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March 2009
the silver streaming company
the silver streaming company
1
Cautionary Statements
CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS
This presentation contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation.Forward-looking statements include, but are not limited to, statements with respect to the future price of silver, the estimation of mineral reserves and resources, the realization of mineralreserve estimates, the timing and amount of estimated future production, costs of production, reserve determination and reserve conversion rates. Generally, these forward-looking statementscan be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “beachieved”. Assumptions upon which such forward looking statements are based include that Silver Wheaton and Silverstone will be able to satisfy the conditions in the definitive agreement,that the due diligence investigations of each party will not identify any materially adverse facts or circumstances, that the required approvals will be obtained from the shareholders of each ofSilver Wheaton and Silverstone, that all third party regulatory and governmental approvals to the transactions will be obtained and all other conditions to completion of the transaction will besatisfied or waived. Many of these assumptions are based on factors and events that are not within the control of Silver Wheaton and Silverstone and there is no assurance they will prove tobe correct. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance orachievements of Silver Wheaton and Silverstone to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to theintegration of acquisitions, the absence of control over mining operations from which Silver Wheaton and Silverstone purchase silver and gold and risks related to these mining operations,including risks related to international operations, actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations, changes inproject parameters as plans continue to be refined, as well as those factors discussed in the section entitled “Description of the Business – Risk Factors” in Silver Wheaton’s annual informationform for the year ended December 31, 2007 incorporated by reference into Silver Wheaton’s Form 40-F on file with the U.S. Securities and Exchange Commission in Washington, D.C. andalthough Silver Wheaton and Silverstone have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements,there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results andfuture events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Silver Wheaton andSilverstone do not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES
This presentation uses the terms “Measured”, “Indicated” and “Inferred” Resources. U.S. investors are advised that while such terms are recognized and required by Canadian regulations, theUnited States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence and as to their economicand legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred MineralResources may not form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resourceswill ever be converted into Mineral Reserves. U.S. investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically orlegally mineable.
Full details on Silver Wheaton reserves and resources for Luismin, Zinkgruvan, Yauliyacu, Peñasquito, Stratoni, Mineral Park, Campo Morado, La Negra, and Keno Hill can be found on theCompany website at www.silverwheaton.com.
the silver streaming company
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A Unique Silver Company
Largest silver streaming company in the world• Recently announced acquisition of Silverstone Resources Corp. solidifies this position*
Significant leverage to silver price• 10% increase in silver price results in a 16% increase in 2009 cash flow**
Very strong growth potential• +100% organic sales volume growth by 2010 (not including Silverstone acquisition)
• Significant stake in 6 of the top 35 silver deposits in the world• Well positioned to make further accretive acquisitions
Strong financial position• Recently completed a C$287m equity financing• US$400m undrawn debt facility available
Significant downside protection• Model eliminates many key risks faced by traditional mining companies
Experienced management team with demonstrated track record of creating shareholder value * Scheduled to close in the second quarter of 2009 ** Assumes a silver price of $13/oz
the silver streaming company Largest Silver Streaming Company
Unrivaled growth profile
• Forecast annual silver sales of 15 to 17 million ounces in 2009, increasing to approximately 30 million ounces by 2013 (not including Silverstone acquisition)
Very high Operating Margins
• >60% for the year ended December 31, 2008
Nine long term agreements with established producers:
• Goldcorp, Glencore, Lundin Mining, European Goldfields
Reserves and resources of more than 1 Billion silver ounces*
No hedging
3
* P&P reserves totaling 382 million ounces of silver, M&I resources totaling 230 million ounces of silver, Inferred resources totaling 448 million ounces of silver
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Mine Locations
Yauliyacu
Stratoni
Zinkgruvan
PeñasquitoLuismin
Development Projects
Operating Mines
Mineral Park
Campo MoradoLa Negra
Keno Hill
the silver streaming company
* Not including Silverstone acquisition
the silver streaming company
5
100% of Revenue from Silver Production
* For Year ended 12/31/08** For 6 Months ended 06/30/08*** For 9 Months ended 12/31/08
100%
78% 78%
64%
57%51%
42%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Silver Wheaton*
Coeur D'Alene*
Pan American Silver*
Hochschild** Fresnillo* Silvercorp*** Hecla*
Silv
er R
even
ue a
s a
% o
f Tot
al
Source: Company Reports, Not including Silverstone acquisition
the silver streaming company
0
5
10
15
20
25
30
2004 2005 2006 2007 2008 2009E 2010E 2011E 2012E 2013E
Luismin Penasquito Yauliyacu Zinkgruvan Stratoni Mineral Park, Campo Morado,La Negra, Keno Hill
6
