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Wall Street JournalWheaton Precious Metals Is Ready To Reap Years Of Investment: Analyst
Wheaton Precious Metals Corp. (NYSE:WPM) is positioned to benefit materially from earlier streaming investments as production ramps across several key assets drive strong gold equivalent ounce growth through the end of the decade.
Projects including Blackwater, Copper World, and Salobo are expected to underpin a visible and sustained expansion profile beginning in the latter half of the 2020s.
RBC Capital Markets analyst Josh Wolfson recently upgraded Wheaton Precious Metals to Outperform from Sector Perform and raised his price forecast to $130 from $115.
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The move follows RBC's updated precious-metals assumptions and reflects what he views as a more attractive setup for royalty and streaming companies after a sector-wide valuation reset.
Wolfson argues that royalty names are better insulated than traditional miners ahead of guidance season, given their limited exposure to operating and capital cost inflation.
He also raised his gold price outlook, forecasting average gold prices of $4,600 per ounce in 2026 and $5,100 per ounce in 2027.
Growth Visibility Without New Capital
Under these assumptions, Wolfson expects Wheaton's slate of previously executed stream deals to translate into clear production growth starting in 2026, followed by consistent annual increases from 2027 through 2031 without requiring incremental investment.
Against the estimated 2025 production of 655,000 gold equivalent ounces, he projects more than 45% growth by 2030, which he characterizes as the strongest growth profile among large-cap royalty peers.
Wheaton's revenue mix also positions it to benefit from stronger silver prices, with roughly 37% of revenue tied to silver.
Key Assets and Project Ramp-Ups
Salobo remains the cornerstone asset, accounting for approximately 38% of net asset value and EBITDA. Wolfson notes that operator Vale's recent commentary supports steady performance in 2026, with longer-term upside tied to a potential coarse-particle flotation initiative that could help stabilize output later in the decade.
Beyond Salobo, he highlights a broad pipeline of contributors, including Blackwater, Copper World, El Domo, Fenix, Kone, Kurmuk, Platreef, Santo Domingo and Spring Valley, as multiple projects move through development and ramp-up phases.
Valuation and Risk Framework
Wolfson's $130 price target is based on a 2.4x risk-weighted net asset value using a long-term gold price of $3,000 per ounce, plus 24x projected 2025–2027 sustainable free cash flow, or roughly 23x EBITDA. He outlines upside to $170 at a $5,000 per ounce long-term gold price and downside to $85 at $2,500 per ounce.
Key risks include asset concentration, particularly at Salobo and Peñasquito, execution challenges during project ramp-ups, and increased competition for new streaming transactions, which could pressure future returns.
WPM Price Action: Wheaton Precious Metals shares were up 2.76% at $112.29 at the time of publication on Wednesday. The stock is trading near its 52-week high of $114.36, according to Benzinga Pro data.
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