2021 Wheaton Investor Day Presentation FINAL

INVESTOR DAY 2021
THE NEXT DECADE OF STREAMING
September 22, 2021 THE NEXT DECADE OF STREAMING

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 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 impact of the COVID-19
virus pandemic, outcome of any audits by the CRA of Wheaton Precious Metal’s tax filings, the absence of control over mining operations from which
Wheaton Precious Metal purchases precious metals or cobalt, and risks related to such mining operations and continued operation of Wheaton
Precious Metal’s Counterparties. Readers should also consider the risks identified under “Description of the Business – Risk Factors” in Wheaton’s
Annual Information Form and the risks identified under "Risks and Uncertainties" in Wheaton’s Management's Discussion and Analysis (“MD&A”) for
the year ended December 31, 2020, both available on SEDAR and in Wheaton’s Form 40-F and Wheaton’s Form 6-Ks filed May 6, 2021 and August
12, 2021, all available on EDGAR. Where applicable, readers should also consider any updates to such “Risks and Uncertainties” that may be provided
by Wheaton in any subsequently filed quarterly MD&A.
Note 2 at the end of this Presentation contains our cautionary note regarding the presentation of mineral reserve and mineral resource estimates.
The full presentation is available on Wheaton’s website (www.Wheatonpm.com). All values referenced on the presentation are in US dollars unless
otherwise noted. In accordance with Wheaton Precious Metals™ Corp.’s (“Wheaton Precious Metals”, “Wheaton” or the “Company”) MD&A and
financial statements, reference to the Company includes the Company’s wholly owned subsidiaries.
2
TODAY’S AGENDA
SEPTEMBER 22, 2021
8:30 – 8:35 Welcome and Introduction Randy Smallwood, President & Chief Executive Officer
8:35 – 8:45 Sustainability Patrick Drouin, SVP Investor Relations
8:45 – 8:55 Corporate Development Haytham Hodaly, SVP Corporate Development
8:55 – 9:05 Financial Considerations Gary Brown, SVP & Chief Financial Officer
9:05 – 9:15 Management Q&A Panel Executive Team
9:15 – 9:20 Coffee Break All
9:20 – 9:40 Cozamin and Santo Domingo Brad Mercer, SVP & Chief Operating Officer, Capstone
9:40 – 10:00 Constancia and Rosemont Cashel Meagher, SVP & Chief Operating Officer, Hudbay
10:00 – 10:20 Salobo, Sudbury and Voisey's Bay Juan Merlini, Base Metals – Head of Sales & Marketing, Vale
10:20 – 10:40 Antamina, Peñasquito, San Dimas, Stillwater Wes Carson, VP Operations & Neil Burns, VP Technical Services
10:40 – 10:55 Management Q&A Panel Executive Team
10:55 – 11:00 Closing Randy Smallwood, President & Chief Executive Officer
Agenda 3
WELCOME AND INTRODUCTION
RANDY SMALLWOOD, PRESIDENT & CEO

HOW PRECIOUS METALS STREAMING WORKS
THE VALUE CREATING ALTERNATIVE IN PORTFOLIO OPTIMIZATION
UPFRONT PAYMENT
(CASH AND/OR WPM SHARES)
Wheaton makes an
Upfront Payment and in
return, we purchase a
fixed percentage of the PARTNER
future precious metals or MINING
cobalt production from a COMPANY
mine at a predetermined
price (Delivery Payment)
DELIVERY PAYMENT
($ PER OUNCE)
Introduction 5
WHEATON PRECIOUS METALS
A MODEL DESIGNED TO BENEFIT ALL STAKEHOLDERS
Our Vision To be the world’s premier precious metals investment vehicle.
Our Mandate To deliver value through streaming to all of our stakeholders:

.
To our Shareholders, To our Partners, To our Neighbours,

by delivering low risk, high by crystallizing value for by promoting responsible
quality, diversified exposure precious metals yet to mining practices and supporting
and growth optionality to be produced the communities in which we
precious metals live and operate
Introduction 6
WHEATON’S STREAMING ADVANTAGE
THE SUSTAINABLE OPTION FOR PRECIOUS METAL INVESTING
EXPLORATION &
HIGH QUALITY ASSETS EXPANSION UPSIDE
Ninety percent of Wheaton’s current High-margin assets receives the benefit
production comes from high-margin mines from mine exploration and expansion
operating in the lowest half of their cost curve activities typically at no additional cost
COMMODITY
PREDICTABLE COSTS PRICE LEVERAGE
LOW WITH HIGH Investors get leverage to the underlying
Contractually defined cost per ounce
typically protects streamers from RISKS UPSIDE commodities as delivery payments per ounce
inflationary cost pressures are pre-determined and made upon delivery
INNOVATIVE DIVIDEND OPTIONALITY

Dividend policy provides shareholders a minimum Development projects not included in
floor payment while giving direct exposure to guidance have the potential of adding
Wheaton’s growth and commodity prices2 >200,000 GEOs per year3,5
SUSTAINABLE FOUNDATION
Wheaton is committed to long-term sustainability
Introduction 7
WHEATON PRECIOUS METALS
TRANSITIONING TO A HYBRID WORLD
Corporate development momentum continues: Wheaton lists on London Stock
Exchange:
Voisey’s Bay (Vale) – Inaugural units of cobalt received as
of Jan 1, 2021
RECENT HIGHLIGHTS
Trading of shares commenced October 28,

2020 under the ticker LSE:WPM
Santo Domingo (Capstone) – 100% of Au for upfront
payment of $290M
Cozamin (Capstone) – 50% of Ag for upfront payment of

$150M Significant dividend growth leads to
index inclusion:
Fenix (Rio2) – 6% of Au for upfront payment of $50M4
Quarterly dividend increased by 50% year
over year to $0.15 per common share2
Recognition for sustainability: S&P/TSX Canadian Dividend Aristocrats

Index
Second annual sustainability report published May 13th.
Leadership in precious metals
MSCI: “AA” (Upgrade from “A”)7
Randy Smallwood is the Chair of the World
Sustainalytics: #1 for Precious Metals and ESG Global
Gold Council, focused on sustainability and
50 Top Rated Company8
precious metals marketing
Introduction 8
YEAR-TO-DATE PRODUCTION RELATIVE TO GUIDANCE
AS OF JUNE 30, 2021
Annual Gold Silver Other Metals (GEOs) Total GEOs

Guidance1 370 to 400 koz 22.5 to 24.0 moz 40.0 to 45.0 koz 720 to 780 koz
385.0 koz
YTD 2021 13.5 moz 29.4 koz GEOs
168.3 koz
Production
Graph depicts 5
midpoint of Gold Silver Other GEOs
guidance as bar
height.
Wheaton reiterates full year production guidance of 720 – 780 Koz Gold Equivalent Ounces
Introduction 9
HIGH QUALITY ASSET BASE
LONG TERM PRODUCTION OUTLOOK
Average Annual Production Guidance6:
1,200 2019 Actuals 2020 Actuals 2021 Guidance
1,5
GEOs: GEOs: GEOs: 5-year Average: 810,000 GEOs Optionality

720 - 780Koz
Gold Equivalent Production (GEO) (Koz)
745Koz 714Koz
10-year Average: 830,000 GEOs
1,000
28.1Koz
28.4 Koz 40 – 45Koz Stillwater
800 Other Metals Other Metals
Other Metals
Other Metals Voisey’s Bay
Salobo
600 Constancia
406.5 367.4 370 – 400 Gold San Dimas
Koz Au Koz Au Koz Au Sudbury
400 Stillwater
Peñasquito
200 22.4 22.9 22.5 – 24.0 Silver Constancia
Moz Ag Moz Ag Moz Ag Antamina
Other
0
3
2019A 2020A 2021E 2025E 2030E Optionality
Silver Gold Other Metal
Wheaton’s commitment to sustainable growth is reinforced by the introduction of 10-year guidance
Introduction 10
STREAMING AS A SOURCE OF MINE FINANCING
Cumulative value of upfront payments for Our key mining partners that have used
precious metal streams since 2004 = $24Bn11 streaming as a source of funding:
Wheaton
Precious
Metals
>40%
Other Streamers
60%
While streaming is now widely recognized as an integral form of capital for the mining sector,
it only represents 2% of total mine financing since 2004, indicating ample opportunity for growth
Introduction 11
PRECIOUS METALS STREAMING
TOP 5 PRECIOUS METALS STREAMING DEALS OVER PAST 5 YEARS
Wheaton has executed 3 of the top 5 largest precious
$823 metals streaming deals in the past 5 years,
providing the mining industry >$1.6Bn11
Upfront Payment ($USM)11
$550
$500 $500
$290
Salobo Northparkes Stillwater Antapaccay Santo Domingo
Streamer
Seller Vale CMOC Sibanye Stillwater Glencore Capstone Mining
Announcement 02-Aug-16 12-Jul-20 16-Jul-18 10-Feb-16 25-Mar-21

Date
Wheaton has been the largest single contributor to precious metals streaming over the past five years
Introduction 12
CAPITAL ALLOCATION PRIORITIES
THE MOST PRESSING ISSUE: WHAT DO WE DO WITH ALL OF OUR CASH FLOW?
Sustainable
Value Creation
Grow our portfolio,
but only for High-Quality
opportunities that
are:
Estimated Accretion to Wheaton Precious Metals (Illustrative) 9
15% 10.0% 9.7% 10.4% 10.2% 10.2% 10.1%
10%
Accretive 5%
0%
10 Yr 20 Yr 10 Yr 20 Yr 10 Yr Cash 20 Yr Cash
Production Production Payabale Payable Oz Flow / Flow /
Oz/Share Oz/Share Oz / Share / Share Share Share
Annual Declared Divided ($/share)

10
?
$0.45
Return capital to $0.35 $0.36 $0.37
shareholders
Dividend $0.23
2016 2107 2018 2019 2020 2021
Introduction 13
SUSTAINABILITY
PATRICK DROUIN, SVP INVESTOR RELATIONS

SUSTAINABILITY
A CORE VALUE
Wheaton delivers sustainable, long-term value from

both a business and social perspective
Community External &

ESG Due Strong Policies
Investment Voluntary
Diligence & Practices
Programs Commitments
Wheaton has undertaken a broad range of sustainability initiatives and

significantly increased disclosure around ESG risk management
Sustainability 2
WHEATON MAKES LONG-TERM INVESTMENTS
ESG MUST BE A CORE CRITERIA IN DUE DILIGENCE PROCESS
DUE DILIGENCE FOR NEW STREAMS
▪ Technical Analysis
▪ Financial and Economic Analysis
▪ Environmental, Social and Governance Analysis
▪ Legal and Political Risk Analysis
ONGOING DUE DILIGENCE FOR EXISTING STREAMS

▪ Audit & Inspection Rights
▪ Reporting Obligations
▪ Operating Covenants
▪ Transfer Restrictions
▪ Remedies
▪ Security
Sustainability 3
ESG INVESTMENT PRINCIPLES & DUE DILIGENCE
DUE DILIGENCE PROCESS GUIDED BY 10 ESG INVESTMENT PRINCIPLES
1 2 3 4 5
Only engage with

Mining partners
Exercise due diligence mining partners that Maintain regular and Focus on ESG data
must comply with the legal
in making investment perform to responsible ongoing dialogue with reported by mining
and regulatory
decisions industry standards and mining partners partners
requirements
practices
6 7 8 9 10
Support industry Be Change Agents –

Work with mining partners Support mining partners in Demonstrate
associations and councils If any ESG issues arise or
to provide financial their efforts to improve commitment to
that are committed to identified, consider
support for local their ESG policies and continuous
sustainable resource whether to: 1) pursue the
community development performance improvement
development investment, or 2) require
where mines and
additional terms and/or
projects are located
commitments
By addressing ESG factors in our investment decisions, we can better manage risks
and generate sustainable, long-term value for all stakeholders
Sustainability 4
ESG INVESTMENT PRINCIPLES & DUE DILIGENCE
ESG DUE DILIGENCE CHECKLIST
Environmental Social Governance
 Greenhouse Gas  Human Rights &  Business Ethics &
Emissions Security Transparency
 Physical and Transition  Rights of Indigenous  Corporate Governance
Risks Peoples  Voluntary Commitments to
 Air Quality  Community Relations External Frameworks
 Energy Management (Host Communities)  Sustainability Reporting
 Water Management  Labour Relations  Reputation
 Waste & Hazardous  Workforce Health
Materials (Tailings & Safety
Management)
 Biodiversity Impact
Formal process for ESG due diligence allows us to screen for potential risks and issues
Sustainability 5
SUSTAINABILITY FOCUS POST-INVESTMENT
COMMUNITY INVESTMENT PROGRAM
HEALTH EDUCATION ENVIRONMENT COMMUNITY
Community Investment Budget

(1.5% of average net income of previous four years)
(0.5%) (1%)
Local CSR Partner CSR

(Vancouver & Cayman) (Mining Communities)
Program pillars and objectives are aligned with eight of the UN’s Sustainable Development Goals
Sustainability 6
STRENGTHENING PARTNERSHIPS
CSR PROGRAM FOCUSES ON COMMUNITIES NEAR PARTNER MINES
Partner CSR Program:
▪ First streaming / royalty company to focus support on mining communities
• Program provides long-term, sustainable benefits to the communities near our partners’ mines
▪ Current initiatives include:
• Vale: Working with the Vale Foundation to support several programs focused on health, community engagement and income
generation opportunities near the Salobo mine in Brazil
• Glencore: Improving the educational system in rural communities near the Antamina mine in Ancash, Peru
• Hudbay: Supporting an Agricultural and Livestock Development Program and a Waste Management Program, which will help
implement environmentally friendly organic waste management practices
▪ Completed initiatives:
• Past projects include programs with Vale, Hudbay, Newmont (formerly Goldcorp), Barrick and First Majestic
Investing in the communities around the mines from which we receive precious metals −
It’s the right thing to do
Sustainability 7
STRENGTHENING PARTNERSHIPS
COMMUNITY SUPPORT & RESPONSE FUND FOR COVID-19
▪ To help combat COVID-19, we established an additional $5M Community Support & Response Fund
to be used primarily to support communities around the mines from which we receive precious metals
▪ At June 30, 2021, Wheaton has made donations totaling $4 million under this program in support of
initiatives in mining communities and frontline organizations including food banks, shelters and hospitals
▪ The fund has supported approximately 40 different initiatives with almost all our partners to help provide
food security, medical services and supplies such as an ambulance and ventilators, and economic
opportunities
▪ Over 25 charities supported locally in Vancouver and the Cayman Islands
Fund allowed Wheaton to adapt and respond to the changing needs of the community
Sustainability 8
EXTERNAL & VOLUNTARY COMMITMENTS
ACCOUNTABILITY AND TRANSPARENCY
▪ Carbon Neutral designation since 2015

• Wheaton has offset emissions and contributed to the Lara Ceramic Fuel Switching Project
in Brazil
▪ Founding signatory to the World Gold Council’s Responsible Gold
Mining Principles
▪ Framework established in 2019 to address key environmental, social and governance
issues for the gold mining sector
▪ First streaming company to join UN Global Compact
• Largest sustainability initiative in the world
• Demonstrates commitment to corporate sustainability through a principles-based approach
• Incorporates ten universally accepted principles in the areas of human rights, labour,
environment and anti-corruption into strategies, policies and procedures
• Take strategic actions to advance broader societal goals including the UN Sustainable
Development Goals
Learn more about Wheaton’s ESG initiatives in our Annual Sustainability Report
Sustainability 9
2020 SUSTAINABILITY REPORT – RAISING THE BAR
▪ Second annual Sustainability Report published on May

13, 2021
▪ Prepared in alignment with Sustainability Accounting
Standards Board (SASB), Task Force on Climate-
In Peru, Wheaton and Hudbay provided test kits, PPE, hygienic
related Financial Disclosures (TCFD) and items, and blankets and jackets for families in need
supplemented with select Global Reporting Initiative

(GRI) disclosures
▪ Report highlights Wheaton’s strong ESG performance
▪ Includes updates on ESG-related commitments and
support for communities through Partner CSR
programs
In Brazil, Wheaton and Vale Foundation sponsored the “Mask +
Income Project” to provide new opportunities for income while
increasing the availability of face masks in high-risk communities
Sustainability 10
ESG PERFORMANCE
TOP ESG RATINGS
▪ Rated an “AA” by MSCI ESG Research (upgraded from “A” in
September 2020)2
▪ Ranked #1 for Precious Metals by Sustainalytics ESG Risk

Ratings3
▪ Ranked in the Global Top 50 out of over 12,000 companies

across sectors by Sustainalytics
▪ Classified as “Prime” by ISS ESG Corporate Rating
▪ Included within the Euronext Vigeo World 120 Index powered

by Vigeo Eiris
Ratings reflect Wheaton’s strong ESG performance
Sustainability 11
ESG UPCOMING INITIATIVES
WHAT’S NEXT?
On track to deploy the remainder of the COVID-19 CSR Fund to partner CSR
initiatives and local charitable organizations
Committed to increasing climate change risk disclosure by conducting a scenario

analysis that will examine six regions where Wheaton’s key assets are located and
evaluate both physical and transitional risks
Developing ESG-related goals and targets to measure and benchmark annual

performance
New full-time Sustainability Manager hired to complement existing team and

increase capacity for new initiatives
Wheaton is committed to continuous improvement and adherence to best practices in ESG
Sustainability 12
CORPORATE DEVELOPMENT OVERVIEW
HAYTHAM HODALY, SVP CORPORATE DEVELOPMENT

