REG - Wheaton Precious Met - Closing of Silver Stream with BHP on Antamina

Wheaton Precious MetalsAnnouncement

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RNS Number : 2325Z  Wheaton Precious Metals Corp.  02 April 2026

 

 

Wheaton Precious Metals Announces Closing of Silver Stream with BHP on Antamina

 

Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to
announce that its wholly-owned subsidiary, Wheaton Precious Metals
International Ltd. ("WPMI") has completed the previously announced silver
stream transaction under its Precious Metals Purchase Agreement with a
wholly-owned subsidiary of BHP Group Limited ("BHP"), in respect of the
Antamina Mine in Peru ("BHP Antamina PMPA").

 

Under the BHP Antamina PMPA, from the effective date of April 1, 2026, WPMI
will purchase the equivalent of BHP's 33.75% of the payable silver from the
Antamina mine until a total of 100 million ounces has been delivered, at which
point WPMI will purchase the equivalent of 22.5% of the payable silver for the
life of mine. Payable silver will be calculated using a fixed payable factor
of 90.0%. In exchange, WPMI has made the upfront payment of US$4.3 billion and
will make ongoing payments for the silver ounces delivered equal to 20% of the
spot price of silver.

 

Full details of the transaction can be found in Wheaton's news release titled
"Wheaton Precious Metals Announces Acquisition of Additional Silver Stream on
Antamina Through New Partnership with BHP" dated February 16, 2026.

 

About Wheaton Precious Metals Corp.

Wheaton Precious Metals is the world's premier precious metals streaming
company with the highest-quality portfolio of long-life, low-cost assets. Its
business model offers investors leverage to commodity prices and exploration
upside but with a much lower risk profile than a traditional mining company.
Wheaton delivers amongst the highest cash operating margins in the mining
industry, allowing it to pay a competitive dividend and continue to grow
through accretive acquisitions. Wheaton is committed to strong ESG practices
and giving back to the communities where Wheaton and its mining partners
operate. Wheaton creates sustainable value through streaming.

For further information, please contact:

Emma Murray

Vice President, Investor Relations

Wheaton Precious Metals Corp.

Tel: 1-844-288-9878

Email: info@wheatonpm.com (mailto:info@wheatonpm.com)

 

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This press release contains "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable Canadian
securities legislation concerning the business, operations and financial
performance of Wheaton and, in some instances, the business, mining operations
and performance of Wheaton's Precious Metals Purchase Agreement ("PMPA")
counterparties. Forward-looking statements, which are all statements other
than statements of historical fact, include, but are not limited to,
statements with respect to:

·      the satisfaction of each party's obligations in accordance with
the BHP Antamina PMPA;

·      the receipt by the Company of silver production in respect of the
Antamina mine under the BHP Antamina PMPA;

·      the future price of commodities;

·      the estimation of future production from the mineral stream
interests and mineral royalty interests currently owned by the Company (the
"Mining Operations") (including in the estimation of production, mill
throughput, grades, recoveries and exploration potential);

·      the estimation of mineral reserves and mineral resources
(including the estimation of reserve conversion rates and the realization of
such estimations);

·      the commencement, timing and achievement of construction,
expansion or improvement projects by Wheaton's precious metal purchase
agreement ("PMPA") counterparties at Mining Operations or other payments under
royalty arrangements;

·      the payment of upfront cash consideration to counterparties under
PMPAs, the satisfaction of each party's obligations in accordance with PMPAs
and the receipt by the Company of precious metals and cobalt production or
other payments in respect of the applicable Mining Operations under PMPAs;

·      the ability of Wheaton's PMPA counterparties to comply with the
terms of a PMPA (including as a result of the business, mining operations and
performance of Wheaton's PMPA counterparties) and the potential impacts of
such on Wheaton;

·      future payments by the Company in accordance with PMPAs,
including any acceleration of payments;

·      the costs of future production;

·      the estimation of produced but not yet delivered ounces;

·      continued listing of the Common Shares on the LSE, NYSE and TSX;

·      any statements as to future dividends;

·      the ability to fund outstanding commitments and the ability to
continue to acquire accretive PMPAs;

·      projected increases to Wheaton's production and cash flow
profile;

·      projected changes to Wheaton's production mix;

·      the ability of Wheaton's PMPA counterparties to comply with the
terms of any other obligations under agreements with the Company;

·      the ability to sell precious metals and cobalt production;

·      confidence in the Company's business structure;

·      the Company's assessment of taxes payable, and the Company's
ability to pay its taxes;

·      possible CRA domestic and international audits;

·      the Company's assessment of the impact of any tax reassessments;

·      the Company's climate change and environmental commitments; and

·      assessments of the impact and resolution of various legal and
tax matters, including but not limited to audits.

