REG - Wheaton Precious Met - Fourth Quarter and Full Year Financial Results
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RNS Number : 5669W Wheaton Precious Metals Corp. 13 March 2026
March 12, 2026
Vancouver, British Columbia
FOURTH QUARTER AND FULL YEAR FINANCIAL results
Wheaton Precious Metals Announces Record Annual Revenue, Earnings and
Cash Flow for 2025
"Wheaton's portfolio of high-quality, long-life assets delivered another
outstanding year in 2025, surpassing our production guidance and achieving
record revenue, earnings, and operating cash flow," said Randy Smallwood,
Chief Executive Officer of Wheaton Precious Metals. "Strong contributions from
cornerstone assets including Salobo, Antamina, and Peñasquito, alongside the
continued ramp-up of Blackwater and Goose, demonstrate the strength of our
diversified streaming model. As I prepare to transition to the role of Chair
of the Board, I have truly never been more excited about Wheaton's future and
the portfolio's ability to continue delivering long-term value."
"These results reflect the consistent execution of our disciplined capital
allocation strategy, focused on high-quality assets, well-structured
agreements, strong counterparties, attractive margins, and long-term growth,"
added Haytham Hodaly, President of Wheaton Precious Metals. "In 2025, we
strengthened our portfolio with the Hemlo and Spring Valley gold streams and,
following year-end, announced the largest precious metals streaming
transaction ever at Antamina in partnership with BHP. As I prepare to step
into the role of Chief Executive Officer, I am confident in the foundation we
have built and excited to lead Wheaton into its next phase of growth, focused
on disciplined execution and sustainable value creation for all stakeholders."
Record Financial Performance and Strong Balance Sheet
· Fourth quarter of 2025: A record $865 million in revenue, a record $558
million in net earnings, a record $555 million in adjusted net earnings, and a
record $746 million in operating cash flow. Declared a quarterly dividend(1)
of $0.165 per common share and made a quarterly dividend payment of $75
million.
· Full year of 2025: A record $2.3 billion in revenue, a record $1.5
billion in net earnings, a record $1.4 billion in adjusted net earnings, and a
record $1.9 billion in operating cash flow. Declared record annual
dividends(1) of $0.66 per common share.
· Balance Sheet: Cash balance of $1.2 billion.
High Quality Asset Base
· Streaming and royalty agreements on 23 operating mines and 25
development and other projects(5).
· 85% of attributable production from assets in the lowest half of their
respective cost curves(2,4).
· Attributable gold equivalent production(3) ("GEOs") of 205,000 ounces
in the fourth quarter of 2025, an 8% increase relative to the comparable
period of the prior year primarily due to stronger production at Salobo which
achieved a new quarterly record, and Antamina, coupled with the commencement
of production at Blackwater.
· Exceeded the upper limits of the 2025 annual production guidance of
600,000 to 670,000 GEOs(3) primarily resulting from stronger performance at
Salobo due to higher gold grades and recoveries, higher throughput and grades
at Peñasquito, and higher grades at Constancia.
· Further de-risked industry leading forecast growth profile as
construction activities advanced at a number of projects, including Mineral
Park, Platreef, Fenix, El Domo, Kurmuk, and Koné.
· During the quarter, B2Gold announced that commercial production had
been achieved at the Goose Mine in Nunavut. Additionally, Ivanhoe Mines
announced the official opening of the Platreef mine in South Africa.
· Accretive portfolio growth:
o On November 6, 2025, the Company entered into a precious metals purchase
agreement ("PMPA") with Waterton Gold LP ("Waterton Gold") in respect to the
Spring Valley project located in Nevada, USA.
o On November 26, 2025, the Company entered into a PMPA with Hemlo Mining
Corp. ("Hemlo") in respect to the currently operating Hemlo mine located in
Ontario, Canada.
· Subsequent to the quarter;
o On February 5, 2026, Wheaton announced that as part of the Company's
strategic succession planning, Haytham Hodaly, currently President, will
succeed Randy Smallwood as Wheaton's Chief Executive Officer, effective March
31, 2026, reflecting an ongoing leadership evolution to support the next phase
in the Company's growth trajectory.
o As announced on February 16, 2026, the Company entered into a PMPA with
BHP Group Limited ("BHP") for their 33.75% portion of the silver produced at
the Antamina Mine located in Peru.
Leadership in Sustainability
· Top Rankings: One of the top-rated companies by Sustainalytics, AAA
rated by MSCI and Prime rated by ISS.
· Subsequent to the quarter, Wheaton was recognized by Corporate
Knights as one of the 2026 Global 100 most sustainable corporations, marking
the third consecutive year of recognition for leadership in sustainable value
creation.
· Subsequent to the quarter, awarded US$1 million to the winning
venture of the 2(nd) annual Future of Mining Challenge, Cetos Water, for its
unique technology that turns wastewater from mining activities into clean,
reusable water.
Operational Overview
(all figures in US dollars unless otherwise noted) Q4 2025 Q4 2024 Change 2025 2024 Change
Units produced
Gold ounces 130,676 118,328 10.4 % 416,171 381,248 9.2 %
Silver ounces 6,064 5,865 3.4 % 22,289 20,959 6.3 %
Palladium ounces 2,519 2,797 (9.9)% 10,265 15,632 (34.3)%
Cobalt pounds 670 393 70.4 % 2,460 1,289 90.8 %
Gold equivalent ounces (3) 205,037 189,059 8.5 % 689,864 635,488 8.6 %
Units sold
Gold ounces 121,791 87,662 38.9 % 411,005 332,701 23.5 %
Silver ounces 5,685 4,307 32.0 % 19,796 16,072 23.2 %
Palladium ounces 1,730 4,434 (61.0)% 9,356 17,270 (45.8)%
Cobalt pounds 485 485 0.0 % 1,632 970 68.2 %
Gold equivalent ounces (3) 190,535 141,495 34.7 % 651,311 529,493 23.0 %
Change in PBND
Gold equivalent ounces (3) (968) 31,853 32,821 (15,013) 49,756 64,769
Revenue $ 864,714 $ 380,516 127.2 % $ 2,314,600 $ 1,284,639 80.2 %
Net earnings $ 558,250 $ 88,148 533.3 % $ 1,471,720 $ 529,140 178.1 %
Per share $ 1.230 $ 0.194 534.0 % $ 3.242 $ 1.167 177.8 %
Adjusted net earnings (1) $ 554,979 $ 198,969 178.9 % $ 1,372,862 $ 640,170 114.5 %
Per share (1) $ 1.222 $ 0.439 178.4 % $ 3.025 $ 1.412 114.2 %
Operating cash flows $ 746,277 $ 319,471 133.6 % $ 1,904,981 $ 1,027,581 85.4 %
Per share (1) $ 1.644 $ 0.704 133.5 % $ 4.197 $ 2.266 85.2 %
All amounts in thousands except gold, palladium & gold equivalent ounces,
and per share amounts.
Financial Review
Revenues
Revenue in the fourth quarter of 2025 was $865 million (59% gold, 39% silver,
1% palladium and 1% cobalt), with the $484 million increase relative to the
prior period quarter being primarily due to a 69% increase in the average
realized gold equivalent³ price; and a 35% increase in the number of GEOs³
sold.
Revenue was $2.3 billion (62% gold, 36% silver, 1% palladium and 1% cobalt)
during the year ended December 31, 2025, with the $1.0 billion increase from
2024 due primarily to a 46% increase in the average realized gold equivalent³
price; and a 23% increase in the number of GEOs³ sold.
Cash Costs and Margin
Average cash costs¹ in the fourth quarter of 2025 were $597 per GEO³ as
compared to $444 in the fourth quarter of 2024. This resulted in a cash
operating margin¹ of $3,941 per GEO³ sold, an increase of 76% as compared
with the fourth 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 80% 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 in 2025 were $514 per GEO³ as compared to $438 in 2024.
This resulted in a cash operating margin¹ of $3,040 per GEO³ sold, a 53%
increase from 2024, a result of the higher realized price per ounce.
Cash Flow from Operations
Operating cash flow in the fourth quarter of 2025 amounted to $746 million,
with the $427 million increase from the comparable period of the prior year
being due primarily to higher gross margin.
Operating cash flows in 2025 amounted to $1.9 billion, with the $877 million
increase from the comparable period of the previous year being due primarily
to higher gross margin.
Produced But Not Yet Delivered
As at December 31, 2025, approximately 155,000 GEOs(3) were produced but not
yet delivered ("PBND") representing approximately 2.5 months of payable
production. This reduction in the number of months of PBND compared with the
preceding four quarters places PBND levels at the mid-point of our guided
range of two and a half to three and a half months and was driven by a
significant increase in quarterly sales volumes during the fourth quarter.
Balance Sheet (at December 31, 2025)
· Approximately $1.2 billion of cash on hand
· During the fourth quarter of 2025, the Company made total upfront cash
payments of $646 million relative to the mineral stream interests consisting
of:
o Hemlo: $300 million;
o Koné: $156 million;
o Spring Valley: $50 million
o Fenix: $50 million;
o El Domo: $44 million;
o Kurmuk: $44 million; and
o Kudz Ze Kayah: $2 million.
· Subsequent to the quarter, the Company made additional upfront cash
payments of $90 million relative to the Spring Valley PMPA ($50 million) and
the Marmato PMPA ($40 million), partially offset by a repayment of $30 million
relative to the Santo Domingo PMPA, with this amount to be re-advanced at a
later date.
