Wheaton Precious Metals Positioned for Major Output Expansion

UBS upgrades Wheaton Precious Metals to Buy with a $160 target, forecasting a 70% production jump by 2030 driven by key assets like Antamina.

A significant production surge is on the horizon for Wheaton Precious Metals, according to a recent bullish assessment from UBS. The global investment bank has upgraded its stance on the company, citing a transition into a new and substantial growth cycle that it believes the broader market has yet to fully appreciate.

UBS Upgrades Rating and Sets Ambitious Price Target

In a move that underscores growing confidence, UBS revised its rating for Wheaton Precious Metals from "Neutral" to "Buy" this past Friday. The firm's analysts simultaneously established a price target of $160 per share. This optimistic outlook is supported by the company's rising production targets and an increased dividend, both seen as reinforcing the long-term viability of its streaming business model. Following the announcement, the company's equity responded positively, climbing 4.32 percent to close at €108.60.

The core of UBS's thesis hinges on projected volume growth. Current forecasts indicate that by 2030, Wheaton's production could be approximately 70% higher than the levels anticipated for 2025.

Key Assets Fueling the Growth Trajectory

Central to these optimistic forecasts is the Antamina mine located in Peru. A multi-billion dollar agreement with BHP is set to substantially boost Wheaton's share of the silver produced at this asset. Effective April 1, 2026, Wheaton's attributable silver portion will increase to 67.5%. This development, combined with contributions from newer projects including Blackwater and Fenix, is expected to drive the company's total production for the current year to as much as 940,000 gold equivalent ounces (GEOs).

Beyond these operational advancements, the company's commitment to returning capital to shareholders through a higher dividend further solidifies its appeal to investors seeking both growth and income within the precious metals sector.