Wheaton Precious Metals (WPM) investor relations material

Strategic vision and business model

• Aims to be the world's premier precious metals investment vehicle, delivering value through streaming to all stakeholders including shareholders, mining partners, and local communities.

• Streaming model provides low-risk, long-term, diversified exposure with high-quality assets and predictable costs, shielding from inflationary pressures.

• Progressive dividend policy and sector-leading sustainability ratings reinforce commitment to shareholder returns and ESG excellence.

Portfolio and growth profile

• Holds a global portfolio with 23 operating mines and 26 development projects, including cornerstone assets in Brazil, Peru, Mexico, Canada, Côte d'Ivoire, and South Africa.

• 80% of production comes from low-cost, high-margin mines; proven and probable reserve mine life is 23 years.

• Forecasts ~50% organic growth by 2030, driven by key assets like Antamina and new projects such as Koné and Fenix.

• Largest precious metals streaming transaction on record ($4.3B with BHP/Antamina) and $1.3B in additional investments in 2025-2026.

Financial performance and capital structure

• Forecasts ~$10B in operating cash flow from 2026-2028 at base case commodity prices, with strong liquidity and a conservative balance sheet (net debt/EBITDA ~0.7x).

• Progressive dividend policy with an 18% increase in 2026, totaling $2.6B declared since inception.

• Maintains high cash operating margins and predictable costs, with average cash costs per ounce among the lowest in the industry.