Wheaton Precious Metals - Making more in a quarter than it used to in a year

WPM's Q425/FY25 are being released on Thursday 12 March, after the bell in Canada. From the sales and production data released to the market on 16 February, we have updated and upgraded our full-year EPS forecasts for Wheaton to the top of the range of the analysts' estimates, driven (mostly) by an exceptional copper production outcome at Salobo (see Exhibits 3 and 4). Given higher metals prices as well as WPM's Antamina stream acquisition from BHP, we have also upgraded our FY26 EPS forecast from US$1.55 (officially) and US$3.70 (if prices in December 2025 prevailed into FY26) to US$5.97. Note that, at this rate of earnings, Wheaton is making as much in a quarter as it made as recently as FY24 in a year.

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