Is Antamina Set to Boost Wheaton Precious Metals' Production?

Wheaton Precious Metals (WPM) reported Q2 2026 silver production of 2.3 million ounces, up 56% year-over-year, following its $4.3 billion precious metals purchase agreement with BHP Group (BHP) for the Antamina mine. The deal raised WPM's attributable silver position at Antamina to 67.5%.

The company projects 2026 production of 860,000 to 940,000 gold equivalent ounces (GEOs) and has set a target of 1.2 million GEOs annually by 2030. The Antamina streaming agreement positions WPM to reach those growth milestones through increased silver output.

WPM carries valuation risk at current levels. The stock trades at 31.24X forward P/E, nearly double the 17.16X industry average. Zacks Investment Research assigns WPM a Rank #3 (Hold), signaling limited near-term upside potential despite the production ramp.