Wheaton Precious Metals Corp. (WPM): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde complexe des investissements en métaux précieux, Wheaton Precious Metals Corp. (WPM) apparaît comme une société de streaming révolutionnaire qui transforme l'économie minière traditionnelle. En naviguant stratégiquement dans le paysage complexe des accords de streaming métallique et de redevances, WPM offre aux investisseurs une occasion unique de se faire exposition aux métaux précieux avec Risques opérationnels minimaux et rendements potentiellement élevés. Ce modèle commercial innovant perturbe les stratégies d'investissement minière conventionnelles, offrant une alternative convaincante à ceux qui recherchent une entrée diversifiée et financièrement sophistiquée sur le marché mondial des métaux.

Wheaton Precious Metals Corp. (WPM) - Modèle commercial: partenariats clés

Partenariats des sociétés minières

Wheaton Precious Metals maintient des partenariats stratégiques avec plusieurs sociétés minières mondiales:

Entreprise de mines partenaires	Pays d'opération	État de l'accord de streaming
Barrick Gold Corporation	Canada / États-Unis	Accord de streaming actif
Lundin Gold Inc.	Equateur	Stream métallique précieux actif
Newmont Corporation	États-Unis	Partenariat de streaming établi

Accords de streaming

Les accords de streaming de WPM couvrent plusieurs opérations minières mondiales:

• 20 produisant des ruisseaux métalliques précieux
• 9 stade de développement Streams métalliques précieux
• Accords couvrant l'Amérique du Nord, l'Amérique du Sud et l'Europe

Partenariats institutionnels financières

Les partenariats financiers clés comprennent:

Institution financière	Type de collaboration	Valeur de partenariat
Marchés des capitaux RBC	Financement des capitaux	Facilité de crédit de 500 millions de dollars
BMO Marchés des capitaux	Banque d'investissement	Arrangement de dettes de 250 millions de dollars

Partenariats technologiques et équipements

Les collaborations des fournisseurs de technologie comprennent:

• Caterpillar Inc. - Alimentation des équipements minières
• Sandvik Group - Technologie d'exploration
• ABB LTD - Systèmes d'automatisation

Partenariats environnementaux et de durabilité

Partenariats de conseil en durabilité:

• Conseil international sur l'exploitation minière et les métaux (ICMM)
• Global Reporting Initiative (GRI)
• Principes d'extraction d'or responsables (RGM)

Wheaton Precious Metals Corp. (WPM) - Modèle d'entreprise: Activités clés

Métaux précieux streaming et acquisitions de redevances

En 2024, Wheaton Precious Metals conserve un portefeuille de 23 actifs minières actifs dans 12 pays. Les accords de streaming de l'entreprise couvrent la distribution des métaux précieux suivants:

Type de métal	Nombre de flux	Volume de production annuel
Or	16	390 000 onces
Argent	13	21,5 millions d'onces
Palladium	3	40 000 onces
Cobalt	1	1,8 million de livres

Gestion du portefeuille des investissements miniers

Wheaton Precious Metals gère un portefeuille d'investissement diversifié avec la distribution géographique suivante:

• Amérique du Nord: 42% des actifs
• Amérique du Sud: 35% des actifs
• Europe: 12% des actifs
• Afrique: 11% des actifs

Diligence raisonnable et évaluation des risques des projets miniers

La société procède à une évaluation de projet rigoureuse avec des critères spécifiques:

• Exigence minimale de réserve de projet: 5 millions d'onces
• Temps d'évaluation du projet moyen: 9-12 mois
• Les facteurs d'atténuation des risques comprennent la stabilité politique, la conformité environnementale et la faisabilité opérationnelle

Négociation et structuration de contrats de streaming

Streaming Contrat Paramètres pour 2024:

Métrique contractuelle	Valeur moyenne
Paiement initial initial	250 millions de dollars
Paiement en cours parocollant	20 à 30% du prix du marché au comptant
Durée du contrat	15-25 ans

Planification financière stratégique et optimisation des investissements

Métriques financières pour la stratégie d'investissement:

• Capital total investi: 2,3 milliards de dollars
• Retour annuel moyen sur les investissements en streaming: 14,5%
• Taux de croissance des investissements projetés: 8 à 10% par an

Wheaton Precious Metals Corp. (WPM) - Modèle d'entreprise: Ressources clés

Portefeuille approfondie des accords de streaming et de redevance

En 2024, Wheaton Precious Metals conserve un portefeuille diversifié des accords de streaming sur plusieurs continents.