 

Generally, these forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not expect",
"is expected", "budget", "scheduled", "estimates", "forecasts", "projects",
"intends", "anticipates" or "does not anticipate", or "believes", "potential",
or variations of such words and phrases or statements that certain actions,
events or results "may", "could", "would", "might" or "will be taken", "occur"
or "be achieved". Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Wheaton to be materially
different from those expressed or implied by such forward-looking statements,
including but not limited to:

 

·      risks relating to the satisfaction of each party's obligations in
accordance with the terms of the BHP Antamina PMPA;

·      risks relating to the Company's ability to meet the conditions
of, and the satisfaction of each party's obligations under, the existing RCF
and the new Term Loan;

·      risks relating to the generation of sufficient cash flow to repay
the existing RCF and the new Term Loan;

·      risks associated with fluctuations in the price of commodities
(including Wheaton's ability to sell its precious metals or cobalt production
at acceptable prices or at all);

·      risks related to the Mining Operations (including fluctuations in
the price of the primary or other commodities mined at such operations,
regulatory, political and other risks of the jurisdictions in which the Mining
Operations are located, actual results of mining, risks associated with
exploration, development, operating, expansions and improvement at the Mining
Operations, environmental and economic risks of the Mining Operations, and
changes in project parameters as Mining Operations plans continue to be
refined);

·      absence of control over the Mining Operations and having to rely
on the accuracy of the public disclosure and other information Wheaton
receives from the owners and operators of the Mining Operations as the basis
for its analyses, forecasts and assessments relating to its own business;

·      risks related to the uncertainty in the accuracy of mineral
reserve and mineral resource estimation;

·      risks related to the satisfaction of each party's obligations in
accordance with the terms of the Company's PMPAs, including the ability of the
companies with which the Company has PMPAs to perform their obligations under
those PMPAs in the event of a material adverse effect on the results of
operations, financial condition, cash flows or business of such companies, any
acceleration of payments, estimated throughput and exploration potential;

·      risks relating to production estimates from Mining Operations,
including anticipated timing of the commencement of production by certain
Mining Operations;

·      Wheaton's interpretation of, or compliance with, or application
of, tax laws and regulations or accounting policies and rules, being found to
be incorrect or the tax impact to the Company's business operations being
materially different than currently contemplated, or the ability to pay such
taxes as and when due;

·      any challenge or reassessment by the CRA of the Company's tax
filings being successful and the potential negative impact to the Company's
previous and future tax filings;

·      risks in assessing the impact of the CRA Settlement;

·      risks related to any changes to the Income Tax Act (Canada) that
may result in a material change to the amount of future taxes payable;

·      counterparty credit and liquidity risks;

·      mine operator and counterparty concentration risks;

·      indebtedness and guarantees risks;

·      hedging risk;

·      competition in the streaming industry risk;

·      risks relating to security over underlying assets;

·      risks relating to third-party PMPAs;

·      risks relating to revenue from royalty interests;

·      risks related to Wheaton's acquisition strategy;

·      risks relating to third-party rights under PMPAs;

·      risks relating to future financings and security issuances;

·      risks relating to unknown defects and impairments;

·      risks related to governmental regulations;

·      risks related to international operations of Wheaton and the
Mining Operations;

·      risks relating to exploration, development, operating, expansions
and improvements at the Mining Operations;

·      risks related to environmental regulations;

·      the ability of Wheaton and the Mining Operations to obtain and
maintain necessary licenses, permits, approvals and rulings;

·      the ability of Wheaton and the Mining Operations to comply with
applicable laws, regulations and permitting requirements;

·      lack of suitable supplies, infrastructure and employees to
support the Mining Operations;

·      risks related to underinsured Mining Operations;

·      inability to replace and expand mineral reserves, including
anticipated timing of the commencement of production by certain Mining
Operations (including increases in production, estimated grades and
recoveries);

·      uncertainties related to title and indigenous rights with respect
to the mineral properties of the Mining Operations;

·      the ability of Wheaton and the Mining Operations to obtain
adequate financing;

·      the ability of the Mining Operations to complete permitting,
construction, development and expansion;

·      challenges related to global financial conditions;

·      risks associated with sustainability-related matters;

·      risks related to fluctuations in commodity prices of metals
produced from the Mining Operations other than precious metals or cobalt;

