0001323404-22-000004.txt : 20221103 0001323404-22-000004.hdr.sgml : 20221103 20221103171923 ACCESSION NUMBER: 0001323404-22-000004 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20220930 FILED AS OF DATE: 20221103 DATE AS OF CHANGE: 20221103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Wheaton Precious Metals Corp. CENTRAL INDEX KEY: 0001323404 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 980459455 STATE OF INCORPORATION: A6 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32482 FILM NUMBER: 221359158 BUSINESS ADDRESS: STREET 1: SUITE 3500 STREET 2: 1021 WEST HASTINGS STREEET CITY: VANCOUVER STATE: A1 ZIP: V6E 0C3 BUSINESS PHONE: 604 684 3123 MAIL ADDRESS: STREET 1: SUITE 3500 STREET 2: 1021 WEST HASTINGS STREEET CITY: VANCOUVER STATE: A1 ZIP: V6E 0C3 FORMER COMPANY: FORMER CONFORMED NAME: Silver Wheaton Corp. DATE OF NAME CHANGE: 20050411 6-K 1 wpm6k20220930.htm REPORT OF PRIVATE FOREIGN ISSUER FOR THE MONTH OF NOVEMBER 2022

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

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

Securities Exchange Act of 1934

November 3, 2022

Commission File Number: 001-32482

WHEATON PRECIOUS METALS CORP.

(Exact name of registrant as specified in its charter)

Suite 3500, 1021 West Hastings Street

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

(Address of principal executive offices)

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

Form 20-F Form 40-F ☑

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

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

This report on Form 6-K shall be incorporated by reference into the registrant’s Registration Statement on Form S-8 (File No. 333-128128), on Form F-10 (File No. 333-255208) and on Form F-3D (File No. 333-194702) under the Securities Act of 1933, as amended.

DOCUMENTS FILED AS PART OF THIS FORM 6-K

See the Exhibit Index to this Form 6-K.

SIGNATURE

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


	WHEATON PRECIOUS METALS CORP.
November 3, 2022	By:	/s/ Curt Bernardi
		Name:	Curt Bernardi
		Title:	Senior Vice President, Legal
			and Corporate Secretary

EXHIBIT INDEX

99.1	News Release dated November 3, 2022

99.2	Management’s Discussion and Analysis for the period ended September 30, 2022

99.3	Unaudited Interim Consolidated Financial Statements for the period ended September 30, 2022

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

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

EX-99.1 2 wpm6kexhibit99-1.htm NEWS RELEASE DATED NOVEMBER 4, 2022

November 3, 2022 TSX | NYSE | LSE: WPM

Vancouver, British Columbia

Designated News Release

THIRD QUARTER 2022 FINANCIAL RESULTS

Wheaton Precious Metals Maintains

Strong Cash Operating Margins in the Third Quarter of 2022

“At Wheaton, we focus on building a sustainable company that provides investors with profitable, long-term exposure to precious metals. While inflationary pressures have impacted all sectors of the economy, especially mining, Wheaton has maintained cash operating margins of over 75% year to date, highlighting the strength of our streaming business model,” said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. “Despite some recent challenges, we are pleased with the improvements we have seen over the third quarter in our diverse portfolio of high-quality assets, which is forecast to deliver significant organic growth over the next five years and sustained precious metals production for decades to come. We also are very optimistic that we can continue to add accretive new streams to the portfolio given the number of opportunities that we are currently reviewing coupled with one of the strongest balance sheets in the sector.”

Solid Financial Results and Strong Balance Sheet

•	$219 million in revenue and $154 million in operating cash flow in the quarter

•	$197 million in net earnings and $94 million in adjusted net earnings¹ in the quarter

•	A cash balance of $495 million and no debt as at September 30, 2022

•	Extended the maturity date of the undrawn US$2 billion revolving credit facility to July 18, 2027

•	Declared a quarterly dividend¹ of $0.15 per common share

High Quality Asset Base

•	Streaming agreements on 21 operating mines and 13 development projects

•	85% of attributable production from assets in the lowest half of their respective cost curves²

•	29 years of mine life based on Proven and Probable Mineral Reserves and potential additional mine life from mineral resource conversion and exploration³

•	Average annual production for the ten-year period ending December 31, 2031, is expected to be approximately 850,000 GEOs^2,⁴

•	Completed the previously disclosed termination of the Keno Hill precious metal purchase agreement (“PMPA”) for $141 million, resulting in an impairment reversal of $10 million and a gain on disposition of $104 million

•	Announced the proposed termination of the Yauliyacu PMPA for $150 million, less the aggregate value of any deliveries to Wheaton of silver produced in 2022 prior to closing

Leadership in Sustainability

•	Top Rankings: #1 out of 119 precious metals companies and Global Top 50 out of over 14,900 multi-sector companies by Sustainalytics, AA rated by MSCI, and Prime rated by ISS

•	Commitment to Net-Zero Carbon Emissions by 2050 by 2050 supported by interim targets covering all material emissions including Scope 3

•	Established a sustainability linked element in connection with the extension of the revolving credit facility

•	Recognized as one of the Best 50 Corporate Citizens in Canada by Corporate Knights

•	Recognized by ESG Investing for Best Climate Related Reporting (Mid Cap)

•	Supported flood relief to local communities near the Stillwater mine in Montana

•	Presenting sponsor of BC Cancer Foundation’s Tour de Cure supporting cancer research

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Operational Overview

(all figures in US dollars unless otherwise noted)		Q3 2022		Q3 2021	Change		YTD 2022		YTD 2021	Change
Units produced
Gold ounces		73,508		85,624	(14.2)%		218,004		254,225	(14.2)%
Silver ounces		5,883		6,349	(7.3)%		18,645		19,643	(5.1)%
Palladium ounces		3,229		5,105	(36.7)%		11,616		16,175	(28.2)%
Cobalt pounds		226		370	(39.0)%		596		1,912	(68.8)%
Gold equivalent ounces ²		159,852		183,012	(12.7)%		491,088		570,040	(13.9)%
Units sold
Gold ounces		62,000		67,649	(8.4)%		224,238		232,843	(3.7)%
Silver ounces		5,234		5,487	(4.6)%		16,635		17,744	(6.3)%
Palladium ounces		4,227		5,703	(25.9)%		11,680		14,703	(20.6)%
Cobalt pounds		115		131	(12.2)%		851		658	29.3 %
Gold equivalent ounces ²		138,824		149,862	(7.4)%		475,259		498,635	(4.7)%
Change in PBND and Inventory
Gold equivalent ounces ²		6,620		17,659	11,039		(32,497)		22,375	54,872
Revenue	$	218,836	$	268,957	(18.6)%	$	829,002	$	923,468	(10.2)%
Net earnings	$	196,460	$	134,937	45.6 %	$	503,001	$	463,063	8.6 %
Per share	$	0.435	$	0.300	45.0 %	$	1.114	$	1.029	8.3 %
Adjusted net earnings ¹	$	93,878	$	137,087	(31.5)%	$	401,168	$	459,848	(12.8)%
Per share ¹	$	0.208	$	0.304	(31.6)%	$	0.889	$	1.022	(13.0)%
Operating cash flows	$	154,497	$	201,287	(23.2)%	$	571,396	$	649,856	(12.1)%
Per share ¹	$	0.342	$	0.447	(23.5)%	$	1.266	$	1.444	(12.3)%

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

Third Quarter Operating Asset Highlights

Salobo: In the third quarter of 2022, Salobo produced 44,200 ounces of attributable gold, a decrease of approximately 20% relative to the third quarter of 2021, primarily due to lower grades and recovery. According to Vale S.A.’s (“Vale”), plant performance improved relative to the second quarter of 2022 despite additional planned and corrective maintenance performed in the third quarter. Vale plans for maintenance activities to continue in the fourth quarter of 2022 to further improve plant reliability.

Vale reports that physical completion of the Salobo III mine expansion was 98% at the end of the third quarter. Progress in the third quarter included the primary crushing circuit being fully commissioned, hot commissioning of the conveyor system, and commencement of wet commissioning of the flotation circuit.

Antamina: In the third quarter of 2022, Antamina produced 1.4 million ounces of attributable silver, a decrease of approximately 11% relative to the third quarter of 2021, primarily due to lower grades as per the mine plan.

Peñasquito: In the third quarter of 2022, Peñasquito produced 2.0 million ounces of attributable silver, a decrease of approximately 7% relative to the third quarter of 2021 with lower recovery and grades as per the mine plan.

Constancia: In the third quarter of 2022, Constancia produced 0.6 million ounces of attributable silver and 7,200 ounces of attributable gold, an increase of approximately 8% for silver production and a decrease of approximately 16% for gold production relative to the third quarter of 2021, with the increase in silver being primarily due to higher throughput and the decrease in gold production being primarily due to the mining of lower-grade material resulting from mine sequencing.

Sudbury: In the third quarter of 2022, Vale’s Sudbury mines produced 4,700 ounces of attributable gold, an increase of approximately 3109% relative to the third quarter of 2021, primarily due to operations at the mine being temporarily suspended due to a labour dispute which

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lasted from June 1, 2021 to August 9, 2021. Vale reports that in the third quarter, the first phase of the Copper Cliff Complex South Mine Project was opened, including the development of more than 12km of tunnels to reunite the south and north shafts of the mine, which is expected to nearly double ore production at the Copper Cliff Mine. The Copper Cliff Mine has historically represented approximately 20% of attributable production for Wheaton from Sudbury.

Stillwater: In the third quarter of 2022, the Stillwater mines produced 1,800 ounces of attributable gold and 3,200 ounces of attributable palladium, a decrease of approximately 38% for gold and 37% for palladium relative to the third quarter of 2021. As per Sibanye-Stillwater Limited, regional floods impacted the Stillwater operations on June 13, 2022, including damage to bridges and the access road to the Stillwater mine. Operations at the Stillwater mine, which accounts for 60% of the mined production from the Stillwater operations, were suspended for seven weeks, but resumed on July 29, 2022. Access to the East Boulder mine and the Columbus metallurgical facilities remains intact and both facilities continued operating during the flooding events.

San Dimas: In the third quarter of 2022, San Dimas produced 11,800 ounces of attributable gold, virtually unchanged relative to the third quarter of 2021, primarily due to lower throughput offset by higher grades. According to First Majestic Silver Corp., silver and gold grades were higher in the third quarter compared to the prior quarter due to improvements in dilution control from the long hole stoping in the Jessica and Regina veins and due to initial production from the Perez vein commencing in July.

Other Gold: In the third quarter of 2022, total Other Gold attributable production was 3,700 ounces, a decrease of approximately 46% relative to the third quarter of 2021, primarily due to the closure of the 777 mine in June 2022.

Other Silver: In the third quarter of 2022, total Other Silver attributable production was 1.9 million ounces, a decrease of approximately 8% relative to the third quarter of 2021, primarily due to lower production at Aljustrel (grades) and Stratoni (placed into care and maintenance).

Voisey’s Bay: In the third quarter of 2022, the Voisey's Bay mine produced 226,000 pounds of attributable cobalt, a decrease of approximately 39% relative to the third quarter of 2021, primarily due to mining lower grade material during the ongoing transitional period between the depletion of the Ovoid open-pit mine and ramp-up to full production of the Voisey’s Bay underground project. Vale reports that physical completion of the Voisey’s Bay underground mine extension was 78% at the end of the third quarter. Progress in the third quarter included surface activities being well advanced with the port fuel tanks installed and Eastern Deeps mine fresh air infrastructure completed, and in the underground, the Reid Brook bulk Material Handling System advancing on schedule.

Detailed mine-by-mine production and sales figures can be found in the Appendix to this press release and in Wheaton’s consolidated MD&A in the ‘Results of Operations and Operational Review’ section.

Third Quarter Development Asset Highlights

Goose Project: Sabina Gold & Silver Corp. (“Sabina”) announced a formal construction decision for the Goose Project. Sabina noted that the project will be in a position to commence full construction in early 2023 with first production expected in 2025.

Blackwater Project: Artemis Gold Inc. (“Artemis”) announced the commencement of site preparation work at the plant site including site clearing, bulk earthworks and sediment/erosion control. Artemis believes the Blackwater plant site will start major construction works in the first quarter of 2023.

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Marathon Project: Generation Mining Limited (“Gen Mining”) delivered the environmental assessment report for the Marathon Project to federal and provincial ministers and announced the purchasing of an unused, surplus SAG mill and ball mill. Gen Mining anticipates starting construction late in the first quarter of 2023.

Curipamba Project: Adventus Mining Corporation (“Adventus”) announced an Investment Protection Agreement commitment declaration by the Government of Ecuador indicating a significant milestone in the development of the Curipamba Project. Adventus plans for a formal construction commencement in the second quarter of 2023.

Portfolio Optimization

Keno Hill: On September 7, 2022, Hecla Mining Company (“Hecla”) completed the previously announced acquisition of all the outstanding common shares of Alexco. In connection with this acquisition, the Company entered into an agreement with Hecla to terminate the Keno Hill PMPA effective September 7, 2022, in exchange for 34,800,989 common shares of Hecla valued at $141 million (the “Hecla shares”⁵), resulting in an impairment reversal of the Keno Hill PMPA in the amount of $10 million and a gain on disposal of $104 million.

Yauliyacu: On August 18, 2022, the Company announced that it had entered into an agreement with Glencore plc ("Glencore") to terminate its silver stream on the Yauliyacu Mine in Peru for a cash payment of $150 million, less the aggregate value of any deliveries to Wheaton, prior to closing, of silver produced subsequent to December 31, 2021. Wheaton has agreed to terminate the stream in order to help facilitate the sale by Glencore of the Yauliyacu Mine. As at September 30, 2022, the net termination payment is estimated to be approximately $136 million. The closing of the transaction is contingent on Glencore divesting the Yauliyacu mine by December 31, 2022 and certain other customary conditions. Glencore retains the option to terminate the silver stream even if it does not divest the Yauliyacu mine by December 31, 2022.

Financial Review

Revenues

Revenue was $219 million in the third quarter of 2022 representing an 19% decrease from the third quarter of 2021 due primarily to a 12% decrease in the average realized gold equivalent² price; and a 7% decrease in the number of GEOs² sold.

Revenue was $829 million in the nine months ended September 30, 2022, representing a 10% decrease from the comparable period of the previous year due primarily to a 5% decrease in the number of gold equivalent² ounces sold; and a 6% decrease in the average realized gold equivalent² price.

Cash Costs and Margin

Average cash costs¹ in the third quarter of 2022 were $439 per GEO² as compared to $417 in the third quarter of 2021. This resulted in a cash operating margin¹ of $1,137 per GEO² sold, a decrease of 17% as compared with the third quarter of 2021.

Average cash costs¹ for the nine months ended September 30, 2022 were $433 per GEO² as compared to $441 in the comparable period of the previous year. This resulted in a cash operating margin¹ of $1,311 per GEO² sold, a 7% decrease from the comparable period of the previous year.

Balance Sheet (at September 30, 2022)

•

Approximately $495 million of cash on hand.

•

During the third quarter of 2022, the Company made upfront cash payments totaling $47 million relative to PMPA’s.

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•

The Company extended its existing undrawn $2 billion revolving term loan with its maturity date now July 18, 2027. As part of the extension, Wheaton added a sustainability-linked element which may impact the interest rate paid on drawn amounts and standby fees.

•

The Company is well positioned to fund all outstanding commitments and known contingencies as well as providing flexibility to acquire additional accretive mineral stream interests.

Sustainability

Community Investment Program:

•

In the third quarter, Wheaton Precious Metals International Ltd. (“Wheaton International”) in partnership with Sibanye-Stillwater Limited, donated funds to support flood relief in the community of Nye, which is the closest town to the Stillwater mine in Montana. Funds were used to clean up debris and support other flood-related recovery efforts and to support families in financial need whose houses were damaged.

•

In the third quarter, new reading rooms were opened in the state of Maranhāo, Brazil, as part of the Routes and Literary Network project that is maintained by the Vale Foundation in partnership with Wheaton International and the Associação Cidade Escola Aprendiz. The new reading rooms benefit 1,800 students from three different schools.

•

On August 27^th, the Tour de Cure, presented by Wheaton Precious Metals, raised CA$6.3 million for the BC Cancer Foundation. The event is B.C.’s largest cycling fundraiser attracting over 1,100 participants. Since 2014, Wheaton has donated over CA$3.2 million towards crucial advancements in cancer research and care. In addition, the Silver Bullets, Wheaton’s cycling team comprised of employees, friends and family have collectively raised over CA$2 million through the Tour de Cure.

Sustainability-Linked Revolving Credit Facility: Wheaton has added a sustainability-linked element in connection with the extension to its existing undrawn US$2 billion revolving credit facility, underscoring Wheaton’s commitment to sustainability initiatives. Under the renewed revolving credit facility, the interest rate paid on drawn amounts and standby fees will be adjusted based upon Wheaton’s performance in three sustainability-related areas including climate change, diversity and overall sustainability performance.

Webcast and Conference Call Details

A conference call and webcast will be held on Friday, November 4, 2022 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: 1-888-664-6383

Dial from outside Canada or the US: 1-416-764-8650
Pass code: 30587457

Live webcast: Webcast URL

The accompanying slideshow will also be available in PDF format on the ‘Events’ page of the Wheaton Precious Metals website before the conference call.

The conference call will be recorded and available until November 11, 2022 at 11:59 pm ET. The webcast will be available for one year. You can listen to an archive of the call by one of the following methods:

Dial toll free from Canada or the US: 1-888-390-0541

Dial from outside Canada or the US: 1-416-764-8677
Pass code: 587457 #

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Archived webcast: Webcast URL

This earnings release should be read in conjunction with Wheaton Precious Metals’ MD&A and Financial Statements, which are available on the Company’s website at www.wheatonpm.com and have been posted on SEDAR at www.sedar.com.

Mr. Wes Carson, P.Eng., Vice President, Mining Operations, Neil Burns, P.Geo., Vice President, Technical Services for Wheaton Precious Metals and Ryan Ulansky, P.Eng., Vice President, Engineering, are a “qualified person” as such term is defined under National Instrument 43-101, and have reviewed and approved the technical information disclosed in this news release (specifically Mr. Carson has reviewed production figures, Mr. Burns has reviewed mineral resource estimates and Mr. Ulansky has reviewed the mineral reserve estimates).

Wheaton Precious Metals believes that there are no significant differences between its corporate governance practices and those required to be followed by United States domestic issuers under the NYSE listing standards. This confirmation is located on the Wheaton Precious Metals website at http://www.wheatonpm.com/Company/corporate-governance/default.aspx.

About Wheaton Precious Metals Corp. and Outlook

Wheaton is the world’s premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors commodity price leverage and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. As a result, Wheaton has consistently outperformed gold and silver, as well as other mining investments. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming for all of its stakeholders.

Wheaton’s estimated attributable production for 2022 is forecast to be 300,000 to 320,000 ounces of gold, 22.5 to 24.0 million ounces of silver, and 35,000 to 40,000 gold equivalent ounces² (“GEOs”), resulting in production of approximately 640,000 to 680,000 GEOs². As a result of the proposed termination of the Yauliyacu PMPA, the Company now expects average annual production for the five-year period ending December 31, 2026, to be approximately 800,000 GEOs^2,4 (from 820,000 GEOs^2,4 previously) and for the ten-year period ending December 31, 2031, to be approximately 850,000 GEOs^2,4 (from 870,000 GEOs^2,4 previously).

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.

End Notes

¹Please refer to non-IFRS measures at the end of this press release. Dividends declared in the referenced calendar quarter, relative to the financial results of the prior quarter. Details of the dividend can be found in the Wheaton’s news release date November 3, 2022, titled “Wheaton Precious Metals Declares Quarterly Dividend.”

²Company reports & S and P Capital IQ est. of 2022 byproduct cost curves for gold, zinc/lead, copper, PGM, nickel & silver mines. GEOs and SEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1800/oz, silver $24/oz, palladium $2,100/oz and cobalt $33/lb.

³Portfolio mine life based on recoverable reserves and resources as of Dec 31, 2021 and 2021 actual mill throughput and is weighted by individual reserve and resource category.

⁴ Five- and ten-year guidance do not include optionality production from Pascua Lama, Navidad, Cotabambas, Metates or additional expansions at Salobo outside of the project currently in construction. In addition, five-year guidance also does not include any production from Kutcho, or the Victor project at Sudbury.

⁵The Hecla shares represent approximately 6% of Hecla’s current issued and outstanding shares and are subject to a six month hold period from the closing date of September 7, 2022.

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Condensed Interim Consolidated Statements of Earnings

	Three Months Ended September 30				Nine Months Ended September 30
(US dollars and shares in thousands, except per share amounts - unaudited)	2022		2021		2022		2021
Sales	$	218,836	$	268,957	$	829,002	$	923,468
Cost of sales
Cost of sales, excluding depletion	$	60,955	$	62,529	$	205,891	$	219,757
Depletion		55,728		54,976		178,812		195,458
Total cost of sales	$	116,683	$	117,505	$	384,703	$	415,215
Gross margin	$	102,153	$	151,452	$	444,299	$	508,253
General and administrative expenses		8,360		7,932		27,448		26,572
Share based compensation		77		4,139		11,586		13,746
Donations and community investments		1,406		1,524		3,379		3,712
Reversal of impairment of mineral stream interests		(10,330)		-		(10,330)		-
Earnings from operations	$	102,640	$	137,857	$	412,216	$	464,223
Gain on disposal of mineral stream interest		(104,425)		-		(104,425)		-
Other (income) expense		(2,799)		1,108		(3,448)		(2,194)
Earnings before finance costs and income taxes	$	209,864	$	136,749	$	520,089	$	466,417
Finance costs		1,398		1,379		4,209		4,309
Earnings before income taxes	$	208,466	$	135,370	$	515,880	$	462,108
Income tax (expense) recovery		(12,006)		(433)		(12,879)		955
Net earnings	$	196,460	$	134,937	$	503,001	$	463,063
Basic earnings per share	$	0.435	$	0.300	$	1.114	$	1.029
Diluted earnings per share	$	0.434	$	0.299	$	1.112	$	1.026
Weighted average number of shares outstanding
Basic		451,757		450,326		451,402		449,977
Diluted		452,386		451,717		452,221		451,369

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Condensed Interim Consolidated Balance Sheets

	As at September 30		As at December 31
(US dollars in thousands - unaudited)	2022		2021
Assets
Current assets
Cash and cash equivalents	$	494,618	$	226,045
Accounts receivable		11,536		11,577
Other		14,764		12,102
Total current assets	$	520,918	$	249,724
Non-current assets
Mineral stream interests	$	5,807,056	$	5,905,797
Early deposit mineral stream interests		46,092		34,741
Mineral royalty interest		6,606		6,606
Long-term equity investments		190,472		61,477
Convertible notes receivable		-		17,086
Property, plant and equipment		4,505		5,509
Other		11,946		15,211
Total non-current assets	$	6,066,677	$	6,046,427
Total assets	$	6,587,595	$	6,296,151
Liabilities
Current liabilities
Accounts payable and accrued liabilities	$	11,274	$	13,939
Current taxes payable		6,163		132
Current portion of performance share units		10,407		14,807
Current portion of lease liabilities		803		813
Total current liabilities	$	28,647	$	29,691
Non-current liabilities
Performance share units		3,661		11,498
Lease liabilities		1,348		2,060
Deferred income taxes		1,954		100
Pension liability		3,173		2,685
Total non-current liabilities	$	10,136	$	16,343
Total liabilities	$	38,783	$	46,034
Shareholders' equity
Issued capital	$	3,741,211	$	3,698,998
Reserves		7,464		47,036
Retained earnings		2,800,137		2,504,083
Total shareholders' equity	$	6,548,812	$	6,250,117
Total liabilities and shareholders' equity	$	6,587,595	$	6,296,151

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Condensed Interim Consolidated Statements of Cash Flows

	Three Months Ended September 30				Nine Months Ended September 30
(US dollars in thousands - unaudited)	2022		2021		2022		2021
Operating activities
Net earnings	$	196,460	$	134,937	$	503,001	$	463,063
Adjustments for
Depreciation and depletion		56,129		55,445		180,004		196,869
Gain on disposal of mineral stream interest		(104,425)		-		(104,425)		-
Reversal of impairment of mineral stream interests		(10,330)		-		(10,330)		-
Interest expense		22		30		72		324
Equity settled stock based compensation		1,568		1,315		4,407		3,946
Performance share units		(1,654)		2,824		(11,231)		(7,128)
Pension expense		291		294		720		710
Income tax expense (recovery)		12,006		433		12,879		(955)
Loss (gain) on fair value adjustment of share purchase warrants held		204		1,246		1,101		2,392
Fair value (gain) loss on convertible note receivable		-		490		1,380		(4,136)
Investment income recognized in net earnings		(1,953)		(178)		(2,696)		(275)
Other		(349)		(9)		(1,821)		685
Change in non-cash working capital		4,728		4,434		(3,825)		(5,341)
Cash generated from operations before income taxes and interest	$	152,697	$	201,261	$	569,236	$	650,154
Income taxes recovered (paid)		(29)		-		(141)		(51)
Interest paid		(22)		(31)		(73)		(401)
Interest received		1,851		57		2,374		154
Cash generated from operating activities	$	154,497	$	201,287	$	571,396	$	649,856
Financing activities
Bank debt repaid	$	-	$	-	$	-	$	(195,000)
Credit facility extension fees		(1,205)		(54)		(1,207)		(1,727)
Share purchase options exercised		-		183		7,549		5,719
Lease payments		(201)		(196)		(603)		(583)
Dividends paid		(59,487)		(57,235)		(176,604)		(160,784)
Cash (used for) generated from financing activities	$	(60,893)	$	(57,302)	$	(170,865)	$	(352,375)
Investing activities
Mineral stream interests	$	(46,675)	$	(1,055)	$	(107,476)	$	(216,845)
Early deposit mineral stream interests		(750)		(750)		(1,500)		(1,500)
Mineral royalty interest		-		-		-		(3,571)
Closing costs on disposal of mineral stream interests		(139)		-		(139)		-
Acquisition of long-term investments		-		(5,076)		(22,768)		(7,453)
Proceeds on disposal of long-term investments		-		-		-		112,188
Dividends received		102		110		322		110
Other		(69)		(171)		(194)		(691)
Cash (used for) generated from investing activities	$	(47,531)	$	(6,942)	$	(131,755)	$	(117,762)
Effect of exchange rate changes on cash and cash equivalents	$	(81)	$	(39)	$	(203)	$	48
Increase in cash and cash equivalents	$	45,992	$	137,004	$	268,573	$	179,767
Cash and cash equivalents, beginning of period		448,626		235,446		226,045		192,683
Cash and cash equivalents, end of period	$	494,618	$	372,450	$	494,618	$	372,450

-10-

Summary of Units Produced

	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 2020
Gold ounces produced ²
Salobo	44,212	34,129	44,883	48,235	55,205	55,590	46,622	62,854
Sudbury ³	4,735	5,289	5,362	4,379	148	4,563	7,004	6,659
Constancia	7,196	8,042	6,311	9,857	8,533	5,525	2,453	3,929
San Dimas ⁴	11,808	10,044	10,461	13,714	11,936	11,478	10,491	11,652
Stillwater ⁵	1,833	2,171	2,497	2,664	2,949	2,962	3,041	3,290
Other
Minto	3,182	2,480	4,060	3,506	1,703	3,206	2,638	789
777 ⁶	-	3,509	4,003	4,462	4,717	5,035	6,280	2,866
Marmato	542	778	477	479	433	1,713	-	-
Total Other	3,724	6,767	8,540	8,447	6,853	9,954	8,918	3,655
Total gold ounces produced	73,508	66,442	78,054	87,296	85,624	90,072	78,529	92,039
Silver ounces produced ²
Peñasquito	2,017	2,089	2,219	2,145	2,180	2,026	2,202	2,014
Antamina	1,377	1,379	1,260	1,366	1,548	1,558	1,577	1,930
Constancia	564	584	506	578	521	468	406	478
Other
Los Filos ⁷	23	23	42	37	17	26	31	6
Zinkgruvan	642	739	577	482	658	457	420	515
Yauliyacu	463	756	637	382	372	629	737	454
Stratoni ⁸	-	-	-	129	18	164	165	185
Minto	42	25	45	44	25	33	21	16
Neves-Corvo	323	345	344	522	362	408	345	420
Aljustrel	246	292	287	325	314	400	474	440
Cozamin	179	169	186	213	199	183	230	-
Marmato	7	8	11	7	10	39	-	-
Keno Hill ⁹	-	48	20	30	44	55	27	-
777 ⁶	-	80	91	96	81	83	130	51
Total Other	1,925	2,485	2,240	2,267	2,100	2,477	2,580	2,087
Total silver ounces produced	5,883	6,537	6,225	6,356	6,349	6,529	6,765	6,509
Palladium ounces produced ²
Stillwater ⁵	3,229	3,899	4,488	4,733	5,105	5,301	5,769	5,672
Cobalt pounds produced ²
Voisey's Bay	226	136	234	381	370	380	1,162 ¹⁰	-
GEOs produced ¹¹	159,852	160,646	170,590	184,551	183,012	190,272	196,756	185,436
SEOs produced ¹¹	11,989	12,048	12,794	13,841	13,726	14,270	14,757	13,908
Average payable rate ²
Gold	95.1%	95.1%	95.2%	96.0%	96.0%	95.8%	95.0%	95.2%
Silver	86.1%	85.5%	86.1%	86.0%	86.6%	86.9%	86.6%	86.3%
Palladium	95.0%	94.6%	92.7%	92.2%	94.5%	95.0%	91.6%	93.6%
Cobalt	93.3%	93.3%	93.3%	93.3%	93.3%	93.3%	93.3%	n.a.
GEO ¹¹	90.6%	90.1%	90.5%	91.4%	91.3%	91.8%	90.7%	91.2%

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

Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures and payable rates are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures and payable rates may be updated in future periods as additional information is received.

3)	Comprised of the Coleman, Copper Cliff, Garson, Creighton and Totten gold interests. Operations at the Sudbury mines were suspended from June 1, 2021 to August 9, 2021 as a result of a labour disruption by unionized employees.

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. Effective April 1, 2020, the fixed gold to silver exchange ratio was revised to 90:1, with the 70:1 ratio being reinstated on October 15, 2020. For reference, attributable silver production from prior periods is as follows: Q3-2022 - 412,000 ounces; Q2-2022 - 382,000 ounces; Q1-2022 - 408,000 ounces; Q4-2021 - 544,000 ounces; Q3-2021 - 472,000 ounces; Q2-2021 - 467,000 ounces; Q1-2021 - 429,000 ounces; Q4-2020 - 485,000 ounces.

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

Operations at 777 were temporarily suspended from October 11, 2020 to November 25, 2020 as a result of an incident that occurred on October 9th during routine maintenance of the hoist rope and skip. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.

Operations at Los Filos were suspended from September 3, 2020 to December 23, 2020 as the result of an illegal road blockade by members of the nearby Carrizalillo community and had been temporarily suspended from June 22, 2021 to July 26, 2021 as the result of illegal blockades by a group of unionized employees and members of the Xochipala community.

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

9)	On September 7, 2022, the Company terminated the Keno Hill stream in exchange for $141 million of Hecla common shares received as consideration.

10)

Effective January 1, 2021, the Company was entitled to cobalt production from the Voisey's Bay mine. As per the Voisey’s Bay PMPA with Vale, Wheaton is entitled to any cobalt processed at the Long Harbour Processing Plant as of January 1, 2021, resulting in reported production in the first quarter of 2021 including some material produced at the Voisey's Bay mine in the previous quarter.

11)

GEOs and SEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,800 per ounce gold; $24.00 per ounce silver; $2,100 per ounce palladium; and $33.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2022.

-11-

Summary of Units Sold

	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 2020
Gold ounces sold
Salobo	31,818	48,515	42,513	47,171	35,185	57,296	51,423	53,197
Sudbury ²	5,147	7,916	3,712	965	1,915	6,945	3,691	7,620
Constancia	6,336	7,431	10,494	6,196	8,159	2,321	1,676	3,853
San Dimas	10,196	10,633	10,070	15,182	11,346	11,214	10,273	11,529
Stillwater ³	2,127	2,626	2,628	2,933	2,820	2,574	3,074	3,069
Other
Minto	2,559	2,806	3,695	2,462	1,907	2,359	2,390	1,540
777	3,098	3,629	4,388	4,290	5,879	5,694	2,577	5,435
Marmato	719	781	401	423	438	1,687	-	-
Total Other	6,376	7,216	8,484	7,175	8,224	9,740	4,967	6,975
Total gold ounces sold	62,000	84,337	77,901	79,622	67,649	90,090	75,104	86,243
Silver ounces sold
Peñasquito	1,599	2,096	2,188	1,818	2,210	1,844	2,174	1,417
Antamina	1,155	1,177	1,468	1,297	1,502	1,499	1,930	1,669
Constancia	498	494	644	351	484	295	346	442
Other
Los Filos	24	41	42	17	12	42	27	-
Zinkgruvan	376	650	355	346	354	355	293	326
Yauliyacu	1,005	817	44	551	182	601	1,014	15
Stratoni	-	(2)	133	42	41	167	117	169
Minto	22	21	31	27	24	29	26	20
Neves-Corvo	105	167	204	259	193	215	239	145
Aljustrel	185	123	145	133	155	208	257	280
Cozamin	154	148	177	174	170	168	173	-
Marmato	8	11	8	8	10	35	-	-
Keno Hill	30	30	27	24	51	33	12	-
777	73	75	87	69	99	109	49	93
Total Other	1,982	2,081	1,253	1,650	1,291	1,962	2,207	1,048
Total silver ounces sold	5,234	5,848	5,553	5,116	5,487	5,600	6,657	4,576
Palladium ounces sold
Stillwater ³	4,227	3,378	4,075	4,641	5,703	3,869	5,131	4,591
Cobalt pounds sold
Voisey's Bay	115	225	511	228	131	395	132	-
GEOs sold ⁴	138,824	170,371	166,065	157,439	149,862	176,502	172,271	152,613
SEOs sold ⁴	10,412	12,778	12,455	11,808	11,240	13,238	12,920	11,446
Cumulative payable units PBND ⁵
Gold ounces	67,247	59,331	81,365	84,989	80,819	66,238	70,072	70,555
Silver ounces	3,550	3,672	3,910	4,200	3,845	3,802	3,738	4,486
Palladium ounces	5,041	6,267	5,535	5,629	5,619	6,822	5,373	5,597
Cobalt pounds	402	280	550	596	637	777	820	-
GEO ⁴	127,840	120,735	150,032	158,477	150,317	139,145	141,206	136,894
SEO ⁴	9,588	9,055	11,252	11,886	11,274	10,436	10,590	10,267
Inventory on hand
Cobalt pounds	556	582	410	657	488	134	132	-

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.

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

-12-

Results of Operations

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

Three Months Ended September 30, 2022
	Units Produced²	Units Sold	Average Realized Price ($'s Per Unit)		Average Cash Cost ($'s Per Unit) ³		Average Depletion ($'s Per Unit)		Sales		Impairment Reversals / Gain on Disposal ⁴		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	44,212	31,818	$	1,724	$	416	$	334	$	54,860	$	-	$	31,000	$	41,617	$	2,396,952
Sudbury ⁵	4,735	5,147		1,745		400		1,092		8,984		-		1,303		5,943		288,863
Constancia	7,196	6,336		1,724		415		271		10,925		-		6,578		8,295		97,213
San Dimas	11,808	10,196		1,724		624		260		17,579		-		8,567		11,213		158,704
Stillwater	1,833	2,127		1,724		317		429		3,667		-		2,080		2,992		216,617
Other ⁶	3,724	6,376		1,743		694		59		11,113		-		6,311		5,562		461,359
	73,508	62,000	$	1,728	$	474	$	353	$	107,128	$	-	$	55,839	$	75,622	$	3,619,708
Silver
Peñasquito	2,017	1,599	$	19.30	$	4.36	$	3.57	$	30,857	$	-	$	18,182	$	23,885	$	301,040
Antamina	1,377	1,155		19.30		3.75		7.06		22,287		-		9,798		17,951		553,231
Constancia	564	498		19.30		6.12		6.35		9,613		-		3,398		6,563		195,507
Other ⁷	1,925	1,982		18.93		7.51		6.84		37,513		114,755		123,823		21,896		538,739
	5,883	5,234	$	19.16	$	5.59	$	5.84	$	100,270	$	114,755	$	155,201	$	70,295	$	1,588,517
Palladium
Stillwater	3,229	4,227	$	2,091	$	353	$	399	$	8,838	$	-	$	5,657	$	7,344	$	228,168
Platinum
Marathon	-	-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	-	$	9,425
Cobalt
Voisey's Bay	226	115	$	22.68	$	7.21	$	13.63	$	2,600	$	-	$	211	$	7,352	$	361,238
Operating results									$	218,836	$	114,755	$	216,908	$	160,613	$	5,807,056
Other
General and administrative													$	(8,360)	$	(5,503)
Share based compensation														(77)		-
Donations and community investments														(1,406)		(1,413)
Finance costs														(1,398)		(1,020)
Other														2,799		1,849
Income tax														(12,006)		(29)
Total other													$	(20,448)	$	(6,116)	$	780,539
													$	196,460	$	154,497	$	6,587,595

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

Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.

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

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

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

Comprised of the operating Minto and Marmato gold interests as well as the non-operating 777, Copper World Complex (formerly referred to as Rosemont), Santo Domingo, Blackwater, Fenix, Goose, Marathon and Curipamba gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.

Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Neves-Corvo, Aljustrel, Minto, Cozamin and Marmato silver interests, the non-operating 777, Loma de La Plata, Stratoni, Pascua-Lama, Copper World Complex (formerly referred to as Rosemont), Blackwater and Curipamba silver interests and the previously owned Keno Hill silver interest. The Stratoni mine was placed into care and maintenance during Q4-2021. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill stream was terminated in exchange for $141 million of Hecla common stock.

-13-

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

Three Months Ended September 30, 2022
	Ounces Produced ^{1, 2}	Ounces Sold ²	Average Realized Price ($'s Per Ounce)	Average Cash Cost ($'s Per Ounce)³	Cash Operating Margin ($'s Per Ounce) ⁴	Average Depletion ($'s Per Ounce)	Gross Margin ($'s Per Ounce)
Gold equivalent basis ⁵	159,852	138,824	$ 1,576	$ 439	$ 1,137	$ 401	$ 736
Silver equivalent basis ⁵	11,989	10,412	$ 21.02	$ 5.85	$ 15.17	$ 5.35	$ 9.82

2)	Silver ounces produced and sold in thousands.

