Wheaton Precious Metals Boosted by Antamina Deal

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Wheaton Precious Metals Corp. has seen strong performance this year, driven by its new precious metals purchase agreement with BHP Group Limited. The $4.3-billion Antamina stream deal, effective April 1, 2026, is Wheaton's largest transaction, increasing its attributable silver to 67.5% and adding 33.75% of payable silver until thresholds step down, with ongoing payments equal to 20% of spot silver. Despite Antamina's second-quarter production falling short due to lower grades and a maintenance shutdown, the mine's silver output rose 56% year over year to 2.3 million ounces. Wheaton's attributable gold-equivalent production increased 13.8% to 414,755 ounces in the first half of 2026, and the company reaffirmed its 2026 guidance of 860,000-940,000 GEOs, expecting a 30% rise at the midpoint from 2025's 692,000 ounces. Wheaton projects 1.2 million GEOs by 2030, with the Antamina deal and new mines driving growth. Shares have jumped 43.5% in a year, and the Zacks Consensus Estimate for 2026 sales is $3.66 billion, up 58.1% year over year.

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BHP Group Limited
BHP
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BHP's Antamina deal with Wheaton is a significant transaction for BHP

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