Management's Discussion and Analysis of Results of Operations and Financial Condition for the Year Ended December 31, 2023

This Management's Discussion and Analysis ("MD&A") should be read in conjunction with Wheaton Precious Metals Corp.'s ("Wheaton" or the "Company") consolidated financial statements for the year ended December 31, 2023 and related notes thereto which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). 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 73 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 March 14, 2024.

Table of Contents

Overview

3

Highlights

5

Outlook

7

Mineral Stream Interests

8

Mineral Royalty Interests

13

Long-Term Equity Investments

13

Summarized Financial Results

16

Summary of Units Produced

17

Summary of Units Sold

18

Quarterly Financial Review

19

Results of Operations and Operational Review

20

Liquidity and Capital Resources

33

Share Capital

42

Financial Instruments

43

Risks and Uncertainties

43

Critical Accounting Estimates

57

Future Changes to Accounting Policies

59

Non-IFRS Measures

60

Subsequent Events

64

Controls and Procedures

64

Attributable Reserves and Resources

65

WHEATON PRECIOUS METALS 2023 ANNUAL 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.

Including the agreements closed after December 31, 2023, the Company has entered into 38 long-term purchase agreements (30 of which are precious metal purchase agreements, or "PMPAs", three of which are early deposit PMPAs, and five of which are royalty agreements), with 32 different mining companies, for the purchase of precious metals and cobalt relating to 18 mining assets which are currently operating, 23 which are at various stages of development and 4 which have been placed in care and maintenance or have been closed, located in 16 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 year ended December 31, 2023, the per ounce price paid by the Company for the metals acquired under the agreements averaged $455 for gold, $5.05 for silver, $241 for palladium and $2.96 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 ANNUAL REPORT - MANAGEMENT DISCUSSION & ANALYSIS [3]

Operational Overview

Q4 2023

Q4 2022

Change

2023

2022

Change

Units produced

Gold ounces

113,359

69,027

64.2 %

374,585

285,601

31.2 %

Silver ounces

4,208

5,303

(20.6)%

17,176

23,800

(27.8)%

Palladium ounces

4,209

3,869

8.8 %

15,800

15,485

2.0 %

Cobalt pounds

215

128

67.5 %

673

724

(7.1)%

Gold equivalent ounces 2

174,222

142,887

21.9 %

619,608

616,755

0.5 %

Units sold

Gold ounces

115,011

68,996

66.7 %

327,336

293,234

11.6 %

Silver ounces

3,175

4,935

(35.7)%

14,326

21,570

(33.6)%

Palladium ounces

3,339

3,396

(1.7)%

13,919

15,076

(7.7)%

Cobalt pounds

288

187

54.0 %

1,074

1,038

3.5 %

Gold equivalent ounces 2

162,360

138,218

17.5 %

537,608

598,244

(10.1)%

Change in PBND and Inventory 3

Gold ounces

(7,179)

(3,491)

3,688

29,205

(21,706)

(50,911)

Silver ounces

313

(468)

(781)

(196)

(1,090)

(894)

Palladium ounces

1,059

58

(1,001)

1,568

(531)

(2,099)

Cobalt pounds

(87)

(68)

19

(446)

(363)

83

Gold equivalent ounces 2

(2,973)

(10,191)

(7,218)

23,674

(40,033)

(63,707)

