In exchange, the company receives the right to buy some of the metal produced by the mines at fixed prices. For example, in early 2026, it paid $4.3 billion to BHP Group (BHP +2.86%) for its 33.75% share of the silver produced at the Antamina mine in Peru, at a cost equal to 20% of the spot price of silver. Its vision is to be the world's premier precious metals investment vehicle. The company's portfolio features 22 operating mines, 20 development projects, and 15 exploration and other assets.
It expects to get about 46% of its revenue from silver, another 52% from gold, and the remaining from palladium, platinum, and cobalt through 2030. The company anticipates its production will rise from 860,000 to 940,000 gold-equivalent ounces (GEOs) in 2026 to an average of 1.2 million GEOs by 2030 as more of its partners' development projects come online and begin producing.
Wheaton has low fixed costs of $12.50 per ounce of silver and $650 per ounce of gold through 2030. Any price above that level generates profit for the company.
The company's focus on streaming enables it to generate significant cash. Wheaton uses the money to invest in new streams and pay dividends to shareholders. The company also has a progressive dividend policy, paying out an industry-leading 25% of its cash flow in dividends. It raised its payment by 18% in 2026.
Wheaton's business model enables it to profit from rising silver prices like a mining company. However, it entails fewer risks and potential cost overruns than physical mining, making it a lower-risk way to invest in precious metals like silver.
4. iShares Silver Trust
The iShares Silver Trust (SLV +2.95%) is the largest exchange-traded fund (ETF) focused on investing in physical silver. The silver ETF aims to track silver's price by owning silver bars stored in bank vaults in London and New York City. It had over $31 billion in assets under management (holding approximately 487.8 million ounces of silver) as of August 2026.
