Wheaton Precious Metals Corp · TSX:WPM
Wheaton Precious Metals — Investor Presentation (November 2026)
65 slides from Wheaton Precious Metals's investor presentation, November 2026
Slide 1: The Premier Precious Metals Investment
The Premier Precious Metals Investment WHEATONPM.COM November 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 80% 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: The Premier Precious Metals Investment
The Premier Precious Metals Investment Unlocking the Value of Precious Metals to Create Superior Shareholder Returns of production from assets in avg annual cash flow Development Momentum $4.6 ~$2.7 Strong Balance Sheet High-Quality, Long-Life committed into assets 80% in the lowest half of the year
Slide 7: Wheaton's Global Portfolio
Wheaton’s Global Portfolio 5 Vancouver Office 3 Cornerstone Assets 1 Salobo, Brazil 6 2 Antamina, Peru 3 Peñasquito, Mexico 2 1 Japan 4 Constancia, Peru 4 5 Blackwater, Canada 6 Koné, Côte d'Ivoire Australia 22 Operating Mines 20 Development Projects 15 Exploration & Other WHEATON PRECIOUS METALS 7
Slide 8: Wheaton's Streaming Partners
Wheaton’s Streaming Partners Montage Gold Newmont Ivanhoe Mines Hudbay KGL Aris Mining Silvercorp BHP BMC Minerals Pan American Silver Vale Generation Mining Eldorado Artemis Gold Barrick Waterton Copper Equinox Gold Sibanye-Stillwater Hemlo Mining Corp Rio2 Glencore Waterton Gold Panoro Minerals Al
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 2026 - 2030E Avg. Forecast Revenue Mine Life of Operating Portfolio1,2,8 2026 - 2030E Avg. Forecast Production by Comm
Slide 10: The Streaming Industry's Most Robust Growth Profile
The Streaming Industry’s Most Robust Growth Profile Guidance as of February 2026: Pathway to Long-term, Organic Growth 1,10 1,400 2025 2026 Production Growth from 2026 Long - Term Guidance Guidance: Forecasting ~12% Actuals: growth from 2025 to 1,200 GEOs: GEOs: the midpoint of 2026 804 Koz 860-940
Slide 11: Building Portfolio Strength While Adding Meaningful Diversification
Building Portfolio Strength While Adding Meaningful Diversification Wheaton's Peer Leading Growth Will Further Diversify Wheaton's Portfolio 2025 Actual Production Mix Gold Equivalent Production Mix1,2 2030 Expected Production Mix Other Antamina: 18% Salobo Antamina Antamina: 12% Peñasquito Peñasqui
Slide 12: Predictable Costs with High Margins and no Inflationary Cost Pressures
Cash Operating Costs Predictable Costs with High Margins and no Inflationary Cost Pressures $6,000 Total Cash Cost and Cash Operating Margins per Ounce 1,11,12 $5,000 Gold Price (US$/oz) $4,000 $3,000 86% 86% $2,000 77% 82% 76% 75% 74% $1,000 66% 69% 69% 68% 70% $393 $391 $395 $409 $421 $426 $459 $4
Slide 13: Strong Balance Sheet with Expected Capacity to Fund Additional Growth
Strong Balance Sheet with Expected Capacity to Fund Additional Growth Strength of Wheaton’s Forecasted Cash Flows Expected to Fund Accelerated Debt Repayment 1,12,13,30 Conservative Balance Sheet with Low Leverage Ratio Strong Liquidity with Robust Operating Cash Flow Cash Flow Sensitivities $4 $20
Slide 14: Progressive and Sustainable Dividend
Progressive and Sustainable Dividend $0.90 increase to annual dividend $0.80 $0.78 18% in 2026, per progressive dividend policy $0.70 Dividend per share ($US)12 Dividend per share declared $0.66 $0.62 $0.60 $0.60 $0.60 $0.57 declared third quarterly $0.50 $0.195 $0.42 Per share dividend of 20263 $0.
