Wheaton Precious Metals Q2 Earnings Call Highlights

Key Points

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• 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.

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.

Second-Quarter Revenue and Cash Flow Rise

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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.

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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.

Antamina Stream Drives Portfolio Expansion

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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.

Operations and Development Pipeline

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.

Balance Sheet and Deal Pipeline

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.

About Wheaton Precious Metals (NYSE:WPM)

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.

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