FIRST QUARTER FINANCIAL RESULTS Wheaton Precious Metals Announces Record Revenue, Adjusted Net Earnings and Operating Cash Flow for the First Quarter of 2025
May 8, 2025
Vancouver, British Columbia
FIRST QUARTER FINANCIAL RESULTS
Wheaton Precious Metals Announces Record Revenue, Adjusted Net Earnings
and Operating Cash Flow for the First Quarter of 2025
“Wheaton delivered a strong start to 2025, with our core assets exceeding production
expectations and driving record quarterly revenue, adjusted net earnings, and operating cash
flow. In times of economic uncertainty, gold is viewed as a reliable store of value, and these
results demonstrate why we believe Wheaton offers one of the best low-risk opportunities for
investors seeking exposure to precious metals,” said Randy Smallwood, President and CEO
of Wheaton Precious Metals. “Looking ahead, 2025 is shaping up to b e a catalyst-rich year,
with four development projects scheduled to come online over the course of the year. Notably,
Artemis Gold announced commercial production at the Blackwater Mine on May 2, an exciting
milestone at an asset which is expected to contribute meaningfully to Wheaton’s portfolio
going forward. With the solid foundation of our currently producing asset base, coupled with
our industry leading growth profile, we believe we are uniquely positioned to continue pursuing
accretive growth and delivering long-term value creation to all of our stakeholders.”
Record Financial Performance and Strong Balance Sheet
• First quarter of 2025: A record $470 million in revenue, $254 million in net earnings, and
$361 million in operating cash flow.
• Declared a quarterly dividend1 of $0.165 per common share.
• Balance Sheet: Cash balance of $1.1 billion, no debt, and an undrawn $2 billion revolving
credit facility as at March 31, 2025.
High Quality Asset Base
• Streaming and royalty agreements on 18 operating mines and 28 development projects
and other5.
• 83% of attributable production from assets in the lowest half of their respective cost
curves2,4.
• Attributable gold equivalent production 3 (“GEOs”) of 151,000 ounces in the f irst quarter
of 2025. While quarterly production decreased 4% relative to the comparable period of
the prior year as a result of planned lower production from Constancia and Peñasquito, it
still surpassed expectations, driven primarily by strong quarterly production achieved at
Salobo.
• Further de-risked forecast growth profile as construction activities advanced at a number
of development projects including Goose, Platreef, and Mineral Park, all of which are
currently expected to be producing by the end of 2025.
• On March 7, 2025, the Company amended the Blackwater Silver PMPA with Artemis
Gold Inc. (“Artemis”) by simplifying the payable silver calculation, which is expected to
accelerate the receipt of payable silver ounces by Wheaton.
• Subsequent to the quarter, on May 2, 2025, Artemis announced that it had achieved
commercial production at the Blackwater mine, with mining delivering in excess of 90%
of its planned tonnage, and mined tonnes and grades reconciling favourably to the
resource model.
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Leadership in Sustainability
• Top Rankings: One of the top-rated companies by Sustainalytics, AAA rated by MSCI
(upgraded in 2024 from AA to AAA, the highest possible rating), and Prime rated by
ISS.
• Awarded US$1 million to the winning venture of the inaugural Future of Mining
Challenge, ReThink Milling Inc., to advance their Conjugate Anvil Hammer Mill
(“CAHM”) and MonoRoll technologies, for their potential ability to lower energy use in
the milling process.
• Recognized by Corporate Knights as one of the 2025 Global 100 Most Sustainable
Corporations, based on a rigorous assessment of over more than 8,300 public
companies with revenue over US$1 billion.
Operational Overview
(all figures in US dollars unless otherwise noted) Q1 2025 Q1 2024 Change
Units produced
Gold ounces 92,681 91,939 0.8 %
Silver ounces 4,733 5,482 (13.7)%
Palladium ounces 2,661 4,463 (40.4)%
Cobalt pounds 540 240 125.1 %
Gold equivalent ounces 3 151,065 158,072 (4.4)%
Units sold
Gold ounces 111,297 92,019 21.0 %
Silver ounces 4,483 4,067 10.2 %
Palladium ounces 2,457 4,774 (48.5)%
Cobalt pounds 265 309 (14.2)%
Gold equivalent ounces 3 165,297 142,294 16.2 %
Change in PBND and Inventory
Gold equivalent ounces 3 (26,344) 942 27,286
Revenue $ 470,411 $ 296,806 58.5 %
Net earnings $ 253,984 $ 164,041 54.8 %
Per share $ 0.560 $ 0.362 54.7 %
Adjusted net earnings 1 $ 250,825 $ 163,589 53.3 %
Per share 1 $ 0.553 $ 0.361 53.2 %
Operating cash flows $ 360,793 $ 219,380 64.5 %
Per share 1 $ 0.795 $ 0.484 64.3 %
All amounts in thousands except gold, palladium & gold equivalent ounces, and per share amounts.
