Wheaton Precious Metals (WPM) investor relations material

Strategic Direction, Capital Allocation, and Business Model

• Focus is on high-quality, long-life, low-cost precious metals assets, with $4.6 billion committed to new streams in 2026 and an average of $900 million annually over the past decade.

• The business model is lean and scalable, with only 47 employees globally, delivering outsized value per employee and providing sustainable, non-dilutive funding to high-quality mines.

• 99% of revenues are derived from precious metals, with a slightly gold-weighted profile expected through 2030 and a diversified portfolio across multiple continents.

• Capital allocation favors accretive streams and shareholder returns, with a robust pipeline of $200–500 million opportunities and readiness for future multibillion-dollar transactions.

• Disciplined capital allocation has avoided significant equity dilution, with $7 billion of debt deployed since inception and ~250 million shares of dilution avoided.

Growth Profile, Financial Guidance, and Market Positioning

• Organic growth is prioritized, with 50% production growth targeted by 2030, reaching 1.2 million gold equivalent ounces, all from already funded or underwritten assets.

• Production guidance for 2026 is 860,000–940,000 ounces, with ~12% growth from 2025 to the midpoint of 2026 guidance.

• Operating cash flows are projected to exceed $2.5 billion in the next 12 months, with a strong balance sheet, $2.6 billion in liquidity, and a conservative leverage ratio of 0.6x.

• Dividend has increased 370% over the past decade, with an 18% increase in 2026 and $2.8 billion declared since inception.

• The company’s disciplined approach has delivered a 3.2x IRR multiplier versus peers and outperformed commodities and indices over multiple timeframes.

Portfolio Quality, Diversification, and Asset Selection

• Portfolio includes 22 operating mines and 20 development projects, with cornerstone assets such as Salobo, Antamina, Peñasquito, and Blackwater.

• By 2030, asset concentration will be further diversified, with Antamina’s contribution growing and new jurisdictions such as Africa and Australia added.

• Seven of the ten largest streaming transactions ever are held, reflecting scale and reputation, and nearly half of all streaming capital committed to the sector since 2004 has been provided, totaling $38 billion.

• 75% of production comes from investment-grade counterparties, and 80% of production is from assets in the lowest half of the cost curve.

• Less than 5% of over 100 annual opportunities are pursued, with rigorous technical due diligence and a proprietary block model to validate resources and upside.