PR Newswire | Nov 4, 2021 05:01PM EDT

the First Nine Months of 2021

11/04 16:01 CDT

Wheaton Precious Metals Announces Record Revenue, Earnings and Cash Flow for the First Nine Months of 2021 VANCOUVER, BC, Nov. 4, 2021

TSX | NYSE | LSE: WPM

Designated News ReleaseTHIRD QUARTER 2021 FINANCIAL RESULTS

VANCOUVER, BC, Nov. 4, 2021 /PRNewswire/ - "Wheaton's diversified portfolio of high-quality, long-life assets continues to deliver strong results, including record revenue, earnings and cash flow in the first nine months of 2021. In addition, the Company declared a dividend of $0.15 per common share, a 25% increase relative to the prior year," said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. "Strong year to date production, particularly driven by silver, has led the Company to narrow its annual guidance to 735,000 to 765,000 gold equivalent ounces, consistent with the previous midpoint of guidance."

Third Quarter 2021 Highlights:

* Over $200 million in operating cash flow during the third quarter and a record $650 million in the first nine months of 2021. * $269 million in revenue during the third quarter and a record $923 million in the first nine months of 2021. * $137 million in adjusted net earnings during the third quarter and a record $460 million in the first nine months of 2021. * Signed a non-binding term sheet with Rio2 Limited to enter into a precious metals purchase agreement in connection with the Fenix Gold project located in Chile. * Strong financial position with approximately $372 million in cash on hand and $2 billion of additional capacity through the revolving credit facility as of September 30, 2021. * Declared quarterly dividend1 of $0.15 per common share.

Operational Overview

(all figures in US dollars unless otherwise noted) Q3 2021 Q3 2020 Change

Units produced

Gold ounces 85,941 90,500 (5.0)%

Silver ounces 6,394 6,028 6.1 %

Palladium ounces 5,105 5,444 (6.2)%

Cobalt pounds 370,522 - n.a.

Gold equivalent ounces ^2 184,918 181,184 2.1 %

Units sold

Gold ounces 67,649 90,101 (24.9)%

Silver ounces 5,487 4,999 9.8 %

Palladium ounces 5,703 5,546 2.8 %

Cobalt pounds 131,174 - n.a.

Gold equivalent ounces ^2 152,432 166,611 (8.5)%

Revenue $ 268,957 $ 307,268 (12.5)%

Net earnings $ 134,937 $ 149,875 (10.0)%

Per share $ 0.300 $ 0.334 (10.2)%

Adjusted net earnings ^1 $ 137,087 $ 152,007 (9.8)%

Per share ^1 $ 0.304 $ 0.338 (10.1)%

Operating cash flows $ 201,287 $ 228,099 (11.8)%

Per share ^1 $ 0.447 $ 0.508 (12.0)%

All amounts in thousands except gold, palladium & gold equivalent ounces andcobalt pounds produced & sold, per ounce/pound amounts & per share amounts.

Reiterating Gold Equivalent Production Guidance

Wheaton's estimated attributable production in 2021 is now forecast to be approximately 735,000 to 765,000 gold equivalent ounces2 ("GEOs") in line with previous guidance of 720,000 to 780,000 GEOs. However, given strong performances at Peasquito, Antamina and Voisey's Bay, coupled with production being lower than expected at Salobo, Wheaton is adjusting the production mix by metal as per the table below. Longer term guidance remains unchanged at an average production of 810,000 GEOs for the five-year period ending 2025 and 830,000 GEOs for the ten-year period ending in 20303.

Updated Guidance Original Guidance

Gold Ounces 330,000 to 345,000370,000 to 400,000

Silver Ounces('000s)25,500 to 26,500 22,500 to 24,000

Other Metals^2(GEOs)45,000 to 55,000 40,000 to 45,000

Total GEOs^2 735,000 to 765,000720,000 to 780,000

Corporate Development

Fenix Gold Project:On July 20, 2021, the Company signed a non-binding term sheet with Rio2 Limited ("Rio2") to enter into a precious metals purchase agreement ("PMPA") in connection with the Fenix Gold project located in Chile. Under the terms of the proposed Fenix PMPA, the Company will acquire 6% of the gold production until 90,000 ounces have been delivered and 4% of the gold production until 140,000 ounces have been delivered, after which the stream drops to 3.5% for the life of mine. In addition, under the proposed Fenix PMPA, the Company will pay a total upfront cash consideration of $50 million, $25 million of which is payable upon closing, subject to certain conditions, and $25 million payable subject to Rio2's receipt of its Environmental Impact Assessment for the Fenix Gold project, and certain other conditions. In addition, the Company will make ongoing delivery payments equal to approximately 18% of the spot price until the value of gold delivered less the production payment is equal to the upfront consideration of $50 million, at which point the production payment will increase to 22% of the spot gold price. The entering into of the Fenix PMPA is subject to, among other matters, the negotiation and completion of definitive documentation.

Financial Review

RevenuesRevenue was $269 million in the third quarter of 2021 representing a 12% decrease from the third quarter of 2020 due primarily to a 9% decrease in the number of gold equivalent ounces sold, primarily the result of a large build-up of payable ounces produced but not yet delivered ("PBND") at Salobo; and a 4% decrease in the average realized gold equivalent price.

Cash Costs and MarginAverage cash costs? in the third quarter of 2021 were $410 per gold equivalent ounce as compared to $421 in third quarter of 2020.This resulted in a cash operating margin? of $1,354 per gold equivalent ounce sold, a decrease of 5% as compared with the third quarter of 2020.

Balance Sheet(atSeptember 30, 2021)

* Approximately $372 million of cash on hand. * The Company's $2 billion revolving term loan (the "Revolving Facility") remains fully repaid.

ThirdQuarter Asset Highlights

Salobo:In the third quarter of 2021, Salobo produced 55,200 ounces of attributable gold, a decrease of approximately 13% relative to the third quarter of 2020 due to lower throughput and grade. On October 22, 2021, Vale S.A. ("Vale") announced the resumption of conveyor belt operations at Salobo, that was halted for 18 days due to a fire. Other activities, including mine and maintenance operations, continued as usual during this period but concentrate production was interrupted. Concentrate production resumed on October 22, 2021 and ramped up over a three day period. Vale further reports that physical completion of the Salobo III mine expansion was 81% at the end of the third quarter and is on track for start-up in the second half of 2022.

Peasquito:In the third quarter of 2021, Peasquito produced 2.2 million ounces of attributable silver, an increase of approximately 9% relative to the third quarter of 2020, with throughput, grades and recoveries all being higher.

