Wheaton Precious Metals Corp. press release
Wheaton Precious Metals Announces Record Revenue, Earnings and Cash Flow for the First Nine Months of 2025
TSX - Toronto Stock Exchange · Gold · Copper · Silver · Zinc · Palladium · Platinum · Cobalt · Canada
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THIRD QUARTER FINANCIAL RESULTS
VANCOUVER, BC, Nov. 6, 2025/CNW/ - "Our portfolio of high-quality assets continued to deliver strong results, generating record revenue, earnings, and cash flow for the first nine months of 2025," said Randy Smallwood, Chief Executive Officer of Wheaton Precious Metals. "We advanced our near-term growth strategy through key milestones including the ramp up of production at Blackwater and Goose, alongside continued construction across six development projects scheduled to come online over the next 24 months. These strong results position us well to meet our annual production guidance of 600,000 to 670,000 gold equivalent ounces and underscores the streaming model's ability to generate predictable levered cash flows in a rising precious metals price environment."
"This robust quarter also included the announcement of a gold stream on the Hemlo Mine, a transaction that reflects Wheaton's ongoing commitment to investing in assets with strong geological potential, responsible stewardship, and long-term value creation capacity," added Haytham Hodaly, President of Wheaton Precious Metals. "The strength of our Q3 results underscore our disciplined approach to capital deployment, prioritizing accretive opportunities that are structured with the goal of delivering meaningful, lasting value for all stakeholders."
Record Financial Performance and Strong Balance Sheet
Third quarter of 2025: $476 millionin revenue, a record $367 millionin net earnings, $281 millionin adjusted net earnings, and $383 millionin operating cash flow. Declared a quarterly dividend1of $0.165per common share and made a quarterly dividend payment of $75 million. Balance Sheet: Cash balance of $1.2 billion, no debt, and an undrawn $2 billionrevolving credit facility and $500 millionaccordion as at September 30, 2025.
High Quality Asset Base
Streaming and royalty agreements on 23 operating mines and 24 development and other projects5, including the addition of the proposed Hemlotransaction. 83% of attributable production from assets in the lowest half of their respective cost curves2,4. Attributable gold equivalent production3("GEOs") of 173,400 ounces in the third quarter of 2025, a 22% increase relative to the comparable period of the prior year primarily due to stronger production at Salobo and Antamina, coupled with the commencement of production at Blackwater. During the quarter, Wheaton's growth profile was further de-risked as construction progressed across key development projects, including Mineral Park, Platreef, Fenix, El Domo, Kurmuk, and Koné. In addition, joint venture agreements were announced for Copper World and Santo Domingo, further de-risking both projects. In the third quarter, production of zinc and lead concentrates at Aljustrel restarted since being halted on September 12, 2023. During the quarter, a subsidiary of CMOC Group Limited ("CMOC") exercised its option to acquire 33% of the Cangrejos precious metal purchase agreement ("PMPA") in exchange for a cash payment in the amount of $102 million, resulting in a gain on partial disposition of the PMPA of $86 million. On September 10, 2025, the Company entered into a financing commitment with Carcetti to support its proposed acquisition of the currently operating Hemlomine from Barrick Mining Corporation ("Barrick"), including a gold stream of up to $400 million, with Carcetti expected to elect an amount of $300 millionin accordance with the terms of the agreement. The transaction is expected to close in Q4 2025, delivering immediate production and cash flow to the Company. In addition, the Company invested $30 millionin Carcetti's equity offering. Subsequent to the quarter; On October 2, 2025, B2Gold Corp. ("B2Gold") announced that the Goose Mine in Nunavut achieved commercial production. On November 6, 2025, the Company entered into a PMPA with Waterton Gold Corp. for the Spring Valley Project located in Nevada.
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. Subsequent to the quarter, Wheaton committed $100,000to the Red Cross to support relief efforts in Jamaicafollowing Hurricane Melissa. The contribution reflects Wheaton's commitment to support communities connected to its operating regions. The Cayman Islandsis home to a large Jamaican population who continue to face the aftermath of the major storm.
