Wheaton Precious Metals Announces Solid 2023 Annual Results and Transition to Progressive Dividend Policy

  Designated News Release
  FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS  

"With a record eight acquisitions totalling just over $1 billion in commitments, we bolstered our growth strategy in 2023, enhancing our production profile and supporting our long-term, growth forecast of approximately 40% over the next five years," said Randy Smallwood President and Chief Executive Officer of Wheaton Precious Metals. "Our diversified portfolio of long-life, low-cost assets continued to deliver solid operating results, and we are pleased to have met our annual production guidance, achieving approximately 620,000 gold equivalent ounces. Furthermore, we have now recouped over 100% of the value of our initial upfront investments since inception, an accomplishment which is particularly noteworthy given the significant reserve and resource base underpinning our portfolio, supporting decades of forecasted remaining mine life. To reinforce our confidence in the sustainability and growth potential of Wheaton, we are pleased to announce a transition to a new progressive dividend policy, marked by an increase in our 2024 annual dividend. As we embark on what we anticipate being a phase of substantial and meaningful growth, our dedication to deploying capital in a manner that generates value for not only our shareholders, but also our partners and communities, remains unwavering."

  Solid Financial Results and Strong Balance Sheet  

• Fourth quarter of 2023: $313 million in revenue, $242 million in operating cash flow, $168 million in net earnings and $165 million in adjusted net earnings ¹ and, paid a quarterly dividend ¹ of $0.15 per common share.
 
• Full year of 2023: $1,016 million in revenue, $751 million in operating cash flow, $538 million in net earnings and $533 million in adjusted net earnings ¹ .
 
• Balance Sheet: cash balance of $547 million , no debt, and an undrawn $2 billion revolving credit facility as at December 31, 2023 after making total upfront cash payments of $452 million relative to mineral stream interests in the quarter.
 

  High Quality Asset Base  

• Streaming and royalty agreements on 18 operating mines and 27 development projects ⁶ .
 
• 93% of attributable production from assets in the lowest half of their respective cost curves ^2,4 .
 
• Attributable gold equivalent production ³ of 174,200 ounces in the fourth quarter of 2023 and 619,600 for the full year of 2023.
 
• Achieved annual production guidance for 2023 of 600,000 to 660,000 GEOs ³ , with sector-leading growth over the next five to ten years.
 
• Accretive portfolio growth:
  • On October 24, 2023 , the Company entered into a definitive agreement with Waterton Copper Corp. to acquire a silver stream on the Mineral Park mine for total cash consideration of $115 million .
   
  • On November 15, 2023 , announced the Company has entered into a definitive agreement with certain entities advised by Orion Resource Partners to acquire existing streams in respect of Ivanhoe Mines' Platreef project and BMC Minerals' Kudz Ze Kayah project, for total cash consideration of up to $455 million . In addition, the Company entered into an agreement for a gold stream in respect of Dalradian Gold's Curraghinalt project, for total cash consideration of $75 million .
   
  • On November 21, 2023 , the Company and Vale jointly announced the successful completion of the throughput test for the first phase of the Salobo III expansion project in Brazil , with the Salobo complex exceeding an average of 32 Mtpa over a 90-day period. Under the terms of the Salobo precious metals purchase agreement, the Company made a payment to Vale Base Metals totalling $370 million for completion of the first phase of the Salobo III expansion project in December 2023 .
   
  • On December 13, 2023 , the Company entered into a royalty agreement with Vista Gold Corp. to acquire a royalty in the amount of 1% of gross revenue from the sale or disposition of minerals from the Mt Todd gold project located in Australia for total cash consideration of $20 million .
   
 

  Leadership in Sustainability  

• Top Rankings: Ranked in the Global Top 50 out of over 15,000 multi-sector companies by Sustainalytics, AA rated by MSCI, and Prime rated by ISS.
 
• Subsequent to the quarter, Wheaton was recognized among Corporate Knights' 2024 100 Most Sustainable Corporations in the world. The Company will be included in the Global 100 Index, which represents a benchmark for sustainability excellence.
 