· Subsequent to the quarter, the Company announced its financing plan for
the additional silver stream on the Antamina mine, announced on February 16,
2026. The upfront payment of $4.3 billion is expected to be paid on or around
April 1, 2026, and will be funded with cash on hand, a new $1.5 billion term
loan credit facility and an approximately $0.9 billion draw on the Company's
existing undrawn $2 billion revolving credit facility ("RCF"). The details of
this financing plan are provided below in the 'Corporate Development' section.
Fourth Quarter Operating Asset Highlights
Salobo: In the fourth quarter of 2025, Salobo produced 88,900 ounces of
attributable gold, representing a quarterly record and an increase of
approximately 5% relative to the fourth quarter of 2024, primarily the result
of higher throughput and recoveries resulting from improved efficiencies at
Salobo 1 and 2, partially offset by lower grades.
Antamina: In the fourth quarter of 2025, Antamina produced 1.6 million ounces
of attributable silver, an increase of approximately 49% relative to the
fourth quarter of 2024, primarily due to higher grades and recoveries.
Peñasquito: In the fourth quarter of 2025, Peñasquito produced 1.8 million
ounces of attributable silver, a decrease of approximately 26% relative to the
fourth quarter of 2024, primarily the result of lower grades with mining
activities having transitioned back into the Peñasco pit which contains lower
silver grades relative to the Chile Colorado pit, partially offset by higher
recoveries. On February 19, 2026, Newmont Corporation ("Newmont") reported
that silver production at Peñasquito is expected to increase in 2026, largely
due to grades milled, including increased stockpile processing in 2026.
Constancia: In the fourth quarter of 2025, Constancia produced 0.7 million
ounces of attributable silver and 15,400 ounces of attributable gold, a
decrease of approximately 25% and 18%, respectively, relative to the fourth
quarter of 2024, primarily due to lower gold and silver grades. On February
20, 2026, Hudbay Minerals Inc ("Hudbay") announced that Constancia is expected
to deliver at higher mill throughput rates starting in the second half of 2026
with the installation of pebble crushers. Hudbay reported that 2026 gold
production is expected to be lower than 2025 production, reflecting depletion
of the Pampacancha pit in 2025.
San Dimas: In the fourth quarter of 2025, San Dimas produced 8,200 ounces of
attributable gold, an increase of approximately 13% relative to the fourth
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 for the
period April 30, 2025 to October 28, 2025. On October 29, 2025, the gold to
silver conversion ratio returned to 70:1.
Stillwater: In the fourth quarter of 2025, the Stillwater mines produced 1,500
ounces of attributable gold and 2,500 ounces of attributable palladium, a
decrease of approximately 30% for gold and 10% for palladium relative to the
fourth quarter of 2024, primarily due to lower grades and recoveries.
Blackwater: In the fourth quarter of 2025, Blackwater produced 0.1 million
ounces of attributable silver and 5,500 ounces of attributable gold, with the
mine achieving commercial production in May 2025. On December 15, 2025,
Artemis Gold Inc. ("Artemis Gold") announced that its board of directors
approved an expanded Phase 2 development at the Blackwater mine. This Phase 2
development is a significant addition to the previously announced Phase 1A
project, designed to increase nameplate capacity from 8 Mtpa to 21 Mtpa before
the end of 2028.
On March 12, 2026, Artemis Gold reported an unplanned mill shutdown due to the
failure of a ball mill gearbox, with the estimated time to complete repairs
and restart mill operations between 8 to 10 days. Artemis Gold reports that
plans are underway to make use of this interruption to carry out maintenance
activities originally planned for Q2 2026. Artemis Gold notes that while
mining related activities are continuing normally, production in Q1 2026 is
expected to be lower than originally anticipated as a result of this mill
outage.
Voisey's Bay: In the fourth quarter of 2025, the Voisey's Bay mine produced
670,000 pounds of attributable cobalt, an increase of approximately 70%
relative to the fourth 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 fourth quarter of 2025, total Other Gold attributable
production was 3,400 ounces, an increase of approximately 441% relative to the
fourth quarter of 2024 due to the initial reported production from the Goose
mine, which achieved commercial production on October 6, 2025, and the
addition of attributable production from the Hemlo mine. Notable operational
updates for assets included within 'Other Gold' include:
· Goose: On February 18, 2026, B2Gold reported that production at the
Goose Mine in 2025 was impacted by crushing plant capacity constraints in the
third quarter and temporary delays in accessing higher‑grade ore from the
Umwelt underground in the third quarter and early fourth quarter. Initial
near‑term crushing circuit modifications, ordered in late 2025 and scheduled
for implementation in the second half of 2026, are expected to increase
average throughput to approximately 3,200 tonnes per day and eliminate the
need for full‑time use of the mobile crusher, while studies are underway to
evaluate further enhancements to increase capacity to approximately 4,000
tonnes per day, with decisions on scope and timing expected in the first half
of 2026. B2Gold states that production in 2026 is expected to be weighted to
the second half of 2026, with approximately 65% of estimated annual gold
production to be achieved during the third and fourth quarters.
· Marmato: On March 11, 2026, Aris Mining Corporation ("Aris")
reported that development of the new underground decline to the Bulk Mining
Zone at the Marmato mine is approximately 60% complete and is scheduled for
completion in Q3 2026, ahead of the commissioning of the carbon in pulp plant,
which is expected in Q4 2026.
· Hemlo: On November 26, 2025, the Company entered into a PMPA (the
"Hemlo PMPA") with Hemlo in respect of gold production from the currently
operating Hemlo mine located in Ontario, Canada. On January 29, 2026 Hemlo
announced that they had initiated a 130,000 meter exploration drilling program
aimed at extending the mine life, de-risking the near-term mine plan and
identifying near-mine growth opportunities.
Other Silver: In the fourth quarter of 2025, total Other Silver attributable
production was 1.8 million ounces, an increase of approximately 30% relative
to the fourth quarter of 2024. 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 Q4 2025 were focused on mill alignment to
handle increasing throughput and gradually increasing both operating uptime
and overall site throughput. First concentrate sales occurred in Q4 2025 and
first silver delivery to Wheaton occurred in January 2026. Ramp-up to
commercial production is expected to continue in Q1 2026, with increasing
concentrate production throughout the first quarter. At steady state
throughput, the fully refurbished mill capacity will be 16.5 Mtpa.
Platreef: On January 12, 2026, Ivanhoe announced that following the official
opening and first production of concentrate from the Platreef mine on November
18, 2025, the development of the mine continues to rapidly advance. During the
initial ramp‑up period, lower‑grade development ore is being processed,
with a transition to production ore expected once Shaft #3 is ready to hoist
in early Q2 2026, at which time the concentrator is expected to achieve
approximately 80 percent of nameplate capacity by mid‑year.
Fenix: On January 26, 2026, Rio2 Limited ("Rio2") announced the first official
gold pour at the Fenix Gold Mine, where construction of critical path items
were completed on time and on budget, as previously guided. Rio2 stated that
the focus now is to ramp up operations to 20,000 tonnes per day of ore.
Kurmuk: On February 18, 2026, Allied Gold Corporation ("Allied") reported that
the Kurmuk project was progressing in line with plan, with advancement at the
processing plant and crushing circuit, mining activities supporting ore
stockpiling, and power line construction advancing toward completion ahead of
commissioning. A review of processing capacity was completed in Q4 2025, and
the project is now being executed to accommodate average throughput of up to
6.4 Mtpa (from 6.0 Mtpa), with pre‑commissioning expected in 2026.
On January 26, 2026, Allied announced it has entered into a definitive
agreement with Zijin Gold International Company Limited ("Zijin Gold"), where
Zijin Gold will acquire all of the issued and outstanding shares of Allied in
cash. Subject to the satisfaction or waiver by the parties of all necessary
closing conditions and the receipt of all required approvals, the completion
of the transaction is anticipated in late April 2026(9).
Koné: On January 19, 2026, Montage announced that rapid construction progress
continues to be made at its Koné project, where first gold pour through the
oxide circuit is anticipated in late Q4 2026, while the hard-rock comminution
circuit remains well on track for completion in Q2 2027. Since commencement of
the project, key milestones achieved include the erection of all 14
carbon-in-leach tanks, piperack and grid mesh walkways, completion of the
oxide sizer and the delivery of the ball mill to site.
El Domo: On February 4, 2026, Silvercorp reported that during 2025,
construction activities at its El Domo project advanced across site
preparation, infrastructure, and water management works, with approximately
$44.5 million spent (about 16% of their revised budget), including completion
of archaeological clearance, significant earthworks and road construction,
camp commissioning, and placement of orders for long‑lead time major
equipment.
Copper World: On January 12, 2026, Hudbay announced the closing of the joint
venture transaction with Mitsubishi Corporation, securing a premier, long-term
strategic partner for the development of Copper World. Hudbay notes that they
intend to complete the definitive feasibility study at Copper World in
mid-2026 with final sanctioning decision expected in 2026.
Santo Domingo: On February 17, 2026, Capstone reported that they plan to
progress the financing strategy, detailed engineering and infrastructure
optimization opportunities at its Santo Domingo project towards a sanctioning
decision expected in the second half of 2026.
