Wheaton Precious Metals Q2 2026 Earnings Report

Wheaton Precious Metals EPS Results

• Actual EPS: $1.19
• Consensus EPS: $1.15
• Beat/Miss: Beat by +$0.04
• One Year Ago EPS: $0.63

Wheaton Precious Metals Revenue Results

• Actual Revenue: $878.00 million
• Expected Revenue: $879.29 million
• Beat/Miss: Missed by -$1.29 million
• YoY Revenue Growth: +84.70%

Wheaton Precious Metals Announcement Details

• Quarter: Q2 2026
• Date: 8/6/2026
• Time: After Market Closes
• Conference Call Date: Friday, August 7, 2026
• Conference Call Time: 11:00AM ET

Wheaton Precious Metals (NYSE:WPM) 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. Wheaton’s streams entitle it to receive physical deliveries of metal or the cash equivalent under contract terms, and the company works with a range of producing and development-stage mining operations to secure these streams. Its portfolio spans a variety of geographies where precious metals are mined, providing exposure to different mines, ore types and regional operating environments without direct ownership or responsibility for mine operations.

Wheaton Precious Metals was originally founded under the name Silver Wheaton and adopted its current name to reflect a broader focus on precious metals. Headquartered in Vancouver, British Columbia, the company is managed by an experienced executive team and board with expertise in mining finance and metals markets; Randy Smallwood has served as president and chief executive officer. Wheaton’s positioning as a financial partner to mining companies makes it a notable participant in the precious metals sector, offering investors a financing-linked route to metal production rather than direct mining operations.

Wheaton Precious Metals Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Record first-half performance: Q2 revenue rose 85% year over year to $929 million, while net earnings increased 86% to $543 million and operating cash flow grew 57% to $650 million.
• Positive Sentiment: Production increased 6% to 202,000 gold equivalent ounces, supported by the expanded Antamina silver stream and contributions from Phoenix, Hemlo, Mineral Park, Platreef and Goose; 2026 guidance remains 860,000–940,000 GEOs.
• Positive Sentiment: Wheaton expects approximately 50% organic production growth by 2030, reaching 1.2 million GEOs, with Blackwater, Kurmuk, Koné and other development assets advancing toward production.
• Negative Sentiment: The $4.3 billion Antamina acquisition increased leverage, leaving the company with approximately $1.9 billion of net debt and $100 million of cash at quarter-end, although management expects strong cash flow to support debt repayment.
• Positive Sentiment: Management said it remains capable of pursuing additional accretive transactions, citing approximately $2.6 billion of available liquidity and a deal pipeline weighted toward gold opportunities, while larger copper transactions are generally several years away.

Presentation

[Operator]

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals' 2026 second quarter results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad, or type your question in the Q&A box of the webinar. If you would like to withdraw your question, press star one again. Thank you. I would like to remind everyone that this conference call is being recorded on Friday, August 7th, 2026, at 11:00 A.M. Eastern Time. I will now turn the conference over to Emma Murray, Vice President of Investor Relations. Please go ahead.

[Emma Murray, VP of Investor Relations at Wheaton Precious Metals]

Thank you, Julianne. Good morning, ladies and gentlemen, and thank you for participating in today's call. I am joined today by Haytham Hodaly, Wheaton Precious Metals' President and Chief Executive Officer; Vincent Lau, Chief Financial Officer; Wes Carson, Vice President, Mining Operations; and Neil Burns, Vice President, Corporate Development. Please note for those not currently on the webcast, a slide presentation accompanying this conference call is available in PDF format on the presentation page of our website. Some of the comments on today's call may include forward-looking statements. Please refer to [End Notes] 2 for important cautionary information and disclosures. It should be noted that all figures referred to on today's call are in U.S. dollars unless otherwise noted. With that, I would like to turn the call over to Haytham Hodaly, President and Chief Executive Officer.

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Thank you, Emma. Good morning, everyone. Thank you for joining us today to discuss Wheaton's second quarter results of 2026. The second quarter closed out a record-breaking first half of the year for Wheaton. Through the first six months of 2026, the company delivered record performance across many of our key metrics, including production, sales volumes, revenue, earnings, and cash flow. In an environment marked by commodity price volatility and cost pressures, these results reflect the continued strength of our high-quality portfolio and the resilience of the streaming business model. In the first half of the year, we achieved record production of 415,000 GEOs and record sales volumes of 390,000 GEOs, positioning us well to achieve our 2026 production guidance range of 860,000 GEOs-940,000 GEOs.

