TIDMWPM

RNS Number : 8363V

Wheaton Precious Metals Corp.

12 August 2022

August 12, 2022

Vancouver, British Columbia

TSX | NYSE | LSE: WPM

Designated News Release

SECOND quarter 2022 financial results

Wheaton Precious Metals Announces Second Quarter Results for 2022

"Throughout the first half of 2022, we have focused on optimizing our portfolio and further enhancing our financial flexibility in order to ensure that we are well positioned to respond to accretive growth opportunities and continue creating value for our shareholders," said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. "While not without its challenges, our diverse portfolio once again delivered strong operating cash flow and an attractive dividend yield, highlighting the resiliency of the streaming model to the inflationary pressures currently being felt across the global economy. Furthermore, we are pleased with our continued progress and leadership on sustainability initiatives as highlighted in our third annual Sustainability Report."

Second Quarter 2022 Highlights:

-- Over $300 million in revenue and $206 million in operating cash flow, resulting in a cash balance of $449 million and no debt as at June 30, 2022.

   --   $149 million in adjusted net earnings(1) . 

-- Announced the proposed termination of the Keno Hill precious metal purchase agreement ("PMPA") for $135 million.

-- Subsequent to the quarter, Wheaton added a sustainability-linked element in connection with the extension to its existing undrawn US$2 billion revolving credit facility.

   --   Recognized as one of the Best 50 Corporate Citizens in Canada by Corporate Knights. 

-- Declared quarterly dividend (1) of $0.15 per common share, consistent with the comparable period in 2021 .

Operational Overview

 
(all figures in US dollars 
unless otherwise noted)           Q2 2022     Q2 2021   Change   YTD 2022      YTD 2021   Change 
------------------------------    -------   ---------  -------   --------   -----------  ------- 
Units produced 
   Gold ounces                     68,365      90,072  (24.1)%    146,419       168,601  (13.2)% 
   Silver ounces                    6,537       6,529    0.1 %     12,770        13,294   (3.9)% 
   Palladium ounces                 3,899       5,301  (26.4)%      8,387        11,070  (24.2)% 
   Cobalt pounds                      136         380  (64.1)%        371         1,542  (76.0)% 
   Gold equivalent ounces (2)     162,569     190,272  (14.6)%    333,265       387,028  (13.9)% 
Units sold 
   Gold ounces                     84,337      90,090   (6.4)%    162,238       165,194   (1.8)% 
   Silver ounces                    5,848       5,600    4.4 %     11,401        12,257   (7.0)% 
   Palladium ounces                 3,378       3,869  (12.7)%      7,453         9,000  (17.2)% 
   Cobalt pounds                      225         395  (43.0)%        736           527   39.7 % 
   Gold equivalent ounces (2)     170,371     176,502   (3.5)%    336,436       348,773   (3.5)% 
-------------------------------   -------   ---------  -------   --------   -----------  ------- 
Revenue                          $302,922  $  330,393   (8.3)%  $ 610,166  $    654,512   (6.8)% 
Net earnings                     $149,074  $  166,124  (10.3)%  $ 306,542  $    328,126   (6.6)% 
   Per share                     $  0.330  $    0.369  (10.6)%  $   0.679  $      0.729   (6.9)% 
Adjusted net earnings (1)        $149,285  $  161,626   (7.6)%  $ 307,292  $    322,760   (4.8)% 
   Per share (1)                 $  0.331  $    0.359   (7.8)%  $   0.681  $      0.718   (5.1)% 
Operating cash flows             $206,359  $  216,415   (4.6)%  $ 416,899  $    448,569   (7.1)% 
   Per share (1)                 $  0.457  $    0.481   (5.0)%  $   0.924  $      0.997   (7.3)% 
-------------------------------   -------   ---------  -------   --------   -----------  ------- 
 

All amounts in thousands except gold, palladium & gold equivalent ounces, and per share amounts. [1] [2]

Revised Annual and Long-Term Production Guidance

Given the proposed termination of the Keno Hill PMPA, lower production from Stillwater due to severe weather and flooding in the state of Montana in June as well as lower than expected production at Salobo, Wheaton is lowering production guidance. Wheaton's estimated attributable production for 2022 is now forecast to be approximately 640,000 to 680,000 gold equivalent ounces (2) ("GEOs"). For the five-year period ending December 31, 2026, average annual production is expected to increase to 820,000 GEO's (2) , primarily due to anticipated continued production growth from Salobo, Stillwater, Constancia, and Voisey's Bay as well as incremental production ounces from Marmato, Blackwater, Toroparu, Marathon, the Copper World Complex (formerly referred to as Rosemont) and Santo Domingo towards the latter end of the forecast period. Average forecast production for the ten-year period ending December 31, 2031, is expected to now be 870,000 GEO's (2) and includes incremental production from the Kutcho project and the Victor mine in Sudbury. Vale S.A. has indicated the potential for an additional expansion after the completion of the current Salobo III expansion, but Wheaton does not currently include this in its forecast.

2022 Production Guidance Forecast

 
                                 Original Guidance     Updated Guidance 
 Gold Ounces                     350,000 to 380,000   300,000 to 320,000 
                                -------------------  ------------------- 
 Silver Ounces ('000s)            23,000 to 24,500     22,500 to 24,000 
                                -------------------  ------------------- 
 Other Metals (2) (GEOs)          44,000 to 48,000     35,000 to 40,000 
                                -------------------  ------------------- 
 Total GEOs (2)                  700,000 to 760,000   640,000 to 680,000 
                                -------------------  ------------------- 
 Long-Term Forecast 
                                -------------------  ------------------- 
 5-Year Annual Average (GEOs) 
  (2)                                 850,000              820,000 
                                -------------------  ------------------- 
 10-Year Annual Average 
  (GEOs) (2)                          910,000              870,000 
                                -------------------  ------------------- 
 

Financial Review

Revenues

Revenue was $303 million in the second quarter of 2022 representing an 8% decrease from the second quarter of 2021 due primarily to a 5% decrease in the average realized gold equivalent(2) price; and a 3% decrease in the number of GEOs(2) sold.

Revenue was $610 million in the six months ended June 30, 2022, representing a 7% decrease from the comparable period of the previous year due primarily to a 4% decrease in the number of gold equivalent(2) ounces sold; and a 3% decrease in the average realized gold equivalent(2) price.

Cash Costs and Margin

Average cash costs(1) in the second quarter of 2022 were $440 per GEO(2) as compared to $444 in the second quarter of 2021. This resulted in a cash operating margin(1) of $1,338 per GEO(2) sold, a decrease of 6% as compared with the second quarter of 2021.

Average cash costs(1) for the six months ended June 30, 2022 were $431 per GEO(2) as compared to $451 in the comparable period of the previous year. This resulted in a cash operating margin(1) of $1,383 per GEO(2) sold, a decrease of 3% as compared with the comparable period of the previous year.

Balance Sheet (at June 30, 2022 )

   --   Approximately $449 million of cash on hand. 

-- Subsequent to the quarter, the Company extended its existing undrawn $2 billion revolving term loan (the "Revolving Facility") with its maturity date now July 18, 2027 . As part of the extension, Wheaton added a sustainability-linked element which impacts the interest rate paid on drawn amounts and standby fees.

-- The Company is well positioned to fund all outstanding commitments and known contingencies as well as providing flexibility to acquire additional accretive mineral stream interests.

Second Quarter Asset Highlights

Salobo: In the second quarter of 2022, Salobo produced 34,100 ounces of attributable gold, a decrease of approximately 39% relative to the second quarter of 2021, primarily due to lower throughput and grades. According to Vale S.A.'s Production and Sales 2Q22 report ("Vale"), mine movement saw continued improvement throughout the quarter, but concentrate production was negatively impacted by plant performance due to delays in ramp-up after planned and corrective maintenance. Vale expects further maintenance work to continue in the second half of 2022.

As per Vale's Second Quarter 2022 Performance Report, Vale outlines the Salobo lll Project progress including the start of commissioning activities at the primary crushing and stockpile areas. In addition, Vale notes that the remediation work for the January 2022 landslide has been completed. Vale reports that physical completion of the Salobo III mine expansion was 95% at the end of the second quarter.

Antamina: In the second quarter of 2022, Antamina produced 1.4 million ounces of attributable silver, a decrease of approximately 11% relative to the second quarter of 2021, primarily due to lower grades as per the mine plan .

Constancia: In the second quarter of 2022, Constancia produced 600,000 ounces of attributable silver and 8,000 ounces of attributable gold, an increase of approximately 25% and 46%, respectively, relative to the second quarter of 2021, with the increases being primarily due to the mining of higher-grade material associated with the Pampacancha deposit.

Sudbury: In the second quarter of 2022, Vale's Sudbury mines produced 7,200 ounces of attributable gold, an increase of approximately 58% relative to the second quarter of 2021, primarily due to higher throughput as during 2021, operations at the mine were suspended due to a labour dispute which lasted from June 1to August 9, 2021.

