Wheaton Precious Metals Corp (WPM) Exchange: NYSE

Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors commodity price leverage and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. As a result, Wheaton has consistently outperformed gold and silver, as well as other mining investments. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming for all of its stakeholders. Wheaton's estimated attributable production in 2021 is forecast to be 330,000 to 345,000 ounces of gold, 25.5 to 26.5 million ounces of silver, and 45,000 to 55,000 GEOs of other metals, resulting in production of approximately 735,000 to 765,000 GEOs, in line with previous guidance. For the five-year period ending in 2025, the Company estimates that average production will amount to 810,000 GEOs 3. For the ten-year period ending in 2030, the Company estimates that average annual production will amount to 830,000 GEOs 3. In accordance with Wheaton Precious Metals™ Corp.'s ("Wheaton Precious Metals", "Wheaton" or the "Company") MD&A and financial statements, reference to the Company and Wheaton includes the Company's wholly owned subsidiaries. End Notes ________________________________ 1 Please refer to non-IFRS measures at the end of this press release. Dividends declared in the referenced calendar quarter, relative to the financial results of the prior quarter. 2 Commodity price assumptions for the gold equivalent production and sales in 2021 and long-term forecasts are $1,800 / ounce gold, $25 / ounce silver, and $2,300 / ounce palladium and $17.75 / pound cobalt. Other metal includes palladium and cobalt. 3 Gold equivalent guidance based on the commodity prices outlined in note 2 above. Five- and ten-year guidance do not include optionality production from Pascua Lama, Navidad, Cotabambas, or additional expansions at Salobo outside of project currently in construction. In addition, five-year guidance also does not include any production from Rosemont, Toroparu, Kutcho, or the Victor project at Sudbury. 4 Payable gold, silver and palladium ounces and cobalt pounds produced but not yet delivered are based on management estimates only and rely upon information provided by the owners and operators of mining operations and may be revised and updated in future periods as additional information is received. 5 Rating current as of October 7, 2021, for Sustainalytics and as of September 23, 2021, for MSCI. Condensed Interim Consolidated Statements of Earnings Three Months Ended September 30 Nine Months Ended September 30 (US dollars and shares in thousands, except per share amounts - unaudited) 2021 2020 2021 2020 Sales $ 268,957 $ 307,268 $ 923,468 $ 810,012 Cost of sales Cost of sales, excluding depletion $ 62,529 $ 70,119 $ 219,757 $ 202,238 Depletion 54,976 60,601 195,458 184,104 Total cost of sales $ 117,505 $ 130,720 $ 415,215 $ 386,342 Gross margin $ 151,452 $ 176,548 $ 508,253 $ 423,670 General and administrative expenses 13,595 21,326 44,030 56,307 Earnings from operations $ 137,857 $ 155,222 $ 464,223 $ 367,363 Other (income) expense 1,108 2,624 (2,194) (1,340) Earnings before finance costs and income taxes $ 136,749 $ 152,598 $ 466,417 $ 368,703 Finance costs 1,379 2,766 4,309 14,519 Earnings before income taxes $ 135,370 $ 149,832 $ 462,108 $ 354,184 Income tax (expense) recovery (433) 43 955 (3,601) Net earnings $ 134,937 $ 149,875 $ 463,063 $ 350,583 Basic earnings per share $ 0.300 $ 0.334 $ 1.029 $ 0.782 Diluted earnings per share $ 0.299 $ 0.332 $ 1.026 $ 0.779 Weighted average number of shares outstanding Basic 450,326 449,125 449,977 