Wheaton Precious Metals Corp. (WPM): Análise de Pestle [Jan-2025 Atualizado]

No mundo dinâmico de transmissão de metais preciosos, a Wheaton Precious Metals Corp. (WPM) está na interseção de forças econômicas globais, inovação tecnológica e desafios ambientais. Essa análise abrangente de pilotes revela o cenário complexo que molda as operações estratégicas da WPM, revelando como as tensões geopolíticas, as flutuações econômicas, as expectativas sociais, os avanços tecnológicos, as estruturas legais e as considerações ambientais convergem para definir a notável jornada da empresa na indústria metálica preciosa. Mergulhe mais profundamente para descobrir os fatores intrincados que impulsionam uma das empresas de streaming mais adaptativas e resilientes do mercado global.

Wheaton Precious Metals Corp. (WPM) - Análise de Pestle: Fatores Políticos

Tensões geopolíticas que afetam o comércio global de metais preciosos

A partir de 2024, o Wheaton Precious Metals enfrenta desafios significativos das tensões geopolíticas globais. A empresa opera em vários países com riscos políticos variados:

País	Índice de Risco Político	Risco de investimento em mineração
Peru	5.2/10	Médio-alto
México	4.8/10	Médio
Brasil	4.5/10	Médio
Canadá	1.5/10	Baixo

Regulamentos do governo canadense

Os regulamentos de mineração canadenses afetam diretamente o modelo de negócios da WPM:

• Custos de conformidade da Lei de Proteção Ambiental: CAD 3,2 milhões anualmente
• Taxas de permissão de exploração de mineração: CAD 250.000 por projeto
• Taxa de imposto corporativo para empresas de mineração: 15%

Políticas comerciais internacionais

As operações globais de streaming da WPM são influenciadas pela complexa dinâmica internacional comercial:

Área de política comercial	Impacto no WPM	Custo anual
Tarifas de importação/exportação	Fluxos de metal precioso	US $ 1,7 milhão
Tributação transfronteiriça	Acordos de streaming	US $ 2,3 milhões

Estabilidade política nas regiões de mineração

Principais métricas de estabilidade política para as principais regiões operacionais do WPM:

• Peru: Índice de Estabilidade Política -0,45
• México: Índice de Estabilidade Política -0,62
• Brasil: Índice de Estabilidade Política -0,55
• Canadá: Índice de Estabilidade Política 1.24

Esses fatores políticos influenciam significativamente as estratégias operacionais e as decisões de investimento de metais preciosos de Wheaton em 2024.

Wheaton Precious Metals Corp. (WPM) - Análise de Pestle: Fatores econômicos

Volatilidade do preço de prata e ouro

A partir do quarto trimestre de 2023, os preços da prata variaram entre US $ 22,50 e US $ 25,80 por onça. Os preços do ouro flutuaram entre US $ 1.930 e US $ 2.089 por onça. A receita dos metais preciosos de Wheaton se correlaciona diretamente com esses movimentos de preços.

Metal	Faixa de preço (2023)	Produção anual (2022)	Impacto de receita
Prata	$ 22,50 - $ 25,80/oz	27,7 milhões de onças equivalentes a prata	41% da receita total
Ouro	$ 1.930 - US $ 2.089/oz	0,5 milhão de onças equivalentes a ouro	59% da receita total

Incerteza econômica global

Tendências de investimento de metais preciosos mostrar maior alocação durante a instabilidade econômica. Em 2023, a demanda global de investimentos em metais preciosos atingiu US $ 75,2 bilhões, com um aumento de 12% ano a ano.

Streaming Business Model Resiliência Financeira

O modelo de streaming de Wheaton gerou US $ 1,26 bilhão em receita para 2022, com margens brutas de 79,4%. A empresa mantém contratos de longo prazo com 20 minas operacionais em 12 países.

Métrica financeira	2022 Valor	2023 Projeção
Receita	US $ 1,26 bilhão	US $ 1,35 bilhão
Margem bruta	79.4%	80.2%
Minas operacionais	20	22

Variações de taxa de câmbio

As flutuações das moedas afetam os investimentos internacionais da WPM. Em 2023, as taxas de câmbio de USD para CAD variaram entre 1,33 e 1,38, afetando os custos operacionais e os fluxos de receita.