·      risks related to claims and legal proceedings against Wheaton or
the Mining Operations;

·      risks related to the market price of the Common Shares of
Wheaton;

·      the ability of Wheaton and the Mining Operations to retain key
management employees or procure the services of skilled and experienced
personnel;

·      risks related to interest rates;

·      risks related to the declaration, timing and payment of
dividends;

·      risks related to access to confidential information regarding
Mining Operations;

·      risks associated with multiple listings of the Common Shares on
the LSE, NYSE and TSX;

·      risks associated with a possible suspension of trading of Common
Shares;

·      equity price risks related to Wheaton's holding of long-term
investments in other companies;

·      risks relating to activist shareholders;

·      risks relating to reputational damage;

·      risks relating to expression of views by industry analysts;

·      risks related to the impacts of climate change and the transition
to a low-carbon economy;

·      risks associated with the ability to achieve climate change and
environmental commitments at Wheaton and at the Mining Operations;

·      risks related to ensuring the security and safety of information
systems, including cyber security risks;

·      risks relating to artificial intelligence;

·      risks relating to compliance with anti-corruption and
anti-bribery laws;

·      risks relating to corporate governance and public disclosure
compliance;

·      risks of significant impacts on Wheaton or the Mining Operations
as a result of an epidemic or pandemic;

·      risks related to the adequacy of internal control over financial
reporting; and

·      other risks discussed in the section entitled "Description of the
Business - Risk Factors" in Wheaton's Annual Information Form available on
SEDAR+ at www.sedarplus.ca (http://www.sedarplus.ca) and Wheaton's Form 40-F
for the year ended December 31, 2025 on file with the U.S. Securities and
Exchange Commission on EDGAR (the "Disclosure").

 

Forward-looking statements are based on assumptions management currently
believes to be reasonable, including but not limited to:

 

·      that each party's obligations in accordance with the terms of the
BHP Antamina PMPA will be satisfied;

·      that the Company will be able to repay the existing RCF and new
Term Loan;

·      that there will be no material adverse change in the market price
of commodities;

·      that the Mining Operations will continue to operate and the
mining projects will be completed in accordance with public statements and
achieve their stated production estimates;

·      that the mineral reserves and mineral resource estimates from
Mining Operations (including reserve conversion rates) are accurate;

·      that public disclosure and other information Wheaton receives
from the owners and operators of the Mining Operations is accurate and
complete;

·      that the production estimates from Mining Operations are
accurate;

·      that each party will satisfy their obligations in accordance with
the PMPAs;

·      that Wheaton will continue to be able to fund or obtain funding
for outstanding commitments;

·      that Wheaton will be able to source and obtain accretive PMPAs;

·      that the terms and conditions of a PMPA are sufficient to recover
liabilities owed to the Company;

·      that Wheaton has fully considered the value and impact of any
third-party interests in PMPAs;

·      that expectations regarding the resolution of legal and tax
matters will be achieved (including CRA audits involving the Company);

·      that Wheaton has properly considered the application of Canadian
tax laws to its structure and operations and that Wheaton will be able to pay
taxes when due;

·      that Wheaton has filed its tax returns and paid applicable taxes
in compliance with applicable tax laws;

·      that the trading of the Common Shares will not be adversely
affected by the differences in liquidity, settlement and clearing systems as a
result of multiple listings of the Common Shares on the LSE, the TSX and the
NYSE;

·      that the trading of the Company's Common Shares will not be
suspended;

·      the estimate of the recoverable amount for any PMPA with an
indicator of impairment;

·      that neither Wheaton nor the Mining Operations will suffer
significant impacts as a result of an epidemic or pandemic; and

·      such other assumptions and factors as set out in the Disclosure.

 

Although Wheaton has attempted to identify important factors that could cause
actual results, level of activity, performance or achievements to differ
materially from those contained in forward‑looking statements, there may be
other factors that cause results, level of activity, performance or
achievements not to be as anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be accurate and even
if events or results described in the forward-looking statements are realized
or substantially realized, there can be no assurance that they will have the
expected consequences to, or effects on, Wheaton. Accordingly, readers should
not place undue reliance on forward-looking statements and are cautioned that
actual outcomes may vary. The forward-looking statements included herein are
for the purpose of providing readers with information to assist them in
understanding Wheaton's expected financial and operational performance and may
not be appropriate for other purposes. Any forward-looking statement speaks
only as of the date on which it is made, reflects Wheaton's management's
current beliefs based on current information and will not be updated except in
accordance with applicable securities laws.

 

 

 

 

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