Wheaton Precious Metals Corp (WPM)

Wheaton Precious Metals to Release 2026 Second Quarter Results on August 6, 2026July 6, 2026 5:00 PM
PR Newswire (Canada) VANCOUVER, BC, July 6, 2026 /CNW/ - Wheaton Precious Metals™ Corp. will release its 2026 second quarter results on Thursday, August 6, 2026, after market close.  A conference call will be held on Friday, August 7, 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
Live webcast:                                                 Click here
Dial toll free:                                                   1-800-715-9871 or 1-647-932-3411
Conference Call ID:                                        9311928#The accompanying slideshow will also be available in PDF format on the 'Presentations' page of the Wheaton Precious Metals website before the conference call. The conference call will be recorded and available until August 14, 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:                                                       9311928#
Archived webcast:                                           Click hereAbout Wheaton Precious Metals Corp.Wheaton Precious Metals is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming. View original content to download multimedia:https://www.prnewswire.com/news-releases/wheaton-precious-metals-to-release-2026-second-quarter-results-on-august-6-2026-302818532.htmlSOURCE Wheaton Precious Metals Corp. Original: Wheaton Precious Metals to Release 2026 Second Quarter Results on August 6, 2026

Wheaton Precious Metals Ranked Among Corporate Knights' Best 50 Corporate Citizens in CanadaJune 23, 2026 8:04 AM
PR Newswire (Canada) VANCOUVER, BC, June 23, 2026 /CNW/ - Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce that it has again been named to Corporate Knights' 2026 Best 50 Corporate Citizens in Canada (the "Best 50"), ranking 13th overall.   "We are proud to once again be recognized by Corporate Knights as one of Canada's best corporate citizens," said Haytham Hodaly, President and Chief Executive Officer of Wheaton. "This consistent recognition reflects our commitment to disciplined capital allocation and partnering with mine operators who prioritize responsible business practices."The Best 50 is one of Canada's most established sustainability benchmarks, assessing more than 350 large companies using a transparent, data-driven methodology focused on the share and growth of revenues tied to sustainable activities. Wheaton's inclusion reflects the quality of its portfolio, its strong organic growth profile, and its approach to partnering with leading operators, underpinned by a broader commitment to conducting business responsibly and sustainably.Earlier this year, Wheaton was also recognized among Corporate Knights' 2026 global 100 most sustainable corporations in the world.To learn more about Wheaton's sustainability approach and commitments, please visit:  www.wheatonpm.com/Sustainability.              About Wheaton Precious Metals Corp.
Wheaton Precious Metals is the world's premier precious metals streaming company, providing shareholders with access to a high-quality portfolio of low-cost, long-life mines around the world. Through strategic streaming agreements, Wheaton partners with mining companies to secure a portion of their future precious metals production. Committed to responsible mining practices, Wheaton employs due diligence practices with a goal of unlocking long-term value for shareholders while supporting the broader mining industry to deliver the commodities society needs through access to capital. Wheaton's shares are listed on the Toronto Stock Exchange, New York Stock Exchange and London Stock Exchange under the symbol WPM.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. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to innovative mining technology, the potential success of that technology, and its ability to be commercialized, ESG and climate change strategy, targets and commitments and climate scenario analysis by Wheaton and at mineral stream interests currently owned by Wheaton (the "Mining Operations"). 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 (without limitation) risks related to the ability to identify innovative mining technology, the potential success of that technology and the ability to commercialize that technology, risks related to the ability to achieve ESG and climate change strategy, targets and commitments at both Wheaton and the Mining Operations and other risks discussed in the section entitled "Description of the Business – Risk Factors" in Wheaton's Annual Information Form for the year ended December 31, 2025 and the risks identified under "Risks and Uncertainties" in Wheaton's Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2025, both available on SEDAR+ and in Wheaton's Form 6-K filed March 12, 2026, all available on EDGAR (the "Disclosure"). Forward-looking statements are based on assumptions management currently believes to be reasonable, including (without limitation) that Wheaton will be able to identify innovative mining technology, ESG and climate change strategy, targets and commitments at both Wheaton and the Mining Operations will be achieved, there will be no material adverse change in the market price of commodities, that estimations of future production from the Mining Operations and mineral reserves and resources are accurate, that the mining operations from which Wheaton purchases precious metals will continue to operate, that each party will satisfy their obligations in accordance with the precious metals purchase agreements, and such other assumptions and factors as set out in the Disclosure View original content to download multimedia:https://www.prnewswire.com/news-releases/wheaton-precious-metals-ranked-among-corporate-knights-best-50-corporate-citizens-in-canada-302807715.htmlSOURCE Wheaton Precious Metals Corp. Original: Wheaton Precious Metals Ranked Among Corporate Knights' Best 50 Corporate Citizens in Canada

An overall move in the precious metals mining sector appears to be afoot.

Other miners that I'm in are AG, CDE,HL,NEM,PAAS, HYMC, AEM,KCG,FNV and they are all moving a few points up in unisone, perhaps they have figured out how the earnings are going to look.

Super long on all these.

I know WPM is not a true miner but many of the miners pay them for years and years for cash provided long ago, they get the silver at like $5 an oz.

X

Wheaton Precious Metals Launches Third Annual $1 Million Future of Mining Challenge Focused on Mine Optimization and Reducing Land ImpactsJune 4, 2026 5:00 PM
PR Newswire (US) VANCOUVER, BC, June 4, 2026 /PRNewswire/ - Advancing into its third year, Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce the return of its Future of Mining Challenge, calling on innovators worldwide to propose solutions that optimize mining and address land impacts. "Mining resources underpin nearly every sector, and as global demand grows, the need to produce them responsibly has never been greater," said Haytham Hodaly, President and Chief Executive Officer of Wheaton. "We believe innovation is key to improving efficiency, enhancing performance, and reducing environmental impacts. The third edition of the Future of Mining Challenge is focused on advancing solutions that optimize mining methods and reduce impacts on land. We have been encouraged by the creativity and progress of past participants and look forward to the ideas this year's challenge will bring."For the 2026/2027 challenge, Wheaton will award US$1 million to a cleantech venture with an innovative technology that seeks to either strengthen orebody knowledge or improve extraction methods."It is remarkable to see how far mining has advanced, driven by the ingenuity of entrepreneurial minds committed to progressing the industry forward," said Patrick Drouin, Chief Sustainability Officer of Wheaton. "By backing bold, early-stage technologies, we hope to accelerate the next generation of solutions that improve performance and reduce environmental impact."Wheaton invites cleantech innovators worldwide to participate in its Future of Mining Challenge and will accept expressions of interest until 11:59 p.m. (Pacific Time) on Friday, August 21, 2026. Once all expressions of interest have been reviewed, Wheaton will invite select ventures to submit a full application in September 2026. An information session will be held in early July to provide guidance for applicants and address questions on the process.Once again, Wheaton is collaborating with the University of British Columbia's Sauder School of Business, working closely with a team that brings deep expertise in venture building and early-stage innovation support. The winner of the 2026/2027 Future of Mining Challenge will be announced in March 2027 during the PDAC Convention in Toronto, the largest mining conference in the world.The 2025/2026 Future of Mining Challenge, announced earlier this year, focused on sustainable water management. Cetos Water was named the winner and awarded US$1 million in recognition of its innovative technology, which transforms wastewater generated by mining operations into clean, reusable water.For more information about Wheaton's Future of Mining Challenge and how to submit an expression of interest, please visit www.futureofmining.ca. About Wheaton Precious Metals Corp.Wheaton Precious Metals is the world's premier precious metals streaming company, providing shareholders with access to a high-quality portfolio of low-cost, long-life mines around the world. Through strategic streaming agreements, Wheaton partners with mining companies to secure a portion of their future precious metals production. Committed to responsible mining practices, Wheaton employs industry-leading due diligence practices with a goal of unlocking long-term value for shareholders while supporting the broader mining industry to deliver the commodities society needs through access to capital. Wheaton's shares are listed on the Toronto Stock Exchange, New York Stock Exchange and London Stock Exchange under the symbol WPM. Learn more about Wheaton Precious Metals at www.wheatonpm.com or follow us on social media.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. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to innovative mining technology, the potential success of that technology, and its ability to be commercialized, ESG and climate change strategy, targets and commitments and climate scenario analysis by Wheaton and at mineral stream interests currently owned by Wheaton (the "Mining Operations"). 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 (without limitation) risks relates to the ability to identify innovative mining technology, the potential success of that technology and the ability to commercialize that technology, risks related to the ability to achieve  ESG and climate change strategy, targets and commitments at both Wheaton and the Mining Operations and other risks discussed in the section entitled "Description of the Business – Risk Factors" in Wheaton's Annual Information Form for the year ended December 31, 2025 and the risks identified under "Risks and Uncertainties" in Wheaton's Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2025, both available on SEDAR+ and in Wheaton's Form 6-K filed March 12, 2026, all available on EDGAR (the "Disclosure"). Forward-looking statements are based on assumptions management currently believes to be reasonable, including (without limitation) that Wheaton will be able to identify innovative mining technology, ESG and climate change strategy, targets and commitments at both Wheaton and the Mining Operations will be achieved, there will be no material adverse change in the market price of commodities, that estimations of future production from the Mining Operations and mineral reserves and resources are accurate, that the mining operations from which Wheaton purchases precious metals will continue to operate, that each party will satisfy their obligations in accordance with the precious metals purchase agreements, and such other assumptions and factors as set out in the Disclosure.   View original content to download multimedia:https://www.prnewswire.com/news-releases/wheaton-precious-metals-launches-third-annual-1-million-future-of-mining-challenge-focused-on-mine-optimization-and-reducing-land-impacts-302792056.htmlSOURCE Wheaton Precious Metals Corp. Original: Wheaton Precious Metals Launches Third Annual $1 Million Future of Mining Challenge Focused on Mine Optimization and Reducing Land Impacts

Wheaton Precious Metals Publishes 2025 Sustainability ReportMay 20, 2026 5:00 PM
PR Newswire (Canada) VANCOUVER, BC, May 20, 2026 /CNW/ - Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce the publication of its 2025 Sustainability Report.  "Sustainability considerations are embedded in our decision-making process and integral to how Wheaton evaluates opportunities, manages risk, and builds resilience," said Haytham Hodaly, President & Chief Executive Officer of Wheaton Precious Metals. "Our 2025 Sustainability Report reflects the results of an updated materiality assessment and includes Wheaton's progress across key performance metrics, program updates, and insights from our global portfolio of high-quality assets. From disciplined capital allocation to our support for local communities and innovation, strong sustainability practices enhance our ability to create long-term value for shareholders, mining partners, and host communities."Wheaton's 2025 Sustainability ReportWheaton's 2025 Sustainability Report provides a comprehensive overview of the company's sustainability performance, including progress against its strategy, targets, and commitments. The report outlines how sustainability considerations are managed and integrated across the organization. In 2025, Wheaton completed a refreshed double materiality assessment to identify and prioritize the sustainability topics most relevant to its business and stakeholders, considering both societal and environmental impacts and related financial risks and opportunities, which directly informed the report's disclosures.Highlights include:Recognized among Corporate Knights' Global 100 Most Sustainable Corporations and Canada's Best 50 Corporate Citizens.Delivered consistent top-tier ESG performance, maintaining an MSCI AAA rating, ISS ESG Prime status, and leading Sustainalytics rankings.Advanced innovation in sustainable mining through the Future of Mining Challenge, supporting technologies that reduce environmental impact and strengthen industry practices, which has awarded two companies to date with $1 million to advance their technologies.Continued to scale a peer-leading and growing community investment program, contributing $9.4 million in 2025 across more than 150 initiatives. Since inception, Wheaton has contributed over $62 million towards social and environmental programs.71% of 2024 Scope 3 financed emissions covered by absolute emissions reductions targets aligned to 2°C or less.95% of 2025 attributable production from operations committed to the Global Industry Standard on Tailings Management.Maintained strong oversight of sustainability performance across Wheaton's high-quality asset portfolio, actively monitoring key social and environmental indicators. StandardsWheaton's Sustainability Report is informed by the Global Reporting Initiative (GRI) Standards, the Sustainability Accounting Standards Board (SASB) Asset Management and Metals and Mining Standards, and the Task Force on Climate-related Financial Disclosures (TCFD) framework.About Wheaton Precious Metals Corp.Wheaton Precious Metals is the world's premier precious metals streaming company, providing shareholders with access to a high-quality portfolio of low-cost, long-life mines around the world. Through strategic streaming agreements, Wheaton partners with mining companies to secure a portion of their future precious metals production. Committed to responsible mining practices, Wheaton employs industry-leading due diligence practices with a goal of unlocking long-term value for shareholders while supporting the broader mining industry to deliver the commodities society needs through access to capital. Wheaton's shares are listed on the Toronto Stock Exchange, New York Stock Exchange and London Stock Exchange under the symbol WPM. Learn more about Wheaton Precious Metals at www.wheatonpm.com or follow us on social media.Cautionary Note Regarding Forward-Looking StatementsThis 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. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to sustainability and climate change strategy, targets and commitments and climate scenario analysis by Wheaton and at mineral stream interests currently owned by Wheaton (the "Mining Operations"). 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 (without limitation) risks related to the ability to achieve sustainability and climate change strategy, targets and commitments at both Wheaton and the Mining Operations and other risks discussed in the section entitled "Description of the Business – Risk Factors" in Wheaton's Annual Information Form for the year ended December 31, 2025 and the risks identified under "Risks and Uncertainties" in Wheaton's Management's Discussion and Analysis for the year ended December 31, 2025, both available on SEDAR+ and in Wheaton's Form 6-K filed March 12, 2026, all available on EDGAR (the "Disclosure"). Forward-looking statements are based on assumptions management currently believes to be reasonable, including (without limitation) that sustainability and climate change strategy, targets and commitments at both Wheaton and the Mining Operations will be achieved, there will be no material adverse change in the market price of commodities, that estimations of future production from the Mining Operations and mineral reserves and resources are accurate, that the mining operations from which Wheaton purchases precious metals will continue to operate, that each party will satisfy their obligations in accordance with the precious metals purchase agreements, and such other assumptions and factors as set out in the Disclosure.   View original content:https://www.prnewswire.com/news-releases/wheaton-precious-metals-publishes-2025-sustainability-report-302778182.htmlSOURCE Wheaton Precious Metals Corp. Original: Wheaton Precious Metals Publishes 2025 Sustainability Report

Wheaton Precious Metals Announces Election of Directors and Approval of Special MattersMay 8, 2026 4:30 PM
PR Newswire (US) VANCOUVER, BC, May 8, 2026 /PRNewswire/ - Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") announces that the nominees listed below were elected to the Board of Directors at the 2026 Annual and Special Meeting of Shareholders. Detailed results of the vote for the Board of Directors of the Company are shown below. As part of the previously announced leadership transition, Randy V.J. Smallwood has assumed the role of non-executive Chair of the Board, Haytham Hodaly has become a Director and George L. Brack has assumed the role of Lead Independent Director.Detailed results of the vote for the Board of Directors of the Company are shown below.2026 Annual and Special Meeting of Shareholders Voting ResultsNomineeVotes For% ForVotes Withheld% WithheldGeorge L. Brack333,711,48697.13 %9,848,2462.87 %Jaimie Donovan339,995,57698.96 %3,564,1561.04 %Chantal Gosselin324,705,76694.51 %18,853,9665.49 %Haytham Hodaly342,885,57299.80 %674,1600.20 %Jeane Hull339,900,00498.93 %3,659,7281.07 %Glenn Ives343,067,10399.86 %492,6290.14 %Charles A. Jeannes338,028,77698.39 %5,530,9561.61 %Marilyn Schonberner339,912,69898.94 %3,647,0341.06 %Randy V.J. Smallwood332,281,29796.72 %11,278,4353.28 %Srinivasan Venkatakrishnan336,269,11297.88 %7,290,6202.12 %The following matters were also approved by shareholders at the 2026 Annual and Special Meeting of Shareholders:the non-binding advisory resolution accepting the Company's approach to executive compensation was carried with 95.16% of the votes cast in favour of such resolution. View original content:https://www.prnewswire.com/news-releases/wheaton-precious-metals-announces-election-of-directors-and-approval-of-special-matters-302767306.htmlSOURCE Wheaton Precious Metals Corp. Original: Wheaton Precious Metals Announces Election of Directors and Approval of Special Matters

DIVIDEND DECLARATION - Wheaton Precious Metals Announces Quarterly DividendMay 7, 2026 5:00 PM
PR Newswire (US) VANCOUVER, BC, May 7, 2026 /PRNewswire/ - Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce that its Board of Directors has declared its second quarterly cash dividend payment for 2026 of US$0.195 per common share, an 18% increase from the second quarterly cash dividend declared in 2025.The second quarterly cash dividend for 2026 will be paid to holders of record of Wheaton common shares as of the close of business on May 27, 2026, and will be distributed on or about June 9, 2026. The ex-dividend trading date is May 27, 2026.The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes.Dividend Reinvestment Plan
The Company has previously implemented a Dividend Reinvestment Plan ("DRIP"). Participation in the DRIP is optional. For the purposes of this quarterly dividend, the Company has elected to issue common shares under the DRIP through treasury at the Average Market Price, as defined in the DRIP, without a discount.The Company may, from time to time, in its discretion, apply, change or eliminate any discount applicable to Treasury Acquisitions, as defined in the DRIP, or direct that such common shares be purchased in Market Acquisitions, as defined in the DRIP, at the prevailing market price, any of which would be publicly announced.The DRIP enrollment forms, including direct deposit, are available for download on the Company's website at www.wheatonpm.com, in the 'Investors' section under the 'Shareholder information' and 'Dividends' tabs.Registered shareholders may also enroll in the DRIP online through the plan agent's self-service web portal.Beneficial shareholders should contact their financial intermediary to arrange enrollment. All shareholders considering enrollment in the DRIP should carefully review the terms of the DRIP and consult with their advisors as to the implications of enrollment in the DRIP.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. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to future dividends. 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 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 and Wheaton's Form 40-F for the year ended December 31, 2025 filed March 31, 2026 on file with the U.S. Securities and Exchange Commission on EDGAR and the risks identified under "Risks and Uncertainties" in Wheaton's Management's Discussion and Analysis for the year ended December 31, 2025, available on SEDAR+ and in Wheaton's Form 6-K to filed March 12, 2026. Forward-looking statements are based on assumptions management currently believes to be reasonable, including (without limitation) that there will be no material adverse change in the market price of commodities, that estimations of future production from the mining operations and mineral reserves and resources are accurate, that the mining operations from which Wheaton purchases precious metals will continue to operate, that each party will satisfy their obligations in accordance with the precious metals purchase agreements and royalty agreements, and that Wheaton's assessment of taxes payable is accurate.   View original content:https://www.prnewswire.com/news-releases/dividend-declaration---wheaton-precious-metals-announces-quarterly-dividend-302766212.htmlSOURCE Wheaton Precious Metals Corp. Original: DIVIDEND DECLARATION - Wheaton Precious Metals Announces Quarterly Dividend

Wheaton Precious Metals Announces Record Revenue, Earnings and Cash Flow for the First Quarter of 2026May 7, 2026 5:00 PM
PR Newswire (US) FIRST QUARTER FINANCIAL RESULTSVANCOUVER, BC, May 7, 2026 /PRNewswire/ - "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 SheetFirst 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 dividend1 of $0.195 per common share, an 18% increase from Q1 2025.Balance Sheet: Cash balance of $2.2 billion.High Quality Asset BaseStreaming and royalty agreements on 22 operating mines and 26 development and other projects5.80% of attributable production from assets in the lowest half of their respective cost curves2,4.Delivered attributable gold equivalent production3 ("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: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.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
ChangeUnits 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 GEOs3 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 handDuring the first quarter of 2026, the Company made net upfront cash payments of $60 million relative to the mineral stream interests consisting of:Spring Valley: $50 million; andMarmato: $40 million; partially offset bya 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:Antamina BHP: $4.3 billion; Koné: $156 million; and 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 HighlightsSalobo: 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 UpdatesMineral 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 DevelopmentAntamina: 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 TransitionAs 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.SustainabilityCommunity Investment ProgramWheaton'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 TaxThe 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 GEOs3, 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 GEOs3 by 2030, with average annual production forecast to remain at 1,200,000 GEOs3 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 hereLive webcast:Click hereDial toll free:1-800-715-9871 or 1-647-932-3411Conference 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:1-800-770-2030Dial from outside Canada or the US:1-647-362-9199Pass code:9995273#Archived webcast:Click hereThis 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. Condensed Interim Consolidated Statements of Earnings

Three Months Ended
March 31(US dollars and shares in thousands, except per share amounts - unaudited)
20262025Sales
$901,469$470,411Cost of sales




Cost of sales, excluding depletion
$125,243$74,635Depletion

76,852
76,693Total cost of sales
$202,095$151,328Gross margin
$699,374$319,083General and administrative

12,971
13,525Share based compensation

10,113
12,181Donations and community investments

1,497
2,693Earnings from operations
$674,793$290,684Other income (expense)

17,736
7,520Earnings before finance costs and income taxes
$692,529$298,204Finance costs

1,405
1,441Earnings before income taxes
$691,124$296,763Income tax expense

109,080
42,779Net earnings
$582,044$253,984Basic earnings per share
$1.282$0.560Diluted earnings per share
$1.279$0.559Weighted average number of shares outstanding




Basic

454,044
453,692Diluted

454,955
454,428Condensed Interim Consolidated Balance Sheets
As at
March 31As at
December 31(US dollars in thousands - unaudited)20262025Assets



Current assets



Cash and cash equivalents$2,164,505$1,153,593Accounts receivable
18,039
46,723Other
3,053
3,853Total current assets$2,185,597$1,204,169Non-current assets



Mineral stream interests$7,379,936$7,397,149Early deposit mineral stream interests
47,097
47,094Mineral royalty interests
40,421
40,421Long-term equity investments
164,217
410,495Property, plant and equipment
9,587
9,926Other
19,340
16,527Total non-current assets$7,660,598$7,921,612Total assets$9,846,195$9,125,781Liabilities



Current liabilities



Accounts payable and accrued liabilities$13,499$22,557Dividends payable
88,549
-Income taxes payable
367,506
109,951Current portion of performance share units
12,216
21,604Current portion of lease liabilities
581
575Total current liabilities$482,351$154,687Non-current liabilities



Performance share units$1,500$13,215Lease liabilities
7,081
7,330Income taxes payable - non-current
96,443
252,271Deferred income taxes
9,487
1,794Pension liability
6,055
5,976Total non-current liabilities$120,566$280,586Total liabilities$602,917$435,273Shareholders' equity



Issued capital$3,818,179$3,814,910Reserves
99,780
176,911Retained earnings
5,325,319
4,698,687Total shareholders' equity$9,243,278$8,690,508Total liabilities and shareholders' equity$9,846,195$9,125,781Condensed Interim Consolidated Statements of Cash Flows

Three Months Ended
March 31(US dollars in thousands - unaudited)

2026
2025Operating activities




Net earnings
$582,044$253,984Adjustments for




Depreciation and depletion

77,283
76,994Equity settled share based compensation

1,647
1,425Performance share units - expense

8,466
10,756Performance share units - paid

(29,257)
(17,209)Income tax expense

109,080
42,779Investment income recognized in net earnings

(13,015)
(9,046)Other

(2,394)
3,007Change in non-cash working capital

18,776
(7,742)Cash generated from operations before income taxes and interest
$752,630$354,948Income taxes paid

(182)
(2,234)Interest paid

(103)
(91)Interest received

13,478
8,170Cash generated from operating activities
$765,823$360,793Financing activities




Debt issue costs
$(3,045)$-Share purchase options exercised

739
2,506Lease payments

(159)
(122)Cash (used for) generated from financing activities
$(2,465)$2,384Investing 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

-
239Other

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)$2Increase in cash and cash equivalents
$1,010,912$267,415Cash and cash equivalents, beginning of period

1,153,593
818,166Cash 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







Salobo69,20188,90766,99769,41871,38484,29162,68963,225
Sudbury 34,1137,4124,8525,4034,8805,2593,5934,477
Constancia4,57115,39612,7974,6044,87618,72710,7606,269
San Dimas 47,3418,2067,5076,9878,4167,2636,8827,089
Stillwater 51,4241,5181,7171,6541,3392,1662,2472,099
Blackwater4,9545,4794,8794,0501,017---
Platreef76-------
Other








Marmato816705807748757622648584
Goose1,0961,02738719----
Hemlo3,0071,630------
Fenix507-------
Total Other5,4263,3621,194767757622648584
Total gold ounces produced97,106130,28099,94392,88392,669118,32886,81983,743
Silver ounces produced 2








Peñasquito2,5591,8212,0872,1031,7542,4651,7852,263
Antamina1,5531,6001,6721,4821,0471,0719311,013
Constancia531731577552555970648451
Blackwater12914813613835---
Other








Los Filos 6----68292627
Zinkgruvan532513688684585637537699
Neves-Corvo483549431449459494425432
Aljustrel 7657516180-----
Cozamin165170169174174192185177
Marmato881088776
Mineral Park198------
Total Other1,8641,7641,4781,3151,2941,3591,1801,341
Total silver ounces produced6,6366,0645,9505,5904,6855,8654,5445,068
Palladium ounces produced 2








Stillwater 52,5612,5192,6502,4352,6612,7974,0344,338
Platreef30-------
Total palladium ounces produced2,5912,5192,6502,4352,6612,7974,0344,338
Platinum ounces produced 2








Platreef40-------
Cobalt pounds produced 2








Voisey's Bay657670604647540393397259
GEOs produced 8211,951235,614203,078190,179174,391218,993165,883170,916
Average payable rate 2