Corporate Development
Spring Valley: On November 6, 2025, the Company entered into a PMPA (the
"Spring Valley PMPA") with Waterton Gold Corp., a subsidiary of Waterton Gold
LP, in respect of gold production from the Spring Valley project located in
Nevada, USA ("Spring Valley"). Under the terms of the Spring Valley PMPA, the
Company is committed to pay Waterton Gold total upfront cash consideration of
$670 million in installments as various conditions are satisfied, with the
initial payment being paid on December 11, 2025. The Company has also provided
a cost overrun facility of up to $150 million, accessible during an
availability period commencing once the full upfront consideration has been
paid under the Spring Valley PMPA.
Hemlo: On November 26, 2025, the Company entered into a PMPA with Hemlo in
respect of gold production from the currently operating Hemlo mine located in
Ontario, Canada. Under the terms of the Hemlo PMPA, which will deliver
immediate production and cash flow to the Company, the Company paid Hemlo
total upfront cash consideration of $300 million.
As part of its financing commitment, on October 7, 2025 the Company invested
$30 million (Cdn$42 million) in Hemlo's equity offering.
Antamina: On February 16, 2026, the Company announced it had entered into a
definitive PMPA with BHP (the "BHP Antamina PMPA") for their 33.75% portion of
the silver produced at the Antamina Mine located in Peru. 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
Antamina silver stream.
Under the terms of the BHP Antamina PMPA, the Company will pay BHP total
upfront cash consideration of $4.3 billion on closing, subject to certain
customary conditions. Additionally, the Company will make ongoing payments for
the silver ounces delivered equal to 20% of the spot price of silver. The BHP
Antamina PMPA is effective April 1, 2026, from which time the Company will
purchase BHP's 33.75% of the payable silver until a total of 100 million
ounces has been delivered, at which point the Company 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%.
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 billion, including the $1.2 billion
cash on hand at December 31, 2025 in addition to $323 million realized on the
disposal of Long-Term Equity Investments. The remaining balance will be funded
through an approximate $0.9 billion draw on the Company's Revolving Facility,
in addition to a new $1.5 billion non-revolving term loan credit facility
("Term Loan") which carries a two-year maturity and aligns with the terms of
the Company's existing Revolving Facility.
The Term Loan and the RCF provide flexible, non‑dilutive financing that may
be repaid at any time without penalty. The remaining liquidity available from
the RCF, in addition to continued strong cash flows, provides healthy balance
sheet capacity. Net debt at closing of the BHP Antamina PMPA acquisition is
currently expected to be approximately $2.4 billion, assuming estimated
approximate incremental cash flows. With the liquidity provided by the
remaining available credit under the $2 billion Revolving Facility coupled
with the $500 million accordion and ongoing operating cash flows, the Company
remains well positioned to fund all outstanding commitments, as well as
providing flexibility to acquire additional accretive mineral stream
interests.
Reserves and Resources (at December 31, 2025)
Proven and Probable Mineral Reserves attributable to Wheaton were 15.1 million
ounces of gold compared with 15.4 million ounces as reported in Wheaton's 2024
Annual Information Form ("AIF"), a decrease of 2%; 556.1 million ounces of
silver compared with 469.2 million ounces, an increase of 19%; 0.83 million
ounces palladium, unchanged; 0.52 million ounces of platinum, unchanged; and
27.8 million pounds of cobalt compared to 30.6 million pounds, a decrease of
6%. On a GEO(8) basis, total Proven and Probable Mineral Reserves for all
metals attributable to Wheaton were 25.0 million ounces compared to 23.8
million ounces, an increase of 5%.
Measured and Indicated Mineral Resources attributable to Wheaton were 7.1
million ounces of gold compared with 6.8 million ounces as reported in
Wheaton's 2024 AIF, an increase of 4%; 645.5 million ounces of silver compared
with 704.6 million ounces, a decrease of 8%; 0.14 million ounces of palladium
compared with 0.13 million ounces, an increase of 6%; 0.09 million ounces of
platinum, unchanged; and 9.2 million pounds of cobalt compared to 1.2 million
pounds of cobalt, an increase of 700%. On a GEO(8) basis, total Measured and
Indicated Mineral Resources for all metals attributable to Wheaton were 18.0
million ounces compared with 18.7 million ounces, a decrease of 4%.
Inferred Mineral Resources attributable to Wheaton were 4.6 million ounces of
gold compared with 4.9 million ounces as reported in Wheaton's 2024 AIF, a
decrease of 8%; 449.5 million ounces of silver compared with 330.1 million
ounces, an increase of 36%, 0.34 million ounces of palladium, unchanged; 0.04
million ounces of platinum, unchanged; and 5.3 million pounds of cobalt
compared with 7.4 million pounds, a decrease of 28%. On a GEO(8) basis, total
Inferred Mineral Resources for all metals attributable to Wheaton were 12.2
million ounces compared with 10.6 million ounces, an increase of 15%.
Estimated attributable reserves and resources contained in this press release
are based on information available to the Company as of March 5, 2026, and
therefore will not reflect updates, if any, after that date. Updated reserves
and resources data incorporating year-end 2025 estimates will also be included
in the Company's 2025 Annual Information Form. Wheaton's most current
attributable reserves and resources, as of December 31, 2025, with
attributable footnotes, can be found on the Company's website
at www.wheatonpm.com
(https://c212.net/c/link/?t=0&l=en&o=4381913-1&h=2517401167&u=https%3A%2F%2Fwww.wheatonpm.com%2F&a=www.wheatonpm.com)
.
Sustainability
Future of Mining Challenge
Subsequent to the quarter, Wheaton announced Cetos Water as the winner of the
Future of Mining Challenge. Cetos Water has been awarded $1 million for its
unique technology that turns wastewater from mining activities into clean,
reusable water.
Corporate Knights Global 100
Subsequent to the quarter, Wheaton was named once again to Corporate Knights'
2026 Global 100 Most Sustainable Corporations list, marking its third
consecutive year of recognition for leadership in sustainable value creation.
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 2025, Wheaton contributed approximately $9.4 million to over 150
charitable causes and initiatives globally.
· During the fourth quarter, construction of new student residences
at the Colegio Nacional de Educación Profesional Técnica (CONALEP) was
completed. An opening ceremony, held in partnership with Newmont, marked the
milestone and welcomed students into their new accommodations. CONALEP is
Mexico's national public technical high‑school system providing
competency‑based education and workforce training aligned with industry
needs.
· During the fourth quarter, Wheaton was the lead sponsor for the
Nature Trust of British Columbia Gala and Special Olympics BC's Sports
Celebrities Festival.
Subsequent Events
Chief Executive Officer Transition
On February 5, 2026, Wheaton announced that as part of the Company's strategic
succession planning, Haytham Hodaly, currently President, will succeed Randy
Smallwood as Wheaton's Chief Executive Officer, effective March 31, 2026,
reflecting an ongoing leadership evolution to support the next phase in the
Company's growth trajectory.
Declaration of Dividend
The Company has increased its quarterly dividend under its dividend policy,
setting it at $0.195 per common share for 2026. This represents an 18%
increase over the quarterly dividend paid in 2025 and represents the third
consecutive year that the dividend has been increased, highlighting the
Company's commitment to a progressive dividend. The declaration, timing,
amount and payment of future dividends remain at the discretion of the Board
of Directors.
2026 Production Outlook
For 2026, Wheaton provides annual production guidance of 860,000 to 940,000
GEOs(8). This expected year-over-year growth is driven primarily by the
additional stream at Antamina which is expected to add another 70,000 GEOs(8)
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 and 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(8)
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(8) 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, Navidad and Toroparu.
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.
In accordance with Wheaton Precious Metals™ Corp.'s ("Wheaton Precious
Metals", "Wheaton" or the "Company") MD&A and Financial Statements,
reference to the Company and Wheaton includes the Company's wholly owned
subsidiaries.
Webcast and Conference Call Details
A conference call will be held on Friday, March 13, 2026, starting at 11:00 am
ET (8:00 am PT) 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#
Live
webcast:
Webcast (https://app.webinar.net/qE03g19gxJ2) Link
(https://app.webinar.net/qE03g19gxJ2)
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
webcast:
Webcast (https://app.webinar.net/qE03g19gxJ2) Link
(https://app.webinar.net/qE03g19gxJ2)
This earnings release should be read in conjunction with Wheaton Precious
Metals' MD&A and Financial Statements, which are available on the
Company's website at www.wheatonpm.com and have been posted on SEDAR+ at
www.sedarplus.ca.
Wheaton Precious Metals believes that there are no significant differences
between its corporate governance practices and those required to be followed
by United States domestic issuers under the NYSE listing standards. This
confirmation is located on the Wheaton Precious Metals website at
http://www.wheatonpm.com.