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

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

Three Months Ended September 30, 2021
	Units Produced²	Units Sold	Average Realized Price ($'s Per Unit)		Average Cash Cost ($'s Per Unit) ³		Average Depletion ($'s Per Unit)		Sales		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	55,205	35,185	$	1,795	$	412	$	374	$	63,154	$	35,504	$	50,404	$	2,455,567
Sudbury ⁴	148	1,915		1,794		400		1,024		3,436		708		2,242		308,158
Constancia	8,533	8,159		1,795		411		315		14,645		8,723		11,487		101,741
San Dimas	11,936	11,346		1,795		618		322		20,365		9,693		13,351		171,617
Stillwater	2,949	2,820		1,795		326		397		5,061		3,024		4,144		220,949
Other ⁵	6,853	8,224		1,794		590		38		14,755		9,586		9,887		64,985
	85,624	67,649	$	1,795	$	464	$	337	$	121,416	$	67,238	$	91,515	$	3,323,017
Silver
Peñasquito	2,180	2,210	$	24.09	$	4.29	$	3.55	$	53,259	$	35,932	$	43,776	$	328,470
Antamina	1,548	1,502		23.99		4.80		7.53		36,000		17,503		28,993		589,816
Constancia	521	484		24.09		6.05		7.56		11,668		5,076		9,033		208,537
Other ⁶	2,100	1,291		22.97		6.33		4.49		29,660		15,686		24,011		602,796
	6,349	5,487	$	23.80	$	5.06	$	5.21	$	130,587	$	74,197	$	105,813	$	1,729,619
Palladium
Stillwater	5,105	5,703	$	2,426	$	468	$	442	$	13,834	$	8,644	$	11,168	$	234,883
Cobalt
Voisey's Bay	370	131	$	23.78	$	5.15	$	8.17	$	3,120	$	1,373	$	159	$	218,144
Operating results									$	268,957	$	151,452	$	208,655	$	5,505,663
Other
General and administrative											$	(7,932)	$	(4,729)
Share based compensation												(4,139)		-
Donations and community investments												(1,524)		(1,671)
Finance costs												(1,379)		(1,039)
Other												(1,108)		71
Income tax												(433)		-
Total other											$	(16,515)	$	(7,368)	$	541,077
											$	134,937	$	201,287	$	6,046,740

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

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

4)	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)	Comprised of the operating Minto, 777 and Marmato gold interests as well as the non-operating Copper World Complex gold interest (formerly referred to as Rosemont). On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.

Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Neves-Corvo, Aljustrel, Minto, 777, Marmato and Cozamin silver interests, the non-operating Loma de La Plata, Copper World Complex (formerly referred to as Rosemont) and Pascua-Lama silver interests and the previously owned Keno Hill silver interest. The Stratoni mine was placed into care and maintenance during Q4-2021. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill stream was terminated in exchange for $141 million of Hecla common stock.

-14-

On a gold equivalent and silver equivalent basis, results for the Company for the three months ended September 30, 2021 were as follows:

Three Months Ended September 30, 2021
	Ounces Produced ^{1, 2}	Ounces Sold ²	Average Realized Price ($'s Per Ounce)	Average Cash Cost ($'s Per Ounce)³	Cash Operating Margin ($'s Per Ounce) ⁴	Average Depletion ($'s Per Ounce)	Gross Margin ($'s Per Ounce)
Gold equivalent basis ⁵	183,012	149,862	$ 1,795	$ 417	$ 1,378	$ 367	$ 1,011
Silver equivalent basis ⁵	13,726	11,240	$ 23.93	$ 5.56	$ 18.37	$ 4.89	$ 13.48

2)	Silver ounces produced and sold in thousands.

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

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

-15-

Nine Months Ended September 30, 2022
	Units Produced²	Units Sold	Average Realized Price ($'s Per Unit)		Average Cash Cost ($'s Per Unit) ³		Average Depletion ($'s Per Unit)		Sales		Impairment Reversals / Gain on Disposal ⁴		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	123,224	122,846	$	1,834	$	416	$	334	$	225,267	$	-	$	133,146	$	174,134	$	2,396,952
Sudbury ⁵	15,386	16,775		1,828		400		1,091		30,673		-		5,657		22,980		288,863
Constancia	21,549	24,261		1,833		413		271		44,480		-		27,886		34,463		97,213
San Dimas	32,313	30,899		1,823		622		260		56,335		-		29,095		37,114		158,704
Stillwater	6,501	7,381		1,829		330		429		13,503		-		7,902		11,070		216,617
Other ⁶	19,031	22,076		1,829		734		45		40,388		-		23,183		22,912		461,359
	218,004	224,238	$	1,831	$	471	$	348	$	410,646	$	-	$	226,869	$	302,673	$	3,619,708
Silver
Peñasquito	6,325	5,883	$	22.21	$	4.36	$	3.57	$	130,686	$	-	$	84,058	$	105,036	$	301,040
Antamina	4,016	3,800		22.13		4.42		7.06		84,093		-		40,479		66,952		553,231
Constancia	1,654	1,636		22.15		6.09		6.34		36,227		-		15,883		26,260		195,507
Other ⁷	6,650	5,316		21.41		7.14		5.61		113,823		114,755		160,768		75,969		538,739
	18,645	16,635	$	21.93	$	5.43	$	5.29	$	364,829	$	114,755	$	301,188	$	274,217	$	1,588,517
Palladium
Stillwater	11,616	11,680	$	2,190	$	383	$	399	$	25,574	$	-	$	16,437	$	21,099	$	228,168
Platinum
Marathon	-	-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	-	$	9,425
Cobalt
Voisey's Bay	596	851	$	32.85	$	6.24	$	9.49	$	27,953	$	-	$	14,560	$	24,683	$	361,238
Operating results									$	829,002	$	114,755	$	559,054	$	622,672	$	5,807,056
Other
General and administrative													$	(27,448)	$	(28,933)
Share based compensation														(11,586)		(18,161)
Donations and community investments														(3,379)		(2,976)
Finance costs														(4,209)		(3,107)
Other														3,448		2,042
Income tax														(12,879)		(141)
Total other													$	(56,053)	$	(51,276)	$	780,539
													$	503,001	$	571,396	$	6,587,595

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

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

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

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

Comprised of the operating 777, Minto and Marmato gold interests as well as the non-operating Copper World Complex (formerly referred to as Rosemont), Santo Domingo, Blackwater, Fenix, Goose, Marathon and Curipamba gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.

Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Neves-Corvo, Aljustrel, Minto, Cozamin, Marmato and 777 silver interests, the non-operating Loma de La Plata, Stratoni, Pascua-Lama, Copper World Complex (formerly referred to as Rosemont), Blackwater and Curipamba silver interests and the previously owned Keno Hill silver interest. The Stratoni mine was placed into care and maintenance during Q4-2021. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill stream was terminated in exchange for $141 million of Hecla common stock.

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

Nine Months Ended September 30, 2022
	Ounces Produced ^{1, 2}	Ounces Sold ²	Average Realized Price ($'s Per Ounce)	Average Cash Cost ($'s Per Ounce)³	Cash Operating Margin ($'s Per Ounce) ⁴	Average Depletion ($'s Per Ounce)	Gross Margin ($'s Per Ounce)
Gold equivalent basis ⁵	491,088	475,259	$ 1,744	$ 433	$ 1,311	$ 376	$ 935
Silver equivalent basis ⁵	36,832	35,644	$ 23.26	$ 5.78	$ 17.48	$ 5.02	$ 12.46

2)	Silver ounces produced and sold in thousands.

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

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

Nine Months Ended September 30, 2021
	Units Produced²	Units Sold	Average Realized Price ($'s Per Unit)		Average Cash Cost ($'s Per Unit) ³		Average Depletion ($'s Per Unit)		Sales		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	157,417	143,904	$	1,797	$	412	$	374	$	258,549	$	145,466	$	200,993	$	2,455,567
Sudbury ⁴	11,715	12,551		1,812		400		1,024		22,742		4,864		17,722		308,158
Constancia	16,511	12,156		1,796		410		315		21,829		13,018		17,040		101,741
San Dimas	33,905	32,833		1,796		616		322		58,981		28,170		38,755		171,617
Stillwater	8,952	8,468		1,796		327		397		15,212		9,083		12,444		220,949
Other ⁵	25,725	22,931		1,806		585		67		41,421		26,471		27,981		64,985
	254,225	232,843	$	1,798	$	454	$	369	$	418,734	$	227,072	$	314,935	$	3,323,017
Silver
Peñasquito	6,408	6,228	$	25.59	$	4.29	$	3.55	$	159,374	$	110,552	$	132,655	$	328,470
Antamina	4,683	4,931		25.66		5.12		7.53		126,484		64,106		100,597		589,816
Constancia	1,395	1,125		25.41		6.03		7.56		28,605		13,306		22,109		208,537
Other ⁶	7,157	5,460		25.54		8.31		5.48		139,461		64,166		97,241		602,796
	19,643	17,744	$	25.58	$	5.87	$	5.50	$	453,924	$	252,130	$	352,602	$	1,729,619
Palladium
Stillwater	16,175	14,703	$	2,512	$	463	$	442	$	36,932	$	23,622	$	30,128	$	234,883
Cobalt
Voisey's Bay	1,912	658	$	21.09	$	4.67	$	8.17	$	13,878	$	5,429	$	1,244	$	218,144
Operating results									$	923,468	$	508,253	$	698,909	$	5,505,663
Other
General and administrative											$	(26,572)	$	(25,898)
Share based compensation												(13,746)		(16,926)
Donations and community investments												(3,712)		(3,247)
Finance costs												(4,309)		(3,246)
Other												2,194		315
Income tax												955		(51)
Total other											$	(45,190)	$	(49,053)	$	541,077
											$	463,063	$	649,856	$	6,046,740

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

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

4)	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)	Comprised of the operating Minto, 777 and Marmato gold interests as well as the non-operating Copper World Complex gold interest (formerly referred to as Rosemont). On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.

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On a gold equivalent and silver equivalent basis, results for the Company for the nine months ended September 30, 2021 were as follows:

Nine Months Ended September 30, 2021
	Ounces Produced ^{1, 2}	Ounces Sold ²	Average Realized Price ($'s Per Ounce)	Average Cash Cost ($'s Per Ounce)³	Cash Operating Margin ($'s Per Ounce) ⁴	Average Depletion ($'s Per Ounce)	Gross Margin ($'s Per Ounce)
Gold equivalent basis ⁵	570,040	498,635	$ 1,852	$ 441	$ 1,411	$ 392	$ 1,019
Silver equivalent basis ⁵	42,753	37,398	$ 24.69	$ 5.88	$ 18.81	$ 5.23	$ 13.58

2)	Silver ounces produced and sold in thousands.

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

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

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Non-IFRS Measures

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

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

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

	Three Months Ended September 30					Nine Months Ended September 30
(in thousands, except for per share amounts)		2022		2021			2022		2021
Net earnings		$	196,460	$	134,937		$	503,001	$	463,063
Add back (deduct):
Impairment reversal			(10,330)		-			(10,330)		-
Gain on disposal of Mineral Stream Interest			(104,425)		-			(104,425)		-
(Gain) loss on fair value adjustment of share purchase warrants held			204		1,246			1,101		2,392
(Gain) loss on fair value adjustment of convertible notes receivable			-		490			1,380		(4,136)
Income tax (expense) recovery recognized in the Statement of Shareholders' Equity			3,644		(269)			4,143		837
Income tax (expense) recovery recognized in the Statement of OCI			546		627			701		(1,989)
Income tax expense resulting from PMPA disposition, net of above			7,779		-			7,779		-
Other			-		56			(2,182)		(319)
Adjusted net earnings		$	93,878	$	137,087		$	401,168	$	459,848
Divided by:
Basic weighted average number of shares outstanding			451,757		450,326			451,402		449,977
Diluted weighted average number of shares outstanding			452,386		451,717			452,221		451,369
Equals:
Adjusted earnings per share - basic		$	0.208	$	0.304		$	0.889	$	1.022
Adjusted earnings per share - diluted		$	0.208	$	0.303		$	0.887	$	1.019

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ii.

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

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

	Three Months Ended September 30					Nine Months Ended September 30
(in thousands, except for per share amounts)		2022		2021			2022		2021
Cash generated by operating activities		$	154,497	$	201,287		$	571,396	$	649,856
Divided by:
Basic weighted average number of shares outstanding			451,757		450,326			451,402		449,977
Diluted weighted average number of shares outstanding			452,386		451,717			452,221		451,369
Equals:
Operating cash flow per share - basic		$	0.342	$	0.447		$	1.266	$	1.444
Operating cash flow per share - diluted		$	0.342	$	0.446		$	1.264	$	1.440

iii.

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

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

	Three Months Ended September 30					Nine Months Ended September 30
(in thousands, except for gold and palladium ounces sold and per unit amounts)		2022		2021			2022		2021
Cost of sales		$	116,683	$	117,505		$	384,703	$	415,215
Less: depletion			(55,728)		(54,976)			(178,812)		(195,458)
Cash cost of sales		$	60,955	$	62,529		$	205,891	$	219,757
Cash cost of sales is comprised of:
Total cash cost of gold sold		$	29,398	$	31,405		$	105,719	$	105,721
Total cash cost of silver sold			29,238		27,782			90,384		104,159
Total cash cost of palladium sold			1,493		2,667			4,475		6,804
Total cash cost of cobalt sold			826		675			5,313		3,073
Total cash cost of sales		$	60,955	$	62,529		$	205,891	$	219,757
Divided by:
Total gold ounces sold			62,000		67,649			224,238		232,843
Total silver ounces sold			5,234		5,487			16,635		17,744
Total palladium ounces sold			4,227		5,703			11,680		14,703
Total cobalt pounds sold			115		131			851		658
Equals:
Average cash cost of gold (per ounce)		$	474	$	464		$	471	$	454
Average cash cost of silver (per ounce)		$	5.59	$	5.06		$	5.43	$	5.87
Average cash cost of palladium (per ounce)		$	353	$	468		$	383	$	463
Average cash cost of cobalt (per pound)		$	7.21	$	5.15		$	6.24	$	4.67

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iv.

Cash operating margin is calculated by subtracting the average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis from the average realized selling price of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis. The Company presents cash operating margin as management and certain investors use this information to evaluate the Company’s performance in comparison to other companies in the precious metal mining industry who present results on a similar basis as well as to evaluate the Company’s ability to generate cash flow.

The following table provides a reconciliation of cash operating margin.

	Three Months Ended September 30					Nine Months Ended September 30
(in thousands, except for gold and palladium ounces sold and per unit amounts)		2022		2021			2022		2021
Total sales:
Gold		$	107,128	$	121,416		$	410,646	$	418,734
Silver		$	100,270	$	130,587		$	364,829	$	453,924
Palladium		$	8,838	$	13,834		$	25,574	$	36,932
Cobalt		$	2,600	$	3,120		$	27,953	$	13,878
Divided by:
Total gold ounces sold			62,000		67,649			224,238		232,843
Total silver ounces sold			5,234		5,487			16,635		17,744
Total palladium ounces sold			4,227		5,703			11,680		14,703
Total cobalt pounds sold			115		131			851		658
Equals:
Average realized price of gold (per ounce)		$	1,728	$	1,795		$	1,831	$	1,798
Average realized price of silver (per ounce)		$	19.16	$	23.80		$	21.93	$	25.58
Average realized price of palladium (per ounce)		$	2,091	$	2,426		$	2,190	$	2,512
Average realized price of cobalt (per pound)		$	22.68	$	23.78		$	32.85	$	21.09
Less:
Average cash cost of gold ¹ (per ounce)		$	(474)	$	(464)		$	(471)	$	(454)
Average cash cost of silver ¹ (per ounce)		$	(5.59)	$	(5.06)		$	(5.43)	$	(5.87)
Average cash cost of palladium ¹ (per ounce)		$	(353)	$	(468)		$	(383)	$	(463)
Average cash cost of cobalt ¹ (per pound)		$	(7.21)	$	(5.15)		$	(6.24)	$	(4.67)
Equals:
Cash operating margin per gold ounce sold		$	1,254	$	1,331		$	1,360	$	1,344
As a percentage of realized price of gold			73%		74%			74%		75%
Cash operating margin per silver ounce sold		$	13.57	$	18.74		$	16.50	$	19.71
As a percentage of realized price of silver			71%		79%			75%		77%
Cash operating margin per palladium ounce sold		$	1,738	$	1,958		$	1,807	$	2,049
As a percentage of realized price of palladium			83%		81%			83%		82%
Cash operating margin per cobalt pound sold		$	15.47	$	18.63		$	26.61	$	16.42
As a percentage of realized price of cobalt			68%		78%			81%		78%

1) Please refer to non-IFRS measure (iii), above.

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

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

-21-

financial performance of Wheaton and, in some instances, the business, mining operations and performance of Wheaton’s PMPA counterparties. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to the termination of the Yauliyacu silver stream for $150 million, the value of silver produced and delivered after January 1, 2022 and the satisfaction of each party's obligations in accordance with definitive documentation relating to the termination of the Yauliyacu silver stream, the future price of commodities, the estimation of future production from Mining Operations (including in the estimation of production, mill throughput, grades, recoveries and exploration potential), the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates) and the realization of such estimations, the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton’s PMPA counterparties at mineral stream interests owned by Wheaton (the “Mining Operations”), the payment of upfront cash consideration to counterparties under PMPAs, the satisfaction of each party's obligations in accordance with PMPAs and royalty arrangements and the receipt by the Company of precious metals and cobalt production in respect of the applicable Mining Operations under PMPAs or other payments under royalty arrangements, the ability of Wheaton’s PMPA counterparties to comply with the terms of a PMPA (including as a result of the business, mining operations and performance of Wheaton’s PMPA counterparties) and the potential impacts of such on Wheaton, future payments by the Company in accordance with PMPAs, the costs of future production, the estimation of produced but not yet delivered ounces, the impact of epidemics (including the COVID-19 virus pandemic), including the potential heightening of other risks, future sales of common shares under the ATM program, continued listing of the Company’s common shares, any statements as to future dividends, the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs, including any acceleration of payments, projected increases to Wheaton's production and cash flow profile, projected changes to Wheaton's production mix, the ability of Wheaton’s PMPA counterparties to comply with the terms of any other obligations under agreements with the Company, the ability to sell precious metals and cobalt production, confidence in the Company's business structure, the Company's assessment of taxes payable and the impact of the CRA Settlement for years subsequent to 2010, possible domestic audits for taxation years subsequent to 2016 and international audits, the Company’s assessment of the impact of any tax reassessments, the Company's intention to file future tax returns in a manner consistent with the CRA Settlement, the Company’s climate change and environmental commitments, and assessments of the impact and resolution of various legal and tax matters, including but not limited to audits. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", "potential", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks relating to the termination of the Yauliyacu silver stream and the satisfaction of each party's obligations in accordance with the terms of the definitive documentation relating to the termination of the Yauliyacu silver stream, the satisfaction of each party's obligations in accordance with the terms of the Company’s PMPAs or royalty arrangements, risks associated with fluctuations in the price of commodities (including Wheaton’s ability to sell its precious metals or cobalt production at acceptable prices or at all), risks of significant impacts on Wheaton or the Mining Operations as a result of an epidemic (including the COVID-19 virus pandemic), risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with the exploration, development, operating, expansion and improvement of the Mining Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as plans continue to be refined), the absence of control over the Mining Operations and having

-22-

to rely on the accuracy of the public disclosure and other information Wheaton receives from the Mining Operations, uncertainty in the estimation of production from Mining Operations, uncertainty in the accuracy of mineral reserve and mineral resource estimation, the ability of each party to satisfy their obligations in accordance with the terms of the PMPAs, the estimation of future production from Mining Operations, Wheaton's interpretation of, compliance with or application of, tax laws and regulations or accounting policies and rules being found to be incorrect, any challenge or reassessment by the CRA of the Company's tax filings being successful and the potential negative impact to the Company's previous and future tax filings, assessing the impact of the CRA Settlement (including whether there will be any material change in the Company's facts or change in law or jurisprudence), potential implementation of a 15% global minimum tax, counterparty credit and liquidity, mine operator concentration, indebtedness and guarantees, hedging, competition, claims and legal proceedings against Wheaton or the Mining Operations, security over underlying assets, governmental regulations, international operations of Wheaton and the Mining Operations, exploration, development, operations, expansions and improvements at the Mining Operations, environmental regulations, climate change, Wheaton and the Mining Operations ability to obtain and maintain necessary licenses, permits, approvals and rulings, Wheaton and the Mining Operations ability to comply with applicable laws, regulations and permitting requirements, lack of suitable supplies, infrastructure and employees to support the Mining Operations, inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by certain Mining Operations (including increases in production, estimated grades and recoveries), uncertainties of title and indigenous rights with respect to the Mining Operations, environmental, social and governance matters, Wheaton and the Mining Operations ability to obtain adequate financing, the Mining Operations ability to complete permitting, construction, development and expansion, global financial conditions, Wheaton’s acquisition strategy and other risks discussed in the section entitled "Description of the Business – Risk Factors" in Wheaton's Annual Information Form available on SEDAR at www.sedar.com, Wheaton's Form 40-F for the year ended December 31, 2021 and Form 6-K filed March 31, 2022 both 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 receipt of $150 million from Glencore, the estimated value of silver to be produced and delivered after January 1, 2022 and the satisfaction of each party's obligations in accordance with the terms of the definitive documentation relating to the termination of the Yauliyacu silver stream, that there will be no material adverse change in the market price of commodities, that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates, that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate, that each party will satisfy their obligations in accordance with the PMPAs, that Wheaton will continue to be able to fund or obtain funding for outstanding commitments, that Wheaton will be able to source and obtain accretive PMPAs, that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic (including the COVID-19 virus pandemic), that any outbreak or threat of an outbreak of a virus or other contagions or epidemic disease will be adequately responded to locally, nationally, regionally and internationally, without such response requiring any prolonged closure of the Mining Operations or having other material adverse effects on the Company and counterparties to its PMPAs, that the trading of the Company’s common shares will not be adversely affected by the differences in liquidity, settlement and clearing systems as a result of multiple listings of the Common Shares on the LSE, the TSX and the NYSE, that the trading of the Company’s common shares will not be suspended, and that the net proceeds of sales of common shares, if any, will be used as anticipated, that expectations regarding the resolution of legal and tax matters will be achieved (including ongoing CRA audits involving the Company), that Wheaton has properly considered the interpretation and application of Canadian tax law to its structure and operations, that Wheaton has filed its tax returns and paid applicable taxes in compliance with Canadian tax law, that Wheaton's application of the CRA Settlement is accurate (including the Company's assessment that there will be no material change in the Company's facts or change in law or

-23-

jurisprudence), and such other assumptions and factors as set out in the Disclosure. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are 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.

For further information, please contact:

Patrick Drouin

Investor Relations

Wheaton Precious Metals Corp.

Tel: 1-844-288-9878

Email: info@wheatonpm.com

Website: www.wheatonpm.com

EX-99.2 3 wpm6kexhibit99-2.htm THIRD QUARTER 2022 MD&A

Management’s Discussion and Analysis of Results of Operations and Financial Condition for the Three and Nine Months Ended September 30, 2022

This Management’s Discussion and Analysis (“MD&A”) should be read in conjunction with Wheaton Precious Metals Corp.’s (“Wheaton” or the “Company”) unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2022 and related notes thereto which have been prepared in accordance with IAS 34, Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board. In addition, the following should be read in conjunction with the 2021 audited consolidated financial statements, the related MD&A and the 2021 Annual Information Form as well as other information relating to Wheaton on file with the Canadian securities regulatory authorities and on SEDAR at www.sedar.com. Reference to Wheaton or the Company includes the Company’s wholly-owned subsidiaries. This MD&A contains “forward-looking” statements that are subject to risk factors set out in the cautionary note contained on page 50 of this MD&A as well as throughout this document. All figures are presented in United States dollars unless otherwise noted. This MD&A has been prepared as of November 3, 2022.

Table of Contents

Operational Overview	4
Highlights	5
Outlook	5
Mineral Stream Interests	7
Mineral Royalty Interests	10
Long-Term Equity Investments	10
Convertible Notes Receivable	12
Quarterly Financial Review¹	15
Results of Operations and Operational Review	16
Liquidity and Capital Resources	27
Share Capital	36
Financial Instruments	36
Future Changes to Accounting Policies	36
Non-IFRS Measures	38
Subsequent Events	42
Controls and Procedures	42
Attributable Reserves and Resources	43
Cautionary Note Regarding Forward-Looking Statements	50

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [2]

Overview

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

As of September 30, 2022, the Company has 30 long-term purchase agreements (three of which are early deposit agreements), with 22 different mining companies, for the purchase of precious metals and cobalt (“precious metal purchase agreements” or "PMPA") relating to 21 mining assets which are currently operating, 13 which are at various stages of development and 3 which have been placed in care and maintenance or have been closed, located in 13 countries. Pursuant to the PMPAs, Wheaton acquires metal production from the counterparties for an initial upfront payment plus an additional cash payment for each ounce or pound delivered which is fixed by contract, generally at or below the prevailing market price. Attributable metal production as referred to in this MD&A is the metal production to which Wheaton is entitled pursuant to the various PMPAs. During the three months ended September 30, 2022, the per ounce price paid by the Company for the metals acquired under the agreements averaged $474 for gold, $5.59 for silver, $353 for palladium and $4.27 per pound for cobalt. The primary drivers of the Company’s financial results are the volume of metal production at the various mining assets to which the PMPAs relate and the price realized by Wheaton upon the sale of the metals received. Throughout this MD&A, the production and sales volume of gold, silver and palladium are reported in ounces, while cobalt is reported in pounds.

COVID-19 Update

Partner Operations

Wheaton continues to review our partners’ operations to understand their policies and procedures around the COVID-19 pandemic. We have been advised that each operation will make decisions according to their local situation and applicable laws, as well as considering the health and safety of their employees. There can be no assurance that our partners’ operations will remain operational, or operate at expected levels, for the duration of the COVID-19 pandemic.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [3]

Operational Overview

		Q3 2022		Q3 2021	Change		YTD 2022		YTD 2021	Change
Units produced
Gold ounces		73,508		85,624	(14.2)%		218,004		254,225	(14.2)%
Silver ounces		5,883		6,349	(7.3)%		18,645		19,643	(5.1)%
Palladium ounces		3,229		5,105	(36.7)%		11,616		16,175	(28.2)%
Cobalt pounds		226		370	(39.0)%		596		1,912	(68.8)%
Gold equivalent ounces ²		159,852		183,012	(12.7)%		491,088		570,040	(13.9)%
Silver equivalent ounces ²		11,989		13,726	(12.7)%		36,832		42,753	(13.9)%
Units sold
Gold ounces		62,000		67,649	(8.4)%		224,238		232,843	(3.7)%
Silver ounces		5,234		5,487	(4.6)%		16,635		17,744	(6.3)%
Palladium ounces		4,227		5,703	(25.9)%		11,680		14,703	(20.6)%
Cobalt pounds		115		131	(12.2)%		851		658	29.3 %
Gold equivalent ounces ²		138,824		149,862	(7.4)%		475,259		498,635	(4.7)%
Silver equivalent ounces ²		10,412		11,240	(7.4)%		35,644		37,398	(4.7)%
Change in PBND and Inventory ³
Gold ounces		7,916		14,581	6,665		(17,742)		10,264	28,006
Silver ounces		(122)		42	164		(650)		(641)	9
Palladium ounces		(1,226)		(1,203)	23		(589)		23	612
Cobalt pounds		96		214	118		(295)		1,125	1,420
Gold equivalent ounces ²		6,620		17,659	11,039		(32,497)		22,375	54,872
Silver equivalent ounces²		497		1,324	827		(2,437)		1,678	4,115
Per unit metrics
Sales price
Gold per ounce	$	1,728	$	1,795	(3.7)%	$	1,831	$	1,798	1.8 %
Silver per ounce	$	19.16	$	23.80	(19.5)%	$	21.93	$	25.58	(14.3)%
Palladium per ounce	$	2,091	$	2,426	(13.8)%	$	2,190	$	2,512	(12.8)%
Cobalt per pound	$	22.68	$	23.78	(4.6)%	$	32.85	$	21.09	55.8 %
Gold equivalent per ounce ²	$	1,576	$	1,795	(12.2)%	$	1,744	$	1,852	(5.8)%
Silver equivalent per ounce ²	$	21.02	$	23.93	(12.2)%	$	23.26	$	24.69	(5.8)%
Cash costs ⁴
Gold per ounce ⁴	$	474	$	464	(2.2)%	$	471	$	454	(3.7)%
Silver per ounce ⁴	$	5.59	$	5.06	(10.5)%	$	5.43	$	5.87	7.5 %
Palladium per ounce ⁴	$	353	$	468	24.6 %	$	383	$	463	17.3 %
Cobalt per pound ⁴	$	7.21	$	5.15	(40.0)%	$	6.24	$	4.67	(33.6)%
Gold equivalent per ounce ²	$	439	$	417	(5.3)%	$	433	$	441	1.8 %
Silver equivalent per ounce ²	$	5.85	$	5.56	(5.2)%	$	5.78	$	5.88	1.7 %
Cash operating margin ⁴
Gold per ounce ⁴	$	1,254	$	1,331	(5.8)%	$	1,360	$	1,344	1.2 %
Silver per ounce ⁴	$	13.57	$	18.74	(27.6)%	$	16.50	$	19.71	(16.3)%
Palladium per ounce ⁴	$	1,738	$	1,958	(11.2)%	$	1,807	$	2,049	(11.8)%
Cobalt per pound ⁴	$	15.47	$	18.63	(17.0)%	$	26.61	$	16.42	62.1 %
Gold equivalent per ounce ²	$	1,137	$	1,378	(17.5)%	$	1,311	$	1,411	(7.1)%
Silver equivalent per ounce ²	$	15.17	$	18.37	(17.4)%	$	17.48	$	18.81	(7.1)%
Total revenue	$	218,836	$	268,957	(18.6)%	$	829,002	$	923,468	(10.2)%
Gold revenue	$	107,128	$	121,416	(11.8)%	$	410,646	$	418,734	(1.9)%
Silver revenue	$	100,270	$	130,587	(23.2)%	$	364,829	$	453,924	(19.6)%
Palladium revenue	$	8,838	$	13,834	(36.1)%	$	25,574	$	36,932	(30.8)%
Cobalt revenue	$	2,600	$	3,120	(16.7)%	$	27,953	$	13,878	101.4 %
Net earnings	$	196,460	$	134,937	45.6 %	$	503,001	$	463,063	8.6 %
Per share	$	0.435	$	0.300	45.0 %	$	1.114	$	1.029	8.3 %
Adjusted net earnings⁴	$	93,878	$	137,087	(31.5)%	$	401,168	$	459,848	(12.8)%
Per share ⁴	$	0.208	$	0.304	(31.6)%	$	0.889	$	1.022	(13.0)%
Operating cash flows	$	154,497	$	201,287	(23.2)%	$	571,396	$	649,856	(12.1)%
Per share⁴	$	0.342	$	0.447	(23.5)%	$	1.266	$	1.444	(12.3)%
Dividends paid ⁵	$	67,754	$	67,541	0.3 %	$	203,150	$	189,027	7.5 %
Per share	$	0.15	$	0.15	0.0 %	$	0.45	$	0.42	7.1 %

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

2)	Please refer to the tables on pages 17, 18, 21 and 22 for further information on the methodology of converting production and sales volumes to gold-equivalent ounces ("GEOs") and silver-equivalent ounces ("SEOs").

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

4)	Refer to discussion on non-IFRS measures beginning on page 38 of this MD&A.

5)	Dividends declared in the referenced calendar quarter, relative to the financial results of the prior quarter.

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [4]

Highlights

Operations

•

For the three months ended September 30, 2022 relative to the comparable period of the prior year:

Production amounted to 159,900 gold equivalent ounces ("GEOs"), a decrease of 13%, primarily due to lower production at Salobo and the closure of the 777 mine.

Revenue amounted to $219 million (49% gold, 46% silver, 4% palladium and 1% cobalt), with the $50 million decrease being due to the combination of a 7% decrease in sales volumes and a 12% drop in commodity prices.

Gross margin amounted to $102 million, with the $49 million decrease being driven by the lower revenue combined with cost of sales reflecting a higher proportion of sales being attributable to PMPA's with a higher unit cost.

Net earnings amounted to $196 million, with the $62 million increase being due primarily to the disposal of the Keno Hill PMPA which contributed $103 million of net earnings.

Adjusted net earnings amounted to $94 million, with the $43 million decrease being due primarily to the lower gross margin.

Operating cashflow amounted to $154 million, with the $47 million decrease being due primarily to the lower adjusted net earnings.

•

For the nine months ended September 30, 2022 relative to the comparable period of the prior year:

Production amounted to 491,100 GEOs, a decrease of 14%, primarily due to lower production at Salobo and Voisey’s Bay, with prior year production from Voisey’s Bay including 12,000 GEOs produced in prior periods.

Revenue amounted to $829 million (50% gold, 44% silver, 3% palladium and 3% cobalt), with the $94 million decrease being due to a 5% decrease in sales volumes and a 6% decrease in commodity prices.

Gross margin amounted to $444 million, a decrease of $64 million.

Net earnings amounted to $503 million, with the $40 million increase being due primarily to the disposal of the Keno Hill PMPA.

Adjusted net earnings amounted to $401 million, with the $59 million decrease being due primarily to the lower gross margin.

Operating cashflow amounted to $571 million, with the $78 million decrease being due primarily to the lower gross margin combined with higher payouts under the Company’s PSU program.

•

On November 3, 2022, the Board of Directors declared a dividend in the amount of $0.15 per common share.

Other

•

On August 18, 2022, the Company announced that it had entered into an agreement with Glencore plc ("Glencore") to terminate its silver stream on the Yauliyacu PMPA for a cash payment of $150 million, less the aggregate value of any deliveries to Wheaton, prior to closing, of silver produced subsequent to December 31, 2021. The closing of the transaction is contingent on Glencore divesting the Yauliyacu mine by December 31, 2022 and certain other customary conditions. Glencore retains the option to terminate the silver stream even if it does not divest the Yauliyacu mine by December 31, 2022

•

On September 7, 2022, Hecla Mining Company (“Hecla”) completed the previously announced acquisition of all the outstanding common shares of Alexco Resource Corp (“Alexco”). In conjunction with this acquisition, the Company entered an agreement with Hecla to terminate the Keno Hill PMPA effective September 7, 2022 in exchange for $141 million of Hecla common stock.

•

During the third quarter of 2022, the Company made upfront cash payments totaling $47 million relative to PMPA’s.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [5]

Outlook¹

Wheaton’s estimated attributable production for 2022 is forecast to be 300,000 to 320,000 ounces of gold, 22.5 to 24.0 million ounces of silver, and 35,000 to 40,000 gold equivalent ounces² (“GEOs”) of other metals, resulting in production of approximately 640,000 to 680,000 GEOs. As a result of the proposed termination of the Yauliyacu PMPA, the Company now expects average annual production for the five-year period ending December 31, 2026, to be approximately 800,000 GEOs² (from 820,000 GEOs² previously) and for the ten-year period ending December 31, 2031, to be approximately 850,000 GEOs² (from 870,000 GEOs² previously).

From a liquidity perspective, the $495 million of cash and cash equivalents as at September 30, 2022 combined with the liquidity provided by the available credit under the $2 billion revolving term loan (“Revolving Facility”) and ongoing operating cash flows positions the Company well to fund all outstanding commitments and known contingencies as well as providing flexibility to acquire additional accretive mineral stream interests.

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

² Gold equivalent forecast production for 2022 and the longer term outlook are based on the following commodity price assumptions: $1,800 / ounce gold, $24 / ounce silver, $2,100 / ounce palladium, $1,000 / ounce platinum and $33.00 / pound of cobalt. Other metal includes palladium, platinum and cobalt. Five- and ten-year guidance do not include optionality production from Pascua Lama, Navidad, Cotabambas, Metates or additional expansions at Salobo outside of the project currently in construction. In addition, five-year guidance also does not include any production from Kutcho, or the Victor project at Sudbury.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [6]

Mineral Stream Interests¹

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

Mineral Stream Interests	Mine Owner ¹	Location¹	Attributable Production	Per Unit Production Payment ^2,3	Total Upfront Consideration Paid to Date ³	Cash Flow Generated to Date ³	Units Received & Sold to Date ³	Q3-2022 Inventory & PBND ^{3, 4}	Term ¹	Date of Original Contract
Gold
Salobo	Vale	BRA	75%	$416	$ 3,059,360	$ 1,796,011	1,725,151	43,773	LOM	28-Feb-13
Sudbury ⁵	Vale	CAN	70%	$400	623,572	251,737	254,492	10,662	20 years	28-Feb-13
Constancia	Hudbay	PER	50% ⁶	$416	135,000	137,722	123,268	2,240	LOM	8-Aug-12
San Dimas	FM	MEX	variable ⁷	$624	220,000	188,071	184,147	3,853	LOM	10-May-18
Stillwater ⁸	Sibanye	USA	100%	18% of spot	237,880	65,975	49,386	4,629	LOM	16-Jul-18
Other					857,849	540,446	541,830	2,090
Minto	MNTO	CAN	100% ⁹	65%² of spot					LOM	20-Nov-08
Copper World ¹⁰	Hudbay	USA	100%	$450					LOM	10-Feb-10
777 ¹¹	Hudbay	CAN	50%	$433					LOM	8-Aug-12
Marmato ¹²	Aris	CO	10.5% ¹²	18% of spot					LOM	5-Nov-20
Santo Domingo	Capstone	CHL	100% ¹³	18% of spot					LOM	24-Mar-21
Fenix	Rio2	CHL	6% ¹⁴	18% of spot					LOM	15-Nov-21
Blackwater	Artemis	CAN	8% ¹⁵	35% of spot					LOM	13-Dec-21
Curipamba	Adventus	ECU	50% ¹⁶	18% of spot					LOM	17-Jan-22
Marathon	Gen Mining	CAN	100% ¹⁷	18% of spot					LOM	26-Jan-22
Goose	Sabina	CAN	4.15% ¹⁸	18% of spot					LOM	08-Feb-22
					$ 5,133,661	$ 2,979,962	2,878,274	67,247
Silver
Peñasquito	Newmont	MEX	25%	$4.36	$ 485,000	$ 1,271,497	73,730	827	LOM	24-Jul-07
Antamina	Glencore	PER	33.75% ¹⁹	20% of spot	900,000	597,259	39,448	1,791	LOM	3-Nov-15
Constancia	Hudbay	PER	100%	$6.14	294,900	182,110	14,666	165	LOM	8-Aug-12
Other					992,943	1,436,924	100,854	767
Los Filos	Equinox	MEX	100%	$4.60					25 years	15-Oct-04
Zinkgruvan	Lundin	SWE	100%	$4.53					LOM	8-Dec-04
Yauliyacu	Glencore	PER	100% ²⁰	$9.05					LOM	23-Mar-06
Stratoni	Eldorado	GRC	100%	$11.54					LOM	23-Apr-07
Neves-Corvo	Lundin	PRT	100%	$4.42					50 years	5-Jun-07
Aljustrel	Almina	PRT	100% ²¹	50% of spot					50 years	5-Jun-07
Minto	MNTO	CAN	100%	$4.35					LOM	20-Nov-08
Pascua-Lama	Barrick	CHL/ARG	25%	$3.90					LOM	8-Sep-09
Copper World ¹⁰	Hudbay	USA	100%	$3.90					LOM	10-Feb-10
777 ¹¹	Hudbay	CAN	100%	$6.38					LOM	8-Aug-12
Navidad	PAAS	ARG	12.5%	$4.00					LOM	n/a ²²
Marmato ¹²	Aris	CO	100% ¹²	18% of spot					LOM	5-Nov-20
Cozamin	Capstone	MEX	50% ²³	10% of spot					LOM	11-Dec-20
Blackwater	Artemis	CAN	50% ¹⁵	18% of spot					LOM	13-Dec-21
Curipamba	Adventus	ECU	75% ¹⁶	18% of spot					LOM	17-Jan-22
					$ 2,672,843	$ 3,487,790	228,698	3,550
Palladium
Stillwater ⁸	Sibanye	USA	4.5% ²⁴	18% of spot	$ 262,120	$ 128,331	80,473	5,041	LOM	16-Jul-18
Platinum
Marathon	Gen Mining	CAN	22% ¹⁷	18% of spot	$ 9,367	$ -	-	-	LOM	26-Jan-22
Cobalt
Voisey's Bay	Vale	CAN	42.4% ²⁵	18% of spot	$ 390,000	$ 28,099	1,737	958	LOM	11-Jun-18
Total					$ 8,467,991	$ 6,624,182

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

2)	Please refer to the section entitled “Contractual Obligations and Contingencies – Mineral Stream Interests” on page 31 of this MD&A for more information.