Per unit metrics

Sales price

Gold per ounce

$

2,006

$

1,725

16.3 %

$

1,968

$

1,806

9.0 %

Silver per ounce

$

23.77

$

21.52

10.5 %

$

23.64

$

21.84

8.2 %

Palladium per ounce

$

1,070

$

1,939

(44.8)%

$

1,329

$

2,133

(37.7)%

Cobalt per pound

$

12.92

$

22.62

(42.9)%

$

13.81

$

31.00

(55.5)%

Gold equivalent per ounce 2

$

1,931

$

1,708

13.1 %

$

1,890

$

1,780

6.2 %

Cash costs 4

Gold per ounce 4

$

437

$

475

8.0 %

$

455

$

472

3.6 %

Silver per ounce 4

$

5.02

$

5.00

(0.4)%

$

5.05

$

5.33

5.3 %

Palladium per ounce 4

$

198

$

357

44.5 %

$

241

$

377

36.1 %

Cobalt per pound 4, 5

$

3.14

$

16.52

81.0 %

$

3.30

$

8.10

59.3 %

Gold equivalent per ounce 2, 4

$

417

$

447

6.7 %

$

424

$

447

5.1 %

Cash operating margin 4

Gold per ounce 4

$

1,569

$

1,250

25.5 %

$

1,513

$

1,334

13.4 %

Silver per ounce 4

$

18.75

$

16.52

13.5 %

$

18.59

$

16.51

12.6 %

Palladium per ounce 4

$

872

$

1,582

(44.9)%

$

1,088

$

1,756

(38.1)%

Cobalt per pound 4

$

9.78

$

6.10

60.3 %

$

10.51

$

22.90

(54.1)%

Gold equivalent per ounce 2, 4

$

1,514

$

1,261

20.1 %

$

1,466

$

1,333

10.0 %

Total revenue

$

313,471

$

236,051

32.8 %

$

1,016,045

$

1,065,053

(4.6)%

Gold revenue

$

230,716

$

119,051

93.8 %

$

644,131

$

529,698

21.6 %

Silver revenue

$

75,465

$

106,175

(28.9)%

$

338,594

$

471,003

(28.1)%

Palladium revenue

$

3,574

$

6,586

(45.7)%

$

18,496

$

32,160

(42.5)%

Cobalt revenue

$

3,716

$

4,239

(12.3)%

$

14,824

$

32,192

(54.0)%

Net earnings

$

168,435

$

166,125

1.4 %

$

537,644

$

669,126

(19.6)%

Per share

$

0.372

$

0.367

1.4 %

$

1.187

$

1.482

(19.9)%

Adjusted net earnings 4

$

164,569

$

103,744

58.6 %

$

533,051

$

504,912

5.6 %

Per share 4

$

0.363

$

0.229

58.5 %

$

1.177

$

1.118

5.3 %

Operating cash flows

$

242,226

$

172,028

40.8 %

$

750,809

$

743,424

1.0 %

Per share 4

$

0.535

$

0.381

40.4 %

$

1.658

$

1.646

0.7 %

Dividends paid ⁶

$

67,950

$

67,797

0.2 %

$

271,744

$

270,946

0.3 %

Per share

$

0.15

$

0.15

0.0 %

$

0.60

$

0.60

0.0 %

  1. All amounts in thousands except gold and palladium ounces produced and sold, per ounce amounts and per share amounts.
  2. Gold-equivalentounces ("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.
  3. 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. Please see "Cautionary Note Regarding Forward-Looking Statements" for material risks, assumptions and important disclosure associated with this information.
  4. Refer to discussion on non-IFRS measures beginning on page 60 of this MD&A.
  5. Cash cost per pound of cobalt sold during the fourth quarter of 2023 was net of a previously recorded inventory write-down of $0.02 million (twelve months - $1.6 million), resulting in a decrease of $0.08 per pound of cobalt sold (twelve months - $0.91 per pound sold). Cash cost per pound of cobalt sold during the fourth quarter of 2022 includes an inventory write-down of $1.6 million (twelve months - $1.6 million), resulting in an increase of $8.71 per pound sold (twelve months - $1.60 per pound sold). The inventory which was written down in 2022 was fully sold during 2023, and no further inventory write down was required during 2023. 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. As at December 31, 2023, cumulative dividends of $2,066 million have been declared and paid by the Company.

