Wheaton Precious Metals Increases Operating Cash Flow by Over 50% YOY With Over $177 Million Generated in the First Quarter of 2020

VANCOUVER, May 6, 2020 - "Wheaton had a strong start to 2020 with over $177 million generated in operating cash flow in the first quarter. Given our strong financial position and the immediate needs created by the COVID-19 pandemic, Wheaton launched a $5 million fund designed to support our local communities and those around the mines from which we receive precious metal, more than doubling our budget for community support. At this time, our top priority is the health and safety of our employees and the communities in which we and our partners operate." said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. "With one of the highest quality portfolios in the precious metals space, we remain confident in the strength and sustainability of our business model through this pandemic, and our ability to continue delivering shareholder value. We hope everyone stays safe and well."

First Quarter Highlights:

• Attributable gold equivalent² production was over 180,000 ounces in the first quarter partially driven by record attributable silver production at Peñasquito.
• Over $177 million in operating cash flow generated in the quarter, an increase of over 50%.
• Net debt¹ reduced by $182 million with Wheaton ending the first quarter in a net debt position of $589 million.
• Declared quarterly dividend¹ of $0.10 per common share.
• At the Constancia mine, Hudbay announced the formal approval of the surface rights agreement for the higher-grade Pampacancha satellite deposit.
• Launched a $5 million Community Support and Response Fund combatting COVID-19.

Operational Overview

Updates on COVID-19

Business Continuity and Employee Health and Safety
In accordance with local government restrictions and guidelines, Wheaton closed its physical offices in mid-March and successfully transitioned to telecommuting for all of its employees. As Wheaton has always maintained detailed business continuity plans, the transition was seamless with an uninterrupted flow of business.

Partner Mining Operations
Wheaton has completed a thorough review of operations with our counterparties to better understand their policies and procedures around COVID-19. We have been advised that each operation has a crisis management team in place and will make decisions according to their local situation and applicable laws, as well as considering the health and safety of their employees. As of May 5, 2020, six partner operations located in Mexico and Peru (Constancia, Yauliyacu, San Dimas, Los Filos, Peñasquito and Antamina) were temporarily suspended due to government restrictions focussed on reducing the impacts of COVID-19. The restrictions on non-essential activities in Mexico and Peru are currently scheduled to be lifted by the end of May. In 2018 and 2019, these mines accounted for 36% of the Company's gold equivalent² production. There can be no assurance that the restrictions noted above will be lifted as currently planned nor that our partners' operations that are currently operational will continue to remain operational for the duration of the COVID-19 virus pandemic. In addition, even if operational, these operations may be subject to adverse impacts on production and other impacts due to the COVID-19 virus pandemic response measures, absenteeism and otherwise as a result of the pandemic.

Production Guidance
Due to the temporary suspensions noted above, Wheaton has withdrawn its production guidance for 2020. We are closely monitoring and regularly assessing the impact of the COVID-19 virus pandemic on partner mining operations; however, this pandemic is evolving rapidly and its effects are uncertain.

Community Support – Wheaton CSR Fund to Combat COVID-19
Subsequent to the quarter, Wheaton announced the launch of a $5 million Community Support and Response Fund (the "CSR Fund") in order to support the global efforts to combat the COVID-19 virus pandemic and its impacts on our communities. The CSR Fund is designed to meet the immediate needs of the communities in which Wheaton operates and around the mines from which Wheaton receives precious metals. This fund is incremental to Wheaton's already active Community Investment Program that currently provides support to over 50 programs in multiple communities around the world.

Financial Review

Revenues
Revenue was $255 million in the first quarter of 2020 representing a 13% increase from the first quarter of 2019 due primarily to an 18% increase in the average realized gold equivalent² price; partially offset by a 4% decrease in the number of gold equivalent² ounces sold.

Costs and Expenses
Average cash costs¹ in the first quarter of 2020 were $403 per gold equivalent² ounce as compared to $399 in Q1 2019. This resulted in a cash operating margin¹ of $1,131 per gold equivalent² ounce sold, an increase of 26% as compared with Q1 2019.

Balance Sheet (at March 31, 2020)

• Approximately $127 million of cash on hand.
• $716 million outstanding under the Company's $2 billion revolving term loan (the "Revolving Facility").
• During Q1 2020, the Company has repaid $159 million under the Revolving Facility.
• During Q1 2020, the net debt¹ was reduced by $182 million to $589 million.
• The average effective interest rate for the first quarter of 2020 was 3.03%.

First Quarter Asset Highlights

Salobo: In the first quarter of 2020, Salobo produced 62,600 ounces of attributable gold, virtually unchanged relative to the first quarter of 2019. According to Vale S.A.'s ("Vale") First Quarter 2020 Performance Report, physical completion of the Salobo III mine expansion was 47% at the end of the first quarter. Since the end of March 2020, only critical work fronts have reportedly been continued as a preventive measure related to the COVID-19 pandemic, but Vale reports that the expansion remains on track to start up in the first half of 2022.

