SILV AssetHandbook FINAL Web Nov2016

2016 / 2017 H A NDBOOK
FROM Z I N KG R U VA N
TO
A N TA M I N A
NYSE:SLW / TSX:SLW
SILVER WHEATONS 4 streaming business was founded in 2004 with a vision
to become the premier investment option for precious metals. Silver Wheaton
has grown from its early days with streams on only two assets to now having
30 assets with 14 different partners. The disciplined approach to acquisition
growth has resulted in a portfolio that is without peer in the precious metals
space as over 90% of Silver Wheatons production comes from mines operating
in the lowest half of their respective cost curve.
Information relating to mines, projects, and mining operators described in this All information in this Handbook is subject to, and should be read in conjunction
Handbook has been sourced from public disclosure available to Silver Wheaton with, the endnotes, footnotes and our public disclosure including but not limited
as of July 15, 2016 as noted on page 86. Information relating to Silver Wheatons to the additional supporting information, explanatory notes, and risk factors
financial position is as of June 30, 2016 unless otherwise noted. Updated found in our annual and quarterly financial statements, management's discussion
information may be available on our partners websites as well as our subsequent and analysis, Annual Information Form and our Annual Report on Form 40-F
disclosure and website. Not all assets described within this Handbook are material available at www.sedar.com and www.sec.gov, respectively, and on our website
to Silver Wheaton. at www.silverwheaton.com.
While this Handbook strives to be as complete as possible in describing our business, This Handbook does not constitute an offer to sell or a solicitation of an offer to
assets, and operations, it was necessary to condense and simplify a number of purchase any security in any jurisdiction and has not been prepared in connection
these concepts for presentation purposes. In reading the Handbook, reference with the sale of securities, is not an offering memorandum and should not be
should be made to the explanatory endnotes and footnotes throughout. Footnotes relied upon as such.
pertaining to tables or certain other figures are found on the related page. All other
endnotes begin on page 88. All amounts in US$ unless otherwise noted.
We are proud of the company
we have built over the past 12 years.
The asset base on which we now have
streams, in my opinion, is unrivalled
within the precious metals industry
and amongst miners overall.
We hope this Handbook provides you
with a better understanding of why
we think Silver Wheaton presents

the best opportunity for investing
in the precious metal space.
R ANDY SMALLWOOD, PRESIDENT & CEO
TA B L E O F C O N T E N T S
3 Introduction
7 Streaming Explained
17 Operations & Results
28 Asset Base
58 Corporate Social Responsibility
66 Corporate Structure & Matters
77 Glossary & Additional Information
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS challenge by the CRA of Silver Wheatons tax filings, the absence of control
over mining operations from which Silver Wheaton purchases silver or gold, and
The information contained in this Handbook contains forward-looking
risks related to such mining operations. Readers should also consider the section
statements within the meaning of the United States Private Securities Litigation
entitled Description of the Business Risk Factors in Silver Wheatons Annual
Reform Act of 1995 and forward-looking information within the meaning of
Information Form and the risks identified under Risks and Uncertainties in
Canadian securities legislation. There can be no assurance that forward-looking
Managements Discussion and Analysis for the period ended December 31, 2015,
statements will prove to be accurate, as actual results and future events could
both available on SEDAR and in Silver Wheatons Form 40-F and Silver Wheatons
differ materially from those anticipated in such statements.
Form 6-K filed March 16, 2016, both on file with the U.S. Securities and Exchange
Readers are strongly cautioned to carefully review the cautionary endnotes Commission. Where applicable, readers should also consider any updates to such
to this Handbook starting on page 88 and in particular: Risks and Uncertainties that may be provided by Silver Wheaton in its quarterly
Managements Discussion and Analysis.
Endnote 1 regarding forward-looking statements which sets out the material
assumptions and risk factors that could cause actual results to differ, including, Endnote 2 at the end of this Handbook contains our cautionary note regarding
but not limited to, fluctuations in the price of commodities, the outcome of the the presentation of mineral reserve and mineral resource estimates.
INTRO DUCTION
SILVER WHEATON is the largest pure precious metals streaming company in the world.
The Company has entered into agreements to purchase all or a portion of the silver and/or
gold production from high-quality mines located in generally politically stable regions around
the globe for an upfront payment and an additional payment upon delivery of the precious
INTRODUCTION
metal. Silver Wheaton currently has streaming agreements covering 22 operating mines
and 8 development stage projects. The Companys production profile is driven by a portfolio
of world-class assets, including gold streams on Vales Salobo and Sudbury mines, and
silver streams on Goldcorps Peasquito mine and Glencores Antamina mine.
Silver Wheatons business model creates significant shareholder value by providing:
Leverage to increases in the price of silver Silver Wheaton offers these benefits while at the
and gold; same time reducing many of the downside risks
faced by traditional mining companies. In particular,
Additional growth through the acquisition of
Silver Wheaton offers its investors both capital and
new streams;
operating cost certainty. Other than the initial upfront
A dividend yield, which has the potential to grow payment, Silver Wheaton typically has no ongoing
over time; and, capital or exploration costs in respect of each stream.
Participation in the exploration and expansion Furthermore, its operating costs are predictable as they
success of the mines underlying its current are contractually fixed at the time the stream is entered
agreements. into, allowing shareholders to benefit from strong margin
growth in a rising silver and gold price environment.
The Company has an experienced management team

with a strong track record of success, and we believe
it is well positioned for further growth.
4 2016/2017 HANDBOOK
BENEFITS OF STREAMING
Precious metals streaming unlocks hidden value through the acquisition of by-product
INTRODUCTION
precious metals from high-quality, low-cost mines, with a goal of providing investors
superior returns and some of the highest margins in the industry.
PRECIOUS METALS STREAMING BENEFITS TO SILVER WHEATONS SHAREHOLDERS

UNLOCKING VALUE
We believe the key benefit of streaming to Silver
Silver Wheaton began utilizing the streaming model Wheatons shareholders is cost predictability, which
in 2004 after it was recognized that silver produced as translates into direct leverage to increases in precious
a by-product by mining companies was not being fully metal prices. Inflationary cost pressures have historically
valued by the financial markets. Streaming was viewed plagued the mining industry, driving capital and
as a way to unlock this value, both for Silver Wheatons operating costs higher for traditional miners and cutting
shareholders and for Silver Wheatons partner mine into their profit margins. Silver Wheatons ongoing
owners. Since its introduction, the streaming model has operating costs are set at the time a stream is entered
also been applied to gold and other precious metals. into at a predetermined delivery payment, allowing
Streaming allows Silver Wheaton to purchase a fixed Silver Wheaton to historically deliver amongst the
percentage of the precious metals produced by a mine highest cash operating margins in the mining industry.
for an upfront payment, and an additional delivery
payment (delivery payment) as the precious metal is BENEFITS TO PARTNER MINING COMPANYS
delivered. The delivery payment is set at a level intended SHAREHOLDERS
to offset Silver Wheatons partners typical cost to
At Silver Wheaton, the goal is first and foremost
produce an ounce of silver or gold.
to generate superior returns for our shareholders;
Silver Wheaton does not own or operate mines and however, the sustainability of the model is dependent
is therefore not exposed to rising capital and operating on uncovering value for all of the parties involved in
costs in respect of each stream. However, the Companys a streaming agreement. Silver Wheaton is able to do
agreements are typically for the life of the operation, this by unlocking the value of silver and gold produced
giving Silver Wheaton exposure to the mines future by traditional miners. By entering into a streaming
expansions and exploration success. agreement, mining companies can receive greater value
for their precious metals than what is reflected in the
market. These companies can use the upfront payment
to continue growing their core business, either through
exploration, production expansions or acquisitions, or,
alternatively, the proceeds can be used to strengthen
their balance sheet.
SILVER WHEATON FROM A TO Z 5

THE STREAMING ADVANTAGE
This business model should allow streaming companies to have the upside of mining
companies without many of the risks associated with mining activities.

