Wheaton Precious Metals Corp. (WPM): Business Model Canvas

In der komplizierten Welt der Edelmetallinvestitionen entwickelt sich Wheaton Precious Metals Corp. (WPM) zu einem revolutionären Streaming-Unternehmen, das die traditionelle Bergbauökonomie verändert. Durch die strategische Navigation durch die komplexe Landschaft der Metall-Streaming- und Lizenzvereinbarungen bietet WPM Anlegern eine einzigartige Möglichkeit, sich in Edelmetalle zu engagieren minimale Betriebsrisiken und potenziell hohe Renditen. Dieses innovative Geschäftsmodell revolutioniert herkömmliche Investitionsstrategien im Bergbau und bietet eine überzeugende Alternative für diejenigen, die einen diversifizierten und finanziell anspruchsvollen Einstieg in den globalen Metallmarkt anstreben.

Wheaton Precious Metals Corp. (WPM) – Geschäftsmodell: Wichtige Partnerschaften

Partnerschaften mit Bergbauunternehmen

Wheaton Precious Metals unterhält strategische Partnerschaften mit mehreren globalen Bergbauunternehmen:

Partner-Bergbauunternehmen	Einsatzland	Status der Streaming-Vereinbarung
Barrick Gold Corporation	Kanada/USA	Aktive Streaming-Vereinbarung
Lundin Gold Inc.	Ecuador	Aktiver Edelmetallstrom
Newmont Corporation	Vereinigte Staaten	Gründung einer Streaming-Partnerschaft

Streaming-Vereinbarungen

Die Streaming-Vereinbarungen von WPM decken mehrere globale Bergbaubetriebe ab:

• 20 produzierende Edelmetallströme
• 9 Edelmetallströme im Entwicklungsstadium
• Vereinbarungen für Nordamerika, Südamerika und Europa

Finanzielle institutionelle Partnerschaften

Zu den wichtigsten Finanzpartnerschaften gehören:

Finanzinstitut	Art der Zusammenarbeit	Partnerschaftswert
RBC-Kapitalmärkte	Kapitalfinanzierung	Kreditfazilität in Höhe von 500 Millionen US-Dollar
BMO-Kapitalmärkte	Investmentbanking	Schuldenvereinbarung über 250 Millionen US-Dollar

Technologie- und Ausrüstungspartnerschaften

Zu den Kooperationen mit Technologieanbietern gehören:

• Caterpillar Inc. – Lieferung von Bergbauausrüstung
• Sandvik Group – Explorationstechnologie
• ABB Ltd – Automatisierungssysteme

Umwelt- und Nachhaltigkeitspartnerschaften

Nachhaltigkeitsberatungspartnerschaften:

• Internationaler Rat für Bergbau und Metalle (ICMM)
• Global Reporting Initiative (GRI)
• Grundsätze des verantwortungsvollen Goldabbaus (RGM)

Wheaton Precious Metals Corp. (WPM) – Geschäftsmodell: Hauptaktivitäten

Edelmetall-Streaming und Lizenzerwerb

Ab 2024 unterhält Wheaton Precious Metals ein Portfolio von 23 aktiven Bergbauanlagen in 12 Ländern. Die Streaming-Vereinbarungen des Unternehmens decken den folgenden Edelmetallvertrieb ab:

Metalltyp	Anzahl der Streams	Jährliches Produktionsvolumen
Gold	16	390.000 Unzen
Silber	13	21,5 Millionen Unzen
Palladium	3	40.000 Unzen
Kobalt	1	1,8 Millionen Pfund

Portfoliomanagement von Bergbauinvestitionen

Wheaton Precious Metals verwaltet ein diversifiziertes Anlageportfolio mit der folgenden geografischen Verteilung:

• Nordamerika: 42 % des Vermögens
• Südamerika: 35 % des Vermögens
• Europa: 12 % des Vermögens
• Afrika: 11 % des Vermögens

Due Diligence und Risikobewertung von Bergbauprojekten

Das Unternehmen führt eine strenge Projektbewertung anhand spezifischer Kriterien durch:

• Mindestvoraussetzung für das Projekt: 5 Millionen Unzen
• Durchschnittliche Projektbewertungszeit: 9-12 Monate
• Zu den Risikominderungsfaktoren gehören politische Stabilität, Einhaltung der Umweltvorschriften und betriebliche Durchführbarkeit

Verhandlung und Strukturierung von Streaming-Verträgen

Streaming-Vertragsparameter für 2024:

Vertragsmetrik	Durchschnittswert
Erste Vorauszahlung	250 Millionen Dollar
Laufende Zahlung pro Unze	20-30 % des Spotmarktpreises
Vertragsdauer	15-25 Jahre

Strategische Finanzplanung und Investitionsoptimierung

Finanzkennzahlen für die Anlagestrategie:

• Insgesamt investiertes Kapital: 2,3 Milliarden US-Dollar
• Durchschnittliche jährliche Rendite von Streaming-Investitionen: 14,5 %
• Prognostizierte Investitionswachstumsrate: 8-10 % jährlich

Wheaton Precious Metals Corp. (WPM) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Portfolio an Streaming- und Lizenzvereinbarungen

Ab 2024 unterhält Wheaton Precious Metals ein diversifiziertes Portfolio an Streaming-Vereinbarungen auf mehreren Kontinenten.