Stillwater: In the second quarter of 2022, the Stillwater mines produced 2,200 ounces of attributable gold and 3,900 ounces of attributable palladium, a decrease of approximately 27% for gold and 26% for palladium relative to the second quarter of 2021. As per Sibanye-Stillwater Limited's news release dated August 11, 2022, regional floods impacted the Stillwater operations on June 13, 2022, including damage to bridges and the access road to the Stillwater mine. Operations at the Stillwater mine, which accounts for 60% of the mined production from the Stillwater operations, were suspended for seven weeks, but resumed on July 29, 2022. Access to the East Boulder mine and the Columbus metallurgical facilities remains intact and both facilities continued operating during the flooding events.

San Dimas: In the second quarter of 2022, San Dimas produced 10,000 ounces of attributable gold, a decrease of approximately 12% relative to the second quarter of 2021 , primarily the result of mining lower grade material . According to First Majestic Silver Corp.'s ("First Majestic") Q2 production report, underground development for stope preparation and ventilation within the Perez vein is progressing and forecast to be ready for initial production in August. Furthermore, First Majestic reports that improving dilution controls at San Dimas and prioritizing long-hole stoping of the Jessica and Regina veins is anticipated to improve ore grade and overall production in the second half of 2022.

Other Gold: In the second quarter of 2022, total Other Gold attributable production was 6,800 ounces, a decrease of approximately 32% relative to the second quarter of 2021, primarily due to the lower throughput and grades at 777, which closed as of June 2022.

Voisey's Bay: In the second quarter of 2022, the Voisey's Bay mine produced 136,000pounds of attributable cobalt, a decrease of approximately 64% relative to the second quarter of 2021, primarily due to lower throughput resulting from a scheduled maintenance shut down coupled with lower grades during the ongoing transitional period between the depletion of the Ovoid open-pit mine and ramp-up to full production of the Voisey's Bay underground project. As per Vale's Second Quarter 2022 Performance Report, physical completion of the Voisey's Bay underground mine extension was 74% at the end of the second quarter. Civil works continue for the balance of facilities, with civil completion planned by the end of 2022.

Development Assets

Copper World Complex (formerly referred to as Rosemont): On June 8, 2022, Hudbay Minerals Inc. ("Hudbay") announced the results of the preliminary economic assessment ("PEA") of its 100%-owned Copper World Complex in Arizona, which includes the recently discovered Copper World deposits along with the Rosemont deposit. The PEA highlights a two-phase mine plan, with Phase I reflecting a standalone operation on private land and patented mining claims over a 16-year mine life. Phase II expands mining activities onto federal land and extends the mine life to 44 years. In addition, Hudbay is evaluating several opportunities to optimize the project, including the potential to expand Phase I beyond 16 years with additions to the company's private land package for tailings and waste rock storage and the potential to accelerate Phase II if federal permits are received earlier than as outlined in the PEA. As per the PEA, Hudbay anticipates the Phase 1 feasibility study and permits should be completed by the end of 2023, with a sanctioning decision by Hudbay in 2024, and construction expected to take three years.

Fenix: On June 28, 2022, Rio2 Limited ("Rio2") provided an update on the Fenix Gold environmental assessment process. The Environmental Assessment Service ("SEA") published the Consolidation Evaluation Report with the recommendation to reject the Environmental Impact Assessment ("EIA") as it has been alleged that Fenix Gold has not provided enough information during the evaluation process to eliminate adverse impacts over the chinchilla, guanaco, and vicuña. On July 5, 2022, Rio2 announced that the Regional Evaluation Commission has voted for not approving the EIA for its Fenix Gold project in Chile. Following this decision, Rio2 provided a further update on July 11, 2022, stating that Rio2 along with its Chilean environmental and legal advisor, are currently evaluating options to continue to advance the project.

Portfolio Optimization

Keno Hill: On July 5, 2022, Hecla Mining Company ("Hecla") announced a definitive agreement for Hecla to acquire all of the outstanding common shares of Alexco Resource Corp. ("Alexco"). In conjunction with this agreement, the Company has entered into an agreement with Hecla to terminate the Keno Hill PMPA in exchange for $135 million of Hecla common stock, conditional upon the completion of Hecla's acquisition of Alexco and other customary approvals.

Produced But Not Yet Delivered [3] and Inventory

As at June 30, 2022 , payable ounces and pounds attributable to the Company produced but not yet delivered amounted to:

-- 61,200 payable gold ounces, a decrease of 20,200 ounces during Q2 2022 , primarily due to decreases at the Salobo and Sudbury mines.

-- 3.7 million payable silver ounces, a decrease of 0.2 million ounces during Q2 2022 primarily due to decreases at the Peñasquito and Yauliyacu mines .

   --   6,300 payable palladium ounces, an increase of 700 ounces during Q2 2022. 
   --   280,000 payable cobalt pounds, a decrease of 270 thousand pounds during Q2 2022. 

As of June 30, 2022, approximately 582,000 pounds of cobalt were held in inventory by Wheaton, an increase of 172,000 pounds during Q2 2022.

Detailed mine-by-mine production and sales figures can be found in the Appendix to this press release and in Wheaton's consolidated MD&A in the 'Results of Operations and Operational Review' section.

Sustainability

Recognized as One of the Best 50 Corporate Citizens in Canada: Wheaton was named to the Corporate Knights' 2022 list of the Best 50 Corporate Citizens in Canada . Corporate Knights has been producing global corporate and fund rankings for 20 years. Wheaton was selected from a pool of 332 Canadian companies - each evaluated on a set of 24 environmental, social and governance indicators, relative to their industry peers and using publicly available information. The Best 50 Corporate Citizens sets the standard for sustainability leadership in Canada.

Sustainability-Linked Revolving Credit Facility: Wheaton has added a sustainability-linked element in connection with the extension to its existing undrawn US$2 billion revolving credit facility, underscoring Wheaton's commitment to sustainability initiatives. Under the renewed revolving credit facility, the interest rate paid on drawn amounts and standby fees will be adjusted based upon Wheaton's performance in three sustainability-related areas including climate change, diversity and overall sustainability performance.

Published third Annual Sustainability Report : On May 24, 2022, Wheaton published its third annual Sustainability Report. Highlights of the report include establishment of a formal ESG strategy with targets and commitments across several material ESG topics and significant enhancement of disclosure around climate change (including inaugural reporting of our Scope 3 financed emissions associated with our Mining Partners).

Webcast and Conference Call Details

A conference call and webcast will be held on Friday, August 12, 2022 starting at 8:00am PT / 11:00 am ET to discuss these results. To participate in the live call please use one of the following methods:

   Dial toll free from Canada or the US:             1-888-664-6383 
   Dial from outside Canada or the US:             1-416-764-8650 
   Pass code:                                                      06939369 
   Live webcast:                                                  Webcast URL 

The accompanying slideshow will also be available in PDF format on the 'Events' page of the Wheaton Precious Metals website before the conference call.

The conference call will be recorded and available until August 19, 2022 at 11:59 pm ET. The webcast will be available for one year. You can listen to an archive of the call by one of the following methods:

   Dial toll free from Canada or the US:             1-888-390-0541 
   Dial from outside Canada or the US:             1-416-764-8677 
   Pass code:                                                      939369 # 
   Archived webcast:                                          Webcast URL 

This earnings release should be read in conjunction with Wheaton Precious Metals' MD&A and Financial Statements, which are available on the Company's website at www.wheatonpm.com and have been posted on SEDAR at www.sedar.com.

Mr. Wes Carson, P.Eng., Vice President, Mining Operations is a "qualified person" as such term is defined under National Instrument 43-101, and have reviewed and approved the technical information disclosed in this news release.

Wheaton Precious Metals believes that there are no significant differences between its corporate governance practices and those required to be followed by United States domestic issuers under the NYSE listing standards. This confirmation is located on the Wheaton Precious Metals website at http://www.wheatonpm.com/Company/corporate-governance/default.aspx .

About Wheaton Precious Metals Corp. and Outlook

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.

In accordance with Wheaton Precious Metals(TM) 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.

