THE HIGH MARGIN PRECIOUS METALS COMPANY - March 2021 Corporate Presentation
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THE HIGH MARGIN PRECIOUS METALS COMPANY March 2021 Corporate Presentation
CAUTIONARY STATEMENTS
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
The information contained in this Presentation 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 Canadian securities legislation. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such
statements.
Readers are strongly cautioned to carefully review the cautionary notes to this Presentation and in particular:
Note 1 at the end of this Presentation contains our cautionary note regarding forward-looking statements and sets out the material assumptions and
risk factors that could cause actual results to differ, including, but not limited to, fluctuations in the price of commodities, the impact of the COVID-19
virus pandemic, outcome of any audits by the CRA of Wheaton Precious Metal’s tax filings, the absence of control over mining operations from which
Wheaton Precious Metal purchases precious metals or cobalt, and risks related to such mining operations and continued operation of Wheaton
Precious Metal’s Counterparties. Readers should also consider the risks identified under “Risks and Uncertainties” in Management's Discussion and
Analysis (“MD&A”) for the period ended December 31, 2020, available on SEDAR and Wheaton Precious Metals' Form 6-K filed March 11, 2021,
available on EDGAR. Readers should also consider the section entitled “Description of the Business – Risk Factors” in Wheaton Precious Metals’
Annual Information Form and Form 40-F for the year ended December 31,2019 filed March 30, 2020 and available on SEDAR and EDGAR. Where
applicable, readers should also consider any updates to such “Risks and Uncertainties” that may be provided by Wheaton Precious Metals in its
Annual Information Form and Form 40-F to be filed on SEDAR and EDGAR for the period ended December 31, 2020 as well as any subsequently filed
quarterly MD&A.
Note 2 at the end of this Presentation contains our cautionary note regarding the presentation of mineral reserve and mineral resource estimates.
The full presentation is available on Wheaton’s website (www.Wheatonpm.com). All values referenced on the presentation are in US dollars unless
otherwise noted. 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.
2
WHO IS WHEATON PRECIOUS METALS?
WHEATON PRECIOUS METALS
A MODEL DESIGNED TO BENEFIT ALL STAKEHOLDERS
Our Vision To be the world’s premier precious metals investment vehicle.
Our Mandate To deliver value through streaming to all of our stakeholders:
.
To our Shareholders, To our Partners, To our Neighbours,
by delivering low risk, high by crystallizing value for by promoting responsible
quality, diversified exposure precious metals yet to mining practices and supporting
and growth optionality to be produced the communities in which we
precious metals live and operate
Wheaton Precious Metals 4
WHEATON’S STREAMING ADVANTAGE
A SUSTAINABLE OPTION FOR PRECIOUS METAL INVESTING
HIGH QUALITY ASSETS COMMODITY PRICE LEVERAGE
Ninety percent of Wheaton’s current Investors get leverage to the underlying
production comes from mines operating in commodities as delivery payments per ounce
the lowest half of their cost curve are pre-determined and made upon delivery
PREDICTABLE COSTS EXPLORATION UPSIDE
LOW WITH HIGH
Contractually defined cost per ounce Receives the benefit from mine
typically protects streamers from RISKS UPSIDE exploration and expansion activities
inflationary cost pressures typically at no additional cost
INNOVATIVE DIVIDEND OPTIONALITY
Dividend policy provides shareholders a minimum Development projects not included in
floor payment while giving direct exposure to guidance have the potential of adding
Wheaton’s growth and commodity prices11 >200,000 GEOs per year30
SUSTAINABLE FOUNDATION
Wheaton is committed to long-term sustainability
Wheaton Precious Metals 5
WHEATON PRECIOUS METALS
CONTINUING TO EXECUTE IN A VIRTUAL WORLD
Wheaton lists on London Stock
Corporate Development:
Exchange
Cozamin (Capstone) – 50% of Ag for
RECENT HIGHLIGHTS
Trading of shares commenced October 28,
upfront payment of $150M
2020 under the ticker LSE:WPM
Marmato (Aris) – 6.5% of Au and 100%
of Ag for upfront payment of $110M New index inclusions support
Wheaton’s strategic vision:
S&P/TSX Canadian Dividend Aristocrats
Index
Recognition for Sustainability:
Euronext Vigeo World 120 Index
MSCI: “AA” (Upgrade from “A”)27
Sustainalytics: #1 for Precious Metals Leadership in precious metals
and ESG Global 50 Top Rated
Company28 Randy Smallwood announced as new
Chair of World Gold Council
Wheaton Precious Metals 6
HIGH QUALITY ASSET BASE
DIVERSIFIED PORTFOLIO OF HIGH-QUALITY ASSETS
Operating Mines (24) Development Projects (7) Partners:
Vale
Keno Hill
Minto Barrick
Zinkgruvan
Kutcho
Voisey’s Bay Newmont
777
Sudbury
Glencore
Coleman Aljustrel Sibanye-Stillwater
Stillwater Copper Cliff Stratoni
East Boulder Creighton Pan American
Garson Neves-Corvo
Rosemont Lundin
Peñasquito Totten
San Dimas Cozamin Victor (Dev. project) First Majestic
Los Filos Equinox
Eldorado
Marmato Toroparu
Hudbay
Antamina
Salobo Capstone
Yauliyacu
Constancia Alexco
Cotabambas
Pembridge
Almina
Pascua-Lama
Corporate Offices (2) Aris Gold
Navidad Gold X Mining
Panoro
Well-diversified with low political risk Kutcho Copper
Wheaton Precious Metals 7
HIGH QUALITY ASSET BASE
LOW COST, LONG LIFE PRODUCTION
2021 Forecast Production Mine Life of Operating Portfolio1,2,3
by Cost Quartile1,3 70
2% 60
8% 18
50
Mine Life (years)
40 10
16%
30
20
74% 33
10
First
Second 0
Third Proven & Probable Measured & Inferred
Fourth Mineral Reserves Indicated Mineral Mineral Resources
Resources
Ninety percent of Wheaton’s production comes from assets that fall in the lowest half of the cost curve,
and the portfolio has over 30 years of mine life based on reserves
Wheaton Precious Metals 8
HIGH QUALITY ASSET BASE
LONG TERM PRODUCTION OUTLOOK
1,200 2019 Actuals 2020 Actuals 2021 Guidance Average Annual Production Guidance29:
1,4
GEOs: GEOs: GEOs:
5-year Average: 810,000 GEOs Optionality
720 - 780Koz
Gold Equivalent Production (GEO) (Koz)
745Koz 714Koz
10-year Average: 830,000 GEOs
1,000
28.1Koz
28.4 Koz 40 – 45Koz Stillwater
800 Other Metals Other Metals
Other Metals Other Metals Voisey’s Bay
Salobo
600 Constancia
406.5 367.4 370 – 400 Gold San Dimas
Koz Au Koz Au Koz Au Sudbury
400 Stillwater
Peñasquito
200 22.4 22.9 22.5 – 24.0 Silver Constancia
Moz Ag Moz Ag Moz Ag Antamina
Other
0
2019A 2020A 2021E 2025E 2030E Optionality 30
Silver Gold Other Metal
Wheaton’s commitment to sustainable growth is reinforced by the introduction of 10-year guidance
Wheaton Precious Metals 9
CASH OPERATING COSTS
PREDICTABLE COSTS AND HIGH MARGINS
Total Cash Cost and Cash Operating Margins per Ounce1,5,6,7
Gold Price (US$/0z)
$2,500
$2,000
$1,500
79% 76%
$1,000 81% 72% 69% 66% 69% 69% 68% 70%
71% 75%
$500
$300 $300 $300 $362 $386 $386 $393 $391 $395 $409 $421 $426 $451
$0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021-
2025E
Silver Price (US$/0z)
$30
$20 88% 87%
81% 83%
$10 74% 78% 73% 74% 74% 70% 70% 75%
$3.97 $3.97 $3.99 $4.06 $4.12 $4.14 $4.17 $4.42 $4.49 $4.67 $5.02 $5.28 $5.81
$0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021-
2025E
Total Cash Cost/oz Cash Operating Margins
Wheaton Precious Metals 10STRONG BALANCE SHEET
AMPLE CAPACITY TO CONTINUE GROWING
Cash Flow % Increase
Au Price Ag Price
Balance Sheet as of December 31, 20201 Sensitivity to from Base
$US/oz $US/oz
Commodity Price Case
$8,000
72%
67% 50% $2,550 $39.88
$7,000 79%
62%
65%
65%
47% 35% $2,295 $35.10
44%
$6,000 45%
46%
27%
Millions ($US)
25% 20% $2,040 $31.20
$5,000 26%
27%
26%
13%
12% 10%
10% $1,870
$1,980 $28.60
$29.70
28%
29%
13%
13%
13%
13%
$4,000
Base Case
Base Case
$3,000 Base
Base Case
Case
Gold
Base
Base @Case
$1,700
Case ~$950M in average
Gold
Gold
Gold @
@ @ $1,800
$1,800
$1,900
Silver
Gold
Gold @ @@$1,800
$26.00
$1,900 annual operating cash
Silver@
Silver
Silver @@$27.00
$18.50
$27.00
$25.00
$2,000 Palladium
Silver
Silver
Palladium
Palladium @@ @
@ $2,300
$25.00
$23.00
$1,900
@ $2,300 flows generated at spot
Palladium
Cobalt@@
Palladium $2,400
$2,100
$22/lb
Cobalt @@$22/lb
Palladium @$2,500
$2,400 commodity prices
$1,000
$0
9
Revolving Credit Cash Remaining Capacity Est. Op. Cash Flow
Facility (Rolling 5-yr forecast)
Cash flow sensitivities indicate a 50% increase in commodity prices
will result in an >65% increase to cash flows
Wheaton Precious Metals 11MARGINS AND CASH FLOW
OPTIONALITY TO HIGHER COMMODITY PRICES
19,21
$900 1,000
Over $2 billion of operating cash
Operating Cash Flow (Million US$)
$800 flow in excess of Wheaton’s original 900
Gold Equivalent Sales (koz)
$700 expectation during the last upswing 800
in the commodity prices cycle 700
$600
600
$500
Excess Cash Flow 500
$400
400
$300
Initial Cash Flow Estimate 300
$200 200
$100 100
$0 0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
GEO Sales ActualCash
Excess Stream
Flow Initial
Initial Stream
Cash Flow Estimate Gold Price
Cash Flow Cash Flow Estimate
Wheaton’s 2020 sales volumes are 75 percent higher than in 2012
during the prior high commodity price cycle
Wheaton Precious Metals 12INNOVATIVE AND SUSTAINABLE DIVIDEND
LEADING DIVIDEND YIELD AMONGST STREAMERS
▪ Innovative Quarterly Dividend Policy
• Dividends linked to operating cash flows whereby 30% of the average of the previous four quarters’ operating cash
flows are distributed to shareholders.
