WPM

Image source: The Motley Fool. Friday, Aug. 7, 2026 at 11:00 a.m. ET Vice President of Investor Relations - Emma Murray President and Chief Executive Officer - Haytham Hodaly Chief Financial Officer - Vincent Lau Vice President of Mining Operations - Wes Carson Vice President, Corporate Development - Neil Burns Operator: Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals' 2026 Second Quarter Results Conference Call. [Operator Instructions] I would like to remind everyone that this conference call is being recorded on Friday, August 7, 2026, at 11:00 a.m. Eastern Time. I will now turn the conference over to Emma Murray, Vice President of Investor Relations. Please go ahead. Emma Murray: Thank you, Julianne. Good morning, ladies and gentlemen, and thank you for participating in today's call. I'm joined today by Haytham Hodaly, Wheaton Precious Metals' President and Chief Executive Officer; Vincent Lau, Chief Financial Officer; Wes Carson, Vice President of Mining Operations; and Neil Burns, Vice President, Corporate Development. Please note for those not currently on the webcast, a slide presentation accompanying this conference call is available in PDF format on the Presentations page of our website. Some of the comments on today's call may include forward-looking statements. Please refer to Slide 2 for cautionary information and disclosures. It should be noted that all figures referred to on today's call are in U.S. dollars, unless otherwise noted. With that, I'd like to turn the call over to Haytham Hodaly, Wheaton's President and Chief Executive Officer. Haytham Hodaly: Thank you, Emma, and good morning, everyone. Thank you for joining us today to discuss Wheaton's second quarter results of 2026. The second quarter closed out a record-breaking first half of the year for Wheaton. Through the first 6 months of 2026, the company delivered record performance across many of our key metrics, including production, sales volumes, revenue, earnings and cash flow. In an environment marked by commodity price volatility and cost pressures, these results reflect the continued strength of our high-quality portfolio and the resilience of the streaming business model. In the first half of the year, we achieved record production of 415,000 gold equivalent ounces and record sales volumes of 390,000 gold equivalent ounces, positioning us well to achieve our 2026 production guidance range of 860,000 to 940,000 gold equivalent ounces. Production in the second quarter was bolstered by the initial contribution from our expanded Antamina silver stream and the continued realization of the company's growth strategy with incremental production realized from Hemlo, Fenix, Platreef and Goose. Turning to corporate development. We also continued to execute on our growth strategy during the quarter, completing several additional transactions that further diversify our portfolio. We closed the Antamina silver stream with BHP, a defining milestone for both Wheaton and the industry, representing the largest precious metal streaming transaction ever completed. We announced our first ever streaming transaction in Australia, a gold and silver stream on the Jervois project through our partnership with KGL Resources. We expanded our royalty portfolio through the Spanish Mountain and Cipango royalties, which also provide Wheaton with the right of first refusal on future financings, adding further optionality to our portfolio. Collectively, these transactions further strengthen our portfolio, expand our geographic reach and broaden our counterparty base while maintaining the disciplined approach to capital allocation that has underpinned Wheaton's success. As of June 30, 2026, our balance sheet remains robust with $100 million in cash on hand at quarter end and access to the undrawn portion of our $2.5 billion revolving credit facility, which, together with the strength of our forecasted operating cash flows, provides strong flexibility to fund all outstanding commitments and allows us to continue to pay down our existing debt balance as well as the capacity to pursue additional accretive mineral stream interests. 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. Importantly, Wheaton's growth is not dependent on additional transactions. Our existing portfolio already supports a strong organic growth profile of 50% by 2030, underpinned by multiple development assets advancing through construction, ramp-up and optimization. Turning to sustainability. Wheaton was once again recognized among Corporate Knights' Best 50 Corporate Citizens in Canada, a multi-sector accolade that we were proud to receive. During the quarter, we also launched our third annual Future of Mining Challenge, which will award $1 million to an initiative focused on advancing solutions for mine optimization and reducing land impacts across the mining sector. We look forward to engaging with innovators who are helping to shape the future of responsible mining, further demonstrated in our recently published 2025 sustainability report. With that, I would now like to turn the call over to Wes Carson, our Vice President of Mining Operations, who will provide more detail on our operating results. Wes? Wesley Carson: Thanks, Haytham. Good morning, everyone. Overall production in Q2 was 202,000 GEOs, a 6% year-over-year increase, primarily driven by the addition of BHP's Antamina stream, together with the new production from Fenix, Hemlo, Mineral Park, Platreef and Goose. In Q2, Salobo produced 62,100 ounces of attributable gold, a decrease of approximately 11% relative to Q2 2025, primarily the result of lower grades. Vale Base Metals disclosed that the coarse particle flotation is the key near-term growth driver at Salobo, supporting Salobo III's expansion from 12 million to 18 million tonnes per annum and targeted total throughput of 42 million tonnes per annum by 2029. In Q2, Antamina produced 2.3 million ounces of attributable silver, an increase of approximately 56% relative to Q2 2025. The increase was primarily driven by the newly acquired BHP Antamina PMPA, which increased the company's share of silver production at Antamina from 33.75% to 67.5% effective April 1, 2026. The benefit of the increased production share was partially offset by lower silver grades and the timing of planned maintenance as a scheduled July maintenance shutdown was advanced into June. The lower grades were attributable to pit sequencing with a greater portion of copper-only ore processed relative to copper-zinc ore, which contains more silver. An increase in copper-zinc ore is expected to be processed in the third quarter, which is expected to result in higher silver grades. In Q2, Blackwater produced 100,000 ounces of attributable silver and 5,900 ounces of attributable gold, an increase of 7% and 46%, respectively, relative to Q2 2025, primarily the result of higher recoveries, grades and throughput. On August 4, 2026, Artemis Gold provided an update on the Phase 1 expansion at Blackwater, which is anticipated to increase the plant's nameplate capacity by 33% from 6 million to 8 million tonnes per annum. Artemis reported that the Phase 1A was 57% complete at the end of Q2 2026 and remains on schedule for commissioning in Q4 2026, with the expansion expected to contribute to production beginning in 2027. Artemis also commenced major works construction on its larger EP2 growth project at Blackwater, which remains on schedule and on budget. Together, Phase 1A and EP2 are expected to expand throughput capacity by 250% from 6 million to 21 million tonnes per annum by 2028, increasing annual gold production to over 500,000 ounces. Several development projects continue to ramp up in Q2 2026, including Mineral Park, Fenix, Platreef and Goose. Construction also advanced across a number of projects, including Kurmuk, where Allied Gold reported the project remains on budget and on schedule with start of operations expected in August and first gold pour a few weeks thereafter. And Kone, where Montage Gold reported that the project remains on budget and ahead of schedule with first gold pour targeted for Q4 2026 through the oxide circuit and the hard rock comminution circuit on track for completion in Q2 2027. Production outlook for 2026 remains unchanged, and we currently expect to achieve our annual production guidance of 860,000 to 940,000 GEOs. Production is expected to be weighted to the second half of 2026, driven by mine sequencing at Salobo and Penasquito, the first full contribution from the Antamina BHP stream and the continued ramp-up of newly operating assets through 2026. Looking ahead, we project annual production to grow at an industry-leading rate of approximately 50%, reaching 1.2 million GEOs by 2030 with average annual production forecast to remain at approximately 1.2 million GEOs from 2031 through 2035. That concludes the operations overview. And with that, I'll turn the call over to Vince. Vincent Lau: Thank you, Wes. Production in Q2 was 202,000 GEOs, a 6% increase year-over-year, driven primarily by the addition of the BHP Antamina stream and contributions from our newly operating assets. Sales volumes were 209,000 GEOs, a 14% increase from last year. Sales exceeded production in the quarter as we drew down produced but not yet delivered ounces carried over from prior periods. Consistent with our earlier guidance, Q2 deliveries reflected 2 of the typical 3 quarterly shipments under the new BHP Antamina stream with a full quarterly contribution expected in the second half of the year. At the end of the second quarter, the produced but not yet delivered, or PBND, balance was approximately 158,000 GEOs, representing 2.6 months of payable production. This is consistent with the preceding 4 quarters and within our guided range of 2.5 to 3.5 months. Strong commodity prices, coupled with solid production led to record quarterly revenue of $929 million, an increase of 85% compared to last year. This was driven primarily by a 61% increase in the average realized gold equivalent price, together with a 14% increase in the number of volumes sold. Of this revenue, 46% came from gold, 52% from silver and the remainder from cobalt and palladium. In the coming quarters, we expect the revenue split to favor gold as the new gold dominant development projects come online. Net earnings increased by 86% from the prior year to $543 million, while operating cash flow totaled $650 million, a 57% increase from last year, resulting in year-to-date records achieved across revenue, net earnings and operating cash flow. During the quarter, we generated over $650 million in operating cash flow and deployed approximately $4.5 billion in net upfront cash payments across our streaming portfolio. This was headlined by the $4.3 billion payment to BHP for the Antamina silver stream funded on April 1 and also included $156 million for Kone, $23 million for Spanish Mountain, $60 million for Jervois and $4.5 million for Cipango. In addition, the company made 2 dividend payments totaling $171 million and made its first global minimum tax payment relative to the 2024 taxation year amounting to $109 million. After funding these commitments, we ended the quarter with a cash balance of approximately $100 million at June 30, resulting in a net debt balance of approximately $1.9 billion. This is a reduction from the approximately $2.1 billion pro forma net debt position immediately following the Antamina funding on April 1, reflecting the strength of our operating cash flow even after funding additional stream payments and dividends during the quarter. On the Antamina acquisition, on April 1, we drew down on our new $1.5 billion term loan, together with a draw on our revolving credit facility and cash on hand. During