REG - Wheaton Precious Met - 2025 Production and Guidance

Wheaton Precious MetalsAnnouncement

17/02/2026 07:00

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RNS Number : 3164T  Wheaton Precious Metals Corp.  17 February 2026

 

 
February 16, 2026
Vancouver, British Columbia
 

Wheaton Precious Metals Exceeds 2025 Production Guidance and

 Provides 2026 and Long-Term Outlook, Projecting Approximately 50% Growth to
1.2 Million Gold Equivalent Ounces by 2030

 

Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to
report 2025 actual production of approximately 692,000 gold equivalent
ounces(2) ("GEOs"), exceeding the upper end of the 2025 production guidance
range of 670,000 GEOs(2). The Company also provides 2026 production guidance
of 860,000 to 940,000 GEOs(3) and forecasts growth of approximately 50% to
1,200,000 GEOs(3) by 2030. Wheaton will provide full production and financial
details with the release of its 2025 fourth quarter and full year results on
Thursday, March 12, 2026, after market close.

 

"Wheaton delivered an outstanding year in 2025, supported by the strength of
our diversified portfolio of high-quality, low-cost assets," said Haytham
Hodaly, President of Wheaton Precious Metals. "Production surpassed the upper
end of our annual guidance, with notable contributions from several
operations, including record results from Salobo. We also advanced our
corporate development strategy with investments in three assets. Together with
today's announcement of an additional silver stream at Antamina, these
developments significantly enhance our near-term growth outlook and reinforce
our confidence in the portfolio's ability to continue delivering long-term
value."

 

"The momentum we built over the past year provides a solid foundation for what
we expect to be a sector-leading growth profile," added Randy Smallwood, Chief
Executive Officer of Wheaton Precious Metals. "We believe Wheaton is on track
to reach unprecedented levels of precious metals production within the
streaming space. With the most precious metals focused portfolio in the
industry, the strength of our projected growth profile, and rising demand for
streaming capital, we believe Wheaton is exceptionally well positioned to
continue delivering industry-leading growth."

 

2025 Attributable Production and Sales Using 2025 Commodity Price Assumptions

 

 Metal                           2025                  2025            2025

                                 Production Guidance   Actual          Actual

                                                       Production 1    Sales
 Gold Ounces                     350,000 to 390,000    416,286         411,005
 Silver Ounces ('000s)           20,500 to 22,500      22,434          19,796
 Other Metals (GEOs 2 )          12,500 to 13,500      16,525          11,889
      Palladium Ounces                                 10,265          9,356
      Cobalt pounds ('000s)                            2,460           1,632
 Gold Equivalent Ounces(2)       600,000 to 670,000    691,670         651,311
 2025 GEOs based on:  $2,600 / oz gold, $30 / oz silver, $950 / oz palladium,
 $950 / oz platinum and $13.50 / lb cobalt

 

 

In 2025, gold equivalent production exceeded the upper end of our guidance
range, driven largely by stronger performance at Salobo due to higher gold
grades and recoveries, higher throughput and grades at Peñasquito, and higher
grades at Constancia as more material was mined from the Pampacancha deposit.
These positive results were partially offset by lower production from Goose,
and Mineral Park , where ramp-ups progressed slower than anticipated.

 

As at December 31, 2025, approximately 156,800 GEO(2)'s were in produced but
not yet delivered ("PBND"), consistent with the average PBND over the
preceding four quarters and within our guided range of two to three months.

 

Commodity Price Assumptions

 

 Metal               Previous        Updated

                     2025 Forecast   2026 Forecast
 Gold ($ / oz)       $   2,600       $   4,800
 Silver ($ / oz)     $   30.00       $   80.00
 Palladium ($ / oz)  $   950         $   1,500
 Platinum ($ / oz)   $    950        $   2,000
 Cobalt ($ / lb)     $   13.50       $   25.00

 

The strong performance of silver in 2025 meant it outpaced all other metals
that year. As a result, the metal price assumptions for 2026 produce a lower
gold-to-silver ratio, which in turn leads to higher gold‑equivalent
calculations for 2026 compared to 2025. The silver and gold price assumptions
used in the calculation of gold equivalent ounces are based on spot prices for
the period from January 1, 2026 to February 12, 2026, which averaged
approximately $88 per ounce for silver and $4,809 per ounce for gold. Metal
prices have been volatile during this period, and there can be no assurance
that these prices will be realized by the Company in the future.