448,484 Diluted 451,717 451,999 451,369 449,892 Condensed Interim Consolidated Balance Sheets As at September 30 As at December 31 (US dollars in thousands - unaudited) 2021 2020 Assets Current assets Cash and cash equivalents $ 372,450 $ 192,683 Accounts receivable 10,392 5,883 Other 9,874 3,265 Total current assets $ 392,716 $ 201,831 Non-current assets Mineral stream interests $ 5,505,663 $ 5,488,391 Early deposit mineral stream interests 34,741 33,241 Mineral royalty interest 6,606 3,047 Long-term equity investments 71,741 199,878 Convertible notes receivable 15,489 11,353 Property, plant and equipment 5,790 6,289 Other 13,994 13,242 Total non-current assets $ 5,654,024 $ 5,755,441 Total assets $ 6,046,740 $ 5,957,272 Liabilities Current liabilities Accounts payable and accrued liabilities $ 14,514 $ 13,023 Current portion of performance share units 13,348 17,297 Current portion of lease liabilities 801 773 Other 154 76 Total current liabilities $ 28,817 $ 31,169 Non-current liabilities Bank debt $ - $ 195,000 Lease liabilities 2,258 2,864 Deferred income taxes 276 214 Performance share units 8,667 11,784 Pension liability 2,369 1,670 Total non-current liabilities $ 13,570 $ 211,532 Total liabilities $ 42,387 $ 242,701 Shareholders' equity Issued capital $ 3,685,032 $ 3,646,291 Reserves 50,769 126,882 Retained earnings 2,268,552 1,941,398 Total shareholders' equity $ 6,004,353 $ 5,714,571 Total liabilities and shareholders' equity $ 6,046,740 $ 5,957,272 Condensed Interim Consolidated Statements of Cash Flows Three Months Ended September 30 Nine Months Ended September 30 (US dollars in thousands - unaudited) 2021 2020 2021 2020 Operating activities Net earnings $ 134,937 $ 149,875 $ 463,063 $ 350,583 Adjustments for Depreciation and depletion 55,445 61,050 196,869 185,542 Interest expense 30 1,795 324 11,289 Equity settled stock based compensation 1,315 1,319 3,946 4,127 Performance share units 2,824 9,325 (7,128) 11,734 Pension expense 294 265 710 533 Income tax expense (recovery) 433 (43) (955) 3,601 Loss (gain) on fair value adjustment of share purchase warrants held 1,246 1,107 2,392 845 Fair value (gain) loss on convertible note receivable 490 1,095 (4,136) (1,382) Investment income recognized in net earnings (178) (23) (275) (178) Other (9) 567 685 513 Change in non-cash working capital 4,434 3,656 (5,341) 2,771 Cash generated from operations before income taxes and interest $ 201,261 $ 229,988 $ 650,154 $ 569,978 Income taxes recovered (paid) - - (51) 70 Interest paid (31) (1,912) (401) (12,745) Interest received 57 23 154 177 Cash generated from operating activities $ 201,287 $ 228,099 $ 649,856 $ 557,480 Financing activities Bank debt repaid $ - $ (153,000) $ (195,000) $ (387,000) Credit facility extension fees (54) (6) (1,727) (1,373) Share purchase options exercised 183 2,763 5,719 20,779 Lease payments (196) (132) (583) (438) Dividends paid (57,235) (37,309) (160,784) (120,312) Cash (used for) generated from financing activities $ (57,302) $ (187,684) $ (352,375) $ (488,344) Investing activities Mineral stream interests $ (1,055) $ (40) $ (216,845) $ (40) Early deposit mineral stream interests (750) (750) (1,500) (1,500) Mineral royalty interest - - (3,571) - Acquisition of long-term investments (5,076) (10,671) (7,453) (10,671) Proceeds on disposal of long-term investments - 49,454 112,188 49,577 Dividends received 110 - 110 - Other (171) (363) (691) (691) Cash generated from (used for) investing activities $ (6,942) $ 37,630 $ (117,762) $ 36,675 Effect of exchange rate changes on cash and cash equivalents $ (39) $ 25 $ 48 $ 37 Increase in cash and cash equivalents $ 137,004 $ 78,070 $ 179,767 $ 105,848 Cash and cash equivalents, beginning of period 235,446 131,764 192,683 103,986 Cash and cash equivalents, end of period $ 372,450 $ 209,834 $ 372,450 $ 209,834 Summary of Units Produced Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Gold ounces produced ² Salobo 55,205 55,590 46,622 62,854 63,408 59,104 62,575 74,716 Sudbury 3 465 4,563 7,004 6,659 3,798 9,257 7,795 6,468 Constancia 8 8,533 5,519 2,453 3,929 3,780 3,470 3,681 4,757 San Dimas 4, 8 11,936 11,478 10,491 11,652 9,228 6,074 11,318 11,352 Stillwater 5 2,949 2,962 3,041 3,290 3,176 3,222 2,955 3,585 Other Minto 6 1,703 3,206 2,638 789 1,832 2,928 2,124 2,189 777 9 4,717 5,035 6,280 2,866 5,278 4,728 4,551 3,987 Marmato 433 1,713 - - - - - - Total Other 6,853 9,954 8,918 3,655 7,110 7,656 6,675 6,176 Total gold ounces produced 85,941 90,066 78,529 92,039 90,500 88,783 94,999 107,054 Silver ounces produced 2 Peñasquito 8 2,180 2,026 2,202 2,014 1,992 967 2,658 1,895 Antamina 8 1,548 1,558 1,577 1,930 1,516 612 1,311 1,342 Constancia 8 521 468 406 478 430 254 461 632 Other Los Filos 8 12 26 31 6 17 14 29 55 Zinkgruvan 658 457 420 515 498 389 662 670 Yauliyacu 8 432 821 737 454 679 273 557 358 Stratoni 8 164 165 185 156 148 183 147 Minto 6 25 33 21 16 15 19 18 18 Neves-Corvo 362 408 345 420 281 479 377 385 Aljustrel 314 400 474 440 348 388 352 325 Cozamin 199 183 230 - - - - - Marmato 10 39 - - - - - - Keno Hill 44 55 27 - - - - - 777 9 81 83 130 51 96 108 96 81 Total Other 2,145 2,669 2,580 2,087 2,090 1,818 2,274 2,039 Total silver ounces produced 6,394 6,721 6,765 6,509 6,028 3,651 6,704 5,908 Palladium ounces produced ² Stillwater 5 5,105 5,301 5,769 5,672 5,444 5,759 5,312 6,057 Cobalt pounds produced ² Voisey's Bay 370,522 379,757 1,162,243 ¹⁰ - - - - - GEOs produced 7 184,918 193,927 191,308 189,682 181,184 146,857 194,901 196,850 SEOs produced 7 13,314 13,963 13,774 13,657 13,045 10,574 14,033 14,173 Average payable rate 2 Gold 96.2% 95.8% 95.0% 95.2% 95.3% 94.7% 95.1% 95.6% Silver 86.6% 87.0% 86.6% 86.3% 86.1% 81.9% 85.6% 85.3% Palladium 94.5% 95.0% 91.6% 93.6% 94.0% 90.8% 91.0% 92.2% Cobalt 93.3% 93.3% 93.3% n.a. n.a. n.a. n.a. n.a. GEO 7 91.2% 91.7% 90.4% 91.1% 91.1% 89.8% 90.4% 91.5% 1) All figures in thousands except cobalt pounds and gold and palladium ounces produced. 2) Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures and payable rates are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures and payable rates may be updated in future periods as additional information is received. 3) Comprised of the Coleman, Copper Cliff, Garson, Creighton and Totten gold interests. Operations at the Sudbury mines were suspended from June 1, 2021 to August 9, 2021 as a result of a labour disruption by unionized employees. 4) Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the "70" shall be revised to "50" or "90", as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the "70" shall be reinstated. Effective April 1, 2020, the fixed gold to silver exchange ratio was revised to 90:1, with the 70:1 ratio being reinstated on October 15, 2020. For reference, attributable silver production from prior periods is as follows: Q3-2021 - 472,000 ounces; Q2-2021 - 467,000 ounces; Q1-2021 - 429,000 ounces; Q4-2020 - 485,000 ounces; Q3-2020 - 420,000 ounces; Q2-2020 - 276,000 ounces; Q1-2020 - 419,000 ounces; Q4-2019 - 415,000 ounces. 5) Comprised of the Stillwater and East Boulder gold and palladium interests. 6) The Minto mine was placed into care and maintenance from October 2018 to October 2019. 