Wheaton Precious Metals WPM Stock Surges to Fresh Highs on the Silver Rally: Latest News, Forecasts, and What to Watch on December 12, 2025

Wheaton Precious Metals Corp. (NYSE: WPM; TSX: WPM) is closing out 2025 in the spotlight, as a record-breaking surge in precious metals—especially silver—pushes streaming and royalty names higher. On Friday, December 12, 2025, WPM traded around $117, after touching an intraday high near $120.47—another sign that momentum remains firmly with the sector.

Below is a complete, publication-ready rundown of today’s key WPM stock drivers, the latest company developments, and the most current analyst targets and outlooks shaping the narrative heading into 2026.

Wheaton Precious Metals stock price today

Wheaton Precious Metals traded near $116.96 on December 12, with a $120.47 intraday high and $116.39 intraday low. While daily moves can be noisy, the bigger story is the context: WPM has been riding a powerful 2025 uptrend alongside gold and, even more dramatically, silver.

That strength has been visible across precious-metals equities globally. In London trading, Reuters reported that precious-metal miners rallied strongly as gold and silver prices climbed again, supported by shifting interest-rate expectations. ^[1]

What’s driving WPM stock on December 12, 2025

1. Silver is rewriting the playbook in 2025

Silver has been the headline commodity of the year, repeatedly setting new highs in December. Reuters noted silver hitting fresh records (including $64.31 at one point) amid a weaker dollar and “real assets” rotation after a Federal Reserve rate cut earlier in the week. ^[2]

Broader reporting has echoed the same theme: silver’s 2025 gains have far outpaced gold, helped by a mix of safe-haven demand, currency concerns, and industrial use cases (including electrification and data-center buildouts). ^[3]

Why this matters to Wheaton: WPM is not a traditional miner—it’s a precious-metals streaming company. Its model can translate rising metal prices into expanding margins because it typically buys metal under long-term agreements at contractual terms and then sells into the spot market. Reuters describes Wheaton as a Canada-based streamer with about 35 streaming agreements and around five royalty agreements, with exposure across gold, silver, palladium, platinum, and cobalt. ^[4]

2. Rate-cut expectations are back in focus

Lower-rate expectations are historically supportive for precious metals (through the opportunity-cost channel and currency effects). Reuters specifically tied the sector’s strength to the market repricing of policy—after this week’s Fed decision and expectations of further easing. ^[5]

The latest company news powering the WPM narrative

While commodity prices have provided the tailwind, Wheaton has also had substantial company-specific developments in late 2025 that investors continue to price in.

Record Q3 2025 results and a fortress balance sheet

Wheaton reported record third-quarter 2025 revenue of $476 million, record net earnings of $367 million, and operating cash flow of $383 million, alongside a balance sheet featuring $1.2 billion in cash and no debt as of September 30, 2025. ^[6]

Operationally, the company said attributable production was 173,400 gold-equivalent ounces (GEOs) in Q3 2025, up 22% year over year, citing contributions from assets such as Salobo and Antamina and the commencement of production at Blackwater. ^[7]

Guidance: a clear long-term growth runway into 2029 and beyond

In its longer-term outlook, Wheaton reiterated 2025 guidance of roughly 600,000 to 670,000 GEOs and forecast production rising to 870,000 GEOs by 2029 (about 40% growth), with average annual production projected to exceed 950,000 GEOs in 2030–2034. ^[8]

Just as important for forward-looking investors: the company said it expects to provide updated longer-term guidance in Q1 2026, incorporating recent developments (including the Hemlo acquisition-related stream). ^[9]

Dividend update and shareholder detail investors may have missed

Wheaton declared a quarterly dividend of $0.165 per share for late 2025—an increase of 6.5% versus the fourth-quarter dividend declared in 2024—with payment distributed around December 4, 2025 and an ex-dividend date of November 20, 2025. ^[10]

The company also highlighted DRIP details and, notably, a transfer agent change: Odyssey Trust Company is set to replace TSX Trust effective December 17, 2025, with shareholders generally not needing to take action. ^[11]

Big deal watch: Spring Valley and Hemlo streams reshape the pipeline

Two major late-2025 transactions are central to why analysts keep framing Wheaton as a growth story—not just a “metal beta” stock.

Spring Valley: $670 million gold stream with first production targeted for 2028

On November 6, Wheaton announced a definitive precious metals purchase agreement for the Spring Valley Project in Nevada with Waterton. Key terms include:

$670 million upfront cash consideration (paid in installments as conditions are met)
Wheaton purchases 8% of payable gold until 300,000 ounces are delivered, then 6% for life of mine
First production expected in 2028, with construction anticipated in 2026 and first gold in the first half of 2028 per the project commentary
Attributable production forecast around 29,000 ounces of gold per year for the first five years and 25,000+ ounces per year for the first ten years ^[12]

For investors, Spring Valley is the kind of asset that can matter disproportionately: it’s in a tier-one jurisdiction, and it’s designed to be additive to Wheaton’s multi-year production trajectory—exactly the kind of visibility the market tends to reward during a metal upcycle.

