WPM · Wheaton Precious Metals Corp.

Wheaton delivered record Q1 2026 results driven overwhelmingly by surging commodity prices: the realized gold-equivalent price rose 98% year-over-year, directly amplifying margins across its fixed-payment streaming portfolio, which accounted for 75% of revenue. This pricing leverage more than offset a 3% decline in GEOs sold, resulting in gross margin expanding to $699 million (78% of revenue) — a record both in absolute terms and as a percentage of sales. Production growth of 22% YoY to 212,000 GEOs was underpinned by strong operational performance at key assets: Peñasquito silver output surged 46%, Antamina silver rose 48%, and Blackwater contributed meaningfully following its May 2025 commercial production start. The increase in produced-but-not-delivered (PBND) GEOs to 183,500 ounces — representing 2.8 months of payable production — reflects elevated throughput at Peñasquito and is within Wheaton’s guided range of 2.5–3.5 months. Strategically, the quarter marked a pivotal acceleration in growth execution: the $4.3 billion Antamina PMPA with BHP closed on April 1, 2026, funded through a combination of existing cash, a full draw on the $2.0 billion revolving facility, and a new $1.5 billion term loan — signaling confidence in near-term cash generation and long-term asset quality. Concurrently, Wheaton expanded its footprint into Australia (Jervois) and added royalty exposure (Spanish Mountain Gold), enhancing geographic and counterparty diversification. Management reaffirmed unchanged 2026 guidance (860,000–940,000 GEOs) and reiterated its long-term target of ~1.2 million GEOs annually from 2030 onward, anchored by de-risked development projects including Platreef, Mineral Park, and Koné. The 18% dividend increase to $0.195 per share underscores the strength of recurring cash flow generation and commitment to shareholder returns.