Wheaton Precious Metals Announces Record Revenue and Operating Cash Flow for the Second Quarter of 2025
Wheaton Precious Metals (NYSE:WPM) reported exceptional Q2 2025 financial results, achieving record performance across key metrics. The company posted record revenue of $503 million, representing a 68.3% increase year-over-year, along with net earnings of $292 million and record operating cash flow of $415 million.
Production highlights include 158,600 gold equivalent ounces (GEOs), up 9.5% from Q2 2024, driven by stronger production at Salobo and the start of Blackwater operations. The company maintains a robust balance sheet with $1.0 billion in cash, no debt, and an extended $2 billion revolving credit facility maturing in 2030.
Notable operational milestones include commercial production at Blackwater, first gold pour at the Goose project, and successful ramp-up of the Salobo III expansion. The company declared a quarterly dividend of $0.165 per share and made total dividend payments of $150 million during the quarter.
Wheaton Precious Metals (NYSE:WPM) ha riportato risultati finanziari eccezionali nel secondo trimestre del 2025, raggiungendo performance record in tutti i principali indicatori. La società ha registrato un ricavo record di 503 milioni di dollari, con un incremento del 68,3% rispetto allo stesso periodo dell'anno precedente, insieme a utili netti di 292 milioni di dollari e un flusso di cassa operativo record di 415 milioni di dollari.
I punti salienti della produzione includono 158.600 once equivalenti d'oro (GEO), in aumento del 9,5% rispetto al secondo trimestre del 2024, grazie a una produzione più forte a Salobo e all'avvio delle operazioni di Blackwater. L'azienda mantiene un bilancio solido con 1,0 miliardi di dollari in contanti, nessun debito e una linea di credito revolving estesa di 2 miliardi di dollari con scadenza nel 2030.
Tra i traguardi operativi degni di nota vi sono la produzione commerciale a Blackwater, la prima fusione d'oro nel progetto Goose e il successo nell'incremento della capacità dell'espansione Salobo III. La società ha dichiarato un dividendo trimestrale di 0,165 dollari per azione e ha effettuato pagamenti totali di dividendi per 150 milioni di dollari durante il trimestre.
Wheaton Precious Metals (NYSE:WPM) reportó resultados financieros excepcionales en el segundo trimestre de 2025, alcanzando un rendimiento récord en los principales indicadores. La compañía registró un ingreso récord de 503 millones de dólares, lo que representa un aumento del 68,3% interanual, junto con ganancias netas de 292 millones de dólares y un flujo de caja operativo récord de 415 millones de dólares.
Los aspectos destacados de la producción incluyen 158.600 onzas equivalentes de oro (GEO), un aumento del 9,5% respecto al segundo trimestre de 2024, impulsado por una producción más fuerte en Salobo y el inicio de las operaciones en Blackwater. La compañía mantiene un balance sólido con 1.000 millones de dólares en efectivo, sin deuda y una línea de crédito revolvente ampliada de 2.000 millones de dólares que vence en 2030.
Los hitos operativos notables incluyen la producción comercial en Blackwater, el primer vertido de oro en el proyecto Goose y la exitosa puesta en marcha de la expansión Salobo III. La compañía declaró un dividendo trimestral de 0,165 dólares por acción y realizó pagos totales de dividendos por 150 millones de dólares durante el trimestre.
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생산 주요 내용으로� 158,600 골드 등가 온스(GEO)가 포함되며, 이는 2024� 2분기 대� 9.5% 증가� 수치�, Salobo� 생산 증가와 Blackwater 운영 시작� 힘입은 결과입니�. 회사� 10� 달러� 현금, 무부� 상태, 그리� 2030년에 만기가 도래하는 20� 달러 규모� 회전 신용 시설� 유지하며 견고� 재무 구조� 유지하고 있습니다.
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Wheaton Precious Metals (NYSE:WPM) a annoncé des résultats financiers exceptionnels pour le deuxième trimestre 2025, atteignant des performances record sur les principaux indicateurs. La société a enregistré un chiffre d'affaires record de 503 millions de dollars, soit une hausse de 68,3 % par rapport à l'année précédente, ainsi que un bénéfice net de 292 millions de dollars et un flux de trésorerie opérationnel record de 415 millions de dollars.
Les points forts de la production incluent 158 600 onces équivalentes or (GEO), en hausse de 9,5 % par rapport au deuxième trimestre 2024, grâce à une production renforcée à Salobo et au démarrage des opérations de Blackwater. La société maintient un bilan solide avec 1,0 milliard de dollars en liquidités, aucune dette, et une facilité de crédit renouvelable étendue de 2 milliards de dollars arrivant à échéance en 2030.
Les jalons opérationnels notables comprennent la production commerciale à Blackwater, la première coulée d'or sur le projet Goose, et la montée en puissance réussie de l'expansion Salobo III. La société a déclaré un dividende trimestriel de 0,165 dollar par action et a versé un total de 150 millions de dollars en dividendes au cours du trimestre.
Wheaton Precious Metals (NYSE:WPM) meldete herausragende Finanzergebnisse für das zweite Quartal 2025 und erreichte Rekordwerte bei den wichtigsten Kennzahlen. Das Unternehmen erzielte einen Rekordumsatz von 503 Millionen US-Dollar, was einem Anstieg von 68,3 % gegenüber dem Vorjahr entspricht, sowie Nettoeinnahmen von 292 Millionen US-Dollar und einen Rekord-Cashflow aus dem operativen Geschäft von 415 Millionen US-Dollar.
Die Produktion umfasst 158.600 Goldäquivalentunzen (GEO), ein Anstieg von 9,5 % gegenüber dem zweiten Quartal 2024, bedingt durch eine stärkere Produktion in Salobo und den Beginn der Blackwater-Operationen. Das Unternehmen verfügt über eine solide Bilanz mit 1,0 Milliarden US-Dollar in bar, keiner Verschuldung und einer verlängerten 2-Milliarden-US-Dollar revolvierenden Kreditfazilität, die bis 2030 läuft.
Zu den bemerkenswerten operativen Meilensteinen zählen die kommerzielle Produktion in Blackwater, der erste Goldguss im Goose-Projekt und die erfolgreiche Hochlaufphase der Salobo-III-Erweiterung. Das Unternehmen erklärte eine Quartalsdividende von 0,165 US-Dollar pro Aktie und zahlte im Quartal insgesamt 150 Millionen US-Dollar an Dividenden aus.
- Record Q2 revenue of $503 million, up 68.3% year-over-year
- Net earnings increased 138.9% to $292 million
- Record operating cash flow of $415 million, up 77%
- Strong balance sheet with $1.0 billion cash and no debt
- GEO production increased 9.5% to 158,600 ounces
- Cash operating margin increased 37% to $2,717 per GEO
- Successful commercial production start at Blackwater mine
- Extended $2 billion credit facility to 2030 with $500 million accordion feature
- Higher average cash costs at $470 per GEO vs $437 in Q2 2024
- Palladium production decreased 43.9% year-over-year
- Temporary disruptions at Constancia due to protests and roadblocks
- Decreased production at Stillwater mines due to care and maintenance status
Insights
Wheaton delivers exceptional Q2 with record financials, strong production growth, and strategic advancement of key development projects.
Wheaton Precious Metals has delivered an exceptional quarter with record financial results across multiple metrics. Revenue reached an all-time high of
The stellar performance stems from two primary drivers: a
The balance sheet remains exceptionally strong with
Two key development catalysts materialized during Q2: Blackwater achieved commercial production and the Goose project delivered its first gold pour. The project pipeline continues to advance with Mineral Park, Platreef, and other development projects progressing toward production. With several mines in ramp-up phase, Wheaton expects PBND (Produced But Not Delivered) inventory to remain at the higher end of its 2-3 month forecast, signaling strong future sales potential.
Operational standouts include Salobo with 69,400 ounces of attributable gold (
SECOND QUARTER FINANCIAL RESULTS
Record Financial Performance and Strong Balance Sheet
- Second quarter of 2025: A record
in revenue,$503 million in net earnings, a record$292 million in adjusted net earnings, and a record$286 million in operating cash flow.$415 million - Declared a quarterly dividend1 of
per common share and made two quarterly dividend payments totalling$0.16 5 .$150 million - Balance Sheet: Cash balance of
, no debt, and an undrawn$1.0 billion revolving credit facility as at June 30, 2025.$2 billion - Undrawn
revolving credit facility extended by an additional year with the facility now maturing on June 30, 2030.$2 billion
- Undrawn
High Quality Asset Base
- Streaming and royalty agreements on 20 operating mines and 26 development and other projects5.
83% of attributable production from assets in the lowest half of their respective cost curves2,4.- Attributable gold equivalent production3 ("GEOs") of 158,600 ounces in the second quarter of 2025, a
9.5% increase relative to the comparable period of the prior year primarily due to stronger production at Salobo coupled with the commencement of production at Blackwater. - On May 2, 2025, Artemis Gold Inc., ("Artemis Gold") announced the commencement of commercial production at its Blackwater mine, with mining operations exceeding
90% of planned tonnage, and both tonnes and grades reconciling favorably to the resource model. - On June 30, 2025, B2Gold Corp. ("B2Gold") announced the first gold pour at its Goose project, with the mill running consistently at approximately
50% of nameplate capacity as planned. - Growth profile was further de-risked as construction activities advanced at a number of development projects including Mineral Park,Platreef, Fenix, Kurmuk and Koné.
Leadership in Sustainability
- Top Rankings: One of the top-rated companies bySustainalytics, AAA rated by MSCI and Prime rated by ISS.
- Recognized among the top 10 companies on Corporate Knights' annual Best 50 Corporate Citizens in
Canada . - Published annual Sustainability Report highlighting our commitment to responsible business practices and providing a comprehensive review of Wheaton's performance in environmental, social and governance topics.
- Published annual Climate Change Report detailing how Wheaton is addressing climate change risks and opportunities, as well as potential climate-related impacts.
