The Premier Precious Metals Investment
WHEATONPM.COM
April 2026
TSX | NYSE | LSE: WPM
Who is Wheaton
Precious Metals?
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
We deliver low-risk, long-term, diversified exposure and growth optionality to investors
Partners
By crystallizing value for precious metals yet to be produced, we work with our partners to unlock and create value
Neighbours
We promote responsible mining practices and support the communities in which we live and operate
WHEATON PRECIOUS METALS
4
Wheaton's Streaming Advantage
Original Architects of the Streaming Model
High-Quality Assets
80% of Wheaton's current production comes from high margin mines operating in the lowest half of their respective cost curves
Predictable Costs
Contractually defined cost per ounce protects streamers from
inflationary cost pressures
Progressive Dividend
Progressive dividend policy marked by an increase to our annual dividend3
Commodity Price Leverage
Investors gain leverage from fixed per-ounce delivery payments across most operating streams, resulting in higher margins as commodity prices rise
Exploration & Expansion Upside
High-margin and long-life assets receive the benefit from exploration success and expansion upside typically at no additional cost
Optionality
Development projects not included in guidance have the potential of adding ~200,000 GEOs per year4
Cost predictability translates into direct leverage to potential increases in precious metal prices, providing investors with some of the highest sustainable margins in the industry
The Premier Precious Metals Investment
80%
of production from assets
in the lowest half of the cost curve
23
YEARS
of mine life based on
P&P reserves
~50%
estimated organic growth
by 2030 from key assets such as Antamina & multiple new development projects including Koné and Fenix
forecasting ~$10B in cash
~$10 flow from 2026-2028 at
base case commodity
BILLION prices7
$1.8
BILLION
available capacity from
the revolving credit facility,
$500M accordion and cash after funding the Antamina stream
Global
Top 50
out of 15,000 multi-sector
companies by Sustainalytics
AAA
by MSCI ESG
Research16
$4.3
BILLION
announced the largest
precious metals streaming transaction on record with BHP (Antamina) in 2026
$1.3
BILLION
additional investments
into assets in 2025 and
20265
46
total number of
employees globally
of board members
50% represent a diverse
background
Strong Organic Growth
High-Quality, Long-Life
Lean and Diverse Organizational Structure
Strong Corporate Development Momentum
Sector-Leading Sustainability Ratings
Strong Balance Sheet
Unlocking the Value of Precious Metals to Create Superior Shareholder Returns
Wheaton's
Global Portfolio 4
Vancouver Office
Cornerstone Assets
1 Salobo, Brazil
2 Antamina, Peru
3 Peñasquito, Mexico
4 Blackwater, Canada
5
6
Koné, Côte d'Ivoire
Platreef, South Africa
3
5
2 16
23 Operating Mines
26 Development Projects & Other
WHEATON PRECIOUS METALS 7
Our Partners
Capstone Copper
Newmont
Artemis Gold
Hudbay
Integra
Silvercorp
Aris Mining
BHP
Eldorado
Pan American Silver
Vale
First Majestic
Sibanye-Stillwater
Barrick
Waterton Copper
Equinox Gold
Ivanhoe Mines
Hemlo Mining Corp
Glencore
Rio2
Generation Mining
KGL
Panoro Minerals
Allied Gold
Kutcho Copper
Almina
BMC Minerals
Montage Gold
Dalradian Gold
Boliden
Waterton Gold
B2Gold
CMOC
Streaming capital is utilized by a wide range of companies in the mining industry
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 by Commodity1,7
0.7%
0.3%
1%
46%
52%
Mine Life of Operating Portfolio1,2,8
23
15
23
70
60
Mine Life (years)
50
40
30
20
10
0
2026 - 2030E Avg. Forecast Production by Cost Quartile1,7,9
9%
11%
14%
66%
Gold Silver Palladium Platinum CobaltProven & Probable
Measured & Indicated
Inferred
First Second Third Fourth99% of Wheaton's 2026 forecasted revenue is derived from precious metals, with 80% coming from assets situated in the lower half of their respective cost curves. Additionally, the portfolio boasts a proven and probable reserve mine life of 23 years.
