WPM.TO · 2020-08-12

WHEATON PRECIOUS METALS ANNOUNCES RECORD REVENUE AND SALES VOLUMES IN THE FIRST HALF OF 2020 “Wheaton’s high -quality portfolio of assets delivered solid results in the first half of 2020

Production Results Financials

August 12, 2020 TSX: WPM Vancouver, British Columbia NYSE: WPM Designated News Release

WHEATON PRECIOUS METALS ANNOUNCES RECORD REVENUE AND SALES VOLUMES IN THE FIRST HALF OF 2020

“Wheaton’s high-quality portfolio of assets delivered solid results in the first half of 2020 generating over $500 million in revenue and nearly $330 million in operating cash flow. While production in the second quarter was impacted by temporary shutdowns of some operations as a result of the COVID-19 pandemic, sales volumes remained strong, resulting in a record 322,000 gold equivalent ounces sold in the first half of 2020,” said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. “At Wheaton, our success is not only measured in terms of financial results, but also in our ability to make a difference. In that regard, during the quarter we established a dedicated fund to help address the impacts of COVID-19, which to date has helped to provide food security, medical services and supplies, and economic opportunities to those in need. The majority of these funds are dedicated to the communities around our partners’ operations, and not only help to alleviate the near-term impacts of the pandemic, but also leave positive, sustainable benefits."

Second Quarter Highlights:

Over $151 million in operating cash flow in the quarter, an increase of nearly 40%.
Net debt¹ reduced by $80 million resulting in a net debt position of $509 million.
Attributable gold equivalent² production was 140,000 ounces in the second quarter, with the reduction being due to the temporary shutdown of various mines resulting from COVID-19.
Signed a non-binding term sheet on the Marmato Project with Caldas Gold Corp.
Declared quarterly dividend¹ of $0.10 per common share.
Donated $2 million of the previously announced $5 million Community Support and Response Fund dedicated to combatting the COVID-19 pandemic.

Operational Overview

(all figures in US dollars unless otherwise noted)		Q2 2020	Q2 2019 Change
Ounces produced Gold Silver Palladium Gold equivalent 2 Ounces sold Gold Silver Palladium Gold equivalent 2			100,908 (12.2)% 4,821 (24.3)% 5,736 0.4 % 166,399 (15.8)% 90,077 3.0 % 4,241 11.5 % 5,273 (5.6)% 148,004 5.5 %
		88,631
		3,650
		5,759
		140,112
		92,804
		4,729
		4,976
		156,188
Revenue Net earnings (loss) Per share Adjusted net earnings 1 Per share 1 Operating cash flows Per share 1 Dividends paid 1 Per share	$	247,954	$ 189,466 30.9 % $ (124,694) n.a. $ (0.280) n.a. $ 41,958 132.0 % $ 0.094 130.5 % $ 109,258 38.9 % $ 0.245 38.0 % $ 40,133 11.8 % $ 0.09 11.1 %
	$	105,812
	$	0.236
	$	97,354
	$	0.217
	$	151,793
	$	0.338
	$	44,861
	$	0.10

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

Revised Production Guidance

Wheaton is providing a revised 2020 production forecast as all mining partners have now resumed operations that were previously suspended as a result of the COVID-19 pandemic. During the second quarter of 2020, six of our mining partners’ operations located in Mexico and Peru on which the Company has precious metal purchase agreements (“PMPA”s) were temporarily suspended due to government restrictions focused on reducing the spread of COVID-19, consisting of the Constancia, Yauliyacu, San Dimas, Los Filos, Peñasquito and Antamina mines. The revised 2020 and long-term forecasts assume that operations will continue throughout the remainder of the year without major interruptions. Wheaton’s long-term production forecast remains unchanged at 750,000 gold equivalent ounces (“GEO”s) per year on average between 2020 and 2024.