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Production in the second quarter was bolstered by the initial contribution from our expanded Antamina silver stream and the continued realization of the company's growth strategy with incremental production realized from Hemlo, Fenix, Platreef and Goose. Turning to Corporate Development, we also continued to execute on our growth strategy during the quarter, completing several additional transactions that further diversify our portfolio. We closed the Antamina silver stream with BHP, a defining milestone for both Wheaton and the industry, representing the largest precious metal streaming transaction ever completed. We announced our first-ever streaming transaction in Australia, a gold and silver stream on the Jervois project, through our partnership with KGL Resources. We expanded our royalty portfolio through the Spanish Mountain and Cipango royalties, which also provide Wheaton with the right of first refusal on future financings, adding further optionality to our portfolio.

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Collectively, these transactions further strengthen our portfolio, expand our geographic reach, and broaden our counterparty base while maintaining the disciplined approach to capital allocation that has underpinned Wheaton's success. As of June 30th, 2026, our balance sheet remains robust with $100 million in cash on hand at quarter end and access to the undrawn portion of our $2.5 billion revolving credit facility, which together with the strength of our forecasted operating cash flows, provides strong flexibility to fund all outstanding commitments and allows us to continue to pay down our existing debt balance, as well as the capacity to pursue additional accretive mineral stream interests. We remain committed to disciplined capital deployment, focusing only on the most accretive opportunities that are structured to generate meaningful long-term value for all stakeholders. Importantly, Wheaton's growth is not dependent on additional transactions.

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Our existing portfolio already supports a strong organic growth profile of 50% by 2030, underpinned by multiple development assets advancing through construction, ramp-up, and optimization. Turning to sustainability, Wheaton was once again recognized among Corporate Knights' Best 50 Corporate Citizens in Canada, a multi-sector accolade that we were proud to receive. During the quarter, we also launched our third annual Future of Mining Challenge, which will award $1 million to an initiative focused on advancing solutions for mine optimization and reducing land impacts across the mining sector. We look forward to engaging with innovators who are helping to shape the future of responsible mining, further demonstrated in our recently published 2025 sustainability report. With that, I would now like to turn the call over to Wes Carson, our Vice President of Mining Operations, who will provide more detail on our operating results. Wes?

[Wes Carson, VP of Mining Operations at Wheaton Precious Metals]

Thanks, Haytham. Good morning, everyone. Overall production in Q2 was 202,000 GEOs, a 6% year-over-year increase, primarily driven by the addition of BHP's Antamina stream, together with the new production from Fenix, Hemlo, Mineral Park, Platreef and Goose. In Q2, Salobo produced 62,100 oz of attributable gold, a decrease of approximately 11% relative to Q2 2025, primarily the result of lower grades. Vale Base Metals disclosed that the coarse particle flotation is the key near-term growth driver at Salobo, supporting Salobo III's expansion from 12 million to 18 million tons per annum and targeted total throughput of 42 million tons per annum by 2029. In Q2, Antamina produced 2.3 million ounces of attributable silver, an increase of approximately 56% relative to Q2 2025.

[Wes Carson, VP of Mining Operations at Wheaton Precious Metals]

The increase was primarily driven by the newly acquired BHP Antamina PMPA, which increased the company's share of silver production at Antamina from 33.75% to 67.5% effective April 1st, 2026. The benefit of the increased production share was partially offset by lower silver grades and the timing of planned maintenance as a scheduled July maintenance shutdown was advanced into June. The lower grades were attributable to pit sequencing with a greater portion of copper-only ore processed relative to copper zinc ore, which contains more silver. An increase in copper zinc ore is expected to be processed in the third quarter, which is expected to result in higher silver grades. In Q2, Blackwater produced 100,000 oz of attributable silver and 5,900 oz of attributable gold, an increase of 7% and 46% respectively relative to Q2 of 2025, primarily the result of higher recoveries, grades, and throughput.

[Wes Carson, VP of Mining Operations at Wheaton Precious Metals]

On August 4th, 2026, Artemis Gold provided an update on the Phase 1 expansion at Blackwater, which is anticipated to increase the plant's nameplate capacity by 33%, from 6 million to 8 million tons per annum. Artemis reported that the Phase 1A was 57% complete at the end of Q2 2026 and remains on schedule for commissioning in Q4 2026, with the expansion expected to contribute to production beginning in 2027. Artemis also commenced major works construction on its larger EP2 growth project at Blackwater, which remains on schedule and on budget. Together, Phase 1A and EP2 are expected to expand throughput capacity by 250%, from 6 million to 21 million tons per annum by 2028, increasing annual gold production to over 500,000 oz. Several development projects continued to ramp up in Q2 2026, including Mineral Park, Fenix, Platreef, and Goose.