Silver Sales Growth - No Further CAPEX To Be Paid*
+100%
* A US$35M payment is due to Alexco once project permits are received ** Not including Silverstone acquisition
Silv
er S
ales
(M o
z)
the silver streaming company
7
Current Attributable Reserves & Resources
* As of Dec 31, 2008** As of Dec 31, 2007*** As of Aug 2008**** As of Feb 3, 2009
Con
tain
ed S
ilver
(M o
z)
0
200
400
600
800
1000
1200
1400
1600
1800
Hecla* Pan American*
Coeur* Fresnillo** Silver Wheaton***
Silver Standard****
P & P Reserves
M & I Resource
Inferred
Source: Company Reports, Not including Silverstone acquisition
the silver streaming company
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Best Leverage to Silver Price - Performance Since Inception
SLW
Source: Thomson One, as of March 20, 2009
Silver
PAASHL
SSRI
CDE
Share price has significantly outperformed peers since inception in Oct. of 2004
-200%
-100%
0%
100%
200%
300%
400%
500%
600%O
ct-0
4
Jan-
05
Apr
-05
Jul-0
5
Oct
-05
Jan-
06
Apr
-06
Jul-0
6
Oct
-06
Jan-
07
Apr
-07
Jul-0
7
Oct
-07
Jan-
08
Apr
-08
Jul-0
8
Oct
-08
Jan-
09
the silver streaming company
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Silver Wheaton vs Silver ETF
SILVER WHEATON Silver ETF
Pure Silver
Best Leverage toSilver Price
Organic Growth
Further GrowthPotential
the silver streaming company
Top 35 Silver Deposits in the WorldProducing Mines and Development Projects
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Penasquito
Pascua-Lam
a
Rudna
Mt Isa
Polkow
ice
Grasberg
Lubin
Pitarrilla
Navidad
Cannington
Toromocho
Antam
ina
Codelco
25% of P
enasquito
Mehdiabad
San C
ristobal
Fresnillo
Udokan
Olym
pic Dam
Dukat
Baw
dwin
Cerro del G
allo
Corani
Zhezkazgan
Sunshine M
ine
San D
imas
Pirquitas
McA
rthur River
Juanicipio
Hackett R
iver
Montanore
Rock C
reek
Veladero
Garpenberg
East R
egion R
esou
rces
& R
eser
ves
(Moz
)
10
Silver Wheaton Relationship (6)Silver Standard (2)
25% of Peñasquito
Source: Intierra
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11
Significant Downside Protection
Operating costs are essentially fixed:• US$3.90/oz silver with small inflationary adjustment
Revenue derived from low cost and long life mining operations
No ongoing capital expenditures or exploration costs• Yet SLW benefits from production/exploration growth
Structured to minimize income taxes
No environmental/closure responsibilities
Structured not to lose cash flow• Silver purchase price is the lesser of the spot price or US$3.90/oz
No currency risk
Very low political risk
the silver streaming company
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
2004 2005 2006 2007 2008
US
$'s
per o
unce
Silver Wheaton's Realized Silver Price vs. Cash Costs
Realized Silver Price Total Cash Cost
Fixed Operating Costs – Significant Upside Potential
12
Cash Margin Per Ounce
the silver streaming company
13
Revenue Derived from Low Cost and Quality Assets
79% of 2009 revenue derived from four mines – Luismin, Peñasquito, Yauliyacu and Zinkgruvan (not including Silverstone acquisition)
• Luismin, Yauliyacu and Zinkgruvan have been in continuous production for over 100 years and are low cost producers
Peñasquito to become next ‘flagship’ asset – adds significant growth
2009 Forecast Silver Sales 2013 Forecast Silver Sales
Luismin37%
Penasquito9%
Yauliyacu21%
Zinkgruvan12%
Stratoni10%
Other11% Luismin
33%
Penasquito29%
Yauliyacu14%
Zinkgruvan7%
Stratoni6%
Other11%
the silver streaming company Commodity Exposure – Well Diversified
14
With its current agreements, Silver Wheaton is well diversified and its exposure to gold increases over time
* Figures are based on Silver Wheaton’s Forecast Silver Sales and do not include the Silverstone acquisition
2009 Commodity Exposure* 2013 Commodity Exposure*
Gold46%
Copper5%
Zinc49% Gold
62%
Copper4%
Silver3%
Zinc31%
the silver streaming company
73%
13%
6%2% 6%
MexicoPeruSwedenGreeceUSACanada
Very Low Political Risk
15
Geographic Distribution of Reserves and Resources
* Not including Silverstone acquisition
the silver streaming company
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
2004 2005 2006 2007 2008
EPS CFPS
16
Financial Performance
- 2008 adjusted EPS before non-cash write-down of long-term investments
52% annualized growth in cash flow per share for period 2005 through 2008
the silver streaming company
Growth in Reserves and Resources - since inception
17
* As of Aug 20, 2008** Not Including Silverstone acquisition
0
200
400
600
800
1000
1200
2004 2005 2006 2007 2008*
P&P Reserves Measured & Indicated Inferred
53% annualized growth in P&P reserves and 43% annualized growth in total reserves and resources since inception
the silver streaming company
Growth in Reserves and Resources Per Share* - since inception
18
* As of Aug 20, 2008** Not Including Silverstone acquisition
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
2004 2005 2006 2007 2008*
Silv
er o
z/sh
are
P&P Reserves Measured & Indicated Inferred
the silver streaming company
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Projected EBITDA Existing Agreements*
$10/oz
$15/oz
$20/oz
$0
$100
$200
$300
$400
$500
2009 2010 2011 2012 2013 2014
US$
(mill
ions
)
* Not including Silverstone acquisition
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Debt Sensitivity*
Dec-08 Dec-09 Dec-10 Dec-11
$8/oz
$10/oz
$15/oz
Silv
er P
rice
(US$
)
Debt Repayment By
* Not including Silverstone acquisition
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Capital Structure - As of March 12, 2009
Shares Outstanding 287.5 million
SLW.WT Warrants 2.9 million* exercise @ C$ 4.00
SLW.WT.A Warrants 0.6 million* exercise @ C$ 5.50
SLW.WT.B Warrants 7.8 million exercise @ C$10.00
SLW.WT.U Warrants 2.7 million exercise @ U$20.00
Options 3.6 million avg.exercise @ C$10.48
Shares Fully Diluted 305.1 million3 Month Avg. Daily Volume
TSX: 2.8 million sharesNYSE: 8.8 million shares
* Consolidated based on 0.2 SLW.WT and SLW.WT.A for every common share of SLW** Not including Silverstone acquisition
the silver streaming company Relative Valuations – Undervalued?
