Mr. Randy Smallwood reports

WHEATON PRECIOUS METALS ANNOUNCES SOLID THIRD QUARTER RESULTS FOR 2023

Wheaton Precious Metals Corp. has released its third quarter 2023 results.

"The importance of having a diversified portfolio of high-quality, low-cost assets was evidenced by Wheaton's ability to deliver solid operating results in the quarter, despite the temporary suspension of one of our largest assets, which has since begun the safe ramp-up of operations. Strong outperformances from Salobo and Constancia have not only offset challenges faced by others but also contributed significantly to our overall success. As such, we are pleased to reiterate our annual production guidance range for 2023 of 600,000 to 660,000 gold equivalent ounces," said Randy Smallwood, president and chief executive officer of Wheaton Precious Metals. "In this high-interest-rate environment, streaming continues to be one of the most competitive sources of capital and our corporate development team remains exceptionally busy evaluating new opportunities. We remain resolutely committed to enhancing our portfolio with growth that is accretive and sustainable, benefiting all stakeholders."

Solid financial results and strong balance sheet:

• Third quarter of 2023: $223-million in revenue, $171-million in operating cash flow, $116-million in net earnings and $121-million in adjusted net earnings;
• A cash balance of $834-million and no debt as at Sept. 30, 2023, after making total upfront cash payments of $90-million relative to mineral stream interests in the quarter;
• Undrawn $2-billion revolving credit facility maturing on June 22, 2028;
• Declared a quarterly dividend of 15 cents per common share.

High-quality asset base:

• Streaming agreements on 18 operating mines and 14 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;
• Third quarter production increased quarter over quarter to 154,800 gold equivalent ounces (GEOs), driven by strong outperformances at both Salobo and Constancia, and despite the temporary suspension at Penasquito, highlighting the strength of Wheaton Precious's diversified portfolio;
• Average annual production guidance for 2023 of 600,000 to 660,000 GEOs is maintained, with sector-leading growth over the next five to 10 years;
• Accretive portfolio growth:
  • Subsequent to the quarter, entered into a definitive agreement with Waterton Copper Corp. to acquire a silver stream on the Mineral Park mine for total cash consideration of $115-million;
  • Acquired a 0.5-per-cent net smelter royalty from Liberty Gold Corp. on the Black Pine oxide gold project for total cash consideration of $3.6-million, along with an equity investment totalling $5-million in Liberty Gold at 34 Canadian cents per share.

Leadership in sustainability:

• Top rankings: No. 1 out of 117 precious metals companies and ranked in the Global Top 50 companies by Sustainalytics, AA rated by MSCI and Prime rated by ISS;
• Wheaton was recognized as Best Company for ESG & Sustainability (metals and mining) and runner-up for Best Company for Climate Reporting (large cap) by ESG Investing's Corporate ESG Awards.

Financial review

Revenues

Revenue in the third quarter of 2023 was $223-million (65 per cent gold, 32 per cent silver, 2 per cent palladium and 1 per cent cobalt), with the $4-million increase relative to the prior-period quarter, being primarily due to a 16-per-cent increase in realized commodity prices, partially offset by lower sales volumes.

Revenue was $703-million in the nine months ended Sept. 30, 2023, representing a $126-million decrease from the comparable period of the previous year, due primarily to an 18-per-cent decrease in the number of GEOs sold, resulting from lower production and relative changes in the GEOs produced but not yet delivered, partially offset by a 4-per-cent increase in the average realized gold equivalent price.

Cash costs and margin

Average cash costs in the third quarter of 2023 were $418 per GEO, as compared with $451 in the third quarter of 2022. This resulted in a cash operating margin of $1,457 per GEO sold, an increase of 25 per cent as compared with the third quarter of 2022, a result of the higher realized price per ounce.

Average cash costs for the nine months ended Sept. 30, 2023, were $427 per GEO, as compared with $448 in the comparable period of the previous year. This resulted in a cash operating margin of $1,445 per GEO sold, a 7-per-cent increase from the comparable period of the previous year.

Cash flow from operations

Operating cash flow in the third quarter of 2023 amounted to $171-million, with the $17-million increase due primarily to the higher realized price per GEO sold, coupled with higher amounts of interest received in the third quarter of 2023.

Operating cash flows for the nine months ended Sept. 30, 2023, amounted to $509-million, with the $63-million decrease from the comparable period of the previous year being due primarily to lower sales volumes, partially offset by higher amounts of interest received during the current year.