Metal Produced3	Revised 2020 Forecast	Original 2020 Forecast	Annual average (2020-2024)
Gold Ounces	365,000 to 385,000	390,000 to 410,000
Silver Ounces (‘000s)	21,500 to 22,500	22,000 to 23,500
Palladium Ounces	23,000 to 24,500	23,000 to 24,500
Gold Equivalent Ounces2	655,000 to 685,000	685,000 to 725,000	750,000

Corporate Development – Marmato Project

On June 22, 2020, the Company announced that it had signed a non-binding term sheet with Caldas Gold Corp. ("Caldas Gold") to enter into a PMPA for the Marmato Project located in Colombia. Under the terms of the proposed PMPA, the Company will acquire 6.5% of the gold production and 100% of the silver production until 190,000 ounces of gold and 2.15 million ounces of silver have been delivered, after which the stream drops to 3.25% of the gold production and 50% of the silver production for the life of mine. Under the proposed PMPA, the Company will pay a total cash consideration of $110 million, $38 million of which is payable upon closing and the remaining portion of which is payable during the construction of the Marmato Deep Zone project, subject to receipt of required permits and licenses, sufficient financing having been obtained to cover total expected capital expenditures, and other customary conditions. In addition, the Company will make ongoing delivery payments equal to approximately 20% of the spot prices over the life of the mine. The entering into of the PMPA is subject to, among other matters, the negotiation and completion of definitive documentation.

Community Support and Response Fund to Combat the COVID-19 Pandemic

During the quarter, Wheaton announced the launch of a $5 million Community Support and Response Fund (the “CSR Fund”) to support the global efforts to combat the COVID-19 pandemic and its impacts on our communities. The CSR Fund is designed to meet the immediate needs of the communities in which Wheaton operates and around the mines from which Wheaton receives precious metals. This fund is incremental to Wheaton's already active Community Investment Program that currently provides support to over 50 programs in multiple communities around the world. As of June 30, 2020, the Company has made donations totalling $2 million under this program.

Financial Review Revenues

Revenue was $248 million in the second quarter of 2020 representing a 31% increase from the second quarter of 2019 due primarily to a 24% increase in the average realized gold equivalent² price; and a 6% increase in the number of gold equivalent² ounces sold.

Costs and Expenses

Average cash costs¹ in the second quarter of 2020 were $418 per gold equivalent² ounce as compared to $412 in Q2 2019. This resulted in a cash operating margin¹ of $1,170 per gold equivalent² ounce sold, an increase of 35% as compared with Q2 2019.

Balance Sheet (at June 30, 2020)

Approximately $132 million of cash on hand.
$641 million outstanding under the Company's $2 billion revolving term loan (the "Revolving Facility").
During Q2 2020, the Company has repaid $75 million under the Revolving Facility.
During Q2 2020, the net debt¹ was reduced by $80 million to $509 million.
The average effective interest rate for Q2 2020 was 1.97%.

Second Quarter Asset Highlights

Salobo: In the second quarter of 2020, Salobo produced 59,100 ounces of attributable gold, a decrease of approximately 12% relative to the second quarter of 2019 due to lower throughput as operations were impacted as a result of increased absenteeism during the quarter resulting from the COVID-19 pandemic. According to Vale S.A.’s (“Vale”) Second Quarter 2020 Performance Report, physical completion of the Salobo III mine expansion was 54% at the end of the second quarter. As a preventive measure related to the COVID-19 pandemic, non-critical works at the expansion were suspended in late March 2020, with their gradual resumption starting in May 2020. Vale reports that the expansion remains on track to start up in the first half of 2022.

Peñasquito: In the second quarter of 2020, Peñasquito produced 1.0 million ounces of attributable silver, an increase of approximately 39% relative to the second quarter of 2019 when production was impacted by an illegal blockade of the mine. Operations at the Peñasquito mine were temporarily suspended during the quarter as a result of the Mexican government regulations related to the COVID-19 pandemic. As per Newmont Corporation’s Second Quarter MD&A, both mill and mining activities at Peñasquito began ramping back up at the beginning of June and reached pre-COVID-19 record levels in the plant by mid-June.

