Wheaton Precious Metals vs Agnico Eagle Mines: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Wheaton Precious Metals Corp (WPM)

Q3 202622 Jun – 10 Sep 2026

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Record earnings and growth plans offset by silver price plunge

Record Q2 and H1 revenue Wheaton reported record Q2 revenue of $929 million, up 85%, and record first-half revenue of $1.8 billion, up 88%, beating analyst estimates. The company reaffirmed its 2026 guidance and set a target of 1.2 million gold-equivalent ounces by 2030.
This is the core positive financial result that drove investor confidence during the quarter.
Analyst bullishness and gold hedge appeal JPMorgan named Wheaton a gold hedge and forecast gold above $5,000 per ounce, while Bank of America said gold stocks are undervalued. The streaming model also protects against inflation, making the stock attractive in uncertain times.
Analyst endorsements and the inflation-hedge narrative supported the stock price.
Growth pipeline and copper expansion The Salobo expansion and potential copper-financing deals, roughly one Antamina-sized deal annually, support future growth. These initiatives could add significant new streams and diversify revenue beyond gold and silver.
Future growth prospects contributed to positive investor sentiment.
Silver price collapse pressures revenue Silver prices have halved from January's peak to about $58 per ounce, directly cutting silver stream revenue and pressuring future earnings. This decline partially offsets the strong financial results and growth outlook.
The sharp drop in silver prices is a major headwind that weighed on the stock.

August 20268 Aug – 10 Sep 2026

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Wheaton rides record revenue, gold surge and copper-financing role

JPMorgan sees gold at $5,000, names Wheaton a hedge JPMorgan forecast gold above $5,000 an ounce by late 2026 and flagged Wheaton as a way to hold gold. Higher gold prices lift the value of every ounce Wheaton sells, so its profit and share price tend to rise with gold.
Explains the demand-side force pushing WPM up.
Salobo expansion approved, Wheaton pays $40M milestones Vale approved a project adding about 30,000 tonnes of copper and 15,000 ounces of gold a year at Salobo, starting a year early. Wheaton's $40 million milestone payments replace future stream payments, cutting its cash outlay while securing more output.
New mine growth directly tied to Wheaton's streaming assets.
Streamers seen filling $250 billion copper gap Wheaton's CEO said it could do roughly one Antamina-sized deal a year for three to four years, backed by about $2.7 billion annual cash flow. That positions Wheaton as a go-to financier for copper miners, supporting future growth.
Shows a new growth pipeline beyond existing mines.
Record $1.8 billion first-half revenue, guidance reaffirmed Wheaton posted record first-half 2026 revenue of $1.8 billion, up 88%, on higher gold-equivalent prices and production, and kept its 2026 guidance of 860,000-940,000 ounces. Strong results and a clear growth path to 1.2 million ounces by 2030 support the shares.
The period's core company result confirming the growth story.

Latest8 Aug – 10 Sep 2026

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Wheaton rides record revenue, gold surge and copper-financing role

JPMorgan sees gold at $5,000, names Wheaton a hedge JPMorgan forecast gold above $5,000 an ounce by late 2026 and flagged Wheaton as a way to hold gold. Higher gold prices lift the value of every ounce Wheaton sells, so its profit and share price tend to rise with gold.
Explains the demand-side force pushing WPM up.
Salobo expansion approved, Wheaton pays $40M milestones Vale approved a project adding about 30,000 tonnes of copper and 15,000 ounces of gold a year at Salobo, starting a year early. Wheaton's $40 million milestone payments replace future stream payments, cutting its cash outlay while securing more output.
New mine growth directly tied to Wheaton's streaming assets.
Streamers seen filling $250 billion copper gap Wheaton's CEO said it could do roughly one Antamina-sized deal a year for three to four years, backed by about $2.7 billion annual cash flow. That positions Wheaton as a go-to financier for copper miners, supporting future growth.
Shows a new growth pipeline beyond existing mines.
Record $1.8 billion first-half revenue, guidance reaffirmed Wheaton posted record first-half 2026 revenue of $1.8 billion, up 88%, on higher gold-equivalent prices and production, and kept its 2026 guidance of 860,000-940,000 ounces. Strong results and a clear growth path to 1.2 million ounces by 2030 support the shares.
The period's core company result confirming the growth story.

