Here are 1-3 brief analogies for Wheaton Precious Metals (WPM):

• It's like a specialized bank for precious metal miners, but instead of getting paid back with interest, they receive a stream of actual gold, silver, and other precious metals directly from the mines.

• Imagine it as a "landlord" for future metal production, where they provide upfront funding to miners for their projects and, in return, receive a percentage of the physical gold, silver, and palladium produced, without actually owning or operating the mines.

• Gold: A precious metal acquired through streaming agreements and sold by Wheaton Precious Metals.
• Silver: A precious metal acquired through streaming agreements and sold by Wheaton Precious Metals.
• Palladium: A precious metal acquired through streaming agreements and sold by Wheaton Precious Metals.
• Cobalt: A metal acquired through streaming agreements and sold by Wheaton Precious Metals.

• Vale S.A. (VALE)
• Newmont Corporation (NEM)
• Sibanye Stillwater Limited (SBSW)
• Teck Resources Limited (TECK)
• Glencore plc (GLEN)
• BHP Group (BHP)
• Mitsubishi Corporation

Haytham Hodaly

President & CEO

Haytham Hodaly became President on June 30, 2025, and then Chief Executive Officer and a Director of Wheaton Precious Metals on March 31, 2026. He brings 30 years of experience in mining investment analysis and has been instrumental in the execution of over US$15 billion in streaming transactions for the company. Prior to joining Wheaton, Mr. Hodaly was a Director and Mining Analyst at RBC Capital Markets, and co-directed research at Salman Partners Inc. He is an engineer by training.

Vincent Lau

Chief Financial Officer

Vincent Lau was appointed Chief Financial Officer of Wheaton Precious Metals, effective March 31, 2025, as part of a planned leadership succession. He served as Wheaton's Vice President of Finance for 13 years, where he managed the corporate finance and risk management functions. Mr. Lau holds both Chartered Professional Accountant and Chartered Financial Analyst designations.

Curt Bernardi

Executive Vice President, Strategy and General Counsel

Curt Bernardi was appointed Executive Vice President, Strategy and General Counsel on June 30, 2025. He joined Wheaton in 2008 as Senior Vice President, Legal, and has been instrumental in providing strategic direction and expertly structuring many of the company's key streaming transactions. With a legal career spanning over three decades, Mr. Bernardi brings deep expertise in corporate finance, mergers and acquisitions, and governance. Prior to joining Wheaton, he held senior legal roles at Westcoast Energy, Duke Energy Gas Transmission, and Union Gas.

Neil Burns

Vice President, Corporate Development

Neil Burns was promoted to Vice President, Corporate Development, effective June 30, 2025. He originally joined Wheaton in July 2008 as Director, Geology, and was promoted to Vice President, Technical Services in 2012. Mr. Burns has extensive international experience in exploration, mining, and resource evaluation. Before Wheaton, he held numerous positions with mining and consulting firms, including Corporate Resource Geologist and Project Geologist for Lundin Mining Corporation and Resource Consultant for Snowden Mining Industry Consultants. He holds a master's degree in mineral exploration and a Bachelor of Science degree.

Simona Antolak

Vice President, Communications & Corporate Affairs

Simona Antolak joined Wheaton Precious Metals Corp. in 2016 and currently serves as the Vice President of Communications & Corporate Affairs. In this role, she manages both internal and external communications and supports the development and execution of Wheaton's sustainability strategy. Ms. Antolak has nearly 15 years of experience in the resource industry, specializing in corporate communications, investor relations, branding, media relations, and sustainability. She holds a Bachelor of Business Administration and Diploma of Technology in Marketing Communications.

Here are the key risks to Wheaton Precious Metals:

1. Commodity Price Volatility: Wheaton Precious Metals' financial performance is highly dependent on the market prices of precious metals such as gold, silver, palladium, and cobalt. Fluctuations in these commodity prices directly impact the company's revenue and operating margins. Even though Wheaton's streaming model provides some insulation from direct mining cost inflation, a significant downturn in precious metal prices would negatively affect its profitability.
2. Counterparty and Operational Risk: As a streaming company, Wheaton Precious Metals does not operate mines directly but relies on third-party mining companies. This exposes Wheaton to the operational risks of its partners, including potential disruptions or delays in stream production, lower ore grades than anticipated, project delays, or production shortfalls at the operating mines. Such issues at partner mines can directly reduce the volume of metals delivered to Wheaton.
3. Geopolitical, Regulatory, and Tax Risks: Wheaton Precious Metals operates globally, which exposes it to a range of geopolitical uncertainties, as well as changes in tax and mining regulations in the various countries where its partner mines are located. These factors can include new taxes (like a global minimum tax), changes in mining laws, political instability, or other regulatory developments that could adversely affect the financial projections and operations of the company and its mining partners.