• Floor of $0.13/share per quarter set for 2021, representing a 30% increase relative to 2020.11
▪ Benefits
• Direct precious metals price exposure
• Participation in robust organic production growth
• Sustainable and flexible
• ~$1.2billion declared in dividends as of December 31, 2020 equivalent to ~40% of cumulative net earnings
3.0%
2.0%
1.0%
Wheaton Yield Franco Nevada Yield Royal Gold Yield
0.0%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Wheaton Precious Metals 13BENEFITS TO PARTNER MINING COMPANIES
PRECIOUS METALS STREAMING
THE BENEFITS TO THE PARTNER MINING COMPANY
Stream Debt Equity
Non-dilutive form of funding ✓ ✓
Initial value creation for both parties ✓
Improves project IRR ✓
Crystalize future production of mining partner ✓
Contractual relationship means support & flexibility ✓
Endorses technical merits of mine / project ✓
Share production and operating risk ✓ ✓
Expedited due diligence & closing process ✓ ✓
No fixed payments ✓ ✓
Benefits to Mining Companies 15PRECIOUS METALS STREAMING
THE BENEFITS TO THE PARTNER MINING COMPANY
Initial Value Creation
Opportunity exists to The market values
create value for both precious metal in a
parties Value of Future streaming company’s
Precious Metal portfolio greater than
Value of Future Stream precious metal produced
Precious Metal by a traditional miner
Production
Traditional Miner Streaming Company
Salobo Example22
Improves IRRs
The upfront payment
contributes a larger
$1,030 portion of capex than the
78% $863M
stream represents as a
percentage of revenue
20%
Upfront payment Stream as a % Vale's capex net of Vale's 2020 EBITDA
as a % of capex of mine revenue WPM's upfront from Salobo
payments
Benefits to Mining Companies 16BENEFITS TO THE COMMUNITY
SUSTAINABILITY
A CORE VALUE
Wheaton delivers sustainable, long-term value from
both a business and social perspective
Community External &
ESG Due Strong Policies
Investment Voluntary
Diligence & Practices
Programs Commitments
Wheaton has undertaken a broad range of sustainability initiatives and
significantly increased disclosure around ESG risk management
Benefits to the Community 18COMMUNITY INVESTMENT PROGRAM
MAKING AN IMPACT
▪ Only streaming company with
formal programs that benefit
communities HEALTH EDUCATION ENVIRONMENT COMMUNITY
▪ To help combat COVID-19, Community Investment Budget
Wheaton established an additional (1.5% of average net income of previous four years)
$5M Community Support & Relief
(0.5%) (1%)
Fund to be used primarily to
support communities around the
mines from which we get precious Local CSR Partner CSR
metals (Vancouver & Cayman) (Mining Communities)
• At December 31 2021, Wheaton
has made donations totaling $3
million under this program in
support of frontline organizations
including food banks, shelters and
hospitals among others.
Benefits to the Community 19RECOGNITION FOR SUSTAINABILITY PERFORMANCE
▪ Top-rated among ESG analysts
• Rated an “AA” by MSCI ESG Research (upgraded from “A” in September 2020)27
• Ranked #1 for Precious Metals by Sustainalytics ESG Risk Ratings28
• Ranked in the Global Top 50 out of over 12,000 companies across sectors by Sustainalytics
• Classified as “Prime” by ISS ESG Corporate Rating
• Included within the Euronext Vigeo World 120 Indice powered by Vigeo Eiris
▪ Carbon Neutral designation since 2015
▪ Signatory to the World Gold Council’s Responsible Gold Mining Principles
▪ First streaming company to join UN Global Compact
• Largest sustainability initiative in the world
• Demonstrates commitment to corporate sustainability through a principles-based approach
• Incorporates ten universally accepted principles in the areas of human rights, labour, environment and anti-corruption
into strategies, policies and procedures
• Take strategic actions to advance broader societal goals including the UN Sustainable Development Goals
Benefits to the Community 20WHY INVEST IN WHEATON PRECIOUS METALS?
THE WORLD’S PREMIER PRECIOUS METALS INVESTMENT
Other Precious Metal
Wheaton Streamers Bullion / ETFs Miners
>95% of revenue from precious metals17 ✓ ✓ ?
No capital cost exposure ✓ ✓
No operating cost exposure12 ✓ ✓
Exploration upside
✓ ✓ ✓
Highly diverse asset base
✓ ✓
Sustainable dividend
✓ ?
Leverage to commodity prices
✓ ✓ ✓
Wheaton has a high quality stream portfolio and is the only streamer with
>95% of revenue exposed to precious metals production
Why Invest in Wheaton Precious Metals? 22WHEATON VERSUS OTHER STREAMERS
SECTOR LEADING REVENUE GENERATION
$1,200 2020 Revenue Mix by Streamer13,17
$1,096M
$1,020M $44
$1,000
$92
$18
$86 $400
$800
$106
$600
$499M
100%
$60 89%
$400 $45
$718
$653
$200 $394 88%
$0
Royal Gold Franco Nevada Wheaton
Gold Silver PGM Other Oil & Gas
Wheaton’s 2020 revenue is 100% precious metals, with higher total revenue than peers
Why Invest in Wheaton Precious Metals? 23WHEATON’S TRACK RECORD
AS OF DECEMBER 31, 2020
$9 Billion invested in streams23
>$7.4 Billion of cash flow generated to date24
>$1.2 billion declared in dividends to date11
Strong annual cash flows expected at current commodity prices25
>40 years of reserve and resource mine life remaining1,2,3
High ratings recognizing Wheaton’s dedication to sustainability27,28
~20% average annualized after-tax return from the portfolio26
Why Invest in Wheaton Precious Metals? 24CONSISTENTLY OUTPERFORMED GOLD AND SILVER
Total Average Rolling Multi-Year Return Comparison as of March 8, 202114
200%
Average Total Return
150%
100%
50%
0%
-50% 1-Year 3-Year 5-Year 10-Year
Gold Silver Philadelphia Gold & Silver Index (XAU) VanEck Vectors Gold Miners ETF (GDX) Wheaton
Wheaton’s strong track record has resulted in consistently returning value to shareholders
Why Invest in Wheaton Precious Metals? 25WHEATON PRECIOUS METALS
IF YOU LIKE PRECIOUS METALS, WHEATON CHECKS ALL THE BOXES
Cost predictability
High quality asset base
Long-life operations
Leverage to increasing precious metals prices
Dedication to sustainability
Innovative dividend
For more information on Wheaton’s sustainability programs, please visit: www.wheatonpm.com
Wheaton Precious Metals 26CONTACT
INVESTOR RELATIONS CONNECT WITH US
Tel: 604-684-9648 @Wheaton_PM
Toll Free: 1-844-288-9878
Email: info@wheatonpm.com @WheatonPM
TRANSFER AGENT @Wheaton Precious Metals Corp.
