Wheaton Precious Metals Announces Record Annual Revenue, Earnings and Cash Flow for 2025

FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS

VANCOUVER, BC, March 12, 2026 /PRNewswire/ - "Wheaton's portfolio of high-quality, long-life assets delivered another outstanding year in 2025, surpassing our production guidance and achieving record revenue, earnings, and operating cash flow," said Randy Smallwood, Chief Executive Officer of Wheaton Precious Metals. "Strong contributions from cornerstone assets including Salobo, Antamina, and Peñasquito, alongside the continued ramp-up of Blackwater and Goose, demonstrate the strength of our diversified streaming model. As I prepare to transition to the role of Chair of the Board, I have truly never been more excited about Wheaton's future and the portfolio's ability to continue delivering long-term value."

"These results reflect the consistent execution of our disciplined capital allocation strategy, focused on high-quality assets, well-structured agreements, strong counterparties, attractive margins, and long-term growth," added Haytham Hodaly, President of Wheaton Precious Metals. "In 2025, we strengthened our portfolio with the Hemlo and Spring Valley gold streams and, following year-end, announced the largest precious metals streaming transaction ever at Antamina in partnership with BHP. As I prepare to step into the role of Chief Executive Officer, I am confident in the foundation we have built and excited to lead Wheaton into its next phase of growth, focused on disciplined execution and sustainable value creation for all stakeholders."

Record Financial Performance and Strong Balance Sheet

High Quality Asset Base

Leadership in Sustainability

Operational Overview

(all figures in US dollars unless otherwise noted)

Q4 2025

Q4 2024

Change

2025

2024

Change

Units produced

Gold ounces

130,676

118,328

10.4 %

416,171

381,248

9.2 %

Silver ounces

6,064

5,865

3.4 %

22,289

20,959

6.3 %

Palladium ounces

2,519

2,797

(9.9) %

10,265

15,632

(34.3) %

Cobalt pounds

670

393

70.4 %

2,460

1,289

90.8 %

Gold equivalent ounces 3

205,037

189,059

8.5 %

689,864

635,488

8.6 %

Units sold

Gold ounces

121,791

87,662

38.9 %

411,005

332,701

23.5 %

Silver ounces

5,685

4,307

32.0 %

19,796

16,072

23.2 %

Palladium ounces

1,730

4,434

(61.0) %

9,356

17,270

(45.8) %

Cobalt pounds

485

0.0 %

1,632

970

68.2 %

Gold equivalent ounces 3

190,535

141,495

34.7 %

651,311

529,493

23.0 %

Change in PBND

Gold equivalent ounces 3

(968)

31,853

32,821

(15,013)

49,756

64,769

Revenue

864,714

380,516

127.2 %

2,314,600

1,284,639

80.2 %

Net earnings

558,250

88,148

533.3 %

1,471,720

529,140

178.1 %

Per share

1.230

0.194

534.0 %

3.242

1.167

177.8 %

Adjusted net earnings 1

554,979

198,969

178.9 %

1,372,862

640,170

114.5 %

Per share 1

1.222

0.439

178.4 %

3.025

1.412

114.2 %

Operating cash flows

746,277

319,471

133.6 %

1,904,981

1,027,581

85.4 %

Per share 1

1.644

0.704

133.5 %

4.197

2.266

85.2 %

All amounts in thousands except gold, palladium & gold equivalent ounces, and per share amounts.

Financial Review

Revenues

Revenue in the fourth quarter of 2025 was $865 million (59% gold, 39% silver, 1% palladium and 1% cobalt), with the $484 million increase relative to the prior period quarter being primarily due to a 69% increase in the average realized gold equivalent 3 price; and a 35% increase in the number of GEOs 3 sold.

Revenue was $2.3 billion (62% gold, 36% silver, 1% palladium and 1% cobalt) during the year ended December 31, 2025, with the $1.0 billion increase from 2024 due primarily to a 46% increase in the average realized gold equivalent 3 price; and a 23% increase in the number of GEOs 3 sold.

Cash Costs and Margin

Average cash costs¹ in the fourth quarter of 2025 were $597 per GEO 3 as compared to $444 in the fourth quarter of 2024. This resulted in a cash operating margin¹ of $3,941 per GEO 3 sold, an increase of 76% as compared with the fourth quarter of 2024, a result of the higher realized price per ounce. The higher margin reflects the leverage provided by fixed per-ounce production payments across the majority of Wheaton's operating streams, which accounted for 80% of revenue during the quarter. Notably, year-over-year margin growth exceeded the appreciation in gold prices over the same period, underscoring the effectiveness of Wheaton's business model in generating higher levered cash flow and margins in a rising precious metals price environment.

Average cash costs 1 in 2025 were $514 per GEO 3 as compared to $438 in 2024. This resulted in a cash operating margin 1 of $3,040 per GEO 3 sold, a 53% increase from 2024, a result of the higher realized price per ounce.

Cash Flow from Operations

Operating cash flow in the fourth quarter of 2025 amounted to $746 million, with the $427 million increase from the comparable period of the prior year being due primarily to higher gross margin.

Operating cash flows in 2025 amounted to $1.9 billion, with the $877 million increase from the comparable period of the previous year being due primarily to higher gross margin.

Produced But Not Yet Delivered

As at December 31, 2025, approximately 155,000 GEOs 3 were produced but not yet delivered ("PBND") representing approximately 2.5 months of payable production. This reduction in the number of months of PBND compared with the preceding four quarters places PBND levels at the mid-point of our guided range of two and a half to three and a half months and was driven by a significant increase in quarterly sales volumes during the fourth quarter.

Balance Sheet (at December 31, 2025)

Fourth Quarter Operating Asset Highlights

Salobo: In the fourth quarter of 2025, Salobo produced 88,900 ounces of attributable gold, representing a quarterly record and an increase of approximately 5% relative to the fourth quarter of 2024, primarily the result of higher throughput and recoveries resulting from improved efficiencies at Salobo 1 and 2, partially offset by lower grades.

Antamina: In the fourth quarter of 2025, Antamina produced 1.6 million ounces of attributable silver, an increase of approximately 49% relative to the fourth quarter of 2024, primarily due to higher grades and recoveries.

Peñasquito: In the fourth quarter of 2025, Peñasquito produced 1.8 million ounces of attributable silver, a decrease of approximately 26% relative to the fourth quarter of 2024, primarily the result of lower grades with mining activities having transitioned back into the Peñasco pit which contains lower silver grades relative to the Chile Colorado pit, partially offset by higher recoveries. On February 19, 2026, Newmont Corporation ("Newmont") reported that silver production at Peñasquito is expected to increase in 2026, largely due to grades milled, including increased stockpile processing in 2026.

Constancia: In the fourth quarter of 2025, Constancia produced 0.7 million ounces of attributable silver and 15,400 ounces of attributable gold, a decrease of approximately 25% and 18%, respectively, relative to the fourth quarter of 2024, primarily due to lower gold and silver grades. On February 20, 2026, Hudbay Minerals Inc ("Hudbay") announced that Constancia is expected to deliver at higher mill throughput rates starting in the second half of 2026 with the installation of pebble crushers. Hudbay reported that 2026 gold production is expected to be lower than 2025 production, reflecting depletion of the Pampacancha pit in 2025.

