----

----

| •   | Attributable silver equivalent production for the three months and year ended December 31, 2014 of 9.0 million ounces (6.4 million ounces of silver and 34,500 ounces of gold) and 35.3 million ounces (25.7 million ounces of silver and 142,800 ounces of gold), respectively, representing a decrease of 8% and 2% over the comparable periods in 2013. |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | Attributable silver equivalent sales volume for the three months and year ended December 31, 2014 of 8.5 million ounces (5.7 million ounces of silver and 37,900 ounces of gold) and 32.9 million ounces (23.5 million ounces of silver and 139,500 ounces of gold), respectively, representing an increase of 7% and 10% over the comparable periods in 2013, with ounces sold for the most recently completed twelve month period representing a record for the Company. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | Average realized sale price per silver equivalent ounce sold for the three months and year ended December 31, 2014 of $16.43 ($16.46 per ounce of silver and $1,213 per ounce of gold) and $18.86 ($18.92 per ounce of silver and $1,261 per ounce of gold), representing a decrease of 22% and 20%, respectively, as compared to the comparable periods of 2013. |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | Revenue for the three months and year ended December 31, 2014 of $140.4 million and $620.2 million, respectively, compared with $167.4 million and $706.5 million for the comparable periods in 2013, representing a decrease of 16% and 12%, respectively. |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | Net earnings for the three months and year ended December 31, 2014 was $52.0 million ($0.14 per share) and $199.8 million ($0.56 per share), respectively, compared with $93.9 million ($0.26 per share) and $375.5 million ($1.06 per share) for the comparable periods in 2013, representing a decrease of 45% and 47%, respectively. |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | During the third quarter of 2014, the Company recognized an impairment charge of $68.2 million related to its Mineral Park and Campo Morado silver interests. |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | After removing the impact of the impairment charge, adjusted net earnings1 for the three months and year ended December 31, 2014 of $52.0 million ($0.14 per share) and $268.0 million ($0.75 per share), respectively, compared with net earnings of $93.9 million ($0.26 per share) and $375.5 million ($1.06 per share) for the comparable periods in 2013, representing a decrease of 45% and 29%, respectively. |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | Operating cash flows for the three months and year ended December 31, 2014 of $94.1 million ($0.26 per share2) and $431.9 million ($1.20 per share2), respectively, compared with $124.6 million ($0.35 per share2) and $534.1 million ($1.50 per share2) for the comparable periods in 2013, representing a decrease of 24% and 19%, respectively. |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | On March 18, 2015, the Board of Directors declared a dividend in the amount of $0.05 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 March 31, 2015 and is expected to be distributed on or about April 14, 2015.  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. |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  1 |  Refer to discussion on non-IFRS measure (i) of page 28 of this MD&A  |
|---------|--------------------------------------------------------------------------------|
|  2 |  Refer to discussion on non-IFRS measure (ii) of page 29 of this MD&A |

----

| •   | Average cash costs1 for the three months and year ended December 31, 2014 of $4.51 and $4.59 per silver equivalent ounce, respectively. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| •   | Cash operating margin2 for the three months and year ended December 31, 2014 of $11.92 and $14.27 per silver equivalent ounce, respectively, representing a decrease of 27% and 25% relative to the comparable periods in 2013. |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | As at December 31, 2014, approximately 4.8 million payable silver equivalent 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 0.3 million payable silver equivalent ounces during the three month period ended December 31, 2014. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | On March 2, 2015, the Company announced that it had agreed to amend 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 any minerals from the Salobo mine that enter the Salobo mineral processing facility from and after January 1, 2015. This acquisition is in addition to the 25% of the Salobo mine gold production that the Company acquired pursuant to its agreement in 2013. |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | On March 31, 2014, with the unanimous consent of lenders, the term of the Company’s $1 billion non-revolving term-loan (“NRT Loan”) was extended by one year. |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | On February 27, 2015, the Company announced that it had amended its $1 billion revolving credit facility (the “Revolving Facility”) by increasing the available credit from $1 billion to $2 billion and extending the term by 2 years, with the facility now maturing on February 27, 2020.  The Company used proceeds drawn from this amended Revolving Facility together with cash on hand to repay the NRT Loan. |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | On March 26, 2014, the Company paid $125 million to Hudbay Minerals Inc. ("Hudbay") in satisfaction of the final upfront payment relative to the silver stream on the Constancia project. |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | On May 8, 2014, the Company announced that it had implemented a dividend reinvestment plan whereby shareholders can elect to have dividends reinvested directly into additional Silver Wheaton common shares. |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | On September 26, 2014 the Company paid $135 million to Hudbay in satisfaction of the upfront payment relative to the gold stream on the Constancia project through the issuance of 6,112,282 common shares, at an average issuance price of $22.09 per share. |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | On January 5, 2015, the Company announced that it had amended its silver purchase agreement related to Barrick Gold Corporation’s (“Barrick”) Pascua-Lama project (“Pascua-Lama”).  The amendment entails Silver Wheaton being entitled to 100% of the silver production from Barrick’s Lagunas Norte, Pierina and Veladero mines until March 31, 2018 - an extension of 1 1⁄4 years, and extending the completion test deadline an additional 2 1⁄2 years to June 30, 2020.  As a reminder, if the requirements of the completion test have not been satisfied by the amended completion date, the agreement may be terminated by Silver Wheaton.  In such an event, Silver Wheaton will be entitled to the return of the upfront cash consideration of $625 million less a credit for any silver delivered up to that date. |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | On January 5, 2015, the Company announced that it had reached an agreement with Nyrstar Mining Ltd. (“Nyrstar”) resulting in the cancellation of the silver purchase agreement relating to the Campo Morado mine in Mexico in exchange for cash consideration of $25 million payable on or before January 31, 2015, with this payment being received on January 30, 2015.  As part of this agreement, Silver Wheaton will be entitled to 75% of the silver contained in concentrate produced at the Campo Morado mine on or prior to December 31, 2014, and will be granted a five year right of first refusal on any silver streaming or royalty transaction in relation to any Nyrstar group property, globally. |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1 | Refer to discussion on non-IFRS measure (iii) of page 30 of this MD&A |
|---|--------------------------------------------------------------------------------|
| 2 | Refer to discussion on non-IFRS measure (iv) of page 31 of this MD&A       |
 

----

| •   | As per Hudbay’s January 15, 2015 press release, initial concentrate production was achieved from Hudbay’s Constancia project during the fourth quarter of 2014 with commercial production projected for the second quarter of 2015 and full capacity thereafter. |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | On March 2, 2015, the Company announced that, in connection with the amended Salobo precious metal purchase agreement, it had entered into an agreement with a syndicate of underwriters led by Scotiabank, pursuant to which they have agreed to purchase, on a bought deal basis, 38,930,000 common shares of Silver Wheaton at a price of $20.55 per share (the "Offering"), for aggregate gross proceeds to Silver Wheaton of approximately $800 million. Silver Wheaton also agreed to grant to the underwriters an option to purchase up to an additional 5,839,500 common shares at a price of $20.55 per share, on the same terms and conditions as the Offering, exercisable at any time, in whole or in part, until the date that is 30 days following the closing of the Offering (the “Over Allotment Option”). |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | On March 17, 2015, the Company announced that it had closed the Offering and received $800 million in gross proceeds (net proceeds of approximately $769 million after payment of underwriters’ fees and expenses). The underwriters have until April 16, 2015 to exercise the Over Allotment Option.  In the event that the option is exercised in its entirety, the aggregate gross proceeds of the Offering to Silver Wheaton will be approximately $920 million. |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1 | Statements made in this section contain forward-looking information with respect to forecast production, funding outstanding commitments and continuing to acquire accretive precious metal stream interests and readers are cautioned that actual outcomes may vary.  Please see “Cautionary Note Regarding Forward-Looking Statements” for material risks, assumptions and important disclosure associated with this information. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Silver and GoldInterests | MineOwner       | Location ofMine | Upfront Consideration 1                                             | AttributableProduction to bePurchased | Term ofAgreement | Date ofOriginalContract |
|--------------------------|-----------------|-----------------|--------------------------------------------------------------------------|---------------------------------------|------------------|-------------------------|
|  Silver             | Gold            |
| San Dimas                | Primero         | Mexico          |  $      189,799                       |  100% 2                          |  0%         | Life of Mine            | 15-Oct-04 |
| Yauliyacu                | Glencore        | Peru            |  $      285,000                       |  100% 3                          |  0%         | 20 years                | 23-Mar-06 |
| Peñasquito          | Goldcorp        | Mexico          |  $      485,000                       |  25%                             |  0%         | Life of Mine            | 24-Jul-07 |
| 777                      | Hudbay          | Canada          |  $      455,100                       |  100%                            | 100%/50% 4       | Life of Mine            | 8-Aug-12 |
| Salobo                   | Vale            | Brazil          |  $   2,230,000 5                                     |  0%                              |  50%        | Life of Mine            | 28-Feb-13 |
| Sudbury                  |            |            |  $      623,572 6                     |                                  |             |                    |   |
| Coleman                  | Vale            | Canada          |                                                                     |  0%                              |  70%        | 20 years                | 28-Feb-13 |
| Copper Cliff             | Vale            | Canada          |                                                                     |  0%                              |  70%        | 20 years                | 28-Feb-13 |
| Garson                   | Vale            | Canada          |                                                                     |  0%                              |  70%        | 20 years                | 28-Feb-13 |
| Stobie                   | Vale            | Canada          |                                                                     |  0%                              |  70%        | 20 years                | 28-Feb-13 |
| Creighton                | Vale            | Canada          |                                                                     |  0%                              |  70%        | 20 years                | 28-Feb-13 |
| Totten                   | Vale            | Canada          |                                                                     |  0%                              |  70%        | 20 years                | 28-Feb-13 |
| Victor                   | Vale            | Canada          |                                                                     |  0%                              |  70%        | 20 years                | 28-Feb-13 |
| Barrick                  |            |            |  $      625,000                       |                                  |             |                    |   |
| Pascua-Lama              | Barrick         | Chile/Argentina |                                                                     |  25%                             |  0%         | Life of Mine            | 8-Sep-09 |
| Lagunas Norte            | Barrick         | Peru            |                                                                     |  100%                            |  0%         | 8.5 years               | 8-Sep-09 |
| Pierina                  | Barrick         | Peru            |                                                                     |  100%                            |  0%         | 8.5 years 7             | 8-Sep-09 |
| Veladero                 | Barrick         | Argentina       |                                                                     |  100% 8                          |  0%         | 8.5 years               | 8-Sep-09 |
| Other                    |            |            |                                                                     |                                  |             |                    |   |
| Los Filos                | Goldcorp        | Mexico          |  $          4,463 |  100%                            |  0%         | 25 years                | 15-Oct-04 |
| Zinkgruvan               | Lundin          | Sweden          |  $        77,866            |  100%                            |  0%         | Life of Mine            | 8-Dec-04 |
| Stratoni                 | Eldorado Gold 9 | Greece          |  $        57,500            |  100%                            |  0%         | Life of Mine            | 23-Apr-07 |
| Minto                    | Capstone        | Canada          |  $        54,805            |  100%                            |  100% 10    | Life of Mine            | 20-Nov-08 |
| Cozamin                  | Capstone        | Mexico          |  $        41,959            |  100%                            |  0%         | 10 years                | 4-Apr-07 |
| Neves-Corvo              | Lundin          | Portugal        |  $        35,350            |  100%                            |  0%         | 50 years                | 5-Jun-07 |
| Aljustrel                | I'M SGPS        | Portugal        |  $          2,451 |  100% 11                         |  0%         | 50 years                | 5-Jun-07 |
| Keno Hill                | Alexco          | Canada          |  $        50,000            |  25%                             |  0%         | Life of Mine            | 2-Oct-08 |
| Rosemont                 | Hudbay          | United States   |  $      230,000 12                    |  100%                            |  100%       | Life of Mine            | 10-Feb-10 |
| Loma de La Plata         | Pan American    | Argentina       |  $        43,289 13         |  12.5%                           |  0%         | Life of Mine            | n/a 14 |
| Constancia               | Hudbay          | Peru            |  $      429,900                       |  100%                            |  50% 15     | Life of Mine            | 8-Aug-12 |
| Early Deposit            |            |            |                                                                     |                                  |             |                    |   |
| Toroparu                 | Sandspring      | Guyana          |  $      148,500 16                    |  0%                              |  10% 16     | Life of Mine            | 11-Nov-13 |

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

| 2)   | Until August 6, 2014, Primero delivered to Silver Wheaton a per annum amount equal to the first 3.5 million ounces of payable silver produced at San Dimas and 50% of any excess, plus Silver Wheaton received an additional 1.5 million ounces of silver per annum which was delivered by Goldcorp.  Beginning August 6, 2014, 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)   | To a maximum of 4.75 million ounces per annum.  In the event that silver sold and delivered to Silver Wheaton in any year totals less than 4.75 million ounces, the amount sold and delivered to Silver Wheaton in subsequent years will be increased to make up for any cumulative shortfall, to the extent production permits. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4)   | Silver Wheaton is entitled to acquire 100% of the life of mine gold production from Hudbay’s 777 mine until Hudbay’s Constancia project satisfies a completion test, or the end of 2016, whichever is later.  At that point, Silver Wheaton’s share of gold production from 777 will be reduced to 50% for the life of the mine. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5)   | Does not include the contingent payment related to the Salobo mine expansion.  Vale has recently 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, Silver Wheaton will be required to make an additional payment to Vale based on a set fee schedule ranging from $88 million if throughput is expanded beyond 28 Mtpa by January 1, 2036, up to $720 million if throughput is expanded beyond 40 Mtpa by January 1, 2018. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6)   | Comprised of a $570 million upfront cash payment plus warrants to purchase 10 million shares of Silver Wheaton common stock at a strike price of $65, with a term of 10 years. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7)   | As per Barrick’s disclosure, closure activities were initiated at Pierina as of August 2013. |
|----------------|----------------------------------------------------------------------------------------------------|

| 8)   | 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. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9)   | 95% owned by Eldorado Gold Corporation. |
|----------------|-----------------------------------------|

| 10)   | The Company is entitled to acquire 100% of the first 30,000 ounces of gold produced per annum and 50% thereafter. |
|-----------------|-------------------------------------------------------------------------------------------------------------------|

| 11)   | As part of an agreement with I’M SGPS dated July 16, 2014, Silver Wheaton agreed to waive its rights to silver contained in copper concentrate at the Aljustrel mine while retaining the right to silver contained in zinc concentrate. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12)   | 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. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13)   | Comprised of $10.9 million allocated to the silver interest upon the Company’s acquisition of Silverstone Resources Corp. in addition to a contingent liability of $32.4 million, payable upon the satisfaction of certain conditions, including Pan American receiving all necessary permits to proceed with the mine construction. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14)   | Definitive terms of the agreement to be finalized. |
|-----------------|----------------------------------------------------|

| 15)   | 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. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16)   | Comprised of $13.5 million paid to date in addition to $135 million to be payable on an installment basis to partially fund construction of the mine.  During the 60 day period following the delivery of a feasibility study, environmental study and impact assessment, and other related documents (collectively, the “Feasibility Documentation”), or after December 31, 2015 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 $11.5 million of the early deposit  (on the basis that $2 million of the advanced $13.5 million is non-refundable) or, at Sandspring’s option, the stream percentage will be reduced from 10% to 0.774% (equivalent to the pro-rata stream based on a full purchase price of $11.5 million).  |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1 | Statements made in this section contain forward-looking information including the timing and amount of estimated future production and readers are cautioned that actual outcomes may vary. Please see “Cautionary Note Regarding Forward-Looking Statements” for material risks, assumptions and important disclosure associated with this information. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 1 | Payable silver equivalent ounces produced but not yet delivered are based on management estimates, and may be updated in future periods as additional information is received. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 1 | Payable silver equivalent ounces produced but not yet delivered are based on management estimates, and may be updated in future periods as additional information is received. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | 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. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| i.   | Pascua-Lama Challenge to SMA Regulatory Sanction |
|----------------|--------------------------------------------------|

----

|  1 | Payable silver equivalent ounces produced but not yet delivered are based on management estimates, and may be updated in future periods as additional information is received. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ii.   | Pascua-Lama Environmental Damage Claim |
|-----------------|----------------------------------------|

| iii.   | Argentine Glacier Legislation |
|------------------|-------------------------------|

----

| 1 | Payable silver equivalent ounces produced but not yet delivered are based on management estimates, and may be updated in future periods as additional information is received. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 1 | Payable silver equivalent ounces produced but not yet delivered are based on management estimates, and may be updated in future periods as additional information is received. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| i.   | As part of the agreement with Goldcorp to acquire silver from the Luismin mining operations, on October 15, 2004, the Company entered into an agreement with Goldcorp to acquire 100% of the silver production from its Los Filos mine in Mexico for a period of 25 years, commencing October 15, 2004.  In addition, pursuant to Goldcorp’s sale of the San Dimas mine, Goldcorp delivered to Silver Wheaton 1.5 million ounces of silver per year until August 6, 2014, which is reflected in this MD&A and financial statements as part of the silver production and sales relating to San Dimas; |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ii.   | On December 8, 2004, the Company entered into an agreement with Lundin Mining Corporation (“Lundin”) to acquire 100% of the silver produced by Lundin’s Zinkgruvan mining operations in Sweden for the life of mine; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| iii.   | On April 23, 2007, the Company entered into an agreement with European Goldfields Limited, which was acquired by Eldorado Gold Corporation (“Eldorado Gold”) on February 24, 2012, to acquire 100% of the life of mine silver production from its 95% owned Stratoni mine in Greece; |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| iv.   | On October 2, 2008, the Company entered into an agreement with Alexco Resource Corp. (“Alexco”) to acquire an amount equal to 25% of the life of mine silver production from its Keno Hill silver district in Canada, including the Bellekeno mine (see additional discussion below); |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| v.   | On May 21, 2009, the Company completed the acquisition of Silverstone Resources Corp. (the “Silverstone Acquisition”).  As part of the Silverstone Acquisition, the Company acquired a precious metal purchase agreement with Capstone Mining Corp. (“Capstone”) to acquire 100% of the silver and gold produced (subject to certain thresholds) from Capstone’s Minto mine in Canada for the life of mine.  The Company is entitled to acquire 100% of all the silver produced and 100% of the first 30,000 ounces of gold produced per annum and 50% thereafter; |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| vi.   | As part of the Silverstone Acquisition, the Company acquired a silver purchase agreement with Capstone to acquire 100% of the silver produced from Capstone’s Cozamin mine in Mexico for a period of 10 years, commencing on April 4, 2007; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| vii.   | As part of the Silverstone Acquisition, the Company acquired an agreement with Lundin to acquire 100% of the silver production from its Neves-Corvo mine in Portugal for a period of 50 years, commencing June 5, 2007; |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| viii.   | As part of the Silverstone Acquisition, the Company acquired an agreement with I’M SGPS to acquire 100% of the silver production from its Aljustrel mine in Portugal for a period of 50 years, commencing June 5, 2007.  As part of an agreement with I'M SGPS dated July 16, 2014, Silver Wheaton agreed to waive its rights to silver contained in copper concentrate at the Aljustrel mine while retaining the right to silver contained in zinc concentrate; |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ix.   | As part of the Silverstone Acquisition, the Company acquired an agreement with Aquiline Resources Inc., which was acquired by Pan American Silver Corp. (“Pan American”) on December 22, 2009, to acquire an amount equal to 12.5% of the life of mine silver production from the Loma de La Plata zone of the Navidad project in Argentina, the definitive terms of which are to be finalized.  The Company is committed to pay Pan American total upfront cash payments of $32.4 million following the satisfaction of certain conditions, including Pan American receiving all necessary permits to proceed with the mine construction; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  x.   | On February 10, 2010, the Company entered into an agreement with Augusta Resource Corporation, which was acquired by Hudbay on July 16, 2014, to acquire an amount equal to 100% of the life of mine silver and gold production from the Rosemont Copper project (“Rosemont”) in the United States. The Company is committed 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; and |
|----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| xi.   | On August 8, 2012, the Company entered into an agreement with Hudbay to acquire an amount equal to 100% of the life of mine silver production from the Constancia project (“Constancia”) in Peru. On November 4, 2013, the Company amended its agreement with Hudbay to include the acquisition of an amount equal to 50%1 of the life of mine gold production from Constancia. If the Constancia processing plant fails to achieve at least 90% of expected throughput and silver recovery by December 31, 2016, Silver Wheaton would be entitled to continued delivery of 100% of the gold production from Hudbay’s 777 mine. If the completion test has not been satisfied by December 31, 2020, Silver Wheaton would be entitled to a proportionate return of the upfront cash consideration relating to Constancia. In addition, Silver Wheaton would be entitled to additional compensation in respect of the gold stream should there be a delay in achieving completion or mining the Pampacancha deposit beyond the end of 2018. Hudbay has granted Silver Wheaton a right of first refusal on any future streaming agreement, royalty agreement, or similar transaction related to the production of silver or gold from Constancia (see additional discussion below). |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1 | 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. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|   1 | Payable silver equivalent ounces produced but not yet delivered are based on management estimates, and may be updated in future periods as additional information is received. |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   2 | Mineral reserves and mineral resources are reported as of December 31, 2014, other than as disclosed in footnote 6 to the Attributable Reserves and Resources tables on page 47 of this MD&A. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                     | December 31 | December 31 |
|--------------------------|-------------|-------------|
| (in thousands)           | 2014        | 2013        |
|  Common shares held | $           | 32,872      | $ | 40,801 |
| Warrants held            |        | -           |   | - |
|                | $           | 32,872      | $ | 40,801 |

|             | Dec 31, 2014                                                                    | Three MonthsEndedDec 31, 2014                                                          | YearEndedDec 31, 2014                                                                  |
|------------------|---------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|
| (in thousands)   |  Fair Value                                                                |  Fair Value Adjustment Gains (Losses) Included in OCI                             |
|  Bear Creek |  $           16,236 |  $            (5,658) |  $            (1,972) |
| Revett           | 3,873                                                                           | (2,022)                                                                                | 47                                                                                     |
| Other            | 12,763                                                                          | (3,469)                                                                                | (6,004)                                                                                |
|        |  $           32,872 |  $         (11,149)                  |  $            (7,929) |

----

|             | Dec 31, 2013                                                                                                | Three MonthsEndedDec 31, 2013                                                                     | YearEndedDec 31, 2013                                                                  |
|------------------|-------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|
| (in thousands)   | Fair Value                                                                                                  |  Fair Value Adjustment Losses Included in OCI                                                |
|  Bear Creek |  $           18,208                             |  $         (11,713)                             |  $         (25,922)                  |
| Revett           |                  3,827 |                (2,186) |              (10,997) |
| Other            |               18,766                  |                (3,942) |              (40,962) |
|        |  $           40,801                             |  $         (17,841)                             |  $         (77,881)                  |

|                | Dec 31, 2013                                                                                                                                 | Three MonthsEndedDec 31, 2013                                                                                                                | YearEndedDec 31, 2013                                                                  |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|
| (in thousands)      | Fair Value                                                                                                                                   |  Fair Value Adjustment Losses Included in Net Earnings                                                                                  |
|  Warrants held |  $                      - |  $                      - |  $            (2,694) |

