Wheaton Precious Metals : 2023 Climate Change Report

CLIMATE CHANGE REPORT 2023

TABLE OF CONTENTS

01 INTRODUCTION	1
About this Report	2
About Us	3
Our Global Portfolio	4
Letter from President and CEO	5

02 GOVERNANCE	6
Governance	7
03 STRATEGY	10
Climate Scenario Analysis	11
Physical Risks	14
Transitional Risks	15
Climate Opportunities	18
Climate Strategy	22
04 RISK MANAGEMENT	24
Risk Management	25
05 METRICS AND PERFORMANCE	27
Metrics and Performance	28
Climate Policies and Industry Associations	34
06 INDEPENDENT AUDIT REPORT	35
Independent Practitioner's Limited Assurance Report	36
Glossary	39

INTRODUCTION

GOVERNANCE

STRATEGY

RISK MANAGEMENT

METRICS AND PERFORMANCE

INDEPENDENT AUDIT REPORT

WHEATON |  2023 CLIMATE CHANGE REPORT |   1

01 Introduction

WHEATON |  2023 CLIMATE CHANGE REPORT |   1

INTRODUCTION

GOVERNANCE

STRATEGY

RISK MANAGEMENT

METRICS AND PERFORMANCE

INDEPENDENT AUDIT REPORT

WHEATON |  2023 CLIMATE CHANGE REPORT |   2

About This Report

This report is aligned with the recommendations of the Task Force for Climate-related Financial Disclosures ("TCFD"). The scope of the report covers Wheaton's operations and its direct and indirect wholly-owned subsidiaries. Key issues at our mineral stream interests currently owned by the Company (collectively, the "Mining Operations") and operated by third-party independent mining companies ("Mining Partners") are also discussed.

This report includes climate data for the year ended December 31, 2023, unless otherwise noted. Where available, we also report historical data to demonstrate trends. Historical data is reported based on the scope of the report, which can change year to year depending on acquisitions or sales of mineral stream interests. Due to the reporting timelines of our Mining Partners, Scope 3 financed emissions included in this report are for the year ended December 31, 2022, and represent the operational mineral stream interests in that year.

All amounts are in US$ unless otherwise noted. Data reported for Sudbury includes the operating Coleman, Copper Cliff, Garson, Creighton and Totten mineral stream gold interests. Data for Stillwater includes the Stillwater and East Boulder mineral stream gold and palladium interests.

In addition to reporting our approach to climate change in this report, we also disclose through CDP. A summary of our approach to climate change is also included in our Sustainability Report.

All information in this report is subject to, and should be read in conjunction with, the endnotes, footnotes and Wheaton's public disclosure including but not limited to the additional supporting information, explanatory notes, and risk factors found in our annual and quarterly financial statements, management's discussion and analysis, Management Information Circular, Annual Information Form ("AIF") and our Annual Report on Form 40-F available at www.sedarplus.com and www.sec.gov, respectively, and on our website at www.wheatonpm.com. This report contains forward-looking statements and information.

Please see "Cautionary Note Regarding Forward-Looking Statements" on page 40 of this report for material risks, assumptions and important disclosures associated with this information. Wheaton provides certain links to websites and other documents in this report. No such websites or documents are incorporated

by reference herein. Wheaton also produces other materials that may be of assistance when reviewing (but which do not form part of, nor are incorporated by reference into) this report, including the most recent Guidebook and Sustainability Report.

References to "Wheaton Precious Metals", "Wheaton", "WPM", or "the Company" in this Climate Change Report include Wheaton Precious Metals Corp. and/or its direct or indirect wholly-owned subsidiaries. References to Wheaton Precious Metals International Ltd. will be referred to as "Wheaton International." Wheaton is a trademark of Wheaton Precious Metals Corp. in Canada, the United States, and certain other jurisdictions.

This report does not constitute an offer to sell or a solicitation of an offer to purchase any security in any jurisdiction and has not been prepared in connection with the sale of securities, is not an offering memorandum and should not be relied upon as such.

INTRODUCTION

GOVERNANCE

STRATEGY

RISK MANAGEMENT

METRICS AND PERFORMANCE

INDEPENDENT AUDIT REPORT

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About Us

Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life,low-cost assets. Its business model offers investors commodity price leverage and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow organically and through accretive acquisitions. Wheaton is committed to strong environmental, social and governance ("ESG") practices and giving back to the communities where Wheaton and its Mining Partners operate. As a result, Wheaton has consistently outperformed gold and silver, as well as other mining investments. Wheaton creates sustainable value through streaming.