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

Highlights

Operations

  • For the three months ended December 31, 2023, relative to the comparable period of the prior year:
    o Production amounted to 174,200 gold equivalent ounces ("GEOs"), an increase of 22% relative to the
    comparable period of the prior year, with gold production increasing 64% primarily due to the mill throughput expansion at Salobo which achieved the highest production levels since the fourth quarter of 2019, partially offset by a 20% decrease in silver production attributable primarily to the labour strike at Peñasquito, the divestment of the Yauliyacu PMPA, the closure of the Minto mine and the temporary suspension of attributable production from Aljustrel.
    o Sales volumes amounted to 162,360 GEO's, an increase of 17% relative to the comparable period of the prior year, with the higher production levels being partially offset by relative changes in PBND.
    o Revenue increased 33% or $77 million to $313 million (74% gold, 24% silver, 1% palladium and 1% cobalt), with the increase being primarily due to a 13% increase in realized commodity prices and higher sales volumes resulting from the higher production, partially offset by relative changes in PBND.
    o Gross margin amounted to $177 million, representing an increase of $56 million.
    o Net earnings amounted to $168 million, an increase of $2 million, with the higher gross margin in Q4- 2023 being offset by the results for Q4 2022 reflecting a $51 million gain relating to the disposal of the Yauliyacu PMPA.
    o Adjusted net earnings increased 59% or $61 million to $165 million, with the increase being due primarily to the higher gross margin.
    o Operating cashflow amounted to $242 million, with the $70 million increase being due primarily to the higher gross margin and higher interest income on the Company's cash balances.
  • For the year ended December 31, 2023 relative to the comparable period of the prior year:
    o Production amounted to 619,600 GEOs, comparable to the prior year, with increased production from Salobo due to the mill throughput expansion and Constancia due to the mining of the high-grade zones of the Pampacancha deposit being offset by 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.
    o Revenue amounted to $1,016 million (63% gold, 34% silver, 2% palladium and 1% cobalt), with the $49 million decrease being primarily due to a 10% decrease in sales volumes resulting from relative changes in PBND partially offset by a 6% increase in realized commodity prices.
    o Gross margin amounted to $573 million, representing an increase of $8 million.
    o Net earnings amounted to $538 million, a decrease of $131 million primarily due to the prior year results reflecting $156 million of income relating to the disposal of the Yauliyacu and Keno Hill PMPAs.
    o Adjusted net earnings amounted to $533 million, with the $28 million increase being due primarily to the higher gross margin and higher interest income on the Company's cash balances.
    o Operating cashflow amounted to $751 million, with the $7 million increase being due primarily to the higher interest income on the Company's cash balances.
  • On March 14, 2024, the Board of Directors declared a dividend in the amount of $0.155 per common share.

Corporate Development

  • On May 16, 2023, the Company entered into a PMPA with Lumina Gold Corp., ("Lumina") in respect to the Cangrejos Project ("Cangrejos") located in Ecuador.
  • On June 14, 2023, the Company amended the Blackwater Gold PMPA, increasing the amount of attributable gold it is entitled to under the contract.
  • 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").
  • On October 24, 2023, the Company entered into a PMPA with Waterton Copper Corp. ("Waterton Copper") in respect of silver production from the Mineral Park Mine located in Arizona, USA.
  • On November 15, 2023, the Company entered into a definitive agreement with certain entities advised by
    Orion Resource Partners ("Orion") to acquire existing PMPAs in respect of Ivanhoe Mines' Platreef Project

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

(the "Platreef PMPA") and BMC Minerals' Kudz Ze Kayah Project (the "Kudz Ze Kayah PMPA") (the "Orion Purchase Agreement"). Closing of the Orion Purchase Agreement occurred on February 27, 2024.

  • On November 15, 2023, the Company entered into a PMPA with Dalradian Gold in respect of gold production from the Curraghinalt project located in Northern Ireland, United Kingdom.
  • On November 21, 2023, the Company along with Vale announced the successful completion of the throughput test for the first phase of the Salobo III expansion project in Brazil.
  • On December 13, 2023, the Company entered into a 1% Gross Revenue Royalty with Vista Gold Corp. ("Vista") on the Mt Todd gold project located in Northern Territory, Australia.

Other

  • On April 12, 2023, B2Gold Corp. ("B2Gold") completed its acquisition of all the issued and outstanding common shares of Sabina Gold & Silver Corp. ("Sabina"), and in conjunction with this acquisition, B2Gold exercised the option to acquire 33% of the stream under the Goose PMPA, resulting in a gain on partial disposal of the Goose PMPA in the amount of $5 million.
  • During the fourth quarter of 2023:
  1. The Company made its quarterly dividend payment of $67 million.
    1. The Company made total upfront cash payments of $452 million relative to the Blackwater PMPA ($45 million), Cangrejos PMPA ($17 million), the newly acquired Curraghinalt PMPA ($20 million) and the Salobo III expansion payment ($370 million).
  • During 2023:
    1. The Company made four quarterly dividend payments totaling $265 million.
  1. The Company made total upfront cash payments of $664 million relative to the Blackwater PMPA ($181 million), the Cangrejos PMPA ($29 million), the Goose PMPA ($63 million), the newly acquired Curraghinalt PMPA ($20 million) and the Salobo III expansion payment ($370 million).
  1. The Company received $46 million from the partial disposition of the Goose PMPA.

