Press Release: Wheaton Precious Metals Announces Record Revenue, Adjusted Net Earnings and Operating Cash Flow for 2024

Dow Jones
14 Mar

Wheaton Precious Metals Announces Record Revenue, Adjusted Net Earnings and Operating Cash Flow for 2024

Canada NewsWire

VANCOUVER, BC, March 13, 2025

Designated News Release

FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS

VANCOUVER, BC, March 13, 2025 /CNW/ - "Wheaton achieved record revenue, adjusted net earnings and operating cash flow in 2024, driven by our diversified portfolio of high-quality and long-life assets. We exceeded our production guidance for the year due to outperformances at Salobo and Constancia and are proud to have returned a record level of dividends to shareholders in 2024," said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. "In 2024, Wheaton remained focused on accretive growth, delivering four new streams and royalties and further reinforcing our industry-leading growth profile. This impressive growth is readily apparent in our five-year production forecast, where we estimate annual production increasing by 40% to 870,000 gold equivalent ounces. As we enter 2025, we look forward to building off our accomplishments from 2024, delivering on a consistent growth profile, and ultimately creating lasting value for all stakeholders."

Solid Financial Results and Strong Balance Sheet

   -- Fourth quarter of 2024: A record $381 million in revenue, a record $319 
      million in operating cash flow, $88 million in net earnings and a record 
      $199 million in adjusted net earnings1. Declared a quarterly dividend1 of 
      $0.155 per common share. 
 
   -- Full year of 2024: A record $1,285 million in revenue, a record $1,028 
      million in operating cash flow, $529 million in net earnings and a record 
      $640 million in adjusted net earnings1. Declared record annual dividends1 
      of $0.62 per common share. 
 
   -- Balance Sheet: cash balance of $818 million, no debt, and an undrawn $2 
      billion revolving credit facility as at December 31, 2024. 

High Quality Asset Base

   -- Streaming and royalty agreements on 18 operating mines and 28 development 
      projects and other5, including the addition of the Koné and Kurmuk 
      projects announced in the fourth quarter. 
 
   -- Attributable gold equivalent production3 ("GEOs") of 187,500 ounces in 
      the fourth quarter of 2024 and 635,000 for the full year of 2024, with 
      quarterly production increasing 14% relative to the comparable period of 
      the prior year as a result of higher production from Salobo and 
      Peñasquito, with gold production achieving record quarterly 
      production. 
 
   -- Exceeded the upper limits of the 2024 annual production guidance of 
      550,000 to 620,000 GEOs3, primarily resulting from stronger than expected 
      production at Salobo due to higher gold grades and recoveries, and higher 
      grades at Constancia from the mining of the Pampacancha deposit. 
 
   -- Further de-risked forecast growth profile as construction activities 
      advanced at a number of projects, including the Blackwater, Goose, 
      Platreef, and Mineral Park projects which are expected to be producing by 
      the end of 2025. 
 
   -- Accretive portfolio growth: 
 
   -- On October 21, 2024, the Company amended the Fenix PMPA, increasing the 
      amount of attributable gold it is entitled to under the contract. 
 
   -- On October 23, 2024, the Company entered into a precious metals purchase 
      agreement ("PMPA") with Montage Gold Corp. ("Montage") in respect to the 
      Koné Gold Project located in Côte d'Ivoire. 
 
   -- On December 5, 2024, the Company entered into a PMPA with Allied Gold 
      Corporation ("Allied") in respect to the Kurmuk Project located in 
      Ethiopia. 
 
   -- Subsequent to the quarter, on March 7, 2025, the Company amended its PMPA 
      with Artemis Gold Inc. ("Artemis") in respect to the Blackwater project 
      located in Canada. 

Leadership in Sustainability

   -- Top Rankings: One of the top-rated companies by Sustainalytics, AAA rated 
      by MSCI (upgraded in 2024 from AA to AAA, the highest possible rating), 
      and Prime rated by ISS. 
 
   -- Subsequent to the quarter, awarded US$1 million to the winning venture of 
      the inaugural Future of Mining Challenge, ReThink Milling Inc., to 
      advance their Conjugate Anvil Hammer Mill ("CAHM") and MonoRoll 
      technologies, for their potential ability to lower energy use in the 
      milling process. 
 
   -- Subsequent to the quarter, Wheaton was recognized by Corporate Knights as 
      one of the 2025 Global 100 Most Sustainable Corporations, based on a 
      rigorous assessment of over more than 8,300 public companies with revenue 
      over US$1 billion. 

Operational Overview

 
(all figures in     Q4 2024   Q4 2023  Change     2024        2023       Change 
US dollars 
unless otherwise 
noted) 
Units produced 
Gold ounces         117,526   112,926     4.1 %     379,530     374,152     1.4 % 
Silver ounces         5,740     4,206    36.5 %      20,807      17,191    21.0 % 
Palladium ounces      2,797     4,209  (33.5) %      15,632      15,800   (1.1) % 
Cobalt pounds           393       215    83.1 %       1,289         673    91.5 % 
Gold equivalent 
 ounces (3)         187,493   164,796    13.8 %     635,007     584,127     8.7 % 
Units sold 
Gold ounces          87,662   115,011  (23.8) %     332,701     327,336     1.6 % 
Silver ounces         4,307     3,175    35.7 %      16,072      14,326    12.2 % 
Palladium ounces      4,434     3,339    32.8 %      17,270      13,919    24.1 % 
Cobalt pounds           485       288    68.4 %         970       1,074   (9.7) % 
Gold equivalent 
 ounces (3)         142,561   155,059   (8.1) %     532,468     506,020     5.2 % 
Change in PBND 
and Inventory 
Gold equivalent 
 ounces (3)          29,293   (4,030)  (33,323)      46,378      15,990  (30,388) 
Revenue            $380,516  $313,471    21.4 %  $1,284,639  $1,016,045    26.4 % 
Net earnings       $ 88,148  $168,435  (47.7) %  $  529,140  $  537,644   (1.6) % 
Per share          $  0.194  $  0.372  (47.8) %  $    1.167  $    1.187   (1.7) % 
Adjusted net 
 earnings (1)      $198,969  $164,569    20.9 %  $  640,170  $  533,051    20.1 % 
Per share (1)      $  0.439  $  0.363    20.9 %  $    1.412  $    1.177    20.0 % 
Operating cash 
 flows             $319,471  $242,226    31.9 %  $1,027,581  $  750,809    36.9 % 
Per share (1)      $  0.704  $  0.535    31.6 %  $    2.266  $    1.658    36.7 % 
 
 
All amounts in thousands except gold, palladium & 
 gold equivalent ounces, and per share amounts. 
 

Financial Review

Revenues

Revenue in the fourth quarter of 2024 was $381 million (62% gold, 35% silver, 1% palladium and 2% cobalt), with the $67 million increase relative to the prior period quarter being primarily due to a 32% increase in the average realized gold equivalent(3) price; partially offset by an 8% decrease in the number of GEOs(3) sold.

Revenue was $1,285 million in the year ended December 31, 2024, representing a $269 million increase from 2023 due primarily to a 20% increase in the average realized gold equivalent(3) price; and a 5% increase in the number of GEOs(3) sold.

Cash Costs and Margin

Average cash costs(1) in the fourth quarter of 2024 were $441 per GEO(3) as compared to $437 in the fourth quarter of 2023. This resulted in a cash operating margin(1) of $2,228 per GEO(3) sold, an increase of 41% as compared with the fourth quarter of 2023, a result of the higher realized price per ounce.

Average cash costs(1) in 2024 were $436 per GEO(3) as compared to $451 in 2023. This resulted in a cash operating margin(1) of $1,977 per GEO(3) sold, a 27% increase from 2023, a result of the higher realized price per ounce coupled with the lower average cash costs due to changes in the sales mix.

Cash Flow from Operations

Operating cash flow in the fourth quarter of 2024 amounted to $319 million, with the $77 million increase due primarily to the higher gross margin.

Operating cash flows in 2024 amounted to $1,028 million, with the $277 million increase from the comparable period of the previous year being due primarily to the higher gross margin.

Voisey's Bay Impairment

On June 11, 2018, the Company entered into an agreement (the "Voisey's Bay PMPA") to acquire from Vale an amount of cobalt equal to 42.4% of the cobalt production from its Voisey's Bay mine, until the delivery of 31 million pounds of cobalt and 21.2% of cobalt production thereafter for the life of mine for a total upfront cash payment of $390 million.

At December 31, 2024, the Company determined there to be an impairment charge relative to the Voisey's Bay PMPA due to a significant and sustained decline in market cobalt prices. The Voisey's Bay PMPA had a carrying value at December 31, 2024 of $340 million. Management estimated that the recoverable amount at December 31, 2024 under the Voisey's Bay PMPA was $231 million, representing its fair value less cost of disposal and resulting in an impairment charge of $109 million. The recoverable amount related to the Voisey's Bay PMPA was estimated using an average discount rate of 5.5% and the market price of cobalt of $13.62 per pound.

Produced But Not Yet Delivered

As at December 31, 2024, approximately 163,600 GEO's(3) were produced but not yet delivered representing approximately three months of payable production. This build in PBND is an increase from the preceding four quarters and at the upper end of our guided range of two to three months, due to a significant increase in quarter-over-quarter production driven by increased production at Peñasquito and Salobo, with Salobo representing a quarterly record.

Balance Sheet (at December 31, 2024)

   -- Approximately $818 million of cash on hand 
 
   -- During the fourth quarter of 2024, the Company made total upfront cash 
      payments of $115 million relative to the mineral stream interests 
      consisting of: 
 
          -- $44 million relative to the Kurmuk PMPA; 
 
          -- $40 million relative to the Marmato PMPA; 
 
          -- $25 million relative to the Mineral Park PMPA; and 
 
          -- $6 million relative to the Cangrejos PMPA. 
 
   -- During the fourth quarter of 2024, the Company received a repayment of 
      the upfront cash payment of $13 million relative to the El Domo PMPA, 
      with this amount to be re-advanced at a later date. 
 
   -- With the existing cash on hand coupled with the fully undrawn $2 billion 
      revolving credit facility, the Company believes it is well positioned to 
      fund all outstanding commitments and known contingencies as well as 
      providing flexibility to acquire additional accretive mineral stream 
      interests. Given the strength of Wheaton's balance sheet and forecasted 
      cash flows, the Company has elected to not renew its at-the-market equity 
      program, under which no shares have been issued as of December 31, 2024. 

