To answer by giving an example, Wheaton recently bought a stream over the Antamina mine in Peru from BHP. The stream is effective from 1 April 2026, from which time WPM will purchase BHP's 33.75% of the payable silver from the mine until a total of 100Moz has been delivered, at which point Wheaton will purchase 22.5% of the payable silver for the remainder of the life of mine. Wheaton will pay upfront consideration for the stream of US$4.3bn and will make ongoing payments for the silver ounces delivered equal ot 20% of the spot price of silver.

Wheaton's guidance for 2026 is for production of 860-940 thousand gold equivalent ounces (GEOs). From there, we expect it to produce 1,075k GEOs in FY27, 1,147k GEOs in FY28, 1,236k GEOs in FY29 and 1,274k GEOs in FY30.

Wheaton trades at a premium to mining companies because it offers almost all of the benefits of owing a traditional miner (eg geared exposure to precious metals' prices, a dividend and exposure to blue-sky exploration success) but without the principal risks (eg it is completely protected from capex and opex overruns). It commands a modest premium relative to its peers for its focused strategy, its disciplined deployment of capital and its ability to consistently achieve guidance.

The primary risk to Wheaton is precious metals prices. If these go down then Wheaton's revenues and profits will inevitably go down as well. However, almost more important are the risks that Wheaton avoids. Unlike mining companies (which are also exposed to precious metals' price risks), Wheaton has no exposure to either capex or opex cost risks. However, like them, it does offer geared exposure to precious metals' prices to the upside, as well as a progressive dividend, predictable margins and, importantly, blue-sky exposure to exploration success (in the form of extended mine lives). In summary, an investor who owns Wheaton has almost all of the same benefits they would have if they owned a miner, but with fewer risks.