Wheaton Precious Metals Corp. press release

Wheaton Precious Metals Announces Record Revenue, Earnings and Cash Flow for the First Quarter of 2026

2026-05-07

TSX - Toronto Stock Exchange · Gold · Copper · Silver · Zinc · Palladium · Platinum · Cobalt · Canada · Corporate Finance

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FIRST QUARTER FINANCIAL RESULTS

VANCOUVER, BC, May 7, 2026/CNW/ - "Wheaton delivered a strong start to 2026, with Salobo and Peñasquito outperforming expectations and contributing to record quarterly revenue, earnings and cash flow," said Haytham Hodaly, President and Chief Executive Officer of Wheaton Precious Metals. "During the first quarter, we announced our largest streaming transaction to date at Antamina in partnership with BHP and subsequently entered into our first streaming agreement in Australia with KGL Resources. These transactions expand our geographic footprint and broaden our counterparty base, while further demonstrating the flexibility of the streaming model as a means of unlocking value from non-core precious metals. Supported by a high-quality operating asset base and an industry-leading growth profile, Wheaton is well positioned to continue pursuing accretive growth and delivering long-term value for all stakeholders."

Record Financial Performance and Strong Balance Sheet

First quarter of 2026: A record $901 million in revenue, a record $582 million in net earnings, a record $583 million in adjusted net earnings, and a record $766 million in operating cash flow. Declared a quarterly dividend1of $0.195 per common share, an 18% increase from Q1 2025. Balance Sheet: Cash balance of $2.2 billion.

High Quality Asset Base

Streaming and royalty agreements on 22 operating mines and 26 development and other projects5. 80% of attributable production from assets in the lowest half of their respective cost curves2,4. Delivered attributable gold equivalent production3("GEOs") of 212,000 ounces in the first quarter of 2026, a 22% increase relative to the comparable period of the prior year primarily due to increased production from Peñasquito, Antamina and Blackwater coupled with the recommencement of production at Aljustrel. Further de-risking of industry leading forecast growth profile with advancement of construction activities at a number of projects, including Mineral Park, Platreef, Fenix, El Domo, Kurmuk, and Koné. Received first deliveries related to the Hemlo, Fenix and Mineral Park precious metals purchase agreements ("PMPAs"). On February 16, 2026, the Company entered into the previously announced PMPA with BHP Group Limited ("BHP") for their 33.75% portion of the silver produced at the Antamina mine located in Peru. The transaction was subsequently closed on April 1, 2026. Subsequent to the quarter: On April 1, 2026, the Company entered into a PMPA with KGL Resources Limited ("KGL") for a portion of the gold and silver produced at the Jervois project located in Australia. In return, the Company also obtained a right of first refusal on any future precious metal streams, royalties, prepays or similar transactions with respect to the Jervois Project. On April 20, 2026, the Company entered into a Royalty agreement with Spanish Mountain Gold Limited ("Spanish Mountain Gold") for a 1.5% net smelter returns royalty on gold and silver production from the Spanish Mountain Gold project. In return, the Company also obtained a right of first refusal on any future precious metal streams, royalties, prepays or similar transactions with respect to the Spanish Mountain Gold Project.

Leadership in Sustainability

Top Rankings: Wheaton ranked as one of the top-rated companies by Sustainalytics, AAA rated by MSCI and Prime rated by ISS. Wheaton's Partner Community Investment Program supported initiatives with the Vale Foundation, Vale Canada, Hudbay, First Majestic, Newmont, B2Gold, Ivanplats and BMC Minerals to deliver vital services and programs to communities located near our partner mining operations.

