Wheaton Precious Metals Announces Record Revenue, Adjusted Net Earnings and Operating Cash Flow for the First Quarter of 2025

• First quarter of 2025: A record $470 million in revenue, $254 million in net earnings, and $361 million in operating cash flow.
• Declared a quarterly dividend¹ of $0.165 per common share.
• Balance Sheet: Cash balance of $1.1 billion, no debt, and an undrawn $2 billion revolving credit facility as at March 31, 2025.

High Quality Asset Base

• Streaming and royalty agreements on 18 operating mines and 28 development projects and other⁵.
• 83% of attributable production from assets in the lowest half of their respective cost curves^2,4.
• Attributable gold equivalent production³ ("GEOs") of 151,000 ounces in the first quarter of 2025. While quarterly production decreased 4% relative to the comparable period of the prior year as a result of planned lower production from Constancia and Peñasquito, it still surpassed expectations, driven primarily by strong quarterly production achieved at Salobo.
• Further de-risked forecast growth profile as construction activities advanced at a number of development projects including Goose, Platreef, and Mineral Park, all of which are currently expected to be producing by the end of 2025.
• On March 7, 2025, the Company amended the Blackwater Silver PMPA with Artemis Gold Inc. ("Artemis") by simplifying the payable silver calculation, which is expected to accelerate the receipt of payable silver ounces by Wheaton.
• Subsequent to the quarter, on May 2, 2025, Artemis announced that it had achieved commercial production at the Blackwater mine, with mining delivering in excess of 90% of its planned tonnage, and mined tonnes and grades reconciling favourably to the resource model.

Leadership in Sustainability

• Top Rankings: One of the top-rated companies by Sustainalytics, AAA rated by MSCI (upgraded in 2024 from AA to AAA, the highest possible rating), and Prime rated by ISS.
• Awarded US$1 million to the winning venture of the inaugural Future of Mining Challenge, ReThink Milling Inc., to advance their Conjugate Anvil Hammer Mill ("CAHM") and MonoRoll technologies, for their potential ability to lower energy use in the milling process.
• Recognized by Corporate Knights as one of the 2025 Global 100 Most Sustainable Corporations, based on a rigorous assessment of over more than 8,300 public companies with revenue over US$1 billion.

Operational Overview 

Financial Review

Revenues
Revenue in the first quarter of 2025 was $470 million (68% gold, 30% silver, 1% palladium and 1% cobalt), with the $174 million increase relative to the prior period quarter being primarily due to a 36% increase in the average realized gold equivalent³ price; and a 16% increase in the number of GEOs³ sold.

Cash Costs and Margin
Average cash costs¹ in the first quarter of 2025 were $446 per GEO³ as compared to $433 in the first quarter of 2024. This resulted in a cash operating margin¹ of $2,400 per GEO³ sold, an increase of 45% as compared with the first quarter of 2024, a result of the higher realized price per ounce. Notably, year-over-year margin growth exceeded the appreciation in gold prices over the same period, underscoring the effectiveness of our business model in leveraging rising commodity prices while maintaining strong cash operating margins.

Cash Flow from Operations
Operating cash flow in the first quarter of 2025 amounted to $361 million, with the $141 million increase from the comparable period of the prior year, due primarily to the higher gross margin.

Produced But Not Yet Delivered
As at March 31, 2025, approximately 136,100 GEOs were produced but not yet delivered ("PBND") representing approximately three months of payable production. Total PBND ounces decreased quarter over quarter as strong production levels in the fourth quarter of 2024, resulted in an increase to sales realized in the first quarter of 2025, due to the inherent timing delay between production and sales. The Company expects PBND levels to stay at the higher end of our forecasted range of two to three months until the end of 2025, in part due to the ramp up of new mines, forecast to commence operations in the second half of the year.

Balance Sheet (at March 31, 2025)

• Approximately $1,086 million of cash on hand
• During the first quarter of 2025, the Company made total upfront cash payments of $95 million relative to the mineral stream interests consisting of:
  • $40 million relative to the Mineral Park PMPA;
  • $30 million relative to the Blackwater PMPA; and
  • $25 million relative to the Fenix PMPA.
• Subsequent to the quarter, the Company made additional upfront cash payments of $303 million relative to the mineral stream interests consisting of:
  • $144 million relative to the Salobo III expansion;
  • $156 million relative to the Koné PMPA; and
  • $3 million relative to the Cangrejos PMPA.
• With the existing cash on hand coupled with the fully undrawn $2 billion revolving credit facility, the Company believes it is well positioned to fund all outstanding commitments and known contingencies as well as providing flexibility to acquire additional accretive mineral stream interests. Given the strength of Wheaton's balance sheet and forecasted cash flows, the Company has elected to not renew its at-the-market equity program.

