Wheaton Precious Metals Corp · TSX:WPM
Wheaton Precious Metals — Investor Presentation (January 2026)
67 slides from Wheaton Precious Metals's investor presentation, January 2026
Slide 1: The Premier Precious Metals Investment
The Premier Precious Metals Investment WHEATONPM.COM January 2026 TSX | NYSE | LSE: WPM
Slide 2: Cautionary Statements
Cautionary Statements Cautionary Note Regarding Forward-Looking Statements The information contained in this presentation contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meanin
Slide 3: Who is Wheaton Precious Metals?
Who is Wheaton Precious Metals?
Slide 4: A Model Designed to Deliver Value to All Stakeholders
A Model Designed to Deliver Value to All Stakeholders Our Vision: To be the world’s premier precious metals investment vehicle Our Mandate: To deliver value through streaming to all our stakeholders Shareholders Partners Neighbours We deliver low-risk, long-term, By crystallizing value for We promot
Slide 5: Wheaton's Streaming Advantage
Wheaton’s Streaming Advantage Original Architects of the Streaming Model High-Quality Assets Commodity Price Leverage 83% of Wheaton’s current production comes from high Investors gain leverage from fixed per-ounce delivery margin mines operating in the lowest half of their payments across most oper
Slide 6: Sector-Leading Organizational Structure
The Wheaton Advantage The Sustainable Option for Precious Metal Investing of production from assets new investments into Development Momentum $1.2 cash & cash equivalents Strong Balance Sheet High-Quality, Long-Life 83% in the lowest half of the 7 assets in the past 18 at Sept 30, 2025 Strong Corpor
Slide 7: Wheaton's Global Portfolio
Wheaton’s Global Portfolio 5 Vancouver Office 3 Cornerstone Assets 1 Salobo, Brazil 2 Antamina, Peru 3 Peñasquito, Mexico 2 1 4 Constancia, Peru 4 5 Blackwater, Canada 6 Platreef, South Africa 6 23 Operating Mines 25 Development Projects & Other WHEATON PRECIOUS METALS 7
Slide 8: Our Partners
Our Partners Capstone Copper Newmont Allied Gold Hudbay Integra Silvercorp Aris Mining Eldorado Pan American Silver Vale First Majestic Sibanye-Stillwater Barrick Waterton Copper Equinox Gold Ivanhoe Mines Hemlo Mining Corp Glencore Montage Generation Mining Panoro Minerals Rio2 Kutcho Copper Almina
Slide 9: Leading with Quality: Precious Metals Exposure from Long-Life, Low-Cost Assets
Leading with Quality: Precious Metals Exposure from Long-Life, Low-Cost Assets Assets That Can Withstand Commodity Price Fluctuations Precious Metals Exposure Long-Life High-Quality 2025 Forecast Revenue Mine Life of Operating Portfolio1,2,9 2025 Forecast Production by Commodity1,4 70 by Cost Quarti
Slide 10: The Streaming Industry's Most Robust Growth Profile
The Streaming Industry’s Most Robust Growth Profile As of February 2025: Pathway to Long-term, Organic Growth Production Growth from 2025 Long-Term Guidance 1,000 2024 2025 Actuals: Guidance: 900 GEOs: GEOs: 634 Koz 600-670 Koz Gold Equivalent Production (GEO4) (Koz) 800 Anticipated Organic Growth L
Slide 11: Predictable Costs with High Margins and no Inflationary Cost Pressures
