FIRST QUARTER FINANCIAL RESULTS Wheaton Precious Metals Announces Record Revenue, Earnings and Cash Flow for the First Quarter of 2026
May 7, 2026
Vancouver, British Columbia
FIRST QUARTER FINANCIAL RESULTS
Wheaton Precious Metals Announces Record Revenue, Earnings and
Cash Flow for the First Quarter of 2026
“Wheaton delivered a strong start to 2026, with Salobo and Peñasquito outperforming
expectations and contributing to record quarterly revenue, earnings and cash flow,” said
Haytham Hodaly, President and Chief Executive Officer of Wheaton Precious Metals. “During
the first quarter, we announced our largest streaming transaction to date at Antamina in
partnership with BHP and subsequently entered into our first streaming agreement in
Australia with KGL Resources . These transactions expand our geographic footp rint and
broaden our counterparty base, while further demonstrating the flexibility of the streaming
model as a means of unlocking value from non -core precious metals. Supported by a high -
quality operating asset base and an industry -leading growth profile, Wheaton is well
positioned to continue pursu ing accretive growth and delivering long -term value for all
stakeholders.”
Record Financial Performance and Strong Balance Sheet
• First quarter of 2026: A record $901 million in revenue, a record $582 million in net
earnings, a record $583 million in adjusted net earnings, and a record $766 million in
operating cash flow.
• Declared a quarterly dividend 1 of $0.195 per common share, an 18% increase from Q1
2025.
• Balance Sheet: Cash balance of $2.2 billion.
High Quality Asset Base
• Streaming and royalty agreements on 22 operating mines and 26 development and other
projects5.
• 80% of attributable production from assets in the lowest half of their respective cost
curves2,4.
• Delivered attributable gold equivalent production3 (“GEOs”) of 212,000 ounces in the first
quarter of 2026, a 22% increase relative to the comparable period of the prior year
primarily due to increased production from Peñasquito, Antamina and Blackwater coupled
with the recommencement of production at Aljustrel.
• Further de -risking of industry leading forecast growth profile with advancement of
construction activities at a number of projects, including Mineral Park, Platreef, Fenix, El
Domo, Kurmuk, and Koné.
• Received first deliveries related to the Hemlo, Fenix and Mineral Park precious metals
purchase agreements (“PMPAs”).
• On February 16, 2026, the Company entered into the previously announced PMPA with
BHP Group Limited (“BHP”) for their 33.75% portion of the silver produced at the
Antamina mine located in Peru. The transaction was subsequently closed on April 1,
2026.
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• Subsequent to the quarter:
o On April 1, 2026, the Company entered into a PMPA with KGL Resources Limited
("KGL") for a portion of the gold and silver produced at the Jervois project located in
Australia. In return, the Company also obtained a right of first refusal on any future
precious metal streams, royalties, prepays or similar transactions with respect to the
Jervois Project.
o On April 20, 2026, the Company entered into a Royalty agreement with Spanish
Mountain Gold Limited (“Spanish Mountain Gold”) for a 1.5% net smelter returns
royalty on gold and silver production from the Spanish Mountain Gold project . In
return, the Company also obtained a right of first refusal on any future precious metal
streams, royalties, prepays or similar transactions with respect to the Spanish
Mountain Gold Project.
Leadership in Sustainability
• Top Rankings: Wheaton ranked as one of the top -rated companies by Sustainalytics,
AAA rated by MSCI and Prime rated by ISS.
• Wheaton’s Partner Community Investment Program supported initiatives with the Vale
Foundation, Vale Canada, Hudbay, First Majestic, Newmont, B2Gold, Ivanplats and
BMC Minerals to deliver vital services and programs to communities located near our
partner mining operations.
Operational Overview
(all figures in US dollars unless otherwise noted) Q1 2026 Q1 2025 Change
Units produced
Gold ounces 97,106 92,669 4.8 %
Silver ounces 6,636 4,685 41.6 %
Palladium ounces 2,591 2,661 (2.6)%
Platinum ounces 40 - n.a.
Cobalt pounds 657 540 21.6 %
Gold equivalent ounces 3 211,951 174,391 21.5 %
Units sold
Gold ounces 95,072 111,297 (14.6)%
Silver ounces 5,049 4,483 12.6 %
Palladium ounces 2,906 2,457 18.3 %
Cobalt pounds 309 265 16.6 %
Gold equivalent ounces 3 181,743 188,162 (3.4)%
Change in PBND
Gold equivalent ounces 3 12,325 (29,008) (41,333)
Revenue $ 901,469 $ 470,411 91.6 %
Net earnings $ 582,044 $ 253,984 129.2 %
Per share $ 1.282 $ 0.560 128.9 %
Adjusted net earnings 1 $ 582,772 $ 250,825 132.3 %
Per share 1 $ 1.284 $ 0.553 132.2 %
Operating cash flows $ 765,823 $ 360,793 112.3 %
Per share 1 $ 1.687 $ 0.795 112.2 %
All amounts in thousands except gold, palladium, platinum & gold equivalent ounces, and
per share amounts.