Slide 15: Benefits to Mining Partners
Benefits to Mining Partners
Slide 16: Benefits to Mining Partners
Benefits to Mining Partners Partnering with Wheaton provides additional benefits debt and equity do not offer WHEATON Debt Equity PRECIOUS METALS Non-dilutive form of funding Initial value creation for both parties Improves project IRR Crystalize future production of mining partner Partnership foste
Slide 17: Market Recognition of Value
Market Recognition of Value Share Price Performance of Partners Following Recent Wheaton Transactions31 T+1 T+5 T+10 T+10 Transaction Size (US$M) Avg share price return of Share price return Share price return Share price return peer group* BHP $4,300 1.2% 6.3% 13.1% 2.2% Antamina Ag · Feb 2026 Heml
Slide 18: Wheaton as a Partner of Choice
Wheaton as a Partner of Choice The Strongest Endorsement of a Partnership is Repeat Business >2/3rds of all transactions in the past decade have been relationship driven, with nearly half of those involving repeat partners PARTNERS WHO HAVE RETURNED WHY PARTNERS CHOOSE WHEATON Strategic Value Creati
Slide 19: 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 20: Sustainability is a Core Value
Sustainability is a Core Value Investing Alongside Our Partners to Deliver Value to Communities Community Investment Budget Focused on Four Pillars of Giving Health & Climate & Community Education For more than a decade, Wheaton has partnered with the Vale Foundation Wellness Nature Development to s
Slide 21: Why Invest in Wheaton Precious Metals?
Why Invest in Wheaton Precious Metals?
Slide 22: Why Every Portfolio Should Have Gold Exposure
Why Every Portfolio Should Have Gold Exposure Gold and Various Currencies Measured in Gold 2002-2025 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 23: Why Every Portfolio Should Have Silver Exposure
Why Every Portfolio Should Have Silver Exposure Industrial Demand: • Silver's extensive use in electronics, automotive sectors, 5g Silver Market Expected to Remain in Deficit for the Next Five Years technologies and data centers are expected to contribute significantly to demand growth. • Advancemen
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 2025 Revenue Mix by Streamer19 Wheaton Precious Metals 99% precious metals $2,500 Franco Nevada $42 85% precious metals $2,000 $44 $837 $50 $204 $1,500 Royal Gold $236 $ Millions 89% precious metals $1,000 $110 $121 $1,436 $1,
Slide 26: Wheaton's Track Record
Wheaton’s Track Record As of June 30, 2026 ~$18.5 committed under streaming 23 reserve mine life remaining1,2,8 BILLION agreements since inception20 YEARS ~$15.5 cash flow generated to date21 AAA high ratings recognizing Wheaton’s BILLION dedication to sustainability6,15 average annualized after-tax
Slide 27: Consistently Outperforming Gold and Silver on a Rolling Basis
Consistently Outperforming Gold and Silver on a Rolling Basis 250% Total Average Rolling Multi-Year Return Comparison as of Nov 3, 202623 200% Average Total Return 150% 100% 50% 0% 1-Year 3-Year 5-Year 10-Year Gold Silver Philadelphia Gold & Silver Index (XAU) VanEck Vectors Gold Miners ETF (GDX) Wh
Slide 28: The Wheaton Difference
The Wheaton Difference: A disciplined approach to investing in quality assets with creative structures to drive superior growth and returns A strong track record of managing risks and enhancing returns; consistently Experienced Management Team outperforming gold, silver, and streaming peers. A focus
Slide 29: Contact
Contact INVESTOR RELATIONS CONNECT WITH US Tel: 604-684-9648 @Wheaton_PM Toll Free: 1-844-288-9878 Email: info@wheatonpm.com @WheatonPM TRANSFER AGENT @Wheaton Precious Metals Corp. Odyssey Trust Company Toll Free: 1-888-290-1175 International: 1-587-885-0960 Email: shareholders@odysseytrust.com WHE
Slide 30: Appendix and Endnotes
Appendix and Endnotes
Slide 31: Structured to Compound: Peer Leading IRR Growth
