SECOND QUARTER FINANCIAL RESULTS
“Wheaton delivered another outstanding quarter, achieving record revenue, adjusted net earnings, and operating cash flow for both the second quarter and the first half of 2025,” said Randy Smallwood, Chief Executive Officer of Wheaton Precious Metals. “We also made significant progress in our near-term growth strategy as Blackwater announced commercial production and Goose successfully delivered its first gold pour during the quarter, a strong indicator that our catalyst-rich year is progressing as planned. We remain committed to disciplined capital deployment, focusing only on the most accretive opportunities that are structured to generate meaningful, long-term value for all stakeholders.”
Record Financial Performance and Strong Balance Sheet
— Second quarter of 2025: A record $503 million in revenue, $292 million in net earnings, a record $286 million in adjusted net earnings, and a record $415 million in operating cash flow.
— Declared a quarterly dividend1 of $0.165 per common share and made two quarterly dividend payments totalling $150 million.
— Balance Sheet: Cash balance of $1.0 billion, no debt, and an undrawn $2 billion revolving credit facility as at June 30, 2025.
— Undrawn $2 billion revolving credit facility extended by an additional year with the facility now maturing on June 30, 2030.
High Quality Asset Base
— Streaming and royalty agreements on 20 operating mines and 26 development and other projects5.
— 83% of attributable production from assets in the lowest half of their respective cost curves2,4.
— Attributable gold equivalent production3 (“GEOs”) of 158,600 ounces in the second quarter of 2025, a 9.5% increase relative to the comparable period of the prior year primarily due to stronger production at Salobo coupled with the commencement of production at Blackwater.
— On May 2, 2025, Artemis Gold Inc., (“Artemis Gold”) announced the commencement of commercial production at its Blackwater mine, with mining operations exceeding 90% of planned tonnage, and both tonnes and grades reconciling favorably to the resource model.
— On June 30, 2025, B2Gold Corp. (“B2Gold”) announced the first gold pour at its Goose project, with the mill running consistently at approximately 50% of nameplate capacity as planned.
— Growth profile was further de-risked as construction activities advanced at a number of development projects including Mineral Park,Platreef, Fenix, Kurmuk and Koné.
Leadership in Sustainability
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— Top Rankings: One of the top-rated companies bySustainalytics, AAA rated by MSCI and Prime rated by ISS.
— Recognized among the top 10 companies on Corporate Knights' annual Best 50 Corporate Citizens in Canada.
— Published annual Sustainability Report highlighting our commitment to responsible business practices and providing a comprehensive review of Wheaton's performance in environmental, social and governance topics.
— Published annual Climate Change Report detailing how Wheaton is addressing climate change risks and opportunities, as well as potential climate-related impacts.
Operational Overview
Financial Review
Revenues Revenue in the second quarter of 2025 was $503 million (65% gold, 33% silver, 1% palladium and 1% cobalt), with the $204 million increase relative to the prior period quarter being primarily due to a 32% increase in the average realized gold equivalent³ price; and a 28% increase in the number of GEOs³ sold.
Revenue was $974 million in the six months ended June 30, 2025, representing a $378 million increase from the comparable period of the previous year due primarily to a 34% increase in the average realized gold equivalent³ price; and a 22% increase in the number of GEOs³ sold.
Cash Costs and Margin Average cash costs(1) in the second quarter of 2025 were $470 per GEO³ as compared to $437 in the second quarter of 2024.This resulted in a cash operating margin(1) of $2,717 per GEO³ sold, an increase of 37% as compared with the second 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 85% 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 leveraging rising commodity prices while maintaining strong cash operating margins.
Average cash costs(1) for the six months ended June 30, 2025 were $458 per GEO³ as compared to $435 in the comparable period of the previous year. This resulted in a cash operating margin(1) of $2,554 perGEO³ sold, a 41% increase from comparable period of the previous year, a result of the higher realized price per ounce.
Cash Flow from Operations Operating cash flow in the second quarter of 2025 amounted to $415 million, with the $181 million increase from the comparable period of the prior year, due primarily to the higher gross margin.
Operating cash flows for the six months ended June 30, 2025 amounted to $776 million, with the $322 million increase from the comparable period of the previous year being due primarily to the higher gross margin.
