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Category: 3. Business

  • Automate tasks, not jobs: How AI can return 62 million hours to Scotland’s public services

    Automate tasks, not jobs: How AI can return 62 million hours to Scotland’s public services

    Scotland’s public services are facing a productivity crisis, not just a funding crisis. While the 2026/27 Scottish Budget and Spending Review underline the need for efficiency, the route to achieving it is no longer just about cutting costs, it is about releasing capacity.

    Across health, education, local government and justice, many of Scotland’s most highly-trained professionals are spending too much of their week on routine administrative tasks such as documentation, record keeping, correspondence and processing rather than the complex, human work that only people can do.

    That is why Storm ID has undertaken and published new research in “Automate tasks, not jobs: The AI opportunity for Scotland’s public services”. Our conclusion is straightforward – AI is now mature enough to reduce administrative drag at a meaningful scale and that makes it a practical lever for public service reform not just a futuristic concept that is happening elsewhere.

    Capacity release means time back, not just cash savings

    Public debate about “efficiency” often focuses narrowly on cash savings, but in public services, the true currency of value is time. Capacity release means returning hours to frontline teams. The goal is not to replace people, but to strip away the administrative drag that causes burnout and backlogs. By automating, the routine would allow, for example, justice professionals to focus on complex casework, healthcare professionals to focus on care, and give teachers more time in the classroom.

    62 million hours is the size of the prize

    We analysed 50 high-volume Scottish public services where AI-enabled redesign could credibly reduce administrative burden. The potential is huge.

    Our modelling suggests that by 2030, AI adoption could release between 16.6 million (conservative) and 62.1 million (optimistic) hours of capacity annually.

    To put that in perspective, the moderate scenario (36m hours) represents a 20% release of total capacity across the workflows assessed. Two main sectors stand out in the analysis:

    • NHS Scotland: The single largest opportunity lies in clinical documentation. This accounts for 68.2 million baseline hours. Reducing this burden isn’t about automating judgment, it’s about freeing clinicians from data entry so they can spend more time with patients.
    • Education: The “always on” administrative workload of planning, resource creation and data entry is competing with pupil time. AI offers a way to reset this balance.

    Scale through patterns, not pilots

    While public services vary enormously in mission we found that many of their underlying workflows are very similar. Our analysis of the 50 services highlights that a lot of staff time clusters into just a few repeatable patterns, including case management, application processing, decision making and knowledge-intensive documentation.

    This insight offers a clear path forward. Scotland does not need 50 bespoke AI tools with 50 separate assurance regimes. The faster and safer route is to build reusable, configurable components that solve these common problems once. By integrating a suite of trusted, shared tools into existing systems we could eliminate duplication of effort and accelerate adoption at scale.

    What policymakers need to do next

    Turning potential into capacity by 2030 is a leadership agenda as much as a technology one. The paper identifies five key areas of focus:

    1. Start with high-volume, lower-risk services to demonstrate value quickly and build institutional capability.
    2. Invest in shared components that can be configured locally, rather than reinvented repeatedly.
    3. Around half of the services we analysed involve sensitive data (clinical and justice). These require Private AI models running on sovereign infrastructure, not just use of public cloud wrappers from hyperscalers such as AWS and Azure.
    4. Scaling requires clear accountability, audit trails, testing and monitoring, cyber controls and defined human oversight consistent with Scotland’s commitment to trustworthy and inclusive AI.
    5. Staff engagement in redesign, training and continuous improvement is essential so that time saved becomes better outcomes, not just absorbed by unmanaged demand. Redesign must be done with the workforce, not to them.

    The cost of inaction

    Unless we systematically reduce administrative burden, rising demand will outpace capacity no matter how committed the workforce may be.

    The message for policymakers is simple. AI is a practical, immediate lever for the productivity step-change Scotland requires. We must choose to govern it well, scale it deliberately and use it to return time to the work that only people can do.

    Paul McGinness is Founder and Chair of Storm ID

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  • Stoxx 600, FTSE, DAX, CAC, miner earnings, data

    Stoxx 600, FTSE, DAX, CAC, miner earnings, data

    The City of London skyline at sunset.

    Gary Yeowell | Digitalvision | Getty Images

    LONDON — European stocks are expected to open lower on Tuesday as investors keep an eye on earnings.

    The U.K.’s FTSE index is seen opening 0.2% lower, and Germany’s DAX, France’s CAC 40 and Italy’s FTSE MIB are all seen down 0.4%, according to data from IG.

    Regional markets edged higher on Monday, as investors digested comments from this year’s Munich Security Conference.

    Earnings remain in focus for investors, with miners Antofagasta and BHP Group due to report Tuesday, as well as InterContinental Hotels Group and EssilorLuxottica. Data releases include German inflation and economic sentiment and U.K. unemployment figures.

    Overnight, S&P 500 futures were near flat following two straight negative weeks for the benchmark; U.S markets were shut on Monday for Presidents’ Day.

    Asian financial markets were treading carefully on Tuesday in holiday-thinned trading, with mainland Chinese, Hong Kong, Singapore, Taiwan and South Korea markets closed on Tuesday for Lunar New Year holidays.

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  • McDonald’s pulls more digital traffic than any grocer or delivery app

    McDonald’s pulls more digital traffic than any grocer or delivery app

    Key stat: McDonald’s leads all US food and grocery sites and apps with 57 million unique visitors, outpacing DoorDash (52.8 million) and nearly doubling the top traditional grocer Kroger (31.3 million), according to November 2025 data from Comscore.