[Wes Carson, VP of Mining Operations at Wheaton Precious Metals]

Construction also advanced across a number of projects, including Kurmuk, where Allied Gold reported the project remains on budget and on schedule, with start of operations expected in August and first gold ore a few weeks thereafter. Koné, where Montage Gold reported that the project remains on budget and ahead of schedule with first gold ore targeted for Q4 2026 through the oxide circuit and the hard-rock comminution circuit on track for completion in Q2 2027. Wheaton's production outlook for 2026 remains unchanged, and we currently expect to achieve our annual production guidance of 860,000 GEOs-940,000 GEOs. Production is expected to be weighted to the second half of 2026, driven by mine sequencing at Salobo and Peñasquito, the first full contribution from the Antamina BHP stream, and the continued ramp-up of newly operating assets through 2026.

[Wes Carson, VP of Mining Operations at Wheaton Precious Metals]

Looking ahead, we project annual production to grow at an industry-leading rate of approximately 50%, reaching 1.2 million GEOs by 2030, with average annual production forecast to remain at approximately 1.2 million GEOs from 2031 through 2035. That concludes the operations overview. With that, I'll turn the call over to Vince.

[Vincent Lau, CFO at Wheaton Precious Metals]

Thank you, Wes. Production in Q2 was 202,000 GEOs, a 6% increase year-over-year, driven primarily by the addition of the BHP Antamina stream and contributions from our newly operating assets. Sales volumes were 209,000 GEOs, a 14% increase from last year. Sales exceeded production in the quarter as we drew down produced but not yet delivered ounces carried over from prior periods. Consistent with our earlier guidance, Q2 deliveries reflected two of the typical three quarterly shipments under the new BHP Antamina stream, with a full quarterly contribution expected in the second half of the year. At the end of the second quarter, the produced but not yet delivered, or PBND, balance was approximately 158,000 GEOs, representing 2.6 months of payable production. This is consistent with the preceding four quarters and within our guided range of 2.5 to 3.5 months.

[Vincent Lau, CFO at Wheaton Precious Metals]

Strong commodity prices, coupled with solid production, led to record quarterly revenue of $929 million, an increase of 85% compared to last year. This was driven primarily by a 61% increase in the average realized gold equivalent price together with a 14% increase in the number of volumes sold. Of this revenue, 46% came from gold, 52% from silver, and the remainder from cobalt and palladium. In the coming quarters, we expect the revenue split to favor gold as the new gold-dominant development projects come online. Net earnings increased by 86% from the prior year to $543 million, while operating cash flow totaled $650 million, a 57% increase from last year, resulting in year-to-date records achieved across revenue, net earnings, and operating cash flow. During the quarter, we generated over $650 million in operating cash flow and deployed approximately $4.5 billion in net upfront cash payments across our streaming portfolio.

[Vincent Lau, CFO at Wheaton Precious Metals]

This was headlined by the $4.3 billion payment to BHP for the Antamina silver stream funded on April 1st, and also included $156 million for Koné, $23 million for Spanish Mountain, $16 million for Jervois, and $4.5 million for Cipango. In addition, the company made two dividend payments totaling $171 million and made its first global minimum tax payment relative to the 2024 taxation year, amounting to $109 million. After funding these commitments, we ended the quarter with a cash balance of approximately $100 million at June 30th, resulting in a net debt balance of approximately $1.9 billion. This is a reduction from the approximately $2.1 billion pro forma net debt position immediately following the Antamina funding on April 1st, reflecting the strength of our operating cash flow even after funding additional stream payments and dividends during the quarter.

[Vincent Lau, CFO at Wheaton Precious Metals]

To fund the Antamina acquisition on April 1st, we drew down on our new $1.5 billion term loan, together with a draw on our revolving credit facility and cash on hand. During the quarter, we further enhanced our financial flexibility by upsizing our revolving credit facility by $500 million to $2.5 billion and extending its maturity by one year to June 30th, 2031. Together with the $500 million accordion feature and our cash on hand, this provides approximately $2.6 billion of available liquidity. The strength of our production guidance and continued strong margins, we remain well-positioned to generate robust operating cash flow at current commodity prices, supporting debt repayment over a relatively short period while continuing to build capacity to fund our existing commitments and potential future accretive stream acquisitions. This concludes the financial summary. I'll now hand things back over to Haytham.

