Wheaton Precious Metals Corp. Common Stock Investor Day 2026

All right. Good morning, everyone. Welcome to Wheaton's 2026 Investor Day. My name is Emma Murray. I am the Vice President of Investor Relations here at Wheaton. We are thrilled to have you with us, whether in the room here in Toronto or joining online. Before we start, just note that there will be forward-looking statements made in the presentations today, so I would encourage you to familiarize yourself with the cautionary statements here on the page and in our recent filings. All right. Many of you have followed Wheaton for years, so our objective here is to really take you beyond the story that you already know. We are looking to give you fresh insights into how we allocate capital, the nuances behind how we structure streams, and importantly, how we quantify those structural mechanisms, and how without those, they may affect returns over the long term.

We will have a 5-minute refreshment break partway through the program, though feel free to step out anytime. Washrooms are to the right and through the breakfast room. We are very grateful to have three of our partners here today, Hemlo, Vale Base Metals and Montage. They are happy to take questions immediately following their presentations. For Wheaton, we will have a dedicated Q&A panel at the end, so please hold your questions for that time. For those newer to Wheaton, we would encourage you to check out our guidebook. It was published yesterday, available on our website, and it provides a very thorough overview and introduction to streaming and Wheaton's specific approach. Before we begin, I just want to zoom out for a moment and leave you with one number to help frame the day. When you invest in Wheaton, you are investing in ounces rather than overhead.

We are 47 people worldwide. That is the entire company. In fact, you will be hearing from 15% of the company here today. To put that efficiency into perspective, we looked across the major miners, other streaming peers, and some of the world's most valuable technology companies. On market cap and net income per employee, Wheaton delivers the highest value. There are remarkably few layers between the value generated at Wheaton and our shareholders. The streaming model, of course, is inherently efficient. We should know. We created it. But the model is available to everyone, and what differentiates Wheaton is the way that we execute the model. That is really the theme of what you will hear today. We are going to talk about how we select and identify the highest quality assets and how we structure them to protect the downside and preserve the upside.

With that, it is my pleasure to welcome our President and CEO, Haytham Hodaly.

Thanks, Emma. Thank you, Emma, and thank you everyone for being here today. I know how difficult it is to take a half a day out of your schedule in this environment and spend it with us, so we do appreciate it. I know quite a few faces here, but I just wanted to give a bit of an introduction as to who I am because some of you don't know me. My background, I am a mining engineer by education. I then subsequently did a master's in mineral economics. I have been in the industry, sitting in your seats valuing mines and valuing mining companies for over 32 years, the last 15 with Wheaton Precious Metals. So if anyone can understand what you guys have to do, it is definitely me at this point, and we do appreciate you guys being here.

Wheaton's approach has never been to be the biggest streaming company. It has always been to be the best streaming company. What does that mean? That means looking at the highest quality assets, the lowest cost, the longest life, strongest partners, and a pure precious metals focus. That disciplined approach to acquisitions, that is what creates value for our stakeholders. When I say stakeholders, we are looking at our shareholders, who have been with us some for almost two decades. Our partners, who have come back to us for repeat business on a regular basis. We have had, in the last 10 years alone, over two-thirds of our business has been repeat business, or people we have dealt with in the industry that understand that Wheaton will treat them fairly. Last, and definitely just as important, is our neighbors.

We give back significantly to the communities in and around the mines where we get our streams and where we live and operate, and that is incredibly important to us. We have given over, and I think Patrick is going to go through this, close to $60 million since inception back to these types of things. So a lot of bullet points on this slide. I think the only thing I want to highlight is I will highlight four of them. The first one is $4.6 billion. We have committed $4.6 billion into assets this year alone. You will hear me throw out some numbers over the next few slides, but on average, we are probably somewhere closer to $900 million to $1 billion on annual committed towards new streams.

