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 +1.68%) 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. The company's portfolio currently 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, which it uses 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.
4. Hecla Mining Company
Hecla Mining (HL +1.18%) is the largest silver producer in the U.S. and Canada. The company's production accounts for an industry-leading 37% of all the silver produced in the U.S. and 29% of Canada's silver output (Keno Hill is the country's largest silver mine). It operates mines in Alaska (Greens Creek), Idaho (Lucky Friday), and Canada (Keno Hill). Thanks to its large scale and low-cost resources, Hecla is one of the lowest-cost silver producers in its peer group with an all-in sustaining cost (AISC) of $11.28 an ounce in 2025.
