SILVER WHEATON › 266470217 › files › doc_presentations › 2009 … · * As of Dec 31, 2008 As of Dec 31, 2007 * As of Aug 2008 **** As of Feb 3, 2009. Contained Silver

March 2009

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.

http://www.silverwheaton.com/�


2

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


4

Mine Locations

Yauliyacu

Stratoni

Zinkgruvan

PeñasquitoLuismin

Development Projects

Operating Mines

Mineral Park

Campo MoradoLa Negra

Keno Hill


* Not including Silverstone acquisition


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


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)


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


8

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


9

Silver Wheaton vs Silver ETF

SILVER WHEATON Silver ETF

Pure Silver

Best Leverage toSilver Price

Organic Growth

Further GrowthPotential


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


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


$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


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%


73%

13%

6%2% 6%

MexicoPeruSwedenGreeceUSACanada

Very Low Political Risk

15

Geographic Distribution of Reserves and Resources



$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

2004 2005 2006 2007 2008

EPS CFPS

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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


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


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


19

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

)



20

Debt Sensitivity*

Dec-08 Dec-09 Dec-10 Dec-11

$8/oz

$10/oz

$15/oz

Silv

er P

rice

(US$

)

Debt Repayment By



21

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


23

Unparalleled Growth


25

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


26

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


27

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


28

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


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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


31

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


33

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)



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%


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


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


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


38

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


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


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%


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)


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


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


45

Appendix


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


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


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


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


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


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.


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


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


-

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



60


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


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




63

WHY SILVER?


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


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


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


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


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


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

Documents

SILVER WHEATON › 266470217 › files › doc_presentations › 2009 … · * As of Dec 31, 2008 ** As of Dec 31, 2007 *** As of Aug 2008 **** As of Feb 3, 2009. Contained Silver

SILVER WHEATON › 266470217 › files › doc_presentations › 2009 … · * As of Dec 31, 2008 As of Dec 31, 2007 * As of Aug 2008 **** As of Feb 3, 2009. Contained Silver