REG - Wheaton Precious Met - 1st Quarter Results
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RNS Number : 5087D Wheaton Precious Metals Corp. 08 May 2026
May 7, 2026
Vancouver, British Columbia
First QUARTER FINANCIAL results
Wheaton Precious Metals Announces Record Revenue, Earnings and
Cash Flow for the First Quarter of 2026
"Wheaton delivered a strong start to 2026, with Salobo and Peñasquito
outperforming expectations and contributing to record quarterly revenue,
earnings and cash flow," said Haytham Hodaly, President and Chief Executive
Officer of Wheaton Precious Metals. "During the first quarter, we announced
our largest streaming transaction to date at Antamina in partnership with BHP
and subsequently entered into our first streaming agreement in Australia with
KGL Resources. These transactions expand our geographic footprint and broaden
our counterparty base, while further demonstrating the flexibility of the
streaming model as a means of unlocking value from non-core precious metals.
Supported by a high-quality operating asset base and an industry-leading
growth profile, Wheaton is well positioned to continue pursuing accretive
growth and delivering long-term value for all stakeholders."
Record Financial Performance and Strong Balance Sheet
· First quarter of 2026: A record $901 million in revenue, a record $582
million in net earnings, a record $583 million in adjusted net earnings, and a
record $766 million in operating cash flow.
· Declared a quarterly dividend(1) of $0.195 per common share, an 18%
increase from Q1 2025.
· Balance Sheet: Cash balance of $2.2 billion.
High Quality Asset Base
· Streaming and royalty agreements on 22 operating mines and 26
development and other projects(5).
· 80% of attributable production from assets in the lowest half of their
respective cost curves(2,4).
· Delivered attributable gold equivalent production(3) ("GEOs") of
212,000 ounces in the first quarter of 2026, a 22% increase relative to the
comparable period of the prior year primarily due to increased production from
Peñasquito, Antamina and Blackwater coupled with the recommencement of
production at Aljustrel.
· Further de-risking of industry leading forecast growth profile with
advancement of construction activities at a number of projects, including
Mineral Park, Platreef, Fenix, El Domo, Kurmuk, and Koné.
· Received first deliveries related to the Hemlo, Fenix and Mineral
Park precious metals purchase agreements ("PMPAs").
· On February 16, 2026, the Company entered into the previously
announced PMPA with BHP Group Limited ("BHP") for their 33.75% portion of the
silver produced at the Antamina mine located in Peru. The transaction was
subsequently closed on April 1, 2026.
· Subsequent to the quarter:
o 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. In return, the Company also obtained a right of
first refusal on any future precious metal streams, royalties, prepays or
similar transactions with respect to the Jervois Project.
o 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. In return, the Company also obtained a right of first refusal on any
future precious metal streams, royalties, prepays or similar transactions with
respect to the Spanish Mountain Gold Project.
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.
· Wheaton's Partner Community Investment Program supported initiatives
with the Vale Foundation, Vale Canada, Hudbay, First Majestic, Newmont,
B2Gold, Ivanplats and BMC Minerals to deliver vital services and programs to
communities located near our partner mining operations.
Operational Overview
(all figures in US dollars unless otherwise noted) Q1 2026 Q1 2025 Change
Units produced
Gold ounces 97,106 92,669 4.8 %
Silver ounces 6,636 4,685 41.6 %
Palladium ounces 2,591 2,661 (2.6)%
Platinum ounces 40 - n.a.
Cobalt pounds 657 540 21.6 %
Gold equivalent ounces (3) 211,951 174,391 21.5 %
Units sold
Gold ounces 95,072 111,297 (14.6)%
Silver ounces 5,049 4,483 12.6 %
Palladium ounces 2,906 2,457 18.3 %
Cobalt pounds 309 265 16.6 %
Gold equivalent ounces (3) 181,743 188,162 (3.4)%
Change in PBND
Gold equivalent ounces (3) 12,325 (29,008) (41,333)
Revenue $ 901,469 $ 470,411 91.6 %
Net earnings $ 582,044 $ 253,984 129.2 %
Per share $ 1.282 $ 0.560 128.9 %
Adjusted net earnings (1) $ 582,772 $ 250,825 132.3 %
Per share (1) $ 1.284 $ 0.553 132.2 %
Operating cash flows $ 765,823 $ 360,793 112.3 %
Per share (1) $ 1.687 $ 0.795 112.2 %
All amounts in thousands except gold, palladium, platinum & gold
equivalent ounces, and per share amounts.
Financial Review
Revenues
Revenue in the first quarter of 2026 was $901 million (51% gold, 47% silver,
1% palladium and 1% cobalt), with the $431 million increase relative to the
prior period quarter being primarily due to a 98% increase in the average
realized gold equivalent³ price; partially offset by a 3% decrease in the
number of GEOs³ sold.
Cash Costs and Margin
Average cash costs¹ in the first quarter of 2026 were $681 per GEO³ as
compared to $392 in the first quarter of 2025. This resulted in a cash
operating margin¹ of $4,279 per GEO³ sold, an increase of 103% as compared
with the first quarter of 2025, 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 70% 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.
Cash Flow from Operations
Operating cash flow in the first quarter of 2026 amounted to $766 million,
with the $405 million increase from the comparable period of the prior year
being due primarily to higher gross margin.
Produced But Not Yet Delivered
As at March 31, 2026, approximately 183,500 GEOs(3) were produced but not yet
delivered ("PBND") representing approximately 2.8 months of payable
production. This increase in the number of months of PBND compared with the
preceding four quarters places PBND levels at the mid-point of our guided
range of two and a half to three and a half months and was driven primarily by
strong quarterly production at Peñasquito.
Balance Sheet (at March 31, 2026)
· Approximately $2.2 billion of cash on hand
· During the first quarter of 2026, the Company made net upfront cash
payments of $60 million relative to the mineral stream interests consisting
of:
o Spring Valley: $50 million; and
o Marmato: $40 million; partially offset by
o a repayment of $30 million relative to the Santo Domingo PMPA, with this
amount to be re-advanced at a later date.
· Over the same period, the Company monetized select long term equity
investments, generating $323 million of cash proceeds, resulting in a realized
gain before tax of $152 million.
· Subsequent to the quarter, the Company made additional upfront cash
payments of $4.5 billion relative to the mineral stream interests consisting
of:
o Antamina BHP: $4.3 billion;
o Koné: $156 million; and
o Spanish Mountain: $22.5 million.
· On April 1, 2026, the Company made the $4.3 billion upfront payment
relative to the BHP Antamina PMPA. The upfront payment was funded through a
combination of the cash on hand at closing, a draw on the Company's previously
undrawn $2.0 billion Revolving Facility and a new $1.5 billion term loan
("Term Loan"). The Revolving Facility and the Term Loan provide flexible,
non-dilutive financing that may be repaid at any time without penalty.
First Quarter Operating Asset Highlights
Salobo: In the first quarter of 2026, Salobo produced 69,200 ounces of
attributable gold, a decrease of approximately 3% relative to the first
quarter of 2025, primarily the result of lower grades, partially offset by
higher throughput and recoveries.
Antamina: In the first quarter of 2026, Antamina produced 1.6 million ounces
of attributable silver, an increase of approximately 48% relative to the first
quarter of 2025, primarily due to higher grades and recoveries.
