Wheaton Precious Metals (WPM) Company Report

Analyst Coverage

Research analysts who have asked questions during Wheaton Precious Metals earnings calls.

Tanya Jakusconek

Scotiabank

4 questions for WPM

Also covers: AEM, AU, BVN +11 more

Brian MacArthur

Raymond James Financial, Inc.

3 questions for WPM

Also covers: CCJ, CDE, CG +10 more

Daniel Major

UBS

3 questions for WPM

Also covers: AA, AEM, FCX +5 more

Cosmos Chiu

CIBC World Markets

2 questions for WPM

Also covers: AGI, EGO, FNV +6 more

Martin Pradier

Veritas Investment Research

2 questions for WPM

Also covers: FNV, GOLD, NEM

Charles Gibson

Edison Group

1 question for WPM

Derick Ma

TD Cowen

1 question for WPM

Also covers: FNV, RGLD, SAND +2 more

Lawson Winder

Bank of America

1 question for WPM

Also covers: AA, AEM, CCJ +22 more

Matthew Murphy

BMO Capital Markets

1 question for WPM

Also covers: ERO, FNV, HBM +3 more

Ralph Profiti

8 Capital

1 question for WPM

Also covers: AEM, BTG, CCJ +6 more

Richard Hatch

Berenberg

1 question for WPM

Also covers: RIO

William Dalby

Berenberg

1 question for WPM

Latest news

Recent press releases and 8-K filings for WPM.

BHP Plans San Manuel Copper Property Transfer to Faraday Copper

WPM

M&A

New Projects/Investments

BHP has signed a non-binding letter of intent to transfer its San Manuel copper property to Faraday Copper in an all-share arrangement, which would result in BHP holding approximately a 30% stake in Faraday.
Under the proposed deal, BHP has also agreed to participate in Faraday equity raises for up to two years, capped at USD 20 million.
The transaction, which is subject to due diligence, definitive documentation, and customary approvals, could close by the end of Q3 2026.
Analysts note that Faraday is an early-stage developer with no revenue, widening losses, and ongoing cash burn.

8 days ago

Morningstar

Wheaton Precious Metals Announces Largest Precious Metal Stream Acquisition

WPM

M&A

New Projects/Investments

Guidance Update

Wheaton Precious Metals has acquired an additional silver stream on the Antamina mine in Peru from BHP for an upfront consideration of $4.3 billion, marking the largest precious metal stream ever executed. This deal involves purchasing 33.75% of payable silver until 100 million ounces are delivered, then 22.5% for the life of the mine, with ongoing payments of 20% of the spot silver price.
This acquisition positions Wheaton as the largest precious metal streaming company in the world and is expected to increase the company's 2026 production by more than 11% on a pro forma basis.
The company's updated production guidance now forecasts 50% growth by 2030, reaching an estimated 1.2 million gold equivalent ounces annually. Attributable silver production from the BHP stream is forecast to average approximately 6 million ounces per year for the first 5 years.
The $4.3 billion upfront payment will be funded by $1.2 billion cash on hand (as of September 30, 2025), $400 million incremental free cash flows, $300 million from non-core equity monetization, a $1.5 billion new term loan, and a $900 million draw on the existing revolving credit facility. The company expects to return to a net cash position in approximately one year.

Feb 17, 2026, 4:30 PM

Transcript

Wheaton Precious Metals acquires additional silver stream on Antamina mine and updates production guidance

WPM

M&A

Guidance Update

New Projects/Investments

Wheaton Precious Metals (WPM) has acquired an additional 33.75% silver stream on the Antamina mine in Peru from BHP for an upfront payment of $4.3 billion, marking the largest precious metal stream ever executed.
This acquisition significantly enhances WPM's portfolio, with Antamina expected to provide approximately 18% of total production by 2030 and solidifying its position as the second-largest asset.
The company has updated its production guidance, forecasting 50% growth by 2030 to an estimated 1.2 million gold equivalent ounces (GEOs) annually. For 2026, estimated attributable production is forecast to range between 860,000 and 940,000 GEOs, with a midpoint of 900,000 GEOs.
The $4.3 billion upfront payment will be funded through a combination of existing liquidity (including $1.2 billion cash on hand as of September 30, 2025) and new financing, including a $1.5 billion term loan and a $900 million draw on its existing revolving credit facility.
WPM forecasts more than $10 billion in operating cash flow through 2028 at current spot prices and expects to return to a net cash position in approximately one year.

Feb 17, 2026, 4:30 PM

Transcript

Wheaton Precious Metals announces acquisition of additional silver stream on Antamina mine

WPM

M&A

New Projects/Investments

Guidance Update

Wheaton Precious Metals (WPM) has acquired an additional silver stream on the Antamina mine in Peru from BHP, marking the largest precious metal stream ever executed.
The terms include an upfront payment of $4.3 billion for 33.75% of payable silver until 100 million ounces are delivered, then 22.5% for the life of the mine, with ongoing payments of 20% of the spot silver price.
This acquisition is projected to increase Wheaton's estimated attributable production for 2026 to a midpoint of 900,000 gold equivalent ounces (GEOs) and drive 50% growth by 2030, reaching an estimated 1.2 million GEOs annually.
The $4.3 billion upfront payment will be financed by $1.2 billion cash on hand, $400 million incremental free cash flow, $300 million from equity monetization, a new $1.5 billion term loan, and a $900 million draw on an existing revolving credit facility.
Antamina is described as a proven, long-life, low-cost operation that will deliver immediate production and operating cash flow, further strengthening Wheaton's role as one of the largest silver producers.