AST Trust Company (Canada)
Toll Free: 1-800-387-0825
International: 1-416-682-3860
Email: inquiries@canstockta.com
www.wheatonpm.com
TSX: WPM NYSE: WPM LSE: WPM 27APPENDIX AND ENDNOTES
SHARES
CAPITAL STRUCTURE AS OF DECEMBER 31, 2020
Weighted average number of shares outstanding:
Basic: 449.3 million
Diluted15: 450.9 million
3 Month Average Daily Trading Volume:
TSX: 1.1 million shares
NYSE: 2.5 million shares
Appendix 29COMPANY ACQUISITION HISTORY
Silver Wheaton (SLW) Timeline Since Inception16
Begins Trading
2004 2005 2006 2007 2008 2009 2010 2011
1) San Dimas 4) Yauliyacu 5) Stratoni 7) Keno Hill 8-11) Silverstone 13) Rosemont
2) Los Filos 6) Peñasquito 12) Barrick
3) Zinkgruvan
Silver Stream Gold & Silver Stream Gold Stream
Production Payment Date of
Location Upfront Attributable Production Term of
Precious Metal Interest Mine Owner as of Dec 31, 20201 Original
of Mine Consideration Silver Gold Agreement
Silver Gold Contract
1 San Dimas First Majestic Mexico $ 25% paid in gold 25% $612 Life of Mine 15-Oct-04
2 Los Filos Equinox Mexico $ 4,463 100% 0% $4.46 25 years 15-Oct-04
3 Zinkgruvan Lundin Sweden $ 77,866 100% 0% $4.46 Life of Mine 8-Dec-04
100% up to 1.5Moz,
4 Yauliyacu Glencore Peru $ 285,000 0% variable2 Life of Mine 23-Mar-06
then 50%
3
5 Stratoni Eldorado Gold Greece $ 57,500 100% 0% variable Life of Mine 23-Apr-07
6 Peñasquito Newmont Mexico $ 485,000 25% 0% $4.26 Life of Mine 24-Jul-07
7 Keno Hill Alexco Canada $ 50,000 25% 0% Variable4 Life of Mine 2-Oct-08
8-11 Silverstone Resources 21-May-09
100% up to 30Koz,
8 Minto Pembridge Canada $ 54,805 100% then 50%
$4.31 variable25 Life of Mine 20-Nov-08
9 Neves-Corvo Lundin Portugal $ 35,350 100% 0% $4.34 50 years 5-Jun-07
10 Aljustrel Almina Portugal $ 2,451 100%5 0% variable26 50 years 5-Jun-07
11 Navidad (Loma de La Plata) Pan American Argentina $ 43,2896 12.5% 0% $4.00 Life of Mine n/a7
Barrick $ 252,2618
Chile/Argenti
12 Pascua-Lama Barrick 25% 0% $3.90 Life of Mine 8-Sep-09
na
The Barrick transaction also included streams on Lagunas Norte, Pierina, Veladero which expired on March 31, 2018
13 Rosemont Hudbay United States $ 230,0009 100% 100% $3.90 $450 Life of Mine 10-Feb-10
Appendix 30COMPANY ACQUISITION HISTORY
Timeline Since Inception16
Silver Wheaton Becomes
Wheaton Precious Metals™ (WPM)
2012 2013 2014 2015 2016 2017 2018 2019 2020
14) Constancia 16) Salobo I 16) Salobo II 20) Cotabambas 21) Kutcho 22) Voisey’s Bay 24) Marmato
Silver 17) Sudbury 19) Antamina 16) Salobo III 23) Stillwater 25) Cozamin
15) 777 14) Constancia
Gold
18) Toroparu Silver Stream Gold & Silver Stream Gold Stream Other Stream Gold & PGM Stream
Production Payment Date of
Precious Metal Location of Upfront Attributable Production As of Dec 30, 20201 Term of Original
Interest Mine Owner Mine Consideration Silver Gold Other Silver Gold Other Agreement Contract
14 Constancia10,11 Hudbay Peru $ 429,900 100% 50% Life of Mine 8-Aug-12
Constancia Silver $ 294,900 100% $6.02 8-Aug-12
Constancia Gold $ 135,000 50% $408 4-Nov-13
15 77711 Hudbay Canada $ 455,100 100% 50% $6.26 $425 Life of Mine 8-Aug-12
16 Salobo12 Vale Brazil $ 3,059,360 0% 75% $408 Life of Mine 28-Feb-13
Salobo I $ 1,330,000 0% 25% 28-Feb-13
Salobo III $ 900,000 0% 25% 2-Mar-15
Salobo III13 $ 829,360 0% 25% 2-Aug-16
17 Sudbury14 Vale Canada $ 623,572 0% 70% $400 20 years 28-Feb-13
Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests
18 Toroparu15 Gold X Mining Guyana $ 153,500 50% 10% $3.90 $400 Life of Mine 11-Nov-13
19 Antamina16,17 Glencore Peru $ 900,000 33.75% 0% 20% of Spot Life of Mine 3-Nov-15
20 Cotabambas18,19 Panoro Peru $ 140,000 100% 25% $5.90 $450 Life of Mine 21-Mar-16
21 Kutcho20,21 Kutcho Copper Canada $ 65,000 100% 100% 20% of Spot 20% of Spot Life of Mine 15-Dec-17
22 Voisey’s Bay Cobalt22 Vale Canada $ 390,000 42.4% / 21.2% 18% of Spot Life of Mine 11-Jun-18
23 Stillwater23 Sibanye-Stillwater USA $ 500,000 100% 4.5% / 2.25% / 1% 18% of Spot 18% of Spot Life of Mine 16-July-18
24 Marmato24 Aris Gold Colombia $ 110,000 6.5% 100% 18% of Spot 18% of Spot Life of Mine 05-Nov-20
25 Cozamin27 Capstone Mexico $ 150,000 50% 10% of Spot Life of Mine 19-Feb-21
Appendix 31COMPANY ACQUISITION HISTORY
NOTES TO TIMELINE
1. Subject to an annual inflationary adjustment with the exception of Loma de La Plata and Sudbury.
2. Should the prevailing market price for silver or gold be lower than this amount, the per ounce cash payment will be reduced to the prevailing market price, with the exception of Yauliyacu where
the per ounce cash payment will not be reduced below $4.24 per ounce, subject to an annual inflationary factor.
3. In October 2015, in order to incentivize additional exploration and potentially extend the limited remaining mine life of Stratoni, Wheaton Precious Metals and Eldorado Gold agreed to modify the
Stratoni silver purchase agreement. The primary modification is to increase the production price per ounce of silver delivered to Wheaton Precious Metals over the current fixed price by one of
the following amounts: (i) $2.50 per ounce of silver delivered if 10,000 meters of drilling is completed outside of the existing ore body and within Wheaton Precious Metals' defined area of interest
(“Expansion Drilling”); (ii) $5.00 per ounce of silver delivered if 20,000 meters of Expansion Drilling is completed; and (iii) $7.00 per ounce of silver delivered if 30,000 meters of Expansion Drilling
is completed. Drilling in all three cases must be completed by December 31, 2020, in order for the agreed upon increase in production price to be initiated.
4. In March 2017, the Company amended its silver purchase agreement with Alexco Resource Corp. (“Alexco”) to make the production payment a function of the silver head grade and silver spot
price in the month in which the silver is produced. In addition, the area of interest was expanded to include properties currently owned by Alexco and properties acquired by Alexco in the future
which fall within a one kilometer radius of existing Alexco holdings in the Keno Hill Silver District. As consideration of the amendments, Alexco issued 3,000,000 shares to Wheaton Precious
Metals.