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Thank you, Vincent. In summary, the first half of 2026 was record-breaking for Wheaton. The second quarter reflected the continued execution of our strategy. The first half of the year saw records achieved across production, sales volumes, revenue, earnings, and cash flow, reflecting the strength and momentum across our portfolio. In the second quarter, we delivered record revenue and closed the Antamina silver stream with BHP, the largest streaming transaction to date, which adds meaningful long-term silver exposure. We continued to execute on disciplined accretive growth, further expanding and diversifying our portfolio with the closing of the Jervois transaction, our first stream in Australia. Our development pipeline continued to advance, with multiple assets progressing through construction, ramp-up, and optimization, supporting Wheaton's forecasted sector-leading organic growth profile of 50% by 2030.

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Wheaton's strategy remains clear: stay disciplined in pursuing high quality, low risk, long life, accretive precious metal streams and deliver sustainable long-term value to all stakeholders. With that, I would now like to open the call up for questions. Operator?

[Operator]

Thank you. Ladies and gentlemen, we will now conduct the question-and-answer session. If you would like to ask a question, please press star, then the number one on your telephone keypad. If you would like to withdraw your question, please press star one again. There will be a brief pause while we compile the Q&A roster. Our first question comes from Daniel Major from UBS. Please go ahead. Your line is open.

[Daniel Major, Analyst at UBS]

Hi. Can you hear me okay?

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Yeah. Good morning, Dan.

[Daniel Major, Analyst at UBS]

Hey, great. Thank you, and thanks for the questions. I guess the first question, just on the sort of bridge into the second half. How much of that uplift is the new sort of new assets coming online? Can you just give us a little sense of contribution from the new ramp-ups relative to the mine sequencing? That's the first question.

[Wes Carson, VP of Mining Operations at Wheaton Precious Metals]

Thanks for the question, Daniel. It's really mine sequencing is driving primarily most of the ramp-ups this year. All of the ramp-ups only amount to about 3% of our total production on the year. Really, the main thing is that that Antamina stream being fully online. Then, really the shift in mine sequencing, particularly on Salobo and Peñasquito in the second half of the year.

[Daniel Major, Analyst at UBS]

Okay, got it. Thanks. The second question, I suppose, is about the project pipeline and your appetite for deals while you're still digesting the shift in net debt and the Antamina acquisition. We've seen a pullback in asset values with the gold price a little bit. Has that made the pipeline more active, as the first part of the question? Second, I see you've engaged in a couple of royalty transactions. You've historically been less active in this space relative to your peers. Are you seeing opportunities for transactions in third-party royalties? Third part, are you seeing any movement on the copper project pipeline, prices at $14,000? Is that pipeline looking like we might see some more FIDs and financing requirements? I'll leave it at that.

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Thank you for the question, Daniel. I'll start by saying, we currently have, as Vincent outlined, almost $2.6 billion in unused capacity through our revolver. We're generating in excess of $200 million of free cash flow every month. We feel very, very comfortable continuing to transact on whatever we see out there in the market that would be an accretive transaction for Wheaton. In terms of the royalty transactions we've done lately, I think you have to look at it differently. We're not just entering into royalties because you're right, royalties won't really move the needle. What we're doing is we're entering into royalties that have ROFRs, so right of first refusals on future financings, and that's the key. Having that ability to lock that up provides us that certainty that we at least have the last look when there's an opportunity out there for finance.

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

That's very important. On the next question, I'm going to pass it over to Neil Burns, our VP of Corporate Development.

[Neil Burns, VP of Corporate Development at Wheaton Precious Metals]

Sure, Daniel. Yeah, you mentioned the drop in metal prices. Coming off the highs that we saw in the first quarter, moderation in metal prices did contribute to a bit of a softening in the equity markets. I think that led to a bit of an uptick in some of the opportunities we're seeing from smaller companies who are facing a tougher financing environment. We do see the mix still weighted towards gold, as Haytham has said. Generally in the same range of about $200 million-$500 million as we've been messaging.

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Is there also-

[Daniel Major, Analyst at UBS]

Okay, thanks. Yeah, just whether there's any high level color on the deal pipeline or potential in the copper industry, whether you're seeing any more movement there on the projects?

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

The copper industry itself, there are some large projects out there in the copper industry, but they will take time to come to fruition. There's nothing imminent within the next, I would say, year or two that requires financing. Looking out, call it three to eight years, there are a number of large porphyry copper deposits that will require big funding. We would hope to be involved with that. In the meantime, we're not just sitting by, obviously, waiting for those to happen. We're constantly looking, our team that is, at ways to continue to expand our portfolio through accretive transactions. As you've seen, we've entered into a stable jurisdiction. We've looked at in Australia. We were looking at several other jurisdictions, obviously North America. Lots going on there. We're very excited about the way things are looking here with the next [12 months].