    Beyond the chart:

    • Digital deals are a key traffic driver. 64% of grocery shoppers used digital discounts or cash back promotions in the last month, according to Ibotta, helping explain why food brands with strong app-based deals are pulling consumers online.
    • Meanwhile, value-seeking is pushing more diners onto QSR apps. 44% of lower-income US fast-food consumers have curbed eating out, according to YouGov, making mobile order deals and loyalty rewards a critical tool for chains to recapture traffic.

    Use this chart: Drop this in your next digital strategy deck to challenge the assumption that grocery and delivery apps own food commerce traffic. Use McDonald’s 57 million visitor lead to benchmark your brand’s digital reach against QSR leaders. Show this to teams planning food and grocery partnerships.

    Related EMARKETER reports:

    We prepared this article with the assistance of generative AI tools and stand behind its accuracy, quality, and originality.

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  • ‘Landmark’ greenwashing case against Australian gas giant Santos dismissed by federal court | Santos

    ‘Landmark’ greenwashing case against Australian gas giant Santos dismissed by federal court | Santos

    Gas company Santos has successfully defended a landmark greenwashing case in which it was accused of making misleading claims about its net zero plans and being a producer of “clean” energy.

    In a blow for climate activists, the federal court on Tuesday dismissed the case brought by the shareholder advocacy group the Australasian Centre for Corporate Responsibility (ACCR).

    The ACCR, represented by the Environmental Defenders Office, alleged the gas company breached the Corporations Act by engaging in misleading or deceptive conduct in its 2020 annual report, an investor briefing and a 2021 climate change report.

    Central to these allegations were three key claims by Santos: that it was a producer of “clean energy” and natural gas was a “clean fuel”; that hydrogen it produced with carbon capture and storage was “zero emissions hydrogen” and “clean hydrogen”; and that it had a clear and credible pathway to net zero by 2040.

    Santos argued ACCR’s case ignored years of its work in the lead-up to its 2020 investor briefing and annual report, and its 2021 climate change report.

    Sign up to get climate and environment editor Adam Morton’s Clear Air column as a free newsletter

    It told the court its climate targets – to reduce emissions by 26% to 30% by 2030 and reach net zero emissions by 2040 – represented a statement of “present intention” and “not a promise or prediction”.

    Justice Brigitte Markovic dismissed ACCR’s case in a brief hearing on Tuesday, and ordered the organisation to pay Santos’s costs. The reasons for the decision will be published on 23 February.

    The case, heard over 13 days in 2024, was a test for how courts assess statements made by companies about how they are managing the net zero transition.

    The ACCR holds shares in fossil fuel companies, such as Santos, to try to force them to meet the goals of the Paris climate agreement.

    Brynn O’Brien, the co-chief executive of the ACCR, said the organisation was disappointed and would now consider the “complex” judgment and its more than 250 pages of reasons.

    “This was a landmark case that paved the way for others around the world to challenge corporate net zero claims in court,” she said.

    “It has been a David versus Goliath battle, and Goliath won this round.

    “While the court found that Santos’s conduct was insufficient to breach the law, the case has shone a powerful spotlight on how Santos’s plans were developed and used to secure market advantage.”

    O’Brien said the case was about “standing up for market integrity and ensuring that investors are given all the information necessary to confidently assess emissions targets and net zero plans” – and was not aimed at “punishing climate ambition”.

    Comment has been sought from Santos.

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  • Alibaba unveils Qwen3.5 as China’s chatbot race shifts to AI agents

    Alibaba unveils Qwen3.5 as China’s chatbot race shifts to AI agents

    Qwen3 is Alibaba’s latest large language model, which it says combines traditional LLM capabilities with “advanced, dynamic reasoning.”

    Sopa Images | Lightrocket | Getty Images

    Alibaba Group has released its newest AI model series, featuring enhanced capabilities, as it faces intensifying competition in China’s AI space with several models launched in the past week. 

    The Qwen3.5 AI model comes in an open-weight version, which allows users to download, run, fine-tune, and deploy it on their own infrastructure. Alibaba also released a “hosted version,” meaning the model can run on Alibaba’s own servers.

    Both models were made available on Monday, the eve of the Chinese New Year, and come just a week after Alibaba released a new AI model designed for robots.

    The company highlighted that Qwen3.5 offers improvements in performance and cost and was built with “native multimodal capabilities,” enabling the models to understand text, images and video simultaneously within one system.

    Leaning into a major AI trend this year, the model also supports new coding and agentic capabilities and is compatible with open-source AI agents like those from OpenClaw, which recently surged in popularity.

    AI agents are systems that can independently take actions and complete multi-step tasks on a user’s behalf with minimal supervision.

    These agents and their abilities have garnered a lot of attention in recent weeks, after American AI company Anthropic released new agent tools. The potential for these agents to replace the work of software as a service companies, amongst others, has rocked markets.

    Alibaba’s local competitors such as ByteDance and Zhipu AI also released upgraded models in the past week aimed at supporting more agent capabilities.

    The company said that its new Qwen3.5 open-weight model comes with 397 billion parameters — variables that shape how an AI system learns and reasons. While less than its previous flagship model, the company said the latest model showed significant improvement based on self-reported benchmark evaluations.

    Alibaba provided benchmark tests showing that Qwen-3.5’s performance was on par with leading models from OpenAI, Anthropic and Google DeepMind, though the comparisons were self-reported.

    Meanwhile, it also released a “hosted model” called the Qwen-3.5-Plus through its cloud platform Model Studio. Alibaba said this version also demonstrated performance on par with leading competitors. CNBC could not independently verify those claims.

