REG - Wheaton Precious Met - 3rd Quarter Results 2025
07/11/2025 07:00
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RNS Number : 6554G Wheaton Precious Metals Corp. 07 November 2025
November 6, 2025
Vancouver, British Columbia
THIRD QUARTER FINANCIAL results
Wheaton Precious Metals Announces Record Revenue, Earnings and Cash Flow for
the First Nine Months of 2025
"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 million in revenue, a record $367 million
in net earnings, $281 million in adjusted net earnings, and $383 million in
operating cash flow.
· Declared a quarterly dividend(1) of $0.165 per 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
billion revolving credit facility and $500 million accordion as at September
30, 2025.
High Quality Asset Base
· Streaming and royalty agreements on 23 operating mines and 24
development and other projects(5), including the addition of the proposed
Hemlo transaction.
· 83% of attributable production from assets in the lowest half of their
respective cost curves(2,4).
· Attributable gold equivalent production(3) ("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 Hemlo mine from Barrick Mining Corporation ("Barrick"), including a
gold stream of up to $400 million, with Carcetti expected to elect an amount
of $300 million in 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 million in Carcetti's
equity offering.
· Subsequent to the quarter;
o On October 2, 2025, B2Gold Corp. ("B2Gold") announced that the Goose Mine
in Nunavut achieved commercial production.
o 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 $100,000 to the Red
Cross to support relief efforts in Jamaica following Hurricane Melissa. The
contribution reflects Wheaton's commitment to support communities connected to
its operating regions. The Cayman Islands is 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 million increase 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 billion in the nine months ended September 30, 2025,
representing a $546 million increase 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 $532 per GEO³ as
compared to $439 in the third quarter of 2024. This resulted in a cash
operating margin¹ of $2,930 per 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, 2025 were $480
per GEO³ as compared to $436 in the comparable period of the previous year.
This resulted in a cash operating margin¹ of $2,667 per 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 million increase from the comparable period of the prior year
being due primarily to higher gross margin.
Operating cash flows for the nine months ended September 30, 2025 amounted to
$1.2 billion, with the $451 million increase from the comparable period of the
previous year being due primarily to higher gross margin.
Produced But Not Yet Delivered
As at September 30, 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 billion of cash on hand.
· During the third quarter of 2025, the Company made total upfront cash
payments of $250 million relative to the mineral stream interests consisting
of:
o Koné: $156 million;
o Fenix: $50 million; and
o Kurmuk: $44 million.
· Subsequent to the quarter, the Company made additional upfront cash
payments of $94 million relative to the mineral stream interests consisting
of:
o Fenix: $50 million; and
o El Domo: $44 million.
· With industry leading liquidity supported by existing cash on hand, a
fully undrawn $2 billion revolving facility coupled with the $500 million
accordion, 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 Stillwater mines 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 Ecuador has 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 million associated 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 Domingo project. 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 Domingo
and another project.
Cangrejos: On June 23, 2025, CMOC announced that it had completed its
previously disclosed acquisition of Lumina Gold Corp. ("Lumina"). CMOC reports
that it has assembled a multidisciplinary project team to fast-track
development of the Cangrejos project, with commercial production targeted for
2028. On September 16, 2025, in connection with its acquisition of Lumina, a
subsidiary of CMOC exercised its 33% buy-back option under the Cangrejos PMPA
for a cash payment of $102 million, resulting in a gain of $86 million on
partial disposal of the Cangrejos PMPA. Please see Gain on Partial Disposal of
Mineral Stream Interest on page 26 of the accompanying MD&A for more
information.
Toroparu: On October 28, 2025, Aris announced positive results from the
recently completed preliminary economic assessment ("PEA") of the Toroparu
Project, which Aris reports confirm Toroparu as a large-scale, long-life open
pit gold project with robust economics. Based on the results of the PEA, Aris
has initiated a Prefeasibility Study ("PFS"), targeted for completion in 2026,
with the objective of advancing the project toward construction.
Mt Todd: On July 29, 2025, Vista Gold Corp. announced the results of a new
feasibility study at a re-sized 15,000 tpd operation, demonstrating strong
economics for the Mt Todd Gold Project with a smaller initial project by
prioritizing higher grade ore to the processing plant, while significantly
lowering initial capital costs.
Corporate Development
Hemlo: On September 10, 2025, the Company announced it has committed to enter
into a financing commitment with Carcetti to support its proposed acquisition
of the currently operating Hemlo mine from Barrick, including a gold stream of
up to $400 million, subject to execution of definitive agreements and
satisfaction of customary conditions. Under the terms of the proposed gold
stream, Wheaton would purchase 13.5% of the payable gold until a total of
181,000 ounces of gold has been delivered, at which point Wheaton would
purchase 9.0% of the payable gold until an additional 157,330 ounces of gold
has been delivered, after which Wheaton would purchase 6.0% of payable gold
for the life of the mine. Each of the dropdown thresholds will be subject to
adjustment if there are delays in deliveries relative to an agreed
schedule, and commencing in 2033, if deliveries fall behind the agreed
schedule by 10,000 ounces or more, the stream percentage will be increased by
5% until deliveries catch up with the agreed schedule. The applicable stream
percentage will be reduced by half with respect to gold production from
certain claims comprising the Interlake deposit. Additionally, Wheaton would
make ongoing payments for the gold ounces delivered equal to 20% of the spot
price of gold.
Carcetti is expected to elect an amount of $300 million in accordance with the
terms of the agreement, in which case the stream percentages would be adjusted
proportionately. The transaction is expected to close in Q4 2025, delivering
immediate production and cash flow to the Company. As part of its financing
commitment, on October 7, 2025, the Company invested $30 million in Carcetti's
equity offering.
Kudz Ze Kayah: On October 8, 2025, the Company amended its PMPA with BMC
Minerals Ltd. ("BMC") in respect of the Kudz Ze Kayah ("KZK") project, with
the amendment including the elimination of BMC Minerals' one-time option to
repurchase 50% of the stream for a period of 30 days after June 22, 2026, and
the Company's right to repayment on certain conditions being met. In
connection with the amendment, the Company advanced an additional upfront
deposit of $2.5 million to BMC at the time of execution and has committed to
advance an additional $15 million deposit on KZK achieving certain permitting
milestones.
