FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Wheaton Precious Metals Announces Record Annual Revenue, Earnings and Cash Flow for 2025 “Wheaton’s portfolio of high -quality, long -life assets delivered another outstanding year in
March 12, 2026
Vancouver, British Columbia
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS
Wheaton Precious Metals Announces Record Annual Revenue, Earnings and
Cash Flow for 2025
“Wheaton’s portfolio of high -quality, long -life assets delivered another outstanding year in
2025, surpassing our production guidance and achieving record revenue, earnings, and
operating cash flow ,” said Randy Smallwood, Chief Executive Officer of Wheaton Precious
Metals. “Strong contributions from cornerstone assets including Salobo, Antamina, and
Peñasquito, alongside the continued ramp -up of Blackwater and Goose, demonstrate the
strength of our di versified streaming model. As I prepare to transition to the role o f Chair of
the Board, I have truly never been more excited about Wheaton’s future and the portfolio’s
ability to continue delivering long-term value.”
“These results reflect the consistent execution of our disciplined capital allocation strategy,
focused on high-quality assets, well-structured agreements, strong counterparties, attractive
margins, and long -term growth,” added Haytham Hodaly, President of Wheaton Precious
Metals. “In 2025, we strengthened our portfolio with the Hemlo and Spring Valley gold
streams and, following year -end, announced the large st precious metals streaming
transaction ever at Antamina in partnership with BHP. As I prepare to step into the role of
Chief Executive Officer, I am confident in the foundation we have built and excited to lead
Wheaton into its next phase of growth, focu sed on disciplined execution and sustainable
value creation for all stakeholders.”
Record Financial Performance and Strong Balance Sheet
• Fourth quarter of 2025: A record $865 million in revenue, a record $558 million in net
earnings, a record $555 million in adjusted net earnings, and a record $746 million in
operating cash flow. Declared a quarterly dividend 1 of $0.1 65 per common share and
made a quarterly dividend payment of $75 million.
• Full year of 2025: A record $2.3 billion in revenue, a record $1.5 billion in net earnings, a
record $1.4 billion in adjusted net earnings, and a record $1.9 billion in operating cash
flow. Declared record annual dividends1 of $0.66 per common share.
• Balance Sheet: Cash balance of $1.2 billion.
High Quality Asset Base
• Streaming and royalty agreements on 23 operating mines and 25 development and other
projects5.
• 85% of attributable production from assets in the lowest half of their respective cost
curves2,4.
• Attributable gold equivalent production3 (“GEOs”) of 205,000 ounces in the fourth quarter
of 2025, an 8% increase relative to the comparable period of the prior year primarily due
to stronger production at Salobo which achieved a new quarterly record, and Antamina,
coupled with the commencement of production at Blackwater.
• Exceeded the upper limits of the 2025 annual production guidance of 600,000 to 670,000
GEOs3 primarily resulting from stronger performance at Salobo due to higher gold grades
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and recoveries, higher throughput and grades at Peñasquito, and higher grades at
Constancia.
• Further de -risked industry leading forecast growth profile as construction activities
advanced at a number of projects, including Mineral Park, Platreef, Fenix, El Domo,
Kurmuk, and Koné.
• During the quarter, B2Gold announced that commercial production had been achieved at
the Goose Mine in Nunavut. Additionally, Ivanhoe Mines announced the official opening
of the Platreef mine in South Africa.
• Accretive portfolio growth:
o On November 6, 2025, the Company entered into a precious metals purchase
agreement (“PMPA”) with Waterton Gold LP (“Waterton Gold”) in respect to the
Spring Valley project located in Nevada, USA.
o On November 26, 2025, the Company entered into a PMPA with Hemlo Mining
Corp. (“Hemlo”) in respect to the currently operating Hemlo mine located in
Ontario, Canada.
• Subsequent to the quarter;
o On February 5, 2026, Wheaton announced that as part of the Company’s strategic
succession planning, Haytham Hodaly, currently President, will succeed Randy
Smallwood as Wheaton’s Chief Executive Officer, effective March 31, 2026,
reflecting an ongoing lead ership evolution to support the next phase in the
Company’s growth trajectory.
o As announced o n February 1 6, 2026, the Company entered into a PMPA with
BHP Group Limited (“BHP”) for their 33.75% portion of the silver produced at the
Antamina Mine located in Peru.
Leadership in Sustainability
• Top Rankings: One of the top -rated companies by Sustainalytics, AAA rated by MSCI
and Prime rated by ISS.
