Silver Wheaton

1
Silver Wheaton

• SLW

2
Company Profile

• Silver streaming royalty company
• Buys silver production streams of mining
  companies
• Ex Goldcorp
• Gets silver at a discounted price and sells it at
  a mark-up
• Diversified locations
• Gets silver at a fixed price
• Less than 5/oz
• Growth profile
• Significant stakes in 3 of the top 5 silver
  deposits in the world

3
Silver

• Versatile
• Industrial applications
• Electronics
• Silver-zinc batteries
• Increasing investor demand
• Economic uncertainty
• Possible W shaped recovery
• Hedge against inflation
• China buying gold and silver
• Demand has been outpacing production
• Growing middle class in China and India

4
Industrial Demand for Silver
5
Acquisitions

• Silverstone Resources Corp
• 3 silver streams
• 4.5 million ounces of silver for 2009
• Portfolio diversification
• Copper mines
• Barrick Deal
• 25 of silver production from Pascua-Lama mine
  (2013)
• In the meantime100 of silver production from 3
  mines
• 3rd largest silver deposit in the world
• Barrick completion guarantee

6
Growth Prospects

• Looking for more silver acquisitions
• Has the ability to find attractive opportunities
• CEO We still have 400 million of firepower
• Rapid growth
• 2004 revenue was 11 million
• 2008 revenue was 167 million
• 1500 increase in just 4 years!
• Sales to increase by 250 with no extra capital
  expenditure required
• 1/oz change in price of silver changes earnings
  by 15 million
• Risks
• No control over silver production
• Problems with mining partners
• Change in no tax policy

7
Technical Analysis