    The new Qwen3.5 models also support 201 languages and dialects, up from the previous generation’s 82. 

    Alibaba is expected to release more open-weight models during this Chinese New Year, Lin Junyang, technical lead of Alibaba Cloud’s Qwen team said in a social media post.

    Following the release of Anthropic’s latest Claude AI agent tools, other American AI giants have been accelerating the development of agentic capabilities. OpenAI CEO Sam Altman said Sunday that the creator of the OpenClaw would be joining the company.

    Last month, Google DeepMind head Demis Hassabis told CNBC that Chinese AI models were just “months” behind Western rivals.

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  • Evaluating Tadano (TSE:6395) After Recent Share Price Strength And Valuation Discount

    Evaluating Tadano (TSE:6395) After Recent Share Price Strength And Valuation Discount

    Make better investment decisions with Simply Wall St’s easy, visual tools that give you a competitive edge.

    Tadano (TSE:6395) has caught investor attention after recent share price moves, with gains over the month and past 3 months prompting closer inspection of how its current valuation lines up with underlying business results.

    See our latest analysis for Tadano.

    At a share price of ¥1,379.0, Tadano has seen a 19.19% 1 month share price return and a 35.73% 3 month share price return, while the 1 year total shareholder return of 28.32% points to momentum that has been building rather than fading.

    If this move in construction equipment is on your radar, it could be a good moment to look across the sector using our screener of 32 robotics and automation stocks as another source of ideas.

    So with Tadano trading at ¥1,379 and an intrinsic discount flagging potential value even after a 36% 3 month run, is this still a mispriced crane maker, or are markets already reflecting expectations for future growth?

    Tadano is flagged as good value on a P/E of 9.5x, with the shares at ¥1,379 compared to both peer and industry averages that sit materially higher.

    The P/E multiple compares the current share price to earnings per share, so for a machinery manufacturer like Tadano it is a simple way to see what investors are currently paying for its profits.

    Here, Tadano screens as good value versus three separate reference points. It trades below the estimated fair P/E of 12.8x, below the Japan Machinery industry average of 14.1x, and below a peer average of 20.3x, which suggests the market is pricing its earnings more conservatively than many comparables and below a level the fair ratio analysis indicates it could move toward.

    That discount sits alongside a company that has recently grown earnings and improved net profit margins from 2.3% to 5.2%. It is considered good value in aggregate based on these relative checks, even though earnings are forecast to decline by an average of 5.8% per year over the next 3 years and revenue growth of 2.9% per year is expected to trail the broader JP market.

    Explore the SWS fair ratio for Tadano

    Result: Price-to-earnings of 9.5x (UNDERVALUED)

    However, earnings growth pressure and any shift in expectations around Tadano’s current intrinsic discount could quickly challenge the idea that the shares remain mispriced.

    Find out about the key risks to this Tadano narrative.

    While Tadano screens as good value on a 9.5x P/E, our DCF model paints an even starker picture. With the shares at ¥1,379 and our estimate of future cash flow value at ¥3,171.71, the stock is flagged as trading at a 56.5% discount. That kind of gap can look attractive, but it also raises a question: which view do you trust more, the simple earnings multiple or the cash flow model?

    Look into how the SWS DCF model arrives at its fair value.

    6395 Discounted Cash Flow as at Feb 2026

    Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Tadano for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 19 high quality undervalued stocks. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.

    If you see Tadano’s numbers differently or want to test your own assumptions against the data, you can build a custom view in just a few minutes by starting with Do it your way.

    A great starting point for your Tadano research is our analysis highlighting 3 key rewards and 4 important warning signs that could impact your investment decision.

    If you are weighing up Tadano’s valuation, it is a smart time to widen your watchlist with a few focused screens that surface different types of opportunities.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Companies discussed in this article include 6395.T.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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  • Asia markets make cautious start, oil rises on U.S.-Iran talks

    Asia markets make cautious start, oil rises on U.S.-Iran talks

    The Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Monday, Aug. 5, 2024. 

    Noriko Hayashi | Bloomberg | Getty Images

    Asian financial markets were treading carefully on Tuesday in holiday-thinned trading, but oil pushed higher with U.S and Iran nuclear negotiations in Geneva due to begin later in the day.

    Mainland Chinese, Hong Kong, Singapore, Taiwan and South Korea markets were closed on Tuesday for Lunar New Year holidays. U.S markets were shut on Monday for Presidents’ Day.

    Japan’s Nikkei 225 was down 0.5% and the broader Topix slid 0.2% to 3,779.29.

    In Australia, the S&P/ASX200 was trading almost 0.5% higher.

    Ten-year Treasury yields slipped 1 basis point to 4.044% on Tuesday, hitting the lowest since early December. Japan’s five-year yield fell 2 basis points to 1.65%, its lowest since February 2.

    In early Asian trading hours, Nasdaq futures were down 0.1% and S&P 500 futures up 0.2%.

    The dollar index, a measure of the U.S. currency against major rivals, was last flat at 97.07, after a small gain of 0.2% overnight.

    Japan’s weakening economy remained in focus on Tuesday, one day after much softer than expected GDP numbers.

    The country on Monday reported its economy grew an annualised 0.2% in the fourth quarter, far below the 1.6% gain forecast as government spending dragged on activity. On Tuesday, The Japanese yen strengthened 0.15% against the greenback to 153.28 per dollar.

    The weak figures highlight the challenges ahead for Prime Minister Sanae Takaichi and should support her push for more aggressive fiscal stimulus, economists said.