Operational Overview
(all figures in US dollars unless | Q2 2025 | Q2 2024 | Change | YTD 2025 | YTD 2024 | Change | |||||||||||
Units produced | |||||||||||||||||
Gold ounces | 91,968 | 83,743 | 9.8% | 184,637 | 176,101 | 4.8% | |||||||||||
Silver ounces | 5,407 | 5,047 | 7.1% | 10,100 | 10,529 | (4.1)% | |||||||||||
Palladium ounces | 2,435 | 4,338 | (43.9)% | 5,096 | 8,801 | (42.1)% | |||||||||||
Cobalt pounds | 647 | 259 | 149.7% | 1,187 | 499 | 137.8% | |||||||||||
Gold equivalent ounces 3 | 158,608 | 144,904 | 9.5% | 309,209 | 303,393 | 1.9% | |||||||||||
Units sold | |||||||||||||||||
Gold ounces | 98,973 | 77,326 | 28.0% | 210,270 | 169,345 | 24.2% | |||||||||||
Silver ounces | 4,868 | 3,823 | 27.3% | 9,351 | 7,890 | 18.5% | |||||||||||
Palladium ounces | 2,575 | 4,301 | (40.1)% | 5,032 | 9,075 | (44.6)% | |||||||||||
Cobalt pounds | 353 | 88 | 301.1% | 618 | 397 | 55.7% | |||||||||||
Gold equivalent ounces 3 | 157,916 | 123,462 | 27.9% | 323,212 | 265,756 | 21.6% | |||||||||||
Change in PBND and Inventory | |||||||||||||||||
Gold equivalent ounces 3 | (11,551) | 7,986 | 19,537 | (38,205) | 9,322 | 47,527 | |||||||||||
Revenue | $ | 503,218 | $ | 299,064 | 68.3% | $ | 973,629 | $ | 595,870 | 63.4% | |||||||
Net earnings | $ | 292,270 | $ | 122,317 | 138.9% | $ | 546,254 | $ | 286,358 | 90.8% | |||||||
Per share | $ | 0.644 | $ | 0.270 | 138.5% | $ | 1.204 | $ | 0.632 | 90.5% | |||||||
Adjusted net earnings 1 | $ | 286,004 | $ | 149,565 | 91.2% | $ | 536,830 | $ | 288,398 | 86.1% | |||||||
Per share 1 | $ | 0.630 | $ | 0.330 | 90.9% | $ | 1.183 | $ | 0.636 | 86.0% | |||||||
Operating cash flows | $ | 414,959 | $ | 234,393 | 77.0% | $ | 775,752 | $ | 453,773 | 71.0% | |||||||
Per share 1 | $ | 0.914 | $ | 0.517 | 76.8% | $ | 1.709 | $ | 1.001 | 70.7% |
All amounts in thousands except gold, palladium & gold equivalent ounces, and per share amounts. |
Financial Review
Revenues
Revenue in the second quarter of 2025 was
Revenue was
Cash Costs and Margin
Average cash costs¹ in the second quarter of 2025 were
Average cash costs¹ for the six months ended June 30, 2025 were
Cash Flow from Operations
Operating cash flow in the second quarter of 2025 amounted to
Operating cash flows for the six months ended June 30, 2025 amounted to
Produced But Not Yet Delivered
As at June 30, 2025, approximately 130,000 GEOs were produced but not yet delivered ("PBND") representing approximately 2.7 months of payable production. Total PBND ounces decreased quarter-over-quarter as strong production levels in the first quarter of 2025, resulted in an increase to sales realized in the second quarter of 2025, due to the inherent timing delay between production and sales. The Company expects PBND levels to stay at the higher end of its forecasted range of two to three months until the end of 2025, in part due to the ramp up of new mines, forecast to commence operations in the second half of the year.
Balance Sheet (at June 30, 2025)
- Approximately
of cash on hand.$1.0 billion - The Company extended its existing undrawn
revolving term loan (the "Revolving Facility") with its maturity date now June 30, 2030. In addition, the Company added an incremental$2 billion accordion feature, providing expanded financial capacity.$500 million - During the second quarter of 2025, the Company made total upfront cash payments of
relative to the mineral stream interests consisting of:$347 million relative to theKoné PMPA;$156 million relative to theSalobo III expansion;$144 million relative to theKurmuk PMPA; and$44 million relative to theCangrejos PMPA.$3 million
- Subsequent to the quarter, the Company made additional upfront cash payments of
relative to the mineral stream interests consisting of:$206 million relative to theKoné PMPA; and$156 million relative to theFenix PMPA.$50 million
- With the existing cash on hand coupled with the fully undrawn
revolving facility coupled with the$2 billion accordion and ongoing operating cash flows, the Company believes it is well positioned to fund all outstanding commitments and known contingencies as well as providing flexibility to acquire additional accretive mineral stream interests.$500 million
Senior Management Promotions
On June 18, 2025, Wheaton was pleased to announce key senior management promotions as the Company positions itself for its next era of innovation and growth. Effective June 30, 2025, Haytham Hodaly, formerly Senior Vice President of Corporate Development, was appointed to President of the Company. In addition, Curt Bernardi, formerly Senior Vice President Legal and Strategic Development, was promoted to Executive Vice President, Strategy and General Counsel. Randy Smallwood remains the Chief Executive Officer of Wheaton.
Second Quarter Operating Asset Highlights
Salobo: In the second quarter of 2025, Salobo produced 69,400 ounces of attributable gold, an increase of approximately
Antamina: In the second quarter of 2025, Antamina produced 1.3 million ounces of attributable silver, an increase of approximately
ʱñܾٴ: In the second quarter of 2025, ʱñܾٴ produced 2.1 million ounces of attributable silver, a decrease of approximately
Constancia: In the second quarter of 2025, Constancia produced 0.6 million ounces of attributable silver and 4,600 ounces of attributable gold, an increase of approximately
San Dimas: In the second quarter of 2025, San Dimas produced 7,000 ounces of attributable gold, a decrease of approximately
Voisey's Bay:In the second quarter of 2025, the Voisey's Bay mine produced 647,000 pounds of attributable cobalt, an increase of approximately
Other Gold: In the second quarter of 2025, total Other Gold attributable production was 4,800 ounces, an increase of approximately
- Blackwater:On May 2, 2025, Artemis Gold announced the commencement of commercial production at its Blackwater mine, with mining operations exceeding
90% of its planned tonnage, and both mined tonnes and grades reconciling favorably to the resource model. On June 19, 2025, Artemis Gold announced the acceleration of the design and implementation of Phase 2 of the Blackwater Mine, with a final investment decision by their board anticipated by year-end 2025. On July 14, 2025, Artemis Gold announced that it had further ramped up operations and wasproducing at a steady state with the mill operating above design capacity for the month of June. Artemis Gold also notes that gold production is expected to be weighted to the second half of the year. - Marmato:On May 7, 2025, Aris Mining Corporation ("Aris") reported that the processing plant capacity increased from 4,000 tpd to a planned 5,000 tpd. Aris reports that construction remains on track, and production is expected to start ramping up in the second half of 2026.
Other Silver:In the second quarter of 2025, total Other Silver attributable production was 1.5 million ounces, an increase of approximately
Recent Development Asset Updates
Goose Project: On June 30, 2025, B2Gold announced the first gold pour at its Goose project, with the mill running consistently at approximately
Mineral Park Project: During the quarter, Waterton's Origin Mining achieved a key milestone by introducing first ore to the mill at its Mineral Park project. Waterton indicates that the ramp-up to commercial production is underway and expected to be reached during the second half of 2025. At steady state throughput, the fully refurbished mill capacity will be 16.5 Mtpa.
Platreef Project: On July 30, 2025, Ivanhoe Mines ("Ivanhoe") announced that development ore is now being hoisted to surface and stockpiled in preparation for the initial feed into the Phase 1 concentrator, which continues advancing toward commercial production in Q4 2025. Phase 1 is the first step of a three-phase expansion plan, which aims to make Platreef one of the world's largest producers of platinum, palladium, rhodium, and gold. Ivanhoe notes that Phase 2 expansion activities are underway and on track for first production in Q4 2027.
Fenix Project:On July 31, 2025, Rio2 Limited ("Rio2") reported that construction was
Kurmuk Project: On August 6, 2025, Allied Gold Corporation ("Allied") reported that engineering and procurement are approximately
El Domo Project: On April 23, 2025, Silvercorp Metals Inc. ("Silvercorp") reported that it is targeting to bring the project into production by the end of 2026. The construction of the main plant and auxiliary facilities are expected to commence in September 2025, with major equipment installation expected to commence in May 2026. On August 5, 2025, Silvercorp announced that the Constitutional Court of
Koné Project: On May 27, 2025, Montage Gold Corp. ("Montage") provided a construction update for its Koné project, where construction continues to progress rapidly and remains well on track for first gold pour in Q2 2027. Montage notes that significant progress has been made on the key ongoing workstreams which include the water storage and abstraction facility, and camp construction. Notably, the carbon-in-leach ring beams were completed two months ahead of schedule, marking a key milestone. On July 21, 2025, Montage reported that its exploration program continues to provide significant confidence in achieving the previously published short-term exploration target of discovering more than 1Moz of Measured and Indicated Resources. As a result of ongoing successful results and drilling efficiency, Montage states that its exploration program has increased from 90,000 meters to 120,000 meters in 2025.
Copper World Project:On March 27, 2025, Hudbay reported that feasibility studies are underway at the fully permitted Copper World project.
Santo Domingo Project: On July 31, 2025, Capstone Copper Corp. ("Capstone") reported that it is at an advanced stage in its partnership process and expects to announce a partner during Q3 2025. A potential project sanctioning decision is not anticipated prior to mid-2026.
Marathon Project: On May 22, 2025, Generation Mining Ltd. announced that it has received the final key permit required for the construction of the Marathon project in
Cangrejos Project: On June 23, 2025, CMOC Singapore Pte. Ltd., a
Detailed mine-by-mine production and sales figures can be found in the Appendix to this press release and in Wheaton's consolidated MD&A in the 'Results of Operations and Operational Review' section.
