WPM.TO · 2025-03-13

FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Wheaton Precious Metals Announces Record Revenue, Adjusted Net Earnings and Operating Cash Flow for 2024

Production Results Financials

March 13, 2025 Vancouver, British Columbia Designated News Release FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS

Wheaton Precious Metals Announces Record Revenue, Adjusted Net Earnings and Operating Cash Flow for 2024

“Wheaton achieved record revenue, adjusted net earnings and operating cash flow in 2024, driven by our diversified portfolio of high-quality and long-life assets. We exceeded our production guidance for the year due to outperformances at Salobo and Constancia and are proud to have returned a record level of dividends to shareholders in 2024,” said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. “In 2024, Wheaton remained focused on accretive growth, delivering four new streams and royalties and further reinforcing our industry-leading growth profile. This impressive growth is readily apparent in our five-year production forecast, where we estimate annual production increasing by 40% to 870,000 gold equivalent ounces. As we enter 2025, we look forward to building off our accomplishments from 2024, delivering on a consistent growth profile, and ultimately creating lasting value for all stakeholders.”

Solid Financial Results and Strong Balance Sheet

Fourth quarter of 2024: A record $381 million in revenue, a record $319 million in operating cash flow, $88 million in net earnings and a record $199 million in adjusted net earnings¹. Declared a quarterly dividend¹ of $0.155 per common share.
Full year of 2024: A record $1,285 million in revenue, a record $1,028 million in operating cash flow, $529 million in net earnings and a record $640 million in adjusted net earnings^1. Declared record annual dividends¹ of $0.62 per common share.
Balance Sheet: cash balance of $818 million, no debt, and an undrawn $2 billion revolving credit facility as at December 31, 2024.

High Quality Asset Base

Streaming and royalty agreements on 18 operating mines and 28 development projects and other⁵, including the addition of the Koné and Kurmuk projects announced in the fourth quarter.
Attributable gold equivalent production³ (“GEOs”) of 187,500 ounces in the fourth quarter of 2024 and 635,000 for the full year of 2024, with quarterly production increasing 14% relative to the comparable period of the prior year as a result of higher production from Salobo and Peñasquito, with gold production achieving record quarterly production.
Exceeded the upper limits of the 2024 annual production guidance of 550,000 to 620,000 GEOs³, primarily resulting from stronger than expected production at Salobo due to higher gold grades and recoveries, and higher grades at Constancia from the mining of the Pampacancha deposit.
Further de-risked forecast growth profile as construction activities advanced at a number of projects, including the Blackwater, Goose, Platreef, and Mineral Park projects which are expected to be producing by the end of 2025.
Accretive portfolio growth:
- 2 -
On October 21, 2024, the Company amended the Fenix PMPA, increasing the amount of attributable gold it is entitled to under the contract.
- On October 23, 2024, the Company entered into a precious metals purchase agreement (“PMPA”) with Montage Gold Corp. (“Montage”) in respect to the Koné Gold Project located in Côte d’Ivoire.
- On December 5, 2024, the Company entered into a PMPA with Allied Gold Corporation (“Allied”) in respect to the Kurmuk Project located in Ethiopia.
- Subsequent to the quarter, on March 7, 2025, the Company amended its PMPA with Artemis Gold Inc. (“Artemis”) in respect to the Blackwater project located in Canada.

Leadership in Sustainability

Top Rankings: One of the top-rated companies by Sustainalytics, AAA rated by MSCI (upgraded in 2024 from AA to AAA, the highest possible rating), and Prime rated by ISS.
Subsequent to the quarter, awarded US$1 million to the winning venture of the inaugural Future of Mining Challenge, ReThink Milling Inc., to advance their Conjugate Anvil Hammer Mill (“CAHM”) and MonoRoll technologies, for their potential ability to lower energy use in the milling process.
Subsequent to the quarter, Wheaton was recognized by Corporate Knights as one of the 2025 Global 100 Most Sustainable Corporations, based on a rigorous assessment of over more than 8,300 public companies with revenue over US$1 billion.

