Mr. Randy Smallwood reports

WHEATON PRECIOUS METALS ANNOUNCES SOLID 2023 ANNUAL RESULTS AND TRANSITION TO PROGRESSIVE DIVIDEND POLICY

"With a record eight acquisitions totalling just over $1-billion in commitments, we bolstered our growth strategy in 2023, enhancing our production profile and supporting our long-term, growth forecast of approximately 40 per cent over the next five years," said Randy Smallwood, president and chief executive officer of Wheaton Precious Metals Corp. "Our diversified portfolio of long-life, low-cost assets continued to deliver solid operating results, and we are pleased to have met our annual production guidance, achieving approximately 620,000 gold equivalent ounces. Furthermore, we have now recouped over 100 per cent of the value of our initial upfront investments since inception, an accomplishment which is particularly noteworthy given the significant reserve and resource base underpinning our portfolio, supporting decades of forecasted remaining mine life. To reinforce our confidence in the sustainability and growth potential of Wheaton, we are pleased to announce a transition to a new progressive dividend policy, marked by an increase in our 2024 annual dividend. As we embark on what we anticipate being a phase of substantial and meaningful growth, our dedication to deploying capital in a manner that generates value for not only our shareholders, but also our partners and communities, remains unwavering."

Solid financial results and strong balance sheet:

• Fourth quarter of 2023: $313-million in revenue, $242-million in operating cash flow, $168-million in net earnings and $165-million in adjusted net earnings, and paid a quarterly dividend of 15 cents per common share;
• Full year of 2023: $1,016-million in revenue, $751-million in operating cash flow, $538-million in net earnings and $533-million in adjusted net earnings;
• Balance sheet: cash balance of $547-million, no debt and an undrawn $2-billion revolving credit facility as at Dec. 31, 2023, after making total upfront cash payments of $452-million relative to mineral stream interests in the quarter.

High-quality asset base:

• Streaming and royalty agreements on 18 operating mines and 27 development projects;
• 93 per cent of attributable production from assets in the lowest half of their respective cost curves;
• Attributable gold equivalent production of 174,200 ounces in the fourth quarter of 2023 and 619,600 for the full year of 2023;
• Achieved annual production guidance for 2023 of 600,000 to 660,000 gold equivalent ounces, with sector-leading growth over the next five to 10 years;
• Accretive portfolio growth:
  • On Oct. 24, 2023, the company 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;
  • On Nov. 15, 2023, announced the company has entered into a definitive agreement with certain entities advised by Orion Resource Partners to acquire existing streams in respect of Ivanhoe Mines' Platreef project and BMC Minerals' Kudz Ze Kayah project, for total cash consideration of up to $455-million; in addition, the company entered into an agreement for a gold stream in respect of Dalradian Gold's Curraghinalt project, for total cash consideration of $75-million;
  • On Nov. 21, 2023, the company and Vale jointly announced the successful completion of the throughput test for the first phase of the Salobo III expansion project in Brazil, with the Salobo complex exceeding an average of 32 million tonnes per year over a 90-day period; under the terms of the Salobo precious metal purchase agreement, the company made a payment to Vale Base Metals totalling $370-million for completion of the first phase of the Salobo III expansion project in December, 2023;
  • On Dec. 13, 2023, the company entered into a royalty agreement with Vista Gold Corp. to acquire a royalty in the amount of 1 per cent of gross revenue from the sale or disposition of minerals from the Mount Todd gold project located in Australia for total cash consideration of $20-million.

Leadership in sustainability:

• Top rankings: ranked in the global top 50 out of over 15,000 multisector companies by Sustainalytics, AA rated by MSCI and prime rated by ISS;
• Subsequent to the quarter, Wheaton was recognized among Corporate Knights' 2024 100 most sustainable corporations in the world; the company will be included in the Global 100 Index, which represents a benchmark for sustainability excellence.

Financial review

Revenues

Revenue in the fourth quarter of 2023 was $313-million (74 per cent gold, 24 per cent silver, 1 per cent palladium and 1 per cent cobalt), with the $77-million increase relative to the prior-period quarter being primarily due to a 17-per-cent increase in the number of GEOs sold, and a 13-per-cent increase in the average realized gold equivalent price.