WHEATON STREAMING MODEL
ANALYZE THE IMPACT POTENTIAL

ON WHEATON’S OPPORTUNITY
PORTFOLIO
Using the appropriate After identifying a

discount rate and potential opportunity
commodity price and ensuring it meets
FUTURE CASH SUSTAINABILITY
assumptions, future our sustainability
FLOWS ASSESSMENT
cash flows are criteria, we generate a
discounted to production profile to
determine the value map out expected
of the stream if it was cash flows over the
in Wheaton’s portfolio. life of the stream.
APPROPRIATE PRODUCTION
DISCOUNT RATE PROFILE
Corporate Development 2
THE BENEFITS OF PRECIOUS METALS STREAMING
TO OUR PARTNERS
Provides Attractive, Viewed as Portfolio Creates Sustainable Mitigates
Flexible Funding Optimization Value Risk
▪ ESG due diligence to

▪ Improves project IRR ▪ For base metal ▪ Diversifies development
ensure that the mine
companies, silver and/or risk
provides a lasting positive
▪ For development assets: gold are ‘non-core’ assets
impact to surrounding
• No fixed repayment to the value of their ▪ Wheaton technical team
requirements: delivery communities
operation available to provide
obligation matched to support as requested
production ▪ Identify CSR opportunities
▪ Streams provide a vehicle
• No restrictive debt in the initial PMPA
for mining companies to ▪ Operational control stays
covenants agreement
• No hedging of primary convert their non-core with the miner:
metal required assets into non-dilutive • Wheaton has no
▪ Additional CSR support ownership or operational
• No regulatory consents capital that can help fund
once a stream is in place control
required their primary business
to ensure social license is
▪ Non-dilutive versus equity maintained: ▪ Wheaton investment
▪ The market generally
• Wheaton allocates a further validates the
▪ Expedited process with perceives a precious portion of corporate
metals stream as the strength of the mining
straightforward due income to support
disposition of a non-core initiatives around its project and acts as a third
diligence relative to
asset and not a hedge partners’ mines party endorsement
project financing
THE BENEFITS OF PRECIOUS METALS STREAMING
HOW IS STREAMING DIFFERENT THAN TRADITIONAL FUNDING?
Stream Equity Debt
Initial value creation for both parties ✓
Improves project IRR ✓
Expedited due diligence & closing process ✓ ✓
Non-dilutive form of funding ✓ ✓
Crystalize future production of mining partner ✓
Contractual relationship means support & flexibility ✓
Endorses technical merits of mine / project ✓
Share production and operating risk ✓ ✓
Mining partner retains full operational control ✓ ✓ ✓
No fixed payments ✓ ✓
EVALUATION OF OPPORTUNITIES
1 2
FINANCIAL
3
ANALYZING
4
EVALUATING
DUE
DILIGENCE MODELLING THE VALUE ACCRETIVENESS
FINANCIAL DUE DILIGENCE: Based on technical due

Assess counterparty credit, diligence, a life-of-mine
social license, political risks and production profile is developed.
other factors.
The discount rate is determined Analyze and compare the Determine whether the potential
TECHNICAL DUE DILIGENCE: based on quality of asset, life difference between the estimated transaction will be accretive
Detailed review of geology, cycle of mine, geological value of the stream within the when layered into our existing
mining, processing, costs, confidence, political and other miner’s portfolio vs. the Wheaton portfolio of assets.
reserves and resources and a ESG factors. portfolio, to help establish a price
site visit. for the stream that will benefit
Present value of future cash both parties.
ESG DUE DILIGENCE flows is based on production
profile, discount rate and forecast
metal prices.
1. DUE DILIGENCE
ASSESSING OPPORTUNITIES & MINIMIZING RISK
• Screen for suitability – must be in lowest half of
cost curve
Desktop Study
• Meaningful production contribution / acceptable
risk profile
• Review block model, mine plan, etc.

Data Room
• Rebuild block model using drill hole database
Review
• Confirm / assess / replicate mine economics
• Thorough review of operations and costs

• Review mining, geology, metallurgy, core,
tailings disposal
• Review community, social and environmental
Site Visit
aspects
• Determine upside potential (exploration,
resource conversion / throughput expansion /
operational enhancements)
RATING PRACTICES SCORE
1 Poor
1. DUE DILIGENCE 2
3
Needs Improvement
Satisfactory
4 Good
ESG EVALUATION OF A THEORITICAL OPPORTUNITY 5 Exceeds Expectations
QUALITY
TOPIC6 COMMENTS
SCORE6
Greenhouse Gas Emissions Open pit mine, Grid power primarily hydro generated, Diesel mobile fleet, Trucking water, Heap leaching,
(GHG) 4
doré
Air Quality 3 Open pit mine, Strict dust protocol in place, Heap leaching, No communities in vicinity
Energy Management 3 Grid connection, Assessing potential alternative power sources (solar / wind)
Water Management 5 Recycling processing water from treated effluent from local community.
Waste & Hazardous
Materials Mgmt (TLM) 4 Large waste rock dumps, No tailings, Little precipitation, Produces a clean product
High elevation desert, little vegetation present, no protected or endangered plants or animals. Three
Biodiversity 4
animals in a preservation category (no ocelots…)
Security, Human Rights, and
Rights of Indigenous Peoples
4 Harsh & arid location with limited human presence.
Community Relations (Host
Communities)
3 No neighboring communities. Potentially large number of trucks to transport effluent water.
Labor Relations 3 TBD Minimal current labour force
Workforce Health and Safety 3 LTIF near zero, strong protocols in place for COVID testing and vaccination
Corporate Governance /
Voluntary Commitments
3 Stable local and federal jurisdiction with established mineral extraction regulations
OVERALL RATING 3.5 Satisfactory to Good
Wheaton’s streams are sustainable
2. FINANCIAL MODELLING
DETERMINING THE APPROPRIATE DISCOUNT RATE
2021 Forecast Production
Key Considerations1 Existing Portfolio
2%
By Cost Quartile1,2
8% 90% in lowest half of primary

Asset Quality
metal cost curve
16% First
74% Second
24 Operating, 8 Development
Third
Life Cycle of Mine Projects (including 3 Early
Fourth
Deposits)
Argentina, Brazil, Canada,

Chile, Colombia, Greece,
Political Risk
Guyana, Mexico, Peru,
Portugal, Sweden, U.S.
By Counter Party
14%
Investment Grade 65% of current production
Risk1,3
21% Secured Counterparty Risk from investment grade

65% counterparties
Other
Geologic Confidence >50% of R&R are Reserves
3. ANALYZING THE VALUE
ESTABLISHING A PRICE THAT BENEFITS BOTH PARTIES
▪ Precious metal stream agreements create shareholder value for both the purchaser (streamer) and the
seller (traditional miner)
▪ Precious metal produced by a traditional miner is given a lower valuation by the market than if it had
been produced by a streaming company
• Market can more efficiently value precious metal production as it is more visible (not buried as a “by-product
credit”)
• By their very nature, streaming companies typically have a lower risk profile than traditional miners and therefore
trade at a higher market multiple
Salobo Example5
Improves IRRs
The upfront payment
typically contributes a
$1,030
78% $863M larger portion of capex
than the stream
represents as a
20% percentage of revenue
Upfront payment Stream as a % Vale's capex net of Vale's 2020 EBITDA
as a % of capex of mine revenue WPM's upfront from Salobo
payments
4. EVALUATING ACCRETIVENESS
ILLUSTRATIVE ASSESSMENT OF ACCRETIVENESS
The following presents the deals’ stand-alone payable ounce metrics compared to the Companies existing portfolio:
Reserves Payable Reserves & Resources Payable
Oz/share
Oz/share
Mine X WPM Mine X WPM
Macaulay’s Duration (in Years) Production Profile

Years
Oz/share
WPM
Mine X
2049
2022
2025
2028
2031
2034
2037
2040
2043
2046
2052
2055
2058
2061
2064
Mine X WPM
Duration measures the average life of the stream. The shorter the duration, the
faster the ounces are received.
Deal must be accretive on most metrics
ILLUSTRATIVE TIMELINE OF A TYPICAL TRANSACTION
WEEK 1 WEEK 3 - 4 WEEK 7 - 8

Screen for suitability, focus on Review block model, mine
Assuming all data requested has
assets in lowest half of cost plan and rebuild using drill
been provided, submit a final
curve. Confirm meaningful hole database if necessary.
indication of value incorporating
production contribution / Assess mine economics.
insight from data room review and
acceptable risk profile.
site visit.
Data
Desktop Submit Submit Deal
Room Site Visit
Study IOV Final IOV Close
Review
WEEK 2 WEEK 5 - 6 WEEK 8 - 12

If warranted, submit a Thorough review of operations
Negotiate definitive
preliminary indication and costs including geology,
agreement including
of value. engineering, community, social
security, structure &
aspects and environmental
terms.
impact. Determine upside
potential.
A new streaming transaction can be executed in ~ 2-3 months,
although Wheaton can accelerate the timeline to suit the counterparty’s needs if necessary
PRINCIPAL SOURCES OF MINE FINANCING
STREAMING HAS BEEN USED FOR A WIDE RANGE OF FUNDING NEEDS
Partners Use of Funds Type of Asset Streamed
(2004 – June 30, 2021)4 (2004 – June 30, 2021)4
8%
18% 39%
49%
61%
25%
Project Finance Balance Sheet Repair M&A Expansion Operating Development
Upfront payments historically used for project finance, differing from

recent transactions which have overwhelmingly been used to fund M&A
12
TRADITIONAL STREAMING STRUCTURES
WHEATON MINING PARTNER
Operating Mine
Streaming Upfront Ounces delivered &
Agreement payment (s) production
Signed made payments made
Development Project
Streaming Permitting Upfront Completion Ounces delivered &
Yes
Agreement and financing payment (s) Test8 production
Signed in place7 made Satisfied? payments made
No Adjust or cancel
stream & deposit
returned9
Wheaton shares value differential with its partners resulting in a win-win model
Note: This is for illustrative purposes only as all streams are unique with variations around the basic structure
EARLY DEPOSIT STRUCTURE
TAILORED FOR THE EARLY DEVELOPERS WHEATON MINING PARTNER
▪ Provides a developer with the upfront capital to advance its early stage project with no equity dilution
▪ Initial early deposit payment typically set at only 5-10% of predefined upfront payment
▪ Decision to proceed is made once feasibility, permitting and financing are in place, thus significantly
reducing the risk to Wheaton & allowing Wheaton to provide a maximum valuation to the counterparty
Positive
Permitting Permitting
Pay Yes Yes Construction Advance remaining
& feasibility
financing* & financing
Early Deposit 9 commences upfront payment10
study?
in place? in place?7
No No
Cancel stream
and deposit
returned9
Note: This is for illustrative purposes only as all streams are unique with variations around the basic structure
WHY WHEATON IS THE PREMIER STREAMING COMPANY
An established track record of treating our partners fairly, before and after a stream is
Focused on sustainable consummated. Three of our last five streams on operating assets were with existing partners.
relationships Wheaton also provides additional support once a stream is in place including partnering in CSR
programs around the mine sites and offering technical support where appropriate.
Quality is of utmost Maintaining a focus on high-quality, long-life assets that are accretive to our portfolio – not
importance every stream is a Wheaton stream!
Strong reputation for Strong internal technical team adheres to a robust due diligence process, allowing us to
technical excellence consider any and all opportunities expeditiously.
Our knowledge of the streaming model allows us to move more efficiently through to final
Proven track record definitive agreements, resolving any issues quickly and rationally.
Strong cash flows and access to capital and debt ensures Wheaton’s ability to pursue
Healthy Balance Sheet additional acquisitions and complete a transaction without any delays.
As a mine matures, so should a stream – streams can be modified in the later stages of a
mine’s life to encourage exploration and/or mine-life extension. We have modified five streams
Demonstrated Flexibility resulting in significant mine life extension, delivering more ounces to Wheaton and more cash
flow to our partners.
APPENDIX

STREAMS VS. ROYALTIES
Streaming Model Royalty Model
A ‘stream’ is a long term contract for the

A ‘royalty’ is generally a registered interest in
purchase of a certain percentage of refined
tenure
metal
Outside of Canada, streaming agreements can International royalties are viewed as passive
allow the mining company the flexibility to foreign income and thus subject to taxes in
handle their own taxes in the host country the home country (i.e. Canada)
Streaming agreements can generally provide

A royalty valuation is generally reduced by
the mining company with more funds upfront
higher levels of taxation
compared to a royalty agreement
More capital efficient as a portion of the

The initial payment for a royalty values all
payment is deferred and paid on an ongoing
expected future production
basis upon delivery of ounces
The streaming model has become increasingly popular due to the flexibility provided to operators
FINANCIAL CONSIDERATIONS
GARY BROWN, SVP & CHIEF FINANCIAL OFFICER

PRODUCTION AND SALES
STEADY GROWTH SINCE INCEPTION
Production levels were sustained from 2016 to
2021 despite cessation and restructuring of
1,000,000 streams at Cozamin, Barrick assets and San Dimas $2,000
Sales volumes equate to ~90% of
Gold Equivalent Realized Price

900,000 production volumes, reflecting $1,800
payable rates3
Gold Equivalent Ounces 2
800,000 $1,600
700,000 $1,400
($US/oz)
600,000 $1,200
500,000 $1,000
400,000 $800
300,000 $600
200,000 $400
100,000 $200
0 $0
28
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E
GEO Production GEO Sales Gold Equivalent Realized Price

Since inception, the Company achieved a compounded annual growth rate of ~24% on
gold equivalent production and sales to 2020
Financial Considerations 2
MARGINS AND CASH FLOW
STRONG CASH FLOW GENERATION DRIVEN BY COST CERTAINTY
Operating Cash Flow, Production Payment, G&A and Other Costs4,5,6
Price Change (%) +324% -35% -6% -2% +39%
Volume Change (%) +1,772% +19% +55% -8% +0%
$1,200 $1,096
$1,000 $892
$850 $843 $861
$794
$730
Millions ($US)
$800 $706
$620 $649 $753
$600 $579
$542 $458
$505
$423 $708
$625 $526 $424
$400 $434
$239
$159 $175 $167 $325
$200 $71 $161
$11 $104 $118 $110
$32
$0 $8
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Production Payment Interest Cost & Other G&A Operating Cash Flow (before working capital) Revenue
CASH OPERATING COSTS
PREDICTABLE COSTS AND HIGH MARGINS
Total Cash Cost and Cash Operating Margins per Ounce1,4,5,6
Gold Price (US$/0z)
$2,500
$2,000
$1,500
79% 76%
$1,000 81% 72% 69% 69% 69% 68% 70%
75% 66%
71%
$500
$300 $300 $300 $362 $386 $386 $393 $391 $395 $409 $421 $426 $451
$0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021-
2025E
Silver Price (US$/0z)
$40
$30
$20 88% 87%

83%
$10 74%
81% 78% 73% 74% 74% 70% 69% 75%
67% 71% 74%
47% 47%
$3.90 $3.90 $3.90 $3.91 $3.94 $3.97 $3.97 $3.99 $4.06 $4.12 $4.14 $4.17 $4.42 $4.49 $4.67 $5.02 $5.28 $5.81
$0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021-
2025E
Total Cash Cost/oz Cash Operating Margins
MARGINS AND CASH FLOW
OPTIONALITY TO HIGHER COMMODITY PRICES
$900
7
Over $2 billion of operating cash

Operating Cash Flow (US$ Millions)
$800 flow in excess of Wheaton’s original

$700 expectation during the last upswing
in the commodity prices cycle
$600
$500
$400 Excess Cash Flow
$300
Initial Cash Flow Estimate
$200
$100
$0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Excess Cash Flow Initial Cash Flow Estimate LBMA Gold Price (US$/oz)
Wheaton’s portfolio of low-cost, long-life assets is well positioned to participate in
future commodity price rallies
INNOVATIVE AND SUSTAINABLE DIVIDEND
▪ Quarterly Dividend Policy
Quarterly Dividend Declared
• 30% of operating cash flows are distributed to $0.16 $0.15
shareholders $0.14
$0.14 $0.13
• Floor of $0.13/share per quarter set for 2021,
$0.12
representing a 30% increase relative to 20208 $0.12
Dividend per share ($US)

• Dividend relative to Q2 2021 was $0.15/share, $0.10 $0.10 $0.10
$0.10 $0.09
representing fourth consecutive quarterly
increase8 $0.08
▪ Benefits
$0.06
• Direct precious metals price exposure with
participation in robust organic production $0.04
growth
$0.02
• Sustainable and flexible
• ~$1.39 billion declared in dividends since $0.00
inception (~50% of total equity capital raised) Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Fourth consecutive quarterly dividend increase representing a 50% increase relative to Q2 2020
DISCIPLINED AND ACCRETIVE GROWTH
RETURNS ON STREAMING INVESTMENTS
Cumulative Upfront Payments and Cash Flows ($US Billions, to Dec 31, 2020)
$20
Cumulative Upfront Payments and
$18.7
Cash Flows ($US Billions)9,10
$18 The average annualized after-tax return

from the streaming portfolio is ~20%
$16
$14
$12
$10 $8.9
$8 $7.4
$6
$4
$2
$0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Upfront Payments Cash Flow Generated From Streams Current Market Value of Portfolio
(Enterprise Value) 11
Since inception, Wheaton has invested ~$9B in precious metal streams which has generated cash
flow of ~$7B, and currently has an estimated market value of ~$19B
FUNDING GROWTH Sources and Uses of Cash
2004 to Dec 31st, 2020
▪ Company has not issued equity since 2016 to fund $13.7B $13.7B
growth 1%
22%
59%
▪ Diversified portfolio of high quality, long-life streaming
31%
assets, significantly reduces the Company’s need to
issue equity
10%
▪ Future streaming transactions are expected to be 47%
funded by strong operating cash flows1 30%
Sources of Cash Uses of Cash