All figures in thousands except gold and palladium ounces and per ounce amounts. The total upfront consideration paid to date excludes closing costs and capitalized interest, where applicable. Please refer to the section entitled “Other Contractual Obligations and Contingencies” on page 33 of this MD&A for details of when the remaining upfront consideration is forecasted to be paid.

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

Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests. As of September 30, 2022, the Company has received approximately $252 million of operating cash flows from the Sudbury stream. Should the market value of gold delivered to

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [7]

Wheaton through the 20-year term of the contract, net of the per ounce cash payment, be lower than the initial $670 million refundable deposit, the Company will be entitled to a refund of the difference at the conclusion of the term. As a result of a labour disruption that lasted from June 1, 2021 to August 9, 2021, the term of the agreement was extended by 69 days.

On May 10, 2021, Wheaton and Hudbay agreed to amend the Constancia streaming agreement so that Hudbay would no longer be required to deliver an additional 8,020 ounces of gold to Wheaton for not mining four million tonnes of ore from Pampacancha by June 30, 2021. As part of this amendment, Hudbay has agreed to increase the fixed gold recoveries that apply to Constancia ore production from 55% to 70% during the reserve life of Pampacancha. Additionally, as Hudbay mined and processed four million tonnes of ore from the Pampacancha deposit by December 31, 2021, the Company was required to make an additional deposit payment of $4 million to Hudbay, which was paid on December 23, 2021.

The original San Dimas SPA, entered into on October 15, 2004, was terminated on May 10, 2018 and concurrently the Company entered into the new San Dimas PMPA. Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the "70" shall be revised to "50" or "90", as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the "70" shall be reinstated. The current ratio is 70:1.

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

9)	The Company is entitled to acquire 100% of the first 30,000 ounces of gold produced per annum and 50% thereafter.

10)	Copper World Complex (formerly referred to as Rosemont in this MD&A).

11)

As of September 30, 2022, the Company has received approximately $374 million of operating cash flows from the 777 stream. Should the market value of gold and silver delivered to Wheaton through the initial 40 year term of the contract, net of the per ounce cash payment, be lower than the initial $455 million upfront consideration, the Company will be entitled to a refund of the difference at the conclusion of the 40 year term. On June 22, 2022, Hudbay announced that mining activities at the 777 mine have concluded after the reserves were depleted and closure activities have commenced.

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

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

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

15)	Once the Company has received 279,908 ounces of gold under the Blackwater gold PMPA, the attributable gold production will be reduced to 4%. Once the Company has received 17.8 million ounces of silver under the Blackwater silver PMPA, the attributable silver production will be reduced to 33%.

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

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

18)	Once the Company has received 130,000 ounces of gold under the Goose PMPA, the Company’s attributable gold production will be 2.15%, and once the Company has received 200,000 ounces of gold under the agreement, the Company’s attributable gold production will be reduced to 1.5%.

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

20)	Under the Yauliyacu agreement, per annum the Company will purchase an amount equal to 100% of the first 1.5 million ounces of silver for which an offtaker payment is due, and 50% of any excess.

21)	Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine.

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

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

24)

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

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

Updates on the Operating Mineral Stream Interests

Salobo – Mill Throughput Expansion

The Salobo mine currently has a mill throughput capacity of 24 million tonnes per annum (“Mtpa”). Vale is currently undertaking the Salobo III mine expansion (the “Salobo Expansion”), which is proposed to include a third concentrator line and will use Salobo’s existing infrastructure. Vale reports that physical completion of the Salobo III mine expansion was 98% at the end of the third quarter. Progress in the third quarter included the primary crushing circuit being fully commissioned, hot commissioning of the conveyor system, and commencement of wet commissioning of the flotation circuit.

Voisey’s Bay – Underground Mine Extension

Vale reports that physical completion of the Voisey’s Bay underground mine extension was 78% at the end of the third quarter. Progress in the third quarter included surface activities being well advanced with the port fuel tanks installed and Eastern Deeps mine fresh air infrastructure completed, and in the underground, the Reid Brook bulk Material Handling System advancing on schedule.

Sudbury – Copper Cliff Mine

Vale reports that in the third quarter, the first phase of the Copper Cliff Complex South Mine Project was opened, including the development of more than 12km of tunnels to reunite the south and north shafts of the mine, which is expected to nearly double ore production at the Copper Cliff Mine. The Copper Cliff Mine has historically represented approximately 20% of attributable production for Wheaton from Sudbury.

Stillwater – Flooding

As per Sibanye-Stillwater Limited (“Sibanye-Stillwater”), regional floods impacted the Stillwater operations on June 13, 2022, including damage to bridges and the access road to the Stillwater mine. Operations at the Stillwater mine, which accounts for 60% of the mined production from the Stillwater operations, were suspended for seven weeks, but resumed on July 29, 2022. Access to the East Boulder mine and the Columbus metallurgical facilities remains intact and both facilities continued operating during the flooding events.

Keno Hill

On September 7, 2022, Hecla completed the previously announced acquisition of all the outstanding common shares of Alexco. In conjunction with this acquisition, the Company entered an agreement with Hecla to terminate the Keno Hill PMPA effective September 7, 2022 in exchange for $141 million of Hecla common stock.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [8]

Yauliyacu

On August 18, 2022, the Company announced that it had entered into an agreement with Glencore plc ("Glencore") to terminate its silver stream on the Yauliyacu mine in Peru for a cash payment of $150 million, less the aggregate value of any deliveries to Wheaton, prior to closing, of silver produced subsequent to December 31, 2021. As at September 30, 2022, the net termination payment is estimated to be approximately $136 million, while the carrying value of the stream was $84 million. The closing of the transaction is contingent on Glencore divesting the Yauliyacu mine by December 31, 2022 and certain other customary conditions. Glencore retains the option to terminate the silver stream even if it does not divest the Yauliyacu mine by December 31, 2022.

Updates on the Development Mineral Stream Interests

Fenix – Environmental Impact Assessment (“EIA”)

Under the terms of the Fenix PMPA related to the Fenix Gold project (“Fenix Gold”) in Chile, the Company is committed to pay total cash consideration of $50 million to Rio2 Limited (“Rio2”), of which $25 million was paid on March 25, 2022.

On July 5, 2022, Rio2 announced that the Regional Evaluation Commission voted to not approve the EIA. On September 7, 2022, Rio2 announced that it had identified numerous discrepancies with the factual and procedural matters in the Environmental Qualification Resolution (“RCA”), resulting in the filing of an administrative appeal on August 31, 2022. In parallel with the administrative appeal process, Rio2 indicated that they will work closely with regional authorities to address any remaining concerns. The estimated timing for obtaining EIA approval is approximately one and a half to two years.

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

Aris Mining

On September 26, 2022, GCM Mining Corp., (“GCM Mining”) and Aris Gold Corporation (“Aris Gold”) completed the business combination previously announced on July 25, 2022. The combined entity has been renamed Aris Mining Corporation (“Aris Mining”). The combined entity is the owner of the Marmato mine, in respect of which the Company has a PMPA, as well as the Toroparu project, in respect of which the Company has an Early Deposit PMPA.

Blackwater Project

Artemis Gold Inc. (“Artemis”) announced the commencement of site preparation work at the plant site including site clearing, bulk earthworks and sediment/erosion control. Artemis believes the Blackwater plant site will start major construction works in the first quarter of 2023.

Marathon Project

Generation Mining Limited (“Gen Mining”) delivered the environmental assessment report for the Marathon Project to federal and provincial ministers and announced the purchasing of an unused, surplus SAG mill and ball mill. Gen Mining anticipates starting construction late in the first quarter of 2023.

Curipamba Project

Adventus Mining Corporation (“Adventus”) announced an Investment Protection Agreement commitment declaration by the Government of Ecuador indicating a significant milestone in the development of the Curipamba Project. Adventus plans for a formal construction commencement in the second quarter of 2023.

Goose Project

Sabina Gold & Silver Corp. (“Sabina”) announced a formal construction decision for the Goose Project. Sabina noted that the project will be in a position to commence full construction in early 2023 with first production expected in 2025.

Early Deposit Mineral Stream Interests

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [9]

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

	Mine Owner								Attributable Production to be Purchased
Early Deposit Mineral Stream Interests	Mine Owner	Location of Mine	Upfront Consideration Paid to Date ¹		Upfront Consideration to be Paid ^{1, 2}		Total Upfront Consideration¹		Gold	Silver	Term of Agreement	Date of Original Contract
Toroparu	Aris Mining	Guyana	$	15,500	$	138,000	$	153,500	10%	50%	Life of Mine	11-Nov-13
Cotabambas	Panoro	Peru		13,000		127,000		140,000	25% ³	100% ³	Life of Mine	21-Mar-16
Kutcho	Kutcho	Canada		16,852		58,000		74,852	100%	100%	Life of Mine	14-Dec-17
			$	45,352	$	323,000	$	368,352

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

2)	Please refer to the section entitled “Other Contractual Obligations and Contingencies” on page 33 of this MD&A for details of when the remaining upfront consideration is forecast to be paid.

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

Kutcho – Contract Modifications

As discussed in the Convertible Notes Receivable section of this MD&A, on February 18, 2022, the Company agreed to modify the Kutcho Early Deposit Agreement, including the elimination of the drop-down in attributable gold and silver to 66.7% once certain thresholds had been achieved, and eliminating the requirement to make an additional payment to Kutcho, of up to $20 million, if processing throughput is increased to 4,500 tonnes per day or more within 5 years of attaining commercial production.

Mineral Royalty Interests

On January 5, 2021, the Company paid $3 million for an existing 2.0% net smelter return royalty interest on the first 600,000 ounces of gold mined from ore extracted from the Brewery Creek quartz mineral claims located in the Yukon Territories, Canada owned by Golden Predator Exploration Ltd., a subsidiary of Sabre Gold Mines Corp. (“Golden Predator”) and any mineral tenure derived therefrom, and a 2.75% net smelter returns royalty interest thereafter (the “Brewery Creek Royalty”). The Brewery Creek Royalty agreement provides, among other things, that Golden Predator may reduce the 2.75% net smelter returns royalty interest to 2.125%, on payment of the sum of Cdn$2 million to Wheaton.

Additionally, the Company has a 0.5% net smelter return royalty interest in the Metates properties (the “Metates Royalty”) located in Mexico from Chesapeake Gold Corp. (“Chesapeake”) for the life of mine. The carrying cost of the Metates Royalty is $3 million. The Company also has a right of first refusal on any silver streaming, royalty or any other transaction on the Metates properties.

To date, no revenue has been recognized and no depletion has been taken with respect to these royalty agreements.

Long-Term Equity Investments

The Company will, from time to time, invest in securities of companies for strategic purposes including, but not limited to, exploration and mining companies. The Company held the following investments as at September 30, 2022 and December 31, 2021:

	September 30		December 31
(in thousands)	2022		2021
Common shares held	$	189,980	$	59,941
Warrants held		492		1,536
Total long-term equity investments	$	190,472	$	61,477

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

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [10]

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

A summary of the fair value of these equity investments and the fair value changes recognized as a component of the Company’s OCI during the three and nine months ended September 30, 2022 and 2021 is presented below:

Common Shares Held

	Three Months Ended September 30, 2022
(in thousands)	Shares Owned (000's)	% of Outstanding Shares Owned	Fair Value at Jun 30, 2022	Cost of Additions	Proceeds of Disposition¹	Fair Value Adjustment Gains (Losses) ²	Fair Value at Sep 30, 2022	Realized Loss on Disposal
Bear Creek	13,264	8.65%	$ 8,235	$ -	$ -	$ (2,622)	$ 5,613	$ -
Sabina	31,095	5.67%	25,579	-	-	(852)	24,727	-
Kutcho	18,640	14.97%	4,340	-	-	(1,008)	3,332	-
Hecla	35,012	5.88%	-	141,450	-	(3,502)	137,948	-
Other			21,949	3,746	(4,601)	(2,734)	18,360	(3,797)
Total			$ 60,103	$ 145,196	$ (4,601)	$ (10,718)	$ 189,980	$ (3,797)

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

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

	Three Months Ended September 30, 2021
(in thousands)	Shares Owned (000's)	% of Outstanding Shares Owned	Fair Value at Jun 30, 2021	Cost of Additions	Proceeds of Disposition	Fair Value Adjustment Gains (Losses)¹	Fair Value at Sep 30, 2021	Realized Gain on Disposal
Bear Creek	13,264	10.67%	$ 17,338	$ -	$ -	$ (6,407)	$ 10,931	$ -
Sabina	11,700	3.29%	16,520	-	-	(3,113)	13,407	-
Other			50,029	5,076	-	(8,948)	46,157	-
Total			$ 83,887	$ 5,076	$ -	$ (18,468)	$ 70,495	$ -

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

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

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

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [11]

	Nine Months Ended September 30, 2021
(in thousands)	Shares Owned (000's)	% of Outstanding Shares Owned	Fair Value at Dec 31, 2020	Cost of Additions	Proceeds of Disposition¹	Fair Value Adjustment Gains (Losses) ²	Fair Value at Sep 30, 2021	Realized Gain on Disposal
Bear Creek	13,264	10.67%	$ 32,609	$ -	$ -	$ (21,678)	$ 10,931	$ -
Sabina	11,700	3.29%	30,233	-	-	(16,826)	13,407	-
First Majestic	-	0.00%	95,984	-	(112,188)	16,204	-	60,530
Other			37,415	7,453	-	1,289	46,157	-
Total			$ 196,241	$ 7,453	$ (112,188)	$ (21,011)	$ 70,495	$ 60,530

1)	Disposals during 2021 were made in order to capitalize on the share appreciation resulting from the strong commodity price environment.

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

Convertible Notes Receivable

Kutcho Copper Corp.

Effective December 14, 2017, in connection with the Kutcho Early Deposit Agreement, the Company advanced to Kutcho $16 million (Cdn$20 million) and received the Kutcho Convertible Note. The Kutcho Convertible Note, which had a seven year term to maturity, carried interest at 10% per annum, compounded and payable semi-annually. Kutcho elected to defer the first seven interest payments. The deferred interest carried interest at 15% per annum, compounded semi-annually.

In addition to the Kutcho Convertible Note, on November 25, 2019, the Company entered into a non-revolving term loan with Kutcho, under which Kutcho had drawn $0.8 million (Cdn$1.0 million). The credit facility carried interest at 15% per annum, compounded monthly.

Effective February 18, 2022, the Company agreed to settle and terminate the Kutcho Convertible Note and the non-revolving term loan with Kutcho in exchange for shares of Kutcho valued at $6.7 million in addition to certain other modifications to the Kutcho Early Deposit Agreement, including the elimination of the drop-down in attributable gold and silver to 66.7% once certain thresholds had been achieved, and eliminating the requirement to make an additional payment to Kutcho, of up to $20 million, if processing throughput is increased to 4,500 tonnes per day or more within 5 years of attaining commercial production.

A summary of the fair value of the Kutcho Convertible Note and the fair value changes recognized as a component of the Company’s net earnings during the nine months ended September 30, 2022 and 2021 is presented below:

	Nine Months Ended September 30, 2022
(in thousands)	Fair Value at Dec 31, 2021	Amount Advanced	Termination	Fair Value Adjustment Gains (Losses)	Fair Value at Sep 30, 2022
Kutcho	$ 17,086	$ -	$ (15,706)	$ (1,380)	$ -

	Nine Months Ended September 30, 2021
(in thousands)	Fair Value at Dec 31, 2020	Amount Advanced	Termination	Fair Value Adjustment Gains (Losses)	Fair Value at Sep 30, 2021
Kutcho	$ 11,353	$ -	$ -	$ 4,136	$ 15,489

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [12]

Summary of Units Produced

	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 2020
Gold ounces produced ²
Salobo	44,212	34,129	44,883	48,235	55,205	55,590	46,622	62,854
Sudbury ³	4,735	5,289	5,362	4,379	148	4,563	7,004	6,659
Constancia	7,196	8,042	6,311	9,857	8,533	5,525	2,453	3,929
San Dimas ⁴	11,808	10,044	10,461	13,714	11,936	11,478	10,491	11,652
Stillwater ⁵	1,833	2,171	2,497	2,664	2,949	2,962	3,041	3,290
Other
Minto	3,182	2,480	4,060	3,506	1,703	3,206	2,638	789
777 ⁶	-	3,509	4,003	4,462	4,717	5,035	6,280	2,866
Marmato	542	778	477	479	433	1,713	-	-
Total Other	3,724	6,767	8,540	8,447	6,853	9,954	8,918	3,655
Total gold ounces produced	73,508	66,442	78,054	87,296	85,624	90,072	78,529	92,039
Silver ounces produced ²
Peñasquito	2,017	2,089	2,219	2,145	2,180	2,026	2,202	2,014
Antamina	1,377	1,379	1,260	1,366	1,548	1,558	1,577	1,930
Constancia	564	584	506	578	521	468	406	478
Other
Los Filos ⁷	23	23	42	37	17	26	31	6
Zinkgruvan	642	739	577	482	658	457	420	515
Yauliyacu	463	756	637	382	372	629	737	454
Stratoni ⁸	-	-	-	129	18	164	165	185
Minto	42	25	45	44	25	33	21	16
Neves-Corvo	323	345	344	522	362	408	345	420
Aljustrel	246	292	287	325	314	400	474	440
Cozamin	179	169	186	213	199	183	230	-
Marmato	7	8	11	7	10	39	-	-
Keno Hill ⁹	-	48	20	30	44	55	27	-
777 ⁶	-	80	91	96	81	83	130	51
Total Other	1,925	2,485	2,240	2,267	2,100	2,477	2,580	2,087
Total silver ounces produced	5,883	6,537	6,225	6,356	6,349	6,529	6,765	6,509
Palladium ounces produced ²
Stillwater ⁵	3,229	3,899	4,488	4,733	5,105	5,301	5,769	5,672
Cobalt pounds produced ²
Voisey's Bay	226	136	234	381	370	380	1,162 ¹⁰	-
GEOs produced ¹¹	159,852	160,646	170,590	184,551	183,012	190,272	196,756	185,436
SEOs produced¹¹	11,989	12,048	12,794	13,841	13,726	14,270	14,757	13,908
Average payable rate ²
Gold	95.1%	95.1%	95.2%	96.0%	96.0%	95.8%	95.0%	95.2%
Silver	86.1%	85.5%	86.1%	86.0%	86.6%	86.9%	86.6%	86.3%
Palladium	95.0%	94.6%	92.7%	92.2%	94.5%	95.0%	91.6%	93.6%
Cobalt	93.3%	93.3%	93.3%	93.3%	93.3%	93.3%	93.3%	n.a.
GEO¹¹	90.6%	90.1%	90.5%	91.4%	91.3%	91.8%	90.7%	91.2%

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

3)	Comprised of the Coleman, Copper Cliff, Garson, Creighton and Totten gold interests. Operations at the Sudbury mines were suspended from June 1, 2021 to August 9, 2021 as a result of a labour disruption by unionized employees.

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

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

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

10)

Effective January 1, 2021, the Company was entitled to cobalt production from the Voisey's Bay mine. As per the PMPA with Vale, Wheaton is entitled to any cobalt processed at the Long Harbour Processing Plant as of January 1, 2021, resulting in reported production in the first quarter of 2021 including some material produced at the Voisey's Bay mine in the previous quarter.

11)

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [13]

Summary of Units Sold

	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 2020
Gold ounces sold
Salobo	31,818	48,515	42,513	47,171	35,185	57,296	51,423	53,197
Sudbury ²	5,147	7,916	3,712	965	1,915	6,945	3,691	7,620
Constancia	6,336	7,431	10,494	6,196	8,159	2,321	1,676	3,853
San Dimas	10,196	10,633	10,070	15,182	11,346	11,214	10,273	11,529
Stillwater ³	2,127	2,626	2,628	2,933	2,820	2,574	3,074	3,069
Other
Minto	2,559	2,806	3,695	2,462	1,907	2,359	2,390	1,540
777	3,098	3,629	4,388	4,290	5,879	5,694	2,577	5,435
Marmato	719	781	401	423	438	1,687	-	-
Total Other	6,376	7,216	8,484	7,175	8,224	9,740	4,967	6,975
Total gold ounces sold	62,000	84,337	77,901	79,622	67,649	90,090	75,104	86,243
Silver ounces sold
Peñasquito	1,599	2,096	2,188	1,818	2,210	1,844	2,174	1,417
Antamina	1,155	1,177	1,468	1,297	1,502	1,499	1,930	1,669
Constancia	498	494	644	351	484	295	346	442
Other
Los Filos	24	41	42	17	12	42	27	-
Zinkgruvan	376	650	355	346	354	355	293	326
Yauliyacu	1,005	817	44	551	182	601	1,014	15
Stratoni	-	(2)	133	42	41	167	117	169
Minto	22	21	31	27	24	29	26	20
Neves-Corvo	105	167	204	259	193	215	239	145
Aljustrel	185	123	145	133	155	208	257	280
Cozamin	154	148	177	174	170	168	173	-
Marmato	8	11	8	8	10	35	-	-
Keno Hill	30	30	27	24	51	33	12	-
777	73	75	87	69	99	109	49	93
Total Other	1,982	2,081	1,253	1,650	1,291	1,962	2,207	1,048
Total silver ounces sold	5,234	5,848	5,553	5,116	5,487	5,600	6,657	4,576
Palladium ounces sold
Stillwater ³	4,227	3,378	4,075	4,641	5,703	3,869	5,131	4,591
Cobalt pounds sold
Voisey's Bay	115	225	511	228	131	395	132	-
GEOs sold ⁴	138,824	170,371	166,065	157,439	149,862	176,502	172,271	152,613
SEOs sold ⁴	10,412	12,778	12,455	11,808	11,240	13,238	12,920	11,446
Cumulative payable units PBND ⁵
Gold ounces	67,247	59,331	81,365	84,989	80,819	66,238	70,072	70,555
Silver ounces	3,550	3,672	3,910	4,200	3,845	3,802	3,738	4,486
Palladium ounces	5,041	6,267	5,535	5,629	5,619	6,822	5,373	5,597
Cobalt pounds	402	280	550	596	637	777	820	-
GEO ⁴	127,840	120,735	150,032	158,477	150,317	139,145	141,206	136,894
SEO ⁴	9,588	9,055	11,252	11,886	11,274	10,436	10,590	10,267
Inventory on hand
Cobalt pounds	556	582	410	657	488	134	132	-

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.

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [14]

Quarterly Financial Review ¹

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx	Q3 2022		Q2 2022		Q1 2022		Q4 2021		Q3 2021		Q2 2021		Q1 2021		Q4 2020
Gold ounces sold		62,000		84,337		77,901		79,622		67,649		90,090		75,104		86,243
Realized price ²	$	1,728	$	1,872	$	1,870	$	1,798	$	1,795	$	1,801	$	1,798	$	1,882
Gold sales	$	107,128	$	157,842	$	145,675	$	143,187	$	121,416	$	162,293	$	135,025	$	162,299
Silver ounces sold		5,234		5,848		5,553		5,116		5,487		5,600		6,657		4,576
Realized price ²	$	19.16	$	22.27	$	24.19	$	23.36	$	23.80	$	26.69	$	26.12	$	24.72
Silver sales	$	100,270	$	130,228	$	134,332	$	119,504	$	130,587	$	149,455	$	173,883	$	113,131
Palladium ounces sold		4,227		3,378		4,075		4,641		5,703		3,869		5,131		4,591
Realized price ²	$	2,091	$	2,132	$	2,339	$	1,918	$	2,426	$	2,797	$	2,392	$	2,348
Palladium sales	$	8,838	$	7,203	$	9,533	$	8,902	$	13,834	$	10,822	$	12,275	$	10,782
Cobalt pounds sold		115		225		511		228		131		395		132		n.a.
Realized price ²	$	22.68	$	34.01	$	34.61	$	28.94	$	23.78	$	19.82	$	22.19	$	n.a.
Cobalt sales	$	2,600	$	7,649	$	17,704	$	6,604	$	3,120	$	7,823	$	2,936	$	n.a.
Total sales	$	218,836	$	302,922	$	307,244	$	278,197	$	268,957	$	330,393	$	324,119	$	286,212
Cash cost ^{2, 3}
Gold / oz	$	474	$	465	$	477	$	472	$	464	$	450	$	450	$	433
Silver / oz	$	5.59	$	5.61	$	5.10	$	5.47	$	5.06	$	6.11	$	6.33	$	5.51
Palladium / oz	$	353	$	408	$	394	$	340	$	468	$	503	$	427	$	423
Cobalt / lb	$	7.21	$	6.86	$	5.76	$	4.68	$	5.15	$	4.41	$	4.98	$	n.a.
Depletion ²
Gold / oz	$	353	$	369	$	321	$	338	$	337	$	390	$	374	$	397
Silver / oz	$	5.84	$	5.28	$	4.78	$	5.57	$	5.21	$	5.40	$	5.82	$	5.16
Palladium / oz	$	399	$	399	$	399	$	442	$	442	$	442	$	442	$	428
Cobalt / lb	$	13.63	$	10.40	$	8.17	$	8.17	$	8.17	$	8.17	$	8.17	$	n.a.
Net earnings	$	196,460	$	149,074	$	157,467	$	291,822	$	134,937	$	166,124	$	162,002	$	157,221
Per share
Basic	$	0.435	$	0.330	$	0.349	$	0.648	$	0.300	$	0.369	$	0.360	$	0.350
Diluted	$	0.434	$	0.330	$	0.348	$	0.646	$	0.299	$	0.368	$	0.360	$	0.349
Adjusted net earnings ³	$	93,878	$	149,285	$	158,007	$	132,232	$	137,087	$	161,626	$	161,133	$	149,441
Per share
Basic	$	0.208	$	0.331	$	0.350	$	0.293	$	0.304	$	0.359	$	0.358	$	0.333
Diluted	$	0.208	$	0.330	$	0.350	$	0.293	$	0.303	$	0.358	$	0.358	$	0.331
Cash flow from operations	$	154,497	$	206,359	$	210,540	$	195,290	$	201,287	$	216,415	$	232,154	$	207,962
Per share ³
Basic	$	0.342	$	0.457	$	0.467	$	0.433	$	0.447	$	0.481	$	0.516	$	0.463
Diluted	$	0.342	$	0.456	$	0.466	$	0.432	$	0.446	$	0.480	$	0.515	$	0.461
Dividends declared	$	67,754	$	67,708	$	67,687	$	67,580	$	67,541	$	63,009	$	58,478	$	53,914
Per share	$	0.15	$	0.15	$	0.15	$	0.15	$	0.15	$	0.14	$	0.13	$	0.12
Total assets	$	6,587,595	$	6,448,695	$	6,470,033	$	6,296,151	$	6,046,740	$	5,981,466	$	5,928,412	$	5,957,272
Total liabilities	$	38,783	$	31,894	$	120,572	$	46,034	$	42,387	$	38,202	$	104,985	$	242,701
Total shareholders' equity	$	6,548,812	$	6,416,801	$	6,349,461	$	6,250,117	$	6,004,353	$	5,943,264	$	5,823,427	$	5,714,571

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

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

3)	Refer to discussion on non-IFRS beginning on page 38 of this MD&A.

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [15]

Results of Operations and Operational Review

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

Three Months Ended September 30, 2022
	Units Produced²	Units Sold	Average Realized Price ($'s Per Unit)		Average Cash Cost ($'s Per Unit) ³		Average Depletion ($'s Per Unit)		Sales		Impairment Reversals / Gain on Disposal ⁴		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	44,212	31,818	$	1,724	$	416	$	334	$	54,860	$	-	$	31,000	$	41,617	$	2,396,952
Sudbury ⁵	4,735	5,147		1,745		400		1,092		8,984		-		1,303		5,943		288,863
Constancia	7,196	6,336		1,724		415		271		10,925		-		6,578		8,295		97,213
San Dimas	11,808	10,196		1,724		624		260		17,579		-		8,567		11,213		158,704
Stillwater	1,833	2,127		1,724		317		429		3,667		-		2,080		2,992		216,617
Other ⁶	3,724	6,376		1,743		694		59		11,113		-		6,311		5,562		461,359
	73,508	62,000	$	1,728	$	474	$	353	$	107,128	$	-	$	55,839	$	75,622	$	3,619,708
Silver
Peñasquito	2,017	1,599	$	19.30	$	4.36	$	3.57	$	30,857	$	-	$	18,182	$	23,885	$	301,040
Antamina	1,377	1,155		19.30		3.75		7.06		22,287		-		9,798		17,951		553,231
Constancia	564	498		19.30		6.12		6.35		9,613		-		3,398		6,563		195,507
Other ⁷	1,925	1,982		18.93		7.51		6.84		37,513		114,755		123,823		21,896		538,739
	5,883	5,234	$	19.16	$	5.59	$	5.84	$	100,270	$	114,755	$	155,201	$	70,295	$	1,588,517
Palladium
Stillwater	3,229	4,227	$	2,091	$	353	$	399	$	8,838	$	-	$	5,657	$	7,344	$	228,168
Platinum
Marathon	-	-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	-	$	9,425
Cobalt
Voisey's Bay	226	115	$	22.68	$	7.21	$	13.63	$	2,600	$	-	$	211	$	7,352	$	361,238
Operating results									$	218,836	$	114,755	$	216,908	$	160,613	$	5,807,056
Other
General and administrative													$	(8,360)	$	(5,503)
Share based compensation														(77)		-
Donations and community investments														(1,406)		(1,413)
Finance costs														(1,398)		(1,020)
Other														2,799		1,849
Income tax														(12,006)		(29)
Total other													$	(20,448)	$	(6,116)	$	780,539
													$	196,460	$	154,497	$	6,587,595

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

3)	Refer to discussion on non-IFRS measure (iii) on page 40 of this MD&A.

4)	Refer to page 24 of this MD&A for more information.

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

Comprised of the operating Minto and Marmato gold interests as well as the non-operating 777, Copper World Complex (formerly referred to as Rosemont in this MD&A), Santo Domingo, Blackwater, Fenix, Goose, Marathon and Curipamba gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.

Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Neves-Corvo, Aljustrel, Minto, Cozamin and Marmato silver interests, the non-operating 777, Loma de La Plata, Stratoni, Pascua-Lama, Copper World Complex (formerly referred to as Rosemont in this MD&A), Blackwater and Curipamba silver interests and the previously owned Keno Hill silver interest. The Stratoni mine was placed into care and maintenance during Q4-2021. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill stream was terminated in exchange for $141 million of Hecla common stock (see page 24 of this MD&A).

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [16]

On a GEO and SEO basis, results for the Company for the three months ended September 30, 2022 were as follows:

Three Months Ended September 30, 2022
	Ounces Produced ^{1, 2}	Ounces Sold ²	Average Realized Price ($'s Per Ounce)	Average Cash Cost ($'s Per Ounce)³	Cash Operating Margin ($'s Per Ounce) ⁴	Average Depletion ($'s Per Ounce)	Gross Margin ($'s Per Ounce)
Gold equivalent basis ⁵	159,852	138,824	$ 1,576	$ 439	$ 1,137	$ 401	$ 736
Silver equivalent basis ⁵	11,989	10,412	$ 21.02	$ 5.85	$ 15.17	$ 5.35	$ 9.82

2)	Silver ounces produced and sold in thousands.

3)	Refer to discussion on non-IFRS measure (iii) on page 40 of this MD&A.

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

Three Months Ended September 30, 2021
	Units Produced²	Units Sold	Average Realized Price ($'s Per Unit)		Average Cash Cost ($'s Per Unit) ³		Average Depletion ($'s Per Unit)		Sales		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	55,205	35,185	$	1,795	$	412	$	374	$	63,154	$	35,504	$	50,404	$	2,455,567
Sudbury ⁴	148	1,915		1,794		400		1,024		3,436		708		2,242		308,158
Constancia	8,533	8,159		1,795		411		315		14,645		8,723		11,487		101,741
San Dimas	11,936	11,346		1,795		618		322		20,365		9,693		13,351		171,617
Stillwater	2,949	2,820		1,795		326		397		5,061		3,024		4,144		220,949
Other ⁵	6,853	8,224		1,794		590		38		14,755		9,586		9,887		64,985
	85,624	67,649	$	1,795	$	464	$	337	$	121,416	$	67,238	$	91,515	$	3,323,017
Silver
Peñasquito	2,180	2,210	$	24.09	$	4.29	$	3.55	$	53,259	$	35,932	$	43,776	$	328,470
Antamina	1,548	1,502		23.99		4.80		7.53		36,000		17,503		28,993		589,816
Constancia	521	484		24.09		6.05		7.56		11,668		5,076		9,033		208,537
Other ⁶	2,100	1,291		22.97		6.33		4.49		29,660		15,686		24,011		602,796
	6,349	5,487	$	23.80	$	5.06	$	5.21	$	130,587	$	74,197	$	105,813	$	1,729,619
Palladium
Stillwater	5,105	5,703	$	2,426	$	468	$	442	$	13,834	$	8,644	$	11,168	$	234,883
Cobalt
Voisey's Bay	370	131	$	23.78	$	5.15	$	8.17	$	3,120	$	1,373	$	159	$	218,144
Operating results									$	268,957	$	151,452	$	208,655	$	5,505,663
Other
General and administrative											$	(7,932)	$	(4,729)
Share based compensation												(4,139)		-
Donations and community investments												(1,524)		(1,671)
Finance costs												(1,379)		(1,039)
Other												(1,108)		71
Income tax												(433)		-
Total other											$	(16,515)	$	(7,368)	$	541,077
											$	134,937	$	201,287	$	6,046,740

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

3)	Refer to discussion on non-IFRS measure (iii) on page 40 of this MD&A.

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)	Comprised of the operating Minto, 777 and Marmato gold interests as well as the non-operating Copper World Complex gold interest (formerly referred to as Rosemont in this MD&A). On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.

Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Neves-Corvo, Aljustrel, Minto, 777, Marmato and Cozamin silver interests, the non-operating Loma de La Plata, Copper World Complex (formerly referred to as Rosemont in this MD&A) and Pascua-Lama silver interests and the previously owned Keno Hill silver interest. The Stratoni mine was placed into care and maintenance during Q4-2021. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill stream was terminated in exchange for $141 million of Hecla common stock (see page 24 of this MD&A).

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [17]

On a GEO and SEO basis, results for the Company for the three months ended September 30, 2021 were as follows:

Three Months Ended September 30, 2021
	Ounces Produced ^{1, 2}	Ounces Sold ²	Average Realized Price ($'s Per Ounce)	Average Cash Cost ($'s Per Ounce)³	Cash Operating Margin ($'s Per Ounce) ⁴	Average Depletion ($'s Per Ounce)	Gross Margin ($'s Per Ounce)
Gold equivalent basis ⁵	183,012	149,862	$ 1,795	$ 417	$ 1,378	$ 367	$ 1,011
Silver equivalent basis ⁵	13,726	11,240	$ 23.93	$ 5.56	$ 18.37	$ 4.89	$ 13.48

2)	Silver ounces produced and sold in thousands.

3)	Refer to discussion on non-IFRS measure (iii) on page 40 of this MD&A.

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

Gold Production

For the three months ended September 30, 2022, attributable gold production was 73,500 ounces, with the 12,100 ounce decrease from the comparable period in 2021 being primarily attributable to the following factors:

•

11,000 ounce (20%) decrease from Salobo, resulting from lower grades and recovery due to additional planned and corrective maintenance performed in the third quarter. As it relates to throughput, the two 12 mtpa lines operated at an average rate of approximately 77% of capacity during Q3-2022 as compared to 81% during Q3-2021;

•

3,100 ounce (46%) decrease from Other mines, primarily due to the closure of the 777 mine in June 2022;

•

1,300 ounce (16%) decrease from Constancia, primarily due to the mining of lower grade material resulting from mine sequencing; and

•

1,100 ounce (38%) decrease from Stillwater, primarily due to lower throughput resulting from the effect of significant weather events in June (see page 8 of this MD&A for more information); partially offset by

•

4,600 ounce (3,109%) increase from Sudbury, with operations at the mine being temporarily suspended in the comparable quarter of the prior year due to a labour dispute.

Silver Production

For the three months ended September 30, 2022, attributable silver production was 5.9 million ounces, with the 0.4 million ounce decrease from the comparable period in 2021 being primarily attributable to the following factors:

•

175,000 ounce (8%) decrease from Other mines, primarily due to lower grades at Aljustrel and the placement of Stratoni into care and maintenance;

•

171,000 ounce (11%) decrease from Antamina, primarily due to lower grades, consistent with their mine plan; and

•

163,000 ounce (7%) decrease from Peñasquito, primarily due to lower recovery and grades consistent with their mine plan.

Palladium Production

For the three months ended September 30, 2022, attributable palladium production was 3,200 ounces, with the 1,900 ounce decrease being primarily attributable to lower throughput resulting from the effect of significant weather events in June (see page 8 of this MD&A for more information).

