermore, construction continued across six development projects scheduled to come online over the next 24 months.

Selling delivered precious metals (gold, silver, palladium, cobalt) at spot prices

The actual revenue generation comes from selling the physical metals delivered under the agreements. The leverage in the model is evident when realized prices rise faster than the fixed payment component.

For the third quarter of 2025, Wheaton Precious Metals Corp. saw a 12.5% year-over-year increase in gold equivalent ounces sold to 137,563 GEOs. This volume growth, combined with higher metal prices, drove Q3 2025 revenue to $476 million. The average realized gold equivalent price for Q3 2025 was up 37% year-over-year. Specific Q3 2025 attributable production included 604,000 pounds of cobalt from Voisey's Bay, and output from Stillwater included 2,700 ounces of attributable palladium.

Financial risk management and hedging to protect margins

Managing the margin is central to the streaming model, especially when commodity prices fluctuate. Wheaton Precious Metals Corp. benefits from fixed per-ounce production payments which act as a natural hedge.

The effectiveness of this structure was clear in Q3 2025, where the cash operating margin reached $2,930 per GEO sold, marking a 41% increase compared to the third quarter of 2024. This margin growth outpaced the appreciation in gold prices over the same period. The fixed-cost structure is significant: 76% of revenue during the third quarter came from streams with these fixed per-ounce production payments.

The company's financial health supports this activity:

• Record net earnings for the first nine months of 2025: $367 million.
• Operating cash flow for the first nine months of 2025: $1,158,705 thousand (or approximately $1.16 billion).
• Quarterly dividend declared in Q3 2025: $0.165 per common share.

Finance: draft 13-week cash view by Friday.

Wheaton Precious Metals Corp. (WPM) - Canvas Business Model: Key Resources

You're looking at the core assets that power Wheaton Precious Metals Corp.'s (WPM) business, the things they own or control that let them generate that levered cash flow. Honestly, for a streaming company, the resources are less about physical mines and more about the contractual rights and the financial muscle to secure the next big deal.

The foundation of Wheaton Precious Metals Corp.'s strength is its portfolio of long-life, low-cost streaming and royalty contracts. This isn't just a list of agreements; it's a carefully curated set of rights that give them a slice of production from some of the world's best assets, often with very low associated operating costs. As of late 2025, a significant portion of their expected output comes from low-cost sources.

Here's a quick look at the scale of that contract base as of the third quarter of 2025:

Next up, you need serious financial backing to structure and fund these deals, and Wheaton Precious Metals Corp. definitely has that. Their balance sheet as of September 30, 2025, is rock solid. They carry no debt, which is a massive differentiator in this sector. They had a cash balance of approximately $1.2 billion on hand at that date. Plus, they maintain significant optionality with an undrawn revolving credit facility of $2.5 billion. This liquidity means they can move fast when a good opportunity, like the announced gold stream on the Hemlo Mine, pops up.

The people running the show are definitely a key resource, specializing in structuring complex transactions. While I can't give you a specific number for 'deal structuring expertise,' you can see their success reflected in their growth pipeline and execution. Their ability to secure accretive deals translates directly into future production growth. For instance, their execution has positioned them to meet their 2025 guidance and project significant future output:

• Attributable production guidance for 2025 is set between 600,000 to 670,000 GEOs (Gold Equivalent Ounces).
• Annual production is forecast to increase by approximately 40% to 870,000 GEOs by 2029.
• Average annual production is forecast to grow to over 950,000 GEOs in the years 2030 to 2034.

Finally, the technical expertise for due diligence on global mining assets is crucial for vetting the underlying mines. This expertise ensures that the contracts they sign are tied to assets with strong geological potential and responsible stewardship. The Q3 2025 results showed strong performance from key assets like Salobo and Antamina, which validates their selection process. The company reported attributable production of 173,400 GEOs in the third quarter of 2025 alone, a 22% increase year-over-year, showing the quality of the assets they've already secured. Finance: draft 13-week cash view by Friday.

Wheaton Precious Metals Corp. (WPM) - Canvas Business Model: Value Propositions

You're looking at how Wheaton Precious Metals Corp. delivers unique value compared to a traditional miner. It's all about the structure of their streaming and royalty agreements, which fundamentally changes their risk and reward profile.