Operational Overview

| (all figures in US dollars unless otherwise noted) | | | Q1 2026 | | | Q1 2025 | | Change | | Units produced | | | | | | | | | | Gold ounces | | | 97,106 | | | 92,669 | | 4.8 % | | Silver ounces | | | 6,636 | | | 4,685 | | 41.6 % | | Palladium ounces | | | 2,591 | | | 2,661 | | (2.6) % | | Platinum ounces | | | 40 | | | - | | n.a. | | Cobalt pounds | | | 657 | | | 540 | | 21.6 % | | Gold equivalent ounces 3 | | | 211,951 | | | 174,391 | | 21.5 % | | Units sold | | | | | | | | | | Gold ounces | | | 95,072 | | | 111,297 | | (14.6) % | | Silver ounces | | | 5,049 | | | 4,483 | | 12.6 % | | Palladium ounces | | | 2,906 | | | 2,457 | | 18.3 % | | Cobalt pounds | | | 309 | | | 265 | | 16.6 % | | Gold equivalent ounces 3 | | | 181,743 | | | 188,162 | | (3.4) % | | Change in PBND | | | | | | | | | | Gold equivalent ounces 3 | | | 12,325 | | | (29,008) | | (41,333) | | Revenue | | $ | 901,469 | | $ | 470,411 | | 91.6 % | | Net earnings | | $ | 582,044 | | $ | 253,984 | | 129.2 % | | Per share | | $ | 1.282 | | $ | 0.560 | | 128.9 % | | Adjusted net earnings 1 | | $ | 582,772 | | $ | 250,825 | | 132.3 % | | Per share 1 | | $ | 1.284 | | $ | 0.553 | | 132.2 % | | Operating cash flows | | $ | 765,823 | | $ | 360,793 | | 112.3 % | | Per share 1 | | $ | 1.687 | | $ | 0.795 | | 112.2 % |

| All amounts in thousands except gold, palladium, platinum & gold equivalent ounces, and per share amounts. |

Financial Review

_Revenues _Revenue in the first quarter of 2026 was $901 million (51% gold, 47% silver, 1% palladium and 1% cobalt), with the $431 million increase relative to the prior period quarter being primarily due to a 98% increase in the average realized gold equivalent3price; partially offset by a 3% decrease in the number of GEOs3sold.

_Cash Costs and Margin _Average cash costs1in the first quarter of 2026 were $681 per GEO3as compared to $392 in the first quarter of 2025. This resulted in a cash operating margin1of $4,279 per GEO3sold, an increase of 103% as compared with the first quarter of 2025, 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 70% 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.

_Cash Flow from Operations _Operating cash flow in the first quarter of 2026 amounted to $766 million, with the $405 million increase from the comparable period of the prior year being due primarily to higher gross margin.

_Produced But Not Yet Delivered _As at March 31, 2026, approximately 183,500 GEOs3were produced but not yet delivered ("PBND") representing approximately 2.8 months of payable production. This increase 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 primarily by strong quarterly production at Peñasquito.

_Balance Sheet__(at March 31, 2026)_

Approximately $2.2 billion of cash on hand During the first quarter of 2026, the Company made net upfront cash payments of $60 million relative to the mineral stream interests consisting of: Spring Valley: $50 million; and Marmato: $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.

Over the same period, the Company monetized select long term equity investments, generating $323 million of cash proceeds, resulting in a realized gain before tax of $152 million. Subsequent to the quarter, the Company made additional upfront cash payments of $4.5 billion relative to the mineral stream interests consisting of: Antamina BHP: $4.3 billion; Koné: $156 million; and Spanish Mountain: $22.5 million.

On April 1, 2026, the Company made the $4.3 billion upfront payment relative to the BHP Antamina PMPA. The upfront payment was funded through a combination of the cash on hand at closing, a draw on the Company's previously undrawn $2.0 billion Revolving Facility and a new $1.5 billion term loan ("Term Loan"). The Revolving Facility and the Term Loan provide flexible, non-dilutive financing that may be repaid at any time without penalty.

First Quarter Operating Asset Highlights

_Salobo: _In the first quarter of 2026, Salobo produced 69,200 ounces of attributable gold, a decrease of approximately 3% relative to the first quarter of 2025, primarily the result of lower grades, partially offset by higher throughput and recoveries.

_Antamina: _In the first quarter of 2026, Antamina produced 1.6 million ounces of attributable silver, an increase of approximately 48% relative to the first quarter of 2025, primarily due to higher grades and recoveries.

_Peñasquito__: _In the first quarter of 2026, Peñasquito produced 2.6 million ounces of attributable silver, an increase of approximately 46% relative to the first quarter of 2025, primarily the result of higher throughput and grades.

