Mr. Randy Smallwood reports

WHEATON PRECIOUS METALS AND VALE BASE METALS ANNOUNCE ACHIEVEMENT OF FIRST PHASE COMPLETION TEST AT SALOBO

Wheaton Precious Metals Corp., Wheaton Precious Metals International Ltd. and Vale Base Metals Ltd. have completed the throughput test for the first phase of the Salobo III expansion project, a significant milestone that demonstrates increased reliability and continued strong performance at VBM's flagship copper project in Brazil. The test required VBM's Salobo complex to run at an average annualized throughput of 32 million tonnes per year for a period of 90 days. VBM confirmed completion of the test on Nov. 17, 2023, with an average throughput of 32.3 Mtpy.

"As a cornerstone asset in Wheaton's portfolio, Salobo is once again proving itself to be a top-tier operation. The ramp-up of the expansion at the Salobo mine has not only met but surpassed our expectations, and we extend our sincere congratulations to the Vale Base Metals team in achieving this significant milestone," said Randy Smallwood, president and chief executive officer of Wheaton. "An accomplishment of this magnitude is made possible by the dedication of the on-site team and their commitment to operational excellence. These efforts have resulted in significant enhancements to both Salobo's reliability and operational performance, and we continue to forecast meaningful production from Salobo over the next several years. As the expansion project advances, we look forward to our continued partnership with Vale Base Metals as they embark on this exciting next phase of growth."

"This is a great accomplishment for the Salobo teams and our entire organization," said VBM chief executive officer Deshnee Naidoo. "The consistent performance at Salobo shows we are taking the right actions to unlock value across the portfolio with a focus on driving efficiency and operational excellence. Salobo III is a $1.1-billion (U.S.) investment in our future that leverages our unique exposure to a Tier 1 copper hub in the Carajas region -- a distinct competitive advantage and growth engine -- as we look to accelerate copper production and deliver critical minerals the world needs."

Salobo -- mill throughput expansion

The Salobo mine historically had a mill throughput capacity of 24 Mtpy, and having exceeded throughput capacity of 32 Mtpy, is currently ramping up to full capacity of 36 Mtpy, expected in the fourth quarter of 2024. Under the terms of the Salobo precious metal purchase agreement, Wheaton International will make a payment to Vale Base Metals totalling $370-million for completion of the first phase of the Salobo III expansion project. The remaining balance of the expansion payment is dependent on the timing of completion and will be triggered once Vale Base Metals expands actual throughput above 35 Mtpy for a period of 90 days. In addition, Wheaton International will be required to make annual payments of between $5.1-million to $8.5-million for a 10-year period following payment of the expansion payments if the Salobo mine implements a high-grade mine plan.

Financing the expansion payment

As at Sept. 30, 2023, the company had approximately $834-million of cash on hand, which, when combined with the liquidity provided by the available credit under the $2-billion revolving term loan and the strength of its continuing operating cash flows, positions the company well to finance the Salobo expansion payment in addition to the recently announced acquisition of the Platreef, Kudz Ze Kayah and Curraghinalt streams, as well as all outstanding commitments and known contingencies, and provides flexibility to acquire additional accretive mineral stream interests.

About Wheaton Precious Metals Corp.

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 environmental, social and governance 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.

We seek Safe Harbor.