    The BOJ next meets on rates in March, with traders forecasting only a slim chance for a hike. Economists polled by Reuters last month expected the central bank to wait until July before tightening policy again

    “The market has likely assumed that softer GDP data in the fourth quarter will encourage PM Takaichi’s plans to offer additional fiscal support and reduce the sales tax on food,” NAB analysts wrote in a research note.

    “Pricing for BoJ rate hikes nudged a little lower post the GDP data, with only 4 basis points priced for the March meeting and 16 basis points priced for April.”

    Australia’s central bank said on Tuesday it had concluded inflation would stay stubbornly high if it had not hiked interest rates as it did this month, and was not yet sure if further tightening would be necessary.

    Oil prices were higher ahead of U.S.-Iran talks aimed at de-escalating tensions against a backdrop of expected OPEC+ supply increases.

    U.S. West Texas Intermediate crude was up 1.29%. Brent crude futures rose 1.33% overnight.

    Iran’s Revolutionary Guards navy held a drill in the Hormuz Strait on Monday, the semi-official Tasnim news agency reported, a day prior to renewed Iran-U.S. nuclear negotiations. The passage accounts for about 20% of global oil shipments.

    “The market remains unsettled by geopolitical uncertainties, with investors cautious due to the pending US-Iran and Ukraine negotiations this week,” ANZ analysts said.

    “Speculative positions have been increasing in recent weeks. If tension in the Middle East eases or meaningful progress is made on the Ukraine war, the risk premium currently built into oil prices could swiftly unwind.”

    Gold was down 0.85% at $4949.5 per ounce as a higher dollar on Monday made greenback-priced bullion more expensive for holders of other currencies. Spot silver was 2% lower.

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  • Assessing Liberty Latin America (LILA) Valuation As Choppy Returns Refocus Attention On The Stock

    Assessing Liberty Latin America (LILA) Valuation As Choppy Returns Refocus Attention On The Stock

    Find your next quality investment with Simply Wall St’s easy and powerful screener, trusted by over 7 million individual investors worldwide.

    Liberty Latin America (LILA) has attracted fresh attention after recent share price moves, with the stock showing a mix of positive and negative returns across different timeframes that investors may want to unpack.

    See our latest analysis for Liberty Latin America.

    Recent trading has been choppy, with a 1-day share price return of a 3.5% decline and a 7-day share price return of a 4.81% decline. However, the 30-day share price return of 3.07% suggests short term momentum is picking up, even as the 3-year total shareholder return of a 16.36% decline and 5-year total shareholder return of a 34.07% decline point to a weaker long term experience for shareholders.

    If you are reassessing your telecom exposure after looking at Liberty Latin America, it could be a good moment to broaden your search with 23 top founder-led companies.

    With Liberty Latin America trading at US$7.72 against an analyst price target of US$11.90 and an intrinsic value implying a 75% discount, the key question is whether this signals a buying opportunity or a market that is already pricing in future growth.

    Liberty Latin America’s most followed narrative pegs fair value at $11.90, compared with the last close at $7.72, and builds that gap on a detailed cash flow story using a 12.33% discount rate.

    Ongoing operational efficiency initiatives, such as labor cost reductions, AI-driven process optimization, and disciplined capital intensity management, are expected to drive adjusted OIBDA margin expansion and improve free cash flow generation.

    Read the complete narrative. Read the complete narrative.

    Want to see what kind of revenue trajectory and margin rebuild sit behind that valuation gap? The narrative leans on earnings turning positive and a future profit multiple below the broader US telecom group. Curious how those pieces fit together into $11.90 per share? The full breakdown joins the dots.

    Result: Fair Value of $11.90 (UNDERVALUED)

    Have a read of the narrative in full and understand what’s behind the forecasts.

    However, that $734.4m net loss and the heavy group level debt of around $8.2b could still upset the cash flow story behind the US$11.90 fair value.

    Find out about the key risks to this Liberty Latin America narrative.

    If you see the numbers differently or want to stress test your own assumptions, you can build a personal Liberty Latin America view in just a few minutes, Do it your way.

    A good starting point is our analysis highlighting 3 key rewards investors are optimistic about regarding Liberty Latin America.

    If Liberty Latin America has you thinking more carefully about where you put your next dollar, this is the moment to widen your net and see what else stands out.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Companies discussed in this article include LILA.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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  • Could Colliers International Group (TSX:CIGI) Offer Value After Recent Share Price Slide

    Could Colliers International Group (TSX:CIGI) Offer Value After Recent Share Price Slide

    Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St.

    • If you are wondering whether Colliers International Group’s current share price reflects its true worth, you are not alone. This article is built to help you make sense of what the market might be pricing in.

    • The stock recently closed at US$155.13, with total returns of a 20.2% decline over 7 days, a 24.3% decline over 30 days, a 22.2% decline year to date, a 16.7% decline over 1 year, a 1.7% decline over 3 years and an 18.4% gain over 5 years.

    • Recent coverage of Colliers has focused on its position in real estate services, ongoing transactions activity and its exposure to global property markets. This helps frame how investors are reacting to shifting sector sentiment. These themes have been front of mind for investors assessing whether recent price moves reflect short term sentiment or a more considered view of the business.

    • On Simply Wall St’s 6 point valuation checklist, Colliers scores 3 out of 6. This suggests some areas point to undervaluation and others look more balanced. Next we will compare different valuation approaches before circling back at the end to a broader way of thinking about what “fair value” can really mean for this stock.

    Find out why Colliers International Group’s -16.7% return over the last year is lagging behind its peers.

