Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 Under the

Securities Exchange Act of 1934

November 9, 2023

Commission File Number: 001-32482

WHEATON PRECIOUS METALS CORP.

(Exact name of registrant as specified in its charter)

Suite 3500, 1021 West Hastings Street

Vancouver, British Columbia
V6E 0C3
(604) 684-9648

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F Form 40-F ☑

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

This report on Form 6-K shall be incorporated by reference into the registrant’s Registration Statement on Form S-8 (File No. 333-128128), on Form F-10 (File No. 333-271239) and on Form F-3D (File No. 333-194702) under the Securities Act of 1933, as amended.

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DOCUMENTS FILED AS PART OF THIS FORM 6-K

See the Exhibit Index to this Form 6-K.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	WHEATON PRECIOUS METALS CORP.
November 9, 2023	By:	/s/ Curt Bernardi
		Name:	Curt Bernardi
		Title:	Senior Vice President, Legal
			and Corporate Secretary

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EXHIBIT INDEX

99.1	News Release dated November 9, 2023

99.2	Management’s Discussion and Analysis for the period ended September 30, 2023

99.3	Unaudited Interim Consolidated Financial Statements for the period ended September 30, 2023

99.4	Certification of the Chief Executive Officer pursuant to Form 52-109F2

99.5	Certification of the Chief Financial Officer pursuant to Form 52-109F2

99.6	Consent of W. Carson

99.7	Consent of N. Burns

99.8	Consent of R. Ulansky

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EX99-1

November 9, 2023

Vancouver, British Columbia

Designated News Release

THIRD QUARTER FINANCIAL RESULTS

Wheaton Precious Metals Announces Solid Third Quarter Results for 2023

“The importance of having a diversified portfolio of high-quality, low-cost assets was evidenced by Wheaton’s ability to deliver solid operating results in the quarter, despite the temporary suspension of one of our largest assets, which has since begun the safe ramp-up of operations. Strong outperformances from Salobo and Constancia, have not only offset challenges faced by others, but also contributed significantly to our overall success. As such, we are pleased to reiterate our annual production guidance range for 2023 of 600,000 to 660,000 gold equivalent ounces,” said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. “In this high interest rate environment, streaming continues to be one of the most competitive sources of capital, and our corporate development team remains exceptionally busy evaluating new opportunities. We remain resolutely committed to enhancing our portfolio with growth that is accretive and sustainable, benefiting all stakeholders.”

Solid Financial Results and Strong Balance Sheet

•

Third quarter of 2023: $223 million in revenue, $171 million in operating cash flow, $116 million in net earnings and $121 million in adjusted net earnings¹.

•

A cash balance of $834 million and no debt as at September 30, 2023, after making total upfront cash payments of $90 million relative to mineral stream interests in the quarter.

•

Undrawn $2 billion revolving credit facility maturing on June 22, 2028.

•

Declared a quarterly dividend¹ of $0.15 per common share.

High Quality Asset Base

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Streaming agreements on 18 operating mines and 14 development projects.

•

93% of attributable production from assets in the lowest half of their respective cost curves²^,³.

•

30 years of mine life based on Proven and Probable Mineral Reserves and potential additional mine life from mineral resource conversion and exploration^2,4.

•

Third quarter production increased quarter over quarter to 154,800 gold equivalent ounces³ ("GEOs"), driven by strong outperformances at both Salobo and Constancia, and despite the temporary suspension at Peñasquito, highlighting the strength of our diversified portfolio.

•

Average annual production guidance for 2023 of 600,000 to 660,000 GEOs^2,3 is maintained, with sector-leading growth over the next five to ten years.

•

Accretive portfolio growth:

Subsequent to the quarter, 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.

Acquired a 0.5% Net Smelter Royalty from Liberty Gold Corp., on the Black Pine Oxide Gold Project for total cash consideration of $3.6 million, along with an equity investment totalling $5 million in Liberty Gold at C$0.34 per share.

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Leadership in Sustainability

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Top Rankings: #1 out of 117 precious metals companies and ranked in the Global Top 50 companies by Sustainalytics, AA rated by MSCI, and Prime rated by ISS.

•

Wheaton was recognized as Best Company for ESG & Sustainability (Metals & Mining) and runner-up for Best Company for Climate Reporting (Large Cap) by ESG Investing’s Corporate ESG Awards.

Operational Overview

(all figures in US dollars unless otherwise noted)		Q3 2023		Q3 2022	Change		YTD 2023		YTD 2022	Change
Units produced
Gold ounces		105,436		72,078	46.3 %		261,635		216,574	20.8 %
Silver ounces		3,363		5,822	(42.2)%		12,876		18,497	(30.4)%
Palladium ounces		4,006		3,229	24.1 %		11,591		11,616	(0.2)%
Cobalt pounds		183		226	(19.1)%		458		596	(23.1)%
Gold equivalent ounces ³		154,800		153,025	1.2 %		444,597		473,868	(6.2)%
Units sold
Gold ounces		74,426		62,000	20.0 %		212,325		224,238	(5.3)%
Silver ounces		2,965		5,234	(43.4)%		11,151		16,635	(33.0)%
Palladium ounces		4,242		4,227	0.4 %		10,580		11,680	(9.4)%
Cobalt pounds		198		115	72.2 %		786		851	(7.6)%
Gold equivalent ounces ³		119,030		135,179	(11.9)%		375,248		460,026	(18.4)%
Change in PBND and Inventory
Gold equivalent ounces ³		22,438		4,460	(17,978)		27,248		(32,368)	(59,616)
Revenue	$	223,137	$	218,836	2.0 %	$	702,573	$	829,002	(15.3)%
Net earnings	$	116,371	$	196,460	(40.8)%	$	369,209	$	503,001	(26.6)%
Per share	$	0.257	$	0.435	(40.9)%	$	0.815	$	1.114	(26.8)%
Adjusted net earnings ¹	$	121,467	$	93,878	29.4 %	$	368,481	$	401,168	(8.1)%
Per share ¹	$	0.268	$	0.208	28.8 %	$	0.814	$	0.889	(8.4)%
Operating cash flows	$	171,103	$	154,497	10.7 %	$	508,584	$	571,396	(11.0)%
Per share ¹	$	0.378	$	0.342	10.5 %	$	1.123	$	1.266	(11.3)%

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

Financial Review

Revenues

Revenue in the third quarter of 2023 was $223 million (65% gold, 32% silver, 2% palladium and 1% cobalt), with the $4 million increase relative to the prior period quarter being primarily due to a 16% increase in realized commodity prices, partially offset by lower sales volumes.

Revenue was $703 million in the nine months ended September 30, 2023, representing a $126 million decrease from the comparable period of the previous year due primarily to an 18% decrease in the number of GEOs³ sold, resulting from lower production and relative changes in the GEOs³ produced but not yet delivered; partially offset by a 4% increase in the average realized gold equivalent³ price.

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Cash Costs and Margin

Average cash costs¹ in the third quarter of 2023 were $418 per GEO³ as compared to $451 in the third quarter of 2022. This resulted in a cash operating margin¹ of $1,457 per GEO³ sold, an increase of 25% as compared with the third quarter of 2022, a result of the higher realized price per ounce.

Average cash costs¹ for the nine months ended September 30, 2023 were $427 per GEO³ as compared to $448 in the comparable period of the previous year. This resulted in a cash operating margin¹ of $1,445 per GEO³ sold, a 7% increase from the comparable period of the previous year.

Cash Flow from Operations

Operating cash flow in the third quarter of 2023 amounted to $171 million, with the $17 million increase due primarily to the higher realized price per GEO sold coupled with higher amounts of interest received in the third quarter of 2023.

Operating cash flows for the nine months ended September 30, 2023 amounted to $509 million, with the $63 million decrease from the comparable period of the previous year being due primarily to lower sales volumes, partially offset by higher amounts of interest received during the current year.

Balance Sheet (at September 30, 2023)

•

Approximately $834 million of cash on hand

•

During the third quarter of 2023, the Company made total upfront cash payments of $90 million relative to the mineral stream interests consisting of

$70 million payment relative to the Blackwater Silver precious metals purchase agreement (“PMPA”); and

a $20 million payment relative to the expansion of the Blackwater Gold PMPA

•

With the existing cash on hand coupled with the fully undrawn $2 billion revolving credit facility, the Company is well positioned to fund all outstanding commitments and known contingencies as well as providing flexibility to acquire additional accretive mineral stream interests.

Third Quarter Operating Asset Highlights

Salobo: In the third quarter of 2023, Salobo produced 69,000 ounces of attributable gold, an increase of approximately 56% relative to the third quarter of 2022, driven by higher throughput, with production from the third concentrator line commencing at the end of 2022, and higher recoveries. The prior year was also affected by planned and corrective maintenance being performed. In the third quarter of 2023, Salobo reached its highest production level since the fourth quarter of 2019 as the ramp-up of the Salobo III expansion continues to advance. Salobo is expected to reach a throughput capacity of 32 Mtpa in the fourth quarter of 2023 and full throughput capacity by the end of 2024.

Antamina: In the third quarter of 2023, Antamina produced 0.9 million ounces of attributable silver, a decrease of approximately 35% relative to the third quarter of 2022, primarily due to lower grades as per the mine plan.

Peñasquito: In the third quarter of 2023, Peñasquito had no production resulting from a suspension of operations at the mine which began on June 7, 2023 due to a labour dispute. On October 13, 2023, Newmont Corporation (“Newmont”) reached a definitive agreement to end the strike and has since begun the safe ramp-up of operations. Newmont expects to reach full operating capacity by the end of the fourth quarter.

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Constancia: In the third quarter of 2023, Constancia produced 0.7 million ounces of attributable silver and 19,000 ounces of attributable gold, an increase of approximately 24% and 164%, respectively, relative to the third quarter of 2022. Record quarterly gold production combined with strong silver production are a result of significantly higher grades from mining the high-grade zones of the Pampacancha deposit, higher recoveries and higher throughput. As per Hudbay Minerals Inc. (“Hudbay”), production is expected to continue to benefit from higher grades in the fourth quarter of 2023.

Sudbury: In the third quarter of 2023, Vale’s Sudbury mines produced 4,300 ounces of attributable gold, an increase of approximately 24% relative to the third quarter of 2022, due to higher grades which as per Vale, were partially offset by the annual planned maintenance activities at the Sudbury and Thompson mines and mills, as well as additional maintenance at the Sudbury refinery in the third quarter.

Stillwater: In the third quarter of 2023, the Stillwater mines produced 2,500 ounces of attributable gold and 4,000 ounces of attributable palladium, an increase of approximately 34% for gold and 24% for palladium relative to the third quarter of 2022, due primarily to the impact on production resulting from regional flooding that occurred in the second quarter of 2022.

San Dimas: In the third quarter of 2023, San Dimas produced 10,000 ounces of attributable gold, a decrease of approximately 15% relative to the third quarter of 2022, primarily due to lower grades, partially offset by higher throughput.

Voisey’s Bay: In the third quarter of 2023, the Voisey's Bay mine produced 183,000 pounds of attributable cobalt, a decrease of approximately 19% relative to the third quarter of 2022, primarily due to mining lower grade material during the ongoing transitional period between the depletion of the Ovoid open-pit mine and ramp-up to full production of the Voisey’s Bay underground project. Production in the third quarter was also impacted as a result of maintenance at the Long Harbour Refinery. Vale reports that physical completion of the Voisey’s Bay underground mine extension was 88% at the end of the third quarter, with Reid Brook's bulk material handling system near mechanical completion, and the commissioning of sub-systems currently taking place. Vale achieved the first ore production from the Reid Brook deposit, the first of two underground mines to be developed in the project, in the second quarter of 2021. Eastern Deeps, the second deposit, has started to extract development ore from the deposit and is continuing its scheduled production ramp-up.

Other Gold: In the third quarter of 2023, total Other Gold attributable production was 700 ounces, a decrease of approximately 81% relative to the third quarter of 2022, primarily due to the closure of the Minto mine in May 2023.

Other Silver: In the third quarter of 2023, total Other Silver attributable production was 1.8 million ounces, a decrease of approximately 6% relative to the third quarter of 2022, primarily due to the termination of the Yauliyacu PMPA.

Aljustrel: On September 12, 2023, it was announced that as a result of low zinc prices, the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the second quarter of 2025.

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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.

Third Quarter Development Asset Highlights

Blackwater Project: On July 4, 2023, Artemis announced receipt of the Fisheries Act Authorization for development of the Blackwater Project, which will facilitate the commencement of construction of water diversion structures and dams in the Davidson Creek valley which runs through the basin of the Blackwater tailings storage facility. On October 24, 2023, Artemis announced that overall construction at the Blackwater mine was 45% complete as of September 30, 2023. Project development continues to advance on the schedule, targeting first gold pour in the second half of 2024.

Marmato Mine: On July 12, 2023, Aris Mining announced that they have received approval from the Corporación Autónoma Regional del Caldas, a regional environmental authority in Colombia, of the Environmental Management Plan, which now permits the development of the Marmato Lower Mine.

Marathon Project: On August 30, 2023, Generation Mining Limited ("Gen Mining") received the Endangered Species Act permit issued by the Ministry of the Environment, Conservation and Parks. This permit includes conditions intended to minimize impacts to caribou and SAR bats, as well as to create an overall benefit for these species at risk. Additionally, in September 2023, Gen Mining received the Environmental Compliance Approval issued by the Ministry of Environment, Conservations and Parks for air and noise emissions for the Marathon Project, and on November 7, 2023, announced that the province of Ontario had accepted and filed the Closure Plan, representing another major milestone in the permitting process. Additional permits and approvals are expected to be received during the balance of 2023.

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, the Company has now incorporated gold in the mineral reserves and mineral resources statement on our website.

Curipamba Project: On September 11, 2023, Adventus provided an update that the Constitutional Court of Ecuador declared that processing of an unconstitutionality claim filed by the indigenous group CONAIE and other complainants against Presidential Decree 754 that regulates environmental consultation for all public and private industries and sectors in Ecuador was a priority and set a public hearing for September 18, 2023. Adventus has indicated that historically the Court can be expected to issue a resolution within two to three months following the public hearing commencement.

On October 2, 2023, Adventus announced that the El Domo – Curipamba project has been issued a favourable Certificate of No Affect of Water by the Ministry of Environment and Water of the Government of Ecuador. This certificate and milestone allow the planned and designed projected infrastructure construction in an area with the presence of surface and ground water sources.

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Goose Project: On September 18, 2023, B2Gold provided a construction update on the Goose Project highlighting that the purchasing of materials and supplies needed to support the 2024 construction campaign has been completed and all materials have been provided to the ports for the 2023 sealift. Additionally, B2Gold reported that it remains on track to pour first gold in the first quarter of 2025, and that concrete and steel work in the mill area are progressing ahead of schedule.

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.

Corporate Development

Black Pine Project

On September 10, 2023, the Company acquired a new 0.5% Net Smelter Royalty (“NSR”) from Liberty Gold Corp., (“Liberty Gold”) on the Black Pine Oxide Gold Project (“Black Pine”) for total cash consideration of $4 million. Liberty Gold has been granted an option to repurchase 50% of the NSR for $4 million at any point in time up to the earlier of commercial production at Black Pine or January 1, 2030. The Company has been granted a Right of First Refusal on all royalties, streams or pre-pays that include precious metals pertaining to Black Pine. In addition, the Company made an equity investment of $5 million in Liberty Gold at C$0.34 per share.

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 (the “Project” or “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.

Sustainability

Ratings & Awards:

•

In the third quarter of 2023, Wheaton was recognized as Best Company for ESG & Sustainability (Metals & Mining) and runner-up for Best Company for Climate Reporting (Large Cap) by ESG Investing’s Corporate ESG Awards.

Community Investment Program:

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In the third quarter of 2023, the Tour De Cure Presented by Wheaton attracted over 1,500 riders and raised more than $7.1 million for the BC Cancer Foundation.

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•

In the third quarter of 2023, a number of new programs were established with First Majestic Silver. These include support for the operation of a community centre, improvements to a solid waste storage facility and the implementation of a recycling program, as well as the implementation and operation of wastewater treatment facilities in the community of Tayoltita. In addition, Wheaton also committed to assisting First Majestic Silver in providing internet access for several remote communities close to the mine.

Management Update

Wheaton announces management changes effective October 1, 2023, including the creation of a Chief Sustainability Officer position as well as Vice President appointments. Patrick Drouin, Wheaton’s former Senior Vice President of Sustainability and Investor Relations, has been appointed President of Wheaton International, succeeding Nik Tatarkin who although retiring from management, will remain on the Board of Wheaton International. Mr. Drouin will continue to oversee the Company’s ESG practices and performance at the executive level as President of Wheaton International and Chief Sustainability Officer.

Emma Murray has been appointed Vice President, Investor Relations, effective October 1, 2023, and will be primarily responsible for liaising with the investment community and ensuring the market is well-informed about Wheaton’s strategic vision, financial performance and growth prospects.

Simona Antolak has been appointed Vice President, Communications and Corporate Affairs, with responsibility over external and internal communications as well as sustainability matters.

These changes further strengthen Wheaton’s global management team.

About Wheaton Precious Metals Corp. and Outlook

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.

Wheaton's estimated attributable production in 2023 is forecast to be approximately 600,000 to 660,000 GEOs, unchanged from previous guidance^2,3. Due to the temporary suspension of the Peñasquito mine from June 7, 2023 to October 13, 2023, Wheaton now expects its full-year production to have a higher weighting toward gold. The Company has previously estimated that average annual production for the five-year period ending in 2027 would amount to 810,000 GEOs, while for the ten-year period ending in 2032, the Company estimated that average annual production would amount to 850,000 GEOs. The Company will provide updated longer-term guidance in normal course in the first quarter of 2024, which will incorporate the impact of recent developments and acquisitions^2,3.

In accordance with Wheaton Precious Metals^TM 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.

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Webcast and Conference Call Details

A conference call will be held on Friday, November 10, 2023, starting at 11:00 am ET (8:00 am PT) 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: 35621453

Live webcast: Webcast URL

The accompanying slideshow will also be available in PDF format on the ‘Presentations’ page of the Wheaton Precious Metals website before the conference call. The conference call will be recorded and available until November 17, 2023 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: 621453 #

Archived webcast: Webcast URL

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/Company/corporate-governance/default.aspx.

For further information:

Investor Contact

Emma Murray

Vice President, Investor Relations

Tel: 1-844-288-9878

Email: info@wheatonpm.com

Media Contact

Simona Antolak

Vice President, Communications & Corporate Affairs

Tel: 604-639-9870

Email: simona.antolak@wheatonpm.com

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End Notes

¹Please 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. Details of the dividend can be found in the Wheaton’s news release date November 9, 2023, titled “Wheaton Precious Metals Declares Quarterly Dividend.”

² Statements made in this section contain forward-looking information with respect to forecast production, funding outstanding commitments and continuing to acquire accretive mineral stream interests and readers are cautioned that actual outcomes may vary. Please see “Cautionary Note Regarding Forward-Looking Statements” for material risks, assumptions and important disclosure associated with this information.

³Company reports & S and P Capital IQ est. of 2022 byproduct cost curves for gold, zinc/lead, copper, PGM, nickel & silver mines. GEOs relating to production and guidance, which are provided to assist the reader, are based on the following commodity price assumptions: gold $1,850/oz, silver $24/oz, palladium $1,800/oz, platinum $1,100/oz and cobalt $18.75/lb. Five-year and ten-year guidance does not include any production from Pascua-Lama, Navidad, Cotabambas, Metates or additional expansions at Salobo outside of the Salobo III expansion. In addition, five-year guidance also does not include any production from Kutcho, or the Victor project at Sudbury. Additionally, none of the deals announced in 2023 have been factored into 2023 or longer-term guidance including the Blackwater extension, Cangrejos and Mineral Park Projects, and the Black Pine Royalty. Ounces produced represent the quantity of silver, gold, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions.

⁴Portfolio mine life based on recoverable reserves and resources as of Dec 31, 2022 and 2022 actual mill throughput and is weighted by individual reserve and resource category.

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Condensed Interim Consolidated Statements of Earnings

	Three Months Ended September 30				Nine Months Ended September 30
(US dollars and shares in thousands, except per share amounts - unaudited)	2023		2022		2023		2022
Sales	$	223,137	$	218,836	$	702,573	$	829,002
Cost of sales
Cost of sales, excluding depletion	$	49,808	$	60,955	$	160,413	$	205,891
Depletion		46,435		55,728		145,908		178,812
Total cost of sales	$	96,243	$	116,683	$	306,321	$	384,703
Gross margin	$	126,894	$	102,153	$	396,252	$	444,299
General and administrative expenses		8,606		8,360		28,922		27,448
Share based compensation		4,336		77		16,217		11,586
Donations and community investments		1,736		1,406		5,054		3,379
Impairment reversal of mineral stream interests		-		(10,330)		-		(10,330)
Earnings from operations	$	112,216	$	102,640	$	346,059	$	412,216
Gain on disposal of mineral stream interest		-		(104,425)		(5,027)		(104,425)
Other (income) expense		(10,707)		(2,799)		(26,961)		(3,448)
Earnings before finance costs and income taxes	$	122,923	$	209,864	$	378,047	$	520,089
Finance costs		1,407		1,398		4,138		4,209
Earnings before income taxes	$	121,516	$	208,466	$	373,909	$	515,880
Income tax expense		(5,145)		(12,006)		(4,700)		(12,879)
Net earnings	$	116,371	$	196,460	$	369,209	$	503,001
Basic earnings per share	$	0.257	$	0.435	$	0.815	$	1.114
Diluted earnings per share	$	0.257	$	0.434	$	0.814	$	1.112
Weighted average number of shares outstanding
Basic		452,975		451,757		452,748		451,402
Diluted		453,538		452,386		453,419		452,221

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Condensed Interim Consolidated Balance Sheets

	As at September 30		As at December 31
(US dollars in thousands - unaudited)	2023		2022
Assets
Current assets
Cash and cash equivalents	$	833,919	$	696,089
Accounts receivable		10,492		10,187
Cobalt inventory		2,429		10,530
Taxes receivable		5,000		-
Other		4,353		3,287
Total current assets	$	856,193	$	720,093
Non-current assets
Mineral stream interests	$	5,737,454	$	5,707,019
Early deposit mineral stream interests		47,093		46,092
Long-term equity investments		200,893		256,095
Property, plant and equipment		8,092		4,210
Other		31,790		26,397
Total non-current assets	$	6,025,322	$	6,039,813
Total assets	$	6,881,515	$	6,759,906
Liabilities
Current liabilities
Accounts payable and accrued liabilities	$	11,999	$	12,570
Current taxes payable		-		2,763
Current portion of performance share units		9,404		14,566
Current portion of lease liabilities		590		818
Total current liabilities	$	21,993	$	30,717
Non-current liabilities
Performance share units	$	6,222	$	6,673
Lease liabilities		5,654		1,152
Deferred income taxes		189		165
Pension liability		4,196		3,524
Total non-current liabilities	$	16,261	$	11,514
Total liabilities	$	38,254	$	42,231
Shareholders' equity
Issued capital	$	3,774,333	$	3,752,662
Reserves		(78,872)		66,547
Retained earnings		3,147,800		2,898,466
Total shareholders' equity	$	6,843,261	$	6,717,675
Total liabilities and shareholders' equity	$	6,881,515	$	6,759,906

-12-

Condensed Interim Consolidated Statements of Cash Flows

	Three Months Ended September 30				Nine Months Ended September 30
(US dollars in thousands - unaudited)	2023		2022		2023		2022
Operating activities
Net earnings	$	116,371	$	196,460	$	369,209	$	503,001
Adjustments for
Depreciation and depletion		46,784		56,129		147,031		180,004
Gain on disposal of mineral stream interest		-		(104,425)		(5,027)		(104,425)
Impairment (reversal of impairment) of mineral stream interests		-		(10,330)		-		(10,330)
Interest expense		78		22		131		72
Equity settled stock based compensation		1,732		1,568		5,133		4,407
Performance share units - expense		2,604		(1,491)		11,084		7,179
Performance share units - paid		-		(163)		(16,675)		(18,411)
Pension expense		329		291		787		720
Pension paid		-		-		(116)		-
Income tax expense (recovery)		5,145		12,006		4,700		12,879
Loss (gain) on fair value adjustment of share purchase warrants held		143		204		248		1,101
Investment income recognized in net earnings		(10,537)		(1,953)		(26,564)		(2,696)
Other		163		(349)		662		(440)
Change in non-cash working capital		(489)		4,728		(876)		(3,825)
Cash generated from operations before income taxes and interest	$	162,323	$	152,697	$	489,727	$	569,236
Income taxes paid		(912)		(29)		(5,244)		(141)
Interest paid		(79)		(22)		(112)		(73)
Interest received		9,771		1,851		24,213		2,374
Cash generated from operating activities	$	171,103	$	154,497	$	508,584	$	571,396
Financing activities
Credit facility extension fees	$	(13)	$	(1,205)	$	(859)	$	(1,207)
Share purchase options exercised		93		-		10,603		7,549
Lease payments		(169)		(201)		(548)		(603)
Dividends paid		(66,994)		(59,487)		(198,085)		(176,604)
Cash used for financing activities	$	(67,083)	$	(60,893)	$	(188,889)	$	(170,865)
Investing activities
Mineral stream interests	$	(90,710)	$	(46,675)	$	(210,944)	$	(107,476)
Early deposit mineral stream interests		(250)		(750)		(1,000)		(1,500)
Mineral royalty interest		(3,602)		-		(3,602)		-
Net proceeds on disposal of mineral stream interests		-		(139)		46,400		(139)
Acquisition of long-term investments		(5,006)		-		(13,181)		(22,768)
Proceeds on disposal of long-term investments		-		-		202		-
Dividends received		700		102		1,617		322
Other		(35)		(69)		(1,804)		(194)
Cash used for investing activities	$	(98,903)	$	(47,531)	$	(182,312)	$	(131,755)
Effect of exchange rate changes on cash and cash equivalents	$	(35)	$	(81)	$	447	$	(203)
Increase in cash and cash equivalents	$	5,082	$	45,992	$	137,830	$	268,573
Cash and cash equivalents, beginning of period		828,837		448,626		696,089		226,045
Cash and cash equivalents, end of period	$	833,919	$	494,618	$	833,919	$	494,618

-13-

Summary of Units Produced

	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021
Gold ounces produced ²
Salobo	69,045	54,804	43,677	37,939	44,212	34,129	44,883	48,235
Sudbury ³	4,266	5,818	6,203	5,270	3,437	5,289	5,362	4,379
Constancia	19,003	7,444	6,905	10,496	7,196	8,042	6,311	9,857
San Dimas ⁴	9,995	11,166	10,754	10,037	11,808	10,044	10,461	13,714
Stillwater ⁵	2,454	2,017	1,960	2,185	1,833	2,171	2,497	2,664
Other
Marmato	673	639	457	533	542	778	477	479
777 ⁶	-	-	-	-	-	3,509	4,003	4,462
Minto	-	1,292	3,063	2,567	3,050	2,480	4,060	3,506
Total Other	673	1,931	3,520	3,100	3,592	6,767	8,540	8,447
Total gold ounces produced	105,436	83,180	73,019	69,027	72,078	66,442	78,054	87,296
Silver ounces produced ²
Peñasquito ⁷	-	1,744	2,076	1,761	2,017	2,089	2,219	2,145
Antamina	864	960	851	1,067	1,327	1,330	1,210	1,309
Constancia	697	420	552	655	564	584	506	578
Other
Los Filos	28	28	28	14	21	35	42	37
Zinkgruvan	785	374	632	664	642	739	577	482
Neves-Corvo	486	407	436	369	323	345	344	522
Aljustrel	327	279	343	313	246	292	287	325
Cozamin	165	184	141	157	179	169	186	213
Marmato	11	7	8	9	7	7	11	7
Yauliyacu ⁸	-	-	-	261	463	756	637	382
Stratoni ⁹	-	-	-	-	-	-	-	129
Minto	-	14	29	33	33	26	45	44
Keno Hill ¹⁰	-	-	-	-	-	48	20	30
777 ⁶	-	-	-	-	-	80	91	96
Total Other	1,802	1,293	1,617	1,820	1,914	2,497	2,240	2,267
Total silver ounces produced	3,363	4,417	5,096	5,303	5,822	6,500	6,175	6,299
Palladium ounces produced ²
Stillwater ⁵	4,006	3,880	3,705	3,869	3,229	3,899	4,488	4,733
Cobalt pounds produced ²
Voisey's Bay	183	152	124	128	226	136	234	381
GEOs produced ¹¹	154,800	145,797	144,000	142,887	153,025	155,932	164,911	177,490
Average payable rate ²
Gold	95.5%	95.1%	95.1%	94.9%	95.1%	95.1%	95.2%	96.0%
Silver	79.0%	83.2%	82.3%	83.6%	85.8%	85.9%	86.3%	86.2%
Palladium	93.6%	94.1%	96.0%	91.7%	95.0%	94.6%	92.7%	92.2%
Cobalt	93.3%	93.3%	93.3%	93.3%	93.3%	93.3%	93.3%	93.3%
GEO ¹¹	90.8%	90.4%	89.3%	89.3%	90.4%	90.4%	90.7%	91.5%

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

Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures and 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 and payable rates may be updated in future periods as additional information is received.

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

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. For reference, attributable silver production from prior periods is as follows: Q3 2023 - 387,000 ounces; Q2 2023 - 423,000 ounces; Q1 2023 - 401,000 ounces; Q4 2022 - 348,000 ounces; Q3 2022 - 412,000 ounces; Q2 2022 - 382,000 ounces; Q1 2022 - 408,000 ounces; Q4 2021 - 544,000 ounces.

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

6)	On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.

7)	There was a temporary suspension of operations at Peñasquito due to a labour strike which ran from June 7, 2023 to October 13, 2023.

8)	On December 14, 2022 the Company terminated the Yauliyacu PMPA in exchange for a cash payment of $132 million.

9)	The Stratoni mine was placed into care and maintenance during Q4-2021.

10)	On September 7, 2022, the Company terminated the Keno Hill PMPA in exchange for $141 million of Hecla common stock.

11)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,850 per ounce gold; $24.00 per ounce silver; $1,800 per ounce palladium; and $18.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2023.

-14-

Summary of Units Sold

	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021
Gold ounces sold
Salobo	44,444	46,030	35,966	41,029	31,818	48,515	42,513	47,171
Sudbury ²	4,836	4,775	4,368	4,988	5,147	7,916	3,712	965
Constancia	12,399	9,619	6,579	6,013	6,336	7,431	10,494	6,196
San Dimas	9,695	11,354	10,651	10,943	10,196	10,633	10,070	15,182
Stillwater ³	1,985	2,195	2,094	1,783	2,127	2,626	2,628	2,933
Other
Marmato	792	467	480	473	719	781	401	423
777	275	153	126	785	3,098	3,629	4,388	4,290
Minto	-	701	2,341	2,982	2,559	2,806	3,695	2,462
Total Other	1,067	1,321	2,947	4,240	6,376	7,216	8,484	7,175
Total gold ounces sold	74,426	75,294	62,605	68,996	62,000	84,337	77,901	79,622
Silver ounces sold
Peñasquito	453	1,913	1,483	2,066	1,599	2,096	2,188	1,818
Antamina	794	963	814	1,114	1,155	1,177	1,468	1,297
Constancia	435	674	366	403	498	494	644	351
Other
Los Filos	30	37	34	16	24	41	42	17
Zinkgruvan	714	370	520	547	376	650	355	346
Neves-Corvo	245	132	171	80	105	167	204	259
Aljustrel	142	182	205	156	185	123	145	133
Cozamin	139	150	119	150	154	148	177	174
Marmato	11	7	7	7	8	11	8	8
Yauliyacu	-	-	-	337	1,005	817	44	551
Stratoni	-	-	-	-	-	(2)	133	42
Minto	-	7	29	23	22	21	31	27
Keno Hill	-	-	1	1	30	30	27	24
777	2	2	-	35	73	75	87	69
Total Other	1,283	887	1,086	1,352	1,982	2,081	1,253	1,650
Total silver ounces sold	2,965	4,437	3,749	4,935	5,234	5,848	5,553	5,116
Palladium ounces sold
Stillwater ³	4,242	3,392	2,946	3,396	4,227	3,378	4,075	4,641
Cobalt pounds sold
Voisey's Bay	198	265	323	187	115	225	511	228
GEOs sold ⁴	119,030	138,835	117,383	138,218	135,179	165,766	159,082	152,826
Cumulative payable units PBND ⁵
Gold ounces	99,923	73,403	69,479	62,602	65,978	59,331	81,365	84,989
Silver ounces	1,071	1,325	2,065	1,606	2,287	2,438	2,693	3,042
Palladium ounces	5,607	6,122	5,751	5,098	5,041	6,267	5,535	5,629
Cobalt pounds	376	250	285	257	402	280	550	596
GEO⁴	123,086	99,084	104,749	91,001	104,623	99,895	127,257	135,964
Inventory on hand
Cobalt pounds	155	310	398	633	556	582	410	657

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)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,850 per ounce gold; $24.00 per ounce silver; $1,800 per ounce palladium; and $18.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2023.

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

-15-

Results of Operations

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

Three Months Ended September 30, 2023
	Units Produced²	Units Sold	Average Realized Price ($'s Per Unit)		Average Cash Cost ($'s Per Unit) ³		Average Depletion ($'s Per Unit)		Sales		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	69,045	44,444	$	1,944	$	420	$	330	$	86,395	$	53,026	$	67,710	$	2,341,485
Sudbury ⁴	4,266	4,836		1,950		400		1,204		9,428		1,669		7,494		268,224
Constancia	19,003	12,399		1,944		419		316		24,102		14,991		18,906		86,555
San Dimas	9,995	9,695		1,944		631		260		18,846		10,216		12,732		147,638
Stillwater	2,454	1,985		1,944		349		510		3,859		2,154		3,167		212,650
Other ⁵	673	1,067		1,945		368		391		2,077		1,266		1,684		557,035
	105,436	74,426	$	1,944	$	444	$	381	$	144,707	$	83,322	$	111,693	$	3,613,587
Silver
Peñasquito	-	453	$	23.82	$	4.43	$	4.06	$	10,804	$	6,952	$	8,795	$	278,028
Antamina	864	794		23.82		4.81		7.06		18,915		9,496		15,097		527,227
Constancia	697	435		23.82		6.18		6.24		10,360		4,958		7,674		183,736
Other ⁶	1,802	1,283		23.62		5.15		2.64		30,293		20,301		19,439		549,641
	3,363	2,965	$	23.73	$	5.10	$	4.57	$	70,372	$	41,707	$	51,005	$	1,538,632
Palladium
Stillwater	4,006	4,242	$	1,251	$	223	$	459	$	5,307	$	2,416	$	4,361	$	222,154
Platinum
Marathon	-	-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	9,450
Cobalt
Voisey's Bay	183	198	$	13.87	$	3.66 ⁷	$	12.98	$	2,751	$	(551)	$	4,235	$	353,631
Operating results									$	223,137	$	126,894	$	171,294	$	5,737,454
Other
General and administrative											$	(8,606)	$	(6,321)
Share based compensation												(4,336)		-
Donations and community investments												(1,736)		(1,750)
Finance costs												(1,407)		(1,078)
Other												10,707		9,870
Income tax												(5,145)		(912)
Total other											$	(10,523)	$	(191)	$	1,144,061
											$	116,371	$	171,103	$	6,881,515

1)	Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts.

Quantity produced represents the amount of gold, silver, palladium and cobalt 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 and the non-operating Stobie and Victor gold interests.

Comprised of the operating Marmato gold interests as well as the non-operating Minto, 777, Copper World Complex, Santo Domingo, Blackwater, Fenix, Goose, Marathon, Curipamba and Cangrejos gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.

Comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Cozamin and Marmato silver interests and the non-operating Minto, 777, Loma de La Plata, Stratoni, Pascua-Lama, Copper World Complex, Blackwater and Curipamba silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the second quarter of 2025.

Cash cost per pound of cobalt sold during the third quarter of 2023 was net of a previously recorded inventory write-down of $0.1 million, resulting in a decrease of $0.51 per pound of cobalt sold. The Company reflects the cobalt inventory at the lower of cost and net realizable value, and will continue to monitor the market price of cobalt relative to the carrying value of the inventory at each reporting period.

-16-

On a gold equivalent basis, results for the Company for the three months ended September 30, 2023 were as follows:

Three Months Ended September 30, 2023
	Ounces Produced ¹	Ounces Sold	Average Realized Price ($'s Per Ounce)	Average Cash Cost ($'s Per Ounce)²	Cash Operating Margin ($'s Per Ounce) ³	Average Depletion ($'s Per Ounce)	Gross Margin ($'s Per Ounce)
Gold equivalent basis ⁴	154,800	119,030	$ 1,875	$ 418	$ 1,457	$ 390	$ 1,067

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

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

4)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,850 per ounce gold; $24.00 per ounce silver; $1,800 per ounce palladium; and $18.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2023.

Three Months Ended September 30, 2022
	Units Produced²	Units Sold	Average Realized Price ($'s Per Unit)		Average Cash Cost ($'s Per Unit) ³		Average Depletion ($'s Per Unit)		Sales		Impairment Reversals / Gain on Disposal ⁴		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	44,212	31,818	$	1,724	$	416	$	334	$	54,860	$	-	$	31,000	$	41,617	$	2,396,952
Sudbury ⁵	3,437	5,147		1,745		400		1,092		8,984		-		1,303		5,943		288,863
Constancia	7,196	6,336		1,724		415		271		10,925		-		6,578		8,295		97,213
San Dimas	11,808	10,196		1,724		624		260		17,579		-		8,567		11,213		158,704
Stillwater	1,833	2,127		1,724		317		429		3,667		-		2,080		2,992		216,617
Other ⁶	3,592	6,376		1,743		694		59		11,113		-		6,311		5,562		461,359
	72,078	62,000	$	1,728	$	474	$	353	$	107,128	$	-	$	55,839	$	75,622	$	3,619,708
Silver
Peñasquito	2,017	1,599	$	19.30	$	4.36	$	3.57	$	30,857	$	-	$	18,182	$	23,885	$	301,040
Antamina	1,327	1,155		19.30		3.75		7.06		22,287		-		9,798		17,951		553,231
Constancia	564	498		19.30		6.12		6.35		9,613		-		3,398		6,563		195,507
Other ⁷	1,914	1,982		18.93		7.51		6.84		37,513		114,755		123,823		21,896		538,739
	5,822	5,234	$	19.16	$	5.59	$	5.84	$	100,270	$	114,755	$	155,201	$	70,295	$	1,588,517
Palladium
Stillwater	3,229	4,227	$	2,091	$	353	$	399	$	8,838	$	-	$	5,657	$	7,344	$	228,168
Platinum
Marathon	-	-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	-	$	9,425
Cobalt
Voisey's Bay	226	115	$	22.68	$	7.21	$	13.63	$	2,600	$	-	$	211	$	7,352	$	361,238
Operating results									$	218,836	$	114,755	$	216,908	$	160,613	$	5,807,056
Other
General and administrative													$	(8,360)	$	(5,342)
Share based compensation														(77)		(163)
Donations and community investments														(1,406)		(1,410)
Finance costs														(1,398)		(1,020)
Other														2,799		1,848
Income tax														(12,006)		(29)
Total other													$	(20,448)	$	(6,116)	$	780,539
													$	196,460	$	154,497	$	6,587,595

1)	Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts.

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

4)	Relates to the termination of the Keno Hill PMPA.

-17-

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

Comprised of the operating Minto, 777 and Marmato gold interests as well as the non-operating Copper World Complex, Santo Domingo, Blackwater, Fenix, Goose, Marathon and Curipamba gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.

Comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Minto, 777, Marmato and Cozamin silver interests, the non-operating Stratoni, Loma de La Plata, Copper World Complex, Pascua-Lama, Blackwater and Curipamba silver interests and the previously owned Keno Hill and Yauliyacu silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill PMPA was terminated in exchange for $141 million of Hecla common stock. On December 14, 2022 the Yauliyacu PMPA was terminated in exchange for a cash payment of $132 million. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the second quarter of 2025.

On a gold equivalent basis, results for the Company for the three months ended September 30, 2022 were as follows:

Three Months Ended September 30, 2022
	Ounces Produced ¹	Ounces Sold	Average Realized Price ($'s Per Ounce)	Average Cash Cost ($'s Per Ounce)²	Cash Operating Margin ($'s Per Ounce) ³	Average Depletion ($'s Per Ounce)	Gross Margin ($'s Per Ounce)
Gold equivalent basis ⁴	153,025	135,179	$ 1,619	$ 451	$ 1,168	$ 412	$ 756

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

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

4)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,850 per ounce gold; $24.00 per ounce silver; $1,800 per ounce palladium; and $18.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2023.

-18-

Nine Months Ended September 30, 2023
	Units Produced²	Units Sold	Average Realized Price ($'s Per Unit)		Average Cash Cost ($'s Per Unit) ³		Average Depletion ($'s Per Unit)		Sales		Gain on Disposal ⁴		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	167,526	126,440	$	1,947	$	420	$	330	$	246,219	$	-	$	151,287	$	193,063	$	2,341,485
Sudbury ⁵	16,287	13,979		1,953		400		1,087		27,295		-		6,512		21,420		268,224
Constancia	33,352	28,597		1,948		417		316		55,718		-		34,751		43,779		86,555
San Dimas	31,915	31,700		1,945		628		260		61,657		-		33,535		41,762		147,638
Stillwater	6,431	6,274		1,945		347		510		12,201		-		6,824		10,026		212,650
Other ⁶	6,124	5,335		1,935		1,119		172		10,324		-		3,439		4,090		557,035
	261,635	212,325	$	1,947	$	465	$	369	$	413,414	$	-	$	236,348	$	314,140	$	3,613,587
Silver
Peñasquito	3,820	3,849	$	23.63	$	4.43	$	4.06	$	90,967	$	-	$	58,268	$	73,915	$	278,028
Antamina	2,675	2,571		23.65		4.69		7.06		60,812		-		30,625		48,765		527,227
Constancia	1,669	1,475		23.75		6.15		6.24		35,034		-		16,750		25,962		183,736
Other ⁷	4,712	3,256		23.44		5.58		2.82		76,316		5,027		53,966		55,364		549,641
	12,876	11,151	$	23.60	$	5.05	$	4.68	$	263,129	$	5,027	$	159,609	$	204,006	$	1,538,632
Palladium
Stillwater	11,591	10,580	$	1,410	$	255	$	440	$	14,922	$	-	$	7,565	$	12,223	$	222,154
Platinum
Marathon	-	-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	-	$	9,450
Cobalt
Voisey's Bay	458	786	$	14.13	$	3.36 ⁸	$	13.63	$	11,108	$	-	$	(2,243)	$	13,056	$	353,631
Operating results									$	702,573	$	5,027	$	401,279	$	543,425	$	5,737,454
Other
General and administrative													$	(28,922)	$	(29,702)
Share based compensation														(16,217)		(16,675)
Donations and community investments														(5,054)		(4,896)
Finance costs														(4,138)		(3,147)
Other														26,961		24,823
Income tax														(4,700)		(5,244)
Total other													$	(32,070)	$	(34,841)	$	1,144,061
													$	369,209	$	508,584	$	6,881,515

1)	Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts.