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Financial Review
Revenues
Revenue in the first quarter of 2026 was $901 million (51% gold, 47% silver, 1% palladium
and 1% cobalt) , with the $431 million increase relative to the prior period quarter being
primarily due to a 98% increase in the average realized gold equivalent³ price; partially offset
by a 3% decrease in the number of GEOs³ sold.
Cash Costs and Margin
Average cash costs¹ in the first quarter of 2026 were $681 per GEO³ as compared to $392
in the first quarter of 2025. This resulted in a cash operating margin¹ of $4,279 per GEO³
sold, an increase of 103% as compared with the first quarter of 2025 , a result of the higher
realized price per ounce. The higher margin reflects the leverage provided by fixed per-ounce
production payments across the majority of Wheaton’s operating streams, which accounted
for 70% of revenue during the quarter. Notably, year-over-year margin growth exceeded the
appreciation in gold prices over the same period, underscoring the effectiveness of
Wheaton’s business model in generating higher levered cash flow and margins in a rising
precious metals price environment.
Cash Flow from Operations
Operating cash flow in the first quarter of 2026 amounted to $766 million, with the $405 million
increase from the comparable period of the prior year being due primarily to higher gross
margin.
Produced But Not Yet Delivered
As at March 31, 2026, approximately 183,500 GEOs3 were produced but not yet delivered
(“PBND”) representing approximately 2.8 months of payable production. This increase in the
number of months of PBND compared with the preceding four quarters places PBND levels
at the mid-point of our guided range of two and a half to three and a half months and was
driven primarily by strong quarterly production at Peñasquito.
Balance Sheet (at March 31, 2026)
• Approximately $2.2 billion of cash on hand
• During the first quarter of 2026, the Company made net upfront cash payments of $ 60
million relative to the mineral stream interests consisting of:
o Spring Valley: $50 million; and
o Marmato: $40 million; partially offset by
o a repayment of $30 million relative to the Santo Domingo PMPA, with this amount
to be re-advanced at a later date.
• Over the same period, the Company monetized select long term equity investments,
generating $323 million of cash proceeds, resulting in a realized gain before tax of $152
million.
• Subsequent to the quarter, the Company made additional upfront cash payments of $4.5
billion relative to the mineral stream interests consisting of:
o Antamina BHP: $4.3 billion;
o Koné: $156 million; and
o Spanish Mountain: $22.5 million.
• On April 1, 2026, the Company made the $4.3 billion upfront payment relative to the
BHP Antamina PMPA. The upfront payment was funded through a combination of the
cash on hand at closing , a draw on the Company’s previously undrawn $2.0 billion
Revolving Facility and a new $1.5 billion term loan (“Term Loan”). The Revolving Facility
and the Term Loan provide flexible, non-dilutive financing that may be repaid at any time
without penalty.
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First Quarter Operating Asset Highlights
Salobo: In the first quarter of 2026, Salobo produced 69,200 ounces of attributable gold, a
decrease of approximately 3% relative to the first quarter of 2025, primarily the result of lower
grades, partially offset by higher throughput and recoveries.
Antamina: In the first quarter of 2026, Antamina produced 1.6 million ounces of attributable
silver, an increase of approximately 48% relative to the first quarter of 2025, primarily due to
higher grades and recoveries.
Peñasquito: In the first quarter of 2026, Peñasquito produced 2.6 million ounces of
attributable silver, an increase of approximately 46% relative to the first quarter of 2025,
primarily the result of higher throughput and grades.
Constancia: In the first quarter of 2026, Constancia produced 0.5 million ounces of
attributable silver and 4,600 ounces of attributable gold, a decrease of approximately 4% and
6%, respectively, relative to the first quarter of 2025, primarily due to lower gold and silver
recoveries. Mining activities in the Pampacancha pit were completed during the fourth quarter
of 2025 and the remaining stockpiled Pampacancha ore was fully processed during January
2026. On May 1, 2026, Hudbay announced that mill through put rates are expected to
increase to more than 90,000 TPD starting in the second half of 2026, with the installation of
two pebble crushers and related permit amendments. Hudbay reports it received permit
approval to increase annual mill throughput capacity to 31.1 million tonnes from 29.9 million
tonnes, providing the new base for the 10% permitted allowance that aligns with the Peru
Ministry of Energy and Mines’ regulatory change.
