Wheaton (WPM) Q1 2026 Earnings Transcript

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DATE

Friday, May 8, 2026 at 11:00 a.m. ET

CALL PARTICIPANTS

• President and Chief Executive Officer — Haytham Hodaly
• Vice President, Mining Operations — G. Wesley Carson
• Chief Financial Officer — Vincent Lau
• Senior Vice President, Corporate Development — Neil Burns

TAKEAWAYS

• Gold Equivalent Ounces (GEO) Production -- 212,000 GEOs produced, representing a 22% increase year over year, mainly due to Salobo and Peñasquito.
• Salobo Attributable Gold Production -- 69,000 ounces, down approximately 3% year over year, driven by lower grades, partially offset by higher throughput and recoveries.
• Antamina Attributable Silver Production -- 1.6 million ounces, up approximately 48% year over year, attributed to higher grades and improved recoveries.
• Peñasquito Attributable Silver Production -- 2.6 million ounces, a 46% year-over-year increase, due to higher grades and improved recoveries.
• Production Guidance -- Full-year 2026 attributable production expected between 860,000 and 940,000 GEOs; with production weighted 45% in the first half and 55% in the second half.
• Revenue -- Record quarterly revenue increased by 92% year over year, primarily from a 98% increase in average realized gold equivalent price.
• Net Earnings -- Record net earnings of $582 million, up 129% year over year.
• Adjusted Net Earnings -- $583 million, an increase of 132% from the prior year.
• Operating Cash Flow -- $766 million, marking an 812% increase from the prior year and establishing a quarterly record.
• Net Cash Inflow -- Record $1 billion in the quarter, resulting in a period-end cash balance of $2.2 billion as of March 31.
• BHP Antamina Stream Acquisition -- $4.3 billion upfront payment for a 33.75% portion of Antamina silver production closed on April 1; funded with cash on hand, a new $1.5 billion term loan, and a draw on the $2 billion revolving credit facility.
• Pro Forma Net Debt Position -- $2.1 billion following the Antamina transaction, equating to a 0.7 times annualized Q1 EBITDA leverage ratio.
• Geographic Expansion -- Entered Australia with the Jervois stream and expanded geographic and counterparty diversification.
• Portfolio Growth Outlook -- Projected organic growth of approximately 50% by 2030, targeting 1.2 million GEOs annually from 2031 to 2035.
• PBND (Produced But Not Yet Delivered) -- Balance of 184,000 GEOs at quarter-end, or 2.8 months of production, expected to remain in the 2.5–3.5 months range throughout 2026.
• Streaming Market Dynamics -- Transaction pipeline remains robust, with deal sizes typically ranging from $200 million to $500 million, and some possibilities in the billion-dollar range.
• Interest Expense Guidance -- CFO Lau stated, "The bank term loan and the RCF debt service costs would be about a 5% interest rate on the current approximately $2.1 billion net debt position."
• Upcoming Cash Outlays -- Q2 includes $4.6 billion in disbursements, notably for Antamina; remainder of 2026 expected at approximately $200 million.
• No Additional Capital for Salobo CTF -- CEO Hodaly stated, "there is no additional capital requirement on our behalf" for Salobo coarse particle flotation upgrades.

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RISKS

• CFO Lau indicated, "Q2 is a somewhat heavy quarter in terms of cash outflows—we made the $4.3 billion Antamina payment and we have two dividends going out—so debt repayment would not be as quick in Q2," suggesting a temporary rise in leverage and slower debt reduction.
• Operating cash outflows in Q2 to also include "global minimum tax will be going out in June, and the amount is about $150 million."
• VP Carson noted Peñasquito production is expected to be "lower in Q2, reflecting reduced grades and lower throughput due to plant maintenance."