Global Minimum Tax

The Company is within the scope of global minimum tax ("GMT") under the OECD Pillar Two model rules ("Pillar Two"), under which large multinational entities are subject to a 15% GMT. On June 20, 2024, Canada's Global Minimum Tax Act ("GMTA"), received royal assent. The GMTA enacts the OECD Pillar Two model rules where in scope companies are subject to a 15% GMT for fiscal years commencing on or after December 31, 2023. With the enactment of the GMTA on June 20, 2024, the income of the Company's subsidiaries which operate in jurisdictions with a statutory tax rate of 0% are subject to the GMTA. For the three months and year ended December 31, 2024 an amount of $35 million and $114 million, respectively, current tax expense associated with GMT was recorded. GMT accrued to December 31, 2024, is payable on or before June 30, 2026 (18 months following year-end).

Fourth Quarter Operating Asset Highlights

Salobo: In the fourth quarter of 2024, Salobo produced 84,300 ounces of attributable gold, representing record quarterly production and an increase of approximately 17% relative to the fourth quarter of 2023, primarily due to higher throughput, grades and recovery. On January 28, 2025, Vale S.A. ("Vale") announced the completion of the Salobo III ramp-up and improved performance at Salobo I and II.

On March 4, 2025, Vale informed the Company that it had achieved a sustained throughput capacity of over 35 Mtpa over a 90-day period, indicating completion of the second phase of the Salobo III expansion project. Pending review of the final completion test by the Company, Wheaton anticipates advancing the remaining balance of the expansion payment to Vale, in the amount of $144 million within thirty days of the date of receipt.

Antamina: In the fourth quarter of 2024, Antamina produced 0.9 million ounces of attributable silver, a decrease of approximately 8% relative to the fourth quarter of 2023 primarily due to lower throughput, partially offset by higher recoveries.

Peñasquito: In the fourth quarter of 2024, Peñasquito produced 2.5 million ounces of attributable silver, an increase of approximately 138% relative to the fourth quarter of 2023, as prior year operations were impacted by a labour strike which began on June 7, 2023 and ended on October 13, 2023 with the safe ramp-up of operations beginning after the end of the strike. On February 20, 2025, Newmont Corporation ("Newmont") announced that co-product production in 2025 is expected to decline as mining moves back into the Peñasco pit which contains lower silver grades relative to the Chile Colorado pit.

Constancia: In the fourth quarter of 2024, Constancia produced 1.0 million ounces of attributable silver and 18,200 ounces of attributable gold, an increase of approximately 16% for silver production and a decrease of approximately 18% for gold production relative to the fourth quarter of 2023. The increase in silver production, which represented a quarterly record, was primarily due to higher grades. The decrease in gold production was primarily the result of lower gold grades as more material was mined from Constancia and reclaimed from the stockpile compared with the prior year. On February 19, 2025, Hudbay Minerals Inc. ("Hudbay") announced that gold production in 2025 is expected to be lower than 2024 levels as additional high grade gold benches were mined in late 2024, ahead of schedule, resulting in gold production exceeding 2024 guidance levels. The Pampacancha deposit is now expected to be depleted in early December 2025 as opposed to October 2025, as the mine plan has smoothed Pampacancha production throughout the year. Total mill ore feed from Pampacancha is expected to be approximately 25% in 2025, lower than the typical one-third in prior years as Pampacancha approaches depletion.

Sudbury: In the fourth quarter of 2024, Vale's Sudbury mines produced 5,000 ounces of attributable gold, a decrease of approximately 14% relative to the fourth quarter of 2023, due to lower recoveries.

Stillwater: In the fourth quarter of 2024, the Stillwater mines produced 2,200 ounces of attributable gold and 2,800 ounces of attributable palladium, a decrease of approximately 7% for gold and 34% for palladium relative to the fourth quarter of 2023, primarily due to lower throughput as Stillwater West operations were put into care and maintenance on September 12, 2024.

Voisey's Bay: In the fourth quarter of 2024, the Voisey's Bay mine produced 393,000 pounds of attributable cobalt, an increase of approximately 83% relative to the fourth quarter of 2023, as the transitional period between the depletion of the Ovoid open-pit and ramp-up to full production of the Voisey's Bay underground mine nears completion. On December 3, 2024, Vale reported that it has completed construction and commissioning of the Voisey's Bay underground mine extension. The expansion transitioned Voisey's Bay from open pit to underground mining. The project involved the development of two underground mines, Reid Brook and Eastern Deeps, which will deliver ore for processing at Vale's Long Harbour refinery. The full ramp-up is expected by the second half of 2026.

Other Silver: In the fourth quarter of 2024, total Other Silver attributable production was 1.4 million ounces, an increase of approximately 4% relative to the fourth quarter of 2023, primarily due to higher production at Zinkgruvan, partially offset by lower production at Neves-Corvo.

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.

Recent Development Asset Updates

Blackwater Project: On November 6, 2024, Artemis announced that overall construction of the Blackwater project was over 95% complete as of September 30, 2024. Construction of the tailings storage facility is ready to allow for the commencement of commissioning of the plant. Artemis reported that the initial mining fleet has been commissioned and pre-stripping of the mine, as well as the construction of haul roads are well advanced. On January 22, 2025, Artemis announced that commissioning of the grinding circuit at the Blackwater project has advanced and milling of first ore commenced, with the first pour of gold and silver being announced on January 29, 2025. Commercial production remains targeted for Q2 2025.

Goose Project: On February 19, 2025, B2Gold Corp. ("B2Gold") announced that all planned construction activities for 2024 were completed and project construction and development continue to progress on track to achieve first gold pour at the Goose project in the second quarter of 2025, followed by a ramp up to commercial production in the third quarter of 2025. Following the successful completion of the 2024 sea lift, the construction of the 163 kilometer Winter Ice Road was completed in February 2025. As of February 18, 2025, the Winter Ice Road is fully operational with the transportation of all materials from the Marine Laydown Area to the Goose project site expected to be completed by May 15, 2025.

Mineral Park Project: During the quarter, Waterton's Origin Mining continued to advance the Mineral Park project, with the installation of new crushing and milling circuits nearing completion. Project construction continues to progress on track for first ore to the mill in Q2 2025, followed by a ramp up to commercial production during the second half of 2025. At project completion the fully refurbished mill capacity will be 16.5 Mtpa.

Platreef Project: On October 30, 2024, Ivanhoe Mines ("Ivanhoe") reported that construction of the Phase 1 concentrator was completed on schedule early in the third quarter. First ore is scheduled for the second half of 2025, while underground development prioritizes development to accelerate Phase 2. Ivanhoe also states that work continues on the updated feasibility study to accelerate the startup of Phase 2, as well as the preliminary economic assessment of the previously announced Phase 3 expansion to 10 Mtpa processing capacity. On February 18, 2025, Ivanhoe reported positive results from the two independent technical studies completed on the Phase 2 and Phase 3 expansions. The study outlines Phase 1 production from Q4-2025, followed by the Phase 2 expansion two years later in Q4-2027. Ivanhoe noted that the Phase 3 expansion is expected to rank Platreef as one of the largest primary PGM producers on a platinum equivalent basis.

Fenix Project: On October 2, 2024, Rio2 Limited ("Rio2") announced that its Chilean subsidiary has received the principal Sectorial Permits it requires to begin construction at the Fenix project. These Sectorial Permits represent the last governmental authorization required to enable the start of the construction phase and subsequent operation of the Fenix mine. On January 13, 2025, Rio2 reported that construction activities recommenced in October 2024 and construction is expected to be completed in November 2025. Bulk earthworks at the plant side have been completed and concrete bases for the footings of the processing plant have been poured. Earthworks have commenced on the leach pad stability platform, which forms the base of the Phase 1 leach pad. First gold production is currently expected in January 2026.

Marmato Mine: On March 13, 2025, Aris announced an enhanced Marmato expansion, whereby the design of the carbon-in-pulp processing facility will be upgraded by 25% from 4,000 tpd to 5,000 tpd. Aris reports that construction remains on track, and production is expected to start ramping up in the second half of 2026.

Kurmuk Project: On January 22, 2025, Allied reported that earthworks at the plant terrace advanced during the quarter to near completion, while civil works and structural, mechanical, plate, and piping contractor mobilizations are in progress. Main camp construction, along with engineering and procurement activities, progressed during the quarter, with the project remaining on track and on budget. On February 20, 2025, Allied reported that the Kurmuk project is expected to start production by mid-2026.

El Domo Project: During the second quarter of 2024, Silvercorp Metals Inc. ("Silvercorp" announced that an Ecuadorian court rejected a constitutional protective action (the "Constitutional Action") filed by third parties against Ministry of Environment, Water and Energy Transition of the Government of Ecuador ("MAATE") and concluded that the consultative process followed by MAATE in issuing the various permits relative to the El Domo project complied with applicable legal requirements. An appeal was granted and a hearing took place at the Superior Court of Bolivar (the Superior Court") on October 17, 2024. On November 15, 2024, Silvercorp announced that the Superior Court rejected the appeal.

On January 7, 2025, Silvercorp reported it is targeting to bring the project into production in the second half of 2026 and have recently awarded the earthworks contract to a large international mining contractor with over ten years of experience working in Ecuador.

Koné Project: On December 18, 2024, Montage announced that it has launched the construction of its Koné project, with first gold production scheduled for the second quarter of 2027. Significant progress is being made to rapidly advance and de-risk the project as early works are well underway and major construction works are set to commence in the coming weeks, once further construction equipment arrives to site. The Koné project is fully permitted.

Copper World Project: On January 2, 2025, Hudbay announced that it has received an Air Quality Permit for the Copper World project from the Arizona Department of Environmental Quality. The issuance of this permit is a significant milestone in the advancement of the project as it is the final major permit required for the development and operation of Copper World. Hudbay commenced a minority joint venture partner process early in 2025, and it is anticipated that any minority joint venture partner would participate in the funding of definitive feasibility study activities in 2025 as well as in the final project design and construction for Copper World. The sanctioning of Copper World is not expected until 2026 based on current estimated timelines.