----

----

|                                                           |  2014                                                                               | 2013                                                                                               | 2012                                                                                               |
|----------------------------------------------------------------|------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|
|  Silver equivalent production 1                           |                                                                                     |                                                                                               |                                                                                               |
| Attributable silver ounces produced (000’s)              | 25,674                                                                                   | 26,754                                                                                             | 26,669                                                                                             |
| Attributable gold ounces produced                              | 142,815                                                                                  | 151,204                                                                                            | 50,482                                                                                             |
| Attributable silver equivalent ounces produced (000’s) 1 | 35,285                                                                                   | 35,832                                                                                             | 29,372                                                                                             |
| Silver equivalent sales 1                                      |                                                                                     |                                                                                               |                                                                                               |
| Silver ounces sold (000’s)                               | 23,484                                                                                   | 22,823                                                                                             | 24,850                                                                                             |
| Gold ounces sold                                               | 139,522                                                                                  | 117,319                                                                                            | 46,094                                                                                             |
| Silver equivalent ounces sold (000’s) 1                  | 32,891                                                                                   | 29,963                                                                                             | 27,328                                                                                             |
| Average realized price ($'s per ounce)                         |                                                                                     |                                                                                               |                                                                                               |
| Average realized silver price                                  | $           18.92                 | $           23.86                           | $           31.03                           |
| Average realized gold price                                    | $           1,261                 | $           1,380                           | $           1,701                           |
| Average realized silver equivalent price 1                     | $           18.86                 | $           23.58                           | $           31.09                           |
| Average cash cost ($'s per ounce) 2                            |                                                                                     |                                                                                               |                                                                                               |
| Average silver cash cost                                       | $             4.14      | $             4.12                | $             4.06                |
| Average gold cash cost                                         | $              386 | $              386           | $              362           |
| Average silver equivalent cash cost 1                          | $             4.59      | $             4.65                | $             4.30                |
|  Total revenue ($000's)                                   | $       620,176                                       | $       706,472                                                 | $       849,560                                                 |
|  Net earnings ($000's)                                    | $       199,826                                       | $       375,495                                                 | $       586,036                                                 |
| Add back - impairment loss                                     |          68,151                                  |                  - |                  - |
|  Adjusted net earnings 3 ($000's)                    | $       267,977                                       | $       375,495                                                 | $       586,036                                                 |
|  Earnings per share                                       |                                                                                     |                                                                                               |                                                                                               |
| Basic                                                          | $             0.56      |   $             1.06         | $             1.66                |
| Diluted                                                        | $             0.56      | $             1.05                | $             1.65                |
|  Adjusted earnings per share 3                            |                                                                                     |                                                                                               |                                                                                               |
| Basic                                                          | $             0.75      | $             1.06                | $             1.66                |
| Diluted                                                        | $             0.74      | $             1.05                | $             1.65                |
|  Cash flow from operations ($000's)                       | $        431,873                                      | $       534,133                                                 | $        719,404                                                |
|  Dividends                                                |                                                                                     |                                                                                               |                                                                                               |
| Dividends paid ($000's)                                        |    $        93,4004                    | $       160,013                                                 | $       123,852                                                 |
| Dividends paid per share                                       |  $            0.26      | $            0.45                      |   $            0.35               |
|  Total assets ($000's)                                    | $    4,647,763                                                       | $    4,389,844                                                                 | $    3,189,337                                                                 |
|  Total non-current financial liabilities ($000’s)   | $    1,001,914                                                       | $      999,973                                                       | $        23,555                                            |
|  Total other liabilities ($000’s)                   | $        17,113                                  | $        23,325                                            | $        58,708                                            |
|  Shareholders' equity ($000's)                            | $    3,628,736                                                       | $    3,366,546                                                                 | $   3,107,074                                                                            |
|  Shares outstanding                                       | 364,777,928                                                                              | 357,396,778                                                                                        | 354,375,852                                                                                        |

| 1)   | Gold ounces produced and sold are converted to a silver equivalent basis based on either (i) the ratio of the average silver price received to the average gold price received during the period from the assets that produce both gold and silver; or (ii) the ratio of the price of silver to the price of gold on the date of sale as per the London Bullion Metal Exchange for the assets which produce only gold. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2)   | Refer to discussion on non-IFRS measure (iii) on page 30 of this MD&A. |
|----------------|----------------------------------------------------------------------------|

| 3)  | Refer to discussion on non-IFRS measure (i) on page 28 of this MD&A. |
|----------|--------------------------------------------------------------------------|

| 4) | Dividends paid during 2014 were comprised of $79.8 million in cash  and $13.6 million in common shares issued, with the Company issuing 646,618 common shares (an average of $21.08 per share) under the Company's dividend reinvestment plan. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                               | 2014                                                                                    | 2013                                                                              |
|------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|
|                                                                               |  Q4                                                                                | Q3                                                                                | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Silver ounces produced 2                                                     |                                                                                    |                                                                              |   |   |   |   |   |   |
| San Dimas 3                                                                        |           1,744                       |           1,290                 |             1,118 |           1,608 |           1,979 |           1,660 |            1,160 |           1,743 |
| Yauliyacu                                                                          |              687       |              875 |              658 |               718 |              687 |              639 |              668 |              624 |
| Peñasquito                                                                    |           1,582                       |           1,630                 |          2,054 |          2,052 |          2,047 |           1,636 |           1,440 |           1,093 |
| Barrick 4                                                                          |              690       |              397 |              299 |               301 |              423 |              465 |              556 |               741 |
| Other 5                                                                            |            1,701                 |           1,903                 |           2,182 |           2,185 |            2,119 |          2,450 |          2,586 |          2,038 |
| Total silver ounces produced                                                       |           6,404                       |          6,095                       |            6,311 |          6,864 |          7,255 |          6,850 |           6,410 |          6,239 |
|  Gold ounces produced 2                                                       |                                                                                    |                                                                              |   |   |   |   |   |   |
| 777                                                                                |          9,669                             |          12,105                      |            11,611 |         12,785 |          14,134 |         18,259 |         16,986 |          16,951 |
| Sudbury 6                                                                          |           9,165                       |          12,196                      |          7,473 |          6,426 |          7,060 |           7,341 |          8,840 |          9,869 |
| Salobo                                                                             |         12,253                                  |          10,415                      |          8,486 |          8,903 |         10,067 |           8,061 |          6,342 |          4,677 |
| Other 7                                                                            |          3,435                             |          6,959                       |           5,185 |          5,749 |          9,530 |          2,894 |          4,226 |          5,967 |
|  Total gold ounces produced                                                   |        34,522                                        |         41,675                            |        32,755 |        33,863 |         40,791 |        36,555 |        36,394 |        37,464 |
| Silver equivalent ounces of gold produced 8                                        |           2,560                       |          2,786                       |           2,144 |            2,121 |          2,476 |          2,237 |          2,269 |          2,096 |
|  Silver equivalent ounces produced 8                                          |          8,964                             |           8,881                 |          8,455 |          8,985 |           9,731 |          9,087 |          8,679 |          8,335 |
| Silver equivalent ounces produced - as originally reported 2, 8                    |  n.a.                                                                              |          8,447                       |          8,365 |          8,977 |          9,723 |          8,948 |           8,615 |          8,046 |
| Increase (Decrease) 2                                                              |  n.a.                                                                              |              434 |                90 |                   8 |                   8 |               139 |                64 |              289 |
|  Silver ounces sold                                                           |                                                                                    |                                                                              |   |   |   |   |   |   |
| San Dimas 3                                                                        |           1,555                       |           1,295                 |            1,194 |           1,529 |           2,071 |           1,560 |            1,194 |           1,850 |
| Yauliyacu                                                                          |               761 |           1,373                 |                 111 |           1,097 |              674 |                 13 |              559 |               149 |
| Peñasquito                                                                    |           1,640                       |           1,662                 |           1,958 |           1,840 |            1,412 |           1,388 |           1,058 |           1,459 |
| Barrick 4                                                                          |               671 |              377 |               291 |               361 |              397 |              447 |              560 |              753 |
| Other 5                                                                            |            1,106                 |           1,592                 |           1,673 |           1,398 |            1,510 |          2,257 |            1,771 |            1,741 |
|  Total silver ounces sold                                                     |          5,733                             |          6,299                       |          5,227 |          6,225 |          6,064 |          5,665 |           5,142 |          5,952 |
|  Gold ounces sold                                                             |                                                                                    |                                                                              |   |   |   |   |   |   |
| 777                                                                                |           8,718                       |         15,287                            |         13,599 |          6,294 |         15,889 |         16,972 |        23,483 |           9,414 |
| Sudbury 6                                                                          |           11,251                      |          5,566                       |           6,718 |          6,878 |           6,551 |          6,534 |           4,184 |                 111 |
| Salobo                                                                             |         14,270                                  |           7,180                 |          11,902 |         10,560 |          6,944 |          6,490 |          2,793 |              720 |
| Other 7                                                                            |          3,665                             |          8,685                       |          2,559 |          6,390 |           1,840 |          5,287 |          3,409 |          6,698 |
|  Total gold ounces sold                                                       |        37,904                                        |         36,718                            |        34,778 |         30,122 |         31,224 |        35,283 |        33,869 |         16,943 |
|  Silver equivalent ounces of gold sold 8                                      |          2,808                             |           2,441                 |          2,267 |            1,891 |           1,909 |           2,163 |          2,097 |               971 |
|  Silver equivalent ounces sold 8                                              |           8,541                       |          8,740                       |          7,494 |            8,116 |          7,973 |          7,828 |          7,239 |          6,923 |
|  Gold / silver ratio 8                                                        |              74.1      |             66.5      |             65.2 |             62.8 |               61.1 |              61.3 |              61.9 |             57.3 |
|  Cumulative payable silver equivalent ounces produced but not yet delivered 9 |          4,839                             |           5,147                 |          5,996 |          6,042 |          5,997 |          5,283 |          4,736 |          4,082 |

| 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)   | The ounces produced and sold include ounces received from Goldcorp in connection with Goldcorp’s four year commitment, commencing August 6, 2010, to deliver to Silver Wheaton 1.5 million ounces of silver per annum resulting from their sale of San Dimas to Primero. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4)   | Comprised of the Lagunas Norte, Pierina and Veladero silver interests. |
|----------------|------------------------------------------------------------------------|

| 5)   | Comprised of the Los Filos, Zinkgruvan, Keno Hill, Mineral Park, Cozamin, Neves-Corvo, Stratoni, Minto, 777, Aljustrel, Constancia and Campo Morado silver interests. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 7)   | Comprised of the Minto and Constancia gold interests. |
|----------------|-------------------------------------------------------|

| 8)   | Gold ounces produced and sold are converted to a silver equivalent basis based on either (i) the ratio of the average silver price received to the average gold price received during the period from the assets that produce both gold and silver; or (ii) the ratio of the price of silver to the price of gold on the date of sale as per the London Bullion Metal Exchange for the assets which produce only gold. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9)   | Payable silver equivalent ounces produced but not yet delivered are based on management estimates. These figures may be updated in future periods as additional information is received. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                |  2014 |   |                                                                    |   | 2013   |
|-----------------------------------------------------|------------|--------|-------------------------------------------------------------------------|--------|--------|
|                                                |  Q4   | Q3     | Q2                                                                      | Q1     | Q4     | Q3 | Q2 | Q1 |
|  Total silver ounces sold (000's)              |       |   |           5,733       |   |   |             6,299 |   |   |             5,227 |   |   |             6,225 |   |   |             6,064 |   |   |             5,665 |   |   |              5,142 |   |   |             5,952 |
| Average realized silver price1                 |       | $      | 16.46                                                                   |   | $      | 18.98 |   | $ | 19.81 |   | $ | 20.36 |   | $ | 21.03 |   | $ | 21.22 |   | $ | 23.12 |   | $ | 29.89 |
|  Silver sales (000's)                          |       | $      | 94,395                                                                  |   | $      | 119,535 |   | $ | 103,540 |   | $ | 126,744 |   | $ | 127,549 |   | $ | 120,255 |   | $ | 118,885 |   | $ | 177,898 |
|  Total gold ounces sold                        |       |   |        37,904                        |   |   |           36,718 |   |   |          34,778 |   |   |           30,122 |   |   |           31,224 |   |   |          35,283 |   |   |          33,869 |   |   |           16,943 |
| Average realized gold price1                   |       | $      | 1,213                                                                   |   | $      | 1,261 |   | $ | 1,295 |   | $ | 1,283 |   | $ | 1,277 |   | $ | 1,308 |   | $ | 1,417 |   | $ | 1,645 |
|  Gold sales (000's)                            |       | $      | 45,980                                                                  |   | $      | 46,317 |   | $ | 45,030 |   | $ | 38,635 |   | $ | 39,867 |   | $ | 46,150 |   | $ | 48,005 |   | $ | 27,863 |
|  Total silver equivalent ounces sold (000's) 2 |       |   |            8,541 |   |   |             8,740 |   |   |             7,494 |   |   |               8,116 |   |   |             7,973 |   |   |             7,828 |   |   |             7,239 |   |   |             6,923 |
| Average realized silver equivalent price 1, 2       |       | $      | 16.43                                                                   |   | $      | 18.98 |   | $ | 19.83 |   | $ | 20.38 |   | $ | 21.00 |   | $ | 21.26 |   | $ | 23.05 |   | $ | 29.72 |
|  Total sales (000's)                           |       | $      | 140,375                                                                 |   | $      | 165,852 |   | $ | 148,570 |   | $ | 165,379 |   | $ | 167,416 |   | $ | 166,405 |   | $ | 166,890 |   | $ | 205,761 |
|  Average cash cost,silver 1, 3                 |       | $      | 4.13                                                                    |   | $      | 4.16 |   | $ | 4.15 |   | $ | 4.12 |   | $ | 4.14 |   | $ | 4.13 |   | $ | 4.14 |   | $ | 4.08 |
| Average cash cost,gold 1, 3                         |       | $      | 391                                                                     |   | $      | 378 |   | $ | 393 |   | $ | 381 |   | $ | 394 |   | $ | 386 |   | $ | 391 |   | $ | 362 |
| Average cash cost, silver equivalent 1, 2, 3        |       | $      | 4.51                                                                    |   | $      | 4.59 |   | $ | 4.72 |   | $ | 4.57 |   | $ | 4.70 |   | $ | 4.73 |   | $ | 4.77 |   | $ | 4.39 |
|  Net earnings (000's)                          |       | $      | 52,030                                                                  |   | $      | 4,496 |   | $ | 63,492 |   | $ | 79,809 |   | $ | 93,900 |   | $ | 77,057 |   | $ | 71,117 |   | $ | 133,421 |
| Add back - impairment loss                          |       |   |  -                                                                 |   |   | 68,151 |   |   |  - |   |   |  - |   |   |  - |   |   |  - |   |   |  - |   |   |  - |
|  Adjusted net earnings 4 (000's)               |       | $      | 52,030                                                                  |   | $      | 72,647 |   | $ | 63,492 |   | $ | 79,809 |   | $ | 93,900 |   | $ | 77,057 |   | $ | 71,117 |   | $ | 133,421 |
|  Earnings per share                            |       |   |                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                               |       | $      | 0.14                                                                    |   | $      | 0.01 |   | $ | 0.18 |   | $ | 0.22 |   | $ | 0.26 |   | $ | 0.22 |   | $ | 0.20 |   | $ | 0.38 |
| Diluted                                             |       | $      | 0.14                                                                    |   | $      | 0.01 |   | $ | 0.18 |   | $ | 0.22 |   | $ | 0.26 |   | $ | 0.22 |   | $ | 0.20 |   | $ | 0.37 |
| Adjusted earnings per share 4                       |       |   |                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                               |       | $      | 0.14                                                                    |   | $      | 0.20 |   | $ | 0.18 |   | $ | 0.22 |   | $ | 0.26 |   | $ | 0.22 |   | $ | 0.20 |   | $ | 0.38 |
| Diluted                                             |       | $      | 0.14                                                                    |   | $      | 0.20 |   | $ | 0.18 |   | $ | 0.22 |   | $ | 0.26 |   | $ | 0.22 |   | $ | 0.20 |   | $ | 0.37 |
|  Cash flow from operations (000's)             |       | $      | 94,120                                                                  |   | $      | 120,379 |   | $ | 102,543 |   | $ | 114,832 |   | $ | 124,591 |   | $ | 118,672 |   | $ | 125,258 |   | $ | 165,612 |
|  Cash flow from operations per share 5         |       |   |                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                               |       | $      | 0.26                                                                    |   | $      | 0.34 |   | $ | 0.29 |   | $ | 0.32 |   | $ | 0.35 |   | $ | 0.33 |   | $ | 0.35 |   | $ | 0.47 |
| Diluted                                             |       | $      | 0.26                                                                    |   | $      | 0.34 |   | $ | 0.29 |   | $ | 0.32 |   | $ | 0.35 |   | $ | 0.33 |   | $ | 0.35 |   | $ | 0.46 |
|  Dividends                                     |       |   |                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends declared (000's)                          |       | $      | 21,861                                                                  |   | $      | 21,484 |   | $ | 25,035 |   | $ | 25,019  6 |   | $ | 32,165 |   | $ | 35,629 |   | $ | 42,573 |   | $ | 49,646 7 |
| Dividends declared per share                        |       | $      | 0.06                                                                    |   | $      | 0.06 |   | $ | 0.07 |   | $ | 0.07 |   | $ | 0.09 |   | $ | 0.10 |   | $ | 0.12 |   | $ | 0.14 |
|  Total assets (000's)                          |       | $      | 4,647,763                                                               |   | $      | 4,618,131 |   | $ | 4,521,595 |   | $ | 4,476,865 |   | $ | 4,389,844 |   | $ | 4,398,445 |   | $ | 4,396,012 |   | $ | 4,400,253 |
|  Total liabilities (000's)                     |       | $      | 1,019,027                                                               |   | $      | 1,017,815 |   | $ | 1,021,391 |   | $ | 1,045,190 |   | $ | 1,023,298 |   | $ | 1,078,137 |   | $ | 1,178,859 |   | $ | 1,174,470 |
|  Total shareholders' equity (000's)            |       | $      | 3,628,736                                                               |   | $      | 3,600,316 |   | $ | 3,500,204 |   | $ | 3,431,675 |   | $ | 3,366,546 |   | $ | 3,320,308 |   | $ | 3,217,153 |   | $ | 3,225,783 |

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

| 2)   | Gold ounces produced and sold are converted to a silver equivalent basis based on either (i) the ratio of the average silver price received to the average gold price received during the period from the assets that produce both gold and silver; or (ii) the ratio of the price of silver to the price of gold on the date of sale as per the London Bullion Metal Exchange for the assets which produce only gold. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3)   | Refer to discussion on non-IFRS measure (iii) on page 30 of this MD&A. |
|----------------|----------------------------------------------------------------------------|

| 4)   | Refer to discussion on non-IFRS measure (i) on page 28 of this MD&A |
|----------------|-------------------------------------------------------------------------|

| 5)   | Refer to discussion on non-IFRS measure (ii) on page 29 of this MD&A. |
|----------------|---------------------------------------------------------------------------|

| 6)   | On March 20, 2014, the Company declared dividends of $0.07 per common share for total dividends of $25.0 million, which was paid on April 15, 2014. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 7)   | On March 21, 2013, the Company declared dividends of $0.14 per common share for total dividends of $49.6 million, which was paid on April 12, 2013. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  Three Months Ended December 31, 2014 |
|--------------------------------------------|
|                                       | Ounces Produced2 | Ounces Sold | Sales | AverageRealizedPrice($'s Per Ounce) | AverageCash Cost($'s PerOunce)3 | AverageDepletion($'s PerOunce) | NetEarnings | Cash FlowFromOperations | Total Assets |
|  Silver                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| San Dimas                                  | 1,744 | 1,555 | $ | 25,571 | $ | 16.44 | $ | 4.20 | $ | 0.81 | $ | 17,773 | $ | 19,040 | $ | 152,951 |
| Yauliyacu                                  | 687 | 761 |   | 11,896 |   | 15.63 |   | 4.16 |   | 5.92 |   | 4,221 |   | 8,730 |   | 187,478 |
| Peñasquito                            | 1,582 | 1,640 |   | 27,493 |   | 16.76 |   | 4.05 |   | 2.98 |   | 15,966 |   | 20,851 |   | 451,145 |
| Barrick 4                                  | 690 | 671 |   | 11,216 |   | 16.72 |   | 3.90 |   | 3.26 |   | 6,411 |   | 8,600 |   | 605,328 |
| Other 5                                    | 1,701 | 1,106 |   | 18,219 |   | 16.47 |   | 4.29 |   | 3.95 |   | 9,101 |   | 12,929 |   | 559,747 |
|                                  | 6,404 | 5,733 | $ | 94,395 | $ | 16.46 | $ | 4.13 | $ | 3.00 | $ | 53,472 | $ | 70,150 | $ | 1,956,649 |
|  Gold                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 777                                        | 9,669 | 8,718 | $ | 10,519 | $ | 1,207 | $ | 400 | $ | 823 | $ | (141) | $ | 7,374 | $ | 243,913 |
| Sudbury 6                                  | 9,165 | 11,251 |   | 14,231 |   | 1,265 |   | 400 |   | 841 |   | 263 |   | 10,168 |   | 583,862 |
| Salobo                                     | 12,253 | 14,270 |   | 16,924 |   | 1,186 |   | 400 |   | 462 |   | 4,625 |   | 11,216 |   | 1,302,202 |
| Other 7                                    | 3,435 | 3,665 |   | 4,306 |   | 1,175 |   | 310 |   | 124 |   | 2,714 |   | 2,942 |   | 161,639 |
|                                  | 34,522 | 37,904 | $ | 45,980 | $ | 1,213 | $ | 391 | $ | 625 | $ | 7,461 | $ | 31,700 | $ | 2,291,616 |
|  Silver equivalent 8                  | 8,964 | 8,541 | $ | 140,375 | $ | 16.43 | $ | 4.51 | $ | 4.79 | $ | 60,933 | $ | 101,850 | $ | 4,248,265 |
|  Corporate                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative                 |   |   |   |   |   |   |   |   |   | $ | (8,992) |   |   |   |   |
| Other                                      |   |   |   |   |   |   |   |   |   |   |   | 89 |   |   |   |   |
|  Total corporate                      |   |   |   |   |   |   |   |   |   |   | $ | (8,903) | $ | (7,730) | $ | 399,498 |
|                                  | 8,964 | 8,541 | $ | 140,375 | $ | 16.43 | $ | 4.51 | $ | 4.79 | $ | 52,030 | $ | 94,120 | $ | 4,647,763 |

| 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 30 of this MD&A. |
|----------------|----------------------------------------------------------------------------|

| 4)   | Comprised of the operating Lagunas Norte, Pierina and Veladero silver interests in addition to the non-operating Pascua-Lama silver interest. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| 5)   | Comprised of the operating Los Filos, Zinkgruvan, Cozamin, Neves-Corvo, Stratoni, Campo Morado, Minto, 777, Constancia and Aljustrel silver interests in addition to the non-operating Keno Hill, Rosemont and Loma de La Plata silver interests.  Results related to the Campo Morado silver interest which, as further explained in the Silver and Gold Interests section of the MD&A, was disposed of in December 2014, were as follows: silver ounces produced – 116,000; silver ounces sold – 101,000; sales - $1,656,000; earnings from operations - $1,251,000 and; cash flow from operations - $1,251,000.   Results do not include any silver ounces produced or sold related to the Mineral Park silver interest as silver deliveries have ceased due to the bankruptcy of Mercator as further explained in the Silver and Gold Interests section of this MD&A. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6)   | Comprised of the operating Coleman, Copper Cliff, Garson, Stobie, Creighton and Totten gold interests in addition to the non-operating Victor gold interest. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7)   | Comprised of the operating Minto and Constancia gold interests in addition to the non-operating Rosemont gold interest. |
|----------------|-------------------------------------------------------------------------------------------------------------------------|

| 8)   | Gold ounces produced and sold are converted to a silver equivalent basis based on either (i) the ratio of the average silver price received to the average gold price received during the period from the assets that produce both gold and silver; or (ii) the ratio of the price of silver to the price of gold on the date of sale as per the London Bullion Metal Exchange for the assets which produce only gold. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Three Months Ended December 31, 2013 |
|--------------------------------------|
|                                 | Ounces Produced2 | Ounces Sold | Sales | AverageRealizedPrice($'s Per Ounce) | AverageCash Cost($'s PerOunce)3 | AverageDepletion($'s PerOunce) | NetEarnings | Cash FlowFromOperations | Total Assets |
|  Silver                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| San Dimas 4                          | 1,979 | 2,071 | $ | 42,071 | $ | 20.32 | $ | 4.17 | $ | 0.82 | $ | 31,753 | $ | 33,443 | $ | 157,492 |
| Yauliyacu                            | 687 | 674 |   | 14,681 |   | 21.78 |   | 4.12 |   | 5.75 |   | 8,030 |   | 11,904 |   | 207,277 |
| Peñasquito                      | 2,047 | 1,412 |   | 30,508 |   | 21.61 |   | 4.02 |   | 2.96 |   | 20,647 |   | 24,832 |   | 472,289 |
| Barrick 5                            | 423 | 397 |   | 8,629 |   | 21.72 |   | 3.90 |   | 3.31 |   | 5,765 |   | 6,891 |   | 601,107 |
| Other 6                              | 2,119 | 1,510 |   | 31,660 |   | 20.96 |   | 4.30 |   | 4.66 |   | 18,127 |   | 25,803 |   | 549,927 |
|                            | 7,255 | 6,064 | $ | 127,549 | $ | 21.03 | $ | 4.14 | $ | 2.99 | $ | 84,322 | $ | 102,873 | $ | 1,988,092 |
|  Gold                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 777                                  | 14,134 | 15,889 | $ | 20,127 | $ | 1,267 | $ | 400 | $ | 802 | $ | 1,036 | $ | 13,771 | $ | 280,026 |
| Sudbury 7                            | 7,060 | 6,551 |   | 8,363 |   | 1,277 |   | 400 |   | 829 |   | 311 |   | 5,743 |   | 609,454 |
| Salobo                               | 10,067 | 6,944 |   | 9,025 |   | 1,300 |   | 400 |   | 462 |   | 3,039 |   | 6,247 |   | 1,322,483 |
| Other 8                              | 9,530 | 1,840 |   | 2,352 |   | 1,278 |   | 306 |   | 115 |   | 1,577 |   | 2,192 |   | 28,429 |
|                            | 40,791 | 31,224 | $ | 39,867 | $ | 1,277 | $ | 394 | $ | 691 | $ | 5,963 | $ | 27,953 | $ | 2,240,392 |
|  Silver equivalent 9            | 9,731 | 7,973 | $ | 167,416 | $ | 21.00 | $ | 4.70 | $ | 4.98 | $ | 90,285 | $ | 130,826 | $ | 4,228,484 |
|  Corporate                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative           |   |   |   |   |   |   |   |   |   | $ | (7,150) |   |   |   |   |
| Other                                |   |   |   |   |   |   |   |   |   |   |   | 10,765 |   |   |   |   |
|  Total corporate                |   |   |   |   |   |   |   |   |   |   | $ | 3,615 | $ | (6,235) | $ | 161,360 |
|                            | 9,731 | 7,973 | $ | 167,416 | $ | 21.00 | $ | 4.70 | $ | 4.98 | $ | 93,900 | $ | 124,591 | $ | 4,389,844 |