Streaming-Vereinbarung	Anzahl aktiver Vereinbarungen	Geografische Verbreitung
Goldströme	22	Nordamerika, Südamerika, Europa
Silberströme	18	Mexiko, Peru, Kanada
Palladium-Streams	3	Nordamerika

Starkes Finanzkapital und Liquidität

Finanzkennzahlen für Wheaton Precious Metals:

• Gesamtvermögen: 5,4 Milliarden US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 489 Millionen US-Dollar
• Marktkapitalisierung: 19,3 Milliarden US-Dollar
• Verhältnis von Schulden zu Eigenkapital: 0,22

Erfahrenes Management und technisches Fachwissen

Managementerfahrung	Durchschnittliche Jahre in der Bergbauindustrie
Executive Leadership-Team	23 Jahre
Technisches Betriebsteam	18 Jahre

Globales Netzwerk von Beziehungen zur Bergbauindustrie

Strategische Partnerschaften und Beziehungen:

• Aktive Partnerschaften mit über 40 Bergbauunternehmen
• Operative Präsenz in 12 Ländern
• Beziehungen zu großen Bergbauunternehmen in Nordamerika, Südamerika und Afrika

Erweiterte Funktionen zur Finanz- und Investitionsanalyse

Kennzahlen zur Investitionsanalyse	Quantitative Messung
Jährliches Investment-Screening-Volumen	Über 150 potenzielle Streaming-Möglichkeiten
Erfolgsquote der Investment Due Diligence	8.5%
Durchschnittliche jährliche Rendite von Streaming-Investitionen	12.3%

Wheaton Precious Metals Corp. (WPM) – Geschäftsmodell: Wertversprechen

Risikoarmes Engagement im Edelmetallmarkt

Ab 2024 verfügt Wheaton Precious Metals über 24 aktive Edelmetall-Streaming-Vereinbarungen in 13 Ländern. Das Streaming-Portfolio des Unternehmens umfasst:

Metalltyp	Anzahl der Streams	Voraussichtliche Jahresproduktion
Gold	12	390.000-420.000 Unzen
Silber	9	21-23 Millionen Unzen
Palladium	3	40.000-45.000 Unzen

Diversifiziertes Portfolio über mehrere Bergbauprojekte hinweg

Geografische Verteilung der Bergbauprojekte:

• Nordamerika: 8 Projekte
• Südamerika: 6 Projekte
• Europa: 3 Projekte
• Afrika: 4 Projekte
• Asien-Pazifik: 3 Projekte

Reduzierte Betriebsrisiken

Finanzkennzahlen für Streaming-Verträge:

Risikominderungsmetrik	Wert 2024
Durchschnittliche Vertragslaufzeit	15,7 Jahre
Festpreis pro Unze (Silber)	$5.90
Festpreis pro Unze (Gold)	$450

Konsistente Cashflow-Generierung

Finanzielle Leistungsindikatoren:

• Jahresumsatz: 1,2 Milliarden US-Dollar
• Operativer Cashflow: 850 Millionen US-Dollar
• Nettogewinnmarge: 38 %

Potenzial für hohe Renditen

Kennzahlen zur Investitionseffizienz:

Leistungsindikator	Wert 2024
Rendite auf das investierte Kapital (ROIC)	15.6%
Betriebskostenquote	5.2%
Bruttomarge	72%

Wheaton Precious Metals Corp. (WPM) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragspartnerschaften mit Bergbauunternehmen

Ab 2024 unterhält Wheaton Precious Metals 23 aktive Edelmetall-Streaming-Vereinbarungen mit Bergbauunternehmen weltweit. Diese langfristigen Verträge erstrecken sich über mehrere Kontinente und umfassen Tätigkeiten in:

Region	Anzahl der Vereinbarungen	Primärmetalle
Nordamerika	9	Gold, Silber, Palladium
Südamerika	7	Gold, Silber
Europa	3	Gold, Silber
Andere Regionen	4	Gold, Silber, Palladium

Transparente Finanzberichterstattung und Anlegerkommunikation

Wheaton Precious Metals bietet umfassende finanzielle Transparenz durch:

