WPM.TO · 2020-03-11

Wheaton Precious Metals Generates Strong Operating Cash Flow on Record Gold Production and Sales Volumes in 2019

Production Results Financials

March 11, 2020 TSX: WPM Vancouver, British Columbia NYSE: WPM

WHEATON PRECIOUS METALS GENERATES STRONG OPERATING CASH FLOW ON RECORD GOLD PRODUCTION AND SALES VOLUMES IN 2019

“Wheaton’s portfolio of high-quality, long-life assets generated over $500 million in operating cash flow in 2019 with annual gold production and sales volumes achieving a new record,” said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. “For the first time in company history, Wheaton produced over 400,000 ounces of gold, and that is in addition to over 22.5 million ounces of silver and 22 thousand ounces of palladium. With our strong organic growth profile combined with numerous opportunities that could further grow our asset base, we look forward to setting many new records in the coming years. In addition, we are pleased to deliver greater value back to our shareholders in 2020 by increasing the minimum quarterly dividend by over 10% relative to last year."

Fourth Quarter and Year End 2019 Highlights:

Attributable gold production was over 100,000 ounces in the fourth quarter resulting in record annual gold production in 2019 of over 406,000 ounces.
Total production of 707,200 gold equivalent ounces²in 2019 exceeded production guidance for the eighth consecutive year.
Record gold sales volumes in 2019 of approximately 390,000 ounces.
Over $131 million in operating cash flow in the fourth quarter resulting in over $500 million in operating cash flow in 2019.
Net debt¹ reduced by $418 million in 2019 with Wheaton ending the year with net debt of $771 million.
Declared quarterly dividend¹ of $0.10 per common share, an 11% increase.

Operational Overview

		Q4 2019	Q4 2018 Change		2019	2018 Change
Ounces produced Gold Silver Palladium Gold equivalent 2 Ounces sold Gold Silver Palladium Gold equivalent 2			107,160 0.1 % 5,499 8.4 % 5,869 3.2 % 180,936 3.3 % 102,813 (13.2)% 4,400 6.5 % 5,049 5.2 % 162,205 (6.1)%			383,974 5.9 % 24,474 (7.8)% 14,686 49.8 % 700,446 1.0 % 349,168 11.4 % 21,733 (18.5)% 8,717 137.2 % 625,701 0.4 %
		107,225			406,675
		5,962			22,562
		6,057			21,993
		186,892			707,195
		89,223			389,086
		4,684			17,703
		5,312			20,681
		152,389			628,447
Revenue Net earnings Per share Adjusted net earnings 1 Per share 1 Operating cash flows Per share 1 Dividends paid 1 Per share	$	223,222	$ 196,591 13.5 % $ 6,828 1,035 % $ 0.02 750.0 % $ 36,745 112.1 % $ 0.08 110.5 % $ 108,461 21.6 % $ 0.24 20.8 % $ 39,959 0.7 % $ 0.09 0.0 %	$	861,332	$ 794,012 8.5 % $ 427,115 (79.8)% $ 0.96 (80.2)% $ 213,782 17.9 % $ 0.48 17.2 % $ 477,413 5.1 % $ 1.08 3.7 % $ 159,619 0.6 % $ 0.36 0.0 %
	$	77,524		$	86,138
	$	0.17		$	0.19
	$	77,953		$	251,993
	$	0.17		$	0.56
	$	131,867		$	501,620
	$	0.29		$	1.12
	$	40,252		$	160,656
	$	0.09		$	0.36

All amounts in thousands except gold, palladium and gold equivalent ounces produced and sold, per ounce amounts and per share amounts.¹²

Subsequent to the Quarter

The Company has set a minimum quarterly dividend of $0.10 per common share for the duration of 2020, representing an 11% increase relative to 2019, subject to the discretion of the Board of Directors. Under the new minimum dividend policy, the forecast annualized dividend for 2020 would represent an increase of more than 90% over a five-year period.
Wheaton announces its intention to initiate an at-the-market equity program.