Gold95.3 %95.0 %94.6 %95.2 %94.9 %95.3 %95.0 %95.0 %
Silver87.5 %87.2 %87.6 %87.7 %86.3 %84.6 %83.9 %84.4 %
Palladium98.3 %96.9 %96.7 %97.4 %96.4 %97.5 %98.4 %97.3 %
Cobalt93.3 %93.3 %93.3 %93.3 %93.3 %93.3 %93.3 %93.3 %
GEOs891.2 %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







Salobo58,67583,69755,76876,33183,80955,17058,10154,962Sudbury 24,4123,7154,7292,8495,6324,0482,4955,679Constancia10,88617,0292,7086,8279,78817,8735,1866,640San Dimas7,6708,6866,6557,2358,9626,9907,0226,801Stillwater 31,3941,7901,4651,3861,9472,4101,6352,628Blackwater4,9145,2256,4633,291110---Other







Marmato718809749742737650550616Goose1,33952895-----Hemlo4,478-------Fenix274-------Santo Domingo 4312312312312312312447-El Domo 4-----209258-Total Other7,1211,6491,1561,0541,0491,1711,255616Total gold ounces sold95,072121,79178,94498,973111,29787,66275,69477,326Silver ounces sold







Peñasquito1,4441,8781,6092,1121,9761,8521,6671,482Antamina1,5041,8931,5521,073884858989917Constancia674613275625730797366422Blackwater127137137143----Other







Los Filos7-3857292624Zinkgruvan347358708520446452488597Neves-Corvo271245212224218154185216Aljustrel505382122-----Cozamin149169133154164158148158Marmato810998767Mineral Park13-------Total Other1,3001,1641,1879158938008531,002Total silver ounces sold5,0495,6854,7604,8684,4834,3073,8753,823Palladium ounces sold







Stillwater 32,9061,7302,5942,5752,4574,4343,7614,301Cobalt pounds sold







Voisey's Bay3094855293532654858888GEOs sold 5181,743219,605161,845182,750188,162163,355141,918142,838Cumulative payable units PBND 6







Gold ounces106,312108,525106,22290,284100,512123,51197,92990,406Silver ounces4,0283,2453,6293,1783,1453,5832,9312,993Palladium ounces4,8035,1694,4244,4144,5964,4396,1866,018Platinum ounces32-------Cobalt pounds1,6461,3411,2021,168917678796513GEOs 5183,534171,209174,343150,713159,136188,144152,858144,8471)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 $25.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2026.6)Payable gold, silver and palladium ounces as well as cobalt pounds produced but not yet delivered ("PBND") are based on management estimates. These figures may be updated in future periods as additional information is received.Results of OperationsThe operating results of the Company's reportable operating segments are summarized in the tables and commentary below.Three Months Ended March 31, 2026
Units
Produced2Units
SoldAverage
Realized
Price
($'s
Per Unit)Average
Cash Cost
($'s Per
Unit) 3Average
Depletion
($'s Per
Unit) 4SalesNet
EarningsCash Flow
From
OperationsTotal
AssetsGold















Salobo69,20158,675$4,843$433$404$284,180$235,053$262,007$2,596,997Sudbury 54,1134,412
4,881
400
1,399
21,533
13,596
19,852
212,322Constancia4,57110,886
4,843
429
338
52,725
44,373
48,056
48,601San Dimas7,3417,670
4,843
643
428
37,148
28,929
32,214
121,933Stillwater1,4241,394
4,843
871
570
6,752
4,742
5,537
203,407Blackwater4,9544,914
4,881
1,714
606
23,984
12,582
13,745
328,070Platreef76-
n.a.
n.a.
n.a.
-
-
-
275,702Other 65,4267,121
4,875
907
1,424
34,716
18,122
28,260
1,504,930
97,10695,072$4,849$556$534$461,038$357,397$409,671$5,291,962Silver















Peñasquito2,5591,444$84.45$4.62$5.09$121,955$107,933$115,283$199,516Antamina1,5531,504
84.45
17.84
4.39
127,014
93,578
100,184
452,486Constancia531674
84.45
6.32
6.43
56,944
48,350
52,682
147,070Blackwater129127
80.85
13.90
7.55
10,246
7,527
8,355
166,545Other 71,8641,300
85.07
22.16
3.19
110,611
77,656
107,848
555,952
6,6365,049$84.52$13.53$4.63$426,770$335,044$384,352$1,521,569Palladium















Stillwater2,5612,906$1,689$310$492$4,909$2,578$4,008$207,462Platreef30-
n.a.
n.a.
n.a.
-
-
-
78,814
2,5912,906$1,689$310$492$4,909$2,578$4,008$286,276Platinum















Marathon--$n.a.$n.a.$n.a.$-$-$-$9,451Platreef40-
n.a.
n.a.
n.a.
-
-
-
57,584
40-$n.a.$n.a.$n.a.$-$-$-$67,035Cobalt















Voisey's Bay657309$28.36$5.23$9.02$8,752$4,355$6,497$213,094Operating results






$901,469$699,374$804,528$7,379,936Other













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$9,846,1951)Units of gold, silver, palladium and platinum produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold, palladium and platinum ounces produced and sold and per unit amounts.2)Quantity produced represents the amount of gold, silver, palladium, platinum and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.3)Refer to discussion on non-GAAP measure (iii) at the end of this press release.4)Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information.5)Comprised of the operating Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests and the non-operating Victor gold interest.6)Other gold interests comprised of the Copper World, Marmato, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné, Kurmuk, Spring Valley and Hemlo gold interests.7)Other silver interests comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Aljustrel, El Alto, Copper World, Navidad, Marmato, Cozamin , El Domo, Mineral Park and Kudz Ze Kayah silver interests. Three Months Ended March 31, 2025
Units
Produced2Units
SoldAverage
Realized
Price
($'s
Per Unit)Average
Cash Cost
($'s Per
Unit) 3Average
Depletion
($'s Per
Unit) 4SalesNet
EarningsCash Flow
From
OperationsTotal
AssetsGold















Salobo71,38483,809$2,873$429$378$240,804$173,171$204,863$2,563,794Sudbury 54,8805,632
2,862
400
1,326
16,118
6,398
13,850
234,084Constancia4,8769,788
2,873
425
323
28,123
20,808
23,967
61,167San Dimas8,4168,962
2,873
637
290
25,751
17,445
20,043
133,882Stillwater1,3391,947
2,873
497
421
5,594
3,807
4,626
206,642Blackwater1,017110
2,862
1,020
617
314
134
202
340,163Platreef--
n.a.
n.a.
n.a.
-
-
-
275,702Other 67571,049
2,853
356
1,194
2,992
1,367
2,619
389,864
92,669111,297$2,872$445$423$319,696$223,130$270,170$4,205,298Silver















Peñasquito1,7541,976$32.03$4.56$4.86$63,271$44,666$54,262$234,868Antamina1,047884
32.03
6.41
8.46
28,311
15,169
22,647
483,292Constancia555730
32.03
6.26
6.10
23,375
14,351
18,806
160,923Blackwater35-
n.a.
n.a.
n.a.
-
-
-
170,926Other 71,294893
33.55
4.42
6.14
29,980
20,545
23,069
556,241
4,6854,483$32.33$5.17$6.03$144,937$94,731$118,784$1,606,250Palladium















Stillwater2,6612,457$965$172$429$2,372$895$1,949$212,125Platreef--
n.a.
n.a.
n.a.
-
-
-
78,814
2,6612,457$965$172$429$2,372$895$1,949$290,939Platinum















Marathon--$n.a.$n.a.$n.a.$-$-$-$9,451Platreef--
n.a.
n.a.
n.a.
-
-
-
57,584
--$n.a.$n.a.$n.a.$-$-$-$67,035Cobalt















Voisey's Bay540265$12.88$2.46$9.18$3,406$327$3,962$228,260Operating results






$470,411$319,083$394,865$6,397,782Other













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$7,739,2971)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
ChangeGEO 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 MeasuresWheaton 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
2025Net earnings
$582,044
$253,984Add 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
$250,825Divided by:





Basic weighted average number of shares outstanding

454,044

453,692Diluted weighted average number of shares outstanding

454,955

454,428Equals:





Adjusted earnings per share - basic
$1.284
$0.553Adjusted 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
2025Cash generated by operating activities
$765,823
$360,793Divided by:





Basic weighted average number of shares outstanding

454,044

453,692Diluted weighted average number of shares outstanding

454,955

454,428Equals:





Operating cash flow per share - basic
$1.687
$0.795Operating 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
2025Cost of sales
$202,095
$151,328Less:  depletion

(76,852)

(76,693)Less:  cost of sales related to delay ounces 1

(1,514)

(864)Cash cost of sales
$123,729
$73,771Cash cost of sales is comprised of:





Total cash cost of gold sold
$52,877
$49,512Total cash cost of silver sold

68,337

23,186Total cash cost of palladium sold

901

423Total cash cost of cobalt sold 2

1,614

650Total cash cost of sales
$123,729
$73,771Divided by:





Total gold ounces sold

95,072

111,297Total silver ounces sold

5,049

4,483Total palladium ounces sold

2,906

2,457Total cobalt pounds sold

309

265Equals:





Average cash cost of gold (per ounce)
$556
$445Average cash cost of silver (per ounce)
$13.53
$5.17Average cash cost of palladium (per ounce)
$310
$172Average cash cost of cobalt (per pound)
$5.23
$2.461)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
2025Gross margin
$699,374
$319,083Add back:  depletion

76,852

76,693Add back:  cost of sales related to delay ounces 1

1,514

864Cash operating margin
$777,740
$396,640Cash operating margin is comprised of:





Total cash operating margin of gold sold
$408,161
$270,184Total cash operating margin of silver sold

358,433

121,751Total cash operating margin of palladium sold

4,008

1,949Total cash operating margin of cobalt sold

7,138

2,756Total cash operating margin
$777,740
$396,640Divided by:





Total gold ounces sold

95,072

111,297Total silver ounces sold

5,049

4,483Total palladium ounces sold

2,906

2,457Total cobalt pounds sold

309

265Equals:





Cash operating margin per gold ounce sold
$4,293
$2,427Cash operating margin per silver ounce sold
$70.99
$27.16Cash operating margin per palladium ounce sold
$1,379
$793Cash operating margin per cobalt pound sold
$23.12
$10.421)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; andassessments 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; andother 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 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; andsuch 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 ResourcesFor 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.End Notes1Please 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."2Statements 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.3Gold 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.4Source: Company reports S&P Global estimates of 2026-2030 byproduct cost curves for gold, zinc/lead, copper, PGM, nickel & silver mines5Total 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.6Further 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."7Wheaton's long-term production outlook is based on information available as of February 16, 2026, the date of publication. View original content:https://www.prnewswire.com/news-releases/wheaton-precious-metals-announces-record-revenue-earnings-and-cash-flow-for-the-first-quarter-of-2026-302766193.htmlSOURCE Wheaton Precious Metals Corp. Original: Wheaton Precious Metals Announces Record Revenue, Earnings and Cash Flow for the First Quarter of 2026

NYSE Content Update: Business Leaders Come Together for No Kid Hungry CampaignMay 6, 2026 8:57 AM
PR Newswire (US) NYSE issues a pre-market daily advisory direct from the trading floor.NEW YORK, May 6, 2026 /PRNewswire/ -- The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today's NYSE Pre-market update for market insights before trading begins.  Ashley Mastronardi delivers the pre-market update on May 6thEquities are pointing to a higher open Wednesday morning, following a report that the U.S. and Iran could be closing in on a peace deal.Global X NYSE 100 ETF component AMD is up by nearly 20% after reporting data center revenue rose by 57% year-over-year.The business community is coming together at the NYSE this afternoon to help end childhood hunger.Interviews with restaurant industry leaders taking part in the No Kid Hungry campaign will air across NYSE platforms in the coming weeks.Opening Bell
Wheaton Precious Metals (NYSE: WPM) celebrates its 20-year listing anniversaryClosing Bell
No Kid Hungry brings awareness to the 1 in 5 kids who live with hunger in AmericaFor market insights, IPO activity, and today's opening bell, download the NYSE TV App: TV.NYSE.com Video - https://mma.prnewswire.com/media/2973873/NYSE_May_6_Market_Update.mp4 
Photo - https://mma.prnewswire.com/media/2973872/Constellation_Brands_at_the_NYSE.jpg 
Logo - https://mma.prnewswire.com/media/2581322/5956341/New_York_Stock_Exchange_Logo.jpg   View original content:https://www.prnewswire.co.uk/news-releases/nyse-content-update-business-leaders-come-together-for-no-kid-hungry-campaign-302764170.html Original: NYSE Content Update: Business Leaders Come Together for No Kid Hungry Campaign

Wheaton Precious Metals to Release 2026 First Quarter Results on May 7, 2026April 8, 2026 5:00 PM
PR Newswire (US)

VANCOUVER, BC, April 8, 2026 /PRNewswire/ - Wheaton Precious Metals™ Corp. 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 hereLive webcast:Click hereDial toll free:1-800-715-9871 or 1-647-932-3411Conference Call ID:9995273#The accompanying slideshow will also be available in PDF format on the 'Presentations' page of the Wheaton Precious Metals website before the conference 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:1-800-770-2030Dial from outside Canada or the US:1-647-362-9199Pass code:9995273#Archived webcast:Click hereAbout Wheaton Precious Metals Corp.Wheaton Precious Metals is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming.



View original content:https://www.prnewswire.com/news-releases/wheaton-precious-metals-to-release-2026-first-quarter-results-on-may-7-2026-302737343.htmlSOURCE Wheaton Precious Metals Corp.

Original: Wheaton Precious Metals to Release 2026 First Quarter Results on May 7, 2026

Wheaton Precious Metals Announces Acquisition of a Gold and Silver Stream on the Jervois Project Through a Partnership with KGL ResourcesApril 1, 2026 7:08 PM
PR Newswire (US)

VANCOUVER, BC, April 1, 2026 /PRNewswire/ - Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce that its wholly-owned subsidiary, Wheaton Precious Metals International Ltd. ("WPMI") has entered into a definitive Precious Metals Purchase Agreement (the "Gold and Silver Stream") with a wholly-owned subsidiary of KGL Resources Limited ("KGL") for a portion of the gold and silver produced at the Jervois Project located in Australia (the "Project" or "Jervois")."The Jervois project represents an important milestone for Wheaton as our first streaming transaction in Australia, one of the world's leading mining jurisdictions," said Haytham Hodaly, President and Chief Executive Officer of Wheaton. "This is a fully permitted copper project, with significant exploration potential, that is positioned to commence construction imminently. As global efforts to transition to a low-carbon economy accelerate, responsibly produced critical metals such as copper, sourced from politically stable jurisdictions, have never been more important, and we look forward to supporting the KGL team with a precious metals stream which will provide construction funding as they advance the Jervois Project into production.""We are delighted to secure this significant capital commitment from a leading global precious metals streaming company as a major cornerstone partner in our financing strategy for the Jervois Project." said Jeff Gerard, Executive Chairman of KGL. "The immediate availability of the early deposit payments ensures we can maintain our schedule, and, under the stewardship of our new CEO Mr. Sam Strohmayr, we are now on the cusp of breaking ground on Australia's next major copper mine."Transaction Key Terms
(All values in US$ unless otherwise noted)Gold and Silver Stream Upfront Consideration: WPMI will pay KGL total upfront cash consideration of US$275 million (the "Deposit") subject to certain customary conditions.Two installments of US$16 million each will 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 US$243 million will be paid in four equal installments over the construction period as various conditions are satisfied.Streamed Metal: Gold Stream: WPMI will purchase 75% of the payable gold until a total of 45 thousand ounces ("Koz") has been delivered (the "First Gold Dropdown Threshold"), at which point Wheaton will purchase 37.5% of the payable gold until an additional 15 Koz has been delivered (the "Second Gold Dropdown Threshold"), at which point WPMI will purchase 25% of the payable gold for the life of mine.  Payable gold is calculated using a fixed payability factor of 90%.Silver Stream: WPMI will purchase 75% of the payable silver until a total of approximately 4.3 million ounces ("Moz") has been delivered (the "First Silver Dropdown Threshold"), at which point Wheaton will purchase 37.5% of the payable silver until an additional 1.7 Moz has been delivered (the "Second Silver Dropdown Threshold"), at which point WPMI will purchase 25% of the payable silver for the life of mine. Payable silver is calculated using a fixed payability factor of 90%.Each of the First Gold Dropdown Threshold and First Silver Dropdown Threshold will be subject to adjustment if there are delays in deliveries relative to an agreed schedule.Production Profile1: Attributable Gold and Silver Stream production is forecast to average approximately 5.8 Koz of gold and 0.77 Moz of silver per annum for the first five full years of production, and approximately 5.3 Koz of gold and 0.59 Moz of silver per annum for the life of mine. The Jervois Project is forecast to have a 10-year mine life based on reserves and resources1, with meaningful exploration potential that may extend the mine life. First production is expected in the second half of 2027.Production Payments: WPMI will make ongoing payments for the gold and silver ounces delivered equal to 20% of the spot price of gold and silver.Incremental Reserves and Resources1: The Jervois Project will increase Wheaton's total estimated Proven and Probable gold and silver reserves by 92 Koz and 9.2 Moz, Measured and Indicated gold and silver resources by 15 Koz and 1.3 Moz and Inferred gold and silver resources by 21 Koz and 2.1 Moz.Other ConsiderationsWPMI will provide a cost overrun stream (the "COF Stream") of up to $25 million, accessible before the fifth anniversary of the effective date and subject to satisfaction of further conditions. If the COF Stream is exercised, the initial silver stream percentage will increase from 75% to 90%, with corresponding adjustments to the First Silver Dropdown Threshold and other related terms.The Gold and Silver Stream will include a customary completion test based on expected production and mining rates.In the event of a change of control of KGL prior to December 31, 2029, KGL will have the option to buy back one third of the stream, for an amount that includes a pre-determined rate of return.Wheaton has committed to participate in a future equity financing by KGL in connection with funding the Jervois mine, for the lesser of up to (i) AU$35 million and (ii) that number of new shares representing 20% of the shares offered under the equity financing, where such equity financing is completed by the first anniversary of the date of the PMPA, at KGL's election and on commercial terms to be agreed (provided Wheaton's interest in KGL shall not exceed 9.9%).WPMI will obtain a right of first refusal on any future precious metal streams, royalties, prepays or similar transactions with respect to the Jervois Project.KGL will provide WPMI with corporate guarantees, as well as first-priority security interests on the Project and KGL corporate assets, subject to permitted prior-ranking encumbrances and an agreed intercreditor framework where project debt financing is incurred.__________________1Scheduled resources are in accordance with the February 10, 2025 Feasibility Study Update created under the 2012 JORC Code.Financing the TransactionThe Company expects to fund the majority of the upfront payment from operating cash flows as construction advances throughout 2027. Supported by strong projected cash flows over the next five years, along with anticipated production growth of approximately 50% by 2030, the Company believes it is well positioned to meet its existing commitments while continuing to pursue new growth opportunities.Attributable Mineral Reserves and Mineral Resources – Jervois ProjectGold Reserves & ResourcesCategoryTonnageGradeContained AuMtAu g/tkozProven3.10.2929Probable7.60.2563P+P10.80.2692Measured0.30.101Indicated2.10.2114M+I2.40.2015Inferred4.60.1421



Silver Reserves & ResourcesCategoryTonnageGradeContained AgMtAg g/tMozProven3.031.03.0Probable7.426.36.2P+P10.427.79.2Measured0.119.10.1Indicated1.136.71.3M+I1.234.61.3Inferred4.016.42.1Notes on Mineral Reserves & Mineral Resources: 1.Mineral Reserves and Mineral Resources have been estimated in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards for Mineral Resources and Mineral Reserves and National Instrument 43-101 – Standards for Disclosure for Mineral Projects ("NI 43-101"). 2.Mineral Reserves and Mineral Resources are reported above in millions of metric tonnes ("Mt"), grams per metric tonne ("g/t"), thousands of ounces of gold ("koz"), and millions of ounces of silver ("Moz"). 3.Qualified persons ("QPs"), as defined by the NI 43-101, for the technical information contained in this document (including the Mineral Reserve and Mineral Resource estimates) are: 
a.Ryan Ulansky, M.A.Sc., P.Eng. (Vice President, Technical Services); and 
b.Jeremy Vincent, M.Sc., P.Geo. (Director, Geology and Resources),  
both employees of the Company (the "Company's QPs"). 4.The Mineral Resources reported in the above tables are exclusive of Mineral Reserves.  5.Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. 6.Jervois Project Mineral Reserves are reported as of February 10, 2025. 7.Jervois Project Mineral Reserves are reported above 0.71 percent copper equivalent cut-off grade tonne for open-pit mining, above a 1.0 percent copper equivalent cut-off grade for underground mining with backfill, and above a 0.83 percent copper equivalent cut-off grade for underground mining without backfill, all assuming $4.58 per pound copper, $2,400 per ounce gold, and $30.00 per ounce silver. 8.Jervois Project Mineral Resources are reported as of February 10, 2025.9.Jervois Project open-pit Resources are reported above a 0.35 percent copper equivalent cut-off grade and underground Resources are reported above a 0.8 percent copper cut-off grade, all assuming $4.90 per pound copper, $2,400 per ounce gold, and $32.00 per ounce silver.10.The Gold and Silver Stream provides that KGL will deliver gold and silver equal to 75% of the payable production until 45,000/4,300,000 ounces respectively are delivered after which the stream will reduce to 37.5% until an additional 15,000/1,700,000 ounces respectively are delivered after which the stream will reduce to 25% for the remaining life of the mine.About KGL and the Jervois ProjectKGL Resources Limited is an ASX-listed Australia mineral exploration and development company, focused on developing and constructing the Jervois Copper Project in the Northern Territory, Australia. The Project lies North-East of the town of Alice Springs and is located in the Plenty River Basin, a sparsely populated area in Central Australia's Northern Territory. Access to the Project site is via the Plenty Highway and Lucy Creek Road. The Project is fully-permitted with a recent Feasibility Study Update demonstrating attractive economics, low capital intensity and strong operating margins.CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This press release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation concerning the business, operations and financial performance of Wheaton and, in some instances, the business, mining operations and performance of Wheaton's Precious Metals Purchase Agreement ("PMPA") counterparties. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to:the satisfaction of each party's obligations in accordance with the Gold and Silver Stream;the receipt by the Company of gold and silver production in respect of the Jervois Project under the Gold and Silver Stream;the future price of commodities;the estimation of future production from the mineral stream interests and mineral royalty interests currently owned by the Company (the "Mining Operations") (including in the estimation of production, mill throughput, grades, recoveries and exploration potential);the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates and the realization of such estimations);the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton's precious metal purchase agreement ("PMPA") counterparties at Mining Operations or other payments under royalty arrangements;the payment of upfront cash consideration to counterparties under PMPAs, the satisfaction of each party's obligations in accordance with PMPAs and the receipt by the Company of precious metals and cobalt production or other payments in respect of the applicable Mining Operations under PMPAs;the ability of Wheaton's PMPA counterparties to comply with the terms of a PMPA (including as a result of the business, mining operations and performance of Wheaton's PMPA counterparties) and the potential impacts of such on Wheaton;future payments by the Company in accordance with PMPAs, including any acceleration of payments;the costs of future production;the estimation of produced but not yet delivered ounces;continued listing of the Common Shares on the LSE, NYSE and TSX;any statements as to future dividends;the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs;projected increases to Wheaton's production and cash flow profile;projected changes to Wheaton's production mix;the ability of Wheaton's PMPA counterparties to comply with the terms of any other obligations under agreements with the Company;the ability to sell precious metals and cobalt production;confidence in the Company's business structure;the Company's assessment of taxes payable, and the Company's ability to pay its taxes;possible CRA domestic and international audits;the Company's assessment of the impact of any tax reassessments;the Company's climate change and environmental commitments; andassessments 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 Gold and Silver Stream;risks relating to the generation of sufficient cash flow to repay the existing RCF and the new Term Loan;risks associated with fluctuations in the price of commodities (including Wheaton's ability to sell its precious metals or cobalt production at acceptable prices or at all);risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with exploration, development, operating, expansions and improvement at the Mining Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as Mining Operations plans continue to be refined);absence of control over the Mining Operations and having to rely on the accuracy of the public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations as the basis for its analyses, forecasts and assessments relating to its own business;risks related to the uncertainty in the accuracy of mineral reserve and mineral resource estimation;risks related to the satisfaction of each party's obligations in accordance with the terms of the Company's PMPAs, including the ability of the companies with which the Company has PMPAs to perform their obligations under those PMPAs in the event of a material adverse effect on the results of operations, financial condition, cash flows or business of such companies, any acceleration of payments, estimated throughput and exploration potential;risks relating to production estimates from Mining Operations, including anticipated timing of the commencement of production by certain Mining Operations;Wheaton's interpretation of, or compliance with, or application of, tax laws and regulations or accounting policies and rules, being found to be incorrect or the tax impact to the Company's business operations being materially different than currently contemplated, or the ability to pay such taxes as and when due;any challenge or reassessment by the CRA of the Company's tax filings being successful and the potential negative impact to the Company's previous and future tax filings;risks in assessing the impact of the CRA Settlement;risks related to any changes to the Income Tax Act (Canada) that may result in a material change to the amount of future taxes payable;counterparty credit and liquidity risks;mine operator and counterparty concentration risks;indebtedness and guarantees risks;hedging risk;competition in the streaming industry risk;risks relating to security over underlying assets;risks relating to third-party PMPAs;risks relating to revenue from royalty interests;risks related to Wheaton's acquisition strategy;risks relating to third-party rights under PMPAs;risks relating to future financings and security issuances;risks relating to unknown defects and impairments;risks related to governmental regulations;risks related to international operations of Wheaton and the Mining Operations;risks relating to exploration, development, operating, expansions and improvements at the Mining Operations;risks related to environmental regulations;the ability of Wheaton and the Mining Operations to obtain and maintain necessary licenses, permits, approvals and rulings;the ability of Wheaton and the Mining Operations to comply with applicable laws, regulations and permitting requirements;lack of suitable supplies, infrastructure and employees to support the Mining Operations;risks related to underinsured Mining Operations;inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by certain Mining Operations (including increases in production, estimated grades and recoveries);uncertainties related to title and indigenous rights with respect to the mineral properties of the Mining Operations;the ability of Wheaton and the Mining Operations to obtain adequate financing;the ability of the Mining Operations to complete permitting, construction, development and expansion;challenges related to global financial conditions;risks associated with sustainability-related matters;risks related to fluctuations in commodity prices of metals produced from the Mining Operations other than precious metals or cobalt;risks related to claims and legal proceedings against Wheaton or the Mining Operations;risks related to the market price of the Common Shares of Wheaton;the ability of Wheaton and the Mining Operations to retain key management employees or procure the services of skilled and experienced personnel;risks related to interest rates;risks related to the declaration, timing and payment of dividends;risks related to access to confidential information regarding Mining Operations;risks associated with multiple listings of the Common Shares on the LSE, NYSE and TSX;risks associated with a possible suspension of trading of Common Shares;equity price risks related to Wheaton's holding of long-term investments in other companies;risks relating to activist shareholders;risks relating to reputational damage;risks relating to expression of views by industry analysts;risks related to the impacts of climate change and the transition to a low-carbon economy;risks associated with the ability to achieve climate change and environmental commitments at Wheaton and at the Mining Operations;risks related to ensuring the security and safety of information systems, including cyber security risks;risks relating to artificial intelligence;risks relating to compliance with anti-corruption and anti-bribery laws;risks relating to corporate governance and public disclosure compliance;risks of significant impacts on Wheaton or the Mining Operations as a result of an epidemic or pandemic;risks related to the adequacy of internal control over financial reporting; andother 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 and Wheaton's Form 40-F for the year ended December 31, 2025 on file with the U.S. Securities and Exchange Commission on EDGAR (the "Disclosure").Forward-looking statements are based on assumptions management currently believes to be reasonable, including but not limited to:that each party's obligations in accordance with the terms of the Gold and Silver Stream will be satisfied;that there will be no material adverse change in the market price of commodities;that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates;that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate;that public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations is accurate and complete;that the production estimates from Mining Operations are accurate;that each party will satisfy their obligations in accordance with the PMPAs;that Wheaton will continue to be able to fund or obtain funding for outstanding commitments;that Wheaton will be able to source and obtain accretive PMPAs;that the terms and conditions of a PMPA are sufficient to recover liabilities owed to the Company;that Wheaton has fully considered the value and impact of any third-party interests in PMPAs;that expectations regarding the resolution of legal and tax matters will be achieved (including CRA audits involving the Company);that Wheaton has properly considered the application of Canadian tax laws to its structure and operations and that Wheaton will be able to pay taxes when due;that Wheaton has filed its tax returns and paid applicable taxes in compliance with applicable tax laws;that the trading of the Common Shares will not be adversely affected by the differences in liquidity, settlement and clearing systems as a result of multiple listings of the Common Shares on the LSE, the TSX and the NYSE;that the trading of the Company's Common Shares will not be suspended;the estimate of the recoverable amount for any PMPA with an indicator of impairment;that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic or pandemic; andsuch 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.



