Wheaton Precious Metals : Q1 Results Presentation

2024 First Quarter Conference Call

WHEATONPM.COM

May 2024

TSX | NYSE | LSE: WPM

Cautionary Statements

Cautionary Note Regarding Forward-Looking Statements

The information contained in this presentation 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 Canadian securities legislation, in particular, but not limited to, the future price of commodities and the estimation of future production. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Readers are strongly cautioned to carefully review the cautionary notes to this presentation and in particular:

Note 1 at the end of the Corporate Presentation contains our cautionary note regarding forward-looking statements and sets out the material assumptions and risk factors that could cause actual results to differ, including, but not limited to, fluctuations in the price of commodities, estimation of production, estimation of mineral reserves and resources, the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton Precious Metal's counterparties at Mining Operations, resolution of legal and tax matters (including CRA audits involving Wheaton Precious Metals), accuracy of assessment of application of CRA settlement and impact of 15% global minimum tax, the absence of control over mining operations from which Wheaton Precious Metal purchases precious metals or cobalt, and risks related to such mining operations and continued operation of Wheaton Precious Metals' Counterparties. Readers should also consider the risks identified under "Description of the Business - Risk Factors" in Wheaton's Annual Information Form for the year ended December 31, 2023 and the risks identified under "Risks and Uncertainties" in Wheaton's Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2023, both available on SEDAR+ and in Wheaton's Form 6-K filed March 14, 2024, all available on EDGAR. Where applicable, readers should also consider any updates to such "Risks and Uncertainties" that may be provided by Wheaton in any subsequently filed quarterly MD&A.

Note 2 at the end of the Corporate Presentation contains our cautionary note regarding the presentation of mineral reserve and mineral resource estimates.

The full presentation is available on Wheaton's website (wheatonpm.com). All values referenced on the presentation are in US dollars unless otherwise noted. In accordance with Wheaton Precious Metals Corp.'s ("Wheaton Precious Metals", "Wheaton" or the "Company") MD&A and financial statements, reference to the Company includes the Company's wholly owned subsidiaries.

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HIGHLIGHTS

Wheaton Precious Metals

First Quarter 2024

First Quarter Financial Results

Revenue	$297 million
Net Earnings	$164 million
Operating Cash Flow	$219 million

Sustainability Leadership:

• Top rankings by Sustainalytics, AA rated by

MSCI, and Prime rated by ISS4,5

• Recognized among Corporate Knights' 2024 100 Most Sustainable Corporations in the world

Board of Directors Declares Second Quarterly Dividend of 2024:

• Quarterly dividend of $0.155 per common share payable to shareholders of record on May 29, 202410

Corporate Development Momentum:

• Closed the previously announced acquisition agreement for the Platreef and Kudz Ze Kayah Streams
• Acquired a 1.5% NSR from Integra Resources on the DeLamar and Florida Mountain project located in Idaho

Randy Smallwood, Wheaton Precious Metals, President and CEO

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Operations Overview

Salobo: 75% of gold for life of mine

• Strong production in Q1, attributed primarily to the continued ramp-up of the Salobo 3 expansion and sustained overall improvements at both Salobo 1 and 2.
• Salobo 3 reached ~90% average throughput in the first quarter as the ramp-up continues. Salobo 1 & 2 plants also posted strong performance in the quarter, with 14% higher throughput rate, 10% productivity and 3% higher asset availability relative to the first quarter of 2023.

Constancia: 100% of silver and 50% of gold for life of mine

• Strong production in the first quarter primarily due to higher grades attributable to the mining of high-grade zones of the Pampacancha deposit, combined with higher recoveries.
• Hudbay announced this quarter that Constancia's expected mine life has been extended by three years to 2041 as a result of the successful conversion of mineral resources to mineral reserves

Peñasquito: 25% of silver for life of mine

• Strong production in the first quarter that was focused on mining in the Chile Colorado open pit which contains higher silver, lead and zinc metal and silver grades than the main Peñasco Pit.
• Newmont has indicated that Peñasquito is expected to deliver higher co-product production in 2024 due to higher silver, lead and zinc content from the Chile Colorado pit.