the quarter, we further enhanced our financial flexibility by upsizing our revolving credit facility by $500 million to $2.5 billion and extending its maturity by 1 year to June 30, 2031. Together with the $500 million accordion feature and our cash on hand, this provides approximately $2.6 billion of available liquidity. The strength of our production guidance and continued strong margins, we remain well positioned to generate robust operating cash flow at current commodity prices, supporting debt repayment over a relatively short period while continuing to build capacity to fund our existing commitments and potential future accretive stream acquisitions. This concludes the financial summary. I'll now hand things back over to Haytham. Haytham Hodaly: Thank you, Vincent. In summary, the first half of 2026 was record-breaking for Wheaton and the second quarter reflected the continued execution of our strategy. The first half of the year saw records achieved across production, sales volumes, revenue, earnings and cash flow, reflecting the strength and momentum across our portfolio. In the second quarter, we delivered record revenue and closed the Antamina silver stream with BHP, the largest streaming transaction to date, which has meaningful long-term silver exposure. We continue to execute on disciplined accretive growth, further expanding and diversifying our portfolio with the closing of the Jervois transaction, our first stream in Australia. Our development pipeline continued to advance with multiple assets progressing through construction, ramp-up and optimization, supporting Wheaton's forecasted sector-leading organic growth profile of 50% by 2030. And Wheaton's strategy remains clear: stay disciplined in pursuing high-quality, low-risk, long-life, accretive precious metal streams and deliver sustainable long-term value for all stakeholders. With that, I would now like to turn the call -- open the call up for questions. Operator? Operator: [Operator Instructions] Our first question comes from Daniel Major from UBS. Daniel Major: Yes, I guess the first question, just on the sort of bridge into the second half, like how much of that uplift is the new -- sort of new assets coming online? Can you just give us a little light sense of contribution from the new ramp-ups relative to the mine sequencing? Yes, that's the first question. Wesley Carson: Thanks for the question, Daniel. It's really mine sequencing is driving primarily. Most of the ramp-ups this year, well, all of the ramp-ups only amount to about 3% of our total production on the year. So really, the main thing is that Antamina stream being fully online and then really the shift in mine sequencing, particularly on Salobo and Penasquito to the second half of the year. Daniel Major: Okay. Got it. And then the second question, I suppose, is about the project pipeline and your appetite for deals while you're still digesting the shift to net debt and the Antamina acquisition. I mean, I guess, yes, we've seen a pullback in asset values with the gold price a little bit. Has that made the pipeline more active is the first part of the question. Second, I see you've engaged in a couple of royalty transactions. You've historically been less active in this space relative to your peers. Are you seeing opportunities for transactions in third-party royalties? And third part, are you seeing any movement on the copper project pipeline, prices of $14,000? Is that pipeline looking like we might see some more FIDs and financing requirements? I'll leave it at that. Haytham Hodaly: Thank you for the question, Daniel. I'll start by saying we currently have, as Vincent outlined, almost $2.6 billion in unused capacity through our revolver, and we're generating in excess of $200 million of free cash flow every month. So we feel very, very comfortable continuing to transact on whatever we see out there in the market. That would be an accretive transaction for Wheaton. In terms of the royalty transactions we've done lately, it's -- I think you have to look at it differently. We're not just entering into royalties because you're right, royalties won't really move the needle. What we're doing is we're entering into royalties that have ROFRs, so right of first refusal on future financings. And that's the key. Having that ability to lock that up provides us that certainty that we at least have the last look when there's an opportunity out there to finance. So that's very important. On the next question, I'm going to pass it over to Neil Burns, our VP of Corporate Development. Neil Burns: Sure, Daniel. You mentioned the drop in metal prices. Coming off the highs that we saw in the first quarter, moderation in metal prices did contribute to a bit of a softening in the equity markets. And I think that led to a bit of an uptick in some of the opportunities we're seeing from smaller companies who are facing a tougher financing environment. We do see the mix still weighted towards gold, as Haytham has said, and generally in the same range of about $200 million to $500 million as we've been messaging. Daniel Major: Yes, just whether there's any color on any -- the high-level color on the deal pipeline or potential in the copper industry, whether you're seeing any more movement there on the projects? Haytham Hodaly: Well, I mean, the copper industry itself, there are some large projects out there in the copper industry, but they will take time to come to fruition. There's nothing imminent within the next, I would say, year or 2 that requires financing. But looking out, call it, 3 to 8 years, there is a large -- there are a number of large porphyry copper deposits that will require big funding, and we would hope to be involved in that. In the meantime, we're not just sitting by, obviously, waiting for those to happen. We're constantly looking -- our team is constantly looking at ways to continue to expand our portfolio through accretive transactions. And as you've seen, we've entered into a stable jurisdiction. We've looked at -- in Australia, we were looking at several other jurisdictions. Obviously, North America, a lot's going on there. So we're very excited about the way things are looking here over the next little while. Operator: Our next question comes from Tanya Jakusconek from Scotiabank. Tanya Jakusconek: Congrats on the strong quarter as well. Can I come back to just the second half of the year, you're going to see stronger production mainly from the operating assets. Maybe some guidance on the sales because sales came in higher than we expected. So I'm kind of wondering how sales and production is going to look for the second half of the year. Vincent Lau: Tanya, it's Vince here. Yes. So our PBND balance really drives that. At the end of Q2, we're sitting at about 2.6 months. We typically see it range anywhere between 2.5 to 3.5 months. So I would say there is a higher likelihood that there will be a little bit of a buildup in the PBND towards year-end than a drawdown. So I would forecast it to be flat or rising a little bit, but nothing dramatic. Tanya Jakusconek: Okay. If that's the case, then you're thinking that production and sales could be close to each other. Is that how we should be thinking about it? Vincent Lau: That's how I would think about it. Tanya Jakusconek: That's helpful. Maybe I can get my numbers right next time with that guidance. Just turning over to just the deal pipeline. I have 2 questions on the deal pipeline and whoever wants to take that and maybe Haytham as well. From understanding this pipeline -- the opportunities out there, it appears to me, Haytham, that you mentioned that the big opportunities, the plus $1 billion range seem to be further out like that 3- to 8-year time frame. Would that be a fair statement? Haytham Hodaly: I would say the larger copper opportunities that were asked about would be further out. There are other opportunities, Tanya, in the pipeline that I would say could be in excess of $1 billion, could be as high as $2 billion. But again, those take time to gestate. And so it will be, I would say, majority of opportunities are focused on sub-$500 million, but there is the odd $1 billion or $2 billion transaction that could come out sooner than the 3- to 7-year time line I mentioned. Tanya Jakusconek: Okay. And are those in gold or silver? Haytham Hodaly: Those are primarily focused towards gold. Tanya Jakusconek: And then, Haytham, are you seeing any changes to the structure of the deals in that $200 million to $500 million range? Is it still the same sort of project financing that requires either a stream plus an equity and a debt component? Has anything changed in that? Haytham Hodaly: Yes. That's about right, Tanya. I would say that as we're looking at these things, we're trying to provide more of a financing package going forward. Like you've seen us put in working capital facilities. You've seen us put in equity where needed. What we're trying to do is do what's best for the company, provide the company with the flexibility to structure the transaction that is most efficient for them without diluting their existing shareholders. That creates a win-win transaction. Tanya Jakusconek: Okay. And then my last question really comes back to just people. When I look out in the industry and you look at project build and you look at expertise and contractors out there, unfortunately, quality of contractors isn't what it used to be. So maybe, Haytham, can you talk a little bit about what you're doing internally to beef up your technical expertise? Obviously, trying to bake in contractors is not optimal at this point anymore. Haytham Hodaly: Yes, absolutely. Internally, we're a total of 45, 46 people, and we have 2 new hires coming on to expand our engineering team and our operations team. The more opportunities and more streams we lock in, obviously, the more there is to do. And it's important for us to stay on top of everything. Also want to ensure that our team is able to look at all these opportunities without burning themselves out. So we are adding -- it doesn't sound like a lot, but we're adding 2 to 3 people over the next 3 or 4 months. And we probably, over the next 5 years, as needed, as portfolios expand, have the capacity to add another 10% on top of that if needed. And I'm sorry. Neil Burns: We do the majority of our reviews and opportunities with internally. So we're not relying on externals. Tanya Jakusconek: And can you just remind me of the technical expertise that you currently have in-house and the one that you... Haytham Hodaly: Absolutely, absolutely. We're all mining engineers, geologists, processing engineers, geological engineers, civil engineers. I don't think I've missed anything. Geotechnical engineers, social scientists. So we have a wide variety of expertise internally. I can tell you, we haven't used an external consultant in -- it's got to be at least a couple of years. Tanya Jakusconek: And what areas do you need to add, Haytham? Haytham Hodaly: We're just adding additional capacity on engineering in order to actually be able to look at more opportunities. So that size doesn't matter. We're not restricted to looking at small risk, we can look at everything and operations to assist Wes in monitoring our development projects. Operator: Our next question comes from Cosmos Chiu from CIBC. Cosmos Chiu: That's a lot of engineers. I guess you're missing an aerospace engineer. But beyond that, so maybe my question is on Antamina. As you mentioned, Q2 was a bit impacted by the split between copper and copper-zinc concentrate. So how does it work usually? Is it based on -- was that due to higher copper prices? So there was preference in terms of the Antamina selling more copper-only concentrate? Or is