Wheaton Precious Metals (SII) AI Stock Analysis

Company Guidance

Management reaffirmed 2026 production guidance of 860,000–940,000 gold equivalent ounces (GEOs), noting record H1 production of 415,000 GEOs and Q2 production of 202,000 GEOs (up 6% year‑over‑year) with H1 sales of 390,000 GEOs and Q2 sales of 209,000 GEOs (up 14%); production is expected to be weighted to H2 2026 driven by mine sequencing at Salobo and Peñasquito, the first full contribution from the Antamina BHP stream and ongoing ramp‑ups. The produced‑but‑not‑delivered (PBND) balance was ~158,000 GEOs (2.6 months), inside the guided 2.5–3.5 month range. Management reiterated a long‑term organic growth profile of ~50% by 2030 to ~1.2 million GEOs (and an average ~1.2 million GEOs per year from 2031–2035). Financially, Q2 revenue was $929 million (up 85% YoY), net earnings $543 million (up 86%), and operating cash flow ~$650 million (up 57%); cash on hand was ~$100 million with an upsized $2.5 billion revolver and ~$2.6 billion of available liquidity (including a $500 million accordion), net debt of ~ $1.9 billion (down from ~$2.1 billion pro forma post‑Antamina), and management emphasized capacity to fund commitments after deploying roughly $4.5 billion of upfront stream payments (including $4.3 billion for Antamina).