Wheaton Precious Metals (WPM) investor relations material

Executive summary

• Achieved record Q2 2025 revenue of $503 million, net earnings of $292 million, and adjusted net earnings of $286 million, driven by higher commodity prices and increased sales volumes, with strong performances at Salobo, Penasquito, Blackwater, and Goose.

• Declared a quarterly dividend of $0.165 per share, a 6.5% increase year-over-year, with $150 million paid in Q2.

• Maintained a robust balance sheet with $1 billion in cash, no debt, and a $2 billion undrawn credit facility, supporting $3 billion in liquidity.

• Recognized among the top 10 corporate citizens in Canada and launched new sustainability and water management initiatives.

• Significant operational milestones included Blackwater reaching commercial production and Goose delivering its first gold pour.

Financial highlights

• Q2 2025 revenue reached a record $503 million, up 68% year-over-year, with net earnings up 139% to $292 million and adjusted net earnings up 91% to $286 million.

• Operating cash flow grew 77% to $415 million, outpacing commodity price increases.

• Gross margin nearly doubled to $353 million, with a cash operating margin per GEO sold of $2,717, up 37% year-over-year.

• Average realized price per GEO sold was $3,187, with gold at $3,318/oz and silver at $34.05/oz.

• Sales volumes were 158,000 GEOs, benefiting from a drawdown in produced but not delivered inventory.

Outlook and guidance

• 2025 production guidance reaffirmed at 600,000–670,000 GEOs, with production expected to be weighted toward the second half of the year.

• Annual production expected to rise 38–40% to 850,000–870,000 GEOs by 2029, with average annual production over 950,000 GEOs from 2030–2034.

• Silver production expected to remain stable or grow, with potential upside from Antamina if operational challenges are resolved.

• Guidance for the year remains at a 47%/53% first half/second half production split, with a slight bias to Q4.