SECOND QUARTER FINANCIAL RESULTS Wheaton Precious Metals Announces Record Revenue and Operating Cash Flow for the Second Quarter of 2025
August 7, 2025
Vancouver, British Columbia
SECOND QUARTER FINANCIAL RESULTS
Wheaton Precious Metals Announces Record Revenue and Operating Cash
Flow for the Second Quarter of 2025
“Wheaton delivered another outstanding quarte r, achieving record revenue, adjusted net
earnings, and operating cash flow for both the second quarter and the first half of 2025,” said
Randy Smallwood, Chief Executive Officer of Wheaton Precious Metals. “We also made
significant progress in our near-term growth strategy as Blackwater announced commercial
production and Goose successfully delivered its first gold pour during the quarte r, a strong
indicator that our catalyst -rich year is progressing as planned. We remain committed to
disciplined capital deployment, focusing only on the most accretive opportunities that are
structured to generate meaningful, long-term value for all stakeholders.”
Record Financial Performance and Strong Balance Sheet
• Second quarter of 2025: A record $503 million in revenue, $292 million in net earnings, a
record $286 million in adjusted net earnings, and a record $415 million in operating cash
flow.
• Declared a quarterly dividend 1 of $0.1 65 per common share and made two quarterly
dividend payments totalling $150 million.
• Balance Sheet: Cash balance of $1.0 billion, no debt, and an undrawn $2 billion revolving
credit facility as at June 30, 2025.
o Undrawn $2 billion revolving credit facility extended by an additional year with the
facility now maturing on June 30, 2030.
High Quality Asset Base
• Streaming and royalty agreements on 20 operating mines and 26 development and other
projects5.
• 83% of attributable production from assets in the lowest half of their respective cost
curves2,4.
• Attributable gold equivalent production 3 (“GEOs”) of 1 58,600 ounces in the second
quarter of 202 5, a 9.5% increase relative to the comparable period of the prior year
primarily due to stronger production at Salobo coupled with the commencement of
production at Blackwater.
• On May 2, 2025, Artemis Gold Inc., (“Artemis Gold”) announced the commencement of
commercial production at its Blackwater mine, with mining operations exceeding 90% of
planned tonnage, and both tonnes and grades reconciling favorably to the resource
model.
• On June 30, 2025, B2Gold Corp. (“B2Gold”) announced the first gold pour at its Goose
project, with the mill running consistently at approximately 50% of nameplate capacity as
planned.
• Growth profile was further de-risked as construction activities advanced at a number of
development projects including Mineral Park, Platreef, Fenix, Kurmuk and Koné.
- 2 -
Leadership in Sustainability
• Top Rankings: One of the top -rated companies by Sustainalytics, AAA rated by MSCI
and Prime rated by ISS.
• Recognized among the top 10 companies on Corporate Knights’ annual Best 50
Corporate Citizens in Canada.
• Published annual Sustainability Report highlighting our commitment to responsible
business practices and providing a comprehensive review of Wheaton’s performance in
environmental, social and governance topics.
• Published annual Climate Change Report detailing how Wheaton is addressing climate
change risks and opportunities, as well as potential climate-related impacts.