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

Outlook1

Wheaton's estimated attributable production in 2024, the estimated attributable gold equivalent production in 2028, as well as the estimated 5-year average annual gold equivalent production for 2029 to 2033, is as follows:

2023

2024

2028

2029-2033

Target

Average Annual

Metal

Actual

Production

Production

Production

Production1,2

Guidance

Guidance2,3

Guidance2,3

Gold Ounces

374,585

325,000 to 370,000

Silver Ounces ('000s)

17,176

18,500 to 20,500

Other Metals (GEOs)

12,275

12,000 to 15,000

Gold Equivalent Ounces3

584,389

550,000 to 620,000

Over 800,000

Over 850,000

It is important to note that as gold outperformed all other metals during 2023, the assumed metal prices for 2024 results in lower gold equivalency calculations in 2024 compared to 2023.

2024 Production Outlook

For 2024, gold equivalent production is forecast to be consistent with 2023, as expected stronger attributable production from Peñasquito and Voisey's Bay is forecast to be offset by lower production from Salobo, the suspension of operations at Minto, and the temporary halting of production at Aljustrel. Attributable production is forecast to increase at Peñasquito as a result of uninterrupted operations, and at Voisey's Bay due to the ongoing transition from the Ovoid pit to the underground mines. Attributable production is forecast to decrease slightly at Salobo due to lower grades as per the mine plan, which are expected to partially offset increasing throughput as the Salobo III mine expansion project continues toward completion. In addition, the Company anticipates production from the Blackwater project to commence in the fourth quarter of 2024.

On May 13, 2023, it was announced that operations at the Minto Mine had been suspended, and the Yukon Government had assumed care and control of the site. On September 12, 2023, it was announced that as a result of low zinc prices, the production of zinc and lead concentrates at the Aljustrel Mine would be halted from September 24, 2023, until the second quarter of 2025. Combined, the removal of production from Minto and Aljustrel accounts for a 25,000 GEO3 reduction in 2024 production guidance.

Long-Term Production Outlook

Production is forecast to increase by approximately 40% over the next five years to over 800,000 GEOs2 by 2028, primarily due to growth from operating assets including Salobo, Antamina, Peñasquito, Voisey's Bay and Marmato; development projects which are in-construction and/or permitted including Platreef, Blackwater, Goose, Mineral Park, Fenix, Curipamba and Santo Domingo; and pre-development projects including Marathon and Copper World, for which production is anticipated towards the latter end of the five-year forecast period.

From 2029 to 2033, attributable production is forecast to average over 850,000 GEOs2,3 in the five-year period and incorporates additional incremental production from pre-development assets including the Cangrejos, Kudz ze Kayah, Curraghinalt, Victor and Kutcho projects, in addition to the Brewery Creek, Black Pine and Mt. Todd royalties.

Not included in Wheaton's long-term forecast and instead classified as 'optionality', includes potential future production from Pascua Lama, Navidad, Toroparu, Cotabambas, Metates, DeLamar and additional expansions at Salobo outside of the Salobo III mine expansion project.

Liquidity

From a liquidity perspective, the $547 million of cash and cash equivalents as at December 31, 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. Ounces produced represent the quantity of silver, gold, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Gold equivalent forecast production for 2024 and the longer-term outlook are based on the following updated commodity price assumptions: $2,000 per ounce gold, $23 per ounce silver, $1,000 per ounce palladium, $950 per ounce of platinum and $13.00 per pound cobalt. For purposes of comparison, 2023 actual production numbers have been adjusted to reflect 2024 commodity price assumptions.
  3. Historically, Wheaton has provided 5 and 10-year averages for its long-term guidance, however the company has elected to introduce a 5-year target (2028), in addition to an annual average for years 6 through 10 (i.e. 2029-2033), with a goal of providing increased granularity and further transparency of our expected growth profile

