Wheaton Precious Metals Generates Strong Cash Operating Margins in 2022.

VANCOUVER, BC: "Wheaton's portfolio of long-life, low-cost assets delivered over $1 billion in revenue and over $740 million in operating cash flow in 2022. This strong financial performance reflects the resiliency of Wheaton's streaming business model, which delivers amongst the highest margins in the precious metals space. Even in the current inflationary environment, Wheaton averaged 75% cash operating margins in 2022," said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. "In addition, Wheaton took strategic steps forward by optimizing the portfolio, adding four new streams and making sector-leading commitments on the sustainability front. With one of the strongest balance sheets in the industry, we enter 2023 exceptionally well-positioned to deliver long-term shareholder value through the significant organic growth profile already embedded in the portfolio as well as through additional accretive acquisitions."

Solid Financial Results and Strong Balance Sheet

Fourth Quarter of 2022: $236 million in revenue, $172 million in operating cash flow, $166 million in net earnings and $104 million in adjusted net earnings1

Full Year of 2022: $1,065 million in revenue, $743 million in operating cash flow, $669 million in net earnings and $505 million in adjusted net earnings1

A cash balance of $696 million and no debt as at December 31, 2022

Undrawn US$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 production of 148,300 ounces in the Fourth Quarter of 2022 and 638,100 for the Full Year of 2022

Average annual production for the ten-year period ending December 31, 2032, is expected to be approximately 850,000 gold equivalent ounces ("GEOs")2,3,5

Completed the previously disclosed termination of the Yauliyacu precious metal purchase agreement ("PMPA"), resulting in a $51 million gain on the disposition in the fourth quarter

Leadership in Sustainability

Top Rankings: #1 out of 114 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)

Q4 2022

Q4 2021

Change

2022

2021

Change

Units produced

Gold ounces

70,099

87,296

(19.7) %

286,805

341,521

(16.0) %

Silver ounces

5,352

6,356

(15.8) %

23,997

25,999

(7.7) %

Palladium ounces

3,869

4,733

(18.3) %

15,485

20,908

(25.9) %

Cobalt pounds

128

381

(66.4) %

724

2,293

(68.4) %

Gold equivalent ounces 3

148,323

184,551

(19.6) %

638,113

754,591

(15.4) %

Units sold

Gold ounces

68,996

79,622

(13.3) %

293,234

312,465

(6.2) %

Silver ounces

4,935

5,116

(3.5) %

21,570

22,860

(5.6) %

Palladium ounces

3,396

4,641

(26.8) %

15,076

19,344

(22.1) %

Cobalt pounds

187

228

(18.0) %

1,038

886

17.2 %

Gold equivalent ounces 3

142,190

157,439

(9.7) %

617,450

656,074

(5.9) %

Change in PBND and Inventory

Gold equivalent ounces 3

(11,870)

11,252

23,122

(47,055)

33,628

80,683

Revenue

$

236,051

$

278,197

(15.1) %

$

1,065,053

$

1,201,665

(11.4) %

Net earnings

$

166,125

$

291,822

(43.1) %

$

669,126

$

754,885

(11.4) %

Per share

$

0.367

$

0.648

(43.4) %

$

1.482

$

1.677

(11.6) %

Adjusted net earnings 1

$

103,744

$

132,232

(21.5) %

$

504,912

$

592,079

(14.7) %

Per share 1

$

0.229

$

0.293

(21.8) %

$

1.118

$

1.315

(15.0) %

Operating cash flows

$

172,028

$

195,290

(11.9) %

$

743,424

$

845,145

(12.0) %

Per share 1

$

0.381

$

0.433

(12.0) %

$

1.646

$

1.878

(12.4) %

All amounts in thousands except gold, palladium & gold equivalent ounces, and per share amounts.

Fourth Quarter Operating Asset...