Wheaton Precious Metals (WPM) is trading higher as the market continues to reprice the company’s step-change in scale following the effective April 1, 2026 closing of its Antamina silver stream agreement with BHP. Under the contract, Wheaton pays a US$4.3 billion upfront amount and receives the equivalent of BHP’s 33.75% of payable silver from Antamina until 100 million ounces are delivered, then 22.5% for the life of mine, paying an ongoing amount equal to 20% of spot silver per ounce delivered.

Investors typically reward streaming models when a large, long-life asset is added because it can translate into higher long-run attributable ounces and margin leverage when silver prices rise. Antamina is a cornerstone operation in Peru, and the deal structure (large initial percentage stepping down after a delivery threshold) provides a clear pathway to material volume exposure early in the stream while preserving life-of-mine participation afterward.

WPM’s move is also being helped by renewed strength in gold prices this week, which can lift sentiment across the precious-metals complex and attract incremental flows into larger, liquid names that offer commodity leverage without direct mine-operator risk. A rising tape in gold and silver tends to expand investors’ expectations for future cash generation at streamers, particularly when new contracted production is coming online.

Near term, traders will focus on how quickly Antamina deliveries begin to show up in reported attributable ounces and cash flow, and whether the balance sheet changes as the company absorbs the upfront payment. The next scheduled company reporting milestone is the release of first-quarter 2026 results on May 7, 2026, which could provide an updated read on deliveries, financing, and 2026 production outlook.