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

4)	The gain on disposal of Other silver interests relates to the gain on the buyback of 33% of the Goose PMPA.

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

Cash cost per pound of cobalt sold during the nine months ended September 30, 2023 was net of a previously recorded inventory write-down of $1.6 million, resulting in a decrease of $2.05 per pound of cobalt sold. The Company reflects the cobalt inventory at the lower of cost and net realizable value, and will continue to monitor the market price of cobalt relative to the carrying value of the inventory at each reporting period.

-19-

On a gold equivalent basis, results for the Company for the nine months ended September 30, 2023 were as follows:

Nine Months Ended September 30, 2023
	Ounces Produced ¹	Ounces Sold	Average Realized Price ($'s Per Ounce)	Average Cash Cost ($'s Per Ounce)²	Cash Operating Margin ($'s Per Ounce) ³	Average Depletion ($'s Per Ounce)	Gross Margin ($'s Per Ounce)
Gold equivalent basis ⁴	444,597	375,248	$ 1,872	$ 427	$ 1,445	$ 389	$ 1,056

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

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

4)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,850 per ounce gold; $24.00 per ounce silver; $1,800 per ounce palladium; and $18.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2023.

Nine Months Ended September 30, 2022
	Units Produced²	Units Sold	Average Realized Price ($'s Per Unit)		Average Cash Cost ($'s Per Unit) ³		Average Depletion ($'s Per Unit)		Sales		Impairment Reversals / Gain on Disposal ⁴		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	123,224	122,846	$	1,834	$	416	$	334	$	225,267	$	-	$	133,146	$	174,134	$	2,396,952
Sudbury ⁵	14,088	16,775		1,828		400		1,091		30,673		-		5,657		22,980		288,863
Constancia	21,549	24,261		1,833		413		271		44,480		-		27,886		34,463		97,213
San Dimas	32,313	30,899		1,823		622		260		56,335		-		29,095		37,114		158,704
Stillwater	6,501	7,381		1,829		330		429		13,503		-		7,902		11,070		216,617
Other ⁶	18,899	22,076		1,829		734		45		40,388		-		23,183		22,912		461,359
	216,574	224,238	$	1,831	$	471	$	348	$	410,646	$	-	$	226,869	$	302,673	$	3,619,708
Silver
Peñasquito	6,325	5,883	$	22.21	$	4.36	$	3.57	$	130,686	$	-	$	84,058	$	105,036	$	301,040
Antamina	3,867	3,800		22.13		4.42		7.06		84,093		-		40,479		66,952		553,231
Constancia	1,654	1,636		22.15		6.09		6.34		36,227		-		15,883		26,260		195,507
Other ⁷	6,651	5,316		21.41		7.14		5.61		113,823		114,755		160,768		75,969		538,739
	18,497	16,635	$	21.93	$	5.43	$	5.29	$	364,829	$	114,755	$	301,188	$	274,217	$	1,588,517
Palladium
Stillwater	11,616	11,680	$	2,190	$	383	$	399	$	25,574	$	-	$	16,437	$	21,099	$	228,168
Platinum
Marathon	-	-	$	n.a	$	n.a	$	n.a	$	-	$	-	$	-	$	-	$	9,425
Cobalt
Voisey's Bay	596	851	$	32.85	$	6.24	$	9.49	$	27,953	$	-	$	14,560	$	24,412	$	361,238
Operating results									$	829,002	$	114,755	$	559,054	$	622,401	$	5,807,056
Other
General and administrative													$	(27,448)	$	(28,688)
Share based compensation														(11,586)		(18,411)
Donations and community investments														(3,379)		(2,977)
Finance costs														(4,209)		(3,107)
Other														3,448		2,319
Income tax														(12,879)		(141)
Total other													$	(56,053)	$	(51,005)	$	780,539
													$	503,001	$	571,396	$	6,587,595

1)	Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts.

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

4)	Relates to the termination of the Keno Hill PMPA.

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

-20-

On a gold equivalent basis, results for the Company for the nine months ended September 30, 2022 were as follows:

Nine Months Ended September 30, 2022
	Ounces Produced ¹	Ounces Sold	Average Realized Price ($'s Per Ounce)	Average Cash Cost ($'s Per Ounce)²	Cash Operating Margin ($'s Per Ounce) ³	Average Depletion ($'s Per Ounce)	Gross Margin ($'s Per Ounce)
Gold equivalent basis ⁴	473,868	460,026	$ 1,802	$ 448	$ 1,354	$ 389	$ 965

2)	Silver ounces produced and sold in thousands.

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

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

5)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,850 per ounce gold; $24.00 per ounce silver; $1,800 per ounce palladium; and $18.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2023.

-21-

Non-IFRS Measures

Wheaton has included, throughout this document, certain non-IFRS performance measures, including (i) adjusted net earnings and adjusted net earnings per share; (ii) operating cash flow per share (basic and diluted); (iii) average cash costs of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis; and (iv) cash operating margin.

Adjusted net earnings and adjusted net earnings per share are calculated by removing the effects of non-cash impairment charges (reversals) (if any), non-cash fair value (gains) losses and other one-time (income) expenses as well as the reversal of non-cash income tax expense (recovery) which is offset by income tax expense (recovery) recognized in the Statements of Shareholders’ Equity and OCI, respectively. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, management and certain investors use this information to evaluate the Company’s performance.

The following table provides a reconciliation of adjusted net earnings and adjusted net earnings per share (basic and diluted).

	Three Months Ended September 30					Nine Months Ended September 30
(in thousands, except for per share amounts)		2023		2022			2023		2022
Net earnings		$	116,371	$	196,460		$	369,209	$	503,001
Add back (deduct):
Impairment charge (reversal)			-		(10,330)			-		(10,330)
Gain on disposal of Mineral Stream Interest			-		(104,425)			(5,027)		(104,425)
(Gain) loss on fair value adjustment of share purchase warrants held			143		204			248		1,101
Income tax (expense) recovery recognized in the Statement of Shareholders' Equity			-		3,644			-		4,143
Income tax (expense) recovery recognized in the Statement of OCI			5,115		546			7,205		701
Income tax recovery related to prior year disposal of Mineral Stream Interest			-		7,779			(2,672)		7,779
Other			(162)		-			(482)		(802)
Adjusted net earnings		$	121,467	$	93,878		$	368,481	$	401,168
Divided by:
Basic weighted average number of shares outstanding			452,975		451,757			452,748		451,402
Diluted weighted average number of shares outstanding			453,538		452,386			453,419		452,221
Equals:
Adjusted earnings per share - basic		$	0.268	$	0.208		$	0.814	$	0.889
Adjusted earnings per share - diluted		$	0.268	$	0.208		$	0.813	$	0.887

-22-

ii.

Operating cash flow per share (basic and diluted) is calculated by dividing cash generated by operating activities by the weighted average number of shares outstanding (basic and diluted). The Company presents operating cash flow per share as management and certain investors use this information to evaluate the Company’s performance in comparison to other companies in the precious metal mining industry who present results on a similar basis.

The following table provides a reconciliation of operating cash flow per share (basic and diluted).

	Three Months Ended September 30					Nine Months Ended September 30
(in thousands, except for per share amounts)		2023		2022			2023		2022
Cash generated by operating activities		$	171,103	$	154,497		$	508,584	$	571,396
Divided by:
Basic weighted average number of shares outstanding			452,975		451,757			452,748		451,402
Diluted weighted average number of shares outstanding			453,538		452,386			453,419		452,221
Equals:
Operating cash flow per share - basic		$	0.378	$	0.342		$	1.123	$	1.266
Operating cash flow per share - diluted		$	0.377	$	0.342		$	1.122	$	1.264

iii.

Average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis is calculated by dividing the total cost of sales, less depletion, by the ounces or pounds sold. In the precious metal mining industry, this is a common performance measure but does not have any standardized meaning prescribed by IFRS. In addition to conventional measures prepared in accordance with IFRS, management and certain investors use this information to evaluate the Company’s performance and ability to generate cash flow.

The following table provides a calculation of average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis.

	Three Months Ended September 30					Nine Months Ended September 30
(in thousands, except for gold and palladium ounces sold and per unit amounts)		2023		2022			2023		2022
Cost of sales		$	96,243	$	116,683		$	306,321	$	384,703
Less: depletion			(46,435)		(55,728)			(145,908)		(178,812)
Cash cost of sales		$	49,808	$	60,955		$	160,413	$	205,891
Cash cost of sales is comprised of:
Total cash cost of gold sold		$	33,014	$	29,398		$	98,724	$	105,719
Total cash cost of silver sold			15,121		29,238			56,351		90,384
Total cash cost of palladium sold			946		1,493			2,699		4,475
Total cash cost of cobalt sold			727		826			2,639		5,313
Total cash cost of sales		$	49,808	$	60,955		$	160,413	$	205,891
Divided by:
Total gold ounces sold			74,426		62,000			212,325		224,238
Total silver ounces sold			2,965		5,234			11,151		16,635
Total palladium ounces sold			4,242		4,227			10,580		11,680
Total cobalt pounds sold			198		115			786		851
Equals:
Average cash cost of gold (per ounce)		$	444	$	474		$	465	$	471
Average cash cost of silver (per ounce)		$	5.10	$	5.59		$	5.05	$	5.43
Average cash cost of palladium (per ounce)		$	223	$	353		$	255	$	383
Average cash cost of cobalt (per pound)		$	3.66	$	7.21		$	3.36	$	6.24

-23-

iv.

Cash operating margin is calculated by adding back depletion to the gross margin. Cash operating margin on a per ounce or per pound basis is calculated by dividing the cash operating margin by the number of ounces or pounds sold during the period. The Company presents cash operating margin as management and certain investors use this information to evaluate the Company’s performance in comparison to other companies in the precious metal mining industry who present results on a similar basis as well as to evaluate the Company’s ability to generate cash flow.

The following table provides a reconciliation of cash operating margin.

	Three Months Ended September 30					Nine Months Ended September 30
(in thousands, except for gold and palladium ounces sold and per unit amounts)		2023		2022			2023		2022
Gross margin		$	126,894	$	102,153		$	396,252	$	444,299
Add back: depletion			46,435		55,728			145,908		178,812
Cash operating margin		$	173,329	$	157,881		$	542,160	$	623,111
Cash operating margin is comprised of:
Total cash operating margin of gold sold		$	111,693	$	77,730		$	314,690	$	304,927
Total cash operating margin of silver sold			55,251		71,032			206,778		274,445
Total cash operating margin of palladium sold			4,361		7,345			12,223		21,099
Total cash operating margin of cobalt sold			2,024		1,774			8,469		22,640
Total cash operating margin		$	173,329	$	157,881		$	542,160	$	623,111
Divided by:
Total gold ounces sold			74,426		62,000			212,325		224,238
Total silver ounces sold			2,965		5,234			11,151		16,635
Total palladium ounces sold			4,242		4,227			10,580		11,680
Total cobalt pounds sold			198		115			786		851
Equals:
Cash operating margin per gold ounce sold		$	1,500	$	1,254		$	1,482	$	1,360
Cash operating margin per silver ounce sold		$	18.63	$	13.57		$	18.55	$	16.50
Cash operating margin per palladium ounce sold		$	1,028	$	1,738		$	1,155	$	1,807
Cash operating margin per cobalt pound sold		$	10.21	$	15.47		$	10.77	$	26.61

These non-IFRS measures do not have any standardized meaning prescribed by IFRS, and other companies may calculate these measures differently. The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For more detailed information, please refer to Wheaton’s MD&A available on the Company’s website at www.wheatonpm.com and posted on SEDAR+ at www.sedarplus.ca.

-24-

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 PMPA counterparties. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to the payment of $115 million to Waterton Copper and the satisfaction of each party's obligations in accordance with the Mineral Park PMPA and the receipt of silver production in respect of the Mineral Park Mine, the future price of commodities, the estimation of future production from Mining Operations (including in the estimation of production, mill throughput, grades, recoveries and exploration potential), the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates) and the realization of such estimations, the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton’s PMPA counterparties at mineral stream interests owned by Wheaton (the “Mining Operations”), the payment of upfront cash consideration to counterparties under PMPAs, the satisfaction of each party's obligations in accordance with PMPAs and royalty arrangements and the receipt by the Company of precious metals and cobalt production in respect of the applicable Mining Operations under PMPAs or other payments under royalty arrangements, the ability of Wheaton’s PMPA counterparties to comply with the terms of a PMPA (including as a result of the business, mining operations and performance of Wheaton’s PMPA counterparties) and the potential impacts of such on Wheaton, future payments by the Company in accordance with PMPAs, the costs of future production, the estimation of produced but not yet delivered ounces, the impact of epidemics (including the COVID-19 virus pandemic), including the potential heightening of other risks, future sales of common shares under the ATM program, continued listing of the Company’s common shares, any statements as to future dividends, the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs, including any acceleration of payments, projected increases to Wheaton's production and cash flow profile, projected changes to Wheaton's production mix, the ability of Wheaton’s PMPA counterparties to comply with the terms of any other obligations under agreements with the Company, the ability to sell precious metals and cobalt production, confidence in the Company's business structure, the Company's assessment of taxes payable and the impact of the CRA Settlement, possible domestic audits for taxation years subsequent to 2016 and international audits, the Company’s assessment of the impact of any tax reassessments, the Company's intention to file future tax returns in a manner consistent with the CRA Settlement, the Company’s climate change and environmental commitments, and assessments of the impact and resolution of various legal and tax matters, including but not limited to audits. 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 related to the satisfaction of each party's obligations in accordance with the terms of the Mineral Park PMPA, the satisfaction of each party's obligations in accordance with the terms of the Company’s PMPAs or royalty arrangements, risks associated with fluctuations in the price of commodities (including Wheaton’s ability to sell its precious metals or cobalt production at acceptable prices or at all), risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with the exploration, development, operating, expansion and improvement of the Mining Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as plans continue to be refined), the absence of control over the Mining Operations and having to rely on the accuracy of the public disclosure and other information Wheaton receives from the Mining Operations, uncertainty in the estimation of production from Mining Operations, uncertainty in the accuracy of mineral reserve and mineral resource estimation, risks of significant

-25-

impacts on Wheaton or the Mining Operations as a result of an epidemic (including the COVID-19 virus pandemic), the ability of each party to satisfy their obligations in accordance with the terms of the PMPAs, the estimation of future production from Mining Operations, Wheaton's interpretation of, compliance with or application of, tax laws and regulations or accounting policies and rules being found to be incorrect, any challenge or reassessment by the CRA of the Company's tax filings being successful and the potential negative impact to the Company's previous and future tax filings, assessing the impact of the CRA Settlement (including whether there will be any material change in the Company's facts or change in law or jurisprudence), potential amendments to Canada’s transfer pricing rules under the Income Tax Act (Canada) that may result from the Department of Finance’s consultation paper released June 6, 2023, potential implementation of a 15% global minimum tax, including the draft legislation issued for consultation by the Canadian Federal Government on August 4, 2023 that would apply to the income of the Company’s non-Canadian subsidiaries; counterparty credit and liquidity, mine operator concentration, indebtedness and guarantees, hedging, competition, claims and legal proceedings against Wheaton or the Mining Operations, security over underlying assets, governmental regulations, international operations of Wheaton and the Mining Operations, exploration, development, operations, expansions and improvements at the Mining Operations, environmental regulations, climate change, Wheaton and the Mining Operations ability to obtain and maintain necessary licenses, permits, approvals and rulings, Wheaton and the Mining Operations ability to comply with applicable laws, regulations and permitting requirements, lack of suitable supplies, infrastructure and employees to support the Mining Operations, inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by certain Mining Operations (including increases in production, estimated grades and recoveries), uncertainties of title and indigenous rights with respect to the Mining Operations, environmental, social and governance matters, Wheaton and the Mining Operations ability to obtain adequate financing, the Mining Operations ability to complete permitting, construction, development and expansion, global financial conditions, Wheaton’s acquisition strategy and other risks discussed in the section entitled "Description of the Business – Risk Factors" in Wheaton's Annual Information Form available on SEDAR+ at www.sedarplus.ca and Wheaton's Form 40-F for the year ended December 31, 2022 on file with the U.S. Securities and Exchange Commission on EDGAR (the "Disclosure”). Forward-looking statements are based on assumptions management currently believes to be reasonable, including (without limitation): the payment of $115 million to Waterton Copper and the satisfaction of each party's obligations in accordance with the terms of the Mineral Park PMPA, that there will be no material adverse change in the market price of commodities, that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates, that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate, that each party will satisfy their obligations in accordance with the PMPAs, that Wheaton will continue to be able to fund or obtain funding for outstanding commitments, that Wheaton will be able to source and obtain accretive PMPAs, that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic (including the COVID-19 virus pandemic), that any outbreak or threat of an outbreak of a virus or other contagions or epidemic disease will be adequately responded to locally, nationally, regionally and internationally, without such response requiring any prolonged closure of the Mining Operations or having other material adverse effects on the Company and counterparties to its PMPAs, that the trading of the Company’s common shares will not be adversely affected by the differences in liquidity, settlement and clearing systems as a result of multiple listings of the Common Shares on the LSE, the TSX and the NYSE, that the trading of the Company’s common shares will not be suspended, and that the net proceeds of sales of common shares, if any, will be used as anticipated, that expectations regarding the resolution of legal and tax matters will be achieved (including ongoing CRA audits involving the Company), that Wheaton has properly considered the interpretation and application of Canadian tax law to its structure and operations, that Wheaton has filed its tax returns and paid applicable taxes in compliance with Canadian tax law, that Wheaton's application of the CRA Settlement is accurate (including the Company's assessment that there will be no material change in the Company's facts or change in law or jurisprudence), and such 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

-26-

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 included 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.

Cautionary Language Regarding Reserves and Resources

For further information on Mineral Reserves and Mineral Resources and on Wheaton more generally, readers should refer to Wheaton’s Annual Information Form for the year ended December 31, 2022, which was filed on March 31, 2023 and other continuous disclosure documents filed by Wheaton since January 1, 2023, available on SEDAR+ at www.sedarplus.ca. Wheaton’s Mineral Reserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: The information contained herein has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The Company reports information regarding mineral properties, mineralization and estimates of mineral reserves and mineral resources in accordance with Canadian reporting requirements which are governed by, and utilize definitions required by, Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). These definitions differ from the definitions adopted by the United States Securities and Exchange Commission (“SEC”) under the United States Securities Act of 1933, as amended (the “Securities Act”) which are applicable to U.S. companies. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted by the SEC. Accordingly, information contained herein that describes Wheaton’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. United States investors are urged to consider closely the disclosure in Wheaton’s Form 40-F, a copy of which may be obtained from Wheaton or from https://www.sec.gov/edgar.shtml.

EX99-2

Version 14

Management’s Discussion and Analysis of Results of Operations and Financial Condition for the Three and Nine Months Ended September 30, 2023

This Management’s Discussion and Analysis (“MD&A”) should be read in conjunction with Wheaton Precious Metals Corp.’s (“Wheaton” or the “Company”) unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2023 and related notes thereto which have been prepared in accordance with IAS 34, Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board. In addition, the following should be read in conjunction with the 2022 audited consolidated financial statements, the related MD&A and the 2022 Annual Information Form as well as other information relating to Wheaton on file with the Canadian securities regulatory authorities and on SEDAR+ at www.sedarplus.ca. Reference to Wheaton or the Company includes the Company’s wholly-owned subsidiaries. This MD&A contains “forward-looking” statements that are subject to risk factors set out in the cautionary note contained on page 50 of this MD&A as well as throughout this document. All figures are presented in United States dollars unless otherwise noted. This MD&A has been prepared as of November 9, 2023.

Table of Contents

Overview	3
Highlights	5
Outlook	6
Mineral Stream Interests	7
Long-Term Equity Investments	10
Summary of Units Produced	13
Summary of Units Sold	14
Quarterly Financial Review	15
Results of Operations and Operational Review	16
Liquidity and Capital Resources	29
Share Capital	37
Financial Instruments	37
New Accounting Standards Effective in 2023	37
Future Changes to Accounting Policies	38
Non-IFRS Measures	39
Subsequent Events	43
Controls and Procedures	43
Attributable Reserves and Resources	44
Cautionary Note Regarding Forward-Looking Statements	50

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [2]

Overview

Wheaton Precious Metals Corp. is a precious metal streaming company which generates its revenue primarily from the sale of precious metals (gold, silver and palladium) and cobalt. The Company is listed on the New York Stock Exchange (“NYSE”), the Toronto Stock Exchange (“TSX”) and the London Stock Exchange (“LSE”) and trades under the symbol WPM.

As of September 30, 2023, the Company has 29 long-term purchase agreements (three of which are early deposit agreements), with 23 different mining companies, for the purchase of precious metals and cobalt (“precious metal purchase agreements” or "PMPA") relating to 18 mining assets which are currently operating, 14 which are at various stages of development and 4 which have been placed in care and maintenance or have been closed, located in 13 countries. Pursuant to the PMPAs, Wheaton acquires metal production from the counterparties for an initial upfront payment plus an additional cash payment for each ounce or pound delivered which is fixed by contract, generally at or below the prevailing market price. Attributable metal production as referred to in this MD&A is the metal production to which Wheaton is entitled pursuant to the various PMPAs. During the three months ended September 30, 2023, the per ounce price paid by the Company for the metals acquired under the agreements averaged $444 for gold, $5.10 for silver, $223 for palladium and $2.57 per pound for cobalt. The primary drivers of the Company’s financial results are the volume of metal production at the various mining assets to which the PMPAs relate and the price realized by Wheaton upon the sale of the metals received. Throughout this MD&A, the production and sales volume of gold, silver and palladium are reported in ounces, while cobalt is reported in pounds.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [3]

Operational Overview

		Q3 2023		Q3 2022	Change		YTD 2023		YTD 2022	Change
Units produced
Gold ounces		105,436		72,078	46.3 %		261,635		216,574	20.8 %
Silver ounces		3,363		5,822	(42.2)%		12,876		18,497	(30.4)%
Palladium ounces		4,006		3,229	24.1 %		11,591		11,616	(0.2)%
Cobalt pounds		183		226	(19.1)%		458		596	(23.1)%
Gold equivalent ounces ²		154,800		153,025	1.2 %		444,597		473,868	(6.2)%
Units sold
Gold ounces		74,426		62,000	20.0 %		212,325		224,238	(5.3)%
Silver ounces		2,965		5,234	(43.4)%		11,151		16,635	(33.0)%
Palladium ounces		4,242		4,227	0.4 %		10,580		11,680	(9.4)%
Cobalt pounds		198		115	72.2 %		786		851	(7.6)%
Gold equivalent ounces ²		119,030		135,179	(11.9)%		375,248		460,026	(18.4)%
Change in PBND and Inventory ³
Gold ounces		26,520		6,647	(19,873)		37,321		(19,011)	(56,332)
Silver ounces		(254)		(151)	103		(535)		(755)	(220)
Palladium ounces		(515)		(1,226)	(711)		509		(589)	(1,098)
Cobalt pounds		(28)		96	124		(358)		(295)	63
Gold equivalent ounces ²		22,438		4,460	(17,978)		27,248		(32,368)	(59,616)
Per unit metrics
Sales price
Gold per ounce	$	1,944	$	1,728	12.5 %	$	1,947	$	1,831	6.3 %
Silver per ounce	$	23.73	$	19.16	23.9 %	$	23.60	$	21.93	7.6 %
Palladium per ounce	$	1,251	$	2,091	(40.2)%	$	1,410	$	2,190	(35.6)%
Cobalt per pound	$	13.87	$	22.68	(38.8)%	$	14.13	$	32.85	(57.0)%
Gold equivalent per ounce ²	$	1,875	$	1,619	15.8 %	$	1,872	$	1,802	3.9 %
Cash costs ⁴
Gold per ounce ⁴	$	444	$	474	6.3 %	$	465	$	471	1.3 %
Silver per ounce ⁴	$	5.10	$	5.59	8.8 %	$	5.05	$	5.43	7.0 %
Palladium per ounce ⁴	$	223	$	353	36.8 %	$	255	$	383	33.4 %
Cobalt per pound ^{4, 5}	$	3.66	$	7.21	49.2 %	$	3.36	$	6.24	46.2 %
Gold equivalent per ounce ^{2, 4}	$	418	$	451	7.3 %	$	427	$	448	4.7 %
Cash operating margin ⁴
Gold per ounce ⁴	$	1,500	$	1,254	19.6 %	$	1,482	$	1,360	9.0 %
Silver per ounce ⁴	$	18.63	$	13.57	37.3 %	$	18.55	$	16.50	12.4 %
Palladium per ounce ⁴	$	1,028	$	1,738	(40.8)%	$	1,155	$	1,807	(36.1)%
Cobalt per pound ⁴	$	10.21	$	15.47	(34.0)%	$	10.77	$	26.61	(59.5)%
Gold equivalent per ounce ^{2, 4}	$	1,457	$	1,168	24.7 %	$	1,445	$	1,354	6.7 %
Total revenue	$	223,137	$	218,836	2.0 %	$	702,573	$	829,002	(15.3)%
Gold revenue	$	144,707	$	107,128	35.1 %	$	413,414	$	410,646	0.7 %
Silver revenue	$	70,372	$	100,270	(29.8)%	$	263,129	$	364,829	(27.9)%
Palladium revenue	$	5,307	$	8,838	(40.0)%	$	14,922	$	25,574	(41.7)%
Cobalt revenue	$	2,751	$	2,600	5.8 %	$	11,108	$	27,953	(60.3)%
Net earnings	$	116,371	$	196,460	(40.8)%	$	369,209	$	503,001	(26.6)%
Per share	$	0.257	$	0.435	(40.9)%	$	0.815	$	1.114	(26.8)%
Adjusted net earnings⁴	$	121,467	$	93,878	29.4 %	$	368,481	$	401,168	(8.1)%
Per share ⁴	$	0.268	$	0.208	28.8 %	$	0.814	$	0.889	(8.4)%
Operating cash flows	$	171,103	$	154,497	10.7 %	$	508,584	$	571,396	(11.0)%
Per share⁴	$	0.378	$	0.342	10.5 %	$	1.123	$	1.266	(11.3)%
Dividends paid ⁶	$	67,946	$	67,754	0.3 %	$	203,794	$	203,150	0.3 %
Per share	$	0.15	$	0.15	0.0 %	$	0.45	$	0.45	0.0 %

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

Gold-equivalent ounces ("GEOs"), which are provided to assist the reader, are based on the following commodity price assumptions: $1,850 per ounce gold; $24.00 per ounce silver; $1,800 per ounce palladium; and $18.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2023.

Represents the increase (decrease) in payable ounces produced but not delivered (“PBND”) relative to the various mines that the Company derives precious metal from and, for cobalt, the increase (decrease) of payable pounds PBND and inventory on hand. Payable units PBND will be recognized in future sales as they are delivered to the Company under the terms of their contracts. Payable ounces PBND to Wheaton is expected to average approximately two to three months of annualized production for both gold and palladium and two months for silver but may vary from quarter to quarter due to a number of factors, including mine ramp-up and the timing of shipments.¹

4)	Refer to discussion on non-IFRS measures beginning on page 39 of this MD&A.
5)	Cash cost per pound of cobalt sold during the third quarter of 2023 was net of a previously recorded inventory write-down of $0.1 million (nine months - $1.6 million), resulting in a decrease of $0.51 per pound of cobalt sold (nine months - $2.05 per pound sold). The Company reflects the cobalt inventory at the lower of cost and net realizable value and will continue to monitor the market price of cobalt relative to the carrying value of the inventory at each reporting period
6)	Dividends declared in the referenced calendar quarter, relative to the financial results of the prior quarter.

¹ Statements made in this section contain forward-looking information with respect to forecast ounces produced but not yet delivered and readers are cautioned that actual outcomes may vary. Please see “Cautionary Note Regarding Forward-Looking Statements” for material risks, assumptions and important disclosure associated with this information.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [4]

Highlights

Operations

•

For the three months ended September 30, 2023, relative to the comparable period of the prior year:

Production amounted to 154,800 gold equivalent ounces ("GEOs"), consistent with the comparable period of the prior year, with gold production increasing 46% primarily due to Salobo and Constancia, with Salobo achieving the highest production levels since the fourth quarter of 2019 and Constancia achieving record production, largely offset by a 42% decrease in silver production attributable primarily to the labour strike at Peñasquito, the divestment of the Yauliyacu PMPA which occurred during 2022 and the closure of the Minto mine.

Sales volumes amounted to 119,030 GEO's, a decrease of 12% relative to the comparable period of the prior year, due primarily to relative changes in PBND which resulted in a 17,900 GEO reduction in sales volumes.

Revenue amounted to $223 million (65% gold, 32% silver, 2% palladium and 1% cobalt), with the $4 million increase being primarily due to a 16% increase in realized commodity prices, partially offset by lower sales volumes.

Gross margin amounted to $127 million, with the $25 million increase being driven by the higher revenue resulting from the higher realized prices coupled with lower cost of sales resulting from the lower sales volumes.

Net earnings amounted to $116 million, a decrease of $80 million, with results for Q3 2022 reflecting the disposal of the Keno Hill PMPA which contributed $103 million of net earnings.

Adjusted net earnings amounted to $121 million, with the $28 million increase being due primarily to the higher gross margin and higher interest income.

Operating cashflow amounted to $171 million, with the $17 million increase being due primarily to the higher gross margin and higher interest income.

•

For the nine months ended September 30, 2023 relative to the comparable period of the prior year:

Production amounted to 444,600 GEOs, a decrease of 6%, primarily due to the cessation of production from Yauliyacu, 777, Keno Hill and Minto, the mining of lower grade material at Antamina and the labour strike at Peñasquito, partially offset by higher production at Salobo and Constancia.

Revenue amounted to $703 million (59% gold, 37% silver, 2% palladium and 2% cobalt), with the $126 million decrease being primarily due to an 18% decrease in sales volumes being primarily driven by relative changes in PBND coupled with the lower production.

Gross margin amounted to $396 million, with the $48 million decrease being driven by the lower sales volumes.

Net earnings amounted to $369 million, a decrease of $134 million primarily due to the prior year results being positively impacted by the disposal of the Keno Hill PMPA.

Adjusted net earnings amounted to $368 million, with the $33 million decrease being due primarily to the lower gross margin, partially offset by higher interest income.

Operating cashflow amounted to $509 million, with the $63 million decrease being due primarily to the lower gross margins, partially offset by higher interest income.

•

On November 9, 2023, the Board of Directors declared a dividend in the amount of $0.15 per common share.

Corporate Development

•

On September 10, 2023, the Company acquired a new 0.5% Net Smelter Royalty (“NSR”) from Liberty Gold Corp., (“Liberty Gold”) on the Black Pine Oxide Gold Project (“Black Pine”) for total cash consideration of $4 million. The Company was granted a Right of First Refusal on all royalties, streams or pre-pays that include precious metals pertaining to Black Pine. In addition, the Company made a $5 million equity investment in Liberty Gold at C$0.34 per share.

•

Subsequent to the quarter end, on October 24, 2023, the Company announced that it had entered into a definitive precious metals purchase agreement (the “Mineral Park PMPA”) with Waterton Copper Corp., a subsidiary of Waterton Copper LP (“Waterton Copper”) in respect of silver production from the Mineral Park Mine located in Arizona, USA. 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, once the full upfront consideration has been paid.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [5]

Other

•

During the third quarter of 2023:

The Company made its quarterly dividend payment of $67 million.

The Company made total upfront cash payments of $90 million relative to the Blackwater mineral stream interests with Artemis.

Outlook¹

Wheaton's estimated attributable production in 2023 is forecast to be approximately 600,000 to 660,000 GEOs², unchanged from previous guidance. Due to the temporary suspension of operations at the Peñasquito mine as a result of the labour dispute which lasted from June 7, 2023 to October 13, 2023, Wheaton now expects its full-year production to have a slightly higher weighting toward gold. The Company has previously estimated that average annual production for the five-year period ending in 2027 would amount to 810,000 GEOs², while for the ten-year period ending in 2032, the Company estimated that average annual production will amount to 850,000 GEOs². The Company will provide updated longer-term guidance in normal course in the first quarter of 2024, which will incorporate the impact of recent developments and acquisitions.

From a liquidity perspective, the $834 million of cash and cash equivalents as at September 30, 2023 combined with the liquidity provided by the available credit under the $2 billion revolving term loan (“Revolving Facility”) and ongoing operating cash flows positions the Company well to fund all outstanding commitments and known contingencies as well as providing flexibility to acquire additional accretive mineral stream interests.

¹ Statements made in this section contain forward-looking information with respect to forecast production, funding outstanding commitments and continuing to acquire accretive mineral stream interests and readers are cautioned that actual outcomes may vary. Please see “Cautionary Note Regarding Forward-Looking Statements” for material risks, assumptions and important disclosure associated with this information.

² Gold equivalent forecast production for 2023 and the longer-term outlook are based on the following commodity price assumptions: $1,850 / ounce gold, $24 / ounce silver, $1,800 ounce palladium, $1,100 / ounce platinum and $18.75 / pound of cobalt. Other metal includes palladium, platinum and cobalt. Five- and ten-year guidance do not include optionality production from Pascua Lama, Navidad, Cotabambas, Metates or additional expansions at Salobo outside of the Salobo III mine expansion project. In addition, five-year guidance also does not include any production from Kutcho, or the Victor project at Sudbury. Additionally, none of the deals announced in 2023 have been factored into 2023 or longer-term guidance including the Blackwater extension, the Cangrejos and Mineral Park projects, or the Black Pine royalty. Ounces produced represent the quantity of silver, gold, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [6]

Mineral Stream Interests¹

The following table summarizes the mineral stream interests currently owned by the Company:

Mineral Stream Interests	Mine Owner ¹	Location¹	Attributable Production	Per Unit Production Payment ^2,3	Total Upfront Consideration Paid to Date ³	Cash Flow Generated to Date ³	Units Received & Sold to Date ³	Q3-2023 Inventory & PBND ^{3, 4}	Term ¹	Date of Original Contract
Gold
Salobo	Vale	BRA	75%	$420	$ 3,059,360	$ 2,042,874	1,892,620	71,602	LOM	28-Feb-13
Sudbury ⁵	Vale	CAN	70%	$400	623,572	280,965	273,459	9,629	20 years	28-Feb-13
Constancia	Hudbay	PER	50%	$420	135,000	189,386	157,879	8,815	LOM	8-Aug-12
San Dimas	FM	MEX	variable ⁶	$631	220,000	241,904	226,789	3,078	LOM	10-May-18
Stillwater ⁷	Sibanye	USA	100%	18% of spot	237,880	78,532	57,443	5,098	LOM	16-Jul-18
Other					604,956	240,857	237,751	1,701
Minto	MNTO	CAN	100% ⁸	50%² of spot					LOM	20-Nov-08
Copper World	Hudbay	USA	100%	$450					LOM	10-Feb-10
Marmato ⁹	Aris	CO	10.5% ⁹	18% of spot					LOM	5-Nov-20
Santo Domingo	Capstone	CHL	100% ¹⁰	18% of spot					LOM	24-Mar-21
Fenix	Rio2	CHL	6% ¹¹	18% of spot					LOM	15-Nov-21
Blackwater	Artemis	CAN	8% ¹²	35% of spot					LOM	13-Dec-21
Curipamba	Adventus	ECU	50% ¹³	18% of spot					LOM	17-Jan-22
Marathon	Gen Mining	CAN	100% ¹⁴	18% of spot					LOM	26-Jan-22
Goose	B2Gold	CAN	2.78% ¹⁵	18% of spot					LOM	08-Feb-22
Cangrejos	Lumina	ECU	6.6% ¹⁶	18% of spot					LOM	16-May-23
					$ 4,880,768	$ 3,074,518	2,845,941	99,923
Silver
Peñasquito	Newmont	MEX	25%	$4.43	$ 485,000	$ 1,380,354	79,645	-	LOM	24-Jul-07
Antamina	Glencore	PER	33.75% ¹⁷	20% of spot	900,000	664,896	43,133	516	LOM	3-Nov-15
Constancia	Hudbay	PER	100%	$6.20	294,900	214,169	16,544	336	LOM	8-Aug-12
Other					714,987	1,327,097	62,341	219
Los Filos	Equinox	MEX	100%	$4.68					25 years	15-Oct-04
Zinkgruvan	Lundin	SWE	100%	$4.60					LOM	8-Dec-04
Stratoni	Eldorado	GRC	100%	$11.54					LOM	23-Apr-07
Neves-Corvo	Lundin	PRT	100%	$4.46					50 years	5-Jun-07
Aljustrel	Almina	PRT	100% ¹⁸	50% of spot					50 years	5-Jun-07
Minto	MNTO	CAN	100%	$4.39					LOM	20-Nov-08
Pascua-Lama	Barrick	CHL/ARG	25%	$3.90					LOM	8-Sep-09
Copper World	Hudbay	USA	100%	$3.90					LOM	10-Feb-10
Navidad	PAAS	ARG	12.5%	$4.00					LOM	n/a ¹⁹
Marmato ⁹	Aris	CO	100% ⁹	18% of spot					LOM	5-Nov-20
Cozamin	Capstone	MEX	50% ²⁰	10% of spot					LOM	11-Dec-20
Blackwater	Artemis	CAN	50% ¹²	18% of spot					LOM	13-Dec-21
Curipamba	Adventus	ECU	75% ¹³	18% of spot					LOM	17-Jan-22
					$ 2,394,887	$ 3,586,516	201,663	1,071
Palladium
Stillwater ⁷	Sibanye	USA	4.5% ²¹	18% of spot	$ 262,120	$ 145,928	94,449	5,607	LOM	16-Jul-18
Platinum
Marathon	Gen Mining	CAN	22% ¹⁴	18% of spot	$ 9,367	$ -	-	-	LOM	26-Jan-22
Cobalt
Voisey's Bay	Vale	CAN	42.4% ²²	18% of spot	$ 390,000	$ 44,921	2,711	532	LOM	11-Jun-18
Total PMPAs Currently Owned					$ 7,937,142	$ 6,851,883
Terminated / Matured PMPAs					1,676,436	3,117,152
Total					$ 9,613,578	$ 9,969,035

Abbreviations as follows: FM = First Majestic Silver Corp; MNTO = Minto Metals Corp.; PAAS = Pan American Silver Corp; ARG = Argentina; BRA = Brazil; CAN = Canada; CHL = Chile; CO = Colombia; ECU = Ecuador; GRC = Greece; MEX = Mexico; PER = Peru; PRT = Portugal; SWE = Sweden; USA = United States; and LOM = Life of Mine.

2)	Please refer to the section entitled “Contractual Obligations and Contingencies – Mineral Stream Interests” on page 33 of this MD&A for more information.

All figures in thousands except gold and palladium ounces and per ounce amounts. The total upfront consideration paid to date excludes closing costs and capitalized interest, where applicable. Please refer to the section entitled “Other Contractual Obligations and Contingencies” on page 34 of this MD&A for details of when the remaining upfront consideration is forecasted to be paid.

4)	Payable gold, silver, palladium and cobalt PBND are based on management estimates. These figures may be updated in the future as additional information is received. The figure for cobalt comprises a combination of PBND and Inventory.

¹ Statements made in this section contain forward-looking information including the timing and amount of estimated future production and readers are cautioned that actual outcomes may vary. Please see “Cautionary Note Regarding Forward-Looking Statements” for material risks, assumptions and important disclosure associated with this information.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [7]

Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests. As of September 30, 2023, the Company has received approximately $281 million of operating cash flows from the Sudbury stream. Should the market value of gold delivered to Wheaton through the 20-year term of the contract, net of the per ounce cash payment, be lower than the initial $670 million refundable deposit, the Company will be entitled to a refund of the difference at the conclusion of the term. As a result of a labour disruption that lasted from June 1, 2021 to August 9, 2021, the term of the agreement was extended by 69 days.

The original San Dimas SPA, entered into on October 15, 2004, was terminated on May 10, 2018 and concurrently the Company entered into the new San Dimas PMPA. 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. The current ratio is 70:1.

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

8)	The Company is entitled to acquire 100% of the first 30,000 ounces of gold produced per annum and 50% thereafter. On May 13, 2023 Minto Metals Corp. announced the suspension of operations at the Minto mine.

9)	Once the Company has received 310,000 ounces of gold and 2.15 million ounces of silver under the Marmato PMPA, the attributable gold and silver production will be reduced to 5.25% and 50%, respectively.

10)	Once the Company has received 285,000 ounces of gold under the Santo Domingo PMPA, the Company’s attributable gold production will be reduced to 67%.

11)	Once the Company has received 90,000 ounces of gold under the Fenix PMPA, the attributable gold production will reduce to 4% until 140,000 ounces have been delivered, after which the stream drops to 3.5%.

12)

Once the Company has received 464,000 ounces of gold under the amended Blackwater gold PMPA, the attributable gold production will be reduced to 4%. Once the Company has received 17.8 million ounces of silver under the Blackwater silver PMPA, the attributable silver production will be reduced to 33%.

13)	Once the Company has received 145,000 ounces of gold under the Curipamba PMPA, the attributable gold production will be reduced to 33%, and once the Company has received 4.6 million ounces of silver, the attributable silver production will be reduced to 50%.

14)	Once the Company has received 150,000 ounces of gold and 120,000 ounces of platinum under the Marathon PMPA, the attributable gold and platinum production will be reduced to 67% and 15%.

