Human Rights
While it is the obligation of governments to protect citizens from human rights abuses,
it is also the responsibility of businesses to support and respect the protection of
internationally proclaimed human rights. Wheaton respects and supports the Universal
Declaration of Human Rights and strives to ensure that it is not complicit in human
rights abuses. Our efforts are focused on preventing labour rights impacts in our direct
operations; and performing due diligence over new streaming opportunities and ongoing
monitoring of mining partner operations to reduce the risk that human rights are
impacted at our mining partner sites. This can include impacts within the mining
partners’ labour force or community-related human rights impacts.
Wheaton’s Code of Business Conduct and Ethics
Wheaton’s Code of Business Conduct and Ethics (opens in new tab) includes provisions outlining our commitment to human
rights, fair practice and freedom of association, collective bargaining and the support for the
abolition of forced labour and child labour, as well as other provisions. The policy is guided by
several international statements and principles, including the Universal Declaration of Human
Rights, the International Labour Organization’s Declaration on the Fundamental Principles and Rights
of Work, and the United Nations Guiding Principles on Business and Human Rights.
Wheaton’s Partner/Supplier Code of Conduct
Wheaton’s Partner/Supplier Code of Conduct (opens in new tab)sets out the minimum standards of conduct expected from
all suppliers wishing to do business with Wheaton, includes our expectations of our mining partners
with regard to respecting human rights, and requires partners to respect international standards on
fundamental human rights and labour.
Mining Operations
Human Rights risks can vary across mines and development projects. Exposure to human rights risks can
be dependent on the physical location of the mine, proximity of neighbouring communities and land
users, as well as the prevalence of risks in a certain jurisdiction.
We use a risk-based approach to screen for and perform due diligence and ongoing monitoring of human
rights risks at mining operations. A key focus of our due diligence is to look for policies,
practices and systems that indicate if the operator is identifying and mitigating human rights risks
related to their operations.
Climate Change & Energy
Human activity is contributing to climate change, and we believe that we have a
responsibility to work alongside other stakeholders— including our mining
partners—to help address this global challenge and support a transition to a
lower-carbon economy. Several of Wheaton’s mining partners have committed to
ambitious greenhouse gas (GHG) reduction goals, reflecting the mining industry’s
role in helping to address climate change through the reduction of operational emissions
and increasing climate change resilience.
As a precious metals streaming company that does not operate any mines, our operational
footprint is small, and our biggest impact is through our investments supporting the
development and expansion of mining projects that produce metals critical to the energy
transition.
Climate Change, Energy and Emissions at Wheaton (Scope 2 Emissions)
As an office-based company, Wheaton does not engage in any direct, reportable Scope 1
emission-generating activities. Our Scope 2 emissions are mainly from the Cayman Islands office,
which relies on fossil-fuel powered grid electricity and cooling.
Wheaton’s Scope 2 emissions target aims to reduce these emissions by 50% by 2030 from a 2018
baseline. This target has been validated by the Science-Based Target Initiative (SBTi). SBTi defines
small to medium enterprises (SMEs) as institutions with less than 500 employees. As a company that
meets this definition, Wheaton adopted SBTi’s pre-defined target for SMEs aligned with
1.5°C.
Attributable Emissions from Mining Partners (Scope 3 Financed Emissions)
As a precious metals streaming company, Wheaton provides capital to mining companies, which are
generally considered to be emissions intensive. While we do not own or operate any mines, we believe
we have a responsibility to monitor the emissions generated at mining operations and to look for
opportunities to support our mining partners to reduce emissions over time.
Our attributable emissions from mining operations are also known as Scope 3 Category 15 (investment)
emissions (financed emissions). When considered alongside our other reportable Scope 3 emissions and
Scope 2 emissions from our offices, Scope 3 financed emissions are our most material emissions
category by size, and are also a critical focus for our climate strategy.
Mining Partner Emissions Targets
In 2025, some of our mining partners adjusted their public GHG emissions targets to solely cover
Scope 2 emissions. While these targets continue to demonstrate progress, they are no longer
considered aligned with 2°C. In our discussions with mining partners, we understand that these
adjustments reflect regulatory changes in Canada which heightened scrutiny on GHG emissions
targets alongside challenges some mining companies are facing to reduce Scope 1 emissions. We
have revised our Scope 3 financed emissions target to reflect the nature of the goals
established by our mining partners. Accordingly, we are now aiming for 80% of our Scope 3
emissions to be covered by reduction targets consistent with a 2°C warming pathway by 2040.
Supporting Our Mining Partners’ Decarbonization and Climate Solutions Efforts
Wheaton launched the Future of Mining Challenge in 2024 with the aim of supporting technologies aimed
at improving operational efficiencies and minimizing environmental impacts of mining. The
2024–2025 inaugural challenge focused on finding innovative, scalable technologies that have
the potential to reduce greenhouse gas emissions across mining operations. Recognizing the critical
role technology and innovation plays in reducing mining’s overall environmental impact, the
2025– 2026 Challenge focused on water and is featured in the below case study.