Peñasquito: In the first quarter of 2026, Peñasquito produced 2.6 million
ounces of attributable silver, an increase of approximately 46% relative to
the first quarter of 2025, primarily the result of higher throughput and
grades.
Constancia: In the first quarter of 2026, Constancia produced 0.5 million
ounces of attributable silver and 4,600 ounces of attributable gold, a
decrease of approximately 4% and 6%, respectively, relative to the first
quarter of 2025, primarily due to lower gold and silver recoveries. Mining
activities in the Pampacancha pit were completed during the fourth quarter of
2025 and the remaining stockpiled Pampacancha ore was fully processed during
January 2026. On May 1, 2026, Hudbay announced that mill throughput rates are
expected to increase to more than 90,000 TPD starting in the second half of
2026, with the installation of two pebble crushers and related permit
amendments. Hudbay reports it received permit approval to increase annual mill
throughput capacity to 31.1 million tonnes from 29.9 million tonnes, providing
the new base for the 10% permitted allowance that aligns with the Peru
Ministry of Energy and Mines' regulatory change.
San Dimas: In the first quarter of 2026, San Dimas produced 7,300 ounces of
attributable gold, a decrease of approximately 13% relative to the first
quarter of 2025, primarily the result of lower grades, consistent with their
mine plan.
Stillwater: In the first quarter of 2026, the Stillwater mines produced 1,400
ounces of attributable gold and 2,600 ounces of attributable palladium, an
increase of approximately 6% for gold and a decrease of approximately 4% for
palladium relative to the first quarter of 2025. The increase in gold
production was a result of higher throughput and recovery, partially offset by
lower grades while the decrease in palladium was a result of lower recoveries.
Blackwater: In the first quarter of 2026, Blackwater produced 0.1 million
ounces of attributable silver and 5,000 ounces of attributable gold, primarily
the result of higher throughput with the mine achieving commercial production
in May 2025. On March 12, 2026, Artemis Gold reported an unplanned mill
shutdown due to the failure of a ball mill gearbox, with the mill operations
being interrupted for 7 days. Artemis Gold also notes that strong grades
during the quarter helped to offset the lower throughput resulting from the
interruption, and that they are maintaining their full year production
guidance, with plans to make up for the unplanned downtime experienced in Q1.
Voisey's Bay: In the first quarter of 2026, the Voisey's Bay mine produced
657,000 pounds of attributable cobalt, an increase of approximately 22%
relative to the first quarter of 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 the first quarter of 2026, total Other Gold attributable
production was 5,400 ounces, an increase of approximately 616% relative to the
first quarter of 2025 due to the initial reported production from the Fenix
mine as well as the addition of attributable production from the Hemlo and
Goose mines. Notable operational updates for assets included within 'Other
Gold' include:
· Goose: On April 19, 2026, B2Gold provided an update on a near-term
operational plan related to a fire that occurred in certain areas of the
crushing circuit at the Goose mine on April 16, 2026. B2Gold confirmed that
there were no injuries reported and no medical treatment required related to
the fire and the damage was localized to the crushing circuit area. A
preliminary revised mill processing plan has been developed for Q2 2026 based
on the use of mobile crushers feeding crushed ore directly to the fine ore
stockpile while repairs to the crushing circuit related to the fire are
completed. B2Gold estimates the repairs will be completed in Q3 2026. B2Gold
reports that Q2 production is expected to be approximately 50% lower than Q1
and about 30% below the original Q2 plan, primarily due to lower throughput
levels.
· Marmato: On April 17, 2026, Aris reported a significant construction
milestone at its Marmato gold mine with the underground development crosscut
now connecting the new surface decline to the existing underground
development, establishing continuous underground access from surface, where
the new 5,000 tonne per day CIP plant is under construction, to the existing
workings. The connection supports the next phases of mine development,
infrastructure installation and operational readiness for the Marmato bulk
mine which is on schedule for first gold in Q4 2026.
· Hemlo: On April 28, 2026, Hemlo Mining Corp. ("Hemlo Mining")
announced that during its first full quarter of ownership, the successful
transition of an underground mining contractor workforce to owner-operated was
completed two weeks ahead of schedule, with 97% of the contractor workforce
accepting positions as part of the transition. Hemlo Mining reported that
various maintenance activities were undertaken during the quarter, with the
most significant tasks being the refurbishment of an underground crusher and
the replacement of the hoist cable, which was completed ahead of schedule.
Other Silver: In the first quarter of 2026, total Other Silver attributable
production was 1.9 million ounces, an increase of approximately 44% relative
to the first quarter of 2025, primarily the result of the resumption of mining
at Aljustrel. 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 first quarter of 2026, Waterton Copper LP continued
to refine ore commissioning of the newly refurbished concentrator at its
Mineral Park project. The ramp-up efforts in Q1 2026 were focused on achieving
stable throughput and gradually increasing both operating uptime and
concentrate production. Copper concentrate sales continued in the first
quarter and monthly delivery of silver to Wheaton under the PMPA commenced in
January 2026. Ramp-up to commercial production is expected to continue in Q2
2026, with increasing operating volumes throughout the second quarter. At
steady state throughput, the fully refurbished mill capacity will be 16.5
Mtpa.
Platreef: On April 13, 2026, Ivanhoe announced that the ramp-up of the
Platreef mine is advancing on track, with commercial production expected
mid-year. Ivanhoe states that construction of Shaft #3, as well as its
associated underground materials-handling and crushing plants, was completed
on schedule in late March and is currently undergoing commissioning. Once
Shaft #3 ramps up, the Phase 1 concentrator will then be continuously fed with
higher-grade production ore. In addition, Shaft #3 will also hoist waste
development required in preparation for the Phase 2 expansion, which is on
schedule to be completed by the end of 2027.
Fenix: On January 26, 2026, Rio2 Limited ("Rio2") announced the first official
gold pour at the Fenix Gold Mine, with construction of critical path items
completed on time and on budget, as previously guided. Additionally, the
Company received its first gold deliveries under the Fenix PMPA during the
quarter. Rio2 states that the focus now is to ramp up operations to 20,000
tonnes per day.
Kurmuk: On March 31, 2026, Allied announced its shareholders had approved the
previously announced definitive agreement with Zijin Gold International
Company Limited ("Zijin Gold"), where Zijin Gold will acquire all of the
issued and outstanding shares of Allied in cash. Allied states that both
companies continue to diligently and cooperatively advance the customary
regulatory approvals necessary to complete the arrangement, with the objective
of closing in a timely manner within the timeframe set out in the agreement.
The agreement provides for an outside date for closing of May 29, 2026,
subject to extension in certain circumstances.
Koné: On March 26, 2026, Montage reported that construction at the Koné
project is on track for first gold pour in late Q4 2026 through the oxide
circuit, while the hard-rock comminution circuit remains on track for
completion in Q2 2027. Key process plant achievements include completion of
all CIL tanks and ball mill shell installation, oxide sizer completion,
foundation concrete pours for pre-leach and tailings thickeners, and
advancement of the hard-rock comminution circuit.