 

2026 and Long-Term Production Outlook Using 2026 Commodity Price Assumptions

 

 Metal                  2025            2026                  2030                  2031-2035

                        Actual          Production Guidance   Target                Average Annual Production

                        Production(1)                         Production Guidance   Guidance
 Gold Ounces            416,286         400,000 to 430,000
 Silver Ounces ('000s)  22,434          27,000 to 29,000
 Other Metals (GEO(3)   16,021          19,000 to 21,000
 Total GEOs(3)          806,215         860,000 to 940,000    1,200,000             1,200,000
 2026 and long-term GEOs based on $4,800 / oz gold, $80 / oz silver, $1,500 /
 oz palladium, $2,000 / oz platinum, and $25 / lb cobalt.

 For purposes of comparison, 2025 actual GEOs have been adjusted to reflect
 2026 commodity price assumptions.

 

 

2026 Production Outlook

 

The Company anticipates that 2026 GEO(3) production will increase by over 11%
from levels achieved in 2025. This expected year-over-year growth is driven
primarily by the additional stream at Antamina which is expected to add
another 70,000 GEOs(3) to the portfolio in 2026 and begin generating
production on April 1, 2026. Further contributions from newly operating
assets, including Blackwater, Mineral Park, Fenix, Hemlo, Goose & Platreef
are also forecast to support this growth. These increases are expected to be
partially offset by lower production from Constancia following the depletion
of the Pampacancha pit in late December 2025.

 

At the Company's cornerstone assets, after achieving record production levels
in 2025, attributable production levels at Salobo are forecast to decrease
slightly, with higher throughput levels anticipated to be offset by modestly
lower gold grades. Attributable production is forecast to increase
significantly at Antamina in 2026 due to the additional stream, with the
Company receiving a combined 67.5% of silver production commencing April 1,
2026, up from the 33.75% delivered in 2025 under the existing stream. Lastly,
attributable production from Penasquito is forecast to increase from 2025,
driven by stronger silver grades, including contributions from stockpile
material as mining progresses through planned sequencing.

 

 

Long-Term Production Outlook

 

Production is forecast to increase by approximately 50% to 1,200,000 GEOs(3)
by 2030, due to growth from multiple Operating assets including Antamina,
Blackwater, Aljustrel, Marmato, Hemlo and Goose; Development assets that are
in construction and/or various stages of ramp-up, including the Koné, Fenix,
Kurmuk, Platreef,  Mineral Park and El Domo projects; and Pre-development
assets including the Spring Valley, Copper World and Santo Domingo projects,
all of which have received their major permits.

 

From 2031 to 2035, attributable production is forecast to be maintained at
1,200,000 GEOs(3) annually and incorporates additional incremental production
from Pre-development assets including the Cangrejos, Kudz ze Kayah and
Marathon projects, in addition to the Mt. Todd and Black Pine royalties.

 

Not included in Wheaton's long-term forecast and instead classified as
'optionality', is potential future production from 11 other assets including
El Alto(4), Navidad and Toroparu.

 

Mr. Wes Carson, P.Eng., Vice President, Mining Operations is a "qualified
person" as such

term is defined under National Instrument 43-101, and has reviewed and
approved the technical information disclosed in this news release.

 

Fourth Quarter and Full Year 2025 Results

Wheaton will release its 2025 fourth quarter and full year results on
Thursday, March 12, 2026, after market close. A conference call will be held
on Friday, March 13, 2026, starting at 8:00am PT (11:00 am ET) to discuss
these results. To participate in the live call please use one of the following
methods:

 

Dial toll free from Canada or the US:                1-800-715-9871

Dial from outside Canada or the US:             1-647-932-3411
Pass
code:
4433482

 

RapidConnect
URL:
Click here
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Live audio webcast:
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Participants should dial in five to ten minutes before the call.

