Wheaton Precious Metals Corp. press release
Wheaton Precious Metals Announces Record Revenue and Operating Cash Flow for the Second Quarter of 2025
TSX - Toronto Stock Exchange · Gold · Copper · Silver · Zinc · Palladium · Platinum · Cobalt · Canada
PR Newswire
SECOND QUARTER FINANCIAL RESULTS
VANCOUVER, BC , Aug. 7, 2025 /PRNewswire/ - "Wheaton delivered another outstanding quarter, achieving record revenue, adjusted net earnings, and operating cash flow for both the second quarter and the first half of 2025," said Randy Smallwood , Chief Executive Officer of Wheaton Precious Metals. "We also made significant progress in our near-term growth strategy as Blackwater announced commercial production and Goose successfully delivered its first gold pour during the quarter, a strong indicator that our catalyst-rich year is progressing as planned. We remain committed to disciplined capital deployment, focusing only on the most accretive opportunities that are structured to generate meaningful, long-term value for all stakeholders."
Record Financial Performance and Strong Balance Sheet
Second quarter of 2025: A record $503 million in revenue, $292 million in net earnings, a record $286 million in adjusted net earnings, and a record $415 million in operating cash flow. Declared a quarterly dividend 1 of $0.165 per common share and made two quarterly dividend payments totalling $150 million . Balance Sheet: Cash balance of $1.0 billion , no debt, and an undrawn $2 billion revolving credit facility as at June 30, 2025 . Undrawn $2 billion revolving credit facility extended by an additional year with the facility now maturing on June 30, 2030 .
High Quality Asset Base
Streaming and royalty agreements on 20 operating mines and 26 development and other projects 5 . 83% of attributable production from assets in the lowest half of their respective cost curves 2,4 . Attributable gold equivalent production 3 ("GEOs") of 158,600 ounces in the second quarter of 2025, a 9.5% increase relative to the comparable period of the prior year primarily due to stronger production at Salobo coupled with the commencement of production at Blackwater. On May 2, 2025 , Artemis Gold Inc., ("Artemis Gold") announced the commencement of commercial production at its Blackwater mine, with mining operations exceeding 90% of planned tonnage, and both tonnes and grades reconciling favorably to the resource model. On June 30, 2025 , B2Gold Corp. ("B2Gold") announced the first gold pour at its Goose project, with the mill running consistently at approximately 50% of nameplate capacity as planned. Growth profile was further de-risked as construction activities advanced at a number of development projects including Mineral Park, Platreef, Fenix, Kurmuk and Koné.
Leadership in Sustainability
Top Rankings: One of the top-rated companies by Sustainalytics, AAA rated by MSCI and Prime rated by ISS. Recognized among the top 10 companies on Corporate Knights' annual Best 50 Corporate Citizens in Canada . Published annual Sustainability Report highlighting our commitment to responsible business practices and providing a comprehensive review of Wheaton's performance in environmental, social and governance topics. Published annual Climate Change Report detailing how Wheaton is addressing climate change risks and opportunities, as well as potential climate-related impacts.
Operational Overview
| (all figures in US dollars unless otherwise noted) | | | Q2 2025 | | | Q2 2024 | | Change | | | YTD 2025 | | | YTD 2024 | | | Change | | Units produced | | | | | | | | | | | | | | | | | | | Gold ounces | | | 91,968 | | | 83,743 | | 9.8 % | | | 184,637 | | | 176,101 | | | 4.8 % | | Silver ounces | | | 5,407 | | | 5,047 | | 7.1 % | | | 10,100 | | | 10,529 | | | (4.1) % | | Palladium ounces | | | 2,435 | | | 4,338 | | (43.9) % | | | 5,096 | | | 8,801 | | | (42.1) % | | Cobalt pounds | | | 647 | | | 259 | | 149.7 % | | | 1,187 | | | 499 | | | 137.8 % | | Gold equivalent ounces 3 | | | 158,608 | | | 144,904 | | 9.5 % | | | 309,209 | | | 303,393 | | | 1.9 % | | Units sold | | | | | | | | | | | | | | | | | | | Gold ounces | | | 98,973 | | | 77,326 | | 28.0 % | | | 210,270 | | | 169,345 | | | 24.2 % | | Silver ounces | | | 4,868 | | | 3,823 | | 27.3 % | | | 9,351 | | | 7,890 | | | 18.5 % | | Palladium ounces | | | 2,575 | | | 4,301 | | (40.1) % | | | 5,032 | | | 9,075 | | | (44.6) % | | Cobalt pounds | | | 353 | | | 88 | | 301.1 % | | | 618 | | | 397 | | | 55.7 % | | Gold equivalent ounces 3 | | | 157,916 | | | 123,462 | | 27.9 % | | | 323,212 | | | 265,756 | | | 21.6 % | | Change in PBND and Inventory | | | | | | | | | | | | | | | | | | | Gold equivalent