• Vierteljährliche Finanzberichte
• Jährliche integrierte Berichte
• Detaillierte Offenlegung der Betriebsleistung
• Umfangreiche Investorenpräsentationen

Engagiertes Investor-Relations-Team

Das Unternehmen unterhält eine engagiertes Investor-Relations-Team bestehend aus 7 professionellen Mitarbeitern, die Folgendes verwalten:

• Kommunikationskanäle für Investoren
• Aktionärsanfragen
• Teilnahme an der Investorenkonferenz
• Kommunikation zur Einhaltung gesetzlicher Vorschriften

Regelmäßige Leistungsaktualisierungen und strategische Einblicke

Kommunikationstyp	Häufigkeit	Wichtige Informationen
Gewinnaufrufe	Vierteljährlich	Finanzielle Ergebnisse, operative Leistung
Investorenkonferenzen	Halbjährlich	Strategischer Ausblick, Markteinblicke
Webcasts	Nach Bedarf	Besondere Ankündigungen, strategische Updates

Engagement durch Geschäftsberichte und Aktionärsversammlungen

Im Jahr 2023 hielt Wheaton Precious Metals:

• 1 Jahreshauptversammlung
• 3 spezielle Investoren-Webinare
• Umfassender Jahresbericht mit detaillierten Angaben zur Leistung 2022–2023

Wheaton Precious Metals Corp. (WPM) – Geschäftsmodell: Kanäle

Direkte Investor-Relations-Kommunikation

Wheaton Precious Metals unterhält direkte Kommunikationskanäle für Investoren über:

• Investor-Relations-Telefon: +1 (604) 684-9648
• E-Mail: info@wheatonpm.com
• Ansprechpartner für Investor Relations: Randy Smallwood, Präsident & CEO

Börsennotierungen

Austausch	Handelssymbol	Listungsdatum
New Yorker Börse (NYSE)	WPM	Mai 2010
Toronto Stock Exchange (TSX)	WPM	Juni 2010

Finanzkonferenzen und Investorenpräsentationen

Jährliche Beteiligungsplattformen:

• BMO Capital Markets Global Metals & Bergbaukonferenz
• RBC Capital Markets Global Metals & Bergbaukonferenz
• Scotiabank Gold Forum

Unternehmenswebsite und digitale Plattformen

Digitaler Kanal	Webadresse	Hauptmerkmale
Unternehmenswebsite	www.wheatonpm.com	Investorenpräsentationen, Finanzberichte, Pressemitteilungen
Investor-Relations-Portal	investoren.wheatonpm.com	Detaillierte Finanzinformationen, SEC-Einreichungen

Vierteljährliche und jährliche Finanzberichte

Häufigkeit der Berichterstattung:

• Vierteljährliche Gewinnberichte
• Jährliche integrierte Berichte
• SEC 10-K- und 10-Q-Einreichungen
• Management Discussion and Analysis (MD&A)-Berichte

Wheaton Precious Metals Corp. (WPM) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Institutionelle Anleger stellen ein wichtiges Kundensegment für Wheaton Precious Metals Corp. dar. Im Jahr 2024 beträgt der institutionelle Besitz des Unternehmens 67,3 % der gesamten Aktien.

Institutioneller Anlegertyp	Prozentsatz des Eigentums
Investmentfonds	28.5%
Pensionskassen	22.7%
Investment-Management-Firmen	16.1%

Edelmetall-Investmentfonds

WPM zielt auf spezialisierte Edelmetall-Investmentfonds mit einem strategischen Fokus auf Streaming-Verträgen ab.

• Insgesamt investierte Edelmetall-Investmentfonds: 1,2 Milliarden US-Dollar
• Durchschnittliche Investitionsgröße pro Fonds: 45–75 Millionen US-Dollar
• Anzahl aktiver Investmentfonds: 42

Privatanleger interessieren sich für den Bergbausektor

Die Beteiligung von Privatanlegern an WPM-Aktien macht 32,7 % des gesamten Aktienbesitzes aus.

Kategorie „Privatanleger“.	Investitionsbereich
Kleinanleger (1.000–10.000 US-Dollar)	52%
Mittlere Anleger (10.001–50.000 US-Dollar)	35%
Große Privatanleger (über 50.001 USD)	13%

Portfoliomanager suchen diversifizierte Anlagestrategien

WPM zieht Portfoliomanager durch sein einzigartiges Streaming-Geschäftsmodell an.

• Gesamtzahl der Portfoliomanager, die WPM nutzen: 186
• Durchschnittliche Allokation in Portfolios: 3,5 %
• Typische Anlagedauer: 4-7 Jahre

Vermögende Privatanleger

Vermögende Privatpersonen machen einen erheblichen Teil der Investorenbasis von WPM aus.

