Wheaton Precious Metals Corp. WPM expects its production to increase 50% to 1.2 million gold-equivalent ounces by 2030 and average around that level through 2035. Along with solid performance at its existing mines, growth will also be driven by development assets that are in construction and various stages of ramp-up, including the Koné, Fenix, Kurmuk, Platreef, Mineral Park and El Domo projects.
In the second quarter of 2026, WPM’s total Other Silver attributable production increased 19% year over year, driven by the commencement of production at Mineral Park. Mineral Park is expected to increase production through the second half of 2026 as it moves toward nameplate capacity of 16.5 Mtpa.
Koné targets first gold in late fourth-quarter 2026, while Platreef expects commercial production in the fourth quarter. The construction of the Koné project is on budget and ahead of schedule. Koné’s operator is advancing exploration through the ongoing 90,000-meter drill program. The March completion of Shaft #3 construction at Platreef increased hoisting capacity fivefold, with the necessary underground infrastructure now in place for its Phase 2 expansion, which is expected to be completed by the end of 2027.
Fenix also targets commercial production in the fourth quarter of 2026 after first-quarter ramp-up shortfalls, while Kurmuk targets start-up in the coming months. El Domo’s operator is focused on achieving first commissioning by July 2027, in line with the project schedule. With a diverse development assets pipeline, Wheaton Precious Metals is likely to achieve its solid long-term growth targets.
Performance of Wheaton Precious Metals’ Peers
SSR Mining Inc. SSRM remains the third-largest U.S. gold producer, anchored by the two high-quality, long-lived assets, Marigold in Nevada and CC&V in Colorado. In 2026, Marigold’s production is expected to be 55-60% weighted to the second half, as higher grades stacked mid-year are expected to lift production later in the year. SSR Mining produced 101,959 gold-equivalent ounces in the second quarter of 2026. SSR Mining expects 2026 production to be 450,000-535,00 ounces, with production weighted to the second half of 2026.
AngloGold Ashanti PLC AU gold production dipped 4% year over year in the first half of 2026, reflecting the sale of the Serra Grande mine in December 2025. Lower second-quarter production at Obuasi due to a contractor fatality in April 2026, and planned mine sequencing and maintenance across certain operations also led to the decline. However, AngloGold Ashanti expects the second-half 2026 production to be higher than the first half. AngloGold Ashanti maintains gold production expectations between 2.80 million and 3.17 million ounces for 2026.
WPM’s Price Performance, Valuation & Estimates
Wheaton Precious Metals shares have gained 26.7% in a year compared with the industry's 18.8% growth. In comparison, the Zacks Basic Materials sector and the S&P 500 have returned 12.2% and 18.5%, respectively.
WPM is currently trading at a forward 12-month price-to-earnings multiple of 29.80X, a premium to the industry average of 15.29X.
The Zacks Consensus Estimate for Wheaton Precious Metals’ 2026 sales is $3.68 billion, indicating a 59% year-over-year jump. The consensus mark for the year’s earnings is pegged at $4.80 per share, suggesting a rally of 58.4%.
The Zacks Consensus Estimate for 2027 sales implies a 2.9% year-over-year rise. The same for earnings suggests a dip of 4.5%.
EPS estimates for 2026 have moved north, while the same for 2027 have moved south over the past 60 days.
The WPM stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).