Cash Operating Costs Predictable Costs with High Margins and no Inflationary Cost Pressures Total Cash Cost and Cash Operating Margins per Ounce 1,5,6,7 $3,000 Gold Price (US$/oz) $2,500 $2,000 $1,500 82% 76% 75% 74% 77% $1,000 69% 66% 69% 69% 68% 70% $500 $386 $393 $391 $395 $409 $421 $426 $459 $47
Slide 12: Strong Balance Sheet: Ample Capacity to Fund Future Growth
Strong Balance Sheet Ample Capacity to Fund Future Growth % Increase Cash Flow Sensitivity to Au Price Ag Price $26 from Base Commodity Price $US/oz $US/oz Case $24 50% $6,450 $105.00 55% $22 38% 35% $5,805 $94.50 $20 >10% leverage $18 22% 20% $5,160 $84.00 $16 11% 10% $4,730 $77.00 Billions (US$) $
Slide 13: Accretive Deployment of Capital
Accretive Deployment of Capital $14 As of September 30, 2025, since inception, the Company has recouped over 100% of its initial upfront investments14,25 $12 $10 Billions ($US) $8 $6 $4 $2 $0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 202
Slide 14: Progressive and Sustainable Dividend
Progressive and Sustainable Dividend Progressive Dividend Policy $0.70 $0.66 Dividend per share ($US)12 $0.62 $0.60 $0.60 Quarterly Dividend Policy $0.60 $0.57 $0.50 $0.42 o Increase to annual dividend of 6.5% in 2025, $0.40 $0.36 $0.36 $0.33 per progressive dividend policy. $0.30 $0.21 o Declared f
Slide 15: Benefits to Mining Partners
Benefits to Mining Partners
Slide 16: Benefits to Mining Partners
Benefits to Mining Partners Partnering with Wheaton provides additional benefits debt and equity do not offer WHEATON Debt Equity PRECIOUS METALS Non-dilutive form of funding Initial value creation for both parties Improves project IRR Crystalize future production of mining partner Partnership foste
Slide 17: Precious Metals Streaming
Precious Metals Streaming Benefits to Mining Partners Initial Value Creation Value Created by Streaming The market value of precious Value Created by Streaming metal in a streaming Streamer Market Value company’s portfolio is generally higher than precious metal produced by a Producer Market Value t
Slide 18: Benefits to the Community
W WH EATON Community PRECIOUS METALS Benefits to the
Slide 19: Sustainability a Core Value
Strong Community Governance Investment Programs & Policies Sustainability a Core Value The stronger our communities are, the stronger our partners are, the stronger we are. Sustainability Strategy aligned with the United Nations’ Sustainable Development Goals which Includes goals and targets related
Slide 20: Community Investment Program
Community Investment Program Making an Impact Health & Climate & Community Education Wellness Nature Development Community Investment Budget (1.5% of average net income of previous four years) 1% 0.5% Partner Local (Mining Communities) (Vancouver & Cayman) In 2024, Wheaton contributed $8.5 million t
Slide 21: Recognition for Sustainability Performance
Recognition for Sustainability Performance Top-rated Among ESG Analysts16,17 o Established a Sustainability-linked element in connection with existing undrawn US$2 billion revolving credit facility. Strong Partner ESG Performance o Supporting our communities through our local and partner community i
Slide 22: Why Invest in Wheaton Precious Metals?
Why Invest in Wheaton Precious Metals?