For further information:
Investor Contact
Emma Murray
Vice President, Investor Relations
Tel: 1-844-288-9878
Email: info@wheatonpm.com
Media Contact
Simona Antolak
Vice President, Communications & Corporate Affairs
Tel: 1-604-639-9870
Email: media@wheatonpm.com
Consolidated Statements of Earnings
Years Ended December 31
(US dollars and shares in thousands, except per share amounts) 2025 2024
Sales $ 2,314,600 $ 1,284,639
Cost of sales
Cost of sales, excluding depletion $ 339,063 $ 235,108
Depletion 303,889 246,944
Total cost of sales $ 642,952 $ 482,052
Gross margin $ 1,671,648 $ 802,587
General and administrative 46,767 40,668
Share based compensation 32,504 23,268
Donations and community investments 10,736 8,958
Impairment of mineral stream interests - 108,861
Earnings from operations $ 1,581,641 $ 620,832
Gain on disposal of mineral stream interests 85,724 -
Other income (expense) 36,463 29,061
Earnings before finance costs and income taxes $ 1,703,828 $ 649,893
Finance costs 5,760 5,549
Earnings before income taxes $ 1,698,068 $ 644,344
Income tax expense 226,348 115,204
Net earnings $ 1,471,720 $ 529,140
Basic earnings per share $ 3.242 $ 1.167
Diluted earnings per share $ 3.237 $ 1.165
Weighted average number of shares outstanding
Basic 453,893 453,460
Diluted 454,685 454,119
Consolidated Balance Sheets
As at As at
December 31
December 31
(US dollars in thousands) 2025 2024
Assets
Current assets
Cash and cash equivalents $ 1,153,593 $ 818,166
Accounts receivable 46,723 6,217
Other 3,853 3,697
Total current assets $ 1,204,169 $ 828,080
Non-current assets
Mineral stream interests $ 7,397,149 $ 6,379,580
Early deposit mineral stream interests 47,094 47,094
Mineral royalty interests 40,421 40,421
Long-term equity investments 410,495 98,975
Property, plant and equipment 9,926 8,691
Other 16,527 21,616
Total non-current assets $ 7,921,612 $ 6,596,377
Total assets $ 9,125,781 $ 7,424,457
Liabilities
Current liabilities
Accounts payable and accrued liabilities $ 22,557 $ 13,553
Income taxes payable 109,951 2,127
Current portion of performance share units 21,604 13,562
Current portion of lease liabilities 575 262
Total current liabilities $ 154,687 $ 29,504
Non-current liabilities
Performance share units $ 13,215 $ 11,522
Lease liabilities 7,330 4,909
Income taxes payable - non-current 252,271 113,505
Deferred income taxes 1,794 349
Pension liability 5,976 5,289
Total non-current liabilities $ 280,586 $ 135,574
Total liabilities $ 435,273 $ 165,078
Shareholders' equity
Issued capital $ 3,814,910 $ 3,798,108
Reserves 176,911 (63,503)
Retained earnings 4,698,687 3,524,774
Total shareholders' equity $ 8,690,508 $ 7,259,379
Total liabilities and shareholders' equity $ 9,125,781 $ 7,424,457
Consolidated Statements of Cash Flows
Years Ended December 31
(US dollars in thousands) 2025 2024
Operating activities
Net earnings $ 1,471,720 $ 529,140
Adjustments for
Depreciation and depletion 305,167 248,303
Gain on disposal of mineral stream interest (85,724) -
Impairment of mineral stream interests - 108,861
Equity settled share based compensation 6,475 6,703
Performance share units - expense 26,029 16,565
Performance share units - paid (17,209) (11,129)
Income tax expense 226,348 115,204
Investment income recognized in net earnings (37,780) (27,014)
Other 8,931 4,515
Change in non-cash working capital (30,410) 4,426
Cash generated from operations before income taxes and interest $ 1,873,547 $ 995,574
Income taxes refunded (paid) (3,645) 8,516
Interest paid (429) (287)
Interest received 35,508 23,778
Cash generated from operating activities $ 1,904,981 $ 1,027,581
Financing activities
Credit facility extension fees $ (955) $ (937)
Share purchase options exercised 7,271 13,192
Lease payments (505) (594)
Dividends paid (296,367) (279,050)
Cash used for financing activities $ (290,556) $ (267,389)
Investing activities
Mineral stream interests $ (1,341,369) $ (628,234)
Repayment of mineral stream interests deposit - 13,250
Mineral royalty interests - (26,981)
Net proceeds on disposal of mineral stream interests 101,730 -
Acquisition of long-term investments (39,873) (20,234)
Proceeds on disposal of long-term investments - 177,088
Investment in subscription rights - (3,114)
Dividends received 1,051 2,188
Other (682) (2,266)
Cash used for investing activities $ (1,279,143) $ (488,303)
Effect of exchange rate changes on cash and cash equivalents $ 145 $ (250)
Increase in cash and cash equivalents $ 335,427 $ 271,639
Cash and cash equivalents, beginning of year 818,166 546,527
Cash and cash equivalents, end of year $ 1,153,593 $ 818,166
Summary of Units Produced
Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Gold ounces produced ²
Salobo 88,907 66,997 69,418 71,384 84,291 62,689 63,225 61,622
Sudbury (3) 7,808 4,852 5,403 4,880 5,259 3,593 4,477 5,618
Constancia 15,396 12,797 4,604 4,876 18,727 10,760 6,269 14,316
San Dimas (4) 8,206 7,507 6,987 8,416 7,263 6,882 7,089 7,542
Stillwater (5) 1,518 1,717 1,654 1,339 2,166 2,247 2,099 2,637
Blackwater 5,479 4,879 4,050 1,017 - - - -
Other
Marmato 705 807 748 757 622 648 584 623
Goose 1,027 387 19 - - - - -
Hemlo 1,630 - - - - - - -
Total Other 3,362 1,194 767 757 622 648 584 623
Total gold ounces produced 130,676 99,943 92,883 92,669 118,328 86,819 83,743 92,358
Silver ounces produced (2)
Peñasquito 1,821 2,087 2,103 1,754 2,465 1,785 2,263 2,643
Antamina 1,600 1,672 1,482 1,047 1,071 931 1,013 806
Constancia 731 577 552 555 970 648 451 640
Blackwater 148 136 138 35 - - - -
Other
Los Filos (6) - - - 68 29 26 27 48
Zinkgruvan 513 688 684 585 637 537 699 641
Neves-Corvo 549 431 449 459 494 425 432 524
Aljustrel (7) 516 180 - - - - - -
Cozamin 170 169 174 174 192 185 177 173
Marmato 8 10 8 8 7 7 6 7
Mineral Park 8 - - - - - - -
Total Other 1,764 1,478 1,315 1,294 1,359 1,180 1,341 1,393
Total silver ounces produced 6,064 5,950 5,590 4,685 5,865 4,544 5,068 5,482
Palladium ounces produced ²
Stillwater (5) 2,519 2,650 2,435 2,661 2,797 4,034 4,338 4,463
Cobalt pounds produced ²
Voisey's Bay 670 604 647 540 393 397 259 240
GEOs produced (8) 205,037 172,697 161,630 150,500 189,059 142,787 145,151 158,490
Average payable rate (2)
Gold 95.0% 94.6% 95.2% 94.9% 95.3% 95.0% 95.0% 94.7%
Silver 86.9% 87.6% 87.7% 86.3% 84.6% 83.9% 84.4% 84.5%
Palladium 96.9% 96.7% 97.4% 96.4% 97.5% 98.4% 97.3% 97.8%
Cobalt 93.3% 93.3% 93.3% 93.3% 93.3% 93.3% 93.3% 93.3%
GEOs (9) 92.2% 91.8% 92.2% 91.8% 91.4% 91.0% 90.7% 90.6%
1) All figures in thousands except gold and palladium ounces produced.
2) Quantity produced represents the amount of gold, silver, palladium and
cobalt contained in concentrate or doré prior to smelting or refining
deductions. Production figures and payable rates are based on information
provided by the operators of the mining operations to which the mineral stream
interests relate or management estimates in those situations where other
information is not available. Certain production figures and payable rates may
be updated in future periods as additional information is received.
3) Comprised of the Coleman, Copper Cliff, Garson, Creighton, Stobie and
Totten gold interests.
4) Under the terms of the San Dimas PMPA, the Company is entitled to an
amount equal to 25% of the payable gold production plus an additional amount
of gold equal to 25% of the payable silver production converted to gold at a
fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the
average gold to silver price ratio decreases to less than 50:1 or increases to
more than 90:1 for a period of 6 months or more, then the "70" shall be
revised to "50" or "90", as the case may be, until such time as the average
gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or
more in which event the "70" shall be reinstated. From April 30, 2025 to
October 28, 2025, the fixed gold to silver exchange ratio was revised to 90:1.
Effective October 29, 2025, the fixed gold to silver exchange ratio was
returned to 70:1. For reference, attributable silver production from prior
periods is as follows: Q4 2025 - 329,000 ounces; Q3 2025 - 364,000 ounces; Q2
2025 - 311,000 ounces; Q1 2025 - 340,000 ounces; Q4 2024 - 295,000 ounces; Q3
2024 - 262,000 ounces; Q2 2024 - 285,000 ounces; Q1 2024 - 291,000 ounces.
5) Comprised of the Stillwater and East Boulder gold and palladium
interests. On September 12, 2024, Sibanye Stillwater ("Sibanye") announced
that as a result of low palladium prices it was placing the Stillwater West
operations into care and maintenance, while using Stillwater East and East
Boulder operations to improve efficiencies that could get Stillwater West back
to production as prices permit.
6) On April 1, 2025, Equinox Gold Corp., reported it has indefinitely
suspended operations at Los Filos following the expiry of its land access
agreement with the community of Carrizalillo on March 31, 2025.
7) On September 12, 2023, it was announced that the production of the zinc
and lead concentrates at the Aljustrel mine will be halted from September 24,
2023 until the third quarter of 2025.
