Expert Comments:

Large Streaming Company Acquires Gold and Palladium Stream (7/17/18) Company president sees this stream as a foundational asset. read more >
	Cosmos Chiu, CIBC World Markets (7/16/18) "From Sibanye-Stillwater at the Stillwater mine in Montana, Wheaton Precious Metals Corp. is acquiring a 4.5% (subject to decreases once thresholds reached) stream on palladium and a 100% stream on gold, subject to a cost of 18% of spot (increases to 22% once thresholds are met). For the first 10 years, this works out to 14.5 Koz gold and 29 Koz palladium."
Brian MacArthur, Raymond James (7/16/18) "Wheaton Precious Metals Corp. will receive 100% of gold production from Stillwater and initially receive 4.5% of palladium production from Stillwater. . .in exchange for a $500M upfront cash payment upon closing and ongoing payments equal to 18% of the spot gold price and spot palladium price. . .we view the transaction positively, given it provides the company with immediate cash flow, gold equivalent growth and exploration upside in a low jurisdictional risk area."
	Andrew Kaip, BMO Capital Markets (7/16/18) "Following the announced gold and palladium stream deal this morning for $500M with Sibanye-Stillwater, it's been a busy few weeks for Wheaton Precious Metals Corp., which just closed a cobalt stream with Vale. . .[the new stream] strengthens the company's growth profile, increases operator diversity and is mildly accretive to 2019 EPS and CFPS in the range of 1% to 4%, respectively."
Trefis (7/14/18) "Based upon Wheaton Precious Metals Corp.'s current agreements and forecasts for 2018, attributable sales are expected to total 20 Moz silver and 337 Koz gold. The company's estimated average annual production over the next five years is anticipated to be approximately 25 Moz silver equivalent, including 370 Koz gold."
Trade Wars, Gold and a Once-in-a-Lifetime Opportunity (7/9/18) In a period of economic uncertainty exacerbated by threats of a trade war, Samuel Pelaez, chief investment officer and portfolio manager with Galileo Global Equity Advisors, delves beyond the headlines to discuss the factors that are influencing gold, oil and other commodities, and why he believes we are on the cusp of a once-in-a-lifetime opportunity in commodities. read more >
Major Streaming Company Closes Cobalt Agreement (7/3/18) A Voisey's Bay cobalt production agreement is finalized. read more >
	Andrew Kaip, BMO Capital Markets (6/29/18) "We are resuming coverage of Wheaton Precious Metals Corp. with an Outperform rating and a $28 target price following the acquisition of a cobalt stream from Vale for $390M. . .Wheaton took a tempered approach toward acquiring the cobalt stream, balancing the potential to acquire the entire available cobalt stream while recognizing the need to maintain future byproduct exposure at reasonable levels."
	Charles Gibson, Edison Investment Research (6/21/18) "Wheaton Precious Metals Corp. announced that it had entered into an agreement with Vale to acquire 42.4% of cobalt production from Voisey's Bay from FY21 for an upfront cash consideration of $390M. We estimate that this acquisition will increase Wheaton's silver equivalent production by 3.1 Moz and 4.7 Moz and its basic EPS by $0.047 and $0.093 in FY21 and FY24, respectively."
Royalty Company Acquires Cobalt Stream (6/14/18) An Eight Capital report reviewed this Vancouver-based firm's recent acquisition. read more >
A Takeover, A Court Date and An Equity Raise: Three Buys (5/24/18) Money manager Adrian Day reviews updates at three companies, including a rejected takeover bid. read more >
Supercycle May Be Setting Up for Higher Commodity Demand (5/8/18) Conditions may be in place for increased demand and increased prices for a number of commodities. In this interview with Streetwise Reports, Frank Holmes, CEO of U.S. Global Investors, discusses the commodity supercycle and the factors behind it, why some commodities may get more of a boost than others, and ways investors can profit. read more >
Some Good Buys with Resource and Asian Companies (4/18/18) Money manager Adrian Day reviews four companies that he sees as buys. read more >

More Expert Comments

Ralph Profiti, Eight Capital (6/12/18) "Wheaton Precious Metals Corp. announced the acquisition of a cobalt stream from Vale's Voisey's Bay mine. . .we estimate the Voisey's Bay stream to the company yields a 9% internal rate of return (IRR) at $35/lb cobalt, assuming a 20% tax rate, which compares to recent larger precious metals streams at 4–6% IRR."
Brian MacArthur, Raymond James (6/11/18) "Wheaton Precious Metals Corp. has agreed to acquire from Vale an amount of physical cobalt equal to a fixed percentage of cobalt production from the Voisey's Bay mine. . .we view the transaction positively given it provides Wheaton with medium- to long-term free cash flow, gold equivalent growth and is NAV accretive."
	Cosmos Chiu, CIBC World Markets (6/11/18) "Wheaton Precious Metals Corp. is making a relatively small and measured investment in the future cobalt production from Voisey's Bay by purchasing a stream, with the acquisition price of $390M representing 3.8% of its current market cap or 7% of its NAV. At spot cobalt, the stream could potentially generate $75M in cash flow per year (beginning in year 2021), and increase annual corporate cash flow by greater than 10%."
	Charles Gibson, Edison Investment Research (5/18/18) "Wheaton Precious Metals Corp.'s silver streams outperformed our expectations in Q1/18 while its gold streams performed closely in line. . .nevertheless, adjusted net earnings of $69.9M and EPS of $0.16 were within 10% of our previous expectations of $77M, and our forecasts for FY18 remain, to all intents and purposes, unchanged."
	Andrew Kaip, BMO Capital Markets (5/13/18) "Wheaton Precious Metals Corp. posted an in line Q1/18 and expects deliveries of 355 Koz gold and 22.5 Moz silver in 2018. Importantly, a Canadian Revenue Agency court date has been set for September 2019."
