Wheaton Precious Metals Corp · TSX:WPM
Wheaton Precious Metals — Investor Day (September 2024)
138 slides from Wheaton Precious Metals's investor day presentation, Sep 24, 2024
Slide 1: Investor Day 2024: Two Decades of Value Through Streaming
Investor Day 2024 Two Decades of Value Through Streaming WHEATONPM.COM September 24, 2024 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 meani
Slide 3: Today's Agenda
Today’s Agenda September 24, 2024 Welcome and Introduction Emma Murray, VP Investor Relations Opening Remarks Randy Smallwood, President and Chief Executive Officer Approach to Valuation Haytham Hodaly – SVP Corporate Development Patrick Drouin – Chief Sustainability Officer Curt Bernardi – SVP Lega
Slide 4: Discover the Premier Precious Metals Investment
Discover the Premier Precious Metals Investment 2024/2025 GUIDEBOOK
Slide 5: Opening Remarks
Opening Remarks Randy Smallwood President & CEO
Slide 6: 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, high quality, By crystallizing value for We pro
Slide 7: Wheaton's Streaming Advantage
Wheaton’s Streaming Advantage Original Architects of the Streaming Model High-Quality Assets Commodity Price Leverage 93% of Wheaton’s current production comes from high Investors get leverage to the underlying commodities margin mines operating in the lowest half of their as delivery payments per o
Slide 8: The Wheaton Advantage
The Wheaton Advantage The Sustainable Option for Precious Metal Investing Of production from assets Development Momentum New investments into $540 Cash & cash equivalents Strong Balance Sheet High-Quality, Long-Life 93% in the lowest half of the 8 assets in 2023 at June 30, 2024 Strong Corporate cos
Slide 9: Delivering Superior Returns to Shareholders
Delivering Superior Returns to Shareholders Five-Year Share Price Performance 150 Wheaton: +130% 100 S&P 500: +93% Silver: +70% Gold: +64% 50 GDX: +36% 0 -50 2019 2020 2021 2022 2023 2024 Wheaton Kinross Barrick Newmont Agnico Eagle Royal Gold Franco Nevada S&P 500 GDX Gold Silver Wheaton has signif
Slide 10: 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 6 Platreef, South Africa 18 Operating Mines 27 Development Projects & Other Well-diversified portfolio with low political risk WHE
Slide 11: Leading with Quality: Low-cost, Long-life Asset Base
Leading with Quality: Low-cost, Long-life Asset Base Assets That Can Better Withstand Commodity Price Fluctuations1 2024 Forecast Production Mine Life of Operating Portfolio1,2,8 by Cost Quartile1,7 70 4% 3% 60 50 24 Mine Life (years) 22% 40 12 30 First Second 20 71% Third 28 10 Fourth 0 Proven & Pr
Slide 12: The Streaming Industry's Most Robust Growth Profile
The Streaming Industry’s Most Robust Growth Profile Pathway to Long-term, Organic Growth1,10 1,000 2023 2024 Actuals: Guidance: 2029 – 2033 Guidance: 900 850,000 GEOs GEOs: GEOs: 584 Koz 550-620 Koz 800 Gold Equivalent Production (GEO) (Koz)9 Growing to >800,000 700 GEOs by 2028 12.2 Koz 12.0-15.0 K
Slide 13: Sustained Leadership in a Competitive Streaming Market
Sustained Leadership in a Competitive Streaming Market Our key mining partners that have used streaming as a source of funding: Cumulative value of upfront payments for precious metal streams since 2004 = $29B11 $35 $30 $25 (billion US$) Wheaton Precious Metals $20 Other Streamers (>20 firms) $15 $1
Slide 14: Leading Contributor in Precious Metals Streaming
Leading Contributor in Precious Metals Streaming Largest Precious Metals Streaming Deals Over Past 5 Years Orion 10% Franco Proportion of Committed 18% Wheaton Upfront Payment 52% relative to Deals Below $550 Triple Flag $525 Upfront Payment ($USM) $481 19% $412 $300 $300 $290 Northparkes Cascabel 1
Slide 15: Wheaton Future of Mining Challenge
Wheaton Future of Mining Challenge To Support Innovation and Climate Solutions in the Mining Industry • $1M will be awarded to a technology solution that targets a reduction in greenhouse gas emissions or carbon intensity at base metals or precious metals mines • Focused on ventures that demonstrate
Slide 16: Up Next: Wheaton's Valuation Strategy
Up Next: Wheaton’s Valuation Strategy A Rigorous Approach to Maximizing Shareholder Value Understanding Stream Variability is Crucial for Investors •Not all streams are created equal •Nuanced variations in stream structure and security can have significant impacts on long-term value Due Diligence: A
Slide 17: Approach to Valuation
Approach to Valuation Haytham Hodaly, SVP Corporate Development Patrick Drouin, Chief Sustainability Officer Curt Bernardi, SVP Legal & Strategic Development Gary Brown, SVP & Chief Financial Officer
Slide 18: Multi-pronged Approach to Valuation
Multi-pronged Approach to Valuation Technical Production ESG Security & Analyzing the Establishing a Due Diligence Profile Assessment Structure Value Value Technical Due Corporate Development: Diligence: ESG Security & Structure: Present value of future Assessment: cash flows is based on • Geology K
