Wheaton Precious Metals Reports Strong Third Quarter 2023 Results

Designated Press Release THIRD QUARTER FINANCIAL RESULTS

VANCOUVER, November 9, 2023 – “The importance of having a diversified portfolio of cheap, high-quality assets was demonstrated through Wheaton’s ability to generate strong operating effects in the quarter, despite the temporary suspension of one of our largest assets, which has since begun accelerating operations. Salobo and Constancy’s strong superior performance not only compensated for the demanding situations faced by others, but also particularly contributed to our overall success. As such, we are pleased to reiterate our annual production direction for 2023. diversity from 600,000 to 660,000 gold equivalent ounces,” said Randy Smallwood, president and chief executive officer of Wheaton Precious Metals. “In this environment of high interest rates, streaming continues to be one of the most competitive capital resources and our business progression team remains exceptionally busy comparing new opportunities. We remain firmly committed to enriching our portfolio with cumulative and sustainable growth, reaping benefits for all stakeholders. “

Strong Currency Effects and Balance Sheet

High-quality asset base

Sustainability Leadership

Operational Summary

(all figures are in U. S. dollars unless otherwise noted)

Third Quarter 2023

Third Quarter 2022

Change

To date 2023

To date 2022

Change

Units produced

Ounces of Gold

105 436

72 078

46,3%

261 635

216 574

20,8%

Ounces of Silver

3 363

5 822

(42,2) %

12 876

18 497

(30,4) %

Ounces of palladium

4 006

3 229

24,1%

11 591

11 616

(0,2) %

Cobalt Books

183

226

(19,1) %

458

596

(23,1) %

Gold Equivalent Ounces 3

154 800

153 025

1,2%

444 597

473 868

(6,2) %

Units Sold

Ounces of Gold

74 426

62 000

20,0 %

212 325

224 238

(5,3) %

Ounces of Silver

2 965

5 234

(43,4) %

11 151

16 635

(33,0) %

Ounces of palladium

4 242

4 227

0,4%

10 580

11 680

(9,4) %

Cobalt Books

198

115

72,2%

786

851

(7,6) %

Gold Equivalent Ounces 3

119 030

135 179

(11,9)%

375 248

460 026

(18,4) %

Change in GDP and inventories

Gold Equivalent Ounces 3

22 438

4 460

(17 978)

27 248

(32 368)

(59 616)

Income

223 137

218 836

2,0 %

702 573

829 002

(15,3) %

Net Profit

116 371

196 460

(40,8) %

369 209

503 001

(26,6) %

Per share

0,257

0,435

(40,9) %

0,815

1. 114

(26,8) %

Adjusted Net Revenue Source 1

121 467

93 878

29,4%

368 481

401 168

(8,1) %

By Percent 1

0,268

0,208

28,8%

0,814

0,889

(8,4) %

Operating Cash Flow

171 103

154 497

10,7%

508 584

571 396

(11,0) %

By Percent 1

0,378

0,342

10,5%

1. 123

1. 266

(11,3) %

All amounts are in thousands, ounces of gold, palladium and gold equivalent and amounts consistent with the stake.

Financial analysis

Revenue Revenue in the third quarter of 2023 was $223 million (65% gold, 32% silver, 2% palladium and 1% cobalt), an increase of $4 million compared to the prior quarter primarily due to 16% construction. Increase in learned income. Raw curtain prices, partially offset by lower sales volumes.

Revenue of $703 million for the nine-month period ended September 30, 2023, a reduction of $126 million compared to the same period last year, primarily due to an 18% reduction in the number of GEO³ sold, as a result of reduced production and relative adjustments. in GEO³ produced but not yet delivered; partially offset through a 4% increase in the learned average value of the gold equivalent³.

Cash Prices & Margin Average money prices¹ in the third quarter of 2023 ranged from $418 consistent with GEO³, to $451 in the third quarter of 2022. This resulted in a consistent liquidation margin money¹ of $1,457 consistent with GEO³ sold, a 25% increase to the third quarter of 2022, due to the increase consistent with learned value consistent with the ounce.

Average monetary costs¹ for the nine months ended September 30, 2023 were $427 per GEO³, to $448 for the same period last year. This resulted in a consistent equity margin¹ of $1,445 per GEO³ sold, an increase of 7%. at the same level as last year.

Cash from money transactions in the third quarter of 2023 was $171 million, with an accrual of $17 million primarily due to the increase in the learned value of GEO sold along with interest amounts earned in the third quarter of 2023.

Operating money for the nine-month period ended September 30, 2023 was $509 million, down $63 million compared to the same period last year primarily due to reduced sales volumes, partially offset by higher interest earned in the current year.

Balance sheet (as of September 30, 2023)

Third Quarter Operating Asset Highlights

Salobo: In the third quarter of 2023, Salobo produced 69,000 ounces of attributable gold, an increase of approximately 56% compared to the third quarter of 2022, driven by higher throughput as production from the third mill began in late 2022. superior recoveries. Last year was also affected by planned and corrective maintenance carried out. In the third quarter of 2023, Salobo achieved its highest production point since the fourth quarter of 2019 as the acceleration of the Salobo III expansion continues to progress. Salobo is expected to reach a throughput capacity of 32 Mtpa in the fourth quarter of 2023 and its full throughput capacity through the end of 2024.

Antamina: In the third quarter of 2023, Antamina produced 0. 9 million ounces of attributable silver, a reduction of approximately 35% from the third quarter of 2022, primarily due to reduction grades under the mine plan.

Peñasquito: In the 3rd quarter of 2023, Peñasquito had no production due to a suspension of operations at the mine that began on June 7, 2023 due to a labor dispute. On October 13, 2023, Newmont Corporation (“Newmont”) reached a definitive agreement to end the strike and has since begun to increase the safety of operations. Newmont expects to reach full operational capacity through the end of the fourth quarter.

Constancia: In the third quarter of 2023, Constancia produced 0. 7 million ounces of attributable silver and 19,000 ounces of attributable gold, an increase of approximately 24% and 164%, respectively, through the third quarter of 2022. Record quarterly gold production combined with Strong silver production is the result of particularly high grades from mining in the high-grade zones of the Pampacancha deposit, higher recoveries and higher throughput. According to Hudbay Minerals Inc. (“Hudbay”), production is expected to continue to gain advantages. in the fourth quarter of 2023.

Sudbury: In the third quarter of 2023, Vale’s mines in Sudbury produced 4,300 ounces of attributable gold, an increase of approximately 24% from the third quarter of 2022, due to higher grades that Vale believes were partially offset by planned annual maintenance. the Sudbury and Thompson mines and mills, as well as increased maintenance at the Sudbury refinery in the third quarter.

Stillwater: In the third quarter of 2023, Stillwater Mines produced 2500 ounces of attributable gold and 4000 ounces of attributable palladium, an increase of approximately 34% for gold and 24% for palladium compared to the third quarter of 2022, primarily due to the effect on production due to regional flooding in the second quarter of 2022.

San Dimas: In the third quarter of 2023, San Dimas produced 10,000 ounces of attributable gold, a reduction of approximately 15% from the third quarter of 2022, primarily due to abatement grades, partially offset by higher throughput.

Voisey’s Bay: In the third quarter of 2023, the Voisey’s Bay mine produced 183,000 pounds of attributable cobalt, a decrease of approximately 19% from the third quarter of 2022, primarily due to the extraction of minimal grade materials and the ongoing transition era between depletion. of the Ovoid open pit mine and progress to complete production of the Voisey’s Bay underground project. Third-quarter production was also impacted by maintenance at the Long Harbor refinery. Vale reports that the physical finishing touch of the Voisey’s Bay underground mine expansion was 88% at the end of the third quarter, with Reid Brook’s bulk curtain handling formula nearing mechanical finishing touch and commissioning of sub-formulas in progress. Vale achieved first ore production from the Reid Brook deposit, the first of two underground mines to be developed as part of the project, in the second quarter of 2021. Eastern Deeps, the second deposit, has commenced mining progression ore from the deposit and is proceeding with the planned increase in its production.

