VANCOUVER, BC, Feb. 16, 2026 /PRNewswire/ - Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce that its wholly-owned subsidiary, Wheaton Precious Metals International Ltd. ("WPMI") has entered into a definitive Precious Metals Purchase Agreement (the "Silver Stream") with a wholly-owned subsidiary of BHP Group Limited ("BHP") for their 33.75% portion of the silver produced at the Antamina Mine located in Peru (the "Mine" or "Antamina"). Upon closing, Wheaton will receive a combined 67.5% of all the silver produced from Antamina, up from the 33.75% currently delivered under the existing Glencore silver stream.
"Wheaton has grown into the company we are today by entering into stream agreements on world class operations and adding exceptional assets to our portfolio, and Antamina has long stood as one of our true cornerstones," said Haytham Hodaly, President of Wheaton Precious Metals. "Deepening our exposure to an asset of this scale, quality and longevity is a unique and transformative opportunity for Wheaton, made even more meaningful through our collaboration with BHP. Antamina is a proven, long-life, low-cost operation that will deliver immediate production and operating cash flow, and we are confident it will continue to create lasting value for our stakeholders well into the future."
"Quality silver production is becoming increasingly difficult to source while demand continues to rise for both critical industrial uses and for silver's safe haven qualities in today's economic environment," said Randy Smallwood, Chief Executive Officer of Wheaton Precious Metals. "Our expanded stream on Antamina reinforces Wheaton's role as one of the largest silver producers in the world and further adds to one of the strongest growth profiles in the mining sector. The largest mining company in the world has chosen streaming as a means to unlock value from silver, underscoring how compelling the streaming model has become. We are excited to continue building on this long-standing relationship with the exceptional consortium behind Antamina that shares our commitment to responsible development and long-term value creation."
Transaction Key Terms
(All values in US$ unless otherwise noted)
Other Considerations
Financing the Transaction
The upfront payment of $4.3 billion will be funded through a combination of existing liquidity and new financing. Funding sources include estimated cash on hand at closing of approximately $1.9 billion7. The remaining balance will be funded through a new $1.5 billion term loan credit facility ("term loan") and an approximate $0.9 billion draw on the Company's existing undrawn $2 billion revolving credit facility ("RCF"). The new $1.5 billion senior, unsecured, non-revolving term loan underwritten by the Bank of Montreal and The Bank of Nova Scotia acting as Lead Arrangers and Joint Bookrunners, will be drawn down in full at the time of closing of the Silver Stream acquisition. The term loan carries a two-year maturity and aligns with the terms of the Company's existing RCF8.
The term loan and the RCF provide flexible, non‑dilutive financing that may be repaid at any time without penalty and the remaining balance of the RCF, in addition to continued strong cash flows, still provides healthy balance sheet capacity. Net debt at closing of the Silver Stream acquisition is currently expected to be approximately $2.4 billion, assuming estimated approximate incremental cash flows. With more than $3.2 billion in cash flows expected in 2026 alone and more than $10 billion in operating cash flow forecast to be generated through 2028, the Company believes it has plenty of capacity to repay new debt taken on, fund existing commitments and continue sourcing new growth opportunities.
About BHP and Antamina
BHP is the world's largest mining company, with a strong track record of developing and operating large-scale, long-life mining assets. BHP is a non-operating joint venture partner of Antamina, a world-class copper and zinc mine located in the Ancash region of central Peru. Operating since 2001, Antamina is one of the largest copper–zinc mines globally and benefits from well-established infrastructure, year-round access, and a stable operating history. The mine is operated by Compania Miñera Antamina S.A. ("CMA"), a company jointly owned by subsidiaries of Glencore (33.75%), BHP Group Limited (33.75%), Teck Resources Limited (22.5%), and Mitsubishi Corporation (10%). Antamina's scale, diversified metal production and long mine life underpin its position as a highly cash-generative asset and a key contributor to global copper and zinc supply.
Endnotes
1 Please refer to the Attributable Mineral Reserves & Mineral Resources table in this news release for full disclosure of reserves and resources associated with Antamina, including accompanying footnotes.
2 Market Capitalization calculated as of February 13, 2026
3 Based on 2026 commodity price assumptions of $4,800/oz Au, $80/oz Ag, $1,500/oz Pd, $2,000/oz Pt, and $25/lb Co.
4 Company reports S&P Global estimates of 2025 byproduct cost curves for gold, zinc/lead, copper, PGM, nickel & silver mines
5 Source: Compañía Minera Antamina S.A. 2024 Sustainability Report
6 Recourse under the parent guarantee will be capped at the upfront deposit amount and reduces after certain ounces are received, while recourse under the holding company guarantee will be unlimited.
7 The Company had cash on hand as at September 30, 2025 of $1.2 billion. Proceeds from the completed monetization of non-core equity investments amounted to $0.3 billion. Estimated approximate incremental cash flows to Silver Stream closing based on: (i) 2026 production forecast announced February 16, 2026; (ii) production payments per ounce (pound) of metal received determined under applicable precious metals purchase agreements; (iii) 2026 and long-term commodity price assumptions of $4,800 / oz gold, $80 / oz silver, $1,500 / oz palladium, $2,000 / oz platinum, and $25 / lb cobalt, in place throughout the period; (iv) deduction of general & administrative expenses; (v) calculation before dividends and interest expense; (vi) includes taxes. Approximate incremental cash flows are estimates only, are not guaranteed, and may be materially different at the time of the Silver Stream acquisition. If cash on hand at Silver Stream closing is lower than expected, the Company maintains the option to increase its draw on the RCF. Readers are cautioned to read the Cautionary Note Regarding Forward Looking Statements in this press release.
