FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS

VANCOUVER, BC, March 9, 2023 /CNW/ - "Wheaton's portfolio of long-life, low-cost assets delivered over $1 billion in revenue and over $740 million in operating cash flow in 2022. This strong financial performance reflects the resiliency of Wheaton's streaming business model, which delivers amongst the highest margins in the precious metals space. Even in the current inflationary environment, Wheaton averaged 75% cash operating margins in 2022," said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. "In addition, Wheaton took strategic steps forward by optimizing the portfolio, adding four new streams and making sector-leading commitments on the sustainability front. With one of the strongest balance sheets in the industry, we enter 2023 exceptionally well-positioned to deliver long-term shareholder value through the significant organic growth profile already embedded in the portfolio as well as through additional accretive acquisitions."

Solid Financial Results and Strong Balance Sheet

Fourth Quarter of 2022: $236 million in revenue, $172 million in operating cash flow, $166 million in net earnings and $104 million in adjusted net earnings1
Full Year of 2022: $1,065 million in revenue, $743 million in operating cash flow, $669 million in net earnings and $505 million in adjusted net earnings1
A cash balance of $696 million and no debt as at December 31, 2022
Undrawn US$2 billion revolving credit facility with a July 18, 2027 maturity date
Declared a quarterly dividend1 of $0.15 per common share
High Quality Asset Base

Streaming agreements on 20 operating mines and 12 development projects
93% of attributable production from assets in the lowest half of their respective cost curves2,3
30 years of mine life based on Proven and Probable Mineral Reserves and potential additional mine life from mineral resource conversion and exploration2,4
Attributable gold equivalent production of 148,300 ounces in the Fourth Quarter of 2022 and 638,100 for the Full Year of 2022
Average annual production for the ten-year period ending December 31, 2032, is expected to be approximately 850,000 gold equivalent ounces ("GEOs")2,3,5
Completed the previously disclosed termination of the Yauliyacu precious metal purchase agreement ("PMPA"), resulting in a $51 million gain on the disposition in the fourth quarter

Leadership in Sustainability

Top Rankings: #1 out of 114 precious metals companies and Global Top 50 out of over 15,000 multi-sector companies by Sustainalytics, AA rated by MSCI, and Prime rated by ISS
Commitment to Net-Zero Carbon Emissions by 2050 supported by interim targets covering all material emissions including Scope 3
Established a sustainability linked element in connection with the revolving credit facility
Recognized as one of the Best 50 Corporate Citizens in Canada by Corporate Knights
Operational Overview

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WHEATON PRECIOUS METALS DECLARES QUARTERLY DIVIDEND
First Quarterly Dividend
The first quarterly cash dividend for 2023 of US$0.15 will be paid to holders of record of Wheaton common shares as of the close of business on March 24, 2023, and will be distributed on or about April 6, 2023. The ex-dividend trading date is March 23, 2023.

Under the Company's dividend policy, for the 2023 calendar year, the quarterly dividend per common share is targeted to equal the greater of 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 and the dividend declared in the prior quarter. 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.

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 quarterly dividend, the Company has elected to issue common shares under the DRIP through treasury at 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://tsxtrust.com/DRIP

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