8) GEOs, which are provided to assist the reader, are based on the
following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce
silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with
those used in estimating the Company's production guidance for
2025.
Summary of Units Sold
Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Gold ounces sold
Salobo 83,697 55,768 76,331 83,809 55,170 58,101 54,962 56,841
Sudbury (2) 3,715 4,729 2,849 5,632 4,048 2,495 5,679 4,129
Constancia 17,029 2,708 6,827 9,788 17,873 5,186 6,640 20,123
San Dimas 8,686 6,655 7,235 8,962 6,990 7,022 6,801 7,933
Stillwater (3) 1,790 1,465 1,386 1,947 2,410 1,635 2,628 2,355
Blackwater 5,225 6,463 3,291 110 - - - -
Other
Marmato 809 749 742 737 650 550 616 638
Goose 528 95 - - - - - -
Santo Domingo (4) 312 312 312 312 312 447 - -
El Domo (4) - - - - 209 258 - -
Total Other 1,649 1,156 1,054 1,049 1,171 1,255 616 638
Total gold ounces sold 121,791 78,944 98,973 111,297 87,662 75,694 77,326 92,019
Silver ounces sold
Peñasquito 1,878 1,609 2,112 1,976 1,852 1,667 1,482 1,839
Antamina 1,893 1,552 1,073 884 858 989 917 762
Constancia 613 275 625 730 797 366 422 726
Blackwater 137 137 143 - - - - -
Other
Los Filos - 3 8 57 29 26 24 44
Zinkgruvan 358 708 520 446 452 488 597 297
Neves-Corvo 245 212 224 218 154 185 216 243
Aljustrel 382 122 - - - - - 1
Cozamin 169 133 154 164 158 148 158 147
Marmato 10 9 9 8 7 6 7 8
Total Other 1,164 1,187 915 893 800 853 1,002 740
Total silver ounces sold 5,685 4,760 4,868 4,483 4,307 3,875 3,823 4,067
Palladium ounces sold
Stillwater (3) 1,730 2,594 2,575 2,457 4,434 3,761 4,301 4,774
Cobalt pounds sold
Voisey's Bay 485 529 353 265 485 88 88 309
GEOs sold (5) 190,535 137,563 157,916 165,297 141,495 122,242 123,462 142,294
Cumulative payable units PBND (6)
Gold ounces 108,890 106,222 90,284 100,512 123,511 97,929 90,406 88,145
Silver ounces 3,227 3,629 3,178 3,145 3,583 2,931 2,993 2,539
Palladium ounces 5,169 4,424 4,414 4,596 4,439 6,186 6,018 6,198
Cobalt pounds 1,341 1,202 1,168 917 678 796 513 360
GEOs (5) 154,981 155,949 134,630 143,238 169,994 138,141 129,808 121,574
1) All figures in thousands except gold and palladium ounces sold.
2) Comprised of the Coleman, Copper Cliff, Garson, Creighton, Stobie and
Totten gold interests.
3) Comprised of the Stillwater and East Boulder gold and palladium
interests.
4) The ounces sold under Santo Domingo and El Domo relate to ounces
received due to the delay ounce provision as per the respective PMPA. Please
see the Company's MD&A for more information.
5) GEOs, which are provided to assist the reader, are based on the
following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce
silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with
those used in estimating the Company's production guidance for 2025.
6) Payable gold, silver and palladium ounces as well as cobalt pounds
produced but not yet delivered ("PBND") are based on management estimates.
These figures may be updated in future periods as additional information is
received.
Results of Operations
The operating results of the Company's reportable operating segments are
summarized in the tables and commentary below.
Three Months Ended December 31, 2025
Units Units Average Average Average Sales Net Cash Flow Total
Produced²
Sold
Realized
Cash Cost
Depletion
Earnings
From
Assets
Price
($'s Per
($'s Per
Operations
($'s
Unit) (3)
Unit) (4)
Per Unit)
Gold
Salobo 88,907 83,697 $ 4,214 $ 429 $ 404 $ 352,713 $ 282,995 $ 316,820 $ 2,620,710
Sudbury (5) 7,808 3,715 4,234 400 1,399 15,726 9,044 22,894 218,494
Constancia 15,396 17,029 4,214 429 338 71,764 58,699 64,461 52,284
San Dimas 8,206 8,686 4,214 643 428 36,603 27,296 31,015 125,218
Stillwater 1,518 1,790 4,214 727 570 7,544 5,222 6,243 204,202
Blackwater 5,479 5,225 4,234 1,485 606 22,123 11,197 28,991 331,048
Platreef - - n.a. n.a. n.a. - - - 275,702
Other (6) 3,362 1,649 4,184 598 1,406 6,901 3,596 5,915 1,457,132
130,676 121,791 $ 4,215 $ 495 $ 452 $ 513,374 $ 398,049 $ 476,339 $ 5,284,790
Silver
Peñasquito 1,821 1,878 $ 55.20 $ 4.56 $ 5.09 $ 103,647 $ 85,530 $ 95,086 $ 206,866
Antamina 1,600 1,893 55.20 11.15 4.39 104,502 75,072 83,387 459,083
Constancia 731 613 55.20 6.32 6.43 33,836 26,024 29,963 151,403
Blackwater 148 137 61.49 10.88 7.52 8,446 5,918 9,013 167,502
Other (7) 1,764 1,164 74.54 13.59 3.78 86,766 66,542 45,642 556,887
6,064 5,685 $ 59.32 $ 8.95 $ 4.79 $ 337,197 $ 259,086 $ 263,091 $ 1,541,741
Palladium
Stillwater 2,519 1,730 $ 1,479 $ 244 $ 492 $ 2,558 $ 1,285 $ 2,136 $ 208,892
Platreef - - n.a. n.a. n.a. - - - 78,814
2,519 1,730 $ 1,479 $ 244 $ 492 $ 2,558 $ 1,285 $ 2,136 $ 287,706
Platinum
Marathon - - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 9,451
Platreef - - n.a. n.a. n.a. - - - 57,584
- - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 67,035
Cobalt
Voisey's Bay 670 485 $ 23.89 $ 4.33 $ 9.02 $ 11,585 $ 5,110 $ 7,664 $ 215,877
Operating results $ 864,714 $ 663,530 $ 749,230 $ 7,397,149
Other
General and administrative $ (11,796) $ (7,631)
Share based compensation (1,709) -
Donations and community investments (4,269) (3,980)
Finance costs (1,451) (1,114)
Other 6,373 9,813
Income tax (92,428) (41)
Total other $ (105,280) $ (2,953) $ 1,728,632
$ 558,250 $ 746,277 $ 9,125,781
1) Units of gold, silver and palladium produced and sold are reported in
ounces, while cobalt is reported in pounds. All figures in thousands except
gold and palladium ounces produced and sold and per unit amounts.
2) Quantity produced represents the amount of gold, silver, palladium and
cobalt contained in concentrate or doré prior to smelting or refining
deductions. Production figures are based on information provided by the
operators of the mining operations to which the mineral stream interests
relate or management estimates in those situations where other information is
not available. Certain production figures may be updated in future periods as
additional information is received.
3) Refer to discussion on non-GAAP measure (iii) at the end of this press
release.
4) Includes the non-cash per ounce cost of sale associated with delay
ounces. Please see the Company's MD&A for more information.
5) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton,
Stobie and Totten gold interests and the non-operating Victor gold interest.
6) Other gold interests comprised of the operating Marmato, Goose and
Hemlo gold interests as well as the non-operating Copper World, Santo Domingo,
Fenix, El Domo, Marathon, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné and
Kurmuk, Spring Valley gold interests. Other includes ounces sold that were
received under the delay ounce provision of the Santo Domingo PMPA. Please see
the Company's MD&A for more information.
7) Other silver interests comprised of the operating Los Filos,
Zinkgruvan, Neves-Corvo, Aljustrel, Marmato and Cozamin silver interests as
well as the non-operating Stratoni, El Alto (previously referred to as
Pascua-Lama), Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah
silver interests.