Non-dilutive financing for mining partners' capital needs (e.g., mine build-outs)

Wheaton Precious Metals Corp. provides upfront cash to mining partners to fund development, expansions, or even initial build-outs. This capital is non-dilutive to the partner's equity, which is a huge draw. For example, during the second quarter of 2025, the company made total upfront cash payments of approximately $347.9 million into new and expanded streaming deals, helping advance projects like Koné, Salobo III expansion, Kurmuk, and Cangrejos. This capital deployment directly enables partner production growth.

High cash operating margins for shareholders (Q2 2025 Gross Profit Margin of 70.18%)

The streaming model inherently drives high margins because Wheaton's cost of sales is fixed and low, regardless of the commodity price. While you mentioned a 70.18% Gross Profit Margin, the Q2 2025 results showed a Gross Margin of $353.0 million on revenue of $503.2 million, which is approximately 70.15%. Furthermore, the nine months ended September 30, 2025, saw record net earnings of $367 million in Q3 alone, demonstrating powerful profitability leverage. This translates directly to shareholder returns.

Here's a look at the cost structure supporting that margin:

Reduced operational and capital expenditure risk compared to traditional miners

You don't have to worry about labor disputes, unexpected geological setbacks, or massive cost overruns at the mine site. Wheaton Precious Metals Corp. sits downstream, collecting metal once it's produced. This low-risk posture is reflected in the balance sheet strength as of September 30, 2025. The company held a cash balance of $1.2 billion and maintained no debt, supported by an undrawn $2 billion revolving credit facility. That's a fortress balance sheet.

Clean leverage to commodity prices with fixed, low per-ounce costs

This is the core of the value proposition. Wheaton Precious Metals Corp. gets pure upside exposure to rising metal prices because its primary cost component-the streaming payment-is fixed or very low relative to the market price. The average cash cost for the nine months ended September 30, 2025, was $480 per Gold Equivalent Ounce (GEO). This fixed cost structure means margin growth outpaces metal price appreciation, which is exactly what the business model is designed to do.

Exposure to a diversified portfolio of mines in low-risk jurisdictions

You aren't betting on one mine or one country's political stability. Wheaton Precious Metals Corp. spreads its risk across a wide array of assets. As of the third quarter of 2025, the portfolio included streaming and royalty agreements on:

• 23 operating mines.
• 24 development and other projects.

While some assets operate in jurisdictions that require active management-like the social unrest noted at the Constancia mine in Peru during Q3 2025-the overall portfolio strategy emphasizes high-quality, long-life assets, many situated in stable mining regions, which helps de-risk the overall production profile.

Finance: draft the Q4 2025 cash flow forecast incorporating the Hemlo stream by next Wednesday.

Wheaton Precious Metals Corp. (WPM) - Canvas Business Model: Customer Relationships

You're looking at how Wheaton Precious Metals Corp. (WPM) manages its relationships with the miners it partners with, which is the core of its entire business. Honestly, these aren't transactional; they are deep, strategic alliances. The relationship is built on providing essential, non-dilutive capital in exchange for a long-term metal flow.

Long-term, strategic relationships with mining partners, often lasting decades

Wheaton Precious Metals Corp. structures its agreements to align interests over the very long haul. This isn't about a quick flip; it's about multi-decade partnerships. The portfolio itself reflects this longevity, consisting of 29 high-quality streaming and early deposit agreements as of late 2025. The underlying assets are key to this long-term view.

Here's a look at the structural lifespan of the assets underpinning these relationships:

• Proven and probable reserve mine life across the portfolio is 27 years.
• The newly closed Hemlo Gold Stream is forecast for a 14-year mine life.
• The company focuses on assets that sit in the lowest half of the cost curve, which helps ensure the partner remains incentivized to operate through commodity cycles.

High-touch, consultative approach for structuring complex financing deals

When Wheaton Precious Metals Corp. deploys capital, it's often a bespoke, consultative process. They don't just write a check; they structure a comprehensive financing package. This high-touch approach allows them to secure superior returns, often targeting an internal rate of return (IRR) of 17% across acquisitions over the last 21 years.