Produced But Not Yet Delivered As at June 30, 2025, approximately 130,000 GEOs were produced but not yet delivered (“PBND”) representing approximately 2.7 months of payable production. Total PBND ounces decreased quarter-over-quarter as strong production levels in the first quarter of 2025, resulted in an increase to sales realized in the second quarter of 2025, due to the inherent timing delay between production and sales. The Company expects PBND levels to stay at the higher end of its forecasted range of two to three months until the end of 2025, in part due to the ramp up of new mines, forecast to commence operations in the second half of the year.
Balance Sheet (at June 30, 2025)
— Approximately $1.0 billion of cash on hand.
— The Company extended its existing undrawn $2 billion revolving term loan (the “Revolving Facility”) with its maturity date now June 30, 2030. In addition, the Company added an incremental $500 million accordion feature, providing expanded financial capacity.
— During the second quarter of 2025, the Company made total upfront cash payments of $347 million relative to the mineral stream interests consisting of:
— $156 million relative to theKoné PMPA;
— $144 million relative to theSalobo III expansion;
— $44 million relative to theKurmuk PMPA; and
— $3 million relative to theCangrejos PMPA.
— Subsequent to the quarter, the Company made additional upfront cash payments of $206 million relative to the mineral stream interests consisting of:
— $156 million relative to theKoné PMPA; and
— $50 million relative to theFenix PMPA.
— With the existing cash on hand coupled with the fully undrawn $2 billion revolving facility coupled with the $500 million accordion and ongoing operating cash flows, the Company believes it is well positioned to fund all outstanding commitments and known contingencies as well as providing flexibility to acquire additional accretive mineral stream interests.
Senior Management Promotions
On June 18, 2025, Wheaton was pleased to announce key senior management promotions as the Company positions itself for its next era of innovation and growth. Effective June 30, 2025, Haytham Hodaly, formerly Senior Vice President of Corporate Development, was appointed to President of the Company. In addition, Curt Bernardi, formerly Senior Vice President Legal and Strategic Development, was promoted to Executive Vice President, Strategy and General Counsel. Randy Smallwood remains the Chief Executive Officer of Wheaton.
Second Quarter Operating Asset Highlights
Salobo: In the second quarter of 2025, Salobo produced 69,400 ounces of attributable gold, an increase of approximately 10% relative to the second quarter of 2024, primarily due to higher throughput, partially offset by lower grades. On July 22, 2025, Vale S.A. (“Vale”) announced that following the implementation of Salobo 3, the Salobo complex has reached full ramp-up and is consistently delivering strong operational performance.
Antamina: In the second quarter of 2025, Antamina produced 1.3 million ounces of attributable silver, an increase of approximately 31% relative to the second quarter of 2024primarily due to higher grades, partially offset by lower recoveries and the impacts of a full safety shutdown which lasted approximately one week.
Peñasquito: In the second quarter of 2025, Peñasquito produced 2.1 million ounces of attributable silver, a decrease of approximately 7% relative to the second quarter of 2024, primarily the result of lower grades as mining activities have transitioned back into the Peñasco pit which contains lower silver grades relative to the Chile Colorado pit.
Constancia: In the second quarter of 2025, Constancia produced 0.6 million ounces of attributable silver and 4,600 ounces of attributable gold, an increase of approximately 22% for silver production and a decrease of approximately 27% for goldproduction relative to the second quarter of 2024. The decrease in gold was primarily the result of lower grades as more material was mined from the Constancia pit and reclaimed from the stockpile compared with the prior year. On July 3, 2025, it was reported that protests by informal miners in Peru led to intermittent roadblocks along the Southern Road Corridor, impacting major copper operations including Hudbay's Constancia mine and MMG Limited's Las Bambas mine8. MMG Limited later confirmed that transportation resumed as of July 15, 2025, following an agreement by artisanal miners to lift the blockades. Wheaton's second quarter deliveries from Constancia remained unaffected by these temporary disruptions.
San Dimas: In the second quarter of 2025, San Dimas produced 7,000 ounces of attributable gold, a decrease of approximately 1% relative to the second quarter of 2024, primarily due to lower grades and recovery as well as the change of the gold to silver conversion ratio from 70:1 to 90:1, partially offset by higher throughput. In accordance with the San Dimas PMPA, effective April 30, 2025, the fixed gold to silver conversion ratio has been revised from 70:1 to 90:1. (see footnote 4 on page 13 of this press release for more information).
Stillwater:In the second quarter of 2025, the Stillwater mines produced 1,700 ounces of attributable gold and 2,400 ounces of attributable palladium, a decrease of approximately 21% for gold and 44% for palladium relative to the second quarter of 2024, primarily due to lower throughput as Stillwater West operations were placed into care and maintenance in September 2024.