15)

During Q2-2023, B2Gold completed its acquisition of all the issued and outstanding common shares of Sabina, and in conjunction with this acquisition B2Gold exercised the option to acquire 33% of the stream under the Goose PMPA in exchange for a cash payment in the amount of $46 million, resulting in a gain on partial disposal of the Goose PMPA in the amount of $5 million. In connection with the exercise of the option, once the Company has received 87,100 ounces of gold under the Goose PMPA, the Company’s attributable gold production will be 1.44%, and once the Company has received 134,000 ounces of gold under the agreement, the Company’s attributable gold production will be reduced to 1.0%.

16)	Once Wheaton has received 700,000 ounces of gold under the Cangrejos PMPA, the Company’s attributable gold production will be reduced to 4.4%.

17)	Once Wheaton has received 140 million ounces of silver under the Antamina PMPA, the Company’s attributable silver production will be reduced to 22.5%.

18)

Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine. On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the second quarter of 2025.

19)	Wheaton and PAAS have not yet finalized the definitive terms of the agreement.

20)	Once Wheaton has received 10 million ounces of silver under the Cozamin PMPA, the Company’s attributable silver production will be reduced to 33%.

21)

Once the Company has received 375,000 ounces of palladium under the Stillwater agreement, the Company’s attributable palladium production will be reduced to 2.25%, and once the Company has received 550,000 ounces of palladium under the agreement, the Company’s attributable palladium production will be reduced to 1%.

22)	Once the Company has received 31 million pounds of cobalt under the Voisey’s Bay agreement, the Company’s attributable cobalt production will be reduced to 21.2%.

Updates on the Operating Mineral Stream Interests

Salobo – Mill Throughput Expansion

Vale reports that the Salobo III mine expansion project, which will increase the mill throughput by 50%, successfully commenced at the end of 2022. The project consists of two lines, both of which are already in operation, and is expected to reach full capacity in the fourth quarter of 2024.

Voisey’s Bay – Underground Mine Extension

Vale reports that physical completion of the Voisey’s Bay underground mine extension was 88% at the end of the third quarter, with Reid Brook's bulk material handling system near mechanical completion, and the commissioning of sub-systems currently taking place. In the second quarter of 2021, Vale achieved the first ore production from the Reid Brook deposit, the first of two underground mines to be developed in the project. Eastern Deeps, the second deposit, has started to extract development ore from the deposit and is continuing its scheduled production ramp-up.

Peñasquito – Restart of Operations

On June 8, 2023, Newmont Corporation (“Newmont”) reported that it had suspended operations at the Peñasquito mine due to a labour dispute effective June 7, 2023. On October 13, 2023, Newmont reached a definitive agreement with the union to end the strike and has since begun the safe ramp-up of operations. Newmont expects to reach full operating capacity by the end of the fourth quarter.

Aljustrel

On September 12, 2023, it was announced that as a result of low zinc prices, the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the second quarter of 2025.

Updates on the Development Mineral Stream Interests

Blackwater

On July 4, 2023, Artemis Gold Inc., (“Artemis”) announced receipt of the Fisheries Act Authorization for development of the Blackwater project, which will facilitate the commencement of construction of water diversion structures and dams in the Davidson Creek valley which runs through the basin of the Blackwater tailings storage facility. On October 24, 2023, Artemis announced that overall construction at the Blackwater mine was 45% complete as of September 30, 2023. Project development continues to advance on the schedule, targeting first gold pour in the second half of 2024.

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.

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Copper World Complex

On September 8, 2023, Hudbay Minerals Inc., (“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.

Curipamba

On September 11, 2023, Adventus Mining Corporation (“Adventus”) provided an update that the Constitutional Court of Ecuador declared that processing of an unconstitutionality claim filed by the indigenous group CONAIE and other complainants against Presidential Decree 754 that regulates environmental consultation for all public and private industries and sectors in Ecuador was a priority and set a public hearing for September 18, 2023. Adventus has indicated that historically the Court can be expected to issue a resolution within two to three months following the public hearing commencement.

Marathon

On August 30, 2023, Generation Mining Limited (“Gen Mining”) received the Endangered Species Act permit issued by the Ministry of the Environment, Conservation and Parks. This permit includes conditions intended to minimize impacts to caribou and SAR bats, as well as to create an overall benefit for these species at risk. Additionally, in September Gen Mining received the Environmental Compliance Approval issued by the Ministry of Environment, Conservations and Parks for air and noise emissions for the Marathon Project, and on November 7, 2023 announced that the province of Ontario had accepted and filed the Closure Plan, representing another major milestone in the permitting process. Additional permits and approvals are expected to be received during the balance of 2023.

Goose

On September 18, 2023, B2Gold Corp., (“B2Gold”) provided a construction update on the Goose project highlighting that the purchasing of materials and supplies needed to support the 2024 construction campaign has been completed and all materials have been provided to the ports for the 2023 sealift. Additionally, B2Gold reported that it remains on track to pour first gold in the first quarter of 2025, and that concrete and steel work in the mill area are progressing ahead of schedule.

Cangrejos

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.

Black Pine

Mineral Park

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Early Deposit Mineral Stream Interests

Early deposit mineral stream interests represent agreements relative to early stage development projects whereby Wheaton can choose not to proceed with the agreement once certain documentation has been received including, but not limited to, feasibility studies, environmental studies and impact assessment studies. Once Wheaton has elected to proceed with the agreement, the carrying value of the stream will be transferred to Mineral Stream Interests.

The following table summarizes the early deposit mineral stream interests currently owned by the Company:

	Mine Owner								Attributable Production to be Purchased
Early Deposit Mineral Stream Interests	Mine Owner	Location of Mine	Upfront Consideration Paid to Date ¹		Upfront Consideration to be Paid ^{1, 2}		Total Upfront Consideration¹		Gold	Silver	Term of Agreement	Date of Original Contract
Toroparu	Aris Mining	Guyana	$	15,500	$	138,000	$	153,500	10%	50%	Life of Mine	11-Nov-13
Cotabambas	Panoro	Peru		14,000		126,000		140,000	25% ³	100% ³	Life of Mine	21-Mar-16
Kutcho	Kutcho	Canada		16,852		58,000		74,852	100%	100%	Life of Mine	14-Dec-17
			$	46,352	$	322,000	$	368,352

1)	Expressed in thousands; excludes closing costs and capitalized interest, where applicable.

2)	Please refer to the section entitled “Other Contractual Obligations and Contingencies” on page 34 of this MD&A for details of when the remaining upfront consideration is forecast to be paid.

3)	Once 90 million silver equivalent ounces attributable to Wheaton have been produced, the attributable production will decrease to 16.67% of gold production and 66.67% of silver production for the life of mine.

Long-Term Equity Investments

The Company will, from time to time, invest in securities of companies for strategic purposes including, but not limited to, exploration and mining companies. The Company held the following investments as at September 30, 2023 and December 31, 2022:

	September 30		December 31
(in thousands)	2023		2022
Common shares held	$	200,578	$	255,535
Warrants held		315		560
Total long-term equity investments	$	200,893	$	256,095

The Company’s long-term investments in common shares (“LTI’s”) are held for long-term strategic purposes and not for trading purposes. As such, the Company has elected to reflect any fair value adjustments, net of tax, as a component of other comprehensive income (“OCI”). The cumulative gain or loss will not be reclassified to net earnings on disposal of these long-term investments but is reclassified to retained earnings.

While long-term investments in warrants are also held for long-term strategic purposes, they meet the definition of a derivative and therefore are classified as financial assets with fair value adjustments being recorded as a component of net earnings under the classification Other (Income) Expense. Warrants that do not have a quoted market price are valued using a Black-Scholes option pricing model.

By holding these long-term investments, the Company is inherently exposed to various risk factors including currency risk, market price risk and liquidity risk.

A summary of the fair value of these equity investments and the fair value changes recognized as a component of the Company’s OCI during the three and nine months ended September 30, 2023 and 2022 is presented below:

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [10]

Common Shares Held

	Three Months Ended September 30, 2023
(in thousands)	Shares Owned (000's)	% of Outstanding Shares Owned	Fair Value at Jun 30, 2023	Cost of Additions	Proceeds of Disposition	Fair Value Adjustment Gains (Losses)¹	Fair Value at Sep 30, 2023	Realized Gain on Disposal
Bear Creek	13,264	7.74%	$ 5,510	$ -	$ -	$ (3,450)	$ 2,060	$ -
Kutcho	18,640	13.27%	2,605	-	-	(881)	1,724	-
Hecla	34,980	5.67%	180,148	-	-	(43,375)	136,773	-
B2Gold	12,025	0.93%	42,867	-	-	(8,181)	34,686	-
Other			23,946	5,006	-	(3,617)	25,335	-
Total			$ 255,076	$ 5,006	$ -	$ (59,504)	$ 200,578	$ -

1)	Fair Value Gains (Losses) are reflected as a component of Other Comprehensive Income (“OCI”).

	Three Months Ended September 30, 2022
(in thousands)	Shares Owned (000's)	% of Outstanding Shares Owned	Fair Value at Jun 30, 2022	Cost of Additions	Proceeds of Disposition ¹	Fair Value Adjustment Gains (Losses)²	Fair Value at Sep 30, 2022	Realized Loss on Disposal
Bear Creek	13,264	8.65%	$ 8,235	$ -	$ -	$ (2,622)	$ 5,613	$ -
Sabina	31,095	5.67%	25,579	-	-	(852)	24,727	-
Kutcho	18,640	14.97%	4,340	-	-	(1,008)	3,332	-
Hecla	35,012	5.88%	-	141,450	-	(3,502)	137,948	-
Other			21,949	3,746	(4,601)	(2,734)	18,360	(3,797)
Total			$ 60,103	$ 145,196	$ (4,601)	$ (10,718)	$ 189,980	$ (3,797)

1)	Disposals during 2022 were made as a result of the acquisition of the companies to which the shares relate by unrelated third party entities.

2)	Fair Value Gains (Losses) are reflected as a component of OCI.

	Nine Months Ended September 30, 2023
(in thousands)	Shares Owned (000's)	% of Outstanding Shares Owned	Fair Value at Dec 31, 2022	Cost of Additions	Proceeds of Disposition ¹	Fair Value Adjustment Gains (Losses)²	Fair Value at Sep 30, 2023	Realized Gain (Loss) on Disposal
Bear Creek	13,264	7.74%	$ 7,443	$ -	$ -	$ (5,383)	$ 2,060	$ -
Sabina	-	0.00%	30,535	-	(48,832)	18,297	-	872
Kutcho	18,640	13.27%	3,097	-	-	(1,373)	1,724	-
Hecla	34,980	5.67%	194,668	-	(202)	(57,693)	136,773	73
B2Gold	12,025	0.93%	-	48,832	-	(14,146)	34,686	-
Other			19,792	13,205	(27)	(7,635)	25,335	(990)
Total			$ 255,535	$ 62,037	$ (49,061)	$ (67,933)	$ 200,578	$ (45)

1)	The disposal of the Sabina shares was as a result of the acquisition of Sabina by B2Gold, while the partial disposition of the Hecla shares was made in order to capitalize on Hecla’s share price appreciation.

2)	Fair Value Gains (Losses) are reflected as a component of OCI.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [11]

	Nine Months Ended September 30, 2022
(in thousands)	Shares Owned (000's)	% of Outstanding Shares Owned	Fair Value at Dec 31, 2021	Cost of Additions	Proceeds of Disposition ¹	Fair Value Adjustment Gains (Losses) ²	Fair Value at Sep 30, 2022	Realized Loss on Disposal
Bear Creek	13,264	8.65%	$ 12,764	$ -	$ -	$ (7,151)	$ 5,613	$ -
Sabina	31,095	5.67%	13,381	19,833	-	(8,487)	24,727	-
Kutcho	18,640	14.97%	-	11,722	-	(8,390)	3,332	-
Hecla	35,012	5.88%	-	141,450	-	(3,502)	137,948	-
Other			33,796	6,138	(4,601)	(16,973)	18,360	(3,797)
Total			$ 59,941	$ 179,143	$ (4,601)	$ (44,503)	$ 189,980	$ (3,797)

1)	Disposals during 2022 were made as a result of the acquisition of the companies to which the shares relate by unrelated third party entities.

2)	Fair Value Gains (Losses) are reflected as a component of OCI.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [12]

Summary of Units Produced

	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021
Gold ounces produced ²
Salobo	69,045	54,804	43,677	37,939	44,212	34,129	44,883	48,235
Sudbury ³	4,266	5,818	6,203	5,270	3,437	5,289	5,362	4,379
Constancia	19,003	7,444	6,905	10,496	7,196	8,042	6,311	9,857
San Dimas ⁴	9,995	11,166	10,754	10,037	11,808	10,044	10,461	13,714
Stillwater ⁵	2,454	2,017	1,960	2,185	1,833	2,171	2,497	2,664
Other
Marmato	673	639	457	533	542	778	477	479
777 ⁶	-	-	-	-	-	3,509	4,003	4,462
Minto	-	1,292	3,063	2,567	3,050	2,480	4,060	3,506
Total Other	673	1,931	3,520	3,100	3,592	6,767	8,540	8,447
Total gold ounces produced	105,436	83,180	73,019	69,027	72,078	66,442	78,054	87,296
Silver ounces produced ²
Peñasquito ⁷	-	1,744	2,076	1,761	2,017	2,089	2,219	2,145
Antamina	864	960	851	1,067	1,327	1,330	1,210	1,309
Constancia	697	420	552	655	564	584	506	578
Other
Los Filos	28	28	28	14	21	35	42	37
Zinkgruvan	785	374	632	664	642	739	577	482
Neves-Corvo	486	407	436	369	323	345	344	522
Aljustrel	327	279	343	313	246	292	287	325
Cozamin	165	184	141	157	179	169	186	213
Marmato	11	7	8	9	7	7	11	7
Yauliyacu ⁸	-	-	-	261	463	756	637	382
Stratoni ⁹	-	-	-	-	-	-	-	129
Minto	-	14	29	33	33	26	45	44
Keno Hill ¹⁰	-	-	-	-	-	48	20	30
777 ⁶	-	-	-	-	-	80	91	96
Total Other	1,802	1,293	1,617	1,820	1,914	2,497	2,240	2,267
Total silver ounces produced	3,363	4,417	5,096	5,303	5,822	6,500	6,175	6,299
Palladium ounces produced ²
Stillwater ⁵	4,006	3,880	3,705	3,869	3,229	3,899	4,488	4,733
Cobalt pounds produced ²
Voisey's Bay	183	152	124	128	226	136	234	381
GEOs produced ¹¹	154,800	145,797	144,000	142,887	153,025	155,932	164,911	177,490
Average payable rate ²
Gold	95.5%	95.1%	95.1%	94.9%	95.1%	95.1%	95.2%	96.0%
Silver	79.0%	83.2%	82.3%	83.6%	85.8%	85.9%	86.3%	86.2%
Palladium	93.6%	94.1%	96.0%	91.7%	95.0%	94.6%	92.7%	92.2%
Cobalt	93.3%	93.3%	93.3%	93.3%	93.3%	93.3%	93.3%	93.3%
GEO ¹¹	90.8%	90.4%	89.3%	89.3%	90.4%	90.4%	90.7%	91.5%

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

Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures and 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 and payable rates may be updated in future periods as additional information is received.

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

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

6)	On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.

7)	There was a temporary suspension of operations at Peñasquito due to a labour strike which ran from June 7, 2023 to October 13, 2023.

8)	On December 14, 2022, the Company terminated the Yauliyacu PMPA in exchange for a cash payment of $132 million.

9)	The Stratoni mine was placed into care and maintenance during Q4-2021.

10)	On September 7, 2022, the Company terminated the Keno Hill PMPA in exchange for $141 million of Hecla common stock.

11)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,850 per ounce gold; $24.00 per ounce silver; $1,800 per ounce palladium; and $18.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2023.

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Summary of Units Sold

	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021
Gold ounces sold
Salobo	44,444	46,030	35,966	41,029	31,818	48,515	42,513	47,171
Sudbury ²	4,836	4,775	4,368	4,988	5,147	7,916	3,712	965
Constancia	12,399	9,619	6,579	6,013	6,336	7,431	10,494	6,196
San Dimas	9,695	11,354	10,651	10,943	10,196	10,633	10,070	15,182
Stillwater ³	1,985	2,195	2,094	1,783	2,127	2,626	2,628	2,933
Other
Marmato	792	467	480	473	719	781	401	423
777	275	153	126	785	3,098	3,629	4,388	4,290
Minto	-	701	2,341	2,982	2,559	2,806	3,695	2,462
Total Other	1,067	1,321	2,947	4,240	6,376	7,216	8,484	7,175
Total gold ounces sold	74,426	75,294	62,605	68,996	62,000	84,337	77,901	79,622
Silver ounces sold
Peñasquito	453	1,913	1,483	2,066	1,599	2,096	2,188	1,818
Antamina	794	963	814	1,114	1,155	1,177	1,468	1,297
Constancia	435	674	366	403	498	494	644	351
Other
Los Filos	30	37	34	16	24	41	42	17
Zinkgruvan	714	370	520	547	376	650	355	346
Neves-Corvo	245	132	171	80	105	167	204	259
Aljustrel	142	182	205	156	185	123	145	133
Cozamin	139	150	119	150	154	148	177	174
Marmato	11	7	7	7	8	11	8	8
Yauliyacu	-	-	-	337	1,005	817	44	551
Stratoni	-	-	-	-	-	(2)	133	42
Minto	-	7	29	23	22	21	31	27
Keno Hill	-	-	1	1	30	30	27	24
777	2	2	-	35	73	75	87	69
Total Other	1,283	887	1,086	1,352	1,982	2,081	1,253	1,650
Total silver ounces sold	2,965	4,437	3,749	4,935	5,234	5,848	5,553	5,116
Palladium ounces sold
Stillwater ³	4,242	3,392	2,946	3,396	4,227	3,378	4,075	4,641
Cobalt pounds sold
Voisey's Bay	198	265	323	187	115	225	511	228
GEOs sold ⁴	119,030	138,835	117,383	138,218	135,179	165,766	159,082	152,826
Cumulative payable units PBND ⁵
Gold ounces	99,923	73,403	69,479	62,602	65,978	59,331	81,365	84,989
Silver ounces	1,071	1,325	2,065	1,606	2,287	2,438	2,693	3,042
Palladium ounces	5,607	6,122	5,751	5,098	5,041	6,267	5,535	5,629
Cobalt pounds	376	250	285	257	402	280	550	596
GEO ⁴	123,086	99,084	104,749	91,001	104,623	99,895	127,257	135,964
Inventory on hand
Cobalt pounds	155	310	398	633	556	582	410	657

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)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,850 per ounce gold; $24.00 per ounce silver; $1,800 per ounce palladium; and $18.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2023.

5)	Payable gold, silver and palladium ounces PBND and cobalt pounds PBND are based on management estimates. These figures may be updated in future periods as additional information is received.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [14]

Quarterly Financial Review ¹

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx	Q3 2023			Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021
Gold ounces sold	xx		74,426	xx		75,294	xx		62,605	xx		68,996	xx		62,000	xx		84,337	xx		77,901	xx		79,622
Realized price ²		$	1,944		$	1,986		$	1,904		$	1,725		$	1,728		$	1,872		$	1,870		$	1,798
Gold sales		$	144,707		$	149,511		$	119,196		$	119,051		$	107,128		$	157,842		$	145,675		$	143,187
Silver ounces sold			2,965			4,437			3,749			4,935			5,234			5,848			5,553			5,116
Realized price ²		$	23.73		$	24.13		$	22.85		$	21.52		$	19.16		$	22.27		$	24.19		$	23.36
Silver sales		$	70,372		$	107,081		$	85,678		$	106,175		$	100,270		$	130,228		$	134,332		$	119,504
Palladium ounces sold			4,242			3,392			2,946			3,396			4,227			3,378			4,075			4,641
Realized price ²		$	1,251		$	1,438		$	1,607		$	1,939		$	2,091		$	2,132		$	2,339		$	1,918
Palladium sales		$	5,307		$	4,879		$	4,735		$	6,586		$	8,838		$	7,203		$	9,533		$	8,902
Cobalt pounds sold			198			265			323			187			115			225			511			228
Realized price ²		$	13.87		$	13.23		$	15.04		$	22.62		$	22.68		$	34.01		$	34.61		$	28.94
Cobalt sales		$	2,751		$	3,501		$	4,856		$	4,239		$	2,600		$	7,649		$	17,704		$	6,604
Total sales		$	223,137		$	264,972		$	214,465		$	236,051		$	218,836		$	302,922		$	307,244		$	278,197
Cash cost ^{2, 3}
Gold / oz		$	444		$	461		$	496		$	475		$	474		$	465		$	477		$	472
Silver / oz		$	5.10		$	5.01		$	5.07		$	5.00		$	5.59		$	5.61		$	5.10		$	5.47
Palladium / oz		$	223		$	261		$	294		$	357		$	353		$	408		$	394		$	340
Cobalt / lb ⁴		$	3.66		$	3.20		$	3.30		$	16.52		$	7.21		$	6.86		$	5.76		$	4.68
Depletion ²
Gold / oz		$	381		$	365		$	360		$	357		$	353		$	369		$	321		$	338
Silver / oz		$	4.57		$	4.92		$	4.48		$	4.98		$	5.84		$	5.28		$	4.78		$	5.57
Palladium / oz		$	459		$	445		$	408		$	399		$	399		$	399		$	399		$	442
Cobalt / lb		$	12.98		$	13.85		$	13.85		$	13.72		$	13.63		$	10.40		$	8.17		$	8.17
Net earnings		$	116,371		$	141,448		$	111,391		$	166,125		$	196,460		$	149,074		$	157,467		$	291,822
Per share
Basic		$	0.257		$	0.312		$	0.246		$	0.367		$	0.435		$	0.330		$	0.349		$	0.648
Diluted		$	0.257		$	0.312		$	0.246		$	0.367		$	0.434		$	0.330		$	0.348		$	0.646
Adjusted net earnings ³		$	121,467		$	142,584		$	104,431		$	103,744		$	93,878		$	149,283		$	158,007		$	132,232
Per share
Basic		$	0.268		$	0.315		$	0.231		$	0.229		$	0.208		$	0.331		$	0.350		$	0.293
Diluted		$	0.268		$	0.314		$	0.230		$	0.229		$	0.208		$	0.330		$	0.350		$	0.293
Cash flow from operations		$	171,103		$	202,376		$	135,104		$	172,028		$	154,497		$	206,359		$	210,540		$	195,290
Per share ³
Basic		$	0.378		$	0.447		$	0.299		$	0.381		$	0.342		$	0.457		$	0.467		$	0.433
Diluted		$	0.377		$	0.446		$	0.298		$	0.380		$	0.342		$	0.456		$	0.466		$	0.432
Dividends declared		$	67,946		$	67,938		$	67,910		$	67,797		$	67,754		$	67,708		$	67,687		$	67,580
Per share		$	0.15		$	0.15		$	0.15		$	0.15		$	0.15		$	0.15		$	0.15		$	0.15
Total assets		$	6,881,515		$	6,879,905		$	6,905,479		$	6,759,906		$	6,587,595		$	6,448,695		$	6,470,033		$	6,296,151
Total liabilities		$	38,254		$	33,492		$	93,025		$	42,231		$	38,783		$	31,894		$	120,572		$	46,034
Total shareholders' equity		$	6,843,261		$	6,846,413		$	6,812,454		$	6,717,675		$	6,548,812		$	6,416,801		$	6,349,461		$	6,250,117

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

2)	Expressed as dollars per ounce and for cobalt per pound.

3)	Refer to discussion on non-IFRS beginning on page 39 of this MD&A.

Cash cost per pound of cobalt sold during the fourth quarter of 2022 includes an inventory write-down of $1.6 million, resulting in an increase of $8.71 per pound. During the three months ended March 31, 2023, June 30, 2023 and September 30, 2023 , the company reversed $1.0 million, $0.5 million and $0.1 million, respectively, of the inventory write-down for the inventory that was sold resulting in a decrease of $3.18 per pound of cobalt sold, $1.81 per pound of cobalt sold and $0.51 per pound of cobalt sold, respectively. The Company reflects the cobalt inventory at the lower of cost and net realizable value, and will continue to monitor the market price of cobalt relative to the carrying value of the inventory at each reporting period.

Changes in sales, net earnings and cash flow from operations from quarter to quarter are affected primarily by fluctuations in production at the mines, the timing of shipments, changes in the price of commodities, the commencement of operations of mines under construction, as well as acquisitions of PMPAs and any related capital raising activities.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [15]

Results of Operations and Operational Review

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

Results of Operations For The Three Months Ended September 30, 2023 and 2022

The following two tables present the results of operations based on the Company’s reportable operating segments.

Three Months Ended September 30, 2023
	Units Produced²	Units Sold	Average Realized Price ($'s Per Unit)		Average Cash Cost ($'s Per Unit) ³		Average Depletion ($'s Per Unit)		Sales		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	69,045	44,444	$	1,944	$	420	$	330	$	86,395	$	53,026	$	67,710	$	2,341,485
Sudbury ⁴	4,266	4,836		1,950		400		1,204		9,428		1,669		7,494		268,224
Constancia	19,003	12,399		1,944		419		316		24,102		14,991		18,906		86,555
San Dimas	9,995	9,695		1,944		631		260		18,846		10,216		12,732		147,638
Stillwater	2,454	1,985		1,944		349		510		3,859		2,154		3,167		212,650
Other ⁵	673	1,067		1,945		368		391		2,077		1,266		1,684		557,035
	105,436	74,426	$	1,944	$	444	$	381	$	144,707	$	83,322	$	111,693	$	3,613,587
Silver
Peñasquito	-	453	$	23.82	$	4.43	$	4.06	$	10,804	$	6,952	$	8,795	$	278,028
Antamina	864	794		23.82		4.81		7.06		18,915		9,496		15,097		527,227
Constancia	697	435		23.82		6.18		6.24		10,360		4,958		7,674		183,736
Other ⁶	1,802	1,283		23.62		5.15		2.64		30,293		20,301		19,439		549,641
	3,363	2,965	$	23.73	$	5.10	$	4.57	$	70,372	$	41,707	$	51,005	$	1,538,632
Palladium
Stillwater	4,006	4,242	$	1,251	$	223	$	459	$	5,307	$	2,416	$	4,361	$	222,154
Platinum
Marathon	-	-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	9,450
Cobalt
Voisey's Bay	183	198	$	13.87	$	3.66 ⁷	$	12.98	$	2,751	$	(551)	$	4,235	$	353,631
Operating results									$	223,137	$	126,894	$	171,294	$	5,737,454
Other
General and administrative											$	(8,606)	$	(6,321)
Share based compensation												(4,336)		-
Donations and community investments												(1,736)		(1,750)
Finance costs												(1,407)		(1,078)
Other												10,707		9,870
Income tax												(5,145)		(912)
Total other											$	(10,523)	$	(191)	$	1,144,061
											$	116,371	$	171,103	$	6,881,515

1)	Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts.

3)	Refer to discussion on non-IFRS measure (iii) on page 41 of this MD&A.

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

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [16]

Three Months Ended September 30, 2022
	Units Produced²	Units Sold	Average Realized Price ($'s Per Unit)		Average Cash Cost ($'s Per Unit) ³		Average Depletion ($'s Per Unit)		Sales		Impairment Reversals / Gain on Disposal ⁴		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	44,212	31,818	$	1,724	$	416	$	334	$	54,860	$	-	$	31,000	$	41,617	$	2,396,952
Sudbury ⁵	3,437	5,147		1,745		400		1,092		8,984		-		1,303		5,943		288,863
Constancia	7,196	6,336		1,724		415		271		10,925		-		6,578		8,295		97,213
San Dimas	11,808	10,196		1,724		624		260		17,579		-		8,567		11,213		158,704
Stillwater	1,833	2,127		1,724		317		429		3,667		-		2,080		2,992		216,617
Other ⁶	3,592	6,376		1,743		694		59		11,113		-		6,311		5,562		461,359
	72,078	62,000	$	1,728	$	474	$	353	$	107,128	$	-	$	55,839	$	75,622	$	3,619,708
Silver
Peñasquito	2,017	1,599	$	19.30	$	4.36	$	3.57	$	30,857	$	-	$	18,182	$	23,885	$	301,040
Antamina	1,327	1,155		19.30		3.75		7.06		22,287		-		9,798		17,951		553,231
Constancia	564	498		19.30		6.12		6.35		9,613		-		3,398		6,563		195,507
Other ⁷	1,914	1,982		18.93		7.51		6.84		37,513		114,755		123,823		21,896		538,739
	5,822	5,234	$	19.16	$	5.59	$	5.84	$	100,270	$	114,755	$	155,201	$	70,295	$	1,588,517
Palladium
Stillwater	3,229	4,227	$	2,091	$	353	$	399	$	8,838	$	-	$	5,657	$	7,344	$	228,168
Platinum
Marathon	-	-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	-	$	9,425
Cobalt
Voisey's Bay	226	115	$	22.68	$	7.21	$	13.63	$	2,600	$	-	$	211	$	7,352	$	361,238
Operating results									$	218,836	$	114,755	$	216,908	$	160,613	$	5,807,056
Other
General and administrative													$	(8,360)	$	(5,342)
Share based compensation														(77)		(163)
Donations and community investments														(1,406)		(1,410)
Finance costs														(1,398)		(1,020)
Other														2,799		1,848
Income tax														(12,006)		(29)
Total other													$	(20,448)	$	(6,116)	$	780,539
													$	196,460	$	154,497	$	6,587,595

1)	Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts.

Quantity produced represent the amount of gold, silver, palladium and cobalt 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) on page 41 of this MD&A.

4)	Refer to page 25 of this MD&A for more information.

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

Comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Minto, 777, Marmato and Cozamin silver interests, the non-operating Stratoni, Loma de La Plata, Copper World Complex, Pascua-Lama, Blackwater and Curipamba silver interests and the previously owned Keno Hill and Yauliyacu silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill PMPA was terminated in exchange for $141 million of Hecla common stock. On December 14, 2022, the Yauliyacu PMPA was terminated in exchange for a cash payment of $132 million. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the second quarter of 2025.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [17]

Comparative Results of Operations on a GEO Basis

		Q3 2023		Q3 2022		Change	Change
GEO Production ^1, ²		154,800		153,025		1,776	1.2 %
GEO Sales ²		119,030		135,179		(16,149)	(11.9)%
Average price per GEO sold ²	$	1,875	$	1,619	$	256	15.8 %
Revenue	$	223,137	$	218,836	$	4,301	2.0 %
Cost of sales, excluding depletion	$	49,808	$	60,955	$	11,147	18.3 %
Depletion		46,435		55,728		9,293	16.7 %
Cost of Sales	$	96,243	$	116,683	$	20,440	17.5 %
Gross Margin	$	126,894	$	102,153	$	24,741	24.2 %
General and administrative expenses		8,606		8,360		(246)	(2.9)%
Share based compensation		4,336		77		(4,259)	(5,531.2)%
Donations and community investments		1,736		1,406		(330)	(23.5)%
Impairment reversal of mineral stream interests		-		(10,330)		(10,330)	(100.0)%
Earnings from Operations	$	112,216	$	102,640	$	9,576	9.3 %
Gain on disposal of mineral stream interest		-		(104,425)		(104,425)	(100.0)%
Other (income) expense		(10,707)		(2,799)		7,908	282.5 %
Earnings before finance costs and income taxes	$	122,923	$	209,864	$	(86,941)	(41.4)%
Finance costs		1,407		1,398		(9)	(0.6)%
Earnings before income taxes	$	121,516	$	208,466	$	(86,950)	(41.7)%
Income tax expense		(5,145)		(12,006)		6,861	57.1 %
Net earnings	$	116,371	$	196,460	$	(80,089)	(40.8)%

2)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,850 per ounce gold; $24.00 per ounce silver; $1,800 per ounce palladium; and $18.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2023.

GEO Production

For the three months ended September 30, 2023, attributable GEO production was 154,800 ounces, with the 1,800 ounce increase from the comparable period in 2022 being primarily attributable to the following factors:

•

24,800 ounce or 56% increase from Salobo resulting from higher throughput, with production from the third concentrator line commencing at the end of 2022, and higher recoveries. The prior year was also affected by planned and corrective maintenance being performed. From a throughput perspective, the three 12 mtpa lines operated at approximately 73% of capacity during Q3-2023 as compared to the two lines which operated at approximately 76% during Q3-2022;

•

13,500 ounce or 93% increase from Constancia (comprised of 11,800 gold ounces and 133,000 silver ounces), primarily due to significantly higher grades from mining the high-grade zones of the Pampacancha deposit, higher recoveries and higher throughput ; and

•

1,400 ounce or 28% increase from Stillwater (comprised of 600 gold ounces and 800 palladium ounces), primarily due to prior year being impacted by regional floods leading to the operations being suspended for seven weeks; partially offset by

•

26,200 ounce or 100% decrease from Peñasquito (2,017,000 silver ounces) as operations at the mine were suspended during Q3-2023 due to a labour strike which began on June 7, 2023 and ended on October 13, 2023;

•

6,000 ounce or 35% decrease from Antamina (462,000 silver ounces), primarily due to lower grades, consistent with their mine plan;

•

4,400 ounce or 15% decrease from the Other mines (comprised of 2,900 gold ounces and 112,000 silver ounces), primarily due to the closure of the Minto mine and the disposal of the Yauliyacu PMPA; and

•

1,800 ounce or 15% decrease from San Dimas, primarily due to lower grades, partially offset by higher throughput.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [18]

Net Earnings

For the three months ended September 30, 2023, net earnings amounted to $116 million, with the $80 million decrease relative to the comparable period of the prior year being attributable to the following factors:

Net earnings for the three months ended September 30, 2022			$	196,460
Variance in gross margin
Variance in revenue due to:
Payable gold production	$	55,546
Payable silver production		(44,740)
Payable palladium production		1,519
Payable cobalt production		(910)
Total payable production			$	11,415
Changes in inventory and PBND				(31,483)
Prices realized per ounce sold				24,369
Total increase to revenue			$	4,301
Variance in cost of sales due to:
GEO payable production volume			$	(2,019)
GEO payable production mix differences				4,183
Changes in inventory and PBND				19,989
Cash cost per ounce				(500)
Depletion per ounce				(1,213)
Total decrease to cost of sales			$	20,440
Total increase to gross margin			$	24,741
Other variances
Gain on disposal of mineral stream interest (see page 25)				(104,425)
Impairment (impairment reversal) of mineral stream interests (see page 25)				(10,330)
General and administrative expenses (see page 26)				(246)
Share based compensation (see page 27)				(4,259)
Donations and community investment (see page 27)				(330)
Other income / expense (see page 27)				7,908
Finance costs (see page 28)				(9)
Income taxes (see page 28)				6,861
Total decrease in net earnings			$	(80,089)
Net earnings for the three months ended September 30, 2023			$	116,371

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [19]

Results of Operations For The Nine Months Ended September 30, 2023 and 2022

The following two tables present the results of operations based on the Company’s reportable operating segments.

Nine Months Ended September 30, 2023
	Units Produced²	Units Sold	Average Realized Price ($'s Per Unit)		Average Cash Cost ($'s Per Unit) ³		Average Depletion ($'s Per Unit)		Sales		Gain on Disposal ⁴		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	167,526	126,440	$	1,947	$	420	$	330	$	246,219	$	-	$	151,287	$	193,063	$	2,341,485
Sudbury ⁵	16,287	13,979		1,953		400		1,087		27,295		-		6,512		21,420		268,224
Constancia	33,352	28,597		1,948		417		316		55,718		-		34,751		43,779		86,555
San Dimas	31,915	31,700		1,945		628		260		61,657		-		33,535		41,762		147,638
Stillwater	6,431	6,274		1,945		347		510		12,201		-		6,824		10,026		212,650
Other ⁶	6,124	5,335		1,935		1,119		172		10,324		-		3,439		4,090		557,035
	261,635	212,325	$	1,947	$	465	$	369	$	413,414	$	-	$	236,348	$	314,140	$	3,613,587
Silver
Peñasquito	3,820	3,849	$	23.63	$	4.43	$	4.06	$	90,967	$	-	$	58,268	$	73,915	$	278,028
Antamina	2,675	2,571		23.65		4.69		7.06		60,812		-		30,625		48,765		527,227
Constancia	1,669	1,475		23.75		6.15		6.24		35,034		-		16,750		25,962		183,736
Other ⁷	4,712	3,256		23.44		5.58		2.82		76,316		5,027		53,966		55,364		549,641
	12,876	11,151	$	23.60	$	5.05	$	4.68	$	263,129	$	5,027	$	159,609	$	204,006	$	1,538,632
Palladium
Stillwater	11,591	10,580	$	1,410	$	255	$	440	$	14,922	$	-	$	7,565	$	12,223	$	222,154
Platinum
Marathon	-	-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	-	$	9,450
Cobalt
Voisey's Bay	458	786	$	14.13	$	3.36 ⁸	$	13.63	$	11,108	$	-	$	(2,243)	$	13,056	$	353,631
Operating results									$	702,573	$	5,027	$	401,279	$	543,425	$	5,737,454
Other
General and administrative													$	(28,922)	$	(29,702)
Share based compensation														(16,217)		(16,675)
Donations and community investments														(5,054)		(4,896)
Finance costs														(4,138)		(3,147)
Other														26,961		24,823
Income tax														(4,700)		(5,244)
Total other													$	(32,070)	$	(34,841)	$	1,144,061
													$	369,209	$	508,584	$	6,881,515

1)	Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts.

3)	Refer to discussion on non-IFRS measure (iii) on page 41 of this MD&A.

4)	Refer to page 25 of this MD&A for more information.

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

Cash cost per pound of cobalt sold during the nine months ended September 30, 2023 was net of a previously recorded inventory write-down of $1.6 million, resulting in a decrease of $2.05 per pound of cobalt sold. The Company reflects the cobalt inventory at the lower of cost and net realizable value and will continue to monitor the market price of cobalt relative to the carrying value of the inventory at each reporting period.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [20]

Nine Months Ended September 30, 2022
	Units Produced²	Units Sold	Average Realized Price ($'s Per Unit)		Average Cash Cost ($'s Per Unit) ³		Average Depletion ($'s Per Unit)		Sales		Impairment Reversals / Gain on Disposal ⁴		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	123,224	122,846	$	1,834	$	416	$	334	$	225,267	$	-	$	133,146	$	174,134	$	2,396,952
Sudbury ⁵	14,088	16,775		1,828		400		1,091		30,673		-		5,657		22,980		288,863
Constancia	21,549	24,261		1,833		413		271		44,480		-		27,886		34,463		97,213
San Dimas	32,313	30,899		1,823		622		260		56,335		-		29,095		37,114		158,704
Stillwater	6,501	7,381		1,829		330		429		13,503		-		7,902		11,070		216,617
Other ⁶	18,899	22,076		1,829		734		45		40,388		-		23,183		22,912		461,359
	216,574	224,238	$	1,831	$	471	$	348	$	410,646	$	-	$	226,869	$	302,673	$	3,619,708
Silver
Peñasquito	6,325	5,883	$	22.21	$	4.36	$	3.57	$	130,686	$	-	$	84,058	$	105,036	$	301,040
Antamina	3,867	3,800		22.13		4.42		7.06		84,093		-		40,479		66,952		553,231
Constancia	1,654	1,636		22.15		6.09		6.34		36,227		-		15,883		26,260		195,507
Other ⁷	6,651	5,316		21.41		7.14		5.61		113,823		114,755		160,768		75,969		538,739
	18,497	16,635	$	21.93	$	5.43	$	5.29	$	364,829	$	114,755	$	301,188	$	274,217	$	1,588,517
Palladium
Stillwater	11,616	11,680	$	2,190	$	383	$	399	$	25,574	$	-	$	16,437	$	21,099	$	228,168
Platinum
Marathon	-	-	$	n.a	$	n.a	$	n.a	$	-	$	-	$	-	$	-	$	9,425
Cobalt
Voisey's Bay	596	851	$	32.85	$	6.24	$	9.49	$	27,953	$	-	$	14,560	$	24,412	$	361,238
Operating results									$	829,002	$	114,755	$	559,054	$	622,401	$	5,807,056
Other
General and administrative													$	(27,448)	$	(28,688)
Share based compensation														(11,586)		(18,411)
Donations and community investments														(3,379)		(2,977)
Finance costs														(4,209)		(3,107)
Other														3,448		2,319
Income tax														(12,879)		(141)
Total other													$	(56,053)	$	(51,005)	$	780,539
													$	503,001	$	571,396	$	6,587,595

1)	Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts.

3)	Refer to discussion on non-IFRS measure (iii) on page 41 of this MD&A.

4)	Refer to page 25 of this MD&A for more information.