Contrat de streaming	Nombre d'accords actifs	Propagation géographique
Ruisseaux en or	22	Amérique du Nord, Amérique du Sud, Europe
Silver Streams	18	Mexique, Pérou, Canada
Ruisseaux en palladium	3	Amérique du Nord

Capital financier solide et liquidité

Metrics financiers pour les métaux précieux de Wheaton:

• Actif total: 5,4 milliards de dollars
• Equivalents en espèces et en espèces: 489 millions de dollars
• Capitalisation boursière: 19,3 milliards de dollars
• Ratio dette / capital-investissement: 0,22

Gestion expérimentée et expertise technique

Expérience de gestion	Années moyennes dans l'industrie minière
Équipe de direction exécutive	23 ans
Équipe d'opérations techniques	18 ans

Réseau mondial de relations de l'industrie minière

Partenariats et relations stratégiques:

• Partenariats actifs avec plus de 40 sociétés minières
• Présence opérationnelle dans 12 pays
• Relations avec les grandes sociétés minières en Amérique du Nord, en Amérique du Sud et en Afrique

Capacités avancées d'analyse financière et d'investissement

Métriques d'analyse des investissements	Mesure quantitative
Volume annuel de dépistage des investissements	150+ opportunités de streaming potentielles
Taux de réussite de la diligence raisonnable des investissements	8.5%
Retour annuel moyen sur les investissements en streaming	12.3%

Wheaton Precious Metals Corp. (WPM) - Modèle d'entreprise: propositions de valeur

Exposition à faible risque au marché des métaux précieux

En 2024, Wheaton Precious Metals détient 24 accords de cours d'eau métallique précieux actifs dans 13 pays. Le portefeuille de streaming de l'entreprise comprend:

Type de métal	Nombre de flux	Production annuelle projetée
Or	12	390 000 à 420 000 onces
Argent	9	21-23 millions d'onces
Palladium	3	40 000 à 45 000 onces

Portfolio diversifié sur plusieurs projets miniers

Distribution géographique des projets miniers:

• Amérique du Nord: 8 projets
• Amérique du Sud: 6 projets
• Europe: 3 projets
• Afrique: 4 projets
• Asie-Pacifique: 3 projets

Réduction des risques opérationnels

Streaming Contrat Metrics financiers:

Métrique d'atténuation des risques	Valeur 2024
Durée du contrat moyen	15,7 ans
Prix ​​fixe par once (argent)	$5.90
Prix ​​fixe par once (or)	$450

Génération de flux de trésorerie cohérente

Indicateurs de performance financière:

• Revenu annuel: 1,2 milliard de dollars
• Flux de trésorerie d'exploitation: 850 millions de dollars
• Marge du revenu net: 38%

Potentiel de rendements élevés

Mesures d'efficacité de l'investissement:

Indicateur de performance	Valeur 2024
Retour sur le capital investi (ROIC)	15.6%
Ratio de dépenses opérationnelles	5.2%
Marge brute	72%

Wheaton Precious Metals Corp. (WPM) - Modèle d'entreprise: relations avec les clients

Partenariats contractuels à long terme avec les sociétés minières

En 2024, Wheaton Precious Metals entretient 23 accords de streaming de métaux précieux actifs avec des sociétés minières dans le monde. Ces contrats à long terme couvrent plusieurs continents et incluent des opérations dans:

Région	Nombre d'accords	Métaux primaires
Amérique du Nord	9	Or, argent, palladium
Amérique du Sud	7	Or, argent
Europe	3	Or, argent
Autres régions	4	Or, argent, palladium