The recent Hemlo Mine acquisition financing is a perfect example of this complexity. Wheaton Precious Metals Corp. acted as a cornerstone financier:

This consultative role is supported by a strong balance sheet, giving them flexibility. As of September 30, 2025, Wheaton Precious Metals Corp. held approximately $1.2 billion in cash, with an undrawn $2 billion revolving credit facility. Since its inception, the company has committed approximately $12.5 billion to fund projects, with about $10.5 billion actually deployed.

Transparent, consistent communication with the global investment community

The relationship with the investment community is maintained through clear, regular reporting that ties operational performance directly to financial results. You see this in their recent record performance. For the first nine months of 2025, Wheaton Precious Metals Corp. reported record revenue, earnings, and operating cash flow.

Key financial metrics shared with investors as of late 2025 include:

• Trailing Twelve Month (TTM) Revenue ending September 30, 2025: $1.83 billion.
• Year-over-year revenue growth for the TTM period: 50.33%.
• Q3 2025 Revenue: $476.26 million.
• Q3 2025 Production: 173,000 Gold Equivalent Ounces (GEOs).
• 2025 Production Guidance reaffirmed: 600,000 to 670,000 GEOs.

This transparency helps investors model the value derived from the fixed-cost streaming structure, which delivered a cash operating margin of approximately $2,717 per GEO sold in Q2 2025.

Investor relations focused on dividend stability and growth visibility

A critical part of the relationship with shareholders is demonstrating a commitment to returning capital, which is heavily emphasized in investor communications. The dividend policy is a cornerstone of this visibility.

Here are the hard numbers supporting the dividend story:

• The last declared quarterly dividend (as of early December 2025) was 0.23 CAD per share.
• The annualized dividend payout (TTM) as of December 3, 2025, was $0.66.
• The forward dividend yield as of December 2, 2025, stood at 0.61%.
• The 3-year dividend growth rate (DGR3) is 18.34%.
• The dividend safety rating is A+, supported by a low payout ratio of approximately 21%.

Management provides clear visibility on future growth to support this dividend. They expect annual production to increase by approximately 40% to over 870,000 GEOs by 2029. This growth is projected to add close to 250,000 additional ounces per year through 2029. Finance: draft 13-week cash view by Friday.

Wheaton Precious Metals Corp. (WPM) - Canvas Business Model: Channels

You're looking at how Wheaton Precious Metals Corp. (WPM) gets its product-the physical metal-from the mine site into the market and how investors access the company itself. This is all about logistics and market presence, which is crucial for a streaming company that doesn't operate the mines.

The primary physical channel involves receiving the precious metals directly from its mining partners' sites, as per the streaming agreements. This is the start of the physical chain. From there, the metal moves to global metal refiners and bullion banks for sale. This off-take process is how Wheaton converts its contractual right to metal into realized revenue. For instance, in Q3 2025, Wheaton Precious Metals sold 137,563 GEOs (Gold Equivalent Ounces). The revenue generated from these sales is heavily leveraged to metal prices, with 85% of Q2 2025 revenue coming from fixed per-ounce production payments.

The company maintains a significant portfolio supporting this channel, holding streaming and royalty agreements on 18 operating mines and 28 development projects as of late 2025. This physical flow underpins the financial results, such as the Q3 2025 revenue of $476.26 million.

For investor access, Wheaton Precious Metals Corp. uses established public stock exchanges. You can find the stock trading on the NYSE, TSX, and LSE under the ticker WPM. As of November 26, 2025, the stock traded at $108.09 on the NYSE and C$149.57 on the TSE. The stock has seen significant investor interest, rising 86% year-to-date in 2025. The company's shares outstanding were reported around 449,458,394 in mid-November 2025.

Investor information is disseminated through the corporate website, wheatonpm.com, and official financial filings. The November 2025 Corporate Presentation, for example, was made available on November 7, 2025. Institutional investors hold a substantial portion of the company, representing 73.94% of the shares outstanding as of November 2025 data.

