Wheaton forecasts strong 2026 output growth
Precious metals streaming company Wheaton Precious Metals expects production growth in 2026, forecasting attributable output of 860 000 oz to 940 000 oz of gold equivalent as new streams and ramping assets boost its portfolio.
The outlook represents a significant increase from 2025's 689 864 gold-equivalent ounces (GEO) and is expected to be driven primarily by an expanded streaming agreement at the Antamina mine, which will begin contributing additional production from April 1.
The additional stream is expected to add about 70 000 GEOs to Wheaton’s portfolio in 2026, with the company’s share of silver production from Antamina increasing to 67.5%, up from 33.75% previously.
Further growth is expected from recently commissioned or ramping assets, including Blackwater and Hemlo mines, in Canada, Mineral Park mine, in the US, Fenix project, in Chile and Platreef project, in South Africa.
However, the company expects lower production from the Constancia mine in Peru following the depletion of the Pampacancha pit in late December 2025.
At one of its cornerstone assets, the Salobo mine in Brazil, attributable production is forecast to decline slightly in 2026 as higher processing throughput is expected to be offset by modestly lower gold grades.
Meanwhile, output from the Peñasquito mine in Mexico is expected to increase compared with 2025, supported by stronger silver grades and contributions from stockpile material as mining progresses through planned sequencing.
Looking further ahead, Wheaton expects production to increase by about 50% to 1.2-million GEOs by 2030, supported by growth from operating assets such as Antamina, Blackwater, Hemlo and Goose, as well as development projects including Koné project, Kurmuk project and El Domo project.
From 2031 to 2035, the company forecasts production to remain steady at around 1.2-million GEOs a year, with additional potential contributions from pre-development projects such as Cangrejos project, Kudz ze Kayah project and the Marathon project.
Announcing the results, outgoing CEO Randy Smallwood said the company’s portfolio delivered a strong performance in 2025, surpassing production guidance and achieving record financial results.
“Wheaton's portfolio of high-quality, long-life assets delivered another outstanding year in 2025, surpassing our production guidance and achieving record revenue, earnings, and operating cash flow,” he said.
President Haytham Hodaly, who will succeed Smallwood when he transitions from the CEO into the chairperson role, added that the company continued to strengthen its portfolio through new streaming agreements and disciplined capital allocation.
Wheaton reported record financial performance in 2025, with revenue of $2.3-billion, net earnings of $1.5-billion and operating cash flow of $1.9-billion.
The company ended the year with a cash balance of $1.2-billion and streaming and royalty agreements covering 23 operating mines and 25 development projects.
