SECOND QUARTER FINANCIAL RESULTS Wheaton Precious Metals Announces Second Quarter 2026 Results and Record Year-to-Date Production, Revenue, Earnings and Cash Flow
August 6, 2026
Vancouver, British Columbia
SECOND QUARTER FINANCIAL RESULTS
Wheaton Precious Metals Announces Second Quarter 2026 Results and
Record Year-to-Date Production, Revenue, Earnings and Cash Flow
“Wheaton delivered another strong quarter, with solid production across the portfolio driving
record year -to-date production, sales volumes, revenue, earnings and cash flow,” said
Haytham Hodaly, President and Chief Executive Officer of Wheaton Precious Metals. “In an
environment marked by commodity price volatility and cost pressures, our robust margins
and cash flow generation underscore the strength of the streaming model. Our financial
position provides significant flexibility to pursue accretive streaming opportunities while
continuing to advance one of the strongest growth profiles in the industry. Backed by a
diversified portfolio of high-quality assets and a compelling pipeline of growth, we believe we
are well positioned to deliver long-term value for all stakeholders.”
Record Financial Performance and Strong Balance Sheet
• Q2 2026: A record $929 million in revenue, $543 million in net earnings and $650 million
in operating cash flow.
• First half of 2026: A record $1.8 billion in revenue, record $1.1 billion in net earnings and
record $1.4 billion in operating cash flow.
• Declared a quarterly dividend 1 of $0.1 95 per common share and made two quarterly
dividend payments totaling $177 million.
• Balance Sheet: Cash balance of $100 million and debt outstanding totaling $2.0 billion,
resulting in total net debt of $1.9 billion.
o Enhanced financial flexibility by upsizing the Revolving Credit Facility by $500
million to $2.5 billion, extending the maturity date by one year to June 30, 2031,
and broadening the lending syndicate.
o Together with the $500 million accordion feature under the Revolving Credit
Facility, the Company has $2.6 billion of available liquidity.
High Quality Asset Base
• Streaming and royalty agreements on 22 operating mines, 20 development projects and
15 exploration & other stage projects, totaling 57 assets5.
• Delivered attributable gold equivalent production 3 (“GEOs”) of 202,200 ounces in the
second quarter of 2026, a 6% increase relative to the comparable period of the prior year
primarily due to the acquisition of the precious metals purchase agreement (“PMPA”)
with BHP Group Limited (“BHP”) for its 33.75% portion of the silver produced at
Antamina (the “BHP Antamina PMPA”), in addition to the continued realization of the
Company’s growth strategy with production from Hemlo, Fenix, Platreef and Goose.
• Further de -risking of industry leading forecast growth profile with advancement of
construction activities at a number of development projects, including Mineral Park,
Platreef, Fenix, El Domo, Kurmuk, and Koné.
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• 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.
• 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.
• On June 4, 2026, the Company entered into a Royalty agreement with Cipango Limited
(“Cipango”) for a 1.5% net smelter returns royalty covering seven mineral exploration
properties located in Japan.
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.
• Recognized by Corporate Knights’ annual Best 50 Corporate Citizens in Canada.
• Published annual Sustainability Report highlighting our commitment to responsible
business practices and sustainability.
Operational Overview
(all figures in US dollars unless
otherwise noted) Q2 2026 Q2 2025 Change YTD 2026 YTD 2025 Change
Units produced
Gold ounces 90,434 92,883 (2.6)% 187,542 185,552 1.1 %
Silver ounces 6,400 5,590 14.5 % 13,070 10,275 27.2 %
Palladium ounces 2,788 2,435 14.5 % 5,379 5,096 5.6 %
Platinum ounces 281 - n.a. 321 0 n.a.