Sustainability
Annual Sustainability & Climate Change Reports
Wheaton published its annual Sustainability and Climate Change reports on May 22, 2025. These reports are part of Wheaton's voluntary suite of sustainability disclosures demonstrating the Company's commitment to responsible business practices and ESG performance.
ESG Ratings & Awards
On June 25, 2025, Wheaton was named as one of Corporate Knights' 2025 Best 50 Corporate Citizens in
Future of Mining Challenge
Subsequent to the quarter, on July 2, 2025, Wheaton announced the return of its Future of Mining Challenge, inviting ventures from around the world to propose industry solutions aimed at improving operational efficiencies and minimizing environmental impacts. For the 2025/26 challenge, Wheaton will award
Community Investment Program
- In the second quarter of 2025, Wheaton extended its longstanding support for Hudbay's Agricultural Development Program, which focuses on using agriculture and livestock-oriented initiatives to help local communities near the Constancia mine diversify their income and build sustainable livelihoods. In addition, building on the success of Vale's Maranhão Women's Network, which supports communities near the Salobo mine, Wheaton has committed ongoing support to the program, funding a two-year investment to strengthen the cooperative's production cycle, launch new social enterprises, and expand its product portfolio.
- Wheaton's Partner Community Investment Program continues to support initiatives with the Vale Foundation, Vale Canada, Hudbay, First Majestic, Newmont, Artemis, Aris Mining and Ivanplats to support the communities influenced by the mines and provide vital services and programs, educational resources, health and dental programs, poverty reduction initiatives, entrepreneurial opportunities, and various social and environmental programs.
- In the second quarter of 2025, Wheaton was the lead sponsor for the Canadian Cancer Society's Daffodil Ball, Coast Mental Health's Courage to Come Back Awards and the Pacific Salmon Foundation's Gala.
2025 and Long-Term Production Outlook
Wheaton's estimated attributable production in 2025 is forecast to be 350,000 to 390,000 ounces of gold, 20.5 to 22.5 million ounces of silver, and 12,500 to 13,500 GEOs3of other metals, resulting in annual production of approximately 600,000 to 670,000 GEOs3, unchanged from previous guidance2,3.
Annual production is forecast to increase by approximately
About Wheaton Precious Metals Corp.
Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors commodity price leverage and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. As a result, Wheaton has consistently outperformed gold and silver, as well as other mining investments. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming for all of its stakeholders.
In accordance with Wheaton Precious Metals� Corp.'s ("Wheaton Precious Metals", "Wheaton" or the "Company")MD&A and Financial Statements, reference to the Company and Wheaton includes the Company's wholly owned subsidiaries.
Webcast and Conference Call Details
Wheaton will release its 2025 second quarter results on Thursday, August 7, 2025, after market close. A conference call will be held on Friday, August 8, 2025, starting at 11:00 am ET (8:00 am PT) to discuss these results. To participate in the live call, please use one of the following methods:
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Pass code: 51154#
Live audio webcast:
Participants should dial in five to ten minutes before the call.
The conference call will be recorded and available until August 15, 2025 at 11:59 pm ET. The webcast will be available for one year. You can listen to an archive of the call by one of the following methods:
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Archived audio webcast:
This earnings release should be read in conjunction with Wheaton Precious Metals' MD&A and Financial Statements, which are available on the Company's website at www.wheatonpm.comand have been posted on SEDAR+ at .
Mr. Wes Carson, P.Eng., Vice President, Mining Operations, Neil Burns, P.Geo., Vice President, Corporate Development for Wheaton Precious Metals and Ryan Ulansky, P.Eng., Vice President, Engineering, are a "qualified person" as such term is defined under National Instrument 43-101, and have reviewed and approved the technical information disclosed in this news release (specifically Mr. Carson has reviewed production figures, Mr. Burns has reviewed mineral resource estimates and Mr. Ulansky has reviewed the mineral reserve estimates).
Wheaton Precious Metals believes that there are no significant differences between its corporategovernance practices and those required to be followed by
Condensed Interim Consolidated Statements of Earnings
Three Months Ended | Six Months Ended | ||||||||
(US dollars and shares in thousands, except per | 2025 | 2024 | 2025 | 2024 | |||||
Sales | $ | 503,218 | $ | 299,064 | $ | 973,629 | $ | 595,870 | |
Cost of sales | |||||||||
Cost of sales, excluding depletion | $ | 75,169 | $ | 54,007 | $ | 149,805 | $ | 115,562 | |
Depletion | 75,002 | 58,865 | 151,695 | 122,541 | |||||
Total cost of sales | $ | 150,171 | $ | 112,872 | $ | 301,500 | $ | 238,103 | |
Gross margin | $ | 353,047 | $ | 186,192 | $ | 672,129 | $ | 357,767 | |
General and administrative | 11,022 | 10,241 | 24,547 | 20,705 | |||||
Share based compensation | 9,962 | 6,241 | 22,143 | 7,522 | |||||
Donations and community investments | 2,368 | 703 | 5,060 | 2,273 | |||||
Earnings from operations | $ | 329,695 | $ | 169,007 | $ | 620,379 | $ | 327,267 | |
Other income (expense) | 9,736 | 5,122 | 17,256 | 12,317 | |||||
Earnings before finance costs and income taxes | $ | 339,431 | $ | 174,129 | $ | 637,635 | $ | 339,584 | |
Finance costs | 1,427 | 1,299 | 2,868 | 2,741 | |||||
Earnings before income taxes | $ | 338,004 | $ | 172,830 | $ | 634,767 | $ | 336,843 | |
Income tax expense | 45,734 | 50,513 | 88,513 | 50,485 | |||||
Net earnings | $ | 292,270 | $ | 122,317 | $ | 546,254 | $ | 286,358 | |
Basic earnings per share | $ | 0.644 | $ | 0.270 | $ | 1.204 | $ | 0.632 | |
Diluted earnings per share | $ | 0.643 | $ | 0.269 | $ | 1.202 | $ | 0.631 | |
Weighted average number of shares outstanding | |||||||||
Basic | 453,889 | 453,430 | 453,791 | 453,262 | |||||
Diluted | 454,663 | 454,104 | 454,550 | 453,888 |
Condensed Interim Consolidated Balance Sheets
As at | As at | |||
(US dollars in thousands - unaudited) | 2025 | 2024 | ||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | $ | 1,005,885 | $ | 818,166 |
Accounts receivable | 15,586 | 6,217 | ||
Other | 4,725 | 3,697 | ||
Total current assets | $ | 1,026,196 | $ | 828,080 |
Non-current assets | ||||
Mineral stream interests | $ | 6,669,707 | $ | 6,379,580 |
Early deposit mineral stream interests | 47,094 | 47,094 | ||
Mineral royalty interests | 40,421 | 40,421 | ||
Long-term equity investments | 171,531 | 98,975 | ||
Property, plant and equipment | 10,517 | 8,691 | ||
Other | 16,919 | 21,616 | ||
Total non-current assets | $ | 6,956,189 | $ | 6,596,377 |
Total assets | $ | 7,982,385 | $ | 7,424,457 |
Liabilities | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities | $ | 7,857 | $ | 13,553 |
Income taxes payable | 112,511 | 2,127 | ||
Current portion of performance share units | 18,194 | 13,562 | ||
Current portion of lease liabilities | 566 | 262 | ||
Total current liabilities | $ | 139,128 | $ | 29,504 |
Non-current liabilities | ||||
Performance share units | $ | 9,515 | $ | 11,522 |
Lease liabilities | 7,682 | 4,909 | ||
Income taxes payable - non-current | 94,701 | 113,505 | ||
Deferred income taxes | 386 | 349 | ||
Pension liability | 5,267 | 5,289 | ||
Total non-current liabilities | $ | 117,551 | $ | 135,574 |
Total liabilities | $ | 256,679 | $ | 165,078 |
Shareholders' equity | ||||
Issued capital | $ | 3,810,111 | $ | 3,798,108 |
Reserves | (5,654) | (63,503) | ||
Retained earnings | 3,921,249 | 3,524,774 | ||
Total shareholders' equity | $ | 7,725,706 | $ | 7,259,379 |
Total liabilities and shareholders' equity | $ | 7,982,385 | $ | 7,424,457 |
Condensed Interim Consolidated Statements of Cash Flows
Three Months Ended | Six Months Ended | ||||||||
(US dollars in thousands - unaudited) | 2025 | 2024 | 2025 | 2024 | |||||
Operating activities | |||||||||
Net earnings | $ | 292,270 | $ | 122,317 | $ | 546,254 | $ | 286,358 | |
Adjustments for | |||||||||
Depreciation and depletion | 75,322 | 59,211 | 152,316 | 123,224 | |||||
Equity settled share based compensation | 1,809 | 1,655 | 3,234 | 3,253 | |||||
