----

|  | · | Attributable silver production for the three months and year ended December 31, 2016 of 7.6 million ounces and 30.4 million ounces, respectively, representing a decrease of 26% and 1% relative to the comparable periods in 2015. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Attributable gold production for the three months and year ended December 31, 2016 of 107,300 ounces and 353,700 ounces, respectively, representing an increase of 48% and 46% relative to the comparable periods in 2015, with the gold ounces produced for the most recently completed twelve months representing a record for the Company. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | On a silver equivalent basis1, attributable production for the three months and year ended December 31, 2016 of 15.2 million ounces and 56.2 million ounces, respectively, representing a decrease of 3% during the three month period and an increase of 15% during the twelve month period relative to the comparable periods in 2015, with ounces produced for the most recently completed twelve months representing a record for the Company.1 |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Alternatively, on a gold equivalent basis1, attributable production for the three months and year ended December 31, 2016 of 214,100 ounces and 770,300 ounces, respectively, representing an increase of 2% and 17% relative to the comparable periods in 2015, with ounces produced for the most recently completed twelve months representing a record for the Company. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Silver sales volume for the three months and year ended December 31, 2016 of 7.5 million ounces and 28.3 million ounces, respectively, representing a decrease of 14% during the three month period and an increase of 7% during the twelve month period relative to the comparable periods in 2015, with ounces sold for the most recently completed twelve months representing a record for the Company. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Record gold sales volume for the three months and year ended December 31, 2016 of 108,900 ounces and 330,000 ounces, respectively, representing an increase of 68% and 63% relative to the comparable periods in 2015. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | On a silver equivalent basis1, record sales volume for the three months and year ended December 31, 2016 of 15.2 million ounces and 52.4 million ounces, respectively, representing an increase of 12% and 26% relative to the comparable periods in 2015. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Alternatively, on a gold equivalent basis1, record sales volume for the three months and year ended December 31, 2016 of 214,500 ounces and 718,400 ounces, respectively, representing an increase of 18% and 28% relative to the comparable periods in 2015. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|  | · | As at December 31, 2016, approximately 3.2 million payable silver ounces and 61,700 payable gold ounces attributable to the Company have been produced at the various mines and will be recognized in future sales as they are delivered to the Company under the terms of their contracts. This represents a decrease of 0.6 million payable silver ounces and 2,200 payable gold ounces during the three month period ended December 31, 2016.  Payable ounces produced but not yet delivered to Silver Wheaton are expected to average approximately two months of annualized production but may vary from quarter to quarter due to a number of factors including mine ramp-up, delays in shipments, etc.1 |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Average realized sale price per silver ounce sold for the three months and year ended December 31, 2016 of $16.95 and $16.96, respectively, representing an increase of 15% and 8% relative to the comparable periods in 2015. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Average realized sale price per gold ounce sold for the three months and year ended December 31, 2016 of $1,205 and $1,246, respectively, representing an increase of 10% and 8% relative to the comparable periods in 2015. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Average cash cost2 per silver ounce sold for the three months and year ended December 31, 2016 of $4.59 and $4.42, respectively, representing an increase of 13% and 6% relative to the comparable periods in 2015. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Average cash cost2 per gold ounce sold for the three months and year ended December 31, 2016 of $389 and $391, respectively, representing a decrease of 2% during the three month period relative to the comparable period in 2015, while the cash cost for the twelve month period was virtually unchanged. 2 |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Cash operating margin3 per silver ounce sold for the three months and year ended December 31, 2016 of $12.36 and $12.54, respectively, representing an increase of 16% and 9% relative to the comparable periods in 2015.3 |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Cash operating margin3 per gold ounce sold for the three months and year ended December 31, 2016 of $817 and $855, respectively, representing an increase of 16% and 13% relative to the comparable periods in 2015. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Revenue for the three months and year ended December 31, 2016 of $258 million and $892 million, respectively, compared with $200 million and $649 million for the comparable periods in 2015, representing an increase of 29% and 37% relative to the comparable periods in 2015, with revenue for the most recently completed twelve months representing a record for the Company.  |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Net earnings for the three months and year ended December 31, 2016 of $11 million ($0.02 per share) and $195 million ($0.45 per share), respectively, compared with a net loss of $169 million ($0.42 per share) and $162 million ($0.41 per share) for the comparable periods in 2015. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | During the three months and year ended December 31, 2016, the Company recognized an impairment charge of $71 million as compared to $231 million and $385 million, respectively, during the comparable periods of the previous year. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | After removing the after tax impact of the 2016 and 2015 impairment charges, adjusted net earnings4 for the three months and year ended December 31, 2016 of $82 million ($0.19 per share) and $266 million ($0.62 per share), respectively, compared with adjusted net earnings4of $57 million ($0.14 per share) and $210 million ($0.53 per share) for the comparable periods in 2015, representing an increase of 43% and 27% relative to the comparable periods in 2015.  4 |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|  | · | Operating cash flows for the three months and year ended December 31, 2016 of $175 million ($0.40 per share1) and $584 million ($1.36 per share1), respectively, representing an increase of 31% and 35% relative to the comparable periods in 2015.1 |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | On March 21, 2017, the Board of Directors declared a dividend in the amount of $0.07 per common share as per the Company's stated dividend policy whereby the quarterly dividend will be equal to 20% of the average of the operating cash flow of the previous four quarters. This dividend is payable to shareholders of record on April 05, 2017 and is expected to be distributed on or about April 21, 2017. The Company has implemented a dividend reinvestment plan ("DRIP") whereby shareholders can elect to have dividends reinvested directly into additional Silver Wheaton common shares at a discount of 3% of the Average Market Price, as defined in the DRIP. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | On March 21, 2016, the Company announced that it had entered into an early deposit precious metal purchase agreement with Panoro Minerals Ltd. ("Panoro") in respect of the Cotabambas project located in Peru. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | On August 16, 2016, the Company completed an amendment to its agreement with Vale S.A ("Vale") to acquire an additional amount of gold equal to 25% of the life of mine gold production from its Salobo mine located in Brazil, with the Company being entitled to the additional attributable gold production for which an offtaker payment is received after July 1, 2016. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | On January 8, 2016, Silver Wheaton commenced an appeal in the Tax Court of Canada in relation to the Notices of Reassessment (the "Reassessments") for the 2005-2010 taxation years issued by the Canada Revenue Agency (the "CRA"). Silver Wheaton was required to make a deposit of 50% of the reassessed amounts of tax, interest and penalties. Rather than making this deposit in cash, on March 15, 2016, Silver Wheaton posted security in the form of a letter of guarantee in the amount of Cdn$192 million, which included interest accrued to-date plus estimated interest for the following year. On March 15, 2017, an additional letter of guarantee in the amount of Cdn$10 million was delivered to the CRA as security for estimated interest for the following year. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | On April 14, 2016, the Company completed a bought-deal common-share financing (the "Offering"), whereby a total of 38,105,250 common shares (inclusive of the underwriters' over-allotment option) of Silver Wheaton were sold at a price of $16.60 per share, for aggregate gross proceeds to Silver Wheaton of approximately $633 million. After deducting underwriter commissions, the Company raised total net proceeds of approximately $607 million, which was used to repay debt that was outstanding under the Company's $2 billion revolving credit facility. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | As announced on November 9, 2016, Charles Jeannes has been appointed to the Board of Directors. Mr. Jeannes is a mining industry veteran with over 30 years of experience and was the President and CEO of Goldcorp Inc. from December 2008 to April 2016 where he led the company's development into one of the world's largest and most successful gold mining companies with mining operations and development projects located throughout the Americas. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | On February 27, 2017, the term of the revolving credit facility was extended by an additional year, with the facility now maturing on February 27, 2022. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | On March 21, 2017, the Company announced that the Board of Directors has recommended changing the Company's name to Wheaton Precious Metals Corp. to better align the corporate identity with the Company's diverse portfolio of both silver and gold assets. The Company plans to seek shareholder approval for the proposed name change at its annual shareholder meeting in May. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | As more fully disclosed in the Attributable Reserves and Resources section of this MD&A, as of December 31, 2016, Proven and Probable Mineral Reserves attributable to Silver Wheaton were 735.6 million ounces of silver compared with 775.3 million ounces as reported in Silver Wheaton's 2015 Annual Information Form ("AIF"), a decrease of 5%, and 11.55 million ounces of gold compared with 8.79 million ounces, an increase of 31%. On an attributable Measured and Indicated Mineral Resource basis, silver resources were 783.6 million ounces compared with 675.4 million ounces as reported in Silver Wheaton's 2015 AIF, an increase of 16%, and gold resources were 3.05 million ounces compared with 2.70 million ounces, an increase of 13%. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | On an attributable Inferred Mineral Resource basis, silver resources were 392.1 million ounces compared with 473.5 million as reported in Silver Wheaton's 2015 AIF, a decrease of 17%, and gold resources were 2.85 million ounces compared with 2.38 million ounces, an increase of 20%. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Silver and Gold Interests             | Mine Owner | Location of Mine | UpfrontConsideration 1              | AttributableProduction to be Purchased | Term of Agreement | Date ofOriginal Contract |
|---------------------------------------|------------|------------------|-------------------------------------|----------------------------------------|-------------------|--------------------------|
| Silver Interests                      |       |             |                                |                                   |              |                     |
| San Dimas                             | Primero    | Mexico           |  $      189,799 |  100% 2                           | Life of Mine      | 15-Oct-04                |
| Peñasquito                       | Goldcorp   | Mexico           |  $      485,000 |  25%                              | Life of Mine      | 24-Jul-07                |
| Constancia                            | Hudbay     | Peru             |  $      294,900 |  100%                             | Life of Mine      | 8-Aug-12                 |
| Antamina                              | Glencore   | Peru             |  $      900,000 |  33.75% 3                         | Life of Mine      | 3-Nov-15                 |
| Other silver interests 4              |       |             |  $   1,523,341       |                                   |              |                     |
|  Total silver interests          |       |             |  $   3,393,040       |                                   |              |                     |
| Gold Interests                        |       |             |                                |                                   |              |                     |
| Salobo                                | Vale       | Brazil           |  $   3,059,360 5     |  75%                              | Life of Mine      | 28-Feb-13                |
| Sudbury 6                             | Vale       | Canada           |  $      623,572 |  70%                              | 20 years          | 28-Feb-13                |
| Constancia                            | Hudbay     | Peru             |  $      135,000 |  50% 7                            | Life of Mine      | 8-Aug-12                 |
| Other gold interests 8                |       |             |  $      439,442 |                                   |              |                     |
|  Total gold interests            |       |             |  $   4,257,374       |                                   |              |                     |
|  Total silver and gold interests |       |             |  $   7,650,414       |                                   |              |                     |

| 1) | Expressed in United States dollars, rounded to the nearest thousand; excludes closing costs and capitalized interest, where applicable. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------|

| 2) | Primero will deliver a per annum amount to Silver Wheaton equal to the first 6 million ounces of payable silver produced at San Dimas and 50% of any excess. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3) | Once the Company has received 140 million ounces of silver under the Antamina agreement, the Company's attributable silver production to be purchased will be reduced to 22.5%. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4) | Comprised of the Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Minto, Cozamin, Neves-Corvo, Aljustrel, Keno Hill, Pascua-Lama, Lagunas Norte, Pierina, Veladero, Rosemont, Loma de La Plata and 777 silver interests, as more fully detailed on page 8 of this MD&A. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5) | Vale has completed the expansion of the mill throughput capacity at the Salobo mine to 24 million tonnes per annum ("Mtpa") from its previous 12 Mtpa. If actual throughput is expanded above 28 Mtpa within a predetermined period, and depending on the grade of material processed, Silver Wheaton will be required to make an additional payment to Vale based on a set fee schedule ranging from $113 million if throughput is expanded beyond 28 Mtpa by January 1, 2036, up to $953 million if throughput is expanded beyond 40 Mtpa by January 1, 2021. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6) | Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests. |
|----|------------------------------------------------------------------------------------------------------|

| 7) | Gold recoveries will be set at 55% for the Constancia deposit and 70% for the Pampacancha deposit until 265,000 ounces of gold have been delivered to the Company. Should there be a delay in achieving completion or mining the Pampacancha deposit beyond the end of 2018, Silver Wheaton would be entitled to additional compensation in respect of the gold stream. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8) | Comprised of the Minto, Rosemont and 777 gold interests, as more fully detailed on page 10 of this MD&A. |
|----|--------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

| Other Silver Interests             | Mine Owner      | Location of Mine | UpfrontConsideration1                           | AttributableProduction to be Purchased | Term of Agreement | Date ofOriginal Contract |
|------------------------------------|-----------------|------------------|-------------------------------------------------|---------------------------------------------|-------------------|--------------------------|
|  Los Filos                    | Goldcorp 2      | Mexico           |  $          4,463 |  100% 2                                | 25 years          | 15-Oct-04                |
| Zinkgruvan                         | Lundin          | Sweden           |  $        77,866       |  100%                                  | Life of Mine      | 8-Dec-04                 |
| Yauliyacu                          | Glencore        | Peru             |  $      285,000             |  100%3                                 | Life of Mine      | 23-Mar-06                |
| Stratoni                           | Eldorado Gold 4 | Greece           |  $        57,500       |  100% 4                                | Life of Mine      | 23-Apr-07                |
| Minto                              | Capstone        | Canada           |  $          7,522 |  100%                                  | Life of Mine      | 20-Nov-08                |
| Cozamin                            | Capstone        | Mexico           |  $        41,959       |  100%                                  | 10 years          | 4-Apr-07                 |
| Neves-Corvo                        | Lundin          | Portugal         |  $        35,350       |  100%                                  | 50 years          | 5-Jun-07                 |
| Aljustrel                          | I'M SGPS        | Portugal         |  $          2,451 |  100% 5                                | 50 years          | 5-Jun-07                 |
| Keno Hill                          | Alexco          | Canada           |  $        50,000       |  25% 6                                 | Life of Mine      | 2-Oct-08                 |
| Barrick                            |            |             |  $      625,000             |                                        |              |                     |
| Pascua-Lama 7                      | Barrick         | Chile/Argentina  |                                            |  25% 7                                 | Life of Mine      | 8-Sep-09                 |
| Lagunas Norte                      | Barrick         | Peru             |                                            |  100%                                  | 8.5 years         | 8-Sep-09                 |
| Pierina                            | Barrick         | Peru             |                                            |  100%                                  | 8.5 years 8       | 8-Sep-09                 |
| Veladero                           | Barrick         | Argentina        |                                            |  100% 9                                | 8.5 years         | 8-Sep-09                 |
| Rosemont                           | Hudbay          | United States    |  $      190,900 10          |  100%                                  | Life of Mine      | 10-Feb-10                |
| 777                                | Hudbay          | Canada           |  $      102,041             |  100%                                  | Life of Mine      | 8-Aug-12                 |
| Loma de La Plata                   | Pan American    | Argentina        |  $        43,289 11    |  12.5%                                 | Life of Mine      | n/a 12                   |
|  Total other silver interests |            |             |  $   1,523,341                   |                                        |              |                     |

| 1) | Expressed in United States dollars, rounded to the nearest thousand; excludes closing costs and capitalized interest, where applicable. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------|

| 2) | On January 12, 2017, Leagold Mining Corporation announced that it had entered into a binding sale and purchase agreement with Goldcorp to acquire the Los Filos mine. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3) | Glencore will deliver a per annum amount to Silver Wheaton equal to the first 1.5 million ounces of payable silver produced at Yauliyacu and 50% of any excess. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4) | 95% owned by Eldorado Gold Corporation ("Eldorado Gold"). |
|----|-----------------------------------------------------------|

| 5) | Silver Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine. |
|----|------------------------------------------------------------------------------------------------------------------------------|

| 6) | In June 2014, the Company amended its silver purchase agreement with Alexco Resource Corp. ("Alexco") to increase the production payment to be a function of the silver price at the time of delivery. In addition, the area of interest was expanded to include properties currently owned by Alexco and properties acquired by Alexco in the future which fall within a one kilometer radius of existing Alexco holdings in the Keno Hill Silver District. The amended agreement is conditional on Alexco paying Silver Wheaton $20 million by March 31, 2017 at Alexco's option. Certain provisions of the amended agreement are not applicable to the Bermingham deposit properties, with the result being that the original silver purchase agreement will continue to apply to those properties; |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7) | Barrick Gold Corporation ("Barrick") has previously announced that the Pascua-Lama project has been placed on care and maintenance and that a temporary and partial closure plan has been filed with the Chilean mining authority.  As reported by Barrick in their 2016 Annual Report, Barrick has initiated a prefeasibility study to evaluate construction of an underground mine at Lama, on the Argentinean side of the Pascua-Lama project. Barrick states that should the study conclude that a phased underground development option meets their risk and financial criteria, and is a more compelling investment proposition than the permitted bi-national open pit plan, then this approach would represent an opportunity to unlock the value of the Pascua-Lama deposit, and the wider district, through a phased approach that reduces execution risks and upfront capital requirements. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8) | As per Barrick's disclosure, closure activities were initiated at Pierina in August 2013. |
|----|-------------------------------------------------------------------------------------------|

| 9) | Silver Wheaton's attributable silver production is subject to a maximum of 8% of the silver contained in the ore processed at Veladero during the period. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10) | The upfront consideration is currently reflected as a contingent obligation, payable on an installment basis to partially fund construction of the Rosemont mine once certain milestones are achieved, including the receipt of key permits and securing the necessary financing to complete construction of the mine. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11) | Comprised of $11 million allocated to the silver interest upon the Company's acquisition of Silverstone Resources Corp. in addition to a contingent liability of $32 million, payable upon the satisfaction of certain conditions, including Pan American receiving all necessary permits to proceed with the mine construction. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12) | Definitive terms of the agreement to be finalized. |
|-----|----------------------------------------------------|

----

----

----

----

| Other Gold Interests             | Mine Owner | Location of Mine | UpfrontConsideration 1                      | AttributableProductionto be Purchased | Term of Agreement | Date ofOriginal Contract |
|----------------------------------|------------|------------------|---------------------------------------------|---------------------------------------|-------------------|--------------------------|
|  Minto                      | Capstone   | Canada           |  $        47,283   |  100% 2                          | Life of Mine      | 20-Nov-08                |
| Rosemont                         | Hudbay     | United States    |  $        39,100 3 |  100%                            | Life of Mine      | 10-Feb-10                |
| 777                              | Hudbay     | Canada           |  $      353,059         |  50% 4                           | Life of Mine      | 8-Aug-12                 |
|  Total Other gold interests |       |             |  $      439,442         |                                  |              |                     |

| 1) | Expressed in United States dollars, rounded to the nearest thousand; excludes closing costs and capitalized interest, where applicable. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------|

| 2) | The Company is entitled to acquire 100% of the first 30,000 ounces of gold produced per annum and 50% thereafter. |
|----|-------------------------------------------------------------------------------------------------------------------|

| 3) | The upfront consideration is currently reflected as a contingent obligation, payable on an installment basis to partially fund construction of the Rosemont mine once certain milestones are achieved, including the receipt of key permits and securing the necessary financing to complete construction of the mine. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4) | As Hudbay's Constancia mine has satisfied its completion test, Silver Wheaton's share of gold production from 777 has been reduced to 50% for the life of the mine effective January 1, 2017. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                    | Mine Owner       |                        |                                       | AttributableProduction to be Purchased |              |                     |
|-----------------------------------------|------------------|-----------------------------|--------------------------------------------|----------------------------------------|-------------------|--------------------------|
| Early Deposit Silver and Gold Interests | Location of Mine | UpfrontConsideration 1 | Silver                                     | Gold                                   | Term of Agreement | Date ofOriginal Contract |
|  Toroparu                          | Sandspring       | Guyana                      |  $      153,500 2 |  50%                              |  10%         | Life of Mine             | 11-Nov-13 |
| Cotabambas                              | Panoro           | Peru                        |  $      140,000 3 |  100% 4                           |  25% 4       | Life of Mine             | 21-Mar-16 |
|                               |             |                        |  $      293,500        |                                   |              |                     |   |

| 1) | Expressed in United States dollars, rounded to the nearest thousand; excludes closing costs and capitalized interest, where applicable. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------|

| 2) | Comprised of $16 million paid to date and $138 million to be payable on an installment basis to partially fund construction of the mine. Following the delivery of certain feasibility documentation or after December 31, 2017 if the feasibility documentation has not been delivered to Silver Wheaton by such date, Silver Wheaton may elect not to proceed with the agreement or not pay the balance of the upfront consideration and reduce the gold stream percentage from 10% to 0.909% and the silver stream percentage from 50% to nil. If Silver Wheaton elects to terminate, Silver Wheaton will be entitled to a return of the amounts advanced less $2 million which is non-refundable on the occurrence of certain events. If Silver Wheaton elects to reduce the streams, Sandspring Resources Ltd. ("Sandspring") may return the amount of the deposit already advanced less $2 million to Silver Wheaton and terminate the agreement. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3) | Comprised of $4 million paid to date, $10 million which is payable on an installment basis spread out over a period of up to eight years and $126 million payable on an installment basis to partially fund construction of the mine once certain conditions have been satisfied. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4) | Once 90 million silver equivalent ounces attributable to Silver Wheaton have been produced, the attributable production to be purchased will decrease to 66.67% of silver production and 16.67% of gold production for the life of mine. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                           | Dec 31, 2016                                           | Three MonthsEnded Dec 31, 2016                                | YearEnded Dec 31, 2016                                 | YearEnded Dec 31, 2016                                                                     |
|--------------------------------|--------------------------------------------------------|---------------------------------------------------------------|--------------------------------------------------------|--------------------------------------------------------------------------------------------|
| (in thousands)                 | Fair Value                                             |  Fair Value Adjustment Gains (Losses) Included in OCI    | Realized Loss on Disposal                              |
|  Bear Creek               |   $          23,217 |   $           (5,201) |   $          17,658 |   $                     - |
| Other                          | 41,404                                                 | (7,241)                                                       | 27,187                                                 | (7,006)                                                                                    |
|  Total common shares held |   $          64,621 |   $        (12,442)             |   $          44,845 |   $           (7,006)                              |

|                           | Dec 31, 2015                                                                                                                                                  | Three MonthsEnded Dec 31, 2015                                                                                                                                | YearEnded Dec 31, 2015                                                                            | YearEnded Dec 31, 2015                                                          |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
| (in thousands)                 | Fair Value                                                                                                                                                    |  Fair Value Adjustment Gains (Losses) Included in OCI                                                                                                    | Realized Loss on Disposal                                                                         |
|  Bear Creek               |  $             5,558                                                                                                  |  $            (1,572)                                                                                                      |  $         (10,678)                                                 |  $                    -  |
| Revett                         |                           - |                           - |                (1,401) |           (11,870)            |
| Other                          |               14,218                                                                    |                  3,793                                                   |                (1,006) |             (2,781) |
|  Total common shares held |  $           19,776                                                                                                        |  $             2,221                                                                                                  |  $         (13,085)                                                 |  $       (14,651)                                      |

----

----

|                                                | 2016                                                  | 2015                                                  | 2014                                                  |
|----------------------------------------------------------|-------------------------------------------------------|-------------------------------------------------------|-------------------------------------------------------|
|  Silver and gold production                         |                                                  |                                                  |                                                  |
| Attributable silver ounces produced (000's)              | 30,379                                                | 30,734                                                | 25,674                                                |
| Attributable gold ounces produced                        | 353,703                                               | 242,957                                               | 147,635                                               |
| Attributable silver equivalent ounces produced (000's) 1 | 56,169                                                | 48,701                                                | 35,471                                                |
| Attributable gold equivalent ounces produced 1           | 770,289                                               | 658,551                                               | 534,553                                               |
|  Silver and gold sales                              |                                                  |                                                  |                                                  |
| Silver ounces sold (000's)                               | 28,322                                                | 26,566                                                | 23,484                                                |
| Gold ounces sold                                         | 330,009                                               | 202,349                                               | 139,521                                               |
| Silver equivalent ounces sold (000's) 1                  | 52,388                                                | 41,529                                                | 32,742                                                |
| Gold equivalent ounces sold 1                            | 718,430                                               | 561,570                                               | 493,425                                               |
|  Average realized price ($'s per ounce)             |                                                  |                                                  |                                                  |
| Average realized silver price                            | $           16.96       | $           15.64       | $           18.92       |
| Average realized gold price                              | $           1,246       | $           1,152       | $           1,261       |
| Average realized silver equivalent price 1               | $           17.02       | $           15.62       | $           18.94       |
| Average realized gold equivalent price 1                 | $           1,241       | $           1,155       | $           1,257       |
|  Average cash cost ($'s per ounce) 2                |                                                  |                                                  |                                                  |
| Average silver cash cost                                 | $             4.42 | $             4.17 | $             4.14 |
| Average gold cash cost                                   | $              391 | $              393 | $              386 |
| Average silver equivalent cash cost 1                    | $             4.86 | $             4.58 | $             4.61 |
| Average gold equivalent cash cost 1                      | $              354 | $              339 | $              306 |
|  Average depletion ($'s per ounce) 2                |                                                  |                                                  |                                                  |
| Average silver depletion                                 | $             5.32 | $             3.41 | $             3.22 |
| Average gold depletion                                   | $              479 | $              534 | $              607 |
| Average silver equivalent depletion 1                    | $             5.89 | $             4.78 | $             4.89 |
| Average gold equivalent depletion 1                      | $              430 | $              354 | $              325 |
|  Total revenue ($000's)                             | $       891,557                   | $       648,687                   | $       620,176                   |
|  Net earnings (loss) ($000's)                       | $       195,137                   | $      (162,042)                       | $       199,826                   |
| Add back - impairment loss, net of tax                   | 71,000                                                | 372,399                                               | 68,151                                                |
|  Adjusted net earnings 3 ($000's)              | $       266,137                   | $       210,357                   | $       267,977                   |
|  Earnings (loss) per share                          |                                                  |                                                  |                                                  |
| Basic                                                    | $             0.45 | $            (0.41)     | $             0.56 |
| Diluted                                                  | $             0.45 | $            (0.41)     | $             0.56 |
|  Adjusted earnings per share 3                      |                                                  |                                                  |                                                  |
| Basic                                                    | $             0.62 | $             0.53 | $             0.75 |
| Diluted                                                  | $             0.62 | $             0.53 | $             0.74 |
|  Cash flow from operations ($000's)                 | $       584,301                   | $       431,359                   | $       431,873                   |
|  Dividends                                          |                                                  |                                                  |                                                  |
| Dividends paid ($000's)                                  | $         90,612 4           | $        80,8094                  | $        93,4004                  |
| Dividends paid per share                                 | $             0.21 | $            0.20       | $            0.26       |
|  Total assets ($000's)                              | $    6,153,319                              | $   5,632,211                               | $   4,647,763                               |
|  Total non-current financial liabilities ($000's)   | $    1,194,012                              | $   1,468,732                               | $   1,001,914                               |
|  Total other liabilities ($000's)                   | $         19,319             | $        12,744                   | $        17,113                   |
|  Shareholders' equity ($000's)                      | $    4,939,988                              | $   4,150,735                               | $   3,628,736                               |
|  Shares outstanding                                 | 441,456,217                                           | 404,039,065                                           | 364,777,928                                           |

| 1) | The silver / gold ratio is the ratio of the average price of silver to the average price of gold per the London Bullion Metal Exchange during the period. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2) | Refer to discussion on non-IFRS measure (iii) on page 43 of this MD&A. |
|----|----------------------------------------------------------------------------|

| 3) | Refer to discussion on non-IFRS measure (i) on page 41 of this MD&A. |
|----|--------------------------------------------------------------------------|