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Financial Review
Revenues
Revenue in the first quarter of 2025 was $470 million (68% gold, 30% silver, 1% palladium
and 1% cobalt) , with the $174 million increase relative to the prior period quarter being
primarily due to a 36% increase in the average realized gold equivalent³ price; and a 16%
increase in the number of GEOs³ sold.
Cash Costs and Margin
Average cash costs¹ in the first quarter of 2025 were $446 per GEO³ as compared to $433
in the first quarter of 2024. This resulted in a cash operating margin¹ of $2,400 per GEO³
sold, an increase of 45% as compared with the first quarter of 2024 , a result of the higher
realized price per ounce. Notably, year-over-year margin growth exceeded the appreciation
in gold prices over the same period, underscoring the effectiveness of our business model in
leveraging rising commodity prices while maintaining strong cash operating margins.
Cash Flow from Operations
Operating cash flow in the first quarter of 2025 amounted to $361 million, with the $141 million
increase from the comparable period of the prior year, due primarily to the higher gross
margin.
Produced But Not Yet Delivered
As at March 31, 2025, approximately 136,100 GEOs were produced but not yet delivered
(“PBND”) representing approximately three months of payable production. Total PBND
ounces decreased quarter over quarter as strong production levels in the fourth quarter of
2024, resulted in an increase to sales realized in the first quarter of 2025, due to the inherent
timing delay between production and sales. The Company expects PBND levels to stay at
the higher end of our forecasted range of two to three months until the end of 2025, in part
due to the ramp up of new mines, forecast to commence operations in the second half of the
year.
Balance Sheet (at March 31, 2025)
• Approximately $1,086 million of cash on hand
• During the first quarter of 2025, the Company made total upfront cash payments of $ 95
million relative to the mineral stream interests consisting of:
o $40 million relative to the Mineral Park PMPA;
o $30 million relative to the Blackwater PMPA; and
o $25 million relative to the Fenix PMPA.
• Subsequent to the quarter, the Company made additional upfront cash payments of $303
million relative to the mineral stream interests consisting of:
o $144 million relative to the Salobo III expansion;
o $156 million relative to the Koné PMPA; and
o $3 million relative to the Cangrejos PMPA.
• With the existing cash on hand coupled with the fully undrawn $2 billion revolving credit
facility, the Company believes it is well positioned to fund all outstanding commitments
and known contingencies as well as providing flexibility to acquire additional accretive
mineral stream interests. Given the strength of Wheaton’s balance sheet and forecasted
cash flows, the Company has elected to not renew its at-the-market equity program.
Global Minimum Tax
For the three months ended March 31, 2025, an amount of $45 million current tax expense
associated with Global Minimum Tax (“GMT”) was recorded, with GMT being payable 15
months after year-end (18 months after year-end for the year-ended December 31, 2024).
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As the Global Minimum Tax Act (“GMTA”) was not enacted into law until Q2-2024, no GMT
expense was reflected in Q1-2024 results.
Chief Financial Officer Transition
On January 9, 2025, Wheaton announced that Gary Brown will be stepping down from his
role as Chief Financial Officer ("CFO"). As part of the previously announced planned
leadership succession, Vincent Lau was appointed CFO effective March 31, 2025.
First Quarter Operating Asset Highlights
Salobo: In the first quarter of 2025, Salobo produced 71,400 ounces of attributable gold, an
increase of approximately 16% relative to the first quarter of 2024 , primarily due to higher
throughput and grades, partially offset by lower recoveries.
On March 4, 2025, Vale informed the Company that it had achieved a sustained throughput
capacity of over 35 Mtpa over a 90-day period, indicating completion of the second phase of
the Salobo III expansion project. The Company advanc ed the remaining balance of the
expansion payment to Vale in the amount of $144 million on April 4, 2025.
Antamina: In the first quarter of 2025, Antamina produced 1.1 million ounces of attributable
silver, an increase of approximately 35% relative to the first quarter of 2024 primarily due to
higher grades and throughput, partially offset by lower recoveries. On April 22, 2025, it was
reported that operations were temporarily halted after an incident which triggered a full safety
shutdown. Operations have since re-commenced.
Peñasquito: In the first quarter of 2025, Peñasquito produced 1.8 million ounces of
attributable silver, a decrease of approximately 34% relative to the first quarter of 2024 ,
primarily the result of lower grades as mining activities have transitioned back into the
Peñasco pit which contains lower silver grades relative to the Chile Colorado pit.