SUMMARY

Wheaton Precious Metals Corp. (NYSE:WPM) reported record quarterly financial metrics driven by higher realized prices and production increases at key assets. Management highlighted the completion of the $4.3 billion Antamina silver stream—the largest in company history—substantially boosting long-term silver exposure and geographic diversification. While a sharp spike in cash outflows and leverage is projected for Q2 due to large-scale transactions and tax obligations, company guidance remains unchanged, and organic production growth targets are reasserted. Management continues to emphasize balance-sheet strength, a disciplined capital allocation framework, and the ability to self-fund growth from strong operating performance.

• Wheaton finalized its first major Australian stream through the Jervois agreement, expanding its reach into a new low-risk mining jurisdiction with further opportunities suggested.
• The company continues to maintain a preference for streams over royalties; the recently secured Spanish Mountain NSR serves as a strategic position to enable future streaming activity.
• Despite a surge in PBND, management expects this inventory metric to normalize through H2 as new mines ramp and shipment schedules even out.
• Stream financing remains in strong demand, with management describing a "robust" transaction pipeline and a continued focus on low-risk, accretive deal structures.

INDUSTRY GLOSSARY

• GEO (Gold Equivalent Ounce): A metric that normalizes production or revenue from multiple precious metals based on prevailing prices, allowing combined reporting of gold, silver, and other metals as a single unit.
• Streaming: A financing structure in which a mining company sells a portion of future production from a mine in exchange for upfront capital and a fixed or floating ongoing payment per ounce delivered.
• NSR (Net Smelter Return): A royalty type calculated as a fixed percentage of the net revenue received from the sale of minerals, after deducting transportation and refining costs.
• PBND (Produced But Not Yet Delivered): Produced metal that has not yet been shipped or sold, resulting in a temporary inventory build on the company’s balance sheet.
• RCF (Revolving Credit Facility): A flexible line of credit that a company can draw from and repay as needed, typically used for working capital or large transactions.
• Coarse Particle Flotation (CTF): An ore processing technology aimed at increasing throughput and recovery of larger mineral particles, enhancing mine productivity and potentially extending resource life.

Full Conference Call Transcript

Haytham Hodaly: Thank you, Emma, and good morning, everyone. Thank you for joining us today to discuss Wheaton Precious Metals Corp.'s first quarter results of 2026. I am very pleased to be speaking with you today on my first quarterly conference call as President and Chief Executive Officer of Wheaton Precious Metals Corp. Wheaton delivered a strong start to 2026 with Salobo and Peñasquito outperforming expectations and contributing to record quarterly revenue, earnings, and cash flow. We continue to build on our track record of disciplined capital allocation, announcing several transactions that further enhance the quality, diversification, and long-term growth profile of our portfolio.

Most notably, during the quarter, we announced the Antamina silver stream with BHP, the largest transaction in Wheaton’s history and the largest fresh-metal stream transaction ever completed. Antamina is one of the world's premier base metal operations with a long track record, strong performance, significant exploration potential, and a demonstrated ability to replace reserves and extend mine life. The transaction meaningfully increases our exposure to high-quality silver production and reinforces Wheaton’s position as one of the largest companies globally. Subsequent to the quarter, we were also pleased to announce the Jervois stream with KGL Resources, marking Wheaton’s first stream in Australia. In addition, we announced a royalty on the Spanish Mountain project in British Columbia, which Neil will outline shortly.

Collectively, these transactions further strengthen our portfolio, expand our geographic reach, and broaden our counterparty base while maintaining the disciplined approach to capital allocation that has underpinned Wheaton’s success. Looking ahead, we continue to see strong interest in streaming as a financing solution across the mining industry. Our corporate development team remains active in evaluating opportunities, and we will continue to focus on transactions that are accretive, well-structured, and aligned with Wheaton’s long-term strategy. Importantly, Wheaton’s growth is not dependent on additional transactions. Our existing portfolio already provides a strong organic growth profile of approximately 50% by 2030, supported by multiple development assets advancing through construction, ramp-up, and optimization.