Equity Cash Balance
Debt Upfront Payments &

Investments
Operating Cash Flow Dividends8,13
Debt Repayment
Operating cash flow now the main source of growth capital
STRONG BALANCE SHEET
AMPLE CAPACITY TO CONTINUE GROWING Cash Flow % Increase
Au Price Ag Price
$9,000 Balance Sheet as of June 30, 20211 Sensitivity to from Base
$US/oz $US/oz
Commodity Price Case
$8,000
65%
65% 50% $2,700 $37.50
$7,000 Cash flow increases by
45%
45% 35% $2,430 $33.75
1.3x the increase in
$6,000 commodity price
26%
26%
26% 20% $2,160 $30.00
Millions ($US)
13%
$5,000 13% 10% $1,980 $27.50
$4,000
Base
BaseCase
Case
Base Case
Gold
Gold@ @$1,800
$1,800
~$1 billion in average
$3,000 Gold
Silver
@ $1,800
Silver@
Silver @$25.00
@ $26.00
$26.00
annual operating cash
Palladium
Palladium@ @$2,500
$2,700 flows generated at
Palladium @ $2,700
$2,000 Cobalt
Cobalt @@ $20.00
$24.00 assumed spot
Cobalt @ $24.00
commodity prices
$1,000
$0
Revolving Credit Cash Immediate Est. Op. Cash Flow 14
Facility Capacity (Rolling 5-yr forecast)
Cash flow sensitivities indicate a 50% increase in commodity prices

will result in a 65% increase to cash flows
CONSERVATIVE AND EFFICIENT USE OF DEBT
$1,500
1,500,000 4.0
$1,000 3.0
1,000,000
Leverage Ratio (x)

2.0
Millions ($US)
$500
500,000
1.0
- 0.0
-1.0
($500)
(500,000)
Net Debt -2.0
(1,000,000)
($1,000) Net Debt/EBITDA
Forecast Net Debt15 -3.0
Forecast Net Debt/EBITDA15
($1,500)
(1,500,000) -4.0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E
BUILD WAR CHEST DEPLOY CAPITAL & UTILIZE DEBT BUILD WAR CHEST
Wheaton has conservatively used low cost debt to help fund growth and reduce shareholder dilution
UPSIDE THROUGH ORGANIC GROWTH
OPTIONALITY FROM DEVELOPMENT ASSETS
Wheaton’s Reserves and Measured & Indicated as of Dec 31, 2020
Gold equivalent ounces
40.0
(Million oz)2
30.0 6.8
~20% of Wheaton’s
20.0 R&R19 comes from
35.4
28.5
10.0 development assets
0.0
Operating Assets Development Assets Total
Wheaton’s Enterprise Value as of Dec 31, 2020

$25.0
$0.9 Remaining upfront
Billions ($B)
$20.0
payments for these
$15.0 development assets
$10.0 $18.7 $19.6 represents ~5% of
$5.0 Enterprise Value
$0.0
11 18
Enterprise Value Upfront Payments For Total
Development Assets
CONSISTENTLY OUTPERFORMED GOLD AND SILVER
Total Average Rolling Multi-Year Return Comparison as of September 14, 202117
200%
150%
Average Total Return
100%
50%
0%
-50% 1-Year 3-Year 5-Year 10-Year

Gold Silver Philadelphia Gold & Silver Index (XAU) VanEck Vectors Gold Miners ETF (GDX) Wheaton
Wheaton’s strong track record has resulted in consistently returning exceptional value to shareholders
WHEATON’S TRACK RECORD
AS OF JUNE 30, 2021
~$9 Billion invested in streams20
~$8 Billion of cash flow generated to date21
>$1.3 billion declared in dividends to date8
Strong annual cash flows expected at current commodity prices22
>40 years of reserve and resource mine life remaining1,23,24
High ratings recognizing Wheaton’s dedication to sustainability25,26
~20% average annualized after-tax return from the portfolio27
Value Driven by Exploration and Innovation
Cozamin and Santo Domingo
CAPSTONE MINING (TSX:CS) • 1

Cautionary Notes
CAUTIONARY NOTE ON FORWARD LOOKING INFORMATION
This document may contain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-
looking statements”). These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable
securities legislation.
Forward-looking statements relate to future events or future performance and reflect our expectations or beliefs regarding future events and the impacts of the ongoing and evolving COVID-19 pandemic. Forward-looking statements include, but are not limited
to, statements with respect to the estimation of Mineral Resources and Mineral Reserves, the expected timing and success of the underground paste backfill system study and tailings filtration project at Cozamin, the Pinto Valley HydroFloat project, the
outcome and timing of the PV4 study, the success of our use of the Jetti Technology, the expected scope and timing of Pinto Valley updated Technical Report, the successful completion of a rail and/ or port agreement with Puerto Ventanas, the success of our
strategic process for the Santo Domingo project, the expected reduction in capital requirements for the Santo Domingo Project, the timing and success of the Cobalt Study for Santo Domingo, the timing and success of the PV3 Optimization project, the
realization of Mineral Reserve estimates, the timing and amount of estimated future production, costs of production and capital expenditures and reclamation, the success of our mining operations, the continuing success of mineral exploration, the estimations
for potential quantities and grade of inferred resources and exploration targets, Capstone’s ability to fund future exploration activities, Capstone’s ability to finance the Santo Domingo project, environmental risks, unanticipated reclamation expenses and title
disputes. The potential effects of the COVID-19 pandemic on our business and operations are unknown at this time, including Capstone’s ability to manage challenges and restrictions arising from COVID-19 in the communities in which Capstone operates and
our ability to continue to safely operate and to safely return our business to normal operations. The impact of COVID-19 to Capstone is dependent on a number of factors outside of our control and knowledge, including the effectiveness of the measures taken
by public health and governmental authorities to combat the spread of the disease, global economic uncertainties and outlook due to the disease, and the evolving restrictions relating to mining activities and to travel in certain jurisdictions in which we operate.
In certain cases, forward-looking statements can be identified by the use of words such as “anticipates”, “approximately”, “believes”, “budget”, “estimates”, expects”, “forecasts”, “guidance”, intends”, “plans”, “scheduled”, “target”, or variations of such words and
phrases, or statements that certain actions, events or results “be achieved”, “could”, “may”, “might”, “occur”, “should”, “will be taken” or “would” or the negative of these terms or comparable terminology. In this document certain forward-looking statements are
identified by words including “anticipated”, “expected”, “guidance” and “plan”. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to
be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, amongst others, risks related to inherent hazards associated with mining operations and closure of
mining projects, future prices of copper and other metals, compliance with financial covenants, surety bonding, our ability to raise capital, Capstone’s ability to acquire properties for growth, counterparty risks associated with sales of our metals, use of financial
derivative instruments and associated counterparty risks, foreign currency exchange rate fluctuations, market access restrictions or tariffs, changes in general economic conditions, availability of water, accuracy of Mineral Resource and Mineral Reserve
estimates, operating in foreign jurisdictions with risk of changes to governmental regulation, compliance with governmental regulations, compliance with environmental laws and regulations, reliance on approvals, licenses and permits from governmental
authorities and potential legal challenges to permit applications, contractual risks including but not limited to, our ability to meet the completion test requirements under the Cozamin Silver Stream Agreement with Wheaton Precious Metals, our ability to meet
certain closing conditions under the Santo Domingo Gold Stream Agreement with Wheaton Precious Metals, acting as Indemnitor for Minto Exploration Ltd.’s surety bond obligations post divestiture, impact of climate change and changes to climatic conditions
at our Pinto Valley and Cozamin operations, changes in regulatory requirements and policy related to climate change and GHG emissions, land reclamation and mine closure obligations, risks relating to widespread epidemics or pandemic outbreak including
the COVID-19 pandemic; the impact of COVID-19 on our workforce, suppliers and other essential resources and what effect those impacts, if they occur, would have on our business, including our ability to access goods and supplies, the ability to transport
our products and impacts on employee productivity, the risks in connection with the operations, cash flow and results of Capstone relating to the unknown duration and impact of the COVID-19 pandemic, uncertainties and risks related to the potential
development of the Santo Domingo Project, increased operating and capital costs, increased cost of reclamation, challenges to title to our mineral properties, increased taxes in jurisdictions the Company operates or is subject to tax, changes in tax regimes we
are subject to and any changes in law or interpretation of law may be difficult to react to in an efficient manner, maintaining ongoing social license to operate, dependence on key management personnel, potential conflicts of interest involving our directors and
officers, corruption and bribery, limitations inherent in our insurance coverage, labour relations, increasing energy prices, competition in the mining industry including but not limited to competition for skilled labour, risks associated with joint venture partners,
our ability to integrate new acquisitions and new technology into our operations, cybersecurity threats, legal proceedings, and other risks of the mining industry as well as those factors detailed from time to time in the Company’s interim and annual financial
statements and MD&A of those statements and Annual Information Form, all of which are filed and available for review under the Company’s profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could
cause our actual results, performance or achievements to differ materially from those described in our forward-looking statements, there may be other factors that cause our results, performance or achievements not to be as anticipated, estimated or intended.
There can be no assurance that our forward-looking statements will prove to be accurate, as our actual results, performance or achievements could differ materially from those anticipated in such statements. Accordingly, readers should not place undue
reliance on our forward-looking statements.

Cautionary Notes
CAUTIONARY NOTE TO UNITED STATES INVESTORS REGARDING PRESENTATION OF MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES
As a British Columbia corporation and a “reporting issuer” under Canadian securities laws, we are required to provide disclosure regarding our mineral properties in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. In accordance with NI 43-
101, we use the terms mineral reserves and resources as they are defined in accordance with the CIM Definition Standards on mineral reserves and resources (the “CIM Definition Standards”) adopted by the Canadian Institute of Mining, Metallurgy and
Petroleum. In particular, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” used in this annual information form and
the documents incorporated by reference herein and therein, are Canadian mining terms defined in accordance with CIM Definition Standards. These definitions differ from the definitions in the disclosure requirements promulgated by the SEC. Accordingly,
information contained in this annual information form and the documents incorporated by reference herein may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.
United States investors are also cautioned that while the SEC will now recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”, investors should not assume that any part or all of the mineralization in these
categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as to their existence and feasibility than mineralization that has been
characterized as reserves. Accordingly, investors are cautioned not to assume that any “measured mineral resources”, “indicated mineral resources”, or “inferred mineral resources” that we report are or will be economically or legally mineable. Further,
“inferred resources” have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist.
In accordance with Canadian rules, estimates of “inferred mineral resources” cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.
CURRENCY
All amounts are in US$ unless otherwise specified.
ALTERNATIVE PERFORMANCE MEASURES

“C1 cash cost”, “cash cost”, “adjusted EBITDA”, “operating cash flow before changes in working capital”, “adjusted net income”, “net debt”, “all-in sustaining costs”, “all-in costs” and “available liquidity” are Alternative Performance Measures. Alternative
performance measures are furnished to provide additional information. These non-GAAP performance measures are included in this presentation because these statistics are key performance measures that management uses to monitor performance, to
assess how the Company is performing, to plan and to assess the overall effectiveness and efficiency of mining operations. These performance measures do not have a standard meaning within IFRS and, therefore, amounts presented may not be
comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with IFRS. For full information, please refer to the Company’s
latest Management Discussion and Analysis published on its Financial Reporting webpage or on SEDAR.
COMPLIANCE WITH NI 43-101

Unless otherwise indicated, Capstone has prepared the technical information in this document (“Technical Information”) based on information contained in the technical reports, Annual Information Form and news releases (collectively the “Disclosure
Documents”) available under Capstone Mining Corp.’s company profile on SEDAR at www.sedar.com. Each Disclosure Document was prepared by or under the supervision of a qualified person (a “Qualified Person”) as defined in National Instrument 43-101
– Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (“NI 43-101”). Readers are encouraged to review the full text of the Disclosure Documents which qualifies the Technical Information. Readers are advised that Mineral
Resources that are not Mineral Reserves do not have demonstrated economic viability. The Disclosure Documents are each intended to be read as a whole, and sections should not be read or relied upon out of context. The Technical Information is subject to
the assumptions and qualifications contained in the Disclosure Documents.
Disclosure Documents include the National Instrument 43-101 compliant technical reports titled "NI 43-101 Technical Report on the Cozamin Mine, Zacatecas, Mexico" effective October 23, 2020, “Pinto Valley Mine Life Extension – Phase 3 (PV3) Pre-
Feasibility Study” effective January 1, 2016 and “Santo Domingo Project, Region III, Chile, NI 43-101 Technical Report” effective February 19, 2020.
The disclosure of Scientific and Technical Information in this presentation was reviewed and approved by Brad Mercer, P. Geol., Senior Vice President and Chief Operating Officer (technical information related to mineral exploration activities and to Mineral
Resources at Cozamin), Clay Craig, P.Eng, Manager, Mining & Evaluations (technical information related to Mineral Reserves and Mineral Resources at Pinto Valley), Tucker Jensen, Superintendent Mine Operations, P.Eng (technical information related to
Mineral Reserves at Cozamin) and Albert Garcia III, PE, Vice President, Projects (technical information related to project updates at Santo Domingo) all Qualified Persons under NI 43-101.
ADDITIONAL REFERENCE MATERIALS

Refer to the Company’s news release of April 27, 2021 and MD&A and Financial Statements for the three months (“Q1 2021”) ended March 31, 2021, and the Company’s 2020 Annual Information Form for full details to the information referenced throughout
this presentation.

.
Two Streams Announced in Past Year With Wheaton
COZAMIN SILVER STREAM
WPM streaming agreement (December 1, 2020)
• For 50% Ag production, until 10 Moz Ag have been
delivered to WPM.
• Thereafter dropping to 33% of Ag production for the life of
the mine from Capstone.
• Terms:
• Upfront $150M, plus 10% of Ag spot price at time of delivery.
SANTO DOMINGO GOLD STREAM

WPM streaming agreement (March 25, 2021)
• 100% Au production until 285,000 oz have been delivered
to WPM.
• Thereafter dropping to 67% of the Au production.
• Terms:
• Payments totalling $290M deposit, plus 18% of Au spot price
at time of delivery until deposit has been reduced to zero.
Thereafter increasing to 22% of Au spot price

Cozamin Exploration & Development Success
Setting the Stage for Long-Term Growth
More than 16 Moz of silver production from 2021 to 2031
• In March, we filed the strongest mine
plan in Cozamin's 17-year history for the
next 10 years.
• Impact23 Project aims to optimize
current mine plan and extend mine life.
• Underground crosscuts developed this
year will facilitate efficient underground
infill and step-out exploration in 2022.
• Ore sorting technology aims to convert
resources to reserves from high grade
narrow veins.

Cozamin – Impact23 Growth Projects
Extend mine life, increase environmental & safety performance and improve operational
GOAL:
efficiencies utilizing mineral resources already discovered in addition to testing new targets
Exploration Expansion Potential in Testing the West target area with surface drilling in 2021 and underground drilling in 2022. East target
the East and West Targets area will be tested in 2023.
Enhanced Pillar Recovery Reviewing short-term and long-term opportunities for additional recovery potential of pillars in the historic
areas of the mine.
Stope Dilution Minimizing dilution site-wide through improved engineering, planning, long-hole drill control and
optimized explosives design.
Truckless Headings Redesigning the upper areas of the Reserves to ore pass use, increasing safety and efficiency, while
improving air quality.
Alternative Mining Techniques and Lower costs and reduced dilution to convert resources to reserves from MNFWZ Indicated Resources.
Ore Sorting Technology
Copper Silver Zinc Lead
MNFWZ Tonnes Copper Silver Zinc Lead
Metal Metal Metal Metal
Indicated (I) (kt) (%) (g/t) (%) (%)
(kt) (koz) (kt) (kt)
Copper-Silver Zones 9,472 1.56 35 0.51 0.05 148 10,796 48 4
Zinc-Lead-Silver Zones 4,138 0.38 28 2.22 0.98 16 3,786 92 41
Please refer to Table 4 of the Company’s January 27, 2021 news release for full details of the Mineral Resource estimate.