Cobalt pounds 796 647 23.1 % 1,453 1,187 22.4 %
Gold equivalent ounces 3 202,229 190,179 6.3 % 414,755 364,570 13.8 %
Units sold
Gold ounces 96,099 98,973 (2.9)% 191,171 210,270 (9.1)%
Silver ounces 6,522 4,868 34.0 % 11,571 9,351 23.7 %
Palladium ounces 2,069 2,575 (19.7)% 4,975 5,032 (1.1)%
Cobalt pounds 705 353 99.7 % 1,014 618 64.1 %
Gold equivalent ounces 3 209,115 182,750 14.4 % 390,859 370,911 5.4 %
Change in PBND
Gold equivalent ounces 3 (27,056) (8,423) 18,633 (14,391) (37,431) (23,040)
Revenue $ 929,201 $ 503,218 84.7 % $ 1,830,670 $ 973,629 88.0 %
Net earnings $ 543,236 $ 292,270 85.9 % $ 1,125,280 $ 546,254 106.0 %
Per share $ 1.196 $ 0.644 85.7 % $ 2.478 $ 1.204 105.8 %
Adjusted net earnings 1 $ 542,542 $ 286,004 89.7 % $ 1,125,315 $ 536,830 109.6 %
Per share 1 $ 1.195 $ 0.630 89.7 % $ 2.478 $ 1.183 109.5 %
Operating cash flows $ 649,518 $ 414,959 56.5 % $ 1,415,340 $ 775,752 82.4 %
Per share 1 $ 1.430 $ 0.914 56.5 % $ 3.117 $ 1.709 82.4 %
All amounts in thousands except gold, palladium, platinum & gold equivalent ounces, and per share amounts.
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Financial Review
Revenues
Revenue in Q2 2026 was $929 million (46% gold, 52% silver, 0.3% palladium and 2% cobalt),
with the $426 million increase relative to the prior period quarter being primarily due to a 61%
increase in the average realized gold equivalent³ price; and a 14% increase in the number of
GEOs³ sold.
Revenue was $1.8 billion (49% gold, 49% silver, 0.4% palladium and 2% cobalt) during the
six months ended June 30, 2026, with the $857 million increase from the comparable period
of the previous year due primarily to a 78% increase in the average realized gold equivalent³
price; and a 5% increase in the number of GEOs³ sold.
Cash Costs and Margin
Average cash costs¹ in Q2 2026 were $568 per GEO³ as compared to $406 in Q2 2025. This
resulted in a cash operating margin¹ of $3,875 per GEO³ sold, an increase of 65% as
compared with the second quarter of 2025 , 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 Wheaton’s business model in generating
higher levered cash flow and margins in a rising precious metals price environment.
Average cash costs¹ for the six months ended June 30, 2026, were $621 per GEO³ as
compared to $399 in the comparable period of the previous year. This resulted in a cash
operating margin¹ of $4,063 per GEO³ sold, an 83% 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 Q2 2026 amounted to $65 0 million, with the $23 5 million increase
from the comparable period of the prior year being due primarily to higher gross margin.
Operating cash flows for the six months ended June 30, 2026, amounted to $1.4 billion, with
the $640 million increase from the comparable period of the previous year being due primarily
to higher gross margin.
Produced But Not Yet Delivered
As at June 30, 2026, approximately 157,600 GEOs3 were produced but not yet delivered
(“PBND”) representing approximately 2.6 months of payable production, consistent with the
preceding four quarters and within our guided range of two and a half to three and a half
months.
Balance Sheet (at June 30, 2026)
• On April 1, 2026, the Company drew down on its new $1.5 billion non -revolving credit
facility (the “Term Loan”) with a two -year term. Proceeds from the Term Loan, together
with a draw on the Company’s Revolving Credit Facility and cash on hand, were used to
fund the BHP Antamina PMPA.
• During Q2 2026, t he Company increased its existing Revolving Credit Facility by $500
million to $2.5 billion and extended its maturity by one year to June 30, 2031.
• As at June 30, 2026, the Company had approximately $100 million of cash on hand and
$2.0 billion outstanding under the Company's Term Loan and its Revolving Credit Facility.
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• During Q2 2026, the Company made net upfront cash payments of $4.5 billion relative to
the mineral stream interests consisting of:
o BHP Antamina: $4.3 billion;
o Koné: $156 million;
o Spanish Mountain: $23 million;
o Jervois: $16 million; and
o Cipango: $4.5 million.
• Subsequent to the quarter, the Company made an additional upfront cash payment of
$43.875 million relative to the El Domo mineral stream interest.