Santo Domingo Project: On January 20, 2025, Capstone Copper Corporation ("Capstone") announced plans to progress partnership discussions and its financing strategy throughout 2025. A potential project sanctioning decision is not anticipated prior to 2026. On February 19, 2025, Capstone reported the Mantoverde exploration drill program commenced in Q4 2024.

Cangrejos Project: On January 28, 2025, Lumina Gold Corp., ("Lumina"), announced significant progress regarding power infrastructure required for the Cangrejos project. Lumina received approval of the definitive feasibility level designs for connection to the national grid for the future energy demand of the Cangrejos project from Corporación Eléctrica del Ecuador on January 15, 2025. The lead engineering contractor for the feasibility study has completed 92% of the estimated work. The feasibility study remains on schedule for completion during Q2 2025. Work for the Environmental Impact Study is progressing on schedule which will allow for its submission to the Government of Ecuador in mid-2025. Lumina is targeting receiving its environmental license by early 2026.

Corporate Development

Amendment to the Fenix PMPA: On October 21, 2024, the Company amended the Fenix PMPA(6) , in exchange for which, the Company is committed to pay additional upfront cash consideration of $100 million, payable in two equal installments, subject to various customary conditions being satisfied. To date, no amounts have been advanced under the Fenix PMPA amendment.

Koné Project: On October 23, 2024, the Company entered into a PMPA (the "Koné Gold PMPA")(7) with Montage in respect of its 90% owned Koné Gold project located in Côte d'Ivoire. Under the terms of the Koné Gold PMPA, the Company is committed to pay Montage total upfront cash payments of $625 million, payable in four equal installment payments during construction, subject to certain conditions, including that all permits have been obtained. To date, no amounts have been advanced under the Koné Gold PMPA.

Kurmuk Project: On December 5, 2024, the Company entered into a PMPA (the "Kurmuk Gold PMPA")(8) with Allied Gold Corporation ("Allied") in respect of its Kurmuk project located in Ethiopia. Under the terms of the agreement, Wheaton is committed to pay Allied total upfront cash payments of $175 million, payable in four equal installment payments during construction, subject to certain conditions. The first payment of $44 million was paid on December 19, 2024.

Amendment to Blackwater PMPA: On March 7, 2025, the Company amended its PMPA (the "Blackwater Silver PMPA") with Artemis Gold Inc. ("Artemis") in respect of silver production from the Blackwater Project located in British Columbia in Canada (the "Blackwater Project"). Under the Blackwater Silver PMPA, Wheaton will acquire an amount of silver equal to 50% of the payable silver until 17.8 million ounces have been delivered and 33% of payable silver thereafter for the life of the mine.

Previously, the determination of payable silver production under the Silver Stream required the application of a complex metallurgical protocol to determine the silver content of the mill feed and applied a fixed recovery rate of 61%. As a result of the amendment, the amount of payable silver will be determined based on a fixed ratio of silver to gold ounces produced. The ratio will be as follows:

   -- 5.17 ounces of silver for every ounce of gold produced while the plant 
      throughput is less than 15Mtpa; 
 
   -- 5.10 ounces of silver for every ounce of gold produced while the plant 
      throughput exceeds 15Mtpa, but is less than 20Mtpa; 
 
   -- 5.07 ounces of silver for every ounce of gold produced while the plant 
      throughput exceeds 20Mtpa. 

Once 17.8 million ounces of silver have been delivered, the determination of payable silver will revert to being based on a fixed silver recovery factor, consistent with the previous terms of the Blackwater Silver PMPA. As a result of the changed payable silver profile which is expected to deliver silver ounces to the Company sooner relative to the original profile, on March 10, 2025, the Company paid Artemis $30 million in connection with this amendment.

Reserves and Resources (at December 31, 2024)

   -- Proven and Probable Mineral Reserves attributable to Wheaton were 15.5 
      million ounces of gold compared with 15.1 million ounces as reported in 
      Wheaton's 2023 Annual Information Form ("AIF"), an increase of 3%; 476.3 
      million ounces of silver compared with 484.7 million ounces, a decrease 
      of 2%; 0.83 million ounces palladium compared with 0.90 million ounces, a 
      decrease of 8%; 0.52 million ounces of platinum, unchanged; and 30.6 
      million pounds of cobalt compared to 32.3 million pounds, a decrease of 
      5%. On a GEO5 basis, total Proven and Probable Mineral Reserves for all 
      metals attributable to Wheaton were 21.6 million ounces compared to 21.3 
      million ounces, an increase of 1%. 
 
   -- Measured and Indicated Mineral Resources attributable to Wheaton were 6.8 
      million ounces of gold compared with 6.9 million ounces as reported in 
      Wheaton's 2023 AIF, a decrease of 2%; 701.4 million ounces of silver 
      compared with 707.2 million ounces, a decrease of 1%; 0.13 million ounces 
      of palladium compared with 0.12 million ounces, an increase of 11%; 0.092 
      million ounces of platinum compared with 0.093 million ounces, a decrease 
      of 1%; and 1.2 million pounds of cobalt, unchanged. On a GEO5 basis, 
      total Measured and Indicated Mineral Resources for all metals 
      attributable to Wheaton were 15.0 million ounces compared with 15.2 
      million ounces, a decrease of 1%. 
 
   -- Inferred Mineral Resources attributable to Wheaton were 4.9 million 
      ounces of gold compared with 5.1 million ounces as reported in Wheaton's 
      2023 AIF, a decrease of 3%; 327.8 million ounces of silver compared with 
      306.8 million ounces, an increase of 7%, 0.34 million ounces of palladium 
      compared with 0.36 million ounces, a decrease of 6%; 0.04 million ounces 
      of platinum, unchanged; and 7.4 million pounds of cobalt compared with 
      7.2 million pounds, an increase of 4%. On a GEO5 basis, total Inferred 
      Mineral Resources for all metals attributable to Wheaton were 8.9 million 
      ounces compared with 8.8 million ounces, an increase of 1%. 

Estimated attributable reserves and resources contained in this press release are based on information available to the Company as of March 6, 2025, and therefore will not reflect updates, if any, after that date. Updated reserves and resources data incorporating year-end 2024 estimates will also be included in the Company's 2024 Annual Information Form. Wheaton's most current attributable reserves and resources, as of December 31, 2024, can be found on the Company's website at www.wheatonpm.com.

Sustainability

Future of Mining Challenge

On March 4, 2025, Wheaton announced the winner of its inaugural Future of Mining Challenge. ReThink Milling Inc. has been awarded $1 million for its Conjugate Anvil Hammer Mill and MonoRoll technologies, which have the potential to revolutionize the milling process. This innovative grinding technology demonstrates immense potential to deliver greater efficiency with significantly lower energy use, leading to reduced greenhouse gas emissions and operating costs.

Community Investment Program

   -- In 2024, Wheaton contributed more than US$8.5 million to over 130 
      charitable causes and initiatives globally. 
 
   -- Wheaton's Partner Community Investment Program continues to support 
      initiatives with the Vale Foundation, Vale Canada, Glencore via Antamina, 
      Hudbay Minerals, First Majestic Silver and Sibanye-Stillwater to support 
      the communities influenced by the mines and provide vital services and 
      programs including educational resources, health and dental programs, 
      poverty reduction initiatives, entrepreneurial opportunities, and various 
      social and environmental programs. 
 
   -- In November 2024, Wheaton was the presenting sponsor for the Special 
      Olympics BC Sports Celebrities Festival, which raises money for the 
      Canucks for Kids Fund and Special Olympics B.C.'s work to offer 
      year-round programs for athletes with intellectual disabilities of all 
      ages and a wide range of ability levels in 55 communities across British 
      Columbia. The 2024 gala raised $500,000 to support this programming. 

Subsequent Events

Declaration of Dividend

The Company has increased its quarterly dividend under its dividend policy, setting it at $0.165 per common share for 2025. This represents a 6.5% increase over the quarterly dividend paid in 2024 and represents the second consecutive year that the dividend has been increased, highlighting the Company's commitment to a progressive dividend. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.

Chief Financial Officer Transition

On January 9, 2024, Wheaton announced that Gary Brown will be stepping down from his role as Chief Financial Officer ("CFO"), effective March 31, 2025. As part of a planned leadership succession, Vincent Lau, Wheaton's Vice President of Finance, will be appointed CFO and will join the senior leadership team.

2025 Production Outlook

In 2025, Wheaton provides 2025 production guidance between 600,000 and 670,000 GEOs(4) . The midpoint of the 2024 guidance range compared to the midpoint of the 2025 guidance range suggests year-over-year production growth of approximately 10%, in alignment with the Company's previously stated long-term growth forecast. This forecast growth is driven by stronger attributable production from Antamina, the start-up of several development projects, and a stable forecast for Salobo production. This increase is expected to be partially offset by lower production from Peñasquito and Constancia.

Attributable production is forecast to increase at Antamina in 2025 due to expected higher silver grades, as a result of a higher ratio of copper-zinc ore versus copper-only ore being mined in 2025. Wheaton's 2025 forecast also includes inaugural production from four projects currently in development; Blackwater, Goose, Mineral Park and Platreef, all of which are expected to commence production in 2025. In addition, the Aljustrel mine is anticipated to re-start production in the third quarter of 2025, following the announcement made on September 12, 2023, that as a result of low zinc prices, the production of zinc and lead concentrates would be temporarily halted from September 24, 2023 onward. Increased production from the forementioned assets is anticipated to be offset by lower production at Peñasquito, as mining transitions from the Chile Colorado to the main Peñasco pit, which contains lower relative silver grades. In addition, lower production levels are anticipated at Constancia, predominantly due to additional gold benches being mined in late 2024 that were brought forward from the 2025 plan, coupled with the expectation that total mill ore feed from Pampacancha will be approximately 25% in 2025, lower than the typical one-third in prior years as Pampacancha approaches depletion. After a record-breaking quarter to end 2024, production levels at Salobo are expected to remain consistent, with higher throughput levels attributable to the Salobo III expansion project anticipated to be offset by lower gold grades.

Long-Term Production Outlook

Production is forecast to increase by approximately 40% over the next five years to 870,000 GEOs(4) by 2029, due to growth from multiple Operating assets including Antamina, Aljustrel and Marmato; Development assets that are in construction, including the Blackwater, Mineral Park, Goose, Platreef, Fenix, Kurmuk, and Koné projects; and Pre-development assets including the El Domo and Copper World projects.