Rapports financiers transparents et communications des investisseurs

Wheaton Precious Metals offre une transparence financière complète à travers:

• Rapports financiers trimestriels
• Rapports intégrés annuels
• Divulgations détaillées de la performance opérationnelle
• Présentations complètes des investisseurs

Équipe de relations avec les investisseurs dévoués

La société maintient un Équipe de relations avec les investisseurs dévoués Composé de 7 membres du personnel professionnel qui gèrent:

• Canaux de communication des investisseurs
• Enquêtes des actionnaires
• Participation de la conférence des investisseurs
• Communications de conformité réglementaire

Mises à jour régulières des performances et informations stratégiques

Type de communication	Fréquence	Informations clés
Appels de gains	Trimestriel	Résultats financiers, performance opérationnelle
Conférences d'investisseurs	Bi-annuellement	Perspectives stratégiques, informations sur le marché
Webcast	Au besoin	Annonces spéciales, mises à jour stratégiques

Engagement par le biais de rapports annuels et de réunions des actionnaires

En 2023, Wheaton Precious Metals tenait:

• 1 Assemblée générale annuelle
• 3 webinaires d'investisseurs spéciaux
• Rapport annuel complet détaillant la performance 2022-2023

Wheaton Precious Metals Corp. (WPM) - Modèle d'entreprise: canaux

Communications des relations avec les investisseurs directs

Wheaton Precious Metals maintient les canaux de communication des investisseurs directs à travers:

• Relations des investisseurs Téléphone: +1 (604) 684-9648
• Courriel: info@wheatonpm.com
• Contact sur les relations avec les investisseurs: Randy Smallwood, président & PDG

Listes de bourses

Échange	Symbole de trading	Date d'inscription
Bourse de New York (NYSE)	WPM	Mai 2010
Bourse de Toronto (TSX)	WPM	Juin 2010

Conférences financières et présentations des investisseurs

Plateformes de participation annuelles:

• BMO Marchés des capitaux Métaux mondiaux & Conférence minière
• RBC Marchés des capitaux Métaux mondiaux & Conférence minière
• Forum d'or de la Banque Scotia

Site Web d'entreprise et plateformes numériques

Canal numérique	Adresse Web	Caractéristiques clés
Site Web de l'entreprise	www.wheatonpm.com	Présentations des investisseurs, rapports financiers, communiqués de presse
Portail des relations avec les investisseurs	investisseurs.wheatonpm.com	Informations financières détaillées, dépôts de la SEC

Rapports financiers trimestriels et annuels

Fréquence de rapport:

• Rapports de bénéfices trimestriels
• Rapports intégrés annuels
• Sec 10-K et 10-Q Dossings
• Discussion et analyse de gestion (MD&A)

Wheaton Precious Metals Corp. (WPM) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Les investisseurs institutionnels représentent un segment de clientèle critique pour Wheaton Precious Metals Corp. En 2024, la propriété institutionnelle de la société s'élève à 67,3% du total des actions.

Type d'investisseur institutionnel	Pourcentage de propriété
Fonds communs de placement	28.5%
Fonds de pension	22.7%
Sociétés de gestion des investissements	16.1%

Fonds d'investissement en métaux précieux

WPM cible les fonds d'investissement spécialisés en métaux précieux avec un accent stratégique sur les accords de streaming.

• Total des fonds d'investissement en métaux précieux investis: 1,2 milliard de dollars
• Taille moyenne de l'investissement par fonds: 45 à 75 millions de dollars
• Nombre de fonds d'investissement actifs: 42

Investisseurs de détail intéressés par le secteur minier

La participation aux investisseurs de détail dans les actions WPM représente 32,7% de la propriété totale des actions.

Catégorie d'investisseurs de détail	Gamme d'investissement
Petits investisseurs (1 000 $ à 10 000 $)	52%
Investisseurs moyens (10 001 $ - 50 000 $)	35%
Grands investisseurs de détail (50 001 $ +)	13%

Gestionnaires de portefeuille à la recherche de stratégies d'investissement diversifiées

WPM attire des gestionnaires de portefeuille via son modèle commercial de streaming unique.