Performance share units - expense | 8,153 | 4,586 | 18,909 | 4,269 | |||||
Performance share units - paid | - | - | (17,209) | (11,129) | |||||
Income tax expense | 45,734 | 50,513 | 88,513 | 50,485 | |||||
Investment income recognized in net earnings | (8,742) | (4,877) | (17,789) | (11,315) | |||||
Other | 164 | 640 | 3,171 | 580 | |||||
Change in non-cash working capital | (6,709) | (3,664) | (14,450) | (1,508) | |||||
Cash generated from operations before income taxes and interest | $ | 408,001 | $ | 230,381 | $ | 762,949 | $ | 444,217 | |
Income taxes refunded (paid) | (948) | (75) | (3,182) | (191) | |||||
Interest paid | (87) | (73) | (178) | (148) | |||||
Interest received | 7,993 | 4,160 | 16,163 | 9,895 | |||||
Cash generated from operating activities | $ | 414,959 | $ | 234,393 | $ | 775,752 | $ | 453,773 | |
Financing activities | |||||||||
Credit facility extension fees | $ | (862) | $ | (925) | $ | (862) | $ | (925) | |
Share purchase options exercised | 1,967 | 8,348 | 4,473 | 12,164 | |||||
Lease payments | (89) | (147) | (211) | (295) | |||||
Dividends paid | (147,939) | (139,124) | (147,939) | (139,124) | |||||
Cash used for financing activities | $ | (146,923) | $ | (131,848) | $ | (144,539) | $ | (128,180) | |
Investing activities | |||||||||
Mineral stream interests | $ | (347,951) | $ | (35,605) | $ | (443,691) | $ | (486,507) | |
Mineral royalty interest | - | (10,078) | - | (22,025) | |||||
Acquisition of long-term investments | - | - | (3) | (751) | |||||
Proceeds on disposal of long-term investments | - | 177,088 | - | 177,088 | |||||
Dividends received | 287 | 481 | 526 | 1,181 | |||||
Other | (231) | (193) | (491) | (789) | |||||
Cash (used for) generated from investing activities | $ | (347,895) | $ | 131,693 | $ | (443,659) | $ | (331,803) | |
Effect of exchange rate changes on cash and cash equivalents | $ | 163 | $ | (130) | $ | 165 | $ | (100) | |
(Decrease) increase in cash and cash equivalents | $ | (79,696) | $ | 234,108 | $ | 187,719 | $ | (6,310) | |
Cash and cash equivalents, beginning of period | 1,085,581 | 306,109 | 818,166 | 546,527 | |||||
Cash and cash equivalents, end of period | $ | 1,005,885 | $ | 540,217 | $ | 1,005,885 | $ | 540,217 |
Summary of Units Produced
Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | |
Gold ounces produced ² | ||||||||
Salobo | 69,417 | 71,384 | 84,291 | 62,689 | 63,225 | 61,622 | 71,777 | 69,045 |
4,508 | 4,880 | 5,259 | 3,593 | 4,477 | 5,618 | 5,823 | 3,857 | |
Constancia | 4,604 | 4,876 | 18,727 | 10,760 | 6,269 | 14,316 | 22,781 | 19,420 |
San Dimas 4 | 6,987 | 8,416 | 7,263 | 6,882 | 7,089 | 7,542 | 10,023 | 9,995 |
1,654 | 1,339 | 2,166 | 2,247 | 2,099 | 2,637 | 2,341 | 2,454 | |
Other | ||||||||
Marmato | 748 | 757 | 622 | 648 | 584 | 623 | 668 | 673 |
Blackwater | 4,050 | 1,017 | - | - | - | - | - | - |
Total Other | 4,798 | 1,774 | 622 | 648 | 584 | 623 | 668 | 673 |
Total gold ounces produced | 91,968 | 92,669 | 118,328 | 86,819 | 83,743 | 92,358 | 113,413 | 105,444 |
Silver ounces produced 2 | ||||||||
ʱñܾٴ 6 | 2,103 | 1,754 | 2,465 | 1,785 | 2,263 | 2,643 | 1,036 | - |
Antamina | 1,299 | 1,087 | 947 | 925 | 992 | 806 | 1,030 | 894 |
Constancia | 552 | 555 | 969 | 648 | 451 | 640 | 836 | 697 |
Other | ||||||||
Los Filos 7 | - | 37 | 29 | 26 | 27 | 48 | 26 | 32 |
Zinkgruvan | 684 | 585 | 637 | 537 | 699 | 641 | 510 | 785 |
Neves-Corvo | 449 | 459 | 494 | 425 | 432 | 524 | 573 | 486 |
Aljustrel 8 | - | - | - | - | - | - | - | 327 |
Cozamin | 174 | 174 | 192 | 185 | 177 | 173 | 185 | 165 |
Marmato | 8 | 8 | 7 | 7 | 6 | 7 | 10 | 11 |
Blackwater | 138 | 34 | - | - | - | - | - | - |
Total Other | 1,453 | 1,297 | 1,359 | 1,180 | 1,341 | 1,393 | 1,304 | 1,806 |
Total silver ounces produced | 5,407 | 4,693 | 5,740 | 4,538 | 5,047 | 5,482 | 4,206 | 3,397 |
Palladium ounces produced ² | ||||||||
2,435 | 2,661 | 2,797 | 4,034 | 4,338 | 4,463 | 4,209 | 4,006 | |
Cobalt pounds produced ² | ||||||||
Voisey's Bay | 647 | 540 | 393 | 397 | 259 | 240 | 215 | 183 |
GEOs produced 9 | 158,608 | 150,601 | 187,625 | 142,716 | 144,904 | 158,490 | 164,599 | 147,047 |
Average payable rate 2 | ||||||||
Gold | 95.3% | 94.9% | 95.3% | 95.0% | 95.0% | 94.7% | 95.1% | 95.4% |
Silver | 87.2% | 86.4% | 84.2% | 83.9% | 84.3% | 84.5% | 83.0% | 78.5% |
Palladium | 97.4% | 96.4% | 97.5% | 98.4% | 97.3% | 97.8% | 98.0% | 94.1% |
Cobalt | 93.3% | 93.3% | 93.3% | 93.3% | 93.3% | 93.3% | 93.3% | 93.3% |
GEO 9 | 92.1% | 91.9% | 91.3% | 90.9% | 90.7% | 90.6% | 91.6% | 90.9% |
1) | All figures in thousands except gold and palladium ounces produced. |
2) | Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures and payable rates are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures and payable rates may be updated in future periods as additional information is received. |
3) | Comprised of the |
4) | Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to |
5) | Comprised of the |
6) | There was a temporary suspension of operations at ʱñܾٴ due to a labour strike which ran from June 7, 2023 to October 13, 2023. |
7) | On April 1, 2025, Equinox Gold Corp., reported it has indefinitely suspended operations at Los Filos following the expiry of its land access agreement with the community of Carrizalillo on March 31, 2025. |
8) | On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the third quarter of 2025. |
9) | GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: |
Summary of Units Sold
Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | |
Gold ounces sold | ||||||||
Salobo | 76,331 | 83,809 | 55,170 | 58,101 | 54,962 | 56,841 | 76,656 | 44,444 |
2,849 | 5,632 | 4,048 | 2,495 | 5,679 | 4,129 | 5,011 | 4,836 | |
Constancia | 6,827 | 9,788 | 17,873 | 5,186 | 6,640 | 20,123 | 19,925 | 12,399 |
San Dimas | 7,235 | 8,962 | 6,990 | 7,022 | 6,801 | 7,933 | 10,472 | 9,695 |
1,386 | 1,947 | 2,410 | 1,635 | 2,628 | 2,355 | 2,314 | 1,985 | |
Other | ||||||||
Marmato | 742 | 737 | 650 | 550 | 616 | 638 | 633 | 792 |
777 | - | - | - | - | - | - | - | 275 |
Blackwater | 3,291 | 110 | - | - | - | - | - | - |
312 | 312 | 312 | 447 | - | - | - | - | |
El Domo 4 | - | - | 209 | 258 | - | - | - | - |
Total Other | 4,345 | 1,159 | 1,171 | 1,255 | 616 | 638 | 633 | 1,067 |
Total gold ounces sold | 98,973 | 111,297 | 87,662 | 75,694 | 77,326 | 92,019 | 115,011 | 74,426 |
Silver ounces sold | ||||||||
ʱñܾٴ | 2,112 | 1,976 | 1,852 | 1,667 | 1,482 | 1,839 | 442 | 453 |
Antamina | 1,073 | 884 | 858 | 989 | 917 | 762 | 1,091 | 794 |
Constancia | 625 | 730 | 797 | 366 | 422 | 726 | 665 | 435 |
Other | ||||||||
Los Filos | 8 | 57 | 29 | 26 | 24 | 44 | 24 | 30 |
Zinkgruvan | 520 | 446 | 452 | 488 | 597 | 297 | 449 | 714 |
Neves-Corvo | 224 | 218 | 154 | 185 | 216 | 243 | 268 | 245 |
Aljustrel | - | - | - | - | - | 1 | 86 | 142 |
Cozamin | 154 | 164 | 158 | 148 | 158 | 147 | 141 | 139 |
Marmato | 9 | 8 | 7 | 6 | 7 | 8 | 9 | 11 |
Blackwater | 143 | - | - | - | - | - | - | - |
777 | - | - | - | - | - | - | - | 2 |
Total Other | 1,058 | 893 | 800 | 853 | 1,002 | 740 | 977 | 1,283 |
Total silver ounces sold | 4,868 | 4,483 | 4,307 | 3,875 | 3,823 | 4,067 | 3,175 | 2,965 |
Palladium ounces sold | ||||||||
2,575 | 2,457 | 4,434 | 3,761 | 4,301 | 4,774 | 3,339 | 4,242 | |
Cobalt pounds sold | ||||||||
Voisey's Bay | 353 | 265 | 485 | 88 | 88 | 309 | 288 | 198 |
GEOs sold 5 | 157,916 | 165,297 | 141,495 | 122,242 | 123,462 | 142,294 | 154,355 | 111,218 |
Cumulative payable units PBND 6 | ||||||||
Gold ounces | 89,492 | 100,512 | 123,511 | 97,929 | 90,406 | 88,145 | 92,729 | 99,891 |
Silver ounces | 2,849 | 3,002 | 3,431 | 2,903 | 2,972 | 2,539 | 1,973 | 1,657 |
Palladium ounces | 4,414 | 4,596 | 4,439 | 6,186 | 6,018 | 6,198 | 6,666 | 5,607 |
Cobalt pounds | 1,168 | 917 | 678 | 796 | 513 | 360 | 356 | 377 |
GEO 5 | 130,036 | 141,587 | 168,241 | 137,823 | 129,560 | 121,574 | 119,780 | 123,015 |
Inventory on hand | ||||||||
Cobalt pounds | - | - | - | - | - | - | 88 | 155 |
1) | All figures in thousands except gold and palladium ounces sold. |
2) | Comprised of the |
3) | Comprised of the |
4) | The ounces sold under |
5) | GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: |
6) | Payable gold, silver and palladium ounces as well as cobalt pounds produced but not yet delivered ("PBND") are based on management estimates. These figures may be updated in future periods as additional information is received. |
Results of Operations
The operating results of the Company's reportable operating segments are summarized in the tables and commentary below.
