We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Can Wheaton Precious Metals Sustain Its Record Production Growth?
Read MoreHide Full Article
Key Takeaways
Wheaton Precious Metals' gold-equivalent production rose 13.9% to record 647,258 ounces in nine months.
The Antamina stream and newer operations are driving 2026 production guidance of 860,000-940,000 GEOs.
WPM targets 1.2M GEOs by 2030, supported by development projects and strong operating assets.
Wheaton Precious Metals Corp. (WPM - Free Report) has delivered solid performance so far this year, backed by strong production growth and supportive metal prices. WPM’s gold-equivalent production increased 13.9% year over year in the first nine months of 2026 to record 647,258 ounces.
The upside was driven by the acquisition of the precious metals purchase agreement with BHP Group Limited (BHP). The BHP Group Antamina precious metals purchase agreement became effective April 1, 2026, lifting Wheaton Precious Metals’ attributable silver to 67.5% and adding another 33.75% of payable silver until delivery thresholds step down. Antamina produced 2.7 million attributable silver ounces in third-quarter 2026, up 60% year over year, despite lower grades from mine sequencing. The deal with BHP Group adds long-life silver exposure and requires ongoing payments equal to 20% of spot silver.
The company reaffirmed the 2026 attributable production guidance of 860,000-940,000 GEOs, including 400,000-430,000 gold ounces and 27-29 million silver ounces. This indicates a rise of 30% at the midpoint from 2025’s production of 692,000 ounces. The upside will be driven by expanded Antamina stream and contributions from newer operations, including Hemlo, Fenix, Platreef and Mineral Park.
Wheaton Precious Metals continues to expect production of 1.2 million GEOs by 2030 and averaging around that level through 2035. Growth will also be driven by development assets, including Koné, Kurmuk, Goose, El Domo, Spring Valley, Copper World and Santo Domingo projects. Development projects that are in construction and/or permitted will also boost growth. Solid performances at operating assets, including Antamina, Aljustrel, Marmato, Blackwater, Hemlo, Goose, Platreef, Fenix and Mineral Park will also aid the upside.
Wheaton Precious Metals’ Peers 2026 Guidance
SSR Mining Inc. (SSRM - Free Report) produced 103,585 gold-equivalent ounces in the third quarter of 2026. SSR Mining expects 2026 production to be 450,000-535,00 ounces, with production weighted to the fourth quarter.
AngloGold Ashanti PLC (AU - Free Report) maintains gold production expectations between 2.80 million and 3.17 million ounces for 2026. AngloGold Ashanti’s gold production was 696,000 ounces in the third quarter of 2026.
WPM’s Price Performance, Valuation & Estimates
Wheaton Precious Metals shares have jumped 25.8% in a year, outpacing the industry's 14.3% growth. In comparison, the Zacks Basic Materials sector and the S&P 500 have returned 11% and 9.4%, respectively.
Image Source: Zacks Investment Research
WPM is currently trading at a forward 12-month price-to-earnings multiple of 29.91X, a premium to the industry average of 14.32X.
Image Source: Zacks Investment Research
Meanwhile, SSR Mining and AngloGold Ashanti are trading lower at 9.18X and 11.48X, respectively.
The Zacks Consensus Estimate for Wheaton Precious Metals’ 2026 sales is $3.55 billion, indicating a 53% year-over-year jump. The consensus mark for the year’s earnings is pegged at $4.51 per share, suggesting a year-over-year rally of 48%.
The Zacks Consensus Estimate for 2027 sales implies a 1.1% year-over-year rise. The same for earnings suggests a rise of 2.1%.
EPS estimates for 2026 have moved south, while the same for 2027 have moved north over the past 60 days.
View the Zacks #1 Rank List
Image: Bigstock
Can Wheaton Precious Metals Sustain Its Record Production Growth?
Key Takeaways
Wheaton Precious Metals Corp. (WPM - Free Report) has delivered solid performance so far this year, backed by strong production growth and supportive metal prices. WPM’s gold-equivalent production increased 13.9% year over year in the first nine months of 2026 to record 647,258 ounces.
The upside was driven by the acquisition of the precious metals purchase agreement with BHP Group Limited (BHP). The BHP Group Antamina precious metals purchase agreement became effective April 1, 2026, lifting Wheaton Precious Metals’ attributable silver to 67.5% and adding another 33.75% of payable silver until delivery thresholds step down. Antamina produced 2.7 million attributable silver ounces in third-quarter 2026, up 60% year over year, despite lower grades from mine sequencing. The deal with BHP Group adds long-life silver exposure and requires ongoing payments equal to 20% of spot silver.
The company reaffirmed the 2026 attributable production guidance of 860,000-940,000 GEOs, including 400,000-430,000 gold ounces and 27-29 million silver ounces. This indicates a rise of 30% at the midpoint from 2025’s production of 692,000 ounces. The upside will be driven by expanded Antamina stream and contributions from newer operations, including Hemlo, Fenix, Platreef and Mineral Park.
Wheaton Precious Metals continues to expect production of 1.2 million GEOs by 2030 and averaging around that level through 2035. Growth will also be driven by development assets, including Koné, Kurmuk, Goose, El Domo, Spring Valley, Copper World and Santo Domingo projects. Development projects that are in construction and/or permitted will also boost growth. Solid performances at operating assets, including Antamina, Aljustrel, Marmato, Blackwater, Hemlo, Goose, Platreef, Fenix and Mineral Park will also aid the upside.
Wheaton Precious Metals’ Peers 2026 Guidance
SSR Mining Inc. (SSRM - Free Report) produced 103,585 gold-equivalent ounces in the third quarter of 2026. SSR Mining expects 2026 production to be 450,000-535,00 ounces, with production weighted to the fourth quarter.
AngloGold Ashanti PLC (AU - Free Report) maintains gold production expectations between 2.80 million and 3.17 million ounces for 2026. AngloGold Ashanti’s gold production was 696,000 ounces in the third quarter of 2026.
WPM’s Price Performance, Valuation & Estimates
Wheaton Precious Metals shares have jumped 25.8% in a year, outpacing the industry's 14.3% growth. In comparison, the Zacks Basic Materials sector and the S&P 500 have returned 11% and 9.4%, respectively.
WPM is currently trading at a forward 12-month price-to-earnings multiple of 29.91X, a premium to the industry average of 14.32X.
Meanwhile, SSR Mining and AngloGold Ashanti are trading lower at 9.18X and 11.48X, respectively.
The Zacks Consensus Estimate for Wheaton Precious Metals’ 2026 sales is $3.55 billion, indicating a 53% year-over-year jump. The consensus mark for the year’s earnings is pegged at $4.51 per share, suggesting a year-over-year rally of 48%.
The Zacks Consensus Estimate for 2027 sales implies a 1.1% year-over-year rise. The same for earnings suggests a rise of 2.1%.
EPS estimates for 2026 have moved south, while the same for 2027 have moved north over the past 60 days.
WPM currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.