Antamina:In the third quarter of 2021, Antamina produced 1.5 million ounces of attributable silver, an increase of approximately 2% relative to the third quarter of 2020, primarily due to higher recoveries. Subsequent to the quarter, as per Compaa Minera Antamina S.A.'s (the operating company of Antamina) news release dated October 31, 2021, operations at Antamina have been temporarily suspended to ensure the health and safety of its workforce and other stakeholders following recent protests in Peru.

Constancia:In the third quarter of 2021, Constancia produced 0.5 million ounces of attributable silver and 8,500 ounces of attributable gold, an increase of approximately 21% and 126%, respectively, relative to the third quarter of 2020. Silver production was higher primarily as a result of higher grades. The increase in gold production was primarily due to higher grades resulting from the commencement of ore production from the Pampacancha satellite deposit and the increase in fixed recoveries from 55% to 70%, partially offset by the receipt of 2,005 ounces in the third quarter of 2020 related to delays in accessing the Pampacancha deposit while no delay payment was received in 2021.

Sudbury:In the third quarter of 2021, Vale's Sudbury mines produced 500 ounces of attributable gold, a decrease of approximately 88% relative to the third quarter of 2020, which was primarily due to lower throughput, as operations at the mine were suspended due to a labour dispute, which lasted from June 1, 2021 to August 9, 2021. Vale announced on August 3, 2021 that a new five-year collective bargaining agreement had been ratified with mine workers. The Sudbury PMPA had an effective date of February 28, 2013 with a term of 20 years. Under the provisions of the Sudbury PMPA, should the facilities at Sudbury be shut down for 60 or more cumulative days, exclusive of scheduled maintenance or shutdowns for periods of 20 days or less, the term of the Sudbury PMPA shall be extended for the same duration. As a result, the term of the agreement was extended by 69 days.

Stillwater:In the third quarter of 2021, the Stillwater mines produced 2,900 ounces of attributable gold and 5,100 ounces of attributable palladium, a decrease of approximately 7% for gold and 6% for palladium relative to the third quarter of 2020 due to lower grades.

San Dimas:In the third quarter of 2021, San Dimas produced 11,900 ounces of attributable gold, an increase of approximately 29% relative to the third quarter of 2020, primarily due to higher throughput coupled with the impact of changing the silver to gold conversion ratio from 70:1 to 90:1 from April 1, 2020 to October 15, 2020, at which time it reverted to 70:1.

Voisey's Bay:In the third quarter of 2021, the Voisey's Bay mine produced 371,000 pounds of attributable cobalt. As at the end of the third quarter 2021, approximately 488,000 pounds of cobalt were held in inventory by Wheaton and 638,000 pounds were produced but not yet delivered. As per Vale's Third Quarter 2021 Performance Report, physical completion of the Voisey's Bay underground mine extension, which includes developing two underground mines - Reid Brook and Eastern Deeps - was 70% at the end of the third quarter.

Rosemont: Hudbay announced on September 22, 2021, the intersection of additional high-grade copper sulphide and oxide mineralization on its wholly-owned patented mining claims located within close proximity of its Rosemont copper project in Arizona ("Copper World"). To date, seven deposits have been identified at Copper World with a combined strike length of over seven kilometres. As of June 30, 2021, approximately 166 holes were completed totaling over 91,000 feet of drilling. Hudbay expects to publish an initial inferred mineral resource estimate for Copper World before the end of 2021, and these mineral resource estimates will form the basis for a preliminary economic assessment ("PEA") expected to be released by Hudbay in the first half of 2022. The Copper World discovery is included in Wheaton's area of interest under the PMPA.

Produced But Not Yet Delivered4

As at September 30, 2021, payable ounces and pounds attributable to the Company produced but not yet delivered amounted to:

* 81,200 payable gold ounces, an increase of 15,000 ounces during Q3 2021, primarily due to an increase during the period at the Salobo mine. * 4.1 million payable silver ounces, virtually unchanged during Q3 2021, as decreases during the period at the Peasquito mine were offset by an increase at the Yauliyacu mine. * 5,600 payable palladium ounces, a decrease of 1,200 ounces during Q3 2021. * 638,000 payable cobalt pounds, a decrease of 139,300 pounds during Q3 2021.

Detailed mine-by-mine production and sales figures can be found in the Appendix to this press release and in Wheaton's consolidated MD&A in the 'Results of Operations and Operational Review' section.

Sustainability

COVID-19 Community Support and Response Fund:In the second quarter of 2020, Wheaton announced the launch of a $5 million Community Support and Response Fund (the "CSR Fund") to support global efforts to combat the social and economic impact of the COVID-19 pandemic. The CSR Fund is designed to meet the immediate needs of the communities in which Wheaton and its mining partners operate. This fund is incremental to Wheaton's already active Community Investment Program that currently provides support to over 50 programs in multiple communities around the world. As of September 30, 2021, the Company has made donations totaling approximately $4 million through the CSR Fund.

ESG Ratings:Following recent rating updates, Wheaton's Sustainalytics5 score further improved from 9.2 to 7.9 indicating reduced risk exposure and maintained its AA rating from MSCI5 demonstrating Wheaton's continued leadership in ESG practices. Wheaton is currently ranked in the Global Top 50 out of more than 14,000 companies and #1 for precious metals out of 122 companies by Sustainalytics5.

Partner CSR Program:Wheaton continues to support a wide range of programs with mining partners including Vale, Glencore, Hudbay and First Majestic Silver focused on education, health, entrepreneurial support, and community engagement opportunities in the communities near the mines from which Wheaton receives precious metals. In the third quarter of 2021, a solar panel installation project was completed at a Knowledge Station run by the Vale Foundation in the community of Marab, Brazil.

Webcast and Conference Call Details

A conference call and webcast will be held on Friday, November 5, 2021 starting at 8:00am PT / 11:00 am 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 US: 1-888-664-6383Dial from outside Canada or the US: 1-416-764-8650Pass code: 61024959Live audio webcast:Webcast URL

Participants should dial in five to ten minutes before the call.

The accompanying slideshow will also be available in PDF format on the 'Presentations' page of the Wheaton Precious Metals website before the conference call.

The conference call will be recorded and available until November 12, 2021 at 11:59 pm 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 US: 1-888-390-0541Dial from outside Canada or the US: 1-416-764-8677Pass code: 024959#Archived audio webcast: Webcast URL

This earnings release should be read in conjunction with Wheaton Precious Metals' MD&A and Financial Statements, which are available on the Company's website at www.wheatonpm.com and have been posted on SEDAR at www.sedar.com.