San Dimas: In the second quarter of 2020, San Dimas produced 6,100 ounces of attributable gold, a decrease of approximately 47% relative to the second quarter of 2019 primarily due to lower throughput coupled with the impact of revising the silver to gold conversion ratio from 70:1 to 90:1 effective April 1, 2020, as per the PMPA. Operations at the San Dimas mine were temporarily suspended during the quarter resulting from the COVID-19 pandemic, with operations resuming after the Mexican government’s decision to allow mining to restart on May 23, 2020. In addition, First Majestic Silver (“First Majestic”) reports that mill modernization and optimization programs have resumed at San Dimas, including the mid-May delivery of the 3,000 tonnes per day high intensity grinding mill (“HIG”) and several components. As a result of the temporary suspension during the quarter, First Majestic expects the assembly and installation of the new HIG mill to be completed in the second quarter of 2021.

Antamina: In the second quarter of 2020, Antamina produced 0.6 million ounces of attributable silver, a decrease of approximately 54% relative to the second quarter of 2019, primarily due to lower throughput as operations at the mine were temporarily suspended during the quarter as a result of the COVID-19 pandemic. The Antamina mine reportedly resumed operations on May 26, 2020, and ramped to full production in June.

Constancia: In the second quarter of 2020, Constancia produced 0.3 million ounces of attributable silver and 3,500 ounces of attributable gold, a decrease of approximately 54% and 23%, respectively, relative to the second quarter of 2019, primarily due to lower throughput as operations at the mine were temporarily suspended during the quarter as a result of the COVID-

19 pandemic. As per Wheaton’s PMPA with Hudbay Minerals Inc., the failure to achieve a minimum level of throughput at the Pampacancha deposit during 2019 entitles Wheaton to an additional 8,020 ounces of gold in 2020 (received in quarterly installments), of which 2,005 ounces of gold was received during the second quarter of 2020 and included as production.

Other Gold: In the second quarter of 2020, total Other Gold attributable production was 7,700 ounces, an increase of approximately 60% relative to the second quarter of 2019, primarily due to the resumption of mining at the Minto mine.

Other Silver: In the second quarter of 2020, total Other Silver attributable production was 1.8 million ounces, a decrease of approximately 19% relative to the second quarter of 2019, primarily due to the temporary suspension of operations at the Yauliyacu mine as a result of the COVID- 19 pandemic.

Keno Hill Restart: In addition, Alexco Resource Corp (“Alexco”) reported on June 24, 2020, its intent to recommence mining operations in the Keno Hill Silver District (“Keno Hill”) with ore production, mill commissioning, and concentrate sales planned for Q4 2020. Subsequent to the quarter, Alexco announced that it had received the final amended and renewed Water Use License for Keno Hill. Wheaton is entitled to 25% of the payable silver production from Keno Hill. In order to help facilitate the resumption of mining, Wheaton agreed to modify the PMPA as it relates to the delivery payment per ounce of silver in exchange for 2 million common share purchase warrants from Alexco.

Produced But Not Yet Delivered ⁴

As at June 30, 2020, payable ounces attributable to the Company produced but not yet delivered amounted to:

79,500 payable gold ounces, a decrease of 8,900 ounces during Q2 2020, primarily due to a draw down during the period relative to the Salobo mine.
3.1 million payable silver ounces, a decrease of 1.8 million ounces during Q2 2020, primarily due to decreases during the period relative to the Peñasquito, Antamina and Yauliyacu mines, all of which had their operations temporarily suspended during the quarter.
4,900 payable palladium ounces, virtually unchanged from the balance at Q1 2020.

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.

Webcast and Conference Call Details

A conference call and webcast will be held Thursday, August 13, 2020, starting at 11:00 am (Eastern Time) to discuss these results. To participate in the live call, please use one of the following methods:

Dial toll free from Canada or the US: 888-231-8191 Dial from outside Canada or the US: 647-427-7450 Pass code: 1968427 Live audio webcast: link

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

The conference call will be recorded and available until August 20, 2020 at 11:59 pm (Eastern Time). The webcast will be available for one year. You can listen to an archive of the call by one of the following methods:

Dial toll free from Canada or the US: 855-859-2056 Dial from outside Canada or the US: 416-849-0833 Pass code: 1968427 Archived audio 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.sedar.com.

Mr. Wes Carson, P. Eng., Vice President, Mining Operations is a “qualified person” as such term is defined under National Instrument 43-101, and has reviewed and approved the technical information disclosed in this news release.

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

About Wheaton Precious Metals Corp.