  Operational Overview  

  Financial Review  

   Revenues
  Revenue in the fourth quarter of 2023 was $313 million (74% gold, 24% silver, 1% palladium and 1% cobalt), with the $77 million increase relative to the prior period quarter being primarily due to a 17% increase in the number of GEOs³ sold; and a 13% increase in the average realized gold equivalent³ price.

Revenue was $1,016 million in the year ended December 31, 2023 , representing a $49 million decrease from 2022 due primarily to a 10% decrease in the number of GEOs³ sold, resulting from relative changes in the GEOs³ produced but not yet delivered; partially offset by a 6% increase in the average realized gold equivalent³ price.

   Cash Costs and Margin
  Average cash costs¹ in the fourth quarter of 2023 were $417 per GEO³ as compared to $447 in the fourth quarter of 2022. This resulted in a cash operating margin¹ of $1,514 per GEO³ sold, an increase of 20% as compared with the fourth quarter of 2022, a result of the higher realized price per ounce coupled with the lower average cash costs.

Average cash costs¹ in 2023 were $424 per GEO³ as compared to $447 in 2022. This resulted in a cash operating margin¹ of $1,466 per GEO³ sold, a 10% increase from 2022.

   Cash Flow from Operations
  Operating cash flow in the fourth quarter of 2023 amounted to $242 million , with the $70 million increase due primarily to the higher gross margin.

Operating cash flows in 2023 amounted to $751 million , with the $7 million increase from the comparable period of the previous year being due primarily to higher amounts of interest received during the current year, partially offset by lower sales volumes.

   Balance Sheet    (at    December 31, 2023    )  

• Approximately $547 million of cash on hand
 
• During the fourth quarter of 2023, the Company made total upfront cash payments of $452 million relative to the mineral stream interests consisting of
  •   $35 million payment relative to the Blackwater Silver precious metals purchase agreement ("PMPA");
   
  • a $10 million payment relative to the expansion of the Blackwater Gold PMPA;
   
  •   $17 million relative to the Cangrejos PMPA;
   
  •   $20 million relative to the Curraghinalt PMPA; and
   
  •   $370 million relative to the Salobo III expansion payment
   
 
• With the existing cash on hand coupled with the fully undrawn $2 billion revolving credit facility, the Company believes it is well positioned to fund all outstanding commitments and known contingencies as well as providing flexibility to acquire additional accretive mineral stream interests.
 

  Fourth Quarter Operating Asset Highlights  

   Salobo:   In the fourth quarter of 2023, Salobo produced 71,800 ounces of attributable gold, an increase of approximately 89% relative to the fourth quarter of 2022, driven by higher throughput, with production from the third concentrator line commencing at the end of 2022, combined with higher grades and recoveries. The prior year was also impacted by changes in maintenance routines. In the fourth quarter of 2023, Salobo reached its highest production level since the fourth quarter of 2019 as the ramp-up of the Salobo III expansion continued to advance.

On November 21, 2023 , Vale reported the successful completion of the throughput test for the first phase of the Salobo III project, with the Salobo complex exceeding an average of 32 Mtpa over a 90-day period. Under the terms of the agreement, the Company paid Salobo $370 million for the completion of the first phase of the Salobo III expansion project on December 1, 2023 . Salobo III is expected to achieve a sustained throughput capacity of 36 Mtpa in the fourth quarter of 2024.

   Antamina:   In the fourth quarter of 2023, Antamina produced 1.0 million ounces of attributable silver, a decrease of approximately 3% relative to the fourth quarter of 2022. On February 15, 2024 , Peru's National Environmental Certification Service for Sustainable Investments approved, after a detailed evaluation process, the Modification of the Environmental Impact Study, which will allow for the extension of Antamina's mine life from 2028 to 2036.

   Peñasquito:   In the fourth quarter of 2023, Peñasquito produced 1.0 million ounces of attributable silver, a decrease of approximately 41% relative to the fourth quarter of 2022 primarily due to lower throughput resulting from a labour strike which began on June 7, 2023 and ended on October 13, 2023 . Newmont Corporation ("Newmont") reports that operations have since safely ramped up after a resolution was reached with the National Union of Mine and Metal Workers of the Mexican Republic ("the Union") on October 13, 2023 . Newmont has indicated that Peñasquito is expected to deliver higher co-product production in 2024 due to higher silver, lead and zinc content from the Chile Colorado pit.