San Dimas: In the first quarter of 2026, San Dimas produced 7,300 ounces of attributable
gold, a decrease of approximately 13% relative to the first quarter of 2025, primarily the result
of lower grades, consistent with their mine plan.
Stillwater: In the first quarter of 2026, the Stillwater mines produced 1,400 ounces of
attributable gold and 2,600 ounces of attributable palladium, an increase of approximately
6% for gold and a decrease of approximately 4% for palladium relative to the first quarte r of
2025. The increase in gold production was a result of higher throughput and recovery,
partially offset by lower grades while the decrease in palladium was a result of lower
recoveries.
Blackwater: In the first quarter of 2026, Blackwater produced 0.1 million ounces of
attributable silver and 5,000 ounces of attributable gold, primarily the result of higher
throughput with the mine achieving commercial production in May 2025. On March 12, 2026,
Artemis Gold reported an unplanned mill shutdown due to the failure of a ball mill gearbox,
with the mill operations being interrupted for 7 days. Artemis Gold also notes that strong
grades during the quarter helped to offset the lower throughput resulting from the interruption,
and that they are maintaining their full year production guidance, with plans to make up for
the unplanned downtime experienced in Q1.
Voisey’s Bay: In the first quarter of 2026, the Voisey's Bay mine produced 657,000 pounds
of attributable cobalt, an increase of approximately 22% relative to the first quarter of 2025
as the underground mine at Voisey’s Bay continues ramp-up to full production, with full ramp-
up expected by the second half of 2026.
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Other Gold: In the first quarter of 2026, total Other Gold attributable production was 5,400
ounces, an increase of approximately 616% relative to the first quarter of 2025 due to the
initial reported production from the Fenix mine as well as the addition of attributable
production from the Hemlo and Goose mines. Notable operational updates for assets
included within ‘Other Gold’ include:
• Goose: On April 19, 2026, B2Gold provided an update on a near -term operational
plan related to a fire that occurred in certain areas of the crushing circuit at the Goose
mine on April 16, 2026. B2Gold confirmed that there were no injuries reported and no
medical treatment required related to the fire and the damage was localized to the
crushing circuit area. A preliminary revised mill processing plan has been developed
for Q2 2026 based on the use of mobile crushers feeding crushed ore directly to the
fine ore stockpile while repairs to the crushing circuit related to the fire are completed.
B2Gold estimates the repairs will be completed in Q3 2026. B2Gold reports that Q2
production is expected to be approximately 50% lower than Q1 and about 30% below
the original Q2 plan, primarily due to lower throughput levels.
• Marmato: On April 17, 2026, Aris reported a significant construction milestone at its
Marmato gold mine with the underground development crosscut now connecting the
new surface decline to the existing underground development, establishing
continuous underground acc ess from surface, where the new 5,000 tonne per day
CIP plant is under construction, to the existing workings. The connection supports the
next phases of mine development, infrastructure installation and operational
readiness for the Marmato bulk mine which is on schedule for first gold in Q4 2026.
• Hemlo: On April 28, 2026, Hemlo Mining Corp. (“Hemlo Mining”) announced that
during its first full quarter of ownership, the successful transition of an underground
mining contractor workforce to owner -operated was completed two weeks ahead of
schedule, with 97% of the contractor workforce accepting positions as part of the
transition. Hemlo Mining reported that various maintenance activities were
undertaken during the quarter, with the most significant tasks being the refurbishment
of an underground crusher and the replacement of the hoist cable, which was
completed ahead of schedule.
Other Silver: In the first quarter of 2026, total Other Silver attributable production was 1.9
million ounces, an increase of approximately 44% relative to the first quarter of 2025, primarily
the result of the resumption of mining at Aljustrel . Notable operational updates for assets
included within ‘Other Silver’ include:
• Aljustrel: In the third quarter of 2025, Almina resumed production of the zinc and
lead concentrates at the Aljustrel mine, resulting in the resumption of attributable
silver production to the Company.
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.
Recent Development Asset Updates
Mineral Park: During the first quarter of 2026, Waterton Copper LP continued to refine ore
commissioning of the newly refurbished concentrator at its Mineral Park project. The ramp -
up efforts in Q1 2026 were focused on achieving stable throughput and gradually increasing
both operating uptime and concentrate production. Copper concentrate sales continued in
the first quarter and monthly delivery of silver to Wheaton under the PMPA commenced in
January 2026. Ramp-up to commercial production is expected to co ntinue in Q2 2026, with
increasing operating volumes throughout the second quarter. At steady state throughput, the
fully refurbished mill capacity will be 16.5 Mtpa.