From 2030 to 2034, attributable production is forecast to average over 950,000 GEOs(4) annually and incorporates additional incremental production from Pre-development assets including the Santo Domingo, Cangrejos, Kudz ze Kayah, Marathon and Kutcho projects, in addition to the Mt. Todd, Black Pine and DeLamar royalties.

Not included in Wheaton's long-term forecast and instead classified as 'optionality', is potential future production from nine other assets, including Pascua-Lama and Navidad, in addition to expansions at Salobo outside of the Salobo III mine expansion project.

About Wheaton Precious Metals Corp.

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.

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.

Webcast and Conference Call Details

Wheaton will release its 2024 fourth quarter and full year results on Thursday, March 13, 2025, after market close. A conference call will be held on Friday, March 14, 2025, starting at 8:00am PT (11:00 am ET) 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: 1-888-510-2154

Dial from outside Canada or the US: 1-437-900-0527

Pass code: 69732#

Live audio webcast: Webcast Link

Participants should dial in five to ten minutes before the call.

The conference call will be recorded and available until March 20, 2025 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: 1-888-660-6345

Dial from outside Canada or the US: 1-646-517-4150

Pass code: 69732#

Archived audio webcast: Webcast Link

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.

Consolidated Statements of Earnings

 
                                               Years Ended December 31 
(US dollars and shares in thousands, except    2024            2023 
per share 
amounts) 
Sales                                           $   1,284,639  $ 1,016,045 
Cost of sales 
Cost of sales, excluding depletion              $     235,108  $   228,171 
Depletion                                             246,944      214,434 
Total cost of sales                             $     482,052  $   442,605 
Gross margin                                    $     802,587  $   573,440 
General and administrative expenses                    40,668       38,165 
Share based compensation                               23,268       22,744 
Donations and community investments                     8,958        7,261 
Impairment of mineral stream interests                108,861            - 
Earnings from operations                        $     620,832  $   505,270 
Gain on disposal of mineral stream interests                -        5,027 
Other income (expense)                                 29,061       34,271 
Earnings before finance costs and income 
 taxes                                          $     649,893  $   544,568 
Finance costs                                           5,549        5,510 
Earnings before income taxes                    $     644,344  $   539,058 
Income tax expense                                    115,204        1,414 
Net earnings                                    $     529,140  $   537,644 
Basic earnings per share                        $       1.167  $     1.187 
Diluted earnings per share                      $       1.165  $     1.186 
Weighted average number of shares 
outstanding 
Basic                                                 453,460      452,814 
Diluted                                               454,119      453,463 
 

Consolidated Balance Sheets

 
                                             As at           As at 
                                              December 31     December 31 
(US dollars in thousands)                    2024            2023 
Assets 
Current assets 
Cash and cash equivalents                     $     818,166   $     546,527 
Accounts receivable                                   6,217          10,078 
Cobalt inventory                                          -           1,372 
Income taxes receivable                                   -           5,935 
Other                                                 3,697           3,499 
Total current assets                          $     828,080   $     567,411 
Non-current assets 
Mineral stream interests                      $   6,379,580   $   6,122,441 
Early deposit mineral stream interests               47,094          47,093 
Mineral royalty interests                            40,421          13,454 
Long-term equity investments                         98,975         246,678 
Property, plant and equipment                         8,691           7,638 
Other                                                21,616          26,470 
Total non-current assets                      $   6,596,377   $   6,463,774 
Total assets                                  $   7,424,457   $   7,031,185 
Liabilities 
Current liabilities 
Accounts payable and accrued liabilities      $      13,553   $      13,458 
Income taxes payable                                  2,127               - 
Current portion of performance share units           13,562          12,013 
Current portion of lease liabilities                    262             604 
Total current liabilities                     $      29,504   $      26,075 
Non-current liabilities 
Performance share units                       $      11,522   $       9,113 
Lease liabilities                                     4,909           5,625 
Global minimum tax payable                          113,505               - 
Deferred income taxes                                   349             232 
Pension liability                                     5,289           4,624 
Total non-current liabilities                 $     135,574   $      19,594 
Total liabilities                             $     165,078   $      45,669 
Shareholders' equity 
Issued capital                                $   3,798,108   $   3,777,323 
Reserves                                           (63,503)        (40,091) 
Retained earnings                                 3,524,774       3,248,284 
Total shareholders' equity                    $   7,259,379   $   6,985,516 
Total liabilities and shareholders' equity    $   7,424,457   $   7,031,185 
 

Consolidated Statements of Cash Flows

 
                                               Years Ended December 31 
(US dollars in thousands)                      2024            2023 
Operating activities 
Net earnings                                    $     529,140  $   537,644 
Adjustments for 
Depreciation and depletion                            248,303      215,926 
Gain on disposal of mineral stream interest                 -      (5,027) 
Impairment of mineral stream interests                108,861            - 
Interest expense                                          284          207 
Equity settled stock based compensation                 6,703        6,438 
Performance share units - expense                      16,565       16,306 
Performance share units - paid                       (11,129)     (16,675) 
Pension expense                                         1,124        1,122 
Pension paid                                             (43)        (116) 
Income tax expense                                    115,204        1,414 
(Gain) loss on fair value adjustment of share 
 purchase 
 warrants held                                              8           31 
Investment income recognized in net earnings         (27,014)     (37,178) 
Other                                                   3,142        1,227 
Change in non-cash working capital                      4,426        1,912 
Cash generated from operations before income 
 taxes 
 and interest                                   $     995,574  $   723,231 
Income taxes refunded (paid)                            8,516      (6,192) 
Interest paid                                           (287)        (187) 
Interest received                                      23,778       33,957 
Cash generated from operating activities        $   1,027,581  $   750,809 
Financing activities 
Credit facility extension fees                  $       (937)  $     (859) 
Share purchase options exercised                       13,192       12,415 
Lease payments                                          $(594.SI)$        (691) 
Dividends paid                                      (279,050)    (265,109) 
Cash used for financing activities              $   (267,389)  $ (254,244) 
Investing activities 
Mineral stream interests                        $   (628,234)  $ (663,528) 
Repayment of mineral stream interests deposit          13,250            - 
Early deposit mineral stream interests                      -      (1,000) 
Mineral royalty interest                             (26,981)      (6,833) 
Net proceeds on disposal of mineral stream 
 interests                                                  -       46,400 
Acquisition of long-term investments                 (20,234)     (17,447) 
Proceeds on disposal of long-term investments         177,088          202 
Investment in subscription rights                     (3,114)      (4,510) 
Dividends received                                      2,188        2,317 
Other                                                 (2,266)      (2,247) 
Cash used for investing activities              $   (488,303)  $ (646,646) 
Effect of exchange rate changes on cash and 
 cash equivalents                               $       (250)  $       519 
Increase (decrease) in cash and cash 
 equivalents                                    $     271,639  $ (149,562) 
Cash and cash equivalents, beginning of year          546,527      696,089 
Cash and cash equivalents, end of year          $     818,166  $   546,527 
 

Summary of Units Produced

 
                  Q4 2024  Q3 2024  Q2 2024  Q1 2024  Q4 2023  Q3 2023  Q2 2023  Q1 2023 
Gold ounces 
produced (2) 
Salobo             84,291   62,689   63,225   61,622   71,778   69,045   54,804   43,677 
Sudbury (3)         5,004    3,593    4,477    5,618    5,823    3,857    5,818    6,203 
Constancia         18,180   10,446    6,086   13,897   22,292   19,003    7,444    6,905 
San Dimas (4)       7,263    6,882    7,089    7,542   10,024    9,995   11,166   10,754 
Stillwater (5)      2,166    2,247    2,099    2,637    2,341    2,454    2,017    1,960 
Other 
Marmato               622      648      584      623      668      673      639      457 
Minto (6)               -        -        -        -        -        -    1,292    3,063 
Total Other           622      648      584      623      668      673    1,931    3,520 
Total gold 
 ounces produced  117,526   86,505   83,560   91,939  112,926  105,027   83,180   73,019 
Silver ounces 
produced (2) 
Peñasquito 
 (7)                2,465    1,785    2,263    2,643    1,036        -    1,744    2,076 
Antamina              947      925      992      806    1,030      894      984      872 
Constancia            969      648      451      640      836      697      420      552 
Other 
Los Filos              29       26       27       48       26       32       41       45 
Zinkgruvan            637      537      699      641      510      785      374      632 
Neves-Corvo           494      425      432      524      573      486      407      436 
Aljustrel (8)           -        -        -        -        -      327      279      343 
Cozamin               192      185      177      173      185      165      184      141 
Marmato                 7        7        6        7       10       11        7        8 
Minto (6)               -        -        -        -        -        -       14       29 
Total Other         1,359    1,180    1,341    1,393    1,304    1,806    1,306    1,634 
Total silver 
 ounces produced    5,740    4,538    5,047    5,482    4,206    3,397    4,454    5,134 
Palladium ounces 
produced (2) 
Stillwater (5)      2,797    4,034    4,338    4,463    4,209    4,006    3,880    3,705 
Cobalt pounds 
produced (2) 
Voisey's Bay          393      397      259      240      215      183      152      124 
GEOs produced 
 (9)              187,493  143,290  145,449  158,775  164,796  147,278  137,323  134,730 
Average payable 
rate (2) 
Gold               95.3 %   95.0 %   95.0 %   94.7 %   95.1 %   95.4 %   95.1 %   95.1 % 
Silver             84.2 %   83.9 %   84.3 %   84.5 %   83.0 %   78.4 %   83.7 %   83.1 % 
Palladium          97.5 %   98.4 %   97.3 %   97.8 %   98.0 %   94.1 %   94.1 %   96.3 % 
Cobalt             93.3 %   93.3 %   93.3 %   93.3 %   93.3 %   93.3 %   93.3 %   93.3 % 
GEO (9)            91.4 %   91.0 %   90.7 %   90.7 %   91.6 %   90.9 %   90.9 %   89.8 % 
 
 
1)  All figures in thousands except gold and palladium 
     ounces produced. 
2)  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. 
4)  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: 
     Q4 2024 - 295,000 ounces; Q3 2024 - 262,000 ounces; 
     Q2 2024 - 285,000 ounces; Q1 2024 - 291,000 ounces; 
     Q4 2023 - 378,000 ounces; Q3 2023 - 387,000 ounces; 
     Q2 2023 - 423,000 ounces; Q1 2023 - 401,000 ounces. 
5)  Comprised of the Stillwater and East Boulder gold 
     and palladium interests. 
6)  On May 13, 2023, Minto Metals Corp. announced the 
     suspension of operations at the Minto mine. 
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 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 third quarter of 2025. 
9)  GEOs, which are provided to assist the reader, are 
     based on the following commodity price assumptions: 
     $2,000 per ounce gold; $23.00 per ounce silver; $1,000 
     per ounce palladium; and $13.00 per pound cobalt; 
     consistent with those used in estimating the Company's 
     production guidance for 2024. 
 