Three Months Ended June 30, 2025 | ||||||||||||||||
Units | Units | Average | Average | Average | Sales | Net | Cash Flow | Total | ||||||||
Gold | ||||||||||||||||
Salobo | 69,417 | 76,331 | $ | 3,315 | $ | 429 | $ | 402 | $ | 252,997 | $ | 189,543 | $ | 220,263 | $ | 2,677,073 |
4,508 | 2,849 | 3,368 | 400 | 1,326 | 9,597 | 4,679 | 8,457 | 230,307 | ||||||||
Constancia | 4,604 | 6,827 | 3,315 | 425 | 323 | 22,629 | 17,527 | 19,730 | 58,963 | |||||||
San Dimas | 6,987 | 7,235 | 3,315 | 640 | 290 | 23,982 | 17,253 | 19,350 | 131,787 | |||||||
1,654 | 1,386 | 3,315 | 590 | 421 | 4,594 | 3,193 | 3,776 | 206,058 | ||||||||
Other 6 | 4,798 | 4,345 | 3,350 | 988 | 790 | 14,555 | 6,830 | 10,261 | 1,206,207 | |||||||
91,968 | 98,973 | $ | 3,318 | $ | 470 | $ | 433 | $ | 328,354 | $ | 239,025 | $ | 281,837 | $ | 4,510,395 | |
Silver | ||||||||||||||||
ʱñܾٴ | 2,103 | 2,112 | $ | 33.83 | $ | 4.56 | $ | 4.86 | $ | 71,467 | $ | 51,574 | $ | 61,835 | $ | 224,608 |
Antamina | 1,299 | 1,073 | 33.83 | 6.85 | 8.46 | 36,303 | 19,871 | 28,948 | 474,215 | |||||||
Constancia | 552 | 625 | 33.83 | 6.26 | 6.10 | 21,138 | 13,413 | 17,227 | 157,109 | |||||||
Other 7 | 1,453 | 1,058 | 34.81 | 4.76 | 5.39 | 36,831 | 26,093 | 27,480 | 721,492 | |||||||
5,407 | 4,868 | $ | 34.05 | $ | 5.33 | $ | 5.93 | $ | 165,739 | $ | 110,951 | $ | 135,490 | $ | 1,577,424 | |
Palladium | ||||||||||||||||
2,435 | 2,575 | $ | 996 | $ | 175 | $ | 429 | $ | 2,564 | $ | 1,009 | $ | 2,114 | $ | 211,019 | |
Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 78,814 | |||||||
2,435 | 2,575 | $ | 996 | $ | 175 | $ | 429 | $ | 2,564 | $ | 1,009 | $ | 2,114 | $ | 289,833 | |
Platinum | ||||||||||||||||
Marathon | - | - | $ | n.a. | $ | n.a. | $ | n.a. | $ | - | $ | - | $ | - | $ | 9,451 |
Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 57,584 | |||||||
- | - | $ | n.a. | $ | n.a. | $ | n.a. | $ | - | $ | - | $ | - | $ | 67,035 | |
Cobalt | ||||||||||||||||
Voisey's Bay | 647 | 353 | $ | 18.60 | $ | 3.57 | $ | 9.18 | $ | 6,561 | $ | 2,062 | $ | 2,907 | $ | 225,020 |
Operating results | $ | 503,218 | $ | 353,047 | $ | 422,348 | $ | 6,669,707 | ||||||||
Other | ||||||||||||||||
General and administrative | $ | (11,022) | $ | (10,498) | ||||||||||||
Share based compensation | (9,962) | - | ||||||||||||||
Donations and community investments | (2,368) | (2,096) | ||||||||||||||
Finance costs | (1,427) | (2,025) | ||||||||||||||
Other | 9,736 | 8,179 | ||||||||||||||
Income tax | (45,734) | (949) | ||||||||||||||
Total other | $ | (60,777) | $ | (7,389) | $ | 1,312,678 | ||||||||||
$ | 292,270 | $ | 414,959 | $ | 7,982,385 |
1) | Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. |
2) | Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
3) | Refer to discussion on non-GAAP measure (iii) at the end of this press release. |
4) | Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information. |
5) | Comprised of the operating |
6) | Other gold interests comprised of the operating Marmato and Blackwater gold interests as well as the non-operating Copper World, |
7) | Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato, Cozamin and Blackwater silver interests as well as the non-operating Stratoni, Aljustrel, Pascua-Lama, Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah silver interests. |
Three Months Ended June 30, 2024 | ||||||||||||||||
Units | Units | Average | Average | Average | Sales | Net | Cash Flow | Total | ||||||||
Gold | ||||||||||||||||
Salobo | 63,225 | 54,962 | $ | 2,356 | $ | 425 | $ | 378 | $ | 129,466 | $ | 85,346 | $ | 105,795 | $ | 2,638,316 |
4,477 | 5,679 | 2,357 | 400 | 1,326 | 13,383 | 3,581 | 11,106 | 250,227 | ||||||||
Constancia | 6,269 | 6,640 | 2,356 | 420 | 323 | 15,640 | 10,706 | 12,849 | 71,769 | |||||||
San Dimas | 7,089 | 6,801 | 2,356 | 635 | 290 | 16,021 | 9,730 | 11,701 | 140,542 | |||||||
2,099 | 2,628 | 2,356 | 415 | 421 | 6,190 | 3,994 | 5,100 | 209,162 | ||||||||
Other 5 | 584 | 616 | 2,356 | 415 | 527 | 1,450 | 870 | 1,195 | 903,067 | |||||||
83,743 | 77,326 | $ | 2,356 | $ | 441 | $ | 438 | $ | 182,150 | $ | 114,227 | $ | 147,746 | $ | 4,213,083 | |
Silver | ||||||||||||||||
ʱñܾٴ | 2,263 | 1,482 | $ | 28.75 | $ | 4.50 | $ | 4.86 | $ | 42,599 | $ | 28,735 | $ | 35,932 | $ | 261,561 |
Antamina | 992 | 917 | 28.75 | 5.75 | 8.46 | 26,365 | 13,337 | 21,095 | 506,396 | |||||||
Constancia | 451 | 422 | 28.75 | 6.20 | 6.10 | 12,122 | 6,934 | 9,508 | 172,475 | |||||||
Other 6 | 1,341 | 1,002 | 30.14 | 4.35 | 4.50 | 30,205 | 21,336 | 21,614 | 624,616 | |||||||
5,047 | 3,823 | $ | 29.11 | $ | 4.95 | $ | 5.76 | $ | 111,291 | $ | 70,342 | $ | 88,149 | $ | 1,565,048 | |
Palladium | ||||||||||||||||
4,338 | 4,301 | $ | 979 | $ | 175 | $ | 429 | $ | 4,210 | $ | 1,611 | $ | 3,457 | $ | 216,696 | |
Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 78,815 | |||||||
4,338 | 4,301 | $ | 979 | $ | 175 | $ | 429 | $ | 4,210 | $ | 1,611 | $ | 3,457 | $ | 295,511 | |
Platinum | ||||||||||||||||
Marathon | - | - | $ | n.a. | $ | n.a. | $ | n.a. | $ | - | $ | - | $ | - | $ | 9,451 |
Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 57,585 | |||||||
- | - | $ | n.a. | $ | n.a. | $ | n.a. | $ | - | $ | - | $ | - | $ | 67,036 | |
Cobalt | ||||||||||||||||
Voisey's Bay | 259 | 88 | $ | 16.02 | $ | 3.11 | $ | 12.78 | $ | 1,413 | $ | 12 | $ | 2,081 | $ | 346,874 |
Operating results | $ | 299,064 | $ | 186,192 | $ | 241,433 | $ | 6,487,552 | ||||||||
Other | ||||||||||||||||
General and administrative | $ | (10,241) | $ | (8,962) | ||||||||||||
Share based compensation | (6,241) | - | ||||||||||||||
Donations and community investments | (703) | (614) | ||||||||||||||
Finance costs | (1,299) | (1,057) | ||||||||||||||
Other | 5,122 | 3,668 | ||||||||||||||
Income tax | (50,513) | (75) | ||||||||||||||
Total other | $ | (63,875) | $ | (7,040) | $ | 759,530 | ||||||||||
$ | 122,317 | $ | 234,393 | $ | 7,247,082 |
1) | Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. |
2) | Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
3) | Refer to discussion on non-GAAP measure (iii) at the end of this press release. |
4) | Comprised of the operating |
5) | Other gold interests are comprised of the operating Marmato gold interest as well as the non-operating |
6) | Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin silver interests as well as the non-operating Stratoni, Aljustrel, |
Comparative Results of Operations on a GEO Basis
Q2 2025 | Q2 2024 | Change | Change | ||||||||
GEO Production 1, 2 | 158,608 | 144,904 | 13,705 | 9.5% | |||||||
GEO Sales 2 | 157,916 | 123,462 | 34,454 | 27.9% | |||||||
Average price per GEO sold 2 | $ | 3,187 | $ | 2,422 | $ | 765 | 31.6% | ||||
Revenue | $ | 503,218 | $ | 299,064 | $ | 204,154 | 68.3% | ||||
Cost of sales, excluding depletion | $ | 75,169 | $ | 54,007 | $ | (21,162) | (39.2)% | ||||
Depletion | 75,002 | 58,865 | (16,137) | (27.4)% | |||||||
Cost of sales | $ | 150,171 | $ | 112,872 | $ | (37,299) | (33.0)% | ||||
Gross margin | $ | 353,047 | $ | 186,192 | $ | 166,855 | 89.6% | ||||
General and administrative | 11,022 | 10,241 | (781) | (7.6)% | |||||||
Share based compensation | 9,962 | 6,241 | (3,721) | (59.6)% | |||||||
Donations and community investments | 2,368 | 703 | (1,665) | (236.8)% | |||||||
Earnings from operations | $ | 329,695 | $ | 169,007 | $ | 160,688 | 95.1% | ||||
Other income (expense) | 9,736 | 5,122 | 4,614 | 90.1% | |||||||
Earnings before finance costs and income taxes | $ | 339,431 | $ | 174,129 | $ | 165,302 | 94.9% | ||||
Finance costs | 1,427 | 1,299 | (128) | (9.9)% | |||||||
Earnings before income taxes | $ | 338,004 | $ | 172,830 | $ | 165,174 | 95.6% | ||||
Income tax expense | 45,734 | 50,513 | 4,779 | 9.5% | |||||||
Net earnings | $ | 292,270 | $ | 122,317 | $ | 169,953 | 138.9% |
1) | Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
2) | GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: |
Six Months Ended June 30, 2025 | ||||||||||||||||
Units | Units | Average | Average | Average | Sales | Net | Cash Flow | Total | ||||||||
Gold | ||||||||||||||||
Salobo | 140,801 | 160,140 | $ | 3,084 | $ | 429 | $ | 390 | $ | 493,802 | $ | 362,714 | $ | 425,126 | $ | 2,677,073 |
