Designated News ReleaseFIRST QUARTER FINANCIAL RESULTS VANCOUVER, BC, May 9, 2024 /CNW/ - "Wheaton delivered a robust quarter to start the year, generating over $219 million in operating cash flows, and underscoring the effectiveness of our business model in leveraging rising commodity prices while maintaining strong cash operating margins," said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. "Looking ahead, we continue to forecast peer-leading production growth of 40% by 2028, buoyed by several development projects in our portfolio, many of which achieved significant milestones during the quarter. Building on the momentum from a record eight acquisitions in 2023, our corporate development team remains actively engaged in evaluating new opportunities and as always, Wheaton remains committed to ensuring that our growth is both accretive and sustainable for all stakeholders. We believe that strong commodity price trends and our sector leading growth profile provide Wheaton shareholders with one of the best vehicles for investing into the gold and precious metals space." Solid Financial Results and Strong Balance Sheet First quarter of 2024: $297 million in revenue, $219 million in operating cash flow, $164 million in net earnings and $164 million in adjusted net earnings1 and, declared a quarterly dividend1 of $0.155 per common share. Balance Sheet: cash balance of $306 million, no debt, and an undrawn $2 billion revolving credit facility as at March 31, 2024, after making total upfront cash payments of $462 million relative to mineral stream and royalty interests in the quarter. High-Quality Asset Base Streaming and royalty agreements on 18 operating mines and 27 development projects5. 93% of attributable production from assets in the lowest half of their respective cost curves2,4. Attributable gold equivalent production3 of 160,100 ounces in the first quarter of 2024, an increase of 19% relative to the comparable period of the prior year due primarily to the mill throughput expansion at Salobo and higher production at Constancia due to the mining of the high-grade zones of the Pampacancha deposit. Forecasting annual production of over 800,000 gold equivalent ounces ("GEOs") by 2028, with average annual attributable production growing to over 850,000 GEOs3 in years 2029 to 2033. Accretive portfolio growth: On February 27, 2024, the Company closed the previously announced agreement with certain entities advised by Orion Resource Partners to acquire existing PMPAs in respect of Ivanhoe Mines' Platreef project and BMC Minerals' Kudz Ze Kayah project. On February 20, 2024, the Company acquired a 1.5% Net Smelter Royalty from Integra Resources Corporation on the DeLamar and Florida Mountain project. Leadership in Sustainability Top Rankings: Ranked in the Global Top 50 out of over 15,000 multi-sector companies by Sustainalytics, AA rated by MSCI, and Prime rated by ISS. Recognized among Corporate Knights' 2024 100 most sustainable corporations in the world. Peer-leading community investment program that supports social and environmental initiatives alongside Wheaton's mining partners. Operational Overview  (all figures in US dollars unless otherwise noted) Q1 2024 Q1 2023 Change Units produced Gold ounces 93,370 73,019 27.9 % Silver ounces 5,476 5,134 6.7 % Palladium ounces 4,463 3,705 20.5 % Cobalt pounds 240 124 93.1 % Gold equivalent ounces 3 160,133 134,730 18.9 % Units sold Gold ounces 92,019 62,605 47.0 % Silver ounces 4,067 3,749 8.5 % Palladium ounces 4,774 2,946 62.1 % Cobalt pounds 309 323 (4.3) % Gold equivalent ounces 3 143,184 109,293 31.0 % Change in PBND and Inventory Gold equivalent ounces 3 2,102 11,756 9,654 Revenue $ 296,806 $ 214,465 38.4 % Net earnings $ 164,041 $ 111,391 47.3 % Per share $ 0.362 $ 0.246 47.2 % Adjusted net earnings 1 $ 163,589 $ 104,431 56.6 % Per share 1 $ 0.361 $ 0.231 56.3 % Operating cash flows $ 219,380 $ 135,104 62.4 % Per share 1 $ 0.484 $ 0.299 61.9 % All amounts in thousands except gold, palladium & gold equivalent ounces, and per share amounts. Financial Review  RevenuesRevenue in the first quarter of 2024 was $297 million (64% gold, 32% silver, 2% palladium and 2% cobalt), with the $82 million increase relative to the prior period quarter being primarily due to a 31% increase in the number of GEOs³ sold; and a 6% increase in the average