Mr. Wes Carson, P.Eng., 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.

Wheaton Precious Metals believes that there are no significant differences between its corporate governance practices and those required to be followed by United States domestic issuers under the NYSE listing standards. This confirmation is located on the Wheaton Precious Metals website at http://www.wheatonpm.com/Company/corporate-governance/default.aspx

About Wheaton Precious Metals Corp. and Outlook

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 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 ESG 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.

Wheaton's estimated attributable production in 2021 is forecast to be 330,000 to 345,000 ounces of gold, 25.5 to 26.5 million ounces of silver, and 45,000 to 55,000 GEOs of other metals, resulting in production of approximately 735,000 to 765,000 GEOs, in line with previous guidance. For the five-year period ending in 2025, the Company estimates that average production will amount to 810,000 GEOs3. For the ten-year period ending in 2030, the Company estimates that average annual production will amount to 830,000 GEOs3.

In accordance with Wheaton Precious Metals(tm) Corp.'s ("Wheaton Precious Metals", "Wheaton" or the "Company") MD&A and financial statements, reference to the Company and Wheaton includes the Company's wholly owned subsidiaries.

End Notes

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^1 Please refer to non-IFRS measures at the end of this press release.Dividends declared in the referenced calendar quarter, relative to thefinancial results of the prior quarter. ^2 Commodity price assumptions for the gold equivalent production and sales in2021 and long-term forecasts are $1,800 / ounce gold, $25 / ounce silver, and$2,300 / ounce palladium and $17.75 / pound cobalt. Other metal includespalladium and cobalt.^3 Gold equivalent guidance based on the commodity prices outlined in note 2above. Five- and ten-year guidance do not include optionality production fromPascua Lama, Navidad, Cotabambas, or additional expansions at Salobo outside ofproject currently in construction. In addition, five-year guidance also doesnot include any production from Rosemont, Toroparu, Kutcho, or the Victorproject at Sudbury.^4 Payable gold, silver and palladium ounces and cobalt pounds produced but notyet delivered are based on management estimates only and rely upon informationprovided by the owners and operators of mining operations and may be revisedand updated in future periods as additional information is received.^5 Rating current as of October 7, 2021, for Sustainalytics and as of September23, 2021, for MSCI.

Condensed InterimConsolidated Statements of Earnings

Three Months Ended Nine Months Ended September 30 September 30

(US dollars and shares in thousands, except 2021 2020 2021 2020per share amounts - unaudited)

Sales $ 268,957 $ 307,268 $ 923,468 $ 810,012

Cost of sales

Cost of sales, excluding depletion $ 62,529 $ 70,119 $ 219,757 $ 202,238

Depletion 54,976 60,601 195,458 184,104

Total cost of sales $ 117,505 $ 130,720 $ 415,215 $ 386,342

Gross margin $ 151,452 $ 176,548 $ 508,253 $ 423,670

General and administrative expenses 13,595 21,326 44,030 56,307

Earnings from operations $ 137,857 $ 155,222 $ 464,223 $ 367,363

Other (income) expense 1,108 2,624 (2,194) (1,340)

Earnings before finance costs and income taxes $ 136,749 $ 152,598 $ 466,417 $ 368,703

Finance costs 1,379 2,766 4,309 14,519

Earnings before income taxes $ 135,370 $ 149,832 $ 462,108 $ 354,184

Income tax (expense) recovery (433) 43 955 (3,601)

Net earnings $ 134,937 $ 149,875 $ 463,063 $ 350,583

Basic earnings per share $ 0.300 $ 0.334 $ 1.029 $ 0.782

Diluted earnings per share $ 0.299 $ 0.332 $ 1.026 $ 0.779

Weighted average number of shares outstanding

Basic 450,326 449,125 449,977 448,484

Diluted 451,717 451,999 451,369 449,892

Condensed InterimConsolidated Balance Sheets

As at As at September 30 December 31

(US dollars in thousands - unaudited) 2021 2020

Assets

Current assets

Cash and cash equivalents $ 372,450 $ 192,683

Accounts receivable 10,392 5,883

Other 9,874 3,265

Total current assets $ 392,716 $ 201,831

Non-current assets

Mineral stream interests $ 5,505,663 $ 5,488,391

Early deposit mineral stream interests 34,741 33,241

Mineral royalty interest 6,606 3,047

Long-term equity investments 71,741 199,878

Convertible notes receivable 15,489 11,353

Property, plant and equipment 5,790 6,289

Other 13,994 13,242

Total non-current assets $ 5,654,024 $ 5,755,441

Total assets $ 6,046,740 $ 5,957,272

Liabilities

Current liabilities

Accounts payable and accrued liabilities $ 14,514 $ 13,023

Current portion of performance share units 13,348 17,297

Current portion of lease liabilities 801 773

Other 154 76

Total current liabilities $ 28,817 $ 31,169

Non-current liabilities

Bank debt $ - $ 195,000

Lease liabilities 2,258 2,864

Deferred income taxes 276 214

Performance share units 8,667 11,784

Pension liability 2,369 1,670

Total non-current liabilities $ 13,570 $ 211,532

Total liabilities $ 42,387 $ 242,701

Shareholders' equity

Issued capital $ 3,685,032 $ 3,646,291

Reserves 50,769 126,882

Retained earnings 2,268,552 1,941,398

Total shareholders' equity $ 6,004,353 $ 5,714,571

Total liabilities and shareholders' equity $ 6,046,740 $ 5,957,272

Condensed InterimConsolidated Statements of Cash Flows

Three Months Ended Nine Months Ended September 30 September 30

(US dollars in thousands - unaudited) 2021 2020 2021 2020

Operating activities

Net earnings $ 134,937 $ 149,875 $ 463,063 $ 350,583

Adjustments for

Depreciation and depletion 55,445 61,050 196,869 185,542

Interest expense 30 1,795 324 11,289

Equity settled stock based compensation 1,315 1,319 3,946 4,127

Performance share units 2,824 9,325 (7,128) 11,734

Pension expense 294 265 710 533

Income tax expense (recovery) 433 (43) (955) 3,601

Loss (gain) on fair value adjustment of share purchase warrants 1,246 1,107 2,392 845held

Fair value (gain) loss on convertible note receivable 490 1,095 (4,136) (1,382)

Investment income recognized in net earnings (178) (23) (275) (178)