Peñasquito: In the first quarter of 2020, Peñasquito produced a record 2.7 million ounces of attributable silver, an increase of approximately 67% relative to the first quarter of 2019 primarily due to higher grades.

San Dimas: In the first quarter of 2020, San Dimas produced 11,300 ounces of attributable gold, an increase of approximately 10% relative to the first quarter of 2019 primarily due to higher throughput offset partially by slightly lower grades.

Antamina: In the first quarter of 2020, Antamina produced 1.3 million ounces of attributable silver, an increase of approximately 11% relative to the first quarter of 2019, primarily due to higher grades.

Constancia: In the first quarter of 2020, Constancia produced 0.5 million ounces of attributable silver and 3,700 ounces of attributable gold, a decrease of approximately 27% and 24%, respectively, relative to the first quarter of 2019 primarily due to lower grades as expected and the temporary suspension of the mine beginning on March 20, 2020. As per Wheaton's precious metals purchase agreements ("PMPA") with HudBay Minerals Inc. ("Hudbay"), the failure to achieve a minimum level of throughput at the Pampacancha deposit during 2019 entitles Wheaton to an additional 8,020 ounces of gold in 2020 (received in quarterly installments), of which 2,005 ounces of gold was received during the first quarter of 2020 and included as production. As per Hudbay's news release dated February 18, 2020, the surface rights agreement with Hudbay for the Pampacancha satellite deposit was formally approved by the community of Chilloroya in February. In accordance with Peru's Consulta Previa law, additional consultation between the Peruvian government and the local community is required before Hudbay can begin development activities.

Sudbury: In the first quarter of 2020, Sudbury produced 7,500 ounces of attributable gold, a decrease of approximately 34% relative to the first quarter of 2019 primarily due to lower grades.

Other Gold: In the first quarter of 2020, total Other Gold attributable production was 6,700 ounces, an increase of approximately 50% relative to the first quarter of 2019, primarily due to the resumption of mining at the Minto mine.

Produced But Not Yet Delivered ³

As at March 31, 2020, payable ounces attributable to the Company produced but not yet delivered amounted to:

• 88,400 payable gold ounces, a decrease of 10,100 ounces during Q1 2020, primarily the result of a draw down during the period relative to the Salobo mine.
• 5.3 million payable silver ounces, an increase of 0.8 million ounces during Q1 2020, primarily the result of an increase during the period relative to the Yauliyacu mine.
• 4,900 payable palladium ounces, virtually unchanged from the balance at Q4 2019.

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

Webcast and Conference Call Details

A conference call and webcast will be held Thursday, May 7, 2020, starting at 11:00 am (Eastern Time) to discuss these results. To participate in the live call, please use one of the following methods:

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

The conference call will be recorded and available until May 14, 2020 at 11:59 pm (Eastern Time). The webcast will be available for one year. You can listen to an archive of the call by one of the following methods:

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

Mr. Wes Carson, P. Eng., Vice President, Mining Operations is a "qualified person" as such term is defined under National Instrument 43-101, and has reviewed and approved the technical information disclosed in this news release.

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

About Wheaton Precious Metals Corp.

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

In accordance with Wheaton Precious Metals™ Corp.'s ("Wheaton Precious Metals ", "Wheaton" or the "Company") MD&A and financial statements, reference to the Company includes the Company's wholly owned subsidiaries.

End Notes

Condensed Interim Consolidated Statements of Earnings

Condensed Interim Consolidated Balance Sheets

Condensed Interim Consolidated Statements of Cash Flows

Summary of Ounces Produced

Summary of Ounces Sold

Results of Operations

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

On a gold equivalent and silver equivalent basis, results for the Company for the three months ended March 31, 2020 were as follows:

On a gold equivalent and silver equivalent basis, results for the Company for the three months ended March 31, 2019 were as follows:

Non-IFRS Measures

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

i. Adjusted net earnings and adjusted net earnings per share are calculated by removing the effects of the non-cash impairment charges, non-cash fair value (gains) losses, non-cash share of losses of associates and other one-time (income) expenses. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, management and certain investors use this information to evaluate the Company's performance.

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

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

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

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

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

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

The following table provides a reconciliation of cash operating margin.

v. Net debt is calculated by subtracting cash and cash equivalents from the outstanding bank debt under the Revolving Facility. The Company presents net debt as management and certain investors use this information to evaluate the Company's liquidity and financial position.

The following table provides a calculation of the Company's net debt.