9,388 | 8,481 | 3,032 | 400 | 1,326 | 25,714 | 11,077 | 22,307 | 230,307 | ||||||||
Constancia | 9,480 | 16,615 | 3,055 | 425 | 323 | 50,752 | 38,335 | 43,698 | 58,963 | |||||||
San Dimas | 15,403 | 16,197 | 3,070 | 638 | 290 | 49,733 | 34,698 | 39,392 | 131,787 | |||||||
2,993 | 3,333 | 3,057 | 536 | 421 | 10,188 | 7,000 | 8,402 | 206,058 | ||||||||
Other 6 | 6,572 | 5,504 | 3,245 | 868 | 863 | 17,860 | 8,332 | 13,082 | 1,206,207 | |||||||
184,637 | 210,270 | $ | 3,082 | $ | 457 | $ | 427 | $ | 648,049 | $ | 462,156 | $ | 552,007 | $ | 4,510,395 | |
Silver | ||||||||||||||||
ʱñܾٴ | 3,857 | 4,088 | $ | 32.96 | $ | 4.56 | $ | 4.86 | $ | 134,738 | $ | 96,240 | $ | 116,097 | $ | 224,608 |
Antamina | 2,386 | 1,957 | 33.02 | 6.65 | 8.46 | 64,614 | 35,040 | 51,596 | 474,215 | |||||||
Constancia | 1,107 | 1,355 | 32.86 | 6.26 | 6.10 | 44,514 | 27,764 | 36,034 | 157,109 | |||||||
Other 7 | 2,750 | 1,951 | 34.23 | 4.60 | 5.73 | 66,811 | 46,637 | 50,549 | 721,492 | |||||||
10,100 | 9,351 | $ | 33.22 | $ | 5.25 | $ | 5.98 | $ | 310,677 | $ | 205,681 | $ | 254,276 | $ | 1,577,424 | |
Palladium | ||||||||||||||||
5,096 | 5,032 | $ | 981 | $ | 174 | $ | 429 | $ | 4,936 | $ | 1,903 | $ | 4,063 | $ | 211,019 | |
Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 78,814 | |||||||
5,096 | 5,032 | $ | 981 | $ | 174 | $ | 429 | $ | 4,936 | $ | 1,903 | $ | 4,063 | $ | 289,833 | |
Platinum | ||||||||||||||||
Marathon | - | - | $ | n.a. | $ | n.a. | $ | n.a. | $ | - | $ | - | $ | - | $ | 9,451 |
Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 57,584 | |||||||
- | - | $ | n.a. | $ | n.a. | $ | n.a. | $ | - | $ | - | $ | - | $ | 67,035 | |
Cobalt | ||||||||||||||||
Voisey's Bay | 1,187 | 618 | $ | 16.15 | $ | 3.09 | $ | 9.18 | $ | 9,967 | $ | 2,389 | $ | 6,869 | $ | 225,020 |
Operating results | $ | 973,629 | $ | 672,129 | $ | 817,215 | $ | 6,669,707 | ||||||||
Other | ||||||||||||||||
General and administrative | $ | (24,547) | $ | (29,875) | ||||||||||||
Share based compensation | (22,143) | (17,209) | ||||||||||||||
Donations and community investments | (5,060) | (4,975) | ||||||||||||||
Finance costs | (2,868) | (3,186) | ||||||||||||||
Other | 17,256 | 16,964 | ||||||||||||||
Income tax | (88,513) | (3,182) | ||||||||||||||
Total other | $ | (125,875) | $ | (41,463) | $ | 1,312,678 | ||||||||||
$ | 546,254 | $ | 775,752 | $ | 7,982,385 |
1) | Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. |
2) | Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
3) | Refer to discussion on non-GAAP measure (iii) at the end of this press release. |
4) | Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information. |
5) | Comprised of the operating |
6) | Other gold interests comprised of the operating Marmato and Blackwater gold interests as well as the non-operating Copper World, |
7) | Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato, Cozamin and Blackwater silver interests as well as the non-operating Stratoni, Aljustrel, Pascua-Lama, Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah silver interests. |
Six Months Ended June 30, 2024 | ||||||||||||||||
Units | Units | Average | Average | Average | Sales | Net | Cash Flow | Total | ||||||||
Gold | ||||||||||||||||
Salobo | 124,847 | 111,803 | $ | 2,212 | $ | 425 | $ | 386 | $ | 247,317 | $ | 156,742 | $ | 199,845 | $ | 2,638,316 |
10,095 | 9,808 | 2,227 | 400 | 1,250 | 21,844 | 5,663 | 17,920 | 250,227 | ||||||||
Constancia | 20,585 | 26,763 | 2,143 | 420 | 317 | 57,363 | 37,616 | 46,112 | 71,769 | |||||||
San Dimas | 14,631 | 14,734 | 2,204 | 633 | 284 | 32,469 | 18,967 | 23,147 | 140,542 | |||||||
4,736 | 4,983 | 2,222 | 394 | 463 | 11,073 | 6,801 | 9,108 | 209,162 | ||||||||
Other 5 | 1,207 | 1,254 | 2,212 | 394 | 527 | 2,773 | 1,618 | 2,279 | 903,067 | |||||||
176,101 | 169,345 | $ | 2,202 | $ | 440 | $ | 419 | $ | 372,839 | $ | 227,407 | $ | 298,411 | $ | 4,213,083 | |
Silver | ||||||||||||||||
ʱñܾٴ | 4,906 | 3,321 | $ | 25.97 | $ | 4.50 | $ | 4.42 | $ | 86,249 | $ | 56,636 | $ | 71,307 | $ | 261,561 |
Antamina | 1,798 | 1,679 | 26.48 | 5.26 | 7.82 | 44,453 | 22,484 | 35,618 | 506,396 | |||||||
Constancia | 1,091 | 1,148 | 25.58 | 6.20 | 6.19 | 29,358 | 15,134 | 22,242 | 172,475 | |||||||
Other 6 | 2,734 | 1,742 | 27.48 | 4.27 | 4.35 | 47,889 | 32,873 | 37,433 | 624,616 | |||||||
10,529 | 7,890 | $ | 26.36 | $ | 4.86 | $ | 5.39 | $ | 207,949 | $ | 127,127 | $ | 166,600 | $ | 1,565,048 | |
Palladium | ||||||||||||||||
8,801 | 9,075 | $ | 979 | $ | 179 | $ | 438 | $ | 8,887 | $ | 3,294 | $ | 7,265 | $ | 216,696 | |
Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 78,815 | |||||||
8,801 | 9,075 | $ | 979 | $ | 179 | $ | 438 | $ | 8,887 | $ | 3,294 | $ | 7,265 | $ | 295,511 | |
Platinum | ||||||||||||||||
Marathon | - | - | $ | n.a. | $ | n.a. | $ | n.a. | $ | - | $ | - | $ | - | $ | 9,451 |
Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 57,585 | |||||||
- | - | $ | n.a. | $ | n.a. | $ | n.a. | $ | - | $ | - | $ | - | $ | 67,036 | |
Cobalt | ||||||||||||||||
Voisey's Bay | 499 | 397 | $ | 15.61 | $ | 2.99 | $ | 12.77 | $ | 6,195 | $ | (61) | $ | 9,087 | $ | 346,874 |
Operating results | $ | 595,870 | $ | 357,767 | $ | 481,363 | $ | 6,487,552 | ||||||||
Other | ||||||||||||||||
General and administrative | $ | (20,705) | $ | (24,920) | ||||||||||||
Share based compensation | (7,522) | (11,129) | ||||||||||||||
Donations and community investments | (2,273) | (1,988) | ||||||||||||||
Finance costs | (2,741) | (2,182) | ||||||||||||||
Other | 12,317 | 12,820 | ||||||||||||||
Income tax | (50,485) | (191) | ||||||||||||||
Total other | $ | (71,409) | $ | (27,590) | $ | 759,530 | ||||||||||
$ | 286,358 | $ | 453,773 | $ | 7,247,082 |
1) | Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. |
2) | Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
3) | Refer to discussion on non-GAAP measure (iii) at the end of this press release. |
4) | Comprised of the operating |
5) | Other gold interests are comprised of the operating Marmato gold interest as well as the non-operating |
6) | Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin silver interests as well as the non-operating Stratoni, Aljustrel, |
Comparative Results of Operations on a GEO Basis
YTD 2025 | YTD 2024 | Change | Change | ||||||||
GEO Production 1, 2 | 309,209 | 303,393 | 5,816 | 1.9% | |||||||
GEO Sales 2 | 323,212 | 265,756 | 57,457 | 21.6% | |||||||
Average price per GEO sold 2 | $ | 3,012 | $ | 2,242 | $ | 770 | 34.3% | ||||
Revenue | $ | 973,629 | $ | 595,870 | $ | 377,759 | 63.4% | ||||
Cost of sales, excluding depletion | $ | 149,805 | $ | 115,562 | $ | (34,243) | (29.6)% | ||||
Depletion | 151,695 | 122,541 | (29,154) | (23.8)% | |||||||
Cost of sales | $ | 301,500 | $ | 238,103 | $ | (63,397) | (26.6)% | ||||
Gross margin | $ | 672,129 | $ | 357,767 | $ | 314,362 | 87.9% | ||||
General and administrative | 24,547 | 20,705 | (3,842) | (18.6)% | |||||||
Share based compensation | 22,143 | 7,522 | (14,621) | (194.4)% | |||||||
Donations and community investments | 5,060 | 2,273 | (2,787) | (122.6)% | |||||||
Earnings from operations | $ | 620,379 | $ | 327,267 | $ | 293,112 | 89.6% | ||||
Other income (expense) | 17,256 | 12,317 | 4,939 | 40.1% | |||||||
Earnings before finance costs and income taxes | $ | 637,635 | $ | 339,584 | $ | 298,051 | 87.8% | ||||
Finance costs | 2,868 | 2,741 | (127) | (4.6)% | |||||||
Earnings before income taxes | $ | 634,767 | $ | 336,843 | $ | 297,924 | 88.4% | ||||
Income tax expense | 88,513 | 50,485 | (38,028) | (75.3)% | |||||||
Net earnings | $ | 546,254 | $ | 286,358 | $ | 259,896 | 90.8% |
1) | Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
2) | GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: |
Non-GAAP Measures
Wheaton has included, throughout this document, certain non-GAAP performance measures, including (i) adjusted net earnings and adjusted net earnings per share; (ii) operating cash flow per share (basic and diluted); (iii) average cash costs of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis; and (iv) cash operating margin.