7) GEOs and SEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,800 per ounce gold; $25.00 per ounce silver; $2,300 per ounce palladium; and $17.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2021. 8) Operations at these mines had been temporarily suspended during the second quarter of 2020 as a result of the COVID-19 pandemic. During the second half of 2020, all of the operations were restarted. Additionally, operations at Los Filos were suspended from September 3, 2020 to December 23, 2020 as the result of an illegal road blockade by members of the nearby Carrizalillo community and had been temporarily suspended from June 22, 2021 to July 26, 2021 as the result of illegal blockades by a group of unionized employees and members of the Xochipala community. 9) Operations at 777 were temporarily suspended from October 11, 2020 to November 25, 2020 as a result of an incident that occurred on October 9th during routine maintenance of the hoist rope and skip. 10) Effective January 1, 2021, the Company was entitled to cobalt production from the Voisey's Bay mine. As per the Voisey's Bay PMPA with Vale, Wheaton is entitled to any cobalt processed at the Long Harbour Processing Plant as of January 1, 2021, resulting in reported production in the first quarter of 2021 including some material produced at the Voisey's Bay mine in the previous quarter. Summary of Units Sold Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Gold ounces sold Salobo 35,185 57,296 51,423 53,197 59,584 68,487 74,944 58,137 Sudbury 2 1,915 6,945 3,691 7,620 7,858 7,414 4,822 7,394 Constancia 7 8,159 2,321 1,676 3,853 4,112 3,024 3,331 5,108 San Dimas 7 11,346 11,214 10,273 11,529 9,687 6,030 11,358 11,499 Stillwater 3 2,820 2,574 3,074 3,069 3,015 3,066 3,510 2,925 Other Minto 4 1,907 2,359 2,390 1,540 - - - - 777 5,879 5,694 2,577 5,435 5,845 4,783 2,440 4,160 Marmato 438 1,687 - - - - - - Total Other 8,224 9,740 4,967 6,975 5,845 4,783 2,440 4,160 Total gold ounces sold 67,649 90,090 75,104 86,243 90,101 92,804 100,405 89,223 Silver ounces sold Peñasquito 7 2,210 1,844 2,174 1,417 1,799 1,917 2,310 1,268 Antamina 7 1,502 1,499 1,930 1,669 1,090 788 1,244 1,227 Constancia 7 484 295 346 442 415 254 350 672 Other Los Filos 7 12 42 27 - 19 25 37 26 Zinkgruvan 354 355 293 326 492 376 447 473 Yauliyacu 7 182 601 1,014 15 580 704 9 561 Stratoni 41 167 117 169 134 77 163 120 Minto 4 24 29 26 20 - - - - Neves-Corvo 193 215 239 145 201 236 204 154 Aljustrel 155 208 257 280 148 252 123 121 Cozamin 170 168 173 - - - - - Marmato 10 35 - - - - - - Keno Hill 51 33 12 - - - - - 777 99 109 49 93 121 100 41 62 Total Other 1,291 1,962 2,207 1,048 1,695 1,770 1,024 1,517 Total silver ounces sold 5,487 5,600 6,657 4,576 4,999 4,729 4,928 4,684 Palladium ounces sold Stillwater 3 5,703 3,869 5,131 4,591 5,546 4,976 4,938 5,312 Cobalt pounds sold Voisey's Bay 131,174 394,623 132,277 - - - - - GEOs sold 5 152,432 176,700 175,419 155,665 166,611 164,844 175,154 161,066 SEOs sold 5 10,975 12,722 12,630 11,208 11,996 11,869 12,611 11,597 Cumulative payable units PBND 6 Gold ounces 81,246 66,250 70,072 70,555 75,750 79,632 88,383 98,475 Silver ounces 4,056 3,975 3,738 4,486 3,437 3,222 4,961 4,142 Palladium ounces 5,619 6,822 5,373 5,597 4,616 4,883 4,875 4,872 Cobalt pounds 637,986 777,304 819,819 - - - - - GEO 5 151,056 137,835 136,933 140,008 129,391 130,623 163,521 162,225 SEO 5 10,423 9,372 9,277 10,081 9,316 9,405 11,774 11,680 Inventory on hand Cobalt pounds 488,324 134,482 132,277 - - - - - 1) All figures in thousands except cobalt pounds and gold and palladium ounces sold. 2) Comprised of the Coleman, Copper Cliff, Garson, Creighton and Totten gold interests. 