Slide 19: Illustrative Timeline of a Transaction
Illustrative Timeline of a Transaction Screen for suitability, focus on Review block model, mine Assuming all data requested assets in lowest half of cost curve. plan and rebuild using drill has been provided, submit a Negotiate definitive Confirm anticipated meaningful hole database if necessary. f
Slide 20: Technical Due Diligence
Technical Due Diligence Assessing Opportunities and Minimizing Risk • Screen for suitability – generally must be in lowest half of cost curve Desktop Study • Meaningful anticipated production contribution / acceptable risk profile / reasonable mine life • Review block model, mine plan, processing fl
Slide 21: ESG Assessment
ESG Assessment International Standards Guide Our Evaluations WHEATON’S TOOLS FOR DUE DILIGENCE o All ESG topics are considered and reviewed by Wheaton’s dedicated Sustainability team to identify potential risks Documentation Site Visits Outside Experts Review & Consultants ESG TOPICS REVIEWED DURING
Slide 22: Country and Regulatory Risk
Country and Regulatory Risk Significant Focus on Understanding Risks Related to Permitting and Ongoing Operations o Wheaton’s exposure to country risk is Country Risk Considerations: Country Risk Considerations: limited given the nature of streaming • Political stability • Political stability o Coun
Slide 23: Structural Safeguards
Structural Safeguards Variations in Stream and Security Structure Can Have Significant Impacts on Long-term Value Risks and Opportunities: Structural Protection Mechanisms: No Mitigation: full exposure to commodity Commodity Price Risk price Area of Interest, Commingling Clauses, Production Risk Lim
Slide 24: Analyzing the Value
Analyzing the Value Finance Utilizes a Comprehensive Array of Valuation Methodologies Net Present Value (NPV) •Utilizing our adjusted weighted average cost of capital and spot commodity prices, we estimate the fundamental value of the stream. Net Asset Value (NAV) •Typical approach used by equity re
Slide 25: Determining the Appropriate Discount Rate
Determining the Appropriate Discount Rate Based on Key Risk Factors Identified During the Due Diligence Stage Key Risk Factors1 Existing Portfolio Geologic Confidence >40% of R&R are Proven & Probable Reserves2 Counterparty Credit Risk & ~70% of current production from investment grade Security Stru
Slide 26: Evaluating Accretiveness
Evaluating Accretiveness Illustrative Example 6.00% 5.25% 5.00% 5.00% 5.00% 5.00% 5.00% % Change per Share / % of EV 4.25% 4.00% 3.50% 3.00% 3.00% 3.00% 3.00% 3.00% 2.00% 1.75% Upfront Payment as a % of Enterprise Value 1.00% 1.00% 1.00% 0.00% 2024 CF 2024 to 10 Yr CF 20 Yr CF 2024 2024 to 10 Yr 20
Slide 27: Key Takeaways from Wheaton's Approach to Valuation
Key Takeaways from Wheaton’s Approach to Valuation Detailed Due Diligence: Technical, ESG, Financial & Legal Structural Safeguards to Mitigate Risks Dual Track Valuations: Corporate Development & Finance Discliplined Approach to Growth: Accretiveness Evaluated on a Risk-adjusted Basis Continuous Imp
Slide 28: Guidance & Operating Assets
Guidance & Operating Assets Wes Carson Vice President, Operations
Slide 29: 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 6 Platreef, South Africa 18 Operating Mines 27 Development Projects & Other Well-diversified portfolio with low political risk WHE
Slide 30: Year-to-Date Production Relative to Guidance
Year-to-Date Production Relative to Guidance As of June 30, 2024 Gold Silver Other Metals (GEOs) Total GEOs Guidance 325 – 370 koz 18.5 to 20.5 moz 12.0 to 15.0 koz 550 to 620 koz 305.8 koz Produced in 176.9 koz 7.7 koz GEOs H1 2024 10.5 moz 3 Gold Silver Other GEOs Wheaton is well on track to achie
Slide 31: 5-Year Production Outlook
5-Year Production Outlook Forecasting Approximately 40% Production Growth by 2028 Growth from Other Development Assets 900 Growth from 800koz Marathon Assets that are: 800 Copper World ~40% 700 Operating: Gold Equivalent Ounces (koz)3 Growth4 Salobo Permitted: 584koz Antamina Fenix 600 In-Constructi
Slide 32: Peñasquito Mine
Peñasquito Mine Technical / Financial Details Operator Newmont Location Mexico Stream Silver Date of Acquisition July 24, 2007 Cost Quartile First Upfront Consideration $485 million • Geology: Two diatreme pipes, Peñasco and Brecha Azul, are the principal hosts for gold– silver–zinc–lead mineralizat
Slide 33: Peñasquito Mine
Peñasquito Mine Peñasquito: A Tier 1 Asset Phase 1 Cu Heap Leach & SX-EW o Peñasquito has implemented over $700 million in synergies since the Goldcorp acquisition in 2019, with over 80 percent delivered from mining and processing improvements4. o Following the successful resolution of the extended
Slide 34: Antamina Mine
Antamina Mine Technical / Financial Details Compañía Minera Antamina S.A. Operator (a company jointly owned by subsidiaries of Glencore (33.75%), BHP (33.75%), Teck (22.5%) and Mitsubishi Corporation (10%). Location Peru Stream Silver Date of Acquisition Nov 3, 2015 • Geology: Antamina is a polymeta