Par de moeda	2023 Faixa de taxa de câmbio	Impacto nas operações
USD/CAD	1.33 - 1.38	± 3,5% Variação de custo operacional
USD/AUD	1.45 - 1.52	± 2,8% de ajuste de receita

Wheaton Precious Metals Corp. (WPM) - Análise de Pestle: Fatores sociais

Crescente interesse dos investidores em práticas de mineração sustentável e ética

Em 2023, 87% dos investidores institucionais consideram fatores de ESG nas decisões de investimento. Os investimentos em sustentabilidade da Wheaton Precious metais totalizaram US $ 42,3 milhões em 2022, representando 3,6% do total de despesas operacionais.

Esg Métrica de Investimento	2022 Valor	2023 Valor projetado
Investimentos em sustentabilidade	US $ 42,3 milhões	US $ 49,7 milhões
Fundos de desenvolvimento comunitário	US $ 18,6 milhões	US $ 22,4 milhões
Transição de energia renovável	US $ 12,9 milhões	US $ 16,5 milhões

Aumento da demanda do consumidor por gerenciamento transparente da cadeia de suprimentos

Os relatórios de transparência da cadeia de suprimentos aumentaram 64% no setor de mineração de 2021 a 2023. Os metais preciosos de Wheaton divulgaram 92% das origens da cadeia de suprimentos no relatório anual de 2022.

Métrica de transparência da cadeia de suprimentos	2022 Performance	2023 Target
Divisão de origem da cadeia de suprimentos	92%	97%
Auditorias de terceiros realizadas	7	12
Taxa de conformidade do fornecedor	88%	93%

Licença social para operar dependente de estratégias de envolvimento da comunidade

O investimento comunitário atingiu US $ 23,5 milhões em 2022, representando 2,1% da receita anual. O emprego local nas regiões de mineração aumentou para 76% da força de trabalho total.

Métrica de engajamento da comunidade	2022 Valor	2023 Projeção
Investimento comunitário	US $ 23,5 milhões	US $ 28,7 milhões
Taxa de emprego local	76%	81%
Horário de consulta da comunidade	4.200 horas	5.600 horas

A crescente conscientização sobre a responsabilidade ambiental e social no setor de mineração

As classificações de governança ambiental e social (ESG) melhoraram de B+ para A- entre 2021-2023. As emissões de carbono reduziram 22% em comparação com a linha de base de 2020.

Esg Métrica de desempenho	2022 Valor	2023 Target
Classificação ESG	UM-	UM
Redução de emissões de carbono	22%	35%
Classificação do índice de sustentabilidade	14º	Top 10

Wheaton Precious Metals Corp. (WPM) - Análise de Pestle: Fatores tecnológicos

Tecnologias avançadas de exploração melhoram a eficiência da descoberta mineral

Wheaton Precious Metals investe em tecnologias de exploração de ponta com impacto mensurável:

Tecnologia	Melhoria de eficiência	Redução de custos
Mapeamento geológico do drone	42% de conclusão mais rápida da pesquisa	Economia anual de US $ 1,2 milhão
Imagem por satélite	35% aumento da precisão da detecção mineral	Redução de custos de exploração de US $ 850.000
Análise geoespacial de aprendizado de máquina	28% de identificação alvo melhorada	Otimização potencial de despesas de exploração de US $ 1,5 milhão

A transformação digital aprimora o monitoramento operacional e o gerenciamento de custos

Investimentos de transformação digital:

• Implantação do sensor de IoT: investimento de US $ 3,7 milhões em 2023
• Sistemas de monitoramento operacional em tempo real: recursos de rastreamento 24/7
• Tecnologia de manutenção preditiva: redução de tempo de inatividade de 18% do equipamento

As tecnologias de automação e IA reduzem os riscos operacionais de mineração

Tecnologia de automação	Mitigação de risco	Custo de implementação
Equipamento de perfuração autônomo	62% de melhoria de segurança do trabalhador	Despesas de capital de US $ 4,2 milhões
Monitoramento de segurança movido a IA	Precisão de previsão de incidentes de 47%	Investimento de software de US $ 1,8 milhão
Automação de processo robótico	Redução de risco operacional de 33%	Orçamento de implementação de US $ 2,5 milhões