realized gold equivalent³ price. Cash Costs and MarginAverage cash costs¹ in the first quarter of 2024 were $430 per GEO³ as compared to $475 in the first quarter of 2023. This resulted in a cash operating margin¹ of $1,643 per GEO³ sold, an increase of 10% as compared with the first quarter of 2023, a result of the higher realized price per ounce coupled with the lower average cash costs. Cash Flow from OperationsOperating cash flow in the first quarter of 2024 amounted to $219 million, with the $84 million increase due primarily to the higher gross margin. Balance Sheet (at March 31, 2024) Approximately $306 million of cash on hand During the first quarter of 2024, the Company made total upfront cash payments of $462 million relative to the mineral stream and royalty interests consisting of: $450 million relative to the Platreef and Kudz Ze Kayah precious metals purchase agreements ("PMPAs") $7 million relative to the Mt Todd Royalty; and $5 million relative to the DeLamar Royalty Subsequent to the quarter, the Company disposed of its investment in Hecla Mining Company for gross proceeds of $177 million. With the existing cash on hand coupled with the fully undrawn $2 billion revolving credit facility, the Company believes it is well positioned to fund all outstanding commitments and known contingencies as well as providing flexibility to acquire additional accretive mineral stream interests. Global Minimum Tax The Company is within the scope of global minimum tax ("GMT") under the OECD Pillar Two model rules ("Pillar Two"), under which large multinational entities will be subject to a 15% GMT. On May 2, 2024, the Canadian Federal Government introduced the Federal budget bill, C-69, into parliament which contains the Global Minimum Tax Act ("GMTA") reflecting application of GMT to in-scope companies for fiscal years commencing on or after December 31, 2023. However, as of the date of this press release, the legislation related to the GMTA has not been enacted. As the legislation was not enacted as of the Balance Sheet date, for the three months ended March 31, 2024, the Company has recorded no current tax expense associated with GMT, although the Company's wholly-owned foreign subsidiaries which reside in jurisdictions where the GMT is expected to apply had net earnings of $165 million with 15% of such amounting to $25 million. The Company will recognize the tax expense associated with the GMT in its consolidated financial statements in the appropriate period relative to when the legislation is enacted. If enacted as drafted, Company's wholly-owned foreign subsidiaries which reside in jurisdictions where the GMT is expected to apply would be subject to the proposed Canadian rules in the GMTA retroactively to January 1, 2024. First Quarter Operating Asset Highlights2 Salobo: In the first quarter of 2024, Salobo produced 61,600 ounces of attributable gold, an increase of approximately 41% relative to the first quarter of 2023, driven by higher throughput, with production from the third concentrator line commencing at the end of 2022, partially offset by lower grades which was expected as per the mine development plan. As reported by Vale S.A. ("Vale"), Salobo 3 reached ~90% average throughput in the first quarter as the ramp-up continues. Salobo 1 & 2 plants also posted strong performance in the quarter, with 14% higher throughput rate, 10% productivity and 3% higher asset availability relative to the first quarter of 2023. On November 21, 2023, Vale reported the successful completion of the throughput test for the first phase of the Salobo III project, with the Salobo complex exceeding an average of 32 million tonnes per annum ("Mtpa") over a 90-day period. Under the terms of the agreement, the Company paid Vale $370 million for the completion of the first phase of the Salobo III expansion project on December 1, 2023. The remaining balance of the expansion payment is dependent on the timing of completion and will be triggered once Vale expands actual throughput above 35 Mtpa for a period of 90 days. Antamina: In the first quarter of 2024, Antamina produced 0.8 million ounces of attributable silver, a decrease of approximately 8% relative to the first quarter of 2023 primarily due to lower grades. On February 15, 2024, Peru's National Environmental Certification Service for Sustainable