Wheaton Precious Metals Announces Third Quarter 2026 Results and Record Year-to-Date Production, Sales Volume, Revenue, Earnings and Cash Flow

Higher realized metal prices lifted cash margins despite rising cash costs; net debt totaled $1.5 billion.

Rhea-AI Summary

Wheaton Precious Metals (WPM) reported third-quarter revenue of $771.734 million, with higher metal prices and sales volumes supporting earnings growth.

Net earnings rose 11.7% year over year to $410.248 million, or $0.903 per share. Operating cash flow increased 68.4% to $644.856 million. Production reached 230,965 gold equivalent ounces, a measure combining metals, up 13.3%; sales rose 18.8%. Nine-month revenue, earnings and operating cash flow reached records of $2.6 billion, $1.5 billion and $2.1 billion, respectively.

Cash totaled $146 million at September 30, against $1.6 billion of debt, after $372 million of revolving credit repayments during the quarter. Cash costs rose to $548 per gold equivalent ounce, while cash operating margin increased 39%. Wheaton declared a $0.195 quarterly dividend per common share. Growth milestones included Koné's first gold pour and Copper World's construction approval.

30 points · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 15 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ3 revenue increased 62.0% year over year to $771.734 million.
• Moderate pointQ3 net earnings rose 11.7% to $410.248 million; earnings per share increased 11.6% to $0.903.
• Moderate pointQ3 operating cash flow increased 68.4% to $644.856 million.
• Moderate pointNine-month revenue rose 79.5% to $2,602.404 million, a record.
• Moderate pointNine-month net earnings rose 68.1% to $1,535.528 million; earnings per share increased 68.0% to $3.381.
• Moderate pointNine-month operating cash flow increased 77.8% to $2,060.196 million, a record.
• Moderate pointGold equivalent production increased 13.3% to 230,965 ounces in Q3 and 13.9% to 647,258 ounces year-to-date.
• Moderate pointGold equivalent sales increased 18.8% to 192,270 ounces in Q3 and 9.5% to 583,129 ounces year-to-date.
• Moderate pointAverage realized gold equivalent prices rose 36% in Q3 and 64% year-to-date, versus comparable 2025 periods.
• Moderate pointQ3 cash operating margin increased 39% to $3,466 per gold equivalent ounce sold.
• Moderate pointNine-month cash operating margin increased 68% to $3,866 per gold equivalent ounce sold.
• Moderate pointRevolving credit facility repayments totaled $372 million during Q3.

18 minor points

• Minor pointAntamina attributable silver production rose 60% to 2.7 million ounces in Q3 following the BHP stream acquisition.
• Minor pointPeñasquito attributable silver production increased 46% to a record 3.1 million ounces in Q3.
• Minor pointBlackwater attributable production rose 14% for both metals, reaching 0.2 million silver ounces and 5,600 gold ounces in Q3.
• Minor pointOther Gold attributable production increased 418% to 6,200 ounces in Q3, with Fenix and Hemlo contributing.
• Minor pointOther Silver attributable production increased 13% to 1.7 million ounces in Q3.
• Minor point. Forward-looking: it has not happened yet and may not happen.Blackwater Phase 1A expansion was 77% complete; Artemis expects commissioning before year-end and production contributions beginning in 2027.
• Minor pointConstancia's amended permit increased annual permitted mill capacity to 34 million tonnes from 31 million tonnes.
• Minor point. Forward-looking: it has not happened yet and may not happen.Goose completed Phase 1 crushing upgrades; B2Gold expects Phase 2 upgrades to raise average throughput to 4,000 tonnes daily mid-2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.Marmato commissioned its filtered tailings facility; Aris expects first gold from the new plant in December 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Platreef delivered its first shipments to Wheaton; Ivanhoe expects its Phase 2 expansion completed by end-2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.Platreef materials-handling and tailings-filtration bottlenecks were largely resolved; Ivanhoe expects improved mining and milling rates in Q4.
• Minor pointKoné achieved first gold pour on September 26, 2026.
• Minor pointKurmuk reached production start, as announced by Allied Gold.
• Minor pointCopper World received Hudbay's construction approval.
• Minor pointJervois received KGL's final investment decision.
• Minor pointMarathon reached construction commencement, as announced by Generation Mining.
• Minor point. Forward-looking: it has not happened yet and may not happen.Salobo will add coarse particle flotation, as announced by Vale Base Metals.
• Minor point. Forward-looking: it has not happened yet and may not happen.Wheaton expects to achieve annual production guidance.

Negative

• Moderate pointQ3 average cash costs increased to $548 per gold equivalent ounce, from $452 in Q3 2025.
• Moderate pointNine-month average cash costs increased to $597 per gold equivalent ounce, from $415 in the comparable 2025 period.
• Minor pointDebt totaled $1.6 billion at September 30, with cash of $146 million and net debt of $1.5 billion.
• Minor pointEl Domo upfront cash payments totaled $44 million during Q3.
• Minor pointMarmato upfront cash payments totaled $42 million during Q3.

10 minor points

• Minor pointJervois upfront cash payments totaled $16 million after quarter-end.
• Minor pointSpring Valley upfront cash payments totaled $35 million after quarter-end.
• Minor pointSalobo attributable gold production decreased 2% to 65,800 ounces in Q3, primarily from lower grades.
• Minor pointSan Dimas attributable gold production fell 25% to 5,700 ounces in Q3, with throughput affected by a labour dispute.
• Minor pointSudbury attributable gold production declined 18% to 4,000 ounces in Q3, reflecting lower grades and recoveries.
• Minor pointConstancia attributable gold production fell 75% to 3,200 ounces in Q3 after higher-grade Pampacancha ore was exhausted.
• Minor pointStillwater Q3 attributable production fell 30% for gold and 19% for palladium, to 1,200 and 2,100 ounces, respectively.
• Minor pointVoisey's Bay attributable cobalt production decreased 33% to 403,000 pounds in Q3, primarily from planned maintenance.
• Minor pointHemlo's underground substation outage delayed its planned production ramp-up and constrained mining rates.
• Minor point. Forward-looking: it has not happened yet and may not happen.Fenix mining was temporarily suspended by adverse weather; facilities operated at reduced capacity, while Rio2 still targeted Q4 commercial production.

News Explained

Wheaton reports $86 million in upfront payments during Q3 for El Domo and Marmato stream interests, followed by another $51 million after quarter-end for Jervois and Spring Valley; that later cash outflow came after the September 30 date of the reported $146 million cash balance.

Key Figures

Q3 revenue: $772 million; +62.0% Q3 net earnings: $410 million; +11.7% Q3 operating cash flow: $645 million; +68.4% +5 more

Q3 revenue

$772 million; +62.0%

Q3 2026 year over year

Q3 net earnings

$410 million; +11.7%

Q3 2026 year over year

Q3 operating cash flow

$645 million; +68.4%

Q3 2026 year over year

YTD revenue

$2.6 billion; +79.5%

Nine months ended September 30, 2026, year over year

YTD net earnings

$1.5 billion; +68.1%

Nine months ended September 30, 2026, year over year

YTD operating cash flow

$2.1 billion; +77.8%

Nine months ended September 30, 2026, year over year

GEO production

230,965 GEOs; +13.3%

Q3 2026 year over year

GEO sales

192,270 GEOs; +18.8%

Q3 2026 year over year

Previous Earnings Reports

1 past event · Latest: Aug 06

Same Type 1 event

1. Aug 06

   Q2 earnings

   24h Move

   +7.1%

   Q2 2026 reported record revenue, earnings and cash flow, with higher GEO production.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

geos, revolving credit facility, carbon-in-pulp, final investment decision

4 terms

geos technical

"attributable gold equivalent production3 ("GEOs")"

“Geos” is shorthand for geographic markets or regions a company operates in—such as countries, states, or continents—used in financial reports to break down sales, customers, or performance by location. Investors watch geos because they reveal where revenue and growth actually come from, show how diversified a business is, and highlight exposure to local risks like regulations, economic slowdowns, or currency swings; think of it as seeing which rooms in a house contribute most to its overall value.

revolving credit facility financial

"debt outstanding under Term Loan and Revolving Credit Facility"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

carbon-in-pulp technical

"new 5,000 tpd carbon-in-pulp ("CIP") plant"

Carbon-in-pulp is an industrial method for extracting gold from crushed ore by mixing the ore with a dilute chemical solution that dissolves gold and using activated carbon to soak up the dissolved metal much like a sponge or tea leaves absorb flavor. Investors care because the process affects how much gold a mine can recover, how quickly it produces saleable metal, and the likely operating costs and environmental controls—all key drivers of revenue, margins and project risk.

final investment decision financial

"approved a Final Investment Decision for its Jervois Project"

A final investment decision is the point at which a person or organization chooses to move forward with a particular project or purchase after reviewing all the necessary information and options. It is like deciding to buy a house after considering all the costs, benefits, and alternatives. This decision is important because it determines whether and when the investment will be made, impacting future financial plans and outcomes.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

VANCOUVER, BC, Nov. 5, 2026 /PRNewswire/ -- "Wheaton delivered another solid quarter, building on record year-to-date performance, and remains very well positioned to achieve our annual production guidance," said Haytham Hodaly, President and Chief Executive Officer of Wheaton Precious Metals. "We continued to see meaningful progress on our growth pipeline, with first gold pour at Montage Gold's Koné project and Hudbay's approval of construction at Copper World marking important milestones for two significant contributors to our near-term growth. With a portfolio of high-quality assets and increasing visibility into our next phase of growth, supported by a strong financial position, we are confident in Wheaton's outlook and our ability to deliver meaningful production growth over the coming years."

