WPM.TO · 2021-11-04

Third Quarter 2021 Financial Results Wheaton Precious Metals Announces Record Revenue, Earnings and Cash Flow for the First Nine Months of 2021

Financials

November 4, 2021 TSX | NYSE | LSE: WPM Vancouver, British Columbia Designated News Release THIRD QUARTER 2021 FINANCIAL RESULTS

WHEATON PRECIOUS METALS ANNOUNCES RECORD REVENUE, EARNINGS AND CASH FLOW FOR THE FIRST NINE MONTHS OF 2021

“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 Silver ounces Palladium ounces Cobalt pounds Gold equivalent ounces 2 Units sold Gold ounces Silver ounces Palladium ounces Cobalt pounds Gold equivalent ounces 2			90,500 (5.0)% 6,028 6.1 % 5,444 (6.2)% - n.a. 181,184 2.1 % 90,101 (24.9)% 4,999 9.8 % 5,546 2.8 % - n.a. 166,611 (8.5)%
		85,941
		6,394
		5,105
		370,522
		184,918
		67,649
		5,487
		5,703
		131,174
		152,432
Revenue Net earnings Per share Adjusted net earnings 1 Per share 1 Operating cash flows Per share 1	$	268,957	$ 307,268 (12.5)% $ 149,875 (10.0)% $ 0.334 (10.2)% $ 152,007 (9.8)% $ 0.338 (10.1)% $ 228,099 (11.8)% $ 0.508 (12.0)%
	$	134,937
	$	0.300
	$	137,087
	$	0.304
	$	201,287
	$	0.447

All amounts in thousands except gold, palladium & gold equivalent ounces and cobalt pounds produced & sold, per ounce/pound amounts & per share amounts.¹²

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 Peñasquito, 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 tenyear period ending in 2030³.

	Updated Guidance	Original Guidance
Gold Ounces	330,000 to 345,000	370,000 to 400,000
Silver Ounces (‘000s)	25,500 to 26,500	22,500 to 24,000
Other Metals2 (GEOs)	45,000 to 55,000	40,000 to 45,000
Total GEOs2	735,000 to 765,000	720,000 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 Revenues

Revenue 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 equivalent² 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 equivalent² price.

Cash Costs and Margin

Average cash costs¹ in the third quarter of 2021 were $410 per gold equivalent² ounce as compared to $421 in third quarter of 2020. This resulted in a cash operating margin¹ of $1,354 per gold equivalent² ounce sold, a decrease of 5% as compared with the third quarter of 2020.

Balance Sheet (at September 30, 2021)

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

Third Quarter 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.

Peñasquito: In the third quarter of 2021, Peñasquito 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 Compañía 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 fiveyear 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”).		T

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 Peñasquito 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 Marabá, 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: 1-888-664-6383 Dial from outside Canada or the US: 1-416-764-8650 Pass code: 61024959 Live 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: 1-888-390-0541 Dial from outside Canada or the US: 1-416-764-8677 Pass 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™ 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

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 2021 and long-term forecasts are $1,800 / ounce gold, $25 / ounce silver, and $2,300 / ounce palladium and $17.75 / pound cobalt. Other metal includes palladium and cobalt.

3 Gold equivalent guidance based on the commodity prices outlined in note 2 above. Five- and ten-year guidance do not include optionality production from Pascua Lama, Navidad, Cotabambas, or additional expansions at Salobo outside of project currently in construction. In addition, five-year guidance also does not include any production from Rosemont, Toroparu, Kutcho, or the Victor project at Sudbury.