View original content:https://www.prnewswire.com/news-releases/wheaton-precious-metals-announces-acquisition-of-a-gold-and-silver-stream-on-the-jervois-project-through-a-partnership-with-kgl-resources-302732109.htmlSOURCE Wheaton Precious Metals Corp.

Original: Wheaton Precious Metals Announces Acquisition of a Gold and Silver Stream on the Jervois Project Through a Partnership with KGL Resources

Wheaton Precious Metals Announces Closing of Silver Stream with BHP on AntaminaApril 1, 2026 6:02 PM
PR Newswire (US)

VANCOUVER, BC, April 1, 2026 /PRNewswire/ - Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce that its wholly-owned subsidiary, Wheaton Precious Metals International Ltd. ("WPMI") has completed the previously announced silver stream transaction under its Precious Metals Purchase Agreement with a wholly-owned subsidiary of BHP Group Limited ("BHP"), in respect of the Antamina Mine in Peru ("BHP Antamina PMPA").Under the BHP Antamina PMPA, from the effective date of April 1, 2026, WPMI will purchase the equivalent of BHP's 33.75% of the payable silver from the Antamina mine until a total of 100 million ounces has been delivered, at which point WPMI will purchase the equivalent of 22.5% of the payable silver for the life of mine. Payable silver will be calculated using a fixed payable factor of 90.0%. In exchange, WPMI has made the upfront payment of US$4.3 billion and will make ongoing payments for the silver ounces delivered equal to 20% of the spot price of silver.Full details of the transaction can be found in Wheaton's news release titled "Wheaton Precious Metals Announces Acquisition of Additional Silver Stream on Antamina Through New Partnership with BHP" dated February 16, 2026. About Wheaton Precious Metals Corp.
Wheaton Precious Metals is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming.CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This press release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation concerning the business, operations and financial performance of Wheaton and, in some instances, the business, mining operations and performance of Wheaton's Precious Metals Purchase Agreement ("PMPA") counterparties. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to:the satisfaction of each party's obligations in accordance with the BHP Antamina PMPA;the receipt by the Company of silver production in respect of the Antamina mine under the BHP Antamina PMPA;the future price of commodities;the estimation of future production from the mineral stream interests and mineral royalty interests currently owned by the Company (the "Mining Operations") (including in the estimation of production, mill throughput, grades, recoveries and exploration potential);the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates and the realization of such estimations);the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton's precious metal purchase agreement ("PMPA") counterparties at Mining Operations or other payments under royalty arrangements;the payment of upfront cash consideration to counterparties under PMPAs, the satisfaction of each party's obligations in accordance with PMPAs and the receipt by the Company of precious metals and cobalt production or other payments in respect of the applicable Mining Operations under PMPAs;the ability of Wheaton's PMPA counterparties to comply with the terms of a PMPA (including as a result of the business, mining operations and performance of Wheaton's PMPA counterparties) and the potential impacts of such on Wheaton;future payments by the Company in accordance with PMPAs, including any acceleration of payments;the costs of future production;the estimation of produced but not yet delivered ounces;continued listing of the Common Shares on the LSE, NYSE and TSX;any statements as to future dividends;the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs;projected increases to Wheaton's production and cash flow profile;projected changes to Wheaton's production mix;the ability of Wheaton's PMPA counterparties to comply with the terms of any other obligations under agreements with the Company;the ability to sell precious metals and cobalt production;confidence in the Company's business structure;the Company's assessment of taxes payable, and the Company's ability to pay its taxes;possible CRA domestic and international audits;the Company's assessment of the impact of any tax reassessments;the Company's climate change and environmental commitments; andassessments of the impact and resolution of various legal and tax matters, including but not limited to audits.Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", "potential", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:risks relating to the satisfaction of each party's obligations in accordance with the terms of the BHP Antamina PMPA;risks relating to the Company's ability to meet the conditions of, and the satisfaction of each party's obligations under, the existing RCF and the new Term Loan;risks relating to the generation of sufficient cash flow to repay the existing RCF and the new Term Loan;risks associated with fluctuations in the price of commodities (including Wheaton's ability to sell its precious metals or cobalt production at acceptable prices or at all);risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with exploration, development, operating, expansions and improvement at the Mining Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as Mining Operations plans continue to be refined);absence of control over the Mining Operations and having to rely on the accuracy of the public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations as the basis for its analyses, forecasts and assessments relating to its own business;risks related to the uncertainty in the accuracy of mineral reserve and mineral resource estimation;risks related to the satisfaction of each party's obligations in accordance with the terms of the Company's PMPAs, including the ability of the companies with which the Company has PMPAs to perform their obligations under those PMPAs in the event of a material adverse effect on the results of operations, financial condition, cash flows or business of such companies, any acceleration of payments, estimated throughput and exploration potential;risks relating to production estimates from Mining Operations, including anticipated timing of the commencement of production by certain Mining Operations;Wheaton's interpretation of, or compliance with, or application of, tax laws and regulations or accounting policies and rules, being found to be incorrect or the tax impact to the Company's business operations being materially different than currently contemplated, or the ability to pay such taxes as and when due;any challenge or reassessment by the CRA of the Company's tax filings being successful and the potential negative impact to the Company's previous and future tax filings;risks in assessing the impact of the CRA Settlement;risks related to any changes to the Income Tax Act (Canada) that may result in a material change to the amount of future taxes payable;counterparty credit and liquidity risks;mine operator and counterparty concentration risks;indebtedness and guarantees risks;hedging risk;competition in the streaming industry risk;risks relating to security over underlying assets;risks relating to third-party PMPAs;risks relating to revenue from royalty interests;risks related to Wheaton's acquisition strategy;risks relating to third-party rights under PMPAs;risks relating to future financings and security issuances;risks relating to unknown defects and impairments;risks related to governmental regulations;risks related to international operations of Wheaton and the Mining Operations;risks relating to exploration, development, operating, expansions and improvements at the Mining Operations;risks related to environmental regulations;the ability of Wheaton and the Mining Operations to obtain and maintain necessary licenses, permits, approvals and rulings;the ability of Wheaton and the Mining Operations to comply with applicable laws, regulations and permitting requirements;lack of suitable supplies, infrastructure and employees to support the Mining Operations;risks related to underinsured Mining Operations;inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by certain Mining Operations (including increases in production, estimated grades and recoveries);uncertainties related to title and indigenous rights with respect to the mineral properties of the Mining Operations;the ability of Wheaton and the Mining Operations to obtain adequate financing;the ability of the Mining Operations to complete permitting, construction, development and expansion;challenges related to global financial conditions;risks associated with sustainability-related matters;risks related to fluctuations in commodity prices of metals produced from the Mining Operations other than precious metals or cobalt;risks related to claims and legal proceedings against Wheaton or the Mining Operations;risks related to the market price of the Common Shares of Wheaton;the ability of Wheaton and the Mining Operations to retain key management employees or procure the services of skilled and experienced personnel;risks related to interest rates;risks related to the declaration, timing and payment of dividends;risks related to access to confidential information regarding Mining Operations;risks associated with multiple listings of the Common Shares on the LSE, NYSE and TSX;risks associated with a possible suspension of trading of Common Shares;equity price risks related to Wheaton's holding of long-term investments in other companies;risks relating to activist shareholders;risks relating to reputational damage;risks relating to expression of views by industry analysts;risks related to the impacts of climate change and the transition to a low-carbon economy;risks associated with the ability to achieve climate change and environmental commitments at Wheaton and at the Mining Operations;risks related to ensuring the security and safety of information systems, including cyber security risks;risks relating to artificial intelligence;risks relating to compliance with anti-corruption and anti-bribery laws;risks relating to corporate governance and public disclosure compliance;risks of significant impacts on Wheaton or the Mining Operations as a result of an epidemic or pandemic;risks related to the adequacy of internal control over financial reporting; andother 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 and Wheaton's Form 40-F for the year ended December 31, 2025 on file with the U.S. Securities and Exchange Commission on EDGAR (the "Disclosure").Forward-looking statements are based on assumptions management currently believes to be reasonable, including but not limited to:that each party's obligations in accordance with the terms of the BHP Antamina PMPA will be satisfied;that the Company will be able to repay the existing RCF and new Term Loan;that there will be no material adverse change in the market price of commodities;that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates;that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate;that public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations is accurate and complete;that the production estimates from Mining Operations are accurate;that each party will satisfy their obligations in accordance with the PMPAs;that Wheaton will continue to be able to fund or obtain funding for outstanding commitments;that Wheaton will be able to source and obtain accretive PMPAs;that the terms and conditions of a PMPA are sufficient to recover liabilities owed to the Company;that Wheaton has fully considered the value and impact of any third-party interests in PMPAs;that expectations regarding the resolution of legal and tax matters will be achieved (including CRA audits involving the Company);that Wheaton has properly considered the application of Canadian tax laws to its structure and operations and that Wheaton will be able to pay taxes when due;that Wheaton has filed its tax returns and paid applicable taxes in compliance with applicable tax laws;that the trading of the Common Shares will not be adversely affected by the differences in liquidity, settlement and clearing systems as a result of multiple listings of the Common Shares on the LSE, the TSX and the NYSE;that the trading of the Company's Common Shares will not be suspended;the estimate of the recoverable amount for any PMPA with an indicator of impairment;that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic or pandemic; andsuch other assumptions and factors as set out in the Disclosure.Although Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Wheaton. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing readers with information to assist them in understanding Wheaton's expected financial and operational performance and may not be appropriate for other purposes. Any forward-looking statement speaks only as of the date on which it is made, reflects Wheaton's management's current beliefs based on current information and will not be updated except in accordance with applicable securities laws.



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

Wheaton Precious Metals Provides Details of Annual and Special Meeting of Shareholders and Files Form 40-FMarch 31, 2026 5:00 PM
PR Newswire (US)

VANCOUVER, BC, March 31, 2026 /PRNewswire/ - Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") announces that its Form 40-F report has been filed with the Securities and Exchange Commission and is available on EDGAR. The Company's 2025 audited financial statements, along with its Form 40-F, are also available on the Company's website at www.wheatonpm.com.Shareholders may also receive a copy of Wheaton's audited financial statements, without charge, upon request to Wheaton's Investor Relations Department, Suite 3500, 1021 West Hastings St., Vancouver, British Columbia, Canada V6E 0C3 or by email at info@wheatonpm.com.Annual and Special Meeting of ShareholdersWheaton is scheduled to hold its Annual and Special Meeting of Shareholders (the "Meeting"), both virtually and in-person at the Conrad Hotel New York Downtown, 102 North End Avenue, New York, NY 10282 USA, on Friday, May 8, 2026, at 1:30 p.m. Eastern Time.Wheaton has adopted an online virtual Meeting platform and we encourage all of our shareholders to participate in the Meeting using this online platform. All shareholders participating in our online virtual Meeting platform will be able to listen to the Meeting live, and for registered shareholders or proxyholders (including non-registered shareholders who have appointed themselves as proxyholder), submit votes in real time.Registered shareholders and duly appointed proxyholders who wish to participate in the online virtual Meeting may do so:From their computer, by entering the following URL in their browser: https://meetings.lumiconnect.com/400-025-911-054From their mobile device, by entering the following URL in their browser: https://meetings.lumiconnect.com/400-025-911-054If you choose to participate in the online virtual Meeting as a registered shareholder, you can log in to into the Meeting by:Clicking "I have a control number" and entering your valid control numberEntering the password for the Meeting, which is: wheaton2026 (case sensitive)Guests, including Beneficial Shareholders who have not duly appointed themselves as a proxyholder, can log in to into the Meeting by clicking "I am a guest" and completing the online form. Guests will be able to listen to the Meeting but will not be able to ask questions or vote.Important technical reminders for joining the Meeting and voting instructions will be made available on the Company's website at www.wheatonpm.com.About Wheaton Precious Metals Corp.
Wheaton Precious Metals is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming.



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Original: Wheaton Precious Metals Provides Details of Annual and Special Meeting of Shareholders and Files Form 40-F

The Gold Mine That Barrick Bought Into, a Billionaire Backed, and the Market Still Hasn't FoundMarch 20, 2026 9:00 AM
PR Newswire (US)

LVG, KGC, FNV, WPM, and EQX as the Gold Supercycle Enters Its Most Profitable PhaseIssued on behalf of Lake Victoria Gold Ltd.Companies mentioned in this article: Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), Kinross Gold (NYSE: KGC) (TSX: K), Franco-Nevada (TSX: FNV) (NYSE: FNV), Wheaton Precious Metals (NYSE: WPM) (TSX: WPM), Equinox Gold (NYSE: EQX) (TSX: EQX)Key Takeaways:Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) has confirmed 97% gold recovery at its fully permitted Imwelo Gold Project using conventional processing — eliminating one of the biggest risks in mine development and validating a path toward near-term production.Barrick Gold owns 5.5 million LVG shares at C$0.27 and Tanzanian billionaire Rostam Aziz has an investment commitment of C$11.52 million he currently owns 16,000,000 shares C$0.22 — and the stock still trades below both entry prices.Gold has surpassed $5,400 per ounce in 2026, with industry gross margins approaching 70% and major producers generating record free cash flow.Kinross Gold, Franco-Nevada, Wheaton Precious Metals, and Equinox Gold are all benefiting from the supercycle — but the market hasn't yet repriced the junior developers sitting on permitted, production-ready assets.VANCOUVER, BC, March 20, 2026 /PRNewswire/ -- Equity-Insider.com — Something unusual is happening in the gold market. The metal is above $5,400. The majors are generating 70% gross margins. Free cash flow records are being shattered every quarter. And yet, scattered across the junior gold landscape, there are fully permitted projects with defined resources, proven metallurgy, and strategic backers — that trade as if gold were still at $1,800.







The disconnect isn't rational. It's structural. Retail capital chases the names it already knows. Institutional capital moves slowly into juniors. And the result is a window — one that historically closes fast — where the companies closest to production trade at fractions of what their ounces are worth in the ground.Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) sits squarely in that window. The company's Imwelo Gold Project in Tanzania is fully permitted, has just confirmed 97% metallurgical recovery using conventional processing, and sits 12 kilometers from AngloGold Ashanti's Geita Mine in one of Africa's most established gold districts. The people who know this ground best — Barrick Gold and Tanzania's wealthiest mining operator — have already put their money in.The metallurgy is the headline. Testwork confirmed that Imwelo's gold is free-milling: 84% directly cyanide-leachable, 42-47% gravity-recoverable, and approximately 97% total recovery through a conventional gravity and carbon-in-leach flowsheet. That's the kind of metallurgy that de-risks an entire project because it means the gold comes out cleanly, predictably, and cheaply using equipment that every mine builder on earth understands."These metallurgical results represent an important milestone in advancing the fully permitted Imwelo Project toward production," said Marc Cernovitch, President and CEO. "Importantly, the results are highly consistent with earlier metallurgical programs completed in 2013 and 2014, which significantly increases our confidence in the deposit's processing characteristics."The drill program adds depth. Twenty-one holes at Area C confirmed mineralization extending beyond the current pit design, with highlights of 11.88 g/t over 1.33 meters and 9.31 g/t over 2.45 meters. At Tembo, artisanal sampling has returned grades up to 35.45 g/t, and a processing agreement is being finalized for a 500 tonne-per-day plant on LVG's own mining licences adjacent to Barrick's Bulyanhulu.The sector context makes this even more compelling. Kinross Gold (NYSE: KGC) has rallied over 50% in six months. Franco-Nevada (NYSE: FNV), the largest royalty and streaming company in gold, provides exposure to over 100 producing assets with margins that software companies would envy. Wheaton Precious Metals (NYSE: WPM) continues to expand its streaming portfolio, locking in future production at fixed costs while gold prices soar past $5,400. And Equinox Gold (NYSE: EQX) delivered a transformational 2025 with record production of 922,827 ounces, $2.71 billion in gold revenue, and $1.1 billion in debt reduction. Capital is flowing to gold at every level of the value chain.But the repricing of juniors always lags. And for Lake Victoria Gold — with permits in hand, metallurgy confirmed, drill results expanding the resource, and two of the most credible backers in the Tanzanian gold sector already on the register — that lag looks like it's running out of time.For more information on Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), visit lakevictoriagold.comNOTE: For a Cautionary Note on Production Decision, please see the Disclaimer below.FOR MORE INFO ON LVG: Equity-Insider.comCONTACT:
EQUITY INSIDER
info @acblanke1DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity Insider is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed for Baystreet.ca media corp, who has been paid a fee for an advertising from a shareholder of the Company (333,333 unrestricted shares). MIQ has not been paid a fee for Lake Victoria Gold Ltd. advertising or digital media, but the owner/operators of MIQ also co-owns Baystreet.ca Media Corp. ("BAY"). There may also be 3rd parties who may have shares of Lake Victoria Gold Ltd. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ/BAY own shares of Lake Victoria Gold Ltd and reserve the right to buy and sell, and will buy and sell shares of Lake Victoria Gold Ltd. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by Lake Victoria Gold Ltd. Technical information relating to Lake Victoria Gold Ltd. has been reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101. Mr. Scott is a registered member of the South African Council for Natural Scientific Professions (SACNASP) and is a Director of Lake Victoria Gold Ltd., and therefore is not independent of the Company. Cautionary Note on Production Decision: Although Imwelo has been the subject of JORC-compliant PEA, PFS and updated PFS work, these foreign-code studies are not current under NI 43-101. The Company has not completed a feasibility study on Imwelo that establishes mineral reserves demonstrating economic and technical viability and is not treating the JORC-based estimates or analyses as current under CIM Definition Standards. Any decision to commence production is not based on a feasibility study of mineral reserves and therefore involves increased uncertainty and a higher risk of economic and technical failure. There is no certainty that the planned low-capex open-pit operation will be economically viable or that production will occur as anticipated. Risks include, without limitation, variations in grade and recovery, unexpected geotechnical or metallurgical challenges, cost overruns, funding availability, and operational, regulatory, or permitting risks.; this is a paid advertisement, we currently own shares of Lake Victoria Gold Ltd. and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.SOURCES:Gold Price Record, March 2026 — https://www.cbsnews.com/news/price-of-gold-today-march-2-2026/Equinox Gold 2025 Annual Results — https://www.equinoxgold.com/investors/ J.P. Morgan Gold Forecast — https://www.jpmorgan.com/insights/global-research/commodities/gold-pricesLogo - https://mma.prnewswire.com/media/2840019/5873054/Equity_Insider_Logo.jpg



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Original: The Gold Mine That Barrick Bought Into, a Billionaire Backed, and the Market Still Hasn't Found

DIVIDEND DECLARATION - Wheaton Precious Metals Announces Increase to Quarterly DividendMarch 12, 2026 5:00 PM
PR Newswire (US)

VANCOUVER, BC, March 12, 2026 /PRNewswire/ - Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce that its Board of Directors has declared its first quarterly cash dividend payment for 2026 of US$0.195 per common share, an 18% increase from the fourth quarterly cash dividend payment for 2025 of US$0.165 per common share. The Company declared record dividends during 2025, totaling US$0.66 per common share.The first quarterly cash dividend for 2026 will be paid to holders of record of Wheaton common shares as of the close of business on March 31, 2026, and will be distributed on or about April 10, 2026. The ex-dividend trading date is March 31, 2026.The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes.Dividend Reinvestment Plan
The Company has previously implemented a Dividend Reinvestment Plan ("DRIP"). Participation in the DRIP is optional. For the purposes of this quarterly dividend, the Company has elected to issue common shares under the DRIP through treasury at the Average Market Price, as defined in the DRIP, without a discount.The Company may, from time to time, in its discretion, apply, change or eliminate any discount applicable to Treasury Acquisitions, as defined in the DRIP, or direct that such common shares be purchased in Market Acquisitions, as defined in the DRIP, at the prevailing market price, any of which would be publicly announced.The DRIP enrollment forms, including direct deposit, are available for download on the Company's website at www.wheatonpm.com, in the 'Investors' section under the 'Shareholder information' and 'Dividends' tabs.Registered shareholders may also enroll in the DRIP online through the plan agent's self-service web portal.Beneficial shareholders should contact their financial intermediary to arrange enrollment. All shareholders considering enrollment in the DRIP should carefully review the terms of the DRIP and consult with their advisors as to the implications of enrollment in the DRIP.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. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to future dividends. 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 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 and Wheaton's Form 40-F for the year ended December 31, 2024 filed March 31, 2025 on file with the U.S. Securities and Exchange Commission on EDGAR and the risks identified under "Risks and Uncertainties" in Wheaton's Management's Discussion and Analysis for the year ended December 31, 2025, available on SEDAR+ and in Wheaton's Form 6-K to filed March 12, 2026. Forward-looking statements are based on assumptions management currently believes to be reasonable, including (without limitation) that there will be no material adverse change in the market price of commodities, that estimations of future production from the mining operations and mineral reserves and resources are accurate, that the mining operations from which Wheaton purchases precious metals will continue to operate, that each party will satisfy their obligations in accordance with the precious metals purchase agreements and royalty agreements, and that Wheaton's assessment of taxes payable is accurate.  