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

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

End Notes

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

2 In order to maintain consistency with the original guidance, commodity price assumptions for the gold equivalent production and sales in 2020 are unchanged at $1,500 / ounce gold, $18 / ounce silver, and $2,000 / ounce palladium.

3 Ounces produced represent the quantity of silver, gold, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions.

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

Condensed Interim Consolidated Statements of Earnings (Loss)

(US dollars and shares in thousands, except per share amounts - unaudited)			2019			2019
	2020			2020
Sales			$ 189,466			$ 414,515
	$	247,954		$	502,744
Cost of sales Cost of sales, excluding depletion Depletion			$ 60,957 61,404			$ 130,171 129,785
	$	65,211		$	132,119
		58,661			123,503
Total cost of sales			$ 122,361			$ 259,956
	$	123,872		$	255,622
Gross margin General and administrative expenses Impairment of mineral stream interests			$ 67,105 12,249 165,912			$ 154,559 28,784 165,912
	$	124,082		$	247,122
		21,799			34,981
		-			-
Earnings from operations Other (income) expense			$ (111,056) 3,090			$ (40,137) 2,824
	$	102,283		$	212,141
		(3,366)			(3,963)
Earnings before finance costs and income taxes Finance costs			$ (114,146) 13,306			$ (42,961) 27,252
	$	105,649		$	216,104
		4,636			11,753
Earnings before income taxes Income tax recovery (expense)			$ (127,452) 2,758			$ (70,213) 2,868
	$	101,013		$	204,351
		4,799			(3,643)
Net earnings (loss)			$ (124,694)			$ (67,345)
	$	105,812		$	200,708
Basic earnings per share Diluted earnings per share Weighted average number of shares outstanding Basic Diluted			$ (0.280) $ (0.279) 445,769 446,470			$ (0.151) $ (0.151) 445,083 445,815
	$	0.236		$	0.448
	$	0.235		$	0.447
		448,636			448,217
		450,042			449,513

Condensed Interim Consolidated Balance Sheets

(US dollars in thousands - unaudited)	As at June 30				As at December 31 2019
	2020
Assets Current assets Cash and cash equivalents Accounts receivable Current taxes receivable Other					$ 103,986 7,138 124 43,504
		$		131,764
				3,244
				-
				45,267
Total current assets	$		180,275		$ 154,752
Non-current assets Mineral stream interests Early deposit mineral stream interests Mineral royalty interest Long-term equity investments Investment in associates Convertible notes receivable Property, plant and equipment Other					$ 5,734,106 31,741 3,036 309,757 882 21,856 7,311 14,566
		$		5,610,603
				32,491
				3,036
				262,798
				479
				24,333
				6,647
				13,382
Total non-current assets	$		5,953,769		$ 6,123,255
Total assets	$		6,134,044		$ 6,278,007
Liabilities Current liabilities Accounts payable and accrued liabilities Current taxes payable Current portion of performance share units Current portion of lease liabilities Other					$ 11,794 - 10,668 724 41,514
		$		9,447
				35
				14,355
				718
				41,513
Total current liabilities	$		66,068		$ 64,700
Non-current liabilities Bank debt Lease liabilities Deferred income taxes Performance share units Pension liability					$ 874,500 3,528 148 8,401 810
		$		640,500
				3,054
				186
				6,215
				1,078
Total non-current liabilities	$		651,033		$ 887,387
Total liabilities	$		717,101		$ 952,087
Shareholders' equity Issued capital Reserves Retained earnings					$ 3,599,203 160,701 1,566,016
		$		3,626,211
				113,658
				1,677,074
Total shareholders' equity	$		5,416,943		$ 5,325,920
Total liabilities and shareholders' equity	$		6,134,044		$ 6,278,007