Sustainability
Future of Mining Challenge
During the quarter, Wheaton announced the return of its Future of Mining
Challenge, inviting ventures from around the world to propose industry
solutions aimed at improving operational efficiencies and minimizing
environmental impacts. The 2025/26 challenge will award $1 million to a
cleantech venture with innovative technology that seeks to advance sustainable
water management in the mining industry. The expressions of interest phase
closed on August 29, 2025, with applicants spanning North and South America,
Australia, Europe, Asia, and Africa. Following an extensive review by the
challenge evaluators, 17 ventures have been selected to proceed to the next
stage, and the winning venture will be announced at the PDAC 2026.
Community Investment Program
· Wheaton's Partner Community Investment Program supports
initiatives with the Vale Foundation, Vale Canada, Hudbay, First Majestic,
Newmont, B2Gold, and Ivanplats to deliver vital services and programs to
communities impacted by 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.
· In the third quarter, Wheaton was the lead sponsor for the BGC of
South Coast BC's Clubhouse Gala and Barefoot in the Backyard in support of the
Sarah McLachlan School of Music.
2025 and Long-Term Production Outlook
Wheaton's estimated attributable production in 2025 is forecast to be 350,000
to 390,000 ounces of gold, 20.5 to 22.5 million ounces of silver, and 12,500
to 13,500 GEOs(3) of other metals, resulting in annual production of
approximately 600,000 to 670,000 GEOs(3), unchanged from previous
guidance(2,3).
Annual production is forecast to increase by approximately 40% to 870,000
GEOs(3) by 2029, with average annual production forecast to grow to over
950,000 GEOs(3 )in years 2030 to 2034, also unchanged from previous
guidance(6,7).
The Company will provide updated longer-term guidance in normal course in the
first quarter of 2026, which will incorporate the impact of recent
developments and the Hemlo acquisition announced in 2025.
Transfer Agent Change
The Company announces that Odyssey Trust Company will replace TSX Trust as its
transfer agent for both Canadian and US services, effective December 17,
2025. Shareholders do not need to take any action in respect to the change in
transfer agent. All inquiries and correspondence relating to shareholders'
records, transfer of shares, lost certificates, changes of addresses or other
inquiries related to shares should now be directed to Odyssey Trust Company as
follows:
Odyssey Trust Company
Address: United Kingdom Building
350-409 Granville Street
Vancouver, British Columbia, Canada
V6C 1T2
Direct Dial: 1-587-885-0960
Canada & US (toll-free): 1-888-290-1175
Email: shareholders@odysseytrust.com (mailto:shareholders@odysseytrust.com)
Contact Odyssey through their website at: https://odysseytrust.com/ca-en/help/
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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. As a result, Wheaton has consistently outperformed gold and
silver, as well as other mining investments. 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 2025 third quarter results on Thursday, November 6,
2025, after market close. A conference call will be held on Friday, November
7, 2025, 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:
Dial toll free from Canada or the US: 1-888-510-2154
Dial from outside Canada or the US: 1-437-900-0527
Pass
code:
68324 #
Live audio
webcast:
Webcast (https://app.webinar.net/2yEBxqDoMAg) Link
(https://app.webinar.net/2yEBxqDoMAg)
Participants should dial in five to ten minutes before the call.
The conference call will be recorded and available until November 14, 2025 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: 1-888-660-6345
Dial from outside Canada or the US: 1-289-819-1450
Pass
code:
68324 #
Archived audio
webcast: Webcast
(https://app.webinar.net/2yEBxqDoMAg) Link
(https://app.webinar.net/2yEBxqDoMAg)
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.
Mr. Wes Carson, P.Eng., Vice President, Mining Operations, Neil Burns, P.Geo.,
Vice President, Corporate Development for Wheaton Precious Metals and Ryan
Ulansky, P.Eng., Vice President, Engineering, are a "qualified person" as such
term is defined under National Instrument 43-101, and have reviewed and
approved the technical information disclosed in this news release
(specifically Mr. Carson has reviewed production figures, Mr. Burns has
reviewed mineral resource estimates and Mr. Ulansky has reviewed the mineral
reserve estimates).
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 Nine Months Ended
September 30
September 30
(US dollars and shares in thousands, except per share amounts - unaudited) 2025 2024 2025 2024
Sales $ 476,257 $ 308,253 $ 1,449,886 $ 904,123
Cost of sales
Cost of sales, excluding depletion $ 74,303 $ 55,310 $ 224,107 $ 170,872
Depletion 65,966 55,530 217,662 178,071
Total cost of sales $ 140,269 $ 110,840 $ 441,769 $ 348,943
Gross margin $ 335,988 $ 197,413 $ 1,008,117 $ 555,180
General and administrative 10,424 9,488 34,970 30,193
Share based compensation 8,652 9,628 30,795 17,150
Donations and community investments 1,406 2,352 6,466 4,626
Earnings from operations $ 315,506 $ 175,945 $ 935,886 $ 503,211
Gain on disposal of mineral stream interests 85,724 - 85,724 -
Other income (expense) 12,834 7,605 30,090 19,922
Earnings before finance costs and income taxes $ 414,064 $ 183,550 $ 1,051,700 $ 523,133
Finance costs 1,441 1,404 4,309 4,144
Earnings before income taxes $ 412,623 $ 182,146 $ 1,047,391 $ 518,989
Income tax expense 45,407 27,511 133,920 77,996
Net earnings $ 367,216 $ 154,635 $ 913,471 $ 440,993
Basic earnings per share $ 0.809 $ 0.341 $ 2.013 $ 0.973