   Constancia:   In the fourth quarter of 2023, Constancia produced 0.8 million ounces of attributable silver and 22,300 ounces of attributable gold, an increase of approximately 28% and 112%, respectively, relative to the fourth quarter of 2022. Record quarterly gold production combined with strong silver production are a result of significantly higher grades attributable to the mining of high-grade zones of the Pampacancha deposit, combined with higher recoveries. Hudbay Minerals Inc. ("Hudbay") reports that gold production in 2024 is expected to decrease from 2023 levels due to a smoothing of Pampacancha high-grade gold zones over the 2023 to 2025 period as additional high-grade areas were mined in 2023 ahead of schedule, and other high-grade areas were deferred to 2025. Hudbay has indicated that the Pampacancha deposit is now expected to be depleted in the third quarter of 2025, as opposed to mid-2025 as previously reported.

    Sudbury :   In the fourth quarter of 2023, Vale's Sudbury mines produced 6,300 ounces of attributable gold, an increase of approximately 19% relative to the fourth quarter of 2022, due to higher throughput, grade and recoveries.

    Stillwater :   In the fourth quarter of 2023, the Stillwater mines produced 2,300 ounces of attributable gold and 4,200 ounces of attributable palladium, an increase of approximately 7% for gold and 9% for palladium relative to the fourth quarter of 2022, due primarily to higher throughput and grades.

   Voisey's Bay:   In the fourth quarter of 2023, the Voisey's Bay mine produced 215,000 pounds of attributable cobalt, an increase of approximately 67% relative to the fourth quarter of 2022, as the transitional period between the depletion of the Ovoid open-pit and ramp-up to full production of the Voisey's Bay underground extension nears completion. Vale reports that physical completion of the Voisey's Bay underground mine extension was 92% at the end of the fourth quarter, and that the main surface assets are completed and already operating. The electromechanical assembly on the remaining surface assets are well advanced (above 60% physical progress). In the underground portion, the scope in Reid Brook is completed and the project is fully focused on Eastern Deeps. The mine development is concluded and construction is ongoing.

   Other Gold:   In the fourth quarter of 2023, total Other Gold attributable production was 700 ounces, a decrease of approximately 78% relative to the fourth quarter of 2022, primarily due to the closure of the Minto mine in May 2023 .

   Other Silver:   In the fourth quarter of 2023, total Other Silver attributable production was 1.3 million ounces, a decrease of approximately 28% relative to the fourth quarter of 2022, primarily due to the temporary suspension of attributable production from Aljustrel and the disposal of the Yauliyacu PMPA.

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.

  Recent Development Asset Updates  

   Blackwater Project:   On December 15, 2023 , Artemis announced that it has completed its first draw of $150 million under its $360 million project loan facility announced on March 1, 2023 , reporting that construction of Blackwater remains on track and that the funds will be allocated to continue to fund construction towards completion. On January 30, 2024 , Artemis announced that overall construction was 59% complete. On February 21, 2024 , Artemis announced the results of an expansion study to optimize the timing of mine expansion through the advancing of Phase 2. A decision on the acceleration of the Phase 2 expansion is expected to be considered in the second half of 2024.

   Platreef Project:   On February 26, 2024 , Ivanhoe Mines ("Ivanhoe") reported that while construction activities for the Platreef Phase 1 concentrator are on track for completion in the third quarter of 2024, hot commissioning and ramp-up of production are now anticipated for early 2025 in order to prioritize shaft development. An updated independent feasibility study ("FS") is planned for the second half of 2024 on an optimized development plan for Phase 2. The optimized development plan accelerates the development of Phase 2 at a total processing capacity of 4 Mtpa by equipping Shaft #3 for hoisting. An independent preliminary economic assessment ("PEA") is planned concurrently with the FS on a significantly larger Phase 3 expansion, once the major 8 Mtpa Shaft #2 is available for hoisting. A Phase 3 expansion to 10 Mtpa processing capacity is expected to rank Platreef as one of the world's largest platinum-group metal, nickel, copper and gold producers.