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

Comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Minto, 777, Marmato and Cozamin silver interests, the non-operating Stratoni, Loma de La Plata, Copper World Complex, Pascua-Lama, Blackwater and Curipamba silver interests and the previously owned Keno Hill and Yauliyacu silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill PMPA was terminated in exchange for $141 million of Hecla common stock. On December 14, 2022, the Yauliyacu PMPA was terminated in exchange for a cash payment of $132 million. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the second quarter of 2025.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [21]

Comparative Results of Operations on a GEO Basis

		YTD 2023		YTD 2022		Change	Change
GEO Production ^{1, 2}		444,597		473,868		(29,271)	(6.2)%
GEO Sales ²		375,248		460,026		(84,778)	(18.4)%
Average price per GEO sold ²	$	1,872	$	1,802	$	70	3.9 %
Revenue	$	702,573	$	829,002	$	(126,429)	(15.3)%
Cost of sales, excluding depletion	$	160,413	$	205,891	$	45,478	22.1 %
Depletion		145,908		178,812		32,904	18.4 %
Cost of Sales	$	306,321	$	384,703	$	78,382	20.4 %
Gross Margin	$	396,252	$	444,299	$	(48,047)	(10.8)%
General and administrative expenses		28,922		27,448		(1,474)	(5.4)%
Share based compensation		16,217		11,586		(4,631)	(40.0)%
Donations and community investments		5,054		3,379		(1,675)	(49.6)%
Impairment reversal of mineral stream interests		-		(10,330)		(10,330)	(100.0)%
Earnings from Operations	$	346,059	$	412,216	$	(66,157)	(16.0)%
Gain on disposal of mineral stream interest		(5,027)		(104,425)		(99,398)	(95.2)%
Other (income) expense		(26,961)		(3,448)		23,513	681.9 %
Earnings before finance costs and income taxes	$	378,047	$	520,089	$	(142,042)	(27.3)%
Finance costs		4,138		4,209		71	1.7 %
Earnings before income taxes	$	373,909	$	515,880	$	(141,971)	(27.5)%
Income tax expense		(4,700)		(12,879)		8,179	63.5 %
Net earnings	$	369,209	$	503,001	$	(133,792)	(26.6)%

2)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,850 per ounce gold; $24.00 per ounce silver; $1,800 per ounce palladium; and $18.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2023.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [22]

GEO Production

For the nine months ended September 30, 2023, attributable GEO production was 444,600 ounces, with the 29,300 ounce decrease from the comparable period in 2022 being primarily attributable to the following factors:

•

37,900 ounce or 36% decrease from the Other mines (comprised of 12,800 gold ounces and 1,939,000 silver ounces), primarily due to the closure of 777 and Minto combined with the disposal of the Yauliyacu PMPA;

•

32,500 ounce or 40% decrease from Peñasquito (2,505,000 silver ounces), primarily due to lower throughput resulting from a labour strike which began on June 7, 2023 and ended on October 13, 2023;

•

15,400 ounce or 31% decrease from Antamina (1,191,000 silver ounces), primarily due to lower grades, consistent with their mine plan; and

•

1,400 ounce or 23% decrease from Voisey's Bay (138,000 cobalt pounds), primarily attributable to lower grades during the ongoing transitional period between the depletion of the Ovoid open-pit mine and ramp-up to full production of the Voisey’s Bay underground project; partially offset by

•

44,300 ounce or 36% increase from Salobo resulting from higher throughput, with production from the third concentrator line commencing at the end of 2022, and higher grades. The prior year was also impacted by both planned and corrective maintenance in the mill liners, coupled with above average seasonal rain level in the region during the fourth quarter of 2021 impacting mine plans in the first quarter of 2022. From a throughput perspective, the three 12 mtpa lines operating at approximately 65% of capacity during 2023 as compared to the two lines which operated at approximately 76% during 2022;

•

12,000 ounce or 28% increase from Constancia (comprised of 11,800 gold ounces and 15,000 silver ounces), primarily due to higher grades, resulting from full mining activities having resumed in the Pampacancha pit; and

•

2,200 ounce or 16% increase from Sudbury, primarily due to higher throughput with first quarter 2022 production being impacted by the temporary closure of the Totten Mine after the shaft was damaged on September 26, 2021.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [23]

Net Earnings

For the nine months ended September 30, 2023, net earnings amounted to $369 million, with the $134 million decrease relative to the comparable period of the prior year being attributable to the following factors:

Net earnings for the nine months ended September 30, 2022			$	503,001
Variance in gross margin
Variance in revenue due to:
Payable gold production	$	79,105
Payable silver production		(118,077)
Payable palladium production		(4)
Payable cobalt production		(4,222)
Total payable production			$	(43,198)
Changes in inventory and PBND				(103,426)
Prices realized per ounce sold				20,195
Total decrease to revenue			$	(126,429)
Variance in cost of sales due to:
GEO payable production volume			$	23,924
GEO payable production mix differences				12,139
Changes in inventory and PBND				49,599
Cash cost per ounce				(1,067)
Depletion per ounce				(6,213)
Total decrease to cost of sales			$	78,382
Total decrease to gross margin			$	(48,047)
Other variances
Gain on disposal of mineral stream interest (see page 25)				(99,398)
Impairment (impairment reversal) of mineral stream interests (see page 25)				(10,330)
General and administrative expenses (see page 26)				(1,474)
Donations and community investment (see page 27)				(1,675)
Share based compensation (see page 27)				(4,631)
Other income / expense (see page 27)				23,513
Finance costs (see page 28)				71
Income taxes (see page 28)				8,179
Total decrease in net earnings			$	(133,792)
Net earnings for the nine months ended September 30, 2023			$	369,209

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [24]

Reversal of Impairment of Mineral Stream Interests

Keno Hill – Impairment Reversal

At December 31, 2015, the Company determined there to be an impairment charge of $10.5 million relative to the Keno Hill silver interest (“Keno Hill PMPA”) due to the suspension of operations at the Bellekeno mine.

On September 7, 2022, the Company terminated the Keno Hill PMPA in exchange for 34,800,989 common shares of Hecla valued at $141 million. This value exceeded the carrying amount of the Keno Hill PMPA that would have been determined, net of depletion, had no impairment charge been recognized for the PMPA. As a result, an impairment reversal of $10.3 million was recorded for the three and nine months ended September 30, 2022, which represents a full reversal of the impairment charge recorded in the year ended December 31, 2015, net of depletion that otherwise would have been recorded. The recoverable amount of the Keno Hill PMPA was determined based on the value of the consideration received in exchange for its termination, and as such is classified within Level 1 of the fair value hierarchy.

Gain on Disposal of Mineral Stream Interest

Goose

On April 12, 2023, Sabina announced that shareholders approved the proposed acquisition by B2Gold Corp. (“B2Gold”) of all the issued and outstanding common shares of Sabina. The transaction closed April 19, 2023. Subsequent to closing, B2Gold exercised the option to acquire 33% of the stream under the Goose PMPA in exchange for a cash payment in the amount of $46 million, resulting in a gain on partial disposal of the Goose PMPA in the amount of $5 million, calculated as follows:

(in thousands)
Proceeds received on 33% buyback of Goose	$	46,400
Less: 33% carrying value		(41,373)
Gain on partial disposal of the Goose PMPA	$	5,027

Keno Hill

With the receipt of $141 million of Hecla common shares on September 7, 2022, the Company reflected a gain on disposal of the Keno Hill PMPA for the three and nine months ended September 30, 2022 in the amount of $104 million, calculated as follows:

(in thousands)
Fair value of Hecla Mining Company shares received	$	140,596
Less: carrying value after impairment reversal, plus closing costs		(36,171)
Gain on disposal of the Keno Hill PMPA	$	104,425

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [25]

General and Administrative

	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2023	2022	2023	2022
Corporate
Salaries and benefits	$ 3,443	$ 3,551	$ 10,897	$ 11,700
Depreciation	224	289	780	865
Professional fees	430	276	1,853	1,098
Business travel	257	221	909	686
Director fees	238	251	820	852
Business taxes	36	40	749	748
Audit and regulatory	502	623	2,671	2,340
Insurance	493	550	1,550	1,585
Other	1,075	866	3,091	2,648
General and administrative - corporate	$ 6,698	$ 6,667	$ 23,320	$ 22,522
Subsidiaries
Salaries and benefits	$ 1,148	$ 1,078	$ 3,465	$ 3,335
Depreciation	125	112	343	327
Professional fees	140	158	416	421
Business travel	76	55	223	124
Director fees	52	50	155	150
Business taxes	57	70	168	183
Insurance	12	10	39	34
Other	298	160	793	352
General and administrative - subsidiaries	$ 1,908	$ 1,693	$ 5,602	$ 4,926
Consolidated general and administrative	$ 8,606	$ 8,360	$ 28,922	$ 27,448

General and administrative expenses for the nine months ended September 30, 2023 were approximately $1 million higher than the comparable period of 2022, primarily due to costs associated with the renewal of the Company’s At the Market Equity (ATM) program (see page 37 of this MD&A), with these costs being included as a component of professional fees and audit and regulatory.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [26]

Share Based Compensation

	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2023	2022	2023	2022
Equity settled share based compensation
Stock options	$ 735	$ 642	$ 2,090	$ 1,788
Restricted share units	997	925	3,043	2,619
Cash settled share based compensation
PSUs	2,604	(1,490)	11,084	7,179
Total share based compensation	$ 4,336	$ 77	$ 16,217	$ 11,586

For the three and nine months ended September 30, 2023, share based compensation increased by $4 million and $5 million, respectively, relative to the comparable periods in the previous year, with the increase being primarily due to differences in accrued costs associated with the Company’s performance share units (“PSUs”).

Donations and Community Investments

	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2023	2022	2023	2022
Local donations and community investments ¹	$ 995	$ 438	$ 1,938	$ 1,345
Partner donations and community investments ²	741	968	3,116	1,869
COVID-19 and community support and response fund ³	-	-	-	165
Total donations and community investments	$ 1,736	$ 1,406	$ 5,054	$ 3,379

1)	The Local Community Investment Program supports organizations in Vancouver and the Cayman Islands, where Wheaton’s offices are located.

2)	The Partner Community Investment Program supports the communities influenced by Mining Partners' operations.

3)	Committed funding under this program has been fully disbursed.

Other (Income) Expense

	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2023	2022	2023	2022
Interest income	$ (9,837)	$ (1,851)	$ (24,948)	$ (2,374)
Dividend income	(700)	(102)	(1,616)	(322)
Foreign exchange loss	(313)	(1,049)	(386)	(1,069)
(Gain) loss on fair value adjustment of share purchase warrants held	143	204	248	1,101
Other	-	(1)	(259)	(784)
Total other (income) expense	$ (10,707)	$ (2,799)	$ (26,961)	$ (3,448)

For the three and nine months ended September 30, 2023, interest income increased by $8 million and $23 million, respectively, a result of the average cash balance during the period increasing from approximately $401 million to approximately $742 million, coupled with a significant increase in the market rates of interest.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [27]

Finance Costs

	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2023	2022	2023	2022
Costs related to undrawn credit facilities	$ 1,286	$ 1,311	$ 3,876	$ 3,950
Interest expense - lease liabilities	78	22	131	72
Letter of guarantee	43	65	131	187
Total finance costs	$ 1,407	$ 1,398	$ 4,138	$ 4,209

Income Tax Expense (Recovery)

Income tax recognized in net earnings is comprised of the following:

	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2023	2022	2023	2022
Current income tax expense (recovery)	$ 31	$ 12,033	$ (2,529)	$ 12,113
Deferred income tax expense (recovery) related to:
Origination and reversal of temporary differences	423	20,920	$ 3,484	$ 30,042
Write down (reversal of write down) or recognition of prior period temporary differences	4,691	(20,947)	3,745	(29,276)
Total deferred income tax expense (recovery)	$ 5,114	$ (27)	$ 7,229	$ 766
Total income tax expense (recovery) recognized in net earnings	$ 5,145	$ 12,006	$ 4,700	$ 12,879

For the three months ended September 30, 2023, the Company reflected a deferred tax expense of $5 million in net earnings, which offsets a deferred tax recovery in the statement of OCI of $5 million resulting from the decrease in unrealized gains on long-term investments in equity instruments.

For the nine months ended September 30, 2023, there is a current income tax recovery in net earnings of $3 million, which reflects the expected carryback of a loss for Canadian tax purposes to the 2022 tax year to offset taxable Canadian income resulting from the disposition of the Keno Hill PMPA.

The movement in current income taxes payable for the nine months ended September 30, 2023 is as follows:

(in thousands)	Current Taxes (Payable) Recoverable
Current taxes payable - December 31, 2022	$ (2,763)
Current income tax recovery - income statement	2,529
Income taxes paid	5,244
Foreign exchange adjustments	(10)
Current taxes recoverable - September 30, 2023	$ 5,000

Update on Global Minimum Tax

On August 4, 2023, the Canadian Federal Government released draft Pillar Two implementing legislation as a new act, the Global Minimum Tax Act (“GMTA”), for public comment. The public consultation period on the draft legislation ended September 29, 2023. If enacted, the GMTA would implement a 15% global minimum tax for fiscal years that begin on or after December 31, 2023. The proposed rules in the Global Minimum Tax Act would apply to the income of the Company’s non-Canadian subsidiaries.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [28]

Liquidity and Capital Resources¹

As at September 30, 2023, the Company had cash and cash equivalents of $834 million (December 31, 2022 - $696 million) and no debt outstanding under its Revolving Facility (December 31, 2022 - $NIL).

In the opinion of management, the $834 million of cash and cash equivalents as at September 30, 2023, combined with the liquidity provided by the available credit under the $2 billion Revolving Facility and ongoing operating cash flows positions the Company well to fund all outstanding commitments, as detailed on pages 33 and 34 of this MD&A, as well as providing flexibility to acquire additional accretive mineral stream interests.

A summary of the Company’s cash flow activity is as follows:

Three Months Ended September 30, 2023

Cash Flows From Operating Activities

During the three months ended September 30, 2023, the Company generated operating cash flows of $171 million, with the $17 million increase relative to the comparable period of the prior year being attributable to the following factors:

Operating cash inflow for the three months ended September 30, 2022	$	154,497
Variance attributable to revenue (see page 19):	$	4,301
Changes in accounts receivable		(5,505)
Total decrease to cash inflows attributable to sales	$	(1,204)
Variance attributable to cost of sales, excluding depletion:
Sales volume	$	6,174
Sales mix differences		5,473
Cost per ounce		(501)
Changes in working capital, excluding accounts receivable		739
Total decrease to cash outflows attributable to cost of sales	$	11,885
Total increase to net cash inflows attributable to gross margin	$	10,681
Other variances:
General and administrative		(979)
Donation and community investment		(340)
Share based compensation - PSUs		163
Finance costs		(58)
Income taxes		(883)
Other		8,022
Total increase to net cash inflows	$	16,606
Operating cash inflow for the three months ended September 30, 2023	$	171,103

Other Variance

The increase to cash inflows relative to Other during the period was due to amounts of interest earned on the Company’s cash balances, with the Company investing surplus cash in short-term, high credit quality, money market instruments.

¹ Statements made in this section contain forward-looking information with respect to funding outstanding commitments and continuing to acquire accretive mineral stream interests and readers are cautioned that actual outcomes may vary. Please see “Cautionary Note Regarding Forward-Looking Statements” for material risks, assumptions and important disclosure associated with this information.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [29]

Cash Flows From Financing Activities

During the three months ended September 30, 2023, the Company had net cash outflows from financing activities of $67 million, as compared to $61 million for the comparable period of the previous year, with the major sources of cash flows being as follows:

	Three Months Ended September 30
(in thousands)	2023	2022
Credit facility extension fees	$ (13)	$ (1,205)
Share purchase options exercised	93	-
Lease payments	(169)	(201)
Dividends paid	(66,994)	(59,487)
Cash used for financing activities	$ (67,083)	$ (60,893)

Cash Flows From Investing Activities

During the three months ended September 30, 2023, the Company had net cash outflows from investing activities of $99 million, as compared to $48 million during the comparable period of the previous year, with the major sources of cash flow being as follows:

	Three Months Ended September 30
(in thousands)	2023	2022
Payments for the acquisition of new PMPAs ¹:
Panoro early deposit PMPA	$ (250)	$ (750)
Marathon PMPA	-	(15,230)
Goose PMPA	-	(31,250)
Blackwater Gold PMPA	(20,000)	-
Blackwater Silver PMPA	(70,400)	-
	$ (90,650)	$ (47,230)
Acquisition of long-term equity investments	(5,006)	-
Payments for the acquisition of new Royalty Agreement:
Black Pine NSR	(3,602)	-
Other	355	(301)
Total cash used for investing activities	$ (98,903)	$ (47,531)

1)	Excludes closing costs.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [30]

Nine Months Ended September 30, 2023

Cash Flows From Operating Activities

During the nine months ended September 30, 2023, the Company generated operating cash flows of $509 million, with the $63 million decrease relative to the comparable period of the prior year being attributable to the following factors:

Operating cash inflow for the nine months ended September 30, 2022	$	571,396
Variance attributable to revenue (see page 24):	$	(126,429)
Changes in accounts receivable		259
Total decrease to cash inflows attributable to sales	$	(126,170)
Variance attributable to cost of sales, excluding depletion:
Sales volume	$	36,238
Sales mix differences		10,306
Cost per ounce		(1,067)
Changes in working capital, excluding accounts receivable		1,717
Total decrease to cash outflows attributable to cost of sales	$	47,194
Total decrease to net cash inflows attributable to gross margin	$	(78,976)
Other variances:
General and administrative		(1,014)
Donation and community investment		(1,919)
Share based compensation - PSUs		1,736
Finance costs		(40)
Income taxes		(5,103)
Other		22,504
Total decrease to net cash inflows	$	(62,812)
Operating cash inflow for the nine months ended September 30, 2023	$	508,584

Other Variance

Cash Flows From Financing Activities

During the nine months ended September 30, 2023, the Company had net cash outflows from financing activities of $189 million, as compared to $171 million during the comparable period of the previous year, with the major sources of cash flow being as follows:

	Nine Months Ended September 30
(in thousands)	2023	2022
Credit facility extension fees	$ (859)	$ (1,207)
Share purchase options exercised	10,603	7,549
Lease payments	(548)	(603)
Dividends paid	(198,085)	(176,604)
Cash used for financing activities	$ (188,889)	$ (170,865)

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [31]

Cash Flows From Investing Activities

During the nine months ended September 30, 2023, the Company had net cash outflows from investing activities of $182 million, as compared to $132 million during the comparable period of the previous year, with the major sources of cash flow being as follows:

	Nine Months Ended September 30
(in thousands)	2023	2022
Payments for the acquisition of new PMPAs ¹:
Panoro early deposit PMPA	$ (1,000)	$ (1,500)
Marathon PMPA	-	(31,224)
Goose PMPA	(62,500)	(31,250)
Blackwater Gold PMPA	(30,000)	-
Blackwater Silver PMPA	(105,600)	-
Cangrejos PMPA	(12,000)	-
Marmato PMPA	-	(19,000)
Fenix PMPA	-	(25,000)
	$ (211,100)	$ (107,974)
Net proceeds on disposition of PMPA
Goose PMPA	46,400	-
Acquisition of long-term equity investments	(13,181)	(22,768)
Payments for the acquisition of new Royalty Agreement:
Black Pine NSR	(3,602)	-
Other	(829)	(1,013)
Total cash used for investing activities	$ (182,312)	$ (131,755)

1)	Excludes closing costs.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [32]

Contractual Obligations and Contingencies¹

Mineral Stream Interests

The following table summarizes the Company’s commitments to make per-ounce cash payments for gold, silver, palladium and platinum and per pound cash payments for cobalt to which it has the contractual right pursuant to the PMPAs:

Mineral Stream Interests

Attributable Payable Production to be Purchased

Per Unit of Measurement Cash Payment ¹

Term of
Agreement

Date of
Original
Contract

Gold

Silver

Palladium

Cobalt

Platinum

Gold

Silver

Palladium

Cobalt

Platinum

Peñasquito

25%

n/a

4.43

n/a

Life of Mine

24-Jul-07

Constancia

50%

100%

420 ²

6.20 ²

n/a

Life of Mine

8-Aug-12

Salobo

75%

420

n/a

Life of Mine

28-Feb-13

Sudbury

70%

400

n/a

20 years

28-Feb-13

Antamina

33.75%

n/a

20%

n/a

Life of Mine

3-Nov-15

San Dimas

variable ³

0% ³

631

n/a

Life of Mine

10-May-18

Stillwater

100%

4.5% ⁴

18% ⁵

n/a

18% ⁵

n/a

Life of Mine

16-Jul-18

Voisey's Bay

42.4% ⁶

n/a

18% ⁷

n/a

Life of Mine

11-Jun-18

Marathon

100% ⁸

22% ⁸

18% ⁵

n/a

18% ⁵

Life of Mine

26-Jan-22

Other

Los Filos

100%

n/a

4.68

n/a

25 years

15-Oct-04

Zinkgruvan

100%

n/a

4.60

n/a

Life of Mine

8-Dec-04

Stratoni

100%

n/a

11.54

n/a

Life of Mine

23-Apr-07

Neves-Corvo

100%

n/a

4.46

n/a

50 years

5-Jun-07

Aljustrel

100% ⁹

n/a

50%

n/a

50 years

5-Jun-07

Minto

100% ¹⁰

100%

50% ¹¹

4.39

n/a

Life of Mine

20-Nov-08

Pascua-Lama

25%

n/a

3.90

n/a

Life of Mine

8-Sep-09

Copper World

100%

450

3.90

n/a

Life of Mine

10-Feb-10

Loma de La Plata

12.5%

n/a

4.00

n/a

Life of Mine

n/a ¹²

Marmato

10.5% ¹³

100% ¹³

18% ¹⁴

n/a

Life of Mine

5-Nov-20

Cozamin

50% ¹⁵

n/a

10%

n/a

Life of Mine

11-Dec-20

Santo Domingo

100% ¹⁶

18% ⁵

n/a

Life of Mine

24-Mar-21

Fenix

6% ¹⁷

18% ⁵

n/a

Life of Mine

15-Nov-21

Blackwater

8% ¹⁸

50% ¹⁸

35%

18% ⁵

n/a

Life of Mine

13-Dec-21

Curipamba

50% ¹⁹

75% ¹⁹

18% ⁵

n/a

Life of Mine

17-Jan-22

Goose

2.78% ²⁰

18% ⁵

n/a

Life of Mine

8-Feb-22

Cangrejos

6.6% ²¹

18% ⁵

n/a

Life of Mine

16-May-23

Early Deposit

Toroparu

10%

50%

400

3.90

n/a

Life of Mine

11-Nov-13

Cotabambas

25% ²²

100% ²²

450

5.90

n/a

Life of Mine

21-Mar-16

Kutcho

100%

20%

n/a

Life of Mine

14-Dec-17

The production payment is measured as either a fixed amount per unit of metal delivered, or as a percentage of the spot price of the underlying metal on the date of delivery. Contracts where the payment is a fixed amount per unit of metal delivered are subject to an annual inflationary increase, with the exception of Loma de La Plata and Sudbury. Additionally, should the prevailing market price for the applicable metal be lower than this fixed amount, the per unit cash payment will be reduced to the prevailing market price, subject to an annual inflationary factor.

2)	Subject to an increase to $9.90 per ounce of silver and $550 per ounce of gold after the initial 40-year term.

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. Currently, the fixed gold to silver exchange ratio is 70:1.

The Company is committed to purchase 4.5% of Stillwater palladium production until 375,000 ounces are delivered to the Company, thereafter 2.25% of Stillwater palladium production until 550,000 ounces are delivered to the Company and 1% of Stillwater palladium production thereafter for the life of mine.

5)	To be increased to 22% once the market value of metal delivered to Wheaton, net of the per ounce cash payment, exceeds the initial upfront cash deposit.

6)	Once the Company has received 31 million pounds of cobalt, the Company’s attributable cobalt production will be reduced to 21.2%.

7)	To be increased to 22% once the market value of cobalt delivered to Wheaton, net of the per pound cash payment, exceeds the initial upfront cash deposit. Additionally, on each sale of cobalt, the Company is committed to pay a variable commission depending on the market price of cobalt.

8)	Once the Company has received 150,000 ounces of gold and 120,000 ounces of platinum under the Marathon PMPA, the attributable gold and platinum production will be reduced to 67% and 15%, respectively.

10)	The Company is committed to acquire 100% of the first 30,000 ounces of gold produced per annum and 50% thereafter. On May 13, 2023 Minto Metals Corp. announced the suspension of operations at the Minto mine.

11)

Prior to the announcement by Minto Metals Corp. of the suspension of operations at the Minto mine on May 13, 2023, the parties were in discussions in connection with a possible restructuring of the Minto PMPA. During that negotiation period, the cash payment per ounce of gold delivered was set at 90% of spot price. Following the May 13 announcement, and as negotiations were not successful, the price of deliveries of gold reverts to 50% of spot price as set out in the existing Minto PMPA.

¹ Statements made in this section contain forward-looking information and readers are cautioned that actual outcomes may vary. Please see “Cautionary Note Regarding Forward-Looking Statements” for material risks, assumptions and important disclosure associated with this information.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [33]

12)	Terms of the agreement not yet finalized.

13)	Once Wheaton has received 310,000 ounces of gold and 2.15 million ounces of silver under the Marmato PMPA the Company’s attributable gold and silver production will be reduced to 5.25% and 50%, respectively.

14)	To be increased to 22% of the spot price once the market value of gold and silver delivered to the Company, net of the per ounce cash payment, exceeds the initial upfront cash deposit.

15)	Once Wheaton has received 10 million ounces under the Cozamin PMPA, the Company’s attributable silver production will be reduced to 33% of silver production for the life of the mine.

16)	Once the Company has received 285,000 ounces of gold under the Santo Domingo PMPA, the Company’s attributable gold production will be reduced to 67%.

17)	Once the Company has received 90,000 ounces of gold under the Fenix PMPA, the Company attributable gold production will be reduced to 4% until 140,000 ounces have been delivered, after which the stream drops to 3.5%.

18)

19)	Once the Company has received 145,000 ounces of gold under the Curipamba PMPA, the attributable gold production will be reduced to 33%, and once the Company has received 4.6 million ounces of silver, the attributable silver production will be reduced to 50%.

20)

21)	Once the Company has received 700,000 ounces of gold under the Cangrejos PMPA, the attributable gold production will be reduced to 4.4%.

22)	Once 90 million silver equivalent ounces attributable to Wheaton have been produced under the Cotabambas PMPA, the attributable production will decrease to 16.67% of gold production and 66.67% of silver production for the life of mine.

Other Contractual Obligations and Contingencies

		Projected Payment Dates ¹
(in thousands)	2023		2024 - 2025			2026 - 2027			After 2027			Total
Payments for mineral stream interests
Salobo ²	$	370,000		$	163,000		$	-		$	-		$	533,000
Blackwater		45,200			-			-			-			45,200
Marathon		-			103,550			44,379			-			147,929
Cangrejos		21,000			15,000			252,000			-			288,000
Marmato		40,016			81,984			-			-			122,000
Santo Domingo		-			130,000			130,000			-			260,000
Copper World ³		-			231,150			-			-			231,150
Curipamba		100			74,500			87,750			-			162,350
Fenix Gold		-			-			-			25,000			25,000
Loma de La Plata		-			-			-			32,400			32,400
Payments for early deposit mineral stream interest
Cotabambas		-			-			-			126,000			126,000
Toroparu		-			-			138,000			-			138,000
Kutcho		-			-			-			58,000			58,000
Leases liabilities		219			1,433			1,286			5,325			8,263
Total contractual obligations	$	476,535		$	800,617		$	653,415		$	246,725		$	2,177,292

1)	Projected payment date based on management estimate. Dates may be updated in the future as additional information is received.

2)	As more fully explained below, the expansion payment relative to the Salobo III expansion project is dependent on the timing and size of the throughput expansion.

3)	Figure includes contingent transaction costs of $1 million.

Salobo

The Salobo mine is currently ramping up mill throughput capacity from 24 Mtpa to 36 Mtpa. The expansion is expected to reach a throughput capacity of 32 Mtpa in the fourth quarter of 2023 and full throughput capacity by the end of 2024.

Pursuant to the Salobo PMPA, if actual throughput is expanded above 32 Mtpa by January 1, 2031, Wheaton will be required to make additional payments to Vale based on the size of the expansion and the timing of completion. The set payments range from a total of $283 million if throughput is expanded beyond 32 Mtpa by January 1, 2031, to up to $552 million if throughput is expanded beyond 35 Mtpa by January 1, 2024. In addition, Wheaton will be required to make annual payments of between $5.1 million to $8.5 million for a 10-year period following payment of the expansion payments if the Salobo mine implements a high-grade mine plan.

Blackwater

Under the terms of the Blackwater PMPA, the Company is committed to pay additional upfront consideration of $45 million, which was paid on October 27, 2023.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [34]

Marathon

Under the terms of the Marathon PMPA, the Company is committed to pay additional upfront cash payments of $148 million (Cdn$200 million), which is to be paid in four staged installments during construction of the Marathon project, subject to various customary conditions being satisfied.

Cangrejos

Under the terms of the Cangrejos PMPA, which had a closing date of May 16, 2023, the Company is committed to pay additional upfront consideration of $288 million. Of this amount, $10 million is to be paid six months after the closing date, $15 million is to be paid 12 months after the closing date, $11 million can be drawn upon for committed acquisition of surface rights and the remainder is to be paid in four staged equal installments during construction of the mine, subject to various customary conditions being satisfied.

Marmato

Under the terms of the Marmato PMPA, the Company is committed to pay Aris Mining additional upfront cash payments of $122 million, payable during the construction of the Marmato Lower Mine development portion of the Marmato mine, subject to customary conditions.

Santo Domingo

Under the terms of the Santo Domingo PMPA, the Company is committed to pay Capstone Copper Corp. (“Capstone”) additional upfront cash payments of $260 million, which is payable during the construction of the Santo Domingo project, subject to customary conditions being satisfied, including Capstone attaining sufficient financing to cover total expected capital expenditures.

Copper World Complex

The Company is committed to pay Hudbay total upfront cash payments of $230 million in two installments, with the first $50 million being advanced upon Hudbay’s receipt of permitting for the Copper World Complex and other customary conditions and the balance of $180 million being advanced once project costs incurred on the Copper World Complex exceed $98 million and certain other customary conditions. Under the Copper World Complex PMPA, the Company is permitted to elect to pay the deposit in cash or the delivery of common shares. Additionally, the Company will be entitled to certain delay payments, including where construction ceases in any material respect, or if completion is not achieved within agreed upon timelines.

Curipamba

Under the terms of the Curipamba PMPA, the Company is committed to pay additional upfront cash payments of $162.4 million, which includes $350,000 which will be paid to support certain local community development initiatives around the Curipamba Project. The payments will be payable in four staged installments during construction, subject to various customary conditions being satisfied.

Fenix

Under the terms of the Fenix PMPA, the Company is committed to pay Rio2 Limited (“Rio2”) additional upfront cash payments of $25 million, payable subject to Rio2’s receipt of its Environmental Impact Assessment for the Fenix Project, and certain other conditions.

On June 28, 2022, Rio2 provided an update on the Fenix Gold environmental assessment process. The Environmental Assessment Service (“SEA”) published the Consolidation Evaluation Report with the recommendation to reject the EIA as it has been alleged that Rio2 has not provided enough information during the evaluation process to eliminate adverse impacts over the chinchilla, guanaco, and vicuña. On July 5, 2022, Rio2 announced that the Regional Evaluation Commission has voted to not approve the EIA. On September 7, 2022, Rio2 announced that on review of the Environmental Qualification Resolution (“RCA”), Rio2 identified numerous discrepancies with factual and procedural matters in the RCA and Rio2 has filed an administrative appeal on August 31, 2022. In parallel with the administrative appeal process, Rio2 indicate that they will work closely with regional authorities to address any remaining concerns. On September 7, 2022, Rio2 stated that the estimated timing for obtaining EIA approval is approximately one and a half to two years.

On September 5, 2023, Rio2 announced the completion of the feasibility study for the Fenix Gold project. Rio2 reports that the feasibility study finds that the Fenix project has an estimated after tax net present value of $210 million using a 5% discount rate resulting in an after tax internal rate of return of 28.5% at a gold price of $1,750 per ounce, and $304 million and 37.2% at a gold price of $1,900 per ounce. Rio2 states that these estimates are after taking into account the Company’s PMPA on the Fenix project.

The Company’s management has determined that no indicator of impairment existed as of the balance sheet date and will continue to monitor Rio2’s response to the Regional Evaluation Commission decision.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [35]

Loma de La Plata

Under the terms of the Loma de La Plata PMPA, the Company is committed to pay Pan American Silver Corp. (“PAAS”) total upfront cash payments of $32 million following the satisfaction of certain conditions, including PAAS receiving all necessary permits to proceed with the mine construction and the Company finalizing the definitive terms of the PMPA.

Cotabambas

Under the terms of the Cotabambas Early Deposit Agreement, the Company is committed to pay Panoro additional upfront cash payments of $126 million. Following the delivery of a bankable definitive feasibility study, environmental study and impact assessment, and other related documents (collectively, the "Cotabambas Feasibility Documentation"), and receipt of permits and construction commencing, the Company may then advance the remaining deposit or elect to terminate the Cotabambas Early Deposit Agreement. If the Company elects to terminate, the Company will be entitled to a return of the portion of the amounts advanced less $2 million payable upon certain triggering events occurring.

Toroparu

Under the terms of the Toroparu Early Deposit Agreement, the Company is committed to pay a subsidiary of Aris Mining an additional $138 million, payable on an installment basis to partially fund construction of the mine. Aris Mining is to deliver certain feasibility documentation. Prior to the delivery of this feasibility documentation, Wheaton may elect to (i) not proceed with the agreement or (ii) not pay the balance of the upfront consideration and reduce the gold stream percentage from 10% to 0.909% and the silver stream percentage from 50% to nil. If option (i) is chosen, Wheaton will be entitled to a return of the amounts advanced less $2 million. If Wheaton elects option (ii), Aris Mining may elect to terminate the agreement and Wheaton will be entitled to a return of the amount of the deposit already advanced less $2 million.

Kutcho

Under the terms of the Kutcho Early Deposit Agreement, the Company is committed to pay Kutcho additional upfront cash payments of $58 million, which will be advanced on an installment basis to partially fund construction of the mine once certain conditions have been satisfied.

Taxes - Canada Revenue Agency – 2013 to 2016 Taxation Years - Domestic Reassessments ¹

The Company received Notices of Reassessment in 2018, 2019, and 2022 for the 2013 to 2016 taxation years in which the Canada Revenue Agency (“CRA”) is seeking to change the timing of the deduction of upfront payments with respect to the Company’s PMPAs relating to Canadian mining assets, so that the cost of precious metal acquired under these Canadian PMPAs is equal to the cash cost paid on delivery plus an amortized amount of the upfront payment determined on a units-of-production basis over the estimated recoverable reserves, and where applicable, resources and exploration potential at the respective mine (the “Domestic Reassessments”).

In total, the Company expects the Domestic Reassessments to have assessed tax, interest and other penalties of approximately $2 million.

Management believes the Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, that the cost of the precious metal acquired under the Canadian PMPAs is equal to the market value while a deposit is outstanding, and the cash cost thereafter, is correct. The Company has filed Notices of Objection and paid 50% of the disputed amounts in order to challenge the Domestic Reassessments.

Tax Contingencies

Due to the size, complexity and nature of the Company’s operations, various legal and tax matters are outstanding from time to time, including audits and disputes.

Under the terms of the settlement with the CRA of the transfer pricing dispute relating to the 2005 to 2010 taxation years (the “CRA Settlement”), income earned outside of Canada by the Company’s foreign subsidiaries will not be subject to tax in Canada under transfer pricing rules. The CRA Settlement principles apply to all taxation years after 2010 subject to there being no material change in facts or change in law or jurisprudence. The CRA is not restricted under the terms of the CRA Settlement from issuing reassessments on some basis other than transfer pricing which could result in some or all of the income of the Company’s foreign subsidiaries being subject to tax in Canada.

It is not known or determinable by the Company when the currently ongoing audits by CRA of international and domestic transactions will be completed, or whether reassessments will be issued, or the basis, quantum or timing of any such potential reassessments, and it is therefore not practicable for the Company to estimate the financial effect, if any, of those ongoing audits.

¹The assessment by management of the expected impact of the Domestic Reassessments on the Company is “forward-looking information”. Please see “Cautionary Note Regarding Forward-Looking Statements” in the MD&A for material risks, assumptions and important disclosure associated with this information.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [36]

From time to time there may also be proposed legislative changes to law or outstanding legal actions that may have an impact on the current or prior periods, the outcome, applicability and impact of which is also not known or determinable by the Company.

General

By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events. If the Company is unable to resolve any of these matters favorably, there may be a material adverse impact on the Company’s financial performance, cash flows or results of operations. In the event that the Company’s estimate of the future resolution of any of the foregoing matters changes, the Company will recognize the effects of the change in its consolidated financial statements in the appropriate period relative to when such change occurs.

Share Capital

During the three months ended September 30, 2023, the Company received proceeds of $0.1 million from the exercise of 4,563 share purchase options at a weighted average exercise price of Cdn$38.14 per option (nine months - $10 million from the exercise of 434,810 share purchase options at a weighted average exercise price of Cdn$31.59). During the nine months ended September 30, 2022, the Company received cash proceeds of $8 million from the exercise of 329,914 share purchase options at a weighted average exercise price of Cdn$28.87 per option, with all of the exercises taking place during the six months ended June 30, 2022.

During the nine months ended September 30, 2023, the Company released 119,827 RSUs, with all releases taking place during the six months ended June 30, 2023. During the nine months ended September 30, 2022, the Company released 87,838 RSUs, with all releases taking place during three months ended March 31, 2022.

The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. During the three months ended September 30, 2023, there were 22,246 common shares issued under the DRIP (nine months - 122,978 common shares). During the three months ended September 30, 2022, there were 270,768 common shares issued under the DRIP (nine months - 681,256 common shares).

As of November 9, 2023, there were 452,996,141 outstanding common shares, 1,324,133 share purchase options and 301,746 restricted share units. The 10,000,000 share purchase warrants outstanding on December 31, 2022 expired on February 28, 2023 unexercised.

At the Market Equity Program

The Company has established an at-the-market equity program (the “ATM Program”) that allows the Company to issue up to $300 million worth of common shares from treasury (“Common Shares”) to the public from time to time at the Company’s discretion and subject to regulatory requirements. The ATM Program will be effective until the date that all Common Shares available for issue under the ATM Program have been issued or the ATM Program is terminated prior to such date by the Company or the agents.

Wheaton intends that the net proceeds from the ATM Program, if any, will be available as one potential source of funding for stream acquisitions and/or other general corporate purposes including the repayment of indebtedness. As at September 30, 2023, the Company has not issued any shares under the ATM program.

Financial Instruments

The Company owns equity interests in several companies as long-term investments (see page 10 of this MD&A) and therefore is inherently exposed to various risk factors including currency risk, market price risk and liquidity risk.

In order to mitigate the effect of short-term volatility in gold, silver and palladium prices, the Company will occasionally enter into forward contracts in relation to gold, silver and palladium deliveries that it is highly confident will occur within a given quarter. The Company does not hedge its long-term exposure to commodity prices. The Company has not used derivative financial instruments to manage the risks associated with its operations and therefore, in the normal course of business, it is inherently exposed to currency, interest rate and commodity price fluctuations.

New Accounting Standards Effective in 2023

Amendment to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction

The amendments to IAS 12 clarify that the initial recognition exemption does not apply to transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. Early application of the amendments is permitted. The amendments apply to transactions that occur on or after the beginning of the earliest comparative period presented. In addition, at the beginning of the earliest comparative period the following would be recognized:

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [37]

•

a deferred tax asset to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized and a deferred tax liability for all deductible and taxable temporary differences associated with right-of-use assets and lease liabilities; and

•

the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at that date.

The implementation of this amendment did not have a material impact on the Company.

Amendments to IAS 1 and IFRS Practice Statement 2 – Disclosure of Accounting policies

The amendments require that an entity discloses its material accounting policy information, instead of its significant accounting policies. Further amendments explain how an entity can identify a material accounting policy. Examples of when an accounting policy is likely to be material are added. To support the amendment, the IASB has also developed guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’ described in IFRS Practice Statement 2. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. This amendment did not have a significant impact to the Company’s condensed interim consolidated financial statements.

Amendments to IAS 12 - International Tax Reform — Pillar Two Model Rules

The amendments to IAS 12 provide a mandatory temporary exception to the requirements regarding deferred tax assets and liabilities related to pillar two income taxes (Global Minimum Tax) as well as disclosure requirements where an entity has to disclose separately its current tax expense related to Global Minimum Tax and where in periods in which Global Minimum Tax legislation is enacted or substantively enacted, but not yet in effect, an entity discloses known or reasonably estimable information that helps users of financial statements understand the entity’s exposure to Global Minimum Tax arising from that legislation. The mandatory temporary exemption is effective immediately and the disclosure requirements are effective for annual periods beginning January 1, 2023. The Company has applied this mandatory exception in the current period.

Future Changes to Accounting Policies

The International Accounting Standards Board ("IASB") has issued the following new or amended standards:

Amendment to IAS 1- Presentation of Financial statements

The amendments to IAS 1, clarify the presentation of liabilities. The classification of liabilities as current or non-current is based on contractual rights that are in existence at the end of the reporting period and is affected by expectations about whether an entity will exercise its right to defer settlement. A liability not due over the next twelve months is classified as non-current even if management intends or expects to settle the liability within twelve months. The amendment also introduces a definition of ‘settlement’ to make clear that settlement refers to the transfer of cash, equity instruments, other assets, or services to the counterparty. The amendment issued in October 2022 also clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. Covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. The amendments are effective for annual reporting periods beginning on or after January 1, 2024. The implementation of this amendment is not expected to have a material impact on the Company.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [38]

Non-IFRS Measures

The following table provides a reconciliation of adjusted net earnings and adjusted net earnings per share (basic and diluted).

	Three Months Ended September 30					Nine Months Ended September 30
(in thousands, except for per share amounts)		2023		2022			2023		2022
Net earnings		$	116,371	$	196,460		$	369,209	$	503,001
Add back (deduct):
Impairment charge (reversal)			-		(10,330)			-		(10,330)
Gain on disposal of Mineral Stream Interest			-		(104,425)			(5,027)		(104,425)
(Gain) loss on fair value adjustment of share purchase warrants held			143		204			248		1,101
Income tax (expense) recovery recognized in the Statement of Shareholders' Equity			-		3,644			-		4,143
Income tax (expense) recovery recognized in the Statement of OCI			5,115		546			7,205		701
Income tax recovery related to prior year disposal of Mineral Stream Interest			-		7,779			(2,672)		7,779
Other			(162)		-			(482)		(802)
Adjusted net earnings		$	121,467	$	93,878		$	368,481	$	401,168
Divided by:
Basic weighted average number of shares outstanding			452,975		451,757			452,748		451,402
Diluted weighted average number of shares outstanding			453,538		452,386			453,419		452,221
Equals:
Adjusted earnings per share - basic		$	0.268	$	0.208		$	0.814	$	0.889
Adjusted earnings per share - diluted		$	0.268	$	0.208		$	0.813	$	0.887

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [39]

ii.

The following table provides a reconciliation of operating cash flow per share (basic and diluted).

	Three Months Ended September 30					Nine Months Ended September 30
(in thousands, except for per share amounts)		2023		2022			2023		2022
Cash generated by operating activities		$	171,103	$	154,497		$	508,584	$	571,396
Divided by:
Basic weighted average number of shares outstanding			452,975		451,757			452,748		451,402
Diluted weighted average number of shares outstanding			453,538		452,386			453,419		452,221
Equals:
Operating cash flow per share - basic		$	0.378	$	0.342		$	1.123	$	1.266
Operating cash flow per share - diluted		$	0.377	$	0.342		$	1.122	$	1.264

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [40]

iii.