Global Minimum Tax
For the three months ended March 31, 2025, an amount of $45 million current tax expense associated with Global Minimum Tax ("GMT") was recorded, with GMT being payable 15 months after year-end (18 months after year-end for the year-ended December 31, 2024). As the Global Minimum Tax Act ("GMTA") was not enacted into law until Q2-2024, no GMT expense was reflected in Q1-2024 results. 

Chief Financial Officer Transition

On January 9, 2025, Wheaton announced that Gary Brown will be stepping down from his role as Chief Financial Officer ("CFO"). As part of the previously announced planned leadership succession, Vincent Lau was appointed CFO effective March 31, 2025.

First Quarter Operating Asset Highlights

Salobo: In the first quarter of 2025, Salobo produced 71,400 ounces of attributable gold, an increase of approximately 16% relative to the first quarter of 2024, primarily due to higher throughput and grades, partially offset by lower recoveries.

On March 4, 2025, Vale informed the Company that it had achieved a sustained throughput capacity of over 35 Mtpa over a 90-day period, indicating completion of the second phase of the Salobo III expansion project. The Company advanced the remaining balance of the expansion payment to Vale in the amount of $144 million on April 4, 2025.

Antamina: In the first quarter of 2025, Antamina produced 1.1 million ounces of attributable silver, an increase of approximately 35% relative to the first quarter of 2024 primarily due to higher grades and throughput, partially offset by lower recoveries. On April 22, 2025, it was reported that operations were temporarily halted after an incident which triggered a full safety shutdown. Operations have since re-commenced.

Peñasquito: In the first quarter of 2025, Peñasquito produced 1.8 million ounces of attributable silver, a decrease of approximately 34% relative to the first quarter of 2024, primarily the result of lower grades as mining activities have transitioned back into the Peñasco pit which contains lower silver grades relative to the Chile Colorado pit.

Constancia: In the first quarter of 2025, Constancia produced 0.6 million ounces of attributable silver and 4,900 ounces of attributable gold, a decrease of approximately 13% and 65%, respectively, relative to the first quarter of 2024. The decrease was primarily the result of lower grades as more material was mined from Constancia and reclaimed from the stockpile compared with the prior year. On February 19, 2025, Hudbay Minerals Inc. ("Hudbay") announced that gold production in 2025 is expected to be lower than 2024 levels as additional high grade gold benches were mined in late 2024, ahead of schedule, resulting in gold production exceeding 2024 guidance levels. The Pampacancha deposit is now expected to be depleted in early December 2025 as opposed to October 2025, as the mine plan has smoothed Pampacancha production throughout the year. Total mill ore feed from Pampacancha is expected to be approximately 25% in 2025, lower than the typical one-third in prior years as Pampacancha approaches depletion.

During Q1 2025 relative to Q4 2024, a greater percentage of gold production came from the lower grade Constancia pit as opposed to the higher grade Pampacancha pit, resulting in significantly lower production levels in Q1 2025 as compared to Q4 2024.

Sudbury: In the first quarter of 2025, Vale's Sudbury mines produced 4,900 ounces of attributable gold, a decrease of approximately 13% relative to the first quarter of 2024, due to lower grades. 

San Dimas: In the first quarter of 2025, San Dimas produced 8,400 ounces of attributable gold, an increase of approximately 12% relative to the first quarter of 2024, primarily due to higher throughput, partially offset by lower grades.

In accordance with the San Dimas PMPA, effective April 30, 2025, the fixed gold to silver exchange ratio has been revised from 70:1 to 90:1. (see footnote 4 on page 14 of this press release for more information).

Stillwater: In the first quarter of 2025, the Stillwater mines produced 1,300 ounces of attributable gold and 2,700 ounces of attributable palladium, a decrease of approximately 49% for gold and 40% for palladium relative to the first quarter of 2024, primarily due to lower throughput as Stillwater West operations were put into care and maintenance in September 2024.

