Wheaton Precious Metals Exceeds 2025 Production Guidance and Provides 2026 and Long-Term Outlook, Projecting Approximately 50% Growth to 1.2 Million Gold Equivalent Ounces by 2030
Wheaton Doubles Down on Cornerstone Antamina as Production Targets Soar Toward 1.2 Million GEOs
On February 16, 2026, Wheaton Precious Metals (WPM) released two transformative announcements. First, the company exceeded its 2025 production guidance, delivering 691,670 gold equivalent ounces (GEOs) against a target of 600,000–670,000. Second, WPM announced a $4.3 billion acquisition of an additional 33.75% silver stream on the Antamina mine from BHP, doubling its total silver stream on the asset to 67.5%.
The company provided aggressive new production guidance, forecasting a pro-forma 11% increase in 2026 production (860,000–940,000 GEOs) and a long-term target of 1.2 million GEOs by 2030. To fund the upfront payment for Antamina, WPM has entered into a $1.5 billion senior unsecured term loan facility. Management also confirmed a leadership transition, with Haytham Hodaly assuming the CEO role effective March 31, 2026.
This news is a game-changer for WPM's scale and valuation profile.
Transformative Growth
The Antamina acquisition adds an average of 6 million ounces of silver annually for the first five years, representing a massive increase in high-margin silver exposure. This single transaction accounts for a significant portion of the move to the 1.2 million GEO target by 2030, a nearly 50% increase from 2025 levels.
Asset Quality and Concentration
Antamina is a first-quartile cost-curve asset. By doubling the stream, WPM reinforces its portfolio quality but also increases concentration risk in a single asset and jurisdiction (Peru). However, the partnership with BHP provides significant counterparty security.
Financial Structure Shift
WPM is shifting from a debt-free balance sheet to utilizing a $1.5 billion term loan. While its operating cash flow is robust ($1.16 billion for the first nine months of 2025), the $4.3 billion upfront payment is a massive deployment of capital that will consume current cash and future credit capacity.
Commodity Price Assumptions
The 2026 and long-term guidance provided in the release uses aggressive pricing assumptions ($4,800/oz Gold, $80/oz Silver). While these may be used for internal Gold Equivalent (GEO) conversion factors, they appear highly optimistic compared to 2025 realized prices, potentially inflating the "GEO" headline figures if spot prices do not reach those levels.
Wheaton Precious Metals is the world’s leading precious metals streaming company. It provides upfront capital to miners in exchange for the right to purchase a portion of metal production at a fixed, low cost. - Flagship Project: Salobo (Gold). Salobo remains the primary gold contributor, recently reaching full capacity after the Salobo III expansion. - New Strategic Pillar: Antamina (Silver). With the new deal, Antamina becomes the dominant silver asset, expected to contribute 18% of total GEOs by 2030.