Wheaton Precious Metals (WPM) investor relations material

Streaming model and portfolio

• 80% of production comes from assets in the lower half of their respective cost curves; 99% of 2026-2030E revenue is forecast from precious metals.

• Streaming agreements provide fixed or contractually defined delivery costs, commodity-price leverage, and exploration and expansion upside, generally without additional cost.

• Portfolio spans 22 operating mines and 20 development projects; streaming partnerships cover 38 companies with assets in 19 countries.

• Operating portfolio has a 23-year proven and probable reserve mine life; 80% of forecast production is from assets in the lower half of cost curves.

Growth and diversification

• 2026 production guidance is 860-940 Koz GEOs, with ~12% growth from 2025 actuals to the guidance midpoint.

• Long-term production is forecast to reach 1.2 million GEOs per year by 2030 and remain at that level from 2031 to 2035.

• Forecast growth from Antamina and new assets is expected to broaden the production mix; Salobo's share is projected to decline from 37% in 2025 to 26% in 2030.

• The $4.3B Antamina silver stream provides 33.75% of payable silver until 100 Moz delivered, then 22.5% for life of mine; forecast average production is 6.0 Moz/year for the first five years.

• The $275M Jervois gold and silver stream is forecast to average 5.8 Koz gold and 0.77 Moz silver annually for the first five years of production.

Financial profile and shareholder returns

• At Sept. 30, 2026, net debt was $1.5B and net debt/EBITDA was ~0.5x; available capacity was $3.0B, including cash and revolving credit facility capacity.

• Forecast five-year average annual operating cash flow is ~$2.7B at spot commodity prices; forecast cash flow is expected to support debt repayment and future acquisitions.

• 2026 annual dividend increased 18% under the progressive policy; the declared Q3 2026 dividend was $0.195/share, and decade dividend growth was 370%.

• 80% of current production is from high-margin mines in the lower half of cost curves; development projects outside guidance offer potential for ~200,000 additional GEOs/year.