| 4) | During the year ended December 31, 2016, the Company declared and paid total dividends to its shareholders of $91 million, with the payment being comprised of $79 million in cash and $12 million in common shares issued, with the Company issuing 624,931 common shares under the Company's dividend reinvestment plan ("DRIP").  During the year ended December 31, 2015, the Company declared and paid total dividends of $81 million, with the payment being comprised of $69 million in cash and $12 million in common shares issued, with the Company issuing 847,064 common shares under the Company's DRIP.  During the year ended December 31, 2014, the Company declared and paid total dividends of $93 million, with the payment being comprised of $80 million in cash and $13 million in common shares issued, with the Company issuing 646,618 common shares under the Company's DRIP. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                    | 2016                                                                                           | 2015                                                                   |
|-------------------------------------------------------------------------|------------------------------------------------------------------------------------------------|------------------------------------------------------------------------|
|                                                               | Q4                                                                                             | Q3                                                                     | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Silver ounces produced 2                                          |                                                                                           |                                                                   |   |   |   |   |   |   |
| San Dimas                                                               |            1,429                        |         1,264                  |          1,596 |             923 |         2,317 |          1,418 |         1,786 |         1,928 |
| Peñasquito                                                         |            1,328                        |         1,487                  |             867 |          1,352 |         1,766 |        2,092 |         1,932 |         1,447 |
| Antamina                                                                |            1,599                        |         1,469                  |          1,707 |          2,021 |        2,403 |                  - |                  - |                  - |
| Constancia                                                              |               723        |            749  |             778 |             509 |            637 |            664 |             591 |             104 |
| Other 3                                                                 |            2,510                        |        2,682                        |         2,659 |         2,727 |          3,161 |         2,716 |        2,892 |        2,880 |
|  Total silver ounces produced                                      |           7,589                              |         7,651                  |         7,607 |         7,532 |       10,284 |        6,890 |         7,201 |        6,359 |
|  Gold ounces produced 2                                            |                                                                                           |                                                                   |   |   |   |   |   |   |
| Sudbury 4                                                               |           11,028                             |       10,779                             |        15,054 |         7,895 |       13,678 |        7,300 |         8,195 |        8,666 |
| Salobo                                                                  |          71,328                                   |       68,168                             |       35,627 |       38,474 |      39,395 |       35,717 |      34,036 |       29,195 |
| Constancia                                                              |             3,151                  |        3,737                        |         4,622 |         3,435 |         4,617 |         4,341 |         3,510 |         1,936 |
| Other 5                                                                 |          21,825                                   |      30,642                                   |        15,885 |        12,053 |       14,676 |        11,250 |       10,572 |       15,873 |
|  Total gold ounces produced                                        |       107,332                                                    |     113,326                                        |         71,188 |        61,857 |      72,366 |      58,608 |       56,313 |      55,670 |
|  SEOs produced 6                                                   |           15,218                             |       15,365                             |        12,947 |        12,453 |       15,699 |        11,309 |        11,299 |        10,421 |
|  GEOs produced6                                                    |       214,097                                                    |    225,712                                              |     172,566 |      156,513 |   209,783 |     149,941 |    155,303 |    142,862 |
|  Silver ounces sold                                                |                                                                                           |                                                                   |   |   |   |   |   |   |
| San Dimas                                                               |             1,571                  |         1,065                  |          1,426 |          1,345 |        2,097 |         2,014 |         1,265 |          1,901 |
| Peñasquito                                                         |            1,270                        |         1,078                  |             886 |             949 |        2,086 |        2,053 |         1,420 |         1,573 |
| Antamina                                                                |            1,488                        |         1,598                  |         2,202 |          1,879 |         1,340 |                  - |                  - |                  - |
| Constancia                                                              |               702        |            536  |             520 |             666 |              511 |            329 |            320 |                  - |
| Other 3                                                                 |           2,475                              |         1,845                  |          2,108 |          2,713 |         2,717 |         2,179 |        2,570 |          2,191 |
|  Total silver ounces sold                                          |           7,506                              |         6,122                  |          7,142 |         7,552 |         8,751 |        6,575 |        5,575 |        5,665 |
|  Gold ounces sold                                                  |                                                                                           |                                                                   |   |   |   |   |   |   |
| Sudbury 4                                                               |           10,183                             |       12,294                             |          11,351 |         9,007 |        6,256 |        6,674 |        12,518 |        8,033 |
| Salobo                                                                  |         73,646                                         |      50,043                                   |       45,396 |       35,366 |       44,491 |       21,957 |       32,156 |        9,794 |
| Constancia                                                              |           3,343                              |        3,396                        |          3,610 |         4,933 |        4,473 |         2,701 |        3,223 |                  - |
| Other 5                                                                 |          21,759                                   |       19,330                             |        10,400 |        15,952 |        9,679 |       16,745 |       13,077 |       10,572 |
|  Total gold ounces sold                                            |        108,931                                              |      85,063                                   |       70,757 |       65,258 |      64,899 |      48,077 |      60,974 |      28,399 |
|  SEOs sold 6                                                       |          15,249                                   |         11,913                 |         12,451 |        12,745 |       13,607 |        10,201 |        10,010 |        7,737 |
|  GEOs sold 6                                                       |       214,529                                                    |      175,008                                  |       165,945 |        160,180 |       181,838 |      135,243 |       137,591 |       106,071 |
|  Cumulative payable silver ounces produced but not yet delivered 7 |           3,224                              |        3,783                        |         2,999 |         3,230 |        3,872 |        3,320 |        3,747 |        2,873 |
|  Cumulative payable gold ounces produced but not yet delivered 7   |          61,732                                   |      63,935                                   |       44,780 |       49,679 |      56,867 |      54,462 |      46,809 |      55,286 |
|  Silver / Gold Ratio 8                                             |                71.1 |            68.1 |            75.0 |            79.6 |           74.8 |           75.4 |           72.8 |           72.9 |

| 1) | All figures in thousands except gold ounces produced and sold. |
|----|----------------------------------------------------------------|

| 2) | Ounces produced represent the quantity of silver and gold contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the silver or gold interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3) | Comprised of the Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Minto, Cozamin, Neves-Corvo, Aljustrel, Keno Hill, Lagunas Norte, Pierina, Veladero and 777 silver interests. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4) | Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton and Totten gold interests. |
|----|----------------------------------------------------------------------------------------------|

| 5) | Comprised of the Minto and 777 gold interests. |
|----|------------------------------------------------|

| 6) | Silver equivalent ounces (SEOs) and gold equivalent ounces (GEOs), which are provided to assist the reader, are calculated by converting gold (in the case of SEOs) or silver (in the case of GEOs) using the ratio of the average price of silver to the average price of gold per the London Bullion Metal Exchange during the period. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7) | Payable silver and gold ounces produced but not yet delivered are based on management estimates. These figures may be updated in future periods as additional information is received. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8) | The silver / gold ratio is the ratio of the average price of silver to the average price of gold per the London Bullion Metal Exchange during the period. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                          | 2016   | 2015   |
|-----------------------------------------------|--------|--------|
|                                     | Q4     | Q3     | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Total silver ounces sold (000's)        |   |   |           7,506 |   |   |              6,122 |   |   |              7,142 |   |   |             7,552 |   |   |              8,751 |   |   |             6,575 |   |   |             5,575 |   |   |             5,665 |
| Average realized silver price 1               |   | $      | 16.95 |   | $ | 19.53 |   | $ | 17.18 |   | $ | 14.68 |   | $ | 14.75 |   | $ | 15.05 |   | $ | 16.42 |   | $ | 16.95 |
|  Silver sales (000's)                    |   | $      | 127,210 |   | $ | 119,573 |   | $ | 122,711 |   | $ | 110,847 |   | $ | 129,087 |   | $ | 98,926 |   | $ | 91,552 |   | $ | 96,012 |
|  Total gold ounces sold                  |   |   |        108,931 |   |   |          85,063 |   |   |          70,757 |   |   |          65,258 |   |   |          64,899 |   |   |          48,077 |   |   |          60,974 |   |   |          28,399 |
| Average realized gold price1                  |   | $      | 1,205 |   | $ | 1,336 |   | $ | 1,267 |   | $ | 1,175 |   | $ | 1,100 |   | $ | 1,130 |   | $ | 1,195 |   | $ | 1,214 |
|  Gold sales (000's)                      |   | $      | 131,281 |   | $ | 113,631 |   | $ | 89,640 |   | $ | 76,664 |   | $ | 71,409 |   | $ | 54,325 |   | $ | 72,883 |   | $ | 34,492 |
|  Total sales (000's)                     |   | $      | 258,491 |   | $ | 233,204 |   | $ | 212,351 |   | $ | 187,511 |   | $ | 200,496 |   | $ | 153,251 |   | $ | 164,435 |   | $ | 130,504 |
|  Average cash cost, silver 1, 2          |   | $      | 4.59 |   | $ | 4.51 |   | $ | 4.46 |   | $ | 4.14 |   | $ | 4.06 |   | $ | 4.26 |   | $ | 4.26 |   | $ | 4.14 |
|  Average cash cost, gold 1, 2            |   | $      | 389 |   | $ | 390 |   | $ | 401 |   | $ | 389 |   | $ | 396 |   | $ | 389 |   | $ | 395 |   | $ | 388 |
|  Average depletion, silver 1             |   | $      | 5.26 |   | $ | 5.45 |   | $ | 5.49 |   | $ | 5.12 |   | $ | 4.17 |   | $ | 2.97 |   | $ | 3.51 |   | $ | 2.65 |
|  Average depletion, gold 1               |   | $      | 449 |   | $ | 477 |   | $ | 507 |   | $ | 501 |   | $ | 485 |   | $ | 535 |   | $ | 554 |   | $ | 600 |
| Net earnings (loss) (000's)                   |   | $      | 10,865 |   | $ | 82,986 |   | $ | 60,306 |   | $ | 40,979 |   | $ | (169,263) |   | $ | (95,925) |   | $ | 53,726 |   | $ | 49,419 |
|  Add back - impairment loss (net of tax) |   |   | 71,000 |   |   |  - |   |   |  - |   |   |  - |   |   | 226,673 |   |   | 145,726 |   |   |  - |   |   |  - |
|  Adjusted net earnings 3 (000's)         |   | $      | 81,865 |   | $ | 82,986 |   | $ | 60,306 |   | $ | 40,979 |   | $ | 57,410 |   | $ | 49,801 |   | $ | 53,726 |   | $ | 49,419 |
| Earnings (loss) per share                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                         |   | $      | 0.02 |   | $ | 0.19 |   | $ | 0.14 |   | $ | 0.10 |   | $ | (0.42) |   | $ | (0.24) |   | $ | 0.13 |   | $ | 0.13 |
| Diluted                                       |   | $      | 0.02 |   | $ | 0.19 |   | $ | 0.14 |   | $ | 0.10 |   | $ | (0.42) |   | $ | (0.24) |   | $ | 0.13 |   | $ | 0.13 |
|  Adjusted earnings per share 3           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                         |   | $      | 0.19 |   | $ | 0.19 |   | $ | 0.14 |   | $ | 0.10 |   | $ | 0.14 |   | $ | 0.12 |   | $ | 0.13 |   | $ | 0.13 |
| Diluted                                       |   | $      | 0.19 |   | $ | 0.19 |   | $ | 0.14 |   | $ | 0.10 |   | $ | 0.14 |   | $ | 0.12 |   | $ | 0.13 |   | $ | 0.13 |
|  Cash flow from operations (000's)       |   | $      | 174,702 |   | $ | 161,577 |   | $ | 134,267 |   | $ | 113,754 |   | $ | 133,389 |   | $ | 99,547 |   | $ | 109,292 |   | $ | 89,131 |
| Cash flow from operations per share 4         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                         |   | $      | 0.40 |   | $ | 0.37 |   | $ | 0.31 |   | $ | 0.28 |   | $ | 0.33 |   | $ | 0.25 |   | $ | 0.27 |   | $ | 0.24 |
| Diluted                                       |   | $      | 0.40 |   | $ | 0.37 |   | $ | 0.31 |   | $ | 0.28 |   | $ | 0.33 |   | $ | 0.25 |   | $ | 0.27 |   | $ | 0.24 |
| Dividends                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends declared (000's)                    |   | $      | 26,475 |   | $ | 22,049 |   | $ | 22,000 |   | $ | 20,088 5 |   | $ | 20,192 |   | $ | 20,214 |   | $ | 20,205 |   | $ | 20,198 6 |
| Dividends declared per share                  |   | $      | 0.06 |   | $ | 0.05 |   | $ | 0.05 |   | $ | 0.05 |   | $ | 0.05 |   | $ | 0.05 |   | $ | 0.05 |   | $ | 0.05 |
|  Total assets (000's)                    |   | $      | 6,153,319 |   | $ | 6,326,032 |   | $ | 5,561,209 |   | $ | 5,563,144 |   | $ | 5,632,211 |   | $ | 5,009,177 |   | $ | 5,203,371 |   | $ | 5,268,074 |
|  Total liabilities (000's)               |   | $      | 1,213,331 |   | $ | 1,362,857 |   | $ | 721,982 |   | $ | 1,406,757 |   | $ | 1,481,476 |   | $ | 666,356 |   | $ | 735,672 |   | $ | 840,578 |
|  Total shareholders' equity (000's)      |   | $      | 4,939,988 |   | $ | 4,963,175 |   | $ | 4,839,227 |   | $ | 4,156,387 |   | $ | 4,150,735 |   | $ | 4,342,821 |   | $ | 4,467,699 |   | $ | 4,427,496 |

| 1) | Expressed as United States dollars per ounce. |
|----|-----------------------------------------------|

| 2) | Refer to discussion on non-IFRS measure (iii) on page 43 of this MD&A. |
|----|----------------------------------------------------------------------------|

| 3) | Refer to discussion on non-IFRS measure (i) on page 41 of this MD&A |
|----|-------------------------------------------------------------------------|

| 4) | Refer to discussion on non-IFRS measure (ii) on page 42 of this MD&A. |
|----|---------------------------------------------------------------------------|

| 5) | On March 16, 2016, the Company declared dividends of $0.05 per common share for total dividends of $20 million, which was paid on April 14, 2016. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------|

| 6) | On March 18, 2015, the Company declared dividends of $0.05 per common share for total dividends of $20 million, which was paid on April 14, 2015. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Three Months Ended December 31, 2016 |
|--------------------------------------|
|                                 | Ounces Produced2 | Ounces Sold | AverageRealizedPrice ($'s Per Ounce) | AverageCash Cost($'s PerOunce) 3 | AverageDepletion($'s Per Ounce) | Sales | Gross Margin | Impairment Charges | Net Earnings | Cash FlowFrom Operations | Total Assets |
| Silver                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| San Dimas                            | 1,429 | 1,571 | $ | 16.54 | $ | 4.28 | $ | 1.11 | $ | 25,975 | $ | 17,516 | $ | - | $ | 17,516 | $ | 19,253 | $ | 140,575 |
| Peñasquito                      | 1,328 | 1,270 |   | 17.33 |   | 4.09 |   | 3.05 |   | 22,016 |   | 12,941 |   | - |   | 12,941 |   | 16,819 |   | 418,077 |
| Antamina                             | 1,599 | 1,488 |   | 16.76 |   | 3.31 |   | 9.94 |   | 24,941 |   | 5,222 |   | - |   | 5,222 |   | 20,010 |   | 815,806 |
| Constancia                           | 723 | 702 |   | 17.29 |   | 5.90 |   | 7.41 |   | 12,129 |   | 2,788 |   | - |   | 2,788 |   | 8,192 |   | 275,971 |
| Other4                               | 2,510 | 2,475 |   | 17.03 |   | 5.45 |   | 5.61 |   | 42,149 |   | 14,759 |   | - |   | 14,759 |   | 29,555 |   | 785,570 |
|  Total silver                   | 7,589 | 7,506 | $ | 16.95 | $ | 4.59 | $ | 5.26 | $ | 127,210 | $ | 53,226 | $ | - | $ | 53,226 | $ | 93,829 | $ | 2,435,999 |
| Gold                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sudbury5                             | 11,028 | 10,183 | $ | 1,193 | $ | 400 | $ | 787 | $ | 12,149 | $ | 61 | $ | (71,000) | $ | (70,939) | $ | 8,107 | $ | 401,535 |
| Salobo                               | 71,328 | 73,646 |   | 1,198 |   | 400 |   | 382 |   | 88,200 |   | 30,609 |   | - |   | 30,609 |   | 58,742 |   | 2,904,835 |
| Constancia                           | 3,151 | 3,343 |   | 1,214 |   | 400 |   | 409 |   | 4,059 |   | 1,354 |   | - |   | 1,354 |   | 2,735 |   | 125,670 |
| Other6                               | 21,825 | 21,759 |   | 1,235 |   | 343 |   | 522 |   | 26,873 |   | 8,061 |   | - |   | 8,061 |   | 24,349 |   | 51,233 |
|  Total gold                     | 107,332 | 108,931 | $ | 1,205 | $ | 389 | $ | 449 | $ | 131,281 | $ | 40,085 | $ | (71,000) | $ | (30,915) | $ | 93,933 | $ | 3,483,273 |
|  Operating results              |   |   |   |   |   |   |   | $ | 258,491 | $ | 93,311 | $ | (71,000) | $ | 22,311 | $ | 187,762 | $ | 5,919,272 |
| Corporate costs                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative           |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | (4,124) | $ | (5,662) |   |   |
| Interest expense                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (6,664) |   | (6,839) |   |   |
| Other                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (844) |   | (559) |   |   |
| Income tax recovery                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 186 |   | - |   |   |
|  Total corporate costs          |   |   |   |   |   |   |   |   |   |   |   |   | $ | (11,446) | $ | (13,060) | $ | 234,047 |
|                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 10,865 | $ | 174,702 | $ | 6,153,319 |

| 1) | All figures in thousands except gold ounces produced and sold and per ounce amounts. |
|----|--------------------------------------------------------------------------------------|

| 2) | Ounces produced represent the quantity of silver and gold contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the silver or gold interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3) | Refer to discussion on non-IFRS measure (iii) on page 43 of this MD&A. |
|----|----------------------------------------------------------------------------|

| 4) | Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Minto, Cozamin, Neves-Corvo, Lagunas Norte, Pierina, Veladero and 777 silver interests in addition to the non-operating Keno Hill, Aljustrel, Loma de La Plata, Pascua-Lama and Rosemont silver interests. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5) | Comprised of the operating Coleman, Copper Cliff, Garson, Stobie, Creighton and Totten gold interests in addition to the non-operating Victor gold interest. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6) | Comprised of the operating Minto and 777 gold interests in addition to the non-operating Rosemont gold interest. |
|----|------------------------------------------------------------------------------------------------------------------|

|  Three Months Ended December 31, 2016 |
|--------------------------------------------|
|                                       | Silver / GoldRatio 1 | OuncesProduced 2, 3 | OuncesSold 3 | AverageRealizedPrice ($'s Per Ounce) | AverageCash Cost($'s PerOunce) 4 | Cash Operating Margin ($'s Per Ounce) 5 | AverageDepletion($'s Per Ounce) | Gross Margin($'s Per Ounce) |
|                                       |   |   |   |   |   |   |   |   |
| Silver equivalent basis                    | 71.1 | 15,218 | 15,249 |  $    16.95 |  $   5.04 |  $   11.91 |  $   5.80 |  $   6.11 |
|  Gold equivalent basis                | 71.1 | 214,097 | 214,529 |  $    1,205 |  $    358 |  $      847 |  $    412 |  $    435 |

| 1) | The silver / gold ratio is the ratio of the average price of silver to the average price of gold per the London Bullion Metal Exchange during the period. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2) | Ounces produced represent the quantity of silver and gold contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the silver or gold interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3) | Silver ounces produced and sold in thousands. |
|----|-----------------------------------------------|

| 4) | Refer to discussion on non-IFRS measure (iii) on page 43 of this MD&A. |
|----|----------------------------------------------------------------------------|

| 5) | Refer to discussion on non-IFRS measure (iv) on page 44 of this MD&A. |
|----|---------------------------------------------------------------------------|

----

|  Three Months Ended December 31, 2015 |
|--------------------------------------------|
|                                       | Ounces Produced2 | Ounces Sold | AverageRealizedPrice ($'s Per Ounce) | AverageCash Cost($'s PerOunce)3 | AverageDepletion($'s Per Ounce) | Sales | Gross Margin | Impairment Charges | Net Loss | Cash FlowFrom Operations | Total Assets |
| Silver                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| San Dimas                                  | 2,317 | 2,097 | $ | 14.28 | $ | 4.24 | $ | 0.88 | $ | 29,954 | $ | 19,218 | $ | - | $ | 19,218 | $ | 21,061 | $ | 146,555 |
| Peñasquito                            | 1,766 | 2,086 |   | 15.40 |   | 4.07 |   | 2.85 |   | 32,125 |   | 17,700 |   | - |   | 17,700 |   | 23,636 |   | 430,847 |
| Antamina                                   | 2,403 | 1,340 |   | 14.07 |   | 2.80 |   | 9.93 |   | 18,858 |   | 1,802 |   | - |   | 1,802 |   | 15,110 |   | 886,981 |
| Constancia                                 | 637 | 511 |   | 15.06 |   | 5.90 |   | 7.77 |   | 7,697 |   | 707 |   | - |   | 707 |   | 4,681 |   | 293,931 |
| Other 4                                    | 3,161 | 2,717 |   | 14.89 |   | 4.20 |   | 4.21 |   | 40,453 |   | 17,606 |   | (130,292) |   | (112,686) |   | 29,166 |   | 828,352 |
|                                  | 10,284 | 8,751 | $ | 14.75 | $ | 4.06 | $ | 4.17 | $ | 129,087 | $ | 57,033 | $ | (130,292) | $ | (73,259) | $ | 93,654 | $ | 2,586,666 |
| Gold                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sudbury 5                                  | 13,678 | 6,256 | $ | 1,113 | $ | 400 | $ | 841 | $ | 6,965 | $ | (801) | $ | (49,439) | $ | (50,240) | $ | 4,463 | $ | 506,250 |
| Salobo                                     | 39,395 | 44,491 |   | 1,103 |   | 400 |   | 420 |   | 49,051 |   | 12,579 |   | - |   | 12,579 |   | 31,255 |   | 2,156,757 |
| Constancia                                 | 4,617 | 4,473 |   | 1,102 |   | 400 |   | 397 |   | 4,931 |   | 1,363 |   | - |   | 1,363 |   | 3,142 |   | 131,925 |
| Other 6                                    | 14,676 | 9,679 |   | 1,081 |   | 373 |   | 593 |   | 10,462 |   | 1,113 |   | (51,170) |   | (50,057) |   | 6,948 |   | 87,814 |
|                                  | 72,366 | 64,899 | $ | 1,100 | $ | 396 | $ | 485 | $ | 71,409 | $ | 14,254 | $ | (100,609) | $ | (86,355) | $ | 45,808 | $ | 2,882,746 |
|  Operating results                    |   |   |   |   |   |   |   | $ | 200,496 | $ | 71,287 | $ | (230,901) | $ | (159,614) | $ | 139,462 | $ | 5,469,412 |
| Corporate costs                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative                 |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | (9,011) | $ | (4,757) |   |   |
| Interest expense                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (1,364) |   | (391) |   |   |
| Other                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (396) |   | (925) |   |   |
| Income tax recovery                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1,122 |   | - |   |   |
|  Total corporate costs                |   |   |   |   |   |   |   |   |   |   |   |   | $ | (9,649) | $ | (6,073) | $ | 162,799 |
|                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | (169,263) | $ | 133,389 | $ | 5,632,211 |

| 1) | All figures in thousands except gold ounces produced and sold and per ounce amounts. |
|----|--------------------------------------------------------------------------------------|

| 2) | Ounces produced represent the quantity of silver and gold contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the silver or gold interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3) | Refer to discussion on non-IFRS measure (iii) on page 43 of this MD&A. |
|----|----------------------------------------------------------------------------|

| 4) | Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Cozamin, Neves-Corvo, Minto, Lagunas Norte, Pierina, Veladero and 777 silver interests in addition to the non-operating Rosemont, Keno Hill, Aljustrel, Loma de La Plata and Pascua-Lama silver interests. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5) | Comprised of the operating Coleman, Copper Cliff, Garson, Stobie, Totten and Creighton gold interests in addition to the non-operating Victor gold interest. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6) | Comprised of the operating Minto and 777 gold interests in addition to the non-operating Rosemont gold interest. |
|----|------------------------------------------------------------------------------------------------------------------|

|  Three Months Ended December 31, 2015 |
|--------------------------------------------|
|                                       | Silver / GoldRatio 1 | OuncesProduced 2, 3 | OuncesSold 3 | AverageRealizedPrice ($'s Per Ounce) | AverageCash Cost($'s PerOunce) 4 | Cash Operating Margin ($'s Per Ounce) 5 | AverageDepletion($'s Per Ounce) | Gross Margin($'s Per Ounce) |
|                                       |   |   |   |   |   |   |   |   |
| Silver equivalent basis                    | 74.8 | 15,699 | 13,607 |  $    14.73 |  $   4.50 |  $   10.23 |  $   4.99 |  $   5.24 |
|  Gold equivalent basis                | 74.8 | 209,783 | 181,838 |  $    1,103 |  $    337 |  $      766 |  $    374 |  $    392 |

| 1) | The silver / gold ratio is the ratio of the average price of silver to the average price of gold per the London Bullion Metal Exchange during the period. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2) | Ounces produced represent the quantity of silver and gold contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the silver or gold interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3) | Silver ounces produced and sold in thousands. |
|----|-----------------------------------------------|

| 4) | Refer to discussion on non-IFRS measure (iii) on page 43 of this MD&A. |
|----|----------------------------------------------------------------------------|

| 5) | Refer to discussion on non-IFRS measure (iv) on page 44 of this MD&A. |
|----|---------------------------------------------------------------------------|

----

|  | · | 888,000 ounce (38%) decrease related to the San Dimas mine, due primarily to lower throughput and grades; |
|--|--------|-----------------------------------------------------------------------------------------------------------|

|  | · | 804,000 ounce (33%) decrease related to the silver stream at the Antamina mine, primarily due to the closing of the Antamina PMPA in the fourth quarter of 2015 which provided for the delivery of Glencore's portion of silver sold from Antamina to an offtaker as of September 30, 2015, resulting in reported production in the fourth quarter of 2015 including some material processed in the previous quarter; and |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | 438,000 ounce (25%) decrease related to the Peñasquito mine, primarily due to lower grades as a result of mine sequencing. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------|

|  | · | 31,900 ounce (81%) increase related to the Salobo mine, due primarily to the acquisition of an additional 25% gold interest in the Salobo mine as referenced in the Gold interest section of this MD&A, with the two lines operating at 98% of nameplate capacity in the three months ended December 31, 2016 compared with 89% during the comparable period of the prior year; and |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | 7,100 ounce (49%) increase related to gold production at the Other mines, due primarily to higher grades at Minto; partially offset by |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------|

|  | · | 2,700 ounce (19%) decrease related to the Sudbury mines, due primarily to lower throughput and grades, partially offset by higher recoveries. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | $15 million decrease related to a 27% decrease in payable silver ounces produced; |
|--|--------|-----------------------------------------------------------------------------------|

|  | · |  $6 million increase related to a 49% increase in payable gold ounces produced; |
|--|--------|--------------------------------------------------------------------------------------|

|  | · | $26 million increase due to an increase in the operating margin per ounce, due primarily to a 15% increase in the average realized selling price per silver ounce sold and a 10% increase in the average realized selling price per gold ounce sold; and |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | $160 million increase as a result of a lower impairment charge taken during the three months ended December 31, 2016 as compared to December 31, 2015, as more fully explained in the Impairment of Silver and Gold Interests section of this MD&A. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  Year Ended December 31, 2016 |
|------------------------------------|
|                               | Ounces Produced 2 | Ounces Sold | AverageRealizedPrice ($'s Per Ounce) | AverageCash Cost($'s PerOunce) 3 | AverageDepletion($'s Per Ounce) | Sales | Gross Margin | Impairment Charges | Net Earnings | Cash FlowFrom Operations | Total Assets |
| Silver                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| San Dimas                          | 5,212 | 5,407 | $ | 17.00 | $ | 4.26 | $ | 1.11 | $ | 91,929 | $ | 62,918 | $ | - | $ | 62,918 | $ | 68,898 | $ | 140,575 |
| Peñasquito                    | 5,034 | 4,183 |   | 17.02 |   | 4.09 |   | 3.05 |   | 71,196 |   | 41,315 |   | - |   | 41,315 |   | 54,085 |   | 418,077 |
| Antamina                           | 6,796 | 7,167 |   | 16.87 |   | 3.37 |   | 9.94 |   | 120,916 |   | 25,507 |   | - |   | 25,507 |   | 96,736 |   | 815,806 |
| Constancia                         | 2,759 | 2,424 |   | 16.93 |   | 5.90 |   | 7.41 |   | 41,019 |   | 8,762 |   | - |   | 8,762 |   | 26,926 |   | 275,971 |
| Other 4                            | 10,578 | 9,141 |   | 16.98 |   | 5.10 |   | 4.68 |   | 155,281 |   | 65,876 |   | - |   | 65,876 |   | 110,364 |   | 785,570 |
|                          | 30,379 | 28,322 | $ | 16.96 | $ | 4.42 | $ | 5.32 | $ | 480,341 | $ | 204,378 | $ | - | $ | 204,378 | $ | 357,009 | $ | 2,435,999 |
| Gold                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sudbury 5                          | 44,756 | 42,835 | $ | 1,246 | $ | 400 | $ | 787 | $ | 53,384 | $ | 2,535 | $ | (71,000) | $ | (68,465) | $ | 36,281 | $ | 401,535 |
| Salobo                             | 213,597 | 204,451 |   | 1,240 |   | 400 |   | 398 |   | 253,582 |   | 90,371 |   | - |   | 90,371 |   | 171,802 |   | 2,904,835 |
| Constancia                         | 14,945 | 15,282 |   | 1,230 |   | 400 |   | 409 |   | 18,792 |   | 6,425 |   | - |   | 6,425 |   | 12,693 |   | 125,670 |
| Other 6                            | 80,405 | 67,441 |   | 1,267 |   | 358 |   | 542 |   | 85,458 |   | 24,712 |   | - |   | 24,712 |   | 66,527 |   | 51,233 |
|                          | 353,703 | 330,009 | $ | 1,246 | $ | 391 | $ | 479 | $ | 411,216 | $ | 124,043 | $ | (71,000) | $ | 53,043 | $ | 287,303 | $ | 3,483,273 |
|  Operating results            |   |   |   |   |   |   |   | $ | 891,557 | $ | 328,421 | $ | (71,000) | $ | 257,421 | $ | 644,312 | $ | 5,919,272 |
| Corporate costs                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative         |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | (34,439) | $ | (32,563) |   |   |
| Interest expense                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (24,193) |   | (23,317) |   |   |
| Other                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (4,982) |   | (4,131) |   |   |
| Income tax recovery                |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1,330 |   | - |   |   |
|  Total corporate costs        |   |   |   |   |   |   |   |   |   |   |   |   | $ | (62,284) | $ | (60,011) | $ | 234,047 |
|                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 195,137 | $ | 584,301 | $ | 6,153,319 |

| 1) | All figures in thousands except gold ounces produced and sold and per ounce amounts. |
|----|--------------------------------------------------------------------------------------|

| 2) | Ounces produced represent the quantity of silver and gold contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the silver or gold interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3) | Refer to discussion on non-IFRS measure (iii) on page 43 of this MD&A. |
|----|----------------------------------------------------------------------------|

| 4) | Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Minto, Cozamin, Neves-Corvo, Lagunas Norte, Pierina, Veladero and 777 silver interests in addition to the non-operating Keno Hill, Aljustrel, Loma de La Plata, Pascua-Lama and Rosemont silver interests. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5) | Comprised of the operating Coleman, Copper Cliff, Garson, Stobie, Creighton and Totten gold interests in addition to the non-operating Victor gold interest. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6) | Comprised of the operating Minto and 777 gold interests in addition to the non-operating Rosemont gold interest. |
|----|------------------------------------------------------------------------------------------------------------------|

|  Year Ended December 31, 2016 |
|------------------------------------|
|                               | Silver / GoldRatio 1 | OuncesProduced 2, 3 | OuncesSold 3 | AverageRealizedPrice ($'s Per Ounce) | AverageCash Cost($'s PerOunce) 4 | Cash Operating Margin ($'s Per Ounce) 5 | AverageDepletion($'s Per Ounce) | Gross Margin($'s Per Ounce) |
|                               |   |   |   |   |   |   |   |   |
| Silver equivalent basis            | 72.9 | 56,169 | 52,388 |  $    17.02 |  $   4.86 |  $   12.16 |  $   5.89 |  $   6.27 |
|  Gold equivalent basis        | 72.9 | 770,289 | 718,430 |  $    1,241 |  $    354 |  $      887 |  $    430 |  $    457 |

| 1) | The silver / gold ratio is the ratio of the average price of silver to the average price of gold per the London Bullion Metal Exchange during the period. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2) | Ounces produced represent the quantity of silver and gold contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the silver or gold interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3) | Silver ounces produced and sold in thousands. |
|----|-----------------------------------------------|

| 4) | Refer to discussion on non-IFRS measure (iii) on page 43 of this MD&A. |
|----|----------------------------------------------------------------------------|

| 5) | Refer to discussion on non-IFRS measure (iv) on page 44 of this MD&A. |
|----|---------------------------------------------------------------------------|