22
Source: Bank of America Securities - Merrill Lynch, March 16, 2009
NAV
Mul
tiple
Senior Gold
Mid-Tier Gold
Royalty-type Structure
Silver/PGM
Averages
the silver streaming company
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Unparalleled Growth
the silver streaming company
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Peñasquito
Goldcorp’s world-class gold-zinc-silver-lead deposit in Mexico
Largest silver deposit in the world
Reserves and Resources (Dec 2008)
• P&P Reserves: 1,046 M oz
• M&I Resources: 370 M oz
• Inferred Resources: 395 M oz
Updated feasibility study anticipated in early 2009
Continued excellent potential for exploration growth
Positive deep drilling shows underground potential
Heap leach operation commenced production in Q2 2008
Initial mill production expected in mid-2009
30% boost in mill throughput over 2006 feasibility
the silver streaming company
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Peñasquito - Transaction Terms
25% of silver production for the life of mine
Upfront cash payment of US$485 million
Purchase price is the lower of US$3.90/oz or spot silver price
Goldcorp completion guarantee
No significant tax is to be paid by Silver Wheaton
25% interest in Peñasquito would rank as one of the top 15 silver deposits in the world
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Peñasquito Project Growth - Since Our Acquisition, April 2007
April 2007 Current* Growth
Silver Reserves/Resources
P&P Reserves 575 M oz 1,046M oz +82%M&I Resources 247 M oz 370 M oz +50%
LOM Silver Production Attributable to SLW (25%) 92 M oz 140 M oz +52%
Average Annual Silver Sales Attributable to SLW (25%) 5.4 M oz 7.8 M oz +44%
Anticipated Mine Life 17 yrs 19 yrs +12%
Underground Potential Not contemplated Yes +%??
* Reserves and Resources as of Dec 31, 2008, remaining data based on Dec 31, 2007 Technical Report
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WHERE ARE WE GOING?
the silver streaming company Additional Acquisition Opportunities
Significant silver stream opportunities going forward:
• Operators and developers facing growing capital requirements
• M&A activity resulting in financing needs
• Challenges in securing traditional sources of financing
• 70% of mined silver is produced as a by-product
Targeting accretive acquisition opportunities that offer:
• Immediate cash flows
• Low risk – asset quality and location
We are delivering - recently announced Silverstone acquisition is accretive on all major metrics and anticipated to close in the second quarter
29
the silver streaming company
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Friendly acquisition of Silverstone through Plan of Arrangement announced in March 2009
0.185 Silver Wheaton shares per Silverstone share
• Approximately 24 million Silver Wheaton shares to be issued to Silverstone shareholders representing a 7% pro forma interest (fully diluted)
Lock-ups from Capstone Mining and Silverstone insiders totaling 24%
Unanimous support and recommendation of Silverstone Board of Directors
Expected to close in May 2009
Silverstone Resources – Announced Acquisition
the silver streaming company
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Transaction Rationale for Silver Wheaton
Transaction is accretive on all key metrics
Consolidates the silver streaming industry, solidifying Silver Wheaton’s status as the largest silver streaming company in the world
Aligned with business strategy immediate production and cash flow
• Positions SLW for additional significant accretive acquisitions
Three new silver stream agreements from low cost copper mines
• Minto + Cozamin + Neves Corvo = 4.5 million oz of silver equivalent in 2009*
• Low political risk and significant exploration upside
Diversifies Silver Wheaton production to 11 operating mines / 8 operating partners
* Assumes a Au/Ag ratio of 70:1
the silver streaming company Value for Silverstone Shareholders
32
Substantial premium to recent SST trading price• 18% spot premium and 40% premium based on 20-day volume weighted average prices
Significant ownership stake in the silver stream leader