Condensed Interim Consolidated Statements of Earnings

 
                                                        Three Months Ended          Six Months Ended 
                                                              June 30                    June 30 
 (US dollars and shares in thousands, except per 
  share amounts - unaudited)                                2022          2021               2022   2021 
--------------------------------------------------  ------------  ------------  -----------------  ----- 
 Sales                                               $   302,922   $   330,393    $       610,166      $   654,512 
--------------------------------------------------      --------      --------  ---  ------------  -----  -------- 
 Cost of sales 
   Cost of sales, excluding depletion                $    74,943   $    78,445    $       144,936      $   157,228 
   Depletion                                              65,682        70,308            123,084          140,482 
--------------------------------------------------      --------      --------  ---  ------------  -----  -------- 
 Total cost of sales                                 $   140,625   $   148,753    $       268,020      $   297,710 
--------------------------------------------------      --------      --------  ---  ------------  -----  -------- 
 Gross margin                                        $   162,297   $   181,640    $       342,146      $   356,802 
 General and administrative expenses                       9,685         8,904             19,089           18,639 
 Share based compensation                                  1,608         7,978             11,509            9,608 
 Donations and community investments                       1,160         1,583              1,973            2,188 
--------------------------------------------------      --------      --------  ---  ------------  -----  -------- 
 Earnings from operations                            $   149,844   $   163,175    $       309,575      $   326,367 
 Other (income) expense                                    (820)       (3,420)              (650)          (3,301) 
--------------------------------------------------      --------      --------  ---  ------------  -----  -------- 
 Earnings before finance costs and income taxes      $   150,664   $   166,595    $       310,225      $   329,668 
 Finance costs                                             1,389         1,357              2,811            2,930 
--------------------------------------------------      --------      --------  ---  ------------  -----  -------- 
 Earnings before income taxes                        $   149,275   $   165,238    $       307,414      $   326,738 
 Income tax (expense) recovery                             (201)           886              (872)            1,388 
--------------------------------------------------      --------      --------  ---  ------------  -----  -------- 
 Net earnings                                        $   149,074   $   166,124    $       306,542      $   328,126 
--------------------------------------------------      --------      --------  ---  ------------  -----  -------- 
 Basic earnings per share                            $     0.330   $     0.369    $         0.679      $     0.729 
 Diluted earnings per share                          $     0.330   $     0.368    $         0.678      $     0.728 
 Weighted average number of shares outstanding 
   Basic                                                 451,524       450,088            451,221          449,800 
   Diluted                                               452,359       451,203            452,123          450,869 
==================================================      ========      ========  ===  ============  =====  ======== 
 
 

Condensed Interim Consolidated Balance Sheets

 
                                                             As at            As at 
                                                           June 30      December 31 
 (US dollars in thousands - unaudited)                        2022             2021 
-------------------------------------------------  ---------------  --------------- 
 Assets 
 Current assets 
      Cash and cash equivalents                      $     448,626    $     226,045 
      Accounts receivable                                   13,550           11,577 
      Other                                                 16,160           12,102 
------------------------------------------------------  ----------  ---  ---------- 
 Total current assets                                $     478,336    $     249,724 
-------------------------------------------------  ---  ----------  ---  ---------- 
 Non-current assets 
      Mineral stream interests                       $   5,841,478    $   5,905,797 
      Early deposit mineral stream interests                45,342           34,741 
      Mineral royalty interest                               6,606            6,606 
      Long-term equity investments                          60,799           61,477 
      Convertible notes receivable                               -           17,086 
      Property, plant and equipment                          4,814            5,509 
      Other                                                 11,320           15,211 
------------------------------------------------------  ----------  ---  ---------- 
 Total non-current assets                            $   5,970,359    $   6,046,427 
-------------------------------------------------  ---  ----------  ---  ---------- 
 Total assets                                        $   6,448,695    $   6,296,151 
-------------------------------------------------  ---  ----------  ---  ---------- 
 Liabilities 
 Current liabilities 
      Accounts payable and accrued liabilities       $       9,546    $      13,935 
      Current portion of performance share units            11,989           14,807 
      Current portion of lease liabilities                     824              813 
      Other                                                     97              136 
 Total current liabilities                           $      22,456    $      29,691 
-------------------------------------------------  ---  ----------  ---  ---------- 
 Non-current liabilities 
      Lease liabilities                                      1,619            2,060 
      Deferred income taxes                                    236              100 
      Performance share units                                4,517           11,498 
      Pension liability                                      3,066            2,685 
------------------------------------------------------  ----------  ---  ---------- 
 Total non-current liabilities                       $       9,438    $      16,343 
-------------------------------------------------  ---  ----------  ---  ---------- 
 Total liabilities                                   $      31,894    $      46,034 
-------------------------------------------------  ---  ----------  ---  ---------- 
 Shareholders' equity 
 Issued capital                                      $   3,729,300    $   3,698,998 
 Reserves                                                   12,273           47,036 
 Retained earnings                                       2,675,228        2,504,083 
------------------------------------------------------  ----------  ---  ---------- 
 Total shareholders' equity                          $   6,416,801    $   6,250,117 
-------------------------------------------------  ---  ----------  ---  ---------- 
 Total liabilities and shareholders' equity          $   6,448,695    $   6,296,151 
-------------------------------------------------  ---  ----------  ---  ---------- 
 

Condensed Interim Consolidated Statements of Cash Flows

 
                                                                Three Months Ended       Six Months Ended 
                                                                      June 30                 June 30 
(US dollars in thousands - unaudited)                               2022        2021        2022        2021 
------------------------------------------------------------  ----------  ----------  ----------  ---------- 
Operating activities 
Net earnings                                                  $  149,074  $  166,124  $  306,542  $  328,126 
Adjustments for 
     Depreciation and depletion                                   66,080      70,775     123,875     141,424 
     Interest expense                                                 24          32          50         294 
     Equity settled stock based compensation                       1,498       1,307       2,839       2,632 
     Performance share units                                    (18,137)    (10,258)     (9,577)     (9,952) 
     Pension expense                                                 271         265         429         416 
     Income tax expense (recovery)                                   201       (886)         872     (1,388) 
      Loss (gain) on fair value adjustment of share purchase 
       warrants held                                                 154         194         897       1,145 
     Fair value (gain) loss on convertible note receivable             -     (3,388)       1,380     (4,626) 
     Investment income recognized in net earnings                  (549)        (95)       (743)        (97) 
     Other                                                            42         103     (1,472)         694 
Change in non-cash working capital                                 7,365     (7,803)     (8,553)     (9,775) 
============================================================   =========   =========   =========   ========= 
Cash generated from operations before income taxes and 
 interest                                                     $  206,023  $  216,370  $  416,539  $  448,893 
Income taxes recovered (paid)                                       (80)        (21)       (112)        (51) 
Interest paid                                                       (25)        (29)        (51)       (370) 
Interest received                                                    441          95         523          97 
============================================================   =========   =========   =========   ========= 
Cash generated from operating activities                      $  206,359  $  216,415  $  416,899  $  448,569 
============================================================   =========   =========   =========   ========= 
Financing activities 
Bank debt repaid                                              $        -  $        -  $        -  $(195,000) 
Credit facility extension fees                                       (2)     (1,673)         (2)     (1,673) 
Share purchase options exercised                                   1,777         743       7,549       5,536 
Lease payments                                                     (202)       (173)       (402)       (387) 
Dividends paid                                                 (117,117)   (103,549)   (117,117)   (103,549) 
============================================================   =========   =========   =========   ========= 
Cash (used for) generated from financing activities           $(115,544)  $(104,652)  $(109,972)  $(295,073) 
============================================================   =========   =========   =========   ========= 
Investing activities 
Mineral stream interests                                      $ (15,549)  $ (64,771)  $ (60,801)  $(215,790) 
Early deposit mineral stream interests                                 -           -       (750)       (750) 
Mineral royalty interest                                               -        (10)           -     (3,571) 
Acquisition of long-term investments                             (2,633)     (2,377)    (22,768)     (2,377) 
Proceeds on disposal of long-term investments                          -           -           -     112,188 
Dividends received                                                   108           -         220           - 
Other                                                               (89)       (386)       (125)       (520) 
============================================================   =========   =========   =========   ========= 
Cash (used for) generated from investing activities           $ (18,163)  $ (67,544)  $ (84,224)  $(110,820) 
============================================================   =========   =========   =========   ========= 
Effect of exchange rate changes on cash and cash equivalents  $    (189)  $       65  $    (122)  $       87 
============================================================   =========   =========   =========   ========= 
Increase in cash and cash equivalents                         $   72,463  $   44,284  $  222,581  $   42,763 
Cash and cash equivalents, beginning of period                   376,163     191,162     226,045     192,683 
============================================================   =========   =========   =========   ========= 
Cash and cash equivalents, end of period                      $  448,626  $  235,446  $  448,626  $  235,446 
------------------------------------------------------------   ---------   ---------   ---------   --------- 
 