Cobalt Production

For the three months ended September 30, 2022, attributable cobalt production was 225,500 pounds, with the 144,100 pound decrease being primarily attributable to lower grades during the ongoing transitional period between the depletion of the Ovoid open-pit mine and ramp-up to full production of the Voisey’s Bay underground project (please see page 8 of this MD&A for more information).

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [18]

Net Earnings

For the three months ended September 30, 2022, net earnings amounted to $196 million, with the $61 million increase relative to the comparable period of the prior year being attributable to the following factors:

Net earnings for the three months ended September 30, 2021	$	134,937
Variance in gross margin
Variance in revenue due to:
Payable gold production	$	(22,146)
Payable silver production		(10,254)
Payable palladium production		(3,638)
Payable cobalt production		(3,197)
Changes in inventory and PBND		19,118
Prices realized per ounce sold		(30,004)
Total decrease to revenue	$	(50,121)
Variance in cost of sales due to:
Sales volume	$	8,680
Sales mix differences		(14,298)
Cash cost per ounce		3,708
Depletion per ounce		2,732
Total decrease to cost of sales	$	822
Total decrease to gross margin	$	(49,299)
Other variances
General and administrative expenses (see page 25)		(428)
Impairment reversal of mineral stream interests (see page 24)		10,330
Gain on disposal of mineral stream interests (see page 24)		104,425
Share based compensation (see page 25)		4,062
Donations and community investment (see page 26)		118
Other income / expense (see page 26)		3,907
Finance costs (see page 26)		(19)
Income taxes (see page 27)		(11,573)
Total increase in net earnings	$	61,523
Net earnings for the three months ended September 30, 2022	$	196,460

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [19]

Nine Months Ended September 30, 2022
	Units Produced²	Units Sold	Average Realized Price ($'s Per Unit)		Average Cash Cost ($'s Per Unit) ³		Average Depletion ($'s Per Unit)		Sales		Impairment Reversals / Gain on Disposal ⁴		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	123,224	122,846	$	1,834	$	416	$	334	$	225,267	$	-	$	133,146	$	174,134	$	2,396,952
Sudbury ⁵	15,386	16,775		1,828		400		1,091		30,673		-		5,657		22,980		288,863
Constancia	21,549	24,261		1,833		413		271		44,480		-		27,886		34,463		97,213
San Dimas	32,313	30,899		1,823		622		260		56,335		-		29,095		37,114		158,704
Stillwater	6,501	7,381		1,829		330		429		13,503		-		7,902		11,070		216,617
Other ⁶	19,031	22,076		1,829		734		45		40,388		-		23,183		22,912		461,359
	218,004	224,238	$	1,831	$	471	$	348	$	410,646	$	-	$	226,869	$	302,673	$	3,619,708
Silver
Peñasquito	6,325	5,883	$	22.21	$	4.36	$	3.57	$	130,686	$	-	$	84,058	$	105,036	$	301,040
Antamina	4,016	3,800		22.13		4.42		7.06		84,093		-		40,479		66,952		553,231
Constancia	1,654	1,636		22.15		6.09		6.34		36,227		-		15,883		26,260		195,507
Other ⁷	6,650	5,316		21.41		7.14		5.61		113,823		114,755		160,768		75,969		538,739
	18,645	16,635	$	21.93	$	5.43	$	5.29	$	364,829	$	114,755	$	301,188	$	274,217	$	1,588,517
Palladium
Stillwater	11,616	11,680	$	2,190	$	383	$	399	$	25,574	$	-	$	16,437	$	21,099	$	228,168
Platinum
Marathon	-	-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	-	$	9,425
Cobalt
Voisey's Bay	596	851	$	32.85	$	6.24	$	9.49	$	27,953	$	-	$	14,560	$	24,683	$	361,238
Operating results									$	829,002	$	114,755	$	559,054	$	622,672	$	5,807,056
Other
General and administrative													$	(27,448)	$	(28,933)
Share based compensation														(11,586)		(18,161)
Donations and community investments														(3,379)		(2,976)
Finance costs														(4,209)		(3,107)
Other														3,448		2,042
Income tax														(12,879)		(141)
Total other													$	(56,053)	$	(51,276)	$	780,539
													$	503,001	$	571,396	$	6,587,595

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

3)	Refer to discussion on non-IFRS measure (iii) on page 40 of this MD&A.

4)	Refer to page 24 of this MD&A for more information.

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

Comprised of the operating 777, Minto and Marmato gold interests as well as the non-operating Copper World Complex (formerly referred to as Rosemont in this MD&A), Santo Domingo, Blackwater, Fenix, Goose, Marathon and Curipamba gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.

Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Neves-Corvo, Aljustrel, Minto, Cozamin, Marmato and 777 silver interests, the non-operating Loma de La Plata, Stratoni, Pascua-Lama, Copper World Complex (formerly referred to as Rosemont in this MD&A), Blackwater and Curipamba silver interests and the previously owned Keno Hill silver interest. The Stratoni mine was placed into care and maintenance during Q4-2021. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill stream was terminated in exchange for $141 million of Hecla common stock (see page 24 of this MD&A).

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [20]

On a GEO and SEO basis, results for the Company for the nine months ended September 30, 2022 were as follows:

Nine Months Ended September 30, 2022
	Ounces Produced ^{1, 2}	Ounces Sold ²	Average Realized Price ($'s Per Ounce)	Average Cash Cost ($'s Per Ounce)³	Cash Operating Margin ($'s Per Ounce) ⁴	Average Depletion ($'s Per Ounce)	Gross Margin ($'s Per Ounce)
Gold equivalent basis ⁵	491,088	475,259	$ 1,744	$ 433	$ 1,311	$ 376	$ 935
Silver equivalent basis ⁵	36,832	35,644	$ 23.26	$ 5.78	$ 17.48	$ 5.02	$ 12.46

2)	Silver ounces and cobalt pounds produced and sold in thousands.

3)	Refer to discussion on non-IFRS measure (iii) on page 40 of this MD&A.

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

Nine Months Ended September 30, 2021
	Units Produced²	Units Sold	Average Realized Price ($'s Per Unit)		Average Cash Cost ($'s Per Unit) ³		Average Depletion ($'s Per Unit)		Sales		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	157,417	143,904	$	1,797	$	412	$	374	$	258,549	$	145,466	$	200,993	$	2,455,567
Sudbury ⁴	11,715	12,551		1,812		400		1,024		22,742		4,864		17,722		308,158
Constancia	16,511	12,156		1,796		410		315		21,829		13,018		17,040		101,741
San Dimas	33,905	32,833		1,796		616		322		58,981		28,170		38,755		171,617
Stillwater	8,952	8,468		1,796		327		397		15,212		9,083		12,444		220,949
Other ⁵	25,725	22,931		1,806		585		67		41,421		26,471		27,981		64,985
	254,225	232,843	$	1,798	$	454	$	369	$	418,734	$	227,072	$	314,935	$	3,323,017
Silver
Peñasquito	6,408	6,228	$	25.59	$	4.29	$	3.55	$	159,374	$	110,552	$	132,655	$	328,470
Antamina	4,683	4,931		25.66		5.12		7.53		126,484		64,106		100,597		589,816
Constancia	1,395	1,125		25.41		6.03		7.56		28,605		13,306		22,109		208,537
Other ⁶	7,157	5,460		25.54		8.31		5.48		139,461		64,166		97,241		602,796
	19,643	17,744	$	25.58	$	5.87	$	5.50	$	453,924	$	252,130	$	352,602	$	1,729,619
Palladium
Stillwater	16,175	14,703	$	2,512	$	463	$	442	$	36,932	$	23,622	$	30,128	$	234,883
Cobalt
Voisey's Bay	1,912	658	$	21.09	$	4.67	$	8.17	$	13,878	$	5,429	$	1,244	$	218,144
Operating results									$	923,468	$	508,253	$	698,909	$	5,505,663
Other
General and administrative											$	(26,572)	$	(25,898)
Share based compensation												(13,746)		(16,926)
Donations and community investments												(3,712)		(3,247)
Finance costs												(4,309)		(3,246)
Other												2,194		315
Income tax												955		(51)
Total other											$	(45,190)	$	(49,053)	$	541,077
											$	463,063	$	649,856	$	6,046,740

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

3)	Refer to discussion on non-IFRS measure (iii) on page 40 of this MD&A.

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)	Comprised of the operating Minto, 777 and Marmato gold interests as well as the non-operating Copper World Complex gold interest (formerly referred to as Rosemont in this MD&A). On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.

Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Neves-Corvo, Aljustrel, Minto, 777, Marmato and Cozamin silver interests, the non-operating Loma de La Plata, Copper World Complex (formerly referred to as Rosemont in this MD&A) and Pascua-Lama silver interests and the previously owned Keno Hill silver interest. The Stratoni mine was placed into care and maintenance during Q4-2021. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill stream was terminated in exchange for $141 million of Hecla common stock (see page 24 of this MD&A).

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [21]

On a GEO and SEO basis, results for the Company for the nine months ended September 30, 2021 were as follows:

Nine Months Ended September 30, 2021
	Ounces Produced ^{1, 2}	Ounces Sold ²	Average Realized Price ($'s Per Ounce)	Average Cash Cost ($'s Per Ounce)³	Cash Operating Margin ($'s Per Ounce) ⁴	Average Depletion ($'s Per Ounce)	Gross Margin ($'s Per Ounce)
Gold equivalent basis ⁵	570,040	498,635	$ 1,852	$ 441	$ 1,411	$ 392	$ 1,019
Silver equivalent basis ⁵	42,753	37,398	$ 24.69	$ 5.88	$ 18.81	$ 5.23	$ 13.58

2)	Silver ounces and cobalt pounds produced and sold in thousands.

3)	Refer to discussion on non-IFRS measure (iii) on page 40 of this MD&A.

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

Gold Production

For the nine months ended September 30, 2022, attributable gold production was 218,000 ounces, with the 36,200 ounce decrease from the comparable period in 2021 being primarily attributable to the following factors:

•

34,200 ounce (22%) decrease from Salobo, primarily due to lower grades and throughput, with Vale reporting that during the first quarter of 2022, operations at Salobo were impacted by both planned and corrective maintenance in the mill liners, coupled with above average seasonal rain level in the region during the fourth quarter of 2021 impacting mine plans in the first quarter of 2022. Additionally, during the second quarter, concentrate production was negatively impacted by plant performance due to delays in ramp-up after the planned and corrective maintenance. As it relates to throughput, the two 12 mtpa lines operated at an average rate of approximately 76% of capacity during the first nine month of 2022 as compared to 84% during the comparable period of 2021;

•

6,700 ounce (26%) decrease from Other mines, primarily due to lower production at 777 with closure activities commencing in June 2022;

•

2,500 ounce (27%) decrease from Stillwater, primarily due to lower throughput resulting from the effect of significant weather events in June (see page 8 of this MD&A for more information); and

•

1,600 ounce (5%) decrease from San Dimas, primarily due to lower throughput; partially offset by

•

5,000 ounce (31%) increase from Constancia, primarily due to higher grades resulting from the commencement of ore production from the Pampacancha satellite deposit and the increase in fixed recoveries from 55% to 70%, both occurring during Q2-2021; and

•

3,700 ounce (31%) increase from Sudbury, primarily due to higher throughput, grades and recoveries, with 2021 production being impacted by the temporary suspension of operations from June 1, 2021 to August 9, 2021 as a result of a labour dispute.

Silver Production

For the nine months ended September 30, 2022, attributable silver production was 18.6 million ounces, with the 1.0 million ounce decrease from the comparable period in 2021 being primarily attributable to the following factors:

•

667,000 ounce (14%) decrease from Antamina, primarily due to lower grades, consistent with their mine plan; and

•

506,000 ounce (7%) decrease from Other mines, primarily due to the placement of Stratoni into care and maintenance during Q4 2021.

Palladium Production

For the nine months ended September 30, 2022, attributable palladium production was 11,600 ounces, with the 4,600 ounce decrease being primarily attributable to lower throughput resulting from the effect of significant weather events in June (see page 8 of this MD&A for more information).

Cobalt Production

For the nine months ended September 30, 2022, attributable cobalt production was 596,200 pounds, with the 1.3 million pound decrease being primarily attributable to the comparable period in the prior year including approximately 676,000 pounds of cobalt which had been produced in prior periods, coupled with a scheduled maintenance shut down at Voisey’s Bay during the second quarter of 2022 and the mining of lower grade material during the ongoing transitional period between the depletion of the Ovoid open-pit mine and ramp-up to full production of the Voisey’s Bay underground project.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [22]

Net Earnings

For the nine months ended September 30, 2022, net earnings amounted to $503 million, with the $40 million increase relative to the comparable period of the prior year being attributable to the following factors:

Net earnings for the nine months ended September 30, 2021	$	463,063
Variance in gross margin
Variance in revenue due to:
Payable gold production	$	(64,345)
Payable silver production		(26,054)
Payable palladium production		(9,130)
Payable cobalt production		(25,882)
Changes in inventory and PBND		78,051
Prices realized per ounce sold		(47,106)
Total decrease to revenue	$	(94,466)
Variance in cost of sales due to:
Sales volume	$	19,950
Sales mix differences		(3,640)
Cash cost per ounce		3,878
Depletion per ounce		10,324
Total decrease to cost of sales	$	30,512
Total decrease to gross margin	$	(63,954)
Other variances
General and administrative expenses (see page 25)		(876)
Donations and community investment (see page 26)		333
Impairment reversal of mineral stream interests (see page 24)		10,330
Gain on disposal of mineral stream interests (see page 24)		104,425
Share based compensation (see page 25)		2,160
Other income / expense (see page 26)		1,254
Finance costs (see page 26)		100
Income taxes (see page 27)		(13,834)
Total increase in net earnings	$	39,938
Net earnings for the nine months ended September 30, 2022	$	503,001

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [23]

Reversal of Impairment of Mineral Stream Interests

Keno Hill – Impairment Reversal

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

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

Gain on Disposal of Mineral Stream Interest

Keno Hill

With the receipt of $141 million of Hecla common shares on September 7, 2022, the Company has reflected a gain on disposal of Keno Hill PMPA in the amount of $104 million, calculated as follows:

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [24]

General and Administrative

	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2022	2021	2022	2021
Corporate
Salaries and benefits	$ 3,551	$ 3,302	$ 11,700	$ 10,599
Depreciation	289	275	865	827
Professional fees	276	572	1,098	2,857
Business travel	221	76	686	114
Director fees	251	266	852	816
Employer health tax	40	37	748	675
Audit and regulatory	623	503	2,340	2,281
Insurance	550	515	1,585	1,254
Other	866	786	2,648	2,313
General and administrative - corporate	$ 6,667	$ 6,332	$ 22,522	$ 21,736
Subsidiaries
Salaries and benefits	$ 1,078	$ 981	$ 3,335	$ 3,027
Depreciation	112	99	327	297
Professional fees	149	264	408	534
Business travel	55	-	124	24
Director fees	50	50	150	150
Insurance	10	8	34	29
Other	239	198	548	775
General and administrative - subsidiaries	$ 1,693	$ 1,600	$ 4,926	$ 4,836
Consolidated general and administrative	$ 8,360	$ 7,932	$ 27,448	$ 26,572

For the three and nine months ended September 30, 2022, general and administrative expenses increased by $1 million relative to the comparable period in the previous year.

Share Based Compensation

	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2022	2021	2022	2021
Equity settled share based compensation
Stock options	$ 642	$ 518	$ 1,788	$ 1,547
RSUs	926	797	2,619	2,399
Cash settled share based compensation
PSUs	(1,491)	2,824	7,179	9,800
Total share based compensation	$ 77	$ 4,139	$ 11,586	$ 13,746

For the three and nine months ended September 30, 2022, share based compensation decreased by $4 million and $2 million, respectively, relative to the comparable periods in the previous year, primarily due to differences in accrued costs associated with the Company’s performance share units (“PSUs”).

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [25]

Donations and Community Investments

	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2022	2021	2022	2021
Local donations and community investments ¹	$ 438	$ 427	$ 1,345	$ 1,123
Partner donations and community investments ²	968	1,053	1,869	1,745
COVID-19 and community support and response fund	-	44	165	844
Total donations and community investments	$ 1,406	$ 1,524	$ 3,379	$ 3,712

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

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

Other (Income) Expense

	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2022	2021	2022	2021
Interest income	$ (1,851)	$ (68)	$ (2,374)	$ (165)
Dividend income	(102)	(110)	(322)	(110)
Foreign exchange (gain) loss	(1,049)	(516)	(1,069)	121
(Gain) loss on fair value adjustment of share purchase warrants held	204	1,246	1,101	2,392
(Gain) loss on fair value adjustment of convertible notes receivable	-	490	1,380	(4,136)
Other	(1)	66	(2,164)	(296)
Total other (income) expense	$ (2,799)	$ 1,108	$ (3,448)	$ (2,194)

Finance Costs

	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2022	2021	2022	2021
Average principal outstanding during period	$ -	$ -	$ -	$ 26,007
Average effective interest rate during period	n.a.	n.a.	n.a.	1.17%
Total interest costs incurred during period	$ -	$ -	$ -	$ 229
Costs related to undrawn credit facilities	1,311	1,349	3,950	3,985
Interest expense - lease liabilities	22	30	72	95
Letter of guarantee	65	-	187	-
Total finance costs	$ 1,398	$ 1,379	$ 4,209	$ 4,309

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [26]

Income Tax Expense (Recovery)

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

	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2022	2021	2022	2021
Current income tax expense (recovery)	$ 12,033	$ 34	$ 12,113	$ (6,105)
Deferred income tax expense (recovery) related to:
Origination and reversal of temporary differences	20,920	4,006	$ 30,042	$ 17,942
Write down (reversal of write down) or recognition of prior period temporary differences	(20,947)	(3,607)	(29,276)	(12,792)
Total deferred income tax expense (recovery)	$ (27)	$ 399	$ 766	$ 5,150
Total income tax expense (recovery) recognized in net earnings	$ 12,006	$ 433	$ 12,879	$ (955)

Income tax recognized directly in equity¹ is comprised of the following:

	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2022		2021		2022		2021
Current income tax expense (recovery)	$	(5,935)	$	18	$	(5,932)	$	(1,171)
Deferred income tax expense (recovery) related to:
Origination and reversal of temporary differences	$	5,935	$	(18)	$	5,932	$	1,171
Write down (reversal of write down) or recognition of prior period temporary differences	$	(3,644)	$	269	$	(4,143)	$	(837)
Total deferred income tax expense (recovery)	$	2,291	$	251	$	1,789	$	334
Total income tax expense (recovery) recognized in equity	$	(3,644)	$	269	$	(4,143)	$	(837)

1)	Income tax expense (recovery) in shareholders’ equity relates to share financing fees. Share financing fees are deducted over a five-year period for Canadian income tax purposes. For accounting purposes, share financing fees are charged directly to issued capital.

For the three months ended September 30, 2022, current income tax expense in net earnings of $12 million was partially offset by a current income tax recovery of $6 million in the Statement of Shareholders’ Equity. The current income tax is primarily the result of income tax expense associated with the disposition of the Keno Hill PMPA, partially offset by the full utilization of $97 million of non-capital loss carryforwards available to the Company.

The movement in current income taxes payable for the nine months ended September 30, 2022 is as follows:

(in thousands)	Current Taxes Payable
Current taxes payable - December 31, 2021	$ 132
Current income tax expense - income statement	12,113
Current income tax recovery - shareholders equity	(5,932)
Income taxes paid	(141)
Foreign exchange adjustments	(9)
Current taxes payable - September 30, 2022	$ 6,163

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [27]

Liquidity and Capital Resources¹

As at September 30, 2022, the Company had cash and cash equivalents of $495 million (December 31, 2021 - $226 million) and no debt outstanding under its Revolving Facility (December 31, 2021 - $NIL).

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

Three Months Ended September 30, 2022

Cash Flows From Operating Activities

During the three months ended September 30, 2022, the Company generated operating cash flows of $154 million, with the $47 million decrease relative to the comparable period of the prior year being attributable to the following factors:

Operating cash inflow for the three months ended September 30, 2021	$	201,287
Variance attributable to revenue (see page 19):	$	(50,121)
Increase in accounts receivable		(426)
Total decrease to cash inflows attributable to sales	$	(50,547)
Variance attributable to cost of sales, excluding depletion:
Sales volume	$	4,675
Sales mix differences		(6,809)
Cost per ounce		3,708
Increase in accounts payable		931
Total decrease to cash outflows attributable to cost of sales	$	2,505
Total decrease to net cash inflows attributable to gross margin	$	(48,042)
Other variances:
General and administrative		(774)
Donation and community investment		258
Finance costs		19
Income taxes		(29)
Other		1,778
Total decrease to net cash inflows	$	(46,790)
Operating cash inflow for the three months ended September 30, 2022	$	154,497

Cash Flows From Financing Activities

During the three months ended September 30, 2022, the Company had net cash outflows from financing activities of $61 million, which was primarily the result of the quarterly dividend payment totaling $59 million and credit facility extension fees of $1 million. During the three months ended September 30, 2021, the Company had net cash outflows from financing activities of $57 million, which was primarily the result of the quarterly dividend payment.

Cash Flows From Investing Activities

During the three months ended September 30, 2022, the Company had net cash outflows from investing activities of $48 million, which was primarily the result of (i) payments for the acquisitions of new PMPAs, including a $31 million payment to Sabina for the Goose PMPA and a $15 million payment to Gen Mining for the Marathon PMPA; and (ii) a $1 million advance to Panoro in connection with the Cotabambas Early Deposit agreement. During the three months ended September 30, 2021, the Company had net cash outflows from investing activities of $7 million which was primarily the result of a payment of $5 million for the acquisition of a long-term equity investments coupled with a $1 million payment to Panoro in connection with the Cotabambas Early Deposit Agreement and $1 million relating to closing costs for the new PMPAs.

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [28]

Nine Months Ended September 30, 2022

Cash Flows From Operating Activities

During the nine months ended September 30, 2022, the Company generated operating cash flows of $571 million, with the $78 million decrease relative to the comparable period of the prior year being attributable to the following factors:

Operating cash inflow for the nine months ended September 30, 2021	$	649,856
Variance attributable to revenue (see page 23):	$	(94,466)
Decrease in accounts receivable		3,742
Total decrease to cash inflows attributable to sales	$	(90,724)
Variance attributable to cost of sales, excluding depletion:
Sales volume	$	10,912
Sales mix differences		(924)
Cost per ounce		3,878
Increase in accounts payable		621
Total decrease to cash outflows attributable to cost of sales	$	14,487
Total decrease to net cash inflows attributable to gross margin	$	(76,237)
Other variances:
General and administrative		(3,035)
Donation and community investment		271
Share based compensation - PSUs		(1,235)
Finance costs		139
Income taxes		(90)
Other		1,727
Total decrease to net cash inflows	$	(78,460)
Operating cash inflow for the nine months ended September 30, 2022	$	571,396

General and Administrative Variance

The increase to cash outflows relative to General and Administrative costs during the period was due to higher payments under the Company’s short-term compensation plan.

Share Based Compensation Variance

The increase to cash outflows relative to Share Based Compensation costs during the period was due to higher payouts under the Company’s PSU plan, with the realized price on maturity being 25% higher in 2022 as compared to 2021.

Cash Flows From Financing Activities

During the nine months ended September 30, 2022, the Company had net cash outflows from financing activities of $171 million, which was primarily the result of dividend payments totaling $177 million, partially offset by proceeds from the exercise of stock options in the amount of $8 million. During the nine months ended September 30, 2021, the Company had net cash outflows from financing activities of $352 million, which was primarily the result of repayments under the Company’s now fully repaid Revolving Facility in the amount of $195 million and dividend payments totaling $161 million, partially offset by proceeds from the exercise of stock options in the amount of $6 million.

Cash Flows From Investing Activities

During the nine months ended September 30, 2022, the Company had net cash outflows from investing activities of $132 million, which was primarily the result of (i) payments for the acquisition of new PMPAs, including payments totaling $31 million to Gen Mining for the Marathon PMPA, a $25 million payment to Rio2 for the Fenix PMPA, a $31 million payment to Sabina for the Goose PMPA and payments totaling $19 million to Aris Mining for the Marmato PMPA; (ii) a $2 million advance to Panoro in connection with the Cotabambas Early Deposit agreement; and (iii) payments totaling $23 million for the acquisition of long-term equity investments. During the nine months ended September 30, 2021, the Company had net cash outflows from investing activities of $118 million, which was primarily the result of (i) payments for the acquisition of new PMPAs, including a $150 million payment to Capstone for the acquisition of the Cozamin PMPA, a $34 million payment to Aris Mining representing the first installment for the acquisition of the Marmato PMPA, a $30 million payment to Capstone representing the first installment for the acquisition of the Santo Domingo PMPA and a $3 million payment to Alexco for the acquisition of the Brewery Creek Royalty; (ii) a payment of $5 million for the acquisition of a long-term equity investment; partially offset by (iii) $112 million received as proceeds on the disposal of long-term equity investments.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [29]

Conclusion

In the opinion of management, the $495 million of cash and cash equivalents as at September 30, 2022, combined with the liquidity provided by the available credit under the $2 billion Revolving Facility and ongoing operating cash flows positions the Company well to fund all outstanding commitments, as detailed on pages 31 and 33 of this MD&A, as well as providing flexibility to acquire additional accretive mineral stream interests.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [30]

Contractual Obligations and Contingencies¹

Mineral Stream Interests

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

Mineral Stream Interests	Attributable Payable Production to be Purchased					Per Unit of Measurement Cash Payment ¹										Term of Agreement	Date of Original Contract
Mineral Stream Interests	Gold	Silver	Palladium	Cobalt	Platinum	Gold		Silver		Palladium		Cobalt		Platinum
Peñasquito	0%	25%	0%	0%	0%		n/a	$	4.36		n/a		n/a		n/a	Life of Mine	24-Jul-07
Constancia	50%	100%	0%	0%	0%	$	416 ²	$	6.14 ²		n/a		n/a		n/a	Life of Mine	8-Aug-12
Salobo	75%	0%	0%	0%	0%	$	416		n/a		n/a		n/a		n/a	Life of Mine	28-Feb-13
Sudbury	70%	0%	0%	0%	0%	$	400		n/a		n/a		n/a		n/a	20 years	28-Feb-13
Antamina	0%	33.75%	0%	0%	0%		n/a		20%		n/a		n/a		n/a	Life of Mine	3-Nov-15
San Dimas	variable ³	0% ³	0%	0%	0%	$	624		n/a		n/a		n/a		n/a	Life of Mine	10-May-18
Stillwater	100%	0%	4.5% ⁴	0%	0%		18% ⁵		n/a		18% ⁵		n/a		n/a	Life of Mine	16-Jul-18
Voisey's Bay	0%	0%	0%	42.4% ⁶	0%		n/a		n/a		n/a		18% ⁷		n/a	Life of Mine	11-Jun-18
Marathon	100% ⁸	0%	0%	0%	22% ⁸		18% ⁵		n/a		n/a		n/a		18% ⁵	Life of Mine	26-Jan-22
Other
Los Filos	0%	100%	0%	0%	0%		n/a	$	4.60		n/a		n/a		n/a	25 years	15-Oct-04
Zinkgruvan	0%	100%	0%	0%	0%		n/a	$	4.53		n/a		n/a		n/a	Life of Mine	8-Dec-04
Yauliyacu	0%	100% ⁹	0%	0%	0%		n/a	$	9.05 ¹⁰		n/a		n/a		n/a	Life of Mine	23-Mar-06
Stratoni	0%	100%	0%	0%	0%		n/a	$	11.54		n/a		n/a		n/a	Life of Mine	23-Apr-07
Neves-Corvo	0%	100%	0%	0%	0%		n/a	$	4.42		n/a		n/a		n/a	50 years	5-Jun-07
Aljustrel	0%	100% ¹¹	0%	0%	0%		n/a		50%		n/a		n/a		n/a	50 years	5-Jun-07
Minto	100% ¹²	100%	0%	0%	0%		65% ¹³	$	4.35		n/a		n/a		n/a	Life of Mine	20-Nov-08
Pascua-Lama	0%	25%	0%	0%	0%		n/a	$	3.90		n/a		n/a		n/a	Life of Mine	8-Sep-09
Copper World ¹⁴	100%	100%	0%	0%	0%	$	450	$	3.90		n/a		n/a		n/a	Life of Mine	10-Feb-10
Loma de La Plata	0%	12.5%	0%	0%	0%		n/a	$	4.00		n/a		n/a		n/a	Life of Mine	n/a ¹⁵
777	50%	100%	0%	0%	0%	$	433 ²	$	6.38 ²		n/a		n/a		n/a	Life of Mine	8-Aug-12
Marmato	10.5% ¹⁶	100% ¹⁶	0%	0%	0%		18% ¹⁷		18% ¹⁷		n/a		n/a		n/a	Life of Mine	5-Nov-20
Cozamin	0%	50% ¹⁸	0%	0%	0%		n/a		10%		n/a		n/a		n/a	Life of Mine	11-Dec-20
Santo Domingo	100% ¹⁹	0%	0%	0%	0%		18% ⁵		n/a		n/a		n/a		n/a	Life of Mine	24-Mar-21
Fenix	6% ²⁰	0%	0%	0%	0%		18% ⁵		n/a		n/a		n/a		n/a	Life of Mine	15-Nov-21
Blackwater	8% ²¹	50% ²¹	0%	0%	0%		35%		18% ⁵		n/a		n/a		n/a	Life of Mine	13-Dec-21
Curipamba	50% ²²	75% ²²	0%	0%	0%		18% ⁵		18% ⁵		n/a		n/a		n/a	Life of Mine	17-Jan-22
Goose	4.15% ²³	0%	0%	0%	0%		18% ⁵		n/a		n/a		n/a		n/a	Life of Mine	8-Feb-22
Early Deposit
Toroparu	10%	50%	0%	0%	0%	$	400	$	3.90		n/a		n/a		n/a	Life of Mine	11-Nov-13
Cotabambas	25% ²⁴	100% ²⁴	0%	0%	0%	$	450	$	5.90		n/a		n/a		n/a	Life of Mine	21-Mar-16
Kutcho	100%	100%	0%	0%	0%		20%		20%		n/a		n/a		n/a	Life of Mine	14-Dec-17

The production payment is measured as either a fixed amount per unit of metal delivered, or as a percentage of the spot price of the underlying metal on the date of delivery. Contracts where the payment is a fixed amount per unit of metal delivered are subject to an annual inflationary increase, with the exception of Loma de La Plata and Sudbury. Additionally, should the prevailing market price for the applicable metal be lower than this fixed amount, the per unit cash payment will be reduced to the prevailing market price, with the exception of Yauliyacu where the per ounce cash payment will not be reduced below $4.48, subject to an annual inflationary factor.

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

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

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

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

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

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

9)	Per annum the Company will purchase an amount equal to 100% of the first 1.5 million ounces of silver for which an offtaker payment is due, and 50% of any excess.

10)

Should the market price of silver exceed $20 per ounce, in addition to the $9.05 per ounce, the Company is committed to pay Glencore an additional amount for each ounce of silver delivered equal to 50% of the excess, to a maximum of $10 per ounce, such that when the market price of silver is $40 or above, the Company will pay Glencore $19.05 per ounce of silver delivered.

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

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11)	Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine.

12)	The Company is committed to acquire 100% of the first 30,000 ounces of gold produced per annum and 50% thereafter.

13)

The Company is currently negotiating an amendment to the Minto PMPA such that the cash payment per ounce of gold delivered will be the lower of 65% of the spot price of gold and $1,250. This proposed amended pricing will end on the earlier of (i) January 27, 2023; or (ii) once 27,000 ounces of gold have been delivered to the Company. Once this proposed amended pricing ends, the cash payment per ounce of gold delivered will be the lower of 50% of the spot price of gold and $1,000. In the event that the parties are unable to finalize the terms of the proposed amendment, the production payment will remain as set out in the existing Minto PMPA, being a fixed price of $325 per ounce.

14)	Copper World Complex (formerly referred to as Rosemont in this MD&A).

15)	Terms of the agreement not yet finalized.

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

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

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

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

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

21)	Once the Company has received 279,908 ounces of gold under the Blackwater gold PMPA, the attributable gold production will be reduced to 4%. Once the Company has received 17.8 million ounces of silver under the Blackwater silver PMPA, the attributable silver production will be reduced to 33%.

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

23)	The Company is committed to purchase 4.15% of Goose gold production until 130,000 ounces are delivered to the Company, thereafter 2.15% of Goose gold production until 200,000 ounces are delivered to the Company and 1.5% of Goose gold production thereafter for the life of mine.

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

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Other Contractual Obligations and Contingencies

		Projected Payment Dates ¹
(in thousands)	2022		2023 - 2024			2025 - 2026			After 2026			Sub-Total			Other Commitments ²			Total
Payments for mineral stream interests
Copper World ³	$	-		$	-		$	-		$	-		$	-		$	231,150		$	231,150
Loma de La Plata		-			-			-			-			-			32,400			32,400
Marmato		-			122,000			-			-			122,000			-			122,000
Santo Domingo		-			-			-			-			-			260,000			260,000
Salobo ⁴		-			646,000			-			-			646,000			-			646,000
Fenix Gold		-			-			-			-			-			25,000			25,000
Blackwater		35,250			105,750			-			-			141,000			-			141,000
Marathon		-			102,133			43,771			-			145,904			-			145,904
Curipamba		13,500			118,125			43,875			-			175,500			-			175,500
Goose		31,250			62,500			-			-			93,750			-			93,750
Payments for early deposit mineral stream interest
Toroparu		-			138,000			-			-			138,000			-			138,000
Cotabambas		-			1,000			-			-			1,000			126,000			127,000
Kutcho		-			-			-			-			-			58,000			58,000
Leases liabilities		215			1,748			290			-			2,253			-			2,253
Total contractual obligations	$	80,215		$	1,297,256		$	87,936		$	-		$	1,465,407		$	732,550		$	2,197,957

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

2)	Projected payment date cannot be reasonably estimated due to insufficient clarity on timing associated with satisfaction of conditions precedent for payment.

3)	Copper World Complex (formerly referred to as Rosemont in this MD&A). Figure includes contingent transaction costs of $1 million.

As more fully explained on the following page, assuming the Salobo III expansion project achieves 12 Mtpa of additional processing capacity (bringing total processing capacity at Salobo to 36 Mtpa) by the end of 2023, the Company would expect to pay an estimated expansion payment of between $550 million to $650 million.

Copper World Complex

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

As per Hudbay’s press release of May 12, 2022, the Ninth Circuit affirmed the U.S. District Court for Arizona’s previous decision to vacate and remand the Final Record of Decision for the Rosemont deposit within the Copper World Complex in Arizona.

Loma de La Plata

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

Marmato

Under the terms of the Marmato PMPA, the Company is committed to pay Aris Mining total upfront cash payments of $110 million. Of this amount, $34 million was paid on April 15, 2021; $4 million was paid on February 28, 2022; and the remaining amount is payable during the construction of the Marmato Lower Mine development portion of the Marmato mine, subject to customary conditions. Under the amended terms of the Marmato PMPA, the Company is committed to pay Aris Mining additional upfront cash consideration of $65 million, $15 million of which was paid to Aris Mining on April 11, 2022 and the remaining $50 million is payable during the construction and development of the Lower Mine.

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Santo Domingo

Under the terms of the Santo Domingo PMPA, the Company is committed to pay Capstone total upfront cash payments of $290 million, $30 million of which was paid on April 21, 2021 and the remaining portion of which is payable during the construction of the Santo Domingo project, subject to customary conditions being satisfied, including Capstone attaining sufficient financing to cover total expected capital expenditures.

Salobo

The Salobo mine currently has a mill throughput capacity of 24 Mtpa. In October 2018, Vale’s Board of Directors approved the investment in the Salobo Expansion, which is proposed to include a third concentrator line and will use Salobo’s existing infrastructure. Vale anticipates that the Salobo Expansion, which is scheduled to start up by the end of 2022 with a 15-month ramp-up period, will result in an increase of throughput capacity from 24 Mtpa to 36 Mtpa.

If actual throughput is expanded above 28 Mtpa, then under the terms of the Salobo PMPA, Wheaton will be required to make an additional set payment to Vale based on the size of the expansion, the timing of completion and the grade of the material processed. The set payment ranges from $113 million if throughput is expanded beyond 28 Mtpa by January 1, 2036 up to $892 million if throughput is expanded beyond 40 Mtpa by January 1, 2023. Assuming the Salobo III expansion project achieves 12 Mtpa of additional processing capacity (bringing total processing capacity at Salobo to 36 Mtpa) during 2023, the Company would expect to pay an estimated expansion payment of between $550 million to $650 million. The actual amount and timing of any expansion payment may significantly differ from this estimate depending on the size, timing and processed grade of any expansion.

Fenix

Under the terms of the Fenix PMPA, the Company is committed to pay total cash consideration of $50 million, of which $25 million was paid on March 25, 2022. The remaining $25 million is payable subject to Rio2’s receipt of its Environmental Impact Assessment for the Fenix Project, and certain other conditions.

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

Blackwater

Under the terms of the Blackwater Silver PMPA, the Company is committed to pay total upfront consideration of $141 million, which is payable in four equal installments during the construction of the Blackwater Project, subject to customary conditions being satisfied.

Marathon

Under the terms of the Marathon PMPA, the Company is committed to pay total upfront cash consideration of $181 million (Cdn$240 million), $16 million (Cdn$20 million) of which was paid on March 31, 2022 and $15 million (Cdn$20 million) was paid on September 7, 2022. The remainder is to be paid in four staged installments during construction, subject to various customary conditions being satisfied.

Curipamba

Under the terms of the Curipamba PMPA, the Company is committed to pay total upfront cash consideration of $175.5 million, $13 million of which is available pre-construction and $500,000 of which will be paid to support certain local community development initiatives around the Curipamba Project. The remainder will be payable in four staged installments during construction, subject to various customary conditions being satisfied.

Goose

Under the terms of the Goose PMPA, the Company is committed to pay total upfront cash consideration of $125 million in four equal installments during construction of the Goose Project, subject to customary conditions. The initial payment of $31.25 million was paid on September 28, 2022.

Toroparu

Under the terms of the Toroparu Early Deposit Agreement, the Company is committed to pay a subsidiary of Aris Mining, an additional $138 million, payable on an installment basis to partially fund construction of the mine. Aris Mining is to deliver certain feasibility documentation by December 31, 2022. Following the delivery of this

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documentation (or after December 31, 2022 if the feasibility documentation has not been delivered to Wheaton by such date) Wheaton may elect to (i) not proceed with the agreement or (ii) not pay the balance of the upfront consideration and reduce the gold stream percentage from 10% to 0.909% and the silver stream percentage from 50% to nil. If option (i) is chosen, Wheaton will be entitled to a return of the amounts advanced less $2 million. If Wheaton elects option (ii), Aris Mining may elect to terminate the agreement and Wheaton will be entitled to a return of the amount of the deposit already advanced less $2 million.