Slide 35: Antamina Mine
Antamina Mine Forecasting Near-Term Production Growth Phase 1 Cu Heap Leach & SX-EW o In Q1 2024, Peru's National Environmental Certification Service for Sustainable Investments approved, after a detailed evaluation process, the Modification of the Antamina Environmental Impact Study, which is estim
Slide 36: Stillwater Mine
Stillwater Mine Technical / Financial Details Operator Sibanye Location Montana, USA Stream Gold and Palladium Date of Acquisition July 16, 2018 Cost Quartile First Upfront • Geology: J-M reef complex with PGM’s occurring in $500 million layers averaging 2.4m-thick and associated with Consideration
Slide 37: Stillwater Mine
Stillwater Mine Focused on Improving Productivity Phase 1 Cu Heap Leach & SX-EW o Despite significant challenges in the current platinum and palladium price environment, Sibanye has continued to focus on improving productivity and lowering costs across their Montana operations, with significant impr
Slide 38: Near-Term Development Pipeline
Near-Term Development Pipeline Neil Burns Vice President, Technical Services
Slide 39: Mineral Park Mine
Mineral Park Mine Technical / Financial Details Operator Origin Mining Company, LLC (Waterton Copper LP) Location Arizona, USA Commodity Production Copper and Molybdenum, ~90 Mlb/a CuEq7 Stream Silver Date of Acquisition Oct 24, 2023 Mineral Park Fleet Stream Parameters Silver stream: 100% of Ag for
Slide 40: Mineral Park Mine
Mineral Park Mine Optimization and Project Execution Expected to Result in Decades of Operational Excellence Phase 1 Phase 2 Waterton spent 7 years preparing their mill restart plan, incuding: Cu Heap Leach & SX-EW Cu Mo Concentrator • Extensive drill programs Cathode Production Ongoing H1 2025 Star
Slide 41: Mineral Park Mine
Mineral Park Mine Site photos Installation of new jaw crusher Site overview Old SAG mill removal New fleet assembly WHEATON PRECIOUS METALS 41
Slide 42: Blackwater Project
Blackwater Project Technical / Financial Details Operator Artemis Location Canada Stream Gold and Silver Date of Acquisition December 13, 2021 (Amended June 14, 2023) Gold Stream: 8% of Au until 464 koz thereafter 4% for life of mine Stream Parameters8 Silver Stream: 50% of Ag until 17.8 Moz, therea
Slide 43: Blackwater Project
Blackwater Project Geology and Upside Potential for Additional R&R Phase 1 Cu Heap Leach & SX-EW Geology o Volcanic-hosted, epithermal-style gold silver deposit o Vertical drilling on 50 m centers and a large portion of the orebody has angled holes on 25 m centers. Grade control drilling on 12.5 m c
Slide 44: Blackwater Project
Blackwater Project Blackwater Project - Construction Phase 1 construction • 87% complete as of June 2024 • >800 employees and contractors • Artemis indicates 1st gold pour in Q4 2024 WHEATON PRECIOUS METALS 44
Slide 45: Wheaton Investor Day September 2024
TSX: IVN | OTCQX: IVPAF WHEATON INVESTOR DAY September 2024
Slide 46: Disclaimer and Forward-Looking Statements
DISCLAIMER AND FORWARD-LOOKING STATEMENTS The information contained in this presentation and other information furnished by or on behalf of Ivanhoe Mines Ltd. (“Ivanhoe”) is confidential and has been prepared to assist the recipients hereof in conducting their own evaluation of Ivanhoe and does not
Slide 47: A Leading Producer, Developer & Explorer in Africa
: A LEADING PRODUCER, Listing: TSX (IVN) DEVELOPER & EXPLORER IN AFRICA Market Cap: US$16.9 billion World’s fastest growing major copper mine with the highest grades World’s highest-grade zinc project OWNERSHIP: OWNERSHIP: KAMOA-KAKULA KIPUSHI Ivanhoe Mines (39.6%) Ivanhoe Mines (62%) Zijin Mining G
Slide 48: Platreef
PLATREEF Platreef Phase 1 800ktpa World’s largest precious metals development project concentrator, with Shaft #1 and Shaft #2 in the background 4
Slide 49: Platreef: World's Largest Undeveloped Precious Metals Project
PLATREEF: WORLD’S LARGEST UNDEVELOPED PRECIOUS METALS PROJECT Multi-generational resource with significant exploration upside World’s best PGM project: highest margin and lowest cash costs Industry disruptor – safe, mechanized and highly productive mining Target to become the largest PGM mine; phase
Slide 50: The Bushveld Igneous Complex Produces >70% of Global PGMs
THE BUSHVELD IGNEOUS COMPLEX PRODUCES >70% OF GLOBAL PGMS THE BUSHVELD COMPLEX Northern Limb: The Future of South Africa’s PGM Industry Anglo American Impala Platinum Siyanda Resources Sibanye Stillwater Northam Platinum Eastern Limb Platinum Australia Eastern Platinum Western Limb Jubilee Platinum
Slide 51: Industry Leading B-BBEE Structure
INDUSTRY LEADING B-BBEE STRUCTURE 26% of Platreef is held by B-BBEE partners; consists of ~150,000 people across 20 local host communities, Community and Joint Venture project employees and local entrepreneurs Partners equally incentivised in the long term development of the Platreef Project effecti
Slide 52: Platreef: What Makes the Flatreef Unique?