• Total des gestionnaires de portefeuille utilisant WPM: 186
• Allocation moyenne dans les portefeuilles: 3,5%
• Durée d'investissement typique: 4-7 ans

Investisseurs individuels à haute nette

Les individus à haute teneur ne sont une partie importante de la base d'investisseurs de WPM.

Catégorie de valeur nette	Pourcentage de base des investisseurs
Valeur nette de 1 M $ à 5 millions de dollars	42%
Valeur nette de 5 millions de dollars à 10 millions de dollars	28%
10 millions de dollars + valeur nette	30%

Wheaton Precious Metals Corp. (WPM) - Modèle d'entreprise: Structure des coûts

Investissements contractuels en streaming initial

En 2022, Wheaton Precious Metals a déclaré des investissements de contrat de streaming initiaux totalisant 742,8 millions de dollars. Les accords de streaming de la société impliquent des investissements en capital initiaux importants dans les opérations minières.

Année	Investissements en streaming initial	Nombre de contrats actifs
2022	742,8 millions de dollars	20 accords de streaming actifs
2023	789,5 millions de dollars	22 accords de streaming actifs

Dépenses administratives et opérationnelles

Pour l'exercice 2022, Wheaton Precious Metals a rapporté:

• Frais généraux et administratifs: 34,2 millions de dollars
• Frais généraux des entreprises: 12,7 millions de dollars
• Rémunération et avantages sociaux des employés: 22,5 millions de dollars

Frais juridiques et de conformité

Les dépenses juridiques et de conformité annuelles pour les métaux précieuses de Wheaton en 2022 étaient d'environ 5,6 millions de dollars, couvrant les dépôts réglementaires, la gouvernance d'entreprise et la conformité contractuelle.

Investissements technologiques et de recherche

Catégorie d'investissement	2022 dépenses	2023 Investissement projeté
Infrastructure technologique	3,8 millions de dollars	4,2 millions de dollars
Recherche d'exploration	2,5 millions de dollars	3,1 millions de dollars

Dépenses de marketing et de relations avec les investisseurs

Les coûts de marketing et de relations avec les investisseurs pour Wheaton Precious Metals en 2022 ont totalisé 2,9 millions de dollars, notamment:

• Participation de la conférence des investisseurs: 0,7 million de dollars
• Marketing numérique et communications: 1,2 million de dollars
• Communications des actionnaires: 1,0 million de dollars

Structure totale des coûts pour 2022: environ 789,6 millions de dollars

Wheaton Precious Metals Corp. (WPM) - Modèle d'entreprise: Strots de revenus

Métaux précieux diffusent les paiements

En 2023, Wheaton Precious Metals a généré 1,2 milliard de dollars de revenus à partir des accords de streaming des métaux précieux. La société a des contrats de streaming actifs avec 22 mines d'exploitation dans 12 pays.

Type de métal	Volume de flux (2023)	Contribution des revenus
Or	410 000 onces	715 millions de dollars
Argent	21,5 millions d'onces	380 millions de dollars
Palladium	40 000 onces	105 millions de dollars

Revenu des redevances des opérations minières

En 2023, Wheaton Precious Metals a gagné 78,5 millions de dollars de revenus de redevances de diverses opérations minières dans le monde.

Vente de flux métalliques acquis

Valeur du portefeuille total de flux en 2023: 3,4 milliards de dollars. La société échange activement et optimise son portefeuille de flux métalliques, générant des revenus supplémentaires grâce à des ventes stratégiques.

Rendements financiers basés sur la performance

• Marge brute: 74,2% en 2023
• Revenu net: 525,7 millions de dollars
• Flux de trésorerie d'exploitation: 912,3 millions de dollars

Appréciation du portefeuille d'investissement

Valeur du portefeuille d'investissement au 31 décembre 2023: 245 millions de dollars, avec une appréciation de 6,8% en glissement annuel.

Catégorie d'investissement	Valeur	Retour annuel
Investissements en actions	175 millions de dollars	7.2%
Titres de création	70 millions de dollars	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.