• Subsequent to the quarter, Wheaton was recognized by Corporate Knights as one of the
2026 Global 100 most sustainable corporations, marking the third consecutive year of
recognition for leadership in sustainable value creation.
• Subsequent to the quarter, awarded US$1 million to the winning venture of the 2nd annual
Future of Mining Challenge, Cetos Water, for its unique technology that turns wastewater
from mining activities into clean, reusable water.
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Operational Overview
(all figures in US dollars unless otherwise
noted) Q4 2025 Q4 2024 Change 2025 2024 Change
Units produced
Gold ounces 130,676 118,328 10.4 % 416,171 381,248 9.2 %
Silver ounces 6,064 5,865 3.4 % 22,289 20,959 6.3 %
Palladium ounces 2,519 2,797 (9.9)% 10,265 15,632 (34.3)%
Cobalt pounds 670 393 70.4 % 2,460 1,289 90.8 %
Gold equivalent ounces 3 205,037 189,059 8.5 % 689,864 635,488 8.6 %
Units sold
Gold ounces 121,791 87,662 38.9 % 411,005 332,701 23.5 %
Silver ounces 5,685 4,307 32.0 % 19,796 16,072 23.2 %
Palladium ounces 1,730 4,434 (61.0)% 9,356 17,270 (45.8)%
Cobalt pounds 485 485 0.0 % 1,632 970 68.2 %
Gold equivalent ounces 3 190,535 141,495 34.7 % 651,311 529,493 23.0 %
Change in PBND
Gold equivalent ounces 3 (968) 31,853 32,821 (15,013) 49,756 64,769
Revenue $ 864,714 $ 380,516 127.2 % $ 2,314,600 $ 1,284,639 80.2 %
Net earnings $ 558,250 $ 88,148 533.3 % $ 1,471,720 $ 529,140 178.1 %
Per share $ 1.230 $ 0.194 534.0 % $ 3.242 $ 1.167 177.8 %
Adjusted net earnings 1 $ 554,979 $ 198,969 178.9 % $ 1,372,862 $ 640,170 114.5 %
Per share 1 $ 1.222 $ 0.439 178.4 % $ 3.025 $ 1.412 114.2 %
Operating cash flows $ 746,277 $ 319,471 133.6 % $ 1,904,981 $ 1,027,581 85.4 %
Per share 1 $ 1.644 $ 0.704 133.5 % $ 4.197 $ 2.266 85.2 %
All amounts in thousands except gold, palladium & gold equivalent ounces, and per share amounts.
Financial Review
Revenues
Revenue in the fourth quarter of 2025 was $865 million (59% gold, 39% silver, 1% palladium
and 1% cobalt) , with the $484 million increase relative to the prior period quarter being
primarily due to a 69% increase in the average realized gold equivalent³ price; and a 35%
increase in the number of GEOs³ sold.
Revenue was $2.3 billion (62% gold, 36% silver, 1% palladium and 1% cobalt) during the
year ended December 31, 2025, with the $1.0 billion increase from 2024 due primarily to a
46% increase in the average realized gold equivalent³ price; and a 23% increase in the
number of GEOs³ sold.
Cash Costs and Margin
Average cash costs¹ in the fourth quarter of 2025 were $597 per GEO³ as compared to $444
in the fourth quarter of 2024. This resulted in a cash operating margin¹ of $3,941 per GEO³
sold, an increase of 76% as compared with the fourth quarter of 2024, 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 80% 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.
Average cash costs¹ in 2025 were $514 per GEO³ as compared to $438 in 2024. This resulted
in a cash operating margin¹ of $3,040 per GEO³ sold, a 53% increase from 2024, a result of
the higher realized price per ounce.
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Cash Flow from Operations
Operating cash flow in the fourth quarter of 2025 amounted to $746 million, with the $427
million increase from the comparable period of the prior year being due primarily to higher
gross margin.
Operating cash flows in 2025 amounted to $1.9 billion, with the $877 million increase from
the comparable period of the previous year being due primarily to higher gross margin.
Produced But Not Yet Delivered
As at December 31, 2025, approximately 155,000 GEOs 3 were produced but not yet
delivered (“PBND”) representing approximately 2. 5 months of payable production. This
reduction 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 by a significant increase in quarterly sales volumes during the fourth
quarter.
Balance Sheet (at December 31, 2025)
• Approximately $1.2 billion of cash on hand
• During the fourth quarter of 202 5, the Company made total upfront cash payments of
$646 million relative to the mineral stream interests consisting of:
o Hemlo: $300 million;
o Koné: $156 million;
o Spring Valley: $50 million
o Fenix: $50 million;
o El Domo: $44 million;
o Kurmuk: $44 million; and
o Kudz Ze Kayah: $2 million.