INTRODUCTION
COMMODITY PRICE
LEVERAGE
Investors get leverage to the
PREDICTABLE COSTS
underlying commodities
Contractually defined cost
Delivery payments per ounce are per ounce typically protects
pre-determined and made upon streamers from inflationary
delivery cost pressures
EXPLORATION SUSTAINABLE
UPSIDE DIVIDEND
Receives the benefit Predictable costs and
from mine exploration HIGH WITH LOWER lower risk should lead
and expansion UPSIDE RISKS to more predictable
activities typically at no cash flows and a more
additional cost sustainable dividend
100% PRECIOUS DIVERSE ASSET BASE

METALS EXPOSURE Streaming companies
Streams can be tailored to are easily scalable and can
gold, silver, and/or platinum manage a portfolio of 20
group metals, and not to or more mining assets
any other metals produced
The ideal streaming
at the mines
company focuses on assets
in the lowest half of their
respective cost curves with
high quality counter-party
companies
STREAM ING
EXPLAINED
HOW STREAMING WORKS
STREAMING EXPLAINED
Silver Wheaton makes an upfront payment and ongoing delivery payments
for a fixed percentage of the future silver and/or gold production from a mine.
UPFRONT PAYMENT
(CASH AND/OR
SLW SHARES)
PARTNER
MINING
COMPANY
DELIVERY PAYMENT
($ PER OUNCE)
OPPORTUNITIES
STREAMING EXPLAINED
Most mines contain ore that is polymetallic meaning that it consists
of many different metals.
For example: a mine may principally produce copper, but it may also have
smaller amounts of silver and gold produced as a by-product.
COPPER
Non-Core SILVER
Assets
GOLD
What if these non-core assets the by-products And what if the company providing this
such as silver or gold could be converted into capital could participate in the price upside
non-dilutive capital that could help fund the mine of those precious metals without taking on
operators primary business? many of the mining risks?

HOW OUR PARTNERSHIPS WORK
STREAMING EXPLAINED
Heres how precious metals streaming works.
PRECIOUS METALS TRADITIONAL

Streaming Company Mining Company
STEP 1
Pays mining company Uses the capital as
upfront amount to purchase a non-dilutive form
a fixed percentage of future of financing to build
production of silver and/or or expand mines, help
gold from a mine fund an acquisition, or
to repay existing debt
Capital deployed
STEP 2
Pays a pre-determined As the mine produces,

delivery payment for each the company delivers
ounce of precious metal an agreed upon
delivered percentage of its by-
product precious metal
production to the
streaming company
STEP 3
Sells precious metals
The streaming
company uses
the money to:
Invest in Pay dividends

new streams to shareholders
10 2016/2017 HANDBOOK
CREATING VALUE
STREAMING EXPLAINED
The streaming model allows both parties to benefit:
The precious metals are worth more in a precious metal streaming portfolio because
the market is able to value them more efficiently. Value is unlocked.
OPPORTUNITY TO
CREATE VALUE FOR Value of typical
BOTH PARTIES stream if it
were in a
Streaming
Value of Companys
stream in portfolio
partners
portfolio
TRADITIONAL MINER STREAMING COMPANY
REASONS FOR DIFFERENCE IN VALUE
Precious metals companies generally Silver in a gold companys portfolio Precious metals produced
attract higher trading multiples than is typically discounted in value by a diversified miner are typically
base metals companies not identified or highlighted
by the market
Through streaming, the market can more efficiently value the precious metals.

EVALUATION OF OPPORTUNITIES
STREAMING EXPLAINED
FINANCIAL DUE DILIGENCE

Assess counterparty credit,
social license, and political risk
TECHNICAL DUE DILIGENCE

DUE Thorough review of operations,
costs, geology, and potential upsides/
DILIGENCE
downsides, including a review of drill
hole database and a site visit
DEVELOP LIFE-OF-MINE
PRODUCTION PROFILE
Based on technical due diligence
DETERMINE DISCOUNT RATE

Based on quality of asset, life cycle
of mine, geological confidence,
political and other risks
FINANCIAL
MODELLING
DETERMINE PRESENT VALUE
OF FUTURE CASH FLOWS
Based on production profile,
discount rate, and declining metal
price curve
ACCRETION
Assess potential transaction to
determine if accretive when layered
in to existing precious metal
portfolio
IDENTIFY AND SHARE

TAKE ADVANTAGE DIFFERENCE IN VALUE
OF DIFFERENCE Compare estimated value of the
IN VALUE stream in miners portfolio to
streaming companys portfolio and
pay for stream such that both parties
benefit from the transaction
12 2016/2017 HANDBOOK
NUANCES OF STREAMING
PRODUCTION SALES
STREAMING EXPLAINED
TIMING OF SALES AND PRODUCED BUT NOT YET W ith dor, shipments happen more frequently than
DELIVERED OUNCES concentrate due to the ease of shipment of dor bars
I n most streaming agreements, Silver Wheaton is not and their high value to the mine operator, thus the
delivered the ounces it is owed by the mine operator pipeline for ounces in dor is much reduced when
until the operator receives payment for those ounces compared to concentrate.
from a third party (typically a smelter or a refiner). B y contract, the partner mining company must
W hen Silver Wheaton enters a new contract in deliver silver and gold to Silver Wheaton within a
respect to an existing mine or when a mine that defined time period after receiving payment from
Silver Wheaton has a stream on starts production, the smelter or refinery. As ounces are delivered,
there is a delay in the time it takes to produce a Silver Wheaton makes the delivery payment to the
marketable product and when it reaches the refinery partner mining company.
and the partner miner is paid. S ilver Wheaton will generally sell silver and gold
T he ore is mined and the precious metals are then shortly after it is received and report it as ounces
recovered into a concentrate or dor. The attributable Sold.
amount of silver and/or gold contained in the G iven this process, the average lag between
concentrate or dor is reported by Silver Wheaton production and sales is around two months,
as ounces Produced. but it can vary on a quarterly basis. Occasionally,
C oncentrate is typically stockpiled until there partner mining companies may also hold concentrate
is enough to ship and then loaded onto trucks, trains, in inventory due to a number of factors such as
and/or ships for transport to a smelter. Depending shipping disruptions or speculation on higher
on the mine, filling this concentrate pipeline can metal prices, which will increase the lag between
take one to three months. For example, a tonne of production and sales. Silver and gold tied up in this
concentrate produced at the Constancia mine in Peru process is reported by Silver Wheaton as Produced
needs to be trucked to the port, put onto a ship, and But Not Yet Delivered.
transported to a smelter as far away as Asia.
6
STOCKPILE CONCENTRATE RECEIVE PAYMENT FROM

PARTNER MINE ORE & MILL INTO
& SHIP TO REFINERY SMELTER/REFINERY & DELIVER
MINING CO CONCENTRATE
CONCENTRATE PIPELINE OUNCES TO SILVER WHEATON
6
RECEIVE & AUDIT BUY OUNCES &

SILVER REPORTED AS PRODUCED
PRODUCTION RECORDS SELL INTO MARKET
WHEATON BUT NOT YET DELIVERED
REPORTED AS PRODUCTION REPORTED AS SALES

NUANCES OF STREAMING
PRODUCTION SALES
STREAMING EXPLAINED
PRODUCTION VERSUS PAYABLES F or dor, payable rates are generally >99% given
the relative purity of the gold and silver and the ease
S ilver Wheaton reports production on a recovered
in which the precious metals can be refined.
basis, that is, the amount of silver or gold that is
actually in a concentrate or dor. I n some of our streams, payable rates are fixed.
For example, in the Antamina stream with Glencore,
W hen a mining company ships concentrate or dor
silver payable rates are fixed at 100% for lead and
to a smelter or refinery, the miner only gets paid for
copper concentrates.
what is recovered by the refinery net of negotiated
treatment and refining charges (TC/RCs) and offtake O ur average payable rate across our portfolio
charges. is ~90%. Therefore, ounces sold should be
approximately 90% of ounces produced, but
A smelter will not pay for all the metal in the
as noted on the previous page, there is a lag
concentrates which it treats metal for which
between production and sales.
the miner is paid is termed Payable.
S ilver and gold payable rates will vary depending on

the type of ore (copper, lead, zinc, or some blend)
and quality of concentrate. In general, silver and gold
in copper and lead concentrates will have higher
payable rates than in zinc concentrates (typically
80%-98% versus < 50%).
14 2016/2017 HANDBOOK
TRADITIONAL STREAM
STREAMING EXPLAINED
OPERATING MINES AND ADVANCED DEVELOPMENT PROJECTS*
DEVELOPMENT PROJECT
Streaming Permitting Upfront Completion YES Ounces delivered

Agreement and financing Payment(s) Test6 & Delivery
signed in place5 made satisfied? Payments made
NO
Adjust stream or
cancel stream &
deposit returned7
OPERATING MINE
Streaming Upfront Ounces delivered

Agreement Payment(s) & Delivery
signed made Payments made
Traditional streams can be used

to help development of new projects
or expansions, help fund acquisitions,
or to provide capital for
balance sheet strengthening.
* This is for illustrative purposes only as all streams are unique with minor variations around the basic structure.

