Wheaton Precious Metals stock faces forecast reset before Q3 results

Edison Investment Research has revised its outlook for Wheaton Precious Metals ahead of the company's third-quarter report. In its research note published on Tuesday, November 3, Edison cut its fiscal 2026 earnings-per-share forecast by 5.3 percent but raised its fiscal 2027 estimate by 13.7 percent.

Wheaton Precious Metals stock traded at 110.73 euros on Lang & Schwarz at 14:11 CET on Wednesday, November 4, 2026. Investors can follow the real-time quote of Wheaton Precious Metals stock.

Production strength meets sales timing

Edison said the estimate changes reflect movements in precious-metals prices and updated production information from Salobo, Sudbury, Voisey's Bay, Antamina, Penasquito, Neves-Corvo, Zinkgruvan, San Dimas, Blackwater and Hemlo. The research firm expects stronger mine output to support Wheaton's longer-term production profile, while cautioning that quarterly sales may not immediately reflect production gains.

At Salobo, Vale reported third-quarter copper production of 57,600 tonnes, compared with 52,400 tonnes in the second quarter and Edison's earlier estimate of 50,000 tonnes. Edison estimates that Wheaton's attributable gold production from Salobo reached 79,926 ounces in the quarter, with an uncertainty range of 3,840 ounces.

The streaming model creates a timing difference between mine production and Wheaton's deliveries. Edison expects Salobo sales to remain closer to the first-quarter level of 58,675 ounces because deliveries can lag production by up to three months. The analyst therefore estimates that gold sales could trail production by 26.4 percent in the quarter, while silver sales could fall 20.4 percent below production.

Longer-term pipeline gains ground

Edison also incorporated the approved Coarse Particle Flotation project at Salobo and the Copper World development into its model. The Salobo project is expected to expand plant capacity by 50 percent and add about 15,000 ounces of annual gold production, with start-up planned for the first half of 2028.

Wheaton's longer-term production guidance targets 1.2 million gold-equivalent ounces by 2030, compared with a fiscal 2026 guidance range of 860,000 to 940,000 ounces. Edison forecasts fiscal 2026 production of 899,000 gold-equivalent ounces and sales of 816,000 ounces, reflecting its view that production growth will not translate into sales immediately.

The research note estimates fiscal 2026 revenue of 3.4045 billion US dollars and operating cash flow of 2.694 billion US dollars. These are analyst forecasts rather than company-reported results, and the upcoming quarterly release will show how much of the mine production and metal-price backdrop reached revenue and cash flow.

Results become the next catalyst

Wheaton said in an October 6 release that it will publish third-quarter results after market close on Thursday, November 5. The company scheduled a conference call for Friday, November 6, at 11:00 a.m. Eastern Time, or 9:00 a.m. Pacific Time. Investors will be watching production-to-sales conversion, cash flow, leverage and updates to the streaming pipeline.

Wheaton Precious Metals key facts

• Company: Wheaton Precious Metals Corp.
• ISIN: CA9628791027
• Ticker: WPM
• Primary exchange: TSX
• Lang & Schwarz quote: 110.73 euros on Wednesday, November 4, 2026, at 14:11 CET
• Next report: Third-quarter 2026 results after the Toronto market close on Thursday, November 5, 2026

Canada's broader equity market remains an important backdrop for resource shares, with investors also tracking the S&P/TSX Composite.

For more company developments, see more news and analyses on Wheaton Precious Metals stock.