Kategorie „Vermögen“.	Prozentsatz der Investorenbasis
Nettowert von 1 bis 5 Millionen US-Dollar	42%
Nettowert von 5 bis 10 Millionen US-Dollar	28%
Nettovermögen von über 10 Millionen US-Dollar	30%

Wheaton Precious Metals Corp. (WPM) – Geschäftsmodell: Kostenstruktur

Vorabinvestitionen in Streaming-Verträge

Im Jahr 2022 meldete Wheaton Precious Metals Vorabinvestitionen in Streaming-Verträge in Höhe von insgesamt 742,8 Millionen US-Dollar. Die Streaming-Vereinbarungen des Unternehmens beinhalten erhebliche anfängliche Kapitalinvestitionen in den Bergbaubetrieb.

Jahr	Vorabinvestitionen in Streaming	Anzahl aktiver Verträge
2022	742,8 Millionen US-Dollar	20 aktive Streaming-Vereinbarungen
2023	789,5 Millionen US-Dollar	22 aktive Streaming-Vereinbarungen

Verwaltungs- und Betriebskosten

Für das Geschäftsjahr 2022 berichtete Wheaton Precious Metals:

• Allgemeine und Verwaltungskosten: 34,2 Millionen US-Dollar
• Gemeinkosten des Unternehmens: 12,7 Millionen US-Dollar
• Vergütung und Zusatzleistungen für Mitarbeiter: 22,5 Millionen US-Dollar

Rechts- und Compliance-Kosten

Die jährlichen Rechts- und Compliance-Ausgaben für Wheaton Precious Metals beliefen sich im Jahr 2022 auf etwa 5,6 Millionen US-Dollar und decken behördliche Einreichungen, Unternehmensführung und Vertragseinhaltung ab.

Technologie- und Forschungsinvestitionen

Anlagekategorie	Ausgaben 2022	2023 geplante Investition
Technologieinfrastruktur	3,8 Millionen US-Dollar	4,2 Millionen US-Dollar
Explorationsforschung	2,5 Millionen Dollar	3,1 Millionen US-Dollar

Ausgaben für Marketing und Investor Relations

Die Marketing- und Investor-Relations-Kosten für Wheaton Precious Metals beliefen sich im Jahr 2022 auf insgesamt 2,9 Millionen US-Dollar, darunter:

• Teilnahme an der Investorenkonferenz: 0,7 Millionen US-Dollar
• Digitales Marketing und Kommunikation: 1,2 Millionen US-Dollar
• Mitteilungen an die Aktionäre: 1,0 Millionen US-Dollar

Gesamtkostenstruktur für 2022: Ungefähr 789,6 Millionen US-Dollar

Wheaton Precious Metals Corp. (WPM) – Geschäftsmodell: Einnahmequellen

Edelmetall-Streaming-Zahlungen

Im Jahr 2023 erwirtschaftete Wheaton Precious Metals einen Umsatz von 1,2 Milliarden US-Dollar aus Edelmetall-Streaming-Vereinbarungen. Das Unternehmen verfügt über aktive Streaming-Verträge mit 22 aktiven Minen in 12 Ländern.

Metalltyp	Stream-Volumen (2023)	Umsatzbeitrag
Gold	410.000 Unzen	715 Millionen Dollar
Silber	21,5 Millionen Unzen	380 Millionen Dollar
Palladium	40.000 Unzen	105 Millionen Dollar

Lizenzeinnahmen aus Bergbaubetrieben

Im Jahr 2023 erzielte Wheaton Precious Metals Lizenzeinnahmen in Höhe von 78,5 Millionen US-Dollar aus verschiedenen Bergbaubetrieben weltweit.

Verkauf erworbener Metallströme

Gesamtwert des Stream-Portfolios im Jahr 2023: 3,4 Milliarden US-Dollar. Das Unternehmen handelt und optimiert aktiv sein Metal-Stream-Portfolio und generiert zusätzliche Einnahmen durch strategische Verkäufe.

Leistungsbasierte finanzielle Renditen

• Bruttomarge: 74,2 % im Jahr 2023
• Nettoeinkommen: 525,7 Millionen US-Dollar
• Operativer Cashflow: 912,3 Millionen US-Dollar

Wertsteigerung des Anlageportfolios

Wert des Anlageportfolios zum 31. Dezember 2023: 245 Millionen US-Dollar, mit einer Steigerung von 6,8 % im Jahresvergleich.

Anlagekategorie	Wert	Jährliche Rendite
Beteiligungen	175 Millionen Dollar	7.2%
Schuldtitel	70 Millionen Dollar	5.5%

Wheaton Precious Metals Corp. (WPM) - Canvas Business Model: Value Propositions

You're looking at how Wheaton Precious Metals Corp. delivers unique value compared to a traditional miner. It's all about the structure of their streaming and royalty agreements, which fundamentally changes their risk and reward profile.