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Original: DIVIDEND DECLARATION - Wheaton Precious Metals Announces Increase to Quarterly Dividend

Wheaton Precious Metals Announces Record Annual Revenue, Earnings and Cash Flow for 2025March 12, 2026 5:00 PM
PR Newswire (US)

FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTSVANCOUVER, BC, March 12, 2026 /PRNewswire/ - "Wheaton's portfolio of high-quality, long-life assets delivered another outstanding year in 2025, surpassing our production guidance and achieving record revenue, earnings, and operating cash flow," said Randy Smallwood, Chief Executive Officer of Wheaton Precious Metals. "Strong contributions from cornerstone assets including Salobo, Antamina, and Peñasquito, alongside the continued ramp-up of Blackwater and Goose, demonstrate the strength of our diversified streaming model. As I prepare to transition to the role of Chair of the Board, I have truly never been more excited about Wheaton's future and the portfolio's ability to continue delivering long-term value."
"These results reflect the consistent execution of our disciplined capital allocation strategy, focused on high-quality assets, well-structured agreements, strong counterparties, attractive margins, and long-term growth," added Haytham Hodaly, President of Wheaton Precious Metals. "In 2025, we strengthened our portfolio with the Hemlo and Spring Valley gold streams and, following year-end, announced the largest precious metals streaming transaction ever at Antamina in partnership with BHP. As I prepare to step into the role of Chief Executive Officer, I am confident in the foundation we have built and excited to lead Wheaton into its next phase of growth, focused on disciplined execution and sustainable value creation for all stakeholders."Record Financial Performance and Strong Balance SheetFourth quarter of 2025: A record $865 million in revenue, a record $558 million in net earnings, a record $555 million in adjusted net earnings, and a record $746 million in operating cash flow. Declared a quarterly dividend1 of $0.165 per common share and made a quarterly dividend payment of $75 million.Full year of 2025: A record $2.3 billion in revenue, a record $1.5 billion in net earnings, a record $1.4 billion in adjusted net earnings, and a record $1.9 billion in operating cash flow. Declared record annual dividends1 of $0.66 per common share.Balance Sheet: Cash balance of $1.2 billion.High Quality Asset BaseStreaming and royalty agreements on 23 operating mines and 25 development and other projects5.85% of attributable production from assets in the lowest half of their respective cost curves2,4.Attributable gold equivalent production3 ("GEOs") of 205,000 ounces in the fourth quarter of 2025, an 8% increase relative to the comparable period of the prior year primarily due to stronger production at Salobo which achieved a new quarterly record, and Antamina, coupled with the commencement of production at Blackwater. Exceeded the upper limits of the 2025 annual production guidance of 600,000 to 670,000 GEOs3 primarily resulting from stronger performance at Salobo due to higher gold grades and recoveries, higher throughput and grades at Peñasquito, and higher grades at Constancia. Further de-risked industry leading forecast growth profile as construction activities advanced at a number of projects, including Mineral Park, Platreef, Fenix, El Domo, Kurmuk, and Koné. During the quarter, B2Gold announced that commercial production had been achieved at the Goose Mine in Nunavut. Additionally, Ivanhoe Mines announced the official opening of the Platreef mine in South Africa. Accretive portfolio growth:On November 6, 2025, the Company entered into a precious metals purchase agreement ("PMPA") with Waterton Gold LP ("Waterton Gold") in respect to the Spring Valley project located in Nevada, USA.On November 26, 2025, the Company entered into a PMPA with Hemlo Mining Corp. ("Hemlo") in respect to the currently operating Hemlo mine located in Ontario, Canada.Subsequent to the quarter;On February 5, 2026, Wheaton announced that as part of the Company's strategic succession planning, Haytham Hodaly, currently President, will succeed Randy Smallwood as Wheaton's Chief Executive Officer, effective March 31, 2026, reflecting an ongoing leadership evolution to support the next phase in the Company's growth trajectory.As announced on February 16, 2026, the Company entered into a PMPA with BHP Group Limited ("BHP") for their 33.75% portion of the silver produced at the Antamina Mine located in Peru.Leadership in Sustainability Top Rankings: One of the top-rated companies by Sustainalytics, AAA rated by MSCI and Prime rated by ISS.Subsequent to the quarter, Wheaton was recognized by Corporate Knights as one of the 2026 Global 100 most sustainable corporations, marking the third consecutive year of recognition for leadership in sustainable value creation.Subsequent to the quarter, awarded US$1 million to the winning venture of the 2nd annual Future of Mining Challenge, Cetos Water, for its unique technology that turns wastewater from mining activities into clean, reusable water.Operational Overview(all figures in US dollars unless otherwise noted)  

Q4 2025  

Q4 2024  
Change

2025

2024

ChangeUnits produced
















Gold ounces

130,676

118,328
10.4 %

416,171

381,248

9.2 %Silver ounces

6,064

5,865
3.4 %

22,289

20,959

6.3 %Palladium ounces

2,519

2,797
(9.9) %

10,265

15,632

(34.3) %Cobalt pounds

670

393
70.4 %

2,460

1,289

90.8 %Gold equivalent ounces 3

205,037

189,059
8.5 %

689,864

635,488

8.6 %Units sold
















Gold ounces

121,791

87,662
38.9 %

411,005

332,701

23.5 %Silver ounces

5,685

4,307
32.0 %

19,796

16,072

23.2 %Palladium ounces

1,730

4,434
(61.0) %

9,356

17,270

(45.8) %Cobalt pounds

485

485
0.0 %

1,632

970

68.2 %Gold equivalent ounces 3

190,535

141,495
34.7 %

651,311

529,493

23.0 %Change in PBND
















Gold equivalent ounces 3

(968)

31,853
32,821

(15,013)

49,756

64,769Revenue
$864,714
$380,516
127.2 %
$2,314,600
$1,284,639

80.2 %Net earnings
$558,250
$88,148
533.3 %
$1,471,720
$529,140

178.1 %Per share
$1.230
$0.194
534.0 %
$3.242
$1.167

177.8 %Adjusted net earnings 1
$554,979
$198,969
178.9 %
$1,372,862
$640,170

114.5 %Per share 1
$1.222
$0.439
178.4 %
$3.025
$1.412

114.2 %Operating cash flows
$746,277
$319,471
133.6 %
$1,904,981
$1,027,581

85.4 %Per share 1
$1.644
$0.704
133.5 %
$4.197
$2.266

85.2 %All amounts in thousands except gold, palladium & gold equivalent ounces, and per share amounts.Financial Review RevenuesRevenue in the fourth quarter of 2025 was $865 million (59% gold, 39% silver, 1% palladium and 1% cobalt), with the $484 million increase relative to the prior period quarter being primarily due to a 69% increase in the average realized gold equivalent3 price; and a 35% increase in the number of GEOs3 sold.Revenue was $2.3 billion (62% gold, 36% silver, 1% palladium and 1% cobalt) during the year ended December 31, 2025, with the $1.0 billion increase from 2024 due primarily to a 46% increase in the average realized gold equivalent3 price; and a 23% increase in the number of GEOs3 sold.Cash Costs and MarginAverage cash costs¹ in the fourth quarter of 2025 were $597 per GEO3 as compared to $444 in the fourth quarter of 2024. This resulted in a cash operating margin¹ of $3,941 per GEO3 sold, an increase of 76% as compared with the fourth 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 80% 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 in 2025 were $514 per GEO3 as compared to $438 in 2024. This resulted in a cash operating margin1 of $3,040 per GEO3 sold, a 53% increase from 2024, a result of the higher realized price per ounce.Cash Flow from OperationsOperating cash flow in the fourth quarter of 2025 amounted to $746 million, with the $427 million increase from the comparable period of the prior year being due primarily to higher gross margin.Operating cash flows in 2025 amounted to $1.9 billion, with the $877 million increase from the comparable period of the previous year being due primarily to higher gross margin.Produced But Not Yet DeliveredAs at December 31, 2025, approximately 155,000 GEOs3 were produced but not yet delivered ("PBND") representing approximately 2.5 months of payable production. This reduction 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 by a significant increase in quarterly sales volumes during the fourth quarter.Balance Sheet (at December 31, 2025)Approximately $1.2 billion of cash on handDuring the fourth quarter of 2025, the Company made total upfront cash payments of $646 million relative to the mineral stream interests consisting of:Hemlo: $300 million;Koné: $156 million;Spring Valley: $50 millionFenix: $50 million;El Domo: $44 million;Kurmuk: $44 million; andKudz Ze Kayah: $2 million.Subsequent to the quarter, the Company made additional upfront cash payments of $90 million relative to the Spring Valley PMPA ($50 million) and the Marmato PMPA ($40 million), partially offset by a repayment of $30 million relative to the Santo Domingo PMPA, with this amount to be re-advanced at a later date.Subsequent to the quarter, the Company announced its financing plan for the additional silver stream on the Antamina mine, announced on February 16, 2026. The upfront payment of $4.3 billion is expected to be paid on or around April 1, 2026, and will be funded with cash on hand, a new $1.5 billion term loan credit facility and an approximately $0.9 billion draw on the Company's existing undrawn $2 billion revolving credit facility ("RCF"). The details of this financing plan are provided below in the 'Corporate Development' section.Fourth Quarter Operating Asset HighlightsSalobo: In the fourth quarter of 2025, Salobo produced 88,900 ounces of attributable gold, representing a quarterly record and an increase of approximately 5% relative to the fourth quarter of 2024, primarily the result of higher throughput and recoveries resulting from improved efficiencies at Salobo 1 and 2, partially offset by lower grades.Antamina: In the fourth quarter of 2025, Antamina produced 1.6 million ounces of attributable silver, an increase of approximately 49% relative to the fourth quarter of 2024, primarily due to higher grades and recoveries.Peñasquito: In the fourth quarter of 2025, Peñasquito produced 1.8 million ounces of attributable silver, a decrease of approximately 26% relative to the fourth quarter of 2024, primarily the result of lower grades with mining activities having transitioned back into the Peñasco pit which contains lower silver grades relative to the Chile Colorado pit, partially offset by higher recoveries. On February 19, 2026, Newmont Corporation ("Newmont") reported that silver production at Peñasquito is expected to increase in 2026, largely due to grades milled, including increased stockpile processing in 2026.Constancia: In the fourth quarter of 2025, Constancia produced 0.7 million ounces of attributable silver and 15,400 ounces of attributable gold, a decrease of approximately 25% and 18%, respectively, relative to the fourth quarter of 2024, primarily due to lower gold and silver grades. On February 20, 2026, Hudbay Minerals Inc ("Hudbay") announced that Constancia is expected to deliver at higher mill throughput rates starting in the second half of 2026 with the installation of pebble crushers. Hudbay reported that 2026 gold production is expected to be lower than 2025 production, reflecting depletion of the Pampacancha pit in 2025.San Dimas: In the fourth quarter of 2025, San Dimas produced 8,200 ounces of attributable gold, an increase of approximately 13% relative to the fourth 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 for the period April 30, 2025 to October 28, 2025. On October 29, 2025, the gold to silver conversion ratio returned to 70:1.Stillwater: In the fourth quarter of 2025, the Stillwater mines produced 1,500 ounces of attributable gold and 2,500 ounces of attributable palladium, a decrease of approximately 30% for gold and 10% for palladium relative to the fourth quarter of 2024, primarily due to lower grades and recoveries.Blackwater: In the fourth quarter of 2025, Blackwater produced 0.1 million ounces of attributable silver and 5,500 ounces of attributable gold, with the mine achieving commercial production in May 2025. On December 15, 2025, Artemis Gold Inc. ("Artemis Gold") announced that its board of directors approved an expanded Phase 2 development at the Blackwater mine. This Phase 2 development is a significant addition to the previously announced Phase 1A project, designed to increase nameplate capacity from 8 Mtpa to 21 Mtpa before the end of 2028.On March 12, 2026, Artemis Gold reported an unplanned mill shutdown due to the failure of a ball mill gearbox, with the estimated time to complete repairs and restart mill operations between 8 to 10 days. Artemis Gold reports that plans are underway to make use of this interruption to carry out maintenance activities originally planned for Q2 2026. Artemis Gold notes that while mining related activities are continuing normally, production in Q1 2026 is expected to be lower than originally anticipated as a result of this mill outage. Voisey's Bay: In the fourth quarter of 2025, the Voisey's Bay mine produced 670,000 pounds of attributable cobalt, an increase of approximately 70% relative to the fourth 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 fourth quarter of 2025, total Other Gold attributable production was 3,400 ounces, an increase of approximately 441% relative to the fourth quarter of 2024 due to the initial reported production from the Goose mine, which achieved commercial production on October 6, 2025, and the addition of attributable production from the Hemlo mine. Notable operational updates for assets included within 'Other Gold' include:Goose: On February 18, 2026, B2Gold reported that production at the Goose Mine in 2025 was impacted by crushing plant capacity constraints in the third quarter and temporary delays in accessing higher-grade ore from the Umwelt underground in the third quarter and early fourth quarter. Initial near-term crushing circuit modifications, ordered in late 2025 and scheduled for implementation in the second half of 2026, are expected to increase average throughput to approximately 3,200 tonnes per day and eliminate the need for full-time use of the mobile crusher, while studies are underway to evaluate further enhancements to increase capacity to approximately 4,000 tonnes per day, with decisions on scope and timing expected in the first half of 2026. B2Gold states that production in 2026 is expected to be weighted to the second half of 2026, with approximately 65% of estimated annual gold production to be achieved during the third and fourth quarters. Marmato: On March 11, 2026, Aris Mining Corporation ("Aris") reported that development of the new underground decline to the Bulk Mining Zone at the Marmato mine is approximately 60% complete and is scheduled for completion in Q3 2026, ahead of the commissioning of the carbon in pulp plant, which is expected in Q4 2026. Hemlo: On November 26, 2025, the Company entered into a PMPA (the "Hemlo PMPA") with Hemlo in respect of gold production from the currently operating Hemlo mine located in Ontario, Canada. On January 29, 2026 Hemlo announced that they had initiated a 130,000 meter exploration drilling program aimed at extending the mine life, de-risking the near-term mine plan and identifying near-mine growth opportunities.Other Silver: In the fourth quarter of 2025, total Other Silver attributable production was 1.8 million ounces, an increase of approximately 30% relative to the fourth quarter of 2024. 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 UpdatesMineral 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 Q4 2025 were focused on mill alignment to handle increasing throughput and gradually increasing both operating uptime and overall site throughput. First concentrate sales occurred in Q4 2025 and first silver delivery to Wheaton occurred in January 2026. Ramp-up to commercial production is expected to continue in Q1 2026, with increasing concentrate production throughout the first quarter. At steady state throughput, the fully refurbished mill capacity will be 16.5 Mtpa.Platreef: On January 12, 2026, Ivanhoe announced that following the official opening and first production of concentrate from the Platreef mine on November 18, 2025, the development of the mine continues to rapidly advance. During the initial ramp-up period, lower-grade development ore is being processed, with a transition to production ore expected once Shaft #3 is ready to hoist in early Q2 2026, at which time the concentrator is expected to achieve approximately 80 percent of nameplate capacity by mid-year.Fenix: On January 26, 2026, Rio2 Limited ("Rio2") announced the first official gold pour at the Fenix Gold Mine, where construction of critical path items were completed on time and on budget, as previously guided. Rio2 stated that the focus now is to ramp up operations to 20,000 tonnes per day of ore.Kurmuk: On February 18, 2026, Allied Gold Corporation ("Allied") reported that the Kurmuk project was progressing in line with plan, with advancement at the processing plant and crushing circuit, mining activities supporting ore stockpiling, and power line construction advancing toward completion ahead of commissioning. A review of processing capacity was completed in Q4 2025, and the project is now being executed to accommodate average throughput of up to 6.4 Mtpa (from 6.0 Mtpa), with pre-commissioning expected in 2026.On January 26, 2026, Allied announced it has entered into a 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. Subject to the satisfaction or waiver by the parties of all necessary closing conditions and the receipt of all required approvals, the completion of the transaction is anticipated in late April 20269.Koné: On January 19, 2026, Montage announced that rapid construction progress continues to be made at its Koné project, where first gold pour through the oxide circuit is anticipated in late Q4 2026, while the hard-rock comminution circuit remains well on track for completion in Q2 2027. Since commencement of the project, key milestones achieved include the erection of all 14 carbon-in-leach tanks, piperack and grid mesh walkways, completion of the oxide sizer and the delivery of the ball mill to site.El Domo: On February 4, 2026, Silvercorp reported that during 2025, construction activities at its El Domo project advanced across site preparation, infrastructure, and water management works, with approximately $44.5 million spent (about 16% of their revised budget), including completion of archaeological clearance, significant earthworks and road construction, camp commissioning, and placement of orders for long-lead time major equipment.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. Hudbay notes that they intend to complete the definitive feasibility study at Copper World in mid-2026 with final sanctioning decision expected in 2026.Santo Domingo: On February 17, 2026, Capstone reported that they plan to progress the financing strategy, detailed engineering and infrastructure optimization opportunities at its Santo Domingo project towards a sanctioning decision expected in the second half of 2026.Corporate DevelopmentSpring Valley: On November 6, 2025, the Company entered into a PMPA (the "Spring Valley PMPA") with Waterton Gold Corp., a subsidiary of Waterton Gold LP, in respect of gold production from the Spring Valley project located in Nevada, USA ("Spring Valley"). Under the terms of the Spring Valley PMPA, the Company is committed to pay Waterton Gold total upfront cash consideration of $670 million in installments as various conditions are satisfied, with the initial payment being paid on December 11, 2025. The Company has also provided a cost overrun facility of up to $150 million, accessible during an availability period commencing once the full upfront consideration has been paid under the Spring Valley PMPA.Hemlo: On November 26, 2025, the Company entered into a PMPA with Hemlo in respect of gold production from the currently operating Hemlo mine located in Ontario, Canada. Under the terms of the Hemlo PMPA, which will deliver immediate production and cash flow to the Company, the Company paid Hemlo total upfront cash consideration of $300 million.As part of its financing commitment, on October 7, 2025 the Company invested $30 million (Cdn$42 million) in Hemlo's equity offering.Antamina: On February 16, 2026, the Company announced it had entered into a definitive PMPA with BHP (the "BHP Antamina PMPA") for their 33.75% portion of the silver produced at the Antamina Mine located in Peru. Upon closing, 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 Antamina silver stream.Under the terms of the BHP Antamina PMPA, the Company will pay BHP total upfront cash consideration of $4.3 billion on closing, subject to certain customary conditions. Additionally, the Company will make ongoing payments for the silver ounces delivered equal to 20% of the spot price of silver. The BHP Antamina PMPA is effective April 1, 2026, from which time the Company will purchase BHP's 33.75% of the payable silver until a total of 100 million ounces has been delivered, at which point the Company will purchase 22.5% of the payable silver for the life of mine. Payable silver will be calculated using a fixed payable factor of 90.0%.The upfront payment of $4.3 billion will be funded through a combination of existing liquidity and new financing. Funding sources include estimated cash on hand at closing of approximately $1.9 billion, including the $1.2 billion cash on hand at December 31, 2025 in addition to $323 million realized on the disposal of Long-Term Equity Investments. The remaining balance will be funded through an approximate $0.9 billion draw on the Company's Revolving Facility, in addition to a new $1.5 billion non-revolving term loan credit facility ("Term Loan") which carries a two-year maturity and aligns with the terms of the Company's existing Revolving Facility.The Term Loan and the RCF provide flexible, non-dilutive financing that may be repaid at any time without penalty. The remaining liquidity available from the RCF, in addition to continued strong cash flows, provides healthy balance sheet capacity. Net debt at closing of the BHP Antamina PMPA acquisition is currently expected to be approximately $2.4 billion, assuming estimated approximate incremental cash flows. With the liquidity provided by the remaining available credit under the $2 billion Revolving Facility coupled with the $500 million accordion and ongoing operating cash flows, the Company remains well positioned to fund all outstanding commitments, as well as providing flexibility to acquire additional accretive mineral stream interests.Reserves and Resources (at December 31, 2025)Proven and Probable Mineral Reserves attributable to Wheaton were 15.1 million ounces of gold compared with 15.4 million ounces as reported in Wheaton's 2024 Annual Information Form ("AIF"), a decrease of 2%; 556.1 million ounces of silver compared with 469.2 million ounces, an increase of 19%; 0.83 million ounces palladium, unchanged; 0.52 million ounces of platinum, unchanged; and 27.8 million pounds of cobalt compared to 30.6 million pounds, a decrease of 6%. On a GEO8 basis, total Proven and Probable Mineral Reserves for all metals attributable to Wheaton were 25.0 million ounces compared to 23.8 million ounces, an increase of 5%.Measured and Indicated Mineral Resources attributable to Wheaton were 7.1 million ounces of gold compared with 6.8 million ounces as reported in Wheaton's 2024 AIF, an increase of 4%; 645.5 million ounces of silver compared with 704.6 million ounces, a decrease of 8%; 0.14 million ounces of palladium compared with 0.13 million ounces, an increase of 6%; 0.09 million ounces of platinum, unchanged; and 9.2 million pounds of cobalt compared to 1.2 million pounds of cobalt, an increase of 700%. On a GEO8 basis, total Measured and Indicated Mineral Resources for all metals attributable to Wheaton were 18.0 million ounces compared with 18.7 million ounces, a decrease of 4%.Inferred Mineral Resources attributable to Wheaton were 4.6 million ounces of gold compared with 4.9 million ounces as reported in Wheaton's 2024 AIF, a decrease of 8%; 449.5 million ounces of silver compared with 330.1 million ounces, an increase of 36%, 0.34 million ounces of palladium, unchanged; 0.04 million ounces of platinum, unchanged; and 5.3 million pounds of cobalt compared with 7.4 million pounds, a decrease of 28%. On a GEO8 basis, total Inferred Mineral Resources for all metals attributable to Wheaton were 12.2 million ounces compared with 10.6 million ounces, an increase of 15%.Estimated attributable reserves and resources contained in this press release are based on information available to the Company as of March 5, 2026, and therefore will not reflect updates, if any, after that date. Updated reserves and resources data incorporating year-end 2025 estimates will also be included in the Company's 2025 Annual Information Form. Wheaton's most current attributable reserves and resources, as of December 31, 2025, with attributable footnotes, can be found on the Company's website at www.wheatonpm.com.SustainabilityFuture of Mining ChallengeSubsequent to the quarter, Wheaton announced Cetos Water as the winner of the Future of Mining Challenge. Cetos Water has been awarded $1 million for its unique technology that turns wastewater from mining activities into clean, reusable water.Corporate Knights Global 100 Subsequent to the quarter, Wheaton was named once again to Corporate Knights' 2026 Global 100 Most Sustainable Corporations list, marking its third consecutive year of recognition for leadership in sustainable value creation.Community Investment ProgramWheaton'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 2025, Wheaton contributed approximately $9.4 million to over 150 charitable causes and initiatives globally.During the fourth quarter, construction of new student residences at the Colegio Nacional de Educación Profesional Técnica (CONALEP) was completed. An opening ceremony, held in partnership with Newmont, marked the milestone and welcomed students into their new accommodations. CONALEP is Mexico's national public technical high-school system providing competency-based education and workforce training aligned with industry needs.During the fourth quarter, Wheaton was the lead sponsor for the Nature Trust of British Columbia Gala and Special Olympics BC's Sports Celebrities Festival.Subsequent EventsChief Executive Officer TransitionOn February 5, 2026, Wheaton announced that as part of the Company's strategic succession planning, Haytham Hodaly, currently President, will succeed Randy Smallwood as Wheaton's Chief Executive Officer, effective March 31, 2026, reflecting an ongoing leadership evolution to support the next phase in the Company's growth trajectory.Declaration of DividendThe Company has increased its quarterly dividend under its dividend policy, setting it at $0.195 per common share for 2026. This represents an 18% increase over the quarterly dividend paid in 2025 and represents the third consecutive year that the dividend has been increased, highlighting the Company's commitment to a progressive dividend. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.2026 Production Outlook For 2026, Wheaton provides annual production guidance of 860,000 to 940,000 GEOs8. This expected year-over-year growth is driven primarily by the additional stream at Antamina which is expected to add another 70,000 GEOs8 to the portfolio in 2026 and begin generating production on April 1, 2026. Further contributions from newly operating assets, including Blackwater, Mineral Park, Fenix, Hemlo, Goose and Platreef are also forecast to support this growth. These increases are expected to be partially offset by lower production from Constancia following the depletion of the Pampacancha pit in late December 2025.At the Company's cornerstone assets, after achieving record production levels in 2025, attributable production levels at Salobo are forecast to decrease slightly, with higher throughput levels anticipated to be offset by modestly lower gold grades. Attributable production is forecast to increase significantly at Antamina in 2026 due to the additional stream, with the Company receiving a combined 67.5% of silver production commencing April 1, 2026, up from the 33.75% delivered in 2025 under the existing stream. Lastly, attributable production from Penasquito is forecast to increase from 2025, driven by stronger silver grades, including contributions from stockpile material as mining progresses through planned sequencing.Long-Term Production Outlook Production is forecast to increase by approximately 50% to 1,200,000 GEOs8 by 2030, due to growth from multiple Operating assets including Antamina, Blackwater, Aljustrel, Marmato, Hemlo and Goose; Development assets that are in construction and/or various stages of ramp-up, including the Koné, Fenix, Kurmuk, Platreef,  Mineral Park and El Domo projects; and Pre-development assets including the Spring Valley, Copper World and Santo Domingo projects, all of which have received their major permits.From 2031 to 2035, attributable production is forecast to be maintained at 1,200,000 GEOs8 annually and incorporates additional incremental production from Pre-development assets including the Cangrejos, Kudz ze Kayah and Marathon projects, in addition to the Mt. Todd and Black Pine royalties.Not included in Wheaton's long-term forecast and instead classified as 'optionality', is potential future production from 11 other assets including El Alto, Navidad and Toroparu.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 A conference call will be held on Friday, March 13, 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:Dial toll free from Canada or the US:          1-800-715-9871Dial from outside Canada or the US:          1-647-932-3411                                     Pass code:  4433482#Live webcast:   Webcast LinkParticipants should dial in five to ten minutes before the call.The conference call will be recorded and available until March 20, 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:          1-800-770-2030Dial from outside Canada or the US:          1-647-362-9199            Pass code: 4433482#Archived webcast:Webcast LinkThis 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. Consolidated Statements of Earnings

Years Ended December 31(US dollars and shares in thousands, except per share amounts)  
20252024Sales
$2,314,600$1,284,639Cost of sales




Cost of sales, excluding depletion
$339,063$235,108Depletion

303,889
246,944Total cost of sales
$642,952$482,052Gross margin
$1,671,648$802,587General and administrative

46,767
40,668Share based compensation

32,504
23,268Donations and community investments

10,736
8,958Impairment of mineral stream interests

-
108,861Earnings from operations
$1,581,641$620,832Gain on disposal of mineral stream interests

85,724
-Other income (expense)

36,463
29,061Earnings before finance costs and income taxes
$1,703,828$649,893Finance costs

5,760
5,549Earnings before income taxes
$1,698,068$644,344Income tax expense

226,348
115,204Net earnings
$1,471,720$529,140Basic earnings per share
$3.242$1.167Diluted earnings per share
$3.237$1.165Weighted average number of shares outstanding




Basic

453,893
453,460Diluted

454,685
454,119Consolidated Balance Sheets
As at 
December 31 As at 
December 31 (US dollars in thousands)20252024Assets