----

|  Year Ended December 31, 2015 |
|------------------------------------|
|                               | Ounces Produced 2 | Ounces Sold | AverageRealizedPrice ($'s Per Ounce) | AverageCash Cost($'s PerOunce) 3 | AverageDepletion($'s Per Ounce) | Sales | Gross Margin | Impairment Charges | Net Loss | Cash FlowFrom Operations | Total Assets |
| Silver                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| San Dimas                          | 7,449 | 7,277 | $ | 15.56 | $ | 4.22 | $ | 0.88 | $ | 113,198 | $ | 76,122 | $ | - | $ | 76,122 | $ | 82,518 | $ | 146,555 |
| Peñasquito                    | 7,237 | 7,132 |   | 16.00 |   | 4.07 |   | 2.85 |   | 114,083 |   | 64,759 |   | - |   | 64,759 |   | 85,057 |   | 430,847 |
| Antamina                           | 2,403 | 1,340 |   | 14.07 |   | 2.80 |   | 9.93 |   | 18,858 |   | 1,802 |   | - |   | 1,802 |   | 15,110 |   | 886,981 |
| Constancia                         | 1,996 | 1,160 |   | 15.56 |   | 5.90 |   | 7.77 |   | 18,053 |   | 2,191 |   | - |   | 2,191 |   | 11,209 |   | 293,931 |
| Other 4                            | 11,649 | 9,657 |   | 15.68 |   | 4.19 |   | 4.30 |   | 151,386 |   | 69,414 |   | (184,014) |   | (114,600) |   | 111,984 |   | 828,352 |
|                          | 30,734 | 26,566 | $ | 15.64 | $ | 4.17 | $ | 3.41 | $ | 415,578 | $ | 214,288 | $ | (184,014) | $ | 30,274 | $ | 305,878 | $ | 2,586,666 |
| Gold                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sudbury 5                          | 37,839 | 33,481 | $ | 1,171 | $ | 400 | $ | 841 | $ | 39,201 | $ | (2,364) | $ | (49,439) | $ | (51,803) | $ | 25,371 | $ | 506,250 |
| Salobo                             | 138,343 | 108,398 |   | 1,146 |   | 400 |   | 420 |   | 124,250 |   | 35,389 |   | - |   | 35,389 |   | 80,890 |   | 2,156,757 |
| Constancia                         | 14,404 | 10,397 |   | 1,141 |   | 400 |   | 397 |   | 11,860 |   | 3,568 |   | - |   | 3,568 |   | 7,700 |   | 131,925 |
| Other 6                            | 52,371 | 50,073 |   | 1,154 |   | 371 |   | 603 |   | 57,798 |   | 9,011 |   | (151,469) |   | (142,458) |   | 38,895 |   | 87,814 |
|                          | 242,957 | 202,349 | $ | 1,152 | $ | 393 | $ | 534 | $ | 233,109 | $ | 45,604 | $ | (200,908) | $ | (155,304) | $ | 152,856 | $ | 2,882,746 |
|  Operating results            |   |   |   |   |   |   |   | $ | 648,687 | $ | 259,892 | $ | (384,922) | $ | (125,030) | $ | 458,734 | $ | 5,469,412 |
| Corporate costs                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative         |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | (32,237) | $ | (21,807) |   |   |
| Interest expense                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (4,090) |   | (2,697) |   |   |
| Other                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (4,076) |   | (2,871) |   |   |
| Income tax recovery                |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 3,391 |   | - |   |   |
|  Total corporate costs        |   |   |   |   |   |   |   |   |   |   |   |   | $ | (37,012) | $ | (27,375) | $ | 162,799 |
|                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | (162,042) | $ | 431,359 | $ | 5,632,211 |

| 1) | All figures in thousands except gold ounces produced and sold and per ounce amounts. |
|----|--------------------------------------------------------------------------------------|

| 2) | Ounces produced represent the quantity of silver and gold contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the silver or gold interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3) | Refer to discussion on non-IFRS measure (iii) on page 43 of this MD&A. |
|----|----------------------------------------------------------------------------|

| 4) | Comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Cozamin, Neves-Corvo, Minto, Lagunas Norte, Pierina, Veladero and 777 silver interests in addition to the non-operating Rosemont, Keno Hill, Aljustrel, Loma de La Plata and Pascua-Lama silver interests. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5) | Comprised of the operating Coleman, Copper Cliff, Garson, Stobie, Totten and Creighton gold interests in addition to the non-operating Victor gold interest. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6) | Comprised of the operating Minto and 777 gold interests in addition to the non-operating Rosemont gold interest. |
|----|------------------------------------------------------------------------------------------------------------------|

|  Year Ended December 31, 2015 |
|------------------------------------|
|                               | Silver / GoldRatio 1 | OuncesProduced 2, 3 | OuncesSold 3 | AverageRealizedPrice ($'s Per Ounce) | AverageCash Cost($'s PerOunce) 4 | Cash Operating Margin($'s Per Ounce) 5 | AverageDepletion($'s Per Ounce) | Gross Margin($'s Per Ounce) |
|                               |   |   |   |   |   |   |   |   |
| Silver equivalent basis            | 74.0 | 48,701 | 41,529 |  $    15.62 |  $   4.58 |  $   11.04 |  $   4.78 |  $   6.26 |
|  Gold equivalent basis        | 74.0 | 658,551 | 561,570 |  $    1,155 |  $    339 |  $      816 |  $    354 |  $    462 |

| 1) | The silver / gold ratio is the ratio of the average price of silver to the average price of gold per the London Bullion Metal Exchange during the period. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2) | Ounces produced represent the quantity of silver and gold contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the silver or gold interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3) | Silver ounces produced and sold in thousands. |
|----|-----------------------------------------------|

| 4) | Refer to discussion on non-IFRS measure (iii) on page 43 of this MD&A. |
|----|----------------------------------------------------------------------------|

| 5) | Refer to discussion on non-IFRS measure (iv) on page 44 of this MD&A. |
|----|---------------------------------------------------------------------------|

----

|  | · | 4.4 million ounce (183%) increase related to the silver stream at the Antamina mine, with 2015 reflecting approximately 3 months of production from Antamina; offset by |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | 2.2 million ounce (30%) decrease related to the San Dimas mine which, as reported by Primero in their January 18, 2017 press release, was primarily the result of 2016 production being impacted by the implementation of enhanced ground support in early-2016, and later by high unplanned worker absences and lack of compliance to the mine plans. This resulted in reduced underground development rates and ventilation restrictions which reduced mine productivity; and |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | 2.2 million ounce (30%) decrease related to the Peñasquito mine which, as per Goldcorp's 2016 annual report, was primarily due to lower throughput resulting from harder ore types processed and a longer than anticipated period to ramp up to full production following a planned 10 day shut down in the second quarter coupled with lower grades as a result of mine sequencing. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | 75,300 ounce (54%) increase related to the Salobo mine, primarily due to higher grades and throughput in addition to the acquisition of an additional 25% gold interest in the Salobo mine applying to gold produced from July 1, 2016; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | 27,700 ounce (53%) increase related to gold production at the Other mines, primarily due to the mining of higher grade material at Minto; and |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | 6,900 ounce (18%) increase related to the Sudbury mine, primarily due to higher grades and recovery. |
|--|--------|------------------------------------------------------------------------------------------------------|

|  | · | $25 million increase related to a 47% increase in payable gold ounces produced; |
|--|--------|---------------------------------------------------------------------------------|

|  | · | $32 million decrease related to the composition of mines from which silver and gold is produced; |
|--|--------|--------------------------------------------------------------------------------------------------|

|  | · | $9 million increase as a result of the timing of shipments of stockpiled concentrate and doré, primarily attributable to the following factors: |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | i. | $8 million increase relating to the Salobo mine; |
|--|----|--------------------------------------------------|

|  | ii. | $4 million increase relating to the Other silver interests, primarily attributable to Zinkgruvan; |
|--|-----|---------------------------------------------------------------------------------------------------|

|  | iii. | $4 million increase relating to the San Dimas mine; and |
|--|------|---------------------------------------------------------|

|  | iv. | $3 million increase relating to the Constancia mine; partially offset by |
|--|-----|--------------------------------------------------------------------------|

|  | v. | $8 million decrease relating to the Peñasquito mine. |
|--|----|-----------------------------------------------------------|

|  | · | $67 million increase due to an increase in the operating margin per ounce, due primarily to an 8% increase in the average realized selling price per ounce of silver and gold sold, partially offset by a 56% increase in depletion per silver ounce sold resulting from the addition of the Antamina silver interest which has a higher depletion rate as compared to silver interests acquired previously; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | $314 million increase as a result of a lower impairment charge taken during the year ended December 31, 2016 as compared to December 31, 2015, as more fully explained in the Impairment of Silver and Gold Interests section of this MD&A; and |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | $25 million decrease as a result of an increase in corporate costs as explained in the Corporate Costs section of this MD&A ($33 million decrease from a cash flow perspective). |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                           | Three Months Ended December 31                            | Years Ended December 31           |
|--------------------------------|-----------------------------------------------------------|-----------------------------------|
|  (in thousands)           | 2016                                                      | 2015                              | 2016 | 2015 |
| Silver interests               |                                                      |                              |   |   |
| Other silver interests         |                                                      |                              |   |   |
| Barrick                        |  $              - |  $    109,723 |  $               - |  $    109,723 |
| 777                            | -                                                         | 10,056                            | - | 63,778 |
| Keno Hill                      | -                                                         | 10,513                            | - | 10,513 |
| Gold interests                 |                                                      |                              |   |   |
| Sudbury                        | 71,000                                                    | 49,439                            | 71,000 | 49,439 |
| Other gold interests           |                                                      |                              |   |   |
| 777                            | -                                                         | 51,170                            | - | 151,469 |
|  Total impairment charges |  $      71,000                   |  $    230,901 |  $       71,000 |  $    384,922 |

----

|                              | Three Months Ended December 31                                                            | Years Ended December 31                                                   |
|-----------------------------------|-------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|
|  (in thousands)              | 2016                                                                                      | 2015                                                                      | 2016 | 2015 |
|  General and administrative  |  $           4,124                                     |  $           9,011                     |  $        34,439 |  $         32,237 |
| Other                             |                                                                                      |                                                                      |   |   |
| Other expense                     |   $             844 |  $              396          |  $          4,982 |  $           4,076 |
| Interest expense                  | 6,664                                                                                     | 1,364                                                                     | 24,193 | 4,090 |
| Income tax recovery               | (186)                                                                                     | (1,122)                                                                   | (1,330) | (3,391) |
|  Total other corporate costs |  $           7,322                                     |  $              638          |  $        27,845 |  $           4,775 |
|  Total corporate costs       |  $         11,446                            |  $           9,649 |  $        62,284 |  $         37,012 |

----

|                                                               | Three Months Ended December 31                  | Years Ended December 31                         |
|--------------------------------------------------------------------|-------------------------------------------------|-------------------------------------------------|
|  (in thousands)                                               | 2016                                            | 2015                                            | 2016 | 2015 |
| Salaries and benefits                                              |                                            |                                            |   |   |
| Salaries and benefits, excluding PSUs                              |  $          2,998 |  $          2,807 |  $       11,931 |  $       11,456 |
| PSUs                                                               | (4,227)                                         | 949                                             | (633) | 1,975 |
| Total salaries and benefits                                        |  $        (1,229)      |  $          3,756 |  $       11,298 |  $       13,431 |
| Depreciation                                                       | 256                                             | 244                                             | 952 | 621 |
| Charitable donations                                               | 476                                             | 181                                             | 1,976 | 1,965 |
| Professional fees                                                  | 1,193                                           | 809                                             | 6,168 | 2,040 |
| Other                                                              | 2,191                                           | 2,622                                           | 8,985 | 8,020 |
| Cash settled general and administrative                            |  $          2,887 |  $          7,612 |  $       29,379 |  $       26,077 |
|  Equity settled stock based compensation (a non-cash expense) | 1,237                                           | 1,399                                           | 5,060 | 6,160 |
|  Total general and administrative                             |  $          4,124 |  $          9,011 |  $       34,439 |  $       32,237 |

|                                                                                            | Three Months Ended December 31                                     | Years Ended December 31                                      |
|-------------------------------------------------------------------------------------------------|--------------------------------------------------------------------|--------------------------------------------------------------|
|  (in thousands)                                                                            | 2016                                                               | 2015                                                         | 2016 | 2015 |
|  Dividend income                                                                           |  $                (9) |  $              (23) |  $              (37) |  $           (126) |
| Interest income                                                                                 | (70)                                                               | (17)                                                         | (147) | (122) |
| Stand-by fees                                                                                   | 550                                                                | 810                                                          | 2,801 | 3,462 |
| Letter of guarantee                                                                             | 374                                                                | -                                                            | 1,185 | - |
| Foreign exchange (gain) loss                                                                    | (131)                                                              | (248)                                                        | 479 | (1,133) |
| Amortization of credit facility origination fees - undrawn facilities                           | 138                                                                | 205                                                          | 636 | 923 |
| Write off of credit facility origination fees upon the repayment of the non-revolving term loan | -                                                                  | -                                                            | - | 1,315 |
| Other                                                                                           | (8)                                                                | (331)                                                        | 65 | (243) |
|  Total other expense                                                                       |  $             844         |  $             396   |  $          4,982 |  $          4,076 |

----

|                                              | Three Months Ended December 31                  | Years Ended December 31                                             |
|---------------------------------------------------|-------------------------------------------------|---------------------------------------------------------------------|
|  (in thousands)                              | 2016                                            | 2015                                                                | 2016 | 2015 |
|  Average principle outstanding during period |  $     1,275,344       |  $       903,111                      |  $   1,148,500 |  $     815,939 |
| Average effective interest rate during period     | 2.09%                                           | 1.75%                                                               | 2.11% | 1.74% |
|  Total interest costs incurred during period |  $          6,664 |  $          3,944                     |  $       24,193 |  $       14,224 |
| Interest costs allocated as follows:              |                                            |                                                                |   |   |
| Interest costs expensed during the period         |  $          6,664 |  $          1,364                     |  $       24,193 |  $         4,090 |
| Interest costs capitalized during the period      | -                                               | 2,580                                                               | - | 10,134 |
|  Total interest costs incurred during period |  $          6,664 |  $          3,944 |  $       24,193 |  $       14,224 |

----

----

----

|     Silver and Gold Interests | Attributable PayableProduction to be Purchased | Per Ounce CashPayment 1, 2        | Term of Agreement | Date ofOriginal Contract |
|---------------------------------------------------|------------------------------------------------|-----------------------------------|-------------------|--------------------------|
|  Silver                                      | Gold                                           | Silver                            | Gold              |
| San Dimas                                         |  100% 3                                   |  0%                          | $                 | 4.28                     |   | n/a | Life of Mine | 15-Oct-04 |
| Peñasquito                                   |  25%                                      |  0%                          | $                 | 4.13                     |   | n/a | Life of Mine | 24-Jul-07 |
| Salobo                                            |  0%                                       |  75%                         |              | n/a                      | $ | 400 | Life of Mine | 28-Feb-13 |
| Sudbury                                           |  0%                                       |  70%                         |              | n/a                      | $ | 400 | 20 years | 28-Feb-13 |
| Antamina                                          |  33.75%                                   |  0%                          | 20% of Spot       |                     | n/a | Life of Mine | 3-Nov-15 |
| Constancia                                        |  100%                                     |  50% 4                       | $                 | 5.90  5             | $ | 400 5 | Life of Mine | 8-Aug-12 |
| Other                                             |                                           |                              |              |                     |   |   |   |   |
| Los Filos                                         |  100%                                     |  0%                          | $                 | 4.29                     |   | n/a | 25 years | 15-Oct-04 |
| Zinkgruvan                                        |  100%                                     |  0%                          | $                 | 4.27                     |   | n/a | Life of Mine | 8-Dec-04 |
| Yauliyacu                                         |  100% 6                                   |  0%                          | $                 | 8.747                    |   | n/a | Life of Mine | 23-Mar-06 |
| Stratoni                                          |  100%                                     |  0%                          | $                 | 4.18 8                   |   | n/a | Life of Mine | 23-Apr-07 |
| Minto                                             |  100%                                     |  100% 9                      | $                 | 4.14                     | $ | 318 | Life of Mine | 20-Nov-08 |
| Cozamin                                           |  100%                                     |  0%                          | $                 | 4.28                     |   | n/a | 10 years | 4-Apr-07 |
| Neves-Corvo                                       |  100%                                     |  0%                          | $                 | 4.18                     |   | n/a | 50 years | 5-Jun-07 |
| Aljustrel                                         |  100% 10                                  |  0%                          | $                 | 4.06                     |   | n/a | 50 years | 5-Jun-07 |
| Keno Hill                                         |  25%                                      |  0%                          | $                 | 3.90 11                  |   | n/a | Life of Mine | 2-Oct-08 |
| Barrick                                           |                                           |                              |              |                     |   |   |   |   |
| Pascua-Lama                                       |  25%                                      |  0%                          | $                 | 3.90                     |   | n/a | Life of Mine | 8-Sep-09 |
| Lagunas Norte                                     |  100%                                     |  0%                          | $                 | 3.90                     |   | n/a | 8.5 years | 8-Sep-09 |
| Pierina                                           |  100%                                     |  0%                          | $                 | 3.90                     |   | n/a | 8.5 years 12 | 8-Sep-09 |
| Veladero                                          |  100% 13                                  |  0%                          | $                 | 3.90                     |   | n/a | 8.5 years | 8-Sep-09 |
| Rosemont                                          |  100%                                     |  100%                        | $                 | 3.90                     | $ | 450 | Life of Mine | 10-Feb-10 |
| Loma de La Plata                                  |  12.5%                                    |  0%                          | $                 | 4.00                     |   | n/a | Life of Mine | n/a 14 |
| 777                                               |  100%                                     |  50%     | $                 | 6.02 5                   | $ | 4085 | Life of Mine | 8-Aug-12 |
| Early Deposit                                     |                                           |                              |              |                     |   |   |   |   |
| Toroparu                                          |  50%                                      |  10%                         | $                 | 3.90                     | $ | 400 | Life of Mine | 11-Nov-13 |
| Cotabambas                                        |  100% 15                                  |  25% 15                      | $                 | 5.90                     | $ | 450 | Life of Mine | 21-Mar-16 |

| 1) | Subject to an annual inflationary adjustment with the exception of Loma de La Plata and Sudbury. |
|----|--------------------------------------------------------------------------------------------------|

| 2) | Should the prevailing market price for silver or gold be lower than this amount, the per ounce cash payment will be reduced to the prevailing market price, with the exception of Yauliyacu where the per ounce cash payment will not be reduced below $4.24 per ounce, subject to an annual inflationary factor. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3) | Silver Wheaton is committed to purchase from Primero a per annum amount equal to the first 6 million ounces of payable silver produced at San Dimas and 50% of any excess. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4) | Gold recoveries will be set at 55% for the Constancia deposit and 70% for the Pampacancha deposit until 265,000 ounces of gold have been delivered to the Company. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5) | Subject to an increase to $9.90 per ounce of silver and $550 per ounce of gold after the initial 40 year term. |
|----|----------------------------------------------------------------------------------------------------------------|

| 6) | Silver Wheaton is committed to purchase from Glencore a per annum amount equal to the first 1.5 million ounces of payable silver produced at Yauliyacu and 50% of any excess. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7) | Should the market price of silver exceed $20 per ounce, in addition to the $8.74 per ounce, the Company is committed to pay Glencore an additional amount for each ounce of silver delivered equal to 50% of the excess, to a maximum of $10 per ounce, such that when the market price of silver is $40 or above, the Company will pay Glencore $18.74 per ounce of silver delivered. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8) | In October 2015, in order to incentivize additional exploration and potentially extend the limited remaining mine life of Stratoni, Silver Wheaton and Eldorado Gold agreed to modify the Stratoni silver purchase agreement. The primary modification is to increase the production price per ounce of silver delivered to Silver Wheaton over the current fixed price by one of the following amounts: (i) $2.50 per ounce of silver delivered if 10,000 meters of drilling is completed outside of the existing ore body and within Silver Wheaton's defined area of interest ("Expansion Drilling"); (ii) $5.00 per ounce of silver delivered if 20,000 meters of Expansion Drilling is completed; and (iii) $7.00 per ounce of silver delivered if 30,000 meters of Expansion Drilling is completed. Drilling in all three cases must be completed by December 31, 2020, in order for the agreed upon increase in production price to be initiated. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9) | The Company is committed to acquire 100% of the first 30,000 ounces of gold produced per annum and 50% thereafter. |
|----|--------------------------------------------------------------------------------------------------------------------|

| 10) | Silver Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine. |
|-----|------------------------------------------------------------------------------------------------------------------------------|

| 11) | In June 2014, the Company amended its silver purchase agreement with Alexco to increase the production payment to be a function of the silver price at the time of delivery. In addition, the area of interest was expanded to include properties currently owned by Alexco and properties acquired by Alexco in the future which fall within a one kilometer radius of existing Alexco holdings in the Keno Hill Silver District. The amended agreement is conditional on Alexco paying Silver Wheaton $20 million by March 31, 2017 at Alexco's option. Certain provisions of the amended agreement are not applicable to the Bermingham deposit properties, with the result being that the original silver purchase agreement will continue to apply to those properties. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12) | As per Barrick's disclosure, closure activities were initiated at Pierina in August 2013. |
|-----|-------------------------------------------------------------------------------------------|

| 13) | Silver Wheaton's attributable silver production is subject to a maximum of 8% of the silver contained in the ore processed at Veladero during the period. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14) | Terms of the agreement not yet finalized. |
|-----|-------------------------------------------|

| 15) | Once 90 million silver equivalent ounces attributable to Silver Wheaton have been produced, the attributable production to be purchased will decrease to 66.67% of silver production and 16.67% of gold production for the life of mine. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                |   | Obligations With Scheduled Payment Dates                                        |        |                                                                            |      |                                                                            |
|-------------------------------------|--------|---------------------------------------------------------------------------------|-------------|---------------------------------------------------------------------------------|-----------|---------------------------------------------------------------------------------|
|  (in thousands)                | 2017   | 2018 - 2020                                                                     | 2021 - 2022 | After 2022                                                                      | Sub-Total | Other Commitments                                                               | Total |
|  Bank debt 1                   | $      |              - | $           |              - | $         |  1,193,000                                                                 | $ |              - | $ |  1,193,000 | $ |              - |  $ |  1,193,000 |
| Interest 2                          |   |       30,804                                      |        |     107,260                                                 |      |         5,858                           |   |              - |   |     143,922 |   |              - |   |     143,922 |
| Silver and gold interest payments 3 |   |                                                                            |        |                                                                            |      |                                                                            |   |   |   |   |   |   |   |   |
| Rosemont 4                          |   |              - |        |              - |      |              - |   |              - |   |              - |   |     231,150 |   |     231,150 |
| Loma de La Plata                    |   |              - |        |              - |      |              - |   |              - |   |              - |   |       32,400 |   |       32,400 |
| Toroparu                            |   |              - |        |              - |      |              - |   |              - |   |              - |   |     138,000 |   |     138,000 |
| Cotabambas                          |   |         1,500                           |        |         4,500                           |      |         3,000                           |   |         1,000 |   |       10,000 |   |     126,000 |   |     136,000 |
| Operating leases                    |   |         1,224                           |        |         3,496                           |      |         1,794                           |   |         1,884 |   |         8,398 |   |              - |   |         8,398 |
|  Total contractual obligations | $      |       33,528                                      | $           |     115,256                                                 | $         |  1,203,652                                                                 | $ |         2,884 | $ |  1,355,320 | $ |     527,550 |  $ |  1,882,870 |

| 1) | At December 31, 2016, the Company had $1.2 billion drawn and outstanding on the Revolving Facility. |
|----|-----------------------------------------------------------------------------------------------------|

| 2) | As the applicable interest rates are floating in nature, the interest charges are estimated based on market-based forward interest rate curves at the end of the reporting period. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3) | Does not reflect the contingent payment due related to the Salobo gold purchase agreement (see the Salobo section, below). |
|----|----------------------------------------------------------------------------------------------------------------------------|

| 4) | Includes contingent transaction costs of $1 million. |
|----|------------------------------------------------------|

----

----

----

|               | CRA Position/Status                                                                                                                                                                                                                                         | Potential Income Inclusion                                                                                                                                                                          | Potential Income Tax Payable                                                                                                                                                                                                                                                                      | Payments Made                                                                                                                                                                                       | Timing                                                                                                                    |
|-------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|
| 2005-2010Taxation Years | Transfer pricing provisions of the Act should apply such that Silver Wheaton's income subject to tax in Canada should be increased by an amount equal to substantially all of the income earned outside of Canada by Silver Wheaton's foreign subsidiaries. | CRA has reassessed Silver Wheaton and is seeking to increase Silver Wheaton's income subject to tax in Canada by Cdn$715 million.                                                                   | CRA has reassessed Silver Wheaton and is seeking to impose income tax of Cdn$201 million. In addition, transfer pricing penalties of Cdn$72 million and interest (calculated to September 24, 2015) and other penalties of Cdn$81 million have been assessed for total of Cdn$353 million.(1),(4) | Silver Wheaton has posted security in the form of letters of guarantee totaling Cdn$202 million which includes interest accrued to March 2017 plus estimated interestfor the following year.(1),(4) | An appeal in the Tax Court of Canada commenced January 8, 2016. Timing of resolution of the matter in court is uncertain. |
| 2011-2013Taxation Years | CRA audit commenced January 19, 2016. CRA has not issued a proposal or reassessment.                                                                                                                                                                        | If CRA were to reassess on similar basis as 2005-2010 taxation years, CRA would seek to increase Silver Wheaton's income subject to tax in Canada by approximately$1.2 billion. (2)                 | If CRA were to reassess on similar basis as 2005-2010 taxation years, CRA would seek to impose income tax of approximately $310 million.(2), (3)                                                                                                                                                  | N/A                                                                                                                                                                                                 | Time to complete CRA audit unknown.                                                                                       |
| 2014-2016Taxation Years | Remain open to audit by CRA.                                                                                                                                                                                                                                | If CRA were to audit and then reassess on similar basis as 2005-2010 taxation years, CRA would seek to increase Silver Wheaton's income subject to tax in Canada by approximately $550 million. (2) | If CRA were to audit and then reassess on similar basis as 2005-2010 taxation years, CRA would seek to impose income tax of approximately $142 million. (2), (3)                                                                                                                                  | N/A                                                                                                                                                                                                 | N/A                                                                                                                       |

| 1) | Estimates of interest given as of the date stated. Interest accrues until payment date. |
|----|-----------------------------------------------------------------------------------------|

| 2) | For precious metal purchase agreements with upfront payments paid in the form of a deposit, the estimates of income inclusion and tax payable are based on the cost of precious metal acquired under such precious metal purchase agreements being equal to the market value of such precious metal. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3) | This amount does not include potential interest and penalties to the extent may be applicable. |
|----|------------------------------------------------------------------------------------------------|

| 4) | As a consequence of the CRA's reassessment of the 2005-2010 taxation years, CRA has denied non-capital losses of US$12 million and US$14 million that the Company had carried forward and applied to the 2011 and 2012 taxation years, respectively.  Accordingly, the Company has carried back non-capital losses from subsequent taxation years to eliminate the taxable income in the 2011 and 2012 taxation years.  However, interest and penalties of US$1.3 million remained owing, 50% of which has been paid as the Company filed Notices of Objection with respect to the reassessments of the 2011 and 2012 taxation years. The reassessments do not relate to the CRA international audit of the 2011-2013 taxation years. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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----