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Platreef: On April 13, 2026, Ivanhoe announced that the ramp -up of the Platreef mine is
advancing on track, with commercial production expected mid -year. Ivanhoe states that
construction of Shaft #3, as well as its associated underground materials -handling and
crushing plants, was completed on schedule in late March and is currently undergoing
commissioning. Once Shaft #3 ramps up, the Phase 1 concentrator will then be continuously
fed with higher-grade production ore. In addition, Shaft #3 will also hoist waste development
required in preparation for the Phase 2 expansion, which is on schedule to be completed by
the end of 2027.
Fenix: On January 26, 2026, Rio2 Limited (“Rio2”) announced the first official gold pour at
the Fenix Gold Mine, with construction of critical path items completed on time and on budget,
as previously guided. Additionally, the Company received its first gold deliveries under the
Fenix PMPA during the quarter. Rio2 states that the focus now is to ramp up operations to
20,000 tonnes per day.
Kurmuk: On March 31, 2026, Allied announced its shareholders had approved the previously
announced definitive agreement with Zijin Gold International Company Limited (“Zijin Gold”),
where Zijin Gold will acquire all of the issued and outstanding shares of Allied in cash. Allied
states that both companies continue to diligently and cooperatively advance the customary
regulatory approvals necessary to complete the arrangement, with the objective of closing in
a timely manner within the timeframe set out in the agreement. The agreement provides for
an outside date for closing of May 29, 2026, subject to extension in certain circumstances.
Koné: On March 26, 2026, Montage reported that construction at the Koné project is on
track for first gold pour in late Q4 2026 through the oxide circuit, while the hard-rock
comminution circuit remains on track for completion in Q2 2027. Key process plant
achievements include completion of all CIL tanks and ball mill shell installation, oxide sizer
completion, foundation concrete pours for pre-leach and tailings thickeners, and
advancement of the hard-rock comminution circuit.
Copper World: On January 12, 2026, Hudbay announced the closing of the joint venture
transaction with Mitsubishi Corporation, securing a premier, long -term strategic partner for
the development of Copper World. On May 1, 2026, Hudbay reported that feasibility activities
for Copper World are well under way, with the definitive feasibility study (“DFS”) progressing
above 85% at the end of March, and on track for completion in mid -2026. Hudbay reports it
continues to execute detailed engineering work and other de-risking activities in preparation
for a Copper World sanctioning decision expected later in 2026.
Santo Domingo: On April 29, 2026, Capstone Copper Corp. (“Capstone”) reported that
detailed engineering advanced during the first quarter, alongside continued evaluation of
opportunities to optimize district infrastructure. Capstone expects to make a final investment
decision on the Santo Domingo Project in Q4 2026.
Cangrejos: On April 28, 2026, it was announced that Ecuador has signed the exploitation
contract for the Cangrejos project. Signing this exploitation contract will allow CMOC to move
forward with seeking the required construction permits for the mine and its facilities.
Kudz Ze Kayah : On April 13, 2026, BMC Minerals Ltd. (“BMC”) announced receipt of a
positive decision document issued by the Government of Yukon, Natural Resources Canada
and the Department of Fisheries and Oceans Canada, after the Yukon Environmental and
Socio-economic Assessment Board had recommended approval of the project in 2020. BMC
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reports it will now progress mining permit and license applications with the aim to make a
final investment decision in late 2027, subject to receipt of permits.
Corporate Development
Antamina: On February 16, 2026, the Company entered into a PMPA with BHP (the “BHP
Antamina PMPA”) for their 33.75% portion of the silver produced at the Antamina Mine
located in Peru. Effective April 1, 2026, Wheaton will receive a combined 67.5% of all the
silver produced from Antamina, up from the 33.75% currently delivered under the existing
Glencore silver stream. First deliveries under the BHP Antamina PMPA are anticipated to be
received at the end of May 2026.
Under the terms of the BHP Antamina PMPA, the Company paid BHP total upfront cash
consideration of $4.3 billion on April 1, 2026, being the date of closing. Additionally, the
Company will make ongoing payments for the silver ounces delivered equal to 20% of the
spot price of silver.