Slide 23: Why Every Portfolio Should Have Gold Exposure
Why Every Portfolio Should Have Gold Exposure Gold and Various Currencies Measured in Gold 2002-2024 Long-Term Store of Value: • Gold has been used as a store of value for thousands of years. • During geopolitical turmoil or financial crises, investors often flock to gold as a haven for their wealth
Slide 24: The World's Premier Precious Metals Investment
The World’s Premier Precious Metals Investment Wheaton has a high-quality stream portfolio ~ 99% and is the only streamer with ~99% of revenue from precious metals production OTHER WHEATON STREAMING BULLION PRECIOUS METAL PRECIOUS METALS /ROYALTY /ETFS MINERS COMPANIES ~99% of revenue from precious
Slide 25: Wheaton Versus Other Streamers
Wheaton Versus Other Streamers Precious Metals Leading Revenue Generation 2024 Revenue Mix by Streamer18 Royal Gold 12% 36% 88% 12% precious metals 76% 1% 1% 99% precious metals Franco Nevada 3% 2% 11% 5% 62% 77% 17% precious metals 63% Gold Silver PGM Other Metals Iron Ore Oil & Gas Wheaton’s 2024
Slide 26: Wheaton's Track Record
Wheaton’s Track Record As of September 30, 2025 ~$11.3 invested in streams to date20 27 reserve mine life remaining1,2,9 BILLION YEARS ~$12.5 cash flow generated to date21 AAA high ratings recognizing Wheaton’s BILLION dedication to sustainability16,17 ~$2.6 declared in dividends to date12 17% avera
Slide 27: Consistently Outperforming Gold and Silver
Consistently Outperforming Gold and Silver 250% Total Average Rolling Multi-Year Return Comparison as of Jan 7, 202623 200% Average Total Return 150% 100% 50% 0% 1-Year 3-Year 5-Year 10-Year Gold Silver Philadelphia Gold & Silver Index (XAU) VanEck Vectors Gold Miners ETF (GDX) Wheaton Wheaton’s str
Slide 28: Wheaton Checks all the Boxes
If You Like Precious Metals… Leverage to increasing Significant organic growth precious metals prices Significant expansion & Dedication to sustainability exploration potential High-quality, long-life asset base Progressive dividend Strong focus on deal structure and Cost predictability security Whe
Slide 29: Contact
Contact INVESTOR RELATIONS CONNECT WITH US Tel: 604-684-9648 @Wheaton_PM Toll Free: 1-844-288-9878 Email: info@wheatonpm.com @WheatonPM TRANSFER AGENT @Wheaton Precious Metals Corp. Odyssey Trust Company Toll Free: 1-888-290-1175 International: 1-587-885-0960 Email: shareholders@odysseytrust.com WHE
Slide 30: Appendix and Endnotes
Appendix and Endnotes
Slide 31: What is Gold247? Why now?
What is Why now? Gold247? The World Gold Council's strategic vision for Gold has a systemic role in the world's economy. The transforming the global gold market and elevating gold Gold 247 initiatives way gold is traded, and supply chain management into the mainstream of financial markets. needs to
Slide 32: Streaming Throughout the Cycle
Streaming Throughout the Cycle Spring Valley Some Days you Reap, Some Days you Sow… $4,500 $80 Hemlo Fenix (ammendment) Platreef, Curraghinalt, KZK $4,000 $70 Kurmuk $3,500 $60 Koné Mineral Park Salobo 1/Sudbury $3,000 Santo Domingo $50 Cangrejos Constancia Ag Marmato Silver Price (US$) Gold Price (
Slide 33: Revenue Exposure
Revenue Exposure Highly Diversified Portfolio 2025-2029E Revenue Mix1,4 2% 2% 1% 1% 0.4% 2% 2% 2% 3% Brazil Mexico Peru 5% Gold Canada 35% Silver 9% Europe 34% Cobalt Cote d'ivoire USA Palladium 11% Chile Platinum 63% South Africa Ecuador 14% 15% Ethiopia Colombia WHEATON PRECIOUS METALS 33
Slide 34: Strong Track Record Of Organic Growth