EARLY DEPOSIT STREAM
STREAMING EXPLAINED
LATE STAGE EXPLORATION TO EARLY STAGE DEVELOPMENT PROJECTS*
Pay Positive Permitting Advance

YES YES Construction
Early Deposit Feasibility & financing5 remaining Upfront
commences
Study? in place? Payment8
NO NO
Cancel stream
and Early Deposit
returned7
Once the remaining upfront payment is advanced, the Early Deposit Streaming
agreement acts as a traditional streaming agreement and is subject to a completion test.
Advance Completion YES Ounces delivered

remaining Upfront Test6 & Delivery
Payment8 satisfied? Payments made
NO
Adjust stream or
cancel stream &
deposit returned7
For relatively little upfront capital,

the early deposit model allows
Silver Wheaton access to high-quality,
earlier stage projects.
* This is for illustrative purposes only as all streams are unique with minor variations around the basic structure.
16 2016/2017 HANDBOOK
OPER ATIONS
& RES ULTS
COMPANY ACQUISITION HISTORY
2004 2006 2007 2008 2009
OPERATIONS & RESULTS
10/22/2004
Silver Wheaton began trading

on the TSX under the symbol
SLW. In December, the
Companys name was changed
from Chap Mercantile Inc.
to Silver Wheaton Corp. and
the outstanding shares were
consolidated on a 5 for 1 basis.
SAN DIMAS (MEXICO) YAULIYACU (PERU) PEASQUITO (MEXICO) KENO HILL (CANADA) SILVERSTONE RESOURCES
DATE OF CONTRACT: 10/15/2004 DATE OF CONTRACT: 3/23/2006 DATE OF CONTRACT: 7/24/2007 DATE OF CONTRACT: 10/2/2008 DATE OF TRANSACTION:
CURRENT OWNER: Primero Mining CURRENT OWNER: Glencore CURRENT OWNER: Goldcorp CURRENT OWNER: Alexco 5/21/2009
UPFRONT PAYMENT: $190 million UPFRONT PAYMENT: $285 million UPFRONT PAYMENT: $485 million UPFRONT PAYMENT: $50 million INTERESTS ACQUIRED:
TERM OF AGREEMENT: LOM TERM OF AGREEMENT: LOM TERM OF AGREEMENT: LOM TERM OF AGREEMENT: LOM MINTO (CANADA)
ATTR. PRODUCTION: 100% silver ATTR. PRODUCTION: 100% silver ATTR. PRODUCTION: 25% silver ATTR. PRODUCTION: 25% silver OWNER: Capstone Mining
COZAMIN (MEXICO)
LOS FILOS (MEXICO) STRATONI (GREECE) OWNER: Capstone Mining
DATE OF CONTRACT: 10/15/2004 DATE OF CONTRACT: 4/23/2007 NEVES-CORVO (PORTUGAL)
CURRENT OWNER: Goldcorp CURRENT OWNER: Eldorado Gold OWNER: Lundin Mining
UPFRONT PAYMENT: $4 million UPFRONT PAYMENT: $58 million ALJUSTREL (PORTUGAL)
TERM OF AGREEMENT: 25 years TERM OF AGREEMENT: LOM OWNER: IM SGPA
ATTR. PRODUCTION: 100% silver ATTR. PRODUCTION: 100% silver
PASCUA-LAMA
(CHILE / ARGENTINA)
ZINKGRUVAN (SWEDEN)
DATE OF CONTRACT: 9/8/2009
CURRENT OWNER: Barrick
CURRENT OWNER: Lundin Mining
UPFRONT PAYMENT: $625 million
UPFRONT PAYMENT: $78 million
TERM OF AGREEMENT: LOM
ATTR. PRODUCTION: 25% silver
ADDITIONAL CONSIDERATION:
LAGUNAS NORTE (PERU)
2005 PIERINA (PERU)
VELADERO (ARGENTINA)
18 2016/2017 HANDBOOK
2010 2012 2013 2014 2016 (Y TD)

2015
ROSEMONT (UNITED STATES)* 777 (CANADA)** SALOBO I (BRAZIL) ANTAMINA (PERU) SALOBO III (BRAZIL)
DATE OF CONTRACT: 2/11/2010 DATE OF CONTRACT: 8/8/2012 DATE OF CONTRACT: 2/28/2013 DATE OF CONTRACT: 3/11/2015 DATE OF CONTRACT: 2/8/2016
CURRENT OWNER: Hudbay CURRENT OWNER: Hudbay CURRENT OWNER: Vale CURRENT OWNER: Glencore CURRENT OWNER: Vale
UPFRONT PAYMENT: $230 million UPFRONT PAYMENT: $455 million UPFRONT PAYMENT: $1.33 billion UPFRONT PAYMENT: $900 million UPFRONT PAYMENT: $800 million
TERM OF AGREEMENT: LOM TERM OF AGREEMENT: LOM TERM OF AGREEMENT: LOM TERM OF AGREEMENT / TERM OF AGREEMENT: LOM
ATTR. PRODUCTION: 100% silver ATTR. PRODUCTION: 100% silver ATTR. PRODUCTION: 25% gold ATTR. PRODUCTION: 33.75% ATTR. PRODUCTION: 25% gold
and 100% gold and 100%/50% gold silver until 140Moz accrues and TOTAL ATTR. PROD: 75% gold
SUDBURY (CANADA) 22.5% silver LOM thereafter ADDITIONAL CONSIDERATION:
DATE OF CONTRACT: 2/28/2013 10 million warrants repriced
CURRENT OWNER: Vale
SALOBO II (BRAZIL) to $43.75 stike from $65
UPFRONT PAYMENT: $570 million DATE OF CONTRACT: 3/2/2015
COTABAMBAS (PERU)***
TERM OF AGREEMENT: 20 years CURRENT OWNER: Vale
ATTR. PRODUCTION: 70% gold UPFRONT PAYMENT: $900 million DATE OF CONTRACT: 3/21/2016
ADDITIONAL CONSIDERATION: TERM OF AGREEMENT: LOM CURRENT OWNER: Panoro
10 million SLW warrants ATTR. PRODUCTION: 25% gold Minerals
w/$65 strike & 10 yr term TOTAL ATTR. PROD: 50% gold UPFRONT PAYMENT: $140 million
EARLY DEPOSIT: $14 million
CONSTANCIA (PERU) TERM OF AGREEMENT: LOM
DATE OF CONTRACT: 8/8/2012 ATTR. PRODUCTION: 25% gold
& 11/4/2013 and 100% silver until
CURRENT OWNER: Hudbay 90Moz Ag Eq. 16.67% gold
UPFRONT PAYMENT: $430 million and 66.67% silver thereafter
2011 and $135 million (shares)
and 50% gold
TOROPARU (GUYANA)***
CURRENT OWNER: Sandspring
Resources
UPFRONT PAYMENT: $153.5 million
EARLY DEPOSIT: $15.5 million
ATTR. PRODUCTION: 10% gold
and 50% silver
Notes: Upfront payment excludes closing costs and capitalized interest, where applicable. Full names of the counterparties to the precious metal purchase agreements have
been condensed for presentation purposes.
* Silver Wheaton has not yet advanced upfront payment.
** Silver Wheaton is entitled to acquire 100% of the life of mine gold production from Hudbays 777 mine until Hudbays Constancia project satisfies its completion test,
or the end of 2016, whichever is later. At that point, Silver Wheatons share of gold production from 777 will be reduced to 50% for the life of the mine.
*** Early Deposit Structure.