Operational Overview
(all figures in US dollars unless otherwise
noted) Q2 2025 Q2 2024 Change YTD 2025 YTD 2024 Change
Units produced
Gold ounces 91,968 83,743 9.8 % 184,637 176,101 4.8 %
Silver ounces 5,407 5,047 7.1 % 10,100 10,529 (4.1)%
Palladium ounces 2,435 4,338 (43.9)% 5,096 8,801 (42.1)%
Cobalt pounds 647 259 149.7 % 1,187 499 137.8 %
Gold equivalent ounces 3 158,608 144,904 9.5 % 309,209 303,393 1.9 %
Units sold
Gold ounces 98,973 77,326 28.0 % 210,270 169,345 24.2 %
Silver ounces 4,868 3,823 27.3 % 9,351 7,890 18.5 %
Palladium ounces 2,575 4,301 (40.1)% 5,032 9,075 (44.6)%
Cobalt pounds 353 88 301.1 % 618 397 55.7 %
Gold equivalent ounces 3 157,916 123,462 27.9 % 323,212 265,756 21.6 %
Change in PBND and Inventory
Gold equivalent ounces 3 (11,551) 7,986 19,537 (38,205) 9,322 47,527
Revenue $ 503,218 $ 299,064 68.3 % $ 973,629 $ 595,870 63.4 %
Net earnings $ 292,270 $ 122,317 138.9 % $ 546,254 $ 286,358 90.8 %
Per share $ 0.644 $ 0.270 138.5 % $ 1.204 $ 0.632 90.5 %
Adjusted net earnings 1 $ 286,004 $ 149,565 91.2 % $ 536,830 $ 288,398 86.1 %
Per share 1 $ 0.630 $ 0.330 90.9 % $ 1.183 $ 0.636 86.0 %
Operating cash flows $ 414,959 $ 234,393 77.0 % $ 775,752 $ 453,773 71.0 %
Per share 1 $ 0.914 $ 0.517 76.8 % $ 1.709 $ 1.001 70.7 %
All amounts in thousands except gold, palladium & gold equivalent ounces, and per share amounts.
- 3 -
Financial Review
Revenues
Revenue in the second quarter of 2025 was $503 million (65% gold, 33% silver, 1% palladium
and 1% cobalt) , with the $204 million increase relative to the prior period quarter being
primarily due to a 32% increase in the average realized gold equivalent³ price; and a 28%
increase in the number of GEOs³ sold.
Revenue was $974 million in the six months ended June 30, 2025, representing a $378
million increase from the comparable period of the previous year due primarily to a 34%
increase in the average realized gold equivalent³ price; and a 22% increase in the number of
GEOs³ sold.
Cash Costs and Margin
Average cash costs¹ in the second quarter of 2025 were $470 per GEO³ as compared to
$437 in the second quarter of 2024. This resulted in a cash operating margin¹ of $2,717 per
GEO³ sold, an increase of 37% as compared with the second 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 85% 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 leveraging rising commodity prices while
maintaining strong cash operating margins.
Average cash costs¹ for the six months ended June 30, 2025 were $458 per GEO³ as
compared to $435 in the comparable period of the previous year. This resulted in a cash
operating margin¹ of $2,554 per GEO³ sold, a 41% increase from comparable period of the
previous year, a result of the higher realized price per ounce.
Cash Flow from Operations
Operating cash flow in the second quarter of 2025 amounted to $415 million, with the $181
million increase from the comparable period of the prior year, due primarily to the higher gross
margin.
Operating cash flows for the six months ended June 30, 2025 amounted to $776 million, with
the $322 million increase from the comparable period of the previous year being due primarily
to the higher gross margin.
Produced But Not Yet Delivered
As at June 30, 2025, approximately 1 30,000 GEOs were produced but not yet delivered
(“PBND”) representing approximately 2.7 months of payable production. Total PBND ounces
decreased quarter -over-quarter as strong production levels in the first quarter of 2025 ,
resulted in an increase to sales realized in the second 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 its 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.
- 4 -
Balance Sheet (at June 30, 2025)
• Approximately $1.0 billion of cash on hand.
• The Company extended its existing undrawn $2 billion revolving term loan (the “Revolving
Facility”) with its maturity date now June 30, 20 30. In addition, the Company added an
incremental $500 million accordion feature, providing expanded financial capacity.
• During the second quarter of 2025, the Company made total upfront cash payments of
$347 million relative to the mineral stream interests consisting of:
o $156 million relative to the Koné PMPA;
o $144 million relative to the Salobo III expansion;
o $44 million relative to the Kurmuk PMPA; and
o $3 million relative to the Cangrejos PMPA.
• Subsequent to the quarter, the Company made additional upfront cash payments of $206
million relative to the mineral stream interests consisting of:
o $156 million relative to the Koné PMPA; and
o $50 million relative to the Fenix PMPA.
