Wheaton’s Assets Performing Better Than Expected

VANCOUVER, BC - Wheaton Precious Metals™ Corp. President and CEO, Randy Smallwood said, ”Wheaton has had a solid start to 2018 with our core assets performing better than expected, demonstrating the inherent quality of our portfolio. We are encouraged by the sharp rebound in production at San Dimas and welcome First Majestic as a partner. With this strong foundation in place, we continue to advance a number of new opportunities for additional accretive growth."

Operational highlights for the quarter ended March 31, 2018, based upon counterparties' reporting, are  
In the first quarter of 2018, Salobo produced 61,500 ounces of attributable gold, an increase of approximately 6% relative to the first quarter of 2017 as higher grades were partially offset by lower recovery. The Salobo plant operated at 98% despite a planned shut down for scheduled maintenance in the quarter. In the first quarter of 2018, Penasquito produced 1.4 million ounces of attributable silver, an increase of approximately 8% relative to the first quarter of 2017 as higher grades and recoveries were partially offset by lower throughput. According to Goldcorp Inc.'s ("Goldcorp") first quarter of 2018 MD&A, lower throughput at Penasquito was due to ten days of planned shut downs during the month of February for mill relines and completing all tie-ins for the Pyrite Leach Project ("PLP"), which reduced the number of operating days for the mill. Subsequent to the shutdown, Goldcorp reports that new records were established for throughput at the primary crusher and concentrator driven by the continued implementation of a management operating system, which resulted in more consistent ore delivery to the primary crusher. In addition, ongoing mill improvement projects reportedly resulted in higher mill recoveries.

According to Goldcorp, the PLP at Penasquito was 86% complete as of March 31, 2018, and expected to commence commissioning in the fourth quarter of 2018. The carbon pre-flotation component of the project is reported to have commenced wet commissioning during April 2018. The PLP is reportedly expected to recover approximately 40% of the gold and 48% of the silver currently reporting to the tailings and is expected to add production of approximately 1 million ounces of gold and 44 million ounces of silver over the current life of the mine. As a reminder, Wheaton is entitled to 25% of the silver produced at Penasquito for the life of mine, or 11 million of the additional 44 million silver ounces.

In the first quarter of 2018, Antamina produced 1.3 million ounces of attributable silver, a decrease of approximately 9% relative to the first quarter of 2017 as lower grades were partially offset by higher recovery. As expected, silver grades were lower given mine sequencing in the open pit.

San Dimas produced 1.6 million ounces of attributable silver, an increase of approximately 158% relative to the first quarter of 2017 as first quarter 2017 production was impacted by a strike initiated by the union at San Dimas on February 15, 2017.