Second Quarter Operating Asset Highlights
Salobo: In Q2 2026, Salobo produced 62,100 ounces of attributable gold, a decrease of 11%
relative to Q2 2025, primarily the result of lower grades.
Antamina: In Q2 2026, Antamina produced 2.3 million ounces of attributable silver, an
increase of 56% relative to Q2 2025. The increase was primarily driven by the newly acquired
BHP Antamina PMPA, which increased the Company's share of silver production at Antamina
from 33.75% to 67.5%, effective April 1, 2026. The benefit of the increased production share
was partially offset by lower silver grades and the timing of planned maintenance, as a
scheduled July maintenance shutdown was advanced into June. Lower grades were
attributable to pit sequencing, with a greater proportion of copper-only ore processed during
the quarter relative to copper-zinc ore, which contains more silver.
Peñasquito: In Q2 2026, Peñasquito produced 1.8 million ounces of attributable silver, a
decrease of 14% relative to Q2 2025, primarily the result of lower grades and recover ies
resulting from planned mine sequencing, partially offset by higher throughput.
Constancia: In Q2 2026, Constancia produced 0.6 million ounces of attributable silver and
3,000 ounces of attributable gold, an increase of 2% for silver production and a decrease of
35% for gold production relative to Q2 2025. The lower gold production was the result of
lower grades and recoveries, as mining activities in the higher-gold grade Pampacancha pit
were completed during Q4 2025, and the remaining stockpiled Pampacancha ore was fully
processed during January 2026.
On July 2, 2026, Hudbay announced that it had received approval from the National
Environmental Certification Service for Sustainable Investments in Perú (“SENACE”) to
amend its environmental permit and further increase annual mill processing capacity at
Constancia. The amended permit increases the processing capacity of the Constancia mill
to 34 million tonnes of ore per annum from 31 million tonnes per annum. Hudbay states that
the environmental permit amendment also approves further optimization of the m ine plan,
extends the operational life of Constancia, and incorporates the implementation of additional
infrastructure to improve tailings transport infrastructure and water management systems.
Stillwater: In Q2 2026, the Stillwater mines produced 1,400 ounces of attributable gold and
2,500 ounces of attributable palladium, a decrease of 14% for gold and an increase of 3% for
palladium relative to Q2 2025. The decrease in gold production was primarily a result of lower
recoveries, partially offset by higher throughput, while the increase in palladium production
was primarily a result of higher throughput.
Blackwater: In Q2 2026, Blackwater produced 0.1 million ounces of attributable silver and
5,900 ounces of attributable gold, an increase of 7% and 46%, respectively, relative to Q2
2025, primarily the result of higher recoveries, grades and throughput. On August 4, 20 26,
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Artemis Gold Inc. (“Artemis Gold”) provided an update on the Phase 1A expansion at
Blackwater, which is anticipated to increase the plant's nameplate capacity by 33%, from 6
to 8 million tonnes per annum. Artemis Gold reported that Phase 1A was 57% complete at
the end of Q2 2026 and remains on schedule for commissioning in Q4 2026, with the
expansion expected to contribute to production beginning in 2027. Further, Artemis Gold
reported that the early works program for EP2 is nearing completion, with the first concrete
pour for the ball mill foundations completed ahead of schedule. EP2 represents a significant
addition to processing plant capacity above Phas e 1A, and once complete, Phase 1A and
EP2 are expected to expand throughput capacity to 250%, from the existing 6 Mtpa to 21
Mtpa by Q4 2028.
Voisey’s Bay: In Q2 2026, the Voisey's Bay mine produced 796,000 pounds of attributable
cobalt, an increase of 23% relative to Q2 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.
