Early Warning Report Filed Pursuant to National Instrument 62-103

FOR IMMEDIATE RELEASE

December 11, 2017

TSX: WPM

NYSE: WPM

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR

DISSEMINATION IN THE UNITED STATES

EARLY WARNING REPORT FILED PURSUANT TO NATIONAL INSTRUMENT 62-103

Vancouver – Wheaton Precious Metals Corp. (“Wheaton ” or the “Company”), announced

today that it acquired 6,153,846 subscription receipts (the “Subscription Receipts”) of Desert

Star Holdings Corp., a wholly owned subsidiary of Desert Star Resources Ltd. (“Desert Star”),

at a price of C$0.65 per Subscription Receipt, for total consideration of C$3,999,999.90 (the

“Subscription Amount”), pursuant to a private placement offering of 22,498,807 Subscription

Receipts (the “Private Placement”).

The Subscription Receipts will automatically conver t upon satisfaction of certain escrow

release conditions (the “Escrow Release Conditions” ). The Escrow Release Conditions

include, but are not limited to: (i) the completion of all conditions precedent to the acquisition

by Desert Star of the Kutcho Project in northwest B ritish Columbia, Canada (the “Kutcho

Project”) from Capstone Mining Corp. (the “Kutcho Acquisition”), (ii) Desert Star entering into

a subordinated secured convertible term debt loan a greement (the “Convertible Note”) with

Wheaton, as lender, in the initial principal amount of C$20,000,000 (the principal amount

outstanding from time to time, the “Principal Amoun t”), and (iii) Desert Star and Wheaton

entering into a definitive Early Deposit Precious Metals Purchase Agreement (“PMPA”) under

which Wheaton will, among other things, pay Desert Star over time cash consideration

totaling US$65 million for up to 100% of the payable silver production and up to 100% of the

payable gold production from the Kutcho Project.

Prior to the completion of the Private Placement, Wheaton held no securities of Desert Star.

Immediately following the Private Placement, Wheato n acquired 6,153,846 Subscription

Receipts which, upon satisfaction of the Escrow Rel ease Conditions and following a series

of transactions, will be automatically converted into units of Desert Star (“Units”) comprising:

(i) 6,153,846 common shares of Desert Star (“Common Shares”), representing approximately

14.8% of Desert Star’s Common Shares currently issued and outstanding on such undiluted

basis (assuming conversion of all Subscription Receipts), and (ii) Common Share purchase

warrants entitling Wheaton to purchase a further 3,076,923 Common Shares (the “Warrants”)

at a price per Common Share of C$1.00 for a period of 36 months following the date of the

closing of the Private Placement. In the event that the Warrants are exercised in full by

Wheaton, it will have acquired 9,230,769 Common Sha res in connection with the Private

Placement, representing approximately 20.7% of Dese rt Star’s Common Shares currently

issued and outstanding on such partially diluted ba sis (assuming conversion of all

Subscription Receipts).

The Subscription Receipts purchased by Wheaton were purchased and are presently being

held only for investment purposes. Wheaton may from time to time in the future increase or

decrease its ownership, control or direction over t he Common Shares or other securities of

Desert Star, through market transactions, private agreements or otherwise. In the event that

the Escrow Release Conditions are not satisfied wit hin the prescribed timeframe, the

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Subscription Amount will be returned to Wheaton, th e Subscription Receipts will terminate,

and no Units will be issued.

