Wheaton Precious Metals (WPM) investor relations material

Strategic direction, vision, and capital allocation

• Focus remains on acquiring high-quality, long-life, low-cost precious metals streams, with 99% of revenues from precious metals and a slightly gold-weighted profile projected through 2030.

• Delivers sustainable, non-dilutive funding to high-quality mines, supporting production of precious and critical metals while creating long-term stakeholder value.

• Over $4.6 billion committed to new assets in 2026, with annual commitments averaging $900 million–$1 billion over the past decade.

• Maintains a lean, scalable business model with only 47 employees globally, delivering high value per employee.

• Capital allocation prioritizes accretive streams, progressive dividends (up 370% in 10 years), and a strong balance sheet with low leverage.

Growth profile, portfolio diversification, and financial guidance

• Production is set to grow 50% from 804,000 gold-equivalent ounces in 2025 to 1.2 million by 2030, with stable production through 2035.

• Growth is de-risked, with all projected ounces to 2030 coming from operating, ramping, or financed assets.

• Portfolio includes 22 operating mines and 20 development projects, with diversification reducing single-asset risk; Salobo's share drops from 37% to 26% by 2030.

• Nearly half of all streaming capital committed to the sector since 2004 has been provided, totaling $38B.

• Strong balance sheet with $2.6B in liquidity and a conservative leverage ratio of 0.6x, supporting self-funded growth and progressive dividends.

Stream structuring, risk management, and technical excellence

• Streams are structured to maximize upside and protect downside, with parent guarantees, security, enforceable delivery, and delay protections.

• Buybacks and dropdowns are structurally limited, often with price adjustment clauses to capture upside.

• 75% of production comes from investment-grade counterparties, lowering credit risk compared to peers.

• Due diligence is rigorous, with less than 5% of opportunities pursued; technical, ESG, and financial reviews are integrated into every transaction.

• Realized IRRs have reached 3.2x original expectations, outperforming peers due to disciplined asset selection and structuring.