Wheaton Precious Metals surges after Hemlo gold stream – Is the rally just beginning?

Wheaton Precious Metals shares have climbed over 13% in three months, buoyed by a major new gold stream and record earnings. What’s next for this gold streaming titan?

In the last three months, Wheaton Precious Metals has been on an eye-catching run, with its shares surging approximately 13% and outpacing many peers in the gold sector. At first glance, the company’s robust rebound — climbing from a recent interim low near 129 CAD per share in late August to around 150 CAD by late November — appears to capture renewed investor appetite for alternative plays on the gold market. But is this momentum sustainable, or just a short pause before the next big move?

November brought a flurry of headlines for Wheaton Precious Metals. On November 26, the company finalized a significant US$300 million gold stream to support Barrick Gold’s Hemlo mine acquisition, a move widely regarded as a strategic expansion of Wheaton’s footprint in North America’s gold sector. The street’s first reaction was distinctly positive, with the stock swiftly recording a 3.7% daily gain following the announcement. This deal not only provides upside exposure to gold prices, but further leverages Wheaton’s innovative streaming model.

Digging deeper into the prior weeks, there’s even more to unpack. On November 7, Wheaton Precious Metals announced its Q3 2025 results — and didn’t disappoint: The company reported record revenues, earnings, and cash flow for the first nine months of 2025. With net sales estimated at over $2 billion and free cash flow of nearly $1 billion, management pointed to a robust pipeline and expanding partnerships. The announcement of a quarterly dividend underscored management’s optimism and balance sheet strength, drawing applause from both yield-focused and growth-minded investors.

The analyst community picked up the beat: Between November 10-13, several upgrades and fresh price targets landed. Notably, Veritas Investments upgraded Wheaton Precious Metals to "Buy," citing the company’s diversified streams and the accretive Hemlo agreement, with a bullish target of CAD 173. Others, including Berenberg and RBC, either lifted or reiterated buy ratings, and average target prices now run more than 20% above recent closes. Still, some experts caution that with a price-to-earnings multiple north of 37x forward earnings, the shares aren’t exactly a bargain on historic metrics — a sentiment that underscores the premium investors currently grant to gold streaming specialists versus classic miners.

All of this is inseparable from the bigger story: Wheaton Precious Metals has carved out a distinct role as a leading precious metals streaming company, now partnering on approximately 35 streaming agreements and 5 royalty deals, with interests across gold, silver, palladium, platinum, and even cobalt mines. The streaming model allows for lower operational risk and lean staffing (just 44 employees at last count), but secures steady cash flows tied to some of the world’s largest and most promising Goldmine assets — including Salobo, Blackwater, Antamina, and others spread globally from South America to Africa.

What sets this Corporation apart isn’t just the breadth of its project pipeline. It’s the ability to scale rapidly by helping mining partners fund projects, while obtaining the right to purchase sizable portions of future output at locked-in, favorable prices. During times of gold price volatility, this cushioned approach has frequently outperformed the industry average — as Q3’s "record" results impressively showed.

Yet, history reminds investors that gold streaming faces its own headaches. Counterparty risks, dependence on miners’ success, regulatory moves in key regions, and the natural cyclicality of commodities can all threaten smooth sailing. Recent signals from macroeconomics — whether it’s shifting interest rate expectations or global inflation jitters — also play a role in shaping Wheaton’s fortunes, often independent of its own operational outperformance.

Looking ahead, there’s little doubt institutional and retail shareholders alike are watching two things: the company’s expanding deal pipeline, and the trajectory of gold (and silver) prices. Wheaton Precious Metals has built a compelling case as a capital-light, “smart asset” play on precious metals — and recent analyst upgrades suggest the street sees more upside, provided the macro winds don’t shift suddenly. The premium valuation remains a key talking point: for some, it’s richly deserved; for others, it’s grounds for caution.

Ultimately, investors seeking exposure to gold’s long-term story — but with less operational risk than a traditional Goldmine operator — will find Wheaton Precious Metals stands as one of the sector’s standout options. The coming quarters will almost certainly deliver more headline moves. For now, it’s a stock whose progress is worth tracking closely — especially with fresh streams like Hemlo promising a new source of momentum.