Feb 17, 2026, 4:30 PM

Transcript

Wheaton Precious Metals Announces Acquisition of Additional Silver Stream on Antamina

WPM

M&A

New Projects/Investments

Debt Issuance

Wheaton Precious Metals International Ltd. (WPMI) has entered into a definitive Precious Metals Purchase Agreement with BHP for an additional silver stream on the Antamina Mine, involving an upfront cash consideration of $4.3 billion.
Effective April 1, 2026, WPMI will purchase BHP's 33.75% of payable silver from Antamina until 100 million ounces are delivered, after which the stream reduces to 22.5% for the life of the mine.
This acquisition is expected to add an average of approximately 6.0 Moz of silver per year to Wheaton's attributable production for the first five years and 5.4 Moz per year for the first 10 years.
The $4.3 billion upfront payment will be funded through approximately $1.9 billion in cash on hand, a new $1.5 billion term loan, and an approximate $0.9 billion draw on the existing revolving credit facility.

Feb 17, 2026, 11:53 AM

6-K

Wheaton Precious Metals Exceeds 2025 Production Guidance and Provides 2026 and Long-Term Outlook

WPM

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Wheaton Precious Metals exceeded its 2025 production guidance, reporting 691,670 gold equivalent ounces (GEOs), which was above the upper end of the guidance range of 670,000 GEOs.
The company provided 2026 production guidance of 860,000 to 940,000 GEOs.
Wheaton Precious Metals forecasts significant long-term growth, projecting an approximate 50% increase to 1,200,000 GEOs by 2030.
The anticipated 2026 growth is primarily driven by an additional stream at Antamina, expected to add 70,000 GEOs to the portfolio, along with contributions from other newly operating assets.
The company will release its 2025 fourth quarter and full year results on Thursday, March 12, 2026, after market close.

Feb 17, 2026, 11:49 AM

6-K

Wheaton Precious Metals Exceeds 2025 Production Guidance, Projects Significant Growth by 2030

WPM

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Wheaton Precious Metals reported 2025 actual production of approximately 692,000 gold equivalent ounces (GEOs), surpassing the upper end of its guidance range of 600,000 to 670,000 GEOs.
The company issued 2026 production guidance of 860,000 to 940,000 GEOs, an expected increase of over 11% from 2025, primarily due to an additional stream at Antamina.
Wheaton forecasts substantial long-term growth, projecting 1,200,000 GEOs by 2030, which represents an approximate 50% increase from 2025 levels.
Full 2025 financial and production results are anticipated to be released on March 12, 2026.

Feb 16, 2026, 10:27 PM

Press Release

BHP Reports Strong Half-Year Results and Raises Copper Guidance

WPM

Earnings

Dividends

Guidance Update

BHP reported an underlying attributable profit of $6.20 billion for the six months ended December 2025, exceeding the Visible Alpha consensus of $6.03 billion.
The company declared an interim dividend of $0.73 per share, representing approximately a 60% payout ratio.
Driven by higher commodity prices, with copper rising about 32%, and record Western Australia iron ore production, BHP raised its FY26 group copper guidance to 1.9–2.0 Mt.
Copper now accounts for 51% of BHP's Underlying EBITDA, and the company expects first production from the Jansen Stage 1 potash project in mid-CY27, with its cost estimate increasing to about US$8.4 billion.

Feb 16, 2026, 9:51 PM

Barron's

Wheaton Precious Metals Announces Acquisition of Additional Silver Stream on Antamina

WPM

New Projects/Investments

M&A

Debt Issuance

Wheaton Precious Metals International Ltd. (WPMI) has acquired BHP's 33.75% silver stream from the Antamina Mine in Peru, which will increase Wheaton's total silver stream from Antamina to 67.5%.
The transaction, effective April 1, 2026, involves an upfront cash consideration of $4.3 billion, funded by $1.9 billion cash on hand, a new $1.5 billion term loan, and an approximate $0.9 billion draw on the existing revolving credit facility.
This acquisition is projected to add an average of 6.0 Moz of silver per year to Wheaton's attributable production for the first five years and 5.4 Moz per year for the first 10 years, boosting 2026 production by 11.3% on a pro-forma basis.
Wheaton's total estimated Proven and Probable silver reserves are expected to increase by 66 Moz, Measured and Indicated silver resources by 38 Moz, and Inferred silver resources by 110 Moz due to this incremental exposure.

Feb 16, 2026, 9:40 PM

Press Release

Wheaton Precious Metals Acquires Gold Stream on Spring Valley Project

WPM

New Projects/Investments

M&A

Wheaton Precious Metals Corp. (NYSE: WPM) (TSX: WPM.CA) has acquired a gold stream on the Nevada-based Spring Valley project.
The acquisition was made through its wholly owned subsidiary, Wheaton Precious Metals International Ltd., which entered into a definitive Precious Metals Purchase Agreement with Waterton Gold Corp..
Company management noted that the Spring Valley project aligns with Wheaton’s commitment to investing in high-quality, value-accretive assets due to its strong geological profile, strategic location, and proven leadership.

Jan 22, 2026, 1:30 PM

Press Release