Wheaton Precious Metals (WPM) Investor Day 2024 summary

Strategic priorities, vision, and business model

• Focus on stakeholder value, including shareholders, partners, and communities, with a strong emphasis on sustainable benefits and ESG leadership in the streaming and royalty sector.

• Streaming model provides upfront capital for a share of future metal production, offering commodity price leverage and long-life, low-cost asset exposure.

• Portfolio is diversified globally across 45 assets, with 18 producing mines and 27 development projects, minimizing political risk and supporting significant organic growth.

• 93% of production comes from first or second quartile cost assets, ensuring resilience and reinvestment by partners, with a 28-year reserve mine life.

• Progressive dividend policy, with a 2024 increase and a track record of returning $2.2 billion to shareholders since inception.

Growth outlook and financial guidance

• Achieved a record year in 2023 with over $1 billion deployed across multiple transactions, exceeding annual cash flow.

• Forecasts 40%-50% organic production growth by 2028, targeting over 800,000 gold equivalent ounces annually, with long-term guidance of 850,000 GEOs per year from 2029-2033.

• Over 80% of five-year growth is de-risked, coming from operating, in-construction, or permitted assets.

• No equity issued since 2016; growth funded by operating cash flow, with a strong balance sheet and $2 billion in undrawn credit as of June 2024.

• Dividend has tripled over the past decade, with a commitment to progressive annual growth tied to net cash balance and activity level.

Investment process, valuation, and risk management

• Multi-pronged, iterative due diligence process includes in-house technical, ESG, legal, and financial reviews, with most opportunities rejected before final decision.

• Dual-track valuation by Finance and Corporate Development ensures accountability and risk-adjusted accretiveness.

• Structural safeguards in streaming contracts mitigate commodity price, production, credit, ESG, and permitting risks.

• ESG due diligence is rigorous, using a scorecard based on international standards, and often determines whether to proceed with an investment.

• Continuous improvement through post-mortem analysis and disciplined growth strategy.