----

| ·   | Record attributable silver equivalent production for the three months and year ended December 31, 2013 of 9.7 million ounces (7.3 million ounces of silver and 40,700 ounces of gold) and 35.8 million ounces (26.8 million ounces of silver and 151,000 ounces of gold), respectively, representing an increase of 17% and 22% over the comparable periods in 2012. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Attributable silver equivalent sales volume for the three months and year ended December 31, 2013 of 8.0 million ounces (6.1 million ounces of silver and 31,200 ounces of gold) and 30.0 million ounces (22.8 million ounces of silver and 117,300 ounces of gold), respectively, representing a decrease of 13% during the three month period and an increase of 10% during the twelve month period as compared to the comparable periods in 2012, with ounces sold for the most recently completed year representing a record for the Company. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Average realized sale price per silver equivalent ounce sold for the three months and year ended December 31, 2013 of $21.00 ($21.03 per ounce of silver and $1,277 per ounce of gold) and $23.58 ($23.86 per ounce of silver and $1,380 per ounce of gold), representing a decrease of 33% and 24%, respectively, as compared to the comparable periods of 2012. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Revenue for the three months and year ended December 31, 2013 of $167.4 million and $706.5 million, respectively, compared with $287.2 million and $849.6 million for the comparable periods in 2012, representing a decrease of 42% and 17%, respectively. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Net earnings for the three months and year ended December 31, 2013 of $93.9 million ($0.26 per share) and $375.5 million ($1.06 per share), respectively, compared with $177.7 million ($0.50 per share) and $586.0 million ($1.66 per share) for the comparable periods in 2012, representing a decrease of 47% and 36%, respectively. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Operating cash flows for the three months  and year ended December 31, 2013 of $124.6 million ($0.35 per share1) and $534.1 million ($1.50 per share1), respectively, compared with $254.0 million ($0.72 per share1) and $719.4 million ($2.03 per share1) for the comparable periods in 2012, representing a decrease of 51% and 26%, respectively. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | On March 20, 2014, the Board of Directors declared a dividend in the amount of $0.07 per common share as per the Company’s stated dividend policy whereby the quarterly dividend will be equal to 20% of the average of the previous four quarters operating cash flow.  This dividend is payable to shareholders of record on April 4, 2014 and is expected to be distributed on or about April 15, 2014. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|         · | Average cash costs2 for the three months and year ended December 31, 2013 of $4.70 and $4.65 per silver equivalent ounce, respectively, as compared with $4.70 and $4.30 during the comparable periods of 2012. |
|--------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   ·   | Cash operating margin3 for the three months and year ended December 31, 2013 of $16.30 and $18.93 per silver equivalent ounce, respectively, representing a decrease of 39% and 29% relative to the comparable periods in 2012. |
|---------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | As at December 31, 2013, approximately 6.4 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. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | On February 28, 2013, the Company announced that it had entered into a definitive agreement to acquire from Vale S.A. ("Vale") an amount of gold equal to 25% of the life of mine gold production from its Brazilian Salobo mine, as well as 70% of the gold production, for a 20 year term, from certain of its Canadian Sudbury mines. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | On November 4, 2013, the Company announced that it had amended its precious metal purchase agreement with Hudbay Minerals Inc. (“Hudbay”) to include the acquisition of an amount equal to 50% of the gold production from its Constancia project in Peru for the life of mine. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | On November 11, 2013, the Company announced that it had entered into an Early Deposit Gold Stream Agreement to acquire from Sandspring Resources Ltd. ("Sandspring") an amount of gold equal to 10% of the life of mine gold production from its Toroparu project located in the Republic of Guyana, South America. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | On February 28, 2013, the Company entered into two new credit facilities, comprised of (i) a $1 billion revolving credit facility (“Revolving Facility”) having a 5-year term; and (ii) a $1.5 billion bridge financing facility (“Bridge Facility”) having a 1-year term, as more fully described in Note 12 to the financial statements. These facilities replaced the pre-existing $400 million revolving credit facility and the $200 million non-revolving term loan (the “Term Loan”), with the Company repaying the $50.1 million outstanding balance on the Term Loan during the three months ended March 31, 2013. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | On May 28, 2013, the Company entered into a $1 billion non-revolving term loan ("NRT Loan") with a 3-year term, extendable by 1 year with the unanimous consent of lenders. The $1 billion proceeds were used to repay the remaining balance of $560 million under the Company’s $1.5 billion Bridge Facility and $440 million outstanding under the Company’s Revolving Facility.  The Bridge Facility was terminated following the repayment of the outstanding balance.   |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | As per Barrick Gold Corp.’s (“Barrick”) Q3 2013 MD&A, Barrick has decided to temporarily suspend construction activities at its Pascua-Lama project (“Pascua-Lama”), except those required for environmental protection and regulatory compliance, and to place the project on care and maintenance.  Barrick also stated that the decision to re-start construction activities will depend on improved project economics such as go-forward costs, the outlook for metal prices, and reduced uncertainty associated with legal and other regulatory requirements.  As a result of the suspension, Barrick no longer expects production by mid-2016. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | On October 31, 2013, the Company announced that, as a result of Barrick’s decision to temporarily suspend construction activities at Pascua-Lama, the Company has amended its silver purchase agreement with Barrick.  The amendment entails Silver Wheaton being entitled to 100% of the silver production from Barrick’s Lagunas Norte, Pierina and Veladero mines until the end of 2016 - an extension of one year, and extending the completion test deadline an additional year to December 31, 2017.  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 March 20, 2014, the Company announced that it will be implementing a dividend reinvestment plan whereby shareholders can elect to have dividends reinvested directly into additional Silver Wheaton common shares. It is intended that the plan will be effective commencing with the second dividend of 2014 which will be paid after the announcement of the First Quarter 2014 Earnings Results. The plan remains subject to regulatory approval.  |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

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

----

| Silver and GoldInterests | MineOwner             | Location ofMine | Upfront Consideration 1                                               | AttributableProduction to bePurchased | Term ofAgreement         | Date ofContract |
|--------------------------|-----------------------|-----------------|----------------------------------------------------------------------------|---------------------------------------|--------------------------|-----------------|
|  Silver             | Gold                  |
| San Dimas                | Primero 2        | 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          |  $   1,330,000 5                                 |  0%                              |  25%                | Life of Mine    | 28-Feb-13 |
| Sudbury                  | Vale                  | Canada          |  $      623,572 6                 |  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%                 | 6 years 7 | 8-Sep-09 |
| Pierina                  | Barrick               | Peru            |                                                                       |  100%                            |  0%                 | 6 years 7 | 8-Sep-09 |
| Veladero                 | Barrick               | Argentina       |                                                                       |  100% 8                    |  0%                 | 6 years 7 | 8-Sep-09 |
| Other                    |                  |            |  $   1,148,833                                         |                                  |                     |            |   |
| 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%                            |  0%                 | 50 years        | 5-Jun-07 |
| Mineral Park             | Mercator 11 | United States   |  $        42,000              |  100%                            |  0%                 | Life of Mine    | 17-Mar-08 |
| Campo Morado             | Nyrstar NV            | Mexico          |  $        79,250              |  75%                             |  0%                 | Life of Mine    | 13-May-08 |
| Keno Hill                | Alexco                | Canada          |  $        50,000              |  25%                             |  0%                 | Life of Mine    | 2-Oct-08 |
| Rosemont                 | Augusta               | 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 15           |  100%                            |  50% 16  | Life of Mine    | 8-Aug-12 |
| Early Deposit            |                  |            |                                                                       |                                  |                     |            |   |
| Toroparu                 | Sandspring            | Guyana          |  $      148,500 17           |  0%                              |  10% 17  | Life of Mine    | 8-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 will deliver 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 will receive an additional 1.5 million ounces of silver per annum to be delivered by Goldcorp.  After 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 is in the process of expanding the mill throughput capacity at the Salobo mine to 24 million tonnes per annum ("Mtpa") from its current 12 Mtpa. If throughput capacity 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 $67 million if throughput capacity is expanded to 28 Mtpa by January 1, 2031 up to $400 million if throughput capacity is expanded to 40 Mtpa prior to January 1, 2021. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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)   | Barrick will deliver to Silver Wheaton silver production from the currently producing mines until December 31, 2016. |
|----------------|----------------------------------------------------------------------------------------------------------------------|

| 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)   | On December 12, 2013, Mercator announced that they had entered a plan of arrangement with Intergeo MMC Ltd. to combine and create a new copper focused metals company.  Mercator has also indicated that it is anticipated that the plan of arrangement transaction will be completed in Q2 2014. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12)   | 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)   | Comprised of $169.9 million which has been paid to date, with further payments of $125 million and $135 million to be made once $1 billion and $1.35 billion, respectively, in capital expenditures have been incurred at Constancia. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16)   | 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. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17)   | 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 90 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).  |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

  
|  1 | 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.   | Pascua-Lama Challenge to SMA Regulatory Sanction |
|----------------|--------------------------------------------------|

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

----

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

----

| iii.   | Constitutional Protection Actions |
|------------------|-----------------------------------|

| iv.   | Argentine Glacier Legislation and Constitutional Litigation |
|-----------------|-------------------------------------------------------------|

----

| 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 is obligated to deliver 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 March 17, 2008, the Company entered into an agreement with Mercator Minerals Ltd. (“Mercator”) to acquire an amount equal to 100% of the life of mine silver production from its Mineral Park mine in the United States; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|     v.   | On May 13, 2008, the Company entered into an agreement with Farallon Mining Ltd., which was acquired by Nyrstar NV (“Nyrstar”) on January 5, 2011, to acquire an amount equal to 75% of the life of mine silver production from its Campo Morado mine in Mexico; |
|----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| vi. | 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; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| vii. | 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. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| viii.   | 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; |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ix.   | 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; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| x.   | 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; |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| xi.   | 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; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| xii. | On February 10, 2010, the Company entered into an agreement with Augusta Resource Corporation (“Augusta”) 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 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; and |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| xiii.   | 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.  Under the amended agreement, Silver Wheaton will pay Hudbay total cash consideration of $429.9 million, of which $169.9 million has been paid as at December 31, 2013, with additional 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 has the option to make the $135 million payment in either cash or Silver Wheaton shares, with the number of shares to be determined at the time the payment is made2.  In addition, Silver Wheaton will make ongoing payments of the lesser of $5.90 per ounce of silver and $400 per ounce of gold (both subject to an inflationary adjustment of 1% beginning in the fourth year) or the prevailing market price per ounce of silver and gold delivered.  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. |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

|   2 | If Silver Wheaton shares are used, the number of common shares will be calculated based on the volume weighted average trading price of the Company on the Toronto Stock Exchange for the ten consecutive trading days immediately prior to the date the consideration is payable. |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

  
|   1 |  Mineral reserves and mineral resources are reported as of December 31, 2013, other than as disclosed in footnote 6 to the Attributable Reserves and Resources tables on page 44 of this MD&A. |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                     | December 31 | December 31 |
|--------------------------|-------------|-------------|
| (in thousands)           | 2013        | 2012        |
|  Common shares held | $           | 40,801      | $ | 118,683 |
| Warrants held            |        | -           |   | 2,694 |
|                | $           | 40,801      | $ | 121,377 |

|                 | Dec 31, 2013                                                                    | Three MonthsEndedDec 31, 2013                                         | Year EndedDec 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)                                                              |
| Sabina               | 8,030                                                                           | (1,980)                                                               | (23,133)                                                              |
| Other                | 10,736                                                                          | (1,962)                                                               | (17,829)                                                              |
|            |  $           40,801 |  $         (17,841) |  $         (77,881) |

|                 | Dec 31, 2012                                                                               | Three MonthsEndedDec 31, 2012                                                                     | Year EndedDec 31, 2012                                                                            |
|----------------------|--------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|
|  (in thousands) | Fair Value                                                                                 | Fair Value Adjustment Losses Included in OCI                                                      |
|  Bear Creek     |  $           44,130            |  $            (5,896)            |  $            (2,041)            |
| Revett               |               14,824 |                (4,092) |                (9,747) |
| Sabina               |               31,164 |                (7,848) |              (13,013)            |
| Other                |               28,565 |              (10,239)            |                (6,333) |
|            |  $         118,683                       |  $         (28,075)                             |  $         (31,134)                             |

----

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

|                 | Dec 31, 2012                                                                               | Three MonthsEndedDec 31, 2012                                                          | Year EndedDec 31, 2012                                                                                           |
|----------------------|--------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------|
|  (in thousands) | Fair Value                                                                                 | Fair Value Adjustment (Losses) Gains Included in Net Earnings                          |
|  Warrants held  |  $             2,694 |  $            (1,441) |  $                 496 |

----

----

|                                                      |  2013 |  2012                                                                              |  2011 |
|----------------------------------------------------------------|------------|-----------------------------------------------------------------------------------------|------------|
|  Silver equivalent production 1                           |       |                                                                                    |       |   |   |   |
| Attributable silver ounces produced (000’s)              |       | 26,754                                                                                  |       | 26,669 |   | 24,557 |
| Attributable gold ounces produced                              |       | 151,041                                                                                 |       | 50,482 |   | 18,436 |
| Attributable silver equivalent ounces produced (000’s) 1 |       | 35,823                                                                                  |       | 29,372 |   | 25,374 |
|  Silver equivalent sales 1                                |       |                                                                                    |       |   |   |   |
| Silver ounces sold (000’s)                               |       | 22,823                                                                                  |       | 24,850 |   | 20,247 |
| Gold ounces sold                                               |       | 117,319                                                                                 |       | 46,094 |   | 18,256 |
| Silver equivalent ounces sold (000’s) 1                  |       | 29,963                                                                                  |       | 27,328 |   | 21,069 |
|  Average realized price ($'s per ounce)                   |       |                                                                                    |       |   |   |   |
| Average realized silver price                                  | $     |            23.86                 | $     |            31.03 | $  |            34.60 |
| Average realized gold price                                    | $     |            1,380                 | $     |            1,701 | $  |            1,609 |
| Average realized silver equivalent price 1                     | $     |            23.58                 | $     |            31.09 | $  |            34.65 |
|  Average cash cost ($'s per ounce) 2                      |       |                                                                                    |       |   |   |   |
| Average silver cash cost                                       | $     |              4.12      | $     |              4.06 | $  |              3.99 |
| Average gold cash cost                                         | $     |               386 | $     |               362 | $  |               300 |
| Average silver equivalent cash cost 1                          | $     |             4.65            | $     |              4.30 | $  |              4.09 |
|  Total revenue ($000's)                                   | $     |        706,472                                       | $     |        849,560 | $  |        729,997 |
|  Net earnings ($000's)                                    | $     |        375,495                                       | $     |        586,036 | $  |        550,028 |
|  Earnings per share                                       |       |                                                                                    |       |   |   |   |
| Basic                                                          | $     |              1.06      | $     |              1.66 | $  |              1.56 |
| Diluted                                                        | $     |              1.05      | $     |              1.65 | $  |              1.55 |
|  Cash flow from operations ($000's)                       | $     |        534,133                                       | $     |        719,404 | $  |        626,427 |
|  Dividends                                                |       |                                                                                    |       |   |   |   |
| Dividends paid ($000's)                                        | $     |        160,013                                       | $     |        123,852 | $  |          63,612 |
| Dividends paid per share                                       | $     |              0.45      | $     |              0.35 | $  |              0.18 |
|  Total assets ($000's)                                    | $     |     4,389,844                                                       | $     |     3,189,337 | $  |     2,872,335 |
|  Total non-current financial liabilities ($000’s)   | $     |        999,973                                       | $     |          23,555 | $  |          50,424 |
|  Total other liabilities ($000’s)                   | $     |          23,325                            | $     |          58,708 | $  |          167,694 |
|  Shareholders' equity ($000's)                            | $     |     3,366,546                                                       | $     |     3,107,074 | $  |     2,654,217 |
|  Shares outstanding                                       |       | 357,396,778                                                                             |       | 354,375,852 |   | 353,499,816 |

| 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 (ii) on page 27 of this MD&A. |
|----------------|--------------------------------------------------------------------------------|