Other (9) 567 685 513

Change in non-cash working capital 4,434 3,656 (5,341) 2,771

Cash generated from operations before income taxes and interest $ 201,261 $ 229,988 $ 650,154 $ 569,978

Income taxes recovered (paid) - - (51) 70

Interest paid (31) (1,912) (401) (12,745)

Interest received 57 23 154 177

Cash generated from operating activities $ 201,287 $ 228,099 $ 649,856 $ 557,480

Financing activities

Bank debt repaid $ - $ (153,000) $ (195,000) $ (387,000)

Credit facility extension fees (54) (6) (1,727) (1,373)

Share purchase options exercised 183 2,763 5,719 20,779

Lease payments (196) (132) (583) (438)

Dividends paid (57,235) (37,309) (160,784) (120,312)

Cash (used for) generated from financing activities $ (57,302) $ (187,684) $ (352,375) $ (488,344)

Investing activities

Mineral stream interests $ (1,055) $ (40) $ (216,845) $ (40)

Early deposit mineral stream interests (750) (750) (1,500) (1,500)

Mineral royalty interest - - (3,571) -

Acquisition of long-term investments (5,076) (10,671) (7,453) (10,671)

Proceeds on disposal of long-term investments - 49,454 112,188 49,577

Dividends received 110 - 110 -

Other (171) (363) (691) (691)

Cash generated from (used for) investing activities $ (6,942) $ 37,630 $ (117,762) $ 36,675

Effect of exchange rate changes on cash and cash equivalents $ (39) $ 25 $ 48 $ 37

Increase in cash and cash equivalents $ 137,004 $ 78,070 $ 179,767 $ 105,848

Cash and cash equivalents, beginning of period 235,446 131,764 192,683 103,986

Cash and cash equivalents, end of period $ 372,450 $ 209,834 $ 372,450 $ 209,834

Summary of Units Produced

Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019

Gold ounces produced ?

Salobo 55,205 55,590 46,622 62,854 63,408 59,104 62,575 74,716

Sudbury ^3 465 4,563 7,004 6,659 3,798 9,257 7,795 6,468

Constancia ^8 8,533 5,519 2,453 3,929 3,780 3,470 3,681 4,757

San Dimas ^4, 8 11,936 11,478 10,491 11,652 9,228 6,074 11,318 11,352

Stillwater ^5 2,949 2,962 3,041 3,290 3,176 3,222 2,955 3,585

Other

Minto ^6 1,703 3,206 2,638 789 1,832 2,928 2,124 2,189

777 ^9 4,717 5,035 6,280 2,866 5,278 4,728 4,551 3,987

Marmato 433 1,713 - - - - - -

Total Other 6,853 9,954 8,918 3,655 7,110 7,656 6,675 6,176

Total gold ounces produced 85,941 90,066 78,529 92,039 90,500 88,783 94,999 107,054

Silver ounces produced ^2

Pe?asquito ^8 2,180 2,026 2,202 2,014 1,992 967 2,658 1,895

Antamina ^8 1,548 1,558 1,577 1,930 1,516 612 1,311 1,342

Constancia ^8 521 468 406 478 430 254 461 632

Other

Los Filos ^8 12 26 31 6 17 14 29 55

Zinkgruvan 658 457 420 515 498 389 662 670

Yauliyacu ^8 432 821 737 454 679 273 557 358

Stratoni 8 164 165 185 156 148 183 147

Minto ^6 25 33 21 16 15 19 18 18

Neves-Corvo 362 408 345 420 281 479 377 385

Aljustrel 314 400 474 440 348 388 352 325

Cozamin 199 183 230 - - - - -

Marmato 10 39 - - - - - -

Keno Hill 44 55 27 - - - - -

777 ^9 81 83 130 51 96 108 96 81

Total Other 2,145 2,669 2,580 2,087 2,090 1,818 2,274 2,039

Total silver ounces produced 6,394 6,721 6,765 6,509 6,028 3,651 6,704 5,908

Palladium ounces produced ?

Stillwater ^5 5,105 5,301 5,769 5,672 5,444 5,759 5,312 6,057

Cobalt pounds produced ?

Voisey's Bay 370,522 379,757 1,162,243 ^1? - - - - -

GEOs produced ^7 184,918 193,927 191,308 189,682 181,184 146,857 194,901 196,850

SEOs produced ^7 13,314 13,963 13,774 13,657 13,045 10,574 14,033 14,173

Average payable rate ^2

Gold 96.2% 95.8% 95.0% 95.2% 95.3% 94.7% 95.1% 95.6%

Silver 86.6% 87.0% 86.6% 86.3% 86.1% 81.9% 85.6% 85.3%

Palladium 94.5% 95.0% 91.6% 93.6% 94.0% 90.8% 91.0% 92.2%

Cobalt 93.3% 93.3% 93.3% n.a. n.a. n.a. n.a. n.a.

GEO ^7 91.2% 91.7% 90.4% 91.1% 91.1% 89.8% 90.4% 91.5%

1) All figures in thousands except cobalt pounds and gold and palladium ounces produced.

Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or dor? prior to smelting or refining deductions. Production figures and payable rates are based on information2) provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures and payable rates may be updated in future periods as additional information is received.

Comprised of the Coleman, Copper Cliff, Garson, Creighton and Totten gold3) interests. Operations at the Sudbury mines were suspended from June 1, 2021 to August 9, 2021 as a result of a labour disruption by unionized employees.

Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the "70" shall be revised to "50" or "90", as the case may be, until such time as the average4) gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the "70" shall be reinstated. Effective April 1, 2020, the fixed gold to silver exchange ratio was revised to 90:1, with the 70:1 ratio being reinstated on October 15, 2020. For reference, attributable silver production from prior periods is as follows: Q3-2021 - 472,000 ounces; Q2-2021 - 467,000 ounces; Q1-2021 - 429,000 ounces; Q4-2020 - 485,000 ounces; Q3-2020 - 420,000 ounces; Q2-2020 - 276,000 ounces; Q1-2020 - 419,000 ounces; Q4-2019 - 415,000 ounces.

5) Comprised of the Stillwater and East Boulder gold and palladium interests.

6) The Minto mine was placed into care and maintenance from October 2018 to October 2019.

GEOs and SEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,800 per ounce gold; $25.00 per7) ounce silver; $2,300 per ounce palladium; and $17.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2021.