Cozamin
Opportunity to Expand Above Current LOM Plan of 3,780 tpd
Cozamin Current Mine Capacity

One way ramp: 4,000 tpd
San Roberto shaft: 2,000 tpd
Total Mine Capacity 6,000 tpd
Total Mill Capacity 4,300 tpd*

*Mill can be expanded for
low capex intensity

Cozamin Exploration Summary 2021
Mala Noche Vein & MNFWZ Vein 20 West Step-out Drilling
• Exploration in 2021 focused on

testing the Mala Noche Vein (MNV)
West down-dip of historical
workings and the sub-parallel Vein
20 West in the FW to the MNV
• Drilling is being conducted from

San Rafael
surface while the West EXP cross-
cuts are being developed
(anticipated completion of cross-cut
#1 in February 2022) East EXP Drift & Cross-cuts
West EXP Cross-cuts
San Roberto
• A shift to underground drilling in
2022 will significantly decrease
length and time to complete drill MNFWZ – Vein 20
holes increasing the efficiency of
target testing MNFWZ-MNV West
Target Zone
• East EXP drift and cross-cuts have
been designed for future step-out
and infill of Veins 10 and 20 at
MNFWZ SE

Cozamin Ore Sorting – Positive Initial Test Results
• 8 tonne representative sample from six production headings was crushed then
screened to remove >3.5" and <0.5" (unsuitable for sorting).
• Tested two different technologies and best result realized up to 31% mass rejection
with very low metal losses (1-2% of contained Cu, Zn and Ag).
• Grade increased from 1.70% Cu and 42 g/t Ag to 2.25% Cu and 57 g/t Ag.
• Next Steps:
• Test highly diluted material from narrow vein resource area.
• Build a preliminary economic model for various scenarios including on
surface installation and underground installation.
Opportunity to convert significant copper and silver from large resource into a new mine plan
Target for release of technical report is H2/23
Copper Silver Zinc Lead

MNFWZ Tonnes Copper Silver Zinc Lead
Metal Metal Metal Metal
Indicated (I) (kt) (%) (g/t) (%) (%)
(kt) (koz) (kt) (kt)
Copper-Silver Zones 9,472 1.56 35 0.51 0.05 148 10,796 48 4
Zinc-Lead-Silver Zones 4,138 0.38 28 2.22 0.98 16 3,786 92 41

Please refer to Table 4 of the Company’s January 27, 2021 news release for full details of the Mineral Resource estimate.

Santo
o Domingoo Project
Transformationall Growth

Santo Domingo Reduced Capital Strategy
IRR & Profitability Index Materially Higher with Gold Stream, Port & Future Rail Deals
Payable gold over 18-year mine life currently at 285k ounces
$7,000
Remaining Capital Required is ~$0.8B 1.20%
NPV(8% post-tax) = $1,080M; IRR = 33.3%
$6,000
Payback = 1.9 Years
First 5 Years C1 costs, net of by-products = $0.76
1.00%
LOM C1 costs, net of by-products = $0.62
$5,000
$4,000 0.80%
$2,785
US$ million
$3,000
0.60%
$2,000
$1,000 0.40%
$-
0.20%
$(1,000)
$(2,000) 0.00%
-3 -2 -1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
Year
Copper Grade (Cu) Copper Eq. Grade (Fe) Cumulative FCF (base case, reduced CAPEX) - $M
Note: Copper equivalent grade includes the conversion of magnetite iron grade into copper equivalent grade based on relative values using 2020 Santo Domingo technical report. Reduced capital scenario includes opportunity to reduce for port and rail up to $400 million plus
$290 million for gold stream.
Estimated using the following prices: $3.00/lb Cu, $80/t Fe.
Profitability Index calculated as after-tax NPV divided by sum of initial capex and expansion capex.
Santo Domingo Resource Expansion Exploration Program
First Exploration Program Since 2012
• 2 phase program – tested a VTEM exploration anomaly in the west & completed a condemnation
program on the eastern edge of deposit.
• Visual results in the eastern targets effectively confirms no significant exploration potential
beneath the planned mill infrastructure.
• Testing VTEM anomaly in the northeast extended the target sequence for >1.5km to the north.
• ~8,546m drilled in 19 holes completed by July 8th; assays significantly delayed due to COVID.
Next Steps
• Expecting assay results to be fully reported in September.
Location of
• Updated geology model in progress.
Future Mill
• New mineral resource expected in late Q4 2021. The new model will benefit from a refined Infrastructure
geological interpretation, extensions to the target horizon and a more robust magnetite
estimation using more laboratory data.

Santo Domingo Exploration Summary 2021
• Eight wide-spaced holes confirmed the extension of the target mineralized
volcaniclastic horizon over 1.5 km to the north.
• Potential to expand current resource with additional future infill drilling.
New holes 489DD@552-555m. mt-py (-cpy)

Santo Domingo
A 489DD
Assay pending A´
resource pit Iris Norte
limestones
resource
?
VTEM andesites
volcaniclastics
andesites
500m ? N
S
APPENDIX
Cozamin Reserves & Resources
COPPER
Total Proven & Probable Cu Mineral Reserve 247 kt contained metal (13,966 kt @ 1.77% Cu)
Total Measured & Indicated Cu Mineral Resource 446 kt contained metal (29,399 kt @ 1.52% Cu)
Inferred Cu Mineral Resource 75 kt contained metal (13,866 kt @ 0.54% Cu)
SILVER
Total Proven & Probable Ag Mineral Reserve 19,945 koz contained metal (13,966 kt @ 44 g/t Ag)
Total Measured & Indicated Ag Mineral Resource 41,016 koz contained metal (29,399 kt @ 43 g/t Ag)
Inferred Ag Mineral Resource 17,381 koz contained metal (13,866 kt @ 39 g/t Ag)
ZINC
Total Proven & Probable Zn Mineral Reserve 76 kt contained metal (13,966 kt @ 0.54% Zn)
Total Measured & Indicated Zn Mineral Resource 325 kt contained metal (29,399 kt @ 1.10% Zn)
Inferred Zn Mineral Resource 309 kt contained metal (13,866 kt @ 2.23% Zn)
LEAD
Total Proven & Probable Pb Mineral Reserve 29 kt contained metal (14,127 kt @ 0.21% Pb)
Total Measured & Indicated Pb Mineral Resource 95 kt contained metal (29,672 kt @ 0.32% Pb)
Inferred Pb Mineral Resource 103 kt contained metal (13,869 kt @ 0.74% Pb)
NOTES: Mineral Resources and Mineral Reserves as at December 31, 2020. For full information, please refer to the Company’s Annual Information Form for December 31, 2020 available on www.capstonemining.com or
SEDAR.
RESERVES: Tucker Jensen, P.Eng., Superintendent Mine Operations at Capstone Mining Corp., is the Qualified Person for the Cozamin Mineral Reserve. Disclosure of the Cozamin Mine Mineral Reserve as of
December 31, 2020 was completed using fully diluted mineable stope shapes generated by the Maptek Vulcan Mine Stope Optimizer software and estimated using the 2020 MNFWZ and 2017 MNV resource block
models by Garth Kirkham, P.Geo., FGC, Kirkham Geosystems Ltd. Mineral Reserves are reported at or above a US$48.04/t net smelter return (“NSR”) cut-off in conventionally backfilled zones for 2020-2022, a
US$51.12/t NSR cut-off in conventionally backfilled zones for 2023+, a US$56.51/t NSR cut-off in paste backfilled zones of Vein 10, and a US$56.12/t NSR cut-off in paste backfilled zones of Vein 20 using three formulae
based on zone mineralization. Copper-silver dominant zones use the NSR formula: (Cu*50.476 + Ag*0.406)*(1-NSRRoyalty%). MNFWZ zinc-silver zones use the NSR formula: (Ag*0.259 + Zn*15.081 + Pb*15.418)*(1-
NSRRoyalty%). MNV zinc-silver dominant zones use the NSR formula: (Ag*0.203 + Zn*13.163 + Pb*13.233)*(1-NSRRoyalty%). Metal price assumptions (in US$) of Cu = $2.75/lb, Ag = $17.00/oz, Pb = $0.90/lb, Zn =
$1.00/lb and metal recoveries of 96% Cu, 84% Ag, 0% Pb and 0% Zn in copper-silver dominant zones, 0% Cu, 60% Ag, 92% Pb and 86% Zn in MNFWZ zinc-silver dominant zones, and 0% Cu, 53% Ag, 79% Pb and
75% Zn in MNV zinc-silver dominant zones. Mineral reserve calculations consider mining by long-hole stoping and mineral processing by flotation. Tonnage and grade estimates include dilution and mining losses. The
NSR royalty rate applied varies between 1% and 3% depending on the mining concession, and royalties are treated as costs in mineral reserve estimation. An exchange rate of MX$20 per US$1 is assumed. All metals
are reported as contained. Figures may not sum exactly due to rounding.
RESOURCES: Garth Kirkham, P.Geo., FGC, Kirkham Geosystems Ltd. is the independent Qualified Person for the Cozamin Mineral Resource. Mineral Resources are classified according to CIM (2014) definitions,
estimated following CIM (2019) guidelines and have an effective date of December 31, 2020. Mineral Resources are reported using four formulae for NSR based on mineralization. Copper-silver dominant zones use the
NSR formula: (Cu*60.779 + Ag*0.485)*(1-NSRRoyalty%). Copper-zinc zones use the NSR formula: (Cu*58.430 + Ag*0.416 + Zn*15.368 + Pb*7.837)*(1-NSRRoyalty%). MNFWZ zinc-silver dominant zones use the NSR
formula: (Ag*0.304 + Zn*18.323 + Pb*17.339)*(1-NSRRoyalty%). MNV zinc-silver dominant zones use the NSR formula: (Ag*0.256 + Zn*16.401 + Pb*14.977)*(1-NSRRoyalty%). Metal price assumptions (in US$) used to
calculate the NSR for all deposits are: Cu = $3.25/lb, Ag = $20.00/oz, Zn = $1.20/lb and Pb = $1.00/lb. Recoveries used in the four NSR formulae are based on mineralization. Copper-silver dominant zones use the
following recoveries: 96% Cu and 85% Ag. Copper-zinc zones use the following recoveries: 92% Cu, 79% Ag, 72% Zn and 42% Pb. MNFWZ zinc-silver dominant zones use the following recoveries: 60% Ag, 86% Zn and
92% Pb. MNV zinc-silver dominant zones use the following recoveries: 55% Ag, 77% Zn and 80% Pb. The NSR formulae include confidential current smelter contract terms, transportation costs and royalty agreements
from 1 to 3%, as applicable. An exchange rate of MX$20 per US$1 is assumed. Totals may not sum exactly due to rounding. The NSR cut-off of US$50/tonne is based on historical mining and milling costs plus general
and administrative costs. The Mineral Resources considers underground mining by long-hole stoping and mineral processing by flotation. No dilution is incorporated in the Mineral Resource. All metals are reported as
contained. Mineral Resource estimates do not account for mineability, selectivity, mining loss and dilution. These Mineral Resource estimates include Inferred Mineral Resources considered too speculative geologically to
apply economic considerations for categorization as Mineral Reserves. However, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Resources.
Santo Domingo Reserves & Resources
COPPER EQUIVALENT
Total Measured & Indicated CuEq Mineral Resource 537 Mt @ 0.52% CuEq
Inferred CuEq Mineral Resource 48 Mt @ 0.41% CuEq
COPPER
Total Proven & Probable Cu Mineral Reserve 1,167 kt contained metal (392.3 Mt @ 0.30% Cu)
Total Measured & Indicated Cu Mineral Resource 537 Mt @ 0.30% Cu
Inferred Cu Mineral Resource 48 Mt @ 0.19% Cu
GOLD
Total Proven & Probable Au Mineral Reserve 506.7 koz contained metal (392.3 Mt @ 0.04 g/t Au)
Total Measured & Indicated Au Mineral Resource 537 Mt @ 0.039 g/t Au
Inferred Au Mineral Resource 48 Mt @ 0.025 g/t Au
IRON
RESOURCES: Mineral Resources are classified according to CIM (2014) standards. Mineral
Total Proven & Probable Fe Mineral Reserve 75.1 Mt magnetite concentrate (392.3 Mt @ 28.2% Fe) Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral
Reserves do not have demonstrated economic viability. The Qualified Person for the estimates is
Total Measured & Indicated Fe Mineral Resource 537 Mt @ 25.7% Fe Mr. David Rennie, P. Eng., an associate of Roscoe Postle Associates Inc. Mineral Resources for
the Santo Domingo Sur, Iris, Iris Norte and Estrellita deposits have an effective date of 13
Inferred Fe Mineral Resource 48 Mt @ 23.6% Fe February 2020. Mineral Resources for the Santo Domingo Sur, Iris, Iris Norte and Estrellita
deposits are reported using a cut-off grade of 0.125% copper equivalent (CuEq). CuEq grades
are calculated using average long-term prices of US$3.50/lb) Cu, US$1,300/oz Au and
NOTES: Mineral Reserves as at December 31, 2020 and Mineral Resources as at December 31, 2020. For full information, please refer to the Company’s
US$99/(dmt) Fe conc. The CuEq equation is: % Cu Equivalent = (Cu Metal Value + Au Metal
Annual Information Form for December 31, 2020 available on www.capstonemining.com or SEDAR. Value + Fe Metal Value) / (Cu Metal Value per percent Cu). The general equation for metal value
is: Metal Value = Grade * Cm * R * (Price – TCRC – Freight) * (100 – Royalty) / 100, where Cm is
RESERVES: Mineral Reserves have an effective date of 14 November 2018 and were prepared by Mr. Carlos Guzman, CMC, an employee of NCL. Mineral a constant to convert the grade of metal to metal price units, R is metallurgical recovery, and
Reserves are reported as constrained within Measured and Indicated pit designs and supported by a mine plan featuring variable throughput rates and cut-off TCRC is smelter treatment charges and penalties. Only copper, gold and iron were recognized in
optimization. The pit designs and mine plan were optimized using the following economic and technical parameters: metal prices of US$3.00/lb Cu, the CuEq calculation; cobalt and sulphur were excluded. Mineral Resources are constrained by
US$1,280/oz Au and US$100/dmt of Fe concentrate; average recovery to concentrate is 93.4% for Cu and 60.1% for Au, with magnetite concentrate recovery preliminary pit shells derived using a Lerchs–Grossmann algorithm and the following
varying on a block-by-block basis; copper concentrate treatment charges of US$80/dmt, U$0.08/lb of copper refining charges, US$5.0/oz of gold refining assumptions: pit slopes averaging 45º; mining cost of US$1.90/t, processing cost of US$7.27/t
charges, US$33/wmt and US$20/dmt for shipping copper and iron concentrates respectively; waste mining cost of $1.75/t, mining cost of US$1.75/t ore and (including G&A cost); processing recovery of 89% copper and 79% gold, iron recoveries are
process and G&A costs of US$7.53/t processed; average pit slope angles that range from 37.6º to 43.6º; a 2% royalty rate assumption and an assumption of calculated based on magnetic susceptibility; and metal prices of US$3.50/lb Cu, US$1,300/oz Au
100% mining recovery. Rounding as required by reporting standards may result in apparent summation differences between tonnes, grade and contained metal and US$99/dmt Fe concentrate. Rounding as required by reporting standards may result in
content. Tonnage measurements are in metric units. Copper and iron grades are reported as percentages, gold as grams per tonne. Contained gold ounces are apparent summation differences. Tonnage measurements are in metric units. Copper, iron and
reported as troy ounces, contained copper as million pounds and contained iron as metric million tonnes. sulphur are reported as percentages, gold as grams per tonne and cobalt as parts per million.
WHEATON PRECIOUS METALS ANALYST DAY
Cashel Meagher, SVP & COO
September 2021
CAUTIONARY INFORMATION
This presentation contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All
information contained in this presentation, other than statements of current and historical fact, is forward-looking information. Often, but not
always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “budget”, “guidance”, “scheduled”,
“estimates”, “forecasts”, “strategy”, “target”, “intends”, “objective”, “goal”, “understands”, “anticipates” and “believes” (and variations of these or
similar words) and statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” “occur” or “be achieved” or “will be
taken” (and variations of these or similar expressions). All of the forward-looking information in this presentation is qualified by this cautionary
note. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among
other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the company at the date the forward-looking
information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and
events to be materially different from those expressed or implied by the forward-looking information. The risks, uncertainties, contingencies and
other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information are described
under the heading “Risk Factors” in our most recent annual information form for the year ended December 31, 2020 and our management’s
discussion and analysis for the six months ended June 30, 2021. Should one or more risk, uncertainty, contingency or other factor materialize or
should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking
information. Accordingly, you should not place undue reliance on forward-looking information. Hudbay does not assume any obligation to update
or revise any forward-looking information after the date of this presentation or to explain any material difference between subsequent actual
events and any forward-looking information, except as required by applicable law.
This presentation contains certain financial measures which are not recognized under IFRS, such as adjusted net earnings (loss), adjusted net
earnings (loss) per share, Adjusted EBITDA, net debt, cash cost, sustaining and all-in sustaining cash cost per pound of copper produced, cash
cost and sustaining cash cost per pound of zinc produced and combined unit cost and zinc plant unit cost. For a detailed description of each of the
non-IFRS financial performance measures used in this presentation, please refer to Hudbay’s management’s discussion and analysis for the six
months ended June 30, 2021 available on SEDAR at www.sedar.com and EDGAR at www.sec.gov.
All amounts in this presentation are in U.S. dollars unless otherwise noted.
CONSTANCIA ROSEMONT 2
Cusco
SOUTH AMERICA CUSCO
BUSINESS UNIT Las Bambas
CONSTANCIA
Yauri
PERU Tintaya
Antapaccay
MINE
Lima
TOWN
AREQUIPA Imata
RAIL
ROAD
CONSTANCIA
Arequipa
Cerro Verde
MOQUEGUA &
Peru
Economic Risk Business Political Risk Commercial Risk Financing Risk Matarani
Environment Risk
BB2 Medium
Risk
0 TACNA 100km
CONSTANCIA
CONSTANCIA ROSEMONT ROSEMONT
SUSTAINABILITY 3
CONSTANCIA MINE 17 YEARS
MINE LIFE
Cu-Mo
PORPHYRY DEPOSIT
86k tpd
MILL CAPACITY
102kt 58koz $1.15/lb

8-YEAR AVG. 8-YEAR AVG. 8-YEAR AVG.
CU PRODUCTION1 AU PRODUCTION1 CASH COSTS1
PLANT THROUGHPUT
90
86 86 86
Constancia Mill Throughput