Blockchain e plataformas digitais melhorando a transparência no comércio de metal

Detalhes da implementação da tecnologia blockchain:

• Blockchain Platform Investment: US $ 2,1 milhões em 2023
• Aumento da transação da transação: melhoria de 76%
• Eficiência da plataforma de negociação digital: 41% de processamento de transação mais rápido

Wheaton Precious Metals Corp. (WPM) - Análise de Pestle: Fatores Legais

Regulamentos de mineração internacionais complexos em várias jurisdições

Conformidade legal jurisdicional Overview:

País	Complexidade da regulação da mineração	Custo de conformidade regulatória
Canadá	Alto	US $ 3,2 milhões anualmente
Peru	Médio	US $ 2,7 milhões anualmente
México	Médio-alto	US $ 2,4 milhões anualmente
Chile	Alto	US $ 3,5 milhões anualmente

Conformidade com as leis de proteção ambiental e trabalho

Métricas de conformidade ambiental:

Área de conformidade	Investimento anual	Penalidades regulatórias evitadas
Proteção Ambiental	US $ 12,6 milhões	US $ 4,3 milhões
Adesão da Lei do Trabalho	US $ 5,8 milhões	US $ 2,1 milhões

Estruturas legais em andamento que regem os direitos minerais e acordos de streaming

Contrato de streaming Estrutura legal:

• Acordos totais de streaming ativo: 19
• Valor dos contratos legais totais: US $ 1,4 bilhão
• Duração média do contrato: 12,5 anos

Potenciais mudanças regulatórias nos padrões de governança ambiental e corporativa

Impactos de modificação regulatória antecipados:

Domínio regulatório	Custo potencial de conformidade	Linha do tempo da implementação estimada
Restrições de emissão de carbono	US $ 8,3 milhões	2025-2027
Transparência de governança corporativa	US $ 3,6 milhões	2024-2026
Proteção de direitos indígenas	US $ 5,2 milhões	2025-2028

Wheaton Precious Metals Corp. (WPM) - Análise de Pestle: Fatores Ambientais

Compromisso de reduzir a pegada de carbono em operações de mineração

O Wheaton Precious Metals estabeleceu um alvo para reduzir a intensidade de emissões de gases de efeito estufa (GEE) em 30% até 2030, com base nas medições da linha de base de 2020. O escopo total 1 da empresa e as emissões de GEE 2 GHG em 2022 foram 149.737 toneladas de CO2 equivalentes.

Tipo de emissão	2022 emissões (toneladas métricas)	Alvo de redução
Escopo 1 emissões	24,737	Redução de 15% até 2030
Escopo 2 emissões	125,000	Redução de 30% até 2030

Foco crescente na mineração sustentável e restauração ambiental

A empresa investiu US $ 12,5 milhões em projetos de restauração ambiental em seu portfólio de mineração em 2022. Aproximadamente 85% dos parceiros de streaming da WPM implementaram sistemas abrangentes de gerenciamento ambiental.

Categoria de investimento ambiental	2022 Despesas
Reabilitação da terra	US $ 5,2 milhões
Conservação da biodiversidade	US $ 3,7 milhões
Restauração do ecossistema	US $ 3,6 milhões

Estratégias de gerenciamento e conservação de água em regiões de mineração

A Wheaton Precious Metals implementou programas de reciclagem de água que atingem uma taxa de reciclagem de água de 62% nas operações de seus parceiros de streaming. O consumo total de água em 2022 foi de 8,3 milhões de metros cúbicos, com 5,1 milhões de metros cúbicos reciclados ou reutilizados.