Production Guidance

Wheaton’s estimated attributable production in 2020 is forecast to be 390,000 to 410,000 ounces of gold, 22.0 to 23.5 million ounces of silver, and 23,000 to 24,500 ounces of palladium, resulting in gold equivalent production³ of approximately 685,000 to 725,000 ounces.
For the five-year period ending in 2024, the Company estimates that average annual gold equivalent production³ will amount to 750,000 ounces.

Financial Review Revenues

Revenue was $223 million in the fourth quarter of 2019 representing a 14% increase from the fourth quarter of 2018 due primarily to:

21% increase in the average realized gold price;
18% increase in the average realized silver price;
6% increase in the number of silver ounces sold; and
59% increase in the average realized palladium price; partially offset by
13% decrease in the number of gold ounces sold.

Revenue was $861 million in the year ended December 31, 2019 representing an 8% increase from 2018 due primarily to:

10% increase in the average realized gold price;
11% increase in the number of gold ounces sold;
137% increase in the number of palladium ounces sold;
3% increase in the average realized silver price; and
45% increase in the average realized palladium price; partially offset by
19% decrease in the number of silver ounces sold.

Costs and Expenses

Average cash costs¹ in the fourth quarter of 2019 were:

$426 per gold ounce as compared to $409 in Q4 2018;
$5.13 per silver ounce as compared to $4.66 in Q4 2018; and
$321 per palladium ounce as compared to $205 in Q4 2018.

This resulted in a cash operating margin¹ of:

$1,057 per gold ounce sold, an increase of 29% as compared with Q4 2018;
$12.23 per silver ounce sold, an increase of 22% as compared with Q4 2018; and
$1,483 per palladium ounce sold, an increase of 59% as compared with Q4 2018.

Average cash costs¹ in 2019 were:

$421 per gold ounce as compared to $409 in 2018;
$5.02 per silver ounce as compared to $4.67 in 2018; and
$273 per palladium ounce as compared to $190 in 2018.
- 3 -

This resulted in a cash operating margin¹ of:

$969 per gold ounce sold, an increase of 13% as compared with 2018;
$11.27 per silver ounce sold, an increase of 1% as compared with 2018; and
$1,269 per palladium ounce sold, an increase of 46% as compared with 2018.

Balance Sheet (at December 31, 2019)

Approximately $104 million of cash on hand.
$875 million outstanding under the Company's $2 billion revolving term loan (the "Revolving Facility"). Subsequent to December 31, 2019, the term of the Revolving Facility was extended by an additional year, with the facility now maturing on February 27, 2025.
During Q4 2019, the Company has repaid $139 million under the Revolving Facility.
During Q4 2019, the net debt¹ was reduced by $91 million to $771 million.
The average effective interest rate for the fourth quarter of 2019 was 3.62%.

Fourth Quarter Asset Highlights

Salobo: In the fourth quarter of 2019, Salobo produced 74,700 ounces of attributable gold, virtually unchanged relative to the fourth quarter of 2018. In Vale S.A.’s (“Vale”) Fourth Quarter 2019 Performance Report, Vale reports that physical completion of the Salobo III mine expansion is now 40% and is on track to start up in the first half of 2022.

Peñasquito: In the fourth quarter of 2019, Peñasquito produced 1.9 million ounces of attributable silver, an increase of approximately 30% relative to the fourth quarter of 2018 primarily due to higher grades.

San Dimas: In the fourth quarter of 2019, San Dimas produced 11,400 ounces of attributable gold, an increase of approximately 12% relative to the fourth quarter of 2018 primarily due to higher grades and throughput. According to First Majestic Silver Corp.’s (“First Majestic”) Fourth Quarter 2019 MD&A, First Majestic has announced plans to increase production at San Dimas by restarting mining operations at the past-producing Tayoltita mine by the end of the first quarter and expects to ramp up production to add another 300 tpd to San Dimas throughput by the end of 2020. In addition, First Majestic plans to install a new 3,000 tpd highintensity grinding mill circuit and an autogenous grinding mill in the second half of 2020 to further improve recoveries and reduce operating costs.

