Wheaton Precious Metals Corp. press release

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

2026-08-06

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

PR Newswire

SECOND QUARTER FINANCIAL RESULTS

VANCOUVER, BC, Aug. 6, 2026/PRNewswire/ -- "Wheaton delivered another strong quarter, with solid production across the portfolio driving record year-to-date production, sales volumes, revenue, earnings and cash flow," said Haytham Hodaly, President and Chief Executive Officer of Wheaton Precious Metals. "In an environment marked by commodity price volatility and cost pressures, our robust margins and cash flow generation underscore the strength of the streaming model. Our financial position provides significant flexibility to pursue accretive streaming opportunities while continuing to advance one of the strongest growth profiles in the industry. Backed by a diversified portfolio of high-quality assets and a compelling pipeline of growth, we believe we are well positioned to deliver long-term value for all stakeholders."

Record Financial Performance and Strong Balance Sheet

Q2 2026: A record $929 million in revenue, $543 million in net earnings and $650 million in operating cash flow. First half of 2026: A record $1.8 billion in revenue, record $1.1 billion in net earnings and record $1.4 billion in operating cash flow. Declared a quarterly dividend1of $0.195 per common share and made two quarterly dividend payments totaling $177 million. Balance Sheet: Cash balance of $100 million and debt outstanding totaling $2.0 billion, resulting in total net debt of $1.9 billion. Enhanced financial flexibility by upsizing the Revolving Credit Facility by $500 million to $2.5 billion, extending the maturity date by one year to June 30, 2031, and broadening the lending syndicate. Together with the $500 million accordion feature under the Revolving Credit Facility, the Company has $2.6 billion of available liquidity.

High Quality Asset Base

Streaming and royalty agreements on 22 operating mines, 20 development projects and 15 exploration & other stage projects, totaling 57 assets5. Delivered attributable gold equivalent production3("GEOs") of 202,200 ounces in the second quarter of 2026, a 6% increase relative to the comparable period of the prior year primarily due to the acquisition of the precious metals purchase agreement ("PMPA") with BHP Group Limited ("BHP") 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 Goose. 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, Kurmuk, and Koné. 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. 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. On June 4, 2026, the Company entered into a Royalty agreement with Cipango Limited ("Cipango") for a 1.5% net smelter returns royalty covering seven mineral exploration properties located in Japan.

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. Recognized by Corporate Knights' annual Best 50 Corporate Citizens in Canada. Published annual Sustainability Report highlighting our commitment to responsible business practices and sustainability.