4 Payable gold, silver and palladium ounces and cobalt pounds 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.

5 Rating current as of October 7, 2021, for Sustainalytics and as of September 23, 2021, for MSCI.

Condensed Interim Consolidated Statements of Earnings

Three Months Ended Nine Months Ended September 30 September 30

(US dollars and shares in thousands, except per share amounts - unaudited)	2021				2020	2021				2020
Sales	$		268,957		$ 307,268	$		923,468		$ 810,012
Cost of sales Cost of sales, excluding depletion Depletion					$ 70,119 60,601					$ 202,238 184,104
		$		62,529			$		219,757
				54,976					195,458
Total cost of sales	$		117,505		$ 130,720	$		415,215		$ 386,342
Gross margin General and administrative expenses	$		151,452		$ 176,548 21,326	$		508,253		$ 423,670 56,307
		$		151,452			$		508,253
				13,595					44,030
Earnings from operations Other (income) expense	$		137,857		$ 155,222 2,624	$		464,223		$ 367,363 (1,340)
		$		137,857			$		464,223
				1,108					(2,194)
Earnings before finance costs and income taxes Finance costs	$		136,749		$ 152,598 2,766	$		466,417		$ 368,703 14,519
		$		136,749			$		466,417
				1,379					4,309
Earnings before income taxes Income tax (expense) recovery	$		135,370		$ 149,832 43	$		462,108		$ 354,184 (3,601)
		$		135,370			$		462,108
				(433)					955
Net earnings	$		134,937		$ 149,875	$		463,063		$ 350,583
Basic earnings per share Diluted earnings per share Weighted average number of shares outstanding Basic Diluted	$		0.300		$ 0.334 $ 0.332 449,125 451,999	$		1.029		$ 0.782 $ 0.779 448,484 449,892
	$		0.299			$		1.026
				450,326					449,977
				451,717					451,369

Condensed Interim Consolidated Balance Sheets

(US dollars in thousands - unaudited)	As at September 30				As at December 31 2020
	2021
Assets Current assets Cash and cash equivalents Accounts receivable Other					$ 192,683 5,883 3,265
		$		372,450
				10,392
				9,874
Total current assets	$		392,716		$ 201,831
Non-current assets Mineral stream interests Early deposit mineral stream interests Mineral royalty interest Long-term equity investments Convertible notes receivable Property, plant and equipment Other					$ 5,488,391 33,241 3,047 199,878 11,353 6,289 13,242
		$		5,505,663
				34,741
				6,606
				71,741
				15,489
				5,790
				13,994
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 Current portion of performance share units Current portion of lease liabilities Other					$ 13,023 17,297 773 76
		$		14,514
				13,348
				801
				154
Total current liabilities	$		28,817		$ 31,169
Non-current liabilities Bank debt Lease liabilities Deferred income taxes Performance share units Pension liability					$ 195,000 2,864 214 11,784 1,670
		$		-
				2,258
				276
				8,667
				2,369
Total non-current liabilities	$		13,570		$ 211,532
Total liabilities	$		42,387		$ 242,701
Shareholders' equity Issued capital Reserves Retained earnings					$ 3,646,291 126,882 1,941,398
		$		3,685,032
				50,769
				2,268,552
Total shareholders' equity	$		6,004,353		$ 5,714,571
Total liabilities and shareholders' equity	$		6,046,740		$ 5,957,272

Condensed Interim Consolidated Statements of Cash Flows

Three Months Ended Nine Months Ended September 30 September 30

(US dollars in thousands - unaudited)			2020			2020
	2021			2021
Operating activities Net earnings Adjustments for Depreciation and depletion Interest expense Equity settled stock based compensation Performance share units Pension expense Income tax expense (recovery) Loss (gain) on fair value adjustment of share purchase warrants held Fair value (gain) loss on convertible note receivable Investment income recognized in net earnings Other Change in non-cash working capital			$ 149,875 61,050 1,795 1,319 9,325 265 (43) 1,107 1,095 (23) 567 3,656			$ 350,583 185,542 11,289 4,127 11,734 533 3,601 845 (1,382) (178) 513 2,771
	$	134,937		$	463,063
		55,445			196,869
		30			324
		1,315			3,946
		2,824			(7,128)
		294			710
		433			(955)
		1,246			2,392
		490			(4,136)
		(178)			(275)
		(9)			685
		4,434			(5,341)
Cash generated from operations before income taxes and interest Income taxes recovered (paid) Interest paid Interest received	$	201,261	$ 229,988 - (1,912) 23	$	650,154	$ 569,978 70 (12,745) 177
		-			(51)
		(31)			(401)
		57			154
Cash generated from operating activities			$ 228,099			$ 557,480
	$	201,287		$	649,856
Financing activities Bank debt repaid Credit facility extension fees Share purchase options exercised Lease payments Dividends paid			$ (153,000) (6) 2,763 (132) (37,309)			$ (387,000) (1,373) 20,779 (438) (120,312)
	$	-		$	(195,000)
		(54)			(1,727)
		183			5,719
		(196)			(583)
		(57,235)			(160,784)
Cash (used for) generated from financing activities			$ (187,684)			$ (488,344)
	$	(57,302)		$	(352,375)
Investing activities Mineral stream interests Early deposit mineral stream interests Mineral royalty interest Acquisition of long-term investments Proceeds on disposal of long-term investments Dividends received Other			$ (40) (750) - (10,671) 49,454 - (363)			$ (40) (1,500) - (10,671) 49,577 - (691)
	$	(1,055)		$	(216,845)
		(750)			(1,500)
		-			(3,571)
		(5,076)			(7,453)
		-			112,188
		110			110
		(171)			(691)
Cash generated from (used for) investing activities			$ 37,630			$ 36,675
	$	(6,942)		$	(117,762)
Effect of exchange rate changes on cash and cash equivalents			$ 25			$ 37
	$	(39)		$	48
Increase in cash and cash equivalents Cash and cash equivalents, beginning of period			$ 78,070 131,764			$ 105,848 103,986
	$	137,004		$	179,767
		235,446			192,683
Cash and cash equivalents, end of period			$ 209,834			$ 209,834
	$	372,450		$	372,450