Other Gold: Total attributable production of other gold in the third quarter of 2023 700 ounces, a reduction of approximately 81% compared to the third quarter of 2022, primarily due to the closure of the Minto mine in May 2023.

Other silver: Total attributable production from other silver in Q3 2023 was 1. 8 million ounces, a reduction of approximately 6% compared to Q3 2022, primarily due to the completion of the Yauliyacu MPA.

Aljustrel: On September 12, 2023, it announced that due to low zinc prices, the production of zinc and lead concentrates at Aljustrel would be halted from September 24, 2023 until the second quarter of 2025.

Detailed mine-by-mine production and sales figures can be found in the appendix to this press release and in the MD

Third Quarter Development Asset Highlights

Blackwater Project: On July 4, 2023, Artemis announced that it obtained Fisheries Act approval for the advancement of Project Blackwater, which will facilitate the commencement of the framing of water diversion and dam works in the Davidson Creek valley that flows through Blackwater. Basin. Installation of tailings garage. On October 24, 2023, Artemis announced that the overall structure of the Blackwater mine was 45% complete as of September 30, 2023. Project progress continues on schedule, with the goal of obtaining the first gold pour in the second half of 2024.

Marmato Mine: On July 12, 2023, Aris Mining announced that it had obtained approval from the Corporación Autónoma Regional del Caldas, the regional environmental authority in Colombia, of the Environmental Management Plan, which is now for the advancement of the Marmato mine downgrade.

Marathon Project: On August 30, 2023, Generation Mining Ltd. (“Gen Mining”) obtained the Endangered Species Act permit issued through the Ministry of Environment, Conservation and Parks. This permit includes situations to minimize the effects on caribou and bats at risk. as well as creating an overall benefit for those species at risk. Additionally, in September 2023, Gen Mining obtained environmental compliance approval issued through the Ministry of Environment, Conservation, and Parks for the air and noise emissions of the Marathon Project, and on November 7, 2023, announced that the province of Ontario had accepted and submitted the closure plan, which represents the first step in the authorization process. Additional permits and approvals are expected through the end of 2023.

Copper World Complex: On September 8, 2023, Hudbay announced the effects of the enhanced pre-feasibility study for Phase I of its 100% Arizona-owned Copper World allocation. After receiving two outstanding leases expected in mid-2024, Hudbay intends to finalize a joint venture minority partnership procedure before commencing a definitive feasibility study. The option to sanction Copper World is not expected before 2025, based on existing estimated timelines. As a result of the effects of this pre-feasibility study, the Company has now incorporated gold into the Mineral Reserve and Mineral Resource on our website.

Curipamba Project: On September 11, 2023, Adventus announced that Ecuador’s Constitutional Court declared that the processing of a complaint of unconstitutionality filed through the indigenous organization CONAIE and other plaintiffs opposed Presidential Decree 754 regulating environmental consultation for all public and personal industries. and sectors in Ecuador a precedent and set a public hearing for September 18, 2023. Adventus said that historically, the Court can be expected to reach a solution within two to three months of the start of the public hearing.

On October 2, 2023, Adventus announced that the El Domo – Curipamba assignment had won a favorable certificate of non-allocation of water through the Ministry of Environment and Water of the Government of Ecuador. This certificate and milestone for the allocation structure, planned and designed infrastructure in a domain with presence of surface and underground water sources.

Project Goose: On September 18, 2023, B2Gold provided an update on the structure of Project Goose, noting that the procurement of fabrics and materials needed for the 2024 structure campaign was completed and that all fabrics were delivered to ports for 2023 shipping. In addition, B2Gold said it remains on track to issue the first gold in the first quarter of 2025 and that concrete and metal paints in the mill domain are progressing ahead of schedule.

Crabs Project

On October 18, 2023, Lumina Gold Corp. (“Lumina”) announced that the allocation of Crabs is progressing as planned. Lumina is actively executing its drill plan for 2023 viability with nine drill rigs recently on site. Lumina has signed contracts with several engineering corporations for the advancement of feasibilityArray, feasibility is expected to be completed in the first quarter of 2025.

Business Development

Black Pine Project

On September 10, 2023, the Company acquired a new 0. 5% smelter royalty (“NSR”) from Liberty Gold Corp. (“Liberty Gold”) on the Black Pine Oxide Gold Project (“Black Pine”) for general monetary consideration. $4 million. Liberty Gold has been granted an option to repurchase 50% of NSR for $4 million at any time until the production of the ad in Black Pine or January 1, 2030, whichever comes first. The company has been granted the right of first refusal over all royalties, transmissions, or advance payments that add valuable metals such as black pine. In addition, the Company made an equity investment of $5 million in Liberty Gold at C$0. 34 per share.

Mineral Park Project

On October 24, 2023, the Company announced that it had entered into a PMPA (the “Mineral Park PMPA”) with Waterton Copper related to the production of silver from the Mineral Park mine located in Arizona, United States (the “Project”). . ” or “Mineral Park”). Under the Mineral Park PMPA, Wheaton will acquire one hundred percent of the silver payable to Mineral Park over the life of the mine. Under the Mineral Park PMPA, the Company agrees to pay Waterton Copper a total advance cash amount of $115 million in 4 construction installments, 3 installments of $25 million and a final installment of $40 million. Additionally, Wheaton will issue ongoing invoices for ounces of silver delivered equal to 18% of the spot value of silver until The cost of silver delivered, net of the production payment, is equal to the initial interest of $115 million, at which time the production payment will increase to 22% of the spot value of silver. The Company has also entered into an agreement loan to provide a secured line of credit of up to $25 million to the owner of the mineral park, a subsidiary of Waterton Copper, once all initial attention has been provided.

Durability

Grades & Awards:

Community Investment Program:

Management Update

Wheaton announces leadership adjustments effective October 1, 2023, adding the creation of a Chief Sustainability Officer position as well as Vice President appointments. Patrick Drouin, former Senior Vice President of Sustainability and Investor Relations at Wheaton, has been appointed President of Wheaton International, succeeding Nik Tatarkin who, although he retires from control, will remain a member of Wheaton International’s board of directors. Drouin will continue to oversee the company’s ESG practices and functionality at the senior checkpoint as Wheaton International’s president and chief sustainability officer.

Emma Murray has been appointed Vice President of Investor Relations effective October 1, 2023 and will primarily be responsible for liaising with the investment network and ensuring the market is well-informed about Wheaton’s strategic vision, monetary functionality, and expansion prospects.

Simona Antolak has been appointed Vice President of Communications and Corporate Affairs, in charge of external and internal communications and sustainable progression issues.

These adjustments strengthen Wheaton’s global leadership team.

About Wheaton Precious Metals Corp. and its outlook

Wheaton is the world’s leading valuable metals transmission company, with a portfolio of cheap, long-duration asset quality. Its business style gives investors leverage on commodity costs and upside exploration potential, but with a much lower threat profile than a classic mining company. It has some of the most money-making operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through cumulative acquisitions. As a result, Wheaton has consistently outperformed gold and silver, as well as other mining investments. Wheaton is committed to sound ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates long-lasting pricing through streaming for all its stakeholders.

