Vancouver-based Wheaton Precious Metals reported its highest-ever quarterly revenue and earnings in the first three months of 2025, as stronger-than-expected output from its core streaming assets lifted results and reinforced the company’s reputation as a low-risk gateway to gold exposure.

The precious metals streaming company posted record revenue of $470-million, up year-on-year despite a 4% dip in production, which was offset by higher contributions from its flagship Salobo mine in Brazil. Adjusted net earnings came in at $254-million, while operating cash flow surged to $361-million.

“Wheaton delivered a strong start to 2025, with our core assets exceeding production expectations and driving record quarterly revenue, adjusted net earnings, and operating cash flow,” president and CEO Randy Smallwood said in a statement on Thursday. 

“In times of economic uncertainty, gold is viewed as a reliable store of value, and these results demonstrate why we believe Wheaton offers one of the best low-risk opportunities for investors seeking exposure to precious metals.”

The company maintained a strong balance sheet at quarter-end, with $1.1-billion in cash, no debt, and an undrawn $2-billion revolving credit facility. Wheaton declared a quarterly dividend of $0.165 a common share.

Gold-equivalent production totalled 151 000 oz in the first quarter. Although slightly lower than the same period in 2024 owing to planned declines at the Constancia and Peñasquito mines, production exceeded internal forecasts, largely driven by Salobo.

Wheaton’s streaming and royalty portfolio spans 18 operating mines and 28 development-stage projects. Notably, 83% of its attributable production comes from mines in the lower half of their respective cost curves, underscoring the company’s focus on low-risk, high-margin assets.

The outlook for 2025 remains strong, with Wheaton anticipating production growth from several key development assets. “Looking ahead, 2025 is shaping up to be a catalyst-rich year, with four development projects scheduled to come online over the course of the year,” Smallwood said.

One of those milestones was reached earlier this month. On May 2, Artemis Gold announced the start of commercial production at the Blackwater mine in British Columbia – an asset where Wheaton holds a silver stream. The mine is exceeding expectations, with mined tonnes and grades aligning favourably with the resource model. In March, Wheaton amended its precious metals purchase agreement with Artemis to accelerate the receipt of silver ounces.

Construction also advanced at the Goose, Platreef, and Mineral Park projects, all of which are expected to begin production by year-end, further de-risking Wheaton’s growth profile.