Wheaton Precious Metals Profits from Literal Gold Rush

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Wheaton Precious Metals, a streaming company that provides upfront financing to miners in exchange for a share of their gold and silver production, has seen its profits soar as gold prices have skyrocketed over the past year. Unlike traditional gold mining companies, Wheaton's business model allows it to profit from the gold rush without taking on the risks and costs of operating mines.

Why it matters

As fears of an AI bubble loom, investors are increasingly looking to gold as a hedge against potential market volatility. Wheaton's streaming model provides a lower-risk way for investors to gain exposure to the gold market compared to directly investing in gold miners.

The details

Wheaton Precious Metals has contracts with 23 mines and is involved in 25 development projects around the world. The company's net earnings more than doubled from $440.9 million in the first nine months of 2024 to $913.4 million in the same period of 2025, while earnings per share nearly doubled from $0.97 to $1.80. Wheaton also generated $1.15 billion in cash from operations in the first nine months of 2025, up from $708 million in the same period of 2024. The company maintains impressive profit margins, with a gross margin of 68.6%, an operating margin of 63.5%, and a net margin of 54.7% - far exceeding the typical 10% net profit margin of most gold mining companies.

• Gold prices have surged 72.5% over the past 12 months, and are up 156% over the past five years.
• Wheaton Precious Metals generated $913.4 million in net earnings for the first nine months of 2025, more than double the $440.9 million it generated over the same period in 2024.