EX-99.3 4 wpm6kexhibit99-3.htm THIRD QUARTER 2023 FINANCIAL STATEMENTS

EX99-3

Condensed Interim Consolidated Statements of Earnings

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

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

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

Condensed Interim Consolidated Statements of Comprehensive Income

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

LTIs = long-term investments – common shares held.

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

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Condensed Interim Consolidated Balance Sheets

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

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

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

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

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Condensed Interim Consolidated Statements of Shareholders’ Equity

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

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

2) Refer to Note 20.1.

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

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

Notes to the Condensed Interim Consolidated Financial Statements

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

1.	Description of Business and Nature of Operations

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

As of September 30, 2023, the Company has 29 long-term purchase agreements (three of which are early deposit agreements), with 23 different mining companies, for the purchase of precious metals and cobalt (“precious metal purchase agreements” or "PMPA") relating to 18 mining assets which are currently operating, 14 which are at various stages of development and 4 which have been placed in care and maintenance or have been closed, located in 13 countries. Pursuant to the PMPAs, Wheaton acquires metal production from the counterparties for an initial upfront payment plus an additional cash payment for each ounce or pound delivered which is either a fixed price or fixed percentage of the market price by contract, generally at or below the prevailing market price.

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

2.	Basis of Presentation and Statement of Compliance

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

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

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

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

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Notes to the Condensed Interim Consolidated Financial Statements

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

3.	Material Accounting Policy Information

3.1.	New Accounting Standards Effective in 2023

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

The 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 did not have a material impact on the Company.

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

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

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

The amendments to IAS 12 provide a mandatory temporary exception to the requirements regarding deferred tax assets and liabilities related to pillar two income taxes (Global Minimum Tax) as well as disclosure requirements where an entity has to disclose separately its current tax expense related to Global Minimum Tax and where in periods in which Global Minimum Tax legislation is enacted or substantively enacted, but not yet in effect, an entity discloses known or reasonably estimable information that helps users of financial statements understand the entity’s exposure to Global Minimum Tax arising from that legislation. The mandatory temporary exemption is effective immediately and the disclosure requirements are effective for annual periods beginning January 1, 2023. The Company has applied this mandatory exception in the current period. Refer to Note 24 for further information on Global Minimum Tax.

3.2.	Future Changes to Accounting Policies

The IASB has issued the following new or amended standards:

Amendment to IAS 1- Presentation of Financial statements

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

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

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Notes to the Condensed Interim Consolidated Financial Statements

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

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

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

5.	Financial Instruments

5.1.	Capital Risk Management

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

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

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

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

5.2.	Categories of Financial Assets and Liabilities

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

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

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

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Notes to the Condensed Interim Consolidated Financial Statements

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

5.3.	Credit Risk

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

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

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

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

5.4.	Liquidity Risk

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

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

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

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

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

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

Notes to the Condensed Interim Consolidated Financial Statements

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

5.5.	Currency Risk

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

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

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

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

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

5.6.	Interest Rate Risk

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

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

Notes to the Condensed Interim Consolidated Financial Statements

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

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

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

5.7.	Other Price Risk

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

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

5.8.	Fair Value Estimation

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

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

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

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

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

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

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

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

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

Notes to the Condensed Interim Consolidated Financial Statements

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

5.8.1. Valuation Techniques for Level 2 Assets

Accounts Receivable Arising from Sales of Metal Concentrates

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

Long-Term Investments in Warrants Held

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

Revenue

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

Gold, Silver and Palladium Credit Sales

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

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

Concentrate Sales

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

Cobalt Sales

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

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

Notes to the Condensed Interim Consolidated Financial Statements

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

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

7.	General and Administrative

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

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

Notes to the Condensed Interim Consolidated Financial Statements

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

8.	Share Based Compensation

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

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

9.	Donations and Community Investments

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

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

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

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

10.	Other (Income) Expense

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

1)	FVTPL refers to Fair Value Through Profit or Loss

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

Notes to the Condensed Interim Consolidated Financial Statements

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

11.	Accounts Receivable

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

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

12.	Cobalt Inventory

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

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

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

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

Notes to the Condensed Interim Consolidated Financial Statements

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

13.	Mineral Stream Interests

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

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

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

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

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

5)	Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater and Curipamba silver interests. The additions to other silver interests includes: Blackwater - $106 million.

6)	When cobalt is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the cobalt is recorded as a cost of sale. Depletion in this table for the Voisey’s Bay cobalt interest is inclusive of depletion relating to inventory.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [17]

Notes to the Condensed Interim Consolidated Financial Statements

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

	Year Ended December 31, 2022
	Cost								Accumulated Depletion & Impairment ¹										Carrying Amount Dec 31, 2022
(in thousands)	Balance Jan 1, 2022		Additions (Reductions)		Disposal		Balance Dec 31, 2022		Balance Jan 1, 2022		Depletion		Disposal		Impairment (Charge) Reversal		Balance Dec 31, 2022		Carrying Amount Dec 31, 2022
Gold interests
Salobo	$	3,059,876	$	-	$	-	$	3,059,876	$	(621,937)	$	(54,677)	$	-	$	-	$	(676,614)	$	2,383,262
Sudbury ²		623,864		-		-		623,864		(316,695)		(23,753)		-		-		(340,448)		283,416
Constancia		140,058		-		-		140,058		(36,269)		(8,206)		-		-		(44,475)		95,583
San Dimas		220,429		-		-		220,429		(53,706)		(10,858)		-		-		(64,564)		155,865
Stillwater ³		239,352		-		-		239,352		(19,567)		(3,933)		-		-		(23,500)		215,852
Other ⁴		761,334		138,515		(354,458)		545,391		(396,542)		(1,252)		348,265		(1,719)		(51,248)		494,143
	$	5,044,913	$	138,515	$	(354,458)	$	4,828,970	$	(1,444,716)	$	(102,679)	$	348,265	$	(1,719)	$	(1,200,849)	$	3,628,121
Silver interests
Peñasquito	$	524,626	$	-	$	-	$	524,626	$	(202,608)	$	(28,344)	$	-	$	-	$	(230,952)	$	293,674
Antamina		900,343		-		-		900,343		(320,291)		(34,684)		-		-		(354,975)		545,368
Constancia		302,948		-		-		302,948		(97,064)		(12,937)		-		-		(110,001)		192,947
Other ⁵		1,438,974		4,519		(425,294)		1,018,199		(845,779)		(36,640)		306,986		10,330		(565,103)		453,096
	$	3,166,891	$	4,519	$	(425,294)	$	2,746,116	$	(1,465,742)	$	(112,605)	$	306,986	$	10,330	$	(1,261,031)	$	1,485,085
Palladium interests
Stillwater ³	$	263,721	$	-	$	-	$	263,721	$	(30,891)	$	(6,018)	$	-	$	-	$	(36,909)	$	226,812
Platinum interests
Marathon	$	-	$	9,428	$	-	$	9,428	$	-	$	-	$	-	$	-	$	-	$	9,428
Cobalt interests
Voisey's Bay ⁶	$	393,422	$	-	$	-	$	393,422	$	(21,801)	$	(14,048)	$	-	$	-	$	(35,849)	$	357,573
	$	8,868,947	$	152,462	$	(779,752)	$	8,241,657	$	(2,963,150)	$	(235,350)	$	655,251	$	8,611	$	(2,534,638)	$	5,707,019

1)	Includes cumulative impairment charges to December 31, 2022 as follows: Pascua-Lama silver interest - $338 million; and Sudbury gold interest - $120 million.

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

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

Comprised of the Minto, Copper World Complex, 777, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose and Curipamba gold interests.As the 777 mine has been permanently closed, the 777 PMPA has been reflected as a disposition, with the carrying value transferred to a long-term receivable. The additions to other gold interests includes: Marmato - $18 million; Fenix - $25 million; Marathon - $22 million; Curipamba - $10 million; Goose - $63 million.

Comprised of the Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Keno Hill, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, 777, Marmato, Cozamin, Blackwater and Curipamba silver interests. The Keno Hill PMPA and the Yauliyacu PMPA were terminated on September 7, 2022 and December 14, 2022, respectively. As the 777 mine has been permanently closed, the 777 PMPA has been reflected as a disposition, with the carrying value transferred to a long-term receivable. The additions to other silver interests includes: Marmato - $1 million; and Curipamba - $3 million.

6)	When cobalt is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the cobalt is recorded as a cost of sale. Depletion in this table for the Voisey’s Bay cobalt interest is inclusive of depletion relating to inventory.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [18]

Notes to the Condensed Interim Consolidated Financial Statements

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

The value allocated to reserves is classified as depletable upon a mining operation achieving first production and is depleted on a unit-of-production basis over the estimated recoverable proven and probable reserves at the mine. The value associated with resources and exploration potential is allocated at acquisition and is classified as non-depletable until such time as it is transferred to the depletable category, generally as a result of the conversion of resources or exploration potential into reserves.