Operational Overview

| (all figures in US dollars unless otherwise noted) | | | Q2 2026 | | | Q2 2025 | | Change | | | YTD 2026 | | | YTD 2025 | | | Change | | Units produced | | | | | | | | | | | | | | | | | | | Gold ounces | | | 90,434 | | | 92,883 | | (2.6) % | | | 187,542 | | | 185,552 | | | 1.1 % | | Silver ounces | | | 6,400 | | | 5,590 | | 14.5 % | | | 13,070 | | | 10,275 | | | 27.2 % | | Palladium ounces | | | 2,788 | | | 2,435 | | 14.5 % | | | 5,379 | | | 5,096 | | | 5.6 % | | Platinum ounces | | | 281 | | | - | | n.a. | | | 321 | | | 0 | | | n.a. | | Cobalt pounds | | | 796 | | | 647 | | 23.1 % | | | 1,453 | | | 1,187 | | | 22.4 % | | Gold equivalent ounces 3 | | | 202,229 | | | 190,179 | | 6.3 % | | | 414,755 | | | 364,570 | | | 13.8 % | | Units sold | | | | | | | | | | | | | | | | | | | Gold ounces | | | 96,099 | | | 98,973 | | (2.9) % | | | 191,171 | | | 210,270 | | | (9.1) % | | Silver ounces | | | 6,522 | | | 4,868 | | 34.0 % | | | 11,571 | | | 9,351 | | | 23.7 % | | Palladium ounces | | | 2,069 | | | 2,575 | | (19.7) % | | | 4,975 | | | 5,032 | | | (1.1) % | | Cobalt pounds | | | 705 | | | 353 | | 99.7 % | | | 1,014 | | | 618 | | | 64.1 % | | Gold equivalent ounces 3 | | | 209,115 | | | 182,750 | | 14.4 % | | | 390,859 | | | 370,911 | | | 5.4 % | | Change in PBND | | | | | | | | | | | | | | | | | | | Gold equivalent ounces 3 | | | (27,056) | | | (8,423) | | 18,633 | | | (14,391) | | | (37,431) | | | (23,040) | | Revenue | | $ | 929,201 | | $ | 503,218 | | 84.7 % | | $ | 1,830,670 | | $ | 973,629 | | | 88.0 % | | Net earnings | | $ | 543,236 | | $ | 292,270 | | 85.9 % | | $ | 1,125,280 | | $ | 546,254 | | | 106.0 % | | Per share | | $ | 1.196 | | $ | 0.644 | | 85.7 % | | $ | 2.478 | | $ | 1.204 | | | 105.8 % | | Adjusted net earnings 1 | | $ | 542,542 | | $ | 286,004 | | 89.7 % | | $ | 1,125,315 | | $ | 536,830 | | | 109.6 % | | Per share 1 | | $ | 1.195 | | $ | 0.630 | | 89.7 % | | $ | 2.478 | | $ | 1.183 | | | 109.5 % | | Operating cash flows | | $ | 649,518 | | $ | 414,959 | | 56.5 % | | $ | 1,415,340 | | $ | 775,752 | | | 82.4 % | | Per share 1 | | $ | 1.430 | | $ | 0.914 | | 56.5 % | | $ | 3.117 | | $ | 1.709 | | | 82.4 % |

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

Financial Review

_Revenues _Revenue in Q2 2026 was $929 million (46% gold, 52% silver, 0.3% palladium and 2% cobalt), with the $426 million increase relative to the prior period quarter being primarily due to a 61% increase in the average realized gold equivalent³ price; and a 14% increase in the number of GEOs³ sold.

Revenue was $1.8 billion (49% gold, 49% silver, 0.4% palladium and 2% cobalt) during the six months ended June 30, 2026, with the $857 million increase from the comparable period of the previous year due primarily to a 78% increase in the average realized gold equivalent³ price; and a 5% increase in the number of GEOs³ sold.

_Cash Costs and Margin _Average cash costs¹ in Q2 2026 were $568 per GEO³ as compared to $406 in Q2 2025. This resulted in a cash operating margin¹ of $3,875 per GEO³ sold, an increase of 65% as compared with the second 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 costs¹ for the six months ended June 30, 2026, were $621 per GEO³ as compared to $399 in the comparable period of the previous year. This resulted in a cash operating margin¹ of $4,063 per GEO³ sold, an 83% 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 Q2 2026 amounted to $650 million, with the $235 million increase from the comparable period of the prior year being due primarily to higher gross margin.

Operating cash flows for the six months ended June 30, 2026, amounted to $1.4 billion, with the $640 million increase from the comparable period of the previous year being due primarily to higher gross margin.

_Produced But Not Yet Delivered _As at June 30, 2026, approximately 157,600 GEOs3were produced but not yet delivered ("PBND") representing approximately 2.6 months of payable production, consistent with the preceding four quarters and within our guided range of two and a half to three and a half months.

_Balance Sheet__(at June 30, 2026)_

On April 1, 2026, the Company drew down on its new $1.5 billion non-revolving credit facility (the "Term Loan") with a two-year term. Proceeds from the Term Loan, together with a draw on the Company's Revolving Credit Facility and cash on hand, were used to fund the BHP Antamina PMPA. During Q2 2026, the Company increased its existing Revolving Credit Facility by $500 million to $2.5 billion and extended its maturity by one year to June 30, 2031. As at June 30, 2026, the Company had approximately $100 million of cash on hand and $2.0 billion outstanding under the Company's Term Loan and its Revolving Credit Facility. During Q2 2026, the Company made net upfront cash payments of $4.5 billion relative to the mineral stream interests consisting of: BHP Antamina: $4.3 billion; Koné: $156 million; Spanish Mountain: $23 million; Jervois: $16 million; and Cipango: $4.5 million.

