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Wheaton Precious Metals' Form 40-F and Wheaton Precious Metals' Form 6-K Filed March 31, 2017, Both on File with the U.S

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Wheaton Precious Metals' Form 40-F and Wheaton Precious Metals' Form 6-K Filed March 31, 2017, Both on File with the U.S THE HIGH MARGIN PRECIOUS METALS COMPANY January 2020 15 YEARS OF STREAMING CAUTIONARY STATEMENTS CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS The information contained in this Presentation 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 Canadian securities legislation. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers are strongly cautioned to carefully review the cautionary notes to this Presentation and in particular: Note 1 at the end of this Presentation contains our cautionary note regarding forward-looking statements and sets out the material assumptions and risk factors that could cause actual results to differ, including, but not limited to, fluctuations in the price of commodities, the outcome of the challenge by the CRA of Wheaton Precious Metal’s tax filings, the absence of control over mining operations from which Wheaton Precious Metal purchases silver or gold, and risks related to such mining operations and continued operation of Wheaton Precious Metal’s Counterparties. Readers should also consider the section entitled “Description of the Business – Risk Factors” in Wheaton Precious Metal’s Annual Information Form and the risks identified under “Risks and Uncertainties” in Management's Discussion and Analysis for the period ended December 31, 2016, both available on SEDAR and in Wheaton Precious Metals' Form 40-F and Wheaton Precious Metals' Form 6-K filed March 31, 2017, both on file with the U.S. Securities and Exchange Commission. Where applicable, readers should also consider any updates to such “Risks and Uncertainties” that may be provided by Wheaton Precious Metals in its quarterly Management’s Discussion and Analysis. Note 2 at the end of this Presentation contains our cautionary note regarding the presentation of mineral reserve and mineral resource estimates. 2 WHO IS WHEATON PRECIOUS METALS? 15 YEARS OF STREAMING WHEATON PRECIOUS METALS A MODEL DESIGNED TO BENEFIT ALL STAKEHOLDERS Our Vision To be the world’s premier precious metals investment vehicle. Our Mandate To deliver value through streaming to all of our stakeholders: . To our Shareholders, To our Partners, To our Neighbours, by delivering low risk, high by crystallizing value for by promoting responsible quality, diversified exposure precious metals yet to mining practices and supporting and growth optionality to be produced the communities in which we precious metals live and operate Wheaton Precious Metals 4 WHEATON’S STREAMING ADVANTAGE COMMODITY PRICE LEVERAGE PREDICTABLE COSTS Investors get leverage to the underlying Contractually defined cost per ounce commodities typically protects streamers from inflationary cost pressures Delivery payments per ounce are pre-determined and made upon delivery EXPLORATION UPSIDE HIGH LOWER SUSTAINABLE DIVIDEND WITH Receives the benefit from mine UPSIDE RISKS Predictable costs and lower risk exploration and expansion activities should lead to more predictable cash typically at no additional cost flows and a more sustainable dividend ATTRACTIVE VALUATION HIGHEST QUALITY ASSET BASE Wheaton currently trades at a discount to Streaming companies are easily scalable and streaming peers can manage a portfolio of 20 or more mining assets Wheaton provides investors the upside associated with mining companies, but with a risk profile comparable to owning bullion or ETFs directly Wheaton Precious Metals 5 HIGH QUALITY ASSET BASE DIVERSIFIED PORTFOLIO OF HIGH-QUALITY ASSETS Operating Mines (20) Development Projects (9) Partners: Vale Keno Hill Minto Glencore Kutcho Zinkgruvan Voisey’s Bay Newmont 777 Sudbury Barrick Coleman Aljustrel Lundin Stillwater Copper Cliff Stratoni East Boulder Creighton Hudbay Garson Neves-Corvo Rosemont Totten Sibanye-Stillwater San Dimas Peñasquito Victor (Dev. project) Pan American Los Filos First Majestic Toroparu Leagold Antamina Eldorado Salobo Almina Yauliyacu Constancia Cotabambas Pembridge Alexco Pascua-Lama Gold X Mining Corporate Offices (2) Panoro Navidad Kutcho Copper Well-diversified with low political risk Wheaton Precious Metals 6 HIGH QUALITY ASSET BASE LOW COST, LONG LIFE PRODUCTION 2019 Forecast Production Mine Life of Operating Portfolio1,2,3 by Cost Quartile1,3 70 3% 60 26 10% 50 40 8 Years 30 19% 20 32 68% 10 First Second 0 Third Proven & Measured & Inferred Fourth Probable Indicated Mineral Mineral Mineral Resources Reserves Resources Over two thirds of Wheaton’s production comes from assets that fall in the lowest cost quartile! And the portfolio