Wheaton Precious Metals Corp · TSX:WPM
Wheaton Precious Metals — Q4 2025 Earnings Presentation
26 slides from Wheaton Precious Metals's earnings presentation, Mar 13, 2026
Slide 1: 2025 Fourth Quarter Conference Call
2025 Fourth Quarter Conference Call WHEATONPM.COM March 2026 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: Fourth Quarter 2025 Highlights
Wheaton Precious Metals Fourth Quarter 2025 Board of Directors Declares First Quarterly Record Quarterly Financial Results: Dividend of 2026: Revenue $865 million • Announced quarterly dividend of $0.195 per Net Earnings $558 million common share, marking a 18% increase relative Adj. Net Earnings4 $
Slide 4: Transaction Key Terms: Antamina Mine Additional Stream with BHP
Transaction Key Terms Antamina Mine – Additional Stream with BHP Compañía Minera Antamina S.A. (CMA). a joint venture : BHP (33.75%), Glencore Antamina Operator (33.75%), Teck Resources (22.5%), and Mitsubishi Corporation (10%) Peru - located in the Ancash region of the Andes Mountains in north-cent
Slide 5: Extensive Area of Interest Supporting Long-Term Growth Potential
Extensive Area of Interest Supporting Long-Term Growth Potential Antamina Sits on a Substantial Land Package that Hosts Multiple Large Scale Geological Targets • AOI covers Antamina’s 176 current claims plus any adjacent claims that might be acquired in the future • The current claims cover a signif
Slide 6: Operations Overview
Operations Overview Salobo: 75% of gold for life of mine • 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, • Record quarterly production was the result of higher throughput and recoveries
Slide 7: Full Year 2025 Production Relative to 2025 Guidance
Full Year 2025 Production Relative to 2025 Guidance As of December 31, 2025 2025 Actuals: 2025 Guidance: ~9% GEOs: 690 Koz GEO calculations reflect 2025 price GEOs: 600-670 Koz assumptions Gold Equivalent Production (GEO)5 (Koz) 800 16.5 K GEOs 12.5-13.5 K GEOs Other Metals 700 Other Metals 600 500
Slide 8: The Streaming Industry's Most Robust Growth Profile
The Streaming Industry’s Most Robust Growth Profile Pathway to Long-term, Organic Growth1,6,11 1,400 Incremental Growth from Antamina - BHP Stream Acquisition 2025 2026 Forecasting >11% Production Growth from 2026 Long - Term Guidance Actuals: Guidance: growth from 2025 to the midpoint of 1,200 GEOs
Slide 9: Production & Sales By Metal
Production & Sales By Metal 250 Production 205 189 200 173 158 145 150 162 143 150 100 Gold Equivalent Ounces (koz)5 50 0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 250 Sales 191 200 165 158 142 141 138 150 122 123 100 50 0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Slide 10: Q4 2025 Profitability Overview
Q4 2025 Profitability Overview Q4 2025 Revenue ($865M) Change in Q4 Revenue and Gross Margin $3 $12 1000 $865M Quarter Comparison: 800 Total Revenue: +127% Gross Margin: +168% Millions ($US) $337 600 $664M $381M $513 400 200 $247M 0 Gold Silver Palladium Cobalt Q4 2024 Q4 2025 Revenue Gross Margin D
Slide 11: Produced But Not Delivered
Produced But Not Delivered Total PBND 4.0 150 Produced but not delivered (koz) 3.0 Number of Months 100 2.0 50 1.0 0 0.0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Gold PBND Silver PBND Other Metals Gold (# of months) Silver (# of months) GEOs (# of months) At the end of Q4 2025
Slide 12: Q4 2025 Financial Overview
Q4 2025 Financial Overview Q4 2025 Q4 2024 Change Net Earnings $558M $88M +533% Adj. Net Earnings4 $555M $199M +179% Operating Cash Flow $746M $319M +134% Sales Price – Gold $4,215/oz $2,677/oz +58% Sales Price – Silver $59.32/oz $31.28/oz +90% Strong quarterly results and commodity prices drove rec
Slide 13: 2025 Profitability Overview
2025 Profitability Overview 2025 Revenue ($2.3B) Change in Annual Revenue and Gross Margin $11 $31 2.5 $2.31B Year over Year Comparison: 2.0 Total Revenue: +80% Gross Margin: +108% Millions ($US) $837 1.5 $1.28B $1.67B $1,436 1.0 0.5 $0.80B 0.0 2024 2025 Gold Silver Palladium Cobalt Revenue Gross Ma
Slide 14: Quarterly Net Cash Balance
Quarterly Net Cash Balance $1,400 $1,200 $1,158 $746 $1,154 $1,000 Millions ($US) $800 $600 $(647) $1 $400 $(74) $(30) $200 $0 Cash used for Acquisition of long- Operating investing activities term equity cash flows Cash balance Dividend investments Other financing Cash balance (September 30, 2025)
Slide 15: Funding of Recent Antamina Stream and Remaining Liquidity
Funding of Recent Antamina Stream and Remaining Liquidity The Strength of Wheaton’s Forecasted Cash Flows to Fund Accelerated Debt Repayment 1,10 Upfront Payment Funding Liquidity Upon closing of the BHP- $6.0 Antamina stream, the Company $12.0 expects to be in a net debt position of $2.4B $10.0 $5.
Slide 16: Q4 2025 Highlights
Q4 2025 Highlights Delivered Record Quarterly Results on Multiple Metrics Continued Corporate Development Momentum Further De-risking Of Development Project Pipeline Balance Sheet Strength Positions Company Well to Meet Commitments Increased Quarterly Dividend by 18% Sustainability Leadership WHEATO
Slide 17: Q&A
Q&A WHEATON PRECIOUS METALS
Slide 18: Endnotes
Endnotes 1. 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 fin
Slide 19: Endnotes
Endnotes 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 “believe
Slide 20: Endnotes (Cont.)
Endnotes (Cont.) • 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;
Slide 21: Endnotes
Endnotes 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;
Slide 22: Endnotes
Endnotes 2. 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 si
Slide 23: Endnotes: Non-GAAP measures
Endnotes: Non-GAAP measures 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, silv
Slide 24: 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 25: 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 26: Endnotes: Non-IFRS measures
Endnotes: Non-IFRS 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
Wheaton Precious Metals — Q4 2025 Earnings Presentation on 6ix