Subsequent to the quarter, the Company made an additional upfront cash payment of $43.875 million relative to the El Domo mineral stream interest.

Second Quarter Operating Asset Highlights

_Salobo: _In Q2 2026, Salobo produced 62,100 ounces of attributable gold, a decrease of 11% relative to Q2 2025, primarily the result of lower grades.

_Antamina: _In Q2 2026, Antamina produced 2.3 million ounces of attributable silver, an increase of 56% relative to Q2 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 and the timing of planned maintenance, as a scheduled July maintenance shutdown was advanced into June. 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 Q2 2026, Peñasquito produced 1.8 million ounces of attributable silver, a decrease of 14% relative to Q2 2025, primarily the result of lower grades and recoveries resulting from planned mine sequencing, partially offset by higher throughput.

_Constancia__: _In Q2 2026, Constancia produced 0.6 million ounces of attributable silver and 3,000 ounces of attributable gold, an increase of 2% for silver production and a decrease of 35% for gold production relative to Q2 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 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 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 Q2 2026, the Stillwater mines produced 1,400 ounces of attributable gold and 2,500 ounces of attributable palladium, a decrease of 14% for gold and an increase of 3% for palladium relative to Q2 2025. The decrease in gold production was primarily a result of lower recoveries, partially offset by higher throughput, while the increase in palladium production was primarily a result of higher throughput.

_Blackwater:_In Q2 2026, Blackwater produced 0.1 million ounces of attributable silver and 5,900 ounces of attributable gold, an increase of 7% and 46%, respectively, relative to Q2 2025, primarily the result of higher recoveries, grades and throughput. On August 4, 2026, Artemis Gold Inc. ("Artemis Gold") provided an update on the Phase 1A expansion at Blackwater, which is anticipated to increase the plant's nameplate capacity by 33%, from 6 to 8 million tonnes per annum. Artemis Gold reported that Phase 1A was 57% complete at the end of Q2 2026 and remains on schedule for commissioning in Q4 2026, with the expansion expected to contribute to production beginning in 2027. Further, Artemis Gold reported that the early works program for EP2 is nearing completion, with the first concrete pour for the ball mill foundations completed ahead of schedule. EP2 represents a significant addition to processing plant capacity above Phase 1A, and once complete, Phase 1A and EP2 are expected to expand throughput capacity to 250%, from the existing 6 Mtpa to 21 Mtpa by Q4 2028.

_Voisey's Bay:_In Q2 2026, the Voisey's Bay mine produced 796,000 pounds of attributable cobalt, an increase of 23% relative to Q2 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 Q2 2026, total Other Gold attributable production was 5,900 ounces, an increase of 667% relative to Q2 2025 due to the addition of attributable production from the Fenix, Hemlo and Goose mines. Notable operational updates for assets included within 'Other Gold' include:

_Marmato: _On July 29, 2026, Aris Mining ("Aris") reported that underground access connecting the Bulk Mining Zone to the new plant area is complete, with SAG and ball mills on site, and mechanical installation underway. Construction of the 5,000 tpd CIP plant continues to advance toward first gold and is on schedule for Q4 2026. Aris plans to exit 2026 operating the new CIP plant at approximately 3,000 tpd, before ramping up through 2027 to approximately 4,000 tpd by mid-2027 and the full 5,000 tpd design capacity by the end of 2027, following commissioning of the paste backfill plant. _Hemlo: _On July 20, 2026, Hemlo Mining Corp. ("Hemlo Mining") announced that gold production in Q2 2026 was lower than Q1 2026, reflecting a strategic refinement to the mining sequence. During the quarter, portions of the operation transitioned from a top-down to a bottom-up mining approach to reduce waste handling and improve long-term mining efficiency, resulting in delayed access to certain higher-grade stopes. Hemlo Mining expects higher production in future quarters as newly developed mining areas progress into the production sequence.

