GMP Gold Roundtable 2009 May 2009 M Cautionary Statements - PDF document

GMP Gold Roundtable 2009 May 2009 M

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 mineral 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 mineral reserve estimates, the timing and amount of estimated future production, costs of production, reserve determination and reserve conversion rates. Generally, these forward-looking statements can 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 “be achieved”. 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 of Silver 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 be satisfied 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 to be 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 or achievements 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 the integration 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 in project 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 information form for the year ended December 31, 2008 incorporated by reference into Silver Wheaton s Form 40-F on file with the U.S. Securities and Exchange Commission in Washington, D.C. and form for the year ended December 31 2008 incorporated by reference into Silver Wheaton’s Form 40 F on file with the U S Securities and Exchange Commission in Washington D C and although 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 and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Silver Wheaton and Silverstone 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, the United 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 economic and 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 Mineral Resources 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 Resources will 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 or legally 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 the Company website at www.silverwheaton.com. 1

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 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 Well positioned to make further accretive acquisitions  Strong financial position • Recently completed a C$287m equity financing • US$400m undrawn debt facility available 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 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 2

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 Very high Operating Margins • >60% for the year ended December 31, 2008   Nine long term agreements with established producers: Nine long term agreements with established producers: • Goldcorp, Glencore, Lundin Mining, European Goldfields  Reserves and resources of more than 1 Billion silver ounces* Reserves and resources of more than 1 Billion silver ounces  No hedging * P&P reserves totaling 430 million ounces of silver, M&I resources totaling 214 million ounces of silver, Inferred resources totaling 393 million ounces of silver 3

Mine Locations Keno Hill Zinkgruvan Mineral Park Stratoni S i Luismin Peñasquito La Negra Campo Morado Yauliyacu Operating Mines Development Projects p j * Not including Silverstone acquisition 4

100% of Revenue from Silver Production 100% 100% 90% 78% 78% 80% of Total 70% venue as a % o 61% 61% 57% 60% 51% 50% 42% 40% 40% Silver Rev 30% 20% 10% 0% Silver Coeur Pan American Hochschild* Fresnillo* Silvercorp** Hecla* Wheaton* D'Alene* Silver* * For Year ended 12/31/08 Source: Company Reports, Not including Silverstone acquisition ** For 9 Months ended 12/31/08 5

Silver Sales Growth - No Further CAPEX To Be Paid* 30 25 +100% 20 oz) er Sales (M o 15 Silve 10 5 0 2004 2005 2006 2007 2008 2009E 2010E 2011E 2012E 2013E Luismin Penasquito q Yauliyacu y Zinkgruvan g Stratoni Mineral Park, Campo Morado, , p , La Negra, Keno Hill * A US$35M payment is due to Alexco once project permits are received ** Not including Silverstone acquisition 6

Best Leverage to Silver Price - Performance Since Inception 600% 500% 500% 400% 300% 200% SLW Silver 100% SSRI 0% 0% PAAS PAAS HL -100% CDE -200% 4 Oct-04 5 Jan-05 Apr-05 5 5 Jul-05 5 Oct-05 Jan-06 6 6 Apr-06 Jul-06 6 Oct-06 6 Jan-07 7 7 Apr-07 7 Jul-07 Oct-07 7 8 Jan-08 8 Apr-08 8 Jul-08 8 Oct-08 9 Jan-09 Apr-09 9  Share price has significantly outperformed peers since inception in Oct. of 2004 2004 Source: Thomson One, as of May 1, 2009 7

Silver Wheaton vs Silver ETF SILVER WHEATON Silver ETF Pure Silver Better Leverage to Silver Price Exploration Upside Expansion Upside Acquisition Growth Potential Potential 8