Mr. Randy Smallwood reports

WHEATON PRECIOUS METALS ANNOUNCES SOLID START TO 2023

Wheaton Precious Metals Corp. has released its results for the first quarter of 2023.

"Wheaton's high-quality portfolio of long-life, low-cost assets delivered a solid performance to start the year, resulting in revenue of $214 million and robust cash operating margins," said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. "First quarter production was ahead of Company expectations, and as we continue to see positive developments at a number of our key assets including Salobo and Constancia, we expect to see significant production growth throughout 2023, culminating in a strong second half of the year. Notably, implicit in our five-year annual average production guidance, is an impressive organic growth profile of over 40%, with two-thirds coming from assets already in operation. In addition, our corporate development team remains exceptionally busy evaluating new opportunities, and as always, Wheaton is focused on ensuring our growth is both accretive and sustainable for all of our stakeholders."

Solid Financial Results and Strong Balance Sheet

• First quarter of 2023: $214 million in revenue, $135 million in operating cash flow, $111 million in net earnings and $104 million in adjusted net earnings1
• A cash balance of $800 million and no debt as at March 31, 2023
• Undrawn $2 billion revolving credit facility with a July 18, 2027 maturity date
• Declared a quarterly dividend1 of $0.15 per common share

High Quality Asset Base

• Streaming agreements on 20 operating mines and 12 development projects
• 93% of attributable production from assets in the lowest half of their respective cost curves2, 3
• 30 years of mine life based on Proven and Probable Mineral Reserves and potential additional mine life from mineral resource conversion and exploration2 , 4
• Attributable gold equivalent production3 ("GEOs") of 141,800 ounces in the first quarter of 2023
• Production from Salobo in the first quarter of 2023 was 43,700 ounces of gold, an increase of over 15% relative to the fourth quarter of 2022, due to steady ramp up of the Salobo III expansion
• As per Hudbay Minerals Inc. ("Hudbay"), full mining activities at the Constancia mine resumed in the Pampacancha pit in February, with mining of higher-grade ore now expected in the second quarter of 2023, ahead of schedule
• Average annual production for the five and ten-year periods is expected to be approximately 810,000 and 850,000 GEOs2,3, respectively

Leadership in Sustainability

• Top Rankings: #1 out of 116 precious metals companies and Global Top 50 out of over 15,000 multi-sector companies by Sustainalytics, AA rated by MSCI, and Prime rated by ISS
• Commitment to Net-Zero Carbon Emissions by 2050 supported by interim targets covering all material emissions including Scope 3
• Established a sustainability linked element in connection with the revolving credit facility
• Recognized as one of the Best 50 Corporate Citizens in Canada by Corporate Knights

Financial Review

Revenues

Revenue was $214 million (56% gold, 40% silver, 2% palladium and 2% cobalt), with the $93 million decrease being primarily due to the cessation of production from Yauliyacu, 777 and Keno Hill coupled with relative changes in the GEOs produced but not yet delivered3 and a 5% decrease in the average realized gold equivalent Superscript 3 price.

Cash Costs and Margin

Average cash costs Superscript 1 in the first quarter of 2023 were $443 per GEO Superscript 2 as compared to $440 in the first quarter of 2022. This resulted in a cash operating margin Superscript 1 of $1,384 per GEO Superscript 3 sold, a decrease of 7% as compared with the first quarter of 2022.

Cash Flow from Operations

Operating cashflow amounted to $135 million, with the $75 million decrease being due primarily to the lower cash operating margin and the payout of the Company's performance share units in the first quarter of 2023 while in 2022 they were paid in the second quarter.

Balance Sheet (at March 31, 2023 )

• Approximately $800 million of cash on hand
• During the first quarter of 2023, the Company made an upfront cash payment of $31 million relative to the Goose PMPA
• With the existing cash on hand coupled with the fully undrawn $2 billion revolving credit facility, the Company is well positioned to fund all outstanding commitments and known contingencies as well as providing flexibility to acquire additional accretive mineral stream interests

First Quarter Operating Asset Highlights

Salobo: In the first quarter of 2023, Salobo produced 43,700 ounces of attributable gold, virtually unchanged relative to the first quarter of 2022, with higher grades and throughput offset by lower recovery. According to Vale S.A. ("Vale"), production in the first quarter was impacted by planned and corrective maintenance activities, with additional maintenance planned for the second quarter.

Vale reports that the Salobo III mine expansion project, which will increase the mill throughput by 50%, successfully commenced at the end of 2022. The project consists of two lines, both of which are already in operation, and is expected to reach full capacity in the fourth quarter of 2024.

Antamina: In the first quarter of 2023, Antamina produced 0.9 million ounces of attributable silver, a decrease of approximately 31% relative to the first quarter of 2022, primarily due to lower grades as per the mine plan.