Wheaton’s estimated attributable production in 2023 is expected to be approximately 600,000 to 660,000 GEO, unchanged from the previous direction2,3. Due to the temporary suspension of the Peñasquito mine from June 7, 2023 to October 13, 2023, Wheaton now expects its full annual production. The Company had estimated in the past that the average annual production for the five-year era ending in 2027 would be 810,000 GEO, while for the ten-year era ending in 2032, the Company estimated that the average annual production would be 850,000 GEO. The Company will generally provide updated long-term guidance in the first quarter of 2024, which will incorporate the effect of recent developments and acquisitions2,3.

According to Wheaton Precious Metals

Webcast & Conference Call Details

A telephone convention will be held on Friday, November 10, 2023, beginning at 11 a. m. m. ET (8 a. m. PT) to talk about those results. To sign up for the live call, use one of the following methods:

Toll free from Canada or the U. S. : 1-888-664-6383 Call from abroad to Canada or the U. S. U. S. Broadcast: 1-416-764-8650 Passcode: 35621453 Live Webcast: Webcast URL

The accompanying slideshow will also be available in PDF format on the “Presentations” page of Wheaton Precious Metals’ online page prior to the convention. The convention will be recorded and available until November 17, 2023 at 11:59 a. m. pm. ET. La webcast will be available for one year. You can pay attention to a call file through one of the following methods:

Toll free from Canada or the U. S. : 1-888-390-0541 Call from abroad to Canada or the U. S. U. S. Broadcast: 1-416-764-8677 Passcode: 621453 # Archived Webcast: Webcast URL

This earnings release should be read in conjunction with the discussion, analysis, and financial statements of Wheaton Precious Metals’ management, which are located on the company’s website in www. wheatonpm. com and were published on SEDAR in www. sedarplus. ca.

Mr. Wes Carson, P. Eng. , Vice President of Mining Operations, Neil Burns, P. Geo. , Vice President of Technical Services, Wheaton Precious Metals, and Ryan Ulansky, P. Eng. , Vice President of Engineering, are “Qualified Persons,” as that term is explained in NI 43-101, and I have reviewed and approved the technical data disclosed in this press (in particular, M. Mr. Carson reviewed the production figures, Mr. Burns reviewed the mineral resource estimates, and Mr. Ulansky revised the mineral reserve estimates. )

Wheaton Precious Metals believes that there are no major differences between its corporate governance practices and those to be followed by U. S. domestic issuers. It is available in the U. S. according to the standards of the New York Stock Exchange Board of Directors. This confirmation can be found on Wheaton Precious Metals’ online page in http:// www. wheatonpm. com/Company/corporate-governance/default. aspx

Investor Contact, Emma Murray, Vice President of Investor Relations, Phone: 1-844-288-9878, Email: info@wheatonpm. com; Media Contact, Simona Antolak, Vice President of Communications and Corporate Affairs, Phone: 604-639-9870, Email: simona. antolak@wheatonpm. com

Endnotes

__________________________

1 See non-IFRS measures at the end of this press release. The dividends reported in the Calfinishar quarter referred to, to the monetary results of the previous quarter. Details of the dividend can be found in Wheaton’s press release dated November 9, 2023, titled “Wheaton Precious Metals Declare Quarterly Split. “

2 Statements made in this segment involve forward-looking data relating to expected production, the investment of notable commitments and the continued acquisition of cumulative interests in mineral flows and readers are cautioned that actual effects may vary. Please refer to the “Cautionary Note Regarding Futures” – Seeking Statements” for curtain risks, assumptions, and curtain data related to such data.

3 Corporate Reports and S

4 Portfolio mine life on reserves and recoverable resources as of December 31, 2022 and actual mill performance in 2022 and is weighted by individual reserve and resource category.

Condensed Interim Consolidated Statements of Operations

Quarter ended September 30

Nine months ended September 30

(In U. S. dollars and percentages consistent with thousands, amounts consistent with percentages – unaudited)

2023

2022

2023

2022

Sales

223 137

218 836

702 573

829 002

Cost of goods sold

Cost of sales, burnout.

49 808

60 955

160 413

205. 891

Exhaustion

46 435

55 728

145 908

178 812

Total Cost of Sales

96 243

116 683

306 321

384 703

Gross margin

126 894

102 153

396 252

444 299

General and administrative expenses

8 606

8 360

28 922

27 448

Stock-Based Compensation

4 336

16 217

11 586

Community Grants & Investments

1 736

1 406

5 054

3 379

Reversal of the impairment of interests in mining flows

–

(10 330)

–

(10 330)

Operating income

112 216

102 640

346 059

412 216

Gain from Disposal of Mineral Flows

–

(104 425)

(5 027)

(104 425)

Other expenses (income)

(10 707)

(2 799)

(26 961)

(3 448)

Earnings Before Money Expenses and Source of Income Taxes

122 923

209 864

378 047

520 089

Financial Expenses

1 407

1 398

4 138

4 209

Profit Before Source of Income Taxes

121 516

208 466

373 909

515 880

Income from tax expenses

(5 145)

(12 006)

(4 700)

(12 879)

Net Profit

116 371

196 460

369 209

503 001

Basic utilities consistent with participation.

0,257

0,435

0,815

1. 114

Diluted earnings consistent with participation

0,257

0,434

0,814

1. 112

Weighted number of shares outstanding

Basic

452 975

451 757

452 748

451 402

Diluted

453 538

452 386

453 419

452 221

Condensed Intermediate Consolidated Sheets

As of September 30

As of December 31

(in thousands of U. S. – unaudited)

2023

2022

Assets

Current assets

Cash and cash equivalents

833 919

696 089

Accounts Receivable

10 492

10 187

Cobalt Inventory

2 429

10 530

Taxes receivable

5 000

–

Other

4 353

3 287

Total assets

856 193

720 093

Non-current assets

Mineral Stream Interests

5 737 454

5 707 019

Interests in Early Deposition Mineral Streams

47 093

46 092

Long-term investments

200 893

256 095

Tangible capital goods

8 092

4 210

Other

31 790

26 397

Total non-current assets

6 025 322

6 039 813

Total assets

6 881 515

6 759 906

Passive

Current liabilities

Accounts Payable and Liabilities

11 999

12 570

Current taxes payable

–

2 763

Current Share Share Portion of Yield Stock Units

9 404

14 566

Current Percentage of Rental Obligations

590

818

Full Liability

21 993

30. 717

Non-current liabilities

Performance Action Units

6 222

6 673

Rental debts

5 654

1 152

Deferred Taxes

189

165

Retirement Commitment

4 196

3 524

Total non-current liabilities

16 261

11 514

Total Responsibilities

38 254

42 231

Equity

Issued capital

3 774 333

3 752 662

Reserves

(78 872)

66 547

Retained earnings

3 147 800

2 898 466

Total Shareholder Equity

6 843 261

6 717 675

Total Liability and Net Worth

6 881 515

6 759 906

Condensed Interim Consolidated Cash Flow Statements

Quarter ended September 30

Nine months ended September 30

(in thousands of U. S. – unaudited)

2023

2022

2023

2022

Operational activities

Net Profit

116 371

196 460

369 209

503 001

Settings for

Depreciation and depletion

46 784

56 129

147 031

180 004

Gain from Disposal of Mineral Flows

–

(104 425)

(5 027)

(104 425)

Impairment (reversal of impairment) of investments in mining flows

–

(10 330)

–

(10 330)

Interest expense

131

Share-based reimbursement paid in shares

1 732

1 568

5 133

4 407

Units of Performance Sharing: Expenses

2 604

(1 491)

11 084

7 179

Yield Share Units: Paid

–

(163)

(16 675)

(18 411)

Pension Expense

329

291

787

720

Pension paid

–

(116)

–

Income Tax Expense (Recovery)

5 145

12 006

4 700

12 879

Loss (gain) due to fair adjustment on percentage purchase

Held Orders

143

204

248

1 101

Source of income investment identified in profit or loss

(10 537)

(1 953)

(26 564)

(2 696)

Other

163

(349)

662

(440)

Change in non-monetary current capital

(489)

4 728

(876)

(3 825)

Cash from operations before interest and source of income taxes

162 323

152 697

489 727

569 236

Income Taxes Paid

(912)

(29)

(5 244)

(141)

Interested payment

(79)

(22)

(112)

(73)

Interest Received

9 771

1 851

24 213

2 374

Cash through operational activities

171 103

154 497

508 584

571 396

Funding activities

Line of Credit Extension Fee

(13)

(1 205)

(859)

(1 207)

Action taken

–

10 603

7 549

Rent Payments

(169)

(201)

(548)

(603)

Dividends paid

(66 994)

(59 487)

(198 085)

(176 604)

Cash used in financing activities.

