Wheaton Precious Metals Corp. Q1 FY2026 earnings call

• Wheaton delivered a strong start to 2026 with Salobo and Penasquito outperforming expectations and contributing to record quarterly revenue, earnings, and cash flow.
• Announced several transactions including the Antemina Silver Stream with BHP, the Jervis stream with KGL Resources, and a royalty on the Spanish Mountain project.
• Wes Carson provided details on operating results, including production figures for various segments and updates on development projects.
• Vincent Lau discussed financial summary, including revenue, earnings, cash flow, and financing activities.

In the first quarter of 2026, Wheaton's production was 212,000 GEOs, a 22% year-over-year increase. Sales volumes were 182,000 GEOs, a 3% decrease from the previous year. Revenue was a record $901 million, with 51% from gold, 47% from silver, and the rest from other metals. Net earnings were $582 million, adjusted net earnings were $583 million, and operating cash flow was $766 million. Salobo delivered 69,000 ounces of attributable gold in Q1, a 3% decrease year-over-year. Antamina produced 1.6 million ounces of attributable silver in Q1, a 48% increase. Penesquito produced 2.6 million ounces of attributable silver in Q1, a 46% increase. Blackwater produced 129,000 ounces of attributable silver and 5,000 ounces of attributable gold in Q1.

Wheaton's production outlook for 2026 remains unchanged, with attributable production expected to fall between 860,000 and 940,000 GEOs, weighted to the second half of the year. Projected annual production to grow at an industry leading rate of approximately 50%, reaching 1.2 million GEOs by 2030. 2031 to 2035, attributable production is forecast to average approximately 1.2 million GEOs annually.

Q: Regarding Slobo, clarification on catalyst, permitting, and incremental GEOs contribution from Wheaton side and any incremental capital required.

A: Still working on capital, finalizing studies. Permitting in line for CPF. No additional capital requirements on Wheaton's behalf.

Q: Thoughts on other opportunities in Australia.

A: Seeing more interest, hope to do more deals there.

Q: Guidance on finance costs booked through P&L in Q2.

A: Bank loan and RCF debt service costs about 5% interest rate on $2.1 billion net debt position. Entry payment not as quick in Q2 but debt repayment expected to come down rapidly.

Q: Global minimum tax payment in Q2.

A: About $150 million U.S. to be paid in June.

Q: Mines bringing up production profile.

A: Mineral Park, Phoenix, Goose, Platte Reef ramping up; Constantia coming down in back half of year.

Q: Deal market opportunities.

A: Pipeline robust, range $200 million to $500 million, some billion-dollar potential. Still prefer streams over royalties.

Q: Santo Domingo and other deals.

A: Santo Domingo repayment a good outcome for both parties; payments for Slobo still likely to change.

Q: Antamina transaction reporting and tax.

A: Treated as one segment, depletion rate higher; tax structure same, no impact from new legislation.

Q: Spanish Mountain royalty.

A: Still prefer streams over royalties, this royalty is for future financing.

Q: Bill C-15 impact.

A: No impact on Wheaton's structure as it's well-defined.

Q: Cash outlays for 2026.

A: El Domo potentially funded Q2 or latter half; Spring Valley based on key permits.

Q: Middle East conflict impact on new business.

A: No impact.

Q: Salobo grade and production.

A: Grade to improve through year, Q1 outperformance due to rainy season impact on sales.

Q: Antamina deal and future transactions.

A: $4.3 billion Antamina deal unique, but billion-dollar deals possible; prefer streaming over buying producing companies due to lower risk and higher margins.

Q: Slobo grade and production outlook.

A: Grade to increase through year, production expected to follow.