Cotabambas

Under the terms of the Cotabambas Early Deposit Agreement, the Company is committed to pay Panoro a total cash consideration of $140 million, of which $13 million has been paid to date. Once certain conditions have been met, the Company will advance an additional $1 million to Panoro, spread over up to two years. Following the delivery of a bankable definitive feasibility study, environmental study and impact assessment, and other related documents (collectively, the "Cotabambas Feasibility Documentation"), and receipt of permits and construction commencing, the Company may then advance the remaining deposit or elect to terminate the Cotabambas Early Deposit Agreement. If the Company elects to terminate, the Company will be entitled to a return of the portion of the amounts advanced less $2 million payable upon certain triggering events occurring.

Kutcho

Under the terms of the Kutcho Early Deposit Agreement, the Company is committed to pay Kutcho a total cash consideration of $65 million, of which $7 million has been paid to date. The remaining $58 million will be advanced on an installment basis to partially fund construction of the mine once certain conditions have been satisfied.

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

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

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

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

Tax Contingencies

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

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

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

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

General

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [35]

future events. If the Company is unable to resolve any of these matters favorably, there may be a material adverse impact on the Company’s financial performance, cash flows or results of operations. In the event that the Company’s estimate of the future resolution of any of the foregoing matters changes, the Company will recognize the effects of the change in its consolidated financial statements in the appropriate period relative to when such change occurs.

Share Capital

During the nine months ended September 30, 2022, the Company received cash proceeds of $8 million from the exercise of 329,914 share purchase options at a weighted average exercise price of Cdn$28.87 per option, with all of the exercises taking place during the six months ended June 30, 2022. During the three months ended September 30, 2021, the Company received cash proceeds of $0.2 million from the exercise of 7,095 share purchase options at a weighted average exercise price of Cdn$32.62 per option (nine months - $6 million from the exercise of 296,840 share purchase options at a weighted average exercise price of Cdn$24.01).

During the nine months ended September 30, 2022, the Company released 87,838 RSUs, with all releases taking place during three months ended March 31, 2022. During the nine months ended September 30, 2021, the Company released 116,880 RSUs, with all the releases taking place during the six months ended June 30, 2021.

The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. During the three months ended September 30, 2022, there were 270,768 common shares issued under the DRIP (nine months - 681,256). During the three months ended September 30, 2021, there were 228,728 common shares issued under the DRIP (nine months - 635,198).

As of November 3, 2022, there were 451,962,960 outstanding common shares, 1,652,869 share purchase options, 352,680 restricted share units and 10,000,000 share purchase warrants.

At the Market Equity Program

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

Wheaton intends that the net proceeds from the ATM Program, if any, will be available as one potential source of funding for stream acquisitions and/or other general corporate purposes including the repayment of indebtedness. As at September 30, 2022, the Company has not issued any shares under the ATM program.

Financial Instruments

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

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

Future Changes to Accounting Policies

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

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

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

•

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

•

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

The implementation of this amendment is not expected to have a material impact on the Company.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [36]

Amendment to IAS 1- Presentation of Financial statements

The amendments to IAS 1 clarify the presentation of liabilities. The classification of liabilities as current or noncurrent is based on contractual rights that are in existence at the end of the reporting period and is unaffected by expectations about whether an entity will exercise its right to defer settlement. A liability not due over the next twelve months is classified as non-current even if management intends or expects to settle the liability within twelve months. The amendment also introduces a definition of ‘settlement’ to make clear that settlement refers to the transfer of cash, equity instruments, other assets, or services to the counterparty. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. The implementation of this amendment is not expected to have a material impact on the Company.

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

The amendments require that an entity discloses its material accounting policies, instead of its significant accounting policies. Further amendments explain how an entity can identify a material accounting policy. Examples of when an accounting policy is likely to be material are added. To support the amendment, the IASB has also developed guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’ described in IFRS Practice Statement 2. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. The Company is currently evaluating the impact of the amendment on its financial statements.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [37]

Non-IFRS Measures

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

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

	Three Months Ended September 30					Nine Months Ended September 30
(in thousands, except for per share amounts)		2022		2021			2022		2021
Net earnings		$	196,460	$	134,937		$	503,001	$	463,063
Add back (deduct):
Impairment reversal			(10,330)		-			(10,330)		-
Gain on disposal of Mineral Stream Interest			(104,425)		-			(104,425)		-
(Gain) loss on fair value adjustment of share purchase warrants held			204		1,246			1,101		2,392
(Gain) loss on fair value adjustment of convertible notes receivable			-		490			1,380		(4,136)
Income tax (expense) recovery recognized in the Statement of Shareholders' Equity			3,644		(269)			4,143		837
Income tax (expense) recovery recognized in the Statement of OCI			546		627			701		(1,989)
Income tax expense resulting from PMPA disposition, net of above			7,779		-			7,779		-
Other			-		56			(2,182)		(319)
Adjusted net earnings		$	93,878	$	137,087		$	401,168	$	459,848
Divided by:
Basic weighted average number of shares outstanding			451,757		450,326			451,402		449,977
Diluted weighted average number of shares outstanding			452,386		451,717			452,221		451,369
Equals:
Adjusted earnings per share - basic		$	0.208	$	0.304		$	0.889	$	1.022
Adjusted earnings per share - diluted		$	0.208	$	0.303		$	0.887	$	1.019

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ii.

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

	Three Months Ended September 30					Nine Months Ended September 30
(in thousands, except for per share amounts)		2022		2021			2022		2021
Cash generated by operating activities		$	154,497	$	201,287		$	571,396	$	649,856
Divided by:
Basic weighted average number of shares outstanding			451,757		450,326			451,402		449,977
Diluted weighted average number of shares outstanding			452,386		451,717			452,221		451,369
Equals:
Operating cash flow per share - basic		$	0.342	$	0.447		$	1.266	$	1.444
Operating cash flow per share - diluted		$	0.342	$	0.446		$	1.264	$	1.440

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iii.

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

	Three Months Ended September 30					Nine Months Ended September 30
(in thousands, except for gold and palladium ounces sold and per unit amounts)		2022		2021			2022		2021
Cost of sales		$	116,683	$	117,505		$	384,703	$	415,215
Less: depletion			(55,728)		(54,976)			(178,812)		(195,458)
Cash cost of sales		$	60,955	$	62,529		$	205,891	$	219,757
Cash cost of sales is comprised of:
Total cash cost of gold sold		$	29,398	$	31,405		$	105,719	$	105,721
Total cash cost of silver sold			29,238		27,782			90,384		104,159
Total cash cost of palladium sold			1,493		2,667			4,475		6,804
Total cash cost of cobalt sold			826		675			5,313		3,073
Total cash cost of sales		$	60,955	$	62,529		$	205,891	$	219,757
Divided by:
Total gold ounces sold			62,000		67,649			224,238		232,843
Total silver ounces sold			5,234		5,487			16,635		17,744
Total palladium ounces sold			4,227		5,703			11,680		14,703
Total cobalt pounds sold			115		131			851		658
Equals:
Average cash cost of gold (per ounce)		$	474	$	464		$	471	$	454
Average cash cost of silver (per ounce)		$	5.59	$	5.06		$	5.43	$	5.87
Average cash cost of palladium (per ounce)		$	353	$	468		$	383	$	463
Average cash cost of cobalt (per pound)		$	7.21	$	5.15		$	6.24	$	4.67

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [40]

iv.

The following table provides a reconciliation of cash operating margin.

	Three Months Ended September 30					Nine Months Ended September 30
(in thousands, except for gold and palladium ounces sold and per unit amounts)		2022		2021			2022		2021
Total sales:
Gold		$	107,128	$	121,416		$	410,646	$	418,734
Silver		$	100,270	$	130,587		$	364,829	$	453,924
Palladium		$	8,838	$	13,834		$	25,574	$	36,932
Cobalt		$	2,600	$	3,120		$	27,953	$	13,878
Divided by:
Total gold ounces sold			62,000		67,649			224,238		232,843
Total silver ounces sold			5,234		5,487			16,635		17,744
Total palladium ounces sold			4,227		5,703			11,680		14,703
Total cobalt pounds sold			115		131			851		658
Equals:
Average realized price of gold (per ounce)		$	1,728	$	1,795		$	1,831	$	1,798
Average realized price of silver (per ounce)		$	19.16	$	23.80		$	21.93	$	25.58
Average realized price of palladium (per ounce)		$	2,091	$	2,426		$	2,190	$	2,512
Average realized price of cobalt (per pound)		$	22.68	$	23.78		$	32.85	$	21.09
Less:
Average cash cost of gold ¹ (per ounce)		$	(474)	$	(464)		$	(471)	$	(454)
Average cash cost of silver ¹ (per ounce)		$	(5.59)	$	(5.06)		$	(5.43)	$	(5.87)
Average cash cost of palladium ¹ (per ounce)		$	(353)	$	(468)		$	(383)	$	(463)
Average cash cost of cobalt ¹ (per pound)		$	(7.21)	$	(5.15)		$	(6.24)	$	(4.67)
Equals:
Cash operating margin per gold ounce sold		$	1,254	$	1,331		$	1,360	$	1,344
As a percentage of realized price of gold			73%		74%			74%		75%
Cash operating margin per silver ounce sold		$	13.57	$	18.74		$	16.50	$	19.71
As a percentage of realized price of silver			71%		79%			75%		77%
Cash operating margin per palladium ounce sold		$	1,738	$	1,958		$	1,807	$	2,049
As a percentage of realized price of palladium			83%		81%			83%		82%
Cash operating margin per cobalt pound sold		$	15.47	$	18.63		$	26.61	$	16.42
As a percentage of realized price of cobalt			68%		78%			81%		78%

Refer to discussion on non-IFRS measure (iii) on page 40 of this MD&A.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [41]

Subsequent Events

Declaration of Dividend

Under the Company’s dividend policy, the quarterly dividend per common share is targeted to equal approximately 30% of the average cash flow generated by operating activities in the previous four quarters divided by the Company’s then outstanding common shares, all rounded to the nearest cent. To minimize volatility in quarterly dividends, the Company has set a minimum quarterly dividend for the duration of 2022 equal to the dividend per common share declared in the prior quarter. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.

On November 3, 2022, the Board of Directors declared a dividend in the amount of $0.15 per common share, with this dividend being payable to shareholders of record on November 21, 2022 and is expected to be distributed on or about December 1, 2022. The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares at a discount of 1% of the Average Market Price, as defined in the DRIP.

Controls and Procedures

Disclosure Controls and Procedures

Wheaton’s management, with the participation of its Chief Executive Officer and Chief Financial Officer, has evaluated the design and effectiveness of Wheaton’s disclosure controls and procedures, as defined in the rules of the U.S. Securities and Exchange Commission and Canadian Securities Administrators, as of September 30, 2022. Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that Wheaton’s disclosure controls and procedures were effective as of September 30, 2022.

Internal Control Over Financial Reporting

The Company’s management, with the participation of its Chief Executive Officer and Chief Financial Officer, are responsible for establishing and maintaining adequate internal control over financial reporting. Under the supervision of the Chief Financial Officer, the Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. The Company’s controls include policies and procedures that:

•

pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;

•

provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, and that receipts and expenditures of the Company are being made only in accordance with authorizations of the Company’s management and directors; and,

•

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the annual financial statements or interim financial statements.

The Company’s management, including its Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s internal control over financial reporting using the framework and criteria established in Internal Control – Integrated Framework (2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management has concluded that the internal control over financial reporting was effective at as of September 30, 2022.

There have been no changes in the Company’s internal control over financial reporting during the three months ended September 30, 2022 that would materially affect, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Limitation of Controls and Procedures

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [42]

potential future conditions. Accordingly, because of the inherent limitations in a cost effective control system, misstatements due to error or fraud may occur and not be detected.

Attributable Reserves and Resources

The following tables set forth the estimated Mineral Reserves and Mineral Resources (metals attributable to Wheaton only) for the mines relating to which the Company has PMPAs, adjusted where applicable to reflect the Company’s percentage entitlement to such metals, as of December 31, 2021, unless otherwise noted.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [43]

Mineral Reserves Attributable to Wheaton Precious Metals ^(1,2,3,8,32)

		December 31, 2021 ⁽⁶⁾										December 31, 2020
		Proven			Probable			Proven & Probable				Proven & Probable
		Tonnage	Grade	Contained	Tonnage	Grade	Contained	Tonnage	Grade	Contained	Process Recovery %⁽⁷⁾	Tonnage	Grade	Contained
Asset	Interest	Mt	g/t / %	Moz / Mlbs	Mt	g/t / %	Moz / Mlbs	Mt	g/t / %	Moz / Mlbs	Process Recovery %⁽⁷⁾	Mt	g/t / %	Moz / Mlbs
Gold
Salobo ⁽¹⁰⁾	75%	173.3	0.40	2.23	676.9	0.34	7.38	850.1	0.35	9.60	76%	867.8	0.31	8.59
Stillwater ⁽¹³⁾	100%	8.2	0.41	0.11	60.1	0.33	0.63	68.3	0.34	0.74	69%	58.2	0.39	0.73
Constancia	50%	231.3	0.07	0.50	29.2	0.05	0.05	260.5	0.07	0.55	61%	266.3	0.07	0.56
Sudbury ⁽¹¹⁾	70%	11.4	0.46	0.17	11.4	0.45	0.17	22.8	0.45	0.33	75%	23.8	0.45	0.34
San Dimas ⁽¹⁴⁾	25%	0.6	4.42	0.08	0.4	3.02	0.04	1.0	3.87	0.12	95%	1.0	3.77	0.12
Marmato ^(11,15)	10.5%	0.1	5.14	0.01	2.0	3.11	0.20	2.1	3.19	0.21	90%	1.3	3.19	0.13
777	50%	0.2	1.78	0.013	-	-	-	0.2	1.78	0.01	58%	0.8	2.13	0.05
Minto	100%	-	-	-	-	-	-	-	-	-	75%	2.4	0.60	0.05
Blackwater^(11,28)	8%	19.3	0.74	0.46	0.5	0.80	0.01	19.8	0.74	0.47	91%	-	-	-
Toroparu ^(12,16)	10%	3.0	1.10	0.10	9.7	0.98	0.31	12.7	1.00	0.41	89%	12.7	1.00	0.41
Santo Domingo ^(11,26)	100%	65.4	0.08	0.17	326.9	0.03	0.34	392.3	0.04	0.51	61%	392.3	0.04	0.51
Marathon^(11,29)	100%	85.1	0.07	0.19	32.6	0.06	0.06	117.7	0.07	0.26	71%	-	-	-
Curipamba^(11,30)	50%	1.6	2.83	0.14	1.7	2.23	0.12	3.2	2.52	0.26	53%	-	-	-
Goose^(11,31)	4.15%	0.3	5.54	0.06	0.4	6.29	0.09	0.8	5.97	0.14	93%	-	-	-
Kutcho ⁽¹²⁾	100%	6.8	0.37	0.08	10.6	0.39	0.13	17.4	0.38	0.21	41%	10.4	0.37	0.12
Fenix ^(11,27)	6%	3.1	0.51	0.05	3.8	0.47	0.06	6.9	0.49	0.11	75%	-	-	-
Metates Royalty ⁽¹⁷⁾	0.5%	1.4	0.70	0.03	4.1	0.45	0.06	5.5	0.52	0.09	91%	5.5	0.52	0.09
Total Gold				4.41			9.63			14.04				11.71
Silver
Peñasquito ⁽¹⁰⁾	25%	28.8	38.3	35.4	61.8	31.8	63.1	90.5	33.8	98.5	87%	97.0	34.1	106.4
Constancia	100%	462.6	3.1	45.8	58.4	3.1	5.9	521.0	3.1	51.7	70%	532.5	3.0	52.0
Antamina ^(11,18)	33.75%
Copper		44.9	7.1	10.2	27.6	8.4	7.5	72.5	7.6	17.7	71%	78.6	7.2	18.3
Copper-Zinc		17.9	13.1	7.5	23.0	14.6	10.8	40.9	14.0	18.4	71%	50.3	12.9	20.8
Zinkgruvan	100%
Zinc		3.1	80.0	7.8	7.2	88.0	20.4	10.3	85.6	28.3	83%	8.8	81.4	23.0
Copper		2.0	32.0	2.1	0.2	35.0	0.2	2.2	32.3	2.3	70%	3.1	30.3	3.0
Neves-Corvo	100%
Copper		4.4	34.0	4.8	20.7	30.8	20.5	25.1	31.4	25.3	24%	29.7	30.2	28.8
Zinc		3.8	69.0	8.4	21.0	62.0	41.8	24.8	63.1	50.2	30%	30.1	62.2	60.3
Yauliyacu ⁽¹⁹⁾	100%	1.1	67.2	2.3	7.0	86.7	19.6	8.1	84.1	22.0	83%	8.2	97.4	25.6
Aljustrel ⁽²⁰⁾	100%	9.7	47.4	14.8	27.4	46.9	41.4	37.2	47.1	56.2	26%	37.2	47.1	56.2
San Dimas ⁽¹⁴⁾	25%	0.6	348.0	6.5	0.4	264.7	3.2	1.0	315.3	9.7	94%	1.0	329.7	10.6
Cozamin ^(11,21)	50%
Copper		-	-	-	5.4	45.6	8.0	5.4	45.6	8.0	86%	6.3	44.4	9.0
Zinc		-	-	-	0.7	44.5	1.0	0.7	44.5	1.0	86%	0.7	44.3	1.1
Los Filos	100%	26.2	3.5	3.0	78.1	10.2	25.5	104.2	8.5	28.5	10%	104.2	8.5	28.5
Marmato ^(11,15)	100%	0.8	22.1	0.6	18.9	6.2	3.8	19.7	6.9	4.4	34%	19.7	6.9	4.4
777	100%	0.5	32.2	0.5	-	-	-	0.5	32.2	0.5	45%	1.5	31.0	1.5
Minto	100%	-	-	-	-	-	-	-	-	-	45%	2.4	5.6	0.4
Stratoni	100%	-	-	-	-	-	-	-	-	-	45%	0.6	148.0	2.7
Copper World Complex ⁽²²⁾
Rosemont	100%	408.6	5.0	66.2	108.0	3.0	10.4	516.6	4.6	76.7	76%	516.6	4.6	76.7
Blackwater^(11,28)	50%	161.9	5.8	30.1	4.6	5.8	0.9	166.5	5.8	31.0	61%	-	-	-
Kutcho ⁽¹²⁾	100%	6.8	24.5	5.4	10.6	30.1	10.2	17.4	27.9	15.6	46%	9.9	34.6	11.0
Curipamba^(11,30)	75%	2.4	41.4	3.1	2.5	49.7	4.0	4.9	45.7	7.1	63%	-	-	-
Metates Royalty ⁽¹⁷⁾	0.5%	1.4	17.2	0.8	4.1	13.1	1.7	5.5	14.2	2.5	66%	5.5	14.2	2.5
Total Silver				255.4			299.9			555.3				542.7
Palladium
Stillwater ⁽¹³⁾	4.5%	0.2	12.0	0.09	1.8	9.4	0.53	2.0	9.7	0.63	90%	1.8	11.2	0.64
Total Palladium				0.09			0.53			0.63				0.64
Platinum
Marathon ^(11,29)	22%	18.7	0.2	0.13	7.2	0.2	0.04	25.9	0.2	0.17	84%	-	-	-
Total Platinum				0.13			0.04			0.17				-
Cobalt
Voisey's Bay ^(11,23)	42.4%	4.9	0.13	13.5	6.5	0.12	17.8	11.4	0.12	31.4	84%	12.1	0.12	31.7
Total Cobalt				13.5			17.8			31.4				31.7

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [44]

Mineral Resources Attributable to Wheaton Precious Metals ^{(1,2,3,4,5,9,32)}

		December 31, 2021 ⁽⁶⁾
		Measured			Indicated			Measured & Indicated			Inferred
		Tonnage	Grade	Contained	Tonnage	Grade	Contained	Tonnage	Grade	Contained	Tonnage	Grade	Contained
	Interest	Mt	g/t / %	Moz / Mlbs	Mt	g/t / %	Moz / Mlbs	Mt	g/t / %	Moz / Mlbs	Mt	g/t / %	Moz / Mlbs
Gold
Salobo ⁽¹⁰⁾	75%	22.7	0.17	0.12	329.6	0.25	2.65	352.3	0.24	2.77	201.7	0.29	1.88
Stillwater ⁽¹³⁾	100%	15.1	0.40	0.19	19.9	0.39	0.25	35.0	0.39	0.44	113.6	0.34	1.24
Constancia	50%	66.5	0.06	0.12	59.9	0.04	0.08	126.4	0.05	0.19	32.1	0.09	0.09
Sudbury ⁽¹¹⁾	70%	0.9	0.30	0.01	6.0	0.63	0.12	6.9	0.59	0.13	2.0	0.54	0.03
San Dimas ⁽¹⁴⁾	25%	0.1	5.95	0.02	0.1	2.87	0.01	0.3	4.27	0.04	1.0	3.54	0.12
Marmato ^(11,15)	10.5%	0.2	5.95	0.03	2.7	2.77	0.24	2.8	2.94	0.27	1.6	2.59	0.13
Minto	100%	-	-	-	11.1	0.53	0.19	11.1	0.53	0.19	13.0	0.49	0.21
Blackwater^(11,28)	8%	4.1	0.35	0.05	6.4	0.49	0.10	10.5	0.44	0.15	0.7	0.45	0.01
Toroparu ^(12,16)	10%	3.5	2.33	0.26	2.3	2.33	0.17	5.8	2.33	0.43	1.4	2.74	0.12
Santo Domingo ^(11,26)	100%	1.4	0.05	0.002	120.1	0.03	0.11	121.5	0.03	0.12	31.8	0.02	0.03
Marathon^(11,29)	100%	19.4	0.08	0.05	66.6	0.06	0.13	86.0	0.07	0.18	22.7	0.05	0.04
Curipamba^(11,30)	50%	-	-	-	1.2	1.63	0.06	1.2	1.63	0.06	0.4	1.62	0.02
Goose^(11,31)	4.15%	0.04	4.94	0.01	0.1	5.18	0.02	0.2	5.13	0.03	0.2	6.64	0.04
Kutcho ⁽¹²⁾	100%	0.4	0.20	0.003	5.0	0.38	0.06	5.4	0.37	0.06	12.9	0.25	0.10
Fenix^(11,27)	6%	2.9	0.34	0.03	9.3	0.33	0.10	12.3	0.33	0.13	4.8	0.32	0.05
Cotabambas ^(12,24)	25%	-	-	-	29.3	0.23	0.22	29.3	0.23	0.22	151.3	0.17	0.84
Brewery Creek Royalty ⁽²⁵⁾	2%	0.3	1.06	0.01	0.5	1.02	0.02	0.8	1.03	0.03	1.0	0.88	0.03
Metates Royalty ⁽¹⁷⁾	0.5%	0.3	0.23	0.002	0.7	0.23	0.01	1.0	0.23	0.01	0.3	0.32	0.003
Total Gold				0.90			4.54			5.44			4.98
Silver
Peñasquito ⁽¹⁰⁾	25%	7.9	25.7	6.5	44.2	26.4	37.4	52.0	26.3	43.9	22.5	28.0	20.2
Constancia	100%	133.0	2.3	9.9	119.7	2.1	8.2	252.7	2.2	18.1	64.3	3.5	7.3
Antamina ^(11,18)	33.75%
Copper		28.5	7.2	6.6	107.8	8.5	29.4	136.2	8.2	36.0	218.2	9.0	63.1
Copper-Zinc		12.2	20.7	8.1	50.5	18.1	29.4	62.7	18.6	37.5	100.5	15.5	50.1
Zinkgruvan	100%
Zinc		3.1	58.2	5.8	8.2	60.0	15.9	11.3	59.5	21.7	14.2	81.0	37.0
Copper		1.8	34.8	2.0	0.3	34.7	0.4	2.1	34.8	2.3	0.2	27.0	0.2
Neves-Corvo	100%
Copper		4.8	51.3	7.9	31.2	50.7	50.9	36.0	50.8	58.8	12.7	34.0	13.9
Zinc		7.0	62.6	14.0	37.7	58.8	71.2	44.6	59.4	85.3	4.1	64.0	8.4
Yauliyacu ⁽¹⁹⁾	100%	5.6	119.7	21.6	7.5	131.2	31.7	13.1	126.3	53.3	12.9	259.9	107.6
San Dimas ⁽¹⁴⁾	25%	0.1	413.8	1.6	0.1	252.3	1.1	0.3	325.7	2.7	1.0	310.4	10.2
Aljustrel ⁽²⁰⁾	100%	4.3	67.3	9.3	3.9	58.9	7.4	8.2	63.3	16.7	15.7	46.2	23.3
Cozamin ^(11,21)	50%
Copper		0.2	53.3	0.3	4.8	35.1	5.4	4.9	35.7	5.7	2.4	39.9	3.1
Zinc		-	-	-	1.8	32.4	1.9	1.8	32.4	1.9	2.2	38.0	2.6
Los Filos	100%	88.5	5.3	15.2	133.7	8.1	35.0	222.2	7.0	50.2	98.2	6.1	19.4
Marmato ^(11,15)	100%	1.3	27.9	1.2	22.8	6.3	4.6	24.1	7.5	5.8	15.4	3.3	1.6
Minto	100%	-	-	-	11.1	4.7	1.7	11.1	4.7	1.7	13.0	4.5	1.9
Stratoni	100%	-	-	-	1.4	153.0	6.6	1.4	153.0	6.6	1.7	162.2	8.9
Copper World Complex ⁽²²⁾	100%
Rosemont		112.2	3.9	14.1	358.0	2.7	31.5	470.2	3.0	45.6	68.7	1.7	3.7
Copper World		-	-	-	180.0	2.7	15.6	180.0	2.7	15.6	91.0	3.8	11.1
Blackwater^(11,28)	50%	33.7	4.7	5.1	52.9	8.7	14.8	86.6	7.1	19.9	5.6	12.8	2.3
Kutcho ⁽¹²⁾	100%	0.4	28.0	0.4	5.0	25.7	4.1	5.4	25.9	4.5	12.9	20.0	8.3
Curipamba ^(11,30)	75%	-	-	-	1.8	38.4	2.2	1.8	38.4	2.2	0.7	31.6	0.7
Pascua-Lama	25%	10.7	57.2	19.7	97.9	52.2	164.4	108.6	52.7	184.1	3.8	17.8	2.2
Loma de La Plata	12.5%	-	-	-	3.6	169.0	19.8	3.6	169.0	19.8	0.2	76.0	0.4
Toroparu ^(12,16)	50%	55.4	1.1	2.0	37.0	0.8	1.0	92.5	1.0	3.0	6.9	0.4	0.1
Cotabambas ^(12,24)	100%	-	-	-	117.1	2.7	10.3	117.1	2.7	10.3	605.3	2.3	45.4
Metates Royalty ⁽¹⁷⁾	0.5%	0.3	6.2	0.1	0.7	6.2	0.1	1.0	6.2	0.2	0.3	9.0	0.1
Total Silver				151.1			602.2			753.4			452.9
Palladium
Stillwater ⁽¹³⁾	4.5%	0.15	11.2	0.05	0.2	10.7	0.07	0.4	10.9	0.12	1.1	9.5	0.35
Total Palladium				0.05			0.07			0.12			0.35
Platinum
Marathon ^(11,29)	22.0%	4.39	0.2	0.03	15.0	0.1	0.07	19.4	0.2	0.10	5.1	0.1	0.02
Total Platinum				0.03			0.07			0.10			0.02
Cobalt
Voisey's Bay ^(11,23)	42.4%	1.7	0.04	1.5	-	-	-	1.7	0.04	1.5	2.5	0.12	6.8
Total Cobalt				1.5			-			1.5			6.8

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [45]

Notes on Mineral Reserves & Mineral Resources:

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

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

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

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

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

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

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

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

6.	Other than as detailed below, Mineral Reserves and Mineral Resources are reported as of December 31, 2021 based on information available to the Company as of the date of this document, and therefore will not reflect updates, if any, after such date.

Mineral Resources for Aljustrel’s Feitais mine are reported as of July 2020, Moinho & St João mines as of August 2020 and the Estação project as of July 2018.

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

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

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

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

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

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

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

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

Mineral Resources and Mineral Reserves for the Los Filos mine are reported as of October 31, 2018.

Mineral Resources for the Marathon project are reported as of June 30, 2020 and Mineral Reserves as of September 15, 2020.

Mineral Resources Marmato mine are reported as of June 30, 2021 and Mineral Reserves as of March 17, 2020.

Mineral Resources Metates royalty are reported as of May 18, 2021 and Mineral Reserves as of April 29, 2016.

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

Mineral Resources and Mineral Reserves for the Neves-Corvo and Zinkgruvan mines are reported as of June 30, 2021.

Mineral Resources and Mineral Reserves for the Rosemont project at the Copper World Complex are reported as of March 30, 2017 and Mineral Resources for Copper World as of December 1, 2021.

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

Mineral Resources and Mineral Reserves for the Stratoni mine are reported as of September 30, 2021.

Mineral Resources for the Toroparu project are reported as of November 1, 2021 and Mineral Reserves are reported as of March 31, 2013.

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

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

Aljustrel mine – 3.5% zinc cut-off for the Feitais, Moinho and St João mines and 3.0% zinc cut-off for the Estação project.

Antamina mine - $6,000 per hour of mill operation cut-off assuming $3.03 per pound copper, $1.07 per pound zinc, $9.40 per pound molybdenum and $18.32 per ounce silver.

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

Constancia mine – NSR cut-off of $6.40 per tonne assuming $1,500 per ounce gold, $20.00 per ounce silver, $3.45 per pound copper and $11.00 per pound molybdenum.

Copper World Complex, Rosemont project - $6.00 per ton NSR cut-off assuming $18.00 per ounce silver, $3.15 per pound copper and $11.00 per pound molybdenum.

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

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

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

Goose project:

Umwelt – 1.72 grams per tonne for open pit and 3.9 grams per tonne for underground.

ii.

Llama – 1.74 grams per tonne for open pit and 4.1 grams per tonne for underground.

iii.

Goose Main – 1.70 grams per tonne for open pit and 4.1 grams per tonne for underground.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [46]

iv.

Echo – 1.60 grams per tonne for open pit and 3.5 grams per tonne for underground.

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

Los Filos mine - $1,200 per ounce gold and $4.39 per ounce silver.

Marathon project - NSR cut-offs ranging from of CAD$18.00 per tonne to CAD$21.33 per tonne assuming $1,500 per ounce palladium, $900 per ounce platinum, $2.75 per pound copper, $1,300 per ounce gold and $16.00 per ounce silver.

Marmato mine – 2.23 grams per tonne gold cut-off for the Upper Mine, 1.91 grams per tonne gold cut-off for the Transition Zone and 1.61 grams per tonne gold cut-off for the Lower Mine, all assuming $1,400 per ounce gold.

Metates royalty – 0.34 grams per tonne gold equivalent cut-off assuming $1,200 per ounce gold and $19.20 per ounce silver.

Neves-Corvo mine – 1.41% copper cut-off for the copper Mineral Reserves and 5.4% zinc cut-off for the zinc Mineral Reserves, both assuming $3.00 per pound copper, $0.95 per pound lead and $1.00 per pound zinc.

Peñasquito mine - $1,200 per ounce gold, $20.00 per ounce silver, $0.90 per pound lead and $1.15 per pound zinc.

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

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

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

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

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

Toroparu project – 0.38 grams per tonne gold cut-off assuming $1,070 per ounce gold for fresh rock and 0.35 grams per tonne gold cut-off assuming $970 per ounce gold for saprolite.

Voisey’s Bay mines –$3.40 per pound copper, $8.16 per pound nickel and $22.68 per pound cobalt.

Yauliyacu mine - $18.32 per ounce silver, $3.03 per pound copper, and $1.07 per pound zinc.

Zinkgruvan mine – Full cost breakeven NSR cut-offs of between $72.65 and $92.33 per tonne, assuming $3.00 per pound copper and $0.95 per pound lead and $1.00 per pound zinc.

777 mine – $1,800 per ounce gold, $24.00 per ounce silver, $4.00 per pound copper and $1.32 per pound zinc.

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

Aljustrel mine – 3.5% zinc cut-off for Feitais, Moinho and St João mines and 3.0% zinc cut-off for the Estação project.

Antamina mine - $3.30 per pound copper, $1.18 per pound zinc, $11.11 per pound molybdenum and $25.14 per ounce silver.

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

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

Constancia mine – NSR cut-off of $6.40 per tonne for open pit and 0.65% copper cut-off for underground, both assuming $1,500 per ounce gold, $20.00 per ounce silver, $3.45 per pound copper and $11.00 per pound molybdenum.

Copper World Complex - $5.70 per ton NSR cut-off assuming $18.00 per ounce silver, $3.15 per pound copper and $11.00 per pound molybdenum for the Rosemont project and 0.1% copper cut-off assuming $3.45 per pound copper, $20.00 per ounce silver, $11.00 per pound molybdenum for the Copper World project.

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

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

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

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

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

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

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

Los Filos mine - $1,400 per ounce gold and $4.39 per ounce silver.

Marathon project - NSR cut-off of CAD$13.00 per tonne assuming $1,600 per ounce palladium, $900 per ounce platinum, $3.00 per pound copper, $1,500 per ounce gold and $18.00 per ounce silver.

Marmato mine – 1.9 grams per tonne gold cut-off for the Upper Mine and 1.4 grams per tonne gold cut-off for the Lower Mine and Transition Zone, all assuming $1,600 per ounce gold.

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

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

Neves-Corvo mine – 1.0% copper cut-off for the copper Mineral Resource and 4.5% zinc cut-off for the zinc Mineral Resource, both assuming $3.00 per pound copper, $0.95 per pound lead and $1.00 per pound zinc.

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

Peñasquito mine - $1,400 per ounce gold, $23.00 per ounce silver, $1.10 per pound lead and $1.40 per pound zinc.

Salobo mine – 0.25% copper equivalent cut-off assuming $1,300 per ounce gold and $3.18 per pound copper.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [47]

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

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

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

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

aa.

Sudbury mines - $1,200 to $1,300 per ounce gold, $6.07 to $8.16 per pound nickel, $2.77 to $3.18 per pound copper, $1,150 to $1,225 per ounce platinum, $750 to $1,093 per ounce palladium and $12.47 to $20.41 per pound cobalt.

bb.

Toroparu project – 0.40 grams per tonne gold cut-off for open pit and 1.8 grams per tonne for underground assuming $1,630 per ounce gold.

cc.

Voisey’s Bay mines - $2.81 to $2.90 per pound copper, $6.35 per pound nickel and $20.41 per pound cobalt.

dd.

Yauliyacu mine – $25.14 per ounce silver, $3.30 per pound copper, and $1.18 per pound zinc.

ee.

Zinkgruvan mine – Area dependent margin NSR cut-offs of between $47.56 and $59.05 per tonne for the zinc Mineral Reserve and $47.56 per tonne NSR cut-off for the copper Mineral Reserve, both assuming $3.00 per pound copper and $0.95 per pound lead and $1.00 per pound zinc.

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

Antamina – Teck Resources Annual Information Form dated February 23, 2022.

Peñasquito – Newmont’s December 31, 2021 Resources and Reserves press release dated February 24, 2022 and

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

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

11.

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

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

13.

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

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

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

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

14.

15.

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

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

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

18.

The Antamina PMPA in respect to the Antamina mine (November 3, 2015) provides that Glencore will deliver silver equal to 33.75% of the silver production until 140 million ounces are delivered and 22.5% of silver production thereafter, for a 50-year term that can be extended in increments of 10 years at the Company’s discretion. Attributable reserves and resources have been calculated on the 33.75% / 22.5% basis.

19.

The Yauliyacu mine PMPA provides that Glencore will deliver to the Company a per annum amount equal to the first 1.5 million ounces of payable silver produced at the Yauliyacu mine and 50% of any excess for the life of the mine. On August 18, 2022, the Company announced that it had entered into an agreement with Glencore to terminate its silver stream on the Yauliyacu Mine in Peru for a cash payment of $150 million, less the aggregate value of any deliveries to Wheaton, prior to closing, of silver produced subsequent to December 31, 2021. Wheaton has agreed to terminate the stream in order to help facilitate the sale by Glencore of the Yauliyacu Mine. As at September 30, 2022, the net termination payment is estimated to be approximately $136 million.

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

21.	The Cozamin PMPA provides that Capstone will deliver silver equal to 50% of the silver production until 10 million ounces are delivered and 33%

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [48]

thereafter for the life of the mine. Attributable reserves and resources have been calculated on the 50% / 33% basis.

22.	The Copper World Complex Mineral Resources and Mineral Reserves do not include the Oxide material from the Rosemont project or the Leach material from the Copper World project.

23.

The Voisey’s Bay cobalt PMPA provides that effective January 1, 2021, Vale will deliver 42.4% of the cobalt production until 31 million pounds are delivered to the Company and 21.2% of cobalt production thereafter, for the life of the mine. Attributable reserves and resources have been calculated on the 42.4% / 21.2% basis.

24.

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

25.

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

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

27.

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

28.

The Blackwater silver and gold stream agreements provide that Artemis will deliver respectively silver and gold equal to (i) 50% of the payable silver production until 17.8 million ounces are delivered and 33% thereafter for the life of the mine, and (ii) 8% of the payable gold production until 279,908 ounces are delivered and 4% thereafter for the life of the mine. Attributable reserves and resources have been calculated on the 50% / 33% basis for silver and 8% / 4% basis for gold.

29.

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

30.

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

31.

The Goose PMPA provides that Sabina will deliver gold equal to 4.15% of the gold production until 130 thousand ounces are delivered, then 2.15% until 200 thousand ounces are delivered and 1.5% thereafter for the life of the mine. Attributable reserves and resources have been calculated on the 4.15% / 2.15% / 1.5% basis.

32.