Copper World: On January 12, 2026, Hudbay announced the closing of the joint
venture transaction with Mitsubishi Corporation, securing a premier, long-term
strategic partner for the development of Copper World. On May 1, 2026, Hudbay
reported that feasibility activities for Copper World are well under way, with
the definitive feasibility study ("DFS") progressing above 85% at the end of
March, and on track for completion in mid-2026. Hudbay reports it continues to
execute detailed engineering work and other de-risking activities in
preparation for a Copper World sanctioning decision expected later in 2026.
Santo Domingo: On April 29, 2026, Capstone Copper Corp. ("Capstone") reported
that detailed engineering advanced during the first 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.
Cangrejos: On April 28, 2026, it was announced that Ecuador has signed the
exploitation contract for the Cangrejos project. Signing this exploitation
contract will allow CMOC to move forward with seeking the required
construction permits for the mine and its facilities.
Kudz Ze Kayah: On April 13, 2026, BMC Minerals Ltd. ("BMC") announced receipt
of a positive decision document issued by the Government of Yukon, Natural
Resources Canada and the Department of Fisheries and Oceans Canada, after the
Yukon Environmental and Socio-economic Assessment Board had recommended
approval of the project in 2020. BMC reports it will now progress mining
permit and license applications with the aim to make a final investment
decision in late 2027, subject to receipt of permits.
Corporate Development
Antamina: On February 16, 2026, the Company entered into a PMPA with BHP (the
"BHP Antamina PMPA") for their 33.75% portion of the silver produced at the
Antamina Mine located in Peru. Effective April 1, 2026, Wheaton will receive a
combined 67.5% of all the silver produced from Antamina, up from the 33.75%
currently delivered under the existing Glencore silver stream. First
deliveries under the BHP Antamina PMPA are anticipated to be received at the
end of May 2026.
Under the terms of the BHP Antamina PMPA, the Company paid BHP total upfront
cash consideration of $4.3 billion on April 1, 2026, being the date of
closing. Additionally, the Company will make ongoing payments for the silver
ounces delivered equal to 20% of the spot price of silver.
Jervois: On April 1, 2026, the Company entered into a PMPA with KGL (the
"Jervois PMPA") for a portion of the gold and silver produced at the Jervois
Project located in Australia. In return, the Company also obtained a right of
first refusal on any future precious metal streams, royalties, prepays or
similar transactions with respect to the Jervois Project. Under the terms of
the Jervois PMPA, the Company will pay KGL total upfront cash consideration of
$275 million, subject to certain customary conditions. The upfront cash
consideration will be paid in a total of six installments, with the first two
installments of $16 million each to be made as early deposit payments, once
certain conditions are satisfied, and are expected to be paid in the second
and third calendar quarters of 2026. The remaining balance of $243 million
will be paid in four equal installments over the construction period as
various conditions are satisfied. Additionally, the Company will make ongoing
payments for the gold and silver ounces delivered equal to 20% of the spot
price of gold and silver.
Spanish Mountain: On April 20, 2026, the Company entered into a Royalty
Agreement with Spanish Mountain Gold (the "Spanish Mountain Royalty") for a
1.5% net smelter returns royalty on gold and silver production from the
Spanish Mountain Gold project. In return, the Company also obtained a right of
first refusal on any future precious metal streams, royalties, prepays or
similar transactions with respect to the Spanish Mountain Gold Project. Under
the terms of the Spanish Mountain Royalty, the Company will pay Spanish
Mountain Gold total upfront cash consideration of $55 million, subject to
certain customary conditions. The upfront cash consideration will be paid in
three installments consisting of a $22.5 million payment made on May 1, 2026,
a $12.5 million payment due after 60,000 meters of drilling (expected to be
made during Q2-2026), and a $20 million payment due upon receiving approval
under the Environmental Assessment Act (British Columbia) for the construction
and operation of the project.
Chief Executive Officer Transition
As previously announced, and as part of the Company's strategic succession
planning, effective March 31, 2026, Haytham Hodaly assumed the role of
President and Chief Executive Officer, while Mr. Smallwood transitioned to
Chair of the Board. These changes reflect Wheaton's ongoing leadership
evolution to support its next phase of growth.
Sustainability
Community Investment Program
· Wheaton's Partner Community Investment Program supports
initiatives with the Vale Foundation, Vale Canada, Hudbay, First Majestic,
Newmont, B2Gold, Ivanplats and BMC Minerals to deliver vital services and
programs to communities located near our partner mining operations. These
initiatives provide access to educational resources, health and dental care,
poverty reduction efforts, entrepreneurial opportunities, and a range of
social and environmental programs.
· During the first quarter, Wheaton, alongside First Majestic
Silver, completed the Tayoltita Landfill Refurbishment Project, supporting
upgrades to the community landfill near the San Dimas mine, including enhanced
containment, drainage, and venting systems, as well as a waste‑reduction and
recycling awareness program delivered in partnership with local authorities;
the project was formally inaugurated during the quarter.
Global Minimum Tax
The Company is within the scope of global minimum tax ("GMT") under the OECD
Pillar Two model rules, under which large multinational entities are subject
to a 15% GMT. The Company will make a payment of Cdn$155 million, on or
around June 30, 2026, in respect of the 2024 year. The payment for the 2025
year, in the amount of Cdn$346 million, is expected to be paid on or around
March 31, 2027.
2026 and Long-Term Production Outlook
Wheaton's estimated attributable production in 2026 is forecast to be 400,000
to 430,000 ounces of gold, 27 to 29 million ounces of silver, and 19,000 to
21,000 GEOs of other metals, resulting in annual production of approximately
860,000 to 940,000 GEOs(3), unchanged from previous guidance. Approximately 3%
of the Company's forecast 2026 production is estimated to be delivered from
assets currently in construction or various stages of ramp-up.
Annual production is forecast to increase by approximately 50% to 1,200,000
GEOs(3) by 2030, with average annual production forecast to remain at
1,200,000 GEOs(3) in years 2031 to 2035, also unchanged from previous
guidance.
About Wheaton Precious Metals Corp.
Wheaton 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 commodity price leverage 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 all of its stakeholders.
In accordance with Wheaton Precious Metals™ Corp.'s ("Wheaton Precious
Metals", "Wheaton" or the "Company") MD&A and Financial Statements,
reference to the Company and Wheaton includes the Company's wholly owned
subsidiaries.
Webcast and Conference Call Details
Wheaton will release its 2026 first quarter results on Thursday, May 7, 2026,
after market close. A conference call will be held on Friday, May 8, 2026,
starting at 11:00 am ET (8:00 am PT) to discuss these results. To participate
in the live call, please use one of the following methods:
RapidConnect URL:
Click here
(https://registrations.events/easyconnect/9995273/recucYcjYB9w3AKsS/)
Live
webcast:
Click here (https://app.webinar.net/WedpzwXlEAD)
Dial toll
free:
1-800-715-9871 or 1-647-932-3411
Conference Call
ID:
9995273#
Participants should dial in five to ten minutes before the call.
The conference call will be recorded and available until May 15, 2026, at
11:59 pm ET. The webcast will be available for one year. You can listen to an
archive of the call by one of the following methods:
Dial toll free from Canada or the US: 1-800-770-2030
Dial from outside Canada or the US: 1-647-362-9199
Pass
code:
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Archived
webcast:
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This earnings release should be read in conjunction with Wheaton Precious
Metals' MD&A and Financial Statements, which are available on the
Company's website at www.wheatonpm.com and have been posted on SEDAR+ at
www.sedarplus.ca.