----

|                                                                                     | 2013                                                                                     | 2012                                                                                               |
|------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|
|                                                                                | Q4                                                                                       | Q3                                                                                                 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Silver ounces produced 2                                                      |                                                                                     |                                                                                               |   |   |   |   |   |   |
| San Dimas 3                                                                         |           1,979                        |           1,660                                  |            1,160 |           1,743 |           1,694 |           1,288 |            1,231 |           1,692 |
| Yauliyacu 2                                                                         |              687        |              639                  |              668 |              624 |               616 |              640 |              606 |              550 |
| Peñasquito                                                                          |          2,047                              |           1,636                                  |           1,440 |           1,093 |           1,445 |           1,940 |           1,822 |           1,365 |
| Barrick 4                                                                          |              423        |              465                  |              556 |               741 |              769 |               617 |              455 |              630 |
| Other 5                                                                            |            2,119                  |          2,450                                        |          2,586 |          2,038 |          2,345 |           2,251 |          2,378 |          2,335 |
|  Total silver ounces produced                                                       |          7,255                              |          6,850                                        |           6,410 |          6,239 |          6,869 |          6,736 |          6,492 |          6,572 |
|  Gold ounces produced 2                                                        |                                                                                     |                                                                                               |   |   |   |   |   |   |
| 777                                                                                      |          14,134                             |         18,259                                             |         16,986 |          16,951 |          19,615 |  11,8248 |                  - |                  - |
| Sudbury                                                                                  |          6,920                              |           7,341                                  |          8,840 |          9,846 |                  - |                  - |                  - |                  - |
| Salobo                                                                                   |         10,067                                   |           8,061                                  |          6,342 |          4,677 |                  - |                  - |                  - |                  - |
| Other 6                                                                            |          9,530                              |          2,894                                        |          4,226 |          5,967 |          6,785 |          5,200 |           3,710 |          3,348 |
|  Total gold ounces produced                                                         |         40,651                                   |        36,555                                                   |        36,394 |         37,441 |        26,400 |         17,024 |           3,710 |          3,348 |
|  Silver equivalent ounces of gold produced 7                                  |          2,468                              |          2,237                                        |          2,269 |          2,095 |           1,432 |               881 |               218 |               172 |
|  Silver equivalent ounces produced 7                                          |          9,723                              |          9,087                                        |          8,679 |          8,334 |           8,301 |           7,617 |           6,710 |          6,744 |
|  Silver ounces sold                                                                 |                                                                                     |                                                                                               |   |   |   |   |   |   |
| San Dimas 3                                                                         |           2,071                        |           1,560                                  |            1,194 |           1,850 |           1,629 |            1,178 |           1,295 |            1,701 |
| Yauliyacu                                                                                |              674        |                 13 |              559 |               149 |           1,097 |               184 |            1,155 |              497 |
| Peñasquito                                                                          |            1,412                  |           1,388                                  |           1,058 |           1,459 |           1,642 |           1,304 |           1,845 |            1,189 |
| Barrick 4                                                                          |              397        |              447                  |              560 |              753 |              826 |              528 |              470 |              656 |
| Other 5                                                                            |            1,510                  |          2,257                                        |            1,771 |            1,741 |           2,153 |           1,592 |          2,024 |           1,885 |
|  Total silver ounces sold                                                           |          6,064                              |          5,665                                        |           5,142 |          5,952 |          7,347 |          4,786 |          6,789 |          5,928 |
|  Gold ounces sold                                                                   |                                                                                     |                                                                                               |   |   |   |   |   |   |
| 777                                                                                      |         15,889                                   |         16,972                                             |        23,483 |           9,414 |        28,084 |                  - |                  - |                  - |
| Sudbury                                                                                  |           6,551                        |          6,534                                        |           4,184 |                 111 |                  - |                  - |                  - |                  - |
| Salobo                                                                                   |          6,944                              |          6,490                                        |          2,793 |              720 |                  - |                  - |                  - |                  - |
| Other 6                                                                            |           1,840                        |          5,287                                        |          3,409 |          6,698 |          4,876 |          6,905 |          2,369 |          3,860 |
|  Total gold ounces sold                                                             |         31,224                                   |        35,283                                                   |        33,869 |         16,943 |        32,960 |          6,905 |          2,369 |          3,860 |
|  Silver equivalent ounces of gold sold 7                                      |           1,909                        |           2,163                                  |          2,097 |               971 |           1,784 |              357 |               139 |               198 |
|  Silver equivalent ounces sold7                                               |          7,973                              |          7,828                                        |          7,239 |          6,923 |            9,131 |           5,143 |          6,928 |           6,126 |
|  Gold / silver ratio 7                                                        |               61.1 |              61.3                 |              61.9 |             57.3 |              54.1 |              51.7 |             58.7 |              51.2 |
|  Cumulative payable silver equivalent ounces produced but not yet delivered 9 |          6,392                              |          5,289                                        |          5,022 |           4,051 |          3,824 |           5,195 |           3,212 |           4,166 |

|  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.  The Company has been informed by Glencore that reported production related to the Yauliyacu mine may have been overstated by a total of approximately 200,000 ounces for all or some portion of the period between April 1, 2011 and June 30, 2012.  The required adjustments to production, if any, related to the Yauliyacu mine for these periods will be made once management completes a review of the timing and amount of any production variance. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3)   | The ounces produced and sold include ounces received from Goldcorp in connection with Goldcorp’s four year commitment 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 and Campo Morado silver interests. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6)   | Comprised of the Minto gold interest. |
|----------------|---------------------------------------|

| 7)   | 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. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8)   | Represents production for the period August 8, 2012 to September 30, 2012. |
|----------------|----------------------------------------------------------------------------|

| 9)   | Based on management estimates. |
|----------------|--------------------------------|

----

|                                                | 2013   | 2012   |
|-----------------------------------------------------|--------|--------|
|                                           | Q4     | Q3     | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Total silver ounces sold (000's)              |   |   |           6,064 |   |   |             5,665 |   |   |              5,142 |   |   |             5,952 |   |   |             7,347 |   |   |             4,786 |   |   |             6,789 |   |   |             5,928 |
| Average realized silver price1                 |   | $      | 21.03 |   | $ | 21.22 |   | $ | 23.12 |   | $ | 29.89 |   | $ | 31.47 |   | $ | 31.16 |   | $ | 29.12 |   | $ | 32.58 |
|  Silver sales (000's)                          |   | $      | 127,549 |   | $ | 120,255 |   | $ | 118,885 |   | $ | 177,898 |   | $ | 231,226 |   | $ | 149,086 |   | $ | 197,694 |   | $ | 193,162 |
|  Total gold ounces sold                        |   |   |         31,224 |   |   |          35,283 |   |   |          33,869 |   |   |           16,943 |   |   |          32,960 |   |   |             6,905 |   |   |             2,369 |   |   |             3,860 |
| Average realized gold price1                   |   | $      | 1,277 |   | $ | 1,308 |   | $ | 1,417 |   | $ | 1,645 |   | $ | 1,699 |   | $ | 1,765 |   | $ | 1,568 |   | $ | 1,678 |
|  Gold sales (000's)                            |   | $      | 39,867 |   | $ | 46,150 |   | $ | 48,005 |   | $ | 27,863 |   | $ | 56,015 |   | $ | 12,187 |   | $ | 3,714 |   | $ | 6,476 |
|  Total silver equivalent ounces sold (000's) 2 |   |   |           7,973 |   |   |             7,828 |   |   |             7,239 |   |   |             6,923 |   |   |               9,131 |   |   |              5,143 |   |   |             6,928 |   |   |              6,126 |
| Average realized silver equivalent price 1, 2       |   | $      | 21.00 |   | $ | 21.26 |   | $ | 23.05 |   | $ | 29.72 |   | $ | 31.46 |   | $ | 31.36 |   | $ | 29.07 |   | $ | 32.59 |
|  Total sales (000's)                           |   | $      | 167,416 |   | $ | 166,405 |   | $ | 166,890 |   | $ | 205,761 |   | $ | 287,241 |   | $ | 161,273 |   | $ | 201,408 |   | $ | 199,638 |
| Average cash cost,silver 1, 3                       |   | $      | 4.14 |   | $ | 4.13 |   | $ | 4.14 |   | $ | 4.08 |   | $ | 4.12 |   | $ | 4.04 |   | $ | 4.04 |   | $ | 4.02 |
| Average cash cost,gold 1, 3                         |   | $      | 394 |   | $ | 386 |   | $ | 391 |   | $ | 362 |   | $ | 386 |   | $ | 303 |   | $ | 303 |   | $ | 303 |
|  Average cash cost, silver equivalent 1, 2, 3  |   | $      | 4.70 |   | $ | 4.73 |   | $ | 4.77 |   | $ | 4.39 |   | $ | 4.70 |   | $ | 4.16 |   | $ | 4.06 |   | $ | 4.08 |
|  Net earnings (000's)                          |   | $      | 93,900 |   | $ | 77,057 |   | $ | 71,117 |   | $ | 133,421 |   | $ | 177,744 |   | $ | 119,697 |   | $ | 141,414 |   | $ | 147,181 |
|  Earnings per share                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                               |   | $      | 0.26 |   | $ | 0.22 |   | $ | 0.20 |   | $ | 0.38 |   | $ | 0.50 |   | $ | 0.34 |   | $ | 0.40 |   | $ | 0.42 |
| Diluted                                             |   | $      | 0.26 |   | $ | 0.22 |   | $ | 0.20 |   | $ | 0.37 |   | $ | 0.50 |   | $ | 0.34 |   | $ | 0.40 |   | $ | 0.41 |
|  Cash flow from operations (000's)             |   | $      | 124,591 |   | $ | 118,672 |   | $ | 125,258 |   | $ | 165,612 |   | $ | 254,026 |   | $ | 128,651 |   | $ | 172,916 |   | $ | 163,811 |
|  Cash flow from operations per share 4         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                               |   | $      | 0.35 |   | $ | 0.33 |   | $ | 0.35 |   | $ | 0.47 |   | $ | 0.72 |   | $ | 0.36 |   | $ | 0.49 |   | $ | 0.46 |
| Diluted                                             |   | $      | 0.35 |   | $ | 0.33 |   | $ | 0.35 |   | $ | 0.46 |   | $ | 0.71 |   | $ | 0.36 |   | $ | 0.49 |   | $ | 0.46 |
|  Dividends                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends declared (000's)                          |   | $      | 32,165 |   | $ | 35,629 |   | $ | 42,573 |   | $ | 49,646 5 |   | $ | 24,806 |   | $ | 35,388 |   | $ | 31,829 |   | $ | 31,829 6 |
| Dividends declared per share                        |   | $      | 0.09 |   | $ | 0.10 |   | $ | 0.12 |   | $ | 0.14 |   | $ | 0.07 |   | $ | 0.10 |   | $ | 0.09 |   | $ | 0.09 |
|  Total assets (000's)                          |   | $      | 4,389,844 |   | $ | 4,398,445 |   | $ | 4,396,012 |   | $ | 4,400,253 |   | $ | 3,189,337 |   | $ | 3,046,564 |   | $ | 3,056,825 |   | $ | 3,005,839 |
|  Total liabilities (000's)                     |   | $      | 1,023,298 |   | $ | 1,078,137 |   | $ | 1,178,859 |   | $ | 1,174,470 |   | $ | 82,263 |   | $ | 71,076 |   | $ | 212,147 |   | $ | 242,873 |
|  Total shareholders' equity (000's)            |   | $      | 3,366,546 |   | $ | 3,320,308 |   | $ | 3,217,153 |   | $ | 3,225,783 |   | $ | 3,107,074 |   | $ | 2,975,488 |   | $ | 2,844,678 |   | $ | 2,762,966 |

| 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 (ii) on page 27 of this MD&A. |
|----------------|--------------------------------------------------------------------------------|

| 4)   | Refer to discussion on non-IFRS measure (i) on page 26 of this MD&A. |
|----------------|-------------------------------------------------------------------------------|

| 5)   | 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. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 6)   | On March 22, 2012, the Company declared dividends of $0.09 per common share for total dividends of $31.8 million, which was paid on April 17, 2012. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 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                              | 6,920 | 6,551 |   | 8,363 |   | 1,277 |   | 400 |   | 829 |   | 311 |   | 5,743 |   | 1,322,483 |
| Salobo                               | 10,067 | 6,944 |   | 9,025 |   | 1,300 |   | 400 |   | 462 |   | 3,039 |   | 6,247 |   | 609,454 |
| Other 7                        | 9,530 | 1,840 |   | 2,352 |   | 1,278 |   | 306 |   | 115 |   | 1,577 |   | 2,192 |   | 28,429 |
|                                 | 40,651 | 31,224 | $ | 39,867 | $ | 1,277 | $ | 394 | $ | 691 | $ | 5,963 | $ | 27,953 | $ | 2,240,392 |
|  Silver equivalent 8      | 9,723 | 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 |
|                            | 9,723 | 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 (ii) on page 27 of this MD&A. |
|----------------|--------------------------------------------------------------------------------|

| 4)   | Results for San Dimas include 375,000 ounces received from Goldcorp in connection with Goldcorp’s four year commitment 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. |
|----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

| Three Months Ended December 31, 2012 |
|--------------------------------------|
|                                 | 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                          | 1,694 | 1,629 | $ | 52,080 | $ | 31.97 | $ | 4.13 | $ | 0.79 | $ | 44,059 | $ | 45,351 | $ | 162,936 |
| Yauliyacu                            | 616 | 1,097 |   | 30,753 |   | 28.03 |   | 4.08 |   | 5.02 |   | 20,773 |   | 32,106 |   | 215,295 |
| Peñasquito                      | 1,445 | 1,642 |   | 53,697 |   | 32.71 |   | 3.99 |   | 2.96 |   | 42,287 |   | 47,147 |   | 487,272 |
| Barrick 5                            | 769 | 826 |   | 26,920 |   | 32.59 |   | 3.90 |   | 4.34 |   | 20,112 |   | 23,561 |   | 597,736 |
| Other 6                              | 2,345 | 2,153 |   | 67,776 |   | 31.48 |   | 4.30 |   | 4.72 |   | 48,344 |   | 61,837 |   | 454,677 |
|                                 | 6,869 | 7,347 | $ | 231,226 | $ | 31.47 | $ | 4.12 | $ | 3.46 | $ | 175,575 | $ | 210,002 | $ | 1,917,916 |
|  Gold                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 777                                  | 19,615 | 28,084 | $ | 47,768 | $ | 1,701 | $ | 400 | $ | 773 | $ | 14,813 | $ | 40,507 | $ | 332,732 |
| Other 7                        | 6,785 | 4,876 |   | 8,247 |   | 1,691 |   | 303 |   | 171 |   | 5,937 |   | 8,052 |   | 30,586 |
|                                 | 26,400 | 32,960 | $ | 56,015 | $ | 1,699 | $ | 386 | $ | 684 | $ | 20,750 | $ | 48,559 | $ | 363,318 |
|  Silver equivalent 8      | 8,301 | 9,131 | $ | 287,241 | $ | 31.46 | $ | 4.70 | $ | 5.25 | $ | 196,325 | $ | 258,561 | $ | 2,281,234 |
|  Corporate                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative           |   |   |   |   |   |   |   |   |   | $ | (9,159) |   |   |   |   |
| Other                                |   |   |   |   |   |   |   |   |   |   |   | (9,422) |   |   |   |   |
| Total corporate                      |   |   |   |   |   |   |   |   |   |   | $ | (18,581) | $ | (4,535) | $ | 908,103 |
|                            | 8,301 | 9,131 | $ | 287,241 | $ | 31.46 | $ | 4.70 | $ | 5.25 | $ | 177,744 | $ | 254,026 | $ | 3,189,337 |

| 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 (ii) on page 27 of this MD&A. |
|----------------|---------------------------------------------------------------------------|

| 4)   | Results for San Dimas include 375,000 ounces received from Goldcorp in connection with Goldcorp’s four year commitment 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. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7)   | Comprised of the operating Minto gold interest 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. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   • | 1,053,000 silver equivalent ounces of gold production (17,000 ounces of gold) from the recently acquired Sudbury and Salobo mines; |
|----------------|------------------------------------------------------------------------------------------------------------------------------------|

|   • | 285,000 ounce (17%) increase related to the San Dimas mine, due to higher grades; |
|----------------|-----------------------------------------------------------------------------------|

|   • | 602,000 ounce (42%) increase related to the Peñasquito mine, due primarily to higher throughput and higher grades resulting from the completion of higher grade ore benches of Phase 4 and the implementation of operational improvements in the flotation cells; |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   • | 182,000 silver equivalent ounce (49%) increase related to gold production at the Minto mine (2,700 gold ounces), due primarily to a combination of higher throughput and higher grades; partially offset by |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   • | 226,000 ounce (10%) decrease related to Other mines, due primarily to silver production at the Campo Morado and Keno Hill mines, with operations at the Keno Hill mine being temporarily suspended in early September 2013; |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   • | 200,000 silver equivalent ounce (19%) decrease related to gold production at the 777 mine (5,500 gold ounces), primarily due to lower grades; and |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   • | 345,000 ounce (45%) decrease related to the Barrick mines, due primarily to lower grades at Veladero. |
|----------------|-------------------------------------------------------------------------------------------------------|

|   • | $7.9 million increase related to payable silver production; and |
|----------------|-----------------------------------------------------------------|

|   • | $4.9 million increase related to payable gold production; and |
|----------------|---------------------------------------------------------------|

|   • | $46.5 million decrease as a result of the timing of shipments of stockpiled concentrate and doré, primarily attributable to the following factors: |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|                    i. | $20.2 million decrease relating to the Peñasquito mine having stockpiled concentrate produced during the three months ended December 31, 2013 compared with having sold concentrate produced in prior periods during the comparable period of the prior year; |
|----------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|         ii. | $9.0 million decrease relating to the Yauliyacu mine, which continues to have an inconsistent delivery schedule as a result of the shut-down of the Doe Run Peru La Oroya smelter; |
|-------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   iii. | $7.7 million decrease relating to Other mines,  primarily attributable to the Zinkgruvan and Cozamin mines having stockpiled concentrate produced during the three months ended December 31, 2013 compared with having sold concentrate produced in prior periods during the comparable period of the prior year; and |
|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   iv. | $6.9 million decrease relating to gold production at the Minto mine having stockpiled concentrate produced during the three months ended December 31, 2013; and |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   • | $72.3 million decrease due to a reduction in the operating margin per ounce, due primarily to a 33% decrease in the average realized selling price per silver equivalent ounce sold; and |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   • | $22.2 million increase as a result of a decrease in corporate costs, as explained in the Corporate Costs section of this MD&A ($1.7 million decrease from a cash flow perspective). |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Year Ended December 31, 2013    |
|---------------------------------|
|                            | Ounces Produced2 | OuncesSold | 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                         | 32,947 | 17,380 |   | 23,001 |   | 1,324 |   | 400 |   | 829 |   | 1,639 |   | 16,050 |   | 1,322,483 |
| Salobo                          | 29,147 | 16,947 |   | 22,552 |   | 1,331 |   | 400 |   | 462 |   | 7,945 |   | 15,774 |   | 609,454 |
| Other 7                   | 22,617 | 17,234 |   | 24,920 |   | 1,446 |   | 305 |   | 137 |   | 17,297 |   | 19,923 |   | 28,429 |
|                            | 151,041 | 117,319 | $ | 161,885 | $ | 1,380 | $ | 386 | $ | 659 | $ | 39,279 | $ | 112,883 | $ | 2,240,392 |
|  Silver equivalent 8 | 35,823 | 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 |
|                       | 35,823 | 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 (ii) on page 27 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 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. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