----

----

----

----

----

----

| · | IFRS 9 (2014) – Financial Instruments (amended 2014): In July 2014, the IASB issued the final version of IFRS 9 – Financial Instruments ("IFRS 9"). The Company adopted IFRS 9 (2009) – Financial Instruments effective January 1, 2010. The Company is currently evaluating the impact this amended standard is expected to have on its consolidated financial statements. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | IFRS 15 – Revenue from Contracts with Customers: In May 2014 the IASB and the Financial Accounting Standards Board ("FASB") completed its joint project to clarify the principles for recognizing revenue and to develop a common revenue standard for IFRS and US GAAP. IFRS 15 establishes principles to address the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity's contracts with customers. The Company is currently evaluating the impact this amended standard is expected to have on its consolidated financial statements. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | IFRS 16 – Leases: In January 2016 the IASB and the FASB completed its joint project to address concerns by users of financial statements in respect of reduced comparability between financial statements due to the different accounting treatment applied to operating leases as compared to finance leases by removing the distinction between operating leases and finance leases and rather having all leases accounted for as a finance lease, subject to limited exceptions for short-term leases and leases of low value assets. The Company is currently evaluating the impact this amended standard is expected to have on its consolidated financial statements. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | i. | 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. |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                  | Three Months Ended December 31 | Years Ended December 31 |
|-------------------------------------------------------|--------------------------------|-------------------------|
|  (in thousands, except for per share amounts)    |                           | 2016                    |   | 2015 |   | 2016 |   | 2015 |
|  Net earnings (loss)                             |                           | $                       | 10,865 |   | $ | (169,263) |   | $ | 195,137 |   | $ | (162,042) |
|  Add back - impairment loss, net of tax          |                           |                    | 71,000 |   |   | 226,673 |   |   | 71,000 |   |   | 372,399 |
|  Adjusted net earnings                           |                           | $                       | 81,865 |   | $ | 57,410 |   | $ | 266,137 |   | $ | 210,357 |
|  Divided by:                                     |                           |                    |   |   |   |   |   |   |   |   |   |   |
| Basic weighted average number of shares outstanding   |                           |                    | 441,299 |   |   | 403,909 |   |   | 430,461 |   |   | 395,755 |
| Diluted weighted average number of shares outstanding |                           |                    | 441,784 |   |   | 404,079 |   |   | 430,845 |   |   | 395,938 |
|  Equals:                                         |                           |                    |   |   |   |   |   |   |   |   |   |   |
| Adjusted earnings per share - basic                   |                           | $                       | 0.19 |   | $ | 0.14 |   | $ | 0.62 |   | $ | 0.53 |
| Adjusted earnings per share - diluted                 |                           | $                       | 0.19 |   | $ | 0.14 |   | $ | 0.62 |   | $ | 0.53 |

----

|  | ii. | 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. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                  | Three Months Ended December 31 | Years Ended December 31 |
|-------------------------------------------------------|--------------------------------|-------------------------|
|  (in thousands, except for per share amounts)    |                           | 2016                    |   | 2015 |   | 2016 |   | 2015 |
|  Cash generated by operating activities          |                           | $                       | 174,702 |   | $ | 133,389 |   | $ | 584,301 |   | $ | 431,359 |
|  Divided by:                                     |                           |                    |   |   |   |   |   |   |   |   |   |   |
| Basic weighted average number of shares outstanding   |                           |                    | 441,299 |   |   | 403,909 |   |   | 430,461 |   |   | 395,755 |
| Diluted weighted average number of shares outstanding |                           |                    | 441,784 |   |   | 404,079 |   |   | 430,845 |   |   | 395,938 |
|  Equals:                                         |                           |                    |   |   |   |   |   |   |   |   |   |   |
| Operating cash flow per share - basic                 |                           | $                       | 0.40 |   | $ | 0.33 |   | $ | 1.36 |   | $ | 1.09 |
| Operating cash flow per share - diluted               |                           | $                       | 0.40 |   | $ | 0.33 |   | $ | 1.36 |   | $ | 1.09 |

----

|  | iii. | 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. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                    | Three Months Ended December 31 | Years Ended December 31 |
|-------------------------------------------------------------------------|--------------------------------|-------------------------|
|  (in thousands, except for gold ounces sold and per ounce amounts) |                           | 2016                    |   | 2015 |   | 2016 |   | 2015 |
|  Cost of sales                                                     |                           | $                       | 165,180 |   | $ | 129,209 |   | $ | 563,136 |   | $ | 388,795 |
| Less:  depletion                                                   |                           |                    | (88,366) |   |   | (67,962) |   |   | (308,702) |   |   | (198,581) |
|  Cash cost of sales                                                |                           | $                       | 76,814 |   | $ | 61,247 |   | $ | 254,434 |   | $ | 190,214 |
|  Cash cost of sales is comprised of:                               |                           |                    |   |   |   |   |   |   |   |   |   |   |
| Total cash cost of silver sold                                          |                           | $                       | 34,486 |   | $ | 35,551 |   | $ | 125,242 |   | $ | 110,728 |
| Total cash cost of gold sold                                            |                           |                    | 42,328 |   |   | 25,696 |   |   | 129,192 |   |   | 79,486 |
|  Total cash cost of sales                                          |                           | $                       | 76,814 |   | $ | 61,247 |   | $ | 254,434 |   | $ | 190,214 |
|  Divided by:                                                       |                           |                    |   |   |   |   |   |   |   |   |   |   |
| Total silver ounces sold                                                |                           |                    | 7,506 |   |   | 8,751 |   |   | 28,322 |   |   | 26,566 |
| Total gold ounces sold                                                  |                           |                    | 108,931 |   |   | 64,899 |   |   | 330,009 |   |   | 202,349 |
|  Equals:                                                           |                           |                    |   |   |   |   |   |   |   |   |   |   |
| Average cash cost of silver (per ounce)                                 |                           | $                       | 4.59 |   | $ | 4.06 |   | $ | 4.42 |   | $ | 4.17 |
| Average cash cost of gold (per ounce)                                   |                           | $                       | 389 |   | $ | 396 |   | $ | 391 |   | $ | 393 |

----

|  | iv. | 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 as well as to evaluate the Company's ability to generate cash flow. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                    | Three Months Ended December 31 | Years Ended December 31 |
|-------------------------------------------------------------------------|--------------------------------|-------------------------|
|  (in thousands, except for gold ounces sold and per ounce amounts) |                           | 2016                    |   | 2015 |   | 2016 |   | 2015 |
|  Total sales:                                                      |                           |                    |   |   |   |   |   |   |   |   |   |   |
| Silver                                                                  |                           | $                       | 127,210 |   | $ | 129,087 |   | $ | 480,341 |   | $ | 415,578 |
| Gold                                                                    |                           | $                       | 131,281 |   | $ | 71,409 |   | $ | 411,216 |   | $ | 233,109 |
| Divided by:                                                             |                           |                    |   |   |   |   |   |   |   |   |   |   |
| Total silver ounces sold                                                |                           |                    | 7,506 |   |   | 8,751 |   |   | 28,322 |   |   | 26,566 |
| Total gold ounces sold                                                  |                           |                    | 108,931 |   |   | 64,899 |   |   | 330,009 |   |   | 202,349 |
|  Equals:                                                           |                           |                    |   |   |   |   |   |   |   |   |   |   |
| Average realized price of silver (per ounce)                            |                           | $                       | 16.95 |   | $ | 14.75 |   | $ | 16.96 |   | $ | 15.64 |
| Average realized price of gold (per ounce)                              |                           | $                       | 1,205 |   | $ | 1,100 |   | $ | 1,246 |   | $ | 1,152 |
| Less:                                                                   |                           |                    |   |   |   |   |   |   |   |   |   |   |
| Average cash cost of silver 1 (per ounce)                               |                           | $                       | (4.59) |   | $ | (4.06) |   | $ | (4.42) |   | $ | (4.17) |
| Average cash cost of gold 1 (per ounce)                                 |                           | $                       | (389) |   | $ | (396) |   | $ | (391) |   | $ | (393) |
|  Equals:                                                           |                           |                    |   |   |   |   |   |   |   |   |   |   |
| Cash operating margin per silver ounce sold                             |                           | $                       | 12.36 |   | $ | 10.69 |   | $ | 12.54 |   | $ | 11.47 |
| As a percentage of realized price of silver                             |                           |                    | 73% |   |   | 72% |   |   | 74% |   |   | 73% |
| Cash operating margin per gold ounce sold                               |                           | $                       | 816 |   | $ | 704 |   | $ | 855 |   | $ | 759 |
| As a percentage of realized price of gold                               |                           |                    | 68% |   |   | 64% |   |   | 69% |   |   | 66% |

|  | 1) |   Refer to discussion on non-IFRS measure (iii) on page 43 of this MD&A. |
|--|----|-----------------------------------------------------------------------------------|

----

|  | · | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, and that receipts and expenditures of the Company are being made only in accordance with authorizations of the Company's management and directors; and, |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the annual financial statements or interim financial statements. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                       |  Proven | Probable | Proven & Probable |    |
|----------------------------|--------------|----------|-----------------------|---------|
|                       | Tonnage      | Grade    | Contained             | Tonnage | Grade | Contained | Tonnage | Grade | Contained | Process Recovery % (7) |
|                       | Mt           | g/t      | Moz                   | Mt      | g/t | Moz | Mt | g/t | Moz |
| Silver                     |         |     |                  |    |   |   |   |   |   |   |
| Peñasquito (25%) (10) |         |     |                  |    |   |   |   |   |   |   |
| Mill                       | 98.5         | 32.8     | 103.7                 | 48.8    | 24.6 | 38.6 | 147.3 | 30.1 | 142.3 | 75-80% |
| Heap Leach                 | 2.1          | 23.0     | 1.6                   | 0.5     | 20.8 | 0.3 | 2.6 | 22.6 | 1.9 | 22-28% |
| San Dimas (10, 11)         | 1.0          | 361.0    | 11.5                  | 3.0     | 308.0 | 29.7 | 4.0 | 321.2 | 41.2 | 92% |
| Antamina (33.75%) (12,13)  |         |     |                  |    |   |   |   |   |   |   |
| Copper                     | 38.8         | 8.0      | 10.0                  | 64.1    | 8.0 | 16.5 | 102.9 | 8.0 | 26.5 | 71% |
| Copper-Zinc                | 19.9         | 17.0     | 10.9                  | 63.5    | 13.0 | 26.5 | 83.4 | 14.0 | 37.4 | 71% |
| Pascua-Lama (25%)          | 7.3          | 70.3     | 16.5                  | 62.2    | 67.6 | 135.2 | 69.5 | 67.9 | 151.7 | 82% |
| Veladero (12)              | 2.0          | 17.1     | 1.1                   | 35.9    | 17.1 | 19.8 | 37.9 | 17.1 | 20.9 | 8% |
| Lagunas Norte (12)         | 4.5          | 4.5      | 0.6                   | 16.0    | 4.5 | 2.3 | 20.5 | 4.5 | 2.9 | 34% |
| Constancia                 | 451.7        | 3.0      | 43.0                  | 128.7   | 2.8 | 11.4 | 580.4 | 2.9 | 54.4 | 70% |
| Zinkgruvan                 |         |     |                  |    |   |   |   |   |   |   |
| Zinc                       |  7.4    | 81.0     | 19.2                  | 3.4     | 51.0 | 5.6 | 10.8 | 71.6 | 24.8 | 83% |
| Copper                     | 3.6          | 29.0     | 3.3                   | -       | - | - | 3.6 | 29.0 | 3.3 | 70% |
| Neves-Corvo                |         |     |                  |    |   |   |   |   |   |   |
| Copper                     | 6.4          | 35.0     | 7.2                   | 19.7    | 35.0 | 22.2 | 26.1 | 35.0 | 29.4 | 24% |
| Zinc                       | 7.4          | 75.0     | 17.9                  | 16.0    | 63.0 | 32.5 | 23.4 | 66.8 | 50.4 | 30% |
| Yauliyacu (14)             | 1.6          | 239.0    | 12.5                  | 5.1     | 170.0 | 27.9 | 6.7 | 186.7 | 40.4 | 83% |
| 777 (15)                   | 3.3          | 26.7     | 2.8                   | 3.0     | 27.8 | 2.7 | 6.3 | 27.2 | 5.5 | 48% |
| Stratoni                   | 0.4          | 172.0    | 2.4                   | 0.2     | 184.0 | 1.3 | 0.7 | 176.2 | 3.7 | 80% |
| Cozamin (12)               | -            | -        | -                     | 0.3     | 49.0 | 0.5 | 0.3 | 49.0 | 0.5 | 74% |
| Minto                      | 1.7          | 8.3      | 0.5                   | 3.8     | 5.2 | 0.6 | 5.5 | 6.1 | 1.1 | 78% |
| Los Filos                  | 23.9         | 5.4      | 4.1                   | 16.8    | 10.4 | 5.6 | 40.7 | 7.4 | 9.7 | 5% |
| Rosemont (16)              | 279.5        | 4.1      | 37.0                  | 325.8   | 4.1 | 43.1 | 605.3 | 4.1 | 80.1 | 76% |
| Metates Royalty (17)       | 4.3          | 17.2     | 2.4                   | 12.3    | 13.1 | 5.2 | 16.5 | 14.2 | 7.5 | 66% |
| Total Silver               |         |     | 308.2                 |    |   | 427.4 |   |   | 735.6 |   |
| Gold                       |         |     |                  |    |   |   |   |   |   |   |
| Salobo (75%) (10)          | 467.8        | 0.36     | 5.48                  | 415.9   | 0.30 | 3.95 | 883.7 | 0.33 | 9.44 | 68% |
| Sudbury (70%) (12)         | -            | -        | -                     | 39.2    | 0.44 | 0.55 | 39.2 | 0.44 | 0.55 | 77% |
| Constancia (50%)           | 225.9        | 0.05     | 0.37                  | 64.4    | 0.07 | 0.14 | 290.2 | 0.05 | 0.51 | 61% |
| 777 (12,15)                | 2.0          | 1.80     | 0.12                  | 1.8     | 1.80 | 0.11 | 3.9 | 1.80 | 0.22 | 59% |
| Minto                      | 1.7          | 1.19     | 0.06                  | 3.8     | 0.64 | 0.08 | 5.5 | 0.81 | 0.14 | 77% |
| Toroparu (10%) (18)        | 3.0          | 1.10     | 0.10                  | 9.7     | 0.98 | 0.31 | 12.7 | 1.00 | 0.41 | 89% |
| Metates Royalty (17)       | 4.3          | 0.70     | 0.10                  | 12.3    | 0.45 | 0.18 | 16.5 | 0.52 | 0.27 | 91% |
| Total Gold                 |         |     | 6.23                  |    |   | 5.32 |   |   | 11.55 |   |

----

|                       |  Measured | Indicated | Measured & Indicated |
|----------------------------|----------------|-----------|--------------------------|
|                       | Tonnage        | Grade     | Contained                | Tonnage | Grade | Contained | Tonnage | Grade | Contained |
|                       | Mt             | g/t       | Moz                      | Mt | g/t | Moz | Mt | g/t | Moz |
| Silver                     |           |      |                     |   |   |   |   |   |   |
| Peñasquito (25%) (10) |           |      |                     |   |   |   |   |   |   |
| Mill                       | 29.6           | 27.2      | 25.9                     | 46.3 | 22.8 | 33.9 | 75.9 | 24.5 | 59.8 |
| Heap Leach                 | 1.8            | 32.1      | 1.9                      | 3.8 | 23.6 | 2.9 | 5.6 | 26.4 | 4.8 |
| San Dimas (10, 11)         | 0.7            | 371.4     | 7.8                      | 1.4 | 223.6 | 9.8 | 2.0 | 271.5 | 17.6 |
| Antamina (33.75%) (12,13)  |           |      |                     |   |   |   |   |   |   |
| Copper                     | 15.5           | 6.0       | 3.0                      | 111.4 | 9.0 | 32.2 | 126.9 | 8.6 | 35.2 |
| Copper-Zinc                | 6.4            | 16.0      | 3.3                      | 46.6 | 18.0 | 27.0 | 53.0 | 17.8 | 30.3 |
| Pascua-Lama (25%)          | 3.4            | 28.9      | 3.2                      | 35.8 | 25.4 | 29.3 | 39.2 | 25.7 | 32.4 |
| Constancia                 | 171.7          | 2.3       | 12.9                     | 304.3 | 1.9 | 19.0 | 476.0 | 2.1 | 31.9 |
| Zinkgruvan                 |           |      |                     |   |   |   |   |   |   |
| Zinc                       | 1.5            | 99.4      | 4.7                      | 5.2 | 103.2 | 17.2 | 6.6 | 102.3 | 21.9 |
| Copper                     | 1.6            | 35.2      | 1.8                      | 0.6 | 36.0 | 0.7 | 2.2 | 35.4 | 2.5 |
| Neves-Corvo                |           |      |                     |   |   |   |   |   |   |
| Copper                     | 8.6            | 49.2      | 13.6                     | 36.4 | 49.3 | 57.6 | 45.0 | 49.3 | 71.2 |
| Zinc                       | 8.4            | 57.0      | 15.3                     | 76.0 | 54.0 | 131.9 | 84.4 | 54.3 | 147.2 |
| Yauliyacu (14)             | 3.6            | 233.0     | 26.8                     | 11.2 | 215.2 | 77.4 | 14.8 | 219.5 | 104.2 |
| 777 (15)                   | -              | -         | -                        | 0.7 | 26.3 | 0.6 | 0.7 | 26.3 | 0.6 |
| Stratoni                   | 0.3            | 193.5     | 1.7                      | 0.2 | 203.8 | 1.4 | 0.5 | 198.0 | 3.1 |
| Minto                      | 6.2            | 2.6       | 0.5                      | 32.6 | 3.1 | 3.2 | 38.8 | 3.0 | 3.8 |
| Los Filos                  | 111.7          | 6.3       | 22.7                     | 270.2 | 9.3 | 81.2 | 381.8 | 8.5 | 103.9 |
| Rosemont (16)              | 38.5           | 3.0       | 3.7                      | 197.7 | 2.7 | 17.1 | 236.2 | 2.7 | 20.8 |
| Aljustrel (19)             | 1.3            | 65.6      | 2.7                      | 20.5 | 60.3 | 39.7 | 21.8 | 60.7 | 42.4 |
| Keno Hill (25%)            |           |      |                     |   |   |   |   |   |   |
| Underground                | -              | -         | -                        | 0.9 | 510.1 | 14.5 | 0.9 | 510.1 | 14.5 |
| Elsa Tailings              | -              | -         | -                        | 0.6 | 119.0 | 2.4 | 0.6 | 119.0 | 2.4 |
| Loma de La Plata (12.5%)   | -              | -         | -                        | 3.6 | 169.0 | 19.8 | 3.6 | 169.0 | 19.8 |
| Cotabambas (20)            | -              | -         | -                        | 117.1 | 2.7 | 10.3 | 117.1 | 2.7 | 10.3 |
| Toroparu (50%) (18)        | 22.2           | 1.2       | 0.8                      | 97.9 | 0.7 | 2.3 | 120.1 | 0.8 | 3.1 |
| Total Silver               |           |      | 152.3                    |   |   | 631.3 |   |   | 783.6 |
| Gold                       |           |      |                     |   |   |   |   |   |   |
| Salobo (75%) (10)          | 28.0           | 0.44      | 0.39                     | 143.0 | 0.31 | 1.43 | 171.0 | 0.33 | 1.82 |
| Sudbury (70%) (12)         | -              | -         | -                        | 11.5 | 0.20 | 0.07 | 11.5 | 0.20 | 0.07 |
| Constancia (50%)           | 85.8           | 0.04      | 0.11                     | 152.2 | 0.03 | 0.16 | 238.0 | 0.04 | 0.28 |
| 777 (12,15)                | -              | -         | -                        | 0.4 | 1.83 | 0.02 | 0.4 | 1.83 | 0.02 |
| Minto                      | 6.2            | 0.30      | 0.06                     | 32.6 | 0.33 | 0.35 | 38.8 | 0.33 | 0.41 |
| Cotabambas (25%) (20)      | -              | -         | -                        | 29.3 | 0.23 | 0.22 | 29.3 | 0.23 | 0.22 |
| Toroparu (10%) (18)        | 0.9            | 0.87      | 0.03                     | 7.9 | 0.83 | 0.21 | 8.8 | 0.84 | 0.24 |
| Total Gold                 |           |      | 0.59                     |   |   | 2.47 |   |   | 3.05 |

----

|                       |  Inferred |
|----------------------------|----------------|
|                       | Tonnage        | Grade | Contained |
|                       | Mt             | g/t | Moz |
| Silver                     |           |   |   |
| Peñasquito (25%) (10) |           |   |   |
| Mill                       | 7.1            | 19.4 | 4.4 |
| Heap Leach                 | 0.01           | 5.0 | 0.002 |
| San Dimas (10, 11)         | 7.2            | 317.3 | 73.5 |
| Antamina (33.75) (12,13)   |           |   |   |
| Copper                     | 219.4          | 8.0 | 56.4 |
| Copper-Zinc                | 115.9          | 15.0 | 55.9 |
| Pascua-Lama (25%)          | 3.8            | 17.8 | 2.2 |
| Constancia                 | 138.1          | 1.7 | 7.5 |
| Zinkgruvan                 |           |   |   |
| Zinc                       | 7.9            | 83.0 | 21.0 |
| Copper                     | 0.2            | 25.0 | 0.2 |
| Neves-Corvo                |           |   |   |
| Copper                     | 12.8           | 37.0 | 15.2 |
| Zinc                       | 11.4           | 52.0 | 19.0 |
| Yauliyacu (14)             | 0.5            | 275.3 | 4.7 |
| 777 (15)                   | 0.7            | 32.6 | 0.7 |
| Stratoni                   | 0.5            | 169.0 | 2.7 |
| Minto                      | 25.3           | 2.5 | 2.1 |
| Los Filos                  | 162.7          | 9.8 | 51.3 |
| Rosemont (16)              | 104.5          | 3.3 | 11.1 |
| Aljustrel (19)             | 8.7            | 50.4 | 14.0 |
| Keno Hill (25%)            |           |   |   |
| Underground                | 0.3            | 433.4 | 4.2 |
| Loma de La Plata (12.5%)   | 0.2            | 76.0 | 0.4 |
| Cotabambas (20)            | 605.3          | 2.3 | 45.4 |
| Toroparu (50%) (18)        | 64.8           | 0.1 | 0.2 |
| Metates Royalty (17)       | 0.8            | 9.5 | 0.2 |
| Total Silver               |           |   | 392.1 |
| Gold                       |           |   |   |
| Salobo (75%) (10)          | 144.1          | 0.28 | 1.31 |
| Sudbury (70%) (12)         | 9.8            | 0.37 | 0.12 |
| Constancia (50%)           | 69.0           | 0.02 | 0.04 |
| 777 (12,15)                | 0.3            | 1.76 | 0.02 |
| Minto                      | 25.3           | 0.25 | 0.20 |
| Cotabambas (25%) (20)      | 151.3          | 0.17 | 0.84 |
| Toroparu (10%) (18)        | 13.0           | 0.74 | 0.31 |
| Metates Royalty (17)       | 0.8            | 0.39 | 0.01 |
| Total Gold                 |           |   | 2.85 |

----

| 1. | All Mineral Reserves and Mineral Resources have been estimated in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards for Mineral Resources and Mineral Reserves and National Instrument 43-101 – Standards for Disclosure for Mineral Projects ("NI 43-101"), or the 2012 Australasian Joint Ore Reserves Committee (JORC)  Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Mineral Reserves and Mineral Resources are reported above in millions of metric tonnes ("Mt"), grams per metric tonne ("g/t") and millions of ounces ("Moz"). |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Qualified persons ("QPs"), as defined by the NI 43-101, for the technical information contained in this document (including the Mineral Reserve and Mineral Resource estimates) are as follows: |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | a. | Neil Burns, M.Sc., P.Geo. (Vice President, Technical Services); Ryan Ulansky, M.A.Sc., P.Eng. (Senior Director, Engineering), both employees of the Company (the "Company's QPs"). |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The Mineral Resources reported in the above tables are exclusive of Mineral Reserves.  The San Dimas mine, Minto mine, Neves-Corvo mine, Zinkgruvan mine, Stratoni mine and Toroparu project (gold only) report Mineral Resources inclusive of Mineral Reserves.  The Company's QPs have made the exclusive Mineral Resource estimates for these mines based on average mine recoveries and dilution. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. |
|----|-----------------------------------------------------------------------------------------------|

| 6. | Other than as detailed below, Mineral Reserves and Mineral Resources are reported as of December 31, 2016 based on information available to the Company as of the date of this document, and therefore will not reflect updates, if any, after such date. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | a. | Mineral Resources for Aljustrel's Feitais and Moinho mines are reported as of November 30, 2010. Mineral Resources for the Estaçao project are reported as of December 31, 2007. |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | b. | Mineral Resources for the Cotabambas project are reported as of June 20, 2013. |
|--|----|--------------------------------------------------------------------------------|

|  | c. | Mineral Resources and Mineral Reserves for the 777, Cozamin, Minto and Stratoni mines are reported as of December 31, 2015. |
|--|----|-----------------------------------------------------------------------------------------------------------------------------|

|  | d. | Mineral Resources for Keno Hill's Elsa Tailings project are reported as of April 22, 2010, Lucky Queen project as of July 27, 2011, Onek project as of October 15, 2014, Flame and Moth project as of April 28, 2015, Bermingham project as of January 3, 2017, Bellekeno mine Inferred Mineral Resources as of September 30, 2012 and Bellekeno mine Indicated Mineral Resources as of September 30, 2013. |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | e. | Mineral Resources for the Loma de La Plata project are reported as of May 20, 2009. |
|--|----|-------------------------------------------------------------------------------------|

|  | f. | Mineral Resources and Mineral Reserves for the Los Filos, Peñasquito, Neves-Corvo and Zinkgruvan mines are reported as of June 30, 2016. |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|  | g. | Mineral Resources and Mineral Reserves for the Metates royalty are reported as of April 29, 2016. |
|--|----|---------------------------------------------------------------------------------------------------|

|  | h. | Mineral Resources and Mineral Reserves for the Rosemont project are reported as of August 28, 2012. |
|--|----|-----------------------------------------------------------------------------------------------------|

|  | i. | Mineral Resources and Mineral Reserves for gold at the Toroparu project are reported as of March 31, 2013 and Mineral Resources for silver are reported as of September 1, 2014. |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Process recoveries are the average percentage of silver or gold in a saleable product (doré or concentrate) recovered from mined ore at the applicable site process plants as reported by the operators. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Mineral Reserves are estimated using appropriate process and mine recovery rates, dilution, operating costs and the following commodity prices: |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|  | a. | Antamina mine - $2.97 per pound copper, $1.03 per pound zinc, $10.70 per pound molybdenum and $18.72 per ounce silver. |
|--|----|------------------------------------------------------------------------------------------------------------------------|

|  | b. | Constancia mine - $6.04 per tonne NSR cut-off assuming $1,260 per ounce gold, $18.00 per ounce silver, $3.00 per pound copper and $11.00 per pound molybdenum. |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | c. | Cozamin mine - $42.00 per tonne NSR cut-off assuming $20.00 per ounce silver, $2.50 per pound copper, $0.85 per pound lead and $0.80 per pound zinc. |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | d. | Lagunas Norte and Veladero mines - $1,000 per ounce gold and $13.75 per ounce silver. |
|--|----|---------------------------------------------------------------------------------------|

|  | e. | Los Filos mine - $1,200 per ounce gold and $18.00 per ounce silver. |
|--|----|---------------------------------------------------------------------|

|  | f. | Metates royalty – 0.34 grams per tonne gold equivalent cut-off assuming $1,200 per ounce gold and $19.20 per ounce silver. |
|--|----|----------------------------------------------------------------------------------------------------------------------------------|