Carey MacRury, Canaccord Genuity (5/11/18) "We are assuming coverage of Wheaton Precious Metals Corp. from Tony Lesiak with a Buy rating and CA$38.50 target price. Our Buy rating is based on our positive view on silver, projected 31% growth in gold equivalent ounces by 2020 (versus 2017) and a strong balance sheet with ~$779M in available liquidity for additional transactions."
Ralph Profiti, Eight Capital (5/11/18) "With the restructured agreement at San Dimas, Wheaton Precious Metals Corp. is now entitled to 25% of payable gold production plus gold equal to 25% of payable silver production converted at a fixed 70:1 gold:silver ratio. The company's 21M shares in First Majestic represent 11% of First Majestic (current market valuation: $193M)."
Brian MacArthur, Raymond James (5/11/18) "In Q1/18, Wheaton Precious Metals Corp. produced ~7.4 Moz silver and ~79.7 Koz gold and adjusted EPS came in at $0.16, essentially in line with consensus estimates. During the quarter, the company generated ~$128M in operating cash flow and repaid ~$107M in debt, ending Q1/18 with ~$116M in cash."
	Cosmos Chiu, CIBC World Markets (5/10/18) "Wheaton Precious Metals Corp. reported Q1/18 adjusted EPS of $0.16 and CFPS of $0.29. . .the company continues to offer a high-quality portfolio able to generate significant cash flow. We reiterate our Outperformer rating and $25 price target."
Trefis (4/11/18) "Wheaton Precious Metals Corp. currently has 14 silver purchase agreements and two precious metals agreements. . .based upon its current agreements and forecasts for 2018, attributable sales are expected to total 20 Moz silver and 337 Koz gold. The company's estimated average annual production over the next five years is anticipated to be approximately 25 Moz silver equivalent, including 370 Koz gold."
	Charles Gibson, Edison Investment Research (3/27/18) "Wheaton Precious Metals Corp.'s FY17 results were characterized by a record level of gold sales and of dividend payouts to shareholders. Results for Q4 were notable for the close correlation of production and sales, demonstrating the traditional ‘flush through’ effect in the final quarter of the year.. .additional potential upside still then exists in the form of the optionality provided by the development of major assets such as Pascua-Lama, etc."
Ralph Profiti, Eight Capital (3/22/18) "Wheaton Precious Metals Corp. reported Q4/17 adjusted EBITDA of $165M versus our estimate of $146M (consensus: $143M) and adjusted earnings per share of $0.19 versus our estimate of $0.16 (consensus: $0.16) on 13% higher silver equivalent sales (14.5 Moz versus our 12.9 Moz). . .attributable production of 7.2 Moz silver and 96 Koz gold compares to our 6.9 Moz (consensus: 7.2 Moz) and 79 Koz gold (consensus: 97 Koz)."
Brian MacArthur, Raymond James (3/22/18) "Wheaton Precious Metals Corp. produced 28.6 Moz silver and 355 Koz gold in FY17, exceeding guidance of 28 Moz silver and 340 Koz gold, respectively. . .the company generated over $165M in operating cash flow during Q4/17 and ended 2017 with $99M in cash and equivalents."
Brian MacArthur, Raymond James (2/23/18) "Given Wheaton Precious Metals Corp.'s high-quality and diversified asset base and high-margin and scalable business model, we rate its shares Outperform. We have updated our model to reflect updated production forecasts and reserve/resource estimates given by operators on some of the company's major royalties/streams, specifically Penasquito, Pascua-Lama, Antamina, 777 and Constancia; our target price is $25."
	Charles Gibson, Edison Investment Research (2/15/18) "We value the cash flows to Wheaton Precious Metals Corp. from San Dimas for the period FY18 to FY33 at $252.90, or $0.57/Wheaton share, once the First Majestic-Primero transaction concludes. . .we expect Wheaton to become a majority gold streaming company [there]. . .investors [are] in line for a 37.6% internal rate of return over three years."
Charles Gibson, Edison Investment Research (1/25/18) "Wheaton Precious Metals Corp.'s Q3/17 results were little changed compared to Q2/17. . .the San Dimas stream has been restructured after First Majestic's bid for Primero in early 2018. . .as at the time of its Q3/17 results, we forecast a value per share for Wheaton of $38.24, or CA$48.54, in FY20. . .Wheaton's shares are trading on near-term financial measures that are consistently cheaper than those of its royalty/streaming 'peers' and are cheaper than the miners themselves in 41% of cases, despite being associated with materially less risk."
Ralph Profiti, Eight Capital (1/15/18) "Wheaton Precious Metals Corp. has terminated the existing San Dimas silver purchase agreement with Primero Mining (100% of silver of first 6 Moz silver, 50% of excess thereafter) and will now receive 25% of gold equivalent production at a fixed gold:silver exchange ratio of 70:1. . .we value the new streaming agreement at $530M (new stream terms plus production upside plus value of First Majestic shares) versus $440M for the previous stream."
	Cosmos Chiu, CIBC World Markets (1/15/18) "Wheaton Precious Metals Corp. is restructuring its streaming agreement at San Dimas. . .this is positive news for the company, with the asset now in the hands of a stronger operator. . .the agreement is accretive to Wheaton's NAV by 2%. We are increasing our price target from $24 to $25 and reiterate our Outperformer rating."
Brian MacArthur, Raymond James (1/12/18) "Wheaton Precious Metals Corp. has agreed to enter into a new stream agreement with First Majestic and terminate the existing San Dimas silver stream. . .we believe the uncertainty on the San Dimas stream was weighing on the shares and this restructuring is a positive event. . .given the high-quality and diversified asset base, high-margin and scalable business model of the company, we rate its shares Outperform."
Trefis (1/2/18) "Wheaton Precious Metals Corp. currently has 14 silver purchase agreements and two precious metals agreements. . .based upon its current agreements and forecasts for 2018, attributable production is expected to total 28 Moz silver and 340 Koz gold. The company's estimated average annual production over the next five years is anticipated to be approximately 29 Moz silver equivalent, including 340 Koz gold."