We believe that Wheaton is in a position of exceptional strength, supported by a high-quality portfolio of long-life assets, a robust pipeline of significantly de-risked growth projects, and a business model that has continued to deliver strong margins and meaningful exposure to precious metals. With that, I would like to turn the call over to G. Wesley Carson, our Vice President of Mining Operations, who will provide more detail on our operating results.

G. Wesley Carson: Thanks, Haytham. Good morning, everyone. Overall production in the first quarter was 212,000 GEOs, a 22% year-over-year increase, primarily driven by stronger performance from Salobo and Peñasquito. Salobo delivered 69,000 ounces of attributable gold production in Q1, a decrease of approximately 3% year-over-year, primarily driven by lower grades and partially offset by higher throughput and recoveries. As highlighted in Vale Base Metals’ recent public disclosure, coarse particle flotation is the main near-term growth driver at Salobo, supporting the expansion of 12 million to 18 million tonnes per annum, targeting a total throughput of 42 million tonnes per annum by 2029.

Vale Base Metals noted that studies and permitting are underway with construction expected to begin in 2027 and implementation by 2029. In addition, Vale Base Metals indicated that it continues to advance a series of growth-focused initiatives to enhance efficiency and support medium- to long-term production growth across its global complex. In Q1, Antamina produced 1.6 million ounces of attributable silver, an increase of approximately 48% relative to 2025, primarily due to higher grades and improved recoveries. Attributable production to Wheaton is expected to increase significantly starting in 2026, reflecting the addition of the new BHP stream, which became effective on April 1, and supported by higher throughput and stable grades and recoveries.

Peñasquito produced 2.6 million ounces of attributable silver in Q1, representing a 46% increase year-over-year, supported by higher grades and improved recoveries. After a strong Q1 performance from Peñasquito, we anticipate attributable production to be lower in Q2, reflecting reduced grades and lower throughput due to plant maintenance. Blackwater produced 129,000 ounces of attributable silver and 5,000 ounces of attributable gold in Q1. During the quarter, Blackwater experienced a seven-day unplanned mill shutdown due to a ball mill gearbox failure. Artemis noted that strong grades helped offset the lower throughput resulting from the interruption, and they are maintaining their full-year production guidance with plans to recover the lost production over the balance of the year.

Several development projects are in the process of ramping up production, including Mineral Park, Phoenix, Goose, and Platreef, all of which reached initial production in the last eight months. Construction activities advanced on a number of development projects, including the Koné project, where Montage reported that the project remains on track for first gold pour by the end of the year via the oxide circuit, with the hard rock comminution circuit expected to be completed in 2027. Wheaton’s production outlook for 2026 remains unchanged, with attributable production expected to fall between 860,000 and 940,000 GEOs.

Production is expected to be weighted to the second half of the year with approximately 45% in the first half and 55% in the second half, driven by mine sequencing at Salobo and Peñasquito, the start of Antamina’s BHP contract in Q2, as well as the ramp-up of the newly operating assets throughout 2026. Production at Salobo is expected to increase through the remainder of 2026 with improved grades as per the mine plan and consistent throughput and recoveries across Salobo I, II, and III. Looking ahead, we project annual production to grow at an industry-leading rate of approximately 50%, reaching 1.2 million GEOs by 2030.

From 2031 to 2035, attributable production is currently forecast to average approximately 1.2 million GEOs annually, supported by incremental contributions from additional pre-development assets. That concludes the operations overview. I will now turn the call over to our CFO for the financial results.

Vincent Lau: Thank you. As detailed by Wes, production in Q1 was 212,000 GEOs, a 22% increase year-over-year. Sales volumes were 182,000 GEOs, a decrease of 3% from last year due to an increase in produced but not yet delivered, or PBND, due to timing differences between production and sales. On April 1, we closed the previously announced transaction on Antamina with BHP, and we expect Q2 deliveries to include two of the typical three quarterly shipments, with a full-quarter contribution expected thereafter. At the end of Q1, the PBND balance was approximately 184,000 GEOs, representing 2.8 months of payable production.