Condensed Interim Consolidated Statements of Cash Flows

(US dollars in thousands - unaudited)			2019			2019
	2020			2020
Operating activities Net earnings (loss) Adjustments for Depreciation and depletion Impairment charges Interest expense Equity settled stock based compensation Performance share units Pension expense Income tax expense (recovery) Loss on fair value adjustment of share purchase warrants held Share in losses of associate Fair value (gain) loss on convertible note receivable Investment income recognized in net earnings Other Change in non-cash working capital			$ (124,694) 61,871 167,561 12,434 1,456 793 - (2,758) 7 - 1,934 (297) 242 4,659			$ (67,345) 130,745 167,561 25,586 2,813 201 - (2,868) 7 62 1,063 (539) 670 (2,511)
	$	105,812		$	200,708
		59,140			124,492
		-			362
		3,515			9,494
		1,305			2,808
		(868)			2,409
		233			268
		(4,799)			3,643
		(333)			(262)
		-			41
		(3,267)			(2,477)
		(37)			(155)
		264			(456)
		(5,505)			(885)
Cash generated from operations before income taxes and interest Income taxes recovered (paid) Interest paid Interest received	$	155,460	$ 123,208 (24) (14,200) 274	$	339,990	$ 255,445 (3,586) (24,907) 500
		(19)			70
		(3,685)			(10,833)
		37			154
Cash generated from operating activities			$ 109,258			$ 227,452
	$	151,793		$	329,381
Financing activities Bank debt repaid Credit facility extension fees Share purchase options exercised Lease payments Dividends paid			$ (88,000) - 5,502 (153) (63,515)			$ (168,500) (1,100) 20,393 (323) (63,515)
	$	(75,000)		$	(234,000)
		(7)			(1,367)
		11,094			18,016
		(139)			(306)
		(83,003)			(83,003)
Cash (used for) generated from financing activities			$ (146,166)			$ (213,045)
	$	(147,055)		$	(300,660)
Investing activities Mineral stream interests Early deposit mineral stream interests Acquisition of long-term investments Investment in associate Proceeds on disposal of long-term investments Dividend income received Other			$ - (750) (909) (132) - 23 (53)			$ (174) (750) (909) (132) - 39 (1,207)
	$	-		$	-
		-			(750)
		-			-
		-			-
		123			123
		-			-
		(71)			(328)
Cash generated from (used for) investing activities			$ (1,821)			$ (3,133)
	$	52		$	(955)
Effect of exchange rate changes on cash and cash equivalents			$ 130			$ 141
	$	298		$	12
Increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of period			$ (38,599) 125,781			$ 11,415 75,767
	$	5,088		$	27,778
		126,676			103,986
Cash and cash equivalents, end of period			$ 87,182			$ 87,182
	$	131,764		$	131,764

Summary of Ounces Produced

			Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018
	Q2 2020	Q1 2020
Gold ounces produced ² Salobo Sudbury 3 Constancia 8 San Dimas 4, 8 Stillwater 5 Other Minto 6 777			74,716 73,615 67,056 60,846 76,995 72,423 6,468 6,082 9,360 11,374 6,646 6,510 4,757 5,172 4,533 4,826 4,266 3,634 11,352 11,239 11,496 10,290 10,092 10,642 3,585 3,238 3,675 3,137 3,472 6,376 2,189 - - - 1,441 2,546 3,987 4,278 4,788 4,445 4,248 4,124
	59,104	62,575
	9,105	7,795
	3,470	3,681
	6,074	11,318
	3,222	2,955
	2,928	2,124
	4,728	4,551
Total Other	7,656	6,675	6,176 4,278 4,788 4,445 5,689 6,670
Total gold ounces produced			107,054 103,624 100,908 94,918 107,160 106,255
	88,631	94,999
Silver ounces produced 2 Peñasquito 8 Antamina 8 Constancia 8 Other Los Filos 8 Zinkgruvan Yauliyacu 8 Stratoni Minto 6 Neves-Corvo Aljustrel 777			1,895 2,026 702 1,594 1,455 1,050 1,342 1,223 1,334 1,176 1,225 1,406 632 686 552 635 695 682 55 33 37 38 29 21 670 587 590 451 587 513 358 620 627 528 233 597 147 131 172 143 149 165 18 - - - 8 25 385 431 392 498 509 458 325 240 322 470 475 514 81 62 93 95 113 136
	973	2,658
	612	1,311
	254	461
	7	29
	389	662
	273	557
	148	183
	19	18
	479	377
	388	352
	108	96
Total Other	1,811	2,274	2,039 2,104 2,233 2,223 2,103 2,429
Total silver ounces produced			5,908 6,039 4,821 5,628 5,478 5,567
	3,650	6,704
Palladium ounces produced ² Stillwater 5			6,057 5,471 5,736 4,729 5,869 8,817
	5,759	5,312
GEOs produced 7 SEOs produced 7			186,027 183,394 166,399 168,759 180,732 184,810 15,502 15,283 13,867 14,063 15,061 15,401
	140,112	182,533
	11,676	15,211
Average payable rate 2 Gold Silver Palladium
			95.6% 95.1% 95.3% 95.6% 95.5% 95.4% 85.3% 85.1% 83.3% 82.9% 83.3% 83.7% 99.4% 83.5% 87.6% 98.5% 96.4% 94.6%
	94.7%	95.1%
	79.3%	85.6%
	86.5%	93.0%