Constancia: In the first quarter of 2025, Constancia produced 0.6 million ounces of
attributable silver and 4,900 ounces of attributable gold, a decrease of approximately 13%
and 65%, respectively, relative to the first quarter of 2024 . The decrease was primarily the
result of lower grades as more material was mined from Constancia and reclaimed from the
stockpile compared with the prior year. On February 19, 202 5, Hudbay Minerals Inc.
(“Hudbay”) announced that gold production in 2025 is expected to be lower than 2024 levels
as additional high grade gold benches were mined in late 2024, ahead of schedule, resulting
in gold production exceeding 2024 guidance levels. The Pampacancha deposit is now
expected to be depleted in early December 2025 as opposed to October 2025, as the mine
plan has sm oothed Pampacancha production throughout the year. Total mill ore feed from
Pampacancha is expected to be approximately 25% in 2025, lower than the typical one-third
in prior years as Pampacancha approaches depletion.
During Q1 2025 relative to Q4 2024, a greater percentage of gold production came from the
lower grade Constancia pit as opposed to the higher grade Pampacancha pit, resulting in
significantly lower production levels in Q1 2025 as compared to Q4 2024.
Sudbury: In the first quarter of 2025, Vale’s Sudbury mines produced 4,900 ounces of
attributable gold, a decrease of approximately 13% relative to the first quarter of 2024 , due
to lower grades.
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San Dimas: In the first quarter of 2025, San Dimas produced 8,400 ounces of attributable
gold, an increase of approximately 12% relative to the first quarter of 2024 , primarily due to
higher throughput, partially offset by lower grades.
In accordance with the San Dimas PMPA, effective April 30, 2025, the fixed gold to silver
exchange ratio has been revised from 70:1 to 90:1. (see footnote 4 on page 14 of this press
release for more information).
Stillwater: In the first quarter of 2025, the Stillwater mines produced 1,300 ounces of
attributable gold and 2,700 ounces of attributable palladium, a decrease of approximately
49% for gold and 40% for palladium relative to the first quarter of 2024, primarily due to lower
throughput as Stillwater West operations were put into care and maintenance in September
2024.
Voisey’s Bay: In the first quarter of 2025, the Voisey's Bay mine produced 540,000 pounds
of attributable cobalt, an increase of approximately 125% relative to the first quarter of 2024,
as the transitional period between the depletion of the Ovoid open -pit and ramp -up to full
production of the Voisey’s Bay underground continues. On April 15, 2025, Vale reported the
consistent ramp-up of Voisey’s Bay’s underground operations. The full ramp-up is expected
by the second half of 2026.
Other Gold: In the first quarter of 2025, total Other Gold attributable production was 1,800
ounces, an increase of approximately 185% relative to the first quarter of 2024 due to the
initial reported production from Blackwater.
Other Silver: In the first quarter of 2025, total Other Silver attributable production was 1.3
million ounces, a decrease of approximately 4% relative to the first quarter of 2024 , as the
initial reported production from Blackwater was offset by lower production at Neves-Corvo.
Zinkgruvan and Neves -Corvo: On April 16, 2025, Lundin Mining Corporation (“Lundin
Mining”) announced that it has completed the sale of its Neves-Corvo and Zinkgruvan mines
to Boliden AB.
Blackwater: On January 22, 2025, Artemis announced that commissioning of the grinding
circuit at the Blackwater mine has advanced and milling of first ore commenced, with the first
pour of gold and silver being announced on January 29, 2025. Subsequent to the quarter, on
May 2, 2025, Artemis announced that it had achieved commercial production at the
Blackwater mine. Artemis reports that mining has delivered in excess of 90% of its planned
tonnage, and that mined tonnes and grades are reconciling favourably to the resource model.
Artemis notes that the proposed phase 2 expansion is anticipated to increase Blackwater’s
average annual production to over 500,000 GEOs per year, positioning the mine as a key
long-term asset in a favourable jurisdiction for Wheaton.
Los Filos: On April 1, 2025, Equinox reported it has indefinitely suspended operations at Los
Filos following the expiry of its land access agreement with the community of Carrizalillo on
March 31, 2025.
Detailed mine-by-mine production and sales figures can be found in the Appendix to this
press release and in Wheaton’s consolidated MD&A in the ‘Results of Operations and
Operational Review’ section.
