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Wheaton (WPM) Q4-25 earnings: $746M in "lazy cash" & why BHP traded silver for dirt
Description
Wheaton Precious Metals just dropped a historic Q4 2025, generating nearly three-quarters of a billion dollars in operating cash flow while refusing to issue a single new share for its next chapter.
In ~10 minutes:
• How a freak logistics unwinding fueled $864M in revenue.
• Locking in $495/oz gold costs against $4,200+ spot prices.
• Why BHP traded a generational silver asset to move waste rock.
• Funding the $4.3B Antamina stream with zero equity dilution.
• The end of Randy Smallwood’s historic 15-year CEO tenure.
By rejecting "lazy cash" and leaning into $2.4B in strategic net debt, WPM is cementing a 50% production growth target by 2030 ⛏️. But with a planned Q1 slowdown following this temporary inventory flush, investors need to look past headline volatility to see the true strength of this fixed-cost fortress.
Wheaton Precious Metals (WPM) | Q4 FY25
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