That $4.6 billion has been some very incredibly high-quality assets that we have added, with some new jurisdictions as well, and we will talk more about that a little bit later. Two-thirds of the transactions have been completed, as I said, over the last decade with repeat customers. That is people who know us and recognize that Wheaton is going to provide a fair transaction for them. $3 billion, you see the top right, that $3 billion we are going to be generating, given our growth profile at current spot prices, close to $3 billion a year in annual cash flows. That is $3 billion we have to continue to deploy in this environment, which we are incredibly excited to do. We will go through some of our balance sheet and give you an idea of how much our capacity is going forward.

But at this point, we have close to $2.5 billion to $3 billion in additional capacity that we can continue to deploy even after doing a $4.3 billion Antamina stream. The last thing I would say is sustainability, and Patrick is going to do it a lot of justice, but I will say we are one of the sector-leading companies in sustainability, and we are incredibly proud of where that is going. There are three different things to focus on here. The first is our precious metals exposure. We derive 99% of our revenues from precious metals. That is a focus going forward. That was between 2026 and 2030, it is going to be slightly gold-weighted with the growth profile that we have going forward. You are going to see significant increases in revenues over and above, and I will show you a slide after this where we are right now. Life of the asset. We are currently sitting at 23 years of reserves.

That 23 years of reserves is complemented with an additional 15 years of M&I and another 23 years of reserves. That is over 60 years of existing mine life based on assets that we have in our portfolio right now. So something we are incredibly proud of. As I said, on the last decade, we have deployed close to 900 million. This year is a bit of an anomaly, obviously, with the big Antamina deal, but we have deployed close to 900 million or committed close to $900 million a year over the last decade, and that is something we continue to go forward. But what is important is we are not just committing to any deal. We only have 22 operating mines, which you will see in a subsequent slide here. We are only focusing on the highest quality.

The pie chart on the far right shows you that 80% of our production comes from assets that fall in the lowest half of the cost curve. Those are the assets that our partners will invest back into, despite what is happening with the commodity pricing. In a declining commodity price environment or an increasing commodity price environment, those are the assets that always get invested back into. So very proud of our portfolio that we have accumulated. I mentioned this as a comparison to some of our peers here. Our revenue stream right now is looking incredible, and the key is it is 99% precious metals, and it is greater than any of our competitors. This is just based on 2025.

Obviously, we have seen significant increases in commodity prices since 2025, and we have got a phenomenal growth profile, which we will highlight here shortly, which is going to continue to drive that forward. This chart is a five-year trailing chart that shows how we have performed relative to metal prices, relative to various indices, relative to mining companies, and relative to our peers. As you can see, we have had one of the strongest performances over the last five years, with stock up close to 247%. This slide shows you how diversified we are. We are not just focused in one specific jurisdiction. You can see we are North, South, Europe, Africa. We have expanded into two continents in the last year or two, in Australia and a little bit in Japan on a royalty front just to try and dip our toe in the water there. This is the key with Wheaton.

The diversification continues to reduce the risk that our investors face, and it's not that we're just diversified, we're diversified into the highest quality assets in the world. This slide highlights the fact that streaming works for almost any company out there, whether it's the largest company in the world or some of the smaller companies in the world. The key is it works in any environment. It can accomplish several things. One is de-leveraging. Two, it provides capital sometimes to get you from earlier stage scoping studies all the way through to the end of feasibility. Three, it actually can be utilized to continue to strengthen your balance sheet when you're looking at acquisitions. Four, we've used it in M&A and supported partners, one of whom which is here today, as they've been looking to acquire companies. And five, for development projects.

In a time over the last decade where we found that equity prices were rather depressed and a significant number of our partners and other parties out there were looking for ways to grow their companies, that's where streaming actually worked well. Since 2004 is when the streaming model developed, when we actually created the streaming model, I would say. There's been close to $38 billion invested into precious metal streams in the last 22 years, and Wheaton has been successful in deploying capital for almost half of those, close to 49% of that. Right now, if you look at it, there's probably close to, we say, 20-plus streaming firms, but if you factor in royalty companies and streaming, it's well in excess of 30 different companies out there. This is an incredibly competitive environment.