Investments approved, after a detailed evaluation process, the Modification of the Environmental Impact Study, which will allow for the extension of Antamina's mine life from 2028 to 2036. Peñasquito: In the first quarter of 2024, Peñasquito produced 2.6 million ounces of attributable silver, an increase of approximately 27% relative to the first quarter of 2023 primarily due to higher grades. Constancia: In the first quarter of 2024, Constancia produced 0.6 million ounces of attributable silver and 13,900 ounces of attributable gold, an increase of approximately 16% and 101%, respectively, relative to the first quarter of 2023, with the increases being primarily the result of significantly higher gold grades attributable to the mining of high-grade zones of the Pampacancha deposit, combined with higher recoveries. On March 28, 2024, Hudbay Minerals Inc., ("Hudbay") reported that Constancia's expected mine life has been extended by three years to 2041 as a result of the successful conversion of mineral resources to mineral reserves with the addition of a further mining phase at the Constancia pit following positive geotechnical drilling and studies in 2023. There remains potential for future mine life extensions based on the mineral resources that have not yet been converted to mineral reserves. Sudbury: In the first quarter of 2024, Vale's Sudbury mines produced 7,000 ounces of attributable gold, an increase of approximately 14% relative to the first quarter of 2023, due to higher throughput. Stillwater: In the first quarter of 2024, the Stillwater mines produced 2,600 ounces of attributable gold and 4,500 ounces of attributable palladium, an increase of approximately 35% for gold and 20% for palladium relative to the first quarter of 2023, due primarily to higher throughput and grades. Voisey's Bay: In the first quarter of 2024, the Voisey's Bay mine produced 240,000 pounds of attributable cobalt, an increase of approximately 93% relative to the first quarter of 2023, as the transitional period between the depletion of the Ovoid open-pit and ramp-up to full production of the Voisey's Bay underground mine nears completion. Vale reports that physical completion of the Voisey's Bay underground mine extension was 94% at the end of the first quarter, and that the main surface assets are completed and already operating. In the underground portion, the scope in Reid Brook is completed and the mine development at Eastern Deeps is concluded. Construction of the Bulk Material Handling system, dewatering and support facilities is ongoing. The full mine assets at Eastern Deeps are expected to be in operation by the end of 2024. Other Gold: In the first quarter of 2024, total Other Gold attributable production was 600 ounces, a decrease of approximately 82% relative to the first quarter of 2023, primarily due to the closure of the Minto mine in May 2023. Other Silver: In the first quarter of 2024, total Other Silver attributable production was 1.4 million ounces, a decrease of approximately 15% relative to the first quarter of 2023, primarily due to the temporary suspension of attributable production from Aljustrel. 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. Recent Development Asset Updates Blackwater Project: On February 21, 2024, Artemis Gold Inc. ("Artemis") announced the results of an expansion study to optimize the timing of mine expansion through the advancing of Phase 2. A decision on the acceleration of the Phase 2 expansion is expected to be considered in the second half of 2024. On April 24, 2024, Artemis announced that overall construction was approximately 73% complete and that construction of major site water management facilities, including the water management pond, the central diversion system, and the Davidson Creek diversion, have been completed along with work on the tailings storage facility which is progressing well. Artemis also states that the project remains on schedule for first gold pour in the second half of 2024. Platreef Project: On April 30, 2024, Ivanhoe Mines Ltd. ("Ivanhoe") reported that construction activities for the Platreef Phase 1 concentrator are on schedule at almost 90% complete and on track for cold commissioning in the third quarter of 2024. An updated independent feasibility study on an optimized development plan for the acceleration of Phase 