Summary of Units Produced

 
                                  Q2 2022                Q1 2022                Q4 2021               Q3 2021         Q2 2021            Q1 2021            Q4 2020            Q3 2020 
------------------  ---------------------  ---------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
Gold ounces 
produced (2) 
  Salobo                           34,129                 44,883                 48,235                55,205          55,590             46,622             62,854             63,408 
  Sudbury (3)                       7,212                  5,362                  4,379                   148           4,563              7,004              6,659              3,798 
  Constancia                        8,042                  6,311                  9,857                 8,533           5,525              2,453              3,929              3,780 
  San Dimas (4)                    10,044                 10,461                 13,714                11,936          11,478             10,491             11,652              9,228 
  Stillwater (5)                    2,171                  2,497                  2,664                 2,949           2,962              3,041              3,290              3,176 
  Other 
       Minto                        2,480                  4,060                  3,506                 1,703           3,206              2,638                789              1,832 
       777 (6)                      3,509                  4,003                  4,462                 4,717           5,035              6,280              2,866              5,278 
       Marmato                        778                    477                    479                   433           1,713                  -                  -                  - 
------------------  ---------------------  ---------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
  Total Other                       6,767                  8,540                  8,447                 6,853           9,954              8,918              3,655              7,110 
------------------  ---------------------  ---------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
Total gold ounces 
produced                           68,365                 78,054                 87,296                85,624          90,072             78,529             92,039             90,500 
------------------  ---------------------  ---------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
Silver ounces 
produced (2) 
  Peñasquito                   2,089                  2,219                  2,145                 2,180           2,026              2,202              2,014              1,992 
  Antamina                          1,379                  1,268                  1,366                 1,548           1,558              1,577              1,930              1,516 
  Constancia                          584                    506                    578                   521             468                406                478                430 
  Other 
       Los Filos 
       (7)                             23                     42                     37                    17              26                 31                  6                 17 
       Zinkgruvan                     739                    577                    482                   658             457                420                515                498 
       Yauliyacu                      756                    637                    382                   372             629                737                454                679 
       Stratoni 
       (8)                              -                      -                    129                    18             164                165                185                156 
       Minto                           25                     45                     44                    25              33                 21                 16                 15 
       Neves-Corvo                    345                    344                    522                   362             408                345                420                281 
       Aljustrel                      292                    287                    325                   314             400                474                440                348 
       Cozamin                        169                    186                    213                   199             183                230                  -                  - 
       Marmato                          8                     11                      7                    10              39                  -                  -                  - 
       Keno Hill 
       (9)                             48                     20                     30                    44              55                 27                  -                  - 
       777 (6)                         80                     91                     96                    81              83                130                 51                 96 
------------------  ---------------------  ---------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
  Total Other                       2,485                  2,240                  2,267                 2,100           2,477              2,580              2,087              2,090 
------------------  ---------------------  ---------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
Total silver 
ounces produced                     6,537                  6,233                  6,356                 6,349           6,529              6,765              6,509              6,028 
------------------  ---------------------  ---------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
Palladium ounces 
produced (2) 
  Stillwater (5)                    3,899                  4,488                  4,733                 5,105           5,301              5,769              5,672              5,444 
------------------  ---------------------  ---------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
Cobalt pounds 
produced (2) 
  Voisey's Bay                        136                    234                    381                   370             380          1,162 (1)                  -                  - 
------------------  ---------------------  ---------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
GEOs produced (11)                162,569                170,696                184,551               183,012         190,272            196,756            185,436            177,230 
SEOs produced (11)                 12,193                 12,802                 13,841                13,726          14,270             14,757             13,908             13,292 
------------------  ---------------------  ---------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
Average payable 
rate (2) 
  Gold                              95.1%                  95.2%                  96.0%                 96.0%           95.8%              95.0%              95.2%              95.3% 
  Silver                            85.5%                  86.2%                  86.0%                 86.6%           86.9%              86.6%              86.3%              86.1% 
  Palladium                         94.6%                  92.7%                  92.2%                 94.5%           95.0%              91.6%              93.6%              94.0% 
  Cobalt                            93.3%                  93.3%                  93.3%                 93.3%           93.3%              93.3%               n.a.               n.a. 
  GEO (11)                          90.2%                  90.5%                  91.4%                 91.3%           91.8%              90.7%              91.2%              91.2% 
------------------  ---------------------  ---------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
 
   1)   All figures in thousands except 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: Q2-2022 - 382,000 ounces; Q1-2022 - 408,000 ounces; Q4-2021 - 544,000 ounces; 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.

   5)   Comprised of the Stillwater and East Boulder gold and palladium interests. 

6) 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. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.

7) 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.

   8)   The Stratoni mine was placed into care and maintenance during Q4-2021. 

9) On June 22, 2022, Alexco elected to temporarily suspend milling operations for five to six months to focus on advancing underground development at Keno Hill.

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.

11) GEOs and SEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,800 per ounce gold; $24.00 per ounce silver; $2,100 per ounce palladium; and $33.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2022.

Summary of Units Sold

 
                                   Q2 2022               Q1 2022                Q4 2021               Q3 2021         Q2 2021            Q1 2021            Q4 2020            Q3 2020 
------------------  ----------------------  --------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
Gold ounces sold 
  Salobo                            48,515                42,513                 47,171                35,185          57,296             51,423             53,197             59,584 
  Sudbury (2)                        7,916                 3,712                    965                 1,915           6,945              3,691              7,620              7,858 
  Constancia                         7,431                10,494                  6,196                 8,159           2,321              1,676              3,853              4,112 
  San Dimas                         10,633                10,070                 15,182                11,346          11,214             10,273             11,529              9,687 
  Stillwater (3)                     2,626                 2,628                  2,933                 2,820           2,574              3,074              3,069              3,015 
  Other 
       Minto                         2,806                 3,695                  2,462                 1,907           2,359              2,390              1,540                  - 
       777                           3,629                 4,388                  4,290                 5,879           5,694              2,577              5,435              5,845 
       Marmato                         781                   401                    423                   438           1,687                  -                  -                  - 
------------------  ----------------------  --------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
  Total Other                        7,216                 8,484                  7,175                 8,224           9,740              4,967              6,975              5,845 
------------------  ----------------------  --------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
Total gold ounces 
sold                                84,337                77,901                 79,622                67,649          90,090             75,104             86,243             90,101 
------------------  ----------------------  --------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
Silver ounces sold 
  Peñasquito                    2,096                 2,188                  1,818                 2,210           1,844              2,174              1,417              1,799 
  Antamina                           1,177                 1,468                  1,297                 1,502           1,499              1,930              1,669              1,090 
  Constancia                           494                   644                    351                   484             295                346                442                415 
  Other 
       Los Filos                        41                    42                     17                    12              42                 27                  -                 19 
       Zinkgruvan                      650                   355                    346                   354             355                293                326                492 
       Yauliyacu                       817                    44                    551                   182             601              1,014                 15                580 
       Stratoni                        (2)                   133                     42                    41             167                117                169                134 
       Minto                            21                    31                     27                    24              29                 26                 20                  - 
       Neves-Corvo                     167                   204                    259                   193             215                239                145                201 
       Aljustrel                       123                   145                    133                   155             208                257                280                148 
       Cozamin                         148                   177                    174                   170             168                173                  -                  - 
       Marmato                          11                     8                      8                    10              35                  -                  -                  - 
       Keno Hill                        30                    27                     24                    51              33                 12                  -                  - 
       777                              75                    87                     69                    99             109                 49                 93                121 
------------------  ----------------------  --------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
  Total Other                        2,081                 1,253                  1,650                 1,291           1,962              2,207              1,048              1,695 
------------------  ----------------------  --------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
Total silver 
ounces sold                          5,848                 5,553                  5,116                 5,487           5,600              6,657              4,576              4,999 
------------------  ----------------------  --------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
Palladium ounces 
sold 
  Stillwater (3)                     3,378                 4,075                  4,641                 5,703           3,869              5,131              4,591              5,546 
------------------  ----------------------  --------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
Cobalt pounds sold 
  Voisey's Bay                         225                   511                    228                   131             395                132                  -                  - 
------------------  ----------------------  --------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
GEOs sold (4)                      170,371               166,065                157,439               149,862         176,502            172,271            152,613            163,218 
SEOs sold (4)                       12,778                12,455                 11,808                11,240          13,238             12,920             11,446             12,241 
------------------  ----------------------  --------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
Cumulative payable 
units PBND (5) 
  Gold ounces                       61,198                81,365                 84,989                80,819          66,238             70,072             70,555             75,750 
  Silver ounces                      3,684                 3,920                  4,200                 3,845           3,802              3,738              4,486              3,437 
  Palladium ounces                   6,267                 5,535                  5,629                 5,619           6,822              5,373              5,597              4,616 
  Cobalt pounds                        280                   550                    596                   637             777                820                  -                  - 
  GEO (4)                          122,758               150,170                158,477               150,317         139,145            141,206            136,894            126,968 
  SEO (4)                            9,207                11,263                 11,886                11,274          10,436             10,590             10,267              9,523 
------------------  ----------------------  --------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
Inventory on hand 
  Cobalt pounds                        582                   410                    657                   488             134                132                  -                  - 
------------------  ----------------------  --------------------  ---------------------  --------------------  --------------  -----------------  -----------------  ----------------- 
 
   1)   All figures in thousands except 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) GEOs and SEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $1,800 per ounce gold; $24.00 per ounce silver; $2,100 per ounce palladium; and $33.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2022.

5) 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.

Results of Operations

The operating results of the Company's reportable operating segments are summarized in the tables and commentary below.