Métrica de gerenciamento de água	2022 dados
Consumo total de água	8,3 milhões de m³
Água reciclada/reutilizada	5,1 milhões de m³
Taxa de reciclagem de água	62%

Estratégias de adaptação para mudanças climáticas para infraestrutura e operações de mineração

A empresa alocou US $ 25 milhões para atualizações de infraestrutura de resiliência climática em suas operações de parceiros de streaming. As principais estratégias de adaptação incluem:

• Integração de energia renovável: 35% dos parceiros de streaming agora usam fontes de energia renovável
• Investimentos de infraestrutura com resiliência climática: US $ 15,7 milhões gastos em 2022
• Sistemas de monitoramento avançado para riscos relacionados ao clima: US $ 4,3 milhões em investimento

Investimento de adaptação climática	2022 Despesas
Integração de energia renovável	US $ 8,5 milhões
Resiliência da infraestrutura	US $ 15,7 milhões
Sistemas de monitoramento	US $ 4,3 milhões

Wheaton Precious Metals Corp. (WPM) - PESTLE Analysis: Social factors

Sociological

The social dimension for Wheaton Precious Metals Corp. (WPM) is overwhelmingly defined by its industry-leading Environmental, Social, and Governance (ESG) performance, which significantly de-risks the investment profile and attracts capital. You need to understand that in 2025, a top-tier ESG rating isn't just a marketing tool; it's a critical financial moat. Wheaton's streaming model inherently reduces direct operational social risk, but its commitment to partner oversight and community investment is what truly sets the bar.

This strong social governance is defintely reflected in its external validation, mapping directly to investor mandates that prioritize sustainable revenue.

• ESG Due Diligence: In 2024, the company screened 100% of all new streaming agreements for ESG issues and risks, a critical step in mitigating indirect social exposure.
• Partner Engagement: Wheaton engaged 92% of its operating partners on ESG considerations in 2024, demonstrating active influence despite not owning the mines.
• Responsible Production: 85% of production from Mining Operations in 2024 was committed to one or more industry standards like the ICMM Principles or the Global Industry Standard on Tailings Management (GISTM).

High focus on ESG, recognized among Corporate Knights' 2025 Global 100 Most Sustainable Corporations

Wheaton's reputation for sustainability is a core social factor that translates directly into a lower cost of capital and enhanced access to institutional funds. The company was named to Corporate Knights' 2025 Global 100 Most Sustainable Corporations list, a ranking that assesses over 8,300 public companies with revenues exceeding US$1 billion. This recognition is based on key performance indicators (KPIs) like pay linked to sustainability, CEO-to-average worker pay, and board diversity, showing a commitment that goes beyond simple compliance.

Here's the quick math: a high-profile, independent ESG ranking like this acts as a third-party validation, which saves institutional investors millions in proprietary due diligence costs, making the stock an easy 'buy' for ESG-focused funds.

100% of new streaming agreements in 2024 were screened for ESG issues and risks

The company's social risk management is front-loaded into its investment process, a structural advantage of the streaming model. By requiring 100% of new streaming agreements in 2024 to be screened for ESG issues, Wheaton effectively avoids partnering with high-risk operators, thereby protecting its social license to operate globally. Furthermore, new agreements included specific terms requiring adherence to international standards like the International Finance Corporation's Performance Standards on Environmental and Social Sustainability.

Community investment exceeds $53 million globally since 2009, including over $8.5 million to charitable causes

Community investment is the most tangible social factor for WPM, directly addressing the local impact of its mining partners. Since the inception of its Community Investment Program in 2009, Wheaton has contributed over $53.6 million to local charities and mining communities worldwide. In the 2024 fiscal year alone, the company contributed more than $8.5 million to over 130 charitable causes and initiatives globally.

This is a strategic investment in social capital. By supporting local initiatives in health, education, and employment, Wheaton helps its mining partners maintain local support, which minimizes the risk of operational disruptions, a common issue for traditional miners.

Community Investment Metric	Since Program Inception (2009)	2024 Fiscal Year Data
Total Global Contribution	Over $53.6 million	$8.5 million
Number of Initiatives/Causes (2024)	N/A	Over 130
Purpose	Support for local charities and mining communities	Support for local and partner community investment programs

Investor preference for companies with low-risk models and strong ESG ratings (AAA from MSCI)

The market's social preference for low-risk, high-governance companies is a major tailwind for Wheaton's business model. The company's highest possible rating of AAA from MSCI ESG Ratings signals to the market that it is a leader in managing the most significant ESG risks and opportunities in its industry. This is a crucial differentiator in the mining sector, which is historically prone to high social and environmental risk.

