Wheaton Precious Metals Corp · TSX:WPM
Wheaton Precious Metals — Investor Presentation (January 2025)
69 slides from Wheaton Precious Metals's investor presentation, January 2025
Slide 1: The Premier Precious Metals Investment
The Premier Precious Metals Investment WHEATONPM.COM January 2025 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: 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 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 6: The Wheaton Advantage
The Wheaton Advantage The Sustainable Option for Precious Metal Investing Of production from assets Development Momentum New investments into $694 Cash & cash equivalents Strong Balance Sheet High-Quality, Long-Life 93% in the lowest half of the 3 assets in 2024 at Sept 30, 2024 Strong Corporate cos
Slide 7: Wheaton's Global Portfolio
Wheaton’s Global Portfolio 5 Vancouver Office 3 Cornerstone Assets 1 Salobo, Brazil 2 Antamina, Peru 3 Peñasquito, Mexico 2 1 4 Constancia, Peru 4 5 Blackwater, Canada 6 6 Platreef, South Africa 18 Operating Mines 29 Development Projects & Other WHEATON PRECIOUS METALS 7
Slide 8: Our Partners
Our Partners Capstone Copper Newmont Artemis Gold Hudbay Rio2 Silvercorp Aris Mining Allied Gold B2Gold Eldorado Vale First Majestic Sibanye-Stillwater Barrick Waterton Copper Equinox Gold Ivanhoe Mines BMC Minerals Glencore Montage Generation Mining Pan American Silver Kutcho Copper Panoro Minerals
Slide 9: Leading with Quality: Precious Metals Exposure from Long-Life, Low-Cost Assets
Leading with Quality: Precious Metals Exposure from Long-Life, Low-Cost Assets Assets That Can Withstand Commodity Price Fluctuations Precious Metals Exposure Long-Life High-Quality 2024 YTD Revenue 2024 Forecast Production Mine Life of Operating Portfolio1,2,8 by Commodity Type1,3 by Cost Quartile1
Slide 10: The Streaming Industry's Most Robust Growth Profile
The Streaming Industry’s Most Robust Growth Profile Pathway to Long-term, Organic Growth1,25 Incremental Growth from Acquisitions Announced in 2024 2024 The addition of Koné, Kurmuk, Production Growth from Original Long-Term Guidance33 2023 1,000 Actuals: Guidance: and the Fenix expansion add an inc
Slide 11: Predictable Costs and High Margins
Cash Operating Costs Predictable Costs and High Margins Total Cash Cost and Cash Operating Margins per Ounce 1,5,6,7 Gold Price (US$/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 12: Strong Balance Sheet
Strong Balance Sheet Ample Capacity to Fund Future Growth % Increase Cash Flow Sensitivity Au Price Ag Price from Base to Commodity Price $US/oz $US/oz $12 Balance Sheet as of Sept 30, 2024 Case $11 60% 50% $3,900 $48.00 $10 41% 35% $3,510 $43.20 $9 20% leverage 23% 20% $3,120 $38.40 $8 12% 10% $2,8
Slide 13: Margins and Cash Flow
Margins and Cash Flow Leverage to Higher Commodity Prices 19,21 Over $2 billion of operating cash flow in 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
Slide 14: Accretive Deployment of Capital
Accretive Deployment of Capital $12 As of September 30, 2024, since inception, the Company has recouped over 100% of its initial upfront investments26 $10 $8 Billions ($US) $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 YTD Upfron
Slide 15: Progressive and Sustainable Dividend
Progressive and Sustainable Dividend 32 $0.70 $0.60 $0.60 $0.62 $0.60 $0.57 Dividend per share ($US) Quarterly Dividend Policy $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 $0.21 dividend $0.20 $0.20 o Declared fourth quar
Slide 16: Benefits to Mining Partners
Mining Partners je) y 2 (ra oO S o [aa]
Slide 17: 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 18: Precious Metals Streaming
Precious Metals Streaming Benefits to Mining Partners Initial Value Creation Value Created by Streaming The market values precious Value Created by Streaming metal in a streaming Streamer Market Value company’s portfolio greater than precious metal produced by a traditional miner or Producer Market
Slide 19: Benefits to the Community
‘a . WwW 2 eae Benefits to the STREAMING Community
Slide 20: 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 21: 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) Wheaton supports over 100 different charita
Slide 22: Recognition for Sustainability Performance
Recognition for Sustainability Performance Top-rated Among ESG Analysts23,24 o Established a Sustainability-linked element in connection with existing undrawn US$2 billion revolving credit facility Strong Partner ESG Performance o Supporting our communities through our local and partner community in
Slide 23: Why Invest in Wheaton Precious Metals?
Why Invest in Wheaton Precious Metals?