Antamina: In the fourth quarter of 2019, Antamina produced 1.3 million ounces of attributable silver, an increase of approximately 10% relative to the fourth quarter of 2018, primarily due to higher grades.

Constancia: In the fourth quarter of 2019, Constancia produced 0.6 million ounces of attributable silver and 4,800 ounces of attributable gold, a decrease of approximately 9% for silver production and an increase of approximately 12% for gold production relative to the fourth quarter of 2018. As per Wheaton’s precious metals purchase agreement with Hudbay Minerals Inc. (“Hudbay”), should Hudbay fail to achieve a minimum level of throughput at the Pampacancha deposit during 2018, 2019 and 2020, Wheaton will be entitled to an additional 8,020 ounces of gold (received in quarterly installments) in each of 2019, 2020 and 2021, of which 8,020 ounces of gold was received during 2019. As per Hudbay’s news release dated February 18, 2020, Hudbay secured the surface rights for the Pampacancha deposit and expects to begin mining ore from the satellite deposit in late 2020.

Other Gold: In the fourth quarter of 2019, total Other Gold attributable production was 6,200 ounces, an increase of approximately 9% relative to the fourth quarter of 2018, primarily due to the resumption of mining at the Minto mine.

Produced But Not Yet Delivered ⁴

As at December 31, 2019, payable ounces attributable to the Company produced but not yet delivered amounted to:

98,600 payable gold ounces, an increase of 13,300 ounces during Q4 2019, primarily the result of a build up during the period relative to the Salobo mine.
4.5 million payable silver ounces, an increase of 0.4 million ounces during Q4 2019, primarily the result of a build up during the period relative to the Peñasquito mine.
4,900 payable palladium ounces, an increase of 700 ounces during Q4 2019.

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.

Reserves and Resources (at December 31, 2019)

Proven and Probable Mineral Reserves attributable to Wheaton were 11.40 million ounces of gold compared with 11.76 million ounces as reported in Wheaton’s 2018 Annual Information Form (“AIF”), a decrease of 3%; 544.4 million ounces of silver compared with 541.3 million ounces, an increase of 1%; palladium resources of 0.66 million ounces and cobalt of 32.6 million pounds were unchanged from 2018.
Measured and Indicated Mineral Resources attributable to Wheaton were 2.71 million ounces of gold compared with 2.88 million ounces as reported in Wheaton’s 2018 AIF, a decrease of 6%; silver resources were 744.7 million ounces compared with 780.6 million ounces, a decrease of 5%; cobalt resources of 1.6 million pounds of cobalt were unchanged from 2018.
Inferred Mineral Resources attributable to Wheaton were 4.16 million ounces of gold compared with 4.13 million ounces as reported in Wheaton’s 2018 AIF, an increase of 1%; silver resources were 485.7 million ounces compared with 441.7 million ounces, an increase of 10%, palladium resources were 0.35 million ounces compared with 0.36 million ounces, a decrease of 1% and cobalt resources of 9.3 million pounds were unchanged from 2018.

Estimated attributable reserves and resources contained in this press release are based on information available to the Company as of March 11, 2020, and therefore will not reflect updates, if any, after that date. Updated reserves and resources data incorporating year-end 2019 estimates will also be included in the Company's 2019 Annual Information Form. Wheaton’s most current attributable reserves and resources, as of December 31, 2019, can be found on the Company’s website at www.wheatonpm.com.

At-The-Market Equity Program

Wheaton intends to initiate an at-the-market equity program (the “ATM Program”) that would allow the Company to issue up to $300 million worth of common shares from treasury (“Common Shares”) to the public from time to time at the prevailing market price or other prices through the Toronto Stock Exchange, the New York Stock Exchange or any other marketplace on which the Common Shares are listed, quoted or otherwise trade. The volume and timing of distributions under the ATM Program, if any, will be determined at the Company’s sole discretion, subject to applicable regulatory limitations. The ATM Program remains subject to negotiation of definitive agreements with the Canadian and U.S. agents, filing of the prospectus supplement with the Canadian securities regulators and U.S. Securities and Exchange Commission (the “SEC”) respectively and receipt of all regulatory approvals, which conditions are anticipated to be satisfied in April. Wheaton intends that the net proceeds from the ATM Program, if any, will be available as one potential source of funding for stream acquisitions and/or other general corporate purposes including the repayment of indebtedness. Details of the ATM Program will be provided

upon filing of a prospectus supplement with the Canadian securities regulators and the SEC in early April. Sales of common shares through the ATM Program will be made pursuant to the terms of an equity distribution agreement.