Record Financial Performance and Strong Balance Sheet

• Q3 2026: $772 million in revenue, $410 million in net earnings and $645 million in operating cash flow.
• Nine months ended September 30, 2026: A record $2.6 billion in revenue, record $1.5 billion in net earnings and record $2.1 billion in operating cash flow.
• Declared a quarterly dividend¹ of $0.195 per common share and made a quarterly dividend payment totaling $89 million.
• Balance Sheet: Cash balance of $146 million and debt outstanding under Term Loan and Revolving Credit Facility totaling $1.6 billion, resulting in total net debt of $1.5 billion.
  • Repaid $372 million of the revolving credit facility during the quarter.

High-Quality Asset Base

• Streaming and royalty agreements from 57 mining assets including 22 operating mines, 20 development projects and 15 exploration & other stage projects⁵. 
• Delivered attributable gold equivalent production³ ("GEOs") of 231,000 ounces in the third quarter of 2026, a 13% increase relative to the comparable period of the prior year primarily due to the acquisition of the precious metals purchase agreement with BHP Group Limited for its 33.75% portion of the silver produced at Antamina (the "BHP Antamina PMPA"), in addition to the continued realization of the Company's growth strategy with production from Hemlo, Fenix, Platreef, and Mineral Park. 
• Updates on key catalysts contributing to Wheaton's growth profile:
  • Vale Base Metals announced coarse particle flotation will be implemented at the Salobo mine in Brazil.
  • First gold pour achieved at Montage Gold's Koné project in Côte d'Ivoire.
  • Received first deliveries related to Ivanhoe's Platreef project in South Africa.
  • B2Gold announced completion of Phase 1 upgrades to the crushing plant at the Goose Project in Canada.
  • Allied Gold announced the start of production at the Kurmuk project in Ethiopia.
  • Hudbay approved the Copper World project in the U.S.
  • KGL approved a Final Investment Decision for its Jervois Project in Australia.
  • Generation Mining announced the commencement of construction at its Marathon project in Canada. 
• Further de-risking of industry leading forecast growth profile with advancement of construction activities at a number of development projects, including Mineral Park, Platreef, Fenix, El Domo, and Kurmuk.

Operational Overview 

(all figures in US dollars unless      otherwise noted)			Q3 2026			Q3 2025		Change			YTD 2026			YTD 2025			Change
Units produced
Gold ounces			91,753			99,943		(8.2) %			279,448			285,495			(2.1) %
Silver ounces			8,182			5,995		36.5 %			21,346			16,270			31.2 %
Other metals GEOs 3			2,846			3,972		(28.3) %			12,053			11,747			2.6 %
Total GEOs 3			230,965			203,835		13.3 %			647,258			568,405			13.9 %
Units sold
Gold ounces			91,969			78,944		16.5 %			283,140			289,214			(2.1) %
Silver ounces			5,758			4,760		21.0 %			17,329			14,111			22.8 %
Other metals GEOs 3			4,334			3,566		21.5 %			11,170			8,354			33.7 %
Total GEOs 3			192,270			161,845		18.8 %			583,129			532,756			9.5 %
Change in PBND
Gold equivalent ounces 3			16,984			24,427		7,443			5,557			(13,004)			(18,561)
Revenue		$	771,734		$	476,257		62.0 %		$	2,602,404		$	1,449,886			79.5 %
Net earnings		$	410,248		$	367,216		11.7 %		$	1,535,528		$	913,471			68.1 %
Per share		$	0.903		$	0.809		11.6 %		$	3.381		$	2.013			68.0 %
Adjusted net earnings 1		$	409,840		$	281,054		45.8 %		$	1,535,154		$	817,884			87.7 %
Per share 1		$	0.902		$	0.619		45.7 %		$	3.381		$	1.802			87.6 %
Operating cash flows		$	644,856		$	382,953		68.4 %		$	2,060,196		$	1,158,705			77.8 %
Per share 1		$	1.420		$	0.844		68.2 %		$	4.537		$	2.553			77.7 %

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

Financial Review

Revenues

Revenue in Q3 2026 was $772 million (51% gold, 46% silver, 0.5% palladium and 2% cobalt), with the $295 million increase relative to the prior period being primarily due to a 36% increase in the average realized gold equivalent³ price; and a 19% increase in the number of GEOs³ sold.

Revenue was $2.6 billion (49% gold, 49% silver, 0.4% palladium and 2% cobalt) during the nine months ended September 30, 2026, with the $1.2 billion increase from the comparable period of the previous year due primarily to a 64% increase in the average realized gold equivalent³ price; and a 9% increase in the number of GEOs³ sold.

Cash Costs and Margins

Average cash costs¹ in Q3 2026 were $548 per GEO³ as compared to $452 in Q3 2025. This resulted in a cash operating margin¹ of $3,466 per GEO³ sold, an increase of 39% as compared with the third quarter of 2025, 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 Wheaton's business model in generating higher levered cash flow and margins in a rising precious metals price environment.

Average cash costs¹ for the nine months ended September 30, 2026 were $597 per GEO³ as compared to $415 in the comparable period of the previous year. This resulted in a cash operating margin¹ of $3,866 per GEO³ sold, a 68% increase from the comparable period of the previous year, a result of the higher realized price per ounce.

Cash Flow from Operations

Operating cash flow in Q3 2026 amounted to $645 million, with the $262 million increase from the comparable period of the prior year being due primarily to higher gross margin.

Operating cash flows for the nine months ended September 30, 2026 amounted to $2.1 billion, with the $901 million increase from the comparable period of the previous year being due primarily to higher gross margin.

Produced But Not Yet Delivered

As at September 30, 2026, approximately 178,600 GEOs³ were produced but not yet delivered ("PBND") representing approximately 2.6 months of payable production, consistent with the preceding four quarters and placing PBND levels within our guided range of two and a half to three and a half months.

Balance Sheet (at September 30, 2026)

• As at September 30, 2026, approximately $146 million of cash on hand and $1.6 billion outstanding under the Company's Term Loan and its Revolving Credit Facility.
• During Q3 2026, the Company made net upfront cash payments of $86 million relative to the mineral stream interests consisting of:
  • El Domo: $44 million; and
  • Marmato: $42 million.
• Subsequent to the quarter, the Company made additional upfront cash payments of $51 million, relative to the Jervois PMPA ($16 million) and the Spring Valley PMPA ($35 million).

Third Quarter Operating Asset Highlights

Salobo: In Q3 2026, Salobo produced 65,800 ounces of attributable gold, a decrease of 2% relative to Q3 2025, primarily the result of lower grades due to mine sequencing, partially offset by higher recoveries and throughput.

Antamina: In Q3 2026, Antamina produced 2.7 million ounces of attributable silver, an increase of 60% relative to Q3 2025. The increase was primarily driven by the newly acquired BHP Antamina PMPA, which increased the Company's share of silver production at Antamina from 33.75% to 67.5%, effective April 1, 2026. The benefit of the increased production share was partially offset by lower silver grades. The lower grades were attributable to pit sequencing, with a greater proportion of copper-only ore processed during the quarter relative to copper-zinc ore, which contains more silver.

Peñasquito: In Q3 2026, Peñasquito produced a record 3.1 million ounces of attributable silver, an increase of 46% relative to Q3 2025, primarily the result of higher throughput and grades resulting from planned mine sequencing.

San Dimas: In Q3 2026, San Dimas produced 5,700 ounces of attributable gold, a decrease of 25% relative to Q3 2025, primarily the result of lower throughput due to the impact of a labour dispute which began on September 18, 2026, partially offset by the change of the gold to silver conversion ratio from 90:1 to 70:1 on October 29, 2025, noting that for the period April 30, 2025 to October 28, 2025, the gold to silver conversion ratio was 90:1.

Blackwater: In Q3 2026, Blackwater produced 0.2 million ounces of attributable silver and 5,600 ounces of attributable gold, an increase of 14% for both metals relative to Q3 2025, primarily the result of higher recoveries as a result of process optimization of the milling circuit and improved ore characteristics as mining has advanced deeper into the deposit, partially offset by lower throughput and grades. On October 13, 2026, Artemis Gold Inc. ("Artemis Gold") reported that the Phase 1A expansion project at Blackwater, expected to increase annual design throughput of the existing process plant by 33% to 8 Mtpa, was now 77% complete and remains on track for commissioning before the end of the year, with the expansion expected to contribute to production beginning in 2027. Artemis Gold reports major works construction on the Expanded Phase 2 project is progressing as planned, and that together, these expansions are expected to more than triple current processing capacity.

Sudbury: In Q3 2026, Vale's Sudbury mines produced 4,000 ounces of attributable gold, a decrease of 18% relative to Q3 2025, with lower grades and recoveries being partially offset by higher throughput.

Constancia: In Q3 2026, Constancia produced 0.6 million ounces of attributable silver and 3,200 ounces of attributable gold, consistent with prior year for silver and a decrease of 75% for gold production relative to Q3 2025. The lower gold production was the result of lower grades and recoveries, as mining activities in the higher-gold grade Pampacancha pit were completed during Q4 2025, and the remaining stockpiled Pampacancha ore was fully processed during January 2026. On July 2, 2026, Hudbay Minerals ("Hudbay") announced that it had received approval from the National Environmental Certification Service for Sustainable Investments in Perú ("SENACE") to amend its environmental permit and further increase annual mill processing capacity at Constancia. The amended permit increases the processing capacity of the Constancia mill to 34 million tonnes of ore per annum from the previously permitted 31 million tonnes per annum. Hudbay states that the environmental permit amendment also approves further optimization of the mine plan, extends the operational life of Constancia, and incorporates the implementation of additional infrastructure to improve tailings transport infrastructure and water management systems.

