Wheaton Precious Metals: Shares Surge as Gold Streaming Strategy Pays Off in Volatile Market

Wheaton Precious Metals has seen its shares climb over 11% in three months. Is the rally driven by the latest guidance and premium gold streaming deals built to last—or is caution still advised for investors?

Wheaton Precious Metals has been one of the standout performers among Canadian mining stocks in late 2025, with its shares gaining approximately 11% over the last three months. The company's stock reached a notable high of about 166 CAD in mid-December, with short-lived dips to the 141 CAD region just a month earlier. What’s driving this momentum, and is the recent rally the start of something bigger for Wheaton Precious Metals, or a plateau before the next shift?

Market action around Wheaton Precious Metals has responded to multiple catalysts in recent weeks. Most notably, on December 18, Berenberg raised the company’s price target and reiterated a buy rating, reflecting strong analyst confidence in the shares. Just days before, on December 10, Wheaton Precious Metals received a significant upgrade from RBC Capital Markets, moving from ‘sector perform’ to ‘outperform’ status, with the price target lifted to $130 (USD) from $115—fueling a surge that saw the stock jump over 3% in a single session and subsequently climb toward new one-year highs. For investors following Wheaton Precious Metals, these upgrades came on the heels of a robust Q3 earnings call and followed closely behind the announcement of a newly completed gold streaming deal on the Hemlo Mine at the end of November, valued at around $300 million. This deal increases Wheaton’s footprint in Canada’s prolific gold sector, and signals continued faith in the streaming business model, where the company secures a share of precious metals from Goldmine operators in exchange for upfront financing.

The quick succession of positive events didn’t just boost sentiment; they also nudged trading volumes higher and shone a light on the underlying strength of Wheaton Precious Metals’ portfolio. Unlike traditional miners, the company leverages a ‘streaming’ strategy: it does not directly operate mines, but partners with best-in-class operators across multiple jurisdictions, locking in access to future gold, silver, and other precious metal output at a fixed cost. Its current portfolio includes about 35 streaming agreements and five royalty structures, covering a mix of operating mines and promising development projects. Major assets range from Kurmuk and Kone to Salobo and Antamina, giving Wheaton Precious Metals welcome geographic and resource diversification, particularly as volatility in commodity markets persists. The company’s steady approach has helped it remain insulated from operational risks that often plague classic miners, even as it gears up for further growth via new deals and disciplined capital allocation.

Looking at the fundamentals, Wheaton Precious Metals has kept its balance sheet clean—with net debt standing in negative territory, a rarity among gold corporations of its scale. Another notable point for investors: the free float is exceptionally high at nearly 100%, reinforcing liquidity and institutional interest. Forward metrics paint an optimistic picture, with estimated P/E ratios trending lower for 2026, and modest but growing dividend yields on the horizon.

But what really sets Wheaton Precious Metals apart is its ability to align with larger themes in the gold market. The past three months have seen gold prices test multi-year highs, driven by macroeconomic uncertainty, persistent inflation worries, and renewed interest in ‘hard’ assets. Against this backdrop, Wheaton Precious Metals’ diversified streams offer a smoother ride compared to the operational rollercoaster of conventional miners. The company’s latest moves—including acquisition of new capital-light streams—position it to benefit both from rising gold prices and potential M&A activity in the sector. Still, potential risks linger. Like many in the precious metals ecosystem, Wheaton Precious Metals remains exposed to regulatory shifts, geopolitical turmoil, and broader gold price corrections. While it doesn’t face the cost overruns or direct production hiccups that beset mine operators, any prolonged gold price downturn could challenge its near-term profitability. Analysts’ average price targets, currently around 15% above the last close, suggest confidence—but also underscore heightened expectations.

For investors with a long view, Wheaton’s unique model and strong recent performance make it a name to watch as market dynamics evolve through Q1 2026 and beyond. Closely tracking the company’s forthcoming Q4 earnings, scheduled for March, as well as pending developments with new Goldmine streaming agreements, could provide the next clear signals for the shares.