July 202622 Jun – 7 Aug 2026

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Wheaton's record Q2 and growth plan drive value despite silver slump

Record Q2 results beat expectations Wheaton reported record quarterly revenue of $929 million, up 85% from last year, with earnings per share of $1.19 beating estimates. Strong silver sales, up 189%, drove the beat. This shows the company's ability to generate cash even as metal prices fluctuate, supporting the stock.
This is the most recent and direct news on WPM's financial performance, a key driver of its stock price.
Streaming model provides inflation shield and growth Wheaton's streaming model locks in low purchase prices for gold and silver, protecting it from rising mining costs. The company targets 50% production growth by 2030 to 1.2 million gold equivalent ounces, with projects like Salobo III and Blackwater. This growth plan is a major reason analysts are bullish.
It explains the structural advantage and future growth that underpin the investment case, beyond quarterly results.
Silver price halves from January peak Silver has fallen to about $58 per ounce, half its January peak of over $115. This directly reduces Wheaton's revenue from silver streams, as seen in lower realized prices. While the company still beat estimates, the price drop is a headwind for future earnings.
It highlights a key risk factor that could pressure WPM's stock if silver prices remain low.
Gold stocks undervalued, long-term demand strong Bank of America says gold stocks are cheap, pricing gold at a 19% discount to spot. Central banks expect to increase gold reserves, supporting long-term demand. This suggests Wheaton, as a gold and silver streamer, could benefit from a re-rating if gold prices stay high.
It provides a broader market context that could lift WPM's valuation, even if not company-specific.

22 Jun – 7 Aug 2026

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Wheaton's record Q2 and growth plan drive value despite silver slump

Record Q2 results beat expectations Wheaton reported record quarterly revenue of $929 million, up 85% from last year, with earnings per share of $1.19 beating estimates. Strong silver sales, up 189%, drove the beat. This shows the company's ability to generate cash even as metal prices fluctuate, supporting the stock.
This is the most recent and direct news on WPM's financial performance, a key driver of its stock price.
Streaming model provides inflation shield and growth Wheaton's streaming model locks in low purchase prices for gold and silver, protecting it from rising mining costs. The company targets 50% production growth by 2030 to 1.2 million gold equivalent ounces, with projects like Salobo III and Blackwater. This growth plan is a major reason analysts are bullish.
It explains the structural advantage and future growth that underpin the investment case, beyond quarterly results.
Silver price halves from January peak Silver has fallen to about $58 per ounce, half its January peak of over $115. This directly reduces Wheaton's revenue from silver streams, as seen in lower realized prices. While the company still beat estimates, the price drop is a headwind for future earnings.
It highlights a key risk factor that could pressure WPM's stock if silver prices remain low.
Gold stocks undervalued, long-term demand strong Bank of America says gold stocks are cheap, pricing gold at a 19% discount to spot. Central banks expect to increase gold reserves, supporting long-term demand. This suggests Wheaton, as a gold and silver streamer, could benefit from a re-rating if gold prices stay high.
It provides a broader market context that could lift WPM's valuation, even if not company-specific.

Agnico Eagle Mines Limited (AEM)

Q3 202611 Jul – 9 Sep 2026

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Record cash flow and gold surge lift AEM, but output risks persist

Record free cash flow and shareholder returns Agnico Eagle generated record free cash flow of $1.34 billion and net income of $1.6 billion, returning $625 million to shareholders. This strong financial performance boosts investor confidence and supports the stock price.
This point highlights the company's strong financial results, a key driver of the stock's performance in the quarter.
Gold price surge and dollar weakness Gold surged above $4,400 per ounce, and Treasury buybacks weakened the dollar, lifting AEM shares by 18.4% in a week. Higher gold prices directly increase Agnico Eagle's revenue and profitability.
This point explains a major external factor that positively impacted AEM's stock price during the quarter.
Production shortfall and capex increase A rock movement at the Barnat pit left 370,000 ounces of gold inaccessible until late 2026, pushing output to the low end of guidance. Capex guidance rose to $2.6–2.8 billion, weighing on the stock.
This point addresses operational challenges that negatively affected production and costs, impacting investor sentiment.
Analyst downgrades and strategic divestments Analysts cut 2026 earnings estimates by ~10% on softer gold, and the stock carried a Strong Sell rating. However, AEM sold Delta and Helm Bay to Vizsla and secured green-power financing at Hope Bay, mitigating risks.
This point captures both negative analyst sentiment and positive strategic actions that balanced the overall outlook.