Operational Overview

(all figures in US dollars unless otherwise noted)			Q4 2023 Change			2023 Change
		Q4 2024			2024
Units produced Gold ounces Silver ounces Palladium ounces Cobalt pounds Gold equivalent ounces 3 Units sold Gold ounces Silver ounces Palladium ounces Cobalt pounds Gold equivalent ounces 3 Change in PBND and Inventory Gold equivalent ounces 3			112,926 4.1 % 4,206 36.5 % 4,209 (33.5)% 215 83.1 % 164,796 13.8 % 115,011 (23.8)% 3,175 35.7 % 3,339 32.8 % 288 68.4 % 155,059 (8.1)% (4,030) (33,323)			374,152 1.4 % 17,191 21.0 % 15,800 (1.1)% 673 91.5 % 584,127 8.7 % 327,336 1.6 % 14,326 12.2 % 13,919 24.1 % 1,074 (9.7)% 506,020 5.2 % 15,990 (30,388)
		117,526			379,530
		5,740			20,807
		2,797			15,632
		393			1,289
		187,493			635,007
		87,662			332,701
		4,307			16,072
		4,434			17,270
		485			970
		142,561			532,468
		29,293			46,378
Revenue Net earnings Per share Adjusted net earnings 1 Per share 1 Operating cash flows Per share 1	$	380,516	$ 313,471 21.4 % $ 168,435 (47.7)% $ 0.372 (47.8)% $ 164,569 20.9 % $ 0.363 20.9 % $ 242,226 31.9 % $ 0.535 31.6 %	$	1,284,639	$ 1,016,045 26.4 % $ 537,644 (1.6)% $ 1.187 (1.7)% $ 533,051 20.1 % $ 1.177 20.0 % $ 750,809 36.9 % $ 1.658 36.7 %
	$	88,148		$	529,140
	$	0.194		$	1.167
	$	198,969		$	640,170
	$	0.439		$	1.412
	$	319,471		$	1,027,581
	$	0.704		$	2.266

All amounts in thousands except gold, palladium & gold equivalent ounces, and per share amounts.

Financial Review Revenues

Revenue in the fourth quarter of 2024 was $381 million (62% gold, 35% silver, 1% palladium and 2% cobalt), with the $67 million increase relative to the prior period quarter being primarily due to a 32% increase in the average realized gold equivalent³ price; partially offset by an 8% decrease in the number of GEOs³ sold.

Revenue was $1,285 million in the year ended December 31, 2024, representing a $269 million increase from 2023 due primarily to a 20% increase in the average realized gold equivalent³ price; and a 5% increase in the number of GEOs³ sold.

Cash Costs and Margin

Average cash costs¹ in the fourth quarter of 2024 were $441 per GEO³ as compared to $437 in the fourth quarter of 2023. This resulted in a cash operating margin¹ of $2,228 per GEO³ sold, an increase of 41% as compared with the fourth quarter of 2023, a result of the higher realized price per ounce.

Average cash costs¹ in 2024 were $436 per GEO³ as compared to $451 in 2023. This resulted in a cash operating margin¹ of $1,977 per GEO³ sold, a 27% increase from 2023, a result of the higher realized price per ounce coupled with the lower average cash costs due to changes in the sales mix.

Cash Flow from Operations

Operating cash flow in the fourth quarter of 2024 amounted to $319 million, with the $77 million increase due primarily to the higher gross margin.

Operating cash flows in 2024 amounted to $1,028 million, with the $277 million increase from the comparable period of the previous year being due primarily to the higher gross margin.

Voisey’s Bay Impairment

On June 11, 2018, the Company entered into an agreement (the “Voisey’s Bay PMPA”) to acquire from Vale an amount of cobalt equal to 42.4% of the cobalt production from its Voisey’s Bay mine, until the delivery of 31 million pounds of cobalt and 21.2% of cobalt production thereafter for the life of mine for a total upfront cash payment of $390 million.