| 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 30 of this MD&A. |
|----------------|----------------------------------------------------------------------------|

| 4)   | Results for San Dimas include 375,000 ounces received from Goldcorp in connection with Goldcorp’s four year commitment, commencing August 6, 2010, to deliver to Silver Wheaton 1.5 million ounces of silver per annum resulting from their sale of San Dimas to Primero. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5)   | Comprised of the operating Lagunas Norte, Pierina and Veladero silver interests in addition to the non-operating Pascua-Lama silver interest. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| 6)   | Comprised of the operating Los Filos, Zinkgruvan, Keno Hill, Mineral Park, Cozamin, Neves-Corvo, Stratoni, Campo Morado, Minto, 777 and Aljustrel silver interests in addition to the non-operating Rosemont, Loma de La Plata and Constancia silver interests.  Results related to the Campo Morado silver interest which, as further explained in the Silver and Gold Interests section of this MD&A, was disposed of in December 2014, were as follows: silver ounces produced – 213,000; silver ounces sold – 184,000; sales - $3,865,000; earnings from operations - $2,034,000 and; cash flow from operations - $3,131,000.   Results related to the Mineral Park silver interest for which silver deliveries ceased during the third quarter of 2014 due to the bankruptcy of Mercator, as further explained in the Silver and Gold Interests section of this MD&A, were as follows: silver ounces produced – 109,000; silver ounces sold – 45,000; sales - $966,000; earnings from operations - $648,000 and; cash flow from operations - $854,000. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7)   | Comprised of the operating Coleman, Copper Cliff, Garson, Stobie and Creighton gold interests in addition to the non-operating Totten and Victor gold interests. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8)   | Comprised of the operating Minto gold interest in addition to the non-operating Rosemont and Constancia gold interests. |
|----------------|-------------------------------------------------------------------------------------------------------------------------|

| 9)   | Gold ounces produced and sold are converted to a silver equivalent basis based on either (i) the ratio of the average silver price received to the average gold price received during the period from the assets that produce both gold and silver; or (ii) the ratio of the price of silver to the price of gold on the date of sale as per the London Bullion Metal Exchange for the assets which produce only gold. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | 465,000 ounce (23%) decrease related to the Peñasquito mine, due primarily to the mining of lower grade material; |
|---------------------|------------------------------------------------------------------------------------------------------------------------|

| •   | 418,000 ounce (20%) decrease related to the Other mines, due primarily to lower production at the Campo Morado and Cozamin mines in addition to the cessation of silver deliveries from the Mineral Park mine; |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | 307,000 silver equivalent ounce (55%) decrease related to gold production at the Minto mine (6,100 gold ounces), due primarily to lower grades; |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | 235,000 ounce (12%) decrease related to the San Dimas mine, due primarily to the agreement with Goldcorp to deliver 1.5 million ounces per annum to Silver Wheaton having ended effective August 6, 2014; and |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| •   | 136,000 silver equivalent ounce (16%) decrease related to gold production at the 777 mine (4,500 gold ounces), primarily due to lower throughput; partially offset by |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | 286,000 silver equivalent ounce (46%) increase related to gold production at the Salobo mine (2,200 gold ounces), primarily due to higher throughput as a result of the continuing ramp up of the first 12 Mtpa line and the commissioning of the second 12 Mtpa line which commenced late in the second quarter of 2014, partially offset by lower grades and recovery; |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | 266,000 ounce (63%) increase related to the Barrick mines, due primarily to higher grades at Veladero; and |
|---------------------|------------------------------------------------------------------------------------------------------------|

| •   | 236,000 silver equivalent ounce (55%) increase related to gold production at the Sudbury mines (2,100 gold ounces), primarily due to higher grades. |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | $10.8 million decrease related to a 13% decrease in payable silver ounces produced; and |
|---------------------|-----------------------------------------------------------------------------------------|

| •   | $1.2 million decrease related to a 16% decrease in payable gold ounces produced; and |
|----------------|--------------------------------------------------------------------------------------|

| •   | $0.8 million decrease related to the composition of mines from which silver is produced; and |
|---------------------|----------------------------------------------------------------------------------------------|

| •   | $3.3 million decrease related to the composition of mines from which gold is produced; and |
|---------------------|--------------------------------------------------------------------------------------------|

| •   | $16.3 million increase as a result of the timing of shipments of stockpiled concentrate and doré, primarily attributable to the following factors: |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | $10.5 million increase relating to the Peñasquito mine; and |
|---------------------|------------------------------------------------------------------|

| •   | $6.7 million increase relating to gold production at the Minto mine; and |
|---------------------|--------------------------------------------------------------------------|

| •   | $29.6 million decrease due to a reduction in the operating margin per ounce, due primarily to a 22% decrease in the average realized selling price per silver equivalent ounce sold; and |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | $12.5 million decrease as a result of an increase in corporate costs as explained in the Corporate Costs section of this MD&A ($1.5 million decrease from a cash flow perspective). |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  Year Ended December 31, 2014 |
|------------------------------------|
|                               | Ounces Produced2 | Ounces Sold | Sales | AverageRealizedPrice($'s Per Ounce) | AverageCash Cost($'s PerOunce)3 | AverageDepletion($'s PerOunce) | NetEarnings | Cash FlowFromOperations | Total Assets |
|  Silver                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| San Dimas 4                        | 5,760 | 5,573 | $ | 104,095 | $ | 18.68 | $ | 4.19 | $ | 0.81 | $ | 76,228 | $ | 80,769 | $ | 152,951 |
| Yauliyacu                          | 2,938 | 3,342 |   | 64,011 |   | 19.15 |   | 4.15 |   | 5.92 |   | 30,353 |   | 50,152 |   | 187,478 |
| Peñasquito                    | 7,318 | 7,100 |   | 134,757 |   | 18.98 |   | 4.05 |   | 2.98 |   | 84,860 |   | 106,004 |   | 451,145 |
| Barrick 5                          | 1,687 | 1,700 |   | 31,687 |   | 18.64 |   | 3.90 |   | 3.26 |   | 19,508 |   | 23,065 |   | 605,328 |
| Other 6                            | 7,971 | 5,769 |   | 109,664 |   | 19.01 |   | 4.27 |   | 4.25 |   | 60,495 |   | 86,161 |   | 559,747 |
|                          | 25,674 | 23,484 | $ | 444,214 | $ | 18.92 | $ | 4.14 | $ | 3.22 | $ | 271,444 | $ | 346,151 | $ | 1,956,649 |
|  Gold                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 777                                | 46,170 | 43,898 | $ | 55,535 | $ | 1,265 | $ | 400 | $ | 823 | $ | 1,863 | $ | 38,318 | $ | 243,913 |
| Sudbury 7                          | 35,260 | 30,413 |   | 38,720 |   | 1,273 |   | 400 |   | 841 |   | 962 |   | 26,993 |   | 583,862 |
| Salobo                             | 40,057 | 43,912 |   | 54,762 |   | 1,247 |   | 400 |   | 462 |   | 16,917 |   | 37,198 |   | 1,302,202 |
| Other 8                            | 21,328 | 21,299 |   | 26,945 |   | 1,265 |   | 309 |   | 124 |   | 17,713 |   | 19,936 |   | 161,639 |
|                          | 142,815 | 139,522 | $ | 175,962 | $ | 1,261 | $ | 386 | $ | 607 | $ | 37,455 | $ | 122,445 | $ | 2,291,616 |
|  Silver equivalent 9          | 35,285 | 32,891 | $ | 620,176 | $ | 18.86 | $ | 4.59 | $ | 4.87 | $ | 308,899 | $ | 468,596 | $ | 4,248,265 |
|  Corporate                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative         |   |   |   |   |   |   |   |   |   | $ | (37,860) |   |   |   |   |
| Impairment charges 10              |   |   |   |   |   |   |   |   |   |   | (68,151) |   |   |   |   |
| Other                              |   |   |   |   |   |   |   |   |   |   |   | (3,062) |   |   |   |   |
|  Total corporate              |   |   |   |   |   |   |   |   |   |   | $ | (109,073) | $ | (36,723) | $ | 399,498 |
|                          | 35,285 | 32,891 | $ | 620,176 | $ | 18.86 | $ | 4.59 | $ | 4.87 | $ | 199,826 | $ | 431,873 | $ | 4,647,763 |

| 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 30 of this MD&A. |
|----------------|----------------------------------------------------------------------------|

| 4)   | Results for San Dimas include 875,000 ounces received from Goldcorp in connection with Goldcorp’s four year commitment, commencing August 6, 2010, to deliver to Silver Wheaton 1.5 million ounces of silver per annum resulting from their sale of San Dimas to Primero. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5)   | Comprised of the operating Lagunas Norte, Pierina and Veladero silver interests in addition to the non-operating Pascua-Lama silver interest. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| 6)   | Comprised of the operating Los Filos, Zinkgruvan, Mineral Park, Cozamin, Neves-Corvo, Stratoni, Campo Morado, Minto, 777, Constancia and Aljustrel silver interests in addition to the non-operating Keno Hill, Rosemont and Loma de La Plata silver interests.  Results related to the Campo Morado silver interest which, as further explained in the Silver and Gold Interests section of this MD&A, was disposed of in December 2014, were as follows: silver ounces produced – 677,000; silver ounces sold – 524,000; sales - $10,070,000; earnings from operations - $5,448,000 and; cash flow from operations - $7,968,000.   Results related to the Mineral Park silver interest for which silver deliveries ceased during the third quarter of 2014 due to the bankruptcy of Mercator, as further explained in the Silver and Gold Interests section of this MD&A, were as follows: silver ounces produced – 237,000; silver ounces sold – 168,000; sales - $3,354,000; earnings from operations - $2,239,000 and; cash flow from operations - $2,629,000. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7)   | Comprised of the operating Coleman, Copper Cliff, Garson, Stobie, Creighton and Totten gold interests in addition to the non-operating Victor gold interest. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8)   | Comprised of the operating Minto and Constancia gold interests in addition to the non-operating Rosemont gold interest. |
|----------------|-------------------------------------------------------------------------------------------------------------------------|

| 9)   | Gold ounces produced and sold are converted to a silver equivalent basis based on either (i) the ratio of the average silver price received to the average gold price received during the period from the assets that produce both gold and silver; or (ii) the ratio of the price of silver to the price of gold on the date of sale as per the London Bullion Metal Exchange for the assets which produce only gold. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10)   | During the year ended December 31, 2014, the Company recognized an impairment charge of $68.2 million related to its previously owned Mineral Park and Campo Morado silver interests.  These former silver interests are reflected as a component of Other silver interests in this MD&A and financial statements. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  Year Ended December 31, 2013 |
|------------------------------------|
|                               | Ounces Produced2 | Ounces Sold | Sales | AverageRealizedPrice($'s Per Ounce) | AverageCash Cost($'s PerOunce)3 | AverageDepletion($'s PerOunce) | NetEarnings | Cash FlowFromOperations | Total Assets |
|  Silver                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| San Dimas 4                        | 6,542 | 6,675 | $ | 157,150 | $ | 23.54 | $ | 4.15 | $ | 0.82 | $ | 124,003 | $ | 129,447 | $ | 157,492 |
| Yauliyacu                          | 2,618 | 1,395 |   | 33,053 |   | 23.69 |   | 4.12 |   | 5.75 |   | 19,293 |   | 27,311 |   | 207,277 |
| Peñasquito                    | 6,216 | 5,317 |   | 126,587 |   | 23.81 |   | 4.02 |   | 2.82 |   | 90,229 |   | 105,213 |   | 472,289 |
| Barrick 5                          | 2,185 | 2,157 |   | 56,834 |   | 26.35 |   | 3.90 |   | 3.04 |   | 41,860 |   | 49,597 |   | 601,107 |
| Other 6                            | 9,193 | 7,279 |   | 170,963 |   | 23.49 |   | 4.23 |   | 4.37 |   | 108,303 |   | 141,020 |   | 549,927 |
|                          | 26,754 | 22,823 | $ | 544,587 | $ | 23.86 | $ | 4.12 | $ | 2.93 | $ | 383,688 | $ | 452,588 | $ | 1,988,092 |
|  Gold                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 777                                | 66,330 | 65,758 | $ | 91,412 | $ | 1,390 | $ | 400 | $ | 802 | $ | 12,398 | $ | 61,136 | $ | 280,026 |
| Sudbury 7                          | 33,110 | 17,380 |   | 23,001 |   | 1,324 |   | 400 |   | 829 |   | 1,639 |   | 16,050 |   | 609,454 |
| Salobo                             | 29,147 | 16,947 |   | 22,552 |   | 1,331 |   | 400 |   | 462 |   | 7,945 |   | 15,774 |   | 1,322,483 |
| Other 8                            | 22,617 | 17,234 |   | 24,920 |   | 1,446 |   | 305 |   | 137 |   | 17,297 |   | 19,923 |   | 28,429 |
|                          | 151,204 | 117,319 | $ | 161,885 | $ | 1,380 | $ | 386 | $ | 659 | $ | 39,279 | $ | 112,883 | $ | 2,240,392 |
|  Silver equivalent 9          | 35,832 | 29,963 | $ | 706,472 | $ | 23.58 | $ | 4.65 | $ | 4.81 | $ | 422,967 | $ | 565,471 | $ | 4,228,484 |
|  Corporate                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative         |   |   |   |   |   |   |   |   |   | $ | (35,308) |   |   |   |   |
| Other                              |   |   |   |   |   |   |   |   |   |   |   | (12,164) |   |   |   |   |
|  Total corporate              |   |   |   |   |   |   |   |   |   |   | $ | (47,472) | $ | (31,338) | $ | 161,360 |
|                          | 35,832 | 29,963 | $ | 706,472 | $ | 23.58 | $ | 4.65 | $ | 4.81 | $ | 375,495 | $ | 534,133 | $ | 4,389,844 |

| 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 30 of this MD&A. |
|----------------|----------------------------------------------------------------------------|

| 4)   | Results for San Dimas include 1.5 million ounces received from Goldcorp in connection with Goldcorp’s four year commitment, commencing August 6, 2010, to deliver to Silver Wheaton 1.5 million ounces of silver per annum resulting from their sale of San Dimas to Primero. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5)   | Comprised of the operating Lagunas Norte, Pierina and Veladero silver interests in addition to the non-operating Pascua-Lama silver interest. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| 6)   | Comprised of the operating Los Filos, Zinkgruvan, Keno Hill, Mineral Park, Cozamin, Neves-Corvo, Stratoni, Campo Morado, Minto, 777 and Aljustrel silver interests in addition to the non-operating Rosemont, Loma de La Plata and Constancia silver interests.  Results related to the Campo Morado silver interest which, as further explained in the Silver and Gold Interests section of this MD&A, was disposed of in December 2014, were as follows: silver ounces produced – 870,000; silver ounces sold – 758,000; sales - $17,942,000; earnings from operations - $10,427,000 and; cash flow from operations - $14,935,000.   Results related to the Mineral Park silver interest for which silver deliveries ceased during the third quarter of 2014 due to the bankruptcy of Mercator, as further explained in the Silver and Gold Interests section of this MD&A, were as follows: silver ounces produced – 544,000; silver ounces sold – 356,000; sales - $8,973,000; earnings from operations - $6,509,000 and; cash flow from operations - $7,644,000. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7)   | Comprised of the operating Coleman, Copper Cliff, Garson, Stobie and Creighton gold interests in addition to the non-operating Totten and Victor gold interests. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8)   | Comprised of the operating Minto gold interest in addition to the non-operating Rosemont and Constancia gold interests. |
|----------------|-------------------------------------------------------------------------------------------------------------------------|

| 9)   | Gold ounces produced and sold are converted to a silver equivalent basis based on either (i) the ratio of the average silver price received to the average gold price received during the period from the assets that produce both gold and silver; or (ii) the ratio of the price of silver to the price of gold on the date of sale as per the London Bullion Metal Exchange for the assets which produce only gold. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | 1,223,000 ounce (13%) decrease related to the Other mines, due primarily to the temporary closure at the Keno Hill mine, lower production at the Campo Morado and 777 mines and the cessation of silver deliveries from the Mineral Park mine; |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | 871,000 silver equivalent ounce (22%) decrease related to gold production at the 777 mine (20,200 gold ounces), due to lower grades, throughput and recoveries; |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | 781,000 ounce (12%) decrease related to the San Dimas mine, due to Primero achieving the 3.5 million ounce delivery threshold 6 weeks earlier than in 2013 coupled with the August 6, 2014 expiration of the agreement with Goldcorp to deliver 1.5 million ounces per annum to Silver Wheaton; and |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| •   | 497,000 ounce (23%) decrease related to the Barrick mines, due primarily to lower grades and recovery at Veladero and the cessation of mining operations at Pierina; partially offset by |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | 1,102,000 ounce (18%) increase related to the Peñasquito mine, due primarily to the mining in higher grade ore benches of Phase 4 of the pit during the first and second quarters of 2014; |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | 945,000 silver equivalent ounce (53%) increase related to gold production at the Salobo mine (10,900 gold ounces), primarily due to higher throughput as a result of the continuing ramp up of the first 12 Mtpa line and the commissioning of the second 12 Mtpa line which commenced late in the second quarter of 2014; |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | 380,000 silver equivalent ounce (19%) increase related to gold production at the Sudbury mines (2,200 gold ounces), primarily due to higher recoveries and throughput, partially offset by lower grades; and |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | 319,000 ounce (12%) increase related to the Yauliyacu mine, due primarily to higher grades. |
|---------------------|---------------------------------------------------------------------------------------------|

| •   | $17.4 million decrease related to a 6% decrease in payable silver ounces produced; and |
|---------------------|----------------------------------------------------------------------------------------|

| •   | $2.8 million decrease related to a 6% decrease in payable gold ounces produced; and |
|---------------------|-------------------------------------------------------------------------------------|

| •   | $7.0 million decrease related to the composition of mines from which silver is produced; and |
|---------------------|----------------------------------------------------------------------------------------------|

| •   | $2.9 million increase related to the composition of mines from which gold is produced; and |
|---------------------|--------------------------------------------------------------------------------------------|

| •   | $43.1 million increase as a result of the timing of shipments of stockpiled concentrate and doré, primarily attributable to the following factors: |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | $22.8 million increase relating to the Yauliyacu mine which continues to have an inconsistent delivery schedule as a result of the shut-down of the La Oroya smelter in Peru; |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | $15.1 million increase relating to the Peñasquito mine; |
|---------------------|--------------------------------------------------------------|

| •   | $7.9 million increase relating to the Salobo mine; and |
|---------------------|--------------------------------------------------------|

| •   | $5.2 million increase relating to the Minto mine; partially offset by |
|---------------------|-----------------------------------------------------------------------|

| •   | $6.0 million decrease relating to the San Dimas mine; |
|---------------------|-------------------------------------------------------|

|  •   | $132.8 million decrease due to a reduction in the operating margin per ounce, due primarily to a 20% decrease in the average realized selling price per silver equivalent ounce sold; and |
|----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | $61.6 million decrease as a result of an increase in corporate costs, with the most significant item being the impairment charge of $68.2 million taken during the three months ended September 30, 2014, as explained in the Corporate Costs section of this MD&A ($5.4 million decrease from a cash flow perspective). |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                             | Three Months EndedDecember 31                                            | Years EndedDecember 31                                                   |
|----------------------------------|--------------------------------------------------------------------------|--------------------------------------------------------------------------|
| (in thousands)                   |  2014                                                               | 2013                                                                     | 2014 | 2013 |
|  General and administrative |  $          8,992 |  $          7,150 |  $       37,860 |  $       35,308 |
| Impairment charges               | -                                                                        | -                                                                        | 68,151 | - |
| Foreign exchange gain            | (193)                                                                    | (233)                                                                    | (609) | (348) |
| Interest expense                 | (6)                                                                      | 1,226                                                                    | 2,277 | 6,083 |
| Other expense                    | 916                                                                 | 920                                                                      | 2,439 | 11,550 |
| Income tax recovery              |    (806)                                                       | (12,678)                                                                 | (1,045) | (5,121) |
|  Total corporate costs      |  $          8,903 |  $        (3,615)           |  $     109,073 |  $       47,472 |

|                                                         | Three Months EndedDecember 31                                            | Years EndedDecember 31                                                   |
|--------------------------------------------------------------|--------------------------------------------------------------------------|--------------------------------------------------------------------------|
| (in thousands)                                               |  2014                                                               | 2013                                                                     | 2014 | 2013 |
|  Salaries and benefits                                  |                                                                     |                                                                     |   |   |
| Salaries and benefits, excluding PSUs                        |  $          1,689 |  $          2,926 |  $       11,662 |  $       11,522 |
| PSUs                                                         | 972                                                                      | (803)                                                                    | 3,508 | 646 |
| Total salaries and benefits                                  |  $          2,661 |  $          2,123 |  $       15,170 |  $       12,168 |
| Depreciation                                                 | 97                                                                       | 71                                                                       | 326 | 240 |
| Charitable donations                                         | 1,174                                                                    | 81                                                                       | 3,187 | 2,710 |
| Professional fees                                            | 856                                                                      | 694                                                                      | 2,426 | 3,981 |
| Other                                                        | 2,212                                                                    | 1,903                                                                    | 8,557 | 7,820 |
| Cash settled general and administrative                      |  $          7,000 |  $          4,872 |  $       29,666 |  $       26,919 |
| Equity settled stock based compensation (a non-cash expense) | 1,992                                                                    | 2,278                                                                    | 8,194 | 8,389 |
|  Total general and administrative                       |  $          8,992 |  $          7,150 |  $       37,860 |  $       35,308 |

