Wheaton Precious Metals - Incorporating Salobo Q222 operating results

Wheaton Precious Metals’ (WPM’s) Q222 results are scheduled for release after the market close in North America on 11 August. This note reduces our forecasts for Q2–Q422 and FY23–24 in light of details about Salobo’s operational performance contained in Vale’s Q2 production and sales update, released on 19 July, and of recent changes in precious metals prices. It also analyses WPM’s sale of its Keno Hill stream for a consideration of US$135m (which we calculate will provide the buyer with an internal rate of return of 3.06%).