At December 31, 2024, the Company determined there to be an impairment charge relative to the Voisey’s Bay PMPA due to a significant and sustained decline in market cobalt prices. The Voisey’s Bay PMPA had a carrying value at December 31, 2024 of $340 million. Management estimated that the recoverable amount at December 31, 2024 under the Voisey’s Bay PMPA was $231 million, representing its fair value less cost of disposal and resulting in an impairment charge of $109 million. The recoverable amount related to the Voisey’s Bay PMPA was estimated using an average discount rate of 5.5% and the market price of cobalt of $13.62 per pound.

Produced But Not Yet Delivered

As at December 31, 2024, approximately 163,600 GEO's³ were produced but not yet delivered representing approximately three months of payable production. This build in PBND is an increase from the preceding four quarters and at the upper end of our guided range of two to three months, due to a significant increase in quarter-over-quarter production driven by increased production at Peñasquito and Salobo, with Salobo representing a quarterly record.

Balance Sheet (at December 31, 2024)

Approximately $818 million of cash on hand
During the fourth quarter of 2024, the Company made total upfront cash payments of $115 million relative to the mineral stream interests consisting of:
- $44 million relative to the Kurmuk PMPA;
- $40 million relative to the Marmato PMPA;
- $25 million relative to the Mineral Park PMPA; and
- $6 million relative to the Cangrejos PMPA.
During the fourth quarter of 2024, the Company received a repayment of the upfront cash payment of $13 million relative to the El Domo PMPA, with this amount to be re-advanced at a later date.
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. Given the strength of Wheaton’s balance sheet and forecasted cash flows, the Company has elected to not renew its at-the-market equity program, under which no shares have been issued as of December 31, 2024.

Global Minimum Tax

The Company is within the scope of global minimum tax (“GMT”) under the OECD Pillar Two model rules (“Pillar Two”), under which large multinational entities are subject to a 15% GMT. On June 20, 2024, Canada’s Global Minimum Tax Act (“GMTA”), received royal assent. The GMTA enacts the OECD Pillar Two model rules where in scope companies are subject to a 15% GMT for fiscal years commencing on or after December 31, 2023. With the enactment of the GMTA on June 20, 2024, the income of the Company’s subsidiaries which operate in jurisdictions with a statutory tax rate of 0% are subject to the GMTA. For the three months and year ended December 31, 2024 an amount of $35 million and $114 million, respectively, current tax expense associated with GMT was recorded. GMT accrued to December 31, 2024, is payable on or before June 30, 2026 (18 months following year-end).

Fourth Quarter Operating Asset Highlights

Salobo: In the fourth quarter of 2024, Salobo produced 84,300 ounces of attributable gold, representing record quarterly production and an increase of approximately 17% relative to the fourth quarter of 2023, primarily due to higher throughput, grades and recovery. On January 28, 2025, Vale S.A. (“Vale”) announced the completion of the Salobo III ramp-up and improved performance at Salobo I and II.

On March 4, 2025, Vale informed the Company that it had achieved a sustained throughput capacity of over 35 Mtpa over a 90-day period, indicating completion of the second phase of the Salobo III expansion project. Pending review of the final completion test by the Company, Wheaton anticipates advancing the remaining balance of the expansion payment to Vale, in the amount of $144 million within thirty days of the date of receipt.

Antamina: In the fourth quarter of 2024, Antamina produced 0.9 million ounces of attributable silver, a decrease of approximately 8% relative to the fourth quarter of 2023 primarily due to lower throughput, partially offset by higher recoveries.

Peñasquito: In the fourth quarter of 2024, Peñasquito produced 2.5 million ounces of attributable silver, an increase of approximately 138% relative to the fourth quarter of 2023, as prior year operations were impacted by a labour strike which began on June 7, 2023 and ended on October 13, 2023 with the safe ramp-up of operations beginning after the end of the strike. On February 20, 2025, Newmont Corporation (“Newmont”) announced that coproduct production in 2025 is expected to decline as mining moves back into the Peñasco pit which contains lower silver grades relative to the Chile Colorado pit.