Diluted earnings per share $ 0.807 $ 0.340 $ 2.009 $ 0.971
Weighted average number of shares outstanding
Basic 453,967 453,641 453,850 453,389
Diluted 454,768 454,302 454,625 454,037
Condensed Interim Consolidated Balance Sheets
As at As at
September 30
December 31
(US dollars in thousands - unaudited) 2025 2024
Assets
Current assets
Cash and cash equivalents $ 1,157,706 $ 818,166
Accounts receivable 41,528 6,217
Other 3,952 3,697
Total current assets $ 1,203,186 $ 828,080
Non-current assets
Mineral stream interests $ 6,837,323 $ 6,379,580
Early deposit mineral stream interests 47,094 47,094
Mineral royalty interests 40,421 40,421
Long-term equity investments 264,382 98,975
Property, plant and equipment 10,339 8,691
Other 16,773 21,616
Total non-current assets $ 7,216,332 $ 6,596,377
Total assets $ 8,419,518 $ 7,424,457
Liabilities
Current liabilities
Accounts payable and accrued liabilities $ 15,407 $ 13,553
Income taxes payable 110,034 2,127
Current portion of performance share units 22,730 13,562
Current portion of lease liabilities 572 262
Total current liabilities $ 148,743 $ 29,504
Non-current liabilities
Performance share units $ 11,561 $ 11,522
Lease liabilities 7,422 4,909
Income taxes payable - non-current 153,136 113,505
Deferred income taxes 402 349
Pension liability 5,497 5,289
Total non-current liabilities $ 178,018 $ 135,574
Total liabilities $ 326,761 $ 165,078
Shareholders' equity
Issued capital $ 3,813,281 $ 3,798,108
Reserves 66,690 (63,503)
Retained earnings 4,212,786 3,524,774
Total shareholders' equity $ 8,092,757 $ 7,259,379
Total liabilities and shareholders' equity $ 8,419,518 $ 7,424,457
Condensed Interim Consolidated Statements of Cash Flows
Three Months Ended Nine Months Ended
September 30
September 30
(US dollars in thousands - unaudited) 2025 2024 2025 2024
Operating activities
Net earnings $ 367,216 $ 154,635 $ 913,471 $ 440,993
Adjustments for
Depreciation and depletion 66,273 55,887 218,589 179,111
Gain on disposal of mineral stream interest (85,724) - (85,724) -
Equity settled share based compensation 1,612 1,725 4,846 4,978
Performance share units - expense 7,040 7,903 25,949 12,172
Performance share units - paid - - (17,209) (11,129)
Income tax expense 45,407 27,511 133,920 77,996
Investment income recognized in net earnings (9,957) (7,249) (27,746) (18,564)
Other (470) 2,130 2,701 2,710
Change in non-cash working capital (17,512) 2,837 (31,963) 1,329
Cash generated from operations before income taxes and interest $ 373,885 $ 245,379 $ 1,136,834 $ 689,596
Income taxes refunded (paid) (422) 2,925 (3,604) 2,734
Interest paid (132) (71) (310) (219)
Interest received 9,622 6,104 25,785 15,999
Cash generated from operating activities $ 382,953 $ 254,337 $ 1,158,705 $ 708,110
Financing activities
Credit facility extension fees $ (93) $ (11) $ (955) $ (936)
Share purchase options exercised 1,942 847 6,415 13,011
Lease payments (127) (149) (338) (444)
Dividends paid (74,232) (69,984) (222,171) (209,108)
Cash used for financing activities $ (72,510) $ (69,297) $ (217,049) $ (197,477)
Investing activities
Mineral stream interests $ (250,630) $ (25,876) $ (694,321) $ (512,383)
Mineral royalty interests - (4,956) - (26,981)
Net proceeds on disposal of mineral stream interests 101,730 - 101,730 -
Acquisition of long-term investments (9,711) (728) (9,714) (1,479)
Proceeds on disposal of long-term investments - - - 177,088
Dividends received 239 482 765 1,663
Other (231) (155) (722) (944)
Cash used for investing activities $ (158,603) $ (31,233) $ (602,262) $ (363,036)
Effect of exchange rate changes on cash and cash equivalents $ (19) $ 61 $ 146 $ (39)
Increase in cash and cash equivalents $ 151,821 $ 153,868 $ 339,540 $ 147,558
Cash and cash equivalents, beginning of period 1,005,885 540,217 818,166 546,527
Cash and cash equivalents, end of period $ 1,157,706 $ 694,085 $ 1,157,706 $ 694,085
Summary of Units Produced
Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
Gold ounces produced ²
Salobo 66,997 69,417 71,384 84,291 62,689 63,225 61,622 71,777
Sudbury (3) 4,999 5,403 4,880 5,259 3,593 4,477 5,618 5,823
Constancia 12,797 4,604 4,876 18,727 10,760 6,269 14,316 22,781
San Dimas (4) 7,507 6,987 8,416 7,263 6,882 7,089 7,542 10,023
Stillwater (5) 1,717 1,654 1,339 2,166 2,247 2,099 2,637 2,341
Blackwater 4,879 4,050 1,017 - - - - -
Other
Marmato 807 748 757 622 648 584 623 668
Goose 387 - - - - - - -
Total Other 1,194 748 757 622 648 584 623 668
Total gold ounces produced 100,090 92,863 92,669 118,328 86,819 83,743 92,358 113,413
Silver ounces produced (2)
Peñasquito (6) 2,087 2,103 1,754 2,465 1,785 2,263 2,643 1,036
Antamina 1,721 1,299 1,087 947 925 992 806 1,030
Constancia 577 552 555 969 648 451 640 836
Blackwater 136 138 34 - - - - -
Other
Los Filos (7) - - 37 29 26 27 48 26
Zinkgruvan 688 684 585 637 537 699 641 510
Neves-Corvo 431 449 459 494 425 432 524 573
Aljustrel (8) 180 - - - - - - -
Cozamin 169 174 174 192 185 177 173 185
Marmato 10 8 8 7 7 6 7 10
Total Other 1,478 1,315 1,263 1,359 1,180 1,341 1,393 1,304
Total silver ounces produced 5,999 5,407 4,693 5,740 4,538 5,047 5,482 4,206
Palladium ounces produced ²
Stillwater (5) 2,650 2,435 2,661 2,797 4,034 4,338 4,463 4,209
Cobalt pounds produced ²
Voisey's Bay 604 647 540 393 397 259 240 215
GEOs produced (9) 173,415 159,503 150,601 187,625 142,716 144,904 158,490 164,599
Average payable rate (2)
Gold 94.7% 95.2% 94.9% 95.3% 95.0% 95.0% 94.7% 95.1%
Silver 86.1% 87.2% 86.4% 84.2% 83.9% 84.3% 84.5% 83.0%
Palladium 96.7% 97.4% 96.4% 97.5% 98.4% 97.3% 97.8% 98.0%
Cobalt 93.3% 93.3% 93.3% 93.3% 93.3% 93.3% 93.3% 93.3%
GEOs (9) 91.2% 92.1% 91.9% 91.3% 90.9% 90.7% 90.6% 91.6%
1) All figures in thousands except gold and palladium ounces produced.