Operational Overview
| (all figures in US dollars unless otherwise noted) | | | Q3 2025 | | | Q3 2024 | | Change | | | YTD 2025 | | | YTD 2024 | | | Change | | Units produced | | | | | | | | | | | | | | | | | | | Gold ounces | | | 100,090 | | | 86,819 | | 15.3 % | | | 285,622 | | | 262,920 | | | 8.6 % | | Silver ounces | | | 5,999 | | | 4,538 | | 32.2 % | | | 16,099 | | | 15,067 | | | 6.8 % | | Palladium ounces | | | 2,650 | | | 4,034 | | (34.3) % | | | 7,746 | | | 12,835 | | | (39.6) % | | Cobalt pounds | | | 604 | | | 397 | | 52.0 % | | | 1,791 | | | 896 | | | 99.8 % | | Gold equivalent ounces 3 | | | 173,415 | | | 142,716 | | 21.5 % | | | 483,519 | | | 446,110 | | | 8.4 % | | Units sold | | | | | | | | | | | | | | | | | | | Gold ounces | | | 78,944 | | | 75,694 | | 4.3 % | | | 289,214 | | | 245,039 | | | 18.0 % | | Silver ounces | | | 4,760 | | | 3,875 | | 22.8 % | | | 14,111 | | | 11,765 | | | 19.9 % | | Palladium ounces | | | 2,594 | | | 3,761 | | (31.0) % | | | 7,626 | | | 12,836 | | | (40.6) % | | Cobalt pounds | | | 529 | | | 88 | | 501.1 % | | | 1,147 | | | 485 | | | 136.5 % | | Gold equivalent ounces 3 | | | 137,563 | | | 122,242 | | 12.5 % | | | 460,775 | | | 387,998 | | | 18.8 % | | Change in PBND | | | | | | | | | | | | | | | | | | | Gold equivalent ounces 3 | | | 20,963 | | | 8,263 | | (12,700) | | | (16,468) | | | 17,585 | | | 34,053 | | Revenue | | $ | 476,257 | | $ | 308,253 | | 54.5 % | | $ | 1,449,886 | | $ | 904,123 | | | 60.4 % | | Net earnings | | $ | 367,216 | | $ | 154,635 | | 137.5 % | | $ | 913,471 | | $ | 440,993 | | | 107.1 % | | Per share | | $ | 0.809 | | $ | 0.341 | | 137.2 % | | $ | 2.013 | | $ | 0.973 | | | 106.9 % | | Adjusted net earnings 1 | | $ | 281,054 | | $ | 152,803 | | 83.9 % | | $ | 817,884 | | $ | 441,201 | | | 85.4 % | | Per share 1 | | $ | 0.619 | | $ | 0.337 | | 83.7 % | | $ | 1.802 | | $ | 0.973 | | | 85.2 % | | Operating cash flows | | $ | 382,953 | | $ | 254,337 | | 50.6 % | | $ | 1,158,705 | | $ | 708,110 | | | 63.6 % | | Per share 1 | | $ | 0.844 | | $ | 0.561 | | 50.4 % | | $ | 2.553 | | $ | 1.562 | | | 63.4 % |
| All amounts in thousands except gold, palladium & gold equivalent ounces, and per share amounts. |
Financial Review
_Revenues _Revenue in the third quarter of 2025 was $476 million(58% gold, 39% silver, 1% palladium and 2% cobalt), with the $168 millionincrease relative to the prior period quarter being primarily due to a 37% increase in the average realized gold equivalent³ price; and a 13% increase in the number of GEOs³ sold.
Revenue was $1.4 billionin the nine months ended September 30, 2025, representing a $546 millionincrease from the comparable period of the previous year due primarily to a 35% increase in the average realized gold equivalent³ price; and a 19% increase in the number of GEOs³ sold.
_Cash Costs and Margin _Average cash costs¹ in the third quarter of 2025 were $532per GEO³ as compared to $439in the third quarter of 2024. This resulted in a cash operating margin¹ of $2,930per GEO³ sold, an increase of 41% as compared with the third 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 76% 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 costs¹ for the nine months ended September 30, 2025were $480per GEO³ as compared to $436in the comparable period of the previous year. This resulted in a cash operating margin¹ of $2,667per 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 third quarter of 2025 amounted to $383 million, with the $129 millionincrease 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, 2025amounted to $1.2 billion, with the $451 millionincrease from the comparable period of the previous year being due primarily to higher gross margin.
