Wheaton Precious Metals Corp. press release

Wheaton Precious Metals Announces Third Quarter 2026 Results and Record Year-to-Date Production, Sales Volume, Revenue, Earnings and Cash Flow

2026-11-05

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

Canada NewsWire

VANCOUVER, BC, Nov. 5, 2026/CNW/ -- "Wheaton delivered another solid quarter, building on record year-to-date performance, and remains very well positioned to achieve our annual production guidance," said Haytham Hodaly, President and Chief Executive Officer of Wheaton Precious Metals. "We continued to see meaningful progress on our growth pipeline, with first gold pour at Montage Gold's Koné project and Hudbay's approval of construction at Copper World marking important milestones for two significant contributors to our near-term growth. With a portfolio of high-quality assets and increasing visibility into our next phase of growth, supported by a strong financial position, we are confident in Wheaton's outlook and our ability to deliver meaningful production growth over the coming years."

Record Financial Performance and Strong Balance Sheet

Q3 2026: $772 million in revenue, $410 million in net earnings and $645 million in operating cash flow. Nine months ended September 30, 2026: A record $2.6 billion in revenue, record $1.5 billion in net earnings and record $2.1 billion in operating cash flow. Declared a quarterly dividend1of $0.195 per common share and made a quarterly dividend payment totaling $89 million. Balance Sheet: Cash balance of $146 million and debt outstanding under Term Loan and Revolving Credit Facility totaling $1.6 billion, resulting in total net debt of $1.5 billion. Repaid $372 million of the revolving credit facility during the quarter.

High-Quality Asset Base

Streaming and royalty agreements from 57 mining assets including 22 operating mines, 20 development projects and 15 exploration & other stage projects5. Delivered attributable gold equivalent production3("GEOs") of 231,000 ounces in the third quarter of 2026, a 13% increase relative to the comparable period of the prior year primarily due to the acquisition of the precious metals purchase agreement with BHP Group Limited for its 33.75% portion of the silver produced at Antamina (the "BHP Antamina PMPA"), in addition to the continued realization of the Company's growth strategy with production from Hemlo, Fenix, Platreef, and Mineral Park. Updates on key catalysts contributing to Wheaton's growth profile: Vale Base Metals announced coarse particle flotation will be implemented at the Salobo mine in Brazil. First gold pour achieved at Montage Gold's Koné project in Côte d'Ivoire. Received first deliveries related to Ivanhoe's Platreef project in South Africa. B2Gold announced completion of Phase 1 upgrades to the crushing plant at the Goose Project in Canada. Allied Gold announced the start of production at the Kurmuk project in Ethiopia. Hudbay approved the Copper World project in the U.S. KGL approved a Final Investment Decision for its Jervois Project in Australia. Generation Mining announced the commencement of construction at its Marathon project in Canada.

Further de-risking of industry leading forecast growth profile with advancement of construction activities at a number of development projects, including Mineral Park, Platreef, Fenix, El Domo, and Kurmuk.

Operational Overview

| (all figures in US dollars unless otherwise noted) | | | Q3 2026 | | | Q3 2025 | | Change | | | YTD 2026 | | | YTD 2025 | | | Change | | Units produced | | | | | | | | | | | | | | | | | | | Gold ounces | | | 91,753 | | | 99,943 | | (8.2) % | | | 279,448 | | | 285,495 | | | (2.1) % | | Silver ounces | | | 8,182 | | | 5,995 | | 36.5 % | | | 21,346 | | | 16,270 | | | 31.2 % | | Other metals GEOs 3 | | | 2,846 | | | 3,972 | | (28.3) % | | | 12,053 | | | 11,747 | | | 2.6 % | | Total GEOs 3 | | | 230,965 | | | 203,835 | | 13.3 % | | | 647,258 | | | 568,405 | | | 13.9 % | | Units sold | | | | | | | | | | | | | | | | | | | Gold ounces | | | 91,969 | | | 78,944 | | 16.5 % | | | 283,140 | | | 289,214 | | | (2.1) % | | Silver ounces | | | 5,758 | | | 4,760 | | 21.0 % | | | 17,329 | | | 14,111 | | | 22.8 % | | Other metals GEOs 3 | | | 4,334 | | | 3,566 | | 21.5 % | | | 11,170 | | | 8,354 | | | 33.7 % | | Total GEOs 3 | | | 192,270 | | | 161,845 | | 18.8 % | | | 583,129 | | | 532,756 | | | 9.5 % | | Change in PBND | | | | | | | | | | | | | | | | | | | Gold equivalent ounces 3 | | | 16,984 | | | 24,427 | | 7,443 | | | 5,557 | | | (13,004) | | | (18,561) | | Revenue | | $ | 771,734 | | $ | 476,257 | | 62.0 % | | $ | 2,602,404 | | $ | 1,449,886 | | | 79.5 % | | Net earnings | | $ | 410,248 | | $ | 367,216 | | 11.7 % | | $ | 1,535,528 | | $ | 913,471 | | | 68.1 % | | Per share | | $ | 0.903 | | $ | 0.809 | | 11.6 % | | $ | 3.381 | | $ | 2.013 | | | 68.0 % | | Adjusted net earnings 1 | | $ | 409,840 | | $ | 281,054 | | 45.8 % | | $ | 1,535,154 | | $ | 817,884 | | | 87.7 % | | Per share 1 | | $ | 0.902 | | $ | 0.619 | | 45.7 % | | $ | 3.381 | | $ | 1.802 | | | 87.6 % | | Operating cash flows | | $ | 644,856 | | $ | 382,953 | | 68.4 % | | $ | 2,060,196 | | $ | 1,158,705 | | | 77.8 % | | Per share 1 | | $ | 1.420 | | $ | 0.844 | | 68.2 % | | $ | 4.537 | | $ | 2.553 | | | 77.7 % |