Stillwater: In Q3 2026, the Stillwater mines produced 1,200 ounces of attributable gold and 2,100 ounces of attributable palladium, a decrease of 30% for gold and 19% for palladium relative to Q3 2025, primarily the result of lower throughput, grades and recoveries  with operations being impacted by a labour dispute which lasted from September 3, 2026 to October 9, 2026.

Voisey's Bay: In Q3 2026, the Voisey's Bay mine produced 403,000 pounds of attributable cobalt, a decrease of 33% relative to Q3 2025 primarily the result of planned maintenance.

Other Gold: In Q3 2026, total Other Gold attributable production was 6,200 ounces, an increase of 418% relative to Q3 2025 due to the addition of attributable production from the Fenix and Hemlo mines. Notable operational updates for assets included within 'Other Gold' include:

• Hemlo: On October 21, 2026, Hemlo Mining Corp. ("Hemlo Mining") reported that production ramp-ups during Q3 2026 were impacted by the underground substation outage that constrained mining rates and delayed the planned production ramp-up. To mitigate the impact, the mine plan was temporarily re-sequenced and production activities were shifted to other areas. Despite the operational challenges, Hemlo Mining announced production benefited from access to higher-grade stopes resulting in higher grades and increased gold production in Q3 2026 compared to Q2 2026. 
• Goose: On November 4, 2026, B2Gold Corp. ("B2Gold") reported that Phase 1 upgrades to the crushing plant have been completed, with the circuit now operating at 3,200 tonnes per day ("tpd"). B2Gold expects throughput to remain at these levels until mid-2027, when Phase 2 upgrades are expected to bring the Goose mill to an average of 4,000 tpd. B2Gold reports that Goose is on track to achieve annual production guidance in 2026.
• Marmato: On October 7, 2026, Aris Mining Corporation ("Aris") reported a key milestone with the commissioning of the new filtered tailings facility. Planned downtime was used to carry out upgrades at the existing flotation plant, along with the construction of the new 5,000 tpd carbon-in-pulp ("CIP") plant with Aris subsequently reporting on November 4, 2026, that the construction of the new CIP plant is nearing completion with first gold pour expected in December 2026.

Other Silver: In Q3 2026, total Other Silver attributable production was 1.7 million ounces, an increase of 13% relative to Q3 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

Platreef: On November 3, 2026, Ivanhoe Mines ("Ivanhoe") announced that Platreef's Phase 1 concentrator continued to ramp-up during the quarter, fed by lower-grade development ore, and that identified bottlenecks in the underground materials handling and tailings filtration systems have largely been resolved, with mining and milling rates expected to improve further in the fourth quarter. Ivanhoe notes that the production mining of higher-grade stopes is also expected to ramp up in Q4 2026. Ivanhoe also reported that Shaft #3 is now also hoisting development waste, as the underground infrastructure is constructed in preparation for the Phase 2 expansion, which is expected to be completed by the end of 2027.

Fenix: On September 28, 2026, Rio2 Limited ("Rio2") provided an update that despite the temporary suspension of mining activities due to adverse weather conditions, critical facilities including leach pad, processing plant, and power generation facilities remain operational at reduced capacity. Rio2 reports it believes that the ramp-up of mining activities remains on track to achieve commercial production in Q4 2026 with Rio2 implementing several initiatives to recover production losses incurred over the recent months.

Koné: On November 4, 2026, Montage Gold Corp. ("Montage") reported that following the first gold pour at the Koné project which was achieved on September 26, 2026, activities have rapidly ramped up with commercial production well on track to be declared in Q4 2026. Montage reported that a total of approximately 880,000 tonnes were processed from the oxide circuit during the month of October, with the plant operating at an average of over 90% of its 11Mtpa nameplate capacity during the month, with 104% of nameplate achieved during the last week of October. Montage also confirmed that construction of the hard-rock comminution circuit remains on track for completion in Q2 2027.

Kurmuk: On September 17, 2026, Allied Gold Corporation ("Allied") reported that the power line connecting Kurmuk to the Ethiopian electrical grid had been successfully commissioned and energized, marking a significant milestone toward the start of operations. Subsequently, on November 4, 2026, Allied reported that ore has been introduced into the processing plant and the mine is now in production.

El Domo: On November 3, 2026, Silvercorp Metals Inc. ("Silvercorp") announced that, due to extended rainfall, the El Domo completion date is expected to be delayed by four months, with Silvercorp targeting production by November 1, 2027. In addition, Silvercorp reported that construction of the external powerline has been delayed pending additional reviews and approvals, with construction of the site substation having commenced.

Copper World: On October 21, 2026, Hudbay announced the results of the definitive feasibility study and approved the Copper World project construction, advancing the next major U.S. copper mine with first production targeted for the second half of 2029, and an expansion of the concentrator from 60,000 to 90,000 tpd planned for year five. Copper World represents a significant contributor to the Company's growth profile.

Jervois: On October 15, 2026, KGL Resources ("KGL") announced the receipt of board approval for the final investment decision for its Jervois Project. KGL reported that the target delivery date for first concentrate production remains the first half of 2028.

Spring Valley: During the quarter, Solidus Resources received the Water Pollution Control Permit from the Bureau of Mining Regulation and Reclamation of the Nevada Division of Environmental Protection for the Spring Valley Project. On October 21, 2026, following receipt of the permit, the Company advanced a portion of the upfront payment amounting to $35 million, with the remaining balance to be advanced in installments subject to the satisfaction of various conditions.

Santo Domingo: On October 29, 2026, Capstone Copper Corp. ("Capstone") reported that detailed engineering advanced during the third quarter, alongside continued evaluation of opportunities to optimize district infrastructure.

Subsequent to the quarter, Capstone also reported that it had continued to advance Santo Domingo towards a final investment decision expected in Q1 2027, upon which fund entities managed by Orion Resource Partners LP will acquire a 25% ownership interest in the Santo Domingo project under a joint venture transaction. Capstone noted that the transaction de-risks capital funding requirements for Santo Domingo, providing financial flexibility during project construction.

Marathon: On October 1, 2026, Generation Mining Ltd. ("Gen Mining") announced that it has commenced construction at its Marathon Project, following the earlier announcement that it had secured final funding. Early works have commenced and are expected to run through Q4 2026 and into 2027, alongside the advancement of critical equipment and infrastructure procurement.

Toroparu: On November 4, 2026, Aris reported that the Prefeasibility Study ("PFS") remains on schedule for completion in November 2026, supporting a construction decision targeted for early 2027. Project optimization work in support of the PFS includes updated mine scheduling, engineering studies and other activities to advance to construction readiness.

Kudz Ze Kayah: On October 26, 2026, BMC Minerals Ltd ("BMC") reported receipt of the Type B Water License from the Yukon Water Board during the quarter and that it continues to advance the remaining permits. BMC noted that it continues to aim to make a final investment decision in late 2027, subject to receipt of permits.

Corporate Development

Salobo: During the quarter, the Company amended the Salobo PMPA to pay Vale $40 million in two installments in connection with the Coarse Particle Flotation ("CPF") project milestones. The CPF project will reduce grinding requirements through the addition of a new flotation circuit that removes waste rock earlier.  The CPF project is expected to add 6 Mt to the Salobo plant's annual ore processing capacity, bringing overall processing capacity to 42 Mtpa. The amendment eliminated the Company's previous obligation to make annual payments of $8 million over a 10-year period, totaling $80 million, if Vale had implemented a high-grade mine plan at Salobo.

Cozamin: On September 21, 2026, Luca Mining Corp. ("Luca") reported a definitive agreement to acquire the Cozamin mine from Capstone. To assist Luca in financing this acquisition, the Company agreed with Luca to amend the existing Cozamin PMPA concurrently with the closing of the acquisition to provide for an additional $25 million upfront cash consideration. Under the terms of the amendment, which is conditional on the completion of the acquisition of Cozamin by Luca, the Company's silver entitlement is to be increased from 50% to 65% of payable production until an incremental 500,000 ounces are delivered, after which the stream reverts to the percentages and thresholds under the original Cozamin PMPA.

Sustainability

Future of Mining Challenge

During the quarter, ventures were shortlisted to advance in the Future of Mining Challenge and are now being evaluated for scalable technologies aimed at improving ore body understanding and extraction, minimizing land disturbance and creating operational efficiencies at mine sites. Three finalists are expected to be announced in February ahead of the Challenge showcase and winner selection in March 2027.

Partner Community Investment

• Wheaton's Partner Community Investment Program works alongside its mining partners to support locally identified priorities and initiatives that deliver meaningful and lasting social and environmental benefits in communities near their operations and development projects.
• During the quarter, Wheaton committed to supporting new educational initiatives in communities near Montage Gold's Koné Project, including new classrooms and science laboratories designed to expand access to science education and support longer-term educational opportunities for local students.

Local Community Investment

• Committed C$3 million to the Britannia Mine Museum to establish the Modern Mining Technology Centre, supporting greater understanding of modern mining and the technologies shaping the industry's future.
• Committed C$2.5 million to Foundry BC to support youth across British Columbia, helping advance access to health and wellness services for young people and their families.

2026 and Long-Term Production Outlook

Wheaton's estimated attributable production in 2026 is forecast to be 400,000 to 430,000 ounces of gold, 27 to 29 million ounces of silver, and 19,000 to 21,000 GEOs of other metals, resulting in annual production of approximately 860,000 to 940,000 GEOs³, unchanged from previous guidance. Approximately 3% of the Company's forecast 2026 production is estimated to be delivered from assets currently in construction or various stages of ramp-up.