Operations at these mines had been temporarily suspended during the second quarter of 2020 as a result of the COVID-19 pandemic. During the second half of 2020, all of the operations were restarted. Additionally,8) operations at Los Filos were suspended from September 3, 2020 to December 23, 2020 as the result of an illegal road blockade by members of the nearby Carrizalillo community and had been temporarily suspended from June 22, 2021 to July 26, 2021 as the result of illegal blockades by a group of unionized employees and members of the Xochipala community.

Operations at 777 were temporarily suspended from October 11, 2020 to9) November 25, 2020 as a result of an incident that occurred on October 9th during routine maintenance of the hoist rope and skip.

Effective January 1, 2021, the Company was entitled to cobalt production from the Voisey's Bay mine. As per the Voisey's Bay PMPA with Vale, Wheaton10) is entitled to any cobalt processed at the Long Harbour Processing Plant as of January 1, 2021, resulting in reported production in the first quarter of 2021 including some material produced at the Voisey's Bay mine in the previous quarter.

Summary of Units Sold

Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019

Gold ounces sold

Salobo 35,185 57,296 51,423 53,197 59,584 68,487 74,944 58,137

Sudbury ^2 1,915 6,945 3,691 7,620 7,858 7,414 4,822 7,394

Constancia ^7 8,159 2,321 1,676 3,853 4,112 3,024 3,331 5,108

San Dimas ^7 11,346 11,214 10,273 11,529 9,687 6,030 11,358 11,499

Stillwater ^3 2,820 2,574 3,074 3,069 3,015 3,066 3,510 2,925

Other

Minto ^ 1,907 2,359 2,390 1,540 - - - - 4

777 5,879 5,694 2,577 5,435 5,845 4,783 2,440 4,160

Marmato 438 1,687 - - - - - -

Total Other 8,224 9,740 4,967 6,975 5,845 4,783 2,440 4,160

Total gold ounces sold 67,649 90,090 75,104 86,243 90,101 92,804 100,405 89,223

Silver ounces sold

Pe?asquito ^7 2,210 1,844 2,174 1,417 1,799 1,917 2,310 1,268

Antamina ^7 1,502 1,499 1,930 1,669 1,090 788 1,244 1,227

Constancia ^7 484 295 346 442 415 254 350 672

Other

Los Filos ^7 12 42 27 - 19 25 37 26

Zinkgruvan 354 355 293 326 492 376 447 473

Yauliyacu ^7 182 601 1,014 15 580 704 9 561

Stratoni 41 167 117 169 134 77 163 120

Minto ^4 24 29 26 20 - - - -

Neves-Corvo 193 215 239 145 201 236 204 154

Aljustrel 155 208 257 280 148 252 123 121

Cozamin 170 168 173 - - - - -

Marmato 10 35 - - - - - -

Keno Hill 51 33 12 - - - - -

777 99 109 49 93 121 100 41 62

Total Other 1,291 1,962 2,207 1,048 1,695 1,770 1,024 1,517

Total silver ounces sold 5,487 5,600 6,657 4,576 4,999 4,729 4,928 4,684

Palladium ounces sold

Stillwater ^3 5,703 3,869 5,131 4,591 5,546 4,976 4,938 5,312

Cobalt pounds sold

Voisey's Bay 131,174 394,623 132,277 - - - - -

GEOs sold ^5 152,432 176,700 175,419 155,665 166,611 164,844 175,154 161,066

SEOs sold ^5 10,975 12,722 12,630 11,208 11,996 11,869 12,611 11,597

Cumulative payable units PBND ^6

Gold ounces 81,246 66,250 70,072 70,555 75,750 79,632 88,383 98,475

Silver ounces 4,056 3,975 3,738 4,486 3,437 3,222 4,961 4,142

Palladium ounces 5,619 6,822 5,373 5,597 4,616 4,883 4,875 4,872

Cobalt pounds 637,986 777,304 819,819 - - - - -

GEO ^5 151,056 137,835 136,933 140,008 129,391 130,623 163,521 162,225

SEO ^5 10,423 9,372 9,277 10,081 9,316 9,405 11,774 11,680

Inventory on hand

Cobalt pounds 488,324 134,482 132,277 - - - - -

1) All figures in thousands except cobalt pounds and gold and palladium ounces sold.

2) Comprised of the Coleman, Copper Cliff, Garson, Creighton and Totten gold interests.

3) Comprised of the Stillwater and East Boulder gold and palladium interests.

4) The Minto mine was placed into care and maintenance from October 2018 to October 2019.

GEOs and SEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,800 per ounce gold; $25.00 per5) ounce silver; $2,300 per ounce palladium; and $17.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2021.

Payable gold, silver and palladium ounces as well as cobalt pounds produced6) but not yet delivered ("PBND") are based on management estimates. These figures may be updated in future periods as additional information is received.

Operations at these mines had been temporarily suspended during the second7) quarter of 2020 as a result of the COVID-19 pandemic. During the second half of 2020, all of the operations were restarted.

Results of Operations

The operating results of the Company's reportable operating segments are summarized in the tables and commentary below.

Three Months Ended September 30, 2021

Average Average Realized Cash Average Cash Flow Units Units Price Cost Depletion Sales Net From Total Produced? Sold ($'s ($'s ($'s Per Earnings Operations Assets Per Per Unit) Unit) Unit) 3

Gold

Salobo 55,205 35,185 $ 1,795 $ 412 $ 374 $ 63,154 $ 35,504 $ 50,404 $ 2,455,567

Sudbury ^4 465 1,915 1,794 400 1,024 3,436 708 2,242 308,158

Constancia 8,533 8,159 1,795 411 315 14,645 8,723 11,487 101,741

San Dimas 11,936 11,346 1,795 618 322 20,365 9,693 13,351 171,617

Stillwater 2,949 2,820 1,795 326 397 5,061 3,024 4,144 220,949

Other ^5 6,853 8,224 1,794 590 38 14,755 9,586 9,887 64,985

85,941 67,649 $ 1,795 $ 464 $ 337 $ 121,416 $ 67,238 $ 91,515 $ 3,323,017

Silver

Pe?asquito 2,180 2,210 $ 24.09 $ 4.29 $ 3.55 $ 53,259 $ 35,932 $ 43,776 $ 328,470

Antamina 1,548 1,502 23.99 4.80 7.53 36,000 17,503 28,993 589,816

Constancia 521 484 24.09 6.05 7.56 11,668 5,076 9,033 208,537

Other ^6 2,145 1,291 22.97 6.33 4.49 29,660 15,686 24,011 602,796

6,394 5,487 $ 23.80 $ 5.06 $ 5.21 $ 130,587 $ 74,197 $ 105,813 $ 1,729,619

Palladium

Stillwater 5,105 5,703 $ 2,426 $ 468 $ 442 $ 13,834 $ 8,644 $ 11,168 $ 234,883

Cobalt

Voisey's Bay 370,522 131,174 $ 23.78 $ 5.15 $ 8.17 $ 3,120 $ 1,373 $ 159 $ 218,144

Operating results $ 268,957 $ 151,452 $ 208,655 $ 5,505,663

Other

General and administrative $ (13,595) $ (6,432)

Finance costs (1,379) (1,039)

Other (1,108) 103

Income tax (433) -

Total other $ (16,515) $ (7,368) $ 541,077

$ 134,937 $ 201,287 $ 6,046,740

Units of gold, silver and palladium produced and sold are reported in1) ounces, while cobalt is reported in pounds. All figures in thousands except cobalt pounds produced and sold, gold and palladium ounces produced and sold and per unit amounts.

Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or dor? prior to smelting or refining deductions. Production figures are based on information provided by the operators of the2) mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.

3) Refer to discussion on non-IFRS measure (iii) at the end of this press release.

Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and4) Totten gold interests and the non-operating Stobie and Victor gold interests.

5) Comprised of the operating 777, Minto and Marmato gold interests as well as the non-operating Rosemont and Santo Domingo gold interests.

Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni,6) Neves-Corvo, Aljustrel, Minto, Keno Hill, Cozamin, Marmato and 777 silver interests as well as the non-operating Loma de La Plata, Pascua-Lama and Rosemont silver interests.

On a gold equivalent and silver equivalent basis, results for the Company for the three months ended September 30, 2021 were as follows:

Three Months Ended September 30, 2021

Average Average Cash Ounces Realized Cash Operating Average Gross Produced Ounces Price Cost Margin Depletion Margin ^1, 2 Sold ^2 ($'s Per ($'s Per ($'s Per ($'s Per ($'s Per Ounce) Ounce)^ Ounce) ^4 Ounce) Ounce) 3

Gold equivalent basis ^5 184,918 152,432 $ 1,764 $ 410 $ 1,354 $ 361 $ 993

Silver equivalent basis ^5 13,314 10,975 $ 24.51 $ 5.70 $ 18.81 $ 5.01 $ 13.80

Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or dor? prior to smelting or refining deductions. Production figures are based on information provided by the operators of the1) mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.

2) Silver ounces produced and sold in thousands.

3) Refer to discussion on non-IFRS measure (iii) at the end of this press release.

4) Refer to discussion on non-IFRS measure (iv) at the end of this press release.

GEOs and SEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,800 per ounce gold; $25.00 per5) ounce silver; $2,300 per ounce palladium; and $17.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2021.

Three Months Ended September 30, 2020

Average Average Realized Cash Average Cash Flow Units Units Price Cost Depletion Sales Net From Total Produced? Sold ($'s ($'s ($'s Per Earnings Operations Assets Per Per Unit) Unit) Unit) 3

Gold

Salobo 63,408 59,584 $ 1,902 $ 408 $ 374 $ 113,319 $ 66,700 $ 91,917 $ 2,529,258

Sudbury ^4 3,798 7,858 1,929 400 831 15,161 5,485 12,018 327,352

Constancia 3,780 4,112 1,902 407 338 7,819 4,758 6,147 106,870

San Dimas 9,228 9,687 1,902 612 315 18,423 9,442 14,309 185,835

Stillwater 3,176 3,015 1,902 345 449 5,734 3,341 4,695 225,688

Other ^5 7,110 5,845 1,929 423 305 11,278 7,022 8,804 9,184

90,500 90,101 $ 1,906 $ 428 $ 404 $ 171,734 $ 96,748 $ 137,890 $ 3,384,187

Silver

Pe?asquito 1,992 1,799 $ 24.55 $ 4.26 $ 3.24 $ 44,154 $ 30,660 $ 36,492 $ 355,167

Antamina 1,516 1,090 24.55 4.67 8.74 26,758 12,139 21,666 641,521

Constancia 430 415 24.55 5.99 7.63 10,190 4,538 7,704 220,417

Other ^6 2,090 1,695 24.98 8.37 1.94 42,332 24,859 24,333 475,613

6,028 4,999 $ 24.69 $ 5.89 $ 4.36 $ 123,434 $ 72,196 $ 90,195 $ 1,692,718

Palladium

Stillwater 5,444 5,546 $ 2,182 $ 383 $ 428 $ 12,100 $ 7,604 $ 9,977 $ 243,354

Cobalt

Voisey's Bay - - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 227,510

Operating results $ 307,268 $ 176,548 $ 238,062 $ 5,547,769

Other

General and administrative $ (21,326) $ (7,239)

Finance costs (2,766) (2,820)

Other (2,624) 96

Income tax 43 -

Total other $ (26,673) $ (9,963) $ 543,418

$ 149,875 $ 228,099 $ 6,091,187

Units of gold, silver and palladium produced and sold are reported in1 ounces, while cobalt is reported in pounds. All figures in thousands except cobalt pounds produced and sold, gold and palladium ounces produced and sold and per unit amounts.

Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or dor? prior to smelting or refining deductions. Production figures are based on information provided by the operators of the2 mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.

3) Refer to discussion on non-IFRS measure (iii) at the end of this press release.

Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and4) Totten gold interests as well as the non-operating Stobie and Victor gold interests.

5) Comprised of the operating Minto and 777 gold interests as well as the non-operating Rosemont gold interest.

Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni,6) Neves-Corvo, Aljustrel, Minto and 777 silver interests as well as the non-operating Keno Hill, Loma de La Plata, Pascua-Lama and Rosemont silver interests.

On a gold equivalent and silver equivalent basis, results for the Company for the three months ended September 30, 2020 were as follows:

Three Months Ended September 30, 2020

Average Average Cash Ounces Realized Cash Operating Average Gross Produced Ounces Price Cost Margin Depletion Margin ^1, 2 Sold ^2 ($'s Per ($'s Per ($'s Per ($'s Per ($'s Per Ounce) Ounce)^ Ounce) ^4 Ounce) Ounce) 3

Gold equivalent basis ^5 181,184 166,611 $ 1,844 $ 421 $ 1,423 $ 364 $ 1,059

Silver equivalent basis ^5 13,045 11,996 $ 25.61 $ 5.85 $ 19.76 $ 5.05 $ 14.71

Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or dor? prior to smelting or refining deductions. Production figures are based on information provided by the operators of the1) mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.

2) Silver ounces produced and sold in thousands.