Slide 24: Why Every Portfolio Should Have Gold Exposure
Why Every Portfolio Should Have Gold Exposure Gold and Various Currencies Measured in Gold 2002-2023 Long-Term Store of Value: • Gold has been used as a store of value for thousands of years. • During geopolitical turmoil or financial crises, investors often flock to gold as a haven for their wealth
Slide 25: The World's Premier Precious Metals Investment
The World’s Premier Precious Metals Investment Wheaton has a high-quality stream portfolio ~ 99% and is the only streamer with ~99% of revenue from precious metals production WHEATON OTHER BULLION PRECIOUS METAL PRECIOUS METALS STREAMERS /ETFS MINERS ~99% of revenue from precious metals12 No capital
Slide 26: Wheaton Versus Other Streamers
Wheaton Versus Other Streamers Precious Metals Leading Revenue Generation 2023 Revenue($M) Mix by Streamer12 Franco Nevada Royal Gold Wheaton $40 $127 $339 $60 $73 $70 $19 $15 $208 $784 $462 $644 78% precious metals 88% precious metals 99% precious metals Total $1,219M Total $606M Total $1,016M PM’s
Slide 27: Wheaton's Track Record
Wheaton’s track record As of September 30, 2024 ~$10.5 invested in streams to date19 28 of Proven and Probable Reserve mine BILLION YEARS life remaining1,2,3 ~$11.0 cash flow generated to date20 AAA high ratings recognizing Wheaton’s BILLION dedication to sustainability23,24 ~$2.3 declared in divide
Slide 28: Consistently Outperforming Gold and Silver
Consistently Outperforming Gold and Silver Total Average Rolling Multi-Year Return Comparison as of Dec 31, 202413 150% Average Total Return 100% 50% 0% 1-Year 3-Year 5-Year 10-Year -50% Gold Silver Philadelphia Gold & Silver Index (XAU) VanEck Vectors Gold Miners ETF (GDX) Wheaton Wheaton’s strong
Slide 29: Wheaton Checks all the Boxes
If You Like Precious Metals… Leverage to increasing Significant organic growth precious metals prices Significant expansion & Dedication to sustainability exploration potential High-quality, long-life asset base Progressive dividend Cost predictability Wheaton Checks all the Boxes WHEATON PRECIOUS M
Slide 30: Contact
Contact INVESTOR RELATIONS CONNECT WITH US Tel: 604-684-9648 @Wheaton_PM Toll Free: 1-844-288-9878 Email: info@wheatonpm.com @WheatonPM TRANSFER AGENT @Wheaton Precious Metals Corp. TSX Trust Company (Canada) Toll Free: 1-800-387-0825 International: 1-416-682-3860 Email: shareholderinquiries@tmx.com
Slide 31: Appendix and Endnotes
Appendix and Endnotes
Slide 32: What is Gold247? Why now?
What is Why now? Gold247? The World Gold Council's strategic vision for Gold has a systemic role in the world's economy. The transforming the global gold market and elevating gold Gold 247 initiatives way gold is traded, and supply chain management into the mainstream of financial markets. needs to
Slide 33: Streaming Throughout the Cycle
Gold Price (US$) $1,500 $2,000 $3,000 $1,000 $2,500 $0 $500 San Dimas & Los Filos Zinkgruvan Yauliyacu (Sold 2022) Stratoni Peñasquito Growth Keno Hill (Sold 2022) Silverstone Pascua Lama Rosemont Harvest Constancia Ag Some Days you Reap, Some Days you Sow… Streaming Throughout the Cycle 777 Salobo
Slide 34: 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 35: Company Acquisition History
Company Acquisition History 20 20 20 Marmato (amended in 2022) 21 22 Black Pine (royalty) Cangrejos Blackwater (expansion) 24 DeLamar (royalty) Koné Mineral Park Kurmuk Platreef Kudz Ze Kayah Curraghinalt 20 Mt Todd (royalty) 20 Curipamba Marathon 20 Goose 23 Cozamin Santo Domingo Fenix Blackwater (
Slide 36: Company Acquisition History
Company Acquisition History PRECIOUS METAL INTEREST OPERATOR LOCATION UPFRONT ATTRIBUTABLE PRODUCTION PRODUCTION PAYMENT DATE CONSIDERATION (USD AS OF MARCH 31, 20241 THOUSANDS) GOLD SILVER GOLD SILVER 1 San Dimas2 First Majestic Mexico $ 25% 25% paid in gold $631 15-OCT-04 2 Los Filos Equinox Mexic
Slide 37: Company Acquisition History
Company Acquisition History PRECIOUS METAL INTEREST OPERATOR LOCATION UPFRONT CONSIDERATION ATTRIBUTABLE PRODUCTION PRODUCTION PAYMENT DATE (USD THOUSANDS) AS OF MARCH 31, 20241 GOLD SILVER OTHER GOLD SILVER OTHER 16 Antamina10 Glencore Peru $ 900,000 33.75% 20% of Spot 3-NOV-15 17 Cotabambas11 Pano
Slide 38: 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 39: 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 40: Revenue Exposure
Revenue Exposure Highly Diversified Portfolio 2024-2028E Revenue Mix1,4 2% 1% 1% 2% 0.3% 1% 2% 5% Brazil Mexico 11% 34% Peru Gold Europe 36% Silver Canada Palladium 13% USA Cobalt 60% Colombia Platinum Ecuador South Africa 12% 20% Guyana WHEATON PRECIOUS METALS 40
Slide 41: Strong Track Record Of Organic Growth
Strong Track Record Of Organic Growth Exploration and Inferred Conversion Reserves and Resources Growth2,3,8 13.5M GEOs 13.9M GEOs 9.2M GEOs (M&I) 15.2M GEOs (M&I) 28.0 GEOs (P&P) 21.5M GEOs (P&P) Total Acquired Total Exploration & Total Mined R&R Inferred Conversion Exploration and inferred convers
Slide 42: Strong Track Record of Accretive Growth
