Wheaton Precious Metals
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Wheaton Precious Metals (WPM) investor relations material

Wheaton Precious Metals M&A announcement summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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M&A announcement summary17 Feb, 2026

Deal rationale and strategic fit

  • Acquisition of an additional 33.75% silver stream on Antamina mine in Peru, expanding exposure to a proven, long-life, low-cost asset and reinforcing a leading position in global silver production.

  • Further diversifies the production mix, with Antamina expected to be the second-largest producing asset and to provide 18% of total production by 2030.

  • Partnership with BHP and a strong ownership consortium highlights the attractiveness of the streaming model and enhances portfolio quality.

  • Strengthens position as the largest precious metal streaming company globally and reduces credit risk by adding a Tier 1, investment-grade counterparty.

  • Deepens collaboration with a consortium committed to responsible development and sustainability.

Financial terms and conditions

  • Upfront payment of $4.3 billion for 33.75% of payable silver until 100 million ounces delivered, then 22.5% for life of mine, with ongoing payments equal to 20% of spot silver price per ounce delivered.

  • Stream effective April 1, 2026, with closing expected on or about that date, subject to customary conditions.

  • Funded through a mix of cash, free cash flow, asset sales, a $1.5B term loan, and $900M from a revolving credit facility.

  • Transaction value represents 6.5% of total market capitalization, with pro forma 2026 production expected to increase by 11.3%.

Synergies and expected cost savings

  • Immediate accretive production and cash flow from a low-cost, high-quality asset, with 76% of 2026 production forecast from first quartile cost curve mines.

  • Antamina is forecast to deliver average attributable production of 6.0 Moz silver/year for the first five years and 5.4 Moz/year for the first ten years.

  • Increased exposure to investment-grade partners, reducing credit risk to 30%.

Antamina mine life extension options?
Debt repayment strategy beyond 2-year term loan?
Balancing Antamina's asset concentration by 2030?
Justify Antamina's $4.3B valuation
What's next for multi-billion streams?
Future funding for large acquisitions?
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Q4 202513 Mar, 2026
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Wheaton Precious Metals Corp. engages in the acquisition and management of precious metal assets. Wheaton Precious Metals Corp. was founded in 2004 and is headquartered in Vancouver, Canada.

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