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 a leading position in global silver production and expanding exposure to a cornerstone, long-life, low-cost asset.

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

• Deepens exposure to a high-quality, strategic asset with strong partners, including BHP, Glencore, Teck, and Mitsubishi, enhancing portfolio quality and diversification.

• Strengthens portfolio quality, reduces credit risk, and diversifies asset concentration, reducing reliance on the largest asset, Salobo.

• Enhances industry-leading silver exposure and demonstrates the attractiveness of the streaming model for major mining companies.

Financial terms and conditions

• $4.3 billion upfront payment to acquire 33.75% of payable silver until 100 Moz delivered, then 22.5% for life of mine, funded through cash, free cash flow, monetization of non-core investments, a $1.5 billion term loan, and a $900 million draw on a revolving credit facility.

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

• The investment represents 6.5% of total market capitalization and is expected to be immediately accretive, with pro forma 2026 production increasing by 11.3%.

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

• Financing includes $1.9B cash, $1.5B new term loan, and $0.9B from existing revolving credit facility.

Synergies and expected cost savings

• Immediate accretive production from a top-tier, low-cost asset, with attributable silver production averaging 6 million ounces/year for the first five years and 5.4 million ounces/year for the first ten years.

• 76% of 2026 production forecast from first quartile cost curve mines, supporting a low-cost profile.

• Stream features no buyback clause, limited production percentage drop-down, and full exposure to commodity prices.

• Tax shelter benefits as the upfront payment can be depleted with other assets, reducing tax exposure.

• Transaction increases 2026 production by 11.3% on a pro-forma basis.