Is Antamina Set to Boost Wheaton Precious Metals' Production?

Wheaton Precious Metals (WPM) has shown solid performance in 2026, driven by its $4.3 billion precious metals purchase agreement with BHP Group for the Antamina mine. The deal increased WPM's attributable silver to 67.5% and boosted Q2 silver production to 2.3 million ounces (up 56% year-over-year). WPM expects 2026 production of 860,000-940,000 GEOs and targets 1.2 million GEOs annually by 2030. However, WPM trades at a premium valuation (31.24X forward P/E vs. 17.16X industry average) and carries a Zacks Rank #3 (Hold) rating.