ounces 3 | | | (11,551) | | | 7,986 | | 19,537 | | | (38,205) | | | 9,322 | | | 47,527 | | Revenue | | $ | 503,218 | | $ | 299,064 | | 68.3 % | | $ | 973,629 | | $ | 595,870 | | | 63.4 % | | Net earnings | | $ | 292,270 | | $ | 122,317 | | 138.9 % | | $ | 546,254 | | $ | 286,358 | | | 90.8 % | | Per share | | $ | 0.644 | | $ | 0.270 | | 138.5 % | | $ | 1.204 | | $ | 0.632 | | | 90.5 % | | Adjusted net earnings 1 | | $ | 286,004 | | $ | 149,565 | | 91.2 % | | $ | 536,830 | | $ | 288,398 | | | 86.1 % | | Per share 1 | | $ | 0.630 | | $ | 0.330 | | 90.9 % | | $ | 1.183 | | $ | 0.636 | | | 86.0 % | | Operating cash flows | | $ | 414,959 | | $ | 234,393 | | 77.0 % | | $ | 775,752 | | $ | 453,773 | | | 71.0 % | | Per share 1 | | $ | 0.914 | | $ | 0.517 | | 76.8 % | | $ | 1.709 | | $ | 1.001 | | | 70.7 % |
| All amounts in thousands except gold, palladium & gold equivalent ounces, and per share amounts. |
Financial Review
_Revenues _Revenue in the second quarter of 2025 was $503 million (65% gold, 33% silver, 1% palladium and 1% cobalt), with the $204 million increase relative to the prior period quarter being primarily due to a 32% increase in the average realized gold equivalent³ price; and a 28% increase in the number of GEOs³ sold.
Revenue was $974 million in the six months ended June 30, 2025 , representing a $378 million increase from the comparable period of the previous year due primarily to a 34% increase in the average realized gold equivalent³ price; and a 22% increase in the number of GEOs³ sold.
_Cash Costs and Margin _Average cash costs¹ in the second quarter of 2025 were $470 per GEO³ as compared to $437 in the second quarter of 2024. This resulted in a cash operating margin¹ of $2,717 per GEO³ sold, an increase of 37% as compared with the second 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 85% 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 leveraging rising commodity prices while maintaining strong cash operating margins.
Average cash costs¹ for the six months ended June 30, 2025 were $458 per GEO³ as compared to $435 in the comparable period of the previous year. This resulted in a cash operating margin¹ of $2,554 per GEO³ sold, a 41% increase from comparable period of the previous year, a result of the higher realized price per ounce.
_Cash Flow from Operations _Operating cash flow in the second quarter of 2025 amounted to $415 million , with the $181 million increase from the comparable period of the prior year, due primarily to the higher gross margin.
Operating cash flows for the six months ended June 30, 2025 amounted to $776 million , with the $322 million increase from the comparable period of the previous year being due primarily to the higher gross margin.
_Produced But Not Yet Delivered _As at June 30, 2025 , approximately 130,000 GEOs were produced but not yet delivered ("PBND") representing approximately 2.7 months of payable production. Total PBND ounces decreased quarter-over-quarter as strong production levels in the first quarter of 2025, resulted in an increase to sales realized in the second quarter of 2025, due to the inherent timing delay between production and sales. The Company expects PBND levels to stay at the higher end of its forecasted range of two to three months until the end of 2025, in part due to the ramp up of new mines, forecast to commence operations in the second half of the year.
Balance Sheet (at June 30, 2025 )
Approximately $1.0 billion of cash on hand. The Company extended its existing undrawn $2 billion revolving term loan (the "Revolving Facility") with its maturity date now June 30, 2030 . In addition, the Company added an incremental $500 million accordion feature, providing expanded financial capacity. During the second quarter of 2025, the Company made total upfront cash payments of $347 million relative to the mineral stream interests consisting of: $156 million relative to the Koné PMPA; $144 million relative to the Salobo III expansion; $44 million relative to the Kurmuk PMPA; and $3 million relative to the Cangrejos PMPA.
Subsequent to the quarter, the Company made additional upfront cash payments of $206 million relative to the mineral stream interests consisting of: $156 million relative to the Koné PMPA; and $50 million relative to the Fenix PMPA.
With the existing cash on hand coupled with the fully undrawn $2 billion revolving facility coupled with the $500 million accordion and ongoing operating cash flows, the Company believes it is well positioned to fund all outstanding commitments and known contingencies as well as providing flexibility to acquire additional accretive mineral stream interests.