San Dimas: In the fourth quarter of 2025, San Dimas produced 8,200 ounces of attributable gold, an increase of approximately 13% relative to the fourth quarter of 2024, with higher throughput being partially offset by the change of the gold to silver conversion ratio from 70:1 to 90:1, effective for the period April 30, 2025 to October 28, 2025. On October 29, 2025, the gold to silver conversion ratio returned to 70:1.

Stillwater: In the fourth quarter of 2025, the Stillwater mines produced 1,500 ounces of attributable gold and 2,500 ounces of attributable palladium, a decrease of approximately 30% for gold and 10% for palladium relative to the fourth quarter of 2024, primarily due to lower grades and recoveries.

Blackwater: In the fourth quarter of 2025, Blackwater produced 0.1 million ounces of attributable silver and 5,500 ounces of attributable gold, with the mine achieving commercial production in May 2025. On December 15, 2025, Artemis Gold Inc. ("Artemis Gold") announced that its board of directors approved an expanded Phase 2 development at the Blackwater mine. This Phase 2 development is a significant addition to the previously announced Phase 1A project, designed to increase nameplate capacity from 8 Mtpa to 21 Mtpa before the end of 2028.

On March 12, 2026, Artemis Gold reported an unplanned mill shutdown due to the failure of a ball mill gearbox, with the estimated time to complete repairs and restart mill operations between 8 to 10 days. Artemis Gold reports that plans are underway to make use of this interruption to carry out maintenance activities originally planned for Q2 2026. Artemis Gold notes that while mining related activities are continuing normally, production in Q1 2026 is expected to be lower than originally anticipated as a result of this mill outage.

Voisey's Bay: In the fourth quarter of 2025, the Voisey's Bay mine produced 670,000 pounds of attributable cobalt, an increase of approximately 70% relative to the fourth quarter of 2024 as the underground mine at Voisey's Bay continues ramp-up to full production, with full ramp-up expected by the second half of 2026.

Other Gold: In the fourth quarter of 2025, total Other Gold attributable production was 3,400 ounces, an increase of approximately 441% relative to the fourth quarter of 2024 due to the initial reported production from the Goose mine, which achieved commercial production on October 6, 2025, and the addition of attributable production from the Hemlo mine. Notable operational updates for assets included within 'Other Gold' include:

Other Silver: In the fourth quarter of 2025, total Other Silver attributable production was 1.8 million ounces, an increase of approximately 30% relative to the fourth quarter of 2024. Notable operational updates for assets included within 'Other Silver' include:

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

Mineral Park: During the quarter, Waterton Copper LP continued ore commissioning of the newly refurbished concentrator at its Mineral Park project. The ramp-up efforts in Q4 2025 were focused on mill alignment to handle increasing throughput and gradually increasing both operating uptime and overall site throughput. First concentrate sales occurred in Q4 2025 and first silver delivery to Wheaton occurred in January 2026. Ramp-up to commercial production is expected to continue in Q1 2026, with increasing concentrate production throughout the first quarter. At steady state throughput, the fully refurbished mill capacity will be 16.5 Mtpa.

Platreef: On January 12, 2026, Ivanhoe announced that following the official opening and first production of concentrate from the Platreef mine on November 18, 2025, the development of the mine continues to rapidly advance. During the initial ramp‑up period, lower‑grade development ore is being processed, with a transition to production ore expected once Shaft #3 is ready to hoist in early Q2 2026, at which time the concentrator is expected to achieve approximately 80 percent of nameplate capacity by mid‑year.

Fenix: On January 26, 2026, Rio2 Limited ("Rio2") announced the first official gold pour at the Fenix Gold Mine, where construction of critical path items were completed on time and on budget, as previously guided. Rio2 stated that the focus now is to ramp up operations to 20,000 tonnes per day of ore.

Kurmuk: On February 18, 2026, Allied Gold Corporation ("Allied") reported that the Kurmuk project was progressing in line with plan, with advancement at the processing plant and crushing circuit, mining activities supporting ore stockpiling, and power line construction advancing toward completion ahead of commissioning. A review of processing capacity was completed in Q4 2025, and the project is now being executed to accommodate average throughput of up to 6.4 Mtpa (from 6.0 Mtpa), with pre‑commissioning expected in 2026.

On January 26, 2026, Allied announced it has entered into a definitive agreement with Zijin Gold International Company Limited ("Zijin Gold"), where Zijin Gold will acquire all of the issued and outstanding shares of Allied in cash. Subject to the satisfaction or waiver by the parties of all necessary closing conditions and the receipt of all required approvals, the completion of the transaction is anticipated in late April 2026 9.

Koné: On January 19, 2026, Montage announced that rapid construction progress continues to be made at its Koné project, where first gold pour through the oxide circuit is anticipated in late Q4 2026, while the hard-rock comminution circuit remains well on track for completion in Q2 2027. Since commencement of the project, key milestones achieved include the erection of all 14 carbon-in-leach tanks, piperack and grid mesh walkways, completion of the oxide sizer and the delivery of the ball mill to site.

El Domo: On February 4, 2026, Silvercorp reported that during 2025, construction activities at its El Domo project advanced across site preparation, infrastructure, and water management works, with approximately $44.5 million spent (about 16% of their revised budget), including completion of archaeological clearance, significant earthworks and road construction, camp commissioning, and placement of orders for long‑lead time major equipment.

Copper World: On January 12, 2026, Hudbay announced the closing of the joint venture transaction with Mitsubishi Corporation, securing a premier, long-term strategic partner for the development of Copper World. Hudbay notes that they intend to complete the definitive feasibility study at Copper World in mid-2026 with final sanctioning decision expected in 2026.

Santo Domingo: On February 17, 2026, Capstone reported that they plan to progress the financing strategy, detailed engineering and infrastructure optimization opportunities at its Santo Domingo project towards a sanctioning decision expected in the second half of 2026.

Corporate Development

Spring Valley: On November 6, 2025, the Company entered into a PMPA (the "Spring Valley PMPA") with Waterton Gold Corp., a subsidiary of Waterton Gold LP, in respect of gold production from the Spring Valley project located in Nevada, USA ("Spring Valley"). Under the terms of the Spring Valley PMPA, the Company is committed to pay Waterton Gold total upfront cash consideration of $670 million in installments as various conditions are satisfied, with the initial payment being paid on December 11, 2025. The Company has also provided a cost overrun facility of up to $150 million, accessible during an availability period commencing once the full upfront consideration has been paid under the Spring Valley PMPA.

Hemlo: On November 26, 2025, the Company entered into a PMPA with Hemlo in respect of gold production from the currently operating Hemlo mine located in Ontario, Canada. Under the terms of the Hemlo PMPA, which will deliver immediate production and cash flow to the Company, the Company paid Hemlo total upfront cash consideration of $300 million.

As part of its financing commitment, on October 7, 2025 the Company invested $30 million (Cdn$42 million) in Hemlo's equity offering.