Including the agreements closed after December 31, 2023, the Company has entered into 38 long-term purchase agreements (30 of which are precious metal purchase agreements, three of which are early deposit precious metal purchase agreements, and five of which are royalty agreements), with 32 different mining companies, for the purchase of precious metals and cobalt relating to 18 mining assets which are currently operating, 23 which are at various stages of development and 4 which have been placed in care and maintenance or have been closed, located in 16 countries.

INTRODUCTION

GOVERNANCE

STRATEGY

RISK MANAGEMENT

METRICS AND PERFORMANCE

INDEPENDENT AUDIT REPORT

Our Global Portfolio

Goose

WHEATON |  2023 CLIMATE CHANGE REPORT |   4

Brewery Creek

Minto

Kudz Ze Kayah

Kutcho

Blackwater

Black Pine

Stillwater & East Boulder

DeLamar

Mineral Park

Copper World

Wheaton enters into

Metates

San Dimas

streaming agreements		Cozamin
	Los Filos
with Mining Partners to
purchase all or a portion	Mt Todd
of their precious metals
or cobalt production from
18 operating mines and
27 development projects
around the world.

  Operating Mines

  Development Projects & Other

Voisey's Bay

Sudbury1

Marathon

Peñasquito

Marmato				Toroparu

Curipamba

Cangrejos

Antamina

Cotabambas

Constancia

Santo Domingo

Fenix

Pascua-Lama

Navidad

Zinkgruvan

Curraghinalt

Stratoni

Aljustrel

Neves-Corvo

Salobo

Platreef

1 Sudbury includes five assets categorized as Operating Mines and two as Development Projects & Other

INTRODUCTION

GOVERNANCE

STRATEGY

RISK MANAGEMENT

METRICS AND PERFORMANCE

INDEPENDENT AUDIT REPORT

WHEATON |  2023 CLIMATE CHANGE REPORT |   5

Letter From Our President and CEO

At Wheaton, we recognize the pressing need to address global climate change. Guided by the Task Force for Climate-related Financial Disclosures (TCFD) recommendations, we have assessed our business for climate risks and opportunities and have set an aspirational goal to achieve Net Zero emissions by 2050.

As a provider of capital to the mining industry, we have conducted site visits to mines all around the world and seen firsthand how climate change affects our Mining Partners and their operations in different regions. Notably, many of our partners are showing leadership in this area with 87% of our Scope 3 financed emissions now covered by reduction goals aligned with 2°C or less. When it comes to funding projects in the development phase, we advance capital when certain milestones are achieved allowing Wheaton to help our partners make better decisions as the mine is being constructed as opposed to changing existing infrastructure once already built.

We monitor climate risks across our portfolio and believe our streaming business model is resilient to climate change impacts. We maintain a diversified portfolio of high-quality assets, reducing our reliance on any single jurisdiction or operator. Our products, including silver, PGMs and cobalt, have several applications related to clean technologies including use in solar panels and batteries. Our by-product precious metals and cobalt production primarily come from base metals operations providing critical minerals, such as copper, nickel and zinc, required for the energy transition. We continue to evaluate funding opportunities for these critical mineral mines.

Decarbonization of mining operations presents both challenges and opportunities. Several of our Mining Partners have made significant advancements in securing reliable clean electricity sources, which are a key source of emissions and critical to support emissions reductions with the adoption of electric vehicles. In many cases, these clean electricity sources are more or as cost competitive as traditional fossil fuel generated electricity. While challenges remain in other areas, including commercialization of low-emission mobile fleets for open pit mines, we continue to see advancements and concerted efforts towards finding solutions.

While it is our Mining Partners' responsibility to reduce emissions at their operations, we remain committed to doing our part to support the industry. Our Climate Solutions Committee is actively looking to address industry-wide challenges in decarbonization and climate change with financial support.

A key focus going forward will be on supporting research, innovation, and development of clean technologies for mining, and I look forward to reporting more on our progress.

As the mining industry intensifies its efforts toward a low-carbon future, Wheaton remains committed to supporting our Mining Partners in demonstrating progress and setting clear goals. Together, with a united vision, we can meet our ambitious goals and pave the way for success.

Randy Smallwood

President & Chief Executive Officer

Randy Smallwood

President and CEO

INTRODUCTION

GOVERNANCE

STRATEGY

RISK MANAGEMENT

METRICS AND PERFORMANCE

INDEPENDENT AUDIT REPORT

					WHEATON |  2023 CLIMATE CHANGE REPORT |   6
02 Governance
INTRODUCTION	GOVERNANCE	STRATEGY	RISK MANAGEMENT	METRICS AND PERFORMANCE	INDEPENDENT AUDIT REPORT

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Governance

CLIMATE CHANGE AND ENVIRONMENTAL POLICY

At Wheaton, we acknowledge that human activity is contributing to climate change and we believe we have a responsibility to work alongside other stakeholders, including our Mining Partners, to help address this global challenge. Reducing operational emissions and adapting to climate change also helps to build resiliency to climate risks.