	September 30, 2023						December 31, 2022
(in thousands)	Depletable		Non-Depletable		Total		Depletable		Non-Depletable		Total
Gold interests
Salobo	$	1,963,785	$	377,700	$	2,341,485	$	1,990,789	$	392,473	$	2,383,262
Sudbury ¹		218,249		49,975		268,224		239,002		44,414		283,416
Constancia		81,048		5,507		86,555		89,097		6,486		95,583
San Dimas		43,232		104,406		147,638		51,459		104,406		155,865
Stillwater ²		187,849		24,801		212,650		191,051		24,801		215,852
Other ³		18,332		538,703		557,035		19,248		474,895		494,143
	$	2,512,495	$	1,101,092	$	3,613,587	$	2,580,646	$	1,047,475	$	3,628,121
Silver interests
Peñasquito	$	204,324	$	73,704	$	278,028	$	219,969	$	73,705	$	293,674
Antamina		180,209		347,018		527,227		198,294		347,074		545,368
Constancia		173,681		10,055		183,736		182,171		10,776		192,947
Other ⁴		133,612		416,029		549,641		139,424		313,672		453,096
	$	691,826	$	846,806	$	1,538,632	$	739,858	$	745,227	$	1,485,085
Palladium interests
Stillwater ²	$	213,446	$	8,708	$	222,154	$	218,104	$	8,708	$	226,812
Platinum interests
Marathon	$	-	$	9,450	$	9,450	$	-	$	9,428	$	9,428
Cobalt interests
Voisey's Bay	$	324,269	$	29,362	$	353,631	$	316,749	$	40,824	$	357,573
	$	3,742,036	$	1,995,418	$	5,737,454	$	3,855,357	$	1,851,662	$	5,707,019

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

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

3)	Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, Curipamba and Cangrejos gold interests.

4)	Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater and Curipamba silver interests.

Acquisition of Curipamba PMPA

On January 17, 2022, the Company entered into a PMPA (the “Curipamba PMPA”) with Adventus Mining Corporation (“Adventus”) in respect of gold and silver production from the Curipamba Project located in Ecuador (the “Curipamba Project”). Under the Curipamba PMPA, Wheaton will purchase an amount of gold equal to 50% of the payable gold production until 145,000 ounces have been delivered, thereafter dropping to 33% of payable gold production for the life of the mine and an amount of silver equal to 75% of the payable silver production until 4.6 million ounces have been delivered, thereafter dropping to 50% for the life of mine. Under the terms of the Curipamba PMPA, the Company is committed to pay Adventus total upfront cash consideration of $175.5 million, $13 million of which is available pre-construction and $500,000 of which will be paid to support certain local community development initiatives around the Curipamba Project. The initial payment of $13 million was paid on December 6, 2022. The remainder will be payable in four staged installments during construction, subject to various customary conditions being satisfied. In addition, Wheaton will make ongoing production payments for the gold and silver ounces delivered equal to 18% of the spot prices until the value of gold and silver delivered, net of the production payment, is equal to the upfront consideration of $175.5 million, at which point the production payment will increase to 22% of the spot prices.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [19]

Notes to the Condensed Interim Consolidated Financial Statements

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

Acquisition of Marathon PMPA

On January 26, 2022, the Company entered into a PMPA (the “Marathon PMPA”) with Generation Mining Limited (“Gen Mining”) in respect of gold and platinum production from the Marathon Project located in Ontario, Canada (the “Marathon Project”). Under the Marathon PMPA, Wheaton will purchase an amount of gold equal to 100% of the payable gold production until 150,000 ounces have been delivered, thereafter dropping to 67% of payable gold production for the life of the mine and an amount of platinum production equal to 22% of the payable platinum production until 120,000 ounces have been delivered, thereafter dropping to 15% for the life of mine. Under the terms of the Marathon PMPA, the Company is committed to pay Gen Mining total upfront cash consideration of $178 million (Cdn$240 million), $16 million (Cdn$20 million) of which was paid on March 31, 2022 and $15 million (Cdn$20 million) was paid on September 7, 2022. The remainder is to be paid in four staged installments during construction, subject to various customary conditions being satisfied and pre-determined completion tests. In addition, Wheaton will make ongoing production payments for the gold and platinum ounces delivered equal to 18% of the spot prices until the value of gold and platinum delivered, net of the production payment, is equal to the upfront consideration of Cdn$240 million, at which point the production payment will increase to 22% of the spot prices.

Acquisition of Goose PMPA

On February 8, 2022, the Company entered into a PMPA (the “Goose PMPA”) with Sabina Gold & Silver Corp. (“Sabina”) in respect of gold production from the Goose Project, part of Sabina’s Back River Gold District located in Nunavut, Canada (the “Goose Project”). Under the Goose PMPA, Wheaton was to purchase an amount of gold equal to 4.15% of the payable gold production until 130,000 ounces have been delivered, dropping to 2.15% until 200,000 ounces have been delivered, and thereafter dropping to 1.5% of the payable gold production for the life of mine. Under the terms of the Goose PMPA, the Company was committed to pay Sabina an upfront payment of $125 million in four equal installments during construction of the Goose Project, subject to customary conditions. The initial payment of $31.25 million was paid on September 28, 2022, the second installment of $31.25 million was paid on December 6, 2022, the third installment of $31.25 million was paid on February 3, 2023 and the final installment of $31.25 million was paid on April 4, 2023.

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

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

In connection with the exercise of the option, the Company’s attributable gold production has been modified such that the Company will purchase an amount of gold equal to 2.78% of the payable gold production until the Company has received 87,100 ounces of gold under the Goose PMPA, dropping to 1.44%, until 134,000 ounces have been delivered, and thereafter dropping to 1.0%.

In addition, Wheaton will make ongoing production payments for the gold ounces delivered equal to 18% of the spot gold price until the value of gold delivered, net of the production payment, is equal to the revised upfront consideration of $83.75 million, at which point the production payment will increase to 22% of the spot gold price.

Amendment to the Marmato PMPA

On March 21, 2022, the Company amended its PMPA with Aris Mining Corporation (“Aris Mining”) in respect of the Marmato PMPA. Under the terms of the amended agreement, Wheaton will purchase 10.5% of the gold production and 100% of the silver production from the Marmato Upper and Lower mines until 310,000 ounces of gold and 2.15 million ounces of silver have been delivered, after which the stream drops to 5.25% of the gold production and 50% of the silver production for the life of mine. Under the terms of the amended Marmato PMPA, the Company is committed to pay Aris Mining total upfront cash payments of $175 million. Of this amount, $53 million has been paid and the remaining amount is payable during the construction of the Marmato Lower Mine, subject to customary conditions.

Termination of the Keno Hill PMPA

On October 2, 2008, the Company entered into a PMPA (the “Keno Hill PMPA”) with Alexco Resource Corp. (“Alexco”) to acquire an amount equal to 25% of the silver produced by Alexco’s Keno Hill mine in Canada. On September 7, 2022, Hecla Mining Company (“Hecla”) completed the previously announced acquisition of all of the

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [20]

Notes to the Condensed Interim Consolidated Financial Statements

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

outstanding common shares of Alexco. In connection with this acquisition, the Company entered an agreement with Hecla to terminate the Keno Hill PMPA effective September 7, 2022 in exchange for 34,800,989 common shares of Hecla valued at $141 million (the “Hecla shares”), resulting in a gain on disposal of the Keno Hill PMPA in the amount of $104 million, calculated as follows:

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

Acquisition of Cangrejos PMPA

On May 16, 2023, the Company entered into a PMPA (the “Cangrejos PMPA”) with Lumina Gold Corp. ("Lumina") in respect of its 100% owned Cangrejos gold-copper project located in El Oro Province, Ecuador. Under the terms of the agreement, Wheaton will purchase 6.6% of the payable gold production until 700,000 ounces of gold have been delivered, at which point the stream will be reduced to 4.4% of the payable gold production for the life of the mine. Under the terms of the Cangrejos PMPA, the Company is committed to pay Lumina total upfront cash payments of $300 million, $48 million of which is available pre-construction, with the remainder to be paid in staged equal installments during construction of the mine, subject to various customary conditions being satisfied. As it relates to the $48 million, payments will be made in four installments, including (i) $12 million which was paid on closing; (ii) $10 million to be paid six months after closing; (iii) $15 million to be paid 12 months after closing; and (iv) $11 million that can be drawn upon for committed acquisition of surface rights.

In addition, Wheaton will make ongoing production payments for the gold ounces delivered equal to 18% of the spot gold price until the value of gold delivered, net of the production payment, is equal to the upfront consideration of $300 million, at which point the production payment will increase to 22% of the spot gold price.

Amendment to the Blackwater Gold PMPA

On December 13, 2021, the Company acquired the existing gold stream in respect of gold production from the Blackwater Project (the “Blackwater Gold PMPA”). On June 14, 2023, the Company amended the Blackwater Gold PMPA. Under the terms of the amended agreement, the Company is entitled to purchase an amount of gold equal to 8% of the payable gold production until 464,000 ounces have been delivered (previously 279,908 ounces), with this threshold to increase should there be a delay in the anticipated timing of deliveries. Once the threshold has been achieved, the Company’s attributable gold production will drop to 4% of payable gold production for the life of the mine. In exchange for the amendment, the Company is committed to pay upfront cash consideration of $40 million, payable in four installments, of which $30 million has been paid as at September 30, 2023.