3) Comprised of the Stillwater and East Boulder gold and palladium interests. 4) The Minto mine was placed into care and maintenance from October 2018 to October 2019. 5) GEOs and SEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,800 per ounce gold; $25.00 per ounce silver; $2,300 per ounce palladium; and $17.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2021. 6) Payable gold, silver and palladium ounces as well as cobalt pounds produced but not yet delivered ("PBND") are based on management estimates. These figures may be updated in future periods as additional information is received. 7) Operations at these mines had been temporarily suspended during the second quarter of 2020 as a result of the COVID-19 pandemic. During the second half of 2020, all of the operations were restarted. Results of Operations The operating results of the Company's reportable operating segments are summarized in the tables and commentary below. Three Months Ended September 30, 2021 Units Produced² Units Sold Average Realized Price ($'s Per Unit) Average Cash Cost ($'s Per Unit) 3 Average Depletion ($'s Per Unit) Sales Net Earnings Cash Flow From Operations Total Assets Gold Salobo 55,205 35,185 $ 1,795 $ 412 $ 374 $ 63,154 $ 35,504 $ 50,404 $ 2,455,567 Sudbury 4 465 1,915 1,794 400 1,024 3,436 708 2,242 308,158 Constancia 8,533 8,159 1,795 411 315 14,645 8,723 11,487 101,741 San Dimas 11,936 11,346 1,795 618 322 20,365 9,693 13,351 171,617 Stillwater 2,949 2,820 1,795 326 397 5,061 3,024 4,144 220,949 Other 5 6,853 8,224 1,794 590 38 14,755 9,586 9,887 64,985 85,941 67,649 $ 1,795 $ 464 $ 337 $ 121,416 $ 67,238 $ 91,515 $ 3,323,017 Silver Peñasquito 2,180 2,210 $ 24.09 $ 4.29 $ 3.55 $ 53,259 $ 35,932 $ 43,776 $ 328,470 Antamina 1,548 1,502 23.99 4.80 7.53 36,000 17,503 28,993 589,816 Constancia 521 484 24.09 6.05 7.56 11,668 5,076 9,033 208,537 Other 6 2,145 1,291 22.97 6.33 4.49 29,660 15,686 24,011 602,796 6,394 5,487 $ 23.80 $ 5.06 $ 5.21 $ 130,587 $ 74,197 $ 105,813 $ 1,729,619 Palladium Stillwater 5,105 5,703 $ 2,426 $ 468 $ 442 $ 13,834 $ 8,644 $ 11,168 $ 234,883 Cobalt Voisey's Bay 370,522 131,174 $ 23.78 $ 5.15 $ 8.17 $ 3,120 $ 1,373 $ 159 $ 218,144 Operating results $ 268,957 $ 151,452 $ 208,655 $ 5,505,663 Other General and administrative $ (13,595) $ (6,432) Finance costs (1,379) (1,039) Other (1,108) 103 Income tax (433) - Total other $ (16,515) $ (7,368) $ 541,077 $ 134,937 $ 201,287 $ 6,046,740 1) Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except cobalt pounds produced and sold, gold and palladium ounces produced and sold and per unit amounts. 2) Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. 3) Refer to discussion on non-IFRS measure (iii) at the end of this press release. 4) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests and the non-operating Stobie and Victor gold interests. 5) Comprised of the operating 777, Minto and Marmato gold interests as well as the non-operating Rosemont and Santo Domingo gold interests. 6) Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Neves-Corvo, Aljustrel, Minto, Keno Hill, Cozamin, Marmato and 777 silver interests as well as the non-operating Loma de La Plata, Pascua-Lama and Rosemont silver interests. On a gold equivalent and silver equivalent basis, results for the Company for the three months ended September 30, 2021 were as follows: Three Months Ended September 30, 2021 Ounces Produced 1, 2 Ounces Sold 2 Average Realized Price ($'s Per Ounce) Average Cash Cost ($'s Per Ounce) 3 Cash Operating Margin ($'s Per Ounce) 4 Average Depletion ($'s Per Ounce) Gross Margin ($'s Per Ounce) Gold equivalent basis 5 184,918 152,432 $ 1,764 $ 410 $ 1,354 $ 361 $ 993 Silver equivalent basis 5 13,314 10,975 $ 24.51 $ 5.70 $ 18.81 $ 5.01 $ 13.80 1) Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. 