Mr. Randy Smallwood reports

WHEATON PRECIOUS METALS ANNOUNCES SOLID SECOND QUARTER RESULTS FOR 2023

"Wheaton [Precious Metals Corp.] delivered solid operational results during the quarter, generating over $200-million of operating cash flow, primarily driven by significant sequential improvement at the recently commissioned expansion at our largest asset, Salobo. Furthermore, we continued to see momentum on the corporate development front with the addition of a new gold stream on Lumina Gold's Cangrejos project and the expansion of our existing gold stream on Artemis Gold's Blackwater project," said Randy Smallwood, president and chief executive officer of Wheaton. "Despite operations at Penasquito being suspended in early June, we achieved quarter-over-quarter gold equivalent production growth. As such, we are reiterating our 2023 production guidance, which we now expect to have a slightly higher weighting toward gold, highlighting the resilience of our high-quality diversified portfolio. Lastly, we are proud to have published our 2022 sustainability report and inaugural 2022 climate change report, demonstrating our continued commitment to sustainability and focus on delivering value to all of our stakeholders."

Solid financial results and strong balance sheet (dollar amounts are in U.S. dollars unless otherwise stated):

• Second quarter of 2023: $265-million in revenue, $202-million in operating cash flow, $141-million in net earnings and $143-million in adjusted net earnings;
• A cash balance of $829-million and no debt as at June 30, 2023, after making total upfront cash payments of $89-million relative to mineral stream interests in the quarter;
• Undrawn $2-billion revolving credit facility extended by an additional year with the facility now maturing on June 22, 2028;
• Declared a quarterly dividend of 15 cents per common share.

High-quality asset base:

• Streaming agreements on 19 operating mines and 13 development projects, 93 per cent of attributable production from assets in the lowest half of their respective cost curves;
• 30 years of mine life based on proven and probable mineral reserves and potential additional mine life from mineral resource conversion and exploration;
• Accretive portfolio growth:
  • Acquired a 6.6-per-cent gold stream on Lumina Gold Corp.'s Cangrejos project;
  • Expanded the gold stream on Artemis Gold Inc.'s Blackwater project;
• Further derisked growth profile: the Goose project was acquired by B2Gold Corp., and Aris Mining Corp. received approval of the environmental management plan, which permits the development of the Marmato lower mine;
• Second quarter production amounted to 147,700 gold equivalent ounces, underscored by significant progress at the recently commissioned expansion at Salobo;
• Average annual production guidance for 2023 of 600,000 to 660,000 GEOs maintained, with sector-leading growth resulting in five- and 10-year average annual production guidance of approximately 810,000 and 850,000 GEOs, respectively.

Leadership in sustainability:

• Top rankings: No. 1 out of 117 precious metal companies, and ranked in the global top-50 companies by Sustainalytics, AA rated by MSCI and prime rated by ISS;
• Published inaugural climate change report, detailing progress toward net-zero carbon emissions by 2050 and covering all material emissions, including Scope 3;
• Published fourth annual sustainability report highlighting its commitment to progress and providing a comprehensive review of Wheaton's performance in environmental, social and governance topics.

About Wheaton Precious Metals Corp. and outlook

Wheaton is the world's premier precious metal 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 million 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 guidance. Due to the suspension of the Penasquito mine as a result of the continuing labour dispute and the company's inability to forecast when it will be resolved, Wheaton expects its full-year production to have a slightly higher weighting toward gold. Assuming the dispute is resolved and operations resume by the end of the third quarter of 2023, the company expects to achieve its total GEO guidance of approximately 600,000 to 660,000 GEOs. For the five-year period ending in 2027, the company estimates that average production will amount to 810,000 GEOs while for the 10-year period ending in 2032, the company estimates that average annual production will amount to 850,000 GEOs, also unchanged from previous guidance.

In accordance with Wheaton's management's discussion and analysis 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, Aug. 11, 2023, starting at 11 a.m. 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 to receive an instant automated callback.

Dial toll-free from Canada or the United States:  1-888-664-6383

Dial from outside of Canada or the U.S.:  1-416-764-8650

Passcode:  43211206

A live audio webcast will be available.

Participants should dial in five to 10 minutes before the call.

The conference call will be recorded and available until Aug. 18, 2023, at 11:59 p.m. 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 United States:  1-888-390-0541

Dial from outside of Canada or the United States:  1-416-764-8677

Passcode:  211206 followed by the number sign

An archived audio webcast will be available.

This earnings release should be read in conjunction with Wheaton's management's discussion and analysis and financial statements, which are available on the company's website and have been posted on SEDAR+.

Wes Carson, PEng, vice-president, mining operations, Neil Burns, PGeo, vice-president, technical services, and Ryan Ulansky, PEng, vice-president, engineering, are each 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 believes that there are no significant differences between its corporate governance practices and those required to be followed by U.S. domestic issuers under the New York Stock Exchange listing standards. This confirmation is located on the Wheaton website.

We seek Safe Harbor.