Voisey's Bay: In the first quarter of 2025, the Voisey's Bay mine produced 540,000 pounds of attributable cobalt, an increase of approximately 125% relative to the first quarter of 2024, as the transitional period between the depletion of the Ovoid open-pit and ramp-up to full production of the Voisey's Bay underground continues. On April 15, 2025, Vale reported the consistent ramp-up of Voisey's Bay's underground operations. The full ramp-up is expected by the second half of 2026.  

Other Gold: In the first quarter of 2025, total Other Gold attributable production was 1,800 ounces, an increase of approximately 185% relative to the first quarter of 2024 due to the initial reported production from Blackwater.

Other Silver: In the first quarter of 2025, total Other Silver attributable production was 1.3 million ounces, a decrease of approximately 4% relative to the first quarter of 2024, as the initial reported production from Blackwater was offset by lower production at Neves-Corvo.  

Zinkgruvan and Neves-Corvo: On April 16, 2025, Lundin Mining Corporation ("Lundin Mining") announced that it has completed the sale of its Neves-Corvo and Zinkgruvan mines to Boliden AB.

Blackwater: On January 22, 2025, Artemis announced that commissioning of the grinding circuit at the Blackwater mine has advanced and milling of first ore commenced, with the first pour of gold and silver being announced on January 29, 2025. Subsequent to the quarter, on May 2, 2025, Artemis announced that it had achieved commercial production at the Blackwater mine. Artemis reports that mining has delivered in excess of 90% of its planned tonnage, and that mined tonnes and grades are reconciling favourably to the resource model. Artemis notes that the proposed phase 2 expansion is anticipated to increase Blackwater's average annual production to over 500,000 GEOs per year, positioning the mine as a key long-term asset in a favourable jurisdiction for Wheaton.

Los Filos: On April 1, 2025, Equinox reported it has indefinitely suspended operations at Los Filos following the expiry of its land access agreement with the community of Carrizalillo on March 31, 2025.

Detailed mine-by-mine production and sales figures can be found in the Appendix to this press release and in Wheaton's consolidated MD&A in the 'Results of Operations and Operational Review' section.

Recent Development Asset Updates

Goose Project: On February 19, 2025, B2Gold Corp. ("B2Gold") announced that all planned construction activities for 2024 were completed, and project construction and development continue to progress on track to achieve first gold pour at the Goose Project in the second quarter of 2025, followed by a ramp up to commercial production in the third quarter of 2025. On March 27, 2025, B2Gold announced an updated mineral reserve life for the Goose project, which uses a revised methodology for mineral resource estimation, resulting in a reclassification of a portion of the previously reported Indicated Mineral Resources to Inferred Mineral Resources. B2Gold also states that they remain highly confident that with additional in-fill drilling to be completed over time, a large portion of the Inferred Mineral Resources will be converted to Indicated Mineral Resources and therefore be eligible for classification as Mineral Reserves.

Mineral Park Project: During the quarter, Waterton's Origin Mining continued to advance the Mineral Park project, with the installation of all major equipment now complete. Waterton indicates that the second quarter will be focused on tie-ins, pre-commissioning activities, and introduction of ore, and that project construction continues to progress on track with a ramp-up to commercial production expected during the second half of 2025. At project completion, the fully refurbished mill capacity will be 16.5 Mtpa.

Platreef Project: On February 18, 2025, Ivanhoe Mines ("Ivanhoe") reported positive results from the two independent technical studies completed on the Phase 2 and Phase 3 expansions. The study outlines Phase 1 production commencing from Q4 2025, followed by the Phase 2 expansion two years later in Q4 2027. Ivanhoe noted that the Phase 3 expansion is expected to rank Platreef as one of the largest primary PGM producers on a platinum equivalent basis.

Fenix Project: On January 13, 2025, Rio2 Limited ("Rio2") reported that construction activities recommenced in October 2024 and construction is expected to be completed in November 2025. Bulk earthworks at the plant side have been completed and concrete bases for the footings of the processing plant have been poured. Earthworks have commenced on the leach pad stability platform, which forms the base of the Phase 1 leach pad. The leach pad has been designed to be built in four phases. On April 29, 2025, Rio2 reported that construction was 19% complete and remains on track and on budget for first gold production in January 2026. The Company advanced the second deposit payment of $25 million on March 24, 2025.

Kurmuk Project: On May 7, 2025, Allied Gold Corporation ("Allied") reported that earthworks at the plant terrace advanced during the first quarter to near completion, while civil works and structural, mechanical, plate, and piping contractor mobilizations are in progress. Engineering and procurement activities reached 80% completion, with the project remaining on track and on budget. Allied reports that Kurmuk is expected to start production by mid-2026.