|  | g. | Minto mine – 0.5% copper cut-off for Open Pit and $64.40 per tonne NSR cut-off for Underground assuming $300 per ounce gold, $3.90 per ounce silver and $2.50 per pound copper. |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | h. | Neves-Corvo mine – 1.3% copper equivalent cut-off for the copper Reserves and 5.2% zinc equivalent cut-off for the zinc Reserves, both assuming $2.75 per pound copper, $1.00 per pound lead and zinc. |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | i. | Pascua-Lama project - $1,200 per ounce gold, $16.50 per ounce silver and $2.75 per pound copper. |
|--|----|--------------------------------------------------------------------------------------------------|

|  | j. | Peñasquito mine - $1,200 per ounce gold, $18.00 per ounce silver, $0.90 per pound lead and $0.95 per pound zinc. |
|--|----|-----------------------------------------------------------------------------------------------------------------------|

|  | k. | Rosemont project - $4.90 per ton NSR cut-off assuming $20.00 per ounce silver, $2.50 per pound copper and $15.00 per pound molybdenum. |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------|

|  | l. | Salobo mine – 0.253% copper equivalent cut-off assuming $1,200 per ounce gold and $2.86 per pound copper. |
|--|----|-----------------------------------------------------------------------------------------------------------------|

|  | m. | San Dimas mine – 3.22 grams per tonne gold equivalent cut-off assuming $1,200 per ounce gold and $17.00 per ounce silver. |
|--|----|---------------------------------------------------------------------------------------------------------------------------------|

|  | n. | Stratoni mine – 15.54% zinc equivalent cut-off assuming $0.91 per pound lead and zinc. |
|--|----|----------------------------------------------------------------------------------------------|

|  | o. | Sudbury mines - $1,200 per ounce gold, $6.63 per pound nickel, $2.39 per pound copper, $1,150 per ounce platinum, $750 per ounce palladium and $12.50 per pound cobalt. |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | p. | Toroparu project – 0.38 grams per tonne gold cut-off assuming $1,070 per ounce gold for fresh rock and 0.35 grams per tonne gold cut-off assuming $970 per ounce gold for saprolite. |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | q. | Yauliyacu mine - $18.00 per ounce silver, $2.64 per pound copper, $0.89 per pound lead and $0.99 per pound zinc. |
|--|----|------------------------------------------------------------------------------------------------------------------|

|  | r. | Zinkgruvan mine – 3.9% zinc equivalent cut-off for the zinc Reserve and 1.5% copper cut-off for the copper Reserve, both assuming $2.75 per pound copper and $1.00 per pound lead and zinc. |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | s. | 777 mine – $1,190 per ounce gold, $16.50 per ounce silver, $2.75 per pound copper and $1.16 per pound zinc. |
|--|----|-------------------------------------------------------------------------------------------------------------------|

| 9. | Mineral Resources are estimated using appropriate recovery rates and the following commodity prices: |
|----|------------------------------------------------------------------------------------------------------|

|  | a. | Aljustrel mine – 4.5% zinc cut-off for Feitais and Moinho mines zinc Resources and 4.0% zinc cut-off for Estação zinc Resources. |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|  | b. | Antamina mine - $2.97 per pound copper, $1.03 per pound zinc, $10.70 per pound molybdenum and $18.72 per ounce silver. |
|--|----|------------------------------------------------------------------------------------------------------------------------|

|  | c. | Constancia mine – $6.04 per tonne NSR cut-off assuming $1,260 per ounce gold, $18.00 per ounce silver, $3.00 per pound copper and $11.00 per pound molybdenum. |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | d. | Cotabambas project – 0.2% copper equivalent cut-off assuming $1,350 per ounce gold, $23,00 per ounce silver, $3.20 per pound copper and $12,50 per pound molybdenum. |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | e. | Keno Hill mines: |
|--|----|------------------|

|  | i. | Bellekeno mine – Cdn$185 per tonne NSR cut-off assuming $22.50 per ounce silver, $0.85 per pound lead and $0.95 per pound zinc. |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------|

|  | ii. | Flame and Moth – Cdn$185 per tonne NSR cut-off assuming $1,300 per ounce gold, $20.00 per ounce silver, $0.94 per pound lead and $1.00 per pound zinc. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | iii. | Lucky Queen project – Cdn$185 per tonne NSR cut-off assuming $1,100 per ounce gold, $18.50 per ounce silver, $0.90 per pound lead and $0.95 per pound zinc. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | iv. | Onek project – Cdn$185 per tonne NSR cut-off assuming $1,250 per ounce gold, $20.00 per ounce silver, $0.90 per pound lead and $0.95 per pound zinc. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | v. | Bermingham – Cdn$185 per tonne NSR cut-off assuming $1,300 per ounce gold, $20.00 per ounce silver, $0.95 per pound lead and $1.00 per pound zinc. |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | vi. | Elsa Tailings project – 50 grams per tonne silver cut-off. |
|--|-----|------------------------------------------------------------------|

|  | f. | Loma de La Plata project – 50 grams per tonne silver equivalent cut-off assuming $12.50 per ounce silver and $0.50 per pound lead. |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------|

|  | g. | Los Filos mine - $1,400 per ounce gold and $20.00 per ounce silver. |
|--|----|---------------------------------------------------------------------|

|  | h. | Metates royalty – 0.34 grams per tonne gold equivalent cut-off assuming $1,200 per ounce gold and $19.20 per ounce silver. |
|--|----|----------------------------------------------------------------------------------------------------------------------------------|

|  | i. | Minto mine – 0.5% copper cut-off. |
|--|----|-----------------------------------------|

|  | j. | Neves-Corvo mine – 1.0% copper cut-off for the copper Resource and 3.0% zinc cut-off for the zinc Resource, both assuming $2.75 per pound copper and $1.00 per pound lead and zinc. |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | k. | Pascua-Lama project – $1,500 per ounce gold, $18.75 per ounce silver and $3.50 per pound copper. |
|--|----|--------------------------------------------------------------------------------------------------------|

|  | l. | Peñasquito mine - $1,400 per ounce gold, $20.00 per ounce silver, $1.00 per pound lead and zinc. |
|--|----|-------------------------------------------------------------------------------------------------------|

|  | m. | Rosemont project – 0.30% copper equivalent cut-off for Mixed and 0.15% copper equivalent for Sulfide assuming $20.00 per ounce silver, $2.50 per pound copper and $15.00 per pound molybdenum. |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | n. | Salobo mine – 0.253% copper equivalent cut-off assuming $1,200 per ounce gold and $2.86 per pound copper. |
|--|----|-----------------------------------------------------------------------------------------------------------------|

|  | o. | San Dimas mine – 2.00 grams per tonne gold equivalent cut-off assuming $1,200 per ounce gold and $17.00 per ounce silver. |
|--|----|---------------------------------------------------------------------------------------------------------------------------------|

|  | p. | Stratoni mine – 15.54% zinc equivalent cut-off assuming $0.91 per pound lead and zinc. |
|--|----|----------------------------------------------------------------------------------------------|

|  | q. | Sudbury mines - $1,200 per ounce gold, $6.63 per pound nickel, $2.39 per pound copper, $1,150 per ounce platinum, $750 per ounce palladium and $12.50 per pound cobalt. |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | r. | Toroparu project – 0.30 grams per tonne gold cut-off assuming $1,350 per ounce gold. |
|--|----|--------------------------------------------------------------------------------------------|

|  | s. | Yauliyacu mine – $18.00 per ounce silver, $2.64 per pound copper and $0.89 per pound lead and $0.99 per pound zinc. |
|--|----|---------------------------------------------------------------------------------------------------------------------------|

|  | t. | Zinkgruvan mine – 3.9% zinc equivalent cut-off for the zinc Resource and 1.0% copper cut-off for the copper Resource, both assuming $2.75 per pound copper and $1.00 per pound lead and zinc. |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | u. | 777 mine – $1,190 per ounce gold, $16.50 per ounce silver, $2.75 per pound copper and $1.16 per pound zinc. |
|--|----|-------------------------------------------------------------------------------------------------------------------|

| 10. | The scientific and technical information in this document regarding the Peñasquito mine and the San Dimas mine was sourced by the Company from the following SEDAR (www.sedar.com) filed documents: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|         |  a. | Peñasquito - Goldcorp management's discussion and analysis filed on October 26, 2016; and |
|--------------|----------|------------------------------------------------------------------------------------------------|
|    |  b. | San Dimas - Primero news release dated February 22, 2017.                                      |

| 11. | The San Dimas silver purchase agreement provides that Primero will deliver to the Company a per annum amount equal to the first 6.0 million ounces of payable silver produced at the San Dimas mine and 50% of any excess, for the life of mine. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | The Company's attributable Mineral Resources and Mineral Reserves for the Lagunas Norte, Veladero, Cozamin, and Antamina silver interests, in addition to the Sudbury and 777 gold interests, have been constrained to the production expected for the various contracts. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | The Antamina silver purchase agreement in respect to the Antamina mine (November 3, 2015) provides that Glencore will deliver 33.75% of the silver production until 140 million ounces are delivered and 22.5% of silver production thereafter, for a 50 year term that can be extended in increments of 10 years at the Company's discretion.  Attributable reserves and resources have been calculated on the 33.75% / 22.5% basis. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14. | The Yauliyacu silver purchase agreement provides that Glencore will deliver to the Company a per annum amount equal to the first 1.5 million ounces of payable silver produced at the Yauliyacu mine and 50% of any excess, for the life of mine. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15. | The 777 precious metal purchase agreement ("777 PMPA") provides that Hudbay will deliver 100% of the payable silver for the life of mine and 100% of the payable gold until completion of the Constancia mine, after which the gold stream will reduce to 50%.  The gold figures in this table represent the attributable 777 mine Mineral Resources and Mineral Reserves constrained to the production expected for the 777 precious metal purchase agreement. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16. | The Rosemont mine Mineral Resources and Mineral Reserves do not include the SX/EW leach material since this process does not recover silver. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

| 17. | Effective August 7, 2014, the Company entered into an agreement for a 1.5% net smelter returns royalty on Chesapeake Gold Corp's (Chesapeake) Metates property, located in Mexico.  As part of the agreement, Chesapeake will have the right at any time for a period of five years to repurchase two-thirds of the royalty, with the Company retaining a 0.5% royalty interest. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18. | The Company's agreement with Sandspring is an early deposit structure whereby the Company will have the option not to proceed with the 10% gold stream and 50% silver stream on the Toroparu project following the delivery of a bankable definitive feasibility study. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19. | The Company only has the rights to silver contained in concentrates containing less than 15% copper at the Aljustrel mine. |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| 20. | Under the terms of the Cotabambas Early Deposit Agreement, the Company will be entitled to purchase 100% of the silver production and 25% of the gold production from the Cotabambas project until 90 million silver equivalent ounces attributable to the Company have been delivered, at which point the stream will drop to 66.67% of silver production and 16.67% of gold production for the life of mine. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21. | Silver and gold are produced as by-product metal at all operations with the exception of silver at the Keno Hill mines and Loma de La Plata project and gold at the Toroparu project; therefore, the economic cut-off applied to the reporting of silver and gold Mineral Resources and Mineral Reserves will be influenced by changes in the commodity prices of other metals at the time of reporting. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | future payments by the Company in accordance with precious metal purchase agreements, including any acceleration of payments, estimated throughput and exploration potential; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Proposed name change from Silver Wheaton Corp. to Wheaton Precious Metals Corp.; |
|--------|----------------------------------------------------------------------------------|

|  | · | projected increases to Silver Wheaton's production and cash flow profile; |
|--|--------|--------------------------------------------------------------------------------|

|  | · | the expansion and exploration potential at the Salobo and San Dimas mines; |
|--|--------|----------------------------------------------------------------------------|

|  | · | projected changes to Silver Wheaton's production mix; |
|--|--------|------------------------------------------------------------|

|  | · | anticipated increases in total throughput; |
|--|--------|--------------------------------------------|

|  | · | the effect of the SAT legal claim on Primero's business, financial condition, results of operations and cash flows for 2010-2014 and 2015-2019; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| · | the impact on Primero of the unionized employee strike at the San Dimas mine; |
|--------|-------------------------------------------------------------------------------|

| · | the ability of Primero to continue as a going concern; |
|--------|--------------------------------------------------------|

|  | · | the estimated future production; |
|--|--------|----------------------------------|

|  | · | the future price of commodities; |
|--|--------|----------------------------------|

|  | · | the estimation of mineral reserves and mineral resources; |
|--|--------|-----------------------------------------------------------|

|  | · | the realization of mineral reserve estimates; |
|--|--------|-----------------------------------------------|

|  | · | the timing and amount of estimated future production (including 2017 and average attributable annual production over the next five years); |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the costs of future production; |
|--|--------|---------------------------------|

|  | · | reserve determination; |
|--|--------|------------------------|

|  | · | estimated reserve conversion rates and produced but not yet delivered ounces; |
|--|--------|-------------------------------------------------------------------------------|

|  | · | any statements as to future dividends, the ability to fund outstanding commitments and the ability to continue to acquire accretive precious metal stream interests; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | confidence in the Company's business structure; |
|--|--------|-------------------------------------------------|

|  | · | the Company's position relating to any dispute with the CRA and the Company's intention to defend reassessments issued by the CRA; the impact of potential taxes, penalties and interest payable to the CRA; possible audits for taxation years subsequent to 2013; estimates as to amounts that may be reassessed by the CRA in respect of taxation years subsequent to 2010; amounts that may be payable in respect of penalties and interest; the Company's intention to file future tax returns in a manner consistent with previous filings; that the CRA will continue to accept the Company posting security for amounts sought by the CRA under notices of reassessment for the 2005-2010 taxation years or will accept posting security for any other amounts that may be sought by the CRA under other notices of reassessment; the length of time it would take to resolve any dispute with the CRA or an objection to a reassessment; and assessments of the impact and resolution of various tax matters, including outstanding audits, proceedings with the CRA and proceedings before the courts; and |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | assessments of the impact and resolution of various legal and tax matters, including but not limited to outstanding class action litigation. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | risks related to the satisfaction of each party's obligations in accordance with the terms of the precious metal purchase agreements, including any acceleration of payments, estimated throughput and exploration potential; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | fluctuations in the price of commodities; |
|--|--------|-------------------------------------------|

|  | · | risks related to the Mining Operations including risks related to fluctuations in the price of the primary commodities mined at such operations, actual results of mining and exploration activities, environmental, economic and political risks of the jurisdictions in which the Mining Operations are located, and changes in project parameters as plans continue to be refined; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the absence of control over Mining Operations and having to rely on the accuracy of the public disclosure and other information Silver Wheaton receives from the owners and operators of the Mining Operations as the basis for its analyses, forecasts and assessments relating to its own business; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | Primero is not able to defend the validity of the 2012 APA, is unable to pay taxes in Mexico based on realized silver prices or the SAT proceedings or actions otherwise have an adverse impact on the business, financial condition or results of operation of Primero; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Primero not being able to continue as a going concern; |
|--------|--------------------------------------------------------|

| · | Primero not being able to obtain a satisfactory resolution of the unionized employee strike at the San Dimas mine within three months; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------|

| · | Primero not being able to secure additional funding, resume San Dimas mine operations to normal operating capacity, reduce cash outflows or have a successful outcome to a strategic review process; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | differences in the interpretation or application of tax laws and regulations or accounting policies and rules; and Silver Wheaton's interpretation of, or compliance with, tax laws and regulations or accounting policies and rules, is found to be incorrect or the tax impact to the Company's business operations is materially different than currently contemplated; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | any challenge by the CRA of the Company's tax filings is successful and the potential negative impact to the Company's previous and future tax filings; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the Company's business or ability to enter into precious metal purchase agreements is materially impacted as a result of any CRA reassessment; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | any reassessment of the Company's tax filings and the continuation or timing of any such process is outside the Company's control; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------|

|  | · | any requirement to pay reassessed tax; |
|--|--------|----------------------------------------|

|  | · | the Company is not assessed taxes on its foreign subsidiary's income on the same basis that the Company pays taxes on its Canadian income, if taxable in Canada; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | interest and penalties associated with a CRA reassessment having an adverse impact on the Company's financial position; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------|

|  | · | litigation risk associated with a challenge to the Company's tax filings; |
|--|--------|---------------------------------------------------------------------------|

|  | · | credit and liquidity risks; |
|--|--------|-----------------------------|

|  | · | hedging risk; |
|--|--------|---------------|

|  | · | competition in the mining industry; |
|--|--------|-------------------------------------|

|  | · | risks related to Silver Wheaton's acquisition strategy; |
|--|--------|---------------------------------------------------------|

|  | · | risks related to the market price of the common shares of Silver Wheaton; |
|--|--------|---------------------------------------------------------------------------|

|  | · | equity price risks related to Silver Wheaton's holding of long‐term investments in other exploration and mining companies; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------|

|  | · | risks related to the declaration, timing and payment of dividends; |
|--|--------|--------------------------------------------------------------------|

|  | · | the ability of Silver Wheaton and the Mining Operations to retain key management employees or procure the services of skilled and experienced personnel; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | litigation risk associated with outstanding legal matters; |
|--|--------|------------------------------------------------------------|

|  | · | risks related to claims and legal proceedings against Silver Wheaton or the Mining Operations; |
|--|--------|------------------------------------------------------------------------------------------------|

|  | · | risks relating to unknown defects and impairments; |
|--|--------|----------------------------------------------------|

|  | · | risks relating to security over underlying assets; |
|--|--------|----------------------------------------------------|

|  | · | risks related to ensuring the security and safety of information systems, including cyber security risks; |
|--|--------|-----------------------------------------------------------------------------------------------------------|

|  | · | risks related to the adequacy of internal control over financial reporting; |
|--|--------|-----------------------------------------------------------------------------|

|  | · | risks related to governmental regulations; |
|--|--------|--------------------------------------------|

|  | · | risks related to international operations of Silver Wheaton and the Mining Operations; |
|--|--------|----------------------------------------------------------------------------------------|

|  | · | risks relating to exploration, development and operations at the Mining Operations; |
|--|--------|-------------------------------------------------------------------------------------|

|  | · | risks related to the ability of the companies with which the Company has precious metal purchase agreements to perform their obligations under those precious metal purchase agreements in the event of a material adverse effect on the results of operations, financial condition, cash flows or business of such companies; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | risks related to environmental regulations and climate change; |
|--|--------|---------------------------------------------------------------------|

|  | · | the ability of Silver Wheaton and the Mining Operations to obtain and maintain necessary licenses, permits, approvals and rulings; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the ability of Silver Wheaton and the Mining Operations to comply with applicable laws, regulations and permitting requirements; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------|

|  | · | lack of suitable infrastructure and employees to support the Mining Operations; |
|--|--------|---------------------------------------------------------------------------------|

|  | · | uncertainty in the accuracy of mineral reserve and mineral resource estimates; |
|--|--------|--------------------------------------------------------------------------------|

|  | · | inability to replace and expand mineral reserves; |
|--|--------|---------------------------------------------------|

|  | · | risks relating to production estimates from Mining Operations, including anticipated timing of the commencement of production by certain Mining Operations; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | uncertainties related to title and indigenous rights with respect to the mineral properties of the Mining Operations; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------|

|  | · | fluctuation in the commodity prices other than silver or gold; |
|--|--------|----------------------------------------------------------------|

|  | · | the ability of Silver Wheaton and the Mining Operations to obtain adequate financing; |
|--|--------|---------------------------------------------------------------------------------------|

----

| · | the ability of Mining Operations to complete permitting, construction, development and expansion; |
|--------|--------------------------------------------------------------------------------------------------------|

| · | challenges related to global financial conditions; |
|--------|----------------------------------------------------|

| · | risks relating to future sales or the issuance of equity securities; and |
|--------|--------------------------------------------------------------------------|

| · | other risks discussed in the section entitled "Description of the Business – Risk Factors" in Silver Wheaton's Annual Information Form available on SEDAR at www.sedar.com, and in Silver Wheaton's Form 40-F to be filed March 31, 2017 and Form 6-K filed March 21, 2017 both on file with the U.S. Securities and Exchange Commission in Washington, D.C. (the "Disclosure"). |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | the satisfaction of each party's obligations in accordance with the precious metal purchase agreements; |
|--------|---------------------------------------------------------------------------------------------------------|

| · | no material adverse change in the market price of commodities; |
|--------|----------------------------------------------------------------|

| · | 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; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | the continuing ability to fund or obtain funding for outstanding commitments; |
|--------|-------------------------------------------------------------------------------|

| · | that Primero is able to obtain a satisfactory resolution of the unionized employee strike at the San Dimas mine within three months; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------|

| · | that Primero is able to continue as a going concern; |
|--------|------------------------------------------------------|

| · | Silver Wheaton's ability to source and obtain accretive precious metal stream interests; |
|--------|------------------------------------------------------------------------------------------|

| · | expectations regarding the resolution of legal and tax matters, including the ongoing class action litigation and CRA audit involving the Company; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Silver Wheaton will be successful in challenging any reassessment by the CRA; |
|--------|------------------------------------------------------------------------------------|

| · | Silver Wheaton has properly considered the application of Canadian tax law to its structure and operations; |
|--------|-------------------------------------------------------------------------------------------------------------|

| · | Silver Wheaton will continue to be permitted to post security for amounts sought by the CRA under notices of reassessment; |
|--------|----------------------------------------------------------------------------------------------------------------------------|

| · | Silver Wheaton has filed its tax returns and paid applicable taxes in compliance with Canadian tax law; |
|--------|---------------------------------------------------------------------------------------------------------|

| · | Silver Wheaton will not change its business as a result of any CRA reassessment; |
|--------|----------------------------------------------------------------------------------|

| · | Silver Wheaton's ability to enter into new precious metal purchase agreements will not be impacted by any CRA reassessment; |
|--------|-----------------------------------------------------------------------------------------------------------------------------|

| · | expectations and assumptions concerning prevailing tax laws and the potential amount that could be reassessed as additional tax, penalties and interest by the CRA; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | any foreign subsidiary income, if taxable in Canada, would be subject to the same or similar tax calculations as Silver Wheaton's Canadian income, including the Company's position, in respect of precious metal purchase agreements with upfront payments paid in the form of a deposit, that the estimates of income subject to tax is based on the cost of precious metal acquired under such precious metal purchase agreements being equal to the market value of such precious metal; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | the estimate of the recoverable amount for any precious metal purchase agreement with an indicator of impairment; and |
|--------|-----------------------------------------------------------------------------------------------------------------------|

| · | such other assumptions and factors as set out in the Disclosure. |
|--------|------------------------------------------------------------------|

----

----

| */s/ Randy Smallwood*                         | */s/ Gary Brown*                                    |
|-----------------------------------------------|-----------------------------------------------------|
|                                               |                                                     |
| Randy Smallwood                               | Gary Brown                                          |
|                                          |                                                |
| President & Chief Executive Officer  | Senior Vice President & Chief Financial Officer |

----

----

|  | i. | pertain to the maintenance of records that accurately and fairly reflect, in reasonable detail, the transactions related to Silver Wheaton's assets |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|  | ii. | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, and Silver Wheaton receipts and expenditures are made only in accordance with authorizations of management and Silver Wheaton's directors |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | iii. | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of Silver Wheaton's assets that could have a material effect on Silver Wheaton's financial statements. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| */s/ Randy Smallwood*                         | */s/ Gary Brown*                                    |
|-----------------------------------------------|-----------------------------------------------------|
|                                          |                                                |
|                                               |                                                     |
| Randy Smallwood                               | Gary Brown                                          |
|                                          |                                                |
| President & Chief Executive Officer  | Senior Vice President & Chief Financial Officer |

----

----

|                                                                                                               |   | Years Ended December 31 |
|--------------------------------------------------------------------------------------------------------------------|--------|-------------------------|
|  (US dollars and shares in thousands, except per share amounts)                                               | Note   | 2016                    | 2015 |
|  Sales                                                                                                        | 5      | $                       | 891,557 | $ | 648,687 |
|  Cost of sales                                                                                                |   |                    |   |   |   |
| Cost of sales, excluding depletion                                                                                 |   | $                       | 254,434 | $ | 190,214 |
| Depletion                                                                                                          | 10     |                    | 308,702 |   | 198,581 |
| Total cost of sales                                                                                                |   | $                       | 563,136 | $ | 388,795 |
|  Gross margin                                                                                                 |   | $                       | 328,421 | $ | 259,892 |
|  Expenses                                                                                                     |   |                    |   |   |   |
| General and administrative 1                                                                                       | 6      | $                       | 34,439 | $ | 32,237 |
| Impairment charges                                                                                                 | 11     |                    | 71,000 |   | 384,922 |
| Interest expense                                                                                                   | 14     |                    | 24,193 |   | 4,090 |
| Other expense                                                                                                      | 7      |                    | 4,982 |   | 4,076 |
|                                                                                                               |   | $                       | 134,614 | $ | 425,325 |
|  Earnings (loss) before income taxes                                                                          |   | $                       | 193,807 | $ | (165,433) |
| Income tax recovery                                                                                                | 20     |                    | 1,330 |   | 3,391 |
|  Net earnings (loss)                                                                                          |   | $                       | 195,137 | $ | (162,042) |
|                                                                                                               |   |                    |   |   |   |
| Basic earnings per share                                                                                           |   | $                       | 0.45 | $ | (0.41) |
| Diluted earnings per share                                                                                         |   | $                       | 0.45 | $ | (0.41) |
|  Weighted average number of shares outstanding                                                                |   |                    |   |   |   |
| Basic                                                                                                              | 18     |                    | 430,461 |   | 395,755 |
| Diluted                                                                                                            | 18     |                    | 430,845 |   | 395,938 |
|  1) Equity settled stock based compensation (a non-cash item) included in general and administrative expenses |   | $                       | 5,060 | $ | 6,160 |

----

|                                                      |   |  Years Ended December 31 |
|-----------------------------------------------------------|--------|-------------------------------|
|  (US dollars in thousands)                           | Note   | 2016                          | 2015 |
|  Net earnings (loss)                                 |   | $                             | 195,137 | $ | (162,042) |
| Other comprehensive income (loss)                         |   |                          |   |   |   |
| Items that will not be reclassified to net earnings       |   |                          |   |   |   |
| Gain (loss) on long-term investments - common shares held | 9      |                          | 44,845 |   | (13,085) |
| Deferred income tax expense                               | 20     |                          | (846) |   | - |
|  Total other comprehensive income (loss)             |   | $                             | 43,999 | $ | (13,085) |
|  Total comprehensive income (loss)                   |   | $                             | 239,136 | $ | (175,127) |

----

|                                             | Note   | As at December 31 | As at December 31 |
|--------------------------------------------------|--------|-------------------|-------------------|
| (US dollars in thousands)                        | 2016   | 2015              |
|  Assets                                     |   |              |              |   |   |
| Current assets                                   |   |              |              |   |   |
| Cash and cash equivalents                        |   | $                 | 124,295           | $ | 103,297 |
| Accounts receivable                              | 8      |              | 2,316             |   | 1,124 |
| Other                                            |   |              | 1,481             |   | 1,455 |
| Total current assets                             |   | $                 | 128,092           | $ | 105,876 |
|  Non-current assets                         |   |              |              |   |   |
| Silver and gold interests                        | 10     | $                 | 5,919,272         | $ | 5,469,412 |
| Early deposit - silver and gold interests        | 12     |              | 20,064            |   | 15,725 |
| Royalty interest                                 | 13     |              | 9,107             |   | 9,107 |
| Long-term investments                            | 9      |              | 64,621            |   | 19,776 |
| Other                                            |   |              | 12,163            |   | 12,315 |
| Total non-current assets                         |   | $                 | 6,025,227         | $ | 5,526,335 |
|  Total assets                               |   | $                 | 6,153,319         | $ | 5,632,211 |
|  Liabilities                                |   |              |              |   |   |
| Current liabilities                              |   |              |              |   |   |
| Accounts payable and accrued liabilities         |   | $                 | 18,829            | $ | 10,664 |
| Current portion of performance share units       | 17.1   |              | 228               |   | 1,904 |
| Total current liabilities                        |   | $                 | 19,057            | $ | 12,568 |
|  Non-current liabilities                    |   |              |              |   |   |
| Bank debt                                        | 14.1   | $                 | 1,193,000         | $ | 1,466,000 |
| Deferred income taxes                            | 20     |              | 262               |   | 176 |
| Performance share units                          | 17.1   |              | 1,012             |   | 2,732 |
| Total non-current liabilities                    |   | $                 | 1,194,274         | $ | 1,468,908 |
| Total liabilities                                |   | $                 | 1,213,331         | $ | 1,481,476 |
|  Shareholders' equity                       |   |              |              |   |   |
| Issued capital                                   | 15     | $                 | 3,445,914         | $ | 2,815,569 |
| Reserves                                         | 16     |              | 55,301            |   | (23,197) |
| Retained earnings                                |   |              | 1,438,773         |   | 1,358,363 |
| Total shareholders' equity                       |   | $                 | 4,939,988         | $ | 4,150,735 |
|  Total liabilities and shareholders' equity |   | $                 | 6,153,319         | $ | 5,632,211 |
|  Commitments and contingencies              | 14, 23 |              |              |   |   |

| /s/ Randy Smallwood |   | /s/ John Brough |
|---------------------|--------|-----------------|
| Randy Smallwood     |   | John Brough     |
| Director            |   | Director        |