2 is planned to be completed and published in the fourth quarter of 2024. As a result of the planned acceleration of Phase 2, first feed and ramp-up of production will be deferred until mid-2025. In addition, a preliminary economic assessment on a Phase 3 expansion is expected to be completed at the same time, increasing Platreef's processing capacity up to approximately 10 Mtpa. A Phase 3 expansion to 10 Mtpa processing capacity is expected to rank Platreef as one of the world's largest platinum-group metal, nickel, copper and gold producers. Goose Project: On May 7, 2024, B2Gold Corp., ("B2Gold") announced the successful completion of the 2024 winter ice road ("WIR") campaign, delivering all necessary materials to complete the construction of the Goose project. B2Gold reports that while mill construction remains on schedule, development of the open pit and underground is slightly behind schedule due to equipment availability, adverse weather conditions and prioritization of critical path construction activities. As a result, B2Gold reports that first gold pour is now expected in the second quarter of 2025 with ramp up to full production in the third quarter of 2025, one quarter later than previous estimates. Marmato Mine: On April 15, 2024, Aris Mining Corporation ("Aris") provided an update that at the Marmato Lower Mine expansion project, the access road to the new processing facility area is now complete and earthworks in the plant area will commence soon. The contractor for the new portal and decline is fully mobilized and cutting of the portal face has commenced. Curipamba Project: On January 22, 2024, Adventus Mining Corporation ("Adventus") announced that the Ministry of Environment, Water and Energy Transition of the Government of Ecuador has granted the environmental license for the construction and operation of the El Domo – Curipamba project (the "Curipamba project"). On January 30, 2024, Adventus announced that the Ministry of Energy and Mines of Ecuador has issued a permit which grants approval for the design, construction, operation, and maintenance of the tailings storage facility ("TSF") for the Curipamba project. The start of TSF construction is a key condition precedent for the Company to make additional upfront cash payments under the Curipamba PMPA. On April 26, 2024, Adventus announced that Silvercorp Metals Inc. ("Silvercorp") has entered into a definitive arrangement agreement with Adventus pursuant to which Silvercorp has agreed to acquire all of the issued and outstanding common shares of Adventus. As reported by Silvercorp, the existing stream with Wheaton, combined with Silvercorp's existing cash and cash equivalents of approximately $200 million, is more than sufficient to fully fund the Curipamba project through construction. Fenix Project: On April 8, 2024, Rio2 Limited ("Rio2") announced that its Chilean subsidiary has received the formal Environmental Qualification Resolution ("RCA") for the Fenix gold project. The receipt of the RCA now allows Rio2 to advance permitting activities for the Fenix project. Rio2 has noted that there are four principal Sectorial Permits required before construction can commence at the Project: 1) Mining Methods; 2) Process Plant; 3) Waste Dumps & Stockpiles; and 4) Closure Plan and that work on these permits is well underway. Rio2 notes that the current timing for receipt of these principal permits is by the end of July 2024. Cangrejos Project: On January 18, 2024, Lumina Gold Corp. ("Lumina") announced results from the phase 1 mining resource conversion drilling campaign in support of the ongoing feasibility study at Cangrejos. Lumina noted that the assays from the resource infill program continue to demonstrate the exceptional continuity of grade at Cangrejos. Lumina also noted that it is operating normally at the Cangrejos project and to date their activities have not been affected by the recent civil disturbances that have impacted other areas in Ecuador. Curraghinalt Project: Subsequent to the quarter, the Planning Appeals Commission & Water Appeals Commission ("the commission") in Northern Ireland concluded that the water abstraction and impoundment licenses ("water licenses") relative to the Curraghinalt Project have been rescinded and that license applications would need to be resubmitted and subsequent public