   Goose Project:   On January 23, 2024 , B2Gold Corp., ("B2Gold") provided a construction update highlighting that it is progressing ahead of schedule within the mill and processing buildings, along with preparatory work for peak construction activities in the second and third quarter of 2024, with the project remaining on schedule for first gold pour in the first quarter of 2025.

   Marmato Mine:   On July 12, 2023 , Aris Mining Corporation ("Aris Mining") announced that they have received approval from the Corporación Autónoma Regional del Caldas ("Corpocaldas"), a regional environmental authority in Colombia , of the Environmental Management Plan ("PMA") which now permits the development of the Marmato Lower Mine. On March 6, 2024 , Aris Mining provided an update that construction at the Marmato Lower Mine has ramped up with initial access roads completed, the lead contractor for portal and decline development selected, and tenders for key items for the new processing plant underway. First gold pour is expected in late 2025.

   Curipamba Project:   Adventus Mining Corporation ("Adventus") announced that the El Domo – Curipamba project has been issued a favourable Certificate of No Affect of Water ( October 2, 2023 ) and the environmental license for construction and operation ( January 22, 2024 ) by the Ministry of Environment and Water of the Government of Ecuador . On January 30, 2024 , Adventus announced that the Ministry of Energy and Mines of Ecuador has issued a permit which grants approval for the design, construction, operation, and maintenance of the tailings storage facility ("TSF"). The start of TSF construction is a key condition precedent to commence installment payments under the precious metals purchase agreement with the Company. Adventus reports that a construction decision is expected in the second quarter of 2024, and gold-rich copper & zinc concentrate production is expected by the first quarter of 2026.

   Marathon Project:   The permitting process for the Marathon project continues to advance, with Generation Mining Limited ("Gen Mining") announcing on November 7, 2023 , that the province of Ontario had accepted and filed the Closure Plan, and on November 21, 2023 , Gen Mining announced that the Ministry of Natural Resources and Forestry of the province of Ontario had issued the permit to remove trees. In addition, on November 21, 2023 , Gen Mining announced the closure of the Cdn$15 million bought deal financing with a lead order of Cdn$5 million from Wheaton.

   Fenix Project:   On December 20, 2023 , Rio2 reported that it had been successful in being granted approval of its Environmental Impact Assessment ("EIA"), allowing Rio2 to advance the Fenix project through statutory permitting, financing, and the currently planned recommencement of construction activities during 2024.

   Copper World Complex:   On September 8, 2023 , Hudbay announced the results of the enhanced pre-feasibility study for Phase I of its 100%-owned Copper World project in Arizona . After receipt of two outstanding permits which are expected in mid-2024, Hudbay intends to complete a minority joint venture partner process prior to commencing a definitive feasibility study. The opportunity to sanction Copper World is not expected until 2025 based on current estimated timelines. With the results from this pre-feasibility study, Wheaton has now incorporated gold in the 2023 mineral reserves and mineral resources statement on our website.

   Cangrejos Project:   On October 18, 2023 , Lumina Gold Corp., ("Lumina") announced that the Cangrejos project is proceeding on schedule. Lumina has been actively executing its 2023 feasibility study drill plan with nine rigs currently at site. Lumina has signed contracts with several engineering companies for the advancement of the feasibility study. The feasibility study is expected to be completed in the first quarter of 2025. On January 18, 2024 , Lumina announced results from the phase 1 mining resource conversion drilling campaign in support of the ongoing feasibility study at Cangrejos. Lumina noted that the assays from the resource infill program continue to demonstrate the exceptional continuity of grade at Cangrejos. Lumina also noted that it is operating normally at the Cangrejos project, and their activities have not been affected by the recent civil disturbances that have impacted other areas in Ecuador .

