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

Wheaton Precious Metals 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.

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 c...