14.	Reversal of Impairment of Mineral Stream Interests

Keno Hill – Impairment Reversal

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

As discussed in Note 13, on September 7, 2022, the Company terminated the Keno Hill PMPA in exchange for 34,800,989 common shares of Hecla valued at $141 million. This value exceeded the carrying amount of the Keno Hill PMPA that would have been determined, net of depletion, had no impairment charge been recognized for the Keno Hill PMPA. As a result, an impairment reversal of $10.3 million was recorded for the three and nine months ended September 30, 2022, which represents a full reversal of the impairment charge recorded in the year ended December 31, 2015, net of depletion that otherwise would have been recorded. The recoverable amount of the Keno Hill PMPA was determined based on the value of the consideration received in exchange for its termination, and as such is classified within Level 1 of the fair value hierarchy.

15.	Early Deposit Mineral Stream Interests

Early deposit mineral stream interests represent agreements relative to early stage development projects whereby Wheaton can choose not to proceed with the agreement once certain documentation has been received including, but not limited to, feasibility studies, environmental studies and impact assessment studies (please see Note 27 for more information). Once Wheaton has elected to proceed with the agreement, the carrying value of the stream will be transferred to Mineral Stream Interests.

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

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [21]

Notes to the Condensed Interim Consolidated Financial Statements

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

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

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

2)	Please refer to Note 27 for details of when the remaining upfront consideration to be paid becomes due.

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

16.	Long-Term Equity Investments

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

Common Shares Held

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

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

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

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

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

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [22]

Notes to the Condensed Interim Consolidated Financial Statements

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

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

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

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

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

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

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

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.

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

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [23]

Notes to the Condensed Interim Consolidated Financial Statements

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

17.	Property, Plant and Equipment

	September 30, 2023
(in thousands)	Leasehold Improvements		Right of Use Assets - Property		Other		Total
Cost
Balance - January 1, 2023	$	4,004	$	4,793	$	4,917	$	13,714
Additions		-		4,814		191		5,005
Disposals		-		-		(4)		(4)
Balance - September 30, 2023	$	4,004	$	9,607	$	5,104	$	18,715
Accumulated Depreciation
Balance - January 1, 2023	$	(3,168)	$	(2,965)	$	(3,371)	$	(9,504)
Disposals		-		-		4		4
Depreciation		(150)		(595)		(378)		(1,123)
Balance - September 30, 2023	$	(3,318)	$	(3,560)	$	(3,745)	$	(10,623)
Net book value - September 30, 2023	$	686	$	6,047	$	1,359	$	8,092

	December 31, 2022
(in thousands)	Leasehold Improvements		Right of Use Assets - Property		Other		Total
Cost
Balance - January 1, 2022	$	4,382	$	4,793	$	4,856	$	14,031
Additions		-		-		289		289
Disposals		(378)		-		(228)		(606)
Balance - December 31, 2022	$	4,004	$	4,793	$	4,917	$	13,714
Accumulated Depreciation
Balance - January 1, 2022	$	(3,226)	$	(2,196)	$	(3,100)	$	(8,522)
Disposals		378		-		228		606
Depreciation		(320)		(769)		(499)		(1,588)
Balance - December 31, 2022	$	(3,168)	$	(2,965)	$	(3,371)	$	(9,504)
Net book value - December 31, 2022	$	836	$	1,828	$	1,546	$	4,210

18.	Credit Facilities

18.1.

Sustainability-Linked Revolving Credit Facility

On June 22, 2023, the term of the Company’s undrawn $2 billion revolving term loan (“Revolving Facility”) was extended by an additional year, with the facility now maturing on June 22, 2028.

The Company’s Revolving Facility has financial covenants which require the Company to maintain: (i) a net debt to tangible net worth ratio of less than or equal to 0.75:1; and (ii) an interest coverage ratio of greater than or equal to 3.00:1. Only cash interest expenses are included for the purposes of calculating the interest coverage ratio. The Company is in compliance with these debt covenants as at September 30, 2023.

At the Company’s option, amounts drawn under the Revolving Facility incur interest based on the Company’s leverage ratio at either (i) the Secured Overnight Financing Rate (“SOFR”) plus 1.10% to 2.15%; or (ii) the Bank of Nova Scotia’s Base Rate plus 0.00% to 1.05%. Under both options, the interest rate shall not be less than 0%. In connection with the extension, the interest rate paid on drawn amounts will be adjusted by up to +/- 0.05% based upon the Company’s performance in three sustainability-related areas including climate change, diversity and overall performance in sustainability. During the three and nine months ended September 30, 2023 and September 30, 2022, the stand-by fee rate was 0.20%.

The Revolving Facility, which is classified as a financial liability and reported at amortized cost using the effective interest method, can be drawn down at any time to finance acquisitions, investments or for general corporate

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [24]

Notes to the Condensed Interim Consolidated Financial Statements

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

purposes. In connection with the Revolving Facility, there is $6 million unamortized debt issue costs which have been recorded as a long-term asset under the classification Other (see Note 26).

18.2.

Lease Liabilities

The lease liability on the Company’s offices located in Vancouver, Canada and the Cayman Islands is as follows:

	September 30		December 31
(in thousands)	2023		2022
Current portion	$	590	$	818
Long-term portion		5,654		1,152
Total lease liabilities	$	6,244	$	1,970

The maturity analysis, on an undiscounted basis, of these leases is as follows:

	September 30
(in thousands)	2023
Not later than 1 year	$	884
Later than 1 year and not later than 5 years		2,532
Later than 5 years		4,847
Total lease liabilities	$	8,263

18.3.

Finance Costs

A summary of the Company’s finance costs associated with the above facilities during the period is as follows:

		Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	Note	2023		2022		2023		2022
Costs related to undrawn credit facilities	18.1	$	1,286	$	1,311	$	3,876	$	3,950
Interest expense - lease liabilities	18.2		78		22		131		72
Letters of guarantee	5.3		43		65		131		187
Total finance costs		$	1,407	$	1,398	$	4,138	$	4,209

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [25]

Notes to the Condensed Interim Consolidated Financial Statements

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

19. Issued Capital

	Note	September 30		December 31
(in thousands)	Note	2023		2022
Issued capital
Share capital issued and outstanding: 452,996,141 common shares (December 31, 2022: 452,318,526 common shares)	19.1	$	3,774,333	$	3,752,662

19.1.

Shares Issued

The Company is authorized to issue an unlimited number of common shares having no par value and an unlimited number of preference shares issuable in series. As at September 30, 2023, the Company had no preference shares outstanding.

A continuity schedule of the Company’s issued and outstanding common shares from January 1, 2022 to September 30, 2023 is presented below:

	Number of Shares	Weighted Average Price
At January 1, 2022	450,863,952
Share purchase options exercised ¹	329,914	Cdn$28.87
Restricted share units released ¹	87,838	Cdn$0.00
Dividend reinvestment plan ²	410,488	US$44.53
At June 30, 2022	451,692,192
Dividend reinvestment plan ²	270,768	US$30.53
At September 30, 2022	451,962,960
Share purchase options exercised ¹	163,215	Cdn$28.55
Dividend reinvestment plan ²	192,351	US$37.97
At December 31, 2022	452,318,526
Share purchase options exercised ¹	430,247	Cdn$31.52
Restricted share units released ¹	119,827	Cdn$0.00
Dividend reinvestment plan ²	100,732	US$47.23
At June 30, 2023	452,969,332
Share purchase options exercised ¹	4,563	Cdn$38.14
Dividend reinvestment plan ²	22,246	US$42.77
At September 30, 2023	452,996,141

1)	The weighted average price of share purchase options exercised and restricted share units released represents the respective exercise price.

The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. The weighted average price for common shares issued under the DRIP represents the volume weighted average price of the common shares on the five trading days preceding the dividend payment date, less a discount of 1% where applicable.

At the Market Equity Program

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

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

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [26]

Notes to the Condensed Interim Consolidated Financial Statements

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

19.2.

Dividends Declared

	Three Months Ended September 30						Nine Months Ended September 30
(in thousands, except per share amounts)	2023			2022			2023			2022
Dividends declared per share	$	0.15		$	0.15		$	0.45		$	0.45
Average number of shares eligible for dividend		452,971			451,690			452,875			451,444
Total dividends paid	$	67,946		$	67,754		$	203,794		$	203,150
Paid as follows:
Cash	$	66,994	99%	$	59,487	88%	$	198,085	97%	$	176,604	87%
DRIP ¹		952	1%		8,267	12%		5,709	3%		26,546	13%
Total dividends paid	$	67,946	100%	$	67,754	100%	$	203,794	100%	$	203,150	100%
Shares issued under the DRIP		22			271			123			681

1)	The Company has implemented a DRIP whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares.

2)	As at September 30, 2023, cumulative dividends of $1,998 million have been declared and paid by the Company.

20.

Reserves

	Note	September 30		December 31
(in thousands)	Note	2023		2022
Reserves
Share purchase warrants	20.1	$	-	$	83,077
Share purchase options	20.2		22,728		22,578
Restricted share units	20.3		7,219		8,142
Long-term investment revaluation reserve, net of tax	20.4		(108,819)		(47,250)
Total reserves		$	(78,872)	$	66,547

20.1.