Antamina: On February 16, 2026, the Company announced it had entered into a definitive PMPA with BHP (the "BHP Antamina PMPA") for their 33.75% portion of the silver produced at the Antamina Mine located in Peru. 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 Antamina silver stream.

Under the terms of the BHP Antamina PMPA, the Company will pay BHP total upfront cash consideration of $4.3 billion on closing, subject to certain customary conditions. Additionally, the Company will make ongoing payments for the silver ounces delivered equal to 20% of the spot price of silver. The BHP Antamina PMPA is effective April 1, 2026, from which time the Company will purchase BHP's 33.75% of the payable silver until a total of 100 million ounces has been delivered, at which point the Company will purchase 22.5% of the payable silver for the life of mine. Payable silver will be calculated using a fixed payable factor of 90.0%.

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 billion, including the $1.2 billion cash on hand at December 31, 2025 in addition to $323 million realized on the disposal of Long-Term Equity Investments. The remaining balance will be funded through an approximate $0.9 billion draw on the Company's Revolving Facility, in addition to a new $1.5 billion non-revolving term loan credit facility ("Term Loan") which carries a two-year maturity and aligns with the terms of the Company's existing Revolving Facility.

The Term Loan and the RCF provide flexible, non‑dilutive financing that may be repaid at any time without penalty. The remaining liquidity available from the RCF, in addition to continued strong cash flows, provides healthy balance sheet capacity. Net debt at closing of the BHP Antamina PMPA acquisition is currently expected to be approximately $2.4 billion, assuming estimated approximate incremental cash flows. With the liquidity provided by the remaining available credit under the $2 billion Revolving Facility coupled with the $500 million accordion and ongoing operating cash flows, the Company remains well positioned to fund all outstanding commitments, as well as providing flexibility to acquire additional accretive mineral stream interests.

Reserves and Resources (at December 31, 2025)

Proven and Probable Mineral Reserves attributable to Wheaton were 15.1 million ounces of gold compared with 15.4 million ounces as reported in Wheaton's 2024 Annual Information Form ("AIF"), a decrease of 2%; 556.1 million ounces of silver compared with 469.2 million ounces, an increase of 19%; 0.83 million ounces palladium, unchanged; 0.52 million ounces of platinum, unchanged; and 27.8 million pounds of cobalt compared to 30.6 million pounds, a decrease of 6%. On a GEO 8 basis, total Proven and Probable Mineral Reserves for all metals attributable to Wheaton were 25.0 million ounces compared to 23.8 million ounces, an increase of 5%.

Measured and Indicated Mineral Resources attributable to Wheaton were 7.1 million ounces of gold compared with 6.8 million ounces as reported in Wheaton's 2024 AIF, an increase of 4%; 645.5 million ounces of silver compared with 704.6 million ounces, a decrease of 8%; 0.14 million ounces of palladium compared with 0.13 million ounces, an increase of 6%; 0.09 million ounces of platinum, unchanged; and 9.2 million pounds of cobalt compared to 1.2 million pounds of cobalt, an increase of 700%. On a GEO 8 basis, total Measured and Indicated Mineral Resources for all metals attributable to Wheaton were 18.0 million ounces compared with 18.7 million ounces, a decrease of 4%.

Inferred Mineral Resources attributable to Wheaton were 4.6 million ounces of gold compared with 4.9 million ounces as reported in Wheaton's 2024 AIF, a decrease of 8%; 449.5 million ounces of silver compared with 330.1 million ounces, an increase of 36%, 0.34 million ounces of palladium, unchanged; 0.04 million ounces of platinum, unchanged; and 5.3 million pounds of cobalt compared with 7.4 million pounds, a decrease of 28%. On a GEO 8 basis, total Inferred Mineral Resources for all metals attributable to Wheaton were 12.2 million ounces compared with 10.6 million ounces, an increase of 15%.

Estimated attributable reserves and resources contained in this press release are based on information available to the Company as of March 5, 2026, and therefore will not reflect updates, if any, after that date. Updated reserves and resources data incorporating year-end 2025 estimates will also be included in the Company's 2025 Annual Information Form. Wheaton's most current attributable reserves and resources, as of December 31, 2025, with attributable footnotes, can be found on the Company's website at www.wheatonpm.com.

Sustainability

Future of Mining Challenge

Subsequent to the quarter, Wheaton announced Cetos Water as the winner of the Future of Mining Challenge. Cetos Water has been awarded $1 million for its unique technology that turns wastewater from mining activities into clean, reusable water.

Corporate Knights Global 100

Subsequent to the quarter, Wheaton was named once again to Corporate Knights' 2026 Global 100 Most Sustainable Corporations list, marking its third consecutive year of recognition for leadership in sustainable value creation.

Community Investment Program

Subsequent Events

Chief Executive Officer Transition

On February 5, 2026, Wheaton announced that as part of the Company's strategic succession planning, Haytham Hodaly, currently President, will succeed Randy Smallwood as Wheaton's Chief Executive Officer, effective March 31, 2026, reflecting an ongoing leadership evolution to support the next phase in the Company's growth trajectory.

Declaration of Dividend

The Company has increased its quarterly dividend under its dividend policy, setting it at $0.195 per common share for 2026. This represents an 18% increase over the quarterly dividend paid in 2025 and represents the third consecutive year that the dividend has been increased, highlighting the Company's commitment to a progressive dividend. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.

2026 Production Outlook

For 2026, Wheaton provides annual production guidance of 860,000 to 940,000 GEOs 8. This expected year-over-year growth is driven primarily by the additional stream at Antamina which is expected to add another 70,000 GEOs 8 to the portfolio in 2026 and begin generating production on April 1, 2026. Further contributions from newly operating assets, including Blackwater, Mineral Park, Fenix, Hemlo, Goose and Platreef are also forecast to support this growth. These increases are expected to be partially offset by lower production from Constancia following the depletion of the Pampacancha pit in late December 2025.

At the Company's cornerstone assets, after achieving record production levels in 2025, attributable production levels at Salobo are forecast to decrease slightly, with higher throughput levels anticipated to be offset by modestly lower gold grades. Attributable production is forecast to increase significantly at Antamina in 2026 due to the additional stream, with the Company receiving a combined 67.5% of silver production commencing April 1, 2026, up from the 33.75% delivered in 2025 under the existing stream. Lastly, attributable production from Penasquito is forecast to increase from 2025, driven by stronger silver grades, including contributions from stockpile material as mining progresses through planned sequencing.

Long-Term Production Outlook

Production is forecast to increase by approximately 50% to 1,200,000 GEOs 8 by 2030, due to growth from multiple Operating assets including Antamina, Blackwater, Aljustrel, Marmato, Hemlo and Goose; Development assets that are in construction and/or various stages of ramp-up, including the Koné, Fenix, Kurmuk, Platreef, Mineral Park and El Domo projects; and Pre-development assets including the Spring Valley, Copper World and Santo Domingo projects, all of which have received their major permits.

From 2031 to 2035, attributable production is forecast to be maintained at 1,200,000 GEOs 8 annually and incorporates additional incremental production from Pre-development assets including the Cangrejos, Kudz ze Kayah and Marathon projects, in addition to the Mt. Todd and Black Pine royalties.