10 -

Summary of Units Produced

				Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019
	Q3 2021	Q2 2021	Q1 2021
Gold ounces produced ² Salobo Sudbury 3 Constancia 8 San Dimas 4, 8 Stillwater 5 Other Minto 6 777 9 Marmato				62,854 63,408 59,104 62,575 74,716 6,659 3,798 9,257 7,795 6,468 3,929 3,780 3,470 3,681 4,757 11,652 9,228 6,074 11,318 11,352 3,290 3,176 3,222 2,955 3,585 789 1,832 2,928 2,124 2,189 2,866 5,278 4,728 4,551 3,987 - - - - -
	55,205	55,590	46,622
	465	4,563	7,004
	8,533	5,519	2,453
	11,936	11,478	10,491
	2,949	2,962	3,041
	1,703	3,206	2,638
	4,717	5,035	6,280
	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				92,039 90,500 88,783 94,999 107,054
	85,941	90,066	78,529
Silver ounces produced 2 Peñasquito 8 Antamina 8 Constancia 8 Other Los Filos 8 Zinkgruvan Yauliyacu 8 Stratoni Minto 6 Neves-Corvo Aljustrel Cozamin Marmato Keno Hill 777 9				2,014 1,992 967 2,658 1,895 1,930 1,516 612 1,311 1,342 478 430 254 461 632 6 17 14 29 55 515 498 389 662 670 454 679 273 557 358 185 156 148 183 147 16 15 19 18 18 420 281 479 377 385 440 348 388 352 325 - - - - - - - - - - - - - - - 51 96 108 96 81
	2,180	2,026	2,202
	1,548	1,558	1,577
	521	468	406
	12	26	31
	658	457	420
	432	821	737
	8	164	165
	25	33	21
	362	408	345
	314	400	474
	199	183	230
	10	39	-
	44	55	27
	81	83	130
Total Other	2,145	2,669	2,580	2,087 2,090 1,818 2,274 2,039
Total silver ounces produced				6,509 6,028 3,651 6,704 5,908
	6,394	6,721	6,765
Palladium ounces produced ² Stillwater 5				5,672 5,444 5,759 5,312 6,057
	5,105	5,301	5,769
Cobalt pounds produced ² Voisey's Bay				- - - - -
	370,522	379,757	1,162,243 ¹⁰
GEOs produced 7 SEOs produced 7				189,682 181,184 146,857 194,901 196,850 13,657 13,045 10,574 14,033 14,173
	184,918	193,927	191,308
	13,314	13,963	13,774
Average payable rate 2 Gold Silver Palladium Cobalt GEO 7				95.2% 95.3% 94.7% 95.1% 95.6% 86.3% 86.1% 81.9% 85.6% 85.3% 93.6% 94.0% 90.8% 91.0% 92.2% n.a. n.a. n.a. n.a. n.a. 91.1% 91.1% 89.8% 90.4% 91.5%
	96.2%	95.8%	95.0%
	86.6%	87.0%	86.6%
	94.5%	95.0%	91.6%
	93.3%	93.3%	93.3%
	91.2%	91.7%	90.4%

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

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

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

4) 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 average 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.