----

|                                                                                       | Three Months EndedDecember 31                                                                   | Years EndedDecember 31                                                                          |
|--------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------|
| (in thousands)                                                                             |  2014                                                                                      | 2013                                                                                            | 2014 | 2013 |
|  Dividend income                                                                      |  $              (57) |  $              (57) |  $           (228) |  $           (227) |
| Interest income                                                                            | (46)                                                                                            | (15)                                                                                            | (123) | (204) |
| Stand-by fees                                                                              | 731                                                                                             | 721                                                                                             | 2,900 | 2,758 |
| Loss on fair value adjustment of share purchase warrants held                              | -                                                                                               | -                                                                                               | - | 2,694 |
| Amortization of credit facility origination fees - undrawn facilities                      | 256                                                                                             | 253                                                                                             | 1,020 | 1,910 |
| Write off of credit facility origination fees upon the cancellation of the Bridge Facility | -                                                                                               | -                                                                                               | - | 4,490 |
| Other                                                                                      | 32                                                                                         | 18                                                                                              | (1,130) | 129 |
|  Total other expense                                                                  |  $             916        |  $             920        |  $          2,439 |  $       11,550 |

| •   | An unrealized loss related to the fair value adjustment in warrants held during the year ended December 31, 2013 of $2.7 million as compared to no loss during the current period; |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | As further explained in Note 14 to the financial statements, on February 28, 2013, the Company entered into two new unsecured credit facilities, comprised of (i) a $1 billion revolving credit facility having a 5 year term (the “Revolving Facility”); and (ii) a $1.5 billion bridge financing facility having a 1 year term (the “Bridge Facility”).  The Company paid upfront costs of $11.7 million in connection with these new facilities which have been recorded under Other assets and are being amortized over the life of the respective credit facilities.  On May 28, 2013, the Bridge Facility was terminated, with the remaining unamortized upfront costs of $4.5 million associated with this credit facility being fully expensed on that date; partially offset by |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | A $1.3 million gain during the year ended December 31, 2014 related to the Company’s agreement to waive its right to silver contained in copper concentrate at the Aljustrel mine. |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                              | Three Months EndedDecember 31                                                                       | Years EndedDecember 31                                                                              |
|-------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|
| (in thousands)                                                    |  2014                                                                                          | 2013                                                                                                | 2014 | 2013 |
|  Current income tax expense related to foreign jurisdictions |  $               44 |  $               40 |  $             204 |  $             154 |
|  Deferred income tax expense (recovery) related to:          |                                                                                                |                                                                                                |   |   |
| Origination and reversal of temporary differences                 |  $           (850)                      |  $      (12,718)                                                 |  $        (1,249) |  $        (7,381) |
| Write down of previously recognized temporary differences         | -                                                                                                   | -                                                                                                   | - | 2,106 |
|                                                         |  $           (850)                      |  $      (12,718)                                                 |  $        (1,249) |  $        (5,275) |
|  Total income tax recovery                                   |  $           (806)                      |  $      (12,678)                                                 |  $        (1,045) |  $        (5,121) |

| 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 EndedDecember 31 | Years EndedDecember 31 |
|-------------------------------------------------------------|-------------------------------|------------------------|
| (in thousands, except for per share amounts)                |                          |  2014             |   | 2013 |   | 2014 |   | 2013 |
|  Net earnings                                          |                          | $                      | 52,030 |   | $ | 93,900 |   | $ | 199,826 |   | $ | 375,495 |
| Add back - impairment loss                                  |                          |                   | - |   |   | - |   |   | 68,151 |   |   | - |
|  Adjusted net earnings                                 |                          | $                      | 52,030 |   | $ | 93,900 |   | $ | 267,977 |   | $ | 375,495 |
|  Divided by:                                           |                          |                   |   |   |   |   |   |   |   |   |   |   |
|  Basic weighted average number of shares outstanding   |                          |                   | 364,436 |   |   | 357,389 |   |   | 359,401 |   |   | 355,588 |
|  Diluted weighted average number of shares outstanding |                          |                   | 364,718 |   |   | 357,869 |   |   | 359,804 |   |   | 356,595 |
|  Equals:                                               |                          |                   |   |   |   |   |   |   |   |   |   |   |
| Adjusted earnings per share - basic                         |                          | $                      | 0.14 |   | $ | 0.26 |   | $ | 0.75 |   | $ | 1.06 |
| Adjusted earnings per share - diluted                       |                          | $                      | 0.14 |   | $ | 0.26 |   | $ | 0.74 |   | $ | 1.05 |

----

| 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 metals mining industry who present results on a similar basis. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                        | Three Months EndedDecember 31 | Years EndedDecember 31 |
|-------------------------------------------------------------|-------------------------------|------------------------|
| (in thousands, except for per share amounts)                |                          |  2014             |   | 2013 |   | 2014 |   | 2013 |
|  Cash generated by operating activities                |                          | $                      | 94,120 |   | $ | 124,591 |   | $ | 431,873 |   | $ | 534,133 |
|  Divided by:                                           |                          |                   |   |   |   |   |   |   |   |   |   |   |
|  Basic weighted average number of shares outstanding   |                          |                   | 364,436 |   |   | 357,389 |   |   | 359,401 |   |   | 355,588 |
|  Diluted weighted average number of shares outstanding |                          |                   | 364,718 |   |   | 357,869 |   |   | 359,804 |   |   | 356,595 |
|  Equals:                                               |                          |                   |   |   |   |   |   |   |   |   |   |   |
| Operating cash flow per share - basic                       |                          | $                      | 0.26 |   | $ | 0.35 |   | $ | 1.20 |   | $ | 1.50 |
|  Operating cash flow per share - diluted               |                          | $                      | 0.26 |   | $ | 0.35 |   | $ | 1.20 |   | $ | 1.50 |

----

| 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 metals 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 EndedDecember 31 | Years EndedDecember 31 |
|-------------------------------------------------------------------|-------------------------------|------------------------|
| (in thousands, except for gold ounces sold and per ounce amounts) |                          |  2014             |   | 2013 |   | 2014 |   | 2013 |
|  Cost of sales                                               |                          | $                      | 79,442 |   | $ | 77,131 |   | $ | 311,277 |   | $ | 283,505 |
| Less:  depletion                                        |                          |                   | (40,910) |   |   | (39,694) |   |   | (160,180) |   |   | (144,153) |
|  Cash cost of sales                                          |                          | $                      | 38,532 |   | $ | 37,437 |   | $ | 151,097 |   | $ | 139,352 |
|  Cash cost of sales is comprised of:                         |                          |                   |   |   |   |   |   |   |   |   |   |   |
| Total cash cost of silver sold                                    |                          | $                      | 23,698 |   | $ | 25,121 |   | $ | 97,221 |   | $ | 94,054 |
| Total cash cost of gold sold                                      |                          |                   | 14,834 |   |   | 12,316 |   |   | 53,876 |   |   | 45,298 |
|  Total cash cost of sales                                    |                          | $                      | 38,532 |   | $ | 37,437 |   | $ | 151,097 |   | $ | 139,352 |
|  Divided by:                                                 |                          |                   |   |   |   |   |   |   |   |   |   |   |
| Total silver ounces sold                                          |                          |                   | 5,733 |   |   | 6,064 |   |   | 23,484 |   |   | 22,823 |
| Total gold ounces sold                                            |                          |                   | 37,904 |   |   | 31,224 |   |   | 139,522 |   |   | 117,319 |
| Total silver equivalent ounces sold 1                             |                          |                   | 8,541 |   |   | 7,973 |   |   | 32,891 |   |   | 29,963 |
|  Equals:                                                     |                          |                   |   |   |   |   |   |   |   |   |   |   |
| Average cash cost of silver (per ounce)                           |                          | $                      | 4.13 |   | $ | 4.14 |   | $ | 4.14 |   | $ | 4.12 |
| Average cash cost of gold (per ounce)                             |                          | $                      | 391 |   | $ | 394 |   | $ | 386 |   | $ | 386 |
| Average cash cost (per silver equivalent ounce 1)                 |                          | $                      | 4.51 |   | $ | 4.70 |   | $ | 4.59 |   | $ | 4.65 |

| 1)   | Gold ounces produced and sold are converted to a silver equivalent basis based on either (i) the ratio of the average silver price received to the average gold price received during the period from the assets that produce both gold and silver; or (ii) the ratio of the price of silver to the price of gold on the date of sale as per the London Bullion Metal Exchange for the assets which produce only gold. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 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 metals mining industry who present results on a similar basis. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                      | Three Months EndedDecember 31 | Years EndedDecember 31 |
|---------------------------------------------------------------------------|-------------------------------|------------------------|
| (in thousands, except for per ounce amounts)                              |                          |  2014             |   | 2013 |   | 2014 |   | 2013 |
|  Average realized selling price of silver and gold                   |                          |                   |   |   |   |   |   |   |   |   |   |   |
| Sales                                                                     |                          | $                      | 140,375 |   | $ | 167,416 |   | $ | 620,176 |   | $ | 706,472 |
|  Divided by - total silver equivalent ounces sold 1                  |                          |                   | 8,541 |   |   | 7,973 |   |   | 32,891 |   |   | 29,963 |
|  Equals - average realized price ($'s per silver equivalent ounce 1) |                          | $                      | 16.43 |   | $ | 21.00 |   | $ | 18.86 |   | $ | 23.58 |
|  Less - average cash cost ($'s per silver equivalent ounce 1, 2)     |                          |                   | (4.51) |   |   | (4.70) |   |   | (4.59) |   |   | (4.65) |
|  Cash operating margin per silver equivalent ounce 1                 |                          | $                      | 11.92 |   | $ | 16.30 |   | $ | 14.27 |   | $ | 18.93 |

| 1)    | Gold ounces produced and sold are converted to a silver equivalent basis based on either (i) the ratio of the average silver price received to the average gold price received during the period from the assets that produce both gold and silver; or (ii) the ratio of the price of silver to the price of gold on the date of sale as per the London Bullion Metal Exchange for the assets which produce only gold. |
|----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2)    | Refer to discussion on non-IFRS measure (iii) on page 30 of this MD&A. |
|----------------------|----------------------------------------------------------------------------|

----

----

|  1 | Statements made in this section contain forward-looking information with respect to funding outstanding commitments and continuing to acquire accretive precious metal stream interests and readers are cautioned that actual outcomes may vary. Please see “Cautionary Note Regarding Forward-Looking Statements” for material risks, assumptions and important disclosure associated with this information. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Silver and Gold Interests | Attributable PayableProduction to bePurchased | Per Ounce CashPayment 1, 2 | Term ofAgreement | Date ofOriginalContract |
|---------------------------|-----------------------------------------------|----------------------------|------------------|-------------------------|
|  Silver              | Gold                                          | Silver                     | Gold             |
| San Dimas                 |  100% 3                             |  0%                   | $                | 4.20                    |   | n/a | Life of Mine | 15-Oct-04 |
| Yauliyacu                 |  100% 4                                  |  0%                   | $                | 4.16                    |   | n/a | 20 years | 23-Mar-06 |
| Peñasquito           |  25%                                     |  0%                   | $                | 4.07                    |   | n/a | Life of Mine | 24-Jul-07 |
| 777                       |  100%                                    |  100%/50% 5           | $                | 5.90 6                  | $ | 4006 | Life of Mine | 8-Aug-12 |
| Salobo                    |  0%                                      |  50%                  |             | n/a                     | $ | 400 | Life of Mine | 28-Feb-13 |
| Sudbury                   |  0%                                      |  70%                  |             | n/a                     | $ | 400 | 20 years | 28-Feb-13 |
| 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 7 | 8-Sep-09 |
| Veladero                  |  100% 8                                  |  0%                   | $                | 3.90                    |   | n/a | 8.5 years | 8-Sep-09 |
| Other                     |                                          |                       |             |                    |   |   |   |   |
| Los Filos                 |  100%                                    |  0%                   | $                | 4.24                    |   | n/a | 25 years | 15-Oct-04 |
| Zinkgruvan                |  100%                                    |  0%                   | $                | 4.25                    |   | n/a | Life of Mine | 8-Dec-04 |
| Stratoni                  |  100%                                    |  0%                   | $                | 4.10                    |   | n/a | Life of Mine | 23-Apr-07 |
| Minto                     |  100%                                    |  100% 9               | $                | 4.06                    | $ | 312 | Life of Mine | 20-Nov-08 |
| Cozamin                   |  100%                                    |  0%                   | $                | 4.20                    |   | n/a | 10 years | 4-Apr-07 |
| Neves-Corvo               |  100%                                    |  0%                   | $                | 4.10                    |   | 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 |
| 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 12 |
| Constancia                | 100%                                          |  50% 13     | $                | 5.90 6                  | $ | 4006 | Life of Mine | 8-Aug-12 |
| Early Deposit             |                                          |                       |             |                    |   |   |   |   |
| Toroparu                  | 0%                                            |  10% 14               |             | n/a                     | $ | 400 | Life of Mine | 11-Nov-13 |

| 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. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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)   | To a maximum of 4.75 million ounces per annum.  In the event that silver sold and delivered to Silver Wheaton in any year totals less than 4.75 million ounces, the amount sold and delivered to Silver Wheaton in subsequent years will be increased to make up for any cumulative shortfall, to the extent production permits.  The cumulative shortfall as at March 23, 2014, representing the eight year anniversary, was 17.6 million ounces. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5)   | The Company’s share of gold production at 777 will remain at 100% until the later of the end of 2016 or the satisfaction of a completion test relating to Hudbay’s Constancia project, after which it will be reduced to 50% for the remainder of the mine life. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6)   | Subject to an increase to $9.90 per ounce of silver and $550 per ounce of gold after the initial 40 year term. |
|----------------|----------------------------------------------------------------------------------------------------------------|

| 7)   | As per Barrick’s disclosure, closure activities were initiated at Pierina as of August 2013. |
|----------------|----------------------------------------------------------------------------------------------------|

| 8)   | 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. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 has agreed to waive its rights to silver contained in copper concentrate at the Aljustrel mine while retaining the right to silver contained in zinc concentrate. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 December 31, 2015. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12)   | Terms of the agreement not yet finalized. |
|-----------------|-------------------------------------------|

| 13)   | 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. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14)   | During the 60 day period following the delivery of a feasibility study, environmental study and impact assessment, and other related documents (collectively, the “Feasibility Documentation”), or after December 31, 2015 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 $11.5 million of the early deposit (on the basis that $2 million of the advanced $13.5 million is non-refundable) or, at Sandspring’s option, the stream percentage will be reduced from 10% to 0.774% (equivalent to the pro-rata stream based on a full purchase price of $11.5 million).  |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  1 | Statements made in this section contain forward-looking information and readers are cautioned that actual outcomes may vary. Please see “Cautionary Note Regarding Forward-Looking Statements” for material risks, assumptions and important disclosure associated with this information. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                |       |  Obligations With Scheduled Payment Dates                            | Other Commitments |                                                                                  |      |
|-------------------------------------|------------|---------------------------------------------------------------------------|-------------------|---------------------------------------------------------------------------------------|-----------|
| (in thousands)                      |  2015 | 2016 - 2018                                                               | 2019 - 2020       | After 2020                                                                            | Sub-Total | Total |
|  Bank debt 1                   | $          |             - | $                 |  1,000,000                                                                       | $         |             - | $ |             - | $ |  1,000,000 | $ |             - |  $ |  1,000,000 |
| Interest 2                          |       |     15,103                                            |              |       26,690                                            |      |             - |   |             - |   |       41,793 |   |             - |   |       41,793 |
| Silver and gold interest payments 3 |       |                                                                      |              |                                                                                  |      |   |   |   |   |   |   |   |   |   |
| Rosemont 4                          |       |             - |              |               - |      |             - |   |             - |   |               - |   |   231,150 |   |     231,150 |
| Loma de La Plata                    |       |             - |              |               - |      |             - |   |             - |   |               - |   |     32,400 |   |       32,400 |
| Toroparu                            |       |             - |              |               - |      |             - |   |             - |   |               - |   |   135,000 |   |     135,000 |
| Operating leases                    |       |       1,185                                 |              |         4,303                                 |      |       2,503 |   |       4,220 |   |       12,211 |   |             - |   |       12,211 |
| Other                               |       |       2,888                                 |              |               - |      |             - |   |             - |   |         2,888 |   |             - |   |         2,888 |
|  Total contractual obligations | $          |     19,176                                            | $                 |  1,030,993                                                                       | $         |       2,503 | $ |       4,220 | $ |  1,056,892 | $ |   398,550 |  $ |  1,455,442 |

| 1)   | At December 31, 2014, the Company had $1.0 billion outstanding on the NRT Loan and $Nil outstanding on the Revolving Facility  As more fully disclosed in the Subsequent Events section of this MD&A, on February 27, 2015 the Company expanded its Revolving Facility by $1 billion and then used proceeds drawn from this amended Revolving Facility together with cash on hand to repay the NRT Loan. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 $1.1 million. |
|----------------|--------------------------------------------------------|

----

----

| 1 | The assessment by management of the expected impact of the CRA Audit on the Company is “forward-looking information”. Statements in respect of the impact of the CRA Audit are based on the expectation that the Company will be successful in challenging any assessment by CRA. Statements in respect of the CRA Audit are subject to known and unknown risks including that the Company’s interpretation of, or compliance with, tax laws, is found to be incorrect and readers are cautioned that actual outcomes may vary.  Please see “Cautionary Note Regarding Forward-Looking Statements” for material risks, assumptions and important disclosure associated with this information. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

| ·   | 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 standard is expected to have on its consolidated financial statements. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 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. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | 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%) (14) |    |     |                  |    |   |   |   |   |   |   |
| Mill                       | 84.1    | 33.3     | 90.0                  | 52.7    | 25.0 | 42.4 | 136.7 | 30.1 | 132.4 | 53-65% |
| Heap Leach                 | 10.9    | 31.7     | 11.1                  | 11.5    | 25.0 | 9.2 | 22.4 | 28.3 | 20.4 | 22-28% |
| San Dimas (10, 14)         | 0.9     | 345.2    | 10.3                  | 4.0     | 307.3 | 39.2 | 4.9 | 314.5 | 49.5 | 94% |
| Pascua-Lama (25%) (14)     | 8.0     | 69.8     | 17.9                  | 73.2    | 64.1 | 150.8 | 81.2 | 64.7 | 168.7 | 82% |
| Lagunas Norte (11)         | 12.4    | 4.5      | 1.8                   | 52.9    | 4.5 | 7.7 | 65.3 | 4.5 | 9.5 | 19% |
| Veladero (11)              | 5.5     | 14.8     | 2.6                   | 90.5    | 14.8 | 43.2 | 96.0 | 14.8 | 45.8 | 6% |
| Yauliyacu (11, 12)         | 0.8     | 123.5    | 3.1                   | 3.4     | 109.8 | 11.9 | 4.1 | 112.4 | 15.0 | 85% |
| 777 (13)                   | 4.9     | 24.7     | 3.9                   | 5.7     | 24.7 | 4.5 | 10.6 | 24.7 | 8.4 | 64% |
| Neves-Corvo                |    |     |                  |    |   |   |   |   |   |   |
| Copper                     | 4.9     | 38.8     | 6.1                   | 20.5    | 36.1 | 23.8 | 25.4 | 36.6 | 29.9 | 35% |
| Zinc                       | 10.4    | 73.1     | 24.4                  | 10.2    | 66.9 | 22.0 | 20.6 | 70.0 | 46.4 | 20% |
| Rosemont (15)              | 279.5   | 4.1      | 37.0                  | 325.8   | 4.1 | 43.1 | 605.3 | 4.1 | 80.1 | 76% |
| Constancia                 | 506.0   | 3.1      | 50.3                  | 114.0   | 2.9 | 10.8 | 620.0 | 3.1 | 61.1 | 71% |
| Zinkgruvan                 |    |     |                  |    |   |   |   |   |   |   |
| Zinc                       | 7.4     | 87.0     | 20.6                  | 4.2     | 51.0 | 6.9 | 11.6 | 73.9 | 27.5 | 87% |
| Copper                     | 3.3     | 35.0     | 3.7                   | 0.1     | 35.0 | 0.1 | 3.4 | 35.0 | 3.8 | 78% |
| Stratoni                   | 0.5     | 174.0    | 2.9                   | 0.3     | 182.0 | 1.5 | 0.8 | 176.7 | 4.5 | 84% |
| Minto                      | 3.8     | 5.9      | 0.7                   | 5.7     | 5.7 | 1.0 | 9.5 | 5.7 | 1.8 | 78% |
| Cozamin (11)               |    |     |                  |    |   |   |   |   |   |   |
| Copper                     | -       | -        | -                     | 2.8     | 43.8 | 4.0 | 2.8 | 43.8 | 4.0 | 72% |
| Los Filos                  | 48.8    | 5.7      | 8.9                   | 198.4   | 5.0 | 32.2 | 247.2 | 5.2 | 41.1 | 5% |
| Metates Royalty (20)       | 4.1     | 18.0     | 2.3                   | 13.2    | 13.1 | 5.5 | 17.2 | 14.2 | 7.9 | 76% |
| Total Silver               |    |     | 297.8                 |    |   | 459.9 |   |   | 757.7 |   |
| Gold                       |    |     |                  |    |   |   |   |   |   |   |
| Salobo (50%) (16)          | 331.7   | 0.39     | 4.13                  | 257.9   | 0.31 | 2.57 | 589.6 | 0.35 | 6.70 | 66% |
| Sudbury (70%) (11)         | -       | -        | -                     | 54.3    | 0.39 | 0.68 | 54.3 | 0.39 | 0.68 | 81% |
| 777 (13)                   | 3.5     | 1.81     | 0.21                  | 4.1     | 1.81 | 0.24 | 7.7 | 1.81 | 0.45 | 73% |
| Constancia (50%)           | 253.0   | 0.05     | 0.42                  | 57.0    | 0.07 | 0.14 | 310.0 | 0.06 | 0.56 | 61% |
| Minto                      | 3.8     | 0.80     | 0.10                  | 5.7     | 0.60 | 0.11 | 9.5 | 0.68 | 0.21 | 74% |
| Toroparu (10%) (17)        | 3.0     | 1.10     | 0.10                  | 9.7     | 0.98 | 0.31 | 12.7 | 1.01 | 0.41 | 89% |
| Metates Royalty (20)       | 4.1     | 0.68     | 0.09                  | 13.2    | 0.44 | 0.19 | 17.2 | 0.50 | 0.28 | 89% |
| Total Gold                 |    |     | 5.04                  |    |   | 4.23 |   |   | 9.27 |   |

----

|                       | 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%) (14) |     |      |                     |   |   |   |   |   |   |
| Mill                       | 34.4     | 26.1      | 28.9                     | 91.7 | 21.5 | 63.5 | 126.2 | 22.8 | 92.4 |
| Heap Leach                 | 5.1      | 19.3      | 3.1                      | 24.1 | 16.7 | 13.0 | 29.2 | 17.2 | 16.1 |
| Pascua-Lama (25%) (14)     | 3.7      | 26.4      | 3.1                      | 35.7 | 22.3 | 25.5 | 39.4 | 22.7 | 28.7 |
| Yauliyacu (11, 12)         | 1.0      | 127.3     | 4.0                      | 6.0 | 216.6 | 41.5 | 6.9 | 204.2 | 45.5 |
| Neves-Corvo                |     |      |                     |   |   |   |   |   |   |
| Copper                     | 5.8      | 48.5      | 9.0                      | 25.7 | 50.8 | 42.0 | 31.5 | 50.3 | 51.0 |
| Zinc                       | 14.1     | 59.6      | 27.0                     | 60.2 | 55.7 | 107.8 | 74.3 | 56.4 | 134.8 |
| Rosemont (15)              | 38.5     | 3.0       | 3.7                      | 197.7 | 2.7 | 17.1 | 236.2 | 2.7 | 20.8 |
| Constancia                 | 73.0     | 2.4       | 5.6                      | 299.0 | 2.0 | 19.4 | 372.0 | 2.1 | 25.0 |
| Zinkgruvan                 |     |      |                     |   |   |   |   |   |   |
| Zinc                       | 2.2      | 66.8      | 4.6                      | 4.7 | 107.1 | 16.3 | 6.9 | 94.5 | 20.9 |
| Copper                     | 1.6      | 20.0      | 1.0                      | 0.4 | 39.1 | 0.5 | 2.0 | 23.9 | 1.5 |
| Aljustrel (19)             |     |      |                     |   |   |   |   |   |   |
| Zinc                       | 1.3      | 65.6      | 2.7                      | 20.5 | 60.3 | 39.7 | 21.8 | 60.7 | 42.4 |
| Stratoni                   | 0.2      | 200.4     | 1.5                      | 0.2 | 213.3 | 1.4 | 0.4 | 206.4 | 2.9 |
| Minto                      | 7.5      | 3.6       | 0.9                      | 32.3 | 3.4 | 3.5 | 39.8 | 3.4 | 4.3 |
| Keno Hill (25%)            |     |      |                     |   |   |   |   |   |   |
| Underground                | -        | -         | -                        | 0.7 | 473.1 | 10.2 | 0.7 | 473.1 | 10.2 |
| Elsa Tailings              | -        | -         | -                        | 0.6 | 119.0 | 2.4 | 0.6 | 119.0 | 2.4 |
| Los Filos                  | 11.4     | 11.0      | 4.0                      | 112.3 | 7.4 | 26.9 | 123.7 | 7.8 | 30.9 |
| Loma de La Plata (12.5%)   | -        | -         | -                        | 3.6 | 169.0 | 19.8 | 3.6 | 169.0 | 19.8 |
| Total Silver               |     |      | 99.2                     |   |   | 450.2 |   |   | 549.5 |
| Gold                       |     |      |                     |   |   |   |   |   |   |
| Salobo (50%) (16)          | 24.6     | 0.47      | 0.37                     | 97.7 | 0.37 | 1.16 | 122.2 | 0.39 | 1.53 |
| Sudbury (70%) (11)         | -        | -         | -                        | 28.9 | 0.34 | 0.32 | 28.9 | 0.34 | 0.32 |
| Constancia (50%)           | 36.5     | 0.05      | 0.06                     | 149.5 | 0.04 | 0.18 | 186.0 | 0.04 | 0.23 |
| Minto                      | 7.5      | 0.42      | 0.10                     | 32.3 | 0.32 | 0.33 | 39.8 | 0.34 | 0.43 |
| Toroparu (10%) (17)        | 0.9      | 0.87      | 0.03                     | 7.9 | 0.83 | 0.21 | 8.8 | 0.84 | 0.24 |
| Total Gold                 |     |      | 0.56                     |   |   | 2.20 |   |   | 2.76 |

