THIRD QUARTER 2021 FINANCIAL RESULTS

VANCOUVER, BC, Nov. 4, 2021 /CNW/ - "Wheaton's diversified portfolio of high-quality, long-life assets continues to deliver strong results, including record revenue, earnings and cash flow in the first nine months of 2021. In addition, the Company declared a dividend of $0.15 per common share, a 25% increase relative to the prior year," said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. "Strong year to date production, particularly driven by silver, has led the Company to narrow its annual guidance to 735,000 to 765,000 gold equivalent ounces, consistent with the previous midpoint of guidance."

Third Quarter 2021 Highlights:

Over $200 million in operating cash flow during the third quarter and a record $650 million in the first nine months of 2021.
$269 million in revenue during the third quarter and a record $923 million in the first nine months of 2021.
$137 million in adjusted net earnings during the third quarter and a record $460 million in the first nine months of 2021.
Signed a non-binding term sheet with Rio2 Limited to enter into a precious metals purchase agreement in connection with the Fenix Gold project located in Chile.
Strong financial position with approximately $372 million in cash on hand and $2 billion of additional capacity through the revolving credit facility as of September 30, 2021.
Declared quarterly dividend 1 of $0.15 per common share .
Operational Overview

(all figures in US dollars unless otherwise noted)
Q3 2021 Q3 2020 Change Units produced

Gold ounces 85,941 90,500 (5.0)%
Silver ounces 6,394 6,028 6.1 %
Palladium ounces 5,105 5,444 (6.2)%
Cobalt pounds 370,522. - n.a.

Gold equivalent ounces 2 184,918 181,184 2.1 %
Units sold
Gold ounces 67,649 90,101 (24.9)%
Silver ounces 5,487 4,999 9.8 %

Palladium ounces 5,703 5,546 2.8 %

Cobalt pounds 131,174 - n.a.

Gold equivalent ounces 2 152,432 166,611 (8.5)%
Revenue $ 268,957 $ 307,268 (12.5)%

Net earnings $ 134,937 $ 149,875 (10.0)%

Per share $ 0.300 $ 0.334 (10.2)%
Adjusted net earnings 1. $ 137,087 $152,007 (9.8)%

Per share 1. $ 0.304 $ 0.338 (10.1)%

Operating cash flows $ 201,287 $ 228,099 (11.8)%

Per share 1 $ 0.447 $ 0.508 (12.0)%

All amounts in thousands except gold, palladium & gold equivalent ounces and cobalt pounds produced & sold, per ounce/pound amounts & per share amounts.

Reiterating Gold Equivalent Production Guidance

Wheaton's estimated attributable production in 2021 is now forecast to be approximately 735,000 to 765,000 gold equivalent ounces2 ("GEOs") in line with previous guidance of 720,000 to 780,000 GEOs. However, given strong performances at Peñasquito, Antamina and Voisey's Bay, coupled with production being lower than expected at Salobo, Wheaton is adjusting the production mix by metal as per the table below. Longer term guidance remains unchanged at an average production of 810,000 GEOs for the five-year period ending 2025 and 830,000 GEOs for the ten-year period ending in 20303.


Updated Guidance

Original Guidance

Gold Ounces

330,000 to 345,000

370,000 to 400,000

Silver Ounces('000s)

25,500 to 26,500

22,500 to 24,000

Other Metals2(GEOs)

45,000 to 55,000

40,000 to 45,000

Total GEOs2

735,000 to 765,000

720,000 to 780,000

Corporate Development

Fenix Gold Project: On July 20, 2021, the Company signed a non-binding term sheet with Rio2 Limited ("Rio2") to enter into a precious metals purchase agreement ("PMPA") in connection with the Fenix Gold project located in Chile. Under the terms of the proposed Fenix PMPA, the Company will acquire 6% of the gold production until 90,000 ounces have been delivered and 4% of the gold production until 140,000 ounces have been delivered, after which the stream drops to 3.5% for the life of mine. In addition, under the proposed Fenix PMPA, the Company will pay a total upfront cash consideration of $50 million, $25 million of which is payable upon closing, subject to certain conditions, and $25 million payable subject to Rio2's receipt of its Environmental Impact Assessment for the Fenix Gold project, and certain other conditions. In addition, the Company will make ongoing delivery payments equal to approximately 18% of the spot price until the value of gold delivered less the production payment is equal to the upfront consideration of $50 million, at which point the production payment will increase to 22% of the spot gold price. The entering into of the Fenix PMPA is subject to, among other matters, the negotiation and completion of definitive documentation.