5. Wheaton Precious Metals only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine.
6. Comprised of $11 million allocated to the silver interest upon the Company’s acquisition of Silverstone Resources Corp. in addition to a contingent liability of $32 million, payable upon the
satisfaction of certain conditions, including Pan American receiving all necessary permits to proceed with the mine construction.
7. Definitive terms of the agreement to be finalized.
8. The upfront consideration is net of the $373 million cash flows received relative to silver deliveries from the Lagunas Norte, Veladero, and Pierina mines.
9. The upfront consideration is currently reflected as a contingent obligation, payable on an installment basis to partially fund construction of the Rosemont mine once certain milestones are
achieved, including the receipt of key permits and securing the necessary financing to complete construction of the mine.
10. Gold recoveries will be set at 55% for the Constancia deposit and 70% for the Pampacancha deposit until 265,000 ounces of gold have been delivered to the Company. Should there be a delay
in achieving completion or mining the Pampacancha deposit beyond the end of 2018, Wheaton Precious Metals would be entitled to additional compensation in respect of the gold stream.
11. Subject to an increase to $9.90 per ounce of silver and $550 per ounce of gold after the initial 40 year term.
12. Vale has completed the expansion of the mill throughput capacity at the Salobo mine to 24 million tonnes per annum (“Mtpa”) from its previous 12 Mtpa. If actual throughput is expanded above
28 Mtpa within a predetermined period, and depending on the grade of material processed, Wheaton Precious Metals will be required to make an additional payment to Vale based on a set fee
schedule ranging from $113 million if throughput is expanded beyond 28 Mtpa by January 1, 2036, up to $953 million if throughput is expanded beyond 40 Mtpa by January 1, 2021.
13. Upfront payment consisted of $800 million cash & the amendment of the 10mil Wheaton Precious Metals common share purchase warrants previously issued to Vale in connection with the
Sudbury precious metal purchase agreement which expire on Feb. 28, 2023 to reduce the strike price from $65 to $43.75 per common share. The amendment to these warrants was valued at
$29 million using a Black-Scholes option pricing model.
14. Includes Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten & Victor gold interests. Upfront payment consisted of $570 million cash plus 10 million Wheaton Precious Metals common
share purchase warrants with a $65 strike and 10 year term.
Appendix 32COMPANY ACQUISITION HISTORY
NOTES TO TIMELINE
15. Comprised of $16 million paid to date and $138 million to be payable on an installment basis to partially fund construction of the mine. Following the delivery of certain feasibility documentation
or after December 31, 2017 if the feasibility documentation has not been delivered to Wheaton Precious Metals by such date, Wheaton Precious Metals may elect not to proceed with the
agreement or not pay the balance of the upfront consideration and reduce the gold stream percentage from 10% to 0.909% and the silver stream percentage from 50% to nil. If Wheaton
Precious Metals elects to terminate, Wheaton Precious Metals will be entitled to a return of the amounts advanced less $2 million which is non-refundable on the occurrence of certain events. If
Wheaton Precious Metals elects to reduce the streams, Gold X Mining Corp. may return the amount of the deposit already advanced less $2 million to Wheaton Precious Metals and terminate
the agreement.
16. Glencore owns 33.75% of the Antamina mine through a joint venture. Wheaton Precious Metals is entitled to Glencore’s portion of the silver production.
17. Once the Company has received 140 million ounces of silver under the Antamina agreement, the Company’s attributable silver production to be purchased will be reduced to 22.5%.
18. Comprised of $4.75 million paid to date, $9.25 million which is payable on an installment basis spread out over a period of up to eight years and $126 million payable on an installment basis to
partially fund construction of the mine once certain conditions have been satisfied.
19. Once 90 million silver equivalent ounces attributable to Wheaton Precious Metals have been produced, the attributable production to be purchased will decrease to 66.67% of silver & 16.67% of
gold production for the life of mine.
20. Comprised of $7 million as an early deposit, payable in 2018. The balance of the $65 million would be payable in instalments during construction of the Kutcho Project.
21. Once 5.6 million ounces of silver and 51,000 ounces of gold have been delivered, the stream will decrease to 66.67% of the silver and gold production for the life of the mine.
22. Stream is effective January 1, 2021. Once 31 million pounds of cobalt are delivered, the stream drops to 21.2% of cobalt for the life of mine. Production payment is set at 18% of the cobalt spot
price until the value of the upfront cash consideration is reduced to zero, then the production payment is 22% of the cobalt spot price.
23. Stream is effective July 1, 2018. Wheaton will be entitled to an amount of palladium equal to: 4.5% of Stillwater palladium production up to 375 Koz: 2.25% of Stillwater palladium production
between 375 Koz to 550 Koz delivered: and 1% of Stillwater palladium production thereafter for the life of mine. Production payment is set at 18% of the gold and palladium spot price until the
value of the upfront cash consideration is reduced to zero, then the production payment is 22% of the gold and palladium spot price
24. Wheaton International will pay a total cash consideration of US$110M, US$38M of which is payable within six months subject to customary conditions, and the remaining portion of which is
payable during the construction of the MDZ project subject to receipt of required permits and licenses, sufficient financing having been obtained to cover total expected capital expenditures, and
other customary conditions. The stream is effective July 1, 2020. Production payment is set at 18% of the gold and silver spot price until the value of the upfront cash consideration is reduced to
zero, then the production payment is 22% of the gold and silver spot price.
25. The Company has amended the Minto PMPA such that the per ounce cash payment per ounce of gold delivered will be 75% of the spot price of gold for each ounce of gold delivered under the
Minto PMPA. This amended pricing will end on the earlier of (i) 14 months after the first delivery is due; or (ii) once 11,000 ounces of gold have been delivered to the Company. Once this
amended pricing ends, the per ounce cash payment per ounce of gold delivered will be $325, subject to an increase in periods where the market price of copper is lower than $2.50 per pound.
26. 50% of amounts received under concentrate sales agreements.
27. Wheaton is entitled to 50% of silver production until 10 Moz have been delivered, thereafter dropping to 33% of silver production for the life of the mine.
Appendix 33STREAMING THROUGHOUT THE CYCLE
SOME DAYS YOU REAP, SOME DAYS YOU SOW…
Spot Gold Prices vs. Long-Term Analyst Consensus18
Constancia Ag
777 Au & Ag
Voisey's Bay Cobalt
Cozamin
Marmato
$2,500 $60
Salobo 1/Sudbury
Barrick / Pascua Lama
Stillwater Gold &
Constancia Gold
Cotabambas
$50
Toroparu
$2,000
Palladium
Kutcho
Salobo 3
Rosemont
Silverstone
Antamina
Salobo 2
Silver Price (US$)
$40
Gold Price (US$)
San Dimas & Los Filos
Keno Hill
$1,500 Peñasquito
Stratoni
Yauliyacu
$30
Zinkgruvan
$1,000
$20
$500
Gold / Silver Price $10
LT Consensus Gold / Silver Price
$0 Growth Harvest Recapitalize Growth? 1 $0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Streaming Cycle looks to be re-entering growth phase
Appendix 34GROWTH
COZAMIN – ASSET OVERVIEW1
Operator Capstone Mining Corp.
Location Zacatecas, Mexico
Stream Silver
Date of Contract February 19, 2021 (Effective December 1, 2020)
Term of Stream1 Life of Mine
50% of silver production until 10 Moz have been
Stream Parameters1 delivered, thereafter dropping to 33% of silver
production for the life of the mine.