Wheaton Precious Metals believes that there are no significant differences
between its corporate governance practices and those required to be followed
by United States domestic issuers under the NYSE listing standards. This
confirmation is located on the Wheaton Precious Metals website at
http://www.wheatonpm.com.
For further information:
Investor Contact
Emma Murray
Vice President, Investor Relations
Tel: 1-844-288-9878
Email: info@wheatonpm.com
Media Contact
Simona Antolak
Vice President, Communications & Corporate Affairs
Tel: 1-604-639-9870
Email: media@wheatonpm.com
Condensed Interim Consolidated Statements of Earnings
Three Months Ended
March 31
(US dollars and shares in thousands, except per share amounts - unaudited) 2026 2025
Sales $ 901,469 $ 470,411
Cost of sales
Cost of sales, excluding depletion $ 125,243 $ 74,635
Depletion 76,852 76,693
Total cost of sales $ 202,095 $ 151,328
Gross margin $ 699,374 $ 319,083
General and administrative 12,971 13,525
Share based compensation 10,113 12,181
Donations and community investments 1,497 2,693
Earnings from operations $ 674,793 $ 290,684
Other income (expense) 17,736 7,520
Earnings before finance costs and income taxes $ 692,529 $ 298,204
Finance costs 1,405 1,441
Earnings before income taxes $ 691,124 $ 296,763
Income tax expense 109,080 42,779
Net earnings $ 582,044 $ 253,984
Basic earnings per share $ 1.282 $ 0.560
Diluted earnings per share $ 1.279 $ 0.559
Weighted average number of shares outstanding
Basic 454,044 453,692
Diluted 454,955 454,428
Condensed Interim Consolidated Balance Sheets
As at As at
March 31
December 31
(US dollars in thousands - unaudited) 2026 2025
Assets
Current assets
Cash and cash equivalents $ 2,164,505 $ 1,153,593
Accounts receivable 18,039 46,723
Other 3,053 3,853
Total current assets $ 2,185,597 $ 1,204,169
Non-current assets
Mineral stream interests $ 7,379,936 $ 7,397,149
Early deposit mineral stream interests 47,097 47,094
Mineral royalty interests 40,421 40,421
Long-term equity investments 164,217 410,495
Property, plant and equipment 9,587 9,926
Other 19,340 16,527
Total non-current assets $ 7,660,598 $ 7,921,612
Total assets $ 9,846,195 $ 9,125,781
Liabilities
Current liabilities
Accounts payable and accrued liabilities $ 13,499 $ 22,557
Dividends payable 88,549 -
Income taxes payable 367,506 109,951
Current portion of performance share units 12,216 21,604
Current portion of lease liabilities 581 575
Total current liabilities $ 482,351 $ 154,687
Non-current liabilities
Performance share units $ 1,500 $ 13,215
Lease liabilities 7,081 7,330
Income taxes payable - non-current 96,443 252,271
Deferred income taxes 9,487 1,794
Pension liability 6,055 5,976
Total non-current liabilities $ 120,566 $ 280,586
Total liabilities $ 602,917 $ 435,273
Shareholders' equity
Issued capital $ 3,818,179 $ 3,814,910
Reserves 99,780 176,911
Retained earnings 5,325,319 4,698,687
Total shareholders' equity $ 9,243,278 $ 8,690,508
Total liabilities and shareholders' equity $ 9,846,195 $ 9,125,781
Condensed Interim Consolidated Statements of Cash Flows
Three Months Ended
March 31
(US dollars in thousands - unaudited) 2026 2025
Operating activities
Net earnings $ 582,044 $ 253,984
Adjustments for
Depreciation and depletion 77,283 76,994
Equity settled share based compensation 1,647 1,425
Performance share units - expense 8,466 10,756
Performance share units - paid (29,257) (17,209)
Income tax expense 109,080 42,779
Investment income recognized in net earnings (13,015) (9,046)
Other (2,394) 3,007
Change in non-cash working capital 18,776 (7,742)
Cash generated from operations before income taxes and interest $ 752,630 $ 354,948
Income taxes paid (182) (2,234)
Interest paid (103) (91)
Interest received 13,478 8,170
Cash generated from operating activities $ 765,823 $ 360,793
Financing activities
Debt issue costs $ (3,045) $ -
Share purchase options exercised 739 2,506
Lease payments (159) (122)
Cash (used for) generated from financing activities $ (2,465) $ 2,384
Investing activities
Mineral stream interests $ (61,154) $ (95,740)
Early deposit mineral stream interests (3) -
Acquisition of long-term investments (14,608) (3)
Proceeds on disposal of long-term investments 323,421 -
Dividends received - 239
Other 3,440 (260)
Cash (used for) generated from investing activities $ 251,096 $ (95,764)
Effect of exchange rate changes on cash and cash equivalents $ (3,542) $ 2
Increase in cash and cash equivalents $ 1,010,912 $ 267,415
Cash and cash equivalents, beginning of period 1,153,593 818,166
Cash and cash equivalents, end of period $ 2,164,505 $ 1,085,581
Summary of Units Produced
Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
Gold ounces produced ²
Salobo 69,201 88,907 66,997 69,418 71,384 84,291 62,689 63,225
Sudbury (3) 4,113 7,412 4,852 5,403 4,880 5,259 3,593 4,477
Constancia 4,571 15,396 12,797 4,604 4,876 18,727 10,760 6,269
San Dimas (4) 7,341 8,206 7,507 6,987 8,416 7,263 6,882 7,089
Stillwater (5) 1,424 1,518 1,717 1,654 1,339 2,166 2,247 2,099
Blackwater 4,954 5,479 4,879 4,050 1,017 - - -
Platreef 76 - - - - - - -
Other
Marmato 816 705 807 748 757 622 648 584
Goose 1,096 1,027 387 19 - - - -
Hemlo 3,007 1,630 - - - - - -
Fenix 507 - - - - - - -
Total Other 5,426 3,362 1,194 767 757 622 648 584
Total gold ounces produced 97,106 130,280 99,943 92,883 92,669 118,328 86,819 83,743
Silver ounces produced (2)
Peñasquito 2,559 1,821 2,087 2,103 1,754 2,465 1,785 2,263
Antamina 1,553 1,600 1,672 1,482 1,047 1,071 931 1,013
Constancia 531 731 577 552 555 970 648 451
Blackwater 129 148 136 138 35 - - -
Other
Los Filos (6) - - - - 68 29 26 27
Zinkgruvan 532 513 688 684 585 637 537 699
Neves-Corvo 483 549 431 449 459 494 425 432
Aljustrel (7) 657 516 180 - - - - -
Cozamin 165 170 169 174 174 192 185 177
Marmato 8 8 10 8 8 7 7 6
Mineral Park 19 8 - - - - - -
Total Other 1,864 1,764 1,478 1,315 1,294 1,359 1,180 1,341
Total silver ounces produced 6,636 6,064 5,950 5,590 4,685 5,865 4,544 5,068
Palladium ounces produced ²
Stillwater (5) 2,561 2,519 2,650 2,435 2,661 2,797 4,034 4,338
Platreef 30 - - - - - - -
Total palladium ounces produced 2,591 2,519 2,650 2,435 2,661 2,797 4,034 4,338
Platinum ounces produced ²
Platreef 40 - - - - - - -
Cobalt pounds produced ²
Voisey's Bay 657 670 604 647 540 393 397 259
GEOs produced (8) 211,951 235,614 203,078 190,179 174,391 218,993 165,883 170,916
Average payable rate (2)
Gold 95.3% 95.0% 94.6% 95.2% 94.9% 95.3% 95.0% 95.0%
Silver 87.5% 87.2% 87.6% 87.7% 86.3% 84.6% 83.9% 84.4%
Palladium 98.3% 96.9% 96.7% 97.4% 96.4% 97.5% 98.4% 97.3%
Cobalt 93.3% 93.3% 93.3% 93.3% 93.3% 93.3% 93.3% 93.3%
GEOs (8) 91.2% 91.6% 91.2% 91.5% 91.1% 90.5% 90.0% 89.8%
1) All figures in thousands except gold, palladium and platinum ounces
produced.
