What distinguishes Wheaton’s pure streaming portfolio from other investment vehicles, and how has this model contributed to its consistent outperformance against gold and silver?

Investing in a precious metal streaming company offers one of the most compelling ways to gain low-risk exposure to gold and other metals. Wheaton Precious Metals is a standout leader among the top streaming companies, boasting an industry-leading growth profile, with production set to rise by ~40% over the next few years. Our streaming agreements allow us to purchase gold at pre-negotiated, discounted rates, ensuring attractive profit margins even in inflationary environments. Over and above exposure to the commodity price, we offer exploration upside from our high-quality asset base, and we pay a dividend to hold our shares, as opposed to the storage and insurance fees that you would pay to hold physical bullion. If you compare Wheaton’s share price performance to that of physical gold or silver and the various precious metals ETFs, you’ll see that we outperform in every time frame when it comes to consistently returning value to shareholders.

What are the strategic drivers behind Wheaton’s most recent investments?

Following comprehensive due diligence, we expanded our portfolio. This included diversifying the geography of our portfolio with new streaming agreements for Montage’s Koné project in Côte d’Ivoire and Allied Gold’s Kurmuk project in Ethiopia. 

The Koné project stands out as one of the premier gold projects in Africa with essential permits already in place and an impressive scale. Supported by strong shareholder backing from the Lundin Group and Zijin Mining, Koné is expected to significantly boost Wheaton's near-term annual gold production—adding an estimated 60,000 oz/y to our pipeline in its first five years of production. 

Late in 2024, we entered into a streaming agreement with Allied Gold to advance the construction of its Kurmuk project, which is set to be the first commercial gold mine in Ethiopia. We believe this fully permitted, high quality development project offers significant exploration potential, supported by a team at Allied with a proven operating track record.

Could you elaborate on Wheaton’s recent growth trajectory and outline your guidance for 2025 and beyond? 

2024 set a strong foundation for our estimated sector-leading growth profile, which we believe has the potential to propel Wheaton to a level of precious metals production unprecedented in the streaming industry. 2025 is off to a great start, supported by record gold prices and share performance, as well as strong cash flow. Over the next five years, we expect to grow by around 40%, with production to increase from 635,000 oz/y AuEq this year to about 870,000 oz/y AuEq by 2029. 

Do you expect the current gold rally might encourage more generalist investors back to gold-related assets like gold stocks and ETFs?

Looking ahead, we expect to see continued volatility in global markets because of rising debt levels, inflationary pressures, and geopolitical tensions. These factors have historically driven demand for precious metals as investors seek stability and asset protection. For Wheaton, these market conditions further underscore the advantage of our business model, which offers lower-risk, diversified exposure to gold, with the potential for strong, consistent returns. Our streaming agreements allow us to purchase gold at pre-negotiated, discounted rates, ensuring attractive profit margins even in inflationary environments. 

Wheaton recently launched the “Future of Mining Challenge” last year. Could you comment on this initiative?

Constant innovation is essential to responsibly meet the growing global demand for minerals and metals. While we don’t own or operate mines in our portfolio, we have a unique opportunity to support the industry to continue to deliver essential commodities and materials in a more sustainable manner. Last fall, Wheaton launched our Future of Mining Challenge, inviting companies from around the world to propose industry solutions aimed at improving operational efficiencies and minimizing environmental impacts. The inaugural challenge focused on finding innovative, scalable technologies that have the potential to reduce greenhouse gas emissions across mining operations.

ReThink Milling was the winner of the 2025 Future of Mining Challenge for their innovative milling technology, which demonstrates potential to deliver greater efficiency with significantly lower energy use, leading to reduced greenhouse gas emissions and operating costs. 

The theme of Wheaton’s 2025/26 Future of Mining Challenge will be water, and Wheaton will begin receiving expressions of interest in June 2025. Learn more at www.futureofmining.ca.