Other Gold: In Q2 2026, total Other Gold attributable production was 5,900 ounces, an
increase of 667% relative to Q2 2025 due to the addition of attributable production from the
Fenix, Hemlo and Goose mines. Notable operational updates for assets included within
‘Other Gold’ include:
• Marmato: On July 29, 2026, Aris Mining ("Aris") reported that underground access
connecting the Bulk Mining Zone to the new plant area is complete, with SAG and
ball mills on site, and mechanical installation underway. Construction of the 5,000 tpd
CIP plant continues to advance toward first gold and is on schedule for Q4 2026. Aris
plans to exit 2026 operating the new CIP plant at approximately 3,000 tpd, before
ramping up through 2027 to approximately 4,000 tpd by mid -2027 and the full 5,000
tpd design capacity by the end of 2027, following commissioning of the paste backfill
plant.
• Hemlo: On July 20, 2026, Hemlo Mining Corp. (“Hemlo Mining”) announced that gold
production in Q2 2026 was lower than Q1 2026, reflecting a strategic refinement to
the mining sequence. During the quarter, portions of the operation transitioned from
a top-down to a bottom-up mining approach to reduce waste handling and improve
long-term mining efficiency, resulting in delayed access to certain higher -grade
stopes. Hemlo Mining expects higher production in future quarters as newly
developed mining areas progress into the production sequence.
Other Silver: In Q2 2026, total Other Silver attributable production was 1.6 million ounces,
an increase of 19% relative to Q2 2025 , primarily the result of the resumption of mining at
Aljustrel and the commencement of production at Mineral Park, partially offset by lower
production at Zinkgruvan . 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.
• Los Filos: On June 25, 2026, Equinox Gold Corp. ("Equinox"), announced that it has
signed 20 -year land access agreements with all three communities, Carrizalillo,
Mezcala and Xochipala, that host its Los Filos mine. With these agreements in place,
Equinox has initiated activities to support the gradual restart of heap leach operations
and to advance technical studies to evaluate potential expansion opportunities.
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
Mineral Park : During Q2 2026, Waterton Copper LP substantially completed the
commissioning stage of the mill restart. Production is expected to increase throughout the
second half of the year as operations ramp up toward the mill’s 16.5 Mtpa nameplate
capacity. Copper concentrate sales continued in the second quarter and molybdenum
concentrate sales were initiated during this quarter. Monthly delivery of silver to Wheaton
under the PMPA has occurred throughout 2026.
Platreef: On July 8, 2026, Ivanhoe announced that commercial production at the Platreef
mine is now expected in Q4 2026. Ivanhoe states that construction of Shaft #3 was completed
on schedule in late March and commissioning was finalized in June. Shaft #3 increases
Platreef's hoisting capacity fivefold and enables concurrent hoisting of stoping ore and
development waste. Shaft #3 is now also hoisting development waste, as the underground
infrastructure is constructed in preparation for the Phase 2 expansion, which is expected to
be completed by the end of 2027. In addition, stoping of higher-grade ore within the Flatreef
orebody commenced at the end of the second quarter, with mining rates expected to ramp
up throughout H2 2026.
Fenix: On May 15, 2026, Rio2 reported that planned tonnes and grade at its Fenix mine were
not achieved during Q1 2026, though the key drivers were identified early and corrective
actions have been implemented or are underway. Rio2 further states that based on cu rrent
ramp-up progress, they anticipate achieving commercial production in Q4 2026.
Kurmuk: On July 29, 2026, Allied Gold Corporation (“Allied”) announced that the previously
announced agreement with Zijin Gold International Company Limited (“Zijin Gold”), where
Zijin Gold was to acquire all of the issued and outstanding shares of Allied, has bee n
terminated. Allied states further that Zijin Gold has agreed to make a strategic investment in
Allied of approximately $295 million, at a subscription price representing a premium to the
current market price of Allied’s common shares on the Toronto Stock Exchange.
Allied also reported that development of the Kurmuk project continued to advance during the
second quarter, with the start of operations expected in August and first gold pour following
a few weeks thereafter. Allied states that key execution milestones continue to be met, and
the project remains on budget and on schedule while advancing commissioning activities.
Koné: On June 15, 2026, Montage Gold (“Montage”) reported that construction of the Koné
project remains on-budget and ahead of schedule with first gold pour targeted in late Q4 2026
through the oxide circuit, while the hard -rock comminution circuit remains on tr ack for
completion in Q2 2027. Montage also reported that it has significantly exceeded its target of
delineating more than 1Moz of M&I Resources at a grade at least 50% higher than that of the
Koné deposit and is continuing to aggressively advance exploration through the ongoing
90,000 meter drill program, with further resource updates expected throughout the year.