Summary of Units Sold

 
                     Q4 2024  Q3 2024  Q2 2024  Q1 2024  Q4 2023  Q3 2023  Q2 2023  Q1 2023 
Gold ounces sold 
Salobo                55,170   58,101   54,962   56,841   76,656   44,444   46,030   35,966 
Sudbury (2)            4,048    2,495    5,679    4,129    5,011    4,836    4,775    4,368 
Constancia            17,873    5,186    6,640   20,123   19,925   12,399    9,619    6,579 
San Dimas              6,990    7,022    6,801    7,933   10,472    9,695   11,354   10,651 
Stillwater (3)         2,410    1,635    2,628    2,355    2,314    1,985    2,195    2,094 
Other 
            Marmato      650      550      616      638      633      792      467      480 
                777        -        -        -        -        -      275      153      126 
              Minto        -        -        -        -        -        -      701    2,341 
      Santo Domingo 
                (4)      312      447        -        -        -        -        -        - 
        El Domo (4)      209      258        -        -        -        -        -        - 
Total Other            1,171    1,255      616      638      633    1,067    1,321    2,947 
Total gold ounces 
 sold                 87,662   75,694   77,326   92,019  115,011   74,426   75,294   62,605 
Silver ounces sold 
Peñasquito        1,852    1,667    1,482    1,839      442      453    1,913    1,483 
Antamina                 858      989      917      762    1,091      794      963      814 
Constancia               797      366      422      726      665      435      674      366 
Other 
          Los Filos       29       26       24       44       24       30       37       34 
         Zinkgruvan      452      488      597      297      449      714      370      520 
        Neves-Corvo      154      185      216      243      268      245      132      171 
          Aljustrel        -        -        -        1       86      142      182      205 
            Cozamin      158      148      158      147      141      139      150      119 
            Marmato        7        6        7        8        9       11        7        7 
              Minto        -        -        -        -        -        -        7       29 
          Keno Hill        -        -        -        -        -        -        -        1 
                777        -        -        -        -        -        2        2        - 
Total Other              800      853    1,002      740      977    1,283      887    1,086 
Total silver ounces 
 sold                  4,307    3,875    3,823    4,067    3,175    2,965    4,437    3,749 
Palladium ounces 
sold 
Stillwater (3)         4,434    3,761    4,301    4,774    3,339    4,242    3,392    2,946 
Cobalt pounds sold 
Voisey's Bay             485       88       88      309      288      198      265      323 
GEOs sold (5)        142,561  122,715  124,009  143,184  155,059  111,935  129,734  109,293 
Cumulative payable 
units PBND (6) 
Gold ounces          119,446   94,578   87,350   85,259   90,237   97,860   72,061   76,522 
Silver ounces          3,260    2,733    2,801    2,368    1,802    1,486    1,790    2,531 
Palladium ounces       4,439    6,186    6,018    6,198    6,666    5,607    6,122    5,751 
Cobalt pounds            678      796      513      360      356      377      251      285 
GEO (5)              163,562  134,269  125,906  117,930  116,610  120,203   97,331  110,362 
Inventory on hand 
Cobalt pounds              -        -        -        -       88      155      310      398 
 
 
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)  The ounces sold under Santo Domingo and El Domo relate 
     to ounces received due to the delay ounce provision 
     as per the respective PMPA. Please see the Company's 
     MD&A for more information. 
5)  GEOs, which are provided to assist the reader, are 
     based on the following commodity price assumptions: 
     $2,000 per ounce gold; $23.00 per ounce silver; $1,000 
     per ounce palladium; and $13.00 per pound cobalt; 
     consistent with those used in estimating the Company's 
     production guidance for 2024. 
6)  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. 
 

Results of Operations

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

 
Three Months Ended December 31, 2024 
                  Units        Units   Average    Average    Average    Sales     Impairment   Net         Cash Flow   Total 
                  Produced(2)   Sold   Realized   Cash Cost  Depletion            Charges (5)   Earnings   From         Assets 
                                       Price      ($'s Per   ($'s Per                                      Operations 
                                       ($'s       Unit) (3)  Unit) (4) 
                                       Per Unit) 
Gold 
Salobo                 84,291  55,170  $   2,676  $     425  $     378  $147,610  $         -  $  103,323  $  121,254  $2,595,485 
Sudbury (6)             5,004   4,048      2,709        400      1,326    10,968            -       3,982       9,853     241,551 
Constancia             18,180  17,873      2,676        425        323    47,821            -      34,463      40,232      64,326 
San Dimas               7,263   6,990      2,676        637        290    18,704            -      12,226      14,251     136,481 
Stillwater              2,166   2,410      2,676        481        421     6,448            -       4,275       5,289     207,460 
Other (7)                 622   1,171      2,681        265      1,485     3,139            -       1,089       2,828     981,316 
                      117,526  87,662  $   2,677  $     440  $     420  $234,690  $         -  $  159,358  $  193,707  $4,226,619 
Silver 
Peñasquito         2,465   1,852  $   31.48  $    4.50  $    4.86  $ 58,293  $         -  $   40,965  $   49,960  $  244,465 
Antamina                  947     858      31.48       6.28       8.46    27,009            -      14,360      21,619     490,771 
Constancia                969     797      31.48       6.26       6.10    25,084            -      15,232      20,096     165,378 
Other (8)               1,359     800      30.43       4.37       5.34    24,347            -      16,570      25,204     662,630 
                        5,740   4,307  $   31.28  $    5.16  $    5.90  $134,733  $         -  $   87,127  $  116,879  $1,563,244 
Palladium 
Stillwater              2,797   4,434  $   1,008  $     184  $     429  $  4,468  $         -  $    1,749  $    3,653  $  213,179 
Platreef                    -       -       n.a.       n.a.       n.a.         -            -           -           -      78,814 
                        2,797   4,434  $   1,008  $     184  $     429  $  4,468  $         -  $    1,749  $    3,653  $  291,993 
Platinum 
Marathon                    -       -  $    n.a.  $    n.a.  $    n.a.  $      -  $         -  $        -  $        -  $    9,451 
Platreef                    -       -       n.a.       n.a.       n.a.         -            -           -           -      57,584 
                            -       -  $    n.a.  $    n.a.  $    n.a.  $      -  $         -  $        -  $        -  $   67,035 
Cobalt 
Voisey's Bay              393     485  $   13.66  $    2.59  $   12.78  $  6,625  $ (108,861)  $(109,688)  $    4,618  $  230,689 
Operating results                                                       $380,516  $ (108,861)  $  138,546  $  318,857  $6,379,580 
Other 
General and administrative                                                                     $ (10,475)  $  (6,996) 
Share based compensation                                                                          (6,118)           - 
Donations and community 
 investments                                                                                      (4,332)     (3,913) 
Finance costs                                                                                     (1,404)     (1,046) 
Other                                                                                               9,138       6,787 
Income tax                                                                                       (37,207)       5,782 
Total other                                                                                    $ (50,398)  $      614  $1,044,877 
                                                                                               $   88,148  $  319,471  $7,424,457 
 
 
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. 
2)  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-GAAP measure (iii) at the 
     end of this press release. 
4)  Includes the non-cash per ounce cost of sale associated 
     with delay ounces. Please see the Company's MD&A for 
     more information. 
5)  Please see page 3 of this press release for more information. 
6)  Comprised of the operating Coleman, Copper Cliff, 
     Garson, Creighton and Totten gold interests and the 
     non-operating Stobie and Victor gold interests. 
7)  Other gold interests comprised of the operating Marmato 
     gold interest as well as the non-operating Copper 
     World, Santo Domingo, Fenix, Blackwater, El Domo, 
     Marathon, Goose, Cangrejos, Platreef, Curraghinalt, 
     Kudz Ze Kayah, Koné and Kurmuk gold interests. 
     Other includes ounces sold that were received under 
     the delay ounce provisions of each of the Santo Domingo 
     and El Domo PMPAs. Please see the Company's MD&A for 
     more information. 
8)  Other silver interests comprised of the operating 
     Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin 
     silver interests as well as the non-operating Stratoni, 
     Aljustrel, Pascua-Lama, Copper World, Navidad, Blackwater, 
     El Domo, Mineral Park and Kudz Ze Kayah silver interests. 
 
 
Three Months Ended December 31, 2023 
                  Units        Units    Average    Average    Average    Sales     Net       Cash Flow   Total 
                  Produced(2)   Sold    Realized   Cash Cost  Depletion            Earnings  From         Assets 
                                        Price      ($'s Per   ($'s Per                       Operations 
                                        ($'s       Unit) (3)  Unit) 
                                        Per Unit) 
Gold 
Salobo                 71,778   76,656  $   2,005  $     420  $     393  $153,717  $ 91,390  $  121,491  $2,681,419 
Sudbury (4)             5,823    5,011      2,023        400      1,145    10,137     2,394       8,134     262,485 
Constancia             22,292   19,925      2,005        420        316    39,954    25,288      31,578      80,265 
San Dimas              10,024   10,472      2,005        631        279    20,999    11,479      14,395     144,722 
Stillwater              2,341    2,314      2,005        352        510     4,640     2,645       3,826     211,469 
Other (5)                 668      633      2,005        350        527     1,269       714       1,047     603,689 
                      112,926  115,011  $   2,006  $     437  $     405  $230,716  $133,910  $  180,471  $3,984,049 
Silver 
Peñasquito         1,036      442  $   23.87  $    4.43  $    4.06  $ 10,547  $  6,794  $    8,589  $  276,232 
Antamina                1,030    1,091      23.87       4.73       7.06    26,043    13,190      20,887     519,530 
Constancia                836      665      23.87       6.20       6.24    15,879     7,601      11,755     179,583 
Other (6)               1,304      977      23.55       4.82       3.22    22,996    15,138      18,909     582,113 
                        4,206    3,175  $   23.77  $    5.02  $    5.29  $ 75,465  $ 42,723  $   60,140  $1,557,458 
Palladium 
Stillwater              4,209    3,339  $   1,070  $     198  $     445  $  3,574  $  1,426  $    2,912  $  220,667 
Platinum 
Marathon                    -        -  $    n.a.  $    n.a.  $    n.a.  $      -  $      -  $        -  $    9,451 
Cobalt 
Voisey's Bay              215      288  $   12.92  $    3.14  $   12.80  $  3,716  $  (871)  $    2,016  $  350,816 
Operating results                                                        $313,471  $177,188  $  245,539  $6,122,441 
Other 
General and administrative                                                         $(9,244)  $  (6,490) 
Share based compensation                                                            (6,527)           - 
Donations and community 
 investments                                                                        (2,208)     (2,143) 
Finance costs                                                                       (1,371)     (1,083) 
Other                                                                                 7,311       7,351 
Income tax                                                                            3,286       (948) 
Total other                                                                        $(8,753)  $  (3,313)  $  908,744 
                                                                                   $168,435  $  242,226  $7,031,185 
 