Annual production is currently forecast to increase from 2025 levels by approximately 50% to 1,200,000 GEOs³ by 2030, with average annual production forecast to remain at 1,200,000 GEOs³ in years 2031 to 2035, also unchanged from previous guidance.

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 sustainability 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^TM 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 2026 third quarter results on Thursday, November 5, 2026, after market close. A conference call will be held on Friday, November 6, 2026, starting at 11:00 am ET (9:00 am PT) to discuss these results. To participate in the live call, please use one of the following methods:

RapidConnect URL:                                    Click here
Live webcast:                                              Click here
Dial toll free:                                                1-800-715-9871 or 1-647-932-3411
Conference Call ID:                                     7288291#

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

The conference call will be recorded and available until November 13, 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
Passcode:                                                    7288291#
Archived webcast:                                       Click here

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 www.wheatonpm.com. 

Condensed Interim Consolidated Statements of Earnings

		Three Months Ended September 30				Nine Months Ended September 30
(US dollars and shares in thousands, except per share      amounts - unaudited)		2026		2025		2026		2025
Sales		$	771,734	$	476,257	$	2,602,404	$	1,449,886
Cost of sales
Cost of sales, excluding depletion		$	105,337	$	74,303	$	349,423	$	224,107
Depletion			127,893		65,966		327,247		217,662
Total cost of sales		$	233,230	$	140,269	$	676,670	$	441,769
Gross margin		$	538,504	$	335,988	$	1,925,734	$	1,008,117
General and administrative			10,225		10,424		34,524		34,970
Share based compensation			13,528		8,652		28,447		30,795
Donations and community investments			3,740		1,406		9,902		6,466
Earnings from operations		$	511,011	$	315,506	$	1,852,861	$	935,886
Gain on disposal of mineral stream interests			-		85,724		-		85,724
Other income (expense)			1,761		12,834		28,568		30,090
Earnings before finance costs and income taxes		$	512,772	$	414,064	$	1,881,429	$	1,051,700
Finance costs			25,097		1,441		57,599		4,309
Earnings before income taxes		$	487,675	$	412,623	$	1,823,830	$	1,047,391
Income tax expense			77,427		45,407		288,302		133,920
Net earnings		$	410,248	$	367,216	$	1,535,528	$	913,471
Basic earnings per share		$	0.903	$	0.809	$	3.381	$	2.013
Diluted earnings per share		$	0.902	$	0.807	$	3.375	$	2.009
Weighted average number of shares outstanding
Basic			454,171		453,967		454,117		453,850
Diluted			455,030		454,768		454,992		454,625

Condensed Interim Consolidated Balance Sheets

	As at September 30		As at December 31
(US dollars in thousands - unaudited)	2026		2025
Assets
Current assets
Cash and cash equivalents	$	145,802	$	1,153,593
Accounts receivable		13,904		46,723
Other		3,134		3,853
Total current assets	$	162,840	$	1,204,169
Non-current assets
Mineral stream interests	$	11,689,979	$	7,397,149
Early deposit mineral stream interests		47,097		47,094
Mineral royalty interests		67,689		40,421
Long-term equity investments		202,571		410,495
Property, plant and equipment		9,409		9,926
Other		42,636		16,527
Total non-current assets	$	12,059,381	$	7,921,612
Total assets	$	12,222,221	$	9,125,781
Liabilities
Current liabilities
Accounts payable and accrued liabilities	$	16,441	$	22,557
Income taxes payable		246,555		109,951
Current portion of performance share units		22,029		21,604
Current portion of lease liabilities		600		575
Total current liabilities	$	285,625	$	154,687
Non-current liabilities
Bank debt	$	1,597,518	$	-
Performance share units		6,323		13,215
Lease liabilities		6,715		7,330
Income taxes payable - non-current		254,860		252,271
Deferred income taxes		34,779		1,794
Pension liability		4,397		5,976
Total non-current liabilities	$	1,904,592	$	280,586
Total liabilities	$	2,190,217	$	435,273
Shareholders' equity
Issued capital	$	3,827,121	$	3,814,910
Reserves		102,870		176,911
Retained earnings		6,102,013		4,698,687
Total shareholders' equity	$	10,032,004	$	8,690,508
Total liabilities and shareholders' equity	$	12,222,221	$	9,125,781

Condensed Interim Consolidated Statements of Cash Flows

		Three Months Ended September 30				Nine Months Ended September 30
(US dollars in thousands - unaudited)		2026		2025		2026		2025
Operating activities
Net earnings		$	410,248	$	367,216	$	1,535,528	$	913,471
Adjustments for
Depreciation and depletion			128,198		66,273		328,289		218,589
Gain on disposal of mineral stream interest			-		(85,724)		-		(85,724)
Equity settled share based compensation			1,770		1,612		5,160		4,846
Performance share units - expense			11,758		7,040		23,287		25,949
Performance share units - paid			-		-		(29,257)		(17,209)
Income tax expense			77,427		45,407		288,302		133,920
Investment income recognized in net earnings			(1,659)		(9,957)		(17,330)		(27,746)
Other			25,378		(470)		47,544		2,701
Change in non-cash working capital			13,328		(17,512)		23,236		(31,963)
Cash generated from operations before income taxes and interest		$	666,448	$	373,885	$	2,204,759	$	1,136,834
Income taxes paid			(72)		(422)		(109,515)		(3,604)
Interest paid			(22,974)		(132)		(52,860)		(310)
Interest received			1,454		9,622		17,812		25,785
Cash generated from operating activities		$	644,856	$	382,953	$	2,060,196	$	1,158,705
Financing activities
Bank debt repaid		$	(372,000)	$	-	$	(1,100,000)	$	-
Bank debt drawn			-		-		2,700,000		-
Debt issue costs			(37)		(93)		(5,155)		(955)
Share purchase options exercised			996		1,942		2,542		6,415
Lease payments			(140)		(127)		(423)		(338)
Dividends paid			(87,673)		(74,232)		(258,965)		(222,171)
Cash (used for) generated from financing activities		$	(458,854)	$	(72,510)	$	1,337,999	$	(217,049)
Investing activities
Mineral stream interests		$	(86,667)	$	(250,630)	$	(4,621,850)	$	(694,321)
Early deposit mineral stream interests			-		-		(3)		-
Mineral royalty interests			(194)		-		(27,268)		-
Net proceeds on disposal of mineral stream interests			-		101,730		-		101,730
Acquisition of long-term investments			(37,642)		(9,711)		(52,249)		(9,714)
Proceeds on disposal of long-term investments			-		-		323,421		-
Dividends received			-		239		-		765
Other			(15,089)		(231)		(21,922)		(722)
Cash used for investing activities		$	(139,592)	$	(158,603)	$	(4,399,871)	$	(602,262)
Effect of exchange rate changes on cash and cash equivalents		$	(800)	$	(19)	$	(6,115)	$	146
Increase (decrease) in cash and cash equivalents		$	45,610	$	151,821	$	(1,007,791)	$	339,540
Cash and cash equivalents, beginning of period			100,192		1,005,885		1,153,593		818,166
Cash and cash equivalents, end of period		$	145,802	$	1,157,706	$	145,802	$	1,157,706

Summary of Units Produced

	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024
Gold ounces produced ²
Salobo	65,769	62,116	69,201	88,907	66,997	69,418	71,384	84,291
Sudbury 3	3,963	4,736	4,115	7,412	4,852	5,403	4,880	5,259
Constancia	3,166	2,978	4,571	15,396	12,797	4,604	4,876	18,727
San Dimas 4	5,668	6,890	7,341	8,206	7,507	6,987	8,416	7,263
Stillwater 5	1,207	1,423	1,424	1,518	1,717	1,654	1,339	2,166
Blackwater	5,564	5,925	4,954	5,479	4,879	4,050	1,017	-
Platreef	230	81	76	-	-	-	-	-
Other
Marmato	476	979	816	705	807	748	757	622
Goose	1,161	362	1,096	1,027	387	19	-	-
Hemlo	2,596	2,561	3,007	1,630	-	-	-	-
Fenix	1,953	1,988	1,055	-	-	-	-	-
Total Other	6,186	5,890	5,974	3,362	1,194	767	757	622
Total gold ounces produced	91,753	90,039	97,656	130,280	99,943	92,883	92,669	118,328
Silver ounces produced 2
Peñasquito	3,056	1,807	2,559	1,821	2,087	2,103	1,754	2,465
Antamina	2,670	2,319	1,553	1,600	1,672	1,482	1,047	1,071
Constancia	577	565	531	731	577	552	555	970
Blackwater	189	201	169	186	166	138	35	-
Other
Los Filos 6	-	-	-	-	-	-	68	29
Zinkgruvan	640	438	532	513	688	684	585	637
Neves-Corvo	481	461	483	549	431	449	459	494
Aljustrel 7	347	461	691	548	195	-	-	-
Cozamin	159	161	165	170	169	174	174	192
Marmato	5	10	8	8	10	8	8	7
Mineral Park	58	31	19	8	-	-	-	-
Total Other	1,690	1,562	1,898	1,796	1,493	1,315	1,294	1,359
Total silver ounces produced	8,182	6,454	6,710	6,134	5,995	5,590	4,685	5,865
Palladium ounces produced ²
Stillwater 5	2,134	2,513	2,561	2,519	2,650	2,435	2,661	2,797
Platreef	94	31	30	-	-	-	-	-
Total palladium ounces produced	2,228	2,544	2,591	2,519	2,650	2,435	2,661	2,797
Platinum ounces produced ²
Platreef	121	42	40	-	-	-	-	-
Cobalt pounds produced ²
Voisey's Bay	403	796	657	670	604	647	540	393
GEOs produced 8	230,965	202,561	213,732	236,794	203,835	190,179	174,391	218,993
Average payable rate 2
Gold	95.0 %	95.1 %	95.3 %	95.0 %	94.6 %	95.2 %	94.9 %	95.3 %
Silver	87.3 %	87.0 %	87.8 %	87.5 %	87.7 %	87.7 %	86.3 %	84.6 %
Palladium	98.1 %	98.1 %	98.2 %	96.9 %	96.7 %	97.4 %	96.4 %	97.5 %
Platinum	80.0 %	80.0 %	80.0 %	n.a.	n.a.	n.a.	n.a.	n.a.
Cobalt	93.3 %	93.3 %	93.3 %	93.3 %	93.3 %	93.3 %	93.3 %	93.3 %
GEOs 8	90.4 %	90.8 %	91.4 %	91.7 %	91.2 %	91.5 %	91.1 %	90.5 %