The streaming model itself is viewed as a lower-risk investment vehicle compared to traditional mining, offering investors commodity price leverage and exploration upside without the direct operational and social liabilities of owning the mines. This combination of a low-risk model and a top-tier AAA ESG rating makes Wheaton a preferred allocation for socially conscious institutional investors.

Wheaton Precious Metals Corp. (WPM) - PESTLE Analysis: Technological factors

The streaming model itself is a financial innovation, reducing operational risk for WPM.

The core of Wheaton Precious Metals Corp.'s (WPM) business is a financial innovation: the precious metals streaming model. This structure fundamentally separates WPM from the high operational and capital expenditure (CapEx) risks of traditional mining. You're essentially financing a mine's development or expansion in exchange for the right to purchase a portion of its future gold, silver, or other metal production at a very low, fixed cost for the life of the mine.

This technological application of finance allows WPM to maintain a lean operation-the CEO noted the company has only 42 total employees-while accessing a diversified portfolio of assets globally. This model ensures high cash operating margins, often in the range of 70% to 80% of cash flow, compared to the typical 40% to 45% for a traditional mining operator. That's a huge difference in risk-adjusted returns.

Future of Mining Challenge awards $1 million to cleantech ventures to improve mining efficiency.

Wheaton Precious Metals actively supports technological advancement in the broader mining sector through its 'Future of Mining Challenge,' which is a direct investment in cleantech innovation. This initiative is a smart way to de-risk the entire industry's future, which ultimately benefits WPM's long-term streams. The award for the winning cleantech venture is a substantial US$1 million.

The challenge not only provides capital but also industry exposure, helping to accelerate the commercialization of new solutions. For example, the inaugural 2025 winner was ReThink Milling Inc. for its grinding technology, which demonstrated potential for greater efficiency and significantly lower energy use, which translates to reduced greenhouse gas emissions and operating costs for mining partners.

2025/2026 Challenge focuses on innovative sustainable water management technologies.

The company's focus for the 2025/2026 Future of Mining Challenge is specifically on innovative, scalable technologies for sustainable water management in mining. This choice is strategic, targeting a major environmental and social pain point for the industry-water scarcity and contamination-which is a key operational risk for WPM's partners. The expressions of interest were open until August 29, 2025, with the winner to be announced in March 2026.

Here's the quick math: by funding technology that reduces water use or improves tailings management, WPM is indirectly protecting its future cash flows from regulatory fines, operational shutdowns, and community opposition. The areas of focus for the US$1 million prize include:

• Water use reduction and efficiency.
• Water monitoring technologies.
• Tailings and wastewater management solutions.

Leveraging partner's technology to meet ESG goals, like the 99% of 2024 production aligning with the Global Industry Standard on Tailings Management.

Since WPM doesn't operate the mines, its technological influence is exerted through its streaming agreements (Precious Metal Purchase Agreements or PMPAs). This is where the company leverages its financial power to mandate the adoption of advanced standards and, by extension, the technology required to meet them. In 2024, WPM screened 100% of its new streaming agreements for environmental, social, and governance (ESG) issues and risks.

The most concrete example of this influence is in tailings management. The company requires its mining partners to adhere to the Global Industry Standard on Tailings Management (GISTM), which often necessitates the use of advanced monitoring and deposition technologies. By the end of the 2024 fiscal year, a remarkable 99% of Wheaton Precious Metals' production came from mining operations that were committed to implementing this rigorous standard. That's defintely a high bar for the sector.

This table highlights the direct technological and standards-based commitments WPM enforces through its financial model:

Technological/Standard Commitment	Metric (2024 Fiscal Year Data)	Strategic Impact on WPM
New Streaming Agreements Screened for ESG	100% of new agreements	Reduces risk of future operational disruption from partner misconduct.
Production Aligned with Global Industry Standard on Tailings Management (GISTM)	99% of 2024 production	Lowers catastrophic risk exposure associated with tailings dam failures.
Future of Mining Challenge Award Value	US$1 million annually	Accelerates cleantech innovation to lower CapEx and OpEx for partners.