----

|                                                                     |   |  Years Ended December 31 |
|--------------------------------------------------------------------------|--------|-------------------------------|
|  (US dollars in thousands)                                          | Note   | 2016                          | 2015 |
|  Operating activities                                               |   |                          |   |   |   |
| Net earnings (loss)                                                      |   | $                             | 195,137 | $ | (162,042) |
| Adjustments for                                                          |   |                          |   |   |   |
| Depreciation and depletion                                               |   |                          | 309,654 |   | 199,202 |
| Amortization of credit facility origination fees:                        |   |                          |   |   |   |
| Interest expense                                                         |   |                          | 825 |   | 238 |
| Amortization of credit facility origination fees - undrawn facilities    | 7      |                          | 636 |   | 923 |
| Write off of credit facility origination fees upon repayment of NRT Loan | 7      |                          | - |   | 1,315 |
| Impairment charges                                                       | 11     |                          | 71,000 |   | 384,922 |
| Interest expense                                                         |   |                          | 23,368 |   | 3,852 |
| Equity settled stock based compensation                                  |   |                          | 5,060 |   | 6,160 |
| Performance share units                                                  | 17.1   |                          | (3,535) |   | 534 |
| Deferred income tax recovery                                             | 20     |                          | (1,302) |   | (3,599) |
| Investment income recognized in net earnings                             |   |                          | (184) |   | (247) |
| Other                                                                    |   |                          | (226) |   | (509) |
| Change in non-cash working capital                                       | 19     |                          | 7,039 |   | 3,185 |
| Cash generated from operations before interest paid and received         |   | $                             | 607,472 | $ | 433,934 |
| Interest paid - expensed                                                 |   |                          | (23,317) |   | (2,697) |
| Interest received                                                        |   |                          | 146 |   | 122 |
|  Cash generated from operating activities                           | $      | 584,301                       | $ | 431,359 |
|  Financing activities                                               |   |                          |   |   |   |
| Bank debt repaid                                                         | 14.1   | $                             | (1,053,000) | $ | (1,174,000) |
| Bank debt drawn                                                          | 14.1   |                          | 780,000 |   | 1,640,000 |
| Credit facility origination fees                                         | 14.1   |                          | (1,300) |   | (4,242) |
| Shares issued                                                            | 15.1   |                          | 632,547 |   | 800,000 |
| Share issue costs                                                        | 15.1   |                          | (25,996) |   | (31,785) |
| Repurchase of share capital                                              | 15.1   |                          | (33,126) |   | (9,120) |
| Share purchase options exercised                                         | 16.2   |                          | 21,931 |   | 2,887 |
| Dividends paid                                                           | 15.2   |                          | (78,708) |   | (68,593) |
|  Cash generated from financing activities                           | $      | 242,348                       | $ | 1,155,147 |
|  Investing activities                                               |   |                          |   |   |   |
| Silver and gold interests                                                | 10     | $                             | (800,432) | $ | (1,800,117) |
| Interest paid - capitalized to silver interests                          |   |                          | (615) |   | (9,213) |
| Early deposit - silver and gold interests                                | 12     |                          | (4,087) |   | (2,125) |
| Proceeds on disposal of silver interest                                  |   |                          | - |   | 25,000 |
| Proceeds on disposal of long-term investments                            |   |                          | - |   | 12 |
| Dividend income received                                                 |   |                          | 37 |   | 126 |
| Other                                                                    |   |                          | (338) |   | (4,832) |
|  Cash used for investing activities                                 | $      | (805,435)                     | $ | (1,791,149) |
|  Effect of exchange rate changes on cash and cash equivalents       | $      | (216)                         | $ | (158) |
|  Increase (decrease) in cash and cash equivalents                   | $      | 20,998                        | $ | (204,801) |
|  Cash and cash equivalents, beginning of year                       |   | 103,297                       |   | 308,098 |
|  Cash and cash equivalents, end of year                             |   | $                             | 124,295 | $ | 103,297 |

----

|                                         |                     |           |  Reserves                  |                           |                           |                                  |           |
|----------------------------------------------|--------------------------|----------------|---------------------------------|--------------------------------|--------------------------------|---------------------------------------|----------------|
| (US dollars in thousands)                    | Number of Shares (000's) | Issued Capital | Share Purchase Warrants Reserve | Share Purchase Options Reserve | Restricted Share Units Reserve | LTI 1Revaluation Reserve (Net of Tax) | Total Reserves | Retained Earnings | Total |
|  At January 1, 2015                     | 364,778                  | $              | 2,037,923                       | $                              | 53,717                         | $                                     | 24,214         | $ | 3,307 | $ | (110,079) | $ | (28,841) | $ | 1,619,654 | $ | 3,628,736 |
| Total comprehensive income                   |                     |           |                            |                           |                           |                                  |           |   |   |   |   |   |   |   |   |   |   |
| Net loss                                     |                     | $              | -                               | $                              | -                              | $                                     | -              | $ | - | $ | - | $ | - | $ | (162,042) | $ | (162,042) |
| OCI 1                                        |                     |           | -                               |                           | -                              |                                  | -              |   | - |   | (13,085) |   | (13,085) |   | - |   | (13,085) |
|  Total comprehensive loss               |                     | $              | -                               | $                              | -                              | $                                     | -              | $ | - | $ | (13,085) | $ | (13,085) | $ | (162,042) | $ | (175,127) |
|  Shares issued                          | 38,930                   | $              | 800,000                         | $                              | -                              | $                                     | -              | $ | - | $ | - | $ | - | $ | - | $ | 800,000 |
| Share issue costs                            |                     |           | (31,375)                        |                           | -                              |                                  | -              |   | - |   | - |   | - |   | - |   | (31,375) |
| DIT 1 recovery (expense)                     |                     |           | (2,833)                         |                           | -                              |                                  | -              |   | - |   | - |   | - |   | - |   | (2,833) |
| Shares cancelled (Note 15.1)                 | (777)                    |           | (5,331)                         |                           | -                              |                                  | -              |   | - |   | - |   | - |   | (3,789) |   | (9,120) |
| SBC 1 expense                                |                     |           | -                               |                           | -                              |                                  | 5,312          |   | 848 |   | - |   | 6,160 |   | - |   | 6,160 |
| Options 1 exercised                          | 229                      |           | 4,127                           |                           | -                              |                                  | (1,240)        |   | - |   | - |   | (1,240) |   | - |   | 2,887 |
| RSUs 1 released                              | 32                       |           | 842                             |                           | -                              |                                  | -              |   | (842) |   | - |   | (842) |   | - |   | - |
| DRIP 1                                       | 847                      |           | 12,216                          |                           | -                              |                                  | -              |   | - |   | - |   | - |   | - |   | 12,216 |
| Dividends (Note 15.2)                        |                     |           | -                               |                           | -                              |                                  | -              |   | - |   | - |   | - |   | (80,809) |   | (80,809) |
| Realized loss on disposal of LTIs 1 (Note 9) |                     |           | -                               |                           | -                              |                                  | -              |   | - |   | 14,651 |   | 14,651 |   | (14,651) |   | - |
|  At December 31, 2015                   | 404,039                  | $              | 2,815,569                       | $                              | 53,717                         | $                                     | 28,286         | $ | 3,313 | $ | (108,513) | $ | (23,197) | $ | 1,358,363 | $ | 4,150,735 |
| Total comprehensive income                   |                     |           |                            |                           |                           |                                  |           |   |   |   |   |   |   |   |   |   |   |
| Net earnings                                 |                     | $              | -                               | $                              | -                              | $                                     | -              | $ | - | $ | - | $ | - | $ | 195,137 | $ | 195,137 |
| OCI 1                                        |                     |           | -                               |                           | -                              |                                  | -              |   | - |   | 43,999 |   | 43,999 |   | - |   | 43,999 |
|  Total comprehensive income             |                     | $              | -                               | $                              | -                              | $                                     | -              | $ | - | $ | 43,999 | $ | 43,999 | $ | 195,137 | $ | 239,136 |
|  Shares issued                          | 38,105                   | $              | 632,547                         | $                              | -                              | $                                     | -              | $ | - | $ | - | $ | - | $ | - | $ | 632,547 |
| Share issue costs                            |                     |           | (26,405)                        |                           | -                              |                                  | -              |   | - |   | - |   | - |   | - |   | (26,405) |
| DIT 1 recovery (expense)                     |                     |           | (542)                           |                           | -                              |                                  | -              |   | - |   | - |   | - |   | - |   | (542) |
| Shares cancelled (Note 15.1)                 | (2,295)                  |           | (16,017)                        |                           | -                              |                                  | -              |   | - |   | - |   | - |   | (17,109) |   | (33,126) |
| SBC 1 expense                                |                     |           | -                               |                           | -                              |                                  | 4,326          |   | 734 |   | - |   | 5,060 |   | - |   | 5,060 |
| Options 1 exercised                          | 963                      |           | 28,480                          |                           | -                              |                                  | (6,549)        |   | - |   | - |   | (6,549) |   | - |   | 21,931 |
| RSUs 1 released                              | 19                       |           | 378                             |                           | -                              |                                  | -              |   | (378) |   | - |   | (378) |   | - |   | - |
| DRIP 1                                       | 625                      |           | 11,904                          |                           | -                              |                                  | -              |   | - |   | - |   | - |   | - |   | 11,904 |
| Dividends (Note 15.2)                        |                     |           | -                               |                           | -                              |                                  | -              |   | - |   | - |   | - |   | (90,612) |   | (90,612) |
| Warrants 1 modification (Note 16.1)          |                     |           | -                               |                           | 29,360                         |                                  | -              |   | - |   | - |   | 29,360 |   | - |   | 29,360 |
| Realized loss on disposal of LTIs 1 (Note 9) |                     |           | -                               |                           | -                              |                                  | -              |   | - |   | 7,006 |   | 7,006 |   | (7,006) |   | - |
|  At December 31, 2016                   | 441,456                  | $              | 3,445,914                       | $                              | 83,077                         | $                                     | 26,063         | $ | 3,669 | $ | (57,508) | $ | 55,301 | $ | 1,438,773 | $ | 4,939,988 |

| 1) | Definitions as follows: "OCI" = Other Comprehensive Income (Loss); "SBC" = Equity Settled Stock Based Compensation; "Options" = Share Purchase Options; "RSUs" = Restricted Share Units; "DRIP" = Dividend Reinvestment Plan; "DIT" = Deferred Income Taxes; "LTI's" = Long-Term Investments; "Warrants" = Share Purchase Warrants. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | Description of Business and Nature of Operations |
|----|--------------------------------------------------|

| 2. | Significant Accounting Policies |
|----|---------------------------------|

| 2.1. | Basis of Presentation |
|------|-----------------------|

| 2.2. | Statement of Compliance |
|------|-------------------------|

| 2.3. | Principles of Consolidation |
|------|-----------------------------|

| 2.4. | Cash and Cash Equivalents |
|------|---------------------------|

----

| 2.5. | Revenue Recognition |
|------|---------------------|

| 2.6. | Financial Instruments |
|------|-----------------------|

| 2.7. | Financial Assets |
|------|------------------|

----

|  | · | For financial assets that are classified as FVTNE, the foreign exchange component is recognized as a component of net earnings; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------|

|  | · | For financial assets that are classified as FVTOCI, the foreign exchange component is recognized as a component of OCI; and |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------|

|  | · | For financial assets that are denominated in a foreign currency and are measured at amortized cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortized cost of the instruments and are recognized as a component of net earnings. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.8. | Financial Liabilities and Equity Instruments |
|------|----------------------------------------------|

----

|  | · | For financial liabilities that are denominated in a foreign currency and are measured at amortized cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortized cost of the instruments and are recognized as a component of net earnings, and |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | For financial liabilities that are classified as FVTNE, the foreign exchange component forms part of the fair value gains or losses and is recognized as a component of net earnings. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.9. | Silver and Gold Interests |
|------|---------------------------|

----

| 2.10. | Borrowing and Debt Issue Costs |
|-------|--------------------------------|

| 2.11. | Stock Based Payment Transactions |
|-------|----------------------------------|

----

| 2.12. | Income Taxes |
|-------|--------------|

| 2.13. | Earnings Per Share |
|-------|--------------------|

| 2.14. | Foreign Currency Translation |
|-------|------------------------------|

----

| 2.15. | Leasing |
|-------|---------|

| 2.16. | Provisions |
|-------|------------|

| 2.17. | Future Changes in Accounting Policies |
|-------|---------------------------------------|

| · | IFRS 9 (2014) – Financial Instruments (amended 2014): In July 2014, the IASB issued the final version of IFRS 9 – Financial Instruments ("IFRS 9"). The Company adopted IFRS 9 (2009) – Financial Instruments effective January 1, 2010. The Company is currently evaluating the impact this amended standard is expected to have on its consolidated financial statements. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | IFRS 15 – Revenue from Contracts with Customers: In May 2014 the IASB and the Financial Accounting Standards Board ("FASB") completed its joint project to clarify the principles for recognizing revenue and to develop a common revenue standard for IFRS and US GAAP. IFRS 15 establishes principles to address the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity's contracts with customers. The Company is currently evaluating the impact this amended standard is expected to have on its consolidated financial statements. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | IFRS 16 – Leases: In January 2016 the IASB and the FASB completed its joint project to address concerns by users of financial statements in respect of reduced comparability between financial statements due to the different accounting treatment applied to operating leases as compared to finance leases by removing the distinction between operating leases and finance leases and rather having all leases accounted for as a finance lease, subject to limited exceptions for short-term leases and leases of low value assets. The Company is currently evaluating the impact this amended standard is expected to have on its consolidated financial statements. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3. | Key Sources of Estimation Uncertainty and Critical Accounting Judgments |
|----|-------------------------------------------------------------------------|

| 3.1. | Attributable Reserve, Resource and Exploration Potential Estimates |
|------|--------------------------------------------------------------------|

| 3.2. | Depletion |
|------|-----------|

| 3.3. | Impairment of Assets |
|------|----------------------|

----

| 3.4. | Valuation of Stock Based Compensation |
|------|---------------------------------------|

| 3.5. | Contingencies |
|------|---------------|

| 3.6. | Functional Currency |
|------|---------------------|

|  | · | The entities' revenues are denominated in US dollars; |
|--|--------|-------------------------------------------------------|

|  | · | The entities' cash cost of sales are denominated in US dollars; |
|--|--------|-----------------------------------------------------------------|

|  | · | The majority of the entities' cash is held in US dollars; and |
|--|--------|---------------------------------------------------------------|

|  | · | The Company generally seeks to raise capital in US dollars. |
|--|--------|-------------------------------------------------------------|

| 3.7. | Income Taxes |
|------|--------------|

----

| 4. | Financial Instruments |
|----|-----------------------|

| 4.1. | Capital Risk Management |
|------|-------------------------|

| 4.2. | Categories of Financial Assets and Liabilities |
|------|------------------------------------------------|

|                                                                                                             |   | Note   | December 31 | December 31 |
|------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|-------------|
|  (in thousands)                                                                                             | 2016   | 2015   |
|  Financial assets                                                                                           |   |   |        |        |   |
| Fair value through net earnings                                                                                  |   |   |        |        |   |
| Cash and cash equivalents                                                                                        |   | $      | 124,295     | $           | 103,297 |
| Trade receivables from provisional concentrate sales, net of fair value adjustment                               | 5      |   | 503         |        | 815 |
| Fair value through other comprehensive income                                                                    |   |   |        |        |   |
| Long-term investments - common shares held                                                                       | 9      |   | 64,621      |        | 19,776 |
| Amortized cost                                                                                                   |   |   |        |        |   |
| Other accounts receivable                                                                                        | 8      |   | 1,813       |        | 309 |
|                                                                                                        |   | $      | 191,232     | $           | 124,197 |
|  Financial liabilities                                                                                      |   |   |        |        |   |
| Fair value through net earnings                                                                                  |   |   |        |        |   |
| Accrued liabilities from provisional concentrate sales related to fair value adjustment, net of trade receivable | 5      | $      | 1,170       | $           | - |
| Amortized cost                                                                                                   |   |   |        |        |   |
| Accounts payable and accrued liabilities                                                                         |   |   | 16,892      |        | 10,614 |
| Bank debt                                                                                                        | 14     |   | 1,193,000   |        | 1,466,000 |
|                                                                                                        |   | $      | 1,211,062   | $           | 1,476,614 |

| 4.3. | Credit Risk |
|------|-------------|

----

|                                                                               |   |  December 31 | December 31 |
|------------------------------------------------------------------------------------|--------|-------------------|-------------|
|  (in thousands)                                                               | Note   | 2016              | 2015        |
|  Cash and cash equivalents                                                    |   | $                 | 124,295     | $ | 103,297 |
| Trade receivables from provisional concentrate sales, net of fair value adjustment | 8      |              | 503         |   | 815 |
| Other accounts receivables                                                         | 8      |              | 1,813       |   | 309 |
|                                                                          |   | $                 | 126,611     | $ | 104,421 |

| 4.4. | Liquidity Risk |
|------|----------------|

----

|  As at December 31, 2016                                                                                    |
|------------------------------------------------------------------------------------------------------------------|
|  (in thousands)                                                                                             | 2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | Commitments | Total |
| Non-derivative financial liabilities and commitments                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Bank debt 1                                                                                                      | $ | - | $ | - | $ | - | $ | - | $ | 1,193,000 | $ | - | $ | - | $ | 1,193,000 |
| Interest on bank debt 2                                                                                          |   | 30,804 |   | 35,940 |   | 35,432 |   | 35,888 |   | 5,858 |   | - |   | - |   | 143,922 |
| Silver and gold interest payments 3                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rosemont 4                                                                                                       |   | - |   | - |   | - |   | - |   | - |   | - |   | 231,150 |   | 231,150 |
| Loma de La Plata 5                                                                                               |   | - |   | - |   | - |   | - |   | - |   | - |   | 32,400 |   | 32,400 |
| Toroparu6                                                                                                        |   | - |   | - |   | - |   | - |   | - |   | - |   | 138,000 |   | 138,000 |
| Cotabambas 7                                                                                                     |   | 1,500 |   | 1,500 |   | 1,500 |   | 1,500 |   | 1,500 |   | 2,500 |   | 126,000 |   | 136,000 |
| Accounts payable and accrued liabilities                                                                         |   | 16,892 |   | - |   | - |   | - |   | - |   | - |   | - |   | 16,892 |
| Performance share units                                                                                          |   | 227 |   | 286 |   | 727 |   | - |   | - |   | - |   | - |   | 1,240 |
|  Derivative financial liabilities                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accrued liabilities from provisional concentrate sales related to fair value adjustment, net of trade receivable |   | 1,170 |   | - |   | - |   | - |   | - |   | - |   | - |   | 1,170 |
|  Total                                                                                                      | $ | 50,593 | $ | 37,726 | $ | 37,659 | $ | 37,388 | $ | 1,200,358 | $ | 2,500 | $ | 527,550 | $ | 1,893,774 |

| 1) | On February 27, 2017, the term of the revolving credit facility was extended by an additional year, with the facility now maturing on February 27, 2022 |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2) | As the applicable interest rates are floating in nature, the interest charges are estimated based on market-based forward interest rate curves at the end of the reporting period. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3) | The Salobo mine currently has a mill throughput capacity of 24 million tonnes per annum ("Mtpa"). If actual throughput is expanded above 28 Mtpa within a predetermined period, and depending on the grade of material processed, Silver Wheaton will be required to make an additional payment to Vale based on a set fee schedule ranging from $113 million if throughput is expanded beyond 28 Mtpa by January 1, 2036, up to $953 million if throughput is expanded beyond 40 Mtpa by January 1, 2021. This contingent liability is not reflected in the above table. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4) | In connection with the Rosemont precious metal purchase agreement, the Company is committed to pay contingent transaction costs of $1 million in addition to a commitment to pay Hudbay total upfront cash payments of $230 million, payable on an installment basis, to partially fund construction of the Rosemont mine once certain milestones are achieved, including the receipt of key permits and securing the necessary financing to complete construction of the mine. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5) | In connection with the Company's election to convert the debenture with Pan American into a silver purchase agreement, the Company is committed to pay total upfront cash payments of $32 million following the satisfaction of certain conditions, including Pan American receiving all necessary permits to proceed with the mine construction. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6) | During the 60 day period following the delivery of a bankable definitive feasibility study, environmental study and impact assessment, and other related documents (collectively, the "Feasibility Documentation"), or after December 31, 2017 if the Feasibility Documentation has not been delivered to Silver Wheaton by such date, Silver Wheaton may elect not to proceed with the precious metal purchase agreement, at which time Silver Wheaton will be entitled to a return of the amounts advanced less $2 million which is non-refundable or, at Sandspring's option, the gold stream percentage will be reduced from 10% to 0.909% and the silver stream percentage will be reduced from 50% to nil.  |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7) | In connection with the Cotabambas Early Deposit Agreement, the Company is committed to pay Panoro a total cash consideration of $140 million, of which $4 million has been paid to date. Once certain conditions have been met, the Company will advance an additional $10 million to Panoro, spread over up to eight years. Following the delivery of a bankable definitive feasibility study, environmental study and impact assessment, and other related documents (collectively, the "Cotabambas Feasibility Documentation"), and receipt of permits and construction commencing, the Company may then advance the remaining deposit or elect to terminate the Cotabambas Early Deposit Agreement. If the Company elects to terminate, the Company will be entitled to a return of the portion of the amounts advanced less $2 million payable upon certain triggering events occurring. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.5. | Currency Risk |
|------|---------------|

|                                       |  December 31 | December 31 |
|--------------------------------------------|-------------------|-------------|
|  (in thousands)                       | 2016              | 2015        |
|  Monetary assets                      |              |        |   |   |
| Cash and cash equivalents                  | $                 | 1,258       | $ | 932 |
| Accounts receivable                        |              | 170         |   | 103 |
| Long-term investments - common shares held |              | 57,223      |   | 17,205 |
| Other long-term assets                     |              | 670         |   | 68 |
|                                  | $                 | 59,321      | $ | 18,308 |
|  Monetary liabilities                 |              |        |   |   |
| Accounts payable and accrued liabilities   | $                 | 6,181       | $ | 5,331 |
| Performance share units                    |              | 1,043       |   | 4,130 |
|                                  | $                 | 7,224       | $ | 9,461 |

|                                                    |  As at December 31, 2016   |
|---------------------------------------------------------|---------------------------------|
|                                                    |  Change in Canadian Dollar |
| (in thousands)                                          | 10% Increase                    | 10% Decrease |
|  Increase (decrease) in net earnings               | $                               | (513) | $ | 513 |
| Increase (decrease) in other comprehensive income       |                            | 5,722 |   | (5,722) |
|  Increase (decrease) in total comprehensive income | $                               | 5,209 | $ | (5,209) |

|                                                    |  As at December 31, 2015   |
|---------------------------------------------------------|---------------------------------|
|                                                    |  Change in Canadian Dollar |
| (in thousands)                                          | 10% Increase                    | 10% Decrease |
|  Increase (decrease) in net earnings               | $                               | (836) | $ | 836 |
| Increase (decrease) in other comprehensive income       |                            | 1,721 |   | (1,721) |
|  Increase (decrease) in total comprehensive income | $                               | 885 | $ | (885) |

| 4.6. | Interest Rate Risk |
|------|--------------------|

----

| 4.7. | Other Price Risk |
|------|------------------|

| 4.8. | Fair Value Estimation |
|------|-----------------------|

|                                                                                                             |  December 31, 2016 |
|------------------------------------------------------------------------------------------------------------------|-------------------------|
|  (in thousands)                                                                                             | Total                   | Level 1 | Level 2 | Level 3 |
|  Cash and cash equivalents                                                                                  | $                       | 124,295 | $ | 124,295 | $ | - | $ | - |
| Trade receivables from provisional concentrate sales, net of fair value adjustment                               |                    | 503 |   | - |   | 503 |   | - |
| Accrued liabilities from provisional concentrate sales related to fair value adjustment, net of trade receivable |                    | (1,170) |   | - |   | (1,170) |   | - |
| Long-term investments - common shares held                                                                       |                    | 64,621 |   | 64,621 |   | - |   | - |
|                                                                                                        | $                       | 188,249 | $ | 188,916 | $ | (667) | $ | - |

----

|                                                                               |  December 31, 2015 |
|------------------------------------------------------------------------------------|-------------------------|
|  (in thousands)                                                               | Total                   | Level 1 | Level 2 | Level 3 |
|  Cash and cash equivalents                                                    | $                       | 103,297 | $ | 103,297 | $ | - | $ | - |
| Trade receivables from provisional concentrate sales, net of fair value adjustment |                    | 815 |   | - |   | 815 |   | - |
| Long-term investments - common shares held                                         |                    | 19,776 |   | 19,776 |   | - |   | - |
|                                                                          | $                       | 123,888 | $ | 123,073 | $ | 815 | $ | - |

| 5. | Revenue |
|----|---------|

|                      |  Years Ended December 31 |
|---------------------------|-------------------------------|
|  (in thousands)      | 2016                          | 2015 |
|  Sales               |                          |   |   |   |   |   |
| Silver                    |                          |   |   |   |   |   |
| Silver credit sales       | $                             | 404,020 | 45% | $ | 349,644 | 54% |
| Concentrate sales         |                          | 76,321 | 9% |   | 65,934 | 10% |
|                 | $                             | 480,341 | 54% | $ | 415,578 | 64% |
|  Gold                |                          |   |   |   |   |   |
| Gold credit sales         | $                             | 365,825 | 41% | $ | 213,414 | 33% |
| Concentrate sales         |                          | 45,391 | 5% |   | 19,695 | 3% |
|                 | $                             | 411,216 | 46% | $ | 233,109 | 36% |
|  Total sales revenue | $                             | 891,557 | 100% | $ | 648,687 | 100% |

----

| 6. | General and Administrative |
|----|----------------------------|

|                                                               |   |  Years Ended December 31 |
|--------------------------------------------------------------------|--------|-------------------------------|
|  (in thousands)                                               | Note   | 2016                          | 2015 |
|  Salaries and benefits                                        |   |                          |   |   |   |
| Salaries and benefits, excluding PSUs                              |   | $                             | 11,931 | $ | 11,456 |
| PSUs                                                               | 17.1   |                          | (633) |   | 1,975 |
| Total salaries and benefits                                        |   | $                             | 11,298 | $ | 13,431 |
| Depreciation                                                       |   |                          | 952 |   | 621 |
| Charitable donations                                               |   |                          | 1,976 |   | 1,965 |
| Professional fees                                                  |   |                          | 6,168 |   | 2,040 |
| Other                                                              |   |                          | 8,985 |   | 8,020 |
| Cash settled general and administrative                            |   | $                             | 29,379 | $ | 26,077 |
|  Equity settled stock based compensation (a non-cash expense) |   |                          | 5,060 |   | 6,160 |
|  Total general and administrative                             |   | $                             | 34,439 | $ | 32,237 |

----

| 7. | Other Expense (Income) |
|----|------------------------|

|                                                                                            |   |  Years Ended December 31 |
|-------------------------------------------------------------------------------------------------|--------|-------------------------------|
|  (in thousands)                                                                            | Note   | 2016                          | 2015 |
|  Dividend income                                                                           |   | $                             | (37) | $ | (126) |
| Interest income                                                                                 |   |                          | (147) |   | (122) |
| Stand-by fees                                                                                   | 14.1   |                          | 2,801 |   | 3,462 |
| Letter of guarantee                                                                             | 14.2   |                          | 1,185 |   | - |
| Foreign exchange loss (gain)                                                                    |   |                          | 479 |   | (1,133) |
| Amortization of credit facility origination fees - undrawn facilities                           | 14.1   |                          | 636 |   | 923 |
| Write off of credit facility origination fees upon the repayment of the non-revolving term loan | 14.1   |                          | - |   | 1,315 |
| Other                                                                                           |   |                          | 65 |   | (243) |
|  Total other expense (income)                                                              |   | $                             | 4,982 | $ | 4,076 |

| 8. | Accounts Receivable |
|----|---------------------|

|                                                                                     |   |  December 31 | December 31 |
|------------------------------------------------------------------------------------------|--------|-------------------|-------------|
|  (in thousands)                                                                     | Note   | 2016              | 2015        |
|  Trade receivables from provisional concentrate sales, net of fair value adjustment | 5      | $                 | 503         | $ | 815 |
| Other accounts receivables                                                               |   |              | 1,813       |   | 309 |
|  Total accounts receivable                                                          |   | $                 | 2,316       | $ | 1,124 |

| 9. | Long-Term Investments |
|----|-----------------------|

|                           |  December 31, 2016 |
|--------------------------------|-------------------------|
| (in thousands)                 | Fair Value              | Fair Value Adjustment Gains Included in OCI | Realized Loss on Disposal |
|  Bear Creek               | $                       | 23,217 | $ | 17,658 | $ | - |
| Other                          |                    | 41,404 |   | 27,187 |   | (7,006) |
|  Total common shares held | $                       | 64,621 | $ | 44,845 | $ | (7,006) |

