Wheaton Precious Metals stock enters Q3 results with estimates reset
Published on 11/03/2026 at 14:08 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSForecasts Reset Before Q3 Results
- Edison expects Wheaton Precious Metals to release third-quarter results after the Toronto market close on November 5.
- Strong Salobo and Penasquito production may benefit sales with a delay because streaming deliveries can lag mine output.
- The report raises the FY27 EPS forecast while maintaining a more cautious view of FY26 metals prices and sales.
Wheaton Precious Metals stock enters the final stretch before its third-quarter report with updated analyst estimates and a mixed near-term operating picture. In a research note published Tuesday, November 3, Edison Investment Research said Wheaton will release results after the Toronto market close on Thursday, November 5.
Edison Investment Research lowered its fiscal 2026 earnings-per-share estimate by 5.3 percent but raised its fiscal 2027 estimate by 13.7 percent. The research firm said the revision reflects movements in precious-metals prices and production updates from assets including Salobo, Sudbury, Antamina, Penasquito, Blackwater and Hemlo.
Production Strength Meets Delivery Lags
Salobo was the most important operating development in Edison's preview. Vale reported 57,600 tonnes of copper production at the Brazilian mine in the third quarter, above the 52,400 tonnes recorded in the second quarter and Edison's earlier expectation of 50,000 tonnes. Edison estimates that Wheaton's attributable gold production from Salobo reached 79,926 ounces in the quarter, subject to a stated range of 3,840 ounces.
The analyst cautioned that stronger mine production may not translate immediately into Wheaton's reported sales. Streaming deliveries can lag production by as much as three months, and Edison expects Salobo's sales to remain closer to the first-quarter level of 58,675 ounces. The same timing issue applies to Penasquito, where Newmont reported 11 million ounces of silver production in the third quarter, with 25 percent attributable to Wheaton's stream.
Edison estimates that Wheaton's gold sales could trail production by 26.4 percent in the quarter, while silver sales could fall 20.4 percent below production. The report estimates produced-but-not-delivered gold at 124,815 ounces, equivalent to 3.6 months of forecast fiscal 2026 production, compared with Wheaton's target range of two to three months.
Pipeline Supports Longer-Term Growth
The outlook beyond the upcoming report remains tied to new streams and project expansions. Vale approved the Coarse Particle Flotation project at Salobo, which is expected to raise plant capacity by 50 percent and add approximately 15,000 ounces of annual gold production, with start-up planned for the first half of 2028.
Hudbay Minerals and Mitsubishi also approved construction and development of Copper World in Arizona after a positive definitive feasibility study. Edison incorporated the project into its model and extended its assumed operating life to fiscal 2066. Wheaton's longer-term production guidance targets 1.2 million gold-equivalent ounces by 2030, compared with the company's fiscal 2026 guidance range of 860,000 to 940,000 ounces.
Edison forecasts fiscal 2026 revenue of 3.4045 billion US dollars, compared with 2.3146 billion US dollars in fiscal 2025, and estimates operating cash flow of 2.694 billion US dollars for fiscal 2026. The report also estimates net debt of approximately 1.559 billion US dollars after the third quarter, although the timing of stream payments could change the outcome.
Stock Context Before The Report
Wheaton Precious Metals stock traded at 105.08 euros on Lang & Schwarz at 2:01 p.m. CET on Tuesday, November 3. The real-time quote of Wheaton Precious Metals stock is available separately. No Xetra comparison is included because a compatible dated Xetra close could not be established.
Wheaton Precious Metals stock at a glance
- Company: Wheaton Precious Metals Corp.
- ISIN: CA9628791027
- Ticker: WPM
- Primary exchange: Toronto Stock Exchange
- Lang & Schwarz quote: 105.08 euros at 2:01 p.m. CET on November 3, 2026
- Next report: Third-quarter 2026 results after the market close on November 5, 2026
The S&P/TSX Composite provides the broader Canadian market backdrop for the company's primary listing. Current market reports cover the wider market environment.
More news and analyses on Wheaton Precious Metals stock will follow as the company reports its quarterly figures and management discusses cash flow, leverage and the streaming pipeline.