3) Refer to discussion on non-IFRS measure (iii) at the end of this press release.

4) Refer to discussion on non-IFRS measure (iv) at the end of this press release.

GEOs and SEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,800 per ounce gold; $25.00 per5) ounce silver; $2,300 per ounce palladium; and $17.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2021.

Non-IFRS Measures

Wheaton has included, throughout this document, certain non-IFRS performance measures, including (i) adjusted net earnings and adjusted net earnings per share; (ii) operating cash flow per share (basic and diluted); (iii) average cash costs of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis, with the Company receiving its first deliveries of cobalt from Voisey's Bay during the first quarter of 2021; and (iv) cash operating margin. The Company has removed the non-IFRS measure associated with net debt as Wheaton fully repaid its debt during the first quarter of 2021.

Adjusted net earnings and adjusted net earnings per share are calculated by removing the effects of non-cash impairment charges,non-cash fair value (gains) losses and other one-time (income) expenses as well as the reversal of non-cash income tax expense i. (recovery) which is offset by income tax expense (recovery) recognized in the Statements of Shareholders' Equity and OCI, respectively. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, management and certain investors use this information to evaluate the Company's performance.

The following table provides a reconciliation of adjusted net earnings and adjusted net earnings per share (basic and diluted).

Three Months Ended September 30

(in thousands, except for per share amounts) 2021 2020

Net earnings $ 134,937 $ 149,875

Add back (deduct):

(Gain) loss on fair value adjustment of share purchase 1,246 1,107warrants held

(Gain) loss on fair value adjustment of convertible notes 490 1,095receivable

Income tax expense (recovery) recognized in the Statement (269) (92)of Shareholders' Equity

Income tax expense (recovery) recognized in the Statement 627 (9)of OCI

Other 56 31

Adjusted net earnings $ 137,087 $ 152,007

Divided by:

Basic weighted average number of shares outstanding 450,326 449,125

Diluted weighted average number of shares outstanding 451,717 451,999

Equals:

Adjusted earnings per share - basic $ 0.304 $ 0.338

Adjusted earnings per share - diluted $ 0.303 $ 0.336

Operating cash flow per share (basic and diluted) is calculated by dividing cash generated by operating activities by the weighted average number ofii. shares outstanding (basic and diluted). The Company presents operating cash flow per share as management and certain investors use this information to evaluate the Company's performance in comparison to other companies in the precious metal mining industry who present results on a similar basis.

The following table provides a reconciliation of operating cash flow per share (basic and diluted).

Three Months Ended September 30

(in thousands, except for per share amounts) 2021 2020

Cash generated by operating activities $ 201,287 $ 228,099

Divided by:

Basic weighted average number of shares outstanding 450,326 449,125

Diluted weighted average number of shares outstanding 451,717 451,999

Equals:

Operating cash flow per share - basic $ 0.447 $ 0.508

Operating cash flow per share - diluted $ 0.446 $ 0.505

Average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis is calculated by dividing the total cost of sales, less depletion, by the ounces or pounds sold. In the iii. precious metal mining industry, this is a common performance measure but does not have any standardized meaning prescribed by IFRS. In addition to conventional measures prepared in accordance with IFRS, management and certain investors use this information to evaluate the Company's performance and ability to generate cash flow.

The following table provides a calculation of average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis.

Three Months Ended September 30

(in thousands, except for gold and palladium ounces 2021 2020sold, cobalt pounds sold and per unit amounts)

Cost of sales $ 117,505 $ 130,720

Less: depletion (54,976) (60,601)

Cash cost of sales $ 62,529 $ 70,119

Cash cost of sales is comprised of:

Total cash cost of gold sold $ 31,405 $ 38,570

Total cash cost of silver sold 27,782 29,426

Total cash cost of palladium sold 2,667 2,123

Total cash cost of cobalt sold 675 -

Total cash cost of sales $ 62,529 $ 70,119

Divided by:

Total gold ounces sold 67,649 90,101

Total silver ounces sold 5,487 4,999

Total palladium ounces sold 5,703 5,546

Total cobalt pounds sold 131,174 -

Equals:

Average cash cost of gold (per ounce) $ 464 $ 428

Average cash cost of silver (per ounce) $ 5.06 $ 5.89

Average cash cost of palladium (per ounce) $ 468 $ 383

Average cash cost of cobalt (per pound) $ 5.15 $ n.a.

Cash operating margin is calculated by subtracting the average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis from the average realized selling price of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis. The Company presentsiv. cash operating margin as management and certain investors use this information to evaluate the Company's performance in comparison to other companies in the precious metal mining industry who present results on a similar basis as well as to evaluate the Company's ability to generate cash flow.

The following table provides a reconciliation of cash operating margin.

Three Months Ended September 30

(in thousands, except for cobalt pounds sold, gold and 2021 2020palladium ounces sold and per unit amounts)

Total sales:

Gold $ 121,416 $ 171,734

Silver $ 130,587 $ 123,434

Palladium $ 13,834 $ 12,100

Cobalt $ 3,120 $ -

Divided by:

Total gold ounces sold 67,649 90,101

Total silver ounces sold 5,487 4,999

Total palladium ounces sold 5,703 5,546

Total cobalt pounds sold 131,174 -

Equals:

Average realized price of gold (per ounce) $ 1,795 $ 1,906

Average realized price of silver (per ounce) $ 23.80 $ 24.69

Average realized price of palladium (per ounce) $ 2,426 $ 2,182

Average realized price of cobalt (per pound) $ 23.78 $ n.a.

Less:

Average cash cost of gold ^1 (per ounce) $ (464) $ (428)

Average cash cost of silver ^1 (per ounce) $ (5.06) $ (5.89)

Average cash cost of palladium ^1 (per ounce) $ (468) $ (383)

Average cash cost of cobalt ^1 (per pound) $ (5.15) $ n.a.

Equals:

Cash operating margin per gold ounce sold $ 1,331 $ 1,478

As a percentage of realized price of gold 74% 78%

Cash operating margin per silver ounce sold $ 18.74 $ 18.80

As a percentage of realized price of silver 79% 76%

Cash operating margin per palladium ounce sold $ 1,958 $ 1,799

As a percentage of realized price of palladium 81% 82%

Cash operating margin per cobalt pound sold $ 18.63 $ n.a.

As a percentage of realized price of cobalt 78% n.a.

1) Please refer to non-IFRS measure (iii), above.

