“Wheaton generated record annual revenue and operating cash flow in 2021 as our diversified portfolio of high-quality, long-life assets delivered strong results. We are proud of the value we were able to return to our shareholders resulting from our record-setting performance, with total dividends paid in 2021 increasing by over 35% from 2020,” said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. “In 2021, Wheaton also remained focused on accretive growth, and over the past three months alone, we added five new streams to our already robust portfolio. This additional growth is readily apparent in our ten-year production forecast, where we see annual production climbing to well over 900,000 gold equivalent ounces.”
“In addition to our financial and corporate development successes in 2021, Wheaton also made significant strides in bolstering our sustainability efforts while continuing to support community programs around our offices and mining partners’ sites. We substantially strengthened our policies and disclosure around our environmental, social and governance strategy, including aligning our approach with the most recent climate science with the goal of reaching net zero carbon emissions by 2050. As we enter 2022, we look forward to building off our accomplishments from 2021 and continuing to create lasting value for all of our stakeholders.”
Fourth Quarter and Year End 2021 Highlights:
• Nearly $200 million in operating cash flow during the fourth quarter and a record $845 million during 2021.
• $278 million in revenue during the fourth quarter and a record $1.2 billion during 2021.
• $132 million in adjusted net earnings1 during the fourth quarter and a record $592 million during 2021.
• Attributable production in 2021 was 752,958 gold equivalent ounces2
(“GEOs”), in line with Company guidance.
• Announced a new precious metal purchase agreement (“PMPA”) on Artemis Gold Inc.’s Blackwater Gold Project (“Blackwater”) in respect of silver production and acquired the existing PMPA held by New Gold Inc. in respect of gold production from Blackwater.
• Announced new PMPA on Generation Mining Limited’s Marathon Project in respect of gold and platinum production.
• Subsequent to the quarter, announced new PMPAs on Adventus Mining Corporation’s Curipamba Project in respect of gold and silver production and Sabina Gold & Silver Corp.’s Goose Project in respect of gold production.
• On a GEO3 basis, total attributable Proven and Probable Mineral Reserves for all metals increased by 13%, driven by a 20% increase in total attributable gold Proven and Probable Mineral Reserves, primarily due to recently added PMPAs and increases at Salobo.
• Declared quarterly dividend1 of $0.15 per common share.
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Operational Overview
(all figures in US dollars unless
otherwise noted) Q4 2021 Q4 2020 Change 2021 2020 Change
Units produced
Gold ounces 88,321 92,039 (4.0)% 342,546 366,321 (6.5)%
Silver ounces 6,356 6,509 (2.4)% 25,999 22,892 13.6 %
Palladium ounces 4,733 5,672 (16.6)% 20,908 22,187 (5.8)%
Cobalt pounds 381 - n.a. 2,293 0 n.a.
Gold equivalent ounces 2 186,404 189,682 (1.7)% 752,958 712,624 5.7 %
Units sold
Gold ounces 79,622 86,243 (7.7)% 312,465 369,553 (15.4)%
Silver ounces 5,116 4,576 11.8 % 22,860 19,232 18.9 %
Palladium ounces 4,641 4,591 1.1 % 19,344 20,051 (3.5)%
Cobalt pounds 228 - n.a. 886 - n.a.
Gold equivalent ounces 2 158,864 155,665 2.1 % 663,415 662,275 0.2 %
Revenue $ 278,197 $ 286,212 (2.8)% $ 1,201,665 $ 1,096,224 9.6 %
Net earnings $ 291,822 $ 157,221 85.6 % $ 754,885 $ 507,804 48.7 %
Per share $ 0.648 $ 0.350 85.1 % $ 1.677 $ 1.132 48.1 %
Adjusted net earnings 1 $ 132,232 $ 149,441 (11.5)% $ 592,079 $ 503,335 17.6 %
Per share 1 $ 0.293 $ 0.333 (12.0)% $ 1.315 $ 1.122 17.3 %
Operating cash flows $ 195,290 $ 207,962 (6.1)% $ 845,145 $ 765,442 10.4 %
Per share 1 $ 0.433 $ 0.463 (6.5)% $ 1.878 $ 1.706 10.1 %
All amounts in thousands except gold, palladium & gold equivalent ounces and cobalt pounds produced & sold, and per share amounts.12
Production Guidance
• 2022 Guidance: Wheaton's estimated attributable production in 2022 is forecast to be 350,000 to 380,000 ounces of gold, 23.0 to 25.0 million ounces of silver, and 44,000 to 48,000 GEOs
3 of other metals, resulting in production of approximately 700,000 to 760,000
GEOs3
.