Jervois: On April 1, 2026, the Company entered into a PMPA with KGL (the “Jervois PMPA”)
for a portion of the gold and silver produced at the Jervois Project located in Australia. In
return, the Company also obtained a right of first refusal on any future precious metal
streams, royalties, prepays or similar transactions with respect to the Jervois Project. Under
the terms of the Jervois PMPA, the Company will pay KGL total upfront cash consideration
of $275 million, subject to certain customary conditions. The upfront cash consideration will
be paid in a total of six installments, with the first two installments of $16 million each to be
made as early deposit payments, once certain conditions are satisfied, and are expected to
be paid in the second and thir d calendar quarters of 2026. The remaining balance of $243
million will be paid in four equal installments over the construction period as various
conditions are satisfied. Additionally, the Company will make ongoing payments for the gold
and silver ounces delivered equal to 20% of the spot price of gold and silver.
Spanish Mountain: On April 20, 2026, the Company entered into a Royalty Agreement with
Spanish Mountain Gold (the “Spanish Mountain Royalty”) for a 1.5% net smelter returns
royalty on gold and silver production from the Spanish Mountain Gold project. In return, the
Company also obtained a right of first refusal on any future precious metal streams, royalties,
prepays or similar transactions with respect to the Spanish Mountain Gold Project. Under the
terms of the Spanish Mountain Royalty, the Company will p ay Spanish Mountain Gold total
upfront cash consideration of $55 million, subject to certain customary conditions. The upfront
cash consideration will be paid in three installments consisting of a $22.5 million payment
made on May 1, 2026, a $12.5 million payment due after 60,000 meters of drilling (expected
to be made during Q2-2026), and a $20 million payment due upon receiving approval under
the Environmental Assessment Act (Briti sh Columbia) for the construction and operation of
the project.
Chief Executive Officer Transition
As previously announced, and as part of the Company’s strategic succession planning,
effective March 31, 2026, Haytham Hodaly assumed the role of President and Chief
Executive Officer, while Mr. Smallwood transitioned to Chair of the Board. These changes
reflect Wheaton’s ongoing leadership evolution to support its next phase of growth.
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Sustainability
Community Investment Program
• Wheaton’s Partner Community Investment Program supports initiatives with the Vale
Foundation, Vale Canada, Hudbay, First Majestic, Newmont, B2Gold, Ivanplats and
BMC Minerals to deliver vital services and programs to communities located near our
partner mining operations. These initiatives provide access to educational resources,
health and dental care, poverty reduction efforts, entrepreneurial opportunities, and a
range of social and environmental programs.
• During the first quarter, Wheaton, alongside First Majestic Silver, completed the
Tayoltita Landfill Refurbishment Project, supporting upgrades to the community
landfill near the San Dimas mine, including enhanced containment, drainage, and
venting systems , as well as a waste -reduction and recycling awareness program
delivered in partnership with local authorities; the project was formally inaugurated
during the quarter.
Global Minimum Tax
The Company is within the scope of global minimum tax (“GMT”) under the OECD Pillar Two
model rules, under which large multinational entities are subject to a 15% GMT. The
Company will make a payment of Cdn$155 million, on or around June 30, 2026, in respe ct
of the 2024 year. The payment for the 2025 year, in the amount of Cdn$346 million, is
expected to be paid on or around March 31, 2027.
2026 and Long-Term Production Outlook
Wheaton's estimated attributable production in 2026 is forecast to be 400,000 to 430,000
ounces of gold, 27 to 29 million ounces of silver, and 19,000 to 21,000 GEOs of other metals,
resulting in annual production of approximately 860,000 to 940,000 GEOs3, unchanged from
previous guidance . Approximately 3% of the Company’s forecast 2026 production is
estimated to be delivered from assets currently in construction or various stages of ramp-up.
Annual production is forecast to increase by approximately 50% to 1,200,000 GEOs 3 by
2030, with average annual production forecast to remain at 1,200,000 GEOs3 in years 2031
to 2035, also unchanged from previous guidance.
About Wheaton Precious Metals Corp.
Wheaton is the world’s premier precious metals streaming company with the highest-quality
portfolio of long -life, low-cost assets. Its business model offers investors commodity price
leverage and exploration upside but with a much lower risk profile than a traditional mining
company. Wheaton delivers amongst the highest cash operating margins in the mining
industry, allowing it to pay a competitive dividend and continue to grow through accretive
acquisitions. Wheaton is committed to strong ESG practices and giving back to the
communities where Wheaton and its mining partners operate. Wheaton creates sustainable
value through streaming for all of its stakeholders.
In accordance with Wheaton Precious Metals ™ Corp.’s (“Wheaton Precious Metals ”,
“Wheaton” or the “Company”) MD&A and Financial Statements, reference to the Company
and Wheaton includes the Company’s wholly owned subsidiaries.