 
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. 
2)  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-GAAP measure (iii) at the 
     end of this press release. 
4)  Comprised of the operating Coleman, Copper Cliff, 
     Garson, Creighton and Totten gold interests as well 
     as the non-operating Stobie and Victor gold interests. 
5)  Other gold interests are comprised of the operating 
     Marmato gold interests as well as the non-operating 
     Minto, 777, Copper World, Santo Domingo, Fenix, Blackwater, 
     Marathon, El Domo, Goose, Cangrejos and Curraghinalt 
     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. 
6)  Other silver interests comprised of the operating 
     Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Cozamin 
     and Marmato silver interests, the non-operating Minto, 
     777, Loma de La Plata, Stratoni, Pascua-Lama, Copper 
     World, Blackwater, El Domo and Mineral Park 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 third 
     quarter of 2025. 
7)  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, resulting in a decrease 
     of $0.08 per pound of cobalt sold. 
 

Comparative Results of Operations on a GEO Basis

 
                      Q4 2024   Q4 2023   Change     Change 
GEO Production (1, 
 2)                   187,493   164,796      22,696       13.8 % 
GEO Sales (2)         142,561   155,059    (12,498)      (8.1) % 
Average price per 
 GEO sold (2)        $  2,669  $  2,022  $      647       32.0 % 
Revenue              $380,516  $313,471  $   67,045       21.4 % 
Cost of sales, 
 excluding 
 depletion           $ 64,236  $ 67,757  $    3,521        5.2 % 
Depletion              68,873    68,526       (347)      (0.5) % 
Cost of Sales        $133,109  $136,283  $    3,174        2.3 % 
Gross Margin         $247,407  $177,188  $   70,219       39.6 % 
General and 
 administrative 
 expenses              10,475     9,244     (1,231)     (13.3) % 
Share based 
 compensation           6,118     6,527         409        6.3 % 
Donations and 
 community 
 investments            4,332     2,208     (2,124)     (96.2) % 
Impairment of 
 mineral stream 
 interests            108,861         -   (108,861)         n.a. 
Earnings from 
 Operations          $117,621  $159,209  $ (41,588)     (26.1) % 
Other income 
 (expense)              9,138     7,311       1,827       25.0 % 
Earnings before 
 finance costs and 
 income taxes        $126,759  $166,520  $ (39,761)     (23.9) % 
Finance costs           1,404     1,371        (33)      (2.4) % 
Earnings before 
 income taxes        $125,355  $165,149  $ (39,794)     (24.1) % 
Income tax expense     37,207   (3,286)    (40,493)  (1,232.3) % 
Net earnings         $ 88,148  $168,435  $ (80,287)     (47.7) % 
 
 
1)  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. 
2)  GEOs, which are provided to assist the reader, are 
     based on the following commodity price assumptions: 
     $2,000 per ounce gold; $23.00 per ounce silver; $1,000 
     per ounce palladium; and $13.00 per pound cobalt; 
     consistent with those used in estimating the Company's 
     production guidance for 2024. 
 
 
Year Ended December 31, 2024 
                  Units        Units    Average    Average    Average    Sales       Impairment   Net         Cash Flow   Total 
                  Produced(2)   Sold    Realized   Cash Cost  Depletion              Charges (5)   Earnings   From         Assets 
                                        Price      ($'s Per   ($'s Per                                        Operations 
                                        ($'s       Unit) (3)  Unit) (4) 
                                        Per Unit) 
Gold 
Salobo                271,827  225,074  $   2,397  $     425  $     382  $  539,583  $         -  $  358,081  $  444,015  $2,595,485 
Sudbury (6)            18,692   16,351      2,391        400      1,280      39,098            -      11,623      32,571     241,551 
Constancia             48,609   49,822      2,370        422        320     118,096            -      81,126      97,066      64,326 
San Dimas              28,776   28,746      2,388        635        287      68,654            -      42,166      50,407     136,481 
Stillwater              9,149    9,028      2,392        425        444      21,592            -      13,743      17,752     207,460 
Other (7)               2,477    3,680      2,453        284      1,192       9,028            -       3,596       7,982     981,316 
                      379,530  332,701  $   2,393  $     440  $     419  $  796,051  $         -  $  510,335  $  649,793  $4,226,619 
Silver 
Peñasquito         9,156    6,840  $   28.34  $    4.50  $    4.64  $  193,871  $         -  $  131,325  $  163,092  $  244,465 
Antamina                3,670    3,526      28.56       5.74       8.16     100,719            -      51,738      80,497     490,771 
Constancia              2,708    2,311      28.25       6.23       6.15      65,264            -      36,676      50,881     165,378 
Other (8)               5,273    3,395      28.85       4.31       4.71      97,976            -      67,356      85,230     662,630 
                       20,807   16,072  $   28.49  $    4.98  $    5.64  $  457,830  $         -  $  287,095  $  379,700  $1,563,244 
Palladium 
Stillwater             15,632   17,270  $     984  $     179  $     434  $   16,999  $         -  $    6,423  $   13,911  $  213,179 
Platreef                    -        -       n.a.       n.a.       n.a.           -            -           -           -      78,814 
                       15,632   17,270  $     984  $     179  $     434  $   16,999  $         -  $    6,423  $   13,911  $  291,993 
Platinum 
Marathon                    -        -  $    n.a.  $    n.a.  $    n.a.  $        -  $         -  $        -  $        -  $    9,451 
Platreef                    -        -       n.a.       n.a.       n.a.           -            -           -           -      57,584 
                            -        -  $    n.a.  $    n.a.  $    n.a.  $        -  $         -  $        -  $        -  $   67,035 
Cobalt 
Voisey's Bay            1,289      970  $   14.18  $    2.71  $   12.78  $   13,759  $ (108,861)  $(110,127)  $   14,025  $  230,689 
Operating results                                                        $1,284,639  $ (108,861)  $  693,726  $1,057,429  $6,379,580 
Other 
General and administrative                                                                        $ (40,668)  $ (38,130) 
Share based compensation                                                                            (23,268)    (11,129) 
Donations and community 
 investments                                                                                         (8,958)     (8,098) 
Finance costs                                                                                        (5,549)     (4,280) 
Other                                                                                                 29,061      23,273 
Income tax                                                                                         (115,204)       8,516 
Total other                                                                                       $(164,586)  $ (29,848)  $1,044,877 
                                                                                                  $  529,140  $1,027,581  $7,424,457 
 
 
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. 
2)  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-GAAP measure (iii) at the 
     end of this press release. 
4)  Includes the non-cash per ounce cost of sale associated 
     with delay ounces. Please see the Company's 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. 
6)  Other gold interests comprised of the operating Marmato 
     gold interest as well as the non-operating Copper 
     World, Santo Domingo, Fenix, Blackwater, El Domo, 
     Marathon, Goose, Cangrejos, Platreef, Curraghinalt, 
     Kudz Ze Kayah, Koné and Kurmuk gold interests. 
     Other includes ounces sold that were received under 
     the delay ounce provisions of each of the Santo Domingo 
     and El Domo PMPAs. Please see the Company's MD&A for 
     more information. 
7)  Other silver interests comprised of the operating 
     Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin 
     silver interests as well as the non-operating Stratoni, 
     Aljustrel, Pascua-Lama, Copper World, Navidad, Blackwater, 
     El Domo, Mineral Park and Kudz Ze Kayah silver interests. 
 
 
Year Ended December 31, 2023 
                  Units        Units    Average    Average    Average      Sales       Gain on    Net        Cash Flow     Total 
                  Produced(2)   Sold    Realized   Cash Cost   Depletion               Disposal    Earnings   From          Assets 
                                        Price      ($'s Per    ($'s Per                (4)                    Operations 
                                        ($'s       Unit) (3)   Unit) 
                                        Per Unit) 
Gold 
Salobo                239,304  203,096  $   1,969  $     420   $      354  $  399,936  $       -  $ 242,676   $   314,555  $2,681,419 
Sudbury (5)            21,701   18,990      1,971        400        1,102      37,432          -      8,905        29,554     262,485 
Constancia             55,644   48,522      1,972        419          316      95,672          -     60,039        75,357      80,265 
San Dimas              41,939   42,172      1,960        628          264      82,656          -     45,014        56,157     144,722 
Stillwater              8,772    8,588      1,961        348          510      16,842          -      9,470        13,853     211,469 
Other (6)               6,792    5,968      1,942      1,037          209      11,593          -      4,152         5,137     603,689 
                      374,152  327,336  $   1,968  $     455   $      382  $  644,131  $       -  $ 370,256   $   494,613  $3,984,049 
Silver 
Peñasquito         4,856    4,291  $   23.66  $    4.43   $     4.06  $  101,514  $       -  $  65,062   $    82,504  $  276,232 
Antamina                3,780    3,662      23.72       4.70         7.06      86,855          -     43,814        69,652     519,530 
Constancia              2,505    2,140      23.79       6.17         6.24      50,913          -     24,352        37,716     179,583 
Other (7)               6,050    4,233      23.47       5.41         2.92      99,312      5,027     69,106        74,272     582,113 
                       17,191   14,326  $   23.64  $    5.05   $     4.82  $  338,594  $   5,027  $ 202,334   $   264,144  $1,557,458 
Palladium 
Stillwater             15,800   13,919  $   1,329  $     241   $      441  $   18,496  $       -  $   8,991   $    15,135  $  220,667 
Platinum 
Marathon                    -        -  $    n.a.  $    n.a.   $     n.a.  $        -  $       -  $       -   $         -  $    9,451 
Cobalt 
Voisey's Bay              673    1,074  $   13.81  $    3.30   $    13.41  $   14,824  $       -  $ (3,114)   $    15,071  $  350,816 
Operating results                                                          $1,016,045  $   5,027  $ 578,467   $   788,963  $6,122,441 
Other 
General and administrative                                                                        $(38,165)   $  (36,025) 
Share based compensation                                                                           (22,744)      (16,675) 
Donations and community 
 investments                                                                                        (7,261)       (7,039) 
Finance costs                                                                                       (5,510)       (4,230) 
Other                                                                                                34,271        32,007 
Income tax                                                                                          (1,414)       (6,192) 
Total other                                                                                       $(40,823)   $  (38,154)  $  908,744 
                                                                                                  $ 537,644   $   750,809  $7,031,185 
 