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

Financial Review

Revenues

Revenue in Q3 2026 was $772 million (51% gold, 46% silver, 0.5% palladium and 2% cobalt), with the $295 million increase relative to the prior period being primarily due to a 36% increase in the average realized gold equivalent³ price; and a 19% increase in the number of GEOs³ sold.

Revenue was $2.6 billion (49% gold, 49% silver, 0.4% palladium and 2% cobalt) during the nine months ended September 30, 2026, with the $1.2 billion increase from the comparable period of the previous year due primarily to a 64% increase in the average realized gold equivalent³ price; and a 9% increase in the number of GEOs³ sold.

Cash Costs and Margins

Average cash costs1in Q3 2026 were $548 per GEO³ as compared to $452 in Q3 2025. This resulted in a cash operating margin1of $3,466 per GEO³ sold, an increase of 39% as compared with the third quarter of 2025, a result of the higher realized price per ounce. 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 costs1for the nine months ended September 30, 2026 were $597 per GEO³ as compared to $415 in the comparable period of the previous year. This resulted in a cash operating margin1of $3,866 per GEO³ sold, a 68% increase from the comparable period of the previous year, a result of the higher realized price per ounce.

Cash Flow from Operations

Operating cash flow in Q3 2026 amounted to $645 million, with the $262 million increase from the comparable period of the prior year being due primarily to higher gross margin.

Operating cash flows for the nine months ended September 30, 2026 amounted to $2.1 billion, with the $901 million increase from the comparable period of the previous year being due primarily to higher gross margin.

Produced But Not Yet Delivered

As at September 30, 2026, approximately 178,600 GEOs3were produced but not yet delivered ("PBND") representing approximately 2.6 months of payable production, consistent with the preceding four quarters and placing PBND levels within our guided range of two and a half to three and a half months.

_Balance Sheet__(at September 30, 2026)_

As at September 30, 2026, approximately $146 million of cash on hand and $1.6 billion outstanding under the Company's Term Loan and its Revolving Credit Facility. During Q3 2026, the Company made net upfront cash payments of $86 million relative to the mineral stream interests consisting of: El Domo: $44 million; and Marmato: $42 million.

Subsequent to the quarter, the Company made additional upfront cash payments of $51 million, relative to the Jervois PMPA ($16 million) and the Spring Valley PMPA ($35 million).

Third Quarter Operating Asset Highlights

_Salobo: _In Q3 2026, Salobo produced 65,800 ounces of attributable gold, a decrease of 2% relative to Q3 2025, primarily the result of lower grades due to mine sequencing, partially offset by higher recoveries and throughput.

_Antamina: _In Q3 2026, Antamina produced 2.7 million ounces of attributable silver, an increase of 60% relative to Q3 2025. The increase was primarily driven by the newly acquired BHP Antamina PMPA, which increased the Company's share of silver production at Antamina from 33.75% to 67.5%, effective April 1, 2026. The benefit of the increased production share was partially offset by lower silver grades. The lower grades were attributable to pit sequencing, with a greater proportion of copper-only ore processed during the quarter relative to copper-zinc ore, which contains more silver.

_Peñasquito__: _In Q3 2026, Peñasquito produced a record 3.1 million ounces of attributable silver, an increase of 46% relative to Q3 2025, primarily the result of higher throughput and grades resulting from planned mine sequencing.