Share Purchase Warrants

The Company’s share purchase warrants (“warrants”) are presented below:

	Number of Warrants	Weighted Average Exercise Price	Exchange Ratio	Share Purchase Warrants Reserve
Warrants outstanding at December 31, 2022	10,000,000	$ 43.75	1.00	$	83,077
Expired	(10,000,000)	43.75	1.00		(83,077)
Warrants outstanding at September 30, 2023	-	$ 43.75	1.00	$	-

Each warrant entitled the holder the right to purchase one of the Company’s common shares. The warrants expired unexercised on February 28, 2023.

20.2.

Share Purchase Options

The Company has established an equity settled share purchase option plan whereby the Company’s Board of Directors may, from time to time, grant options to employees or consultants. The maximum term of any share purchase option may be ten years, but generally options are granted with a term to expiry of five to seven years. The exercise price of an option is not less than the closing price on the TSX on the last trading day preceding the grant date. The vesting period of the options is determined at the discretion of the Company’s Board of Directors at the time the options are granted, but generally vest over a period of two or three years.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [27]

Notes to the Condensed Interim Consolidated Financial Statements

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

Each share purchase option converts into one common share of Wheaton on exercise. No amounts are paid or payable by the recipient on receipt of the option. The options do not carry rights to dividends or voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry, subject to certain black-out periods.

The Company expenses the fair value of share purchase options that are expected to vest on a straight-line basis over the vesting period using the Black-Scholes option pricing model to estimate the fair value for each option at the date of grant. The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions. The model requires the use of subjective assumptions, including expected share price volatility. Historical data has been considered in setting the assumptions. Expected volatility is determined by considering the trailing 30-month historic average share price volatility. The weighted average fair value of share purchase options granted and principal assumptions used in applying the Black-Scholes option pricing model are as follows:

	Nine Months Ended September 30
	2023	2022
Black-Scholes weighted average assumptions
Grant date share price and exercise price	Cdn$59.41	Cdn$60.00
Expected dividend yield	1.39%	1.32%
Expected volatility	30%	35%
Risk-free interest rate	3.40%	1.72%
Expected option life, in years	3.0	3.0
Weighted average fair value per option granted	Cdn$12.89	Cdn$13.84
Number of options issued during the period	316,580	283,440
Total fair value of options issued (000's)	$ 2,972	$ 3,069

The following table summarizes information about the options outstanding and exercisable at September 30, 2023:

Exercise Price (Cdn$)	Exercisable Options	Non-Exercisable Options	Total Options Outstanding	Weighted Average Remaining Contractual Life
$30.82	4,477	-	4,477	0.7 years
$32.56¹	22,000	-	22,000	1.5 years
$32.93	142,165	-	142,165	0.5 years
$33.19¹	10,210	-	10,210	0.5 years
$33.47	292,345	-	292,345	1.5 years
$49.86	156,693	79,873	236,566	4.5 years
$54.01¹	38,645	20,088	58,733	4.5 years
$58.50¹	-	63,190	63,190	6.5 years
$59.41	-	252,630	252,630	6.5 years
$60.00	73,578	148,556	222,134	5.5 years
$63.49¹	17,624	35,246	52,870	5.5 years
	757,737	599,583	1,357,320	4.0 years
1) US$ share purchase options converted to Cdn$ using the exchange rate of 1.3520, being the Cdn$/US$ exchange rate at September 30, 2023.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [28]

Notes to the Condensed Interim Consolidated Financial Statements

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

A continuity schedule of the Company’s outstanding share purchase options from January 1, 2022 to September 30, 2023 is presented below:

	Number of Options Outstanding	Weighted Average Exercise Price
At January 1, 2022	1,705,497	Cdn$34.40
Granted (fair value - $3 million or Cdn$13.84 per option)	283,440	60.00
Exercised	(329,914)	28.87
Forfeited	(6,154)	49.86
At September 30, 2022	1,652,869	Cdn$39.12
Exercised	(163,215)	28.55
Forfeited	(11,354)	55.83
At December 31, 2022	1,478,300	Cdn$41.37
Granted (fair value - $3 million or Cdn$12.89 per option)	316,580	59.41
Exercised	(430,247)	31.52
Forfeited	(2,750)	57.48
At June 30, 2023	1,361,883	Cdn$48.43
Exercised	(4,563)	38.14
At September 30, 2023	1,357,320	Cdn$48.64

As it relates to share purchase options, during the three months ended September 30, 2023, the weighted average share price at the time of exercise was Cdn$56.22 per share (nine months - Cdn$63.49 per share), as compared to Cdn$60.33 per share during the comparable period in 2022, with all exercises taking place during the six months ended June 30, 2022.

20.3.

Restricted Share Units (“RSUs”)

The Company has established an RSU plan whereby RSUs will be issued to eligible employees or directors as determined by the Company’s Board of Directors or the Company’s Compensation Committee. RSUs give the holder the right to receive a specified number of common shares at the specified vesting date. RSUs generally vest over a period of two to three years. Compensation expense related to RSUs is recognized over the vesting period based upon the fair value of the Company’s common shares on the grant date and the awards that are expected to vest. The fair value is calculated with reference to the closing price of the Company’s common shares on the TSX on the business day prior to the date of grant.

RSU holders receive a cash payment based on the dividends paid on the Company’s common shares in the event that the holder of a vested RSU has elected to defer the release of the RSU to a future date. This cash payment is reflected as a component of net earnings under the classification Share Based Compensation.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [29]

Notes to the Condensed Interim Consolidated Financial Statements

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

A continuity schedule of the Company’s restricted share units outstanding from January 1, 2022 to September 30, 2023 is presented below:

	Number of RSUs Outstanding	Weighted Average Intrinsic Value at Date Granted
At January 1, 2022	350,058	$26.69
Granted (fair value - $4 million)	91,780	46.72
Released	(87,838)	28.85
Forfeited	(1,320)	39.95
At September 30, 2022	352,680	$31.31
Forfeited	(2,474)	39.95
At December 31, 2022	350,206	$31.25
Granted (fair value - $4 million)	93,990	43.35
Released	(119,827)	33.10
Forfeited	(610)	44.38
At September 30, 2023	323,759	$34.05

20.4.

Long-Term Investment Revaluation Reserve

The Company’s long-term investments in common shares (Note 16) are held for long-term strategic purposes and not for trading purposes. The Company has chosen to designate these long-term investments in common shares as financial assets with fair value adjustments being recorded as a component of OCI as it believes that this provides a more meaningful presentation for long-term strategic investments, rather than reflecting changes in fair value as a component of net earnings. As some of these long-term investments are denominated in Canadian dollars, changes in their fair value is affected by both the change in share price in addition to changes in the Cdn$/US$ exchange rate.

Where the fair value of a long-term investment in common shares held exceeds its tax cost, the Company recognizes a deferred income tax liability. To the extent that the value of the long-term investment subsequently declines, the deferred income tax liability is reduced. However, where the fair value of the long-term investment decreases below the tax cost, the Company does not recognize a deferred income tax asset on the unrealized capital loss unless it is probable that the Company will generate future capital gains that will offset the loss.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [30]

Notes to the Condensed Interim Consolidated Financial Statements

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

A continuity schedule of the Company’s long-term investment revaluation reserve from January 1, 2022 to September 30, 2023 is presented below:

(in thousands)	Change in Fair Value	Deferred Tax Recovery (Expense)	Total
At January 1, 2022	$ (65,475)	$ (111)	$ (65,586)
Unrealized gain (loss) on LTIs ¹	(33,783)	155	(33,628)
At June 30, 2022	$ (99,258)	$ 44	$ (99,214)
Unrealized gain (loss) on LTIs ¹	(10,719)	546	(10,173)
Reallocate reserve to retained earnings upon disposal of LTIs ¹	3,797	-	3,797
At September 30, 2022	$(106,180)	$ 590	$(105,590)
Unrealized gain (loss) on LTIs ¹	65,554	(7,214)	58,340
At December 31, 2022	$ (40,626)	$ (6,624)	$ (47,250)
Unrealized gain (loss) on LTIs ¹	(8,429)	2,090	(6,339)
Reallocate reserve to retained earnings upon disposal of LTIs ¹	(841)	-	(841)
At June 30, 2023	$ (49,896)	$ (4,534)	$ (54,430)
Unrealized gain (loss) on LTIs ¹	(59,504)	5,115	(54,389)
At September 30, 2023	$(109,400)	$ 581	$(108,819)

1)	LTIs refers to long-term investments in common shares held.

21.	Share Based Compensation

The Company’s share based compensation consists of share purchase options (Note 20.2), restricted share units (Note 20.3) and performance share units (Note 21.1). The accrued value of share purchase options and restricted share units are reflected as reserves in the shareholder’s equity section of the Company’s balance sheet while the accrued value associated with performance share units is reflected as an accrued liability.

21.1.