Constancia: In the fourth quarter of 2024, Constancia produced 1.0 million ounces of attributable silver and 18,200 ounces of attributable gold, an increase of approximately 16% for silver production and a decrease of approximately 18% for gold production relative to the fourth quarter of 2023. The increase in silver production, which represented a quarterly record, was primarily due to higher grades. The decrease in gold production was primarily the result of lower gold grades as more material was mined from Constancia and reclaimed from the stockpile compared with the prior year. On February 19, 2025, Hudbay Minerals Inc. (“Hudbay”) announced that gold production in 2025 is expected to be lower than 2024 levels as additional high grade gold benches were mined in late 2024, ahead of schedule, resulting in gold production exceeding 2024 guidance levels. The Pampacancha deposit is now expected to be depleted in early December 2025 as opposed to October 2025, as the mine plan has smoothed Pampacancha production throughout the year. Total mill ore feed from Pampacancha is expected to be approximately 25% in 2025, lower than the typical one-third in prior years as Pampacancha approaches depletion.

Sudbury: In the fourth quarter of 2024, Vale’s Sudbury mines produced 5,000 ounces of attributable gold, a decrease of approximately 14% relative to the fourth quarter of 2023, due to lower recoveries.

Stillwater: In the fourth quarter of 2024, the Stillwater mines produced 2,200 ounces of attributable gold and 2,800 ounces of attributable palladium, a decrease of approximately 7% for gold and 34% for palladium relative to the fourth quarter of 2023, primarily due to lower throughput as Stillwater West operations were put into care and maintenance on September 12, 2024.

Voisey’s Bay: In the fourth quarter of 2024, the Voisey's Bay mine produced 393,000 pounds of attributable cobalt, an increase of approximately 83% relative to the fourth quarter of 2023, as the transitional period between the depletion of the Ovoid open-pit and ramp-up to full production of the Voisey’s Bay underground mine nears completion. On December 3, 2024, Vale reported that it has completed construction and commissioning of the Voisey’s Bay underground mine extension. The expansion transitioned Voisey’s Bay from open pit to underground mining. The project involved the development of two underground mines, Reid Brook and Eastern Deeps, which will deliver ore for processing at Vale’s Long Harbour refinery. The full ramp-up is expected by the second half of 2026.

Other Silver: In the fourth quarter of 2024, total Other Silver attributable production was 1.4 million ounces, an increase of approximately 4% relative to the fourth quarter of 2023,

primarily due to higher production at Zinkgruvan, partially offset by lower production at Neves- Corvo.

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 November 6, 2024, Artemis announced that overall construction of the Blackwater project was over 95% complete as of September 30, 2024. Construction of the tailings storage facility is ready to allow for the commencement of commissioning of the plant. Artemis reported that the initial mining fleet has been commissioned and pre-stripping of the mine, as well as the construction of haul roads are well advanced. On January 22, 2025, Artemis announced that commissioning of the grinding circuit at the Blackwater project has advanced and milling of first ore commenced, with the first pour of gold and silver being announced on January 29, 2025. Commercial production remains targeted for Q2 2025.

Goose Project: On February 19, 2025, B2Gold Corp. (“B2Gold”) announced that all planned construction activities for 2024 were completed and project construction and development continue to progress on track to achieve first gold pour at the Goose project in the second quarter of 2025, followed by a ramp up to commercial production in the third quarter of 2025. Following the successful completion of the 2024 sea lift, the construction of the 163 kilometer Winter Ice Road was completed in February 2025. As of February 18, 2025, the Winter Ice Road is fully operational with the transportation of all materials from the Marine Laydown Area to the Goose project site expected to be completed by May 15, 2025.