Marmato Mine: On January 15, 2025, Aris Mining Corporation ("Aris") announced that the construction of the Marmato Lower Mine continues to progress. On March 13, 2025, Aris announced an enhanced Marmato expansion, whereby the design of the carbon-in-pulp processing facility will be upgraded by 25% from 4,000 tpd to 5,000 tpd. On May 7, 2025, Aris reported that the processing plant capacity was increased from 4,000 tpd to a planned 5,000 tpd. Aris reports that construction remains on track, and production is expected to start ramping up in the second half of 2026. 

El Domo Project: On January 7, 2025, Silvercorp Metals Inc. ("Silvercorp") reported it has recently awarded the earthworks contract to a large international mining contractor with over ten years of experience working in Ecuador. On April 23, 2025, Silvercorp reported that it is targeting to bring the project into production by the end of 2026. The construction of the main plant and auxiliary facilities are expected to commence in September 2025, with major equipment installation expected to commence in May 2026. Silvercorp expects to complete construction and equipment installation by November 2026, with commissioning of the process plant occurring in December 2026.

Koné Project: On March 24, 2025, Montage Gold Corp. ("Montage") announced that rapid construction progress is being achieved at the Koné project, where process plant concrete works, including the ahead-of-schedule pouring of Carbon-in-Leach tank foundations, have commenced. Montage reports that construction activities have significantly ramped-up, with the on-site workforce increasing from approximately 350 to 1,700 employees and contractors. On April 8, 2025, Montage published its maiden resource and results from its exploration program, with over 81,000 meters drilled in 2024, focused on identifying higher grade satellite targets, with the goal of supplementing production from the commencement of operations. Montage has reported that the project remains on track to pour gold in the second quarter of 2027.

Copper World Project: On January 2, 2025, Hudbay that it has received an Air Quality Permit for the Copper World project from the Arizona Department of Environmental Quality. Hudbay noted that the issuance of this permit is a significant milestone in the advancement of the project as it is the final major permit required for the development and operation of the Copper World project. Hudbay also noted that the receipt of the three key state permits is one of the three key prerequisites for Hudbay as they work toward a sanctioning decision on the Copper World project in 2026. Hudbay commenced a minority joint venture partner process early in 2025, and it is anticipated that any minority joint venture partner would participate in the funding of definitive feasibility study activities in 2025 as well as in the final project design and construction for Copper World. On March 27, 2025, Hudbay reported that feasibility studies are underway at the fully permitted Copper World project.

Santo Domingo Project: On January 20, 2025, Capstone Copper Corp. ("Capstone") announced plans to progress partnership discussions and its financing strategy throughout 2025. A potential project sanctioning decision is not anticipated prior to mid-2026.

Cangrejos Project: On January 28, 2025, Lumina Gold Corp., ("Lumina"), announced significant progress regarding power infrastructure required for the Cangrejos project as it received approval of the definitive feasibility level designs for connection to the national grid for the future energy demands of the project from Corporación Eléctrica del Ecuador. Lumina noted that the lead engineering contractor for the feasibility study has completed 92% of the estimated work and the feasibility study remains on schedule for completion during Q2 2025. Lumina notes that the Environmental Impact Study is progressing on schedule which will allow for its submission to the Government of Ecuador in mid-2025. Lumina is targeting receiving its environmental license by early 2026.

On April 21, 2025, Lumina announced that it had entered into an arrangement agreement with CMOC Singapore Pte. Ltd., a Singapore entity and a subsidiary of CMOC Group Limited (collectively "CMOC"), pursuant to which CMOC will acquire all of the issued and outstanding common shares of Lumina. Subject to satisfying all necessary conditions, Lumina expects the transaction to be completed in the third quarter of 2025.

Detailed mine-by-mine production and sales figures can be found in the Appendix to this press release and in Wheaton's consolidated MD&A in the 'Results of Operations and Operational Review' section.

Corporate Development

Amendment to Blackwater PMPA: On March 7, 2025, the Company amended its PMPA (the "Blackwater Silver PMPA") with Artemis Gold Inc. ("Artemis") in respect of silver production from the Blackwater Project located in British Columbia in Canada (the "Blackwater Project"). Under the Blackwater Silver PMPA, Wheaton will acquire an amount of silver equal to 50% of the payable silver until 17.8 million ounces have been delivered and 33% of payable silver thereafter for the life of the mine.