GLOBAL ASSETS
23
1
21
2
3 TO 8
24
30 22
20
25
OPERATING MINES 9 10
11
1 Minto, Canada
2 777, Canada 12
3 Coleman, Canada
4 Copper Cliff, Canada
5 Creighton, Canada 26
6 Garson, Canada
7 Stobie, Canada 13
18
8 Totten, Canada 15 14
9 San Dimas, Mexico 16 27
10 Peasquito, Mexico 17
11 Cozamin, Mexico
12 Los Filos, Mexico
13 Lagunas Norte, Peru 28
14 Antamina, Peru 19
15 Pierina, Peru
16 Yauliyacu, Peru
29
17 Constancia, Peru
18 Salobo, Brazil
19 Veladero, Argentina
20 Neves-Corvo, Portugal
21 Zinkgruvan, Sweden
22 Stratoni, Greece
DEVELOPMENT PROJECTS
2 3 Keno Hill, Canada
24 Victor, Canada
25 Rosemont, USA
2 6 Toroparu, Guyana
2 7 Cotabambas, Peru
28 Pascua-Lama,
Chile/Argentina
9 Navidad, Argentina
2
0 Aljustrel, Portugal
3
20 2016/2017 HANDBOOK
SILVER AND GOLD INTERESTS
The following table9 summarizes the silver and gold interests currently
owned by the Company:

ATTRIBUTABLE
PRODUCTION TO BE
PURCHASED DATE OF
SILVER AND MINE LOCATION UPFRONT TERM OF ORIGINAL
GOLD INTERESTS OWNER OF MINE CONSIDERATION SILVER GOLD AGREEMENT CONTRACT
San Dimas Primero Mexico $ 189,799 100% 0% Life of Mine 15-Oct-04
Yauliyacu Glencore Peru $ 285,000 100% 0% Life of Mine 23-Mar-06
Peasquito Goldcorp Mexico $ 485,000 25% 0% Life of Mine 24-Jul-07
Salobo Vale Brazil $ 3,055,056 4 0% 75% Life of Mine 28-Feb-13
Sudbury $ 623,572 5
Coleman Vale Canada 0% 70% 20 years 28-Feb-13
Copper Cliff Vale Canada 0% 70% 20 years 28-Feb-13
Garson Vale Canada 0% 70% 20 years 28-Feb-13
Stobie Vale Canada 0% 70% 20 years 28-Feb-13
Creighton Vale Canada 0% 70% 20 years 28-Feb-13
Totten Vale Canada 0% 70% 20 years 28-Feb-13
Victor Vale Canada 0% 70% 20 years 28-Feb-13
Antamina Glencore Peru $ 900,000 33.75% 6 0% Life of Mine 3-Nov-15
Other $ 2,107,683
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 7 Greece $ 57,500 100% 0% Life of Mine 23-Apr-07
Minto Capstone Canada $ 54,805 100% 100% 8 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% 9 0% 50 years 5-Jun-07
Keno Hill Alexco Canada $ 50,000 25% 0% Life of Mine 2-Oct-08
Barrick $ 625,000
Pascua-Lama Barrick Chile/Argentina 25% 0% Life of Mine 8-Sep-09
Lagunas Norte Barrick Peru 100% 0% 8.5 years 8-Sep-09
Pierina Barrick Peru 100% 0% 8.5 years 0 8-Sep-09
Veladero Barrick Argentina 100% 0% 8.5 years 8-Sep-09
Rosemont Hudbay United States $ 230,000 100% 100% Life of Mine 10-Feb-10
Loma de La Plata Pan American Argentina $ 43,289 12.5% 0% Life of Mine n/a 4
777 Hudbay Canada $ 455,100 100% 100%/50% 5 Life of Mine 8-Aug-12
Constancia Hudbay Peru $ 429,900 100% 50% 6 Life of Mine 8-Aug-12
Early Deposit
Toroparu Sandspring Guyana $ 153,500 7 50% 10% Life of Mine 11-Nov-13
Cotabambas Panoro Peru $ 140,000 8 100% 9 25% 9 Life of Mine 21-Mar-16
1) Expressed in United States dollars, rounded to the nearest thousand; excludes closing costs 10) As per Barricks disclosure, closure activities were initiated at Pierina in August 2013.
and capitalized interest, where applicable.
11) Silver Wheaton's attributable silver production is subject to a maximum of 8% of the silver contained
2) Primero will deliver a per annum amount to Silver Wheaton equal to the first 6 million ounces of in the ore processed at Veladero during the period.
payable silver produced at San Dimas and 50% of any excess.
12) T he upfront consideration is currently reflected as a contingent obligation, payable on an installment
3) Glencore will deliver a per annum amount to Silver Wheaton equal to the first 1.5 million ounces basis to partially fund construction of the Rosemont mine once certain milestones are achieved,
of payable silver produced at Yauliyacu and 50% of any excess. including the receipt of key permits and securing the necessary financing to complete construction
of the mine.
4) Comprised of $3.03 billion upfront cash payment paid to date, including $800 million paid on August
16, 2016 and $25 million reflecting the estimated value associated with amendments to be made to 13) C omprised of $11 million allocated to the silver interest upon the Companys acquisition of Silverstone
the Companys warrants previously issued in conjunction with the Sudbury PMPA (see footnote 5, Resources Corp. in addition to a contingent liability of $32 million, payable upon the satisfaction of
below) whereby the exercise price was lowered from $65 to $43.75 per warrant. Does not include the certain conditions, including Pan American receiving all necessary permits to proceed with the mine
contingent payment related to the Salobo mine expansion. Vale has completed the expansion of the construction.
mill throughput capacity at the Salobo mine to 24 million tonnes per annum (Mtpa) from its previous
14) Definitive terms of the agreement to be finalized.
12 Mtpa. If actual throughput is expanded above 28 Mtpa within a predetermined period, and
depending on the grade of material processed, Silver Wheaton will be required to make an additional 15) Silver Wheaton is entitled to acquire 100% of the life of mine gold production from Hudbays 777
payment to Vale based on a set fee schedule ranging from $113 million if throughput is expanded mine until Hudbays Constancia mine satisfies a completion test, or the end of 2016, whichever is later.
beyond 28 Mtpa by January 1, 2036, up to $953 million if throughput is expanded beyond 40 Mtpa by At that point, Silver Wheatons share of gold production from 777 will be reduced to 50% for the life
January 1, 2021. of the mine.
5) Comprised of a $570 million upfront cash payment plus warrants to purchase 10 million common 16) G old recoveries will be set at 55% for the Constancia deposit and 70% for the Pampacancha deposit
shares of Silver Wheaton at a strike price of $65, with a term of 10 years (see footnote 4, above). until 265,000 ounces of gold have been delivered to the Company.
6) Once the Company has received 140 million ounces of silver under the Antamina agreement, the 17) C omprised of $16 million paid to date and $138 million to be payable on an installment basis to
Companys attributable silver production to be purchased will be reduced to 22.5%. partially fund construction of the mine.
7) 95% owned by Eldorado Gold Corporation. 18) C omprised of $2 million paid to date, $12 million which is payable on an installment basis spread out
over a period of up to nine years and $126 million payable on an installment basis to partially fund
8) The Company is entitled to acquire 100% of the first 30,000 ounces of gold produced per annum
construction of the mine once certain conditions have been satisfied.
and 50% thereafter.
19) O nce 90 million silver equivalent ounces attributable to Silver Wheaton have been produced, the
9) Silver Wheaton only has the rights to silver contained in concentrate containing less than 15% copper
attributable production to be purchased will decrease to 66.67% of silver production and 16.67%
at the Aljustrel mine.
of gold production for the life of mine.