----

|                       | Inferred |
|----------------------------|----------|
|                       | Tonnage  | Grade | Contained |
|                       | Mt       | g/t | Moz |
| Silver                     |     |   |   |
| Peñasquito (25%) (14) |     |   |   |
| Mill                       | 4.4      | 19.5 | 2.7 |
| Heap Leach                 | 6.1      | 13.7 | 2.7 |
| San Dimas (10, 14)         | 7.3      | 309.5 | 73.0 |
| Pascua-Lama (25%) (14)     | 4.9      | 20.1 | 3.2 |
| Yauliyacu (11, 12)         | 5.0      | 178.7 | 28.7 |
| 777 (13)                   | 0.8      | 30.6 | 0.8 |
| Neves-Corvo                |     |   |   |
| Copper                     | 25.1     | 43.5 | 35.1 |
| Zinc                       | 21.4     | 48.9 | 33.6 |
| Rosemont (15)              | 104.5    | 3.3 | 11.1 |
| Constancia                 | 200.0    | 1.9 | 12.0 |
| Zinkgruvan                 |     |   |   |
| Zinc                       | 6.1      | 75.0 | 14.7 |
| Copper                     | 0.5      | 34.0 | 0.6 |
| Aljustrel (19)             |     |   |   |
| Zinc                       | 8.7      | 50.4 | 14.0 |
| Stratoni                   | 0.5      | 169.0 | 2.7 |
| Minto                      | 16.2     | 3.2 | 1.7 |
| Keno Hill (25%)            |     |   |   |
| Underground                | 0.2      | 349.8 | 2.4 |
| Los Filos                  | 175.9    | 6.3 | 35.7 |
| Loma de La Plata (12.5%)   | 0.2      | 76.0 | 0.4 |
| Metates Royalty (20)       | 1.0      | 9.7 | 0.3 |
| Total Silver               |     |   | 275.2 |
| Gold                       |     |   |   |
| Salobo (50%) (16)          | 74.0     | 0.31 | 0.74 |
| Sudbury (70%) (11)         | 5.5      | 0.67 | 0.12 |
| 777 (13)                   | 0.4      | 1.77 | 0.02 |
| Constancia (50%)           | 100.0    | 0.03 | 0.10 |
| Minto                      | 16.2     | 0.30 | 0.16 |
| Toroparu (10%) (17)        | 13.0     | 0.74 | 0.31 |
| Metates Royalty (20)       | 1.0      | 0.38 | 0.01 |
| Total Gold                 |     |   | 1.46 |

----

| 1.   | All Mineral Reserves and Mineral Resources have been calculated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum - CIM Standards on Mineral Resources and Mineral Reserves and National Instrument 43-101 – Standards for Disclosure for Mineral Projects (“NI 43-101), or the Australian 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.   | Individual 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) for the following operations are as follows: |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| a.   | Salobo mine – Christopher Jacobs, CEng MIMMM (Vice President and Mining Economist), James Turner, CEng MIMMM (Senior Mineral Process Engineer), Barnard Foo, P. Eng., M. Eng, MBA (Senior Mining Engineer) and Jason Ché Osmond, FGS, C.Geol, EurGeol (Senior Geologist) all of whom are employees of Micon International Ltd. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b.   | All other operations and development projects: the Company’s QPs Neil Burns, M.Sc., P.Geo. (Vice President, Technical Services); Samuel Mah, M.A.Sc., P.Eng. (Senior Director, Project Evaluations), both employees of the Company (the “Company’s QPs”). |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | The Mineral Resources reported in the above tables are exclusive of Mineral Reserves.  The Minto mine, Neves-Corvo mine, Zinkgruvan mine, Stratoni mine and Toroparu project 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, 2014 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 and Mineral Reserves for the San Dimas, Pascua-Lama, 777, Constancia and Minto mines are reported as of December 31, 2013. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| b.   | Mineral Resources and Mineral Reserves for the Toroparu project are reported as of March 31, 2013. |
|----------------|----------------------------------------------------------------------------------------------------|

| c.   | Mineral Resources and Mineral Reserves for the Neves-Corvo and Zinkgruvan mines are reported as of June 30, 2014. |
|----------------|-------------------------------------------------------------------------------------------------------------------|

| d.   | Mineral Reserves for the Cozamin mine are reported as of June 30, 2014. |
|-----------|-------------------------------------------------------------------------|

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

| f.   | Mineral Resources for the Constancia project (including the Pampacancha deposit) are reported as of September 30, 2013. |
|----------------|-------------------------------------------------------------------------------------------------------------------------|

| g.   | 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. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| h.   | 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 and Bermingham projects as of October 15, 2014, Flame and Moth project as of January 30, 2013, Bellekeno mine Inferred Mineral Resources as of September 30, 2012 and Bellekeno mine Indicated Mineral Resources as of September 30, 2013. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| j.   | Mineral Resources for Metates are reported as of February 16, 2012 and Mineral Reserves as of March 18, 2013. |
|----------------|---------------------------------------------------------------------------------------------------------------|

| 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 recovery rates and the following commodity prices: |
|----------------|-------------------------------------------------------------------------------------------------------------|

| a.   | Peñasquito mine - $1,300 per ounce gold, $22.00 per ounce silver, $0.90 per pound lead and $0.90 per pound zinc. |
|----------------|-----------------------------------------------------------------------------------------------------------------------|

| b.   | San Dimas mine – 2.7 grams per tonne gold equivalent cut-off assuming $1,250 per gold ounce and $20.00 per ounce silver. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------|

| c.   | Pascua-Lama project - $1,100 per ounce gold, $21.00 per ounce silver and $3.00 per pound copper. |
|----------------|--------------------------------------------------------------------------------------------------|

| d.   | Lagunas Norte and Veladero mines - $1,100 per ounce gold and $17.00 per ounce silver. |
|----------------|---------------------------------------------------------------------------------------|

| e.   | Yauliyacu mine - $20.00 per ounce silver, $3.29 per pound copper, $1.02 per pound lead and zinc. |
|----------------|--------------------------------------------------------------------------------------------------|

| f.   | 777 mine – $1,250 per ounce gold, $25.00 per ounce silver, $3.00 per pound copper and $1.06 per pound zinc. |
|----------------|-------------------------------------------------------------------------------------------------------------------|

| g.   | Neves-Corvo mine – 1.6% copper cut-off for the copper Reserve and 4.8% zinc equivalent cut-off for all the zinc Reserves, both assuming $2.50 per pound copper, $1.00 per pound lead and zinc |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| h.   | 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. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------|

| i.   | Constancia project - $1,250 per gold ounce, $25.00 per ounce silver, $3.00 per pound copper and $14.00 per pound molybdenum. |
|----------------|------------------------------------------------------------------------------------------------------------------------------|

| j.   | Zinkgruvan mine – 3.98% zinc equivalent cut-off for the zinc Reserve and 1.5% copper cut-off for the copper Reserve, both assuming $2.50 per pound copper and $1.00 per pound lead and zinc. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| k.   | Stratoni mine – 18.02% zinc equivalent assuming $16.50 per ounce silver, $3.00 per pound copper, $0.95 per pound lead and zinc. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------|

| l.   | 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. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| m.   | Cozamin mine - $42.50 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. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| n.   | Los Filos mine - $1,300 per ounce gold and $22.00 per ounce silver. |
|----------------|---------------------------------------------------------------------|

| o.   | Salobo mine – 0.253% copper equivalent cut-off assuming $1,250 per ounce gold and $3.45 per pound copper. |
|----------------|-----------------------------------------------------------------------------------------------------------------|

| p.   | Sudbury mines - $1,250 per ounce gold, $22.00 per ounce silver, $10.43 per pound nickel, $3.45 per pound copper, $1,800 per ounce platinum, $1,000 per ounce palladium and $13.00 per pound cobalt. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| q.   | 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. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| r.   | Metates royalty – 0.35 grams per tonne gold equivalent cut-off assuming $1,200 per ounce gold and $24.00 per ounce silver. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------|

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

| a.   | Peñasquito mine - $1,500 per ounce gold, $24.00 per ounce silver, $1.00 per pound lead and $1.00 per pound zinc. |
|----------------|-----------------------------------------------------------------------------------------------------------------------|

| b.   | San Dimas mine – 0.20 grams per tonne gold equivalent assuming $1,300 per ounce gold and $20.00 per ounce silver. |
|----------------|-------------------------------------------------------------------------------------------------------------------------|

----

| c.   | Pascua-Lama project – $1,500 per ounce gold, $24.00 per ounce silver and $3.50 per pound copper. |
|----------------|--------------------------------------------------------------------------------------------------------|

| d.   | Yauliyacu mine – $20.00 per ounce silver, $3.29 per pound copper and $1.02 per pound lead and zinc. |
|----------------|-----------------------------------------------------------------------------------------------------------|

| e.   | 777 mine – $1,250 per ounce gold, $25.00 per ounce silver, $3.00 per pound copper and $1.06 per pound zinc. |
|----------------|-------------------------------------------------------------------------------------------------------------------|

| f.   | Neves-Corvo mine – 1.0% copper cut-off for the copper Resource and 3.0% zinc cut-off for the zinc Resource, both assuming $2.50 per pound copper and $1.00 per pound lead and zinc. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| g.   | 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. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| h.   | Constancia project – 0.12% copper cut-off for Constancia and 0.10% copper cut-off for Pampacancha. |
|----------------|----------------------------------------------------------------------------------------------------------|

| i.   | Zinkgruvan mine – 3.8% zinc equivalent cut-off for the zinc Resource and 1.0% copper cut-off for the copper Resource, both assuming $2.50 per pound copper and $1.00 per pound lead and zinc |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| k.   | Stratoni mine – Cut-off is geological due to the sharpness of the mineralized contacts and the high grade nature of the mineralization |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

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

| m.   | Keno Hill mines: |
|----------------|------------------|

| i.   | Bellekeno mine - $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 project - $185 per tonne NSR cut-off assuming $1,400 per ounce gold, $24.00 per ounce silver, $0.85 per pound lead and $0.95 per pound zinc. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| iii.   | Bermingham project - $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. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| iv.   | Lucky Queen project - $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. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| v.   | Onek project - $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. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

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

| n.   | Los Filos mine - $1,500 per ounce gold and $24.00 per ounce silver. |
|----------------|---------------------------------------------------------------------|

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

| p.   | Salobo mine – 0.296% copper equivalent assuming $1,500 per ounce gold $3.70 per pound copper. |
|----------------|-----------------------------------------------------------------------------------------------------|

| q.   | Sudbury mines - $1,250 per ounce gold, $22.00 per ounce silver, $10.43 per pound nickel, $3.45 per pound copper, $1,800 per ounce platinum, $1,000 per ounce palladium and $13.00 per pound cobalt. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| s.   | Metates royalty – 0.35 grams per tonne gold equivalent cut-off assuming $1,200 per ounce gold and $24.00 per ounce silver. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------|

| 10.   | 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 the mine. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.   | The Company’s attributable Mineral Resources and Mineral Reserves for the Lagunas Norte, Veladero, Cozamin and Yauliyacu silver interests, in addition to the Sudbury and 777 gold interests, have been constrained to the production expected for the various contracts. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.   | The Company’s Yauliyacu silver purchase agreement (March 2006) with Glencore provides for the delivery of up to 4.75 million ounces of silver per year for 20 years.  In the event that silver sold and delivered to Silver Wheaton in any year totals less than 4.75 million ounces, the amount sold and delivered to Silver Wheaton in subsequent years will be increased to make up for any cumulative shortfall, to the extent production permits.  Depending upon production levels it is possible that the Company’s current attributable tonnage may not be mined before the agreement expires. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.   | The 777 precious metal purchase agreement provides that Hudbay will deliver 100% of the payable silver for the life of the mine and 100% of the payable gold until completion of the Constancia project, 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. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.   | The scientific and technical information in this document regarding the Peñasquito and  San Dimas mines and the Pascua-Lama project was sourced by the Company from the following SEDAR (www.sedar.com) filed documents: |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| a.   | Peñasquito - Goldcorp Management’s MD&A dated February 19, 2015; |
|----------------|---------------------------------------------------------------------------------|

| b.   | San Dimas - Primero annual information form filed on March 31, 2014; and |
|----------------|--------------------------------------------------------------------------|

| c.   | Pascua-Lama - Barrick Gold Corp.’s MD&A dated February 19, 2015. |
|----------------|----------------------------------------------------------------------------|

| 15.   | The Rosemont mine Mineral Resources and Mineral Reserves do not include the SX/EW leach material since this process does not recover silver. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

|  16. | The Company has filed a technical report for the Salobo mine, which is available on SEDAR at www.sedar.com. |
|-----------|-------------------------------------------------------------------------------------------------------------|

| 17.   | 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 on the Toroparu project following the delivery of a bankable definitive feasibility study. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.   | 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. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.   | Silver Wheaton has agreed to waive its rights to silver contained in copper concentrate at the Aljustrel mine. |
|-----------------|----------------------------------------------------------------------------------------------------------------|

| 20.   | 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. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Statements made in this section contain forward-looking information. Please see “Cautionary Note Regarding Forward-Looking Statements” for material risks, assumptions and important disclosure associated with this information. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

| 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. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                                                                               |   | Years Ended December 31 |
|--------------------------------------------------------------------------------------------------------------------|--------|-------------------------|
|  (US dollars and shares in thousands, except per share amounts)                                               | Note   | 2014                    | 2013 |
|  Sales                                                                                                        | 5      | $                       | 620,176 | $ | 706,472 |
|  Cost of sales                                                                                                |   |                    |   |   |   |
| Cost of sales, excluding depletion                                                                                 |   | $                       | 151,097 | $ | 139,352 |
| Depletion                                                                                                          |   |                    | 160,180 |   | 144,153 |
|  Total cost of sales                                                                                          |   | $                       | 311,277 | $ | 283,505 |
|  Earnings from operations                                                                                     |   | $                       | 308,899 | $ | 422,967 |
|  Expenses and other income                                                                                    |   |                    |   |   |   |
| General and administrative 1                                                                                       | 6      | $                       | 37,860 | $ | 35,308 |
| Impairment charges                                                                                                 | 11     |                    | 68,151 |   | - |
| Foreign exchange gain                                                                                              |   |                    | (609) |   | (348) |
| Interest expense                                                                                                   | 14     |                    | 2,277 |   | 6,083 |
| Other expense                                                                                                      | 7      |                    | 2,439 |   | 11,550 |
|                                                                                                          |   | $                       | 110,118 | $ | 52,593 |
|  Earnings before income taxes                                                                                 |   | $                       | 198,781 | $ | 370,374 |
|  Income tax recovery                                                                                          | 22     |                    | 1,045 |   | 5,121 |
|  Net earnings                                                                                                 |   | $                       | 199,826 | $ | 375,495 |
|                                                                                                               |   |                    |   |   |   |
| Basic earnings per share                                                                                           |   | $                       | 0.56 | $ | 1.06 |
| Diluted earnings per share                                                                                         |   | $                       | 0.56 | $ | 1.05 |
| Weighted average number of shares outstanding                                                                      |   |                    |   |   |   |
| Basic                                                                                                              | 18     |                    | 359,401 |   | 355,588 |
| Diluted                                                                                                            | 18     |                    | 359,804 |   | 356,595 |
|  1) Equity settled stock based compensation (a non-cash item) included in general and administrative expenses |   | $                       | 8,194 | $ | 8,389 |

----

|                                                |   | Years Ended December 31 |
|-----------------------------------------------------|--------|-------------------------|
|  (US dollars in thousands)                     | Note   | 2014                    | 2013 |
|  Net earnings                                  |   | $                       | 199,826 | $ | 375,495 |
|  Other comprehensive income (loss)             |   |                    |   |   |   |
| Items that will not be reclassified to net earnings |   |                    |   |   |   |
| Loss on long-term investments - common shares held  | 9      | $                       | (7,929) | $ | (77,881) |
| Deferred income tax recovery                        | 22     |                    | - |   | 1,784 |
|  Total other comprehensive loss                |   | $                       | (7,929) | $ | (76,097) |
|  Total comprehensive income                    |   | $                       | 191,897 | $ | 299,398 |

----

|                                             | Note   | December 31 | December 31 |
|--------------------------------------------------|--------|-------------|-------------|
| (US dollars in thousands)                        | 2014   | 2013        |
|  Assets                                     |   |        |        |   |   |
| Current assets                                   |   |        |        |   |   |
| Cash and cash equivalents                        | 19     | $           | 308,098     | $ | 95,823 |
| Accounts receivable                              | 8      |        | 4,132       |   | 4,619 |
| Other                                            | 11     |        | 26,263      |   | 845 |
|  Total current assets                       |   | $           | 338,493     | $ | 101,287 |
|  Non-current assets                         |   |        |        |   |   |
| Silver and gold interests                        | 10, 11 | $           | 4,248,265   | $ | 4,228,484 |
| Early deposit - gold interest                    | 12     |        | 13,599      |   | 13,602 |
| Royalty interest                                 | 13     |        | 9,107       |   | - |
| Long-term investments                            | 9      |        | 32,872      |   | 40,801 |
| Other                                            |   |        | 5,427       |   | 5,670 |
|  Total non-current assets                   |   | $           | 4,309,270   | $ | 4,288,557 |
|  Total assets                               |   | $           | 4,647,763   | $ | 4,389,844 |
|  Liabilities                                |   |        |        |   |   |
| Current liabilities                              |   |        |        |   |   |
| Accounts payable and accrued liabilities         |   | $           | 14,798      | $ | 20,416 |
| Current portion of performance share units       | 17.1   |        | 1,373       |   | 718 |
|  Total current liabilities                  |   | $           | 16,171      | $ | 21,134 |
| Non-current liabilities                          |   |        |        |   |   |
| Long-term portion of bank debt                   | 14     | $           | 998,518     | $ | 998,136 |
| Deferred income taxes                            | 22     |        | 942         |   | 2,191 |
| Performance share units                          | 17.1   |        | 3,396       |   | 1,837 |
|  Total non-current liabilities              |   | $           | 1,002,856   | $ | 1,002,164 |
|  Total liabilities                          |   | $           | 1,019,027   | $ | 1,023,298 |
|  Shareholders' equity                       |   |        |        |   |   |
| Issued capital                                   | 15     | $           | 2,037,923   | $ | 1,879,475 |
| Reserves                                         | 16     |        | (28,841)    |   | (25,618) |
| Retained earnings                                |   |        | 1,619,654   |   | 1,512,689 |
|  Total shareholders' equity                 |   | $           | 3,628,736   | $ | 3,366,546 |
|  Total liabilities and shareholders' equity |   | $           | 4,647,763   | $ | 4,389,844 |
| 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   | 2014                    | 2013 |
|  Operating activities                                                                 |   |                    |   |   |   |
| Net earnings                                                                               |   | $                       | 199,826 | $ | 375,495 |
| Adjustments for                                                                            |   |                    |   |   |   |
| Depreciation and depletion                                                                 |   |                    | 160,506 |   | 144,393 |
| Amortization of credit facility origination fees:                                          |   |                    |   |   |
| Interest expense                                                                           |   |                    | 125 |   | 558 |
| Amortization of credit facility origination fees - undrawn facilities                      | 7      |                    | 1,020 |   | 1,910 |
| Write off of credit facility origination fees upon the cancellation of the Bridge Facility | 7      |                    | - |   | 4,490 |
| Gain on disposal of silver interest                                                        | 10     |                    | (1,260) |   | - |
| Impairment charges                                                                         | 11     |                    | 68,151 |   | - |
| Interest expense                                                                           |   |                    | 2,151 |   | 5,525 |
| Equity settled stock based compensation                                                    |   |                    | 8,194 |   | 8,389 |
| Performance share units                                                                    | 17.1   |                    | 2,516 |   | 646 |
| Deferred income tax recovery                                                               | 22     |                    | (1,249) |   | (5,275) |
| Loss on fair value adjustment of share purchase warrants held                              | 9      |                    | - |   | 2,694 |
| Investment income recognized in net earnings                                               |   |                    | (351) |   | (431) |
| Other                                                                                      |   |                    | (155) |   | (69) |
| Change in non-cash working capital                                                         | 19     |                    | (5,561) |   | 1,088 |
| Cash generated from operations                                                             |   | $                       | 433,913 | $ | 539,413 |
| Interest paid - expensed                                                                   |   |                    | (2,163) |   | (5,513) |
| Interest received                                                                          |   |                    | 123 |   | 233 |
|  Cash generated from operating activities                                             | $      | 431,873                 | $ | 534,133 |
| Financing activities                                                                       |   |                    |   |   |   |
| Bank debt repaid                                                                           | 14     | $                       | - | $ | (1,725,060) |
| Bank debt drawn                                                                            | 14     |                    | - |   | 2,675,000 |
| Credit facility origination fees                                                           |   |                    | (621) |   | (14,003) |
| Share issue costs                                                                          |   |                    | (152) |   | - |
| Share purchase warrants exercised                                                          |   |                    | - |   | 51,736 |
| Share purchase options exercised                                                           |   |                    | 7,026 |   | 6,390 |
| Dividends paid                                                                             | 15.2   |                    | (79,775) |   | (160,013) |
|  Cash generated from (applied to) financing activities                                | $      | (73,522)                | $ | 834,050 |
| Investing activities                                                                       |   |                    |   |   |   |
| Silver and gold interests                                                                  | 10     | $                       | (125,321) | $ | (2,025,973) |
| Interest paid - capitalized to silver interests                                            |   |                    | (14,063) |   | (10,954) |
| Silver and gold interests - early deposit                                                  | 12     |                    | (150) |   | (13,450) |
| Royalty interest                                                                           | 13     |                    | (9,107) |   | - |
| Proceeds on disposal of silver interest                                                    | 10     |                    | 3,408 |   | - |
| Dividend income received                                                                   |   |                    | 228 |   | 227 |
| Other                                                                                      |   |                    | (1,016) |   | (304) |
|  Cash applied to investing activities                                                 | $      | (146,021)               | $ | (2,050,454) |
|  Effect of exchange rate changes on cash and cash equivalents                         | $      | (55)                    | $ | (122) |
| Increase (decrease) in cash and cash equivalents                                           | $      | 212,275                 | $ | (682,393) |
| Cash and cash equivalents, beginning of year                                               |   | 95,823                  |   | 778,216 |
|  Cash and cash equivalents, end of year                                               | 19     | $                       | 308,098 | $ | 95,823 |

