Wheaton Precious Metals Announces Record Revenue, Earnings and Cash Flow for the First Nine Months of 2025

Executive Summary

• Wheaton Precious Metals reported record financial performance for the third quarter and first nine months of 2025, driven by higher realized gold prices and increased production volumes.
• The company announced a quarterly dividend of $0.165 per share and reported a strong balance sheet with $1.2 billion in cash and no debt.
• Significant corporate developments include the acquisition of a gold stream on the Hemlo Mine from Barrick via Carcetti, the partial disposition of the Cangrejos PMPA for a gain, and new agreements for the Spring Valley Project.

Key Details

• Q3 2025 Financials:
  • Revenue: $476.3 million (up 54.5% YoY).
  • Net Earnings: $367.2 million ($0.809 per share), up 137.5% YoY.
  • Adjusted Net Earnings: $281.1 million ($0.619 per share).
  • Operating Cash Flow: $383.0 million.
• YTD 2025 Financials (Nine Months):
  • Revenue: $1.45 billion (up 60.4% YoY).
  • Net Earnings: $913.5 million ($2.013 per share), up 107.1% YoY.
  • Adjusted Net Earnings: $817.9 million ($1.802 per share).
  • Operating Cash Flow: $1.16 billion.
• Production Metrics (Q3 2025):
  • Gold Equivalent Production (GEOs): 173,415 ounces (up 21.5% YoY).
  • Gold Produced: 100,090 ounces; Silver Produced: 5,999 ounces; Palladium Produced: 2,650 ounces; Cobalt Produced: 604,000 pounds.
  • GEOs Sold: 137,563 ounces.
• Balance Sheet & Liquidity:
  • Cash balance: $1.2 billion.
  • Debt: None.
  • Undrawn credit facility: $2 billion revolving facility plus $500 million accordion.
• Dividends:
  • Declared quarterly dividend of $0.165 per common share.
  • Total quarterly dividend payment made: $75 million.
• Corporate Developments & M&A:
  • Hemlo Mine Stream: Entered into a financing commitment with Carcetti to support the acquisition of the Hemlo Mine from Barrick. Wheaton committed to a gold stream of up to $400 million (expected election of $300 million). Terms include purchasing 13.5% of payable gold until 181,000 oz, then 9.0% until an additional 157,330 oz, then 6.0% for life. Ongoing payments equal 20% of spot gold price. Wheaton also invested $30 million in Carcetti’s equity offering. Expected to close Q4 2025.
  • Cangrejos PMPA: CMOC exercised its option to acquire 33% of the Cangrejos PMPA for $102 million, resulting in a gain on partial disposition of $86 million.
  • Spring Valley Project: Entered into a Precious Metal Purchase Agreement (PMPA) with Waterton Gold Corp. for the Spring Valley Project in Nevada.
  • Kudz Ze Kayah: Amended PMPA with BMC Minerals, eliminating BMC's repurchase option and advancing an additional $2.5 million deposit, with a commitment to advance $15 million upon permitting milestones.
  • Copper World: Hudbay agreed to sell a 30% interest to Mitsubishi Corporation. Wheaton amended the PMPA to add a contingent payment of up to $70 million for a future mill expansion and changed the price structure to 15% of spot price for gold and silver.
  • Santo Domingo: Capstone Copper agreed to sell a 25% interest to Orion Resource Partners.
• Operational Highlights:
  • Blackwater: Achieved commercial production in May 2025; Artemis Gold announced plans to upgrade Phase 1A capacity to 8 Mtpa by Q4 2026.
  • Goose: B2Gold announced commercial production on October 2, 2025.
  • Aljustrel: Zinc and lead concentrate production resumed in Q3 2025 after being halted in Sept 2023.
  • Constancia: Operations temporarily shut down in late Sept 2025 due to social unrest/protests; resumed operations on October 7, 2025.
  • Stillwater West: Operations placed into care and maintenance in Sept 2024; production decreased YoY.
  • Los Filos: Operations indefinitely suspended on April 1, 2025, due to land access agreement expiry.
• Development Project Updates:
  • Mineral Park: Ramp-up ongoing; first product expected in Oct 2025.
  • Platreef: First ore feed entered concentrator in Oct 2025; first concentrate expected Nov 2025.
  • Fenix: Construction 63% complete; first gold production expected Q1 2026.
  • Koné: On budget and schedule for first gold pour Q2 2027.
  • El Domo: Environmental license upheld; 1.29 million cubic meters of material removed; commissioning targeted for late 2026.
  • Kurmuk: Engineering substantially complete; focus on logistics and mechanical erection.
• Production Guidance:
  • 2025 Forecast: 350,000–390,000 oz gold, 20.5–22.5 million oz silver, and 12,500–13,500 GEOs of other metals (Total 600,000–670,000 GEOs).
  • Long-term: ~40% growth to 870,000 GEOs by 2029; >950,000 GEOs annually 2030–2034.
• Other Administrative:
  • Transfer agent changed from TSX Trust to Odyssey Trust Company, effective December 17, 2025.

Notable Quotes

• "Our portfolio of high-quality assets continued to deliver strong results, generating record revenue, earnings, and cash flow for the first nine months of 2025... These strong results position us well to meet our annual production guidance... and underscores the streaming model's ability to generate predictable levered cash flows in a rising precious metals price environment." — Randy Smallwood, CEO
• "This robust quarter also included the announcement of a gold stream on the Hemlo Mine, a transaction that reflects Wheaton's ongoing commitment to investing in assets with strong geological potential, responsible stewardship, and long-term value creation capacity." — Haytham Hodaly, President