10 Best Canadian Gold Stocks to Buy Now

6. Wheaton Precious Metals Corp. (NYSE:WPM)

Number of Hedge Fund Holders: 25

Wheaton Precious Metals Corp. (NYSE:WPM) is a key player in precious metals streaming, providing miners with upfront capital to secure discounted purchase rights for gold, silver, and other metals. The company has established itself in the streaming sector with a portfolio spanning the Americas and Europe.

Wheaton Precious Metals Corp. (NYSE:WPM) reported remarkable growth for the third quarter ended September 30, 2024, with revenue jumping 38% year-over-year to $308 million. Net earnings rose by $38 million, reaching $155 million, largely due to higher gold and silver prices. The company also posted a record $254 million in operating cash flow, demonstrating strong profitability.

Furthermore, despite lower output from Salobo and Constancia, Wheaton Precious Metals Corp. (NYSE:WPM) maintained a strong balance sheet with $694 million in cash and a $2 billion undrawn credit facility. This financial flexibility reinforced its standing as one of the best Canadian stocks.

In addition, Wheaton Precious Metals Corp. (NYSE:WPM) invested $100 million in expanding streaming rights on Rio2’s Phoenix project. It finalized a $175 million agreement for Allied Gold’s Kurmuk project in Ethiopia, securing 6.7% of gold production until 220,000 ounces have been delivered and 4.8% for the mine’s remaining lifespan.

In the future, Wheaton Precious Metals Corp. (NYSE:WPM) aims to increase annual production by 40%, targeting over 800,000 gold equivalent ounces by 2028. Several key projects, including Blackwater, Goose, Platreef, and Mineral Park, will begin production in 2025, with Blackwater alone expected to yield 500,000 GEOs annually at full capacity.