Wheaton Precious Metals (WPM) Mining Forum Europe 2026 summary

Strategic overview and business model

• Pioneered the streaming model 22 years ago to unlock overlooked precious metal value, benefiting both operators and streamers.

• Structured production payments to ensure streams are not a long-term burden, offering investors low-risk, high-margin exposure to commodity prices.

• Sector-leading growth forecast of 50% by 2030, with $10 billion in cash flow expected through 2028.

• Operates with a lean team of 46 employees, managing 23 operating mines and 26 development projects globally.

• Portfolio is concentrated in precious metals, with 99% of revenue from this segment and a 23-year reserve mine life.

Asset portfolio and growth drivers

• Key assets include Salobo (Brazil), Antamina (Peru), Peñasquito (Mexico), and Blackwater (Canada), with new projects in Africa advancing.

• Gold now represents 52% of forecast production, reflecting an evolution from initial silver focus.

• 80% of production is forecast to come from mines in the lowest half of their cost curves, supporting resilience.

• 2025 production exceeded guidance midpoint by 10%; 2026 forecast is 860,000–940,000 gold equivalent ounces, growing to 1.2 million by 2030.

• Growth is organic, driven by ramp-ups, expansions, and de-risked development projects, with first production at Koné and Kurmuk expected this year.

Recent transactions and financial position

• Acquired BHP’s 33.75% Antamina silver stream for $4.3 billion, doubling Antamina production and reducing Salobo concentration.

• Maintains highly predictable costs with fixed production payments, supporting margins above 80%.

• Net debt position of $2.2 billion post-BHP deal, with $10 billion in operating cash flow forecast through 2028.

• Expects to return to net cash position within a year, with $1.8 billion capacity for further transactions.

• Progressive dividend policy, increasing payouts annually; $2.6 billion returned to shareholders since inception.