Wheaton Precious Metals Surges in August on Strong Earnings and Commodity Price Gains
Shares of Wheaton Precious Metals (NYSE: WPM) rose by 37% in August, driven by a rebound in gold and silver prices as well as strong second-quarter earnings. The company reported Q2 revenue up 84.7% year-over-year to $929.2 million and net earnings per share increased 89.7% to $1.195, both exceeding analyst expectations. Wheaton operates primarily in gold and silver through streaming agreements with mining projects globally. The stock benefited from a surge of about 10% for gold and 17% for silver during the month. Management also projected increased production in the second half of the year to around 900,000 gold-equivalent ounces (GEOs), up significantly from the first-half output. Looking ahead, Wheaton reiterated its long-term goal of achieving a 50% increase in GEOs by 2031. The company currently has agreements with 22 operating mines and is investing heavily in development projects that are expected to peak around 2030.
Tickers: $WPM
Topics: gold mining silver Wheaton Precious Metals