Voisey's Bay:In the second quarter of 2025, the Voisey's Bay mine produced 647,000 pounds of attributable cobalt, an increase of approximately 150% relative to the second quarter of 2024, as the transitional period between the depletion of the Ovoid open-pit and ramp-up to full production of the Voisey's Bay underground continues. On April 15, 2025, Vale reported the consistent ramp-up of Voisey's Bay's underground operations. The full ramp-up is expected by the second half of 2026.
Other Gold: In the second quarter of 2025, total Other Gold attributable production was 4,800 ounces, an increase of approximately 721% relative to the second quarter of 2024due to the initial reported production from the Blackwater Mine, which achieved commercial production on May 1, 2025. Notable operational updates for assets included within 'other gold' include:
— Blackwater:On May 2, 2025, Artemis Gold announced the commencement of commercial production at its Blackwater mine, with mining operations exceeding 90% of its planned tonnage, and both mined tonnes and grades reconciling favorably to the resource model. On June 19, 2025, Artemis Gold announced the acceleration of the design and implementation of Phase 2 of the Blackwater Mine, with a final investment decision by their board anticipated by year-end 2025. On July 14, 2025, Artemis Gold announced that it had further ramped up operations and wasproducing at a steady state with the mill operating above design capacity for the month of June. Artemis Gold also notes that gold production is expected to be weighted to the second half of the year.
— Marmato:On May 7, 2025, Aris Mining Corporation (“Aris”) reported that the processing plant capacity increased from 4,000 tpd to a planned 5,000 tpd. Aris reports that construction remains on track, and production is expected to start ramping up in the second half of 2026.
Other Silver:In the second quarter of 2025, total Other Silver attributable production was 1.5 million ounces, an increase of approximately 8% relative to the second quarter of 2024, as the initial reported production from Blackwater was offset by lower production at Los Filos.
Recent Development Asset Updates
Goose Project: On June 30, 2025, B2Gold announced the first gold pour at its Goose project, with the mill running consistently at approximately 50% of nameplate capacity during this initial phase, as planned. B2Gold expects a ramp up to commercial production in the third quarter of 2025.
Mineral Park Project: During the quarter, Waterton's Origin Mining achieved a key milestone by introducing first ore to the mill at its Mineral Park project. Waterton indicates that the ramp-up to commercial production is underway and expected to be reached during the second half of 2025. At steady state throughput, the fully refurbished mill capacity will be 16.5 Mtpa.
Platreef Project: On July 30, 2025, Ivanhoe Mines (“Ivanhoe”) announced that development ore is now being hoisted to surface and stockpiled in preparation for the initial feed into the Phase 1 concentrator, which continues advancing toward commercial production in Q4 2025. Phase 1 is the first step of a three-phase expansion plan, which aims to make Platreef one of the world's largest producers of platinum, palladium, rhodium, and gold. Ivanhoe notes that Phase 2 expansion activities are underway and on track for first production in Q4 2027.
Fenix Project:On July 31, 2025, Rio2 Limited (“Rio2”) reported that construction was 41% complete, and remains on track and on budget for first gold production in Q1 2026. Rio2 reports the leach pad will be ready to receive minerals in August 2025, with completion of the Mine Expansion Study targeted for December 2025.
Kurmuk Project: On August 6, 2025, Allied Gold Corporation (“Allied”) reported that engineering and procurement are approximately 90% complete, with mining fleet mobilization well underway and first units expected to arrive on site imminently. Concurrently, Allied is advancing technical studies aimed at improving operational confidence and flexibility, including potential increases in plant throughput and other targeted optimizations. Allied continues to forecast the commencement of production by mid-2026.
El Domo Project: On April 23, 2025, Silvercorp Metals Inc. (“Silvercorp”) reported that it is targeting to bring the project into production by the end of 2026. The construction of the main plant and auxiliary facilities are expected to commence in September 2025, with major equipment installation expected to commence in May 2026. On August 5, 2025, Silvercorp announced that the Constitutional Court of Ecuador has delivered a unanimous decision to uphold the validity of the environmental license for the El Domo project.