Upfront Consideration1 $150 Million
Delivery Payment / oz1 10% of spot silver
Deposit Epithermal and mesothermal vein deposit
Mine Type Underground
Exploration success has led to significant resource increases and excellent potential exists to continue this expansion
Appendix 35GROWTH
MARMATO – ASSET OVERVIEW1
Operator Aris Gold
Location Colombia (80km south of Medellin)
Stream Gold and silver
Date of Contract November 5, 2020 (Effective July 1, 2020)
Term of Stream1 Life of Mine
6.5% of gold production (until 190,000 ounces of gold
have been delivered, 3.25% of gold produced
Stream
thereafter) 100% of silver production (until 2.15
Parameters1
million ounces of silver have been delivered, 50% of
silver produced thereafter)
Upfront
$110 Million
Consideration1
18% of spot gold and silver until the uncredited
Delivery Payment /
portion of the upfront payment is reduced to zero,
oz1
22% of spot gold and silver price thereafter
Deposit Epithermal low/intermediate sulfidation
Mine Type Underground
Appendix 36REVENUE EXPOSURE
HIGHLY DIVERSIFIED PORTFOLIO
2021-2025E Revenue Mix1,4
Cobalt Colombia
Palladium
3% 1%
5%
USA
7%
Europe
7% Brazil
32%
Canada
Gold 11%
51%
Silver
41%
Peru
21% Mexico
21%
Appendix 37STRENGTHENING PARTNERSHIPS
CSR PROGRAM FOCUSES ON COMMUNITIES NEAR PARTNER MINES
Partner CSR Program:
▪ First streaming / royalty company to focus support on mining communities
• Program provides long-term, sustainable benefits to the communities near our partners’ mines
▪ Current initiatives
• Vale: Working with the Vale Foundation to support several programs focused on health, community engagement and income
generation opportunities near the Salobo mine in Brazil
• Glencore: Improving the educational system in rural communities near the Antamina mine in Ancash, Peru
• Hudbay: Enhancing economic opportunities through improved dairy production in four communities near the Constancia mine
in Chumbivilcas, Peru
▪ Completed initiatives
• Past projects include programs with Goldcorp, Barrick and Primero Mining
Investing in the communities around the mines from which we get our precious metals −
It’s the right thing to do
Appendix 38COMMUNITY IMPACT
SUPPORTING LOCAL AND GLOBAL INITIATIVES
Canadian initiatives support a broad range of services and causes
▪ Primary sponsor of key fundraising events for:
• The BC Ride to Conquer Cancer – BC Cancer Agency
• Daffodil Ball – Canadian Cancer Agency
• Sports Celebrities Festival – Special Olympics BC and Canucks for Kids Fund
• Courage to Come Back Awards – Coast Mental Health
• Nature Trust Fall Gala – Nature Trust of British Columbia
▪ Sponsor over 50 initiatives benefitting local hospitals, cancer research, youth outreach programs,
addiction treatment, and many, many more
▪ Carbon Neutral Company
• Wheaton contributes to the Lara Ceramic Fuel Switching Project in Brazil to offset its climate impact
Success is built on more than just financial results
Appendix 39MARGINS AND CASH FLOW
STRONG CASH FLOW GENERATION DRIVEN BY COST CERTAINTY
$1,200
Operating Cash Flow, Production Payment, G&A and Other Costs5,6,7
$1,096
$1,000
$892 $861
$850 $843
$794
$800 $730 $706
Millions ($US)
$620 $649
$600
$423
$400
$239
$167
$200
$0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Production Payment Interest Cost & Other G&A Operating Cash Flow (before working capital) Revenue
Appendix 40 40HIGH-QUALITY ASSET BASE
KEY ASSET UPDATES1,2
Salobo: 75% of gold production for life of mine (mine life currently >40 years)
▪ 62.9Koz of gold produced in Q4 2020
▪ Salobo III expansion 68% complete at end of Q4 2020
▪ Exploration potential at depth
Peñasquito: 25% of silver production for life of mine
▪ 2.0Moz of silver produced in Q4 2020
Salobo Mine - Brazil
▪ Steady production expected in 2023-2025 due to higher grades in the Chile Colorado pit
Antamina: 33.75% of silver (Glencore’s ownership percentage)
▪ 1.9Moz of silver produced in Q4 2020
▪ Following a temporary suspension, Antamina ramped back up to full production in June with
strong production in the second half of the year primarily driven by grades
San Dimas: 25% of gold production and 25% of silver production - paid in gold
Peñasquito Mine - Mexico ▪ 11.7Koz of gold produced in Q4 2020
▪ The fixed gold to silver conversion ratio reverted to 70:1 (from 90:1) in October 2020 after
the average gold to silver price ratio over a six-month period fell back below 90:1
Constancia: 100% of silver and 50% of gold for life of mine
▪ 0.5Moz of silver and 3.9Koz of gold produced in Q4 2020 (including ~2Koz Au payment in
lieu of delayed Pampacancha production)
▪ Hudbay has completed the Consulta Previa process for Pampacancha and expects
Antamina Mine - Peru production to commence later in 2021
Appendix 41STRONG TRACK RECORD OF ACCRETIVE GROWTH
EXPANSION & GROWTH THROUGH EXPLORATION & ACQUISITIONS
Total attributable gold equivalent R&R per 100 shares since inception2,8
9.0
M&I P&P Mined
8.0
7.0
6.0
Gold Eq oz / 100 share
5.0
4.0
3.0
2.0
1.0
0.0
-1.0
-2.0
-3.0
-4.0
2004
2014
2005
2006
2007
2008
2009
2010
2011
2012
2013
2015
2016
2017
2018
2019
2020
Significant growth in reserves and resources per share since inception
Appendix 42RESOLUTION OF THE CANADIAN TAX DISPUTE
REASSESSMENT FOR 2005-2010 SETTLED ON DECEMBER 13, 2018
Background10 ▪ CRA reassessed Wheaton in September 2015 for tax years 2005-2010:
• CRA’s position was that income earned by Wheaton’s foreign subsidiaries (Wheaton
International) outside of Canada from mines located outside of Canada should be taxable in
Canada on the basis of transfer pricing
• Total potential liability for 2005 - 2017 was over US$1bn
Settlement10 ▪ Foreign income on earnings generated by Wheaton International will not be subject to
tax in Canada under transfer pricing rules10
▪ The service fee charged by Wheaton for the services provided to Wheaton International will be
adjusted to include capital-raising costs and the mark-up will be increased from 20% to 30%.
• This additional service fee will result in increased income generated by Wheaton in Canada
that is subject to Canadian tax.
▪ The transfer pricing principles reached in the settlement principles will apply to taxation years
after 2010 subject to there being no material change in facts or change in law or jurisprudence
▪ Total expenses of $29 million in respect of the 2005-2017 taxation years reflected in the Q4
2018 Statement of Earnings and includes a non-cash income tax expense of $16 million
• Net cash expense of $13 million comprised of (i) $4 million of current income taxes; (ii) $4
million of interest and penalties; and (iii) $5 million of professional fees.
The tax settlement resulted in less than $10 million in cash taxes & interest through 2017
Appendix 43STRONG TRACK RECORD OF ORGANIC GROWTH
EXPLORATION AND INFERRED CONVERSION
Reserves and Resources Growth2,8
9.4Moz GEOs 11.9M GEOs
12.8M GEOs 14.8M GEOs
or 676M SEOs
or 923M SEOs or 858M SEOs or 1,063M SEOs
(M&I)
(M&I)
26.3M GEOs
or 1,893M SEOs
(P&P) 20.0M GEOs
or 1,442M SEOs
(P&P)
Total Acquired Total Mined Total Exploration & R&R
Inferred Conversion
Exploration and inferred conversion generated over 11.9M GEOs
and significant exploration upside still exists across the stream portfolio
Appendix 44STREAMS VS. ROYALTIES
Streaming Model Royalty Model
A ‘stream’ is a long term contract for the
A ‘royalty’ is generally a registered interest in
purchase of a certain percentage of refined
tenure
metal
Outside of Canada, streaming agreements can International royalties are viewed as passive
allow the mining company the flexibility to foreign income and thus subject to taxes in
handle their own taxes in the host country the home country (i.e. Canada)
Streaming agreements can provide the mining
A royalty valuation is generally reduced by
company with more funds upfront compared to
higher levels of taxation
a royalty agreement
More capital efficient as a portion of the
The initial payment for a royalty values all
payment is deferred and paid on an ongoing
expected future production
basis upon delivery of ounces
The streaming model has become increasingly popular due to the flexibility provided to operators
Appendix 45 45HOW PRECIOUS METALS STREAMING WORKS
A NEW ALTERNATIVE IN PORTFOLIO OPTIMIZATION
UPFRONT PAYMENT
(CASH AND/OR WPM SHARES)
Wheaton makes an
Upfront Payment and in
return, we purchase a
fixed percentage of the PARTNER
future precious metals MINING
production from a mine COMPANY
at a predetermined price
(Delivery Payment)
DELIVERY PAYMENT
($ PER OUNCE)
Appendix 46WHEATON STREAMING MODEL
ANALYZE THE IMPACT POTENTIAL
6 1
ON WHEATON’S OPPORTUNITY
PORTFOLIO
Using the
appropriate discount After identifying a
rate, future cash potential opportunity,
flows are discounted we use the production
5 FUTURE CASH PRODUCTION 2
to determine the profile and reasonable
FLOWS PROFILE
value of the stream if commodity price
it were in Wheaton’s assumption scenarios
portfolio, which is the to map out expected
maximum price we’d cash flows over the
be willing to pay. life of the stream.
