Wheaton Precious Metals (WPM) Investor Presentation - Slideshow

The following slide deck was published by Wheaton Precious Metals Corp. in conjunction with this event.

Comments

[Uncommon Wisdom]

I'm long WPM, and bought more shares a week ago. But, having read this presentation, I might be losing some of my enthusiasm for WPM.

Maybe this is a little bit of an "apples to oranges" comparison. "Size matters" on mine output and size of streams, as does whether they are producing, developmental, or exploratory. That said, WPM has "24 operating mines" and "7 development projects". MMX has "105 assets", of which 13 are "paying assets". SAND has 201 assets, although most of them are in the exploration stage, with relatively few of them currently producing.

75% of WPM's 2019 revenues came from Brazil, Mexico, and Peru. That's a high % from 3 risky countries.

WPM's presentation shows 100% of 2019 revenues coming from Au, Ag, and Pd. I couldn't find any mention of their more recent Co deal.

I find it disappointing that WPM shows 2019 figures in a March, 2021 presentation for important items like revenue by product and revenue by country. They already published 2020 production numbers a month ago, so why not update the investor presentation in March, 2021 with actual 2020 data? Are they trying to hide something by using 2019 data?

I've been a fan of WPM and their management. But I'm feeling a bit of buyer's remorse for the above reasons. I think WPM is a solid, safe play among precious metals R&S companies, but others probably offer potential for higher returns over the next 5 years.