We continue to expect PBND levels to remain between 2.5 and 3.5 months for the remainder of 2026, with the higher end of the range reflecting the potential impact of ramp-up activities at new mines throughout the year. Strong commodity prices, coupled with solid production, led to record quarterly revenue of [inaudible], an increase of 92% compared to last year and driven primarily by a 98% increase in the average realized gold equivalent price. 51% of this revenue came from gold, 47% from silver, and the rest from palladium and cobalt. Net earnings increased by 129% from the prior year to a record $582 million, while adjusted net earnings increased by 132% to a record $583 million.

Operating cash flow increased to $766 million, representing another quarterly record, an 812% increase from last year. During the quarter, we made total upfront cash payments for streams of $90 million, including $50 million for Spring Valley and $40 million for Marimaca, as our portfolio of development assets continues to advance toward production. Partially offsetting these disbursements, we received a repayment of $30 million relative to the upfront payment for Santo Domingo, with the amount to be re-advanced at a later date.

We strategically monetized a portion of our long-term investment portfolio, generating $323 million in proceeds and a $150 million gain, and redeployed the capital into our core streaming business to support funding of the Antamina BHP stream, which closed on April 1. Overall, net cash inflows amounted to a record $1 billion in the quarter, resulting in a cash balance of $2.2 billion at March 31. On April 1, subsequent to quarter-end, we funded the $4.3 billion upfront payment to BHP for their 33.75% portion of the silver produced at the Antamina mine.

The upfront payment was funded through a combination of the cash on hand at closing, a draw on our previously undrawn $2 billion revolving credit facility, and a new $1.5 billion term loan. The term loan and the revolving credit facility provide flexible, non-dilutive financing that may be repaid at any time without penalty. After advancing the upfront payment, the company is now in a pro forma net debt position of $2.1 billion, which, based on our annualized Q1 2026 EBITDA, represents a modest leverage ratio of approximately 0.7 times.

With the strength of our production guidance outlined by Wes, we believe we are well positioned to generate strong operating cash flow through 2028 under base case commodity price assumptions, supporting accelerated debt repayment over a relatively short period of time, while continuing to build and grow our already strong capacity to fund existing commitments and potential future stream acquisitions. This concludes the financial summary. I will now hand things over to Neil to walk through the details of our recent corporate development activities.

Neil Burns: Thanks, Vincent. It has been a busy start to the year for the corporate development team, and I am pleased to provide an overview of our two most recent deal announcements, which further reinforce Wheaton Precious Metals Corp.’s already exceptional growth profile. On April 1, we entered into a definitive agreement with KGL Resources for a portion of the gold and silver production at the Jervois project located in Australia. The Jervois project represents an important milestone for Wheaton Precious Metals Corp. as our first streaming transaction in Australia, one of the world's leading mining jurisdictions.

This fully permitted copper project is positioned to commence construction imminently, with a concentrator designed to process 2 million tonnes per year, producing a copper concentrate with silver and gold by-products. In addition, we believe the project holds significant exploration potential. Under the agreement, Wheaton will purchase 75% of payable gold and silver until a total of 45,000 ounces of gold and 4.3 million ounces of silver have been delivered. After those thresholds, we will purchase 37.5% of payable gold and silver until an additional 15,000 ounces of gold and 1.7 million ounces of silver have been delivered, after which we will purchase 25% of the payable gold and silver for the remaining life of mine.

In return, we will make ongoing payments for the gold and silver ounces delivered equal to 20% of the spot price. Each of the step-down thresholds will be subject to adjustments if there are any delays in deliveries relative to an agreed-upon schedule. This mechanism helps to mitigate timing risk. The known resources at the Jervois project are spread across multiple prospects that extend along a 12-kilometer strike length in the shape of a J-curve, which can be seen on the slide. The tenements are underexplored; KGL is utilizing integrated 3D modeling to focus exploration on high-grade areas to expand the Jervois mineral resource and support an extended mine life.