Three Months Ended December 31, 2024
Units Produced² Units Average Average Average Sales Impairment Charges Net Cash Flow Total
Sold
Realized
Cash Cost
Depletion
Earnings
From
Assets
Price
($'s Per
($'s Per
Operations
($'s
Unit) (3)
Unit) (4)
Per Unit)
Gold
Salobo 84,291 55,170 $ 2,676 $ 425 $ 378 $ 147,610 $ - $ 103,323 $ 121,254 $ 2,595,485
Sudbury (5) 5,259 4,048 2,709 400 1,326 10,968 - 3,982 9,853 241,551
Constancia 18,727 17,873 2,676 425 323 47,821 - 34,463 40,232 64,326
San Dimas 7,263 6,990 2,676 637 290 18,704 - 12,226 14,251 136,481
Stillwater 2,166 2,410 2,676 481 421 6,448 - 4,275 5,289 207,460
Blackwater - - n.a. n.a. n.a. - - - - 340,231
Platreef - - n.a. n.a. n.a. - - - - 275,702
Other (6) 622 1,171 2,681 265 1,485 3,139 - 1,089 2,828 365,383
118,328 87,662 $ 2,677 $ 440 $ 420 $ 234,690 $ - $ 159,358 $ 193,707 $ 4,226,619
Silver
Peñasquito 2,465 1,852 $ 31.48 $ 4.50 $ 4.86 $ 58,293 $ - $ 40,965 $ 49,960 $ 244,465
Antamina 1,071 858 31.48 6.28 8.46 27,009 - 14,360 21,619 490,771
Constancia 970 797 31.48 6.26 6.10 25,084 - 15,232 20,096 165,378
Blackwater - - n.a. n.a. n.a. - - - - 140,908
Other (7) 1,359 800 30.43 4.37 5.34 24,347 - 16,570 25,204 521,722
5,865 4,307 $ 31.28 $ 5.16 $ 5.90 $ 134,733 $ - $ 87,127 $ 116,879 $ 1,563,244
Palladium
Stillwater 2,797 4,434 $ 1,008 $ 184 $ 429 $ 4,468 $ - $ 1,749 $ 3,653 $ 213,179
Platreef - - n.a. n.a. n.a. - - - - 78,814
2,797 4,434 $ 1,008 $ 184 $ 429 $ 4,468 $ - $ 1,749 $ 3,653 $ 291,993
Platinum
Marathon - - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ - $ 9,451
Platreef - - n.a. n.a. n.a. - - - - 57,584
- - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ - $ 67,035
Cobalt
Voisey's Bay 393 485 $ 13.66 $ 2.59 $ 12.78 $ 6,625 $ (108,861) $ (109,688) $ 4,618 $ 230,689
Operating results $ 380,516 $ (108,861) $ 138,546 $ 318,857 $ 6,379,580
Other
General and administrative $ (10,475) $ (6,996)
Share based compensation (6,118) -
Donations and community investments (4,332) (3,913)
Finance costs (1,404) (1,046)
Other 9,138 6,787
Income tax (37,207) 5,782
Total other $ (50,398) $ 614 $ 1,044,877
$ 88,148 $ 319,471 $ 7,424,457
1) Units of gold, silver and palladium produced and sold are reported in
ounces, while cobalt is reported in pounds. All figures in thousands except
gold and palladium ounces produced and sold and per unit amounts.
2) Quantity produced represents the amount of gold, silver, palladium and
cobalt contained in concentrate or doré prior to smelting or refining
deductions. Production figures are based on information provided by the
operators of the mining operations to which the mineral stream interests
relate or management estimates in those situations where other information is
not available. Certain production figures may be updated in future periods as
additional information is received.
3) Refer to discussion on non-GAAP measure (iii) at the end of this press
release.
4) Includes the non-cash per ounce cost of sale associated with delay
ounces. Please see the Company's MD&A for more information.
5) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and
Totten gold interests as well as the non-operating Stobie and Victor gold
interests.
6) Other gold interests are comprised of the operating Marmato gold
interest as well as the non-operating Minto, Copper World, Santo Domingo,
Fenix, El Domo, Marathon, Goose, Cangrejos, Curraghinalt and Kudz Ze Kayah
gold interests. Other includes ounces sold that were received under the delay
ounce provision of the Santo Domingo and El Domo PMPAs (see footnote 3 on page
9 of this MD&A for more information).
7) Other silver interests comprised of the operating Los Filos,
Zinkgruvan, Neves-Corvo, Marmato and Cozamin silver interests as well as the
non-operating Stratoni, Aljustrel, Minto, El Alto (previously referred to as
Pascua-Lama), Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah
silver interests.
Comparative Results of Operations on a GEO Basis
Q4 2025 Q4 2024 Change Change
GEO Production (1, 2) 205,037 189,059 15,978 8.5 %
GEO Sales (2) 190,535 141,495 49,040 34.7 %
Average price per GEO sold (2) $ 4,538 $ 2,689 $ 1,849 68.8 %
Revenue $ 864,714 $ 380,516 $ 484,198 127.2 %
Cost of sales, excluding depletion $ 114,956 $ 64,236 $ (50,720) (79.0)%
Depletion 86,228 68,873 (17,355) (25.2)%
Cost of sales $ 201,184 $ 133,109 $ (68,075) (51.1)%
Gross margin $ 663,530 $ 247,407 $ 416,123 168.2 %
General and administrative 11,796 10,475 (1,321) (12.6)%
Share based compensation 1,709 6,118 4,409 72.1 %
Donations and community investments 4,269 4,332 63 1.5 %
Impairment of mineral stream interests - 108,861 108,861 100.0 %
Earnings from operations $ 645,756 $ 117,621 $ 528,135 449.0 %
Other income (expense) 6,373 9,138 (2,765) (30.3)%
Earnings before finance costs and income taxes $ 652,129 $ 126,759 $ 525,370 414.5 %
Finance costs 1,451 1,404 (47) (3.3)%
Earnings before income taxes $ 650,678 $ 125,355 $ 525,323 419.1 %
Income tax expense 92,428 37,207 (55,221) (148.4)%
Net earnings $ 558,250 $ 88,148 $ 470,102 533.3 %
1) Quantity produced represents the amount of gold, silver, palladium and
cobalt contained in concentrate or doré prior to smelting or refining
deductions. Production figures are based on information provided by the
operators of the mining operations to which the mineral stream interests
relate or management estimates in those situations where other information is
not available. Certain production figures may be updated in future periods as
additional information is received.
2) GEOs, which are provided to assist the reader, are based on the
following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce
silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with
those used in estimating the Company's production guidance for 2025.
Year Ended December 31, 2025
Units Produced² Units Average Average Average Sales Gain on Disposal (5) Net Cash Flow Total
Sold
Realized
Cash Cost
Depletion
Earnings
From
Assets
Price
($'s Per
($'s Per
Operations
($'s
Unit) (3)
Unit) (4)
Per Unit)
Gold
Salobo 296,706 299,605 $ 3,471 $ 429 $ 396 $ 1,039,878 $ - $ 792,618 $ 911,393 $ 2,620,710
Sudbury (6) 22,943 16,925 3,444 400 1,362 58,290 - 28,463 51,506 218,494
Constancia 37,673 36,352 3,629 427 331 131,904 - 104,347 116,389 52,284
San Dimas 31,116 31,538 3,469 641 357 109,411 - 77,939 89,202 125,218
Stillwater 6,228 6,588 3,463 605 495 22,811 - 15,567 18,825 204,202
Blackwater 15,425 15,089 3,748 1,307 609 56,549 - 27,651 40,543 331,048
Platreef - - n.a. n.a. n.a. - - - - 275,702
Other (7) 6,080 4,908 3,540 473 1,335 17,375 85,724 94,227 15,054 1,457,132
416,171 411,005 $ 3,494 $ 479 $ 448 $ 1,436,218 $ 85,724 $ 1,140,812 $ 1,242,912 $ 5,284,790
Silver
Peñasquito 7,765 7,575 $ 39.82 $ 4.56 $ 4.96 $ 301,590 $ - $ 229,453 $ 267,052 $ 206,866
Antamina 5,801 5,402 42.59 8.65 5.87 230,098 - 151,672 183,359 459,083
Constancia 2,415 2,243 39.76 6.28 6.23 89,156 - 61,095 75,070 151,403
Blackwater 457 417 46.50 8.27 8.27 19,378 - 12,486 16,561 167,502
Other (8) 5,851 4,159 47.21 7.55 4.36 196,449 - 146,898 130,717 556,887
22,289 19,796 $ 42.26 $ 6.58 $ 5.30 $ 836,671 $ - $ 601,604 $ 672,759 $ 1,541,741
Palladium
Stillwater 10,265 9,356 $ 1,126 $ 195 $ 458 $ 10,536 $ - $ 4,422 $ 8,709 $ 208,892
Platreef - - n.a. n.a. n.a. - - - - 78,814
10,265 9,356 $ 1,126 $ 195 $ 458 $ 10,536 $ - $ 4,422 $ 8,709 $ 287,706
Platinum
Marathon - - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ - $ 9,451
Platreef - - n.a. n.a. n.a. - - - - 57,584
- - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ - $ 67,035
Cobalt
Voisey's Bay 2,460 1,632 $ 19.11 $ 3.57 $ 9.08 $ 31,175 $ - $ 10,534 $ 23,079 $ 215,877
Operating results $ 2,314,600 $ 85,724 $ 1,757,372 $ 1,947,459 $ 7,397,149
Other
General and administrative $ (46,767) $ (44,227)
Share based compensation (32,504) (17,209)
Donations and community investments (10,736) (10,396)
Finance costs (5,760) (4,444)
Other 36,463 37,443
Income tax (226,348) (3,645)
Total other $ (285,652) $ (42,478) $ 1,728,632
$ 1,471,720 $ 1,904,981 $ 9,125,781
1) Units of gold, silver and palladium produced and sold are reported in
ounces, while cobalt is reported in pounds. All figures in thousands except
gold and palladium ounces produced and sold and per unit amounts.
2) Quantity produced represents the amount of gold, silver, palladium and
cobalt contained in concentrate or doré prior to smelting or refining
deductions. Production figures are based on information provided by the
operators of the mining operations to which the mineral stream interests
relate or management estimates in those situations where other information is
not available. Certain production figures may be updated in future periods as
additional information is received.
3) Refer to discussion on non-GAAP measure (iii) at the end of this press
release.
4) Includes the non-cash per ounce cost of sale associated with delay
ounces. Please see the Company's MD&A for more information.