2) Quantity produced represents the amount of gold, silver, palladium,
platinum and cobalt contained in concentrate or doré prior to smelting or
refining deductions. Production figures and payable rates are based on
information provided by the operators of the mining operations to which the
mineral stream interests relate or management estimates in those situations
where other information is not available. Certain production figures and
payable rates may be updated in future periods as additional information is
received.
3) Comprised of the Coleman, Copper Cliff, Garson, Creighton, Stobie and
Totten gold interests.
4) Under the terms of the San Dimas PMPA, the Company is entitled to an
amount equal to 25% of the payable gold production plus an additional amount
of gold equal to 25% of the payable silver production converted to gold at a
fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the
average gold to silver price ratio decreases to less than 50:1 or increases to
more than 90:1 for a period of 6 months or more, then the "70" shall be
revised to "50" or "90", as the case may be, until such time as the average
gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or
more in which event the "70" shall be reinstated. From April 30, 2025 to
October 28, 2025, the fixed gold to silver exchange ratio was revised to 90:1.
Effective October 29, 2025, the fixed gold to silver exchange ratio was
returned to 70:1. For reference, attributable silver production from prior
periods is as follows: Q1 2026 - 294,000 ounces; Q4 2025 - 329,000 ounces; Q3
2025 - 364,000 ounces; Q2 2025 - 311,000 ounces; Q1 2025 - 340,000 ounces; Q4
2024 - 295,000 ounces; Q3 2024 - 262,000 ounces; Q2 2024 - 285,000 ounces.
5) Comprised of the Stillwater and East Boulder gold and palladium
interests. On September 12, 2024, Sibanye Stillwater ("Sibanye") announced
that as a result of low palladium prices it was placing the Stillwater West
operations into care and maintenance, while using Stillwater East and East
Boulder operations to improve efficiencies that could get Stillwater West back
to production as prices permit.
6) On April 1, 2025, Equinox Gold Corp., reported it has indefinitely
suspended operations at Los Filos following the expiry of its land access
agreement with the community of Carrizalillo on March 31, 2025.
7) On September 12, 2023, it was announced that the production of the zinc
and lead concentrates at the Aljustrel mine will be halted from September 24,
2023 until the third quarter of 2025.
8) GEOs, which are provided to assist the reader, are based on the
following commodity price assumptions: $4,800 per ounce gold; $80.00 per ounce
silver; $1,500 per ounce palladium; $2,000 per ounce platinum; and $25.00 per
pound cobalt; consistent with those used in estimating the Company's
production guidance for 2026.
Summary of Units Sold
Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
Gold ounces sold
Salobo 58,675 83,697 55,768 76,331 83,809 55,170 58,101 54,962
Sudbury (2) 4,412 3,715 4,729 2,849 5,632 4,048 2,495 5,679
Constancia 10,886 17,029 2,708 6,827 9,788 17,873 5,186 6,640
San Dimas 7,670 8,686 6,655 7,235 8,962 6,990 7,022 6,801
Stillwater (3) 1,394 1,790 1,465 1,386 1,947 2,410 1,635 2,628
Blackwater 4,914 5,225 6,463 3,291 110 - - -
Other
Marmato 718 809 749 742 737 650 550 616
Goose 1,339 528 95 - - - - -
Hemlo 4,478 - - - - - - -
Fenix 274 - - - - - - -
Santo Domingo (4) 312 312 312 312 312 312 447 -
El Domo (4) - - - - - 209 258 -
Total Other 7,121 1,649 1,156 1,054 1,049 1,171 1,255 616
Total gold ounces sold 95,072 121,791 78,944 98,973 111,297 87,662 75,694 77,326
Silver ounces sold
Peñasquito 1,444 1,878 1,609 2,112 1,976 1,852 1,667 1,482
Antamina 1,504 1,893 1,552 1,073 884 858 989 917
Constancia 674 613 275 625 730 797 366 422
Blackwater 127 137 137 143 - - - -
Other
Los Filos 7 - 3 8 57 29 26 24
Zinkgruvan 347 358 708 520 446 452 488 597
Neves-Corvo 271 245 212 224 218 154 185 216
Aljustrel 505 382 122 - - - - -
Cozamin 149 169 133 154 164 158 148 158
Marmato 8 10 9 9 8 7 6 7
Mineral Park 13 - - - - - - -
Total Other 1,300 1,164 1,187 915 893 800 853 1,002
Total silver ounces sold 5,049 5,685 4,760 4,868 4,483 4,307 3,875 3,823
Palladium ounces sold
Stillwater (3) 2,906 1,730 2,594 2,575 2,457 4,434 3,761 4,301
Cobalt pounds sold
Voisey's Bay 309 485 529 353 265 485 88 88
GEOs sold (5) 181,743 219,605 161,845 182,750 188,162 163,355 141,918 142,838
Cumulative payable units PBND (6)
Gold ounces 106,312 108,525 106,222 90,284 100,512 123,511 97,929 90,406
Silver ounces 4,028 3,245 3,629 3,178 3,145 3,583 2,931 2,993
Palladium ounces 4,803 5,169 4,424 4,414 4,596 4,439 6,186 6,018
Platinum ounces 32 - - - - - - -
Cobalt pounds 1,646 1,341 1,202 1,168 917 678 796 513
GEOs (5) 183,534 171,209 174,343 150,713 159,136 188,144 152,858 144,847
1) All figures in thousands except gold and palladium ounces sold.
2) Comprised of the Coleman, Copper Cliff, Garson, Creighton, Stobie and
Totten gold interests.
3) Comprised of the Stillwater and East Boulder gold and palladium
interests.
4) The ounces sold under Santo Domingo and El Domo relate to ounces
received due to the delay ounce provision as per the respective PMPA. Please
see the Company's MD&A for more information.
5) GEOs, which are provided to assist the reader, are based on the
following commodity price assumptions: $4,800 per ounce gold; $80.00 per ounce
silver; $1,500 per ounce palladium; $2,000 per ounce platinum; and $25.00 per
pound cobalt; consistent with those used in estimating the Company's
production guidance for 2026.
6) Payable gold, silver and palladium ounces as well as cobalt pounds
produced but not yet delivered ("PBND") are based on management estimates.
These figures may be updated in future periods as additional information is
received.
