THIRD QUARTER FINANCIAL RESULTS Wheaton Precious Metals Announces Record Revenue, Earnings and Cash Flow for the First Nine Months of 2025
November 6, 2025
Vancouver, British Columbia
THIRD QUARTER FINANCIAL RESULTS
Wheaton Precious Metals Announces Record Revenue, Earnings and Cash
Flow for the First Nine Months of 2025
“Our portfolio of high -quality assets continued to deliver strong results, generating record
revenue, earnings, and cash flow for the first nine months of 2025,” said Randy Smallwood,
Chief Executive Officer of Wheaton Precious Metals. “We advanced our nea r-term growth
strategy through key milestones including the ramp up of production at Blackwater and Goose,
alongside continued construction across six development projects scheduled to come online
over the next 24 months. These strong results position us well to meet our annual production
guidance of 600,000 to 670,000 gold equivalent ounces and underscores the streaming
model’s ability to generate predictable levered cash flow s in a rising precious metals price
environment.”
“This robust quarter also included the announcement of a gold stream on the Hemlo Mine, a
transaction that reflects Wheaton’s ongoing commitment to investing in assets with strong
geological potential, responsible stewardship, and long-term value creation capacity,” added
Haytham Hodaly, President of Wheaton Precious Metals. “ The strength of our Q3 results
underscore our disciplined approach to capital deployment, prioritizing accretive opportunities
that are structured with the goal of delivering meaningful, lasting value for all stakeholders.”
Record Financial Performance and Strong Balance Sheet
• Third quarter of 2025: $476 million in revenue, a record $367 million in net earnings, $281
million in adjusted net earnings, and $383 million in operating cash flow.
• Declared a quarterly dividend1 of $0.165 per common share and made a quarterly dividend
payment of $75 million.
• Balance Sheet: Cash balance of $1.2 billion, no debt, and an undrawn $2 billion revolving
credit facility and $500 million accordion as at September 30, 2025.
High Quality Asset Base
• Streaming and royalty agreements on 23 operating mines and 24 development and other
projects5, including the addition of the proposed Hemlo transaction.
• 83% of attributable production from assets in the lowest half of their respective cost
curves2,4.
• Attributable gold equivalent production3 (“GEOs”) of 173,400 ounces in the third quarter
of 2025, a 22% increase relative to the comparable period of the prior year primarily due
to stronger production at Salobo and Antamina, coupled with the commencement of
production at Blackwater.
• During the quarter , Wheaton’s growth profile was further de -risked as construction
progressed across key development projects, including Mineral Park, Platreef, Fenix, El
Domo, Kurmuk, and Koné. In addition, joint venture agreements were announced for
Copper World and Santo Domingo, further de-risking both projects.
• In the third quarter, production of zinc and lead concentrates at Aljustrel restarted since
being halted on September 12, 2023.
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• During the quarter, a subsidiary of CMOC Group Limited (“CMOC”) exercised its option
to acquire 33% of the Cangrejos precious metal purchase agreement (“ PMPA”) in
exchange for a cash payment in the amount of $102 million, resulting in a gain on partial
disposition of the PMPA of $86 million.
• On September 10, 2025, the Company entered into a financing commitment with Carcetti
to support its proposed acquisition of the currently operating Hemlo mine from Barrick
Mining Corporation (“Barrick”), including a gold stream of up to $400 million, with Carcetti
expected to elect an amount of $300 million in accordance with the terms of the
agreement. The transaction is expected to close in Q4 2025, delivering immediate
production and cash flow to the Company. In addition, the Company invested $30 million
in Carcetti’s equity offering.
• Subsequent to the quarter;
o On October 2, 2025, B2Gold Corp. (“B2Gold”) announced that the Goose Mine in
Nunavut achieved commercial production.
o On November 6, 2025, the Company entered into a PMPA with Waterton Gold
Corp. for the Spring Valley Project located in Nevada.
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.
• Subsequent to the quarter, Wheaton committed $100,000 to the Red Cross to support
relief efforts in Jamaica following Hurricane Melissa. The contribution reflects Wheaton’s
commitment to support communities connected to its operating regions. The Cayman
Islands is home to a large Jamaican population who continue to face the aftermath of
the major storm.