5) The gain on disposal of Other gold interests relates to the gain on the
buyback of 33% of the Cangrejos PMPA.
6) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton,
Stobie and Totten gold interests and the non-operating Victor gold interest.
7) Other gold interests comprised of the operating Marmato, Goose and
Hemlo gold interests as well as the non-operating Copper World, Santo Domingo,
Fenix, El Domo, Marathon, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné and
Kurmuk, Spring Valley gold interests. Other includes ounces sold that were
received under the delay ounce provision of the Santo Domingo PMPA. Please see
the Company's MD&A for more information.
8) Other silver interests comprised of the operating Los Filos,
Zinkgruvan, Neves-Corvo, Aljustrel, Marmato and Cozamin silver interests as
well as the non-operating Stratoni, El Alto (previously referred to as
Pascua-Lama), Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah
silver interests.
Year Ended December 31, 2024
Units Produced² Units Average Average Average Sales Impairment Charges Net Cash Flow Total
Sold
Realized
Cash Cost
Depletion
Earnings
From
Assets
Price
($'s Per
($'s Per
Operations
($'s
Unit) (3)
Unit) (4)
Per Unit)
Gold
Salobo 271,827 225,074 $ 2,397 $ 425 $ 382 $ 539,583 $ - $ 358,081 $ 444,015 $ 2,595,485
Sudbury (5) 18,947 16,351 2,391 400 1,280 39,098 - 11,623 32,571 241,551
Constancia 50,072 49,822 2,370 422 320 118,096 - 81,126 97,066 64,326
San Dimas 28,776 28,746 2,388 635 287 68,654 - 42,166 50,407 136,481
Stillwater 9,149 9,028 2,392 425 444 21,592 - 13,743 17,752 207,460
Blackwater - - n.a. n.a. n.a. - - - - 340,231
Platreef - - n.a. n.a. n.a. - - - - 275,702
Other (6) 2,477 3,680 2,453 284 1,192 9,028 - 3,596 7,982 365,383
381,248 332,701 $ 2,393 $ 440 $ 419 $ 796,051 $ - $ 510,335 $ 649,793 $ 4,226,619
Silver
Peñasquito 9,156 6,840 $ 28.34 $ 4.50 $ 4.64 $ 193,871 $ - $ 131,325 $ 163,092 $ 244,465
Antamina 3,821 3,526 28.56 5.74 8.16 100,719 - 51,738 80,497 490,771
Constancia 2,709 2,311 28.25 6.23 6.15 65,264 - 36,676 50,881 165,378
Blackwater - - n.a. n.a. n.a. - - - - 140,908
Other (7) 5,273 3,395 28.85 4.31 4.71 97,976 - 67,356 85,230 521,722
20,959 16,072 $ 28.49 $ 4.98 $ 5.64 $ 457,830 $ - $ 287,095 $ 379,700 $ 1,563,244
Palladium
Stillwater 15,632 17,270 $ 984 $ 179 $ 434 $ 16,999 $ - $ 6,423 $ 13,911 $ 213,179
Platreef - - n.a. n.a. n.a. - - - - 78,814
15,632 17,270 $ 984 $ 179 $ 434 $ 16,999 $ - $ 6,423 $ 13,911 $ 291,993
Platinum
Marathon - - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ - $ 9,451
Platreef - - n.a. n.a. n.a. - - - - 57,584
- - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ - $ 67,035
Cobalt
Voisey's Bay 1,289 970 $ 14.18 $ 2.71 $ 12.78 $ 13,759 $ (108,861) $ (110,127) $ 14,025 $ 230,689
Operating results $ 1,284,639 $ (108,861) $ 693,726 $ 1,057,429 $ 6,379,580
Other
General and administrative $ (40,668) $ (38,130)
Share based compensation (23,268) (11,129)
Donations and community investments (8,958) (8,098)
Finance costs (5,549) (4,280)
Other 29,061 23,273
Income tax (115,204) 8,516
Total other $ (164,586) $ (29,848) $ 1,044,877
$ 529,140 $ 1,027,581 $ 7,424,457
1) Units of gold, silver and palladium produced and sold are reported in
ounces, while cobalt is reported in pounds. All figures in thousands except
gold and palladium ounces produced and sold and per unit amounts.
2) Quantity produced represents the amount of gold, silver, palladium and
cobalt contained in concentrate or doré prior to smelting or refining
deductions. Production figures are based on information provided by the
operators of the mining operations to which the mineral stream interests
relate or management estimates in those situations where other information is
not available. Certain production figures may be updated in future periods as
additional information is received.
3) Refer to discussion on non-GAAP measure (iii) at the end of this press
release.
4) Includes the non-cash per ounce cost of sale associated with delay
ounces. Please see the Company's MD&A for more information.
5) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and
Totten gold interests as well as the non-operating Stobie and Victor gold
interests.
6) Other gold interests are comprised of the operating Marmato gold
interest as well as the non-operating Minto, Copper World, Santo Domingo,
Fenix, El Domo, Marathon, Goose, Cangrejos, Curraghinalt and Kudz Ze Kayah
gold interests. Other includes ounces sold that were received under the delay
ounce provision of the Santo Domingo and El Domo PMPAs (see footnote 3 on page
9 of this MD&A for more information).
7) Other silver interests comprised of the operating Los Filos,
Zinkgruvan, Neves-Corvo, Marmato and Cozamin silver interests as well as the
non-operating Stratoni, Aljustrel, Minto, El Alto (previously referred to as
Pascua-Lama), Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah
silver interests.
Comparative Results of Operations on a GEO Basis
2025 2024 Change Change
GEO Production (1, 2) 689,864 635,488 54,377 8.6 %
GEO Sales (2) 651,311 529,493 121,818 23.0 %
Average price per GEO sold (2) $ 3,554 $ 2,426 $ 1,128 46.5 %
Revenue $ 2,314,600 $ 1,284,639 $ 1,029,961 80.2 %
Cost of sales, excluding depletion $ 339,063 $ 235,108 $ (103,955) (44.2)%
Depletion 303,889 246,944 (56,945) (23.1)%
Cost of sales $ 642,952 $ 482,052 $ (160,900) (33.4)%
Gross margin $ 1,671,648 $ 802,587 $ 869,061 108.3 %
General and administrative 46,767 40,668 (6,099) (15.0)%
Share based compensation 32,504 23,268 (9,236) (39.7)%
Donations and community investments 10,736 8,958 (1,778) (19.8)%
Impairment of mineral stream interests - 108,861 108,861 100.0 %
Earnings from operations $ 1,581,641 $ 620,832 $ 960,809 154.8 %
Gain on disposal of mineral stream interests 85,724 - 85,724 n.a.
Other income (expense) 36,463 29,061 7,402 25.5 %
Earnings before finance costs and income taxes $ 1,703,828 $ 649,893 $ 1,053,935 162.2 %
Finance costs 5,760 5,549 (211) (3.8)%
Earnings before income taxes $ 1,698,068 $ 644,344 $ 1,053,724 163.5 %
Income tax expense 226,348 115,204 (111,144) (96.5)%
Net earnings $ 1,471,720 $ 529,140 $ 942,580 178.1 %
1) Quantity produced represents the amount of gold, silver, palladium and
cobalt contained in concentrate or doré prior to smelting or refining
deductions. Production figures are based on information provided by the
operators of the mining operations to which the mineral stream interests
relate or management estimates in those situations where other information is
not available. Certain production figures may be updated in future periods as
additional information is received.
2) GEOs, which are provided to assist the reader, are based on the
following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce
silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with
those used in estimating the Company's production guidance for 2025.
Non-GAAP Measures
Wheaton has included, throughout this document, certain non-GAAP performance
measures, including (i) adjusted net earnings and adjusted net earnings per
share; (ii) operating cash flow per share (basic and diluted); (iii) average
cash costs of gold, silver and palladium on a per ounce basis and cobalt on a
per pound basis; and (iv) cash operating margin.
i. Adjusted net earnings and adjusted net earnings per share are calculated
by removing the effects of non-cash impairment charges (reversals) (if any),
non-cash fair value (gains) losses and other one-time (income) expenses as
well as the reversal of non-cash income tax expense (recovery) which is offset
by income tax expense (recovery) recognized in the Statements of Shareholders'
Equity and OCI, respectively. The Company believes that, in addition to
conventional measures prepared in accordance with IFRS Accounting Standards,
management and certain investors use this information to evaluate the
Company's performance.
The following table provides a reconciliation of adjusted net earnings and
adjusted net earnings per share (basic and diluted).
Three Months Ended Years Ended
December 31
December 31
(in thousands, except for per share amounts) 2025 2024 2025 2024
Net earnings $ 558,250 $ 88,148 $ 1,471,720 $ 529,140
Add back (deduct):
Impairment charge (reversal) - 108,861 - 108,861
Gain on disposal of Mineral Stream Interest - - (85,724) -
Income tax expense related to disposal of Mineral Stream Interest - - 12,859 -
(Gain) loss on fair value adjustment of share purchase warrants held (1,283) 910 (5,805) 8
Income tax (expense) recovery recognized in the Statement of Shareholders' - - (1,152) -
Equity
Deferred income tax (expense) recovery recognized in the Statement of OCI (1,799) 1,225 (18,286) 2,857
Other (189) (175) (750) (696)
Adjusted net earnings $ 554,979 $ 198,969 $ 1,372,862 $ 640,170
Divided by:
Basic weighted average number of shares outstanding 454,020 453,669 453,893 453,460
Diluted weighted average number of shares outstanding 454,841 454,361 454,685 454,119
Equals:
Adjusted earnings per share - basic $ 1.222 $ 0.439 $ 3.025 $ 1.412
Adjusted earnings per share - diluted $ 1.220 $ 0.438 $ 3.019 $ 1.410
ii. Operating cash flow per share (basic and diluted) is calculated by
dividing cash generated by operating activities by the weighted average number
of shares outstanding (basic and diluted). The Company presents operating cash
flow per share as management and certain investors use this information to
evaluate the Company's performance in comparison to other companies in the
precious metal mining industry who present results on a similar basis.