[Daniel Major, Analyst at UBS]

Great. Thank you. Have a nice weekend.

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Thank you, Dan.

[Operator]

Our next question comes from Tanya Jakusconek from Scotiabank. Please go ahead. Your line is open.

[Tanya Jakusconek, Analyst at Scotiabank]

Oh, great. Good morning, everyone. Thank you so much for taking my questions. Congrats on the strong quarter as well. Can I come back to just the second half of the year, you're going to see stronger production. Thank you. Mainly from the operating assets. Maybe some guidance on the sales, because sales came in higher than we expected. I'm kind of wondering how sales and productions is going to look for the second half of the year?

[Vincent Lau, CFO at Wheaton Precious Metals]

Hi, Tanya. It's Vince here. Yeah, our PBND balance really drives that. At the end of Q2, we're sitting at about 2.6 months. We typically see it range anywhere between 2.5 to 3.5 months. I would say there is a higher likelihood that there will be a little bit of a buildup in the PBND towards year-end than a drawdown. I would forecast it to be flat or rising a little bit, but nothing dramatic.

[Tanya Jakusconek, Analyst at Scotiabank]

Okay. If that's the case, you're thinking that production and sales could be close to each other. Is that how I should be thinking about it?

[Vincent Lau, CFO at Wheaton Precious Metals]

That's how I would think about it.

[Tanya Jakusconek, Analyst at Scotiabank]

Okay. That's helpful. Thank you so much. Maybe I can get my numbers right next time with that guidance. Just turning over to just the deal pipeline. I have two questions on the deal pipeline and whoever wants to take that, and maybe Haytham as well. From understanding the opportunities out there, it appears to me, Haytham, that you mentioned that the big opportunities, the plus $1 billion range, seem to be further out, like that three to eight-year timeframe. Would that be a fair statement?

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

I would say the larger copper opportunities that were asked about would be further out. There are other opportunities, Tanya, in the pipeline that I would say could be in excess of $1 billion, could be as high as $2 billion. Again, those take time to gestate. It will be, I would say, majority of opportunities are focused on sub-$500 million, but there is the odd $1 billion or $2 billion transaction that could come out sooner than the three to seven-year timeline I mentioned.

[Tanya Jakusconek, Analyst at Scotiabank]

Okay. Are those in gold or silver?

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Those are primarily focused towards gold.

[Tanya Jakusconek, Analyst at Scotiabank]

Okay. Haytham, are you seeing any changes to the structure of the deals in that $200 million-$500 million range? Is it still the same sort of project financing that requires either a stream plus an equity and a debt component? Has anything changed in that?

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

That's about right, Tanya. I would say that as we're looking at these things, we're trying to provide more of a financing package going forward. Like you've seen us put in working capital facilities, you've seen us put in equity where needed. What we're trying to do is do what's best for the company, provide the company with the flexibility to structure the transaction that is most efficient for them without diluting their existing shareholders. That creates a win-win transaction for us.

[Tanya Jakusconek, Analyst at Scotiabank]

Okay. My last question really comes on to just people. When I look out in the industry and you look at project build and you look at expertise and contractors out there, unfortunately, quality of contractors isn't what it used to be. Maybe Haytham, can you talk a little bit about what you're doing internally to beef up your technical expertise? Obviously trying to take in contractors is not optimal at this point anymore.

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Yeah. Absolutely. Internally, we're a total of 45, 46 people. We have two new hires coming on to expand our engineering team and our operations team. The more opportunities and more streams we lock in, obviously the more there is to do, and it's important for us to stay on top of everything. Also want to ensure that our team is able to look at all these opportunities without burning themselves out. We are adding, doesn't sound like a lot, but we're adding two to three people over the next three or four months. We probably over the next five years, as needed, as portfolios expand, have the capacity to add another 10% on top of that if needed.

[Tanya Jakusconek, Analyst at Scotiabank]

Maybe--

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

In sales, Tanya, that we--

[Tanya Jakusconek, Analyst at Scotiabank]

I'm sorry, go ahead.

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

We do the majority of our reviews and opportunities internally. We're not relying on externals.

[Tanya Jakusconek, Analyst at Scotiabank]

Can you just remind me of the technical expertise that you currently have in-house and the one that you--

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Absolutely. Absolutely.