1)	All figures in thousands except gold, palladium and platinum ounces produced.
2)	Quantity produced represents the amount of gold, silver, palladium, platinum 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.
3)	Comprised of the Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests.
4)	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: Q3 2026 - 215,000 ounces; Q2 2026 - 266,000 ounces; Q1 2026 - 294,000 ounces; 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.
5)	Comprised of the Stillwater and East Boulder gold and palladium interests.
6)	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.
7)	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.
8)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $4,800 per ounce gold; $80.00 per ounce silver; $1,500 per ounce palladium; $2,000 per ounce platinum; and $25.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2026.

Summary of Units Sold

	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024
Gold ounces sold
Salobo	63,243	70,106	58,675	83,697	55,768	76,331	83,809	55,170
Sudbury 2	4,112	4,471	4,412	3,715	4,729	2,849	5,632	4,048
Constancia	2,844	2,990	10,886	17,029	2,708	6,827	9,788	17,873
San Dimas	7,411	5,984	7,670	8,686	6,655	7,235	8,962	6,990
Stillwater 3	1,599	1,275	1,394	1,790	1,465	1,386	1,947	2,410
Blackwater	5,365	6,246	4,914	5,225	6,463	3,291	110	-
Platreef	95	-	-	-	-	-	-	-
Other
Marmato	972	864	718	809	749	742	737	650
Goose	544	859	1,339	528	95	-	-	-
Hemlo	3,155	2,283	4,478	-	-	-	-	-
Fenix	2,629	1,021	274	-	-	-	-	-
Santo Domingo 4	-	-	312	312	312	312	312	312
El Domo 4	-	-	-	-	-	-	-	209
Total Other	7,300	5,027	7,121	1,649	1,156	1,054	1,049	1,171
Total gold ounces sold	91,969	96,099	95,072	121,791	78,944	98,973	111,297	87,662
Silver ounces sold
Peñasquito	1,982	2,723	1,444	1,878	1,609	2,112	1,976	1,852
Antamina	2,041	2,063	1,504	1,893	1,552	1,073	884	858
Constancia	512	453	674	613	275	625	730	797
Blackwater	147	136	127	137	137	143	-	-
Other
Los Filos	-	2	7	-	3	8	57	29
Zinkgruvan	488	451	347	358	708	520	446	452
Neves-Corvo	197	203	271	245	212	224	218	154
Aljustrel	201	312	505	382	122	-	-	-
Cozamin	143	147	149	169	133	154	164	158
Marmato	10	9	8	10	9	9	8	7
Mineral Park	37	23	13	-	-	-	-	-
Total Other	1,076	1,147	1,300	1,164	1,187	915	893	800
Total silver ounces sold	5,758	6,522	5,049	5,685	4,760	4,868	4,483	4,307
Palladium ounces sold
Stillwater 3	2,747	2,069	2,906	1,730	2,594	2,575	2,457	4,434
Platreef	34	-	-	-	-	-	-	-
Total palladium ounces sold	2,781	2,069	2,906	1,730	2,594	2,575	2,457	4,434
Platinum ounces sold
Platreef	49	-	-	-	-	-	-	-
Cobalt pounds sold
Voisey's Bay	661	705	309	485	529	353	265	485
GEOs sold 5	192,270	209,115	181,743	219,605	161,845	182,750	188,162	163,355
Cumulative payable units PBND 6
Gold ounces	91,964	96,409	106,873	108,525	106,222	90,284	100,512	123,511
Silver ounces	4,675	3,290	4,198	3,358	3,677	3,178	3,145	3,583
Palladium ounces	4,619	5,228	4,803	5,169	4,424	4,414	4,596	4,439
Platinum ounces	113	65	32	-	-	-	-	-
Cobalt pounds	1,398	1,683	1,646	1,341	1,202	1,168	917	678
GEOs 5	178,648	161,665	186,928	173,091	175,140	150,713	159,136	188,144

1)	All figures in thousands except gold, palladium and platinum ounces sold.
2)	Comprised of the Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests.
3)	Comprised of the Stillwater and East Boulder gold and palladium interests.
4)	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.
5)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $4,800 per ounce gold; $80.00 per ounce silver; $1,500 per ounce palladium; $2,000 per ounce platinum; and $25.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2026.
6)	Payable gold, silver, palladium and platinum 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 September 30, 2026
	Units Produced²	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	65,769	63,243	$	4,267	$		433	$		414	$		269,890	$		216,285	$		242,497	$		2,542,453
Sudbury 5	3,963	4,112		4,305			400			1,326			17,701			10,605			16,037			200,616
Constancia	3,166	2,844		4,267			431			333			12,138			9,963			10,911			46,641
San Dimas	5,668	7,411		4,267			650			441			31,628			23,547			26,813			116,105
Stillwater	1,207	1,599		4,267			764			551			6,824			4,722			5,602			201,800
Blackwater	5,564	5,365		4,305			1,507			624			23,096			11,665			14,791			320,936
Platreef	230	95		4,267			100			657			407			335			397			275,640
Other 6	6,186	7,300		4,286			838			1,081			31,286			17,285			25,173			1,726,029
	91,753	91,969	$	4,273	$		549	$		523	$		392,970	$		294,407	$		342,221	$		5,430,220
Silver
Peñasquito	3,056	1,982	$	63.02	$		4.62	$		4.73	$		124,925	$		106,389	$		115,768	$		176,277
Antamina	2,670	2,041		63.02			12.93			26.30			128,628			48,557			102,231			4,654,655
Constancia	577	512		63.02			6.36			6.72			32,249			25,557			28,996			140,721
Blackwater	189	147		63.97			12.57			9.10			9,400			6,215			7,759			164,184
Other 7	1,690	1,076		58.11			9.48			4.54			62,536			47,449			65,777			572,019
	8,182	5,758	$	62.13	$		8.83	$		12.63	$		357,738	$		234,167	$		320,531	$		5,707,856
Palladium
Stillwater	2,134	2,747	$	1,326	$		235	$		481	$		3,642	$		1,676	$		2,997	$		205,123
Platreef	94	34		1,326			392			324			45			21			31			78,803
	2,228	2,781	$	1,326	$		236	$		479	$		3,687	$		1,697	$		3,028	$		283,926
Platinum
Marathon	-	-	$	n.a.	$		n.a.	$		n.a.	$		-	$		-	$		-	$		9,451
Platreef	121	49		1,662			498			245			81			45			57			57,572
	121	49	$	1,662	$		498	$		245	$		81	$		45	$		57	$		67,023
Cobalt
Voisey's Bay	403	661	$	26.09	$		4.98	$		8.74	$		17,258	$		8,188	$		13,517	$		200,954
Operating results											$		771,734	$		538,504	$		679,354	$		11,689,979
Other
General and administrative														$		(10,225)	$		(9,469)
Share based compensation																(13,528)			-
Donations and community investments																(3,740)			(3,935)
Finance costs																(25,097)			(23,562)
Other																1,761			2,540
Income tax																(77,427)			(72)
Total other														$		(128,256)	$		(34,498)	$		532,242
														$		410,248	$		644,856	$		12,222,221

1)	Units of gold, silver, palladium and platinum produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold, palladium and platinum ounces produced and sold and per unit amounts.
2)	Quantity produced represents the amount of gold, silver, palladium, platinum 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.
3)	Refer to discussion on non-GAAP measure (iii) at the end of this press release.
4)	Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information.
5)	Comprised of the operating Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests and the non-operating Victor gold interest.
6)	Other gold interests comprised of the Copper World, Marmato, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné, Kurmuk, Spring Valley, Hemlo and Jervois gold interests.
7)	Other silver interests comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Aljustrel, El Alto, Copper World, Navidad, Marmato, Cozamin , El Domo, Mineral Park, Kudz Ze Kayah and Jervois silver interests.

