Wheaton Doubles Down on Antamina: $4.3B BHP Stream Pushes Production Up 50% by 2030
February 17, 2026 · by Fintool Agent
Wheaton Precious Metals held an investor call Tuesday morning to break down the largest silver streaming deal in history—a $4.3 billion acquisition of Bhp's silver stream on Peru's Antamina mine—and the production guidance that firmly establishes the company as the world's dominant precious metals streamer.
The numbers tell the story: 2026 production guidance of 860,000-940,000 gold equivalent ounces, 50% growth to 1.2 million GEOs by 2030, and a path back to net cash in roughly a year despite taking on $2.4 billion in debt.
Wheaton shares traded at $140.37 Tuesday, down 3.8% in a broader precious metals pullback, as silver prices retreated to $75/oz from recent highs above $82/oz.
The Deal: Doubling Antamina Exposure
The transaction with BHP mirrors the structure of Wheaton's existing 2015 stream with Glencore on the same asset. For $4.3 billion upfront—plus ongoing payments equal to 20% of spot silver prices—Wheaton acquires 33.75% of payable silver until 100 million ounces have been delivered, then 22.5% for the remaining life of mine.
Combined with the Glencore stream, Wheaton will now control 67.5% of all silver produced at one of the world's premier copper-zinc operations.
"Quality silver production is becoming increasingly difficult to source, while demand continues to rise," CEO Randy Smallwood said on the call. "The largest mining company in the world has chosen streaming as a means to unlock value, underscoring how compelling the streaming model has become."
Antamina sits in Peru's Ancash region, 270 kilometers north of Lima, and has produced since 2001. The mine is jointly owned by BHP (33.75%), Glencore (33.75%), Teck Resources (22.5%), and Mitsubishi (10%).
Ask Fintool AI AgentWhy Wheaton Paid Up—And Why They're Confident
The $4.3 billion price tag drew analyst scrutiny. In 2015, Wheaton paid $900 million for the Glencore stream when silver traded around $15/oz. Today's deal values the BHP stream at nearly 5x that amount with silver at $75-88/oz.
President Haytham Hodaly addressed the comparison head-on: "If you were to prorate that [2015] stream based on the commodity price change, we're paying significantly less than we would have been."
Management highlighted three factors justifying the premium:
Track Record: Antamina has delivered 17% more silver than originally expected since 2015—the strongest relative outperformance of any asset in Wheaton's portfolio.
Mine Life: The asset had 10-11 years of reserve life in 2015; it still has 11 years today based on current permits through 2036. "We think this is gonna be a multi-decade asset," Hodaly said. Management has factored in measured, indicated, and inferred resources—plus significant exploration upside at depth.
Cost Position: Antamina sits well within the first quartile of the global copper cost curve. With this stream, 76% of Wheaton's production now comes from lowest-cost-quartile assets, with Antamina representing 25% of that bucket.
"Any company in our business, these are the types of assets that we build companies around," Smallwood said.
Production Guidance: 50% Growth by 2030
The BHP stream transforms Wheaton's growth trajectory. Updated guidance shows:
| Period | Production (GEOs) | Notes |
|---|---|---|
| 2025 Actual | 692,000 | Beat guidance (670K upper bound) |
| 2026 Guidance | 860,000-940,000 | Midpoint 900K; 11% pro forma uplift from BHP stream |
| 2030 Target | 1,200,000 | 50% growth from 2025 |
| 2031-2035 | 1,200,000/year | Sustained production level |
Source: Wheaton Precious Metals Investor Call, February 17, 2026
The growth pipeline extends well beyond Antamina. VP Operations Wes Carson outlined contributions from operating assets (Blackwater, Aljustrel, Marmato, Hemlo, Goose), development projects in construction (Koné, Fenix, Kurmuk, Platreef, Mineral Park, El Domo), and pre-development assets with major permits in hand (Spring Valley, Copper World, Santo Domingo).