  Corporate Development  

  Mineral Park Project
On October 24, 2023 , the Company announced that it had entered into a PMPA (the "Mineral Park PMPA") with Waterton Copper in respect of silver production from the Mineral Park mine located in Arizona, USA ("Mineral Park"). Under the Mineral Park PMPA, Wheaton will purchase 100% of the payable silver from Mineral Park for the life of the mine. Under the terms of the Mineral Park PMPA, the Company is committed to pay Waterton Copper total upfront cash consideration of $115 million in four payments during construction through three installments of $25 million and a final installment of $40 million . In addition, Wheaton will make ongoing payments for the silver ounces delivered equal to 18% of the spot price of silver until the value of the silver delivered, net of the production payment, is equal to the upfront consideration of $115 million , at which point the production payment will increase to 22% of the spot price of silver. The Company has also entered into a loan agreement to provide a secured debt facility of up to $25 million to the Mineral Park owner, an affiliate of Waterton Copper, once the full upfront consideration has been paid.

  Platreef, Kudz Ze Kayah & Curraghinalt Streams
On November 15, 2023 , the Company announced that it had entered into a definitive agreement with certain entities advised by Orion Resource Partners ("Orion") to acquire existing streams in respect of Ivanhoe Mines' Platreef project (the "Platreef Gold PMPA" and the "Platreef Palladium and Platinum PMPA") and BMC Minerals' Kudz Ze Kayah project (the "KZK PMPA"). In addition, the Company entered into a new PMPA for a gold stream in respect of Dalradian Gold's Curraghinalt project (the "Curraghinalt PMPA").

•   Platreef Project
  Until certain delivery thresholds have been met, in respect of the existing Platreef Gold PMPA, the Company is entitled to purchase 62.5% of the payable gold and in respect of the Platreef Palladium and Platinum PMPA, the Company is entitled to purchase 5.25% of the payable palladium and platinum, after which the percentage of payable metal will be reduced as set forth in each of the respective PMPAs ⁷ .
 

•   Kudz Ze Kayah Project
  In respect of the existing KZK PMPA, the Company is entitled to purchase staged percentages of produced gold and payable silver ranging from 6.875% to 7.375% until certain delivery thresholds have been met, at which point the percentage of produced gold and payable silver will be reduced as set forth in the KZK PMPA ⁸ .
 

•   Curraghinalt Project  
  In respect of the Curraghinalt PMPA, the Company is entitled to purchase 3.05% of the payable gold until certain delivery thresholds have been met, at which point the percentage of payable gold will be reduced as set forth in the Curraghinalt PMPA ⁹ .
 

Under the agreement with Orion to purchase the Platreef and KZK PMPAs, the Company committed to pay $450 million on closing of the acquisition, with an additional $5 million contingency payment in respect of the KZK PMPA. Under the terms of the Curraghinalt PMPA, the Company paid $20 million on December 21, 2023 , with an additional $55 million to be paid during construction, subject to various customary conditions being satisfied. In addition, the Company will make ongoing payments for the precious metals delivered as set forth in the various PMPAs ¹⁰ . Closing of the Orion Purchase Agreement occurred on February 27, 2024 .

  Mt Todd Royalty  
On December 13, 2023 , the Company entered into a royalty agreement with Vista Australia Pty. Ltd., a subsidiary of Vista Gold Corp. ("Vista"), in relation to the Mt Todd gold project located in Northern Territory, Australia for total cash consideration of $20 million . The Company was granted a Right of First Refusal on all royalties, streams or pre-pays that include precious metals pertaining to Mt Todd. On December 18, 2023 , the Company paid the first installment payment of $3 million under the royalty agreement.

   DeLamar Royalty  
On February 20, 2024 , the Company purchased a 1.5% net smelter return royalty interest (the "DeLamar Royalty") in the DeLamar and Florida mountain project located in Idaho , United States (the "DeLamar project") from a subsidiary of Integra Resources Corporation ("Integra") for $9.75 million to be paid in two equal installments. The first installment of $4.875 million was paid on closing on March 7,2024 . The second installment is expected to be paid four months after the first installment.