PLATREEF: WHAT MAKES THE FLATREEF UNIQUE? 29 meters By way of visual comparison Khomanani Mine, Rustenburg Shaft 1 headframe, Platreef Deposit Merensky Reef / UG2 Flatreef(1) Bushveld Location Western / Eastern Limb Northern Limb Underground: narrow-reef, manual, Underground: efficient mechanised, M
Slide 53: 26-Year Journey of Discovery and Development
26-YEAR JOURNEY OF DISCOVERY AND DEVELOPMENT >500,000m deep drilling discovers Shaft 1 sinking and equipping Phase 1 construction and delineates the Flatreef Near surface Scoping, pre-feasibility and feasibility studies Shaft 2 &3 exploration and detailed engineering construction 1998 2008 2011 2014
Slide 54: Platreef: Phase 1 Completed on Schedule
PLATREEF: PHASE 1 COMPLETED ON SCHEDULE Phase 1 concentrator completed on-schedule. First ore deferred until H2 2025 to prioritize hoisting of waste for Shaft #3 development and Phase 2 underground development Ivanplats’ project team celebrating the on-schedule completion of the new 770 ktpa concent
Slide 55: Platreef: Optimization of Shaft 3 in Progress
PLATREEF: OPTIMIZATION OF SHAFT 3 IN PROGRESS Phase 2 expansion will be accelerated by re- purposing ventilation Shaft #3 for hoisting Shaft #3 will generate additional hoisting capacity of approx. 4 Mtpa, bringing total hoisting capacity to approx. 5 Mtpa Phase 1 + 2 concentrators targeting total p
Slide 56: Platreef: Phased Development Strategy
PLATREEF: Phased PHASED Strategy Development DEVELOPMENT STRATEGY 10.0 Phase 1 start up Phase 2 start up Phase 3 start up 0.77 Mtpa 4 Mtpa 10 Mtpa ~95 kozpa 4E ~430 kozpa 4E ~1,000 kozpa 4E PROCESSING CAPACITY (Mtpa) ~2 ktpa Nickel ~9 ktpa Nickel ~22 ktpa Nickel ~1 ktpa Copper ~6 ktpa Copper ~14 ktp
Slide 57: Platreef: Industry Leading Cash Cost
PLATREEF: INDUSTRY LEADING CASH COST Global primary PGM producer net total cash cost + sustaining capital (2021), US$/3PE+Au oz Quartile 1 Quartile 2 Quartile 3 Quartile 4 1,800 1,600 Platreef 2022 FS 1,400 cash cost: US$514/oz 3PE+Au 1,200 US$/3PE+Au 1,000 800 600 400 200 0 Western Limb Eastern Lim
Slide 58: Any Questions?
TSX: IVN | OTCQX: IVPAF ANY QUESTIONS? 14
Slide 59: Wheaton Investor's Day 2024
Wheaton Investor´s Day 2024 September 2024
Slide 60: Learning Together
Learning Together Values Key Behaviours Levers Ambitions • Life matters most. • Obsession with safety and risk • Safety A great company recognized by management. society for being: Our • Act with integrity. • Open and Transparent dialogue. • VPS • Benchmark in safety. Purpose • Value the people who
Slide 61: At VBM, Safety Comes First
At VBM, Safety comes first Our Goals Reduce the number of recordable high- Reduce exposure to harmful potential injuries to zero agents in the work environment Total Recordable Injury Frequency Rate (TRIFR) Process Safety Events (P1 and P2) High Potential Recordable Injuries (N2) 18 7.3 81 5.6 60 11
Slide 62: Human Resources Overview
Human Resources Overview Strong commitment to Unique training Retain and value our Diversity, Equity programs to develop employees & Inclusion skilled workers Key Highlights +13,000 +41% 75% Employees across Canada, Employees working Leadership positions filled with Brazil, UK, Japan, Switzerland, f
Slide 63: Leading Base Metals Platform Globally
Leading Base Metals Platform Globally World-class Nickel and Copper operations in attractive jurisdictions Clydach Attractive exposure Well-positioned to support to Copper and and supply Nickel in Indonesia North American EV and renewables growth Thompson Voisey´s Bay Sudbury Long Harbour Port Colbo
Slide 64: Our Road Map
Our Road map Midterm Goals ✓ Strategic portfolio management Our Goals ✓ Efficient capital allocation “The benchmark supplier of responsible transition metals to the ✓ Structured operating model world” All-in Costs, Net of By-products Resource Mining Asset (000s US$ / tonne; Pre-Asset Review) endowme
Slide 65: Uniquely Positioned to Support Ongoing Energy Transition
Uniquely Positioned to Support Ongoing Energy Transition Critical supplier of high-quality Nickel and Copper products Global Energy Transition Right Right Right Time Assets Actions ✓ Base Metals are undergoing a multi- decade ✓ Well-positioned resource base established efficient ✓ Develop resource e
Slide 66: Our Pathway to Become a Leader in Responsible Mining
Our pathway to become a leader in responsible mining New Pact with Environmental Our People & Safety Society Commitment To be a global benchmark in safety To be a partner in the development of To be a leader in recognizing the standards through a culture oriented, resilient communities, engaged in c
