Wheaton Precious Metals: Capitalizing on Silver Prices
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 02 2026
0mins
Should l Buy WPM?
Source: Fool
- Price Fluctuation Impact: Silver prices surged from around $70 to $110 per ounce at the start of the year, but have since dipped to the low $80s due to Trump's Fed Chair nomination, yet remain significantly higher than last year's low of $30, indicating ongoing investor interest in precious metals.
- Unique Business Model: Wheaton Precious Metals funds mining companies through streaming agreements, securing the right to purchase a portion of their silver output at fixed costs; for instance, it invested $485 million in the Peñasquito mine to buy a quarter of its silver at $4.56 per ounce.
- Future Growth Potential: The company anticipates a 40% increase in silver production by 2029, bolstered by 25 additional streaming projects expected to come online in the coming years, enhancing its competitive position in the precious metals market.
- Cash Flow Expectations: Even if silver prices fall to $70, Wheaton expects to generate over $3 billion in annual cash flow by 2030, providing ample funds for dividends and new investments, thereby continuously creating value for shareholders.
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Analyst Views on WPM
Wall Street analysts forecast WPM stock price to fall
9 Analyst Rating
8 Buy
1 Hold
0 Sell
Strong Buy
Current: 139.170
Low
118.00
Averages
137.91
High
160.00
Current: 139.170
Low
118.00
Averages
137.91
High
160.00
About WPM
Wheaton Precious Metals Corp. is a Canada-based precious metals streaming company. The Company, through strategic streaming agreements, partners with mining companies to secure a portion of their future precious metal production. The Company has approximately 35 streaming agreements. It also has approximately five royalty agreements. Its portfolio includes a diverse mix of gold, silver, palladium, platinum and cobalt streams from 18 operating mines and 28 development projects. Its operating portfolio includes Antamina, Blackwater, Constancia, Cozamin, Los Filos, Marmato, Neves-Corvo, Penasquito, Salobo, San Dimas, Stillwater & East Boulder, Sudbury, Voisey's Bay, and Zinkgruvan. The Company has also entered into a definitive agreement to acquire the Spring Valley Project located in Nevada, United States of America.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Surge in Precious Metals Prices Benefits Silver Mining Stocks
- Surge in Silver Prices: The iShares Silver Trust has surged 160% over the past year, driven by geopolitical tensions and industrial demand, attracting investors to the silver market, with expectations of this trend continuing into 2026.
- First Majestic Silver: This company operates mines in Mexico and the U.S., and last year acquired Gatos Silver, gaining a 70% interest in the high-grade Los Gatos mine, with 57% of its revenue from silver, positioning it as a top pure-play silver miner, where rising silver prices will directly enhance its profits.
- Wheaton Precious Metals: Acting as a financier, Wheaton uses a streaming model to provide upfront capital to mining companies, securing the right to purchase metals at a discount; its average cash cost of silver was $6.35 per ounce in Q3, ensuring cost predictability and protection against inflationary pressures.
- Investment Choices: Investing in First Majestic indicates confidence in its cost management and silver price upside, while Wheaton offers conservative investors a way to gain mining profits through a diversified portfolio without direct operational costs.
See More
Surge in Precious Metal Prices Creates Investment Opportunities
- Surge in Silver Prices: Over the past year, the iShares Silver Trust has surged by 160%, driven by geopolitical tensions and industrial demand, attracting a significant influx of investors into the silver market, with this trend expected to persist until 2026.
- Supply-Demand Imbalance: For the past five years, demand for silver has consistently outpaced supply, leading to a multi-year shortage, which is likely to further drive up silver prices and create investment opportunities for silver mining stocks.
- First Majestic Silver: First Majestic Silver acquired a 70% interest in the Los Gatos mine in Mexico through its acquisition of Gatos Silver, with 57% of its revenue derived from silver, positioning it as a top pure-play silver miner; however, its profitability is highly dependent on silver price fluctuations, and any drop in silver prices or rise in mining costs could quickly erode profit margins.
- Wheaton Precious Metals Model: Wheaton Precious Metals operates under a financing model, providing upfront payments to mining companies for building or expanding mines, with an average cash cost of silver at $6.35 per ounce in Q3, offering cost predictability and protection against inflationary pressures, making it suitable for conservative investors seeking low-risk exposure.