----

|                           |  December 31, 2015 |
|--------------------------------|-------------------------|
| (in thousands)                 | Fair Value              | Fair Value Adjustment Losses Included in OCI | Realized Loss on Disposal |
|  Bear Creek               | $                       | 5,558 | $ | (10,678) | $ | - |
| Revett                         |                    | - |   | (1,401) |   | (11,870) |
| Other                          |                    | 14,218 |   | (1,006) |   | (2,781) |
|  Total common shares held | $                       | 19,776 | $ | (13,085) | $ | (14,651) |

----

| 10. | Silver and Gold Interests |
|-----|---------------------------|

|                   |  Year Ended December 31, 2016 |
|------------------------|------------------------------------|
|                   |  Cost                         | Accumulated Depletion & Impairment | CarryingAmount Dec 31, 2016 |
| (in thousands)         | Balance Jan 1, 2016                | Additions | Balance Dec 31, 2016 | Balance Jan 1, 2016 | Depletion | Impairment | Balance Dec 31, 2016 |
|  Silver interests |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| San Dimas              | $                                  | 190,331 | $ | - | $ | 190,331 | $ | (43,776) | $ | (5,980) | $ | - | $ | (49,756) | $ | 140,575 |
| Peñasquito        |                               | 524,626 |   | - |   | 524,626 |   | (93,779) |   | (12,770) |   | - |   | (106,549) |   | 418,077 |
| Antamina               |                               | 900,289 |   | 54 |   | 900,343 |   | (13,308) |   | (71,229) |   | - |   | (84,537) |   | 815,806 |
| Constancia             |                               | 302,948 |   | - |   | 302,948 |   | (9,017) |   | (17,960) |   | - |   | (26,977) |   | 275,971 |
| Other 1                |                               | 1,329,731 |   | - |   | 1,329,731 |   | (501,379) |   | (42,782) |   | - |   | (544,161) |   | 785,570 |
|              | $                                  | 3,247,925 | $ | 54 | $ | 3,247,979 | $ | (661,259) | $ | (150,721) | $ | - | $ | (811,980) | $ | 2,435,999 |
|  Gold interests   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sudbury 2              | $                                  | 623,864 | $ | - | $ | 623,864 | $ | (117,614) | $ | (33,715) | $ | (71,000) | $ | (222,329) | $ | 401,535 |
| Salobo                 |                               | 2,230,368 |   | 829,508 |   | 3,059,876 |   | (73,611) |   | (81,430) |   | - |   | (155,041) |   | 2,904,835 |
| Constancia             |                               | 136,058 |   | - |   | 136,058 |   | (4,133) |   | (6,255) |   | - |   | (10,388) |   | 125,670 |
| Other 3                |                               | 402,232 |   | - |   | 402,232 |   | (314,418) |   | (36,581) |   | - |   | (350,999) |   | 51,233 |
|              | $                                  | 3,392,522 | $ | 829,508 | $ | 4,222,030 | $ | (509,776) | $ | (157,981) | $ | (71,000) | $ | (738,757) | $ | 3,483,273 |
|              | $                                  | 6,640,447 | $ | 829,562 | $ | 7,470,009 | $ | (1,171,035) | $ | (308,702) | $ | (71,000) | $ | (1,550,737) | $ | 5,919,272 |

| 1) | Comprised of the Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Keno Hill, Cozamin, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Lagunas Norte, Pierina, Veladero, Rosemont and 777 silver interests. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2) | Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests. |
|----|------------------------------------------------------------------------------------------------------|

| 3) | Comprised of the Minto, Rosemont and 777 gold interests. |
|----|----------------------------------------------------------|

----

|                   |  Year Ended December 31, 2015 |
|------------------------|------------------------------------|
|                   |  Cost                         | Accumulated Depletion & Impairment | CarryingAmount Dec 31, 2015 |
|  (in thousands)   | Balance Jan 1, 2015                | Additions | Balance  Dec 31, 2015 | Balance Jan 1, 2015 | Depletion | Impairment | Balance  Dec 31, 2015 |
|  Silver interests |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| San Dimas              | $                                  | 190,331 | $ | - | $ | 190,331 | $ | (37,380) | $ | (6,396) | $ | - | $ | (43,776) | $ | 146,555 |
| Peñasquito        |                               | 524,626 |   | - |   | 524,626 |   | (73,481) |   | (20,298) |   | - |   | (93,779) |   | 430,847 |
| Antamina               |                               | - |   | 900,289 |   | 900,289 |   | - |   | (13,308) |   | - |   | (13,308) |   | 886,981 |
| Constancia             |                               | 302,948 |   | - |   | 302,948 |   | - |   | (9,017) |   | - |   | (9,017) |   | 293,931 |
| Other 1                |                               | 1,325,427 |   | 4,304 |   | 1,329,731 |   | (275,822) |   | (41,543) |   | (184,014) |   | (501,379) |   | 828,352 |
|              | $                                  | 2,343,332 | $ | 904,593 | $ | 3,247,925 | $ | (386,683) | $ | (90,562) | $ | (184,014) | $ | (661,259) | $ | 2,586,666 |
|  Gold interests   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sudbury 2              | $                                  | 623,864 | $ | - | $ | 623,864 | $ | (40,002) | $ | (28,173) | $ | (49,439) | $ | (117,614) | $ | 506,250 |
| Salobo                 |                               | 1,330,311 |   | 900,057 |   | 2,230,368 |   | (28,109) |   | (45,502) |   | - |   | (73,611) |   | 2,156,757 |
| Constancia             |                               | 136,058 |   | - |   | 136,058 |   | - |   | (4,133) |   | - |   | (4,133) |   | 131,925 |
| Other 3                |                               | 402,232 |   | - |   | 402,232 |   | (132,738) |   | (30,211) |   | (151,469) |   | (314,418) |   | 87,814 |
|              | $                                  | 2,492,465 | $ | 900,057 | $ | 3,392,522 | $ | (200,849) | $ | (108,019) | $ | (200,908) | $ | (509,776) | $ | 2,882,746 |
|              | $                                  | 4,835,797 | $ | 1,804,650 | $ | 6,640,447 | $ | (587,532) | $ | (198,581) | $ | (384,922) | $ | (1,171,035) | $ | 5,469,412 |

| 1) | Comprised of the Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Keno Hill, Cozamin, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Lagunas Norte, Pierina, Veladero, Rosemont and 777 silver interests. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2) | Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests. |
|----|------------------------------------------------------------------------------------------------------|

| 3) | Comprised of the Minto, Rosemont and 777 gold interests. |
|----|----------------------------------------------------------|

----

|                   |  December 31, 2016 | December 31, 2015 |
|------------------------|-------------------------|-------------------|
|  (in thousands)   | Depletable              | Non-Depletable    | Total | Depletable | Non-Depletable | Total |
|  Silver interests |                    |              |   |   |   |   |   |   |   |   |   |   |
| San Dimas              | $                       | 35,023            | $ | 105,552 | $ | 140,575 | $ | 19,443 | $ | 127,112 | $ | 146,555 |
| Peñasquito        |                    | 282,547           |   | 135,530 |   | 418,077 |   | 251,133 |   | 179,714 |   | 430,847 |
| Antamina               |                    | 431,170           |   | 384,636 |   | 815,806 |   | 502,115 |   | 384,866 |   | 886,981 |
| Constancia             |                    | 255,119           |   | 20,852 |   | 275,971 |   | 273,079 |   | 20,852 |   | 293,931 |
| Other 1                |                    | 96,391            |   | 689,179 |   | 785,570 |   | 117,647 |   | 710,705 |   | 828,352 |
|              | $                       | 1,100,250         | $ | 1,335,749 | $ | 2,435,999 | $ | 1,163,417 | $ | 1,423,249 | $ | 2,586,666 |
|  Gold interests   |                    |              |   |   |   |   |   |   |   |   |   |   |
| Sudbury 2              | $                       | 333,868           | $ | 67,667 | $ | 401,535 | $ | 366,480 | $ | 139,770 | $ | 506,250 |
| Salobo                 |                    | 2,315,355         |   | 589,480 |   | 2,904,835 |   | 1,765,166 |   | 391,591 |   | 2,156,757 |
| Constancia             |                    | 117,691           |   | 7,979 |   | 125,670 |   | 124,177 |   | 7,748 |   | 131,925 |
| Other 3                |                    | 51,233            |   | - |   | 51,233 |   | 80,830 |   | 6,984 |   | 87,814 |
|              | $                       | 2,818,147         | $ | 665,126 | $ | 3,483,273 | $ | 2,336,653 | $ | 546,093 | $ | 2,882,746 |
|              | $                       | 3,918,397         | $ | 2,000,875 | $ | 5,919,272 | $ | 3,500,070 | $ | 1,969,342 | $ | 5,469,412 |

| 1) | Comprised of the Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Keno Hill, Cozamin Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Lagunas Norte, Pierina, Veladero, Rosemont and 777 silver interests. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2) | Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests. |
|----|------------------------------------------------------------------------------------------------------|

| 3) | Comprised of the Minto, Rosemont and 777 gold interests. |
|----|----------------------------------------------------------|

----

| (in thousands)    |   |    |
|-------------------|--------|---------|
|  Cost:       |   |    |
| Cash              | $      | 900,000 |
| Acquisition costs |   | 343     |
|         | $      | 900,343 |

| 11. | Impairment of Silver and Gold Interests |
|-----|-----------------------------------------|

|                           |   |  Years Ended December 31 |
|--------------------------------|--------|-------------------------------|
|  (in thousands)           |   | 2016                          | 2015 |
|  Silver interests         |   |                          |   |   |   |
| Other Silver Interests         |   |                          |   |   |   |
| Barrick                        |   | $                             | - | $ | 109,723 |
| 777                            |   |                          | - |   | 63,778 |
| Keno Hill                      |   |                          | - |   | 10,513 |
| Gold interests                 |   |                          |   |   |   |
| Sudbury                        |   |                          | 71,000 |   | 49,439 |
| Other Gold Interests           |   |                          |   |   |   |
| 777                            |   |                          | - |   | 151,469 |
|  Total impairment charges |   | $                             | 71,000 | $ | 384,922 |

----

| 12. | Early Deposit – Silver and Gold Interests |
|-----|-------------------------------------------------|

----

| 13. | Royalty Interest |
|-----|------------------|

----

| 14. | Credit Facilities |
|-----|-------------------|

| 14.1. | Bank Debt |
|-------|-----------|

|                                      | December 31, 2016  |
|-------------------------------------------|--------------------|
| (in thousands)                            | Revolving Facility |
|  Current portion                     | $                  |  - |
| Long-term portion                         |               | 1,193,000 |
|  Gross bank debt outstanding 1       | $                  | 1,193,000 |
|  Year ended December 31, 2016:       |               |   |
| Interest capitalized during the period    | $                  |  - |
| Interest expensed during the period       |               | 24,193 |
| Total interest incurred during the period | $                  | 24,193 |
| Effective interest rate                   |               | 2.11% |

| 1) | There is $6 million unamortized debt issue costs associated with the Revolving Facility which have been recorded as a long-term asset under the classification Other. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                      |  December 31, 2015 |
|-------------------------------------------|-------------------------|
| (in thousands)                            |  NRT Loan1    | Revolving Facility | Total |
|  Current portion                     | $                       |  - | $ |  - | $ |  - |
| Long-term portion                         |                    |  - |   | 1,466,000 |   | 1,466,000 |
|  Gross bank debt outstanding 2       | $                       |  - | $ | 1,466,000 | $ | 1,466,000 |
|  Year ended December 31, 2015:       |                    |   |   |   |   |   |
| Interest capitalized during the period    | $                       | 1,533 | $ | 8,600 | $ | 10,133 |
| Interest expensed during the period       |                    | 1,332 |   | 2,758 |   | 4,090 |
| Total interest incurred during the period | $                       | 2,865 | $ | 11,358 | $ | 14,223 |
| Effective interest rate                   |                    | 1.72% |   | 1.75% |   | 1.74% |

| 1) | The NRT Loan was fully repaid on February 27, 2015. |
|----|-----------------------------------------------------|

| 2) | There was $6 million unamortized debt issue costs at December 31, 2015 associated with the Revolving Facility which have been recorded as a long-term asset under the classification Other. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 14.2. | Letter of Guarantee |
|-------|---------------------|

| 15. | Issued Capital |
|-----|----------------|

|                                                                                                                       |       |   December 31 |   December 31 |
|----------------------------------------------------------------------------------------------------------------------------|------------|-------------------------|-------------------------|
| (US dollars in thousands)                                                                                                  |  Note |   2016        |   2015        |
|  Issued capital                                                                                                       |       |                    |                    |   |   |
|  Share capital issued and outstanding: 441,456,217 common shares (December 31, 2015:  404,039,065 common shares) | 15.1       | $                       | 3,445,914               | $ | 2,815,569 |

| 15.1. | Shares Issued (Cancelled) |
|-------|---------------------------|

----

|                               | Numberof Shares | WeightedAverage Price |
|------------------------------------|-----------------|-----------------------|
|  At January 1, 2015           | 364,777,928     |                  |
| Shares issued 1                    | 38,930,000      | US$20.55              |
| Shares cancelled 2, 3         | (777,214)       | US$6.86               |
| Share purchase options exercised 4 | 229,000         | Cdn$15.89             |
| Restricted share units released 4  | 32,287          | $0.00                 |
| Dividend reinvestment plan 5       | 847,064         | US$14.42              |
| At December 31, 2015               | 404,039,065     |                  |
| Shares issued                      | 38,105,250      | US$16.60              |
| Shares cancelled 3                 | (2,295,665)     | US$6.98               |
| Share purchase options exercised 4 | 963,250         | Cdn$29.44             |
| Restricted share units released 4  | 19,386          | $0.00                 |
| Dividend reinvestment plan 5       | 624,931         | US$19.05              |
|  At December 31, 2016         | 441,456,217     |                  |

| 1) | In connection with the March 2, 2015 amendment made to the Salobo precious metal purchase agreement, the Company raised gross proceeds of $800 million through the issuance of 38,930,000 common shares at $20.55 per share. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2) | Includes 119,400 common shares purchased and cancelled in accordance with the NCIB in addition to 12,425 common shares which were cancelled in accordance with the terms of the May 21, 2009 acquisition of Silverstone Resources Corp. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3) | The weighted average price of shares cancelled represents the total weighted average price of the Company's common shares immediately prior to the cancellation of the shares. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4) | The weighted average price of share purchase options exercised and restricted share units released represents the respective exercise price. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------|

| 5) | The Company has implemented a dividend reinvestment plan ("DRIP") whereby shareholders can elect to have dividends reinvested directly into additional Silver Wheaton common shares. The weighted average price for common shares issued under the DRIP represents the volume weighted average price of the common shares on the five trading days preceding the dividend payment date, less a discount of 3%. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2. | Dividends Declared |
|-------|--------------------|

| 16. | Reserves |
|-----|----------|

|                                                 | Note   |  December 31 |  December 31 |
|------------------------------------------------------|--------|-------------------|-------------------|
|  (in thousands)                                 | 2016   | 2015              |
|  Reserves                                       |   |              |              |   |   |
| Share purchase warrants                              | 16.1   | $                 | 83,077            | $ | 53,717 |
| Share purchase options                               | 16.2   |              | 26,063            |   | 28,286 |
| Restricted share units                               | 16.3   |              | 3,669             |   | 3,313 |
| Long-term investment revaluation reserve, net of tax | 16.4   |              | (57,508)          |   | (108,513) |
|  Total reserves                                 |   | $                 | 55,301            | $ | (23,197) |

----

| 16.1. | Share Purchase Warrants |
|-------|-------------------------|

|                                           | Warrants Outstanding | Weighted Average Exercise Price | Exchange Ratio | Share Purchase Warrants Reserve |
|------------------------------------------------|----------------------|---------------------------------|----------------|---------------------------------|
|  At January 1, 2015 and December 31, 2015 | 10,000,000           | $65.00                          | 1.00           | $                               | 53,717 |
| Modification to terms                          |                 | (21.25)                         | 1.00           |                            | 29,360 |
|  At December 31, 2016                     | 10,000,000           | $43.75                          | 1.00           | $                               | 83,077 |

| 16.2. | Share Purchase Options |
|-------|------------------------|

|                                                 |  Years Ended December 31 |
|------------------------------------------------------|-------------------------------|
|                                                 | 2016                          | 2015 |
|  Black-Scholes weighted average assumptions     |                          |   |
| Grant date share price and exercise price            | Cdn$23.37                     | Cdn$25.48 |
| Expected dividend yield                              | 1.15%                         | 1.06% |
| Expected volatility                                  | 35%                           | 35% |
| Risk-free interest rate                              | 0.63%                         | 0.44% |
| Expected option life, in years                       | 2.5                           | 2.5 |
|  Weighted average fair value per option granted | Cdn$4.81                      | Cdn$5.23 |

----

| (in thousands)                                             |                | SharePurchaseOptions Reserve                            |
|------------------------------------------------------------|---------------------|---------------------------------------------------------|
|  At January 1, 2015                                   |   $  |         24,214       |
| Recognition of fair value of share purchase options issued |                | 5,312                                                   |
| Share purchase options exercised                           |                | (1,240)                                                 |
| At December 31, 2015                                       |   $  |          28,286 |
| Recognition of fair value of share purchase options issued |                | 4,326                                                   |
| Share purchase options exercised                           |                | (6,549)                                                 |
|  At December 31, 2016                                 |   $  |          26,063 |

| Exercise Price (Cdn$)                                                                                                                           | Exercisable Options | Non-Exercisable Options | Total Options Outstanding | Weighted AverageRemaining Contractual Life |
|-------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|-------------------------|---------------------------|--------------------------------------------|
|  $23.26                                                                                                                                    | -                   | 940,700                 | 940,700                   | 4.2 years                                  |
| $24.061                                                                                                                                         | -                   | 189,900                 | 189,900                   | 4.2 years                                  |
| $25.48                                                                                                                                          | 405,400             | 423,050                 | 828,450                   | 3.2 years                                  |
| $26.07                                                                                                                                          | 738,500             | -                       | 738,500                   | 2.2 years                                  |
| $27.151                                                                                                                                         | 66,050              | 73,650                  | 139,700                   | 3.2 years                                  |
| $28.59                                                                                                                                          | 25,000              | -                       | 25,000                    | 0.4 years                                  |
| $31.241                                                                                                                                         | 98,750              | -                       | 98,750                    | 2.2 years                                  |
| $31.481                                                                                                                                         | 15,000              | -                       | 15,000                    | 1.4 years                                  |
| $31.88                                                                                                                                          | 768,000             | -                       | 768,000                   | 1.2 years                                  |
| $33.71                                                                                                                                          | 192,900             | -                       | 192,900                   | 0.2 years                                  |
| $34.301                                                                                                                                         | 13,000              | -                       | 13,000                    | 2.6 years                                  |
| $34.55                                                                                                                                          | 10,000              | -                       | 10,000                    | 1.0 years                                  |
| $39.25                                                                                                                                          | 10,000              | -                       | 10,000                    | 0.9 years                                  |
| $39.52                                                                                                                                          | -                   | 8,000                   | 8,000                     | 4.6 years                                  |
| $41.891                                                                                                                                         | 86,000              | -                       | 86,000                    | 1.2 years                                  |
| $45.621                                                                                                                                         | 33,500              | -                       | 33,500                    | 0.2 years                                  |
|                                                                                                                                       | 2,462,100           | 1,635,300               | 4,097,400                 | 2.6 years                                  |
|  1) US$ share purchase options converted to Cdn$ using the exchange rate of 1.3426, being the Cdn$/US$ exchange rate at December 31, 2016. |

----

|                                                     | Number ofOptions Outstanding | WeightedAverage Exercise Price |
|----------------------------------------------------------|------------------------------|--------------------------------|
|  At January 1, 2015                                 | 3,501,600                    | Cdn$29.62                      |
| Granted (fair value - $4 million or Cdn$5.23 per option) | 1,012,700                    | 25.48                          |
| Exercised                                                | (229,000)                    | 15.89                          |
| At December 31, 2015                                     | 4,285,300                    | Cdn$29.88                      |
| Granted (fair value - $4 million or Cdn$4.81 per option) | 1,159,900                    | 23.37                          |
| Exercised                                                | (963,250)                    | 29.44                          |
| Forfeited                                                | (384,550)                    | 37.08                          |
|  At December 31, 2016                               | 4,097,400                    | Cdn$27.36                      |

| 16.3. | Restricted Share Units ("RSUs") |
|-------|---------------------------------|

| (in thousands)                           |          | Restricted Share Units Reserve                                                                      |
|------------------------------------------|---------------|-----------------------------------------------------------------------------------------------------|
|  At January 1, 2015                 |  $  |         3,307                                                    |
| Recognition of fair value of RSUs issued |          |                 848 |
| Restricted share units released          |          | (842)                                                                                               |
| At December 31, 2015                     |  $  |           3,313                                        |
| Recognition of fair value of RSUs issued |          |                 734 |
| Restricted share units released          |          | (378)                                                                                               |
|  At December 31, 2016               |  $  |           3,669                                        |

----

| 16.4. | Long-Term Investment Revaluation Reserve |
|-------|------------------------------------------|

|                                                            |  Change in FairValue Due To: |                                                             |           |
|-----------------------------------------------------------------|-----------------------------------|-----------------------------------------------------------------------|---------------------|
|  (in thousands)                                            |  Share Price                 |  Foreign Exchange                                                |  Tax Effect    |  Total |
|  At January 1, 2015                                        |   $                |           (128,728)      |   $  |                 18,649 |   $  |                        - |   $  |           (110,079) |
| Unrealized gain (loss) on LTIs 1                                |                              | (9,467)                                                               |                | (3,618) |   | - |   | (13,085) |
| Reallocate reserve to retained earnings upon disposal of LTIs 1 |                              | 16,783                                                                |                | (2,132) |   | - |   | 14,651 |
| At December 31, 2015                                            |   $                |          (121,412)            |   $  |                12,899 |   $  |                       - |   $  |           (108,513) |
| Unrealized gain (loss) on LTIs 1                                |                              | 44,865                                                                |                | (20) |   | (846) |   | 43,999 |
| Reallocate reserve to retained earnings upon disposal of LTIs 1 |                              | 7,006                                                                 |                | - |   | - |   | 7,006 |
|  At December 31, 2016                                      |   $                |            (69,541) |   $  |              12,879 |   $  |                 (846) |   $  |           (57,508) |

| 1) | LTIs refers to long-term investments in common shares held. |
|----|-------------------------------------------------------------|

| 17. | Stock Based Compensation |
|-----|--------------------------|

| 17.1. | Performance Share Units ("PSUs") |
|-------|----------------------------------|

----

|                              | Number of PSUs Outstanding |
|-----------------------------------|----------------------------|
|  At January 1, 2015          | 511,951                    |
| Granted                           | 216,200                    |
| Dividend equivalent participation | 8,556                      |
| Paid                              | (73,411)                   |
| At December 31, 2015              | 663,296                    |
| Granted                           | 232,000                    |
| Dividend equivalent participation | 7,586                      |
| Paid                              | (166,915)                  |
| Forfeited                         | (18,403)                   |
|  At December 31, 2016        | 717,564                    |

| 18. | Earnings per Share ("EPS") and Diluted Earnings per Share ("Diluted EPS") |
|-----|---------------------------------------------------------------------------|

|                                                        |  Years Ended December 31 |
|-------------------------------------------------------------|-------------------------------|
|  (in thousands)                                        | 2016                          | 2015 |
|  Basic weighted average number of shares outstanding   | 430,461                       | 395,755 |
| Effect of dilutive securities                               |                          |   |
| Share purchase options                                      | 199                           | 14 |
| Restricted share units                                      | 185                           | 169 |
|  Diluted weighted average number of shares outstanding | 430,845                       | 395,938 |

----

|                         |  Years Ended December 31 |
|------------------------------|-------------------------------|
|  (in thousands)         | 2016                          | 2015 |
|  Share purchase options | 1,400                         | 4,285 |
| Share purchase warrants      | 10,000                        | 10,000 |
|  Total                  | 11,400                        | 14,285 |

| 19. | Supplemental Cash Flow Information |
|-----|------------------------------------|

|                                           |  Years Ended December 31 |
|------------------------------------------------|-------------------------------|
|  (in thousands)                           | 2016                          | 2015 |
|  Change in non-cash working capital       |                          |   |   |   |
| Accounts receivable                            | $                             | (1,194) | $ | 3,007 |
| Accounts payable and accrued liabilities       |                          | 8,667 |   | (39) |
| Other                                          |                          | (434) |   | 217 |
|  Total change in non-cash working capital | $                             | 7,039 | $ | 3,185 |

| 20. | Income Taxes |
|-----|--------------|

|                                                                               |  Years Ended December 31  |
|------------------------------------------------------------------------------------|-------------------------------------|
|  (in thousands)                                                               |                                | 2016 |   | 2015 |
|  Current income tax (recovery) expense related to foreign jurisdictions       |  $                             | (28) |  $ | 208 |
|  Deferred income tax expense (recovery) related to:                           |                                |   |   |   |
| Origination and reversal of temporary differences                                  | $                                   | 4,053 | $ | (13,089) |
| Write down (reversal of write down) of previously recognized temporary differences |                                | (5,355) |   | 9,490 |
|  Total deferred income tax recovery                                           |  $                             | (1,302) |  $ | (3,599) |
|  Income tax recovery recognized in net earnings                               |  $                             | (1,330) |  $ | (3,391) |

----

|                                                                                |  Years Ended December 31 |
|-------------------------------------------------------------------------------------|-------------------------------|
|  (in thousands)                                                                | 2016                          | 2015 |
|  Deferred income tax expense related to the gains on LTIs - common shares held |  $                       | 846 |  $ |  - |
|  Deferred income tax expense recognized in OCI                                 |  $                       | 846 |  $ | - |

|                                                      |  Years Ended December 31 |
|-----------------------------------------------------------|-------------------------------|
|  (in thousands)                                      | 2016                          | 2015 |
|  Deferred income tax (recovery) expense related to:  |                          |   |   |   |
| Origination and reversal of temporary differences         | $                             | (1,447) | $ | (725) |
| Write down of previously recognized temporary differences |                          | 1,989 |   | 3,558 |
|  Deferred income tax expense recognized in equity    |  $                       | 542 |  $ | 2,833 |

|                                                                               |  Years Ended December 31 |
|------------------------------------------------------------------------------------|-------------------------------|
|  (in thousands)                                                               | 2016                          | 2015 |
|  Earnings (loss) before income taxes                                          | $                             | 193,807 | $ | (165,433) |
| Canadian federal and provincial income tax rates                                   |                          | 26.00% |   | 26.00% |
| Income tax expense (recovery) based on above rates                                 | $                             | 50,390 | $ | (43,013) |
| Non-deductible stock based compensation and other                                  |                          | 4,001 |   | 3,083 |
| Differences in tax rates in foreign jurisdictions                                  |                          | (72,898) |   | (34,880) |
| Current period unrecognized temporary differences - impairments                    |                          | 16,874 |   | 57,925 |
| Current period unrecognized temporary differences                                  |                          | 5,658 |   | 4,004 |
| Write down (reversal of write down) of previously recognized temporary differences |                          | (5,355) |   | 9,490 |
|  Income tax recovery                                                          | $                             | (1,330) | $ | (3,391) |

----

|                                                  |  Year Ended December 31, 2016 |
|-------------------------------------------------------|------------------------------------|
|                                                  | Opening Balance                    | Recovery (Expense) Recognized In Net Earnings | Recovery (Expense) Recognized In OCI | Recovery (Expense) Recognized In Shareholders' Equity | Closing Balance |
| Recognized deferred income tax assets and liabilities |
|  Deferred tax assets                             |                               |   |   |   |   |   |   |   |   |   |
| Non-capital losses                                    | $                                  | 3,486 | $ | 19 | $ | - | $ | 3 | $ | 3,508 |
| Financing fees                                        |                               | 979 |   | (261) |   | - |   | (545) |   | 173 |
| Capital losses                                        |                               | - |   | 846 |   | - |   | - |   | 846 |
| Other                                                 |                               | 276 |   | (233) |   | - |   | - |   | 43 |
| Deferred tax liabilities                              |                               |   |   |   |   |   |   |   |   |   |
| Interest capitalized for accounting                   |                               | (84) |   | - |   | - |   | - |   | (84) |
| Long-term investments                                 |                               | - |   | - |   | (846) |   | - |   | (846) |
| Silver and gold interests                             |                               | (4,657) |   | 1,017 |   | - |   | - |   | (3,640) |
| Other                                                 |                               | (176) |   | (86) |   | - |   | - |   | (262) |
|  Total                                           | $                                  | (176) | $ | 1,302 | $ | (846) | $ | (542) | $ | (262) |

|                                                  |  Year Ended December 31, 2015 |
|-------------------------------------------------------|------------------------------------|
|                                                  | Opening Balance                    | Recovery (Expense) Recognized In Net Earnings | Recovery (Expense) Recognized In OCI | Recovery (Expense) Recognized In Shareholders' Equity | Closing Balance |
| Recognized deferred income tax assets and liabilities |
|  Deferred tax assets                             |                               |   |   |   |   |   |   |   |   |   |
| Non-capital losses                                    | $                                  | 14,069 | $ | (7,025) | $ | - | $ | (3,558) | $ | 3,486 |
| Financing fees                                        |                               | 1,422 |   | (1,168) |   | - |   | 725 |   | 979 |
| Other                                                 |                               | 2,111 |   | (1,835) |   | - |   | - |   | 276 |
| Deferred tax liabilities                              |                               |   |   |   |   |   |   |   |   |   |
| Interest capitalized for accounting                   |                               | (84) |   | - |   | - |   | - |   | (84) |
| Silver and gold interests                             |                               | (18,348) |   | 13,691 |   | - |   | - |   | (4,657) |
| Other                                                 |                               | (112) |   | (64) |   | - |   | - |   | (176) |
|  Total                                           | $                                  | (942) | $ | 3,599 | $ | - | $ | (2,833) | $ | (176) |