The accelerating global transition to electric vehicles (EVs) presents a clear emerging threat to Wheaton Precious Metals' palladium streams. Palladium's primary industrial demand stems from its use in catalytic converters for gasoline-powered internal combustion engine vehicles. As EV adoption increases and regulations favor zero-emission vehicles, the long-term demand for new gasoline vehicles, and consequently palladium, is projected to significantly decline, undermining the value of WPM's palladium agreements.

Additionally, the rapid evolution of battery technology poses an emerging threat to WPM's cobalt streams. Driven by ethical sourcing concerns, supply chain instability, and cost reduction efforts, battery manufacturers are actively developing and deploying alternative battery chemistries that utilize less cobalt or are entirely cobalt-free (e.g., lithium iron phosphate (LFP) batteries, high-nickel chemistries). Widespread adoption of these alternative technologies would reduce overall demand for cobalt, negatively impacting the profitability of WPM's cobalt interests.

Wheaton Precious Metals (symbol: WPM) operates in the precious metals streaming sector, with its main products being gold, silver, palladium, and cobalt. The addressable markets for these products are as follows:

• Gold: The global gold market size is valued at approximately USD 1308.43 billion in 2026.
• Silver: The global silver market size is projected to grow from approximately USD 105.15 billion in 2026.
• Palladium: The global palladium market size is estimated to be valued at approximately US$ 16.8 billion in 2026.
• Cobalt: The global cobalt market size is projected to grow from approximately USD 20.5 billion in 2026.

Here are 3 expected drivers of future revenue growth for Wheaton Precious Metals (WPM) over the next 2-3 years:

1. Organic Production Growth from Portfolio Assets: Wheaton Precious Metals anticipates significant organic growth in its attributable production of gold equivalent ounces (GEOs). The company has provided guidance targeting an increase to 860,000-940,000 GEOs for 2026, representing approximately 12% growth from 2025, and expects production to reach 1.2 million GEOs by 2030, reflecting roughly 50% organic growth from 2025 levels. This growth is driven by contributions from a diverse portfolio of operating mines and development projects, including increased silver streams from Antamina, and ramping up production from assets such as Blackwater, Koné, Mineral Park, Fenix, Hemlo, Goose, and Platreef.
2. Strategic Acquisitions and New Streaming Agreements: Wheaton Precious Metals actively pursues and executes new streaming and royalty agreements to expand its portfolio and diversify its production sources. A notable example is the substantial silver stream acquired from BHP at the Antamina mine, which is projected to significantly boost silver production and overall GEOs. The company's management has indicated a continued focus on evaluating new opportunities, deploying significant capital for new deals, and enhancing its long-term growth profile through strategic investments.
3. Leverage to Precious Metal Prices: As a streaming company, Wheaton Precious Metals benefits significantly from increases in the market prices of gold, silver, palladium, and cobalt. The company's business model involves purchasing metals at fixed, low costs and selling them at prevailing spot prices. This structure provides direct leverage to commodity prices, allowing higher metal prices to translate into expanded margins and increased revenue without proportionate increases in operating costs. Strong precious metal prices have historically led to record revenues and operating cash flows for the company.

Share Repurchases

• Wheaton Precious Metals has made no share repurchases in recent years, with the share buybacks for WPM stock recorded as $0.00.
• Management indicated they would consider future buybacks once specific leverage metrics are achieved.

Share Issuance

• As of February 28, 2026, the company's issued share capital was 454,036,958 common shares.
• On March 3, 2026, Wheaton Precious Metals issued and allotted 461 common shares due to the exercise of vested share option rights by eligible employees.
• The company operates a Dividend Reinvestment Plan (DRIP), where common shares are issued through treasury without a discount for quarterly dividends.

Outbound Investments

• In February 2026, Wheaton Precious Metals announced the acquisition of an additional silver stream on the Antamina Mine from BHP Group Limited, with an upfront cash consideration of US$4.3 billion. This transaction closed on April 1, 2026, doubling Wheaton's exposure to Antamina's silver production.
• The Antamina silver stream is projected to increase 2026 production by 11.3% on a pro-forma basis and contribute approximately 18% of total gold equivalent production by 2030, solidifying Antamina as Wheaton's second-largest asset.
• The company also has a cobalt stream relating to the Jervois project, which involves a sizeable upfront commitment paid in installments.

Capital Expenditures

• For a streaming company like Wheaton Precious Metals, a significant portion of capital allocation for growth involves upfront payments for streaming agreements. The Antamina silver stream, for instance, involved an upfront payment of US$4.3 billion in April 2026.
• This US$4.3 billion transaction was financed through a combination of cash, a revolving credit facility, and a new term loan, shifting the company to a modest net-debt position.
• Wheaton's capital allocation strategy focuses on acquiring high-quality assets and entering into well-structured agreements that offer attractive margins and long-term growth.