What’s Behind The 86% Surge in Wheaton Stock?

Wheaton Precious Metals stock (NYSE: WPM) has surged an extraordinary 86% year-to-date in 2025 — a rally powered by a rare combination of soaring metal prices and record production that stunned the market. The momentum didn’t come out of nowhere. Wheaton entered 2025 with 633,481 gold-equivalent ounces produced the prior year — a figure that beat its own guidance and set the stage for one of the strongest starts to a year the company has ever seen. That surprise outperformance, combined with gold and silver prices hitting fresh highs early in 2025, created the conditions for a dramatic rerating in the stock. Also, see Why Has Barrick Mining Stock Surged 154%?

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Why Wheaton Is Surging in 2025

A Perfect Storm: Higher Gold & Silver + Fixed Streaming Costs

The biggest driver of Wheaton’s 2025 rally is the powerful combination of rising gold and silver prices and its fixed-cost streaming model. With spot gold pushing to new highs and silver sharply higher, WPM’s margins have expanded dramatically because it continues paying low, pre-agreed prices for metal while selling into a stronger market.

Record Output Rolling Into 2025

The company’s above-guidance 2024 performance created strong momentum heading into 2025. Wheaton reported 379,742 ounces of gold, 20.66 million ounces of silver, and over 16,000 GEOs from other metals. This volume strength, combined with higher metal prices, pushed revenue, net earnings and operating cash flow sharply higher in 2025. Investors rewarded that consistency — especially at a time when many miners struggled with cost inflation and permitting delays.

2025 Production Guidance Signals More Growth Ahead

For 2025, Wheaton expects 600,000–670,000 GEOs, setting the stage for another year of expansion. The company also reaffirmed long-term production plans that could lift output by 40% by 2029, pushing GEOs toward ~870,000 as new streams ramp up. That growth visibility — rare in the mining world — is one reason the stock has outperformed most precious-metal peers this year.

Why Investors Prefer WPM Over Traditional Miners in 2025

Lower Risk, Higher Leverage

2025 has been a volatile year for global markets, and investors have gravitated toward companies with predictable cost structures and strong exposure to safe-haven assets. Wheaton fits both conditions: It does not operate mines, avoiding operational shutdowns, inflation spikes or political risk at the mine site. It has no net debt, plenty of liquidity and minimal cost inflation. Its margins automatically rise when gold and silver rise. That combination has positioned WPM as a “clean leverage” play on the 2025 precious-metals boom.

What’s Next for Wheaton in 2025 and Beyond

Potential Upside Drivers

• If gold and silver continue rising, Wheaton’s cash flow could hit new records. Additional upside could come from:
• New streaming deals
• Higher output from recently acquired projects
• Stronger-than-expected silver production, which tends to accelerate WPM’s earnings due to lower per-ounce costs
• Given its financial flexibility, Wheaton may also return more cash to shareholders or increase its acquisition pace.

Key Risks to Watch

The biggest risk remains metal-price volatility. Any meaningful drop in gold or silver could compress margins quickly, given the high expectations built into the current share price. WPM is also dependent on partner mines; delays or disruptions at those sites can impact deliveries even if Wheaton itself operates smoothly.

Bottom Line: The 2025 Setup Favors Wheaton — But Expectations Are High

Wheaton’s 86% surge in 2025 has been powered by strong production, strong metals pricing and strong financial execution. With output rising and long-term growth visibility improving, the company remains one of the cleanest plays on the ongoing precious-metals cycle.

If metals hold their strength, WPM could continue to outperform through 2025. But with the stock already pricing in a near-perfect scenario, investors should keep an eye on gold and silver trends — they will dictate Wheaton’s next move. We value Wheaton stock at $113, around 5% above the current market price.

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