| Year Ended December 31, 2012    |
|---------------------------------|
|                            | 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                     | 5,905 | 5,803 | $ | 181,906 | $ | 31.35 | $ | 4.11 | $ | 0.79 | $ | 153,469 | $ | 158,060 | $ | 162,936 |
| Yauliyacu                       | 2,412 | 2,933 |   | 86,185 |   | 29.38 |   | 4.07 |   | 5.02 |   | 59,531 |   | 80,077 |   | 215,295 |
| Peñasquito                 | 6,572 | 5,980 |   | 186,085 |   | 31.12 |   | 3.99 |   | 2.96 |   | 144,524 |   | 162,225 |   | 487,272 |
| Barrick 5                       | 2,471 | 2,480 |   | 78,359 |   | 31.60 |   | 3.90 |   | 4.34 |   | 57,926 |   | 69,504 |   | 597,736 |
| Other 6                         | 9,309 | 7,654 |   | 238,633 |   | 31.18 |   | 4.11 |   | 3.74 |   | 178,486 |   | 204,206 |   | 454,677 |
|                            | 26,669 | 24,850 | $ | 771,168 | $ | 31.03 | $ | 4.06 | $ | 3.08 | $ | 593,936 | $ | 674,072 | $ | 1,917,916 |
|  Gold                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 777                             | 31,439 | 28,084 | $ | 47,768 | $ | 1,701 | $ | 400 | $ | 773 | $ | 14,812 | $ | 40,507 | $ | 332,732 |
| Other 7                   | 19,043 | 18,010 |   | 30,624 |   | 1,700 |   | 303 |   | 171 |   | 22,094 |   | 25,059 |   | 30,586 |
|                            | 50,482 | 46,094 | $ | 78,392 | $ | 1,701 | $ | 362 | $ | 538 | $ | 36,906 | $ | 65,566 | $ | 363,318 |
|  Silver equivalent 8 | 29,372 | 27,328 | $ | 849,560 | $ | 31.09 | $ | 4.30 | $ | 3.70 | $ | 630,842 | $ | 739,638 | $ | 2,281,234 |
|  Corporate                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative      |   |   |   |   |   |   |   |   |   | $ | (30,839) |   |   |   |   |
| Other                           |   |   |   |   |   |   |   |   |   |   |   | (13,967) |   |   |   |   |
| Total corporate                 |   |   |   |   |   |   |   |   |   |   | $ | (44,806) | $ | (20,234) | $ | 908,103 |
|                       | 29,372 | 27,328 | $ | 849,560 | $ | 31.09 | $ | 4.30 | $ | 3.70 | $ | 586,036 | $ | 719,404 | $ | 3,189,337 |

|       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 (ii) on page 27 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 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. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|       7) | Comprised of the operating Minto gold interest 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. |
|-----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | 6.0 million silver equivalent ounces of gold production (97,000 ounces of gold) from the 777 gold interest, which was acquired in August 2012, along with the Sudbury and Salobo gold interests, which were acquired in early 2013; |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | 637,000 silver ounce (11%) increaserelated to the San Dimas mine, due primarily to higher grades which resulted from reduced mining dilution as well as the mining of high grade pillars; partially offset by |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | 355,000 silver ounce (5%) decrease related to the Peñasquito mine, due primarily to lower grades, partially offset by higher processed tonnage; and |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | 285,000 silver ounce (12%) decrease related to the Barrick mines, primarily due to lower grades at Veladero. |
|---------|-------------------------------------------------------------------------------------------------------------------|

----

| • | $10.5million decrease related to a 1% decrease in payable silver ounces produced during the year ended December 31, 2013; and |
|---------|-------------------------------------------------------------------------------------------------------------------------------|

| • | $37.8 million increase related to payable gold production; and |
|---------|----------------------------------------------------------------|

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

|   | i. | $34.8 million decrease relating to the Yauliyacu mine, which continues to have an inconsistent delivery schedule; |
|--------|----|-------------------------------------------------------------------------------------------------------------------|

|   | ii. | $8.4 million decrease relating to the Peñasquito mine having stockpiled concentrate produced during the year ended December 31, 2013 compared with having sold concentrate produced in prior periods during the comparable period of the prior year; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iii. | $5.1 million decrease relating to gold production at the Minto mine having stockpiled concentrate produced during the year ended December 31, 2013; and |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iv. | $5.1 million decrease relating to the Salobo mine having stockpiled concentrate produced during the year ended December 31, 2013; partially offset by |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | v. | $6.3 million increase relating to the San Dimas mine having sold doré produced in prior periods during the year ended December 31, 2013 as compared to stockpiling doré during the comparable period of the previous year; and |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | vi. | $4.0 million increase relating to the Other mines, primarily attributable to the Campo Morado and Neves-Corvo mines; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

| • | $192.1million decrease due to a reduction in the operating margin per ounce, due primarily to a 23% decrease in the average realized selling price per silver equivalent ounce sold; and |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | $2.7 million decrease as a result of an increase in corporate costs, as explained in the Corporate Costs section of this MD&A ($11.1 million decrease from a cash flow perspective). |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                             | Three Months EndedDecember 31                                            | Year EndedDecember 31                                                    |
|----------------------------------|--------------------------------------------------------------------------|--------------------------------------------------------------------------|
|  (in thousands)             | 2013                                                                     | 2012                                                                     | 2013 | 2012 |
|  General and administrative |  $          7,150 |  $          9,159 |  $       35,308 |  $       30,839 |
| Foreign exchange (gain) loss     | (233)                                                                    | (57)                                                                     | (348) | 29 |
| Interest expense                 | 1,226                                                                    | -                                                                        | 6,083 | - |
| Other expense (income)           | 920                                                                      | 1,335                                                                    | 11,550 | (817) |
| Income tax (recovery) expense    | (12,678)                                                                 | 8,144                                                                    | (5,121) | 14,755 |
|  Total corporate costs      |  $        (3,615)           |  $       18,581                  |  $       47,472 |  $       44,806 |

----

|                                                         | Three Months EndedDecember 31                                            | Year EndedDecember 31                                                    |
|--------------------------------------------------------------|--------------------------------------------------------------------------|--------------------------------------------------------------------------|
|  (in thousands)                                         | 2013                                                                     | 2012                                                                     | 2013 | 2012 |
| Salaries and benefits                                        |                                                                     |                                                                     |   |   |
| Salaries and benefits, excluding PSUs                        |  $          2,926 |  $          3,663 |  $       11,522 |  $       10,173 |
| PSUs                                                         | (803)                                                                    | 472                                                                      | 646 | 1,685 |
| Total salaries and benefits                                  |  $          2,123 |  $          4,135 |  $       12,168 |  $       11,858 |
| Depreciation                                                 | 71                                                                       | 49                                                                       | 240 | 228 |
| Charitable donations                                         | 81                                                                       | 649                                                                      | 2,710 | 1,857 |
| Professional fees                                            | 694                                                                      | 840                                                                      | 3,981 | 2,981 |
| Other                                                        | 1,903                                                                    | 1,914                                                                    | 7,820 | 7,495 |
| Cash settled general and administrative                      |  $          4,872 |  $          7,587 |  $       26,919 |  $       24,419 |
| Equity settled stock based compensation (a non-cash expense) | 2,278                                                                    | 1,572                                                                    | 8,389 | 6,420 |
|  Total general and administrative                       |  $          7,150 |  $          9,159 |  $       35,308 |  $       30,839 |

|                                                                                       | Three Months EndedDecember 31                                                                   | Year EndedDecember 31                                                                           |
|--------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------|
|  (in thousands)                                                                       | 2013                                                                                            | 2012                                                                                            | 2013 | 2012 |
| Dividend income                                                                            |  $              (57) |  $              (23) |  $           (227) |  $              (80) |
| Interest income                                                                            | (15)                                                                                            | (238)                                                                                           | (204) | (1,222) |
| Stand-by fees                                                                              | 721                                                                                             | 214                                                                                             | 2,758 | 897 |
| Loss (gain) on long-term investments - share purchase warrants held                        | -                                                                                               | 1,441                                                                                           | 2,694 | (496) |
| Amortization of credit facility origination fees - undrawn facilities                      | 253                                                                                             | -                                                                                               | 1,910 | - |
| Write off of credit facility origination fees upon the cancellation of the Bridge Facility | -                                                                                               | -                                                                                               | 4,490 | - |
| Other                                                                                      | 18                                                                                              | (59)                                                                                            | 129 | 84 |
|  Total other expense (income)                                                         |  $             920        |  $          1,335                        |  $       11,550 |  $           (817) |

| ·   | A $2.7 million unrealized loss related to the fair value adjustment in warrants held during the current period as compared to a $0.5 million unrealized gain during the comparable period of the previous year; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | As further explained in Note 12 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; and (ii) a $1.5 billion bridge financing facility having a 1-year term (the “Bridge Facility”).  The Company paid |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | The amortization of debt origination fees in the amount of $1.9 million during the current period associated with the undrawn portion of the Bridge Facility and the Revolving Facility; and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Stand-by fees in the amount of $2.8 million during the current period as compared to $0.9 during the comparable period of the previous year, with the increase being primarily attributable to the Company replacing its pre-existing $400 million revolving credit facility with the new  $1 billion Revolving Facility on February 28, 2013 (see above), which was fully undrawn as at December 31, 2013. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                               | Three Months EndedDecember 31                                                                       | Year EndedDecember 31                                                                               |
|------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|
|  (in thousands)                                                               | 2013                                                                                                | 2012                                                                                                | 2013 | 2012 |
|  Current income tax expense related to foreign jurisdictions                  |  $               40 |  $               40 |  $             154 |  $             725 |
|  Deferred income tax expense (recovery) related to:                           |                                                                                                |                                                                                                |   |   |
| Origination and reversal of temporary differences                                  |  $      (12,718)                                                 |  $          6,159                            |  $        (7,381) |  $       11,614 |
| Write down (reversal of write down) of previously recognized temporary differences | -                                                                                                   | 1,945                                                                                               | 2,106 | 2,416 |
|                                                                          |  $      (12,718)                                                 |  $          8,104                            |  $        (5,275) |  $       14,030 |
|  Total income tax (recovery) expense                                          |  $      (12,678)                                                 |  $          8,144                            |  $        (5,121) |  $       14,755 |

----

| i.   | Operating cash flow per share (basic and diluted) is calculated by dividing cash generated by operating activities by the weighted average number of shares outstanding (basic and diluted).  The Company presents operating cash flow per share as management and certain investors use this information to evaluate the Company’s performance in comparison to other companies in the precious metals mining industry who present results on a similar basis. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                  | Three Months EndedDecember 31 | Year EndedDecember 31 |
|-------------------------------------------------------|-------------------------------|-----------------------|
|  (in thousands, except for per share amounts)    |                          | 2013                  |   | 2012 |   | 2013 |   | 2012 |
|  Cash generated by operating activities          |                          | $                     | 124,591 |   | $ | 254,026 |   | $ | 534,133 |   | $ | 719,404 |
|  Divided by:                                     |                          |                  |   |   |   |   |   |   |   |   |   |   |
| Basic weighted average number of shares outstanding   |                          |                  | 357,389 |   |   | 354,301 |   |   | 355,588 |   |   | 353,874 |
| Diluted weighted average number of shares outstanding |                          |                  | 357,869 |   |   | 356,566 |   |   | 356,595 |   |   | 356,008 |
|  Equals:                                         |                          |                  |   |   |   |   |   |   |   |   |   |   |
| Operating cash flow per share - basic                 |                          | $                     | 0.35 |   | $ | 0.72 |   | $ | 1.50 |   | $ | 2.03 |
| Operating cash flow per share - diluted               |                          | $                     | 0.35 |   | $ | 0.71 |   | $ | 1.50 |   | $ | 2.02 |

----

| ii.   | Average cash cost of silver and gold on a per ounce basis is calculated by dividing the total cost of sales, less depletion, by the ounces sold.  In the precious 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 | Year EndedDecember 31 |
|-------------------------------------------------------------------------|--------|-------------------------------|-----------------------|
|  (in thousands, except for gold ounces sold and per ounce amounts) |   | 2013                          |                  | 2012 |   | 2013 |   | 2012 |
|  Cost of sales                                                     |   | $                             | 77,131                |   | $ | 90,916 |   | $ | 283,505 |   | $ | 218,718 |
| Less:  depletion                                              |   |                          | (39,694)              |   |   | (47,968) |   |   | (144,153) |   |   | (101,229) |
|  Cash cost of sales                                                |   | $                             | 37,437                |   | $ | 42,948 |   | $ | 139,352 |   | $ | 117,489 |
|  Cash cost of sales is comprised of:                               |   |                          |                  |   |   |   |   |   |   |   |   |   |
| Total cash cost of silver sold                                          |   | $                             | 25,121                |   | $ | 30,237 |   | $ | 94,054 |   | $ | 100,798 |
| Total cash cost of gold sold                                            |   |                          | 12,316                |   |   | 12,711 |   |   | 45,298 |   |   | 16,691 |
|  Total cash cost of sales                                          |   | $                             | 37,437                |   | $ | 42,948 |   | $ | 139,352 |   | $ | 117,489 |
|  Divided by:                                                       |   |                          |                  |   |   |   |   |   |   |   |   |   |
| Total silver ounces sold                                                |   |                          | 6,064                 |   |   | 7,347 |   |   | 22,823 |   |   | 24,850 |
| Total gold ounces sold                                                  |   |                          | 31,224                |   |   | 32,960 |   |   | 117,319 |   |   | 46,094 |
| Total silver equivalent ounces sold 1                                   |   |                          | 7,973                 |   |   | 9,131 |   |   | 29,963 |   |   | 27,328 |
|  Equals:                                                           |   |                          |                  |   |   |   |   |   |   |   |   |   |
| Average cash cost of silver (per ounce)                                 |   | $                             | 4.14                  |   | $ | 4.12 |   | $ | 4.12 |   | $ | 4.06 |
| Average cash cost of gold (per ounce)                                   |   | $                             | 394                   |   | $ | 386 |   | $ | 386 |   | $ | 362 |
| Average cash cost (per silver equivalent ounce 1)                       |   | $                             | 4.70                  |   | $ | 4.70 |   | $ | 4.65 |   | $ | 4.30 |