Upon the satisfaction of the Escrow Release Conditi ons, Wheaton will hold the Convertible

Note. Under the terms of the Convertible Note, the Principal Amount is convertible into

Common Shares at the option of Wheaton at any time and from time to time prior to the

maturity of the Convertible Note and otherwise in accordance with its terms, at a conversion

price equal to C$0.8125 of Principal Amount per Common Share (and at the then-prevailing

market price per Common Share for any portion of th e Principal Amount which represents

interest in accordance with the terms of the Conver tible Note). Wheaton will have the right,

but not the obligation, to acquire approximately 24 ,615,384 Common Shares in connection

with the exercise of the above-described conversion right. After giving effect to the automatic

conversion of the Subscription Receipts and the exe rcise of all Warrants received by

Wheaton in connection therewith, and assuming the conversion of the entire initial Principal

Amount of the Convertible Note to Common Shares (with no portion of the Principal Amount

consisting of converted interest), Wheaton would ho ld, in aggregate, approximately 49% of

Desert Star’s Common Shares currently issued and ou tstanding on such partially diluted

basis (approximately 40% on a fully diluted basis).

The details of the Kutcho Acquisition, PMPA, Conver tible Note and Private Placement are

disclosed in press releases of Desert Star dated Ju ne 15, 2017, August 10, 2017, October

31, 2017, November 2, 2017, and December 8, 2017, c opies of which have been

electronically filed by Desert Star with applicable Canadian securities regulators and are

available for viewing on the SEDAR profile of Desert Star at www.sedar.com.

Wheaton is continued under the laws of Ontario and Wheaton’s head office is located at 3500

– 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3 and its registered office

is located at Suite 2100, 40 King Street West, Toronto, Ontario, M5H 3C2. Desert Star’s head

office is located at 717, 1030 West Georgia Street, Vancouver, British Columbia, V6E 2Y3.

A copy of the Early Warning Report to which this press release relates can be obtained from

Wheaton, at 1-844-288-9878 or [email protected] or on the SEDAR profile of Desert

Star at www.sedar.com.

CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS

The information contained herein contains “forward- looking statements” within the meaning

of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking

information” within the meaning of applicable Canad ian securities legislation. Forward-

looking statements, which are all statements other than statements of historical fact, include,

but are not limited to the satisfaction of the Escr ow Release Conditions, the automatic

conversion of the Subscription Receipts, the concur rent closing of the transactions

referenced herein and payments to be made by Wheaton to Desert Star under the PMPA.

Generally, these forward-looking statements can be identified by the use of forward-looking

terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”,

“scheduled”, “estimates”, “forecasts”, “projects”, “intends”, “anticipates” or “does not

anticipate”, “believes”, “potential”, or variations of such words and phrases or statements that

certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or

“be achieved”. Forward-looking statements are subje ct to known and unknown risks,

uncertainties and other factors that may cause the actual results, level of activity,

performance or achievements of the Company to be materially different from those expressed

or implied by such forward-looking statements.

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Forward-looking statements are based on assumptions management currently believes to be

reasonable, including but not limited to, the satis faction of the Escrow Release Conditions,

the automatic conversion of the Subscription Receip ts, the concurrent closing of the

transactions referenced herein and the payments by Wheaton to Desert Star in accordance

with the PMPA.

Although the Company has attempted to identify impo rtant factors that could cause actual

results, level of activity, performance or achievem ents to differ materially from those

contained in forward-looking statements, there may be other factors that cause results, level

of activity, performance or achievements not to be as anticipated, estimated or intended.

There can be no assurance that forward-looking stat ements will prove to be accurate and

even if events or results described in the forward- looking statements are realized or

substantially realized, there can be no assurance t hat they will have the expected

consequences to, or effects on, the Company. Accordingly, readers should not place undue

reliance on forward-looking statements and are caut ioned that actual outcomes may vary.

The forward-looking statements included herein are for the purpose of providing investors

with information to assist them in understanding th e Company’s expected financial and

operational performance and may not be appropriate for other purposes. Any forward looking

statement speaks only as of the date on which it is made. The Company does not undertake

to update any forward-looking statements that are i ncluded or incorporated by reference

herein, except in accordance with applicable securities laws.

For further information, please contact:

Patrick Drouin

Senior Vice President, Investor Relations

Wheaton Precious Metals Corp.

Tel: 1-844-288-9878

Email: [email protected]

Website: www.wheatonpm.com