Current assets



Cash and cash equivalents$1,153,593$818,166Accounts receivable
46,723
6,217Other
3,853
3,697Total current assets$1,204,169$828,080Non-current assets



Mineral stream interests$7,397,149$6,379,580Early deposit mineral stream interests
47,094
47,094Mineral royalty interests
40,421
40,421Long-term equity investments
410,495
98,975Property, plant and equipment
9,926
8,691Other
16,527
21,616Total non-current assets$7,921,612$6,596,377Total assets$9,125,781$7,424,457Liabilities



Current liabilities



Accounts payable and accrued liabilities$22,557$13,553Income taxes payable
109,951
2,127Current portion of performance share units  
21,604
13,562Current portion of lease liabilities
575
262Total current liabilities$154,687$29,504Non-current liabilities



Performance share units$13,215$11,522Lease liabilities
7,330
4,909Income taxes payable - non-current
252,271
113,505Deferred income taxes
1,794
349Pension liability
5,976
5,289Total non-current liabilities$280,586$135,574Total liabilities$435,273$165,078Shareholders' equity



Issued capital$3,814,910$3,798,108Reserves
176,911
(63,503)Retained earnings
4,698,687
3,524,774Total shareholders' equity$8,690,508$7,259,379Total liabilities and shareholders' equity$9,125,781$7,424,457Consolidated Statements of Cash Flows

Years Ended December 31(US dollars in thousands)

2025
2024Operating activities




Net earnings
$1,471,720$529,140Adjustments for




Depreciation and depletion

305,167
248,303Gain on disposal of mineral stream interest

(85,724)
-Impairment of mineral stream interests

-
108,861Equity settled share based compensation

6,475
6,703Performance share units - expense

26,029
16,565Performance share units - paid

(17,209)
(11,129)Income tax expense

226,348
115,204Investment income recognized in net earnings

(37,780)
(27,014)Other

8,931
4,515Change in non-cash working capital

(30,410)
4,426Cash generated from operations before income taxes and interest
$1,873,547$995,574Income taxes refunded (paid)

(3,645)
8,516Interest paid

(429)
(287)Interest received

35,508
23,778Cash generated from operating activities
$1,904,981$1,027,581Financing activities




Credit facility extension fees
$(955)$(937)Share purchase options exercised

7,271
13,192Lease payments

(505)
(594)Dividends paid

(296,367)
(279,050)Cash used for financing activities
$(290,556)$(267,389)Investing activities




Mineral stream interests
$(1,341,369)$(628,234)Repayment of mineral stream interests deposit

-
13,250Mineral royalty interests

-
(26,981)Net proceeds on disposal of mineral stream interests

101,730
-Acquisition of long-term investments

(39,873)
(20,234)Proceeds on disposal of long-term investments

-
177,088Investment in subscription rights

-
(3,114)Dividends received

1,051
2,188Other

(682)
(2,266)Cash used for investing activities
$(1,279,143)$(488,303)Effect of exchange rate changes on cash and cash equivalents
$145$(250)Increase in cash and cash equivalents
$335,427$271,639Cash and cash equivalents, beginning of year

818,166
546,527Cash and cash equivalents, end of year
$1,153,593$818,166







Summary of Units Produced
Q4 2025   Q3 2025   Q2 2025   Q1 2025   Q4 2024   Q3 2024   Q2 2024   Q1 2024   Gold ounces produced 2







Salobo88,90766,99769,41871,38484,29162,68963,22561,622Sudbury 37,8084,8525,4034,8805,2593,5934,4775,618Constancia15,39612,7974,6044,87618,72710,7606,26914,316San Dimas 48,2067,5076,9878,4167,2636,8827,0897,542Stillwater 51,5181,7171,6541,3392,1662,2472,0992,637Blackwater5,4794,8794,0501,017----Other







Marmato705807748757622648584623Goose1,02738719-----Hemlo1,630-------Total Other3,3621,194767757622648584623Total gold ounces produced130,67699,94392,88392,669118,32886,81983,74392,358Silver ounces produced 2







Peñasquito1,8212,0872,1031,7542,4651,7852,2632,643Antamina1,6001,6721,4821,0471,0719311,013806Constancia731577552555970648451640Blackwater14813613835----Other







Los Filos 6---6829262748Zinkgruvan513688684585637537699641Neves-Corvo549431449459494425432524Aljustrel 7516180------Cozamin170169174174192185177173Marmato810887767Mineral Park8-------Total Other1,7641,4781,3151,2941,3591,1801,3411,393Total silver ounces produced6,0645,9505,5904,6855,8654,5445,0685,482Palladium ounces produced 2  







Stillwater 52,5192,6502,4352,6612,7974,0344,3384,463Cobalt pounds produced 2







Voisey's Bay670604647540393397259240GEOs produced 8205,037172,697161,630150,500189,059142,787145,151158,490Average payable rate 2







Gold95.0 %94.6 %95.2 %94.9 %95.3 %95.0 %95.0 %94.7 %Silver86.9 %87.6 %87.7 %86.3 %84.6 %83.9 %84.4 %84.5 %Palladium96.9 %96.7 %97.4 %96.4 %97.5 %98.4 %97.3 %97.8 %Cobalt93.3 %93.3 %93.3 %93.3 %93.3 %93.3 %93.3 %93.3 %GEOs 992.2 %91.8 %92.2 %91.8 %91.4 %91.0 %90.7 %90.6 %1)All figures in thousands except gold and palladium ounces produced.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 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: 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; Q1 2024 - 291,000 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: $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
Q4 2025  Q3 2025  Q2 2025  Q1 2025  Q4 2024  Q3 2024  Q2 2024  Q1 2024  Gold ounces sold







Salobo83,69755,76876,33183,80955,17058,10154,96256,841Sudbury 23,7154,7292,8495,6324,0482,4955,6794,129Constancia17,0292,7086,8279,78817,8735,1866,64020,123San Dimas8,6866,6557,2358,9626,9907,0226,8017,933Stillwater 31,7901,4651,3861,9472,4101,6352,6282,355Blackwater5,2256,4633,291110----Other







Marmato809749742737650550616638Goose52895------Santo Domingo 4312312312312312447--El Domo 4----209258--Total Other1,6491,1561,0541,0491,1711,255616638Total gold ounces sold121,79178,94498,973111,29787,66275,69477,32692,019Silver ounces sold







Peñasquito1,8781,6092,1121,9761,8521,6671,4821,839Antamina1,8931,5521,073884858989917762Constancia613275625730797366422726Blackwater137137143-----Other







Los Filos-385729262444Zinkgruvan358708520446452488597297Neves-Corvo245212224218154185216243Aljustrel382122-----1Cozamin169133154164158148158147Marmato109987678Total Other1,1641,1879158938008531,002740Total silver ounces sold5,6854,7604,8684,4834,3073,8753,8234,067Palladium ounces sold







Stillwater 31,7302,5942,5752,4574,4343,7614,3014,774Cobalt pounds sold







Voisey's Bay4855293532654858888309GEOs sold 5190,535137,563157,916165,297141,495122,242123,462142,294Cumulative payable units PBND 6  







Gold ounces108,890106,22290,284100,512123,51197,92990,40688,145Silver ounces3,2273,6293,1783,1453,5832,9312,9932,539Palladium ounces5,1694,4244,4144,5964,4396,1866,0186,198Cobalt pounds1,3411,2021,168917678796513360GEOs 5154,981155,949134,630143,238169,994138,141129,808121,5741)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 $13.50 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2025.6)Payable gold, silver and palladium ounces as well as cobalt pounds produced but not yet delivered ("PBND") are based on management estimates. These figures may be updated in future periods as additional information is received.Results of OperationsThe operating results of the Company's reportable operating segments are summarized in the tables and commentary below.Three Months Ended December 31, 2025 
Units 
Produced2 Units 
Sold Average 
Realized 
Price 
($'s 
Per Unit) Average 
Cash Cost 
($'s Per 
Unit) 3 Average 
Depletion 
($'s Per 
Unit) 4 Sales Net 
Earnings Cash Flow 
From 
Operations Total 
Assets Gold















Salobo88,90783,697$4,214$429$404$352,713$282,995$316,820$2,620,710Sudbury 57,8083,715
4,234
400
1,399
15,726
9,044
22,894
218,494Constancia15,39617,029
4,214
429
338
71,764
58,699
64,461
52,284San Dimas8,2068,686
4,214
643
428
36,603
27,296
31,015
125,218Stillwater1,5181,790
4,214
727
570
7,544
5,222
6,243
204,202Blackwater5,4795,225
4,234
1,485
606
22,123
11,197
28,991
331,048Platreef--
n.a.
n.a.
n.a.
-
-
-
275,702Other 63,3621,649
4,184
598
1,406
6,901
3,596
5,915
1,457,132
130,676121,791$4,215$495$452$513,374$398,049$476,339$5,284,790Silver















Peñasquito1,8211,878$55.20$4.56$5.09$103,647$85,530$95,086$206,866Antamina1,6001,893
55.20
11.15
4.39
104,502
75,072
83,387
459,083Constancia731613
55.20
6.32
6.43
33,836
26,024
29,963
151,403Blackwater148137
61.49
10.88
7.52
8,446
5,918
9,013
167,502Other 71,7641,164
74.54
13.59
3.78
86,766
66,542
45,642
556,887
6,0645,685$59.32$8.95$4.79$337,197$259,086$263,091$1,541,741Palladium















Stillwater2,5191,730$1,479$244$492$2,558$1,285$2,136$208,892Platreef--
n.a.
n.a.
n.a.
-
-
-
78,814
2,5191,730$1,479$244$492$2,558$1,285$2,136$287,706Platinum















Marathon--$n.a.$n.a.$n.a.$-$-$-$9,451Platreef--
n.a.
n.a.
n.a.
-
-
-
57,584
--$n.a.$n.a.$n.a.$-$-$-$67,035Cobalt















Voisey's Bay670485$23.89$4.33$9.02$11,585$5,110$7,664$215,877Operating results






$864,714$663,530$749,230$7,397,149Other













General and administrative








$(11,796)$(7,631)

Share based compensation









(1,709)
-

Donations and community investments









(4,269)
(3,980)

Finance costs










(1,451)
(1,114)

Other









6,373
9,813

Income tax










(92,428)
(41)

Total other







$(105,280)$(2,953)$1,728,632










$558,250$746,277$9,125,7811)Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts.2)Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.3)Refer to discussion on non-GAAP measure (iii) at the end of this press release.4)Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information.5)Comprised of the operating Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests and the non-operating Victor gold interest.6)Other gold interests comprised of the operating Marmato, Goose and Hemlo gold interests as well as the non-operating Copper World, Santo Domingo, Fenix, El Domo, Marathon, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk, Spring Valley gold interests. Other includes ounces sold that were received under the delay ounce provision of the Santo Domingo PMPA. Please see the Company's MD&A for more information.7)Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Marmato and Cozamin silver interests as well as the non-operating Stratoni, El Alto (previously referred to as Pascua-Lama), Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah silver interests. Three Months Ended December 31, 2024 
Units 
Produced2 Units 
Sold Average 
Realized 
Price 
($'s 
Per Unit) Average 
Cash Cost 
($'s Per 
Unit) 3 Average 
Depletion 
($'s Per 
Unit) 4 Sales Impairment 
Charges Net 
Earnings Cash Flow 
From 
Operations Total 
Assets Gold

















Salobo84,29155,170$2,676$425$378$147,610$-$103,323$121,254$2,595,485Sudbury 55,2594,048
2,709
400
1,326
10,968
-
3,982
9,853
241,551Constancia18,72717,873
2,676
425
323
47,821
-
34,463
40,232
64,326San Dimas7,2636,990
2,676
637
290
18,704
-
12,226
14,251
136,481Stillwater2,1662,410
2,676
481
421
6,448
-
4,275
5,289
207,460Blackwater--
n.a.
n.a.
n.a.
-
-
-
-
340,231Platreef--
n.a.
n.a.
n.a.
-
-
-
-
275,702Other 66221,171
2,681
265
1,485
3,139
-
1,089
2,828
365,383
118,32887,662$2,677$440$420$234,690$-$159,358$193,707$4,226,619Silver

















Peñasquito2,4651,852$31.48$4.50$4.86$58,293$-$40,965$49,960$244,465Antamina1,071858
31.48
6.28
8.46
27,009
-
14,360
21,619
490,771Constancia970797
31.48
6.26
6.10
25,084
-
15,232
20,096
165,378Blackwater--
n.a.
n.a.
n.a.
-
-
-
-
140,908Other 71,359800
30.43
4.37
5.34
24,347
-
16,570
25,204
521,722
5,8654,307$31.28$5.16$5.90$134,733$-$87,127$116,879$1,563,244Palladium

















Stillwater2,7974,434$1,008$184$429$4,468$-$1,749$3,653$213,179Platreef--
n.a.
n.a.
n.a.
-
-
-
-
78,814
2,7974,434$1,008$184$429$4,468$-$1,749$3,653$291,993Platinum

















Marathon--$n.a.$n.a.$n.a.$-$-$-$-$9,451Platreef--
n.a.
n.a.
n.a.
-
-
-
-
57,584
--$n.a.$n.a.$n.a.$-$-$-$-$67,035Cobalt

















Voisey's Bay393485$13.66$2.59$12.78$6,625$(108,861)$(109,688)$4,618$230,689Operating results






$380,516$(108,861)$138,546$318,857$6,379,580Other















General and administrative










$(10,475)$(6,996)

Share based compensation











(6,118)
-

Donations and community investments











(4,332)
(3,913)

Finance costs












(1,404)
(1,046)

Other











9,138
6,787

Income tax












(37,207)
5,782

Total other









$(50,398)$614$1,044,877












$88,148$319,471$7,424,4571)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 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).7)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


Q4 2025  

Q4 2024  

Change  
ChangeGEO Production 1, 2

205,037

189,059

15,978
8.5 %GEO Sales 2

190,535

141,495

49,040
34.7 %Average price per GEO sold 2
$4,538
$2,689
$1,849
68.8 %Revenue
$864,714
$380,516
$484,198
127.2 %Cost of sales, excluding depletion
$114,956
$64,236
$(50,720)
(79.0) %Depletion

86,228

68,873

(17,355)
(25.2) %Cost of sales
$201,184
$133,109
$(68,075)
(51.1) %Gross margin
$663,530
$247,407
$416,123
168.2 %General and administrative

11,796

10,475

(1,321)
(12.6) %Share based compensation

1,709

6,118

4,409
72.1 %Donations and community investments

4,269

4,332

63
1.5 %Impairment of mineral stream interests

-

108,861

108,861
100.0 %Earnings from operations
$645,756
$117,621
$528,135
449.0 %Other income (expense)

6,373

9,138

(2,765)
(30.3) %Earnings before finance costs and income taxes  
$652,129
$126,759
$525,370
414.5 %Finance costs

1,451

1,404

(47)
(3.3) %Earnings before income taxes
$650,678
$125,355
$525,323
419.1 %Income tax expense

92,428

37,207

(55,221)
(148.4) %Net earnings
$558,250
$88,148
$470,102
533.3 %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 $13.50 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2025. Year Ended December 31, 2025
Units 
Produced2 Units 
Sold Average 
Realized 
Price 
($'s 
Per Unit) Average 
Cash Cost 
($'s Per 
Unit) 3 Average 
Depletion 
($'s Per 
Unit) 4 Sales Gain on 
Disposal 5 Net 
Earnings Cash Flow 
From 
Operations Total 
Assets Gold

















Salobo296,706299,605$3,471$429$396$1,039,878$-$792,618$911,393$2,620,710Sudbury 622,94316,925
3,444
400
1,362
58,290
-
28,463
51,506
218,494Constancia37,67336,352
3,629
427
331
131,904
-
104,347
116,389
52,284San Dimas31,11631,538
3,469
641
357
109,411
-
77,939
89,202
125,218Stillwater6,2286,588
3,463
605
495
22,811
-
15,567
18,825
204,202Blackwater15,42515,089
3,748
1,307
609
56,549
-
27,651
40,543
331,048Platreef--
n.a.
n.a.
n.a.
-
-
-
-
275,702Other 76,0804,908
3,540
473
1,335
17,375
85,724
94,227
15,054
1,457,132
416,171411,005$3,494$479$448$1,436,218$85,724$1,140,812$1,242,912$5,284,790Silver

















Peñasquito7,7657,575$39.82$4.56$4.96$301,590$-$229,453$267,052$206,866Antamina5,8015,402
42.59
8.65
5.87
230,098
-
151,672
183,359
459,083Constancia2,4152,243
39.76
6.28
6.23
89,156
-
61,095
75,070
151,403Blackwater457417
46.50
8.27
8.27
19,378
-
12,486
16,561
167,502Other 85,8514,159
47.21
7.55
4.36
196,449
-
146,898
130,717
556,887
22,28919,796$42.26$6.58$5.30$836,671$-$601,604$672,759$1,541,741Palladium

















Stillwater10,2659,356$1,126$195$458$10,536$-$4,422$8,709$208,892Platreef--
n.a.
n.a.
n.a.
-
-
-
-
78,814
10,2659,356$1,126$195$458$10,536$-$4,422$8,709$287,706Platinum

















Marathon--$n.a.$n.a.$n.a.$-$-$-$-$9,451Platreef--
n.a.
n.a.
n.a.
-
-
-
-
57,584
--$n.a.$n.a.$n.a.$-$-$-$-$67,035Cobalt

















Voisey's Bay2,4601,632$19.11$3.57$9.08$31,175$-$10,534$23,079$215,877Operating results






$2,314,600$85,724$1,757,372$1,947,459$7,397,149Other















General and administrative










$(46,767)$(44,227)

Share based compensation











(32,504)
(17,209)

Donations and community investments











(10,736)
(10,396)

Finance costs












(5,760)
(4,444)

Other











36,463
37,443

Income tax












(226,348)
(3,645)

Total other









$(285,652)$(42,478)$1,728,632












$1,471,720$1,904,981$9,125,7811)Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts.2)Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.3)Refer to discussion on non-GAAP measure (iii) at the end of this press release.4)Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information.5)The gain on disposal of Other gold interests relates to the gain on the buyback of 33% of the Cangrejos PMPA.6)Comprised of the operating Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests and the non-operating Victor gold interest.7)Other gold interests comprised of the operating Marmato, Goose and Hemlo gold interests as well as the non-operating Copper World, Santo Domingo, Fenix, El Domo, Marathon, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk, Spring Valley gold interests. Other includes ounces sold that were received under the delay ounce provision of the Santo Domingo PMPA. Please see the Company's MD&A for more information.8)Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Marmato and Cozamin silver interests as well as the non-operating Stratoni, El Alto (previously referred to as Pascua-Lama), Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah silver interests. Year Ended December 31, 2024 
Units
Produced2Units
Sold
Average
Realized
Price
($'s
Per Unit)
Average
Cash Cost
($'s Per
Unit) 3
Average
Depletion
($'s Per
Unit) 4 
Sales
Impairment
Charges
Net
Earnings
Cash Flow
From
Operations
Total
AssetsGold

















Salobo271,827225,074$2,397$425$382$539,583$-$358,081$444,015$2,595,485Sudbury 518,94716,351
2,391
400
1,280
39,098
-
11,623
32,571
241,551Constancia50,07249,822
2,370
422
320
118,096
-
81,126
97,066
64,326San Dimas28,77628,746
2,388
635
287
68,654
-
42,166
50,407
136,481Stillwater9,1499,028
2,392
425
444
21,592
-
13,743
17,752
207,460Blackwater--
n.a.
n.a.
n.a.
-
-
-
-
340,231Platreef--
n.a.
n.a.
n.a.
-
-
-
-
275,702Other 62,4773,680
2,453
284
1,192
9,028
-
3,596
7,982
365,383
381,248332,701$2,393$440$419$796,051$-$510,335$649,793$4,226,619Silver

















Peñasquito9,1566,840$28.34$4.50$4.64$193,871$-$131,325$163,092$244,465Antamina3,8213,526
28.56
5.74
8.16
100,719
-
51,738
80,497
490,771Constancia2,7092,311
28.25
6.23
6.15
65,264
-
36,676
50,881
165,378Blackwater--
n.a.
n.a.
n.a.
-
-
-
-
140,908Other 75,2733,395
28.85
4.31
4.71
97,976
-
67,356
85,230
521,722
20,95916,072$28.49$4.98$5.64$457,830$-$287,095$379,700$1,563,244Palladium

















Stillwater15,63217,270$984$179$434$16,999$-$6,423$13,911$213,179Platreef--
n.a.
n.a.
n.a.
-
-
-
-
78,814
15,63217,270$984$179$434$16,999$-$6,423$13,911$291,993Platinum

















Marathon--$n.a.$n.a.$n.a.$-$-$-$-$9,451Platreef--
n.a.
n.a.
n.a.
-
-
-
-
57,584
--$n.a.$n.a.$n.a.$-$-$-$-$67,035Cobalt

















Voisey's Bay1,289970$14.18$2.71$12.78$13,759$(108,861)$(110,127)$14,025$230,689Operating results






$1,284,639$(108,861)$693,726$1,057,429$6,379,580Other















General and administrative










$(40,668)$(38,130)

Share based compensation











(23,268)
(11,129)

Donations and community investments











(8,958)
(8,098)

Finance costs











(5,549)
(4,280)

Other











29,061
23,273

Income tax












(115,204)
8,516

Total other









$(164,586)$(29,848)$1,044,877












$529,140$1,027,581$7,424,4571)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 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).7)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


2025

2024

Change  
ChangeGEO Production 1, 2

689,864

635,488

54,377
8.6 %GEO Sales 2

651,311

529,493

121,818
23.0 %Average price per GEO sold 2
$3,554
$2,426
$1,128
46.5 %Revenue
$2,314,600
$1,284,639
$1,029,961
80.2 %Cost of sales, excluding depletion
$339,063
$235,108
$(103,955)
(44.2) %Depletion

303,889

246,944

(56,945)
(23.1) %Cost of sales
$642,952
$482,052
$(160,900)
(33.4) %Gross margin
$1,671,648
$802,587
$869,061
108.3 %General and administrative

46,767

40,668

(6,099)
(15.0) %Share based compensation

32,504

23,268

(9,236)
(39.7) %Donations and community investments

10,736

8,958

(1,778)
(19.8) %Impairment of mineral stream interests

-

108,861

108,861
100.0 %Earnings from operations
$1,581,641
$620,832
$960,809
154.8 %Gain on disposal of mineral stream interests

85,724

-

85,724
n.a.Other income (expense)

36,463

29,061

7,402
25.5 %Earnings before finance costs and income taxes
$1,703,828
$649,893
$1,053,935
162.2 %Finance costs

5,760

5,549

(211)
(3.8) %Earnings before income taxes
$1,698,068
$644,344
$1,053,724
163.5 %Income tax expense

226,348

115,204

(111,144)
(96.5) %Net earnings
$1,471,720
$529,140
$942,580
178.1 %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 MeasuresWheaton 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
December 31Years Ended
December 31(in thousands, except for per share amounts)
2025
2024
2025
2024Net earnings
$558,250
$88,148
$1,471,720
$529,140Add back (deduct):











Impairment charge (reversal)

-

108,861

-

108,861Gain on disposal of Mineral Stream Interest

-

-

(85,724)

-Income tax expense related to disposal of Mineral Stream Interest

-

-

12,859

-(Gain) loss on fair value adjustment of share purchase warrants held

(1,283)

910

(5,805)

8Income tax (expense) recovery recognized in the Statement of Shareholders' Equity

-

-

(1,152)

-Deferred income tax (expense) recovery recognized in the Statement of OCI

(1,799)

1,225

(18,286)

2,857Other

(189)

(175)

(750)

(696)Adjusted net earnings
$554,979
$198,969
$1,372,862
$640,170Divided by:











Basic weighted average number of shares outstanding

454,020

453,669

453,893

453,460Diluted weighted average number of shares outstanding

454,841

454,361

454,685

454,119Equals:











Adjusted earnings per share - basic
$1.222
$0.439
$3.025
$1.412Adjusted earnings per share - diluted
$1.220
$0.438
$3.019
$1.410 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
December 31Years Ended
December 31(in thousands, except for per share amounts)
2025
2024
2025
2024Cash generated by operating activities
$746,277
$319,471
$1,904,981
$1,027,581Divided by:











Basic weighted average number of shares outstanding

454,020

453,669

453,893

453,460Diluted weighted average number of shares outstanding  

454,841

454,361

454,685

454,119Equals:











Operating cash flow per share - basic
$1.644
$0.704
$4.197
$2.266Operating cash flow per share - diluted
$1.641
$0.703
$4.190
$2.263 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
December 31Years Ended
December 31(in thousands, except for gold and palladium ounces sold and per unit amounts)  
2025
2024
2025
2024Cost of sales
$201,184
$133,109
$642,952
$482,052Less:  depletion

(86,228)

(68,873)

(303,889)

(246,944)Less:  cost of sales related to delay ounces 1

(1,253)

(1,396)

(4,196)

(3,095)Cash cost of sales
$113,703
$62,840
$334,867
$232,013Cash cost of sales is comprised of:











Total cash cost of gold sold
$60,314
$38,556
$197,001
$146,271Total cash cost of silver sold

50,865

22,213

130,210

80,022Total cash cost of palladium sold

422

816

1,827

3,088Total cash cost of cobalt sold 2

2,102

1,255

5,829

2,632Total cash cost of sales
$113,703
$62,840
$334,867
$232,013Divided by:











Total gold ounces sold

121,791

87,662

411,005

332,701Total silver ounces sold

5,685

4,307

19,796

16,072Total palladium ounces sold

1,730

4,434

9,356

17,270Total cobalt pounds sold

485

485

1,632

970Equals:











Average cash cost of gold (per ounce)
$495
$440
$479
$440Average cash cost of silver (per ounce)
$8.95
$5.16
$6.58
$4.98Average cash cost of palladium (per ounce)
$244
$184
$195
$179Average cash cost of cobalt (per pound)
$4.33
$2.59
$3.57
$2.711)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
December 31Years Ended
December 31(in thousands, except for gold and palladium ounces sold and per unit amounts)  
2025
2024
2025
2024Gross margin
$663,530
$247,407
$1,671,648
$802,587Add back:  depletion

86,228

68,873

303,889

246,944Add back:  cost of sales related to delay ounces 1

1,253

1,396

4,196

3,095Cash operating margin
$751,011
$317,676
$1,979,733
$1,052,626Cash operating margin is comprised of:











Total cash operating margin of gold sold
$453,060
$196,134
$1,239,217
$649,780Total cash operating margin of silver sold

286,332

112,520

706,461

377,808Total cash operating margin of palladium sold

2,136

3,652

8,709

13,911Total cash operating margin of cobalt sold

9,483

5,370

25,346

11,127Total cash operating margin
$751,011
$317,676
$1,979,733
$1,052,626Divided by:











Total gold ounces sold

121,791

87,662

411,005

332,701Total silver ounces sold

5,685

4,307

19,796

16,072Total palladium ounces sold

1,730

4,434

9,356

17,270Total cobalt pounds sold

485

485

1,632

970Equals:











Cash operating margin per gold ounce sold
$3,720
$2,237
$3,015
$1,953Cash operating margin per silver ounce sold
$50.37
$26.11
$35.70
$23.51Cash operating margin per palladium ounce sold
$1,235
$824
$931
$806Cash operating margin per cobalt pound sold
$19.55
$11.06
$15.54
$11.471)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:payment by the Company of $4.3 billion to BHP and the satisfaction of each party's obligations in accordance with the BHP Antamina PMPA;the receipt by the Company of silver production in respect of the Antamina mine under the BHP Antamina PMPA;the ability of the Company to drawdown sufficient funds under both its existing RCF and the new Term Loan and the satisfaction of each party's obligations under the existing RCF and the new Term Loan;the ability of the Company to repay the existing RCF and new Term Loan;the future price of commodities;the estimation of future production from the mineral stream interests and mineral royalty interests currently owned by the Company (the "Mining Operations") (including in the estimation of production, mill throughput, grades, recoveries and exploration potential);the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates and the realization of such estimations);the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton's precious metal purchase agreement ("PMPA") counterparties at Mining Operations or other payments under royalty arrangements;the payment of upfront cash consideration to counterparties under PMPAs, the satisfaction of each party's obligations in accordance with PMPAs and the receipt by the Company of precious metals and cobalt production or other payments in respect of the applicable Mining Operations under PMPAs;the ability of Wheaton's PMPA counterparties to comply with the terms of a PMPA (including as a result of the business, mining operations and performance of Wheaton's PMPA counterparties) and the potential impacts of such on Wheaton;future payments by the Company in accordance with PMPAs, including any acceleration of payments;the costs of future production;the estimation of produced but not yet delivered ounces;continued listing of the Common Shares on the LSE, NYSE and TSX;any statements as to future dividends;the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs;projected increases to Wheaton's production and cash flow profile;projected changes to Wheaton's production mix;the ability of Wheaton's PMPA counterparties to comply with the terms of any other obligations under agreements with the Company;the ability to sell precious metals and cobalt production;confidence in the Company's business structure;the Company's assessment of taxes payable, and the Company's ability to pay its taxes;possible CRA domestic and international audits;the Company's assessment of the impact of any tax reassessments;the Company's climate change and environmental commitments; andassessments of the impact and resolution of various legal and tax matters, including but not limited to audits.Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", "potential", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:risks relating to the satisfaction of each party's obligations in accordance with the terms of the BHP Antamina PMPA;risks relating to the Company's ability to meet the conditions of, and the satisfaction of each party's obligations under, the existing RCF and the new Term Loan;risks relating to the generation of sufficient cash flow to repay the existing RCF and the new Term Loan;risks associated with fluctuations in the price of commodities (including Wheaton's ability to sell its precious metals or cobalt production at acceptable prices or at all);risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with exploration, development, operating, expansions and improvement at the Mining Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as Mining Operations plans continue to be refined);absence of control over the Mining Operations and having to rely on the accuracy of the public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations as the basis for its analyses, forecasts and assessments relating to its own business;risks related to the uncertainty in the accuracy of mineral reserve and mineral resource estimation;risks related to the satisfaction of each party's obligations in accordance with the terms of the Company's PMPAs, including the ability of the companies with which the Company has PMPAs to perform their obligations under those PMPAs in the event of a material adverse effect on the results of operations, financial condition, cash flows or business of such companies, any acceleration of payments, estimated throughput and exploration potential;risks relating to production estimates from Mining Operations, including anticipated timing of the commencement of production by certain Mining Operations;Wheaton's interpretation of, or compliance with, or application of, tax laws and regulations or accounting policies and rules, being found to be incorrect or the tax impact to the Company's business operations being materially different than currently contemplated, or the ability to pay such taxes as and when due;any challenge or reassessment by the CRA of the Company's tax filings being successful and the potential negative impact to the Company's previous and future tax filings;risks in assessing the impact of the CRA Settlement;risks related to any changes to the Income Tax Act (Canada) that may result in a material change to the amount of future taxes payable;counterparty credit and liquidity risks;mine operator and counterparty concentration risks;indebtedness and guarantees risks;hedging risk;competition in the streaming industry risk;risks relating to security over underlying assets;risks relating to third-party PMPAs;risks relating to revenue from royalty interests;risks related to Wheaton's acquisition strategy;risks relating to third-party rights under PMPAs;risks relating to future financings and security issuances;risks relating to unknown defects and impairments;risks related to governmental regulations;risks related to international operations of Wheaton and the Mining Operations;risks relating to exploration, development, operating, expansions and improvements at the Mining Operations;risks related to environmental regulations;the ability of Wheaton and the Mining Operations to obtain and maintain necessary licenses, permits, approvals and rulings;the ability of Wheaton and the Mining Operations to comply with applicable laws, regulations and permitting requirements;lack of suitable supplies, infrastructure and employees to support the Mining Operations;risks related to underinsured Mining Operations;inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by certain Mining Operations (including increases in production, estimated grades and recoveries);uncertainties related to title and indigenous rights with respect to the mineral properties of the Mining Operations;the ability of Wheaton and the Mining Operations to obtain adequate financing;the ability of the Mining Operations to complete permitting, construction, development and expansion;challenges related to global financial conditions;risks associated with sustainability-related matters;risks related to fluctuations in commodity prices of metals produced from the Mining Operations other than precious metals or cobalt;risks related to claims and legal proceedings against Wheaton or the Mining Operations;risks related to the market price of the Common Shares of Wheaton;the ability of Wheaton and the Mining Operations to retain key management employees or procure the services of skilled and experienced personnel;risks related to interest rates;risks related to the declaration, timing and payment of dividends;risks related to access to confidential information regarding Mining Operations;risks associated with multiple listings of the Common Shares on the LSE, NYSE and TSX;risks associated with a possible suspension of trading of Common Shares;equity price risks related to Wheaton's holding of long-term investments in other companies;risks relating to activist shareholders;risks relating to reputational damage;risks relating to expression of views by industry analysts;risks related to the impacts of climate change and the transition to a low-carbon economy;risks associated with the ability to achieve climate change and environmental commitments at Wheaton and at the Mining Operations;risks related to ensuring the security and safety of information systems, including cyber security risks;risks relating to artificial intelligence;risks relating to compliance with anti-corruption and anti-bribery laws;risks relating to corporate governance and public disclosure compliance;risks of significant impacts on Wheaton or the Mining Operations as a result of an epidemic or pandemic;risks related to the adequacy of internal control over financial reporting; andother 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 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 but not limited to:that the payment of $4.3 billion to BHP will be made and that each party's obligations in accordance with the terms of the BHP Antamina PMPA will be satisfied;that the Company will be able to drawdown sufficient funds under both its existing revolving credit facility and the new Term Loan and that each party's obligations under the existing RCF and the new Term Loan will be satisfied;that the Company will be able to repay the existing RCF and new Term Loan;that there will be no material adverse change in the market price of commodities;that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates;that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate;that public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations is accurate and complete;that the production estimates from Mining Operations are accurate;that each party will satisfy their obligations in accordance with the PMPAs;that Wheaton will continue to be able to fund or obtain funding for outstanding commitments;that Wheaton will be able to source and obtain accretive PMPAs;that the terms and conditions of a PMPA are sufficient to recover liabilities owed to the Company;that Wheaton has fully considered the value and impact of any third-party interests in PMPAs;that expectations regarding the resolution of legal and tax matters will be achieved (including CRA audits involving the Company);that Wheaton has properly considered the application of Canadian tax laws to its structure and operations and that Wheaton will be able to pay taxes when due;that Wheaton has filed its tax returns and paid applicable taxes in compliance with applicable tax laws;that the trading of the Common Shares will not be adversely affected by the differences in liquidity, settlement and clearing systems as a result of multiple listings of the Common Shares on the LSE, the TSX and the NYSE;that the trading of the Company's Common Shares will not be suspended;the estimate of the recoverable amount for any PMPA with an indicator of impairment;that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic or pandemic; andsuch 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 ResourcesFor 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.End Notes1Please refer to disclosure on non-GAAP measures in this press release. Details of the dividend can be found in Wheaton's news release dated March 12, 2026, titled "Wheaton Precious Metals Announces Quarterly Dividend."2Statements 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.3Gold 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.4Source: Company reports S&P Global estimates of 2025 byproduct cost curves for gold, zinc/lead, copper, PGM, nickel & silver mines5Total 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, 23 which are at various stages of development, and 2 of which have been placed in care and maintenance or have been closed.6Further 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."7Wheaton's long-term production outlook is based on information available as of February 16, 2026, the date of publication. 8Gold 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.9Under the terms of the Kurmuk PMPA, within 30 days of a change of control Allied has a one-time option to repurchase one-third of the gold stream for an amount ensuring a fixed internal rate of return to the Company.



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Original: Wheaton Precious Metals Announces Record Annual Revenue, Earnings and Cash Flow for 2025

Wheaton Precious Metals Announces Cetos Water as the Winner of its Future of Mining ChallengeMarch 2, 2026 5:00 PM
PR Newswire (Canada)

VANCOUVER, BC, March 2, 2026 /CNW/ - Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce the winner of its second annual Future of Mining Challenge. Cetos Water has been awarded US$1 million for its unique technology that turns wastewater from mining activities into clean, reusable water."Cetos Water's approach to tackling one of mining's most pressing challenges exemplifies the type of bold, practical innovation we set out to support through the Future of Mining Challenge," said Randy Smallwood, Chief Executive Officer of Wheaton. "Their technology has the potential to improve how water is managed across mining operations, and we are proud to award them with $1 million to continue to advance their work.""The mining industry continues to explore new ways to integrate sustainable solutions into core operations, and emerging technologies like this show strong promise in driving meaningful change," said Haytham Hodaly, President of Wheaton. "Cetos Water is working to enable more efficient reuse of water at mine sites by providing a low-energy, solvent-based approach. We are pleased to support a solution that has the potential to contribute to stronger environmental outcomes across the sector."Building on its launch in September 2024, this year's Future of Mining Challenge focused on identifying innovative technologies that support sustainable water management in mining."Water is quickly becoming a defining constraint on mining operations worldwide — shaping project timelines, operating costs, production throughput, and permitting risk," said Shannon Knee, Founder and Chief Executive Officer of Cetos Water. "Cetos Water seeks to transform complex wastewater from a liability into a resilient resource: supporting discharge compliance and reducing tailings liabilities in water-abundant regions, while unlocking unconventional water supply in water-scarce areas. We're honored to be recognized by Wheaton Precious Metals and to help advance a more sustainable, water-secure future for mining worldwide."Delivered in partnership with the University of British Columbia Sauder School of Business, the second annual Future of Mining Challenge attracted a significant number of high-quality applications from ventures around the world, underscoring the growing momentum behind innovation aimed at making mining more sustainable. In addition to Cetos Water, Wheaton recognized pH7 Technologies and H2nanO as finalists. All three finalists participated in a technology showcase, where they presented their solutions and highlighted the potential impact of their innovations to industry stakeholders.Wheaton congratulates all participating ventures and is encouraged by the range of solutions advancing meaningful progress across the mining sector. The third edition of the challenge will be focused on technologies that reduce the impact on land through more efficient mining and processing. To learn more, please visit www.futureofmining.ca. Applications for the 2026-2027 Future of Mining Challenge will open later this year.About Wheaton Precious Metals Corp.
Wheaton Precious Metals is the world's premier precious metals streaming company, providing shareholders with access to a high-quality portfolio of low-cost, long-life mines around the world. Through strategic streaming agreements, Wheaton partners with mining companies to secure a portion of their future precious metals production. Committed to responsible mining practices, Wheaton employs due diligence practices with a goal of unlocking long-term value for shareholders while supporting the broader mining industry to deliver the commodities society needs through access to capital. Wheaton's shares are listed on the Toronto Stock Exchange, New York Stock Exchange and London Stock Exchange under the symbol WPM.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. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to climate change and sustainability commitments by Wheaton and at mineral stream interests currently owned by Wheaton (the "Mining Operations"), the ability of any technology identified in the Wheaton Future of Mining Challenge to potentially address water-related issues across mining operations, the process for the identification and selection of an award recipient under the Wheaton Future of Mining Challenge, the payment of $1 million to an award recipient, and the ability of an award recipient to potentially reduce greenhouse gas emissions across mining operations. 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 (without limitation) risks related to climate change, environmental, social and governance matters, the ability to achieve sustainability commitments and goals at both Wheaton and the Mining Operations, the ability to identify a technology that address water-related issues across mining operations, the process for the identification and selection of an award recipient under the Wheaton Future of Mining Challenge, the payment of $1 million to an award recipient, and the ability of an award recipient to reduce greenhouse gas emissions across mining operations 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 and Wheaton's Form 40-F for the year ended December 31, 2024 and the risks identified under "Risks and Uncertainties" in Wheaton's Management's Discussion and Analysis for the year ended December 31, 2024, available on SEDAR+ and in Wheaton's Form 6-K filed March 13, 2025. Forward-looking statements are based on assumptions management currently believes to be reasonable, including (without limitation) that climate change and sustainability commitments and goals at both Wheaton and the Mining Operations will be achieved, that technology identified in the Wheaton Future of Mining Challenge will potentially be able to address water-related issues across mining operations, that the process for the identification and selection of an award recipient under the Wheaton Future of Mining Challenge will be successful, that the payment of $1 million to an award recipient will be made, and that an award recipient will potentially be able to address water-related issues across mining operations. 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. 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. There may be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended.



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Original: Wheaton Precious Metals Announces Cetos Water as the Winner of its Future of Mining Challenge

Tungsten Prices Surge Fivefold as Western Miners Race to Secure SupplyFebruary 26, 2026 12:50 PM
PR Newswire (US)

Issued on behalf of GoldHaven Resources Corp.VANCOUVER, BC, Feb. 26, 2026 /PRNewswire/ -- USA News Group News Commentary — Tungsten prices have surged fivefold over the past year as prolonged underinvestment and tightening Chinese exports push the market toward what BMO analysts warn could become a severe global shortage, with ammonium paratungstate now trading at approximately $1,775 per metric tonne unit after Chinese exports plummeted to near zero in late 2025[1]. Copper price forecasts have jumped above $11,000 per tonne for the first time, according to a Reuters poll of analysts who remain wary about speculative excess even as supply deficits widen across base metals markets[2]. Companies advancing critical mineral projects in stable mining jurisdictions include GoldHaven Resources (CSE: GOH) (OTCQB: GHVNF), Wheaton Precious Metals (TSX: WPM) (NYSE: WPM), Capstone Copper (TSX: CS), Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF), and Taseko Mines (TSX: TKO) (NYSE-A: TGB).







The U.S. State Department hosted representatives from 54 countries at the 2026 Critical Minerals Ministerial in February, signing new bilateral frameworks and channeling billions through federal funding programs to accelerate domestic and allied critical minerals supply chains[3]. StoneX estimates the copper market deficit will nearly double to 333,000 tonnes in 2026, up from 174,000 tonnes the prior year, as accelerating electrification and rising defense procurement strain existing supply[4].GoldHaven Resources (CSE: GOH) (OTCQB: GHVNF) has appointed Raymond Wladichuk as Technical Advisor to the Company, joining the BC geological team with a primary focus on advancing the Magno Project. Mr. Wladichuk is a Professional Geoscientist (P.Geo.) registered in multiple Canadian provinces with over 15 years of experience across mineral exploration, engineering, and construction. In his role, he will support drill permitting initiatives and the strategic design of the Company's 2026 work program."We are very pleased to add Raymond to our geological team at a pivotal time for the Company," said Rob Birmingham, President & CEO of GoldHaven. "His experience in exploration, engineering, and project execution will be instrumental as we advance the Magno Project, including drill permitting and the strategic planning of our 2026 exploration program. Strengthening our technical team ensures we are well-positioned to efficiently move Magno forward."The appointment follows a $2.0 million critical mineral flow-through financing to advance the district-scale Magno Polymetallic Project in British Columbia's Cassiar District. The non-brokered private placement will issue up to 7,547,170 flow-through shares at $0.265 per share, with proceeds directed toward eligible Canadian exploration expenses qualifying as critical mineral flow-through expenditures. The financing is expected to fund 3D geological modeling, target refinement, and drill planning through 2026.The financing follows a productive 2025 exploration campaign at Magno that defined property-scale porphyry-related zonation across the 36,973-hectare project, where 357 samples revealed bonanza silver grades up to 2,370 grams per tonne and tungsten values reaching 6,550 ppm across multiple skarn zones. Strong and widespread tungsten mineralization at the Kuhn and Dead Goat zones further confirms the scale of the system. The company also confirmed high-grade copper at its Three Guardsmen Project, with surface sampling returning up to 15.85% copper.In Brazil, GoldHaven recently confirmed gold mineralization in bedrock at its Copeçal West Target, where the first-ever drilling returned 39 meters at 0.11 g/t gold from 58 meters depth. Hole COPE-PDH-006 returned 7 meters at 0.46 g/t gold including 1 meter at 1.21 g/t, while the inaugural East Target program discovered bornite, suggesting potential for a substantial gold-copper system.GoldHaven now controls 133,186 hectares across proven mining jurisdictions in British Columbia and Brazil, with the Magno property located just three kilometres south of the historic Cassiar mining camp and accessible via Highway 37, providing infrastructure advantages rarely present at projects of this scale. All projects are supported by a comprehensive 43-101 Technical Report.CONTINUED… Read this and more news for GoldHaven Resources at:https://usanewsgroup.com/2025/09/23/the-goldhaven-story-two-continents-one-strategy-systematic-exploration-in-historically-productive-districts/In other industry developments:Wheaton Precious Metals (TSX: WPM) (NYSE: WPM) has acquired an additional silver stream on the Antamina mine in Peru through a new partnership with BHP. The company paid $4.3 billion for 33.75% of Antamina's silver output, bringing its combined share to 67.5% of all silver produced from one of the world's largest copper-zinc operations jointly owned by BHP, Glencore, Teck, and Mitsubishi."Quality silver production is becoming increasingly difficult to source while demand continues to rise for both critical industrial uses and for silver's safe haven qualities in today's economic environment," said Randy Smallwood, CEO of Wheaton Precious Metals. "Our expanded stream on Antamina reinforces Wheaton's role as one of the largest silver producers in the world and further adds to one of the strongest growth profiles in the mining sector."Under the agreement, Wheaton pays 20% of the spot silver price per ounce delivered, maintaining the low-cost streaming model that has defined the company's growth trajectory. The stream covers deliveries until 100 million ounces are reached, after which the company retains 22.5% for the remainder of the mine life through 2036, providing decades of predictable silver exposure from a tier-one jurisdiction.Capstone Copper (TSX: CS) has issued 2026 guidance projecting 200,000 to 230,000 tonnes of copper production at C1 cash costs of $2.45 to $2.75 per pound. The company delivered record copper production in 2025, up 22% year over year, while advancing several key operational catalysts including the Mantoverde Optimized Project in Chile. Gibraltar produced 98 million pounds of copper in 2025, with second-half production increasing 46% after mining through lower-grade ore zones in the first half."2025 was a remarkable year for Capstone, delivering record copper production up 22% year-over-year, while executing on several key catalysts," said Cashel Meagher, President and CEO of Capstone Copper. "We will continue to build on this success in 2026, with a focus on delivering consistent and reliable outcomes, while we execute on MV-O which is expected to drive higher copper production levels in 2027."A sanctioning decision on the Santo Domingo copper-iron project is expected in the second half of 2026, potentially adding another long-life asset to the portfolio. Capstone has allocated a $70 million exploration budget for the year as the company positions itself to capitalize on tightening copper supply fundamentals and record-setting price environments across base metals. Record revenue and a strengthening balance sheet provide the financial foundation for continued disciplined growth.Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) has reported Q4 and full-year 2025 results headlined by $3.28 billion in revenue and $1.45 billion in EBITDA at a 44% margin from its Kamoa-Kakula copper complex in the Democratic Republic of Congo. The company's Kipushi zinc mine generated $441 million in revenue during its ramp-up year, with C1 costs guided at $0.85 to $0.95 per pound for 2026."2026 marks a decisive turning point for Ivanhoe Mines, a year in which the extraordinary efforts made at each of our Tier-One mines coincide with increasingly tighter global commodity markets," said Robert Friedland, Founder and Executive Co-Chairman of Ivanhoe Mines. "As copper prices push to historic highs, we are turning the corner at Kamoa-Kakula following the 2025 seismic event."Africa's largest copper smelter is now operating above 60% capacity, with the first 99.7%-pure copper anodes expected to ship via the Lobito Railway Corridor imminently. Ivanhoe's Platreef Phase 2 expansion targets a 400% production increase beginning in Q4 2027, underscoring the company's trajectory toward becoming one of the continent's largest copper producers. Kipushi's 2026 C1 guidance of $0.85 to $0.95 per pound positions the zinc operation as a low-cost contributor to diversified revenue.Taseko Mines (TSX: TKO) (NYSE-A: TGB) has announced strong Q4 financial results alongside the commencement of copper cathode production at Florence Copper in Arizona. Full-year 2025 adjusted EBITDA reached $230 million on revenues of $673 million, while Q4 cash flow from operations hit $101 million as the Gibraltar mine produced 98 million pounds of copper for the year. Adjusted net income for Q4 reached $42 million as copper grades and recoveries returned to normal levels in the second half."2025 was a productive and highly successful year for Florence Copper. With construction and commissioning now behind us, we're looking forward to the first cathode harvest in the coming days," said Stuart McDonald, President and CEO of Taseko Mines. "Results from the initial wellfield operations are positive and we are targeting to produce 30 to 35 million pounds of copper in 2026."The company is targeting combined 2026 copper production of 140 to 150 million pounds across Gibraltar and the Florence operation. Three drill rigs are currently expanding the Florence wellfield with a fourth arriving on site, supporting the ramp-up to full production capacity as Taseko enters a new phase of dual-asset copper output. The company's Florence SX/EW plant is fully operational with copper now being plated through the electrowinning circuit.Article Source: https://usanewsgroup.com CONTACT:USA NEWS GROUPinfo @acblanke1DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed for Baystreet.ca Media Corp. ("BAY"), who has been paid a fee for an advertising campaign. MIQ has not been paid a fee for GoldHaven Resources Corp. advertising or digital media, but the owner/operators of MIQ also co-owns BAY. There may also be 3rd parties who may have shares of GoldHaven Resources Corp. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by GoldHaven Resources Corp. The scientific and technical information disclosed in this document have been reviewed and approved by two Qualified Persons (QPs). The Copeçal Technical Report identifies Jean-Marc Lopez, B.Sc., FAusIMM, as the Qualified Person responsible for the report. The report "GoldHaven Resources Completes Summer Exploration Programs" states that the technical information has been reviewed and approved by Jonathan Victor Hill, B.Sc. Hons, FAusIMM, an independent Qualified Person and Country Manager of GoldHaven. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.SOURCES:1. https://www.mining.com/tungsten-crunch-can-be-fixed-before-prices-spike-further-bmo/2. https://www.reuters.com/world/asia-pacific/copper-forecasts-jump-above-11000-first-time-analysts-wary-demand-worries-2026-01-29/3. https://www.state.gov/releases/office-of-the-spokesperson/2026/02/2026-critical-minerals-ministerial4. https://www.stonex.com/en/market-intelligence/stonex-tv-copper-prices-surge-as-debasement-trade-spills-over/Logo - https://mma.prnewswire.com/media/2838876/5826092/USA_News_Group_Logo.jpg



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Original: Tungsten Prices Surge Fivefold as Western Miners Race to Secure Supply

U.S. Silver Mining Stocks Climb as Metal Prices Reach Two-Week PeakFebruary 23, 2026 8:38 AM
IH Market News
Shares of U.S.-listed silver mining companies moved higher in premarket trading on Monday after silver prices rallied to their strongest level in more than two weeks.Spot silver advanced 2.6% to $86.73 per ounce, supported by a weaker U.S. dollar following a Supreme Court ruling that challenged President Donald Trump’s tariff measures.Among individual miners, Hecla Mining (NYSE:HL) rose 2.2%, while Coeur Mining (NYSE:CDE) gained 1.4%.Canadian-listed producers also participated in the rally, with Endeavour Silver (NYSE:EXK) up 2%, Silvercorp Metals (NYSE:SVM) climbing 2.4%, and Wheaton Precious Metals (NYSE:WPM) advancing 2.1%.Exchange-traded funds linked to silver prices also posted gains, as the Abrdn Physical Silver Shares ETF (NYSE:SIVR) and the iShares Silver Trust (NYSE:SLV) each increased by 2.3%.Silver price

Original: U.S. Silver Mining Stocks Climb as Metal Prices Reach Two-Week Peak

Critical Minerals Demand Surges: Here Are Five Companies PositionedFebruary 19, 2026 9:10 AM
PR Newswire (Canada)

Issued on behalf of GoldHaven Resources Corp.VANCOUVER, BC, Feb. 19, 2026 /CNW/ -- USANewsGroup.com News Commentary – The United States launched a $12 billion critical minerals stockpile initiative in February through a public-private partnership backed by the Export-Import Bank, aiming to secure domestic supply of tungsten, copper, and other strategic metals amid rising geopolitical tension[1]. A new Council on Foreign Relations report warns that China dominates the entire critical minerals ecosystem and urges Washington to scale disruptive innovation and recycling technologies to reduce strategic dependence[2]. Companies advancing domestic and allied mineral projects stand to benefit, including GoldHaven Resources (CSE: GOH) (OTCQB: GHVNF), Wheaton Precious Metals (TSX: WPM) (NYSE: WPM), Capstone Copper (TSX: CS), Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF), and Taseko Mines (TSX: TKO) (NYSE-A: TGB).







