Wheaton Precious Metals

Gold/silver streaming. Fixed costs, expanding margins as precious metals rise. 50% production growth target to 2030. Structural leverage to the stagflation thesis without single-mine operational risk.

Streaming model captures gold upside without operational risk. Same thesis as GLD with operational leverage.

Same gold thesis with operational leverage. Streaming model captures upside without operational risk.

Streaming model captures the structural gold thesis with operational leverage.