Wheaton Precious Metals Announces Record Revenue and Operating Cash Flow for the Second Quarter of 2025

"Wheaton delivered another outstanding quarter, achieving record revenue, adjusted net earnings, and operating cash flow for both the second quarter and the first half of 2025," said Randy Smallwood, Chief Executive Officer of Wheaton Precious Metals. "We also made significant progress in our near-term growth strategy as Blackwater announced commercial production and Goose successfully delivered its first gold pour during the quarter, a strong indicator that our catalyst-rich year is progressing as planned. We remain committed to disciplined capital deployment, focusing only on the most accretive opportunities that are structured to generate meaningful, long-term value for all stakeholders."

Record Financial Performance and Strong Balance Sheet

• Second quarter of 2025: A record $503 million in revenue, $292 million in net earnings, a record $286 million in adjusted net earnings, and a record $415 million in operating cash flow.
• Declared a quarterly dividend1 of $0.165 per common share and made two quarterly dividend payments totalling $150 million.
• Balance Sheet: Cash balance of $1.0 billion, no debt, and an undrawn $2 billion revolving credit facility as at June 30, 2025.
• Undrawn $2 billion revolving credit facility extended by an additional year with the facility now maturing on June 30, 2030.  

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.