At the inaugural Critical Minerals Ministerial in Washington, representatives from 54 countries committed to building secure and diversified supply chains, with the U.S. signing multiple bilateral mineral frameworks[3]. Tungsten has emerged as an early test case for an allied trade bloc proposal featuring enforceable price floors, as non-Chinese production from new mines gains momentum[4].GoldHaven Resources (CSE: GOH) (OTCQB: GHVNF) just announced a $2.0 million critical mineral flow-through financing to advance the district-scale Magno Polymetallic Project in British Columbia's Cassiar District. The non-brokered private placement will issue up to 7,547,170 flow-through shares at $0.265 per share, with proceeds directed toward eligible Canadian exploration expenses qualifying as critical mineral flow-through expenditures. No warrants will be issued, and the financing is expected to fund 3D geological modeling, target refinement, and drill planning across the Magno property through 2026."Our 2025 program delivered several milestones with indium values up to 334 ppm, the highest recorded in the Cassiar District, alongside high-grade silver-lead-zinc mineralization, including grab samples returning up to 2,370 g/t silver with more than 20% lead and 19.25% zinc," said Rob Birmingham, CEO of GoldHaven. "This financing allows us to complete 3D targeting and advance toward 2026 drilling."The financing follows a productive 2025 exploration campaign at Magno that defined property-scale porphyry-related zonation across the 36,973-hectare project, where 357 samples revealed bonanza silver grades up to 2,370 grams per tonne and tungsten values reaching 6,550 ppm across multiple skarn zones. Strong and widespread tungsten mineralization, particularly at the Kuhn and Dead Goat zones, further confirms the scale of the system. Metal ratio signatures suggest a classic porphyry-related zonation pattern transitioning from silver-lead-zinc carbonate replacement to tungsten-zinc skarns and a porphyry copper-molybdenum source at depth. The company also confirmed high-grade copper at its Three Guardsmen Project, with surface sampling returning up to 15.85% copper.In Brazil, GoldHaven also recently confirmed gold mineralization in bedrock at its Copeçal West Target, where the first-ever drilling returned 39 meters at 0.11 g/t gold from 58 meters depth in unweathered rock. All four holes drilled at the Western Target intersected anomalous gold, with hole COPE-PDH-006 returning 7 meters at 0.46 g/t gold including 1 meter at 1.21 g/t. The company previously completed its inaugural diamond drilling program at Copeçal's East Target, where nine holes totaling 1,085.7 meters discovered bornite, suggesting potential for a substantial gold-copper system.GoldHaven now controls 133,186 hectares across proven mining jurisdictions in British Columbia and Brazil, with the Magno property located just three kilometres south of the historic Cassiar mining camp and accessible via Highway 37, providing infrastructure advantages rarely present at projects of this scale. All projects are supported by a comprehensive 43-101 Technical Report.CONTINUED… Read this and more news for GoldHaven Resources Corp. at: https://usanewsgroup.com/2025/09/23/the-goldhaven-story-two-continents-one-strategy-systematic-exploration-in-historically-productive-districts/In other industry developments and happenings in the market include:Wheaton Precious Metals (TSX: WPM) (NYSE: WPM) has secured an expanded silver stream on the Antamina mine in Peru through a new $4.3 billion partnership with BHP. The deal gives Wheaton a combined 67.5% of all silver produced at Antamina, one of the world's largest copper-zinc mines jointly owned by BHP, Glencore, Teck, and Mitsubishi."Quality silver production is becoming increasingly difficult to source while demand continues to rise for both critical industrial uses and for silver's safe haven qualities in today's economic environment," said Randy Smallwood, President and CEO of Wheaton Precious Metals. "Our expanded stream on Antamina reinforces Wheaton's role as one of the largest silver producers in the world and further adds to one of the strongest growth profiles in the mining sector."Under the agreement, Wheaton will pay 20% of the spot silver price per ounce delivered until 100 million ounces are reached, after which the stream adjusts to 22.5% for the remainder of the mine life through 2036.Meanwhile, Capstone Copper (TSX: CS) just released its 2026 production guidance of 200,000 to 230,000 tonnes of copper, building on a record year that saw output rise 22% year-over-year. The company has earmarked a $70 million exploration budget for 2026 as it advances the Mantoverde Optimized Project."2025 was a remarkable year for Capstone, delivering record copper production up 22% year-over-year, while executing on several key catalysts," said Cashel Meagher, President and CEO of Capstone Copper. "We will continue to build on this success in 2026, with a focus on delivering consistent and reliable outcomes, while we execute on MV-O which is expected to drive higher copper production levels in 2027."Capstone is guiding C1 cash costs of $2.45 to $2.75 per pound for the year, with a sanctioning decision on its Santo Domingo project expected in the second half of 2026.Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) reported annual results showing $3.28 billion in revenue and $1.45 billion in EBITDA from its Kamoa-Kakula copper complex in the Democratic Republic of the Congo. Africa's largest copper smelter is now operating at over 60% capacity, with first 99.7%-pure copper anodes via the Lobito Railway Corridor imminent."2026 marks a decisive turning point for Ivanhoe Mines… a year in which the extraordinary efforts made at each of our Tier-One mines coincide with increasingly tighter global commodity markets," said Robert Friedland, Founder and Executive Co-Chairman of Ivanhoe Mines. "As copper prices push to historic highs, we are turning the corner at Kamoa-Kakula following the 2025 seismic event."The company's Kipushi zinc mine generated $441 million in revenue during its ramp-up phase, while Platreef Phase 2 is expected to deliver a 400%-plus production increase beginning in Q4 2027.Rounding out the group, Taseko Mines (TSX: TKO) (NYSE-A: TGB) has commenced copper production at its Florence Copper operation in Arizona, targeting 30 to 35 million pounds of output in 2026. The company reported full-year adjusted EBITDA of $230 million and revenues of $673 million."2025 was a productive and highly successful year for Florence Copper. With construction and commissioning now behind us, we're looking forward to the first cathode harvest in the coming days," said Stuart McDonald, President and CEO of Taseko Mines. "Results from the initial wellfield operations are positive and we are targeting to produce 30 to 35 million pounds of copper in 2026."Taseko's Gibraltar mine produced 98 million pounds of copper in 2025, with combined 2026 production guidance of 110 to 115 million pounds from Gibraltar plus the new Florence output.Article Source: https://usanewsgroup.com/goh-profile/CONTACT:
USA NEWS GROUP
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DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed for Baystreet.ca Media Corp. ("BAY"), who has been paid a fee for an advertising campaign. MIQ has not been paid a fee for GoldHaven Resources Corp. advertising or digital media, but the owner/operators of MIQ also co-owns BAY. There may also be 3rd parties who may have shares of GoldHaven Resources Corp. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by GoldHaven Resources Corp. The scientific and technical information disclosed in this document have been reviewed and approved by two Qualified Persons (QPs). The Copeçal Technical Report identifies Jean-Marc Lopez, B.Sc., FAusIMM, as the Qualified Person responsible for the report. The report "GoldHaven Resources Completes Summer Exploration Programs" states that the technical information has been reviewed and approved by Jonathan Victor Hill, B.Sc. Hons, FAusIMM, an independent Qualified Person and Country Manager of GoldHaven. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.SOURCES:
https://www.fastmarkets.com/insights/12-billion-us-critical-minerals-stockpile-could-tighten-supply-chains/
https://www.cfr.org/reports/leapfrogging-chinas-critical-minerals-dominance
https://www.state.gov/releases/office-of-the-spokesperson/2026/02/2026-critical-minerals-ministerial
https://www.fastmarkets.com/insights/critical-minerals-ministerial-unveils-us-trade-bloc-proposal/



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Original: Critical Minerals Demand Surges: Here Are Five Companies Positioned

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 2030February 16, 2026 5:27 PM
PR Newswire (US)

VANCOUVER, BC, Feb. 16, 2026 /PRNewswire/ - Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to report 2025 actual production of approximately 692,000 gold equivalent ounces2 ("GEOs"), exceeding the upper end of the 2025 production guidance range of 670,000 GEOs2. The Company also provides 2026 production guidance of 860,000 to 940,000 GEOs3 and forecasts growth of approximately 50% to 1,200,000 GEOs3 by 2030. Wheaton will provide full production and financial details with the release of its 2025 fourth quarter and full year results on Thursday, March 12, 2026, after market close."Wheaton delivered an outstanding year in 2025, supported by the strength of our diversified portfolio of high-quality, low-cost assets," said Haytham Hodaly, President of Wheaton Precious Metals. "Production surpassed the upper end of our annual guidance, with notable contributions from several operations, including record results from Salobo. We also advanced our corporate development strategy with investments in three assets. Together with today's announcement of an additional silver stream at Antamina, these developments significantly enhance our near-term growth outlook and reinforce our confidence in the portfolio's ability to continue delivering long-term value.""The momentum we built over the past year provides a solid foundation for what we expect to be a sector-leading growth profile," added Randy Smallwood, Chief Executive Officer of Wheaton Precious Metals. "We believe Wheaton is on track to reach unprecedented levels of precious metals production within the streaming space. With the most precious metals focused portfolio in the industry, the strength of our projected growth profile, and rising demand for streaming capital, we believe Wheaton is exceptionally well positioned to continue delivering industry-leading growth."2025 Attributable Production and Sales Using 2025 Commodity Price AssumptionsMetal2025
Production Guidance2025
Actual
Production12025
Actual
SalesGold Ounces 350,000 to 390,000416,286411,005Silver Ounces ('000s)20,500 to 22,50022,43419,796Other Metals (GEOs2)12,500 to 13,50016,52511,889     Palladium Ounces
10,2659,356     Cobalt pounds ('000s)
2,4601,632Gold Equivalent Ounces2 600,000 to 670,000691,670651,3112025 GEOs based on:  $2,600 / oz gold, $30 / oz silver, $950 / oz palladium, $950 / oz platinum and $13.50 / lb cobaltIn 2025, gold equivalent production exceeded the upper end of our guidance range, driven largely by stronger performance at Salobo due to higher gold grades and recoveries, higher throughput and grades at Peñasquito, and higher grades at Constancia as more material was mined from the Pampacancha deposit. These positive results were partially offset by lower production from Goose, and Mineral Park , where ramp-ups progressed slower than anticipated.As at December 31, 2025, approximately 156,800 GEO2's were in produced but not yet delivered ("PBND"), consistent with the average PBND over the preceding four quarters and within our guided range of two to three months.Commodity Price AssumptionsMetal Previous 
2025 Forecast Updated 
2026 Forecast Gold ($ / oz)$   2,600$   4,800Silver ($ / oz)$   30.00$   80.00Palladium ($ / oz)     $   950$   1,500Platinum ($ / oz)$    950$   2,000Cobalt ($ / lb)$   13.50$   25.00The strong performance of silver in 2025 meant it outpaced all other metals that year. As a result, the metal price assumptions for 2026 produce a lower gold-to-silver ratio, which in turn leads to higher gold-equivalent calculations for 2026 compared to 2025. The silver and gold price assumptions used in the calculation of gold equivalent ounces are based on spot prices for the period from January 1, 2026 to February 12, 2026, which averaged approximately $88 per ounce for silver and $4,809 per ounce for gold. Metal prices have been volatile during this period, and there can be no assurance that these prices will be realized by the Company in the future.2026 and Long-Term Production Outlook Using 2026 Commodity Price AssumptionsMetal2025
Actual
Production12026
Production
Guidance2030
Target
Production
Guidance2031-2035
Average Annual
Production
GuidanceGold Ounces 416,286400,000 to 430,000

Silver Ounces ('000s)22,43427,000 to 29,000

Other Metals (GEO316,02119,000 to 21,000

Total GEOs3 806,215860,000 to 940,0001,200,0001,200,0002026 and long-term GEOs based on $4,800 / oz gold, $80 / oz silver, $1,500 / oz palladium, $2,000 / oz platinum, and $25 / lb cobalt. For purposes of comparison, 2025 actual GEOs have been adjusted to reflect 2026 commodity price assumptions.2026 Production OutlookThe Company anticipates that 2026 GEO3 production will increase by over 11% from levels achieved in 2025. This expected year-over-year growth is driven primarily by the additional stream at Antamina which is expected to add another 70,000 GEOs3 to the portfolio in 2026 and begin generating production on April 1, 2026. Further contributions from newly operating assets, including Blackwater, Mineral Park, Fenix, Hemlo, Goose & Platreef are also forecast to support this growth. These increases are expected to be partially offset by lower production from Constancia following the depletion of the Pampacancha pit in late December 2025. At the Company's cornerstone assets, after achieving record production levels in 2025, attributable production levels at Salobo are forecast to decrease slightly, with higher throughput levels anticipated to be offset by modestly lower gold grades. Attributable production is forecast to increase significantly at Antamina in 2026 due to the additional stream, with the Company receiving a combined 67.5% of silver production commencing April 1, 2026, up from the 33.75% delivered in 2025 under the existing stream. Lastly, attributable production from Penasquito is forecast to increase from 2025, driven by stronger silver grades, including contributions from stockpile material as mining progresses through planned sequencing.Long-Term Production OutlookProduction is forecast to increase by approximately 50% to 1,200,000 GEOs3 by 2030, due to growth from multiple Operating assets including Antamina, Blackwater, Aljustrel , Marmato, Hemlo and Goose; Development assets that are in construction and/or various stages of ramp-up, including the Koné, Fenix, Kurmuk, Platreef,  Mineral Park and El Domo projects; and Pre-development assets including the Spring Valley, Copper World and Santo Domingo projects, all of which have received their major permits.From 2031 to 2035, attributable production is forecast to be maintained at 1,200,000 GEOs3 annually and incorporates additional incremental production from Pre-development assets including the Cangrejos, Kudz ze Kayah and Marathon projects, in addition to the Mt. Todd and Black Pine royalties.Not included in Wheaton's long-term forecast and instead classified as 'optionality', is potential future production from 11 other assets including El Alto4, Navidad and Toroparu.Mr. Wes Carson, P.Eng., Vice President, Mining Operations is a "qualified person" as such term is defined under National Instrument 43-101, and has reviewed and approved the technical information disclosed in this news release.Fourth Quarter and Full Year 2025 ResultsWheaton will release its 2025 fourth quarter and full year results on Thursday, March 12, 2026, after market close. A conference call will be held on Friday, March 13, 2026, starting at 8:00am PT (11:00 am ET) 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:      1-800-715-9871Dial from outside Canada or the US:  1-647-932-3411Pass code:  4433482

RapidConnect URL:   Click hereLive audio webcast:  Webcast LinkParticipants should dial in five to ten minutes before the call.The conference call will be recorded and available until March 20, 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:      1-800-770-2030Dial from outside Canada or the US:  1-647-362-9199Pass code:    4433482#Archived audio webcast:  Webcast LinkWheaton Precious Metals' quarterly reporting for the remainder of 2026 is scheduled to be issued, after market close, on the following dates:Q1 2026 – Thursday, May 7, 2026
Q2 2026 – Thursday, August 6, 2026
Q3 2026 – Thursday, November 5, 2026About 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. End Notes             
_______________________________
 1 Ounces produced represent the quantity of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions.  Production figures and average payable rates are based on information provided by the operators of the mining operations to which the silver, gold, palladium or cobalt interests relate or management estimates in those situations where other information is not available (specifically, final 2025 production information for Hemlo, Sudbury, Zinkgruvan and Neves-Corvo is based on management estimates). Certain production figures may be updated in future periods as additional information is received.
2 Gold equivalent ounces for 2025 actual production, sales and PBND are calculated by converting silver, palladium and cobalt to a gold equivalent by using the following 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.
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  El Alto was formerly known as Pascua Lama 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:payment by WPMI of $4.3 billion to BHP and the satisfaction of each party's obligations in accordance with the Silver Stream;the receipt by WPMI of silver production in respect of the Antamina mine under the Silver Stream;the ability of the Company to drawdown sufficient funds under both its existing revolving credit facility and the new Term Loan and the satisfaction of each party's obligations under the existing revolving credit facility and the new Term Loan;the ability of the Company to repay the existing revolving credit facility and new Term Loan;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 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;the future sales of Common Shares under, the amount of net proceeds from, and the use of the net proceeds from, the at-the-market equity program;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 audits for taxation years subsequent to 2019 and international audits 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; andassessments 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 Silver Stream;risks relating to the Company's ability to meet the conditions of, and the satisfaction of each party's obligations under, the existing revolving credit facility and the new Term Loan;risks relating to the generation of sufficient cash flow to repay the existing revolving credit facility and the new Term Loan;risks associated with fluctuations in the price of commodities (including Wheaton's ability to sell its precious metals or cobalt production at acceptable prices or at all);risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with exploration, development, operating, 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 or proposed amendments to Canada's transfer pricing regime under the Income Tax Act (Canada) that may result if the Bill C-15, Budget 2025 Implementation Act, No.1, as tabled before the Canadian Parliament on November 4, 2025 is passed as currently drafted;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 longterm investments in other companies;-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; andother 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 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):that the payment of $4.3 billion to BHP will be made and that each party's obligations in accordance with the terms of the Silver Stream will be satisfied;that the Company will be able to drawdown sufficient funds under both its existing revolving credit facility and the new Term Loan and that each party's obligations under the existing revolving credit facility and the new Term Loan will be satisfied;that the Company will be able to repay the existing revolving credit facility and new Term Loan;that there will be no material adverse change in the market price of commodities;that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates;that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate;that public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations is accurate and complete;that the production estimates from Mining Operations are accurate;that each party will satisfy their obligations in accordance with the PMPAs;that Wheaton will continue to be able to fund or obtain funding for outstanding commitments;that Wheaton will be able to source and obtain accretive PMPAs;that the terms and conditions of a PMPA are sufficient to recover liabilities owed to the Company;that Wheaton has fully considered the value and impact of any third-party interests in PMPAs;that expectations regarding the resolution of legal and tax matters will be achieved (including CRA audits involving the Company);that Wheaton has properly considered the application of Canadian tax laws to its structure and operations and that Wheaton will be able to pay taxes when due;that Wheaton has filed its tax returns and paid applicable taxes in compliance with 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; andsuch 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. looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. -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 ResourcesFor 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.



View original content:https://www.prnewswire.com/news-releases/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--302689018.htmlSOURCE Wheaton Precious Metals Corp.

Original: 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

Wheaton Precious Metals Announces Acquisition of Additional Silver Stream on Antamina Through New Partnership with BHPFebruary 16, 2026 4:40 PM
PR Newswire (US)

VANCOUVER, BC, Feb. 16, 2026 /PRNewswire/ - Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce that its wholly-owned subsidiary, Wheaton Precious Metals International Ltd. ("WPMI") has entered into a definitive Precious Metals Purchase Agreement (the "Silver Stream") with a wholly-owned subsidiary of BHP Group Limited ("BHP") for their 33.75% portion of the silver produced at the Antamina Mine located in Peru (the "Mine" or "Antamina"). Upon closing, 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."Wheaton has grown into the company we are today by entering into stream agreements on world class operations and adding exceptional assets to our portfolio, and Antamina has long stood as one of our true cornerstones," said Haytham Hodaly, President of Wheaton Precious Metals. "Deepening our exposure to an asset of this scale, quality and longevity is a unique and transformative opportunity for Wheaton, made even more meaningful through our collaboration with BHP. Antamina is a proven, long-life, low-cost operation that will deliver immediate production and operating cash flow, and we are confident it will continue to create lasting value for our stakeholders well into the future.""Quality silver production is becoming increasingly difficult to source while demand continues to rise for both critical industrial uses and for silver's safe haven qualities in today's economic environment," said Randy Smallwood, Chief Executive Officer of Wheaton Precious Metals. "Our expanded stream on Antamina reinforces Wheaton's role as one of the largest silver producers in the world and further adds to one of the strongest growth profiles in the mining sector. The largest mining company in the world has chosen streaming as a means to unlock value from silver, underscoring how compelling the streaming model has become. We are excited to continue building on this long-standing relationship with the exceptional consortium behind Antamina that shares our commitment to responsible development and long-term value creation."Transaction Key Terms
(All values in US$ unless otherwise noted)Silver Stream Upfront Consideration: WPMI will pay BHP total upfront cash consideration of $4.3 billion (the "Deposit") on closing, subject to certain customary conditions.Streamed Metal: The Silver Stream is effective April 1, 2026, from which time WPMI will purchase BHP's 33.75% of the payable silver until a total of 100 million ounces ("Moz") has been delivered, at which point Wheaton will purchase 22.5% of the payable silver for the life of mine. Payable silver will be calculated using a fixed payable factor of 90.0%.   Production Profile1: This acquisition immediately increases Wheaton's production and cash flow profile by adding expected average attributable silver production of approximately 6.0 Moz of silver per year for the first five years of production and approximately 5.4 Moz of silver per year for the first 10 years of production. When combined with Wheaton's existing stream on Antamina, total attributable production is expected to average 12.0 Moz per year over the first five years, and 10.8 Moz per year over the first ten years10.Current declared reserves are sufficient to support mining activities at Antamina until 2036. Multiple options to expand mine infrastructure are under evaluation which would significantly extend mine life, consistent with historical trends at the mine. Further exploration potential also exists both at depth below the current resource pit, as well as regionally.Production Payments: WPMI will make ongoing payments for the silver ounces delivered equal to 20% of the spot price of silver.Incremental Reserves and Resources1: The incremental exposure to the Antamina Mine will increase Wheaton's total estimated Proven and Probable silver reserves by 66 Moz, Measured and Indicated silver resources by 38 Moz and Inferred silver resources by 110 Moz.Accretive Transaction Increases Diversification The Silver Stream is expected to increase 2026 production by 11.3% on a pro-forma basis9, while at $4.3 billion, the investment represents only 6.5% of the Company's total market capitalization2 underscoring strong accretion and strategic fit within our overall portfolio.With Wheaton's exposure to Antamina doubling, the mine is expected to contribute roughly 18% of total gold equivalent3 production by 2030, solidifying its position as Wheaton's second-largest asset while further strengthening the overall diversification of our portfolio.With the addition of Antamina, approximately 76% of Wheaton's 2026 production is forecast to come from mines operating in the first quartile of their respective cost curve, with a total of 85% coming from assets that fall into the lowest half of their respective cost curves4.Other ConsiderationsAntamina is one of the lowest-cost copper mines globally and is the largest copper-zinc skarn deposit in the world.In 2024, Antamina contributed approximately 2.9% of Peru's gross domestic product, underscoring its importance not just as a regional economic cornerstone but as a significant driver of Peru's economic output5.Closing of the transaction is expected to occur on or about April 1, 2026, subject to satisfaction of certain customary conditions.Structurally, the stream features highly attractive terms, including no buyback clause, a production percentage drop-down limited to one-third, and full exposure to commodity prices, consistent with Wheaton's standard approach to streaming agreements.The stream benefits from a top-level BHP parent guarantee and a BHP holding company guarantee, along with customary contractual protections6.Financing the TransactionThe upfront payment of $4.3 billion will be funded through a combination of existing liquidity and new financing.  Funding sources include estimated cash on hand at closing of approximately $1.9 billion7. The remaining balance will be funded through a new $1.5 billion term loan credit facility ("term loan") and an approximate $0.9 billion draw on the Company's existing undrawn $2 billion revolving credit facility ("RCF"). The new $1.5 billion senior, unsecured, non-revolving term loan underwritten by the Bank of Montreal and The Bank of Nova Scotia acting as Lead Arrangers and Joint Bookrunners, will be drawn down in full at the time of closing of the Silver Stream acquisition. The term loan carries a two-year maturity and aligns with the terms of the Company's existing RCF8.The term loan and the RCF provide flexible, non-dilutive financing that may be repaid at any time without penalty and the remaining balance of the RCF, in addition to continued strong cash flows, still provides healthy balance sheet capacity. Net debt at closing of the Silver Stream acquisition is currently expected to be approximately $2.4 billion, assuming estimated approximate incremental cash flows. With more than $3.2 billion in cash flows expected in 2026 alone and more than $10 billion in operating cash flow forecast to be generated through 2028, the Company believes it has plenty of capacity to repay new debt taken on, fund existing commitments and continue sourcing new growth opportunities.About BHP and AntaminaBHP is the world's largest mining company, with a strong track record of developing and operating large-scale, long-life mining assets. BHP is a non-operating joint venture partner of Antamina, a world-class copper and zinc mine located in the Ancash region of central Peru. Operating since 2001, Antamina is one of the largest copper–zinc mines globally and benefits from well-established infrastructure, year-round access, and a stable operating history. The mine is operated by Compania Miñera Antamina S.A. ("CMA"), a company jointly owned by subsidiaries of Glencore (33.75%), BHP Group Limited (33.75%), Teck Resources Limited (22.5%), and Mitsubishi Corporation (10%). Antamina's scale, diversified metal production and long mine life underpin its position as a highly cash-generative asset and a key contributor to global copper and zinc supply.Endnotes
1 Please refer to the Attributable Mineral Reserves & Mineral Resources table in this news release for full disclosure of reserves and resources associated with Antamina, including accompanying footnotes.
2 Market Capitalization calculated as of February 13, 2026
3 Based on 2026 commodity price assumptions of $4,800/oz Au, $80/oz Ag, $1,500/oz Pd, $2,000/oz Pt, and $25/lb Co.
4 Company reports S&P Global estimates of 2025 byproduct cost curves for gold, zinc/lead, copper, PGM, nickel & silver mines
5 Source: Compañía Minera Antamina S.A. 2024 Sustainability Report
6 Recourse under the parent guarantee will be capped at the upfront deposit amount and reduces after certain ounces are received, while recourse under the holding company guarantee will be unlimited.
7 The Company had cash on hand as at September 30, 2025 of $1.2 billion. Proceeds from the completed monetization of non-core equity investments amounted to $0.3 billion. Estimated approximate incremental cash flows to Silver Stream closing based on: (i) 2026 production forecast announced February 16, 2026; (ii) production payments per ounce (pound) of metal received determined under applicable precious metals purchase agreements; (iii)  2026 and long-term commodity price assumptions of $4,800 / oz gold, $80 / oz silver, $1,500 / oz palladium, $2,000 / oz platinum, and $25 / lb cobalt, in place throughout the period; (iv) deduction of general & administrative expenses; (v) calculation before dividends and interest expense; (vi) includes taxes. Approximate incremental cash flows are estimates only, are not guaranteed, and may be materially different at the time of the Silver Stream acquisition.  If cash on hand at Silver Stream closing is lower than expected, the Company maintains the option to increase its draw on the RCF. Readers are cautioned to read the Cautionary Note Regarding Forward Looking Statements in this press release.
8 Financial covenant for both Revolving Credit Facility and Term Loan is Net Total Debt / Capitalization < 0.60x. Expected interest rate for both RCF and Term Loan is equivalent to SOFR + 110 bps to 150 bps (with the credit spread adjustment to be based on the leverage ratio). The Term Loan will be subject to terms and conditions, including positive and negative covenants, consistent with Wheaton's existing $2 billion revolving credit facility.
9 2026 Antamina production is grossed up to reflect a full year of production.
10Production estimates are based on life-of-mine plans and the Company's own estimates and assumptions derived from its technical analysis.Attributable Silver Reserves and Resources – Antamina
With respect to BHP's 33.75% of total silver production from Antamina Category  Tonnage 
Mt  Grade 
Ag  
g/t  Contained Ag Moz  