Slide 67: A Long-standing Relationship with Wheaton
A long-standing relationship with Wheaton Feb|13 Mar|15 Aug|16 Jun|18 Nov|23 Salobo and 2nd tranche- 3rd tranche- Voisey´s Bay Salobo III Sudbury gold stream Salobo gold stream Salobo gold stream cobalt stream Expansion Project 25% of Salobo´s gold Increased streaming Increased streaming From 2021 o
Slide 68: Salobo Complex: A Cornerstone Asset
Salobo Complex: A Cornerstone Asset ~1.8 Mtof copper produced since 2012 Reserves 1.1 Bt @ 0.62 % Cu 0.35 g/t Au + 40 years mine life 10 10
Slide 69: Salobo to +220 ktpy Copper Capacity
Salobo 3 to +220 ktpy copper capacity Salobo complex production ktpy of copper @ 0.75%³ Resource potential 240 in process @ 0.95-0.97%³ ~220 200 Infrastructure pushing towards potential 160 Ore processing 120 new opportunities identified 80 Feed grade stability 40 through blending 0 2012 2013 2014 2
Slide 70: Salobo to +220 ktpy Copper Capacity
Salobo 3 to +220 ktpy copper capacity Salobo Plants 1&2 – quarterly throughput Million tons Improved feed consistency 5.5 to support stable process +21% 5.1 4.9 5.0 4.4 4.1 4.2 Increasing plant throughput stability allows process optimization Key maintenance concluded resulting in increased asset re
Slide 71: Resource Potential Provides Optionality
Resource potential provides OPTIONALITY… Salobo pit cross section Potential to add Reserves significant resources through additional in-depth drilling Potential to add Resources significant value through mine and process productivity Extending the life of the asset through integrating additional res
Slide 72: Sudbury Rebirth and Voisey's Bay Ramp-up
Sudbury “rebirth” Voisey’s Bay ramp-up tracking updated plan Mine developments rates up ~50%1,2 Mining rates up ~30%¹ Reid Brook Processing tonnes up ~30%¹ Planned ore additions in 2024 after asset review 100% Complete 35-45 10-15 500-665 185-245 Eastern Deeps 270-360 Main production to start Stobie
Slide 73: Growth Projects | North Atlantic
Growth Projects | North Atlantic Under execution Highlights Cluster Voisey’s Bay ✓ 2 underground mines (Reid Brook and Eastern Deeps), to replace Ovoid open pit Start-up(Reid Brook) ✓ Annual production of 20 Cu / 42 Ni / 2.6 Co ktpa 2Q211 ✓ Life of mine extended to 2035 (potential for additional CAP
Slide 74: Key Advances and Takeaways
Key advances and takeaways Strict safety and risk management Carve-out culture with enhanced controls and reliability substantially completed Uniquely positioned to support the PTVI transaction ongoing energy transition as the concluded with offtake critical supplier of high-quality Copper and Nicke
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Slide 76: Wheaton's 2024 Investor Day
W h e a t o n ’s 2 0 2 4 I n v e s t o r D a y SEPTEMBER 2024
Slide 77: Cautionary Information
CAUTIONARY INFORMATION This presentation contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this presentation, other than statements of current and historical fact, is forward-looking information. Ofte
Slide 78: Diversified Mid-Tier Copper Producer
DIVERSIFIED MID-TIER COPPER PRODUCER ANNUAL COPPER PRODUCTION & CASH COSTS1,2 REVENUE AND RESERVES BY METAL + Copper World (92kt) Revenue3 Reserves4 $0.90-$1.10 $0.86 4% 5% 2% 4% Consolidated Copper Cash $0.80 168 Production (000 tonnes) $0.74 6% 137-176 132-172 134-168 153 2% Consolidated Copper 15
Slide 79: Diversified Portfolio in Tier 1 Jurisdictions
DIVERSIFIED PORTFOLIO IN TIER 1 JURISDICTIONS COPPER MOUNTAIN MASON Operating Mine PEA Development Project +20 year mine life +27 year mine life Open pit Open pit ~45kt annual Cu production 112kt annual Cu production British Columbia, Canada Cu Au Ag Nevada, USA Cu Mo Au Ag SNOW LAKE COPPER WORLD Op
Slide 80: Hudbay
H'! DBAY
Slide 81: South America Business Unit
SOUTH AMERICA BUSINESS UNIT Cusco CUSCO Las Bambas CONSTANCIA PERU Yauri LLAGUEN Trujillo Tintaya Antapaccay Lima AREQUIPA Imata CONSTANCIA Arequipa MINE Cerro Verde MOQUEGUA & TOWN RAIL Matarani ROAD 0 100km TACNA 6
Slide 82: Constancia Development Timeline
CONSTANCIA DEVELOPMENT TIMELINE HUDBAY ACHIEVED COMMERCIAL PRODUCTION AT CONSTANCIA ONLY 4 YEARS AFTER ACQUIRING THE GREENFIELD PROJECT Aug 2012 updated Mar 2011 technical report Hudbay acquires Hudbay’s board Aug 2013 Constancia through approves Updated capital Aug 2014 Norsemont acquisition constr
Slide 83: Constancia Overview