----

|                                    |                     |          |  Reserves                  |                           |                           |                                                 |          |
|-----------------------------------------|--------------------------|---------------|---------------------------------|--------------------------------|--------------------------------|------------------------------------------------------|---------------|
| (US dollars in thousands)               | Number of Shares (000's) | IssuedCapital | Share Purchase Warrants Reserve | Share Purchase Options Reserve | Restricted Share Units Reserve | Long-Term Investment Revaluation Reserve(Net of Tax) | TotalReserves | Retained Earnings | Total |
|  At January 1, 2013                | 354,376                  | $             | 1,811,577                       | $                              | 7,201                          | $                                                    | 14,050        | $ | 2,553 | $ | (25,514) | $ | (1,710) | $ | 1,297,207 | $ | 3,107,074 |
| Total comprehensive income              |                     |          |                            |                           |                           |                                                 |          |   |   |   |   |   |   |   |   |   |   |
| Net earnings                            |                     | $             | -                               | $                              | -                              | $                                                    | -             | $ | - | $ | - | $ | - | $ | 375,495 | $ | 375,495 |
| OCI 1                                   |                     |          | -                               |                           | -                              |                                                 | -             |   | - |   | (76,097) |   | (76,097) |   | - |   | (76,097) |
|  Total comprehensive income (loss) |                     | $             | -                               | $                              | -                              | $                                                    | -             | $ | - | $ | (76,097) | $ | (76,097) | $ | 375,495 | $ | 299,398 |
| Fair value of SBC 1                     |                     | $             | -                               | $                              | -                              | $                                                    | 7,454         | $ | 935 | $ | - | $ | 8,389 | $ | - | $ | 8,389 |
| Options 1 exercised                     | 415                      |          | 8,451                           |                           | -                              |                                                 | (2,061)       |   | - |   | - |   | (2,061) |   | - |   | 6,390 |
| RSUs 1 released                         | 19                       |          | 655                             |                           | -                              |                                                 | -             |   | (655) |   | - |   | (655) |   | - |   | - |
| Warrants 1 exercised                    | 2,587                    |          | 58,792                          |                           | (7,056)                        |                                                 | -             |   | - |   | - |   | (7,056) |   | - |   | 51,736 |
| Warrants 1 issued                       |                     |          | -                               |                           | 53,572                         |                                                 | -             |   | - |   | - |   | 53,572 |   | - |   | 53,572 |
| Dividends (Note 15.2)                   |                     |          | -                               |                           | -                              |                                                 | -             |   | - |   | - |   | - |   | (160,013) |   | (160,013) |
|  At December 31, 2013              | 357,397                  | $             | 1,879,475                       | $                              | 53,717                         | $                                                    | 19,443        | $ | 2,833 | $ | (101,611) | $ | (25,618) | $ | 1,512,689 | $ | 3,366,546 |
| Total comprehensive income              |                     |          |                            |                           |                           |                                                 |          |   |   |   |   |   |   |   |   |   |   |
| Net earnings                            |                     | $             | -                               | $                              | -                              | $                                                    | -             | $ | - | $ | - | $ | - | $ | 199,826 | $ | 199,826 |
| OCI 1                                   |                     |          | -                               |                           | -                              |                                                 | -             |   | - |   | (7,929) |   | (7,929) |   | - |   | (7,929) |
|  Total comprehensive income        |                     | $             | -                               | $                              | -                              | $                                                    | -             | $ | - | $ | (7,929) | $ | (7,929) | $ | 199,826 | $ | 191,897 |
| Fair value of SBC 1                     |                     | $             | -                               | $                              | -                              | $                                                    | 7,199         | $ | 995 | $ | - | $ | 8,194 | $ | - | $ | 8,194 |
| Options 1 exercised                     | 600                      |          | 9,454                           |                           | -                              |                                                 | (2,428)       |   | - |   | - |   | (2,428) |   | - |   | 7,026 |
| RSUs 1 released                         | 22                       |          | 521                             |                           | -                              |                                                 | -             |   | (521) |   | - |   | (521) |   | - |   | - |
| Shares issued                           | 6,112                    |          | 135,000                         |                           | -                              |                                                 | -             |   | - |   | - |   | - |   | - |   | 135,000 |
| Share issue costs                       |                     |          | (152)                           |                           | -                              |                                                 | -             |   | - |   | - |   | - |   | - |   | (152) |
| DRIP 1                                  | 647                      |          | 13,625                          |                           | -                              |                                                 | -             |   | - |   | - |   | - |   | - |   | 13,625 |
| Dividends (Note 15.2)                   |                     |          | -                               |                           | -                              |                                                 | -             |   | - |   | - |   | - |   | (93,400) |   | (93,400) |
| Reallocation                            |                     |          | -                               |                           | -                              |                                                 | -             |   | - |   | (539) |   | (539) |   | 539 |   | - |
|  At December 31, 2014              | 364,778                  | $             | 2,037,923                       | $                              | 53,717                         | $                                                    | 24,214        | $ | 3,307 | $ | (110,079) | $ | (28,841) | $ | 1,619,654 | $ | 3,628,736 |

| 1)   | Definitions as follows: “OCI” = Other Comprehensive Income (Loss); “SBC” = Equity Settled Stock Based Compensation; “Options” = Share Purchase Options; “RSUs” = Restricted Share Units; “Warrants” = Share Purchase Warrants; “DRIP” = Dividend Reinvestment Plan. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 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, and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------|

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

| 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 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 standard is expected to have on its consolidated financial statements. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 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. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 3.1.   | Attributable Reserve and Resource Estimates |
|------------------|---------------------------------------------|

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

----

| 1 | Statements made in this section contain forward-looking information.  Please see “Cautionary Note Regarding Forward-Looking Statements” in the Management’s Discussion and Analysis (“MD&A”) for material risks, assumptions and important disclosure associated with this information. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

| 3.5.   | Provisionally Priced Concentrate Sales |
|------------------|----------------------------------------|

| 3.6.   | Contingencies |
|------------------|---------------|

| 3.7.   | Functional Currency |
|------------------|---------------------|

| ·   | The Company’s revenue is denominated in US dollars; |
|--------------------|-----------------------------------------------------------|

| ·   | The Company’s cash cost of sales is denominated in US dollars; |
|--------------------|----------------------------------------------------------------------|

| ·   | The majority of the Company’s cash is held in US dollars; and |
|--------------------|---------------------------------------------------------------------|

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

----

|  1 | Statements made in this section contain forward-looking information.  Please see “Cautionary Note Regarding Forward-Looking Statements” in the Management’s Discussion and Analysis (“MD&A”) for material risks, assumptions and important disclosure associated with this information. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3.8.   | 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)                                                                     | 2014   | 2013        |
|  Financial assets                                                             |   |        |        |   |   |
| Fair value through net earnings                                                    |   |        |        |   |   |
| Trade receivables from provisional concentrate sales, net of fair value adjustment | 5      |        | 2,343       |   | 2,457 |
| Fair value through other comprehensive income                                      |   |        |        |   |   |
| Long-term investments - common shares held                                         | 9      |        | 32,872      |   | 40,801 |
| Amortized cost                                                                     |   |        |        |   |   |
| Cash and cash equivalents                                                          |   |        | 308,098     |   | 95,823 |
| Other accounts receivable                                                          | 8      |        | 1,789       |   | 2,162 |
| Termination payment re: Campo Morado silver interest                               | 11     |        | 25,000      |   | - |
|                                                                          |   | $           | 370,102     | $ | 141,243 |
|  Financial liabilities                                                        |   |        |        |   |   |
| Amortized cost                                                                     |   |        |        |   |   |
| Accounts payable and accrued liabilities                                           |   |        | 14,698      |   | 16,198 |
| Bank debt                                                                          | 14     |        | 998,518     |   | 998,136 |
|                                                                          |   | $           | 1,013,216   | $ | 1,014,334 |

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

|                                                                               |   | December 31 | December 31 |
|------------------------------------------------------------------------------------|--------|-------------|-------------|
| (in thousands)                                                                     | Note   | 2014        | 2013        |
|  Cash and cash equivalents                                                    |   | $           | 308,098     | $ | 95,823 |
| Trade receivables from provisional concentrate sales, net of fair value adjustment | 8      |        | 2,343       |   | 2,457 |
| Termination payment re: Campo Morado silver interest                               | 11     |        | 25,000      |   | - |
| Other receivables                                                                  | 8      |        | 1,789       |   | 2,162 |
|                                                                          |   | $           | 337,230     | $ | 100,442 |

----

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

|  As at December 31, 2014                              |
|------------------------------------------------------------|
|  (in thousands)                                       | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Commitments | Total |
|  Non-derivative financial liabilities and commitments |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Bank debt 1                                                | $ | - | $ | - | $ | 1,000,000 | $ | - | $ | - | $ | - | $ | - | $ | 1,000,000 |
| Interest on bank debt 2                                    |   | 15,103 |   | 18,332 |   | 8,358 |   | - |   | - |   | - |   | - |   | 41,793 |
| Silver and gold interest payments 3                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rosemont 4                                                 |   | - |   | - |   | - |   | - |   | - |   | - |   | 231,150 |   | 231,150 |
| Loma de La Plata 5                                         |   | - |   | - |   | - |   | - |   | - |   | - |   | 32,400 |   | 32,400 |
| Toroparu 6                                                 |   | - |   | - |   | - |   | - |   | - |   | - |   | 135,000 |   | 135,000 |
| Accounts payable and accrued liabilities                   |   | 14,698 |   | - |   | - |   | - |   | - |   | - |   | - |   | 14,698 |
| Performance share units                                    |   | 1,373 |   | 1,975 |   | 1,421 |   | - |   | - |   | - |   | - |   | 4,769 |
|  Total                                                | $ | 31,174 | $ | 20,307 | $ | 1,009,779 | $ | - | $ | - | $ | - | $ | 398,550 | $ | 1,459,810 |

| 1)   | As more fully disclosed in Note 25, on February 27, 2015 the Company expanded its Revolving Facility by $1 billion and then used proceeds drawn from this amended Revolving Facility together with cash on hand to repay the NRT Loan. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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)   | Vale has recently expanded the mill throughput capacity at the Salobo mine (Note 10) to 24 million tonnes per annum (“Mtpa”) from 12 Mtpa. If actual throughput is expanded above 28 Mtpa within a predetermined period, Silver Wheaton will be required to make an additional payment to Vale based on a set fee schedule ranging from $88 million if throughput is expanded beyond 28 Mtpa by January 1, 2036, up to $720 million if throughput is expanded beyond 40 Mtpa by January 1, 2018.  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 $1.1 million in addition to a commitment to pay Augusta 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 Pan American total upfront cash payments of $32.4 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, 2015 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 early deposit of $11.5 million (on the basis that $2 million of the advanced $13.5 million is non-refundable) or, at Sandspring’s option, the stream percentage will be reduced from 10% to 0.774% (equivalent to the pro-rata stream based on a full purchase price of $11.5 million).  |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  As at December 31, 2013                        |
|------------------------------------------------------|
|  (in thousands)                                 | 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Commitments | Total |
| Non-derivative financial liabilities and commitments |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Bank debt                                            | $ | - | $ | - | $ | 1,000,000 | $ | - | $ | - | $ | - | $ | - | $ | 1,000,000 |
| Interest on bank debt 1                              |   | 14,620 |   | 16,119 |   | 7,501 |   | - |   | - |   | - |   | - |   | 38,240 |
| Silver and gold interest payments 2                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Constancia 3                                         |   | - |   | - |   | - |   | - |   | - |   | - |   | 260,000 |   | 260,000 |
| Rosemont 4                                           |   | - |   | - |   | - |   | - |   | - |   | - |   | 231,150 |   | 231,150 |
| Loma de La Plata 5                                   |   | - |   | - |   | - |   | - |   | - |   | - |   | 32,400 |   | 32,400 |
| Toroparu 6                                           |   | - |   | - |   | - |   | - |   | - |   | - |   | 135,000 |   | 135,000 |
| Accounts payable and accrued liabilities             |   | 16,198 |   | - |   | - |   | - |   | - |   | - |   | - |   | 16,198 |
| Performance share units                              |   | 718 |   | 1,121 |   | 716 |   | - |   | - |   | - |   | - |   | 2,555 |
|  Total                                          | $ | 31,536 | $ | 17,240 | $ | 1,008,217 | $ | - | $ | - | $ | - | $ | 658,550 | $ | 1,715,543 |

| 1)   | 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. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2)   | Vale has recently expanded the mill throughput capacity at the Salobo mine (Note 10) to 24 Mtpa from 12 Mtpa. If actual throughput is expanded above 28 Mtpa within a predetermined period, Silver Wheaton will be required to make an additional payment to Vale based on a set fee schedule ranging from $88 million if throughput is expanded beyond 28 Mtpa by January 1, 2036, up to $720 million if throughput is expanded beyond 40 Mtpa by January 1, 2018.  This contingent liability is not reflected in the above table. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3)   | In connection with the Constancia precious metal purchase agreement, the Company was committed to pay Hudbay two further payments of $125 million and $135 million to be made once capital expenditures of $1 billion and $1.35 billion, respectively, have been incurred at Constancia.  Silver Wheaton made the $125 million payment on March 26, 2014 and, at Silver Wheaton’s option, made the $135 million payment on September 26, 2014 through the issuance of 6,112,282 common shares, at an average issuance price of $22.09 per share. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4)   | In connection with the Rosemont precious metal purchase agreement, the Company is committed to pay contingent transaction costs of $1.1 million in addition to a commitment to pay Augusta 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 Pan American total upfront cash payments of $32.4 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, 2015 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 early deposit of $11.5 million (on the basis that $2 million of the advanced $13.5 million is non-refundable) or, at Sandspring’s option, the stream percentage will be reduced from 10% to 0.774% (equivalent to the pro-rata stream based on a full purchase price of $11.5 million).  |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|                                       | December 31 | December 31 |
|--------------------------------------------|-------------|-------------|
| (in thousands)                             | 2014        | 2013        |
|  Monetary assets                      |        |        |   |   |
| Cash and cash equivalents                  | $           | 707         | $ | 1,029 |
| Accounts receivable                        |        | 1,477       |   | 41 |
| Long-term investments - common shares held |        | 31,697      |   | 39,301 |
|                                  | $           | 33,881      | $ | 40,371 |
|  Monetary liabilities                 |        |        |   |   |
| Accounts payable and accrued liabilities   | $           | 4,676       | $ | 5,724 |
| Performance share units                    |        | 4,347       |   | 2,367 |
|                                  | $           | 9,023       | $ | 8,091 |

----

|                                                    |  As at December 31, 2014   |
|---------------------------------------------------------|---------------------------------|
|                                                    |  Change in Canadian Dollar |
| (in thousands)                                          | 10%Increase                     | 10%Decrease |
|  Increase (decrease) in net earnings               | $                               | (684) | $ | 684 |
| Increase (decrease) in other comprehensive income       |                            | 3,170 |   | (3,170) |
|  Increase (decrease) in total comprehensive income | $                               | 2,486 | $ | (2,486) |

|                                               | As at December 31, 2013   |
|---------------------------------------------------------|---------------------------|
|                                               | Change in Canadian Dollar |
| (in thousands)                                          | 10%Increase               | 10%Decrease |
|  Increase (decrease) in net earnings               | $                         | (702) | $ | 702 |
| Increase (decrease) in other comprehensive income       |                      | 3,930 |   | (3,930) |
|  Increase (decrease) in total comprehensive income | $                         | 3,228 | $ | (3,228) |

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

| 4.7.   | Commodity Price Risk |
|------------------|----------------------|

----

| 4.8.   | Other Price Risk |
|------------------|------------------|

| ·   | Net earnings for the years ended December 31, 2014 and December 31, 2013 would not have been affected by changes in the fair value of share purchase warrants held; and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Other comprehensive income for the years ended December 31, 2014 and December 31, 2013 would have increased/decreased by approximately $3.3 million and $4.1 million, respectively, as a result of changes in the fair value of common shares held. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.9.   | Fair Value Estimation |
|------------------|-----------------------|

|                                                                                     |  December 31, 2014 |
|------------------------------------------------------------------------------------------|-------------------------|
| (in thousands)                                                                           |  Total             | Level 1 | Level 2 | Level 3 |
|  Trade receivables from provisional concentrate sales, net of fair value adjustment | $                       | 2,343 | $ | - | $ | 2,343 | $ | - |
|  Long-term investments - common shares held                                         |                    | 32,872 |   | 32,872 |   | - |   | - |
|                                                                                | $                       | 35,215 | $ | 32,872 | $ | 2,343 | $ | - |

----

|                                                                                     |  December 31, 2013 |
|------------------------------------------------------------------------------------------|-------------------------|
| (in thousands)                                                                           |  Total             | Level 1 | Level 2 | Level 3 |
|  Trade receivables from provisional concentrate sales, net of fair value adjustment | $                       | 2,457 | $ | - | $ | 2,457 | $ | - |
| Long-term investments - common shares held                                               |                    | 40,801 |   | 40,801 |   | - |   | - |
| Long-term investments - warrants held                                                    |                    | - |   | - |   | - |   | - |
|                                                                                | $                       | 43,258 | $ | 40,801 | $ | 2,457 | $ | - |

----

| 5.   | Revenue1 |
|----------------|----------|

|                      |  Years Ended December 31 |
|---------------------------|-------------------------------|
|  (in thousands)      | 2014                          | 2013 |
|  Sales               |                          |   |   |   |   |   |
| Silver                    |                          |   |   |   |   |   |
| Silver credit sales       | $                             | 358,011 | 58% | $ | 428,587 | 61% |
| Concentrate sales         |                          | 86,203 | 14% |   | 116,000 | 16% |
|                 | $                             | 444,214 | 72% | $ | 544,587 | 77% |
| Gold                      |                          |   |   |   |   |   |
| Gold credit sales         | $                             | 149,017 | 24% | $ | 136,965 | 19% |
| Concentrate sales         |                          | 26,945 | 4% |   | 24,920 | 4% |
|                 | $                             | 175,962 | 28% | $ | 161,885 | 23% |
|  Total sales revenue | $                             | 620,176 | 100% | $ | 706,472 | 100% |

----

|  1 | Statements made in this section contain forward-looking information.  Please see “Cautionary Note Regarding Forward-Looking Statements” in the MD&A for material risks, assumptions and important disclosure associated with this information. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

|                                                         |   | Years Ended December 31 |
|--------------------------------------------------------------|--------|-------------------------|
|  (in thousands)                                         | Note   | 2014                    | 2013 |
|  Salaries and benefits                                  |   |                    |   |   |   |
| Salaries and benefits, excluding PSUs                        |   | $                       | 11,662 | $ | 11,522 |
| PSUs                                                         | 17.1   |                    | 3,508 |   | 646 |
| Total salaries and benefits                                  |   | $                       | 15,170 | $ | 12,168 |
| Depreciation                                                 |   |                    | 326 |   | 240 |
| Charitable donations                                         |   |                    | 3,187 |   | 2,710 |
| Professional fees                                            |   |                    | 2,426 |   | 3,981 |
| Other                                                        |   |                    | 8,557 |   | 7,820 |
| Cash settled general and administrative                      |   | $                       | 29,666 | $ | 26,919 |
| Equity settled stock based compensation (a non-cash expense) |   |                    | 8,194 |   | 8,389 |
|  Total general and administrative                       |   | $                       | 37,860 | $ | 35,308 |

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

|                                                                                       |   | Years Ended December 31 |
|--------------------------------------------------------------------------------------------|--------|-------------------------|
|  (in thousands)                                                                       | Note   | 2014                    | 2013 |
|  Dividend income                                                                      |   | $                       | (228) | $ | (227) |
| Interest income                                                                            |   |                    | (123) |   | (204) |
| Stand-by fees                                                                              | 14     |                    | 2,900 |   | 2,758 |
| Loss on fair value adjustment of share purchase warrants held                              | 9      |                    | - |   | 2,694 |
| Amortization of credit facility origination fees - undrawn facilities                      | 14     |                    | 1,020 |   | 1,910 |
| Write off of credit facility origination fees upon the cancellation of the Bridge Facility | 14     |                    | - |   | 4,490 |
| Other 1                                                                                    |   |                    | (1,130) |   | 129 |
|  Total other expense (income)                                                         |   | $                       | 2,439 | $ | 11,550 |

| 1)   | Includes a $1.3 million gain associated with the Company’s agreement to waive its rights to silver contained in copper concentrate at the Aljustrel mine (see Note 10). |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

|                                                                                     |   | December 31 | December 31 |
|------------------------------------------------------------------------------------------|--------|-------------|-------------|
| (in thousands)                                                                           | Note   | 2014        | 2013        |
|  Trade receivables from provisional concentrate sales, net of fair value adjustment | 5      | $           | 2,343       | $ | 2,457 |
| Other receivables                                                                        |   |        | 1,789       |   | 2,162 |
|  Total accounts receivable                                                          |   | $           | 4,132       | $ | 4,619 |

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

|                     | December 31 | December 31 |
|--------------------------|-------------|-------------|
| (in thousands)           | 2014        | 2013        |
|  Common shares held | $           | 32,872      | $ | 40,801 |
| Warrants held            |        | -           |   | - |
|                | $           | 32,872      | $ | 40,801 |

|             |  December 31, 2014 |
|------------------|-------------------------|
| (in thousands)   | Fair Value              | Fair Value Adjustment Gains (Losses) Included in OCI |
|  Bear Creek | $                       | 16,236 | $ | (1,972) |
| Revett           |                    | 3,873 |   | 47 |
| Other            |                    | 12,763 |   | (6,004) |
|        | $                       | 32,872 | $ | (7,929) |

----

|             |  December 31, 2013 |
|------------------|-------------------------|
| (in thousands)   | Fair Value              | Fair Value Adjustment Losses Included in OCI |
|  Bear Creek | $                       | 18,208 | $ | (25,922) |
| Revett           |                    | 3,827 |   | (10,997) |
| Other            |                    | 18,766 |   | (40,962) |
|        | $                       | 40,801 | $ | (77,881) |

|           |  December 31, 2013 |
|----------------|-------------------------|
| (in thousands) | Fair Value              | Fair Value Adjustment Losses Included in Net Earnings |
|  Other    | $                       | - | $ | (2,694) |

----

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

|                   |  Year Ended December 31, 2014 |
|------------------------|------------------------------------|
|                   |  Cost                         | Accumulated Depletion & Impairment | CarryingAmountDec 31, 2014 |
| (in thousands)         | BalanceJan 1, 2014                 | Additions | Disposals | BalanceDec 31, 2014 | BalanceJan 1, 2014 | Depletion | Disposal | Impairment | BalanceDec 31, 2014 |
|  Silver interests |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| San Dimas              | $                                  | 190,331 | $ | - | $ | - | $ | 190,331 | $ | (32,839) | $ | (4,541) | $ | - | $ | - | $ | (37,380) | $ | 152,951 |
| Yauliyacu              |                               | 285,292 |   | - |   | - |   | 285,292 |   | (78,015) |   | (19,799) |   | - |   | - |   | (97,814) |   | 187,478 |
| Peñasquito        |                               | 524,626 |   | - |   | - |   | 524,626 |   | (52,337) |   | (21,144) |   | - |   | - |   | (73,481) |   | 451,145 |
| Barrick 1              |                               | 641,155 |   | 9,769 |   | - |   | 650,924 |   | (40,048) |   | (5,548) |   | - |   | - |   | (45,596) |   | 605,328 |
| Other 2, 3, 4          |                               | 690,182 |   | 129,636 |   | (27,451) |   | 792,367 |   | (140,255) |   | (24,517) |   | 303 |   | (68,151) |   | (232,620) |   | 559,747 |
|              | $                                  | 2,331,586 | $ | 139,405 | $ | (27,451) | $ | 2,443,540 | $ | (343,494) | $ | (75,549) | $ | 303 | $ | (68,151) | $ | (486,891) | $ | 1,956,649 |
|  Gold interests   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 777                    | $                                  | 354,459 | $ | - | $ | - | $ | 354,459 | $ | (74,433) | $ | (36,113) |   | - |   | - |   | (110,546) | $ | 243,913 |
| Sudbury 5              |                               | 623,864 |   | - |   | - |   | 623,864 |   | (14,410) |   | (25,592) |   | - |   | - |   | (40,002) |   | 583,862 |
| Salobo                 |                               | 1,330,311 |   | - |   | - |   | 1,330,311 |   | (7,828) |   | (20,281) |   | - |   | - |   | (28,109) |   | 1,302,202 |
| Other 6                |                               | 47,976 |   | 135,855 |   | - |   | 183,831 |   | (19,547) |   | (2,645) |   | - |   | - |   | (22,192) |   | 161,639 |
|              | $                                  | 2,356,610 | $ | 135,855 | $ | - | $ | 2,492,465 | $ | (116,218) | $ | (84,631) | $ | - | $ | - | $ | (200,849) | $ | 2,291,616 |
|              | $                                  | 4,688,196 | $ | 275,260 | $ | (27,451) | $ | 4,936,005 | $ | (459,712) | $ | (160,180) | $ | 303 | $ | (68,151) | $ | (687,740) | $ | 4,248,265 |

| 1)   | Comprised of the Pascua-Lama, Lagunas Norte, Pierina and Veladero silver interests. |
|----------------|-------------------------------------------------------------------------------------|

| 2)   | Comprised of the Los Filos, Zinkgruvan, Keno Hill, Mineral Park, Cozamin, Neves-Corvo, Stratoni, Campo Morado, Minto, 777, Aljustrel, Loma de La Plata, Constancia and Rosemont silver interests. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3)   | As part of an agreement with I’M SGPS dated July 16, 2014, Silver Wheaton agreed to waive its rights to silver contained in copper concentrate at the Aljustrel mine.  The Company has reported this agreement as a disposal of the portion of the silver interest related to silver contained in copper concentrate, resulting in a gain of $1.3 million.  The Aljustrel mine has been reflected as a component of Other silver interests in these financial statements.  The Company has not waived its rights to the silver contained in zinc concentrate at the Aljustrel mine. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4)   | Silver Wheaton has reached an agreement with Nyrstar Mining Ltd. and certain of its affiliates resulting in the cancellation of the silver purchase agreement relating to the Campo Morado mine in Mexico in exchange for cash consideration of $25 million payable on or before January 31, 2015.  See Note 11 for further details. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5)   | Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests. |
|----------------|------------------------------------------------------------------------------------------------------|

| 6)   | Comprised of the Minto, Constancia and Rosemont gold interests. |
|----------------|-----------------------------------------------------------------|