79
Rate (ktpd)
75 76ktpd
(original
design
capacity)
60
2017A 2018A 2019A 2020A
LONG LIFE, LOW-COST COPPER MINE IN PERU

COPPER PRODUCTION PROFILE
100%-owned, production commenced in 2014
140 128 $1.50
Developed and maintaining meaningful partnerships with local 120 $1.45

$1.37 108
117
$1.25
Cash Costs ($/lb)

communities 100
Copper (kt)
80
80 73
$0.97
$1.00
Potential to add value through nearby satellite deposits similar to 60
$0.80
$0.74
40
Pampacancha, which commenced production in April 2021 20
$0.75
Successfully increased throughput beyond original design 0

2020A 2021E 2022E 2023E 2024E
$0.50
capacity 1.Annual average over the period 2021 to 2028 using Constancia’s updated mine plan announced March 29, 2021.
CONSTANCIA
SUSTAINABILITY 4
GENERAL SITE OVERVIEW
Caballito
Constancia
Pit
Mill Location
Waste Rock
Facility
Pampacancha
Deposit
Tailings
Management
Facility
CONSTANCIA
SUSTAINABILITY 5
CONSTANCIA PRODUCTION PROFILE
HIGH-GRADE PAMPACANCHA TO GROW COPPER AND GOLD PRODUCTION
Revised Constancia mine plan and 3-year production guidance incorporates the commencement
of mining at Pampacancha in 2021 which brings higher copper and gold grades over the 2022 to
2025 period
Cu Au
(kt) 61% (koz) 692%
130
105 105
120
88
50
73
12
2020 2021 2022 2023 2020 2021 2022 2023
Source: 2020 actual production and 3-year guidance as published in annual reserve and resource updated news release issued on Ma rch 29, 2021. Cu and Au increases are mid-point of 2023 guidance as compared to 2020 actual.
CONSTANCIA
SUSTAINABILITY 6
COPPER CONCENTRATE TRANSPORT TO PORT
MOST OF THE ROUTE SHARED WITH OTHER LARGE COPPER MINES IN THE REGION
We believe we have one of the best logistics team in Peru; proactively manages through social
challenges along the transportation route to minimize impact to Constancia
Constancia Cusco
Puente Bailey
Constancia
Las Bambas San Genaro
Fortunia
10.83 Km. Espinar
Chilloroya
Velille Maraniyoc (Desv. Livitaca) Antapaccay
Conn HHR LB
Huayllapacheta
Negromayo
Condoroma
Pinaya 48.70 Km.
Imata
HH
LB Patahuasi
Yura
Puente Queru Arequipa

La Joya
4.97 Km
Traffic Windows
Puente Coporaque
18-04
Coporaque Espinar (10 hours)
Matarani Night Traffic
CONSTANCIA
SUSTAINABILITY 7
SENSOR-BASED ORE SORTING
SUCCESSFUL PHASE 2 TRIAL
Sensor-based ore sorting (XRF, XRT, PGNAA,

etc.) can be done at two scales:
Bulk –sorting ore at the shovel or loader post-
blast
Particle – refers to sorting crushed material
on a conveyor
Phase 1 - Bulk sorting amenability study
was positive
Phase 2 – Laboratory sensor study
indicated positive results
Economic impact calculated based
on truck-scale sorting
Evaluating Phase 3
Field demonstration with onsite loader
Currently evaluating technical and
commercial proposals
CONSTANCIA
SUSTAINABILITY 8
RECOVERY UPLIFT PROJECT
HIGH RETURN, LOW CAPITAL INVESTMENT OPPORTUNITY
MILL PUMP UPGRADES
90 1,600
Rougher Concentrate flow [m3/h]

88.45 88.53 88.49 1,400
$56M NPV8%
88 88.27
87.90
Recovery [%]
87.25 1,200
86 86.19
1,000
84
84.46
800
+90% IRR
83.44
600
82 82.08
400
80
200
78 0
6 7 8 9 10 11 12 13 14 15 16
Mass Recovered [%]
85% to 90% of metal losses occur in rougher tails

Test work at 106 microns averaged 20% mass recovery (18% for Pampacancha)
At 150 microns, mass recovery should be ~12%
Percent mass recovery to rougher concentrate is the key performance indicator. Controlled by:
Frother, air rate and pulp level
Rougher concentrate flow rate is constrained by downstream process
Pump capacity to 800 m2/h, regrind cyclones, 1st cleaner / cleaner-scavenger dart valves
CONSTANCIA
SUSTAINABILITY 9
RESERVES & RESOURCES OVERVIEW
CONSTANCIA RECONCILIATION
Added 33Mt at 0.48% Cu and 0.115

g/t Au to Constancia reserves
primarily related to the integration of
exploration success at Constancia
North
No changes to the Pampacancha
resource model and current mineral
reserves
NOTES:
1. Totals may not add up correctly due to rounding
2. Re-evaluation of economic viability
3. Mineral resources are exclusive of mineral reserves and do not have demonstrated economic viability
4. Metal prices of $3.10/lb Cu, $11.00/lb MO, $1,500/oz Au and $18.00/oz Ag with an exchange rate of 1.30 C$/US$
were used to estimate mineral reserves and resources
5. Constancia mineral reserves and resources are estimated using a minimum NSR cut-off of US$6.14/tonne
6. Metallurgical recoveries are applied by ore type and assumed to be 85.5% on average for the life of mine
CONSTANCIA
SUSTAINABILITY 10
CONSTANCIA NORTH
CONSTANCIA NORTH DRILLING HAS EXTENDED THE RESERVE PIT TO THE NORTH
Shallow porphyry and skarn mineralization intersected in the 2019-2020 drilling at Constancia North has
contributed to an extension of the Constancia reserve pit by approximately 300m where there are no
encumbrances as this area is part of the current permit of operation
Constancia North was the major contributor to the reserve increase at Constancia
+300m
2020 reserve pit
2021 reserve pit

2019-2020 drilling
CONSTANCIA
SUSTAINABILITY 11
CONSTANCIA NORTH
UNDERGROUND POTENTIAL TO BE FURTHER INVESTIGATED
There is an additional opportunity to include more resources and/or improve the life of mine plan by mining
some of the steeply dipping/narrower high-grade skarn mineralization as a satellite underground operation
to the main Constancia pit
A scoping trade-off study will be conducted in 2021
Block model filtered on Cu>0.5%
Constancia Norte
Skarn bodies
2019-2020 drilling
CONSTANCIA
SUSTAINABILITY 12
PERU EXPLORATION POTENTIAL
SEVERAL OPPORTUNITIES EXIST ON HUDBAY’S EXTENSIVE LAND PACKAGE IN PERU
Geophysics indicate several nearby exploration targets within trucking distance of Constancia’s
infrastructure - Maria Reyna and Caballito have large-scale potential
Drilling recently commenced on the Llaguen property located in northern Peru and in close proximity to
existing infrastructure and available workforce
CONSTANCIA SATELLITE EXPLORATION TARGETS LLAGUEN PROJECT IN NORTHERN PERU
Maria Reyna
& Kusiorcco
Tintaya
y
Caballito
Constancia
Leviatan
Pampacancha
Antapaccay
Paquitas
5 km 5 km
CONSTANCIA
SUSTAINABILITY 13
SUSTAINBILITY IN OUR PERU BUSINESS UNIT
COMMITTED TO CREATING SHARED VALUE AND BUILDING STRONG, LONG-TERM RELATIONSHIPS
Safety is of the utmost importance, and we are

proud of our leading safety track record in Peru
We’ve provided over $90 million in social investment
since we started operating at Constancia, directly
impacting the communities through investments in
healthcare, infrastructure, agricultural development,
education and environment
We are focused on hiring locally and having a direct
social and economic impact on our nearby
communities
Working with Peru’s Ministry of Health to build a more
robust telemedicine system, which is one of the
objectives under our “Work for Taxes” project – an
integrated health system for the province of
Chumbivilcas
CONSTANCIA
SUSTAINABILITY 14
ARIZONA BUSINESS UNIT
Miami
Pinto Valley
Phoenix Resolution
ARIZONA, US
Ray
Morenci
Florence
Safford
MINE
TOWN
RAIL
ROAD
Silver Bell
Phoenix
Tucson Tucson
Gunnison
Mission
ROSEMONT &
D
COPPER WORLD Sierrita
COPPER WORLD
ROSEMONT
United States
Economic Risk Business Political Risk Commercial Risk Financing Risk
Environment Risk Taylor
AA1 Low
Risk 0 25km 50km
Maps are not to scale
19 YEARS CU-MO-AG $1.9B
ROSEMONT PROJECT MINE LIFE PORPHYRY DEPOSIT CAPEX
$769M / 15.5% 127kt $1.14/lb

NPV / IRR FIRST 10-YEARS CU FIRST 10-YEARS CU
PRODUCTION1 CASH COST1
COPPER PRODUCTION PROFILE

Copper Production (kt in con)
180 $4.00
147 148
Copper Production
Copper C1 Cash Costs

134 133 137
128 122 $3.00
117
120
(kt in con)
104
(US$/lb, net)
97
$2.00
60 $1.39 $1.37
$1.06 $1.09 $1.20 $1.19 $1.02 $1.12 $1.01 $1.11 $1.00
0 $0.00
HIGH-QUALITY COPPER PROJECT WITH WELL-ESTABLISHED 1 2 3 4 5 6 7 8 9 10
INFRASTRUCTURE
Once in production, Rosemont is expected to be the 3 rd largest copper
ROSEMONT ECONOMICS2
mine in the U.S.1 After-Tax NPV8% (US$M) Unlevered IRR (%)
$1,448
19-year mine life generating 15.5% after-tax unlevered project IRR at $1,115 21.2%
$3.00/lb Cu; significant resource upside within district $769 15.5%
18.5%
On July 31, 2019, the U.S. District Court issued an unprecedented ruling
where it vacated the U.S. Forest Service’s issuance of the Final Record $3.00 $3.25 $3.50 $3.00 $3.25 $3.50
of Decision, suspending construction work at Rosemont. Hudbay and the
U.S. Government have appealed the decision to the U.S. 9th Circuit Copper Price (US$/lb) Copper Price (US$/lb)
Court of Appeals while Hudbay evaluates next steps for the project 1.As per Wood Mackenzie’s copper mine database for current producing copper assets in the United States and ranked by annual co pper production.
2.Rosemont on a 100% basis and based on Rosemont March 2017 feasibility study, average first 10 years of production. Rosemont I RR is unlevered after-tax
IRR on project basis (100%). Tonnes shown are metric tonnes.
COPPER WORLD PROJECT
SIGNIFICANT NEW DISCOVERY ADJACENT TO ROSEMONT

Located on private land claims in a historical mining district; 2020
exploration work identified 4 deposits as a potential viable open pit
operation separate or additive to Rosemont
Potential for economic copper sulphide and oxide mineralization in skarns
and porphyries at shallow depths (intersected 500ft @ 0.82% Cu starting
at surface)
Expanded 2021 exploration program focused on understanding the full
extent of the mineralization, which remains open along strike, defining an
initial resource estimate by end-2021 and completing a PEA in H1 2022 The Copper World deposits have mineralization located closer to surface than Rosemont and remain open at depth. For further information on intercept length, grade and dip, please reference the
assay results tables in the news release date March 29, 2021.
SUSTAINBILITY IN OUR ARIZONA BUSINESS UNIT
FOCUSED ON BUILDING THE FOUNDATION FOR THE LONG-TERM IN THE UNITED STATES
Supporting future “green” economic growth and

innovation may require access to mineral resources
closer to home
Having assets in Canada and US represent an opportunity
in environment of scarce regional and global supply
amidst growing demand
Dedicated to maintaining environmental monitoring
obligations, engaging stakeholders, supporting
exploration of potential satellite deposits on our claims
near Rosemont, and advancing the Mason project in
Nevada
In Arizona and Nevada, we invested $93k to support
community programs including scholarships established
with the Yerington Paiute and the Hudbay Rosemont
Copper School Grant Program
CONSTANCIA PRODUCTION PROFILE
Incorporates higher grades from Pampacancha from 2022 to 2025 and the new Constancia North
reserves to extend the medium-term production profile
Average annual copper production increases to 102,000 tonnes over the next 8 years at an average
cash cost of $1.15/lb
Total copper and gold production increases by 12% and 9%, respectively, compared to the same period
in the previous mine plan1
Additional 9 years of
Average production of >100 kt mine life based on
Production (kt Cu) Cash Cost (US$ / lb Cu)
Cu at $1.15 / lb Cu cash cost reserves only
$1.37 $1.48 $1.47 $1.37 $1.27

$0.97
$0.80 $0.74
117 128
108 95 106
80 91 91
2021 2022 2023 2024 2025 2026 2027 2028

Source: Constancia updated mine plan announced March 29, 2021.
1. Calculated using 2019 to 2036 production from Hudbay’s previous NI 43-101 technical report for Constancia, dated March 26, 2018, compared to 2021 to 2037 production from the updated mine plan plus 2019 and 2020 actual production to
allow for the two mine plans to be comparable based on the timing of Pampacancha.
APPENDIX 20
CONSTANCIA 2021 MINE PLAN
17-YEAR MINE PLAN BASED ON PROVEN AND PROBABLE RESERVES ONLY
Updated mine plan for Constancia operations reflects an increase in copper and gold production from 2022 to 2025 as the higher
grades from the Pampacancha deposit enter the mine plan
2021 2022 2023 2024 2025 2026 2027 2028 2021-2028 2029-2037 LOM
CONSTANCIA OPERATIONS Avg. Avg.
CONTAINED METAL IN CONCENTRATE
Cu Production (000s tonnes) 80 108 117 128 91 95 91 106 102 68 1,431
Au Production (000s ounces) 45 97 93 127 28 25 21 27 58 19 631
Ag Production (000s ounces) 1,977 1,942 2,619 2,782 2,210 2,452 2,122 2,601 2,338 1,717 34,160
Mo Production (000s tonnes) 1.3 1.4 2.5 1.6 1.9 1.3 1.6 1.6 1.6 1.0 22.1
CAPITAL EXPENDITURES
Sustaining Capital1 ($M) $127 $66 $158 $81 $114 $66 $125 $66 $100 $50 $1,248
Growth Project Capital ($M) $4 3 - $30 - $17 - - - - - $51
COPPER CASH COSTS

Cash Cost, net of by-product $1.37 $0.97 $0.80 $0.74 $1.48 $1.47 $1.37 $1.27 $1.15 $1.70 $1.38
credits2 ($/lb Cu)
Sustaining Cash Cost, net of $2.30 $1.39 $1.44 $1.05 $2.08 $1.82 $2.03 $1.58 $1.66 $2.07 $1.83
by-product credits2 ($/lb Cu)
Note: Totals may not add up correctly due to rounding. “LOM” refers to life-of-mine total.
1 After the impact of capitalized stripping.
2 By-product credits calculated using the gold and silver deferred revenue drawdown rates for 2021 and the following commodity prices: gold price of $1,800 per ounce for 2021, $1,700 per ounce for 2022, $1,650 per ounce for 2023,
$1,600 per ounce for 2024 and $1,500 per ounce long-term; silver prices of $25 per ounce for 2021, $23 per ounce for 2022, $20 per ounce for 2023, $19 per ounce for 2024 and $18 per ounce long-term; molybdenum prices of $11 per
pound for 2021 and $10 per pound for 2022 and long-term. Sustaining cash cost calculated on the same basis as used in the company’s quarterly financial disclosures, which incorporates all costs included in cash cost plus sustaining
capital expenditures, payments on capital leases, capitalized exploration, royalties, cash payments on long-term community agreements, and accretion and amortization of decommissioning obligations. Cash cost and sustaining cash cost
are non-IFRS financial performance measures with no standardized definition under IFRS. For further details on why Hudbay believes cash costs are a useful performance indicator, please refer to the company's most recent Management's
Discussion and Analysis for the six months ended June 30, 2021.
3 Growth capital excludes costs associated with land user agreements.
APPENDIX 21
PERU MINERAL RESERVES (AS AT JANUARY 1, 2021)
CATEGORY TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t)
CONSTANCIA
Proven 436,500,000 0.29 83 0.041 2.88
Probable 56,100,000 0.25 69 0.045 3.09
TOTAL PROVEN AND PROBABLE 492,600,000 0.29 82 0.042 2.90
PAMPACANCHA
Proven 32,400,000 0.59 178 0.368 4.48
Probable 7,500,000 0.62 173 0.325 5.75
TOTAL PROVEN AND PROBABLE 39,900,000 0.60 177 0.360 4.72
TOTAL MINERAL RESERVES 532,500,000 0.31 89 0.066 3.04
APPENDIX 22
PERU MINERAL RESOURCES (AS AT JANUARY 1, 2021)
CATEGORY TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t)
CONSTANCIA
Measured 125,200,000 0.22 65 0.038 2.11
Indicated 118,300,000 0.22 65 0.037 2.05
Inferred 46,600,000 0.30 73 0.054 2.72
PAMPACANCHA
Measured 11,400,000 0.41 101 0.245 4.95
Indicated 6,000,000 0.35 84 0.285 5.16
Inferred 10,100,000 0.14 143 0.233 3.86
TOTAL MEASURED AND INDICATED 260,900,000 0.23 67 0.052 2.27
TOTAL INFERRED 56,700,000 0.27 86 0.086 2.92
APPENDIX 23
ROSEMONT RESERVES & RESOURCES
(AS AT JANUARY 1, 2021)
PROPERTY CATEGORY TONNES Cu (%) Mo (%) Ag (g/t)
Proven 426,100,000 0.48 0.012 4.96

Rosemont Reserves
Probable 111,000,000 0.31 0.010 3.09
TOTAL ROSEMONT PROVEN AND PROBABLE 537,100,000 0.45 0.012 4.58

Measured 161,300,000 0.38 0.009 2.72
Rosemont Resources
Indicated 374,900,000 0.25 0.011 2.60
TOTAL ROSEMONT MEASURED AND INDICATED 536,200,000 0.29 0.011 2.64

Rosemont Resources Inferred 62,300,000 0.30 0.010 1.58
APPENDIX 24
ADDITIONAL RESERVES & RESOURCES INFORMATION
The reserve and resource estimates included in this presentation were prepared in accordance with National Instrument 43-101 – Standards of
Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and
Reserves: Definitions and Guidelines.
The mineral resource estimates in this presentation are exclusive of mineral reserves. Mineral resources that are not mineral reserves do not have
demonstrated economic viability.
The scientific and technical information contained in this presentation related to the Rosemont project has been approved by Cashel Meagher,
P.Geo., Hudbay’s Senior Vice President and Chief Operating Officer. The scientific and technical information contained in this news release related
to all other material mineral projects has been approved by Olivier Tavchandjian, P. Geo, Hudbay’s Vice-President, Exploration and Geology.
Messrs. Meagher and Tavchandjian are qualified persons pursuant to NI 43 101.
Additional details on the company’s material mineral projects, including a year-over-year reconciliation of reserves and resources and metal price
assumptions, is included in Hudbay's Annual Information Form for the year ended December 31, 2020 (the “AIF”), which is available on SEDAR at
www.sedar.com.
Additional details on Copper World are included in Hudbay’s news releases dated March 29, 2021.
This presentation has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the
requirements of United States securities laws. Canadian reporting requirements for disclosure of mineral properties are governed by NI 43-101.
For this reason, information contained in this presentation containing descriptions of the Company’s mineral deposits may not be comparable to
similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal
securities laws and the rules and regulations thereunder.
APPENDIX 25
For more information contact:
Candace Brûlé
Director, Investor Relations
416.814.4387 | candace.brule@hudbay.com
Aerial view of Salobo Mine plant
Photo: Ricardo Teles / Agência Vale
Vale Base Metals

• Wheaton’s 2021 Investor Day
• Juan Merlini – Head of Sales & Marketing
• September 22nd, 2021
“This presentation may include statements that present Vale's expectations about future events or results. All
statements, when based upon expectations about the future involve various risks and uncertainties. Vale cannot
guarantee that such statements will prove correct. These risks and uncertainties include factors related to the
following: (a) the countries where we operate, especially Brazil and Canada; (b) the global economy; (c) the capital
markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by
nature; (e) global competition in the markets in which Vale operates; and (f) the estimation of mineral resources and
reserves, the exploration of mineral reserves and resources and the development of mining facilities, our ability to
obtain or renew licenses, the depletion and exhaustion of mines and mineral reserves and resources. To obtain
further information on factors that may lead to results different from those forecast by Vale, please consult the
reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores
Mobiliários (CVM) and in particular the factors discussed under “Forward-Looking Statements” and “Risk Factors” in
Vale’s annual report on Form 20-F.”
“Cautionary Note to U.S. Investors – Vale currently complies with SEC Industry Guide 7 in its reporting of mineral
reserves in SEC filings. SEC Industry Guide 7 permits mining companies, in their filings with the SEC, to disclose
only those mineral deposits that a company can economically and legally extract or produce. We present certain
information in this presentation that are not be permitted in an SEC filing. These materials are not proven or
probable reserves, as defined by the SEC, and we cannot assure you that these materials will be converted into
proven or probable reserves, as defined by the SEC. Starting in its next annual report on Form 20-F, Vale will
comply with Subpart 1300 of Regulation S-K, which will replace SEC Industry Guide 7. Subpart 1300 of Regulation
S-K permits mining companies, in their filings with the SEC, to disclose “mineral reserves”, “mineral resources” and
“exploration targets” that are based upon and accurately reflects information and supporting documentation of a
qualified person. We present certain information in this presentation that are not based upon information or
documentation of a qualified person, and that will not be permitted in an SEC filing under Subpart 1300 of
Regulation S-K. These materials are not mineral reserves, mineral resources or exploration targets, as defined by
the SEC, and we cannot assure you that these materials will be converted into mineral reserves, mineral resources
or exploration targets, as defined by the SEC. U.S. Investors should consider closely the disclosure in our Annual
Report on Form 20-K, which may be obtained from us, from our website or at http://http://us.sec.gov/edgar.shtml.”
Vale is one of the
largest metals
and mining
companies
in the world
One of the world’s largest $ 40bn revenues¹

We operate in 26 countries A US$ 95-billion³ market value
producers of iron ore and nickel $ 22 bn EBITDA¹ ²
¹ 2020 figures.
² Pro-forma. Excluding expenses related to Brumadinho and COVID-19 donations
³ as of September 8th
We are taking
important steps
towards 1
building a better Vale
1Vale Management System

The evolution of our roadmap for value creation
Re-rating
Reshaping
De-risking  Benchmark in safety
 Best-in-class reliable operator
 Brumadinho  Focus on core business  Talent-driven organization
 Dam safety  Control of cash drains  Leader in low-carbon mining
 Robust ESG practices  Growth opportunities  Reference in creating and
 Production resumption sharing value
Sound cash flow generation
Discipline in capital allocation

Vale has made bold commitments to
mitigate climate change
Leading the transition towards low carbon mining based on our net zero strategy
Reduce 100% renewable electricity Reduce Net zero

scope 1 and 2 emissions by in Brazil (2025) net scope 3 emissions scope 1 and 2 emissions by
33% by 2030 and globally (2030) by 15% in 2035 2050
BEV fleet Karebbe hydroelectric plant, Canadian Nickel : Low Carbon Electric excavator,
Coleman Mine, Canada Indonesia Supplier to Customers Itabira, MG, Brazil
Vale Base Metals’ products are critical to a
low-carbon economy
High-impact minerals: High-impact, cross-
C used in few technologies cutting minerals
u
2050 demand increase vs 2018 production

Copper
Lithium
Charging Renewable
Stations and Energy Cobalt Aluminum
Infrastructure
C Medium-impact Nickel
Ni o minerals
Nickel
Cobal
t
Copper
Silver
Cathode Cell and pack Electric Vehicle Cross-cutting minerals:
Material used in a variety of techs
Coverage: usage in different energy technologies
World Bank ‐ Minerals for Climate Action: The Mineral
Intensity of the Clean Energy Transition (2020).
Our Class 1 Nickel places us in a unique position
We have already done We are evolving... ...and we will deliver
Sudbury Superstack, Canada Source: Epiroc Mechanical

ColemanRock
Mine,Excavator
Candada - Garson mine Sorowako, Indonesia
Copper Cliff Smelter in Sudbury Underground electric vehicles Base Metals Low Carbon Agenda
 US$ 1.5 bn investment  30 BEVs operating underground  Decarbonization of the RKEFs

 Reduction in emissions  40+ by the end of 2021  Clean energy electrification
 40% GHG from the smelter  Reduces diesel exhausts and  Use of biofuels and biomass
 85% sulphur dioxide particulates
 40% metals particulate  Reduces underground heat  Scope 3 reduction roadmap
and noise
A long-standing relationship with Wheaton
Feb-13 Mar-15 Aug-16 Jun-18

Salobo and Sudbury 2nd tranche – 3rd tranche – Voisey’s Bay
gold stream Salobo gold stream Salobo gold stream cobalt stream
 25% of Salobo’s gold  Increased streaming  Increased streaming  From 2021 onwards
production over the life transaction from 25% to transaction from 50% to
of mine 50% of Salobo’s gold 75% of Salobo’s gold  42.4% of Voisey’s Bay
production production cobalt production until
 70% of Sudbury’s gold 31 million lbs are
production for 20 years  US$ 900 million initial  US$ 800 million initial delivered
cash payment cash payment
 US$ 1.9 billion initial  21.2% of cobalt
cash payment production thereafter for
the life of mine
 US$ 390 million in cash

Salobo: a world-class copper mine
Aerial view of Salobo Mine plant

Photo: Ricardo Teles / Agência Vale
Salobo Highlights
Copper production at Salobo - kt
Copper production at Salobo mine
totaled 73kt in 1H21 lower than 1H20
193 193 189
Vale Base Metals went through a broad 173
safety review of operational process
In 2Q21, mine movement improved as

ramp-up of mine maintenance
workshop continues. This trend is 73
expected to continue in 2H21
Salobo is our flagship copper mine with

long lifespan, high copper grade 2017 2018 2019 2020 1H 2021
concentrate and opportunities for
expansion
Salobo 3
New beneficiation line with processing capacity of
12 Mtpy
Synergies: infrastructure, processes and equipment

Concentrating Plant (set/2021)
Photo: Josiel Silva
Total estimated capex of ~US$ 1.0 billion
Physical progress at 77% by 2Q21
Start up in 2H 2022
Salobo III will increase copper production by

about 30-40 kt per year (LOM average)
Further optionality with Salobo IV to potentially add

30-40ktpy of copper production¹
Crushing Area (set/2021) 1‐ Subject to feasibility studies, internal approvals and market

Photo: Josiel Silva conditions
North Atlantic focus is delivering on stability
North Atlantic
Stability while improving productivity with replacement projects
High value-added by-products
VBM CCM Manitoba life extension
E 1
Start-up: 2Q21 Start-up: 4Q21 Phase 1 approved
Capacity: 40-45 Capacity: 10 ktpy Extend life by 10 years

ktpy
Capex: US$ 1.7 bn Capex: US$ 710 M Capex: US$ 120 M
Voisey’s Bay operations Copper Cliff Mine

Sudbury Highlights
Nickel production from Sudbury mines - kt
Nickel production from Sudbury
operations totaled 21kt in 1H21 lower Full transition to
single furnace
than 1H20 62 operation in 4Q17
51 51
Production was impacted by labor
disruption. An agreement was reached on 43
August 9th and operations are resuming
CCM 1 project to ramp up as operations

21
resume
Sudbury complex is one of the world’s

lowest emission nickel processing 2017 2018 2019 2020 1H 2021
plants
Voisey’s Bay Highlights
Cobalt production at Voisey’s Bay - kt
Cobalt production from Voisey’s Bay
mine totaled 939kt in 1H21, higher
than 1H20 464 476 463
433
Solid operational performance at 388
Voisey’s Bay, with 20kt of Ni
307
production 1H21, higher than 1H20
Ore produced at Voisey’s Bay is

processed at Vale’s Long Harbour,
one of the world’s lowest
emission nickel processing plants
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
VBME: Transitioning
to underground mining
Development of two underground mines – Reid

Brook and Eastern Deeps
First ore achieved on the Reid Brook in June
Physical progress 66% by 2Q21¹
Eastern Deeps start-up is expected for 2H 2022
High quality reserves, maintaining continued

operations until 2033
First ore achieved
1‐ Considering development of both U/G mines – Reid Brook
and Eastern Deeps – and related infrastructure
For more information on Vale, please visit:
www.vale.com/investors
For ESG matters, please visit:

www.vale.com/ESG
Should you have any further enquiries, please

contact:
vale.ri@vale.com
OPERATING ASSETS
NEIL BURNS, VP TECHNICAL SERVICES
WES CARSON, VP MINING OPERATIONS

OPERATING ASSETS
KEY OPERATING STREAMS
AGENDA
▪ Overview of Wheaton’s Portfolio
▪ Key Operating Streams To Be Discussed
Antamina Peñasquito
Peru Mexico
San Dimas Stillwater

Mexico USA
Operating Assets 2
DIVERSIFIED PORTFOLIO OF HIGH-QUALITY ASSETS
Operating Mines (24) Development Projects (8) Partners:
Vale
Keno Hill
Minto Barrick
Zinkgruvan
Kutcho
Voisey’s Bay Newmont
777
Sudbury
Glencore
Coleman Aljustrel Sibanye-Stillwater
Stillwater Copper Cliff Stratoni
East Boulder Creighton Pan American
Garson Neves-Corvo
Rosemont Lundin
Peñasquito Totten
San Dimas Cozamin Victor (Dev. project) First Majestic
Los Filos Equinox
Eldorado
Marmato Toroparu
Hudbay
Antamina
Salobo Capstone
Yauliyacu
Constancia Alexco
Cotabambas
Pembridge
Santo Domingo
Almina
Corporate Offices (2) Pascua-Lama Aris Gold
Navidad Gran Colombia
Panoro
Well-diversified with low political risk Kutcho Copper
Operating Assets 3
LOW COST, LONG LIFE PRODUCTION
2021 Forecast Production Mine Life of Operating Portfolio1,2,3
by Cost Quartile1,3 70
2% 60
8% 18
50
Mine Life (years)

40 10
16%
30
20
74% 33
10
First
Second 0
Third Proven & Probable Measured & Inferred
Fourth Mineral Reserves Indicated Mineral Mineral Resources
Resources
Ninety percent of Wheaton’s production comes from assets that fall in the lowest half of the cost curve,
and the portfolio has over 30 years of mine life based on reserves
Operating Assets 4
LONG TERM PRODUCTION OUTLOOK
Average Annual Production Guidance5:
1,200 2019 Actuals 2020 Actuals 2021 Guidance
1,4
GEOs: GEOs: GEOs: 5-year Average: 810,000 GEOs

720 - 780Koz Optionality
Gold Equivalent Production (GEO) (Koz)
745Koz 714Koz
10-year Average: 830,000 GEOs
1,000
28.1Koz
28.4 Koz 40 – 45Koz Stillwater
800 Other Metals Other Metals
Other Metals Other Metals Voisey’s Bay
Salobo
600 Constancia
406.5 367.4 370 – 400 Gold San Dimas
Koz Au Koz Au Koz Au Sudbury
400 Stillwater
Peñasquito
200 22.4 22.9 22.5 – 24.0 Silver Constancia
Moz Ag Moz Ag Moz Ag Antamina
Other
0
2019A 2020A 2021E 2025E 2030E Optionality 6
Silver Gold Other Metal
Wheaton’s commitment to sustainable growth is reinforced by the introduction of 10-year guidance
Operating Assets 5
REVENUE EXPOSURE
HIGHLY DIVERSIFIED PORTFOLIO
2021-2025E Revenue Mix1,4

Cobalt Colombia
Palladium
3% 1%
5%
USA
7%
Europe
7% Brazil
32%
Canada
Gold 11%
51%
Silver
41%
Peru
21% Mexico
21%
Operating Assets 6
STRONG TRACK RECORD OF ORGANIC GROWTH
EXPLORATION AND INFERRED CONVERSION
Reserves and Resources Growth2,7
9.5Moz GEOs
or 684M SEOs 12.8M GEOs 11.9M GEOs
or 923M SEOs 14.9M GEOs
(M&I) or 855M SEOs
or 1,071M SEOs
(M&I)
26.8M GEOs
or 1,929M SEOs 20.5M GEOs
(P&P) or 1,475M SEOs
(P&P)
Total Acquired Total Mined Total Exploration & R&R

Inferred Conversion
Exploration and inferred conversion generated 11.9M GEOs
and significant exploration upside still exists across the stream portfolio
Operating Assets 7
STRONG TRACK RECORD OF ACCRETIVE GROWTH
EXPANSION & GROWTH THROUGH EXPLORATION & ACQUISITIONS
Total attributable gold equivalent R&R per 100 shares since inception2,7
9.0
8.0
M&I P&P Mined
7.0
Gold Eq oz / 100 share
6.0
5.0
4.0
3.0
2.0
1.0
0.0
-1.0
-2.0
-3.0
-4.0
2018
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2019
2020
Significant growth in reserves and resources per share since inception
Operating Assets 8
ANTAMINA
KEY HIGHLIGHTS
Operator Glencore via CMA
Mine Type / Open Pit /
Deposit Type Skarn
Location Peru
Date of Contract November 2015
8
Stream 33.75% silver
Average Production over past 3 years 5.3 Moz/yr
Upfront Consideration $900M
Delivery Payment per Ounce 20% of spot
Term Life of mine
Attributable P&P Reserves2 39.1 Moz Ag
Attributable M&I Resources2 75.6 Moz Ag
Attributable Inferred Resources2 117.2 Moz Ag Photo source: Antamina website (August 2021)
Operating Assets 9
ANTAMINA
ENGINEERING & OPERATIONS
One of the world’s largest, low-cost copper mines
▪ High-grades driving outperformance
• Despite the impacts of COVID, Antamina produced 5.4Moz of

attributable Silver in 2020 and is on track for strong performance in
2021
• Silver production is anticipated to increase in 2025 as a result of the

commissioning of new infrastructure, which will allow processing of
higher-grade material
Regional Infrastructure - Image source: 2020 WPM Guidebook
▪ Contributing to social license in Peru through

community investment
• Through our community investment program, Wheaton supports