Koné Project: On May 27, 2025, Montage Gold Corp. (“Montage”) provided a construction update for its Koné project, where construction continues to progress rapidly and remains well on track for first gold pour in Q2 2027. Montage notes that significant progress has been made on the key ongoing workstreams which include the water storage and abstraction facility, and camp construction. Notably, the carbon-in-leach ring beams were completed two months ahead of schedule, marking a key milestone. On July 21, 2025, Montage reported that its exploration program continues to provide significant confidence in achieving the previously published short-term exploration target of discovering more than 1Moz of Measured and Indicated Resources. As a result of ongoing successful results and drilling efficiency, Montage states that its exploration program has increased from 90,000 meters to 120,000 meters in 2025.
Copper World Project:On March 27, 2025, Hudbay reported that feasibility studies are underway at the fully permitted Copper World project.
Santo Domingo Project: On July 31, 2025, Capstone Copper Corp. (“Capstone”) reported that it is at an advanced stage in its partnership process and expects to announce a partner during Q3 2025. A potential project sanctioning decision is not anticipated prior to mid-2026.
Marathon Project: On May 22, 2025, Generation Mining Ltd. announced that it has received the final key permit required for the construction of the Marathon project in Northwestern Ontario. The Environmental Compliance Approval – Industrial Sewage Works permit, received from the Ontario Ministry of Environment, Conservation and Parks, is for the management and discharge of water for the construction phase of the project.
Cangrejos Project: On June 23, 2025, CMOC Singapore Pte. Ltd., a Singapore entity and a subsidiary of CMOC Group Limited (collectively “CMOC”) announced that it had completed its previously disclosed acquisition of Lumina Gold Corp9. CMOC reports that it has assembled a multidisciplinary project team to fast-track development of the Cangrejos project, with commercial production targeted for 2028.
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.
Sustainability
Annual Sustainability & Climate Change Reports Wheaton published its annual Sustainability and Climate Change reports on May 22, 2025. These reports are part of Wheaton's voluntary suite of sustainability disclosures demonstrating the Company's commitment to responsible business practices and ESG performance.
ESG Ratings & Awards On June 25, 2025, Wheaton was named as one of Corporate Knights' 2025 Best 50 Corporate Citizens in Canada ranking ninthon the list. With a significant portion of the score linked to sustainable revenue, this ranking reflects Wheaton's commitment to responsible business practices and underscores the quality and sustainability performance of the Company's mining partners.
Future of Mining Challenge Subsequent to the quarter, on July 2, 2025, Wheaton announced the return of its Future of Mining Challenge, inviting ventures from around the world to propose industry solutions aimed at improving operational efficiencies and minimizing environmental impacts. For the 2025/26 challenge, Wheaton will award US$1 million to a cleantech venture with innovative technology that seeks to advance sustainable water management in the mining industry. Wheaton will accept expressions of interest until the end of day on Friday, August 29, 2025. Once all expressions of interest have been received and reviewed, Wheaton will invite select ventures to submit a full application in September 2025. For more information about Wheaton's Future of Mining Challenge and how to submit an expression of interest, visit www.futureofmining.ca.
Community Investment Program
— In the second quarter of 2025, Wheaton extended its longstanding support for Hudbay's Agricultural Development Program, which focuses on using agriculture and livestock-oriented initiatives to help local communities near the Constancia mine diversify their income and build sustainable livelihoods. In addition, building on the success of Vale's Maranhão Women's Network, which supports communities near the Salobo mine, Wheaton has committed ongoing support to the program, funding a two-year investment to strengthen the cooperative's production cycle, launch new social enterprises, and expand its product portfolio.
— Wheaton's Partner Community Investment Program continues to support initiatives with the Vale Foundation, Vale Canada, Hudbay, First Majestic, Newmont, Artemis, Aris Mining and Ivanplats to support the communities influenced by the mines and provide vital services and programs, educational resources, health and dental programs, poverty reduction initiatives, entrepreneurial opportunities, and various social and environmental programs.
— In the second quarter of 2025, Wheaton was the lead sponsor for the Canadian Cancer Society's Daffodil Ball, Coast Mental Health's Courage to Come Back Awards and the Pacific Salmon Foundation's Gala.
2025 and Long-Term Production Outlook
Wheaton's estimated attributable production in 2025 is forecast to be 350,000 to 390,000 ounces of gold, 20.5 to 22.5 million ounces of silver, and 12,500 to 13,500 GEOs3of other metals, resulting in annual production of approximately 600,000 to 670,000 GEOs3, unchanged from previous guidance2,3.
Annual production is forecast to increase by approximately 40% to 870,000 GEOs3by 2029, with average annual production forecast to grow to over 950,000 GEOs3in years 2030 to 2034, also unchanged from previous guidance6,7.