Performance Share Units (“PSUs”)

The Company has established a Performance Share Unit Plan (“the PSU plan”) whereby PSUs will be issued to eligible employees as determined by the Company’s Board of Directors or the Company’s Compensation Committee. PSUs issued under the PSU plan entitle the holder to a cash payment at the end of a three year performance period equal to the number of PSUs granted, multiplied by a performance factor and multiplied by the fair market value of a Wheaton common share on the expiry of the performance period. The performance factor can range from 0% to 200% and is determined by comparing the Company’s total shareholder return to those achieved by various peer companies, the Philadelphia Gold and Silver Index and the price of gold and silver.

Compensation expense for the PSUs is recorded on a straight-line basis over the three year vesting period. The amount of compensation expense is adjusted at the end of each reporting period to reflect (i) the fair value of common shares; (ii) the number of PSUs anticipated to vest; and (iii) the anticipated performance factor.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [31]

Notes to the Condensed Interim Consolidated Financial Statements

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

A continuity schedule of the Company’s outstanding PSUs (assuming a performance factor of 100% is achieved over the performance period) and the Company’s PSU accrual from January 1, 2022 to September 30, 2023 is presented below:

(in thousands, except for number of PSUs outstanding)	Number of PSUs Outstanding	PSU accrual liability
At January 1, 2022	513,510	$	26,305
Granted	129,140		-
Accrual related to the fair value of the PSUs outstanding	-		8,736
Foreign exchange adjustment	-		(223)
Paid	(184,780)		(18,247)
Forfeited	(3,970)		(65)
At June 30, 2022	453,900	$	16,506
Accrual related to the fair value of the PSUs outstanding	-		(1,492)
Foreign exchange adjustment	-		(783)
Paid	(1,950)		(163)
At September 30, 2022	451,950	$	14,068
Accrual related to the fair value of the PSUs outstanding	-		7,170
Foreign exchange adjustment	-		135
Forfeited	(7,330)		(134)
At December 31, 2022	444,620	$	21,239
Granted	135,690		-
Accrual related to the fair value of the PSUs outstanding	-		8,500
Foreign exchange adjustment	-		198
Paid	(191,980)		(16,675)
Forfeited	(1,280)		(21)
At June 30, 2023	387,050	$	13,241
Accrual related to the fair value of the PSUs outstanding	-		2,604
Foreign exchange adjustment	-		(219)
At September 30, 2023	387,050	$	15,626

A summary of the PSUs outstanding at September 30, 2023 is as follows:

Year of Grant	Year of Maturity	Number outstanding	Estimated Value Per PSU at Maturity	Anticipated Performance Factor at Maturity	Percent of Vesting Period Complete at Sep 30, 2023	PSU Liability at Sep 30, 2023
2021	2024	126,590	$43.89	200%	85%	$ 9,404
2022	2025	125,100	$43.28	182%	52%	5,076
2023	2026	135,360	$42.49	109%	18%	1,146
		387,050				$ 15,626

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [32]

Notes to the Condensed Interim Consolidated Financial Statements

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

22.	Earnings per Share (“EPS”) and Diluted Earnings per Share (“Diluted EPS”)

Diluted earnings per share is calculated using the treasury method which assumes that outstanding share purchase options and warrants, with exercise prices that are lower than the average market price of the Company’s common shares for the relevant period, are exercised and the proceeds are used to purchase shares of the Company at the average market price of the common shares for the relevant period.

Diluted EPS is calculated based on the following weighted average number of shares outstanding:

	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2023	2022	2023	2022
Basic weighted average number of shares outstanding	452,975	451,757	452,748	451,402
Effect of dilutive securities
Share purchase options	239	276	327	468
Restricted share units	324	353	344	351
Diluted weighted average number of shares outstanding	453,538	452,386	453,419	452,221

The following table lists the number of share purchase options and share purchase warrants excluded from the computation of diluted earnings per share because the exercise prices exceeded the average market value of the common shares of Cdn$57.86 (nine months - Cdn$60.23), compared to Cdn$42.87 (nine months - Cdn$51.03) for the comparable period in 2022.

	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2023	2022	2023	2022
Share purchase options	591	593	53	344
Share purchase warrants	-	10,000	-	10,000
Total	591	10,593	53	10,344

23.	Supplemental Cash Flow Information

Change in Non-Cash Working Capital

	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2023		2022		2023			2022
Change in non-cash working capital
Accounts receivable	$	(3,580)	$	2,013	$	(599)	$		41
Cobalt inventory		515		323		1,330			(271)
Accounts payable and accrued liabilities		2,462		1,661		(542)			(2,692)
Other		114		731		(1,065)			(903)
Total change in non-cash working capital	$	(489)	$	4,728	$	(876)	$		(3,825)

Non-Cash Transactions – Receipt of Shares as Consideration for Disposal of Long-Term Equity Investments

During the nine months ended September 30, 2023, the Company received common shares valued at $48 million as consideration for the disposal of long-term equity investments.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [33]

Notes to the Condensed Interim Consolidated Financial Statements

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

Non-Cash Transactions – Payment of Dividends Under DRIP

As more fully described in Note 19.2, during the nine months ended September 30, 2023, the Company declared and paid dividends to its shareholders in the amount of $0.45 per common share for total dividends of $204 million. Approximately 3% of shareholders elected to have their dividends reinvested in common shares of the Company under the Company's dividend reinvestment plan ("DRIP"). As a result, $198 million of dividend payments were made in cash and $6 million in common shares issued. For the comparable period in 2022, the Company declared and paid dividends to its shareholders in the amount of $0.45 per common share for total dividends of $203 million, with the payment being comprised of $177 million in cash and $26 million in common shares issued.

Cash and Cash Equivalents

	September 30		December 31
(in thousands)	2023		2022
Cash and cash equivalents comprised of:
Cash	$	503,215	$	170,155
Cash equivalents		330,704		525,934
Total cash and cash equivalents	$	833,919	$	696,089

Cash equivalents include short-term deposits, treasury bills, commercial paper, bankers’ depository notes and bankers’ acceptances with terms to maturity at inception of less than three months.

24.	Income Taxes

A summary of the Company’s income tax expense (recovery) is as follows:

Income Tax Expense (Recovery) in Net Earnings

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

Income Tax Expense (Recovery) in Other Comprehensive Income


	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2023		2022		2023		2022
Income tax expense (recovery) related to LTIs - common shares held	$	(5,115)	$	(546)	$	(7,205)	$	(701)

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [34]

Notes to the Condensed Interim Consolidated Financial Statements

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

Income Tax Expense (Recovery) in Shareholders’ Equity¹

	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2023		2022		2023		2022
Current income tax expense (recovery)	$	-	$	(5,935)	$	-	$	(5,932)
Deferred income tax expense (recovery) related to:
Origination and reversal of temporary differences	$	-	$	5,935	$	-	$	5,932
Write down (reversal of write down) or recognition of prior period temporary differences	$	-	$	(3,644)	$	-	$	(4,143)
Total deferred income tax expense (recovery)	$	-	$	2,291	$	-	$	1,789
Total income tax expense (recovery) recognized in equity	$	-	$	(3,644)	$	-	$	(4,143)

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

Income Tax Rate Reconciliation

The provision for income taxes differs from the amount that would be obtained by applying the statutory income tax rate to consolidated earnings before income taxes due to the following:

	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2023		2022		2023		2022
Earnings before income taxes	$	121,516	$	208,466	$	373,909	$	515,880
Canadian federal and provincial income tax rates		27.00%		27.00%		27.00%		27.00%
Income tax expense (recovery) based on above rates	$	32,809	$	56,286	$	100,955	$	139,288
Non-deductible portion of capital losses (non-taxable portion of capital gains)		-		-		-		(1,052)
Non-deductible stock based compensation and other		490		(104)		1,376		995
Differences in tax rates in foreign jurisdictions ¹		(33,481)		(23,451)		(102,419)		(99,507)
Current period unrecognized temporary differences		636		222		1,043		2,431
Write down (reversal of write down) or recognition of prior period temporary differences		4,691		(20,947)		3,745		(29,276)
Total income tax expense (recovery) recognized in net earnings	$	5,145	$	12,006	$	4,700	$	12,879

1)	During the nine months ended September 30, 2023, the Company's subsidiaries generated net earnings of $381 million, as compared to $371 million during the comparable period of the prior year.

The majority of the Company’s income generating activities is conducted by its 100% owned subsidiary, Wheaton Precious Metals International Ltd., which operates in the Cayman Islands and is not subject to income tax.

Update on Global Minimum Tax

On August 4, 2023, the Canadian Federal Government released draft Pillar Two implementing legislation as a new act, the Global Minimum Tax Act (“GMTA”) for public comment. The public consultation period on the draft legislation ended September 29, 2023. If enacted, the GMTA would implement a 15% global minimum tax for fiscal years that

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [35]

Notes to the Condensed Interim Consolidated Financial Statements

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

begin on or after December 31, 2023. The proposed rules in the Global Minimum Tax Act would apply to the income of the Company’s non-Canadian subsidiaries.