PERFORMANCE HIGHLIGHTS
H1 2016* 2015* 2014* 2013*
Financials
Revenue ($000s) $ 399,862 $ 648,687 $ 620,176 $ 706,472

Net earnings (loss) ($000s) $ 101,285 $ (162,042) $ 199,826 $ 375,495
Adjusted net earnings 1 ($000s) $ 101,285 $ 210,357 $ 267,977 $ 375,495
Operating cash flow ($000s) $ 248,021 $ 431,359 $ 431,873 $ 534,133
Net earnings (loss) per share

Basic $ 0.24 $ (0.41) $ 0.56 $ 1.06
Diluted $ 0.24 $ (0.41) $ 0.56 $ 1.05
Adjusted earnings 1 per share
Basic $ 0.24 $ 0.53 $ 0.75 $ 1.06
Diluted $ 0.24 $ 0.53 $ 0.74 $ 1.05
Operating cash flow per share 2 $ 0.59 $ 1.09 $ 1.20 $ 1.50
Dividends paid ($000s) $ 42,088 $ 80,809 $ 93,400 $ 160,013
Dividends paid per share $ 0.10 $ 0.20 $ 0.26 $ 0.45
Cash and cash equivalents ($000s) 124,490 103,297 308,098 95,823
Weighted average basic number of shares
outstanding (000s) 419,838 395,755 359,401 355,588
Share price (NYSE) $ 23.53 $ 12.42 $ 20.33 $ 20.19
Operating
Attributable silver ounces produced (000s) 15,102 30,717 25,674 26,754
Attributable gold ounces produced 130,839 230,239 144,395 151,204
Attributable SEOs produced (000s) 3 25,023 47,774 35,256 35,712
Attributable GEOs produced (000s) 3 330,000 645,601 531,313 602,813
Silver ounces sold (000s) 14,694 26,566 23,484 22,823
Gold ounces sold 136,015 202,349 139,522 117,319
SEOs sold (000s) 3 25,008 41,529 32,742 29,774
GEOs sold 3 329,807 561,570 493,425 502,578
Average realized silver price per ounce sold $ 15.89 $ 15.64 $ 18.92 $ 23.86
Average realized gold price per ounce sold $ 1,223 $ 1,152 $ 1,261 $ 1,380
Average silver cash cost per ounce sold 4 $ 4.30 $ 4.17 $ 4.14 $ 4.12
Average gold cash cost per ounce sold 4 $ 395 $ 393 $ 386 $ 386
SILVER EQUIVALENT ADJUSTED EARNINGS PER CASH FLOW FROM CASH OPERATING MARGIN
OUNCES PRODUCED (MOZ) 3 SHARE (US$) OPERATIONS (MILLIONS US$) (US$ PER SILVER EQUIVALENT OZ) 4
534.1
47.8
18.93
$ 1.06
431.4
431.9
35.7
35.3
14.27
$ 0.75
11.02
$ 0.53
2013 2014 2015 2013 2014 2015 2013 2014 2015 2013 2014 2015
* Annual results cover the fiscal year ended December 31 for each year. H1 2016 covers the six months ended June 30, 2016.
1) Refer to discussion on non-IFRS measure (i) on page 91 of the Handbook.
2) Refer to discussion on non-IFRS measure (ii) on page 91 of the Handbook.
3) Silver equivalent ounces (SEOs) and gold equivalent ounces (GEOs) are calculated by converting gold (in the case of SEOs) or silver (in the case of GEOs) using the ratio of
the average price of silver to the average price of gold per the London Bullion Metal Exchange during the period.
4) Refer to discussion on non-IFRS measure (iii) on page 91 of the Handbook.
22 2016/2017 HANDBOOK
SUMMARY OF OUNCES
PRODUCED AND SOLD

YEARS ENDED
H1 2016 2015 2014 2013
Silver ounces produced 2

San Dimas 3 2,519 7,449 5,760 6,542
Yauliyacu 1,343 2,717 2,938 2,618
Peasquito 2,219 7,237 7,318 6,216
Antamina 3,728 2,403 - -
Other 4 5,293 10,911 9,658 11,378
Total silver ounces produced 15,102 30,717 25,674 26,754

Gold ounces produced
Sudbury 5 22,788 37,839 36,019 33,110
Salobo 73,498 125,624 40,057 29,147
Other 6 34,553 66,776 68,319 88,947
Total gold ounces produced 130,839 230,239 144,395 151,204

SEOs produced 7 25,023 47,744 35,256 35,712
GEOs produced 7 330,000 645,601 531,313 602,813
Silver ounces sold
San Dimas 3 2,771 7,277 5,573 6,675
Yauliyacu 1,181 2,544 3,342 1,395
Peasquito 1,835 7,132 7,100 5,317
Antamina 4,081 1,340 - -
Other 4 4,826 8,273 7,469 9,436
Total silver ounces sold 14,694 26,566 23,484 22,823

Gold ounces sold
Sudbury 5 20,358 33,481 30,413 17,380
Salobo 80,762 108,398 43,912 16,947
Other 6 34,895 60,470 65,197 82,992
Total gold ounces sold 136,015 202,349 139,522 117,319

SEOs sold 7 25,008 41,529 32,742 29,774
GEOs sold 7 329,807 561,570 493,425 502,578
Gold / silver ratio 7 75.8 74.0 66.4 59.2
Cumulative payable silver ounces produced
but not yet delivered 8 2,634 3,813 2,876 4,221
Cumulative payable gold ounces produced
but not yet delivered 8 28,477 41,401 27,649 28,821
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 dor prior to smelting or refining deductions. Production figures are based on
information provided by the operators of the mining operations to which the silver or gold interests relate or management estimates in those situations where other
information is not available. Certain production figures may be updated in future periods as additional information is received.
3) The ounces produced and sold include ounces received from Goldcorp in connection with Goldcorps four year commitment, commencing August 6, 2010, to deliver to
Silver Wheaton 1.5 million ounces of silver per annum resulting from their sale of San Dimas to Primero.
4) Comprised of the Los Filos, Zinkgruvan, Stratoni, Minto, Cozamin, Neves-Corvo, Aljustrel, Keno Hill, Lagunas Norte, Pierina, Veladero, 777 and Constancia silver interests
in addition to the previously owned Campo Morado and Mineral Park silver interests.
5) Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton and Totten gold interests.
6) Comprised of the Minto, 777 and Constancia gold interests.
7) Silver equivalent ounces (SEOs) and gold equivalent ounces (GEOs) are calculated by converting gold (in the case of SEOs) or silver (in the case of GEOs) using the ratio of
the average price of silver to the average price of gold per the London Bullion Metal Exchange during the period.
8) Payable silver equivalent ounces produced but not yet delivered are based on management estimates. These figures may be updated in future periods as additional
information is received.

2015 PRODUCTION
BREAKDOWN BY GEOGRAPHY
2015 Production Ag ozs 2015 Production Au ozs 2015 Production AgEq ozs
NORTH AMERICA 54% NORTH AMERICA 39% NORTH AMERICA 49%

SOUTH AMERICA 31% SOUTH AMERICA 61% SOUTH AMERICA 42%
EUROPE 15% EUROPE 0% EUROPE 9%
BREAKDOWN BY PRIMARY METAL

COPPER 25% COPPER 84% COPPER 46%

GOLD 56% GOLD 0% GOLD 36%
NICKEL 0% NICKEL 16% NICKEL 6%
SILVER 0% SILVER 0% SILVER 0%
ZINC 19% ZINC 0% ZINC 12%
BREAKDOWN BY COST QUARTILE

FIRST 75% FIRST 61% FIRST 70%

SECOND 18% SECOND 31% SECOND 22%
THIRD 5% THIRD 8% THIRD 6%
FOURTH 2% FOURTH 0% FOURTH 2%
24 2016/2017 HANDBOOK
GROWTH

35 250
30
200
Silver Production (Moz)
Gold Production (koz)

25
150
20
15
100
10
50
5
0 0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
SILVER GOLD
Silver Wheatons streaming business was founded in late gold and silver streams on the Minto mine in Canada.
2004 with just two streams. At the time, the Companys Since that time, Silver Wheatons attributable gold
focus was purely on silver, but it has since expanded its production has grown by almost 45% annually. Gold
portfolio to include a diverse asset base of both silver and production growth has come from the addition of streams
gold. The Company now has 30 assets worldwide, 22 of on the Salobo, Sudbury, Constancia, and 777 mines.
which are operating. From its first full year of production in
Future production growth is expected to come from a variety
2005 at 1.5 million silver equivalent ounces10 (Moz SEO),
of opportunities including organic growth at currently
Silver Wheaton has had a compound annual growth rate of
producing mines, development of mining projects on which
over 15%, producing almost 48 Moz SEO in 2015.
Silver Wheaton has existing streams, and acquisitions of
While silver is still currently the Companys primary metal, new streams. Silver Wheaton has eight streaming contracts
accounting for around 60% of 2015 revenue, opportunities in place on development projects, which if all were to be
for gold streams have become increasingly attractive. Silver developed, could contribute approximately 19 Moz SEO
Wheatons first foray into gold was in 2009 as part of the of additional annual production.9
acquisition of Silverstone Resources Corp., which owned