that not correlated? And Wes, as you mentioned, it seems like there is going to be a bit more copper, zinc concentrate in Q3. So that's going to help. But usually, how much visibility do you have? Do you have any visibility beyond what's happening in Q3? Wesley Carson: Thanks for the question, Cosmos. I would say there isn't really the ability to selectively feed ore based on what's happening in the commodity prices. This really is truly pit sequencing. So we were just on site at the end of June and got a great review with the team down there. And really, the copper-zinc ore tends to be just in different areas of the pit and it just depends on where they're going. And the primary area where you're going to see that higher silver grade come out, and we've been talking about this for the last year or so here is around where that old primary crusher was in the bottom of the pit. And there's quite a bit of not just copper-zinc, but copper bornite ore in that area as well. And that's taken a little bit longer to kind of get to than what was expected. We were expecting to see that kind of earlier in the year. But they are well progressed on that, and we'll see that come in over the next little while here and into next year as well. But we're certainly expecting to see those higher silver grades come in later in the year and kind of continue over the next kind of 12 to 18 months. Cosmos Chiu: Good. That's good to hear. Maybe sticking with Antamina and certainly great to see that you've added to that stream. But I guess my question is the latest transaction was transacted when silver prices were slightly higher. It's come down a little bit now. It's gone back up again, but it's still lower than where you had it when you transacted the acquisition. So I guess my question is, are there any concerns in terms of potential write-downs? Or are you able to, for accounting purposes, look at the entire 67.5% stream as one holistic stream, whereby the risk of any kind of write-down will be much less? Vincent Lau: Cosmos, it's Vince here. From an accounting perspective, the Glencore and the BHP streams are separate, what's called CGUs. So we need to look at them separately. But from a value perspective, when we did the Antamina transaction with BHP, spot prices were higher, but we definitely did not use the spot prices at that time from a long-term perspective, the value of that stream. And from our perspective, long-term silver prices still have strong fundamentals, and there's no indicators of impairment at this point. So we're comfortable with the carrying value at where it is. Yes, that's kind of what we are looking at. Cosmos Chiu: Yes. And there's no triggering event at this point, as you mentioned? Vincent Lau: No. I mean -- the asset is performing as expected. Prices are going to be volatile, but we take a long-term view in terms of what the value is. Cosmos Chiu: Understood. And maybe one last question. Haytham, as you mentioned, you've made your first investment into Australia. But I guess my question is more on Japan. I see that you've made your first investment or maybe not your first, but one of a few investments into Japan. I didn't think it was a big sort of mining jurisdiction, but now you've made investment to Cipango. So maybe if you can talk about that investment and how you see Japan as a jurisdiction. Haytham Hodaly: Sure. I'll pass it over to Neil. Go ahead, Neil. Neil Burns: Thanks for the question. Japan is quite unique in both geology with its location along several plate margins. It's great breeding ground for creating great ore bodies and also the fact that there's been very little exploration. During World War I, the workforce really shifted over to the Army from the mines. And they never really got back to mining. Their focus shifted towards smelting and refining. So it remains to be a jurisdiction that has great potential and extremely underexplored. Cipango has got a number of projects, which our NSR applies to, 5 of their current ones they have 100% ownership on and 2 that they're earning into. And the ROFR that Haytham mentioned earlier covers actually 16 projects in the country. So we have huge optionality on discovery. Cosmos Chiu: Great. Yes. I know it's not producing yet, but if you ever have a mine tour going to Japan, let me know, I'm in... Operator: Our next question comes from Brian MacArthur from Raymond James. Brian MacArthur: My questions have to do with the early deposits because I haven't actually looked at these in detail. I see Toroparu, Cotabambas, the deals were done a long time ago. But when I look at when you expect to spend on these, it's post 2030. So I have a couple of questions. One, the way these things work that those payments you have left, are those onetime payments or at a stage? And my second question is, do you think you'll be paying those sooner than that 2030 period as we move forward? And three, there's all these buydown options in here. Are those just onetime things that basically kicked this whole process? If you can just go through how you're thinking about those, specifically the Toroparu and Cotabambas, which are 2 of the bigger ones that look like you're making some progress now. Haytham Hodaly: Sure. Why don't I just answer your first question first. So these payments for starters, we put up very, very little at the time. So we've committed very little dollars initially. And so the majority of the actual capital goes in as these projects are derisked. And to answer your second question, the payments are staged based on levels of completion. So as they complete 20 -- we put in some capital as they complete the first 25%, we put additional capital, et cetera. That's the majority of the structures look like that. Trying to remember the third question. Vincent Lau: Well, more importantly, we don't provide any capital until it's permitted and in construction. And that's how we derisk it. And this allows us to achieve a significantly higher ROCE. We're not committing capital until they're actually in construction, which is very different than the royalty. Wesley Carson: I think the other point is just that both of those are currently outside of our 10-year guidance, so both Cotabambas and Toroparu. So as you mentioned, I mean, both do seem to be getting some traction right now, and we're keeping a close eye on the traction on those. And should they start to develop further, then we would bring them into that guidance. But at this point, they're not in there. Brian MacArthur: Right. Prior to delivering a feasibility, do you put money in before the feasibility and then there's these options that kick in? Or is it like once you start, you can't reverse this whole gold stream percentage change and everything. Are these like triggered the first time you put the next payment in? Or are they sort of triggered along the way? Vincent Lau: Yes. So it's very much like a normal stream. You can't change the stream percentage. It's baked. Every deal is different. Some of these deals, they actually have to deliver us a feasibility study and then we can decide whether we want to move forward in those scenarios. In each of these cases, we're still very much -- I think the projects are very robust, and we'll likely move forward with them. And when that happens, when they have the permits and they're in construction and full financing, that's when we provide our capital to contribute to our stream. Haytham Hodaly: Maybe just to answer your last question, Brian, you asked about change of control, buybacks, et cetera. Typically, on the more recent transactions, in the event of a change of control, we have allowed a partial only 1/3 buyback. I don't recall, but I don't think either of those 2 transactions had any buyback options in them in the event of change of control or otherwise. Brian MacArthur: Okay. So in very simple terms, they basically work the same as a stream, if I think of it in simple terms, they have similar securities and stuff. Haytham Hodaly: Absolutely. Absolutely. Operator: Our next question comes from Jack Baxter from Bloomberg Intelligence. Jack Baxter: I just want to shift the focus to the long-term outlook. So it seems like we're still pretty much sticking to the 1.2 million GEOs by 2030. But obviously, at the same time, we've got new deals and there's been some positive milestones across the portfolio. I'm just wondering if there's a bias towards that GEO outlook? Is it more positive? Or is it still broadly neutral? But if it is positive, are we -- should we be expecting a refresher in the near term? Haytham Hodaly: Well, if you look at our current forecast, you mentioned the 1.2 million ounces. That is based on projects that we have in the pipeline that are currently permitted, financed and all the 3 are in construction. Those 3 are expected to start construction within the next 12 months. So we're fairly comfortable with that number. But as you so accurately highlighted, we're a growth company. We're continuing to generate strong cash flow every year, and we're going to continue to deploy that capital into accretive transactions. So I would like to hopefully believe that, that forecast is conservative. But until we do transactions, we're going to stick with our 1.2 million ounce forecast. Jack Baxter: Got you. And maybe a follow-up. It's a bit of a niche one, but curious to get some color on your discussions with Equinox, specifically focusing on Los Filos and given the land rights resolution. But at the same time, that stream from what I can tell is due to expire in 2029. Now there's plans for a sizable development on that asset sometime in the near future. I'm just wondering if there's been any discussions on extending the time line of that contract or potentially participating in any other funding opportunities that arise, obviously, noting the challenges that, that asset has had. Wesley Carson: Yes. I would say, Jack, that there haven't been any significant discussions around those deals. This is a very small stream in our portfolio right now and not really material. At the same point, should Equinox require help in moving forward with that sulfide plant or any of that, then we're always more than willing to help out with it. But at this point, I would say we don't have any -- we haven't had any significant discussions with them around it. Haytham Hodaly: I would say -- I would add, Jack, that is only 1 of 2 assets in our entire portfolio that has a finite date on it. Everything else is life of mine, and that was an early structured transaction. Thank you, everyone, for your time today. Wheaton's record-breaking results in the first half of 2026 reinforces our position as the premier low-risk option for exposure to gold and silver. Our strong balance sheet, diversified portfolio and compelling growth pipeline position us to continue executing on accretive opportunities and delivering long-term value for all stakeholders. I want to thank all of our stakeholders for their continued support as we build on this record first half and continue to execute on the next phase of growth for the company. Thank you again, and we look forward to speaking with you all soon. Operator: This concludes this conference call for today. Thank you for participating. Please disconnect your lines. Before you buy stock in Wheaton Precious Metals, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Wheaton Precious Metals wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,209!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,393!