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

Mineral Stream Interests

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

Total Upfront Consideration

Production

Payment

Cash Flow

Units

Q4-2023

Mineral Stream

Mine

Attributable

Per

Paid to

Generated to

Received &

Inventory &

Interests

Owner ¹

Location¹ Production

Unit 2,3

Dec 31 2023 3

To be Paid 1, 2

Total ³

Date ³

Sold to Date ³

PBND 3, 4

Term ¹

Gold

Salobo

Vale

BRA

75%

$425

$

3,429,360

$

-

$

3,429,360

$

2,164,365

1,969,276

63,042

LOM

Sudbury ⁵

Vale

CAN

70%

$400

623,572

-

623,572

289,099

278,470

10,625

20 years ⁵

Constancia

Hudbay

PER

50%

$420

135,000

-

135,000

220,964

177,803

9,947

LOM

San Dimas

FM

MEX

variable ⁶

$631

220,000

-

220,000

256,299

237,261

2,610

LOM

Stillwater ⁷

Sibanye

USA

100%

18%

237,880

-

237,880

82,358

59,757

5,193

LOM

Other

Minto

MNTO

CAN

100% ⁸

50%

47,283

-

47,283

230,824

231,091

8,231

LOM

Copper World

Hudbay

USA

100%

$450

-

39,100

39,100

-

-

-

LOM

Marmato ⁹

Aris

CO

10.5% ⁹

18%

45,400

117,600

163,000

11,080

7,292

119

LOM

Santo Domingo

Capstone

CHL

100%

¹⁰

18%

30,000

260,000

290,000

-

-

-

LOM

Fenix

Rio2

CHL

6%

¹¹

18%

25,000

25,000

50,000

-

-

-

LOM

Blackwater

Artemis

CAN

8%

¹²

35%

340,000

-

340,000

-

-

-

LOM

Curipamba

Adventus

ECU

50%

¹³

18%

10,117

118,787

128,904

-

-

-

LOM

Marathon

Gen Mining

CAN

100%

¹⁴

18%

21,857

105,852

127,709

-

-

-

LOM

Goose

B2Gold

CAN

2.78%

¹⁵

18%

83,750

-

83,750

-

-

-

LOM

Cangrejos

Lumina

ECU

6.6%

¹⁶

18%

28,700

271,300

300,000

-

-

-

LOM

Platreef

Ivanhoe

SA

62.5%

¹⁷

$100

-

275,300

275,300

-

-

-

LOM ¹⁷

Curraghinalt

Dalradian

UK

3.05%

¹⁸

18%

20,000

55,000

75,000

-

-

-

LOM

Kudz Ze Kayah

BMC

CAN

6.875%

¹⁹

20%

-

13,860

13,860

-

-

-

LOM

$

5,297,919

$

1,281,799

$

6,579,718

$

3,254,989

2,960,950

99,767

Silver

Peñasquito

Newmont

MEX

25%

$4.50

$

485,000

$

-

$

485,000

$

1,388,944

80,087

479

LOM

Antamina

Glencore

PER

33.75%

²⁰

20%

900,000

-

900,000

685,783

44,224

526

LOM

Constancia

Hudbay

PER

100%

$6.20

294,900

-

294,900

225,924

17,209

334

LOM

Other

Los Filos

Equinox

MEX

100%

$4.68

4,463

-

4,463

40,466

2,184

31

25 years ²¹

Zinkgruvan

Lundin

SWE

100%

$4.68

77,866

-

77,866

495,029

33,264

163

LOM

Stratoni

Eldorado

GRC

100%

$11.54

57,500

-

57,500

155,868

10,378

-

LOM

Neves-Corvo

Lundin

PRT

100%

$4.46

35,350

-

35,350

162,128

9,589

150

50 years ²²

Aljustrel

Almina

PRT

100%

²³

$0.50

2,451

-

2,451

48,804

4,273

1

50 years ²²

Minto

MNTO

CAN

100%

$4.39

7,522

-

7,522

28,995

1,646

35

LOM

Pascua-Lama

Barrick CHL/ARG

25%

$3.90

625,000

-

625,000

372,767

19,775

-

LOM

Copper World

Hudbay

USA

100%

$3.90

-

190,900

190,900

-

-

-

LOM

Navidad

PAAS

ARG

12.5%

$4.00

10,788

32,400

43,188

-

-

-

LOM

Marmato ⁹

Aris

CO

100% ⁹

18%

7,600

4,400

12,000

2,400

122

5

LOM

Cozamin

Capstone

MEX

50%

²⁴

10%

150,000

-

150,000

39,548

1,862

93

LOM

Blackwater

Artemis

CAN

50%

¹²

18%

140,800

-

140,800

-

-

-

LOM

Curipamba

Adventus

ECU

75%

¹³

18%

3,648

42,948

46,596

-

-

-

LOM

Mineral Park

Waterton

US

100%

18%

-

115,000

115,000

-

2,149

-

LOM

Kudz Ze Kayah

BMC

CAN

6.875%

¹⁹

20%

-

24,640

24,640

-

-

-

LOM

$

2,802,888

$

410,288

$

3,213,176

$

3,646,656

226,762

1,817

Palladium

Stillwater ⁷

Sibanye

USA

4.5%

²⁵

18%

$

262,120

$

-

$

262,120

$

148,840

97,788

6,666

LOM

Platreef

Ivanhoe

SA

5.25%

¹⁷

30%

-

78,700

78,700

-

-

-

LOM ¹⁷

$

262,120

$

78,700

$

340,820

$

148,840

97,788

6,666

Platinum

Marathon

Gen Mining

CAN

22%

¹⁴

18%

$

9,367

$

45,365

$

54,732

$

-

-

-

LOM

Platreef

Ivanhoe

SA

5.25%

¹⁷

30%

-

57,500

57,500

-

-

-

LOM ¹⁷

$

9,367

$

102,865

$

112,232

$

-

-

-

Cobalt

Voisey's Bay

Vale

CAN

42.4%

²⁶

18%

$

390,000

$

-

$

390,000

$

46,936

2,998

445

LOM

Total PMPAs Currently Owned

$

8,762,294