Financial Review

Revenues
Revenue was $269 million in the third quarter of 2021 representing a 12% decrease from the third quarter of 2020 due primarily to a 9% decrease in the number of gold equivalent² ounces sold, primarily the result of a large build-up of payable ounces produced but not yet delivered ("PBND") at Salobo; and a 4% decrease in the average realized gold equivalent² price.

Cash Costs and Margin
Average cash costs¹ in the third quarter of 2021 were $410 per gold equivalent² ounce as compared to $421 in third quarter of 2020. This resulted in a cash operating margin¹ of $1,354 per gold equivalent² ounce sold, a decrease of 5% as compared with the third quarter of 2020.

Balance Sheet (at September 30, 2021 )

Approximately $372 million of cash on hand.
The Company's $2 billion revolving term loan (the "Revolving Facility") remains fully repaid.
Third Quarter Asset Highlights

Salobo: In the third quarter of 2021, Salobo produced 55,200 ounces of attributable gold, a decrease of approximately 13% relative to the third quarter of 2020 due to lower throughput and grade. On October 22, 2021, Vale S.A. ("Vale") announced the resumption of conveyor belt operations at Salobo, that was halted for 18 days due to a fire. 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 further reports that physical completion of the Salobo III mine expansion was 81% at the end of the third quarter and is on track for start-up in the second half of 2022 .

Peñasquito: In the third quarter of 2021, Peñasquito produced 2.2 million ounces of attributable silver, an increase of approximately 9% relative to the third quarter of 2020, with throughput, grades and recoveries all being higher.

Antamina: In the third quarter of 2021, Antamina produced 1.5 million ounces of attributable silver, an increase of approximately 2% relative to the third quarter of 2020, primarily due to higher recoveries . Subsequent to the quarter, as per Compañía Minera Antamina S.A.'s (the operating company of Antamina) news release dated October 31, 2021, operations at Antamina have been temporarily suspended to ensure the health and safety of its workforce and other stakeholders following recent protests in Peru.

Constancia: In the third quarter of 2021, Constancia produced 0.5 million ounces of attributable silver and 8,500 ounces of attributable gold, an increase of approximately 21% and 126%, respectively, relative to the third quarter of 2020. Silver production was higher primarily as a result of 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 third quarter of 2020 related to delays in accessing the Pampacancha deposit while no delay payment was received in 2021.

Sudbury: In the third quarter of 2021, Vale's Sudbury mines produced 500 ounces of attributable gold, a decrease of approximately 88% relative to the third quarter of 2020, which was primarily due to lower throughput, as operations at the mine were suspended due to a labour dispute, which lasted from June 1, 2021 to August 9, 2021. Vale announced on August 3, 2021 that a new five-year collective bargaining agreement had been ratified with mine workers. The Sudbury PMPA had an effective date of February 28, 2013 with a term of 20 years. Under the provisions of the Sudbury PMPA, should the facilities at Sudbury be shut down for 60 or more cumulative days, exclusive of scheduled maintenance or shutdowns for periods of 20 days or less, the term of the Sudbury PMPA shall be extended for the same duration. As a result, the term of the agreement was extended by 69 days.

Stillwater: In the third quarter of 2021, the Stillwater mines produced 2,900 ounces of attributable gold and 5,100 ounces of attributable palladium, a decrease of approximately 7% for gold and 6% for palladium relative to the third quarter of 2020 due to lower grades.

San Dimas: In the third quarter of 2021, San Dimas produced 11,900 ounces of attributable gold, an increase of approximately 29% relative to the third quarter of 2020 , primarily due to higher throughput coupled with the impact of changing the silver to gold conversion ratio from 70:1 to 90:1 from April 1, 2020 to October 15, 2020, at which time it reverted to 70:1.

Voisey's Bay: In the third quarter of 2021, the Voisey's Bay mine produced 371,000 pounds of attributable cobalt. As at the end of the third quarter 2021, approximately 488,000 pounds of cobalt were held in inventory by Wheaton and 638,000 pounds were produced but not yet delivered. As per Vale's Third Quarter 2021 Performance Report, physical completion of the Voisey's Bay underground mine extension, which includes developing two underground mines - Reid Brook and Eastern Deeps - was 70% at the end of the third quarter.

Rosemont: Hudbay announced on September 22, 2021, the intersection of additional high-grade copper sulphide and oxide mineralization on its wholly-owned patented mining claims located within close proximity of its Rosemont copper project in Arizona ("Copper World"). To date, seven deposits have been identified at Copper World with a combined strike length of over seven kilometres. As of June 30, 2021, approximately 166 holes were completed totaling over 91,000 feet of drilling. Hudbay expects to publish an initial inferred mineral resource estimate for Copper World before the end of 2021, and these mineral resource estimates will form the basis for a preliminary economic assessment ("PEA") expected to be released by Hudbay in the first half of 2022. The Copper World discovery is included in Wheaton's area of interest under the PMPA.