CONSTANCIA OVERVIEW LONG LIFE, LOW-COST COPPER MINE IN PERU 18 YEARS Cu-Au-Mo 90k tpd MINE LIFE PORPHYRY DEPOSIT NAMEPLATE MILL PERMIT CAPACITY 100kt 114koz $1.07/lb 2023A 2023A 2023A CU PRODUCTION AU PRODUCTION CASH COSTS CONSTANCIA COPPER PRODUCTION PROFILE1 $1.75 140 $1.54 $1.58 120 $1.50 100%-ow
Slide 84: Constancia Operational Excellence
CONSTANCIA OPERATIONAL EXCELLENCE CONSTANCIA IS THE LOWEST COST OPEN PIT COPPER MINE IN SOUTH AMERICA Continuous operational improvements at Constancia have driven costs down, while increasing efficiencies and productivity Hudbay acquired the Constancia copper project in 2011 and completed construct
Slide 85: Processing Overview
PROCESSING OVERVIEW H' DBAY Constancia Ore Pampacancha Haulage Primary Ore Crusher TMF Tails y YN > mal > , Cu Flotation Circuit Crushed Ore . Stockpile Mill | cue Mo Flotation | Circuit | Mo Concentrate Cu Concentrate Dewatering Dewatering Molybdenum Copper Concentrate Concentrate 10
Slide 86: Productivity Benchmarking
PRODUCTIVITY BENCHMARKING Source: Benchmarking study carried out by the consulting firm Matrix that includes 14 surface mining operations in Chile and Peru. 11
Slide 87: Environmental and TSM Performance
ENVIRONMENTAL AND TSM PERFORMANCE TSM Energy Use and GHG Emissions Protocol: AA, AAA, A TSM Aboriginal & Community Outreach Protocol: AAA TSM Tailings Management Protocol: AA TSM Biodiversity Conservation Management Protocol: AAA TSM Health and Safety Management Protocol: AAA TSM Water Stewardship P
Slide 88: Concentrate Transport Logistics
CONCENTRATE TRANSPORT LOGISTICS MOST OF THE ROUTE TO THE PORT OF MATARANI IS SHARED WITH OTHER LARGE COPPER MINES Concentrate produced at Constancia is trucked ~475km to the Port of Matarani in Peru. Road blockades can occur along this route and cause temporary interruptions in the transportation of
Slide 89: Community Trucking Companies
COMMUNITY TRUCKING COMPANIES LOCAL COMMUNITY BUSINESS SET-UP IN PART BY HUDBAY In 2021, Hudbay invited the communities of Chilloroya and Uchucarcco to participate in tender for transport of concentrate from Constancia to the Port of Matarani Over the course of 18 months, Hudbay assisted in raising t
Slide 90: Constancia Exploration Potential
CONSTANCIA EXPLORATION POTENTIAL SEVERAL OPPORTUNITIES EXIST ON HUDBAY’S EXTENSIVE LAND PACKAGE IN PERU CONSTANCIA SATELLITE EXPLORATION TARGETS Maria Reyna Constancia & Caballito Pampacancha 3.3Mt Cu Constancia DELINEATED TO-DATE 1.0Mt Cu MINED TO-DATE PERU Pampacancha Lima Tintaya Constancia Matar
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Slide 92: Arizona Business Unit
ARIZONA BUSINESS UNIT Miami Pinto Valley Phoenix Resolution Ray ARIZONA, US Morenci Florence Cactus Safford Santa Cruz Silver Bell Tucson Phoenix Gunnison Tucson Mission Sierrita COPPER WORLD COPPER WORLD Maps are not to scale Hermosa 0 25km 50km Port of Guaymas (Mexico) 17
Slide 93: Copper World Project
COPPER WORLD PROJECT HIGHEST GRADE OPEN PIT COPPER PROJECT IN THE AMERICAS PHASE I FOOTPRINT REQUIRES STATE AND LOCAL PERMITS ONLY PFS shows enhanced project economics, optimized flow 1.2Bt M&I TONNAGE sheet and simplified permitting process and extended mine life to 20 years. 85kt ANNUAL CU PRODUCT
Slide 94: Copper World PFS Highlights
COPPER WORLD PFS HIGHLIGHTS LARGE SCALE, HIGH-GRADE OPEN PIT WITH ATTRACTIVE ECONOMICS & SIGNIFICANT UPSIDE Large Reserve Base with Meaningful Resource Upside on a Significant Land Package 385Mt reserves support 20 years of Phase I mine life, which is only ~30% of the ~1.2Bt of M&I resources1 Land p
Slide 95: GHG Emissions
DESIGNED TO REDUCE ENERGY CONSUMPTION AND GHG EMISSIONS MADE IN AMERICA” COPPER CATHODE TO SUPPORT DOMESTIC U.S. COPPER CONSUMPTION ↓10% ↓14% lower energy consumption, reduction in total scope including 30% decline related 1, 2 & 3 GHG emissions to downstream processing • Copper World copper cathode
Slide 96: Prudent Capital Allocation
PRUDENT CAPITAL ALLOCATION COPPER WORLD REPRESENTS THE NEXT GENERATION OF LOW CAPITAL COPPER DEVELOPMENT Low Capital Project Recent Mine Build High Capital $39,148 $38,158 $33,824 Capital Intensity ($/tonne Cu)1,2 $28,790 $27,348 $25,000 $23,595 $19,540 $17,967 $15,943 $15,966 $16,748 $15,590 $13,19
Slide 97: Copper World Positioning
COPPER WORLD POSITIONING ONE OF THE BEST UNDEVELOPED COPPER PROJECTS – CAPITAL LIGHT, LOW COMPLEXITY Source: Company public filings; Street research. Note: Peer set comprised of greenfield, open pit, porphyry projects with reserves located in the Americas, with LOM average Cu production of +60ktpa.