The following table provides a reconciliation of operating cash flow per share
(basic and diluted).
Three Months Ended Years Ended
December 31
December 31
(in thousands, except for per share amounts) 2025 2024 2025 2024
Cash generated by operating activities $ 746,277 $ 319,471 $ 1,904,981 $ 1,027,581
Divided by:
Basic weighted average number of shares outstanding 454,020 453,669 453,893 453,460
Diluted weighted average number of shares outstanding 454,841 454,361 454,685 454,119
Equals:
Operating cash flow per share - basic $ 1.644 $ 0.704 $ 4.197 $ 2.266
Operating cash flow per share - diluted $ 1.641 $ 0.703 $ 4.190 $ 2.263
iii. Average cash cost of gold, silver and palladium on a per ounce basis
and cobalt on a per pound basis is calculated by dividing the total cost of
sales, less depletion and cost of sales related to delay ounces, by the ounces
or pounds sold. In the precious metal mining industry, this is a common
performance measure but does not have any standardized meaning prescribed by
IFRS Accounting Standards. In addition to conventional measures prepared in
accordance with IFRS Accounting Standards, management and certain investors
use this information to evaluate the Company's performance and ability to
generate cash flow.
The following table provides a calculation of average cash cost of gold,
silver and palladium on a per ounce basis and cobalt on a per pound basis.
Three Months Ended Years Ended
December 31
December 31
(in thousands, except for gold and palladium ounces sold and per unit amounts) 2025 2024 2025 2024
Cost of sales $ 201,184 $ 133,109 $ 642,952 $ 482,052
Less: depletion (86,228) (68,873) (303,889) (246,944)
Less: cost of sales related to delay ounces (1) (1,253) (1,396) (4,196) (3,095)
Cash cost of sales $ 113,703 $ 62,840 $ 334,867 $ 232,013
Cash cost of sales is comprised of:
Total cash cost of gold sold $ 60,314 $ 38,556 $ 197,001 $ 146,271
Total cash cost of silver sold 50,865 22,213 130,210 80,022
Total cash cost of palladium sold 422 816 1,827 3,088
Total cash cost of cobalt sold (2) 2,102 1,255 5,829 2,632
Total cash cost of sales $ 113,703 $ 62,840 $ 334,867 $ 232,013
Divided by:
Total gold ounces sold 121,791 87,662 411,005 332,701
Total silver ounces sold 5,685 4,307 19,796 16,072
Total palladium ounces sold 1,730 4,434 9,356 17,270
Total cobalt pounds sold 485 485 1,632 970
Equals:
Average cash cost of gold (per ounce) $ 495 $ 440 $ 479 $ 440
Average cash cost of silver (per ounce) $ 8.95 $ 5.16 $ 6.58 $ 4.98
Average cash cost of palladium (per ounce) $ 244 $ 184 $ 195 $ 179
Average cash cost of cobalt (per pound) $ 4.33 $ 2.59 $ 3.57 $ 2.71
1) The cost of sales related to delay ounces is a non-cash expense. Please
see the Company's MD&A for more information.
iv. Cash operating margin is calculated by adding back depletion and the
cost of sales related to delay ounces to the gross margin. Cash operating
margin on a per ounce or per pound basis is calculated by dividing the cash
operating margin by the number of ounces or pounds sold during the period. The
Company presents cash operating margin as management and certain investors use
this information to evaluate the Company's performance in comparison to other
companies in the precious metal mining industry who present results on a
similar basis as well as to evaluate the Company's ability to generate cash
flow.
The following table provides a reconciliation of cash operating margin.
Three Months Ended Years Ended
December 31
December 31
(in thousands, except for gold and palladium ounces sold and per unit amounts) 2025 2024 2025 2024
Gross margin $ 663,530 $ 247,407 $ 1,671,648 $ 802,587
Add back: depletion 86,228 68,873 303,889 246,944
Add back: cost of sales related to delay ounces (1) 1,253 1,396 4,196 3,095
Cash operating margin $ 751,011 $ 317,676 $ 1,979,733 $ 1,052,626
Cash operating margin is comprised of:
Total cash operating margin of gold sold $ 453,060 $ 196,134 $ 1,239,217 $ 649,780
Total cash operating margin of silver sold 286,332 112,520 706,461 377,808
Total cash operating margin of palladium sold 2,136 3,652 8,709 13,911
Total cash operating margin of cobalt sold 9,483 5,370 25,346 11,127
Total cash operating margin $ 751,011 $ 317,676 $ 1,979,733 $ 1,052,626
Divided by:
Total gold ounces sold 121,791 87,662 411,005 332,701
Total silver ounces sold 5,685 4,307 19,796 16,072
Total palladium ounces sold 1,730 4,434 9,356 17,270
Total cobalt pounds sold 485 485 1,632 970
Equals:
Cash operating margin per gold ounce sold $ 3,720 $ 2,237 $ 3,015 $ 1,953
Cash operating margin per silver ounce sold $ 50.37 $ 26.11 $ 35.70 $ 23.51
Cash operating margin per palladium ounce sold $ 1,235 $ 824 $ 931 $ 806
Cash operating margin per cobalt pound sold $ 19.55 $ 11.06 $ 15.54 $ 11.47
1) The cost of sales related to delay ounces is a non-cash expense. Please
see the Company's MD&A for more information.
These non-GAAP measures do not have any standardized meaning prescribed by
IFRS Accounting Standards, and other companies may calculate these measures
differently. The presentation of these non-GAAP measures is intended to
provide additional information and should not be considered in isolation or as
a substitute for measures of performance prepared in accordance with IFRS
Accounting Standards. For more detailed information, please refer to Wheaton's
MD&A available on the Company's website at www.wheatonpm.com and posted on
SEDAR+ at www.sedarplus.ca.
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 the Company of $4.3 billion to BHP and the
satisfaction of each party's obligations in accordance with the BHP Antamina
PMPA;
· the receipt by the Company of silver production in respect of the
Antamina mine under the BHP Antamina PMPA;
· the ability of the Company to drawdown sufficient funds under
both its existing RCF and the new Term Loan and the satisfaction of each
party's obligations under the existing RCF and the new Term Loan;
· the ability of the Company to repay the existing RCF 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 precious metal purchase
agreement ("PMPA") counterparties at Mining Operations or other payments under
royalty arrangements;
· 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;
· 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 and international audits;
· the Company's assessment of the impact of any tax reassessments;
· 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 BHP Antamina PMPA;
· risks relating to the Company's ability to meet the conditions
of, and the satisfaction of each party's obligations under, the existing RCF
and the new Term Loan;
· risks relating to the generation of sufficient cash flow to repay
the existing RCF 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, expansions 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 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;
· risks related to any changes to the Income Tax Act (Canada) that
may result in a material change to the amount of future taxes payable;
· 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 sustainability-related 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 long-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 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 but not limited to:
· 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 BHP Antamina PMPA
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 RCF and the new Term Loan will be
satisfied;
· that the Company will be able to repay the existing RCF 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 applicable 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.
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. 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. Accordingly, 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.
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) .
End Notes
(1)Please refer to disclosure on non-GAAP measures in this press release.
Details of the dividend can be found in Wheaton's news release dated March 12,
2026, titled "Wheaton Precious Metals Announces Quarterly Dividend."
(2)Statements made in this section contain forward-looking information with
respect to forecast production, production growth, funding outstanding
commitments, continuing to acquire accretive mineral stream interests and the
commencement, timing and achievement of construction, expansion or improvement
projects and readers are cautioned that actual outcomes may vary. Please see
"Cautionary Note Regarding Forward-Looking Statements" for material risks,
assumptions and important disclosure associated with this information.
(3)Gold equivalent forecast production for 2025 and the longer-term outlook
are based on the following updated 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.
(4)Source: Company reports S&P Global estimates of 2025 byproduct cost
curves for gold, zinc/lead, copper, PGM, nickel & silver mines
(5)Total streaming and royalty agreements relate to precious metals purchase
agreements for the purchase of precious metals and cobalt relating to 23
mining assets which are currently operating, 23 which are at various stages of
development, and 2 of which have been placed in care and maintenance or have
been closed.
(6)Further details for long-term guidance can be found in the Wheaton news
release dated February 16, 2026, titled "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."
(7)Wheaton's long-term production outlook is based on information available as
of February 16, 2026, the date of publication.
(8)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.
(9)Under the terms of the Kurmuk PMPA, within 30 days of a change of control
Allied has a one-time option to repurchase one-third of the gold stream for an
amount ensuring a fixed internal rate of return to the Company.
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. END FR GLGDXSXBDGLX
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