Highly liquid shares with average daily trading of approximately $81 million*
Strong growth profile and increased diversification• Geography• Counterparty• Primary Metal
SLW share price upside
Proven ability to fund strong pipeline of significant opportunities
* 2009 YTD trading on TSX and NYSE
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Mine Locations - Pro Forma
Yauliyacu
Stratoni
Zinkgruvan
PeñasquitoLuismin
Development Projects
Operating Mines
Mineral Park
Campo MoradoLa Negra
Keno Hill
Cozamin
Minto
Neves-Corvo
Silverstone – Core Operating Mines
Navidad
Aljustrel
Silverstone – Other Assets (Growth Upside)
the silver streaming company
the silver streaming company
0
5
10
15
20
25
30
35
2008 2009E 2010E 2011E 2012E 2013E
Sal
es (M
oz
Ag
eq.)*
Silver Wheaton Silverstone (Core Assets)
Increase from 100% to 140% growth in silver equivalent sales by 2010* Significant additional upside from the Neves-Corvo Zinc, Aljustrel and Navidad
projects
34
Strong Production Profile
* Assumes a Au:Ag ratio of 70:1
+100%
+140%
the silver streaming company
0
200
400
600
800
1000
1200
1400
1600
Con
tain
ed S
ilver
(M o
z A
g E
q.)*
Pro forma reserves greater than 500 million oz silver equivalent and total resources of ~ 1.3 billion oz silver equivalent
35
Increase in Reserves and Resources
* Assumes a Au:Ag ratio of 70:1, Silverstone resources include Minto, Cozamin, Neves-Corvo and Aljustrel
Total Reserves and Resources
+ 38%
+ 27%
P&P ReservesM&I ResourcesInferred Resources
P&P Reserves
SLW
ProForma
SLW
ProForma
the silver streaming company
36
Minto Mine – Yukon, Canada
High grade and low cost copper-gold-silver mine
• Forecast cash costs net of by-product credits of $1.00/lb copper
Doubled production levels since commencing production in 2007
• Pre-feasibility study in 2009 targeting additional 50% mill expansion
Significant exploration upside• Growth in resources of greater than 140%
from 2005 – 2007 (not inclusive of 2008 drilling)
Forecast to produce 290,000 ounces of silver and 31,000 ounces of gold in 2009
the silver streaming company
37
Cozamin Mine - Zacatecas State, Mexico
High grade and low cost copper-silver-lead-zinc mine
• Forecast cash costs net of by-product credits of $1.00/lb copper
Two successful expansions tripling production levels in less than three years
Significant exploration upside with demonstrated resource additions
Forecast to produce approximately 1.5 million ounces of silver in 2009
the silver streaming company
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Neves-Corvo Mine - Lisbon, Portugal
Low cost and high grade copper-zinc- silver mine
Proven operator
• Significant producer of copper since 1989
Mill capacity of 2.2 million tonnes per year
Zinc circuit recently converted to handle copper ore
Record production was achieved in ore mined and processed in 2008
Demonstrated exploration upside
Forecast to produce approximately 500,000 ounces of silver in 2009
the silver streaming company
39
Silverstone – Other Upside Opportunities
Neves-Corvo Zinc
Owned by Lundin Mining and covered by existing silver stream agreement
World-class Lombador zinc-lead-silver deposit adjacent to copper deposits
Zinc expansion project will re-commence once zinc prices improve
Aljustrel
Silver stream agreement with zinc-lead-silver Aljustrel mine in Portugal
Under care and maintenance until base metal prices improve
Navidad Project
Convertible debenture with right to convert into 12.5% LOM payable silver from a portion of the Navidad silver project in Argentina
the silver streaming company
40
Diversified Commodity Exposure
Increases exposure to low-cost copper
SLW 2009 Commodity Exposure* Pro Forma Annualized 2009 Commodity Exposure*
Gold46%
Copper5%
Zinc49%
* Figures are based on forecast silver sales
Gold36%
Copper26%
Zinc38%
the silver streaming company
14.0x
9.3x
11.8x
8.6x
0x
2x
4x
6x
8x
10x
12x
14x
16x
2009E 2010E
Pric
e/C
F M
ultip
le
Silver Wheaton Pro Forma
Improved Cash Flow and Production Leverage for all Silver Wheaton holders
41
Strong Pro Forma Share Price Upside
Price / Cash Flow* Production Ag Eq.** / Share
* Based on consensus analyst forecasts. No synergies assumed.** Assumes a Au:Ag ratio of 70:1.
