Wheaton Precious Metals (NYSE:WPM) reported what outgoing CEO Randy Smallwood repeatedly characterized as “record everything” for 2025, highlighting production above guidance, record financial results, and a larger dividend alongside a major post-year-end streaming transaction tied to the Antamina mine.
Record 2025 results and production above guidance
Smallwood said the company’s portfolio “delivered another outstanding year in 2025,” surpassing production targets and generating record revenue, earnings, and operating cash flow. Wheaton reported annual production of 690,000 gold equivalent ounces (GEOs), exceeding the top end of its guidance for the year. Smallwood attributed performance to “strong contributions” from key assets including Salobo, Antamina, and Peñasquito, as well as the continued ramp-up of Blackwater and Goose.
Asset-by-asset operating commentary
Carson detailed several key operating drivers for the quarter:
- Salobo: Produced 89,000 ounces of attributable gold in Q4, a quarterly record and up 5% year over year, driven by higher throughput and recoveries. Carson noted that Vale is advancing efficiency and growth initiatives across the Salobo complex.
- Antamina: Produced 1.6 million ounces of attributable silver in Q4, up 49% year over year, driven by significantly higher grades plus modestly improved throughput and recoveries. Carson said Antamina-related production in 2026 is expected to increase significantly with the addition of the new BHP stream commencing in the second quarter.
- Constancia: Produced 700,000 ounces of attributable silver and 15,000 ounces of attributable gold in Q4, down about 25% and 18%, respectively, due to lower grades and slightly lower throughput. Carson cited Hudbay’s Feb. 20, 2026 disclosure that depletion of the Pampacancha pit was accelerated and completed in late December after an optimized mine plan.
2026 outlook and longer-term growth targets
Carson said Wheaton expects 2026 GEO production to grow from 2025 levels, driven by contributions from newly acquired operating streams at Antamina and Hemlo and the anticipated startup of several development projects, including Mineral Park, Phoenix, Marmato, and Platreef, alongside stable production from Salobo and Peñasquito.
Wheaton’s 2026 attributable production guidance calls for:
- Gold: 400,000 to 430,000 ounces
- Silver: 27 million to 29 million ounces
- Other metals: 19,000 to 21,000 GEOs
- Total: approximately 860,000 to 940,000 GEOs
Carson said production is expected to be weighted toward the second half of the year (about 45% in the first half and 55% in the second half), citing mine sequencing at Salobo and Peñasquito and ramp-ups across newly operating assets.
Looking further out, Smallwood reiterated Wheaton’s long-term guidance calling for 50% production growth to 1.2 million GEOs by 2030, which he described as a first for the streaming and royalty industry. Carson added that production is currently forecast to average about 1.2 million GEOs annually from 2031–2035, supported by incremental contributions from additional pre-development assets.
Financial results, cash flow, and dividend increase
CFO Vincent Lau said fourth-quarter sales volumes totaled over 190,000 GEOs, up 35% year over year, reflecting a drawdown of produced but not yet delivered balances (PB&E) and higher production. He reported record quarterly revenue of approximately $865 million and gross margin of $664 million, increases of 127% and 168%, respectively, versus the prior-year quarter. Revenue mix in Q4 was 59% gold, 39% silver, and 2% split between palladium and cobalt.
Lau said net earnings rose to $558 million (up 533% year over year), while adjusted net earnings increased to $555 million (up 179%). Operating cash flow totaled $746 million, a 134% year-over-year increase.
For full-year 2025, Lau reported revenue of approximately $2.3 billion (up 80%), with about 99% derived from precious metals (62% gold, 36% silver). Full-year gross margin was approximately $1.7 billion, up 108% versus 2024.
Wheaton’s board declared its first quarterly dividend of 2026 at $0.195 per share, an 18% increase compared to the prior year. Lau said the company has returned $2.6 billion in dividends to shareholders since inception, representing over 70% of total equity ever raised. In Q&A, management said the dividend represented just over 10% of operating cash flow and described it as sustainable under materially lower gold and silver prices, noting internal analysis that even at $3,000 gold the payout would still be in the mid-30% range of operating cash flow.
Antamina transaction financing, balance sheet, and management transition
President (and incoming CEO) Haytham Hodaly highlighted portfolio additions in 2025, including the Hemlo and Spring Valley gold streams, and emphasized the post-year-end expansion of Wheaton’s exposure to Antamina in partnership with BHP. Hodaly said the stream includes terms such as a production percentage dropdown limited to one-third after 100 million silver ounces are received, no buyback clause, and full exposure to commodity prices.
Hodaly said Antamina is expected to represent approximately 18% of total production by 2030 following the transaction, making it Wheaton’s second-largest asset. He also pointed to Antamina’s land position and exploration, saying that since Wheaton’s first stream on Antamina in 2015, over 95% of silver reserves have been replaced through resource conversion and exploration success. In Q&A, Hodaly said BHP’s motivation was to “unlock silver” during strong commodity prices and described Antamina as a long-life asset, citing reserve replenishment trends over the past decade.
Lau said the Antamina silver stream with BHP carries an upfront payment of $4.3 billion, expected to be funded through a mix of liquidity and new financing around April 1, 2026. Funding sources discussed on the call included:
- $1.2 billion of cash on hand at year-end
- Approximately $400 million of incremental free cash flow expected prior to closing
- $300 million from monetization of non-core equity investments
- A $1.5 billion term loan
- Approximately $900 million draw on an undrawn $2 billion revolving credit facility
At closing, management expects net debt of about $2.4 billion, and Lau said the company forecasts more than $10 billion in operating cash flow through the end of 2028 at current spot prices. In response to analyst questions, management said it had about $1.5 billion of capital commitments over the next couple of years and that its expectation of returning to a net cash position within about a year incorporated those commitments and dividend payments.
The call also marked a leadership transition. Smallwood said he will step into the role of Chair of the Board effective March 31, while Hodaly will assume the CEO role next month. Smallwood closed by saying it was his final quarterly call as CEO and expressed confidence in the company’s next phase of growth under the new leadership.
About Wheaton Precious Metals (NYSE:WPM)
Wheaton Precious Metals Corp. is a Canada-based precious metals streaming company that acquires and manages long-term purchase agreements for metals produced by mining companies. Rather than operating mines, Wheaton provides upfront and ongoing financing to miners in exchange for the right to purchase a portion of the metals produced — typically silver and gold, and occasionally other precious metals — at predetermined prices. This streaming business model offers investors exposure to metal production with reduced operating and capital-cost risk compared with traditional mining companies.
The company’s activities center on structuring and maintaining a diversified portfolio of streaming agreements across multiple jurisdictions.