_San Dimas: _In Q3 2026, San Dimas produced 5,700 ounces of attributable gold, a decrease of 25% relative to Q3 2025, primarily the result of lower throughput due to the impact of a labour dispute which began on September 18, 2026, partially offset by the change of the gold to silver conversion ratio from 90:1 to 70:1 on October 29, 2025, noting that for the period April 30, 2025 to October 28, 2025, the gold to silver conversion ratio was 90:1.

_Blackwater:_In Q3 2026, Blackwater produced 0.2 million ounces of attributable silver and 5,600 ounces of attributable gold, an increase of 14% for both metals relative to Q3 2025, primarily the result of higher recoveries as a result of process optimization of the milling circuit and improved ore characteristics as mining has advanced deeper into the deposit, partially offset by lower throughput and grades. On October 13, 2026, Artemis Gold Inc. ("Artemis Gold") reported that the Phase 1A expansion project at Blackwater, expected to increase annual design throughput of the existing process plant by 33% to 8 Mtpa, was now 77% complete and remains on track for commissioning before the end of the year, with the expansion expected to contribute to production beginning in 2027. Artemis Gold reports major works construction on the Expanded Phase 2 project is progressing as planned, and that together, these expansions are expected to more than triple current processing capacity.

_Sudbury:_In Q3 2026, Vale's Sudbury mines produced 4,000 ounces of attributable gold, a decrease of 18% relative to Q3 2025, with lower grades and recoveries being partially offset by higher throughput.

_Constancia__: _In Q3 2026, Constancia produced 0.6 million ounces of attributable silver and 3,200 ounces of attributable gold, consistent with prior year for silver and a decrease of 75% for gold production relative to Q3 2025. The lower gold production was the result of lower grades and recoveries, as mining activities in the higher-gold grade Pampacancha pit were completed during Q4 2025, and the remaining stockpiled Pampacancha ore was fully processed during January 2026. On July 2, 2026, Hudbay Minerals ("Hudbay") announced that it had received approval from the National Environmental Certification Service for Sustainable Investments in Perú ("SENACE") to amend its environmental permit and further increase annual mill processing capacity at Constancia. The amended permit increases the processing capacity of the Constancia mill to 34 million tonnes of ore per annum from the previously permitted 31 million tonnes per annum. Hudbay states that the environmental permit amendment also approves further optimization of the mine plan, extends the operational life of Constancia, and incorporates the implementation of additional infrastructure to improve tailings transport infrastructure and water management systems.

_Stillwater:_In Q3 2026, the Stillwater mines produced 1,200 ounces of attributable gold and 2,100 ounces of attributable palladium, a decrease of 30% for gold and 19% for palladium relative to Q3 2025, primarily the result of lower throughput, grades and recoveries with operations being impacted by a labour dispute which lasted from September 3, 2026 to October 9, 2026.

_Voisey's Bay:_In Q3 2026, the Voisey's Bay mine produced 403,000 pounds of attributable cobalt, a decrease of 33% relative to Q3 2025 primarily the result of planned maintenance.

_Other Gold: _In Q3 2026, total Other Gold attributable production was 6,200 ounces, an increase of 418% relative to Q3 2025 due to the addition of attributable production from the Fenix and Hemlo mines. Notable operational updates for assets included within 'Other Gold' include:

_Hemlo: _On October 21, 2026, Hemlo Mining Corp. ("Hemlo Mining") reported that production ramp-ups during Q3 2026 were impacted by the underground substation outage that constrained mining rates and delayed the planned production ramp-up. To mitigate the impact, the mine plan was temporarily re-sequenced and production activities were shifted to other areas. Despite the operational challenges, Hemlo Mining announced production benefited from access to higher-grade stopes resulting in higher grades and increased gold production in Q3 2026 compared to Q2 2026. _Goose: _On November 4, 2026, B2Gold Corp. ("B2Gold") reported that Phase 1 upgrades to the crushing plant have been completed, with the circuit now operating at 3,200 tonnes per day ("tpd"). B2Gold expects throughput to remain at these levels until mid-2027, when Phase 2 upgrades are expected to bring the Goose mill to an average of 4,000 tpd. B2Gold reports that Goose is on track to achieve annual production guidance in 2026. _Marmato: _On October 7, 2026, Aris Mining Corporation ("Aris") reported a key milestone with the commissioning of the new filtered tailings facility. Planned downtime was used to carry out upgrades at the existing flotation plant, along with the construction of the new 5,000 tpd carbon-in-pulp ("CIP") plant with Aris subsequently reporting on November 4, 2026, that the construction of the new CIP plant is nearing completion with first gold pour expected in December 2026.

_Other Silver:_In Q3 2026, total Other Silver attributable production was 1.7 million ounces, an increase of 13% relative to Q3 2025.