Current Income Taxes (Payable) Receivable

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

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

Deferred Income Taxes

The recognized deferred income tax assets and liabilities are offset on the balance sheet and relate to Canada, except for the foreign withholding tax. The movement in deferred income tax assets and liabilities for the nine months ended September 30, 2023 and the year ended December 31, 2022 is shown below:

	Nine Months Ended September 30, 2023
	Opening Balance		Recovery (Expense) Recognized In Net Earnings		Recovery (Expense) Recognized In OCI		Recovery (Expense) Recognized In Shareholders' Equity		Closing Balance
Recognized deferred income tax assets and liabilities	Opening Balance		Recovery (Expense) Recognized In Net Earnings		Recovery (Expense) Recognized In OCI		Recovery (Expense) Recognized In Shareholders' Equity		Closing Balance
Deferred tax assets
Non-capital loss carryforward ¹	$	-	$	622	$	-	$	-	$	622
Capital loss carryforward		792		8		-		-		800
Other ²		4,256		(2,036)		-		-		2,220
Deferred tax liabilities
Debt financing fees³		(774)		(33)		-		-		(807)
Unrealized gains on long-term investments		(8,006)		1		7,205		-		(800)
Mineral stream interests ⁴		3,732		(5,767)		-		-		(2,035)
Foreign withholding tax		(165)		(24)		-		-		(189)
Total	$	(165)	$	(7,229)	$	7,205	$	-	$	(189)

1)	As at September 30, 2023, the Company had recognized the tax effect on $2 million of non-capital losses against deferred tax liabilities.

2)	Other includes capital assets, cobalt inventory, charitable donation carryforward, and PSU and pension liabilities.

3)	Debt and share financing fees are deducted over a five-year period for Canadian income tax purposes. For accounting purposes, debt financing fees are deducted over the term of the credit facility and share financing fees are charged directly to issued capital.

The Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, is that the cost of the precious metal acquired under the Canadian PMPAs is equal to the market value while a deposit is outstanding (where applicable to an agreement), and the cash cost thereafter. For accounting purposes, the cost of the mineral stream interests is depleted on a unit-of-production basis as described in Note 13.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [36]

Notes to the Condensed Interim Consolidated Financial Statements

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

	Year Ended December 31, 2022
	Opening Balance		Recovery (Expense) Recognized In Net Earnings		Recovery (Expense) Recognized In OCI		Recovery (Expense) Recognized In Shareholders' Equity		Closing Balance
Recognized deferred income tax assets and liabilities	Opening Balance		Recovery (Expense) Recognized In Net Earnings		Recovery (Expense) Recognized In OCI		Recovery (Expense) Recognized In Shareholders' Equity		Closing Balance
Deferred tax assets
Non-capital loss carryforward	$	6,967	$	(5,178)	$	-	$	(1,789)	$	-
Capital loss carryforward		-		277		515		-		792
Other		1,325		2,739		192		-		4,256
Deferred tax liabilities
Interest capitalized for accounting		(87)		87		-		-		-
Debt and share financing fees		(737)		(37)		-		-		(774)
Kutcho Convertible Note		-		112		(112)		-		-
Unrealized gains on long-term investments		(170)		(728)		(7,108)		-		(8,006)
Mineral stream interests		(7,298)		11,030		-		-		3,732
Foreign withholding tax		(100)		(65)		-		-		(165)
Total	$	(100)	$	8,237	$	(6,513)	$	(1,789)	$	(165)

Deferred income tax assets in Canada not recognized are shown below:

	September 30		December 31
(in thousands)	2023		2022
Mineral stream interests	$	10,945	$	7,369
Other		2,763		1,575
Capital loss carryforward ²		156		-
Unrealized losses on long-term investments		14,903		13,069
Total	$	28,767	$	22,013

1)	As at September 30, 2023, the Company had fully recognized the tax effect of non-capital losses.

2)	As at September 30, 2023, the Company had not recognized the tax effect on $0.6 million of net capital losses as a deferred tax asset.

25.	Other Current Assets

The composition of other current assets is shown below:

		September 30		December 31
(in thousands)	Note	2023		2022
Prepaid expenses		$	2,826	$	2,856
Other			1,527		431
Total other current assets		$	4,353	$	3,287

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [37]

Notes to the Condensed Interim Consolidated Financial Statements

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

26.	Other Long-Term Assets

The composition of other long-term assets is shown below:

		September 30		December 31
(in thousands)	Note	2023		2022
Intangible assets		$	1,982	$	2,270
Debt issue costs - Revolving Facility	18.1		5,774		5,757
Refundable deposit - 777 PMPA			8,555		8,073
Mineral royalty interests			10,208		6,606
Other			5,271		3,691
Total other long-term assets		$	31,790	$	26,397

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [38]

Notes to the Condensed Interim Consolidated Financial Statements

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

27.	Commitments and Contingencies

Mineral Stream Interests

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

Mineral Stream Interests

Attributable Payable Production to be Purchased

Per Unit of Measurement Cash Payment ¹

Term of
Agreement

Date of
Original
Contract

Gold

Silver

Palladium

Cobalt

Platinum

Gold

Silver

Palladium

Cobalt

Platinum

Peñasquito

25%

n/a

4.43

n/a

Life of Mine

24-Jul-07

Constancia

50%

100%

420 ²

6.20 ²

n/a

Life of Mine

8-Aug-12

Salobo

75%

420

n/a

Life of Mine

28-Feb-13

Sudbury

70%

400

n/a

20 years

28-Feb-13

Antamina

33.75%

n/a

20%

n/a

Life of Mine

3-Nov-15

San Dimas

variable ³

0% ³

631

n/a

Life of Mine

10-May-18

Stillwater

100%

4.5% ⁴

18% ⁵

n/a

18% ⁵

n/a

Life of Mine

16-Jul-18

Voisey's Bay

42.4% ⁶

n/a

18% ⁷

n/a

Life of Mine

11-Jun-18

Marathon

100% ⁸

22% ⁸

18% ⁵

n/a

18% ⁵

Life of Mine

26-Jan-22

Other

Los Filos

100%

n/a

4.68

n/a

25 years

15-Oct-04

Zinkgruvan

100%

n/a

4.60

n/a

Life of Mine

8-Dec-04

Stratoni

100%

n/a

11.54

n/a

Life of Mine

23-Apr-07

Neves-Corvo

100%

n/a

4.46

n/a

50 years

5-Jun-07

Aljustrel

100% ⁹

n/a

50%

n/a

50 years

5-Jun-07

Minto

100% ¹⁰

100%

50% ¹¹

4.39

n/a

Life of Mine

20-Nov-08

Pascua-Lama

25%

n/a

3.90

n/a

Life of Mine

8-Sep-09

Copper World

100%

450

3.90

n/a

Life of Mine

10-Feb-10

Loma de La Plata

12.5%

n/a

4.00

n/a

Life of Mine

n/a ¹²

Marmato

10.5% ¹³

100% ¹³

18% ¹⁴

n/a

Life of Mine

5-Nov-20

Cozamin

50% ¹⁵

n/a

10%

n/a

Life of Mine

11-Dec-20

Santo Domingo

100% ¹⁶

18% ⁵

n/a

Life of Mine

24-Mar-21

Fenix

6% ¹⁷

18% ⁵

n/a

Life of Mine

15-Nov-21

Blackwater

8% ¹⁸

50% ¹⁸

35%

18% ⁵

n/a

Life of Mine

13-Dec-21

Curipamba

50% ¹⁹

75% ¹⁹

18% ⁵

n/a

Life of Mine

17-Jan-22

Goose

2.78% ²⁰

18% ⁵

n/a

Life of Mine

8-Feb-22

Cangrejos

6.6% ²¹

18% ⁵

n/a

Life of Mine

16-May-23

Early Deposit

Toroparu

10%

50%

400

3.90

n/a

Life of Mine

11-Nov-13

Cotabambas

25% ²²

100% ²²

450

5.90

n/a

Life of Mine

21-Mar-16

Kutcho

100%

20%

n/a

Life of Mine

14-Dec-17

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

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

Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the "70" shall be revised to "50" or "90", as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the "70" shall be reinstated. Currently, the fixed gold to silver exchange ratio is 70:1.

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

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

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

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

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

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

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

11)

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

12)	Terms of the agreement not yet finalized.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [39]

Notes to the Condensed Interim Consolidated Financial Statements

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

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

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

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

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

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

18)

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

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

20)

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

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

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

Other Contractual Obligations and Contingencies

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

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

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

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

Salobo

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

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

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [40]

Notes to the Condensed Interim Consolidated Financial Statements

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

Blackwater

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

Marathon

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

Cangrejos

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

Marmato

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

Santo Domingo

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

Copper World Complex

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

Curipamba

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

Fenix

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

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

On September 5, 2023, Rio2 announced the completion of the feasibility study for the Fenix Gold project. Rio2 reports that the feasibility study finds that the Fenix project has an estimated after tax net present value of $210 million using a 5% discount rate resulting in an after tax internal rate of return of 28.5% at a gold price of $1,750 per

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [41]

Notes to the Condensed Interim Consolidated Financial Statements

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

ounce, and $304 million and 37.2% at a gold price of $1,900 per ounce. Rio2 states that these estimates are after taking into account the Company’s PMPA on the Fenix project.

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.