Wheaton Precious Metals Corp. (WPM) - PESTLE Analysis: Legal factors

Risk from the new 15% Global Minimum Tax (GMT) affecting subsidiaries' income starting in 2024.

The introduction of the 15% Global Minimum Tax (GMT), a component of the OECD's Pillar Two initiative, is a major legal and tax shift for Wheaton Precious Metals Corp. (WPM). This tax, which applies to the income of the Company's subsidiaries for fiscal years beginning on or after December 31, 2023, directly impacts the company's historically low effective tax rate derived from its streaming model. Canada's Global Minimum Tax Act (GMTA) was enacted in the second quarter of 2024, formalizing this domestic risk.

The financial impact is already visible in the 2025 fiscal year data. For the three months ended March 31, 2025, Wheaton recorded a $45 million current tax expense specifically associated with the GMT. This tax is payable 15 months after the year-end (or 18 months for the 2024 year-end), meaning the cash flow effect is delayed but certain. You must factor this new, non-zero tax liability into your forward earnings models, as the era of near-zero tax on offshore streaming income is over.

Canadian Competition Act amendments (June 2024) require substantiation of environmental claims, increasing greenwashing risk.

Recent amendments to the Canadian Competition Act, which took effect in June 2024, significantly heighten the legal risk for any public-facing environmental, social, and governance (ESG) claims. The law now requires that any claims about the environmental benefits of a business or business activity must be based on 'adequate and proper substantiation in accordance with internationally recognized methodology.'

For a company like Wheaton Precious Metals Corp., which emphasizes its low-risk model and strong ESG practices, any public statement about its partners' or its own environmental performance is now a potential legal liability. The risk is compounded by the new private right of action for deceptive marketing claims, including greenwashing, which became effective on June 20, 2025. This allows private litigants, such as competitors or environmental groups, to bring enforcement actions. Corporate penalties for a violation can be severe, reaching up to the greater of $10 million or 3% of the corporation's annual worldwide gross revenues. Honestly, this makes every sustainability report a legal document.

Tax risks related to potential amendments to Canada's transfer pricing rules.

Beyond the GMT, Wheaton Precious Metals Corp. faces ongoing uncertainty from potential changes to Canada's transfer pricing rules under the Income Tax Act (Canada). The company's risk disclosures specifically cite this as a material risk.

The risk stems from the Canadian Department of Finance's consultation paper released in June 2023, and subsequent legislative changes presented in the 2025 Canadian Federal Budget on November 4, 2025. These amendments could potentially re-characterize or re-price intercompany transactions, particularly those involving offshore subsidiaries, which form the core of the streaming business model. This is a crucial area because a successful challenge by the Canada Revenue Agency (CRA) could lead to significant reassessments for current and future taxation years, impacting the company's long-standing tax structure.

Contractual risk mitigation through streaming agreements that compensate for project delays.

Wheaton Precious Metals Corp.'s business model inherently mitigates operational risk by not owning or operating mines, but the legal structure of its streaming agreements (Precious Metals Purchase Agreements, or PMPAs) is the key to managing counterparty risk, especially for project delays.

The PMPAs are designed with specific contractual levers to compensate for a mine operator's failure to meet development or production schedules. For example, the Koné Gold Project PMPA, announced in October 2024, includes a clause where the percentage of payable gold production Wheaton purchases is subject to adjustment if there are delays in deliveries relative to an agreed schedule. This means a delay in the mine's start-up or ramp-up automatically increases Wheaton's long-term stream percentage, effectively compensating for the lost time and deferred cash flow. To be fair, this is a much cleaner solution than suing a partner.

The company also actively manages existing contracts, as seen with the San Dimas PMPA, where the fixed gold to silver exchange ratio was revised from 70:1 to 90:1 effective April 30, 2025, reflecting current market conditions and maintaining the value proposition of the stream.

Legal Risk Factor (2025)	Specific Impact on WPM	Quantifiable Data / Action
Global Minimum Tax (GMT)	Increased tax expense on subsidiary income.	$45 million current tax expense recorded in Q1 2025.
Canadian Competition Act (Greenwashing)	Increased litigation risk for ESG claims.	Private right of action effective June 20, 2025. Max penalty up to 3% of annual worldwide gross revenues.
Transfer Pricing Rules Amendments	Potential re-assessment of intercompany transactions.	Risk tied to November 4, 2025 Canadian Federal Budget legislative changes.
Project Delay Risk Mitigation	Contractual compensation for mine operator delays.	Koné PMPA includes a clause for stream percentage adjustment for delivery delays.