These non-IFRS measures do not have any standardized meaning prescribed by IFRS, and other companies may calculate these measures differently. The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For more detailed information, please refer to Wheaton's MD&A available on the Company's website at www.wheatonpm.com and posted on SEDAR at www.sedar.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation concerning the business, operations and financial performance of Wheaton and, in some instances, the business, mining operations and performance of Wheaton's PMPA counterparties. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to the successful negotiation and entering into of definitive documentation by Wheaton International with Rio2, payment by Wheaton International of US$50 million to Rio2 and the satisfaction of each party's obligations in accordance with the Fenix PMPA, the receipt by Wheaton International of gold production in respect of the Fenix Gold project, statements with respect to the future price of commodities, the impact of epidemics (including the COVID-19 virus pandemic), including the potential heightening of other risks, the estimation of future production from Mining Operations (including in the estimation of production, mill throughput, grades, recoveries and exploration potential), the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates) and the realization of such estimations, the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton's PMPA counterparties at mineral stream interests owned by Wheaton (the "Mining Operations"), the ability of Wheaton's PMPA counterparties to comply with the terms of a PMPA (including as a result of the business, mining operations and performance of Wheaton's PMPA counterparties) and the potential impacts of such on Wheaton, the costs of future production, the estimation of produced but not yet delivered ounces, the impact of the listing of the Company's common shares, any statements as to future dividends, the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs, future payments by the Company in accordance with PMPAs, including any acceleration of payments, projected increases to Wheaton's production and cash flow profile, projected changes to Wheaton's production mix, the ability of Wheaton's PMPA counterparties to comply with the terms of any other obligations under agreements with the Company, the ability to sell precious metals and cobalt production, confidence in the Company's business structure, the Company's assessment of taxes payable and the impact of the CRA Settlement for years subsequent to 2010, possible audits for taxation years subsequent to 2015, the Company's assessment of the impact of any tax reassessments, the Company's intention to file future tax returns in a manner consistent with the CRA Settlement, and assessments of the impact and resolution of various legal and tax matters, including but not limited to outstanding class action and audits. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", "potential", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to specific risks relating to the completion of documentation and diligence for the Fenix PMPA with Rio2, the satisfaction of each party's obligations in accordance with the terms of the Fenix PMPA with Rio2, risks associated with fluctuations in the price of commodities (including Wheaton's ability to sell its precious metals or cobalt production at acceptable prices or at all), risks of significant impacts on Wheaton or the Mining Operations as a result of an epidemic (including the COVID-19 virus pandemic), risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with the exploration, development, operating, expansion and improvement of the Mining Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as plans continue to be refined), the absence of control over the Mining Operations and having to rely on the accuracy of the public disclosure and other information Wheaton receives from the Mining Operations, uncertainty in the estimation of production from Mining Operations, uncertainty in the accuracy of mineral reserve and mineral resource estimation, the ability of each party to satisfy their obligations in accordance with the terms of the PMPAs, the estimation of future production from Mining Operations, Wheaton's interpretation of, compliance with or application of, tax laws and regulations or accounting policies and rules being found to be incorrect, any challenge or reassessment by the CRA of the Company's tax filings being successful and the potential negative impact to the Company's previous and future tax filings, assessing the impact of the CRA Settlement for years subsequent to 2010 (including whether there will be any material change in the Company's facts or change in law or jurisprudence), potential implementation of a 15% global minimum tax, counterparty credit and liquidity, mine operator concentration, indebtedness and guarantees, hedging, competition, claims and legal proceedings against Wheaton or the Mining Operations, security over underlying assets, governmental regulations, international operations of Wheaton and the Mining Operations, exploration, development, operations, expansions and improvements at the Mining Operations, environmental regulations and climate change, Wheaton and the Mining Operations ability to obtain and maintain necessary licenses, permits, approvals and rulings, Wheaton and the Mining Operations ability to comply with applicable laws, regulations and permitting requirements, lack of suitable infrastructure and employees to support the Mining Operations, inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by certain Mining Operations (including increases in production, estimated grades and recoveries), uncertainties of title and indigenous rights with respect to the Mining Operations, Wheaton and the Mining Operations ability to obtain adequate financing, the Mining Operations ability to complete permitting, construction, development and expansion, global financial conditions, and other risks discussed in the section entitled "Description of the Business - Risk Factors" in Wheaton's Annual Information Form available on SEDAR at www.sedar.com, Wheaton's Form 40-F for the year ended December 31, 2020 and Form 6-K filed March 11, 2021 both on file with the U.S. Securities and Exchange Commission on EDGAR (the "Disclosure"). Forward-looking statements are based on assumptions management currently believes to be reasonable, including (without limitation):the completion of documentation and diligence in respect of the Fenix PMPA with Rio2, the payment of US$50 million to Rio2 and the satisfaction of each party's obligations in accordance with the terms of the Fenix PMPA with Rio2, that there will be no material adverse change in the market price of commodities, that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic (including the COVID-19 virus pandemic), that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates, that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate, that each party will satisfy their obligations in accordance with the PMPAs, that Wheaton will continue to be able to fund or obtain funding for outstanding commitments, that Wheaton will be able to source and obtain accretive PMPAs, that any outbreak or threat of an outbreak of a virus or other contagions or epidemic disease will be adequately responded to locally, nationally, regionally and internationally, without such response requiring any prolonged closure of the Mining Operations or having other material adverse effects on the Company and counterparties to its PMPAs, that the trading of the Company's common shares will not be adversely affected by the differences in liquidity, settlement and clearing systems as a result of multiple listings of the Common Shares on the LSE, the TSX and the NYSE, that the trading of the Company's common shares will not be suspended, and that the net proceeds of sales of common shares, if any, will be used as anticipated, that expectations regarding the resolution of legal and tax matters will be achieved (including ongoing class action litigation and CRA audits involving the Company), that Wheaton has properly considered the interpretation and application of Canadian tax law to its structure and operations, that Wheaton has filed its tax returns and paid applicable taxes in compliance with Canadian tax law, that Wheaton's application of the CRA Settlement for years subsequent to 2010 is accurate (including the Company's assessment that there will be no material change in the Company's facts or change in law or jurisprudence for years subsequent to 2010), and such other assumptions and factors as set out in the Disclosure. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Wheaton. Readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing readers with information to assist them in understanding Wheaton's expected financial and operational performance and may not be appropriate for other purposes. Any forward-looking statement speaks only as of the date on which it is made, reflects Wheaton's management's current beliefs based on current information and will not be updated except in accordance with applicable securities laws. Although Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended.

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SOURCE Wheaton Precious Metals Corp.