Mineral Park Project: During the quarter, Waterton's Origin Mining continued to advance the Mineral Park project, with the installation of new crushing and milling circuits nearing completion. Project construction continues to progress on track for first ore to the mill in Q2 2025, followed by a ramp up to commercial production during the second half of 2025. At project completion the fully refurbished mill capacity will be 16.5 Mtpa.

Platreef Project: On October 30, 2024, Ivanhoe Mines (“Ivanhoe”) reported that construction of the Phase 1 concentrator was completed on schedule early in the third quarter. First ore is scheduled for the second half of 2025, while underground development prioritizes development to accelerate Phase 2. Ivanhoe also states that work continues on the updated feasibility study to accelerate the startup of Phase 2, as well as the preliminary economic assessment of the previously announced Phase 3 expansion to 10 Mtpa processing capacity. On February 18, 2025, Ivanhoe reported positive results from the two independent technical studies completed on the Phase 2 and Phase 3 expansions. The study outlines Phase 1 production from Q4-2025, followed by the Phase 2 expansion two years later in Q4-2027. Ivanhoe noted that the Phase 3 expansion is expected to rank Platreef as one of the largest primary PGM producers on a platinum equivalent basis.

Fenix Project: On October 2, 2024, Rio2 Limited (“Rio2”) announced that its Chilean subsidiary has received the principal Sectorial Permits it requires to begin construction at the Fenix project. These Sectorial Permits represent the last governmental authorization required to enable the start of the construction phase and subsequent operation of the Fenix mine. On January 13, 2025, Rio2 reported that construction activities recommenced in October 2024 and construction is expected to be completed in November 2025. Bulk earthworks at the plant side have been completed and concrete bases for the footings of the processing plant have been poured. Earthworks have commenced on the leach pad stability platform, which forms

the base of the Phase 1 leach pad. First gold production is currently expected in January 2026.

Marmato Mine: On March 13, 2025, Aris announced an enhanced Marmato expansion, whereby the design of the carbon-in-pulp processing facility will be upgraded by 25% from 4,000 tpd to 5,000 tpd. Aris reports that construction remains on track, and production is expected to start ramping up in the second half of 2026.

Kurmuk Project: On January 22, 2025, Allied reported that earthworks at the plant terrace advanced during the quarter to near completion, while civil works and structural, mechanical, plate, and piping contractor mobilizations are in progress. Main camp construction, along with engineering and procurement activities, progressed during the quarter, with the project remaining on track and on budget. On February 20, 2025, Allied reported that the Kurmuk project is expected to start production by mid-2026.

El Domo Project: During the second quarter of 2024, Silvercorp Metals Inc. (“Silvercorp” announced that an Ecuadorian court rejected a constitutional protective action (the “Constitutional Action”) filed by third parties against Ministry of Environment, Water and Energy Transition of the Government of Ecuador (“MAATE”) and concluded that the consultative process followed by MAATE in issuing the various permits relative to the El Domo project complied with applicable legal requirements. An appeal was granted and a hearing took place at the Superior Court of Bolivar (the Superior Court”) on October 17, 2024. On November 15, 2024, Silvercorp announced that the Superior Court rejected the appeal.

On January 7, 2025, Silvercorp reported it is targeting to bring the project into production in the second half of 2026 and have recently awarded the earthworks contract to a large international mining contractor with over ten years of experience working in Ecuador.

Koné Project: On December 18, 2024, Montage announced that it has launched the construction of its Koné project, with first gold production scheduled for the second quarter of 2027. Significant progress is being made to rapidly advance and de-risk the project as early works are well underway and major construction works are set to commence in the coming weeks, once further construction equipment arrives to site. The Koné project is fully permitted.