_Produced But Not Yet Delivered _As at September 30, 2025, approximately 151,800 GEOs were produced but not yet delivered ("PBND"). PBND increased by 21,000 GEOs during the quarter and represents approximately 2.9 months of payable production, compared to 2.7 months in the previous quarter, reflecting normal variations in shipment timing and delivery cycles. The Company expects PBND levels to stay at the higher end of our 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 fourth quarter.
_Balance Sheet __(at September 30, 2025)_
Approximately $1.2 billionof cash on hand. During the third quarter of 2025, the Company made total upfront cash payments of $250 millionrelative to the mineral stream interests consisting of: Koné: $156 million; Fenix: $50 million; and Kurmuk: $44 million.
Subsequent to the quarter, the Company made additional upfront cash payments of $94 millionrelative to the mineral stream interests consisting of: Fenix: $50 million; and El Domo: $44 million.
With industry leading liquidity supported by existing cash on hand, a fully undrawn $2 billionrevolving facility coupled with the $500 millionaccordion, and strong operating cash flows, the Company is well positioned to fund all outstanding commitments and known contingencies and pursue additional accretive mineral stream interests.
Third Quarter Operating Asset Highlights
_Salobo: _In the third quarter of 2025, Salobo produced 67,000 ounces of attributable gold, an increase of approximately 7% relative to the third quarter of 2024, primarily the result of higher throughput, grades and recoveries. Vale reported on July 22, 2025, 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 third quarter of 2025, Antamina produced 1.7 million ounces of attributable silver, an increase of approximately 86% relative to the third quarter of 2024, primarily due to higher throughput and grades, partially offset by lower recoveries.
_Peñasquito__: _In the third quarter of 2025, Peñasquito produced 2.1 million ounces of attributable silver, an increase of approximately 17% relative to the third quarter of 2024, primarily the result of higher throughput, partially offset by lower grades with mining activities having transitioned back into the Peñasco pit which contains lower silver grades relative to the Chile Colorado pit.
_Constancia: _In the third quarter of 2025, Constancia produced 0.6 million ounces of attributable silver and 12,800 ounces of attributable gold, a decrease of approximately 11% for silver production and an increase of approximately 19% for gold production relative to the third quarter of 2024. The decrease in silver was primarily the result of lower grades, throughput and recoveries. On September 23, 2025, Hudbay Minerals Inc. ("Hudbay") commented on ongoing social unrest in Peru, where Hudbay's Constancia mine has been impacted by local protests and illegal blockades. Hudbay announced that the mill was temporarily shut down as a safety precaution and to allow time for authorities to address the illegal protests. Subsequently on October 7, 2025, Hudbay announced it had resumed operations at the Constancia mine following the temporary shutdown.
_San Dimas: _In the third quarter of 2025, San Dimas produced 7,500 ounces of attributable gold, an increase of approximately 9% relative to the third 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 April 30, 2025.
_Stillwater:_In the third quarter of 2025, the Stillwatermines produced 1,700 ounces of attributable gold and 2,700 ounces of attributable palladium, a decrease of approximately 24% for gold and 34% for palladium relative to the third quarter of 2024, primarily due to lower throughput as Stillwater West operations were placed into care and maintenance in September 2024.
_Blackwater:_In the third quarter of 2025, Blackwater produced 0.1 million ounces of attributable silver and 4,900 ounces of attributable gold, with the mine achieving commercial production in May 2025. On September 15, 2025, Artemis Gold Inc. ("Artemis Gold"), announced plans to upgrade the current Blackwater mine processing plant (Phase 1A) to increase nameplate capacity by 33%, from 6 million tonnes per annum ("Mtpa") to 8 Mtpa by Q4 2026. In parallel, Artemis Gold is advancing the Phase 2 expansion and placing orders of long lead time equipment. On November 5, 2025, Artemis Gold announced that 2025 production is expected to be weighted to the fourth quarter, with higher mill throughput rates and feed grades expected compared to Q3 2025.
_Goose:_On October 6, 2025, B2Gold announced that the Goose mine achieved commercial production on October 2, 2025. As reported by B2Gold, open pit and underground mining rates at the Umwelt deposit have continued to meet or exceed expectations during the 30-day commercial production period. Gold recoveries have been in line with expectations and are expected to average higher than 90% through Q4 2025.
