Wheaton Precious Metals™ Corp. (TSX:WPM) is pleased to report 2024 actual production of over 633,000 gold equivalent ounces², exceeding the upper end of the 2024 production guidance range of 620,000 GEOs². The Company also provides 2025 production guidance of 600,000 to 670,000 GEOs³ and forecasts growth of approximately 40% to 870,000 GEOs³ by 2029. Wheaton will provide full production and financial details with the release of its 2024 fourth quarter and full year results on Thursday, March 13, 2025, after market close.

“Wheaton’s diversified portfolio of high-quality, low-cost assets had an exceptional year in 2024, exceeding the top-end of our annual production guidance range, driven by strong performances, particularly from Salobo, which achieved record quarterly production in the fourth quarter. Moreover, we continued our corporate development momentum with investments into four assets, further enhancing and contributing to our five-year growth profile of approximately 40%,” said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. “The past year ultimately set a strong foundation for our sector leading growth profile, which we believe will propel Wheaton to a level of precious metals production unprecedented in the streaming industry. As the leading streaming company with the largest share of revenue derived from precious metals, we believe Wheaton offers an optimal opportunity for long-term exposure in this sector. With a robust balance sheet and growing demand for streaming capital, we are confident that Wheaton is strategically positioned to continue driving its industry-leading growth trajectory.”

2024 Attributable Production and Sales Using 2024 Commodity Price Assumptions

In 2024, gold equivalent production exceeded the upper limits of the guidance range, primarily resulting from stronger than expected production at Salobo due to higher gold grades and recoveries, and higher grades at Constancia from the mining of the Pampacancha deposit. These outperformances were partially offset by lower-than-expected production from San Dimas and Zinkgruvan, in both instances due to lower grades.

As at December 31, 2024, approximately 163,850 GEO²‘s were in produced but not yet delivered representing approximately three months of payable production. This build in PBND is an increase from the preceding four quarters and at the upper end of our guided range of two to three months, due to a significant increase in quarter-over-quarter production driven by record quarterly production at Salobo coupled with relative differences in timing of sales.

Commodity Price Assumptions

2025 and Long-Term Production Outlook Using 2025 Commodity Price Assumptions

2025 Production Outlook

The midpoint of the 2024 guidance range compared to the midpoint of the 2025 guidance range suggests year-over-year production growth of approximately 10%, in alignment with the Company’s previously stated long-term growth forecast. The Company anticipates that 2025 GEO³ production will increase from levels achieved in 2024. This forecast growth is driven by stronger attributable production from Antamina, the start-up of several development projects, and a stable forecast for Salobo production. This increase is expected to be largely offset by lower production from Peñasquito and Constancia.

Attributable production is forecast to increase at Antamina in 2025 due to expected higher silver grades, as a result of a higher ratio of copper-zinc ore versus copper-only ore being mined in 2025. Wheaton’s 2025 forecast also includes inaugural production from four projects currently in development; Blackwater, Goose, Mineral Park and Platreef, all of which are expected to commence in 2025. In addition, the Aljustrel Mine is anticipated to re-start production in the third quarter of 2025, following the announcement made on September 12, 2023, that as a result of low zinc prices, the production of zinc and lead concentrates would be temporarily halted from September 24, 2023 onward. Increased production from the forementioned assets is anticipated to be offset by lower production at Peñasquito, as mining transitions from the Chile Colorado to the main Peñasco pit, which contains lower relative silver grades. In addition, lower production levels are anticipated at Constancia, predominantly due to additional gold benches being mined in late 2024 that were brought forward from the 2025 plan, coupled with the expectation that total mill ore feed from Pampacancha will be approximately 25% in 2025, lower than the typical one-third in prior years as Pampacancha approaches depletion. After a record-breaking quarter to end 2024, production levels at Salobo are expected to remain consistent, with higher throughput levels attributable to the Salobo III expansion project anticipated to be offset by lower gold grades.

Long-Term Production Outlook

Production is forecast to increase by approximately 40% over the next five years to 870,000 GEOs³ by 2029, due to growth from multiple Operating assets including Antamina, Aljustrel and Marmato; Development assets that are in construction, including the Blackwater, Mineral Park, Goose, Platreef, Fenix, Kurmuk, and Koné projects; and Pre-development assets including the El Domo⁴ and Copper World projects.

From 2030 to 2034, attributable production is forecast to average over 950,000 GEOs³ annually and incorporates additional incremental production from Pre-development assets including the Santo Domingo, Cangrejos, Kudz ze Kayah, Marathon and Kutcho projects, in addition to the Mt. Todd, Black Pine and DeLamar royalties.

Not included in Wheaton’s long-term forecast and instead classified as ‘optionality’, is potential future production from nine other assets including Pascua-Lama and Navidad, in addition to expansions at Salobo outside of the Salobo III mine expansion project.

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

Fourth Quarter and Full Year 2024 Results

Wheaton will release its 2024 fourth quarter and full year results on Thursday, March 13, 2025, after market close. A conference call will be held on Friday, March 14, 2025, 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:     1-888-510-2154
Dial from outside Canada or the US:     1-437-900-0527
Pass code:                                             69732#
Live audio webcast:                               Webcast Link

Participants should dial in five to ten minutes before the call.

The conference call will be recorded and available until March 20, 2025 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:     1-888-660-6345
Dial from outside Canada or the US:     1-646-517-4150
Pass code:                                             69732#
Archived audio webcast:                        Webcast Link

Wheaton Precious Metals’ quarterly reporting for the remainder of 2025 is scheduled to be issued, after market close, on the following dates:

Q1 2025 – Thursday, May 8, 2025
Q2 2025 – Thursday, August 7, 2025
Q3 2025 – Thursday, November 6, 2025

About Wheaton Precious Metals Corp.

Wheaton Precious Metals 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 leverage to commodity prices 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. The Company is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. As a result, Wheaton has consistently outperformed gold and silver, as well as other mining investments. Wheaton creates sustainable value through streaming. Wheaton’s shares are listed on the Toronto Stock Exchange, New York Stock Exchange and London Stock Exchange under the symbol WPM. Learn more about Wheaton Precious Metals at www.wheatonpm.com or follow us on social media.

End Notes

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¹ Ounces produced represent the quantity of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures and average payable rates are based on information provided by the operators of the mining operations to which the silver, gold, palladium or cobalt interests relate or management estimates in those situations where other information is not available (specifically, final 2024 production information for Sudbury, Zinkgruvan, Neves-Corvo, and Los Filos is based on management estimates). Certain production figures may be updated in future periods as additional information is received.

² Gold equivalent ounces for 2024 actual production, sales and PBND are calculated by converting silver, palladium and cobalt to a gold equivalent by using the following commodity price assumptions: $2,000 per ounce gold, $23 per ounce silver, $1,000 per ounce palladium, $950 per ounce of platinum and $13.00 per pound cobalt.

³ Gold equivalent forecast production for 2025 and the longer-term outlook are based on the following updated commodity price assumptions: $2,600 per ounce gold, $30 per ounce silver, $950 per ounce palladium, $950 per ounce of platinum and $13.50 per pound cobalt. For purposes of comparison, 2024 actual production numbers have been adjusted to reflect 2025 commodity price assumptions.

⁴ El Domo references the Silvercorp owned El Domo – Curipamba Project, previously referred to as ‘Curipamba’.