Wheaton Precious Metals Corp. Q2 FY26 Earnings Analysis

- Production guidance for 2026 remains unchanged at 860,000 to 940,000 GEOs, with production weighted 45% in H1 and 55% in H2 due to mine sequencing and ramp-ups. - Salobo grades and production expected to increase throughout 2026, supporting growth. - Antamina’s attributable silver production increased by 48% YoY in Q1, with significant volume increase expected starting Q2 due to BHP stream addition. - New mining assets are ramping up production, including Mineral Park, Phoenix, and Platt reach. - Pipeline remains robust with numerous derisked development projects poised to add to production and revenue over coming years. - Annual production forecast to grow at approximately 50% through 2030, reaching 1.2 million GEOs, then stabilize around that level through 2035. - Revenue growth driven by strong commodity prices (gold and silver) and increasing production volumes.

- Wheaton Precious Metals projects annual production to grow at an industry-leading rate of approximately 50% by 2030, reaching 1.2 million Gold Equivalent Ounces (GEOs). - From 2031 to 2035, attributable production is forecasted to average approximately 1.2 million GEOs annually, supported by incremental contributions from additional predevelopment assets. - Record quarterly revenue of $901 million in Q1 2026 represents a 92% increase year-over-year, driven by higher realized gold equivalent prices. - Net earnings increased by 129% year-over-year to a record $582 million in Q1 2026. - Adjusted net earnings rose by 132% to a record $583 million in Q1 2026. - Operating cash flow increased 112% year-over-year to a record $766 million. - Production is expected to be weighted 45% in H1 and 55% in H2 2026, with growth from ramp-ups and acquisitions. - Strong commodity prices and robust production underpin expectations of continued strong operating cash flow through 2028.

- $90 million upfront cash payments in Q1 for streams: $50 million for Spring Valley and $40 million for Marmato, supporting development assets advancing toward production (Page 3). - Antamina stream acquisition funded with $4.3 billion upfront payment on April 1, 2026, adding significant exposure to premier mining assets (Page 3). - Salobo expansion plans include increasing throughput from 12 million to 18 million tonnes per year, targeting 42 million tonnes by 2029, with permitting and construction expected by 2027-2029; capital finalization underway (Pages 4-8). - Australian Jervis project stream agreement with construction to commence imminently for a fully permitted copper project (Page 4). - Continued advancement of multiple development projects (Mineral Park, Phoenix, Plant Reach, etc.) ramping up production in 2026 (Page 2). - Ongoing funding based on project completion and permit acquisition for Spring Valley and Domo, expected mainly in 2026 (Page 10). - No additional capital requirements expected from Wheaton's side currently (Page 5).

- No additional capital requirements from Wheaton Precious Metals currently. (Page 5) - Recent $4.3 billion upfront payment for Antamina was funded through a combination of cash on hand, a draw on undrawn $2 billion revolving credit facility, and a new $1.5 billion term loan. (Page 3) - The term loan and revolving credit facility provide flexible nondilutive financing which can be repaid at any time without penalty. (Page 3) - Debt repayment expected to begin modestly in Q2 2026, with more material repayments in the second half of the year. (Page 6) - No mention of new equity fundraising; focus remains on disciplined capital allocation and leveraging existing credit facilities. (Page 13)

The document does not explicitly mention a "Current/Expected Orderbook" or "Pending Orders" in traditional sales terms, but relevant actionable insights related to Wheaton Precious Metals' portfolio and pipeline include: - Advancing development pipeline with multiple assets progressing through construction, ramp-up, and optimization. - Active streaming opportunities mostly in the $200 million to $500 million range; some potential $1 billion+ deals incubating. - New streams recently initiated, including the significant $4.3 billion Antamina stream that closed on April 1, 2026. - Recent definitive agreement with CGL Resources for the Jervis project in Australia, marking their first streaming deal in that region. - Continued focus on disciplined, low-risk streaming deals with quality partners. - Some delay in certain projects causing deferred payments (e.g., Santo Domingo), but no major new deferred payments reported. - Overall, a robust pipeline with ongoing evaluations and potential for billion-dollar deals within the next few years. No traditional order book numbers or pending customer orders are detailed in the transcript.