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

CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS

This press release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation concerning the business, operations and financial performance of Wheaton and, in some instances, the business, mining operations and performance of Wheaton's precious metals purchase agreement ("PMPA") counterparties. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to the future price of commodities, the impact of epidemics (including the COVID-19 virus pandemic), the estimation of future production from Mining Operations (including in the estimation of production, mill throughput, grades, recoveries and exploration potential), the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates) and the realization of such estimations, the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton's PMPA counterparties at mineral stream interests owned by Wheaton (the "Mining Operations"), the ability of Wheaton's PMPA counterparties to comply with the terms of a PMPA (including as a result of the business, mining operations and performance of Wheaton's PMPA counterparties) and the potential impacts of such on Wheaton, the costs of future production, the estimation of produced but not yet delivered ounces, any statements as to future dividends, the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs, future payments by the Company in accordance with PMPAs, including any acceleration of payments, projected increases to Wheaton's production and cash flow profile, projected changes to Wheaton's production mix, the ability of Wheaton's PMPA counterparties to comply with the terms of any other obligations under agreements with the Company, the ability to sell precious metals and cobalt production, confidence in the Company's business structure, the Company's assessment of taxes payable and the impact of the CRA Settlement for years subsequent to 2010, possible audits for taxation years subsequent to 2015, the Company's intention to file future tax returns in a manner consistent with the CRA Settlement, and assessments of the impact and resolution of various legal and tax matters, including but not limited to outstanding class actions and audits. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", "potential", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks associated with fluctuations in the price of commodities (including Wheaton's ability to sell its precious metals or cobalt production at acceptable prices or at all), risks of significant impacts on Wheaton or the Mining Operations as a result of an epidemic (including the COVID-19 virus pandemic), risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with the exploration, development, operating, expansion and improvement of the Mining Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as plans continue to be refined), the absence of control over the Mining Operations and relying on the accuracy of the public disclosure and other information Wheaton receives from the Mining Operations, uncertainty in the estimation of production from Mining Operations, uncertainty in the accuracy of mineral reserve and mineral resource estimation, the ability of each party to satisfy their obligations in accordance with the terms of the PMPAs, the estimation of future production from Mining Operations, Wheaton's interpretation of, compliance with or application of, tax laws and regulations or accounting policies and rules being found to be incorrect, any challenge or reassessment by the CRA of the Company's tax filings being successful and the potential negative impact to the Company's previous and future tax filings, assessing the impact of the CRA Settlement for years subsequent to 2010 (including whether there will be any material change in the Company's facts or change in law or jurisprudence), credit and liquidity, indebtedness and guarantees, mine operator concentration, hedging, competition, claims and legal proceedings against Wheaton or the Mining Operations, security over underlying assets, governmental regulations, international operations of Wheaton and the Mining Operations, exploration, development, operations, expansions and improvements at the Mining Operations, environmental regulations and climate change, Wheaton and the Mining Operations ability to obtain and maintain necessary licenses, permits, approvals and rulings, Wheaton and the Mining Operations ability to comply with applicable laws, regulations and permitting requirements, lack of suitable infrastructure and employees to support the Mining Operations, inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by certain Mining Operations (including increases in production, estimated grades and recoveries), uncertainties of title and indigenous rights with respect to the Mining Operations, Wheaton and the Mining Operations ability to obtain adequate financing, the Mining Operations ability to complete permitting, construction, development and expansion, global financial conditions, and other risks discussed in the section entitled "Description of the Business – Risk Factors" in Wheaton's Annual Information Form available on SEDAR at www.sedar.com, and in Wheaton's Form 40-F for the year ended December 31, 2019 and Form 6-K filed March 11, 2020 both on file with the U.S. Securities and Exchange Commission in Washington, D.C. (the "Disclosure"). Forward-looking statements are based on assumptions management currently believes to be reasonable, including (without limitation): that there will be no material adverse change in the market price of commodities, that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic (including the COVID-19 virus pandemic), that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates, that the mineral reserve and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate, that each party will satisfy their obligations in accordance with the PMPAs, that Wheaton will continue to be able to fund or obtain funding for outstanding commitments, that Wheaton will be able to source and obtain accretive PMPAs, that any outbreak or threat of an outbreak of a virus or other contagions or epidemic disease will be adequately responded to locally, nationally, regionally and internationally, without such response requiring any prolonged closure of the Mining Operations or having other material adverse effects on the Company and counterparties to its PMPAs, that expectations regarding the resolution of legal and tax matters will be achieved (including ongoing class action litigation and CRA audits involving the Company), that Wheaton has properly considered the interpretation and application of Canadian tax law to its structure and operations, that Wheaton has filed its tax returns and paid applicable taxes in compliance with Canadian tax law, that Wheaton's application of the CRA Settlement for years subsequent to 2010 is accurate (including the Company's assessment that there will be no material change in the Company's facts or change in law or jurisprudence for years subsequent to 2010), and such other assumptions and factors as set out in the Disclosure. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Wheaton. Readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing readers with information to assist them in understanding Wheaton's expected financial and operational performance and may not be appropriate for other purposes. Any forward looking statement speaks only as of the date on which it is made, reflects Wheaton's management's current beliefs based on current information and will not be updated except in accordance with applicable securities laws. Although Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward?looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended.

In accordance with the Company's MD&A and financial statements, reference to the Company includes the Company's wholly owned subsidiaries.

SOURCE Wheaton Precious Metals Corp.



Contact
Patrick Drouin, Senior Vice President, Investor Relations, Wheaton Precious Metals Corp., Tel: 1-844-288-9878, Email: info@wheatonpm.com, Website: www.wheatonpm.com