 

The conference call will be recorded and available until March 20, 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:
4433482#

Archived audio
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Link (https://app.webinar.net/qE03g19gxJ2)

Wheaton Precious Metals' quarterly reporting for the remainder of 2026 is
scheduled to be issued, after market close, on the following dates:

 

Q1 2026 - Thursday, May 7, 2026

Q2 2026 - Thursday, August 6, 2026

Q3 2026 - Thursday, November 5, 2026

 

 

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. 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.

 

For further information:

 

Investor Contact

Emma Murray

Vice President, Investor Relations

Tel: 1-844-288-9878

Email: info@wheatonpm.com (mailto:info@wheatonpm.com)

 

 

End Notes

 

 

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 Precious Metals Purchase Agreement ("PMPA")
counterparties. Forward-looking statements, which are all statements 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
Operations, environmental and economic risks of the Mining Operations, and
changes in project parameters as Mining Operations plans continue to be
refined);

·      absence of control over the Mining Operations and having to rely
on the accuracy of the public disclosure and other information Wheaton
receives from the owners and operators of the Mining Operations as the basis
for its analyses, forecasts and assessments relating to its own business;

·      risks related to the uncertainty in the accuracy of mineral
reserve and mineral resource estimation;

·      risks related to the satisfaction of each party's obligations in
accordance with the terms of the Company's PMPAs, including the ability of the
companies with which the Company has PMPAs to perform their obligations under
those PMPAs in the event of a material adverse effect on the results of
operations, financial condition, cash flows or business of such companies, any
acceleration of payments, estimated throughput and exploration potential;

·      risks relating to production estimates from Mining Operations,
including anticipated timing of the commencement of production by certain
Mining Operations;

·      Wheaton's interpretation of, or compliance with, or application
of, tax laws and regulations or accounting policies and rules, being found to
be incorrect or the tax impact to the Company's business operations being
materially different than currently contemplated, , or the ability of the
Company to pay such taxes as and when due;

·      any challenge or reassessment by the CRA of the Company's tax
filings being successful and the potential negative impact to the Company's
previous and future tax filings;

·      risks in assessing the impact of the CRA Settlement (including
whether there will be any material change in the Company's facts or change in
law or jurisprudence);

·      risks related to any potential or proposed amendments to Canada's
transfer pricing regime under the Income Tax Act (Canada) that may result if
the Bill C-15, Budget 2025 Implementation Act, No.1, as tabled before the
Canadian Parliament on November 4, 2025 is passed as currently drafted;

·      counterparty credit and liquidity risks;

·      mine operator and counterparty concentration risks;

·      indebtedness and guarantees risks;

·      hedging risk;

·      competition in the streaming industry risk;

·      risks relating to security over underlying assets;

·      risks relating to third-party PMPAs;

·      risks relating to revenue from royalty interests;

·      risks related to Wheaton's acquisition strategy;

·      risks relating to third-party rights under PMPAs;

·      risks relating to future financings and security issuances;

·      risks relating to unknown defects and impairments;

·      risks related to governmental regulations;

·      risks related to international operations of Wheaton and the
Mining Operations;

·      risks relating to exploration, development, operating, expansions
and improvements at the Mining Operations;

·      risks related to environmental regulations;

·      the ability of Wheaton and the Mining Operations to obtain and
maintain necessary licenses, permits, approvals and rulings;

·      the ability of Wheaton and the Mining Operations to comply with
applicable laws, regulations and permitting requirements;

·      lack of suitable supplies, infrastructure and employees to
support the Mining Operations;

·      risks related to underinsured Mining Operations;

·      inability to replace and expand mineral reserves, including
anticipated timing of the commencement of production by certain Mining
Operations (including increases in production, estimated grades and
recoveries);

·      uncertainties related to title and indigenous rights with respect
to the mineral properties of the Mining Operations;

·      the ability of Wheaton and the Mining Operations to obtain
adequate financing;

·      the ability of the Mining Operations to complete permitting,
construction, development and expansion;

·      challenges related to global financial conditions;

·      risks associated with environmental, social and governance
matters;

·      risks related to fluctuations in commodity prices of metals
produced from the Mining Operations other than precious metals or cobalt;

·      risks related to claims and legal proceedings against Wheaton or
the Mining Operations;