Outlook

Wheaton’s estimated attributable production in 2020 is forecast to be between 685,000 and 725,000 gold equivalent ounces³ comprised of 390,000 to 410,000 gold ounces, 22.0 to 23.5 million silver ounces, and 23,000 to 24,500 palladium ounces. For the five-year period ending in 2024, the Company estimates that average annual gold equivalent production³ will amount to 750,000 ounces. As a reminder, Wheaton does not include any production from Barrick’s Pascua- Lama project or Hudbay’s Rosemont project in its estimated average five-year production guidance.

From a liquidity perspective, the $104 million of cash and cash equivalents as at December 31, 2019 combined with the liquidity provided by the available credit under the $2 billion Revolving Facility and ongoing operating cash flows positions the Company well to fund all outstanding commitments and known contingencies as well as providing flexibility to acquire additional accretive precious metal stream interests.

Health and Safety

The company is keeping up to date on developments surrounding COVID-19 and is taking steps to protect the health and safety of its employees as well as considering any possible impacts to its business.

Webcast and Conference Call Details

A conference call and webcast will be held Thursday, March 12, 2020, starting at 11:00 am (Eastern Time) 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: 888-231-8191 Dial from outside Canada or the US: 647-427-7450 Pass code: 6437236 Live audio webcast: Click here

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

The conference call will be recorded and available until March 19, 2020 at 11:59 pm (Eastern Time). 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: 855-859-2056 Dial from outside Canada or the US: 416-849-0833 Pass code: 6437236 Archived audio webcast: Click here

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 and Neil Burns, P. Geo., Vice President, Technical Services for Wheaton Precious Metals, are 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 and Mr. Burns has reviewed mineral reserves and resource estimates).

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.

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 creates sustainable value through streaming.

In accordance with Wheaton Precious Metals™ Corp.’s (“Wheaton Precious Metals “, “Wheaton” or the “Company”) MD&A and financial statements, reference to the Company includes the Company’s wholly owned subsidiaries.

End Notes

1 Please refer to non-IFRS measures at the end of this press release. Dividends declared in the referenced calendar quarter, relative to the financial results of the prior quarter.

2 Commodity price assumptions for the gold equivalent production and sales in 2019 are $1,300 / ounce gold, $16 / ounce silver, and $1,350 / ounce palladium.

3 Commodity price assumptions for the forecasts of gold equivalent production for 2020 and the five-year average to 2024, are $1,500 / ounce gold, $18 / ounce silver, $2,000 / ounce palladium, and $16 / pound of cobalt.

4 Payable gold, silver and palladium ounces produced but not yet delivered are based on management estimates only and rely upon information provided by the owners and operators of mining operations and may be revised and updated in future periods as additional information is received.

Consolidated Statements of Earnings

Years Ended December 31

(US dollars and shares in thousands, except per share amounts)	2019				2018
Sales	$		861,332		$ 794,012
Cost of sales Cost of sales, excluding depletion Depletion					$ 245,794 252,287
		$		258,559
				256,826
Total cost of sales	$		515,385		$ 498,081
Gross margin General and administrative expenses Impairment of mineral stream interests	$		345,947		$ 295,931 51,650 -
		$		345,947
				54,507
				165,912
Earnings from operations Gain on disposal of mineral stream interest Other (income) expense	$		125,528		$ 244,281 (245,715) 5,826
		$		125,528
				-
				(274)
Earnings before finance costs and income taxes Finance costs	$		125,802		$ 484,170 41,187
		$		125,802
				48,730
Earnings before income taxes Income tax recovery (expense)	$		77,072		$ 442,983 (15,868)
		$		77,072
				9,066
Net earnings	$		86,138		$ 427,115
Basic earnings per share Diluted earnings per share Weighted average number of shares outstanding Basic Diluted	$		0.19		$ 0.96 $ 0.96 443,407 443,862
	$		0.19
				446,021
				446,930