 
                                                                                     Three Months Ended June 30, 2022 
--------------------------------------------------------------------------------------------------------------------- 
                                           Average 
                                          Realized    Average    Average 
                                             Price  Cash Cost  Depletion                        Cash Flow 
                          Units   Units       ($'s   ($'s Per   ($'s Per                  Net        From       Total 
                    Produced(2)    Sold  Per Unit)  Unit) (3)      Unit)     Sales   Earnings  Operations      Assets 
------------------  -----------  ------  ---------  ---------  ---------  --------  ---------  ----------  ---------- 
Gold 
  Salobo                 34,129  48,515  $   1,872  $     416  $     334  $ 90,842  $  54,462  $   70,649  $2,407,579 
  Sudbury (4)             7,212   7,916      1,867        400      1,090    14,780      2,983      11,613     294,485 
  Constancia              8,042   7,431      1,872        412        271    13,915      8,838      10,686      98,930 
  San Dimas              10,044  10,633      1,872        624        260    19,910     10,520      13,280     161,350 
  Stillwater              2,171   2,626      1,872        340        429     4,917      2,897       4,024     217,530 
  Other (5)               6,767   7,216      1,868        727         57    13,478      7,823       8,529     419,696 
------------------  -----------  ------   --------   --------   --------   -------   --------   ---------   --------- 
                         68,365  84,337  $   1,872  $     465  $     369  $157,842  $  87,523  $  118,781  $3,599,570 
------------------  -----------  ------   --------   --------   --------   -------   --------   ---------   --------- 
Silver 
  Peñasquito         2,089   2,096  $   22.47  $    4.36  $    3.57  $ 47,102  $  30,488  $   37,963  $  306,742 
  Antamina                1,379   1,177      22.47       4.42       7.06    26,448     12,934      21,242     561,383 
  Constancia                584     494      22.47       6.08       6.35    11,101      4,958       7,784     198,672 
  Other (6)               2,485   2,081      21.91       7.44       5.74    45,577     18,148      30,198     577,944 
------------------  -----------  ------   --------   --------   --------   -------   --------   ---------   --------- 
                          6,537   5,848  $   22.27  $    5.61  $    5.28  $130,228  $  66,528  $   97,187  $1,644,741 
------------------  -----------  ------   --------   --------   --------   -------   --------   ---------   --------- 
Palladium 
  Stillwater              3,899   3,378  $   2,132  $     408  $     399  $  7,203  $   4,477  $    5,825  $  229,855 
------------------  -----------  ------   --------   --------   --------   -------   --------   ---------   --------- 
Platinum 
  Marathon                    -       -  $    n.a.  $    n.a.  $    n.a.  $      -  $       -  $        -  $    4,852 
------------------  -----------  ------   --------   --------   --------   -------   --------   ---------   --------- 
Cobalt 
  Voisey's Bay              136     225  $   34.01  $    6.86  $   10.40  $  7,649  $   3,769  $   13,797  $  362,460 
------------------  -----------  ------   --------   --------   --------   -------   --------   ---------   --------- 
Operating results                                                         $302,922  $ 162,297  $  235,590  $5,841,478 
-------------------------------  ------   --------   --------   --------   -------   --------   ---------   --------- 
Other 
  General and administrative                                                        $ (9,685)  $  (8,379) 
  Share based compensation                                                            (1,608)    (18,161) 
  Donations and community 
   investments                                                                        (1,160)     (1,135) 
  Finance costs                                                                       (1,389)     (1,011) 
  Other                                                                                   820       (465) 
  Income tax                                                                            (201)        (80) 
------------------  -----------  ------   --------   --------   --------   -------   --------   ---------   --------- 
Total other                                                                         $(13,223)  $ (29,231)  $  607,217 
---------------------------------------   --------   --------   --------   -------   --------   ---------   --------- 
                                                                                    $ 149,074  $  206,359  $6,448,695 
------------------  -----------  ------   --------   --------   --------   -------   --------   ---------   --------- 
 

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 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 Copper World Complex (formerly referred to as Rosemont), Santo Domingo, Blackwater, Fenix, Goose, Marathon and Curipamba gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.

6) Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Neves-Corvo, Aljustrel, Minto, Keno Hill, Cozamin, Marmato and 777 silver interests as well as the non-operating Loma de La Plata, Stratoni, Pascua-Lama, Copper World Complex (formerly referred to as Rosemont), Blackwater and Curipamba silver interests. The Stratoni mine was placed into care and maintenance during Q4-2021. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On June 22, 2022, Alexco elected to temporarily suspend milling operations for five to six months to focus on advancing underground development at Keno Hill.

On a gold equivalent and silver equivalent basis, results for the Company for the three months ended June 30, 2022 were as follows:

 
                                                                                      Three Months Ended June 30, 2022 
---------------------------------------------------------------------------------------------------------------------- 
                                                     Average 
                                                    Realized       Average     Cash Operating      Average       Gross 
                                                       Price     Cash Cost             Margin    Depletion      Margin 
                              Ounces      Ounces    ($'s Per      ($'s Per    ($'s Per Ounce)     ($'s Per    ($'s Per 
                     Produced (1, 2)    Sold (2)      Ounce)    Ounce) (3)                (4)       Ounce)      Ounce) 
-----------------  -----------------  ----------  ----------  ------------  -----------------  -----------  ---------- 
 Gold equivalent 
  basis (5)                  162,569     170,371     $ 1,778         $ 440            $ 1,338        $ 386       $ 952 
 Silver 
  equivalent 
  basis (5)                   12,193      12,778     $ 23.71        $ 5.87            $ 17.84       $ 5.14     $ 12.70 
-----------------  -----------------  ----------  ----------  ------------  -----------------  -----------  ---------- 
 

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; $24.00 per ounce silver; $2,100 per ounce palladium; and $33.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2022.

 
                                                                                     Three Months Ended June 30, 2021 
--------------------------------------------------------------------------------------------------------------------- 
                                           Average 
                                          Realized    Average    Average 
                                             Price  Cash Cost  Depletion                        Cash Flow 
                          Units   Units       ($'s   ($'s Per   ($'s Per                  Net        From       Total 
                    Produced(2)    Sold  Per Unit)  Unit) (3)      Unit)     Sales   Earnings  Operations      Assets 
------------------  -----------  ------  ---------  ---------  ---------  --------  ---------  ----------  ---------- 
Gold 
  Salobo                 55,590  57,296  $   1,798  $     412  $     374  $103,039  $  58,015  $   79,426  $2,468,716 
  Sudbury (4)             4,563   6,945      1,817        400      1,024    12,618      2,725      10,262     310,120 
  Constancia              5,525   2,321      1,798        408        315     4,174      2,496       3,227     104,310 
  San Dimas              11,478  11,214      1,798        618        322    20,167      9,627      13,242     175,275 
  Stillwater              2,962   2,574      1,798        326        397     4,629      2,769       3,791     222,069 
  Other (5)               9,954   9,740      1,814        559        125    17,666     11,007      12,238      65,296 
------------------  -----------  ------   --------   --------   --------   -------   --------   ---------   --------- 
                         90,072  90,090  $   1,801  $     450  $     390  $162,293  $  86,639  $  122,186  $3,345,786 
------------------  -----------  ------   --------   --------   --------   -------   --------   ---------   --------- 
Silver 
  Peñasquito         2,026   1,844  $   26.65  $    4.29  $    3.55  $ 49,133  $  34,682  $   41,223  $  336,314 
  Antamina                1,558   1,499      26.63       5.39       7.53    39,903     20,545      31,013     601,117 
  Constancia                468     295      26.65       6.02       7.56     7,865      3,858       6,088     212,197 
  Other (6)               2,477   1,962      26.78       8.39       5.20    52,554     25,893      34,132     608,588 
------------------  -----------  ------   --------   --------   --------   -------   --------   ---------   --------- 
                          6,529   5,600  $   26.69  $    6.11  $    5.40  $149,455  $  84,978  $  112,456  $1,758,216 
------------------  -----------  ------   --------   --------   --------   -------   --------   ---------   --------- 
Palladium 
  Stillwater              5,301   3,869  $   2,797  $     503  $     442  $ 10,822  $   7,164  $    8,876  $  237,407 
------------------  -----------  ------   --------   --------   --------   -------   --------   ---------   --------- 
Cobalt 
  Voisey's Bay              380     395  $   19.82  $    4.41  $    8.17  $  7,823  $   2,859  $    2,052  $  222,106 
------------------  -----------  ------   --------   --------   --------   -------   --------   ---------   --------- 
Operating results                                                         $330,393  $ 181,640  $  245,570  $5,563,515 
-------------------------------  ------   --------   --------   --------   -------   --------   ---------   --------- 
Other 
  General and administrative                                                        $ (8,904)  $  (8,573) 
  Share based compensation                                                            (7,978)    (16,926) 
  Donations and community 
   investments                                                                        (1,583)     (1,075) 
  Finance costs                                                                       (1,357)       (978) 
  Other                                                                                 3,420     (1,582) 
  Income tax                                                                              886        (21) 
------------------  -----------  ------   --------   --------   --------   -------   --------   ---------   --------- 
Total other                                                                         $(15,516)  $ (29,155)  $  417,951 
---------------------------------------   --------   --------   --------   -------   --------   ---------   --------- 
                                                                                    $ 166,124  $  216,415  $5,981,466 
------------------  -----------  ------   --------   --------   --------   -------   --------   ---------   --------- 
 

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 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, 777 and Marmato gold interests as well as the non-operating Copper World Complex gold interest (formerly referred to as Rosemont). On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.

6) Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Neves-Corvo, Aljustrel, Minto, Keno Hill, 777, Marmato and Cozamin silver interests as well as the non-operating Loma de La Plata, Copper World Complex (formerly referred to as Rosemont) and Pascua-Lama silver interests. The Stratoni mine was placed into care and maintenance during Q4-2021. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On June 22, 2022, Alexco elected to temporarily suspend milling operations for five to six months to focus on advancing underground development at Keno Hill.

On a gold equivalent and silver equivalent basis, results for the Company for the three months ended June 30, 2021 were as follows:

 
                                                                                      Three Months Ended June 30, 2021 
---------------------------------------------------------------------------------------------------------------------- 
                                                     Average 
                                                    Realized       Average     Cash Operating      Average       Gross 
                                                       Price     Cash Cost             Margin    Depletion      Margin 
                              Ounces      Ounces    ($'s Per      ($'s Per    ($'s Per Ounce)     ($'s Per    ($'s Per 
                     Produced (1, 2)    Sold (2)      Ounce)    Ounce) (3)                (4)       Ounce)      Ounce) 
-----------------  -----------------  ----------  ----------  ------------  -----------------  -----------  ---------- 
 Gold equivalent 
  basis (5)                  190,272     176,502     $ 1,872         $ 444            $ 1,428        $ 398     $ 1,030 
 Silver 
  equivalent 
  basis (5)                   14,270      13,238     $ 24.96        $ 5.93            $ 19.03       $ 5.31     $ 13.72 
-----------------  -----------------  ----------  ----------  ------------  -----------------  -----------  ---------- 
 

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; $24.00 per ounce silver; $2,100 per ounce palladium; and $33.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2022.

 
                                                                                        Six Months Ended June 30, 2022 
---------------------------------------------------------------------------------------------------------------------- 
                                            Average 
                                           Realized    Average    Average 
                                              Price  Cash Cost  Depletion                        Cash Flow 
                          Units    Units       ($'s   ($'s Per   ($'s Per                  Net        From       Total 
                    Produced(2)     Sold  Per Unit)  Unit) (3)      Unit)     Sales   Earnings  Operations      Assets 
------------------  -----------  -------  ---------  ---------  ---------  --------  ---------  ----------  ---------- 
Gold 
  Salobo                 79,012   91,028  $   1,872  $     416  $     334  $170,407  $ 102,147  $  132,517  $2,407,579 
  Sudbury (4)            12,574   11,628      1,865        400      1,091    21,689      4,354      17,038     294,485 
  Constancia             14,353   17,925      1,872        412        271    33,555     21,308      26,168      98,930 
  San Dimas              20,505   20,703      1,872        621        260    38,756     20,528      25,901     161,350 
  Stillwater              4,668    5,254      1,872        335        429     9,835      5,823       8,078     217,530 
  Other (5)              15,307   15,700      1,865        750         40    29,275     16,871      17,351     419,696 
------------------  -----------  -------   --------   --------   --------   -------   --------   ---------   --------- 
                        146,419  162,238  $   1,871  $     470  $     346  $303,517  $ 171,031  $  227,053  $3,599,570 
------------------  -----------  -------   --------   --------   --------   -------   --------   ---------   --------- 
Silver 
  Peñasquito         4,308    4,284  $   23.30  $    4.36  $    3.57  $ 99,829  $  65,874  $   81,151  $  306,742 
  Antamina                2,647    2,645      23.37       4.71       7.06    61,806     30,680      49,001     561,383 
  Constancia              1,090    1,138      23.39       6.08       6.34    26,614     12,484      19,697     198,672 
  Other (6)               4,725    3,334      22.89       6.93       4.88    76,311     36,946      54,073     577,944 
------------------  -----------  -------   --------   --------   --------   -------   --------   ---------   --------- 
                         12,770   11,401  $   23.21  $    5.36  $    5.04  $264,560  $ 145,984  $  203,922  $1,644,741 
------------------  -----------  -------   --------   --------   --------   -------   --------   ---------   --------- 
Palladium 
  Stillwater              8,387    7,453  $   2,246  $     400  $     399  $ 16,736  $  10,781  $   13,755  $  229,855 
------------------  -----------  -------   --------   --------   --------   -------   --------   ---------   --------- 
Platinum 
  Marathon                    -        -  $    n.a.  $    n.a.  $    n.a.  $      -  $       -  $        -  $    4,852 
------------------  -----------  -------   --------   --------   --------   -------   --------   ---------   --------- 
Cobalt 
  Voisey's Bay              371      736  $   34.43  $    6.09  $    8.85  $ 25,353  $  14,350  $   17,269  $  362,460 
------------------  -----------  -------   --------   --------   --------   -------   --------   ---------   --------- 
Operating results                                                          $610,166  $ 342,146  $  461,999  $5,841,478 
-------------------------------  -------   --------   --------   --------   -------   --------   ---------   --------- 
Other 
  General and administrative                                                         $(19,089)  $ (23,506) 
  Share based compensation                                                            (11,509)    (18,161) 
  Donations and community 
   investments                                                                         (1,973)     (1,565) 
  Finance costs                                                                        (2,811)     (2,088) 
  Other                                                                                    650         333 
  Income tax                                                                             (872)       (113) 
------------------  -----------  -------   --------   --------   --------   -------   --------   ---------   --------- 
Total other                                                                          $(35,604)  $ (45,100)  $  607,217 
----------------------------------------   --------   --------   --------   -------   --------   ---------   --------- 
                                                                                     $ 306,542  $  416,899  $6,448,695 
------------------  -----------  -------   --------   --------   --------   -------   --------   ---------   --------- 
 

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 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 Copper World Complex (formerly referred to as Rosemont), Santo Domingo, Blackwater, Fenix, Goose, Marathon and Curipamba gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.

6) Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Neves-Corvo, Aljustrel, Minto, Keno Hill, Cozamin, Marmato and 777 silver interests as well as the non-operating Loma de La Plata, Stratoni, Pascua-Lama, Copper World Complex (formerly referred to as Rosemont), Blackwater and Curipamba silver interests. The Stratoni mine was placed into care and maintenance during Q4-2021. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On June 22, 2022, Alexco elected to temporarily suspend milling operations for five to six months to focus on advancing underground development at Keno Hill.

On a gold equivalent and silver equivalent basis, results for the Company for the six months ended June 30, 2022 were as follows:

 
                                                                                        Six Months Ended June 30, 2022 
---------------------------------------------------------------------------------------------------------------------- 
                                                     Average 
                                                    Realized      Average                           Average      Gross 
                                                       Price    Cash Cost        Cash Operating   Depletion     Margin 
                                Ounces     Ounces   ($'s Per     ($'s Per                Margin    ($'s Per   ($'s Per 
                       Produced (1, 2)   Sold (2)     Ounce)   Ounce) (3)   ($'s Per Ounce) (4)      Ounce)     Ounce) 
--------------------  ----------------  ---------  ---------  -----------  --------------------  ----------  --------- 
Gold equivalent 
 basis (5)                     333,265    336,436    $ 1,814        $ 431               $ 1,383       $ 366    $ 1,017 
Silver equivalent 
 basis (5)                      24,995     25,233    $ 24.18       $ 5.74               $ 18.44      $ 4.88    $ 13.56 
--------------------  ----------------  ---------  ---------  -----------  --------------------  ----------  --------- 
 

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; $24.00 per ounce silver; $2,100 per ounce palladium; and $33.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2022.