August 202616 Aug – 9 Sep 2026

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Gold's surge lifts AEM, but rising costs and a pit setback weigh

Gold price surge lifts miners to decade highs Gold broke above $4,400 an ounce, pushing the gold miners ETF to a decade high. Agnico Eagle generated $1.3 billion in quarterly free cash flow, and miners typically move about twice as much as gold. Higher gold means more revenue and cash for AEM.
Gold price is the single biggest force behind AEM's revenue and cash flow.
Treasury buyback weakens dollar, boosting gold The U.S. Treasury doubled its long-dated bond buybacks, weakening the dollar and lifting precious metals. Gold rose over 6% in a week, and Agnico Eagle jumped 18.4% that week. A weaker dollar makes gold cheaper for foreign buyers, supporting demand and AEM's price.
This monetary policy shift directly drove gold and AEM higher during the period.
Costs rise and Barnat pit setback hits output Agnico Eagle raised full-year capex guidance to $2.6-2.8 billion and said a rock movement at the Barnat pit will push production to the low end of guidance, with 370,000 ounces inaccessible until late 2026. Analysts cut estimates, and the stock was downgraded to Strong Sell.
This is the main counterweight: higher costs and lower output pressure AEM's price.
AEM trims risk with project sale and green power Agnico Eagle sold its Delta and Helm Bay projects to Vizsla for about C$32 million in shares, warrants, and royalties, plus up to C$20 million in milestone payments. It also secured a $20 million loan for a wind project at Hope Bay, cutting diesel use and emissions.
These moves free up capital and lower operating costs, supporting AEM's value.

Latest16 Aug – 9 Sep 2026

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Gold's surge lifts AEM, but rising costs and a pit setback weigh

Gold price surge lifts miners to decade highs Gold broke above $4,400 an ounce, pushing the gold miners ETF to a decade high. Agnico Eagle generated $1.3 billion in quarterly free cash flow, and miners typically move about twice as much as gold. Higher gold means more revenue and cash for AEM.
Gold price is the single biggest force behind AEM's revenue and cash flow.
Treasury buyback weakens dollar, boosting gold The U.S. Treasury doubled its long-dated bond buybacks, weakening the dollar and lifting precious metals. Gold rose over 6% in a week, and Agnico Eagle jumped 18.4% that week. A weaker dollar makes gold cheaper for foreign buyers, supporting demand and AEM's price.
This monetary policy shift directly drove gold and AEM higher during the period.
Costs rise and Barnat pit setback hits output Agnico Eagle raised full-year capex guidance to $2.6-2.8 billion and said a rock movement at the Barnat pit will push production to the low end of guidance, with 370,000 ounces inaccessible until late 2026. Analysts cut estimates, and the stock was downgraded to Strong Sell.
This is the main counterweight: higher costs and lower output pressure AEM's price.
AEM trims risk with project sale and green power Agnico Eagle sold its Delta and Helm Bay projects to Vizsla for about C$32 million in shares, warrants, and royalties, plus up to C$20 million in milestone payments. It also secured a $20 million loan for a wind project at Hope Bay, cutting diesel use and emissions.
These moves free up capital and lower operating costs, supporting AEM's value.

July 202611 Jul – 7 Aug 2026

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Record cash flow and growth plans outweigh Barnat setback

Analyst earnings cuts on softer gold prices Before results, analysts slashed 2026 earnings estimates about 10% as gold pulled back from highs, and the stock carried a Strong Sell rating. Lower expected profits make the shares look less attractive, pushing the price down.
It shows a real counterweight — weaker gold prices dragging profit expectations.
Record free cash flow and upgraded credit rating Agnico Eagle posted record quarterly free cash flow of $1.34 billion, net income of $1.6 billion, and returned $625 million to shareholders, while Fitch upgraded its credit rating to A-. Strong cash generation and a solid balance sheet support the stock.
This is the biggest new positive — proof the business is throwing off huge cash.
Organic growth path and gold price rally Management outlined 20-30% production growth over 5-10 years through Detour Lake, Odyssey, and Hope Bay. Meanwhile, easing U.S.-Iran tensions lifted gold prices, and AEM jumped 9.6% in a day as miners rallied on blowout earnings.
It captures the forward growth story plus the gold-price tailwind driving the recent rally.

11 Jul – 7 Aug 2026

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Record cash flow and growth plans outweigh Barnat setback

Analyst earnings cuts on softer gold prices Before results, analysts slashed 2026 earnings estimates about 10% as gold pulled back from highs, and the stock carried a Strong Sell rating. Lower expected profits make the shares look less attractive, pushing the price down.
It shows a real counterweight — weaker gold prices dragging profit expectations.
Record free cash flow and upgraded credit rating Agnico Eagle posted record quarterly free cash flow of $1.34 billion, net income of $1.6 billion, and returned $625 million to shareholders, while Fitch upgraded its credit rating to A-. Strong cash generation and a solid balance sheet support the stock.
This is the biggest new positive — proof the business is throwing off huge cash.
Organic growth path and gold price rally Management outlined 20-30% production growth over 5-10 years through Detour Lake, Odyssey, and Hope Bay. Meanwhile, easing U.S.-Iran tensions lifted gold prices, and AEM jumped 9.6% in a day as miners rallied on blowout earnings.
It captures the forward growth story plus the gold-price tailwind driving the recent rally.