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

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [49]

Cautionary Note Regarding Forward-Looking Statements

The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to:

•

the termination of the Yauliyacu silver stream for $150 million, the value of silver produced and delivered after January 1, 2022 and the satisfaction of each party's obligations in accordance with definitive documentation relating to the termination of the Yauliyacu silver stream;

•

the future price of commodities;

•

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

•

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

•

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

•

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

•

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

•

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

•

the costs of future production;

•

the estimation of produced but not yet delivered ounces;

•

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

•

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

•

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

•

any statements as to future dividends;

•

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

•

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

•

projected changes to Wheaton’s production mix;

•

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

•

the ability to sell precious metals and cobalt production;

•

confidence in the Company’s business structure;

•

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

•

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

•

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

•

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

•

the Company’s climate change and environmental commitments; and

•

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

Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “projects”, “intends”, “anticipates” or “does not anticipate”, or “believes”, “potential”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:

•

risks relating to the termination of the Yauliyacu silver stream and the satisfaction of each party's obligations in accordance with the terms of the definitive documentation relating to the termination of the Yauliyacu silver stream;

•

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

•

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [50]

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

risks relating to the potential implementation of a 15% global minimum tax;

•

counterparty credit and liquidity risks;

•

mine operator and counterparty concentration risks;

•

indebtedness and guarantees risks;

•

hedging risk;

•

competition in the streaming industry risk;

•

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

•

risks relating to security over underlying assets;

•

risks related to governmental regulations;

•

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

•

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

•

risks related to environmental regulations;

•

risks related to climate change;

•

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

•

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

•

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

•

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

•

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

•

risks associated with environmental, social and governance matters;

•

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

•

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

•

challenges related to global financial conditions;

•

risks related to Wheaton’s acquisition strategy;

•

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

•

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

•

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

•

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

•

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [51]

•

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

•

risks related to interest rates;

•

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

•

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

•

risks relating to activist shareholders;

•

risks relating to reputational damage;

•

risks relating to unknown defects and impairments;

•

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

•

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

•

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

•

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

•

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

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

•

the receipt of $150 million from Glencore, the estimated value of silver to be produced and delivered after January 1, 2022 and the satisfaction of each party's obligations in accordance with the terms of the definitive documentation relating to the termination of the Yauliyacu silver stream;

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

Although Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Wheaton. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing investors with information to assist them in understanding Wheaton’s expected financial and operational performance and may not be appropriate for other purposes. Any

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [52]

forward looking statement speaks only as of the date on which it is made. Wheaton does not undertake to update any forward-looking statements that are included or incorporated by reference herein, except in accordance with applicable securities laws.

Cautionary Language Regarding Reserves And Resources

For further information on Mineral Reserves and Mineral Resources and on Wheaton more generally, readers should refer to Wheaton’s Annual Information Form for the year ended December 31, 2021 and other continuous disclosure documents filed by Wheaton since January 1, 2022, available on SEDAR at www.sedar.com. Wheaton’s Mineral Reserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

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

The information contained herein has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms defined in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). In addition, the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in and required to be disclosed by NI 43-101. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. "Inferred mineral resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations. The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. Under the SEC Modernization Rules, the historical property disclosure requirements for mining registrants included in SEC Industry Guide 7 will be rescinded and replaced with disclosure requirements in subpart 1300 of SEC Regulation S-K. Following the transition period, as a foreign private issuer that is eligible to file reports with the SEC pursuant to the multi-jurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101. As a result of the adoption of the SEC Modernization Rules, the SEC will recognize estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources.” In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be “substantially similar” to the corresponding definitions under the CIM Definition Standards that are required under NI 43-101. However, while the above terms are “substantially similar” to CIM Definition Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Definition Standards. 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 under the SEC Modernization Rules. Accordingly, information contained herein that describes Wheaton’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. United States investors are urged to consider closely the disclosure in Wheaton’s Form 40-F, a copy of which may be obtained from Wheaton or from http://www.sec.gov/edgar.html.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [53]

CORPORATE

INFORMATION

CANADA – HEAD OFFICE

WHEATON PRECIOUS METALS CORP.

Suite 3500

1021 West Hastings Street

Vancouver, BC V6E 0C3

Canada

T: 1 604 684 9648

F: 1 604 684 3123

CAYMAN ISLANDS OFFICE

Wheaton Precious Metals International Ltd.

Suite 300, 94 Solaris Avenue

Camana Bay

P.O. Box 1791 GT, Grand Cayman

Cayman Islands KY1-1109

STOCK EXCHANGE LISTING

Toronto Stock Exchange: WPM

New York Stock Exchange: WPM

London Stock Exchange: LSE

DIRECTORS

GEORGE BRACK, Chairman

JOHN BROUGH

JAIMIE DONOVAN

PETER GILLIN

CHANTAL GOSSELIN

GLENN IVES

CHARLES JEANNES

EDUARDO LUNA

MARILYN SCHONBERNER

RANDY SMALLWOOD

OFFICERS

RANDY SMALLWOOD

President & Chief Executive Officer

CURT BERNARDI

Senior Vice President,

Legal & Corporate Secretary

GARY BROWN

Senior Vice President
& Chief Financial Officer

PATRICK DROUIN

Senior Vice President,
Sustainability & Investor Relations

HAYTHAM HODALY
Senior Vice President,
Corporate Development

TRANSFER AGENT

TSX Trust Company

1600 – 1066 West Hastings Street

Vancouver, BC V6E 3X1

Toll-free in Canada and the United States:

1 800 387 0825

Outside of Canada and the United States:

1 416 682 3860

E: shareholderinquiries@tmx.com

AUDITORS

Deloitte LLP

Vancouver, BC

INVESTOR RELATIONS

PATRICK DROUIN

Senior Vice President,

Sustainability & Investor Relations

T: 1 604 684 9648

TF: 1 844 288 9878

E: info@wheatonpm.com

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [54]

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER MANAGEMENT DISCUSSION & ANALYSIS [55]

EX-99.3 4 wpm6kexhibit99-3.htm THIRD QUARTER 2022 FINANCIAL STATEMENTS

Condensed Interim Consolidated Statements of Earnings

		Three Months Ended September 30				Nine Months Ended September 30
(US dollars and shares in thousands, except per share amounts - unaudited)	Note	2022		2021		2022		2021
Sales	6	$	218,836	$	268,957	$	829,002	$	923,468
Cost of sales
Cost of sales, excluding depletion		$	60,955	$	62,529	$	205,891	$	219,757
Depletion	12		55,728		54,976		178,812		195,458
Total cost of sales		$	116,683	$	117,505	$	384,703	$	415,215
Gross margin		$	102,153	$	151,452	$	444,299	$	508,253
General and administrative expenses	7		8,360		7,932		27,448		26,572
Share based compensation	8		77		4,139		11,586		13,746
Donations and community investments	9		1,406		1,524		3,379		3,712
Reversal of impairment of mineral stream interests	13		(10,330)		-		(10,330)		-
Earnings from operations		$	102,640	$	137,857	$	412,216	$	464,223
Gain on disposal of mineral stream interest	12		(104,425)		-		(104,425)		-
Other (income) expense	10		(2,799)		1,108		(3,448)		(2,194)
Earnings before finance costs and income taxes		$	209,864	$	136,749	$	520,089	$	466,417
Finance costs	19.3		1,398		1,379		4,209		4,309
Earnings before income taxes		$	208,466	$	135,370	$	515,880	$	462,108
Income tax (expense) recovery	25		(12,006)		(433)		(12,879)		955
Net earnings		$	196,460	$	134,937	$	503,001	$	463,063
Basic earnings per share		$	0.435	$	0.300	$	1.114	$	1.029
Diluted earnings per share		$	0.434	$	0.299	$	1.112	$	1.026
Weighted average number of shares outstanding
Basic	23		451,757		450,326		451,402		449,977
Diluted	23		452,386		451,717		452,221		451,369

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [2]

Condensed Interim Consolidated Statements of Comprehensive Income

		Three Months Ended September 30				Nine Months Ended September 30
(US dollars in thousands - unaudited)	Note	2022		2021		2022		2021
Net earnings		$	196,460	$	134,937	$	503,001	$	463,063
Other comprehensive income
Items that will not be reclassified to net earnings
Loss on LTIs¹	17	$	(10,718)	$	(18,468)	$	(44,503)	$	(21,011)
Income tax recovery (expense) related to LTIs	25		546		627		701		(1,989)
Total other comprehensive loss		$	(10,172)	$	(17,841)	$	(43,802)	$	(23,000)
Total comprehensive income		$	186,288	$	117,096	$	459,199	$	440,063

1)	LTIs = long-term investments – common shares held.

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [3]

Condensed Interim Consolidated Balance Sheets

	Note	As at September 30		As at December 31
(US dollars in thousands - unaudited)	Note	2022		2021
Assets
Current assets
Cash and cash equivalents	24	$	494,618	$	226,045
Accounts receivable	11		11,536		11,577
Other	26		14,764		12,102
Total current assets		$	520,918	$	249,724
Non-current assets
Mineral stream interests	12	$	5,807,056	$	5,905,797
Early deposit mineral stream interests	14		46,092		34,741
Mineral royalty interest	15		6,606		6,606
Long-term equity investments	17		190,472		61,477
Convertible notes receivable	16		-		17,086
Property, plant and equipment	18		4,505		5,509
Other	27		11,946		15,211
Total non-current assets		$	6,066,677	$	6,046,427
Total assets		$	6,587,595	$	6,296,151
Liabilities
Current liabilities
Accounts payable and accrued liabilities		$	11,274	$	13,939
Current taxes payable	25		6,163		132
Current portion of performance share units	22.1		10,407		14,807
Current portion of lease liabilities	19.2		803		813
Total current liabilities		$	28,647	$	29,691
Non-current liabilities
Performance share units	22.1		3,661		11,498
Lease liabilities	19.2		1,348		2,060
Deferred income taxes	25		1,954		100
Pension liability			3,173		2,685
Total non-current liabilities		$	10,136	$	16,343
Total liabilities		$	38,783	$	46,034
Shareholders' equity
Issued capital	20	$	3,741,211	$	3,698,998
Reserves	21		7,464		47,036
Retained earnings			2,800,137		2,504,083
Total shareholders' equity		$	6,548,812	$	6,250,117
Total liabilities and shareholders' equity		$	6,587,595	$	6,296,151

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [4]

Condensed Interim Consolidated Statements of Cash Flows

		Three Months Ended September 30				Nine Months Ended September 30
(US dollars in thousands - unaudited)	Note	2022		2021		2022		2021
Operating activities
Net earnings		$	196,460	$	134,937	$	503,001	$	463,063
Adjustments for
Depreciation and depletion			56,129		55,445		180,004		196,869
Gain on disposal of mineral stream interest	12		(104,425)		-		(104,425)		-
Reversal of impairment of mineral stream interests	13		(10,330)		-		(10,330)		-
Interest expense	19.3		22		30		72		324
Equity settled stock based compensation			1,568		1,315		4,407		3,946
Performance share units	22.1		(1,654)		2,824		(11,231)		(7,128)
Pension expense			291		294		720		710
Income tax expense (recovery)	25		12,006		433		12,879		(955)
Loss (gain) on fair value adjustment of share purchase warrants held	10		204		1,246		1,101		2,392
Fair value (gain) loss on convertible note receivable	16		-		490		1,380		(4,136)
Investment income recognized in net earnings			(1,953)		(178)		(2,696)		(275)
Other			(349)		(9)		(1,821)		685
Change in non-cash working capital	24		4,728		4,434		(3,825)		(5,341)
Cash generated from operations before income taxes and interest		$	152,697	$	201,261	$	569,236	$	650,154
Income taxes recovered (paid)			(29)		-		(141)		(51)
Interest paid			(22)		(31)		(73)		(401)
Interest received			1,851		57		2,374		154
Cash generated from operating activities		$	154,497	$	201,287	$	571,396	$	649,856
Financing activities
Bank debt repaid	19.1	$	-	$	-	$	-	$	(195,000)
Credit facility extension fees	19.1		(1,205)		(54)		(1,207)		(1,727)
Share purchase options exercised	21.2		-		183		7,549		5,719
Lease payments	19.2		(201)		(196)		(603)		(583)
Dividends paid	20.2, 24		(59,487)		(57,235)		(176,604)		(160,784)
Cash (used for) generated from financing activities		$	(60,893)	$	(57,302)	$	(170,865)	$	(352,375)
Investing activities
Mineral stream interests	12	$	(46,675)	$	(1,055)	$	(107,476)	$	(216,845)
Early deposit mineral stream interests	14		(750)		(750)		(1,500)		(1,500)
Mineral royalty interest	15		-		-		-		(3,571)
Closing costs on disposal of mineral stream interests	12, 24		(139)		-		(139)		-
Acquisition of long-term investments	17		-		(5,076)		(22,768)		(7,453)
Proceeds on disposal of long-term investments	17		-		-		-		112,188
Dividends received	10		102		110		322		110
Other			(69)		(171)		(194)		(691)
Cash (used for) generated from investing activities		$	(47,531)	$	(6,942)	$	(131,755)	$	(117,762)
Effect of exchange rate changes on cash and cash equivalents		$	(81)	$	(39)	$	(203)	$	48
Increase in cash and cash equivalents		$	45,992	$	137,004	$	268,573	$	179,767
Cash and cash equivalents, beginning of period			448,626		235,446		226,045		192,683
Cash and cash equivalents, end of period	24	$	494,618	$	372,450	$	494,618	$	372,450

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [5]

Condensed Interim Consolidated Statements of Shareholders’ Equity

				Reserves
(US dollars in thousands - unaudited)	Number of Shares (000's)	Issued Capital		Share Purchase Warrants Reserve		Share Purchase Options Reserve		Restricted Share Units Reserve		LTI ¹ Revaluation Reserve (Net of Tax)		Total Reserves		Retained Earnings		Total
At January 1, 2021	449,458	$	3,646,291	$	83,077	$	21,855	$	6,815	$	15,135	$	126,882	$	1,941,398	$	5,714,571
Total comprehensive income
Net earnings		$	-	$	-	$	-	$	-	$	-	$	-	$	328,126	$	328,126
OCI ¹			-		-		-		-		(5,159)		(5,159)		-		(5,159)
Total comprehensive income		$	-	$	-	$	-	$	-	$	(5,159)	$	(5,159)	$	328,126	$	322,967
Income tax recovery (expense)		$	1,106	$	-	$	-	$	-	$	-	$	-	$	-	$	1,106
SBC ¹ expense			-		-		1,030		1,602		-		2,632		-		2,632
Options ¹ exercised	290		6,632		-		(1,096)		-		-		(1,096)		-		5,536
RSUs ¹ released	117		2,815		-		-		(2,815)		-		(2,815)		-		-
Dividends (Note 20.2)	406		17,938		-		-		-		-		-		(121,487)		(103,549)
Realized gain on disposal of LTIs ¹ (Note 21.4)			-		-		-		-		(53,119)		(53,119)		53,119		-
At June 30, 2021	450,271	$	3,674,782	$	83,077	$	21,789	$	5,602	$	(43,143)	$	67,325	$	2,201,156	$	5,943,263
Total comprehensive income
Net earnings		$	-	$	-	$	-	$	-	$	-	$	-	$	134,937	$	134,937
OCI ¹			-		-		-		-		(17,841)		(17,841)		-		(17,841)
Total comprehensive income		$	-	$	-	$	-	$	-	$	(17,841)	$	(17,841)	$	134,937	$	117,096
Income tax recovery (expense)		$	(269)	$	-	$	-	$	-	$	-	$	-	$	-	$	(269)
SBC ¹ expense			-		-		518		797		-		1,315		-		1,315
Options ¹ exercised	7		213		-		(30)		-		-		(30)		-		183
Dividends (Note 20.2)	229		10,306		-		-		-		-		-		(67,541)		(57,235)
At September 30, 2021	450,507	$	3,685,032	$	83,077	$	22,277	$	6,399	$	(60,984)	$	50,769	$	2,268,552	$	6,004,353
Total comprehensive income
Net earnings		$	-	$	-	$	-	$	-	$	-	$	-	$	291,822	$	291,822
OCI ¹			-		-		-		-		6,686		6,686		-		6,686
Total comprehensive income		$	-	$	-	$	-	$	-	$	6,686	$	6,686	$	291,822	$	298,508
Income tax recovery (expense)		$	974	$	-	$	-	$	-		-	$	-	$	-	$	974
SBC ¹ expense			-		-		518		797		-		1,315		-		1,315
Options ¹ exercised	102		2,680		-		(446)		-		-		(446)		-		2,234
Dividends (Note 20.2)	255		10,312		-		-		-		-		-		(67,579)		(57,267)
Realized gain on disposal of LTIs ¹ (Note 21.4)			-		-		-		-		(11,288)		(11,288)		11,288		-
At December 31, 2021	450,864	$	3,698,998	$	83,077	$	22,349	$	7,196	$	(65,586)	$	47,036	$	2,504,083	$	6,250,117
Total comprehensive income
Net earnings		$	-	$	-	$	-	$	-	$	-	$	-	$	306,541	$	306,541
OCI ¹			-		-		-		-		(33,628)		(33,628)		-		(33,628)
Total comprehensive income		$	-	$	-	$	-	$	-	$	(33,628)	$	(33,628)	$	306,541	$	272,913
Income tax recovery (expense)		$	500	$	-	$	-	$	-	$	-	$	-	$	-	$	500
SBC ¹ expense			-		-		1,145		1,694		-		2,839		-		2,839
Options ¹exercised	330		8,989		-		(1,440)		-		-		(1,440)		-		7,549
RSUs ¹ released	88		2,534		-		-		(2,534)		-		(2,534)		-		-
Dividends (Note 20.2)	410		18,279		-		-		-		-		-		(135,396)		(117,117)
At June 30, 2022	451,692	$	3,729,300	$	83,077	$	22,054	$	6,356	$	(99,214)	$	12,273	$	2,675,228	$	6,416,801
Total comprehensive income
Net earnings		$	-	$	-	$	-	$	-	$	-	$	-	$	196,460	$	196,460
OCI ¹			-		-		-		-		(10,173)		(10,173)		-		(10,173)
Total comprehensive income		$	-	$	-	$	-	$	-	$	(10,173)	$	(10,173)	$	196,460	$	186,287
Income tax recovery (expense)		$	3,644	$	-	$	-	$	-	$	-	$	-	$	-	$	3,644
SBC ¹ expense			-		-		642		925		-		1,567		-		1,567
Dividends (Note 20.2)	271		8,267		-		-		-		-		-		(67,754)		(59,487)
Realized loss on disposal of LTIs ¹ (Note 21.4)			-		-		-		-		3,797		3,797		(3,797)		-
At September 30, 2022	451,963	$	3,741,211	$	83,077	$	22,696	$	7,281	$	(105,590)	$	7,464	$	2,800,137	$	6,548,812

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

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [6]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

1.	Description of Business and Nature of Operations

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

The condensed interim consolidated financial statements of the Company for the three and nine months ended September 30, 2022 were authorized for issue as of November 3, 2022 in accordance with a resolution of the Board of Directors.

Partner Operations

2.	Basis of Presentation and Statement of Compliance

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

These unaudited condensed interim consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board. The accounting policies applied in these unaudited condensed interim consolidated financial statements are based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board ("IASB") and have been prepared using the same accounting policies and methods of application as disclosed in Note 3 to the audited consolidated financial statements for the year ended December 31, 2021 and were consistently applied to all the periods presented unless otherwise stated below. These unaudited condensed interim consolidated financial statements do not include all the information and note disclosures required by IFRS for annual consolidated financial statements and therefore should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021.

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

In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present fairly the financial position at September 30, 2022 and the results of operations and cash flows for all periods presented have been made. The interim results are not necessarily indicative of results for a full year.

During the first quarter, the Company changed the classification for stock option expense (Note 21.2), RSU expense (Note 21.3), and PSU expense (Note 22.1) within the Condensed Interim Consolidated Statement of Earnings from General and Administrative expense to Share Based Compensation as management believes this presentation provides more useful information to the readers of the financial statements. Additionally, the Company changed the classification for donations and community investments within the Condensed Interim Consolidated Statement of Earnings from General and Administrative expense to Donations and Community Investments (Note 9).

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [7]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

These changes have been retrospectively applied to all periods presented.

3.	Significant Accounting Policies

3.1.	Future Changes to Accounting Policies

The IASB has issued the following new or amended standards:

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

•

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

The implementation of this amendment is not expected to have a material impact on the Company.

Amendment to IAS 1- Presentation of Financial statements

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

4.	Key Sources of Estimation Uncertainty and Critical Accounting Judgments

The preparation of the Company’s condensed interim consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates.

Information about significant areas of estimation uncertainty and judgments made by management in preparing the condensed interim consolidated financial statements are described below.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [8]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

Key Sources of Estimation Uncertainty

4.1.	Attributable Reserve, Resource and Exploration Potential Estimates

Mineral stream interests are significant assets of the Company, with a carrying value of $5.9 billion at September 30, 2022, inclusive of early deposit agreements. This amount represents the capitalized expenditures related to the acquisition of the mineral stream interests, net of accumulated depletion and accumulated impairment charges, if any. The Company estimates the reserves, resources and exploration potential relating to each agreement. Reserves are estimates of the amount of metals contained in ore that can be economically and legally extracted from the mining properties in respect of which the Company has PMPAs. Resources are estimates of the amount of metals contained in mineralized material for which there is a reasonable prospect for economic extraction from the mining properties in respect of which the Company has PMPAs. Exploration potential represents an estimate of additional reserves and resources which may be discovered through the mine operator’s exploration program. The Company adjusts its estimates of reserves, resources (where applicable) and exploration potential (where applicable) to reflect the Company’s percentage entitlement to metals produced from such mines. The Company compiles its estimates of its reserves and resources based on information supplied by appropriately qualified persons relating to the geological data on the size, density and grade of the ore body, and require complex geological and geostatistical judgments to interpret the data. The estimation of recoverable reserves and resources is based upon factors such as estimates of foreign exchange rates, commodity prices, future capital requirements, and production costs along with geological assumptions and judgments made in estimating the size and grade of the ore body. The Company estimates exploration potential based on assumptions surrounding the ore body continuity which requires judgment as to future success of any exploration programs undertaken by the mine operator. Changes in the reserve estimates, resource estimates or exploration potential estimates may impact upon the carrying value of the Company’s mineral stream interests and depletion charges.

4.2.

Depletion

The Company’s mineral stream interests are separately allocated to reserves, resources and exploration potential. The value allocated to reserves is classified as depletable and is depleted on a unit-of-production basis over the estimated recoverable proven and probable reserves at the mine corresponding to the specific agreement. The value associated with resources and exploration potential is the value beyond proven and probable reserves at acquisition and is classified as non-depletable until such time as it is transferred to the depletable category as a result of the conversion of resources and/or exploration potential into reserves. To make this allocation, the Company estimates the recoverable reserves, resources and exploration potential at each mining operation. These calculations require the use of estimates and assumptions, including the amount of contained metals, recovery rates and payable rates. Changes to these assumptions may impact the estimated recoverable reserves, resources or exploration potential which could directly impact the depletion rates used. Changes to depletion rates are accounted for prospectively.

4.3.	Impairment of Assets

The Company assesses each PMPA at the end of every reporting period to determine whether any indication of impairment or impairment reversal exists. If such an indication exists, the recoverable amount of the PMPA is estimated in order to determine the extent of the impairment or impairment reversal (if any). The calculation of the recoverable amount requires the use of estimates and assumptions such as long-term commodity prices, discount rates, recoverable ounces of attributable metals, and operating performance.

The price of precious metals and cobalt has been volatile over the past several years. The Company monitors spot and forward metal prices and if necessary re-evaluates the long-term metal price assumptions used for impairment testing. Should price levels decline or increase in the future, either for an extended period of time or due to known macro economic changes, the Company may need to re-evaluate the long-term metal price assumptions used for impairment testing. A significant decrease in long-term metal price assumptions may be an indication of potential impairment, while a significant increase in long-term metal price assumptions may be an indication of potential impairment reversal. In addition, the Company also monitors the estimated recoverable reserves and resources as well as operational developments and other matters at the mining properties in respect of which the Company has PMPAs for indications of impairment or impairment reversal. Should the Company conclude that it has an indication of impairment or impairment reversal at any balance sheet date, the Company is required to perform an impairment assessment.

4.4.	Valuation of Stock Based Compensation

The Company has various forms of stock based compensation, including share purchase options, restricted share units (“RSUs”) and performance share units (“PSUs”). The calculation of the fair value of share purchase options, RSUs and PSUs issued requires the use of estimates as more fully described in Notes 21.2, 21.3, and 22.1, respectively.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [9]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

Critical Accounting Judgments

4.5.	Contingencies

Due to the size, complexity and nature of the Company’s operations, various legal and tax matters are outstanding from time to time, including those matters described in Note 28. By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of contingencies inherently involves the exercise of significant judgment of the outcome of future events. If the Company is unable to resolve any of these matters favorably, there may be a material adverse impact on the Company’s financial performance, cash flows or results of operations. In the event that management’s judgement of the future resolution of these matters changes, the Company will recognize the effects of the changes in its consolidated financial statements in the appropriate period relative to when such changes occur.

4.6.	Income Taxes

The interpretation and application of existing tax laws, regulations or rules in Canada, the Cayman Islands, Barbados, Luxembourg, the Netherlands or any of the countries in which the Company’s subsidiaries or the mining operations are located or to which deliveries of precious metals, precious metal credits or cobalt are made requires the use of judgment. The likelihood that tax positions taken will be sustained is assessed based on facts and circumstances of the relevant tax position considering all available evidence. Differing interpretation of these laws, regulations or rules could result in an increase in the Company’s taxes, or other governmental charges, duties or impositions. Refer to Note 28 for more information.

In assessing the probability of realizing deferred income tax assets, the Company makes estimates related to expectations of future taxable income, including the expected timing of reversals of existing temporary differences. Such estimates are based on forecasted cash flows from operations which require the use of estimates and assumptions such as long-term commodity prices and recoverable metal ounces. The amount of deferred income tax assets recognized on the balance sheet could be reduced if the actual taxable income differs significantly from expected taxable income. The Company reassesses its deferred income tax assets at the end of each reporting period.

5.	Financial Instruments

5.1.	Capital Risk Management

The Company manages its capital to ensure that it will be able to continue as a going concern while maximizing the return to stakeholders through the optimization of the debt and equity balance.

The capital structure of the Company consists of debt (Note 19) and equity attributable to common shareholders, comprising of issued capital (Note 20), accumulated reserves (Note 21) and retained earnings.

The Company is not subject to any externally imposed capital requirements with the exception of complying with the minimum tangible net worth covenant under the credit agreement governing bank debt (Note 19).

The Company is in compliance with the debt covenants at September 30, 2022, as described in Note 19.1.

5.2.	Categories of Financial Assets and Liabilities

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [10]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

	Note	September 30		December 31
(in thousands)	Note	2022		2021
Financial assets
Financial assets mandatorily measured at FVTNE ¹
Cash and cash equivalents	24	$	494,618	$	226,045
Trade receivables from provisional concentrate sales, net of fair value adjustment	6, 11		1,824		1,716
Long-term investments - warrants held			492		1,536
Convertible note receivable	16		-		17,086
Investments in equity instruments designated at FVTOCI ¹
Long-term investments - common shares held	17		189,980		59,941
Financial assets measured at amortized cost
Non-revolving term loan	16, 26		-		816
Trade receivables from sales of cobalt	11		7,213		9,488
Other accounts receivable	11		2,499		373
Total financial assets		$	696,626	$	317,001
Financial liabilities
Financial liabilities at amortized cost
Accounts payable and accrued liabilities		$	11,274	$	13,935
Pension liability			3,173		2,685
Total financial liabilities		$	14,447	$	16,620

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

5.3.	Credit Risk

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

The Company closely monitors its financial assets and does not have any significant concentration of credit risk. The Company invests surplus cash in short-term, high credit quality, money market instruments. Additionally, the outstanding accounts receivable from the sales of cobalt are supported by a $10 million letter of credit. Finally, counterparties used to sell precious metals are all large, international organizations with strong credit ratings and the balance of trade receivables on these sales in the ordinary course of business is not significant. Therefore, credit risk associated with trade receivables at September 30, 2022 is considered to be negligible.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [11]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

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

		September 30		December 31
(in thousands)	Note	2022		2021
Cash and cash equivalents	24	$	494,618	$	226,045
Trade receivables from provisional concentrate sales, net of fair value adjustment	11		1,824		1,716
Trade receivables from sales of cobalt	11		7,213		9,488
Other accounts receivables	11		2,499		373
Non-revolving term loan	16, 26		-		816
Convertible notes receivable	16		-		17,086
Maximum exposure to credit risk related to financial assets		$	506,154	$	255,524

5.4.	Liquidity Risk

The Company has in place a rigorous planning and budgeting process to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis and its expansionary plans. The Company ensures that there are sufficient committed loan facilities to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents. As at September 30, 2022, the Company had cash and cash equivalents of $495 million (December 31, 2021 - $226 million) and working capital of $492 million (December 31, 2021 - $220 million).

The Company holds equity investments of several companies (Note 17) with a combined market value at September 30, 2022 of $190 million (December 31, 2021 - $61 million). The daily exchange traded volume of these shares, including the shares underlying the warrants, is not sufficient for the Company to liquidate its position in a short period of time without potentially affecting the market value of the shares. These shares and warrants are held for strategic purposes and are considered long-term investments and therefore, as part of the Company’s planning, budgeting and liquidity analysis process, these investments are not relied upon to provide operational liquidity.

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

As at September 30, 2022
(in thousands)	2022		2023 - 2024			2025 - 2026			After 2026			Total
Non-derivative financial liabilities
Accounts payable and accrued liabilities	$	11,274	$		-		$	-		$	-	$	11,274
Performance share units¹		-			13,338			730			-		14,068
Total	$	11,274		$	13,338		$	730		$	-	$	25,342

1)	See Note 22.1 for estimated value per PSU at maturity and anticipated performance factor at maturity.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [12]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

5.5.	Currency Risk

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

	September 30		December 31
(in thousands)	2022		2021
Monetary assets
Cash and cash equivalents	$	331	$	1,567
Accounts receivable		102		155
Long-term investments - common shares held		51,607		59,517
Long-term investments - warrants held		492		1,536
Convertible note receivable		-		17,086
Non-revolving term loan		-		816
Other long-term assets		3,269		3,534
Total Canadian dollar denominated monetary assets	$	55,801	$	84,211
Monetary liabilities
Accounts payable and accrued liabilities	$	7,222	$	9,001
Performance share units		11,224		21,079
Lease liability		1,420		1,919
Pension liability		3,173		2,685
Total Canadian dollar denominated monetary liabilities	$	23,039	$	34,684

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

	As at September 30, 2022
	Change in Canadian Dollar
(in thousands)	10% Increase		10% Decrease
Increase (decrease) in net earnings	$	(1,885)	$	1,885
Increase (decrease) in other comprehensive income		5,161		(5,161)
Increase (decrease) in total comprehensive income	$	3,276	$	(3,276)

	As at December 31, 2021
	Change in Canadian Dollar
(in thousands)	10% Increase		10% Decrease
Increase (decrease) in net earnings	$	(999)	$	999
Increase (decrease) in other comprehensive income		5,952		(5,952)
Increase (decrease) in total comprehensive income	$	4,953	$	(4,953)

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [13]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

5.6.	Interest Rate Risk

The Company is exposed to interest rate risk on its outstanding borrowings and short-term investments. Presently, the Company has no outstanding borrowings, and historically all borrowings have been at floating interest rates. The Company monitors its exposure to interest rates and has not entered into any derivative contracts to manage this risk. During the three and nine months ended September 30, 2022, the weighted average effective interest rate paid by the Company on its outstanding borrowings was Nil (2022 - 1.17%).

During the three and nine months ended September 30, 2022 and September 30, 2021, a fluctuation in interest rates of 100 basis points (1 percent) would have impacted the amount of interest expensed by approximately $Nil and $0.2 million, respectively.

5.7.	Other Price Risk

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

If equity prices had been 10% higher or lower at the respective balance sheet date, other comprehensive income for the three and nine months ended September 30, 2022 and 2021 would have increased/decreased by approximately $19 million and $7 million respectively, as a result of changes in the fair value of common shares held.

5.8.	Fair Value Estimation

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

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

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

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

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

		September 30, 2022
(in thousands)	Note	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	24	$	494,618	$	494,618	$	-	$	-
Trade receivables from provisional concentrate sales, net of fair value adjustment	11		1,824		-		1,824		-
Long-term investments - common shares held	17		189,980		189,980		-		-
Long-term investments - warrants held	17		492		-		492		-
		$	686,914	$	684,598	$	2,316	$	-

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [14]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

		December 31, 2021
(in thousands)	Note	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	24	$	226,045	$	226,045	$	-	$	-
Trade receivables from provisional concentrate sales, net of fair value adjustment	11		1,716		-		1,716		-
Long-term investments - common shares held	17		59,941		59,941		-		-
Long-term investments - warrants held	17		1,536		-		1,536		-
Kutcho Convertible Note	16		17,086		-		-		17,086
		$	306,324	$	285,986	$	3,252	$	17,086

The non-revolving term loan, which required regularly scheduled payments of interest and principal, was carried at amortized cost. Trade accounts receivables, other accounts receivables and accounts payables and accrued liabilities are non-interest bearing and are stated at amortized cost, which approximate fair values due to the short terms to maturity. Where necessary, the non-revolving term loan as well as other receivables are reported net of allowances for uncollectable amounts.

When balances are outstanding, the Company’s bank debt (Note 19.1) is reported at amortized cost using the effective interest method. The carrying value of the bank debt approximates its fair value.

5.8.1.

Valuation Techniques for Level 1 Assets

Cash and Cash Equivalents

The Company’s cash and cash equivalents are valued using quoted market prices in active markets and, as such, are classified within Level 1 of the fair value hierarchy.

Long-Term Investments in Common Shares Held

The Company’s long-term investments in common shares held are valued using quoted market prices in active markets and, as such, are classified within Level 1 of the fair value hierarchy. The fair value of the long-term investments in common shares held is calculated as the quoted market price of the common share multiplied by the quantity of shares held by the Company.

5.8.2.

Valuation Techniques for Level 2 Assets

Accounts Receivable Arising from Sales of Metal Concentrates

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

Long-Term Investments in Warrants Held

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

5.8.3.

Valuation Techniques for Level 3 Assets

Convertible Note Receivable

At February 18, 2022 (the date the Kutcho Convertible Note was terminated) and December 31, 2021, the fair value of the Kutcho Convertible Note (Note 16), which is not traded in an active market, was determined by reference to the value of the shares the Company would receive if the right to convert the note into shares was exercised. This convertible note receivable is classified within Level 3 of the fair value hierarchy and any changes in fair value are reflected on the Consolidated Statement of Earnings under the classification Other (Income) Expense (Note 10).

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [15]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

Revenue

	Three Months Ended September 30						Nine Months Ended September 30
(in thousands)	2022			2021			2022			2021
Sales
Gold credit sales	$	107,128	49%	$	121,416	45%	$	410,646	50%	$	418,734	45%
Silver
Silver credit sales	$	88,143	40%	$	114,222	43%	$	312,056	38%	$	388,940	42%
Concentrate sales		12,127	6%		16,365	6%		52,773	6%		64,984	7%
Total silver sales	$	100,270	46%	$	130,587	49%	$	364,829	44%	$	453,924	49%
Palladium credit sales	$	8,838	4%	$	13,834	5%	$	25,574	3%	$	36,932	4%
Cobalt sales	$	2,600	1%	$	3,120	1%	$	27,953	3%	$	13,878	2%
Total sales revenue	$	218,836	100%	$	268,957	100%	$	829,002	100%	$	923,468	100%

Gold, Silver and Palladium Credit Sales

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

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

Concentrate Sales

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

Cobalt Sales

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [16]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

7.	General and Administrative

	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2022		2021		2022		2021
Corporate
Salaries and benefits	$	3,551	$	3,302	$	11,700	$	10,599
Depreciation		289		275		865		827
Professional fees		276		572		1,098		2,857
Business travel		221		76		686		114
Director fees		251		266		852		816
Employer health tax		40		37		748		675
Audit and regulatory		623		503		2,340		2,281
Insurance		550		515		1,585		1,254
Other		866		786		2,648		2,313
General and administrative - corporate	$	6,667	$	6,332	$	22,522	$	21,736
Subsidiaries
Salaries and benefits	$	1,078	$	981	$	3,335	$	3,027
Depreciation		112		99		327		297
Professional fees		149		264		408		534
Business travel		55		-		124		24
Director fees		50		50		150		150
Insurance		10		8		34		29
Other		239		198		548		775
General and administrative - subsidiaries	$	1,693	$	1,600	$	4,926	$	4,836
Consolidated general and administrative	$	8,360	$	7,932	$	27,448	$	26,572

8.	Share Based Compensation

		Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	Note	2022		2021		2022		2021
Equity settled share based compensation ¹
Stock options	21.2	$	642	$	518	$	1,788	$	1,547
RSUs	21.3		925		797		2,619		2,399
Cash settled share based compensation
PSUs	22.1	$	(1,490)	$	2,824	$	7,179	$	9,800
Total share based compensation		$	77	$	4,139	$	11,586	$	13,746

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [17]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

9.	Donations and Community Investments

	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2022		2021		2022		2021
Local donations and community investments ¹	$	438	$	427	$	1,345	$	1,123
Partner donations and community investments ²		968		1,053		1,869		1,745
COVID-19 and community support and response fund		-		44		165		844
Total donations and community investments	$	1,406	$	1,524	$	3,379	$	3,712

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

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

10.	Other (Income) Expense

		Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	Note	2022		2021		2022		2021
Interest income		$	(1,851)	$	(68)	$	(2,374)	$	(165)
Dividends received			(102)		(110)		(322)		(110)
Foreign exchange (gain) loss			(1,049)		(516)		(1,069)		121
Net (gain) loss arising on financial assets mandatorily measured at FVTPL ¹
(Gain) loss on fair value adjustment of share purchase warrants held			204		1,246		1,101		2,392
(Gain) loss on fair value adjustment of convertible notes receivable	16		-		490		1,380		(4,136)
Other			(1)		66		(2,164)		(296)
Total other (income) expense		$	(2,799)	$	1,108	$	(3,448)	$	(2,194)

1)	FVTPL refers to Fair Value Through Profit or Loss

11.	Accounts Receivable

		September 30		December 31
(in thousands)	Note	2022		2021
Trade receivables from provisional concentrate sales, net of fair value adjustment	6	$	1,824	$	1,716
Trade receivables from sales of cobalt	6		7,213		9,488
Other accounts receivable			2,499		373
Total accounts receivable		$	11,536	$	11,577

The trade receivables from sales of cobalt generally have extended payment terms with outstanding amounts being supported by a $10 million letter of credit.