Copper World Project: On January 2, 2025, Hudbay announced that it has received an Air Quality Permit for the Copper World project from the Arizona Department of Environmental Quality. The issuance of this permit is a significant milestone in the advancement of the project as it is the final major permit required for the development and operation of Copper World. Hudbay commenced a minority joint venture partner process early in 2025, and it is anticipated that any minority joint venture partner would participate in the funding of definitive feasibility study activities in 2025 as well as in the final project design and construction for Copper World. The sanctioning of Copper World is not expected until 2026 based on current estimated timelines.

Santo Domingo Project: On January 20, 2025, Capstone Copper Corporation (“Capstone”) announced plans to progress partnership discussions and its financing strategy throughout 2025. A potential project sanctioning decision is not anticipated prior to 2026. On February 19, 2025, Capstone reported the Mantoverde exploration drill program commenced in Q4 2024.

Cangrejos Project: On January 28, 2025, Lumina Gold Corp., (“Lumina”), announced significant progress regarding power infrastructure required for the Cangrejos project. Lumina

received approval of the definitive feasibility level designs for connection to the national grid for the future energy demand of the Cangrejos project from Corporación Eléctrica del Ecuador on January 15, 2025. The lead engineering contractor for the feasibility study has completed 92% of the estimated work. The feasibility study remains on schedule for completion during Q2 2025. Work for the Environmental Impact Study is progressing on schedule which will allow for its submission to the Government of Ecuador in mid-2025. Lumina is targeting receiving its environmental license by early 2026.

Corporate Development

Amendment to the Fenix PMPA: On October 21, 2024, the Company amended the Fenix PMPA⁶, in exchange for which, the Company is committed to pay additional upfront cash consideration of $100 million, payable in two equal installments, subject to various customary conditions being satisfied. To date, no amounts have been advanced under the Fenix PMPA amendment.

Koné Project: On October 23, 2024, the Company entered into a PMPA (the “Koné Gold PMPA”)⁷ with Montage in respect of its 90% owned Koné Gold project located in Côte d’Ivoire. Under the terms of the Koné Gold PMPA, the Company is committed to pay Montage total upfront cash payments of $625 million, payable in four equal installment payments during construction, subject to certain conditions, including that all permits have been obtained. To date, no amounts have been advanced under the Koné Gold PMPA.

Kurmuk Project: On December 5, 2024, the Company entered into a PMPA (the “Kurmuk Gold PMPA”)⁸ with Allied Gold Corporation (“Allied”) in respect of its Kurmuk project located in Ethiopia. Under the terms of the agreement, Wheaton is committed to pay Allied total upfront cash payments of $175 million, payable in four equal installment payments during construction, subject to certain conditions. The first payment of $44 million was paid on December 19, 2024.

Amendment to Blackwater PMPA: On March 7, 2025, the Company amended its PMPA (the “Blackwater Silver PMPA”) with Artemis Gold Inc. (“Artemis”) in respect of silver production from the Blackwater Project located in British Columbia in Canada (the “Blackwater Project”). Under the Blackwater Silver PMPA, Wheaton will acquire an amount of silver equal to 50% of the payable silver until 17.8 million ounces have been delivered and 33% of payable silver thereafter for the life of the mine.

Previously, the determination of payable silver production under the Silver Stream required the application of a complex metallurgical protocol to determine the silver content of the mill feed and applied a fixed recovery rate of 61%. As a result of the amendment, the amount of payable silver will be determined based on a fixed ratio of silver to gold ounces produced. The ratio will be as follows:

5.17 ounces of silver for every ounce of gold produced while the plant throughput is less than 15Mtpa;
5.10 ounces of silver for every ounce of gold produced while the plant throughput exceeds 15Mtpa, but is less than 20Mtpa;
5.07 ounces of silver for every ounce of gold produced while the plant throughput exceeds 20Mtpa.

Once 17.8 million ounces of silver have been delivered, the determination of payable silver will revert to being based on a fixed silver recovery factor, consistent with the previous terms of the Blackwater Silver PMPA. As a result of the changed payable silver profile which is

expected to deliver silver ounces to the Company sooner relative to the original profile, on March 10, 2025, the Company paid Artemis $30 million in connection with this amendment.

