Wheaton Precious Metals Announces Solid 2023 Annual Results and

Transition to Progressive Dividend Policy

“With a record eight acquisitions totalling just over $1 billion in commitments, we bolstered our growth strategy in 2023, enhancing our production profile and supporting our long-term, growth forecast of approximately 40% over the next five years,” said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. “Our diversified portfolio of long-life, low-cost assets continued to deliver solid operating results, and we are pleased to have met our annual production guidance, achieving approximately 620,000 gold equivalent ounces. Furthermore, we have now recouped over 100% of the value of our initial upfront investments since inception, an accomplishment which is particularly noteworthy given the significant reserve and resource base underpinning our portfolio, supporting decades of forecasted remaining mine life. To reinforce our confidence in the sustainability and growth potential of Wheaton, we are pleased to announce a transition to a new progressive dividend policy, marked by an increase in our 2024 annual dividend. As we embark on what we anticipate being a phase of substantial and meaningful growth, our dedication to deploying capital in a manner that generates value for not only our shareholders, but also our partners and communities, remains unwavering.”

Solid Financial Results and Strong Balance Sheet

• Fourth quarter of 2023: $313 million in revenue, $242 million in operating cash flow, $168 million in net earnings and $165 million in adjusted net earnings[1] and, paid a quarterly dividend1 of $0.15 per common share.
• Full year of 2023: $1,016 million in revenue, $751 million in operating cash flow, $538 million in net earnings and $533 million in adjusted net earnings1.
• Balance Sheet: cash balance of $547 million, no debt, and an undrawn $2 billion revolving credit facility as at December 31, 2023 after making total upfront cash payments of $452 million relative to mineral stream interests in the quarter.

High Quality Asset Base

• Streaming and royalty agreements on 18 operating mines and 27 development projects6.
• 93% of attributable production from assets in the lowest half of their respective cost curves[2],4.
• Attributable gold equivalent production3 of 174,200 ounces in the fourth quarter of 2023 and 619,600 for the full year of 2023.
• Achieved annual production guidance for 2023 of 600,000 to 660,000 GEOs3, with sector-leading growth over the next five to ten years.
• Accretive portfolio growth:
  • On October 24, 2023, the Company entered into a definitive agreement with Waterton Copper Corp. to acquire a silver stream on the Mineral Park mine for total cash consideration of $115 million.
  • On November 15, 2023, announced the Company has entered into a definitive agreement with certain entities advised by Orion Resource Partners to acquire existing streams in respect of Ivanhoe Mines’ Platreef project and BMC Minerals’ Kudz Ze Kayah project, for total cash consideration of up to $455 million. In addition, the Company entered into an agreement for a gold stream in respect of Dalradian Gold’s Curraghinalt project, for total cash consideration of $75 million.
  • On November 21, 2023, the Company and Vale jointly announced the successful completion of the throughput test for the first phase of the Salobo III expansion project in Brazil, with the Salobo complex exceeding an average of 32 Mtpa over a 90-day period. Under the terms of the Salobo precious metals purchase agreement, the Company made a payment to Vale Base Metals totalling $370 million for completion of the first phase of the Salobo III expansion project in December 2023.
  • On December 13, 2023, the Company entered into a royalty agreement with Vista Gold Corp. to acquire a royalty in the amount of 1% of gross revenue from the sale or disposition of minerals from the Mt Todd gold project located in Australia for total cash consideration of $20 million.

Leadership in Sustainability

• Top Rankings: Ranked in the Global Top 50 out of over 15,000 multi-sector companies by Sustainalytics, AA rated by MSCI, and Prime rated by ISS.
• Subsequent to the quarter, Wheaton was recognized among Corporate Knights’ 2024 100 Most Sustainable Corporations in the world. The Company will be included in the Global 100 Index, which represents a benchmark for sustainability excellence.

News in full

In the interview below CEO Randy Smallwood provides an overview of the business and his view on the precious metals market