Wheaton Precious Metals Expands Silver Portfolio with BHP Group Agreement at Antamina Mine

Wheaton Precious Metals Expands Silver Stream Portfolio with BHP Group

Wheaton Precious Metals Corp. announces a notable expansion in its silver streaming portfolio through a lucrative agreement with the BHP Group regarding the Antamina Mine in Peru. Under the Precious Metals Purchase Agreement (PMPA), Wheaton's subsidiary, Wheaton Precious Metals International Ltd. (WPMI), will acquire the equivalent of 33.75% of payable silver produced at the mine until reaching a total of 100 million ounces. Following this threshold, WPMI will continue purchasing 22.5% of the mine's payable silver for its remaining operational life. This strategic maneuver not only affirms Wheaton's leading position in the precious metals streaming sector but also enhances its leverage over the silver market, aligning well with its low-risk operating model.

The agreement requires an upfront payment of $4.3 billion, alongside continuing payments for silver at just 20% of the spot price. This innovative streaming model allows Wheaton to maintain robust cash operating margins while simultaneously mitigating the risks commonly associated with traditional mining endeavors. By focusing on streaming rather than full ownership and operation of mines, Wheaton positions itself to achieve sustainable value creation and retain competitive cash dividends, enabling ongoing investment into further growth opportunities within the industry. The Antamina deal exemplifies Wheaton’s commitment to leverage high-quality, low-cost assets that cater to investor interests in precious metals.

Wheaton's business strategy not only prioritizes lucrative streaming contracts but also emphasizes adherence to strong environmental, social, and governance (ESG) practices. By aligning itself with responsible mining operations and fostering community support, Wheaton reinforces its commitment to sustainable practices, a key consideration in today's market. As the company expands its portfolio, it continues to focus on strategies that deliver long-term financial stability and growth while addressing the increasing demand for precious metals globally.

In addition to its agreement with BHP Group, Wheaton also finalizes a streaming transaction with KGL Resources Limited for the Jervois Project in Australia. This represents Wheaton's inaugural streaming venture in a politically stable region, showcasing its focus on environmentally sound mining operations. The deal underscores Wheaton's strategic efforts to support sustainable mining initiatives that cater to the evolving landscape towards low-carbon economies.

Wheaton Precious Metals remains engaged with shareholders, having filed its Form 40-F report with the SEC, and is preparing for an Annual and Special Meeting scheduled for May 8, 2026. The company's commitment to transparency and shareholder engagement is evident in its approach to distributing financial results and facilitating stakeholder participation through virtual platforms.