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

2) Ounces produced represent the quantity of gold, silver and palladium contained in concentrate or doré prior to smelting or refining deductions. Production figures and average payable rates are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.

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

4) Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the "70" shall be revised to "50" or "90", as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the "70" shall be reinstated. Effective April 1, 2020, the fixed gold to silver exchange ratio has been revised to 90:1. For reference, silver production from prior periods is as follows: Q2-2020 – 310,000 ounces; Q1-2020 – 419,000 ounces; Q4-2019 – 415,000 ounces; Q3-2019 – 410,000 ounces; Q2-2019 – 401,000 ounces; Q1-2019 – 351,000 ounces; Q4-2018 – 342,000 ounces; and Q3-2018 – 361,000 ounces.

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

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

7) GEOs and SEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,500 per ounce gold; $18.00 per ounce silver; and $2,000 per ounce palladium, consistent with those used in estimating the Company's production guidance for 2020.

8) Operations at these mines had been temporarily suspended during the second quarter of 2020 as a result of the COVID-19 pandemic. As of August 12, 2020, all of the operations have been restarted.

10 -

Summary of Ounces Sold

			Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018
	Q2 2020	Q1 2020
Gold ounces sold Salobo Sudbury 2 Constancia 8 San Dimas 8 Stillwater 3 Other Minto 4 777			58,137 63,064 57,715 84,160 75,351 65,139 7,394 7,600 8,309 4,061 4,864 2,560 5,108 4,742 4,409 5,512 3,645 2,980 11,499 11,374 10,284 11,510 8,453 9,771 2,925 3,314 3,301 2,856 3,473 2,075 - - 765 3,307 2,674 796 4,160 4,672 5,294 3,614 4,353 5,921
	68,487	74,944
	7,414	4,822
	3,024	3,331
	6,030	11,358
	3,066	3,510
	-	-
	4,783	2,440
Total Other	4,783	2,440	4,160 4,672 6,059 6,921 7,027 6,717
Total gold ounces sold			89,223 94,766 90,077 115,020 102,813 89,242
	92,804	100,405
Silver ounces sold Peñasquito 8 Antamina 8 Constancia 8 Other Los Filos 8 Zinkgruvan Yauliyacu 8 Stratoni Minto 4 Neves-Corvo Aljustrel Lagunas Norte 5 Veladero 5 777			1,268 1,233 912 1,164 901 1,241 1,227 1,059 1,186 1,255 1,300 1,333 672 521 478 735 629 567 26 44 26 38 15 27 473 459 337 232 543 326 561 574 542 15 317 697 120 126 240 80 78 125 - - 2 30 22 - 154 243 194 265 240 234 121 139 216 381 226 302 - - - - - 1 - - - - - 2 62 86 108 99 129 163
	1,917	2,310
	788	1,244
	254	350
	25	37
	376	447
	704	9
	77	163
	-	-
	236	204
	252	123
	-	-
	-	-
	100	41
Total Other	1,770	1,024	1,517 1,671 1,665 1,140 1,570 1,877
Total silver ounces sold			4,684 4,484 4,241 4,294 4,400 5,018
	4,729	4,928
Palladium ounces sold Stillwater 3			5,312 4,907 5,273 5,189 5,049 3,668
	4,976	4,938
GEOs sold 6 SEOs sold 6			152,514 155,116 148,004 173,464 162,340 154,352 12,709 12,926 12,334 14,455 13,528 12,863
	156,188	166,121
	13,016	13,843
Cumulative payable ounces PBND 7 Gold Silver Palladium GEO 6 SEO 6			98,475 85,335 81,535 75,236 99,474 99,987 4,142 3,796 3,102 3,324 2,950 2,784 4,872 4,163 4,504 4,754 5,282 4,671 154,672 136,441 124,765 121,460 141,915 139,618 12,889 11,370 10,397 10,122 11,826 11,635
	79,518	88,383
	3,087	4,911
	4,883	4,875
	123,075	153,815
	10,256	12,818