	Charles Gibson, Edison Investment Research (11/30/17) "Wheaton Precious Metals Corp.'s shares are trading on near-term financial measures that are consistently cheaper than those of its royalty/streaming 'peers' and are cheaper than the miners themselves in 41% of cases, despite being associated with materially less risk. Among others, Pascua-Lama, Rosemont and Salobo expansion then offer additional upside."
Ralph Profiti, Eight Capital (11/16/17) "We are resuming coverage on Wheaton Precious Metals Corp. with a Buy. The company offers investors a high-margin play on precious metals exposure that should command a multiple more in line with royalty/streaming peer valuations and a premium to precious metals miners based on tax-efficient leverage to underlying gold and silver prices, high-quality asset exposure relative to the cost curve, tier one mining partnerships, low financing costs, project optionality (Pascua Lama, Rosemont and Salobo expansion) and a flexible dividend strategy."
BMO Capital Markets (11/14/17) "Wheaton Precious Metals Corp.'s Q3/17 deliveries of 95.9 Koz gold and 7.6 Moz silver were a beat relative to our expectation of 92.1 Koz gold and 6.9 Moz silver. . .the company could deliver a strong Q4/17 on increased sales as the miners delivering into their streams clear out concentrate inventories heading into year-end."
	Charles Gibson, Edison Investment Research (11/10/17) "Wheaton Precious Metals Corp.'s Q3/17 results were characterized by improvements in production relative to the previous quarter. . .once again, gold sales exceeded silver sales, in this case, in the ratio 52:48."
Brian MacArthur, Raymond James (11/9/17) "Wheaton Precious Metals Corp. recorded sales of 158.4 Koz Au eq for Q3/17, and adjusted EPS came in at $0.15, essentially in line with our estimates. During the quarter, the company generated $129M in operating cash flows and repaid $99M in debt."
	Andrew Kaip, BMO Capital Markets (11/9/17) "Wheaton Precious Metals Corp. reported an in line Q3/17. . .deliveries of 95.9 Koz gold and 7.6 Moz silver were a beat relative to our expectation of 92.1 Koz gold and 6.9 Moz silver. . .adjusted EPS of $0.15 was in line with our estimate of $0.14 and consensus of $0.15."
	Charles Gibson, Edison Investment Research (10/26/17) "Wheaton Precious Metals Corp. Q2 earnings from operations were closely in line with our forecasts. . .management formally changed the company's dividend policy, which allowed it to declare a 10c third quarter dividend compared to our prior expectation of 6c. . .WPM also announced an 'Early Deposit' agreement, whereby it will advance US$65m to Desert Star in return for the right to purchase 100% of the silver and gold from Kutcho in British Columbia at 20% of spot over the life of the mine. . .we forecast a value per share for WPM of US$38.29, or C$48.71, in FY20."
Charles Gibson, Edison Investment Research (9/21/17) "Management formally changed Wheaton Precious Metals Corp.'s dividend policy, which allowed it to declare a $0.10 Q3/17 dividend, compared to our prior expectation of $0.06. Finally, the company also announced that it had entered into an 'early deposit' agreement whereby it will advance $65M to Desert Star in return for the right to purchase 100% of the silver and gold from Kutcho in British Columbia at 20% of spot over the life of the mine."
	Andrew Kaip, BMO Capital Markets (9/5/17) "We favor Wheaton Precious Metals Corp. on cash generation and liquidity. . .following the old adage that 'cash is king,' the company is king, generating +40% of total cash flow among its peer group annually. . .barring any future equity raises, it is one of two companies that have the most enviable liquidity positions to be able to transact on future opportunities."
	Charles Gibson, Edison Investment Research (8/30/17) "Wheaton Precious Metals Corp. announced that it had entered into a nonbinding agreement with Desert Star regarding an 'early deposit' arrangement over the Kutcho project. . .the company will advance $65M to Desert Star in return for the right to purchase 100% of the silver and gold production from Kutcho at 20% of the spot price of the two metals until 51 Koz Au and 5.6 Moz Ag have been delivered, at which point the stream will decrease to a 66.67% share for a term of the life of the mine."
	Michael Gray, Macquarie Capital Markets (8/21/17) "On Aug. 10, Wheaton Precious Metals Corp. reported in line financial results of adjusted EPS/CFPS at $0.15/$0.29 versus our estimates at $0.13/$0.29 and consensus at $0.14/$0.31. . .the company also announced that it is increasing its dividend from 20 to 30% of average operating cash flow for the previous four quarters. . .we reiterate our Outperform, Top Pick status."
	Andrew Kaip, BMO Capital Markets (8/10/17) "Wheaton Precious Metals Corp. reported a slight beat in Q2/17 relative to expectations. . .silver deliveries of 7.2 Moz were above our estimate of 6.5 Moz, based on better-than-expected production at Penasquito and Antamina. . .adjusted earnings per share of $0.16 was above our estimate of $0.14 and consensus of $0.15."
	Charles Gibson, Edison Investment Research (7/27/17) "Wheaton Precious Metals Corp.'s Q1/17 net earnings were within 0.4% of our prior expectations. . .in relative terms, the company's shares are trading on near-term financial measures that are cheaper than those of its royalty/streaming 'peers' in about 92% of instances considered and the miners themselves in about 44%, despite being associated with materially less risk."
	Ralph Aldis, U.S. Global Investors (7/11/17) "Wheaton Precious Metals Corp. is one of the three biggest and most successful royalty and streaming companies. When we had that downturn in the metal prices in 2015 and 2016, Silver Wheaton did very large royalties with some of the major miners that were producing gold as a byproduct. Those streams were in production and paying right then and there, so it immediately started getting returns on that. Wheaton Precious Metals has an issue with the Canadian Revenue Authority (CRA), which is trying to assess taxes on some of its offshore earnings. So, the company has somewhat been under a cloud. . .it has been in negotiation, and discovery, I believe, is finished now. But if the matter can get resolved favorably, and case law points to it might, Wheaton Precious Metals could have a very significant pop. I could see 20% in any single day if it gets this thing put to bed." read more >
	Charles Gibson, Edison Investment Research (6/29/17) "Wheaton Precious Metals Corp.'s Q1/17 net earnings were within 0.4% of our prior expectations. Gold sales once again exceeded silver sales. . .in relative terms, the company's shares are trading on near-term financial measures that are cheaper than those of its royalty/streaming 'peers' in about 92% of instances considered and the miners themselves in about 44%, despite being associated with materially less risk."