Reserves and Resources (at December 31, 2024)

Proven and Probable Mineral Reserves attributable to Wheaton were 15.5 million ounces of gold compared with 15.1 million ounces as reported in Wheaton’s 2023 Annual Information Form (“AIF”), an increase of 3%; 476.3 million ounces of silver compared with 484.7 million ounces, a decrease of 2%; 0.83 million ounces palladium compared with 0.90 million ounces, a decrease of 8%; 0.52 million ounces of platinum, unchanged; and 30.6 million pounds of cobalt compared to 32.3 million pounds, a decrease of 5%. On a GEO⁵ basis, total Proven and Probable Mineral Reserves for all metals attributable to Wheaton were 21.6 million ounces compared to 21.3 million ounces, an increase of 1%.
Measured and Indicated Mineral Resources attributable to Wheaton were 6.8 million ounces of gold compared with 6.9 million ounces as reported in Wheaton’s 2023 AIF, a decrease of 2%; 701.4 million ounces of silver compared with 707.2 million ounces, a decrease of 1%; 0.13 million ounces of palladium compared with 0.12 million ounces, an increase of 11%; 0.092 million ounces of platinum compared with 0.093 million ounces, a decrease of 1%; and 1.2 million pounds of cobalt, unchanged. On a GEO⁵ basis, total Measured and Indicated Mineral Resources for all metals attributable to Wheaton were 15.0 million ounces compared with 15.2 million ounces, a decrease of 1%.
Inferred Mineral Resources attributable to Wheaton were 4.9 million ounces of gold compared with 5.1 million ounces as reported in Wheaton’s 2023 AIF, a decrease of 3%; 327.8 million ounces of silver compared with 306.8 million ounces, an increase of 7%, 0.34 million ounces of palladium compared with 0.36 million ounces, a decrease of 6%; 0.04 million ounces of platinum, unchanged; and 7.4 million pounds of cobalt compared with 7.2 million pounds, an increase of 4%. On a GEO⁵ basis, total Inferred Mineral Resources for all metals attributable to Wheaton were 8.9 million ounces compared with 8.8 million ounces, an increase of 1%.

Estimated attributable reserves and resources contained in this press release are based on information available to the Company as of March 6, 2025, and therefore will not reflect updates, if any, after that date. Updated reserves and resources data incorporating year-end 2024 estimates will also be included in the Company's 2024 Annual Information Form. Wheaton’s most current attributable reserves and resources, as of December 31, 2024, can be found on the Company’s website at www.wheatonpm.com.

10 -

Sustainability

Future of Mining Challenge

On March 4, 2025, Wheaton announced the winner of its inaugural Future of Mining Challenge. ReThink Milling Inc. has been awarded $1 million for its Conjugate Anvil Hammer Mill and MonoRoll technologies, which have the potential to revolutionize the milling process. This innovative grinding technology demonstrates immense potential to deliver greater efficiency with significantly lower energy use, leading to reduced greenhouse gas emissions and operating costs.

Community Investment Program

In 2024, Wheaton contributed more than US$8.5 million to over 130 charitable causes and initiatives globally.
Wheaton’s Partner Community Investment Program continues to support initiatives with the Vale Foundation, Vale Canada, Glencore via Antamina, Hudbay Minerals, First Majestic Silver and Sibanye-Stillwater to support the communities influenced by the mines and provide vital services and programs including educational resources, health and dental programs, poverty reduction initiatives, entrepreneurial opportunities, and various social and environmental programs.
In November 2024, Wheaton was the presenting sponsor for the Special Olympics BC Sports Celebrities Festival, which raises money for the Canucks for Kids Fund and Special Olympics B.C.’s work to offer year-round programs for athletes with intellectual disabilities of all ages and a wide range of ability levels in 55 communities across British Columbia. The 2024 gala raised $500,000 to support this programming.