[Tanya Jakusconek, Analyst at Scotiabank]

To--

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

You bet.

[Tanya Jakusconek, Analyst at Scotiabank]

Yeah.

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

We're all mining engineers, geologists, processing engineers, geological engineers, civil engineers. I don't think I've missed anything. Geotechnical engineers.

[Wes Carson, VP of Mining Operations at Wheaton Precious Metals]

Social scientists.

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Social scientists. We have a wide variety of expertise internally. I can tell you, we haven't used an external consultant in, it's got to be at least a couple of years.

[Tanya Jakusconek, Analyst at Scotiabank]

What areas do you need to add, Haytham?

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

We're just adding additional capacity on engineering in order to actually be able to look at more opportunities. That size doesn't matter. We're not restricted to looking at small risk weight. We can look at everything. Operations to assist Wes in monitoring our development projects.

[Tanya Jakusconek, Analyst at Scotiabank]

Okay. Thank you so much for taking my question.

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Thank you, Tanya. Have a great weekend.

[Tanya Jakusconek, Analyst at Scotiabank]

Yeah, you as well.

[Operator]

Our next question comes from Cosmos Chiu from CIBC. Please go ahead, your line is open.

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Hey, Cosmos.

[Cosmos Chiu, Analyst at CIBC]

Great, thanks. Hey, Haytham, how you doing? Thanks for taking my questions. That's a lot of engineers. I guess you're missing an aerospace engineer. Beyond that, maybe my question is on Antamina. As you mentioned, Q2 was a bit impacted by the split between copper and copper-zinc concentrate. How does it work usually? Is it based on, was that due to higher copper prices, so there was preference in terms of the Antamina selling more copper-only concentrate, or is that not correlated? Wes, as you mentioned, it seems like there is going to be a bit more copper-zinc concentrate in Q3, so that's going to help. Usually, how much visibility do you have? Do you have any visibility beyond what's happening in Q3?

[Wes Carson, VP of Mining Operations at Wheaton Precious Metals]

Thanks for the question, Cosmos. I would say there isn't really the ability to selectively feed ore based on what's happening in the commodity prices. This really is truly pit sequencing. We were just on site at the end of June and got a great review with the team down there. Really, the copper-zinc ore tends to be just in different areas of the pit. It just depends on where they're going. The primary area where you're going to see that higher silver grade come out. We've been talking about this for the last year or so here, is around where that old primary crusher was in the bottom of the pit. There's quite a bit of not just copper-zinc, but copper-bornite ore in that area as well. That's taken a little bit longer to get to than what was expected.

[Wes Carson, VP of Mining Operations at Wheaton Precious Metals]

We were expecting to see that earlier in the year. They are well progressed on that. We'll see that come in over the next little while here, and into next year as well. We're certainly expecting to see those higher silver grades come in later in the year and continue over the next 12-18 months.

[Cosmos Chiu, Analyst at CIBC]

Good. That's good to hear. Maybe sticking with Antamina and certainly great to see that you've added to that stream. I guess my question is, the latest transaction was transacted when silver prices were slightly higher. It's come down a little bit now. It's gone back up again, but it's still lower than where you had it when you transacted the acquisition. I guess my question is, are there any concerns in terms of potential write-downs, or are you able to, for accounting purposes, look at the entire 67.5% stream as one holistic stream, whereby, the risk of any kind of write-down would be much less?

[Vincent Lau, CFO at Wheaton Precious Metals]

Hey, Cosmos. It's Vince here.

[Cosmos Chiu, Analyst at CIBC]

Hi, Vince.

[Vincent Lau, CFO at Wheaton Precious Metals]

From an accounting perspective, the Glencore and the BHP streams are separate, what's called, CGUs. We need to look at them separately. From a value perspective, when we did the Antamina transaction with BHP, spot prices were higher, but we definitely did not use the spot prices at that time from the long-term perspective, the value of that stream. From our perspective, long-term silver prices still have strong fundamentals, and there's no indicators of impairment at this point. We're comfortable with the carrying value at where it is. Yeah. That's kind of how--

[Cosmos Chiu, Analyst at CIBC]

Great.

[Vincent Lau, CFO at Wheaton Precious Metals]

-- we are looking at it.

[Cosmos Chiu, Analyst at CIBC]

Yeah. There's no triggering event at this point as you mentioned?

[Vincent Lau, CFO at Wheaton Precious Metals]

No. I mean--

[Cosmos Chiu, Analyst at CIBC]

Okay.

