VALUATION HIGHLIGHTS

1. Gold Streams (Sudbury Mines, Salobo Mine, Other Gold Streams, San Dimas Mine - Gold) constitute 62% of the Trefis price estimate for Wheaton Precious Metals's stock.
2. Silver Streams (Antamine Mine, San Dimas Mine, Penasquito Mine, Constancia Mine, Other Silver Streams) constitute 35% of the Trefis price estimate for Wheaton Precious Metals's stock.

WHAT HAS CHANGED?

Latest Earnings: Q4 Fiscal Year 2025

Wheaton Precious Metals reported record-breaking fourth-quarter results, with revenue surging 127% year-over-year to $865 million. Adjusted net earnings reached $1.22 per share, a 178% increase from $0.44 in the prior-year period, significantly beating consensus estimates. Financial performance was driven by a 35% increase in gold equivalent ounces (GEO) sold and a 69% rise in average realized prices. For the full year, the company produced 689,864 GEOs, exceeding the high end of its guidance range due to strong performance at the Salobo and Antamina mines.

Note: Wheaton Precious Metals' FY'25 ended on December 31, 2025.

Transformational Antamina Silver Stream Acquisition

On February 16, 2026, Wheaton announced a $4.3 billion agreement with BHP to acquire an additional silver stream from the Antamina mine in Peru. Effective April 1, 2026, the deal entitles Wheaton to 33.75% of payable silver until 100 million ounces are delivered, dropping to 22.5% thereafter. This acquisition is expected to increase 2026 production by approximately 11% and contributes to the company's long-term target of reaching 1.2 million GEOs by 2030.

POTENTIAL UPSIDE & DOWNSIDE TO TREFIS PRICE

Below are key drivers of Wheaton Precious Metals's value that present opportunities for upside or downside to the current Trefis price estimate:

Precious Metals Streaming

• Realized Commodity Prices: Wheaton's business model is highly leveraged to gold and silver prices. In Q4 2025, cash operating margins expanded 76% to $3,941 per GEO as realized prices outpaced rising cash costs. Continued central bank accumulation and industrial demand for silver in renewable energy provide upside potential, while a correction in spot prices remains the primary downside risk.
• Production Volume Growth: Management issued 2026 guidance of 860,000 to 940,000 GEOs, representing up to 36% growth over 2025 levels. This is supported by the new Antamina stream and the ramp-up of projects like Goose and Blackwater. Any operational delays at these third-party mines could result in production coming in at the lower end of the forecast.

For additional details, select a division from the interactive Trefis split for Wheaton Precious Metals at the top of the page.

BUSINESS SUMMARY

Wheaton Precious Metals operates as a precious metals streaming company, providing upfront capital to mining companies in exchange for the right to purchase a fixed percentage of future production at a low, predetermined cost. This model allows Wheaton to capture the upside of commodity price increases and mine expansions without the direct burden of operational expenses or capital intensive mining risks.

SOURCES OF VALUE

Wheaton's value is derived from its high-margin contract structure and the quality of its underlying mining partners.

Fixed-Cost Streaming Advantage

Wheaton maintains a predictable cost structure by fixing the price it pays for delivered metal, typically at a significant discount to spot prices. In 2025, while cash costs rose to $514 per GEO, the company's operating margin increased by 53%, demonstrating its ability to maintain profitability even in inflationary environments.

Diversified Tier-One Asset Portfolio

The company's portfolio is anchored by low-cost, long-life mines such as Salobo and Antamina. Approximately 85% of Wheaton's production comes from mines operating in the lower half of their respective cost curves, ensuring production remains viable even during periods of lower commodity prices.

KEY TRENDS

Strategic Production Expansion

Wheaton is undergoing an aggressive growth phase, targeting 1.2 million GEOs by 2030. This strategy is fueled by the $4.3 billion Antamina deal and over $1.5 billion in additional capital commitments for development-stage projects expected to come online over the next five years.

Enhanced Shareholder Returns

Reflecting strong cash flow generation, the board raised the 2026 quarterly dividend by 18% to $0.195 per share. The company has returned over $2.6 billion to shareholders since its inception, emphasizing a commitment to returning capital while maintaining the flexibility to fund new streaming agreements.

Would you like me to analyze the projected impact of the Antamina acquisition on Wheaton's debt-to-equity ratio for 2026?