2) Silver ounces produced and sold in thousands. 3) Refer to discussion on non-IFRS measure (iii) at the end of this press release. 4) Refer to discussion on non-IFRS measure (iv) at the end of this press release. 5) GEOs and SEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,800 per ounce gold; $25.00 per ounce silver; $2,300 per ounce palladium; and $17.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2021. Three Months Ended September 30, 2020 Units Produced² Units Sold Average Realized Price ($'s Per Unit) Average Cash Cost ($'s Per Unit) 3 Average Depletion ($'s Per Unit) Sales Net Earnings Cash Flow From Operations Total Assets Gold Salobo 63,408 59,584 $ 1,902 $ 408 $ 374 $ 113,319 $ 66,700 $ 91,917 $ 2,529,258 Sudbury 4 3,798 7,858 1,929 400 831 15,161 5,485 12,018 327,352 Constancia 3,780 4,112 1,902 407 338 7,819 4,758 6,147 106,870 San Dimas 9,228 9,687 1,902 612 315 18,423 9,442 14,309 185,835 Stillwater 3,176 3,015 1,902 345 449 5,734 3,341 4,695 225,688 Other 5 7,110 5,845 1,929 423 305 11,278 7,022 8,804 9,184 90,500 90,101 $ 1,906 $ 428 $ 404 $ 171,734 $ 96,748 $ 137,890 $ 3,384,187 Silver Peñasquito 1,992 1,799 $ 24.55 $ 4.26 $ 3.24 $ 44,154 $ 30,660 $ 36,492 $ 355,167 Antamina 1,516 1,090 24.55 4.67 8.74 26,758 12,139 21,666 641,521 Constancia 430 415 24.55 5.99 7.63 10,190 4,538 7,704 220,417 Other 6 2,090 1,695 24.98 8.37 1.94 42,332 24,859 24,333 475,613 6,028 4,999 $ 24.69 $ 5.89 $ 4.36 $ 123,434 $ 72,196 $ 90,195 $ 1,692,718 Palladium Stillwater 5,444 5,546 $ 2,182 $ 383 $ 428 $ 12,100 $ 7,604 $ 9,977 $ 243,354 Cobalt Voisey's Bay - - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 227,510 Operating results $ 307,268 $ 176,548 $ 238,062 $ 5,547,769 Other General and administrative $ (21,326) $ (7,239) Finance costs (2,766) (2,820) Other (2,624) 96 Income tax 43 - Total other $ (26,673) $ (9,963) $ 543,418 $ 149,875 $ 228,099 $ 6,091,187 1 Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except cobalt pounds produced and sold, gold and palladium ounces produced and sold and per unit amounts. 2 Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. 3) Refer to discussion on non-IFRS measure (iii) at the end of this press release. 4) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests. 5) Comprised of the operating Minto and 777 gold interests as well as the non-operating Rosemont gold interest. 6) Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Neves-Corvo, Aljustrel, Minto and 777 silver interests as well as the non-operating Keno Hill, Loma de La Plata, Pascua-Lama and Rosemont silver interests. On a gold equivalent and silver equivalent basis, results for the Company for the three months ended September 30, 2020 were as follows: Three Months Ended September 30, 2020 Ounces Produced 1, 2 Ounces Sold 2 Average Realized Price ($'s Per Ounce) Average Cash Cost ($'s Per Ounce) 3 Cash Operating Margin ($'s Per Ounce) 4 Average Depletion ($'s Per Ounce) Gross Margin ($'s Per Ounce) Gold equivalent basis 5 181,184 166,611 $ 1,844 $ 421 $ 1,423 $ 364 $ 1,059 Silver equivalent basis 5 13,045 11,996 $ 25.61 $ 5.85 $ 19.76 $ 5.05 $ 14.71 1) Quantity produced represent the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. 