Wheaton Precious Metals: After a Sharp 3-Month Rally, Can the Growth Momentum Last?

Wheaton Precious Metals has surged over 11% in the past three months, outpacing many Goldmine peers and catching the eye of investors. What's fueling this run, and is there more gold in the pipeline?

Wheaton Precious Metals has undeniably been on a tear. Over the last three months, the share price has gained approximately 11%, closing recently near multi-year highs. Investors have witnessed a noticeable rally, especially from late October through November, where the stock jumped roughly 13%. The upward momentum makes one wonder – is this just a breather in a much larger rally for the Goldmine streaming powerhouse?

Some of the most striking moves came immediately after major corporate announcements. On November 7, Wheaton Precious Metals reported record third-quarter earnings along with a bullish cash flow statement, propelling shares upwards and landing firmly in analysts’ spotlight. The company's acquisition activity – notably the closure of its $300 million gold stream financing deal for the Hemlo mine in late November – further fueled the rally, signaling aggressive positioning in the sector. For fans of gold and streaming models, these steps have only strengthened the bullish narrative around the Corporation’s shares.

The past month has also seen shares respond favorably to a series of upbeat analyst moves. On November 10, Veritas Investment upgraded Wheaton Precious Metals to 'buy' and set a high target, quickly followed by Berenberg nudging its projection upward. Even larger, sector-wide shifts – like strengthening gold prices and growing investor caution in broader equity markets – have played into Wheaton’s hands. These trends have led Wheaton to outperform several of its Goldmine and streaming peers, carving out a performance edge that few in the sector can claim right now.

That said, it wasn't all smooth sailing. The broader Toronto Stock Exchange posted declines in early November, corresponding to brief pullbacks in Wheaton’s price. However, these corrections were short-lived as the company’s strong fundamentals and major Goldmine deals reassured the market. Sector watchers took this as another sign of resilience in the Wheaton Precious Metals business model.

Digging into the news flow, the last few weeks have been especially eventful:

On November 27, the company completed its much-anticipated $300 million Gold Stream on the Hemlo mine, solidifying a fresh source of future revenue. This deal, as reported by nearly all financial portals, gives Wheaton access to a percentage of Hemlo’s future gold production, further diversifying its streaming portfolio. The timing of this transaction, just as sector-wide optimism was gaining steam, added further impetus to the share price.

Earlier in November, Wheaton Precious Metals declared a new quarterly dividend alongside its Q3 results – a move interpreted as a confident signal to shareholders. The record revenue and earnings announced for the first nine months of 2025, including robust cash flow, provided additional comfort, with several analysts lifting their forecasts in response. On November 10, the Veritas upgrade and subsequent upgrades highlighted renewed institutional confidence.

Taken together, the news cycle over the past 14 days has had a clearly positive tilt. The market's reaction to both operational news (like the Hemlo stream) and financial updates indicates a growing consensus that Wheaton Precious Metals is entering a new chapter of growth. The quick digestion of its $300 million deal suggests that capital markets are comfortable with management’s strategy, at least for now.

Stepping back for the longer view: Wheaton Precious Metals’ unique streaming and royalty model sets it apart from traditional Goldmine operators. By partnering with a global roster of mining companies, it secures future streams of gold, silver, and other precious metals at pre-agreed prices, limiting exposure to operating costs and giving investors leveraged upside to commodity prices. The company’s portfolio encompasses over 35 streaming agreements and additional royalty pacts, with interests spanning key projects like Salobo, Antamina, Kone, and the latest – Hemlo.

Historically, Wheaton’s ability to deploy capital in accretive deals, while maintaining a lean operation, has been its hallmark. Strategic expansions, like the recent move into Hemlo, reinforce its core growth thesis: scale diversification and disciplined capital allocation. It’s worth noting, however, that the company’s fortunes remain partly tied to broader commodity price swings, competition for future streams, and the regulatory climate in its global markets. As the corporation continues to expand its pipeline, these risks remain top-of-mind for shareholders.

The current quarter’s developments fit neatly into Wheaton’s long-term narrative: an asset-light Corporation with a track record of finding and monetizing new streams, underpinned by robust financials and a steady dividend. While the shares look fully valued on traditional metrics (the P/E ratio is above many peers), renewed growth and deal-making could drive further re-rating if execution remains strong.

In summary, Wheaton Precious Metals is at an intriguing crossroads. The last three months saw the shares post an enviable double-digit gain, bolstered by record quarterly results, aggressive Goldmine deals, and positive analyst coverage. While sector risks and valuation remain, the current pipeline and management’s focus on disciplined growth offer plenty of reasons to watch closely. For investors seeking exposure to the precious metals space through a differentiated, streaming-first model, it’s a Corporation worth keeping on the radar.