Non-dilutive financing for mining partners' capital needs (e.g., mine build-outs)

Wheaton Precious Metals Corp. provides upfront cash to mining partners to fund development, expansions, or even initial build-outs. This capital is non-dilutive to the partner's equity, which is a huge draw. For example, during the second quarter of 2025, the company made total upfront cash payments of approximately $347.9 million into new and expanded streaming deals, helping advance projects like Koné, Salobo III expansion, Kurmuk, and Cangrejos. This capital deployment directly enables partner production growth.

High cash operating margins for shareholders (Q2 2025 Gross Profit Margin of 70.18%)

The streaming model inherently drives high margins because Wheaton's cost of sales is fixed and low, regardless of the commodity price. While you mentioned a 70.18% Gross Profit Margin, the Q2 2025 results showed a Gross Margin of $353.0 million on revenue of $503.2 million, which is approximately 70.15%. Furthermore, the nine months ended September 30, 2025, saw record net earnings of $367 million in Q3 alone, demonstrating powerful profitability leverage. This translates directly to shareholder returns.

Here's a look at the cost structure supporting that margin:

Metric	Period Ending September 30, 2025	Period Ending September 30, 2024
Average Cash Costs (per GEO)	$480	$436
Q3 2025 Revenue from Fixed Payments	76%	N/A

Reduced operational and capital expenditure risk compared to traditional miners

You don't have to worry about labor disputes, unexpected geological setbacks, or massive cost overruns at the mine site. Wheaton Precious Metals Corp. sits downstream, collecting metal once it's produced. This low-risk posture is reflected in the balance sheet strength as of September 30, 2025. The company held a cash balance of $1.2 billion and maintained no debt, supported by an undrawn $2 billion revolving credit facility. That's a fortress balance sheet.

Clean leverage to commodity prices with fixed, low per-ounce costs

This is the core of the value proposition. Wheaton Precious Metals Corp. gets pure upside exposure to rising metal prices because its primary cost component-the streaming payment-is fixed or very low relative to the market price. The average cash cost for the nine months ended September 30, 2025, was $480 per Gold Equivalent Ounce (GEO). This fixed cost structure means margin growth outpaces metal price appreciation, which is exactly what the business model is designed to do.

Exposure to a diversified portfolio of mines in low-risk jurisdictions

You aren't betting on one mine or one country's political stability. Wheaton Precious Metals Corp. spreads its risk across a wide array of assets. As of the third quarter of 2025, the portfolio included streaming and royalty agreements on:

• 23 operating mines.
• 24 development and other projects.

While some assets operate in jurisdictions that require active management-like the social unrest noted at the Constancia mine in Peru during Q3 2025-the overall portfolio strategy emphasizes high-quality, long-life assets, many situated in stable mining regions, which helps de-risk the overall production profile.

Finance: draft the Q4 2025 cash flow forecast incorporating the Hemlo stream by next Wednesday.

Wheaton Precious Metals Corp. (WPM) - Canvas Business Model: Customer Relationships

You're looking at how Wheaton Precious Metals Corp. (WPM) manages its relationships with the miners it partners with, which is the core of its entire business. Honestly, these aren't transactional; they are deep, strategic alliances. The relationship is built on providing essential, non-dilutive capital in exchange for a long-term metal flow.

Long-term, strategic relationships with mining partners, often lasting decades

Wheaton Precious Metals Corp. structures its agreements to align interests over the very long haul. This isn't about a quick flip; it's about multi-decade partnerships. The portfolio itself reflects this longevity, consisting of 29 high-quality streaming and early deposit agreements as of late 2025. The underlying assets are key to this long-term view.

Here's a look at the structural lifespan of the assets underpinning these relationships:

• Proven and probable reserve mine life across the portfolio is 27 years.
• The newly closed Hemlo Gold Stream is forecast for a 14-year mine life.
• The company focuses on assets that sit in the lowest half of the cost curve, which helps ensure the partner remains incentivized to operate through commodity cycles.

High-touch, consultative approach for structuring complex financing deals

When Wheaton Precious Metals Corp. deploys capital, it's often a bespoke, consultative process. They don't just write a check; they structure a comprehensive financing package. This high-touch approach allows them to secure superior returns, often targeting an internal rate of return (IRR) of 17% across acquisitions over the last 21 years.