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

----

| iii.   | Cash operating margin is calculated by subtracting the average cash cost of silver and gold on a per ounce basis from the average realized selling price of silver and gold on a per ounce basis.  The Company presents cash operating margin as management and certain investors use this information to evaluate the Company’s performance in comparison to other companies in the precious metals mining industry who present results on a similar basis. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                      |  Three Months EndedDecember 31 |  Year Ended December 31 |
|---------------------------------------------------------------------------|-------------------------------------|------------------------------|
|  (in thousands, except for per ounce amounts)                        |                                | 2013                         |   | 2012  |   | 2013 |   | 2012  |
|   Average realized selling price of silver and gold                  |                                |                         |   |   |   |   |   |   |
| Sales                                                                     | $                                   | 167,416                      | $ | 287,241 | $ | 706,472 | $ | 849,560 |
| Divided by - total silver equivalent ounces sold 1                        |                                | 7,973                        |   | 9,131 |   | 29,963 |   | 27,328 |
|  Equals - average realized price ($'s per silver equivalent ounce 1) | $                                   | 21.00                        | $ | 31.46 | $ | 23.58 | $ | 31.09 |
| Less - average cash cost ($'s per silver equivalent ounce 1,2)            |                                | (4.70)                       |   | (4.70) |   | (4.65) |   | (4.30) |
|  Cash operating margin per silver equivalent ounce 1                 | $                                   | 16.30                        | $ | 26.76 | $ | 18.93 | $ | 26.79 |

| 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 (ii) on page 27 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. 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 ofContract |
|---------------------------------------|-----------------------------------------------|----------------------------|------------------|-----------------|
|  Silver                          | Gold                                          | Silver                     | Gold             |
| San Dimas                             |  100% 3                             |  0%                   | $                | 4.16            |   | n/a | Life of Mine | 15-Oct-04 |
| Yauliyacu                             |  100% 4                            |  0%                   | $                | 4.12            |   | n/a | 20 years | 23-Mar-06 |
| Peñasquito                       |  25%                                     |  0%                   | $                | 4.02            |   | n/a | Life of Mine | 24-Jul-07 |
| 777                                   |  100%                                    |  100%/50% 5     | $                | 5.906     | $ | 4006 | Life of Mine | 8-Aug-12 |
| Salobo                                |  0%                                      |  25%                  |             | 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 | 6 years 7 | 8-Sep-09 |
| Pierina                               |  100%                                    |  0%                   | $                | 3.90            |   | n/a | 6 years 7 | 8-Sep-09 |
| Veladero                              |  100% 8                            |  0%                   | $                | 3.90            |   | n/a | 6 years 7 | 8-Sep-09 |
| Other                                 |                                          |                       |             |            |   |   |   |   |
| Los Filos 3                           |  100%                                    |  0%                   | $                | 4.20            |   | n/a | 25 years | 15-Oct-04 |
| Zinkgruvan                            |  100%                                    |  0%                   | $                | 4.21            |   | n/a | Life of Mine | 8-Dec-04 |
| Stratoni                              |  100%                                    |  0%                   | $                | 4.06            |   | n/a | Life of Mine | 23-Apr-07 |
| Minto                                 |  100%                                    |  100% 9         | $                | 4.02            | $ | 309 | Life of Mine | 20-Nov-08 |
| Cozamin                               |  100%                                    |  0%                   | $                | 4.16            |   | n/a | 10 years | 4-Apr-07 |
| Neves-Corvo                           |  100%                                    |  0%                   | $                | 4.06            |   | n/a | 50 years | 5-Jun-07 |
| Aljustrel                             |  100%                                    |  0%                   | $                | 4.02            |   | n/a | 50 years | 5-Jun-07 |
| Mineral Park                          |  100%                                    |  0%                   | $                | 3.94            |   | n/a | Life of Mine | 17-Mar-08 |
| Campo Morado                          |  75%                                     |  0%                   | $                | 3.98            |   | n/a | Life of Mine | 13-May-08 |
| Keno Hill                             |  25%                                     |  0%                   | $                | 3.90            |   | 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 10 |
| Constancia                            | 100%                                          |  50% 11     | $                | 5.906     | $ | 4006 | Life of Mine | 8-Aug-12 |
| Early Deposit                         |                                          |                       |             |            |   |   |   |   |
| Toroparu                              | 100%                                          |  10% 12     |             | 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)   | Until August 6, 2014, Silver Wheaton is committed to purchase from Primero 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 is committed to purchase an additional 1.5 million ounces of silver per annum to be delivered by Goldcorp for a per ounce cash payment equal to that applicable under the Los Filos silver purchase agreement.  After August 6, 2014, 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, 2013, representing the seven year anniversary, was 15.2 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)   | The Company is committed to purchase silver production from the currently producing mines until December 31, 2016. |
|----------------|--------------------------------------------------------------------------------------------------------------------|

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

| 11)   | 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. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12)   | During the 90 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).  |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

----

|                                     |   | Obligations With Scheduled Payment Dates                                  | Other Commitments |                                                                                  |      |
|------------------------------------------|--------|---------------------------------------------------------------------------|-------------------|---------------------------------------------------------------------------------------|-----------|
|  (in thousands)                     | 2014   | 2015 - 2017                                                               | 2018 - 2019       | After 2019                                                                            | Sub-Total | Total |
|  Bank debt 1                   | $      |             - | $                 |  1,000,000                                                                       | $         |             - | $ |             - | $ |  1,000,000 | $ |             - |  $ |  1,000,000 |
| Interest 2                          |   |     14,620                                            |              |       23,620                                            |      |             - |   |             - |   |      38,240 |   |             - |   |       38,240 |
| Silver and gold interest payments 3 |   |                                                                      |              |                                                                                  |      |   |   |   |   |   |   |   |   |   |
| Rosemont 4                               |   |             - |              |               - |      |             - |   |             - |   |               - |   |   231,150 |   |     231,150 |
| Loma de La Plata                         |   |             - |              |               - |      |             - |   |             - |   |               - |   |     32,400 |   |       32,400 |
| Constancia                               |   |             - |              |               - |      |             - |   |             - |   |               - |   |   260,000 |   |     260,000 |
| Toroparu                                 |   |             - |              |               - |      |             - |   |             - |   |               - |   |   135,000 |   |     135,000 |
| Operating leases                         |   |          485                 |              |         3,500                                 |      |       2,162 |   |       5,680 |   |       11,827 |   |             - |   |       11,827 |
|  Total contractual obligations      | $      |     15,105                                            | $                 |  1,027,120                                                                       | $         |       2,162 | $ |       5,680 | $ |  1,050,067 | $ |   658,550 |  $ |  1,708,617 |

| 1)   | At December 31, 2013, the Company had $1.0 billion outstanding on the NRT Loan and $Nil outstanding on the Revolving Facility. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------|

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

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

| 4) | Includes contingent transaction costs of $1.1 million. |
|----|--------------------------------------------------------|

----

|  1 |  If Silver Wheaton shares are used, the number of common shares will be calculated based on the volume weighted average trading price of the Company on the Toronto Stock Exchange for the ten consecutive trading days immediately prior to the date the consideration is payable. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

  
|  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” for material risks, assumptions and important disclosure associated with this information. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

| ·   | IAS 32 – Financial Instruments: Presentation (amended 2011) |
|--------------------|-------------------------------------------------------------------|

| ·   | IFRS 9 (2013) – Financial Instruments (amended 2013): The IASB recently suspended the originally planned effective date of January 1, 2015 and at present the effective date has not been determined. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | 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                       | 83.8    | 34.7     | 93.4                  | 48.7    | 24.7 | 38.7 | 132.5 | 31.0 | 132.1 | 53-65% |
| Heap Leach                 | 10.5    | 32.7     | 11.0                  | 10.4    | 24.6 | 8.2 | 20.9 | 28.7 | 19.2 | 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)         | 9.8     | 3.8      | 1.2                   | 52.1    | 3.8 | 6.4 | 61.9 | 3.8 | 7.6 | 19% |
| Veladero (11)              | 7.3     | 14.3     | 3.4                   | 92.0    | 14.3 | 42.2 | 99.4 | 14.3 | 45.6 | 6% |
| Yauliyacu (11, 12)         | 1.1     | 106.0    | 3.6                   | 3.3     | 110.0 | 11.7 | 4.4 | 109.0 | 15.3 | 85% |
| 777 (13, 14)               | 5.0     | 27.3     | 4.4                   | 6.4     | 28.5 | 5.9 | 11.4 | 28.0 | 10.3 | 64% |
| Neves-Corvo                |    |     |                  |    |   |   |   |   |   |   |
| Copper                     | 5.8     | 41.0     | 7.7                   | 21.2    | 36.0 | 24.5 | 27.0 | 37.1 | 32.2 | 35% |
| Zinc                       | 10.7    | 74.0     | 25.5                  | 12.6    | 67.0 | 27.1 | 23.3 | 70.2 | 52.6 | 20% |
| Rosemont (15)              | 279.5   | 4.1      | 37.0                  | 325.8   | 4.1 | 43.1 | 605.3 | 4.1 | 80.1 | 76% |
| Constancia                 | 359.0   | 3.3      | 38.3                  | 91.0    | 3.6 | 10.6 | 450.0 | 3.4 | 48.9 | 71% |
| Mineral Park (15)          | 189.5   | 2.8      | 16.9                  | 145.2   | 3.0 | 14.0 | 334.7 | 2.9 | 30.9 | 49% |
| Zinkgruvan                 |    |     |                  |    |   |   |   |   |   |   |
| Zinc                       | 8.5     | 86.0     | 23.5                  | 3.3     | 51.0 | 5.4 | 11.8 | 76.2 | 28.9 | 87% |
| Copper                     | 3.8     | 31.0     | 3.8                   | 0.1     | 35.0 | 0.1 | 3.9 | 31.1 | 3.9 | 78% |
| Aljustrel                  |    |     |                  |    |   |   |   |   |   |   |
| Copper                     | 2.2     | 19.2     | 1.3                   | 8.4     | 15.3 | 4.1 | 10.6 | 16.1 | 5.5 | 25% |
| Campo Morado (75%)         | 0.8     | 158.2    | 4.0                   | 0.2     | 133.3 | 0.6 | 0.9 | 154.3 | 4.7 | 45% |
| Stratoni                   | 0.8     | 172.0    | 4.2                   | 0.4     | 176.0 | 2.1 | 1.1 | 173.3 | 6.3 | 84% |
| Minto                      | 6.0     | 5.1      | 1.0                   | 7.0     | 5.2 | 1.2 | 13.0 | 5.1 | 2.2 | 78% |
| Cozamin (11)               |    |     |                  |    |   |   |   |   |   |   |
| Copper                     | 1.8     | 61.3     | 3.6                   | 3.2     | 45.4 | 4.6 | 5.0 | 51.2 | 8.2 | 72% |
| Los Filos                  | 67.2    | 5.6      | 12.2                  | 243.2   | 5.4 | 42.3 | 310.4 | 5.5 | 54.5 | 5% |
|  Total Silver         |    |     | 324.1                 |    |   | 482.9 |   |   | 807.0 |   |
|  Gold                 |    |     |                  |    |   |   |   |   |   |   |
| Salobo (25%) (16)          | 160.4   | 0.41     | 2.12                  | 123.7   | 0.32 | 1.27 | 284.1 | 0.37 | 3.39 | 66% |
| Sudbury (70%) (11)         | 37.2    | 0.36     | 0.43                  | 25.8    | 0.36 | 0.30 | 63.0 | 0.36 | 0.72 | 81% |
| 777 (13, 14)               | 3.7     | 1.89     | 0.23                  | 4.9     | 1.89 | 0.30 | 8.6 | 1.89 | 0.52 | 73% |
| Constancia (50%)           | 179.5   | 0.05     | 0.29                  | 45.5    | 0.13 | 0.19 | 225.0 | 0.07 | 0.49 | 61% |
| Minto                      | 6.0     | 0.66     | 0.13                  | 7.0     | 0.54 | 0.12 | 13.0 | 0.60 | 0.25 | 74% |
| Toroparu (10%) (17)        | 3.0     | 1.10     | 0.10                  | 9.7     | 0.98 | 0.31 | 12.7 | 1.01 | 0.41 | 89% |
|  Total Gold           |    |     | 3.30                  |    |   | 2.49 |   |   | 5.79 |   |

----

|                  | 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                       | 8.1      | 23.5      | 6.1                      | 62.1 | 30.8 | 61.5 | 70.2 | 30.0 | 67.6 |
| Heap Leach                 | 0.1      | 11.1      | 0.02                     | 1.0 | 15.8 | 0.5 | 1.0 | 15.6 | 0.5 |
| 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)         | 0.7      | 120.4     | 2.6                      | 5.4 | 228.5 | 39.6 | 6.1 | 216.5 | 42.2 |
| Neves-Corvo                |     |      |                     |   |   |   |   |   |   |
| Copper                     | 4.8      | 49.4      | 7.7                      | 24.6 | 52.8 | 41.7 | 29.4 | 52.2 | 49.4 |
| Zinc                       | 13.3     | 60.5      | 25.9                     | 55.3 | 55.3 | 98.3 | 68.6 | 56.3 | 124.2 |
| Rosemont (15)              | 38.5     | 3.0       | 3.7                      | 197.7 | 2.7 | 17.1 | 236.2 | 2.7 | 20.8 |
| Constancia                 | 119.3    | 2.3       | 8.6                      | 344.1 | 2.0 | 21.9 | 463.3 | 2.0 | 30.5 |
| Mineral Park (15)          | -        | -         | -                        | 539.4 | 2.3 | 40.5 | 539.4 | 2.3 | 40.5 |
| Zinkgruvan                 |     |      |                     |   |   |   |   |   |   |
| Zinc                       | 0.7      | 146.4     | 3.5                      | 3.4 | 123.5 | 13.5 | 4.1 | 127.6 | 17.0 |
| Copper                     | 1.4      | 23.3      | 1.0                      | 0.6 | 37.0 | 0.7 | 1.9 | 27.2 | 1.7 |
| Aljustrel                  |     |      |                     |   |   |   |   |   |   |
| Zinc                       | 1.3      | 65.6      | 2.7                      | 20.5 | 60.3 | 39.7 | 21.8 | 60.7 | 42.4 |
| Copper                     | -        | -         | -                        | 0.1 | 11.7 | 0.04 | 0.1 | 11.7 | 0.04 |
| Campo Morado (75%)         | 5.0      | 128.9     | 20.6                     | 2.4 | 123.5 | 9.7 | 7.4 | 127.1 | 30.2 |
| Stratoni                   | 0.2      | 213.9     | 1.1                      | 0.2 | 224.3 | 1.3 | 0.3 | 219.4 | 2.3 |
| Minto                      | 7.4      | 3.9       | 0.9                      | 31.2 | 3.4 | 3.4 | 38.6 | 3.5 | 4.3 |
| Keno Hill (25%)            |     |      |                     |   |   |   |   |   |   |
| Underground                | -        | -         | -                        | 0.7 | 479.0 | 10.0 | 0.7 | 479.0 | 10.0 |
| Elsa Tailings              | -        | -         | -                        | 0.6 | 119.0 | 2.4 | 0.6 | 119.0 | 2.4 |
| Los Filos                  | 9.9      | 11.5      | 3.6                      | 71.4 | 7.1 | 16.2 | 81.3 | 7.6 | 19.8 |
| Loma de La Plata (12.5%)   | -        | -         | -                        | 3.6 | 169.0 | 19.8 | 3.6 | 169.0 | 19.8 |
|  Total Silver         |     |      | 91.2                     |   |   | 463.2 |   |   | 554.4 |
|  Gold                 |     |      |                     |   |   |   |   |   |   |
| Salobo (25%) (16)          | 12.3     | 0.47      | 0.19                     | 48.8 | 0.37 | 0.58 | 61.1 | 0.39 | 0.77 |
| Sudbury (70%) (11)         | -        | -         | -                        | 26.5 | 0.47 | 0.40 | 26.5 | 0.47 | 0.40 |
| Constancia (50%)           | 59.6     | 0.04      | 0.07                     | 172.0 | 0.03 | 0.19 | 231.7 | 0.03 | 0.26 |
| Minto                      | 7.4      | 0.44      | 0.10                     | 31.2 | 0.32 | 0.32 | 38.6 | 0.34 | 0.42 |
| Toroparu (10%) (17)        | 0.9      | 0.87      | 0.03                     | 7.9 | 0.83 | 0.21 | 8.8 | 0.84 | 0.24 |
|  Total Gold           |     |      | 0.39                     |   |   | 1.70 |   |   | 2.09 |

----

|                  | Inferred |
|----------------------------|----------|
|                       | Tonnage  | Grade | Contained |
|                       | Mt       | g/t | Moz |
|  Silver               |     |   |   |
| Peñasquito (25%) (14) |     |   |   |
| Mill                       | 10.2     | 30.8 | 10.1 |
| Heap Leach                 | 0.4      | 14.5 | 0.2 |
| San Dimas (10, 14)         | 7.3      | 309.5 | 73.0 |
| Pascua-Lama (25%) (14)     | 4.9      | 20.1 | 3.2 |
| Yauliyacu (11, 12)         | 5.8      | 180.8 | 33.5 |
| 777 (13, 14)               | 0.8      | 31.1 | 0.8 |
| Neves-Corvo                |     |   |   |
| Copper                     | 24.7     | 44.7 | 35.5 |
| Zinc                       | 22.5     | 51.0 | 36.9 |
| Rosemont (15)              | 104.5    | 3.3 | 11.1 |
| Constancia                 | 222.9    | 1.9 | 13.4 |
| Mineral Park (15)          | 362.2    | 2.7 | 31.1 |
| Zinkgruvan                 |     |   |   |
| Zinc                       | 5.0      | 83.0 | 13.3 |
| Copper                     | 0.6      | 34.0 | 0.7 |
| Aljustrel                  |     |   |   |
| Zinc                       | 8.7      | 50.4 | 14.0 |
| Copper                     | 4.7      | 16.0 | 2.4 |
| Campo Morado (75%)         | 1.7      | 128.9 | 7.1 |
| Stratoni                   | 0.5      | 169.0 | 2.7 |
| Minto                      | 16.2     | 3.2 | 1.7 |
| Keno Hill (25%)            |     |   |   |
| Underground                | 0.2      | 368.9 | 2.5 |
| Los Filos                  | 191.7    | 6.0 | 36.8 |
| Loma de La Plata (12.5%)   | 0.2      | 76.0 | 0.4 |
|  Total Silver         |     |   | 330.2 |
|  Gold                 |     |   |   |
| Salobo (25%) (16)          | 37.0     | 0.31 | 0.37 |
| Sudbury (70%) (11)         | 12.6     | 0.47 | 0.19 |
| 777 (13, 14)               | 0.4      | 1.75 | 0.02 |
| Constancia (50%)           | 111.5    | 0.03 | 0.13 |
| Minto                      | 16.2     | 0.34 | 0.18 |
| Toroparu (10%) (17)        | 13.0     | 0.74 | 0.31 |
|  Total Gold           |     |   | 1.19 |

----

| 1.   | All Mineral Reserves and Mineral Resources have been calculated in accordance with the CIM Standards and NI 43-101, or the AusIMM JORC equivalent. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 – Christopher Jacobs, CEng MIMMM (Vice President and Mining Economist), James Turner, CEng MIMMM (Senior Mineral Process Engineer), Barnard Foo, M.Eng., P. 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, Campo Morado, Mineral Park, Neves-Corvo, Zinkgruvan and Aljustrel mines 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, 2013 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.   | Resources and Reserves for 777, Sudbury, Cozamin, Minto and Campo Morado’s G-9 are reportedas of December 31, 2012. |
|----------------|---------------------------------------------------------------------------------------------------------------------------|