 
 
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. 
2)  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-GAAP 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 as well 
     as the non-operating Stobie and Victor gold interests. 
6)  Other gold interests are comprised of the operating 
     Marmato gold interests as well as the non-operating 
     Minto, 777, Copper World, Santo Domingo, Fenix, Blackwater, 
     Marathon, El Domo, Goose, Cangrejos and Curraghinalt 
     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. 
7)  Other silver interests 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, Blackwater, El Domo and Mineral Park 
     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 third 
     quarter of 2025. 
8)  Cash cost per pound of cobalt sold during the year 
     ended December 31, 2023 was net of a previously recorded 
     inventory write-down of $1.6 million, resulting in 
     a decrease of $0.91 per pound of cobalt sold. 
 

Comparative Results of Operations on a GEO Basis

 
                   2024        2023        Change     Change 
GEO Production 
 (1, 2)              635,007     584,127      50,881        8.7 % 
GEO Sales (2)        532,468     506,020      26,448        5.2 % 
Average price 
 per GEO sold 
 (2)              $    2,413  $    2,008  $      405       20.2 % 
Revenue           $1,284,639  $1,016,045  $  268,594       26.4 % 
Cost of sales, 
 excluding 
 depletion        $  235,108  $  228,171  $  (6,937)      (3.0) % 
Depletion            246,944     214,434    (32,510)     (15.2) % 
Cost of Sales     $  482,052  $  442,605  $ (39,447)      (8.9) % 
Gross Margin      $  802,587  $  573,440  $  229,147       40.0 % 
General and 
 administrative 
 expenses             40,668      38,165     (2,503)      (6.6) % 
Share based 
 compensation         23,268      22,744       (524)      (2.3) % 
Donations and 
 community 
 investments           8,958       7,261     (1,697)     (23.4) % 
Impairment of 
 mineral stream 
 interests           108,861           -   (108,861)         n.a. 
Earnings from 
 Operations       $  620,832  $  505,270  $  115,562       22.9 % 
Gain on disposal 
 of mineral 
 stream 
 interests                 -       5,027     (5,027)    (100.0) % 
Other income 
 (expense)            29,061      34,271     (5,210)     (15.2) % 
Earnings before 
 finance costs 
 and income 
 taxes            $  649,893  $  544,568  $  105,325       19.3 % 
Finance costs          5,549       5,510        (39)      (0.7) % 
Earnings before 
 income taxes     $  644,344  $  539,058  $  105,286       19.5 % 
Income tax 
 expense             115,204       1,414   (113,790)  (8,047.4) % 
Net earnings      $  529,140  $  537,644  $  (8,504)      (1.6) % 
 
 
1)  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. 
2)  GEOs, which are provided to assist the reader, are 
     based on the following commodity price assumptions: 
     $2,000 per ounce gold; $23.00 per ounce silver; $1,000 
     per ounce palladium; and $13.00 per pound cobalt; 
     consistent with those used in estimating the Company's 
     production guidance for 2024. 
 

Non-GAAP Measures

Wheaton has included, throughout this document, certain non-GAAP 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.

 
i.  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 Accounting Standards, 
     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       Years Ended 
                      December 31              December 31 
(in thousands,        2024          2023      2024      2023 
except for per 
share amounts) 
Net earnings           $    88,148  $168,435  $529,140  $537,644 
Add back (deduct): 
Impairment charge 
 (reversal)                108,861         -   108,861         - 
Gain on disposal of 
 Mineral Stream 
 Interest                        -         -         -   (5,027) 
(Gain) loss on fair 
 value adjustment of 
 share purchase 
 warrants held                 910     (217)         8        31 
Deferred income tax 
 (expense) recovery 
 recognized 
 in the Statement of 
 OCI                         1,225   (3,487)     2,857     3,719 
Income tax recovery 
 related to prior 
 year disposal 
 of Mineral Stream 
 Interest                        -         -         -   (2,672) 
Other                        (175)     (162)     (696)     (644) 
Adjusted net 
 earnings              $   198,969  $164,569  $640,170  $533,051 
Divided by: 
Basic weighted 
 average number of 
 shares outstanding        453,669   453,010   453,460   452,814 
Diluted weighted 
 average number of 
 shares outstanding        454,361   453,611   454,119   453,463 
Equals: 
Adjusted earnings 
 per share - basic     $     0.439  $  0.363  $  1.412  $  1.177 
Adjusted earnings 
 per share - diluted   $     0.438  $  0.363  $  1.410  $  1.176 
 
 
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       Years Ended 
                    December 31              December 31 
(in thousands,      2024          2023      2024        2023 
except for per 
share amounts) 
Cash generated by 
 operating 
 activities          $   319,471  $242,226  $1,027,581  $750,809 
Divided by: 
Basic weighted 
 average number of 
 shares 
 outstanding             453,669   453,010     453,460   452,814 
Diluted weighted 
 average number of 
 shares 
 outstanding             454,361   453,611     454,119   453,463 
Equals: 
Operating cash 
 flow per share - 
 basic               $     0.704  $  0.535  $    2.266  $  1.658 
Operating cash 
 flow per share - 
 diluted             $     0.703  $  0.534  $    2.263  $  1.656 
 
 
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 and cost of sales related to delay 
       ounces, 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 Accounting Standards. In addition 
       to conventional measures prepared in accordance with 
       IFRS Accounting Standards, 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     Years Ended 
                  December 31            December 31 
(in thousands,    2024       2023       2024        2023 
except for gold 
and palladium 
ounces 
sold and per 
unit amounts) 
Cost of sales     $ 133,109  $ 136,283  $  482,052  $  442,605 
Less: depletion    (68,873)   (68,526)   (246,944)   (214,434) 
Less: cost of 
 sales related 
 to delay ounces 
 (1)                (1,396)          -     (3,095)           - 
Cash cost of 
 sales            $  62,840  $  67,757  $  232,013  $  228,171 
Cash cost of 
sales is 
comprised of: 
Total cash cost 
 of gold sold     $  38,556  $  50,246  $  146,271  $  148,972 
Total cash cost 
 of silver sold      22,213     15,945      80,022      72,296 
Total cash cost 
 of palladium 
 sold                   816        662       3,088       3,360 
Total cash cost 
 of cobalt sold 
 (2)                  1,255        904       2,632       3,543 
Total cash cost 
 of sales         $  62,840  $  67,757  $  232,013  $  228,171 
Divided by: 
Total gold 
 ounces sold         87,662    115,011     332,701     327,336 
Total silver 
 ounces sold          4,307      3,175      16,072      14,326 
Total palladium 
 ounces sold          4,434      3,339      17,270      13,919 
Total cobalt 
 pounds sold            485        288         970       1,074 
Equals: 
Average cash 
 cost of gold 
 (per ounce)      $     440  $     437  $      440  $      455 
Average cash 
 cost of silver 
 (per ounce)      $    5.16  $    5.02  $     4.98  $     5.05 
Average cash 
 cost of 
 palladium (per 
 ounce)           $     184  $     198  $      179  $      241 
Average cash 
 cost of cobalt 
 (per pound)      $    2.59  $    3.14  $     2.71  $     3.30 
 
 
1)  The cost of sales related to delay ounces is a non-cash 
     expense. Please see the Company's MD&A for more information. 
2)  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 of 
     cobalt sold). 
 
 
iv.  Cash operating margin is calculated by adding back 
      depletion and the cost of sales related to delay ounces 
      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       Years Ended 
                    December 31              December 31 
(in thousands,      2024          2023      2024        2023 
except for gold 
and palladium 
ounces 
sold and per unit 
amounts) 
Gross margin         $   247,407  $177,188  $  802,587  $573,440 
Add back: 
 depletion                68,873    68,526     246,944   214,434 
Add back: cost of 
 sales related to 
 delay ounces (1)          1,396         -       3,095         - 
Cash operating 
 margin              $   317,676  $245,714  $1,052,626  $787,874 
Cash operating 
margin is 
comprised of: 
Total cash 
 operating margin 
 of gold sold        $   196,134  $180,470  $  649,780  $495,159 
Total cash 
 operating margin 
 of silver sold          112,520    59,520     377,808   266,298 
Total cash 
 operating margin 
 of palladium sold         3,652     2,912      13,911    15,136 
Total cash 
 operating margin 
 of cobalt sold            5,370     2,812      11,127    11,281 
Total cash 
 operating margin    $   317,676  $245,714  $1,052,626  $787,874 
Divided by: 
Total gold ounces 
 sold                     87,662   115,011     332,701   327,336 
Total silver 
 ounces sold               4,307     3,175      16,072    14,326 
Total palladium 
 ounces sold               4,434     3,339      17,270    13,919 
Total cobalt 
 pounds sold                 485       288         970     1,074 
Equals: 
Cash operating 
 margin per gold 
 ounce sold          $     2,237  $  1,569  $    1,953  $  1,513 
Cash operating 
 margin per silver 
 ounce sold          $     26.12  $  18.75  $    23.51  $  18.59 
Cash operating 
 margin per 
 palladium ounce 
 sold                $       824  $    872  $      805  $  1,088 
Cash operating 
 margin per cobalt 
 pound sold          $     11.07  $   9.78  $    11.47  $  10.51 
 
 
1) The cost of sales related to delay ounces is a 
 non-cash expense. Please see the Company's MD&A for 
 more information. 
 

