Wheaton Precious Metals Announces Acquisition of Additional Silver Stream on Antamina Through New Partnership with BHP
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February 16, 2026
Vancouver, British Columbia
Wheaton Precious Metals Announces Acquisition of Additional
Silver Stream on Antamina Through New Partnership with BHP
Vancouver, British Columbia – Wheaton Precious Metals™ Corp. (“Wheaton” or the “Company”)
is pleased to announce that its wholly-owned subsidiary, Wheaton Precious Metals International
Ltd. ("WPMI") has entered into a definitive Precious Metals Purchase Agreement (the “ Silver
Stream”) with a wholly-owned subsidiary of BHP Group Limited (“BHP”) for their 33.75% portion
of the silver produced at the Antamina Mine located in Peru (the “Mine” or “Antamina”). 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 silver stream.
“Wheaton has grown into the company we are today by entering into stream agreements on world
class operations and adding exceptional assets to our portfolio, and Antamina has long stood as
one of our true cornerstones,” said Haytham Hodaly, President of Wheaton Precious Metals.
“Deepening our exposure to an asset of this scale, quality and longevity is a unique and
transformative opportunity for Wheaton, made even more meaningful through our collaboration
with BH P. Antamina is a proven, long -life, low -cost operation that will deliver immediate
production and operating cash flow, and we are confident it will continue to create lasting value
for our stakeholders well into the future.”
“Quality silver production is becoming increasingly difficult to source while demand continues to
rise for both critical industrial uses and for silver’s safe haven qualities in today’s economic
environment,” said Randy Smallwood, Chief Executive Officer of Wheaton Precious Metals. “Our
expanded stream on Antamina reinforces Wheaton’s role as one of the largest silver producers in
the world and further adds to one of the strongest growth profiles in the mining sector. The largest
mining company in the world has chosen streaming as a means to unlock value from silver,
underscoring how compelling the streaming model has become. We are excited to continue
building on this long-standing relationship with the exceptional consortium behind Antamina that
shares our commitment to responsible development and long-term value creation.”
Transaction Key Terms
(All values in US$ unless otherwise noted)
▪ Silver Stream Upfront Consideration: WPMI will pay BHP total upfront cash
consideration of $ 4.3 billion (the “Deposit”) on closing, subject to certain customary
conditions.
▪ Streamed Metal: The Silver Stream is effective April 1, 2026, from which time WPMI will
purchase BHP’s 33.75% of the payable silver until a total of 100 million ounces (“Moz”)
has been delivered, at which point Wheaton 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%.
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▪ Production Profile1: This acquisition immediately increases Wheaton’s production and
cash flow profile by adding expected a verage attributable silver production of
approximately 6.0 Moz of silver per year for the first five years of production and
approximately 5.4 Moz of silver per year for the first 10 years of production . When
combined with Wheaton’s existing stream on Antamina, total attributable production is
expected to average 12.0 Moz per year over the first five years, and 10.8 Moz per year
over the first ten years10.
o Current declared reserves are sufficient to support mining activities at Antamina
until 2036. Multiple options to expand mine infrastructure are under evaluation
which would significantly extend mine life, consistent with historical trends at the
mine. Further exploration potential also exists both at depth below the current
resource pit, as well as regionally.
▪ Production Payments: WPMI will make ongoing payments for the silver ounces delivered
equal to 20% of the spot price of silver.
▪ Incremental Reserves and Resources 1: The incremental exposure to the Antamina
Mine will increase Wheaton’s total estimated Proven and Probable silver reserves by 66
Moz, Measured and Indicated silver resources by 38 Moz and Inferred silver resources by
110 Moz.
▪ Accretive Transaction Increases Diversification
o The Silver Stream is expected to increase 2026 production by 11 .3% on a pro -
forma basis 9, while at $4.3 billion, the investment represents only 6. 5% of the
Company’s total market capitalization2 underscoring strong accretion and strategic
fit within our overall portfolio.
o With Wheaton’s exposure to Antamina doubling, the mine is expected to contribute
roughly 18% of total gold equivalent3 production by 2030, solidifying its position as
Wheaton’s second ‑largest asset while further strengthening the overall
diversification of our portfolio.
o With the addition of Antamina, approximately 76% of Wheaton’s 2026 production
is forecast to come from mines operating in the first quartile of their respective cost
curve, with a total of 85% coming from assets that fall into the lowest half of their
respective cost curves4.
Other Considerations
• Antamina is one of the lowest -cost copper mines globally and is the largest copper -
zinc skarn deposit in the world.