The main deposits—Reward, Bellbird, and Rockface—remain open along strike and at depth. High-priority targets include Reward North, Reward South, and Cockatoo Spring. There are more than 20 targets identified and ranked within our area of influence. We feel the project is very prospective, and we are impressed by KGL’s approach to exploration. On April 20, we entered into a definitive agreement with Spanish Mountain Gold to acquire a 1.5% NSR on the Spanish Mountain project in British Columbia, in exchange for consideration of $55 million staged payment.

The Spanish Mountain project is an attractive addition to our portfolio, located in a stable, low-risk jurisdiction, with PEA studies projecting a mine life over 20 years and a land package supporting significant exploration potential. Overall, the project's scale and long-term potential align with our disciplined approach to growth in established mining jurisdictions. We are pleased to partner with the team at Spanish Mountain to support its development. With that, I will hand the call back over to Haytham.

Haytham Hodaly: Thank you, Neil. In summary, the first quarter was a strong start to 2026 and highlighted the continued execution of Wheaton Precious Metals Corp.'s strategy. We delivered solid revenue, earnings, and cash flow, resulting in record quarterly performance; completed the Antamina stream with BHP, the largest transaction in Wheaton’s history, which adds meaningful additional exposure to one of the world’s premier mining assets and significantly enhances our long-term silver production profile; and our development pipeline continues to advance with multiple assets progressing through construction, ramp-up, and optimization, supporting Wheaton’s sector-leading organic growth profile. Wheaton’s strategy remains clear: stay disciplined in pursuing high-quality, low-risk, long-life, accretive precious metal streams and deliver sustainable long-term value for all stakeholders.

We will now open the call for questions. Operator?

Operator: Thank you. Ladies and gentlemen, we will now conduct the question and answer session. First question comes from Daniel Major from UBS. Please go ahead. Your line is open.

Daniel Edward Major: Hi, thanks very much for the questions. First, on Salobo—you mentioned the Vale commentary on coarse particle flotation. Can you clarify the catalysts and timing on permitting, the expected incremental GEO contribution for Wheaton, and whether there is any incremental capital required from your side?

Haytham Hodaly: Thanks for the question. Vale is still working on the capital; they are finalizing their studies right now on this project, and the capital will come out of that work. We are looking at an increase that effectively takes Salobo III from 12 million to 18 million tonnes per year. What will be fed there will be slightly lower-grade material; we are not expecting a dramatic increase in mining rates, but there is quite a bit more material to be fed through. The increases you will see from that will be reflected in our guidance next year as we work through the full impact.

In parallel, beyond coarse particle flotation, Vale is looking at a number of other upgrades across the overall project. On permitting, it is much in line with permits for a CTF of this size. As they go further, there may be additional permits required to get up to a higher rate beyond the 42 million tonnes per year that they are targeting right now. In terms of capital from Wheaton, there is no additional capital requirement on our behalf.

Daniel Edward Major: That is clear, thank you. Second, now that you have a position in Australia, relative to other regions—there is not as much streaming exposure there—are you seeing other opportunities in the region?

Haytham Hodaly: Absolutely, Daniel. When we first went into Australia with a small royalty, it opened up a lot of doors. Now that we have shown we can do streams in Australia and come up with structures that make sense for both parties, we are seeing a lot more interest on that continent. We hope to get more done, and as always, we are looking at a lot of different opportunities—some of them are in Australia for sure.

Daniel Edward Major: Final, more model-oriented question: any guidance on what you would expect finance costs booked through the P&L in Q2 to be, including any additional costs associated with the debt drawdown?

Vincent Lau: Daniel, it is Vince here. The bank term loan and the RCF debt service costs would be about a 5% interest rate on the current approximately $2.1 billion net debt position. We see repayment happening relatively quickly. Q2 is a somewhat heavy quarter in terms of cash outflows—we made the $4.3 billion Antamina payment and we have two dividends going out—so debt repayment would not be as quick in Q2, but going forward we see that rapidly coming down. In terms of setting up the loan itself, all of those costs were incurred in Q1. There are no additional setup costs.