    A Discounted Cash Flow, or DCF, model estimates what a company could be worth by projecting future cash flows and discounting them back to today, so you can compare that value with the current share price.

    For Colliers International Group, the model used is a 2 Stage Free Cash Flow to Equity approach based on cash flow projections. The latest twelve month Free Cash Flow is about $243.9 million. Analysts provide explicit estimates out to 2027, and Simply Wall St extends these further, with projected Free Cash Flow of about $654.0 million in 2035, all in $.

    When these projected cash flows are discounted back, the DCF model suggests an estimated intrinsic value of about $233.26 per share. Compared with the recent share price of US$155.13, this implies an intrinsic discount of around 33.5%, indicating that the shares are trading below this modelled value.

    Result: UNDERVALUED

    Our Discounted Cash Flow (DCF) analysis suggests Colliers International Group is undervalued by 33.5%. Track this in your watchlist or portfolio, or discover 5 more high quality undervalued stocks.

    CIGI Discounted Cash Flow as at Feb 2026

    Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Colliers International Group.

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  • Wheaton Precious Metals Exceeds 2025 Production Guidance and Provides 2026 and Long-Term Outlook, Projecting Approximately 50% Growth to 1.2 Million Gold Equivalent Ounces by 2030

    VANCOUVER, BC, Feb. 16, 2026 /PRNewswire/ – Wheaton Precious Metals™ Corp. (“Wheaton” or the “Company”) is pleased to report 2025 actual production of approximately 692,000 gold equivalent ounces2 (“GEOs”), exceeding the upper end of the 2025 production guidance range of 670,000 GEOs2. The Company also provides 2026 production guidance of 860,000 to 940,000 GEOs3 and forecasts growth of approximately 50% to 1,200,000 GEOs3 by 2030. Wheaton will provide full production and financial details with the release of its 2025 fourth quarter and full year results on Thursday, March 12, 2026, after market close.

    “Wheaton delivered an outstanding year in 2025, supported by the strength of our diversified portfolio of high-quality, low-cost assets,” said Haytham Hodaly, President of Wheaton Precious Metals. “Production surpassed the upper end of our annual guidance, with notable contributions from several operations, including record results from Salobo. We also advanced our corporate development strategy with investments in three assets. Together with today’s announcement of an additional silver stream at Antamina, these developments significantly enhance our near-term growth outlook and reinforce our confidence in the portfolio’s ability to continue delivering long-term value.”

    “The momentum we built over the past year provides a solid foundation for what we expect to be a sector-leading growth profile,” added Randy Smallwood, Chief Executive Officer of Wheaton Precious Metals. “We believe Wheaton is on track to reach unprecedented levels of precious metals production within the streaming space. With the most precious metals focused portfolio in the industry, the strength of our projected growth profile, and rising demand for streaming capital, we believe Wheaton is exceptionally well positioned to continue delivering industry-leading growth.”

    2025 Attributable Production and Sales Using 2025 Commodity Price Assumptions

    Metal

    2025
    Production Guidance

    2025
    Actual
    Production1

    2025
    Actual
    Sales

    Gold Ounces

    350,000 to 390,000

    416,286

    411,005

    Silver Ounces (‘000s)

    20,500 to 22,500

    22,434

    19,796

    Other Metals (GEOs2)

    12,500 to 13,500

    16,525

    11,889

         Palladium Ounces

    10,265

    9,356

         Cobalt pounds (‘000s)

    2,460

    1,632

    Gold Equivalent Ounces2 

    600,000 to 670,000

    691,670

    651,311

    2025 GEOs based on:  $2,600 / oz gold, $30 / oz silver, $950 / oz palladium, $950 / oz platinum and $13.50 / lb cobalt

    In 2025, gold equivalent production exceeded the upper end of our guidance range, driven largely by stronger performance at Salobo due to higher gold grades and recoveries, higher throughput and grades at Peñasquito, and higher grades at Constancia as more material was mined from the Pampacancha deposit. These positive results were partially offset by lower production from Goose, and Mineral Park , where ramp-ups progressed slower than anticipated.

    As at December 31, 2025, approximately 156,800 GEO2‘s were in produced but not yet delivered (“PBND”), consistent with the average PBND over the preceding four quarters and within our guided range of two to three months.

    Commodity Price Assumptions

    Metal

    Previous 
    2025 Forecast 

    Updated 
    2026 Forecast 

    Gold ($ / oz)

    $   2,600

    $   4,800

    Silver ($ / oz)

    $   30.00

    $   80.00

    Palladium ($ / oz)     

    $   950

    $   1,500

    Platinum ($ / oz)

    $    950

    $   2,000

    Cobalt ($ / lb)

    $   13.50

    $   25.00

    The strong performance of silver in 2025 meant it outpaced all other metals that year. As a result, the metal price assumptions for 2026 produce a lower gold-to-silver ratio, which in turn leads to higher gold‑equivalent calculations for 2026 compared to 2025. The silver and gold price assumptions used in the calculation of gold equivalent ounces are based on spot prices for the period from January 1, 2026 to February 12, 2026, which averaged approximately $88 per ounce for silver and $4,809 per ounce for gold. Metal prices have been volatile during this period, and there can be no assurance that these prices will be realized by the Company in the future.