2) Silver ounces produced and sold in thousands. 3) Refer to discussion on non-IFRS measure (iii) at the end of this press release. 4) Refer to discussion on non-IFRS measure (iv) at the end of this press release. 5) GEOs and SEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,800 per ounce gold; $25.00 per ounce silver; $2,300 per ounce palladium; and $17.75 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2021. Non-IFRS Measures Wheaton has included, throughout this document, certain non-IFRS performance measures, including (i) adjusted net earnings and adjusted net earnings per share; (ii) operating cash flow per share (basic and diluted); (iii) average cash costs of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis, with the Company receiving its first deliveries of cobalt from Voisey's Bay during the first quarter of 2021; and (iv) cash operating margin. The Company has removed the non-IFRS measure associated with net debt as Wheaton fully repaid its debt during the first quarter of 2021. i. Adjusted net earnings and adjusted net earnings per share are calculated by removing the effects of non-cash impairment charges,non-cash fair value (gains) losses and other one-time (income) expenses as well as the reversal of non-cash income tax expense (recovery) which is offset by income tax expense (recovery) recognized in the Statements of Shareholders' Equity and OCI, respectively. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, management and certain investors use this information to evaluate the Company's performance. The following table provides a reconciliation of adjusted net earnings and adjusted net earnings per share (basic and diluted). Three Months Ended September 30 (in thousands, except for per share amounts) 2021 2020 Net earnings $ 134,937 $ 149,875 Add back (deduct): (Gain) loss on fair value adjustment of share purchase warrants held 1,246 1,107 (Gain) loss on fair value adjustment of convertible notes receivable 490 1,095 Income tax expense (recovery) recognized in the Statement of Shareholders' Equity (269) (92) Income tax expense (recovery) recognized in the Statement of OCI 627 (9) Other 56 31 Adjusted net earnings $ 137,087 $ 152,007 Divided by: Basic weighted average number of shares outstanding 450,326 449,125 Diluted weighted average number of shares outstanding 451,717 451,999 Equals: Adjusted earnings per share - basic $ 0.304 $ 0.338 Adjusted earnings per share - diluted $ 0.303 $ 0.336 ii. Operating cash flow per share (basic and diluted) is calculated by dividing cash generated by operating activities by the weighted average number of shares outstanding (basic and diluted). The Company presents operating cash flow per share as management and certain investors use this information to evaluate the Company's performance in comparison to other companies in the precious metal mining industry who present results on a similar basis. The following table provides a reconciliation of operating cash flow per share (basic and diluted). Three Months Ended September 30 (in thousands, except for per share amounts) 2021 2020 Cash generated by operating activities $ 201,287 $ 228,099 Divided by: Basic weighted average number of shares outstanding 450,326 449,125 Diluted weighted average number of shares outstanding 451,717 451,999 Equals: Operating cash flow per share - basic $ 0.447 $ 0.508 Operating cash flow per share - diluted $ 0.446 $ 0.505 iii. Average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis is calculated by dividing the total cost of sales, less depletion, by