Penasquito: In the first quarter of 2023, Penasquito produced 2.1 million ounces of attributable silver, a decrease of approximately 6% relative to the first quarter of 2022 due to lower recoveries partially offset by higher grades.

Constancia: In the first quarter of 2023, Constancia produced 0.6 million ounces of attributable silver and 6,900 ounces of attributable gold, an increase of approximately 9% for both metals relative to the first quarter of 2022, with the increase in both metals being primarily due to higher throughput and grades. As per Hudbay, full mining activities resumed in the Pampacancha pit in February and the period of higher stripping from March to June is progressing well, with mining of higher-grade ore now expected in the second quarter of 2023, ahead of schedule.

Sudbury : In the first quarter of 2023, Vale's Sudbury mines produced 6,200 ounces of attributable gold, an increase of approximately 16% relative to the first quarter of 2022. As per Vale, higher production from Sudbury was driven by greater mine performance and stability in the first quarter.

Stillwater : In the first quarter of 2023, the Stillwater mines produced 2,000 ounces of attributable gold and 3,700 ounces of attributable palladium, a decrease of approximately 21% for gold and 17% for palladium relative to the first quarter of 2022. As reported by Sibanye-Stillwater Limited ("Sibanye") on March 13, 2023, an incident occurred at the Stillwater mine during scheduled non-routine maintenance resulting in structural damage to the shaft headgear, winder house and winder rope. As a result, production from the Stillwater West mine below the 50 level was suspended for approximately five weeks, impacting production in the first quarter, but has since recommenced. Sibanye continues to reposition the Stillwater operations for the current skills shortage and changing macro environment and expects further normalization of production rates in 2023.

San Dimas: In the first quarter of 2023, San Dimas produced 10,800 ounces of attributable gold, virtually unchanged relative to the first quarter of 2022.

Other Gold: In the first quarter of 2023, total Other Gold attributable production was 3,500 ounces, a decrease of approximately 59% relative to the first quarter of 2022, primarily due to the closure of the 777 mine in June 2022.

Other Silver: In the first quarter of 2023, total Other Silver attributable production was 1.4 million ounces, a decrease of approximately 36% relative to the first quarter of 2022, primarily due to the closure of the 777 mine and the termination of the Keno Hill and Yauliyacu PMPAs.

Voisey's Bay: In the first quarter of 2023, the Voisey's Bay mine produced 124,000 pounds of attributable cobalt, a decrease of approximately 47% relative to the first quarter of 2022, primarily due to mining lower grade material during the ongoing transitional period between the depletion of the Ovoid open-pit mine and ramp-up to full production of the Voisey's Bay underground project. Vale reports that planned maintenance activities are scheduled for the second quarter of 2023. Vale reports that physical completion of the Voisey's Bay underground mine extension was 83% at the end of the first quarter. In the second quarter of 2021, Vale achieved the first ore production from the Reid Brook deposit, the first of two underground mines to be developed in the project. Eastern Deeps, the second deposit, has started to extract development ore from the deposit and is scheduled to start the main production ramp-up in the second half of 2023.

Detailed mine-by-mine production and sales figures can be found in the Appendix to this press release and in Wheaton's consolidated MD&A in the 'Results of Operations and Operational Review' section.

First Quarter Development Asset Highlights

Blackwater Project: Artemis Gold Inc. ("Artemis") announced the approval of its BC Mines Act Permit, the final step required to allow Artemis to commence major works construction activities at the Blackwater Mine, with the expectation of an initial gold pour in the second half of 2024. In addition, Artemis announced that it issued a purchase order to Finning Canada, for the primary and ancillary mining fleet required for the initial Phase 1 of operations. Equipment deliveries to site are planned to commence late in the fourth quarter of 2023 and continue throughout the first half of 2024, in preparation for the pre-strip-mining phase. As per Artemis, the entire fleet is expected to be "shovel ready" during the second half of 2024, to meet Artemis' operational readiness objectives and commence operations.

Copper World Complex: In January 2023, Hudbay received an approved right-of-way from the Arizona State Land Department that will allow for infrastructure such as roads, pipelines and powerlines, to connect between the properties in the company's private land package at Copper World. Subsequent to the quarter, Hudbay announced the receipt of confirmation from the Army Corps of Engineers that Hudbay's previous surrender of the Section 404 Clean Water Act permit for the former Rosemont project was formally accepted and revoked as requested. Clearing and grading work to prepare for the Copper World site, including the construction of roads and other facilities, continues to be underway. As per Hudbay, pre-feasibility activities for the private land Phase I of the Copper World project are well-advanced and a pre-feasibility study is expected to be released in mid-2023.

