Wheaton Precious Metals (WPM) M&A announcement summary

Deal rationale and strategic fit

• Acquisition of a 33.75% silver stream on Antamina mine in Peru for $4.3 billion, reinforcing global leadership in precious metal streaming and expanding exposure to a world-class, low-cost, long-life asset.

• Antamina is a proven, cornerstone operation with immediate production and cash flow benefits, expected to be the second-largest producing asset through 2030 and beyond.

• Deepens partnership with a strong ownership consortium, including BHP, enhancing portfolio quality and reducing credit risk.

• Diversifies production mix and reduces concentration risk, supporting long-term growth and industry-leading silver exposure.

• Partnership with BHP highlights the attractiveness of the streaming model for major mining companies.

Financial terms and conditions

• Upfront payment of $4.3 billion, funded through $1.9B cash, $1.5B term loan, $0.9B revolving credit facility, free cash flow, and asset monetization.

• Ongoing payments for delivered silver set at 20% of the spot silver price.

• Stream covers 33.75% of payable silver until 100 million ounces delivered, then 22.5% for life of mine, effective April 1, 2026.

• Transaction value represents 6.5% of total market capitalization, with pro forma 2026 production expected to increase by 11.3%.

Synergies and expected cost savings

• Immediate accretive production and cash flow from a top-tier, low-cost asset, enhancing growth pipeline and production reliability.

• 76% of production now falls within the lowest cost quartile, reducing overall cost structure.

• Antamina forecast to deliver average attributable production of 6.0 Moz silver/year for the first five years and 5.4 Moz/year for the first ten years.