·      risks related to the market price of the Common Shares of
Wheaton;

·      the ability of Wheaton and the Mining Operations to retain key
management employees or procure the services of skilled and experienced
personnel;

·      risks related to interest rates;

·      risks related to the declaration, timing and payment of
dividends;

·      risks related to access to confidential information regarding
Mining Operations;

·      risks associated with multiple listings of the Common Shares on
the LSE, NYSE and TSX;

·      risks associated with a possible suspension of trading of Common
Shares;

·      equity price risks related to Wheaton's holding of longterm
investments in other companies;‑term investments in other companies;

·      risks relating to activist shareholders;

·      risks relating to reputational damage;

·      risks relating to expression of views by industry analysts;

·      risks related to the impacts of climate change and the transition
to a low-carbon economy;

·      risks associated with the ability to achieve climate change and
environmental commitments at Wheaton and at the Mining Operations;

·      risks related to ensuring the security and safety of information
systems, including cyber security risks;

·      risks relating to generative artificial intelligence;

·      risks relating to compliance with anti-corruption and
anti-bribery laws;

·      risks relating to corporate governance and public disclosure
compliance;

·      risks of significant impacts on Wheaton or the Mining Operations
as a result of an epidemic or pandemic;

·      risks related to the adequacy of internal control over financial
reporting; and

·      other risks discussed in the section entitled "Description of the
Business - Risk Factors" in Wheaton's Annual Information Form available on
SEDAR+ at www.sedarplus.ca (http://www.sedarplus.ca) and Wheaton's Form 40-F
for the year ended December 31, 2024 on file with the U.S. Securities and
Exchange Commission on EDGAR (the "Disclosure").

 

Forward-looking statements are based on assumptions management currently
believes to be reasonable, including (without limitation):

·      that the payment of $4.3 billion to BHP will be made and that
each party's obligations in accordance with the terms of the Silver Stream
will be satisfied;

·      that the Company will be able to drawdown sufficient funds under
both its existing revolving credit facility and the new Term Loan and that
each party's obligations under the existing revolving credit facility and the
new Term Loan will be satisfied;

·      that the Company will be able to repay the existing revolving
credit facility and new Term Loan;

·      that there will be no material adverse change in the market price
of commodities;

·      that the Mining Operations will continue to operate and the
mining projects will be completed in accordance with public statements and
achieve their stated production estimates;

·      that the mineral reserves and mineral resource estimates from
Mining Operations (including reserve conversion rates) are accurate;

·      that public disclosure and other information Wheaton receives
from the owners and operators of the Mining Operations is accurate and
complete;

·      that the production estimates from Mining Operations are
accurate;

·      that each party will satisfy their obligations in accordance with
the PMPAs;

·      that Wheaton will continue to be able to fund or obtain funding
for outstanding commitments;

·      that Wheaton will be able to source and obtain accretive PMPAs;

·      that the terms and conditions of a PMPA are sufficient to recover
liabilities owed to the Company;

·      that Wheaton has fully considered the value and impact of any
third-party interests in PMPAs;

·      that expectations regarding the resolution of legal and tax
matters will be achieved (including CRA audits involving the Company);

·      that Wheaton has properly considered the application of Canadian
tax laws to its structure and operations and that Wheaton will be able to pay
taxes when due;

·      that Wheaton has filed its tax returns and paid applicable taxes
in compliance with tax laws;

·      that the trading of the Common Shares will not be adversely
affected by the differences in liquidity, settlement and clearing systems as a
result of multiple listings of the Common Shares on the LSE, the TSX and the
NYSE;

·      that the trading of the Company's Common Shares will not be
suspended;

·      the estimate of the recoverable amount for any PMPA with an
indicator of impairment;

·      that neither Wheaton nor the Mining Operations will suffer
significant impacts as a result of an epidemic or pandemic; and

·      such other assumptions and factors as set out in the Disclosure.

