Redefining the Landscape of Precious Metals Investment

Q: What is the value proposition of Wheaton Precious Metals, and what are your priorities for 2024?

A: Wheaton is a precious metals streaming company, uniquely positioned to provide lower-risk access to top-tier, sustainable precious metals production. Our strong growth trajectory sets us apart from our peers. We expect to increase our production by over 40% in the next five years, from approximately 550,000-620,000 AuEq oz in 2024 to an estimated 800,000 AuEq oz by 2028. This not only surpasses other streaming companies but even outshines major players in the gold mining sector.

Our commitment has always been to provide the optimal investment avenue for precious metals. Wheaton's impressive growth profile and dedication to excellence make us a standout choice for investors seeking a robust and rewarding entry into the precious metals market.

Q: What are your projections for gold and silver prices in the next 10-15 years?

A: In our two-decade journey, we have witnessed a consistent upward trajectory in precious metal prices. Notably, gold has soared to record highs, benefiting our shareholders through our business model which provides high operating margins and fixed costs. Meanwhile, with silver positioned as a metal for the future, its promising performance should indicate an upward trend in prices. 

We anticipate strong future gold prices, driven by initiatives like the World Gold Council's digitalization of gold. This innovative approach, which facilitates the trade of digital tokens backed by gold, could significantly boost gold demand. 

Silver, on the other hand, faces a unique scenario. Its pricing is split evenly between industrial (e.g. high-efficiency electronics, solar panels) and investment (e.g., coins, bars, jewelry) demand. Silver could easily increase in price, especially if more investors turn their attention to silver following the trends set by gold. 

Q: How has your perspective on Mexico changed over the 25 years you have been involved in the country?

A: Mexico has a rich mining history and excels in offering stable support, making it an attractive environment for mining. As the current administration's stance has resulted in legal changes, Mexico has transitioned from being a great place for the mining industry to just a good place.

The potential ban on open-pit mining is a concern, as restricting the industry to underground operations may be more financially burdensome and contribute to inflationary pressures. The key lies in the industry's commitment to maintaining responsible mining practices, including effective remediation efforts. Hopefully, Mexico will continue to stabilize given its incredible geological potential, demonstrating that it supplies responsibly produced minerals to meet global demand.

Q: What role will Mexico play in your future portfolio?

A: Mexico continues to be pivotal to our ongoing pursuit of silver projects. Our initial venture at the Santa Dimas mine in Mexico exemplifies the incredible potential we see in the country. While the concept of streaming was not widely understood two decades ago, we have become a sought-after partner for those seeking an effective means to fund and advance projects. Our approach involves supporting projects with robust fundamentals, meaning long-life, low-cost mines. Ensuring the well-being of all stakeholders and the local community are top priorities. We have a dedicated team that evaluates community support, assessing how we can contribute to the project's advancement and invest in sustainable initiatives. We particularly favor projects with valuable byproducts, such as extracting copper from a gold mine. This is part of our strategy to maximize the value and impact of our investments.

Q: What is the company’s approach to community engagement?

A: The mining industry often operates in remote locations with limited health and education systems, which we see as an opportunity to invest in, building strong and healthy communities. We focus on health and education, recognizing their pivotal role in community development. Despite the inherent uncertainties in the political landscape, the local communities where we have invested have demonstrated remarkable stability and support. Our experience shows that communities actively involved in and supported by mining projects tend to maintain strong backing. Mexico has a deep-rooted history and culture that embraces mining, contributing to a positive and supportive environment for our initiatives.

Wheaton launched a community investment program a decade ago that has since blossomed into several impactful projects, including the Vale Foundation in Brazil and with First Majestic Silver in Mexico. Competitors are even embracing similar commitments. This underscores the industry's commitment to give back to communities. Our collective efforts have not only brought about meaningful change but have also played a pivotal role in reshaping the industry's overall approach.


Wheaton Precious Metals is one of the world’s largest precious metals streaming companies. Its business model offers investors leverage to commodity prices and exploration but with a much lower risk profile than a traditional mining company.