Revenue was $1,016-million in the year ended Dec. 31, 2023, representing a $49-million decrease from 2022 due primarily to a 10-per-cent decrease in the number of GEOs sold, resulting from relative changes in the GEOs produced but not yet delivered, partially offset by a 6-per-cent increase in the average realized gold equivalent price.

Cash costs and margin

Average cash costs in the fourth quarter of 2023 were $417 per GEO as compared with $447 in the fourth quarter of 2022. This resulted in a cash operating margin of $1,514 per GEO sold, an increase of 20 per cent, as compared with the fourth quarter of 2022, a result of the higher realized price per ounce coupled with the lower average cash costs.

Average cash costs in 2023 were $424 per GEO as compared with $447 in 2022. This resulted in a cash operating margin of $1,466 per GEO sold, a 10-per-cent increase from 2022.

Cash flow from operations

Operating cash flow in the fourth quarter of 2023 amounted to $242-million, with the $70-million increase due primarily to the higher gross margin.

Operating cash flows in 2023 amounted to $751-million, with the $7-million increase from the comparable period of the previous year being due primarily to higher amounts of interest received during the current year, partially offset by lower sales volumes.

Balance sheet (at Dec. 31, 2023):

• Approximately $547-million of cash on hand;
• During the fourth quarter of 2023, the company made total upfront cash payments of $452-million relative to the mineral stream interests consisting of:
  • $35-million payment relative to the Blackwater silver precious metal purchase agreement;
  • A $10-million payment relative to the expansion of the Blackwater gold PMPA;
  • $17-million relative to the Cangrejos PMPA;
  • $20-million relative to the Curraghinalt PMPA;
  • $370-million relative to the Salobo III expansion payment;
• With the existing cash on hand coupled with the fully undrawn $2-billion revolving credit facility, the company believes it is well positioned to finance all outstanding commitments and known contingencies, as well as providing flexibility to acquire additional accretive mineral stream interests.

Declaration of dividend and transition to progressive dividend policy

The company has revised its dividend policy, transitioning from distributing 30 per cent of the average of the previous four quarters operating cash flows to shareholders, to adopting a progressive dividend policy marked by an increase in its 2024 annual dividend. The declaration, timing, amount and payment of future dividends remain at the discretion of the board of directors.

On March 14, 2024, the board of directors declared a dividend in the amount of 15.5 cents per common share, with this dividend being payable to shareholders of record on April 3, 2024, and expected to be distributed on or about April 15, 2024. The company has implemented a dividend reinvestment plan whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares based on the average market price, as defined in the DRIP.

2024 and long-term production outlook using updated 2024 commodity price assumptions

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

In 2024, 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 project 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

Historically, Wheaton has provided five- and 10-year averages for its long-term guidance; however, the company has elected to introduce a five-year target (2028), in addition to an annual average for years six through 10 (that is, 2029 to 2033), with a goal of providing increased granularity and further transparency of its expected growth trajectory.

Production is forecast to increase by approximately 40 per cent over the next five years to over 800,000 GEOs by 2028, primarily due to growth from operating assets, including Salobo, Antamina, Penasquito, Voisey's Bay and Marmato; development projects which are in construction and/or permitted, including Blackwater, Platreef, Goose, Mineral Park, Fenix, Curipamba and Santo Domingo; and predevelopment projects, including 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 GEOs in the five-year period and incorporates additional incremental production from predevelopment assets, including Cangrejos, Kudz ze Kayah, Curraghinalt, Victor and Kutcho projects, in addition to the Brewery Creek, Black Pine and Mount Todd royalties.

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

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.

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, 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 of Canada or the U.S.:  1-416-764-8650

Passcode:  768302 followed by the number sign

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 of Canada or the U.S.:  1-416-764-8677

Passcode:  768302 followed by the number sign

An archived audio webcast will be available.

This earnings 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, and Ryan Ulansky, PEng, vice-president, engineering, for Wheaton, 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.