2) Quantity produced represent the amount of gold, silver, palladium 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. Effective April 30, 2025,
the fixed gold to silver exchange ratio has been revised to 90:1. For
reference, attributable silver production from prior periods is as follows: 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; Q1
2024 - 291,000 ounces; Q4 2023 - 378,000 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) There was a temporary suspension of operations at Peñasquito due to a
labour strike which ran from June 7, 2023 to October 13, 2023.
7) 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.
8) 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.
9) GEOs, which are provided to assist the reader, are based on the
following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce
silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with
those used in estimating the Company's production guidance for
2025.
Summary of Units Sold
Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
Gold ounces sold
Salobo 55,768 76,331 83,809 55,170 58,101 54,962 56,841 76,656
Sudbury (2) 4,729 2,849 5,632 4,048 2,495 5,679 4,129 5,011
Constancia 2,708 6,827 9,788 17,873 5,186 6,640 20,123 19,925
San Dimas 6,655 7,235 8,962 6,990 7,022 6,801 7,933 10,472
Stillwater (3) 1,465 1,386 1,947 2,410 1,635 2,628 2,355 2,314
Blackwater 6,463 3,291 110 - - - - -
Other
Marmato 749 742 737 650 550 616 638 633
Goose 95 - - - - - - -
Santo Domingo (4) 312 312 312 312 447 - - -
El Domo (4) - - - 209 258 - - -
Total Other 1,156 1,054 1,049 1,171 1,255 616 638 633
Total gold ounces sold 78,944 98,973 111,297 87,662 75,694 77,326 92,019 115,011
Silver ounces sold
Peñasquito 1,609 2,112 1,976 1,852 1,667 1,482 1,839 442
Antamina 1,552 1,073 884 858 989 917 762 1,091
Constancia 275 625 730 797 366 422 726 665
Blackwater 137 143 - - - - - -
Other
Los Filos 3 8 57 29 26 24 44 24
Zinkgruvan 708 520 446 452 488 597 297 449
Neves-Corvo 212 224 218 154 185 216 243 268
Aljustrel 122 - - - - - 1 86
Cozamin 133 154 164 158 148 158 147 141
Marmato 9 9 8 7 6 7 8 9
Total Other 1,187 915 893 800 853 1,002 740 977
Total silver ounces sold 4,760 4,868 4,483 4,307 3,875 3,823 4,067 3,175
Palladium ounces sold
Stillwater (3) 2,594 2,575 2,457 4,434 3,761 4,301 4,774 3,339
Cobalt pounds sold
Voisey's Bay 529 353 265 485 88 88 309 288
GEOs sold (5) 137,563 157,916 165,297 141,495 122,242 123,462 142,294 154,355
Cumulative payable units PBND (6)
Gold ounces 106,401 90,265 100,512 123,511 97,929 90,406 88,145 92,729
Silver ounces 3,251 2,849 3,002 3,431 2,903 2,972 2,539 1,973
Palladium ounces 4,424 4,414 4,596 4,439 6,186 6,018 6,198 6,666
Cobalt pounds 1,202 1,168 917 678 796 513 360 356
GEOs (5) 151,773 130,809 141,587 168,241 137,823 129,560 121,574 119,780
Inventory on hand
Cobalt pounds - - - - - - - 88
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: $2,600 per ounce gold; $30.00 per ounce
silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with
those used in estimating the Company's production guidance for 2025.
6) Payable gold, silver and palladium ounces as well as cobalt pounds
produced but not yet delivered ("PBND") are based on management estimates.
These figures may be updated in future periods as additional information is
received.
Results of Operations
The operating results of the Company's reportable operating segments are
summarized in the tables and commentary below.
Three Months Ended September 30, 2025
Units Produced² Units Average Average Average Sales Gain on Disposal (5) Net Cash Flow Total
Sold
Realized
Cash Cost
Depletion
Earnings
From
Assets
Price
($'s Per
($'s Per
Operations
($'s
Unit) (3)
Unit)(4)
Per Unit)
Gold
Salobo 66,997 55,768 $ 3,467 $ 429 $ 404 $ 193,363 $ - $ 146,909 $ 169,447 $ 2,654,535
Sudbury (6) 4,999 4,729 3,563 400 1,399 16,850 - 8,342 6,305 223,690
Constancia 12,797 2,708 3,467 427 338 9,388 - 7,314 8,231 58,047
San Dimas 7,507 6,655 3,467 643 428 23,076 - 15,945 18,795 128,937
Stillwater 1,717 1,465 3,467 614 570 5,080 - 3,345 4,180 205,223
Blackwater 4,879 6,463 3,563 1,236 606 23,028 - 11,123 4,123 334,215
Platreef - - n.a. n.a. n.a. - - - - 275,702
Other (7) 1,194 1,156 3,470 455 1,367 4,012 85,724 87,630 3,486 825,419
100,090 78,944 $ 3,481 $ 515 $ 497 $ 274,797 $ 85,724 $ 280,608 $ 214,567 $ 4,705,768
Silver
Peñasquito 2,087 1,609 $ 39.29 $ 4.56 $ 5.09 $ 63,205 $ - $ 47,683 $ 55,870 $ 216,421
Antamina 1,721 1,552 39.29 8.12 4.39 60,981 - 41,560 48,377 467,399
Constancia 577 275 39.29 6.30 6.43 10,806 - 7,307 9,074 155,341
Blackwater 136 137 41.69 7.45 7.55 5,692 - 3,644 3,030 168,535
Other (8) 1,478 1,187 40.50 6.34 3.31 48,111 - 36,642 39,044 548,017
5,999 4,760 $ 39.66 $ 6.35 $ 4.57 $ 188,795 $ - $ 136,836 $ 155,395 $ 1,555,713
Palladium
Stillwater 2,650 2,594 $ 1,173 $ 205 $ 492 $ 3,042 $ - $ 1,234 $ 2,510 $ 209,743
Platreef - - n.a. n.a. n.a. - - - - 78,814
2,650 2,594 $ 1,173 $ 205 $ 492 $ 3,042 $ - $ 1,234 $ 2,510 $ 288,557
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 604 529 $ 18.19 $ 3.44 $ 9.02 $ 9,623 $ - $ 3,034 $ 8,546 $ 220,250
Operating results $ 476,257 $ 85,724 $ 421,712 $ 381,018 $ 6,837,323
Other
General and administrative $ (10,424) $ (6,720)
Share based compensation (8,652) -
Donations and community investments (1,406) (1,441)
Finance costs (1,441) (144)
Other 12,834 10,662
Income tax (45,407) (422)
Total other $ (54,496) $ 1,935 $ 1,582,195
$ 367,216 $ 382,953 $ 8,419,518
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) The gain on disposal of Other gold interests relates to the gain on the
buyback of 33% of the Cangrejos PMPA.
6) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton,
Stobie and Totten gold interests and the non-operating Victor gold interest.
7) Other gold interests comprised of the operating Marmato and Goose gold
interests as well as the non-operating Copper World, Santo Domingo, Fenix, El
Domo, Marathon, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk gold
interests. Other includes ounces sold that were received under the delay ounce
provisions of the Santo Domingo PMPA. Please see the Company's MD&A for
more information.
8) Other silver interests comprised of the operating Los Filos,
Zinkgruvan, Neves-Corvo, Aljustrel, Marmato and Cozamin silver interests as
well as the non-operating Stratoni, El Alto (previously referred to as
Pascua-Lama), Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah
silver interests.
Three Months Ended September 30, 2024
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)
Per Unit)
Gold
Salobo 62,689 58,101 $ 2,490 $ 425 $ 378 $ 144,656 $ 98,016 $ 122,916 $ 2,616,346
Sudbury (4) 3,593 2,495 2,519 400 1,326 6,286 1,979 4,798 246,918
Constancia 10,760 5,186 2,490 422 323 12,912 9,048 10,722 70,095
San Dimas 6,882 7,022 2,490 637 290 17,482 10,975 13,010 138,507
Stillwater 2,247 1,635 2,490 438 421 4,071 2,667 3,355 208,474
Blackwater - - n.a. n.a. n.a. - - - 340,243
Platreef - - n.a. n.a. n.a. - - - 275,725
Other (5) 648 1,255 2,481 192 1,584 3,114 886 2,874 285,912
86,819 75,694 $ 2,491 $ 440 $ 418 $ 188,521 $ 123,571 $ 157,675 $ 4,182,220
Silver
Peñasquito 1,785 1,667 $ 29.58 $ 4.50 $ 4.86 $ 49,329 $ 33,725 $ 41,825 $ 253,461
Antamina 925 989 29.58 6.06 8.46 29,257 14,893 23,260 498,029
Constancia 648 366 29.58 6.23 6.10 10,822 6,310 8,543 170,242
Blackwater - - n.a. n.a. n.a. - - - 140,914
Other (6) 1,180 853 30.17 4.34 4.83 25,741 17,912 22,594 504,571
4,538 3,875 $ 29.71 $ 5.03 $ 5.89 $ 115,149 $ 72,840 $ 96,222 $ 1,567,217
Palladium
Stillwater 4,034 3,761 $ 969 $ 173 $ 429 $ 3,644 $ 1,380 $ 2,994 $ 215,082
Platreef - - n.a. n.a. n.a. - - - 78,820
4,034 3,761 $ 969 $ 173 $ 429 $ 3,644 $ 1,380 $ 2,994 $ 293,902
Platinum
Marathon - - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 9,451
Platreef - - n.a. n.a. n.a. - - - 57,588
- - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 67,039
Cobalt
Voisey's Bay 397 88 $ 10.65 $ 2.15 $ 12.78 $ 939 $ (378) $ 321 $ 345,745
Operating results $ 308,253 $ 197,413 $ 257,212 $ 6,456,123
Other
General and administrative $ (9,488) $ (6,215)
Share based compensation (9,628) -
Donations and community investments (2,352) (2,198)
Finance costs (1,404) (1,051)
Other 7,605 3,664
Income tax (27,511) 2,925
Total other $ (42,778) $ (2,875) $ 930,056
$ 154,635 $ 254,337 $ 7,386,179
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 represent 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) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and
Totten gold interests as well as the non-operating Stobie and Victor gold
interests.
5) Other gold interests are comprised of the operating Marmato gold
interest as well as the non-operating Minto, Copper World, Santo Domingo,
Fenix, El Domo, Marathon, Goose, Cangrejos, Curraghinalt and Kudz Ze Kayah
gold interests. Other includes ounces sold that were received under the delay
ounce provision of the Santo Domingo and El Domo PMPAs (see footnote 3 on page
9 of this MD&A for more information).
6) Other silver interests comprised of the operating Los Filos,
Zinkgruvan, Neves-Corvo, Marmato and Cozamin silver interests as well as the
non-operating Stratoni, Aljustrel, Minto, El Alto (previously referred to as
Pascua-Lama), Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah
silver interests.
Comparative Results of Operations on a GEO Basis
Q3 2025 Q3 2024 Change Change
GEO Production (1, 2) 173,415 142,716 30,699 21.5 %
GEO Sales (2) 137,563 122,242 15,321 12.5 %
Average price per GEO sold (2) $ 3,462 $ 2,522 $ 940 37.3 %
Revenue $ 476,257 $ 308,253 $ 168,004 54.5 %
Cost of sales, excluding depletion $ 74,303 $ 55,310 $ (18,993) (34.3)%
Depletion 65,966 55,530 (10,436) (18.8)%
Cost of sales $ 140,269 $ 110,840 $ (29,429) (26.6)%
Gross margin $ 335,988 $ 197,413 $ 138,575 70.2 %
General and administrative 10,424 9,488 (936) (9.9)%
Share based compensation 8,652 9,628 976 10.1 %
Donations and community investments 1,406 2,352 946 40.2 %
Earnings from operations $ 315,506 $ 175,945 $ 139,561 79.3 %
Gain on disposal of mineral stream interests 85,724 - 85,724 n.a.