* Now, it’s worth noting Stock Advisor’s total average return is 964% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 14, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Wheaton Precious Metals (WPM) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Wheaton Precious Metals Corp. WPM reported adjusted earnings of $1.19 per share for second-quarter 2026, beating the Zacks Consensus Estimate of $1.15 by 3.48%. Adjusted earnings per share increased 89.7% year over year. Revenues rose 84.7% year over year to $929 million and surpassed the consensus estimate of $877 million by 5.98%. Revenue growth reflected a 61% increase in the average realized gold-equivalent price and a 14% rise in gold-equivalent ounces (GEOs) sold. The company sold 209,115 GEOs in the quarter, up 14.4% from the year-ago period. Gold contributed 46% to quarterly revenues, while silver accounted for 52%. Palladium represented 0.3% and cobalt contributed 2%. In second-quarter 2026, the average realized gold price was $4,452 per ounce, up 34.2% from the year-ago quarter. Silver prices were $73.41 per ounce, increasing 115.6% year over year. Palladium prices rose 43.5% from the prior-year quarter to $1,429 per ounce. Cobalt prices increased 50.2% year over year to $27.93 per pound. Wheaton Precious Metals Corp. price-consensus-eps-surprise-chart | Wheaton Precious Metals Corp. Quote Gold production in the second quarter was 90,434 ounces, down 2.6% year over year. The figure missed our gold production projection of 98,995 ounces for the quarter. Silver production rose 14.5% year over year to 6.4 million ounces, which came in higher than our estimate of 5.9 million ounces. Attributable gold-equivalent production in the quarter was 202,229 ounces, up 6.3% from the prior-year quarter’s output of 190,179 ounces. Our projection was 201,920 ounces. The total cost of sales increased 60.7% year over year to around $241 million in the second quarter. Gross profit rose 94.8% to $688 million. The gross margin was 74% in the reported quarter compared with 70.2% in the prior-year quarter.General and administrative expenses increased 2.8% year over year to $11 million. Earnings from operations were $667 million, up 102.3% from the $330 million reported in the prior-year quarter.Average cash costs in the second quarter of 2026 were $568 per GEO, up from $406 in the year-ago quarter. The cash operating margin increased 65% year over year to $3,875 per GEO sold due to a higher realized price per ounce. WPM had $0.1 billion in cash in hand at the end of second-quarter 2026 compared with $1.15 billion at the end of 2025. The company reported an operating cash flow of $649.5 million in the second quarter of 2026 compared with $415 million in the year-ago quarter. WPM maintained its 2026 production guidance of 860,000-940,000 GEOs. The outlook includes 400,000-430,000 ounces of gold, 27-29 million ounces of silver and 19,000-21,000 GEOs of other metals. The company expects production to be weighted to the second half, helped by mine sequencing at Salobo and Peñasquito, the full Antamina contribution, and continued ramp-up of newer assets.The development pipeline also continues to advance. Blackwater's Phase 1A expansion was 57% complete at the end of the quarter and remains scheduled for commissioning in the fourth quarter of 2026. Koné targets first gold in late fourth-quarter 2026, while Platreef expects commercial production in the fourth quarter. WPM continues to forecast production of 1.2 million GEOs by 2030. WPM shares have gained 38.5% in the past year compared with the industry’s 48.9% growth. Image Source: Zacks Investment Research Wheaton Precious currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Kinross Gold Corporation KGC reported adjusted earnings of 71 cents per share for the second quarter of 2026, surging 61.4% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 66 cents by 7.6%.Kinross Gold’s revenues increased 29.5% year over year to $2.2 billion but missed the consensus estimate of $2.3 billion by 2%. Agnico Eagle Mines Limited AEM posted second-quarter 2026 earnings of $3.05 per share, up 57.2% from $1.94 a year ago. The figure surpassed the Zacks Consensus Estimate of $2.89. Agnico Eagle Mines generated revenues of $3,802.8 million, up 35% year over year. The top line missed the Zacks Consensus Estimate of $3,863.2 million.Newmont Corporation NEM reported second-quarter 2026 adjusted earnings of $2.10 per share, up 46.9% from $1.43 in the prior-year quarter. The figure topped the Zacks Consensus Estimate of $2.05.  Newmont’s revenues for the second quarter were $6.12 billion, up 15.1% from the prior-year quarter. The figure missed the Zacks Consensus Estimate of $6.35 billion. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wheaton Precious Metals Corp. (WPM) : Free Stock Analysis Report Newmont Corporation (NEM) : Free Stock Analysis Report Kinross Gold Corporation (KGC) : Free Stock Analysis Report Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Wheaton Precious Metals Corp. WPM used its Q2 2026 earnings call to reinforce that production remains weighted to the second half, with mine sequencing and a fuller Antamina contribution expected to matter more than new ramp-ups. Management also stressed financial flexibility after funding Antamina, while analyst questions centered on sales timing, silver grades, deal capacity and long-term growth. Haytham Hodaly, president and chief executive officer, said the first half delivered records across production, sales volumes, revenue, earnings and cash flow. Wesley Carson, vice president of operations, maintained 2026 production guidance of 860,000 to 940,000 gold equivalent ounces, or GEOs. Q2 production was 202,000 GEOs, up 6% year over year. A UBS analyst asked what would drive the second-half increase. Carson, operations vice president, said ramping assets represent only about 3% of annual production, with mine sequencing at Salobo and Peñasquito and the full Antamina stream contribution doing most of the work. Vincent Lau, senior vice president and chief financial officer, said Q2 sales reached 209,000 GEOs, above production as Wheaton drew down ounces produced but not yet delivered, or PBND. A Scotiabank analyst pressed on second-half sales. Lau, CFO, said PBND at roughly 158,000 GEOs, or 2.6 months of payable production, was more likely to stay flat or rise modestly toward year-end.Reported revenue of $929.2 million exceeded the Zacks Consensus Estimate of $876.78 million, while reported EPS of $1.19 topped the $1.15 consensus. Wheaton Precious Metals Corp. price-consensus-eps-surprise-chart | Wheaton Precious Metals Corp. Quote Carson, operations vice president, said Antamina produced 2.3 million attributable silver ounces in Q2, up 56% year over year, helped by the BHP stream that increased Wheaton's silver share to 67.5%. A CIBC analyst asked whether lower silver grades reflected commodity-price-driven feed choices. Carson, operations vice president, said pit sequencing, not selective processing, drove the result and pointed to more silver-rich ore ahead.Carson, operations vice president, expects higher silver grades later in 2026 and over the following 12 to 18 months. Lau, CFO, said there were no impairment indicators for the BHP stream and the asset was performing as expected. Hodaly, CEO, said Wheaton had about $2.6 billion of unused capacity and was generating more than $200 million of free cash flow per month, leaving room for accretive transactions. Neil Burns, vice president of corporate development, said softer equity markets had increased opportunities among smaller companies. He described the pipeline as weighted toward gold, with many transactions in the $200 million to $500 million range. A Scotiabank analyst asked about larger opportunities. Hodaly, CEO, said most remain below $500 million, but occasional $1 billion to $2 billion deals could emerge sooner, while large copper financing needs are further out. Carson, operations vice president, highlighted progress at Blackwater, Kurmuk and Koné. Blackwater's Phase 1A expansion remained on schedule for Q4 2026 commissioning, while Kurmuk was expected to start operations in August and Koné targeted first gold in Q4. Hodaly, CEO, emphasized that Wheaton's growth does not depend on additional transactions. Management continues to project approximately 50% growth to 1.2 million GEOs by 2030. A Bloomberg Intelligence analyst asked whether the 2030 outlook now carried upside. Hodaly, CEO, kept the forecast unchanged, saying Wheaton would stick with 1.2 million GEOs until additional transactions are completed. Hodaly, CEO, closed with an emphasis on disciplined capital deployment, long-life precious-metal streams and portfolio diversification while balancing debt repayment with existing commitments and new opportunities.The call framed the second-half production step-up around established mines and Antamina rather than a large contribution from newer projects, keeping execution at core assets central to the 2026 outlook. WPM carries a Zacks Rank #3 (Hold), indicating a more neutral earnings estimate-revision outlook. Under the Zacks framework, stocks with a Zacks Rank #3 can still be held, while Style Scores help distinguish their value, growth and momentum characteristics. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. The stock has a Growth Score of A, Value Score of D, Momentum Score of C and VGM Score of C. The mix points to stronger growth characteristics than value or momentum, while the VGM Score remains outside the A-or-B range. The Zacks Rank can change as analysts revise estimates following the latest results. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wheaton Precious Metals Corp. (WPM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Wheaton Precious Metals Corp.? Here are five stocks we like better. Record financial performance: Wheaton reported second-quarter revenue of $929 million, up 85% year over year, while net earnings rose 86% to $543 million and operating cash flow increased 57% to $650 million. First-half production reached 415,000 gold equivalent ounces, keeping the company on track for its 860,000–940,000 GEO full-year guidance. Antamina expands production exposure: The completed $4.3 billion BHP silver-stream transaction doubled Wheaton’s share of Antamina’s silver production to 67.5%, with attributable silver output up about 56% year over year. The company also invested in projects including Koné, Spanish Mountain, Jervois and Cipango. Growth and deal capacity remain strong: Wheaton ended the quarter with approximately $2.6 billion in available liquidity and more than $200 million in monthly free cash flow, supporting further acquisitions while reducing debt. Management maintained its target of roughly 1.2 million GEOs of annual production by 2030, about 50% above current levels. Gold and Silver Recovery—3 Precious Metals Stocks for H2 2026 Wheaton Precious Metals (NYSE:WPM) reported record results for the first half of 2026, supported by higher commodity prices, increased sales volumes and contributions from recently added streams and ramping operations. President and Chief Executive Officer Haytham Hodaly said the company recorded first-half highs in production, sales volumes, revenue, earnings and operating cash flow. Wheaton produced 415,000 gold equivalent ounces, or GEOs, during the first six months of the year and sold 390,000 GEOs, positioning it to meet its full-year production guidance of 860,000 to 940,000 GEOs. → No Hangover: Revisiting Microsoft One Week After Earnings 3 Multi-Metal Stocks for Income and Long-Term Growth Second-quarter production totaled 202,000 GEOs, up 6% from a year earlier, while sales volumes increased 14% to 209,000 GEOs. Chief Financial Officer Vincent Lau said sales exceeded production because the company delivered ounces that had been produced but not yet delivered in prior periods. Record quarterly revenue reached $929 million, an 85% increase from the