$

1,737,452

$

10,499,746

$

7,097,421

Terminated / Matured PMPAs

1,303,697

-

$

1,303,697

3,117,152

Total

$

10,065,991

$

1,737,452

$

11,803,443

$

10,214,573

WHEATON PRECIOUS METALS 2023 ANNUAL REPORT - MANAGEMENT DISCUSSION & ANALYSIS [8]

  1. 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; SA = South Africa; SWE = Sweden; USA = United States; UK = United Kingdom; and LOM = Life of Mine.
  2. Please refer to the section entitled "Contractual Obligations and Contingencies - Mineral Stream Interests" on page 37 of this MD&A for more information.
  3. 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 39 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. Please see "Cautionary Note Regarding Forward-Looking Statements" for material risks, assumptions and important disclosure associated with this 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. As of December 31, 2023, the Company has received approximately $289 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. The term of the Sudbury PMPA ends on May 11, 2033.
  6. 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 the Company has received 218,750 ounces of gold under the Platreef Gold PMPA, the attributable gold production will reduce to 50% until 428,300 ounces have been delivered, after which the stream drops to 3.125%. Under the Platreef Palladium and Platinum PMPA, once the Company has received 350,000 ounces of combined palladium and platinum, the attributable palladium and platinum production will reduce to 3% until 485,115 ounces have been delivered, after which the stream drops to 0.1% of the payable palladium and platinum production. If certain thresholds are met, including if production through the Platreef project concentrator achieves 5.5 million tonnes per annum ("Mtpa"), the 3.125% residual gold stream and the 0.1% residual palladium and platinum stream will terminate. Under the Platreef Gold PMPA,
    Sandstorm Gold Ltd. (which acquired Nomad Royalty Ltd. on August 15, 2022) ("Sandstorm") is entitled to purchase 37.5% of payable gold. The decrease in the percentage of payable metal that Wheaton will be entitled to purchase is conditional on delivery of the total amount of payable gold to all purchasers (Wheaton and
    Sandstorm combined). The values set out herein pertain only to Wheaton's share of the payable gold.
  18. Once the Company has received 125,000 ounces of gold under the Curraghinalt PMPA, the Company's attributable gold production will be reduced to 1.5%.
  19. Under the Kudz Ze Kayah PMPA, the Company will be entitled to purchase staged percentages of produced gold and produced silver ranging from 6.875% to 7.375% until 330,000 ounces of gold and 43.30 million ounces of silver are produced and delivered, thereafter reducing to a range of 5.625% to 6.125% until a further 59,800 ounces of gold and 7.96 million ounces of silver are produced and delivered, further reducing to a range of 5% to 5.5% until a further 270,200 ounces of gold and 35.34 million ounces of silver are produced and delivered for a total of 660,000 ounces of gold and 86.6 million ounces of silver and thereafter ranging between 6.25% and 6.75%.
  20. 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%.
  21. The term of the Los Filos PMPA ends on October 15, 2029.
  22. The term of the Neves-Corvo and Aljustrel PMPAs ends on June 5, 2057.
  23. 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.
  24. Once Wheaton has received 10 million ounces of silver under the Cozamin PMPA, the Company's attributable silver production will be reduced to 33%.
  25. Once the Company has received 375,000 ounces of palladium under the Stillwater PMPA, 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%.
  26. Once the Company has received 31 million pounds of cobalt under the Voisey's Bay PMPA, the Company's attributable cobalt production will be reduced to 21.2%.
  27. On November 15, 2023, the Company entered into a purchase agreement with certain entities advised by Orion to acquire the existing Platreef and KZK PMPAs (the
    "Orion Purchase Agreement"). Closing of the Orion Purchase Agreement occurred on February 27, 2024.