+19%
+9%
0.052
0.074
0.062
0.081
-
0.01
0.02
0.03
0.04
0.05
0.06
0.07
0.08
0.09
2009E 2010E
Silv
er E
q. O
unce
s
Silver Wheaton Pro Forma(annualized)
the silver streaming company
42
Debt Sensitivity Benefits*
Further strengthening of Silver Wheaton balance sheet and cash generation
* Assumes a Au:Ag ratio of 70:1
Dec-08 Dec-09 Dec-10 Dec-11
= SLW = Pro Forma
$15/oz
$10/oz
$8/oz
Debt Repayment By:
the silver streaming company Silverstone Acquisition Summary
Accretive Transaction - Immediate Production and Cash Flow
Consolidates the Silver Streaming Industry
Diversifies by Counterparty, Geography and Primary Commodity
Quality Operators and Low Cost Copper Mines
Low Risk Jurisdictions
Strong Exploration and Growth Potential
Pro Forma Share Price Upside
Further Strengthens Balance Sheet
Positions Silver Wheaton for Additional Accretive Transactions
43
the silver streaming company
44
Summary
Largest silver streaming company in the world• Silverstone acquisition solidifies this position
Robust organic growth profile• Greater than 100% organic sales volume growth by 2010 (not including Silverstone acquisition)
Established, long life, low-cost mines with considerable upside potential• Reserve/resource additions, production expansions
Strong cash flow & earnings
Significant leverage to increases in silver price
Downside protection
Very low political risk profile
Well positioned for further growth
the silver streaming company
45
Appendix
the silver streaming company
46
SLW Equity Investments
Property of Interest
Corani Rock Creek Hackett River Montanore
Ownership 16% 17% 12% 11%
Stage Pre-Feasibility Pre-Feasibility Pre-FeasibilityAdvanced
Exploration
Resource (Ag M oz)
M&I 327Inf. 35
Inf. 229Ind. 205Inf. 52
M&I 164Inf. 65
Est. Annual Ag Production
+10 M oz/yr 6 M oz/yr 12 M oz/yr N/A
Source: Company Reports
the silver streaming company
29.7%
31.7%
26.7%
9.9% 2.0%
Primary SilverLead/ZincCopperGoldOther
By-Product Silver Production
47
* GFMS & The Silver Institute
Silver Output By Source Metal*
70% of mined silver is produced as a by-product = significant growth potential in the silver stream space
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48
Silver Stream Agreements
Luismin Peñasquito Zinkgruvan Yauliyacu Stratoni Mineral Park
Company
Status ProducingProducing
(heap leach)Producing Producing Producing Producing
Contract Length
25 yrs LOM LOM 20 yrs LOM LOM
Ag Prod. 100% 25% 100%up to 4.75 M
oz/yr100% 100%
Mine Life 25+ yrs 19+ yrs 25+ yrs 25+ yrs 7+ yrs 21+ yrs
Cash Costs $3.95/oz* $3.90/oz* $3.96/oz8 $3.90/oz $3.90/oz* $3.90/oz*
Annual Ag Production
7-12 M oz 2-10 M oz 2 M ozUp to 4.75 M
oz1-2 M oz 0.4-0.6 M oz
* SLW pays the lesser of $3.90/oz or spot price on these contracts
the silver streaming company
49
Silver Stream Agreements
La NegraCampoMorado
Keno Hill
Company
Status Producing Producing Development
Contract Length LOM LOM LOM
Silver Production 50% 75% 25%
Mine Life 10 + yrs 6+ yrs 5+ yrs
Cash Costs $3.90/oz* $3.90/oz* $3.90/oz*
Annual Ag Production
0.5-0.7 M oz 0.8-1.0 M oz 0.8 M oz
Date of expected production
2010
* SLW pays the lesser of $3.90 and spot price on these contracts
the silver streaming company Reserves and Resources (as of August 2008)
50
Silver Wheaton’s Portion of Proven & Probable Reserves (1,4,5,6,11,12)
PROVEN PROBABLE PROVEN & PROBABLE
Tonne Grade Contained Tonne Grade Contained Tonne Grade Contained
Silver Mt g Ag/t M oz Mt g Ag/t M oz Mt g Ag/t M oz
San Dimas 1.60 387.1 19.9 3.08 378.2 37.5 4.68 381.2 57.3
Los Filos(13) 33.71 3.4 3.7 55.31 2.9 5.2 89.02 3.1 8.8
San Martin 0.32 32.7 0.3 0.71 47.8 1.1 1.03 43.2 1.4
Peñasquito (25%)
Mill(9) 106.72 34.0 116.7 95.06 27.2 83.1 201.78 30.8 199.9
Heap Leach(9) 10.53 20.9 7.1 17.08 16.4 9.0 27.61 18.1 16.1
Yauliyacu(8) 1.41 89.0 4.0 2.30 135.7 10.0 3.72 117.9 14.1
Zinkgruvan (Zn) 8.31 114.0 30.4 2.25 62.0 4.5 10.56 102.9 34.9
Stratoni 1.90 193.3 11.8 0.31 190.0 1.9 2.22 192.8 13.7
Mineral Park(10) 315.88 2.9 29.0 81.33 2.4 6.4 397.21 2.8 35.4
La Negra(9) (50%) 0.14 76.9 0.3 0.10 69.5 0.2 0.24 73.9 0.6
Total 223.3 158.9 382.3
the silver streaming company Reserves and Resources (as of August 2008)
51
Silver Wheaton’s Portion of Measured & Indicated Resources (1,2,3,4,5,7,11,12)