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

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

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

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

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

6) GEOs and SEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,500 per ounce gold; $18.00 per ounce silver; and $2,000 per ounce palladium, consistent with those used in estimating the Company's production guidance for 2020.

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

8) Operations at these mines had been temporarily suspended during the second quarter of 2020 as a result of the COVID-19 pandemic. As of August 12, 2020 all of the operations have been restarted.

11 -

Results of Operations

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

Three Months Ended June 30, 2020

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

Gold

Salobo	59,104	68,487 $	1,719 $	408 $	374 $ 117,706 $		64,122 $	90,059 $ 2,551,563
Sudbury4	9,105	7,414	1,700	400	831	12,605	3,475	9,639	333,885
Constancia	3,470	3,024	1,719	404	338	5,196	2,954	3,975	108,260
San Dimas	6,074	6,030	1,719	609	315	10,364	4,791	6,691	188,888
Stillwater	3,222	3,066	1,719	303	449	5,269	2,963	4,339	227,042
Other5	7,656	4,783	1,700	420	305	8,132	4,663	6,121	10,965
	88,631	92,804 $	1,716 $	418 $	405 $ 159,272 $		82,968 $ 120,824 $ 3,420,603

Silver

Peñasquito	973	1,917 $	16.55 $	4.26 $	3.24 $	31,714 $	17,335 $	23,549 $	360,998
Antamina	612	788	16.55	3.28	8.74	13,039	3,570	10,458	651,049
Constancia	254	254	16.55	5.96	7.63	4,203	752	2,689	223,583
Other6	1,811	1,770	17.05	7.03	2.22	30,186	13,800	14,895	481,133
	3,650	4,729 $	16.73 $	5.23 $	4.01 $	79,142 $	35,457 $	51,591 $ 1,716,763

Palladium

Stillwater 5,759 4,976 $ 1,917 $ 353 $ 428 $ 9,540 $ 5,657 $ 7,786 $ 245,727

Cobalt

Voisey's Bay - - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 227,510 Operating results $ 247,954 $ 124,082 $ 180,201 $ 5,610,603

Other

General and administrative $ (21,799) $ Finance costs (4,636) Other 3,366 Income tax 4,799	(20,452)
	(4,642)
	(3,295)
	(19)

Total other $ (18,270) $ (28,408) $ 523,441 $ 105,812 $ 151,793 $ 6,134,044

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

2) Ounces produced represent the quantity of gold, silver and palladium contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.

3) Refer to discussion on non-IFRS measure (iii) at the end of this press release.

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

5) Comprised of the operating 777 and Minto gold interests in addition to the non-operating Rosemont gold interest.

6) Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Neves-Corvo, Aljustrel, Minto and 777 silver interests as well as the non-operating Keno Hill, Loma de La Plata, Pascua-Lama and Rosemont silver interests.

On a gold equivalent and silver equivalent basis, results for the Company for the three months ended June 30, 2020 were as follows:

Three Months Ended June 30, 2020 Average Cash

			Realized	Average	Operating	Average	Gross
			Price	Cash Cost	Margin	Depletion	Margin
	Ounces	Ounces	($'s Per	($'s Per	($'s Per	($'s Per	($'s Per
	Produced1, 2	Sold2	Ounce)	Ounce)3	Ounce)4	Ounce)	Ounce)
Gold equivalent basis5	140,112	156,188	$ 1,588	$ 418	$ 1,170	$ 376	$ 794
Silver equivalent basis5	11,676	13,016	$ 19.05	$ 5.01	$ 14.04	$ 4.51	$ 9.53

based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.