_Constancia__: _In the first quarter of 2026, Constancia produced 0.5 million ounces of attributable silver and 4,600 ounces of attributable gold, a decrease of approximately 4% and 6%, respectively, relative to the first quarter of 2025, primarily due to lower gold and silver recoveries. Mining activities in the Pampacancha pit were completed during the fourth quarter of 2025 and the remaining stockpiled Pampacancha ore was fully processed during January 2026. On May 1, 2026, Hudbay announced that mill throughput rates are expected to increase to more than 90,000 TPD starting in the second half of 2026, with the installation of two pebble crushers and related permit amendments. Hudbay reports it received permit approval to increase annual mill throughput capacity to 31.1 million tonnes from 29.9 million tonnes, providing the new base for the 10% permitted allowance that aligns with the Peru Ministry of Energy and Mines' regulatory change.

_San Dimas: _In the first quarter of 2026, San Dimas produced 7,300 ounces of attributable gold, a decrease of approximately 13% relative to the first quarter of 2025, primarily the result of lower grades, consistent with their mine plan.

_Stillwater:_In the first quarter of 2026, the Stillwater mines produced 1,400 ounces of attributable gold and 2,600 ounces of attributable palladium, an increase of approximately 6% for gold and a decrease of approximately 4% for palladium relative to the first quarter of 2025. The increase in gold production was a result of higher throughput and recovery, partially offset by lower grades while the decrease in palladium was a result of lower recoveries.

_Blackwater:_In the first quarter of 2026, Blackwater produced 0.1 million ounces of attributable silver and 5,000 ounces of attributable gold, primarily the result of higher throughput with the mine achieving commercial production in May 2025. On March 12, 2026, Artemis Gold reported an unplanned mill shutdown due to the failure of a ball mill gearbox, with the mill operations being interrupted for 7 days. Artemis Gold also notes that strong grades during the quarter helped to offset the lower throughput resulting from the interruption, and that they are maintaining their full year production guidance, with plans to make up for the unplanned downtime experienced in Q1.

_Voisey's Bay:_In the first quarter of 2026, the Voisey's Bay mine produced 657,000 pounds of attributable cobalt, an increase of approximately 22% relative to the first quarter of 2025 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 first quarter of 2026, total Other Gold attributable production was 5,400 ounces, an increase of approximately 616% relative to the first quarter of 2025 due to the initial reported production from the Fenix mine as well as the addition of attributable production from the Hemlo and Goose mines. Notable operational updates for assets included within 'Other Gold' include:

_Goose: _On April 19, 2026, B2Gold provided an update on a near-term operational plan related to a fire that occurred in certain areas of the crushing circuit at the Goose mine on April 16, 2026. B2Gold confirmed that there were no injuries reported and no medical treatment required related to the fire and the damage was localized to the crushing circuit area. A preliminary revised mill processing plan has been developed for Q2 2026 based on the use of mobile crushers feeding crushed ore directly to the fine ore stockpile while repairs to the crushing circuit related to the fire are completed. B2Gold estimates the repairs will be completed in Q3 2026. B2Gold reports that Q2 production is expected to be approximately 50% lower than Q1 and about 30% below the original Q2 plan, primarily due to lower throughput levels. _Marmato: _On April 17, 2026, Aris reported a significant construction milestone at its Marmato gold mine with the underground development crosscut now connecting the new surface decline to the existing underground development, establishing continuous underground access from surface, where the new 5,000 tonne per day CIP plant is under construction, to the existing workings. The connection supports the next phases of mine development, infrastructure installation and operational readiness for the Marmato bulk mine which is on schedule for first gold in Q4 2026. _Hemlo: _On April 28, 2026, Hemlo Mining Corp. ("Hemlo Mining") announced that during its first full quarter of ownership, the successful transition of an underground mining contractor workforce to owner-operated was completed two weeks ahead of schedule, with 97% of the contractor workforce accepting positions as part of the transition. Hemlo Mining reported that various maintenance activities were undertaken during the quarter, with the most significant tasks being the refurbishment of an underground crusher and the replacement of the hoist cable, which was completed ahead of schedule.