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

| c.   | Resources and Reserves for Neves-Corvo and Zinkgruvan are reported as of June 30, 2013. |
|----------------|-----------------------------------------------------------------------------------------|

|                    d. | Resources and Reserves for Mineral Park are reported as of June 1, 2013. |
|----------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|

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

| f.   | Resources for the Constancia and Pampacancha deposits are reported as of August 23, 2011 and April 2, 2012, respectively.  Reserves for both Constancia and Pampacancha deposits are reported as of August 8, 2012. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| g.   | Resources and Reserves for Aljustrel’s Feitais and Moinho deposits are reported as of November 30, 2010, Resources for the Estaçao deposit are reported as of December 31, 2007. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| h.   | Resources for Campo Morado’s El Largo, El Rey, Naranjo and Reforma deposits are reported as of October 13, 2005. |
|----------------|------------------------------------------------------------------------------------------------------------------------|

| i.   | Resources for Keno Hill’s Elsa Tailings are reported as of April 22, 2010, Lucky Queen and Onek deposits as of July 27, 2011, Bermingham as of June 27, 2012, Flame and Moth as of January 30, 2013, Bellekeno Inferred Resources as of May 31, 2012 and Bellekeno Indicated Resources as of September 30, 2013. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| j.   | Resources for Loma de La Plata are reported as of May 20, 2009. |
|----------------|-----------------------------------------------------------------|

| 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 $1,300 per ounce gold, $22 per ounce silver, $3.00 per pound copper, $0.90 per pound lead and $0.90 per pound zinc. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

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

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

| d.   | Yauliyacu - $22.00 per ounce silver, $3.27 per pound copper, $0.98 per pound lead and $0.91 per pound zinc. |
|----------------|-------------------------------------------------------------------------------------------------------------|

| e.   | 777 – $1,250 per ounce gold, $25.00 per ounce silver, $2.75 per pound copper and $1.01 per pound zinc. |
|----------------|--------------------------------------------------------------------------------------------------------------|

| f.   | Neves-Corvo – 1.6% Cu cut-off for the copper Reserve and 4.8% Zn cut-off for all the zinc Reserves. |
|----------------|-----------------------------------------------------------------------------------------------------------|

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

| h.   | Constancia - $1,150 per ounce gold, $23.00 per ounce silver, $2.75 per pound copper and $14.00 per pound molybdenum. |
|----------------|----------------------------------------------------------------------------------------------------------------------|

| i.   | Mineral Park – 0.21% Cu equivalent cut-off assuming $3.90 per ounce silver, $2.60 per pound copper and $9.95 per pound molybdenum. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------|

| j.   | Zinkgruvan – 3.8% Zn equivalent cut-off for the zinc Reserve assuming $2.50 per pound copper and $1.00 per pound lead and zinc and 1.5% Cu cut-off for the copper Reserve. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| k.   | Aljustrel – 1.5% Cu cut-off for all copper Reserves, 4.5% Zn cut-off for all zinc Reserves. |
|----------------|---------------------------------------------------------------------------------------------------|

| l.   | Campo Morado - $18.92 per ounce silver for the G-9 zones. |
|----------------|-----------------------------------------------------------|

| m.   | Stratoni – 16.85% Zn equivalent assuming $1,250 per ounce gold, $16.50 per ounce silver, $3.00 per pound copper, $0.95 per pound lead and $0.86 per pound zinc. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| n.   | Minto – 0.5% Cu cut-off for Open Pit and $64.4 per tonne NSR cut-off for Underground assuming $300 per ounce gold, $3.90 per ounce silver and $2.50 per pound copper. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o.   | Cozamin - $40 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. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

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

| q.   | Salobo – 0.249% Cu equivalent cut-off assuming $1,200 per ounce gold and $3.45 per pound copper. |
|----------------|--------------------------------------------------------------------------------------------------------|

| r.   | Sudbury - $1,150 per ounce gold, $9.41 per pound nickel, $3.67 per pound copper, $1,650 per ounce platinum, $703 per ounce palladium and $15.66 per pound cobalt. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| s.   | Toroparu - $1,070 per ounce gold for fresh rock and $970 per ounce gold for saprolite. |
|----------------|----------------------------------------------------------------------------------------|

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

| a.   | Peñasquito - $1,500 per ounce gold, $24.00 per ounce silver, $3.50 per pound copper, $1.00 per pound lead and $1.00 per pound zinc. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------|

| b.   | San Dimas – 0.2 grams per tonne Au equivalent assuming $1,300 per ounce gold and $20.00 per ounce silver. |
|----------------|-----------------------------------------------------------------------------------------------------------------|

----

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

| d.   | Yauliyacu – $22.00 per ounce silver, $3.27 per pound copper, $0.98 per pound lead and $0.91 per pound zinc. |
|----------------|-------------------------------------------------------------------------------------------------------------------|

| e.   | 777 – $1,250 per ounce gold, $25.00 per ounce silver, $2.75 per pound copper and $1.01 per pound zinc. |
|----------------|--------------------------------------------------------------------------------------------------------------|

| f.   | Neves-Corvo – 1.0% Cu cut-off for the copper Resource and 3.0% Zn cut-off for the zinc Resource. |
|----------------|--------------------------------------------------------------------------------------------------------|

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

| h.   | Constancia – 0.12% Cu cut-off for Constancia and 0.20% Cu cut-off for Pampacancha. |
|----------------|------------------------------------------------------------------------------------------|

| i.   | Mineral Park – 0.126% Cu equivalent cut-off assuming $3.90 per ounce silver, $3.66 per pound copper and $13.65 per pound molybdenum. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------|

| j.   | Zinkgruvan – 3.8% Zn equivalent cut-off for the zinc Resource assuming $2.50 per pound copper and $1.00 per pound lead and zinc and 1.0% Cu cut-off for the copper Resource. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| k.   | Aljustrel – 1.5% Cu cut-off for all copper Resources, 4.5% Zn cut-off for Feitais and Moinho zinc Resources and 4.0% for Estação zinc Resources. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| l.   | Campo Morado – $18.92 per ounce silver for the G-9 zones and 5% Zn cut-off for the El Largo, El Rey, Naranjo and Reforma deposits. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------|

| m.   | Stratoni - $1,250 per ounce gold, $16.50 per ounce silver, $3.00 per pound copper, $0.95 per pound lead and $0.86 per pound zinc. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------|

| n.   | Minto – 0.5% Cu cut-off. |
|----------------|--------------------------------|

| o.   | Cozamin – $35 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. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| p.   | Keno Hill |
|----------------|-----------|

| i.   | Bellekeno and Flame and Moth - $185 per tonne NSR cut-off assuming $1,400 per ounce gold, $22.50 per ounce silver, $0.95 per ounce lead and $0.85 per ounce zinc. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ii.   | Bermingham - $185 per tonne NSR cut-off assuming $1,350 per ounce gold, $23.00 per ounce silver, $0.95 per pound lead and $0.85 per pound zinc. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

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

| iv.   | Elsa Tailings – 50 g/t Ag cut-off. |
|-----------------|------------------------------------------|

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

| r.   | Loma de La Plata – $12.50 per ounce silver and $0.50 per pound lead. |
|----------------|----------------------------------------------------------------------------|

| s.   | Salobo – 0.296% Cu equivalent assuming $1,500 per ounce gold $3.67 per pound copper. |
|----------------|--------------------------------------------------------------------------------------------|

| t.   | Sudbury - $1,150 per ounce gold, $9.41 per pound nickel, $3.67 per pound copper, $1,650 per ounce platinum, $702 per ounce palladium and $15.66 per pound cobalt. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| u.   | Toroparu - $1,350 per ounce gold. |
|----------------|-----------------------------------|

| 10.   | The San Dimas silver purchase agreement provides that from August 6, 2010 until August 5, 2014, Primero Mining Corp. (“Primero”) will deliver to the Company 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 the Company will receive an additional 1.5 million ounces of silver per annum to be delivered by Goldcorp Inc. (“Goldcorp”).  Beginning August 6, 2014, Primero will deliver to the Company a per annum amount equal to the first 6.0 million ounces of payable silver produced at San Dimas and 50% of any excess, for the life of the mine. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.   | The Company’s attributable Resources and Reserves for 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 International AG 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 purchase agreement provides that Hudbay Minerals Inc. (“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 Resources and Reserves constrained to the production expected for the 777 contract. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| a.   | Peñasquito - Goldcorp amended MD&A on February 14, 2014; |
|----------------|------------------------------------------------------------------------|

| b.   | San Dimas - Primero news release filed on March 5, 2014; and |
|----------------|-----------------------------------------------------------------------------|

| c.   | Pascua-Lama - Barrick Gold Corp. amended MD&A filed on March 6, 2014. |
|----------------|------------------------------------------------------------------------------------------|

| 15.   | The Mineral Park and Rosemont Resources and 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 Salobo, which is available on SEDAR at www.sedar.com. |
|-----------------|----------------------------------------------------------------------------------------------------|

| 17.   | As more fully described in the Early Deposit Gold Interest section of the MD&A, the Company’s agreement with Sandspring is an early deposit structure whereby the Company will have the option to secure a 10% gold stream on Toroparu 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 mine 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 Resources and Reserves will be influenced by changes in the commodity prices of other metals at the time. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| /s/ Randy Smallwood | /s/ Gary Brown |
|---------------------|----------------|

| Randy Smallwood | Gary Brown |
|-----------------|------------|

| President & Chief Executive Officer | Senior Vice President & Chief Financial Officer |
|-----------------------------------------|-----------------------------------------------------|

----

----

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

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

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

|  /s/ Randy Smallwood |  /s/ Gary Brown |
|---------------------------|----------------------|

|  Randy Smallwood |  Gary Brown |
|-----------------------|------------------|

|  President & Chief Executive Officer |  Senior Vice President & Chief Financial Officer |
|-----------------------------------------------|-----------------------------------------------------------|

----

----

|                                                                                                                |   | Years Ended December 31 |
|---------------------------------------------------------------------------------------------------------------------|--------|-------------------------|
|  (US dollars and shares in thousands, except per share amounts)                                                | Note   | 2013                    | 2012 |
|  Sales                                                                                                         | 5      | $                       | 706,472 | $ | 849,560 |
|  Cost of sales                                                                                                 |   |                    |   |   |   |
| Cost of sales, excluding depletion                                                                                  |   | $                       | 139,352 | $ | 117,489 |
| Depletion                                                                                                           |   |                    | 144,153 |   | 101,229 |
|  Total cost of sales                                                                                           |   | $                       | 283,505 | $ | 218,718 |
|  Earnings from operations                                                                                      |   | $                       | 422,967 | $ | 630,842 |
|  Expenses and other income                                                                                     |   |                    |   |   |   |
| General and administrative 1                                                                                        | 6      | $                       | 35,308 | $ | 30,839 |
| Foreign exchange (gain) loss                                                                                        |   |                    | (348) |   | 29 |
| Interest expense                                                                                                    | 12     |                    | 6,083 |   | - |
| Other expense (income)                                                                                              | 7      |                    | 11,550 |   | (817) |
|                                                                                                           |   | $                       | 52,593 | $ | 30,051 |
|  Earnings before income taxes                                                                                  |   | $                       | 370,374 | $ | 600,791 |
| Income tax recovery (expense)                                                                                       | 20     |                    | 5,121 |   | (14,755) |
|  Net earnings                                                                                                  |   | $                       | 375,495 | $ | 586,036 |
|                                                                                                                |   |                    |   |   |   |
| Basic earnings per share                                                                                            |   | $                       | 1.06 | $ | 1.66 |
| Diluted earnings per share                                                                                          |   | $                       | 1.05 | $ | 1.65 |
|  Weighted average number of shares outstanding                                                                 |   |                    |   |   |   |
| Basic                                                                                                               | 16     |                    | 355,588 |   | 353,874 |
| Diluted                                                                                                             | 16     |                    | 356,595 |   | 356,008 |
|  1) Equity settled stock based compensation (a non-cash item) included in general and administrative expenses. |   | $                       | 8,389 | $ | 6,420 |
|                                                                                                                |   |                    |   |   |   |
|                                                                                                                |   |                    |   |   |   |
|                                                                                                                |   |                    |   |   |   |
|                                                                                                                |   |                    |   |   |   |
|                                                                                                                |   |                    |

----

|                                                |   | Years Ended December 31 |
|-----------------------------------------------------|--------|-------------------------|
|  (US dollars in thousands)                     | Note   | 2013                    | 2012 |
|  Net earnings                                  |   | $                       | 375,495 | $ | 586,036 |
| Other comprehensive income (loss)                   |   |                    |   |   |   |
| Items that will not be reclassified to net earnings |   |                    |   |   |   |
| Loss on long-term investments - common shares held  | 9      | $                       | (77,881) | $ | (31,134) |
| Deferred income tax recovery                        | 20     |                    | 1,784 |   | 2,479 |
|  Total other comprehensive loss                |   | $                       | (76,097) | $ | (28,655) |
|  Total comprehensive income                    |   | $                       | 299,398 | $ | 557,381 |

----

|                                             | Note   | December 31 | December 31 |
|--------------------------------------------------|--------|-------------|-------------|
| (US dollars in thousands)                        | 2013   | 2012        |
|  Assets                                     |   |        |        |   |   |
| Current assets                                   |   |        |        |   |   |
| Cash and cash equivalents                        | 17     | $           | 95,823      | $ | 778,216 |
| Accounts receivable                              | 8      |        | 4,619       |   | 6,197 |
| Other                                            |   |        | 845         |   | 966 |
|  Total current assets                       |   | $           | 101,287     | $ | 785,379 |
|  Non-current assets                         |   |        |        |   |   |
| Silver and gold interests                        | 10     | $           | 4,228,484   | $ | 2,281,234 |
| Early deposit - gold interest                    | 11     |        | 13,602      |   | - |
| Long-term investments                            | 9      |        | 40,801      |   | 121,377 |
| Other                                            |   |        | 5,670       |   | 1,347 |
|  Total non-current assets                   |   | $           | 4,288,557   | $ | 2,403,958 |
|  Total assets                               |   | $           | 4,389,844   | $ | 3,189,337 |
|  Liabilities                                |   |        |        |   |   |
| Current liabilities                              |   |        |        |   |   |
| Accounts payable and accrued liabilities         |   | $           | 20,416      | $ | 20,898 |
| Current portion of bank debt                     | 12     |        | -           |   | 28,560 |
| Current portion of performance share units       | 15.1   |        | 718         |   | - |
|  Total current liabilities                  |   | $           | 21,134      | $ | 49,458 |
|  Non-current liabilities                    |   |        |        |   |   |
| Long-term portion of bank debt                   | 12     | $           | 998,136     | $ | 21,500 |
| Deferred income taxes                            | 20     |        | 2,191       |   | 9,250 |
| Performance share units                          | 15.1   |        | 1,837       |   | 2,055 |
|  Total non-current liabilities              |   | $           | 1,002,164   | $ | 32,805 |
|  Total liabilities                          |   | $           | 1,023,298   | $ | 82,263 |
|  Shareholders' equity                       |   |        |        |   |   |
| Issued capital                                   | 13     | $           | 1,879,475   | $ | 1,811,577 |
| Reserves                                         | 14     |        | (25,618)    |   | (1,710) |
| Retained earnings                                |   |        | 1,512,689   |   | 1,297,207 |
|  Total shareholders' equity                 |   | $           | 3,366,546   | $ | 3,107,074 |
|  Total liabilities and shareholders' equity |   | $           | 4,389,844   | $ | 3,189,337 |
|  Commitments and contingencies              | 12, 21 |        |        |   |   |

|            |   |        |
|-----------------|--------|-------------|
| Randy Smallwood |   | John Brough |
| Director        |   | Director    |