Not included in Wheaton's long-term forecast and instead classified as 'optionality', is potential future production from 11 other assets including El Alto, Navidad and Toroparu.

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. 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

A conference call will be held on Friday, March 13, 2026, 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:

Dial toll free from Canada or the US:

1-800-715-9871

Dial from outside Canada or the US:

1-647-932-3411

Pass code:

4433482#

Live webcast:

Webcast Link

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

The conference call will be recorded and available until March 20, 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:

4433482#

Archived webcast:

Webcast Link

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.

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.

Consolidated Statements of Earnings

Years Ended December 31

(US dollars and shares in thousands, except per share amounts)

2025

2024

Sales

2,314,600

1,284,639

Cost of sales

Cost of sales, excluding depletion

339,063

235,108

Depletion

303,889

246,944

Total cost of sales

642,952

482,052

Gross margin

1,671,648

802,587

General and administrative

46,767

40,668

Share based compensation

32,504

23,268

Donations and community investments

10,736

8,958

Impairment of mineral stream interests

108,861

Earnings from operations

1,581,641

620,832

Gain on disposal of mineral stream interests

85,724

Other income (expense)

36,463

29,061

Earnings before finance costs and income taxes

1,703,828

649,893

Finance costs

5,760

5,549

Earnings before income taxes

1,698,068

644,344

Income tax expense

226,348

115,204

Net earnings

1,471,720

529,140

Basic earnings per share

3.242

1.167

Diluted earnings per share

3.237

1.165

Weighted average number of shares outstanding

Basic

453,893

453,460

Diluted

454,685

454,119

Consolidated Balance Sheets

As at

December 31

As at

December 31

(US dollars in thousands)

2025

2024

Assets

Current assets

Cash and cash equivalents

1,153,593

818,166

Accounts receivable

46,723

6,217

Other

3,853

3,697

Total current assets

1,204,169

828,080

Non-current assets

Mineral stream interests

7,397,149

6,379,580

Early deposit mineral stream interests

47,094

Mineral royalty interests

40,421

Long-term equity investments

410,495

98,975

Property, plant and equipment

9,926

8,691

Other

16,527

21,616

Total non-current assets

7,921,612

6,596,377

Total assets

9,125,781

7,424,457

Liabilities

Current liabilities

Accounts payable and accrued liabilities

22,557

13,553

Income taxes payable

109,951

2,127

Current portion of performance share units

21,604

13,562

Current portion of lease liabilities

575

262

Total current liabilities

154,687

29,504

Non-current liabilities

Performance share units

13,215

11,522

Lease liabilities

7,330

4,909

Income taxes payable - non-current

252,271

113,505

Deferred income taxes

1,794

349

Pension liability

5,976

5,289

Total non-current liabilities

280,586

135,574

Total liabilities

435,273

165,078

Shareholders' equity

Issued capital

3,814,910

3,798,108

Reserves

176,911

(63,503)

Retained earnings

4,698,687

3,524,774

Total shareholders' equity

8,690,508

7,259,379

Total liabilities and shareholders' equity

9,125,781

7,424,457

Consolidated Statements of Cash Flows

Years Ended December 31

(US dollars in thousands)

2025

2024

Operating activities

Net earnings

1,471,720

529,140

Adjustments for

Depreciation and depletion

305,167

248,303

Gain on disposal of mineral stream interest

(85,724)

Impairment of mineral stream interests

108,861

Equity settled share based compensation

6,475

6,703

Performance share units - expense

26,029

16,565

Performance share units - paid

(17,209)

(11,129)

Income tax expense

226,348

115,204

Investment income recognized in net earnings

(37,780)

(27,014)

Other

8,931

4,515

Change in non-cash working capital

(30,410)

4,426

Cash generated from operations before income taxes and interest

1,873,547

995,574

Income taxes refunded (paid)

(3,645)

8,516

Interest paid

(429)

(287)

Interest received

35,508

23,778

Cash generated from operating activities

1,904,981

1,027,581

Financing activities

Credit facility extension fees

(955)

(937)

Share purchase options exercised

7,271

13,192

Lease payments

(505)

(594)

Dividends paid

(296,367)

(279,050)

Cash used for financing activities

(290,556)

(267,389)

Investing activities

Mineral stream interests

(1,341,369)

(628,234)

Repayment of mineral stream interests deposit

13,250

Mineral royalty interests

(26,981)

Net proceeds on disposal of mineral stream interests

101,730

Acquisition of long-term investments

(39,873)

(20,234)

Proceeds on disposal of long-term investments

177,088

Investment in subscription rights

(3,114)

Dividends received

1,051

2,188

Other

(682)

(2,266)

Cash used for investing activities

(1,279,143)

(488,303)

Effect of exchange rate changes on cash and cash equivalents

145

(250)

Increase in cash and cash equivalents

335,427

271,639

Cash and cash equivalents, beginning of year

818,166

546,527

Cash and cash equivalents, end of year

1,153,593

818,166

Summary of Units Produced

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Q3 2024

Q2 2024

Q1 2024

Gold ounces produced 2

Salobo

88,907

66,997

69,418

71,384

84,291

62,689

63,225

61,622

Sudbury 3

7,808

4,852

5,403

4,880

5,259

3,593

4,477

5,618

Constancia

15,396

12,797

4,604

4,876

18,727

10,760

6,269

14,316

San Dimas 4

8,206

7,507

6,987

8,416

7,263

6,882

7,089

7,542

Stillwater 5

1,518

1,717

1,654

1,339

2,166

2,247

2,099

2,637

Blackwater

5,479

4,879

4,050

1,017

Other

Marmato

705

807

748

757

622

648

584

623

Goose

1,027

387

Hemlo

1,630

Total Other

3,362

1,194

767

757

622

648

584

623

Total gold ounces produced

130,676

99,943

92,883

92,669

118,328

86,819

83,743

92,358

Silver ounces produced 2

Peñasquito

1,821

2,087

2,103

1,754

2,465

1,785

2,263

2,643

Antamina

1,600

1,672

1,482

1,047

1,071

931

1,013

806

Constancia

731

577

552

555

970

648

451

640

Blackwater

148

136

138

Other

Los Filos 6

Zinkgruvan

513

688

684

585

637

537

699

641

Neves-Corvo

549

431

449

459

494

425

432

524

Aljustrel 7

516

180

Cozamin

170

169

174

192

185

177

173

Marmato

Mineral Park

Total Other

1,764

1,478

1,315

1,294

1,359

1,180

1,341

1,393

Total silver ounces produced

6,064

5,950

5,590

4,685

5,865

4,544

5,068

5,482

Palladium ounces produced 2

Stillwater 5

2,519

2,650

2,435

2,661

2,797

4,034

4,338

4,463

Cobalt pounds produced 2

Voisey's Bay

670

604

647

540

393

397

259

240

GEOs produced 8

205,037

172,697

161,630

150,500

189,059

142,787

145,151

158,490

Average payable rate 2

Gold

95.0 %

94.6 %

95.2 %

94.9 %

95.3 %

95.0 %

94.7 %

Silver

86.9 %

87.6 %

87.7 %

86.3 %

84.6 %

83.9 %

84.4 %

84.5 %

Palladium

96.9 %

96.7 %

97.4 %

96.4 %

97.5 %

98.4 %

97.3 %

97.8 %

Cobalt

93.3 %

GEOs 9

92.2 %

91.8 %

92.2 %

91.8 %

91.4 %

91.0 %

90.7 %

90.6 %

All figures in thousands except gold and palladium ounces produced.

Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures and payable rates are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures and payable rates may be updated in future periods as additional information is received.

Comprised of the Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests.

Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the "70" shall be revised to "50" or "90", as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the "70" shall be reinstated. From April 30, 2025 to October 28, 2025, the fixed gold to silver exchange ratio was revised to 90:1. Effective October 29, 2025, the fixed gold to silver exchange ratio was returned to 70:1. For reference, attributable silver production from prior periods is as follows: Q4 2025 - 329,000 ounces; Q3 2025 - 364,000 ounces; Q2 2025 - 311,000 ounces; Q1 2025 - 340,000 ounces; Q4 2024 - 295,000 ounces; Q3 2024 - 262,000 ounces; Q2 2024 - 285,000 ounces; Q1 2024 - 291,000 ounces.

Comprised of the Stillwater and East Boulder gold and palladium interests. On September 12, 2024, Sibanye Stillwater ("Sibanye") announced that as a result of low palladium prices it was placing the Stillwater West operations into care and maintenance, while using Stillwater East and East Boulder operations to improve efficiencies that could get Stillwater West back to production as prices permit.

On April 1, 2025, Equinox Gold Corp., 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.

On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the third quarter of 2025.

GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2025.

Summary of Units Sold

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Q3 2024

Q2 2024

Q1 2024

Gold ounces sold

Salobo

83,697

55,768

76,331

83,809

55,170

58,101

54,962

56,841

Sudbury 2

3,715

4,729

2,849

5,632

4,048

2,495

5,679

4,129

Constancia

17,029

2,708

6,827

9,788

17,873

5,186

6,640

20,123

San Dimas

8,686

6,655

7,235

8,962

6,990

7,022

6,801

7,933

Stillwater 3

1,790

1,465

1,386

1,947

2,410

1,635

2,628

2,355

Blackwater

5,225

6,463

3,291

110

Other

Marmato

809

749

742

737

650

550

616

638

Goose

528

Santo Domingo 4

312

447

El Domo 4

209

258

Total Other

1,649

1,156

1,054

1,049

1,171

1,255

616

638

Total gold ounces sold

121,791

78,944

98,973

111,297

87,662

75,694

77,326

92,019

Silver ounces sold

Peñasquito

1,878

1,609

2,112

1,976

1,852

1,667

1,482

1,839

Antamina

1,893

1,552

1,073

884

858

989

917

762

Constancia

613

275

625

730

797

366

422

726

Blackwater

137

143

Other

Los Filos

Zinkgruvan

358

708

520

446

452

488

597

297

Neves-Corvo

245

212

224

218

154

185

216

243

Aljustrel

382

122

Cozamin

169

133

154

164

158

148

158

147

Marmato

Total Other

1,164

1,187

915

893

800

853

1,002

740

Total silver ounces sold

5,685

4,760

4,868

4,483

4,307

3,875

3,823

4,067

Palladium ounces sold

Stillwater 3

1,730

2,594

2,575

2,457

4,434

3,761

4,301

4,774

Cobalt pounds sold

Voisey's Bay

485

529

353

265

485

309

GEOs sold 5

190,535

137,563

157,916

165,297

141,495

122,242

123,462

142,294

Cumulative payable units PBND 6

Gold ounces

108,890

106,222

90,284

100,512

123,511

97,929

90,406

88,145

Silver ounces

3,227

3,629

3,178

3,145

3,583

2,931

2,993

2,539

Palladium ounces

5,169

4,424

4,414

4,596

4,439

6,186

6,018

6,198

Cobalt pounds

1,341

1,202

1,168

917

678

796

513

360

GEOs 5

154,981

155,949

134,630

143,238

169,994

138,141

129,808

121,574

All figures in thousands except gold and palladium ounces sold.

Comprised of the Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests.

Comprised of the Stillwater and East Boulder gold and palladium interests.

The ounces sold under Santo Domingo and El Domo relate to ounces received due to the delay ounce provision as per the respective PMPA. Please see the Company's MD&A for more information.

Payable gold, silver and palladium ounces as well as cobalt pounds produced but not yet delivered ("PBND") are based on management estimates. These figures may be updated in future periods as additional information is received.

Results of Operations

The operating results of the Company's reportable operating segments are summarized in the tables and commentary below.

Three Months Ended December 31, 2025

Units

Produced 2

Units

Sold

Average

Realized

Price

($'s

Per Unit)

Average

Cash Cost

($'s Per

Unit) 3

Average

Depletion

($'s Per

Unit) 4

Sales

Net

Earnings

Cash Flow

From

Operations

Total

Assets

Gold

Salobo

88,907

83,697

4,214

429

404

352,713

282,995

316,820

2,620,710

Sudbury 5

7,808

3,715

4,234

400

1,399

15,726

9,044

22,894

218,494

Constancia

15,396

17,029

4,214

429

338

71,764

58,699

64,461

52,284

San Dimas

8,206

8,686

4,214

643

428

36,603

27,296

31,015

125,218

Stillwater

1,518

1,790

4,214

727

570

7,544

5,222

6,243

204,202

Blackwater

5,479

5,225

4,234

1,485

606

22,123

11,197

28,991

331,048

Platreef

n.a.

275,702

Other 6

3,362

1,649

4,184

598

1,406

6,901

3,596

5,915

1,457,132

130,676

121,791

4,215

495

452

513,374

398,049

476,339

5,284,790

Silver

Peñasquito

1,821

1,878

55.20

4.56

5.09

103,647

85,530

95,086

206,866

Antamina

1,600

1,893

55.20

11.15

4.39

104,502

75,072

83,387

459,083

Constancia

731

613

55.20

6.32

6.43

33,836

26,024

29,963

151,403

Blackwater

148

137

61.49

10.88

7.52

8,446

5,918

9,013

167,502

Other 7

1,764

1,164

74.54

13.59

3.78

86,766

66,542

45,642

556,887

6,064

5,685

59.32

8.95

4.79

337,197

259,086

263,091

1,541,741

Palladium

Stillwater

2,519

1,730

1,479

244

492

2,558

1,285

2,136

208,892

Platreef

n.a.

78,814

2,519

1,730

1,479

244

492

2,558

1,285

2,136

287,706

Platinum

Marathon

n.a.

9,451

Platreef

n.a.

57,584

n.a.

67,035

Cobalt

Voisey's Bay

670

485

23.89

4.33

9.02

11,585

5,110

7,664

215,877

Operating results

864,714

663,530

749,230

7,397,149

Other

General and administrative

(11,796)

(7,631)

Share based compensation

(1,709)

Donations and community investments

(4,269)

(3,980)

Finance costs

(1,451)

(1,114)

Other

6,373

9,813

Income tax

(92,428)

(41)

Total other

(105,280)

(2,953)

1,728,632

558,250

746,277

9,125,781

Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts.

Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.