El Domo: On July 15, 2026, Silvercorp Metals Inc. (“Silvercorp ”) reported that construction
advanced steadily despite rainfall challenges in the period. Advancements were achieved on
infrastructure, including the non -contact water channel, processing plant foundations, and
the initial tailings storage facility dam. In addition, open-pit pre-stripping activities commenced
and major equipment for the processing plant and water treatment facility have been procured
and shipped. Silvercorp noted that it remains focused on achieving first commissioning of the
operation by July 2027, in line with the project schedule.
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Copper World: On July 29, 2026, Hudbay reported that the Copper World definitive feasibility
study ("DFS") is progressing well, with 95% of the engineering work completed, and a
sanctioning decision remains on track for later in 2026. Hudbay reports the DFS is expected
to include scope for future mill expansion optionality.
Santo Domingo: On July 30 , 2026, Capstone Copper Corp. (“Capstone”) reported that
detailed engineering advanced during the second 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.
Kudz Ze Kayah: On July 29, 2026, BMC Minerals Ltd. ("BMC") announced that during the
quarter it received 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 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.
Toroparu: On July 29, 2026, Aris reported that the Prefeasibility Study ("PFS") remains on
schedule for completion in H2 2026, supporting a construction decision targeted for early
2027. Project optimization work in support of the PFS includes updated mine scheduling,
engineering studies and other activities to advance to construction readiness.
Corporate Development
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 installment of $16 million made as an early
deposit payment on June 16, 2026. The second installment of $16 million is also expected to
be made as an early deposit payment, once certain conditions are satisfied, and is expected
to be paid in Q3 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 C ompany will pay 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, and a $20
million payment due upon receiving approval under the Environmental Assessment Act
(British Columbia) for the construction and operation of the project.
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Cipango: On June 4, 2026, the Company entered into a Royalty agreement with Cipango
Limited (“Cipango Royalty”) for a 1.5% net smelter returns royalty covering seven mineral
exploration properties located in Japan for total upfront cash consideration of $7.5 million,
subject to certain customary conditions. The Company also obtained a right of first refusal on
any future precious metal streams, royalties, prepays or similar transactions with respect to
such properties and an additional nine properties located in Japan.
Sustainability
Annual Sustainability Report
Wheaton published its annual Sustainability report on May 2 0, 202 6, providing a
comprehensive overview of the company’s sustainability performance including progress
against its strategy, targets and commitments. This report is a voluntary disclosure
demonstrating the Company's commitment to responsible business practices and
sustainability.
ESG Ratings & Awards
On June 2 3, 202 6, Wheaton was named as one of Corporate Knights' 2026 Best 50
Corporate Citizens in Canada ranking 13th overall. 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
On June 4, 2026, Wheaton launched the third edition of the Future of Mining Challenge
focused on technologies that optimize mining operations and/or minimize land impacts.
Wheaton invites cleantech innovators worldwide to participate and will accept expressions of
interest until 11:59 p.m. (Pacific Time) on Friday, August 21, 2026.
Community Investment Program
• Wheaton’s Partner Community Investment Program supports initiatives with the Vale
Foundation, Vale Base Metals , Hudbay, Glencore via Compañía Minera Antamina
S.A., First Majestic, B2Gold, Ivanhoe Mines, Aris Mining, Rio2, Allied Gold, 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 quarter, Wheaton celebrated 10 years of partnership with Enseña Perú
and Compañía Minera Antamina S.A., reflecting a shared commitment to improving
the quality of education in rural communities near the Antamina mine and along the
pipeline and transportation route. Through this long-standing collaboration, students
have developed stronger literacy, mathematics and social-emotional skills, supporting
improved educational outcomes in the region.
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 made a payment of $109 million (Cdn$155 million) on June 24, 2026, in respect of
the 2024 fiscal year. The payment for the 2025 fiscal year, in the amount of Cdn$346 million,
is expected to be paid on or around March 31, 2027.