As a result of a banking holiday in Canada on September 30, 2022, payment for gold and silver credit sales amounting to $2 million was received on October 3, 2022. This has been reflected as a component of Other Accounts Receivable.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [18]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

12.	Mineral Stream Interests

	Nine Months Ended September 30, 2022
	Cost						Accumulated Depletion & Impairment ¹										Carrying Amount Sep 30, 2022
(in thousands)	Balance Jan 1, 2022		Additions (Reductions)		Balance Sep 30, 2022		Balance Jan 1, 2022		Depletion		Disposal		Impairment Reversal		Balance Sep 30, 2022		Carrying Amount Sep 30, 2022
Gold interests
Salobo	$	3,059,876	$	-	$	3,059,876	$	(621,937)	$	(40,987)		-	$	-	$	(662,924)	$	2,396,952
Sudbury ²		623,864		-		623,864		(316,695)		(18,306)		-		-		(335,001)		288,863
Constancia		140,058		-		140,058		(36,269)		(6,576)		-		-		(42,845)		97,213
San Dimas		220,429		-		220,429		(53,706)		(8,019)		-		-		(61,725)		158,704
Stillwater ³		239,352		-		239,352		(19,567)		(3,168)		-		-		(22,735)		216,617
Other ⁴		761,334		97,569		858,903		(396,542)		(1,002)		-		-		(397,544)		461,359
	$	5,044,913	$	97,569	$	5,142,482	$	(1,444,716)	$	(78,058)	$	-	$	-	$	(1,522,774)	$	3,619,708
Silver interests
Peñasquito	$	524,626	$	-		524,626	$	(202,608)	$	(20,978)	$	-	$	-	$	(223,586)	$	301,040
Antamina		900,343		-		900,343		(320,291)		(26,821)		-		-		(347,112)		553,231
Constancia		302,948		-		302,948		(97,064)		(10,377)		-		-		(107,441)		195,507
Other ⁵		1,438,974		1,047		1,440,021		(845,779)		(29,836)		(35,997)		10,330		(901,282)		538,739
	$	3,166,891	$	1,047	$	3,167,938	$	(1,465,742)	$	(88,012)	$	(35,997)	$	10,330	$	(1,579,421)	$	1,588,517
Palladium interests
Stillwater ³	$	263,721	$	-	$	263,721	$	(30,891)	$	(4,662)		-	$	-	$	(35,553)	$	228,168
Platinum interests
Marathon	$	-	$	9,425	$	9,425	$	-	$	-		-	$	-	$	-	$	9,425
Cobalt interests
Voisey's Bay ⁶	$	393,422	$	-	$	393,422	$	(21,801)	$	(10,383)		-	$	-	$	(32,184)	$	361,238
	$	8,868,947	$	108,041	$	8,976,988	$	(2,963,150)	$	(181,115)	$	(35,997)	$	10,330	$	(3,169,932)	$	5,807,056

1)	Includes cumulative impairment charges to September 30, 2022 as follows: Pascua-Lama silver interest - $338 million; 777 silver interest - $64 million; 777 gold interest - $151 million; and Sudbury gold interest - $120 million.

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

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

4)	Comprised of the Minto, Copper World Complex (formerly referred to as Rosemont in these financial statements), 777, Marmato, Santo Domingo, Fenix, Blackwater Marathon, Goose and Curipamba gold interests.

Comprised of the Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Keno Hill, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex (formerly referred to as Rosemont in these financial statements), 777, Marmato, Cozamin, Blackwater and Curipamba silver interests. The Keno Hill PMPA was terminated on September 7, 2022. On August 18, 2022, the Company announced that it had entered into an agreement with Glencore plc ("Glencore") to terminate its silver stream on the Yauliyacu Mine in Peru for a cash payment of $150 million, less the aggregate value of any deliveries to Wheaton, prior to closing, of silver produced subsequent to December 31, 2021. As at September 30, 2022, the net termination payment is estimated to be approximately $136 million. The closing of the transaction is contingent on Glencore divesting the Yauliyacu mine by December 31, 2022 and certain other customary conditions. Glencore retains the option to terminate the silver stream even if it does not divest the Yauliyacu mine by December 31, 2022.

6)	When cobalt is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the cobalt is recorded as a cost of sale. Depletion in this table for the Voisey’s Bay cobalt interest is inclusive of depletion relating to inventory.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [19]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

	Year Ended December 31, 2021
	Cost						Accumulated Depletion & Impairment ¹								Carrying Amount Dec 31, 2021
(in thousands)	Balance Jan 1, 2021		Additions (Reductions)		Balance Dec 31, 2021		Balance Jan 1, 2021		Depletion		Impairment Reversal		Balance Dec 31, 2021		Carrying Amount Dec 31, 2021
Gold interests
Salobo	$	3,059,876	$	-	$	3,059,876	$	(550,532)	$	(71,405)	$	-	$	(621,937)	$	2,437,939
Sudbury ²		623,864		-		623,864		(302,848)		(13,847)		-		(316,695)		307,169
Constancia		136,058		4,000		140,058		(30,489)		(5,780)		-		(36,269)		103,789
San Dimas		220,429		-		220,429		(38,227)		(15,479)		-		(53,706)		166,723
Stillwater ³		239,352		-		239,352		(15,042)		(4,525)		-		(19,567)		219,785
Other ⁴		402,232		359,102		761,334		(394,706)		(1,836)		-		(396,542)		364,792
	$	4,681,811	$	363,102	$	5,044,913	$	(1,331,844)	$	(112,872)	$	-	$	(1,444,716)	$	3,600,197
Silver interests
Peñasquito	$	524,626	$	-	$	524,626	$	(174,054)	$	(28,554)	$	-	$	(202,608)	$	322,018
Antamina		900,343		-		900,343		(273,409)		(46,882)		-		(320,291)		580,052
Constancia		302,948		-		302,948		(85,904)		(11,160)		-		(97,064)		205,884
Other ⁵		1,281,228		157,746		1,438,974		(806,253)		(39,526)		-		(845,779)		593,195
	$	3,009,145	$	157,746	$	3,166,891	$	(1,339,620)	$	(126,122)	$	-	$	(1,465,742)	$	1,701,149
Palladium interests
Stillwater ³	$	263,721	$	-	$	263,721	$	(22,332)	$	(8,559)	$	-	$	(30,891)	$	232,830
Cobalt interests
Voisey's Bay ⁶	$	393,422	$	-	$	393,422	$	(165,912)	$	(12,606)	$	156,717	$	(21,801)	$	371,621
	$	8,348,099	$	520,848	$	8,868,947	$	(2,859,708)	$	(260,159)	$	156,717	$	(2,963,150)	$	5,905,797

1)	Includes cumulative impairment charges to December 31, 2021 as follows: Keno Hill silver interest - $11 million; Pascua-Lama silver interest - $338 million; 777 silver interest - $64 million; 777 gold interest - $151 million; and Sudbury gold interest - $120 million.

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

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

4)	Comprised of the Minto, Copper World Complex (formerly referred to as Rosemont in these financial statements), 777, Marmato, Santo Domingo, Fenix and Blackwater gold interests.

6)	When cobalt is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the cobalt is recorded as a cost of sale. Depletion in this table for the Voisey’s Bay cobalt interest is inclusive of depletion relating to inventory.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [20]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

The value allocated to reserves is classified as depletable upon a mining operation achieving first production and is depleted on a unit-of-production basis over the estimated recoverable proven and probable reserves at the mine. The value associated with resources and exploration potential is allocated at acquisition and is classified as non-depletable until such time as it is transferred to the depletable category, generally as a result of the conversion of resources or exploration potential into reserves.

	September 30, 2022						December 31, 2021
(in thousands)	Depletable		Non-Depletable		Total		Depletable		Non-Depletable		Total
Gold interests
Salobo	$	2,004,478	$	392,474	$	2,396,952	$	2,045,466	$	392,473	$	2,437,939
Sudbury ¹		244,450		44,413		288,863		244,109		63,060		307,169
Constancia		90,727		6,486		97,213		96,808		6,981		103,789
San Dimas		54,299		104,405		158,704		60,574		106,149		166,723
Stillwater ²		191,816		24,801		216,617		196,853		22,932		219,785
Other ³		27,025		434,334		461,359		28,025		336,767		364,792
	$	2,612,795	$	1,006,913	$	3,619,708	$	2,671,835	$	928,362	$	3,600,197
Silver interests
Peñasquito	$	227,335	$	73,705	$	301,040	$	237,720	$	84,298	$	322,018
Antamina		206,157		347,074		553,231		232,977		347,075		580,052
Constancia		184,730		10,777		195,507		194,364		11,520		205,884
Other ⁴		228,915		309,824		538,739		272,620		320,575		593,195
	$	847,137	$	741,380	$	1,588,517	$	937,681	$	763,468	$	1,701,149
Palladium interests
Stillwater ²	$	219,460	$	8,708	$	228,168	$	222,859	$	9,971	$	232,830
Platinum interests
Marathon	$	-	$	9,425	$	9,425	$	-	$	-	$	-
Cobalt interests
Voisey's Bay	$	320,413	$	40,825	$	361,238	$	330,795	$	40,826	$	371,621
	$	3,999,805	$	1,807,251	$	5,807,056	$	4,163,170	$	1,742,627	$	5,905,797

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

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

3)	Comprised of the Minto, Copper World Complex (formerly referred to as Rosemont in these financial statements), 777, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose and Curipamba gold interests.

Comprised of the Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Keno Hill, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex (formerly referred to as Rosemont in these financial statements), 777, Marmato, Cozamin, Blackwater and Curipamba silver interests. The Keno Hill PMPA was terminated on September 7, 2022. On August 18, 2022, the Company announced that it had entered into an agreement with Glencore to terminate its silver stream on the Yauliyacu Mine in Peru for a cash payment of $150 million, less the aggregate value of any deliveries to Wheaton, prior to closing, of silver produced subsequent to December 31, 2021. Wheaton has agreed to terminate the stream in order to help facilitate the sale by Glencore of the Yauliyacu Mine. As at September 30, 2022, the net termination payment is estimated to be approximately $136 million. The closing of the transaction is contingent on Glencore divesting the Yauliyacu mine by December 31, 2022 and certain other customary conditions. Glencore retains the option to terminate the silver stream even if it does not divest the Yauliyacu mine by December 31, 2022.

Acquisition of Curipamba Precious Metals Purchase Agreement

On January 17, 2022, the Company announced that it had entered into a PMPA (the “Curipamba PMPA”) with Adventus Mining Corporation (“Adventus”) in respect of gold and silver production from the Curipamba Project located in Ecuador (the “Curipamba Project”). Under the Curipamba PMPA, Wheaton will purchase an amount of gold equal to 50% of the payable gold production until 145,000 ounces have been delivered, thereafter dropping to 33% of payable gold production for the life of the mine and an amount of silver equal to 75% of the payable silver production until 4.6 million ounces have been delivered, thereafter dropping to 50% for the life of mine. Under the terms of the Curipamba PMPA, the Company is committed to pay Adventus total upfront cash consideration of $175.5 million, $13 million of which is available pre-construction and $500,000 of which will be paid to support certain local community development initiatives around the Curipamba Project. The remainder will be payable in four staged installments during construction, subject to various customary conditions being satisfied. In addition, Wheaton will make ongoing

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [21]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

production payments for the gold and silver ounces delivered equal to 18% of the spot prices until the value of gold and silver delivered, net of the production payment, is equal to the upfront consideration of $175.5 million, at which point the production payment will increase to 22% of the spot prices.

Acquisition of Marathon Precious Metals Purchase Agreement

On January 26, 2022, the Company entered into a PMPA with Gen Mining (the “Marathon PMPA”) in respect of gold and platinum production from the Marathon Project located in Ontario, Canada (the “Marathon Project”). Under the Marathon PMPA, Wheaton will purchase an amount of gold equal to 100% of the payable gold production until 150,000 ounces have been delivered, thereafter dropping to 67% of payable gold production for the life of the mine and an amount of platinum production equal to 22% of the payable platinum production until 120,000 ounces have been delivered, thereafter dropping to 15% for the life of mine. Under the terms of the Marathon PMPA, the Company is committed to pay Gen Mining total upfront cash consideration of $181 million (Cdn$240 million), of which $16 million (Cdn$20 million) was paid on March 31, 2022 and $15 million (Cdn$20 million) was paid on September 7, 2022. The remainder is to to be paid in four staged installments during construction, subject to various customary conditions being satisfied and pre-determined completion tests. In addition, Wheaton will make ongoing production payments for the gold and platinum ounces delivered equal to 18% of the spot prices until the value of gold and platinum delivered, net of the production payment, is equal to the upfront consideration of Cdn$240 million, at which point the production payment will increase to 22% of the spot prices.

Acquisition of Goose Precious Metals Purchase Agreement

On February 8, 2022, the Company announced that it had entered into a PMPA (the “Goose PMPA”) with Sabina Gold & Silver Corp. (“Sabina”) in respect of gold production from the Goose Project, part of Sabina’s Back River Gold District located in Nunavut, Canada (the “Goose Project”). Under the Goose PMPA, Wheaton will purchase an amount of gold equal to 4.15% of the payable gold production until 130,000 ounces have been delivered, dropping to 2.15% until 200,000 ounces have been delivered, and thereafter dropping to 1.5% of the payable gold production for the life of mine. Under the terms of the Goose PMPA, the Company is committed to pay Sabina an upfront payment of $125 million in four equal installments during construction of the Goose Project, subject to customary conditions. The initial payment of $31.25 million was paid on September 28, 2022.

In addition, Wheaton will make ongoing production payments for the gold ounces delivered equal to 18% of the spot gold price until the value of gold delivered, net of the production payment, is equal to the upfront consideration of $125 million, at which point the production payment will increase to 22% of the spot gold price.

Amendment to the Marmato PMPA

On March 21, 2022, the Company amended its PMPA with Aris Mining Corporation (“Aris Mining”) in respect of the Marmato PMPA. Under the terms of the amended agreement, Wheaton will purchase 10.5% of the gold production and 100% of the silver production from the Marmato Upper and Lower mines until 310,000 ounces of gold and 2.15 million ounces of silver have been delivered, after which the stream drops to 5.25% of the gold production and 50% of the silver production for the life of mine. This increases the gold stream from the original Marmato PMPA under which Wheaton was entitled to purchase 6.5% of the gold production until 190,000 ounces were delivered, after which the stream was to drop to 3.25% of the gold production. The silver stream is unchanged. Under the terms of the amended Marmato PMPA, the Company is committed to pay Aris Mining total upfront cash payments of $175 million ($65 million relating to the increase in the gold stream). Of this amount, $53 million ($15 million relating to the increase in the gold stream) has been paid and the remaining amount is payable during the construction of the Marmato Lower Mine, subject to customary conditions.

Termination of the Keno Hill PMPA

On October 2, 2008, the Company entered into a PMPA (the “Keno Hill PMPA”) with Alexco Resource Corp. (“Alexco”) to acquire an amount equal to 25% of the silver produced by Alexco’s Keno Hill mine in Canada. On September 7, 2022, Hecla Mining Company (“Hecla”) completed the previously announced acquisition of all of the outstanding common shares of Alexco. In connection with this acquisition, the Company entered an agreement with Hecla to terminate the Keno Hill PMPA effective September 7, 2022 in exchange for 34,800,989 common shares of Hecla valued at $141 million (the “Hecla shares”¹), resulting in a gain on disposal of the Keno Hill PMPA in the amount of $104 million, calculated as follows:

¹ The Hecla shares represent approximately 6% of Hecla’s current issued and outstanding shares and are subject to a six month hold period from the closing date of September 7, 2022.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [22]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

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

13.	Reversal of Impairment of Mineral Stream Interests

Keno Hill – Impairment Reversal

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

As discussed in Note 12, on September 7, 2022, the Company terminated the Keno Hill PMPA in exchange for 34,800,989 common shares of Hecla valued at $141 million. This value exceeded the carrying amount of the Keno Hill PMPA that would have been determined, net of depletion, had no impairment charge been recognized for the Keno Hill PMPA. As a result, an impairment reversal of $10.3 million has been recorded for the three and nine months ended September 30, 2022, which represents a full reversal of the impairment charge recorded in the year ended December 31, 2015, net of depletion that otherwise would have been recorded. The recoverable amount of the Keno Hill PMPA was determined based on the value of the consideration received in exchange for its termination, and as such is classified within Level 1 of the fair value hierarchy.

14.	Early Deposit Mineral Stream Interests

Early deposit mineral stream interests represent agreements relative to early stage development projects whereby Wheaton can choose not to proceed with the agreement once certain documentation has been received including, but not limited to, feasibility studies, environmental studies and impact assessment studies (please see Note 28 for more information). Once Wheaton has elected to proceed with the agreement, the carrying value of the stream will be transferred to Mineral Stream Interests.

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

	Mine Owner								Attributable Production to be Purchased
Early Deposit Mineral Stream Interests	Mine Owner	Location of Mine	Upfront Consideration Paid to Date ¹		Upfront Consideration to be Paid ^{1, 2}		Total Upfront Consideration¹		Gold	Silver	Term of Agreement
Toroparu	Aris Mining	Guyana	$	15,500	$	138,000	$	153,500	10%	50%	Life of Mine
Cotabambas	Panoro	Peru		13,000		127,000		140,000	25% ³	100% ³	Life of Mine
Kutcho	Kutcho	Canada		16,852		58,000		74,852	100%	100%	Life of Mine
			$	45,352	$	323,000	$	368,352

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

2)	Please refer to Note 28 for details of when the remaining upfront consideration to be paid becomes due.

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

Kutcho – Contract Modifications

As discussed in Note 16, on February 18, 2022, the Company agreed to modify the Kutcho Early Deposit Agreement, including the elimination of the drop-down in attributable gold and silver to 66.7% once certain thresholds had been achieved, and eliminating the requirement to make an additional payment to Kutcho, of up to $20 million, if processing throughput is increased to 4,500 tonnes per day or more within 5 years of attaining commercial production.

15.	Mineral Royalty Interests

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [23]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

“Brewery Creek Royalty”). The Brewery Creek Royalty agreement provides, among other things, that Golden Predator may reduce the 2.75% net smelter returns royalty interest to 2.125%, on payment of the sum of Cdn$2 million to Wheaton.

To date, no revenue has been recognized and no depletion has been taken with respect to these royalty agreements.

16.	Convertible Notes Receivable

Kutcho Copper Corp.

Convertible Notes Receivable Valuation Summary

The fair value of the Kutcho Convertible Note, which was not traded in an active market, was determined by reference to the value of the shares the Company would receive if the right to convert the note into shares was exercised.

	Nine Months Ended September 30, 2022
(in thousands)	Fair Value at Dec 31, 2021	Amount Advanced	Termination	Fair Value Adjustment Gains (Losses)	Fair Value at Sep 30, 2022
Kutcho	$ 17,086	$ -	$ (15,706)	$ (1,380)	$ -

	Nine Months Ended September 30, 2021
(in thousands)	Fair Value at Dec 31, 2020	Amount Advanced	Termination	Fair Value Adjustment Gains (Losses)	Fair Value at Sep 30, 2021
Kutcho	$ 11,353	$ -	$ -	$ 4,136	$ 15,489

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [24]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

17.	Long-Term Equity Investments

	September 30		December 31
(in thousands)	2022		2021
Common shares held	$	189,980	$	59,941
Warrants held		492		1,536
Total long-term equity investments	$	190,472	$	61,477

Common Shares Held

	Three Months Ended September 30, 2022
(in thousands)	Shares Owned (000's)	% of Outstanding Shares Owned	Fair Value at Jun 30, 2022	Cost of Additions	Proceeds of Disposition¹	Fair Value Adjustment Gains (Losses) ²	Fair Value at Sep 30, 2022	Realized Loss on Disposal
Bear Creek	13,264	8.65%	$ 8,235	$ -	$ -	$ (2,622)	$ 5,613	$ -
Sabina	31,095	5.67%	25,579	-	-	(852)	24,727	-
Kutcho	18,640	14.97%	4,340	-	-	(1,008)	3,332	-
Hecla	35,012	5.88%	-	141,450	-	(3,502)	137,948	-
Other			21,949	3,746	(4,601)	(2,734)	18,360	(3,797)
Total			$ 60,103	$ 145,196	$ (4,601)	$ (10,718)	$ 189,980	$ (3,797)

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

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

	Three Months Ended September 30, 2021
(in thousands)	Shares Owned (000's)	% of Outstanding Shares Owned	Fair Value at Jun 30, 2021	Cost of Additions	Proceeds of Disposition	Fair Value Adjustment Gains (Losses) ¹	Fair Value at Sep 30, 2021	Realized Gain on Disposal
Bear Creek	13,264	10.67%	$ 17,338	$ -	$ -	$ (6,407)	$ 10,931	$ -
Sabina	11,700	3.29%	16,520	-	-	(3,113)	13,407	-
Other			50,029	5,076	-	(8,948)	46,157	-
Total			$ 83,887	$ 5,076	$ -	$ (18,468)	$ 70,495	$ -

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [25]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

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

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

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

	Nine Months Ended September 30, 2021
(in thousands)	Shares Owned (000's)	% of Outstanding Shares Owned	Fair Value at Dec 31, 2020	Cost of Additions	Proceeds of Disposition¹	Fair Value Adjustment Gains (Losses) ²	Fair Value at Sep 30, 2021	Realized Gain on Disposal
Bear Creek	13,264	10.67%	$ 32,609	$ -	$ -	$ (21,678)	$ 10,931	$ -
Sabina	11,700	3.29%	30,233	-	-	(16,826)	13,407	-
First Majestic	-	0.00%	95,984	-	(112,188)	16,204	-	60,530
Other			37,415	7,453	-	1,289	46,157	-
Total			$ 196,241	$ 7,453	$ (112,188)	$ (21,011)	$ 70,495	$ 60,530

1)	Disposals during 2021 were made in order to capitalize on the share appreciation resulting from the strong commodity price environment.

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

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [26]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

18.	Property, Plant and Equipment

	September 30, 2022
(in thousands)	Leasehold Improvements			Right of Use Assets - Property			Other			Total
Cost
Balance - January 1, 2022	$	4,382	$		4,793	$		4,856	$		14,031
Additions		-			-			188			188
Disposals		(4)			-			(59)			(63)
Balance - September 30, 2022	$	4,378	$		4,793	$		4,985	$		14,156
Accumulated Depreciation
Balance - January 1, 2022	$	(3,226)	$		(2,196)	$		(3,100)	$		(8,522)
Disposals		4			-			59			63
Depreciation		(241)			(576)			(375)			(1,192)
Balance - September 30, 2022	$	(3,463)	$		(2,772)	$		(3,416)	$		(9,651)
Net book value - September 30, 2022	$	915	$		2,021	$		1,569	$		4,505

	December 31, 2021
(in thousands)	Leasehold Improvements		Right of Use Assets - Property			Other		Total
Cost
Balance - January 1, 2021	$	4,382	$	4,793	$		4,131	$	13,306
Additions		-		-			730		730
Disposals		-		-			(5)		(5)
Balance - December 31, 2021	$	4,382	$	4,793	$		4,856	$	14,031
Accumulated Depreciation
Balance - January 1, 2021	$	(2,906)	$	(1,444)	$		(2,667)	$	(7,017)
Disposals		-		-			5		5
Depreciation		(320)		(752)			(438)		(1,510)
Balance - December 31, 2021	$	(3,226)	$	(2,196)	$		(3,100)	$	(8,522)
Net book value - December 31, 2021	$	1,156	$	2,597	$		1,756	$	5,509

19.	Credit Facilities

19.1.

Sustainability-Linked Revolving Credit Facility

	September 30		December 31
(in thousands)	2022		2021
Current portion	$	-	$	-
Long-term portion		-		-
Gross bank debt outstanding ¹	$	-	$	-

1)	There is $6 million unamortized debt issue costs associated with the Revolving Facility which have been recorded as a long-term asset under the classification Other (see Note 27).

On July 18, 2022, the term of the Company’s $2 billion revolving term loan (“Revolving Facility”) was extended by an additional year, with the facility now maturing on July 18, 2027.

The Company’s Revolving Facility has financial covenants which require the Company to maintain: (i) a net debt to tangible net worth ratio of less than or equal to 0.75:1; and (ii) an interest coverage ratio of greater than or equal to 3.00:1. Only cash interest expenses are included for the purposes of calculating the interest coverage ratio. The Company is in compliance with these debt covenants as at September 30, 2022.

At the Company’s option, amounts drawn under the Revolving Facility incur interest based on the Company’s leverage ratio at either (i) the Secured Overnight Financing Rate (“SOFR”) plus 1.10% to 2.30%; or (ii) the Bank of

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [27]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

Nova Scotia’s Base Rate plus 0.00% to 1.05%. Under both options, the interest rate shall not be less than 0%. In connection with the extension, the interest rate paid on drawn amounts and standby fees will be adjusted by up to +/- 0.05% and +/- 0.01%, respectively, based upon the Company’s performance in three sustainability-related areas including climate change, diversity and overall performance in sustainability. During the three and nine months ended September 30, 2022 and September 30, 2021, the stand-by fee rate was 0.20%.

The Revolving Facility, which is classified as a financial liability and reported at amortized cost using the effective interest method, can be drawn down at any time to finance acquisitions, investments or for general corporate purposes.

19.2.

Lease Liabilities

The lease liability on the Company’s offices located in Vancouver, Canada and the Cayman Islands is as follows:

	September 30		December 31
(in thousands)	2022		2021
Current portion	$	803	$	813
Long-term portion		1,348		2,060
Total lease liabilities	$	2,151	$	2,873

The maturity analysis, on an undiscounted basis, of these leases is as follows:

	September 30
(in thousands)	2022
Not later than 1 year	$	834
Later than 1 year and not later than 5 years		1,417
Later than 5 years		-
Total lease liabilities	$	2,251

19.3.

Finance Costs

A summary of the Company’s finance costs associated with the above facilities during the period is as follows:

		Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	Note	2022		2021		2022		2021
Interest Expense During Period
Average principal outstanding during period		$	-	$	-	$	-	$	26,007
Average effective interest rate during period	19.1		n.a.		n.a.		n.a.		1.17%
Total interest expense incurred during period		$	-	$	-	$	-	$	229
Costs related to undrawn credit facilities	19.1		1,311		1,349		3,950		3,985
Interest expense - lease liabilities	19.2		22		30		72		95
Letters of guarantee	5.3		65		-		187		-
Total finance costs		$	1,398	$	1,379	$	4,209	$	4,309

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [28]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

20.	Issued Capital

	Note	September 30		December 31
(in thousands)	Note	2022		2021
Issued capital
Share capital issued and outstanding: 451,962,960 common shares (December 31, 2021: 450,863,952 common shares)	20.1	$	3,741,211	$	3,698,998

20.1.

Shares Issued

The Company is authorized to issue an unlimited number of common shares having no par value and an unlimited number of preference shares issuable in series. As at September 30, 2022, the Company had no preference shares outstanding.

A continuity schedule of the Company’s issued and outstanding common shares from January 1, 2021 to September 30, 2022 is presented below:

	Number of Shares	Weighted Average Price
At January 1, 2021	449,458,394
Share purchase options exercised ¹	289,745	Cdn$23.80
Restricted share units released ¹	116,880	Cdn$0.00
Dividend reinvestment plan ²	406,470	US$44.13
At June 30, 2021	450,271,489
Share purchase options exercised ¹	7,095	Cdn$32.62
Dividend reinvestment plan ²	228,728	US$45.06
At September 30, 2021	450,507,312
Share purchase options exercised ¹	102,040	Cdn$27.73
Dividend reinvestment plan ²	254,600	US$40.50
At December 31, 2021	450,863,952
Share purchase options exercised ¹	329,914	Cdn$28.87
Restricted share units released ¹	87,838	Cdn$0.00
Dividend reinvestment plan ²	410,488	US$44.53
At June 30, 2022	451,692,192
Dividend reinvestment plan ²	270,768	US$30.53
At September 30, 2022	451,962,960

1)	The weighted average price of share purchase options exercised and restricted share units released represents the respective exercise price.

The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. The weighted average price for common shares issued under the DRIP represents the volume weighted average price of the common shares on the five trading days preceding the dividend payment date, less a discount of 1%.

At the Market Equity Program

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [29]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

20.2.

Dividends Declared

	Three Months Ended September 30						Nine Months Ended September 30
(in thousands, except per share amounts)	2022			2021			2022			2021
Dividends declared per share	$	0.15		$	0.15		$	0.45		$	0.42
Average number of shares eligible for dividend		451,690			450,274			451,444			450,065
Total dividends paid	$	67,754		$	67,541		$	203,150		$	189,027
Paid as follows:
Cash	$	59,487	88%	$	57,235	85%	$	176,604	87%	$	160,783	85%
DRIP ¹		8,267	12%		10,306	15%		26,546	13%		28,244	15%
Total dividends paid	$	67,754	100%	$	67,541	100%	$	203,150	100%	$	189,027	100%
Shares issued under the DRIP		271			229			681			635

1)	The Company has implemented a DRIP whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares.

2)	As at September 30, 2022, cumulative dividends of $1,727 million have been declared and paid by the Company.

21.

Reserves

	Note	September 30		December 31
(in thousands)	Note	2022		2021
Reserves
Share purchase warrants	21.1	$	83,077	$	83,077
Share purchase options	21.2		22,696		22,349
Restricted share units	21.3		7,281		7,196
Long-term investment revaluation reserve, net of tax	21.4		(105,590)		(65,586)
Total reserves		$	7,464	$	47,036

21.1.

Share Purchase Warrants

The Company’s share purchase warrants (“warrants”) are presented below:

	Number of Warrants	Weighted Average Exercise Price	Exchange Ratio	Share Purchase Warrants Reserve
Warrants outstanding	10,000,000	$ 43.75	1.00	$	83,077

The warrants expire on February 28, 2023. Each warrant entitles the holder the right to purchase one of the Company’s common shares.

21.2.

Share Purchase Options

The Company has established an equity settled share purchase option plan whereby the Company’s Board of Directors may, from time to time, grant options to employees or consultants. The maximum term of any share purchase option may be ten years, but generally options are granted with a term to expiry of five to seven years. The exercise price of an option is not less than the closing price on the TSX on the last trading day preceding the grant date. The vesting period of the options is determined at the discretion of the Company’s Board of Directors at the time the options are granted, but generally vest over a period of two or three years.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [30]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

Each share purchase option converts into one common share of Wheaton on exercise. No amounts are paid or payable by the recipient on receipt of the option. The options do not carry rights to dividends or voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry, subject to certain black-out periods.

The Company expenses the fair value of share purchase options that are expected to vest on a straight-line basis over the vesting period using the Black-Scholes option pricing model to estimate the fair value for each option at the date of grant. The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions. The model requires the use of subjective assumptions, including expected share price volatility. Historical data has been considered in setting the assumptions. Expected volatility is determined by considering the trailing 30-month historic average share price volatility. The weighted average fair value of share purchase options granted and principal assumptions used in applying the Black-Scholes option pricing model are as follows:

	Nine Months Ended September 30
	2022	2021
Black-Scholes weighted average assumptions
Grant date share price and exercise price	Cdn$60.00	Cdn$49.86
Expected dividend yield	1.32%	1.53%
Expected volatility	35%	35%
Risk-free interest rate	1.72%	0.51%
Expected option life, in years	3.0	3.0
Weighted average fair value per option granted	Cdn$13.84	Cdn$10.69
Number of options issued during the period	283,440	317,560
Total fair value of options issued (000's)	$ 3,069	$ 2,720

A continuity schedule of the Company’s outstanding share purchase options from January 1, 2021 to September 30, 2022 is presented below:

	Number of Options Outstanding	Weighted Average Exercise Price
At January 1, 2021	1,786,817	Cdn$29.54
Granted (fair value - $3 million or Cdn$10.69 per option)	317,560	49.86
Exercised	(289,745)	23.80
At June 30, 2021	1,814,632	Cdn$33.92
Exercised	(7,095)	32.62
At September 30, 2021	1,807,537	Cdn$34.05
Exercised	(102,040)	27.73
At December 31, 2021	1,705,497	Cdn$34.40
Granted (fair value - $3 million or Cdn$13.84 per option)	283,440	60.00
Exercised	(329,914)	28.87
Forfeited	(6,154)	49.86
At September 30, 2022	1,652,869	Cdn$39.12

As it relates to share purchase options, during the nine months ended September 30, 2022, the weighted average share price at the time of exercise was Cdn$60.33 per share, with all exercises taking place during the six months ended June 30, 2022. as compared to Cdn$56.73 per share (nine months - Cdn$50.18 per share) during the comparable period in 2021.

21.3.

Restricted Share Units (“RSUs”)

The Company has established an RSU plan whereby RSUs will be issued to eligible employees or directors as determined by the Company’s Board of Directors or the Company’s Compensation Committee. RSUs give the holder

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [31]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

the right to receive a specified number of common shares at the specified vesting date. RSUs generally vest over a period of two to three years. Compensation expense related to RSUs is recognized over the vesting period based upon the fair value of the Company’s common shares on the grant date and the awards that are expected to vest. The fair value is calculated with reference to the closing price of the Company’s common shares on the TSX on the business day prior to the date of grant.

RSU holders receive a cash payment based on the dividends paid on the Company’s common shares in the event that the holder of a vested RSU has elected to defer the release of the RSU to a future date. This cash payment is reflected as a component of net earnings under the classification Share Based Compensation.

A continuity schedule of the Company’s restricted share units outstanding from January 1, 2021 to September 30, 2022 is presented below:

	Number of RSUs Outstanding	Weighted Average Intrinsic Value at Date Granted
At January 1, 2021	370,258	$22.40
Granted (fair value - $4 million)	96,680	39.95
Released	(116,880)	24.09
At September 30 and December 31, 2021	350,058	$26.69
Granted (fair value - $4 million)	91,780	46.72
Released	(87,838)	28.85
Forfeited	(1,320)	39.95
At September 30, 2022	352,680	$31.31

21.4.

Long-Term Investment Revaluation Reserve

The Company’s long-term investments in common shares (Note 17) are held for long-term strategic purposes and not for trading purposes. The Company has chosen to designate these long-term investments in common shares as financial assets with fair value adjustments being recorded as a component of OCI as it believes that this provides a more meaningful presentation for long-term strategic investments, rather than reflecting changes in fair value as a component of net earnings. As some of these long-term investments are denominated in Canadian dollars, changes in their fair value is affected by both the change in share price in addition to changes in the Cdn$/US$ exchange rate.

Where the fair value of a long-term investment in common shares held exceeds its tax cost, the Company recognizes a deferred income tax liability. To the extent that the value of the long-term investment subsequently declines, the deferred income tax liability is reduced. However, where the fair value of the long-term investment decreases below the tax cost, the Company does not recognize a deferred income tax asset on the unrealized capital loss unless it is probable that the Company will generate future capital gains that will offset the loss.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [32]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

A continuity schedule of the Company’s long-term investment revaluation reserve from January 1, 2021 to September 30, 2022 is presented below:


(in thousands)		Change in Fair Value	Deferred Tax Recovery (Expense)	Total
At January 1, 2021		$ 22,103	$ (6,968)	$ 15,135
Unrealized gain (loss) on LTIs ¹		(2,543)	(2,616)	(5,159)
Reallocate reserve to retained earnings upon disposal of LTIs ¹		(60,530)	7,411	(53,119)
At June 30, 2021		$ (40,970)	$ (2,173)	$ (43,143)
Unrealized gain (loss) on LTIs ¹		(18,468)	627	(17,841)
At September 30, 2021		$ (59,438)	$ (1,546)	$ (60,984)
Unrealized gain (loss) on LTIs ¹		7,011	(325)	6,686
Reallocate reserve to retained earnings upon disposal of LTIs ¹		(13,048)	1,760	(11,288)
At December 31, 2021		$ (65,475)	$ (111)	$ (65,586)
Unrealized gain (loss) on LTIs ¹		(33,783)	155	(33,628)
At June 30, 2022		$ (99,258)	$ 44	$ (99,214)
Unrealized gain (loss) on LTIs ¹		(10,719)	546	(10,173)
Reallocate reserve to retained earnings upon disposal of LTIs ¹	17	3,797	-	3,797
At September 30, 2022		$(106,180)	$ 590	$(105,590)

1)	LTIs refers to long-term investments in common shares held.

22.	Share Based Compensation

The Company’s share based compensation consists of share purchase options (Note 21.2), restricted share units (Note 21.3) and performance share units (Note 22.1). The accrued value of share purchase options and restricted share units are reflected as reserves in the shareholder’s equity section of the Company’s balance sheet while the accrued value associated with performance share units is reflected as an accrued liability.

22.1.

Performance Share Units (“PSUs”)

The Company has established a Performance Share Unit Plan (“the PSU plan”) whereby PSUs will be issued to eligible employees as determined by the Company’s Board of Directors or the Company’s Compensation Committee. PSUs issued under the PSU plan entitle the holder to a cash payment at the end of a three year performance period equal to the number of PSUs granted, multiplied by a performance factor and multiplied by the fair market value of a Wheaton common share on the expiry of the performance period. The performance factor can range from 0% to 200% and is determined by comparing the Company’s total shareholder return to those achieved by various peer companies, the Philadelphia Gold and Silver Index and the price of gold and silver.

Compensation expense for the PSUs is recorded on a straight-line basis over the three year vesting period. The amount of compensation expense is adjusted at the end of each reporting period to reflect (i) the fair value of common shares; (ii) the number of PSUs anticipated to vest; and (iii) the anticipated performance factor.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [33]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

A continuity schedule of the Company’s outstanding PSUs (assuming a performance factor of 100% is achieved over the performance period) and the Company’s PSU accrual from January 1, 2021 to September 30, 2022 is presented below:

(in thousands, except for number of PSUs outstanding)	Number of PSUs Outstanding	PSU accrual liability
At January 1, 2021	593,150	$	29,081
Granted	134,180		-
Accrual related to the fair value of the PSUs outstanding	-		6,977
Foreign exchange adjustment	-		491
Paid	(213,820)		(16,929)
At June 30, 2021	513,510	$	19,620
Accrual related to the fair value of the PSUs outstanding	-		2,824
Foreign exchange adjustment	-		(429)
At September 30, 2021	513,510	$	22,015
Accrual related to the fair value of the PSUs outstanding	-		4,203
Foreign exchange adjustment	-		87
At December 31, 2021	513,510	$	26,305
Granted	129,140		-
Accrual related to the fair value of the PSUs outstanding	-		8,736
Foreign exchange adjustment	-		(223)
Paid	(184,780)		(18,247)
Forfeited	(3,970)		(65)
At June 30, 2022	453,900	$	16,506
Accrual related to the fair value of the PSUs outstanding	-		(1,492)
Foreign exchange adjustment	-		(783)
Paid	(1,950)		(163)
At September 30, 2022	451,950	$	14,068

A summary of the PSUs outstanding at September 30, 2022 is as follows:

Year of Grant	Year of Maturity	Number outstanding	Estimated Value Per PSU at Maturity	Anticipated Performance Factor at Maturity	Percent of Vesting Period Complete at Sep 30, 2022	PSU Liability at Sep 30, 2022
2020	2023	192,600	$31.90	200%	85%	10,407
2021	2024	130,210	$31.53	139%	51%	2,931
2022	2025	129,140	$31.11	100%	18%	730
		451,950				$ 14,068

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [34]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

23.	Earnings per Share (“EPS”) and Diluted Earnings per Share (“Diluted EPS”)

Diluted earnings per share is calculated using the treasury method which assumes that outstanding share purchase options and warrants, with exercise prices that are lower than the average market price of the Company’s common shares for the relevant period, are exercised and the proceeds are used to purchase shares of the Company at the average market price of the common shares for the relevant period.