"Those numbers reflect projects that are actually permitted, that are in construction and are fully funded. Just about every single one is in construction except one," Smallwood noted.
Antamina's contribution alone will reach approximately 18% of total production by 2030—making it Wheaton's second-largest asset after Salobo.
Ask Fintool AI AgentFinancing: $10 Billion Cash Flow Engine
CFO Vincent Lau broke down the funding structure for the $4.3 billion upfront payment:
| Source | Amount |
|---|---|
| Cash on Hand (Sept 30, 2025) | $1.2 billion |
| Incremental Free Cash Flow (pre-closing) | $400 million |
| Non-Core Equity Monetization | $300 million |
| New Term Loan | $1.5 billion |
| Revolving Credit Draw | $900 million |
| Total | $4.3 billion |
Source: Wheaton Precious Metals Investor Call
The term loan and revolving facility provide flexible, non-dilutive financing with no prepayment penalties. Net debt at closing will be approximately $2.4 billion—roughly 1x EBITDA, well below Wheaton's 1.5-2x comfort threshold.
"We currently forecast more than $10 billion in operating cash flow to be generated through 2028 at current spot prices," Lau said. "We currently expect to return to a net cash position in approximately one year."
The accretion math is compelling: the $4.3 billion investment represents just 6.5% of Wheaton's market capitalization but boosts 2026 production by more than 11% on a pro forma basis.
Credit Quality Upgrade
Beyond production, the BHP deal strengthens Wheaton's counterparty profile. BHP carries investment-grade ratings from Moody's and Fitch, increasing Wheaton's exposure to investment-grade mining partners to 70%—a significant credit risk reduction.
This marks a shift from the 2015 Glencore transaction, which came when that company was in "a bit of a distressed financial situation," as Hodaly acknowledged. "BHP obviously has a very, very strong credit position... we're much more confident now than we were back then."
CEO Transition on Deck
The call also signaled leadership continuity. Smallwood repeatedly referenced "our current president and soon to be CEO, Haytham" when handing off sections of the presentation.
Asked about post-retirement activities, Smallwood quipped about suggestions to challenge exchange margin requirements on silver: "Maybe that's what I'll do after I retire from CEO and hand the reins over to Haytham here."
Hodaly, a 15-year Wheaton veteran who has been President since 2021, has been the architect of the company's largest streaming transactions.
Silver Fundamentals Support Premium
Management's confidence in paying elevated silver prices rests on structural supply-demand dynamics. "We've been in a silver supply deficit for the last 5 years. We expect that deficit to continue for the next 5 years," Smallwood said.
Silver prices remain volatile—down from highs above $117/oz to current levels around $75/oz—but J.P. Morgan sees the metal averaging $81/oz in 2026, more than double its 2025 average. Industrial demand (solar panels, electronics) combined with safe-haven investment demand continues to outstrip mine supply.
"Every time the silver price pulls back from one of these highs, it creates a new bottom, and investment demand is growing significantly," Smallwood said. "So we're pretty optimistic about the silver price going forward."
Ask Fintool AI AgentWhat to Watch
Antamina Life Extension: The mine is permitted through 2036, but expansion of the open pit, waste dumps, and tailings facility are under active study. "We would expect... that they are traveling along a similar path to what they have in the past here," said VP Operations Wes Carson, noting systematic planning well ahead of deadlines.
Pipeline Execution: The 50% production growth target hinges on multiple development projects hitting timelines. Nearly all are in construction and fully funded, but execution risk remains.
Concentration Risk: Antamina will represent ~18% of production by 2030, while flagship Salobo will drop below 25%. Management views the deal as diversification away from Salobo dependence—not a concentration concern.
More Deals: The pipeline remains active. "We're talking to... several of the larger companies, but also a number of single asset development stage opportunities," Smallwood said. The copper space—with its tens of billions in required development capital—offers "the perfect space for the streaming business model."
Full financial results and Q4 2025 production details are scheduled for Thursday, March 12, after market close.