 

Three Months Ended September 30, 2025
	Units Produced²	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	66,997	55,768	$	3,467	$	429	$	404	$	193,363	$	-	$	146,909	$	169,447	$	2,654,535
Sudbury 6	4,852	4,729		3,563		400		1,399		16,850		-		8,342		6,305		223,690
Constancia	12,797	2,708		3,467		427		338		9,388		-		7,314		8,231		58,047
San Dimas	7,507	6,655		3,467		643		428		23,076		-		15,945		18,795		128,937
Stillwater	1,717	1,465		3,467		614		570		5,080		-		3,345		4,180		205,223
Blackwater	4,879	6,463		3,563		1,236		606		23,028		-		11,123		4,123		334,215
Platreef	-	-		n.a.		n.a.		n.a.		-		-		-		-		275,702
Other 7	1,194	1,156		3,471		455		1,367		4,012		85,724		87,630		3,486		825,419
	99,943	78,944	$	3,481	$	515	$	497	$	274,797	$	85,724	$	280,608	$	214,567	$	4,705,768
Silver
Peñasquito	2,087	1,609	$	39.29	$	4.56	$	5.09	$	63,205	$	-	$	47,683	$	55,870	$	216,421
Antamina	1,672	1,552		39.29		8.12		4.39		60,981		-		41,560		48,377		467,399
Constancia	577	275		39.29		6.30		6.43		10,806		-		7,307		9,074		155,341
Blackwater	166	137		41.69		7.45		7.55		5,692		-		3,644		3,030		168,535
Other 8	1,493	1,187		40.50		6.34		3.31		48,111		-		36,642		39,044		548,017
	5,995	4,760	$	39.66	$	6.35	$	4.57	$	188,795	$	-	$	136,836	$	155,395	$	1,555,713
Palladium
Stillwater	2,650	2,594	$	1,173	$	205	$	492	$	3,042	$	-	$	1,234	$	2,510	$	209,743
Platreef	-	-		n.a.		n.a.		n.a.		-		-		-		-		78,814
	2,650	2,594	$	1,173	$	205	$	492	$	3,042	$	-	$	1,234	$	2,510	$	288,557
Platinum
Marathon	-	-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	-	$	9,451
Platreef	-	-		n.a.		n.a.		n.a.		-		-		-		-		57,584
	-	-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	-	$	67,035
Cobalt
Voisey's Bay	604	529	$	18.19	$	3.44	$	9.02	$	9,623	$	-	$	3,034	$	8,546	$	220,250
Operating results									$	476,257	$	85,724	$	421,712	$	381,018	$	6,837,323
Other
General and administrative													$	(10,424)	$	(6,720)
Share based compensation														(8,652)		-
Donations and community investments														(1,406)		(1,441)
Finance costs														(1,441)		(144)
Other														12,834		10,662
Income tax														(45,407)		(422)
Total other													$	(54,496)	$	1,935	$	1,582,195
													$	367,216	$	382,953	$	8,419,518

1)	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.
2)	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.
3)	Refer to discussion on non-GAAP measure (iii) at the end of this press release.
4)	Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information.
5)	The gain on disposal of Other gold interests relates to the gain on the buyback of 33% of the Cangrejos PMPA.
6)	Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests.
7)	Other gold interests comprised of the Marmato, Copper World, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk gold interests.
8)	Other silver interests comprised of the Los Filos, Zinkgruvan, Neves-Corvo, Marmato, Cozamin, Stratoni, Aljustrel, El Alto, Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

Comparative Results of Operations on a GEO Basis

			Q3 2026			Q3 2025			Change		Change
GEO Production 1, 2			230,965			203,835			27,131		13.3 %
GEO Sales 2			192,270			161,845			30,425		18.8 %
Average price per GEO sold 2		$	4,014		$	2,943		$	1,071		36.4 %
Revenue		$	771,734		$	476,257		$	295,477		62.0 %
Cost of sales, excluding depletion		$	105,337		$	74,303		$	(31,034)		(41.8) %
Depletion			127,893			65,966			(61,927)		(93.9) %
Cost of sales		$	233,230		$	140,269		$	(92,961)		(66.3) %
Gross margin		$	538,504		$	335,988		$	202,516		60.3 %
General and administrative			10,225			10,424			199		1.9 %
Share based compensation			13,528			8,652			(4,876)		(56.4) %
Donations and community investments			3,740			1,406			(2,334)		(166.0) %
Earnings from operations		$	511,011		$	315,506		$	195,505		62.0 %
Gain on disposal of mineral stream interests			-			85,724			(85,724)		n.a.
Other income (expense)			1,761			12,834			(11,073)		(86.3) %
Earnings before finance costs and income taxes		$	512,772		$	414,064		$	98,708		23.8 %
Finance costs			25,097			1,441			(23,656)		(1,641.6) %
Earnings before income taxes		$	487,675		$	412,623		$	75,052		18.2 %
Income tax expense			77,427			45,407			(32,020)		(70.5) %
Net earnings		$	410,248		$	367,216		$	43,032		11.7 %

1)

Quantity produced represents the amount of gold, silver, palladium, platinum 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.

2)

GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $4,800 per ounce gold; $80.00 per ounce silver; $1,500 per ounce palladium; $2,000 per ounce platinum; and $25.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2026.

 

Nine Months Ended September 30, 2026
	Units  Produced²	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	197,086	192,024	$	4,511	$	433	$	408	$	866,182	$	704,751	$	783,008	$	2,542,453
Sudbury 5	12,814	12,995		4,550		400		1,376		59,125		36,049		53,930		200,616
Constancia	10,715	16,720		4,675		429		337		78,174		65,353		70,997		46,641
San Dimas	19,899	21,065		4,529		647		433		95,418		72,678		81,791		116,105
Stillwater	4,054	4,268		4,511		820		563		19,252		13,352		15,753		201,800
Blackwater	16,443	16,525		4,530		1,562		612		74,865		38,944		49,398		320,936
Platreef	387	95		4,267		100		657		407		335		397		275,640
Other 6	18,050	19,448		4,544		879		1,220		88,369		47,548		71,268		1,726,029
	279,448	283,140	$	4,527	$	550	$	520	$	1,281,792	$	979,010	$	1,126,542	$	5,430,220
Silver
Peñasquito	7,422	6,149	$	72.47	$	4.62	$	4.97	$	445,673	$	386,673	$	417,262	$	176,277
Antamina	6,542	5,608		72.44		14.58		18.72		406,191		219,458		324,454		4,654,655
Constancia	1,673	1,639		74.60		6.33		6.52		122,248		101,190		111,872		140,721
Blackwater	559	410		70.46		12.95		8.11		28,835		20,219		23,653		164,184
Other 7	5,150	3,523		73.87		15.83		3.77		260,320		191,263		238,068		572,019
	21,346	17,329	$	72.90	$	10.48	$	9.40	$	1,263,267	$	918,803	$	1,115,309	$	5,707,856
Palladium
Stillwater	7,208	7,722	$	1,490	$	271	$	488	$	11,508	$	5,646	$	9,415	$	205,123
Platreef	155	34		1,326		392		324		45		21		31		78,803
	7,363	7,756	$	1,490	$	272	$	487	$	11,553	$	5,667	$	9,446	$	283,926
Platinum
Marathon	-	-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	9,451
Platreef	203	49		1,662		498		245		81		45		57		57,572
	203	49	$	1,662	$	498	$	245	$	81	$	45	$	57	$	67,023
Cobalt
Voisey's Bay	1,856	1,675	$	27.28	$	5.12	$	8.91	$	45,711	$	22,209	$	32,955	$	200,954
Operating results									$	2,602,404	$	1,925,734	$	2,284,309	$	11,689,979
Other
General and administrative											$	(34,524)	$	(40,413)
Share based compensation												(28,447)		(29,257)
Donations and community investments												(9,902)		(9,241)
Finance costs												(57,599)		(55,414)
Other												28,568		19,727
Income tax												(288,302)		(109,515)
Total other											$	(390,206)	$	(224,113)	$	532,242
											$	1,535,528	$	2,060,196	$	12,222,221

1)	Units of gold, silver, palladium and platinum produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold, palladium and platinum ounces produced and sold and per unit amounts.
2)	Quantity produced represents the amount of gold, silver, palladium, platinum 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.
3)	Refer to discussion on non-GAAP measure (iii) at the end of this press release.
4)	Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information.
5)	Comprised of the operating Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests and the non-operating Victor gold interest.
6)	Other gold interests comprised of the Copper World, Marmato, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné, Kurmuk, Spring Valley, Hemlo and Jervois gold interests.
7)	Other silver interests comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Aljustrel, El Alto, Copper World, Navidad, Marmato, Cozamin , El Domo, Mineral Park, Kudz Ze Kayah and Jervois silver interests.

 

Nine Months Ended September 30, 2025
	Units Produced²	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	207,799	215,908	$	3,183	$	429		$	393		$	687,165		$	-		$	509,623		$	594,573		$	2,654,535
Sudbury 6	15,135	13,210		3,222		400			1,352			42,564			-			19,419			28,612			223,690
Constancia	22,277	19,323		3,112		425			325			60,140			-			45,649			51,928			58,047
San Dimas	22,910	22,852		3,186		640			330			72,808			-			50,643			58,187			128,937
Stillwater	4,710	4,798		3,182		560			466			15,268			-			10,345			12,582			205,223
Blackwater	9,946	9,864		3,490		1,212			610			34,426			-			16,454			11,552			334,215
Platreef	-	-		n.a.		n.a.			n.a.			-			-			-			-			275,702
Other 7	2,718	3,259		3,214		410			1,299			10,474			85,724			90,630			9,139			825,419
	285,495	289,214	$	3,191	$	473		$	446		$	922,845		$	85,724		$	742,763		$	766,573		$	4,705,768
Silver
Peñasquito	5,944	5,697	$	34.75	$	4.56		$	4.92		$	197,943		$	-		$	143,923		$	171,967		$	216,421
Antamina	4,201	3,509		35.79		7.30			6.66			125,595			-			76,600			99,973			467,399
Constancia	1,684	1,630		33.94		6.27			6.16			55,320			-			35,071			45,108			155,341
Blackwater	339	280		39.13		6.99			8.63			10,932			-			6,567			7,548			168,535
Other 8	4,102	2,995		36.60		5.20			4.59			109,683			-			80,356			85,075			548,017
	16,270	14,111	$	35.40	$	5.62		$	5.50		$	499,473		$	-		$	342,517		$	409,671		$	1,555,713
Palladium
Stillwater	7,746	7,626	$	1,046	$	184		$	451		$	7,978		$	-		$	3,137		$	6,573		$	209,743
Platreef	-	-		n.a.		n.a.			n.a.			-			-			-			-			78,814
	7,746	7,626	$	1,046	$	184		$	451		$	7,978		$	-		$	3,137		$	6,573		$	288,557
Platinum
Marathon	-	-	$	n.a.	$	n.a.		$	n.a.		$	-		$	-		$	-		$	-		$	9,451
Platreef	-	-		n.a.		n.a.			n.a.			-			-			-			-			57,584
	-	-	$	n.a.	$	n.a.		$	n.a.		$	-		$	-		$	-		$	-		$	67,035
Cobalt
Voisey's Bay	1,791	1,147	$	17.09	$	3.25		$	9.11		$	19,590		$	-		$	5,424		$	15,415		$	220,250
Operating results											$	1,449,886		$	85,724		$	1,093,841		$	1,198,232		$	6,837,323
Other
General and administrative																	$	(34,970)		$	(36,596)
Share based compensation																		(30,795)			(17,209)
Donations and community investments																		(6,466)			(6,416)
Finance costs																		(4,309)			(3,330)
Other																		30,090			27,628
Income tax																		(133,920)			(3,604)
Total other																	$	(180,370)		$	(39,527)		$	1,582,195
																	$	913,471		$	1,158,705		$	8,419,518