[Vincent Lau, CFO at Wheaton Precious Metals]

-- the asset is performing as expected.

[Cosmos Chiu, Analyst at CIBC]

Okay.

[Vincent Lau, CFO at Wheaton Precious Metals]

Prices are going to be volatile. We take a long-term view in terms of what the value is.

[Cosmos Chiu, Analyst at CIBC]

Understood. Maybe one last question. Haytham, as you mentioned, you've made your first investment into Australia. I guess my question is more on Japan. I see that you've made your first investment, or maybe not your first, but one of a few investments into Japan. I didn't think it was a big mining jurisdiction. Now, you've made investment to Cipango. Maybe if you can talk about that investment and how you see Japan as a jurisdiction?

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Sure. I'll pass it over to Neil. Go ahead, Neil.

[Neil Burns, VP of Corporate Development at Wheaton Precious Metals]

Yeah. Morning, Cosmos.

[Cosmos Chiu, Analyst at CIBC]

Hi, Neil.

[Neil Burns, VP of Corporate Development at Wheaton Precious Metals]

Thanks for the question. Japan is quite unique in both geology, with its location along several plate margins. It's great breeding ground for creating great ore bodies, and also the fact that there's been very little exploration. During World War I, the workforce really shifted over to the army from the mines. They never really got back to mining. Their focus shifted towards smelting and refining. It remains to be a jurisdiction that has great potential and extremely under explored. Cipango's got a number of projects which our NSR applies to. Five of their current ones they have 100% ownership on, and two that they're earning into. The rule for that, Haytham mentioned earlier, covers actually 16 projects in the country. We have huge optionality on discovery.

[Cosmos Chiu, Analyst at CIBC]

Great. I know it's not producing yet. If you ever have a mine tour going to Japan, let me know. I'm in. Have a good weekend.

[Neil Burns, VP of Corporate Development at Wheaton Precious Metals]

Don't worry.

[Cosmos Chiu, Analyst at CIBC]

We're all go hang out. Have a good weekend and thanks for answering all my questions.

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Thanks, Cosmos. Have a great weekend.

[Operator]

Our next question comes from Brian MacArthur from Raymond James. Please go ahead. Your line is open.

[Brian MacArthur, Analyst at Raymond James]

Good morning--

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Good morning, Brian.

[Brian MacArthur, Analyst at Raymond James]

-- and thanks for taking questions. My questions have to do with the early deposit, because I haven't actually looked at these in detail. I see Toroparu, Cotabambas, the deals were done a long time ago. But when I look at when you expect to spend on these, it's post-2030. I have a couple of questions. One, the way these things work, that those payments you have left, are those one-time payments or are they staged? My second question is, do you think you'll be paying those sooner than that 2030 period as we move forward? Three, there's all these buy-down options in here. Are those just one-time things that basically kick this whole process?

[Brian MacArthur, Analyst at Raymond James]

If you can just go through how you're thinking about those, specifically the Toroparu and Cotabambas, which are two of the bigger ones that look like they're making some progress now?

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Sure. Why don't I just answer your first question first? These payments, for starters, we put up very little at the time. The majority of the actual capital goes in as these projects are de-risked. To answer your second question, the payments are staged based on levels of completion. As they complete 20%, we put in some capital, as they complete the first 25%, we put additional capital, et cetera. The majority of the structures look like that. I'm trying to remember the third question.

[Vincent Lau, CFO at Wheaton Precious Metals]

Well, more importantly, we don't provide any capital until it's permitted and in construction. That's how we de-risk it. This allows us to achieve a significantly higher ROCE. We're not committing capital until they're actually in construction, which is very different than a royalty.

[Wes Carson, VP of Mining Operations at Wheaton Precious Metals]

The other point is just that both of those are currently outside of our 10-year guidance. Both Cotabambas and Toroparu. As you mentioned, both do seem to be getting some traction right now, and we're keeping a close eye on the traction on those. Should they start to develop further, then we would bring them into that guidance. At this point, they're not in there.

[Brian MacArthur, Analyst at Raymond James]

Right. Just to--

[Vincent Lau, CFO at Wheaton Precious Metals]

I think you're talking--

[Brian MacArthur, Analyst at Raymond James]

Prior to the-

[Vincent Lau, CFO at Wheaton Precious Metals]

Sorry, go ahead

[Brian MacArthur, Analyst at Raymond James]

-- feasibility. Do you put money in before the feasibility, then there's these options that kick in? Is it like once you start, you can't reverse this whole gold stream percentage change and everything? Are these triggered the first time you put the next payment in, or are they sort of triggers along the way?