prior-year period. Lau attributed the gain primarily to a 61% increase in the average realized gold equivalent price and higher sales volumes. Gold accounted for 46% of quarterly revenue, silver represented 52%, and cobalt and palladium made up the remainder. → MarketBeat Week in Review – 08/03 - 08/07 3 Contrarian "Buy the Dip" Picks—and One Area to Avoid Net earnings rose 86% year over year to $543 million, while operating cash flow increased 57% to $650 million. At the end of the quarter, Wheaton had a produced-but-not-yet-delivered balance of about 158,000 GEOs, equal to 2.6 months of payable production and within its stated 2.5- to 3.5-month range. Lau said the company expects production and sales to be relatively close in the second half, although the produced-but-not-yet-delivered balance could be flat or rise modestly by year-end. → Why the Landlord of the AI Boom Could Outlast the Chipmakers The quarter included the closing of Wheaton’s $4.3 billion silver stream transaction with BHP at the Antamina mine. Hodaly described the deal as the largest precious-metals streaming transaction completed to date. The agreement increased Wheaton’s share of silver production at Antamina from 33.75% to 67.5%, effective April 1. Antamina produced 2.3 million attributable silver ounces during the quarter, up about 56% from the year-earlier period. Vice President of Mining Operations Wes Carson said the increased ownership share was partly offset by lower silver grades and the timing of maintenance. A scheduled July shutdown was moved into June, while mine sequencing resulted in more copper-only ore being processed than copper-zinc ore, which contains more silver. Carson said Antamina is expected to process more copper-zinc ore in the third quarter, supporting higher silver grades. He added that higher-grade material associated with the area around the mine’s former primary crusher is expected to contribute over the next 12 to 18 months. Wheaton also made several other investments during the quarter, including $156 million for the Koné project, $23 million for a Spanish Mountain royalty, $16 million for the Jervois gold and silver stream in Australia, and $4.5 million for the Cipango royalty in Japan. The Jervois transaction marked Wheaton’s first stream in Australia. Hodaly said the Spanish Mountain and Cipango royalties include rights of first refusal on future financings. He said the company views those rights as a way to secure a future opportunity to finance projects rather than as royalty investments alone. At Salobo, attributable gold production declined about 11% from the prior year to 62,100 ounces, primarily due to lower grades. Carson said Vale Base Metals identified coarse particle flotation as a key near-term growth driver, supporting the Salobo III expansion and a targeted throughput rate of 42 million tonnes annually by 2029. Blackwater produced 100,000 attributable silver ounces and 5,900 attributable gold ounces, increases of 7% and 46%, respectively. Artemis Gold reported that Blackwater’s Phase 1A expansion was 57% complete at the end of the second quarter and remained on schedule for commissioning in the fourth quarter. The expansion is expected to begin contributing to production in 2027. Several assets continued to ramp up during the quarter, including Mineral Park, Fenix, Platreef and Goose. Construction also progressed at Kurmuk and Koné. Allied Gold expects operations at Kurmuk to begin in August, with first gold ore following a few weeks later, while Montage Gold expects first gold ore at Koné through its oxide circuit in the fourth quarter. Carson said the company’s expected second-half production increase will be driven primarily by mine sequencing at Salobo and Peñasquito, the full contribution from the BHP Antamina stream and the ramp-up of newer operating assets. Ramp-up assets are expected to account for about 3% of full-year production, he said. Wheaton ended the quarter with approximately $100 million in cash and net debt of about $1.9 billion, down from roughly $2.1 billion immediately after the Antamina funding in April. The company expanded its revolving credit facility by $500 million to $2.5 billion and extended its maturity to June 30, 2031. Including a $500 million accordion feature and cash on hand, Lau said available liquidity totaled about $2.6 billion. Hodaly said Wheaton is generating more than $200 million of free cash flow per month and remains able to pursue accretive deals while repaying debt. Corporate Development Vice President Neil Burns said opportunities from smaller companies had increased somewhat after lower metal prices contributed to softer equity markets. Management said most near-term opportunities remain in the $200 million to $500 million range and are weighted toward gold, though certain potential transactions could exceed $1 billion. Hodaly said large copper financing opportunities are more likely to emerge over a three- to eight-year period, rather than within the next one or two years. Looking further ahead, Wheaton maintained its forecast for annual production to reach approximately 1.2 million GEOs by 2030, representing growth of about 50% from current levels. Management said the forecast is based on projects that are permitted and financed, with all but three already under construction. Wheaton Precious Metals Corp. is a Canada-based precious metals streaming company that acquires and manages long-term purchase agreements for metals produced by mining companies. Rather than operating mines, Wheaton provides upfront and ongoing financing to miners in exchange for the right to purchase a portion of the metals produced — typically silver and gold, and occasionally other precious metals — at predetermined prices. This streaming business model offers investors exposure to metal production with reduced operating and capital-cost risk compared with traditional mining companies. The company's activities center on structuring and maintaining a diversified portfolio of streaming agreements across multiple jurisdictions. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Wheaton Precious Metals Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Revenue: Record quarterly revenue of $929 million, an 85% increase year-over-year. Net Earnings: Increased 86% from the prior year to $543 million. Operating Cash Flow: Totaled $650 million, a 57% increase from last year. Production: Q2 production was 202,000 gold equivalent ounces (GEOs), a 6% year-over-year increase. Sales Volumes: 209,000 GEOs, a 14% increase from last year. Average Realized Gold Equivalent Price: Increased 61% year-over-year. Revenue Split: 46% from gold, 52% from silver, and the remainder from cobalt and palladium. Cash Position: $100 million in cash on hand at quarter end. Net Debt: Approximately $1.9 billion, a reduction from the pro forma net debt position of approximately $2.1 billion immediately following the Antamina funding. Dividends: Two dividend payments totaling $171 million during the quarter. Warning! GuruFocus has detected 3 Warning Signs with PBR. Is WPM fairly valued? Test your thesis with our free DCF calculator. Release Date: August 07, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record first-half 2026 performance with record production of 415,000 gold equivalent ounces (GEOs) and record sales volumes of 390,000 GEOs. Closed the Antamina silver stream with BHP, the largest precious metals streaming transaction ever completed, significantly increasing silver exposure. Strong balance sheet with $2.6 billion in available liquidity, providing ample flexibility to fund commitments and pursue future accretive acquisitions. Industry-leading organic growth profile of approximately 50% by 2030, targeting 1.2 million GEOs, supported by multiple development projects advancing on schedule. Diversified portfolio expansion with first-ever streaming transaction in Australia (Jervis project) and new royalty acquisitions (Spanish Mountain, Chipango) with right of first refusal options. Production at Salobo decreased approximately 11% year-over-year due to lower grades. Antamina silver production was impacted by lower silver grades due to pit sequencing, with a greater portion of copper-only ore processed. Net debt position of approximately $1.9 billion following the Antamina acquisition, requiring debt repayment over the coming period. Made a first global minimum tax payment of $109 million, impacting cash flow. Larger copper-related streaming opportunities are not imminent, with significant deals potentially 3 to 8 years away. Q: Can you provide a bridge into the second half of the year, detailing how much of the production uplift is expected from new assets coming online versus mine sequencing?A: Wes Carson, Vice President of Operations, stated that mine sequencing is the primary driver of the production ramp-up in the second half. The new assets coming online only account for about 3% of total annual production. The main factors are the full contribution from the Antamina stream and shifts in mine sequencing, particularly at Salobo and Penasquito. Q: With the company digesting the Antamina acquisition and moving to a net debt position, what is your appetite for new deals? Has the pullback in asset values made the pipeline more active, and are you seeing opportunities in third-party royalties or the copper project pipeline?A: CEO Haytham Hodaly noted the company has ~$2.6 billion in unused capacity and generates over $200 million in monthly free cash flow, allowing continued transactions. He clarified that recent royalty deals are strategic, providing Right of First Refusal (ROFR) on future financings. Neil Burns, VP of Corporate Development, added that the moderation in metal prices has led to an uptick in opportunities from smaller companies facing a tougher financing environment, with the deal mix still weighted toward gold in the $200 million to $500 million range. Q: Given the stronger production expected in the second half, how should we think about sales volumes relative to production?A: CFO Vincent Lau explained that the Produced But Not Delivered (PBND) balance drives the relationship. At the end of Q2, it was at 2.6 months, within the typical 2.5 to 3.5-month range. He forecasts that the PBND will likely be flat or rise slightly towards year-end, suggesting that production and sales volumes should be close to each other in the second half. Q: Are the large, >$1 billion opportunities further out in the future, and are you seeing any changes to the structure of deals in the $200 to $500 million range?A: Haytham Hodaly confirmed that the larger copper opportunities are 3 to 8 years out, but there are other opportunities in the pipeline that could exceed $1 billion, potentially up to $2 billion, primarily focused on gold. Regarding deal structure, he noted the company is providing more comprehensive financing packages, including working capital facilities and equity where needed, to create win-win transactions without diluting existing shareholders. Q: Given the industry-wide challenges with contractor quality, what are you doing internally to beef up your technical expertise?A: Haytham Hodaly stated that the company is expanding its internal team, adding two to three people over the next few months to the engineering and operations teams. The team consists of mining, geological, processing, civil, and geotechnical engineers, and they have not used an external consultant in at least a couple of years. Neil Burns added that the majority of opportunity reviews are done internally. Q: Regarding Antamina, was the Q2 production impact due to a preference for copper-only concentrate based on prices, and how much visibility do you have on the higher silver grades returning?A: Wes