Wheaton is proud to partner with several Mining Partners that have committed to ambitious greenhouse gas ("GHG") reduction goals. As a company that does not own or operate any mines, we are committed to helping the mining industry develop and adopt solutions that support decarbonization, climate adaptation, and nature conservation

Wheaton's Climate Change and Environmental Policy acknowledges the global challenge of human-caused climate change and outlines our commitments with respect to our own operations and how we will work with other stakeholders, including our Mining Partners, to reduce emissions and build resiliency to climate risks. This includes a commitment to disclose our risks and opportunities in line with the TCFD recommendations as well as quantify and disclose all material GHG emissions, including Scope 3.

BOARD OVERSIGHT

Wheaton's governance of climate change is summarized in the chart on page 8.

Wheaton's Board of Directors and Board Committees consider climate change risks and opportunities in several instances. The Board of Directors is responsible for approving all of Wheaton's strategies, with climate change considered

and incorporated in the development of several strategies related to various departments. This includes Wheaton's business development strategy, which considers the demand for critical metals and materials needed for low-carbon technology and clean energy as well as the Company's climate strategy, which is included as a pillar in the company's overall ESG strategy. Wheaton's strategies are reviewed and approved on a yearly basis.

Additionally, the Board of Directors, as well as the Board of Directors of any subsidiary that may be party to the transaction, reviews climate change risks for all new streaming agreements. This includes reviewing the mine's exposure and vulnerability to physical and transitional climate change risks, together with the Mining Partner's decarbonization and emissions mitigation plans. Additional information on how climate change is considered in the due diligence process for new streaming agreements is included on page 26.

The Governance and Sustainability Committee has primary oversight of ESG performance at Wheaton and reviews progress against the Company's climate change strategy based on semi-annual reporting by the Chief Sustainability Officer. The committee also reviews physical and transitional climate-related risks related to Wheaton and its Mining Partners.

Other Board committees also consider climate change within their functions. For example, significant climate risks are reviewed by the Audit Committee on a quarterly basis as part of overall enterprise risk management process. Progress against the climate change strategy is also considered annually by the Human Resources Committee as part of Wheaton's ESG corporate performance objective.

INTRODUCTION

GOVERNANCE

STRATEGY

RISK MANAGEMENT

METRICS AND PERFORMANCE

INDEPENDENT AUDIT REPORT

WHEATON |  2023 CLIMATE CHANGE REPORT |   8

CLIMATE CHANGE GOVERNANCE

Board of Directors

Provides oversight and approves Wheaton's business strategy, which considers climate risks and opportunities

Provides oversight and approves Wheaton's climate change and environmental policy and ESG strategy, which includes climate goals and targets

Reviews climate risks and opportunities related to potential new streaming agreements

Governance and

Sustainability Committee

Oversees execution of the ESG strategy, including reviewing climate performance

Reviews ESG disclosures, including Wheaton's Climate Change Report and Sustainability Report

Audit Committee	Human Resources Committee
Reviews Wheaton's risks and mitigants, which includes	Reviews performance with respect to Wheaton's
significant climate-related risks specific to Wheaton	ESG performance objectives, which considers
and/or its Mining Partners	performance against climate goals and targets

Wheaton Group Executive Team

Responsible for the execution of Wheaton's business and ESG strategy, which considers climate risks and opportunities

President, Wheaton Precious Metals International and Chief Sustainability Officer

Responsible for Wheaton's overall ESG strategy, which includes climate, as well as climate-related disclosures

Responsible for ESG due diligence for new transactions and ongoing monitoring of ESG for our Mining Partners, which includes climate risks

Primary responsibility for reporting to the board on climate matters

	Chief Executive Officer
Responsible for Wheaton's business and ESG strategy, which considers climate
SVP, Corporate Development	SVP, Legal & Strategic Development	SVP & Chief Financial
Responsible for due diligence for	Officer
Responsible for corporate governance
new transactions, which includes	Responsible for enterprise
and regulatory oversight
climate risks and opportunities	risk management, which

assessment	includes climate risks

Corporate Support	Climate Solutions Committtee
Various Wheaton personnel, including at the VP level, support the implementation of	Wheaton's Climate Solutions Committee supports decision-making related to
Wheaton's climate change strategy and climate change risk management processes. This	Wheaton's climate change strategy and targets and includes representation from
includes personnel from the legal, operations, technical, financial and sustainability teams.	Wheaton's operations, technical, financial and sustainability teams

INTRODUCTION

GOVERNANCE

STRATEGY

RISK MANAGEMENT

METRICS AND PERFORMANCE

INDEPENDENT AUDIT REPORT