Loma de La Plata

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

Cotabambas

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

Toroparu

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

Kutcho

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

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

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.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [42]

Notes to the Condensed Interim Consolidated Financial Statements

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

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

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 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [43]

Notes to the Condensed Interim Consolidated Financial Statements

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

28. Segmented Information

Operating Segments

The Company’s reportable operating segments, which are the components of the Company’s business where discrete financial information is available and which are evaluated on a regular basis by the Company’s Chief Executive Officer (“CEO”), who is the Company’s chief operating decision maker, for the purpose of assessing performance, are summarized in the tables below:

Three Months Ended September 30, 2023
	Sales		Cost of Sales		Depletion		Net Earnings		Cash Flow From Operations		Total Assets
(in thousands)	Sales		Cost of Sales		Depletion		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	$	86,395	$	18,684	$	14,685	$	53,026	$	67,710	$	2,341,485
Sudbury ¹		9,428		1,934		5,825		1,669		7,494		268,224
Constancia		24,102		5,197		3,914		14,991		18,906		86,555
San Dimas		18,846		6,114		2,516		10,216		12,732		147,638
Stillwater		3,859		692		1,013		2,154		3,167		212,650
Other ²		2,077		393		418		1,266		1,684		557,035
Total gold interests	$	144,707	$	33,014	$	28,371	$	83,322	$	111,693	$	3,613,587
Silver
Peñasquito	$	10,804	$	2,009	$	1,843	$	6,952	$	8,795	$	278,028
Antamina		18,915		3,817		5,602		9,496		15,097		527,227
Constancia		10,360		2,686		2,716		4,958		7,674		183,736
Other ³		30,293		6,609		3,383		20,301		19,439		549,641
Total silver interests	$	70,372	$	15,121	$	13,544	$	41,707	$	51,005	$	1,538,632
Palladium
Stillwater	$	5,307	$	946	$	1,945	$	2,416	$	4,361	$	222,154
Platinum
Marathon	$	-	$	-	$	-	$	-	$	-	$	9,450
Cobalt
Voisey's Bay	$	2,751	$	727	$	2,575	$	(551)	$	4,235	$	353,631
Total mineral stream interests	$	223,137	$	49,808	$	46,435	$	126,894	$	171,294	$	5,737,454
Other
General and administrative							$	(8,606)	$	(6,321)
Share based compensation								(4,336)		-
Donations and community investments								(1,736)		(1,750)
Finance costs								(1,407)		(1,078)
Other								10,707		9,870
Income tax								(5,145)		(912)
Total other							$	(10,523)	$	(191)	$	1,144,061
Consolidated							$	116,371	$	171,103	$	6,881,515

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

Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating Marmato gold interest as well as the non-operating Minto, 777, Copper World Complex, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba, Goose and Cangrejos gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.

Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Cozamin and Marmato silver interests and the non-operating Minto, 777, Loma de La Plata, Stratoni, Pascua-Lama, Copper World Complex, Blackwater and Curipamba silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the second quarter of 2025.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [44]

Notes to the Condensed Interim Consolidated Financial Statements

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

Three Months Ended September 30, 2022
	Sales		Cost of Sales		Depletion		Impairment Reversal / Gain on Disposal ¹		Net Earnings		Cash Flow From Operations		Total Assets
(in thousands)	Sales		Cost of Sales		Depletion		Impairment Reversal / Gain on Disposal ¹		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	$	54,860	$	13,244	$	10,616	$	-	$	31,000	$	41,617	$	2,396,952
Sudbury ²		8,984		2,059		5,622		-		1,303		5,943		288,863
Constancia		10,925		2,630		1,717		-		6,578		8,295		97,213
San Dimas		17,579		6,366		2,646		-		8,567		11,213		158,704
Stillwater		3,667		675		912		-		2,080		2,992		216,617
Other ³		11,113		4,424		378		-		6,311		5,562		461,359
Total gold interests	$	107,128	$	29,398	$	21,891	$	-	$	55,839	$	75,622	$	3,619,708
Silver
Peñasquito	$	30,857	$	6,972	$	5,703	$	-	$	18,182	$	23,885	$	301,040
Antamina		22,287		4,337		8,152		-		9,798		17,951		553,231
Constancia		9,613		3,050		3,165		-		3,398		6,563		195,507
Other ⁴		37,513		14,879		13,566		(114,755)		123,823		21,896		538,739
Total silver interests	$	100,270	$	29,238	$	30,586	$	(114,755)	$	155,201	$	70,295	$	1,588,517
Palladium
Stillwater	$	8,838	$	1,493	$	1,688	$	-	$	5,657	$	7,344	$	228,168
Platinum
Marathon	$	-	$	-	$	-	$	-	$	-	$	-	$	9,425
Cobalt
Voisey's Bay	$	2,600	$	826	$	1,563	$	-	$	211	$	7,352	$	361,238
Total mineral stream interests	$	218,836	$	60,955	$	55,728	$	(114,755)	$	216,908	$	160,613	$	5,807,056
Other
General and administrative									$	(8,360)	$	(5,342)
Share based compensation										(77)		(163)
Donations and community investments										(1,406)		(1,410)
Finance costs										(1,398)		(1,020)
Other										2,799		1,848
Income tax										(12,006)		(29)
Total other									$	(20,448)	$	(6,116)	$	780,539
Consolidated									$	196,460	$	154,497	$	6,587,595

1)	See Notes 13 and 14 for more information.

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

Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating 777, Minto and Marmato gold interests as well as the non-operating Copper World Complex, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba and Goose gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.

Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Aljustrel, Neves-Corvo, Minto, 777, Marmato and Cozamin silver interests, the non-operating Loma de La Plata, Stratoni, Copper World Complex, Pascua-Lama, Blackwater and Curipamba silver interests and the previously owned Keno Hill and Yauliyacu silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill stream was terminated in exchange for $141 million of Hecla common stock. On December 14, 2022 the Company terminated the Yauliyacu PMPA in exchange for a cash payment of $132 million. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the second quarter of 2025.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [45]

Notes to the Condensed Interim Consolidated Financial Statements

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

Nine Months Ended September 30, 2023
	Sales		Cost of Sales		Depletion		Gain on Disposal ¹		Net Earnings		Cash Flow From Operations		Total Assets
(in thousands)	Sales		Cost of Sales		Depletion		Gain on Disposal ¹		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	$	246,219	$	53,155	$	41,777	$	-	$	151,287	$	193,063	$	2,341,485
Sudbury ²		27,295		5,591		15,192		-		6,512		21,420		268,224
Constancia		55,718		11,939		9,028		-		34,751		43,779		86,555
San Dimas		61,657		19,895		8,227		-		33,535		41,762		147,638
Stillwater		12,201		2,175		3,202		-		6,824		10,026		212,650
Other ³		10,324		5,969		916		-		3,439		4,090		557,035
Total gold interests	$	413,414	$	98,724	$	78,342	$	-	$	236,348	$	314,140	$	3,613,587
Silver
Peñasquito	$	90,967	$	17,053	$	15,646	$	-	$	58,268	$	73,915	$	278,028
Antamina		60,812		12,046		18,141		-		30,625		48,765		527,227
Constancia		35,034		9,073		9,211		-		16,750		25,962		183,736
Other ⁴		76,316		18,179		9,198		(5,027)		53,966		55,364		549,641
Total silver interests	$	263,129	$	56,351	$	52,196	$	(5,027)	$	159,609	$	204,006	$	1,538,632
Palladium
Stillwater	$	14,922	$	2,699	$	4,658	$	-	$	7,565	$	12,223	$	222,154
Platinum
Marathon	$	-	$	-	$	-	$	-	$	-	$	-	$	9,450
Cobalt
Voisey's Bay	$	11,108	$	2,639	$	10,712	$	-	$	(2,243)	$	13,056	$	353,631
Total mineral stream interests	$	702,573	$	160,413	$	145,908	$	(5,027)	$	401,279	$	543,425	$	5,737,454
Other
General and administrative									$	(28,922)	$	(29,702)
Share based compensation										(16,217)		(16,675)
Donations and community investments										(5,054)		(4,896)
Finance costs										(4,138)		(3,147)
Other										26,961		24,823
Income tax										(4,700)		(5,244)
Total other									$	(32,070)	$	(34,841)	$	1,144,061
Consolidated									$	369,209	$	508,584	$	6,881,515

1)	See Note 13 for more information.