Wes Carson, Vice President Mining Operations

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5-Year Production Outlook

Forecasting Approximately 40% Production Growth by 2028

	900
				800koz
	800		~40%
	700
		Growth
4
Ounces	600
Equivalent	500
400
Gold	300
	200
	100
	-
	2023		2028E

	Growth from Other
Growth from	Development Assets
Operating Assets
&	Marathon
Permitted /	Copper World
In-Construction Assets

Salobo

Antamina

Voisey's Bay

Marmato Blackwater

StillwaterPlatreef

Goose

Mineral Park

Fenix

Curipamba

Santo Domingo

Growth from Operating, Permitted, and/or In-Construction Assets

Growth from Other Development Assets

Over 81% of Wheaton's expected five-year growth is significantly de-risked,

coming from assets that are either operating, in-construction, and/or permitted

Wes Carson, Vice President Mining Operations

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Gold Equivalent Ounces (koz)6

Production & Sales By Metal

200										Production
	144	142	133						147	165	160
150	135			137
100
50
0
			Q2 2022		Q3 2022		Q4 2022		Q1 2023	Q2 2023		Q3 2023		Q4 2023		Q1 2024
155						Sales				155
											143
150					125	129	109			130	112

100

50

0

Q2 2022	Q3 2022	Q4 2022		Q1 2023		Q2 2023	Q3 2023	Q4 2023	Q1 2024
				Gold		Silver		Other Metals7

Gary Brown, Senior Vice President, Finance & CFO

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Q1 2024 Profitability Overview

Revenue ($M)

Q1 2023 ($215M)

$5 $5

$86

$119

Gold

Silver

Palladium

Cobalt

Gross Margin

$118 Million

Quarter Comparison:

Total Revenue: +38.4%

Average Realized Prices:

Gold +8.8%

Silver +4.0%

Palladium -39.0%

Cobalt +3.0%

Q1 2024 ($297M)

$5 $5

$97

$191

Gold

Silver

Palladium

Cobalt

Gross Margin

$172 Million

Driven by higher sales volumes and prices,

gross margin for Q1 2024 increased by over 46% to $172 million relative to Q1 2023

Gary Brown, Senior Vice President, Finance & CFO

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Produced But Not Delivered

Total PBND

	150.0							4.0
4 (koz)
butnot delivered GEO's								3.0
100.0
							2.0
50.0							ofNumberMonths
Produced								1.0
0.0							0.0
	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024

Gold PBND		Silver PBND		Other Metals		Gold (# of months)		Silver (# of months)		GEOs (# of months)

At the end of Q1 2024, 120,000 GEOs were in PBND representing ~2.3 months of payable GEO production, a

level in line with the previous quarter

Gary Brown, Senior Vice President, Finance & CFO

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Q1 2024 Financial Overview

	Q1 2024	Q1 2023	Change
G&A Expenses	$10.5M	$10.1M	+3.6%
Net Earnings	$164.0M	$111.4M	+47.3%
Adj. Net Earnings*	$163.6M	$104.4M	+56.6%
Adj. Net Earnings per share*	$0.36/share	$0.23/share	+56.3%
Operating Cash Flow	$219.4M	$135.1M	+62.4%
Operating Cash flow per share*	$0.48/share	$0.30/share	+61.9%
Dividend per share declared and paid	$0.155/share	$0.150/share	+3.3%

*This slide contains non-IFRS measures which do not have any standardized meaning prescribed by IFRS. See Endnotes: Non-IFRS Measures which includes reconciliations to the most directly comparable financial measures.

Gary Brown, Senior Vice President, Finance & CFO

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Quarterly Net Cash Balance

With ~$2.3 billion of immediate liquidity at quarter end combined with strong operating cash flows, the company

remains well positioned to fund future organic and accretive growth

Gary Brown, Senior Vice President, Finance & CFO

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