Mr. Randy Smallwood reports

WHEATON PRECIOUS METALS ANNOUNCES 2023 PRODUCTION AND SALES RESULTS AND FORECASTS 40% GROWTH IN THE NEXT FIVE YEARS

Wheaton Precious Metals Corp. has released its 2023 production and sales results.

"In 2023, the importance of our diversified portfolio of high-quality, low-cost assets was underscored by Wheaton's ability to meet its annual production guidance, well within the projected range for the year, as strong outperformances by Salobo and Constancia offset headwinds faced by other assets. Moreover, in 2023, we expanded our portfolio by securing agreements for eight development assets, further enhancing our production profile and contributing to our five-year growth profile of 40 per cent," said Randy Smallwood, president and chief executive officer of Wheaton. "While our projected 2024 production is consistent with levels attained in 2023, we anticipate growth in the near term as several assets are slated to commence operations by year-end, with the expanded range in our 2024 guidance accommodating the typical variability associated with development project ramp-ups.

"As the premier streaming company with the highest proportion of revenue stemming from precious metals, we consider Wheaton to be the best investment vehicle available to gain long-term exposure to precious metals. In addition, with the strength of our balance sheet combined with the demand for streaming capital, we believe Wheaton is strategically positioned to further enhance its industry-leading growth profile."

Wheaton will provide full production and financial details with the release of its 2023 fourth quarter and full-year results on Thursday, March 14, 2024, after the market close.

In 2023, gold equivalent production came within 2 per cent of the midpoint of the guidance range, primarily as a result of stronger-than-expected production at Salobo due to higher throughput as the Salobo III expansion project ramped up and higher grades at Constancia from the mining of the high-grade zones of the Pampacancha deposit. These outperformances were partially offset by lower production from Penasquito due to the temporary suspension of the mine, resulting from a labour dispute lasting from June 7, 2023, to Oct. 13, 2023, the suspension of operations at Minto, beginning May 13, 2023, and the halting of production at Aljustrel, beginning Sept. 24, 2023.

It is important to note that as gold outperformed all other metals during 2023, the assumed metal prices for 2024 results in lower gold equivalency calculations in 2024 compared with 2023.

2024 production outlook

In 2024, gold equivalent ounce (GEO) production is forecast to be consistent with levels achieved in 2023, as expected stronger attributable production from Penasquito and Voisey's Bay is forecast to be offset by lower production from Salobo, the suspension of operations at Minto and the temporary halting of production at Aljustrel. Attributable production is forecast to increase at Penasquito as a result of uninterrupted operations and at Voisey's Bay due to the continuing transition from the Ovoid pit to the underground mines. Attributable production is forecast to decrease slightly at Salobo due to lower grades as per the mine plan, which are expected to partially offset increasing throughput as the Salobo III expansion project continues toward completion. In addition, the company anticipates production from the Blackwater and Platreef projects to commence in the fourth quarter of 2024.

On May 13, 2023, it was announced that operations at the Minto mine had been suspended and the Yukon government had assumed care and control of the site. On Sept. 12, 2023, it was announced that as a result of low zinc prices, the production of zinc and lead concentrates at the Aljustrel mine would be halted from Sept. 24, 2023, until the second quarter of 2025. Combined, the removal of production from Minto and Aljustrel accounts for a 25,000-gold-equivalent-ounce reduction in 2024 production guidance.

Long-term production outlook

Production is forecast to increase by approximately 40 per cent over the next five years to over 800,000 gold equivalent ounces by 2028, primarily due to: growth from operating assets, including Salobo, Antamina, Penasquito, Voisey's Bay and Marmato; development projects that are in construction and/or permitted, including Platreef, Blackwater, Goose, Mineral Park, Fenix and Santo Domingo; and predevelopment projects, including Curipamba, Marathon and Copper World, for which production is anticipated toward the latter end of the five-year forecast period.

From 2029 to 2033, attributable production is forecast to average over 850,000 gold equivalent ounces in the five-year period and incorporates additional incremental production from predevelopment assets, including the Cangrejos, Kudz ze Kayah, Curraghinalt, Victor, Toroparu and Kutcho projects, in addition to the Brewery Creek, Black Pine and Mt. Todd royalties.

Not included in Wheaton's long-term forecast and instead classified as optionality includes potential future production from Pascua Lama, Navidad, Cotabambas, Metates and additional expansions at Salobo outside of the Salobo III mine expansion project.

Fourth quarter and full-year 2023 results

Wheaton will release its 2023 fourth quarter and full-year results on Thursday, March 14, 2024, after the market close. A conference call will be held on Friday, March 15, 2024, starting at 8 a.m. PT (11 a.m. ET), 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:  768302 followed by the pound key

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 March 22, 2024, 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:  768302 followed by the pound key

An archived audio webcast will be available.

Wheaton's quarterly reporting for the remainder of 2024 is scheduled to be issued, after the market close, on the following dates:

• Q1 2024 -- Thursday, May 9, 2024;
• Q2 2024 -- Thursday, Aug. 8, 2024;
• Q3 2024 -- Thursday, Nov. 7, 2024.

Wes Carson, PEng, vice-president, mining operations, is a qualified person as such term is defined under National Instrument 43-101, and has reviewed and approved the technical information disclosed in this news release.

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 leverage to commodity prices 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. The company is committed to strong ESG (environmental, social and governance) practices and giving back to the communities where Wheaton and its mining partners operate. As a result, Wheaton has consistently outperformed gold and silver, as well as other mining investments. Wheaton creates sustainable value through streaming.

We seek Safe Harbor.