MEASURED INDICATED MEASURED & INDICATED
Tonne Grade Contained Tonne Grade Contained Tonne Grade Contained
Silver Mt g Ag/t M oz Mt g Ag/t M oz Mt g Ag/t M oz
Los Filos(13) 6.25 3.4 0.7 12.66 3.0 1.2 18.92 3.1 1.9
Peñasquito (25%)
Mill(9) 24.78 22.4 17.8 134.19 19.3 83.1 158.97 19.7 100.9
Heap Leach(9) 1.97 6.8 0.4 8.67 7.1 2.0 10.64 7.0 2.4
Yauliyacu(8) 0.46 90.9 1.3 4.67 247.6 37.2 5.13 233.7 38.5
Zinkgruvan (Zn) 0.55 24.0 0.4 3.68 109.0 12.9 4.23 97.9 13.3
Zinkgruvan (Cu) - - - 3.10 32.0 3.2 3.10 32.0 3.2
Mineral Park(10) 54.33 0.9 1.5 126.71 2.9 11.6 181.04 2.3 13.1
Campo Morado(9) (75%) 0.37 257.9 3.1 9.67 169.8 52.8 10.04 173.0 55.9
La Negra(9) (50%) 0.20 127.0 0.8 0.09 128.0 0.4 0.29 127.3 1.2
Total 26.1 204.4 230.4
the silver streaming company Reserves and Resources (as of August 2008)
52
Silver Wheaton’s Portion of Inferred Resources (1,2,3,4,5,7,11,12)
INFERRED
Tonne Grade Contained
Silver Mt g Ag/t M oz
San Dimas 17.55 324.4 183.0
Los Filos(13) 2.39 2.9 0.2
San Martin 3.01 120.3 11.6
Peñasquito (25%)
Mill(9) 294.75 13.0 122.8
Heap Leach(9) 10.25 13.1 4.3
Yauliyacu(8) 11.62 216.7 80.9
Zinkgruvan (Zn) 4.32 67.0 9.3
Zinkgruvan (Cu) 0.77 20.0 0.5
Stratoni 0.64 203.4 4.2
Bellekeno (25%) 0.13 1015.8 4.4
Mineral Park(10) 198.4 2.3 14.9
Campo Morado(9) (75%) 2.33 149.4 11.2
La Negra(9) (50%) 0.11 75.3 0.3
Total 447.5
the silver streaming company Resources and Reserves - Disclosures
53
Notes:1. All Mineral Reserves and Mineral Resources have been calculated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum National
Instrument 43-101, or the AusIMM JORC equivalent.2. All Mineral Resources are exclusive of Mineral Reserves.3. Mineral Resources which are not Mineral Reserves, do not have demonstrated economic viability.4. Reserves and Resources are reported as of December 31, 2007, with the following conditions or exceptions:
a. Reserves and Resources for San Martin are reported as of December 31, 2006 with the exception of the San Pedrito project, which is reported as of December 31, 2005.
b. Reserves and Resources for Penasquito are reported as of August 9, 2007.c. Reserves and Resources for Mineral Park are reported as of December 29, 2006.d. Resources for Campo Morado are reported as of February 29, 2008 for the G-9 deposit and October 13, 2005 for all other deposits on the property.e. Resources for La Negra are reported as of February 15, 2008 for the Alacran deposit and March 14, 2008 for the Monica deposit.f. Resources for Bellekeno are reported as of November 10, 2007.
5. Qualified Persons for the Mineral Reserve and Mineral Resource estimates as defined by the National Instrument 43-101 are as follows:a. San Dimas – Reynaldo Rivera, MAusIMM (Chief Geologist), Luismin S.A. de C.V., the Mexican operating subsidiary of Goldcorp Inc.b. Los Filos – Reynaldo Rivera, MAusIMM (Chief Geologist), Luismin S.A. de C.V., the Mexican operating subsidiary of Goldcorp Inc.c. San Martin – Reynaldo Rivera, MAusIMM (Chief Geologist), Luismin S.A. de C.V., the Mexican operating subsidiary of Goldcorp Inc.d. Zinkgruvan – Per Hedstrom (Senior Geologist) and Lars Malmstrom (Chief Geologist), both employees of Lundin Mining Corp.e. Yauliyacu – Velasquez Spring, P.Eng. (Senior Geologist) Watts, Griffis and McOuat Limited.f. Peñasquito - Bob Bryson, P.Eng. (Vice President, Engineering), Goldcorp Inc.g. Stratoni - Patrick Forward (General Manager, Exploration), European Goldfields Ltd.h. Campo Morado (G9) – Stephen J. Godden, F.I.M.M.M., C.Eng. (Director) S. Godden & Associates Limited; P. Taggart, P.Eng (Principal) P.Taggart & Associates Ltd.; David
Gaunt, P.Geo (Manager of Resources) and Qingping Deng, Ph.D, C.P.Geol. (Vice President of US Operations and Global Director of Ore Reserves and Mining Planning)Behre Dolbear & Company (USA), Inc.
i. Campo Morado (Other Deposits) – Daniel B. Kilby, P.Eng, Hunter Dickenson Gold; David Dreisinger, Phd, P.Eng (President) Dreisinger Consulting Inc.; P. Taggart, P.Eng(Principal) P.Taggart & Associates Ltd.; Qingping Deng, Ph.D, C.P.Geol. (Vice President of US Operations and Global Director of Ore Reserves and Mining Planning)Behre Dolbear & Company (USA), Inc.