MINERAL RESERVES & RESOURCES
As presented in the tables at the end of this Handbook, Silver Wheaton's percentage entitlement to silver and/or
Silver Wheaton estimates Mineral Reserves and Mineral gold produced from such mines, as of December 31, 2015,
Resources (silver and/or gold only) for the mines relating unless otherwise noted. The graphs below are based on
to which Silver Wheaton has precious metal purchase these estimates
agreements, adjusted where applicable to reflect
GROWTH IN ATTRIBUTABLE MINERAL RESERVES AND MINERAL RESOURCES
SILVER EQUIVALENT MINERAL RESERVES AND MINERAL RESOURCES (Moz) 2,12
811 949
641 484 (M&I)
(M&I)
1,714 1,733
(P&P) (P&P)
TOTAL ACQUIRED TOTAL MINED TOTAL EXPLORATION & R&R

INFERRED CONVERSION
TOTAL ATTRIBUTABLE SILVER EQUIVALENT RESERVES AND RESOURCES PER SHARE SINCE INCEPTION 2,12
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
-1.0
-2.0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
RESERVES MEASURED & INDICATED MINED (CUMULATIVE)
26 2016/2017 HANDBOOK

BREAKDOWN BY GEOGRAPHY
P&P AgEq ozs M&I AgEq ozs Inf AgEq ozs
NORTH AMERICA 24% NORTH AMERICA 25% NORTH AMERICA 24%

SOUTH AMERICA 69% SOUTH AMERICA 45% SOUTH AMERICA 65%
EUROPE 7% EUROPE 30% EUROPE 11%
BREAKDOWN BY PRIMARY METAL

COPPER 66% COPPER 61% COPPER 60%

GOLD 28% GOLD 22% GOLD 21%
NICKEL 3% NICKEL 1% NICKEL 2%
SILVER 0% SILVER 4% SILVER 1%
ZINC 3% ZINC 12% ZINC 16%
BREAKDOWN BY COST QUARTILE

FIRST 82% FIRST 47% FIRST 58%

SECOND 11% SECOND 9% SECOND 25%
THIRD 6% THIRD 27% THIRD 8%
FOURTH 1% FOURTH 17% FOURTH 9%

ASSET BASE
O P E R AT I N G A S S E T S ( A L P H A B E T I C A L )
777 43
Antamina 36
Constancia 39
Cozamin 45
Lagunas Norte 49
Los Filos 46
Minto 44
Neves-Corvo 42
Pascua-Lama 50
Peasquito 32
Pierina 49
Salobo 30
San Dimas 34
Stratoni 47
Sudbury: 38
Coleman
Copper Cliff
Creighton
Garson
Stobie
Totten
Victor Mine Project (development)
Veladero 49
Yauliyacu 40
Zinkgruvan 41
Aljustrel 54
Keno Hill 52
Navidad 53
Rosemont 51
E A R LY D E P O S I T S T R E A M S
Toroparu 55
Cotabambas 56
R O YA LT Y
Metates 57
Sources for the material contained within this section can be found on pages 86 & The following descriptions may contain forward looking statements. Readers
87 of this Handbook. are strongly cautioned to carefully review the cautionary notes to this Handbook
starting on page 88.
Other than as detailed, Mineral Reserves and Mineral Resources are reported as of
December 31, 2015.
SALOBO
The Salobo mine, located in the Par state of Brazil, is the largest copper deposit
ever discovered in Brazil. This low-cost copper-gold mine began operating in May
2012 with a design throughput capacity of 12 million tonnes per annum (Mtpa).
Vale has subsequently completed a second phase of construction to expand the
mine to 24 Mtpa of mill capacity. Salobo is an integrated operation of open pit
OPERATING ASSETS
mining, mineral processing beneficiation, concentrate loading and transportation.

BR A ZIL The copper concentrate is transported by road from the mine to Vales existing
rail terminal in Parauapebas, from where it is carried by the Carajs railroad to the
Ponta da Madeira maritime terminal located in Sao Luis.
The deposit is considered to be an example of an iron oxide copper-gold (IOCG)

deposit. Global examples include Olympic Dam in Australia, CandelariaPunta
del Cobre in Chile, and Sossego in Brazil. Mineralization at the Salobo deposit is
hosted by upper-greenschist-to-lower-amphibolite-metamorphosed rocks of the
Igarap Salobo Group. The Igarap Salobo Group consists of iron-rich sediments,
quartzites and gneisses, metamorphosed to amphibolite facies and is associated
SALOBO with coppergold and coppergoldsilver mineralization. The major host units
Operator: Vale are biotite and magnetite schists.
Location: Brazil Vale has outlined a conceptual third phase of expansion, which would include
Stream: Gold a new concentrate plant with additional throughput of 12 Mtpa. In addition,
Primary Metal: Copper mineralization remains open at depth and additional exploratory drilling has been
Deposit: IOCG scheduled to follow up on highly-prospective gravity modelling.
Mine Type: Open pit Silver Wheatons consolidated production from Salobo is expected to average
Process Method: Flotation 180,000 ounces per year over the first 30 years, with higher production expected
Origin of Attributable Payable Metal: in the earlier years.
Cu concentrate
Mill throughput at the Salobo mine is currently 24 Mtpa. If throughput capacity is
expanded within a predetermined period and depending on the grade of material
HIGHLIGHTS processed, Silver Wheaton will be required to make an additional payment to Vale,
relative to the 75% stream, that now ranges from US$113 million if throughput
Largest copper deposit in Brazil is expanded beyond 28 Mtpa by January 1, 2036, up to US$953 million if
throughput is expanded beyond 40 Mtpa by January 1, 2021.
> 40 year mine life
Expansion potential from

24 Mtpa to 36 Mtpa and beyond
Exploration potential at depth
30 2016/2017 HANDBOOK
TECHNICAL/FINANCIAL DETAILS
Date of Contract: February 2013; March 2015; August 2016
Term of Stream: Life of Mine
Stream Parameters: 75% of gold production
Upfront Consideration: $3,055M ($3,030M cash and 10 million warrants
OPERATING ASSETS
repriced to $43.75 plus payment for potential
expansion beyond 28Mtpa)
Delivery Payment Per Ounce: $400 (annual 1% inflation adjustment
starting 2019)
Current Depletion Per Ounce: $423
Guarantee / Security: Gold deliveries will be the obligation of a wholly
owned subsidiary of Vale, but guaranteed by
Vale and the direct holder of Salobo, Salobo
Metais S.A.
Cost Quartile: 1st

ATTRIBUTABLE GOLD RESERVES AND RESOURCES
TONNAGE GRADE CONTAINED
(Mt) (g/t) (Moz)
Proven & Probable: 867.6 0.35 9.75
Measured & Indicated: 171.8 0.39 2.16
Inferred: 111.5 0.31 1.11

GOLD PRODUCTION (Thousand Ounces)
2013 29.1
2014 40.1
2015 125.6
GRAVITY ANOMALY
400m
Executed drillholes
Final planned pit

Actual pit
0m
Cu > 0.80%
Cu > 1.00%
-400m
GR AV> 3.15 g/cm 3

GR AVIT Y
MODEL TO BE
INVESTIGATED
BY DRILLING
GR AV> 3.20 g/cm 3
-800m
9359000N 9359500N 9360000N 9360500N

PEASQUITO
The Peasquito mine is Mexicos largest open pit mine and is host to the world-
class gold-silver-zinc-lead Peasquito deposit. The site consists of two sulphide
processing lines and a high pressure grinding roll circuit with a combined capacity
of 130,000 tonnes per day. The sulphide ore is processed through a conventional
crushing, milling and flotation facility that produces zinc and lead concentrates.
OPERATING ASSETS
In addition, oxide ore is processed by heap leaching and silver containing dor is
produced.
Two diatreme pipes, Peasco and Brecha Azul, are the principal hosts for gold
MEXICO
silverzinclead mineralization at Peasquito. The pipes flare upward, and are
filled with breccia clasts in a milled matrix of similar lithological composition.
The diatremes are surrounded by coalesced halos of lower grade, disseminated
sphalerite, galena, and sulphosalts containing gold and silver. Garnet skarn-
hosted polymetallic mineralization has been identified at depth between the
Peasco and Brecha Azul diatremes. The skarn has horizontal dimensions of
approximately 1,000 metres by 1,200 metres and is open at depth.
PEASQUITO
The Pyrite Leach Plant (PLP) project at Peasquito envisages leaching a pyrite
Operator: Goldcorp
concentrate from the zinc flotation circuit tails to recover gold and silver. The
Location: Mexico PLP is expected to recover approximately 40% of the gold and 48% of the silver
Stream: Silver currently reporting to the tailings. PLP is expected to add annual incremental
Primary Metal: Gold production of approximately 4.0 6.0 million silver ounces total. Silver Wheaton
Deposit: Porphyry and skarn will be entitled to 25% of this incremental production. Commercial production is
expected in the first quarter of 2019.
Mine Type: Open pit
Process Method: Flotation, leach
Origin of Attributable Payable Metal: PEASQUITO GEOLOGY, SECTIONAL VIEW
Pb and Zn concentrates, dor
9- 2
G - 62 4
2
14
6 5 -1
1
P - -1
G 64-
P- 8
G 26
6
6
CHILE COLOR ADO PIT