8 Financial covenant for both Revolving Credit Facility and Term Loan is Net Total Debt / Capitalization < 0.60x. Expected interest rate for both RCF and Term Loan is equivalent to SOFR + 110 bps to 150 bps (with the credit spread adjustment to be based on the leverage ratio). The Term Loan will be subject to terms and conditions, including positive and negative covenants, consistent with Wheaton's existing $2 billion revolving credit facility.
9 2026 Antamina production is grossed up to reflect a full year of production.
10Production estimates are based on life‑of‑mine plans and the Company's own estimates and assumptions derived from its technical analysis.
Attributable Silver Reserves and Resources – Antamina
With respect to BHP's 33.75% of total silver production from Antamina
| Category | Tonnage Mt | Grade Ag g/t | Contained Ag Moz | | |
| | | ||||
| Mineral Reserves | | | |||
| Copper Zones | | | |||
| Proven | 71.6 | 7.9 | 18.2 | | |
| Probable | 59.1 | 9.6 | 18.2 | | |
| P+P | 130.6 | 8.7 | 36.4 | | |
| Copper Zinc Zones | | | |||
| Proven | 16.2 | 18.7 | 9.7 | | |
| Probable | 31.4 | 19.4 | 19.6 | | |
| P+P | 47.6 | 19.2 | 29.3 | | |
| Total Mineral Reserves | | | |||
| Proven | 87.8 | 9.9 | 27.9 | | |
| Probable | 90.5 | 13.0 | 37.8 | | |
| P+P | 178.2 | 11.5 | 65.7 | | |
| Mineral Resources | | | |||
| Copper Zones | | | |||
| Measured | 28.7 | 6.6 | 6.1 | | |
| Indicated | 59.1 | 8.2 | 15.5 | | |
| M+I | 87.8 | 7.7 | 21.6 | | |
| Inferred | 256.8 | 8.9 | 73.7 | | |
| Copper Zinc Zones | | | |||
| Measured | 4.7 | 25.5 | 3.9 | | |
| Indicated | 21.9 | 18.4 | 12.9 | | |
| M+I | 26.7 | 19.6 | 16.8 | | |
| Inferred | 69.3 | 16.2 | 36.2 | | |
| Total Mineral Resources | | | |||
| Measured | 33.4 | 9.3 | 10.0 | | |
| Indicated | 81.0 | 10.9 | 28.4 | | |
| M+I | 114.4 | 10.4 | 38.4 | | |
| Inferred | 326.2 | 10.5 | 109.9 | | |
Jeremy Vincent, P.Geo., Director, Geology and Ryan Ulansky, P.Eng., Vice President, Engineering for Wheaton Precious Metals, are a "qualified person" as such term is defined under National Instrument 43-101, and have reviewed and approved the technical information disclosed in this news release (specifically Mr. Vincent has reviewed mineral resource estimates and Mr. Ulansky has reviewed the mineral reserve estimates).
Conference Call
A conference call will be held on February 17, 2026, starting at 11:30am Eastern Time to discuss this transaction. A presentation on the transaction will be available on the Company's website shortly before the conference call. To participate in the live call, please use one of the following methods:
| RapidConnect URL: | Click here |
| Live webcast: | Click here |
| Dial toll free: | 1-800-715-9871 or 1-647-932-3411 |
| Conference Call ID: | 4013459 |
This conference call will be recorded and available until February 24, 2026 at 11:59 pm ET. The webcast will be available for one year. You can listen to an archive of the call by one of the following methods:
| Dial toll free from Canada or the US: | 1-800-770-2030 |
| Dial from outside Canada or the US: | 1-647-362-9199 |
| Pass code: | 4013459 # |
| Archived webcast: | Click here |
About Wheaton Precious Metals
Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors commodity price leverage and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming for all of its stakeholders.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation concerning the business, operations and financial performance of Wheaton and, in some instances, the business, mining operations and performance of Wheaton's Precious Metals Purchase Agreement ("PMPA") counterparties. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to:
Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", "potential", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:
Forward-looking statements are based on assumptions management currently believes to be reasonable, including (without limitation):
There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Wheaton. Readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing readers with information to assist them in understanding Wheaton's expected financial and operational performance and may not be appropriate for other purposes. Any forward-looking statement speaks only as of the date on which it is made, reflects Wheaton's management's current beliefs based on current information and will not be updated except in accordance with applicable securities laws. Although Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. ‑looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended.
Cautionary Language Regarding Reserves and Resources
For further information on Mineral Reserves and Mineral Resources and on Wheaton more generally, readers should refer to Wheaton's Annual Information Form for the year ended December 31, 2024, which was filed on March 31, 2025 and other continuous disclosure documents filed by Wheaton since January 1, 2025, available on SEDAR+ at www.sedarplus.ca. Wheaton's Mineral Reserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: The information contained herein has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The Company reports information regarding mineral properties, mineralization and estimates of mineral reserves and mineral resources in accordance with Canadian reporting requirements which are governed by, and utilize definitions required by, Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). These definitions differ from the definitions adopted by the United States Securities and Exchange Commission ("SEC") under the United States Securities Act of 1933, as amended (the "Securities Act") which are applicable to U.S. companies. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted by the SEC. Accordingly, information contained herein that describes Wheaton's mineral deposits may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. United States investors are urged to consider closely the disclosure in Wheaton's Form 40-F, a copy of which may be obtained from Wheaton or from https://www.sec.gov/edgar.shtml.
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SOURCE Wheaton Precious Metals Corp.

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