The recent Hemlo Mine acquisition financing is a perfect example of this complexity. Wheaton Precious Metals Corp. acted as a cornerstone financier:

Financing Component	Committed Amount (Approximate)	WPM Specific Commitment
Gold Stream	Up to $400 million	Commitment to provide the Gold Stream
Concurrent Equity Financing	Approximately $415 million	Participation up to the lesser of $50 million or 20% of the Equity Financing
Bank Debt	$200 million	None specified in this component

This consultative role is supported by a strong balance sheet, giving them flexibility. As of September 30, 2025, Wheaton Precious Metals Corp. held approximately $1.2 billion in cash, with an undrawn $2 billion revolving credit facility. Since its inception, the company has committed approximately $12.5 billion to fund projects, with about $10.5 billion actually deployed.

Transparent, consistent communication with the global investment community

The relationship with the investment community is maintained through clear, regular reporting that ties operational performance directly to financial results. You see this in their recent record performance. For the first nine months of 2025, Wheaton Precious Metals Corp. reported record revenue, earnings, and operating cash flow.

Key financial metrics shared with investors as of late 2025 include:

• Trailing Twelve Month (TTM) Revenue ending September 30, 2025: $1.83 billion.
• Year-over-year revenue growth for the TTM period: 50.33%.
• Q3 2025 Revenue: $476.26 million.
• Q3 2025 Production: 173,000 Gold Equivalent Ounces (GEOs).
• 2025 Production Guidance reaffirmed: 600,000 to 670,000 GEOs.

This transparency helps investors model the value derived from the fixed-cost streaming structure, which delivered a cash operating margin of approximately $2,717 per GEO sold in Q2 2025.

Investor relations focused on dividend stability and growth visibility

A critical part of the relationship with shareholders is demonstrating a commitment to returning capital, which is heavily emphasized in investor communications. The dividend policy is a cornerstone of this visibility.

Here are the hard numbers supporting the dividend story:

• The last declared quarterly dividend (as of early December 2025) was 0.23 CAD per share.
• The annualized dividend payout (TTM) as of December 3, 2025, was $0.66.
• The forward dividend yield as of December 2, 2025, stood at 0.61%.
• The 3-year dividend growth rate (DGR3) is 18.34%.
• The dividend safety rating is A+, supported by a low payout ratio of approximately 21%.

Management provides clear visibility on future growth to support this dividend. They expect annual production to increase by approximately 40% to over 870,000 GEOs by 2029. This growth is projected to add close to 250,000 additional ounces per year through 2029. Finance: draft 13-week cash view by Friday.

Wheaton Precious Metals Corp. (WPM) - Canvas Business Model: Channels

You're looking at how Wheaton Precious Metals Corp. (WPM) gets its product-the physical metal-from the mine site into the market and how investors access the company itself. This is all about logistics and market presence, which is crucial for a streaming company that doesn't operate the mines.

The primary physical channel involves receiving the precious metals directly from its mining partners' sites, as per the streaming agreements. This is the start of the physical chain. From there, the metal moves to global metal refiners and bullion banks for sale. This off-take process is how Wheaton converts its contractual right to metal into realized revenue. For instance, in Q3 2025, Wheaton Precious Metals sold 137,563 GEOs (Gold Equivalent Ounces). The revenue generated from these sales is heavily leveraged to metal prices, with 85% of Q2 2025 revenue coming from fixed per-ounce production payments.

The company maintains a significant portfolio supporting this channel, holding streaming and royalty agreements on 18 operating mines and 28 development projects as of late 2025. This physical flow underpins the financial results, such as the Q3 2025 revenue of $476.26 million.

For investor access, Wheaton Precious Metals Corp. uses established public stock exchanges. You can find the stock trading on the NYSE, TSX, and LSE under the ticker WPM. As of November 26, 2025, the stock traded at $108.09 on the NYSE and C$149.57 on the TSE. The stock has seen significant investor interest, rising 86% year-to-date in 2025. The company's shares outstanding were reported around 449,458,394 in mid-November 2025.

Investor information is disseminated through the corporate website, wheatonpm.com, and official financial filings. The November 2025 Corporate Presentation, for example, was made available on November 7, 2025. Institutional investors hold a substantial portion of the company, representing 73.94% of the shares outstanding as of November 2025 data.

Here's a snapshot of the operational scale driving these channels:

Metric	Value (Latest Available 2025 Data)	Context/Period
Q3 2025 Sales Volume	137,563 GEOs	Q3 2025
2025 Production Guidance Range	600,000 to 670,000 GEOs	Full Year 2025 Forecast
Long-Term Production Target	870,000 GEOs	By 2029
Q3 2025 Revenue	$476.26 million	Third Quarter 2025
Attributable Production Cost Position	83% from lowest half of cost curves	Portfolio Metric
Cash on Hand	$1 billion	End of Q2 2025
Operating Mines in Portfolio	18	As of late 2025

The physical delivery and sales mechanism is designed for high leverage. The company's strategy relies on these physical assets being low-cost producers, with 83% of current production coming from assets in the lowest half of their respective cost curves. This low-cost structure, combined with the fixed nature of the streaming payments, means that as metal prices rise-like gold reaching new highs in 2025-the margins expand significantly.

