THE HIGH MARGIN PRECIOUS METALS COMPANY May 2018 CAUTIONARY - PowerPoint PPT Presentation

THE HIGH MARGIN PRECIOUS METALS COMPANY May 2018

CAUTIONARY STATEMENTS CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS The information contained in this Presentation 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 Canadian securities legislation. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers are strongly cautioned to carefully review the cautionary notes to this Presentation starting on page 53 and in particular: Note 1 at the end of this Presentation contains our cautionary note regarding forward-looking statements and sets out the material assumptions and risk factors that could cause actual results to differ, including, but not limited to, fluctuations in the price of commodities, the outcome of the challenge by the CRA of Wheaton Precious Metal’s tax filings, the absence of control over mining operations from which Wheaton Precious Metal purchases silver or gold, and risks related to such mining operations and continued operation of Wheaton Precious Metal’s Counterparties. Readers should also consider the section entitled “Description of the Business – Risk Factors” in Wheaton Precious Metal’s Annual Information Form and the risks identified under “Risks and Uncertainties” in Management's Discussion and Analysis for the period ended December 31, 2016, both available on SEDAR and in Wheaton Precious Metals' Form 40-F and Wheaton Precious Metals' Form 6-K filed March 31, 2017, both on file with the U.S. Securities and Exchange Commission. Where applicable, readers should also consider any updates to such “Risks and Uncertainties” that may be provided by Wheaton Precious Metals in its quarterly Management’s Discussion and Analysis. Note 2 at the end of this Presentation contains our cautionary note regarding the presentation of mineral reserve and mineral resource estimates. 2

WHO IS WHEATON PRECIOUS METALS

WHEATON PRECIOUS METALS A MODEL DESIGNED TO BENEFIT ALL STAKEHOLDERS ▪ Pure precious metals streaming focus Wheaton Precious ▪ Portfolio of high quality, long-life assets Metals ▪ Strong balance sheet Wheaton Shareholder Mining Company Community Exposure to Gold & Silver: Wheaton’s CSR Program: Significant Upfront Capital: ▪ Strong margins ▪ Non-dilutive ▪ Partner CSR program Significant Upfront Capital: Exposure to Gold & Silver: ▪ Cost predictability ▪ Enhances IRRs supports communities around mines improving ▪ High quality, diversified ▪ Crystalizes value of future • ▪ Non-dilutive High margins partner’s social license portfolio production ▪ Broad support in Canada ▪ Optionality in ounces ▪ Balance sheet friendly • Balance sheet friendly and Cayman Islands ▪ Very competitive dividend ▪ Retains operational control ▪ Carbon Neutral Company 4 Who is Wheaton Precious Metals?

HIGH QUALITY ASSET BASE DIVERSIFIED PORTFOLIO Partners: Operating Mines (17) Development Projects (9) Vale Glencore Goldcorp Barrick Lundin Eldorado Hudbay Pan American First Majestic Capstone Alexco Sandspring Panoro Leagold Corporate Offices (2) Kutcho Copper Well-diversified with low political risk 5 Who is Wheaton Precious Metals?

HIGH QUALITY ASSET BASE LOW COST, LONG LIFE PRODUCTION 2018 – 2022 Avg. Forecast Production Mine Life of Operating Portfolio 1,2,3 by Cost Quartile 1,3 70 1% 3% 60 14 50 14 40 24% 30 20 33 10 First 72% 0 Second Proven & Measured & Inferred Third Probable Indicated Mineral Fourth Mineral Mineral Resources Reserves Resources 96% of Wheaton’ s production comes from assets in the lowest half of the cost curve And the portfolio has over 30 years of mine life based on reserves 6 Who is Wheaton Precious Metals?

FIVE YEAR PRODUCTION FORECAST SUBSTANTIAL OPTIONALITY EXISTS Not Production Profile 1,4 1,200 included in Gold Equivalent Production (GEO) (Koz) 80 Silver Equivalent Production (SEO) (Moz) forecast 1,000 70 370koz Gold 60 800 25Moz Silver 50 Antamina 600 40 Salobo 30 Sudbury 400 Constancia 20 Peñasquito 200 San Dimas 10 Other 0 0 2018E – 2022E 2012 2013 2014 2015 2016 2017 2018E 2018- Optionality 2022E Other San Dimas Peñasquito Constancia Sudbury Salobo Antamina Other Development Rosemont Pascua Lama Wheaton has approximately 350 thousand gold equivalent ounces of production optionality 7 Who is Wheaton Precious Metals?

PRODUCTION OPTIONALITY SIGNIFICANT UPSIDE FROM EXISTING AGREEMENTS 1,2,5 Assets Status Description Approx. Production Ag Au Pascua Awaiting ▪ Awaiting reinstatement of permits 9 Moz (1 st 5-yr avg) Lama permits ▪ Underground option under evaluation Awaiting ▪ Record of Decision issued Rosemont 3 Moz 15 koz permits ▪ Only 404 Water Permit outstanding ▪ Salobo Expansion – base case +12Mtpa Other ▪ Prefeasibility Toroparu 115 - 150 • 3 - 5 Moz Cotabambas koz • • Kutcho ▪ Navidad – Awaiting permits 15 - 17 130 - 165 Total Moz koz 8 Who is Wheaton Precious Metals?