• With the existing cash on hand coupled with the fully undrawn $2 billion revolving facility
coupled with the $500 million accordion and ongoing operating cash flows, 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.
Senior Management Promotions
On June 18, 2025, Wheaton was pleased to announce key senior management promotions
as the Company positions itself for its next era of innovation and growth. Effective June 30,
2025, Haytham Hodaly, formerly Senior Vice President of Corporate Development, was
appointed to President of the Company. In addition, Curt Bernardi, formerly Senior Vice
President Legal and Strategic Development, was promoted to Executive Vice President,
Strategy and General Counsel . Randy Smallwood remains the Chief Executive Officer of
Wheaton.
Second Quarter Operating Asset Highlights
Salobo: In the second quarter of 2025, Salobo produced 69,400 ounces of attributable gold,
an increase of approximately 10% relative to the second quarter of 2024 , primarily due to
higher throughput, partially offset by lower grades. On July 22, 2025, Vale S.A. (“Vale”)
announced that following the implementation of Salobo 3, the Salobo complex has reached
full ramp-up and is consistently delivering strong operational performance.
Antamina: In the second quarter of 2025, Antamina produced 1.3 million ounces of
attributable silver, an increase of approximately 31% relative to the second quarter of 2024
primarily due to higher grades, partially offset by lower recoveries and the impacts of a full
safety shutdown which lasted approximately one week.
Peñasquito: In the second quarter of 2025, Peñasquito produced 2.1 million ounces of
attributable silver, a decrease of approximately 7% relative to the second 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 second quarter of 2025, Constancia produced 0.6 million ounces of
attributable silver and 4,600 ounces of attributable gold, an increase of approximately 22%
for silver production and a decrease of approximately 27% for gold production relative to the
second quarter of 2024 . The decrease in gold was primarily the result of lower grades as
- 5 -
more material was mined from the Constancia pit and reclaimed from the stockpile compared
with the prior year. On July 3, 2025, it was reported that protests by informal miners in Peru
led to intermittent roadblocks along the Southern Road Corridor, impacting major copper
operations including Hudbay’s Constancia mine and MMG Limited’s Las Bambas mine 8.
MMG Limited later confirmed that transportation resumed as of July 15, 2025, following an
agreement by artisanal miners to lift the blockades. Wheaton’s second quarter deliveries from
Constancia remained unaffected by these temporary disruptions.
San Dimas: In the second quarter of 2025, San Dimas produced 7,000 ounces of attributable
gold, a decrease of approximately 1% relative to the second quarter of 2024, primarily due to
lower grades and recovery as well as the change of the gold to silver conversion ratio from
70:1 to 90:1, partially offset by higher throughput. In accordance with the San Dimas PMPA,
effective April 30, 2025, the fixed gold to silver conversion ratio has been revised from 70:1
to 90:1. (see footnote 4 on page 13 of this press release for more information).
Stillwater: In the second quarter of 2025, the Stillwater mines produced 1,700 ounces of
attributable gold and 2,400 ounces of attributable palladium, a decrease of approximately
21% for gold and 44% for palladium relative to the second quarter of 2024 , primarily due to
lower throughput as Stillwater West operations were placed into care and maintenance in
September 2024.
Voisey’s Bay: In the second quarter of 2025, the Voisey's Bay mine produced 647,000
pounds of attributable cobalt, an increase of approximately 150% relative to the second
quarter of 2024, as the transitional period between the depletion of the Ovoid open -pit and
ramp-up to full produ ction 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 second quarter of 2025, total Other Gold attributable production was 4,800
ounces, an increase of approximately 721% relative to the second quarter of 2024 due to the
initial reported production from the Blackwater Mine, which achieved commercial production
on May 1, 2025. Notable operational updates for assets included within ‘other gold’ include:
• Blackwater: On May 2, 2025, Artemis Gold announced the commencement of
commercial production at its Blackwater mine, with mining operations exceeding 90%
of its planned tonnage, and both mined tonnes and grades reconciling favorably to
the resource model. On June 19, 2025, Artemis Gold announced the acceleration of
the design and implementation of Phase 2 of the Blackwater Mine, with a final
investment decision by their board anticipated b y year-end 2025. On July 14, 2025,
Artemis Gold announced that it had further ramped up operations and was producing
at a steady state with the mill operating above design capacity for the month of June.