inquiry referrals held. The commission noted that it has suspended arrangements for the current inquiry timetable until it is in receipt of the expected water license applications, at which time it will move to set directions and new dates for the submission of statements of case, rebuttals, and for the opening of the re-scheduled hearing sessions in due course. Corporate Development DeLamar RoyaltyOn February 20, 2024, the Company purchased a 1.5% net smelter return royalty interest ("DeLamar Royalty") in the DeLamar and Florida mountain project located in Idaho, United States (the "DeLamar project") from a subsidiary of Integra Resources Corporation ("Integra") for $9.75 million to be paid in two equal installments, the first of which was paid in the first quarter of 2024, with the balance expected to be paid in July 2024 subject to customary conditions.  Under the DeLamar Royalty, if completion is not achieved by January 1, 2029, the DeLamar Royalty will increase annually by 0.15% of net smelter returns to a maximum of 2.7% of net smelter returns. The Company had previously acquired a right of first refusal on any precious metals streaming, royalty, pre-pay or other similar transaction on the DeLamar project. Sustainability Ratings & Awards: On January 17, 2024, the Company announced its ranking among Corporate Knights' 2024 100 Most Sustainable Corporations in the world. The Company will be included in the Global 100 Index, which represents a benchmark for sustainability excellence. Community Investment Program: On March 1, 2024, Wheaton International commenced a new program with the Vale Foundation to support an ambitious three-year initiative in Brazil that aims to improve the primary health care being offered in the municipalities near the Salobo mine and along the Carajas railroad. The program will be carried out in 8 municipalities of Pará State, impacting approximately 550,000 individuals and in 24 municipalities of Maranhão State, impacting approximately 1.3 million individuals. Wheaton International and the Vale Foundation each committed BRL$17 million. The total contribution of Wheaton and the Vale Foundation of BRL$34 million is being matched by the Brazilian Development Bank, magnifying the impact of the contribution being made by Wheaton International. The Pacific Salmon Foundation's Vancouver Gala presented by Wheaton raised CA$0.5 million in support of advancing critical marine science research and conservation work. The Daffodil Ball presented by Wheaton raised over CA$4.4 million for the Canadian Cancer Society. 2024 and Long-Term Production Outlook Wheaton's estimated attributable production in 2024 is forecast to be 325,000 to 370,000 ounces of gold, 18.5 to 20.5 million ounces of silver, and 12,000 to 15,000 GEOs3 of other metals, resulting in annual production of approximately 550,000 to 620,000 GEOs3, unchanged from previous guidance2,3. Annual production is forecast to increase by approximately 40% to over 800,000 GEOs3 by 2028, with average annual production forecast to grow to over 850,000 GEO3 in years 2029 to 2033, also unchanged from previous guidance. About Wheaton Precious Metals Corp. 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™ 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. Webcast and Conference Call Details A conference call will be held on Friday, May 10, 2024, 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: RapidConnect URL:  Click here Live webcast:                                                  Click here Dial toll free: 1-888-664-6383 or 1-416-764-8650 Conference Call ID: 12432661 Participants should dial in five to ten minutes before the call. The conference call will be recorded and available until May 17, 2024 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:                                                      432661 # Archived webcast:                                          Click here 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.sedarplus.ca. Mr. Wes Carson, P.Eng., Vice President, Mining Operations, Neil Burns, P.Geo., Vice President, Technical Services for Wheaton Precious Metals and Ryan Ulansky, P.Eng., Vice President, Engineering, are 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 (specifically Mr. Carson has reviewed production figures, Mr. Burns has reviewed mineral resource estimates and Mr. Ulansky has reviewed the mineral reserve estimates). 