has over 30 years of mine life based on reserves Wheaton Precious Metals 7 HIGH QUALITY ASSET BASE FIVE YEAR PRODUCTION FORECAST Production Profile1,4 1,200 5-Year Guidance is for annual production to 90 (SEO) ProductionEquivalent Silver average 750Koz Gold Equivalent per year 1,000 2018 2018 2019 (does not include Rosemont or Salobo 80 Guidance Actuals Guidance Salobo Expansion) Expansion 70 800 10.4Koz 14.7Koz 22.0Koz Voisey’s Bay (Co) Pd Pd Pd 60 Stillwater (Au+Pd) (Moz) 600 50 (Koz) Salobo (Au) Sudbury (Au) 355Koz 373Koz 390Koz 40 Au Au Au San Dimas (Au) 400 30 Constancia (Au+Ag) 20 200 22.5Moz 24.5Moz 21.0Moz Antamina (Ag) Gold Equivalent (GEO) Production Equivalent Gold Ag Ag Ag Peñasquito (Ag) 10 Other (Au+Ag) 0 0 2018E 2018A 2019E 2021E 2023E Optionality Silver Gold Palladium Cobalt Optionality Wheaton’s 2018 production significantly outperformed guidance Wheaton Precious Metals 8 CASH OPERATING COSTS PREDICTABLE COSTS AND HIGH MARGINS Total Cash Cost and Cash Operating Margins per Ounce1,5,6,7 $2,000 $1,500 $1,000 81% 79% 75% 72% 69% 66% 69% 69% 68% (US$/0z) 71% GoldPrice $500 $362 $386 $386 $393 $391 $395 $409 $426 $0 $300 $300 $300 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019- $40 2023E $30 $20 88% 87% (US$/0z) 81% 83% Silver Price Silver 78% $10 74% 73% 74% 74% 70% $4.42 $4.49 4.69 $5.20 $0 $3.97 $3.97 $3.99 $4.06 $4.12 $4.14 $4.17 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-2023E2019- 2023E Total Cash Cost/oz Cash Operating Margins Wheaton Precious Metals 9 STRONG BALANCE SHEET AMPLE CAPACITY TO CONTINUE GROWING Cash Flow % Increase Au Ag Sensitivity to from Base Price Price Balance Sheet as of September 30, 20191,7 Commodity Price Case $US/oz $US/oz $6,000 106% 20 yr. avg $2,310 $35.19 8 $5,000 Au/Ag ratio 76% 50% $2,310 $25.50 $4,000 52% 35% $2,079 $22.95 30% 20% $1,848 $20.40 $3,000 15% 10% $1,694 $18.70 Millions (US$) Millions $2,000 Base Case Gold @ $1,540 Silver @ $17.00 $1,000 Palladium @ $2,000 $0 Revolving Credit Cash Remaining Est. Op. Cash Flow 11 Facility Capacity (Q4-19 to 2023) Cash flow sensitivities indicate a 50% increase in commodity prices will result in an ~75% increase to cash flows Wheaton Precious Metals 10 MARGINS AND CASH FLOW OPTIONALITY TO HIGHER COMMODITY PRICES $800 1,000 $700 Approx. $2 billion of operating cash 900 Gold Equivalent Gold Equivalent Sales ( flow in excess of Wheaton’s original 800 $600 expectation during the last upswing 700 in the commodity prices cycle $500 600 $400 Excess Cash Flow 500 $300 400 Initial Cash Flow Estimate 300 $200 koz 200 ) $100 Operating Operating Cash Flow (Millions US$) 100 $0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 GEO Sales Actual Op. Cash Flow Original Op. Cash Flow Estimate Gold Price Wheaton’s sales volumes are 75 percent higher than in 2012 when precious metal prices reached their most recent highs Wheaton Precious Metals 11 UNIQUE AND SUSTAINABLE DIVIDEND HIGHEST DIVIDEND YIELD AMONGST STREAMERS ▪ Unique Quarterly Dividend Policy: • Dividends linked to operating cash flows whereby 30% of the average of the previous four quarters’ operating cash flows are distributed to shareholders. Floor of $0.09/share for 2019.13 ▪ Benefits • Direct precious metals price exposure • Participation in robust organic production growth • Sustainable and flexible • >$1billion paid in dividends as of September 30, 2019, equivalent to over 40% of cumulative net 4.0% earnings 3.0% 2.0% 1.0% WPM Yield FNV Yield RGLD Yield 0.0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 Wheaton Precious Metals 12 BENEFITS TO PARTNER MINING COMPANIES 15 YEARS OF STREAMING PRECIOUS METALS STREAMING THE BENEFITS TO THE PARTNER MINING COMPANY Equity Debt Stream Non-dilutive form of funding ✓ ✓ Initial value creation for both parties ✓ Improves project IRR ✓ Crystalize future production of mining partner ✓ Contractual relationship means support & flexibility ✓ Endorses technical merits of mine / project ✓ Share production and operating risk ✓ ✓ Expedited due diligence & closing process ✓ ✓ No fixed payments ✓ ✓ Benefits to Mining Companies 14 PRECIOUS METALS STREAMING THE BENEFITS TO THE PARTNER MINING COMPANY Initial Value Creation Opportunity exists to The market values create value for both precious metal in a parties Value of Future streaming company’s Precious Metal portfolio greater than Value of Future Stream precious metal produced Precious Metal by a traditional miner Production Traditional Miner Streaming Company 35 Salobo Example Improves IRRs The upfront payment contributes a larger portion of capex than the 78% $860M $882M stream represents as a percentage of revenue 16% Upfront payment Stream as a % Vale's capex net of Vale's 2018 EBITDA as a % of capex of mine revenue WPM's upfront payments from Salobo Benefits to Mining
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