(67 083)

(60 893)

(188 889)

(170 865)

Investment activities

Mineral Stream Interests

(90 710)

(46 675)

(210 944)

(107 476)

Interests in Early Deposition Mineral Streams

(250)

(750)

(1 000)

(1 500)

Mineral Royalty Interest

(3 602)

–

(3 602)

–

Net income from disposal of mineral flows

–

(139)

46 400

(139)

Acquisition of long-term investments.

(5 006)

–

(13 181)

(22 768)

Proceeds from the disposal of long-term investments

–

202

–

Dividends received

700

102

1 617

322

Other

(35)

(69)

(1 804)

(194)

Cash used to conduct investment activities.

(98 903)

(47 531)

(182 312)

(131 755)

Effect of Exchange Rate Adjustments on Money and Money Equivalents

(35)

(81)

447

(203)

Increase in money and monetary equivalents

5 082

45 992

137 830

268 573

Cash and cash equivalents, beginning of the period

828 837

448 626

696 089

226 045

Cash and cash equivalents, end of period.

833 919

494 618

833 919

494 618

Overview of Units Produced

Third Quarter 2023

Second Quarter 2023

First Quarter 2023

Fourth Quarter 2022

Third Quarter 2022

Second Quarter 2022

First Quarter 2022

Fourth Quarter 2021

Ounces of gold produced²

Salobo

69 045

54 804

43 677

37 939

44 212

34 129

44 883

48 235

Sudbury 3

4 266

5 818

6 203

5 270

3 437

5 289

5 362

4 379

Constancy

19 003

7. 444

6 905

10 496

7 196

8 042

6 311

9 857

San Dimas 4

9 995

11 166

10 754

10 037

11 808

10 044

10 461

13 714

Still Water 5

2 454

2 017

1 960

2 185

1 833

2 171

2 497

2 664

Other

Marmatiano

673

639

457

533

542

778

477

479

777 6

–

3 509

4 003

4 462

Minto

–

1 292

3 063

2 567

3 050

2 480

4 060

3 506

Total Other

673

1 931

3 520

3 100

3 592

6 767

8 540

8 447

Total Gold Produced

105 436

83 180

73 019

69 027

72 078

66 442

78 054

87 296

Ounces of silver produced 2

Peñasquito 7

–

1 744

2 076

1 761

2 017

2 089

2 219

2,145

Antamina

864

960

851

1 067

1 327

1 330

1 210

1 309

Constancy

697

420

552

655

564

584

506

578

Other

The Threads

Zinkgruvan

785

374

632

664

642

739

577

482

Neves-Corvo

486

407

436

369

323

345

344

522

Aljustrel

327

279

343

313

246

292

287

325

Cozamine

165

184

141

157

179

169

186

213

Marmatiano

Yauliyacu 8

–

261

463

756

637

382

Straton 9

–

129

Minto

–

Keno Hill 10

–

777 6

–

Total Other

1 802

1 293

1 617

1 820

1 914

2 497

2 240

2 267

Total Silver Produced

3 363

4 417

5 096

5 303

5 822

6 500

6 175

6 299

Ounces of palladium produced²

Still Water 5

4 006

3 880

3 705

3 869

3 229

3 899

4 488

4 733

Pounds of Cobalt Produced²

Voisey Bay

183

152

124

128

226

136

234

381

Geo 11

154 800

145 797

144 000

142 887

153 025

155 932

164 911

177 490

Average fee payable 2

Gold

95,5%

95,1%

94,9%

95,1%

95,2%

96,0%

Money

79,0 %

83,2%

82,3 %

83,6%

85,8%

85,9%

86,3%

86,2%

Palladium

93,6%

94,1%

96,0%

91,7%

95,0%

94,6%

92,7%

92,2%

Cobalt

93,3 %

93,3%

93,3 %

Geo 11

90,8%

90,4%

89,3 %

90,4%

90,7%

91,5%

All figures are expressed in thousands, except for the gold and palladium produced.

The quantity produced represents the amount of gold, silver, palladium, and cobalt contained in the concentrate or gold before deductions for smelting or refining. Production figures and fees payable are based on data provided through operators of mining operations to which mining interests relate or on management estimates. under conditions where no other data is available. Certain production figures and rates payable would likely be updated over long-term periods as more data is received.

It includes gold interests from Coleman, Copper Cliff, Garson, Creighton, and Totten.

Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of payable gold production plus an additional amount of gold equal to 25% of payable silver production converted to gold at an exchange rate constant between gold and silver. 70:1 ratio from the San Dimas mine. If the average value ratio between gold and silver decreases below 50:1 or increases above 90:1 over a period of six months or more, then the “70” will be revised to “50” or “90”, as appropriate. the case could be, until the average value ratio of gold to silver is between 50:1 and 90:1 over a period of 6 months or more, in which case the “70” will be restored as a reference, attributable silver production from previous years. eras is: third quarter of 2023: 387,000 ounces; Second quarter of 2023: 423,000 ounces; First quarter 2023: 401,000 ounces; Fourth quarter 2022: 348,000 ounces; Third quarter 2022: 412,000 ounces; Second quarter of 2022: 382,000 ounces; First quarter of 2022: 408,000 ounces; Fourth quarter of 2021: 544,000 ounces.

It includes the Stillwater and East Boulder gold and palladium mines.

On June 22, 2022, Hudbay announced that mining operations at 777 had ended and closure had begun.

There is a temporary suspension of operations in Peñasquito due to a strike that lasted from June 7, 2023 to October 13, 2023.

On December 14, 2022, the Company terminated the Yauliyacu MPA in exchange for a cash payment of $132 million.

The Stratoni mine was placed under custody and maintenance in the fourth quarter of 2021.

ten)

On September 7, 2022, the Company terminated the Keno Hill AMP in exchange for $141 million in Hecla common stock.

11)

The GEOs, which are provided to assist the reader, are based on the following commodity value assumptions: $1,850 per ounce of gold; $24. 00 consistent with one ounce of silver; $1,800 per ounce of palladium; and $18. 75 per pound of cobalt; consistent with those used to estimate the Company’s 2023 production guidance.