As a result of the amendment, the amount of payable silver will be based on a multiple ranging from 5.07 to 5.17 of the number of ounces of gold produced, rather than being based on a fixed silver recovery factor. The ratio is currently 5.17. Once 17.8 million ounces of silver have been delivered, the determination of payable silver will revert to being based on a fixed silver recovery factor, consistent with the previous terms of the Blackwater Silver PMPA. As a result of the changed payable silver profile which is expected to deliver silver ounces to the Company sooner relative to the original profile, on March 10, 2025, the Company paid Artemis $30 million in connection with this amendment.

Sustainability

Future of Mining Challenge

On March 4, 2025, Wheaton announced the winner of its inaugural Future of Mining Challenge. ReThink Milling Inc. was awarded $1 million for its Conjugate Anvil Hammer Mill and MonoRoll technologies, which have the potential to deliver greater efficiency with significantly lower energy use, leading to reduced greenhouse gas emissions and operating costs. The theme of Wheaton's 2025/26 Future of Mining Challenge will be water, and the Company expects to begin receiving expressions of interest in June 2025. Learn more at www.futureofmining.ca.

Community Investment Program:

• To strengthen community investment efforts in development-stage projects, Wheaton has expanded its Partner Community Investment program to include the Platreef project. During the quarter, significant progress was made on three Wheaton-supported community initiatives, and the company plans to further expand its community investment scope at Platreef in 2025.
• Wheaton's Partner Community Investment Program continues to support initiatives with the Vale Foundation, Vale Canada, Glencore via Antamina, Hudbay, First Majestic, Newmont, Artemis, Aris Mining and Ivanhoe to support the communities influenced by the mines and provide vital services and programs including educational resources, health and dental programs, poverty reduction initiatives, entrepreneurial opportunities, and various social and environmental programs.
• Subsequent to the quarter, the Daffodil Ball, the largest cancer research gala in Canada and presented by Wheaton Precious Metals, raised a record-breaking CA$10.85 million in support of world-leading cancer research and the newly established Lundin Cancer Fund–Canadian Cancer Society Glioblastoma Research Program

2025 and Long-Term Production Outlook

Wheaton's estimated attributable production in 2025 is forecast to be 350,000 to 390,000 ounces of gold, 20.5 to 22.5 million ounces of silver, and 12,500 to 13,500 GEOs³ of other metals, resulting in annual production of approximately 600,000 to 670,000 GEOs³, unchanged from previous guidance^2,3.

Annual production is forecast to increase by approximately 40% to 870,000 GEOs³ by 2029, with average annual production forecast to grow to over 950,000 GEOs³ in years 2030 to 2034, also unchanged from previous guidance^6,7.

About Wheaton Precious Metals Corp.

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. As a result, Wheaton has consistently outperformed gold and silver, as well as other mining investments. 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.

In accordance with Wheaton Precious Metals™ Corp.'s ("Wheaton Precious Metals", "Wheaton" or the "Company") MD&A and Financial Statements, reference to the Company and Wheaton includes the Company's wholly owned subsidiaries.

Webcast and Conference Call Details

Wheaton will release its 2025 first quarter results on Thursday, May 8, 2025, after market close. A conference call will be held on Friday, May 9, 2025, starting at 11:00 am ET (8:00 am PT) to discuss these results. To participate in the live call, please use one of the following methods:

Participants should dial in five to ten minutes before the call.

The conference call will be recorded and available until May 16, 2025 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:

This earnings release should be read in conjunction with Wheaton Precious Metals' MD&A and Financial Statements, which are available on the Company's website at www.wheatonpm.com and have been posted on SEDAR+ at www.sedarplus.ca.

Mr. Wes Carson, P.Eng., Vice President, Mining Operations, Neil Burns, P.Geo., Vice President, Technical Services for Wheaton Precious Metals and Ryan Ulansky, P.Eng., Vice President, Engineering, 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. Carson has reviewed production figures, Mr. Burns has reviewed mineral resource estimates and Mr. Ulansky has reviewed the mineral reserve estimates).

Wheaton Precious Metals believes that there are no significant differences between its corporate governance practices and those required to be followed by United States domestic issuers under the NYSE listing standards. This confirmation is located on the Wheaton Precious Metals website at http://www.wheatonpm.com.

Condensed Interim Consolidated Statements of Earnings

Condensed Interim Consolidated Balance Sheets

Condensed Interim Consolidated Statements of Cash Flows

Summary of Units Produced

Summary of Units Sold