Operational Overview
(all figures in US dollars unless otherwise
noted) Q3 2025 Q3 2024 Change YTD 2025 YTD 2024 Change
Units produced
Gold ounces 100,090 86,819 15.3 % 285,622 262,920 8.6 %
Silver ounces 5,999 4,538 32.2 % 16,099 15,067 6.8 %
Palladium ounces 2,650 4,034 (34.3)% 7,746 12,835 (39.6)%
Cobalt pounds 604 397 52.0 % 1,791 896 99.8 %
Gold equivalent ounces 3 173,415 142,716 21.5 % 483,519 446,110 8.4 %
Units sold
Gold ounces 78,944 75,694 4.3 % 289,214 245,039 18.0 %
Silver ounces 4,760 3,875 22.8 % 14,111 11,765 19.9 %
Palladium ounces 2,594 3,761 (31.0)% 7,626 12,836 (40.6)%
Cobalt pounds 529 88 501.1 % 1,147 485 136.5 %
Gold equivalent ounces 3 137,563 122,242 12.5 % 460,775 387,998 18.8 %
Change in PBND
Gold equivalent ounces 3 20,963 8,263 (12,700) (16,468) 17,585 34,053
Revenue $ 476,257 $ 308,253 54.5 % $ 1,449,886 $ 904,123 60.4 %
Net earnings $ 367,216 $ 154,635 137.5 % $ 913,471 $ 440,993 107.1 %
Per share $ 0.809 $ 0.341 137.2 % $ 2.013 $ 0.973 106.9 %
Adjusted net earnings 1 $ 281,054 $ 152,803 83.9 % $ 817,884 $ 441,201 85.4 %
Per share 1 $ 0.619 $ 0.337 83.7 % $ 1.802 $ 0.973 85.2 %
Operating cash flows $ 382,953 $ 254,337 50.6 % $ 1,158,705 $ 708,110 63.6 %
Per share 1 $ 0.844 $ 0.561 50.4 % $ 2.553 $ 1.562 63.4 %
All amounts in thousands except gold, palladium & gold equivalent ounces, and per share amounts.
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Financial Review
Revenues
Revenue in the third quarter of 2025 was $476 million (58% gold, 39% silver, 1% palladium
and 2% cobalt) , with the $168 million increase relative to the prior period quarter being
primarily due to a 37% increase in the average realized gold equivalent³ price; and a 13%
increase in the number of GEOs³ sold.
Revenue was $1.4 billion in the nine months ended September 30, 2025, representing a $546
million increase from the comparable period of the previous year due primarily to a 35%
increase in the average realized gold equivalent³ price; and a 19% increase in the number of
GEOs³ sold.
Cash Costs and Margin
Average cash costs¹ in the third quarter of 2025 were $532 per GEO³ as compared to $439
in the third quarter of 2024. This resulted in a cash operating margin¹ of $2,930 per GEO³
sold, an increase of 41% as compared with the third 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 76% 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 for the nine months ended September 30, 2025 were $480 per GEO³
as compared to $436 in the comparable period of the previous year. This resulted in a cash
operating margin¹ of $2,667 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 third quarter of 2025 amounted to $383 million, with the $129
million increase from the comparable period of the prior year being due primarily to higher
gross margin.
Operating cash flows for the nine months ended September 30, 2025 amounted to $1.2
billion, with the $451 million increase from the comparable period of the previous year being
due primarily to higher gross margin.
Produced But Not Yet Delivered
As at September 30, 2025, approximately 151,800 GEOs were produced but not yet delivered
(“PBND”). PBND increased by 21,000 GEOs during the quarter and represents
approximately 2.9 months of payable production , compared to 2.7 months in the previous
quarter, reflecting normal variations in shipment timing and delivery cycles . The Company
expects PBND levels to stay at the higher end of our forecasted range of two to three months
until the end of 2025, in part due to the ramp up of new mines, forecast to com mence
operations in the fourth quarter.
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Balance Sheet (at September 30, 2025)
• Approximately $1.2 billion of cash on hand.
• During the third quarter of 2025, the Company made total upfront cash payments of $250
million relative to the mineral stream interests consisting of:
o Koné: $156 million;
o Fenix: $50 million; and
o Kurmuk: $44 million.