j. Bellekeno - G. David Keller, P.Geo, (Principal Resource Geologist); Jean-François Couture, Ph.D, P.Geo, (Principal Geologist); and Lars Weiershäuser, Ph.D, P.G,(Consultant Geologist) are all from SRK Consulting.
k. La Negra – Thomas C.Stubens, MASc, P.Eng (Senior Geologist) Wardrop Engineering Inc. and Ronald G. Simpson, P.Geo (President), GeoSIM.l. Mineral Park – Jim Tompkins (Independent Mining Engineer), Mercator Minerals Inc.m. Overall Corporate Review - Randy V.J. Smallwood, P.Eng. (Executive Vice President of Corporate Development), Silver Wheaton Corp.
the silver streaming company Resources and Reserves - Disclosures
54
6. Mineral Reserves are estimated using appropriate recovery rates and US$ commodity prices of $10 per ounce of silver unless otherwise noted below:a. San Martin Reserves – US$7.00 per ounceb. Yauliyacu Reserves – US$13.00 per ouncec. La Negra (Alacran) Reserves - US$12.00 per ounced. Mineral Park Reserves - 0.237% Cu equivalent cut off grade (hypogene), 0.283% Cu equivalent cut off grade (supergene), silver was not included.
7. Mineral Resources are estimated using appropriate recovery rates and US$ commodity prices of $13 per ounce of silver, unless otherwise noted below:a. San Martin Resources – US$8.00 per ounceb. The San Pedrito project Resources at San Martin– US$5.50 per ouncec. Zinkgruvan Resources – US$10.00 per ounced. Stratoni Resources – US$12.00 per ouncee. Campo Morado (G9) Resources - 5.0% Zinc only cut off grade, silver was not includedf. Campo Morado (Other Resources) - US$5.50 per ounceg. Bellekeno Resources – US$8.00 per ounceh. La Negra (Alacran) Resources - US$12.00 per ouncei. La Negra (Monica) Resources - US$13.50 per ouncej. Mineral Park Resources - 0.3% Cu Equivalent cut off grade, silver was not included
8. Silver Wheaton’s purchase agreement with Glencore provides for the delivery of up to 4.75 million ounces of silver per year for 20 years so long as production allows. In the event that silverproduced at Yauliyacu in any year totals less than 4.75 million ounces, the amount sold to Silver Wheaton in subsequent years will be increased to make up the shortfall.
9. Peñasquito, Campo Morado and La Negra reserves and resources reported represent the share attributable to Silver Wheaton.10. The Mineral Park Reserves do not include the Leach material.11. Silver is produced as a by-product metal at all operations, therefore the economic cut off applied to the reporting of silver reserves and resources will be influenced by changes in the commodity
prices of other metals at the time.12. The Company considers the San Dimas, Yauliyacu and Peñasquito operations to be Material Assets, and has technical reports filed and available on www.sedar.com on each of these assets.13. Los Filos reserves and resources are reported without the Bermejal deposit, as Bermejal is not subject to the silver sales agreement.
the silver streaming company
55
Keno Hill Alexco Resource Corp.
Keno Hill is one of the highest-grade historic silver producing districts in the world
• 217 million ounces of silver produced over 75 years
• Average grade in excess of 40 ounces per ton silver
• Silver grade in top 3% of global silver producers
Resumption of high grade silver-lead-zinc production scheduled for 2010 from Bellekeno project
Anticipated low cost producer
Immense exploration potential and future production upside planned
• Several near term production targets being advanced
the silver streaming company Keno Hill – Transaction Terms
25% life of mine silver production over entire 240km2 Keno Hill property
Upfront cash payment of US$50 million in two tranches:
• US$15 million already paid to fund ongoing underground development
• US$35 million payment once permits received and construction underway
Purchase price is the lower of US$3.90/oz or spot silver price
Silver Wheaton has no ongoing capital expenditures or exploration costs
Completion guarantee
Silver Wheaton forecast to receive +800,000 ounces of silver annually with very significant upside potential
56
the silver streaming company Keno Hill – Historic Silver Production
57
the silver streaming company
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
- 5.0 10.0 15.0 20.0 25.0
Silv
er G
rade
(oun
ces
per t
on)
Base Metal + Gold in Silver Equivalent Ounces per Ton*
Global Silver Deposits - Grade Comparison
Keno Hill Historic ResourceJuanicipio Platosa-Saltillera
Ying
SilvertipGreens CreekCannington
San JoseTopia
Lucky Friday
AresCaylloma
Hacket River
Morococha
San Cristobal
UchucchacuaPrognoz
Dukat
Fresnillo
PallancataLa Colorada
Palmarejo
Guanacevi
Rock Creek
PitarillaFuwan
Piriquitas
Corani
San Bartolome
Yauliyacu
Bellekeno
Goltsovoye
Martha
Keno Hill – High Grade/Vast Potential
* Calculated using $12/oz Ag, $650/oz Au, $0.75/lb Zn, $0.45/lb Pb, $2.50/lb Cu (100% metallurgical recoveries) Source – Company reports