The company uses its strong balance sheet, which included over $1 billion in cash at the end of Q2 2025, plus a $2 billion undrawn revolving credit facility, to fund its upfront cash payments for new streams, such as the recent payments for Kone and Slovo streams.

The investor-facing channels provide transparency on this physical and financial performance:

• NYSE, TSX, LSE listings for equity trading access.
• Corporate website hosting filings like the November 7, 2025, Corporate Presentation.
• Reported Q3 2025 Adjusted EPS of $0.62.
• Progressive dividend policy supported by strong cash flow.

The stock's trading channel for December 2025 was forecasted between $107.53 and $117.70. Finance: confirm the final Q3 2025 realized metal price per ounce for gold and silver by next Tuesday.

Wheaton Precious Metals Corp. (WPM) - Canvas Business Model: Customer Segments

Senior and mid-tier mining companies needing project financing

Single-asset developers requiring capital to bring new mines into production

Financing Metric	Amount/Count
Total Streaming Transactions Since Inception	More than $12 billion
Total Streaming Capital Deployed Since Inception	Approximately $10.5 billion
Operating Mines with Agreements (Q3 2025)	23
Development Projects with Agreements (Q3 2025)	24
Upfront Cash Payments for Streams (Q1 2025 Total)	Approximately CAD 95 million
Upfront Payment for Mineral Park Stream (Q1 2025)	CAD 40 million
Upfront Payment for Blackwater Stream (Q1 2025)	CAD 30 million
Upfront Payment for Phoenix Stream (Q1 2025)	CAD 25 million
Expansion Payment to Vale Advanced (April 4, 2025)	$144 million

Institutional investors (pension funds, ETFs) seeking precious metals exposure

Retail investors looking for a lower-risk, high-margin gold/silver play

• Market Capitalization (As of November 6, 2025) $43.8B
• Stock Price (As of November 6, 2025) $96.42
• Shares Outstanding (As of November 6, 2025) 454M
• Average Brokerage Recommendation (Based on 14 firms) 2.2
• Analyst Price Target Range (13 analysts, one-year) Low estimate $102.55
• Analyst Price Target Range (13 analysts, one-year) High estimate $185.00
• Analyst Price Target Range (13 analysts, one-year) Average estimate $133.62
• Trailing Twelve-Month Revenue (Ending September 30, 2025) $1.83B
• Net Income (TTM, ending September 30, 2025) $1,001,618 thousand USD
• Quarterly Dividend Declared (Q3 2025) $0.165 per common share
• Quarterly Dividend Payment (Q3 2025) $75 million

Wheaton Precious Metals Corp. (WPM) - Canvas Business Model: Cost Structure

You're looking at the cost side of Wheaton Precious Metals Corp. (WPM) as of late 2025, and honestly, the structure is what makes this model stand out from traditional miners. The costs are primarily tied to the acquisition of the metal itself, not the messy, capital-intensive business of digging it out of the ground.

Low, Fixed Per-Ounce Production Payments

The core cost driver is the fixed payment Wheaton makes to its mining partners for the actual metal delivered. This is the leverage point. For the first nine months of 2025 (9M 2025), the average cash cost was reported at $480 per GEO (Gold Equivalent Ounce). To give you some context on how low that is, the cost for the comparable period in the previous year was $436 per GEO. You can see the margin expansion happening right there. For the second quarter of 2025 (Q2 2025), the unit cash costs were capped at $470 per ounce.

This fixed-cost nature means that as metal prices rise, the cost component of revenue shrinks dramatically as a percentage of the selling price. Here's a quick look at the cost component relative to revenue metrics reported for Q3 2025:

Metric	Value (9M 2025)	Source Period
Average Cash Cost per GEO	$480 per GEO	9 Months Ended September 30, 2025
Average Price per GEO Sold	$3,462	Q3 2025
Cash Operating Margin per GEO	$2,982 (Calculated: $3,462 - $480)	9M 2025 Context

What this estimate hides is that these costs are entirely dependent on the performance and operational success of the counterparties; Wheaton doesn't control the strip ratio or labor disputes.

Minimal General and Administrative (G&A) Overhead

Because Wheaton Precious Metals Corp. does not operate the mines, its overhead structure is lean. You won't see the massive operational expenditure line items that a traditional miner carries. For the twelve months ending September 30, 2025, total operating expenses were $0.668B. Looking at a single quarter, the operating expenses for the fiscal quarter ending September 2025 were $160.75M.