Enseña Peru, a non-profit organization dedicated to improving
academic performance in the region
• In 2021, Wheaton committed to funding this initiative for another two-

year term, resulting in six years of continuous support.
School children near Antamina - Image source: Enseña Peru Website
Operating Assets 10
ANTAMINA
GEOLOGY & EXPLORATION
Largest Cu-Zn skarn deposit in the world
▪ 3,500 m long x 1,500 m wide
▪ Potential for underground mine, currently at the

conceptual stage (Inferred Resources)
▪ Antamina holds a total 169 concessions of over 700

square kilometers
• Regional land package hosts multiple geological
targets
Image source: Antamina virtual site visit 2021
Operating Assets 11
ANTAMINA
▪ 2020 drilling continued to

define the orebody at
depth below the Resource
pit
• Grades remain strong at
depth, similar to the
Reserve and Resource
grades
▪ Deep drilling program,

utilizing directional drilling,
to avoid interaction with
the mining operation and
intersect the orebody at a
better angle
Image source: Antamina virtual site visit 2021
Operating Assets 12
PEÑASQUITO
KEY HIGHLIGHTS
Operator Newmont
Mine Type / Open Pit /
Deposit Type Breccia pipe and Skarn
Location Mexico
Date of Contract July 2007
Stream 25% silver
Average Production over past 3 years 6.4 Moz/yr
Delivery Payment per Ounce $4.29 (+ annual 1% inflation)
Term Life of mine
Attributable P&P Reserves2 106.4 Moz Ag
Attributable M&I Resources2 59.5 Moz Ag
Attributable Inferred Resources2 32.0 Moz Ag
Operating Assets 13
PEÑASQUITO
ENGINEERING & OPERATIONS Average Mill Recovery Rate - Silver
95%
Successful implementation of “Full Potential”
enhancements have resulted in significant 90%
improvements
▪ Delivered >$200M in Full Potential value over last 85%
12 months
▪ Focused on back-to-basics mining practices 80%
▪ Driving cost efficiencies and capital discipline to

extend life 75%
2014 2015 2016 2017 2018 2019 2020
▪ Transition to harder rock (increased sedimentary Peñasquito Open Pits - Image source: Newmont 2020 Site Tour Source: Newmont and Goldcorp historical annual reports
ore) impacting throughput

Attributable Silver Production
▪ Nearly 20% improvement in throughput expected
8,000
by 2024 despite harder rock 7,000
▪ Processing improvements to deliver >$150M of 6,000
Silver (koz)
value in 2022: 5,000
4,000
• Augmented Feed Circuit ~80%
3,000
• SAG Mill tuning ~10% 2,000
• Improved flotation ~5% 1,000

0 12
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021B
Operating Assets 14
PEÑASQUITO
Newmont leveraging “Full Potential” and

Exploration Technology to grow reserves &
resources
▪ Au-Ag-Zn-Pb deposits related to breccia pipes;

developed from hydrothermal activity within a
sequence of carbonate and clastic
sedimentary rocks
▪ Near mine exploration focused on wingspan

extensions and deeper porphyry-style intrusion
Image source: Newmont 2020 Site Tour
Operating Assets 15
SAN DIMAS
KEY HIGHLIGHTS
Operator First Majestic
Mine Type /
Underground / Epithermal
Deposit Type
Location Mexico
Date of Contract May 2018
25% of Au & 25% of Ag paid
Stream
in Gold9
Average Production over past 2 years 41.3 Koz/yr Au

Delivery Payment per Ounce $618 (+ annual 1% inflation)
Term Life of mine
Attributable P&P Reserves2 0.12 Moz Au & 10.6 Moz Ag
Attributable Inferred Resources2 0.16 Moz Au & 15.1 Moz Ag
Operating Assets 16
SAN DIMAS
▪ San Dimas Optimization The San Dimas deposit
Program: is considered to be one
• Implementation of High Intensity of the most significant
Grinding technology (HIG Mill) and Restarted Tayoltita precious metals deposits
installation of autogenous mill mine in June 2020
Current mining in Mexico, and has been
areas
• Lime automation and pH control in continuous operation
• Upgrading of tailings filtration plant for over 100 years
• Modernization of the Merrill Crowe
and smelting operations
• Installation of the third counter-
current decantation (CCD) tank 17
• Estimated 40% reduction in ore
drive development dimensions
allowing for reduced dilution and
Processing mill
reductions in costs associated with
standard ground support
• Pillar recoveries from Tayoltita,
Santa Rita and Noche Buena mines
71,867 hectares
Operating Assets 17
SAN DIMAS
▪ Exploration potential remains open in all the mine
zones
• As the mine was developed to the north, new veins were

found
▪ South of the Piaxtla River, the El Cristo area has

potential for new quartz vein discoveries
▪ The West Block is currently being explored by

tunnelling
▪ Opportunities to intercept the projection of fault-offset

quartz veins from the Graben Block are considered
Image Source: First
good Majestic Technical
Report
▪ The exploration carried out in the Ventanas area is

not yet conclusive. Further exploration campaigns
could result in more vein discoveries
Operating Assets 18
STILLWATER
KEY HIGHLIGHTS
Operator Sibanye-Stillwater
Mine Type / Underground / Igneous Intrusion
Deposit Type Related PGM/Ni/Cu
Location USA
Date of Contract July 2018
100% Au & 4.5% of Pd
Stream production10
13.1 Koz/yr Au
Average Production over past 2 years
22.1 Koz/yr Pd
Delivery Payment per Ounce 18% of spot11
Term Life of mine
Attributable P&P Reserves2 0.73 Moz Au & 0.64 Moz Pd
Attributable M&I Resources2 0.12 Moz Au & 0.03 Moz Pd
Attributable Inferred Resources2 1.32 Moz Au & 0.37 Moz Pd
Operating Assets 19
STILLWATER
Largest primary producer of PGMs outside of South
Africa and the Russian Federation
▪ Operations consist of two underground PGM mines (Stillwater and
East Boulder), the Stillwater East / Blitz Project, and the Columbus
metallurgical complex. Life of Mine (as of Dec 30, 2020):
• Stillwater (25 years)
• East Boulder (39 years)
▪ Fill the Mill Project

• Modular expansion at East Boulder aimed at improving utilization of the plant
and mine infrastructure
• Completed as scheduled at the end of 2020, with the addition of a seventh
production mining block to the previous six
▪ Blitz Project
• Major expansion project currently under development
• Building up to steady state in 2024, ramp-up is expected to nearly double
production from the Stillwater Complex
Operating Assets 20
STILLWATER
191
Yellowstone
Sweet Grass 87
72
Long-life assets with increasing output Big Timber Metallurgical Complex, Billings
89
Recycling Facilities
90 298
▪ Lower East Boulder and lower Stillwater Columbus Laurel
East / Blitz projects offer additional growth Livingston McLeod
potential East Boulder

89 Mine Absarokee
420
NYE
310
▪ 12.2 kilometers of undeveloped, 419

Fishtail 212
Big Horn
Carbon
mineralized section between Stillwater and Park
East Boulder Stillwater Mine
Stillwater Mine 78
Red Lodge
▪ Stillwater East / Blitz Project is expected to

extend Stillwater Mine life as further drilling
expands current reserves
▪ Mineralization traced over continuous

length of 32 km
Operating Assets 21
CLOSING REMARKS
RANDY SMALLWOOD, PRESIDENT & CEO

THE FUTURE IS BRIGHT
Marmato
Creating value through

sustainable, accretive Salobo III
acquisitions and
Rosemont /
organic growth Copper World
Santo Domingo Constancia
Closing Remarks 2
GLOBAL LEADERS IN STREAMING
Largest single contributor to precious metals streaming over past 5 years2
and the corporate development pipeline remains strong
Top rankings recognize Wheaton’s dedication to sustainability3,4
Innovative dividend policy has resulted in $1.4 billion in

capital being returned to our shareholders
~20% average annualized after-tax return from the portfolio5
Numerous near term catalysts provide

strong organic growth
Wheaton Precious Metals is the sustainable option for precious metals investing
Closing Remarks 3
CONTACT
INVESTOR RELATIONS CONNECT WITH US

Tel: 604-684-9648 @Wheaton_PM
Toll Free: 1-844-288-9878
Email: info@wheatonpm.com @WheatonPM
TRANSFER AGENT @Wheaton Precious Metals Corp.

AST Trust Company (Canada)
Toll Free: 1-800-387-0825
International: 1-416-682-3860
Email: inquiries@astfinancial.com
www.wheatonpm.com
TSX: WPM NYSE: WPM LSE: WPM 4

