Wheaton Precious Metals: Can Gold Stream Power Sustain the Shares’ Momentum?

Wheaton Precious Metals has delivered a robust 9% gain over the past three months, propelled by major deals and strong sector dynamics. What’s behind the goldmine giant’s recent surge—and is more upside ahead?

Wheaton Precious Metals has caught investors’ eye with an impressive rise of roughly 9% in its share price over the past three months. After a volatile autumn, marked by sector-wide fluctuations, Wheaton Precious Metals recovered from minor dips to reach new highs near mid-December. The question on many portfolios: is this just a pause in a much bigger rally—or the beginning of a new chapter for this unique Corporation?

Zooming in, Wheaton Precious Metals shares have seen a steady climb since September, marked by bursts of interest aligning with positive commodity news and analyst upgrades. From late November, after minor consolidation, the stock rallied hard—up more than 10% in just one month—benefiting from sector optimism and bullish moves in gold and silver prices. On December 10, the pace quickened as a major RBC Capital Markets upgrade catapulted the shares, with a new target price of US$130 (up from US$115), sending trading volumes and sentiment sharply higher. Within days, Wheaton Precious Metals reached a new local high near 163.8 CAD, according to Marketscreener data.

Importantly, the shares’ activity is closely entwined with sector moves: gold hovered near yearly highs, and goldmine operators across North America saw renewed inflows as investors sought safe-haven assets amid global uncertainty. However, not every day was smooth—short bouts of profit-taking in early December sent the stock briefly lower (down nearly 3% at one point), but each dip was quickly bought up, underlining the strong underlying conviction in Wheaton Precious Metals’ business model.

The news cycle over the past fortnight was packed. On December 10, Wheaton Precious Metals was upgraded to "outperform" by RBC, triggering a wave of positive market reaction. Analysts cited both improved sector trends and specific strengths—a point echoed by other recent coverage. A day later, the buzz intensified as the company became a focus name on JPMorgan’s overweight list, reflecting a sharpened institutional appetite for exposure to leading gold assets.

Late November brought more structural news: Wheaton Precious Metals completed a $300 million gold stream financing, supporting the acquisition of the Hemlo mine. This marks a strategic expansion of its streaming portfolio, enabling the Corporation to lock in access to high-quality gold production with limited operational risk. This deal, alongside Wheaton Precious Metals’ steady quarterly dividend declared in early November, painted a picture of a company intent on both growth and attractive capital returns.

Meanwhile, the release of the Q3 figures in early November brought record revenue, earnings, and robust cash flow for the first nine months of 2025. Markets reacted warmly to Wheaton Precious Metals’ announcement, even though management’s tone around forward guidance was measured—echoing the cautious but constructive mood prevailing among many gold-related shares. Notably, consensus analyst estimates remain solid, with targets on average well above current trading levels.

So, what exactly sets Wheaton Precious Metals apart? At its core, this is not a traditional goldmine operator. Instead, Wheaton Precious Metals is a streaming company—it forms strategic partnerships with miners, providing upfront capital in exchange for rights to future production of gold, silver, and other precious metals at fixed, favorable pricing. This model gives the Corporation exposure to precious metals upside while avoiding the operational complexities and risks typical of mining itself. With approximately 35 streaming agreements and interests in several of the world’s premier development and operating mines (including Hemlo, Salobo, and Blackwater), the company’s reach is global but anchored in North and South America. Secondary interests in palladium, platinum, and cobalt add diversification, though gold remains the dominant theme.

Founded in Canada, Wheaton Precious Metals has rapidly become a key innovator—expanding from pure silver streams toward a diversified suite of commodities over the past decade. Recent years saw sharp focus on capital discipline, seeking accretive deals and nurturing long-term royalty and streaming networks. Today, the Corporation enjoys an enviable financial footing, highlighted by strong net cash (negative net debt as of late 2025) and consistently rising free cash flow despite sector volatility.

Looking forward, the company faces familiar opportunities and challenges. Macroeconomic trends—including inflation, currency swings, and central bank actions—will continue to set the pace for gold prices. Political and regulatory risks in some mining jurisdictions remain, although Wheaton Precious Metals’ diversified streaming model helps cushion specific project setbacks. The shift toward green energy and ongoing demand for precious metals from technology sectors offers potential future tailwinds. Still, competitive pressures from other streaming and royalty players, and the cyclical nature of the goldmine sector overall, are not to be underestimated.

In this climate, Wheaton Precious Metals stands out for disciplined growth, robust operational leverage to rising commodity prices, and a capital-light approach that maximizes shareholder returns. With record-level financials, strategic acquisitions like Hemlo, and a series of positive analyst signals, the shares appear well-positioned—though nimble investors will want to watch closely for shifts in gold prices or signs of volatility.

Stay tuned to the latest charts, company news, and upcoming earnings to decide if the momentum in Wheaton Precious Metals can keep building higher.