Other income (expense) 12,834 7,605 5,229 68.8 %
Earnings before finance costs and income taxes $ 414,064 $ 183,550 $ 230,514 125.6 %
Finance costs 1,441 1,404 (37) (2.6)%
Earnings before income taxes $ 412,623 $ 182,146 $ 230,477 126.5 %
Income tax expense 45,407 27,511 (17,896) (65.1)%
Net earnings $ 367,216 $ 154,635 $ 212,581 137.5 %
1) 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.
2) GEOs, which are provided to assist the reader, are based on the
following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce
silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with
those used in estimating the Company's production guidance for 2025.
Nine Months Ended September 30, 2025
Units Produced² Units Average Average Average Sales Gain on Disposal (5) Net Cash Flow Total
Sold
Realized
Cash Cost
Depletion
Earnings
From
Assets
Price
($'s Per
($'s Per
Operations
($'s
Unit) (3)
Unit) (4)
Per Unit)
Gold
Salobo 207,798 215,908 $ 3,183 $ 429 $ 393 $ 687,165 $ - $ 509,623 $ 594,573 $ 2,654,535
Sudbury (6) 15,282 13,210 3,222 400 1,352 42,564 - 19,419 28,612 223,690
Constancia 22,277 19,323 3,112 425 325 60,140 - 45,649 51,928 58,047
San Dimas 22,910 22,852 3,186 640 330 72,808 - 50,643 58,187 128,937
Stillwater 4,710 4,798 3,182 560 466 15,268 - 10,345 12,582 205,223
Blackwater 9,946 9,864 3,490 1,212 610 34,426 - 16,454 11,552 334,215
Platreef - - n.a. n.a. n.a. - - - - 275,702
Other (7) 2,699 3,259 3,214 410 1,299 10,474 85,724 90,630 9,139 825,419
285,622 289,214 $ 3,191 $ 473 $ 446 $ 922,845 $ 85,724 $ 742,763 $ 766,573 $ 4,705,768
Silver
Peñasquito 5,944 5,697 $ 34.75 $ 4.56 $ 4.92 $ 197,943 $ - $ 143,923 $ 171,967 $ 216,421
Antamina 4,107 3,509 35.79 7.30 6.66 125,595 - 76,600 99,973 467,399
Constancia 1,684 1,630 33.94 6.27 6.16 55,320 - 35,071 45,108 155,341
Blackwater 308 280 39.13 6.99 8.63 10,932 - 6,567 7,548 168,535
Other (8) 4,056 2,995 36.60 5.20 4.59 109,683 - 80,356 85,075 548,017
16,099 14,111 $ 35.40 $ 5.62 $ 5.50 $ 499,473 $ - $ 342,517 $ 409,671 $ 1,555,713
Palladium
Stillwater 7,746 7,626 $ 1,046 $ 184 $ 451 $ 7,978 $ - $ 3,137 $ 6,573 $ 209,743
Platreef - - n.a. n.a. n.a. - - - - 78,814
7,746 7,626 $ 1,046 $ 184 $ 451 $ 7,978 $ - $ 3,137 $ 6,573 $ 288,557
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 1,791 1,147 $ 17.09 $ 3.25 $ 9.11 $ 19,590 $ - $ 5,424 $ 15,415 $ 220,250
Operating results $ 1,449,886 $ 85,724 $ 1,093,841 $ 1,198,232 $ 6,837,323
Other
General and administrative $ (34,970) $ (36,596)
Share based compensation (30,795) (17,209)
Donations and community investments (6,466) (6,416)
Finance costs (4,309) (3,330)
Other 30,090 27,628
Income tax (133,920) (3,604)
Total other $ (180,370) $ (39,527) $ 1,582,195
$ 913,471 $ 1,158,705 $ 8,419,518
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) The gain on disposal of Other gold interests relates to the gain on the
buyback of 33% of the Cangrejos PMPA
6) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton,
Stobie and Totten gold interests and the non-operating Victor gold interest.
7) Other gold interests comprised of the operating Marmato and Goose gold
interests as well as the non-operating Copper World, Santo Domingo, Fenix, El
Domo, Marathon, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk gold
interests. Other includes ounces sold that were received under the delay ounce
provision of the Santo Domingo PMPA. Please see the Company's MD&A for
more information.
8) Other silver interests comprised of the operating Los Filos,
Zinkgruvan, Neves-Corvo, Aljustrel, Marmato and Cozamin silver interests as
well as the non-operating Stratoni, El Alto (previously referred to as
Pascua-Lama), Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah
silver interests.
