Wheaton Precious Metals: Stock Soars 12% in Three Months – What Drives the Rally?

Wheaton Precious Metals has caught the market’s attention over the past quarter, surging over 11% in the last three months alone. After posting a monthly gain of nearly 14% and bouncing back from a September-October soft patch, shares have moved from under 133 CAD in early September to above 154 CAD by December 1. Is this a sign of gold and streaming sector euphoria—or merely a breather before the next leg higher?

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November and late October were marked by some exciting headline moments for this gold streaming giant. On November 27, Wheaton Precious Metals completed its previously announced USD 300 million gold stream financing pegged to the Hemlo Goldmine—an acquisition seen as a strategic move expanding the company’s exposure to high-quality Canadian Goldmine assets. Just days later, on December 1, major investment bank UBS adjusted its price target marginally upward, signaling steady analyst confidence. Earlier in November, a series of upgrades hit the wires: Veritas Investment shifted its stance to 'Buy' with a notable target of CA$173, while Berenberg also nudged its estimate up, and RBC reaffirmed a sector 'Perform' call with a US$115 goal. The market welcomed these moves—sending Wheaton Precious Metals shares to multi-month highs and outpacing many gold sector peers.

But it’s not just about headline deals or shifting analyst sentiment. The November 6 quarterly results forced many investors to take stock: revenues, earnings, and cash flow for the first nine months of 2025 soared to fresh record levels. The company declared yet another quarterly dividend, reinforcing its reputation as a reliable partner for yield-focused shareholders. If anything, this continued operational strength has generated a feedback loop, further feeding optimism in Wheaton Precious Metals shares.

At its core, Wheaton Precious Metals operates a streaming and royalty model. Rather than digging for gold or silver itself, the company partners with operating miners, providing upfront capital in exchange for rights to a portion of future production from a network of key Goldmine and polymetallic assets across the Americas and beyond. With approximately 35 streaming agreements and a handful of royalties, its interests stretch from Canada’s Hemlo and Blackwater, to Peru’s Antamina, Brazil’s Salobo, and Mexico's San Dimas. This strategy allows Wheaton to scale with the sector while limiting direct mining risk—a model that typically delivers impressive margins and robust cash generation, even in turbulent commodity cycles.

The last decade has seen Wheaton Precious Metals expand, diversify, and sharpen its portfolio. Strategic deals, such as the Penasquito and newly closed Hemlo acqusitions, have boosted future production visibility. Meanwhile, the company continues to flex a pristine balance sheet, reflected in negative net debt and free cash flows. With a sector-leading P/E ratio over 38 for 2025 and projected yield close to 0.7%, management appears intent on maximizing both growth and returns—a tricky balancing act, but one that has paid off for shareholders so far.

Of course, streaming and royalty businesses are not immune to sector risks. Regulatory changes or operational slip-ups at partner mines can weigh on results without warning. And while the company’s gold and silver bias insulates it against some cyclicality, it is still vulnerable to broad swings in Goldmine output and commodity prices. The current rally has also pushed valuation metrics toward the upper end of the peer group, drawing cautious remarks from some observers.

Looking ahead, the focus now shifts back to operational execution, integration of the new Hemlo stream, and the precious metals backdrop itself. Will gold remain in favor as a macro safe haven? Can Wheaton Precious Metals maintain its stream of double-digit growth and dividend increases in the quarters ahead?

The recent analyst upgrades and robust financial guidance suggest a strong hand. For informed investors, the story at Wheaton Precious Metals is far from over. Tracking upcoming mine developments, future cash return policies, and the broader sector’s reaction to shifting economic winds could be crucial in gauging the next steps—especially as gold prices and mining sentiment continue to ebb and flow.

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