CASH OPERATING COSTS PREDICTABLE COSTS AND HIGH MARGINS Total Cash Cost and Cash Operating Margins per Ounce 1,6,7,8 $2,000 Gold Price $1,500 (US$/0z) 79% $1,000 81% 72% 69% 69% 69% 66% 75% 71% $500 $386 $393 $395 $423 $362 $386 $391 $300 $300 $300 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-2022E $40 Silver Price $30 (US$/0z) $20 81% 88% 87% 74% 83% 73% 74% $10 78% 71% 74% 67% 47% $4.42 $4.49 $4.85 $3.90 $3.91 $3.94 $3.97 $3.97 $3.99 $4.06 $4.06 $4.14 $4.17 $0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-2022E Total Cash Cost/oz Cash Operating Margins 9 Who is Wheaton Precious Metals?

CORPORATE COSTS LOW G&A COSTS REFLECT SCALABILITY OF BUSINESS General and Administrative (“G&A”) Costs per Gold Equivalent Ounce 1,9 Equivalent Ounce $2,000 US$ per Gold $1,500 $1,000 $500 $55.27 $50.19 $40.13 $47.85 $53.56 $60.12 $46.44 $40.89 $44.13 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 Administrative Costs 10 0.60% 0.50% 0.45% 0.45% 0.40% 0.35% 0.35% 0.40% 0.20% 69% 0.00% Wheaton iShares Silver Sprott Physical SPDR Gold Trust Silver Bullion Gold Bullion Precious Trust (SLV) Silver Trust (PSLV) (GLD) Storage Fee Storage Fee Metals G&A per gold equivalent ounce amongst the lowest in the sector 10 Who is Wheaton Precious Metals?

STRONG TRACK RECORD OF ORGANIC GROWTH EXPLORATION AND INFERRED CONVERSION Reserves and Resources Growth 2,11 9.2Moz GEOs 9.7M GEOs 10.1M GEOs 15.2M GEOs or 645M SEOs or 681M SEOs or 707M SEOs or 1,065M SEOs (M&I) (M&I) 24.8M GEOs or 1,737M SEOs 19.2M GEOs (P&P) or 1,344M SEOs (P&P) Total Acquired Total Mined Total Exploration & R&R Inferred Conversion Exploration and inferred conversion generated more than 10M GEOs, And significant exploration upside still exists across the stream portfolio! 11 Who is Wheaton Precious Metals?

STRONG TRACK RECORD OF ACCRETIVE GROWTH EXPANSION & GROWTH THROUGH ACQUISITIONS Total attributable gold equivalent R&R per 100 shares since inception 2,11 9.0 8.0 7.0 6.0 Gold Eq oz / 100 share 5.0 4.0 3.0 2.0 1.0 0.0 -1.0 -2.0 -3.0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Significant growth in reserves and resources per share since inception 12 Who is Wheaton Precious Metals?

STRONG BALANCE SHEET AMPLE CAPACITY TO CONTINUE GROWING Cash Flow Balance Sheet 1,12 Sensitivity Silver Gold (per ounce) $5,000 $25 $2,000 $4,000 $22 $1,750 $20 $1,600 (million US$) $19 $1,500 $3,000 $18 $1,400 $17 $1,350 $2,000 Undrawn $1,000 Drawn $0 Revolving Credit Cash Remaining Est. Op. Cash Facility Capacity Flow (2018-2022) Strong cash flow readily services debt and provides capacity for growth 13 Who is Wheaton Precious Metals?

UPDATE ON CANADIAN TAX DISPUTE REASSESSMENT FOR 2005-2010 RECEIVED ON SEPTEMBER 24, 2015 ▪ Facts and We are in the business of buying and selling silver and gold Wheaton’s Position ▪ Foreign subsidiaries established for non-Canadian asset streams ▪ Income earned in Canada relating to mines located in Canada is subject to Canadian tax ▪ Income earned outside of Canada by foreign subsidiaries relating to mines located outside of Canada should not be subject to Canadian tax ▪ CRA Position & C$715 million of income earned by foreign subsidiaries outside of Canada Reassessment from mines located outside of Canada should be taxable in Canada on basis of details for tax years transfer pricing ▪ 2005-2010 CRA seeking to impose income tax of C$201 million, transfer pricing penalties of C$72 million, and interest & other penalties of C$126 million for a total of C$399 million 13 ▪ Updates January 2016: Wheaton commences an appeal in the Tax Court of Canada ▪ Currently in discovery ▪ The Tax Court of Canada has scheduled the trial to commence in mid- September 2019 for a two month period Wheaton remains confident in its structure and will defend its position vigorously 14 Who is Wheaton Precious Metals?