October 17, 2025
Gold Rally Lifts Wheaton Margins, Guidance Intact
Spot gold set fresh records above 4,200 US dollars per ounce this week, with silver near 53, intensifying macro leverage for Canadian-listed streamers that report in USD but trade in CAD. Against that backdrop, Wheaton Precious Metals reported record quarterly revenue and operating cash flow in Q2 2025, reflecting the model’s fixed per-ounce payment structure and rising realized prices. As a small aside, most streams pay in USD while TSX quotes are in CAD. Quantify Margin Leverage Now Price moves matter for streaming margins. In Q2, Wheaton posted 503 million US dollars of revenue, with 65 percent from gold and