See More
Surge in Silver Prices Creates Investment Opportunities
- Surge in Silver Prices: Amid geopolitical tensions and rising industrial demand, silver prices have surged 160% over the past year, creating significant investment opportunities, particularly in silver mining stocks.
- Supply-Demand Imbalance: Over the past five years, demand for silver has consistently outpaced supply, and this shortage is expected to persist until 2026, enhancing the attractiveness of silver investments, especially in the context of increasing global economic uncertainty.
- First Majestic's Leverage: First Majestic Silver's acquisition of a 70% stake in the Los Gatos mine through Gatos Silver positions it as a high-leverage silver investment, with 57% of its revenue derived from silver, although its profits are also vulnerable to fluctuations in silver prices.
- Wheaton's Financing Model: Wheaton Precious Metals operates under a streaming model, providing upfront payments to mining companies, with an average cash cost of $6.35 per ounce, offering investors a more stable return opportunity, making it suitable for conservative investors seeking lower-risk exposure to silver.
See More
Wheaton Precious Metals: A New Gold Investment Opportunity
- Significant Earnings Growth: Wheaton Precious Metals generated $913.4 million in net earnings for the first nine months of 2025, more than double the $440.9 million from the same period in 2024, showcasing the company's strong performance amid the gold bull market.
- Doubling of Earnings Per Share: The company's earnings per share (EPS) nearly doubled from $0.97 in the first nine months of 2024 to $1.80 in 2025, reflecting a substantial improvement in profitability that further boosts investor confidence.
- Strong Cash Flow: Wheaton reported $1.15 billion in cash from operations for the first nine months of 2025, compared to $708 million in 2024, indicating robust operational performance and cash generation capabilities in the gold market.
- High Margin Advantage: With a gross margin of 68.6% and a net margin of 54.7%, Wheaton significantly outperforms most gold mining companies, which typically achieve around 10% net profit margin, highlighting its competitive edge and profitability in the industry.
See More
Wheaton Precious Metals Sees Significant Growth in 2025
- Significant Earnings Growth: Wheaton Precious Metals reported net earnings of $913.4 million for the first nine months of 2025, more than double the $440.9 million from the same period in 2024, showcasing strong performance amid rising gold prices.
- Doubling of EPS: The company's earnings per share (EPS) nearly doubled from $0.97 in the first nine months of 2024 to $1.80 in 2025, reflecting a substantial enhancement in profitability and solidifying its position in the precious metals market.
- Robust Cash Flow: Wheaton generated $1.15 billion in cash from operations over the first nine months of 2025, a significant increase from $708 million in 2024, with operating cash flow per share rising from $1.56 to $2.55, indicating a healthy financial status.
- High Margin Advantage: With a gross margin of 68.6% and a net margin of 54.7%, Wheaton significantly outperforms most gold mining companies, which typically achieve around 10% net margin, demonstrating its profitability and risk management capabilities in the streaming business model.
See More
WHEATON PRECIOUS METALS CORP: RAYMOND JAMES INCREASES TARGET PRICE FROM $155 TO $178
Price Increase Announcement: Raymond James has raised its target price for Wheaton Precious Metals Corp. to $178 from $155.
Market Implications: This adjustment reflects a positive outlook on the company's performance and potential growth in the precious metals sector.
See More
Surge in Precious Metals Prices Benefits Silver Mining Stocks
- Surge in Silver Prices: The iShares Silver Trust has surged 160% over the past year, driven by geopolitical tensions and industrial demand, attracting investors to the silver market, with expectations of this trend continuing into 2026.
- First Majestic Silver: This company operates mines in Mexico and the U.S., and last year acquired Gatos Silver, gaining a 70% interest in the high-grade Los Gatos mine, with 57% of its revenue from silver, positioning it as a top pure-play silver miner, where rising silver prices will directly enhance its profits.
- Wheaton Precious Metals: Acting as a financier, Wheaton uses a streaming model to provide upfront capital to mining companies, securing the right to purchase metals at a discount; its average cash cost of silver was $6.35 per ounce in Q3, ensuring cost predictability and protection against inflationary pressures.
- Investment Choices: Investing in First Majestic indicates confidence in its cost management and silver price upside, while Wheaton offers conservative investors a way to gain mining profits through a diversified portfolio without direct operational costs.