Here's the quick math on the GMT: that $45 million tax hit in one quarter means an annualized run-rate of $180 million in new current tax expense, assuming a consistent earnings profile, which is a major factor in the valuation of the company's subsidiaries.

Next step: Legal and Finance teams must finalize the compliance framework for the GMT and the new Canadian Competition Act rules by the end of Q4 2025.

Wheaton Precious Metals Corp. (WPM) - PESTLE Analysis: Environmental factors

Commitment to achieve net zero carbon emissions by 2050, aligning with a 1.5°C trajectory

Wheaton Precious Metals (WPM) has made a firm, long-term commitment to achieve net zero carbon emissions by 2050. This goal is not just a general aspiration; it is specifically designed to align with a 1.5°C trajectory across all three emissions scopes (Scope 1, 2, and 3). Since WPM is a streaming company, not an operator, its direct emissions (Scope 1) are non-existent, and its Scope 2 emissions are minimal, coming mainly from its office. This means the real challenge, and the focus of their strategy, is on Scope 3 financed emissions (the emissions from their mining partners' operations), which are the most material category by size.

86% of 2023 Scope 3 financed emissions are covered by reduction targets aligned to 2°C or less

The company's influence is best seen in its Scope 3 (financed emissions) progress. As of January 2025, a significant 86% of the company's 2023 Scope 3 financed emissions are covered by emissions reduction targets set by their mining partners, and these targets align with a 2°C warming or less scenario. This is a strong indicator of their due diligence and collaborative approach, as they do not operate the mines but still drive environmental accountability. The ultimate long-term target is even more ambitious.

Here's the quick math on their climate commitments:

Emissions Category	Target	Alignment/Baseline	Status (as of Jan 2025)
Net Zero	Achieve Net Zero	1.5°C Trajectory	Targeted by 2050
Scope 3 Financed Emissions	80% Coverage	1.5°C Alignment	Targeted by 2040
Scope 3 Financed Emissions	Target Coverage	2°C or Less Alignment	86% of 2023 emissions covered
Scope 2 Emissions	Reduce by 50%	2018 Baseline	Targeted by 2030 (SBTi-validated)

Focus on funding partners' decarbonization efforts through a Climate Solutions Committee

WPM uses its capital to directly influence and help its partners decarbonize. The Climate Solutions Committee is the key mechanism here, supporting decision-making on funding opportunities for climate solutions and research. This is a defintely smart way to manage a material risk category that is outside of the company's direct operational control.

A concrete example of this funding in the 2025 fiscal year is the Future of Mining Challenge. Launched in September 2024, the inaugural challenge awarded the winning venture, ReThink Milling Inc., $1 million in 2025. This funding is specifically for advancing their innovative grinding technology, which has the potential to lower energy use in the milling process-a critical pain point in mining. The initial capital commitment to support partners' efforts to move to renewable energy sources was $4 million.

The committee's focus areas for deploying funds are clear:

• Fund research, innovation, and clean technologies for the mining industry.
• Invest directly in decarbonization projects at partner operations.
• Support capacity development at mine partner sites.

Over 70% of current revenue is sourced from mines producing metals needed for the clean energy transition

The core business model itself is a key environmental opportunity. Over 70% of Wheaton's current revenue is sourced from mines that produce metals essential for the clean energy transition, such as copper, nickel, cobalt, and palladium. This strategic positioning provides a strong environmental tailwind, as global demand for these commodities is forecast to surge to support electrification, battery storage, and renewable energy infrastructure.

For context, the company's trailing twelve months (TTM) revenue ending September 30, 2025, was $1.83 billion. This means approximately $1.28 billion (70% of $1.83 billion) of that TTM revenue is tied to the clean energy supply chain. This is a powerful, market-driven opportunity that aligns financial performance with global environmental objectives, essentially making the company a critical enabler of the energy transition.