The Streaming Industry's Most Robust Growth Profile
Guidance as of February 2026: Pathway to Long-term, Organic Growth1,10
1,400
Gold Equivalent Production (GEO)7 (Koz)
1,200
1,000
2025
Actuals:
GEOs:
806 Koz
16.5 Koz
Other Metals
2026
Guidance:
GEOs: 860-940 Koz
19.0 - 21.0 Koz
Other Metals
Forecasting >11% growth from 2025 to the midpoint of 2026 guidance
Anticipated Organic Growth Drivers Include:
Incremental Growth from Antamina - BHP Acquisition Production Growth from 2026 Long - Term Guidance
Long-Term Guidance1,10
800
600
400
200
416
Koz Au
22.4
Moz Ag
400 - 430
Koz Au
27.0 - 29.0
Moz Ag
Operating: Antamina Blackwater Aljustrel Hemlo Goose Marmato Platreef Fenix Mineral Park
Development: Koné Kurmuk
El Domo Spring Valley Copper World Santo Domingo Cangrejos
Production growth to
1.2 million GEOs by 2030
Maintaining 1.2 million GEOs per year from 2031 to 2035
0
2025A 2026 2027 2028 2029 2030 2031 2032 2033 2034
Anticipated sector leading production growth of ~50% by 2030
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
Other2030 Expected Production Mix Pro forma Antamina - BHP
Antamina - Glencore: 9%
Salobo: 37%
Other: 22%
Antamina - Glencore : 12%
Peñasquito: 16%
Constancia: 10%
Blackwater: 3%
SaloboAntamina - Glencore
Antamina - BHP
Peñasquito
Koné
Blackwater
Constancia
Salobo: 26%
Other: 38%
Combined 18% Antamina - BHP: 9%
Peñasquito: 6%
Koné: 5%
Blackwater: 4%
Constancia: 4%
By 2030, the growth in Wheaton's portfolio will further diversify our asset concentration, driven by Antamina's
growing contribution, alongside several new assets that are expected to increase in significance over the near-term
Cash Operating Costs
Predictable Costs with High Margins and no Inflationary Cost Pressures
Total Cash Cost and Cash Operating Margins per Ounce1,11,12
86%
86%
66%
$393
69%
$391
69%
$395
68%
$409
70%
$421
76%
75%
74%
77%
82%
$426
$459
$472
$455
$440
$479
$650
$6,000
Gold Price (US$/oz)
$5,000
$4,000
$3,000
$2,000
$1,000
$0
$90
Silver Price (US$/oz)
$75
$60
$45
$30
$15
$0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026-
84%
84%
73%
$4.2
74%
$4.4
74%
$4.5
70%
$4.7
69%
$5.0
75%
$5.3
77%
$5.8
76%
$5.3
79%
$5.0
83%
$5.0
$6.6
$12.5
2030E
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026-
2030E
Total Cash Cost/oz
Cash Operating Margins
Estimated Cash Operating Margins12
Strong Balance Sheet with Capacity to Fund Additional Growth
Strength of Wheaton's Forecasted Cash Flows Expected to Fund Accelerated Debt Repayment 1,13,30
Conservative Balance Sheet with Low Leverage Ratio
Strong Liquidity with Robust Operating Cash Flow
Upon closing of the BHP-Antamina
stream, the Company held a net debt position of $2.2B
$3.0B
$2.2B
~0.7x net
debt/EBITDA 30
$4
$ Billions
$3
$2
$1
$0
Pro Forma Net Debt (March 31, 2026)
Annualized Q4 2025 EBITDA
$14
$12
$ Billions
$10
$8
$6
$4
$2
$0
Current Capacity
Cash Flow Sensitivities
Au Price
$US/oz
Ag Price
$US/oz
Accordion
Cash and Undrawn RCF Estimated Operating Cash Flow
$5,600 $95.00
$4,800
$80.00
$4,000 $65.00
$1.8B
Total Est. Op. Cash Flow13(2026-2028)
Upside Base Downside
The Company is expected to generate ~$10B in operating cash flow from 2026 to 2028 at base case commodity prices7
Progressive and Sustainable Dividend
$0.78
Implied annual dividend per share in 202614
$0.66
Dividend per share declared
$0.60
$0.60
$0.62
$0.57
$0.42
$0.36 $0.36
$0.33
$0.21
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E
increase to annual dividend
18% in 2026, per progressive
dividend policy
$0.195
Per share
declared first quarterly
dividend of 20263
$2.6
Billion
declared in dividends since
inception
$0.90
Series2
$0.80
Series1
Dividend per share ($US)12
$0.70
$0.60
$0.50
$0.40
$0.30
$0.20
$0.10
$-
Wheaton increased quarterly dividend by a meaningful 18% in 2026, reflecting its commitment to
Benefits to
Mining Partners
Benefits to Mining Partners
Partnering with Wheaton provides additional
benefits debt and equity do not offer
Non-dilutive form of funding
Initial value creation for both parties Improves project IRR
Crystalize future production of mining partner Partnership fosters support & flexibility Endorses technical merits of mine / project Share production and operating risk Expedited due diligence & closing process
No fixed payments
WHEATON Debt Equity PRECIOUS METALS
Precious Metals Streaming
Benefits to Mining Partners
Value Created by Streaming
Value Created by Streaming
Developer Market Value
Producer Market Value
Developer
Producer
Streamer Market Value
Streamer
Initial Value Creation
The market value of precious metal in a streaming company's portfolio is generally higher than precious metal produced by a traditional miner or future metal productions with a developer
Salobo Example15 Enhances IRRs
71%
21%
$3.4B
$1.5B
The upfront payment contributes a larger portion of capex than the stream represents as a percentage of revenue
Upfront payment as a % of capex
Stream as % of Revenue
Vale's capex net of WPM's upfront payments
Vale's 2025 Revenue from Salobo
Benefits to the
Community
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 to climate change, human capital, and community investment,
among others
W
HEATON PRECIOUS METALS 19
ESG Due Diligence and Engagement with Mining Partners
Strong Governance & Policies
Reporting and External & Voluntary Commitments
Community Investment Programs
Community Investment Program
Community
Development
Making an Impact
Health & Wellness
Education
Climate &
Nature
For more than a decade, Wheaton has partnered with the Vale Foundation to support lasting community benefits around the Salobo Mine.
0.5%
1%
Community Investment Budget
(1.5% of average net income of previous four years plus one forecast year)
Partner
(Mining Communities)
Local
(Vancouver & Cayman)
Through its partnership with Nature Trust of BC, Wheaton supports the conservation of critical lands, including BC's Columbian Wetlands.
In 2025, Wheaton contributed over $9.4 million to over 150 charitable causes and initiatives globally
WHEATON PRECIOUS METALS 20
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Wheaton Precious Metals Corp. published this content on April 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 08, 2026 at 17:44 UTC.