1)	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.
2)	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.
3)	Refer to discussion on non-GAAP measure (iii) at the end of this press release.
4)	Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information.
5)	The gain on disposal of Other gold interests relates to the gain on the buyback of 33% of the Cangrejos PMPA.
6)	Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests.
7)	Other gold interests comprised of the Marmato, Copper World, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk gold interests.
8)	Other silver interests comprised of the Los Filos, Zinkgruvan, Neves-Corvo, Marmato, Cozamin, Stratoni, Aljustrel, El Alto, Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

Comparative Results of Operations on a GEO Basis

			YTD 2026			YTD 2025			Change		Change
GEO Production 1, 2			647,258			568,405			78,854		13.9 %
GEO Sales 2			583,129			532,756			50,373		9.5 %
Average price per GEO sold 2		$	4,463		$	2,721		$	1,742		64.0 %
Revenue		$	2,602,404		$	1,449,886		$	1,152,518		79.5 %
Cost of sales, excluding depletion		$	349,423		$	224,107		$	(125,316)		(55.9) %
Depletion			327,247			217,662			(109,585)		(50.3) %
Cost of sales		$	676,670		$	441,769		$	(234,901)		(53.2) %
Gross margin		$	1,925,734		$	1,008,117		$	917,617		91.0 %
General and administrative			34,524			34,970			446		1.3 %
Share based compensation			28,447			30,795			2,348		7.6 %
Donations and community investments			9,902			6,466			(3,436)		(53.1) %
Earnings from operations		$	1,852,861		$	935,886		$	916,975		98.0 %
Gain on disposal of mineral stream interests			-			85,724			(85,724)		n.a.
Other income (expense)			28,568			30,090			(1,522)		(5.1) %
Earnings before finance costs and income taxes		$	1,881,429		$	1,051,700		$	829,729		78.9 %
Finance costs			57,599			4,309			(53,290)		(1,236.7) %
Earnings before income taxes		$	1,823,830		$	1,047,391		$	776,439		74.1 %
Income tax expense			288,302			133,920			(154,382)		(115.3) %
Net earnings		$	1,535,528		$	913,471		$	622,057		68.1 %

1)

Quantity produced represents the amount of gold, silver, palladium, platinum 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.

2)

GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $4,800 per ounce gold; $80.00 per ounce silver; $1,500 per ounce palladium; $2,000 per ounce platinum; and $25.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2026.

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, palladium and platinum on a per ounce basis and cobalt on a per pound basis; (iv) cash operating margin; and (v) net debt.

i. 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 the non-cash accretion of interest on the 777 PMPA refundable deposit 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 September 30						Nine Months Ended September 30
(in thousands, except for per share amounts)		2026			2025			2026			2025
Net earnings		$	410,248		$	367,216		$	1,535,528		$	913,471
Add back (deduct):
Gain on disposal of Mineral Stream Interest			-			(85,724)			-			(85,724)
Income tax expense related to disposal of Mineral Stream Interest			-			12,859			-			12,859
(Gain) loss on fair value adjustment of share purchase warrants held			(204)			(1,765)			232			(4,522)
Income tax (expense) recovery recognized in the Statement of Shareholders' Equity			-			(1,152)			-			(1,152)
Deferred income tax (expense) recovery recognized in the Statement of OCI			-			(10,191)			-			(16,487)
Interest accretion on the 777 refundable deposit			(204)			(189)			(606)			(561)
Adjusted net earnings		$	409,840		$	281,054		$	1,535,154		$	817,884
Divided by:
Basic weighted average number of shares outstanding			454,171			453,967			454,117			453,850
Diluted weighted average number of shares outstanding			455,030			454,768			454,992			454,625
Equals:
Adjusted earnings per share - basic		$	0.902		$	0.619		$	3.381		$	1.802
Adjusted earnings per share - diluted		$	0.901		$	0.618		$	3.374		$	1.799

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 September 30						Nine Months Ended September 30
(in thousands, except for per share amounts)		2026			2025			2026			2025
Cash generated by operating activities		$	644,856		$	382,953		$	2,060,196		$	1,158,705
Divided by:
Basic weighted average number of shares outstanding			454,171			453,967			454,117			453,850
Diluted weighted average number of shares outstanding			455,030			454,768			454,992			454,625
Equals:
Operating cash flow per share - basic		$	1.420		$	0.844		$	4.537		$	2.553
Operating cash flow per share - diluted		$	1.417		$	0.842		$	4.528		$	2.549

iii. Average cash cost of gold, silver, palladium and platinum 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, palladium and platinum on a per ounce basis and cobalt on a per pound basis.

	Three Months Ended September 30						Nine Months Ended September 30
(in thousands, except for gold, palladium and platinum      ounces sold and per unit amounts)		2026			2025			2026			2025
Cost of sales		$	233,230		$	140,269		$	676,670		$	441,769
Less:  depletion			(127,893)			(65,966)			(327,247)			(217,662)
Less:  cost of sales related to delay ounces 1			-			(1,071)			(1,514)			(2,944)
Cash cost of sales		$	105,337		$	73,232		$	347,909		$	221,163
Cash cost of sales is comprised of:
Total cash cost of gold sold		$	50,509		$	40,659		$	155,595		$	136,686
Total cash cost of silver sold			50,855			30,223			181,605			79,345
Total cash cost of palladium sold			658			532			2,106			1,405
Total cash cost of platinum sold			24			-			24			-
Total cash cost of cobalt sold			3,291			1,818			8,579			3,727
Total cash cost of sales		$	105,337		$	73,232		$	347,909		$	221,163
Divided by:
Total gold ounces sold			91,969			78,944			283,140			289,214
Total silver ounces sold			5,758			4,760			17,329			14,111
Total palladium ounces sold			2,781			2,594			7,756			7,626
Total platinum ounces sold			49			-			49			-
Total cobalt pounds sold			661			529			1,675			1,147
Equals:
Average cash cost of gold (per ounce)		$	549		$	515		$	550		$	473
Average cash cost of silver (per ounce)		$	8.83		$	6.35		$	10.48		$	5.62
Average cash cost of palladium (per ounce)		$	236		$	205		$	272		$	184
Average cash cost of platinum (per ounce)		$	498		$	n.a.		$	498		$	n.a.
Average cash cost of cobalt (per pound)		$	4.98		$	3.44		$	5.12		$	3.25

1)	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 September 30						Nine Months Ended September 30
(in thousands, except for gold, palladium and platinum ounces      sold and per unit amounts)		2026			2025			2026			2025
Gross margin		$	538,504		$	335,988		$	1,925,734		$	1,008,117
Add back:  depletion			127,893			65,966			327,247			217,662
Add back:  cost of sales related to delay ounces 1			-			1,071			1,514			2,944
Cash operating margin		$	666,397		$	403,025		$	2,254,495		$	1,228,723
Cash operating margin is comprised of:
Total cash operating margin of gold sold		$	342,461		$	234,138		$	1,126,197		$	786,159
Total cash operating margin of silver sold			306,883			158,572			1,081,662			420,128
Total cash operating margin of palladium sold			3,029			2,510			9,447			6,573
Total cash operating margin of platinum sold			57			-			57			-
Total cash operating margin of cobalt sold			13,967			7,805			37,132			15,863
Total cash operating margin		$	666,397		$	403,025		$	2,254,495		$	1,228,723
Divided by:
Total gold ounces sold			91,969			78,944			283,140			289,214
Total silver ounces sold			5,758			4,760			17,329			14,111
Total palladium ounces sold			2,781			2,594			7,756			7,626
Total platinum ounces sold			49			-			49			-
Total cobalt pounds sold			661			529			1,675			1,147
Equals:
Cash operating margin per gold ounce sold		$	3,724		$	2,966		$	3,977		$	2,718
Cash operating margin per silver ounce sold		$	53.30		$	33.31		$	62.42		$	29.78
Cash operating margin per palladium ounce sold		$	1,090		$	968		$	1,218		$	862
Cash operating margin per platinum ounce sold		$	1,164		$	n.a.		$	1,164		$	n.a.
Cash operating margin per cobalt pound sold		$	21.11		$	14.75		$	22.16		$	13.84

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

v. Net debt is calculated by subtracting cash and cash equivalents from the outstanding bank debt under the Revolving Credit Facility and the Term Loan. The Company presents net debt as management and certain investors use this information to evaluate the Company's liquidity and financial position.

