Wheaton Precious Metals (LON: WPM) shares are drawing attention ahead of several near-term catalysts, after the company unveiled what analysts at Edison call the largest streaming deal ever completed.
The C$98 billion metals and mining group, which jumped over 4% Monday on the back of the rise in precious metals prices due to the conflict in the Middle East, announced a $4.3 billion silver offtake agreement with BHP on the Antamina mine in Peru, doubling its silver exposure there from 33.75 percent to 67.5 percent.
Edison, which named WPM its stock of the month for March, said the transaction is “transformational,” boosting Wheaton’s production profile by adding roughly 6 million ounces of silver per year over the first five years and 5.4 million ounces annually across a decade. On a pro forma basis, the deal is expected to lift 2026 output by about 11.3 percent.
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Momentum was already strong heading into the announcement. Wheaton delivered 692,000 gold equivalent ounces (GEOs) in fiscal 2025, surpassing the upper end of guidance.
The company is targeting 860,000 to 940,000 GEOs in 2026 and projects nearly 1.2 million GEOs by 2030, which Edison said positions it as the highest-growth name in the streaming sector.
Valuation remains elevated at roughly 66 times trailing earnings, but Edison noted that Wheaton’s 77 percent net profit margins, low-risk model and leverage to rising metals prices justify its premium. Based on current commodity prices, Edison forecasts fiscal 2026 EPS of $3.70, implying a forward multiple of about 38.
Key catalysts include the Antamina deal closing around April 1, full-year 2025 results due March 13, and the leadership transition to incoming CEO Haytham Hodaly at month-end.
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