Wheaton Precious Metals Tops 2025 Guidance, Projects 50% GEO Growth to 1.2M by 2030
Wheaton Precious Metals delivered 691,670 gold equivalent ounces in 2025, surpassing its 670,000 GEO upper guidance and driven by record Salobo output. The company set 2026 guidance at 860,000–940,000 GEOs and forecasts 50% growth to 1.2 million GEOs by 2030 through new streams and development assets.
1. 2025 Production Outperformance
Wheaton produced 691,670 gold equivalent ounces in 2025, exceeding its upper guidance of 670,000 GEOs. Outperformance was led by record results at Salobo, higher grades and throughput at Peñasquito, and increased output from Constancia, partially offset by slower ramp-ups at Goose and Mineral Park.
2. 2026 Guidance and Near-Term Growth
The company forecasts 860,000 to 940,000 GEOs in 2026, an 11% rise over 2025, driven by an additional 70,000 GEOs from a new silver stream at Antamina starting April 1. Further contributions are expected from recently operating assets including Blackwater, Mineral Park, Fenix, Hemlo, Goose and Platreef.
3. Long-Term Production Profile to 2030
Wheaton targets 1.2 million GEOs by 2030, a 50% increase, supported by operating assets like Antamina, Blackwater, Aljustrel, Marmato, Hemlo and Goose; development projects such as Koné, Fenix, Kurmuk, Platreef, Mineral Park and El Domo; and pre-development sites including Spring Valley, Copper World and Santo Domingo.
4. Key Drivers and Price Assumptions
Gold equivalent guidance is based on 2026 metal prices of $4,800/oz gold, $80/oz silver, $1,500/oz palladium, $2,000/oz platinum and $25/lb cobalt. A lower gold-to-silver ratio enhances GEO calculations, reflecting silver’s stronger performance and supporting higher production metrics.