----

|                                                                                       |           | Years Ended December 31 |
|--------------------------------------------------------------------------------------------|----------------|-------------------------|
|  (US dollars in thousands)                                                            | Note           | 2013                    | 2012 |
|  Operating activities                                                                 |           |                    |   |   |   |
| Net earnings                                                                               |           | $                       | 375,495 | $ | 586,036 |
| Adjustments for                                                                            |           |                    |   |   |   |
| Depreciation and depletion                                                                 |           |                    | 144,393 |   | 101,457 |
| Amortization of credit facility origination fees:                                          |           |                    |   |   |   |
| Interest expense                                                                           |           |                    | 558 |   | - |
| Amortization of credit facility origination fees - undrawn facilities                      |   7       |                    | 1,910 |   | - |
| Write off of credit facility origination fees upon the cancellation of the Bridge Facility |    7 |                    | 4,490 |   | - |
| Interest expense                                                                           |           |                    | 5,525 |   | - |
| Equity settled stock based compensation                                                    |           |                    | 8,389 |   | 6,420 |
| Performance share units                                                                    | 15.1           |                    | 646 |   | 1,685 |
| Deferred income tax (recovery) expense                                                     | 20             |                    | (5,275) |   | 14,030 |
| Loss (gain) on fair value adjustment of share purchase warrants held                       | 9              |                    | 2,694 |   | (496) |
| Investment income recognized in net earnings                                               |           |                    | (431) |   | (1,367) |
| Other                                                                                      |           |                    | (69) |   | (14) |
| Change in non-cash working capital                                                         | 17             |                    | 1,088 |   | 10,366 |
| Cash generated from operations                                                             |           | $                       | 539,413 | $ | 718,117 |
| Interest paid - expensed                                                                   |           |                    | (5,513) |   | - |
| Interest received                                                                          |           |                    | 233 |   | 1,287 |
|  Cash generated from operating activities                                             | $              | 534,133                 | $ | 719,404 |
|  Financing activities                                                                 |           |                    |   |   |   |
| Bank debt repaid                                                                           | 12             | $                       | (1,725,060) | $ | (28,560) |
| Bank debt drawn                                                                            | 12             |                    | 2,675,000 |   | - |
| Credit facility origination fees                                                           |           |                    | (14,003) |   | - |
| Share purchase warrants exercised                                                          |           |                    | 51,736 |   | 1,878 |
| Share purchase options exercised                                                           |           |                    | 6,390 |   | 11,030 |
| Dividends paid                                                                             | 13.2           |                    | (160,013) |   | (123,852) |
|  Cash generated from (applied to) financing activities                                | $              | 834,050                 | $ | (139,504) |
|  Investing activities                                                                 |           |                    |   |   |   |
| Silver and gold interests                                                                  | 10             | $                       | (2,025,973) | $ | (640,718) |
| Interest paid - capitalized to silver interests                                            |           |                    | (10,954) |   | (671) |
| Silver and gold interests - early deposit                                                  | 11             |                    | (13,450) |   | - |
| Acquisition of long-term investments                                                       | 9              |                    | - |   | (395) |
| Dividend income received                                                                   |           |                    | 227 |   | 80 |
| Other                                                                                      |           |                    | (304) |   | (192) |
|  Cash applied to investing activities                                                 | $              | (2,050,454)             | $ | (641,896) |
|  Effect of exchange rate changes on cash and cash equivalents                         | $              | (122)                   | $ | 11 |
|  Decrease in cash and cash equivalents                                                | $              | (682,393)               | $ | (61,985) |
| Cash and cash equivalents, beginning of year                                               |           | 778,216                 |   | 840,201 |
|  Cash and cash equivalents, end of year                                               | 17             | $                       | 95,823 | $ | 778,216 |

----

|                               |                    |                 |   Reserves                 |                                 |                                                     |
|-----------------------------------------|-------------------------|----------------------|---------------------------------|--------------------------------------|----------------------------------------------------------|
|  (US dollars in thousands)         |   Number of Shares | Issued Capital  | 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, 2012                | 353,500                 | $                    | 1,793,772                       | $                                    | 7,457                                                    | $ | 12,314 | $ | 2,510 | $ | 3,141 | $ | 25,422 | $ | 835,023 | $ | 2,654,217 |
| Total comprehensive income              |                    |                 |                            |                                 |                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Net earnings                            |                    | $                    | -                               | $                                    | -                                                        | $ | - | $ | - | $ | - | $ | - | $ | 586,036 | $ | 586,036 |
| OCI 1                                   |                    |                 | -                               |                                 | -                                                        |   | - |   | - |   | (28,655) |   | (28,655) |   | - |   | (28,655) |
|  Total comprehensive income (loss) |                    | $                    | -                               | $                                    | -                                                        | $ | - | $ | - | $ | (28,655) | $ | (28,655) | $ | 586,036 | $ | 557,381 |
| Fair value of SBC 1                     |                    | $                    | -                               | $                                    | -                                                        | $ | 5,191 | $ | 1,229 | $ | - | $ | 6,420 | $ | - | $ | 6,420 |
| Options 1 exercised                     | 721                     |                 | 14,485                          |                                 | -                                                        |   | (3,455) |   | - |   | - |   | (3,455) |   | - |   | 11,030 |
| RSUs 1 released                         | 61                      |                 | 1,186                           |                                 | -                                                        |   | - |   | (1,186) |   | - |   | (1,186) |   | - |   | - |
| Warrants 1 exercised                    | 94                      |                 | 2,134                           |                                 | (256)                                                    |   | - |   | - |   | - |   | (256) |   | - |   | 1,878 |
| Dividends                               |                    |                 | -                               |                                 | -                                                        |   | - |   | - |   | - |   | - |   | (123,852) |   | (123,852) |
|  At December 31, 2012              | 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        |                    | $                    | -                               | $                                    | -                                                        | $ | - | $ | - | $ | (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 issued                       |                    |                 | -                               |                                 | 53,572                                                   |   | - |   | - |   | - |   | 53,572 |   | - |   | 53,572 |
| Warrants 1 exercised                    | 2,587                   |                 | 58,792                          |                                 | (7,056)                                                  |   | - |   | - |   | - |   | (7,056) |   | - |   | 51,736 |
| Dividends (Note 13.2)                   |                    |                 | -                               |                                 | -                                                        |   | - |   | - |   | - |   | - |   | (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 |

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

----

| 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.   | Changes in Accounting Policies |
|-------------------|--------------------------------|

| 2.18.   | Future Changes in Accounting Policies |
|-------------------|---------------------------------------|

| ·   | IAS 32 – Financial Instruments: Presentation (amended 2011) |
|--------------------|-------------------------------------------------------------------|

| ·   | IFRS 9 (2013) – Financial Instruments (amended 2013): The IASB recently suspended the originally planned effective date of January 1, 2015 and at present the effective date has not been determined. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

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

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

----

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

----

| 3.4.   | 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. |
|--------------------|-------------------------------------------------------------|

| 3.8.   | Income Taxes |
|------------------|--------------|

----

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

----

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

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

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

----

|                                                                                                             |   | Note   | December 31 | December 31 |
|------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|-------------|
| (in thousands)                                                                                                   | 2013   | 2012   |
|  Financial assets                                                                                           |   |   |        |        |   |
| Fair value through net earnings                                                                                  |   |   |        |        |   |
| Long-term investments - warrants held                                                                            | 9      | $      | -           | $           | 2,694 |
| Trade receivables from provisional concentrate sales, net of fair value adjustment                               | 5      |   | 2,457       |        | 5,909 |
| Fair value through other comprehensive income                                                                    |   |   |        |        |   |
| Long-term investments - common shares held                                                                       | 9      |   | 40,801      |        | 118,683 |
| Amortized cost                                                                                                   |   |   |        |        |   |
| Cash and cash equivalents                                                                                        |   |   | 95,823      |        | 778,216 |
| Other accounts receivable                                                                                        | 8      |   | 2,162       |        | 288 |
|                                                                                                        |   | $      | 141,243     | $           | 905,790 |
|  Financial liabilities                                                                                      |   |   |        |        |   |
| Fair value through net earnings                                                                                  |   |   |        |        |   |
| Accrued liabilities from provisional concentrate sales related to fair value adjustment, net of trade receivable | 5      | $      | -           | $           | 634 |
| Amortized cost                                                                                                   |   |   |        |        |   |
| Accounts payable and accrued liabilities                                                                         |   |   | 16,198      |        | 19,094 |
| Bank debt                                                                                                        | 12     |   | 998,136     |        | 50,060 |
|                                                                                                        |   | $      | 1,014,334   | $           | 69,788 |

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

|                                                                               |   | December 31 | December 31 |
|------------------------------------------------------------------------------------|--------|-------------|-------------|
|  (in thousands)                                                               | Note   | 2013        | 2012        |
|  Cash and cash equivalents                                                    |   | $           | 95,823      | $ | 778,216 |
| Trade receivables from provisional concentrate sales, net of fair value adjustment | 8      |        | 2,457       |   | 5,909 |
| Other receivables                                                                  | 8      |        | 2,162       |   | 288 |
|                                                                          |   | $           | 100,442     | $ | 784,413 |

----

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

----

| 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 is in the process of expanding the mill throughput capacity at the Salobo mine (Note 10) to 24 million tonnes per annum (“Mtpa”) from its current 12 Mtpa. If throughput capacity 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 $67 million if throughput capacity is expanded to 28 Mtpa by January 1, 2031 up to $400 million if throughput capacity is expanded to 40 Mtpa prior to January 1, 2021.  This contingent liability is not reflected in the above table. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3)   | In connection with the Constancia precious metal purchase agreement, the Company is 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 has the option to make the $135 million payment in either cash or Silver Wheaton shares, with the number of shares to be determined at the time the payment is made. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 90 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, 2012                                                                                          |
|------------------------------------------------------------------------------------------------------------------|
|  (in thousands)                                                                                             | 2013 | 2014 | 2015 | 2016 | 2017 | Thereafter | Commitments | Total |
|  Non-derivative financial liabilities and commitments                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Bank debt 1                                                                                                 | $ | 28,560 | $ | 21,500 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 50,060 |
| Interest on bank debt 2                                                                                     |   | 472 |   | 145 |   | - |   | - |   | - |   | - |   | - |   | 617 |
| Silver and gold interest payments                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Constancia 3                                                                                                     |   | - |   | - |   | - |   | - |   | - |   | - |   | 250,000 |   | 250,000 |
| Rosemont 4                                                                                                       |   | - |   | - |   | - |   | - |   | - |   | - |   | 230,000 |   | 230,000 |
| Loma de La Plata 5                                                                                               |   | - |   | - |   | - |   | - |   | - |   | - |   | 32,400 |   | 32,400 |
| Accounts payable and accrued liabilities                                                                         |   | 19,094 |   | - |   | - |   | - |   | - |   | - |   | - |   | 19,094 |
| Performance share units                                                                                          |   | - |   | 1,064 |   | 991 |   | - |   | - |   | - |   | - |   | 2,055 |
|  Derivative financial liabilities                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accrued liabilities from provisional concentrate sales related to fair value adjustment, net of trade receivable |   | 634 |   | - |   | - |   | - |   | - |   | - |   | - |   | 634 |
|  Total                                                                                                      | $ | 48,760 | $ | 22,709 | $ | 991 | $ | - | $ | - | $ | - | $ | 512,400 | $ | 584,860 |

| 1)   | As more fully disclosed in Note 12, the bank debt was repaid in full on February 22, 2013. |
|----------------|--------------------------------------------------------------------------------------------|

| 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)   | In connection with the Constancia silver purchase agreement, at December 31, 2012 the Company was committed to pay Hudbay two further payments of $125 million to be made once capital expenditures of $500 million and $1 billion have been incurred at Constancia. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

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

|                                       |   December 31 |   December 31 |
|--------------------------------------------|--------------------|--------------------|
| (in thousands)                             | 2013               | 2012               |
|  Monetary assets                      |               |               |   |   |
| Cash and cash equivalents                  | $                  | 1,029              | $ | 1,007 |
| Accounts receivable                        |               | 41                 |   | 127 |
| Long-term investments - common shares held |               | 39,301             |   | 116,108 |
| Long-term investments - warrants held      |               | -                  |   | 2,694 |
|                                  | $                  | 40,371             | $ | 119,936 |
|  Monetary liabilities                 |               |               |   |   |
| Accounts payable and accrued liabilities   | $                  | 5,724              | $ | 5,785 |
| Performance share units                    |               | 2,367              |   | 1,923 |
|                                  | $                  | 8,091              | $ | 7,708 |

|                                                    |                      |        |   |    |
|---------------------------------------------------------|---------------------------|-------------|--------|---------|
|                                                    | 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) |

|                                                    | As at December 31, 2012   |
|---------------------------------------------------------|---------------------------|
|                                                    | Change in Canadian Dollar |
| (in thousands)                                          | 10%Increase               | 10%Decrease |
|  Increase (decrease) in net earnings               | $                         | (388) | $ | 388 |
| Increase (decrease) in other comprehensive income       |                      | 11,611 |   | (11,611) |
|  Increase (decrease) in total comprehensive income | $                         | 11,223 | $ | (11,223) |

----

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

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

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

| ·   | Net earnings for the year ended December 31, 2013 would not have been affected by changes in the fair value of share purchase warrants held (2012 – net income would have increased/decreased by approximately $0.3 million as a result of changes in the fair value of share purchase warrants held); and |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Other comprehensive income for the year ended December 31, 2013 would have increased/decreased by approximately $4.1 million (2012 - $11.9 million) as a result of changes in the fair value of common shares held. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| Level 1 - | Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets. |
|-----------|---------------------------------------------------------------------------------------------------------|

| Level 2 - | Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Level 3 - | Unobservable inputs which are supported by little or no market activity. |
|-----------|--------------------------------------------------------------------------|

----

|                                                                                     | 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 | $ | - |

|                                                                                                             | December 31, 2012 |
|------------------------------------------------------------------------------------------------------------------|-------------------|
|  (in thousands)                                                                                             | Total             | Level 1 | Level 2 | Level 3 |
|  Trade receivables from provisional concentrate sales, net of fair value adjustment                         | $                 | 5,909 | $ | - | $ | 5,909 | $ | - |
| Accrued liabilities from provisional concentrate sales related to fair value adjustment, net of trade receivable |              | (634) |   | - |   | (634) |   | - |
| Long-term investments - common shares held                                                                       |              | 118,683 |   | 118,683 |   | - |   | - |
| Long-term investments - warrants held                                                                            |              | 2,694 |   | - |   | 2,694 |   | - |
|                                                                                                        | $                 | 126,652 | $ | 118,683 | $ | 7,969 | $ | - |

----

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

|                      | Years Ended December 31 |
|---------------------------|-------------------------|
|  (in thousands)      | 2013                    | 2012 |
|  Sales               |                    |   |   |   |   |   |
| Silver bullion sales      |                    |   |   |   |   |   |
| Silver credit sales       | $                       | 428,587 | 61% | $ | 611,468 | 72% |
| Concentrate sales         |                    | 116,000 | 16% |   | 159,700 | 19% |
|                 | $                       | 544,587 | 77% | $ | 771,168 | 91% |
|  Gold bullion sales  |                    |   |   |   |   |   |
| Gold credit sales         | $                       | 136,965 | 19% | $ | 47,768 | 6% |
| Concentrate sales         |                    | 24,920 | 4% |   | 30,624 | 3% |
|                      | $                       | 161,885 | 23% | $ | 78,392 | 9% |
|  Total sales revenue | $                       | 706,472 | 100% | $ | 849,560 | 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   | 2013                    | 2012 |
|  Salaries and benefits                                  |   |                    |   |   |   |
| Salaries and benefits, excluding PSUs                        |   | $                       | 11,522 | $ | 10,173 |
| PSUs                                                         | 15.1   |                    | 646 |   | 1,685 |
| Total salaries and benefits                                  |   | $                       | 12,168 | $ | 11,858 |
| Depreciation                                                 |   |                    | 240 |   | 228 |
| Charitable donations                                         |   |                    | 2,710 |   | 1,857 |
| Professional fees                                            |   |                    | 3,981 |   | 2,981 |
| Other                                                        |   |                    | 7,820 |   | 7,495 |
| Cash settled general and administrative                      |   | $                       | 26,919 | $ | 24,419 |
| Equity settled stock based compensation (a non-cash expense) |   |                    | 8,389 |   | 6,420 |
|  Total general and administrative                       |   | $                       | 35,308 | $ | 30,839 |

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

|                                                                                       |   | Years Ended December 31 |
|--------------------------------------------------------------------------------------------|--------|-------------------------|
|  (in thousands)                                                                       | Note   | 2013                    | 2012 |
|  Dividend income                                                                      |   | $                       | (227) | $ | (80) |
| Interest income                                                                            |   |                    | (204) |   | (1,222) |
| Stand-by fees                                                                              |   |                    | 2,758 |   | 897 |
| Loss (gain) on long-term investments - share purchase warrants held                        | 9      |                    | 2,694 |   | (496) |
| Amortization of credit facility origination fees - undrawn facilities                      | 12     |                    | 1,910 |   | - |
| Write off of credit facility origination fees upon the cancellation of the Bridge Facility | 12     |                    | 4,490 |   | - |
| Other                                                                                      |   |                    | 129 |   | 84 |
|  Total other expense (income)                                                         |   | $                       | 11,550 | $ | (817) |

----

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

|                                                                                     |   | December 31 | December 31 |
|------------------------------------------------------------------------------------------|--------|-------------|-------------|
|  (in thousands)                                                                     | Note   | 2013        | 2012        |
|  Trade receivables from provisional concentrate sales, net of fair value adjustment | 5      | $           | 2,457       | $ | 5,909 |
| Other receivables                                                                        |   |        | 2,162       |   | 288 |
|  Total accounts receivable                                                          |   | $           | 4,619       | $ | 6,197 |

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

|                     | December 31 | December 31 |
|--------------------------|-------------|-------------|
|  (in thousands)     | 2013        | 2012        |
|  Common shares held | $           | 40,801      | $ | 118,683 |
| Warrants held            |        | -           |   | 2,694 |
|                | $           | 40,801      | $ | 121,377 |

|             | 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) |
| Sabina           |              | 8,030 |   | (23,133) |
| Other            |              | 10,736 |   | (17,829) |
|        | $                 | 40,801 | $ | (77,881) |

----

|             | December 31, 2012 |
|------------------|-------------------|
| (in thousands)   | Fair Value        | Fair Value Adjustment Losses Included in OCI |
|  Bear Creek | $                 | 44,130 | $ | (2,041) |
| Revett           |              | 14,824 |   | (9,747) |
| Sabina           |              | 31,164 |   | (13,013) |
| Other            |              | 28,565 |   | (6,333) |
|        | $                 | 118,683 | $ | (31,134) |