  Reserves and Resources (at December 31, 2023 )

• Proven and Probable Mineral Reserves attributable to Wheaton were 15.1 million ounces of gold compared with 13.4 million ounces as reported in Wheaton's 2022 Annual Information Form ("AIF"), an increase of 12%; 484.7 million ounces of silver compared with 484.6 million ounces, unchanged; 0.90 million ounces palladium compared with 0.60 million ounces, an increase of 49%; 0.52 million ounces of platinum compared with 0.18 million ounces, an increase of 192%; and 33.3 million pounds of cobalt compared to 33.2 million pounds, a decrease of 3%. On a GEO ⁵ basis, total Proven and Probable Mineral Reserves for all metals attributable to Wheaton were 21.6 million ounces compared to 19.6 million ounces, an increase of 10%.
 
• Measured and Indicated Mineral Resources attributable to Wheaton were 7.0 million ounces of gold compared with 5.5 million ounces as reported in Wheaton's 2022 AIF, an increase of 28%; 714.6 million ounces of silver compared with 673.0 million ounces, an increase of 6%; 0.12 million ounces of palladium compared with 0.09 million ounces, an increase of 36%; 0.09 million ounces of platinum compared with 0.08 million ounces, an increase of 16%; and 1.2 million pounds of cobalt compared with 1.5 million pounds, a decrease of 24%. On a GEO ⁵ basis, total Measured and Indicated Mineral Resources for all metals attributable to Wheaton were 15.4 million ounces compared with 13.3 million ounces, an increase of 15%.
 
• Inferred Mineral Resources attributable to Wheaton were 5.1 million ounces of gold compared with 4.6 million ounces as reported in Wheaton's 2022 AIF, an increase of 10%; 307.8 million ounces of silver compared with 326.3 million ounces, a decrease of 6%, 0.37 million ounces of palladium compared with 0.35 million ounces, an increase of 4%; 0.04 million ounces of platinum compared with 0.01 million ounces, an increase of 173%; and 7.2 million pounds of cobalt compared with 7.8 million pounds, a decrease of 7%. On a GEO ⁵ basis, total Inferred Mineral Resources for all metals attributable to Wheaton were 8.9 million ounces compared with 8.6 million ounces, an increase of 3%.
 

Estimated attributable reserves and resources contained in this press release are based on information available to the Company as of March 8, 2024 , and therefore will not reflect updates, if any, after that date. Updated reserves and resources data incorporating year-end 2023 estimates will also be included in the Company's 2023 Annual Information Form. Wheaton's most current attributable reserves and resources, as of December 31, 2023 , can be found on the Company's website at www.wheatonpm.com .

  Sustainability  

   Ratings & Awards:   

• Subsequent to the quarter, on January 17, 2024 , the Company announced that it has ranked among Corporate Knights' 2024 100 Most Sustainable Corporations in the world. The Company will be included in the Global 100 Index, which represents a benchmark for sustainability excellence.
 

   Community Investment Program:   

• Subsequent to the quarter, on March 1, 2024 , Wheaton International commenced a new program with the Vale Foundation to support an ambitious three-year initiative in Brazil that aims to improve the primary health care being offered in the municipalities near the Salobo mine and along the Carajas railroad. The funding will support technical training and cooperation between individual health care units and relevant agencies. Through the program, equipment and furniture will be delivered to the facilities providing health care services. This initiative also looks to enhance the social protection networks among various participating agencies. The program will be carried out in 8 municipalities of Pará State, impacting approximately 550,000 individuals and in 24 municipalities of Maranhão State, impacting approximately 1.3 million individuals. Wheaton and the Vale Foundation each committed BRL$17 million. The total contribution of Wheaton and the Vale Foundation of BRL$34 million is being matched by the Brazilian Development Bank, magnifying the impact of the contribution being made by Wheaton.
 

  Declaration of Dividend and Transition to Progressive Dividend Policy  

The Company has revised its dividend policy, transitioning from distributing 30% of the average of the previous four quarters' operating cash flows to shareholders, to adopting a progressive dividend policy marked by an increase in our 2024 annual dividend. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.

On March 14, 2024 , the Board of Directors declared a dividend in the amount of $0.155 per common share, with this dividend being payable to shareholders of record on April 3, 2024 and is expected to be distributed on or about April 15, 2024 . The Company has implemented a dividend reinvestment plan ("DRIP") whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares based on the Average Market Price, as defined in the DRIP.