Senior Management Promotions
On June 18, 2025 , Wheaton was pleased to announce key senior management promotions as the Company positions itself for its next era of innovation and growth. Effective June 30, 2025 , Haytham Hodaly , formerly Senior Vice President of Corporate Development, was appointed to President of the Company. In addition, Curt Bernardi , formerly Senior Vice President Legal and Strategic Development, was promoted to Executive Vice President, Strategy and General Counsel. Randy Smallwood remains the Chief Executive Officer of Wheaton.
Second Quarter Operating Asset Highlights
_Salobo: _In the second quarter of 2025, Salobo produced 69,400 ounces of attributable gold, an increase of approximately 10% relative to the second quarter of 2024, primarily due to higher throughput, partially offset by lower grades. On July 22, 2025 , Vale S.A. ("Vale") announced that following the implementation of Salobo 3, the Salobo complex has reached full ramp-up and is consistently delivering strong operational performance.
_Antamina: _In the second quarter of 2025, Antamina produced 1.3 million ounces of attributable silver, an increase of approximately 31% relative to the second quarter of 2024 primarily due to higher grades, partially offset by lower recoveries and the impacts of a full safety shutdown which lasted approximately one week.
_Peñasquito __: _In the second quarter of 2025, Peñasquito produced 2.1 million ounces of attributable silver, a decrease of approximately 7% relative to the second quarter of 2024, primarily the result of lower grades as mining activities have transitioned back into the Peñasco pit which contains lower silver grades relative to the Chile Colorado pit.
_Constancia: _In the second quarter of 2025, Constancia produced 0.6 million ounces of attributable silver and 4,600 ounces of attributable gold, an increase of approximately 22% for silver production and a decrease of approximately 27% for gold production relative to the second quarter of 2024. The decrease in gold was primarily the result of lower grades as more material was mined from the Constancia pit and reclaimed from the stockpile compared with the prior year. On July 3, 2025 , it was reported that protests by informal miners in Peru led to intermittent roadblocks along the Southern Road Corridor, impacting major copper operations including Hudbay's Constancia mine and MMG Limited's Las Bambas mine 8 . MMG Limited later confirmed that transportation resumed as of July 15, 2025 , following an agreement by artisanal miners to lift the blockades. Wheaton's second quarter deliveries from Constancia remained unaffected by these temporary disruptions.
_San Dimas: _In the second quarter of 2025, San Dimas produced 7,000 ounces of attributable gold, a decrease of approximately 1% relative to the second quarter of 2024, primarily due to lower grades and recovery as well as the change of the gold to silver conversion ratio from 70:1 to 90:1, partially offset by higher throughput. In accordance with the San Dimas PMPA, effective April 30, 2025 , the fixed gold to silver conversion ratio has been revised from 70:1 to 90:1. (see footnote 4 on page 13 of this press release for more information).
_Stillwater : _In the second quarter of 2025, the Stillwater mines produced 1,700 ounces of attributable gold and 2,400 ounces of attributable palladium, a decrease of approximately 21% for gold and 44% for palladium relative to the second quarter of 2024, primarily due to lower throughput as Stillwater West operations were placed into care and maintenance in September 2024 .
_Voisey's Bay: _In the second quarter of 2025, the Voisey's Bay mine produced 647,000 pounds of attributable cobalt, an increase of approximately 150% relative to the second quarter of 2024, as the transitional period between the depletion of the Ovoid open-pit and ramp-up to full production of the Voisey's Bay underground continues. On April 15, 2025 , Vale reported the consistent ramp-up of Voisey's Bay's underground operations. The full ramp-up is expected by the second half of 2026.
_Other Gold: _In the second quarter of 2025, total Other Gold attributable production was 4,800 ounces, an increase of approximately 721% relative to the second quarter of 2024 due to the initial reported production from the Blackwater Mine, which achieved commercial production on May 1, 2025 . Notable operational updates for assets included within 'other gold' include:
_Blackwater: _On May 2, 2025 , Artemis Gold announced the commencement of commercial production at its Blackwater mine, with mining operations exceeding 90% of its planned tonnage, and both mined tonnes and grades reconciling favorably to the resource model. On June 19, 2025 , Artemis Gold announced the acceleration of the design and implementation of Phase 2 of the Blackwater Mine, with a final investment decision by their board anticipated by year-end 2025. On July 14, 2025 , Artemis Gold announced that it had further ramped up operations and was producing at a steady state with the mill operating above design capacity for the month of June. Artemis Gold also notes that gold production is expected to be weighted to the second half of the year. _Marmato: _On May 7, 2025 , Aris Mining Corporation ("Aris") reported that the processing plant capacity increased from 4,000 tpd to a planned 5,000 tpd. Aris reports that construction remains on track, and production is expected to start ramping up in the second half of 2026.