Updates on the Operating Mineral Stream Interests

Salobo - Mill Throughput Expansion

On November 21, 2023, Vale S.A. ("Vale") reported the successful completion of the throughput test for the first phase of the Salobo III project, with the Salobo complex exceeding an average of 32 million tonnes per annum ("Mtpa") over a 90-day period. Under the terms of the agreement, the Company paid Vale $370 million for the completion of the first phase of the Salobo III expansion project on December 1, 2023. Salobo III is expected to achieve a sustained throughput capacity of 36 Mtpa 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 92% at the end of the fourth quarter, and that the main surface assets are completed and already operating. The electromechanical assembly on the remaining surface assets are well advanced (above 60% physical progress). In the underground portion, the scope in Reid Brook is completed and the project is fully focused on Eastern Deeps. The mine development is concluded, and construction is ongoing.

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 safely ramped up operations at the mine.

WHEATON PRECIOUS METALS 2023 ANNUAL REPORT - MANAGEMENT DISCUSSION & ANALYSIS [9]

Antamina - Approval of the Modification of the Environmental Impact Study

On February 15, 2024, Peru's National Environmental Certification Service for Sustainable Investments approved, after a detailed evaluation process, the Modification of the Environmental Impact Study, which will allow for the extension of Antamina's mine life from 2028 to 2036.

Updates on the Development Stage Mineral Stream Interests

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. With the results from this pre-feasibility study, Wheaton has now incorporated gold in the 2023 mineral reserves and mineral resources statement in this MD&A.

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. On January 16, 2024, Aris Mining provided an update that the Marmato Lower Mine construction commenced in September 2023. On March 6, 2024, Aris Mining provided an update that construction at the Marmato Lower Mine has ramped up with initial access roads completed, the lead contractor for portal and decline development selected, and tenders for key items for the new processing plant underway. First gold pour is expected in late 2025.

Fenix

On July 5, 2022, Rio2 Limited ("Rio2") announced that the Regional Evaluation Commission has voted for not approving the Environmental Impact Assessment ("EIA") for the Fenix project. On September 7, 2022, Rio2 further announced that it had identified numerous discrepancies with the factual and procedural matters in the Environmental Qualification Resolution ("RCA"), resulting in the filing of an administrative appeal on August 31, 2022. In parallel with the administrative appeal process, Rio2 indicated that they will work closely with regional authorities to address any remaining concerns.

On December 20, 2023, Rio2 reported that it had been successful in being granted approval of its EIA, allowing Rio2 to advance the Fenix project through statutory permitting, financing, and the currently planned recommencement of construction activities during 2024.

Blackwater

On December 15, 2023, Artemis Gold Inc., ("Artemis") announced that it has completed its first draw of $150 million under its $360 million project loan facility announced on March 1, 2023. Artemis also states that construction of Blackwater remains on track and these funds will be allocated to continue to fund construction towards completion. On January 30, 2024, Artemis announced that overall construction was 59% complete. On February 21, 2024, Artemis announced the results of an expansion study to optimize the timing of mine expansion through the advancing of Phase 2. A decision on the acceleration of the Phase 2 expansion is expected to be considered in the second half of 2024.

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. On November 17, 2023, Adventus announced that the Court has issued a ruling that declared Decree 754 to be unconstitutional in form. The ruling expressly revokes the temporary suspension of the Decree and indicates that the Decree will remain in-effect until the assembly passes a new law regulating the consultation process.

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. On December 27, 2023, Adventus announced that the Ministry of Environment, Water and Ecological Transition of Ecuador has completed the final consultation phase of the environmental consultation process for the El Domo - Curipamba project on December 15, 2023. Following the presentation of the updated environmental management plan, the community participants deliberated and then voted in favour of issuing the environmental license, with 98% of people from the direct areas of influence of the Curipamba project participating in the voting process. On January 22, 2024, Adventus announced that the Ministry of

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

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Wheaton Precious Metals Corp. published this content on 14 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 March 2024 21:58:02 UTC.