66 4
PEA SCO PIT

14
P-
1
P
8-
2-
G
65
P-
P-
G
QSP
Section 230020 -E
1,200m. 1,200m.
ALTER ATION
Completed holes
Holes 2014 Rc
Rc
Medium to Low Grade
High Grade
600m. 600m.
1226 m
ALTER ATION LEGEND
QSPC
QFP 1325 m
PC Sk
1721 m
Marble
Skarn QFP 2042 m
Potassic Alteration
Hornfels
Recr ystalized 0 400m
32 2016/2017 HANDBOOK
Date of Contract: 24-Jul-07
Stream Parameters: 25% of silver production
Upfront Consideration: $485M
OPERATING ASSETS
Delivery Payment Per Ounce: $4.09 (annual 1% inflation adjustment)
Current Depletion Per Ounce: $3.05
Guarantee / Security: Goldcorp corporate guarantee
Cost Quartile: 1st

ATTRIBUTABLE SILVER RESERVES AND RESOURCES
(Mt) (g/t) (Moz)
Proven & Probable: Mill 146.7 30.0 141.6
Heap Leach 5.4 22.0 3.9
Measured & Indicated: Mill 61.3 26.9 53.0
Heap Leach 11.9 19.3 7.4 HIGHLIGHTS
Inferred: Mill 4.9 20.6 3.2

Heap Leach 0.1 15.5 0.1 Mexicos largest gold mine

SILVER PRODUCTION (Thousand Ounces)
Significantly higher silver
2013 6,216 recovery potential through
2014 7,318
2015 7,237 recently approved Pyrite Leach
Plant Project
PEASQUITO GEOLOGY, 3-D VIEW
Exploration success with
PEA SCO BRECCIA A ZUL copper-gold skarn
PEA SCO DIATREME DIATREME
PIT
CHILE
COLOR ADO PIT
SK ARN
INTRUSIVE

SAN DIMAS
The San Dimas mine is owned and operated by Primero Mining Corp. (Primero),
which purchased the mine from Goldcorp in August 2010. The mine is a low-cost
producer of gold and silver and has been in continuous production for well over
100 years. The San Dimas gold-silver deposit, located in the San Dimas district on
the border of Durango and Sinaloa states, is one of the most significant precious
OPERATING ASSETS
metal deposits in Mexico. The district comprises of over 100 epithermal bonanza
type mineralized gold-silver veins. The veins widths vary from less than one
centimetre to over 15 metres, but average approximately 2 metres. Veins have
been followed underground from a few metres in strike-length to more than
MEXICO 2 kilometres.
Mineralization is typical of epithermal vein structures with banded and drussy

textures. Three major stages of veining have been recognized in the district,
each containing variable amounts of mineralization. The second stage produced
the majority of the ore deposits, which included three sub-stages characterized
by distinct mineral assemblages, quartz-chlorite-adularia, quartz-rhodonite,
SAN DIMAS and quartz-calcite. Sulphide minerals include pyrite, sphalerite, chalcopyrite,
Operator: Primero and galena as well as lesser amounts of argentite, polybasite, stromeyerite,
native silver, and electrum.
Location: Mexico
Stream: Silver Over the substantial mine life to date, the operating team at San Dimas has
Primary Metal: Gold demonstrated a strong track-record of converting resources into reserves and
Deposit: Epithermal (precious metals) the mine continues to exhibit excellent potential exploration upside. Primero
has stated that it believes that it can continue to expand reserves by focusing
Mine Type: Underground
new drilling programs on areas with significant exploration potential, such as the
Process Method: Leach Sinaloa Graben block, where exploration results confirm mineralization of higher
Origin of Attributable Payable Metal: Dor grades in veins with mineable widths.
The San Dimas district has experienced a long mining history dating back to
1757 with the first cyanide mill being built in Mexico at Tayoltita in 1904.
Historical production from the district is estimated at 582 million ounces of silver
and 11 million ounces of gold, affirming it as a world class epithermal mining
province. The mines at San Dimas are underground operations using primarily
mechanized cut-and-fill and long-hole stoping mining methods. Once milling,
cyanidation, precipitation, and smelting occur at the San Dimas mill located near
the town of Tayoltita, dor bars are poured and then transported to refineries
in Mexico and the United States.
34 2016/2017 HANDBOOK
Date of Contract: 15-Oct-04
Stream Parameters: 100% of silver up to 6 Moz per annum
and 50% of excess
OPERATING ASSETS
Guarantee / Security: Primero and Goldcorp corporate guarantees
and certain other security over their assets and
the San Dimas mine
Cost Quartile: 1st

(Mt) (g/t) (Moz)
Proven & Probable: 5.2 328.8 55.2 HIGHLIGHTS
Inferred: 7.0 330.0 74.0 Continuous production for over
150 years
2013 6,542 (see page 23, note 3)
2014 5,760 (see page 23, note 3)
Exploration successmultiple
2015 7,449 vein extensions
Expanded to 2,500 tpd

SAN DIMAS MINE MAIN VEINS & DEVELOPMENT

CENTR AL
BLOCK TOYOLTITA
BLOCK
JESSIC A
Sa
REGINA
n Tu
Fe nn
NOCHE BUENA YESQUERO

rn e
a nl
POZOLER A
do
ROBERTA
SINALOA ROBERTITA TOYOLTITA
GR ABEN MARINAS MILL
C ASTELL ANA
Dry Stack Tailings
SAN JOSE San Fran cisc o Tun nel
ALEX A STA . GERTRUDIS
Sa Sta. Luci a
VICTORIA nL El
uis Cr
Tu is C AMICHIN
nn t
ELIA el o T
u nn VETA NUEVA
el
VERDOSA
2 km

ANTAMINA
The Antamina mine is one of the largest, lowest-cost copper mines in the world.
It is located in the Peruvian Andes mountain range at an average elevation of
4,200 metres. The mine began producing in 2001 and is operated by Compaa
Minera Antamina S.A. (CMA), a company jointly owned by subsidiaries of
Glencore plc, BHP Billiton Plc, Teck Resources Limited, and Mitsubishi Corporation.
OPERATING ASSETS
The mine is an open pit, truck/shovel operation. The ore is crushed in-pit
and conveyed through a 2.7 kilometre tunnel to the coarse ore stockpiles
at the mill. The mill produces separate copper, zinc, molybdenum, and lead-
PERU bismuth concentrates, with silver predominantly contained within the copper
concentrates, as well as lead-bismuth concentrate. Concentrates are pumped via
a 302 kilometre pipeline to the Huarmey Port on the Pacific Coastline for shipment
to smelters through port facilities which are wholly owned and operated by CMA.
Antamina is a polymetallic (copper, zinc, and molybdenum predominate) skarn

deposit resulting from complex multiple intrusive events. Copper mineralization
occurs mainly as chalcopyrite. Zinc mineralization generally occurs as sphalerite.
ANTAMINA
Other significant sulphide minerals include molybdenite and pyrite. Ore reserves
Operator: Glencore via CMA
are limited to the current operation tailings dam capacity. Potential sites for future
Location: Peru tailings dams are currently being investigated.
Primary Metal: Copper
Silver Wheaton is expected to receive on average approximately 4.7 million
Stream: Silver
ounces of silver per year from Antamina for the first 20 years. In addition,
Deposit Type: Skarn
significant exploration potential exists both below the current pit design as
Mine Type: Open pit well as regionally given that CMA holds a total of 169 concessions covering
Process Method: Flotation over 700 square kilometres.
Origin of Attributable Payable Metal:
Cu and Pb concentrates
ANTAMINA CROSS-SECTION
DEC 31, 2014 RESOURCE PIT
DEC 31, 2014 TOPOGR APHY