About Wheaton Precious Metals Corp.
Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors commodity price leverage and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. As a result, Wheaton has consistently outperformed gold and silver, as well as other mining investments. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming for all of its stakeholders.
In accordance with Wheaton Precious Metals™ Corp.'s (“Wheaton Precious Metals”, “Wheaton” or the “Company”)MD&A and Financial Statements, reference to the Company and Wheaton includes the Company's wholly owned subsidiaries.
Webcast and Conference Call Details
Wheaton will release its 2025 second quarter results on Thursday, August 7, 2025, after market close. A conference call will be held on Friday, August 8, 2025, starting at 11:00 am ET (8:00 am PT) to discuss these results. To participate in the live call, please use one of the following methods:
Dial toll free from Canada or the US: 1-888-510-2154 Dial from outside Canada or the US: 1-437-900-0527 Pass code: 51154# Live audio webcast: Webcast Link
Participants should dial in five to ten minutes before the call.
The conference call will be recorded and available until August 15, 2025 at 11:59 pm ET. The webcast will be available for one year. You can listen to an archive of the call by one of the following methods:
Dial toll free from Canada or the US: 1-888-660-6345 Dial from outside Canada or the US: 1-289-819-1450 Pass code: 51154# Archived audio webcast: Webcast Link
This earnings release should be read in conjunction with Wheaton Precious Metals' MD&A and Financial Statements, which are available on the Company's website at www.wheatonpm.comand have been posted on SEDAR+ at www.sedarplus.ca.
Mr. Wes Carson, P.Eng., Vice President, Mining Operations, Neil Burns, P.Geo., Vice President, Corporate Development for Wheaton Precious Metals and Ryan Ulansky, P.Eng., Vice President, Engineering, are a “qualified person” as such term is defined under National Instrument 43-101, and have reviewed and approved the technical information disclosed in this news release (specifically Mr. Carson has reviewed production figures, Mr. Burns has reviewed mineral resource estimates and Mr. Ulansky has reviewed the mineral reserve estimates).
Wheaton Precious Metals believes that there are no significant differences between its corporategovernance 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
Condensed Interim Consolidated Balance Sheets
Condensed Interim Consolidated Statements of Cash Flows
Summary of Units Produced
Summary of Units Sold
Results of Operations
The operating results of the Company's reportable operating segments are summarized in the tables and commentary below.
Comparative Results of Operations on a GEO Basis
Comparative Results of Operations on a GEO Basis
Non-GAAP Measures
Wheaton has included, throughout this document, certain non-GAAP performance measures, including (i) adjusted net earnings and adjusted net earnings per share; (ii) operating cash flow per share (basic and diluted); (iii) average cash costs of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis; and (iv) cash operating margin.
These non-GAAP measures do not have any standardized meaning prescribed by IFRS Accounting Standards, and other companies may calculate these measures differently. The presentation of these non-GAAP measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. For more detailed information, please refer to Wheaton's MD&A available on the Company's website at www.wheatonpm.com and posted on SEDAR+ at www.sedarplus.ca.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation concerning the business, operations and financial performance of Wheaton and, in some instances, the business, mining operations and performance of Wheaton's PMPA counterparties. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to:
— the 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'sPMPA counterparties at Mining Operations;
— the payment of upfront cash consideration to counterparties underPMPAs, 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'sPMPA 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 withPMPAs, 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 theLSE, NYSE and TSX;
— any statements as to future dividends;
— the ability to fund outstanding commitments and the ability to continue to acquire accretivePMPAs;
— projected increases to Wheaton's production and cash flow profile;
— projected changes to Wheaton's production mix;
— the ability of Wheaton'sPMPA counterparties to comply with the terms of any other obligations under agreements with the Company;
— the ability to sell precious metals and cobalt production;
— confidence in the Company's business structure;
— the Company's assessment of taxes payable, including taxes payable under the GMT, and the impact of theCRA Settlement, and the Company's ability to pay its taxes;
— possibleCRA domestic audits for taxation years subsequent to 2016 and international audits;
— 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 theCRA Settlement;
— the Company's climate change and environmental commitments; and
— assessments of the impact and resolution of various legal and tax matters, including but not limited to audits.
Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “projects”, “intends”, “anticipates” or “does not anticipate”, or “believes”, “potential”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:
— risks 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'sPMPAs, 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 theCRA 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 theCRA Settlement (including whether there will be any material change in the Company's facts or change in law or jurisprudence);
— risks related to any potential amendments to Canada's transfer pricing rules under the Income Tax Act (Canada) that may result from the Department of Finance's consultation paper released June 6, 2023;
— risks relating to Wheaton's interpretation of, compliance with, or application of the GMT, including Canada'sGMTA and the legislation enacted in Luxembourg, that applies to the income of the Company's subsidiaries for fiscal years beginning on or after December 31, 2023;
— counterparty credit and liquidity risks;
— mine operator andcounterparty 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-partyPMPAs;
— risks relating to revenue from royalty interests;
— risks related to Wheaton's acquisition strategy;
— risks relating to third-party rights underPMPAs;
— risks relating to futurefinancings 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 theLSE, NYSE and TSX;
— risks associated with a possible suspension of trading of Common Shares;
— equity price risks related to Wheaton's holding of long‑term investments in other companies;
— risks relating to activist shareholders;
— risks relating to reputational damage;
— risks relating to expression of views by industry analysts;
— risks related to the impacts of climate change and the transition to a low-carbon economy;
— risks associated with the ability to achieve climate change and environmental commitments at Wheaton and at the Mining Operations;
— risks related to ensuring the security and safety of information systems, including cyber security risks;
— risks relating to generative artificial intelligence;
— risks relating to compliance with anti-corruption and anti-bribery laws;
— risks relating to corporate governance and public disclosure compliance;
— risks of significant impacts on Wheaton or the Mining Operations as a result of an epidemic or pandemic;
— risks related to the adequacy of internal control over financial reporting; and
— other risks discussed in the section entitled “Description of the Business – Risk Factors” in Wheaton's Annual Information Form available on SEDAR+ atwww.sedarplus.caand 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 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 thePMPAs;
— that Wheaton will continue to be able to fund or obtain funding for outstanding commitments;
— that Wheaton will be able to source and obtain accretivePMPAs;
— that the terms and conditions of aPMPA are sufficient to recover liabilities owed to the Company;
— that Wheaton has fully considered the value and impact of any third-party interests inPMPAs;
— that expectations regarding the resolution of legal and tax matters will be achieved (includingCRA audits involving the Company);
— that Wheaton has properly considered the application of Canadian tax laws to its structure and operations and that Wheaton will be able to pay taxes when due;
— that Wheaton has filed its tax returns and paid applicable taxes in compliance with Canadian tax laws;
— that Wheaton's application of theCRA Settlement is accurate (including the Company's assessment that there has been no material change in the Company's facts or change in law or jurisprudence);
— that Wheaton's assessment of the tax exposure and impact on the Company and its subsidiaries of the implementation of a 15% global minimum tax is accurate;
— that the trading of the Common Shares will not be adversely affected by the differences in liquidity, settlement and clearing systems as a result of multiple listings of the Common Shares on theLSE, 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 anyPMPA with an indicator of impairment;
— that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic or pandemic; and
— such other assumptions and factors as set out in the Disclosure.
There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Wheaton. Readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing readers with information to assist them in understanding Wheaton's expected financial and operational performance and may not be appropriate for other purposes. Any forward-looking statement speaks only as of the date on which it is made, reflects Wheaton's management's current beliefs based on current information and will not be updated except in accordance with applicable securities laws. Although Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward‑looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended.
Cautionary Language Regarding Reserves and Resources
For further information on Mineral Reserves and Mineral Resources and on Wheaton more generally, readers should refer to Wheaton's Annual Information Form for the year ended December 31, 2024, which was filed on March 31, 2025 and other continuous disclosure documents filed by Wheaton since January 1, 2025, available on SEDAR+ at www.sedarplus.ca. Wheaton's Mineral Reserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources:The information contained herein has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The Company reports information regarding mineral properties, mineralization and estimates of mineral reserves and mineral resources in accordance with Canadian reporting requirements which are governed by, and utilize definitions required by, Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Standards”). These definitions differ from the definitions adopted by the United States Securities and Exchange Commission (“SEC”) under the United States Securities Act of 1933, as amended (the “Securities Act”) which are applicable to U.S. companies. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted by the SEC. Accordingly, information contained herein that describes Wheaton's mineral deposits may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. United States investors are urged to consider closely the disclosure in Wheaton's Form 40-F, a copy of which may be obtained from Wheaton or from https://www.sec.gov/edgar.shtml.
End Notes
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SOURCE Wheaton Precious Metals Corp.
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