    2026 and Long-Term Production Outlook Using 2026 Commodity Price Assumptions

    Metal

    2025
    Actual
    Production1

    2026
    Production
    Guidance

    2030
    Target
    Production
    Guidance

    2031-2035
    Average Annual
    Production
    Guidance

    Gold Ounces

    416,286

    400,000 to 430,000

    Silver Ounces (‘000s)

    22,434

    27,000 to 29,000

    Other Metals (GEO3

    16,021

    19,000 to 21,000

    Total GEOs3

    806,215

    860,000 to 940,000

    1,200,000

    1,200,000

    2026 and long-term GEOs based on $4,800 / oz gold, $80 / oz silver, $1,500 / oz palladium, $2,000 / oz platinum, and $25 / lb cobalt.

    For purposes of comparison, 2025 actual GEOs have been adjusted to reflect 2026 commodity price assumptions.

    2026 Production Outlook

    The Company anticipates that 2026 GEO3 production will increase by over 11% from levels achieved in 2025. This expected year-over-year growth is driven primarily by the additional stream at Antamina which is expected to add another 70,000 GEOs3 to the portfolio in 2026 and begin generating production on April 1, 2026. Further contributions from newly operating assets, including Blackwater, Mineral Park, Fenix, Hemlo, Goose & Platreef are also forecast to support this growth. These increases are expected to be partially offset by lower production from Constancia following the depletion of the Pampacancha pit in late December 2025. 

    At the Company’s cornerstone assets, after achieving record production levels in 2025, attributable production levels at Salobo are forecast to decrease slightly, with higher throughput levels anticipated to be offset by modestly lower gold grades. Attributable production is forecast to increase significantly at Antamina in 2026 due to the additional stream, with the Company receiving a combined 67.5% of silver production commencing April 1, 2026, up from the 33.75% delivered in 2025 under the existing stream. Lastly, attributable production from Penasquito is forecast to increase from 2025, driven by stronger silver grades, including contributions from stockpile material as mining progresses through planned sequencing.

    Long-Term Production Outlook

    Production is forecast to increase by approximately 50% to 1,200,000 GEOs3 by 2030, due to growth from multiple Operating assets including Antamina, Blackwater, Aljustrel , Marmato, Hemlo and Goose; Development assets that are in construction and/or various stages of ramp-up, including the Koné, Fenix, Kurmuk, Platreef,  Mineral Park and El Domo projects; and Pre-development assets including the Spring Valley, Copper World and Santo Domingo projects, all of which have received their major permits.

    From 2031 to 2035, attributable production is forecast to be maintained at 1,200,000 GEOs3 annually and incorporates additional incremental production from Pre-development assets including the Cangrejos, Kudz ze Kayah and Marathon projects, in addition to the Mt. Todd and Black Pine royalties.

    Not included in Wheaton’s long-term forecast and instead classified as ‘optionality’, is potential future production from 11 other assets including El Alto4, Navidad and Toroparu.

    Mr. Wes Carson, P.Eng., Vice President, Mining Operations is a “qualified person” as such term is defined under National Instrument 43-101, and has reviewed and approved the technical information disclosed in this news release.

    Fourth Quarter and Full Year 2025 Results

    Wheaton will release its 2025 fourth quarter and full year results on Thursday, March 12, 2026, after market close. A conference call will be held on Friday, March 13, 2026, starting at 8:00am PT (11:00 am ET) to discuss these results. To participate in the live call please use one of the following methods:

    Dial toll free from Canada or the US:      

    1-800-715-9871

    Dial from outside Canada or the US:  

    1-647-932-3411

    Pass code:  

    4433482


    RapidConnect URL:   

    Click here

    Live audio webcast:  

    Webcast Link

    Participants should dial in five to ten minutes before the call.

    The conference call will be recorded and available until March 20, 2026 at 11:59 pm ET. The webcast will be available for one year. You can listen to an archive of the call by one of the following methods:

    Dial toll free from Canada or the US:      

    1-800-770-2030

    Dial from outside Canada or the US:  

    1-647-362-9199

    Pass code:    

    4433482#

    Archived audio webcast:  

    Webcast Link

    Wheaton Precious Metals’ quarterly reporting for the remainder of 2026 is scheduled to be issued, after market close, on the following dates:

    Q1 2026 – Thursday, May 7, 2026
    Q2 2026 – Thursday, August 6, 2026
    Q3 2026 – Thursday, November 5, 2026

    About Wheaton Precious Metals Corp.

    Wheaton is the world’s premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors commodity price leverage and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming for all of its stakeholders. 

    End Notes             
    _______________________________
     1 Ounces produced represent the quantity of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions.  Production figures and average payable rates are based on information provided by the operators of the mining operations to which the silver, gold, palladium or cobalt interests relate or management estimates in those situations where other information is not available (specifically, final 2025 production information for Hemlo, Sudbury, Zinkgruvan and Neves-Corvo is based on management estimates). Certain production figures may be updated in future periods as additional information is received.
    2 Gold equivalent ounces for 2025 actual production, sales and PBND are calculated by converting silver, palladium and cobalt to a gold equivalent by using the following commodity price assumptions: $2,600 per ounce gold, $30 per ounce silver, $950 per ounce palladium, $950 per ounce of platinum and $13.50 per pound cobalt.
    3 Gold equivalent ounces for 2026 and long-term guidance are calculated by converting silver, palladium, platinum and cobalt to a gold equivalent by using the following commodity price assumptions: $4,800 per ounce gold, $80 per ounce silver, $1,500 per ounce Palladium, $2,000 per ounce Platinum, and $25 per pound Cobalt.
    4  El Alto was formerly known as Pascua Lama 

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 

    This press release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation concerning the business, operations and financial performance of Wheaton and, in some instances, the business, mining operations and performance of Wheaton’s Precious Metals Purchase Agreement (“PMPA”) counterparties. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to:

    • payment by WPMI of $4.3 billion to BHP and the satisfaction of each party’s obligations in accordance with the Silver Stream;
    • the receipt by WPMI of silver production in respect of the Antamina mine under the Silver Stream;
    • the ability of the Company to drawdown sufficient funds under both its existing revolving credit facility and the new Term Loan and the satisfaction of each party’s obligations under the existing revolving credit facility and the new Term Loan;
    • the ability of the Company to repay the existing revolving credit facility and new Term Loan;
    • the future price of commodities;
    • the estimation of future production from the mineral stream interests and mineral royalty interests currently owned by the Company (the “Mining Operations”) (including in the estimation of production, mill throughput, grades, recoveries and exploration potential);
    • the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates and the realization of such estimations);
    • the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton’s PMPA counterparties at Mining Operations;
    • the payment of upfront cash consideration to counterparties under PMPAs, the satisfaction of each party’s obligations in accordance with PMPAs and the receipt by the Company of precious metals and cobalt production or other payments in respect of the applicable Mining Operations under PMPAs;
    • the ability of Wheaton’s PMPA counterparties to comply with the terms of a PMPA (including as a result of the business, mining operations and performance of Wheaton’s PMPA counterparties) and the potential impacts of such on Wheaton;
    • future payments by the Company in accordance with PMPAs, including any acceleration of payments;
    • the costs of future production;
    • the estimation of produced but not yet delivered ounces;
    • the future sales of Common Shares under, the amount of net proceeds from, and the use of the net proceeds from, the at-the-market equity program;
    • continued listing of the Common Shares on the LSE, NYSE and TSX;
    • any statements as to future dividends;
    • the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs;
    • projected increases to Wheaton’s production and cash flow profile;
    • projected changes to Wheaton’s production mix;
    • the ability of Wheaton’s PMPA counterparties to comply with the terms of any other obligations under agreements with the Company;
    • the ability to sell precious metals and cobalt production;
    • confidence in the Company’s business structure;
    • the Company’s assessment of taxes payable, and the Company’s ability to pay its taxes;
    • possible CRA domestic audits for taxation years subsequent to 2019 and international audits subsequent to 2017;
    • the Company’s assessment of the impact of any tax reassessments;
    • the Company’s intention to file future tax returns in a manner consistent with the CRA Settlement;
    • the Company’s climate change and environmental commitments; and
    • assessments of the impact and resolution of various legal and tax matters, including but not limited to audits.

    Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “projects”, “intends”, “anticipates” or “does not anticipate”, or “believes”, “potential”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:

    • risks relating to the satisfaction of each party’s obligations in accordance with the terms of the Silver Stream;
    • risks relating to the Company’s ability to meet the conditions of, and the satisfaction of each party’s obligations under, the existing revolving credit facility and the new Term Loan;
    • risks relating to the generation of sufficient cash flow to repay the existing revolving credit facility and the new Term Loan;
    • risks associated with fluctuations in the price of commodities (including Wheaton’s ability to sell its precious metals or cobalt production at acceptable prices or at all);
    • risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with exploration, development, operating, expansion and improvement at the Mining Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as Mining Operations plans continue to be refined);
    • absence of control over the Mining Operations and having to rely on the accuracy of the public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations as the basis for its analyses, forecasts and assessments relating to its own business;
    • risks related to the uncertainty in the accuracy of mineral reserve and mineral resource estimation;
    • risks related to the satisfaction of each party’s obligations in accordance with the terms of the Company’s PMPAs, including the ability of the companies with which the Company has PMPAs to perform their obligations under those PMPAs in the event of a material adverse effect on the results of operations, financial condition, cash flows or business of such companies, any acceleration of payments, estimated throughput and exploration potential;
    • risks relating to production estimates from Mining Operations, including anticipated timing of the commencement of production by certain Mining Operations;
    • Wheaton’s interpretation of, or compliance with, or application of, tax laws and regulations or accounting policies and rules, being found to be incorrect or the tax impact to the Company’s business operations being materially different than currently contemplated, , or the ability of the Company to pay such taxes as and when due;
    • any challenge or reassessment by the CRA of the Company’s tax filings being successful and the potential negative impact to the Company’s previous and future tax filings;
    • risks in assessing the impact of the CRA Settlement (including whether there will be any material change in the Company’s facts or change in law or jurisprudence);
    • risks related to any potential or proposed amendments to Canada’s transfer pricing regime under the Income Tax Act (Canada) that may result if the Bill C-15, Budget 2025 Implementation Act, No.1, as tabled before the Canadian Parliament on November 4, 2025 is passed as currently drafted;
    • counterparty credit and liquidity risks;
    • mine operator and counterparty concentration risks;
    • indebtedness and guarantees risks;
    • hedging risk;
    • competition in the streaming industry risk;
    • risks relating to security over underlying assets;
    • risks relating to third-party PMPAs;
    • risks relating to revenue from royalty interests;
    • risks related to Wheaton’s acquisition strategy;
    • risks relating to third-party rights under PMPAs;
    • risks relating to future financings and security issuances;
    • risks relating to unknown defects and impairments;
    • risks related to governmental regulations;
    • risks related to international operations of Wheaton and the Mining Operations;
    • risks relating to exploration, development, operating, expansions and improvements at the Mining Operations;
    • risks related to environmental regulations;
    • the ability of Wheaton and the Mining Operations to obtain and maintain necessary licenses, permits, approvals and rulings;
    • the ability of Wheaton and the Mining Operations to comply with applicable laws, regulations and permitting requirements;
    • lack of suitable supplies, infrastructure and employees to support the Mining Operations;
    • risks related to underinsured Mining Operations;
    • inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by certain Mining Operations (including increases in production, estimated grades and recoveries);
    • uncertainties related to title and indigenous rights with respect to the mineral properties of the Mining Operations;
    • the ability of Wheaton and the Mining Operations to obtain adequate financing;
    • the ability of the Mining Operations to complete permitting, construction, development and expansion;
    • challenges related to global financial conditions;
    • risks associated with environmental, social and governance matters;
    • risks related to fluctuations in commodity prices of metals produced from the Mining Operations other than precious metals or cobalt;
    • risks related to claims and legal proceedings against Wheaton or the Mining Operations;
    • risks related to the market price of the Common Shares of Wheaton;
    • the ability of Wheaton and the Mining Operations to retain key management employees or procure the services of skilled and experienced personnel;
    • risks related to interest rates;
    • risks related to the declaration, timing and payment of dividends;
    • risks related to access to confidential information regarding Mining Operations;
    • risks associated with multiple listings of the Common Shares on the LSE, NYSE and TSX;
    • risks associated with a possible suspension of trading of Common Shares;
    • equity price risks related to Wheaton’s holding of longterm investments in other companies;‑term investments in other companies;
    • risks relating to activist shareholders;
    • risks relating to reputational damage;
    • risks relating to expression of views by industry analysts;
    • risks related to the impacts of climate change and the transition to a low-carbon economy;
    • risks associated with the ability to achieve climate change and environmental commitments at Wheaton and at the Mining Operations;
    • risks related to ensuring the security and safety of information systems, including cyber security risks;
    • risks relating to generative artificial intelligence;
    • risks relating to compliance with anti-corruption and anti-bribery laws;
    • risks relating to corporate governance and public disclosure compliance;
    • risks of significant impacts on Wheaton or the Mining Operations as a result of an epidemic or pandemic;
    • risks related to the adequacy of internal control over financial reporting; and
    • other risks discussed in the section entitled “Description of the Business – Risk Factors” in Wheaton’s Annual Information Form available on SEDAR+ at www.sedarplus.ca and Wheaton’s Form 40-F for the year ended December 31, 2024 on file with the U.S. Securities and Exchange Commission on EDGAR (the “Disclosure”).

