Wheaton Precious Metals is a precious metals streaming company. Rather than mining, Wheaton enters into Precious Metal Purchase Agreements (PMPAs) with mining companies, paying an upfront deposit to secure the right to buy a fixed percentage of a mine's gold, silver, palladium, platinum, or cobalt production at a low, predetermined per-ounce cost for the life of the mine. Wheaton then sells that metal to bullion banks at spot prices, capturing the spread as gross margin. Because ongoing production payments are largely fixed, Wheaton's costs barely move as metal prices rise, giving it significant operating leverage to gold and silver prices. Wheaton holds 42 PMPAs across 23 operating mines and 23 development-stage assets in 18 countries. Gold and silver together account for roughly 98% of revenue. Key operating assets include Salobo in Brazil, Antamina in Peru, and Peñasquito in Mexico. Wheaton's development pipeline is expected to drive roughly 50% production growth from ~690,000 gold-equivalent ounces in FY25 to over 1.2 million by 2030, led by assets already in construction including Koné in Côte d'Ivoire and Kurmuk in Ethiopia. The largest single transaction in streaming history — a $4.3B deal to expand Wheaton's silver stream at Antamina — was announced in early 2026. Wheaton funds growth primarily through debt rather than equity to maximize per-share returns, and runs a progressive dividend policy, having returned over $2.6B in dividends since inception.