The following table provides a calculation of average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis.

	Three Months Ended September 30					Nine Months Ended September 30
(in thousands, except for gold and palladium ounces sold and per unit amounts)		2023		2022			2023		2022
Cost of sales		$	96,243	$	116,683		$	306,321	$	384,703
Less: depletion			(46,435)		(55,728)			(145,908)		(178,812)
Cash cost of sales		$	49,808	$	60,955		$	160,413	$	205,891
Cash cost of sales is comprised of:
Total cash cost of gold sold		$	33,014	$	29,398		$	98,724	$	105,719
Total cash cost of silver sold			15,121		29,238			56,351		90,384
Total cash cost of palladium sold			946		1,493			2,699		4,475
Total cash cost of cobalt sold			727		826			2,639		5,313
Total cash cost of sales		$	49,808	$	60,955		$	160,413	$	205,891
Divided by:
Total gold ounces sold			74,426		62,000			212,325		224,238
Total silver ounces sold			2,965		5,234			11,151		16,635
Total palladium ounces sold			4,242		4,227			10,580		11,680
Total cobalt pounds sold			198		115			786		851
Equals:
Average cash cost of gold (per ounce)		$	444	$	474		$	465	$	471
Average cash cost of silver (per ounce)		$	5.10	$	5.59		$	5.05	$	5.43
Average cash cost of palladium (per ounce)		$	223	$	353		$	255	$	383
Average cash cost of cobalt (per pound)		$	3.66	$	7.21		$	3.36	$	6.24

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [41]

iv.

The following table provides a reconciliation of cash operating margin.

	Three Months Ended September 30					Nine Months Ended September 30
(in thousands, except for gold and palladium ounces sold and per unit amounts)		2023		2022			2023		2022
Gross margin		$	126,894	$	102,153		$	396,252	$	444,299
Add back: depletion			46,435		55,728			145,908		178,812
Cash operating margin		$	173,329	$	157,881		$	542,160	$	623,111
Cash operating margin is comprised of:
Total cash operating margin of gold sold		$	111,693	$	77,730		$	314,690	$	304,927
Total cash operating margin of silver sold			55,251		71,032			206,778		274,445
Total cash operating margin of palladium sold			4,361		7,345			12,223		21,099
Total cash operating margin of cobalt sold			2,024		1,774			8,469		22,640
Total cash operating margin		$	173,329	$	157,881		$	542,160	$	623,111
Divided by:
Total gold ounces sold			74,426		62,000			212,325		224,238
Total silver ounces sold			2,965		5,234			11,151		16,635
Total palladium ounces sold			4,242		4,227			10,580		11,680
Total cobalt pounds sold			198		115			786		851
Equals:
Cash operating margin per gold ounce sold		$	1,500	$	1,254		$	1,482	$	1,360
Cash operating margin per silver ounce sold		$	18.63	$	13.57		$	18.55	$	16.50
Cash operating margin per palladium ounce sold		$	1,028	$	1,738		$	1,155	$	1,807
Cash operating margin per cobalt pound sold		$	10.21	$	15.47		$	10.77	$	26.61

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [42]

Subsequent Events

Declaration of Dividend

Under the Company’s dividend policy, the quarterly dividend per common share is targeted to equal approximately 30% of the average cash flow generated by operating activities in the previous four quarters divided by the Company’s then outstanding common shares, all rounded to the nearest cent. To minimize volatility in quarterly dividends, the Company has set a minimum quarterly dividend for the duration of 2023 equal to the dividend per common share declared in the prior quarter, which was $0.15 per share. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.

On November 9, 2023, the Board of Directors declared a dividend in the amount of $0.15 per common share, with this dividend being payable to shareholders of record on November 28, 2023 and is expected to be distributed on or about December 8, 2023. 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.

Controls and Procedures

Disclosure Controls and Procedures

Management is responsible for establishing and maintaining adequate internal control over financial reporting and disclosure controls and procedures, as those terms are defined in National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings, for the Company.

Together, the internal control frameworks provide internal control over financial reporting and disclosure. Due to its inherent limitations, internal control over financial reporting and disclosure may not prevent or detect all misstatements. Further, the effectiveness of internal control is subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may change.

There were no changes in the Company’s internal controls over financial reporting during the three months ended September 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, management will continue to monitor and evaluate the design and effectiveness of its internal control over financial reporting and disclosure controls and procedures, and may make modifications from time to time as considered necessary.

Limitation of Controls and Procedures

The Company’s management, including its Chief Executive Officer and Chief Financial Officer, believe that any disclosure controls and procedures or internal control over financial reporting, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, they cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented or detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent limitations in a cost effective control system, misstatements due to error or fraud may occur and not be detected.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [43]

Attributable Reserves and Resources

The following tables set forth the estimated Mineral Reserves and Mineral Resources (metals attributable to Wheaton only) for the mines relating to which the Company has PMPAs, adjusted where applicable to reflect the Company’s percentage entitlement to such metals, as of December 31, 2022, unless otherwise noted.

Mineral Reserves Attributable to Wheaton Precious Metals ^(1,2,3,8,33)

		December 31, 2022 ⁽⁶⁾										December 31, 2021
		Proven			Probable			Proven & Probable				Proven & Probable
		Tonnage	Grade	Contained	Tonnage	Grade	Contained	Tonnage	Grade	Contained	Process Recovery %⁽⁷⁾	Tonnage	Grade	Contained
Asset	Interest	Mt	g/t / %	Moz / Mlbs	Mt	g/t / %	Moz / Mlbs	Mt	g/t / %	Moz / Mlbs	Process Recovery %⁽⁷⁾	Mt	g/t / %	Moz / Mlbs
Gold
Salobo ⁽¹⁰⁾	75%	188.8	0.40	2.43	645.5	0.34	7.06	834.3	0.35	9.48	76%	850.1	0.35	9.60
Stillwater ⁽¹³⁾	100%	10.0	0.36	0.12	50.3	0.37	0.60	60.2	0.37	0.72	69%	68.3	0.34	0.74
Constancia	50%	222.7	0.06	0.44	23.4	0.04	0.03	246.1	0.06	0.47	61%	260.5	0.07	0.55
Sudbury ⁽¹¹⁾	70%	8.4	0.50	0.13	22.1	0.26	0.19	30.4	0.33	0.32	75%	22.8	0.45	0.33
San Dimas ⁽¹⁴⁾	25%	0.7	3.51	0.07	0.4	3.03	0.04	1.1	3.32	0.12	95%	1.0	3.87	0.12
Marmato ^(11,15)	10.5%	0.2	4.31	0.03	3.0	3.07	0.30	3.3	3.16	0.33	90%	2.1	3.19	0.21
Cangrejos ^(11,31)	6.6%	-	-	-	43.5	0.55	0.76	43.5	0.55	0.76	85%	-	-	-
Blackwater^(11,27)	8%	23.4	0.74	0.56	0.7	0.80	0.02	24.1	0.74	0.57	91%	19.8	0.74	0.47
Santo Domingo ^(11,25)	100%	65.4	0.08	0.17	326.9	0.03	0.34	392.3	0.04	0.51	61%	392.3	0.04	0.51
Marathon^(11,28)	100%	111.6	0.07	0.25	12.5	0.06	0.02	124.2	0.07	0.28	71%	117.7	0.07	0.26
Copper World Complex ⁽²¹⁾	100%	319.4	0.03	0.27	65.7	0.02	0.04	385.1	0.02	0.31	60%	-	-	-
Curipamba^(11,29)	50%	1.6	2.83	0.14	1.7	2.23	0.12	3.2	2.52	0.26	53%	3.2	2.52	0.26
Goose ^(11,30)	2.78%	0.2	5.54	0.04	0.3	6.29	0.06	0.5	5.97	0.10	93%	0.8	5.97	0.14
Kutcho ⁽¹²⁾	100%	6.8	0.37	0.08	10.6	0.39	0.13	17.4	0.38	0.21	41%	17.4	0.38	0.21
Fenix ^(11,26⁾	6%	3.1	0.52	0.05	3.8	0.47	0.06	6.9	0.49	0.11	75%	6.9	0.49	0.11
Total Gold				4.79			9.77			14.56				13.52
Silver
Peñasquito ⁽¹⁰⁾	25%	26.1	38.0	31.9	53.0	32.0	54.6	79.1	34.0	86.5	86%	90.5	33.8	98.5
Constancia	100%	445.3	3.0	43.1	46.8	2.8	4.3	492.1	3.0	47.4	70%	521.0	3.1	51.7
Antamina ^(10,11,18)	33.75%
Copper		38.6	7.0	8.7	24.9	8.0	6.4	63.6	7.4	15.1	75%	72.5	7.6	17.7
Copper-Zinc		13.8	13.0	5.8	17.9	15.0	8.6	31.7	14.1	14.4	75%	40.9	14.0	18.4
Zinkgruvan	100%
Zinc		3.7	73.2	8.6	5.6	66.0	12.0	9.3	68.9	20.6	83%	10.3	85.6	28.3
Copper		1.6	33.4	1.7	0.1	38.9	0.1	1.7	33.6	1.8	70%	2.2	32.3	2.3
Neves-Corvo	100%
Copper		3.1	32.7	3.3	18.1	33.3	19.4	21.2	33.2	22.6	24%	25.1	31.4	25.3
Zinc		3.4	69.4	7.5	18.9	61.8	37.6	22.3	62.9	45.1	30%	24.8	63.1	50.2
Aljustrel ⁽¹⁹⁾	100%	10.2	45.2	14.8	25.3	44.2	35.9	35.5	44.5	50.7	26%	37.2	47.1	56.2
San Dimas⁽¹⁴⁾	25%	0.7	277.8	5.8	0.4	265.1	3.6	1.1	272.8	9.5	94%	1.0	315.3	9.7
Cozamin ^(11,20)	50%
Copper		-	-	-	4.6	42.6	6.3	4.6	42.6	6.3	86%	5.4	45.6	8.0
Zinc		-	-	-	0.5	50.8	0.9	0.5	50.8	0.9	60%	0.7	44.5	1.0
Los Filos	100%	21.7	5.0	3.5	96.5	7.1	22.1	118.2	6.7	25.6	10%	104.2	8.5	28.5
Marmato^(11,15)	100%	2.1	16.4	1.1	28.1	5.3	4.8	30.2	6.1	5.9	34%	19.7	6.9	4.4
Copper World Complex ⁽²¹⁾	100%	319.4	5.7	58.3	65.7	4.3	9.1	385.1	5.4	67.4	75.5%	516.6	4.6	76.7
Blackwater^(11,27)	50%	161.9	5.8	30.1	4.6	5.8	0.9	166.5	5.8	31.0	61%	166.5	5.8	31.0
Kutcho ⁽¹²⁾	100%	6.8	24.5	5.4	10.6	30.1	10.2	17.4	27.9	15.6	46%	17.4	27.9	15.6
Curipamba^(11,29)	75%	2.4	41.4	3.1	2.5	49.7	4.0	4.9	45.7	7.1	63%	4.9	45.7	7.1
Total Silver				232.7			240.7			473.4				530.4
Palladium
Stillwater ^(11,13)	4.5%	0.3	10.5	0.10	1.5	10.6	0.50	1.8	10.6	0.60	90%	2.0	9.7	0.63
Total Palladium				0.10			0.50			0.60				0.63
Platinum
Marathon ^(11,28)	22%	25.3	0.2	0.16	2.8	0.1	0.01	28.1	0.2	0.18	76%	25.9	0.2	0.17
Total Platinum				0.16			0.01			0.18				0.17
Cobalt
Voisey's Bay ^(11,22)	42.4%	5.5	0.12	14.1	7.5	0.12	19.1	13.0	0.12	33.2	84%	11.4	0.12	31.4
Total Cobalt				14.1			19.1			33.2				31.4

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [44]

Mineral Resources Attributable to Wheaton Precious Metals ^{(1,2,3,4,5,9,33)}

		December 31, 2022 ⁽⁶⁾
		Measured			Indicated			Measured & Indicated			Inferred
		Tonnage	Grade	Contained	Tonnage	Grade	Contained	Tonnage	Grade	Contained	Tonnage	Grade	Contained
	Interest	Mt	g/t / %	Moz / Mlbs	Mt	g/t / %	Moz / Mlbs	Mt	g/t / %	Moz / Mlbs	Mt	g/t / %	Moz / Mlbs
Gold
Salobo ⁽¹⁰⁾	75%	28.2	0.15	0.14	369.1	0.24	2.85	397.3	0.23	2.98	162.1	0.30	1.56
Stillwater ⁽¹³⁾	100%	19.3	0.27	0.17	19.1	0.22	0.13	38.3	0.25	0.30	114.0	0.34	1.25
Constancia	50%	63.8	0.05	0.10	70.5	0.04	0.09	134.3	0.04	0.19	32.1	0.05	0.06
Sudbury ⁽¹¹⁾	70%	2.3	1.16	0.08	3.5	0.48	0.05	5.8	0.74	0.14	2.0	0.47	0.03
San Dimas ⁽¹⁴⁾	25%	-	-	-	0.1	1.97	0.01	0.1	1.97	0.01	1.1	3.57	0.12
Marmato ^(11,15)	10.5%	0.1	5.04	0.01	1.7	2.28	0.13	1.8	2.40	0.14	1.9	2.43	0.14
Minto	100%	-	-	-	11.1	0.53	0.19	11.1	0.53	0.19	13.0	0.49	0.21
Cangrejos ^(11,31)	6.6%	-	-	-	20.6	0.38	0.25	20.6	0.38	0.25	13.0	0.39	0.16
Blackwater^(11,27)	8%	4.1	0.35	0.05	6.4	0.49	0.10	10.5	0.44	0.15	0.7	0.45	0.01
Toroparu ^(12,16)	10%	4.2	1.45	0.20	7.3	1.46	0.34	11.5	1.45	0.54	2.1	1.71	0.12
Santo Domingo ^(11,25)	100%	1.4	0.05	0.002	120.1	0.03	0.11	121.5	0.03	0.12	31.8	0.02	0.03
Marathon^(11,28)	100%	30.2	0.07	0.06	39.6	0.06	0.08	69.8	0.06	0.14	19.1	0.04	0.03
Copper World Complex ⁽²¹⁾	100%	424.0	0.02	0.30	191.0	0.02	0.10	615.0	0.02	0.40	192.0	0.01	0.08
Curipamba^(11,29)	50%	-	-	-	1.2	1.63	0.06	1.2	1.63	0.06	0.4	1.62	0.02
Goose ^(11,30)	2.78%	0.03	4.94	0.00	0.1	5.18	0.01	0.1	5.13	0.02	0.1	6.64	0.03
Kutcho⁽¹²⁾	100%	0.4	0.20	0.003	5.0	0.38	0.06	5.4	0.37	0.06	12.9	0.25	0.10
Fenix ^(11,26)	6%	2.9	0.34	0.03	9.3	0.33	0.10	12.3	0.33	0.13	4.8	0.32	0.05
Cotabambas^(12,23)	25%	-	-	-	29.3	0.23	0.22	29.3	0.23	0.22	151.3	0.17	0.84
Brewery Creek Royalty⁽²⁴⁾	2%	0.3	1.06	0.01	0.5	1.02	0.02	0.8	1.03	0.03	1.0	0.88	0.03
Metates Royalty ⁽¹⁷⁾	0.5%	0.2	0.86	0.004	4.5	0.56	0.08	4.6	0.57	0.08	0.7	0.47	0.01
Black Pine Royalty⁽³²⁾	0.5%	-	-	-	0.8	0.52	0.01	0.8	0.52	0.01	0.2	0.43	0.00
Total Gold				1.17			4.99			6.16			4.88
Silver
Peñasquito ⁽¹⁰⁾	25%	11.9	23.9	9.1	65.9	24.0	50.8	77.7	24.0	59.9	21.2	27.2	18.6
Constancia	100%	127.5	2.2	8.8	141.0	2.2	10.0	268.5	2.2	18.8	64.1	2.6	5.3
Antamina ^(10,11,18)	33.75%
Copper		29.7	8.0	7.6	108.2	9.0	31.3	137.9	8.8	38.9	207.4	9.2	61.2
Copper-Zinc		12.8	21.0	8.7	54.0	18.0	31.2	66.8	18.6	39.9	94.9	16.0	48.8
Zinkgruvan	100%
Zinc		2.9	56.1	5.2	6.7	66.3	14.3	9.6	63.3	19.5	17.6	91.0	51.6
Copper		1.9	32.0	1.9	0.4	34.9	0.5	2.3	32.5	2.4	0.3	27.0	0.2
Neves-Corvo	100%
Copper		5.3	48.3	8.2	30.5	48.9	47.9	35.7	48.8	56.1	14.2	29.1	13.3
Zinc		6.4	62.6	12.9	37.4	57.5	69.1	43.8	58.3	82.0	3.9	64.1	8.0
San Dimas⁽¹⁴⁾	25%	-	-	-	0.1	183.3	0.6	0.1	183.3	0.6	1.1	306.4	10.5
Aljustrel ⁽¹⁹⁾	100%	7.4	56.6	13.4	10.3	45.5	15.1	17.7	50.2	28.5	12.2	40.8	16.0
Cozamin ^(11,20)	50%
Copper		0.2	53.8	0.3	3.4	42.4	4.6	3.6	43.0	4.9	2.4	41.5	3.2
Zinc		-	-	-	1.4	36.5	1.6	1.4	36.5	1.6	1.7	33.8	1.8
Marmato ^(11,15)	100%	0.7	25.3	0.6	16.3	6.0	3.1	17.0	6.8	3.7	17.7	3.2	1.8
Minto	100%	-	-	-	11.1	4.7	1.7	11.1	4.7	1.7	13.0	4.5	1.9
Stratoni	100%	-	-	-	1.4	153.0	6.6	1.4	153.0	6.6	1.7	162.2	8.9
Copper World Complex ⁽²¹⁾	100%	424.0	4.1	55.9	191.0	3.5	21.5	615.0	3.9	77.4	192.0	3.1	19.1
Blackwater^(11,27)	50%	33.7	4.7	5.1	52.9	8.7	14.8	86.6	7.1	19.9	5.6	12.8	2.3
Kutcho ⁽¹²⁾	100%	0.4	28.0	0.4	5.0	25.7	4.1	5.4	25.9	4.5	12.9	20.0	8.3
Curipamba ^(11,29)	75%	-	-	-	1.8	38.4	2.2	1.8	38.4	2.2	0.7	31.6	0.7
Pascua-Lama	25%	10.7	57.2	19.7	97.9	52.2	164.4	108.6	52.7	184.1	3.8	17.8	2.2
Loma de La Plata	12.5%	-	-	-	3.6	169.0	19.8	3.6	169.0	19.8	0.2	76.0	0.4
Toroparu ^(12,16)	50%	21.2	1.8	1.2	36.3	1.2	1.4	57.5	1.4	2.7	10.6	0.8	0.3
Cotabambas ^(12,23⁾	100%	-	-	-	117.1	2.7	10.3	117.1	2.7	10.3	605.3	2.3	45.4
Metates Royalty ⁽¹⁷⁾	0.5%	0.2	18.2	0.1	4.5	14.2	2.0	4.6	14.3	2.1	0.7	13.2	0.3
Total Silver				159.1			529.1			688.2			329.9
Palladium
Stillwater ^(11,13)	4.5%	0.19	8.1	0.05	0.2	6.1	0.04	0.4	7.1	0.09	1.1	9.5	0.35
Total Palladium				0.05			0.04			0.09			0.35
Platinum
Marathon ^(11,28)	22.0%	7.14	0.2	0.04	9.4	0.1	0.04	16.5	0.1	0.08	4.3	0.1	0.01
Total Platinum				0.04			0.04			0.08			0.01
Cobalt
Voisey's Bay ^(11,22)	42.4%	1.6	0.05	1.5	-	-	-	1.6	0.05	1.5	2.4	0.15	7.8
Total Cobalt				1.5			-			1.5			7.8

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [45]

Notes on Mineral Reserves & Mineral Resources:

All Mineral Reserves and Mineral Resources have been estimated in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards for Mineral Resources and Mineral Reserves and National Instrument 43-101 – Standards for Disclosure for Mineral Projects (“NI 43-101”), or the 2012 Australasian Joint Ore Reserves Committee (JORC) Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Mineral Reserves and Mineral Resources are reported above in millions of metric tonnes (“Mt”), grams per metric tonne (“g/t”) for gold, silver, palladium and platinum, percent (“%”) for cobalt, millions of ounces (“Moz”) for gold, silver, palladium and platinum and millions of pounds (“Mlbs”) for cobalt.

3.	Qualified persons (“QPs”), as defined by the NI 43-101, for the technical information contained in this document (including the Mineral Reserve and Mineral Resource estimates) are:

Neil Burns, M.Sc., P.Geo. (Vice President, Technical Services); and

Ryan Ulansky, M.A.Sc., P.Eng. (Vice President, Engineering),

both employees of the Company (the “Company’s QPs”).

The Mineral Resources reported in the above tables are exclusive of Mineral Reserves. The Cozamin mine, San Dimas mine, Minto mine, Neves-Corvo mine, Zinkgruvan mine, Aljustrel mines, Santo Domingo project, Blackwater project, Kutcho project, Marathon project, Fenix project, Curipamba project, Cangrejos project and Goose project report Mineral Resources inclusive of Mineral Reserves. The Company’s QPs have made the exclusive Mineral Resource estimates for these mines based on average mine recoveries and dilution.

5.	Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

6.	Other than as detailed below, Mineral Reserves and Mineral Resources are reported as of December 31, 2022 based on information available to the Company as of the date of this document, and therefore will not reflect updates, if any, after such date.

Mineral Resources for Aljustrel’s Feitais mine are reported as of July 2022, Moinho & St João mines as of June 2022 and the Estação project as of July 2018. Mineral Reserves for the Feitais, Moinho and St João mines are reported as of December 2021 and the Estação project as of April 2022.

Mineral Resources for the Black Pine project are reported as of January 21, 2023.

Mineral Resources for the Blackwater project are reported as of May 5, 2020 and Mineral Reserves as of September 10, 2021.

Mineral Resources for the Brewery Creek project are reported as of January 18, 2022.

Mineral Resources for the Cangrejos project are reported as of January 30, 2023 and Mineral Reserves as of March 30, 2023.

Mineral Resources and Mineral Reserves for the Copper World Complex project are reported as of July 1, 2023.

Mineral Resources and Mineral Reserves for the Cozamin mine are reported as of December 31, 2021.

Mineral Resources for the Cotabambas project are reported as of June 20, 2013.

Mineral Resources for the Curipamba project are reported as of October 26, 2021 and Mineral Reserves as of October 22, 2021.

Mineral Resources and Mineral Reserves for the Fenix project are reported as of August 15, 2019.

Mineral Resources for the Goose project are reported as of December 31, 2020 and Mineral Reserves as of January 15, 2021.

Mineral Resources for the Kutcho project are reported as of July 20, 2021 and Mineral Reserves are reported as of November 8, 2021.

Mineral Resources for the Loma de La Plata project are reported as of May 20, 2009.

Mineral Resources and Mineral Reserves for the Los Filos mine are reported as of June 30, 2022.

Mineral Resources and Mineral Reserves for the Marmato mine are reported as of June 30, 2022.

Mineral Resources Metates royalty are reported as of January 28, 2023.

Mineral Resources for the Minto mine are reported as of March 31, 2021.

Mineral Resources for the Santo Domingo project are reported as of February 13, 2020 and Mineral Reserves as of November 14, 2018.

Mineral Resources and Mineral Reserves for the Stratoni mine are reported as of September 30, 2022.

Mineral Resources for the Toroparu project are reported as of February 10, 2023.

7.	Process recoveries are the Company’s estimated average percentage of gold, silver, palladium, platinum, or cobalt in a saleable product (doré or concentrate) recovered from mined ore at the applicable site process plants.

8.	Mineral Reserves are estimated using appropriate process and mine recovery rates, dilution, operating costs and the following commodity prices:

Aljustrel mine – 3.0% zinc cut-off for the Feitais, Moinho and St João mines and the Estação project.

Antamina mine - $6,000 per hour of mill operation cut-off assuming $3.30 per pound copper, $1.10 per pound zinc, $9.30 per pound molybdenum and $20.70 per ounce silver.

Blackwater project – NSR cut-off of Cdn $13.00 per tonne assuming $1,400 per ounce gold and $15.00 per ounce silver.

Cangrejos project - declining NSR cut-offs of between $23.00 and $7.76 per tonne assuming $1,500 per ounce gold, $3.00 per pound copper and $18.00 per ounce silver.

Constancia mine – NSR cut-off of $6.40 per tonne assuming $1,650 per ounce gold, $22.00 per ounce silver, $3.60 per pound copper and $12.00 per pound molybdenum.

Copper World Complex project – $3.75 per pound copper, $12.00 per pound molybdenum, $22,00 per ounce silver and $1,650 per ounce gold.

Cozamin mine - NSR cut-offs of $48.04 per tonne for conventionally backfilled zones for 2020-2022, $51.12 per tonne for conventionally backfilled zones for 2023 and onward, $56.51 per tonne for paste backfilled zones of Vein 10 and $56.12 per tonne for paste backfilled zones of Vein 20, all assuming $2.75 per pound copper, $17.00 per ounce silver, $0.90 per pound lead and $1.00 per pound zinc.

Curipamba project - NSR cut-off of $32.99 per tonne assuming $1,630 per ounce gold, $21 per ounce silver, $3.31 per pound copper, $0.92 per pound lead and $1.16 per pound zinc.

Fenix project – 0.24 grams per tonne gold cut-off assuming $1.250 per ounce gold.

Goose project:

Umwelt – 1.72 grams per tonne gold cut-off for open pit and 3.9 grams per tonne for underground.

ii.

Llama – 1.74 grams per tonne gold cut-off for open pit and 4.1 grams per tonne for underground.

iii.

Goose Main – 1.70 grams per tonne gold cut-off for open pit and 4.1 grams per tonne for underground.

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iv.

Echo – 1.60 grams per tonne gold cut-off for open pit and 3.5 grams per tonne for underground.

Kutcho project – NSR cut-offs of Cdn $38.40 per tonne for oxide ore and Cdn $55.00 per tonne for sulfide for the open pit and Cdn $129.45 per tonne for the underground assuming $3.50 per pound copper, $1.15 per pound zinc, $20.00 per ounce silver and $1,600 per ounce gold.

Los Filos mine – Variable breakeven cut-offs for the open pits depending on process destination and metallurgical recoveries and NSR cut-offs of $65.80 - $96.60 per tonne for the underground mines, assuming $1,450 per ounce gold and $18.00 per ounce silver.

Marathon project - NSR cut-off of Cdn $16.00 per tonne assuming $1,500 per ounce palladium, $1,000 per ounce platinum, $3.50 per pound copper, $1,600 per ounce gold and $20.00 per ounce silver.

Marmato mine – 2.05 grams per tonne gold cut-off for the Upper Mine and 1.62 grams per tonne gold cut-off for the Lower Mine, all assuming $1,500 per ounce gold.

Neves-Corvo mine – NSR cut-offs ranging from EUR 44 to 60 per tonne depending on area and mining method for both the copper and zinc Mineral Reserves assuming $3.35 per pound copper, $0.90 per pound lead and $1.15 per pound zinc.

Peñasquito mine - $1,400 per ounce gold, $20.00 per ounce silver, $1.00 per pound lead and $1.20 per pound zinc.

Salobo mine – 0.25% copper equivalent cut-off assuming $1,450 per ounce gold and $3.40 per pound copper.

San Dimas mine – $1,750 per ounce gold and $22.50 per ounce silver.

Santo Domingo project - variable throughput rates and cut-offs assuming $3.00 per pound copper, $1,290 per ounce gold and $100 per tonne iron.

Stillwater mines - combined platinum and palladium cut-off of 6.86 grams per tonne for Stillwater and East Boulder sub-level extraction and 1.71 grams per tonne for Ramp & Fill at East Boulder.

Sudbury mines - $1,450 per ounce gold, $8.16 per pound nickel, $3.40 per pound copper, $1,200 per ounce platinum, $1,400 per ounce palladium and $22.68 per pound cobalt.

Voisey’s Bay mines – NSR cut-offs of Cdn $32 per tonne for Ovoid & Southeast Extension, Cdn$230 per tonne for Reid Brook, Cdn$250 per tonne for Eastern Deeps and Cdn$28 per tonne for Discovery Hill all assuming $3.40 per pound copper, $8.16 per pound nickel and $22.68 per pound cobalt.

Zinkgruvan mine – NSR cut-offs ranging from SEK 750 to 950 per tonne depending on area and mining method for both the copper and zinc Mineral Reserves assuming $3.35 per pound copper and $0.90 per pound lead and $1.15 per pound zinc.

9.	Mineral Resources are estimated using appropriate recovery rates and the following commodity prices:

Aljustrel mine – 3.0% zinc cut-off for Feitais, Moinho and St João mines and the Estação project.

Antamina mine - $3.30 per pound copper, $1.20 per pound zinc, $13.10 per pound molybdenum and $24.50 per ounce silver.

Black Pine – 0.2 grams per tonne gold cut-off assuming $1,800 per ounce gold.

Blackwater project – 0.2 grams per tonne gold equivalent cut-off assuming $1,400 per ounce gold and $15.00 per ounce silver.

Brewery Creek project – 0.37 grams per tonne gold cut-off assuming $1,500 per ounce gold.

Cangrejos project - 0.25 grams per tonne gold equivalent cut-off assuming $1,600 per ounce gold, $3.50 per pound copper, $11.00 per pound molybdenum and $21.00 per ounce silver.

Constancia mine – NSR cut-off of $6.40 per tonne for open pit and 0.65% copper cut-off for underground, both assuming $1,650 per ounce gold, $22.00 per ounce silver, $3.60 per pound copper and $12.00 per pound molybdenum.

Copper World Complex project – 0.1% copper cut-off and an oxidation ratio of lower than 50%, assuming $3.75 per pound copper, $12.00 per pound molybdenum, $22.00 per ounce silver, and $1,650 per ounce gold.

Cotabambas project – 0.2% copper equivalent cut-off assuming $1,350 per ounce gold, $23.00 per ounce silver, $3.20 per pound copper and $12.50 per pound molybdenum.

Cozamin mine – NSR cut-off of $50 per tonne assuming $3.25 per pound copper, $20.00 per ounce silver, $1.00 per pound lead and $1.20 per pound zinc.

Curipamba project - NSR cut-off of $29.00 per tonne for the open pit and $105 per tonne for the underground assuming $1,800 per ounce gold, $24 per ounce silver, $4.00 per pound copper, $1.05 per pound lead and $1.30 per pound zinc.

Fenix project – 0.15 grams per tonne gold cut-off assuming $1,500 per ounce gold.

Goose project - 1.4 grams per tonne gold cut-off for open pit and 3.0 grams per tonne for underground for all deposits, assuming a gold price of $1,550 per ounce.

Kutcho project – 0.45% copper equivalent cut-off for the Main open pit and underground copper equivalent cut-offs of 1.05%, 0.95% and 1.05% for Main, Esso and Sumac respectively, all assuming $3.50 per pound copper, $1.15 per pound zinc, $20.00 per ounce silver and $1,600 per ounce gold.

Loma de La Plata project – 50 grams per tonne silver equivalent cut-off assuming $12.50 per ounce silver and $0.50 per pound lead.

Los Filos mine – 0.2 grams per tonne gold cut-off for the open pits, 1.71 grams per tonne gold cut-off for Los Filos South underground, 2.05 grams per tonne gold cut-off for Los Filos North underground and 2.71 grams per tonne gold cut-off for Bermejal underground, all assuming $1,550 per ounce gold and $18.00 per ounce silver.

Marathon project – NSR cut-off of Cdn $15.00 per tonne for the Marathon project assuming $1,800 per ounce palladium, $1,000 per ounce platinum, $3.50 per pound copper, $1,600 per ounce gold and $20.00 per ounce silver. NSR cut-off of Cdn $13.00 per tonne for the Sally and Geordie projects assuming $1,600 per ounce palladium, $900 per ounce platinum, $3.00 per pound copper, $1,500 per ounce gold and $18.00 per ounce silver.

Marmato mine – 1.8 grams per tonne gold cut-off for the Upper Mine and 1.3 grams per tonne gold cut-off for the Lower Mine, all assuming $1,700 per ounce gold.

Metates royalty – 0.26 grams per tonne gold equivalent cut-off assuming $1,600 per ounce gold and $20.00 per ounce silver.

Minto mine – NSR cut-off of Cdn $35.00 per tonne for open pit and Cdn $70 per tonne for underground, assuming $1,500 per ounce gold, $18.00 per ounce silver and $3.10 per pound copper.

Neves-Corvo mine – 1.0% copper cut-off for the copper Mineral Resource and 4.5% zinc cut-off for the zinc Mineral Resource, both assuming $3.35 per pound copper, $0.90 per pound lead and $1.15 per pound zinc.

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Pascua-Lama project – $1,500 per ounce gold, $18.75 per ounce silver and $3.50 per pound copper.

Peñasquito mine - $1,600 per ounce gold, $23.00 per ounce silver, $1.20 per pound lead and $1.45 per pound zinc.

Salobo mine – 0.25% copper equivalent cut-off assuming $1,450 per ounce gold and $3.40 per pound copper.

San Dimas mine – 165 grams per tonne silver equivalent cut-off assuming $1,800 per ounce gold and $25.00 per ounce silver.

Santo Domingo project - 0.125% copper equivalent cut-off assuming $3.50 per pound copper, $1,300 per ounce gold and $99 per tonne iron.

aa.

Stillwater mines – combined platinum and palladium cut-off of 3.77 grams per tonne for Stillwater, 6.86 grams per tonne for East Boulder sub-level extraction and 1.71 grams per tonne for East Boulder Ramp & Fill.

bb.

Stratoni mine – NSR cut-off of $200 per tonne assuming $2.75 per pound copper, $0.91 per pound lead, $1.04 per pound zinc and $17.00 per ounce silver.

cc.

Sudbury mines - $1,200 to $1,373 per ounce gold, $6.07 to $8.16 per pound nickel, $2.38 to $3.18 per pound copper, $1,150 to $1,225 per ounce platinum, $750 to $1,093 per ounce palladium and $12.47 to $20.41 per pound cobalt.

dd.

Toroparu project – 0.50 grams per tonne gold cut-off for open pit and 1.5 grams per tonne for underground assuming $1,650 per ounce gold.

ee.

Voisey’s Bay mines – NSR cut-off of Cdn $28 per tonne for Discovery Hill and Cdn $230 per tonne for Reid Brook, all assuming $3.40 per pound copper, $8.16 per pound nickel and $22.68 per pound cobalt.

ff.

Zinkgruvan mine – NSR cut-offs ranging from SEK 515 to 710 per tonne depending on area and mining method for the zinc Mineral Resources and NSR cut-offs ranging from SEK 580 to 600 per tonne for the copper Mineral Resources assuming $3.35 per pound copper and $0.90 per pound lead and $1.15 per pound zinc.

10.	The scientific and technical information in these tables regarding the Antamina, Peñasquito and Salobo mines was sourced by the Company from the following filed documents:

Antamina – Teck Resources Annual Information Form filed on SEDAR+ on February 21, 2023,

Peñasquito – Newmont’s December 31, 2022 Resources and Reserves press release dated February 23, 2023, and

Salobo – Vale has filed a technical report summary for the Salobo Mine, which is available on Edgar at https://www.sec.gov/Archives/edgar/data/0000917851/000110465922040322/tm2210823d1_6k.htm.

The Company QP’s have approved this partner disclosed scientific and technical information in respect of the Company’s Mineral Resource and Mineral Reserve estimates for the Antamina mine, Peñasquito mine and Salobo mine.

11.

The Company’s attributable Mineral Resources and Mineral Reserves for the Antamina silver interest, Cozamin silver interest, Marmato gold and silver interests, Santo Domingo gold interest, Blackwater gold and silver interests, Marathon gold and platinum interests, Sudbury gold interest, Fenix gold interest, Goose gold interest, Curipamba gold and silver interests, Stillwater palladium interest, Cangrejos gold interest and Voisey’s Bay cobalt interest have been constrained to the production expected for the various contracts.

12.	The Company has the option in the Early Deposit agreements, to terminate the agreement following the delivery of a feasibility study or if feasibility study has not been delivered within a required time frame.

13.

The Stillwater precious metals purchase agreement provides that effective July 1, 2018, Sibanye-Stillwater will deliver 100% of the gold production for the life of the mines and 4.5% of palladium production until 375,000 ounces are delivered, 2.25% of palladium production until a further 175,000 ounces are delivered and 1.0% of the palladium production thereafter for the life of the mines. Attributable palladium Mineral Reserves and Mineral Resources have been calculated based upon the 4.5% / 2.25% / 1.0% production entitlements.

The Stillwater mine has been in operation since 1986 and the East Boulder mine since 2002. Individual grades for platinum, palladium, gold and rhodium are estimated using ratios applied to the combined platinum plus palladium grades based upon average historic production results provided to the Company as of the date of this document. As such, the Attributable Mineral Resource and Mineral Reserve palladium and gold grades for the Stillwater mines have been estimated using the following ratios:

Stillwater mine: Pd = (Pt + Pd) / (1/3.51 + 1) and Au = (Pd + Pt) x 0.0238

East Boulder mine: Pd = (Pt + Pd) / (1/3.60 + 1) and Au = (Pd + Pt) x 0.0323

14.

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.

15.

The Marmato PMPA provides that Aris Gold Corp will deliver 10.5% of the gold production until 310 thousand ounces are delivered and 5.25% of gold production thereafter, as well as, 100% of the silver production until 2.15 million ounces are delivered and 50% of silver production thereafter. Attributable reserves and resources have been calculated on the 10.5% / 5.25% basis for gold and 100% / 50% basis for silver.

16.	The Company’s PMPA with Aris Mining, is an Early Deposit agreement, whereby the Company will be entitled to purchase 10% of the gold production and 50% of the silver production from the Toroparu project for the life of mine.

17.	The Company’s agreement with Chesapeake Gold Corp (Chesapeake) is a royalty whereby the Company will be entitled to a 0.5% net smelter return royalty.

18.

The Antamina PMPA in respect to the Antamina mine (November 3, 2015) provides that Glencore will deliver silver equal to 33.75% of the silver production until 140 million ounces are delivered and 22.5% of silver production thereafter. Attributable reserves and resources have been calculated on the 33.75% / 22.5% basis.

19.	The Company only has the rights to silver contained in concentrates containing less than 15% copper at the Aljustrel mine.

20.	The Cozamin PMPA provides that Capstone will deliver silver equal to 50% of the silver production until 10 million ounces are delivered and 33% thereafter for the life of the mine. Attributable reserves and resources have been calculated on the 50% / 33% basis.

21.	The Copper World Complex Mineral Resources and Mineral Reserves do not include the Leach material.

22.	The Voisey’s Bay cobalt PMPA provides that Vale will deliver 42.4% of the cobalt production until 31 million pounds are delivered to the Company and 21.2% of cobalt production thereafter, for the life of the mine. Attributable reserves and resources have been calculated on the 42.4% / 21.2% basis.

23.

The Company’s PMPA with Panoro is an Early Deposit agreement, whereby the Company will be entitled to purchase 100% of the silver production and 25% of the gold production from the Cotabambas project until 90 million silver equivalent ounces have been delivered, at which point the stream will drop to 66.67% of silver production and 16.67% of gold production for the life of mine.

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24.

The Company’s PMPA with Golden Predator Exploration Ltd., a subsidiary of Sabre Gold Mines Corp., is a royalty, whereby the Company will be entitled to a 2.0% net smelter return royalty for the first 600,000 ounces of gold produced from the Brewery Creek mine, above which the NSR will increase to 2.75%. Sabre has the right to repurchase 0.625% of the increased NSR by paying the Company Cdn $2.0M. Attributable resources have been calculated on the 2.0% / 2.75% basis.

25.	The Santo Domingo PMPA provides that Capstone will deliver gold equal to 100% of the gold production until 285,000 ounces are delivered and 67% thereafter for the life of the mine. Attributable reserves and resources have been calculated on the 100% / 67% basis.

26.

The Fenix PMPA provides that Rio2 will deliver gold equal to 6% of the gold production until 90,000 ounces are delivered, then 4% of the gold production until 140,000 ounces are delivered and 3.5% thereafter for the life of the mine. Attributable reserves and resources have been calculated on this 6% / 4% / 3.5% basis.

27.

The Blackwater silver and gold stream agreements provide that Artemis will deliver respectively silver and gold equal to (i) 50% of the payable silver production until 17.8 million ounces are delivered and 33% thereafter for the life of the mine, and (ii) 8% of the payable gold production until 464,000 ounces are delivered and 4% thereafter for the life of the mine. Attributable reserves and resources have been calculated on the 50% / 33% basis for silver and 8% / 4% basis for gold.

28.

The Marathon PMPA provides that Generation will deliver 100% of the gold production until 150 thousand ounces are delivered and 67% thereafter for the life of the mine and 22% of the platinum production until 120 thousand ounces are delivered and 15% thereafter for the life of the mine. Attributable reserves and resources have been calculated on the 100% / 67% basis for gold and 22% / 15% basis for platinum.

29.

The Curipamba PMPA provides that Adventus will deliver silver and gold equal to 75% of the silver production until 4.6 million ounces are delivered and 50% thereafter for the life of the mine and 50% of the gold production until 150 thousand ounces are delivered and 33% thereafter for the life of the mine. Attributable reserves and resources have been calculated on the 75% / 50% basis for silver and 50% / 33% basis for gold.

30.

In connection with Sabina’s exercise of its option to repurchase 33% of the gold stream on a change in control, the gold delivery obligations under the Company’s PMPA with Sabina, a subsidiary of B2 Gold, were reduced so that Sabina will deliver gold equal to 2.78% of the gold production until 87.1 thousand ounces are delivered, then 1.44% until 134 thousand ounces are delivered and 1.0% thereafter for the life of the mine. Attributable reserves and resources have been calculated on the 2.78% / 1.44% / 1.0% basis.

31.	The Cangrejos PMPA provides that Lumina Gold will deliver gold equal to 6.6% of the gold production until 0.7 million ounces are delivered and 4.4% thereafter for the life of the mine. Attributable reserves and resources have been calculated on the 6.6% / 4.4% basis.