Overview of Units Sold

Third Quarter 2023

Second Quarter 2023

First Quarter 2023

Fourth Quarter 2022

Third Quarter 2022

Second Quarter 2022

First Quarter 2022

Fourth Quarter 2021

Ounces of gold sold

Salobo

44 444

46 030

35 966

41 029

31 818

48 515

42 513

47 171

Sudbury 2

4 836

4 775

4 368

4 988

5 147

7 916

3 712

965

Constancy

12 399

9 619

6 579

6 013

6 336

7 431

10 494

6 196

San Dimas

9 695

11 354

10 651

10 943

10 196

10 633

10 070

15 182

Still Water 3

1 985

2 195

2. 094

1 783

2 127

2 626

2 628

2 933

Other

Marmatiano

792

467

480

473

719

781

401

423

777

275

153

126

785

3 098

3 629

4 388

4 290

Minto

–

701

2 341

2 982

2 559

2 806

3 695

2 462

Total Other

1 067

1 321

2 947

4 240

6 376

7 216

8 484

7 175

Total Gold Sold

74 426

75 294

62 605

68 996

62 000

84 337

77 901

79 622

Ounces of silver sold

Peñasquito

453

1 913

1 483

2 066

1 599

2 096

2 188

1 818

Antamina

794

963

814

1 114

1 155

1 177

1 468

1 297

Constancy

435

674

366

403

498

494

644

351

Other

The Threads

sixteen

Zinkgruvan

714

370

520

547

376

650

355

346

Neves-Corvo

245

132

171

105

167

204

259

Aljustrel

142

182

205

156

185

123

145

133

Cozamine

139

150

119

150

154

148

177

174

Marmatiano

Yauliyacu

–

337

1 005

817

551

Stratoni

–

(2)

133

Minto

–

Keno Hill

–

777

–

Total Other

1 283

887

1 086

1 352

nineteen eighty-two

2 081

1 253

1 650

Total ounces of silver sold

2 965

4 437

3 749

4 935

5 234

5 848

5 553

5 116

Ounces of palladium sold

Still Water 3

4 242

3 392

2 946

3 396

4 227

3 378

4 075

4 641

Pounds of Cobalt Sold

Voisey Bay

198

265

323

187

115

225

511

228

Geo 4

119 030

138 835

117 383

138 218

135 179

165 766

159 082

152 826

Cumulative units payable PBND 5

Ounces of Gold

99 923

73 403

69 479

62 602

65 978

59 331

81 365

84 989

Ounces of Silver

1 071

1 325

2 065

1 606

2 287

2 438

2 693

3 042

Ounces of palladium

5 607

6 122

5 751

5 098

5 041

6 267

5 535

5 629

Cobalt Books

376

250

285

257

402

280

550

596

Geo 4

123 086

99 084

104 749

91 001

104 623

99 895

127 257

135 964

Inventory on hand

Cobalt Books

155

310

398

633

556

582

410

657

All figures are expressed in thousands, with the exception of gold and palladium sold.

It includes gold interests from Coleman, Copper Cliff, Garson, Creighton, and Totten.

It includes the Stillwater and East Boulder gold and palladium mines.

Payable ounces of gold, silver and palladium, as well as pounds of cobalt produced not yet delivered (“PBND”) are based on management estimates. These figures are likely to be updated over longer periods as more data are received.

Results of operations

The effects of operations of the Company’s reportable operating segments are summarized in the tables and observations below.

Three months ending September 30, 2023

Units produced²

Units Sold

Average Learned Value (in dollars consistent with the unit)

Average Monetary Charge (dollars consistent with unit) 3

Average depletion ($consistent with unit)

Sales

Net Profit

Cash from operations

Total assets

Gold

Salobo

69 045

44 444

1 944

420

330

86 395

53 026

67 710

2 341 485

Sudbury 4

4 266

4 836

1 950

400

1 204

9 428

1 669

7 494

268 224

Constancy

19 003

12 399

1 944

419

316

24 102

14 991

18 906

86 555

San Dimas

9 995

9 695

1 944

631

260

18 846

10 216

12 732

147 638

Still water

2 454

1 985

1 944

349

510

3 859

2 154

3 167

212 650

Other 5

673

1 067

1 945

368

391

2 077

1 266

1 684

557 035

105 436

74 426

1 944

444

381

144 707

83 322

111 693

3 613 587

Money

Peñasquito

–

453

23,82

4. 43

4. 06

10 804

6 952

8 795

278 028

Antamina

864

794

23,82

4,81

7. 06

18 915

9 496

15 097

527 227

Constancy

697

435

23,82

6. 18

6. 24

10 360

4 958

7 674

183 736

Other 6

1 802

1 283

23,62

5. 15

2,64

30 293

20 301

19 439

549 641

3 363

2 965

23,73

5. 10

4,57

70 372

41 707

51 005

1 538 632

Palladium

Still water

4 006

4 242

1 251

223

459

5 307

2 416

4 361

222 154

Platinum

Marathon

–

n/a.

–

9 450

Cobalt

Voisey Bay

183

198

13,87

3,66?

12,98

2 751

(551)

4 235

353 631

Operating Results

223 137

126. 894

171 294

5 737 454

Other

General Administrative

(8 606)

(6 321)

Stock-Based Compensation

(4 336)

–

Community Grants & Investments

(1 736)

(1 750)

Financial Expenses

(1 407)

(1 078)

Other

10 707

9 870

Income tax

(5 145)

(912)

Total Other

(10 523)

(191)

1 061

116 371

171 103

6 881 515

Gold, silver and palladium units produced and sold are expressed in ounces, while cobalt units are expressed in pounds. All figures are in thousands, except for ounces of gold and palladium produced and sold and unit quantities.

The quantity produced represents the amount of gold, silver, palladium, and cobalt contained in the concentrate or gold before deductions for smelting or refining. Production figures are based on data provided through operators of mining operations to which mining interests relate or on management estimates under conditions where other data is not available. Some production figures are likely to be updated over longer periods as more data becomes available.

See the discussion of non-IFRS measure (iii) at the end of this press release.

It includes the gold interests of Coleman, Copper Cliff, Garson, Creighton and Totten and the non-gold interests of Stobie and Victor.

It includes Marmato’s operating interests in gold as well as the non-operating interests in gold of Minto, 777, Copper World Complex, Santo Domingo, Blackwater, Fenix, Goose, Marathon, Curipamba and Cangrejos. On June 22, 2022, Hudbay announced that mining operations at 777 had been terminated and closure activities had begun. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.

It includes operating silver interests in Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Cozamin and Marmato and non-operating silver interests in Minto, 777, Loma de La Plata, Stratoni, Pascua-Lama, Copper World Complex, Blackwater and Curipamba. On June 22, 2022, Hudbay announced that mining operations at 777 had ended and closure activities had begun. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it announced that zinc production and lead concentrates at Aljustrel would be suspended from September 24, 2023 until the second quarter of 2025.

The cash charge per pound of cobalt sold in the third quarter of 2023 was net of a previously recorded stock impairment of $0. 1 million, resulting in a reduction of $0. 51 per pound of cobalt sold. The Company reflects cobalt stocks at minimum load and net realizable value, and will continue to monitor the market value of cobalt relative to the amount of stocks in each report consistent with the period.

On a gold basis, the Company’s effects for the quarter ended September 30, 2023 were as follows:

Three months ended September 30, 2023

Ounces Produced 1

Ounces Sold

Average Learned Value (in dollars per ounce)

Average Currency Charge (Dollars Per Ounce) 2

Cash Margin ($ consistent per ounce) 3

Average depletion ($consistent with the ounce)

Gross Profit ($ consistent with the ounce)

Gold Equivalent Base 4

154 800

119 030

MX$1,875

US$418

MX$1,457

US$390

MX$1,067

The quantity produced represents the amount of gold, silver, palladium, and cobalt contained in the concentrate or gold before deductions for smelting or refining. Production figures are based on data provided through operators of mining operations to which mining interests relate or on management estimates under conditions where other data is not available. Some production figures are likely to be updated over longer periods as more data becomes available.

See the discussion on the non-IFRS measure (iii) at the end of this press release.

See the discussion on the non-IFRS measure (iv) at the end of this press release.