Brian MacArthur, Raymond James (6/15/17) "We are resuming coverage on Wheaton Precious Metals Corp. (formerly Silver Wheaton Corp.) with an Outperform rating. . .the company has major streams on a number of quality assets (Salobo, Antamina, Penasquito) and ranks well on reserves, NAV growth, jurisdictional risk and trading liquidity. Longer term, Wheaton could benefit from the development of Pascua-Lama given its stream on the entire project and/or Rosemont."
	Charles Gibson, Edison Investment Research (5/25/17) "Wheaton Precious Metal Corp.'s Q1/17 results were closely aligned with our prior expectations. . .net earnings were $61.2M versus our expectation of $61.4M. . .additional upside exists in the potential expansion of Salobo and the development of Pascua Lama, among others."
	The Gold Report Article by Adrian Day (5/23/17) "Wheaton Precious Metals Corp. is the new name for Silver Wheaton, a reflection of the fact that the majority of its revenues no longer come from silver." read more >
Jefferson Research (5/19/17) "Wheaton Precious Metals Corp. is showing strong earnings quality and cash flow quality. . .the earnings quality for the company remains strongest. . .the cash flow quality rating for Wheaton remains strong."
	Charles Gibson, Edison Investment Research (5/18/17) "Wheaton Precious Metals Group's Q1/17 results were closely aligned with our prior expectations. . .for the second quarter in succession, gold sales exceeded silver sales. Nevertheless, net earnings for the quarter were $61.2M versus our expectation of $61.4M."
	Michael Gray, Macquarie Equity Research (5/11/17) "On May 9, after market close, Wheaton Precious Metals Corp. reported adjusted EPS/CFPS for Q1/17 of $0.14/$0.28 versus our estimates at $0.13/$0.30 and consensus at $0.14/$0.30. . .Ag production was 6.5 Moz. . .Au production was 85 Koz. . .we reiterate our Outperform."
Josh Wolfson, Eight Capital (5/10/17) "Wheaton Precious Metals Corp. reported Q1/17 adjusted EPS of $0.14, above our estimate of $0.13 and in line with consensus. . .the company reiterated 2017 guidance of 340 Koz gold and 28 Moz silver. . .it reported adjusted earnings of $61M, $2M above our estimate of $59M."
	Cosmos Chiu, CIBC World Markets (5/10/17) "Wheaton Precious Metals Corp. reported Q1/17 results that were largely in line, with EPS of $0.14 and CFPS of $0.28, compared to our estimates of $0.14 and $0.31 (consensus of $0.14 and $0.30), respectively. . .the company's revenue for the quarter of $198M was split 46%/54% between silver and gold, respectively."
	Andrew Kaip, BMO Capital Markets (5/9/17) "Wheaton Precious Metals Corp. reported EPS above our estimate but in line with consensus. . .the company paid down ~$130M in debt during Q1/17, and 2017 guidance was maintained. . .Silver Wheaton exited Q1/17 with $115M in cash."
	Charles Gibson, Edison Investment Research (4/27/17) "Silver Wheaton Corp.'s shares are trading on near-term financial measures that are cheaper than those of its royalty/streaming 'peers' in EPS 80% of instances considered, and the miners themselves in EPS 40%, despite being associated with materially less risk. Additional upside exists in the potential expansion of Salobo and the development of Pascua-Lama and Rosemont, among others."
Josh Wolfson, Eight Capital (4/24/17) "We estimate Silver Wheaton Corp.'s Q1/17 production in concentrate to be 7.1 Moz Ag and 84 Koz Au, for a total of 13 Moz Ag eq ounces. . .year-end inventories were an estimated 7.6 Moz Ag eq, and we estimate 8 Moz Ag eq as of Q1/17E."
	Michael Gray, Macquarie Capital Markets (4/16/17) "We think Silver Wheaton Corp. shares benefit from the pending restart of San Dimas on the back of a reset of the union agreement that paves the way for two years of labor stability along with a more efficient operating approach. We reiterate our Outperform recommendation."
	Charles Gibson, Edison Investment Research (3/30/17) "Silver Wheaton Corp.'s shares are trading on near-term financial measures that are cheaper than those of its royalty/streaming 'peers' in at least 83% of instances considered, and the miners themselves in at least 41%, despite being associated with materially less risk. Additional upside exists in the potential expansion of Salobo and the development of Pascua-Lama and Rosemont, among others."
Charles Gibson, Edison Investment Research (3/29/17) "In Q4/16, sales and cash flows derived by Silver Wheaton Corp. from gold operations exceeded those from silver for the first time ever. . .to better reflect the company's increasingly gold-rich asset base, the board of directors has recommended that Silver Wheaton change its name to Wheaton Precious Metals Corp."
	Cosmos Chiu, CIBC World Markets (3/22/17) "Silver Wheaton Corp. has proposed a name change to Wheaton Precious Metals Corp. Importantly, this reflects both the company's existing portfolio of silver and gold assets (2016 revenue was derived 54% from silver and 46% from gold) and an ongoing focus for future acquisitions."
Josh Wolfson, Eight Capital (3/22/17) "Silver Wheaton Corp. reported Q4/16 adjusted earnings of $0.19, above our estimate of $0.17 and consensus of $0.16. Q4/16 silver equivalent ounce production and sales exceeded our estimates by 10% and 9%, respectively, resulting in healthy free cash flow (FCF) generation. . .we calculate Q4/16 FCF before working capital changes of $165M, $9M above our estimate of $156M."
	Michael Gray, Macquarie Capital Markets (3/22/17) "Silver Wheaton Corp. is a Top Pick and should be a precious metals portfolio core position. . .Salobo contributed 71.3 Koz Au to overall gold production in Q4/16 as part of record quarterly gold production of 107.3 Koz (margin of ~$815/oz). . .we reiterate our Outperform."