32.	The Company’s PMPA with Liberty Gold, is a royalty, whereby the Company will be entitled to a 0.5% net smelter return. Attributable resources have been calculated on the 0.5% basis.

33.

Precious metals and cobalt are by-product metals at all of the Mining Operations, other than gold at the Marmato mine, Toroparu project, Fenix project, Goose project, Blackwater project and Black Pine project, silver at the Loma de La Plata zone of the Navidad project and palladium at the Stillwater mines, and therefore, the economic cut off applied to the reporting of precious metals and cobalt reserves and resources will be influenced by changes in the commodity prices of other metals at the mines.

Statements made in this section contain forward-looking information. Please see “Cautionary Note Regarding Forward-Looking Statements” for material risks, assumptions and important disclosure associated with this information.

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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 Canadian securities legislation. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to:

•

payment of $115 million to Waterton Copper and the satisfaction of each party's obligations in accordance with the Mineral Park PMPA and the receipt of silver production in respect of the Mineral Park Mine;

•

the future price of commodities;

•

the estimation of future production from Mining Operations (including in the estimation of production, mill throughput, grades, recoveries and exploration potential);

•

the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates and the realization of such estimations);

•

the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton’s PMPA counterparties at Mining Operations;

•

the payment of upfront cash consideration to counterparties under PMPAs, the satisfaction of each party's obligations in accordance with PMPAs and royalty arrangements and the receipt by the Company of precious metals and cobalt production in respect of the applicable Mining Operations under PMPAs or other payments under royalty arrangements;

•

the ability of Wheaton’s PMPA counterparties to comply with the terms of a PMPA (including as a result of the business, mining operations and performance of Wheaton’s PMPA counterparties) and the potential impacts of such on Wheaton;

•

future payments by the Company in accordance with PMPAs, including any acceleration of payments;

•

the costs of future production;

•

the estimation of produced but not yet delivered ounces;

•

the impact of epidemics (including the COVID-19 virus pandemic), including the potential heightening of other risks;

•

the future sales of Common Shares under, the amount of net proceeds from, and the use of the net proceeds from, the ATM Program;

•

continued listing of the Common Shares on the LSE, NYSE and TSX;

•

any statements as to future dividends;

•

the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs;

•

projected increases to Wheaton's production and cash flow profile;

•

projected changes to Wheaton’s production mix;

•

the ability of Wheaton’s PMPA counterparties to comply with the terms of any other obligations under agreements with the Company;

•

the ability to sell precious metals and cobalt production;

•

confidence in the Company’s business structure;

•

the Company's assessment of taxes payable or receivable and the impact of the CRA Settlement;

•

possible CRA domestic audits for taxation years subsequent to 2016 and international audits;

•

the Company’s assessment of the impact of any tax reassessments;

•

the Company’s intention to file future tax returns in a manner consistent with the CRA Settlement;

•

the Company’s climate change and environmental commitments; and

•

assessments of the impact and resolution of various legal and tax matters, including but not limited to audits.

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 relating to the satisfaction of each party's obligations in accordance with the terms of the Mineral Park PMPA;

•

the satisfaction of each party's obligations in accordance with the terms of the Company’s PMPAs or royalty arrangements;

•

risks associated with fluctuations in the price of commodities (including Wheaton’s ability to sell its precious metals or cobalt production at acceptable prices or at all);

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [50]

•

risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with exploration, development, operating, expansion and improvement at the Mining Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as Mining Operations plans continue to be refined);

•

absence of control over the Mining Operations and having to rely on the accuracy of the public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations as the basis for its analyses, forecasts and assessments relating to its own business;

•

risks related to the uncertainty in the accuracy of mineral reserve and mineral resource estimation;

•

risks related to the satisfaction of each party’s obligations in accordance with the terms of the Company’s PMPAs, including the ability of the companies with which the Company has PMPAs to perform their obligations under those PMPAs in the event of a material adverse effect on the results of operations, financial condition, cash flows or business of such companies, any acceleration of payments, estimated throughput and exploration potential;

•

risks relating to production estimates from Mining Operations, including anticipated timing of the commencement of production by certain Mining Operations;

•

Wheaton’s interpretation of, or compliance with, or application of, tax laws and regulations or accounting policies and rules, being found to be incorrect or the tax impact to the Company’s business operations being materially different than currently contemplated;

•

any challenge or reassessment by the CRA of the Company’s tax filings being successful and the potential negative impact to the Company’s previous and future tax filings;

•

risks in assessing the impact of the CRA Settlement (including whether there will be any material change in the Company's facts or change in law or jurisprudence);

•

risks related to any potential amendments to Canada’s transfer pricing rules under the Income Tax Act (Canada) that may result from the Department of Finance’s consultation paper released June 6, 2023;

•

risks relating to the potential implementation of a 15% global minimum tax, including the draft legislation issued for consultation by the Canadian Federal Government on August 4, 2023 that would apply to the income of the Company’s non-Canadian subsidiaries;

•

counterparty credit and liquidity risks;

•

mine operator and counterparty concentration risks;

•

indebtedness and guarantees risks;

•

hedging risk;

•

competition in the streaming industry risk;

•

risks related to claims and legal proceedings against Wheaton or the Mining Operations;

•

risks relating to security over underlying assets;

•

risks related to governmental regulations;

•

risks related to international operations of Wheaton and the Mining Operations;

•

risks relating to exploration, development, operating, expansions and improvements at the Mining Operations;

•

risks related to environmental regulations;

•

risks related to climate change;

•

the ability of Wheaton and the Mining Operations to obtain and maintain necessary licenses, permits, approvals and rulings;

•

the ability of Wheaton and the Mining Operations to comply with applicable laws, regulations and permitting requirements;

•

lack of suitable supplies, infrastructure and employees to support the Mining Operations;

•

inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by certain Mining Operations (including increases in production, estimated grades and recoveries);

•

uncertainties related to title and indigenous rights with respect to the mineral properties of the Mining Operations;

•	risks associated with environmental, social and governance matters;

•	the ability of Wheaton and the Mining Operations to obtain adequate financing;

•	the ability of the Mining Operations to complete permitting, construction, development and expansion;

•	challenges related to global financial conditions;

•	risks related to Wheaton’s acquisition strategy;

•	risks of significant impacts on Wheaton or the Mining Operations as a result of an epidemic (including the COVID-19 virus pandemic);

•	risks related to the market price of the Common Shares of Wheaton;

•	risks associated with multiple listings of the Common Shares on the LSE, NYSE and TSX;

•	risks associated with a possible suspension of trading of Common Shares;

•	risks associated with the sale of Common Shares under the ATM Program, including the amount of any net proceeds from such offering of Common Shares and the use of any such proceeds;

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [51]

•

risks associated with the ability to achieve climate change and environmental commitments at Wheaton and at the Mining Operations;

•

equity price risks related to Wheaton’s holding of long‑term investments in other companies;

•

risks related to interest rates;

•

risks related to the declaration, timing and payment of dividends;

•

the ability of Wheaton and the Mining Operations to retain key management employees or procure the services of skilled and experienced personnel;

•

risks relating to activist shareholders;

•

risks relating to reputational damage;

•

risks relating to unknown defects and impairments;

•

risks related to ensuring the security and safety of information systems, including cyber security risks;

•

risks related to the adequacy of internal control over financial reporting;

•

risks related to fluctuations in commodity prices of metals produced from the Mining Operations other than precious metals or cobalt;

•

risks relating to future sales or the issuance of equity securities; and

•

other risks discussed in the section entitled “Description of the Business – Risk Factors” in Wheaton’s most recent Annual Information Form available on SEDAR+ at www.sedarplus.ca, and in Wheaton’s Form 40-F and Form 6-Ks, all on file with the U.S. Securities and Exchange Commission in Washington, D.C. and available on EDGAR (the "Disclosure”).

Forward-looking statements are based on assumptions management currently believes to be reasonable, including but not limited to:

•

the payment of $115 million to Waterton Copper and the satisfaction of each party's obligations in accordance with the terms of the Mineral Park PMPA;

•

that there will be no material adverse change in the market price of commodities;

•

that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates;

•

that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate;

•

that each party will satisfy their obligations in accordance with the PMPAs;

•

that Wheaton will continue to be able to fund or obtain funding for outstanding commitments;

•

that Wheaton will be able to source and obtain accretive PMPAs;

•

that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic (including the COVID-19 virus pandemic);

•

that any outbreak or threat of an outbreak of a virus or other contagions or epidemic disease will be adequately responded to locally, nationally, regionally and internationally, without such response requiring any prolonged closure of the Mining Operations or having other material adverse effects on the Company and counterparties to its PMPAs;

•

that the trading of the Common Shares will not be adversely affected by the differences in liquidity, settlement and clearing systems as a result of multiple listings of the Common Shares on the LSE, the TSX and the NYSE;

•

that the trading of the Company’s Common Shares will not be suspended;

•	that expectations regarding the resolution of legal and tax matters will be achieved (including CRA audits involving the Company);

•	that Wheaton has properly considered the application of Canadian tax law to its structure and operations;

•	that Wheaton has filed its tax returns and paid applicable taxes in compliance with Canadian tax law;

•	that Wheaton's application of the CRA Settlement is accurate (including the Company's assessment that there has been no material change in the Company's facts or change in law or jurisprudence);

•	that any sale of Common Shares under the ATM Program will not have a significant impact on the market price of the Common Shares and that the net proceeds of sales of Common Shares, if any, will be used as anticipated;

•	the estimate of the recoverable amount for any PMPA with an indicator of impairment; and

•	such other assumptions and factors as set out in the Disclosure.

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. 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. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned 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

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [52]

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. Wheaton does not undertake to update any forward-looking statements that are included or incorporated by reference herein, except in accordance with applicable securities laws.

Cautionary Language Regarding Reserves And Resources

For further information on Mineral Reserves and Mineral Resources and on Wheaton more generally, readers should refer to Wheaton’s Annual Information Form for the year ended December 31, 2022 and other continuous disclosure documents filed by Wheaton since January 1, 2023, available on SEDAR+ at www.sedarplus.ca. Wheaton’s Mineral Reserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources:

The information contained herein has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms defined in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Definition Standards"). NI 43-101 differs significantly from the disclosure requirements of the SEC generally applicable to U.S. companies. For example, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards of the SEC generally applicable to U.S. companies. Accordingly, information contained herein that describes Wheaton’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. United States investors are urged to consider closely the disclosure in Wheaton’s Form 40-F, a copy of which may be obtained from Wheaton or from http://www.sec.gov/edgar.html.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [53]

CORPORATE

INFORMATION

CANADA – HEAD OFFICE

WHEATON PRECIOUS METALS CORP.

Suite 3500

1021 West Hastings Street

Vancouver, BC V6E 0C3

Canada

T: 1 604 684 9648

F: 1 604 684 3123

CAYMAN ISLANDS OFFICE

Wheaton Precious Metals International Ltd.

Suite 300, 94 Solaris Avenue

Camana Bay

P.O. Box 1791 GT, Grand Cayman

Cayman Islands KY1-1109

STOCK EXCHANGE LISTING

Toronto Stock Exchange: WPM

New York Stock Exchange: WPM

London Stock Exchange: WPM

DIRECTORS

GEORGE BRACK, Chair

JAIMIE DONOVAN

PETER GILLIN

CHANTAL GOSSELIN

JEANE HULL

GLENN IVES

CHARLES JEANNES

MARILYN SCHONBERNER

RANDY SMALLWOOD

OFFICERS

RANDY SMALLWOOD

President & Chief Executive Officer

CURT BERNARDI

Senior Vice President,

Legal & Corporate Secretary

GARY BROWN

Senior Vice President
& Chief Financial Officer

HAYTHAM HODALY
Senior Vice President,
Corporate Development

TRANSFER AGENT

TSX Trust Company

1600 – 1066 West Hastings Street

Vancouver, BC V6E 3X1

Toll-free in Canada and the United States:

1 800 387 0825

Outside of Canada and the United States:

1 416 682 3860

E: shareholderinquiries@tmx.com

AUDITORS
Deloitte LLP

Vancouver, BC

INVESTOR RELATIONS

EMMA MURRAY

Vice President, Investor Relations

T: 1 604 684 9648 TF: 1 844 288 9878

E: info@wheatonpm.com

Wheaton Precious Metals is a trademark of Wheaton Precious Metals Corp. in Canada, the United States and certain other jurisdictions.

EX99-3

Condensed Interim Consolidated Statements of Earnings

		Three Months Ended September 30				Nine Months Ended September 30
(US dollars and shares in thousands, except per share amounts - unaudited)	Note	2023		2022		2023		2022
Sales	6	$	223,137	$	218,836	$	702,573	$	829,002
Cost of sales
Cost of sales, excluding depletion		$	49,808	$	60,955	$	160,413	$	205,891
Depletion	13		46,435		55,728		145,908		178,812
Total cost of sales		$	96,243	$	116,683	$	306,321	$	384,703
Gross margin		$	126,894	$	102,153	$	396,252	$	444,299
General and administrative expenses	7		8,606		8,360		28,922		27,448
Share based compensation	8		4,336		77		16,217		11,586
Donations and community investments	9		1,736		1,406		5,054		3,379
Impairment reversal of mineral stream interests	14		-		(10,330)		-		(10,330)
Earnings from operations		$	112,216	$	102,640	$	346,059	$	412,216
Gain on disposal of mineral stream interest	13		-		(104,425)		(5,027)		(104,425)
Other (income) expense	10		(10,707)		(2,799)		(26,961)		(3,448)
Earnings before finance costs and income taxes		$	122,923	$	209,864	$	378,047	$	520,089
Finance costs	18.3		1,407		1,398		4,138		4,209
Earnings before income taxes		$	121,516	$	208,466	$	373,909	$	515,880
Income tax expense	24		(5,145)		(12,006)		(4,700)		(12,879)
Net earnings		$	116,371	$	196,460	$	369,209	$	503,001
Basic earnings per share		$	0.257	$	0.435	$	0.815	$	1.114
Diluted earnings per share		$	0.257	$	0.434	$	0.814	$	1.112
Weighted average number of shares outstanding
Basic	22		452,975		451,757		452,748		451,402
Diluted	22		453,538		452,386		453,419		452,221

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [2]

Condensed Interim Consolidated Statements of Comprehensive Income

		Three Months Ended September 30				Nine Months Ended September 30
(US dollars in thousands - unaudited)	Note	2023		2022		2023		2022
Net earnings		$	116,371	$	196,460	$	369,209	$	503,001
Other comprehensive income
Items that will not be reclassified to net earnings
Loss on LTIs¹	16	$	(59,504)	$	(10,718)	$	(67,933)	$	(44,503)
Income tax recovery related to LTIs	24		5,115		546		7,205		701
Total other comprehensive loss		$	(54,389)	$	(10,172)	$	(60,728)	$	(43,802)
Total comprehensive income		$	61,982	$	186,288	$	308,481	$	459,199

LTIs = long-term investments – common shares held.

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [3]

Condensed Interim Consolidated Balance Sheets

	Note	As at September 30		As at December 31
(US dollars in thousands - unaudited)	Note	2023		2022
Assets
Current assets
Cash and cash equivalents	23	$	833,919	$	696,089
Accounts receivable	11		10,492		10,187
Cobalt inventory	12		2,429		10,530
Taxes receivable	24		5,000		-
Other	25		4,353		3,287
Total current assets		$	856,193	$	720,093
Non-current assets
Mineral stream interests	13	$	5,737,454	$	5,707,019
Early deposit mineral stream interests	15		47,093		46,092
Long-term equity investments	16		200,893		256,095
Property, plant and equipment	17		8,092		4,210
Other	26		31,790		26,397
Total non-current assets		$	6,025,322	$	6,039,813
Total assets		$	6,881,515	$	6,759,906
Liabilities
Current liabilities
Accounts payable and accrued liabilities		$	11,999	$	12,570
Current taxes payable	24		-		2,763
Current portion of performance share units	21.1		9,404		14,566
Current portion of lease liabilities	18.2		590		818
Total current liabilities		$	21,993	$	30,717
Non-current liabilities
Performance share units	21.1	$	6,222	$	6,673
Lease liabilities	18.2		5,654		1,152
Deferred income taxes	24		189		165
Pension liability			4,196		3,524
Total non-current liabilities		$	16,261	$	11,514
Total liabilities		$	38,254	$	42,231
Shareholders' equity
Issued capital	19	$	3,774,333	$	3,752,662
Reserves	20		(78,872)		66,547
Retained earnings			3,147,800		2,898,466
Total shareholders' equity		$	6,843,261	$	6,717,675
Total liabilities and shareholders' equity		$	6,881,515	$	6,759,906

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [4]

Condensed Interim Consolidated Statements of Cash Flows

		Three Months Ended September 30				Nine Months Ended September 30
(US dollars in thousands - unaudited)	Note	2023		2022		2023		2022
Operating activities
Net earnings		$	116,371	$	196,460	$	369,209	$	503,001
Adjustments for
Depreciation and depletion			46,784		56,129		147,031		180,004
Gain on disposal of mineral stream interest	13		-		(104,425)		(5,027)		(104,425)
Impairment (reversal of impairment) of mineral stream interests	14		-		(10,330)		-		(10,330)
Interest expense	18.3		78		22		131		72
Equity settled stock based compensation			1,732		1,568		5,133		4,407
Performance share units - expense	21.1		2,604		(1,491)		11,084		7,179
Performance share units - paid	21.1		-		(163)		(16,675)		(18,411)
Pension expense			329		291		787		720
Pension paid			-		-		(116)		-
Income tax expense (recovery)	24		5,145		12,006		4,700		12,879
Loss (gain) on fair value adjustment of share purchase warrants held	10		143		204		248		1,101
Investment income recognized in net earnings			(10,537)		(1,953)		(26,564)		(2,696)
Other			163		(349)		662		(440)
Change in non-cash working capital	23		(489)		4,728		(876)		(3,825)
Cash generated from operations before income taxes and interest		$	162,323	$	152,697	$	489,727	$	569,236
Income taxes paid			(912)		(29)		(5,244)		(141)
Interest paid			(79)		(22)		(112)		(73)
Interest received			9,771		1,851		24,213		2,374
Cash generated from operating activities		$	171,103	$	154,497	$	508,584	$	571,396
Financing activities
Credit facility extension fees	18.1	$	(13)	$	(1,205)	$	(859)	$	(1,207)
Share purchase options exercised	20.2		93		-		10,603		7,549
Lease payments	18.2		(169)		(201)		(548)		(603)
Dividends paid	19.2, 23		(66,994)		(59,487)		(198,085)		(176,604)
Cash used for financing activities		$	(67,083)	$	(60,893)	$	(188,889)	$	(170,865)
Investing activities
Mineral stream interests	13	$	(90,710)	$	(46,675)	$	(210,944)	$	(107,476)
Early deposit mineral stream interests	15		(250)		(750)		(1,000)		(1,500)
Mineral royalty interest			(3,602)		-		(3,602)		-
Net proceeds on disposal of mineral stream interests	13		-		(139)		46,400		(139)
Acquisition of long-term investments	16, 23		(5,006)		-		(13,181)		(22,768)
Proceeds on disposal of long-term investments	16, 23		-		-		202		-
Dividends received			700		102		1,617		322
Other			(35)		(69)		(1,804)		(194)
Cash used for investing activities		$	(98,903)	$	(47,531)	$	(182,312)	$	(131,755)
Effect of exchange rate changes on cash and cash equivalents		$	(35)	$	(81)	$	447	$	(203)
Increase in cash and cash equivalents		$	5,082	$	45,992	$	137,830	$	268,573
Cash and cash equivalents, beginning of period			828,837		448,626		696,089		226,045
Cash and cash equivalents, end of period	23	$	833,919	$	494,618	$	833,919	$	494,618

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [5]

Condensed Interim Consolidated Statements of Shareholders’ Equity

				Reserves
(US dollars in thousands - unaudited)	Number of Shares (000's)	Issued Capital		Share Purchase Warrants Reserve ²		Share Purchase Options Reserve		Restricted Share Units Reserve		LTI ¹ Revaluation Reserve (Net of Tax)		Total Reserves		Retained Earnings		Total
At January 1, 2022	450,864	$	3,698,998	$	83,077	$	22,349	$	7,196	$	(65,586)	$	47,036	$	2,504,083	$	6,250,117
Total comprehensive income
Net earnings		$	-	$	-	$	-	$	-	$	-	$	-	$	306,541	$	306,541
OCI ¹			-		-		-		-		(33,628)		(33,628)		-		(33,628)
Total comprehensive income		$	-	$	-	$	-	$	-	$	(33,628)	$	(33,628)	$	306,541	$	272,913
Income tax recovery (expense)		$	500	$	-	$	-	$	-	$	-	$	-	$	-	$	500
SBC ¹ expense			-		-		1,145		1,694		-		2,839		-		2,839
Options ¹ exercised	330		8,989		-		(1,440)		-		-		(1,440)		-		7,549
RSUs ¹ released	88		2,534		-		-		(2,534)		-		(2,534)		-		-
Dividends (Note 19.2)	410		18,279		-		-		-		-		-		(135,396)		(117,117)
At June 30, 2022	451,692	$	3,729,300	$	83,077	$	22,054	$	6,356	$	(99,214)	$	12,273	$	2,675,228	$	6,416,801
Total comprehensive income
Net earnings		$	-	$	-	$	-	$	-	$	-	$	-	$	196,460	$	196,460
OCI ¹			-		-		-		-		(10,173)		(10,173)		-		(10,173)
Total comprehensive income		$	-	$	-	$	-	$	-	$	(10,173)	$	(10,173)	$	196,460	$	186,287
Income tax recovery (expense)		$	3,644	$	-	$	-	$	-	$	-	$	-	$	-	$	3,644
SBC ¹ expense			-		-		642		925		-		1,567		-		1,567
Dividends (Note 19.2)	271		8,267		-		-		-		-		-		(67,754)		(59,487)
Realized loss on disposal of LTIs ¹ (Note 20.4)			-		-		-		-		3,797		3,797		(3,797)		-
At September 30, 2022	451,963	$	3,741,211	$	83,077	$	22,696	$	7,281	$	(105,590)	$	7,464	$	2,800,137	$	6,548,812
Total comprehensive income
Net earnings		$	-	$	-	$	-	$	-	$	-	$	-	$	166,125	$	166,125
OCI ¹			-		-		-		-		58,340		58,340		-		58,340
Total comprehensive income		$	-	$	-	$	-	$	-	$	58,340	$	58,340	$	166,125	$	224,465
SBC ¹ expense		$	-	$	-	$	578	$	861	$	-	$	1,439	$	-	$	1,439
Options ¹ exercised	163		4,148		-		(696)		-		-		(696)		-		3,452
Dividends (Note 19.2)	193		7,303		-		-		-		-		-		(67,796)		(60,493)
At December 31, 2022	452,319	$	3,752,662	$	83,077	$	22,578	$	8,142	$	(47,250)	$	66,547	$	2,898,466	$	6,717,675
Total comprehensive income
Net earnings		$	-	$	-	$	-	$	-	$	-	$	-	$	252,839	$	252,839
OCI ¹			-		-		-		-		(6,339)		(6,339)		-		(6,339)
Total comprehensive income		$	-	$	-	$	-	$	-	$	(6,339)	$	(6,339)	$	252,839	$	246,500
SBC ¹ expense		$	-	$	-	$	1,355	$	2,046	$	-	$	3,401	$	-	$	3,401
Options ¹exercised	431		11,841		-		(1,914)		-		-		(1,914)		-		9,927
RSUs ¹ released	119		3,966		-		-		(3,966)		-		(3,966)		-		-
Warrant expiration			-		(83,077)		-		-		-		(83,077)		83,077		-
Dividends (Note 19.2)	100		4,758		-		-		-		-		-		(135,848)		(131,090)
Realized gain on disposal of LTIs ¹ (Note 20.4)			-		-		-		-		(841)		(841)		841		-
At June 30, 2023	452,969	$	3,773,227	$	-	$	22,019	$	6,222	$	(54,430)	$	(26,189)	$	3,099,375	$	6,846,413
Total comprehensive income
Net earnings		$	-	$	-	$	-	$	-	$	-	$	-	$	116,371	$	116,371
OCI ¹			-		-		-		-		(54,389)		(54,389)		-		(54,389)
Total comprehensive income		$	-	$	-	$	-	$	-	$	(54,389)	$	(54,389)	$	116,371	$	61,982
SBC ¹ expense		$	-	$	-	$	735	$	997	$	-	$	1,732	$	-	$	1,732
Options ¹exercised	5		154		-		(26)		-		-		(26)		-		128
Dividends (Note 19.2)	22		952		-		-		-		-		-		(67,946)		(66,994)
At September 30, 2023	452,996	$	3,774,333	$	-	$	22,728	$	7,219	$	(108,819)	$	(78,872)	$	3,147,800	$	6,843,261

1) Definitions as follows: “OCI” = Other Comprehensive Income (Loss); “SBC” = Equity Settled Stock Based Compensation; “Options” = Share Purchase Options; “RSUs” = Restricted Share Units; “LTI’s” = Long-Term Investments; “Warrants” = Share Purchase Warrants.

2) Refer to Note 20.1.

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [6]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

1.	Description of Business and Nature of Operations

Wheaton Precious Metals Corp. is a precious metal streaming company which generates its revenue primarily from the sale of precious metals (gold, silver and palladium) and cobalt. Wheaton Precious Metals Corp. (“Wheaton” or the “Company”), which is the ultimate parent company of its consolidated group, is incorporated and domiciled in Canada, and its principal place of business is at Suite 3500 - 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3. The Company trades on the Toronto Stock Exchange (“TSX”), the New York Stock Exchange (“NYSE”) and the London Stock Exchange (“LSE”) under the symbol WPM.

The condensed interim consolidated financial statements of the Company for the three and nine months ended September 30, 2023 were authorized for issue as of November 9, 2023 in accordance with a resolution of the Board of Directors.

2.	Basis of Presentation and Statement of Compliance

These unaudited condensed interim consolidated financial statements have been prepared on a historical cost basis, except for certain financial instruments which have been measured at fair value as at the relevant balance sheet date. The consolidated financial statements are presented in United States (“US”) dollars, which is the Company’s functional currency, and all values are rounded to the nearest thousand US dollars (US$ 000’s) unless otherwise noted. References to “Cdn$” refer to Canadian dollars.

These unaudited condensed interim consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board. The accounting policies applied in these unaudited condensed interim consolidated financial statements are based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board ("IASB") and have been prepared using the same accounting policies and methods of application as disclosed in Note 3 to the audited consolidated financial statements for the year ended December 31, 2022 and were consistently applied to all the periods presented unless otherwise stated below. These unaudited condensed interim consolidated financial statements do not include all the information and note disclosures required by IFRS for annual consolidated financial statements and therefore should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2022.

The preparation of financial statements in accordance with IAS 34 requires the use of certain accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 4.

In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present fairly the financial position at September 30, 2023 and the results of operations and cash flows for all periods presented have been made. The interim results are not necessarily indicative of results for a full year.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [7]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

3.	Material Accounting Policy Information

3.1.	New Accounting Standards Effective in 2023

Amendment to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction

•

the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at that date.

The implementation of this amendment did not have a material impact on the Company.

Amendments to IAS 1 and IFRS Practice Statement 2 – Disclosure of Accounting policies

Amendments to IAS 12 - International Tax Reform — Pillar Two Model Rules

3.2.	Future Changes to Accounting Policies

The IASB has issued the following new or amended standards:

Amendment to IAS 1- Presentation of Financial statements

4.	Key Sources of Estimation Uncertainty and Critical Accounting Judgments

The preparation of the Company’s condensed interim consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s experience and other

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [8]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates.

Information about significant areas of estimation uncertainty and judgments made by management in preparing the condensed interim consolidated financial statements are unchanged from those disclosed in Note 4 to the audited consolidated financial statements for the year ended December 31, 2022.

5.	Financial Instruments

5.1.	Capital Risk Management

The Company manages its capital to ensure that it will be able to continue as a going concern and satisfy its outstanding funding commitments while maintaining a high degree of financial flexibility to consummate new streaming investments.

The capital structure of the Company consists of debt (Note 18) and equity attributable to common shareholders, comprising of issued capital (Note 19), accumulated reserves (Note 20) and retained earnings.

The Company is not subject to any externally imposed capital requirements with the exception of complying with the minimum tangible net worth covenant under the credit agreement governing bank debt (Note 18).

The Company is in compliance with the debt covenants at September 30, 2023, as described in Note 18.1.

5.2.	Categories of Financial Assets and Liabilities

The refundable deposit on the 777 PMPA, which requires a single principal payment at maturity, is carried at amortized cost. Trade receivables from sales of cobalt and other receivables are non-interest bearing and are stated at amortized cost, which approximate fair values due to the short terms to maturity. Where necessary, the other receivables are reported net of allowances for uncollectable amounts. All other financial assets are reported at fair value. Fair value adjustments on financial assets are reflected as a component of net earnings with the exception of fair value adjustments associated with the Company’s long-term investments in common shares held. As these long-term investments are held for strategic purposes and not for trading, the Company has made a one time, irrevocable election to reflect the fair value adjustments associated with these investments as a component of OCI. Financial liabilities are reported at amortized cost using the effective interest method. The following table summarizes the classification of the Company’s financial assets and liabilities:

	Note	September 30		December 31
(in thousands)	Note	2023		2022
Financial assets
Financial assets mandatorily measured at FVTNE ¹
Cash and cash equivalents	23	$	833,919	$	696,089
Trade receivables from provisional concentrate sales, net of fair value adjustment	6, 11		6,502		2,516
Long-term investments - warrants held			315		560
Investments in equity instruments designated at FVTOCI ¹
Long-term investments - common shares held	16		200,578		255,535
Financial assets measured at amortized cost
Trade receivables from sales of cobalt	11		3,018		6,642
Refundable deposit - 777 PMPA	26		8,555		8,073
Other accounts receivable			972		1,029
Total financial assets		$	1,053,859	$	970,444
Financial liabilities
Financial liabilities at amortized cost
Accounts payable and accrued liabilities		$	11,999	$	12,570
Pension liability			4,196		3,524
Total financial liabilities		$	16,195	$	16,094

1)	FVTNE refers to Fair Value Through Net Earnings, FVTOCI refers to Fair Value Through Other Comprehensive Income

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [9]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

5.3.	Credit Risk

Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Company by failing to discharge its obligations. To mitigate exposure to credit risk on financial assets, the Company has established policies to limit the concentration of credit risk, to ensure counterparties demonstrate minimum acceptable credit worthiness and to ensure liquidity of available funds.

The Company closely monitors its financial assets and does not have any significant concentration of credit risk. The Company invests surplus cash in short-term, high credit quality, money market instruments. Additionally, the outstanding accounts receivable from the sales of cobalt are supported by a $5 million letter of credit. Finally, counterparties used to sell precious metals are all large, international organizations with strong credit ratings and the balance of trade receivables on these sales in the ordinary course of business is not significant. Therefore, credit risk associated with trade receivables at September 30, 2023 is considered to be negligible.

The Company’s maximum exposure to credit risk related to its financial assets is as follows:

		September 30		December 31
(in thousands)	Note	2023		2022
Cash and cash equivalents	23	$	833,919	$	696,089
Trade receivables from provisional concentrate sales, net of fair value adjustment	11		6,502		2,516
Trade receivables from sales of cobalt	11		3,018		6,642
Refundable Deposit - 777 PMPA	26		8,555		8,073
Other accounts receivables	11		972		1,029
Maximum exposure to credit risk related to financial assets		$	852,966	$	714,349

5.4.	Liquidity Risk

The Company has in place a rigorous planning and budgeting process to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis and its expansionary plans. The Company ensures that there are sufficient committed loan facilities to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents. As at September 30, 2023, the Company had cash and cash equivalents of $834 million (December 31, 2022 - $696 million) and working capital of $834 million (December 31, 2022 - $689 million).

The Company holds equity investments of several companies (Note 16) with a combined market value at September 30, 2023 of $201 million (December 31, 2022 - $256 million). The daily exchange traded volume of these shares, including the shares underlying the warrants, may not be sufficient for the Company to liquidate its position in a short period of time without potentially affecting the market value of the shares. These shares and warrants are held for strategic purposes and are considered long-term investments and therefore, as part of the Company’s planning, budgeting and liquidity analysis process, these investments are not relied upon to provide operational liquidity.

The following table summarizes the timing associated with the Company’s remaining contractual payments relating to its financial liabilities. The table reflects the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay (assuming that the Company is in compliance with all of its obligations). The table includes both interest and principal cash flows, where applicable.

As at September 30, 2023
(in thousands)	2023		2024 - 2025			2026 - 2027			After 2027			Total
Accounts payable and accrued liabilities	$	11,999		$	-		$	-		$	-	$	11,999
Performance share units¹		-			14,480			1,146			-		15,626
Total	$	11,999		$	14,480		$	1,146		$	-	$	27,625

1)	See Note 21.1 for estimated value per PSU at maturity and anticipated performance factor at maturity.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [10]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

5.5.	Currency Risk

The Company undertakes certain transactions denominated in Canadian dollars, including certain operating expenses and the acquisition of strategic long-term investments. As a result, the Company is exposed to fluctuations in the value of the Canadian dollar relative to the United States dollar. The carrying amounts of the Company’s Canadian dollar denominated monetary assets and monetary liabilities at the end of the reporting period are as follows:

	September 30		December 31
(in thousands)	2023		2022
Monetary assets
Cash and cash equivalents	$	1,554	$	311
Accounts receivable		162		739
Long-term investments - common shares held		63,805		60,443
Long-term investments - warrants held		316		560
Other long-term assets		3,314		3,308
Total Canadian dollar denominated monetary assets	$	69,151	$	65,361
Monetary liabilities
Accounts payable and accrued liabilities	$	7,670	$	8,180
Performance share units		12,485		16,971
Lease liability		5,826		1,315
Pension liability		4,197		3,524
Total Canadian dollar denominated monetary liabilities	$	30,178	$	29,990

The following tables detail the Company’s sensitivity to a 10% increase or decrease in the Canadian dollar relative to the United States dollar, representing the sensitivity used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in exchange rates.

	As at September 30, 2023
	Change in Canadian Dollar
(in thousands)	10% Increase		10% Decrease
Increase (decrease) in net earnings	$	(2,483)	$	2,483
Increase (decrease) in other comprehensive income		6,381		(6,381)
Increase (decrease) in total comprehensive income	$	3,898	$	(3,898)

	As at December 31, 2022
	Change in Canadian Dollar
(in thousands)	10% Increase		10% Decrease
Increase (decrease) in net earnings	$	(2,507)	$	2,507
Increase (decrease) in other comprehensive income		6,044		(6,044)
Increase (decrease) in total comprehensive income	$	3,537	$	(3,537)

5.6.	Interest Rate Risk

The Company is exposed to interest rate risk on its outstanding borrowings and short-term investments. Presently, the Company has no outstanding borrowings, and historically all borrowings have been at floating interest rates. The Company monitors its exposure to interest rates and has not entered into any derivative contracts to manage this

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [11]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

risk. During the three and nine months ended September 30, 2023 and 2022, the weighted average effective interest rate paid by the Company on its outstanding borrowings was Nil.

During the three and nine months ended September 30, 2023 and 2022, a fluctuation in interest rates of 100 basis points (1 percent) would not have impacted the amount of interest expensed by the Company.

5.7.	Other Price Risk

The Company is exposed to equity price risk as a result of holding long-term investments in common shares of various companies. The Company does not actively trade these investments.

If equity prices had been 10% higher or lower at the respective balance sheet date, other comprehensive income for the three and nine months ended September 30, 2023 and 2022 would have increased/decreased by approximately $20 million and $19 million respectively, as a result of changes in the fair value of common shares held.

5.8.	Fair Value Estimation

The Company classifies its fair value measurements within a fair value hierarchy, which reflects the significance of the inputs used in making the measurements as defined in IFRS 13 – Fair Value Measurements (“IFRS 13”).

Level 1 - Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets.

Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 - Unobservable inputs which are supported by little or no market activity.

The following table sets forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy. As required by IFRS 13, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

		September 30, 2023
(in thousands)	Note	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	23	$	833,919	$	833,919	$	-	$	-
Trade receivables from provisional concentrate sales, net of fair value adjustment	11		6,502		-		6,502		-
Long-term investments - common shares held	16		200,578		200,578		-		-
Long-term investments - warrants held	16		315		-		315		-
		$	1,041,314	$	1,034,497	$	6,817	$	-

		December 31, 2022
(in thousands)	Note	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	23	$	696,089	$	696,089	$	-	$	-
Trade receivables from provisional concentrate sales, net of fair value adjustment	11		2,516		-		2,516		-
Long-term investments - common shares held	16		255,535		255,535		-		-
Long-term investments - warrants held	16		560		-		560		-
		$	954,700	$	951,624	$	3,076	$	-

When balances are outstanding, the Company’s bank debt (Note 18.1) is reported at amortized cost using the effective interest method. The carrying value of the bank debt approximates its fair value.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [12]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

5.8.1. Valuation Techniques for Level 2 Assets

Accounts Receivable Arising from Sales of Metal Concentrates

The Company’s trade receivables and accrued liabilities from provisional concentrate sales are valued based on forward prices of gold and silver to the expected date of final settlement (Note 6). As such, these receivables and/or liabilities are classified within Level 2 of the fair value hierarchy.

Long-Term Investments in Warrants Held

The fair value of the Company’s long-term investments in warrants held that are not traded in an active market are determined using a Black-Scholes model based on assumptions including risk free interest rate, expected dividend yield, expected volatility and expected warrant life which are supported by observable current market conditions and as such are classified within Level 2 of the fair value hierarchy. The use of reasonably possible alternative assumptions would not significantly affect the Company’s results.

Revenue

	Three Months Ended September 30						Nine Months Ended September 30
(in thousands)	2023			2022			2023			2022
Sales
Gold credit sales	$	144,707	65%	$	107,128	49%	$	413,414	59%	$	410,646	50%
Silver
Silver credit sales	$	44,404	20%	$	88,143	40%	$	200,409	28%	$	312,056	38%
Concentrate sales		25,968	12%		12,127	6%		62,720	9%		52,773	6%
Total silver sales	$	70,372	32%	$	100,270	46%	$	263,129	37%	$	364,829	44%
Palladium credit sales	$	5,307	2%	$	8,838	4%	$	14,922	2%	$	25,574	3%
Cobalt sales	$	2,751	1%	$	2,600	1%	$	11,108	2%	$	27,953	3%
Total sales revenue	$	223,137	100%	$	218,836	100%	$	702,573	100%	$	829,002	100%

Gold, Silver and Palladium Credit Sales

Under certain PMPAs, precious metal is acquired from the mine operator in the form of precious metal credits, which is then sold through bullion banks. Revenue from precious metal credit sales is recognized at the time of the sale of such credits, which is also the date that control of the precious metal is transferred to the customer.

The Company will occasionally enter into forward contracts in relation to precious metal deliveries that it is highly confident will occur within a given quarter. The sales price is fixed at the delivery date based on either the terms of these short-term forward sales contracts or the spot price of precious metal.

Concentrate Sales

Under certain PMPAs, gold and/or silver is acquired from the mine operator in concentrate form, which is then sold under the terms of the concentrate sales contracts to third-party smelters or traders. Where the Company acquires precious metal in concentrate form, final precious metal prices are set on a specified future quotational period (the “Quotational Period”) pursuant to the concentrate sales contracts with third-party smelters, typically one to three months after the shipment date, based on market prices for precious metal. The contracts, in general, provide for a provisional payment based upon provisional assays and quoted gold and silver prices. Final settlement is based upon the average applicable price for the Quotational Period applied to the actual number of precious metal ounces recovered calculated using confirmed smelter weights and settlement assays. Revenues and the associated cost of sales are recorded on a gross basis under these contracts at the time title passes to the customer, which is also the date that control of the precious metal is transferred to the customer. The Company has concluded that the adjustments relating to the final assay results for the quantity of concentrate sold are not significant and do not constrain the recognition of revenue.

Cobalt Sales

Cobalt is sold to a third-party sales agent who generally on-sells the cobalt to third party customers approved by Wheaton. Revenue from the sale of cobalt is recognized once the third-party customer and sales terms have been agreed to between Wheaton and the third-party sales agent, which is also the date that control of the cobalt is transferred to the third-party sales agent. Should the sales agent retain the cobalt for their own use, revenue is

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [13]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

recognized once the sales terms have been agreed to between Wheaton and the third-party sales agent and the product has been delivered, which is also the date that control of the cobalt is transferred to the third-party sales agent.

7.	General and Administrative

	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2023		2022		2023		2022
Corporate
Salaries and benefits	$	3,443	$	3,551	$	10,897	$	11,700
Depreciation		224		289		780		865
Professional fees		430		276		1,853		1,098
Business travel		257		221		909		686
Director fees		238		251		820		852
Business taxes		36		40		749		748
Audit and regulatory		502		623		2,671		2,340
Insurance		493		550		1,550		1,585
Other		1,075		866		3,091		2,648
General and administrative - corporate	$	6,698	$	6,667	$	23,320	$	22,522
Subsidiaries
Salaries and benefits	$	1,148	$	1,078	$	3,465	$	3,335
Depreciation		125		112		343		327
Professional fees		140		158		416		421
Business travel		76		55		223		124
Director fees		52		50		155		150
Business taxes		57		70		168		183
Insurance		12		10		39		34
Other		298		160		793		352
General and administrative - subsidiaries	$	1,908	$	1,693	$	5,602	$	4,926
Consolidated general and administrative	$	8,606	$	8,360	$	28,922	$	27,448

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [14]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

8.	Share Based Compensation

		Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	Note	2023		2022		2023		2022
Equity settled share based compensation ¹
Stock options	20.2	$	735	$	642	$	2,090	$	1,788
RSUs	20.3		997		925		3,043		2,619
Cash settled share based compensation
PSUs	21.1	$	2,604	$	(1,490)	$	11,084	$	7,179
Total share based compensation		$	4,336	$	77	$	16,217	$	11,586

1)	Equity settled stock based compensation is a non-cash expense.