• Five-year guidance: For the five-year period ending in 2026, the Company estimates that average production will amount to 850,000 GEOs3
.
• Ten-year guidance: For the ten-year period ending in 2031, the Company estimates that
average annual production will amount to 910,000 GEOs3
.
Financial Review
Revenues
Revenue was $278 million in the fourth quarter of 2021 representing a 3% decrease from the fourth quarter of 2020 due primarily to a 5% decrease in the average realized gold equivalent² price; partially offset by a 2% increase in the number of GEOs² sold.
Revenue was $1,202 million in the year ended December 31, 2021 representing a 10% increase
from 2020 due primarily to a 9% increase in the average realized gold equivalent² price.

Cash Costs and Margin
Average cash costs¹ in the fourth quarter of 2021 were $429 per GEO² as compared to $415 in fourth quarter of 2020. This resulted in a cash operating margin¹ of $1,322 per GEO² sold, a decrease of 7% as compared with the fourth quarter of 2020.
Average cash costs¹ in 2021 were $434 per GEO² as compared to $403 in 2020. This resulted in a cash operating margin¹ of $1,377 per GEO² sold, an increase of 10% as compared with 2020.
Impairment Reversals of Mineral Stream Interests
Net earnings were positively impacted as the result of an impairment reversal on the Voisey’s Bay PMPA amounting to $157 million at December 31, 2021.
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Indicators of impairment reversal were identified relative to the Voisey’s Bay PMPA, as a result of significant and sustained increases in the market prices of cobalt. Management estimated that the recoverable amount under the Voisey’s Bay PMPA exceeded the carrying amount that would have been determined, net of depletion, had no impairment charge been recognized for the PMPA in prior years, resulting in an impairment reversal of $157 million at December 31, 2021.
Balance Sheet (at December 31, 2021)
• Approximately $226 million of cash on hand.
• The Company's $2 billion revolving term loan (the "Revolving Facility") remains fully undrawn.
Fourth Quarter Asset Highlights
Salobo: In the fourth quarter of 2021, Salobo produced 48,200 ounces of attributable gold, a
decrease of approximately 23% relative to the fourth quarter of 2020 primarily due to lower throughput, grades and recovery, with throughput being impacted as a result of an 18-day suspension of operations following a conveyor belt fire in October 2021. According to Vale S.A.
(“Vale”), other activities, including mine and maintenance operations, continued as usual during
this period but concentrate production was interrupted. Concentrate production resumed on October 22, 2021 and ramped up over a three-day period. Vale reported that despite the challenges, mine movement continued to improve at Salobo operation and reached pre-safety
review levels by the end of the year. As per Vale’s Fourth Quarter 2021 Performance Report, on January 6, 2022, heavy rainfall in the region of the Salobo III mine expansion caused a landslide that damaged part of a conveyor belt and blocked access to the project site. Safety conditions at the area were reestablished and Vale
is working on additional preventive measures and replacement of damaged equipment. A full assessment of impact by Vale is ongoing with conclusion expected early in the second quarter of 2022. Vale further reports that physical completion of the Salobo III mine expansion was 85% at the end of the fourth quarter.
Peñasquito: In the fourth quarter of 2021, Peñasquito produced 2.1 million ounces of attributable
silver, an increase of approximately 7% relative to the fourth quarter of 2020, primarily due to higher grades and recoveries, partially offset by lower throughput.
Antamina: In the fourth quarter of 2021, Antamina produced 1.4 million ounces of attributable silver, a decrease of approximately 29% relative to the fourth quarter of 2020, primarily due to lower throughput and grades. As per Compañía Minera Antamina S.A.’s (the operating company
of Antamina) news release dated October 31, 2021, operations at Antamina were briefly suspended to ensure the health and safety of its workforce and other stakeholders following localized protests in Peru.
Constancia: In the fourth quarter of 2021, Constancia produced 0.6 million ounces of attributable
silver and 9,900 ounces of attributable gold, an increase of approximately 21% and 151%, respectively, relative to the fourth quarter of 2020. Silver production increased primarily due to
higher grades. The increase in gold production was primarily due to higher grades resulting from the commencement of ore production from the Pampacancha satellite deposit and the increase in fixed recoveries from 55% to 70%, partially offset by the receipt of 2,005 ounces in the fourth
quarter of 2020 related to delays in accessing the Pampacancha deposit while no delay payment was received in 2021. Additionally, as Hudbay mined and processed four million tonnes of ore from the Pampacancha deposit by December 31, 2021, the Company was required to make an additional deposit payment of $4 million to Hudbay for the increase in the fixed gold recoveries, which was paid on December 23, 2021.

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