Wheaton Precious Metals Corp. press release

Wheaton Precious Metals Announces Record Annual Revenue, Earnings and Cash Flow for 2025

2026-03-12

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

PR Newswire

FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS

VANCOUVER, BC, March 12, 2026/PRNewswire/ - "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 dividend1of $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 dividends1of $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 2ndannual 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 equivalent3price; and a 35% increase in the number of GEOs3sold.

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 equivalent3price; and a 23% increase in the number of GEOs3sold.

Cash Costs and Margin

Average cash costs¹ in the fourth quarter of 2025 were $597 per GEO3as compared to $444 in the fourth quarter of 2024. This resulted in a cash operating margin¹ of $3,941 per GEO3sold, 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 costs1in 2025 were $514 per GEO3as compared to $438 in 2024. This resulted in a cash operating margin1of $3,040 per GEO3sold, 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 GEOs3were 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.