• In 2024, Antamina contributed approximately 2.9% of Peru’s gross domestic product,
underscoring its importance not just as a regional economic cornerstone but as a
significant driver of Peru’s economic output5.
• Closing of the transaction is expected to occur on or about April 1, 2026, subject to
satisfaction of certain customary conditions.
• Structurally, the stream features highly attractive terms, including no buyback clause,
a production percentage drop-down limited to one-third, and full exposure to
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commodity prices, consistent with Wheaton’s standard approach to streaming
agreements.
• The stream benefits from a top -level BHP parent guarantee and a BHP holding
company guarantee, along with customary contractual protections6.
Financing the Transaction
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
billion7. The remaining balance will be funded through a new $1.5 billion term loan credit facility
(“term loan”) and an approximate $0.9 billion draw on the Company’s existing undrawn $2 billion
revolving credit facility (“RCF”). The new $1.5 billion senior, unsecured, non-revolving term loan
underwritten by the Bank of Montreal and The Bank of Nova Scotia acting as Lead Arrangers and
Joint Bookrunners, will be drawn down in full at the time of closing of the Silver Stream acquisition.
The term loan carries a two -year maturity and aligns with the terms of the Company’s existing
RCF8.
The term loan and the RCF provide flexible, non‑dilutive financing that may be repaid at any time
without penalty and the remaining balance of the RCF, in addition to continued strong cash flows,
still provides healthy balance sheet capacity. Net debt at closing of the Silver Stream acquisition
is currently expected to be approximately $2. 4 billion, assuming estimated approximate
incremental cash flows . With more than $3.2 billion in cash flows expected in 2026 alone and
more than $10 billion in operating cash flow forecast to be generated through 2028, the Company
believes it has plenty of capacity to repay new debt taken on, fund existing commitments and
continue sourcing new growth opportunities.
About BHP and Antamina
BHP is the world’s largest mining company, with a strong track record of developing and operating
large-scale, long-life mining assets. BHP is a non -operating joint venture part ner of Antamina, a
world-class copper and zinc mine located in the Ancash region of central Peru. Operating since
2001, Antamina is one of the largest copper–zinc mines globally and benefits from well-established
infrastructure, year -round access, and a stable op erating history. The mine is operated by
Compania Miñera Antamina S.A. ("CMA"), a company jointly owned by subsidiaries of Glencore
(33.75%), BHP Group Limited (33.75%), Teck Resources Limited (22.5%), and Mitsubishi
Corporation (10%). Antamina’s scale, diversified metal production and long mine life underpin its
position as a highly cash-generative asset and a key contributor to global copper and zinc supply.
Endnotes
1 Please refer to the Attributable Mineral Reserves & Mineral Resources table in this news release
for full disclosure of reserves and resources associated with Antamina, including accompanying
footnotes.
2 Market Capitalization calculated as of February 13, 2026
3 Based on 2026 commodity price assumptions of $4,800/oz Au, $80/oz Ag, $1,500/oz Pd,
$2,000/oz Pt, and $25/lb Co.
4 Company reports S&P Global estimates of 2025 byproduct cost curves for gold, zinc/lead,
copper, PGM, nickel & silver mines
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5 Source: Compañía Minera Antamina S.A. 2024 Sustainability Report
6 Recourse under the parent guarantee will be capped at the upfront deposit amount and reduces
after certain ounces are received, while recourse under the holding company guarantee will be
unlimited.
7 The Company had cash on hand as at September 30, 2025 of $1.2 billion. Proceeds from the
completed monetization of non -core equity investments amounted to $0.3 billion. Estimated
approximate incremental cash flows to Silver Stream closing based on: (i) 2026 production
forecast announced February 16, 2026; (ii) production payments per ounce (pound) of metal
received determined under applicable precious metals purchase agreements; (iii) 2026 and long-
term commodity price assumptions of $4,800 / oz gold, $80 / oz silver, $1,500 / oz palladi um,
$2,000 / oz platinum, and $25 / lb cobalt, in place throughout the period; (iv) deduction of general
& administrative expenses; (v) calculation before dividends and interest expense; (vi) includes
taxes. Approximate incremental cash flows are estimates only, are not guaran teed, and may be
materially different at the time of the Silver Stream acquisition. If cash on hand at Silver Stream
closing is lower than expected, the Company maintains the option to increase its draw on the
RCF. Readers are cautioned to read the Cautionary Note Regarding Forward Looking Statements
in this press release.