----

|                                       |  December 31 | December 31 |
|--------------------------------------------|-------------------|-------------|
|                                       | 2016              | 2015        |
|  Non-capital losses                   | $                 | 25,002      | $ | 16,020 |
| Financing fees                             |              | 10,480      |   | 6,618 |
| Silver and gold interests                  |              | 70,913      |   | 57,925 |
| Other                                      |              | 1,394       |   | 1,835 |
| Capital losses                             |              | 11,019      |   | 11,033 |
| Unrealized losses on long-term investments |              | 8,928       |   | 14,744 |
|  Total                                | $                 | 127,736     | $ | 108,175 |

| 21. | Related Party Transactions |
|-----|----------------------------|

|                                                                                                                                                                                                                                                                                                                                                            |  Years Ended December 31 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------|
|  (in thousands)                                                                                                                                                                                                                                                                                                                                            | 2016                          | 2015 |
|  Short-term benefits 1                                                                                                                                                                                                                                                                                                                                     | $                             | 6,478 | $ | 6,133 |
| Post-employment benefits                                                                                                                                                                                                                                                                                                                                        |                          | 51 |   | 49 |
| PSUs 2                                                                                                                                                                                                                                                                                                                                                          |                          | (388) |   | 1,784 |
| Equity settled stock based compensation (a non-cash expense) 3                                                                                                                                                                                                                                                                                                  |                          | 3,490 |   | 4,184 |
|  Total executive compensation                                                                                                                                                                                                                                                                                                                              | $                             | 9,631 | $ | 12,150 |
| 1)  Short-term employee benefits include salaries, bonuses payable within twelve months of the balance sheet date and other annual employee benefits.                                                                                                                                                                                                      |                          |   |
| 2)  As more fully disclosed in Note 17.1, PSU compensation expense is recorded on a straight-line basis over the three year vesting period, with the expense being adjusted at the end of each reporting period to reflect (i) the fair value of common shares; (ii) the number of PSUs anticipated to vest; and (iii) the anticipated performance factor. |
| 3)  As more fully disclosed in Notes 16.2 and 16.3, equity settled stock based compensation expense is recorded on a straight-line basis over the vesting period.                                                                                                                                                                                          |

| 22. | Post-Employment Benefit Costs |
|-----|-------------------------------|

----

| 23. | Commitments and Contingencies |
|-----|-------------------------------|

|   Silver and Gold Interests | Attributable PayableProduction to be Purchased | Per Ounce CashPayment 1, 2 | Term of Agreement | Date ofOriginal Contract |
|---------------------------------------|------------------------------------------------|----------------------------|-------------------|--------------------------|
|  Silver                          | Gold                                           | Silver                     | Gold              |
| San Dimas                             |  100% 3                                   |  0%                   | $                 | 4.28                     |   | n/a | Life of Mine | 15-Oct-04 |
| Peñasquito                       |  25%                                      |  0%                   | $                 | 4.13                     |   | n/a | Life of Mine | 24-Jul-07 |
| Salobo                                |  0%                                       |  75%                  |              | n/a                      | $ | 400 | Life of Mine | 28-Feb-13 |
| Sudbury                               |  0%                                       |  70%                  |              | n/a                      | $ | 400 | 20 years | 28-Feb-13 |
| Antamina                              |  33.75%                                   |  0%                   | 20% of Spot       |                     | n/a | Life of Mine | 3-Nov-15 |
| Constancia                            |  100%                                     |  50% 4                | $                 | 5.905                    | $ | 400 5 | Life of Mine | 8-Aug-12 |
| Other                                 |                                           |                       |              |                     |   |   |   |   |
| Los Filos                             |  100%                                     |  0%                   | $                 | 4.29                     |   | n/a | 25 years | 15-Oct-04 |
| Zinkgruvan                            |  100%                                     |  0%                   | $                 | 4.27                     |   | n/a | Life of Mine | 8-Dec-04 |
| Yauliyacu                             |  100% 6                                   |  0%                   | $                 | 8.74 7                   |   | n/a | Life of Mine | 23-Mar-06 |
| Stratoni                              |  100%                                     |  0%                   | $                 | 4.18 8                   |   | n/a | Life of Mine | 23-Apr-07 |
| Minto                                 |  100%                                     |  100% 9               | $                 | 4.14                     | $ | 318 | Life of Mine | 20-Nov-08 |
| Cozamin                               |  100%                                     |  0%                   | $                 | 4.28                     |   | n/a | 10 years | 4-Apr-07 |
| Neves-Corvo                           |  100%                                     |  0%                   | $                 | 4.18                     |   | n/a | 50 years | 5-Jun-07 |
| Aljustrel                             |  100% 10                                  |  0%                   | $                 | 4.06                     |   | n/a | 50 years | 5-Jun-07 |
| Keno Hill                             |  25%                                      |  0%                   | $                 | 3.90 11                  |   | n/a | Life of Mine | 2-Oct-08 |
| Barrick                               |                                           |                       |              |                     |   |   |   |   |
| Pascua-Lama                           |  25%                                      |  0%                   | $                 | 3.90                     |   | n/a | Life of Mine | 8-Sep-09 |
| Lagunas Norte                         |  100%                                     |  0%                   | $                 | 3.90                     |   | n/a | 8.5 years | 8-Sep-09 |
| Pierina                               |  100%                                     |  0%                   | $                 | 3.90                     |   | n/a | 8.5 years 12 | 8-Sep-09 |
| Veladero                              |  100% 13                                  |  0%                   | $                 | 3.90                     |   | n/a | 8.5 years | 8-Sep-09 |
| Rosemont                              |  100%                                     |  100%                 | $                 | 3.90                     | $ | 450 | Life of Mine | 10-Feb-10 |
| Loma de La Plata                      |  12.5%                                    |  0%                   | $                 | 4.00                     |   | n/a | Life of Mine | n/a 14 |
| 777                                   |  100%                                     |  50%        | $                 | 6.02 5                   | $ | 408 5 | Life of Mine | 8-Aug-12 |
| Early Deposit                         |                                           |                       |              |                     |   |   |   |   |
| Toroparu                              |  50%                                      |  10%                  | $                 | 3.90                     | $ | 400 | Life of Mine | 11-Nov-13 |
| Cotabambas                            |  100% 15                                  |  25% 15               | $                 | 5.90                     | $ | 450 | Life of Mine | 21-Mar-16 |

| 1) | Subject to an annual inflationary adjustment with the exception of Loma de La Plata and Sudbury. |
|----|--------------------------------------------------------------------------------------------------|

| 2) | Should the prevailing market price for silver or gold be lower than this amount, the per ounce cash payment will be reduced to the prevailing market price, with the exception of Yauliyacu where the per ounce cash payment will not be reduced below $4.24 per ounce, subject to an annual inflationary factor. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3) | Silver Wheaton is committed to purchase from Primero a per annum amount equal to the first 6 million ounces of payable silver produced at San Dimas and 50% of any excess. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4) | Gold recoveries will be set at 55% for the Constancia deposit and 70% for the Pampacancha deposit until 265,000 ounces of gold have been delivered to the Company. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5) | Subject to an increase to $9.90 per ounce of silver and $550 per ounce of gold after the initial 40 year term. |
|----|----------------------------------------------------------------------------------------------------------------|

| 6) | Silver Wheaton is committed to purchase from Glencore a per annum amount equal to the first 1.5 million ounces of payable silver produced at Yauliyacu and 50% of any excess. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7) | Should the market price of silver exceed $20 per ounce, in addition to the $8.74 per ounce, the Company is committed to pay Glencore an additional amount for each ounce of silver delivered equal to 50% of the excess, to a maximum of $10 per ounce, such that when the market price of silver is $40 or above, the Company will pay Glencore $18.74 per ounce of silver delivered. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8) | In October 2015, in order to incentivize additional exploration and potentially extend the limited remaining mine life of Stratoni, Silver Wheaton and Eldorado Gold agreed to modify the Stratoni silver purchase agreement. The primary modification is to increase the production price per ounce of silver delivered to Silver Wheaton over the current fixed price by one of the following amounts: (i) $2.50 per ounce of silver delivered if 10,000 meters of drilling is completed outside of the existing ore body and within Silver Wheaton's defined area of interest ("Expansion Drilling"); (ii) $5.00 per ounce of silver delivered if 20,000 meters of Expansion Drilling is completed; and (iii) $7.00 per ounce of silver delivered if 30,000 meters of Expansion Drilling is completed. Drilling in all three cases must be completed by December 31, 2020, in order for the agreed upon increase in production price to be initiated. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9) | The Company is committed to acquire 100% of the first 30,000 ounces of gold produced per annum and 50% thereafter. |
|----|--------------------------------------------------------------------------------------------------------------------|

| 10) | Silver Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine. |
|-----|------------------------------------------------------------------------------------------------------------------------------|

| 11) | In June 2014, the Company amended its silver purchase agreement with Alexco to increase the production payment to be a function of the silver price at the time of delivery. In addition, the area of interest was expanded to include properties currently owned by Alexco and properties acquired by Alexco in the future which fall within a one kilometer radius of existing Alexco holdings in the Keno Hill Silver District. The amended agreement is conditional on Alexco paying Silver Wheaton $20 million by March 31, 2017 at Alexco's option. Certain provisions of the amended agreement are not applicable to the Bermingham deposit properties, with the result being that the original silver purchase agreement will continue to apply to those properties. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12) | As per Barrick's disclosure, closure activities were initiated at Pierina in August 2013. |
|-----|-------------------------------------------------------------------------------------------|

| 13) | Silver Wheaton's attributable silver production is subject to a maximum of 8% of the silver contained in the ore processed at Veladero during the period. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14) | Terms of the agreement not yet finalized. |
|-----|-------------------------------------------|

| 15) | Once 90 million silver equivalent ounces attributable to Silver Wheaton have been produced, the attributable production to be purchased will decrease to 66.67% of silver production and 16.67% of gold production for the life of mine. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                |   |  Obligations With Scheduled Payment Dates                                  |        |                                                                            |      |                                                                            |
|-------------------------------------|--------|---------------------------------------------------------------------------------|-------------|---------------------------------------------------------------------------------|-----------|---------------------------------------------------------------------------------|
|  (in thousands)                | 2017   | 2018 - 2020                                                                     | 2021 - 2022 | After 2022                                                                      | Sub-Total | Other Commitments                                                               | Total |
|  Bank debt 1                   | $      |              - | $           |              - | $         |  1,193,000                                                                 | $ |              - | $ |  1,193,000 | $ |              - |  $ |  1,193,000 |
| Interest 2                          |   |       30,804                                      |        |     107,260                                                 |      |         5,858                           |   |              - |   |     143,922 |   |              - |   |     143,922 |
| Silver and gold interest payments 3 |   |                                                                            |        |                                                                            |      |                                                                            |   |   |   |   |   |   |   |   |
| Rosemont 4                          |   |              - |        |              - |      |              - |   |              - |   |              - |   |     231,150 |   |     231,150 |
| Loma de La Plata                    |   |              - |        |              - |      |              - |   |              - |   |              - |   |       32,400 |   |       32,400 |
| Toroparu                            |   |              - |        |              - |      |              - |   |              - |   |              - |   |     138,000 |   |     138,000 |
| Cotabambas                          |   |         1,500                           |        |         4,500                           |      |         3,000                           |   |         1,000 |   |       10,000 |   |     126,000 |   |     136,000 |
| Operating leases                    |   |         1,224                           |        |         3,496                           |      |         1,794                           |   |         1,884 |   |         8,398 |   |              - |   |         8,398 |
|  Total contractual obligations | $      |       33,528                                      | $           |     115,256                                                 | $         |  1,203,652                                                                 | $ |         2,884 | $ |  1,355,320 | $ |     527,550 |  $ |  1,882,870 |

| 1) | At December 31, 2016, the Company had $1.2 billion drawn and outstanding on the Revolving Facility. |
|----|-----------------------------------------------------------------------------------------------------|

| 2) | As the applicable interest rates are floating in nature, the interest charges are estimated based on market-based forward interest rate curves at the end of the reporting period. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3) | Does not reflect the contingent payment due related to the Salobo gold purchase agreement (see the Salobo section, below). |
|----|----------------------------------------------------------------------------------------------------------------------------|

| 4) | Includes contingent transaction costs of $1 million. |
|----|------------------------------------------------------|

----

----

|               | CRA Position/Status                                                                                                                                                                                                                                               | Potential Income Inclusion                                                                                                                                                                                     | Potential Income Tax Payable                                                                                                                                                                                                                                                                                   | Payments Made                                                                                                                                                                                         | Timing                                                                                                                    |
|-------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|
| 2005-2010Taxation Years |  Transfer pricing provisions of the Act should apply such that Silver Wheaton's income subject to tax in Canada should be increased by an amount equal to substantially all of the income earned outside of Canada by Silver Wheaton's foreign subsidiaries. | CRA has reassessed Silver Wheaton and is seeking to increase Silver Wheaton's income subject to tax in Canada by Cdn$715 million.                                                                              |  CRA has reassessed Silver Wheaton and is seeking to impose income tax of Cdn$201 million. In addition, transfer pricing penalties of Cdn$72 million and interest (calculated to September 24, 2015) and other penalties of Cdn$81 million have been assessed for total of Cdn$353 million.(1), (4)  | Silver Wheaton has posted security in the form of letters of guarantee totaling Cdn$202 million which includes interest accrued to March 2017 plus estimated interest for the following year.(1), (4) | An appeal in the Tax Court of Canada commenced January 8, 2016. Timing of resolution of the matter in court is uncertain. |
| 2011-2013Taxation Years | CRA audit commenced January 19, 2016. CRA has not issued a proposal or reassessment.                                                                                                                                                                              |  If CRA were to reassess on similar basis as 2005-2010 taxation years, CRA would seek to increase Silver Wheaton's income subject to tax in Canada by approximately $1.2 billion.(2)                 | If CRA were to reassess on similar basis as 2005-2010 taxation years, CRA would seek to impose income tax of approximately $310 million.(2), (3)                                                                                                                                                               | N/A                                                                                                                                                                                                   | Time to complete CRA audit unknown.                                                                                       |
| 2014-2016Taxation Years | Remain open to audit by CRA.                                                                                                                                                                                                                                      |  If CRA were to audit and then reassess on similar basis as 2005-2010 taxation years, CRA would seek to increase Silver Wheaton's income subject to tax in Canada by approximately $550 million.(2)  | If CRA were to audit and then reassess on similar basis as 2005-2010 taxation years, CRA would seek to impose income tax of approximately $142 million.(2), (3)                                                                                                                                                | N/A                                                                                                                                                                                                   | N/A                                                                                                                       |

| 1) | Estimates of interest given as of the date stated. Interest accrues until payment date. |
|----|-----------------------------------------------------------------------------------------|

| 2) | For precious metal purchase agreements with upfront payments paid in the form of a deposit, the estimates of income inclusion and tax payable are based on the cost of precious metal acquired under such precious metal purchase agreements being equal to the market value of such precious metal. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3) | This amount does not include potential interest and penalties to the extent may be applicable. |
|----|------------------------------------------------------------------------------------------------|

| 4) | As a consequence of the CRA's reassessment of the 2005-2010 taxation years, CRA has denied non-capital losses of US$12 million and US$14 million that the Company had carried forward and applied to the 2011 and 2012 taxation years, respectively.  Accordingly, the Company has carried back non-capital losses from subsequent taxation years to eliminate the taxable income in the 2011 and 2012 taxation years.  However, interest and penalties of US$1.3 million remained owing, 50% of which has been paid as the Company filed Notices of Objection with respect to the reassessments of the 2011 and 2012 taxation years. The reassessments do not relate to the CRA international audit of the 2011-2013 taxation years. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 24. | Segmented Information |
|-----|-----------------------|

|  Year Ended December 31, 2016    |
|---------------------------------------|
|                                  | Sales | Cost of Sales | Depletion | Gross Margin | Impairment Charges 1 | NetEarnings (Loss) | Cash Flow From Operations | Total Assets |
| (in thousands)                        |
|  Silver                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| San Dimas                             | $ | 91,929 | $ | 23,031 | $ | 5,980 | $ | 62,918 | $ | - | $ | 62,918 | $ | 68,898 | $ | 140,575 |
| Peñasquito                       |   | 71,196 |   | 17,111 |   | 12,770 |   | 41,315 |   | - |   | 41,315 |   | 54,085 |   | 418,077 |
| Antamina                              |   | 120,916 |   | 24,180 |   | 71,229 |   | 25,507 |   | - |   | 25,507 |   | 96,736 |   | 815,806 |
| Constancia                            |   | 41,019 |   | 14,297 |   | 17,960 |   | 8,762 |   | - |   | 8,762 |   | 26,926 |   | 275,971 |
| Other 2                               |   | 155,281 |   | 46,623 |   | 42,782 |   | 65,876 |   | - |   | 65,876 |   | 110,364 |   | 785,570 |
|                             | $ | 480,341 | $ | 125,242 | $ | 150,721 | $ | 204,378 | $ | - | $ | 204,378 | $ | 357,009 | $ | 2,435,999 |
|  Gold                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sudbury 3                             | $ | 53,384 | $ | 17,134 | $ | 33,715 | $ | 2,535 | $ | (71,000) | $ | (68,465) | $ | 36,281 | $ | 401,535 |
| Salobo                                |   | 253,582 |   | 81,781 |   | 81,430 |   | 90,371 |   | - |   | 90,371 |   | 171,802 |   | 2,904,835 |
| Constancia                            |   | 18,792 |   | 6,112 |   | 6,255 |   | 6,425 |   | - |   | 6,425 |   | 12,693 |   | 125,670 |
| Other 4                               |   | 85,458 |   | 24,165 |   | 36,581 |   | 24,712 |   | - |   | 24,712 |   | 66,527 |   | 51,233 |
|                             | $ | 411,216 | $ | 129,192 | $ | 157,981 | $ | 124,043 | $ | (71,000) | $ | 53,043 | $ | 287,303 | $ | 3,483,273 |
|  Total silver and gold interests | $ | 891,557 | $ | 254,434 | $ | 308,702 | $ | 328,421 | $ | (71,000) | $ | 257,421 | $ | 644,312 | $ | 5,919,272 |
|  Corporate                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative            |   |   |   |   |   |   |   |   |   | $ | (34,439) | $ | (32,563) |   |   |
| Interest expense                      |   |   |   |   |   |   |   |   |   |   |   | (24,193) |   | (23,317) |   |   |
| Other                                 |   |   |   |   |   |   |   |   |   |   |   | (4,982) |   | (4,131) |   |   |
| Income tax recovery                   |   |   |   |   |   |   |   |   |   |   |   | 1,330 |   | - |   |   |
|  Total corporate                 |   |   |   |   |   |   |   |   |   |   | $ | (62,284) | $ | (60,011) | $ | 234,047 |
|  Consolidated                    |   |   |   |   |   |   |   |   |   |   | $ | 195,137 | $ | 584,301 | $ | 6,153,319 |

| 1) | See Note 11 for further information. |
|----|--------------------------------------|

| 2) | Where a silver interest represents less than 10% of the Company's sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company's CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Cozamin, Neves-Corvo, Minto, Lagunas Norte, Pierina, Veladero and 777 silver interests in addition to the non-operating Keno Hill, Aljustrel, Loma de La Plata, Pascua-Lama and Rosemont silver interests. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3) | Comprised of the operating Coleman, Copper Cliff, Garson, Stobie, Creighton and Totten gold interests in addition to the non-operating Victor gold interest. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4) | Where a gold interest represents less than 10% of the Company's sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company's CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating Minto and 777 gold interests and the non-operating Rosemont gold interest. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  Year Ended December 31, 2015    |
|---------------------------------------|
|                                  | Sales | Cost of Sales | Depletion | Gross Margin | Impairment Charges 1 | Net Loss | Cash Flow From Operations | Total Assets |
| (in thousands)                        |
|  Silver                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| San Dimas                             | $ | 113,198 | $ | 30,680 | $ | 6,396 | $ | 76,122 | $ | - | $ | 76,122 | $ | 82,518 | $ | 146,555 |
| Peñasquito                       |   | 114,083 |   | 29,026 |   | 20,298 |   | 64,759 |   | - |   | 64,759 |   | 85,057 |   | 430,847 |
| Antamina                              |   | 18,858 |   | 3,748 |   | 13,308 |   | 1,802 |   | - |   | 1,802 |   | 15,110 |   | 886,981 |
| Constancia                            |   | 18,053 |   | 6,845 |   | 9,017 |   | 2,191 |   | - |   | 2,191 |   | 11,209 |   | 293,931 |
| Other 2                               |   | 151,386 |   | 40,429 |   | 41,543 |   | 69,414 |   | (184,014) |   | (114,600) |   | 111,984 |   | 828,352 |
|                             | $ | 415,578 | $ | 110,728 | $ | 90,562 | $ | 214,288 | $ | (184,014) | $ | 30,274 | $ | 305,878 | $ | 2,586,666 |
|  Gold                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sudbury 3                             | $ | 39,201 | $ | 13,392 | $ | 28,173 | $ | (2,364) | $ | (49,439) | $ | (51,803) | $ | 25,371 | $ | 506,250 |
| Salobo                                |   | 124,250 |   | 43,359 |   | 45,502 |   | 35,389 |   | - |   | 35,389 |   | 80,890 |   | 2,156,757 |
| Constancia                            |   | 11,860 |   | 4,159 |   | 4,133 |   | 3,568 |   | - |   | 3,568 |   | 7,700 |   | 131,925 |
| Other 4                               |   | 57,798 |   | 18,576 |   | 30,211 |   | 9,011 |   | (151,469) |   | (142,458) |   | 38,895 |   | 87,814 |
|                             | $ | 233,109 | $ | 79,486 | $ | 108,019 | $ | 45,604 | $ | (200,908) | $ | (155,304) | $ | 152,856 | $ | 2,882,746 |
|  Total silver and gold interests | $ | 648,687 | $ | 190,214 | $ | 198,581 | $ | 259,892 | $ | (384,922) | $ | (125,030) | $ | 458,734 | $ | 5,469,412 |
|  Corporate                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative            |   |   |   |   |   |   |   |   |   | $ | (32,237) | $ | (21,807) |   |   |
| Interest expense                      |   |   |   |   |   |   |   |   |   |   |   | (4,090) |   | (2,697) |   |   |
| Other                                 |   |   |   |   |   |   |   |   |   |   |   | (4,076) |   | (2,871) |   |   |
| Income tax recovery                   |   |   |   |   |   |   |   |   |   |   |   | 3,391 |   | - |   |   |
|  Total corporate                 |   |   |   |   |   |   |   |   |   |   | $ | (37,012) | $ | (27,375) | $ | 162,799 |
|  Consolidated                    |   |   |   |   |   |   |   |   |   |   | $ | (162,042) | $ | 431,359 | $ | 5,632,211 |

| 1) | See Note 11 for further information. |
|----|--------------------------------------|

| 2) | Where a silver interest represents less than 10% of the Company's sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company's CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests are comprised of the operating Los Filos, Zinkgruvan, Yauliyacu, Stratoni, Cozamin, Neves-Corvo, Minto, Lagunas Norte, Pierina, Veladero and 777 silver interests in addition to the non-operating Keno Hill, Aljustrel, Loma de La Plata, Pascua-Lama and Rosemont silver interests. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3) | Comprised of the operating Coleman, Copper Cliff, Garson, Stobie, Totten and Creighton gold interests in addition to the non-operating Victor gold interest. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4) | Where a gold interest represents less than 10% of the Company's sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company's CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating Minto and 777 gold interests and the non-operating Rosemont gold interest. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                          |             |  Year Ended December 31, 2016 |
|-----------------------------------------------------------------------------------------------|------------------|------------------------------------|
|                                                                                          | Sales            |  Carrying Amount              |
| (in thousands)                                                                                | Silver Interests | Gold Interests                     |
| North America                                                                                 |             |                               |   |   |   |   |
| Canada                                                                                        | $                | 150,567                            | $ | 45,741 | $ | 452,768 |
| United States                                                                                 |             | -                                  |   | 433 |   | - |
| Mexico                                                                                        |             | 181,190                            |   | 560,727 |   | - |
| Europe                                                                                        |             |                               |   |   |   |   |
| Greece                                                                                        |             | 11,261                             |   | 15,138 |   | - |
| Portugal                                                                                      |             | 9,311                              |   | 24,598 |   | - |
| Sweden                                                                                        |             | 35,721                             |   | 42,180 |   | - |
| South America                                                                                 |             |                               |   |   |   |   |
| Argentina / Chile 1                                                                           |             | 11,662                             |   | 502,598 |   | - |
| Brazil                                                                                        |             | 253,582                            |   | - |   | 2,904,835 |
| Peru                                                                                          |             | 238,263                            |   | 1,244,584 |   | 125,670 |
|  Consolidated                                                                            | $                | 891,557                            | $ | 2,435,999 | $ | 3,483,273 |
|  1) Includes the Pascua-Lama project, which straddles the border of Argentina and Chile. |             |                               |   |   |   |   |

|                                                                                          |             |  Year Ended December 31, 2015 |
|-----------------------------------------------------------------------------------------------|------------------|------------------------------------|
|                                                                                          | Sales            |  Carrying Amount              |
| (in thousands)                                                                                | Silver Interests | Gold Interests                     |
|  North America                                                                           |             |                               |   |   |   |   |
| Canada                                                                                        | $                | 103,153                            | $ | 52,547 | $ | 594,064 |
| United States                                                                                 |             | -                                  |   | 433 |   | - |
| Mexico                                                                                        |             | 247,636                            |   | 585,293 |   | - |
| Europe                                                                                        |             |                               |   |   |   |   |
| Greece                                                                                        |             | 8,529                              |   | 22,589 |   | - |
| Portugal                                                                                      |             | 9,610                              |   | 25,391 |   | - |
| Sweden                                                                                        |             | 29,558                             |   | 45,241 |   | - |
| South America                                                                                 |             |                               |   |   |   |   |
| Argentina / Chile 1                                                                           |             | 19,203                             |   | 506,137 |   | - |
| Brazil                                                                                        |             | 124,249                            |   | - |   | 2,156,757 |
| Peru                                                                                          |             | 106,749                            |   | 1,349,035 |   | 131,925 |
|  Consolidated                                                                            | $                | 648,687                            | $ | 2,586,666 | $ | 2,882,746 |
|  1) Includes the Pascua-Lama project, which straddles the border of Argentina and Chile. |             |                               |   |   |   |   |

----

| 25. | Subsequent Events |
|-----|-------------------|

----

|   |   |   |
|--------|--------|--------|

| CANADA – HEAD OFFICESILVER WHEATON CORP.Suite 35001021 West Hastings StreetVancouver, BC V6E 0C3CanadaT: 1 604 684 9648F: 1 604 684 3123 CAYMAN ISLANDS OFFICESilver Wheaton (Caymans) Ltd.Suite 300, 94 Solaris AvenueCamana BayP.O. Box 1791 GT, Grand CaymanCayman Islands KY1-1109 STOCK EXCHANGE LISTINGToronto Stock Exchange: SLWNew York Stock Exchange: SLW DIRECTORSLAWRENCE BELLGEORGE BRACKJOHN BROUGHPETER GILLINCHANTAL GOSSELINDOUGLAS HOLTBY, ChairmanCHARLES JEANNESEDUARDO LUNARANDY SMALLWOOD OFFICERSRANDY SMALLWOODPresident & Chief Executive Officer CURT BERNARDISenior Vice President,Legal & Corporate Secretary  GARY BROWNSenior Vice President & Chief Financial Officer PATRICK DROUINSenior Vice President, Investor Relations HAYTHAM HODALYSenior Vice President, Corporate Development  | TRANSFER AGENTCST Trust Company1600 – 1066 West Hastings StreetVancouver, BC V6E 3X1 Toll-free in Canada and the United States:1 800 387 0825 Outside of Canada and the United States:1 416 682 3860 E: inquiries@canstockta.com AUDITORSDeloitte LLPVancouver, BC INVESTOR RELATIONSPATRICK DROUINSenior Vice President, Investor RelationsT:  1 604 684 9648TF: 1 800 380 8687E:  info@silverwheaton.com |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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