Hemlo: closing delivers near-term cash flow visibility

On November 26, Wheaton announced it had completed the previously announced gold stream with Carcetti (which elected to change its name to Hemlo Mining Corp.) to support the acquisition of Barrick’s Hemlo Mine. Wheaton’s release emphasized “immediate production and cash flow” upon closing. ^[13]

Key terms disclosed by the company include:

$300 million paid as upfront consideration (Carcetti elected $300M out of a larger committed amount)
Wheaton purchases 10.13% of payable gold until 135,750 oz delivered, then 6.75% until another 117,998 oz, then 4.50% for life of mine
Ongoing payments equal to 20% of the spot gold price for delivered ounces
Forecast attributable production averaging roughly 15,000 oz of gold per year for the first 10 full years
Hemlo expected to have a 14-year mine life in the disclosed profile ^[14]

The broader Hemlo transaction was originally framed as a major divestiture for Barrick, with Reuters reporting the mine sale terms and the financing plan that included a streaming arrangement with Wheaton. ^[15]

WPM stock forecast and analyst price targets on December 12, 2025

RBC upgrade: Outperform with a $130 target

One of the most cited near-term catalysts is RBC Capital’s upgrade. Investing.com reported that RBC moved Wheaton from Sector Perform to Outperform and raised its price target to $130 from $115, noting the royalty/streaming group’s valuation setup and Wheaton’s insulation versus producers in parts of the cycle. ^[16]

A Nasdaq-hosted summary similarly reported RBC’s upgrade and highlighted a broader analyst compilation showing an average one-year target around $129.11, with a wide range of forecasts. ^[17]

Broader Street view: consensus Buy and targets stretching as high as $160

A December 12 MarketBeat roundup put a consensus “Buy” view on Wheaton, citing 13 firms (with a majority in buy/strong-buy territory) and an average target around $130.78. The same report referenced multiple target increases in recent months, including an increase to $160 from CIBC (as cited in that roundup). ^[18]

What this implies: Even after a huge 2025 move, the most commonly cited 12‑month targets still suggest incremental upside—though the gap is no longer enormous, meaning the stock’s next leg higher may depend more on (a) continued strength in silver and gold and (b) confirmation that new streams translate into higher delivered ounces and cash flow.

Valuation check: why the rally is exciting and why some analysts still urge caution

Wheaton’s strength in 2025 has also elevated valuation debates.

MarketBeat listed WPM at a P/E ratio around 53 in its December 12 snapshot, reflecting how strongly earnings expectations and sentiment have re-rated the stock this year. ^[19]
Benzinga likewise flagged that Wheaton’s P/E appears higher than the aggregate industry measure it referenced, a common concern after a sharp run. ^[20]
Investing.com noted WPM’s strong profitability metrics and dividend history, but also cited an InvestingPro “fair value” view suggesting the stock could be overvalued at that moment. ^[21]

The important nuance: A premium multiple is not automatically “wrong” for a streamer. Investors often pay up for (1) higher-margin structures, (2) diversification across many mines, and (3) lower operating risk versus single-asset producers. But when the market’s excitement is driven by rapidly rising metal prices, valuation can compress quickly if metals cool off.

Key catalysts to watch next for Wheaton Precious Metals stock

Here’s what typically matters most from this point in the cycle—and what’s specifically on the calendar or narrative for Wheaton:

Metal prices and macro signals
Silver’s record move has been a core driver, and the market continues to trade the path of monetary policy and the dollar. ^[22]
Guidance refresh in Q1 2026
Wheaton has stated it plans to update longer-term guidance in the first quarter of 2026, incorporating the impact of recent developments, including Hemlo. ^[23]
Execution milestones on Spring Valley
Investors will watch for permitting, construction progress (targeted to begin in 2026), and schedule confidence toward first production in 2028. ^[24]
Delivery pace and “stream math”
Streaming investing is ultimately about ounces delivered, payment terms, and counterparties hitting their plans—especially across a portfolio.

Bottom line for December 12, 2025

Wheaton Precious Metals is being pulled upward by a rare combination of forces: a historic silver rally, a more supportive rate-cut narrative, and company-specific growth visibility driven by large streams like Spring Valley and the now-closed Hemlo deal. ^[25]

At the same time, today’s analyst targets and commentary suggest the market is increasingly focused on what happens after the 2025 surge: whether the next stage is driven by additional metal upside, new accretive streaming deals, and delivery of the long-term production path management has outlined. ^[26]