Daniel Edward Major: So about 5% on roughly $2 to $2.5 billion for the P&L—around $30 million or so?

Vincent Lau: Yes, that is appropriate.

Daniel Edward Major: Okay. Thank you very much.

Operator: Our next question comes from Tanya Jakusconek from Scotiabank. Please go ahead. Your line is open.

Tanya M. Jakusconek: Great, thank you. Just continuing on the modeling questions, I also think you have the global minimum tax payment going out in Q2. Is that correct? And with two dividends, the Antamina payment, and the global minimum tax, should we expect only a modest debt reduction in Q2 and then a more material paydown later in the year? Also, you mentioned a few mines that will be ramping, and that production split of 45%/55% between H1 and H2—could you flag the ones that may come off in the back half?

Vincent Lau: That is right—the global minimum tax will be going out in June, and the amount is about $150 million. We do see some debt paydown in Q2—not a very significant amount—but thereafter, very material repayments going forward.

G. Wesley Carson: On the ramp-ups, we will see Phoenix ramping through the year, and Goose coming up to full production by the end of the year. Platreef will also be ramping through this year. The one that would come down in the back half of the year is Constancia—there was some stockpile material from Pampacancha in Q1 that pulled up gold grades; that ended in April, so it will come back down.

Tanya M. Jakusconek: Thank you. On the deal market, in prior quarters you mentioned most opportunities were in the $200 million to $500 million range, with a few potentially in the $500 million to $1 billion range, focused on construction financing for large-scale copper and some gold projects. Is that still the right range and mix? And are you seeing any changes to deal structures given competition?

Haytham Hodaly: I will pass it over to Neil for an overview.

Neil Burns: Sure. The range is quite similar, Tanya. Our pipeline remains very robust around the same levels as Q4. The opportunity mix is probably about 70% gold and 20% to 30% silver. The value range is in the $200 million to $500 million area. We are seeing a few potentially in the billion-dollar range, maybe a couple, but those do take longer to incubate and are paid out as construction advances. M&A-driven opportunities—asset sales—are still out there, and we are hearing rumors of a few more non-core asset sales where we could finance purchasers.

Haytham Hodaly: On structure, we understand what competitors are doing, but we stick to what has worked for us and our counterparties, because it is the easiest to execute and deliver into. We continue to look for security, corporate parent guarantees, and the lowest-risk structures for our shareholders—that has not changed. Typically, you see streaming plus, where appropriate, a modest equity component if requested, and we do offer cost overrun facilities. Traditional debt at the corporate level is not something we are looking to provide; it usually makes more sense to expand a stream rather than provide debt.

Tanya M. Jakusconek: Has Australia opened any other jurisdictions for you?

Haytham Hodaly: There have been a couple, and you may see something soon—smaller in size. We are trying to dip our toe into various areas, but only in very low-risk jurisdictions—nothing that would increase our risk profile. We are focused on postal codes you will recognize.

Operator: Our next question comes from Brian MacArthur from Raymond James. Please go ahead. Your line is open.

Brian MacArthur: A couple of questions on commitments going forward. With Santo Domingo, you received some money back and will pay it out in the future. Are there other deals where that could potentially happen, or is that a one-off? And on Salobo, you have an $8 million ongoing payment for ten years related to high-grade. Originally you did not think you would pay it until 2027, but in the fourth quarter you moved it in. Is that fixed now—starting 2027/2028—or could that still change with the new plans?

Haytham Hodaly: We are always looking to be good partners. If things are delayed and they do not need the capital after an advance, we may allow deferrals so they do not have to pay delayed payment mechanisms they would otherwise owe. Our objective is to see projects advance as smoothly as possible, not to collect delayed payment ounces. We have not seen others come to us for that now, but if needed, we would consider it case-by-case.