4 APPROPRIATE COMMODITY PRICE 3
DISCOUNT RATE ASSUMPTIONS
Appendix 47WHY WHEATON IS THE PREMIER STREAMING COMPANY
An established track record of treating our partners fairly, before and after a stream is
Focused on sustainable consummated. Five of our last nine streams on operating assets were with existing partners.
relationships Wheaton also provides additional support once a stream is in place including partnering in CSR
programs around the mine sites and offering technical support where appropriate.
Quality is of utmost Maintaining a focus on high-quality, long-life assets that are accretive to our portfolio – not
importance every stream is a Wheaton stream!
Strong reputation for Strong internal technical team adheres to a robust due diligence process, allowing us to
technical excellence consider any and all opportunities expeditiously.
Our knowledge of the streaming model allows us to move more efficiently through to final
Proven track record definitive agreements, resolving any issues quickly and rationally.
Strong cash flows and access to capital and debt ensures Wheaton’s ability to pursue
Healthy Balance Sheet additional acquisitions and complete a transaction without any delays.
As a mine matures, so should a stream – streams can be modified in the later stages of a
mine’s life to encourage exploration and/or mine-life extension. We have modified five streams
Demonstrated Flexibility resulting in significant mine life extension, delivering more ounces to Wheaton and more cash
flow to our partners.
Appendix 48 48ATTRIBUTABLE RESERVES & RESOURCES
TOTAL PROVEN & PROBABLE
(1,2,3,8,27)
Proven & Probable Reserves Attributable to Wheaton Precious Metals
Proven Probable Proven & Probable
As of December 31, 2020
unless otherwise noted (6) Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade ContainedProcess Recovery (7)
Mt g/t / % Moz / Mlbs Mt g/t / % Moz / Mlbs Mt g/t / % Moz / Mlbs %
GOLD
Salobo (75%) (10) 106.7 0.37 1.27 761.2 0.30 7.32 867.8 0.31 8.59 76%
Stillwater (11) 7.9 0.39 0.10 50.3 0.39 0.64 58.2 0.39 0.73 69%
Constancia (50%) 220.6 0.06 0.42 42.5 0.07 0.09 263.1 0.06 0.52 61%
Sudbury (70%) (12) 10.3 0.43 0.14 13.5 0.46 0.20 23.8 0.45 0.34 75%
San Dimas (25%) (13) 0.5 4.38 0.07 0.8 3.12 0.08 1.3 3.59 0.15 95%
777 (50%) 1.1 2.01 0.07 0.2 1.75 0.01 1.3 1.96 0.08 58%
Minto 0.4 0.25 0.003 2.0 0.67 0.04 2.4 0.60 0.05 75%
Marmato (6.5%) (12,14) 0.1 5.14 0.01 1.2 3.11 0.12 1.3 3.19 0.13 90%
Toroparu (10%) (15,16) 3.0 1.10 0.10 9.7 0.98 0.31 12.7 1.00 0.41 89%
Kutcho (16,17) - - - 10.4 0.37 0.12 10.4 0.37 0.12 41%
Metates Royalty (18) 1.4 0.70 0.03 4.1 0.45 0.06 5.5 0.52 0.09 91%
TOTAL GOLD 2.22 8.99 11.21
PALLADIUM
Stillwater (4.5%) (11) 0.2 11.2 0.09 1.5 11.2 0.55 1.8 11.2 0.64 90%
TOTAL PALLADIUM 0.09 0.55 0.64
COBALT
Voisey's Bay (42.4%)
(12,24) 5.7 0.12 14.6 6.5 0.12 17.1 12.1 0.12 31.7 84%
TOTAL COBALT 14.6 17.1 31.7
Appendix 49ATTRIBUTABLE RESERVES & RESOURCES
TOTAL PROVEN & PROBABLE (1,2,3,8,27)
Proven & Probable Reserves Attributable to Wheaton Precious Metals
Proven Probable Proven & Probable
As of December 31, 2020
unless otherwise noted (6) Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained Process
Mt g/t / % Moz / Mlbs Mt g/t / % Moz / Mlbs Mt g/t / % Moz / Mlbs Recovery (7)
SILVER
Peñasquito (25%) (10) 28.0 37.8 34.0 69.0 32.7 72.4 97.0 34.1 106.4 85%
Constancia 441.2 2.9 40.9 85.0 3.8 10.3 526.2 3.0 51.2 70%
Antamina (33.75%) (12,19)
Copper 46.6 6.8 10.2 32.1 7.9 8.1 78.6 7.2 18.3 71%
Copper-Zinc 23.0 12.8 9.4 27.3 12.9 11.3 50.3 12.9 20.8 71%
Neves-Corvo
Copper 5.2 31.0 5.2 24.5 30.0 23.6 29.7 30.2 28.8 24%
Zinc 4.7 71.0 10.8 25.4 60.6 49.5 30.1 62.2 60.3 30%
Zinkgruvan
Zinc 3.4 77.9 8.5 5.4 83.6 14.5 8.8 81.4 23.0 83%
Copper 2.8 30.0 2.7 0.3 33.0 0.3 3.1 30.3 3.0 70%
Yauliyacu (20) 1.3 78.9 3.4 6.8 101.1 22.2 8.2 97.4 25.6 83%
Aljustrel (21) 9.7 47.4 14.8 27.4 46.9 41.4 37.2 47.1 56.2 26%
San Dimas (25%) (13) 0.5 312.5 4.8 0.8 327.2 8.4 1.3 321.7 13.2 94%
Cozamin (50%) (12,22)
Copper - - - 6.3 44.4 9.0 6.3 44.4 9.0 86%
Zinc - - - 0.7 44.3 1.1 0.7 44.3 1.1 86%
Keno Hill (25%)
Underground - - - 0.3 804.5 7.6 0.3 804.5 7.6 96%
Los Filos 26.2 3.5 3.0 78.1 10.2 25.5 104.2 8.5 28.5 10%
Stratoni - - - 0.6 148.0 2.7 0.6 148.0 2.7 80%
777 2.1 27.0 1.8 0.5 26.0 0.4 2.6 26.8 2.2 45%
Minto 0.4 3.4 0.0 2.0 6.0 0.4 2.4 5.6 0.4 78%
Appendix 50ATTRIBUTABLE RESERVES & RESOURCES
TOTAL PROVEN & PROBABLE (1,2,3,8,27)
Proven & Probable Reserves Attributable to Wheaton Precious Metals
Proven Probable Proven & Probable
As of December 31, 2020
unless otherwise noted (6) Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained Process
Mt g/t / % Moz / Mlbs Mt g/t / % Moz / Mlbs Mt g/t / % Moz / Mlbs Recovery (7)
SILVER
Marmato (12,14) 0.8 22.1 0.6 18.9 6.2 3.8 19.7 6.9 4.4 34%
Rosemont (23) 408.6 5.0 66.2 108.0 3.0 10.4 516.6 4.6 76.7 76%
Kutcho (16,17) - - - 9.9 34.6 11.0 9.9 34.6 11.0 46%
Metates Royalty (18) 1.4 17.2 0.8 4.1 13.1 1.7 5.5 14.2 2.5 66%
TOTAL SILVER 217.3 335.6 552.9
Appendix 51ATTRIBUTABLE RESERVES & RESOURCES
TOTAL MEASURED & INDICATED
(1,2,3,8,27)
Measured & Indicated Resources Attributable to Wheaton Precious Metals
Proven Probable Proven & Probable
As of December 31, 2020 unless
otherwise noted (6) Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained
Mt g/t / % Moz / Mlbs Mt g/t / % Moz / Mlbs Mt g/t / % Moz / Mlbs
GOLD
Salobo (75%) (10) 3.5 0.27 0.03 294.6 0.31 2.90 298.1 0.31 2.93
Stillwater (11) 3.3 0.26 0.03 13.3 0.21 0.09 16.6 0.22 0.12
Constancia (50%) 67.1 0.05 0.10 80.2 0.04 0.11 147.2 0.04 0.21
Sudbury (70%) (12) 1.3 0.22 0.01 7.1 0.76 0.17 8.3 0.68 0.18
777 (50%) 0.2 1.97 0.01 0.1 1.57 0.00 0.3 1.86 0.02
Minto 3.3 0.40 0.04 9.0 0.57 0.17 12.4 0.53 0.21
Marmato (6.5%) (12,14) 0.1 5.30 0.01 1.1 2.62 0.09 1.1 2.81 0.10
Toroparu (10%) (15,16) 1.2 0.93 0.03 9.0 0.87 0.25 10.2 0.87 0.29
Cotabambas (25%) (16,25) - - - 29.3 0.23 0.22 29.3 0.23 0.22
Kutcho (16,17) - - - 5.7 0.55 0.10 5.7 0.55 0.10
Brewery Creek (26) - - - 0.4 1.11 0.02 0.4 1.11 0.02
TOTAL GOLD 0.27 4.12 4.39
COBALT
Voisey's Bay (42.4%) (12,24) 1.7 0.04 1.5 - - - 1.7 0.04 1.5
TOTAL COBALT 1.5 - 1.5
PALLADIUM
Stillwater (4.5%) (11) 0.03 7.1 0.01 0.1 5.1 0.02 0.2 5.5 0.03
TOTAL PALLADIUM 0.01 0.02 0.03
Appendix 52ATTRIBUTABLE RESERVES & RESOURCES
TOTAL MEASURED & INDICATED
Measured & Indicated Resources Attributable to Wheaton Precious Metals (1,2,3,4,5,9,27)
Measured Indicated Measured & Indicated
As of December 31, 2020 unless
Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained
otherwise noted (6)
Mt g/t / % Moz / Mlbs Mt g/t / % Moz / Mlbs Mt g/t / % Moz / Mlbs
SILVER
Peñasquito (25%) (10) 8.7 26.8 7.5 60.5 26.7 52.0 69.2 26.8 59.5
Constancia 134.1 2.0 8.8 160.3 2.0 10.3 294.4 2.0 19.1
Antamina (33.75%) (12,19)
Copper 31.2 7.0 7.0 108.1 9.0 31.3 139.3 8.6 38.3
Copper-Zinc 10.5 21.0 7.1 49.4 19.0 30.2 59.9 19.4 37.3
Neves-Corvo
Copper 4.8 55.8 8.7 28.7 52.4 48.3 33.5 52.9 57.0
Zinc 6.7 61.9 13.4 35.7 59.0 67.8 42.4 59.5 81.2
Zinkgruvan
Zinc 3.7 64.6 7.7 11.2 76.3 27.4 14.9 73.4 35.1
Copper 1.2 42.4 1.6 0.2 39.8 0.3 1.4 42.0 1.9
Yauliyacu (20) 5.9 101.4 19.2 8.0 121.8 31.2 13.9 113.1 50.4
Aljustrel (21) 4.3 67.3 9.3 3.9 58.9 7.4 8.2 63.3 16.7
Cozamin (50%) (12,22)
Copper 0.2 53.3 0.3 4.5 36.9 5.3 4.7 37.5 5.6
Zinc - - - 2.2 31.2 2.3 2.2 31.2 2.3
Pascua-Lama (25%) 10.7 57.2 19.7 97.9 52.2 164.4 108.6 52.7 184.1
Keno Hill (25%)
Underground - - - 0.7 455.8 10.5 0.7 455.8 10.5
Elsa Tailings - - - 0.6 119.0 2.4 0.6 119.0 2.4
Los Filos 88.5 5.3 15.2 133.7 8.1 35.0 222.2 7.0 50.2
Stratoni - - - 0.4 138.5 2.0 0.4 138.5 2.0
777 0.4 25.4 0.3 0.1 26.4 0.1 0.5 25.7 0.4
Minto 3.3 3.4 0.4 9.0 5.0 1.5 12.4 4.6 1.8
Appendix 53ATTRIBUTABLE RESERVES & RESOURCES
TOTAL MEASURED & INDICATED
Measured & Indicated Resources Attributable to Wheaton Precious Metals (1,2,3,4,5,9,27)
Measured Indicated Measured & Indicated
As of December 31, 2020 unless
Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained
otherwise noted (6)
Mt g/t / % Moz / Mlbs Mt g/t / % Moz / Mlbs Mt g/t / % Moz / Mlbs
SILVER
Marmato (12,14) 0.9 26.5 0.8 12.8 8.1 3.4 13.8 9.4 4.2
Rosemont (23) 112.2 3.9 14.1 358.0 2.7 31.5 470.2 3.0 45.6
Loma de La Plata (12.5%) - - - 3.6 169.0 19.8 3.6 169.0 19.8
Toroparu (50%) (15,16) 21.9 1.1 0.8 98.5 0.7 2.3 120.4 0.8 3.1
Cotabambas (16,25) - - - 117.1 2.7 10.3 117.1 2.7 10.3
Kutcho (16,17) - - - 5.4 25.9 4.5 5.4 25.9 4.5
TOTAL SILVER 141.8 601.3 743.1
Appendix 54ATTRIBUTABLE RESERVES & RESOURCES
TOTAL INFERRED
(1,2,3,4,5,9,27) (1,2,3,4,5,9,27)
Inferred Resources Attributable to Wheaton Precious Metals Inferred Resources Attributable to Wheaton Precious Metals
Inferred Inferred
As of December 31, 2020 unless As of December 31, 2019 unless
Tonnage Grade Contained Tonnage Grade Contained
otherwise noted (6) otherwise noted (6)
Mt g/t / % Moz / Mlbs Mt g/t / % Moz / Mlbs
SILVER
GOLD Peñasquito (25%) (10) 37.7 26.4 32.0
Salobo (75%) (10) 198.5 0.22 1.39 Constancia 93.2 3.4 10.3
Antamina (33.75%) (12,19)
Stillwater (11) 96.2 0.43 1.32 Copper 219.7 9.0 63.6
Constancia (50%) 46.6 0.06 0.09 Copper-Zinc 104.2 16.0 53.6
Neves Corvo Copper 12.6 33.2 13.5
Sudbury (70%) (12) 2.9 0.49 0.05
Neves Corvo Zinc 3.7 63.0 7.4
San Dimas (25%) (13) 1.5 3.58 0.17 Zinkgruvan
777 (50%) 0.1 3.11 0.01 Zinc 19.0 82.0 50.0
Copper 0.2 35.0 0.3
Minto 6.1 0.51 0.10 Yauliyacu (20) 13.4 246.9 106.8
Marmato (6.5%) (12,14) 0.9 2.56 0.07 Aljustrel (21) 15.7 46.2 23.3
San Dimas (25%) (13) 1.5 340.9 16.1
Cotabambas (25%) (16,25) 151.3 0.17 0.84
Cozamin (50%) (12,22)
Toroparu (10%) (16,17) 12.9 0.76 0.32 Copper 2.0 40.9 2.6
Kutcho (16,17) 8.8 0.25 0.07 Zinc 2.6 37.5 3.2
Rosemont (23) 68.7 1.7 3.7
Brewery Creek (26) 1.3 0.87 0.04 Pascua-Lama (25%) 3.8 17.8 2.2
Metates Royalty (18) 0.3 0.39 0.003 Keno Hill (25%) 0.4 454.6 6.1
Los Filos 98.2 6.1 19.4
TOTAL GOLD 4.46
Stratoni 1.1 188.0 6.9
PALLADIUM 777 0.2 40.0 0.3
Stillwater (4.5%) (11) 1.0 12.1 0.37 Minto 6.1 4.9 1.0
TOTAL PALLADIUM 0.37 Marmato (12,14) 13.1 4.4 1.9
COBALT Loma de La Plata (12.5%) 0.2 76.0 0.4
Voisey's Bay (42.4%) (12,24) 2.5 0.14 7.6 Cotabambas (16,25) 605.3 2.3 45.4
TOTAL COBALT 7.6 Toroparu (50%) (15,16) 58.7 0.1 0.1
Kutcho (16,17) 8.8 20.6 5.8
TOTAL SILVER 475.8
Appendix 55ATTRIBUTABLE RESERVES & RESOURCES
ENDNOTES
1. All Mineral Reserves and Mineral Resources have been estimated in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards for Mineral Resources and Mineral
Reserves and National Instrument 43-101 – Standards for Disclosure for Mineral Projects (“NI 43-101”), or the 2012 Australasian Joint Ore Reserves Committee (JORC) Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves.