	Andrew Kaip, BMO Capital Markets (3/21/17) "Silver Wheaton Corp. reported in line Q4/16 EPS, with silver and gold deliveries coming in 3% and 8% ahead of our expectations, respectively. The company expects production of 28 Moz silver and 340 Koz gold in 2017 (accounting for a three-month shutdown at San Dimas), and Silver Wheaton will seek shareholder approval to change its name to Wheaton Precious Metals."
Josh Wolfson, Eight Capital (3/14/17) "Silver Wheaton Corp. will be reporting FY16 financial results and 2017 guidance on Tuesday, March 21 after market close. . .at a 75x gold:silver ratio, we forecast 2017 silver equivalent production in concentrate of 53.3 Moz, consisting of 28.1 Moz silver and 335 Koz gold."
	Andrew Kaip, BMO Capital Markets (3/7/17) "A member of our research team had the opportunity to attend an analyst and investor tour of Silver Wheaton Corp.'s Antamina mine on March 2. . .substantial mine life extension potential exists, certainly in the open pit, but longer term potentially as an underground operation. Further, the mine has considerable resources, with the potential to upgrade material and add additional ounces through exploration."
Michael Siperco, Macquarie Capital Markets (3/6/17) "We attended a site visit on March 1 to 3 to Silver Wheaton Corp.'s Antamina mine. . .we gained further comfort with the long-term upside to reserves, as well as the robustness of the mine and infrastructure (including the +300 km pipeline) in a challenging environment (+4,200m above sea level). . . there is ample potential for extension from existing Measured and Indicated and Inferred resources, as well as underground (block cave?) potential and district-wide (700 km sq) exploration upside."
	Andrew Kaip, BMO Capital Markets (2/28/17) "Silver Wheaton Corp.'s production over the next five years is forecast to be 55% silver and 45% gold. . .current cornerstone assets include Salobo, which produced record gold production in 2015 of 126 Koz; Penasquito, where silver grade is expected to climb through 2019; Antamina, the eighth largest copper mine in the world; and San Dimas, the company's first stream."
	Charles Gibson, Edison Investment Research (2/23/17) "Silver Wheaton's Corp.'s Q3/16 results were characterized by silver production in line with our expectations but an exceptionally strong performance from its gold assets. . .quarterly profit before tax was still the highest since Q1/13 (when gold and silver prices were $1,645/oz and $29.89/oz, respectively)."
Charles Gibson, Edison Investment Research (12/15/16) "Silver Wheaton Corp.'s Q316 results were characterized by silver production in line with Edison's expectations, with an exceptionally strong performance from its gold assets. . .we forecast value per share of US$33.09, or C$44.72, in FY20 (at prices of US$23.98/oz Ag and US$1,362/oz Au). . .SLW's shares are trading on near-term financial ratios that are cheaper than those of its royalty/streaming 'peers' in at least 87% of measures considered, and the miners themselves in at least 46% of measures considered, despite being associated with materially less risk."
Charles Gibson, Edison Investment Research (12/6/16) "Silver Wheaton Corp.’s Q3/16 results were characterised by exceptionally strong production from its gold assets, supported by record quarterly output at Salobo and Minto and a strong performance at 777. . .a key advantage for Silver Wheaton compared to potential competitors is its size, scale and valuation, which allows it to raise equity on a non-dilutive basis to fund new streams, or even to issue counterparties with equity in consideration of new streams."
	The Gold Report Article by Adrian Day (12/5/16) "Silver Wheaton Corp. is a streaming company with approximately 55% of its revenues from silver, 45% from gold. The stock has been extremely weak since it reported good quarterly results. Depreciation hurt the bottom line, but quarterly "production" rose 17%, up over 50% from a year ago. Most mines on which it holds streams performed well. . .we like Silver Wheaton, and it is my favorite way to gain exposure to silver. The tax issue is priced into the stock for the most part, while there is good optionality on any gold or silver price increase. The stock is now undervalued relative to other major royalties and streamers (though part of that is justified given the differences in balance sheets). Silver Wheaton is a solid buy, under US$19." read more >
	Charles Gibson, Edison Investment Research (11/24/16) "Silver Wheaton Corp.'s Q316 results were characterized by silver production in line with Edison's expectations, but an exceptionally strong performance from its gold assets. . .we forecast a value per share of US$33.09, or C$44.72, in FY20 (prices of US$23.98/oz Ag and US$1,362/oz Au). . .SLW's shares are trading on near-term financial ratios that are cheaper than those of its royalty/streaming 'peers' in at least 87% of measures considered, and the miners themselves in at least 46% of measures considered, despite being associated with materially less risk."
Phil Russo, Raymond James (11/10/16) "Production from Silver Wheaton Corp.'s streams were generally in-line with our overall expectations as strong performance from Antamina and Salobo offset significant underperformance from San Dimas . . . earnings came in below our estimate primarily as a result of an increase in ounces produced but not sold. We view 4Q16 favorably as Silver Wheaton should see increased production at Peñasquito, and the latest Salobo interest positively contribute to revenue and earnings. . . Silver Wheaton remains our highest FCF yielding name amongst our large caps and has increased the quarterly dividend by 20% this quarter."
	Michael Gray, Macquarie Capital Markets (11/10/16) "Although Primero’s San Dimas asset is struggling in the near term with guidance revised lower for the second time, we think the market has overreacted to the downside and this is a key opportunity to buy Silver Wheaton Corp. at a discount. . .we expect a strong Q4/16 driven by inventory draw-downs from producers toward year-end. . .Salobo [is] delivering as the cornerstone asset. . .we think the recent copper price move will incentivize partner VALE to continue pushing a phase III expansion as Salobo is one of VALE’s best performing assets."