the silver streaming company Mineral Park - Mercator Minerals
Cu-Mo-Ag open pit mine in northwest Arizona in continuous operations for more than 30 yrs
Commissioning of 25,000 tpd mill underway with first silver bearing copper concentrate produced in December 2008
Current Silver Reserves & Resources:• P&P Reserves: 35 M oz• M&I Resources: 13 M oz• Inferred Resources: 15 M oz
Anticipated mine life of at least 21 years
59
the silver streaming company Mineral Park - Transaction Terms
100% of LOM silver production
Silver Wheaton forecast to receive up to 600,000 ounces of silver annually for at least 21 years
Upfront cash payment of US$42 M
Purchase price is the lower of US$3.90/oz or spot silver price
Completion guarantee
60
the silver streaming company
61
Campo Morado - Farallon Resources
Farallon’s volcanogenic massive sulfide district in Mexico
Production underway at high grade G-9 deposit• 1500 tpd mine• Ultra low cash cost zinc mine
Four other high grade deposits within 116 km2 concession area
Excellent potential for exploration growth
Silver Resources:• M&I Resources: 56 M oz
• Inferred Resources: 11 M oz
the silver streaming company
62
Campo Morado - Transaction Terms
75% of LOM silver production in the entire 116km2 property
Silver Wheaton forecast to receive 800,000 to 1,000,000 ounces of silver annually
Upfront cash payment of US$80 million
Purchase price is the lower of US$3.90/oz or spot silver price
Completion guarantee
the silver streaming company
63
WHY SILVER?
the silver streaming company
64
Source: GFMS
Silver Demand
What is silver used for?
2008 Demand Forecast
53%
1%
13%
24%
9%
Industrial
De-hedging
Photography
Jewelry & Silverware
Coins and Investment
the silver streaming company
65
Demand From Industrial Applications
Primary Uses:• Electrical & Electronics• Chemicals• Brazing Alloys
New Areas of Growth:• Silver-zinc batteries – “If successful,
Zpower could significantly increase demand for silver from around 2011 on.” (Brook Hunt - ‘Silver, The Outlook to 2020’)
• Solar• LCD/Plasma Screens• Medical Instruments• Biocides
Positive Trends:• Growth in Middle Class in
China & India• Growing use of Mobile
Phones• Computerization in Third
World• More Stringent Environmental
Laws
Source: CPM Group, RBC Capital Markets
the silver streaming company Industrial Demand
66
Increase in demand every year for the last 7 years despite rising price (7% in 2007)
Demand is relatively inelastic to the price of silver (low proportion of input cost)
New record levels expected in 2008 but decline forecast in 2009
0
100
200
300
400
500
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008F
Silv
er (m
illio
n ou
nces
)
Source: GFMS
Electrical and Electronic
Other
the silver streaming company
67
Investment Demand A Major Catalyst of Silver Price
• Demand for silver ETF’s expected to increase
• iShares growing; applied for +360 M oz
• New ETF’s emerging
• Increased investment demand expected to offset decreased industrial demand in 2009
• Coin demand has risen significantly reflecting a growing investor interest
Source: GFMS & iShares
0
50
100
150
200
250
300
$0
$5
$10
$15
$20
$25
1/3/2006
11/5/2006
9/19/2006
1/30/2007
8/6/2007
10/19/2007
2/29/2008
7/14/2008
11/18/2008
Mill
ions
of o
z
Silv
er P
rice
(Lon
don
Fix
in U
SD) Silver Price and iShares Silver Trust Holdings
the silver streaming company
78%
20%2%
Mine Production
Scrap
Government Sales
68
Source: GFMS
Silver Supply
2008 Supply Forecast
Mine production growth in 2009 still expected but much slower than previously forecast (due to impact of lower metals prices, project delays, etc)
GFMS revised 2009 mine production forecast is 700m oz in 2009, down from the 730m oz previously forecast
the silver streaming company
Changes in Government Stocks
69
-100
-80
-60
-40
-20
0
20
40
Silv
er (M
illio
n O
unce
s)
Government inventories declining since 1999 to make up for supply deficits
Source: GFMS
the silver streaming company
70
Silver Inventories are at a Historical Low
Source: CPM Group, 2008
0
400
800
1,200
1,600
2,000
2,400
50 55 60 65 70 75 80 85 90 95 00 05
Inve
ntor
y (M
oz)
the silver streaming company From “Deficit” to a Balanced Market
71
500
550
600
650
700
750
800
850
900
950
1992 1994 1996 1998 2000 2002 2004 2006 2008F
Silv
er (m
illio
n ou
nces
)
SupplyDemand
Source: GFMS
the silver streaming company GFMS Silver Price Outlook - Conclusion
72
Silver’s supply/demand fundamentals (excluding investment) turning negative in 2009 due mainly to lower fabrication demand, though supply side less threatening than formerly expected
Silver market will therefore move back into surplus but this metal will be absorbed by investors
Silver prices will be volatile but tend to increase from current levels
GFMS under its base case scenario currently forecast a calendar 2009 average silver price of around $13/oz
Source: GFMS
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