See More
Surge in Precious Metal Prices Creates Investment Opportunities
- Surge in Silver Prices: Over the past year, the iShares Silver Trust has surged by 160%, driven by geopolitical tensions and industrial demand, attracting a significant influx of investors into the silver market, with this trend expected to persist until 2026.
- Supply-Demand Imbalance: For the past five years, demand for silver has consistently outpaced supply, leading to a multi-year shortage, which is likely to further drive up silver prices and create investment opportunities for silver mining stocks.
- First Majestic Silver: First Majestic Silver acquired a 70% interest in the Los Gatos mine in Mexico through its acquisition of Gatos Silver, with 57% of its revenue derived from silver, positioning it as a top pure-play silver miner; however, its profitability is highly dependent on silver price fluctuations, and any drop in silver prices or rise in mining costs could quickly erode profit margins.
- Wheaton Precious Metals Model: Wheaton Precious Metals operates under a financing model, providing upfront payments to mining companies for building or expanding mines, with an average cash cost of silver at $6.35 per ounce in Q3, offering cost predictability and protection against inflationary pressures, making it suitable for conservative investors seeking low-risk exposure.
See More
Surge in Silver Prices Creates Investment Opportunities
- Surge in Silver Prices: Amid geopolitical tensions and rising industrial demand, silver prices have surged 160% over the past year, creating significant investment opportunities, particularly in silver mining stocks.
- Supply-Demand Imbalance: Over the past five years, demand for silver has consistently outpaced supply, and this shortage is expected to persist until 2026, enhancing the attractiveness of silver investments, especially in the context of increasing global economic uncertainty.
- First Majestic's Leverage: First Majestic Silver's acquisition of a 70% stake in the Los Gatos mine through Gatos Silver positions it as a high-leverage silver investment, with 57% of its revenue derived from silver, although its profits are also vulnerable to fluctuations in silver prices.
- Wheaton's Financing Model: Wheaton Precious Metals operates under a streaming model, providing upfront payments to mining companies, with an average cash cost of $6.35 per ounce, offering investors a more stable return opportunity, making it suitable for conservative investors seeking lower-risk exposure to silver.
See More
Wheaton Precious Metals: A New Gold Investment Opportunity
- Significant Earnings Growth: Wheaton Precious Metals generated $913.4 million in net earnings for the first nine months of 2025, more than double the $440.9 million from the same period in 2024, showcasing the company's strong performance amid the gold bull market.
- Doubling of Earnings Per Share: The company's earnings per share (EPS) nearly doubled from $0.97 in the first nine months of 2024 to $1.80 in 2025, reflecting a substantial improvement in profitability that further boosts investor confidence.
- Strong Cash Flow: Wheaton reported $1.15 billion in cash from operations for the first nine months of 2025, compared to $708 million in 2024, indicating robust operational performance and cash generation capabilities in the gold market.
- High Margin Advantage: With a gross margin of 68.6% and a net margin of 54.7%, Wheaton significantly outperforms most gold mining companies, which typically achieve around 10% net profit margin, highlighting its competitive edge and profitability in the industry.
See More
Wheaton Precious Metals Sees Significant Growth in 2025
- Significant Earnings Growth: Wheaton Precious Metals reported net earnings of $913.4 million for the first nine months of 2025, more than double the $440.9 million from the same period in 2024, showcasing strong performance amid rising gold prices.
- Doubling of EPS: The company's earnings per share (EPS) nearly doubled from $0.97 in the first nine months of 2024 to $1.80 in 2025, reflecting a substantial enhancement in profitability and solidifying its position in the precious metals market.
- Robust Cash Flow: Wheaton generated $1.15 billion in cash from operations over the first nine months of 2025, a significant increase from $708 million in 2024, with operating cash flow per share rising from $1.56 to $2.55, indicating a healthy financial status.
- High Margin Advantage: With a gross margin of 68.6% and a net margin of 54.7%, Wheaton significantly outperforms most gold mining companies, which typically achieve around 10% net margin, demonstrating its profitability and risk management capabilities in the streaming business model.
See More
WHEATON PRECIOUS METALS CORP: RAYMOND JAMES INCREASES TARGET PRICE FROM $155 TO $178
Price Increase Announcement: Raymond James has raised its target price for Wheaton Precious Metals Corp. to $178 from $155.
Market Implications: This adjustment reflects a positive outlook on the company's performance and potential growth in the precious metals sector.
See More