Here's a snapshot of the operational scale driving these channels:

The physical delivery and sales mechanism is designed for high leverage. The company's strategy relies on these physical assets being low-cost producers, with 83% of current production coming from assets in the lowest half of their respective cost curves. This low-cost structure, combined with the fixed nature of the streaming payments, means that as metal prices rise-like gold reaching new highs in 2025-the margins expand significantly.

The company uses its strong balance sheet, which included over $1 billion in cash at the end of Q2 2025, plus a $2 billion undrawn revolving credit facility, to fund its upfront cash payments for new streams, such as the recent payments for Kone and Slovo streams.

The investor-facing channels provide transparency on this physical and financial performance:

• NYSE, TSX, LSE listings for equity trading access.
• Corporate website hosting filings like the November 7, 2025, Corporate Presentation.
• Reported Q3 2025 Adjusted EPS of $0.62.
• Progressive dividend policy supported by strong cash flow.

The stock's trading channel for December 2025 was forecasted between $107.53 and $117.70. Finance: confirm the final Q3 2025 realized metal price per ounce for gold and silver by next Tuesday.

Wheaton Precious Metals Corp. (WPM) - Canvas Business Model: Customer Segments

Senior and mid-tier mining companies needing project financing

Single-asset developers requiring capital to bring new mines into production

Institutional investors (pension funds, ETFs) seeking precious metals exposure

Retail investors looking for a lower-risk, high-margin gold/silver play

• Market Capitalization (As of November 6, 2025) $43.8B
• Stock Price (As of November 6, 2025) $96.42
• Shares Outstanding (As of November 6, 2025) 454M
• Average Brokerage Recommendation (Based on 14 firms) 2.2
• Analyst Price Target Range (13 analysts, one-year) Low estimate $102.55
• Analyst Price Target Range (13 analysts, one-year) High estimate $185.00
• Analyst Price Target Range (13 analysts, one-year) Average estimate $133.62
• Trailing Twelve-Month Revenue (Ending September 30, 2025) $1.83B
• Net Income (TTM, ending September 30, 2025) $1,001,618 thousand USD
• Quarterly Dividend Declared (Q3 2025) $0.165 per common share
• Quarterly Dividend Payment (Q3 2025) $75 million

Wheaton Precious Metals Corp. (WPM) - Canvas Business Model: Cost Structure

You're looking at the cost side of Wheaton Precious Metals Corp. (WPM) as of late 2025, and honestly, the structure is what makes this model stand out from traditional miners. The costs are primarily tied to the acquisition of the metal itself, not the messy, capital-intensive business of digging it out of the ground.

Low, Fixed Per-Ounce Production Payments

The core cost driver is the fixed payment Wheaton makes to its mining partners for the actual metal delivered. This is the leverage point. For the first nine months of 2025 (9M 2025), the average cash cost was reported at $480 per GEO (Gold Equivalent Ounce). To give you some context on how low that is, the cost for the comparable period in the previous year was $436 per GEO. You can see the margin expansion happening right there. For the second quarter of 2025 (Q2 2025), the unit cash costs were capped at $470 per ounce.

This fixed-cost nature means that as metal prices rise, the cost component of revenue shrinks dramatically as a percentage of the selling price. Here's a quick look at the cost component relative to revenue metrics reported for Q3 2025:

What this estimate hides is that these costs are entirely dependent on the performance and operational success of the counterparties; Wheaton doesn't control the strip ratio or labor disputes.

Minimal General and Administrative (G&A) Overhead

Because Wheaton Precious Metals Corp. does not operate the mines, its overhead structure is lean. You won't see the massive operational expenditure line items that a traditional miner carries. For the twelve months ending September 30, 2025, total operating expenses were $0.668B. Looking at a single quarter, the operating expenses for the fiscal quarter ending September 2025 were $160.75M.

Even with growth, the overhead remains relatively low compared to revenue. For instance, in Q2 2025, specific operating expenses noted included share-based compensation at $10.0 million and donations at $2.4 million. The non-operational model keeps the fixed cost base low, which is key to the high margins.