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

|           | December 31, 2012 |
|----------------|-------------------|
| (in thousands) | Fair Value        | Fair Value Adjustment Gains Included in Net Earnings |
|  Other    | $                 | 2,694 | $ | 496 |

----

----

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

|                   | December 31, 2013  |
|------------------------|--------------------|
|                   |  Cost         | Accumulated Depletion | CarryingAmountDec 31, 2013 |
| (in thousands)         | BalanceJan 1, 2013 | Additions | BalanceDec 31, 2013 | BalanceJan 1, 2013 | Depletion | BalanceDec 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                |               | - |   | 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 3           |               | 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, Loma de La Plata, Constancia and Rosemont silver interests. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|                   | December 31, 2012  |
|------------------------|--------------------|
|                   |  Cost         | Accumulated Depletion | CarryingAmountDec 31, 2012 |
| (in thousands)         | BalanceJan 1, 2012 | Additions | BalanceDec 31, 2012 | BalanceJan 1, 2012 | Depletion | BalanceDec 31, 2012 |
|  Silver interests |               |   |   |   |   |   |   |   |   |   |   |   |   |
| San Dimas              | $                  | 190,331 | $ | - | $ | 190,331 | $ | (22,804) | $ | (4,591) | $ | (27,395) | $ | 162,936 |
| Yauliyacu              |               | 285,292 |   | - |   | 285,292 |   | (55,280) |   | (14,717) |   | (69,997) |   | 215,295 |
| Peñasquito        |               | 524,626 |   | - |   | 524,626 |   | (19,653) |   | (17,701) |   | (37,354) |   | 487,272 |
| Barrick 1         |               | 623,809 |   | 7,414 |   | 631,223 |   | (22,724) |   | (10,763) |   | (33,487) |   | 597,736 |
| Other 2           |               | 414,245 |   | 148,869 |   | 563,114 |   | (79,775) |   | (28,662) |   | (108,437) |   | 454,677 |
|              | $                  | 2,038,303 | $ | 156,283 | $ | 2,194,586 | $ | (200,236) | $ | (76,434) | $ | (276,670) | $ | 1,917,916 |
|  Gold interests   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 777                    | $                  | - | $ | 354,454 | $ | 354,454 | $ | - | $ | (21,722) | $ | (21,722) | $ | 332,732 |
| Other 3           |               | 47,774 |   | - |   | 47,774 |   | (14,115) |   | (3,073) |   | (17,188) |   | 30,586 |
|                   | $                  | 47,774 | $ | 354,454 | $ | 402,228 | $ | (14,115) | $ | (24,795) | $ | (38,910) | $ | 363,318 |
|              | $                  | 2,086,077 | $ | 510,737 | $ | 2,596,814 | $ | (214,351) | $ | (101,229) | $ | (315,580) | $ | 2,281,234 |

| 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 Minto and Rosemont gold interests. |
|----------------|-----------------------------------------------------|

----

|              | December 31, 2013 | December 31, 2012 |   |
|------------------------|-------------------|-------------------|--------|
| (in thousands)         | Depletable        | Non-Depletable    | Total  | Depletable | Non-Depletable | Total |
|  Silver interests |              |              |   |   |   |   |   |   |   |   |   |   |
| San Dimas              | $                 | 26,842            | $      | 130,650 | $ | 157,492 | $ | 22,127 | $ | 140,809 | $ | 162,936  |
| Yauliyacu              |              | 45,229            |   | 162,048 |   | 207,277 |   | 24,722 |   | 190,573 |   |  215,295 |
| Peñasquito        |              | 408,420           |   | 63,869 |   | 472,289 |   | 380,145 |   | 107,127 |   |  487,272 |
| Barrick 1, 2           |              | 10,356            |   | 590,751 |   | 601,107 |   | 13,422 |   | 584,314 |   |  597,736 |
| Other 3                |              | 209,395           |   | 340,532 |   | 549,927 |   | 222,928 |   | 231,749 |   | 454,677 |
|              | $                 | 700,242           | $      | 1,287,850 | $ | 1,988,092 | $ | 663,344 | $ | 1,254,572 | $ | 1,917,916  |
|  Gold interests   |              |              |   |   |   |   |   |   |   |   |   |   |
| 777                    | $                 | 231,925           | $      | 48,101 | $ | 280,026 | $ | 281,344 | $ | 51,388 | $ | 332,732  |
| Sudbury                |              | 421,512           |   | 187,942 |   | 609,454 |   | - |   | - |   |  - |
| Salobo                 |              | 971,504           |   | 350,979 |   | 1,322,483 |   | - |   | - |   |  - |
| Other 4                |              | 20,570            |   | 7,859 |   | 28,429 |   | 22,281 |   | 8,305 |   | 30,586 |
|              | $                 | 1,645,511         | $      | 594,881 | $ | 2,240,392 | $ | 303,625 | $ | 59,693 | $ | 363,318  |
|              | $                 | 2,345,753         | $      | 1,882,731 | $ | 4,228,484 | $ | 966,969 | $ | 1,314,265 | $ | 2,281,234  |

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

|  2 | If Silver Wheaton shares are used, the number of common shares will be calculated based on the volume weighted average trading price of the Company on the Toronto Stock Exchange for the ten consecutive trading days immediately prior to the date the consideration is payable. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (in thousands)                        |   |    |
|---------------------------------------|--------|---------|
|  Cost:                           |   |    |
|                                  |   |    |
| Silver Interest 1                     |   |    |
| Cash                                  | $      | 169,900 |
| Acquisition costs                     |   | 1,527   |
|  Total paid to December 31, 2013 | $      | 171,427 |
| Contingent liability 2                |   | 125,000 |
|  Total cost                      | $      | 296,427 |
|                                  |   |    |
| Gold Interest 3                       |   |    |
| Acquisition costs                     | $      | 134     |
| Contingent liability 2                |   | 135,000 |
|  Total cost                      | $      | 135,134 |
|                                  |   |    |
| Total                                 | $      | 431,561 |

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

| 2)   | The Company is committed to pay Hudbay additional 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 has the option to make the $135 million payment in either cash or Silver Wheaton shares.  If Silver Wheaton shares are used, the number of common shares will be calculated based on the volume weighted average trading price of the Company on the Toronto Stock Exchange for the ten consecutive trading days immediately prior to the date the consideration is payable. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3)   | The cost of the Constancia gold interest is included under Other gold interests. |
|----------------|----------------------------------------------------------------------------------|

----

| (in thousands)              |   |    |
|-----------------------------|--------|---------|
|  Cost:                 |   |    |
|                        |   |    |
| Cash                        | $      | 455,100 |
| Acquisition costs           |   | 1,805   |
|                   | $      | 456,905 |
|  Allocated as follows: |   |    |
| Silver interest 1      | $      | 102,446 |
| Gold interest               |   | 354,459 |
|                   | $      | 456,905 |

| 1)   | The cost of the 777 silver interest is included under Other silver interests. |
|----------------|-------------------------------------------------------------------------------|

| 11.   | Early Deposit – Gold Interest |
|-----------------|-------------------------------------|

| 12.   | Bank Debt |
|-----------------|-----------|

|                                           | 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 is $4.2 million unamortized debt issue costs 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. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                  | December 31, 2012 |
|--------------------------------------------|-------------------|
|   (in thousands)                 | TermLoan          | RevolvingLoan | Total |
|                                       |              |   |   |   |   |   |
| Current portion                            | $                 | 28,560 | $ |  - | $ | 28,560 |
| Long-term portion                          |              | 21,500 |   |  - |   | 21,500 |
|                                  | $                 | 50,060 | $ |  - | $ | 50,060 |
|  Interest capitalized during the year | $                 | 714 | $ |  - | $ | 714 |
| Effective interest rate                    |              | 1.12% |   | 0.00% |   | 1.12% |

----

| Fiscal Year   | NRTLoan | RevolvingFacility | Total  |
|---------------|---------|-------------------|--------|
|          |    |              |   |   |   |   |
| 2014          | $       |  -           | $      |  - | $ |  - |
| 2015          |    |  -           |   |  - |   |  - |
| 2016          |    | 1,000,000         |   |  - |   | 1,000,000 |
| 2017          |    | -                 |   |  - |   | - |
| 2018          |    |  -           |   |  - |   |  - |
|     | $       | 1,000,000         | $      |  - | $ | 1,000,000 |

----

| 13.   | Issued Capital |
|-----------------|----------------|

|                                                                                                                       |       |  December 31 |   December 31 |
|---------------------------------------------------------------------------------------------------------------------------------|------------|-------------------|--------------------|
| (US dollars in thousands)                                                                                                       |  Note | 2013              |  2012         |
|  Issued capital                                                                                                            |       |              |               |   |   |
|  Share capital issued and outstanding: 357,396,778 common shares (December 31, 2012:  354,375,852 common shares) | 13.1       | $                 | 1,879,475          | $ | 1,811,577 |

| 13.1.   | Shares Issued |
|-------------------|---------------|

|                              | NumberofShares | WeightedAveragePrice |
|-----------------------------------|----------------|----------------------|
|  At January 1, 2012          | 353,499,816    |                 |
| Share purchase options exercised  | 721,632        | Cdn$15.17            |
| Share purchase warrants exercised | 93,897         | US$20.00             |
| Restricted share units released   | 60,507         | $0.00                |
|  At December 31, 2012        | 354,375,852    |                 |
| Share purchase options exercised  | 415,133        | Cdn$15.65            |
| Share purchase warrants exercised | 2,586,794      | US$20.00             |
| Restricted share units released   | 18,999         | $0.00                |
|  At December 31, 2013        | 357,396,778    |                 |

----

| 13.2.   | Dividends Declared |
|-------------------|--------------------|

| 14.   | Reserves |
|-----------------|----------|

|                                                 | Note   |  December 31 |  December 31 |
|------------------------------------------------------|--------|-------------------|-------------------|
|  (in thousands)                                 | 2013   | 2012              |
|  Reserves                                       |   |              |              |   |   |
| Share purchase warrants                              | 14.1   | $                 | 53,717            | $ | 7,201 |
| Share purchase options                               | 14.2   |              | 19,443            |   | 14,050 |
| Restricted share units                               | 14.3   |              | 2,833             |   | 2,553 |
| Long-term investment revaluation reserve, net of tax | 14.4   |              | (101,611)         |   | (25,514) |
|  Total reserves                                 |   | $                 | (25,618)          | $ | (1,710) |

| 14.1.   | Share Purchase Warrants |
|-------------------|-------------------------|

|                       | Warrants Outstanding | Weighted Average Exercise Price | Exchange Ratio | Share Purchase Warrants Reserve |
|----------------------------|----------------------|---------------------------------|----------------|---------------------------------|
|  At January 1, 2012   | 2,713,237            | $20.00                          | 1.00           | $                               | 7,457 |
| Exercised                  | (93,897)             | 20.00                           | 1.00           |                            | (256) |
| At December 31, 2012       | 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 | 10,000,000           | $65.00                          | 1.00           | $                               | 53,717 |

| 14.2.   | Share Purchase Options |
|-------------------|------------------------|

----

|                                                 | Years Ended December 31 |
|------------------------------------------------------|-------------------------|
|                                            | 2013                    | 2012 |
|  Black-Scholes weighted average assumptions     |                    |   |
| Grant date share price and exercise price            | Cdn$31.29               | Cdn$32.29 |
| Expected dividend yield                              | 1.12%                   | 1.21% |
| Expected volatility                                  | 40%                     | 45% |
| Risk-free interest rate                              | 1.07%                   | 1.20% |
| Expected option life, in years                       | 2.5                     | 2.5 |
|  Weighted average fair value per option granted | Cdn$7.50                | Cdn$8.66 |

| (in thousands)                                             | SharePurchaseOptionsReserve                                               |
|------------------------------------------------------------|---------------------------------------------------------------------------|
|  At January 1, 2012                                   |  $          12,314 |
| Recognition of fair value of share purchase options issued | 5,191                                                                     |
| Share purchase options exercised                           | (3,455)                                                                   |
| At December 31, 2012                                       |  $          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 |

----

| Exercise Price(Cdn$) | ExercisableOptions | Non-ExercisableOptions | Total OptionsOutstanding | Weighted AverageRemainingContractual Life |
|----------------------|--------------------|------------------------|--------------------------|-------------------------------------------|
|  $9.08          | 261,665            | -                      | 261,665                  | 0.1 years                                 |
| $15.89               | 534,164            | -                      | 534,164                  | 1.2 years                                 |
| $15.95               | 33,333             | -                      | 33,333                   | 1.2 years                                 |
| $23.45               | -                  | 70,000                 | 70,000                   | 4.4 years                                 |
| $23.80               | -                  | 3,000                  | 3,000                    | 4.4 years                                 |
| $25.72               | -                  | 20,000                 | 20,000                   | 4.7 years                                 |
| $28.14               | 40,000             | 40,000                 | 80,000                   | 3.5 years                                 |
| $28.59               | 40,000             | 40,000                 | 80,000                   | 3.4 years                                 |
| $29.50               | 100,000            | -                      | 100,000                  | 3.0 years                                 |
| $30.51               | 7,500              | 7,500                  | 15,000                   | 3.6 years                                 |
| $31.20               | -                  | 109,000                | 109,000                  | 4.2 years                                 |
| $31.88               | -                  | 1,011,000              | 1,011,000                | 4.2 years                                 |
| $33.03               | 10,000             | -                      | 10,000                   | 2.4 years                                 |
| $33.71               | 178,450            | 178,450                | 356,900                  | 3.2 years                                 |
| $34.17               | 118,100            | -                      | 118,100                  | 2.4 years                                 |
| $34.55               | 5,000              | 5,000                  | 10,000                   | 4.0 years                                 |
| $39.25               | 5,000              | 5,000                  | 10,000                   | 3.9 years                                 |
| $41.58               | 207,600            | -                      | 207,600                  | 2.2 years                                 |
|            | 1,540,812          | 1,488,950              | 3,029,762                | 2.9 years                                 |

----

|                                                       | Number ofOptionsOutstanding | Weighted Average Exercise Price |
|------------------------------------------------------------|-----------------------------|---------------------------------|
|  At January 1, 2012                                   | 2,561,127                   | Cdn$19.60                       |
| Granted (fair value - $5.1 million or Cdn$8.66 per option) | 591,000                     | 32.29                           |
| Exercised                                                  | (721,632)                   | 15.17                           |
| Forfeited                                                  | (98,800)                    | 35.76                           |
| At December 31, 2012                                       | 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                       |

| 14.3.   | Restricted Share Units (“RSUs”) |
|-------------------|---------------------------------------------|

| (in thousands)                            | Restricted Share Units Reserve                                           |
|-------------------------------------------|--------------------------------------------------------------------------|
|  At January 1, 2012                  |  $          2,510 |
| Amortization of fair value of RSUs issued | 1,229                                                                    |
| Restricted share units released           | (1,186)                                                                  |
| At December 31, 2012                      |  $          2,553 |
| Amortization of fair value of RSUs issued | 935                                                                      |
| Restricted share units released           | (655)                                                                    |
|  At December 31, 2013                |  $          2,833 |

----

| 14.4.   | Long-Term Investment Revaluation Reserve |
|-------------------|------------------------------------------|

|                              | Change in FairValue due to: |                                  |                                                                   |
|-----------------------------------|-----------------------------|---------------------------------------|------------------------------------------------------------------------|
| (in thousands)                    | Share Price                 | Foreign Exchange                      | Tax Effect                                                             | Total |
|  At January 1, 2012          |  $  (14,862) |  $    21,726 |  $     (3,723)                           |  $      3,141 |
| Unrealized (loss) gain on LTI's 1 | (34,806)                    | 3,672                                 | -                                                                      | (31,134) |
| Deferred income tax recovery      | -                           | -                                     | 2,479                                                                  | 2,479 |
| At December 31, 2012              |  $  (49,668) |  $    25,398 |  $     (1,244)                           |  $  (25,514) |
| Unrealized loss on LTI's 1        | (74,076)                    | (3,805)                               | -                                                                      | (77,881) |
| Deferred income tax recovery      | -                           | -                                     | 1,784                                                                  | 1,784 |
|  At December 31, 2013        |  $(123,744)            |  $    21,593 |  $          540 |  $(101,611) |

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

| 15.   | Stock Based Compensation |
|-----------------|--------------------------|

| 15.1.   | Performance Share Units (“PSUs”) |
|-------------------|----------------------------------------------|

----

|                              | Number of PSUsoutstanding |
|-----------------------------------|---------------------------|
|  At January 1, 2012          | 41,913                    |
| Granted                           | 76,700                    |
| Forfeited                         | (10,774)                  |
| Dividend equivalent participation | 1,172                     |
| At December 31, 2012              | 109,011                   |
| Granted                           | 163,000                   |
| Dividend equivalent participation | 4,901                     |
|  At December 31, 2013        | 276,912                   |

| 16.   | Earnings Per Share (“EPS”) and Diluted Earnings Per Share (“Diluted EPS”) |
|-----------------|---------------------------------------------------------------------------------------------------|

|                                                        | Years Ended December 31 |
|-------------------------------------------------------------|-------------------------|
|  (in thousands)                                        | 2013                    | 2012 |
|  Basic weighted average number of shares outstanding   | 355,588                 | 353,874 |
| Effect of dilutive securities                               |                    |   |
| Share purchase options                                      | 463                     | 934 |
| Share purchase warrants                                     | 402                     | 1,061 |
| Restricted share units                                      | 142                     | 139 |
|  Diluted weighted average number of shares outstanding | 356,595                 | 356,008 |