Results of Operations
The operating results of the Company's reportable operating segments are
summarized in the tables and commentary below.
Three Months Ended March 31, 2026
Units Units Average Average Average Sales Net Cash Flow Total
Produced²
Sold
Realized
Cash Cost
Depletion
Earnings
From
Assets
Price
($'s Per
($'s Per
Operations
($'s
Unit) (3)
Unit) (4)
Per Unit)
Gold
Salobo 69,201 58,675 $ 4,843 $ 433 $ 404 $ 284,180 $ 235,053 $ 262,007 $ 2,596,997
Sudbury (5) 4,113 4,412 4,881 400 1,399 21,533 13,596 19,852 212,322
Constancia 4,571 10,886 4,843 429 338 52,725 44,373 48,056 48,601
San Dimas 7,341 7,670 4,843 643 428 37,148 28,929 32,214 121,933
Stillwater 1,424 1,394 4,843 871 570 6,752 4,742 5,537 203,407
Blackwater 4,954 4,914 4,881 1,714 606 23,984 12,582 13,745 328,070
Platreef 76 - n.a. n.a. n.a. - - - 275,702
Other (6) 5,426 7,121 4,875 907 1,424 34,716 18,122 28,260 1,504,930
97,106 95,072 $ 4,849 $ 556 $ 534 $ 461,038 $ 357,397 $ 409,671 $ 5,291,962
Silver
Peñasquito 2,559 1,444 $ 84.45 $ 4.62 $ 5.09 $ 121,955 $ 107,933 $ 115,283 $ 199,516
Antamina 1,553 1,504 84.45 17.84 4.39 127,014 93,578 100,184 452,486
Constancia 531 674 84.45 6.32 6.43 56,944 48,350 52,682 147,070
Blackwater 129 127 80.85 13.90 7.55 10,246 7,527 8,355 166,545
Other (7) 1,864 1,300 85.07 22.16 3.19 110,611 77,656 107,848 555,952
6,636 5,049 $ 84.52 $ 13.53 $ 4.63 $ 426,770 $ 335,044 $ 384,352 $ 1,521,569
Palladium
Stillwater 2,561 2,906 $ 1,689 $ 310 $ 492 $ 4,909 $ 2,578 $ 4,008 $ 207,462
Platreef 30 - n.a. n.a. n.a. - - - 78,814
2,591 2,906 $ 1,689 $ 310 $ 492 $ 4,909 $ 2,578 $ 4,008 $ 286,276
Platinum
Marathon - - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 9,451
Platreef 40 - n.a. n.a. n.a. - - - 57,584
40 - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 67,035
Cobalt
Voisey's Bay 657 309 $ 28.36 $ 5.23 $ 9.02 $ 8,752 $ 4,355 $ 6,497 $ 213,094
Operating results $ 901,469 $ 699,374 $ 804,528 $ 7,379,936
Other
General and administrative $ (12,971) $ (20,267)
Share based compensation (10,113) (29,257)
Donations and community investments (1,497) (1,407)
Finance costs (1,405) (1,071)
Other 17,736 13,479
Income tax (109,080) (182)
Total other $ (117,330) $ (38,705) $ 2,466,259
$ 582,044 $ 765,823 $ 9,846,195
1) Units of gold, silver, palladium and platinum produced and sold are
reported in ounces, while cobalt is reported in pounds. All figures in
thousands except gold, palladium and platinum ounces produced and sold and per
unit amounts.
2) Quantity produced represents the amount of gold, silver, palladium,
platinum and cobalt contained in concentrate or doré prior to smelting or
refining deductions. Production figures are based on information provided by
the operators of the mining operations to which the mineral stream interests
relate or management estimates in those situations where other information is
not available. Certain production figures may be updated in future periods as
additional information is received.
3) Refer to discussion on non-GAAP measure (iii) at the end of this press
release.
4) Includes the non-cash per ounce cost of sale associated with delay
ounces. Please see the Company's MD&A for more information.
5) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton,
Stobie and Totten gold interests and the non-operating Victor gold interest.
6) Other gold interests comprised of the Copper World, Marmato, Santo
Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Curraghinalt, Kudz Ze
Kayah, Koné, Kurmuk, Spring Valley and Hemlo gold interests.
7) Other silver interests comprised of the Los Filos, Zinkgruvan,
Stratoni, Neves-Corvo, Aljustrel, El Alto, Copper World, Navidad, Marmato,
Cozamin , El Domo, Mineral Park and Kudz Ze Kayah silver interests.
Three Months Ended March 31, 2025
Units Units Average Average Average Sales Net Cash Flow Total
Produced²
Sold
Realized
Cash Cost
Depletion
Earnings
From
Assets
Price
($'s Per
($'s Per
Operations
($'s
Unit) (3)
Unit) (4)
Per Unit)
Gold
Salobo 71,384 83,809 $ 2,873 $ 429 $ 378 $ 240,804 $ 173,171 $ 204,863 $ 2,563,794
Sudbury (5) 4,880 5,632 2,862 400 1,326 16,118 6,398 13,850 234,084
Constancia 4,876 9,788 2,873 425 323 28,123 20,808 23,967 61,167
San Dimas 8,416 8,962 2,873 637 290 25,751 17,445 20,043 133,882
Stillwater 1,339 1,947 2,873 497 421 5,594 3,807 4,626 206,642
Blackwater 1,017 110 2,862 1,020 617 314 134 202 340,163
Platreef - - n.a. n.a. n.a. - - - 275,702
Other (6) 757 1,049 2,853 356 1,194 2,992 1,367 2,619 389,864
92,669 111,297 $ 2,872 $ 445 $ 423 $ 319,696 $ 223,130 $ 270,170 $ 4,205,298
Silver
Peñasquito 1,754 1,976 $ 32.03 $ 4.56 $ 4.86 $ 63,271 $ 44,666 $ 54,262 $ 234,868
Antamina 1,047 884 32.03 6.41 8.46 28,311 15,169 22,647 483,292
Constancia 555 730 32.03 6.26 6.10 23,375 14,351 18,806 160,923
Blackwater 35 - n.a. n.a. n.a. - - - 170,926
Other (7) 1,294 893 33.55 4.42 6.14 29,980 20,545 23,069 556,241
4,685 4,483 $ 32.33 $ 5.17 $ 6.03 $ 144,937 $ 94,731 $ 118,784 $ 1,606,250
Palladium
Stillwater 2,661 2,457 $ 965 $ 172 $ 429 $ 2,372 $ 895 $ 1,949 $ 212,125
Platreef - - n.a. n.a. n.a. - - - 78,814
2,661 2,457 $ 965 $ 172 $ 429 $ 2,372 $ 895 $ 1,949 $ 290,939
Platinum
Marathon - - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 9,451
Platreef - - n.a. n.a. n.a. - - - 57,584
- - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 67,035
Cobalt
Voisey's Bay 540 265 $ 12.88 $ 2.46 $ 9.18 $ 3,406 $ 327 $ 3,962 $ 228,260
Operating results $ 470,411 $ 319,083 $ 394,865 $ 6,397,782
Other
General and administrative $ (13,525) $ (19,379)
Share based compensation (12,181) (17,209)
Donations and community investments (2,693) (2,879)
Finance costs (1,441) (1,161)
Other 7,520 8,790
Income tax (42,779) (2,234)
Total other $ (65,099) $ (34,072) $ 1,341,515
$ 253,984 $ 360,793 $ 7,739,297
1) Units of gold, silver and palladium produced and sold are reported in
ounces, while cobalt is reported in pounds. All figures in thousands except
gold and palladium ounces produced and sold and per unit amounts.