Consolidated Balance Sheets

(US dollars in thousands)	As at December 31				As at December 31 2018
	2019
Assets Current assets Cash and cash equivalents Accounts receivable Current taxes receivable Other					$ 75,767 2,186 210 1,541
		$		103,986
				7,138
				124
				43,504
Total current assets	$		154,752		$ 79,704
Non-current assets Mineral stream interests Early deposit mineral stream interests Mineral royalty interest Long-term equity investments Investment in associates Convertible notes receivable Property, plant and equipment Other					$ 6,156,839 30,241 9,107 164,753 2,562 12,899 3,626 10,315
		$		5,734,106
				31,741
				3,036
				309,757
				882
				21,856
				7,311
				14,566
Total non-current assets	$		6,123,255		$ 6,390,342
Total assets	$		6,278,007		$ 6,470,046
Liabilities Current liabilities Accounts payable and accrued liabilities Current taxes payable Current portion of performance share units Current portion of lease liabilities Other					$ 19,883 3,361 5,578 - 19
		$		11,794
				-
				10,668
				724
				41,514
Total current liabilities	$		64,700		$ 28,841
Non-current liabilities Bank debt Lease liabilities Deferred income taxes Performance share units Pension liability					$ 1,264,000 - 111 5,178 -
		$		874,500
				3,528
				148
				8,401
				810
Total non-current liabilities	$		887,387		$ 1,269,289
Total liabilities	$		952,087		$ 1,298,130
Shareholders' equity Issued capital Reserves Retained earnings					$ 3,516,437 7,893 1,647,586
		$		3,599,203
				160,701
				1,566,016
Total shareholders' equity	$		5,325,920		$ 5,171,916
Total liabilities and shareholders' equity	$		6,278,007		$ 6,470,046

Consolidated Statements of Cash Flows

Years Ended December 31

(US dollars in thousands)	2019				2018
Operating activities Net earnings Adjustments for Depreciation and depletion Gain on disposal of mineral stream interest Gain on disposal of mineral royalty interest Impairment charges Interest expense Equity settled stock based compensation Performance share units Pension expense Income tax expense (recovery) Loss on fair value adjustment of share purchase warrants held Share in losses of associate Fair value (gain) loss on convertible note receivable Investment income recognized in net earnings Other Change in non-cash working capital					$ 427,115 253,343 (245,715) - - 35,839 5,432 9,517 - 15,868 124 432 2,878 (829) (46) 8,964
		$		86,138
				258,730
				-
				(2,929)
				167,561
				44,942
				5,691
				7,834
				810
				(9,066)
				16
				164
				1,043
				(875)
				20
				(11,837)
Cash generated from operations before income taxes and interest Income taxes paid Interest paid Interest received		$		548,242	$ 512,922 (960) (35,373) 824
				(5,380)
				(42,059)
				817
Cash generated from operating activities	$		501,620		$ 477,413
Financing activities Bank debt repaid Bank debt drawn Credit facility extension fees Share purchase options exercised Lease payments Dividends paid					$ (330,500) 824,500 (1,205) 1,027 - (132,915)
		$		(389,500)
				-
				(1,106)
				37,038
				(637)
				(129,986)
Cash (used for) generated from financing activities	$		(484,191)		$ 360,907
Investing activities Mineral stream interests Early deposit mineral stream interests Proceeds on disposal of mineral royalty interest Net proceeds on disposal of mineral stream interests Acquisition of long-term investments Acquisition of convertible note receivable Investment in associate Proceeds on disposal of long-term investments Investment in subscription rights Dividend income received Other					$ (1,116,955) (8,709) - 226,000 (5,863) - - 47,734 - 80 (3,613)
		$		(183)
				(1,500)
				9,000
				-
				(909)
				(10,000)
				(133)
				17,824
				(1,524)
				59
				(2,004)
Cash generated from (used for) investing activities	$		10,630		$ (861,326)
Effect of exchange rate changes on cash and cash equivalents	$		160		$ 252
Increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of year	$		28,219		$ (22,754) 98,521
		$		28,219
				75,767
Cash and cash equivalents, end of year	$		103,986		$ 75,767