Carson clarified that the ore mix is driven purely by pit sequencing, not commodity prices. The higher silver grades are associated with copper-zinc ore in a specific area of the pit, which has taken longer to reach than expected. He confirmed they expect to see these higher silver grades come in later in the year and continue over the next 12 to 18 months. Q: With silver prices lower than when the Antamina acquisition was transacted, are there any concerns about potential write-downs on the stream?A: CFO Vincent Lau explained that from an accounting perspective, the Glencore and BHP streams are separate Cash Generating Units (CGUs) and must be assessed separately. However, he stated that the long-term value of the stream was not based on spot prices at the time of the transaction, and with strong long-term silver fundamentals and the asset performing as expected, there are no indicators of impairment. Q: Can you provide more detail on the investments in Japan, specifically the Chapango royalty, and how you view Japan as a mining jurisdiction?A: Neil Burns, VP of Corporate Development, explained that Japan is uniquely positioned geologically along plate margins with great potential for ore bodies, but is extremely underexplored due to a historical shift away from mining. The Chapango royalty covers 16 projects in the country, providing significant optionality on discovery. Q: Regarding the early deposit projects like Toroparo and Cotabambas, how do the payment structures work, and do you expect to pay them sooner than the post-2030 timeline?A: Haytham Hodaly explained that the payments are staged based on project completion levels, with the majority of capital deployed as projects are de-risked. CFO Vincent Lau added that no capital is provided until a project is permitted and in construction, which allows for a higher ROI. Wes Carson noted that both projects are currently outside the 10-year guidance, but they are monitoring their progress closely. Q: Is there a bias towards the 1.2 million GEOs by 2030 outlook being more positive, and should we expect a refresher in the near term?A: Haytham Hodaly stated that the 1.2 million GEO forecast is based on projects that are permitted, financed, and in construction or expected to start construction within the next 12 months. He believes the forecast is conservative given the company's continued cash flow generation and capital deployment into accretive transactions, but they will stick with the $1.2 million forecast until new deals are completed. Q: Have there been any discussions with Equinox regarding the Los Filos stream, which is due to expire in 2029, given the land rights resolution and plans for a sizable development?A: Wes Carson stated that there have been no significant discussions regarding Los Filos, as it is a very small stream in the portfolio. However, he noted that Wheaton is willing to help if Equinox requires assistance moving forward with the sulfide plant, but no significant discussions have occurred to date. Haytham Hodaly added that this is one of only two assets in the portfolio with a finite date, as it was an early structured transaction. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved record first-half production and sales volumes, driven by the successful integration of the expanded Antamina silver stream and ramp-ups at newly operating assets. Completed the largest precious metal streaming transaction in industry history with BHP for the Antamina silver stream, doubling the company's share of silver production at the asset. Diversified geographic reach through the first-ever Australian streaming transaction on the Jervois project, emphasizing a disciplined approach to stable jurisdictions. Utilized strategic royalty acquisitions with rights of first refusal (ROFRs) to secure future financing optionality on development-stage projects without immediate capital intensity. Maintained a resilient business model that effectively navigated commodity price volatility and industry-wide cost pressures through high-quality, low-risk asset exposure. Leveraged a robust balance sheet and strong operating cash flows to reduce net debt by approximately $200 million within the quarter following the major Antamina funding. Reiterated 2026 production guidance of 860,000 to 940,000 gold equivalent ounces (GEOs), with output expected to be weighted toward the second half of the year. Projected an industry-leading organic growth profile of 50% by 2030, reaching 1.2 million GEOs based on existing assets currently in construction or optimization. Anticipated higher silver grades at Antamina over the next 12 to 18 months as pit sequencing moves into copper-bornite and copper-zinc ore zones. Expected revenue mix to shift increasingly toward gold as new gold-dominant development projects, such as Blackwater and Goose, continue their ramp-up phases. Maintained a focus on a $200 million to $500 million deal pipeline, while noting the capacity to pursue larger $1 billion to $2 billion opportunities in the gold sector. Recorded a first-ever global minimum tax payment of $109 million related to the 2024 taxation year. Upsized the revolving credit facility by $500 million to $2.5 billion, extending maturity to 2031 to enhance long-term financial flexibility. Identified pit sequencing at Salobo and Antamina as the primary driver for lower year-over-year grades in the second quarter, rather than structural operational issues. Confirmed no indicators of impairment for the BHP Antamina stream despite silver price volatility, citing long-term fundamental value and asset performance. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that the second-half increase is primarily driven by mine sequencing at Salobo and Penasquito rather than new asset ramp-ups. The full quarterly contribution from the new BHP Antamina stream will also be a significant factor in the volume uplift. Management explained that royalties are being used as a strategic tool to secure 'last look' rights via ROFRs on future financing opportunities. This approach allows Wheaton to lock in potential future streams on projects as they become derisked and move toward construction. Large porphyry copper projects requiring significant funding are viewed as 3- to 8-year opportunities rather than imminent transactions. The current active pipeline is weighted toward gold projects in the $200 million to $500 million range, though $1 billion+ deals remain possible. Payments for early deposit streams are staged based on construction milestones and are only triggered once projects are permitted and fully financed. This structure is designed to achieve higher returns on capital by avoiding deployment during the high-risk exploration and permitting phases.

For the quarter ended June 2026, Wheaton Precious Metals Corp. (WPM) reported revenue of $929.2 million, up 84.7% over the same period last year. EPS came in at $1.19, compared to $0.63 in the year-ago quarter. The reported revenue represents a surprise of +5.98% over the Zacks Consensus Estimate of $876.78 million. With the consensus EPS estimate being $1.15, the EPS surprise was +3.48%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Wheaton Precious Metals performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Units Produced - GEOs produced: 202.23 Oz versus 218.06 Oz estimated by two analysts on average. Average Realized Price Per Unit - Silver: $73.4 per ounce compared to the $80.5 per ounce average estimate based on two analysts. Average Realized Price Per Unit - Gold: $4452 per ounce compared to the $4717.1 per ounce average estimate based on two analysts. Sales- Gold: $427.79 million versus $451.58 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +30.3% change. Sales- Silver: $478.76 million versus the two-analyst average estimate of $383.04 million. The reported number represents a year-over-year change of +188.9%. Sales- Palladium: $2.96 million versus $3.56 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +15.3% change. Sales- Cobalt: $19.7 million compared to the $14.51 million average estimate based on two analysts. The reported number represents a change of +200.3% year over year. Sales- Gold- Sudbury: $19.89 million compared to the $27.61 million average estimate based on two analysts. The reported number represents a change of +107.3% year over year. Sales- Silver- Constancia: $33.06 million versus $25.47 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +56.4% change. Sales- Gold- Constancia: $13.31 million versus the two-analyst average estimate of $6.49 million. The reported number represents a year-over-year change of -41.2%. Sales- Gold- Stillwater: $5.68 million versus $6.36 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +23.6% change. Sales- Silver- Pe?asquito: $198.79 million versus $136.64 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +178.2% change. View all Key Company Metrics for Wheaton Precious Metals here>>> Shares of Wheaton Precious Metals have returned +14.2% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wheaton Precious Metals Corp. (WPM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

VANCOUVER, BC, Aug. 6, 2026 /CNW/ -- Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce that its Board of Directors has declared its third quarterly cash dividend payment for 2026 of US$0.195 per common share, an 18% increase from the third quarterly cash dividend declared in 2025. The third quarterly cash dividend for 2026 will be paid to holders of record of Wheaton common shares as of the close of business on August 20, 2026, and will be distributed on or about September 3, 2026. The ex-dividend trading date is August 20, 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 to download multimedia:https://www.prnewswire.com/news-releases/dividend-declaration---wheaton-precious-metals-announces-quarterly-dividend-302845411.html View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2026/06/c2585.html

VANCOUVER, BC, Aug. 6, 2026 /CNW/ -- Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce that its Board of Directors has declared its third quarterly cash dividend payment for 2026 of US$0.195 per common share, an 18% increase from the third quarterly cash dividend declared in 2025. The third quarterly cash dividend for 2026 will be paid to holders of record of Wheaton common shares as of the close of business on August 20, 2026, and will be distributed on or about September 3, 2026. The ex-dividend trading date is August 20, 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 to download multimedia:https://www.prnewswire.com/news-releases/dividend-declaration---wheaton-precious-metals-announces-quarterly-dividend-302845411.html