Josh Wolfson, Dundee Capital Markets (11/10/16) "Silver Wheaton Corp. reported silver equivalent production in concentrate of 15.1 MMoz [in Q3 results]. . .SEO production in concentrate was largely aided by higher gold output (+21 koz Au or 1.4 MMoz SEO) due to materially higher output at SLW’s Salobo mine (+12 koz variance) and the company's 'other' mines (+12 koz variance), which include Constancia, 777, and Minto. . .Silver Wheaton revised its production targets, with 2016 gold production now forecast to be 335 koz, up from 305 koz previously (DCM est 311 koz), due to better YTD results and the company’s expectations for 4Q Salobo and Sudbury output."
	Michael Gray, Macquarie Capital Markets (11/10/16) "Silver Wheaton Corp.'s gold production was a strong beat while silver production missed forecasts. . .SLW trades in-line with peers at ~1.4x NAV (FNV at ~1.6x NAV) while offering high quality streams with the majority of the assets operating in the bottom half of their respective cost curves."
	Andrew Kaip, BMO Capital Markets (11/9/16) "Silver Wheaton Corp. reported Q3/16 adjusted EPS of $0.19, a beat relative to our expectations. . .Q3/16 production of 7.7 Moz of silver and 109.2 Koz of gold was a strong beat relative to our expectations of 7 Moz silver and 83.9 Koz gold. The production beat was due to higher gold production at Salobo. . .given the strong YTD performance of Salobo and Sudbury, SLW raised 2016 gold guidance to 335 Koz (from 305 Koz). . .SLW also announced that Chuck Jeannes, former president and CEO of Goldcorp, has joined the board of directors."
	Charles Gibson, Edison Investment Research (10/31/16) "We forecast a value per share for Silver Wheaton Corp. of US$34.22 in FY20 (at prices of US$23.98/oz Ag and US$1,362/oz Au), implying an 11.0% pa total internal rate of return for investors in US dollar terms over the next four years. In the meantime, SLW's shares are trading on near-term financial ratios that are cheaper than those of its royalty/streaming 'peers' in at least 75% of instances considered, and the miners themselves in at least 46% of instances, despite being associated with materially less operational and cost risk."
Charles Gibson, Edison Investment Research (10/27/16) Silver Wheaton Corp.'s Q216 earnings were close to Edison’s forecast, but were still almost 50% better than the previous quarter. . . in the longer term, assuming no material purchases of additional streams (which is unlikely), we forecast a value per share for SLW of US$40.81, or C$53.21, in FY19 (at US$26.57/oz Ag and US$1,483/oz Au). . .in the meantime, SLW is trading on near-term financial ratios that are cheaper than those of its royalty/streaming peers and the miners themselves on a majority of valuation measures, despite being associated with materially less risk."
Kevin MacKenzie, PI Financial (10/5/16) "We are adding Silver Wheaton Corp. as a TOP Pick. . .given the political and economic uncertainty worldwide, we view Silver Wheaton to be a strong overall market hedge, and levered proxy to precious metal prices. . .Furthermore, given the company’s expanding margins, fix cost structure (2016-2020E: US$405/oz gold, US$4.57/oz silver), and robust asset base (96% producing assets within first half of cash cost curve), we view it as a preferred play among the senior producers. . .at present, we recommend Silver Wheaton with a BUY rating, US$35.50/sh target price and AVERAGE risk rating."
Josh Wolfson, Dundee Capital Markets (9/30/16) "Beyond Silver Wheaton Corp.'s average 2016-2020 production guidance of 31 MMoz Ag & 330 koz Au, it maintains several key development projects which could add an incremental 19 MMoz AgEq annually to its production profile. . .Key principles for SLW's investment in precious metals streams include the security structure of its investment, and a preference for long life, low cost operations . . .We maintain our BUY rating and our C$45.00 target, based on 2.1x our NAVPS at a long term gold price of $1,350/oz and 26x our sustainable FCF est(unch)."
	Michael Gray, Macquarie Equity Research (9/30/16) "The key messages in the initial Silver Wheaton Corp. session in our view were: 1) Streaming deals have commanded $19 of every $20 raised in equity (or debt) vs royalties at only $1 - this highlights the importance of the streaming model; 2) Technical due diligence is done at a high level - partners feedback to the SLW due diligence team is that their insights are typically value-add to the operations - we have stressed in a number of reports that this in-house due diligence team provides SLW with a key competitive advantage. . .We reiterate our Outperform recommendation and C$40.00 target."
Kevin MacKenzie, PI Financial (9/30/16) "With 96% of its streams now from assets within the lower half of the cash cost curve, fix attributable production costs of $4.57/oz silver and $405/oz gold, significant leverage to precious metal prices and an increasing dividend, Silver Wheaton Corp. continues to tick all of the investment boxes. . .In addition to the inherent investment leverage associated with a)advancing to production cheaper development stage ounces, and b) commodity cycle related investment timing, Silver Wheaton now benefits from the active concurrent exploration/discovery being conducted by its development staged streaming counterparties. . .At present, we maintain our current valuation of US $35.50/sh target price and AVERAGE risk rating."
Phil Russo, Raymond James (9/30/16) "We viewed the company’s maiden analyst day favorably overall as Silver Wheaton Corp. reaffirmed its core assets are long life, significant cash flow contributors with projections largely in-line with our expectations. . .From a valuation perspective, today we estimate Silver Wheaton trades at 1.5x P/NAV vs.the peer group at 1.8x (and Franco Nevada at 2.1x). On a P/CF basis, Silver Wheaton trades at 16.6x 2017 P/CF vs peer group at 20.1x. . .We continue to like Silver Wheaton Corp today for its leading portfolio of mines, peer leading cash flow profile and favorable valuation profile."
	Charles Gibson, Edison Investment Research (9/29/16) "Silver Wheaton Corp.'s Q2/16 earnings were close to Edison's forecast, but were still almost 50% better than the previous quarter. Performance was buoyed by record gold sales, driven by the continued ramp up at Salobo, a record production performance at Sudbury, continued outperformance at Antamina and continued inventory drawdown. . .SLW is trading on near-term financial ratios that are cheaper than those of its royalty/streaming peers and the miners themselves on a majority of valuation measures, despite being associated with materially less risk."