Goose Project: On April 12, 2023, Sabina Gold & Silver Corp ("Sabina") announced that the shareholders approved the proposed acquisition by B2Gold Corp. ("B2Gold") of all the issued and outstanding common shares of Sabina. The transaction closed April 19, 2023. Subsequent to closing, B2Gold exercised the option to acquire 33% of the stream under the Goose PMPA in exchange for a cash payment in the amount of $46 million, resulting in a gain on partial disposal of the PMPA in the amount of $5 million. B2Gold continues to advance construction of the Goose project, moving toward commencement of production in 2025 and initiating an exploration program to further define untapped potential and unlock further opportunities for growth.

Marathon Project: Generation Mining Limited ("Gen Mining") announced positive results on the updated Feasibility Study for the Marathon Project, presenting an optimized design with increased process plant throughput. Additionally, Gen Mining finalized an offtake term sheet with Glencore for copper concentrate, containing copper, palladium, platinum, gold, and silver. Finally, Gen Mining has executed a mandate letter to arrange a senior secured project finance facility of up to $400 million, with a syndicate including Export Development Canada, together with ING Capital LLC and Societe Generale S.A. acting as the Mandated Lead Arrangers. This represents a key milestone in the project financing process for the development of the Marathon Project.

Sustainability

Climate Change:

• Subsequent to the quarter, on April 27, 2023, Hudbay announced the signing of a new 10-year power purchase agreement with ENGIE Energia Peru for access to a 100% renewable energy supply to Hudbay's Constancia operations in Peru. As reported by Hudbay, Hudbay's Scope 1 and Scope 2 greenhouse gas emissions are expected to significantly decline as a result of the new Constancia renewable energy supply agreement, which should reduce Wheaton's attributable scope 3 emissions from the Constancia mine and help advance the Company's Net Zero targets.

Community Investment Program:

• The Daffodil Ball presented by Wheaton raised a record of over CA$3 million for the Canadian Cancer Society.
• The Pacific Salmon Foundation's Vancouver Gala presented by Wheaton raised CA$530,000 in support of advancing critical marine science research and conservation work.

About Wheaton Precious Metals Corp. and Outlook

Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors commodity price leverage and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. As a result, Wheaton has consistently outperformed gold and silver, as well as other mining investments. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming for all of its stakeholders.

Wheaton's estimated attributable production in 2023 is forecast to be 320,000 to 350,000 ounces of gold, 20.0 to 22.0 million ounces of silver, and 22,000 to 25,000 GEOs of other metals, resulting in production of approximately 600,000 to 660,000 GEOs, unchanged from previous guidance2 , 3. For the five-year period ending in 2027, the Company estimates that average production will amount to 810,000 GEOs, while for the ten-year period ending in 2032, the Company estimates that average annual production will amount to 850,000 GEOs, also unchanged from previous guidance2 , 3.

In accordance with Wheaton Precious Metals(TM) Corp.'s ("Wheaton Precious Metals", "Wheaton" or the "Company") MD&A and Financial Statements, reference to the Company and Wheaton includes the Company's wholly owned subsidiaries.

Webcast and Conference Call Details

A conference call will be held on Friday, May 5, 2023, starting at 11:00 am (Eastern Time) to discuss these results. To participate in the live call please use one of the following methods:

To join the conference call without operator assistance, you may register and enter your phone number here to receive an instant automated call back.

• Dial toll free from Canada or the US: 1-888 664-6383
• Dial from outside Canada or the US: 1-416-764-8650
• Pass code: 26164042

Participants should dial in five to ten minutes before the call.

The conference call will be recorded and available until May 12, 2023 at 11:59 pm ET. The webcast will be available for one year. You can listen to an archive of the call by one of the following methods:

• Dial toll free from Canada or the US: 1-888 390-0541
• Dial from outside Canada or the US: 1-416-764-8677
• Pass code: 164042 #

This earnings release should be read in conjunction with Wheaton Precious Metals' MD&A and Financial Statements, which are available on the Company's website and have been posted on SEDAR.

Mr. Wes Carson, P.Eng., Vice President, Mining Operations, Neil Burns, P.Geo., Vice President, Technical Services for Wheaton Precious Metals and Ryan Ulansky, P.Eng., Vice President, Engineering, are a "qualified person" as such term is defined under National Instrument 43-101, and have reviewed and approved the technical information disclosed in this news release (specifically Mr. Carson has reviewed production figures, Mr. Burns has reviewed mineral resource estimates and Mr. Ulansky has reviewed the mineral reserve estimates).

Wheaton Precious Metals believes that there are no significant differences between its corporate governance practices and those required to be followed by United States domestic issuers under the NYSE listing standards. This confirmation is located on the Wheaton Precious Metals website.

We seek Safe Harbor.