Structured to Compound Peer Leading IRR Growth IRR Multiplier = Today’s IRR ÷ Deal-Date IRR (the return growth realized since underwriting) 3.2x Wheaton Peer Range 0.9x 2.6x Four precious metals streaming and royalty peers +0.6x above the top of the range Wheaton's structures endure across cycles, p
Slide 32: Streaming Throughout the Cycle
Gold Price (US$) $0 $1,000 $2,000 $3,000 $4,000 $5,000 San Dimas & Los Filos Zinkgruvan Yauliyacu (Sold 2022) Stratoni Peñasquito Growth Keno Hill (Sold 2022) Silverstone El Alto Gold / Silver Price Copper World Constancia Ag Harvest LT Consensus Gold / Silver Price 777 Salobo 1/Sudbury Some Days yo
Slide 33: Revenue Exposure
Revenue Exposure Highly Diversified Portfolio 2026-2030E Revenue Mix1,7,17 0.7% 0.3% 1% 1% 2%1% 2% 2% Brazil Peru 5% Mexico 27% 5% Canada Gold Europe Silver 9% United States 46% 52% Palladium Cote d'ivoire Platinum Chile 10% Cobalt South Africa 23% Ecuador 13% Columbia Ethiopia WHEATON PRECIOUS META
Slide 34: Strong Track Record Of Organic Growth
Strong Track Record Of Organic Growth Exploration and Inferred Conversion Reserves and Resources Growth2,8 12.0M GEOs 20.2M GEOs 16.7M GEOs (M&I) 18.0M GEOs (M&I) 34.4M GEOs (P&P) 25.0M GEOs (P&P) Total Acquired Total Mined Total Exploration & R&R Inferred Conversion Exploration and Inferred convers
Slide 35: Accretive Growth: Jervois Stream with KGL
Accretive Growth Gold and Silver Stream on the Jervois Project with KGL Northern Territory Antamina Operator KGL Resources Limited Location Australia Western Date of Australia April 1, 2026 Acquisition 75% of gold production until 45 koz delivered (Gold ATS), then 37.5% until additional 15 koz deliv
Slide 36: Accretive Growth: Additional Silver Stream on Antamina with BHP
Accretive Growth Additional Silver Stream on Antamina with BHP Compañía Minera Antamina S.A. (CMA). a joint venture : BHP (33.75%), Glencore (33.75%), Teck Antamina Operator Resources (22.5%), and Mitsubishi Corporation (10%) Peru - located in the Ancash region of the Andes Mountains in north-centra
Slide 37: Extensive Area of Interest Helps Support Long-Term Growth Potential
Extensive Area of Interest Helps Support Long-Term Growth Potential A Large Area of Interest Captures Exploration Upside Beyond the Pit1 • District-scale Areas of Interest (AOIs) extend beyond the current mine footprint to capture future discoveries across the broader land package. • Exploration ups
Slide 38: 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 39: Company Acquisition History
Company Acquisition History 20 20 20 20 Marmato (amended in 21 22 Black Pine (royalty) Cangrejos Blackwater 24 DeLamar (royalty) Blackwater (amendment) 26 2022) (expansion) Fenix (amendment) Hemlo Mineral Park Koné Spring Valley Platreef Kurmuk Kudz Ze Kayah Curraghinalt 20 Mt Todd (royalty) Antamin
Slide 40: 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 41: 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 18 Kutcho Kutcho Copper Canada $ 65,000 100% 100% 20% of Spot 20% of Spot 15-DEC-17 19
Slide 42: 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 43: 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 44: Attributable Reserves & Resources - Gold
Attributable Reserves & Resources - Gold Total Proven & Probable December 31, 2025 (6) Proven Probable Proven & Probable 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 GOLD Black Pine Royalty (32) - - -
Slide 45: Attributable Reserves & Resources - Gold
Attributable Reserves & Resources - Gold Total Measured, Indicated and Inferred December 31, 2025 (6) 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
Slide 46: Attributable Reserves & Resources - Silver
Attributable Reserves & Resources - Silver Total Proven & Probable December 31, 2025 (6) Proven Probable Proven & Probable 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 Aljustrel (19) 7.8 46.2 11.7 19.2
Slide 47: Attributable Reserves & Resources - Silver
Attributable Reserves & Resources - Silver Total Measured, Indicated and Inferred December 31, 2025 (6) 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 M
Slide 48: Attributable Reserves & Resources - Other