Q2 202620 Jun – 10 Jul 2026

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Gold price swings and Barnat pit setback drive AEM's mixed outlook

Gold price surge on US-Iran peace deal Gold jumped over 6% to above $4,300 an ounce after a preliminary US-Iran peace deal eased inflation and rate fears. Higher gold prices directly boost Agnico Eagle's revenue and profits, making the stock more attractive.
This event directly lifts gold prices, a key driver of AEM's earnings and stock price.
Agnico Eagle completes Rupert Resources acquisition and adds Prism royalty Agnico Eagle finished buying Rupert Resources and acquired a royalty from Prism Resources, expanding its project pipeline in safe regions. This adds long-term growth potential and diversifies its asset mix, supporting future production and cash flow.
This acquisition expands AEM's future growth prospects, a fundamental positive for the stock.
Barnat pit wall movement reduces production A rock slide at the Barnat pit in Quebec temporarily halted mining. Agnico Eagle expects to lose 60,000-80,000 ounces of gold production in the second half of 2026, with potential annual reductions of up to 150,000 ounces in 2027 and 2028. This lowers near-term output and weighs on the stock.
This is a new operational setback that directly cuts production and hurts earnings.
Valuation debate: undervalued vs. gold price retreat One analysis says Agnico Eagle is 29% undervalued based on cash flow, but another notes the stock fell 31% in three months as gold prices dropped from near $5,600 to below $4,000. The market is torn between long-term value and recent price weakness.
This captures the current tug-of-war affecting AEM's price, balancing optimism and recent declines.

June 202620 Jun – 10 Jul 2026

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Gold price swings and Barnat pit setback drive AEM's mixed outlook

Gold price surge on US-Iran peace deal Gold jumped over 6% to above $4,300 an ounce after a preliminary US-Iran peace deal eased inflation and rate fears. Higher gold prices directly boost Agnico Eagle's revenue and profits, making the stock more attractive.
This event directly lifts gold prices, a key driver of AEM's earnings and stock price.
Agnico Eagle completes Rupert Resources acquisition and adds Prism royalty Agnico Eagle finished buying Rupert Resources and acquired a royalty from Prism Resources, expanding its project pipeline in safe regions. This adds long-term growth potential and diversifies its asset mix, supporting future production and cash flow.
This acquisition expands AEM's future growth prospects, a fundamental positive for the stock.
Barnat pit wall movement reduces production A rock slide at the Barnat pit in Quebec temporarily halted mining. Agnico Eagle expects to lose 60,000-80,000 ounces of gold production in the second half of 2026, with potential annual reductions of up to 150,000 ounces in 2027 and 2028. This lowers near-term output and weighs on the stock.
This is a new operational setback that directly cuts production and hurts earnings.
Valuation debate: undervalued vs. gold price retreat One analysis says Agnico Eagle is 29% undervalued based on cash flow, but another notes the stock fell 31% in three months as gold prices dropped from near $5,600 to below $4,000. The market is torn between long-term value and recent price weakness.
This captures the current tug-of-war affecting AEM's price, balancing optimism and recent declines.

20 Jun – 10 Jul 2026

▲2▼1

Gold price swings and Barnat pit setback drive AEM's mixed outlook

Gold price surge on US-Iran peace deal Gold jumped over 6% to above $4,300 an ounce after a preliminary US-Iran peace deal eased inflation and rate fears. Higher gold prices directly boost Agnico Eagle's revenue and profits, making the stock more attractive.
This event directly lifts gold prices, a key driver of AEM's earnings and stock price.
Agnico Eagle completes Rupert Resources acquisition and adds Prism royalty Agnico Eagle finished buying Rupert Resources and acquired a royalty from Prism Resources, expanding its project pipeline in safe regions. This adds long-term growth potential and diversifies its asset mix, supporting future production and cash flow.
This acquisition expands AEM's future growth prospects, a fundamental positive for the stock.
Barnat pit wall movement reduces production A rock slide at the Barnat pit in Quebec temporarily halted mining. Agnico Eagle expects to lose 60,000-80,000 ounces of gold production in the second half of 2026, with potential annual reductions of up to 150,000 ounces in 2027 and 2028. This lowers near-term output and weighs on the stock.
This is a new operational setback that directly cuts production and hurts earnings.
Valuation debate: undervalued vs. gold price retreat One analysis says Agnico Eagle is 29% undervalued based on cash flow, but another notes the stock fell 31% in three months as gold prices dropped from near $5,600 to below $4,000. The market is torn between long-term value and recent price weakness.
This captures the current tug-of-war affecting AEM's price, balancing optimism and recent declines.