Mineral Reserves

Copper Zones

Proven71.67.918.2

Probable 59.19.618.2

P+P130.68.736.4

Copper Zinc Zones

Proven16.218.79.7

Probable 31.419.419.6

P+P47.619.229.3

Total Mineral Reserves

Proven87.89.927.9

Probable 90.513.037.8

P+P178.211.565.7

Mineral Resources

Copper Zones

Measured28.76.66.1

Indicated 59.18.215.5

M+I87.87.721.6

Inferred 256.88.973.7

Copper Zinc Zones

Measured4.725.53.9

Indicated 21.918.412.9

M+I26.719.616.8

Inferred 69.316.236.2

Total Mineral Resources

Measured33.49.310.0

Indicated 81.010.928.4

M+I114.410.438.4

Inferred 326.210.5109.9

Notes on Mineral Reserves & Mineral Resources: Mineral Reserves and Mineral Resources have been estimated in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards for Mineral Resources and Mineral Reserves and National Instrument 43-101 – Standards for Disclosure for Mineral Projects ("NI 43-101"). Mineral Reserves and Mineral Resources are reported above in millions of metric tonnes ("Mt"), grams per metric tonne ("g/t") and millions of ounces ("Moz"). Qualified persons ("QPs"), as defined by the NI 43-101, for the technical information contained in this document (including the Mineral Reserve and Mineral Resource estimates) are: Ryan Ulansky, M.A.Sc., P.Eng. (Vice President, Engineering); and  Jeremy Vincent, M.Sc., P.Geo. (Director, Geology),both employees of the Company (the "Company's QPs"). Mineral Reserves and Mineral Resources are reported as of December 31, 2025. Mineral Reserves are reported above a US$ 6,000 per hour of mill operation cut-off, assuming $3.75 per pound copper, $1.21 per pound zinc, $15.00 per pound molybdenum, and $27.00 per ounce silver.The Mineral Resources are reported exclusive of Mineral Reserves.  Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. Mineral Resources are reported above a $6,000 per hour of mill operation cut-off for the open pit and $58.70 per tonne NSR cut-off for the underground, both assuming $3.75 per pound copper, $1.33 per pound zinc, $21.00 per pound molybdenum, and $31.38 per ounce silver.The Silver Stream provides that BHP will deliver silver equal to 33.75% of the payable silver production until 100,000,000 ounces are delivered, after which the stream will reduce to 22.5% for the life of the mine. Payable silver is calculated using a fixed payable factor of 90.0%.Jeremy Vincent, P.Geo., Director, Geology and Ryan Ulansky, P.Eng., Vice President, Engineering for Wheaton Precious Metals, 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. Vincent has reviewed mineral resource estimates and Mr. Ulansky has reviewed the mineral reserve estimates).Conference Call
A conference call will be held on February 17, 2026, starting at 11:30am Eastern Time to discuss this transaction. A presentation on the transaction will be available on the Company's website shortly before the conference call. To participate in the live call, please use one of the following methods:RapidConnect URL:                             Click here Live webcast:    Click here Dial toll free:  1-800-715-9871 or 1-647-932-3411Conference Call ID:  4013459This conference call will be recorded and available until February 24, 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:  1-800-770-2030Dial from outside Canada or the US:   1-647-362-9199Pass code:  4013459 #Archived webcast:   Click hereAbout Wheaton Precious Metals
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.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:payment by WPMI of $4.3 billion to BHP and the satisfaction of each party's obligations in accordance with the Silver Stream;the receipt by WPMI of silver production in respect of the Antamina mine under the Silver Stream;the ability of the Company to drawdown sufficient funds under both its existing revolving credit facility and the new Term Loan and the satisfaction of each party's obligations under the existing revolving credit facility and the new Term Loan;the ability of the Company to repay the existing revolving credit facility and new Term Loan;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 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;the future sales of Common Shares under, the amount of net proceeds from, and the use of the net proceeds from, the at-the-market equity program;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 audits for taxation years subsequent to 2019 and international audits 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; andassessments 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 Silver Stream;risks relating to the Company's ability to meet the conditions of, and the satisfaction of each party's obligations under, the existing revolving credit facility and the new Term Loan;risks relating to the generation of sufficient cash flow to repay the existing revolving credit facility and the new Term Loan;risks associated with fluctuations in the price of commodities (including Wheaton's ability to sell its precious metals or cobalt production at acceptable prices or at all);risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with exploration, development, operating, 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 or proposed amendments to Canada's transfer pricing regime under the Income Tax Act (Canada) that may result if the Bill C-15, Budget 2025 Implementation Act, No.1, as tabled before the Canadian Parliament on November 4, 2025 is passed as currently drafted;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 longterm investments in other companies;-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; andother 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 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):that the payment of $4.3 billion to BHP will be made and that each party's obligations in accordance with the terms of the Silver Stream will be satisfied;that the Company will be able to drawdown sufficient funds under both its existing revolving credit facility and the new Term Loan and that each party's obligations under the existing revolving credit facility and the new Term Loan will be satisfied;that the Company will be able to repay the existing revolving credit facility and new Term Loan;that there will be no material adverse change in the market price of commodities;that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates;that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate;that public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations is accurate and complete;that the production estimates from Mining Operations are accurate;that each party will satisfy their obligations in accordance with the PMPAs;that Wheaton will continue to be able to fund or obtain funding for outstanding commitments;that Wheaton will be able to source and obtain accretive PMPAs;that the terms and conditions of a PMPA are sufficient to recover liabilities owed to the Company;that Wheaton has fully considered the value and impact of any third-party interests in PMPAs;that expectations regarding the resolution of legal and tax matters will be achieved (including CRA audits involving the Company);that Wheaton has properly considered the application of Canadian tax laws to its structure and operations and that Wheaton will be able to pay taxes when due;that Wheaton has filed its tax returns and paid applicable taxes in compliance with 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; andsuch 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. looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. -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 ResourcesFor 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.



View original content:https://www.prnewswire.com/news-releases/wheaton-precious-metals-announces-acquisition-of-additional-silver-stream-on-antamina-through-new-partnership-with-bhp-302688983.htmlSOURCE Wheaton Precious Metals Corp.

Original: Wheaton Precious Metals Announces Acquisition of Additional Silver Stream on Antamina Through New Partnership with BHP

Wheaton Precious Metals Announces Leadership Evolution: Haytham Hodaly Appointed President and CEO, Randy Smallwood to Become Chair of the BoardFebruary 5, 2026 5:00 PM
PR Newswire (US)

VANCOUVER, BC , Feb. 5, 2026 /PRNewswire/ - Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") today announced, as part of the Company's strategic succession planning, Haytham Hodaly, currently President, will succeed Randy Smallwood as Wheaton's Chief Executive Officer ("CEO"), reflecting an ongoing leadership evolution to support the next phase in the Company's growth trajectory.
After more than 15 years of leading the business he co-founded, Mr. Smallwood will step down as CEO and assume the role of non-executive Chair of the Board of Directors, effective March 31, 2026. As Board Chair, Mr. Smallwood's ongoing involvement will provide leadership continuity and alignment to the Company's long-term vision. George Brack, who has served as Chair of the Board since 2022 and Director since 2009, will concurrently transition to Lead Independent Director.Haytham Hodaly, currently serving as President, will transition to President and CEO and join the Company's Board of Directors, effective March 31, 2026. As President and CEO, Mr. Hodaly will guide the Company's strategy and ensure effective execution across all areas of the business.Mr. Hodaly is a seasoned mining industry executive who joined Wheaton in 2012 as Senior Vice President, Corporate Development before being promoted to President in 2025. A mining engineer by training and a former Director and Mining Analyst at RBC, he brings a unique combination of technical expertise and capital markets experience. Mr. Hodaly has played a pivotal role in executing more than $11 billion in streaming transactions, significantly advancing the Company's growth trajectory, while building and leading one of the most highly regarded technical teams in the industry."I am honored to step into the role of President and CEO at such an exciting time in both the Company's history and the broader precious metals market," said Haytham Hodaly, current President and incoming CEO. "We have a clear vision for the future and an exceptionally strong foundation from which to grow, positioning us well to support the next generation of mine builders in an unprecedented environment for gold and silver. Our focus remains on delivering sustainable value for all stakeholders, while maintaining the principles that have made Wheaton a leader in the streaming industry. I am deeply grateful to Randy for his guidance and mentorship, and to the Board for their confidence in me. I look forward to working closely with our talented team and Board as we pursue new opportunities and advance the Company's next phase of growth.""Building and leading this extraordinary organization alongside such a dedicated and talented team has been the privilege of my career," said Randy Smallwood, CEO. "I am deeply grateful to the Board – current and former members included – for its guidance and partnership over the past two decades, as well as our team for their steadfast commitment to creating what I believe is one of the strongest precious metals companies in the world today. I'd also like to extend my thanks to all of our stakeholders, for their continued trust and support as we helped transform the landscape of mining financing.This leadership evolution marks a significant milestone in Wheaton's long-term strategy, to develop, support and elevate the next generation of leadership and further accelerate the Company's momentum. I can truly say that I have never been more confident in our future. Haytham has been instrumental in shaping Wheaton's success to date, and his leadership will be an essential element of our anticipated next phase of transformative growth. As I move into the role of Chair of the Board, I remain fully committed to supporting him as CEO and continuing to create value for all stakeholders."Since co-founding Wheaton in 2004 and becoming CEO in 2011, Mr. Smallwood has been a transformative leader, guiding Wheaton from the world's first streaming business to one of the largest precious metals companies in the world. Under his leadership, the Company has delivered consistent shareholder value by pursuing strategic growth with a focus on high-quality assets, disciplined capital allocation and investing in innovation. Mr. Smallwood has also championed sustainable, community-focused practices, including the launch of Wheaton's Community Investment Program, the first of its kind in the streaming industry. His operational insight, commitment to fostering partnerships, and strategic vision have solidified Wheaton's reputation for excellence and resilience in a dynamic global market."On behalf of the Board of Directors, I thank Randy for his visionary leadership and his unwavering dedication to building not only the world's leading streaming company, but also to advancing the broader mining industry," said George Brack, current Chair of Wheaton's Board of Directors. "His commitment to the sector, passion for developing people, and his deep sense of community responsibility have been nothing short of remarkable. We are very pleased that Randy will continue to provide his strategic insight and industry expertise as incoming Chair of the Board.Over the past several years, the Board has strongly supported Wheaton's leadership evolution, including the management transitions announced in 2025. We have tremendous confidence in Haytham, who has consistently demonstrated outstanding leadership and played an instrumental role in shaping the strong growth profile that we have today."About Wheaton Precious MetalsWheaton 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.



View original content:https://www.prnewswire.com/news-releases/wheaton-precious-metals-announces-leadership-evolution-haytham-hodaly-appointed-president-and-ceo-randy-smallwood-to-become-chair-of-the-board-302680699.htmlSOURCE Wheaton Precious Metals Corp.

Original: Wheaton Precious Metals Announces Leadership Evolution: Haytham Hodaly Appointed President and CEO, Randy Smallwood to Become Chair of the Board

Looking forward to the 4th quarter results. 3rd quarter results used Gold averaged $3,481/oz (up 39.7%) and Silver averaged $39.66/oz (up 33.5%).

In the 4th Q I gold averaged $4,200 (up another 20%) and silver at $55 (up another 40%). Share Price at the end of the 3rd Q was $90 the end of the 4th Q was $117 up 30%.

Month of January Gold average was $4550 up 8%, Silver avg. was $75 up 35% (remember that Gold and Silver got slaughtered on January 30th.) Anywhos the Share price on January 1 was $117 and ended up ending the month at $140 (average of the 29th $154 and 30th $132 slaughter) So it was up 20%.

Wheaton only paid $532 per ounce for gold in the 3rd Q and Silver $5.75.

Logically speaking every dollar increase should go to the bottom line.

I'm going to throw my hat in the ring and project $160 to $170 share price by the end of the year, that is if gold hangs around $5,000 and Silver at $90. I'm thinking $5500 gold and $125 silver though.

I ran the numbers so I thought that I'd post them.

X

I did it again, trying to load up on the 33% dip in a day, funny how the "circuit breakers" never kicked in, grabbing em before the end of year earnings and forward looking guidance is announced in a couple weeks.

X

I did another 1000 combo of straight up and options.  Plus about 15 other mining companies compliments of the AI stocks.

In at $122 only 80 shares
Mark 
X

Chat gpt

Today’s drop appears driven by technically-triggered profit-taking rather than any fundamental issues. Traders responding to overbought signals and elevated valuations likely triggered the sell-off. Unless precious metal prices shift, or there’s disappointing earnings ahead, this may simply be a healthy pullback.

Why the oversized drop today ?

Very
Toofuzzy

Bank of America, the price of silver is expected to reach $35 per ounce *$30 now, with their analysts predicting a bullish trend for silver price. #silver #silversqueeze $WPM

Sold 8% of my position.
Taking some profits.

Toofuzzy

https://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=WPM

Wow! This is finally starting to go up. Maybe the big banks will LET ER GOOOO!!!!!

SILVER WHEATON and WPM are con artists and shall be prosecuted for the fabrication of PASCUA LAMA SILVER PONZI SCAM

Now WPM peddling GOLD???? ha ha ha ha ha hahha

like this???????

d. Brewery Creek project – 0.37 grams per tonne gold cut-off assuming $1,500 per ounce gold...."
Endnotes page 56


HA HA HA HA HA HA HA HA HA HA that si garbage in mining MONEY LAUNDERING for SOROS

Wheaton Precious Metals & SABRE GOLD MINES are…

"...ATTRIBUTABLE RESERVES & RESOURCES

https://www.sabre.gold/

Mineral Resources for the Brewery Creek project are reported as of January 18, 2022.
End notes page 53

https://s21.q4cdn.com/266470217/files/doc_presentations/2022/05/22-5-5-May-Corporate-Presentation.pdf

"... ATTRIBUTABLE RESERVES & RESOURCES

9. Mineral Resources are estimated using appropriate recovery rates and the following commodity prices:
a. Aljustrel mine – 3.5% zinc cut-off for Feitais, Moinho and St Joo mines and 3.0% zinc cut-off for the Estao project.
b. Antamina mine - $3.30 per pound copper, $1.18 per pound zinc, $11.11 per pound molybdenum and $25.14 per ounce silver.
c. Blackwater project – 0.2 grams per tonne gold equivalent cut-off assuming $1,400 per ounce gold and $15.00 per ounce silver.
d. Brewery Creek project – 0.37 grams per tonne gold cut-off assuming $1,500 per ounce gold...."
Endnotes page 56

"... ATTRIBUTABLE RESERVES & RESOURCES
ENDNOTES on page 59
22. The Rosemont mine Mineral Resources and Mineral Reserves do not include the Oxide material from Rosemont or the Leach material from Copper World.

23. The Voisey’s Bay cobalt PMPA provides that effective January 1, 2021, Vale will deliver 42.4% of the cobalt production until 31 million pounds are delivered to the Company and 21.2% of cobalt production

thereafter, for the life of the mine. Attributable reserves and resources have been calculated on the 42.4% / 21.2% basis.

24. The Company’s PMPA with Panoro is an Early Deposit agreement, whereby the Company will be entitled to purchase 100% of the silver production and 25% of the gold production from the Cotabambas project until 90 million silver equivalent ounces have been delivered, at which point the stream will drop to 66.67% of silver production and 16.67% of gold production for the life of mine.

25. The Company’s PMPA with Golden Predator Exploration Ltd., a subsidiary of Sabre Gold Mines Corp., is a royalty, whereby the Company will be entitled to a 2.0% net smelter return royalty for the first 600,000 ounces of gold produced, above which the NSR will increase to 2.75%. Sabre has the right to repurchase 0.625% of the increased NSR by paying the Company Cdn$2.0M. Attributable resources have been calculated on the 2.0% / 2.75% basis.

Wheaton Precious Metals thank you for providing this pertinent uplifting information... regarding Sabre Gold Mines,
Brewery Creek etc....

"... Wheaton Precious Metals Corp. is a Canadian multinational precious metals streaming company. It produces over 26 million ounces and sells over 29 million ounces of silver mined by other companies (including Barrick Gold and Goldcorp) as a by-product of their main operations...."

https://www.sabre.gold/

https://www.wheatonpm.com/Company/company-profile/default.aspx

WPM is trading a criminally fake NI 43101 of ABX title and permit less

WPM just covered up for SILVER WHEATON as SILVER Barrick and SLW had not, all the Silver and Gold are mine, on tile at this date,

If hundreds of millions stolen from SLW given to Barrick for STOLEN SILVER story thanks to "making Pascua Lama title DD stand 2008-2022"? That is a crime of shame to fabricate PASCUA LAMA ownership for Barrick at USD3 per oz as done.

I am not a prolific writer, I am a truthful miner

JLR

One more time in English please.

1) What ever happened with the PASCUA LAMA mine.

2) How did / will that affect WPM

Toofuzzy

Transparency of financial markets is IMPORTANT

https://pascuachile.wixsite.com/mysite-1

Really NOCE DAY when thieves are caught. Have a nice day indeed.

Barrick to THE BASEMENT of CANADAS HALL OF MINERS SHAME

The stole MINA PASCUA CHILE gigantic Gold Silver mine, for 10,000 pesos 20 bucks and surely they sell you their shares more expensive RIGHT? Berkshire Hathaway dumped 12 days after my legal info of Chilean Supreme Court validation of an action against Canadian regulators and Barrick FOR CLEAN TITLE (me only 1996-2022)

LAMA are glaciers and burro-guanaco-llamas pastures in Argentina no minerals, just a sinister tunnel to escape TAXES only politicians were bribed

Did Villar transaction PROPSPER FOR ABX? Not, not then nor today
It was and is unconstitutional act of piracy and thievery, of your cash too.

The sale of VILLAR is null and void by the sole Judgment of 2006 respected by the Mines Commissioner 2011 based on THE BOOKS of the Mines Registrar not in FOOLISH PAID FOR Letters of opinion or AFFIDAVITS which are nit and shall never be CLEAN TITLE, like mine.

The BC regulators with and for the TSX are caught USD$1.05 in Chile !!! They hired a lawyer O $$$ A and the liar was AN IMPOSTORS today confessed impostor and THE PASCUA LAMA PONZI shows that SILVER WEHATON as WPM has the same DEAD END Pascua Lama PONZI scam 2008-2022 stealing all the cash FROM YOU !!!!!!!!!!!!

O $$$ A is NOW halted from escaping from the 18th Civil Court, for he said that such case to BURY TESOROS after their 2006 ordered death, "was frivolous going nowhere and was dismissed 2018"????? The 2018-2019-2020 runaway came back in style to Trail C 3784 -2016 at he 18th Civil Court of Santiago to adhere to the FUNERAL of ABX MWR and MSX regulators ambitions with SLW now WPM TSX OSC your chaistee
VALODATED PASCUA LAMA ponzi for US$3 per Silver ounce.

The only valid ownership of BARRICK GOLD CORPORATION in Chile for the Canadian Government and establishment plus racketeering regulators PREDATORS of innocent shareholders is their FOREIGN INVESTMENT contracted ownership of 0.000001% of Pascua for USD 1.05 - well known to MSX local regulators - in crimes v. MWR and MSX

Here is for all to see: It was not me who killed the MR SKUNK sheriff it was his own guilt. But yes I have caught all of his deputies "with the hands in the cookie jar"

BARRICK GOLD CORPORATION 2007/17 GOLD FRAUD

CONTRACTED CHILE ASSETS INVESTMENT = USD$1.05

CONTRACTED CHILE ASSETS OWNERSHIP = 0.000001%

https://pascuachile.wixsite.com/mysite-

Got in WPM last evening ah - nice 1st day

TSX-OSC regulators and BC criminal exchange MONEY LAUNDERING your cash with fake PASCUA LAMA SILVER that never was

BARRICK and WPM must face criminal impersonation of ownership of Gold and Silver at Pascua Lama. Its regulators defrauded MWR at TSX and MSX

Barrick owns LAMA which are GUANACO PASTURES in Argentina, the Chilean Gold and Silver is mine 1996-2022 and Barrick via its crime corporation CMN SpA trading as ABX and WPM is a criminal racket of invented titles.

The MSX regulators hired an impostor of the 2018 Hearing, they are all charged civil and criminally.

PASCUA LAMA is a PONZI of major proportions the death of BARRICK SILVER WHEATON and many tied to the disaster of crime.

Bre X committed less Gold crimes than Barrick

YES, I asked BERKSHITRE TO SUMP ABX and they did divest in 12 days after seeing my evidence.

TOLDA YA !!1 ciao Barrick you belong to the CANADIAN HALL OF SHAME .with SILVER WHEATON _ WPM et al. criminal fraudsters

Barrick never owned MINA PASCUA or PASCUA LAMA and sold LAMA to Chinese interests in fraud, promising PASCUA that was never BARRICK asset.

NON of the Pascua Lama NI43101 mining assets has been ever permitted to sell Gold or Silver or Copper forward by SERNAGEOMIN Barrick is the largest Gold and Silver scam a PONZI of worldwide financial markets.

Barrick and WPM leading metals markets and financial markets fraud 2022

50/50 crude WTI gets to $115.00

Dividend should increase quite a bit this Q.

Shorted nasdaq at 18dma. Other two should be at resistance as well.
Took another shot of Vix, rinse repeat.

Wheaton Precious Metals Corp. Stock Rises Thursday, Outperforms Market
11/25/21 4:36 PM ET (Dow Jones)Print
This article was automatically generated by MarketWatch using technology from Automated Insights.

Shares of Wheaton Precious Metals Corp. inched 0.50% higher to C$54.31 Thursday, in what proved to be an all-around positive trading session for the Canadian market, with the S&P/TSX Composite Index rising 0.30% to 21,613.18. This was the stock's second consecutive day of gains. Wheaton Precious Metals Corp. closed C$5.54 below its 52-week high (C$59.85), which the company reached on January 7th. Trading volume of 181,278 shares remained below its 50-day average volume of 968,584

Approval of New Infrastructure Bill Sparks Enthusiasm for Copper
8:50 am ET November 23, 2021 (PR Newswire) Print
Last week, US President Joe Biden unveiled one of the largest infrastructure plans in U.S. history. The bipartisan approval targets up to $1.2 trillion in funding, including $550 billion in new investments for bridges, airports, the nation's waterways and policies, transit, and more. Much of the bill targets electrification for infrastructure, buildings, and fleets of government vehicles. In addition to financing renewable energy, the infrastructure bill also provides $7.5 billion for electrification of public transport and an additional $7.5 billion for charging stations for electric vehicles (EVs), which is expected to drive demand for industrial metals and battery materials like copper, lithium, cobalt, nickel, and more. Companies mining these metals and materials like Wheaton Precious Metals (TSX:WPM) (NYSE:WPM), Hudbay Minerals (NYSE:HBM), Taseko Mines Ltd. (TSX:TKO) (NYSE:TGB), Copper Mountain Mining (TSX:CMMC), and Kutcho Copper (TSXV:KC) (OTCQX:KCCFF) could be on the precipice of a mining boom due to this bill.

C'mon now Biff, time for that second coat!

Paint drying ...

This could get sketchy with Blackrock's exposure!

Leverage eventually catches up to you!

Hopefully Will, is keeping a close watchful eye.

Slap... Knock it off shorty!

WPM Chart