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Russia-free Exposure to Precious Metals

Wheaton Precious Metals' revenue, total cost of sales, earnings from operations, earnings before tax and net earnings (excluding a US$156.7m impairment reversal) were all within 1% of Edison Group's prior expectations for the quarter. In normal circumstances and assuming no material purchases of additional streams in the foreseeable future (which is unlikely), Edison has a valuation of US$55.69 or C$71.34 or £42.69 in FY23. Alternatively, if precious metals return to favour and WPM to a premium rating, Edison believes a US$71.25 (C$91.27 or £54.61) per share valuation is achievable. This implies an almost 20% current price discount to Edison’s base case valuation and up to 50% under the more aggressive scenario, which is cheaper than its peers.

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