Wheaton Precious Metals hits record Q1 revenue and income without owning mines, boosted by soaring gold and silver prices.

Wheaton Precious Metals posted record Q1 2026 results with $901 million in revenue and $582 million in net income, despite not owning any mines. The company's streaming model benefits from rising gold and silver prices, paying low fixed rates while selling at much higher market prices. A landmark $4.3 billion silver streaming deal with BHP expanded Wheaton's stake in the Antamina mine to 67.5%, the largest such deal ever. Wheaton expects production growth through 2035, making it a strong play for investors bullish on precious metals.