Attributable Reserves & Resources - Other Total Proven & Probable December 31, 2025 (6) Proven Probable Proven & Probable 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 PALLADIUM Platreef (11,35) - - - 5
Slide 49: Attributable Reserves & Resources
Attributable Reserves & Resources Notes on Mineral Reserves & Mineral 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 Nationa
Slide 50: Attributable Reserves & Resources
Attributable Reserves & Resources t. Mineral Resources for the Metates royalty are reported as of January 28, 2023. u. Mineral Resources for the Mineral Park mine are reported as of January 31, 2026 and Mineral Reserves as of February 11, 2026. v. Mineral Resources and Mineral Reserves for the Mt. T
Slide 51: Attributable Reserves & Resources
Attributable Reserves & Resources r. Kutcho project – NSR cut-offs of Cdn $38.40 per tonne for oxide ore and Cdn $55.00 per tonne for sulfide for the open pit and Cdn $129.45 per tonne for the underground assuming $3.50 per pound copper, $1.15 per pound zinc, $20.00 per ounce silver and $1,600 per o
Slide 52: Attributable Reserves & Resources
Attributable Reserves & Resources g. Constancia mine – NSR cut-off of $7.30 per tonne for open pit and 0.65% copper cut-off for underground, both assuming $2,800 per ounce gold, $32.00 per ounce silver, $4.40 per pound copper and $17.00 per pound molybdenum. h. Copper World Complex project – 0.1% co
Slide 53: Attributable Reserves & Resources
Attributable Reserves & Resources kk. Sudbury mines – $1,000 to $1,950 per ounce gold, $6.07 to $9.44 per pound nickel, $2.77 to $4.31 per pound copper, $1,124 to $1,350 per ounce platinum, $925 to $1,450 per ounce palladium and $20.41 to $25.54 per pound cobalt. ll. Toroparu project – 0.45 grams pe
Slide 54: Attributable Reserves & Resources
Attributable Reserves & Resources 21. The Copper World Complex Mineral Resources and Mineral Reserves do not include the Leach material. 22. The Voisey’s Bay PMPA provides that Vale will deliver 42.4% of the cobalt production until 31 million pounds are delivered to the Company and 21.2% of cobalt p
Slide 55: Endnotes
Endnotes 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 business, operations and fina
Slide 56: Endnotes
Endnotes 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 “believe
Slide 57: Endnotes (Cont.)
Endnotes (Cont.) • risks relating to exploration, development, operating, expansions and improvements at the Mining Operations; • risks related to environmental regulations; • the ability of Wheaton and the Mining Operations to obtain and maintain necessary licenses, permits, approvals and rulings;
Slide 58: Endnotes
Endnotes Forward-looking statements are based on assumptions management currently believes to be reasonable, including but not limited to: that the Company will be able to drawdown sufficient funds under both its existing revolving credit facility and the new Term Loan and that each party’s obligati
Slide 59: 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, 2025, which was filed on March 31, 2026 and other continuous disclosure documents filed by Wheaton si
Slide 60: 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, 2025, which was filed on March 31, 2026 and other continuous disclosure documents filed by Wheaton si
Slide 61: Endnotes
Endnotes 13. Estimated operating cash flow calculations based on rolling five-year production forecast based upon (i) 2026 production forecast announced February 16, 2026, (ii) production payment per ounce (pound) of metal produced, varies by asset (see ‘Company Acquisition History’ in appendix), an
Slide 62: 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, palladium and
Slide 63: 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 64: Endnotes: Non-GAAP measures
Endnotes: Non-GAAP measures iii. Average cash cost of gold, silver, palladium and platinum 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 m
Slide 65: 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
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