Slide 98: Prudently Advancing Copper World
PRUDENTLY ADVANCING COPPER WORLD DISCIPLINED THREE PREREQUISITES (“3-P”) PLAN FOR SANCTIONING COPPER WORLD Completed Underway To Come In late 2022, Hudbay unveiled a prudent financial plan with three Objective 2022 2023 2024 2025 2026 ✓ ✓ PERMITS PLAN key prerequisites to be achieved Definitive feas
Slide 99: U.S. Open Pit Copper Benchmarking
U.S. OPEN PIT COPPER BENCHMARKING COPPER WORLD BENCHMARKS FAVORABLY AGAINST OTHER U.S. OPEN PIT ASSETS Pre-Production Producing ANNUAL PRODUCTION (KT CU) RESERVE GRADE (% CU) CASH COSTS (US$/LB CU) Increase to 125ktpa Cu with the execution of Phase II Copper World will be the Largest Peer Leading Co
Slide 100: Additional Information
ADDITIONAL INFORMATION The reserve and resource estimates included in this presentation were prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resourc
Slide 101: Sustainability Strategy
Sustainability Strategy Patrick Drouin Chief Sustainability Officer
Slide 102: 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 103: Board Oversight and Executive Responsibility
Board Oversight and Executive Responsibility Board of Directors Governance & Sustainability Audit Human Resources Committee Committee Committee Wheaton Group Executive Team Chief Sustainability Officer President & CEO and President of Wheaton SVP, SVP, SVP, International Corporate Development Legal
Slide 104: Comprehensive and Transparent Reporting
Comprehensive and Transparent Reporting Annual Sustainability and Climate Reports Report Progress Against our ESG Strategy • Double materiality assessment conducted to identify impacts to Wheaton as well as impacts on Environment and Society Reporting guided by internationally recognized standards i
Slide 105: ESG Strategy
ESG Strategy1 Strategy is Reviewed Every Year with a Focus on Continual Improvement ESG and Streaming Climate Community Diversity, Equity and Decisions Change Engagement Inclusion Employee Engagement Health, Safety and Governance & Business Human Rights Wellbeing Ethics Comprehensive strategy is ali
Slide 106: Wheaton has contributed >$45M to Communities since 2009
Wheaton has contributed >$45M to Communities since 2009 Community Investments are Focused on our Four Pillars of Giving, Aligned to SDGs Health & Well-being Education Climate & Nature Community Enhance quality and access to Promote fairness and inclusivity Support environmentally Development health
Slide 107: Wheaton's Community Investment Program has a Truly Global Reach
Wheaton’s Community Investment Program has a Truly Global Reach $6.9M Contributed to community investment programs in 2023 WHEATON PRECIOUS METALS 51
Slide 108: Sustainability Upcoming Initiatives
Sustainability Upcoming Initiatives Committed to Continuous Improvement1 • Continuing to progress on Sustainability strategy o Ongoing engagement with Mining Partners on key issues • Supporting the communities where Wheaton and its Mining Partners operate through the Community Investment Program • I
Slide 109: Wheaton Future of Mining Challenge
Wheaton Future of Mining Challenge To Support Innovation and Climate Solutions in the Mining Industry • $1M will be awarded to a technology solution that targets a reduction in greenhouse gas emissions or carbon intensity at base metals or precious metals mines • Focused on ventures that demonstrate
Slide 110: Financial Performance
Financial Performance Gary Brown SVP & Chief Financial Officer
Slide 111: Predictable Costs and High Margins
Cash Operating Costs Predictable Costs and High Margins Total Cash Cost and Cash Operating Margins per Ounce 1,3,4,5 Gold Price (US$/oz) $3,000 $2,000 76% 75% 74% 77% $1,000 72% 69% 66% 69% 69% 68% 70% $386 $386 $393 $391 $395 $409 $421 $426 $459 $472 $455 $439 $0 2013 2014 2015 2016 2017 2018 2019
Slide 112: Leverage to Metal Price
Leverage to Metal Price Percentage of Streams With Fixed Production Payments Percentage of Revenue from Fixed Production Payment Streams (YTD June 2024) 100% 86% 80% 60% 40% 29% 19% 20% 0% WPM FNV RGLD Greater than 80% of the Company’s revenue benefit from fixed production payments, delivering signi
Slide 113: Leverage to Metal Price
Leverage to Metal Price Illustrative Value Impact of Fixed Production Payments Change in Gold Price: 0% 0% 25% 25% 50% 50% Change in Cash Flow: 0% 0% 31% 25% 63% 50% $4,000 $ Per Ounce / Gold Price $3,000 $3,000 $3,000 $2,500 $2,500 $2,000 $2,000 $2,000 $2,600 $2,400 $2,100 $2,000 $1,600 $1,600 $1,0
Slide 114: Margins and Cash Flow
Margins and Cash Flow Leverage to Higher Commodity Prices Over $2 billion of operating cash flow in 8 7 excess of Wheaton’s original expectation during the last upswing in the commodity prices cycle Excess Cash Flow Initial Cash Flow Estimate Wheaton’s 2023 production volumes are 65 percent higher t
Slide 115: Progressive and Sustainable Dividend
Progressive and Sustainable Dividend Dividend Growth Since 2015 $0.70 $0.629 $0.60 $0.60 Dividend per share ($US) $0.57 Quarterly Dividend Policy $0.60 $0.50 $0.42 o Adopted a progressive dividend policy, $0.40 $0.33 $0.36 $0.36 marked by an increase to our 2024 annual $0.30 dividend $0.20 $0.21 $0.
