Wheaton Precious Metals Announces Solid Start to 2023.

VANCOUVER, BC: "Wheaton's high-quality portfolio of long-life, low-cost assets delivered a solid performance to start the year, resulting in revenue of $214 million and robust cash operating margins," said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. "First quarter production was ahead of Company expectations, and as we continue to see positive developments at a number of our key assets including Salobo and Constancia, we expect to see significant production growth throughout 2023, culminating in a strong second half of the year. Notably, implicit in our five-year annual average production guidance, is an impressive organic growth profile of over 40%, with two-thirds coming from assets already in operation. In addition, our corporate development team remains exceptionally busy evaluating new opportunities, and as always, Wheaton is focused on ensuring our growth is both accretive and sustainable for all of our stakeholders."

Solid Financial Results and Strong Balance Sheet

First quarter of 2023: $214 million in revenue, $135 million in operating cash flow, $111 million in net earnings and $104 million in adjusted net earnings1

A cash balance of $800 million and no debt as at March 31, 2023

Undrawn $2 billion revolving credit facility with a July 18, 2027 maturity date

Declared a quarterly dividend1 of $0.15 per common share

High Quality Asset Base

Streaming agreements on 20 operating mines and 12 development projects

93% of attributable production from assets in the lowest half of their respective cost curves2,3

30 years of mine life based on Proven and Probable Mineral Reserves and potential additional mine life from mineral resource conversion and exploration2,4

Attributable gold equivalent production3 ("GEOs") of 141,800 ounces in the first quarter of 2023

Production from Salobo in the first quarter of 2023 was 43,700 ounces of gold, an increase of over 15% relative to the fourth quarter of 2022, due to steady ramp up of the Salobo III expansion

As per Hudbay Minerals Inc. ("Hudbay"), full mining activities at the Constancia mine resumed in the Pampacancha pit in February, with mining of higher-grade ore now expected in the second quarter of 2023, ahead of schedule

Average annual production for the five and ten-year periods is expected to be approximately 810,000 and 850,000 GEOs2,3, respectively

Leadership in Sustainability

Top Rankings: #1 out of 116 precious metals companies and Global Top 50 out of over 15,000 multi-sector companies by Sustainalytics, AA rated by MSCI, and Prime rated by ISS

Commitment to Net-Zero Carbon Emissions by 2050 supported by interim targets covering all material emissions including Scope 3

Established a sustainability linked element in connection with the revolving credit facility

Recognized as one of the Best 50 Corporate Citizens in Canada by Corporate Knights

Operational Overview

(all figures in US dollars unless otherwise noted)

Q1 2023

Q1 2022

Change

Units produced

Gold ounces

73,037

78,054

(6.4) %

Silver ounces

4,927

6,225

(20.9) %

Palladium ounces

3,705

4,488

(17.4) %

Cobalt pounds

124

234

(47.0) %

Gold equivalent ounces 3

141,831

165,555

(14.3) %

Units sold

Gold ounces

62,605

77,901

(19.6) %

Silver ounces

3,749

5,553

(32.5) %

Palladium ounces

2,946

4,075

(27.7) %

Cobalt pounds

323

511

(36.8) %

Gold equivalent ounces 3

117,383

159,082

(26.2) %

Change in PBND and Inventory

Gold equivalent ounces 3

10,449

(10,419)

(20,868)

Revenue

$

214,465

$

307,244

(30.2) %

Net earnings

$

111,391

$

157,467

(29.3) %

Per share

$

0.246

$

0.349

(29.5) %

Adjusted net earnings 1

$

104,431

$

158,007

(33.9) %

Per share 1

$

0.231

$

0.350

(34.0) %

Operating cash flows

$

135,104

$

210,540

(35.8) %

Per share 1

$

0.299

$

0.467

(36.0) %

All amounts in thousands except...