Diluted EPS is calculated based on the following weighted average number of shares outstanding:

	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2022	2021	2022	2021
Basic weighted average number of shares outstanding	451,757	450,326	451,402	449,977
Effect of dilutive securities
Share purchase options	276	1,041	468	1,034
Restricted share units	353	350	351	358
Diluted weighted average number of shares outstanding	452,386	451,717	452,221	451,369

The following table lists the number of share purchase options and share purchase warrants excluded from the computation of diluted earnings per share because the exercise prices exceeded the average market value of the common shares of Cdn$42.87 (nine months - Cdn$51.03), compared to Cdn$54.92 (nine months - Cdn$53.27) for the comparable period in 2021.

	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2022	2021	2022	2021
Share purchase options	593	-	344	-
Share purchase warrants	10,000	10,000	10,000	10,000
Total	10,593	10,000	10,344	10,000

24.	Supplemental Cash Flow Information

Change in Non-Cash Working Capital

	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2022		2021		2022		2021
Change in non-cash working capital
Accounts receivable	$	2,013	$	2,572	$	41	$	(4,498)
Accounts payable and accrued liabilities		1,661		2,796		(2,692)		1,776
Other		1,054		(934)		(1,174)		(2,619)
Total change in non-cash working capital	$	4,728	$	4,434	$	(3,825)	$	(5,341)

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [35]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

Non-Cash Transactions – Receipt of Shares as Consideration for Termination of Keno Hill PMPA

As more fully described in notes 12 and 17, on September 7, 2022, the Company terminated the Keno Hill PMPA in exchange for 34,800,989 common shares of Hecla valued at $141 million.

Non-Cash Transactions – Termination of Convertible Note Receivable and Non-Revolving Term Loan

As more fully described in notes 14, 16 and 17, on February 18, 2022, the Company terminated the Kutcho Convertible Note and non-revolving term loan in exchange for shares of Kutcho valued at $6.7 million in addition to certain other modifications to the Kutcho Early Deposit Agreement (Note 14).

Non-Cash Transactions – Payment of Dividends Under DRIP

As more fully described in Note 20.2, during the nine months ended September 30, 2022, the Company declared and paid dividends to its shareholders in the amount of $0.45 per common share for total dividends of $203 million. Approximately 13% of shareholders elected to have their dividends reinvested in common shares of the Company under the Company's dividend reinvestment plan ("DRIP"). As a result, $177 million of dividend payments were made in cash and $27 million in common shares issued. For the comparable period in 2021, the Company declared and paid dividends to its shareholders in the amount of $0.42 per common share for total dividends of $189 million, with the payment being comprised of $161 million in cash and $28 million in common shares issued.

Non-Cash Transactions – Receipt of Shares as Consideration for Disposal of Long-Term Equity Investments

As more fully explained in note 17, during 2022, the Company received common shares valued at $4.6 million as consideration for the disposal of long-term equity investments.

Cash and Cash Equivalents

	September 30		December 31
(in thousands)	2022		2021
Cash and cash equivalents comprised of:
Cash	$	494,618	$	126,053
Cash equivalents		-		99,992
Total cash and cash equivalents	$	494,618	$	226,045

Cash equivalents include short-term deposits, treasury bills, commercial paper, bankers’ depository notes and bankers’ acceptances with terms to maturity at inception of less than three months.

25.	Income Taxes

A summary of the Company’s income tax expense (recovery) is as follows:

Income Tax Expense (Recovery) in Net Earnings

	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2022		2021		2022		2021
Current income tax expense (recovery)	$	12,033	$	34	$	12,113	$	(6,105)
Deferred income tax expense (recovery) related to:
Origination and reversal of temporary differences	$	20,920	$	4,006	$	30,042	$	17,942
Write down (reversal of write down) or recognition of prior period temporary differences		(20,947)		(3,607)		(29,276)		(12,792)
Total deferred income tax expense (recovery)	$	(27)	$	399	$	766	$	5,150
Total income tax expense (recovery) recognized in net earnings	$	12,006	$	433	$	12,879	$	(955)

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [36]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

Income Tax Expense (Recovery) in Other Comprehensive Income


	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2022		2021		2022		2021
Income tax expense (recovery) related to LTIs - common shares held	$	(546)	$	(627)	$	(701)	$	1,989

Income Tax Expense (Recovery) in Shareholders’ Equity¹

	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2022		2021		2022		2021
Current income tax expense (recovery)	$	(5,935)	$	18	$	(5,932)	$	(1,171)
Deferred income tax expense (recovery) related to:
Origination and reversal of temporary differences	$	5,935	$	(18)	$	5,932	$	1,171
Write down (reversal of write down) or recognition of prior period temporary differences	$	(3,644)	$	269	$	(4,143)	$	(837)
Total deferred income tax expense (recovery)	$	2,291	$	251	$	1,789	$	334
Total income tax expense (recovery) recognized in equity	$	(3,644)	$	269	$	(4,143)	$	(837)

1)	Income tax expense (recovery) in shareholders’ equity relate to share financing fees. Share financing fees are deducted over a five-year period for Canadian income tax purposes. For accounting purposes, share financing fees are charged directly to issued capital.

Income Tax Rate Reconciliation

The provision for income taxes differs from the amount that would be obtained by applying the statutory income tax rate to consolidated earnings before income taxes due to the following:

	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2022		2021		2022		2021
Earnings before income taxes	$	208,466	$	135,370	$	515,880	$	462,108
Canadian federal and provincial income tax rates		27.00%		27.00%		27.00%		27.00%
Income tax expense (recovery) based on above rates	$	56,286	$	36,550	$	139,288	$	124,769
Non-deductible portion of capital losses (non-taxable portion of capital gains)		-		-		(1,052)		-
Non-deductible stock based compensation and other		(104)		693		995		1,586
Differences in tax rates in foreign jurisdictions		(23,451)		(34,457)		(99,507)		(116,818)
Current period unrecognized temporary differences		222		1,254		2,431		2,300
Write down (reversal of write down) or recognition of prior period temporary differences		(20,947)		(3,607)		(29,276)		(12,792)
Total income tax expense (recovery) recognized in net earnings	$	12,006	$	433	$	12,879	$	(955)

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [37]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

The majority of the Company’s income generating activities, including the sale of precious metals, is conducted by its 100% owned subsidiary, Wheaton Precious Metals International Ltd., which operates in the Cayman Islands and is not subject to income tax.

Current Income Taxes Payable

The movement in current income taxes payable for the nine months ended September 30, 2022 is as follows:

(in thousands)	Current Taxes Payable
Current taxes payable - December 31, 2021	$ 132
Current income tax expense - income statement	12,113
Current income tax recovery - shareholders equity	(5,932)
Income taxes paid	(141)
Foreign exchange adjustments	(9)
Current taxes payable - September 30, 2022	$ 6,163

Deferred Income Taxes

The recognized deferred income tax assets and liabilities are offset on the balance sheet and relate to Canada, except for the foreign withholding tax. The movement in deferred income tax assets and liabilities for the nine months ended September 30, 2022 and the year ended December 31, 2021 is shown below:

	Nine Months Ended September 30, 2022
	Opening Balance		Recovery (Expense) Recognized In Net Earnings		Recovery (Expense) Recognized In OCI		Recovery (Expense) Recognized In Shareholders' Equity		Closing Balance
Recognized deferred income tax assets and liabilities	Opening Balance		Recovery (Expense) Recognized In Net Earnings		Recovery (Expense) Recognized In OCI		Recovery (Expense) Recognized In Shareholders' Equity		Closing Balance
Deferred tax assets
Non-capital loss carryforward ¹	$	6,967	$	(5,178)	$	-	$	(1,789)	$	-
Capital loss carryforward		-		276		506		-		782
Other ²		1,325		3,834		192		-		5,351
Deferred tax liabilities
Interest capitalized for accounting		(87)		87		-		-		-
Debt financing fees³		(737)		(23)		-		-		(760)
Kutcho Convertible Note		-		112		(112)		-		-
Unrealized gains on long-term investments		(170)		(727)		115		-		(782)
Mineral stream interests ⁴		(7,298)		903		-		-		(6,395)
Foreign withholding tax		(100)		(50)		-		-		(150)
Total	$	(100)	$	(766)	$	701	$	(1,789)	$	(1,954)

1)	As at September 30, 2022, the Company had no non-capital losses available to recognize against deferred tax liabilities.

2)	Other includes capital assets, cobalt inventory, charitable donation carryforward, and PSU and pension liabilities.

3)	Debt and share financing fees are deducted over a five-year period for Canadian income tax purposes. For accounting purposes, debt financing fees are deducted over the term of the credit facility and share financing fees are charged directly to issued capital.

The Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, is that the cost of the precious metal acquired under the Canadian PMPAs is equal to the market value while a deposit is outstanding (where applicable to an agreement), and the cash cost thereafter. For accounting purposes, the cost of the mineral stream interests is depleted on a unit-of-production basis as described in Note 4.2.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [38]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

	Year Ended December 31, 2021
	Opening Balance		Recovery (Expense) Recognized In Net Earnings		Recovery (Expense) Recognized In OCI		Recovery (Expense) Recognized In Shareholders' Equity		Closing Balance
Recognized deferred income tax assets and liabilities	Opening Balance		Recovery (Expense) Recognized In Net Earnings		Recovery (Expense) Recognized In OCI		Recovery (Expense) Recognized In Shareholders' Equity		Closing Balance
Deferred tax assets
Non-capital loss carryforward	$	5,894	$	967	$	-	$	106	$	6,967
Capital loss carryforward		761		-		(761)		-		-
Other		5,500		(4,175)		-		-		1,325
Deferred tax liabilities
Interest capitalized for accounting		(87)		-		-		-		(87)
Debt and share financing fees		(728)		(9)		-		-		(737)
Unrealized gains on long-term investments		(7,808)		20		7,618		-		(170)
Mineral stream interests		(3,532)		(3,766)		-		-		(7,298)
Foreign withholding tax		(214)		114		-		-		(100)
Total	$	(214)	$	(6,849)	$	6,857	$	106	$	(100)

Deferred income tax assets in Canada not recognized are shown below:

	September 30		December 31
(in thousands)	2022		2021
Non-capital loss carryforward ¹	$	-	$	19,293
Mineral stream interests		37,988		41,642
Other		1,194		8,149
Capital loss carryforward ²		9		-
Kutcho Convertible Note		-		901
Unrealized losses on long-term investments		14,704		9,593
Total	$	53,895	$	79,578

1)	As at September 30, 2022, the Company had fully recognized the tax effect of non-capital losses.

2)	As at September 30, 2022, the Company had not recognized the tax effect on $33,000 of net capital losses as a deferred tax asset.

26.	Other Current Assets

The composition of other current assets is shown below:

		September 30		December 31
(in thousands)	Note	2022		2021
Non-revolving term loan	16	$	-	$	816
Prepaid expenses			3,229		2,525
Cobalt inventory			11,286		8,712
Other			249		49
Total other current assets		$	14,764	$	12,102

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [39]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

27.	Other Long-Term Assets

The composition of other long-term assets is shown below:

		September 30		December 31
(in thousands)	Note	2022		2021
Intangible assets		$	2,365	$	2,652
Debt issue costs - Revolving Facility	19.1		5,962		5,620
Other			3,619		6,939
Total other long-term assets		$	11,946	$	15,211

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [40]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

28.	Commitments and Contingencies

Mineral Stream Interests

Mineral Stream Interests	Attributable Payable Production to be Purchased					Per Unit of Measurement Cash Payment ¹										Term of Agreement	Date of Original Contract
Mineral Stream Interests	Gold	Silver	Palladium	Cobalt	Platinum	Gold		Silver		Palladium		Cobalt		Platinum
Peñasquito	0%	25%	0%	0%	0%		n/a	$	4.36		n/a		n/a		n/a	Life of Mine	24-Jul-07
Constancia	50%	100%	0%	0%	0%	$	416 ²	$	6.14 ²		n/a		n/a		n/a	Life of Mine	8-Aug-12
Salobo	75%	0%	0%	0%	0%	$	416		n/a		n/a		n/a		n/a	Life of Mine	28-Feb-13
Sudbury	70%	0%	0%	0%	0%	$	400		n/a		n/a		n/a		n/a	20 years	28-Feb-13
Antamina	0%	33.75%	0%	0%	0%		n/a		20%		n/a		n/a		n/a	Life of Mine	3-Nov-15
San Dimas	variable ³	0% ³	0%	0%	0%	$	624		n/a		n/a		n/a		n/a	Life of Mine	10-May-18
Stillwater	100%	0%	4.5% ⁴	0%	0%		18% ⁵		n/a		18% ⁵		n/a		n/a	Life of Mine	16-Jul-18
Voisey's Bay	0%	0%	0%	42.4% ⁶	0%		n/a		n/a		n/a		18% ⁷		n/a	Life of Mine	11-Jun-18
Marathon	100% ⁸	0%	0%	0%	22% ⁸		18% ⁵		n/a		n/a		n/a		18% ⁵	Life of Mine	26-Jan-22
Other
Los Filos	0%	100%	0%	0%	0%		n/a	$	4.60		n/a		n/a		n/a	25 years	15-Oct-04
Zinkgruvan	0%	100%	0%	0%	0%		n/a	$	4.53		n/a		n/a		n/a	Life of Mine	8-Dec-04
Yauliyacu	0%	100% ⁹	0%	0%	0%		n/a	$	9.05 ¹⁰		n/a		n/a		n/a	Life of Mine	23-Mar-06
Stratoni	0%	100%	0%	0%	0%		n/a	$	11.54		n/a		n/a		n/a	Life of Mine	23-Apr-07
Neves-Corvo	0%	100%	0%	0%	0%		n/a	$	4.42		n/a		n/a		n/a	50 years	5-Jun-07
Aljustrel	0%	100% ¹¹	0%	0%	0%		n/a		50%		n/a		n/a		n/a	50 years	5-Jun-07
Minto	100% ¹²	100%	0%	0%	0%		65% ¹³	$	4.35		n/a		n/a		n/a	Life of Mine	20-Nov-08
Pascua-Lama	0%	25%	0%	0%	0%		n/a	$	3.90		n/a		n/a		n/a	Life of Mine	8-Sep-09
Copper World ¹⁴	100%	100%	0%	0%	0%	$	450	$	3.90		n/a		n/a		n/a	Life of Mine	10-Feb-10
Loma de La Plata	0%	12.5%	0%	0%	0%		n/a	$	4.00		n/a		n/a		n/a	Life of Mine	n/a ¹⁵
777	50%	100%	0%	0%	0%	$	433 ²	$	6.38 ²		n/a		n/a		n/a	Life of Mine	8-Aug-12
Marmato	10.5% ¹⁶	100% ¹⁶	0%	0%	0%		18% ¹⁷		18% ¹⁷		n/a		n/a		n/a	Life of Mine	5-Nov-20
Cozamin	0%	50% ¹⁸	0%	0%	0%		n/a		10%		n/a		n/a		n/a	Life of Mine	11-Dec-20
Santo Domingo	100% ¹⁹	0%	0%	0%	0%		18% ⁵		n/a		n/a		n/a		n/a	Life of Mine	24-Mar-21
Fenix	6% ²⁰	0%	0%	0%	0%		18% ⁵		n/a		n/a		n/a		n/a	Life of Mine	15-Nov-21
Blackwater	8% ²¹	50% ²¹	0%	0%	0%		35%		18% ⁵		n/a		n/a		n/a	Life of Mine	13-Dec-21
Curipamba	50% ²²	75% ²²	0%	0%	0%		18% ⁵		18% ⁵		n/a		n/a		n/a	Life of Mine	17-Jan-22
Goose	4.15% ²³	0%	0%	0%	0%		18% ⁵		n/a		n/a		n/a		n/a	Life of Mine	8-Feb-22
Early Deposit
Toroparu	10%	50%	0%	0%	0%	$	400	$	3.90		n/a		n/a		n/a	Life of Mine	11-Nov-13
Cotabambas	25% ²⁴	100% ²⁴	0%	0%	0%	$	450	$	5.90		n/a		n/a		n/a	Life of Mine	21-Mar-16
Kutcho	100%	100%	0%	0%	0%		20%		20%		n/a		n/a		n/a	Life of Mine	14-Dec-17

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

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

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

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

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

9)	Per annum the Company will purchase an amount equal to 100% of the first 1.5 million ounces of silver for which an offtaker payment is due, and 50% of any excess.

10)

11)	Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine.

12)	The Company is committed to acquire 100% of the first 30,000 ounces of gold produced per annum and 50% thereafter.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [41]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

13)

14)	Copper World Complex (formerly referred to as Rosemont in these financial statements).

15)	Terms of the agreement not yet finalized.

16)	Once Wheaton has received 190,000 ounces of gold and 2.15 million ounces of silver under the Marmato PMPA the Company’s attributable gold and silver production will be reduced to 3.25% and 50%, respectively.

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

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

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

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

21)	Once the Company has received 279,908 ounces of gold under the Blackwater gold PMPA, the attributable gold production will be reduced to 4%. Once the Company has received 17.8 million ounces of silver under the Blackwater silver PMPA, the attributable silver production will be reduced to 33%.

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

23)	The Company is committed to purchase 4.15% of Goose gold production until 130,000 ounces are delivered to the Company, thereafter 2.15% of Goose gold production until 200,000 ounces are delivered to the Company and 1.5% of Goose gold production thereafter for the life of mine.

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [42]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

Other Contractual Obligations and Contingencies

		Projected Payment Dates ¹
(in thousands)	2022		2023 - 2024			2025 - 2026			After 2026			Sub-Total			Other Commitments ²			Total
Payments for mineral stream interests
Copper World ³	$	-		$	-		$	-		$	-		$	-		$	231,150		$	231,150
Loma de La Plata		-			-			-			-			-			32,400			32,400
Marmato		-			122,000			-			-			122,000			-			122,000
Santo Domingo		-			-			-			-			-			260,000			260,000
Salobo ⁴		-			646,000			-			-			646,000			-			646,000
Fenix Gold		-			-			-			-			-			25,000			25,000
Blackwater		35,250			105,750			-			-			141,000			-			141,000
Marathon		-			102,133			43,771			-			145,904			-			145,904
Curipamba		13,500			118,125			43,875			-			175,500			-			175,500
Goose		31,250			62,500			-			-			93,750			-			93,750
Payments for early deposit mineral stream interest
Toroparu		-			138,000			-			-			138,000			-			138,000
Cotabambas		-			1,000			-			-			1,000			126,000			127,000
Kutcho		-			-			-			-			-			58,000			58,000
Leases liabilities		215			1,748			290			-			2,253			-			2,253
Total contractual obligations	$	80,215		$	1,297,256		$	87,936		$	-		$	1,465,407		$	732,550		$	2,197,957

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

2)	Projected payment date cannot be reasonably estimated due to insufficient clarity on timing associated with satisfaction of conditions precedent for payment.

3)	Copper World Complex (formerly referred to as Rosemont in these financial statements). Figure includes contingent transaction costs of $1 million.

5)	The Company anticipates construction to begin in this period.

Copper World Complex

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

Loma de La Plata

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

Marmato

Under the terms of the Marmato PMPA, the Company is committed to pay Aris Mining total upfront cash payments of $110 million. Of this amount, $34 million was paid on April 15, 2021; $4 million was paid on February 28, 2022; and the remaining amount is payable during the construction of the Marmato Lower Mine development portion of the Marmato mine, subject to customary conditions. Under the amended terms of the Marmato PMPA, the Company is committed to pay Aris Mining an additional cash consideration of $65 million, $15 million of which was paid to Aris

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [43]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

Mining on April 11, 2022 and the remaining $50 million is payable during the construction and development of the Lower Mine.

Santo Domingo

Salobo

The Salobo mine currently has a mill throughput capacity of 24 Mtpa. In October 2018, Vale’s Board of Directors approved the investment in the Salobo Expansion, which is proposed to include a third concentrator line and will use Salobo’s existing infrastructure. Vale anticipates that the Salobo Expansion, which is scheduled to start by the end of 2022 with a 15-month ramp-up period, will result in an increase of throughput capacity from 24 Mtpa to 36 Mtpa.

Fenix

Blackwater

Marathon

Under the terms of the Marathon PMPA, the Company is committed to pay total upfront cash consideration of $181 million (Cdn$240 million), of which $16 million (Cdn$20 million) was paid on March 31, 2022 and $15 million (Cdn$20 million) was paid on September 7, 2022. The remainder is to be paid in four staged installments during construction, subject to various customary conditions being satisfied.

Curipamba

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [44]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

Goose

Toroparu

Under the terms of the Toroparu Early Deposit Agreement, the Company is committed to pay a subsidiary of Aris Mining an additional $138 million, payable on an installment basis to partially fund construction of the mine. Aris Mining is to deliver certain feasibility documentation by December 31, 2022. Following the delivery of this documentation (or after December 31, 2022 if the feasibility documentation has not been delivered to Wheaton by such date) Wheaton may elect to (i) not proceed with the agreement or (ii) not pay the balance of the upfront consideration and reduce the gold stream percentage from 10% to 0.909% and the silver stream percentage from 50% to nil. If option (i) is chosen, Wheaton will be entitled to a return of the amounts advanced less $2 million. If Wheaton elects option (ii), Aris Mining may elect to terminate the agreement and Wheaton will be entitled to a return of the amount of the deposit already advanced less $2 million.

Cotabambas

Kutcho

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

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

Tax Contingencies

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [45]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

any such potential reassessments, and it is therefore not practicable for the Company to estimate the financial effect, if any, of those ongoing audits.

General

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [46]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

29. Segmented Information

Operating Segments

The Company’s reportable operating segments, which are the components of the Company’s business where discrete financial information is available and which are evaluated on a regular basis by the Company’s Chief Executive Officer (“CEO”), who is the Company’s chief operating decision maker, for the purpose of assessing performance, are summarized in the tables below:

Three Months Ended September 30, 2022
	Sales		Cost of Sales		Depletion		Impairment Reversal / Gain on Disposal ¹		Net Earnings		Cash Flow From Operations		Total Assets
(in thousands)	Sales		Cost of Sales		Depletion		Impairment Reversal / Gain on Disposal ¹		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	$	54,860	$	13,244	$	10,616	$	-	$	31,000	$	41,617	$	2,396,952
Sudbury ²		8,984		2,059		5,622		-		1,303		5,943		288,863
Constancia		10,925		2,630		1,717		-		6,578		8,295		97,213
San Dimas		17,579		6,366		2,646		-		8,567		11,213		158,704
Stillwater		3,667		675		912		-		2,080		2,992		216,617
Other ³		11,113		4,424		378		-		6,311		5,562		461,359
Total gold interests	$	107,128	$	29,398	$	21,891	$	-	$	55,839	$	75,622	$	3,619,708
Silver
Peñasquito	$	30,857	$	6,972	$	5,703	$	-	$	18,182	$	23,885	$	301,040
Antamina		22,287		4,337		8,152		-		9,798		17,951		553,231
Constancia		9,613		3,050		3,165		-		3,398		6,563		195,507
Other ⁴		37,513		14,879		13,566		(114,755)		123,823		21,896		538,739
Total silver interests	$	100,270	$	29,238	$	30,586	$	(114,755)	$	155,201	$	70,295	$	1,588,517
Palladium
Stillwater	$	8,838	$	1,493	$	1,688	$	-	$	5,657	$	7,344	$	228,168
Platinum
Marathon	$	-	$	-	$	-	$	-	$	-	$	-	$	9,425
Cobalt
Voisey's Bay	$	2,600	$	826	$	1,563	$	-	$	211	$	7,352	$	361,238
Total mineral stream interests	$	218,836	$	60,955	$	55,728	$	(114,755)	$	216,908	$	160,613	$	5,807,056
Other
General and administrative									$	(8,360)	$	(5,503)
Share based compensation										(77)		-
Donations and community investments										(1,406)		(1,413)
Finance costs										(1,398)		(1,020)
Other										2,799		1,849
Income tax										(12,006)		(29)
Total other									$	(20,448)	$	(6,116)	$	780,539
Consolidated									$	196,460	$	154,497	$	6,587,595

1)	See Notes 12 and 13 for more information.

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

Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating 777, Minto and Marmato gold interests as well as the non-operating Copper World Complex (formerly referred to as Rosemont in these financial statements), Santo Domingo, Fenix, Blackwater, Marathon, Curipamba and Goose gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.

Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Neves-Corvo, Aljustrel, Minto, Cozamin, Marmato and 777 silver interests, the non-operating Loma de La Plata, Stratoni, Pascua-Lama, Copper World Complex (formerly referred to as Rosemont in these financial statements), Blackwater and Curipamba silver interests and the previously owned Keno Hill silver interest. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. The Stratoni mine was placed into care and maintenance during Q4-2021. On September 7, 2022, the Keno Hill stream was terminated in exchange for $141 million of Hecla common stock (see Note 12).

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [47]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

Three Months Ended September 30, 2021
	Sales		Cost of Sales		Depletion		Net Earnings		Cash Flow From Operations		Total Assets
(in thousands)	Sales		Cost of Sales		Depletion		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	$	63,154	$	14,501	$	13,149	$	35,504	$	50,404	$	2,455,567
Sudbury ¹		3,436		766		1,962		708		2,242		308,158
Constancia		14,645		3,352		2,570		8,723		11,487		101,741
San Dimas		20,365		7,014		3,658		9,693		13,351		171,617
Stillwater		5,061		918		1,119		3,024		4,144		220,949
Other ²		14,755		4,854		315		9,586		9,887		64,985
Total gold interests	$	121,416	$	31,405	$	22,773	$	67,238	$	91,515	$	3,323,017
Silver
Peñasquito	$	53,259	$	9,483	$	7,844	$	35,932	$	43,776	$	328,470
Antamina		36,000		7,196		11,301		17,503		28,993		589,816
Constancia		11,668		2,932		3,660		5,076		9,033		208,537
Other ³		29,660		8,171		5,803		15,686		24,011		602,796
Total silver interests	$	130,587	$	27,782	$	28,608	$	74,197	$	105,813	$	1,729,619
Palladium
Stillwater	$	13,834	$	2,667	$	2,523	$	8,644	$	11,168	$	234,883
Cobalt
Voisey's Bay	$	3,120	$	675	$	1,072	$	1,373	$	159	$	218,144
Total mineral stream interests	$	268,957	$	62,529	$	54,976	$	151,452	$	208,655	$	5,505,663
Other
General and administrative							$	(7,932)	$	(4,729)
Share based compensation								(4,139)		-
Donations and community investments								(1,524)		(1,671)
Finance costs								(1,379)		(1,039)
Other								(1,108)		71
Income tax								(433)		-
Total other							$	(16,515)	$	(7,368)	$	541,077
Consolidated							$	134,937	$	201,287	$	6,046,740

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

Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating 777, Minto and Marmato gold interests as well as the non-operating Copper World Complex gold interest (formerly referred to as Rosemont in these financial statements). On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.

Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Aljustrel, Neves-Corvo, Minto, 777, Marmato and Cozamin silver interests, the non-operating Loma de La Plata, Copper World Complex (formerly referred to as Rosemont in these financial statements) and Pascua-Lama silver interests and the previously owned Keno Hill silver interest. The Stratoni mine was placed into care and maintenance during Q4-2021. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill stream was terminated in exchange for $141 million of Hecla common stock (see Note 12).

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [48]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

Nine Months Ended September 30, 2022
	Sales		Cost of Sales		Depletion		Impairment Reversal / Gain on Disposal ¹		Net Earnings		Cash Flow From Operations		Total Assets
(in thousands)	Sales		Cost of Sales		Depletion		Impairment Reversal / Gain on Disposal ¹		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	$	225,267	$	51,134	$	40,987	$	-	$	133,146	$	174,134	$	2,396,952
Sudbury ²		30,673		6,710		18,306		-		5,657		22,980		288,863
Constancia		44,480		10,018		6,576		-		27,886		34,463		97,213
San Dimas		56,335		19,221		8,019		-		29,095		37,114		158,704
Stillwater		13,503		2,433		3,168		-		7,902		11,070		216,617
Other ³		40,388		16,203		1,002		-		23,183		22,912		461,359
Total gold interests	$	410,646	$	105,719	$	78,058	$	-	$	226,869	$	302,673	$	3,619,708
Silver
Peñasquito	$	130,686	$	25,650	$	20,978	$	-	$	84,058	$	105,036	$	301,040
Antamina		84,093		16,793		26,821		-		40,479		66,952		553,231
Constancia		36,227		9,967		10,377		-		15,883		26,260		195,507
Other ⁴		113,823		37,974		29,836		(114,755)		160,768		75,969		538,739
Total silver interests	$	364,829	$	90,384	$	88,012	$	(114,755)	$	301,188	$	274,217	$	1,588,517
Palladium
Stillwater	$	25,574	$	4,475	$	4,662	$	-	$	16,437	$	21,099	$	228,168
Platinum
Marathon	$	-	$	-	$	-	$	-	$	-	$	-	$	9,425
Cobalt
Voisey's Bay	$	27,953	$	5,313	$	8,080	$	-	$	14,560	$	24,683	$	361,238
Total mineral stream interests	$	829,002	$	205,891	$	178,812	$	(114,755)	$	559,054	$	622,672	$	5,807,056
Other
General and administrative									$	(27,448)	$	(28,933)
Share based compensation										(11,586)		(18,161)
Donations and community investments										(3,379)		(2,976)
Finance costs										(4,209)		(3,107)
Other										3,448		2,042
Income tax										(12,879)		(141)
Total other									$	(56,053)	$	(51,276)	$	780,539
Consolidated									$	503,001	$	571,396	$	6,587,595

1)	See Notes 12 and 13 for more information.

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [49]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

Nine Months Ended September 30, 2021
	Sales		Cost of Sales		Depletion		Net Earnings		Cash Flow From Operations		Total Assets
(in thousands)	Sales		Cost of Sales		Depletion		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	$	258,549	$	59,306	$	53,777	$	145,466	$	200,993	$	2,455,567
Sudbury ¹		22,742		5,020		12,858		4,864		17,722		308,158
Constancia		21,829		4,983		3,828		13,018		17,040		101,741
San Dimas		58,981		20,226		10,585		28,170		38,755		171,617
Stillwater		15,212		2,768		3,361		9,083		12,444		220,949
Other ²		41,421		13,418		1,532		26,471		27,981		64,985
Total gold interests	$	418,734	$	105,721	$	85,941	$	227,072	$	314,935	$	3,323,017
Silver
Peñasquito	$	159,374	$	26,720	$	22,102	$	110,552	$	132,655	$	328,470
Antamina		126,484		25,260		37,118		64,106		100,597		589,816
Constancia		28,605		6,792		8,507		13,306		22,109		208,537
Other ³		139,461		45,387		29,908		64,166		97,241		602,796
Total silver interests	$	453,924	$	104,159	$	97,635	$	252,130	$	352,602	$	1,729,619
Palladium
Stillwater	$	36,932	$	6,804	$	6,506	$	23,622	$	30,128	$	234,883
Cobalt
Voisey's Bay	$	13,878	$	3,073	$	5,376	$	5,429	$	1,244	$	218,144
Total mineral stream interests	$	923,468	$	219,757	$	195,458	$	508,253	$	698,909	$	5,505,663
Other
General and administrative							$	(26,572)	$	(25,898)
Share based compensation								(13,746)		(16,926)
Donations and community investments								(3,712)		(3,247)
Finance costs								(4,309)		(3,246)
Other								2,194		315
Income tax								955		(51)
Total other							$	(45,190)	$	(49,053)	$	541,077
Consolidated							$	463,063	$	649,856	$	6,046,740

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

Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating 777, Minto and Marmato gold interests as well as the non-operating Copper World Complex gold interest (formerly referred to as Rosemont in these financial statements). On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.

Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Aljustrel, Neves-Corvo, Minto, 777, Marmato and Cozamin silver interests, the non-operating Loma de La Plata, Copper World Complex (formerly referred to as Rosemont in these financial statements) and Pascua-Lama silver interests and the previously owned Keno Hill silver interest. The Stratoni mine was placed into care and maintenance during Q4-2021. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill stream was terminated in exchange for $141 million of Hecla common stock (see Note 12)..

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [50]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

Geographical Areas

The Company’s geographical information, which is based on the location of the mining operations to which the mineral stream interests relate, are summarized in the tables below:

	Sales								Carrying Amount at September 30, 2022
(in thousands)	Three Month Ended Sep 30, 2022			Nine Months Ended Sep 30, 2022			Gold Interests		Silver Interests		Palladium Interests		Platinum Interests		Cobalt Interests		Total
North America
Canada	$	23,873	11%	$	104,254	13%	$	650,037	$	2,323	$	-	$	9,425	$	361,238	$	1,023,023
United States		12,505	6%		39,077	5%		216,618		566		228,168		-		-		445,352
Mexico		51,863	24%		199,977	24%		158,702		433,131		-		-		-		591,833
Europe
Greece		-	0%		3,291	0%		-		-		-		-		-		-
Portugal		5,473	3%		20,159	2%		-		18,458		-		-		-		18,458
Sweden		6,655	3%		29,323	4%		-		29,688		-		-		-		29,688
South America
Argentina/Chile ¹		-	0%		-	0%		-		253,514		-		-		-		253,514
Argentina		-	0%		-	0%		-		10,889		-		-		-		10,889
Chile		-	0%		-	0%		56,534		-		-		-		-		56,534
Brazil		54,860	25%		225,267	27%		2,396,951		-		-		-		-		2,396,951
Peru		62,216	27%		203,610	25%		97,213		832,585		-		-		-		929,798
Ecuador		-	0%		-	0%		574		207		-		-		-		781
Colombia		1,391	1%		4,044	0%		43,079		7,156		-		-		-		50,235
Consolidated	$	218,836	100%	$	829,002	100%	$	3,619,708	$	1,588,517	$	228,168	$	9,425	$	361,238	$	5,807,056

1)	Includes the Pascua-Lama project, which straddles the border of Argentina and Chile.

	Sales								Carrying Amount at September 30, 2021
(in thousands)	Three Month Ended Sep 30, 2021			Nine Months Ended Sep 30, 2021			Gold Interests		Silver Interests		Palladium Interests		Platinum Interests			Cobalt Interests		Total
North America
Canada	$	24,809	9%	$	85,341	9%	$	315,685	$	28,180	$	-	$	-	$	218,144	$	562,009
United States		18,896	7%		52,143	6%		220,949		566		234,883		-		-		456,398
Mexico		78,025	29%		233,568	25%		171,616		472,160		-		-		-		643,776
Europe
Greece		989	0%		8,332	1%		-		-		-		-		-		-
Portugal		7,788	3%		32,082	3%		-		19,361		-		-		-		19,361
Sweden		7,588	3%		24,570	3%		-		31,615		-		-		-		31,615
South America
Argentina/Chile ¹		-	0%		-	0%		-		253,514		-		-		-		253,514
Argentina		-	0%		-	0%		-		10,889		-		-		-		10,889
Chile		-	0%		-	0%		31,274		-		-		-		-		31,274
Brazil		63,154	23%		258,549	28%		2,455,567		-		-		-		-		2,455,567
Peru		66,697	26%		223,894	24%		101,741		906,741		-		-		-		1,008,482
Colombia		1,011	0%		4,989	1%		26,185		6,593		-		-		-		32,778
Consolidated	$	268,957	100%	$	923,468	100%	$	3,323,017	$	1,729,619	$	234,883	$	-	$	218,144	$	5,505,663

1)	Includes the Pascua-Lama project, which straddles the border of Argentina and Chile.

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [51]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2022 (US Dollars)

30.	Subsequent Events

Declaration of Dividend

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [52]

CORPORATE

INFORMATION

CANADA – HEAD OFFICE

WHEATON PRECIOUS METALS CORP.

Suite 3500

1021 West Hastings Street

Vancouver, BC V6E 0C3

Canada

T: 1 604 684 9648

F: 1 604 684 3123

CAYMAN ISLANDS OFFICE

Wheaton Precious Metals International Ltd.

Suite 300, 94 Solaris Avenue

Camana Bay

P.O. Box 1791 GT, Grand Cayman

Cayman Islands KY1-1109

STOCK EXCHANGE LISTING

Toronto Stock Exchange: WPM

New York Stock Exchange: WPM

London Stock Exchange: LSE

DIRECTORS

GEORGE BRACK, Chairman

JOHN BROUGH

JAIMIE DONOVAN

PETER GILLIN

CHANTAL GOSSELIN

GLENN IVES

CHARLES JEANNES

EDUARDO LUNA

MARILYN SCHONBERNER

RANDY SMALLWOOD

OFFICERS

RANDY SMALLWOOD

President & Chief Executive Officer

CURT BERNARDI

Senior Vice President,

Legal & Corporate Secretary

GARY BROWN

Senior Vice President
& Chief Financial Officer

PATRICK DROUIN

Senior Vice President,
Sustainability & Investor Relations

HAYTHAM HODALY
Senior Vice President,
Corporate Development

TRANSFER AGENT

TSX Trust Company

1600 – 1066 West Hastings Street

Vancouver, BC V6E 3X1

Toll-free in Canada and the United States:

1 800 387 0825

Outside of Canada and the United States:

1 416 682 3860

E: shareholderinquiries@tmx.com

AUDITORS

Deloitte LLP

Vancouver, BC

INVESTOR RELATIONS

PATRICK DROUIN

Senior Vice President,

Sustainability & Investor Relations

T: 1 604 684 9648

TF: 1 844 288 9878

E: info@wheatonpm.com

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [53]

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

WHEATON PRECIOUS METALS 2022 THIRD QUARTER FINANCIAL STATEMENTS [54]

EX-99.4 5 wpm6kexhibit99-4.htm FORM 52-109F2 CEO CERTIFICATION

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals Corp., certify the following:

1.	Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Wheaton Precious Metals Corp. (the “issuer”) for the interim period ended September 30, 2022.

No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5.	Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)

designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)

material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii)

information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)

designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1	Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

5.2

N/A

5.3

N/A

6.	Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July 1, 2022 and ended on September 30, 2022 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date:

November 3, 2022

/s/ Randy Smallwood

Name:

Randy Smallwood

Title:

President and Chief Executive Officer

EX-99.5 6 wpm6kexhibit99-5.htm FORM 52-109F2 CFO CERTIFICATION

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Gary Brown, Senior Vice President and Chief Financial Officer of Wheaton Precious Metals Corp., certify the following:

1.	Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Wheaton Precious Metals Corp. (the “issuer”) for the interim period ended September 30, 2022.

5.	Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)

designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)

material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii)

(b)

5.1	Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

5.2

N/A

5.3

N/A

6.	Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July 1, 2022 and ended on September 30, 2022 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date:

November 3, 2022

/s/ Gary Brown

Name:

Gary Brown

Title:

Senior Vice President and Chief Financial Officer

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