_Voisey's Bay:_In the third quarter of 2025, the Voisey's Bay mine produced 604,000 pounds of attributable cobalt, an increase of approximately 52% relative to the third 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 third quarter of 2025, total Other Gold attributable production was 1,200 ounces, an increase of approximately 84% relative to the third quarter of 2024 due to the initial reported production from the Goose mine, which achieved commercial production on October 6, 2025. Notable operational updates for assets included within 'other gold' include:
_Marmato:_On October 29, 2025, Aris Mining Corporation ("Aris") reported that the expansion construction of the Bulk Mining Zone at the Marmato mine is underway and production remains on schedule for first gold in the second half of 2026.
_Other Silver:_In the third quarter of 2025, total Other Silver attributable production was 1.5 million ounces, an increase of approximately 25% relative to the third quarter of 2024, primarily due to higher 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.
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 Q3 2025 were focused on dialing in operating parameters in the grinding circuit, fine tuning mill alignment due to increasing operating throughputs, and gradually increasing both operating uptime and overall site throughput. Ramp-up to commercial production is expected to continue in Q4 2025, with first product leaving site in October, and throughput expected to be in the range of 75% of nameplate by the end of the year. At steady state throughput, the fully refurbished mill capacity will be 16.5 Mtpa.
Platreef: On October 30, 2025, Ivanhoe Mines("Ivanhoe") announced that the first feed of ore entered the concentrator on October 29, 2025. First production of concentrate is expected in the second half of November 2025. Ivanhoe reports that Phase 1 is the first step in a three-phase expansion plan that aims to make the Platreef Mine one of the world's largest and lowest-cost producers of platinum, palladium, rhodium, and gold, with copper and nickel byproduct credits. Ivanhoe reports that production from Phase 2, which is targeted to commence in Q4 2027, is expected to be more than four times larger than Phase 1.
_Fenix:_On October 29, 2025, Rio2 Limited ("Rio2") reported that at the end of Q3 2025 construction was 63% complete and remains on track and on budget for first gold production in the first quarter of 2026. On September 24, 2025, Rio2 announced they have signed two separate memorandum of understandings with two companies that have desalinated water distribution facilities for the potential supply of desalinated water to the Fenix Gold Mine. This is a significant milestone for the planned future expansion of the project, for which a pre-feasibility study is expected in Q1 2026.
Kurmuk: On October 15, 2025, Allied Gold Corporation ("Allied") reported that the Kurmuk project continues to track according to plan, with engineering substantially completed. The key focus for the rest of the year is on logistics for transporting equipment and materials to the site, finishing technical concrete works around the grinding areas, and advancing the mechanical erection at the processing plant site.
Koné: On October 6, 2025, Montage Gold Corp. ("Montage") announced that rapid construction progress continues and remains on budget and well on schedule for first gold pour in Q2 2027. Key milestones achieved since commencement of the project include the erection of six carbon-in-leach tanks, completion of mill foundations and water supply infrastructure, with the next key milestone being the delivery of the ball mill on-site in Q1 2026.
_El Domo: _On August 5, 2025, Silvercorp Metals Inc. ("Silvercorp") announced that the Constitutional Court of Ecuadorhas delivered a unanimous decision to uphold the validity of the environmental license for the El Domo project. On October 15, 2025, Silvercorp announced progress at El Domo with approximately 1.29 million cubic metres of material removed, up 249% compared to last quarter. The 481-bed construction camp has been substantially completed and is scheduled to be fully operational in Q4 2025, with commissioning of the mine and process plant targeted for late 2026.
_Copper World:_On August 13, 2025, Hudbay Minerals Inc., ("Hudbay") announced that Mitsubishi Corporation has agreed to acquire a 30% interest in Copper World LLC, which owns the fully permitted Copper World project. Concurrently, the Company agreed to amend the Copper World PMPA by adding an additional contingent payment of up to $70 millionassociated with a future potential mill expansion and amending the price to be paid per ounce of gold and silver delivered from a fixed per ounce price to 15% of spot price for gold and silver. The amendment is subject to execution of definitive agreements and the satisfaction of customary conditions.
_Santo Domingo: _On October 13, 2025, Capstone Copper Corp. ("Capstone") announced that Orion Resource Partners LP ("Orion") have agreed to acquire a 25% ownership interest in the Santo Domingoproject. Concurrent with the joint venture, Capstone and Orion have entered into an equity subscription agreement where the proceeds will be used for a new exploration program at Santo Domingoand another project.