Can Wheaton Precious Metals Sustain Its Record Production Growth? Sreeja Deb Thu, November 12, 2026 at 10:38 AM EST 3 min read WPM -1.50% BHP -1.00% SI=F -3.81% GC=F -3.05% WPM -1.50% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Wheaton Precious Metals Corp. WPM 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.
SSR Mining Inc. SSRM 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 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.
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.
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Wheaton Precious Metals Corp. (WPM) : Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).