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

_Platreef:_On November 3, 2026, Ivanhoe Mines ("Ivanhoe") announced that Platreef's Phase 1 concentrator continued to ramp-up during the quarter, fed by lower-grade development ore, and that identified bottlenecks in the underground materials handling and tailings filtration systems have largely been resolved, with mining and milling rates expected to improve further in the fourth quarter. Ivanhoe notes that the production mining of higher-grade stopes is also expected to ramp up in Q4 2026. Ivanhoe also reported that Shaft #3 is now also hoisting development waste, as the underground infrastructure is constructed in preparation for the Phase 2 expansion, which is expected to be completed by the end of 2027.

_Fenix:_On September 28, 2026, Rio2 Limited ("Rio2") provided an update that despite the temporary suspension of mining activities due to adverse weather conditions, critical facilities including leach pad, processing plant, and power generation facilities remain operational at reduced capacity. Rio2 reports it believes that the ramp-up of mining activities remains on track to achieve commercial production in Q4 2026 with Rio2 implementing several initiatives to recover production losses incurred over the recent months.

Koné: On November 4, 2026, Montage Gold Corp. ("Montage") reported that following the first gold pour at the Koné project which was achieved on September 26, 2026, activities have rapidly ramped up with commercial production well on track to be declared in Q4 2026. Montage reported that a total of approximately 880,000 tonnes were processed from the oxide circuit during the month of October, with the plant operating at an average of over 90% of its 11Mtpa nameplate capacity during the month, with 104% of nameplate achieved during the last week of October. Montage also confirmed that construction of the hard-rock comminution circuit remains on track for completion in Q2 2027.

Kurmuk: On September 17, 2026, Allied Gold Corporation ("Allied") reported that the power line connecting Kurmuk to the Ethiopian electrical grid had been successfully commissioned and energized, marking a significant milestone toward the start of operations. Subsequently, on November 4, 2026, Allied reported that ore has been introduced into the processing plant and the mine is now in production.

El Domo: On November 3, 2026, Silvercorp Metals Inc. ("Silvercorp") announced that, due to extended rainfall, the El Domo completion date is expected to be delayed by four months, with Silvercorp targeting production by November 1, 2027. In addition, Silvercorp reported that construction of the external powerline has been delayed pending additional reviews and approvals, with construction of the site substation having commenced.

_Copper World:_On October 21, 2026, Hudbay announced the results of the definitive feasibility study and approved the Copper World project construction, advancing the next major U.S. copper mine with first production targeted for the second half of 2029, and an expansion of the concentrator from 60,000 to 90,000 tpd planned for year five. Copper World represents a significant contributor to the Company's growth profile.

_Jervois: _On October 15, 2026, KGL Resources ("KGL") announced the receipt of board approval for the final investment decision for its Jervois Project. KGL reported that the target delivery date for first concentrate production remains the first half of 2028.

Spring Valley: During the quarter, Solidus Resources received the Water Pollution Control Permit from the Bureau of Mining Regulation and Reclamation of the Nevada Division of Environmental Protection for the Spring Valley Project. On October 21, 2026, following receipt of the permit, the Company advanced a portion of the upfront payment amounting to $35 million, with the remaining balance to be advanced in installments subject to the satisfaction of various conditions.

_Santo Domingo: _On October 29, 2026, Capstone Copper Corp. ("Capstone") reported that detailed engineering advanced during the third quarter, alongside continued evaluation of opportunities to optimize district infrastructure.

Subsequent to the quarter, Capstone also reported that it had continued to advance Santo Domingo towards a final investment decision expected in Q1 2027, upon which fund entities managed by Orion Resource Partners LP will acquire a 25% ownership interest in the Santo Domingo project under a joint venture transaction. Capstone noted that the transaction de-risks capital funding requirements for Santo Domingo, providing financial flexibility during project construction.

_Marathon: _On October 1, 2026, Generation Mining Ltd. ("Gen Mining") announced that it has commenced construction at its Marathon Project, following the earlier announcement that it had secured final funding. Early works have commenced and are expected to run through Q4 2026 and into 2027, alongside the advancement of critical equipment and infrastructure procurement.

_Toroparu: _On November 4, 2026, Aris reported that the Prefeasibility Study ("PFS") remains on schedule for completion in November 2026, supporting a construction decision targeted for early 2027. Project optimization work in support of the PFS includes updated mine scheduling, engineering studies and other activities to advance to construction readiness.

_Kudz Ze Kayah: _On October 26, 2026, BMC Minerals Ltd ("BMC") reported receipt of the Type B Water License from the Yukon Water Board during the quarter and that it continues to advance the remaining permits. BMC noted that it continues to aim to make a final investment decision in late 2027, subject to receipt of permits.