Refer to discussion on non-GAAP measure (iii) at the end of this press release.

Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information.

Comprised of the operating Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests and the non-operating Victor gold interest.

Other gold interests comprised of the operating Marmato, Goose and Hemlo gold interests as well as the non-operating Copper World, Santo Domingo, Fenix, El Domo, Marathon, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk, Spring Valley gold interests. Other includes ounces sold that were received under the delay ounce provision of the Santo Domingo PMPA. Please see the Company's MD&A for more information.

Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Marmato and Cozamin silver interests as well as the non-operating Stratoni, El Alto (previously referred to as Pascua-Lama), Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

Three Months Ended December 31, 2024

Units

Produced 2

Units

Sold

Average

Realized

Price

($'s

Per Unit)

Average

Cash Cost

($'s Per

Unit) 3

Average

Depletion

($'s Per

Unit) 4

Sales

Impairment

Charges

Net

Earnings

Cash Flow

From

Operations

Total

Assets

Gold

Salobo

84,291

55,170

2,676

425

378

147,610

103,323

121,254

2,595,485

Sudbury 5

5,259

4,048

2,709

400

1,326

10,968

3,982

9,853

241,551

Constancia

18,727

17,873

2,676

425

323

47,821

34,463

40,232

64,326

San Dimas

7,263

6,990

2,676

637

290

18,704

12,226

14,251

136,481

Stillwater

2,166

2,410

2,676

481

421

6,448

4,275

5,289

207,460

Blackwater

n.a.

340,231

Platreef

n.a.

275,702

Other 6

622

1,171

2,681

265

1,485

3,139

1,089

2,828

365,383

118,328

87,662

2,677

440

420

234,690

159,358

193,707

4,226,619

Silver

Peñasquito

2,465

1,852

31.48

4.50

4.86

58,293

40,965

49,960

244,465

Antamina

1,071

858

31.48

6.28

8.46

27,009

14,360

21,619

490,771

Constancia

970

797

31.48

6.26

6.10

25,084

15,232

20,096

165,378

Blackwater

n.a.

140,908

Other 7

1,359

800

30.43

4.37

5.34

24,347

16,570

25,204

521,722

5,865

4,307

31.28

5.16

5.90

134,733

87,127

116,879

1,563,244

Palladium

Stillwater

2,797

4,434

1,008

184

429

4,468

1,749

3,653

213,179

Platreef

n.a.

78,814

2,797

4,434

1,008

184

429

4,468

1,749

3,653

291,993

Platinum

Marathon

n.a.

9,451

Platreef

n.a.

57,584

n.a.

67,035

Cobalt

Voisey's Bay

393

485

13.66

2.59

12.78

6,625

(108,861)

(109,688)

4,618

230,689

Operating results

380,516

(108,861)

138,546

318,857

6,379,580

Other

General and administrative

(10,475)

(6,996)

Share based compensation

(6,118)

Donations and community investments

(4,332)

(3,913)

Finance costs

(1,404)

(1,046)

Other

9,138

6,787

Income tax

(37,207)

5,782

Total other

(50,398)

614

1,044,877

88,148

319,471

7,424,457

Refer to discussion on non-GAAP measure (iii) at the end of this press release.

Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information.

Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests.

Other gold interests are comprised of the operating Marmato gold interest as well as the non-operating Minto, Copper World, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Curraghinalt and Kudz Ze Kayah gold interests. Other includes ounces sold that were received under the delay ounce provision of the Santo Domingo and El Domo PMPAs (see footnote 3 on page 9 of this MD&A for more information).

Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin silver interests as well as the non-operating Stratoni, Aljustrel, Minto, El Alto (previously referred to as Pascua-Lama), Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

Comparative Results of Operations on a GEO Basis

Q4 2025

Q4 2024

Change

GEO Production 1, 2

205,037

189,059

15,978

8.5 %

GEO Sales 2

190,535

141,495

49,040

34.7 %

Average price per GEO sold 2

4,538

2,689

1,849

68.8 %

Revenue

864,714

380,516

484,198

127.2 %

Cost of sales, excluding depletion

114,956

64,236

(50,720)

(79.0) %

Depletion

86,228

68,873

(17,355)

(25.2) %

Cost of sales

201,184

133,109

(68,075)

(51.1) %

Gross margin

663,530

247,407

416,123

168.2 %

General and administrative

11,796

10,475

(1,321)

(12.6) %

Share based compensation

1,709

6,118

4,409

72.1 %

Donations and community investments

4,269

4,332

1.5 %

Impairment of mineral stream interests

108,861

100.0 %

Earnings from operations

645,756

117,621

528,135

449.0 %

Other income (expense)

6,373

9,138

(2,765)

(30.3) %

Earnings before finance costs and income taxes

652,129

126,759

525,370

414.5 %

Finance costs

1,451

1,404

(47)

(3.3) %

Earnings before income taxes

650,678

125,355

525,323

419.1 %

Income tax expense

92,428

37,207

(55,221)

(148.4) %

Net earnings

558,250

88,148

470,102

533.3 %

Year Ended December 31, 2025

Units

Produced 2

Units

Sold

Average

Realized

Price

($'s

Per Unit)

Average

Cash Cost

($'s Per

Unit) 3

Average

Depletion

($'s Per

Unit) 4

Sales

Gain on

Disposal 5

Net

Earnings

Cash Flow

From

Operations

Total

Assets

Gold

Salobo

296,706

299,605

3,471

429

396

1,039,878

792,618

911,393

2,620,710

Sudbury 6

22,943

16,925

3,444

400

1,362

58,290

28,463

51,506

218,494

Constancia

37,673

36,352

3,629

427

331

131,904

104,347

116,389

52,284

San Dimas

31,116

31,538

3,469

641

357

109,411

77,939

89,202

125,218

Stillwater

6,228

6,588

3,463

605

495

22,811

15,567

18,825

204,202

Blackwater

15,425

15,089

3,748

1,307

609

56,549

27,651

40,543

331,048

Platreef

n.a.

275,702

Other 7

6,080

4,908

3,540

473

1,335

17,375

85,724

94,227

15,054

1,457,132

416,171

411,005

3,494

479

448

1,436,218

85,724

1,140,812

1,242,912

5,284,790

Silver

Peñasquito

7,765

7,575

39.82

4.56

4.96

301,590

229,453

267,052

206,866

Antamina

5,801

5,402

42.59

8.65

5.87

230,098

151,672

183,359

459,083

Constancia

2,415

2,243

39.76

6.28

6.23

89,156

61,095

75,070

151,403

Blackwater

457

417

46.50

8.27

19,378

12,486

16,561

167,502

Other 8

5,851

4,159

47.21

7.55

4.36

196,449

146,898

130,717

556,887

22,289

19,796

42.26

6.58

5.30

836,671

601,604

672,759

1,541,741

Palladium

Stillwater

10,265

9,356

1,126

195

458

10,536

4,422

8,709

208,892

Platreef

n.a.

78,814

10,265

9,356

1,126

195

458

10,536

4,422

8,709

287,706

Platinum

Marathon

n.a.

9,451

Platreef

n.a.

57,584

n.a.