In addition to the Future of Mining Challenge, Wheaton continues to look for opportunities to provide
financial support for decarbonization and climate solutions at our mining partners’ mine
sites.
Notes:
1. Wheaton’s GHG intensity (tCO,e/GEO) is calculated as a production weighted average of
mining partner operations’ GHG intensities, weighted by each asset’s attributable
contribution to Wheaton’s production.
2. Considers the Scope 1 and 2 emissions reductions targets set by our mining partners. We have
not specified or reviewed which greenhouse gases are within the scope of mining partners’
targets or whether target set are on a gross or net basis. Given the unique nature of our target
and our business model, our Scope 3 target has not been validated by a third party. Due to the
limited availability of Scope 3 data at the mine site level, Wheaton is currently not
considering mining partners’ Scope 3 targets in this goal. Wheaton acknowledges the
limitations associated with achieving this goal as we do not have control over the targets set
by our mining partners or the achievement of those targets. Further, we rely solely on reporting
or disclosure provided by our mining partners on their targets. Only a portion of targets have
been independently verified. This proportion will be disclosed on a yearly basis when reporting
progress against our target.
3. Wheaton has no Scope 1 emissions and therefore, in 2023, we updated the wording of our target
to remove references to Scope 1 to reflect this. Our Scope 2 target covers CO2e and is
calculated net of any market-based instruments. We did not derive the targets using a sectoral
decarbonization approach. We are in the process of understanding the extent to which we intend
on relying on market-based instruments to achieve our Scope 2 targets and are considering the
types of instruments available and which third-party schemes could verify or certify these
instruments, if any.
Water Stewardship and Waste Management
Mining operations require water and, if not managed properly, can lead to adverse impacts
on water quality and availability. Tailings facilities and waste rock also present
potential risks, as incidents can significantly affect communities, local economies and
the surrounding environment. Effective management of water and waste is critical to
safeguarding human health and well-being, and to protecting the environment.
As an office-based business, Wheaton’s focus on these issues is primarily through
our due diligence and ongoing monitoring processes. However, we have taken the
initiative to work to improve water-related outcomes for the mining industry as a whole
through the Future of Mining Challenge, which aims to uncover new technologies that
enhance operational efficiency and reduce environmental impacts.
Water Management
Water-related risks in mining can manifest in a variety of ways, including availability, efficiency
and quality. Wheaton assesses whether these risks exist and how they are managed.
Tailings and Waste Management
In 2020, the Global Industry Standard on Tailings Management (GISTM) was launched, establishing a
global standard focused on the safe management of tailings facilities, towards the goal of zero
harm. Since its establishment, the GISTM has provided a guide for Wheaton’s due diligence and has
informed our expectations and evaluations with respect to the tailings facilities and tailings
management practices of its mining partners.
Biodiversity and Nature
As an office-based business operating in an urban environment, Wheaton’s direct impact on
biodiversity, and exposure to biodiversity-related risks, is very low.
However, through our mining partners’ operations, we have an indirect dependency and impact
on land and biodiversity. Most of our mining partners work within regulatory and/or voluntary
frameworks that require operators to monitor and mitigate impacts to biodiversity around the
mine site. As part of the due diligence process for new streaming agreements, we consider our
mining partners’ approach to land use and biodiversity.
Notes:
1. Includes production from Constancia, which is aligned to TSM and the Canadian Dam Association
guidelines, which together are closely aligned to GISTM requirements.
Business Conduct
Wheaton is committed to conducting business in accordance with all applicable laws and
regulations and to the highest ethical standards. As a metals streaming company, Wheaton
does not operate mines directly but relies on long-term partnerships and complex
contractual arrangements, making strong business conduct and corporate governance
practices essential to effective oversight, decision-making, and risk management. These
practices are embedded in Wheaton’s Code of Business Conduct and anti-bribery programs,
which guide employee and third-party behaviour, promote ethical decision-making, and
help mitigate risks related to corruption, conflicts of interest, and regulatory
non-compliance that could lead to legal action, reputational damage as well as fines and
other loss of revenue.
Wheaton’s Code of Business Conduct and Ethics
Wheaton’s Code of Business Conduct and Ethics (Code) establishes standards for honest and ethical conduct and avoidance of conflicts of interest, enforces compliance with disclosure to securities regulators and other applicable governmental laws, rules and regulations, and fosters a culture of honesty and integrity. The Code also includes provisions related to anti-bribery and anti-corruption.
Wheaton’s Whistleblower Policy
Wheaton has also established and adopted a formal Whistleblower Policy. The Whistleblower Policy allows employees to anonymously and confidentially report any violations of the Code, or concerns regarding financial reporting or other issues. It provides protection to those individuals reporting violations or concerns and establishes a process for investigating. Wheaton encourages employees to report any situation that appears to involve a breach of the Code, or any ethical or legal obligations. To enable anonymous and confidential reports, Wheaton maintains an anonymous incident reporting hotline.