8 Financial covenant for both Revolving Credit Facility and Term Loan is Net Total Debt /
Capitalization < 0.60x. Expected interest rate for both RCF and Term Loan is equivalent to SOFR
+ 110 bps to 150 bps (with the credit spread adjustment to be based on the leverage ratio). The
Term Loan will be subject to terms and conditions, including positive and negative covenants,
consistent with Wheaton’s existing $2 billion revolving credit facility.
9 2026 Antamina production is grossed up to reflect a full year of production.
10Production estimates are based on life -of-mine plans and the Company’s own estimates and
assumptions derived from its technical analysis.
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Attributable Silver Reserves and Resources – Antamina
With respect to BHP’s 33.75% of total silver production from Antamina
Category Tonnage
Mt
Grade
Ag
g/t
Contained
Ag Moz
Mineral Reserves
Copper Zones
Proven 71.6 7.9 18.2
Probable 59.1 9.6 18.2
P+P 130.6 8.7 36.4
Copper Zinc Zones
Proven 16.2 18.7 9.7
Probable 31.4 19.4 19.6
P+P 47.6 19.2 29.3
Total Mineral Reserves
Proven 87.8 9.9 27.9
Probable 90.5 13.0 37.8
P+P 178.2 11.5 65.7
Mineral Resources
Copper Zones
Measured 28.7 6.6 6.1
Indicated 59.1 8.2 15.5
M+I 87.8 7.7 21.6
Inferred 256.8 8.9 73.7
Copper Zinc Zones
Measured 4.7 25.5 3.9
Indicated 21.9 18.4 12.9
M+I 26.7 19.6 16.8
Inferred 69.3 16.2 36.2
Total Mineral Resources
Measured 33.4 9.3 10.0
Indicated 81.0 10.9 28.4
M+I 114.4 10.4 38.4
Inferred 326.2 10.5 109.9
Notes on Mineral Reserves & Mineral Resources:
1. Mineral Reserves and Mineral Resources have been estimated in accordance with the 2014
Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards for Mineral Resources
and Mineral Reserves and National Instrument 43 -101 – Standards for Disclosu re for Mineral
Projects (“NI 43-101”).
2. Mineral Reserves and Mineral Resources are reported above in millions of metric tonnes (“Mt”),
grams per metric tonne (“g/t”) and millions of ounces (“Moz”).
3. Qualified persons (“QPs”), as defined by the NI 43 -101, for the technical information contained in
this document (including the Mineral Reserve and Mineral Resource estimates) are:
1. Ryan Ulansky, M.A.Sc., P.Eng. (Vice President, Engineering); and
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2. Jeremy Vincent, M.Sc., P.Geo. (Director, Geology),
3. both employees of the Company (the “Company’s QPs”).
4. Mineral Reserves and Mineral Resources are reported as of December 31, 2025.
5. Mineral Reserves are reported above a US$ 6,000 per hour of mill operation cut -off, assuming
$3.75 per pound copper, $1.21 per pound zinc, $15.00 per pound molybdenum, and $27.00 per
ounce silver.
6. The Mineral Resources are reported exclusive of Mineral Reserves.
7. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.
8. Mineral Resources are reported above a $6,000 per hour of mill operation cut -off for the open pit
and $58.70 per tonne NSR cut -off for the underground, both assuming $3.75 per pound copper,
$1.33 per pound zinc, $21.00 per pound molybdenum, and $31.38 per ounce silver.
9. The Silver Stream provides that BHP will deliver silver equal to 33.75% of the payable silver
production until 100,000,000 ounces are delivered, after which the stream will reduce to 22.5% for
the life of the mine.
10. Payable silver is calculated using a fixed payable factor of 90.0%.
Jeremy Vincent , P.Geo., Director, Geology and Ryan Ulansky, P.Eng., Vice President,
Engineering for Wheaton Precious Metals, are a “qualified person” as such term is defined under
National Instrument 43-101, and have reviewed and approved the technical information disclosed
in this news release (specifically Mr. Vincent has reviewed mineral resource estimates and Mr.
Ulansky has reviewed the mineral reserve estimates).
Conference Call
A conference call will be held on February 17, 2026, starting at 11:30am Eastern Time to
discuss this transaction. A presentation on the transaction will be available on the Company’s
website shortly before the conference call. To participate in the live call, please use one of the
following methods:
RapidConnect URL: Click here
Live webcast: Click here
Dial toll free: 1-800-715-9871 or 1-647-932-3411
Conference Call ID: 4013459
This conference call will be recorded and available until February 24, 2026 at 11:59 pm ET. The
webcast will be available for one year. You can listen to an archive of the call by one of the
following methods:
Dial toll free from Canada or the US: 1-800-770-2030
Dial from outside Canada or the US: 1-647-362-9199
Pass code: 4013459 #
Archived webcast: Click here
About Wheaton Precious Metals
Wheaton is the world's premier precious metals streaming company with the highest -quality
portfolio of long -life, low -cost assets. Its business model offers investors commodity price
leverage and exploration upside but with a much lower risk profile than a traditional mining
company. Wheaton delivers amongst the highest cash operating margins in the mining industry,
allowing it to pay a competitive dividend and continue to grow through accretive acquisitions .