Artemis Gold also notes that gold production is expected to be weighted to the second
half of the year.
• Marmato: On May 7, 2025, Aris Mining Corporation (“Aris”) reported that the
processing plant capacity 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.
Other Silver: In the second quarter of 2025, total Other Silver attributable production was
1.5 million ounces, an increase of approximately 8% relative to the second quarter of 2024,
as the initial reported production from Blackwater was offset by lower production at Los Filos.
- 6 -
Recent Development Asset Updates
Goose Project: On June 30, 2025, B2Gold announced the first gold pour at its Goose
project, with the mill running consistently at approximately 50% of nameplate capacity during
this initial phase, as planned. B2Gold expects a ramp up to commercial production in the third
quarter of 2025.
Mineral Park Project: During the quarter, Waterton's Origin Mining achieved a key milestone
by introducing first ore to the mill at its Mineral Park project. Waterton indicates that the ramp-
up to commercial production is underway and expected to be reached during the second half
of 2025. At steady state throughput, the fully refurbished mill capacity will be 16.5 Mtpa.
Platreef Project: On July 30, 2025, Ivanhoe Mines (“Ivanhoe”) announced that development
ore is now being hoisted to surface and stockpiled in preparation for the initial feed into the
Phase 1 concentrator, which continues advancing toward commercial production in Q4 2025.
Phase 1 is the first step of a three -phase expansion plan, which aims to make Platreef one
of the world’s largest producers of platinum, palladium, rhodium, and gold. Ivanhoe notes that
Phase 2 expansion activities are underway and on track for first production in Q4 2027.
Fenix Project: On July 31, 2025, Rio2 Limited (“Rio2”) reported that construction was 41%
complete, and remains on track and on budget for first gold production in Q1 2026. Rio2
reports the leach pad will be ready to receive minerals in August 2025, with completion of the
Mine Expansion Study targeted for December 2025.
Kurmuk Project : On August 6, 2025, Allied Gold Corporation (“Allied”) reported that
engineering and procurement are approximately 90% complete, with mining fleet mobilization
well underway and first units expected to arrive on site imminently. Concurrently, Allied is
advancing technic al studies aimed at improving operational confidence and flexibility,
including potential increases in plant throughput and other targeted optimizations. Allied
continues to forecast the commencement of production by mid-2026.
El Domo Project: On April 23, 2025, Silvercorp Metals Inc. (“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 September 2025, with major
equipment installation expected to commence in May 2026. On August 5, 2025, Silvercorp
announced that the Constitutional Court of Ecuador has delivered a unanimous decision to
uphold the validity of the environmental license for the El Domo project.
Koné Project: On May 27, 2025, Montage Gold Corp. (“Montage”) provided a construction
update for its Koné project, where construction continues to progress rapidly and remains
well on track for first gold pour in Q2 2027. Montage notes that significant progress has been
made on the key ongoing workstreams which include the water storage and abstraction
facility, and camp construction. Notably, the carbon-in-leach ring beams were completed two
months ahead of schedule, marking a key milestone. On July 21, 20 25, Montage reported
that its exploration program continues to provide significant confidence in achieving the
previously published short -term exploration target of discovering more than 1Moz of
Measured and Indicated Resources. As a result of ongoing succ essful results and drilling
efficiency, Montage states that its exploration program has increased from 90,000 meters to
120,000 meters in 2025.
Copper World Project: On March 27, 2025, Hudbay reported that feasibility studies are
underway at the fully permitted Copper World project.
- 7 -
Santo Domingo Project: On July 31, 2025, Capstone Copper Corp. (“Capstone”) reported
that it is at an advanced stage in its partnership process and expects to announce a partner
during Q3 2025. A potential project sanctioning decision is not anticipated prior to mid-
2026.