2. Mineral Reserves and Mineral Resources are reported above in millions of metric tonnes (“Mt”), grams per metric tonne (“g/t”) for gold, silver and palladium, percent (“%”) for cobalt, millions of ounces
(“Moz”) for gold, silver and palladium and millions of pounds (“Mlbs”) for cobalt.
3. Qualified persons (“QPs”), as defined by the NI 43-101, for the technical information contained in this document (including the Mineral Reserve and Mineral Resource estimates) are:
a) Neil Burns, M.Sc., P.Geo. (Vice President, Technical Services); and
b) Ryan Ulansky, M.A.Sc., P.Eng. (Senior Director, Engineering),
both employees of the Company (the “Company’s QPs”).
4. The Mineral Resources reported in the above tables are exclusive of Mineral Reserves. The Cozamin mine, San Dimas mine, Minto mine, Neves-Corvo mine, Zinkgruvan mine, Stratoni mine, Stillwater
mines, Keno Hill mines, Aljustrel mines and Toroparu project (gold only) report Mineral Resources inclusive of Mineral Reserves. The Company’s QPs have made the exclusive Mineral Resource estimates
for these mines based on average mine recoveries and dilution
5. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability
6. Other than as detailed below, Mineral Reserves and Mineral Resources are reported as of December 31, 2020 based on information available to the Company as of the date of this document, and
therefore will not reflect updates, if any, after such date.
a) Mineral Resources for Aljustrel’s Feitais mine are reported as of July 2020, Moinho & St João mines as of August 2020 and the Estação project as of July, 2018.
b) Mineral Resources for the Brewery Creek project are reported as of May 31, 2020.
c) Mineral Resources and Mineral Reserves for the Constancia, 777 and San Dimas mines are reported as of December 31, 2019.
d) Mineral Resources for the Cotabambas project are reported as of June 20, 2013.
e) Mineral Resources and Mineral Reserves for the Cozamin mine are reported as of October 31, 2020.
f) Mineral Resources for Keno Hill’s Elsa Tailings project are reported as of April 22, 2010, Bellekeno mine Indicated Mineral Resources as of September 30, 2013, Mineral Resources for the
Lucky Queen, Flame & Moth and Onek mines as of March 29, 2017 and Bermingham mine as of March 28, 2019. Mineral Reserves are reported as of March 28, 2019.
g) Mineral Resources for the Kutcho project are reported as of September 8, 2020 and Mineral Reserves are reported as of June 15, 2017.
h) Mineral Resources for the Loma de La Plata project are reported as of May 20, 2009.
i) Mineral Resources and Mineral Reserves for the Los Filos mine are reported as of October 31, 2018.
j) Mineral Resources and Mineral Reserves for the Neves-Corvo and Zinkgruvan mines are reported as of June 30, 2020.
k) Mineral Resources and Mineral Reserves for the Marmato mine are reported as of March 17, 2020.
l) Mineral Resources and Mineral Reserves for the Metates royalty are reported as of April 29, 2016.
m) Mineral Resources and Mineral Reserves for the Minto mine are reported as of December 31, 2018.
n) Mineral Resources and Mineral Reserves for the Rosemont project are reported as of March 30, 2017.
o) Mineral Resources and Mineral Reserves for the Stratoni mine are reported as of September 30, 2020.
p) Mineral Resources for the Toroparu project are reported as of September 20, 2018 and Mineral Reserves are reported as of March 31, 2013.
7. Process recoveries are the average percentage of gold, silver, palladium or cobalt in a saleable product (doré or concentrate) recovered from mined ore at the applicable site process plants as reported by
the operators.
Endnotes 56ATTRIBUTABLE RESERVES & RESOURCES
ENDNOTES (CONTINUED)
8. Mineral Reserves are estimated using appropriate process and mine recovery rates, dilution, operating costs and the following commodity prices:
a. Aljustrel mine – 3.5% zinc cut-off for the Feitais, Moinho and St João mines and 3.0% zinc cut-off for the Estação project.
b. Antamina mine - $3.08 per pound copper, $1.08 per pound zinc, $8.70 per pound molybdenum and $17.39 per ounce silver.
c. Constancia mine - $1,375 per ounce gold, $17.00 per ounce silver, $3.10 per pound copper and $11.00 per pound molybdenum.
d. Cozamin mine - NSR cut-offs of $48.04 per tonne for conventionally backfilled zones for 2020-2022, $51,12 per tonne for conventionally backfilled zones for 2023 and onward, $56.51 per tonne for paste
backfilled zones of Vein 10 and $56.12 per tonne for paste backfilled zones of Vein 20, all assuming $2.75 per pound copper, $17.00 per ounce silver, $0.90 per pound lead and $1.00 per pound zinc.
e. Keno Hill mines - $1,300 per ounce gold, $18.50 per ounce silver, $1.00 per pound lead and $1.15 per pound zinc.
f. Kutcho project – 1.5% copper cut-off for the Main deposit and 1.0% copper cut-off for the Esso deposit, both assuming $2.75 per pound copper, $1.10 per pound zinc, $1,250 per ounce gold and $17.00 per
ounce silver.
g. Los Filos mine - $1,200 per ounce gold and $4.39 per ounce silver.
h. Marmato mine – 2.23 grams per tonne gold cut-off for the Upper Mine, 1.91 grams per tonne gold cut-off for the Transition Zone and 1.61 grams per tonne gold cut-off for the MDZ, all assuming $1,400 per
ounce gold.
i. Metates royalty – 0.34 grams per tonne gold equivalent cut-off assuming $1,200 per ounce gold and $19.20 per ounce silver.
j. Minto mine – 1.2% copper cut-off assuming $300 per ounce gold, $3.90 per ounce silver and $2.50 per pound copper.
k. Neves-Corvo mine – 1.34% copper equivalent cut-off for the copper Mineral Reserves and 5.34% zinc equivalent cut-off for the zinc Mineral Reserves, both assuming $3.00 per pound copper, $0.95 per
pound lead and $1.00 per pound zinc.
l. Peñasquito mine - $1,200 per ounce gold, $17.00 per ounce silver, $0.90 per pound lead and $1.15 per pound zinc.
m. Rosemont project - $6.00 per ton NSR cut-off assuming $18.00 per ounce silver, $3.15 per pound copper and $11.00 per pound molybdenum.
n. Salobo mine – 0.253% copper equivalent cut-off assuming $1,290 per ounce gold and $3.18 per pound copper.
o. San Dimas mine – $1,350 per ounce gold and $17.50 per ounce silver.
p. Stillwater mines - combined platinum and palladium cut-off of 6.8 g/t.
q. Stratoni mine – $273.40 per tonne NSR cut-off assuming $16.00 per ounce silver, $0.91 per pound lead and $1.00 per pound zinc.
r. Sudbury mines - $1,300 per ounce gold, $8.16 per pound nickel, $3.18 per pound copper, $1,155 per ounce platinum, $1,093 per ounce palladium and $22.68 per pound cobalt.
s. Toroparu project – 0.38 grams per tonne gold cut-off assuming $1,070 per ounce gold for fresh rock and 0.35 grams per tonne gold cut-off assuming $970 per ounce gold for saprolite.
t. Voisey’s Bay mines:
i. Ovoid and SE Extension – Cdn $20.56 per tonne cut-off assuming $6.80 per pound nickel, $3.08 per pound copper and $29.48 per pound cobalt.
ii. Discovery Hill - $29.52 per tonne cut-off assuming $8.16 per pound nickel, $3.18 per pound copper and $22.68 per pound cobalt
iii. Reid Brook Division 1 - $225.00 per tonne cut-off assuming $6.35 per pound nickel, $2.90 per pound copper and $20.41 per pound cobalt.
iv. Reid Brook Divisions 2-4 - $275.00 per tonne cut-off assuming $9.71 per pound nickel, $3.40 per pound copper and $11.52 per pound cobalt.Eastern Deeps Mineral Reserves - $175.00 per
tonne cut-off assuming $6.35 per pound nickel, $2.90 per pound copper and $20.41 per pound cobalt.
u. Yauliyacu mine - $17.39 per ounce silver, $3.08 per pound copper, and $1.08 per pound zinc.
v. Zinkgruvan mine – 6.1% zinc equivalent cut-off for the zinc Mineral Reserve and 1.4% copper cut-off for the copper Mineral Reserve, both assuming $3.00 per pound copper and $0.95 per pound lead and
$1.00 per pound zinc.
w. 777 mine – $1,392 per ounce gold, $16.33 per ounce silver, $2.92 per pound copper and $1.11 per pound zinc.
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