Wheaton Precious Metals Announces Closing of Silver Stream with BHP on Antamina

Executive Summary

• Wheaton Precious Metals International Ltd. (WPMI) completed the previously announced silver stream with BHP’s Antamina subsidiary, delivering an upfront cash payment of US $4.3 billion.
• Under the agreement, WPMI will purchase 33.75% of payable silver from the Antimana mine until 100 million ounces are delivered; thereafter it will acquire 22.5% for the life of the mine, with a fixed payable factor of 90.0%.
• Ongoing payments to BHP will be 20% of the spot price of silver for each ounce delivered, providing Wheaton with long‑term exposure to Antamina’s silver production.

Key Details

• Transaction Structure: Silver stream under a Precious Metals Purchase Agreement (PMPA) between WPMI and a wholly‑owned subsidiary of BHP Group Limited.
• Upfront Consideration: US $4.3 billion paid at closing on April 1, 2026.
• Purchase Percentages:
• Initial phase – purchase of the equivalent of 33.75% of payable silver until cumulative deliveries reach 100 million ounces.
• Post‑threshold – purchase of the equivalent of 22.5% of payable silver for the remainder of the mine’s life.
• Payable Silver Calculation: Fixed payable factor of 90.0% applied to gross silver production.
• Ongoing Payment Formula: 20% of the spot price of silver per ounce delivered to BHP.
• Reference to Prior Announcement: Full terms were previously disclosed in Wheaton’s February 16, 2026 release titled “Wheaton Precious Metals Announces Acquisition of Additional Silver Stream on Antamina Through New Partnership with BHP.”

Notable Quotes

(No direct quotes included in the release.)