	Cosmos Chiu, CIBC World Markets (9/29/16) "With Silver Wheaton Corp. highlighting its early deposit streams in Toroparu and Cotabambas, CIBC has taken this opportunity to better ascribe value to these potential streams. CIBC's NAV for Silver Wheaton increases ~1%. . .Management gave a flavor for the company's deal-making process, showcasing a robust and nimble due diligence process that enables Silver Wheaton to act quickly on opportunities. . .The presentation of Salobo and Sudbury reaffirmed the quality and significance of these as world-class assets. . .The $33 price target is derived by taking the average of short-term and longer-term valuation metrics."
	Andrew Kaip, BMO Capital Markets (9/29/16) "Silver Wheaton Corp. emphasized the strength of its operating portfolio, which has a 26-year mine life when considering only proven and probable reserves. . .We came away impressed with a company that manages a portfolio of high-quality, long-life assets. . .Although it has no ownership or operating control, SLW has a strong technical team that has been adding value to its portfolio of assets. . .SLW continues to see exploration potential upside from a range of early-stage assets and has a strong balance sheet and cash flow profile to be able to execute on additional future opportunities."
Josh Wolfson, Dundee Capital Markets (9/20/16) "Silver Wehaton Corp. founded the streaming business model, and views an arbitrage opportunity available where precious metals output from a base metal mine can be valued more favourably by the market within its portfolio. Management outlined it maintains a sector-leading low-cost portfolio, with >95% of production sourced from assets within the lower half of the cost curve. . .at Salobo. . .SLW is expected to receive >225 koz annually. At Penasquito the completion of the pyrite leach circuit in 2019 will improve recoveries, and grades will improve from near-term lower grade ore."
Sean Williams, The Motley Fool (9/19/16) "When we take a step back and analyze the catalysts behind the move higher in precious metal spot prices, it's silver that could have considerably more upside than gold. . .Silver Wheaton Corp. is a royalty and asset streaming company in the silver- and gold-mining space. In return for upfront capital that miners use to develop and expand their mines, Silver Wheaton receives long-term or life-of-mine contracts that allow it to purchase a specified amount of gold or silver at a fraction of the current spot price. . .if silver rises substantially, so should Silver Wheaton's payout."
Jorge Beristain, Deutsche Bank (9/9/16) "We initiate coverage of Silver Wheaton Corp., the largest precious metals focused streaming company globally, with a Buy. . .we forecast silver equivalent production of 54.7m oz in 2016 and 57m oz in 2017 which then has the potential to increase in forward years through deals and/or project development with minimal additional overhead. . .Silver Wheaton is more levered than some peers, its Balance Sheet remains solid. Despite the recent share price rally, we still see upside."
	The Gold Report Article by Ben Kramer-Miller (9/8/16) "Several royalty and streaming companies, including Silver Wheaton Corp., have generated above-average returns in the long run, having outperformed mining stocks, broader stock market indexes and the underlying precious metals. . . the stream that Silver Wheaton owns on Primero Mining's San Dimas mine, it purchased more than 10 years ago back when Goldcorp owned the project. Silver Wheaton now generates ~50% of its initial investment on an annual basis, and the investment has already more than paid for itself. . .Silver Wheaton is inexpensive relative to its peers on a price-to-operating-cash-flow basis. Shares trade at ~20X forward cash flow, which sounds high. But the company's cash flow will be bolstered through mine expansions at two of its biggest streaming assets—Salobo and Peñasquito—over the next few years. The company also has exposure to some of the most efficient mines in the world, which will likely not shut down in the event of a commodity price slump. Such exposure makes up the bulk of Silver Wheaton's portfolio." read more >
Adrian Day, Global Analyst (9/2/16) "Silver Wheaton Corp. has seen higher revenue, as expected with high gold and silver prices (offset partly by the lower production as Penasquito, expectedly to be only temporary). Silver Wheaton has a good project pipeline and available resources for future acquisitions. Though cash is only $103 million against debt of about $1.5 billion, the debt is very serviceable and a line of credit is available as needed. SLW is trading at only a modest discount to industry leader Franco Nevada (just 2% if the reserves for the Canadian tax dispute are eventually used for that purpose). But of course, should Silver Wheaton win the case, there is considerable upside. Given the rally in the stock price, the risk from lower silver prices, and the valuation, we are holding." read more >
	Charles Gibson, Edison Investment Research (8/30/16) "Silver Wheaton Corp.'s Q2/16 earnings were within 2.5% of our forecast and almost 50% better than the previous quarter. Performance was buoyed by record gold sales, driven by the continued ramp up at Salobo, a record production performance at Sudbury (which was almost 6,000oz ahead of our expectations), continued outperformance at Antamina (for a third consecutive quarter) and inventory drawdown (for a second consecutive quarter)."
Charles Gibson, Edison Investment Research (8/25/16) "Silver Wheaton Corp.'s Q2/16 earnings were close to Edison's forecast, but were still almost 50% better than the previous quarter. Performance was buoyed by record gold sales, driven by the continued ramp up at Salobo, a record production performance at Sudbury, continued outperformance at Antamina and continued inventory drawdown. . .SLW is trading on near-term financial ratios that are cheaper than those of its royalty/streaming peers and the miners themselves on a majority of valuation measures, despite being associated with materially less operating and cost risk."
	Frank Holmes, U.S. Global Investors (8/22/16) "One of the best ways to play gold, I believe, is royalty and streaming companies; as a reminder, these companies serve as specialized financiers to explorers and producers. . .among our favorite names in this space is Silver Wheaton Corp., which has outperformed underlying gold for the 12-month period."
Kevin MacKenzie, PI Financial (8/15/16) “As opposed to many established miners, Silver Wheaton Corp. has a low operating risk profile, given the structure/quality of its streaming agreements, and benefits from its free exposure to project level exploration /development upside. . .We expect Silver Wheaton, as the only pure precious metal streaming/royalty company, to continue to outperform its peers. . .We are initiating coverage on Silver Wheaton with a BUY rating, US $35.50/sh target price and AVERAGE risk rating. . .Our target, which presents a 17% return to market, is derived from an equal weighting of 1.75x P/Operating NAV and 22x P/2017E CF.”
