Precious metals streaming major Wheaton Precious Metals has exceeded its 2025 production guidance and outlined a growth trajectory that would see output rise by about 50% to 1.2-million gold equivalent ounces (GEOs) by 2030.

The company this week reported 2025 attributable production of about 692 000 GEOs, surpassing the upper end of its guidance range of 600 000 oz to 670 000 oz. Sales for the year totalled 651 311 GEOs.

Wheaton expects further growth in 2026, providing production guidance of 860 000 oz to 940 000 oz, and forecasting output of 1.2-million GEOs by 2030, with average yearly production of 1.2-million GEOs between 2031 and 2035.

President Haytham Hodaly said the company’s diversified streaming portfolio had underpinned the outperformance.

"Wheaton delivered an outstanding year in 2025, supported by the strength of our diversified portfolio of high-quality, low-cost assets," he said.

"Production surpassed the upper end of our annual guidance, with notable contributions from several operations, including record results from Salobo. We also advanced our corporate development strategy with investments in three assets. Together with today's announcement of an additional silver stream at Antamina, these developments significantly enhance our near-term growth outlook and reinforce our confidence in the portfolio's ability to continue delivering long-term value."

CEO Randy Smallwood added that the company was positioning itself as a leader in the streaming sector.

"The momentum we built over the past year provides a solid foundation for what we expect to be a sector-leading growth profile," he said.

"We believe Wheaton is on track to reach unprecedented levels of precious metals production within the streaming space. With the most precious metals focused portfolio in the industry, the strength of our projected growth profile, and rising demand for streaming capital, we believe Wheaton is exceptionally well positioned to continue delivering industry-leading growth."
Gold production in 2025 reached 416 286 oz, above guidance of 350 000 oz to 390 000 oz, while silver production totalled 22.43-million ounces, also exceeding guidance. Other metals contributed 16 525 GEOs.

The outperformance was driven largely by stronger results at Salobo, reflecting higher gold grades and recoveries, as well as higher throughput and grades at Peñasquito and higher grades at Constancia as mining advanced through the Pampacancha deposit. These gains were partly offset by slower-than-anticipated ramp-ups at Goose and Mineral Park.

As at December 31, 2025, about 156 800 GEOs were in produced but not yet delivered inventory, in line with the company’s guidance of two to three months.

Wheaton has updated its commodity price assumptions for 2026, using $4 800/oz gold and $80/oz silver, compared with its previous 2025 forecast of $2 600/oz gold and $30/oz silver. The higher silver price assumption lowers the gold-to-silver ratio and increases gold-equivalent calculations for 2026.

Using these assumptions, 2025 actual GEOs have been adjusted to 806 215 GEOs for comparison with 2026 guidance.

The company expects 2026 production to increase by more than 11% year-on-year, driven primarily by an additional silver stream at Antamina, which is forecast to add about 70 000 GEOs in 2026, starting April 1. Under the revised agreement, Wheaton will receive a combined 67.5% of silver production from April, up from 33.75% in 2025.

Further contributions are expected from newly operating assets including Blackwater, Mineral Park, Fenix, Hemlo, Goose and Platreef. These increases are expected to be partially offset by lower production from Constancia following the depletion of the Pampacancha pit in late December 2025.

At Salobo, attributable production is forecast to ease slightly in 2026 as modestly lower gold grades offset higher throughput. At Peñasquito, production is expected to increase on the back of stronger silver grades and stockpile processing.

LONG-TERM GROWTH PROFILE
Looking ahead, Wheaton projects production growth of approximately 50% to 1.2-million GEOs by 2030. Growth is expected to be driven by operating assets including Antamina, Blackwater, Aljustrel, Marmato, Hemlo and Goose, as well as development-stage projects such as Koné, Fenix, Kurmuk, Platreef, Mineral Park and El Domo.

Pre-development assets including Spring Valley, Copper World and Santo Domingo, all of which have received major permits, are also expected to contribute over time.

From 2031 to 2035, attributable production is forecast to be maintained at about 1.2-million GEOs a year, incorporating incremental output from projects such as Cangrejos, Kudz ze Kayah, Marathon, Mt Todd and Black Pine.

Wheaton noted that potential future production from 11 additional assets, including El Alto, Navidad and Toroparu, has not been included in the long-term forecast and is classified as optionality.