Wheaton Precious Metals Corp · TSX:WPM
Wheaton Precious Metals — Q1 2026 Earnings Presentation
25 slides from Wheaton Precious Metals's earnings presentation, May 8, 2026
Slide 1: 2026 First Quarter Conference Call
2026 First Quarter Conference Call WHEATONPM.COM May 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: First Quarter 2026 Highlights
Wheaton Precious Metals First Quarter 2026 Board of Directors Declares Second Quarterly Record Quarterly Financial Results: Dividend of 2026: Revenue $901 million • Announced quarterly dividend of $0.195 per Net Earnings $582 million common share, an 18% increase from Q1 2025. Adj. Net Earnings4 $58
Slide 4: Operations Overview
Operations Overview Salobo: 75% of gold for life of mine • 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 recoverie
Slide 5: The Streaming Industry's Most Robust Growth Profile
The Streaming Industry’s Most Robust Growth Profile Guidance as of February 2026: Pathway to Long-term, Organic Growth1,10 1,400 Incremental Growth from Antamina - BHP Acquisition 2025 2026 Production Growth from 2026 Long - Term Guidance Guidance: Forecasting >11% Actuals: growth from 2025 to 1,200
Slide 6: Production & Sales By Metal
Production & Sales By Metal 250 Production 236 219 203 212 200 190 171 174 166 150 100 Gold Equivalent Ounces (koz)5 50 0 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 250 Sales 220 200 188 183 182 163 162 150 143 142 100 50 0 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Slide 7: Produced But Not Delivered
Produced But Not Delivered Total PBND 200 4.0 Produced but not delivered (koz) 150 Number of Months 3.0 100 2.0 50 1.0 0 0.0 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Gold PBND Silver PBND Other Metals Gold (# of months) Silver (# of months) GEOs (# of months) At the end of Q1
Slide 8: Q1 2026 Profitability Overview
Q1 2026 Profitability Overview Q1 2026 Revenue ($901M) Change in Q1 Revenue and Gross Margin $1,000 $5 $9 $901 $800 YoY Comparison: Total Revenue: +92% Gross Margin: +119% Millions ($US) $699 $600 $470 $427 $461 $400 $319 $200 $0 Q1 2025 Q1 2026 Gold Silver Palladium Cobalt Revenue Gross Margin Driv
Slide 9: Q1 2026 Financial Overview
Q1 2026 Financial Overview Q1 2026 Q1 2025 Change Net Earnings $582M $254M +129% Adj. Net Earnings4 $583M $251M +132% Operating Cash Flow $766M $361M +112% Sales Price – Gold $4,849/oz $2,872/oz +69% Sales Price – Silver $84.52/oz $32.33/oz +161% Strong quarterly operating results and commodity pric
Slide 10: Quarterly Net Cash Balance
Quarterly Net Cash Balance $2,500 $766 $2,165 $2,000 $323 Millions ($US) $1,500 $(76) $(2) $1,154 $1,000 $500 $0 Proceeds on disposal of Other Cash balance long-term investments (March 31, 2026) Cash balance Cash used for investing Operating (December 31, 2025) activities cash flows WHEATON PRECIOUS
Slide 11: Strong Balance Sheet with Expected Capacity to Fund Additional Growth
Strong Balance Sheet with Expected Capacity to Fund Additional Growth Strength of Wheaton’s Forecasted Cash Flows Expected to Fund Accelerated Debt Repayment 1,12,13 Conservative Balance Sheet with Low Leverage Ratio Strong Liquidity with Robust Operating Cash Flow Cash Flow Sensitivities $4 $14 Au
Slide 12: Accretive Growth: Jervois Project Stream
Accretive Growth Gold and Silver Stream on the Jervois Project with KGL Northern Territory Operator KGL Resources Limited Antamina Location Australia Date of Western April 1, 2026 Acquisition Australia 75% of gold production until 45 koz delivered, then 37.5% until additional 15 koz delivered, Strea
Slide 13: KGL - Jervois
KGL - Jervois Exploration • Underlying geology gives the J- shape which controls the deposit locations • Main deposits • Reward, Rockface and Bellbird • Remain open at depth and along strike • High priority exploration targets • Reward North, Reward South and Cox’s Find • More than 20 targets identi
Slide 14: Accretive Growth: Spanish Mountain Royalty
Accretive Growth Royalty Agreement on the Spanish Mountain Project Northern Territory Operator Spanish Mountain Gold Ltd. Antamina Location British Columbia, Canada Western Date of Australia April 20, 2026 Acquisition Royalty 1.5% Net Smelter Return Parameters Upfront US$55M Consideration Attributab
Slide 15: Q1 2026 Highlights
Q1 2026 Highlights Delivered Record Quarterly Results on Multiple Metrics Completed Largest Streaming Transaction in Company’s History Further De-risking Of Development Project Pipeline Cashflow & Balance Sheet Strength Positions Company Well to Meet Commitments Declared Second Quarterly Dividend fo
Slide 16: Q&A
Q&A WHEATON PRECIOUS METALS
Slide 17: 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 18: 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 19: 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 20: 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 21: 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, 2025, which was filed on March 31, 2026 and other continuous disclosure documents filed by Wheaton si
Slide 22: 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 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-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
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