Produced But Not Yet Delivered4

As at September 30, 2021 , payable ounces and pounds attributable to the Company produced but not yet delivered amounted to:

81,200 payable gold ounces, an increase of 15,000 ounces during Q3 2021 , primarily due to an increase during the period at the Salobo mine.
4.1 million payable silver ounces, virtually unchanged during Q3 2021, as decreases during the period at the Peñasquito mine were offset by an increase at the Yauliyacu mine.
5,600 payable palladium ounces, a decrease of 1,200 ounces during Q3 2021.
638,000 payable cobalt pounds, a decrease of 139,300 pounds during Q3 2021.
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.

Sustainability

COVID-19 Community Support and Response Fund: In the second quarter of 2020, Wheaton announced the launch of a $5 million Community Support and Response Fund (the "CSR Fund") to support global efforts to combat the social and economic impact of the COVID-19 pandemic. The CSR Fund is designed to meet the immediate needs of the communities in which Wheaton and its mining partners operate. 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. As of September 30, 2021, the Company has made donations totaling approximately $4 million through the CSR Fund.

ESG Ratings: Following recent rating updates, Wheaton's Sustainalytics5 score further improved from 9.2 to 7.9 indicating reduced risk exposure and maintained its AA rating from MSCI 5 demonstrating Wheaton's continued leadership in ESG practices. Wheaton is currently ranked in the Global Top 50 out of more than 14,000 companies and #1 for precious metals out of 122 companies by Sustainalytics 5 .

Partner CSR Program: Wheaton continues to support a wide range of programs with mining partners including Vale, Glencore, Hudbay and First Majestic Silver focused on education, health, entrepreneurial support, and community engagement opportunities in the communities near the mines from which Wheaton receives precious metals. In the third quarter of 2021, a solar panel installation project was completed at a Knowledge Station run by the Vale Foundation in the community of Marabá, Brazil.

Webcast and Conference Call Details

A conference call and webcast will be held on Friday, November 5, 2021 starting at 8:00am PT / 11:00 am ET to discuss these results. To participate in the live call please use one of the following methods:

Dial toll free from Canada or the US: 1-888-664-6383
Dial from outside Canada or the US: 1-416-764-8650
Pass code: 61024959
Live audio webcast: Webcast URL

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

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AND
DIVIDEND DECLARATION

VANCOUVER, BC, Nov. 4, 2021 /CNW/ - Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce that its Board of Directors has declared its fourth quarterly cash dividend payment for 2021 of US$0.15 per common share, an increase of 25% relative to the comparable period in 2020.

Fourth Quarterly Dividend
The fourth quarterly cash dividend for 2021 of US$0.15 will be paid to holders of record of Wheaton Precious Metals common shares as of the close of business on November 22, 2021 and will be distributed on or about December 6, 2021.

Under the Company's dividend policy, the quarterly dividend per common share is targeted to equal approximately 30% of the average cash 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 of $0.13 per common share for the duration of 2021.

The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes.

Dividend Reinvestment Plan
The Company has previously implemented a Dividend Reinvestment Plan ("DRIP"). Participation in the DRIP is optional. For the purposes of this fourth quarterly dividend, the Company has elected to issue common shares under the DRIP through treasury at a 1% discount to the Average Market Price, as defined in the DRIP. However, the Company may, from time to time, in its discretion, change or eliminate the discount applicable to Treasury Acquisitions, as defined in the DRIP, or direct that such common shares be purchased in Market Acquisitions, as defined in the DRIP, at the prevailing market price, any of which would be publicly announced.

The DRIP and enrollment forms, including direct deposit, are available for download on the Company's website at www.wheatonpm.com, in the 'investors' section under the 'dividends' tab.

Registered shareholders may also enroll in the DRIP online through the plan agent's self-service web portal at: https://ca.astfinancial.com/InvestorServices/Search-Issuers?lang=en

Beneficial shareholders should contact their financial intermediary to arrange enrollment. All shareholders considering enrollment in the DRIP should carefully review the terms of the DRIP and consult with their advisors as to the implications of enrollment in the DRIP.

This press release is not an offer to sell or a solicitation of an offer of securities. A registration statement relating to the DRIP has been filed with the U.S. Securities and Exchange Commission and may be obtained under the Company's profile on the U.S. Securities and Exchange Commission's website at http://www.sec.gov. A written copy of the prospectus included in the registration statement may be obtained by contacting the Corporate Secretary of the Company at 1021 West Hastings Street, Suite 3500, Vancouver, British Columbia, Canada V6E 0C3.