Wheaton Precious Metals Corp · TSX:WPM
Wheaton Precious Metals — Q3 2025 Earnings Presentation
25 slides from Wheaton Precious Metals's earnings presentation, Nov 7, 2025
Slide 1: 2025 Third Quarter Results Conference Call
2025 Third Quarter Results Conference Call WHEATONPM.COM November 7, 2025 TSX | NYSE | LSE: WPM
Slide 2: Cautionary Statements
Cautionary Statements Cautionary Note Regarding Forward-Looking Statements The information contained in this presentation contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meanin
Slide 3: Highlights
Wheaton Precious Metals Third Quarter 2025 Board of Directors Declares Fourth Quarterly Strong Quarterly Financial Results: Dividend of 2025: Revenue $476 million • Announced quarterly dividend of $0.165 per Net Earnings $367 million common share, marking a 6.5% increase relative Adj. Net Earnings10
Slide 4: Operations Overview
Operations Overview Salobo: 75% of gold for life of mine • Salobo produced 67,000 ounces of attributable gold, an increase of approximately 7% relative to Q3 2024, primarily the result of higher throughput, grades and recoveries. • Vale announced that following the implementation of Salobo 3, the Sa
Slide 5: Year-to-Date Production Relative to Guidance
Year-to-Date Production Relative to Guidance As of September 30, 2025 Gold Silver Other Metals (GEOs5) Total GEOs5 350 to 390 koz 20.5 to 22.5 moz 12.5 to 13.5 koz 600 to 670 koz 483.5 koz 285.6 koz 16.1 moz 12.1 koz GEOs 5 Gold Silver Other GEOs YTD production Midpoint of annual production guidance
Slide 6: Production & Sales By Metal
Production & Sales By Metal Production 200 188 165 173 158 151 160 145 143 150 Gold Equivalent Ounces (koz) 100 50 0 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Sales 200 165 158 154 150 142 141 138 123 122 100 50 0 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Slide 7: Produced But Not Delivered By Metal
Produced But Not Delivered By Metal Total PBND 4.0 Produced but not delivered7 (koz) 150 3.0 Number of Months 100 2.0 50 1.0 0 0.0 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Gold PBND Silver PBND Other Metals Gold (# of months) Silver (# of months) GEOs (# of months) At the end
Slide 8: Q3 2025 Profitability Overview
Q3 2025 Profitability Overview Q3 2024 ($308M) Q3 2025 ($476M) $3 $3 $9 $1 Quarter Comparison: Revenue ($M) Total Revenue: +55% $115 $189 Average Realized Prices: Gold +40% $275 $189 Silver +34% Palladium +21% Cobalt +71% Gold Silver Palladium Cobalt Gold Silver Palladium Cobalt Gross Margin Gross M
Slide 9: Q3 2025 Financial Overview
Q3 2025 Financial Overview Q3 2025 Q3 2024 Change Net Earnings $367M $155M +138% Adj. Net Earnings15 $281M $153M +84% Operating Cash Flow $383M $254M +51% Sales Price – Gold $3,481/oz $2,491/oz +40% Sales Price – Silver $39.66/oz $29.71/oz +34% Strong Quarterly results drove record revenue, earnings
Slide 10: Quarterly Net Cash Balance
Quarterly Net Cash Balance $1,400 $1,200 $383 $1,158 $1,006 $1,000 Millions ($US) $800 $(159) $2 $(74) $600 $400 $200 $0 Cash used for investing Other financing Cash balance activities activities (September 30, 2025) Cash balance Dividend Operating (June 30, 2025) payments cash flows With over $3 bi
Slide 11: Ample Capacity to Finance Transactions
Ample Capacity to Finance Transactions Funding Long-term, Accretive Growth $18 • Hemlo Stream: Estimated upfront payment of $16 $300M to be paid upon deal close, expected in Q4 2025. $14 Gold @ $4,000 • Spring Valley Stream: Upfront payment of $670M Estimated growth to over $2.5B $12 in annual cash
Slide 12: Accretive Growth: Hemlo Project
Accretive Growth Hemlo Project Operator Carcetti Capital (Upon closing - to be renamed Hemlo Mining Corp.) Location Ontario, Canada Stream Gold Date of Announcement September 10, 2025 (acquisition expected to close in Q4 2025) 10.13% of the payable gold until 136Koz delivered, then 6.75% until 118Ko
Slide 13: Accretive Growth: Spring Valley Project
Accretive Growth Spring Valley Project Operator Waterton Gold LP Location Nevada, USA Stream Gold Date of Acquisition November 6, 2025 Stream Parameters 8% of the payable gold until 300Koz delivered, then 6% of payable gold for life of mine. Upfront Consideration $670 million to be paid in installme
Slide 14: Spring Valley Project
Spring Valley Project Limited Exploration in a Proven Mining District Points to Upside Potential Spring Valley Project Location in Nevada Extensive Land Package of Over 30,000 Acres Mining activities will occur on concessions that represent less than 5% of the Spring Valley land package, Source: Sol
Slide 15: Q3 2025 Highlights
Q3 2025 Highlights Strong Quarterly Results Drove Record YTD Performance Meaningful Progress on Near-Term Growth Strategy Continued Corporate Development Momentum Balance Sheet Strength and Industry Leading Liquidity Declared Fourth Quarterly Dividend for 2025 Sustainability Leadership WHEATON PRECI
Slide 16: Q&A
Q&A WHEATON PRECIOUS METALS
Slide 17: Endnotes
Endnotes 1. "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 Wheato
Slide 18: Endnotes (Cont.)
Endnotes (Cont.) 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
Slide 19: Endnotes (Cont.)
Endnotes (Cont.) • 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;
Slide 20: Endnotes
Endnotes Forward-looking statements are based on assumptions management currently believes to be reasonable, including (without limitation): • the payment of up to $400 million to Carcetti and the satisfaction of each party's obligations in accordance with the proposed Hemlo mine gold stream; • the
Slide 21: Endnotes
Endnotes 2. 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 S
Slide 22: Endnotes: Non-GAAP measures
Endnotes: 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 o
Slide 23: Endnotes: Non-GAAP measures
Endnotes: Non-GAAP measures 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 in
Slide 24: Endnotes: Non-GAAP measures
Endnotes: Non-GAAP measures 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 minin
Slide 25: Endnotes: Non-GAAP measures
Endnotes: Non-GAAP measures 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 pound
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