Wheaton Precious Metals Enters into Agreement to Terminate Its Existing Silver Stream IN the Keno Hill Silver District

July 5, 2022 TSX | NYSE | LSE: WPM

Vancouver, British Columbia

WHEATON PRECIOUS METALS ENTERS INTO AGREEMENT TO TERMINATE

ITS EXISTING SILVER STREAM IN THE KENO HILL SILVER DISTRICT

Wheaton Precious Metals™ Corp. (“Wheaton” or the “Company”) is announcing that it has

entered into a definitive agreement with Hecla Mining Company (“Hecla”) ( NYSE:HL) to

terminate its silver stream on Alexco Resource Corp.’s (“Alexco”) (NYSE American/TSX:

AXU) Keno Hill Silver District (“Keno Hill”) in the Yukon, Canada for US$135 million.

“The termination of the Keno Hill stream further demonstrates our ability to strategically

identify opportunities both inside and outside of our portfolio that create value for our

shareholders and positions Wheaton to continue to have one of the strongest balance sheets

in the industry. While we firmly believe that Keno Hill is a high-quality district with significant

exploration potential, given recent announcements, the ability to obtain an immediate return

on the termination of the stream was too compelling to ignore, ” said Randy Smallwood,

Wheaton’s President and Chief Executive Officer. “ We believe Hecla is well positioned to

effectively mine Keno Hill and maximize its full potential.”

On July 5, 2022 , Hecla announced its intention to acquire Alexco through a definitive

arrangement agreement, which remains subject to shareholder and regulatory approvals. The

termination of the Keno Hill silver stream is conditional upon Hecla completing its announced

proposed acquisition of Alexco together with other customary approvals.

As consideration for the termination of the Keno Hill silver stream, Hecla will issue to Wheaton

$135 million of Hecla common shares. Subsequent to the closing of the termination of the

Keno Hill silver stream , Wheaton will own approximately 5.6% of Hecla’s issued and

outstanding common shares. The exact number of Hecla common shares to be issued will be

calculated immediately before the closing date.

Hecla is the largest primary silver producer in the United States. In addition to operating mines

in Alaska, Idaho and Québec, Canada, the Company owns a number of exploration projects

in world-class silver and gold mining districts throughout North America.

The closing of the transaction with Hecla, including the termination of the Keno hill stream, is

subject to Hecla closing its acquisition of Alexco and other customary conditions.

For further information, please contact:

Patrick Drouin

Investor Relations

Wheaton Precious Metals Corp.

Tel: 1-844-288-9878

Email: [email protected]

Website: www.wheatonpm.com

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release 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 Canadian securities legislation concerning the business, operations and

financial performance of Wheaton and, in some instances, the business, mining operations and

performance of Wheaton’s precious metals purchase agreement (“PMPA”) counterparties.

Forward-looking statements, which are all stateme nts other than statements of historical fact,

include, but are not limited to, the termination of the Keno Hill silver stream to Hecla for $135

million and the satisfaction of each party's obligations in accordance with definitive documentation

relating to the termination of the Keno Hill silver stream . 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", or "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 subject to

known and unknown risks, uncertainties and other factors that may cause the actual results, level

of activity, performance or achievements of Wheaton to be materially different from those

expressed or implied by such forward -looking statements, including but not limited to risks

associated with any specific risks relating to the termination of the Keno Hill silver stream and the

satisfaction of each party's obligations in accordance with the terms of the definitive

documentation relating to the termination of the Keno Hill silver stream, and other risks discussed

in the section entitled "Descripti on of the Business – Risk Factors" in Wheaton's Annual

Information Form available on SEDAR at www.sedar.com, and in Wheaton's For m 40-F for the

year ended December 31, 2021 and Form 6-K filed March 10, 2022 both available on EDGAR at

www.sec.gov, as well as the risks set out in Wheaton’s management’s discussions and analysis

for the period ended December 31, 202 1 available on SEDAR and EDGAR (together, the

“Disclosure”). Forward -looking statements are based on assumptions management currently

believes to be reas onable, including (without limitation): the receipt of $135 million from Hecla

and the satisfaction of each party's obligations in accordance with the terms of the definitive

documentation relating to the termination of the Keno Hill silver stream , and suc h other

assumptions and factors as set out in the Disclosure. There can be no assurance that forward -

looking statements 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 that they will

have the expected consequences to, or effects on, Wheaton. Readers should not place undue

reliance on forward-looking statements and are cautioned that actual outcomes may vary. The

forward-looking statements in cluded herein are for the purpose of providing readers with

information to assist them in understanding Wheaton'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, reflects Wheaton’s management’s current beliefs

based on current information and will not be updated except in accordance with applicable

securities laws. Although Wheaton has attempted to identify important factors that could cause

actual results, level of activity, performance or achievements 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.