Wheaton Precious Metals Corp

Wheaton Precious Metals Corp. is a precious metals and cobalt streaming company listed on the NYSE, TSX, and LSE under the symbol WPM. The company generates revenue primarily from the sale of gold, silver, palladium, platinum, and cobalt acquired through long-term precious metals purchase agreements (PMPAs) with mining companies. Under these agreements, Wheaton pays an initial upfront deposit plus ongoing per-unit payments—typically well below spot prices—in exchange for a percentage of metal production from operating and development-stage mines. As of March 31, 2026, the company holds 43 long-term agreements with 35 different mining counterparties related to 22 operating mines, 24 development-stage projects, and 2 care-and-maintenance/closed assets across 18 countries. Major streaming partners include Vale (Salobo, Sudbury, Voisey's Bay), Newmont (Peñasquito), Glencore and BHP (Antamina), Hudbay (Constancia, Copper World), First Majestic (San Dimas), Sibanye-Stillwater (Stillwater), and Artemis Gold (Blackwater). The streaming model provides Wheaton with commodity price leverage and exploration upside while carrying lower operational risk than traditional mining, as the company does not operate mines directly. The business generates among the highest cash operating margins in the mining industry. Updated Jul 6, 2026