	Cosmos Chiu, CIBC World Markets (8/11/16) "Silver Wheaton Corp. reported a solid quarter for Q2/16, reporting 12.9 million ounces of silver equivalent production, in line with CIBC expectations. . .By metal, attributable production was 7.6 million ounces of silver and 70,200 ounces of gold, compared to CIBC estimates of 8.1 million ounces of silver and 65,000 ounces of gold. . .Reiterated 2016 attributable gold production guidance of 305,000 ounces and refined silver production guidance to 32 million ounces (from 32.8 million ounces) due to San Dimas, and for the five-year period (including 2016), an average of 330,000 ounces of gold and 31 million ounces of silver."
Josh Wolfson, Dundee Capital Markets (8/11/16) Silver Wheaton Corp. reported 2Q16 EPS of $0.14, above our estimate of $0.11 and in line with consensus of $0.14. Production was higher than forecast. . .SLW reported silver equivalent production of 12.8MMSEO, +8% our 11.9MMSEO estimate. Results consisted of silver production of 7.6 MMoz (+7% our 7.1 MMoz est.), and gold production of 70.2 koz (+9% our 64.6 koz est.). . .SLW announced a transaction to increase its attributable Salobo goldstream production by an additional 25% for US$800MM in cash, which the company intends to fund with cash and available credit."
	Andrew Kaip, BMO Capital Markets (8/10/16) "Silver Wheaton reported headline Q2/16 EPS of $0.14; after adjusting for stock-based compensation, adjusted EPS was $0.15, ahead of BMO estimates of $0.10 and consensus of $0.14. . .the adjusted EPS beat relative to our estimates was attributable to higher-than-expected silver sales at Antamina and Penasquito. . .SLW retains flexibility to transact on further streaming agreements due to strong cash generative ability and total liquidity of over $600M after adjusting for the Salobo advance payment."
Phil Russo, Raymond James (8/3/16) "We reiterate our Outperform rating for Silver Wheaton and are increasing our target price to US$33.50 from US$28.00 following the company's announcement of the increased interest in Vale's Salobo life of mine (LOM) gold production. . .The increase in estimated free cash flow pushes Silver Wheaton to the top FCF yielding royalty/streamer in our coverage universe at 6% versus the peer group at 5%. . .We believe portfolio diversification, growth profile, precious metals exposure and FCF yield warrant our Outperform rating."
	Andrew Kaip, BMO Capital Markets (8/2/16) "Silver Wheaton announced the acquisition of an additional 25% gold stream from the Salobo Mine in Brazil. . . the NPV5% of the additional stream at Salobo is estimated at~$275M with an IRR of 8.6% at spot prices, which appears reasonable given SLW’s familiarity with Salobo, and the asset’s high-quality and long reserve life. The stream is forecast to increase EBITDA by ~10% annually with Salobo now representing ~30% of EBITDA on a go-forward basis, vs. ~20% previously. . .We rate shares of SLW as Outperform with a revised $31 target price."
Josh Wolfson, Dundee Capital Markets (8/2/16) "Silver Wheaton Corp. has agreed to acquire an additional 25% of LOM gold production from Vale's Salobo mine in Brazil for up-front cash consideration of US$800MM. . .Silver Wheaton has also amended the strike price on 10MM warrants previously issued to Vale to US$43.75/sh from US$65/sh. . .the transaction is 3% accretive to our spot corporate NAV, and could add an incremental $50MM in 2017/2018 corporate FCF (+8%). . .Silver Wheaton revised its 2016 gold production guidance to 305 koz, and average 5-year gold production of 330 koz."
	Cosmos Chiu, CIBC World Markets (8/2/16) "Silver Wheaton Corp. has announced the acquisition of an additional 25% gold stream from Vale on the Salobo mine in Brazil for $800 million (plus reduced strike price on previously issued warrants to Vale), bringing the total to a 75% stream. . .security for the entire 75% gold stream has been improved, with gold deliveries now guaranteed by Vale and the direct holder of Salobo, Salobo Metals S.A. . .Silver Wheaton has increased its attributable gold production to 305,000oz (from 265,000oz)."
"What Experts Predict for the New Silver Bull Market" Gold Report Article (7/27/16) "Silver Wheaton Corp. is levered to the silver price. In Raymond James' July 21 Q2/16 Precious Metals Preview report, the firm named Silver Wheaton a top pick both as a silver equity and a streamer. Credit Suisse upgraded Silver Wheaton at the end of June from Neutral to Outperform. Analyst Ralph Profit noted, "While CRA tax risk likely continues as an overhang, SLW's business model still provides investors with a highly levered play on precious metals prices and SLW should still command a multiple in-line with royalty valuations and a premium to precious metals miners based on its leverage to underlying prices, free cash flow, and strong balance sheet." read more >

Experts Following This Company

	Ralph Aldis, Portfolio Manager, Gold and Natural Resources – U.S. Global Investors
	Cosmos Chiu, Executive Director of Precious Metals Equity Research – CIBC World Markets
	Adrian Day, Founder – Adrian Day Asset Management
	Charles Gibson, Director, Mining – Edison Investment Research
	Michael Gray, Analyst – Macquarie Capital Markets
	Frank Holmes, Chairman – U.S. Global Investors
	Maurice Jackson
	Andrew Kaip, Analyst – BMO Capital Markets
Brian MacArthur, Analyst – UBS Securities
Carey MacRury, Equity Analyst – TD Securities
	Samuel Pelaez , Chief Investment Officer and Portfolio Manager – Galileo Global Equity Advisors Inc
Ralph Profiti, Analyst – Eight Capital
	Rick Rule, Chairman – Sprott Global Resource Investments Ltd.

The information provided above is from analysts, newsletters, the company and other contributors.

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