7) 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 per ounce silver;

8) 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, 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.

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

10) 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, Wheaton 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.

11 -

Summary of Units Sold

				Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019
	Q3 2021	Q2 2021	Q1 2021
Gold ounces sold Salobo Sudbury 2 Constancia 7 San Dimas 7 Stillwater 3 Other Minto 4 777 Marmato				53,197 59,584 68,487 74,944 58,137 7,620 7,858 7,414 4,822 7,394 3,853 4,112 3,024 3,331 5,108 11,529 9,687 6,030 11,358 11,499 3,069 3,015 3,066 3,510 2,925 1,540 - - - - 5,435 5,845 4,783 2,440 4,160 - - - - -
	35,185	57,296	51,423
	1,915	6,945	3,691
	8,159	2,321	1,676
	11,346	11,214	10,273
	2,820	2,574	3,074
	1,907	2,359	2,390
	5,879	5,694	2,577
	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				86,243 90,101 92,804 100,405 89,223
	67,649	90,090	75,104
Silver ounces sold Peñasquito 7 Antamina 7 Constancia 7 Other Los Filos 7 Zinkgruvan Yauliyacu 7 Stratoni Minto 4 Neves-Corvo Aljustrel Cozamin Marmato Keno Hill 777				1,417 1,799 1,917 2,310 1,268 1,669 1,090 788 1,244 1,227 442 415 254 350 672 - 19 25 37 26 326 492 376 447 473 15 580 704 9 561 169 134 77 163 120 20 - - - - 145 201 236 204 154 280 148 252 123 121 - - - - - - - - - - - - - - - 93 121 100 41 62
	2,210	1,844	2,174
	1,502	1,499	1,930
	484	295	346
	12	42	27
	354	355	293
	182	601	1,014
	41	167	117
	24	29	26
	193	215	239
	155	208	257
	170	168	173
	10	35	-
	51	33	12
	99	109	49
Total Other	1,291	1,962	2,207	1,048 1,695 1,770 1,024 1,517
Total silver ounces sold				4,576 4,999 4,729 4,928 4,684
	5,487	5,600	6,657
Palladium ounces sold Stillwater 3				4,591 5,546 4,976 4,938 5,312
	5,703	3,869	5,131
Cobalt pounds sold Voisey's Bay				- - - - -
	131,174	394,623	132,277
GEOs sold 5 SEOs sold 5				155,665 166,611 164,844 175,154 161,066 11,208 11,996 11,869 12,611 11,597
	152,432	176,700	175,419
	10,975	12,722	12,630
Cumulative payable units PBND 6 Gold ounces Silver ounces Palladium ounces Cobalt pounds GEO 5 SEO 5				70,555 75,750 79,632 88,383 98,475 4,486 3,437 3,222 4,961 4,142 5,597 4,616 4,883 4,875 4,872 - - - - - 140,008 129,391 130,623 163,521 162,225 10,081 9,316 9,405 11,774 11,680
	81,246	66,250	70,072
	4,056	3,975	3,738
	5,619	6,822	5,373
	637,986	777,304	819,819
	151,056	137,835	136,933
	10,423	9,372	9,277
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.

5) 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 per ounce silver;

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

7) 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.

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 September 30, 2021

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

Gold

Salobo	55,205	35,185 $	1,795 $	412 $	374 $	63,154 $	35,504 $	50,404 $ 2,455,567
Sudbury4	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
Other5	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

Peñasquito	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
Other6	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) $ Finance costs (1,379) Other (1,108) Income tax (433)	(6,432)
	(1,039)
	103
	-

Total other $ (16,515) $ (7,368) $ 541,077 $ 134,937 $ 201,287 $ 6,046,740

1) Units of gold, silver and palladium produced and sold are reported in 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.

2) Quantity produced represent the amount of gold, silver, palladium and cobalt 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 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.

6) Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, 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 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	184,918	152,432	$ 1,764	$ 410	$ 1,354	$ 361	$ 993
Silver equivalent basis5	13,314	10,975	$ 24.51	$ 5.70	$ 18.81	$ 5.01	$ 13.80

1) Quantity produced represent the amount of gold, silver, palladium and cobalt 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: $1,800 per ounce gold; $25.00 per 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.

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