• Subsequent to the quarter, the Company made additional upfront cash payments of $94
million relative to the mineral stream interests consisting of:
o Fenix: $50 million; and
o El Domo: $44 million.
• With industry leading liquidity supported by existing cash on hand , a fully undrawn $2
billion revolving facility coupled with the $500 million accordion , and strong operating
cash flows, the Company is well positioned to fund all outstanding commitments and
known contingencies and pursue additional accretive mineral stream interests.
Third Quarter Operating Asset Highlights
Salobo: In the third quarter of 2025, Salobo produced 67,000 ounces of attributable gold, an
increase of approximately 7% relative to the third quarter of 2024, primarily the result of higher
throughput, grades and recoveries. Vale reported on July 22, 2025 , 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 third quarter of 2025, Antamina produced 1.7 million ounces of attributable
silver, an increase of approximately 86% relative to the third quarter of 2024, primarily due to
higher throughput and grades, partially offset by lower recoveries.
Peñasquito: In the third quarter of 2025, Peñasquito produced 2.1 million ounces of
attributable silver, an increase of approximately 17% relative to the third quarter of 2024,
primarily the result of higher throughput, partially offset by lower grades with mining activities
having transitioned back into the Peñasco pit which contains lower silver grades relative to
the Chile Colorado pit.
Constancia: In the third quarter of 2025, Constancia produced 0.6 million ounces of
attributable silver and 12,800 ounces of attributable gold, a decrease of approximately 11%
for silver production and an increase of approximately 19% for gold production relative to the
third quarter of 2024 . The decrease in silver was primarily the result of lower grades ,
throughput and recover ies. On September 23, 2025, Hudbay Minerals Inc. (“Hudbay”)
commented on ongoing social unrest in Peru, where Hudbay’s Constancia mine has been
impacted by local protests and illegal blockades. Hudbay announced that the mill was
temporarily shut down as a safety precaution and to allow time for authorities to address the
illegal protests. Subsequently on October 7, 2025, Hudbay announced it had resumed
operations at the Constancia mine following the temporary shutdown.
San Dimas: In the third quarter of 2025, San Dimas produced 7,500 ounces of attributable
gold, an increase of approximately 9% relative to the third 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 April 30, 2025.
Stillwater: In the third quarter of 2025, the Stillwater mines produced 1,700 ounces of
attributable gold and 2,700 ounces of attributable palladium, a decrease of approximately
24% for gold and 34% for palladium relative to the third quarter of 2024, primarily due to lower
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throughput as Stillwater West operations were placed into care and maintenance in
September 2024.
Blackwater: In the third quarter of 2025, Blackwater produced 0.1 million ounces of
attributable silver and 4,900 ounces of attributable gold, with the mine achieving commercial
production in May 2025 . On September 15, 2025, Artemis Gold Inc. (“Artemis Gold”),
announced plans to upgrade the current Blackwater mine processing plant (Phase 1A) to
increase nameplate capacity by 33%, from 6 million tonnes per annum (“Mtpa”) to 8 Mtpa by
Q4 2026. In parallel, Artemis Gold is advancing the Phase 2 expansion and placing orders of
long lead time equipment. On November 5 , 2025, Artemis Gold announced that 2025
production is expected to be weighted to the fourth quarter, with higher mill throughput rates
and feed grades expected compared to Q3 2025.
Goose: On October 6, 2025, B2Gold announced that the Goose mine achieved commercial
production on October 2, 2025. As reported by B2Gold, open pit and underground mining
rates at the Umwelt deposit have continued to meet or exceed expectations during the 30-
day commercial production period. Gold recoveries have been in line with expectations and
are expected to average higher than 90% through Q4 2025.
Voisey’s Bay: In the third quarter of 2025, the Voisey's Bay mine produced 604,000 pounds
of attributable cobalt, an increase of approximately 52% relative to the third 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 third quarter of 2025, total Other Gold attributable production was 1,200
ounces, an increase of approximately 84% relative to the third quarter of 2024 due to the
initial reported production from the Goose mine, which achieved commercial production on
October 6, 2025. Notable operational updates for assets included within ‘other gold’ include:
• Marmato: On October 29, 2025, Aris Mining Corporation (“Aris”) reported that the
expansion construction of the Bulk Mining Zone at the Marmato mine is underway
and production remains on schedule for first gold in the second half of 2026.