Slide 116: Disciplined and Accretive Growth
Disciplined and Accretive Growth Sources and Uses of Cash Funding Growth 2004 to Jun 30, 2024 $17.5B $17.5B o Company has not issued equity since 6% 3% 2016 to fund growth 19% 24% 60% o Diversified portfolio of high quality, long-life streaming assets, significantly 13% reduces the Company’s need to
Slide 117: Accretive Deployment of Capital
Accretive Deployment of Capital Achieved Full Recovery of Initial Upfront Investments Since Inception $12 As of June 30, 2024, since inception, the Company has recouped over 100% of its initial upfront investments $10 $8 Billions ($US) 13 Upfront Payment Capital Earned $6 $4 $2 $0 2004 2005 2006 200
Slide 118: Strong Balance Sheet
Strong Balance Sheet Ample Capacity to Fund Future Growth % Increase Cash Flow Sensitivity Au Price Ag Price from Base $9,000 to Commodity Price $US/oz $US/oz Balance Sheet as of June 30, 2024 Case $8,000 65% 50% $3,450 $37.50 $7,000 30% leverage 46% 35% $3,105 $33.75 $6,000 26% 20% $2,760 $30.00 Mi
Slide 119: Upside Through Organic Growth
Upside Through Organic Growth Optionality from development assets $30.0 Wheaton’s Enterprise Value Billions ($B) $25.0 $20.0 $2.0 Remaining upfront $15.0 payments for these $23.8 $25.8 development assets $10.0 represents ~8% of $5.0 current Enterprise $0.0 Value Enterprise Value15 Upfront Payments F
Slide 120: Consistently Outperforming Gold and Silver
Consistently Outperforming Gold and Silver Total Average Rolling Multi-Year Return Comparison as of September 6, 202418 150% Average Total Shareholder Return 100% 50% 0% 1-Year 3-Year 5-Year 10-Year -50% Gold Silver Philadelphia Gold & Silver Index (XAU) VanEck Vectors Gold Miners ETF (GDX) Wheaton
Slide 121: Wheaton's Track Record
Wheaton’s track record As of June 30, 2024 ~$10.4 Invested in streams to date13 28 of Proven and Probable Reserve mine BILLION YEARS life remaining1,2,6 ~$10.7 Cash flow generated to date18 AA High ratings recognizing Wheaton’s BILLION dedication to sustainability19,20 ~$2.2 Declared in dividends to
Slide 122: Q&A
Q&A
Slide 123: Closing Remarks
Closing Remarks Randy Smallwood President & CEO
Slide 124: Capital Allocation Priorities: Creating Value for Stakeholders
Capital Allocation Priorities: Creating Value for Stakeholders Wheaton maintains a position of financial strength supported by ample liquidity, a solid balance sheet, and robust cash flows Accretive Growth Returning Capital to Shareholders In the absence of growth opportunities, Wheaton is Primary o
Slide 125: Global Leaders in Streaming
Global Leaders in Streaming Industry-leading organic growth profile, fueled by near-term catalysts Favourable sustainability rankings underscore Wheaton’s dedication to all stakeholders Disciplined stewards of capital, returning $2.2 billion to shareholders through dividends since inception A rigoro
Slide 126: Endnotes Forward looking Statements
Endnotes Forward looking Statements 1. 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 meaning of applicable Canadian securities legislation concerning the bu
Slide 127: Endnotes Forward looking Statements
Endnotes Forward looking Statements (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
Slide 128: Endnotes Forward looking Statements
Endnotes Forward looking Statements (Cont.) • risks related to environmental regulations; • the ability of Wheaton and the Mining Operations to obtain and maintain necessary licenses, permits, approvals and rulings; • the ability of Wheaton and the Mining Operations to comply with applicable laws, r
Slide 129: Endnotes Forward looking Statements
Endnotes Forward looking Statements Forward-looking statements are based on assumptions management currently believes to be reasonable, including but not limited to: • that there will be no material adverse change in the market price of commodities; • that the Mining Operations will continue to oper
Slide 130: Endnotes: Opening Remarks
Endnotes: Opening Remarks 1. See forward looking statements 2. Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: The information contained herein has been prepared in accordance with the requirements of the securities laws in effect in Can
Slide 131: Endnotes: Approach to Valuation
Endnotes: Approach to Valuation 1. See forward looking statements 2. Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: The information contained herein has been prepared in accordance with the requirements of the securities laws in effect
Slide 132: Endnotes: Guidance, Operating and Development Assets
Endnotes: Guidance, Operating and Development Assets 1. See forward looking statements 2. Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: The information contained herein has been prepared in accordance with the requirements of the secur
Slide 133: Endnotes: Financial Performance
Endnotes: Financial Performance 1. See forward looking statements 2. Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: The information contained herein has been prepared in accordance with the requirements of the securities laws in effect
Slide 134: Endnotes: Financial Performance
Endnotes: Financial Performance 18. Wheaton Precious Metals’ Total Return averaged over various time horizons versus gold, silver, the Philadelphia gold and silver index (XAU) and the Van Eck Vectors Gold Miners ETF (GDX) over the same period. Data from Factset includes dividend payment 19. Based on
Slide 135: Endnotes: Non-IFRS measures
Endnotes: Non-IFRS measures Wheaton has included, throughout this document, certain non-IFRS 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 136: Endnotes: Non-IFRS measures
Endnotes: Non-IFRS 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 137: Endnotes: Non-IFRS measures
Endnotes: Non-IFRS 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, by the ounces or pounds sold. In the precious metal mining industry, this is a common performance m
Slide 138: Endnotes: Non-IFRS measures
Endnotes: Non-IFRS measures iv. Cash operating margin is calculated by adding back depletion 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 pounds sold during the period. The Company presents
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