Three months ended September 30, 2022

Units produced²

Units Sold

Average Learned Value (in dollars consistent with the unit)

Average Monetary Charge (dollars consistent with unit) 3

Average depletion ($consistent with unit)

Sales

Impairment Reversals / Gains in

Elimination 4

Net Profit

Cash from operations

Total assets

Gold

Salobo

44 212

31 818

1 724

416

334

54 860

–

31 000

41 617

2 396 952

Sudbury 5

3 437

5 147

1 745

400

1 092

8 984

–

1 303

5 943

288 863

Constancy

7 196

6 336

1 724

415

271

10 925

–

6 578

8 295

97 213

San Dimas

11 808

10 196

1 724

624

260

17 579

–

8 567

11,213

158 704

Still water

1 833

2 127

1 724

317

429

3 667

–

2 080

2 992

216 617

Other 6

3 592

6 376

1 743

694

11 113

–

6 311

5 562

461 359

72 078

62 000

1 728

474

353

107 128

–

55 839

75 622

3 619 708

Money

Peñasquito

2 017

1 599

7:30 pm.

4. 36

3,57

30 857

–

18 182

23 885

301 040

Antamina

1 327

1 155

7:30 pm.

3,75

7. 06

22 287

–

9 798

17 951

553 231

Constancy

564

498

7:30 pm.

6. 12

6:35 am

9 613

–

3 398

6 563

195 507

Other 7

1 914

nineteen eighty-two

18,93

7. 51

6,84

37 513

114 755

123 823

21 896

538 739

5 822

5 234

19:16

5. 59

5. 84

100 270

114 755

155 201

70 295

1 588 517

Palladium

Still water

3 229

4 227

2 091

353

399

8 838

–

5 657

7 344

228 168

Platinum

Marathon

–

n/a.

–

9 425

Cobalt

Voisey Bay

226

115

22,68

7. 21

13. 63

2 600

–

211

7 352

361 238

Operating Results

218 836

114 755

216 908

160 613

5 807 056

Other

General Administrative

(8 360)

(5 342)

Stock-Based Compensation

(77)

(163)

Community Grants & Investments

(1 406)

(1 410)

Financial Expenses

(1 398)

(1 020)

Other

2 799

1 848

Income tax

(12 006)

(29)

Total Other

(20 448)

(6 116)

780 539

196 460

154 497

6 587 595

The quantity produced represents the amount of gold, silver, palladium, and cobalt contained in the concentrate or gold before deductions for smelting or refining. Production figures are based on data provided through operators of mining operations to which mining interests relate or on management estimates under conditions where other data is not available. Some production figures are likely to be updated over longer periods as more data becomes available.

See the discussion on the non-IFRS measure (iii) at the end of this press release.

It relates to the completion of the Keno Hill PMPA.

It includes the operating gold interests of Coleman, Copper Cliff, Garson, Creighton and Totten, as well as the non-operating gold interests of Stobie and Victor.

It includes the gold operating interests of Minto, 777 and Marmato, as well as the non-operating gold interests of Copper World Complex, Santo Domingo, Blackwater, Fenix, Goose, Marathon and Curipamba. On June 22, 2022, Hudbay announced that mining operations at 777 had ended and closure activities had begun. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.

Composed of the operating silver interests of Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Minto, 777, Marmato and Cozamin, the non-operating silver interests of Stratoni, Loma de La Plata, Copper World Complex, Pascua-Lama, Blackwater and Curipamba and the silver interests in the past held through Keno Hill and Yauliyacu. On June 22, 2022, Hudbay announced that mining operations at 777 had ended and closure activities had begun. On September 7, 2022, Keno Hill’s PMPA was terminated in exchange for $141 million in Hecla regular shares. On December 14, 2022, Yauliyacu’s PMPA was terminated in exchange for a cash payment of $132 million. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that production of zinc and lead concentrates at Aljustrel would be stopped from September 24, 2023 until the second quarter of 2025.

On a gold basis, the Company’s effects for the 3 months ended September 30, 2022 were as follows:

Three months ended September 30, 2022

Ounces Produced 1

Ounces Sold

Average Learned Value (in dollars per ounce)

Average Currency Charge (Dollars Per Ounce) 2

Cash Margin ($ consistent per ounce) 3

Average depletion ($consistent with the ounce)

Gross Profit ($ consistent with the ounce)

Gold Equivalent Base 4

153 025

135 179

MX$1,619

US$451

$1,168

US$412

US$756

The quantity produced represents the amount of gold, silver, palladium, and cobalt contained in the concentrate or gold before deductions for smelting or refining. Production figures are based on data provided through operators of mining operations to which mining interests relate or on management estimates under conditions where other data is not available. Some production figures are likely to be updated over longer periods as more data becomes available.

See the discussion on the non-IFRS measure (iii) at the end of this press release.

See the discussion on the non-IFRS measure (iv) at the end of this press release.

Nine months ended September 30, 2023

Units produced²

Units Sold

Average Learned Value (in dollars consistent with the unit)

Average Monetary Charge (dollars consistent with unit) 3

Average depletion ($consistent with unit)

Sales

Draw Gain 4

Net Profit

Cash from operations

Total assets

Gold

Salobo

167 526

126 440

1 947

420

330

246 219

–

151 287

193 063

2 341 485

Sudbury 5

16 287

13 979

1 953

400

1 087

27 295

–

6 512

21 420

268 224

Constancy

33 352

28 597

1 948

417

316

55 718

–

34 751

43 779

86 555

San Dimas

31 915

31 700

1 945

628

260

61 657

–

33 535

41 762

147 638

Still water

6 431

6 274

1 945

347

510

12 201

–

6 824

10 026

212 650

Other 6

6 124

5 335

1 935

1 119

172

10,324

–

3 439

4 090

557 035

261 635

212 325

1 947

465

369

413 414

–

236 348

314 140

3 613 587

Money

Peñasquito

3 820

3 849

23. 63

4. 43

4. 06

90 967

–

58 268

73 915

278 028

Antamina

2 675

2 571

23:65

4,69

7. 06

60 812

–

30 625

48 765

527 227

Constancy

1 669

1 475

23:75

6:15 am

6. 24

35 034

–

16 750

25 962

183 736

Other 7

4 712

3 256

23:44

5,58

2,82

76 316

5 027

53 966

55 364

549 641

12 876

11 151

11:60 p. m.

5. 05

4,68

263 129

5 027

159 609

204 006

1 538 632

Palladium

Still water

11 591

10 580

1 410

255

440

14 922

–

7 565

12 223

222 154

Platinum

Marathon

–

n/a.

–

9 450

Cobalt

Voisey Bay

458

786

14. 13

3,36?

13. 63

11 108

–

(2 243)

13 056

353 631

Operating Results

702 573

5 027

401 279

543 425

5 737 454

Other

General Administrative

(28,922)

(29 702)

Stock-Based Compensation

(16 217)

(16 675)

Community Grants & Investments

(5 054)

(4 896)

Financial expenses

(4 138)

(3 147)

Other

26 961

24 823

Income tax

(4 700)

(5 244)

Total Other

(32 070)

(34 841)

1 061

369 209

508 584

6 881 515

The quantity produced represents the amount of gold, silver, palladium, and cobalt contained in the concentrate or gold before deductions for smelting or refining. Production figures are based on data provided through operators of mining operations to which mining interests relate or on management estimates under conditions where other data is not available. Some production figures are likely to be updated over longer periods as more data becomes available.

See the discussion on the non-IFRS measure (iii) at the end of this press release.

The gain from the sale of Other Silver Holdings is similar to the gain from the 33% redemption of Goose PMPA.

It includes the operating gold interests of Coleman, Copper Cliff, Garson, Creighton and Totten, as well as the non-operating gold interests of Stobie and Victor.