10 -

Summary of Ounces Produced

					Q4 2018 Q3 2018 Q2 2018 Q1 2018
	Q4 2019	Q3 2019	Q2 2019	Q1 2019
Gold ounces produced ² Salobo Sudbury 3 Constancia San Dimas 4 Stillwater 5 Other Minto 6 777					76,995 72,423 67,466 64,896 6,646 6,510 6,476 3,511 4,266 3,634 3,281 3,315 10,092 10,642 5,726 - 3,472 6,376 - - 1,441 2,546 2,554 2,707 4,248 4,124 4,982 5,645
	74,716	73,615	67,056	60,846
	6,639	6,082	9,360	11,374
	4,757	5,172	4,533	4,826
	11,352	11,239	11,496	10,290
	3,585	3,238	3,675	3,137
	2,189	-	-	-
	3,987	4,278	4,788	4,445
Total Other	6,176	4,278	4,788	4,445	5,689 6,670 7,536 8,352
Total gold ounces produced					107,160 106,255 90,485 80,074
	107,225	103,624	100,908	94,918
Silver ounces produced 2 San Dimas 4 Peñasquito Antamina Constancia Other Los Filos Zinkgruvan Yauliyacu Stratoni Minto 6 Neves-Corvo Aljustrel Lagunas Norte 7 Pierina 7 Veladero 7 777					- - 607 1,606 1,455 1,050 1,267 1,450 1,225 1,406 1,394 1,304 695 682 552 598 29 21 33 29 608 530 453 565 233 597 719 550 149 165 211 137 8 25 30 35 509 458 421 405 475 514 138 - - - - 217 - - - 107 - - - 265 113 136 152 146
	-	-	-	-
	1,895	2,026	702	1,594
	1,342	1,223	1,334	1,176
	632	686	552	635
	55	33	37	38
	724	630	631	479
	358	620	627	528
	147	131	172	143
	18	-	-	-
	385	431	392	498
	325	240	322	470
	-	-	-	-
	-	-	-	-
	-	-	-	-
	81	62	93	95
Total Other	2,093	2,147	2,274	2,251	2,124 2,446 2,157 2,456
Total silver ounces produced					5,499 5,584 5,977 7,414
	5,962	6,082	4,862	5,656
Palladium ounces produced ² Stillwater					5,869 8,817 - -
	6,057	5,471	5,736	4,729
GEOs produced 8 SEOs produced 8					180,936 184,139 164,043 171,328 14,701 14,961 13,329 13,920
	186,892	184,160	166,700	169,443
	15,185	14,963	13,544	13,767
Average payable rate 2 Gold Silver Palladium
					95.5% 95.4% 94.9% 94.7% 83.1% 83.5% 86.8% 89.7% 96.4% 94.6% n.a. n.a.
	95.6%	95.1%	95.3%	95.6%
	85.4%	85.1%	83.4%	83.0%
	99.4%	83.5%	87.6%	98.5%

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

2) Ounces produced represent the quantity of gold, silver and palladium contained in concentrate or doré prior to smelting or refining deductions. Production figures and average payable rates are based on information 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 may be updated in future periods as additional information is received.

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

4) Pursuant to the San Dimas SPA with Primero, the Company acquired 100% of the payable silver produced at San Dimas up to 6 million ounces annually, and 50% of any excess for the life of the mine. The San Dimas SPA was terminated on May 10, 2018 and concurrently the Company entered into the new San Dimas PMPA.

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.

7) In accordance with the Pascua-Lama precious metal purchase agreement, all deliveries from Lagunas Norte, Pierina and Veladero ceased effective March 31, 2018.