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

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [46]

Notes to the Condensed Interim Consolidated Financial Statements

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

Nine Months Ended September 30, 2022
	Sales		Cost of Sales		Depletion		Impairment Reversal / Gain on Disposal ¹		Net Earnings (Loss)		Cash Flow From Operations		Total Assets
(in thousands)	Sales		Cost of Sales		Depletion		Impairment Reversal / Gain on Disposal ¹		Net Earnings (Loss)		Cash Flow From Operations		Total Assets
Gold
Salobo	$	225,267	$	51,134	$	40,987	$	-	$	133,146	$	174,134	$	2,396,952
Sudbury ²		30,673		6,710		18,306		-		5,657		22,980		288,863
Constancia		44,480		10,018		6,576		-		27,886		34,463		97,213
San Dimas		56,335		19,221		8,019		-		29,095		37,114		158,704
Stillwater		13,503		2,433		3,168		-		7,902		11,070		216,617
Other ³		40,388		16,203		1,002		-		23,183		22,912		461,359
Total gold interests	$	410,646	$	105,719	$	78,058	$	-	$	226,869	$	302,673	$	3,619,708
Silver
Peñasquito	$	130,686	$	25,650	$	20,978	$	-	$	84,058	$	105,036	$	301,040
Antamina		84,093		16,793		26,821		-		40,479		66,952		553,231
Constancia		36,227		9,967		10,377		-		15,883		26,260		195,507
Other ⁴		113,823		37,974		29,836		(114,755)		160,768		75,969		538,739
Total silver interests	$	364,829	$	90,384	$	88,012	$	(114,755)	$	301,188	$	274,217	$	1,588,517
Palladium
Stillwater	$	25,574	$	4,475	$	4,662	$	-	$	16,437	$	21,099	$	228,168
Platinum
Marathon	$	-	$	-	$	-	$	-	$	-	$	-	$	9,425
Cobalt
Voisey's Bay	$	27,953	$	5,313	$	8,080	$	-	$	14,560	$	24,412	$	361,238
Total mineral stream interests	$	829,002	$	205,891	$	178,812	$	(114,755)	$	559,054	$	622,401	$	5,807,056
Other
General and administrative									$	(27,448)	$	(28,688)
Share based compensation										(11,586)		(18,411)
Donations and community investments										(3,379)		(2,977)
Finance costs										(4,209)		(3,107)
Other										3,448		2,319
Income tax										(12,879)		(141)
Total other									$	(56,053)	$	(51,005)	$	780,539
Consolidated									$	503,001	$	571,396	$	6,587,595

1)	See Notes 13 and 14 for more information.

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

Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating 777, Minto and Marmato gold interests as well as the non-operating Copper World Complex, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba and Goose gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.

Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Aljustrel, Neves-Corvo, Minto, 777, Marmato and Cozamin silver interests, the non-operating Loma de La Plata, Stratoni, Pascua-Lama, Copper World Complex, Blackwater and Curipamba silver interests and the previously owned Keno Hill and Yauliyacu silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On September 7, 2022, the Keno Hill stream was terminated in exchange for $141 million of Hecla common stock. On December 14, 2022 the Company terminated the Yauliyacu PMPA in exchange for a cash payment of $132 million. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the second quarter of 2025.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [47]

Notes to the Condensed Interim Consolidated Financial Statements

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

Geographical Areas

The Company’s geographical information, which is based on the location of the mining operations to which the mineral stream interests relate, are summarized in the tables below:

	Sales								Carrying Amount at September 30, 2023
(in thousands)	Three Month Ended Sep 30, 2023			Nine Months Ended Sep 30, 2023			Gold Interests		Silver Interests		Palladium Interests		Platinum Interests		Cobalt Interests		Total
North America
Canada	$	12,754	6%	$	46,310	7%	$	704,127	$	106,091	$	-	$	9,450	$	353,631	$	1,173,299
United States		9,166	4%		27,123	4%		212,651		567		222,154		-		-		435,372
Mexico		33,681	15%		164,661	23%		147,636		400,632		-		-		-		548,268
Europe
Greece		-	0%		-	0%		-		-		-		-		-		-
Portugal		9,106	4%		25,149	4%		-		17,794		-		-		-		17,794
Sweden		16,862	8%		37,571	5%		-		27,474		-		-		-		27,474
South America
Argentina/Chile ¹		-	0%		-	0%		-		253,514		-		-		-		253,514
Argentina		-	0%		-	0%		-		10,889		-		-		-		10,889
Chile		-	0%		-	0%		56,537		-		-		-		-		56,537
Brazil		86,395	38%		246,218	34%		2,341,485		-		-		-		-		2,341,485
Peru		53,377	24%		151,564	22%		86,558		710,957		-		-		-		797,515
Ecuador		-	0%		-	0%		22,677		3,769		-		-		-		26,446
Colombia		1,796	1%		3,977	1%		41,916		6,945		-		-		-		48,861
Consolidated	$	223,137	100%	$	702,573	100%	$	3,613,587	$	1,538,632	$	222,154	$	9,450	$	353,631	$	5,737,454

1)	Includes the Pascua-Lama project, which straddles the border of Argentina and Chile.

	Sales								Carrying Amount at September 30, 2022
(in thousands)	Three Month Ended Sep 30, 2022			Nine Months Ended Sep 30, 2022			Gold Interests		Silver Interests		Palladium Interests		Platinum Interests		Cobalt Interests		Total
North America
Canada	$	23,873	11%	$	104,254	13%	$	650,037	$	2,323	$	-	$	9,425	$	361,238	$	1,023,023
United States		12,505	6%		39,077	5%		216,618		566		228,168		-		-		445,352
Mexico		51,863	24%		199,977	24%		158,702		433,131		-		-		-		591,833
Europe
Greece		-	0%		3,291	0%		-		-		-		-		-		-
Portugal		5,473	3%		20,159	2%		-		18,458		-		-		-		18,458
Sweden		6,655	3%		29,323	4%		-		29,688		-		-		-		29,688
South America
Argentina/Chile ¹		-	0%		-	0%		-		253,514		-		-		-		253,514
Argentina		-	0%		-	0%		-		10,889		-		-		-		10,889
Chile		-	0%		-	0%		56,534		-		-		-		-		56,534
Brazil		54,860	25%		225,267	27%		2,396,951		-		-		-		-		2,396,951
Peru		62,216	27%		203,610	25%		97,213		832,585		-		-		-		929,798
Ecuador		-	0%		-	0%		574		207		-		-		-		781
Colombia		1,391	1%		4,044	0%		43,079		7,156		-		-		-		50,235
Consolidated	$	218,836	100%	$	829,002	100%	$	3,619,708	$	1,588,517	$	228,168	$	9,425	$	361,238	$	5,807,056

1)	Includes the Pascua-Lama project, which straddles the border of Argentina and Chile.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [48]

Notes to the Condensed Interim Consolidated Financial Statements

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

29.	Subsequent Events

Declaration of Dividend

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

On November 9, 2023, the Board of Directors declared a dividend in the amount of $0.15 per common share, with this dividend being payable to shareholders of record on November 28, 2023 and is expected to be distributed on or about December 8, 2023. The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares based on the Average Market Price, as defined in the DRIP.

Acquisition of Mineral Park Precious Metal Purchase Agreement

Subsequent to the quarter end, on October 24, 2023, the Company announced that it had entered into a PMPA (the “Mineral Park PMPA”) with Waterton Copper Corp., a subsidiary of Waterton Copper LP (“Waterton Copper”) in respect of silver production from the Mineral Park mine located in Arizona, USA (the “Project” or “Mineral Park”). Under the Mineral Park PMPA, Wheaton will purchase 100% of the payable silver from the Project for the life of the mine. Under the terms of the Mineral Park PMPA, the Company is committed to pay Waterton Copper total upfront cash consideration of $115 million in four payments during construction through three installments of $25 million and a final installment of $40 million. In addition, Wheaton will make ongoing payments for the silver ounces delivered equal to 18% of the spot price of silver until the value of the silver delivered, net of the production payment, is equal to the upfront consideration of $115 million, at which point the production payment will increase to 22% of the spot price of silver. The Company has also entered into a loan agreement to provide a secured debt facility of up to $25 million to Origin Mining Company, LLC, the Mineral Park owner and affiliate of Waterton Copper, once the full upfront consideration has been paid.

WHEATON PRECIOUS METALS 2023 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [49]

Notes to the Condensed Interim Consolidated Financial Statements

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

CORPORATE

INFORMATION

CANADA – HEAD OFFICE

WHEATON PRECIOUS METALS CORP.

Suite 3500

1021 West Hastings Street

Vancouver, BC V6E 0C3

Canada

T: 1 604 684 9648

F: 1 604 684 3123

CAYMAN ISLANDS OFFICE

Wheaton Precious Metals International Ltd.

Suite 300, 94 Solaris Avenue

Camana Bay

P.O. Box 1791 GT, Grand Cayman

Cayman Islands KY1-1109

STOCK EXCHANGE LISTING

Toronto Stock Exchange: WPM

New York Stock Exchange: WPM

London Stock Exchange: WPM

DIRECTORS

GEORGE BRACK, Chair

JAIMIE DONOVAN

PETER GILLIN

CHANTAL GOSSELIN

JEANE HULL

GLENN IVES

CHARLES JEANNES

MARILYN SCHONBERNER

RANDY SMALLWOOD

OFFICERS

RANDY SMALLWOOD

President & Chief Executive Officer

CURT BERNARDI

Senior Vice President,

Legal & Corporate Secretary

GARY BROWN

Senior Vice President
& Chief Financial Officer

HAYTHAM HODALY
Senior Vice President,
Corporate Development

TRANSFER AGENT

TSX Trust Company

1600 – 1066 West Hastings Street

Vancouver, BC V6E 3X1

Toll-free in Canada and the United States:

1 800 387 0825

Outside of Canada and the United States:

1 416 682 3860

E: shareholderinquiries@tmx.com

AUDITORS
Deloitte LLP

Vancouver, BC

INVESTOR RELATIONS

EMMA MURRAY

Vice President, Investor Relations

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

E: info@wheatonpm.com

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