Strong Track Record Of Organic Growth Exploration and Inferred Conversion Reserves and Resources Growth2,3,8 13.4M GEOs 14.8M GEOs 9.3M GEOs (M&I) 15.0M GEOs (M&I) 28.7 GEOs (P&P) 21.5M GEOs (P&P) Total Acquired Total Exploration & Total Mined R&R Inferred Conversion Exploration and inferred convers
Slide 35: Strong Track Record of Accretive Growth
Strong Track Record of Accretive Growth Expansion & Growth Through Exploration & Acquisitions Total attributable gold equivalent ounces per 9.0 100 shares since inception2,9 M&I P&P Mined GEOs 7.0 Gold Eq oz / 100 share 5.0 3.0 1.0 -1.0 -3.0 2006 2007 2004 2005 2008 2009 2010 2011 2012 2013 2014 201
Slide 36: Accretive Growth: Spring Valley Project
Accretive Growth Asset Overview1 Spring Valley Project Operator Waterton Gold LP Location Nevada, USA Stream Gold Date of Acquisition November 6, 2025 Stream Parameters 8% of the payable gold until 300Koz delivered, then 6% of payable gold for life of mine. Upfront Consideration $670 million to be p
Slide 37: Spring Valley Project
Spring Valley Project Limited Exploration in a Proven Mining District Points to Upside Potential Spring Valley Project Location in Nevada Extensive Land Package of Over 30,000 Acres Mining activities will occur on concessions that represent less than 5% of the Spring Valley land package, Source: Sol
Slide 38: Accretive Growth: Hemlo Project
Accretive Growth Asset Overview1 Hemlo Project Operator Hemlo Mining Corp. Location Ontario, Canada Stream Gold Date of Acquisition September 10, 2025 10.13% of the payable gold until 136Koz delivered, then 6.75% until additional 118Koz HEMLO Stream Parameters29 delivered, then 4.50% for life of min
Slide 39: Accretive Growth: Kurmuk Project
Accretive Growth Asset Overview1 Kurmuk Project Operator Allied Gold Location Ethiopia Stream Gold Date of Acquisition December 05, 2024 6.7% of the payable gold until a total of 220 Koz of gold has been delivered at which point WPMI will Stream Parameters purchase 4.8% of the payable gold for the l
Slide 40: Accretive Growth: Koné Project
Accretive Growth Asset Overview1 Koné Project Operator Montage Gold Location Côte d'Ivoire Stream Gold Date of Acquisition October 23, 2024 19.5% of the payable gold until a total of 400 Koz of gold has been delivered, then Wheaton Precious Metals International Ltd. (“Wheaton”) will purchase 10.8% o
Slide 41: Company Acquisition History
Company Acquisition History 20 20 20 18 07 12 20 Salobo II Kutcho 16 20 Antamina 20 San Dimas Silver Los Filos Zinkgruvan Pascua-Lama Silverstone 10 Resources: • Minto 17 • Neves-Corvo Salobo I 20 20 • Aljustrel Sudbury 20 • Navidad Toroparu Constancia Gold 04 09 Constancia Silver 20 15 13 Voisey’s
Slide 42: Company Acquisition History
Company Acquisition History 20 20 20 Marmato (amended in 2022) 21 22 Black Pine (royalty) Cangrejos Blackwater (expansion) 24 DeLamar (royalty) Blackwater (amendment) Fenix (amendment) Hemlo Mineral Park Koné Spring Valley Platreef Kurmuk Kudz Ze Kayah Curraghinalt 20 Mt Todd (royalty) 20 20 El Domo
Slide 43: Company Acquisition History
Company Acquisition History PRECIOUS METAL INTEREST OPERATOR LOCATION UPFRONT ATTRIBUTABLE PRODUCTION PRODUCTION PAYMENT DATE CONSIDERATION (USD AS OF SEPT 30, 20251 THOUSANDS) GOLD SILVER GOLD SILVER 1 San Dimas2 First Majestic Mexico $ 25% 25% paid in gold $637 15-OCT-04 2 Los Filos Equinox Mexico
Slide 44: Company Acquisition History
Company Acquisition History PRECIOUS METAL INTEREST OPERATOR LOCATION UPFRONT CONSIDERATION ATTRIBUTABLE PRODUCTION PRODUCTION PAYMENT DATE (USD THOUSANDS) AS OF SEPT 30, 20251 GOLD SILVER OTHER GOLD SILVER OTHER 16 Antamina10 Glencore Peru $ 900,000 33.75% 20% of Spot 3-NOV-15 17 Cotabambas11 Panor
Slide 45: Company Acquisition History: Notes to Timeline