8) GEOs and SEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,300 per ounce gold; $16.00 per ounce silver; and $1,350 per ounce palladium, consistent with those used in estimating the Company's production guidance for 2019. Previously, GEOs and SEOs were calculated by referencing the average LBMA price during the period. This revised methodology of calculating GEOs and SEOs has been applied to all periods presented.

11 -

Summary of Ounces Sold

					Q4 2018 Q3 2018 Q2 2018 Q1 2018
	Q4 2019	Q3 2019	Q2 2019	Q1 2019
Gold ounces sold Salobo Sudbury 2 Constancia San Dimas 3 Stillwater 4 Other Minto 5 777					75,351 65,139 70,734 54,645 4,864 2,560 4,400 5,186 3,645 2,980 2,172 3,247 8,453 9,771 3,738 - 3,473 2,075 - - 2,674 796 2,284 1,763 4,353 5,921 3,812 5,132
	58,137	63,064	57,715	84,160
	7,394	7,600	8,309	4,061
	5,108	4,742	4,409	5,512
	11,499	11,374	10,284	11,510
	2,925	3,314	3,301	2,856
	-	-	765	3,307
	4,160	4,672	5,294	3,614
Total Other	4,160	4,672	6,059	6,921	7,027 6,717 6,096 6,895
Total gold ounces sold	89,223	94,766	90,077	115,020	102,813 89,242 87,140 69,973
Silver ounces sold San Dimas 3 Peñasquito Antamina Constancia Other Los Filos Zinkgruvan Yauliyacu Stratoni Minto 5 Neves-Corvo Aljustrel Lagunas Norte 6 Pierina 6 Veladero 6 777					- - 1,070 1,372 901 1,241 1,547 1,227 1,300 1,333 1,422 1,413 629 567 410 574 15 27 35 52 543 326 297 391 317 697 521 360 78 125 171 148 22 - 28 (1) 240 234 178 169 226 302 - - - 1 65 236 - - 54 88 - 2 104 161 129 163 70 153
	-	-	-	-
	1,268	1,233	912	1,164
	1,227	1,059	1,186	1,255
	672	521	478	735
	26	44	26	38
	473	459	337	232
	561	574	542	15
	120	126	240	80
	-	-	2	30
	154	243	194	265
	121	139	216	381
	-	-	-	-
	-	-	-	-
	-	-	-	-
	62	86	108	99
Total Other	1,517	1,671	1,665	1,140	1,570 1,877 1,523 1,757
Total silver ounces sold	4,684	4,484	4,241	4,294	4,400 5,018 5,972 6,343
Palladium ounces sold Stillwater					5,049 3,668 - -
	5,312	4,907	5,273	5,189
GEOs sold 7 SEOs sold 7	152,389	155,049	147,755	173,255	162,205 154,815 160,627 148,055 13,179 12,579 13,051 12,029
	12,382	12,598	12,005	14,077
Cumulative payable gold ounces PBND 8					99,474 99,987 88,547 89,839
	98,626	85,335	81,535	75,236
Cumulative payable silver ounces PBND 8					3,184 3,015 3,375 4,126
	4,546	4,138	3,403	3,585
Cumulative payable palladium ounces PBND 8					5,282 4,671 - -
	4,872	4,163	4,504	4,754

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

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

3) Pursuant to the San Dimas SPA with Primero, the Company acquired 100% of the payable silver produced at San Dimas up to 6 million ounces annually, and 50% of any excess for the life of the mine. The San Dimas SPA was terminated on May 10, 2018 and concurrently the Company entered into the new San Dimas PMPA.

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

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

6) In accordance with the Pascua-Lama precious metal purchase agreement, all deliveries from Lagunas Norte, Pierina and Veladero ceased effective March 31, 2018.

7) GEOs and SEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,300 per ounce gold; $16.00 per ounce silver; and $1,350 per ounce palladium, consistent with those used in estimating the Company's production guidance for 2019. Previously, GEOs and SEOs were calculated by referencing the average LBMA price during the period. This revised methodology of calculating GEOs and SEOs has been applied to all periods presented.