The cash charge per pound of cobalt sold for the nine months ended September 30, 2023 was net of a previously recorded stock impairment of $1. 6 million, resulting in a reduction of $2. 05 per pound of cobalt sold. The Company reflects cobalt stocks in cost reduction and net realizable value, and will continue to monitor the market value of cobalt relative to the amount of stocks in each report consistent with the period.

In gold equivalent, the Company’s effects for the months ended September 30, 2023 were as follows:

Nine months ended September 30, 2023

Ounces Produced 1

Ounces Sold

Average Learned Value (in dollars per ounce)

Average Currency Charge (Dollars Per Ounce) 2

Cash Margin ($ consistent per ounce) 3

Average depletion ($consistent with the ounce)

Gross Profit ($ consistent with the ounce)

Gold Equivalent Base 4

444 597

375 248

MX$1,872

US$427

MX$1,445

US$389

MX$1,056

The quantity produced represents the amount of gold, silver, palladium, and cobalt contained in the concentrate or gold before deductions for smelting or refining. Production figures are based on data provided through operators of mining operations to which mining interests relate or on management estimates under conditions where other data is not available. Some production figures are likely to be updated over longer periods as more data becomes available.

See the discussion on the non-IFRS measure (iii) at the end of this press release.

See the discussion on the non-IFRS measure (iv) at the end of this press release.

Nine months ended September 30, 2022

Units produced²

Units Sold

Average Learned Value (in dollars consistent with the unit)

Average Monetary Charge (dollars consistent with unit) 3

Average depletion ($consistent with unit)

Sales

Impairment Reversals / Disposal Gain 4

Net Profit

Cash from operations

Total assets

Gold

Salobo

123 224

122 846

1 834

416

334

225 267

–

133 146

174 134

2 396 952

Sudbury 5

14 088

16 775

1 828

400

1 091

30 673

–

5 657

22 980

288 863

Constancy

21 549

24 261

1 833

413

271

44 480

–

27 886

34 463

97 213

San Dimas

32 313

30 899

1 823

622

260

56. 335

–

29 095

37 114

158 704

Still water

6 501

7 381

1 829

330

429

13 503

–

7 902

11 070

216 617

Other 6

18 899

22 076

1 829

734

40 388

–

23 183

22 912

461 359

216 574

224 238

1 831

471

348

410 646

–

226 869

302 673

3 619 708

Money

Peñasquito

6 325

5 883

22. 21

4. 36

3,57

130 686

–

84 058

105 036

301 040

Antamina

3 867

3 800

22. 13

4. 42

7. 06

84 093

–

40 479

66 952

553 231

Constancy

1 654

1 636

22:15

6. 09

6. 34

36 227

–

15 883

26 260

195 507

Other 7

6 651

5 316

21:41

7. 14

5. 61

113 823

114 755

160 768

75 969

538 739

18 497

16 635

21,93

5. 43

5. 29

364 829

114 755

301 188

274 217

1 588 517

Palladium

Still water

11 616

11 680

2 190

383

399

25 574

–

16 437

21 099

228 168

Platinum

Marathon

–

n/A

–

9 425

Cobalt

Voisey Bay

596

851

32,85

6. 24

9:49 am

27 953

–

14 560

24 412

361 238

Operating Results

829 002

114 755

559 054

622 401

5 807 056

Other

General Administrative

(27 448)

(28 688)

Stock-Based Compensation

(11 586)

(18 411)

Community Grants & Investments

(3 379)

(2 977)

Financial Expenses

(4 209)

(3 107)

Other

3 448

2 319

Income tax

(12 879)

(141)

Total Other

(56 053)

(51 005)

780 539

503 001

571 396

6 587 595

The units of gold, silver, and palladium produced and sold are expressed in ounces, while cobalt is expressed in pounds. All figures are in thousands, except for ounces of gold and palladium produced and sold and unit quantities.

The quantity produced represents the amount of gold, silver, palladium, and cobalt contained in the concentrate or gold before deductions for smelting or refining. Production figures are based on data provided through operators of mining operations to which mining interests relate or on management estimates under conditions where other data is not available. Some production figures are likely to be updated over longer periods as more data becomes available.

See the discussion on the non-IFRS measure (iii) at the end of this press release.

It relates to the completion of the Keno Hill PMPA.

It includes the operating gold interests of Coleman, Copper Cliff, Garson, Creighton and Totten, as well as the non-operating gold interests of Stobie and Victor.

Comprised of the operating silver interests of Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Minto, 777, Marmato and Cozamin, the non-operating silver interests of Stratoni, Loma de La Plata, Copper World Complex, Pascua-Lama, Blackwater and Curipamba and the silver interests in the past held through Keno Hill and Yauliyacu. On June 22, 2022, Hudbay announced that mining operations at 777 had ended and closure activities had begun. On September 7, 2022, Keno Hill’s PMPA was terminated in exchange for $141 million in Hecla regular shares. On December 14, 2022, the Yauliyacu PMPA was terminated in exchange for a cash payment of $132 million. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of zinc and lead concentrates at Aljustrel would be halted from September 24, 2023 until the second quarter of 2025.

On a gold basis, the Company’s effects for the nine months ended September 30, 2022 were as follows:

Nine months ended September 30, 2022

Ounces Produced 1

Ounces Sold

Average Learned Value (in dollars per ounce)

Average Currency Charge (Dollars Per Ounce) 2

Cash Margin ($ consistent per ounce) 3

Average depletion ($consistent with the ounce)

Gross Profit ($ consistent with the ounce)

Gold Base 4

473 868

460 026

MX$1,802

US$448

MX$1,354

US$389

US$965

The quantity produced represents the amount of gold, silver, palladium, and cobalt contained in the concentrate or gold before deductions for smelting or refining. Production figures are based on data provided through operators of mining operations to which mining interests relate or on management estimates under conditions where other data is not available. Some production figures are likely to be updated over longer periods as more data becomes available.

Ounces of silver produced and sold by the thousands.

See the discussion on the non-IFRS measure (iii) at the end of this press release.

See the discussion on the non-IFRS measure (iv) at the end of this press release.

Non-IFRS measures

Wheaton has included in this document certain non-IFRS measures of functionality, adding (i) adjusted net earnings and adjusted net earnings consistent with a consistent percentage; (ii) consistent cash flow with consistent percentage (basic and diluted); (iii) the average money prices of gold, silver, and palladium per ounce and cobalt per pound; and (iv) money consistent with the hedging margin.

Adjusted net earnings and adjusted net earnings consistent with the percentage are calculated through the effects of non-cash impairment fees (reversals) (if any), non-cash losses (gains) at fair price and other non-recurring expenses (revenues) as well as the reversal of the non-cash income tax expense (recovery) that is offset through the income tax expense (recovery) recorded in equity states and other sources of global revenue, respectively. The Company believes that in addition to traditional measures prepared in accordance with IFRS, they monitor and ensure that investors use this data to compare the Company’s consistent performance.

The following table provides a reconciliation of adjusted earnings to adjusted earnings consistent with percentage (basic and diluted).

Quarter ended September 30

Nine months ended September 30

(in thousands, consistent with amounts consistent with percentages)

2023

2022

2023

2022

Net Profit

116 371

196 460

369 209

503 001

Add (subtract):

Impairment rate (reversal)

–

(10 330)

–

(10 330)

Gain on disposal of mineral interests

–

(104 425)

(5 027)

(104 425)

(Gain) Loss on Fair Adjustment of Warrants Held

143

204

248

1 101

Recovery (expense) of source of income taxes identified in the estate

–

3 644

–

4 143

Recovery (expense) of income tax identified in other comprehensive income

5 115

546

7 205

701

Recovery of taxes on the source of income similar to the disposition of interest on the previous year’s mineral flow

–

7 779

(2 672)

7 779

Other

(162)

–

(482)

(802)

Adjusted Income

121 467

93 878

368 481

401 168

Divided by:

Weighted Base Number of Shares Outstanding

452 975

451 757

452 748

451 402

Diluted weighted number of shares outstanding

453 538

452 386

453 419

452 221

Equivalent to:

Consistent Adjusted Earnings with Consistent Percentages – Basic

0,268

0,208

0,814

0,889

Consistent Adjusted Earnings with Consistent Percentages – Diluted

0,268

0,208

0,813

0,887

II.