----

|                         | Years Ended December 31 |
|------------------------------|-------------------------|
|  (in thousands)         | 2013                    | 2012 |
|  Share purchase options | 2,108                   | 812 |
| Share purchase warrants      | 10,000                  | - |
|  Total                  | 12,108                  | 812 |

| 17.   | Supplemental Cash Flow Information |
|-----------------|------------------------------------|

|                                           | Years Ended December 31 |
|------------------------------------------------|-------------------------|
|  (in thousands)                           | 2013                    | 2012 |
|  Change in non-cash working capital       |                    |   |   |   |
| Accounts receivable                            | $                       | 1,549 | $ | (2,307) |
| Accounts payable and accrued liabilities       |                    | (582) |   | 12,418 |
| Other                                          |                    | 121 |   | 255 |
|  Total change in non-cash working capital | $                       | 1,088 | $ | 10,366 |

|                                          |   | December 31 | December 31 |
|-----------------------------------------------|--------|-------------|-------------|
|  (in thousands)                          | 2013   | 2012        |
|  Cash and cash equivalents comprised of: |   |        |        |   |   |
| Cash                                          |   | $           | 95,823      | $ | 375,262 |
| Cash equivalents                              |   |        | -           |   | 402,954 |
|  Total cash and cash equivalents         |   | $           | 95,823      | $ | 778,216 |

----

| 18.   | Related Party Transactions |
|-----------------|----------------------------|

|                                                                                                                                                                        | Years Ended December 31 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|--------|
|  (in thousands)                                                                                                                                                        | 2013                    | 2012   |   |
|  Short-term benefits 1                                                                                                                                                 | $                       | 6,480  | $ | 6,678 |   |
| Post-employment benefits                                                                                                                                                    |                    | 47     |   | 57 |   |
| Cash settled stock based compensation                                                                                                                                       |                    | 423    |   | 1,311 |   |
| Equity settled stock based compensation (a non-cash expense)                                                                                                                |                    | 5,273  |   | 4,232 |   |
|  Total executive compensation                                                                                                                                          | $                       | 12,223 | $ | 12,278 |   |
|  1)  Short-term employee benefits include salaries, bonuses payable within twelve months of the balance sheet date and other annual employee benefits.  |

| 19.   | Post-Employment Benefit Costs |
|-----------------|-------------------------------|

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

|                                                                               | Years Ended December 31 |
|------------------------------------------------------------------------------------|-------------------------|
|  (in thousands)                                                               | 2013                    | 2012 |
| Current income tax expense related to foreign jurisdictions                        |  $                 | 154 |  $ | 725 |
|  Deferred income tax (recovery) expense                                       |                    |   |   |   |
| Origination and reversal of temporary differences 1                                | $                       | (7,381) | $ | 11,614 |
| Write down (reversal of write down) of previously recognized temporary differences |                    | 2,106 |   | 2,416 |
|                                                                          |  $                 | (5,275) |  $ | 14,030 |
| Income tax (recovery) expense recognized in net earnings                           |  $                 | (5,121) |  $ | 14,755 |

| 1)   | During the year ended December 31, 2013, the Company changed its estimated tax rate associated with the temporary difference related to capitalized interest on certain of the Company’s precious metal purchase agreements, resulting in the reversal of a deferred tax liability in the amount of $9.9 million.  |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                   | Years Ended December 31 |
|--------------------------------------------------------------------------------------------------------|-------------------------|
|  (in thousands)                                                                                   | 2013                    | 2012 |
|  Deferred income tax recovery related to the losses on long-term investments - common shares held |  $                 | (1,784) |  $ | (2,479) |

|                                                                            | Years Ended December 31 |
|---------------------------------------------------------------------------------|-------------------------|
|  (in thousands)                                                            | 2013                    | 2012 |
|  Earnings before income taxes                                              | $                       | 370,374 | $ | 600,791 |
| Canadian federal and provincial income tax rates1                          |                    | 25.75% |   | 25.00% |
| Income tax expense based on above rates                                         | $                       | 95,371 | $ | 150,198 |
| Non-deductible portion of capital losses (non-taxable portion of capital gains) |                    | 347 |   | (62) |
| Non-deductible stock based compensation and other                               |                    | 2,533 |   | 1,639 |
| Differences in tax rates in foreign jurisdictions                               |                    | (105,498) |   | (139,436) |
| Impact of tax rate changes                                                      |                    | (66) |   |  - |
| Change in unrecognized temporary differences                                    |                    | 2,192 |   | 2,416 |
|  Income tax (recovery) expense                                             | $                       | (5,121) | $ | 14,755 |

| 1)   | The BC corporate tax rate increased from 10% to 11% on April 1, 2013, resulting in an increase in the Company’s statutory tax rate from 25% to 25.75% for 2013. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                             | Year Ended December 31, 2013 |
|-------------------------------------------------------|------------------------------|
|                                                  | 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                                    | $                            | 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) |

|                                                  | Year Ended December 31, 2012 |
|-------------------------------------------------------|------------------------------|
| 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                                    | $                            | 12,738 | $ | (3,319) | $ | - | $ | - | $ | 9,419 |
| Financing fees                                        |                         | 2,695 |   | (1,416) |   | - |   | - |   | 1,279 |
| Capital losses                                        |                         | 4,846 |   | (2,542) |   | - |   | - |   | 2,304 |
| Other                                                 |                         | 290 |   | 379 |   | - |   | - |   | 669 |
| Deferred tax liabilities                              |                         |   |   |   |   |   |   |   |   |   |
| Interest capitalized for accounting                   |                         | (10,129) |   | 180 |   | - |   | - |   | (9,949) |
| Foreign exchange on debt                              |                         | (421) |   | 153 |   | - |   | - |   | (268) |
| Long-term investments                                 |                         | (4,425) |   | (90) |   | 2,479 |   | - |   | (2,036) |
| Silver and gold interests                             |                         | (3,293) |   | (7,375) |   | - |   | - |   | (10,668) |
|  Total                                           | $                            | 2,301 | $ | (14,030) | $ | 2,479 | $ | - | $ |       (9,250) |

----

|                                       | December 31 | December 31 |
|--------------------------------------------|-------------|-------------|
|                                  | 2013        | 2012        |
|  Capital losses                       | $           | 8,747       | $ | 6,386 |
| Unrealized losses on long-term investments |        | 14,298      |   | 5,712 |
|  Total                                | $           | 23,045      | $ | 12,098 |

----

| 21.   | Commitments and Contingencies1 |
|-----------------|--------------------------------|

|   Silver and Gold Interests | Attributable PayableProduction to bePurchased | Per Ounce CashPayment 1, 2 | Term ofAgreement | Date ofContract |
|---------------------------------------|-----------------------------------------------|----------------------------|------------------|-----------------|
|  Silver                          | Gold                                          | Silver                     | Gold             |
|  San Dimas                       |  100% 3                             |  0%                   | $                | 4.16            |   | n/a | Life of Mine | 15-Oct-04 |
| Yauliyacu                             |  100% 4                            |  0%                   | $                | 4.12            |   | n/a | 20 years | 23-Mar-06 |
| Peñasquito                       |  25%                                     |  0%                   | $                | 4.02            |   | n/a | Life of Mine | 24-Jul-07 |
| 777                                   |  100%                                    |  100%/50% 5     | $                | 5.906     | $ | 4006 | Life of Mine | 8-Aug-12 |
| Salobo                                |  0%                                      |  25%                  |             | 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 | 6 years 7 | 8-Sep-09 |
| Pierina                               |  100%                                    |  0%                   | $                | 3.90            |   | n/a | 6 years 7 | 8-Sep-09 |
| Veladero                              |  100% 8                            |  0%                   | $                | 3.90            |   | n/a | 6 years 7 | 8-Sep-09 |
| Other                                 |                                          |                       |             |            |   |   |   |   |
| Los Filos 3                           |  100%                                    |  0%                   | $                | 4.20            |   | n/a | 25 years | 15-Oct-04 |
| Zinkgruvan                            |  100%                                    |  0%                   | $                | 4.21            |   | n/a | Life of Mine | 8-Dec-04 |
| Stratoni                              |  100%                                    |  0%                   | $                | 4.06            |   | n/a | Life of Mine | 23-Apr-07 |
| Minto                                 |  100%                                    |  100% 9         | $                | 4.02            | $ | 309 | Life of Mine | 20-Nov-08 |
| Cozamin                               |  100%                                    |  0%                   | $                | 4.16            |   | n/a | 10 years | 4-Apr-07 |
| Neves-Corvo                           |  100%                                    |  0%                   | $                | 4.06            |   | n/a | 50 years | 5-Jun-07 |
| Aljustrel                             |  100%                                    |  0%                   | $                | 4.02            |   | n/a | 50 years | 5-Jun-07 |
| Mineral Park                          |  100%                                    |  0%                   | $                | 3.94            |   | n/a | Life of Mine | 17-Mar-08 |
| Campo Morado                          |  75%                                     |  0%                   | $                | 3.98            |   | n/a | Life of Mine | 13-May-08 |
| Keno Hill                             |  25%                                     |  0%                   | $                | 3.90            |   | 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 10 |
| Constancia                            | 100%                                          |  50% 11     | $                | 5.906     | $ | 4006 | Life of Mine | 8-Aug-12 |
| Early Deposit                         |                                          |                       |             |            |   |   |   |   |
| Toroparu                              | 100%                                          |  10% 12     |             | 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)   | Until August 6, 2014, Silver Wheaton is committed to purchase from Primero 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 is committed to purchase an additional 1.5 million ounces of silver per annum to be delivered by Goldcorp for a per ounce cash payment equal to that applicable under the Los Filos silver purchase agreement.  After August 6, 2014, 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, 2013, representing the seven year anniversary, was 15.2 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)   | The Company is committed to purchase silver production from the currently producing mines until December 31, 2016. |
|----------------|--------------------------------------------------------------------------------------------------------------------|

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

| 11)   | 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. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12)   | During the 90 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).  |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

  
|   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)                     | 2014   | 2015 - 2017                                                               | 2018 - 2019       | After 2019                                                                            | Sub-Total | Total |
|  Bank debt 1                   | $      |             - | $                 |  1,000,000                                                                       | $         |             - | $ |             - | $ |  1,000,000 | $ |             - |  $ |  1,000,000 |
| Interest 2                          |   |     14,620                                            |              |       23,620                                            |      |             - |   |             - |   |       38,240 |   |             - |   |      38,240 |
| Silver and gold interest payments 3 |   |                                                                      |              |                                                                                  |      |   |   |   |   |   |   |   |   |   |
| Rosemont                                 |   |             - |              |               - |      |             - |   |             - |   |               - |   |   231,150 |   |     231,150 |
| Loma de La Plata                         |   |             - |              |               - |      |             - |   |             - |   |               - |   |     32,400 |   |       32,400 |
| Constancia                               |   |             - |              |               - |      |             - |   |             - |   |               - |   |   260,000 |   |     260,000 |
| Toroparu                                 |   |             - |              |               - |      |             - |   |             - |   |               - |   |   135,000 |   |     135,000 |
| Operating leases                         |   |          485                 |              |         3,500                                 |      |       2,162 |   |       5,680 |   |       11,827 |   |             - |   |       11,827 |
|  Total contractual obligations      | $      |     15,105                                            | $                 |  1,027,120                                                                       | $         |       2,162 | $ |       5,680 | $ |  1,050,067 | $ |   658,550 |  $ |  1,708,617 |

| 1)   | At December 31, 2013, the Company had $1.0 billion outstanding on the NRT Loan and $Nil outstanding on the Revolving Facility. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------|

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

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

| 4) | Includes contingent transaction costs of $1.1 million. |
|----|--------------------------------------------------------|

----

  
|   1 | If Silver Wheaton shares are used, the number of common shares will be calculated based on the volume weighted average trading price of the Company on the Toronto Stock Exchange for the ten consecutive trading days immediately prior to the date the consideration is payable.  |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

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

----

| 22.   | Segmented Information |
|-----------------|-----------------------|

| 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                               |   | 23,001 |   | 6,952 |   | 14,410 |   | 1,639 |   | 16,050 |   | 1,322,483 |
| Salobo                                |   | 22,552 |   | 6,779 |   | 7,828 |   | 7,945 |   | 15,774 |   | 609,454 |
| Other 4                               |   | 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 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. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4)   | Comprised of the operating Minto gold interest and the non-operating Rosemont and Constancia gold interests. |
|----------------|--------------------------------------------------------------------------------------------------------------|

----

| Year Ended December 31, 2012          |
|---------------------------------------|
|                                  | Sales | Costof Sales | Depletion | NetEarnings | Cash Flow From Operations | TotalAssets |
| (in thousands)                        |
|  Silver                          |   |   |   |   |   |   |   |   |   |   |   |   |
| San Dimas 1                           | $ | 181,906 | $ | 23,846 | $ | 4,591 | $ | 153,469 | $ | 158,060 | $ | 162,936 |
| Yauliyacu                             |   | 86,185 |   | 11,937 |   | 14,717 |   | 59,531 |   | 80,077 |   | 215,295 |
| Peñasquito                       |   | 186,085 |   | 23,860 |   | 17,701 |   | 144,524 |   | 162,225 |   | 487,272 |
| Barrick 2                             |   | 78,359 |   | 9,670 |   | 10,763 |   | 57,926 |   | 69,504 |   | 597,736 |
| Other 3                               |   | 238,633 |   | 31,485 |   | 28,662 |   | 178,486 |   | 204,206 |   | 454,677 |
|                             | $ | 771,168 | $ | 100,798 | $ | 76,434 | $ | 593,936 | $ | 674,072 | $ | 1,917,916 |
|  Gold                            |   |   |   |   |   |   |   |   |   |   |   |   |
| 777                                   | $ | 47,768 | $ | 11,234 | $ | 21,722 | $ | 14,812 | $ | 40,507 | $ | 332,732 |
| Other 4                               |   | 30,624 |   | 5,457 |   | 3,073 |   | 22,094 |   | 25,059 |   | 30,586 |
|                             | $ | 78,392 | $ | 16,691 | $ | 24,795 | $ | 36,906 | $ | 65,566 | $ | 363,318 |
|  Total silver and gold interests | $ | 849,560 | $ | 117,489 | $ | 101,229 | $ | 630,842 | $ | 739,638 | $ | 2,281,234 |
|  Corporate                       |   |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative            |   |   |   |   |   | $ | (30,839) |   |   |   |   |
| Other                                 |   |   |   |   |   |   |   | (13,967) |   |   |   |   |
|  Total corporate                 |   |   |   |   |   |   | $ | (44,806) | $ | (20,234) | $ | 908,103 |
|  Consolidated                    | $ | 849,560 | $ | 117,489 | $ | 101,229 | $ | 586,036 | $ | 719,404 | $ | 3,189,337 |

| 1)   | Results for San Dimas include 1.5 million ounces received from Goldcorp in connection with Goldcorp’s four year commitment 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. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4) |  Comprised of the operating Minto gold interest and the non-operating Rosemont gold interest. |
|----|----------------------------------------------------------------------------------------------------|

----

|                       |            | 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 |
| Republic of Guyana         |            | -                            |   | - |   | 13,602 |
|  Consolidated         | $               | 706,472                      | $ | 1,988,092 | $ | 2,253,994 |

| 1)   | Includes the Pascua-Lama project, which straddles the border of Argentina and Chile. |
|----------------|--------------------------------------------------------------------------------------|

|                |            | Year Ended December 31, 2012 |
|---------------------|-----------------|------------------------------|
|                | Sales           | Carrying Amount              |
| (in thousands)      | SilverInterests | GoldInterests                |
|  North America |            |                         |   |   |   |   |
| Canada              | $               | 108,390                      | $ | 149,078 | $ | 363,318 |
| United States       |            | 17,650                       |   | 39,018 |   | - |
| Mexico              |            | 450,394                      |   | 735,736 |   | - |
| Europe              |            |                         |   |   |   |   |
| Greece              |            | 25,962                       |   | 37,788 |   | - |
| Portugal            |            | 16,707                       |   | 32,056 |   | - |
| Sweden              |            | 65,914                       |   | 54,075 |   | - |
| South America       |            |                         |   |   |   |   |
| Argentina / Chile 1 |            | 39,106                       |   | 597,390 |   | - |
| Peru                |            | 125,437                      |   | 272,775 |   | - |
|  Consolidated  | $               | 849,560                      | $ | 1,917,916 | $ | 363,318 |

| 1)   | Includes the Pascua-Lama project, which straddles the border of Argentina and Chile. |
|----------------|--------------------------------------------------------------------------------------|

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| 23.   | Subsequent Events |
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|   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 HAYTHAM HODALYSenior Vice President,Corporate Development   |   |   TRANSFER AGENTCST TRUST COMPANY1600 - 1066 West Hastings StreetVancouver, BC V6E 3X1 Toll-free in Canada and the United States:1 800 387 0825 Outside of Canada and the United States:1 416 682 3860 E: inquiries@canstockta.com AUDITORSDELOITTE LLPVancouver, BC INVESTOR RELATIONSPATRICK DROUINVice President, Investor RelationsT:      1 604 684 9648TF:    1 800 380 8687E:       info@silverwheaton.com                                                  |
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