Wheaton Precious Metals Targets 50% Production Growth by 2030 Without New Capital

Key Points

• Wheaton targets roughly 50% production growth by 2030, increasing attributable output from about 804,000 to 1.2 million gold-equivalent ounces without requiring additional capital commitments, exploration success or a major permitting milestone.
• The company is emphasizing high-quality, low-cost, long-life precious-metals assets and completed five transactions totaling $5.5 billion, including the Antamina silver stream. Antamina is expected to add about 12 million ounces of silver annually for five years.
• Despite deploying more than $5.5 billion over the past year, Wheaton maintained manageable leverage of about 0.6 times net debt to EBITDA, has $2.6 billion in immediate liquidity and expects more than $2.5 billion in operating cash flow over the next 12 months.

Wheaton Precious Metals NYSE: WPM used its 2026 Investor Day to outline a strategy centered on selective stream acquisitions, contract structures intended to preserve upside and mitigate downside risk, and a production growth outlook to 2030 that management said does not require additional capital deployment.

President and CEO Haytham Hodaly said Wheaton’s objective is “not to be the biggest streaming company” but to focus on high-quality, low-cost, long-life assets with strong operating partners and a pure precious-metals orientation. The company said 99% of its revenue comes from precious metals and that 80% of its production is sourced from assets in the lower half of the cost curve.

Hodaly said Wheaton committed $4.6 billion to assets during the year and has historically committed approximately $900 million to $1 billion annually toward new streams. He added that, even after its $4.3 billion Antamina stream transaction, Wheaton has about $2.5 billion to $3 billion of additional capacity available for deployment.

Growth outlook and operating portfolio

Wheaton produced approximately 804,000 gold-equivalent ounces in the prior year and expects attributable production to reach 1.2 million gold-equivalent ounces by 2030, representing roughly 50% growth. Wes Carson, vice president of mining operations, said the forecast comprises approximately 140,000 ounces from expanding operating mines, 160,000 ounces from assets under construction or ramping up, and about 90,000 ounces from financed development-stage projects.

Carson said the 2030 forecast does not depend on further Wheaton capital commitments, exploration success or any single major permitting milestone. He also said portfolio concentration is expected to decline, with Salobo’s share of Wheaton production falling to about 26% in 2030 from roughly 37% currently as other assets grow.

The recently added Antamina silver stream is expected to contribute about 12 million ounces of silver annually for the next five years, according to Carson. He said Wheaton receives 67.5% of payable silver from the mine and noted that its owners are investing approximately $2 billion over the next several years. Antamina is permitted through 2036, with further expansion opportunities beyond the current plan, he said.

Carson also highlighted Blackwater, where first gold was poured in January 2025 and commercial production was reached in May. Throughput is expected to rise from 6 million tons per day this year to 8 million tons through Phase 1A and ultimately 21 million tons per day with Phase 2 in 2028. Artemis is funding the approximately CAD 1.6 billion expansion program through operating cash flow, with no further Wheaton capital required, he said.

Focus on due diligence and stream protections

Neil Burns, vice president of corporate development, said Wheaton reviewed more than 100 opportunities over the prior 12 months but completed five transactions totaling $5.5 billion: Antamina, Hemlo, Spring Valley, Jervois and Spanish Mountain. The company’s technical team evaluates geological data, resource models, metallurgy, mine plans, environmental considerations, permitting and community support, Burns said.

Burns said Wheaton develops its own block models when it disagrees with a partner’s geological interpretation or resource-estimation assumptions. He described an unnamed project that Wheaton declined after its model estimated less than half the ounces forecast by the developer. The mine later halted underground operations and the operator entered bankruptcy, he said.

Curt Bernardi, executive vice president of strategy and general counsel, said Wheaton limits production “drop-downs” to one-third of the initial stream size in most cases and generally avoids buyback rights. He said these terms can have limited visibility when deals are announced but can materially affect value over time if metal prices rise or mine lives are extended.

Vincent Lau, senior vice president and chief financial officer, said 90% of Wheaton streams have parent guarantees, 80% include security and restrictions on debt or distributions, and 90% include protections against development delays. He cited San Dimas as an example where Wheaton’s senior-ranking security position helped it preserve $1.3 billion of value against an original $300 million investment after a prior operator became financially distressed.

Partners outline developments at Koné, Salobo and Hemlo

Montage Gold CEO Martino De Ciccio said construction at the Koné project in Côte d’Ivoire is nearing completion, with production expected to begin in the fourth quarter of 2026. Montage has begun mining, connected to the electrical grid and advanced commissioning activities, he said. The company has grown its resource base from 5 million ounces to 6.3 million ounces of indicated resources and 2 million ounces of inferred resources, with newly identified deposits carrying grades at least 85% above the initial Koné grade, according to De Ciccio.

Alfredo Santana, chief operating officer of North Atlantic Operations for Vale Base Metals, said Salobo achieved an annualized ore-milled rate of 36 million tons during the first half of 2026. Vale’s coarse particle flotation project is expected to lift capacity to 42 million tons annually by 2029 and add about 30,000 tons per year of copper and 15,000 ounces per year of gold, while reducing specific energy consumption by about 10%.

Hemlo Mining CEO Jason Kosec said the company is pursuing a phased increase in throughput from approximately 3,800 tons per day currently to 4,800 tons and then 6,000 tons per day from underground operations. He said a recent substation outage is expected to delay the planned ramp-up to 4,800 tons per day by three to four months, though the company expects to maintain its 3,800-ton-per-day run rate.

Financial position and capital allocation

Lau said Wheaton had deployed more than $5.5 billion in upfront payments over the past 12 months while maintaining net debt of $1.9 billion, or approximately 0.6 times leverage. The company has $4 billion in committed debt facilities and $2.6 billion of immediate liquidity, he said.

Wheaton expects to generate more than $2.5 billion in operating cash flow over the next 12 months and return to a net-cash position by the end of the following year, Lau said. Management said it intends to continue increasing its progressive dividend while prioritizing accretive precious-metals streams over share repurchases.

Hodaly said Wheaton expects to remain fully focused on precious metals and could reach 1.5 million gold-equivalent ounces over the next decade, though he emphasized that the company does not target growth for its own sake and will continue to prioritize asset quality and per-share value creation.

About Wheaton Precious Metals (NYSE:WPM)

Wheaton Precious Metals Corp. NYSE: WPM is a precious metals streaming company headquartered in Vancouver, British Columbia. Rather than operating mines directly, the company provides upfront financing to mining companies in exchange for the right to purchase a portion of the future production from specific mining projects at predetermined prices.

Wheaton's streaming portfolio is primarily focused on gold and silver, with additional exposure to palladium and cobalt through certain agreements.

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