Company Acquisition History Notes to Timeline 1. Subject to an annual inflationary adjustment with the exception of Sudbury. 2. Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of th
Slide 46: Company Acquisition History: Notes to Timeline
Company Acquisition History Notes to Timeline 15. Once Wheaton has received 10 million ounces of silver under the Cozamin PMPA, the Company’s attributable silver production will be reduced to 33% 16. Once the Company has received 285,000 ounces of gold under the Santo Domingo PMPA, the Company’s att
Slide 47: Attributable Reserves & Resources - Gold
Attributable Reserves & Resources - Gold Total Proven & Probable DECEMBER 31, 2024 (6) DECEMBER 31, 2023 PROVEN PROBABLE PROVEN & PROBABLE PROVEN & PROBABLE TONNAGE GRADE CONTAINED TONNAGE GRADE CONTAINED TONNAGE GRADE CONTAINED TONNAGE GRADE CONTAINED ASSET MT G/T / % MOZ / MLBS MT G/T / % MOZ / ML
Slide 48: Attributable Reserves & Resources - Gold
Attributable Reserves & Resources - Gold Total Measured, Indicated and Inferred MEASURED INDICATED MEASURED & INDICATED INFERRED TONNAGE GRADE CONTAINED TONNAGE GRADE CONTAINED TONNAGE GRADE CONTAINED GRADE CONTAINED ASSET MT G/T / % MOZ / MLBS MT G/T / % MOZ / MLBS MT G/T / % MOZ / MLBS G/T / % MOZ
Slide 49: Attributable Reserves & Resources - Silver
Attributable Reserves & Resources - Silver Total Proven & Probable PROVEN PROBABLE PROVEN & PROBABLE PROVEN & PROBABLE TONNAGE GRADE CONTAINED TONNAGE GRADE CONTAINED TONNAGE GRADE CONTAINED TONNAGE GRADE CONTAINED ASSET MT G/T / % MOZ / MLBS MT G/T / % MOZ / MLBS MT G/T / % MOZ / MLBS MT G/T / % MO
Slide 50: Attributable Reserves & Resources - Silver
Attributable Reserves & Resources - Silver Total Measured, Indicated and Inferred MEASURED INDICATED MEASURED & INDICATED INFERRED TONNAGE GRADE CONTAINED TONNAGE GRADE CONTAINED TONNAGE GRADE CONTAINED TONNAGE GRADE CONTAINED ASSET MT G/T / % MOZ / MLBS MT G/T / % MOZ / MLBS MT G/T / % MOZ / MLBS M
Slide 51: Attributable Reserves & Resources - Other
Attributable Reserves & Resources - Other Total Proven & Probable DECEMBER 31, 2024 (6) DECEMBER 31, 2023 PROVEN PROBABLE PROVEN & PROBABLE PROVEN & PROBABLE TONNAGE GRADE CONTAINED TONNAGE GRADE CONTAINED TONNAGE GRADE CONTAINED TONNAGE GRADE CONTAINED ASSET MT G/T / % MOZ / MLBS MT G/T / % MOZ / M
Slide 52: Attributable Reserves & Resources
Attributable Reserves & Resources 1. All Mineral Reserves and Mineral Resources have been estimated in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards for Mineral Resources and Mineral Reserves and National Instrument 43-101 – Standards for Disclosure
Slide 53: Attributable Reserves & Resources
Attributable Reserves & Resources 7. Process recoveries are the Company’s estimated average percentage of gold, silver, palladium, platinum, or cobalt in a saleable product (doré or concentrate) recovered from mined ore at the applicable site process plants. 8. Mineral Reserves are estimated using a
Slide 54: Attributable Reserves & Resources
Attributable Reserves & Resources y. Platreef project - declining NSR cut-offs of between $155 and $80 per tonne assuming $1,600 per ounce platinum, $815 per ounce palladium, $1,300 per ounce gold, $1,500 per ounce rhodium, $8.90 per pound nickel and $3.00 per pound copper. z. Salobo mine – 0.25% co
Slide 55: Attributable Reserves & Resources
Attributable Reserves & Resources t. Loma de La Plata project – 50 grams per tonne silver equivalent cut-off assuming $12.50 per ounce silver and $0.50 per pound lead. u. Marathon project – NSR cut-off of Cdn $15.00 per tonne for the Marathon project assuming $1,800 per ounce palladium, $1,000 per o
Slide 56: Attributable Reserves & Resources