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. Condensed Interim Consolidated Statements of Earnings Three Months EndedMarch 31 (US dollars and shares in thousands, except per share amounts - unaudited) 2024 2023 Sales $ 296,806 $ 214,465 Cost of sales Cost of sales, excluding depletion $ 61,555 $ 51,964 Depletion 63,676 45,000 Total cost of sales $ 125,231 $ 96,964 Gross margin $ 171,575 $ 117,501 General and administrative expenses 10,464 10,099 Share based compensation 1,281 7,397 Donations and community investments 1,570 1,378 Earnings from operations $ 158,260 $ 98,627 Other income (expense) 7,196 7,562 Earnings before finance costs and income taxes $ 165,456 $ 106,189 Finance costs 1,442 1,378 Earnings before income taxes $ 164,014 $ 104,811 Income tax recovery (27) (6,580) Net earnings $ 164,041 $ 111,391 Basic earnings per share $ 0.362 $ 0.246 Diluted earnings per share $ 0.362 $ 0.246 Weighted average number of shares outstanding Basic 453,094 452,370 Diluted 453,666 453,159 Condensed Interim Consolidated Balance Sheets As at March 31 As atDecember 31 (US dollars in thousands - unaudited) 2024 2023 Assets Current assets Cash and cash equivalents $ 306,109 $ 546,527 Accounts receivable 5,514 10,078 Cobalt inventory - 1,372 Income taxes receivable 5,851 5,935 Other 3,374 3,499 Total current assets $ 320,848 $ 567,411 Non-current assets Mineral stream interests $ 6,510,767 $ 6,122,441 Early deposit mineral stream interests 47,094 47,093 Mineral royalty interests 25,448 13,454 Long-term equity investments 246,652 246,678 Property, plant and equipment 7,996 7,638 Other 21,650 26,470 Total non-current assets $ 6,859,607 $ 6,463,774 Total assets $ 7,180,455 $ 7,031,185 Liabilities Current liabilities Accounts payable and accrued liabilities $ 10,918 $ 13,458 Dividends payable 70,261 - Current portion of performance share units 6,261 12,013 Current portion of lease liabilities 518 604 Total current liabilities $ 87,958 $ 26,075 Non-current liabilities Performance share units $ 2,991 $ 9,113 Lease liabilities 5,423 5,625 Deferred income taxes 242 232 Pension liability 4,646 4,624 Total non-current liabilities $ 13,302 $ 19,594 Total liabilities $ 101,260 $ 45,669 Shareholders' equity Issued capital $ 3,784,848 $ 3,777,323 Reserves (47,717) (40,091) Retained earnings 3,342,064 3,248,284 Total shareholders' equity $ 7,079,195 $ 6,985,516 Total liabilities and shareholders' equity $ 7,180,455 $ 7,031,185 Condensed Interim Consolidated Statements of Cash Flows Three Months EndedMarch 31 (US dollars in thousands - unaudited) 2024 2023 Operating activities Net earnings $ 164,041 $ 111,391 Adjustments for Depreciation and depletion 64,013 45,390 Interest expense 74 17 Equity settled stock based compensation 1,598 1,542 Performance share units - expense (317) 5,855 Performance share units - paid (11,129) (16,675) Pension expense 175 167 Pension paid (43) (96) Income tax (recovery) expense (27) (6,580) (Gain) loss on fair value adjustment of share purchase   warrants held (183) (175) Investment income recognized in net earnings (6,438) (7,148) Other (83) 79 Change in non-cash working capital 2,155 (2,072) Cash generated from operations before income taxes and interest $ 213,836 $ 131,695 Income taxes paid (116) (3,344) Interest paid (75) (18) Interest received 5,735 6,771 Cash generated from operating activities $ 219,380 $ 135,104 Financing activities Share purchase options exercised 3,816 9,376 Lease payments (148) (202) Cash generated from financing activities $ 3,668 $ 9,174 Investing activities Mineral stream interests $ (450,902) $ (31,524) Early deposit mineral stream interests - (750) Mineral royalty interest (11,947) - Net proceeds on disposal of mineral stream interests - (29) Acquisition of long-term investments (751) (8,144) Dividends received 700 - Other (596) (530) Cash used for investing activities $ (463,496) $ (40,977) Effect of exchange rate changes on cash and cash equivalents $ 30 $ 307 (Decrease) increase in cash and cash equivalents $ (240,418) $ 103,608 Cash and cash equivalents, beginning of period 546,527 696,089 Cash and cash equivalents, end of period $ 306,109 $ 799,697 Summary of Units Produced Q1 2024  Q4 2023  Q3 2023  Q2 2023  Q1 2023  Q4 2022  Q3 2022  Q2 2022  Gold ounces produced ² Salobo 61,622