Vincent Lau: To add, the upfront payments in question are early deposit payments, typically paid before permitting, and they are a small portion of the ultimate upfront payment. In this case, permitting was delayed, we wanted to ensure our cost of capital, and Capstone had other means to satisfy that—so they repaid it temporarily. Good outcome for both parties.

Haytham Hodaly: On the Salobo $8 million ongoing payment, that could still change. We are constantly talking to Vale. The plan has shifted more towards increasing throughput rather than the high-grade plan we originally viewed. So timing and amount may still move.

Brian MacArthur: On accounting—with the second Antamina transaction, will you report it as one segment or two? Will depletion be higher, and any tax structure differences?

Vincent Lau: We will treat it as one segment; you will see just “Antamina” in our statements. The depletion rate will be a bit higher—around $26 to $27 per ounce on a combined basis. Tax is the same agreement as the first stream, subject to the GMT tax. We deplete the asset from an accounting perspective, and the tax is 15% on the accounting income for our Cayman subsidiary. We will provide updated depletion rates next quarter for all assets.

Operator: Our next question comes from Cosmos Chiu from CIBC. Please go ahead. Your line is open.

Cosmos Chiu: Thanks, Haytham and team, and congrats again on the appointment and a solid start to 2026. First on produced but not yet delivered—it increased again in Q1, the fifth consecutive quarter. With the new start-ups, when could it reverse and draw down? Specifically for Phoenix and Platreef, when could we see sales come through—sometime in 2026?

G. Wesley Carson: Thanks, Cosmos. PBND moves in a reasonably predictable manner. It tends to build in Q1 and then we see drawdown later in the year. With new streams coming online, we will see some build, and we will see more with Antamina coming on—Q2 will include two shipments instead of the usual three, so PBND will tick up for Antamina. For Phoenix, the payable period is relatively short—on the shorter end, about one to two months. For Platreef, it is quite long—on the upper end, around five to six months—before we see sales.

Cosmos Chiu: On Spanish Mountain, it is a 1.5% NSR royalty. Historically, Wheaton preferred streams over royalties. Is that still the case, and is this just a unique situation?

Haytham Hodaly: We still prefer streams over royalties. This royalty came through a ROFR on future financings for stream financing. It is our way of locking in our position when they go to finance the larger project.

Cosmos Chiu: On Bill C-59 (Budget 2025) enacted on 03/26/2026 with amendments to transfer pricing—given past debates, is this something we need to worry about? And what changed?

Vincent Lau: No, not at all. Our structure is well understood, and the settlement we had with CRA is applicable up to 2025. Going forward under the new legislation, we will operate the exact same way. For example, the Antamina transaction was funded by our Cayman subsidiary—they borrowed at that level and have all the cash flows and their own management team and board. The structure is well defined, and we do not expect changes. At a high level, the government is more specifically defining transfer pricing mechanics, particularly with respect to other companies that may structure their affairs differently than ours; for us, it has no impact.

Cosmos Chiu: Lastly, on your 2026 cash outlays excluding Antamina, I get about $196 million for 2026. You have already paid a lot in Q1—$40 million for Marimaca and Koné after the quarter. The big ones still outstanding are Spring Valley and El Domo—what are the triggers?

Vincent Lau: El Domo is tied to achieving completion status, at which point we fund—we do expect to fund El Domo potentially in 2026. Spring Valley is based on obtaining key permits; we are hopeful they will achieve that in the near term, so we would look to fund in 2026 as well. To be clear, Q2 is heavy—we will disburse about $4.6 billion including the Antamina acquisition—and the remainder of the year is much lighter at about $200 million.

Cosmos Chiu: Great. Thanks again, Haytham, Vince, and Wes.

Operator: Our next question comes from Richard Hatch from Berenberg. Please go ahead. Your line is open.

Richard Hatch: Thanks a lot. Hey, Haytham and team. Has the Middle East conflict and its impact on global markets affected your ability to write new business at all?

Haytham Hodaly: No, not at all, Richard.

Operator: Our next question comes from Martin Pradier from Veritas Investment Research. Please go ahead. Your line is open.

