Wheaton Precious Metals (WPM) investor relations material

Streaming model and portfolio quality

• Contractually defined per-ounce delivery costs limit exposure to inflationary operating costs; fixed payments provide leverage to higher precious-metal prices.

• 80% of forecast production comes from assets in the lower half of their cost curves; proven and probable reserve mine life is 23 years.

• 99% of forecast 2026–2030 revenue is from precious metals, with exposure across gold, silver, palladium, platinum and cobalt.

• Portfolio includes 22 operating mines and 20 development projects; streaming partnerships span 38 companies in 19 countries.

Production growth and diversification

• 2025 actual production was 804 Koz GEOs; 2026 guidance is 860–940 Koz, implying ~12% growth to the guidance midpoint.

• Long-term guidance targets 1.2 million GEOs annually by 2030 and maintenance of that level from 2031 to 2035.

• Anticipated organic growth is ~50% by 2030, driven by operating assets and projects including Antamina, Blackwater, Koné, Platreef, Fenix and Kurmuk.

• Portfolio mix is expected to diversify by 2030, with Salobo’s share of GEO production falling from 37% in 2025 to 26%; Antamina’s share rises from 12% to 18%.

Financial capacity and shareholder returns

• Net debt was $1.9B at June 30, 2026, with pro forma net debt/EBITDA of ~0.6x; available capacity was cited at $2.6B.

• Forecast average annual operating cash flow is ~ $3B for 2026–2030 at spot commodity prices.

• 2026 annual dividend increased 18% under the progressive policy; the declared Q3 2026 dividend was $0.195 per share.

• Dividend growth was 370% over the prior decade.