Wheaton Precious Metals jumps as Antamina silver stream goes live, metals sentiment lifts
Wheaton Precious Metals shares climbed about 4.75% to $152.13 as investors focused on the ramp of its newly effective Antamina silver stream with BHP, which began April 1, 2026. The move was amplified by continued strength in precious-metals sentiment, where WPM often trades as a leveraged proxy to gold and silver prices.
1) What’s driving WPM today
Wheaton Precious Metals (WPM) is moving higher as traders price in the step-change in expected cash-generation from the Antamina transaction with BHP now being effective as of April 1, 2026. Under the agreement, Wheaton’s subsidiary purchases BHP’s 33.75% share of payable silver from Antamina until 100 million ounces are delivered, then 22.5% for life-of-mine, with ongoing payments set at 20% of the silver spot price per ounce delivered.
2) Why the market is re-rating the setup now
With the stream now active, investors are shifting from “deal announcement” to “delivery and monetization,” which can tighten the narrative around near-term GEO growth and margin expansion, especially if metals prices remain supportive. Wheaton has framed Antamina as a transformational addition to its portfolio following record operating performance and an expanded growth pipeline heading into 2026, and the market is treating the first month of the effective stream period as an inflection point.
3) What to watch next
Key near-term signposts are (1) confirmation of initial delivery timing/pace from Antamina in quarterly results, (2) any guidance refinement for 2026 GEOs and cash flow as realized prices and deliveries become visible, and (3) spot price trends for silver and gold, which tend to mechanically flow through to Wheaton’s margins due to its fixed/discounted purchase structure. The next earnings date has not been formally confirmed, with market calendars currently pointing to an estimated early-May 2026 window.