Consistent percentage (basic and diluted) money issuance is calculated by dividing the money generated from consistent issuance activities by the weighted average number of notable consistent percentages (basic and diluted). The Company presents consistent money issuance with consistent percentage as a control and ensure that investors use this data to compare the Company’s functionality relative to other corporations in the valuable metals mining industry that report effects in a similar manner.

The following table provides a reconciliation of the percentage of cash consistent with the percentage of cash (basic and diluted).

Quarter ended September 30

Nine months ended September 30

(in thousands, consistent with amounts consistent with percentages)

2023

2022

2023

2022

Cash generated through operating activities

171 103

154 497

508 584

571 396

Divided by:

Weighted Base Number of Shares Outstanding

452 975

451 757

452 748

451 402

Diluted weighted number of shares outstanding

453 538

452 386

453 419

452 221

Equivalent to:

Operating Cash Flow Per Share: Basic

0,378

0,342

1. 123

1. 266

Or consistent with consistent money with consistent percentage – diluted

0,377

0,342

1. 122

1. 264

III.

The average monetary cost of gold, silver, and palladium per ounce and cobalt per pound is calculated by dividing the total cost of sales, minus depletion, by the ounces or pounds sold. In the precious metals mining industry, this is a common feature. measure, it does not yet have a standardized standard prescribed through IFRS. In addition to traditional measures prepared in accordance with IFRS, control and insurance investors use this data to compare the functionality and ability of the company to generate cash flows.

The table below provides a calculation of the average monetary load of gold, silver, and palladium per ounce and cobalt per pound.

Quarter ended September 30

Nine months ended September 30

(in thousands, ounces of gold and palladium sold and unit quantities)

2023

2022

2023

2022

Cost of goods sold

96 243

116 683

306 321

384 703

Less: Exhaustion

(46 435)

(55 728)

(145 908)

(178 812)

Cash Sales

49 808

60 955

160 413

205 891

The monetary charge for sales includes:

Total Cash Cost of Gold Sold

33 014

29 398

98 724

105 719

Total Monetary Charge of Silver Sold

15 121

29 238

56 351

90 384

Total Monetary Load of Palladium Sold

946

1 493

2 699

4 475

Total Currency Load of Cobalt Sold

727

826

2 639

5 313

Total Monetary Charge of Sales

49 808

60 955

160 413

205 891

Divided by:

Total Gold Sold

74 426

62 000

212 325

224 238

Total ounces of silver sold

2 965

5 234

11 151

16 635

Total ounces of palladium sold

4 242

4 227

10 580

11,680

Total pounds of cobalt sold

198

115

786

851

Equivalent to:

Average Gold Monetary Load (Per Ounce)

444

474

465

471

Average Silver Monetary Load (Per Ounce)

5. 10

5. 59

5. 05

5. 43

Average Monetary Load of Palladium (Per Ounce)

223

353

255

383

Average Cobalt Monetary Load (Per Pound)

3,66

7. 21

3. 36

6. 24

IV.

Cash margin is calculated by adding depletion to gross margin. Cash margin per ounce or pound is calculated by dividing the cash margin by the number of ounces or pounds sold in the same period. The Company presents No Margin Cash as a control and secure investors use this data to compare the Company’s functionality relative to other corporations in the valuable metals mining industry that report effects on a similar basis, as well as to compare the Company’s ability to generate cash flows.

The following table provides a reconciliation of the monetary operating margin.

Quarter ended September 30

Nine months ended September 30

(in thousands, ounces of gold and palladium sold and unit quantities)

2023

2022

2023

2022

Gross margin

126 894

102 153

396 252

444 299

Add: Exhaustion

46 435

55 728

145 908

178 812

Cash Margin

173,329

157 881

542 160

623 111

The monetary operating margin is made up of:

Total Cash Operating Margin on Gold Sold

111 693

77 730

314 690

304 927

Total Cash Operating Margin on Money Sold

55 251

71 032

206 778

274 445

Total margin consistent with palladium sold

4 361

7 345

12 223

21 099

Total Cobalt Margin Sold

2 024

1 774

8 469

22 640

Total Margin

173 329

157 881

542 160

623 111

Divided by:

Total Gold Sold

74 426

62 000

212 325

224 238

Total ounces of silver sold

2 965

5 234

11 151

16 635

Total ounces of palladium sold

4 242

4 227

10 580

11 680

Total pounds of cobalt sold

198

115

786

851

Equivalent to:

Cash margin consistent with ounce of gold sold

1 500

1 254

1 482

1 360

Cash margin consistent with silver ounce sold

18. 63

13. 57

18:55

16:50

Cash margin consistent with ounce of palladium sold

1 028

1 738

1 155

1 807

Cash margin consistent with pound of cobalt sold

10. 21

15:47

10. 77

26,61

These non-IFRS measures do not have a standardized meaning prescribed through IFRS, and other corporations would possibly calculate those measures differently. The presentation of these non-IFRS measures is intended to provide further data and not to be considered in isolation or as a replacement for functionality measures listed in accordance with IFRS. For more detailed data, please refer to the Wheaton Management Discussion and Analysis found on the Company’s online page in www. wheatonpm. com and posted on SEDAR in www. sedarplus. ca.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Warnings & Resources

For more data on mineral reserves and mineral resources and Wheaton in general, readers refer to Wheaton’s Annual Information Form for the year ended December 31, 2022, which was filed on March 31, 2023, and other ongoing disclosure documents filed through Wheaton since January. . January 1, 2023, available on SEDAR in www. sedarplus. ca. Wheaton’s mineral reserves and mineral resources are subject to the reservations and notes set forth herein. Mineral resources, which are not mineral reserves, have not demonstrated economic viability.

Cautionary note to U. S. investors regarding estimates of measured, indicated and inferred resources: The data contained herein have been prepared in accordance with the requirements of applicable Canadian securities laws, which differ from the requirements of applicable Canadian securities laws. of United States securities. The Company presents data relating to mineral properties, mineralization and estimates of mineral reserves and mineral resources in accordance with Canadian reporting needs that are governed by and use the definitions required through Canadian National Instrument 43-101 Related Mining Project Disclosures (“ NEITHER”). 43-101″) and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) – CIM Defining Standards for Mineral Resources and Mineral Reserves, followed through the ICM Council, as amended (the “ICM Standards”) These definitions differ from the definitions followed by the United States Securities and Exchange Commission (“SEC”) under the United States Securities Act of 1933, as amended (the “Securities Act”), which apply to U. S. corporations. Accordingly, there may be no assurance that the Company will claim mineral reserves or mineral resources as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources”. ” and “inferred mineral resources” under Regulation 43. -101 would be the same if the Company had prepared reserve or resource estimates in accordance with the criteria followed by the SEC. Therefore, the data contained in this document describing Wheaton mineral deposits would not likely compare to similar data made public through US corporations subject to reporting and disclosure. needs under the federal securities laws. of the United States and the corresponding regulations and regulations. U. S. investors are encouraged to carefully review the data contained in Wheaton’s Form 40-F, a copy of which you may receive from Wheaton or at https://www. sec. gov/edgar. shtml.

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SOURCE: Wheaton Precious Metals Corp.

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