2) Quantity produced represents the amount of gold, silver, palladium and
cobalt contained in concentrate or doré prior to smelting or refining
deductions. Production figures are based on information provided by the
operators of the mining operations to which the mineral stream interests
relate or management estimates in those situations where other information is
not available. Certain production figures may be updated in future periods as
additional information is received.
3) Refer to discussion on non-GAAP measure (iii) at the end of this press
release.
4) Includes the non-cash per ounce cost of sale associated with delay
ounces. Please see the Company's MD&A for more information.
5) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and
Totten gold interests as well as the non-operating Stobie and Victor gold
interests.
6) Other gold interests comprised of the Marmato, Copper World, Santo
Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Curraghinalt, Kudz Ze
Kayah, Koné and Kurmuk gold interests.
7) Other silver interests comprised of the Los Filos, Zinkgruvan,
Neves-Corvo, Marmato, Cozamin, Stratoni, Aljustrel, El Alto, Copper World,
Navidad, El Domo, Mineral Park and Kudz Ze Kayah silver interests.
Comparative Results of Operations on a GEO Basis
Q1 2026 Q1 2025 Change Change
GEO Production (1, 2) 211,951 174,391 37,560 21.5 %
GEO Sales (2) 181,743 188,162 (6,418) (3.4)%
Average price per GEO sold (2) $ 4,960 $ 2,500 $ 2,460 98.4 %
Revenue $ 901,469 $ 470,411 $ 431,058 91.6 %
Cost of sales, excluding depletion $ 125,243 $ 74,635 $ (50,608) (67.8)%
Depletion 76,852 76,693 (159) (0.2)%
Cost of sales $ 202,095 $ 151,328 $ (50,767) (33.5)%
Gross margin $ 699,374 $ 319,083 $ 380,291 119.2 %
General and administrative 12,971 13,525 554 4.1 %
Share based compensation 10,113 12,181 2,068 17.0 %
Donations and community investments 1,497 2,693 1,196 44.4 %
Earnings from operations $ 674,793 $ 290,684 $ 384,109 132.1 %
Other income (expense) 17,736 7,520 10,216 135.9 %
Earnings before finance costs and income taxes $ 692,529 $ 298,204 $ 394,325 132.2 %
Finance costs 1,405 1,441 36 2.5 %
Earnings before income taxes $ 691,124 $ 296,763 $ 394,361 132.9 %
Income tax expense 109,080 42,779 (66,301) (155.0)%
Net earnings $ 582,044 $ 253,984 $ 328,060 129.2 %
1) Quantity produced represents the amount of gold, silver, palladium,
platinum and cobalt contained in concentrate or doré prior to smelting or
refining deductions. Production figures are based on information provided by
the operators of the mining operations to which the mineral stream interests
relate or management estimates in those situations where other information is
not available. Certain production figures may be updated in future periods as
additional information is received.
2) GEOs, which are provided to assist the reader, are based on the
following commodity price assumptions: $4,800 per ounce gold; $80.00 per ounce
silver; $1,500 per ounce palladium; $2,000 per ounce platinum; and $25.00 per
pound cobalt; consistent with those used in estimating the Company's
production guidance for 2026.
Non-GAAP Measures
Wheaton has included, throughout this document, certain non-GAAP performance
measures, including (i) adjusted net earnings and adjusted net earnings per
share; (ii) operating cash flow per share (basic and diluted); (iii) average
cash costs of gold, silver and palladium on a per ounce basis and cobalt on a
per pound basis; and (iv) cash operating margin.
i. Adjusted net earnings and adjusted net earnings per share are
calculated by removing the effects of non-cash impairment charges
(reversals) (if any), non-cash fair value (gains) losses and other one-time
(income) expenses as well as the reversal of non-cash income tax expense
(recovery) which is offset by income tax expense (recovery) recognized in the
Statements of Shareholders' Equity and OCI, respectively. The Company believes
that, in addition to conventional measures prepared in accordance with IFRS
Accounting Standards, management and certain investors use this information to
evaluate the Company's performance.
The following table provides a reconciliation of adjusted net earnings and
adjusted net earnings per share (basic and diluted).
Three Months Ended
March 31
(in thousands, except for per share amounts) 2026 2025
Net earnings $ 582,044 $ 253,984
Add back (deduct):
(Gain) loss on fair value adjustment of share purchase warrants held 928 (623)
Deferred income tax (expense) recovery recognized in the Statement of OCI - (2,351)
Other (200) (185)
Adjusted net earnings $ 582,772 $ 250,825
Divided by:
Basic weighted average number of shares outstanding 454,044 453,692
Diluted weighted average number of shares outstanding 454,955 454,428
Equals:
Adjusted earnings per share - basic $ 1.284 $ 0.553
Adjusted earnings per share - diluted $ 1.281 $ 0.552
ii. Operating cash flow per share (basic and diluted) is calculated by
dividing cash generated by operating activities by the weighted average number
of shares outstanding (basic and diluted). The Company presents operating cash
flow per share as management and certain investors use this information to
evaluate the Company's performance in comparison to other companies in the
precious metal mining industry who present results on a similar basis.
The following table provides a reconciliation of operating cash flow per share
(basic and diluted).
Three Months Ended
March 31
(in thousands, except for per share amounts) 2026 2025
Cash generated by operating activities $ 765,823 $ 360,793
Divided by:
Basic weighted average number of shares outstanding 454,044 453,692
Diluted weighted average number of shares outstanding 454,955 454,428
Equals:
Operating cash flow per share - basic $ 1.687 $ 0.795
Operating cash flow per share - diluted $ 1.683 $ 0.794
iii. Average cash cost of gold, silver and palladium on a per ounce basis
and cobalt on a per pound basis is calculated by dividing the total cost of
sales, less depletion and cost of sales related to delay ounces, by the ounces
or pounds sold. In the precious metal mining industry, this is a common
performance measure but does not have any standardized meaning prescribed by
IFRS Accounting Standards. In addition to conventional measures prepared in
accordance with IFRS Accounting Standards, management and certain investors
use this information to evaluate the Company's performance and ability to
generate cash flow.
The following table provides a calculation of average cash cost of gold,
silver and palladium on a per ounce basis and cobalt on a per pound basis.