9.	Donations and Community Investments

	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2023		2022		2023		2022
Local donations and community investments ¹	$	995	$	438	$	1,938	$	1,345
Partner donations and community investments ²		741		968		3,116		1,869
COVID-19 and community support and response fund ³		-		-		-		165
Total donations and community investments	$	1,736	$	1,406	$	5,054	$	3,379

1)	The Local Community Investment Program supports organizations in Vancouver and the Cayman Islands, where Wheaton’s offices are located.

2)	The Partner Community Investment Program supports the communities influenced by Mining Partners' operations.

3)	Committed funding under this program has been fully disbursed.

10.	Other (Income) Expense

		Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	Note	2023		2022		2023		2022
Interest income		$	(9,837)	$	(1,851)	$	(24,948)	$	(2,374)
Dividend income			(700)		(102)		(1,616)		(322)
Foreign exchange loss			(313)		(1,049)		(386)		(1,069)
Net (gain) loss arising on financial assets mandatorily measured at FVTPL ¹
(Gain) loss on fair value adjustment of share purchase warrants held			143		204		248		1,101
Other			-		(1)		(259)		(784)
Total other (income) expense		$	(10,707)	$	(2,799)	$	(26,961)	$	(3,448)

1)	FVTPL refers to Fair Value Through Profit or Loss

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [15]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

11.	Accounts Receivable

		September 30		December 31
(in thousands)	Note	2023		2022
Trade receivables from provisional concentrate sales, net of fair value adjustment	6	$	6,502	$	2,516
Trade receivables from sales of cobalt	6		3,018		6,642
Other accounts receivable			972		1,029
Total accounts receivable		$	10,492	$	10,187

The trade receivables from sales of cobalt generally have extended payment terms with outstanding amounts being supported by a $5 million letter of credit.

12.	Cobalt Inventory

The Company carries its cobalt inventory, which is recorded using weighted average costing, at the lower of cost or net realizable value. A summary of the inventory on hand at September 30, 2023 and December 31, 2022 is as follows:

	September 30		December 31
(in thousands)	2023		2022
Cobalt Inventory, carried at:
Cost	$	2,301	$	-
Net realizable value		128		10,530
Total cobalt inventory	$	2,429	$	10,530

At September 30, 2023, the Company recorded an inventory write down reversal of $1.6 million (December 31, 2022 – inventory write down of $2 million).

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [16]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

13.	Mineral Stream Interests

	Nine Months Ended September 30, 2023
	Cost								Accumulated Depletion & Impairment ¹						Carrying Amount Sep 30, 2023
(in thousands)	Balance Jan 1, 2023		Additions		Disposal		Balance Sep 30, 2023		Balance Jan 1, 2023		Depletion		Balance Sep 30, 2023		Carrying Amount Sep 30, 2023
Gold interests
Salobo	$	3,059,876	$	-	$	-	$	3,059,876	$	(676,614)	$	(41,777)	$	(718,391)	$	2,341,485
Sudbury ²		623,864		-		-		623,864		(340,448)		(15,192)		(355,640)		268,224
Constancia		140,058		-		-		140,058		(44,475)		(9,028)		(53,503)		86,555
San Dimas		220,429		-		-		220,429		(64,564)		(8,227)		(72,791)		147,638
Stillwater ³		239,352		-		-		239,352		(23,500)		(3,202)		(26,702)		212,650
Other ⁴		545,391		105,181		(41,373)		609,199		(51,248)		(916)		(52,164)		557,035
	$	4,828,970	$	105,181	$	(41,373)	$	4,892,778	$	(1,200,849)	$	(78,342)	$	(1,279,191)	$	3,613,587
Silver interests
Peñasquito	$	524,626	$	-	$	-		524,626	$	(230,952)	$	(15,646)	$	(246,598)	$	278,028
Antamina		900,343		-		-		900,343		(354,975)		(18,141)		(373,116)		527,227
Constancia		302,948		-		-		302,948		(110,001)		(9,211)		(119,212)		183,736
Other ⁵		1,018,199		105,743		-		1,123,942		(565,103)		(9,198)		(574,301)		549,641
	$	2,746,116	$	105,743	$	-	$	2,851,859	$	(1,261,031)	$	(52,196)	$	(1,313,227)	$	1,538,632
Palladium interests
Stillwater ³	$	263,721	$	-	$	-	$	263,721	$	(36,909)	$	(4,658)	$	(41,567)	$	222,154
Platinum interests
Marathon	$	9,428	$	22	$	-	$	9,450	$	-	$	-	$	-	$	9,450
Cobalt interests
Voisey's Bay ⁶	$	393,422	$	-	$	-	$	393,422	$	(35,849)	$	(3,942)	$	(39,791)	$	353,631
	$	8,241,657	$	210,946	$	(41,373)	$	8,411,230	$	(2,534,638)	$	(139,138)	$	(2,673,776)	$	5,737,454

1)	Includes cumulative impairment charges to September 30, 2023 as follows: Pascua-Lama silver interest - $338 million; and Sudbury gold interest - $120 million.

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

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

4)	Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, Curipamba and Cangrejos gold interests. The additions to other gold interests includes: Blackwater - $30 million; Goose - $63 million; and Cangrejos - $12 million.

5)	Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater and Curipamba silver interests. The additions to other silver interests includes: Blackwater - $106 million.

6)	When cobalt is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the cobalt is recorded as a cost of sale. Depletion in this table for the Voisey’s Bay cobalt interest is inclusive of depletion relating to inventory.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [17]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

	Year Ended December 31, 2022
	Cost								Accumulated Depletion & Impairment ¹										Carrying Amount Dec 31, 2022
(in thousands)	Balance Jan 1, 2022		Additions (Reductions)		Disposal		Balance Dec 31, 2022		Balance Jan 1, 2022		Depletion		Disposal		Impairment (Charge) Reversal		Balance Dec 31, 2022		Carrying Amount Dec 31, 2022
Gold interests
Salobo	$	3,059,876	$	-	$	-	$	3,059,876	$	(621,937)	$	(54,677)	$	-	$	-	$	(676,614)	$	2,383,262
Sudbury ²		623,864		-		-		623,864		(316,695)		(23,753)		-		-		(340,448)		283,416
Constancia		140,058		-		-		140,058		(36,269)		(8,206)		-		-		(44,475)		95,583
San Dimas		220,429		-		-		220,429		(53,706)		(10,858)		-		-		(64,564)		155,865
Stillwater ³		239,352		-		-		239,352		(19,567)		(3,933)		-		-		(23,500)		215,852
Other ⁴		761,334		138,515		(354,458)		545,391		(396,542)		(1,252)		348,265		(1,719)		(51,248)		494,143
	$	5,044,913	$	138,515	$	(354,458)	$	4,828,970	$	(1,444,716)	$	(102,679)	$	348,265	$	(1,719)	$	(1,200,849)	$	3,628,121
Silver interests
Peñasquito	$	524,626	$	-	$	-	$	524,626	$	(202,608)	$	(28,344)	$	-	$	-	$	(230,952)	$	293,674
Antamina		900,343		-		-		900,343		(320,291)		(34,684)		-		-		(354,975)		545,368
Constancia		302,948		-		-		302,948		(97,064)		(12,937)		-		-		(110,001)		192,947
Other ⁵		1,438,974		4,519		(425,294)		1,018,199		(845,779)		(36,640)		306,986		10,330		(565,103)		453,096
	$	3,166,891	$	4,519	$	(425,294)	$	2,746,116	$	(1,465,742)	$	(112,605)	$	306,986	$	10,330	$	(1,261,031)	$	1,485,085
Palladium interests
Stillwater ³	$	263,721	$	-	$	-	$	263,721	$	(30,891)	$	(6,018)	$	-	$	-	$	(36,909)	$	226,812
Platinum interests
Marathon	$	-	$	9,428	$	-	$	9,428	$	-	$	-	$	-	$	-	$	-	$	9,428
Cobalt interests
Voisey's Bay ⁶	$	393,422	$	-	$	-	$	393,422	$	(21,801)	$	(14,048)	$	-	$	-	$	(35,849)	$	357,573
	$	8,868,947	$	152,462	$	(779,752)	$	8,241,657	$	(2,963,150)	$	(235,350)	$	655,251	$	8,611	$	(2,534,638)	$	5,707,019

1)	Includes cumulative impairment charges to December 31, 2022 as follows: Pascua-Lama silver interest - $338 million; and Sudbury gold interest - $120 million.

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

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

Comprised of the Minto, Copper World Complex, 777, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose and Curipamba gold interests.As the 777 mine has been permanently closed, the 777 PMPA has been reflected as a disposition, with the carrying value transferred to a long-term receivable. The additions to other gold interests includes: Marmato - $18 million; Fenix - $25 million; Marathon - $22 million; Curipamba - $10 million; Goose - $63 million.

Comprised of the Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Keno Hill, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, 777, Marmato, Cozamin, Blackwater and Curipamba silver interests. The Keno Hill PMPA and the Yauliyacu PMPA were terminated on September 7, 2022 and December 14, 2022, respectively. As the 777 mine has been permanently closed, the 777 PMPA has been reflected as a disposition, with the carrying value transferred to a long-term receivable. The additions to other silver interests includes: Marmato - $1 million; and Curipamba - $3 million.

6)	When cobalt is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the cobalt is recorded as a cost of sale. Depletion in this table for the Voisey’s Bay cobalt interest is inclusive of depletion relating to inventory.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [18]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

The value allocated to reserves is classified as depletable upon a mining operation achieving first production and is depleted on a unit-of-production basis over the estimated recoverable proven and probable reserves at the mine. The value associated with resources and exploration potential is allocated at acquisition and is classified as non-depletable until such time as it is transferred to the depletable category, generally as a result of the conversion of resources or exploration potential into reserves.

	September 30, 2023						December 31, 2022
(in thousands)	Depletable		Non-Depletable		Total		Depletable		Non-Depletable		Total
Gold interests
Salobo	$	1,963,785	$	377,700	$	2,341,485	$	1,990,789	$	392,473	$	2,383,262
Sudbury ¹		218,249		49,975		268,224		239,002		44,414		283,416
Constancia		81,048		5,507		86,555		89,097		6,486		95,583
San Dimas		43,232		104,406		147,638		51,459		104,406		155,865
Stillwater ²		187,849		24,801		212,650		191,051		24,801		215,852
Other ³		18,332		538,703		557,035		19,248		474,895		494,143
	$	2,512,495	$	1,101,092	$	3,613,587	$	2,580,646	$	1,047,475	$	3,628,121
Silver interests
Peñasquito	$	204,324	$	73,704	$	278,028	$	219,969	$	73,705	$	293,674
Antamina		180,209		347,018		527,227		198,294		347,074		545,368
Constancia		173,681		10,055		183,736		182,171		10,776		192,947
Other ⁴		133,612		416,029		549,641		139,424		313,672		453,096
	$	691,826	$	846,806	$	1,538,632	$	739,858	$	745,227	$	1,485,085
Palladium interests
Stillwater ²	$	213,446	$	8,708	$	222,154	$	218,104	$	8,708	$	226,812
Platinum interests
Marathon	$	-	$	9,450	$	9,450	$	-	$	9,428	$	9,428
Cobalt interests
Voisey's Bay	$	324,269	$	29,362	$	353,631	$	316,749	$	40,824	$	357,573
	$	3,742,036	$	1,995,418	$	5,737,454	$	3,855,357	$	1,851,662	$	5,707,019

1)	Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests.

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

3)	Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, Curipamba and Cangrejos gold interests.

4)	Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater and Curipamba silver interests.

Acquisition of Curipamba PMPA

On January 17, 2022, the Company entered into a PMPA (the “Curipamba PMPA”) with Adventus Mining Corporation (“Adventus”) in respect of gold and silver production from the Curipamba Project located in Ecuador (the “Curipamba Project”). Under the Curipamba PMPA, Wheaton will purchase an amount of gold equal to 50% of the payable gold production until 145,000 ounces have been delivered, thereafter dropping to 33% of payable gold production for the life of the mine and an amount of silver equal to 75% of the payable silver production until 4.6 million ounces have been delivered, thereafter dropping to 50% for the life of mine. Under the terms of the Curipamba PMPA, the Company is committed to pay Adventus total upfront cash consideration of $175.5 million, $13 million of which is available pre-construction and $500,000 of which will be paid to support certain local community development initiatives around the Curipamba Project. The initial payment of $13 million was paid on December 6, 2022. The remainder will be payable in four staged installments during construction, subject to various customary conditions being satisfied. In addition, Wheaton will make ongoing production payments for the gold and silver ounces delivered equal to 18% of the spot prices until the value of gold and silver delivered, net of the production payment, is equal to the upfront consideration of $175.5 million, at which point the production payment will increase to 22% of the spot prices.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [19]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

Acquisition of Marathon PMPA

On January 26, 2022, the Company entered into a PMPA (the “Marathon PMPA”) with Generation Mining Limited (“Gen Mining”) in respect of gold and platinum production from the Marathon Project located in Ontario, Canada (the “Marathon Project”). Under the Marathon PMPA, Wheaton will purchase an amount of gold equal to 100% of the payable gold production until 150,000 ounces have been delivered, thereafter dropping to 67% of payable gold production for the life of the mine and an amount of platinum production equal to 22% of the payable platinum production until 120,000 ounces have been delivered, thereafter dropping to 15% for the life of mine. Under the terms of the Marathon PMPA, the Company is committed to pay Gen Mining total upfront cash consideration of $178 million (Cdn$240 million), $16 million (Cdn$20 million) of which was paid on March 31, 2022 and $15 million (Cdn$20 million) was paid on September 7, 2022. The remainder is to be paid in four staged installments during construction, subject to various customary conditions being satisfied and pre-determined completion tests. In addition, Wheaton will make ongoing production payments for the gold and platinum ounces delivered equal to 18% of the spot prices until the value of gold and platinum delivered, net of the production payment, is equal to the upfront consideration of Cdn$240 million, at which point the production payment will increase to 22% of the spot prices.

Acquisition of Goose PMPA

On February 8, 2022, the Company entered into a PMPA (the “Goose PMPA”) with Sabina Gold & Silver Corp. (“Sabina”) in respect of gold production from the Goose Project, part of Sabina’s Back River Gold District located in Nunavut, Canada (the “Goose Project”). Under the Goose PMPA, Wheaton was to purchase an amount of gold equal to 4.15% of the payable gold production until 130,000 ounces have been delivered, dropping to 2.15% until 200,000 ounces have been delivered, and thereafter dropping to 1.5% of the payable gold production for the life of mine. Under the terms of the Goose PMPA, the Company was committed to pay Sabina an upfront payment of $125 million in four equal installments during construction of the Goose Project, subject to customary conditions. The initial payment of $31.25 million was paid on September 28, 2022, the second installment of $31.25 million was paid on December 6, 2022, the third installment of $31.25 million was paid on February 3, 2023 and the final installment of $31.25 million was paid on April 4, 2023.

(in thousands)
Proceeds received on 33% buyback of Goose	$	46,400
Less: 33% carrying value		(41,373)
Gain on partial disposal of the Goose PMPA	$	5,027

In connection with the exercise of the option, the Company’s attributable gold production has been modified such that the Company will purchase an amount of gold equal to 2.78% of the payable gold production until the Company has received 87,100 ounces of gold under the Goose PMPA, dropping to 1.44%, until 134,000 ounces have been delivered, and thereafter dropping to 1.0%.

In addition, Wheaton will make ongoing production payments for the gold ounces delivered equal to 18% of the spot gold price until the value of gold delivered, net of the production payment, is equal to the revised upfront consideration of $83.75 million, at which point the production payment will increase to 22% of the spot gold price.

Amendment to the Marmato PMPA

On March 21, 2022, the Company amended its PMPA with Aris Mining Corporation (“Aris Mining”) in respect of the Marmato PMPA. Under the terms of the amended agreement, Wheaton will purchase 10.5% of the gold production and 100% of the silver production from the Marmato Upper and Lower mines until 310,000 ounces of gold and 2.15 million ounces of silver have been delivered, after which the stream drops to 5.25% of the gold production and 50% of the silver production for the life of mine. Under the terms of the amended Marmato PMPA, the Company is committed to pay Aris Mining total upfront cash payments of $175 million. Of this amount, $53 million has been paid and the remaining amount is payable during the construction of the Marmato Lower Mine, subject to customary conditions.

Termination of the Keno Hill PMPA

On October 2, 2008, the Company entered into a PMPA (the “Keno Hill PMPA”) with Alexco Resource Corp. (“Alexco”) to acquire an amount equal to 25% of the silver produced by Alexco’s Keno Hill mine in Canada. On September 7, 2022, Hecla Mining Company (“Hecla”) completed the previously announced acquisition of all of the

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [20]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

outstanding common shares of Alexco. In connection with this acquisition, the Company entered an agreement with Hecla to terminate the Keno Hill PMPA effective September 7, 2022 in exchange for 34,800,989 common shares of Hecla valued at $141 million (the “Hecla shares”), resulting in a gain on disposal of the Keno Hill PMPA in the amount of $104 million, calculated as follows:

(in thousands)
Fair value of Hecla Mining Company shares received	$	140,596
Less: carrying value after impairment reversal, plus closing costs		(36,171)
Gain on disposal of the Keno Hill PMPA	$	104,425

Acquisition of Cangrejos PMPA

On May 16, 2023, the Company entered into a PMPA (the “Cangrejos PMPA”) with Lumina Gold Corp. ("Lumina") in respect of its 100% owned Cangrejos gold-copper project located in El Oro Province, Ecuador. Under the terms of the agreement, Wheaton will purchase 6.6% of the payable gold production until 700,000 ounces of gold have been delivered, at which point the stream will be reduced to 4.4% of the payable gold production for the life of the mine. Under the terms of the Cangrejos PMPA, the Company is committed to pay Lumina total upfront cash payments of $300 million, $48 million of which is available pre-construction, with the remainder to be paid in staged equal installments during construction of the mine, subject to various customary conditions being satisfied. As it relates to the $48 million, payments will be made in four installments, including (i) $12 million which was paid on closing; (ii) $10 million to be paid six months after closing; (iii) $15 million to be paid 12 months after closing; and (iv) $11 million that can be drawn upon for committed acquisition of surface rights.

In addition, Wheaton will make ongoing production payments for the gold ounces delivered equal to 18% of the spot gold price until the value of gold delivered, net of the production payment, is equal to the upfront consideration of $300 million, at which point the production payment will increase to 22% of the spot gold price.

Amendment to the Blackwater Gold PMPA

On December 13, 2021, the Company acquired the existing gold stream in respect of gold production from the Blackwater Project (the “Blackwater Gold PMPA”). On June 14, 2023, the Company amended the Blackwater Gold PMPA. Under the terms of the amended agreement, the Company is entitled to purchase an amount of gold equal to 8% of the payable gold production until 464,000 ounces have been delivered (previously 279,908 ounces), with this threshold to increase should there be a delay in the anticipated timing of deliveries. Once the threshold has been achieved, the Company’s attributable gold production will drop to 4% of payable gold production for the life of the mine. In exchange for the amendment, the Company is committed to pay upfront cash consideration of $40 million, payable in four installments, of which $30 million has been paid as at September 30, 2023.

14.	Reversal of Impairment of Mineral Stream Interests

Keno Hill – Impairment Reversal

At December 31, 2015, the Company determined there to be an impairment charge of $10.5 million relative to the Keno Hill PMPA due to the suspension of operations at the Bellekeno mine.

As discussed in Note 13, on September 7, 2022, the Company terminated the Keno Hill PMPA in exchange for 34,800,989 common shares of Hecla valued at $141 million. This value exceeded the carrying amount of the Keno Hill PMPA that would have been determined, net of depletion, had no impairment charge been recognized for the Keno Hill PMPA. As a result, an impairment reversal of $10.3 million was recorded for the three and nine months ended September 30, 2022, which represents a full reversal of the impairment charge recorded in the year ended December 31, 2015, net of depletion that otherwise would have been recorded. The recoverable amount of the Keno Hill PMPA was determined based on the value of the consideration received in exchange for its termination, and as such is classified within Level 1 of the fair value hierarchy.

15.	Early Deposit Mineral Stream Interests

Early deposit mineral stream interests represent agreements relative to early stage development projects whereby Wheaton can choose not to proceed with the agreement once certain documentation has been received including, but not limited to, feasibility studies, environmental studies and impact assessment studies (please see Note 27 for more information). Once Wheaton has elected to proceed with the agreement, the carrying value of the stream will be transferred to Mineral Stream Interests.

The following table summarizes the early deposit mineral stream interests currently owned by the Company:

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [21]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

	Mine Owner								Attributable Production to be Purchased
Early Deposit Mineral Stream Interests	Mine Owner	Location of Mine	Upfront Consideration Paid to Date ¹		Upfront Consideration to be Paid ^{1, 2}		Total Upfront Consideration¹		Gold	Silver	Term of Agreement
Toroparu	Aris Mining	Guyana	$	15,500	$	138,000	$	153,500	10%	50%	Life of Mine
Cotabambas	Panoro	Peru		14,000		126,000		140,000	25% ³	100% ³	Life of Mine
Kutcho	Kutcho	Canada		16,852		58,000		74,852	100%	100%	Life of Mine
			$	46,352	$	322,000	$	368,352

1)	Expressed in thousands of United States dollars; excludes closing costs and capitalized interest, where applicable.

2)	Please refer to Note 27 for details of when the remaining upfront consideration to be paid becomes due.

3)	Once 90 million silver equivalent ounces attributable to Wheaton have been produced, the attributable production will decrease to 16.67% of gold production and 66.67% of silver production for the life of mine.

16.	Long-Term Equity Investments

	September 30		December 31
(in thousands)	2023		2022
Common shares held	$	200,578	$	255,535
Warrants held		315		560
Total long-term equity investments	$	200,893	$	256,095

Common Shares Held

	Three Months Ended September 30, 2023
(in thousands)	Shares Owned (000's)	% of Outstanding Shares Owned	Fair Value at Jun 30, 2023	Cost of Additions	Proceeds of Disposition	Fair Value Adjustment Gains (Losses)¹	Fair Value at Sep 30, 2023	Realized Gain on Disposal
Bear Creek	13,264	7.74%	$ 5,510	$ -	$ -	$ (3,450)	$ 2,060	$ -
Kutcho	18,640	13.27%	2,605	-	-	(881)	1,724	-
Hecla	34,980	5.67%	180,148	-	-	(43,375)	136,773	-
B2Gold	12,025	0.93%	42,867	-	-	(8,181)	34,686	-
Other			23,946	5,006	-	(3,617)	25,335	-
Total			$ 255,076	$ 5,006	$ -	$ (59,504)	$ 200,578	$ -

1)	Fair Value Gains (Losses) are reflected as a component of Other Comprehensive Income (“OCI”).

	Three Months Ended September 30, 2022
(in thousands)	Shares Owned (000's)	% of Outstanding Shares Owned	Fair Value at Jun 30, 2022	Cost of Additions	Proceeds of Disposition ¹	Fair Value Adjustment Gains (Losses)²	Fair Value at Sep 30, 2022	Realized Loss on Disposal
Bear Creek	13,264	8.65%	$ 8,235	$ -	$ -	$ (2,622)	$ 5,613	$ -
Sabina	31,095	5.67%	25,579	-	-	(852)	24,727	-
Kutcho	18,640	14.97%	4,340	-	-	(1,008)	3,332	-
Hecla	35,012	5.88%	-	141,450	-	(3,502)	137,948	-
Other			21,949	3,746	(4,601)	(2,734)	18,360	(3,797)
Total			$ 60,103	$ 145,196	$ (4,601)	$ (10,718)	$ 189,980	$ (3,797)

1)	Disposals during 2022 were made as a result of the acquisition of the companies to which the shares relate by unrelated third party entities.

2)	Fair Value Gains (Losses) are reflected as a component of OCI.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [22]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

	Nine Months Ended September 30, 2023
(in thousands)	Shares Owned (000's)	% of Outstanding Shares Owned	Fair Value at Dec 31, 2022	Cost of Additions	Proceeds of Disposition ¹	Fair Value Adjustment Gains (Losses)²	Fair Value at Sep 30, 2023	Realized Gain (Loss) on Disposal
Bear Creek	13,264	7.74%	$ 7,443	$ -	$ -	$ (5,383)	$ 2,060	$ -
Sabina	-	0.00%	30,535	-	(48,832)	18,297	-	872
Kutcho	18,640	13.27%	3,097	-	-	(1,373)	1,724	-
Hecla	34,980	5.67%	194,668	-	(202)	(57,693)	136,773	73
B2Gold	12,025	0.93%	-	48,832	-	(14,146)	34,686	-
Other			19,792	13,205	(27)	(7,635)	25,335	(990)
Total			$ 255,535	$ 62,037	$ (49,061)	$ (67,933)	$ 200,578	$ (45)

1)	The disposal of the Sabina shares was as a result of the acquisition of Sabina by B2Gold, while the partial disposition of the Hecla shares was made in order to capitalize on Hecla’s share price appreciation.

2)	Fair Value Gains (Losses) are reflected as a component of OCI.

	Nine Months Ended September 30, 2022
(in thousands)	Shares Owned (000's)	% of Outstanding Shares Owned	Fair Value at Dec 31, 2021	Cost of Additions	Proceeds of Disposition ¹	Fair Value Adjustment Gains (Losses) 2	Fair Value at Sep 30, 2022	Realized Loss on Disposal
Bear Creek	13,264	8.65%	$ 12,764	$ -	$ -	$ (7,151)	$ 5,613	$ -
Sabina	31,095	5.67%	13,381	19,833	-	(8,487)	24,727	-
Kutcho	18,640	14.97%	-	11,722	-	(8,390)	3,332	-
Hecla	35,012	5.88%	-	141,450	-	(3,502)	137,948	-
Other			33,796	6,138	(4,601)	(16,973)	18,360	(3,797)
Total			$ 59,941	$ 179,143	$ (4,601)	$ (44,503)	$ 189,980	$ (3,797)

1)	Disposals during 2022 were made as a result of the acquisition of the companies to which the shares relate by unrelated third party entities.

2)	Fair Value Gains (Losses) are reflected as a component of OCI.

By holding these long-term investments, the Company is inherently exposed to various risk factors including currency risk, market price risk and liquidity risk.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [23]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

17.	Property, Plant and Equipment

	September 30, 2023
(in thousands)	Leasehold Improvements		Right of Use Assets - Property		Other		Total
Cost
Balance - January 1, 2023	$	4,004	$	4,793	$	4,917	$	13,714
Additions		-		4,814		191		5,005
Disposals		-		-		(4)		(4)
Balance - September 30, 2023	$	4,004	$	9,607	$	5,104	$	18,715
Accumulated Depreciation
Balance - January 1, 2023	$	(3,168)	$	(2,965)	$	(3,371)	$	(9,504)
Disposals		-		-		4		4
Depreciation		(150)		(595)		(378)		(1,123)
Balance - September 30, 2023	$	(3,318)	$	(3,560)	$	(3,745)	$	(10,623)
Net book value - September 30, 2023	$	686	$	6,047	$	1,359	$	8,092

	December 31, 2022
(in thousands)	Leasehold Improvements		Right of Use Assets - Property		Other		Total
Cost
Balance - January 1, 2022	$	4,382	$	4,793	$	4,856	$	14,031
Additions		-		-		289		289
Disposals		(378)		-		(228)		(606)
Balance - December 31, 2022	$	4,004	$	4,793	$	4,917	$	13,714
Accumulated Depreciation
Balance - January 1, 2022	$	(3,226)	$	(2,196)	$	(3,100)	$	(8,522)
Disposals		378		-		228		606
Depreciation		(320)		(769)		(499)		(1,588)
Balance - December 31, 2022	$	(3,168)	$	(2,965)	$	(3,371)	$	(9,504)
Net book value - December 31, 2022	$	836	$	1,828	$	1,546	$	4,210

18.	Credit Facilities

18.1.

Sustainability-Linked Revolving Credit Facility

On June 22, 2023, the term of the Company’s undrawn $2 billion revolving term loan (“Revolving Facility”) was extended by an additional year, with the facility now maturing on June 22, 2028.

The Company’s Revolving Facility has financial covenants which require the Company to maintain: (i) a net debt to tangible net worth ratio of less than or equal to 0.75:1; and (ii) an interest coverage ratio of greater than or equal to 3.00:1. Only cash interest expenses are included for the purposes of calculating the interest coverage ratio. The Company is in compliance with these debt covenants as at September 30, 2023.

At the Company’s option, amounts drawn under the Revolving Facility incur interest based on the Company’s leverage ratio at either (i) the Secured Overnight Financing Rate (“SOFR”) plus 1.10% to 2.15%; or (ii) the Bank of Nova Scotia’s Base Rate plus 0.00% to 1.05%. Under both options, the interest rate shall not be less than 0%. In connection with the extension, the interest rate paid on drawn amounts will be adjusted by up to +/- 0.05% based upon the Company’s performance in three sustainability-related areas including climate change, diversity and overall performance in sustainability. During the three and nine months ended September 30, 2023 and September 30, 2022, the stand-by fee rate was 0.20%.

The Revolving Facility, which is classified as a financial liability and reported at amortized cost using the effective interest method, can be drawn down at any time to finance acquisitions, investments or for general corporate

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [24]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

purposes. In connection with the Revolving Facility, there is $6 million unamortized debt issue costs which have been recorded as a long-term asset under the classification Other (see Note 26).

18.2.

Lease Liabilities

The lease liability on the Company’s offices located in Vancouver, Canada and the Cayman Islands is as follows:

	September 30		December 31
(in thousands)	2023		2022
Current portion	$	590	$	818
Long-term portion		5,654		1,152
Total lease liabilities	$	6,244	$	1,970

The maturity analysis, on an undiscounted basis, of these leases is as follows:

	September 30
(in thousands)	2023
Not later than 1 year	$	884
Later than 1 year and not later than 5 years		2,532
Later than 5 years		4,847
Total lease liabilities	$	8,263

18.3.

Finance Costs

A summary of the Company’s finance costs associated with the above facilities during the period is as follows:

		Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	Note	2023		2022		2023		2022
Costs related to undrawn credit facilities	18.1	$	1,286	$	1,311	$	3,876	$	3,950
Interest expense - lease liabilities	18.2		78		22		131		72
Letters of guarantee	5.3		43		65		131		187
Total finance costs		$	1,407	$	1,398	$	4,138	$	4,209

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [25]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

19. Issued Capital

	Note	September 30		December 31
(in thousands)	Note	2023		2022
Issued capital
Share capital issued and outstanding: 452,996,141 common shares (December 31, 2022: 452,318,526 common shares)	19.1	$	3,774,333	$	3,752,662

19.1.

Shares Issued

The Company is authorized to issue an unlimited number of common shares having no par value and an unlimited number of preference shares issuable in series. As at September 30, 2023, the Company had no preference shares outstanding.

A continuity schedule of the Company’s issued and outstanding common shares from January 1, 2022 to September 30, 2023 is presented below:

	Number of Shares	Weighted Average Price
At January 1, 2022	450,863,952
Share purchase options exercised ¹	329,914	Cdn$28.87
Restricted share units released ¹	87,838	Cdn$0.00
Dividend reinvestment plan ²	410,488	US$44.53
At June 30, 2022	451,692,192
Dividend reinvestment plan ²	270,768	US$30.53
At September 30, 2022	451,962,960
Share purchase options exercised ¹	163,215	Cdn$28.55
Dividend reinvestment plan ²	192,351	US$37.97
At December 31, 2022	452,318,526
Share purchase options exercised ¹	430,247	Cdn$31.52
Restricted share units released ¹	119,827	Cdn$0.00
Dividend reinvestment plan ²	100,732	US$47.23
At June 30, 2023	452,969,332
Share purchase options exercised ¹	4,563	Cdn$38.14
Dividend reinvestment plan ²	22,246	US$42.77
At September 30, 2023	452,996,141

1)	The weighted average price of share purchase options exercised and restricted share units released represents the respective exercise price.

The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. The weighted average price for common shares issued under the DRIP represents the volume weighted average price of the common shares on the five trading days preceding the dividend payment date, less a discount of 1% where applicable.

At the Market Equity Program

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [26]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

19.2.

Dividends Declared

	Three Months Ended September 30						Nine Months Ended September 30
(in thousands, except per share amounts)	2023			2022			2023			2022
Dividends declared per share	$	0.15		$	0.15		$	0.45		$	0.45
Average number of shares eligible for dividend		452,971			451,690			452,875			451,444
Total dividends paid	$	67,946		$	67,754		$	203,794		$	203,150
Paid as follows:
Cash	$	66,994	99%	$	59,487	88%	$	198,085	97%	$	176,604	87%
DRIP ¹		952	1%		8,267	12%		5,709	3%		26,546	13%
Total dividends paid	$	67,946	100%	$	67,754	100%	$	203,794	100%	$	203,150	100%
Shares issued under the DRIP		22			271			123			681

1)	The Company has implemented a DRIP whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares.

2)	As at September 30, 2023, cumulative dividends of $1,998 million have been declared and paid by the Company.

20.

Reserves

	Note	September 30		December 31
(in thousands)	Note	2023		2022
Reserves
Share purchase warrants	20.1	$	-	$	83,077
Share purchase options	20.2		22,728		22,578
Restricted share units	20.3		7,219		8,142
Long-term investment revaluation reserve, net of tax	20.4		(108,819)		(47,250)
Total reserves		$	(78,872)	$	66,547

20.1.

Share Purchase Warrants

The Company’s share purchase warrants (“warrants”) are presented below:

	Number of Warrants	Weighted Average Exercise Price	Exchange Ratio	Share Purchase Warrants Reserve
Warrants outstanding at December 31, 2022	10,000,000	$ 43.75	1.00	$	83,077
Expired	(10,000,000)	43.75	1.00		(83,077)
Warrants outstanding at September 30, 2023	-	$ 43.75	1.00	$	-

Each warrant entitled the holder the right to purchase one of the Company’s common shares. The warrants expired unexercised on February 28, 2023.

20.2.

Share Purchase Options

The Company has established an equity settled share purchase option plan whereby the Company’s Board of Directors may, from time to time, grant options to employees or consultants. The maximum term of any share purchase option may be ten years, but generally options are granted with a term to expiry of five to seven years. The exercise price of an option is not less than the closing price on the TSX on the last trading day preceding the grant date. The vesting period of the options is determined at the discretion of the Company’s Board of Directors at the time the options are granted, but generally vest over a period of two or three years.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [27]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

Each share purchase option converts into one common share of Wheaton on exercise. No amounts are paid or payable by the recipient on receipt of the option. The options do not carry rights to dividends or voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry, subject to certain black-out periods.

The Company expenses the fair value of share purchase options that are expected to vest on a straight-line basis over the vesting period using the Black-Scholes option pricing model to estimate the fair value for each option at the date of grant. The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions. The model requires the use of subjective assumptions, including expected share price volatility. Historical data has been considered in setting the assumptions. Expected volatility is determined by considering the trailing 30-month historic average share price volatility. The weighted average fair value of share purchase options granted and principal assumptions used in applying the Black-Scholes option pricing model are as follows:

	Nine Months Ended September 30
	2023	2022
Black-Scholes weighted average assumptions
Grant date share price and exercise price	Cdn$59.41	Cdn$60.00
Expected dividend yield	1.39%	1.32%
Expected volatility	30%	35%
Risk-free interest rate	3.40%	1.72%
Expected option life, in years	3.0	3.0
Weighted average fair value per option granted	Cdn$12.89	Cdn$13.84
Number of options issued during the period	316,580	283,440
Total fair value of options issued (000's)	$ 2,972	$ 3,069

The following table summarizes information about the options outstanding and exercisable at September 30, 2023:

Exercise Price (Cdn$)	Exercisable Options	Non-Exercisable Options	Total Options Outstanding	Weighted Average Remaining Contractual Life
$30.82	4,477	-	4,477	0.7 years
$32.56¹	22,000	-	22,000	1.5 years
$32.93	142,165	-	142,165	0.5 years
$33.19¹	10,210	-	10,210	0.5 years
$33.47	292,345	-	292,345	1.5 years
$49.86	156,693	79,873	236,566	4.5 years
$54.01¹	38,645	20,088	58,733	4.5 years
$58.50¹	-	63,190	63,190	6.5 years
$59.41	-	252,630	252,630	6.5 years
$60.00	73,578	148,556	222,134	5.5 years
$63.49¹	17,624	35,246	52,870	5.5 years
	757,737	599,583	1,357,320	4.0 years
1) US$ share purchase options converted to Cdn$ using the exchange rate of 1.3520, being the Cdn$/US$ exchange rate at September 30, 2023.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [28]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

A continuity schedule of the Company’s outstanding share purchase options from January 1, 2022 to September 30, 2023 is presented below:

	Number of Options Outstanding	Weighted Average Exercise Price
At January 1, 2022	1,705,497	Cdn$34.40
Granted (fair value - $3 million or Cdn$13.84 per option)	283,440	60.00
Exercised	(329,914)	28.87
Forfeited	(6,154)	49.86
At September 30, 2022	1,652,869	Cdn$39.12
Exercised	(163,215)	28.55
Forfeited	(11,354)	55.83
At December 31, 2022	1,478,300	Cdn$41.37
Granted (fair value - $3 million or Cdn$12.89 per option)	316,580	59.41
Exercised	(430,247)	31.52
Forfeited	(2,750)	57.48
At June 30, 2023	1,361,883	Cdn$48.43
Exercised	(4,563)	38.14
At September 30, 2023	1,357,320	Cdn$48.64

As it relates to share purchase options, during the three months ended September 30, 2023, the weighted average share price at the time of exercise was Cdn$56.22 per share (nine months - Cdn$63.49 per share), as compared to Cdn$60.33 per share during the comparable period in 2022, with all exercises taking place during the six months ended June 30, 2022.

20.3.

Restricted Share Units (“RSUs”)

The Company has established an RSU plan whereby RSUs will be issued to eligible employees or directors as determined by the Company’s Board of Directors or the Company’s Compensation Committee. RSUs give the holder the right to receive a specified number of common shares at the specified vesting date. RSUs generally vest over a period of two to three years. Compensation expense related to RSUs is recognized over the vesting period based upon the fair value of the Company’s common shares on the grant date and the awards that are expected to vest. The fair value is calculated with reference to the closing price of the Company’s common shares on the TSX on the business day prior to the date of grant.

RSU holders receive a cash payment based on the dividends paid on the Company’s common shares in the event that the holder of a vested RSU has elected to defer the release of the RSU to a future date. This cash payment is reflected as a component of net earnings under the classification Share Based Compensation.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [29]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

A continuity schedule of the Company’s restricted share units outstanding from January 1, 2022 to September 30, 2023 is presented below:

	Number of RSUs Outstanding	Weighted Average Intrinsic Value at Date Granted
At January 1, 2022	350,058	$26.69
Granted (fair value - $4 million)	91,780	46.72
Released	(87,838)	28.85
Forfeited	(1,320)	39.95
At September 30, 2022	352,680	$31.31
Forfeited	(2,474)	39.95
At December 31, 2022	350,206	$31.25
Granted (fair value - $4 million)	93,990	43.35
Released	(119,827)	33.10
Forfeited	(610)	44.38
At September 30, 2023	323,759	$34.05

20.4.

Long-Term Investment Revaluation Reserve

The Company’s long-term investments in common shares (Note 16) are held for long-term strategic purposes and not for trading purposes. The Company has chosen to designate these long-term investments in common shares as financial assets with fair value adjustments being recorded as a component of OCI as it believes that this provides a more meaningful presentation for long-term strategic investments, rather than reflecting changes in fair value as a component of net earnings. As some of these long-term investments are denominated in Canadian dollars, changes in their fair value is affected by both the change in share price in addition to changes in the Cdn$/US$ exchange rate.

Where the fair value of a long-term investment in common shares held exceeds its tax cost, the Company recognizes a deferred income tax liability. To the extent that the value of the long-term investment subsequently declines, the deferred income tax liability is reduced. However, where the fair value of the long-term investment decreases below the tax cost, the Company does not recognize a deferred income tax asset on the unrealized capital loss unless it is probable that the Company will generate future capital gains that will offset the loss.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [30]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

A continuity schedule of the Company’s long-term investment revaluation reserve from January 1, 2022 to September 30, 2023 is presented below:

(in thousands)	Change in Fair Value	Deferred Tax Recovery (Expense)	Total
At January 1, 2022	$ (65,475)	$ (111)	$ (65,586)
Unrealized gain (loss) on LTIs ¹	(33,783)	155	(33,628)
At June 30, 2022	$ (99,258)	$ 44	$ (99,214)
Unrealized gain (loss) on LTIs ¹	(10,719)	546	(10,173)
Reallocate reserve to retained earnings upon disposal of LTIs ¹	3,797	-	3,797
At September 30, 2022	$(106,180)	$ 590	$(105,590)
Unrealized gain (loss) on LTIs ¹	65,554	(7,214)	58,340
At December 31, 2022	$ (40,626)	$ (6,624)	$ (47,250)
Unrealized gain (loss) on LTIs ¹	(8,429)	2,090	(6,339)
Reallocate reserve to retained earnings upon disposal of LTIs ¹	(841)	-	(841)
At June 30, 2023	$ (49,896)	$ (4,534)	$ (54,430)
Unrealized gain (loss) on LTIs ¹	(59,504)	5,115	(54,389)
At September 30, 2023	$(109,400)	$ 581	$(108,819)

1)	LTIs refers to long-term investments in common shares held.

21.	Share Based Compensation

The Company’s share based compensation consists of share purchase options (Note 20.2), restricted share units (Note 20.3) and performance share units (Note 21.1). The accrued value of share purchase options and restricted share units are reflected as reserves in the shareholder’s equity section of the Company’s balance sheet while the accrued value associated with performance share units is reflected as an accrued liability.

21.1.

Performance Share Units (“PSUs”)

The Company has established a Performance Share Unit Plan (“the PSU plan”) whereby PSUs will be issued to eligible employees as determined by the Company’s Board of Directors or the Company’s Compensation Committee. PSUs issued under the PSU plan entitle the holder to a cash payment at the end of a three year performance period equal to the number of PSUs granted, multiplied by a performance factor and multiplied by the fair market value of a Wheaton common share on the expiry of the performance period. The performance factor can range from 0% to 200% and is determined by comparing the Company’s total shareholder return to those achieved by various peer companies, the Philadelphia Gold and Silver Index and the price of gold and silver.