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 other one-time (income) expenses 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). |
Three Months Ended | Six Months Ended | |||||||||||
(in thousands, except for per share amounts) | 2025 | 2024 | 2025 | 2024 | ||||||||
Net earnings | $ | 292,270 | $ | 122,317 | $ | 546,254 | $ | 286,358 | ||||
Add back (deduct): | ||||||||||||
(Gain) loss on fair value adjustment of share purchase warrants held | (2,134) | (197) | (2,757) | (380) | ||||||||
Deferred income tax (expense) recovery recognized in the Statement of OCI | (3,945) | 2,863 | (6,295) | 2,766 | ||||||||
Global minimum tax expense related to Q1-2024 earnings | - | 24,755 | - | - | ||||||||
Other | (187) | (173) | (372) | (346) | ||||||||
Adjusted net earnings | $ | 286,004 | $ | 149,565 | $ | 536,830 | $ | 288,398 | ||||
Divided by: | ||||||||||||
Basic weighted average number of shares outstanding | 453,889 | 453,430 | 453,791 | 453,262 | ||||||||
Diluted weighted average number of shares outstanding | 454,663 | 454,104 | 454,550 | 453,888 | ||||||||
Equals: | ||||||||||||
Adjusted earnings per share - basic | $ | 0.630 | $ | 0.330 | $ | 1.183 | $ | 0.636 | ||||
Adjusted earnings per share - diluted | $ | 0.629 | $ | 0.329 | $ | 1.181 | $ | 0.635 |
�� 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). |
Three Months Ended | Six Months Ended | |||||||||||
(in thousands, except for per share amounts) | 2025 | 2024 | 2025 | 2024 | ||||||||
Cash generated by operating activities | $ | 414,959 | $ | 234,393 | $ | 775,752 | $ | 453,773 | ||||
Divided by: | ||||||||||||
Basic weighted average number of shares outstanding | 453,889 | 453,430 | 453,791 | 453,262 | ||||||||
Diluted weighted average number of shares outstanding | 454,663 | 454,104 | 454,550 | 453,888 | ||||||||
Equals: | ||||||||||||
Operating cash flow per share - basic | $ | 0.914 | $ | 0.517 | $ | 1.709 | $ | 1.001 | ||||
Operating cash flow per share - diluted | $ | 0.913 | $ | 0.516 | $ | 1.707 | $ | 1.000 |
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. |
Three Months Ended | Six Months Ended | |||||||||||
(in thousands, except for gold and palladium ounces sold and per unit amounts) | 2025 | 2024 | 2025 | 2024 | ||||||||
Cost of sales | $ | 150,171 | $ | 112,872 | $ | 301,500 | $ | 238,103 | ||||
Less: depletion | (75,002) | (58,865) | (151,695) | (122,541) | ||||||||
Less: cost of sales related to delay ounces 1 | (1,009) | - | (1,873) | - | ||||||||
Cash cost of sales | $ | 74,160 | $ | 54,007 | $ | 147,932 | $ | 115,562 | ||||
Cash cost of sales is comprised of: | ||||||||||||
Total cash cost of gold sold | $ | 46,517 | $ | 34,066 | $ | 96,028 | $ | 74,427 | ||||
Total cash cost of silver sold | 25,934 | 18,914 | 49,122 | 38,326 | ||||||||
Total cash cost of palladium sold | 450 | 753 | 873 | 1,622 | ||||||||
Total cash cost of cobalt sold 2 | 1,259 | 274 | 1,909 | 1,187 | ||||||||
Total cash cost of sales | $ | 74,160 | $ | 54,007 | $ | 147,932 | $ | 115,562 | ||||
Divided by: | ||||||||||||
Total gold ounces sold | 98,973 | 77,326 | 210,270 | 169,345 | ||||||||
Total silver ounces sold | 4,868 | 3,823 | 9,351 | 7,890 | ||||||||
Total palladium ounces sold | 2,575 | 4,301 | 5,032 | 9,075 | ||||||||
Total cobalt pounds sold | 353 | 88 | 618 | 397 | ||||||||
Equals: | ||||||||||||
Average cash cost of gold (per ounce) | $ | 470 | $ | 441 | $ | 457 | $ | 440 | ||||
Average cash cost of silver (per ounce) | $ | 5.33 | $ | 4.95 | $ | 5.25 | $ | 4.86 | ||||
Average cash cost of palladium (per ounce) | $ | 175 | $ | 175 | $ | 174 | $ | 179 | ||||
Average cash cost of cobalt (per pound) | $ | 3.57 | $ | 3.11 | $ | 3.09 | $ | 2.99 |
1) The cost of sales related to delay ounces is a non-cash expense. Please see the Company's MD&A for more information. |
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. |
Three Months Ended | Six Months Ended | |||||||||||
(in thousands, except for gold and palladium ounces sold and per unit amounts) | 2025 | 2024 | 2025 | 2024 | ||||||||
Gross margin | $ | 353,047 | $ | 186,192 | $ | 672,129 | $ | 357,767 | ||||
Add back: depletion | 75,002 | 58,865 | 151,695 | 122,541 | ||||||||
Add back: cost of sales related to delay ounces 1 | 1,009 | - | 1,873 | - | ||||||||
Cash operating margin | $ | 429,058 | $ | 245,057 | $ | 825,697 | $ | 480,308 | ||||
Cash operating margin is comprised of: | ||||||||||||
Total cash operating margin of gold sold | $ | 281,837 | $ | 148,084 | $ | 552,021 | $ | 298,412 | ||||
Total cash operating margin of silver sold | 139,805 | 92,377 | 261,555 | 169,623 | ||||||||
Total cash operating margin of palladium sold | 2,114 | 3,457 | 4,063 | 7,265 | ||||||||
Total cash operating margin of cobalt sold | 5,302 | 1,139 | 8,058 | 5,008 | ||||||||
Total cash operating margin | $ | 429,058 | $ | 245,057 | $ | 825,697 | $ | 480,308 | ||||
Divided by: | ||||||||||||
Total gold ounces sold | 98,973 | 77,326 | 210,270 | 169,345 | ||||||||
Total silver ounces sold | 4,868 | 3,823 | 9,351 | 7,890 | ||||||||
Total palladium ounces sold | 2,575 | 4,301 | 5,032 | 9,075 | ||||||||
Total cobalt pounds sold | 353 | 88 | 618 | 397 | ||||||||
Equals: | ||||||||||||
Cash operating margin per gold ounce sold | $ | 2,848 | $ | 1,915 | $ | 2,625 | $ | 1,762 | ||||
Cash operating margin per silver ounce sold | $ | 28.72 | $ | 24.16 | $ | 27.97 | $ | 21.50 | ||||
Cash operating margin per palladium ounce sold | $ | 821 | $ | 804 | $ | 807 | $ | 800 | ||||
Cash operating margin per cobalt pound sold | $ | 15.03 | $ | 12.91 | $ | 13.06 | $ | 12.62 |
1)The cost of sales related to delay ounces is a non-cash expense. Please see the Company's MD&A for more information. |
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 and posted on SEDAR+ at .
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation concerning the business, operations and financial performance of Wheaton and, in some instances, the business, mining operations and performance of Wheaton's PMPA counterparties. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to:
- the future price of commodities;
- the estimation of future production from the mineral stream interests and mineral royalty interests currently owned by the Company (the "Mining Operations") (including in the estimation of production, mill throughput, grades, recoveries and exploration potential);
- the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates and the realization of such estimations);
- the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton'sPMPA counterparties at Mining Operations;
- the payment of upfront cash consideration to counterparties underPMPAs, the satisfaction of each party's obligations in accordance with PMPAs and the receipt by the Company of precious metals and cobalt production or other payments in respect of the applicable Mining Operations under PMPAs;
- the ability of Wheaton'sPMPA counterparties to comply with the terms of a PMPA (including as a result of the business, mining operations and performance of Wheaton's PMPA counterparties) and the potential impacts of such on Wheaton;
- future payments by the Company in accordance withPMPAs, including any acceleration of payments;
- the costs of future production;
- the estimation of produced but not yet delivered ounces;
- the future sales of Common Shares under, the amount of net proceeds from, and the use of the net proceeds from, the at-the-market equity program;
- continued listing of the Common Shares on theLSE, NYSE and TSX;
- any statements as to future dividends;
- the ability to fund outstanding commitments and the ability to continue to acquire accretivePMPAs;
- projected increases to Wheaton's production and cash flow profile;
- projected changes to Wheaton's production mix;
- the ability of Wheaton'sPMPA counterparties to comply with the terms of any other obligations under agreements with the Company;
- the ability to sell precious metals and cobalt production;
- confidence in the Company's business structure;
- the Company's assessment of taxes payable, including taxes payable under the GMT, and the impact of theCRA Settlement, and the Company's ability to pay its taxes;
- possibleCRA domestic audits for taxation years subsequent to 2016 and international audits;
- the Company's assessment of the impact of any tax reassessments;
- the Company's intention to file future tax returns in a manner consistent with theCRA Settlement;
- the Company's climate change and environmental commitments; and
- assessments of the impact and resolution of various legal and tax matters, including but not limited to audits.
Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", "potential", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:
- risks associated with fluctuations in the price of commodities (including Wheaton's ability to sell its precious metals or cobalt production at acceptable prices or at all);
- risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with exploration, development, operating, expansion and improvement at the Mining Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as Mining Operations plans continue to be refined);
- absence of control over the Mining Operations and having to rely on the accuracy of the public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations as the basis for its analyses, forecasts and assessments relating to its own business;
- risks related to the uncertainty in the accuracy of mineral reserve and mineral resource estimation;
- risks related to the satisfaction of each party's obligations in accordance with the terms of the Company'sPMPAs, including the ability of the companies with which the Company has PMPAs to perform their obligations under those PMPAs in the event of a material adverse effect on the results of operations, financial condition, cash flows or business of such companies, any acceleration of payments, estimated throughput and exploration potential;
- risks relating to production estimates from Mining Operations, including anticipated timing of the commencement of production by certain Mining Operations;
- Wheaton's interpretation of, or compliance with, or application of, tax laws and regulations or accounting policies and rules, being found to be incorrect or the tax impact to the Company's business operations being materially different than currently contemplated, , or the ability of the Company to pay such taxes as and when due;
- any challenge or reassessment by theCRA of the Company's tax filings being successful and the potential negative impact to the Company's previous and future tax filings;
- risks in assessing the impact of theCRA Settlement (including whether there will be any material change in the Company's facts or change in law or jurisprudence);
- risks related to any potential amendments to
Canada 's transfer pricing rules under the Income Tax Act (Canada ) that may result from the Department of Finance's consultation paper released June 6, 2023; - risks relating to Wheaton's interpretation of, compliance with, or application of the GMT, including
Canada 'sGMTA and the legislation enacted in Luxembourg, that applies to the income of the Company's subsidiaries for fiscal years beginning on or after December 31, 2023; - counterparty credit and liquidity risks;
- mine operator andcounterparty concentration risks;
- indebtedness and guarantees risks;
- hedging risk;
- competition in the streaming industry risk;
- risks relating to security over underlying assets;
- risks relating to third-partyPMPAs;
- risks relating to revenue from royalty interests;
- risks related to Wheaton's acquisition strategy;
- risks relating to third-party rights underPMPAs;
- risks relating to futurefinancings and security issuances;
- risks relating to unknown defects and impairments;
- risks related to governmental regulations;
- risks related to international operations of Wheaton and the Mining Operations;
- risks relating to exploration, development, operating, expansions and improvements at the Mining Operations;
- risks related to environmental regulations;
- the ability of Wheaton and the Mining Operations to obtain and maintain necessary licenses, permits, approvals and rulings;
- the ability of Wheaton and the Mining Operations to comply with applicable laws, regulations and permitting requirements;
- lack of suitable supplies, infrastructure and employees to support the Mining Operations;
- risks related to underinsured Mining Operations;
- inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by certain Mining Operations (including increases in production, estimated grades and recoveries);
- uncertainties related to title and indigenous rights with respect to the mineral properties of the Mining Operations;
- the ability of Wheaton and the Mining Operations to obtain adequate financing;
- the ability of the Mining Operations to complete permitting, construction, development and expansion;
- challenges related to global financial conditions;
- risks associated with environmental, social and governance matters;
- risks related to fluctuations in commodity prices of metals produced from the Mining Operations other than precious metals or cobalt;
- risks related to claims and legal proceedings against Wheaton or the Mining Operations;
- risks related to the market price of the Common Shares of Wheaton;
- the ability of Wheaton and the Mining Operations to retain key management employees or procure the services of skilled and experienced personnel;
- risks related to interest rates;
- risks related to the declaration, timing and payment of dividends;
- risks related to access to confidential information regarding Mining Operations;
- risks associated with multiple listings of the Common Shares on theLSE, NYSE and TSX;
- risks associated with a possible suspension of trading of Common Shares;
- equity price risks related to Wheaton's holding of long‑term investments in other companies;
- risks relating to activist shareholders;
- risks relating to reputational damage;
- risks relating to expression of views by industry analysts;
- risks related to the impacts of climate change and the transition to a low-carbon economy;
- risks associated with the ability to achieve climate change and environmental commitments at Wheaton and at the Mining Operations;
- risks related to ensuring the security and safety of information systems, including cyber security risks;
- risks relating to generative artificial intelligence;
- risks relating to compliance with anti-corruption and anti-bribery laws;
- risks relating to corporate governance and public disclosure compliance;
- risks of significant impacts on Wheaton or the Mining Operations as a result of an epidemic or pandemic;
- risks related to the adequacy of internal control over financial reporting; and
- other risks discussed in the section entitled "Description of the Business � Risk Factors" in Wheaton's Annual Information Form available on SEDAR+ atand Wheaton's Form 40-F for the year ended December 31, 2024 on file with the
U.S. Securities and Exchange Commission on EDGAR (the "Disclosure").
Forward-looking statements are based on assumptions management currently believes to be reasonable, including (without limitation):
- that there will be no material adverse change in the market price of commodities;
- that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates;
- that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate;
- that public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations is accurate and complete;
- that the production estimates from Mining Operations are accurate;
- that each party will satisfy their obligations in accordance with thePMPAs;
- that Wheaton will continue to be able to fund or obtain funding for outstanding commitments;
- that Wheaton will be able to source and obtain accretivePMPAs;
- that the terms and conditions of aPMPA are sufficient to recover liabilities owed to the Company;
- that Wheaton has fully considered the value and impact of any third-party interests inPMPAs;
- that expectations regarding the resolution of legal and tax matters will be achieved (includingCRA audits involving the Company);
- that Wheaton has properly considered the application of Canadian tax laws to its structure and operations and that Wheaton will be able to pay taxes when due;
- that Wheaton has filed its tax returns and paid applicable taxes in compliance with Canadian tax laws;
- that Wheaton's application of theCRA Settlement is accurate (including the Company's assessment that there has been no material change in the Company's facts or change in law or jurisprudence);
- that Wheaton's assessment of the tax exposure and impact on the Company and its subsidiaries of the implementation of a
15% global minimum tax is accurate; - that the trading of the Common Shares will not be adversely affected by the differences in liquidity, settlement and clearing systems as a result of multiple listings of the Common Shares on theLSE, the TSX and the NYSE;
- that the trading of the Company's Common Shares will not be suspended;
- the estimate of the recoverable amount for anyPMPA with an indicator of impairment;
- that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic or pandemic; and
- such other assumptions and factors as set out in the Disclosure.
There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Wheaton. Readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing readers with information to assist them in understanding Wheaton's expected financial and operational performance and may not be appropriate for other purposes. Any forward-looking statement speaks only as of the date on which it is made, reflects Wheaton's management's current beliefs based on current information and will not be updated except in accordance with applicable securities laws. Although Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward‑looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended.
Cautionary Language Regarding Reserves and Resources
For further information on Mineral Reserves and Mineral Resources and on Wheaton more generally, readers should refer to Wheaton's Annual Information Form for the year ended December 31, 2024, which was filed on March 31, 2025 and other continuous disclosure documents filed by Wheaton since January 1, 2025, available on SEDAR+ at . 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
End Notes
1Please refer to disclosure on non-GAAP measures in this press release. Details of the dividend can be found in Wheaton's news release dated August 7, 2025, titled "Wheaton Precious Metals Announces Quarterly Dividend." |
2Statements made in this section contain forward-looking information with respect to forecast production, production growth, funding outstanding commitments, continuing to acquire accretive mineral stream interests and the commencement, timing and achievement of construction, expansion or improvement projects and readers are cautioned that actual outcomes may vary. Please see "Cautionary Note Regarding Forward-Looking Statements" for material risks, assumptions and important disclosure associated with this information. |
3Gold equivalent forecast production for 2025 and the longer-term outlook are based on the following updated commodity price assumptions: |
4Source: Company reports S&P Capital IQ estimates of 2024 byproduct cost curves for gold, zinc/lead, copper, PGM, nickel & silver mines. Portfolio mine life based on recoverable reserves and resources as of Dec 31, 2024 and 2024 actual mill throughput and is weighted by individual reserve and resource category. |
5Total streaming and royalty agreements relate to precious metals purchase agreements for the purchase of precious metals and cobalt relating to 20 mining assets which are currently operating, 24 which are at various stages of development and 2 of which have been placed in care and maintenance or have been closed. |
6Further details for long-term guidance can be found in the Wheaton news release dated February 18, 2025, titled "Wheaton Precious Metals Exceeds 2024 Production Guidance and Provides 2025 and Long-Term Outlook, Projecting |
7Wheaton's long-term production outlook is based on information available as of February 18, 2025, the date of publication. The Company will provide updated longer-term guidance in normal course in the first quarter of 2026, which will incorporate the impact of recent developments and corporate development activities announced in 2025. |
8 As reported by Reuters news outlet on July 11, 2025 in the article titled "MMG, Hudbay warn |
9Under the Cangrejos PMPA, CMOC may purchase one-third of the Cangrejos stream if it provides notice of its intention to do so within 60 days of the change of control on June 23, 2025. |
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SOURCE Wheaton Precious Metals Corp.