[Vincent Lau, CFO at Wheaton Precious Metals]

Yeah. It's very much like a normal stream. You can't change the stream percentage. It's baked. Every deal is different. Some of these deals, they actually have to deliver us a feasibility study. Then, we can decide whether we want to move forward in those scenarios. In each of these cases, we're still very much, think the projects are very robust and we'll likely move forward with them. When that happens, when they have the permits and they're in construction and have full financing, that's when we provide our capital to contribute to our stream.

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Maybe just to answer your last question, Brian, you asked about change of control, buybacks, et cetera. Typically on the more recent transactions, in the event of a change of control, we have allowed a partial only 1/3 buyback. I don't recall, I don't think either of those two transactions had any buyback options in them in the event of change of control or otherwise.

[Brian MacArthur, Analyst at Raymond James]

Right. Okay. In very simple terms, they basically work the same as a stream. If I think of it in simple terms, they'd have similar securities and stuff.

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Oh, absolutely. Absolutely.

[Brian MacArthur, Analyst at Raymond James]

Okay. Thank you very much.

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Thank you, Brian.

[Operator]

Our next question comes from Jack Baxter from Bloomberg Intelligence. Please go ahead. Your line is open.

[Jack Baxter, Analyst at Bloomberg Intelligence]

Good morning, team. Just want to shift the focus to the long-term outlook. It seems like we're still pretty much sticking to the 1.2 million GEOs by 2030. Obviously at the same time, we've got new deals and there's been some positive milestones across the portfolio. I'm just wondering if there's a bias towards that GEO outlook. Is it more positive or is it still broadly neutral? If it is positive, should we be expecting a refresher in the near term?

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

If you look at our current forecast, you mentioned the 1.2 million ounces. That is based on projects that we have in the pipeline that are currently permitted, financed, and all, but three are in construction. Those three are expected to start construction within the next 12 months. We're fairly comfortable with that number. As you so accurately highlighted, we're a growth company. We're continuing to generate strong cash flow every year, and we're going to continue to deploy that capital into accretive transactions. I would like to hopefully believe that forecast is conservative. But until we do transactions, we're going to stick with our 1.2-million-ounce forecast.

[Jack Baxter, Analyst at Bloomberg Intelligence]

Got you. Maybe a follow-up. It's a bit of a niche one, but curious to get some color on your discussions with Equinox, specifically focusing on Los Filos, given the land rights resolution. At the same time, that stream, from what I can tell, is due to expire in 2029. There's plans for a sizable development on that asset sometime in the near future. I'm just wondering if there's been any discussions on extending the timeline of that contract or potentially participating in any other funding opportunities that arise, obviously noting the challenges that asset has had?

[Wes Carson, VP of Mining Operations at Wheaton Precious Metals]

I would say, Jack, that there haven't been any significant discussions around Los Filos. This is a very small stream in our portfolio right now and not really material. At the same point, should Equinox require help in moving forward with that sulfide plant or any of that, then we're always more than willing to help out with it. At this point, I would say we haven't had any significant discussions with them around it.

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

I would add, Jack, that is only one of two assets in our entire portfolio that has a finite date on it. Everything else is life of mine, that was an early structured transaction.

[Jack Baxter, Analyst at Bloomberg Intelligence]

Thank you. All clear, look forward to talking again in September.

[Haytham Hodaly, President and CEO at Wheaton Precious Metals]

Thanks, Jack. Have a great weekend. Thank you, everyone, for your time today. Wheaton's record-breaking results in the first half of 2026 reinforces our position as the premier low-risk option for exposure to gold and silver. Our strong balance sheet, diversified portfolio, compelling growth pipeline position us to continue executing on accretive opportunities delivering long-term value for all stakeholders. I want to thank all of our stakeholders for their continued support as we build on this record first half continue to execute on the next phase of growth for the company. Thank you again, we look forward to speaking with you all soon.

[Operator]

This concludes this conference call for today. Thank you for participating. Please disconnect your lines.

Participants

Executives

• Emma Murray, VP of Investor Relations
• Haytham Hodaly, President and CEO
• Wes Carson, VP of Mining Operations
• Vincent Lau, CFO
• Neil Burns, VP of Corporate Development

Analysts

• Daniel Major, Analyst at UBS
• Tanya Jakusconek, Analyst at Scotiabank
• Cosmos Chiu, Analyst at CIBC
• Brian MacArthur, Analyst at Raymond James
• Jack Baxter, Analyst at Bloomberg Intelligence