VANCOUVER, BC, March 12, 2026 /CNW/ - "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 dividend1 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 dividends1 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 projects5.
85% of attributable production from assets in the lowest half of their respective cost curves2,4.
Attributable gold equivalent production3 ("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 GEOs3 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:
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.
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;
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.
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 2nd 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 GEOs3 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:
Hemlo: $300 million;
Koné: $156 million;
Spring Valley: $50 million
Fenix: $50 million;
El Domo: $44 million;
Kurmuk: $44 million; and
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 20269.
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 GEO8 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 GEO8 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 GEO8 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.
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 GEOs8. This expected year-over-year growth is driven primarily by the additional stream at Antamina which is expected to add another 70,000 GEOs8 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 GEOs8 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 GEOs8 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 Link
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:
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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.
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 December 31
As at 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