Upfront Capital Payments for New Streaming Agreements

A significant, but infrequent, cash outlay is the upfront capital payment made to secure a new streaming agreement. This is an investment, not an operating cost. The deal to support Carcetti's acquisition of the Hemlo Mine finalized recently, involving an upfront funding commitment from Wheaton of US$300 million. This was part of an original commitment of up to US$400 million.

The deployment of capital for growth was active through the first three quarters of 2025:

• Total upfront cash payments in Q3 2025 were $250 million, covering Koné ($156 million), Fenix ($50 million), and Kurmuk ($44 million).
• Total upfront cash payments in Q2 2025 were $347 million for Koné, Salobo III expansion, Kurmuk, and Cangrejos.
• Subsequent to Q2 2025, an additional $206 million was paid for Koné and Fenix streams.

These large, lumpy payments are funded from cash on hand or the credit facility, not from ongoing operating cash flow, which is a crucial distinction in the cost structure.

Interest Expense on the Revolving Credit Facility

As of September 30, 2025, Wheaton Precious Metals Corp. reported a balance sheet with no debt. This is a major cost avoidance. The company maintained a cash balance of $1.2 billion and an undrawn $2 billion revolving credit facility with an accordion feature of $500 million. When debt is zero, interest expense is negligible or non-existent from borrowings. To show the minimal impact when debt was present or when cash earns interest, for the trailing twelve months ending Q1 2025, the TTM net interest income was only about $22 million against $254 million in pre-tax income. The policy is to redeploy free cash or return it to shareholders rather than raise leverage, keeping this cost component minimal.

Corporate Social Responsibility and Sustainability Program Funding

While not a direct cost of metal production, funding for Environmental, Social, and Governance (ESG) initiatives is a planned corporate cost. For the 2025/26 Future of Mining Challenge, Wheaton Precious Metals Corp. committed to awarding US $1 million to a cleantech venture focused on sustainable water management.

Other related expenditures include:

• Donations in Q2 2025 totaled $2.4 million.
• Total contributions to community investment programs in 2024 were $8.5M.

Finance: draft 13-week cash view by Friday.

Wheaton Precious Metals Corp. (WPM) - Canvas Business Model: Revenue Streams

You're looking at the core of how Wheaton Precious Metals Corp. makes money, which is fundamentally different from a miner. Their revenue streams are built on securing the right to a percentage of metal production from operating mines or development projects, effectively acting as a financier with a metal-offtake agreement.

The primary source is the sale of gold, silver, and other metals at prevailing spot prices when the metal is delivered to them under their agreements. This structure means their revenue is highly sensitive to commodity markets. For the third quarter of 2025, Wheaton Precious Metals Corp. reported a record quarterly revenue of $476 million from these metal sales.

Looking at the longer-term picture, the trailing twelve-month revenue ending September 30, 2025, stood at approximately $1.83 billion. This top-line performance demonstrates the scale achieved through their portfolio of streaming and royalty agreements on 23 operating mines and 24 development and other projects as of late 2025.

Here's a quick look at the key revenue and cash flow metrics from the Q3 2025 period:

The business model is designed to be highly leveraged to commodity price increases because the per-ounce payment Wheaton makes to the mine operator is generally fixed or escalates slowly, while the realized sale price is the current spot price. This creates an expanding margin when metal prices rise. For instance, in Q3 2025, the cash operating margin was $2,930 per GEO sold, an increase of 41% compared to Q3 2024, directly resulting from higher realized prices.

The leverage effect is clear when you see what percentage of revenue is generated from these fixed-cost streams:

• Operating streams accounted for 76% of revenue during the Q3 2025 quarter.
• Revenue growth in the nine months ending September 30, 2025, was driven by a 35% increase in the average realized gold equivalent price.
• In Q3 2025, a 37% year-over-year rise in average realized gold-equivalent price contributed significantly to revenue growth.
• Gold represented 58% of revenue in Q3 2025.

Finally, a portion of the cash flow generated is returned to investors through dividends. Wheaton Precious Metals declared a quarterly dividend of $0.165 per common share for Q3 2025, which resulted in a total quarterly dividend payment of $75 million. This dividend represented a 6.5% increase from the third quarterly dividend declared in 2024.