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Recent Development Asset Updates
Goose Project: On February 19, 2025, B2Gold Corp. (“B2Gold”) announced that all planned
construction activities for 2024 were completed , and project construction and development
continue to progress on track to achieve first gold pour at the Goose Project in the second
quarter of 2025, followed by a ramp up to commercial production in the third quarter of 2025.
On March 27, 2025, B2Gold announced an updated mineral reserve life for the Goose
project, which uses a revised methodology for mineral resource estimation , resulting in a
reclassification of a portion of the previously reported Indicated Mineral Resources to Inferred
Mineral Resources. B2Gold also states that they remain highly confident that with additional
in-fill drilling to be completed over time, a large portion of the Inferred Mineral Resources will
be converted to Indicated Mineral Resources and therefore be eligible for classification as
Mineral Reserves.
Mineral Park Project : During the quarter, Waterton's Origin Mining continued to advance
the Mineral Park project, with the installation of all major equipment now complete. Waterton
indicates that the second quarter will be focused on tie-ins, pre-commissioning activities, and
introduction of ore, and that project construction continues to progress on track with a ramp-
up to commercial production expected during the second half of 2025. At project completion,
the fully refurbished mill capacity will be 16.5 Mtpa.
Platreef Project: On February 18, 2025, Ivanhoe Mines (“Ivanhoe”) reported positive results
from the two independent technical studies completed on the Phase 2 and Phase 3
expansions. The study outlines Phase 1 production commencing from Q4 2025, followed by
the Phase 2 expansion two years later in Q4 2027. Ivanhoe noted that the Phase 3 expansion
is expected to rank Platreef as one of the largest primary PGM producers on a platinum
equivalent basis.
Fenix Project: On January 13, 2025, Rio2 Limited (“Rio2”) reported that construction
activities recommenced in October 2024 and construction is expected to be completed in
November 2025. Bulk earthworks at the plant side have been completed and concrete bases
for the footings of the processing plant have been poured. Earthworks have commenced on
the leach pad stability platform, which forms the base of the Phase 1 leach pad. The leach
pad has been designed to be built in four phases. On April 29, 2025, Rio2 reported that
construction was 19% complete and remains on track and on budget for first gold production
in January 2026. The Company advanced the second deposit payment of $25 million on
March 24, 2025.
Kurmuk Project: On May 7, 2025, Allied Gold Corporation (“Allied”) reported that earthworks
at the plant terrace advanced during the first quarter to near completion, while civil works and
structural, mechanical, plate, and piping contractor mobilizations are in progress. Engineering
and procurement activities reached 80% completion, with the project remaining on track and
on budget. Allied reports that Kurmuk is expected to start production by mid-2026.
Marmato Mine: On January 15, 2025, Aris Mining Corporation (“Aris”) announced that the
construction of the Marmato Lower Mine continues to progress . On March 13, 2025, Aris
announced an enhanced Marmato expansion, whereby the design of the carbon -in-pulp
processing facility will be upgraded by 25% from 4,000 tpd to 5,000 tpd. On May 7, 2025,
Aris reported that the processing plant capacity was increased from 4,000 tpd to a planned
5,000 tpd. Aris reports that construction remains on track, and production is expected to start
ramping up in the second half of 2026.
El Domo Project: On January 7, 2025, Silvercorp Metals Inc. (“Silvercorp”) reported it has
recently awarded the earthworks contract to a large international mining contractor with over
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ten years of experience working in Ecuador. On April 23, 2025, Silvercorp reported that it is
targeting to bring the project into production by the end of 2026. The construction of the main
plant and auxiliary facilities are expected to commence in Septemb er 2025, with major
equipment installation expected to commence in May 2026. Silvercorp expects to complete
construction and equipment installation by November 2026, with commissioning of the
process plant occurring in December 2026.
Koné Project: On March 24, 2025, Montage Gold Corp. (“Montage”) announced that rapid
construction progress is being achieved at the Koné project, where process plant concrete
works, including the ahead-of-schedule pouring of Carbon-in-Leach tank foundations, have
commenced. Montage reports that construction activities have significantly ramped-up, with
the on-site workforce increasing from approximately 350 to 1,700 employees and contractors.
On April 8, 2025, Montage published its maiden resource and resul ts from its exploration
program, with over 81,000 meters drilled in 2024, focused on identifying higher grade satellite
targets, with the goal of supplementing production from the commencement of operations.
Montage has reported that the project remains on track to pour gold in the second quarter of
2027.
Copper World Project: On January 2, 2025, Hudbay that it has received an Air Quality
Permit for the Copper World project from the Arizona Department of Environmental Quality.