  2024 and Long-Term Production Outlook Using Updated 2024 Commodity Price Assumptions  

It is important to note that as gold outperformed all other metals during 2023, the assumed metal prices for 2024 results in lower gold equivalency calculations ¹ in 2024 compared to 2023.

In 2024, GEO ⁵ production is forecast to be consistent with levels achieved in 2023, as expected stronger attributable production from Peñasquito and Voisey's Bay is forecast to be offset by lower production from Salobo, the suspension of operations at Minto , and the temporary halting of production at Aljustrel. Attributable production is forecast to increase at Peñasquito as a result of uninterrupted operations, and at Voisey's Bay due to the ongoing transition from the Ovoid pit to the underground mines. Attributable production is forecast to decrease slightly at Salobo due to lower grades as per the mine plan, which are expected to partially offset increasing throughput as the Salobo III expansion project continues toward completion. In addition, the Company anticipates production from the Blackwater project to commence in the fourth quarter of 2024.

On May 13, 2023 , it was announced that operations at the Minto Mine had been suspended, and the Yukon Government had assumed care and control of the site. On September 12, 2023 , it was announced that as a result of low zinc prices, the production of zinc and lead concentrates at the Aljustrel Mine would be halted from September 24, 2023 , until the second quarter of 2025. Combined, the removal of production from Minto and Aljustrel accounts for a 25,000 GEO ⁵ reduction in 2024 production guidance.

  Long-Term Production Outlook  

Historically, Wheaton has provided 5 and 10-year averages for its long-term guidance, however, the Company has elected to introduce a 5-year target (2028), in addition to an annual average for years 6 through 10 (i.e. 2029-2033), with a goal of providing increased granularity and further transparency of our expected growth trajectory.

Production is forecast to increase by approximately 40% over the next five years to over 800,000 GEOs ⁵ by 2028, primarily due to growth from Operating assets including Salobo, Antamina, Peñasquito, Voisey's Bay and Marmato; Development projects which are in-construction and/or permitted including Blackwater, Platreef, Goose, Mineral Park, Fenix, Curipamba and Santo Domingo ; and Pre-development projects including Marathon and Copper World, for which production is anticipated towards the latter end of the five-year forecast period.

From 2029 to 2033, attributable production is forecast to average over 850,000 GEOs ⁵ in the five-year period and incorporates additional incremental production from pre-development assets including Cangrejos, Kudz ze Kayah, Curraghinalt, Victor and Kutcho projects, in addition to the Brewery Creek, Black Pine and Mt. Todd royalties.

Not included in Wheaton's long-term forecast and instead classified as 'optionality', includes potential future production from Pascua Lama , Navidad, Toroparu, Cotabambas, Metates, DeLamar and additional expansions at Salobo outside of the Salobo III mine expansion project.

  About Wheaton Precious Metals Corp.  

Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors commodity price leverage and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. As a result, Wheaton has consistently outperformed gold and silver, as well as other mining investments. Wheaton 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.

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.

  Webcast and Conference Call Details  

A conference call will be held on Friday, March 15, 2024 , 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:                                                      768302#
Live audio webcast: Webcast Link  

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

The conference call will be recorded and available until March 22, 2024 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:                                                      768302#
Archived audio webcast: Webcast Link  

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.sedarplus.ca .

Mr. Wes Carson , P.Eng., Vice President, Mining Operations, Neil Burns , P.Geo., Vice President, Technical Services and Ryan Ulansky , P.Eng., Vice President, Engineering, for Wheaton Precious Metals are a "qualified person" as such term is defined under National Instrument 43-101, and have reviewed and approved the technical information disclosed in this news release (specifically Mr. Carson has reviewed production figures, Mr. Burns has reviewed mineral resource estimates and Mr. Ulansky has reviewed the mineral reserve estimates).

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

  Consolidated Statements of Earnings  

  Consolidated Balance Sheets  

  Consolidated Statements of Cash Flows  

  Summary of Units Produced  

  Summary of Units Sold  

  Results of Operations  

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

On a gold equivalent basis, results for the Company for the three months ended December 31, 2023 were as follows: