Wheaton Precious Metals vs. SSR Mining: Which Mining Stock Wins Now?

Wheaton Precious Metals Corp. WPM and SSR Mining Inc. SSRM are well-known names in the silver mining space, sharing several key similarities that define their strategic positioning and investor appeal. Both WPM and SSRM are gaining from the surge in gold and silver prices.

Gold price is benefiting from safe-haven demand, heightened geopolitical risks and trade tensions. The prices of gold are currently trending near $4,535 per ounce, backed by continued geopolitical tensions. Silver prices have increased a whopping 108% year over year on resilient industrial demand and mounting supply deficits. This rise in gold and silver prices is likely to improve Wheaton Precious Metals’ and SSR Mining’s results in the upcoming quarters.

For investors seeking to capitalize on this momentum, the key question is: Which stock stands out, Wheaton Precious Metals or SSR Mining? Let us explore the fundamentals, growth drivers and potential headwinds facing both companies to find out.

The Case for WPM

WPM is poised to gain from its diversified portfolio of high-quality, long-life assets. The company continues to add streams, which lead to immediate production, as well as medium and long-term growth, to its portfolio of assets.

Wheaton Precious Metals’ 2025 gold equivalent production came in at 689,864 ounces, marking an 8.6% year-over-year increase and surpassing the company’s guidance of 600,000-670,000 ounces. The upside was driven by a solid performance at Salobo due to higher gold grades. Recoveries, higher throughput and grades at Peñasquito, and higher grades at Constancia aided the improvement. The gains were partially offset by lower production from Goose and Mineral Park due to slower ramp-up progress.

Wheaton Precious Metals reported average cash costs of $597 per GEO in the fourth quarter of 2025, which marked an increase from $444 per GEO in the prior-year quarter. The cash operating margin in the quarter increased 76% to $3,941 per GEO.

Wheaton Precious Metals had $1.15 billion of cash in hand at the end of 2025 compared with $0.82 billion at the end of 2024. The company reported a record operating cash flow of $1.9 billion in 2025 compared with $1.03 billion in 2024.

The company reported record annual dividends of 66 cents per share for 2025. Backed by strong 2025 performance, WPM raised its first-quarter 2026 dividend by 19.5 cents, marking an increase of 18% from the fourth quarter.

WPM expects 2026 production of 860,000-940,000 GEOs, marking a year-over-year increase of 30.5% at the midpoint. Along with higher gold and silver prices, the upside will be driven by 70,000 GEOs at Antamina. Newly operating assets like Blackwater, Mineral Park, Fenix, Hemlo, Goose and Platreef will aid growth. Lower production from Constancia following the depletion of the Pampacancha pit in late December 2025 will partially offset the gains.

Wheaton Precious Metals expects production to increase 50% to 1,200,000 GEOs by 2030. Along with other projects, the company expects Salobo to be a significant growth driver.

The Case for SSRM

SSR Mining closed the acquisition of the Cripple Creek & Victor (“CC&V”) mine, which positions it as the third-largest gold producer in the United States.

The CC&V deal is expected to be accretive across all key per-share metrics — net asset value, gold production, mineral reserves and free cash flow — strengthening the company’s overall investment appeal and strategic flexibility. This open-pit mine is expected to produce 125,000 to 150,000 ounces of gold in 2026, with 50-55% production weighted toward the second half of the year. At the end of 2025, the company reported Measured & Indicated Mineral Resources of 4.8 million ounces and Inferred Mineral Resources of 2 million ounces at the mine, indicating a significant life of mine extension potential.

SSRM’s total gold production is expected to be in the range of 450,000-535,000 gold-equivalent ounces for 2026 (including output from Puna, Seabee, Marigold and CC&V). This indicates year-over-year growth of 10% at the midpoint.

As of Dec. 31, 2025, SSR Mining had a cash and cash equivalent balance of $535 million and available liquidity of $1.03 billion. The company continues to advance exploration and development activities across its portfolio in the quarter as it targets potential high-return, low capital intensity, mine life extension opportunities at Marigold, Seabee and Puna.

The company is bearing the brunt of cost inflation. SSR Mining expects its All-In Sustaining Costs to be in the range of $2,180-$2,260 per ounce for 2026. It reported All-In Sustaining Costs of $2,153 per ounce in 2025.

Operations at the Çöpler mine in Turkey remain suspended following the heap leach failure on Feb. 13, 2024. The company is recording care and maintenance expense, which represents depreciation and direct costs not associated with the environmental reclamation and remediation costs. SSRM is working with authorities to restart the mine, but no timeline or conditions for resumption have yet been determined. The company reported reclamation and remediation costs of $149.3 million as of the end of 2025.

The company recently inked a deal with Cengiz Holding to sell its 80% stake in the Çöpler mine and related properties in Turkey for $1.5 billion in cash. This is in sync with the company’s shift to an Americas-focused portfolio.

How Do Estimates Compare for WPM & SSRM?

The Zacks Consensus Estimate for Wheaton Precious Metals’ 2026 earnings is pegged at $4.37 per share, indicating a year-over-year upsurge of 44.2%. Earnings estimates of $4.09 for 2027 imply a 6.4% dip. The estimates have been trending north over the past 60 days.

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The Zacks Consensus Estimate for SSRM’s earnings for 2026 is pegged at $3.72 per share, indicating a year-over-year jump of a whopping 85.1%. The 2027 estimate of $4.22 implies growth of 13.4%. The estimates have been trending north over the past 60 days.

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WPM & SSRM: Price Performance & Valuation Comparisons

In the past year, the WPM stock has soared 61.8% and SSRM has climbed 163.7%.

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WPM is currently trading at a forward 12-month earnings multiple of 29.00X, lower than its five-year median. SSRM is currently trading at a forward 12-month earnings multiple of 6.89X, lower than its five-year median.

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WPM or SSRM: Which Is the Better Pick?

Wheaton Precious Metals and SSR Mining are poised to benefit from the current surge in silver and gold prices, as well as higher production expectations and their expansion efforts. SSR Mining has delivered a stronger price performance compared with WPM. SSRM has a more attractive valuation, which gives it the edge over Wheaton Precious Metals.

Both companies carry a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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