the ounces or pounds sold. In the precious metal mining industry, this is a common performance measure but does not have any standardized meaning prescribed by IFRS. In addition to conventional measures prepared in accordance with IFRS, management and certain investors use this information to evaluate the Company's performance and ability to generate cash flow. The following table provides a calculation of average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis. Three Months Ended September 30 (in thousands, except for gold and palladium ounces sold, cobalt pounds sold and per unit amounts) 2021 2020 Cost of sales $ 117,505 $ 130,720 Less: depletion (54,976) (60,601) Cash cost of sales $ 62,529 $ 70,119 Cash cost of sales is comprised of: Total cash cost of gold sold $ 31,405 $ 38,570 Total cash cost of silver sold 27,782 29,426 Total cash cost of palladium sold 2,667 2,123 Total cash cost of cobalt sold 675 - Total cash cost of sales $ 62,529 $ 70,119 Divided by: Total gold ounces sold 67,649 90,101 Total silver ounces sold 5,487 4,999 Total palladium ounces sold 5,703 5,546 Total cobalt pounds sold 131,174 - Equals: Average cash cost of gold (per ounce) $ 464 $ 428 Average cash cost of silver (per ounce) $ 5.06 $ 5.89 Average cash cost of palladium (per ounce) $ 468 $ 383 Average cash cost of cobalt (per pound) $ 5.15 $ n.a. iv. Cash operating margin is calculated by subtracting the average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis from the average realized selling price of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis. The Company presents cash operating margin as management and certain investors use this information to evaluate the Company's performance in comparison to other companies in the precious metal mining industry who present results on a similar basis as well as to evaluate the Company's ability to generate cash flow. The following table provides a reconciliation of cash operating margin. Three Months Ended September 30 (in thousands, except for cobalt pounds sold, gold and palladium ounces sold and per unit amounts) 2021 2020 Total sales: Gold $ 121,416 $ 171,734 Silver $ 130,587 $ 123,434 Palladium $ 13,834 $ 12,100 Cobalt $ 3,120 $ - Divided by: Total gold ounces sold 67,649 90,101 Total silver ounces sold 5,487 4,999 Total palladium ounces sold 5,703 5,546 Total cobalt pounds sold 131,174 - Equals: Average realized price of gold (per ounce) $ 1,795 $ 1,906 Average realized price of silver (per ounce) $ 23.80 $ 24.69 Average realized price of palladium (per ounce) $ 2,426 $ 2,182 Average realized price of cobalt (per pound) $ 23.78 $ n.a. Less: Average cash cost of gold 1 (per ounce) $ (464) $ (428) Average cash cost of silver 1 (per ounce) $ (5.06) $ (5.89) Average cash cost of palladium 1 (per ounce) $ (468) $ (383) Average cash cost of cobalt 1 (per pound) $ (5.15) $ n.a. Equals: Cash operating margin per gold ounce sold $ 1,331 $ 1,478 As a percentage of realized price of gold 74% 78% Cash operating margin per silver ounce sold $ 18.74 $ 18.80 As a percentage of realized price of silver 79% 76% Cash operating margin per palladium ounce sold $ 1,958 $ 1,799 As a percentage of realized price of palladium 81% 82% Cash operating margin per cobalt pound sold $ 18.63 $ n.a. As a percentage of realized price of cobalt 78% n.a. 1) Please refer to non-IFRS measure (iii), above. These non-IFRS measures do not have any standardized meaning prescribed by IFRS, and other companies may calculate these measures differently. The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.