Marathon Project: On May 22, 2025, Generation Mining Ltd. announced that it has received
the final key permit required for the construction of the Marathon project in Northwestern
Ontario. The Environmental Compliance Approval – Industrial Sewage Works permit,
received from the Ontario Ministry of Environment, Conservation and Parks, is for the
management and discharge of water for the construction phase of the project.
Cangrejos Project: On June 23, 2025, CMOC Singapore Pte. Ltd., a Singapore entity and
a subsidiary of CMOC Group Limited (collectively “CMOC”) announced that it had completed
its previously disclosed acquisition of Lumina Gold Corp 9. CMOC reports that it has
assembled a multidisciplinary project team to fast -track development of the Cangrejos
project, with commercial production targeted for 2028.
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.
Sustainability
Annual Sustainability & Climate Change Reports
Wheaton published its annual Sustainability and Climate Change reports on May 22, 2025.
These reports are part of Wheaton's voluntary suite of sustainability disclosures
demonstrating the Company's commitment to responsible business practices and ESG
performance.
ESG Ratings & Awards
On June 2 5, 202 5, Wheaton was named as one of Corporate Knights' 202 5 Best 50
Corporate Citizens in Canada ranking ninth on the list. With a significant portion of the score
linked to sustainable revenue, this ranking reflects Wheaton’s commitment to responsible
business practices and underscores the quality and sustainability performance of the
Company’s mining partners.
Future of Mining Challenge
Subsequent to the quarter, o n July 2, 2025, Wheaton announced the return of its Future of
Mining Challenge, inviting ventures from around the world to propose industry solutions
aimed at improving operational efficiencies and minimizing environmental impacts. For the
2025/26 challenge, Wheaton will award US$1 million to a cleantech venture with innovative
technology that seeks to advance sustainable water management in the mining industry.
Wheaton will accept expressions of interest until the end of day on Friday, August 29, 2025.
Once all expressions of interest have been received and reviewed, Wheaton will invite select
ventures to submit a full application in September 2025. For more information about
Wheaton's Future of Mining Challenge and how to submit an expression of interest, visit
www.futureofmining.ca.
- 8 -
Community Investment Program
• In the second quarter of 2025 , Wheaton extended its longstanding support for
Hudbay’s Agricultural Development Program, which focuses on using agriculture and
livestock-oriented initiatives to help local communities near the Constancia mine
diversify their income and build sustainable livelihoods. In addition, building on the
success of Vale’s Maranhão Women’s Network, which supports communities near
the Salobo mine, Wheaton has committed ongoing support to the program, funding a
two-year investment to strengthen the cooperative’s prod uction cycle, launch new
social enterprises, and expand its product portfolio.
• Wheaton's Partner Community Investment Program continues to support initiatives
with the Vale Foundation, Vale Canada, Hudbay, First Majestic, Newmont, Artemis,
Aris Mining and Ivanplats to support the communities influenced by the mines and
provide vital services and programs , educational resources, health and dental
programs, poverty reduction initiatives, entrepreneurial opportunities, and various
social and environmental programs.
• In the second quarter of 2025 , Wheaton was the lead sponsor for the Canadian
Cancer Society’s Daffodil Ball, Coast Mental Health’s Courage to Come Back Awards
and the Pacific Salmon Foundation’s Gala.
2025 and Long-Term Production Outlook
Wheaton's estimated attributable production in 202 5 is forecast to be 3 50,000 to 3 90,000
ounces of gold, 20.5 to 22.5 million ounces of silver, and 12, 500 to 13,500 GEOs3 of other
metals, resulting in annual production of approximately 600,000 to 6 70,000 GEOs 3,
unchanged from previous guidance2,3.
Annual production is forecast to increase by approximately 40% to 870,000 GEOs3 by 2029,
with average annual production forecast to grow to over 950,000 GEOs3 in years 20 30 to
2034, also unchanged from previous guidance6,7.
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. As a result, Wheaton has consistently outperformed gold and silver, as well as
other mining investments. 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.