Wheaton is committed to strong ESG practices and giving back to the communities where
Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming
for all of its stakeholders.
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For further information, please contact:
Investor Contact
Emma Murray
Vice President, Investor Relations
Tel: 1-844-288-9878
Email: [email protected]
Media Contact
Simona Antolak
Vice President, Communications & Corporate Affairs
Tel: 1-604-639-9870
Email: [email protected]
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation
Reform Act of 1995 and "forward -looking information" within the meaning of applicable Canadian securities legislation
concerning the business, operations and financial performance of Wheaton and, in some instances, the business, mining
operations and performance of Wheaton’s P recious Metals Purchase Agreement (“P MPA”) counterparties. Forward-looking
statements, which are all stateme nts other than statements of historical fact, include, but are not limited to, statements with
respect to:
• payment by WPMI of $4.3 billion to BHP and the satisfaction of each party’s obligations in accordance with the Silver
Stream;
• the receipt by WPMI of silver production in respect of the Antamina mine under the Silver Stream;
• the ability of the Company to drawdown sufficient funds under both its existing revolving credit facility and the new Term
Loan and the satisfaction of each party’s obligations under the existing revolving credit facility and the new Term Loan;
• the ability of the Company to repay the existing revolving credit facility and new Term Loan;
• the future price of commodities;
• the estimation of future production from the mineral stream interests and mineral royalty interests currently owned by the
Company (the “Mining Operations”) (including in the estimation of production, mill throughput, grades, recoveries and
exploration potential);
• the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates and the
realization of such estimations);
• the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton’s PMPA
counterparties at Mining Operations;
• the payment of upfront cash consideration to counterparties under PMPAs, the satisfaction of each party's obligations in
accordance with PMPAs and the receipt by the Company of precious metals and cobalt production or other payments in
respect of the applicable Mining Operations under PMPAs;
• the ability of Wheaton’s PMPA counterparties to comply with the terms of a PMPA (including as a result of the business,
mining operations and performance of Wheaton’s PMPA counterparties) and the potential impacts of such on Wheaton;
• future payments by the Company in accordance with PMPAs, including any acceleration of payments;
• the costs of future production;
• the estimation of produced but not yet delivered ounces;
• the future sales of Common Shares under, the amount of net proceeds from, and the use of the net proceeds from, the
at-the-market equity program;
• continued listing of the Common Shares on the LSE, NYSE and TSX;
• any statements as to future dividends;
• the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs;
• projected increases to Wheaton's production and cash flow profile;
• projected changes to Wheaton’s production mix;
• the ability of Wheaton’s PMPA counterparties to comply with the terms of any other obligations under agreements with
the Company;
• the ability to sell precious metals and cobalt production;
• confidence in the Company’s business structure;
• the Company’s assessment of taxes payable, and the Company’s ability to pay its taxes;
• possible CRA domestic audits for taxation years subsequent to 2019 and international audits subsequent to 2017;
• the Company’s assessment of the impact of any tax reassessments;
• the Company’s intention to file future tax returns in a manner consistent with the CRA Settlement;
• the Company’s climate change and environmental commitments; and
• assessments of the impact and resolution of various legal and tax matters, including but not limited to audits.
Generally, these forward -looking statements can be identified by the use of forward -looking terminology such as “plans”,
“expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “projects”, “intends”, “anticipates”
or “does not anticipate”, or “believes”, “potential”, or variations of such words and phrases or statements that certain actions,
events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward -looking statements are
subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity,
performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking
statements, including but not limited to:
• risks relating to the satisfaction of each party’s obligations in accordance with the terms of the Silver Stream;
• risks relating to the Company’s ability to meet the conditions of, and the satisfaction of each party’s obligations under, the
existing revolving credit facility and the new Term Loan;
• risks relating to the generation of sufficient cash flow to repay the existing revolving credit facility and the new Term Loan;
• risks associated with fluctuations in the price of commodities (including Wheaton’s ability to sell its precious metals or
cobalt production at acceptable prices or at all);
• risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at
such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual
results of mining, risks associated with exploration, development, operating, expansion and improvement at the Mining