    Forward-looking statements are based on assumptions management currently believes to be reasonable, including (without limitation):

    • that the payment of $4.3 billion to BHP will be made and that each party’s obligations in accordance with the terms of the Silver Stream will be satisfied;
    • that the Company will be able to drawdown sufficient funds under both its existing revolving credit facility and the new Term Loan and that each party’s obligations under the existing revolving credit facility and the new Term Loan will be satisfied;
    • that the Company will be able to repay the existing revolving credit facility and new Term Loan;
    • that there will be no material adverse change in the market price of commodities;
    • that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates;
    • that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate;
    • that public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations is accurate and complete;
    • that the production estimates from Mining Operations are accurate;
    • that each party will satisfy their obligations in accordance with the PMPAs;
    • that Wheaton will continue to be able to fund or obtain funding for outstanding commitments;
    • that Wheaton will be able to source and obtain accretive PMPAs;
    • that the terms and conditions of a PMPA are sufficient to recover liabilities owed to the Company;
    • that Wheaton has fully considered the value and impact of any third-party interests in PMPAs;
    • that expectations regarding the resolution of legal and tax matters will be achieved (including CRA audits involving the Company);
    • that Wheaton has properly considered the application of Canadian tax laws to its structure and operations and that Wheaton will be able to pay taxes when due;
    • that Wheaton has filed its tax returns and paid applicable taxes in compliance with tax laws;
    • that the trading of the Common Shares will not be adversely affected by the differences in liquidity, settlement and clearing systems as a result of multiple listings of the Common Shares on the LSE, the TSX and the NYSE;
    • that the trading of the Company’s Common Shares will not be suspended;
    • the estimate of the recoverable amount for any PMPA with an indicator of impairment;
    • that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic or pandemic; and
    • such other assumptions and factors as set out in the Disclosure.

    There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Wheaton. Readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing readers with information to assist them in understanding Wheaton’s expected financial and operational performance and may not be appropriate for other purposes. Any forward-looking statement speaks only as of the date on which it is made, reflects Wheaton’s management’s current beliefs based on current information and will not be updated except in accordance with applicable securities laws. Although Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. ‑looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended.

    Cautionary Language Regarding Reserves and Resources

    For further information on Mineral Reserves and Mineral Resources and on Wheaton more generally, readers should refer to Wheaton’s Annual Information Form for the year ended December 31, 2024, which was filed on March 31, 2025 and other continuous disclosure documents filed by Wheaton since January 1, 2025, available on SEDAR+ at www.sedarplus.ca. Wheaton’s Mineral Reserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.

    Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: The information contained herein has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The Company reports information regarding mineral properties, mineralization and estimates of mineral reserves and mineral resources in accordance with Canadian reporting requirements which are governed by, and utilize definitions required by,  Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Standards”). These definitions differ from the definitions adopted by the United States Securities and Exchange Commission (“SEC”) under the United States Securities Act of 1933, as amended (the “Securities Act”) which are applicable to U.S. companies. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted by the SEC. Accordingly, information contained herein that describes Wheaton’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. United States investors are urged to consider closely the disclosure in Wheaton’s Form 40-F, a copy of which may be obtained from Wheaton or from https://www.sec.gov/edgar.shtml.

    SOURCE Wheaton Precious Metals Corp.

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