SECOND QUARTER FINANCIAL RESULTS VANCOUVER, BC, Aug. 6, 2026 /CNW/ -- "Wheaton delivered another strong quarter, with solid production across the portfolio driving record year-to-date production, sales volumes, revenue, earnings and cash flow," said Haytham Hodaly, President and Chief Executive Officer of Wheaton Precious Metals. "In an environment marked by commodity price volatility and cost pressures, our robust margins and cash flow generation underscore the strength of the streaming model. Our financial position provides significant flexibility to pursue accretive streaming opportunities while continuing to advance one of the strongest growth profiles in the industry. Backed by a diversified portfolio of high-quality assets and a compelling pipeline of growth, we believe we are well positioned to deliver long-term value for all stakeholders." Record Financial Performance and Strong Balance Sheet Q2 2026: A record $929 million in revenue, $543 million in net earnings and $650 million in operating cash flow. First half of 2026: A record $1.8 billion in revenue, record $1.1 billion in net earnings and record $1.4 billion in operating cash flow. Declared a quarterly dividend1 of $0.195 per common share and made two quarterly dividend payments totaling $177 million. Balance Sheet: Cash balance of $100 million and debt outstanding totaling $2.0 billion, resulting in total net debt of $1.9 billion. High Quality Asset Base Streaming and royalty agreements on 22 operating mines, 20 development projects and 15 exploration & other stage projects, totaling 57 assets5. Delivered attributable gold equivalent production3 ("GEOs") of 202,200 ounces in the second quarter of 2026, a 6% increase relative to the comparable period of the prior year primarily due to the acquisition of the precious metals purchase agreement ("PMPA") with BHP Group Limited ("BHP") for its 33.75% portion of the silver produced at Antamina (the "BHP Antamina PMPA"), in addition to the continued realization of the Company's growth strategy with production from Hemlo, Fenix, Platreef and Goose. Further de-risking of industry leading forecast growth profile with advancement of construction activities at a number of development projects, including Mineral Park, Platreef, Fenix, El Domo, Kurmuk, and Koné. 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. 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. On June 4, 2026, the Company entered into a Royalty agreement with Cipango Limited ("Cipango") for a 1.5% net smelter returns royalty covering seven mineral exploration properties located in Japan. 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. Recognized by Corporate Knights' annual Best 50 Corporate Citizens in Canada. Published annual Sustainability Report highlighting our commitment to responsible business practices and sustainability. Operational Overview Financial Review RevenuesRevenue in Q2 2026 was $929 million (46% gold, 52% silver, 0.3% palladium and 2% cobalt), with the $426 million increase relative to the prior period quarter being primarily due to a 61% increase in the average realized gold equivalent³ price; and a 14% increase in the number of GEOs³ sold. Revenue was $1.8 billion (49% gold, 49% silver, 0.4% palladium and 2% cobalt) during the six months ended June 30, 2026, with the $857 million increase from the comparable period of the previous year due primarily to a 78% increase in the average realized gold equivalent³ price; and a 5% increase in the number of GEOs³ sold. Cash Costs and MarginAverage cash costs¹ in Q2 2026 were $568 per GEO³ as compared to $406 in Q2 2025. This resulted in a cash operating margin¹ of $3,875 per GEO³ sold, an increase of 65% as compared with the second quarter of 2025, a result of the higher realized price per ounce. 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 for the six months ended June 30, 2026, were $621 per GEO³ as compared to $399 in the comparable period of the previous year. This resulted in a cash operating margin¹ of $4,063 per GEO³ sold, an 83% increase from comparable period of the previous year, a result of the higher realized price per ounce. Cash Flow from OperationsOperating cash flow in Q2 2026 amounted to $650 million, with the $235 million increase from the comparable period of the prior year being due primarily to higher gross margin. Operating cash flows for the six months ended June 30, 2026, amounted to $1.4 billion, with the $640 million increase from the comparable period of the previous year being due primarily to higher gross margin. Produced But Not Yet DeliveredAs at June 30, 2026, approximately 157,600 GEOs3 were produced but not yet delivered ("PBND") representing approximately 2.6 months of payable production, consistent with the preceding four quarters and within our guided range of two and a half to three and a half months. Balance Sheet (at June 30, 2026) On April 1, 2026, the Company drew down on its new $1.5 billion non-revolving credit facility (the "Term Loan") with a two-year term. Proceeds from the Term Loan, together with a draw on the Company's Revolving Credit Facility and cash on hand, were used to fund the BHP Antamina PMPA. During Q2 2026, the Company increased its existing Revolving Credit Facility by $500 million to $2.5 billion and extended its maturity by one year to June 30, 2031. As at June 30, 2026, the Company had approximately $100 million of cash on hand and $2.0 billion outstanding under the Company's Term Loan and its Revolving Credit Facility. During Q2 2026, the Company made net upfront cash payments of $4.5 billion relative to the mineral stream interests consisting of: Subsequent to the quarter, the Company made an additional upfront cash payment of $43.875 million relative to the El Domo mineral stream interest. Second Quarter Operating Asset Highlights Salobo: In Q2 2026, Salobo produced 62,100 ounces of attributable gold, a decrease of 11% relative to Q2 2025, primarily the result of lower grades. Antamina: In Q2 2026, Antamina produced 2.3 million ounces of attributable silver, an increase of 56% relative to Q2 2025. The increase was primarily driven by the newly acquired BHP Antamina PMPA, which increased the Company's share of silver production at Antamina from 33.75% to 67.5%, effective April 1, 2026. The benefit of the increased production share was partially offset by lower silver grades and the timing of planned maintenance, as a scheduled July maintenance shutdown was advanced into June. Lower grades were attributable to pit sequencing, with a greater proportion of copper-only ore processed during the quarter relative to copper-zinc ore, which contains more silver. Peñasquito: In Q2 2026, Peñasquito produced 1.8 million ounces of attributable silver, a decrease of 14% relative to Q2 2025, primarily the result of lower grades and recoveries resulting from planned mine sequencing, partially offset by higher throughput. Constancia: In Q2 2026, Constancia produced 0.6 million ounces of attributable silver and 3,000 ounces of attributable gold, an increase of 2% for silver production and a decrease of 35% for gold production relative to Q2 2025. The lower gold production was the result of lower grades and recoveries, as mining activities in the higher-gold grade Pampacancha pit were completed during Q4 2025, and the remaining stockpiled Pampacancha ore was fully processed during January 2026. On July 2, 2026, Hudbay announced that it had received approval from the National Environmental Certification Service for Sustainable Investments in Perú ("SENACE") to amend its environmental permit and further increase annual mill processing capacity at Constancia. The amended permit increases the processing capacity of the Constancia mill to 34 million tonnes of ore per annum from 31 million tonnes per annum. Hudbay states that the environmental permit amendment also approves further optimization of the mine plan, extends the operational life of Constancia, and incorporates the implementation of additional infrastructure to improve tailings transport infrastructure and water management systems. Stillwater: In Q2 2026, the Stillwater mines produced 1,400 ounces of attributable gold and 2,500 ounces of attributable palladium, a decrease of 14% for gold and an increase of 3% for palladium relative to Q2 2025. The decrease in gold production was primarily a result of lower recoveries, partially offset by higher throughput, while the increase in palladium production was primarily a result of higher throughput. Blackwater: In Q2 2026, Blackwater produced 0.1 million ounces of attributable silver and 5,900 ounces of attributable gold, an increase of 7% and 46%, respectively, relative to Q2 2025, primarily the result of higher recoveries, grades and throughput. On August 4, 2026, Artemis Gold Inc. ("Artemis Gold") provided an update on the Phase 1A expansion at Blackwater, which is anticipated to increase the plant's nameplate capacity by 33%, from 6 to 8 million tonnes per annum. Artemis Gold reported that Phase 1A was 57% complete at the end of Q2 2026 and remains on schedule for commissioning in Q4 2026, with the expansion expected to contribute to production beginning in 2027. Further, Artemis Gold reported that the early works program for EP2 is nearing completion, with the first concrete pour for the ball mill foundations completed ahead of schedule. EP2 represents a significant addition to processing plant capacity above Phase 1A, and once complete, Phase 1A and EP2 are expected to expand throughput capacity to 250%, from the existing 6 Mtpa to 21 Mtpa by Q4 2028. Voisey's Bay: In Q2 2026, the Voisey's Bay mine produced 796,000 pounds of attributable cobalt, an increase of 23% relative to Q2 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 Q2 2026, total Other Gold attributable production was 5,900 ounces, an increase of 667% relative to Q2 2025 due to the addition of attributable production from the Fenix, Hemlo and Goose mines. Notable operational updates for assets included within 'Other Gold' include: Marmato: On July 29, 2026, Aris Mining ("Aris") reported that underground access connecting the Bulk Mining Zone to the new plant area is complete, with SAG and ball mills on site, and mechanical installation underway. Construction of the 5,000 tpd CIP plant continues to advance toward first gold and is on schedule for Q4 2026. Aris plans to exit 2026 operating the new CIP plant at approximately 3,000 tpd, before ramping up through 2027 to approximately 4,000 tpd by mid-2027 and the full 5,000 tpd design capacity by the end of 2027, following commissioning of the paste backfill plant. Hemlo: On July 20, 2026, Hemlo Mining Corp. ("Hemlo Mining") announced that gold production in Q2 2026 was lower than Q1 2026, reflecting a strategic refinement to the mining sequence. During the quarter, portions of the operation transitioned from a top-down to a bottom-up mining approach to reduce waste handling and improve long-term mining efficiency, resulting in delayed access to certain higher-grade stopes. Hemlo Mining expects higher production in future quarters as newly developed mining areas progress into the production sequence. Other Silver: In Q2 2026, total Other Silver attributable production was 1.6 million ounces, an increase of 19% relative to Q2 2025, primarily the result of the resumption of mining at Aljustrel and the commencement of production at Mineral Park, partially offset by lower production at Zinkgruvan. 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. Los Filos: On June 25, 2026, Equinox Gold Corp. ("Equinox"), announced that it has signed 20-year land access agreements with all three communities, Carrizalillo, Mezcala and Xochipala, that host its Los Filos mine. With these agreements in place, Equinox has initiated activities to support the gradual restart of heap leach operations and to advance technical studies to evaluate potential expansion opportunities. 