Compensation expense for the PSUs is recorded on a straight-line basis over the three year vesting period. The amount of compensation expense is adjusted at the end of each reporting period to reflect (i) the fair value of common shares; (ii) the number of PSUs anticipated to vest; and (iii) the anticipated performance factor.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [31]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

A continuity schedule of the Company’s outstanding PSUs (assuming a performance factor of 100% is achieved over the performance period) and the Company’s PSU accrual from January 1, 2022 to September 30, 2023 is presented below:

(in thousands, except for number of PSUs outstanding)	Number of PSUs Outstanding	PSU accrual liability
At January 1, 2022	513,510	$	26,305
Granted	129,140		-
Accrual related to the fair value of the PSUs outstanding	-		8,736
Foreign exchange adjustment	-		(223)
Paid	(184,780)		(18,247)
Forfeited	(3,970)		(65)
At June 30, 2022	453,900	$	16,506
Accrual related to the fair value of the PSUs outstanding	-		(1,492)
Foreign exchange adjustment	-		(783)
Paid	(1,950)		(163)
At September 30, 2022	451,950	$	14,068
Accrual related to the fair value of the PSUs outstanding	-		7,170
Foreign exchange adjustment	-		135
Forfeited	(7,330)		(134)
At December 31, 2022	444,620	$	21,239
Granted	135,690		-
Accrual related to the fair value of the PSUs outstanding	-		8,500
Foreign exchange adjustment	-		198
Paid	(191,980)		(16,675)
Forfeited	(1,280)		(21)
At June 30, 2023	387,050	$	13,241
Accrual related to the fair value of the PSUs outstanding	-		2,604
Foreign exchange adjustment	-		(219)
At September 30, 2023	387,050	$	15,626

A summary of the PSUs outstanding at September 30, 2023 is as follows:

Year of Grant	Year of Maturity	Number outstanding	Estimated Value Per PSU at Maturity	Anticipated Performance Factor at Maturity	Percent of Vesting Period Complete at Sep 30, 2023	PSU Liability at Sep 30, 2023
2021	2024	126,590	$43.89	200%	85%	$ 9,404
2022	2025	125,100	$43.28	182%	52%	5,076
2023	2026	135,360	$42.49	109%	18%	1,146
		387,050				$ 15,626

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [32]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

22.	Earnings per Share (“EPS”) and Diluted Earnings per Share (“Diluted EPS”)

Diluted earnings per share is calculated using the treasury method which assumes that outstanding share purchase options and warrants, with exercise prices that are lower than the average market price of the Company’s common shares for the relevant period, are exercised and the proceeds are used to purchase shares of the Company at the average market price of the common shares for the relevant period.

Diluted EPS is calculated based on the following weighted average number of shares outstanding:

	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2023	2022	2023	2022
Basic weighted average number of shares outstanding	452,975	451,757	452,748	451,402
Effect of dilutive securities
Share purchase options	239	276	327	468
Restricted share units	324	353	344	351
Diluted weighted average number of shares outstanding	453,538	452,386	453,419	452,221

The following table lists the number of share purchase options and share purchase warrants excluded from the computation of diluted earnings per share because the exercise prices exceeded the average market value of the common shares of Cdn$57.86 (nine months - Cdn$60.23), compared to Cdn$42.87 (nine months - Cdn$51.03) for the comparable period in 2022.

	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2023	2022	2023	2022
Share purchase options	591	593	53	344
Share purchase warrants	-	10,000	-	10,000
Total	591	10,593	53	10,344

23.	Supplemental Cash Flow Information

Change in Non-Cash Working Capital

	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2023		2022		2023			2022
Change in non-cash working capital
Accounts receivable	$	(3,580)	$	2,013	$	(599)	$		41
Cobalt inventory		515		323		1,330			(271)
Accounts payable and accrued liabilities		2,462		1,661		(542)			(2,692)
Other		114		731		(1,065)			(903)
Total change in non-cash working capital	$	(489)	$	4,728	$	(876)	$		(3,825)

Non-Cash Transactions – Receipt of Shares as Consideration for Disposal of Long-Term Equity Investments

During the nine months ended September 30, 2023, the Company received common shares valued at $48 million as consideration for the disposal of long-term equity investments.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [33]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

Non-Cash Transactions – Payment of Dividends Under DRIP

As more fully described in Note 19.2, during the nine months ended September 30, 2023, the Company declared and paid dividends to its shareholders in the amount of $0.45 per common share for total dividends of $204 million. Approximately 3% of shareholders elected to have their dividends reinvested in common shares of the Company under the Company's dividend reinvestment plan ("DRIP"). As a result, $198 million of dividend payments were made in cash and $6 million in common shares issued. For the comparable period in 2022, the Company declared and paid dividends to its shareholders in the amount of $0.45 per common share for total dividends of $203 million, with the payment being comprised of $177 million in cash and $26 million in common shares issued.

Cash and Cash Equivalents

	September 30		December 31
(in thousands)	2023		2022
Cash and cash equivalents comprised of:
Cash	$	503,215	$	170,155
Cash equivalents		330,704		525,934
Total cash and cash equivalents	$	833,919	$	696,089

Cash equivalents include short-term deposits, treasury bills, commercial paper, bankers’ depository notes and bankers’ acceptances with terms to maturity at inception of less than three months.

24.	Income Taxes

A summary of the Company’s income tax expense (recovery) is as follows:

Income Tax Expense (Recovery) in Net Earnings

	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2023		2022		2023		2022
Current income tax expense (recovery)	$	31	$	12,033	$	(2,529)	$	12,113
Deferred income tax expense (recovery) related to:
Origination and reversal of temporary differences	$	423	$	20,920	$	3,484	$	30,042
Write down (reversal of write down) or recognition of prior period temporary differences		4,691		(20,947)		3,745		(29,276)
Total deferred income tax expense (recovery)	$	5,114	$	(27)	$	7,229	$	766
Total income tax expense (recovery) recognized in net earnings	$	5,145	$	12,006	$	4,700	$	12,879

Income Tax Expense (Recovery) in Other Comprehensive Income


	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2023		2022		2023		2022
Income tax expense (recovery) related to LTIs - common shares held	$	(5,115)	$	(546)	$	(7,205)	$	(701)

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [34]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

Income Tax Expense (Recovery) in Shareholders’ Equity¹

	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2023		2022		2023		2022
Current income tax expense (recovery)	$	-	$	(5,935)	$	-	$	(5,932)
Deferred income tax expense (recovery) related to:
Origination and reversal of temporary differences	$	-	$	5,935	$	-	$	5,932
Write down (reversal of write down) or recognition of prior period temporary differences	$	-	$	(3,644)	$	-	$	(4,143)
Total deferred income tax expense (recovery)	$	-	$	2,291	$	-	$	1,789
Total income tax expense (recovery) recognized in equity	$	-	$	(3,644)	$	-	$	(4,143)

1)	Income tax expense (recovery) in shareholders’ equity relates to share financing fees. Share financing fees are deducted over a five-year period for Canadian income tax purposes. For accounting purposes, share financing fees are charged directly to issued capital.

Income Tax Rate Reconciliation

The provision for income taxes differs from the amount that would be obtained by applying the statutory income tax rate to consolidated earnings before income taxes due to the following:

	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2023		2022		2023		2022
Earnings before income taxes	$	121,516	$	208,466	$	373,909	$	515,880
Canadian federal and provincial income tax rates		27.00%		27.00%		27.00%		27.00%
Income tax expense (recovery) based on above rates	$	32,809	$	56,286	$	100,955	$	139,288
Non-deductible portion of capital losses (non-taxable portion of capital gains)		-		-		-		(1,052)
Non-deductible stock based compensation and other		490		(104)		1,376		995
Differences in tax rates in foreign jurisdictions ¹		(33,481)		(23,451)		(102,419)		(99,507)
Current period unrecognized temporary differences		636		222		1,043		2,431
Write down (reversal of write down) or recognition of prior period temporary differences		4,691		(20,947)		3,745		(29,276)
Total income tax expense (recovery) recognized in net earnings	$	5,145	$	12,006	$	4,700	$	12,879

1)	During the nine months ended September 30, 2023, the Company's subsidiaries generated net earnings of $381 million, as compared to $371 million during the comparable period of the prior year.

The majority of the Company’s income generating activities is conducted by its 100% owned subsidiary, Wheaton Precious Metals International Ltd., which operates in the Cayman Islands and is not subject to income tax.

Update on Global Minimum Tax

On August 4, 2023, the Canadian Federal Government released draft Pillar Two implementing legislation as a new act, the Global Minimum Tax Act (“GMTA”) for public comment. The public consultation period on the draft legislation ended September 29, 2023. If enacted, the GMTA would implement a 15% global minimum tax for fiscal years that

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [35]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

begin on or after December 31, 2023. The proposed rules in the Global Minimum Tax Act would apply to the income of the Company’s non-Canadian subsidiaries.

Current Income Taxes (Payable) Receivable

The movement in current income taxes payable for the nine months ended September 30, 2023 is as follows:

(in thousands)	Current Taxes (Payable) Recoverable
Current taxes payable - December 31, 2022	$ (2,763)
Current income tax recovery - income statement	2,529
Income taxes paid	5,244
Foreign exchange adjustments	(10)
Current taxes recoverable - September 30, 2023	$ 5,000

Deferred Income Taxes

The recognized deferred income tax assets and liabilities are offset on the balance sheet and relate to Canada, except for the foreign withholding tax. The movement in deferred income tax assets and liabilities for the nine months ended September 30, 2023 and the year ended December 31, 2022 is shown below:

	Nine Months Ended September 30, 2023
	Opening Balance		Recovery (Expense) Recognized In Net Earnings		Recovery (Expense) Recognized In OCI		Recovery (Expense) Recognized In Shareholders' Equity		Closing Balance
Recognized deferred income tax assets and liabilities	Opening Balance		Recovery (Expense) Recognized In Net Earnings		Recovery (Expense) Recognized In OCI		Recovery (Expense) Recognized In Shareholders' Equity		Closing Balance
Deferred tax assets
Non-capital loss carryforward ¹	$	-	$	622	$	-	$	-	$	622
Capital loss carryforward		792		8		-		-		800
Other ²		4,256		(2,036)		-		-		2,220
Deferred tax liabilities
Debt financing fees³		(774)		(33)		-		-		(807)
Unrealized gains on long-term investments		(8,006)		1		7,205		-		(800)
Mineral stream interests ⁴		3,732		(5,767)		-		-		(2,035)
Foreign withholding tax		(165)		(24)		-		-		(189)
Total	$	(165)	$	(7,229)	$	7,205	$	-	$	(189)

1)	As at September 30, 2023, the Company had recognized the tax effect on $2 million of non-capital losses against deferred tax liabilities.

2)	Other includes capital assets, cobalt inventory, charitable donation carryforward, and PSU and pension liabilities.

3)	Debt and share financing fees are deducted over a five-year period for Canadian income tax purposes. For accounting purposes, debt financing fees are deducted over the term of the credit facility and share financing fees are charged directly to issued capital.

The Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, is that the cost of the precious metal acquired under the Canadian PMPAs is equal to the market value while a deposit is outstanding (where applicable to an agreement), and the cash cost thereafter. For accounting purposes, the cost of the mineral stream interests is depleted on a unit-of-production basis as described in Note 13.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [36]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

	Year Ended December 31, 2022
	Opening Balance		Recovery (Expense) Recognized In Net Earnings		Recovery (Expense) Recognized In OCI		Recovery (Expense) Recognized In Shareholders' Equity		Closing Balance
Recognized deferred income tax assets and liabilities	Opening Balance		Recovery (Expense) Recognized In Net Earnings		Recovery (Expense) Recognized In OCI		Recovery (Expense) Recognized In Shareholders' Equity		Closing Balance
Deferred tax assets
Non-capital loss carryforward	$	6,967	$	(5,178)	$	-	$	(1,789)	$	-
Capital loss carryforward		-		277		515		-		792
Other		1,325		2,739		192		-		4,256
Deferred tax liabilities
Interest capitalized for accounting		(87)		87		-		-		-
Debt and share financing fees		(737)		(37)		-		-		(774)
Kutcho Convertible Note		-		112		(112)		-		-
Unrealized gains on long-term investments		(170)		(728)		(7,108)		-		(8,006)
Mineral stream interests		(7,298)		11,030		-		-		3,732
Foreign withholding tax		(100)		(65)		-		-		(165)
Total	$	(100)	$	8,237	$	(6,513)	$	(1,789)	$	(165)

Deferred income tax assets in Canada not recognized are shown below:

	September 30		December 31
(in thousands)	2023		2022
Mineral stream interests	$	10,945	$	7,369
Other		2,763		1,575
Capital loss carryforward ²		156		-
Unrealized losses on long-term investments		14,903		13,069
Total	$	28,767	$	22,013

1)	As at September 30, 2023, the Company had fully recognized the tax effect of non-capital losses.

2)	As at September 30, 2023, the Company had not recognized the tax effect on $0.6 million of net capital losses as a deferred tax asset.

25.	Other Current Assets

The composition of other current assets is shown below:

		September 30		December 31
(in thousands)	Note	2023		2022
Prepaid expenses		$	2,826	$	2,856
Other			1,527		431
Total other current assets		$	4,353	$	3,287

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [37]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

26.	Other Long-Term Assets

The composition of other long-term assets is shown below:

		September 30		December 31
(in thousands)	Note	2023		2022
Intangible assets		$	1,982	$	2,270
Debt issue costs - Revolving Facility	18.1		5,774		5,757
Refundable deposit - 777 PMPA			8,555		8,073
Mineral royalty interests			10,208		6,606
Other			5,271		3,691
Total other long-term assets		$	31,790	$	26,397

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [38]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

27.	Commitments and Contingencies

Mineral Stream Interests

Attributable Payable Production to be Purchased

Per Unit of Measurement Cash Payment ¹

Term of
Agreement

Date of
Original
Contract

Gold

Silver

Palladium

Cobalt

Platinum

Gold

Silver

Palladium

Cobalt

Platinum

Peñasquito

25%

n/a

4.43

n/a

Life of Mine

24-Jul-07

Constancia

50%

100%

420 ²

6.20 ²

n/a

Life of Mine

8-Aug-12

Salobo

75%

420

n/a

Life of Mine

28-Feb-13

Sudbury

70%

400

n/a

20 years

28-Feb-13

Antamina

33.75%

n/a

20%

n/a

Life of Mine

3-Nov-15

San Dimas

variable ³

0% ³

631

n/a

Life of Mine

10-May-18

Stillwater

100%

4.5% ⁴

18% ⁵

n/a

18% ⁵

n/a

Life of Mine

16-Jul-18

Voisey's Bay

42.4% ⁶

n/a

18% ⁷

n/a

Life of Mine

11-Jun-18

Marathon

100% ⁸

22% ⁸

18% ⁵

n/a

18% ⁵

Life of Mine

26-Jan-22

Other

Los Filos

100%

n/a

4.68

n/a

25 years

15-Oct-04

Zinkgruvan

100%

n/a

4.60

n/a

Life of Mine

8-Dec-04

Stratoni

100%

n/a

11.54

n/a

Life of Mine

23-Apr-07

Neves-Corvo

100%

n/a

4.46

n/a

50 years

5-Jun-07

Aljustrel

100% ⁹

n/a

50%

n/a

50 years

5-Jun-07

Minto

100% ¹⁰

100%

50% ¹¹

4.39

n/a

Life of Mine

20-Nov-08

Pascua-Lama

25%

n/a

3.90

n/a

Life of Mine

8-Sep-09

Copper World

100%

450

3.90

n/a

Life of Mine

10-Feb-10

Loma de La Plata

12.5%

n/a

4.00

n/a

Life of Mine

n/a ¹²

Marmato

10.5% ¹³

100% ¹³

18% ¹⁴

n/a

Life of Mine

5-Nov-20

Cozamin

50% ¹⁵

n/a

10%

n/a

Life of Mine

11-Dec-20

Santo Domingo

100% ¹⁶

18% ⁵

n/a

Life of Mine

24-Mar-21

Fenix

6% ¹⁷

18% ⁵

n/a

Life of Mine

15-Nov-21

Blackwater

8% ¹⁸

50% ¹⁸

35%

18% ⁵

n/a

Life of Mine

13-Dec-21

Curipamba

50% ¹⁹

75% ¹⁹

18% ⁵

n/a

Life of Mine

17-Jan-22

Goose

2.78% ²⁰

18% ⁵

n/a

Life of Mine

8-Feb-22

Cangrejos

6.6% ²¹

18% ⁵

n/a

Life of Mine

16-May-23

Early Deposit

Toroparu

10%

50%

400

3.90

n/a

Life of Mine

11-Nov-13

Cotabambas

25% ²²

100% ²²

450

5.90

n/a

Life of Mine

21-Mar-16

Kutcho

100%

20%

n/a

Life of Mine

14-Dec-17

2)	Subject to an increase to $9.90 per ounce of silver and $550 per ounce of gold after the initial 40-year term.

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. Currently, the fixed gold to silver exchange ratio is 70:1.

5)	To be increased to 22% once the market value of metal delivered to Wheaton, net of the per ounce cash payment, exceeds the initial upfront cash deposit.

6)	Once the Company has received 31 million pounds of cobalt, the Company’s attributable cobalt production will be reduced to 21.2%.

7)	To be increased to 22% once the market value of cobalt delivered to Wheaton, net of the per pound cash payment, exceeds the initial upfront cash deposit. Additionally, on each sale of cobalt, the Company is committed to pay a variable commission depending on the market price of cobalt.

8)	Once the Company has received 150,000 ounces of gold and 120,000 ounces of platinum under the Marathon PMPA, the attributable gold and platinum production will be reduced to 67% and 15%, respectively.

10)	The Company is committed to acquire 100% of the first 30,000 ounces of gold produced per annum and 50% thereafter. On May 13, 2023 Minto Metals Corp., announced the suspension of operations at the Minto mine.

11)

12)	Terms of the agreement not yet finalized.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [39]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

13)	Once Wheaton has received 310,000 ounces of gold and 2.15 million ounces of silver under the Marmato PMPA the Company’s attributable gold and silver production will be reduced to 5.25% and 50%, respectively.

14)	To be increased to 22% of the spot price once the market value of gold and silver delivered to the Company, net of the per ounce cash payment, exceeds the initial upfront cash deposit.

15)	Once Wheaton has received 10 million ounces under the Cozamin PMPA, the Company’s attributable silver production will be reduced to 33% of silver production for the life of the mine.

16)	Once the Company has received 285,000 ounces of gold under the Santo Domingo PMPA, the Company’s attributable gold production will be reduced to 67%.

17)	Once the Company has received 90,000 ounces of gold under the Fenix PMPA, the Company attributable gold production will be reduced to 4% until 140,000 ounces have been delivered, after which the stream drops to 3.5%.

18)

19)	Once the Company has received 145,000 ounces of gold under the Curipamba PMPA, the attributable gold production will be reduced to 33%, and once the Company has received 4.6 million ounces of silver, the attributable silver production will be reduced to 50%.

20)

21)	Once the Company has received 700,000 ounces of gold under the Cangrejos PMPA, the attributable gold production will be reduced to 4.4%,

22)	Once 90 million silver equivalent ounces attributable to Wheaton have been produced under the Cotabambas PMPA, the attributable production will decrease to 16.67% of gold production and 66.67% of silver production for the life of mine.

Other Contractual Obligations and Contingencies

		Projected Payment Dates ¹
(in thousands)	2023		2024 - 2025			2026 - 2027			After 2027			Total
Payments for mineral stream interests
Salobo ²	$	370,000		$	163,000		$	-		$	-		$	533,000
Blackwater		45,200			-			-			-			45,200
Marathon		-			103,550			44,379			-			147,929
Cangrejos		21,000			15,000			252,000			-			288,000
Marmato		40,016			81,984			-			-			122,000
Santo Domingo		-			130,000			130,000			-			260,000
Copper World ³		-			231,150			-			-			231,150
Curipamba		100			74,500			87,750			-			162,350
Fenix Gold		-			-			-			25,000			25,000
Loma de La Plata		-			-			-			32,400			32,400
Payments for early deposit mineral stream interest
Cotabambas		-			-			-			126,000			126,000
Toroparu		-			-			138,000			-			138,000
Kutcho		-			-			-			58,000			58,000
Leases liabilities		219			1,433			1,286			5,325			8,263
Total contractual obligations	$	476,535		$	800,617		$	653,415		$	246,725		$	2,177,292

1)	Projected payment date based on management estimate. Dates may be updated in the future as additional information is received.

2)	As more fully explained below, the expansion payment relative to the Salobo III expansion project is dependent on the timing and size of the throughput expansion.

3)	Figure includes contingent transaction costs of $1 million.

Salobo

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [40]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

Blackwater

Under the terms of the Blackwater PMPA, the Company is committed to pay additional upfront consideration of $45 million, which was paid on October 27, 2023.

Marathon

Cangrejos

Marmato

Santo Domingo

Copper World Complex

Curipamba

Fenix

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [41]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

ounce, and $304 million and 37.2% at a gold price of $1,900 per ounce. Rio2 states that these estimates are after taking into account the Company’s PMPA on the Fenix project.

Loma de La Plata

Cotabambas

Toroparu

Kutcho

Taxes – Canada Revenue Agency – 2013 to 2016 Taxation Years - Domestic Reassessments

In total, the Company expects the Domestic Reassessments to have assessed tax, interest and other penalties of approximately $2 million.

Tax Contingencies

Due to the size, complexity and nature of the Company’s operations, various legal and tax matters are outstanding from time to time, including audits and disputes.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [42]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

General

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [43]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

28. Segmented Information

Operating Segments

The Company’s reportable operating segments, which are the components of the Company’s business where discrete financial information is available and which are evaluated on a regular basis by the Company’s Chief Executive Officer (“CEO”), who is the Company’s chief operating decision maker, for the purpose of assessing performance, are summarized in the tables below:

Three Months Ended September 30, 2023
	Sales		Cost of Sales		Depletion		Net Earnings		Cash Flow From Operations		Total Assets
(in thousands)	Sales		Cost of Sales		Depletion		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	$	86,395	$	18,684	$	14,685	$	53,026	$	67,710	$	2,341,485
Sudbury ¹		9,428		1,934		5,825		1,669		7,494		268,224
Constancia		24,102		5,197		3,914		14,991		18,906		86,555
San Dimas		18,846		6,114		2,516		10,216		12,732		147,638
Stillwater		3,859		692		1,013		2,154		3,167		212,650
Other ²		2,077		393		418		1,266		1,684		557,035
Total gold interests	$	144,707	$	33,014	$	28,371	$	83,322	$	111,693	$	3,613,587
Silver
Peñasquito	$	10,804	$	2,009	$	1,843	$	6,952	$	8,795	$	278,028
Antamina		18,915		3,817		5,602		9,496		15,097		527,227
Constancia		10,360		2,686		2,716		4,958		7,674		183,736
Other ³		30,293		6,609		3,383		20,301		19,439		549,641
Total silver interests	$	70,372	$	15,121	$	13,544	$	41,707	$	51,005	$	1,538,632
Palladium
Stillwater	$	5,307	$	946	$	1,945	$	2,416	$	4,361	$	222,154
Platinum
Marathon	$	-	$	-	$	-	$	-	$	-	$	9,450
Cobalt
Voisey's Bay	$	2,751	$	727	$	2,575	$	(551)	$	4,235	$	353,631
Total mineral stream interests	$	223,137	$	49,808	$	46,435	$	126,894	$	171,294	$	5,737,454
Other
General and administrative							$	(8,606)	$	(6,321)
Share based compensation								(4,336)		-
Donations and community investments								(1,736)		(1,750)
Finance costs								(1,407)		(1,078)
Other								10,707		9,870
Income tax								(5,145)		(912)
Total other							$	(10,523)	$	(191)	$	1,144,061
Consolidated							$	116,371	$	171,103	$	6,881,515

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

Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating Marmato gold interest as well as the non-operating Minto, 777, Copper World Complex, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba, Goose and Cangrejos gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.

Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Cozamin and Marmato silver interests and the non-operating Minto, 777, Loma de La Plata, Stratoni, Pascua-Lama, Copper World Complex, Blackwater and Curipamba silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the second quarter of 2025.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [44]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

Three Months Ended September 30, 2022
	Sales		Cost of Sales		Depletion		Impairment Reversal / Gain on Disposal ¹		Net Earnings		Cash Flow From Operations		Total Assets
(in thousands)	Sales		Cost of Sales		Depletion		Impairment Reversal / Gain on Disposal ¹		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	$	54,860	$	13,244	$	10,616	$	-	$	31,000	$	41,617	$	2,396,952
Sudbury ²		8,984		2,059		5,622		-		1,303		5,943		288,863
Constancia		10,925		2,630		1,717		-		6,578		8,295		97,213
San Dimas		17,579		6,366		2,646		-		8,567		11,213		158,704
Stillwater		3,667		675		912		-		2,080		2,992		216,617
Other ³		11,113		4,424		378		-		6,311		5,562		461,359
Total gold interests	$	107,128	$	29,398	$	21,891	$	-	$	55,839	$	75,622	$	3,619,708
Silver
Peñasquito	$	30,857	$	6,972	$	5,703	$	-	$	18,182	$	23,885	$	301,040
Antamina		22,287		4,337		8,152		-		9,798		17,951		553,231
Constancia		9,613		3,050		3,165		-		3,398		6,563		195,507
Other ⁴		37,513		14,879		13,566		(114,755)		123,823		21,896		538,739
Total silver interests	$	100,270	$	29,238	$	30,586	$	(114,755)	$	155,201	$	70,295	$	1,588,517
Palladium
Stillwater	$	8,838	$	1,493	$	1,688	$	-	$	5,657	$	7,344	$	228,168
Platinum
Marathon	$	-	$	-	$	-	$	-	$	-	$	-	$	9,425
Cobalt
Voisey's Bay	$	2,600	$	826	$	1,563	$	-	$	211	$	7,352	$	361,238
Total mineral stream interests	$	218,836	$	60,955	$	55,728	$	(114,755)	$	216,908	$	160,613	$	5,807,056
Other
General and administrative									$	(8,360)	$	(5,342)
Share based compensation										(77)		(163)
Donations and community investments										(1,406)		(1,410)
Finance costs										(1,398)		(1,020)
Other										2,799		1,848
Income tax										(12,006)		(29)
Total other									$	(20,448)	$	(6,116)	$	780,539
Consolidated									$	196,460	$	154,497	$	6,587,595

1)	See Notes 13 and 14 for more information.

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

Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating 777, Minto and Marmato gold interests as well as the non-operating Copper World Complex, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba and Goose gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.

Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Aljustrel, Neves-Corvo, Minto, 777, Marmato and Cozamin silver interests, the non-operating Loma de La Plata, Stratoni, Copper World Complex, Pascua-Lama, Blackwater and Curipamba silver interests and the previously owned Keno Hill and Yauliyacu silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill stream was terminated in exchange for $141 million of Hecla common stock. On December 14, 2022 the Company terminated the Yauliyacu PMPA in exchange for a cash payment of $132 million. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the second quarter of 2025.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [45]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

Nine Months Ended September 30, 2023
	Sales		Cost of Sales		Depletion		Gain on Disposal ¹		Net Earnings		Cash Flow From Operations		Total Assets
(in thousands)	Sales		Cost of Sales		Depletion		Gain on Disposal ¹		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	$	246,219	$	53,155	$	41,777	$	-	$	151,287	$	193,063	$	2,341,485
Sudbury ²		27,295		5,591		15,192		-		6,512		21,420		268,224
Constancia		55,718		11,939		9,028		-		34,751		43,779		86,555
San Dimas		61,657		19,895		8,227		-		33,535		41,762		147,638
Stillwater		12,201		2,175		3,202		-		6,824		10,026		212,650
Other ³		10,324		5,969		916		-		3,439		4,090		557,035
Total gold interests	$	413,414	$	98,724	$	78,342	$	-	$	236,348	$	314,140	$	3,613,587
Silver
Peñasquito	$	90,967	$	17,053	$	15,646	$	-	$	58,268	$	73,915	$	278,028
Antamina		60,812		12,046		18,141		-		30,625		48,765		527,227
Constancia		35,034		9,073		9,211		-		16,750		25,962		183,736
Other ⁴		76,316		18,179		9,198		(5,027)		53,966		55,364		549,641
Total silver interests	$	263,129	$	56,351	$	52,196	$	(5,027)	$	159,609	$	204,006	$	1,538,632
Palladium
Stillwater	$	14,922	$	2,699	$	4,658	$	-	$	7,565	$	12,223	$	222,154
Platinum
Marathon	$	-	$	-	$	-	$	-	$	-	$	-	$	9,450
Cobalt
Voisey's Bay	$	11,108	$	2,639	$	10,712	$	-	$	(2,243)	$	13,056	$	353,631
Total mineral stream interests	$	702,573	$	160,413	$	145,908	$	(5,027)	$	401,279	$	543,425	$	5,737,454
Other
General and administrative									$	(28,922)	$	(29,702)
Share based compensation										(16,217)		(16,675)
Donations and community investments										(5,054)		(4,896)
Finance costs										(4,138)		(3,147)
Other										26,961		24,823
Income tax										(4,700)		(5,244)
Total other									$	(32,070)	$	(34,841)	$	1,144,061
Consolidated									$	369,209	$	508,584	$	6,881,515

1)	See Note 13 for more information.

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

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [46]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

Nine Months Ended September 30, 2022
	Sales		Cost of Sales		Depletion		Impairment Reversal / Gain on Disposal ¹		Net Earnings (Loss)		Cash Flow From Operations		Total Assets
(in thousands)	Sales		Cost of Sales		Depletion		Impairment Reversal / Gain on Disposal ¹		Net Earnings (Loss)		Cash Flow From Operations		Total Assets
Gold
Salobo	$	225,267	$	51,134	$	40,987	$	-	$	133,146	$	174,134	$	2,396,952
Sudbury ²		30,673		6,710		18,306		-		5,657		22,980		288,863
Constancia		44,480		10,018		6,576		-		27,886		34,463		97,213
San Dimas		56,335		19,221		8,019		-		29,095		37,114		158,704
Stillwater		13,503		2,433		3,168		-		7,902		11,070		216,617
Other ³		40,388		16,203		1,002		-		23,183		22,912		461,359
Total gold interests	$	410,646	$	105,719	$	78,058	$	-	$	226,869	$	302,673	$	3,619,708
Silver
Peñasquito	$	130,686	$	25,650	$	20,978	$	-	$	84,058	$	105,036	$	301,040
Antamina		84,093		16,793		26,821		-		40,479		66,952		553,231
Constancia		36,227		9,967		10,377		-		15,883		26,260		195,507
Other ⁴		113,823		37,974		29,836		(114,755)		160,768		75,969		538,739
Total silver interests	$	364,829	$	90,384	$	88,012	$	(114,755)	$	301,188	$	274,217	$	1,588,517
Palladium
Stillwater	$	25,574	$	4,475	$	4,662	$	-	$	16,437	$	21,099	$	228,168
Platinum
Marathon	$	-	$	-	$	-	$	-	$	-	$	-	$	9,425
Cobalt
Voisey's Bay	$	27,953	$	5,313	$	8,080	$	-	$	14,560	$	24,412	$	361,238
Total mineral stream interests	$	829,002	$	205,891	$	178,812	$	(114,755)	$	559,054	$	622,401	$	5,807,056
Other
General and administrative									$	(27,448)	$	(28,688)
Share based compensation										(11,586)		(18,411)
Donations and community investments										(3,379)		(2,977)
Finance costs										(4,209)		(3,107)
Other										3,448		2,319
Income tax										(12,879)		(141)
Total other									$	(56,053)	$	(51,005)	$	780,539
Consolidated									$	503,001	$	571,396	$	6,587,595

1)	See Notes 13 and 14 for more information.

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

Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating 777, Minto and Marmato gold interests as well as the non-operating Copper World Complex, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba and Goose gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.

Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Aljustrel, Neves-Corvo, Minto, 777, Marmato and Cozamin silver interests, the non-operating Loma de La Plata, Stratoni, Pascua-Lama, Copper World Complex, Blackwater and Curipamba silver interests and the previously owned Keno Hill and Yauliyacu silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill stream was terminated in exchange for $141 million of Hecla common stock. On December 14, 2022 the Company terminated the Yauliyacu PMPA in exchange for a cash payment of $132 million. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the second quarter of 2025.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [47]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

Geographical Areas

The Company’s geographical information, which is based on the location of the mining operations to which the mineral stream interests relate, are summarized in the tables below:

	Sales								Carrying Amount at September 30, 2023
(in thousands)	Three Month Ended Sep 30, 2023			Nine Months Ended Sep 30, 2023			Gold Interests		Silver Interests		Palladium Interests		Platinum Interests		Cobalt Interests		Total
North America
Canada	$	12,754	6%	$	46,310	7%	$	704,127	$	106,091	$	-	$	9,450	$	353,631	$	1,173,299
United States		9,166	4%		27,123	4%		212,651		567		222,154		-		-		435,372
Mexico		33,681	15%		164,661	23%		147,636		400,632		-		-		-		548,268
Europe
Greece		-	0%		-	0%		-		-		-		-		-		-
Portugal		9,106	4%		25,149	4%		-		17,794		-		-		-		17,794
Sweden		16,862	8%		37,571	5%		-		27,474		-		-		-		27,474
South America
Argentina/Chile ¹		-	0%		-	0%		-		253,514		-		-		-		253,514
Argentina		-	0%		-	0%		-		10,889		-		-		-		10,889
Chile		-	0%		-	0%		56,537		-		-		-		-		56,537
Brazil		86,395	38%		246,218	34%		2,341,485		-		-		-		-		2,341,485
Peru		53,377	24%		151,564	22%		86,558		710,957		-		-		-		797,515
Ecuador		-	0%		-	0%		22,677		3,769		-		-		-		26,446
Colombia		1,796	1%		3,977	1%		41,916		6,945		-		-		-		48,861
Consolidated	$	223,137	100%	$	702,573	100%	$	3,613,587	$	1,538,632	$	222,154	$	9,450	$	353,631	$	5,737,454

1)	Includes the Pascua-Lama project, which straddles the border of Argentina and Chile.

	Sales								Carrying Amount at September 30, 2022
(in thousands)	Three Month Ended Sep 30, 2022			Nine Months Ended Sep 30, 2022			Gold Interests		Silver Interests		Palladium Interests		Platinum Interests		Cobalt Interests		Total
North America
Canada	$	23,873	11%	$	104,254	13%	$	650,037	$	2,323	$	-	$	9,425	$	361,238	$	1,023,023
United States		12,505	6%		39,077	5%		216,618		566		228,168		-		-		445,352
Mexico		51,863	24%		199,977	24%		158,702		433,131		-		-		-		591,833
Europe
Greece		-	0%		3,291	0%		-		-		-		-		-		-
Portugal		5,473	3%		20,159	2%		-		18,458		-		-		-		18,458
Sweden		6,655	3%		29,323	4%		-		29,688		-		-		-		29,688
South America
Argentina/Chile ¹		-	0%		-	0%		-		253,514		-		-		-		253,514
Argentina		-	0%		-	0%		-		10,889		-		-		-		10,889
Chile		-	0%		-	0%		56,534		-		-		-		-		56,534
Brazil		54,860	25%		225,267	27%		2,396,951		-		-		-		-		2,396,951
Peru		62,216	27%		203,610	25%		97,213		832,585		-		-		-		929,798
Ecuador		-	0%		-	0%		574		207		-		-		-		781
Colombia		1,391	1%		4,044	0%		43,079		7,156		-		-		-		50,235
Consolidated	$	218,836	100%	$	829,002	100%	$	3,619,708	$	1,588,517	$	228,168	$	9,425	$	361,238	$	5,807,056

1)	Includes the Pascua-Lama project, which straddles the border of Argentina and Chile.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [48]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

29.	Subsequent Events

Declaration of Dividend

Acquisition of Mineral Park Precious Metal Purchase Agreement

Subsequent to the quarter end, on October 24, 2023, the Company announced that it had entered into a PMPA (the “Mineral Park PMPA”) with Waterton Copper Corp., a subsidiary of Waterton Copper LP (“Waterton Copper”) in respect of silver production from the Mineral Park mine located in Arizona, USA (the “Project” or “Mineral Park”). Under the Mineral Park PMPA, Wheaton will purchase 100% of the payable silver from the Project 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 Origin Mining Company, LLC, the Mineral Park owner and affiliate of Waterton Copper, once the full upfront consideration has been paid.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [49]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2023 (US Dollars)

CORPORATE

INFORMATION

CANADA – HEAD OFFICE

WHEATON PRECIOUS METALS CORP.

Suite 3500

1021 West Hastings Street

Vancouver, BC V6E 0C3

Canada

T: 1 604 684 9648

F: 1 604 684 3123

CAYMAN ISLANDS OFFICE

Wheaton Precious Metals International Ltd.

Suite 300, 94 Solaris Avenue

Camana Bay

P.O. Box 1791 GT, Grand Cayman

Cayman Islands KY1-1109

STOCK EXCHANGE LISTING

Toronto Stock Exchange: WPM

New York Stock Exchange: WPM

London Stock Exchange: WPM

DIRECTORS

GEORGE BRACK, Chair

JAIMIE DONOVAN

PETER GILLIN

CHANTAL GOSSELIN

JEANE HULL

GLENN IVES

CHARLES JEANNES

MARILYN SCHONBERNER

RANDY SMALLWOOD

OFFICERS

RANDY SMALLWOOD

President & Chief Executive Officer

CURT BERNARDI

Senior Vice President,

Legal & Corporate Secretary

GARY BROWN

Senior Vice President
& Chief Financial Officer

HAYTHAM HODALY
Senior Vice President,
Corporate Development

TRANSFER AGENT

TSX Trust Company

1600 – 1066 West Hastings Street

Vancouver, BC V6E 3X1

Toll-free in Canada and the United States:

1 800 387 0825

Outside of Canada and the United States:

1 416 682 3860

E: shareholderinquiries@tmx.com

AUDITORS
Deloitte LLP

Vancouver, BC

INVESTOR RELATIONS

EMMA MURRAY

Vice President, Investor Relations

T: 1 604 684 9648 TF: 1 844 288 9878

E: info@wheatonpm.com

Wheaton Precious Metals is a trademark of Wheaton Precious Metals Corp. in Canada, the United States and certain other jurisdictions.

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals Corp., certify the following:

1.	Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Wheaton Precious Metals Corp. (the “issuer”) for the interim period ended September 30, 2023.

No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5.	Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)

designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)

material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii)

information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)

designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

-1-

5.1	Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

5.2

N/A

5.3

N/A

6.	Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July 1, 2023 and ended on September 30, 2023 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: November 9, 2023

/s/ Randy Smallwood

Name:

Randy Smallwood

Title:

President and Chief Executive Officer

-2-

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Gary Brown, Senior Vice President and Chief Financial Officer of Wheaton Precious Metals Corp., certify the following:

1.	Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Wheaton Precious Metals Corp. (the “issuer”) for the interim period ended September 30, 2023.

5.	Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)

designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)

material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii)

(b)

-1-

5.1	Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

5.2

N/A

5.3

N/A

6.	Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July 1, 2023 and ended on September 30, 2023 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date:

November 9, 2023

/s/ Gary Brown

Name:

Gary Brown

Title:

Senior Vice President and Chief Financial Officer

-2-

EXHIBIT 99.6

November 9, 2023

CONSENT OF WES CARSON

United States Securities and Exchange Commission

I, Wes Carson, P.Eng., Vice President, Mining Operations, Wheaton Precious Metals Corp. (the “Company”), hereby consent to being named as having approved the disclosure of the scientific and technical information relating to production figures contained in the news release of the Company dated November 9, 2023 (the “News Release”) and the Management’s Discussion and Analysis dated November 9, 2023 (the “Management’s Discussion and Analysis”), which have been incorporated by reference into the Company’s Registration Statement on Form F-10 (File No. 333-271239). I hereby confirm that I have read the News Release and the Management’s Discussion and Analysis and have no reason to believe that there are any misrepresentations in the information contained therein that is within my knowledge as a result of the services performed by me in connection with my approval of the disclosure of the scientific and technical information contained in the News Release and the Management’s Discussion and Analysis.

[Signature Appears on Following Page]

Yours truly,


	/s/ Wes Carson
Wes Carson, P.Eng.
Vice President, Mining Operations
Wheaton Precious Metals Corp.

[Signature Page to Consent]

EXHIBIT 99.7

November 9, 2023

CONSENT OF NEIL BURNS

United States Securities and Exchange Commission

I, Neil Burns, M.Sc., P.Geo., Vice President, Technical Services, Wheaton Precious Metals Corp. (the “Company”), hereby consent to being named as having approved the disclosure of the scientific and technical information, as well as the mineral resource estimates, contained in the news release of the Company dated November 9, 2023 (the “News Release”) and the Management’s Discussion and Analysis dated November 9, 2023 (the “Management’s Discussion and Analysis”), which have been incorporated by reference into the Company’s Registration Statement on Form F-10 (File No. 333-271239). I hereby confirm that I have read the News Release and the Management’s Discussion and Analysis and have no reason to believe that there are any misrepresentations in the information contained therein that is within my knowledge as a result of the services performed by me in connection with my approval of the disclosure of the scientific and technical information, as well as the mineral resource estimates, contained in the News Release and the Management’s Discussion and Analysis.

[Signature Appears on Following Page]

Yours truly,

/s/ Neil Burns

Neil Burns, M.Sc, P.Geo.

Vice President Technical Services,

Wheaton Precious Metals Corp.

[Signature Page to Consent]

EXHIBIT 99.8

November 9, 2023

CONSENT OF RYAN ULANSKY

United States Securities and Exchange Commission

I, Ryan Ulansky, M.A.Sc., P.Eng., Vice President, Engineering, Wheaton Precious Metals Corp. (the “Company”), hereby consent to being named as having approved the disclosure of the scientific and technical information relating to mineral reserves estimates contained in the news release of the Company dated November 9, 2023 (the “News Release”) and the Management’s Discussion and Analysis dated November 9, 2023 (the “Management’s Discussion and Analysis”), which have been incorporated by reference into the Company’s Registration Statement on Form F-10 (File No. 333-271239). I hereby confirm that I have read the News Release and the Management’s Discussion and Analysis and have no reason to believe that there are any misrepresentations in the information contained therein that is within my knowledge as a result of the services performed by me in connection with my approval of the disclosure of the scientific and technical information, as well as the mineral reserves estimates, contained in the News Release and the Management’s Discussion and Analysis.

[Signature Appears on Following Page]