Subsequent Events

Declaration of Dividend

The Company has increased its quarterly dividend under its dividend policy, setting it at $0.165 per common share for 2025. This represents a 6.5% increase over the quarterly dividend paid in 2024 and represents the second consecutive year that the dividend has been increased, highlighting the Company's commitment to a progressive dividend. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.

Chief Financial Officer Transition

On January 9, 2024, Wheaton announced that Gary Brown will be stepping down from his role as Chief Financial Officer ("CFO"), effective March 31, 2025. As part of a planned leadership succession, Vincent Lau, Wheaton's Vice President of Finance, will be appointed CFO and will join the senior leadership team.

2025 Production Outlook

In 2025, Wheaton provides 2025 production guidance between 600,000 and 670,000 GEOs⁴. The midpoint of the 2024 guidance range compared to the midpoint of the 2025 guidance range suggests year-over-year production growth of approximately 10%, in alignment with the Company's previously stated long-term growth forecast. This forecast growth is driven by stronger attributable production from Antamina, the start-up of several development projects, and a stable forecast for Salobo production. This increase is expected to be partially offset by lower production from Peñasquito and Constancia.

11 -

Attributable production is forecast to increase at Antamina in 2025 due to expected higher silver grades, as a result of a higher ratio of copper-zinc ore versus copper-only ore being mined in 2025. Wheaton's 2025 forecast also includes inaugural production from four projects currently in development; Blackwater, Goose, Mineral Park and Platreef, all of which are expected to commence production in 2025. In addition, the Aljustrel mine is anticipated to restart production in the third quarter of 2025, following the announcement made on September 12, 2023, that as a result of low zinc prices, the production of zinc and lead concentrates would be temporarily halted from September 24, 2023 onward. Increased production from the forementioned assets is anticipated to be offset by lower production at Peñasquito, as mining transitions from the Chile Colorado to the main Peñasco pit, which contains lower relative silver grades. In addition, lower production levels are anticipated at Constancia, predominantly due to additional gold benches being mined in late 2024 that were brought forward from the 2025 plan, coupled with the expectation that total mill ore feed from Pampacancha will be approximately 25% in 2025, lower than the typical one-third in prior years as Pampacancha approaches depletion. After a record-breaking quarter to end 2024, production levels at Salobo are expected to remain consistent, with higher throughput levels attributable to the Salobo III expansion project anticipated to be offset by lower gold grades.

Long-Term Production Outlook

Production is forecast to increase by approximately 40% over the next five years to 870,000 GEOs⁴ by 2029, due to growth from multiple Operating assets including Antamina, Aljustrel and Marmato; Development assets that are in construction, including the Blackwater, Mineral Park, Goose, Platreef, Fenix, Kurmuk, and Koné projects; and Pre-development assets including the El Domo and Copper World projects.

From 2030 to 2034, attributable production is forecast to average over 950,000 GEOs⁴ annually and incorporates additional incremental production from Pre-development assets including the Santo Domingo, Cangrejos, Kudz ze Kayah, Marathon and Kutcho projects, in addition to the Mt. Todd, Black Pine and DeLamar royalties.

Not included in Wheaton's long-term forecast and instead classified as 'optionality', is potential future production from nine other assets, including Pascua-Lama and Navidad, in addition to 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.

12 -

Webcast and Conference Call Details

Wheaton will release its 2024 fourth quarter and full year results on Thursday, March 13, 2025, after market close. A conference call will be held on Friday, March 14, 2025, 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: 1-888-510-2154 Dial from outside Canada or the US: 1-437-900-0527 Pass code: 69732# 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 20, 2025 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: 1-888-660-6345 Dial from outside Canada or the US: 1-646-517-4150 Pass code: 69732# 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 for Wheaton Precious Metals and Ryan Ulansky, P.Eng., Vice President, Engineering, 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.

For further information:

Investor Contact

Emma Murray Vice President, Investor Relations Tel: 1-844-288-9878 Email: [email protected]

← Back to feed