Wheaton Precious Metals Corp. WPM has delivered solid performance so far this year, backed by strong production growth and supportive metal prices. Driven by the acquisition of the precious metals purchase agreement with BHP Group Limited (BHP), WPM’s attributable gold-equivalent production increased 6.3% year over year to 202,229 ounces.
The company reaffirmed the 2026 attributable production guidance of 860,000-940,000 GEOs, with output expected to be weighted to the second half of 2026. This indicates a rise of 30% at the mid-point from 2025’s production of 692,000 ounces. The upside will be driven by Salobo and Peñasquito sequencing, a full Antamina contribution, and newer-asset ramp-ups.
The BHP Group Antamina precious metals purchase agreement became effective on 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 2.3 million attributable silver ounces in the second quarter, up 56% year over year despite lower grades and maintenance timing. The deal with BHP Group adds long-life silver exposure and requires ongoing payments equal to 20% of spot silver.
Wheaton Precious Metals expects 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 produced 101,959 gold-equivalent ounces in the second quarter of 2026. SSR Mining expects 2026 production to be 450,000-535,00 ounces, with production weighted to the second half of 2026.
AngloGold Ashanti PLC AU maintains gold production expectations between 2.80 million and 3.17 million ounces for 2026. The production is expected to be heavily weighted toward the second half of 2026. AngloGold Ashanti’s gold production was 744,000 ounces in the second quarter of 2026.
WPM’s Price Performance, Valuation & Estimates
Wheaton Precious Metals shares have surged 60.2% in a year, outpacing the industry’s 53.5% growth. In comparison, the Zacks Basic Materials sector and the S&P 500 have returned 23.8% and 36.4%, respectively.