Nine Months Ended September 30, 2024
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)
Per Unit)
Gold
Salobo 187,536 169,904 $ 2,307 $ 425 $ 383 $ 391,973 $ 254,758 $ 322,761 $ 2,616,346
Sudbury (4) 13,688 12,303 2,286 400 1,265 28,130 7,642 22,718 246,918
Constancia 31,345 31,949 2,200 421 318 70,275 46,663 56,833 70,095
San Dimas 21,513 21,756 2,296 634 286 49,950 29,941 36,156 138,507
Stillwater 6,983 6,618 2,288 405 453 15,144 9,469 12,464 208,474
Blackwater - - n.a. n.a. n.a. - - - 340,243
Platreef - - n.a. n.a. n.a. - - - 275,725
Other (5) 1,855 2,509 2,347 293 1,056 5,888 2,504 5,153 285,912
262,920 245,039 $ 2,291 $ 440 $ 419 $ 561,360 $ 350,977 $ 456,085 $ 4,182,220
Silver
Peñasquito 6,691 4,988 $ 27.18 $ 4.50 $ 4.57 $ 135,578 $ 90,361 $ 113,132 $ 253,461
Antamina 2,723 2,668 27.63 5.56 8.06 73,710 37,377 58,878 498,029
Constancia 1,739 1,514 26.55 6.21 6.17 40,180 21,444 30,785 170,242
Blackwater - - n.a. n.a. n.a. - - - 140,914
Other (6) 3,914 2,595 28.37 4.29 4.51 73,630 50,785 60,026 504,571
15,067 11,765 $ 27.46 $ 4.91 $ 5.55 $ 323,098 $ 199,967 $ 262,821 $ 1,567,217
Palladium
Stillwater 12,835 12,836 $ 976 $ 177 $ 435 $ 12,531 $ 4,674 $ 10,259 $ 215,082
Platreef - - n.a. n.a. n.a. - - - 78,820
12,835 12,836 $ 976 $ 177 $ 435 $ 12,531 $ 4,674 $ 10,259 $ 293,902
Platinum
Marathon - - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 9,451
Platreef - - n.a. n.a. n.a. - - - 57,588
- - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 67,039
Cobalt
Voisey's Bay 896 485 $ 14.71 $ 2.84 $ 12.77 $ 7,134 $ (438) $ 9,407 $ 345,745
Operating results $ 904,123 $ 555,180 $ 738,572 $ 6,456,123
Other
General and administrative $ (30,193) $ (31,134)
Share based compensation (17,150) (11,129)
Donations and community investments (4,626) (4,185)
Finance costs (4,144) (3,234)
Other 19,922 16,487
Income tax (77,996) 2,734
Total other $ (114,187) $ (30,462) $ 930,056
$ 440,993 $ 708,110 $ 7,386,179
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) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and
Totten gold interests as well as the non-operating Stobie and Victor gold
interests.
5) Other gold interests are comprised of the operating Marmato gold
interest as well as the non-operating Minto, Copper World, Santo Domingo,
Fenix, El Domo, Marathon, Goose, Cangrejos, Curraghinalt and Kudz Ze Kayah
gold interests. Other includes ounces sold that were received under the delay
ounce provision of the Santo Domingo and El Domo PMPAs (see footnote 3 on page
9 of this MD&A for more information).
6) Other silver interests comprised of the operating Los Filos,
Zinkgruvan, Neves-Corvo, Marmato and Cozamin silver interests as well as the
non-operating Stratoni, Aljustrel, Minto, El Alto (previously referred to as
Pascua-Lama), Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah
silver interests.
Comparative Results of Operations on a GEO Basis
YTD 2025 YTD 2024 Change Change
GEO Production (1, 2) 483,519 446,110 37,410 8.4 %
GEO Sales (2) 460,775 387,998 72,778 18.8 %
Average price per GEO sold (2) $ 3,147 $ 2,330 $ 817 35.1 %
Revenue $ 1,449,886 $ 904,123 $ 545,763 60.4 %
Cost of sales, excluding depletion $ 224,107 $ 170,872 $ (53,235) (31.2)%
Depletion 217,662 178,071 (39,591) (22.2)%
Cost of sales $ 441,769 $ 348,943 $ (92,826) (26.6)%
Gross margin $ 1,008,117 $ 555,180 $ 452,937 81.6 %
General and administrative 34,970 30,193 (4,777) (15.8)%
Share based compensation 30,795 17,150 (13,645) (79.6)%
Donations and community investments 6,466 4,626 (1,840) (39.8)%
Earnings from operations $ 935,886 $ 503,211 $ 432,675 86.0 %
Gain on disposal of mineral stream interests 85,724 - 85,724 n.a.
Other income (expense) 30,090 19,922 10,168 51.0 %
Earnings before finance costs and income taxes $ 1,051,700 $ 523,133 $ 528,567 101.0 %
Finance costs 4,309 4,144 (165) (4.0)%
Earnings before income taxes $ 1,047,391 $ 518,989 $ 528,402 101.8 %
Income tax expense 133,920 77,996 (55,924) (71.7)%
Net earnings $ 913,471 $ 440,993 $ 472,478 107.1 %
1) 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.
2) GEOs, which are provided to assist the reader, are based on the
following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce
silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with
those used in estimating the Company's production guidance for 2025.
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 Nine Months Ended
September 30
September 30
(in thousands, except for per share amounts) 2025 2024 2025 2024
Net earnings $ 367,216 $ 154,635 $ 913,471 $ 440,993
Add back (deduct):
Gain on disposal of Mineral Stream Interest (85,724) - (85,724) -
Income tax expense related to disposal of Mineral Stream Interest 12,859 - 12,859 -
(Gain) loss on fair value adjustment of share purchase warrants held (1,765) (523) (4,522) (903)
Income tax (expense) recovery recognized in the Statement of Shareholders' (1,152) - (1,152) -
Equity
Deferred income tax (expense) recovery recognized in the Statement of OCI (10,191) (1,134) (16,487) 1,632
Other (189) (175) (561) (521)
Adjusted net earnings $ 281,054 $ 152,803 $ 817,884 $ 441,201
Divided by:
Basic weighted average number of shares outstanding 453,967 453,641 453,850 453,389
Diluted weighted average number of shares outstanding 454,768 454,302 454,625 454,037
Equals:
Adjusted earnings per share - basic $ 0.619 $ 0.337 $ 1.802 $ 0.973
Adjusted earnings per share - diluted $ 0.618 $ 0.336 $ 1.799 $ 0.972
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 Nine Months Ended
September 30
September 30
(in thousands, except for per share amounts) 2025 2024 2025 2024
Cash generated by operating activities $ 382,953 $ 254,337 $ 1,158,705 $ 708,110
Divided by:
Basic weighted average number of shares outstanding 453,967 453,641 453,850 453,389
Diluted weighted average number of shares outstanding 454,768 454,302 454,625 454,037
Equals:
Operating cash flow per share - basic $ 0.844 $ 0.561 $ 2.553 $ 1.562
Operating cash flow per share - diluted $ 0.842 $ 0.560 $ 2.549 $ 1.560
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 Nine Months Ended
September 30
September 30
(in thousands, except for gold and palladium ounces sold and per unit amounts) 2025 2024 2025 2024
Cost of sales $ 140,269 $ 110,840 $ 441,769 $ 348,943
Less: depletion (65,966) (55,530) (217,662) (178,071)
Less: cost of sales related to delay ounces (1) (1,071) (1,698) (2,944) (1,698)
Cash cost of sales $ 73,232 $ 53,612 $ 221,163 $ 169,174
Cash cost of sales is comprised of:
Total cash cost of gold sold $ 40,659 $ 33,287 $ 136,686 $ 107,715
Total cash cost of silver sold 30,223 19,485 79,345 57,811
Total cash cost of palladium sold 532 650 1,405 2,272
Total cash cost of cobalt sold (2) 1,818 190 3,727 1,376
Total cash cost of sales $ 73,232 $ 53,612 $ 221,163 $ 169,174
Divided by:
Total gold ounces sold 78,944 75,694 289,214 245,039
Total silver ounces sold 4,760 3,875 14,111 11,765
Total palladium ounces sold 2,594 3,761 7,626 12,836
Total cobalt pounds sold 529 88 1,147 485
Equals:
Average cash cost of gold (per ounce) $ 515 $ 440 $ 473 $ 440
Average cash cost of silver (per ounce) $ 6.35 $ 5.03 $ 5.62 $ 4.91
Average cash cost of palladium (per ounce) $ 205 $ 173 $ 184 $ 177
Average cash cost of cobalt (per pound) $ 3.44 $ 2.15 $ 3.25 $ 2.84
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 Nine Months Ended
September 30
September 30
(in thousands, except for gold and palladium ounces sold and per unit amounts) 2025 2024 2025 2024
Gross margin $ 335,988 $ 197,413 $ 1,008,117 $ 555,180
Add back: depletion 65,966 55,530 217,662 178,071
Add back: cost of sales related to delay ounces (1) 1,071 1,698 2,944 1,698
Cash operating margin $ 403,025 $ 254,641 $ 1,228,723 $ 734,949
Cash operating margin is comprised of:
Total cash operating margin of gold sold $ 234,138 $ 155,234 $ 786,159 $ 453,645
Total cash operating margin of silver sold 158,572 95,664 420,128 265,287
Total cash operating margin of palladium sold 2,510 2,994 6,573 10,259
Total cash operating margin of cobalt sold 7,805 749 15,863 5,758
Total cash operating margin $ 403,025 $ 254,641 $ 1,228,723 $ 734,949
Divided by:
Total gold ounces sold 78,944 75,694 289,214 245,039
Total silver ounces sold 4,760 3,875 14,111 11,765
Total palladium ounces sold 2,594 3,761 7,626 12,836
Total cobalt pounds sold 529 88 1,147 485
Equals:
Cash operating margin per gold ounce sold $ 2,966 $ 2,051 $ 2,718 $ 1,851
Cash operating margin per silver ounce sold $ 33.31 $ 24.68 $ 29.78 $ 22.55
Cash operating margin per palladium ounce sold $ 968 $ 796 $ 862 $ 799
Cash operating margin per cobalt pound sold $ 14.75 $ 8.50 $ 13.84 $ 11.87
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 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 payment of up to $400 million to Carcetti and the
satisfaction of each party's obligations in accordance with the proposed Hemlo
mine gold stream;
· the receipt of gold production in respect of the Hemlo mine;
· the advance, and the repayment, of $200 million in connection
with the Carcetti debt facility;
· 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 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;
· 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, including taxes
payable under the GMT, and the impact of the CRA Settlement, and the Company's
ability to pay its taxes;
· possible CRA domestic audits for taxation years subsequent to
2019 and international audits for taxation years subsequent to 2017;
· the Company's assessment of the impact of any tax reassessments;
· the Company's intention to file future tax returns in a manner
consistent with the CRA Settlement;
· 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 Hemlo mine gold stream;
· risks relating to the satisfaction of each party's obligations in
accordance with the terms of the Carcetti debt facility;
· 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, expansion 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 of the
Company 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 (including
whether there will be any material change in the Company's facts or change in
law or jurisprudence);
· risks related to any potential amendments to Canada's transfer
pricing rules under the Income Tax Act (Canada) that may result from the
Department of Finance's consultation paper released June 6, 2023;
· risks relating to Wheaton's interpretation of, compliance with,
or application of the GMT, including Canada's GMTA and the legislation enacted
in Luxembourg, that applies to the income of the Company's subsidiaries for
fiscal years beginning on or after December 31, 2023;
· 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 environmental, social and governance
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 generative 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, 2024 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 (without limitation):
· the payment of up to $400 million to Carcetti and the
satisfaction of each party's obligations in accordance with the proposed Hemlo
mine gold stream;
· the advance to, and the receipt from, Carcetti of all amounts
owing under the Carcetti debt facility, including, but not limited to,
interest;
· 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 Canadian tax laws;
· that Wheaton's application of the CRA Settlement is accurate
(including the Company's assessment that there has been no material change in
the Company's facts or change in law or jurisprudence);
· that Wheaton's assessment of the tax exposure and impact on the
Company and its subsidiaries of the GMT is accurate;
· 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.
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.
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. 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.
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, 2024, which was filed on March 31, 2025
and other continuous disclosure documents filed by Wheaton since January 1,
2025, 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
November 6, 2025, 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 forecast production for 2025 and the longer-term outlook
are based on the following updated commodity price assumptions: $2,600 per
ounce gold, $30 per ounce silver, $950 per ounce palladium, $950 per ounce of
platinum and $13.50 per pound cobalt.
(4)Source: Company reports S&P Capital IQ estimates of 2024 byproduct cost
curves for gold, zinc/lead, copper, PGM, nickel & silver mines. Portfolio
mine life based on recoverable reserves and resources as of Dec 31, 2024 and
2024 actual mill throughput and is weighted by individual reserve and resource
category.
(5)Total streaming and royalty agreements relate to precious metals purchase
agreements for the purchase of precious metals and cobalt relating to 23
mining assets which are currently operating, including the proposed Hemlo
transaction, 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 18, 2025, titled "Wheaton Precious Metals Exceeds 2024
Production Guidance and Provides 2025 and Long-Term Outlook, Projecting 40%
Growth in the Next Five Years."
(7)Wheaton's long-term production outlook is based on information available as
of February 18, 2025, the date of publication. The Company will provide
updated longer-term guidance in normal course in the first quarter of 2026,
which will incorporate the impact of recent developments and corporate
development activities announced in 2025.
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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