The following table provides a calculation of the Company's net debt.

	As at  September 30		As at  December 31
(in thousands)	2026		2025
Bank debt	$	1,597,518	$	-
Less: cash and cash equivalents		(145,802)		(1,153,593)
Net debt (net cash)	$	1,451,716	$	(1,153,593)

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:

• the future price of commodities;
• the estimation of future production from the mineral stream interests and mineral royalty interests currently owned by the Company (the "Mining Operations") (including in the estimation of production, mill throughput, grades, recoveries and exploration potential);
• the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates and the realization of such estimations);
• the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton's precious metal purchase agreement ("PMPA") counterparties at Mining Operations.
• the payment of upfront cash consideration to counterparties under PMPAs, the satisfaction of each party's obligations in accordance with PMPAs and the receipt by the Company of precious metals and cobalt production or other payments in respect of the applicable Mining Operations under PMPAs; or other payments under royalty arrangements;
• the ability of Wheaton's PMPA counterparties to comply with the terms of a PMPA (including as a result of the business, mining operations and performance of Wheaton's PMPA counterparties) and the potential impacts of such on Wheaton;
• future payments by the Company in accordance with PMPAs, including any acceleration of payments;
• the costs of future production;
• the ability of the Company to repay the existing Revolving Credit Facility and new Term Loan;
• the estimation of produced but not yet delivered ounces;
• continued listing of the Common Shares on the LSE, NYSE and TSX;
• any statements as to future dividends;
• the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs;
• projected increases to Wheaton's production and cash flow profile;
• projected changes to Wheaton's production mix;
• the ability of Wheaton's PMPA counterparties to comply with the terms of any other obligations under agreements with the Company;
• the ability to sell precious metals and cobalt production;
• confidence in the Company's business structure;
• the Company's assessment of taxes payable, and the Company's ability to pay its taxes;
• possible CRA domestic and international audits;
• the Company's assessment of the impact of any tax reassessments;
• the Company's climate change and environmental commitments; and
• assessments of the impact and resolution of various legal and tax matters, including but not limited to audits.

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:

• risks associated with fluctuations in the price of commodities (including Wheaton's ability to sell its precious metals or cobalt production at acceptable prices or at all);
• risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with exploration, development, operating, expansions and improvement at the Mining Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as Mining Operations plans continue to be refined);
• absence of control over the Mining Operations and having to rely on the accuracy of the public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations as the basis for its analyses, forecasts and assessments relating to its own business;
• risks related to the uncertainty in the accuracy of mineral reserve and mineral resource estimation;
• risks related to the satisfaction of each party's obligations in accordance with the terms of the Company's PMPAs, including the ability of the companies with which the Company has PMPAs to perform their obligations under those PMPAs in the event of a material adverse effect on the results of operations, financial condition, cash flows or business of such companies, any acceleration of payments, estimated throughput and exploration potential;
• risks relating to production estimates from Mining Operations, including anticipated timing of the commencement of production by certain Mining Operations;
• risks relating to the generation of sufficient cash flow to repay the existing Revolving Credit Facility and the new Term Loan;
• Wheaton's interpretation of, or compliance with, or application of, tax laws and regulations or accounting policies and rules, being found to be incorrect or the tax impact to the Company's business operations being materially different than currently contemplated, or the ability to pay such taxes as and when due;
• any challenge or reassessment by the CRA of the Company's tax filings being successful and the potential negative impact to the Company's previous and future tax filings;
• risks related to any changes to the Income Tax Act (Canada) that may result in a material change to the amount of future taxes payable;
• counterparty credit and liquidity risks;
• mine operator and counterparty concentration risks;
• indebtedness and guarantees risks;
• hedging risk;
• competition in the streaming industry risk;
• risks relating to security over underlying assets;
• risks relating to third-party PMPAs;
• risks relating to revenue from royalty interests;
• risks related to Wheaton's acquisition strategy;
• risks relating to third-party rights under PMPAs;
• risks relating to future financings and security issuances;
• risks relating to unknown defects and impairments;
• risks related to governmental regulations;
• risks related to international operations of Wheaton and the Mining Operations;
• risks relating to exploration, development, operating, expansions and improvements at the Mining Operations;
• risks related to environmental regulations;
• the ability of Wheaton and the Mining Operations to obtain and maintain necessary licenses, permits, approvals and rulings;
• the ability of Wheaton and the Mining Operations to comply with applicable laws, regulations and permitting requirements;
• lack of suitable supplies, infrastructure and employees to support the Mining Operations;
• risks related to underinsured Mining Operations;
• inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by certain Mining Operations (including increases in production, estimated grades and recoveries);
• uncertainties related to title and indigenous rights with respect to the mineral properties of the Mining Operations;
• the ability of Wheaton and the Mining Operations to obtain adequate financing;
• the ability of the Mining Operations to complete permitting, construction, development and expansion;
• challenges related to global financial conditions;
• risks associated with sustainability-related matters;
• risks related to fluctuations in commodity prices of metals produced from the Mining Operations other than precious metals or cobalt;
• risks related to claims and legal proceedings against Wheaton or the Mining Operations;
• risks related to the market price of the Common Shares of Wheaton;
• the ability of Wheaton and the Mining Operations to retain key management employees or procure the services of skilled and experienced personnel;
• risks related to interest rates;
• risks related to the declaration, timing and payment of dividends;
• risks related to access to confidential information regarding Mining Operations;
• risks associated with multiple listings of the Common Shares on the LSE, NYSE and TSX;
• risks associated with a possible suspension of trading of Common Shares;
• equity price risks related to Wheaton's holding of long-term investments in other companies;
• risks relating to activist shareholders;
• risks relating to reputational damage;
• risks relating to expression of views by industry analysts;
• risks related to the impacts of climate change and the transition to a low-carbon economy;
• risks associated with the ability to achieve climate change and environmental commitments at Wheaton and at the Mining Operations;
• risks related to ensuring the security and safety of information systems, including cyber security risks;
• risks relating to artificial intelligence;
• risks relating to compliance with anti-corruption and anti-bribery laws;
• risks relating to corporate governance and public disclosure compliance;
• risks of significant impacts on Wheaton or the Mining Operations as a result of an epidemic or pandemic;
• risks related to the adequacy of internal control over financial reporting; and
• other risks discussed in the section entitled "Description of the Business – Risk Factors" in Wheaton's Annual Information Form available on SEDAR+ at www.sedarplus.ca and Wheaton's Form 40-F on file with the U.S. Securities and Exchange Commission in Washington, D.C. and available on EDGAR (the "Disclosure").

Forward-looking statements are based on assumptions management currently believes to be reasonable, including but not limited to:

• that there will be no material adverse change in the market price of commodities;
• that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates;
• that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate;
• that public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations is accurate and complete;
• that the production estimates from Mining Operations are accurate;
• that each party will satisfy their obligations in accordance with the PMPAs;
• that Wheaton will continue to be able to fund or obtain funding for outstanding commitments;
• that Wheaton will be able to source and obtain accretive PMPAs;
• that the terms and conditions of a PMPA are sufficient to recover liabilities owed to the Company;
• that Wheaton has fully considered the value and impact of any third-party interests in PMPAs;
• that the Company will be able to repay the existing Revolving Credit Facility and new Term Loan;
• that expectations regarding the resolution of legal and tax matters will be achieved (including CRA audits involving the Company);
• that Wheaton has properly considered the application of Canadian tax laws to its structure and operations and that Wheaton will be able to pay taxes when due;
• that Wheaton has filed its tax returns and paid applicable taxes in compliance with applicable tax laws;
• that the trading of the Common Shares will not be adversely affected by the differences in liquidity, settlement and clearing systems as a result of multiple listings of the Common Shares on the LSE, the TSX and the NYSE;
• that the trading of the Company's Common Shares will not be suspended;
• the estimate of the recoverable amount for any PMPA with an indicator of impairment;
• that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic or pandemic; and
• such other assumptions and factors as set out in the Disclosure.

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, 2025, which was filed on March 31, 2026 and other continuous disclosure documents filed by Wheaton since January 1, 2026, 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 November 5, 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.

3Other metals in gold equivalent ounces ("GEOs") includes palladium, platinum and cobalt. Gold equivalent ounces ("GEOs") 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.

4Source: Company reports S&P Global estimates of 2026-2030 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 22 mining assets which are currently operating, 20 of which are at various stages of development, and 15 of which are in various stages of exploration (with exploration assets including three 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.

View original content:https://www.prnewswire.com/news-releases/wheaton-precious-metals-announces-third-quarter-2026-results-and-record-year-to-date-production-sales-volume-revenue-earnings-and-cash-flow-302931280.html

SOURCE Wheaton Precious Metals Corp.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Wheaton Precious Metals' Q3 2026 earnings and revenue?

Wheaton reported $410.248 million in net earnings and $771.734 million in revenue for Q3 2026. Earnings increased 11.7% and revenue increased 62.0% from Q3 2025. Earnings per share rose 11.6% to $0.903.

How much did Wheaton Precious Metals produce in Q3 2026?

Wheaton produced 230,965 gold equivalent ounces in Q3 2026, up 13.3% year over year. Gold equivalent ounces combine production of different metals into one measure. Nine-month production reached 647,258 gold equivalent ounces, an increase of 13.9%.

How much Wheaton Precious Metals production was awaiting delivery at September 30, 2026?

Approximately 178,600 gold equivalent ounces had been produced but not yet delivered at September 30, 2026. This represented approximately 2.6 months of payable production, within Wheaton's guided range of two and a half to three and a half months.