Wheaton Precious Metals (WPM) M&A announcement summary

Deal rationale and strategic fit

• Acquisition of an additional 33.75% silver stream on Antamina mine in Peru, expanding exposure to a proven, long-life, low-cost asset and reinforcing a leading position in global silver production.

• Further diversifies the production mix, with Antamina expected to be the second-largest producing asset and to provide 18% of total production by 2030.

• Partnership with BHP and a strong ownership consortium highlights the attractiveness of the streaming model and enhances portfolio quality.

• Strengthens position as the largest precious metal streaming company globally and reduces credit risk by adding a Tier 1, investment-grade counterparty.

• Deepens collaboration with a consortium committed to responsible development and sustainability.

Financial terms and conditions

• Upfront payment of $4.3 billion for 33.75% of payable silver until 100 million ounces delivered, then 22.5% for life of mine, with ongoing payments equal to 20% of spot silver price per ounce delivered.

• Stream effective April 1, 2026, with closing expected on or about that date, subject to customary conditions.

• Funded through a mix of cash, free cash flow, asset sales, a $1.5B term loan, and $900M from a revolving credit facility.

• 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 low-cost, high-quality asset, with 76% of 2026 production forecast from first quartile cost curve mines.

• Antamina is 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.

• Increased exposure to investment-grade partners, reducing credit risk to 30%.