ENDNOTES – INTRODUCTION
1. The information contained herein 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 applicable Canadian securities legislation concerning the business, operations and financial performance of Wheaton and, in some instances, the business, mining operations and
performance of Wheaton’s precious metals purchase agreement (“PMPA”) counterparties. Forward-looking statements, which are all statements other than statements of historical fact, include, but are
not limited to, statements with respect to the successful negotiation and entering into of definitive documentation by Wheaton International with Rio2, payment by Wheaton International of US$50 million
to Rio2 and the satisfaction of each party's obligations in accordance with the Fenix PMPA, the receipt by Wheaton International of gold production in respect of the Fenix Gold project, statements with
respect to the future price of commodities, the impact of epidemics (including the COVID-19 virus pandemic), including the potential heightening of other risks, the estimation of future production from
Mining Operations (including in the estimation of production, mill throughput, grades, recoveries and exploration potential), the estimation of mineral reserves and mineral resources (including the
estimation of reserve conversion rates) and the realization of such estimations, the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton’s PMPA
counterparties at mineral stream interests owned by Wheaton (the “Mining Operations”), the ability of Wheaton’s PMPA counterparties to comply with the terms of a PMPA (including as a result of the
business, mining operations and performance of Wheaton’s PMPA counterparties) and the potential impacts of such on Wheaton, the costs of future production, the estimation of produced but not yet
delivered ounces, the impact of the listing of the Company’s common shares, any statements as to future dividends, the ability to fund outstanding commitments and the ability to continue to acquire
accretive PMPAs, future payments by the Company in accordance with PMPAs, including any acceleration of payments, projected increases to Wheaton's production and cash flow profile, projected
changes to Wheaton's production mix, the ability of Wheaton’s PMPA counterparties to comply with the terms of any other obligations under agreements with the Company, the ability to sell precious
metals and cobalt production, confidence in the Company's business structure, the Company's assessment of taxes payable and the impact of the CRA Settlement for years subsequent to 2010,
possible audits for taxation years subsequent to 2015, the Company’s assessment of the impact of any tax reassessments, the Company's intention to file future tax returns in a manner consistent with
the CRA Settlement, , and assessments of the impact and resolution of various legal and tax matters, including but not limited to outstanding class action and audits. Generally, these forward-looking
statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects",
"intends", "anticipates" or "does not anticipate", or "believes", "potential", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity,
performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to specific risks relating to the
completion of documentation and diligence for the Fenix PMPA with Rio2, the satisfaction of each party's obligations in accordance with the terms of the Fenix PMPA with Rio2, risks associated with
fluctuations in the price of commodities (including Wheaton’s ability to sell its precious metals or cobalt production at acceptable prices or at all), risks of significant impacts on Wheaton or the Mining
Operations as a result of an epidemic (including the COVID-19 virus pandemic), risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at
such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with the exploration, development,
operating, expansion and improvement of the Mining Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as plans continue to be refined), the
absence of control over the Mining Operations and having to rely on the accuracy of the public disclosure and other information Wheaton receives from the Mining Operations, uncertainty in the
estimation of production from Mining Operations, uncertainty in the accuracy of mineral reserve and mineral resource estimation, the ability of each party to satisfy their obligations in accordance with
the terms of the PMPAs, the estimation of future production from Mining Operations, Wheaton's interpretation of, compliance with or application of, tax laws and regulations or accounting policies and
rules being found to be incorrect, any challenge or reassessment by the CRA of the Company's tax filings being successful and the potential negative impact to the Company's previous and future tax
filings, assessing the impact of the CRA Settlement for years subsequent to 2010 (including whether there will be any material change in the Company's facts or change in law or jurisprudence), the
possible adoption of a global minimum tax, credit and liquidity, indebtedness and guarantees, mine operator concentration, hedging, competition, claims and legal proceedings against Wheaton or the
Mining Operations, security over underlying assets, governmental regulations, international operations of Wheaton and the Mining Operations, exploration, development, operations, expansions and
improvements at the Mining Operations, environmental regulations and climate change, Wheaton and the Mining Operations ability to obtain and maintain necessary licenses, permits, approvals and
rulings, (con)
Endnotes 1
(con. ) Wheaton and the Mining Operations ability to comply with applicable laws, regulations and permitting requirements, lack of suitable infrastructure and employees to support the
Mining Operations, inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by certain Mining Operations (including increases in
production, estimated grades and recoveries), uncertainties of title and indigenous rights with respect to the Mining Operations, Wheaton and the Mining Operations ability to obtain
adequate financing, the Mining Operations ability to complete permitting, construction, development and expansion, global financial conditions, and other risks discussed in the section
entitled "Description of the Business – Risk Factors" in Wheaton's Annual Information Form available on SEDAR at www.sedar.com, Wheaton's Form 40-F for the year ended December
31, 2020 and Form 6-Ks filed May 6, 2021 and August 12, 2021, all on file with the U.S. Securities and Exchange Commission on EDGAR (the "Disclosure”). Forward-looking statements
are based on assumptions management currently believes to be reasonable, including (without limitation): the completion of documentation and diligence in respect of the Fenix PMPA
with Rio2, the payment of US$50 million to Rio2 and the satisfaction of each party's obligations in accordance with the terms of the Fenix PMPA with Rio2, that there will be no material
adverse change in the market price of commodities, that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic (including the COVID-19 virus
pandemic), that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production
estimates, that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate, that each party will satisfy their obligations
in accordance with the PMPAs, that Wheaton will continue to be able to fund or obtain funding for outstanding commitments, that Wheaton will be able to source and obtain accretive
PMPAs, that any outbreak or threat of an outbreak of a virus or other contagions or epidemic disease will be adequately responded to locally, nationally, regionally and internationally,
without such response requiring any prolonged closure of the Mining Operations or having other material adverse effects on the Company and counterparties to its PMPAs, that the trading
of the Company’s common shares will not be adversely affected by the differences in liquidity, settlement and clearing systems as a result of multiple listings of the Common Shares on the
LSE, the TSX and the NYSE, that the trading of the Company’s common shares will not be suspended, and that the net proceeds of sales of common shares, if any, will be used as
anticipated, that expectations regarding the resolution of legal and tax matters will be achieved (including ongoing class action litigation and CRA audits involving the Company), that
Wheaton has properly considered the interpretation and application of Canadian tax law to its structure and operations, that Wheaton has filed its tax returns and paid applicable taxes in
compliance with Canadian tax law, that Wheaton's application of the CRA Settlement for years subsequent to 2010 is accurate (including the Company's assessment that there will be no
material change in the Company's facts or change in law or jurisprudence for years subsequent to 2010), and such other assumptions and factors as set out in the Disclosure. There can
be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized,
there can be no assurance that they will have the expected consequences to, or effects on, Wheaton. Readers should not place undue reliance on forward-looking statements and are
cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing readers with information to assist them in understanding
Wheaton's expected financial and operational performance and may not be appropriate for other purposes. Any forward looking statement speaks only as of the date on which it is made,
reflects Wheaton’s management’s current beliefs based on current information and will not be updated except in accordance with applicable securities laws. Although Wheaton has
attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward looking statements,
there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended.
Endnotes 2
2. The declaration and payment of dividends remains at the discretion of the Board and will depend on the Company’s cash requirements, future prospects and other factors deemed relevant by the Board.
3. ‘Optionality’ references production from development projects not included in Guidance; Pascua Lama, Navidad, Cotabambas and additional Salobo expansion outside of project currently in construction.
4. Proposed stream parameters for Fenix Gold Project: 6% of Au until 90koz, 4% of Au until 140koz, 3.5% of Au thereafter. Proposed stream subject to the successful negotiation and entering into of definitive
documentation by Wheaton International with Rio2, payment by Wheaton International of US$50 million to Rio2 and the satisfaction of each party's obligations in accordance with the Fenix PMPA.
5. Gold equivalent ounces are based on the following commodity price assumptions: $1,800 / ounce gold, $25 / ounce silver, $2,300 / ounce palladium, and $17.75 / pound of cobalt, consistent with those used
in estimating the Company’s production guidance for 2021.
6. Five- and ten-year guidance do not include optionality production from Pascua Lama, Navidad, Cotabambas, Metates, or additional expansions at Salobo outside of project currently in construction. In
addition, five-year guidance also does not include any production from Rosemont, Toroparu, Kutcho, or the Victor project at Sudbury.
7. In 2020, Wheaton Precious Metals received a rating of AA (on a scale of AAA-CCC) in the MSCI ESG Ratings assessment. The use by Wheaton Precious Metals of any MSCI ESG Research LLC or its
affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Wheaton Precious
Metals by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI.
8. Based on Wheaton’s Sustainalytics ESG Risk Rating Report dated April 14, 2021.
9. Estimated Accretion to Wheaton Precious Metals' chart sourced from Voisey's Bay Acquisition presentation, available on Wheaton's website.
10. 2021 estimated declared dividend assumes average run rate from first half of the year to extend to remainder of year.
11. Per Scotiabank database as of June 30, 2021
Endnotes 3
ENDNOTES – SUSTAINABILITY
1. Refer to Forward Looking Statement in note 1 of ‘End Notes – Introduction’ slide.
2. Based on Wheaton’s MSCI ESG Ratings Report dated May 11, 2020.
3. Based on Wheaton’s Sustainalytics ESG Risk Rating Report dated April 14, 2021.
Endnotes 4
ENDNOTES – CORPORATE DEVELOPMENT
2. Company reports & Wood Mackenzie est. of 2020 byproduct cost curves for gold, zinc/lead, copper, PGM, nickel & silver mines. Production and reserves and resources assume Gold
$1800/oz, Silver $25/oz, Palladium $2,300/oz and Cobalt $17.75/lb. Portfolio mine life based on recoverable reserves and resources as of Dec 31, 2020 and 2020 actual mill
throughput and is weighted by individual reserve and resource category.
3. Factors considered and calculations may significantly differ where an actual streaming transaction is reviewed.
4. Financial information provided by Scotiabank as of June 30, 2021
5. Capex is defined as the actual and estimated growth capital expenditure from 2007 to 2018 as reported in the Salobo Copper-Gold Mine Technical Report dated Dec. 31, 2019
(approx. US$3.9bn). Capex from the Salobo expansion will be incorporated once construction is complete. The stream as a percentage of mine revenue is defined as the number of
gold ounces purchased by Wheaton Precious metals in 2020 multiplied by the difference of the 2020 average LBMA gold price and the $400 delivery payment made by Wheaton to
Vale divided by the total 2020 revenue from the mine.
6. Evaluation is theoretical and list of topics illustrative and not exhaustive. Quality score is subjective and assigned based on variety of factors considered during due diligence.
7. Typical conditions for a stream agreement include permits, financing, security/guarantees and other typical requirements.
8. Completion tests generally require mining operations, mill throughput, etc. to reach a defined level of design capacity.
9. If stream is cancelled, Wheaton would typically be entitled to a return of the deposit less a small non-refundable amount. Following delivery of certain feasibility documentation,
Wheaton may elect not to proceed or not pay the balance of the upfront deposit.
10. Once upfront payment is made, the Early Deposit Streaming agreement then has the structure of a traditional streaming agreement and is subject to a completion test.
Endnotes 5
ENDNOTES – FINANCIAL CONSIDERATIONS
2. Gold equivalent ounces calculated using assumed Gold $1,800/oz, Silver $25/oz, Palladium $2,300/oz and Cobalt $17.75/lb, consistent with prices used to calculate 2021 and long-term guidance.
3. Sales represented ~90% of production due to impact of payable rates and changes in produced but not yet delivered balance.
4. Ongoing delivery payments are generally defined at the initiation or amendment of a precious metal purchase agreement
5. Refer to non-IRFS measures at the end of this presentation.
6. 2021-2025E average cash costs are calculations based on existing agreements contributing to 2021-2025E production forecasts.
7. Actual precious metals prices from 2004 – 2020 and resultant cash flows compared to estimated precious metals price and cash flows at the time of transacting. Wheaton completes a post mortem every year on past
transactions and measures actual cash flows generated relative to expected cash flows at the time.
9. Upfront payment includes transaction costs associated with consummating the streaming deal such as legal, advisory, etc.
10. Cash flows exclude G&A and other interest costs, and include compensation associated with restructuring or termination of deal and/or other payments that may have derived from the PMPA.
11. $18.7B = enterprise value at December 31, 2020 per Factset.
12. Average gold equivalent realized price calculated by average annual LBMA prices
13. Dividend includes DRIP. Operating cash flow includes foreign exchange impacts and lease payments.
14. Estimated operating cash flow calculations based on rolling five-year production forecast with (i) production payments of between $5.81 per silver ounce, $451 per gold ounce, and 18% production payment per palladium
ounce and per cobalt pound (and assumed marketing cost). (iii) 90% payable rates (iv) indicated silver and gold prices being in place throughout the periods, (v) deduction of general & administrative expenses of
approximately $40 million on an annual basis, (vi) calculation before dividends, interest expense and taxes, and (vii) successful resolution of the CRA dispute. Cash flow estimates are presented to show impact of silver and
gold prices on cash flow and are not guaranteed. Revolving Credit Facility of $2 billion with term to June 2026. Please see also Note 1 for material risks, assumptions, and important disclosure associated with this
information, including, but not limited to, risks and assumptions associated with fluctuations in the price of commodities, the absence of control over mining operations from which Wheaton Precious Metals purchases silver
or gold, production estimates and the challenge by the CRA of Wheaton Precious Metals' tax filings.
15. Using commodity price assumptions of $25.00 per silver ounce, $1,800 per gold ounce, $2,300 per palladium ounce and $17.75 per cobalt pound, consistent with prices used to calculate 2021 and long-term guidance. Cash
flow calculated as Total Revenues less cost of sales (excluding depreciation) forecast before general and administrative costs.
16. Stream valuation assumes $400 fixed production payment and 7% discount rate. Exploration upside + resource conversion over and above original expected reserves profile assumed to be 18% based on historical
transactions. Estimated IRR may not be achieved in part or at all. See also risks set out in Note 1 above.
17. Wheaton Precious Metals’ Total Return from 2005 to September 14, 2021 averaged over various time horizons versus gold, silver, the Philadelphia gold and silver index (XAU) and the Van Eck Vectors Gold Miners ETF (GDX)
over the same period. Data from Factset includes dividend payment.
18. Remaining upfront payment for development assets include Rosemont, Pascua-Lama, Santo Domingo, Navidad, Cotabambas, Kutcho and Victor. Excludes Salobo 3 expansion payment.
19. References reserves and measured and indicated resources. Excludes inferred resources.
20. Excludes precious metals streaming agreements that have not yet been fully paid for (Salobo 3 expansion, Rosemont, Kutcho, Cotabambas, Navidad, Marmato, Santo Domingo)
21. As of June 30, 2021. Cash flow generated relates to streaming before general and administrative costs.
22. Using spot commodity price assumptions of $ 25.00 per silver ounce, $1,800 per gold ounce, $2,500 per palladium ounce and $20.00 per cobalt pound. Cash flow calculated as Total Revenues less cost of sales (excluding
depreciation) forecast before general and administrative costs.
Endnotes 6
ENDNOTES – FINANCIAL CONSIDERATIONS
23. CAUTIONARY NOTE TO UNITED STATES INVESTORS REGARDING PRESENTATION OF MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES: The information contained herein has been prepared in
accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The terms "mineral reserve", "proven mineral reserve" and "probable mineral
reserve" are Canadian mining terms defined in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and
Petroleum (the "CIM") – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). These definitions differ from the definitions in Industry
Guide 7 ("SEC Industry Guide 7") under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). Under U.S. standards, mineralization may not be classified as a "reserve" unless the determination has been
made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Also, under SEC Industry Guide 7 standards, a "final" or "bankable" feasibility study is
required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate
governmental authority. In addition, the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in and required to be disclosed by NI 43-101;
however, these terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that any
part or all of the mineral deposits in these categories will ever be converted into reserves. "Inferred mineral resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility.
It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-
feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Mineral resources that are not mineral reserves
do not have demonstrated economic viability. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that
does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures. Accordingly, information contained herein that describes Wheaton’s mineral deposits may not be
comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. United States
investors are urged to consider closely the disclosure in Wheaton’s Form 40-F, a copy of which may be obtained from Wheaton or from http://www.sec.gov/edgar.shtml.
24. Company reports & Wood Mackenzie est. of 2020 byproduct cost curves for gold, zinc/lead, copper, PGM, nickel & silver mines. Production and reserves and resources assume Gold $1800/oz, Silver $25/oz, Palladium
$2,300/oz and Cobalt $17.75/lb. Portfolio mine life based on recoverable reserves and resources as of Dec 31, 2020 and 2020 actual mill throughput and is weighted by individual reserve and resource category.
25. In 2020, Wheaton Precious Metals received a rating of AA (on a scale of AAA-CCC) in the MSCI ESG Ratings assessment. The use by Wheaton Precious Metals of any MSCI ESG Research LLC or its affiliates (“MSCI”)
data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Wheaton Precious Metals by MSCI. MSCI services and
data are the property of MSCI or its information providers, and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI.
26. Based on Wheaton’s Sustainalytics ESG Risk Rating Report dated April 14, 2021
27. Average annualized after-tax return from portfolio calculates IRR based on net cash flow since start of stream and applies enterprise value attributable to streams as of June 30, 2021 as a terminal value.
28. Forecast 2021 production assumes mid-point of guidance of 750k GEOs (2021 production guidance range: 720k to 780k GEOS)
Endnotes 7
ENDNOTES – OPERATING ASSETS
2. CAUTIONARY NOTE TO UNITED STATES INVESTORS REGARDING PRESENTATION OF MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES: The information contained herein has been
prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The terms "mineral reserve", "proven mineral
reserve" and "probable mineral reserve" are Canadian mining terms defined in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and the
Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards").
These definitions differ from the definitions in Industry Guide 7 ("SEC Industry Guide 7") under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). Under U.S. standards, mineralization
may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made.
Also, under SEC Industry Guide 7 standards, a "final" or "bankable" feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to
designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. In addition, the terms "mineral resource", "measured mineral resource",
"indicated mineral resource" and "inferred mineral resource" are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and are
normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be
converted into reserves. "Inferred mineral resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare
cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Mineral resources that are not mineral reserves do not have
demonstrated economic viability. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization
that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures. Accordingly, information contained herein that describes Wheaton’s mineral deposits
may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the United States federal securities laws and the rules and regulations
thereunder. United States investors are urged to consider closely the disclosure in Wheaton’s Form 40-F, a copy of which may be obtained from Wheaton or from http://www.sec.gov/edgar.shtml
3. Company reports & Wood Mackenzie est. of 2020 byproduct cost curves for gold, zinc/lead, copper, PGM, nickel & silver mines. Production and reserves and resources assume Gold $1800/oz, Silver $25/oz,
Palladium $2,300/oz and Cobalt $17.75/lb. Portfolio mine life based on recoverable reserves and resources as of Dec 31, 2020 and 2020 actual mill throughput and is weighted by individual reserve and
resource category.
4. Gold equivalent ounces are based on the following commodity price assumptions: $1,800 / ounce gold, $25 / ounce silver, $2,300 / ounce palladium, and $17.75 / pound of cobalt, consistent with assumptions
used for 2021 guidance. Five and ten-year guidance does not include production from Pascua Lama, Navidad, Cotabambas, Metates, or additional expansions at Salobo outside of project currently in
construction. In addition, five-year guidance also does not include any production from Rosemont, Toroparu, Kutcho or the Victor project at Sudbury.
5. Five and ten-year guidance does not include production from Pascua Lama, Navidad, Cotabambas, Metates, or additional expansions at Salobo outside of project currently in construction. In addition, five-
year guidance also does not include any production from Rosemont, Toroparu, Kutcho or the Victor project at Sudbury. Graph depicts average annual 10-year guidance of 830,000 GEOs per year from 2021
to 2030.
6. ‘Optionality’ references production from development projects not included in Guidance; Pascua Lama, Navidad, Cotabambas and additional Salobo expansion outside of project currently in construction.
7. From Dec. 31, 2004 to Dec. 31, 2020, Mineral Reserves and Mineral Resources are as of Dec. 31 for each year (see www.wheatonpm.com); Current reserves and resources include reserves and resources
updated to Dec 31 2020; assumes Gold $1,800/oz, Silver $25/oz, Palladium $2,300/oz and Cobalt $17.75/lb. Cumulative mined production based on management estimates & company reports.
8. Stream parameters: 100% payable on Glencore’s 33.75% of total silver produced at Antamina, reduced to 22.5% after receiving 140Moz.
Endnotes 8
ENDNOTES – OPERATING ASSETS
9. Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver
production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than
90:1 for a period of 6 months or more, then the "70" shall be revised to "50" or "90", as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of
6 months or more in which event the "70" shall be reinstated. The current ratio is 70:1.
10. 4.5% of palladium production until 375 Koz delivered, dropping to 2.25% until 550 Koz delivered and 1% thereafter
11. 18% of spot Au & Pd until reduction of upfront payment to zero and, 22% of spot thereafter
12. Implied attributable production based on Newmont 2021 silver production guidance
Endnotes 9
ENDNOTES – CLOSING
2. Per Scotiabank database as of June 30, 2021.
3. In 2020, Wheaton Precious Metals received a rating of AA (on a scale of AAA-CCC) in the MSCI ESG Ratings assessment. The use by Wheaton Precious Metals of any MSCI ESG Research LLC or its
affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Wheaton Precious
Metals by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI.
4. Based on Wheaton’s Sustainalytics ESG Risk Rating Report dated April 14, 2021
5. Average annualized after-tax return from portfolio calculates IRR based on net cash flow since start of stream and applies enterprise value attributable to streams as of June 30, 2021 as a terminal value.
Cash flows exclude G&A and other interest costs, and include compensation associated with restructuring or termination of deal and/or other payments that may have derived from the PMPA.
Endnotes 10
NON-IFRS MEASURES
Wheaton Precious Metals has included, throughout this document, certain non-IFRS performance measures, including (i) adjusted net earnings and adjusted net
earnings per share; (ii) operating cash flow per share (basic and diluted); (iii) average cash costs of silver and gold on a per ounce basis and; (iv) cash operating
margin.
Adjusted net earnings and adjusted net earnings per share are calculated by removing the effects of the non-cash impairment charges. The Company believes that, in
addition to conventional measures prepared in accordance with IFRS, management and certain investors use this information to evaluate the Company’s performance.
i. Operating cash flow per share (basic and diluted) is calculated by dividing cash generated by operating activities by the weighted average number of
shares outstanding (basic and diluted). The Company presents operating cash flow per share as management and certain investors use this information to
evaluate the Company’s performance in comparison to other companies in the precious metal mining industry who present results on a similar basis.
ii. Average cash cost of silver and gold on a per ounce basis is calculated by dividing the total cost of sales, less depletion, by the ounces sold. In the
precious metal mining industry, this is a common performance measure but does not have any standardized meaning. In addition to conventional
measures prepared in accordance with IFRS, management and certain investors use this information to evaluate the Company’s performance and ability to
generate cash flow.
iii. Cash operating margin is calculated by subtracting the average cash cost of silver and gold on a per ounce basis from the average realized selling price of
silver and gold on a per ounce basis. The Company presents cash operating margin as management and certain investors use this information to evaluate
the Company’s performance in comparison to other companies in the precious metal mining industry who present results on a similar basis.
These non-IFRS measures do not have any standardized meaning prescribed by IFRS, and other companies may calculate these measures differently. The
presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. For more detailed information, please refer to Wheaton Precious Metals' Management Discussion and Analysis
available on the Company’s website at www.wheatonpm.com and posted on SEDAR at www.sedar.com.
Endnotes 1

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2021 Wheaton Investor Day Presentation FINAL

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INVESTOR DAY 2021

THE NEXT DECADE OF STREAMING

September 22, 2021 THE NEXT DECADE OF STREAMING

8:35 – 8:45 Sustainability Patrick Drouin, SVP Investor Relations

8:45 – 8:55 Corporate Development Haytham Hodaly, SVP Corporate Development

9:05 – 9:15 Management Q&A Panel Executive Team

9:15 – 9:20 Coffee Break All

10:40 – 10:55 Management Q&A Panel Executive Team

THE NEXT DECADE OF STREAMING

Our Vision To be the world’s premier precious metals investment vehicle.

Our Mandate To deliver value through streaming to all of our stakeholders:

To our Shareholders, To our Partners, To our Neighbours,

INNOVATIVE DIVIDEND OPTIONALITY

Trading of shares commenced October 28,

Cozamin (Capstone) – 50% of Ag for upfront payment of

Recognition for sustainability: S&P/TSX Canadian Dividend Aristocrats

Annual Gold Silver Other Metals (GEOs) Total GEOs

GEOs: GEOs: GEOs: 5-year Average: 810,000 GEOs Optionality

Salobo Northparkes Stillwater Antapaccay Santo Domingo

Seller Vale CMOC Sibanye Stillwater Glencore Capstone Mining

Announcement 02-Aug-16 12-Jul-20 16-Jul-18 10-Feb-16 25-Mar-21

Annual Declared Divided ($/share)

2016 2107 2018 2019 2020 2021

THE NEXT DECADE OF STREAMING

Wheaton delivers sustainable, long-term value from

Community External &

Wheaton has undertaken a broad range of sustainability initiatives and

ONGOING DUE DILIGENCE FOR EXISTING STREAMS

Only engage with

Support industry Be Change Agents –

HEALTH EDUCATION ENVIRONMENT COMMUNITY

Community Investment Budget

Local CSR Partner CSR

▪ Carbon Neutral designation since 2015

▪ Second annual Sustainability Report published on May

supplemented with select Global Reporting Initiative

▪ Ranked #1 for Precious Metals by Sustainalytics ESG Risk

▪ Ranked in the Global Top 50 out of over 12,000 companies

▪ Classified as “Prime” by ISS ESG Corporate Rating

▪ Included within the Euronext Vigeo World 120 Index powered

Committed to increasing climate change risk disclosure by conducting a scenario

Developing ESG-related goals and targets to measure and benchmark annual

New full-time Sustainability Manager hired to complement existing team and

Wheaton is committed to continuous improvement and adherence to best practices in ESG

THE NEXT DECADE OF STREAMING

ANALYZE THE IMPACT POTENTIAL

Using the appropriate After identifying a

▪ ESG due diligence to

FINANCIAL DUE DILIGENCE: Based on technical due

• Review block model, mine plan, etc.

• Thorough review of operations and costs

Wheaton’s streams are sustainable

8% 90% in lowest half of primary

Argentina, Brazil, Canada,

21% Secured Counterparty Risk from investment grade

Geologic Confidence >50% of R&R are Reserves

Mine X WPM Mine X WPM

Macaulay’s Duration (in Years) Production Profile