_Other Silver:_In the first quarter of 2026, total Other Silver attributable production was 1.9 million ounces, an increase of approximately 44% relative to the first quarter of 2025, primarily the result of the resumption of mining at Aljustrel. 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 first quarter of 2026, Waterton Copper LP continued to refine ore commissioning of the newly refurbished concentrator at its Mineral Park project. The ramp-up efforts in Q1 2026 were focused on achieving stable throughput and gradually increasing both operating uptime and concentrate production. Copper concentrate sales continued in the first quarter and monthly delivery of silver to Wheaton under the PMPA commenced in January 2026. Ramp-up to commercial production is expected to continue in Q2 2026, with increasing operating volumes throughout the second quarter. At steady state throughput, the fully refurbished mill capacity will be 16.5 Mtpa.

_Platreef:_On April 13, 2026, Ivanhoe announced that the ramp-up of the Platreef mine is advancing on track, with commercial production expected mid-year. Ivanhoe states that construction of Shaft #3, as well as its associated underground materials-handling and crushing plants, was completed on schedule in late March and is currently undergoing commissioning. Once Shaft #3 ramps up, the Phase 1 concentrator will then be continuously fed with higher-grade production ore. In addition, Shaft #3 will also hoist waste development required in preparation for the Phase 2 expansion, which is on schedule to be completed by the end of 2027.

_Fenix:_On January 26, 2026, Rio2 Limited ("Rio2") announced the first official gold pour at the Fenix Gold Mine, with construction of critical path items completed on time and on budget, as previously guided. Additionally, the Company received its first gold deliveries under the Fenix PMPA during the quarter. Rio2 states that the focus now is to ramp up operations to 20,000 tonnes per day.

Kurmuk: On March 31, 2026, Allied announced its shareholders had approved the previously announced 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. Allied states that both companies continue to diligently and cooperatively advance the customary regulatory approvals necessary to complete the arrangement, with the objective of closing in a timely manner within the timeframe set out in the agreement. The agreement provides for an outside date for closing of May 29, 2026, subject to extension in certain circumstances.

Koné: On March 26, 2026, Montage reported that construction at the Koné project is on track for first gold pour in late Q4 2026 through the oxide circuit, while the hard-rock comminution circuit remains on track for completion in Q2 2027. Key process plant achievements include completion of all CIL tanks and ball mill shell installation, oxide sizer completion, foundation concrete pours for pre-leach and tailings thickeners, and advancement of the hard-rock comminution circuit.

_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. On May 1, 2026, Hudbay reported that feasibility activities for Copper World are well under way, with the definitive feasibility study ("DFS") progressing above 85% at the end of March, and on track for completion in mid-2026. Hudbay reports it continues to execute detailed engineering work and other de-risking activities in preparation for a Copper World sanctioning decision expected later in 2026.

_Santo Domingo: _On April 29, 2026, Capstone Copper Corp. ("Capstone") reported that detailed engineering advanced during the first quarter, alongside continued evaluation of opportunities to optimize district infrastructure. Capstone expects to make a final investment decision on the Santo Domingo Project in Q4 2026.

_Cangrejos: _On April 28, 2026, it was announced that Ecuador has signed the exploitation contract for the Cangrejos project. Signing this exploitation contract will allow CMOC to move forward with seeking the required construction permits for the mine and its facilities.

Kudz Ze Kayah: On April 13, 2026, BMC Minerals Ltd. ("BMC") announced receipt of a positive decision document issued by the Government of Yukon, Natural Resources Canada and the Department of Fisheries and Oceans Canada, after the Yukon Environmental and Socio-economic Assessment Board had recommended approval of the project in 2020. BMC reports it will now progress mining permit and license applications with the aim to make a final investment decision in late 2027, subject to receipt of permits.

Corporate Development

_Antamina: _On February 16, 2026, the Company entered into a PMPA with BHP (the "BHP Antamina PMPA") for their 33.75% portion of the silver produced at the Antamina Mine located in Peru. Effective April 1, 2026, Wheaton will receive a combined 67.5% of all the silver produced from Antamina, up from the 33.75% currently delivered under the existing Glencore silver stream. First deliveries under the BHP Antamina PMPA are anticipated to be received at the end of May 2026.

Under the terms of the BHP Antamina PMPA, the Company paid BHP total upfront cash consideration of $4.3 billion on April 1, 2026, being the date of closing. Additionally, the Company will make ongoing payments for the silver ounces delivered equal to 20% of the spot price of silver.