Martin Pradier: On Salobo, are you changing the number for the year—what is the expectation now with the new items underway? Also, there was a big difference between production and sales this quarter, especially at Salobo; production was down 3%, but sales were down 30%. How should we think about that going forward?

Haytham Hodaly: There will be no changes on Salobo for the year. All of the upgrades are over the next several years and, as mentioned earlier, will be reflected in guidance next year as they come online per Vale’s plan. For the production versus sales variance, Q1 is typically lower for sales due to logistics in Brazil—Carnaval actually has a significant impact on the movement of material. We usually see a build of PBND at Salobo in Q1 and a drawdown in Q4. This year is no different.

Operator: Our next question comes from John Tumazos from John Tumazos Very Independent Research. Please go ahead. Your line is open.

John Tumazos: Thank you for taking my question. Looking back at the Antamina transaction and the $4.3 billion outlay, should we think of that as a unique, once-in-a-generation sort of deal—given you were already in the asset and intimately familiar—or could there be more transactions like this? And as a follow-up, producers seem to trade around $8 per ounce of silver reserve and resource (including inferred), while the silver price is much higher. Relative to Antamina pricing, would it be cheaper to buy a producing silver company? Why do you think producers trade at $8 per ounce—does the market expect a much lower long-term silver price?

Haytham Hodaly: Antamina at $4.3 billion is quite unique—you do not often see streams that can provide that much production in any given year. That said, it does open doors for billion-dollar-plus streams over the next few years. With BHP validating streaming as a source of funding, a lot of diversifieds are actively considering portfolio actions to unlock value or deleverage, and streaming will be considered. I would not say another $4 billion deal is around the corner, but billion-dollar deals would not surprise us. On acquiring producers, our shareholders value that we do not add operating, capital, or execution risk.

Producers face volatility around growth capital and operations; from our perspective, it does not make sense to move away from streaming with high-quality partners who operate the assets.

Vincent Lau: On the valuation question, producers still face the costs to mine that ounce—both initial capex and ongoing opex—whereas under our streams we typically pay 20% of spot (or fixed low cash prices in some cases). That is why our margins are so strong—on silver we are close to 84% margins, on gold close to 86%—you do not see that with producers. That margin difference is a key piece in that comparison.

Operator: Our last question comes from Joshua Wolfson from RBC Capital Markets. Please go ahead. Your line is open.

Joshua Wolfson: Thank you. Following up on Salobo—there was a comment about grades expected to increase through the year. Q1 results were strong; can you disclose the grade processed or discuss what drove the outperformance? And would it be reasonable to assume production increases over the course of the year if grade increases?

G. Wesley Carson: Thanks, Josh. Grade will improve through the year. This is pretty standard for Q1 at Salobo—they usually try to stay out of the bottom of the pit in Q1 due to the rainy season, so they stay in the upper phases (Phase 5/6) and then move back into Phase 4, which has stronger grades, through the rest of the year. That is what drives the increase over the remainder of the year. And yes, it is reasonable to assume production increases over the course of the year with improving grades.

Haytham Hodaly: Thank you, Josh. And thank you, everyone, for your time today. The first quarter represented a very strong start to 2026 as we continue to execute on our strategy while entering this new chapter of growth for the company. With continued geopolitical uncertainty driving increased demand for precious metals, we believe Wheaton Precious Metals Corp. offers one of the most attractive low-risk ways to gain exposure to gold and silver. As the purest precious metals streaming company, our pipeline continues to advance, and the strength of our cash flows provides the capacity to pursue new opportunities while maintaining our commitment to disciplined capital allocation.

I am incredibly proud to be leading Wheaton in this next phase of growth and look forward to continuing to build on the strong foundation that has made Wheaton a leader in the streaming and royalty sector and a foundational stock in any portfolio. Thank you again, and we look forward to speaking with you all soon.

Operator: This concludes this conference call for today. Thank you for participating. Please disconnect your lines.

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