 
                                                                                        Six Months Ended June 30, 2021 
---------------------------------------------------------------------------------------------------------------------- 
                                            Average 
                                           Realized    Average    Average 
                                              Price  Cash Cost  Depletion                        Cash Flow 
                          Units    Units       ($'s   ($'s Per   ($'s Per                  Net        From       Total 
                    Produced(2)     Sold  Per Unit)  Unit) (3)      Unit)     Sales   Earnings  Operations      Assets 
------------------  -----------  -------  ---------  ---------  ---------  --------  ---------  ----------  ---------- 
Gold 
  Salobo                102,212  108,719  $   1,797  $     412  $     374  $195,395  $ 109,962  $  150,590  $2,468,716 
  Sudbury (4)            11,567   10,636      1,815        400      1,024    19,306      4,156      15,480     310,120 
  Constancia              7,978    3,997      1,797        408        315     7,184      4,294       5,553     104,310 
  San Dimas              21,969   21,487      1,797        615        322    38,617     18,477      25,404     175,275 
  Stillwater              6,003    5,648      1,797        327        397    10,150      6,059       8,300     222,069 
  Other (5)              18,872   14,707      1,813        582         83    26,667     16,885      18,093      65,296 
------------------  -----------  -------   --------   --------   --------   -------   --------   ---------   --------- 
                        168,601  165,194  $   1,800  $     450  $     382  $297,319  $ 159,833  $  223,420  $3,345,786 
------------------  -----------  -------   --------   --------   --------   -------   --------   ---------   --------- 
Silver 
  Peñasquito         4,228    4,018  $   26.41  $    4.29  $    3.55  $106,116  $  74,621  $   88,879  $  336,314 
  Antamina                3,135    3,429      26.39       5.27       7.53    90,485     46,603      71,604     601,117 
  Constancia                874      641      26.41       6.02       7.56    16,936      8,229      13,076     212,197 
  Other (6)               5,057    4,169      26.34       8.93       5.78   109,800     48,482      73,230     608,588 
------------------  -----------  -------   --------   --------   --------   -------   --------   ---------   --------- 
                         13,294   12,257  $   26.38  $    6.23  $    5.63  $323,337  $ 177,935  $  246,789  $1,758,216 
------------------  -----------  -------   --------   --------   --------   -------   --------   ---------   --------- 
Palladium 
  Stillwater             11,070    9,000  $   2,566  $     460  $     442  $ 23,097  $  14,978  $   18,960  $  237,407 
------------------  -----------  -------   --------   --------   --------   -------   --------   ---------   --------- 
Cobalt 
  Voisey's Bay            1,542      527  $   20.42  $    4.55  $    8.17  $ 10,759  $   4,056  $    1,086  $  222,106 
------------------  -----------  -------   --------   --------   --------   -------   --------   ---------   --------- 
Operating results                                                          $654,512  $ 356,802  $  490,255  $5,563,515 
-------------------------------  -------   --------   --------   --------   -------   --------   ---------   --------- 
Other 
  General and administrative                                                         $(18,639)  $ (21,236) 
  Share based compensation                                                             (9,608)    (16,926) 
  Donations and community 
   investments                                                                         (2,188)     (1,573) 
  Finance costs                                                                        (2,930)     (2,207) 
  Other                                                                                  3,301         307 
  Income tax                                                                             1,388        (51) 
------------------  -----------  -------   --------   --------   --------   -------   --------   ---------   --------- 
Total other                                                                          $(28,676)  $ (41,686)  $  417,951 
----------------------------------------   --------   --------   --------   -------   --------   ---------   --------- 
                                                                                     $ 328,126  $  448,569  $5,981,466 
------------------  -----------  -------   --------   --------   --------   -------   --------   ---------   --------- 
 

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 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, 777 and Marmato gold interests as well as the non-operating Copper World Complex gold interest (formerly referred to as Rosemont). On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced.

6) Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Neves-Corvo, Aljustrel, Minto, Keno Hill, 777, Marmato and Cozamin silver interests as well as the non-operating Loma de La Plata, Copper World Complex (formerly referred to as Rosemont) and Pascua-Lama silver interests. The Stratoni mine was placed into care and maintenance during Q4-2021. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On June 22, 2022, Alexco elected to temporarily suspend milling operations for five to six months to focus on advancing underground development at Keno Hill.

On a gold equivalent and silver equivalent basis, results for the Company for the six months ended June 30, 2021 were as follows:

 
                                                                                        Six Months Ended June 30, 2021 
---------------------------------------------------------------------------------------------------------------------- 
                                                     Average 
                                                    Realized      Average                           Average      Gross 
                                                       Price    Cash Cost        Cash Operating   Depletion     Margin 
                                Ounces     Ounces   ($'s Per     ($'s Per                Margin    ($'s Per   ($'s Per 
                       Produced (1, 2)   Sold (2)     Ounce)   Ounce) (3)   ($'s Per Ounce) (4)      Ounce)     Ounce) 
--------------------  ----------------  ---------  ---------  -----------  --------------------  ----------  --------- 
Gold equivalent 
 basis (5)                     387,028    348,773    $ 1,877        $ 451               $ 1,426       $ 403    $ 1,023 
Silver equivalent 
 basis (5)                      29,027     26,158    $ 25.02       $ 6.01               $ 19.01      $ 5.37    $ 13.64 
--------------------  ----------------  ---------  ---------  -----------  --------------------  ----------  --------- 
 

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; $24.00 per ounce silver; $2,100 per ounce palladium; and $33.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2022.

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; and (iv) cash operating margin.

i. Adjusted net earnings and adjusted net earnings per share are calculated by removing the effects of non-cash impairment charges (reversals) (if any), 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      Six Months Ended 
                                                                     June 30                June 30 
(in thousands, except for per share amounts)                          2022      2021      2022      2021 
------------------------------------------------------------  ------------  --------  --------  -------- 
Net earnings                                                   $   149,074  $166,124  $306,542  $328,126 
Add back (deduct): 
   (Gain) loss on fair value adjustment of share purchase 
    warrants held                                                      154       194       897     1,145 
   (Gain) loss on fair value adjustment of convertible notes 
    receivable                                                           -   (3,388)     1,380   (4,626) 
   Income tax expense (recovery) recognized in the Statement 
    of Shareholders' Equity                                          (292)     (463)       500     1,107 
   Income tax expense (recovery) recognized in the Statement 
    of OCI                                                             349     (479)       155   (2,616) 
   Other                                                                 -     (362)   (2,182)     (376) 
------------------------------------------------------------      --------   -------   -------   ------- 
Adjusted net earnings                                          $   149,285  $161,626  $307,292  $322,760 
------------------------------------------------------------      --------   -------   -------   ------- 
Divided by: 
   Basic weighted average number of shares outstanding             451,524   450,088   451,221   449,800 
   Diluted weighted average number of shares outstanding           452,359   451,203   452,123   450,869 
------------------------------------------------------------      --------   -------   -------   ------- 
Equals: 
   Adjusted earnings per share - basic                         $     0.331  $  0.359  $  0.681  $  0.718 
   Adjusted earnings per share - diluted                       $     0.330  $  0.358  $  0.680  $  0.716 
------------------------------------------------------------      --------   -------   -------   ------- 
 

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      Six Months Ended 
                                                                   June 30                June 30 
(in thousands, except for per share amounts)                        2022      2021      2022      2021 
----------------------------------------------------------  ------------  --------  --------  -------- 
Cash generated by operating activities                       $   206,359  $216,415  $416,899  $448,569 
----------------------------------------------------------      --------   -------   -------   ------- 
Divided by: 
   Basic weighted average number of shares outstanding           451,524   450,088   451,221   449,800 
   Diluted weighted average number of shares outstanding         452,359   451,203   452,123   450,869 
----------------------------------------------------------      --------   -------   -------   ------- 
Equals: 
   Operating cash flow per share - basic                     $     0.457  $  0.481  $  0.924  $  0.997 
   Operating cash flow per share - diluted                   $     0.456  $  0.480  $  0.922  $  0.995 
----------------------------------------------------------      --------   -------   -------   ------- 
 

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       Six Months Ended 
                                                                June 30                 June 30 
(in thousands, except for gold and palladium ounces sold 
 and per unit amounts)                                         2022       2021        2022        2021 
--------------------------------------------------------  ---------  ---------  ----------  ---------- 
Cost of sales                                             $ 140,625  $ 148,753  $  268,020  $  297,710 
Less: depletion                                            (65,682)   (70,308)   (123,084)   (140,482) 
--------------------------------------------------------   --------   --------   ---------   --------- 
Cash cost of sales                                        $  74,943  $  78,445  $  144,936  $  157,228 
--------------------------------------------------------   --------   --------   ---------   --------- 
Cash cost of sales is comprised of: 
   Total cash cost of gold sold                           $  39,189  $  40,543  $   76,321  $   74,318 
   Total cash cost of silver sold                            32,834     34,216      61,149      76,375 
   Total cash cost of palladium sold                          1,378      1,946       2,980       4,137 
   Total cash cost of cobalt sold                             1,542      1,740       4,486       2,398 
--------------------------------------------------------   --------   --------   ---------   --------- 
   Total cash cost of sales                               $  74,943  $  78,445  $  144,936  $  157,228 
--------------------------------------------------------   --------   --------   ---------   --------- 
Divided by: 
   Total gold ounces sold                                    84,337     90,090     162,238     165,194 
   Total silver ounces sold                                   5,848      5,600      11,401      12,257 
   Total palladium ounces sold                                3,378      3,869       7,453       9,000 
   Total cobalt pounds sold                                     225        395         736         527 
--------------------------------------------------------   --------   --------   ---------   --------- 
Equals: 
   Average cash cost of gold (per ounce)                  $     465  $     450  $      470  $      450 
   Average cash cost of silver (per ounce)                $    5.61  $    6.11  $     5.36  $     6.23 
   Average cash cost of palladium (per ounce)             $     408  $     503  $      400  $      460 
   Average cash cost of cobalt (per pound)                $    6.86  $    4.41  $     6.09  $     4.55 
--------------------------------------------------------   --------   --------   ---------   --------- 
 

