Stifel Canada on Wednesday maintained its buy rating on the shares of Wheaton Precious Metals (WPM.TO, WPM) and its C$240.00 price target after the royalty and streaming company agreed to acquire BHP Group's (BHP) 33.75% portion of the silver produced at the Antamina mine in Peru for US$4.3 billion and released its 2026 production guidance.

"WPM entered into a silver stream agreement with BHP with a sizable US$4.3bn stream accounting for 33.75% of the silver produced at the Antamina Mine, which doubles WPM's attributable silver production from the mine. On first look, we estimate the new silver stream increases our 2026e GEOs by ~10% and accounting for transaction financing we estimate our 2026 CFPS increases to the tune of ~7-8%. That said, we believe the Street will focus on the high price-tag and skinny-IRR. As we assess the new stream's price tag, we believe the likely competitive transaction was priced at nearly spot silver prices. At $80-85/oz, we estimate a sub-3% IRR. All-in, silver streams on a top-tier, long-life assets are not easy to come-by and we believe that WPM is being opportunistic taking advantage of its solid CF and strong balance sheet.2025 GEOs exceeded expectations, plus 2026 guidance points to 12% YoY growth," analyst Ingrid Rico wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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