 

There can be no assurance that forward-looking statements will prove to be
accurate and even if events or results described in the forward-looking
statements are realized or substantially realized, there can be no assurance
that they will have the expected consequences to, or effects on, Wheaton.
Readers should not place undue reliance on forward-looking statements and are
cautioned that actual outcomes may vary. The forward-looking statements
included herein are for the purpose of providing readers with information to
assist them in understanding Wheaton's expected financial and operational
performance and may not be appropriate for other purposes. Any forward-looking
statement speaks only as of the date on which it is made, reflects Wheaton's
management's current beliefs based on current information and will not be
updated except in accordance with applicable securities laws. Although Wheaton
has attempted to identify important factors that could cause actual results,
level of activity, performance or achievements to differ materially from those
contained in forward-looking statements, there may be other factors that cause
results, level of activity, performance or achievements not to be as
anticipated, estimated or intended. looking statements, there may be other
factors that cause results, level of activity, performance or achievements not
to be as anticipated, estimated or intended. ‑looking statements, there may
be other factors that cause results, level of activity, performance or
achievements not to be as anticipated, estimated or intended.

 

Cautionary Language Regarding Reserves and Resources

 

For further information on Mineral Reserves and Mineral Resources and on
Wheaton more generally, readers should refer to Wheaton's Annual Information
Form for the year ended December 31, 2024, which was filed on March 31, 2025
and other continuous disclosure documents filed by Wheaton since January 1,
2025, available on SEDAR+ at www.sedarplus.ca. Wheaton's Mineral Reserves and
Mineral Resources are subject to the qualifications and notes set forth
therein. Mineral Resources, which are not Mineral Reserves, do not have
demonstrated economic viability.

 

Cautionary Note to United States Investors Concerning Estimates of Measured,
Indicated and Inferred Resources: The information contained herein has been
prepared in accordance with the requirements of the securities laws in effect
in Canada, which differ from the requirements of United States securities
laws. The Company reports information regarding mineral properties,
mineralization and estimates of mineral reserves and mineral resources in
accordance with Canadian reporting requirements which are governed by, and
utilize definitions required by,  Canadian National Instrument 43-101 -
Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian
Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition
Standards on Mineral Resources and Mineral Reserves, adopted by the CIM
Council, as amended (the "CIM Standards"). These definitions differ from the
definitions adopted by the United States Securities and Exchange Commission
("SEC") under the United States Securities Act of 1933, as amended (the
"Securities Act") which are applicable to U.S. companies. Accordingly, there
is no assurance any mineral reserves or mineral resources that the Company may
report as "proven mineral reserves", "probable mineral reserves", "measured
mineral resources", "indicated mineral resources" and "inferred mineral
resources" under NI 43-101 would be the same had the Company prepared the
reserve or resource estimates under the standards adopted by the SEC.
Accordingly, information contained herein that describes Wheaton's mineral
deposits may not be comparable to similar information made public by U.S.
companies subject to reporting and disclosure requirements under the United
States federal securities laws and the rules and regulations thereunder.
United States investors are urged to consider closely the disclosure in
Wheaton's Form 40-F, a copy of which may be obtained from Wheaton or from
https://www.sec.gov/edgar.shtml (https://www.sec.gov/edgar.shtml) .

 

 

 

 

 1  Ounces produced represent the quantity of gold, silver, palladium and
cobalt contained in concentrate or doré prior to smelting or refining
deductions.  Production figures and average payable rates are based on
information provided by the operators of the mining operations to which the
silver, gold, palladium or cobalt interests relate or management estimates in
those situations where other information is not available (specifically, final
2025 production information for Hemlo, Sudbury, Zinkgruvan and Neves-Corvo is
based on management estimates). Certain production figures may be updated in
future periods as additional information is received.

 2  Gold equivalent ounces for 2025 actual production, sales and PBND are
calculated by converting silver, palladium and cobalt to a gold equivalent by
using the following commodity price assumptions: $2,600 per ounce gold, $30
per ounce silver, $950 per ounce palladium, $950 per ounce of platinum and
$13.50 per pound cobalt.

(3)Gold equivalent ounces for 2026 and long-term guidance are calculated by
converting silver, palladium, platinum and cobalt to a gold equivalent by
using the following commodity price assumptions: $4,800 per ounce gold, $80
per ounce silver, $1,500 per ounce Palladium, $2,000 per ounce Platinum, and
$25 per pound Cobalt.

(4)El Alto was formerly known as Pascua Lama

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