Balance sheet (at Sept. 30, 2023):

• Approximately $834-million of cash on hand;
• During the third quarter of 2023, the company made total upfront cash payments of $90-million relative to the mineral stream interests consisting of:
  • A $70-million payment relative to the Blackwater silver precious metals purchase agreement (PMPA);
  • A $20-million payment relative to the expansion of the Blackwater gold PMPA;
• With the existing cash on hand coupled with the fully undrawn $2-billion revolving credit facility, the company is well positioned to finance all outstanding commitments and known contingencies, as well as providing flexibility to acquire additional accretive mineral stream interests.

Third quarter operating asset highlights

Salobo: In the third quarter of 2023, Salobo produced 69,000 ounces of attributable gold, an increase of approximately 56 per cent relative to the third quarter of 2022, driven by higher throughput, with production from the third concentrator line commencing at the end of 2022, and higher recoveries. The prior year was also affected by planned and corrective maintenance being performed. In the third quarter of 2023, Salobo reached its highest production level since the fourth quarter of 2019 as the ramp-up of the Salobo III expansion continues to advance. Salobo is expected to reach a throughput capacity of 32 million tonnes per annum (mtpa) in the fourth quarter of 2023 and full throughput capacity by the end of 2024.

Antamina: In the third quarter of 2023, Antamina produced 900,000 ounces of attributable silver, a decrease of approximately 35 per cent relative to the third quarter of 2022, primarily due to lower grades as per the mine plan.

Penasquito: In the third quarter of 2023, Penasquito had no production resulting from a suspension of operations at the mine, which began on June 7, 2023, due to a labour dispute. On Oct. 13, 2023, Newmont Corp. reached a definitive agreement to end the strike and has since begun the safe ramp-up of operations. Newmont expects to reach full operating capacity by the end of the fourth quarter.

Constancia: In the third quarter of 2023, Constancia produced 700,000 ounces of attributable silver and 19,000 ounces of attributable gold, an increase of approximately 24 per cent and 164 per cent, respectively, relative to the third quarter of 2022. Record quarterly gold production, combined with strong silver production, is a result of significantly higher grades from mining the high-grade zones of the Pampacancha deposit, higher recoveries and higher throughput. As per Hudbay Minerals Inc., production is expected to continue to benefit from higher grades in the fourth quarter of 2023.

Sudbury: In the third quarter of 2023, Vale's Sudbury mines produced 4,300 ounces of attributable gold, an increase of approximately 24 per cent relative to the third quarter of 2022, due to higher grades, which, as per Vale, were partially offset by the annual planned maintenance activities at the Sudbury and Thompson mines and mills, as well as additional maintenance at the Sudbury refinery in the third quarter.

Stillwater: In the third quarter of 2023, the Stillwater mines produced 2,500 ounces of attributable gold and 4,000 ounces of attributable palladium, an increase of approximately 34 per cent for gold and 24 per cent for palladium relative to the third quarter of 2022, due primarily to the impact on production resulting from regional flooding that occurred in the second quarter of 2022.

San Dimas: In the third quarter of 2023, San Dimas produced 10,000 ounces of attributable gold, a decrease of approximately 15 per cent relative to the third quarter of 2022, primarily due to lower grades, partially offset by higher throughput.

Voisey's Bay: In the third quarter of 2023, the Voisey's Bay mine produced 183,000 pounds of attributable cobalt, a decrease of approximately 19 per cent relative to the third quarter of 2022, primarily due to mining lower-grade material during the continuing transitional period between the depletion of the Ovoid open-pit mine and ramp-up to full production of the Voisey's Bay underground project. Production in the third quarter was also impacted as a result of maintenance at the Long Harbour refinery. Vale reports that physical completion of the Voisey's Bay underground mine extension was 88 per cent at the end of the third quarter, with Reid Brook's bulk material handling system near mechanical completion and the commissioning of subsystems currently taking place. Vale achieved the first ore production from the Reid Brook deposit, the first of two underground mines to be developed in the project, in the second quarter of 2021. Eastern Deeps, the second deposit, has started to extract development ore from the deposit and is continuing its scheduled production ramp-up.

Other gold: In the third quarter of 2023, total other gold attributable production was 700 ounces, a decrease of approximately 81 per cent relative to the third quarter of 2022, primarily due to the closure of the Minto mine in May, 2023.