These non-GAAP measures do not have any standardized meaning prescribed by IFRS Accounting Standards, and other companies may calculate these measures differently. The presentation of these non-GAAP 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 Accounting Standards. 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.

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:

   -- payment by the Company of $625 million to Montage and the satisfaction of 
      each party's obligations in accordance with the Koné Gold PMPA; 
 
   -- the receipt by the Company of gold production in respect of the Koné 
      Gold Project; 
 
   -- the advance by the Company, and the repayment by Montage, of up to $75 
      million to Montage in connection with the Facility; 
 
   -- payment by the Company of $125 million to Rio2 and the satisfaction of 
      each party's obligations in accordance with the Fenix PMPA (as amended); 
 
   -- the receipt by the Company of gold production in respect of the Fenix 
      Gold Project; 
 
   -- the advance by the Company, and the repayment by Rio2, of up to $20 
      million to Rio2 in connection with the Rio2 standby loan facility; 
 
   -- the future price of commodities; 
 
   -- the estimation of future production from the mineral stream interests and 
      mineral royalty interests currently owned by the Company (the "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 
      the receipt by the Company of precious metals and cobalt production or 
      other payments in respect of the applicable Mining Operations under 
      PMPAs; 
 
   -- 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 future sales of Common Shares under, the amount of net proceeds from, 
      and the use of the net proceeds from, the at-the-market equity 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, including taxes payable under 
      the GMT, and the impact of the CRA Settlement, and the Company's ability 
      to pay its taxes; 
 
   -- 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 Koné Gold PMPA; 
 
   -- risks relating to the satisfaction of each party's obligations in 
      accordance with the terms of the Facility; 
 
   -- risks relating to the satisfaction of each party's obligations in 
      accordance with the terms of the Fenix PMPA; 
 
   -- risks relating to the satisfaction of each party's obligations in 
      accordance with the terms of the Rio2 standby loan facility; 
 
   -- 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 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, , or the ability of the 
      Company to pay such taxes as and when due; 
 
   -- 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 Wheaton's interpretation of, compliance with, or 
      application of the GMT, including Canada's GMTA and the legislation 
      enacted in Luxembourg, that applies to the income of the Company's 
      subsidiaries for fiscal years beginning on or after December 31, 2023; 
 
   -- counterparty credit and liquidity risks; 
 
   -- mine operator and counterparty concentration risks; 
 
   -- indebtedness and guarantees risks; 
 
   -- hedging risk; 
 
   -- competition in the streaming industry risk; 
 
   -- risks relating to security over underlying assets; 
 
   -- risks relating to third-party PMPAs; 
 
   -- risks relating to revenue from royalty interests; 
 
   -- risks related to Wheaton's acquisition strategy; 
 
   -- risks relating to third-party rights under PMPAs; 
 
   -- risks relating to future financings and security issuances; 
 
   -- risks relating to unknown defects and impairments; 
 
   -- 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; 
 
   -- 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; 
 
   -- risks related to underinsured 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; 
 
   -- 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 associated with environmental, social and governance matters; 
 
   -- risks related to fluctuations in commodity prices of metals produced from 
      the Mining Operations other than precious metals or cobalt; 
 
   -- risks related to claims and legal proceedings against Wheaton or the 
      Mining Operations; 
 
   -- risks related to the market price of the Common Shares of Wheaton; 
 
   -- the ability of Wheaton and the Mining Operations to retain key management 
      employees or procure the services of skilled and experienced personnel; 
 
   -- risks related to interest rates; 
 
   -- risks related to the declaration, timing and payment of dividends; 
 
   -- risks related to access to confidential information regarding Mining 
      Operations; 
 
   -- 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 at-the-market 
      equity program, including the amount of any net proceeds from such 
      offering of Common Shares and the use of any such proceeds; 
 
   -- equity price risks related to Wheaton's holding of long--term investments 
      in other companies; 
 
   -- risks relating to activist shareholders; 
 
   -- risks relating to reputational damage; 
 
   -- risks relating to expression of views by industry analysts; 
 
   -- risks related to the impacts of climate change and the transition to a 
      low-carbon economy; 
 
   -- risks associated with the ability to achieve climate change and 
      environmental commitments at Wheaton and at the Mining Operations; 
 
   -- risks related to ensuring the security and safety of information systems, 
      including cyber security risks; 
 
   -- risks relating to generative artificial intelligence; 
 
   -- risks relating to compliance with anti-corruption and anti-bribery laws; 
 
   -- risks relating to corporate governance and public disclosure compliance; 
 
   -- risks of significant impacts on Wheaton or the Mining Operations as a 
      result of an epidemic or pandemic; 
 
   -- risks related to the adequacy of internal control over financial 
      reporting; 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 $625 million to Montage and the satisfaction of each 
      party's obligations in accordance with the terms of the Koné Gold 
      PMPA; 
 
   -- the advance by the Company of up to $75 million to Montage in connection 
      with the Facility and the receipt by the Company of all amounts owing 
      under the Facility, including, but not limited to, interest; 
 
   -- the payment of $125 million to Rio2 and the satisfaction of each party's 
      obligations in accordance with the terms of the Fenix PMPA; 
 
   -- the advance by the Company of up to $20 million to Rio2 in connection 
      with the Rio2 standby loan facility and the receipt by WPMI of all 
      amounts owing under the Rio2 standby loan facility, including, but not 
      limited to, interest; 
 
   -- 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 public disclosure and other information Wheaton receives from the 
      owners and operators of the Mining Operations is accurate and complete; 
 
   -- that the production estimates from Mining Operations 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 the terms and conditions of a PMPA are sufficient to recover 
      liabilities owed to the Company; 
 
   -- that Wheaton has fully considered the value and impact of any third-party 
      interests in PMPAs; 
 
   -- 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 laws 
      to its structure and operations and that Wheaton will be able to pay 
      taxes when due; 
 
   -- that Wheaton has filed its tax returns and paid applicable taxes in 
      compliance with Canadian tax laws; 
 
   -- 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 Wheaton's assessment of the tax exposure and impact on the Company 
      and its subsidiaries of the implementation of a 15% global minimum tax is 
      accurate; 
 
   -- that any sale of Common Shares under the at-the-market equity 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; 
 
   -- 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; 
 
   -- the estimate of the recoverable amount for any PMPA with an indicator of 
      impairment; 
 
   -- that neither Wheaton nor the Mining Operations will suffer significant 
      impacts as a result of an epidemic or pandemic; 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 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, 2023, which was filed on March 28, 2024 and other continuous disclosure documents filed by Wheaton since January 1, 2024, 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.

End Notes

 
_____________________________________ 
(1) Please refer to disclosure on non-GAAP measures 
 in this press release. Dividends declared in the referenced 
 calendar quarter, are relative to the financial results 
 of the prior quarter. Details of the dividend can 
 be found in Wheaton's news release dated March 13, 
 2025, titled "Wheaton Precious Metals Announces Increase 
 to Quarterly Dividend." 
(2) Statements made in this section contain forward-looking 
 information with respect to forecast production, production 
 growth, funding outstanding commitments, continuing 
 to acquire accretive mineral stream interests and 
 the commencement, timing and achievement of construction, 
 expansion or improvement projects 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. 
(3) Gold equivalent forecast production for 2024 and 
 the longer-term outlook are based on the following 
 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. 
(4) Gold equivalent forecast production for 2025 and 
 the longer-term outlook are based on the following 
 updated commodity price assumptions: $2,600 per ounce 
 gold, $30 per ounce silver, $950 per ounce palladium, 
 $950 per ounce of platinum and $13.50 per pound cobalt. 
 For purposes of comparison, 2024 actual production 
 numbers have been adjusted to reflect 2025 commodity 
 price assumptions. 
(5) Total streaming and royalty agreements relate 
 to precious metals purchase agreements for the purchase 
 of precious metals and cobalt relating to 18 mining 
 assets which are currently operating, 24 which are 
 at various stages of development and 4 of which have 
 been placed in care and maintenance or have been closed. 
(6) On October 21, 2024, the Company amended the Fenix 
 PMPA. Under the original agreement, the Company was 
 to acquire an amount of gold equal to 6% of the gold 
 production until 90,000 ounces have been delivered, 
 4% of the gold production until the delivery of a 
 further 140,000 ounces and 3.5% gold production thereafter 
 for the life of mine. Under the revised agreement, 
 the Company is entitled to purchase an additional 
 16% of payable gold production (22% in total) (subject 
 to adjustment if there are delays in deliveries relative 
 to an agreed schedule). Once Rio2 delivers the incremental 
 95,000 ounces (as adjusted), the stream reverts to 
 the percentages and thresholds under the original 
 Fenix PMPA (as described). Rio2 has a one-time option 
 to terminate the requirement to deliver the incremental 
 gold production from the end of 2027 until the end 
 of 2029 by delivering 95,000 ounces (as adjusted) 
 less previously delivered gold ounces, excluding those 
 gold ounces which would have been delivered under 
 the original Fenix PMPA. 
(7) The Koné PMPA provides that Montage will 
 deliver gold equal to 19.5% of the payable gold production 
 until 400,000 ounces of gold are delivered, then 10.8% 
 until 530,000 ounces are delivered and 5.4% thereafter 
 for the life of the mine. 
(8) The Kurmuk PMPA provides that Allied will deliver 
 gold equal to 6.7% of the payable gold production 
 until 220,000 ounces of gold are delivered, then 4.8% 
 thereafter for the life of the mine. During any period 
 in which debt exceeding $150 million ranks ahead of 
 the gold stream, the stream percentage increases to 
 7.15% and decreases to 5.25% once the drop-down threshold 
 is reached. 
 

View original content:https://www.prnewswire.com/news-releases/wheaton-precious-metals-announces-record-revenue-adjusted-net-earnings-and-operating-cash-flow-for-2024-302401539.html

SOURCE Wheaton Precious Metals Corp.

View original content: http://www.newswire.ca/en/releases/archive/March2025/13/c2587.html

/CONTACT:

For further information: Investor Contact, Emma Murray, Vice President, Investor Relations, Tel: 1-844-288-9878, Email: info@wheatonpm.com

Copyright CNW Group 2025 
 

(END) Dow Jones Newswires

March 13, 2025 17:07 ET (21:07 GMT)

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