67,035

Cobalt

Voisey's Bay

2,460

1,632

19.11

3.57

9.08

31,175

10,534

23,079

215,877

Operating results

2,314,600

85,724

1,757,372

1,947,459

7,397,149

Other

General and administrative

(46,767)

(44,227)

Share based compensation

(32,504)

(17,209)

Donations and community investments

(10,736)

(10,396)

Finance costs

(5,760)

(4,444)

Other

36,463

37,443

Income tax

(226,348)

(3,645)

Total other

(285,652)

(42,478)

1,728,632

1,471,720

1,904,981

9,125,781

Refer to discussion on non-GAAP measure (iii) at the end of this press release.

Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information.

The gain on disposal of Other gold interests relates to the gain on the buyback of 33% of the Cangrejos PMPA.

Comprised of the operating Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests and the non-operating Victor gold interest.

Year Ended December 31, 2024

Units

Produced 2

Units

Sold

Average

Realized

Price

($'s

Per Unit)

Average

Cash Cost

($'s Per

Unit) 3

Average

Depletion

($'s Per

Unit) 4

Sales

Impairment

Charges

Net

Earnings

Cash Flow

From

Operations

Total

Assets

Gold

Salobo

271,827

225,074

2,397

425

382

539,583

358,081

444,015

2,595,485

Sudbury 5

18,947

16,351

2,391

400

1,280

39,098

11,623

32,571

241,551

Constancia

50,072

49,822

2,370

422

320

118,096

81,126

97,066

64,326

San Dimas

28,776

28,746

2,388

635

287

68,654

42,166

50,407

136,481

Stillwater

9,149

9,028

2,392

425

444

21,592

13,743

17,752

207,460

Blackwater

n.a.

340,231

Platreef

n.a.

275,702

Other 6

2,477

3,680

2,453

284

1,192

9,028

3,596

7,982

365,383

381,248

332,701

2,393

440

419

796,051

510,335

649,793

4,226,619

Silver

Peñasquito

9,156

6,840

28.34

4.50

4.64

193,871

131,325

163,092

244,465

Antamina

3,821

3,526

28.56

5.74

8.16

100,719

51,738

80,497

490,771

Constancia

2,709

2,311

28.25

6.23

6.15

65,264

36,676

50,881

165,378

Blackwater

n.a.

140,908

Other 7

5,273

3,395

28.85

4.31

4.71

97,976

67,356

85,230

521,722

20,959

16,072

28.49

4.98

5.64

457,830

287,095

379,700

1,563,244

Palladium

Stillwater

15,632

17,270

984

179

434

16,999

6,423

13,911

213,179

Platreef

n.a.

78,814

15,632

17,270

984

179

434

16,999

6,423

13,911

291,993

Platinum

Marathon

n.a.

9,451

Platreef

n.a.

57,584

n.a.

67,035

Cobalt

Voisey's Bay

1,289

970

14.18

2.71

12.78

13,759

(108,861)

(110,127)

14,025

230,689

Operating results

1,284,639

(108,861)

693,726

1,057,429

6,379,580

Other

General and administrative

(40,668)

(38,130)

Share based compensation

(23,268)

(11,129)

Donations and community investments

(8,958)

(8,098)

Finance costs

(5,549)

(4,280)

Other

29,061

23,273

Income tax

(115,204)

8,516

Total other

(164,586)

(29,848)

1,044,877

529,140

1,027,581

7,424,457

Refer to discussion on non-GAAP measure (iii) at the end of this press release.

Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information.

Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests.

Comparative Results of Operations on a GEO Basis

2025

2024

Change

GEO Production 1, 2

689,864

635,488

54,377

8.6 %

GEO Sales 2

651,311

529,493

121,818

23.0 %

Average price per GEO sold 2

3,554

2,426

1,128

46.5 %

Revenue

2,314,600

1,284,639

1,029,961

80.2 %

Cost of sales, excluding depletion

339,063

235,108

(103,955)

(44.2) %

Depletion

303,889

246,944

(56,945)

(23.1) %

Cost of sales

642,952

482,052

(160,900)

(33.4) %

Gross margin

1,671,648

802,587

869,061

108.3 %

General and administrative

46,767

40,668

(6,099)

(15.0) %

Share based compensation

32,504

23,268

(9,236)

(39.7) %

Donations and community investments

10,736

8,958

(1,778)

(19.8) %

Impairment of mineral stream interests

108,861

100.0 %

Earnings from operations

1,581,641

620,832

960,809

154.8 %

Gain on disposal of mineral stream interests

85,724

n.a.

Other income (expense)

36,463

29,061

7,402

25.5 %

Earnings before finance costs and income taxes

1,703,828

649,893

1,053,935

162.2 %

Finance costs

5,760

5,549

(211)

(3.8) %

Earnings before income taxes

1,698,068

644,344

1,053,724

163.5 %

Income tax expense

226,348

115,204

(111,144)

(96.5) %

Net earnings

1,471,720

529,140

942,580

178.1 %

Non-GAAP Measures

Wheaton has included, throughout this document, certain non-GAAP performance measures, including (i) adjusted net earnings and adjusted net earnings per share; (ii) operating cash flow per share (basic and diluted); (iii) average cash costs of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis; and (iv) cash operating margin.

Adjusted net earnings and adjusted net earnings per share are calculated by removing the effects of non-cash impairment charges (reversals) (if any), non-cash fair value (gains) losses and other one-time (income) expenses as well as the reversal of non-cash income tax expense (recovery) which is offset by income tax expense (recovery) recognized in the Statements of Shareholders' Equity and OCI, respectively. The Company believes that, in addition to conventional measures prepared in accordance with IFRS Accounting Standards, management and certain investors use this information to evaluate the Company's performance.

The following table provides a reconciliation of adjusted net earnings and adjusted net earnings per share (basic and diluted).

Three Months Ended

December 31

Years Ended

December 31

(in thousands, except for per share amounts)

2025

2024

2025

2024

Net earnings

558,250

88,148

1,471,720

529,140

Add back (deduct):

Impairment charge (reversal)

108,861

Gain on disposal of Mineral Stream Interest

(85,724)

Income tax expense related to disposal of Mineral Stream Interest

12,859

(Gain) loss on fair value adjustment of share purchase warrants held

(1,283)

910

(5,805)

Income tax (expense) recovery recognized in the Statement of Shareholders' Equity

(1,152)

Deferred income tax (expense) recovery recognized in the Statement of OCI

(1,799)

1,225

(18,286)

2,857

Other

(189)

(175)

(750)

(696)

Adjusted net earnings

554,979

198,969

1,372,862

640,170

Divided by:

Basic weighted average number of shares outstanding

454,020

453,669

453,893

453,460

Diluted weighted average number of shares outstanding

454,841

454,361

454,685

454,119

Equals:

Adjusted earnings per share - basic

1.222

0.439

3.025

1.412

Adjusted earnings per share - diluted

1.220

0.438

3.019

1.410

ii.

Operating cash flow per share (basic and diluted) is calculated by dividing cash generated by operating activities by the weighted average number of shares outstanding (basic and diluted). The Company presents operating cash flow per share as management and certain investors use this information to evaluate the Company's performance in comparison to other companies in the precious metal mining industry who present results on a similar basis.