Even with growth, the overhead remains relatively low compared to revenue. For instance, in Q2 2025, specific operating expenses noted included share-based compensation at $10.0 million and donations at $2.4 million. The non-operational model keeps the fixed cost base low, which is key to the high margins.

Upfront Capital Payments for New Streaming Agreements

A significant, but infrequent, cash outlay is the upfront capital payment made to secure a new streaming agreement. This is an investment, not an operating cost. The deal to support Carcetti's acquisition of the Hemlo Mine finalized recently, involving an upfront funding commitment from Wheaton of US$300 million. This was part of an original commitment of up to US$400 million.

The deployment of capital for growth was active through the first three quarters of 2025:

• Total upfront cash payments in Q3 2025 were $250 million, covering Koné ($156 million), Fenix ($50 million), and Kurmuk ($44 million).
• Total upfront cash payments in Q2 2025 were $347 million for Koné, Salobo III expansion, Kurmuk, and Cangrejos.
• Subsequent to Q2 2025, an additional $206 million was paid for Koné and Fenix streams.

These large, lumpy payments are funded from cash on hand or the credit facility, not from ongoing operating cash flow, which is a crucial distinction in the cost structure.

Interest Expense on the Revolving Credit Facility

As of September 30, 2025, Wheaton Precious Metals Corp. reported a balance sheet with no debt. This is a major cost avoidance. The company maintained a cash balance of $1.2 billion and an undrawn $2 billion revolving credit facility with an accordion feature of $500 million. When debt is zero, interest expense is negligible or non-existent from borrowings. To show the minimal impact when debt was present or when cash earns interest, for the trailing twelve months ending Q1 2025, the TTM net interest income was only about $22 million against $254 million in pre-tax income. The policy is to redeploy free cash or return it to shareholders rather than raise leverage, keeping this cost component minimal.

Corporate Social Responsibility and Sustainability Program Funding

While not a direct cost of metal production, funding for Environmental, Social, and Governance (ESG) initiatives is a planned corporate cost. For the 2025/26 Future of Mining Challenge, Wheaton Precious Metals Corp. committed to awarding US $1 million to a cleantech venture focused on sustainable water management.

Other related expenditures include:

• Donations in Q2 2025 totaled $2.4 million.
• Total contributions to community investment programs in 2024 were $8.5M.

Finance: draft 13-week cash view by Friday.

Wheaton Precious Metals Corp. (WPM) - Canvas Business Model: Revenue Streams

You're looking at the core of how Wheaton Precious Metals Corp. makes money, which is fundamentally different from a miner. Their revenue streams are built on securing the right to a percentage of metal production from operating mines or development projects, effectively acting as a financier with a metal-offtake agreement.

The primary source is the sale of gold, silver, and other metals at prevailing spot prices when the metal is delivered to them under their agreements. This structure means their revenue is highly sensitive to commodity markets. For the third quarter of 2025, Wheaton Precious Metals Corp. reported a record quarterly revenue of $476 million from these metal sales.

Looking at the longer-term picture, the trailing twelve-month revenue ending September 30, 2025, stood at approximately $1.83 billion. This top-line performance demonstrates the scale achieved through their portfolio of streaming and royalty agreements on 23 operating mines and 24 development and other projects as of late 2025.

Here's a quick look at the key revenue and cash flow metrics from the Q3 2025 period:

Metric	Amount
Q3 2025 Revenue	$476 million
TTM Revenue (ending Sep 30, 2025)	$1.83 billion
Q3 2025 Net Earnings	$367 million
Q3 2025 Operating Cash Flow	$383 million

The business model is designed to be highly leveraged to commodity price increases because the per-ounce payment Wheaton makes to the mine operator is generally fixed or escalates slowly, while the realized sale price is the current spot price. This creates an expanding margin when metal prices rise. For instance, in Q3 2025, the cash operating margin was $2,930 per GEO sold, an increase of 41% compared to Q3 2024, directly resulting from higher realized prices.

The leverage effect is clear when you see what percentage of revenue is generated from these fixed-cost streams:

• Operating streams accounted for 76% of revenue during the Q3 2025 quarter.
• Revenue growth in the nine months ending September 30, 2025, was driven by a 35% increase in the average realized gold equivalent price.
• In Q3 2025, a 37% year-over-year rise in average realized gold-equivalent price contributed significantly to revenue growth.
• Gold represented 58% of revenue in Q3 2025.

Finally, a portion of the cash flow generated is returned to investors through dividends. Wheaton Precious Metals declared a quarterly dividend of $0.165 per common share for Q3 2025, which resulted in a total quarterly dividend payment of $75 million. This dividend represented a 6.5% increase from the third quarterly dividend declared in 2024.