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Wheaton Precious Metals Corp 2017 ANNUAL REPORT WHEATON PRECIOUS METALS CORP. SUITE 3500 1021 WEST HASTINGS STREET VANCOUVER, BC V6E 0C3 CANADA T: 1 604 684 9648 F: 1 604 684 3123 WWW.WHEATONPM.COM Wheaton Precious Metals is the world’s largest pure precious metals ORMATION streaming company with the highest production and operating cash flow DIRECTORS TRANSFER AGENT relative to its peers. The Company offers investors leverage to increasing George Brack AST Trust Company John Brough 1600 – 1066 West Hastings Street Peter Gillin Vancouver, BC V6E 3X1 silver and gold prices, a sustainable dividend, and both organic and Chantal Gosselin Douglas Holtby, Chairman Toll-free in Canada and the acquisition growth opportunities. Wheaton Precious Metals’ operating Charles Jeannes United States: Eduardo Luna 1 800 387 0825 costs are contractually set at the time the stream is entered into, allowing Marilyn Schonberner Randy Smallwood Outside of Canada and the United States: investors to benefit from cost predictability and strong margin growth in 1 416 682 3860 OFFICERS E: [email protected] an environment of rising silver and gold prices. Wheaton Precious Metals Randy Smallwood President & Chief Executive Officer AUDITORS currently has streaming agreements covering 17 operating mines and Curt Bernardi Deloitte LLP Senior Vice President, Vancouver, BC 9 development stage projects. The Company’s production profile is Legal & Corporate Secretary INVESTOR RELATIONS driven by a portfolio of high-quality assets, including a gold stream on Gary Brown Senior Vice President Patrick Drouin & Chief Financial Officer Senior Vice President, Vale’s Salobo mine, and silver streams on Glencore’s Antamina mine and Investor Relations Patrick Drouin T: 1 604 684 9648 Goldcorp’s Peñasquito mine. Senior Vice President, TF: 1 844 288 9878 Investor Relations E: [email protected] Haytham Hodaly Senior Vice President, Corporate Development Environmental Benefits Statement By using paper made with post-consumer recycled content, the following resources have been saved: TREES WATER WASTE GHG ENERGY 25 92,217 1,130 3,714 22 FULLY GROWN LITRES KILOGRAMS KILOGRAMS MMBTU NOTE TO THE READER Environmental impact estimates were made using Environmental Paper Network Calculator Version 3.2. To provide stakeholders with a complete overview of the Company and its portfolio of high-quality For more information visit www.papercalculator.org. assets, much of the content that was previously included in the Annual Report has been moved to the Wheaton Precious Metals Guidebook. The PDF version of the Guidebook is available for download from the website at www.wheatonpm.com. This Annual Report contains forward-looking statements, please see page 56 for the Cautionary Note Regarding Forward-Looking Statements. Wheaton Precious Metals is a trademark of Wheaton Precious Metals Corp. in Canada, the United States and certain other jurisdictions. RANDY SMALLWOOD, President & CEO LETTER FROM THE PRESIDENT & CEO Dear Shareholders, Since our inception, we have worked to refine the precious metals streaming model, and it is In 2004, Silver Wheaton was formed and the concept now considered an important source of funding of precious metals streaming was introduced to by all mining companies looking to raise capital. investors. Over the past 13 years, we have expanded The flexibility and non-dilutive nature of streaming from a company with just one asset and a focus on makes it attractive to miners of all sizes, from small, silver to a company with a portfolio of 26 assets and a single-asset development companies to the largest production profile balanced between silver and gold. of the diversified miners. Since it was introduced, This past year marked a new chapter in our corporate streaming has contributed over $18 billion history, as we transitioned from Silver Wheaton to dollars—funds that have been used to build and Wheaton Precious Metals (“Wheaton”)—a new identity expand mines, aid with acquisitions, and recapitalize that better reflects the underlying silver and gold assets corporate balance sheets. Wheaton has been that make up one of the best portfolios in the industry. responsible for almost half of this funding. Wheaton creates value through streaming for our shareholders, our mining partners and the community. Operational Performance and Portfolio Optionality As we move forward, we remain focused on precious metals and delivering shareholder value through our Our diversified portfolio of low-cost, long-life assets organic growth profile and accretive transactions. includes 17 operating mines that deliver silver and gold to us and 9 development stage projects. In 2017, our operating assets once again delivered At Salobo, higher feed grades and strong plant production that exceeded