Strong Track Record of Accretive Growth Expansion & Growth Through Exploration & Acquisitions 10.0 Total attributable gold equivalent ounces per 100 shares since inception2,8 M&I P&P Mined GEOs 8.0 Gold Eq oz / 100 share 6.0 4.0 2.0 0.0 -2.0 -4.0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 201
Slide 43: 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 44: 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 45: Accretive Growth: Fenix Project
Accretive Growth Asset Overview1 Fenix Project (Stream Amendment) Operator Rio2 Limited Location Chile Stream Gold Original Agreement: November 15, 2021 Date of Acquisition Amended and Restated: October 21, 2024 Original Agreement: 6% of gold until 90koz delivered, then 4% until 140koz have been del
Slide 46: Accretive Growth: Blackwater Project
Accretive Growth Asset Overview1 Blackwater Project Operator Artemis Location Canada Stream Gold and Silver Date of Acquisition December 13, 2021 (Amended June 14, 2023) 50% of Ag until 17.8 Moz, thereafter 33% for life of mine, & 8% of Au until 464 koz thereafter 4% Stream Parameters for life of mi
Slide 47: Accretive Growth: Platreef Project
Accretive Growth Asset Overview1 Platreef Project Owner Ivanhoe Mines Location South Africa Stream Gold, Palladium & Platinum (“PGMs”) Date of Acquisition Nov 15, 2023 Upfront Consideration $412 million Gold: 62.5% of payable gold production until 218,750 oz delivered, dropping to 50%. Stream Parame
Slide 48: Accretive Growth: Mineral Park Project
Accretive Growth Asset Overview1 Mineral Park Project Operator Waterton Copper Corp Location Arizona, USA Stream Silver Date of Acquisition Oct 24, 2023 Stream Parameters 100% of the payable Ag $115 million in four payments during construction (three installments of $25 million and a final Upfront C
Slide 49: Attributable Reserves & Resources - Gold
Attributable Reserves & Resources - Gold Total Proven & Probable DECEMBER 31, 2023 (6) DECEMBER 31, 2022 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 50: 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 51: 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 52: 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 53: Attributable Reserves & Resources - Other
Attributable Reserves & Resources - Other Total Proven & Probable DECEMBER 31, 2023 (6) DECEMBER 31, 2022 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 54: 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 55: Attributable Reserves & Resources
Attributable Reserves & Resources 8. Mineral Reserves are estimated using appropriate process and mine recovery rates, dilution, operating costs and the following commodity prices: a. Aljustrel mine – 3.0% zinc cut-off for the Feitais, Moinho and St João mines and the Estação project. b. Antamina mi
Slide 56: Attributable Reserves & Resources
Attributable Reserves & Resources 9. Mineral Resources are estimated using appropriate recovery rates and the following commodity prices: a. Aljustrel mine – 3.0% zinc cut-off for Feitais, Moinho and St João mines and the Estação project. b. Antamina mine - $6,000 per hour of mill operation cut-off
Slide 57: Attributable Reserves & Resources
Attributable Reserves & Resources 9. Cont. ee. San Dimas mine – 165 grams per tonne silver equivalent cut-off assuming $1,800 per ounce gold and $25.00 per ounce silver. ff. Santo Domingo project - 0.125% copper equivalent cut-off assuming $3.50 per pound copper, $1,300 per ounce gold and $99 per to
Slide 58: 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 59: Endnotes
Endnotes The information contained herein 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. Forward-looking statements, whi
Slide 60: 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 61: Endnotes
Endnotes (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, regulations and permitting r
Slide 62: Endnotes
Endnotes Forward-looking statements are based on assumptions management currently believes to be reasonable, including but not limited to: • the payment of $625 million to Montage and the satisfaction of each party's obligations in accordance with the terms of the Koné Gold PMPA; • the advance by th
Slide 63: Endnotes
Endnotes 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 Canada, which differ from the requirements of United S
Slide 64: Endnotes
Endnotes 12. Based on disaggregated revenue, 2023 full year financials as of year end December 31, 2023. 13. 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
Slide 65: Endnotes
Endnotes 26. Not included in Wheaton’s long-term forecast and instead classified as ‘optionality’, includes potential future production from Pascua Lama, Navidad, Cotabambas, Metates and additional potential expansions at Salobo outside of the Salobo III mine expansion project. 27. Capital earned in
Slide 66: 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 67: 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 68: 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 and cost of sales related to delay ounces, by the ounces or pounds sold. In the precious metal minin
Slide 69: Endnotes: Non-IFRS measures
Endnotes: Non-IFRS 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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