_Other Silver:_In Q2 2026, total Other Silver attributable production was 1.6 million ounces, an increase of 19% relative to Q2 2025, primarily the result of the resumption of mining at Aljustrel and the commencement of production at Mineral Park, partially offset by lower production at Zinkgruvan. 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. Los Filos:On June 25, 2026, Equinox Gold Corp. ("Equinox"), announced that it has signed 20-year land access agreements with all three communities, Carrizalillo, Mezcala and Xochipala, that host its Los Filos mine. With these agreements in place, Equinox has initiated activities to support the gradual restart of heap leach operations and to advance technical studies to evaluate potential expansion opportunities.

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 Q2 2026, Waterton Copper LP substantially completed the commissioning stage of the mill restart. Production is expected to increase throughout the second half of the year as operations ramp up toward the mill's 16.5 Mtpa nameplate capacity. Copper concentrate sales continued in the second quarter and molybdenum concentrate sales were initiated during this quarter. Monthly delivery of silver to Wheaton under the PMPA has occurred throughout 2026.

_Platreef:_On July 8, 2026, Ivanhoe announced that commercial production at the Platreef mine is now expected in Q4 2026. Ivanhoe states that construction of Shaft #3 was completed on schedule in late March and commissioning was finalized in June. Shaft #3 increases Platreef's hoisting capacity fivefold and enables concurrent hoisting of stoping ore and development waste. 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. In addition, stoping of higher-grade ore within the Flatreef orebody commenced at the end of the second quarter, with mining rates expected to ramp up throughout H2 2026.

_Fenix:_On May 15, 2026, Rio2 reported that planned tonnes and grade at its Fenix mine were not achieved during Q1 2026, though the key drivers were identified early and corrective actions have been implemented or are underway. Rio2 further states that based on current ramp-up progress, they anticipate achieving commercial production in Q4 2026.

Kurmuk: On July 29, 2026, Allied Gold Corporation ("Allied") announced that the previously announced agreement with Zijin Gold International Company Limited ("Zijin Gold"), where Zijin Gold was to acquire all of the issued and outstanding shares of Allied, has been terminated. Allied states further that Zijin Gold has agreed to make a strategic investment in Allied of approximately $295 million, at a subscription price representing a premium to the current market price of Allied's common shares on the Toronto Stock Exchange.

Allied also reported that development of the Kurmuk project continued to advance during the second quarter, with the start of operations expected in August and first gold pour following a few weeks thereafter. Allied states that key execution milestones continue to be met, and the project remains on budget and on schedule while advancing commissioning activities.

Koné: On June 15, 2026, Montage Gold ("Montage") reported that construction of the Koné project remains on-budget and ahead of schedule with first gold pour targeted in late Q4 2026 through the oxide circuit, while the hard-rock comminution circuit remains on track for completion in Q2 2027. Montage also reported that it has significantly exceeded its target of delineating more than 1Moz of M&I Resources at a grade at least 50% higher than that of the Koné deposit and is continuing to aggressively advance exploration through the ongoing 90,000 meter drill program, with further resource updates expected throughout the year.

El Domo: On July 15, 2026, Silvercorp Metals Inc. ("Silvercorp") reported that construction advanced steadily despite rainfall challenges in the period. Advancements were achieved on infrastructure, including the non-contact water channel, processing plant foundations, and the initial tailings storage facility dam. In addition, open-pit pre-stripping activities commenced and major equipment for the processing plant and water treatment facility have been procured and shipped. Silvercorp noted that it remains focused on achieving first commissioning of the operation by July 2027, in line with the project schedule.

_Copper World:_On July 29, 2026, Hudbay reported that the Copper World definitive feasibility study ("DFS") is progressing well, with 95% of the engineering work completed, and a sanctioning decision remains on track for later in 2026. Hudbay reports the DFS is expected to include scope for future mill expansion optionality.

_Santo Domingo: _On July 30, 2026, Capstone Copper Corp. ("Capstone") reported that detailed engineering advanced during the second 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.