• Subsequent to the quarter, the Company made additional upfront cash payments of $90
million relative to the Spring Valley PMPA ($50 million) and the Marmato PMPA ($40
million), partially offset by a repayment of $30 million relative to the Santo Domingo
PMPA, with this amount to be re-advanced at a later date.
• Subsequent to the quarter, the Company announced its financing plan for the additional
silver stream on the Antamina mine, announced on February 16, 2026 . The upfront
payment of $4.3 billion is expected to be paid on or around April 1, 2026, and will be
funded with cash on hand, a new $1.5 billion term loan credit facility and an
approximately $0.9 billion draw on the Company’s existing undrawn $2 billion revolving
credit facility (“RCF”). The details of this financing plan are provided below in the
‘Corporate Development’ section.
Fourth Quarter Operating Asset Highlights
Salobo: In the fourth quarter of 2025, Salobo produced 88,900 ounces of attributable gold,
representing a quarterly record and an increase of approximately 5% relative to the fourth
quarter of 2024, primarily the result of higher throughput and recoveries resulting from
improved efficiencies at Salobo 1 and 2, partially offset by lower grades.
Antamina: In the fourth quarter of 2025, Antamina produced 1.6 million ounces of attributable
silver, an increase of approximately 49% relative to the fourth quarter of 2024, primarily due
to higher grades and recoveries.
Peñasquito: In the fourth quarter of 2025, Peñasquito produced 1.8 million ounces of
attributable silver, a decrease of approximately 26% relative to the fourth quarter of 2024,
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primarily the result of lower grades with mining activities having transitioned back into the
Peñasco pit which contains lower silver grades relative to the Chile Colorado pit, partially
offset by higher recoveries . On February 19, 2026, Newmont Corporation (“Newmont”)
reported that silver production at Peñasquito is expected to increase in 2026, largely due to
grades milled, including increased stockpile processing in 2026.
Constancia: In the fourth quarter of 2025, Constancia produced 0.7 million ounces of
attributable silver and 15,400 ounces of attributable gold, a decrease of approximately 25%
and 18%, respectively, relative to the fourth quarter of 2024, primarily due to lower gold and
silver grades. On February 20, 2026, Hudbay Minerals Inc (“Hudbay”) announced that
Constancia is expected to deliver at higher mill throughput rates starting in the second half of
2026 with the installation of pebble crushers. Hudbay reported that 2026 gold production is
expected to be lower than 2025 production, reflecting depletion of the Pampacancha pit in
2025.
San Dimas: In the fourth quarter of 2025, San Dimas produced 8,200 ounces of attributable
gold, an increase of approximately 13% relative to the fourth quarter of 2024, with higher
throughput being partially offset by the change of the gold to silver conversion ratio from 70:1
to 90:1, effective for the period April 30, 2025 to October 28, 2025. On October 29, 2025, the
gold to silver conversion ratio returned to 70:1.
Stillwater: In the fourth quarter of 2025, the Stillwater mines produced 1,500 ounces of
attributable gold and 2,500 ounces of attributable palladium, a decrease of approximately
30% for gold and 10% for palladium relative to the fourth quarter of 2024, primarily due to
lower grades and recoveries.
Blackwater: In the fourth quarter of 2025, Blackwater produced 0.1 million ounces of
attributable silver and 5,500 ounces of attributable gold, with the mine achieving commercial
production in May 2025 . On December 15, 2025, Artemis Gold Inc. (“Artemis Gold”)
announced that its board of directors approved an expanded Phase 2 development at the
Blackwater mine. This Phase 2 development is a significant addition to the previously
announced Phase 1A project, designed to increase nameplate capacity from 8 Mtpa to 21
Mtpa before the end of 2028.
On March 12, 2026, Artemis Gold reported an unplanned mill shutdown due to the failure of
a ball mill gearbox, with the estimated time to complete repairs and restart mill operations
between 8 to 10 days. Artemis Gold reports that plans are underway to make use of this
interruption to carry out maintenance activities originally planned for Q2 2026. Artemis Gold
notes that while mining related activities are continuing normally, production in Q1 2026 is
expected to be lower than originally anticipated as a result of this mill outage.
Voisey’s Bay: In the fourth quarter of 2025, the Voisey's Bay mine produced 670,000 pounds
of attributable cobalt, an increase of approximately 70% relative to the fourth quarter of 2024
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.