Other Silver: In the third quarter of 2025, total Other Silver attributable production was 1.5
million ounces, an increase of approximately 25% relative to the third quarter of 2024 ,
primarily due to higher 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.
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 Q3 2025
were focused on dialing in operating parameters in the grinding circuit, fine tuning mill
alignment due to increasing operating throughputs, and gradually increasing both operating
uptime and overall site throughput. Ramp -up to commercial production is ex pected to
continue in Q4 2025, with first product leaving site in October, and throughput expected to
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be in the range of 75% of nameplate by the end of the year. At steady state throughput, the
fully refurbished mill capacity will be 16.5 Mtpa.
Platreef: On October 30, 2025, Ivanhoe Mines (“Ivanhoe”) announced that the first feed of
ore entered the concentrator on October 29, 2025. First production of concentrate is expected
in the second half of November 2025. Ivanhoe reports that Phase 1 is the first step in a three-
phase expansion plan that aims to make the Platreef Mine one of the world’s largest and
lowest-cost producers of platinum, palladium, rhodium, and gold, with copper and nickel
byproduct credits. Ivanhoe reports that production from Phase 2, w hich is targeted to
commence in Q4 2027, is expected to be more than four times larger than Phase 1.
Fenix: On October 29, 2025 , Rio2 Limited (“Rio2”) reported that at the end of Q3 2025
construction was 63% complete and remains on track and on budget for first gold production
in the first quarter of 2026. On September 24, 2025, Rio2 announced they have signed two
separate memorandum of understandings with two companies that have desalinated water
distribution facilities for the potential supply of desalinated water to the Fenix Gold Mine. This
is a significant milestone for the planned future expansion of the project, for which a pre -
feasibility study is expected in Q1 2026.
Kurmuk: On October 15, 2025, Allied Gold Corporation (“Allied”) reported that the Kurmuk
project continues to track according to plan, with engineering substantially completed. The
key focus for the rest of the year is on logistics for transporting equipment and materials to
the site, finishing technical concrete works around the grinding areas, and advancing the
mechanical erection at the processing plant site.
Koné: On October 6, 2025, Montage Gold Corp. (“Montage”) announced that rapid
construction progress continues and remains on budget and well on schedule for first gold
pour in Q2 2027. Key milestones achieved since commencement of the project include the
erection of six carbon-in-leach tanks, completion of mill foundations and water supply
infrastructure, with the next key milestone being the delivery of the ball mill on -site in Q1
2026.
El Domo : On August 5, 2025, Silvercorp Metals Inc. (“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. On October 15, 2025, Silvercorp
announced progress at El Domo with approximately 1.29 million cubic metres of material
removed, up 249% compared to last quarter. The 481 -bed construction camp has been
substantially completed and is scheduled to be fully operational in Q4 2025, with
commissioning of the mine and process plant targeted for late 2026.
Copper World: On August 13, 2025, Hudbay Minerals Inc., (“Hudbay”) announced that
Mitsubishi Corporation has agreed to acquire a 30% interest in Copper World LLC, which
owns the fully permitted Copper World project. Concurrently, the Company agreed to amend
the Copper World PMPA by adding an additional contingent payment of up to $70 million
associated with a future potential mill expansion and amending the price to be paid per ounce
of gold and silver delivered from a fixed per ounce price to 15% of spot price for gold and
silver. The amendment is subject to execution of definitive agreements and the satisfaction
of customary conditions.
Santo Domingo: On October 13, 2025, Capstone Copper Corp. (“Capstone”) announced
that Orion Resource Partners LP (“Orion”) have agreed to acquire a 25% ownership interest
in the Santo Domingo project. Concurrent with the joint venture, Capstone and Orion have
entered into an equity subscription agreement where the proceeds will be used for a new
exploration program at Santo Domingo and another project.