Other silver: In the third quarter of 2023, total other silver attributable production was 1.8 million ounces, a decrease of approximately 6 per cent relative to the third quarter of 2022, primarily due to the termination of the Yauliyacu PMPA.

Aljustrel: On Sept. 12, 2023, it was announced that as a result of low zinc prices, the production of zinc and lead concentrates at Aljustrel will be halted from Sept. 24, 2023, until the second quarter of 2025.

Detailed mine-by-mine production and sales figures can be found Wheaton's consolidated MD&A (management's discussion and analysis) in the results of operations and operational review section.

Third quarter development asset highlights

Blackwater project: On July 4, 2023, Artemis announced receipt of the Fisheries Act authorization for development of the Blackwater project, which will facilitate the commencement of construction of water diversion structures and dams in the Davidson Creek valley, which runs through the basin of the Blackwater tailings storage facility. On Oct. 24, 2023, Artemis announced that overall construction at the Blackwater mine was 45 per cent complete as of Sept. 30, 2023. Project development continues to advance on the schedule, targeting first gold pour in the second half of 2024.

Marmato mine: On July 12, 2023, Aris Mining announced that it has received approval from the Corporacion Autonoma Regional del Caldas, a regional environmental authority in Colombia, of the environmental management plan, which now permits the development of the Marmato lower mine.

Marathon project: On Aug. 30, 2023, Generation Mining Ltd. (Gen Mining) received the Endangered Species Act permit issued by the Ministry of the Environment, Conservation and Parks. This permit includes conditions intended to minimize impacts to caribou and SAR bats, as well as to create an overall benefit for these species at risk. Additionally, in September, 2023, Gen Mining received the environmental compliance approval issued by the Ministry of Environment, Conservations and Parks for air and noise emissions for the Marathon project, and on Nov. 7, 2023, it announced that the Province of Ontario had accepted and filed the closure plan, representing another major milestone in the permitting process. Additional permits and approvals are expected to be received during the balance of 2023.

Copper World complex: On Sept. 8, 2023, Hudbay announced the results of the enhanced prefeasibility study for phase I of its 100-per-cent-owned Copper World project in Arizona. After receipt of two outstanding permits, which are expected in mid-2024, Hudbay intends to complete a minority joint venture partner process prior to commencing a definitive feasibility study. The opportunity to sanction Copper World is not expected until 2025 based on current estimated timelines. With the results from this prefeasibility study, the company has now incorporated gold in the mineral reserves and mineral resources statement on the company's website.

Curipamba project: On Sept. 11, 2023, Adventus provided an update that the Constitutional Court of Ecuador declared that processing of an unconstitutionality claim filed by the indigenous group Conaie and other complainants against Presidential Decree 754 that regulates environmental consultation for all public and private industries and sectors in Ecuador was a priority and set a public hearing for Sept. 18, 2023. Adventus has indicated that historically, the court can be expected to issue a resolution within two to three months following the public hearing commencement.

On Oct. 2, 2023, Adventus announced that the El Domo-Curipamba project has been issued a favourable certificate of no affect of water by the Ministry of Environment and Water of the government of Ecuador. This certificate and milestone allow the planned and designed projected infrastructure construction in an area with the presence of surface and ground water sources.

Goose project: On Sept. 18, 2023, B2Gold provided a construction update on the Goose project, highlighting that the purchasing of materials and supplies needed to support the 2024 construction campaign has been completed and all materials have been provided to the ports for the 2023 sealift. Additionally, B2Gold reported that it remains on track to pour first gold in the first quarter of 2025, and that concrete and steel work in the mill area is progressing ahead of schedule.

Cangrejos project

On Oct. 18, 2023, Lumina Gold Corp. announced that the Cangrejos project is proceeding on schedule. Lumina has been actively executing its 2023 feasibility study drill plan with nine rigs currently at site. Lumina has signed contracts with several engineering companies for the advancement of the feasibility study. The feasibility study is expected to be completed in the first quarter of 2025.

Corporate development

Black Pine project

On Sept. 10, 2023, the company acquired a new 0.5-per-cent net smelter return (NSR) royalty from Liberty Gold Corp. on the Black Pine oxide gold project for total cash consideration of $4-million. Liberty Gold has been granted an option to repurchase 50 per cent of the NSR for $4-million at any point in time up to the earlier of commercial production at Black Pine or Jan. 1, 2030. The company has been granted a right of first refusal on all royalties, streams or prepays that include precious metals pertaining to Black Pine. In addition, the company made an equity investment of $5-million in Liberty Gold at 34 Canadian cents per share.