----

|                   |  Year Ended December 31, 2013 |
|------------------------|------------------------------------|
|                   |  Cost                         | Accumulated Depletion | CarryingAmountDec 31, 2013 |
| (in thousands)         | BalanceJan 1, 2013                 | Additions | Balance Dec 31, 2013 | BalanceJan 1, 2013 | Depletion | Balance Dec 31, 2013 |
|  Silver interests |                               |   |   |   |   |   |   |   |   |   |   |   |   |
| San Dimas              | $                                  | 190,331 | $ | - | $ | 190,331 | $ | (27,395) | $ | (5,444) | $ | (32,839) | $ | 157,492 |
| Yauliyacu              |                               | 285,292 |   | - |   | 285,292 |   | (69,997) |   | (8,018) |   | (78,015) |   | 207,277 |
| Peñasquito        |                               | 524,626 |   | - |   | 524,626 |   | (37,354) |   | (14,983) |   | (52,337) |   | 472,289 |
| Barrick 1         |                               | 631,223 |   | 9,932 |   | 641,155 |   | (33,487) |   | (6,561) |   | (40,048) |   | 601,107 |
| Other 2           |                               | 563,114 |   | 127,068 |   | 690,182 |   | (108,437) |   | (31,818) |   | (140,255) |   | 549,927 |
|              | $                                  | 2,194,586 | $ | 137,000 | $ | 2,331,586 | $ | (276,670) | $ | (66,824) | $ | (343,494) | $ | 1,988,092 |
|  Gold interests   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 777                    | $                                  | 354,454 | $ | 5 | $ | 354,459 | $ | (21,722) | $ | (52,711) | $ | (74,433) | $ | 280,026 |
| Sudbury 3              |                               | - |   | 623,864 |   | 623,864 |   | - |   | (14,410) |   | (14,410) |   | 609,454 |
| Salobo                 |                               | - |   | 1,330,311 |   | 1,330,311 |   | - |   | (7,828) |   | (7,828) |   | 1,322,483 |
| Other 4                |                               | 47,774 |   | 202 |   | 47,976 |   | (17,188) |   | (2,359) |   | (19,547) |   | 28,429 |
|              | $                                  | 402,228 | $ | 1,954,382 | $ | 2,356,610 | $ | (38,910) | $ | (77,308) | $ | (116,218) | $ | 2,240,392 |
|              | $                                  | 2,596,814 | $ | 2,091,382 | $ | 4,688,196 | $ | (315,580) | $ | (144,132) | $ | (459,712) | $ | 4,228,484 |

| 1)   | Comprised of the Pascua-Lama, Lagunas Norte, Pierina and Veladero silver interests. |
|----------------|-------------------------------------------------------------------------------------|

| 2)   | Comprised of the Los Filos, Zinkgruvan, Keno Hill, Mineral Park, Cozamin, Neves-Corvo, Stratoni, Campo Morado, Minto, 777, Aljustrel, Constancia, Loma de La Plata and Rosemont silver interests. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3)   | Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests. |
|----------------|------------------------------------------------------------------------------------------------------|

| 4)   | Comprised of the Minto, Constancia and Rosemont gold interests. |
|----------------|-----------------------------------------------------------------|

----

|                   |  December 31, 2014 | December 31, 2013 |
|------------------------|-------------------------|-------------------|
|  (in thousands)   | Depletable              | Non-Depletable    | Total | Depletable | Non-Depletable | Total |
|  Silver interests |                    |              |   |   |   |   |   |   |   |   |   |   |
| San Dimas              | $                       | 35,099            | $ | 117,852 | $ | 152,951 | $ | 26,842 | $ | 130,650 | $ | 157,492 |
| Yauliyacu              |                    | 51,052            |   | 136,426 |   | 187,478 |   | 45,229 |   | 162,048 |   | 207,277 |
| Peñasquito        |                    | 260,082           |   | 191,063 |   | 451,145 |   | 408,420 |   | 63,869 |   | 472,289 |
| Barrick 1, 2           |                    | 11,681            |   | 593,647 |   | 605,328 |   | 10,356 |   | 590,751 |   | 601,107 |
| Other 3                |                    | 151,410           |   | 408,337 |   | 559,747 |   | 209,395 |   | 340,532 |   | 549,927 |
|              | $                       | 509,324           | $ | 1,447,325 | $ | 1,956,649 | $ | 700,242 | $ | 1,287,850 | $ | 1,988,092 |
|  Gold interests   |                    |              |   |   |   |   |   |   |   |   |   |   |
| 777                    | $                       | 200,935           | $ | 42,978 | $ | 243,913 | $ | 231,925 | $ | 48,101 | $ | 280,026 |
| Sudbury 4              |                    | 474,330           |   | 109,532 |   | 583,862 |   | 421,512 |   | 187,942 |   | 609,454 |
| Salobo                 |                    | 961,852           |   | 340,350 |   | 1,302,202 |   | 971,504 |   | 350,979 |   | 1,322,483 |
| Other 5                |                    | 18,131            |   | 143,508 |   | 161,639 |   | 20,570 |   | 7,859 |   | 28,429 |
|              | $                       | 1,655,248         | $ | 636,368 | $ | 2,291,616 | $ | 1,645,511 | $ | 594,881 | $ | 2,240,392 |
|              | $                       | 2,164,572         | $ | 2,083,693 | $ | 4,248,265 | $ | 2,345,753 | $ | 1,882,731 | $ | 4,228,484 |

| 1)   | Comprised of the Pascua-Lama, Lagunas Norte, Pierina and Veladero silver interests. |
|----------------|-------------------------------------------------------------------------------------|

| 2)   | The amount reflected as depletable is based on the value of the reserves relating to the Lagunas Norte, Pierina and Veladero silver interests. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------|

| 3)   | Comprised of the Los Filos, Zinkgruvan, Keno Hill, Mineral Park, Cozamin, Neves-Corvo, Stratoni, Campo Morado, Minto, 777, Aljustrel, Loma de La Plata, Constancia and Rosemont silver interests. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 5)   | Comprised of the Minto, Constancia and Rosemont gold interests. |
|----------------|-----------------------------------------------------------------|

----

|  (in thousands)    |   |      |
|-------------------------|--------|-----------|
|  Cost:             |   |      |
|                    |   |      |
| Cash                    | $      | 1,330,000 |
|  Acquisition costs |   | 311       |
|               | $      | 1,330,311 |

|  (in thousands)         |   |    |
|------------------------------|--------|---------|
|  Cost:                  |   |    |
|                         |   |    |
| Cash                         | $      | 570,000 |
|  Warrants issued 1 |   | 53,572  |
|  Acquisition costs      |   | 292     |
|                    | $      | 623,864 |

| 1)   | The warrants issued have been valued using a Black-Scholes option pricing model with the following assumptions: (i) expected life – 10 years; (ii) expected annual volatility – 30%; (iii) risk free interest rate -1.91%; and (iv) expected dividend yield – 1.2%. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1 | 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. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  (in thousands) |   |    |
|----------------------|--------|---------|
|  Cost:          |   |    |
|                 |   |    |
| Silver Interest 1    |   |    |
| Cash                 | $      | 294,900 |
| Acquisition costs    |   | 1,459   |
| Capitalized interest |   | 6,589   |
|  Total cost     | $      | 302,948 |
|                 |   |    |
| Gold Interest 2      |   |    |
| Shares issued        | $      | 135,000 |
| Acquisition costs    |   | 465     |
| Capitalized interest |   | 592     |
|  Total cost     | $      | 136,057 |
|                 |   |    |
| Total                | $      | 439,005 |

| 1)   | The cost of the Constancia silver interest is included under Other silver interests. |
|----------------|--------------------------------------------------------------------------------------|

| 2)   | The cost of the Constancia gold interest is included under Other gold interests. |
|----------------|----------------------------------------------------------------------------------|

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

|                           |   | Years Ended December 31 |
|--------------------------------|--------|-------------------------|
|  (in thousands)           |   | 2014                    | 2013 |
|  Impairment charges       |   |                    |   |   |   |
| Mineral Park                   |   | $                       | 37,060 | $ | - |
| Campo Morado                   |   |                    | 31,091 |   | - |
|  Total impairment charges |   | $                       | 68,151 | $ | - |

----

----

----

| 12.   | Early Deposit – Gold Interest |
|-----------------|-------------------------------------|

| 13.   | Royalty Agreement |
|-----------------|-------------------|

| 14.   | Bank Debt |
|-----------------|-----------|

|                                                      |  December 31, 2014 |
|-----------------------------------------------------------|-------------------------|
| (in thousands)                                            |  NRTLoan           | Revolving Facility 1 | Total |
|                                                      |                    |   |   |   |   |   |
| Current portion                                           | $                       |  - | $ |  - | $ |  - |
| Long-term portion                                         |                    | 1,000,000 |   |  - |   | 1,000,000 |
| Gross bank debt outstanding                               | $                       | 1,000,000 | $ |  - | $ | 1,000,000 |
|  Less:  unamortized debt issue costs2 |                    | (1,482) |   |  - |   | (1,482) |
|  Net bank debt outstanding                           | $                       | 998,518 | $ |  - | $ | 998,518 |
|  Interest capitalized during the period              | $                       | 14,997 | $ |  - | $ | 14,997 |
| Interest expensed during the period                       |                    | 2,277 |   |  - |   | 2,277 |
| Total interest incurred during the period                 | $                       | 17,2743 | $ |  - | $ | 17,274 |
|  Effective interest rate                             |                    | 1.70% |   | n/a |   | 1.70% |

| 1)   | The Company incurred stand-by fees of $2.9 million related to the undrawn portion of the Revolving Facility during the year ended December 31, 2014. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2)   | In addition to the $1.5 million unamortized debt issue costs associated with the NRT Loan, there is $3.2 million unamortized debt issue costs associated with the Revolving Facility which have been recorded as an asset under the classification Other. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3)   | Interest costs incurred under the NRT Loan during the year ended December 31, 2014 includes the amortization of debt issue costs in the amount of $1.0 million. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                |  December 31, 2013 |
|-----------------------------------------------------|-------------------------|
| (in thousands)                                      |  TermLoan          | NRTLoan | Revolving Facility | BridgeFacility | Total |
|                                                |                    |   |   |   |   |   |   |   |   |   |
| Current portion                                     | $                       |  - | $ |  - | $ |  - | $ |  - | $ |  - |
| Long-term portion                                   |                    |  - |   | 1,000,000 |   |  - |   |  - |   | 1,000,000 |
|  Gross bank debt outstanding                   | $                       |  - | $ | 1,000,000 | $ |  - | $ |  - | $ | 1,000,000 |
| Less:  unamortized debt issue costs1 |                    |  - |   | (1,864) |   |  - |   |  - |   | (1,864) |
|  Net bank debt outstanding                     | $                       |  - | $ | 998,136 | $ |  - | $ |  - | $ | 998,136 |
|  Interest capitalized during the period        | $                       | 75 | $ | 7,331 | $ | 41 | $ | 4,425 | $ | 11,872 |
| Interest expensed during the period                 |                    |  - |   | 2,958 |   | 1,407 |   | 1,718 |   | 6,083 |
| Total interest incurred during the period           | $                       | 75 | $ | 10,2892 | $ | 1,4483 | $ | 6,1434 | $ | 17,955 |
|  Effective interest rate                       |                    | 1.11% |   | 1.71% |   | 1.87% |   | 3.16% |   | 2.04% |

| 1)   | In addition to the $1.9 million unamortized debt issue costs associated with the NRT Loan, there was $4.2 million unamortized debt issue costs at December 31, 2013 associated with the Revolving Facility which have been recorded as an asset under the classification Other. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2)   | Interest costs incurred under the NRT Loan during year ended December 31, 2013 includes the amortization of debt issue costs in the amount of $456,000. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3)   | Interest costs incurred under the Revolving Facility during the year ended December 31, 2013 includes the amortization of debt issue costs in the amount of $77,000. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4)   | Interest costs incurred under the Bridge Facility during year ended December 31, 2013 includes the amortization of debt issue costs in the amount of $973,000, in addition to a funding fee of $1.5 million, with the latter representing 0.25% of the outstanding amount under the Bridge Facility at April 30, 2013. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Fiscal Year   | NRTLoan | RevolvingFacility | Total  |
|---------------|---------|-------------------|--------|
|          |    |              |   |   |   |   |
| 2015          | $       |  -           | $      |  - | $ |  - |
| 2016          |    |  -           |   |  - |   |  - |
| 2017          |    | 1,000,000         |   |  - |   | 1,000,000 |
| 2018          |    |  -           |   |  - |   |  - |
| 2019          |    |  -           |   |  - |   |  - |
|     | $       | 1,000,000         | $      |  - | $ | 1,000,000 |

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

|                                                                                                                            | Note   | December 31 |   December 31 |
|---------------------------------------------------------------------------------------------------------------------------------|--------|-------------|--------------------|
| (US dollars in thousands)                                                                                                       | 2014   |   2013 |
|  Issued capital                                                                                                            |   |        |               |   |   |
|  Share capital issued and outstanding: 364,777,928 common shares (December 31, 2013:  357,396,778 common shares) | 15.1   | $           | 2,037,923          | $  | 1,879,475 |

| 15.1.   | Shares Issued |
|-------------------|---------------|

----

|                                     | NumberofShares | WeightedAveragePrice |
|------------------------------------------|----------------|----------------------|
|  At January 1, 2013                 | 354,375,852    |                 |
| Share purchase options exercised 1  | 415,133        | Cdn$15.65            |
| Share purchase warrants exercised 1 | 2,586,794      | US$20.00             |
| Restricted share units released 1   | 18,999         | $0.00                |
| At December 31, 2013                     | 357,396,778    |                 |
| Shares issued 2                     | 6,112,282      | US$22.09             |
| Share purchase options exercised 1  | 600,162        | Cdn$13.02            |
| Restricted share units released 1   | 22,088         | Cdn$0.00             |
| Dividend reinvestment plan 3        | 646,618        | US$21.08             |
|  At December 31, 2014               | 364,777,928    |                 |

| 1)   | The weighted average price of share purchase options exercised, share purchase warrants exercised and restricted share units released represents the respective exercise price. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2)   | The Company issued 6,112,282 common shares at an average price of $22.09 per share in satisfaction of the $135 million upfront cash payment to Hudbay Minerals Inc. for the Constancia gold interest, which was due once capital expenditures of $1.35 billion had been incurred at Constancia. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3)   | 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)                                 | 2014   | 2013              |
|  Reserves                                       |   |              |              |   |   |
| Share purchase warrants                              | 16.1   | $                 | 53,717            | $ | 53,717 |
| Share purchase options                               | 16.2   |              | 24,214            |   | 19,443 |
| Restricted share units                               | 16.3   |              | 3,307             |   | 2,833 |
| Long-term investment revaluation reserve, net of tax | 16.4   |              | (110,079)         |   | (101,611) |
|  Total reserves                                 |   | $                 | (28,841)          | $ | (25,618) |

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

----

|                                             | Warrants Outstanding | Weighted Average Exercise Price | Exchange Ratio | Share Purchase Warrants Reserve |
|--------------------------------------------------|----------------------|---------------------------------|----------------|---------------------------------|
|  At January 1, 2013                         | 2,619,340            | $20.00                          | 1.00           | $                               | 7,201 |
| Issued                                           | 10,000,000           | 65.00                           | 1.00           |                            | 53,572 |
| Exercised                                        | (2,586,794)          | 20.00                           | 1.00           |                            | (7,056) |
| Expired                                          | (32,546)             | 20.00                           | 1.00           |                            | - |
|  At December 31, 2013 and December 31, 2014 | 10,000,000           | $65.00                          | 1.00           | $                               | 53,717 |

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

|                                                 |  Year Ended December 31 |
|------------------------------------------------------|------------------------------|
|                                                 |  2014                   | 2013 |
|  Black-Scholes weighted average assumptions     |                         |   |
| Grant date share price and exercise price            | Cdn$26.09                    | Cdn$31.29 |
| Expected dividend yield                              | 1.18%                        | 1.12% |
| Expected volatility                                  | 40%                          | 40% |
| Risk-free interest rate                              | 1.15%                        | 1.07% |
| Expected option life, in years                       | 2.5                          | 2.5 |
|  Weighted average fair value per option granted | Cdn$6.25                     | Cdn$7.50 |

----

| (in thousands)                                             | SharePurchaseOptionsReserve                                               |
|------------------------------------------------------------|---------------------------------------------------------------------------|
|  At January 1, 2013                                   |  $          14,050 |
| Recognition of fair value of share purchase options issued | 7,454                                                                     |
| Share purchase options exercised                           | (2,061)                                                                   |
| At December 31, 2013                                       |  $          19,443 |
| Recognition of fair value of share purchase options issued | 7,199                                                                     |
| Share purchase options exercised                           | (2,428)                                                                   |
|  At December 31, 2014                                 |  $          24,214 |

----

| Exercise Price(Cdn$) | ExercisableOptions | Non-ExercisableOptions | Total OptionsOutstanding | Weighted AverageRemainingContractual Life |
|----------------------|--------------------|------------------------|--------------------------|-------------------------------------------|
| $15.89               | 229,000            | -                      | 229,000                  | 0.2 years                                 |
| $23.80               | 1,500              | 1,500                  | 3,000                    | 3.4 years                                 |
| $25.55               | -                  | 4,000                  | 4,000                    | 4.7 years                                 |
| $25.72               | 10,000             | 10,000                 | 20,000                   | 3.7 years                                 |
| $26.07               | -                  | 953,500                | 953,500                  | 4.2 years                                 |
| $27.00               | -                  | 144,500                | 144,500                  | 4.2 years                                 |
| $27.20               | 35,000             | 35,000                 | 70,000                   | 3.4 years                                 |
| $28.14               | 80,000             | -                      | 80,000                   | 2.5 years                                 |
| $28.59               | 80,000             | -                      | 80,000                   | 2.4 years                                 |
| $29.50               | 100,000            | -                      | 100,000                  | 2.0 years                                 |
| $29.64               | -                  | 13,000                 | 13,000                   | 4.6 years                                 |
| $30.51               | 15,000             | -                      | 15,000                   | 2.6 years                                 |
| $31.88               | 505,500            | 505,500                | 1,011,000                | 3.2 years                                 |
| $33.03               | 10,000             | -                      | 10,000                   | 1.4 years                                 |
| $33.71               | 314,500            | -                      | 314,500                  | 2.2 years                                 |
| $34.17               | 93,800             | -                      | 93,800                   | 1.4 years                                 |
| $34.55               | 10,000             | -                      | 10,000                   | 3.0 years                                 |
| $36.20               | 43,000             | 43,000                 | 86,000                   | 3.2 years                                 |
| $39.25               | 10,000             | -                      | 10,000                   | 2.9 years                                 |
| $39.42               | 33,500             | -                      | 33,500                   | 2.2 years                                 |
| $40.72               | 19,000             | -                      | 19,000                   | 1.4 years                                 |
| $41.58               | 169,800            | -                      | 169,800                  | 1.2 years                                 |
| $49.39               | 32,000             | -                      | 32,000                   | 1.2 years                                 |
|            | 1,791,600          | 1,710,000              | 3,501,600                | 3.0 years                                 |

----

|                                                       | Number ofOptionsOutstanding | Weighted Average Exercise Price |
|------------------------------------------------------------|-----------------------------|---------------------------------|
|  At January 1, 2013                                   | 2,331,695                   | Cdn$23.91                       |
| Granted (fair value - $8.9 million or Cdn$7.50 per option) | 1,213,000                   | 31.29                           |
| Exercised                                                  | (415,133)                   | 15.65                           |
| Expired                                                    | (92,000)                    | 41.58                           |
| Forfeited                                                  | (7,800)                     | 35.85                           |
| At December 31, 2013                                       | 3,029,762                   | Cdn$27.28                       |
| Granted (fair value - $6.2 million or Cdn$6.25 per option) | 1,115,000                   | 26.09                           |
| Exercised                                                  | (600,162)                   | 13.02                           |
| Forfeited                                                  | (43,000)                    | 33.85                           |
|  At December 31, 2014                                 | 3,501,600                   | Cdn$28.93                       |

| 16.3.   | Restricted Share Units (“RSUs”) |
|-------------------|---------------------------------------------|

----

| (in thousands)                           | Restricted Share Units Reserve                                           |
|------------------------------------------|--------------------------------------------------------------------------|
|  At January 1, 2013                 |  $          2,553 |
| Recognition of fair value of RSUs issued |         935                      |
| Restricted share units released          | (655)                                                                    |
| At December 31, 2013                     |  $          2,833 |
| Recognition of fair value of RSUs issued |         995                      |
| Restricted share units released          | (521)                                                                    |
|  At December 31, 2014               |  $          3,307 |

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

----

|                                    | Change in FairValue due to:              |                                  |                                                                             |
|-----------------------------------------|------------------------------------------|---------------------------------------|----------------------------------------------------------------------------------|
| (in thousands)                          | Share Price                              | Foreign Exchange                      | Tax Effect                                                                       | Total |
|  At January 1, 2013                |  $     (49,668) |  $    25,399 |  $     (1,245)                                     |  $       (25,514) |
| Unrealized loss on LTIs 1               | (74,076)                                 | (3,805)                               | -                                                                                | (77,881) |
| Deferred income tax recovery            | -                                        | -                                     | 1,784                                                                            | 1,784 |
| At December 31, 2013                    |  $   (123,744)            |  $    21,594 |  $        539                       |  $     (101,611) |
| Unrealized loss on LTIs 1               | (4,984)                                  | (2,945)                               | -                                                                                | (7,929) |
| Reallocate reserve to retained earnings | -                                        | -                                     | (539)                                                                            | (539) |
|  At December 31, 2014              |  $ (128,728)                        |  $    18,649 |  $            - |  $   (110,079) |

| 1)   | LTI’s refers to long-term investments in common shares held. |
|----------------|--------------------------------------------------------------------|

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

| 17.1.   | Performance Share Units (“PSUs”) |
|-------------------|----------------------------------------------|

----

|                              |  Number of PSUsoutstanding |
|-----------------------------------|---------------------------------|
|  At January 1, 2013          | 109,011                         |
| Granted                           | 163,000                         |
| Dividend equivalent participation | 4,901                           |
| At December 31, 2013              | 276,912                         |
| Granted                           | 270,750                         |
| Dividend equivalent participation | 5,875                           |
| Paid                              | (38,497)                        |
| Forfeited                         | (3,089)                         |
|  At December 31, 2014        | 511,951                         |

| 18.   | Earnings Per Share (“EPS”) and Diluted Earnings Per Share (“Diluted EPS”) |
|-----------------|---------------------------------------------------------------------------------------------------|

|                                                        | Years Ended December 31 |
|-------------------------------------------------------------|-------------------------|
|  (in thousands)                                        | 2014                    | 2013 |
|  Basic weighted average number of shares outstanding   | 359,401                 | 355,588 |
| Effect of dilutive securities                               |                    |   |
| Share purchase options                                      | 242                     | 463 |
| Share purchase warrants                                     | -                       | 402 |
| Restricted share units                                      | 161                     | 142 |
|  Diluted weighted average number of shares outstanding | 359,804                 | 356,595 |

----

|                         |  Years Ended December 31 |
|------------------------------|-------------------------------|
| (in thousands)               |  2014                    | 2013 |
|  Share purchase options | 3,270                         | 2,108 |
| Share purchase warrants      | 10,000                        | 10,000 |
|  Total                  | 13,270                        | 12,108 |

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

|                                           |  Years Ended December 31 |
|------------------------------------------------|-------------------------------|
|  (in thousands)                           | 2014                          | 2013 |
|  Change in non-cash working capital       |                          |   |   |   |
| Accounts receivable                            | $                             | 488 | $ | 1,549 |
| Accounts payable and accrued liabilities       |                          | (5,630) |   | (582) |
| Other                                          |                          | (419) |   | 121 |
|  Total change in non-cash working capital | $                             | (5,561) | $ | 1,088 |

|                                          |   | December 31 | December 31 |
|-----------------------------------------------|--------|-------------|-------------|
|  (in thousands)                          | 2014   | 2013        |
|  Cash and cash equivalents comprised of: |   |        |        |   |   |
| Cash                                          |   | $           | 118,832     | $ | 95,823 |
| Cash equivalents                              |   |        | 189,266     |   | - |
|  Total cash and cash equivalents         |   | $           | 308,098     | $ | 95,823 |

----

| 20.   | Related Party Transactions |
|-----------------|----------------------------|

|                                                                                                                                                                  |  Years Ended December 31 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------|
| (in thousands)                                                                                                                                                        |  2014                    | 2013 |
|  Short-term benefits 1                                                                                                                                           | $                             | 6,754 | $ | 6,480 |
| Post-employment benefits                                                                                                                                              |                          | 54 |   | 47 |
| PSUs                                                                                                                                                                  |                          | 2,321 |   | 423 |
| Equity settled stock based compensation (a non-cash expense)                                                                                                          |                          | 5,620 |   | 5,273 |
|  Total executive compensation                                                                                                                                    | $                             | 14,749 | $ | 12,223 |
|  1)  Short-term employee benefits include salaries, bonuses payable within twelve months of the balance sheet date and other annual employee benefits. |                          |   |

| 21.   | Post-Employment Benefit Costs |
|-----------------|-------------------------------|

| 22.   | Income Taxes |
|-----------------|--------------|

|                                                              |  Years Ended December 31 |
|-------------------------------------------------------------------|-------------------------------|
|  (in thousands)                                              | 2014                          | 2013 |
|  Current income tax expense related to foreign jurisdictions |  $                       | 204 |  $ | 154 |
|  Deferred income tax (recovery) expense                      |                          |   |   |   |
| Origination and reversal of temporary differences                 | $                             | (1,249) | $ | (7,381) |
| Write down of previously recognized temporary differences         |                          |  - |   | 2,106 |
|                                                         |  $                       | (1,249) |  $ | (5,275) |
|  Income tax recovery recognized in net earnings              |  $                       | (1,045) |  $ | (5,121) |