Other Gold: In the fourth quarter of 2025, total Other Gold attributable production was 3,400
ounces, an increase of approximately 441% relative to the fourth quarter of 2024 due to the
initial reported production from the Goose mine, which achieved commercial production on
October 6, 2025, and the addition of attributable production from the Hemlo mine. Notable
operational updates for assets included within ‘Other Gold’ include:
• Goose: On February 18, 2026, B2Gold reported that production at the Goose Mine
in 2025 was impacted by crushing plant capacity constraints in the third quarter and
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temporary delays in accessing higher-grade ore from the Umwelt underground in the
third quarter and early fourth quarter. Initial near -term crushing circuit modifications,
ordered in late 2025 and scheduled for implementation in the second half of 2026,
are expected to increase average throughput to approximately 3,200 tonnes per day
and eliminate the need for full -time use of the mobile crusher, while studies are
underway to evaluate further enhancements to increase capacity to approximately
4,000 tonnes per day, with decisions on scope and timing expected in the first half of
2026. B2Gold states that production in 2026 is expected to be weighted to the second
half of 2026, with approximately 65% of estimated annual gold production to be
achieved during the third and fourth quarters.
• Marmato: On March 11, 2026, Aris Mining Corporation (“Aris”) reported that
development of the new underground decline to the Bulk Mining Zone at the Marmato
mine is approximately 60% complete and is scheduled for completion in Q3 2026,
ahead of the commissioning of the carbon in pulp plant, which is expected in Q4
2026.
• Hemlo: On November 26, 2025, the Company entered into a PMPA (the “Hemlo
PMPA”) with Hemlo in respect of gold production from the currently operating Hemlo
mine located in Ontario, Canada. On January 29, 2026 Hemlo announced that they
had initiated a 130,000 meter exploration drilling program aimed at extending the mine
life, de -risking the near -term mine plan and identifying near -mine growth
opportunities.
Other Silver: In the fourth quarter of 2025, total Other Silver attributable production was 1.8
million ounces, an increase of approximately 30% relative to the fourth quarter of 2024 .
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 quarter, Waterton Copper LP continued ore commissioning of the
newly refurbished concentrator at its Mineral Park project. The ramp -up efforts in Q4 2025
were focused on mill alignment to handle increasing throughput and gradually increasing both
operating uptime and overall site throughput. First concentrate sales occurred in Q4 2025
and first silver delivery to Wheaton occurred in January 2026. Ramp -up to commercial
production is expected to continue in Q1 2026, with in creasing concentrate production
throughout the first quarter. At steady state throughput, the fully refurbished mill capacity will
be 16.5 Mtpa.
Platreef: On January 12, 2026, Ivanhoe announced that following the official opening and
first production of concentrate from the Platreef mine on November 18, 2025, the
development of the mine continues to rapidly advance. During the initial ramp -up period,
lower-grade development ore is being processed, with a transition to production ore expected
once Shaft #3 is ready to hoist in early Q2 2026, at which time the concentrator is expected
to achieve approximately 80 percent of nameplate capacity by mid-year.
Fenix: On January 26, 2026, Rio2 Limited (“Rio2”) announced the first official gold pour at
the Fenix Gold Mine, where construction of critical path items were completed on time and
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on budget, as previously guided. Rio2 stated that the focus now is to ramp up operations to
20,000 tonnes per day of ore.
Kurmuk: On February 18, 2026, Allied Gold Corporation (“Allied”) reported that the Kurmuk
project was progressing in line with plan, with advancement at the processing plant and
crushing circuit, mining activities supporting ore stockpiling, and power line construction
advancing toward completion ahead of commissioning. A review of processing capacity was
completed in Q4 2025, and the project is now being executed to accommodate average
throughput of up to 6.4 Mtpa (from 6.0 Mtpa), with pre-commissioning expected in 2026.
On January 26, 2026, Allied announced it has entered into a 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. Subject to the satisfac tion or waiver by the
parties of all necessary closing conditions and the receipt of all required approvals, the
completion of the transaction is anticipated in late April 20269.
Koné: On January 19, 2026, Montage announced that rapid construction progress
continues to be made at its Koné project, where first gold pour through the oxide circuit is
anticipated in late Q4 2026, while the hard-rock comminution circuit remains well on track
for completion in Q2 2027. Since commencement of the project, key milestones achieved
include the erection of all 14 carbon-in-leach tanks, piperack and grid mesh walkways,
completion of the oxide sizer and the delivery of the ball mill to site.