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      Six Months Ended 
                                                                     June 30                June 30 
(in thousands, except for gold and palladium ounces sold and 
 per unit amounts)                                                    2022      2021      2022      2021 
============================================================  ============  ========  ========  ======== 
Total sales: 
   Gold                                                        $   157,842  $162,293  $303,517  $297,319 
   Silver                                                      $   130,228  $149,455  $264,560  $323,337 
   Palladium                                                   $     7,203  $ 10,822  $ 16,736  $ 23,097 
   Cobalt                                                      $     7,649  $  7,823  $ 25,353  $ 10,759 
Divided by: 
   Total gold ounces sold                                           84,337    90,090   162,238   165,194 
   Total silver ounces sold                                          5,848     5,600    11,401    12,257 
   Total palladium ounces sold                                       3,378     3,869     7,453     9,000 
   Total cobalt pounds sold                                            225       395       736       527 
------------------------------------------------------------      --------   -------   -------   ------- 
Equals: 
   Average realized price of gold (per ounce)                  $     1,872  $  1,801  $  1,871  $  1,800 
   Average realized price of silver (per ounce)                $     22.27  $  26.69  $  23.21  $  26.38 
   Average realized price of palladium (per ounce)             $     2,132  $  2,797  $  2,246  $  2,566 
   Average realized price of cobalt (per pound)                $     34.01  $  19.82  $  34.43  $  20.42 
Less: 
   Average cash cost of gold (1) (per ounce)                   $     (465)  $  (450)  $  (470)  $  (450) 
   Average cash cost of silver (1) (per ounce)                 $    (5.61)  $ (6.11)  $ (5.36)  $ (6.23) 
   Average cash cost of palladium (1) (per ounce)              $     (408)  $  (503)  $  (400)  $  (460) 
   Average cash cost of cobalt (1) (per pound)                 $    (6.86)  $ (4.41)  $ (6.09)  $ (4.55) 
------------------------------------------------------------      -------- 
Equals: 
   Cash operating margin per gold ounce sold                   $     1,407  $  1,351  $  1,401  $  1,350 
         As a percentage of realized price of gold                     75%       75%       75%       75% 
   Cash operating margin per silver ounce sold                 $     16.66  $  20.58  $  17.85  $  20.15 
         As a percentage of realized price of silver                   75%       77%       77%       76% 
   Cash operating margin per palladium ounce sold              $     1,724  $  2,294  $  1,846  $  2,106 
         As a percentage of realized price of palladium                81%       82%       82%       82% 
   Cash operating margin per cobalt pound sold                 $     27.15  $  15.41  $  28.34  $  15.87 
         As a percentage of realized price of cobalt                   80%       78%       82%       78% 
------------------------------------------------------------      --------   -------   -------   ------- 
 

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. For more detailed information, please refer to Wheaton's MD&A available on the Company's website at www.wheatonpm.com and posted on SEDAR at www.sedar.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release 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 applicable Canadian securities legislation concerning the business, operations and financial performance of Wheaton and, in some instances, the business, mining operations and performance of Wheaton's PMPA counterparties. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to the future price of commodities, the estimation of future production from Mining Operations (including in the estimation of production, mill throughput, grades, recoveries and exploration potential), the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates) and the realization of such estimations, the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton's PMPA counterparties at mineral stream interests owned by Wheaton (the "Mining Operations"), the payment of upfront cash consideration to counterparties under PMPAs, the satisfaction of each party's obligations in accordance with PMPAs and royalty arrangements and the receipt by the Company of precious metals and cobalt production in respect of the applicable Mining Operations under PMPAs or other payments under royalty arrangements, the ability of Wheaton's PMPA counterparties to comply with the terms of a PMPA (including as a result of the business, mining operations and performance of Wheaton's PMPA counterparties) and the potential impacts of such on Wheaton, future payments by the Company in accordance with PMPAs, the costs of future production, the estimation of produced but not yet delivered ounces, the impact of epidemics (including the COVID-19 virus pandemic), including the potential heightening of other risks, future sales of common shares under the ATM program, continued listing of the Company's common shares, any statements as to future dividends, the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs, including any acceleration of payments, projected increases to Wheaton's production and cash flow profile, projected changes to Wheaton's production mix, the ability of Wheaton's PMPA counterparties to comply with the terms of any other obligations under agreements with the Company, the ability to sell precious metals and cobalt production,

confidence in the Company's business structure, the Company's assessment of taxes payable and the impact of the CRA Settlement for years subsequent to 2010, possible domestic audits for taxation years subsequent to 2016 and international audits, the Company's assessment of the impact of any tax reassessments, the Company's intention to file future tax returns in a manner consistent with the CRA Settlement, the Company's climate change and environmental commitments, and assessments of the impact and resolution of various legal and tax matters, including but not limited to audits. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", "potential", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the satisfaction of each party's obligations in accordance with the terms of the Company's PMPAs or royalty arrangements, risks associated with fluctuations in the price of commodities (including Wheaton's ability to sell its precious metals or cobalt production at acceptable prices or at all), risks of significant impacts on Wheaton or the Mining Operations as a result of an epidemic (including the COVID-19 virus pandemic), risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with the exploration, development, operating, expansion and improvement of the Mining Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as plans continue to be refined), the absence of control over the Mining Operations and having to rely on the accuracy of the public disclosure and other information Wheaton receives from the Mining Operations, uncertainty in the estimation of production from Mining Operations, uncertainty in the accuracy of mineral reserve and mineral resource estimation, the ability of each party to satisfy their obligations in accordance with the terms of the PMPAs, the estimation of future production from Mining Operations, Wheaton's interpretation of, compliance with or application of, tax laws and regulations or accounting policies and rules being found to be incorrect, any challenge or reassessment by the CRA of the Company's tax filings being successful and the potential negative impact to the Company's previous and future tax filings, assessing the impact of the CRA Settlement (including whether there will be any material change in the Company's facts or change in law or jurisprudence), potential implementation of a 15% global minimum tax, counterparty credit and liquidity, mine operator concentration, indebtedness and guarantees, hedging, competition, claims and legal proceedings against Wheaton or the Mining Operations, security over underlying assets, governmental regulations, international operations of Wheaton and the Mining Operations, exploration, development, operations, expansions and improvements at the Mining Operations, environmental regulations, climate change, Wheaton and the Mining Operations ability to obtain and maintain necessary licenses, permits, approvals and rulings, Wheaton and the Mining Operations ability to comply with applicable laws, regulations and permitting requirements, lack of suitable supplies, infrastructure and employees to support the Mining Operations, inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by certain Mining Operations (including increases in production, estimated grades and recoveries), uncertainties of title and indigenous rights with respect to the Mining Operations, environmental, social and governance matters, Wheaton and the Mining Operations ability to obtain adequate financing, the Mining Operations ability to complete permitting, construction, development and expansion, global financial conditions, Wheaton's acquisition strategy and other risks discussed in the section entitled "Description of the Business - Risk Factors" in Wheaton's Annual Information Form available on SEDAR at www.sedar.com , Wheaton's Form 40-F for the year ended December 31, 2021 and Form 6-K filed March 31, 2022 both on file with the U.S. Securities and Exchange Commission on EDGAR (the "Disclosure"). Forward-looking statements are based on assumptions management currently believes to be reasonable, including (without limitation): that there will be no material adverse change in the market price of commodities, that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates, that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate, that each party will satisfy their obligations in accordance with the PMPAs, that Wheaton will continue to be able to fund or obtain funding for outstanding commitments, that Wheaton will be able to source and obtain accretive PMPAs, that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic (including the COVID-19 virus pandemic), that any outbreak or threat of an outbreak of a virus or other contagions or epidemic disease will be adequately responded to locally, nationally, regionally and internationally, without such response requiring any prolonged closure of the Mining Operations or having other material adverse effects on the Company and counterparties to its PMPAs, that the trading of the Company's common shares will not be adversely affected by the differences in liquidity, settlement and clearing systems as a result of multiple listings of the Common Shares on the LSE, the TSX and the NYSE, that the trading of the Company's common shares will not be suspended, and that the net proceeds of sales of common shares, if any, will be used as anticipated, that expectations regarding the resolution of legal and tax matters will be achieved (including ongoing CRA audits involving the Company), that Wheaton has properly considered the interpretation and application of Canadian tax law to its structure and operations, that Wheaton has filed its tax returns and paid applicable taxes in compliance with Canadian tax law, that Wheaton's application of the CRA Settlement is accurate (including the Company's assessment that there will be no material change in the Company's facts or change in law or jurisprudence), and such other assumptions and factors as set out in the Disclosure. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Wheaton. Readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing readers with information to assist them in understanding Wheaton's expected financial and operational performance and may not be appropriate for other purposes. Any forward looking statement speaks only as of the date on which it is made, reflects Wheaton's management's current beliefs based on current information and will not be updated except in accordance with applicable securities laws. Although Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward--looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended.

For further information, please contact:

Patrick Drouin

Investor Relations

Wheaton Precious Metals Corp.

Tel: 1-844-288-9878

Email: info@wheatonpm.com

Website: www.wheatonpm.com

[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. Details of the dividend can be found in the Wheaton's news release date August 11, 2022, titled "Wheaton Precious Metals Declares Quarterly Dividend."

[2] Commodity price assumptions for the gold equivalent production and sales in 2022 are $1,800 / ounce gold, $24 / ounce silver, and $2,100 / ounce palladium and $33 / pound cobalt. Other metal includes palladium and cobalt.

[3] 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.

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August 12, 2022 02:00 ET (06:00 GMT)

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