Mineral Park project

On Oct. 24, 2023, the company announced that it had entered into a PMPA with Waterton Copper in respect of silver production from the Mineral Park mine, located in Arizona, U.S. Under the Mineral Park PMPA, Wheaton will purchase 100 per cent of the payable silver from Mineral Park for the life of the mine. Under the terms of the Mineral Park PMPA, the company is committed to pay Waterton Copper total upfront cash consideration of $115-million in four payments during construction through three instalments of $25-million and a final instalment of $40-million. In addition, Wheaton will make continuing payments for the silver ounces delivered equal to 18 per cent of the spot price of silver until the value of the silver delivered, net of the production payment, is equal to the upfront consideration of $115-million, at which point the production payment will increase to 22 per cent of the spot price of silver. The company has also entered into a loan agreement to provide a secured debt facility of up to $25-million to the Mineral Park owner, an affiliate of Waterton Copper, once the full upfront consideration has been paid.

Sustainability

Ratings and awards:

• In the third quarter of 2023, Wheaton was recognized as Best Company for ESG & Sustainability (metals and mining) and runner-up for Best Company for Climate Reporting (large cap) by ESG Investing's Corporate ESG Awards.

Community investment program:

• In the third quarter of 2023, the Tour De Cure Presented by Wheaton attracted over 1,500 riders and raised more than $7.1-million for the B.C. Cancer Foundation.
• In the third quarter of 2023, a number of new programs were established with First Majestic Silver. These include support for the operation of a community centre, improvements to a solid waste storage facility and the implementation of a recycling program, as well as the implementation and operation of waste water treatment facilities in the community of Tayoltita. In addition, Wheaton also committed to assisting First Majestic Silver in providing Internet access for several remote communities close to the mine.

Management update

Wheaton has made management changes effective Oct. 1, 2023, including the creation of a chief sustainability officer position as well as vice-president appointments. Patrick Drouin, Wheaton's former senior vice-president of sustainability and investor relations, has been appointed president of Wheaton International, succeeding Nik Tatarkin, who, although retiring from management, will remain on the board of Wheaton International. Mr. Drouin will continue to oversee the company's ESG (environmental, social and governance) practices and performance at the executive level as president of Wheaton International and chief sustainability officer.

Emma Murray has been appointed vice-president, investor relations, effective Oct. 1, 2023, and will be primarily responsible for liaising with the investment community and ensuring the market is well informed about Wheaton's strategic vision, financial performance and growth prospects.

Simona Antolak has been appointed vice-president, communications and corporate affairs, with responsibility over external and internal communications, as well as sustainability matters.

These changes further strengthen Wheaton's global management team.

About Wheaton Precious Metals Corp.

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 among 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 approximately 600,000 to 660,000 GEOs, unchanged from previous guidance. Due to the temporary suspension of the Penasquito mine from June 7, 2023, to Oct. 13, 2023, Wheaton now expects its full-year production to have a higher weighting toward gold. The company has previously estimated that average annual production for the five-year period ending in 2027 would amount to 810,000 GEOs, while for the 10-year period ending in 2032, the company estimated that average annual production would amount to 850,000 GEOs. The company will provide updated longer-term guidance in normal course in the first quarter of 2024, which will incorporate the impact of recent developments and acquisitions.

In accordance with Wheaton's 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, Nov. 10, 2023, starting at 11 a.m. ET (8 a.m. PT), to discuss these results. To participate in the live call, please use one of the following methods.

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

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

Passcode:  35621453

Webcast:  A live webcast will be available.

The accompanying slideshow will also be available in PDF format on the presentations page of the Wheaton website before the conference call. The conference call will be recorded and available until Nov. 17, 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 U.S.:  1-888-390-0541

Dial from outside Canada or the U.S.:  1-416-764-8677

Passcode:  621453 followed by the pound key

Webcast:  An archived webcast will be available.

This news release should be read in conjunction with Wheaton's MD&A 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 for Wheaton Precious Metals, and Ryan Ulansky, PEng, 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 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 New York Stock Exchange listing standards. This confirmation is located on the Wheaton website.

We seek Safe Harbor.