El Domo: On February 4, 2026, Silvercorp reported that during 2025, construction activities
at its El Domo project advanced across site preparation, infrastructure, and water
management works, with approximately $44.5 million spent (about 16% of their revised
budget), including completion of archaeological clearance, significant earthworks and road
construction, camp commissioning, and placement of orders for long‑lead time major
equipment.
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. Hudbay notes that they intend to complete the definitive
feasibility study at Copper World in mid-2026 with final sanctioning decision expected in
2026.
Santo Domingo: On February 17, 2026, Capstone reported that they plan to progress the
financing strategy, detailed engineering and infrastructure optimization opportunities at its
Santo Domingo project towards a sanctioning decision expected in the second half of 2026.
Corporate Development
Spring Valley: On November 6, 2025, the Company entered into a PMPA (the “Spring Valley
PMPA”) with Waterton Gold Corp., a subsidiary of Waterton Gold LP, in respect of gold
production from the Spring Valley project located in Nevada, USA (“Spring Valley”). Under
the terms of the Spring Valley PMPA, the Company is committed to pay Waterton Gold total
upfront cash consideration of $670 million in installments as various conditions are satisfied,
with the initial payment being paid on December 11, 2025. The Company has also provided
a cost overrun facility of up to $150 million, accessible during an availability period
commencing once the full upfront consideration has been paid under the Spring Valley
PMPA.
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Hemlo: On November 26, 2025, the Company entered into a PMPA with Hemlo in respect
of gold production from the currently operating Hemlo mine located in Ontario, Canada.
Under the terms of the Hemlo PMPA, which will deliver immediate production and cash flow
to the Company, the Company paid Hemlo total upfront cash consideration of $300 million.
As part of its financing commitment, on October 7, 2025 the Company invested $30 million
(Cdn$42 million) in Hemlo’s equity offering.
Antamina: On February 16, 2026, the Company announced it had entered into a definitive
PMPA with BHP (the “BHP Antamina PMPA”) for their 33.75% portion of the silver produced
at the Antamina Mine located in Peru. Upon closing, 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 Antamina silver stream.
Under the terms of the BHP Antamina PMPA, the Company will pay BHP total upfront cash
consideration of $4.3 billion on closing, subject to certain customary conditions. Additionally,
the Company will make ongoing payments for the silver ounces delivered equal to 20% of
the spot price of silver. The BHP Antamina PMPA is effective April 1, 2026, from which time
the Company will purchase BHP’s 33.75% of the payable silver until a total of 100 million
ounces has been delivered, at which point the Company will purchase 22.5% of the payable
silver for the life of mine. Payable silver will be calculated using a fixed payable factor of
90.0%.
The upfront payment of $4.3 billion will be funded through a combination of existing liquidity
and new financing. Funding sources include estimated cash on hand at closing of
approximately $1.9 billion, including the $1.2 billion cash on hand at December 31, 2025 in
addition to $323 million realized on the disposal of Long -Term Equity Investments . The
remaining balance will be funded through an approximate $0.9 billion draw on the Company’s
Revolving Facility, in addition to a new $1.5 billion non-revolving term loan credit facility
(“Term Loan”) which carries a two-year maturity and aligns with the terms of the Company’s
existing Revolving Facility.
The Term Loan and the RCF provide flexible, non -dilutive financing that may be repaid at
any time without penalty . T he remaining liquidity available from the RCF, in addition to
continued strong cash flows, provides healthy balance sheet capacity. Net debt at closing of
the BHP Antamina PMPA acquisition is currently expected to be approximately $2.4 billion,
assuming estimated approximate incremental cash flows. With the liquidity provided by the
remaining available credit under the $2 billion Revolving Facility coupled with the $500 million
accordion and ongoing operating cash flows, the Company remains well positioned to fund
all outstanding commitments, as well as providing flexibility to acquire additional accretive
mineral stream interests.
Reserves and Resources (at December 31, 2025)
Proven and Probable Mineral Reserves attributable to Wheaton were 15.1 million ounces of
gold compared with 15.4 million ounces as reported in Wheaton's 2024 Annual Information
Form ("AIF"), a decrease of 2%; 556.1 million ounces of silver compared with 469.2 million
ounces, an increase of 19%; 0.83 million ounces palladium, unchanged; 0.52 million ounces
of platinum, unchanged; and 27.8 million pounds of cobalt compared to 30.6 million pounds,
a decrease of 6%. On a GEO8 basis, total Proven and Probable Mineral Reserves for all
metals attributable to Wheaton were 25.0 million ounces compared to 23.8 million ounces,
an increase of 5%.