Hudbay noted that the issuance of this permit is a significant milestone in the advancement
of the project as it is the final major permit required for the development and operation of the
Copper World project. Hudbay also noted that the receipt of the three key state permits is
one of the three key prerequisites for Hudbay as they work toward a sanctioning decision on
the Copper World project in 2026. Hudbay commenced a minority joint venture partner
process early in 2025, and it is anticipated that any minority joint venture partner would
participate in the funding of definitive feasibility study activities in 2025 as well as in the final
project design and construction for Copper World. On March 27, 2025, Hudbay reported that
feasibility studies are underway at the fully permitted Copper World project.
Santo Domingo Project: On January 20, 2025, Capstone Copper Corp. (“Capstone”)
announced plans to progress partnership discussions and its financing strategy throughout
2025. A potential project sanctioning decision is not anticipated prior to mid-2026.
Cangrejos Project: On January 28, 2025, Lumina Gold Corp., (“Lumina”), announced
significant progress regarding power infrastructure required for the Cangrejos project as it
received approval of the definitive feasibility level designs for connection to the national grid
for the future energy demands of the project from Corporación Eléctrica del Ecuador. Lumina
noted that the lead engineering contractor for the feasibility study has completed 92% of the
estimated work and the feasibility study remains on schedule for completion during Q2 2025.
Lumina notes that the Environmental Impact Study is progressing on schedule which will
allow for its submission to the Government of Ecuador in mid -2025. Lumina is targeting
receiving its environmental license by early 2026.
On April 21, 2025, Lumina announced that it had entered into an arrangement agreement
with CMOC Singapore Pte. Ltd., a Singapore entity and a subsidiary of CMOC Group Limited
(collectively “CMOC”), pursuant to which CMOC will acquire all of the issued and outstanding
common shares of Lumin a. Subject to satisfying all necessary conditions, Lumina expects
the transaction to be completed in the third quarter of 2025.
Detailed mine-by-mine production and sales figures can be found in the Appendix to this
press release and in Wheaton’s consolidated MD&A in the ‘Results of Operations and
Operational Review’ section.
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Corporate Development
Amendment to Blackwater PMPA : On March 7, 2025, the Company amended its PMPA
(the “Blackwater Silver PMPA”) with Artemis Gold Inc. (“Artemis”) in respect of silver
production from the Blackwater Project located in British Columbia in Canada (the
“Blackwater Project”). Under the Blackwater Silver PMPA, Wheaton will acquire an amount
of silver equal to 50% of the payable silver until 17.8 million ounces have been delivered and
33% of payable silver thereafter for the life of the mine.
As a result of the amendment, the amount of payable silver will be based on a multiple ranging
from 5.07 to 5.17 of the number of ounces of gold produced, rather than being based on a
fixed silver recovery factor. The ratio is currently 5.17. Once 17.8 million ounces of silver have
been delivered, the determination of payable silver will revert to being based on a fixed silver
recovery factor, consistent with the previous terms of the Blackwater Silver PMPA. As a result
of the changed payable s ilver profile which is expected to deliver silver ounces to the
Company sooner relative to the original profile, on March 10, 2025, the Company paid
Artemis $30 million in connection with this amendment.
Sustainability
Future of Mining Challenge
On March 4, 2025, Wheaton announced the winner of its inaugural Future of Mining
Challenge. ReThink Milling Inc. was awarded $1 million for its Conjugate Anvil Hammer Mill
and MonoRoll technologies , which have the potential to deliver greater efficiency with
significantly lower energy use, leading to reduced greenhouse gas emissions and operating
costs. The theme of Wheaton’s 2025/26 Future of Mining Challenge will be water, and the
Company expects to begin receiving expressions of interest in June 2025. Learn more at
www.futureofmining.ca.
Community Investment Program:
• To strengthen community investment efforts in development-stage projects, Wheaton
has expanded its Partner Community Investment program to include the Platreef
project. During the quarter, significant progress was made on three Wheaton -
supported community initiatives, and the company plans to further expand its
community investment scope at Platreef in 2025.
• Wheaton's Partner Community Investment Program continues to support initiatives
with the Vale Foundation, Vale Canada, Glencore via Antamina, Hudbay, First
Majestic, Newmont, Artemis, Aris Mining and Ivanhoe to support the communities
influenced by the mines and provide vital services and programs including
educational resources, health and dental programs, poverty reduction initiatives,
entrepreneurial opportunities, and various social and environmental programs.
• Subsequent to the quarter, the Daffodil Ball , the largest cancer research gala in
Canada and presented by Wheaton Precious Metals, raised a record -breaking
CA$10.85 million in support of world -leading cancer research and the newly
established Lundin Cancer Fund–Canadian Cancer Society Glioblastoma Research
Program