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Cangrejos: On June 23, 2025, CMOC announced that it had completed its previously
disclosed acquisition of Lumina Gold Corp. (“Lumina”). CMOC reports that it has assembled
a multidisciplinary project team to fast -track development of the Cangrejos project, with
commercial production targete d for 2028. On September 16, 2025, i n connection with its
acquisition of Lumina, a subsidiary of CMOC exercised its 33% buy-back option under the
Cangrejos PMPA for a cash payment of $102 million, resulting in a gain of $86 million on
partial disposal of t he Cangrejos PMPA . Please see Gain on Partial Disposal of Mineral
Stream Interest on page 26 of the accompanying MD&A for more information.
Toroparu: On October 28, 2025, Aris announced positive results from the recently completed
preliminary economic assessment (“PEA”) of the Toroparu Project, which Aris reports confirm
Toroparu as a large -scale, long-life open pit gold project with robust economics. Based on
the results of the PEA, Aris has initiated a Prefeasibility Study (“PFS”), targeted for completion
in 2026, with the objective of advancing the project toward construction.
Mt Todd: On July 29, 2025, Vista Gold Corp. announced the results of a new feasibility study
at a re -sized 15,000 tpd operation, demonstrating strong economics for the Mt Todd Gold
Project with a smaller initial project by prioritizing higher grade ore to the proce ssing plant,
while significantly lowering initial capital costs.
Corporate Development
Hemlo: On September 10, 2025, the Company announced it has committed to enter into a
financing commitment with Carcetti to support its proposed acquisition of the currently
operating Hemlo mine from Barrick, including a gold stream of up to $400 million, subject to
execution of definitive agreements and satisfaction of customary conditions. Under the terms
of the proposed gold stream, Wheaton would purchase 13.5% of the payable gold until a total
of 181,000 ounces of gold has been delivered, at which point Wheaton would purchase 9.0%
of the payable gold until an additional 157,330 ounces of gold has been delivered, after which
Wheaton would purchase 6.0% of payable gold for the life of the mine. Each of the dropdown
thresholds will be subject to adjustment if there are delays in deliveries relative to an agreed
schedule, and commencing in 2033, if deliveries fall behind the agreed schedule by 10 ,000
ounces or more, the stream percentage will be increased by 5% until deliveries catch up with
the agreed schedule. The applicable stream percentage will be reduced by half with respect
to gold production from certain claims comprising the Interlake deposit. Additionally, Wheaton
would make ongoing payments for the gold ounces delivered equal to 20% of the spot price
of gold.
Carcetti is expected to elect an amount of $300 million in accordance with the terms of the
agreement, in which case the stream percentages would be adjusted proportionately. The
transaction is expected to close in Q4 2025, delivering immediate production and cash flow
to the Company . As part of its financing commitment, on October 7, 2025 , the Company
invested $30 million in Carcetti’s equity offering.
Kudz Ze Kayah: On October 8, 2025, the Company amended its PMPA with BMC Minerals
Ltd. (“BMC”) in respect of the Kudz Ze Kayah (“KZK”) project, with the amendment including
the elimination of BMC Minerals’ one-time option to repurchase 50% of the stream for a
period of 30 days after June 22, 2026, and the Company’s right to repayment on certain
conditions being met. In connection with the amendment, t he Company advanced an
additional upfront deposit of $2.5 million to BMC at the time of execution and has committed
to advance an additional $15 million deposit on KZK achieving certain permitting milestones.
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Sustainability
Future of Mining Challenge
During the quarter, 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. The 2025/26 challeng e will award $1
million to a cleantech venture with innovative technology that seeks to advance sustainable
water management in the mining industry. The expressions of interest phase closed on
August 29, 2025, with applicants spanning North and South America, Australia, Europe, Asia,
and Africa. Following an extensive review by the challenge evaluators, 17 ventures have
been selected to proceed to the next stage, and the winning venture will be announced at the
PDAC 2026.
Community Investment Program
• Wheaton’s Partner Community Investment Program supports initiatives with the
Vale Foundation, Vale Canada, Hudbay, First Majestic, Newmont, B2Gold, and
Ivanplats to deliver vital services and programs to communities impacted by 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.
• In the third quarter, Wheaton was the lead sponsor for the BGC of South Coast BC’s
Clubhouse Gala and Barefoot in the Backyard in support of the Sarah McLachlan
School of Music.
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.
The Company will provide updated longer-term guidance in normal course in the first quarter
of 2026, which will incorporate the impact of recent developments and the Hemlo acquisition
announced in 2025.