Wheaton Precious Metals (WPM) Corporate presentation summary

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.

• 80% of production comes from high-margin mines in the lowest half of their cost curves, with a 23-year reserve mine life and ~50% organic growth expected by 2030.

Portfolio and growth

• Holds a global portfolio with 22 operating mines and 28 development projects, including cornerstone assets in Brazil, Peru, Mexico, Canada, Côte d'Ivoire, and South Africa.

• Announced a record $4.3B streaming transaction with BHP (Antamina) in 2026 and invested $1.3B in additional assets in 2025 and 2026.

• Forecasts production growth to 1.2 million gold equivalent ounces (GEOs) by 2030, maintaining this level through 2035.

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 net debt/EBITDA ratio of ~0.7x post-Antamina acquisition.

• Progressive dividend policy with an 18% increase in 2026, totaling $2.7B declared in dividends since inception.

• Maintains sector-leading cash operating margins and cost predictability, with 2026-2030E average cash costs at $479/oz gold and $6.6/oz silver.