3) Refer to discussion on non-IFRS measure (iii) at the end of this press release.

and $2,000 per ounce palladium, consistent with those used in estimating the Company's production guidance for 2020.

12 -

Three Months Ended June 30, 2019

Average Average Realized Cash Average Price Cost Depletion Net Cash Flow Ounces Ounces ($'s Per ($'s Per ($'s Per Gross Impairment Earnings From Total Produced² Sold Ounce) Ounce)³ Ounce) Sales Margin Charges ⁴ (Loss) Operations Assets

Gold

Salobo	67,056 57,715 $ 1,323 $			404 $	383 $ 76,329 $ 30,898 $			- $ 30,898 $ 58,184 $ 2,651,697
Sudbury5	9,360	8,309	1,305	400	819	10,840	709	-	709	7,572	356,328
Constancia	4,533	4,409	1,323	400	361	5,830	2,475	-	2,475	3,954	113,964
San Dimas	11,496 10,284		1,323	605	310	13,601	4,191	-	4,191	9,776	201,448
Stillwater	3,675	3,301	1,323	234	519	4,366	1,881	-	1,881	3,595	233,233
Other6	4,788	6,059	1,304	405	403	7,904	3,007	-	3,007	5,505	17,246
	100,908 90,077 $ 1,320 $			420 $	420 $ 118,870 $ 43,161 $			- $ 43,161 $ 88,586 $ 3,573,916

Silver

Peñasquito	702	912 $ 14.89 $		4.21 $	3.06 $ 13,582 $		6,949 $	- $	6,949 $	9,743 $ 382,363
Antamina	1,334	1,186	14.89	2.98	8.73	17,660	3,778	-	3,778	14,277	688,767
Constancia	552	478	14.89	5.90	7.50	7,119	714	-	714	3,652	237,136
Other7	2,233	1,665	14.98	6.97	2.60	24,952	9,002	-	9,002	14,230	496,675
	4,821	4,241 $ 14.93 $		5.14 $	4.97 $ 63,313 $ 20,443 $			- $ 20,443 $ 41,902 $ 1,804,941

Palladium

Stillwater 5,736 5,273 $ 1,381 $ 247 $ 470 $ 7,283 $ 3,501 $ - $ 3,501 $ 5,979 $ 254,772

Cobalt

Voisey's Bay - - $ n.a. $ n.a. $ n.a. $ - $ - $ (165,912) $ (165,912) $ - $ 227,510

Operating results $ 189,466 $ 67,105 $ (165,912) $ (98,807) $ 136,467 $ 5,861,139

Other

General and administrative $ (12,249) $ (9,208)

Finance costs	(13,306)	(14,828)
Other	(3,090)	(3,149)
Income tax	2,758	(24)

Total other $ (25,887) $ (27,209) $ 379,684

$ (124,694) $ 109,258 $ 6,240,823

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

3) Refer to discussion on non-IFRS measure (iii) at the end of this press release.

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

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

6) Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Neves-Corvo and 777 silver interests as well as the non-operating Keno Hill, Minto, Aljustrel, Loma de La Plata, Pascua-Lama and Rosemont silver interests. The Minto mine was placed into care and maintenance from October 2018 to October 2019.

On a gold equivalent and silver equivalent basis, results for the Company for the three months ended June 30, 2019 were as follows:

Three Months Ended June 30, 2019

Average Cash

			Realized	Average	Operating	Average	Gross
			Price	Cash Cost	Margin	Depletion	Margin
	Ounces	Ounces	($'s Per	($'s Per	($'s Per	($'s Per	($'s Per
	Produced1, 2	Sold2	Ounce)	Ounce)3	Ounce)4	Ounce)	Ounce)
Gold equivalent basis5	166,399	148,004	$ 1,280	$ 412	$ 868	$ 415	$ 453
Silver equivalent basis5	13,867	12,334	$ 15.36	$ 4.94	$ 10.42	$ 4.98	$ 5.44

3) Refer to discussion on non-IFRS measure (iii) at the end of this press release.

and $2,000 per ounce palladium, consistent with those used in estimating the Company's production guidance for 2020.

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