10:20 AM EDT, 10/22/2024 (MT Newswires) -- Wheaton Precious Metals ( WPM ) maintained its Sector Perform rating and US$60 price target at RBC Capital Markets, according to a note published Monday.

RBC's update comes after Rio2 ( RIOFF ) announced a US$150 million financing package for its Fenix gold project in Chile, comprising U$120 million from Wheaton and a $40 million marketed share offering. WPM previously negotiated a $50 million gold stream with Rio2 ( RIOFF ) in 2021 (for less than 1% of WPM's NAV).

RBC said the returns are favorable to Wheaton, but ultimately have a short, fixed duration and low materiality to the company.

Wheaton was up $0.95 or 1% at $93.55, and has hit a 52 week high of $94.

Price: 93.35, Change: +0.75, Percent Change: +0.81