our guidance for both performance resulted in another solid year with over silver and gold. We generated over $535 million in 260 thousand attributable gold ounces produced. cash flow founded on production of over 350 thousand At Peñasquito, we are pleased with the progress ounces of gold and 28 million ounces of silver. As a on the Pyrite Leach Project (“PLP”), which according result of our sector-leading cash flow as well as ample to Goldcorp, is ahead of schedule, and should access to capital to finance acquisitions, we increased complete construction a quarter early. Additionally, the amount of capital returned to our shareholders with production at Peñasquito is expected to revert back a significant increase to our dividend. We distributed to higher grade ore in the coming years. Finally, during over $145 million back to our shareholders in 2017, the year, Antamina continued to perform above and we now deliver the highest yield among precious expectations. We were excited to showcase this asset metal streamers. We work for our shareholders and will by hosting a tour of the mine with research analysts always focus on delivering returns back to them. and investors earlier in 2017. WHEATON PRECIOUS METALS | 2017 ANNUAL REPORT I Our portfolio offers shareholders significant was acceptable to all parties. The outcome is a optionality, both through expansion opportunities proposed new owner and operator for the mine: at producing mines and by assets currently in First Majestic Silver, and a revised streaming development coming online in the future. In addition agreement was entered into that is linked to both to the ongoing expansion studies at Salobo and the gold and silver production. We believe this new anticipated upside from the PLP at Peñasquito, which agreement will incentivize First Majestic to explore is expected to deliver to Wheaton an additional and mine across the entire property, including the 1 to 1.5 million ounces of silver a year, we believe we silver-rich areas. We believe that, with the new have substantial growth optionality from existing partner and streaming agreement, the San Dimas streaming agreements including Rosemont, mine will continue to deliver significant value to Pascua-Lama and a number of small projects with Wheaton for many years to come. great potential. The nine development stage projects alone offer over 350 thousand gold equivalent ounces of annual production optionality. New Corporate Development Opportunities In addition to organic growth from our existing Working With Our Partners portfolio, we have a solid pipeline of opportunities ranging in various sizes. Wheaton continues to pursue Partnerships are the foundation of our business. a strategy of disciplined acquisition growth focusing The sustainability of our model is dependent on on new accretive streams from high-quality, low-cost uncovering value for all parties involved in a streaming mines. We are excited about what we believe to be a agreement. To that end, we take pride in working renewed focus among traditional mining companies with our streaming partners to ensure assets are in putting capital into the ground. As a result, we are operating in a healthy economic environment. seeing more investment opportunities on development Decisions to modify streaming agreements, which projects with significant potential. Such examples we had previously made with our partners, resulted in include entering into an early deposit streaming tangible benefits for both parties in 2017. Amendments agreement on the Kutcho Project in British Columbia. to the precious metal purchase agreement relating A recent prefeasibility study demonstrates the strong to the Minto mine provided Capstone Mining economics of the project, and we believe there is with downside protection in a lower copper price excellent potential for expansion and exploration. environment, which allowed them to mine additional resources and extend the mine life. Similarly, amendments to the Stratoni silver purchase agreement Investing in Our Communities encouraged Eldorado Gold to further explore the property. In November 2017, Eldorado Gold announced We are proud of our longstanding history of giving exploration success resulting in additional resources to back to the communities in which we live and be added to the mine plan thus extending the mine life. operate. Through our community investment program, we dedicate a portion of our net income to charitable The San Dimas mine, upon which Wheaton was founded organizations and initiatives that help improve and in 2004, has faced several challenges as a result of strengthen communities both locally and internationally. various factors. Throughout the year, we worked with Our community investment program focuses on four key
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