_Other Silver: _In the second quarter of 2025, total Other Silver attributable production was 1.5 million ounces, an increase of approximately 8% relative to the second quarter of 2024, as the initial reported production from Blackwater was offset by lower production at Los Filos.
Recent Development Asset Updates
_Goose Project: _On June 30, 2025 , B2Gold announced the first gold pour at its Goose project, with the mill running consistently at approximately 50% of nameplate capacity during this initial phase, as planned. B2Gold expects a ramp up to commercial production in the third quarter of 2025.
_Mineral Park Project: _During the quarter, Waterton's Origin Mining achieved a key milestone by introducing first ore to the mill at its Mineral Park project. Waterton indicates that the ramp-up to commercial production is underway and expected to be reached during the second half of 2025. At steady state throughput, the fully refurbished mill capacity will be 16.5 Mtpa.
_Platreef Project: _On July 30, 2025 , Ivanhoe Mines ("Ivanhoe") announced that development ore is now being hoisted to surface and stockpiled in preparation for the initial feed into the Phase 1 concentrator, which continues advancing toward commercial production in Q4 2025. Phase 1 is the first step of a three-phase expansion plan, which aims to make Platreef one of the world's largest producers of platinum, palladium, rhodium, and gold. Ivanhoe notes that Phase 2 expansion activities are underway and on track for first production in Q4 2027.
_Fenix Project: _On July 31, 2025 , Rio2 Limited ("Rio2") reported that construction was 41% complete, and remains on track and on budget for first gold production in Q1 2026. Rio2 reports the leach pad will be ready to receive minerals in August 2025 , with completion of the Mine Expansion Study targeted for December 2025 .
Kurmuk Project : On August 6, 2025 , Allied Gold Corporation ("Allied") reported that engineering and procurement are approximately 90% complete, with mining fleet mobilization well underway and first units expected to arrive on site imminently. Concurrently, Allied is advancing technical studies aimed at improving operational confidence and flexibility, including potential increases in plant throughput and other targeted optimizations. Allied continues to forecast the commencement of production by mid-2026.
_El Domo Project: _On April 23, 2025 , Silvercorp Metals Inc. ("Silvercorp") reported that it is targeting to bring the project into production by the end of 2026. The construction of the main plant and auxiliary facilities are expected to commence in September 2025 , with major equipment installation expected to commence in May 2026 . On August 5, 2025 , Silvercorp announced that the Constitutional Court of Ecuador has delivered a unanimous decision to uphold the validity of the environmental license for the El Domo project.
Koné Project : On May 27, 2025 , Montage Gold Corp. ("Montage") provided a construction update for its Koné project, where construction continues to progress rapidly and remains well on track for first gold pour in Q2 2027. Montage notes that significant progress has been made on the key ongoing workstreams which include the water storage and abstraction facility, and camp construction. Notably, the carbon-in-leach ring beams were completed two months ahead of schedule, marking a key milestone. On July 21, 2025 , Montage reported that its exploration program continues to provide significant confidence in achieving the previously published short-term exploration target of discovering more than 1Moz of Measured and Indicated Resources. As a result of ongoing successful results and drilling efficiency, Montage states that its exploration program has increased from 90,000 meters to 120,000 meters in 2025.
_Copper World Project: _On March 27, 2025 , Hudbay reported that feasibility studies are underway at the fully permitted Copper World project.
_Santo Domingo Project: _On July 31, 2025 , Capstone Copper Corp. ("Capstone") reported that it is at an advanced stage in its partnership process and expects to announce a partner during Q3 2025. A potential project sanctioning decision is not anticipated prior to mid-2026.
_Marathon Project: _On May 22, 2025 , Generation Mining Ltd. announced that it has received the final key permit required for the construction of the Marathon project in Northwestern Ontario . The Environmental Compliance Approval – Industrial Sewage Works permit, received from the Ontario Ministry of Environment, Conservation and Parks, is for the management and discharge of water for the construction phase of the project.
Cangrejos Project : On June 23, 2025 , CMOC Singapore Pte. Ltd., a Singapore entity and a subsidiary of CMOC Group Limited (collectively "CMOC") announced that it had completed its previously disclosed acquisition of Lumina Gold Corp 9 . CMOC reports that it has assembled a multidisciplinary project team to fast-track development of the Cangrejos project, with commercial production targeted for 2028.
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.