8) Payable gold, silver and palladium ounces produced but not yet delivered (“PBND”) are based on management estimates. These figures may be updated in future periods as additional information is received.

12 -

Results of Operations

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

Three Months Ended December 31, 2019

Average Realized Average Average Price Cash Cost Depletion Cash Flow Ounces Ounces ($'s Per ($'s Per ($'s Per Net From Total Produced² Sold Ounce) Ounce)³ Ounce) Sales Earnings Operations Assets

Gold

Salobo	74,716	58,137 $	1,484 $	404 $	383 $	86,252 $	40,488 $	55,963 $ 2,605,257
Sudbury4	6,639	7,394	1,481	400	819	10,952	1,936	8,342	344,043
Constancia	4,757	5,108	1,484	404	361	7,578	3,670	5,345	110,406
San Dimas	11,352	11,499	1,484	606	310	17,059	6,531	7,962	194,367
Stillwater	3,585	2,925	1,484	268	519	4,339	2,038	3,556	229,994
Other5	6,176	4,160	1,481	420	462	6,162	2,492	4,413	13,168
	107,225	89,223 $	1,483 $	426 $	417 $ 132,342 $		57,155 $	85,581 $ 3,497,235

Silver

Peñasquito	1,895	1,268 $	17.33 $	4.21 $	3.06 $	21,974 $	12,752 $	16,636 $	374,702
Antamina	1,342	1,227	17.33	3.46	8.73	21,262	6,308	16,730	668,810
Constancia	632	672	17.33	5.96	7.50	11,641	2,598	6,348	228,187
Other6	2,093	1,517	17.41	6.90	2.86	26,419	11,619	13,578	487,693
	5,962	4,684 $	17.36 $	5.13 $	5.12 $	81,296 $	33,277 $	53,292 $ 1,759,392

Palladium

Stillwater 6,057 5,312 $ 1,804 $ 321 $ 470 $ 9,584 $ 5,381 $ 7,877 $ 249,969

Cobalt

Voisey's Bay - - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 227,510 Operating results $ 223,222 $ 95,813 $ 146,750 $ 5,734,106

Other

General and administrative $ (11,695) $ Finance costs (9,607) Other (435) Income tax 3,448	(5,709)
	(9,537)
	409
	(46)

Total other $ (18,289) $ (14,883) $ 543,901 $ 77,524 $ 131,867 $ 6,278,007

1) All figures in thousands except gold and palladium ounces produced and sold and per ounce amounts.

2) Ounces produced represent the quantity of gold, silver and palladium contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information 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 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.

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

5) Comprised of the operating 777 and Minto gold interests in addition to the non-operating Rosemont gold interest. The Minto mine was placed into care and maintenance from October 2018 to October 2019.

6) Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, 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. The Minto mine was placed into care and maintenance from October 2018 to October 2019.

On a gold equivalent and silver equivalent basis, results for the Company for the three months ended December 31, 2019 were as follows:

Three Months Ended December 31, 2019 Average Cash

			Realized	Average	Operating	Average	Gross
			Price	Cash Cost	Margin	Depletion	Margin
	Ounces	Ounces	($'s Per	($'s Per	($'s Per	($'s Per	($'s Per
	Produced1, 2	Sold2	Ounce)	Ounce)3	Ounce)4	Ounce)	Ounce)
Gold equivalent basis5	186,892	152,389	$ 1,465	$ 418	$ 1,047	$ 418	$ 629
Silver equivalent basis5	15,185	12,382	$ 18.03	$ 5.15	$ 12.88	$ 5.14	$ 7.74

1) Ounces produced represent the quantity of gold, silver and palladium contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information 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 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.

5) GEOs and SEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,300 per ounce gold; $16.00 per ounce silver; and $1,350 per ounce palladium, consistent with those used in estimating the Company's production guidance for 2019. Previously, GEOs and SEOs were calculated by referencing the average LBMA price during the period. This revised methodology of calculating GEOs and SEOs has been applied to all periods presented.

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