Attributable Reserves & Resources 11. The Company’s attributable Mineral Resources and Mineral Reserves for the Antamina silver interest, Cozamin silver interest, Los Filos silver interest, Marmato gold and silver interests, Santo Domingo gold interest, Blackwater gold and silver interests, Marathon
Slide 57: Attributable Reserves & Resources
Attributable Reserves & Resources 27. The Blackwater Silver and Blackwater Gold PMPAs provide that Artemis will deliver respectively silver and gold equal to (i) 50% of the payable silver production until 17.8 million ounces are delivered and 33% thereafter for the life of the mine, and (ii) 8% of t
Slide 58: Endnotes
Endnotes 1. "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation concerning the business, operations and financial performance of Wheato
Slide 59: Endnotes
Endnotes (Cont.) Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “projects”, “intends”, “anticipates” or “does not anticipate”, or
Slide 60: Endnotes
Endnotes (Cont.) • risks related to governmental regulations; • risks related to international operations of Wheaton and the Mining Operations; • risks relating to exploration, development, operating, expansions and improvements at the Mining Operations; • risks related to environmental regulations;
Slide 61: Endnotes
Endnotes Forward-looking statements are based on assumptions management currently believes to be reasonable, including (without limitation): • the payment of up to $400 million to Carcetti and the satisfaction of each party's obligations in accordance with the proposed Hemlo mine gold stream; • the
Slide 62: Endnotes
Endnotes 2. For further information on Mineral Reserves and Mineral Resources and on Wheaton more generally, readers should refer to Wheaton’s Annual Information Form for the year ended December 31, 2024, which was filed on March 31, 2025 and other continuous disclosure documents filed by Wheaton si
Slide 63: Endnotes
Endnotes 14. Upfront investments denoted in US$ millions; excludes closing costs and capitalized interest, where applicable. 15. Capex is defined as the actual and estimated growth capital expenditure from 2007 to 2024 as reported in Vale’s public disclosures on the company website (approx. US$5.0B)
Slide 64: Endnotes: Non-GAAP measures
Endnotes: Non-GAAP measures Wheaton has included, throughout this document, certain non-GAAP performance measures, including (i) adjusted net earnings and adjusted net earnings per share; (ii) operating cash flow per share (basic and diluted); (iii) average cash costs of gold, silver and palladium o
Slide 65: Endnotes: Non-GAAP measures
Endnotes: Non-GAAP measures ii. Operating cash flow per share (basic and diluted) is calculated by dividing cash generated by operating activities by the weighted average number of shares outstanding (basic and diluted). The Company presents operating cash flow per share as management and certain in
Slide 66: Endnotes: Non-GAAP measures
Endnotes: Non-GAAP measures iii. Average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis is calculated by dividing the total cost of sales, less depletion and cost of sales related to delay ounces, by the ounces or pounds sold. In the precious metal minin
Slide 67: Endnotes: Non-GAAP measures
Endnotes: Non-GAAP measures iv. Cash operating margin is calculated by adding back depletion and the cost of sales related to delay ounces to the gross margin. Cash operating margin on a per ounce or per pound basis is calculated by dividing the cash operating margin by the number of ounces or pound
Wheaton Precious Metals — Investor Presentation (January 2026) on 6ix