----

|                                                                                                         |  Years Ended December 31 |
|--------------------------------------------------------------------------------------------------------------|-------------------------------|
| (in thousands)                                                                                               |  2014                    | 2013 |
|   Deferred income tax recovery related to the losses on long-term investments - common shares held |  $                       |  - |  $ | (1,784) |

|                                                                            |  Years Ended December 31 |
|---------------------------------------------------------------------------------|-------------------------------|
|  (in thousands)                                                            | 2014                          | 2013 |
|  Earnings before income taxes                                              | $                             | 198,781 | $ | 370,374 |
|  Canadian federal and provincial income tax rates1                    |                          | 26.00% |   | 25.75% |
| Income tax expense based on above rates                                         | $                             | 51,683 | $ | 95,371 |
| Non-deductible portion of capital losses (non-taxable portion of capital gains) |                          |  - |   | 347 |
| Non-deductible stock based compensation and other                               |                          | 2,645 |   | 2,533 |
| Differences in tax rates in foreign jurisdictions                               |                          | (55,373) |   | (105,498) |
| Impact of tax rate changes                                                      |                          |  - |   | (66) |
| Change in unrecognized temporary differences                                    |                          |  - |   | 2,192 |
|  Income tax recovery                                                       | $                             | (1,045) | $ | (5,121) |

| 1)   | The BC corporate tax rate increased from 10% to 11% on April 1, 2013, resulting in a statutory tax rate of 25.75% for 2013 and 26% for 2014. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                  |  Year Ended December 31, 2014 |
|-------------------------------------------------------|------------------------------------|
|                                                  | Opening Balance                    | Recovery (Expense) Recognized In Net Earnings | Recovery Recognized In OCI | Recognized In Shareholders' Equity | ClosingBalance |
| Recognized deferred income tax assets and liabilities |
|  Deferred tax assets                             |                               |   |   |   |   |   |   |   |   |   |
| Non-capital losses                                    | $                                  | 12,437 | $ | 1,632 | $ | - | $ | - | $ | 14,069 |
| Financing fees                                        |                               | 1,725 |   | (303) |   | - |   | - |   | 1,422 |
| Other                                                 |                               | 1,333 |   | 778 |   | - |   | - |   | 2,111 |
| Deferred tax liabilities                              |                               |   |   |   |   |   |   |   |   |   |
| Interest capitalized for accounting                   |                               | (84) |   | - |   | - |   | - |   | (84) |
| Silver and gold interests                             |                               | (17,547) |   | (801) |   | - |   | - |   | (18,348) |
| Other                                                 |                               | (55) |   | (57) |   | - |   | - |   | (112) |
|  Total                                           | $                                  | (2,191) | $ | 1,249 | $ | - | $ | - | $ | (942) |

|                                                  |  Year Ended December 31, 2013 |
|-------------------------------------------------------|------------------------------------|
| Recognized deferred income tax assets and liabilities | Opening Balance                    | Recovery (Expense) Recognized In Net Earnings | Recovery Recognized In OCI | Recognized In Shareholders' Equity | ClosingBalance |
|  Deferred tax assets                             |                               |   |   |   |   |   |   |   |   |   |
| Non-capital losses                                    | $                                  | 9,419 | $ | 3,018 | $ | - | $ | - | $ | 12,437 |
| Financing fees                                        |                               | 1,279 |   | 446 |   | - |   | - |   | 1,725 |
| Capital losses                                        |                               | 2,304 |   | (2,304) |   | - |   | - |   | - |
| Other                                                 |                               | 669 |   | 664 |   | - |   | - |   | 1,333 |
| Deferred tax liabilities                              |                               |   |   |   |   |   |   |   |   |   |
| Interest capitalized for accounting                   |                               | (9,949) |   | 9,865 |   | - |   | - |   | (84) |
| Foreign exchange on debt                              |                               | (268) |   | 268 |   | - |   | - |   | - |
| Long-term investments                                 |                               | (2,036) |   | 252 |   | 1,784 |   | - |   | - |
| Silver and gold interests                             |                               | (10,668) |   | (6,879) |   | - |   | - |   | (17,547) |
| Other                                                 |                               | - |   | (55) |   | - |   | - |   | (55) |
|  Total                                           | $                                  | (9,250) | $ | 5,275 | $ | 1,784 | $ | - | $ |       (2,191) |

----

|                                        | December 31 | December 31 |
|--------------------------------------------------|-------------|-------------|
|                                        | 2014        | 2013        |
|  Capital losses                             | $           | 8,947       | $ | 8,747 |
|  Unrealized losses on long-term investments |        | 15,129      |   | 14,298 |
|  Total                                      | $           | 24,076      | $ | 23,045 |

----

| 23.   | Commitments and Contingencies1 |
|-----------------|--------------------------------|

| Silver and Gold Interests | Attributable PayableProduction to bePurchased | Per Ounce CashPayment 1, 2 | Term ofAgreement | Date ofOriginalContract |
|---------------------------|-----------------------------------------------|----------------------------|------------------|-------------------------|
|  Silver              | Gold                                          | Silver                     | Gold             |
|  San Dimas           |  100% 3                                  |  0%                   | $                | 4.20                    |   | n/a | Life of Mine | 15-Oct-04 |
| Yauliyacu                 |  100% 4                                  |  0%                   | $                | 4.16                    |   | n/a | 20 years | 23-Mar-06 |
| Peñasquito           |  25%                                     |  0%                   | $                | 4.07                    |   | n/a | Life of Mine | 24-Jul-07 |
| 777                       |  100%                                    |  100%/50% 5           | $                | 5.90 6                  | $ | 400 6 | Life of Mine | 8-Aug-12 |
| Salobo                    |  0%                                      |  50%                  |             | n/a                     | $ | 400 | Life of Mine | 28-Feb-13 |
| Sudbury                   |  0%                                      |  70%                  |             | n/a                     | $ | 400 | 20 years | 28-Feb-13 |
| 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 7 | 8-Sep-09 |
| Veladero                  |  100% 8                                  |  0%                   | $                | 3.90                    |   | n/a | 8.5 years | 8-Sep-09 |
| Other                     |                                          |                       |             |                    |   |   |   |   |
| Los Filos                 |  100%                                    |  0%                   | $                | 4.24                    |   | n/a | 25 years | 15-Oct-04 |
| Zinkgruvan                |  100%                                    |  0%                   | $                | 4.25                    |   | n/a | Life of Mine | 8-Dec-04 |
| Stratoni                  |  100%                                    |  0%                   | $                | 4.10                    |   | n/a | Life of Mine | 23-Apr-07 |
| Minto                     |  100%                                    |  100%  9         | $                | 4.06                    | $ | 312 | Life of Mine | 20-Nov-08 |
| Cozamin                   |  100%                                    |  0%                   | $                | 4.20                    |   | n/a | 10 years | 4-Apr-07 |
| Neves-Corvo               |  100%                                    |  0%                   | $                | 4.10                    |   | 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 |
| 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 12 |
| Constancia                | 100%                                          |  50%  13         | $                | 5.906             | $ | 4006 | Life of Mine | 8-Aug-12 |
| Early Deposit             |                                          |                       |             |                    |   |   |   |   |
| Toroparu                  | 0%                                            |  10% 14               |             | n/a                     | $ | 400 | Life of Mine | 11-Nov-13 |

| 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. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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)   | To a maximum of 4.75 million ounces per annum.  In the event that silver sold and delivered to Silver Wheaton in any year totals less than 4.75 million ounces, the amount sold and delivered to Silver Wheaton in subsequent years will be increased to make up for any cumulative shortfall, to the extent production permits.  The cumulative shortfall as at March 23, 2014, representing the eight year anniversary, was 17.6 million ounces. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5)   | The Company’s share of gold production at 777 will remain at 100% until the later of the end of 2016 or the satisfaction of a completion test relating to Hudbay’s Constancia project, after which it will be reduced to 50% for the remainder of the mine life. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6)   | Subject to an increase to $9.90 per ounce of silver and $550 per ounce of gold after the initial 40 year term. |
|----------------|----------------------------------------------------------------------------------------------------------------|

| 7)   | As per Barrick’s disclosure, closure activities were initiated at Pierina as of August 2013. |
|----------------|----------------------------------------------------------------------------------------------------|

| 8)   | 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. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 has agreed to waive its rights to silver contained in copper concentrate at the Aljustrel mine while retaining the right to silver contained in zinc concentrate. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 December 31, 2015. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12)   | Terms of the agreement not yet finalized. |
|-----------------|-------------------------------------------|

| 13)   | 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. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14)   | During the 60 day period following the delivery of a feasibility study, environmental study and impact assessment, and other related documents (collectively, the “Feasibility Documentation”), or after December 31, 2015 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 $11.5 million of the early deposit (on the basis that $2 million of the advanced $13.5 million is non-refundable) or, at Sandspring’s option, the stream percentage will be reduced from 10% to 0.774% (equivalent to the pro-rata stream based on a full purchase price of $11.5 million).  |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  1 | Statements made in this section contain forward-looking information.  Please see “Cautionary Note Regarding Forward-Looking Statements” in the MD&A for material risks, assumptions and important disclosure associated with this information. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                |   |  Obligations With Scheduled Payment Dates                            | Other Commitments |                                                                                  |
|-------------------------------------|--------|---------------------------------------------------------------------------|-------------------|---------------------------------------------------------------------------------------|
|  (in thousands)                | 2015   | 2016 - 2018                                                               | 2019 - 2020       | After 2020                                                                            | Sub-Total | Total |
| Bank debt 1                         | $      |             - | $                 |  1,000,000                                                                       | $ |             - | $ |             - | $ |  1,000,000 | $ |             - |  $ |  1,000,000 |
| Interest 2                          |   |     15,103                                            |              |       26,690                                            |   |             - |   |             - |   |       41,793 |   |             - |   |       41,793 |
| Silver and gold interest payments 3 |   |                                                                      |              |                                                                                  |   |   |   |   |   |   |   |   |   |   |
| Rosemont 4                          |   |             - |              |               - |   |             - |   |             - |   |               - |   |   231,150 |   |     231,150 |
| Loma de La Plata                    |   |             - |              |               - |   |             - |   |             - |   |               - |   |     32,400 |   |       32,400 |
| Toroparu                            |   |             - |              |               - |   |             - |   |             - |   |               - |   |   135,000 |   |     135,000 |
| Operating leases                    |   |       1,185                                 |              |         4,303                                 |   |       2,503 |   |       4,220 |   |       12,211 |   |             - |   |       12,211 |
| Other                               |   |       2,888                                 |              |               - |   |             - |   |             - |   |         2,888 |   |             - |   |         2,888 |
|  Total contractual obligations | $      |     19,176                                            | $                 |  1,030,993                                                                       | $ |       2,503 | $ |       4,220 | $ |  1,056,892 | $ |   398,550 |  $ |  1,455,442 |

| 1)   | At December 31, 2014, the Company had $1.0 billion outstanding on the NRT Loan and $Nil outstanding on the Revolving Facility.  As more fully disclosed in Note 25, on February 27, 2015 the Company expanded its Revolving Facility by $1 billion and then used proceeds drawn from this amended Revolving Facility together with cash on hand to repay the NRT Loan. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 $1.1 million. |
|----------------|--------------------------------------------------------|

----

----

| 1 | The assessment by management of the expected impact of the CRA Audit on the Company is “forward-looking information”. Statements in respect of the impact of the CRA Audit are based on the expectation that the Company will be successful in challenging any assessment by CRA. Statements in respect of the CRA Audit are subject to known and unknown risks including that the Company’s interpretation of, or compliance with, tax laws, is found to be incorrect.  Please see “Cautionary Note Regarding Forward-Looking Statements” in the MD&A for material risks, assumptions and important disclosure associated with this information. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

|  Year Ended December 31, 2014    |
|---------------------------------------|
|                                  | Sales | Costof Sales | Depletion | NetEarnings | Cash Flow From Operations | TotalAssets |
|  (in thousands)                  |
|  Silver                          |   |   |   |   |   |   |   |   |   |   |   |   |
| San Dimas 1                           | $ | 104,095 | $ | 23,326 | $ | 4,541 | $ | 76,228 | $ | 80,769 | $ | 152,951 |
| Yauliyacu                             |   | 64,011 |   | 13,859 |   | 19,799 |   | 30,353 |   | 50,152 |   | 187,478 |
| Peñasquito                       |   | 134,757 |   | 28,753 |   | 21,144 |   | 84,860 |   | 106,004 |   | 451,145 |
| Barrick 2                             |   | 31,687 |   | 6,631 |   | 5,548 |   | 19,508 |   | 23,065 |   | 605,328 |
| Other 3                               |   | 109,664 |   | 24,652 |   | 24,517 |   | 60,495 |   | 86,161 |   | 559,747 |
|                             | $ | 444,214 | $ | 97,221 | $ | 75,549 | $ | 271,444 | $ | 346,151 | $ | 1,956,649 |
|  Gold                            |   |   |   |   |   |   |   |   |   |   |   |   |
| 777                                   | $ | 55,535 | $ | 17,559 | $ | 36,113 | $ | 1,863 | $ | 38,318 | $ | 243,913 |
| Sudbury 4                             |   | 38,720 |   | 12,166 |   | 25,592 |   | 962 |   | 26,993 |   | 583,862 |
| Salobo                                |   | 54,762 |   | 17,564 |   | 20,281 |   | 16,917 |   | 37,198 |   | 1,302,202 |
| Other 5                               |   | 26,945 |   | 6,587 |   | 2,645 |   | 17,713 |   | 19,936 |   | 161,639 |
|                             | $ | 175,962 | $ | 53,876 | $ | 84,631 | $ | 37,455 | $ | 122,445 | $ | 2,291,616 |
|  Total silver and gold interests | $ | 620,176 | $ | 151,097 | $ | 160,180 | $ | 308,899 | $ | 468,596 | $ | 4,248,265 |
|  Corporate                       |   |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative            |   |   |   |   |   | $ | (37,860) |   |   |   |   |
| Impairment charge 6                   |   |   |   |   |   |   |   | (68,151) |   |   |   |   |
| Other                                 |   |   |   |   |   |   |   | (3,062) |   |   |   |   |
|  Total corporate                 |   |   |   |   |   |   | $ | (109,073) | $ | (36,723) | $ | 399,498 |
|  Consolidated                    | $ | 620,176 | $ | 151,097 | $ | 160,180 | $ | 199,826 | $ | 431,873 | $ | 4,647,763 |

| 1)   | Results for San Dimas include 875,000 ounces received from Goldcorp in connection with Goldcorp’s four year commitment, commencing August 6, 2010, to deliver to Silver Wheaton 1.5 million ounces of silver per annum resulting from their sale of San Dimas to Primero. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2)   | Comprised of the operating Lagunas Norte, Pierina and Veladero silver interests in addition to the non-operating Pascua-Lama silver interest. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| 3)   | Comprised of the operating Los Filos, Zinkgruvan, Mineral Park, Cozamin, Neves-Corvo, Stratoni, Campo Morado, Minto, 777, Constancia and Aljustrel silver interests in addition to the non-operating Keno Hill, Rosemont and Loma de La Plata silver interests.  Results related to the Campo Morado silver interest which, as further explained in Note 11, was disposed of in December 2014, were as follows: silver ounces produced - 677,000; silver ounces sold - 524,000; sales - $10,070,000; earnings from operations - $5,448,000 and; cash flow from operations - $7,968,000.   Results related to the Mineral Park silver interest for which silver deliveries ceased during the third quarter of 2014 due to the bankruptcy of Mercator, as further explained in Note 11, were as follows: silver ounces produced - 237,000; silver ounces sold - 168,000; sales - $3,354,000; earnings from operations - $2,239,000 and; cash flow from operations - $2,629,000. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4)   | Comprised of the operating Coleman, Copper Cliff, Garson, Stobie, Creighton and Totten gold interests in addition to the non-operating Victor gold interest. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5)   | Comprised of the operating Minto and Constancia gold interests and the non-operating Rosemont interest. |
|----------------|-------------------------------------------------------------------------------------------------------------------|

| 6)   | During the third quarter of 2014, the Company recognized an impairment charge of $68.2 million related to its Mineral Park and Campo Morado silver interests.  These silver interests are reflected as a component of Other silver interests in these financial statements. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  Year Ended December 31, 2013    |
|---------------------------------------|
|                                  | Sales | Costof Sales | Depletion | NetEarnings | Cash Flow From Operations | TotalAssets |
| (in thousands)                        |
|  Silver                          |   |   |   |   |   |   |   |   |   |   |   |   |
| San Dimas 1                           | $ | 157,150 | $ | 27,703 | $ | 5,444 | $ | 124,003 | $ | 129,447 | $ | 157,492 |
| Yauliyacu                             |   | 33,053 |   | 5,742 |   | 8,018 |   | 19,293 |   | 27,311 |   | 207,277 |
| Peñasquito                       |   | 126,587 |   | 21,375 |   | 14,983 |   | 90,229 |   | 105,213 |   | 472,289 |
| Barrick 2                             |   | 56,834 |   | 8,413 |   | 6,561 |   | 41,860 |   | 49,597 |   | 601,107 |
| Other 3                               |   | 170,963 |   | 30,821 |   | 31,839 |   | 108,303 |   | 141,020 |   | 549,927 |
|                             | $ | 544,587 | $ | 94,054 | $ | 66,845 | $ | 383,688 | $ | 452,588 | $ | 1,988,092 |
|  Gold                            |   |   |   |   |   |   |   |   |   |   |   |   |
| 777                                   | $ | 91,412 | $ | 26,303 | $ | 52,711 | $ | 12,398 | $ | 61,136 | $ | 280,026 |
| Sudbury 4                             |   | 23,001 |   | 6,952 |   | 14,410 |   | 1,639 |   | 16,050 |   | 609,454 |
| Salobo                                |   | 22,552 |   | 6,779 |   | 7,828 |   | 7,945 |   | 15,774 |   | 1,322,483 |
| Other 5                               |   | 24,920 |   | 5,264 |   | 2,359 |   | 17,297 |   | 19,923 |   | 28,429 |
|                             | $ | 161,885 | $ | 45,298 | $ | 77,308 | $ | 39,279 | $ | 112,883 | $ | 2,240,392 |
|  Total silver and gold interests | $ | 706,472 | $ | 139,352 | $ | 144,153 | $ | 422,967 | $ | 565,471 | $ | 4,228,484 |
|  Corporate                       |   |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative            |   |   |   |   |   | $ | (35,308) |   |   |   |   |
| Other                                 |   |   |   |   |   |   |   | (12,164) |   |   |   |   |
|  Total corporate                 |   |   |   |   |   |   | $ | (47,472) | $ | (31,338) | $ | 161,360 |
|  Consolidated                    | $ | 706,472 | $ | 139,352 | $ | 144,153 | $ | 375,495 | $ | 534,133 | $ | 4,389,844 |

| 1)   | Results for San Dimas include 1.5 million ounces received from Goldcorp in connection with Goldcorp’s four year commitment, commencing August 6, 2010, to deliver to Silver Wheaton 1.5 million ounces of silver per annum resulting from their sale of San Dimas to Primero. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2)   | Comprised of the operating Lagunas Norte, Pierina and Veladero silver interests in addition to the non-operating Pascua-Lama silver interest. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| 3)   | Comprised of the operating Los Filos, Zinkgruvan, Keno Hill, Mineral Park, Cozamin, Neves-Corvo, Stratoni, Campo Morado, Minto, 777 and Aljustrel silver interests in addition to the non-operating Rosemont, Loma de La Plata and Constancia silver interests.  Results related to the Campo Morado silver interest which, as further explained in Note 11, was disposed of in December 2014, were as follows: silver ounces produced – 870,000; silver ounces sold – 758,000; sales - $17,942,000; earnings from operations - $10,427,000 and; cash flow from operations - $14,935,000.   Results related to the Mineral Park silver interest for which silver deliveries ceased during the third quarter of 2014 due to the bankruptcy of Mercator, as further explained in Note 11, were as follows: silver ounces produced – 544,000; silver ounces sold – 356,000; sales - $8,973,000; earnings from operations - $6,509,000 and; cash flow from operations - $7,644,000. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4)   | Comprised of the operating Coleman, Copper Cliff, Garson, Stobie and Creighton gold interests in addition to the non-operating Totten and Victor gold interests. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5)   | Comprised of the operating Minto gold interest and the non-operating Rosemont gold interest. |
|----------------|----------------------------------------------------------------------------------------------|

----

|                                                                                          |                  |  Year Ended December 31, 2014 |
|-----------------------------------------------------------------------------------------------|-----------------------|------------------------------------|
|                                                                                          | Sales                 |  Carrying Amount              |
| (in thousands)                                                                                |  SilverInterests | GoldInterests                      |
|  North America                                                                           |                  |                               |   |   |   |   |
| Canada                                                                                        | $                     | 132,704                            | $ | 131,790 | $ | 853,358 |
| United States                                                                                 |                  | 3,354                              |   | 433 |   | - |
| Mexico                                                                                        |                  | 277,176                            |   | 615,629 |   | - |
| Europe                                                                                        |                  |                               |   |   |   |   |
| Greece                                                                                        |                  | 12,874                             |   | 27,437 |   | - |
| Portugal                                                                                      |                  | 13,560                             |   | 26,329 |   | - |
| Sweden                                                                                        |                  | 30,048                             |   | 48,388 |   | - |
| South America                                                                                 |                  |                               |   |   |   |   |
| Argentina / Chile 1                                                                           |                  | 13,639                             |   | 613,091 |   | - |
| Brazil                                                                                        |                  | 54,762                             |   | - |   | 1,302,201 |
| Peru                                                                                          |                  | 82,059                             |   | 493,552 |   | 136,057 |
|  Consolidated                                                                            | $                     | 620,176                            | $ | 1,956,649 | $ | 2,291,616 |
|  1) Includes the Pascua-Lama project, which straddles the border of Argentina and Chile. |                  |                               |   |   |   |   |

|                                                                                          |                  | Year Ended December 31, 2013 |
|-----------------------------------------------------------------------------------------------|-----------------------|------------------------------|
|                                                                                          | Sales                 |  Carrying Amount        |
| (in thousands)                                                                                |  SilverInterests | GoldInterests                |
|  North America                                                                           |                  |                         |   |   |   |   |
| Canada                                                                                        | $                     | 165,816                      | $ | 139,141 | $ | 917,707 |
| United States                                                                                 |                  | 8,973                        |   | 37,948 |   | - |
| Mexico                                                                                        |                  | 342,177                      |   | 705,062 |   | - |
| Europe                                                                                        |                  |                         |   |   |   |   |
| Greece                                                                                        |                  | 17,763                       |   | 31,854 |   | - |
| Portugal                                                                                      |                  | 17,686                       |   | 30,487 |   | - |
| Sweden                                                                                        |                  | 41,618                       |   | 51,015 |   | - |
| South America                                                                                 |                  |                         |   |   |   |   |
| Argentina / Chile 1                                                                           |                  | 28,864                       |   | 604,384 |   | - |
| Brazil                                                                                        |                  | 22,552                       |   | - |   | 1,322,483 |
| Peru                                                                                          |                  | 61,023                       |   | 388,201 |   | 202 |
|  Consolidated                                                                            | $                     | 706,472                      | $ | 1,988,092 | $ | 2,240,392 |
|  1) Includes the Pascua-Lama project, which straddles the border of Argentina and Chile. |                  |                         |   |   |   |   |

----

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

----

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

|   CANADA – HEAD OFFICESILVER WHEATON CORP.Park Place, Suite 3150666 Burrard StreetVancouver, BC V6C 2X8CanadaT: 1 604 684 9648F: 1 604 684 3123 CAYMAN ISLANDS OFFICESILVER WHEATON (CAYMANS) LTD.Unit #5 - 201 Governors Square23 Lime Tree Bay AvenueP.O. Box 1791 George Town, Grand CaymanCayman Islands KY1-1109 STOCK EXCHANGE LISTINGToronto Stock Exchange: SLWNew York Stock Exchange: SLW DIRECTORSLAWRENCE BELLGEORGE BRACKJOHN BROUGHPETER GILLINCHANTAL GOSSELINDOUGLAS HOLTBY, CHAIRMANEDUARDO LUNAWADE NESMITHRANDY 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    Silver Wheaton®  is a registered trademark of Silver Wheaton Corp. in Canada, the United States and certain other jurisdictions.  |   |   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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