Three Months Ended
March 31
(in thousands, except for gold and palladium ounces sold and per unit amounts) 2026 2025
Cost of sales $ 202,095 $ 151,328
Less: depletion (76,852) (76,693)
Less: cost of sales related to delay ounces (1) (1,514) (864)
Cash cost of sales $ 123,729 $ 73,771
Cash cost of sales is comprised of:
Total cash cost of gold sold $ 52,877 $ 49,512
Total cash cost of silver sold 68,337 23,186
Total cash cost of palladium sold 901 423
Total cash cost of cobalt sold (2) 1,614 650
Total cash cost of sales $ 123,729 $ 73,771
Divided by:
Total gold ounces sold 95,072 111,297
Total silver ounces sold 5,049 4,483
Total palladium ounces sold 2,906 2,457
Total cobalt pounds sold 309 265
Equals:
Average cash cost of gold (per ounce) $ 556 $ 445
Average cash cost of silver (per ounce) $ 13.53 $ 5.17
Average cash cost of palladium (per ounce) $ 310 $ 172
Average cash cost of cobalt (per pound) $ 5.23 $ 2.46
1) The cost of sales related to delay ounces is a non-cash expense. Please
see the Company's MD&A for more information.
iv. Cash operating margin is calculated by adding back depletion and the
cost of sales related to delay ounces to the gross margin. Cash operating
margin on a per ounce or per pound basis is calculated by dividing the cash
operating margin by the number of ounces or pounds sold during the period. The
Company presents cash operating margin as management and certain investors use
this information to evaluate the Company's performance in comparison to other
companies in the precious metal mining industry who present results on a
similar basis as well as to evaluate the Company's ability to generate cash
flow.
The following table provides a reconciliation of cash operating margin.
Three Months Ended
March 31
(in thousands, except for gold and palladium ounces sold and per unit amounts) 2026 2025
Gross margin $ 699,374 $ 319,083
Add back: depletion 76,852 76,693
Add back: cost of sales related to delay ounces (1) 1,514 864
Cash operating margin $ 777,740 $ 396,640
Cash operating margin is comprised of:
Total cash operating margin of gold sold $ 408,161 $ 270,184
Total cash operating margin of silver sold 358,433 121,751
Total cash operating margin of palladium sold 4,008 1,949
Total cash operating margin of cobalt sold 7,138 2,756
Total cash operating margin $ 777,740 $ 396,640
Divided by:
Total gold ounces sold 95,072 111,297
Total silver ounces sold 5,049 4,483
Total palladium ounces sold 2,906 2,457
Total cobalt pounds sold 309 265
Equals:
Cash operating margin per gold ounce sold $ 4,293 $ 2,427
Cash operating margin per silver ounce sold $ 70.99 $ 27.16
Cash operating margin per palladium ounce sold $ 1,379 $ 793
Cash operating margin per cobalt pound sold $ 23.12 $ 10.42
1) The cost of sales related to delay ounces is a non-cash expense. Please
see the Company's MD&A for more information.
These non-GAAP measures do not have any standardized meaning prescribed by
IFRS Accounting Standards, and other companies may calculate these measures
differently. The presentation of these non-GAAP measures is intended to
provide additional information and should not be considered in isolation or as
a substitute for measures of performance prepared in accordance with IFRS
Accounting Standards. For more detailed information, please refer to Wheaton's
MD&A available on the Company's website at www.wheatonpm.com and posted on
SEDAR+ at www.sedarplus.ca.
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 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.
· 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; or
other payments under royalty arrangements;
· 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 ability of the Company to repay the existing Revolving
Facility and new Term Loan;
· 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 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;
· risks relating to the generation of sufficient cash flow to repay
the existing Revolving Facility and the new Term Loan;
· 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 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
on file with the U.S. Securities and Exchange Commission in Washington, D.C.
and available on EDGAR (the "Disclosure").
Forward-looking statements are based on assumptions management currently
believes to be reasonable, including but not limited to:
· 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 the Company will be able to repay the existing Revolving
Facility and new Term Loan;
· 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.
Cautionary Language Regarding Reserves and Resources
For further information on Mineral Reserves and Mineral Resources and on
Wheaton more generally, readers should refer to Wheaton's Annual Information
Form for the year ended December 31, 2025, which was filed on March 31, 2026
and other continuous disclosure documents filed by Wheaton since January 1,
2026, available on SEDAR+ at www.sedarplus.ca. Wheaton's Mineral Reserves and
Mineral Resources are subject to the qualifications and notes set forth
therein. Mineral Resources, which are not Mineral Reserves, do not have
demonstrated economic viability.
Cautionary Note to United States Investors Concerning Estimates of Measured,
Indicated and Inferred Resources: The information contained herein has been
prepared in accordance with the requirements of the securities laws in effect
in Canada, which differ from the requirements of United States securities
laws. The Company reports information regarding mineral properties,
mineralization and estimates of mineral reserves and mineral resources in
accordance with Canadian reporting requirements which are governed by, and
utilize definitions required by, Canadian National Instrument 43-101 -
Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian
Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition
Standards on Mineral Resources and Mineral Reserves, adopted by the CIM
Council, as amended (the "CIM Standards"). These definitions differ from the
definitions adopted by the United States Securities and Exchange Commission
("SEC") under the United States Securities Act of 1933, as amended (the
"Securities Act") which are applicable to U.S. companies. Accordingly, there
is no assurance any mineral reserves or mineral resources that the Company may
report as "proven mineral reserves", "probable mineral reserves", "measured
mineral resources", "indicated mineral resources" and "inferred mineral
resources" under NI 43-101 would be the same had the Company prepared the
reserve or resource estimates under the standards adopted by the SEC.
Accordingly, information contained herein that describes Wheaton's mineral
deposits may not be comparable to similar information made public by U.S.
companies subject to reporting and disclosure requirements under the United
States federal securities laws and the rules and regulations thereunder.
United States investors are urged to consider closely the disclosure in
Wheaton's Form 40-F, a copy of which may be obtained from Wheaton or from
https://www.sec.gov/edgar.shtml (https://www.sec.gov/edgar.shtml) .
End Notes
(1)Please refer to disclosure on non-GAAP measures in this press release.
Details of the dividend can be found in the Wheaton's news release dated May
7, 2026, titled "Wheaton Precious Metals Announces Quarterly Dividend."
(2)Statements made in this section contain forward-looking information with
respect to forecast production, production growth, funding outstanding
commitments, continuing to acquire accretive mineral stream interests and the
commencement, timing and achievement of construction, expansion or improvement
projects and readers are cautioned that actual outcomes may vary. Please see
"Cautionary Note Regarding Forward-Looking Statements" for material risks,
assumptions and important disclosure associated with this information.
(3)Gold equivalent ounces for 2026 and long-term guidance are calculated by
converting silver, palladium, platinum and cobalt to a gold equivalent by
using the following commodity price assumptions: $4,800 per ounce gold, $80
per ounce silver, $1,500 per ounce Palladium, $2,000 per ounce Platinum, and
$25 per pound Cobalt.
(4)Source: Company reports S&P Global estimates of 2026-2030 byproduct
cost curves for gold, zinc/lead, copper, PGM, nickel & silver mines
(5)Total streaming and royalty agreements relate to precious metals purchase
agreements for the purchase of precious metals and cobalt relating to 22
mining assets which are currently operating, 24 which are at various stages of
development, and 2 of which have been placed in care and maintenance or have
been closed.
(6)Further details for long-term guidance can be found in the Wheaton news
release dated February 16, 2026, titled "Wheaton Precious Metals Exceeds 2025
Production Guidance and Provides 2026 and Long-Term Outlook, Projecting
Approximately 50% Growth to 1.2 Million Gold Equivalent Ounces by 2030."
(7)Wheaton's long-term production outlook is based on information available as
of February 16, 2026, the date of publication.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
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. END QRFEAFSXESNKEAA
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