The following table provides a reconciliation of operating cash flow per share (basic and diluted).

Three Months Ended

December 31

Years Ended

December 31

(in thousands, except for per share amounts)

2025

2024

2025

2024

Cash generated by operating activities

746,277

319,471

1,904,981

1,027,581

Divided by:

Basic weighted average number of shares outstanding

454,020

453,669

453,893

453,460

Diluted weighted average number of shares outstanding

454,841

454,361

454,685

454,119

Equals:

Operating cash flow per share - basic

1.644

0.704

4.197

2.266

Operating cash flow per share - diluted

1.641

0.703

4.190

2.263

iii.

Average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis is calculated by dividing the total cost of sales, less depletion and cost of sales related to delay ounces, by the ounces or pounds sold. In the precious metal mining industry, this is a common performance measure but does not have any standardized meaning prescribed by IFRS Accounting Standards. In addition to conventional measures prepared in accordance with IFRS Accounting Standards, management and certain investors use this information to evaluate the Company's performance and ability to generate cash flow.

The following table provides a calculation of average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis.

Three Months Ended

December 31

Years Ended

December 31

(in thousands, except for gold and palladium ounces sold and per unit amounts)

2025

2024

2025

2024

Cost of sales

201,184

133,109

642,952

482,052

Less: depletion

(86,228)

(68,873)

(303,889)

(246,944)

Less: cost of sales related to delay ounces 1

(1,253)

(1,396)

(4,196)

(3,095)

Cash cost of sales

113,703

62,840

334,867

232,013

Cash cost of sales is comprised of:

Total cash cost of gold sold

60,314

38,556

197,001

146,271

Total cash cost of silver sold

50,865

22,213

130,210

80,022

Total cash cost of palladium sold

422

816

1,827

3,088

Total cash cost of cobalt sold 2

2,102

1,255

5,829

2,632

Total cash cost of sales

113,703

62,840

334,867

232,013

Divided by:

Total gold ounces sold

121,791

87,662

411,005

332,701

Total silver ounces sold

5,685

4,307

19,796

16,072

Total palladium ounces sold

1,730

4,434

9,356

17,270

Total cobalt pounds sold

485

1,632

970

Equals:

Average cash cost of gold (per ounce)

495

440

479

440

Average cash cost of silver (per ounce)

8.95

5.16

6.58

4.98

Average cash cost of palladium (per ounce)

244

184

195

179

Average cash cost of cobalt (per pound)

4.33

2.59

3.57

2.71

The cost of sales related to delay ounces is a non-cash expense. Please see the Company's MD&A for more information.

iv.

Cash operating margin is calculated by adding back depletion and the cost of sales related to delay ounces to the gross margin. Cash operating margin on a per ounce or per pound basis is calculated by dividing the cash operating margin by the number of ounces or pounds sold during the period. The Company presents cash operating margin as management and certain investors use this information to evaluate the Company's performance in comparison to other companies in the precious metal mining industry who present results on a similar basis as well as to evaluate the Company's ability to generate cash flow.

The following table provides a reconciliation of cash operating margin.

Three Months Ended

December 31

Years Ended

December 31

(in thousands, except for gold and palladium ounces sold and per unit amounts)

2025

2024

2025

2024

Gross margin

663,530

247,407

1,671,648

802,587

Add back: depletion

86,228

68,873

303,889

246,944

Add back: cost of sales related to delay ounces 1

1,253

1,396

4,196

3,095

Cash operating margin

751,011

317,676

1,979,733

1,052,626

Cash operating margin is comprised of:

Total cash operating margin of gold sold

453,060

196,134

1,239,217

649,780

Total cash operating margin of silver sold

286,332

112,520

706,461

377,808

Total cash operating margin of palladium sold

2,136

3,652

8,709

13,911

Total cash operating margin of cobalt sold

9,483

5,370

25,346

11,127

Total cash operating margin

751,011

317,676

1,979,733

1,052,626

Divided by:

Total gold ounces sold

121,791

87,662

411,005

332,701

Total silver ounces sold

5,685

4,307

19,796

16,072

Total palladium ounces sold

1,730

4,434

9,356

17,270

Total cobalt pounds sold

485

1,632

970

Equals:

Cash operating margin per gold ounce sold

3,720

2,237

3,015

1,953

Cash operating margin per silver ounce sold

50.37

26.11

35.70

23.51

Cash operating margin per palladium ounce sold

1,235

824

931

806

Cash operating margin per cobalt pound sold

19.55

11.06

15.54

11.47

The cost of sales related to delay ounces is a non-cash expense. Please see the Company's MD&A for more information.

These non-GAAP measures do not have any standardized meaning prescribed by IFRS Accounting Standards, and other companies may calculate these measures differently. The presentation of these non-GAAP measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. For more detailed information, please refer to Wheaton's MD&A available on the Company's website at www.wheatonpm.com and posted on SEDAR+ at www.sedarplus.ca.

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 but not limited to:

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. 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. Accordingly, 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.

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.

End Notes

1Please refer to disclosure on non-GAAP measures in this press release. Details of the dividend can be found in Wheaton's news release dated March 12, 2026, titled "Wheaton Precious Metals Announces Quarterly Dividend."

2Statements made in this section contain forward-looking information with respect to forecast production, production growth, funding outstanding commitments, continuing to acquire accretive mineral stream interests and the commencement, timing and achievement of construction, expansion or improvement projects and readers are cautioned that actual outcomes may vary. Please see "Cautionary Note Regarding Forward-Looking Statements" for material risks, assumptions and important disclosure associated with this information.

3Gold equivalent forecast production for 2025 and the longer-term outlook are based on the following updated commodity price assumptions: $2,600 per ounce gold, $30 per ounce silver, $950 per ounce palladium, $950 per ounce of platinum and $13.50 per pound cobalt.

4Source: Company reports S&P Global estimates of 2025 byproduct cost curves for gold, zinc/lead, copper, PGM, nickel & silver mines

5Total streaming and royalty agreements relate to precious metals purchase agreements for the purchase of precious metals and cobalt relating to 23 mining assets which are currently operating, 23 which are at various stages of development, and 2 of which have been placed in care and maintenance or have been closed.

6Further details for long-term guidance can be found in the Wheaton news release dated February 16, 2026, titled "Wheaton Precious Metals Exceeds 2025 Production Guidance and Provides 2026 and Long-Term Outlook, Projecting Approximately 50% Growth to 1.2 Million Gold Equivalent Ounces by 2030."

7Wheaton's long-term production outlook is based on information available as of February 16, 2026, the date of publication.

8Gold equivalent ounces for 2026 and long-term guidance are calculated by converting silver, palladium, platinum and cobalt to a gold equivalent by using the following commodity price assumptions: $4,800 per ounce gold, $80 per ounce silver, $1,500 per ounce Palladium, $2,000 per ounce Platinum, and $25 per pound Cobalt.

9Under the terms of the Kurmuk PMPA, within 30 days of a change of control Allied has a one-time option to repurchase one-third of the gold stream for an amount ensuring a fixed internal rate of return to the Company.

SOURCE Wheaton Precious Metals Corp.