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 Updates Mineral Park: During Q2 2026, Waterton Copper LP substantially completed the commissioning stage of the mill restart. Production is expected to increase throughout the second half of the year as operations ramp up toward the mill's 16.5 Mtpa nameplate capacity. Copper concentrate sales continued in the second quarter and molybdenum concentrate sales were initiated during this quarter. Monthly delivery of silver to Wheaton under the PMPA has occurred throughout 2026. Platreef: On July 8, 2026, Ivanhoe announced that commercial production at the Platreef mine is now expected in Q4 2026. Ivanhoe states that construction of Shaft #3 was completed on schedule in late March and commissioning was finalized in June. Shaft #3 increases Platreef's hoisting capacity fivefold and enables concurrent hoisting of stoping ore and development waste. Shaft #3 is now also hoisting development waste, as the underground infrastructure is constructed in preparation for the Phase 2 expansion, which is expected to be completed by the end of 2027. In addition, stoping of higher-grade ore within the Flatreef orebody commenced at the end of the second quarter, with mining rates expected to ramp up throughout H2 2026. Fenix: On May 15, 2026, Rio2 reported that planned tonnes and grade at its Fenix mine were not achieved during Q1 2026, though the key drivers were identified early and corrective actions have been implemented or are underway. Rio2 further states that based on current ramp-up progress, they anticipate achieving commercial production in Q4 2026. Kurmuk: On July 29, 2026, Allied Gold Corporation ("Allied") announced that the previously announced agreement with Zijin Gold International Company Limited ("Zijin Gold"), where Zijin Gold was to acquire all of the issued and outstanding shares of Allied, has been terminated. Allied states further that Zijin Gold has agreed to make a strategic investment in Allied of approximately $295 million, at a subscription price representing a premium to the current market price of Allied's common shares on the Toronto Stock Exchange. Allied also reported that development of the Kurmuk project continued to advance during the second quarter, with the start of operations expected in August and first gold pour following a few weeks thereafter. Allied states that key execution milestones continue to be met, and the project remains on budget and on schedule while advancing commissioning activities. Koné: On June 15, 2026, Montage Gold ("Montage") reported that construction of the Koné project remains on-budget and ahead of schedule with first gold pour targeted in late Q4 2026 through the oxide circuit, while the hard-rock comminution circuit remains on track for completion in Q2 2027. Montage also reported that it has significantly exceeded its target of delineating more than 1Moz of M&I Resources at a grade at least 50% higher than that of the Koné deposit and is continuing to aggressively advance exploration through the ongoing 90,000 meter drill program, with further resource updates expected throughout the year. El Domo: On July 15, 2026, Silvercorp Metals Inc. ("Silvercorp") reported that construction advanced steadily despite rainfall challenges in the period. Advancements were achieved on infrastructure, including the non-contact water channel, processing plant foundations, and the initial tailings storage facility dam. In addition, open-pit pre-stripping activities commenced and major equipment for the processing plant and water treatment facility have been procured and shipped. Silvercorp noted that it remains focused on achieving first commissioning of the operation by July 2027, in line with the project schedule. Copper World: On July 29, 2026, Hudbay reported that the Copper World definitive feasibility study ("DFS") is progressing well, with 95% of the engineering work completed, and a sanctioning decision remains on track for later in 2026. Hudbay reports the DFS is expected to include scope for future mill expansion optionality. Santo Domingo: On July 30, 2026, Capstone Copper Corp. ("Capstone") reported that detailed engineering advanced during the second 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. Kudz Ze Kayah: On July 29, 2026, BMC Minerals Ltd. ("BMC") announced that during the quarter it received 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. Toroparu: On July 29, 2026, Aris reported that the Prefeasibility Study ("PFS") remains on schedule for completion in H2 2026, supporting a construction decision targeted for early 2027. Project optimization work in support of the PFS includes updated mine scheduling, engineering studies and other activities to advance to construction readiness. Corporate Development 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 installment of $16 million made as an early deposit payment on June 16, 2026. The second installment of $16 million is also expected to be made as an early deposit payment, once certain conditions are satisfied, and is expected to be paid in Q3 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, and a $20 million payment due upon receiving approval under the Environmental Assessment Act (British Columbia) for the construction and operation of the project. Cipango: On June 4, 2026, the Company entered into a Royalty agreement with Cipango Limited ("Cipango Royalty") for a 1.5% net smelter returns royalty covering seven mineral exploration properties located in Japan for total upfront cash consideration of $7.5 million, subject to certain customary conditions. The Company also obtained a right of first refusal on any future precious metal streams, royalties, prepays or similar transactions with respect to such properties and an additional nine properties located in Japan. Sustainability Annual Sustainability ReportWheaton published its annual Sustainability report on May 20, 2026, providing a comprehensive overview of the company's sustainability performance including progress against its strategy, targets and commitments. This report is a voluntary disclosure demonstrating the Company's commitment to responsible business practices and sustainability. ESG Ratings & Awards On June 23, 2026, Wheaton was named as one of Corporate Knights' 2026 Best 50 Corporate Citizens in Canada ranking 13th overall. 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 ChallengeOn June 4, 2026, Wheaton launched the third edition of the Future of Mining Challenge focused on technologies that optimize mining operations and/or minimize land impacts. Wheaton invites cleantech innovators worldwide to participate and will accept expressions of interest until 11:59 p.m. (Pacific Time) on Friday, August 21, 2026. Community Investment Program Wheaton's Partner Community Investment Program supports initiatives with the Vale Foundation, Vale Base Metals, Hudbay, Glencore via Compañía Minera Antamina S.A., First Majestic, B2Gold, Ivanhoe Mines, Aris Mining, Rio2, Allied Gold, 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 quarter, Wheaton celebrated 10 years of partnership with Enseña Perú and Compañía Minera Antamina S.A., reflecting a shared commitment to improving the quality of education in rural communities near the Antamina mine and along the pipeline and transportation route. Through this long-standing collaboration, students have developed stronger literacy, mathematics and social-emotional skills, supporting improved educational outcomes in the region. Global Minimum Tax The 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 made a payment of $109 million (Cdn$155 million) on June 24, 2026, in respect of the 2024 fiscal year. The payment for the 2025 fiscal 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 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: Participants should dial in five to ten minutes before the 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: 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.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 Condensed Interim Consolidated Balance Sheets Condensed Interim Consolidated Statements of Cash Flows Summary of Units Produced Los Filos 6-----682926Zinkgruvan438532513688684585637537Neves-Corvo461483549431449459494425Aljustrel 7461691548195----Cozamin161165170169174174192185Marmato1088108877Mineral Park31198-----Total Other1,5621,8981,7961,4931,3151,2941,3591,180Total silver ounces produced6,4006,6706,0965,9655,5904,6855,8654,544Palladium ounces produced ²Stillwater 52,5132,5612,5192,6502,4352,6612,7974,034Platreef27530------Total palladium ounces produced2,7882,5912,5192,6502,4352,6612,7974,034Platinum ounces produced ²Platreef28140------Cobalt pounds produced ²Voisey's Bay796657670604647540393397GEOs produced 8202,229212,526236,157203,331190,179174,391218,993165,883Average payable rate 2Gold93.5 %95.3 %95.0 %94.6 %95.2 %94.9 %95.3 %95.0 %Silver86.9 %87.7 %87.4 %87.7 %87.7 %86.3 %84.6 %83.9 %Palladium97.7 %98.2 %96.9 %96.7 %97.4 %96.4 %97.5 %98.4 %Platinum80.0 %n.a.n.a.n.a.n.a.n.a.n.a.n.a.Cobalt93.3 %93.3 %93.3 %93.3 %93.3 %93.3 %93.3 %93.3 %GEOs 890.0 %91.3 %91.7 %91.2 %91.5 %91.1 %90.5 %90.0 % 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; (iv) cash operating margin; and (v) net debt. 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 the non-cash accretion of interest on the 777 PMPA refundable deposit 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). 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). 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. 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. v Net debt is calculated by subtracting cash and cash equivalents from the outstanding bank debt under the Revolving Credit Facility and the Term Loan. The Company presents net debt as management and certain investors use this information to evaluate the Company's liquidity and financial position. The following table provides a calculation of the Company's net debt. 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 Credit 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; 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, 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 Credit 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; 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 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 Credit 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; and such 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 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, 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 Notes View original content to download multimedia:https://www.prnewswire.com/news-releases/wheaton-precious-metals-announces-second-quarter-2026-results-and-record-year-to-date-production-revenue-earnings-and-cash-flow-302845435.html

Wheaton Precious Metals Corp. (WPM) came out with quarterly earnings of $1.19 per share, beating the Zacks Consensus Estimate of $1.15 per share. This compares to earnings of $0.63 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +3.48%. A quarter ago, it was expected that this company would post earnings of $1.15 per share when it actually produced earnings of $1.28, delivering a surprise of +11.3%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Wheaton Precious Metals, which belongs to the Zacks Mining - Miscellaneous industry, posted revenues of $929.2 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 5.98%. This compares to year-ago revenues of $503.22 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Wheaton Precious Metals shares have added about 4.5% since the beginning of the year versus the S&P 500's gain of 12.8%. While Wheaton Precious Metals has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Wheaton Precious Metals was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.14 on $871.31 million in revenues for the coming quarter and $4.75 on $3.63 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining - Miscellaneous is currently in the bottom 22% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Sigma Lithium Corporation (SGML), is yet to report results for the quarter ended June 2026. This company is expected to post quarterly earnings of $0.15 per share in its upcoming report, which represents a year-over-year change of +188.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Sigma Lithium Corporation's revenues are expected to be $54 million, up 219.7% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wheaton Precious Metals Corp. (WPM) : Free Stock Analysis Report Sigma Lithium Corporation (SGML) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research