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Wheaton Precious Metals Corp on Friday raised its payout, as higher gold and silver prices and more metals production sent profit and revenue soaring. The Vancouver, Canada-based miner said net earnings almost tripled to $1.47 billion in 2025 from $529.1 million in 2024, as revenue rose by 80% to $2.31 billion, a record for Wheaton, from $1.28 billion. In the fourth quarter alone, net earnings were $558.3 million, up from just $88.1 million a year before, on $864.7 million, up from $380.5 million. Wheaton produced 416,171 ounces of gold in 2025, up 9.2% from 381,248 in 2024. It had released its production figures late last month. In the fourth quarter alone, the company produced 130,676 ounces, up 10% from 118,328 a year before. Silver production was up 6.3% to 22,289 ounces in 2025 from 20,959 in 2024, while palladium output dropped 34% to 10,265 ounces from 15,632. Cobalt production almost doubled to 2,460 ounces from 1,289. In total, Wheaton produced 689,864 gold equivalent ounces in 2025, up from 635,488 in 2024, exceeding its 2025 guidance of 600,000 to 670,000 ounces. Looking ahead, Wheaton confirmed the production guidance it provided last month, saying it will produce between 860,000 and 940,000 gold equivalent ounces in 2026. The increase in 2026 will be mainly driven by an additional 70,000 gold equivalent ounce stream from the Antamina site, which will start generating production in April. Wheaton believes it will reach 1.2 million gold equivalent ounces of production by 2030. While the company faced higher cash costs of $514 per gold equivalent ounce in 2025, up from $438 in 2024, higher metals prices helped increase its operating margin by 53% to $3,040 per gold equivalent ounce. The price of gold has risen by 73% in the past 12 months, while silver’s has nearly trebled. Gold was trading around $5,077 an ounce on Friday morning in London. Wheaton had $1.15 billion in cash at the end of 2025, up $818.2 million a year before. Wheaton to declare a quarterly dividend of $0.165 per share for the last quarter of 2025, up 6.5% from 2024’s $0.155 per quarter, bringing the total dividend for 2025 to $0.66 per share, Wheaton set its quarterly dividend for 2026 at $0.195, an 18% increase from 2025. The mining company said that 85% of attributable production came from assets in the lowest half of their respective cost curves, and that it exceeded its production guidance ‘primarily resulting from stronger performance at Salobo due to higher gold grades and recoveries, higher throughput and grades at Penasquito, and higher grades at Constancia’. Wheaton said it also advanced construction and started production at various sites, on top of entering into two precious metals purchase agreements in North America during the quarter and into two more last month. Haytham Hodaly, currently company president, will succeed Randy Smallwood as chief executive officer on March 31. The change was announced by Wheaton last month, with Smallwood stepping down after 15 years in post. Wheaton shares were down 0.5% to 10,900.46 pence each on Friday morning in London.
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