5000.0 OY
4000.0 OY
243m@ 1.8%Cu
21 ppm Ag
3000.0 OY 95m@ 2.1%Cu

20 ppm Ag
43m@ 2.0%Cu
38m@ 1.4%Cu 20 ppm Ag
14 ppm Ag
4000.0X
3000.0X
2000.0X
1000.0X
42m@ 1.0%Cu
0.0X
2000.0 OY 9 ppm Ag
BLOCK MODEL BASE AT 3,000 M
MINER ALIZ ATION INTERPRETED TO CONTINUE

DOWN TO AT LEAST 2,000 M
36 2016/2017 HANDBOOK
TECHNICAL/FINANCIAL DETAILS ANTAMINA CONCESSIONS
Date of Contract: 03-Nov-15
Stream Parameters: 100% payable on Glencores 33.75% of total
silver produced at Antamina, reduced to 22.5%
OPERATING ASSETS
after receiving 140 Moz
Delivery Payment Per Ounce: 20% of spot
ANTAMINA MINE SITE
Guarantee / Security: Glencore and Noranda Antamina SCRL (the
holder of Glencores interest in the Antamina
mine) corporate guarantees and certain other
assurances, including ecumbrance and debt
restrictions by Noranda.
Cost Quartile: 1st

10 km
(Mt) (g/t) (Moz) 1.0 mi

Inferred: 351.1 11.1 125.3 HIGHLIGHTS
SILVER PRODUCTION (Thousand Ounces) 8th largest copper mine

2015 2,403
in the world
Silver payable rates in copper

and lead concentrates fixed
at 100%
Exploration potential at depth

and regionally

SUDBURY
Vales Sudbury mines, located in Ontario, Canada, have an operating history
dating back to 1885. Sudbury is one of the largest nickel producing areas globally
and Vales operations in Sudbury are among the largest in the world. The Sudbury
gold stream covers six producing mines, the Coleman, Copper Cliff, Creighton,
Garson, Stobie, and Totten mines, and one development stage project, the Victor
OPERATING ASSETS
Mine Project ("Sudbury Mines"). All ore bodies contain a mix of nickel, copper,
platinum group metals, cobalt, gold, and silver.
C ANADA
In Sudbury, Vale also has a central concentrator, and a smelter and refinery
complex, making this one of the largest integrated mining operations in the
world. Vale is currently pursuing two key infrastructure initiatives in Sudbury, the
Clean Atmospheric Emissions Reduction (Clean AER) project and Copper Cliffs
single furnace strategy. While the Clean AER project will not directly impact Silver
Wheatons stream, we applaud Vales efforts to significantly cut emissions from
their operations in Sudbury. The Copper Cliffs single furnace strategy could have
a marginally positive impact on Silver Wheatons attributable production as Vale
SUDBURY notes that the initiative will improve production yields of copper and nickel.
Operator: Vale
Location: Canada TECHNICAL/FINANCIAL DETAILS
Stream: Gold Date of Contract: 28-Feb-13
Primary Metal: Nickel Term of Stream: 20 years
Deposit: Magmatic nickel sulfide
Upfront Consideration: $624M ($570M cash + 10 million warrants
Mine Type: Underground with $65 strike & 10 year term)
Process Method: Flotation Delivery Payment Per Ounce: $400
Origin of Attributable Payable Metal: Current Depletion Per Ounce: $787
Ni and Cu concentrates Guarantee / Security: Vale corporate guarantee
Cost Quartile: 2nd
ATTRIBUTABLE GOLD RESERVES AND RESOURCES

(Mt) (g/t) (Moz)
Inferred: 12.0 0.52 0.20
GOLD PRODUCTION (Thousand Ounces)

2013 33.1
2014 36.0
2015 37.8
SIMPLIFIED GEOLOGY OF SUDBURY BASIN WITH VALE MINES
Coleman Victor
N
Garson
0 5 km
Stobie
0 3 mi
Copper Cliff
Creighton Projects
Operating Mines
Sudbur y Igneous
Complex
Onaping and
Onwatin Formations
Totten
Chelmsford Formation
38 ASSET HANDBOOK 2016

CONSTANCIA
The Constancia mine is a large, low-cost, and long-life open pit mine, producing
copper, molybdenum, silver and gold. Production began as expected during the
fourth quarter of 2014 and achieved commercial production on April 30, 2015.
The processing plant at Constancia is designed to process a nominal throughput
OPERATING ASSETS
of 81,900 tonnes per day of ore and average annual throughput of 29 million
tonnes per year from the Constancia open pit and Pampacancha satellite
deposit. The principal products of the concentrator are copper and molybdenum
concentrates. The tailings are pumped to the tailings management facility for
storage and water is returned via parallel piping to the process plant for reuse. PERU
The Constancia deposit is a porphyry copper-molybdenum system which

includes copper-bearing skarn mineralization. Multiple phases of monzonite and
monzonite porphyry have intruded a sequence of sandstones, mudstones and
micritic limestone of Cretaceous age. The Pampacancha deposit is a porphyry
related skarn system, with minor local increases in copper-gold.
CONSTANCIA
TECHNICAL/FINANCIAL DETAILS Operator: Hudbay Minerals
Date of Contract: 08-Aug-12
Location: Peru
Stream: Silver and gold
50% of gold production Primary Metal: Copper
Upfront Consideration: $430M Deposit: Porphyry and skarn
Delivery Payment Per Ounce: $5.90 Ag & $400 Au (annual 1% inflation Mine Type: Open pit
adjustment starting 2020) Process Method: Flotation
Current Depletion Per Ounce: $7.41 Ag & $409 Au
Guarantee / Security: Hudbay and Hudbay Peru S.A.C. corporate
Cu concentrate
guarantees and certain security over their assets
and Constancia mine.
Cost Quartile: 1st
HIGHLIGHTS
ATTRIBUTABLE SILVER & GOLD RESERVES AND RESOURCES

Processing ore at 30% above
(Mt) (g/t) (Moz) reserve grade for the first five
Proven & Probable: Silver 614.0 3.0 58.6
Gold 307.0 0.05 0.54 years of operation
Measured & Indicated: Silver 372.0 2.1 25.0
Gold 186.0 0.04 0.23 Several strong years of gold
Inferred: Silver 200.0 1.9 12.0
Gold 100.0 0.03 0.10
production once Pampacancha
is mined
SILVER AND GOLD PRODUCTION (Thousand Ounces) SILVER GOLD
2015 1,996 14.4 Fixed gold recoveries

YAULIYACU
The Yauliyacu mine is an underground zinc-lead-silver mine owned and
operated by Glencore. The mine has been in continuous production for over
100 years. The Yauliyacu mill has a capacity of 3,600 tonnes per day. Processing
consists of conventional crushing, grinding and flotation, and is capable of
producing separate copper (copper, silver), lead (lead, silver) and zinc (zinc,
OPERATING ASSETS
silver) concentrates that are shipped for smelting.
PERU Mineralization occurs in hydrothermal polymetallic veins (Vetas) and

disseminated orebodies (Cuerpos). The Vetas are up to 5.0 kilometres along
strike on surface of which 4 kilometres have been exposed underground and have
a known vertical range over 2 kilometres, and average 0.3 to 1.2 metres in width.
At points where the veins converge, mineralization widths can exceed 5 metres,
contributing significant tonnage capacity to the mining operations. Cuerpos
were discovered in the late 1980s and have proven to be an important part of
the Yauliyacu reserve. Mineralization at Yauliyacu is zoned vertically and laterally.
Vertical zoning occurs with high grade silver near surface and high grade zinc
YAULIYACU in the lowest levels of the mine. Despite this long mining history, the mine
Operator: Glencore has successfully replaced production and expanded reserves.
Location: Peru
Stream: Silver
Date of Contract: 23-Mar-06
Primary Metal: Zinc
Deposit: Epithermal (base metals) Stream Parameters: 100% of silver production up to 1.5 Moz,
Mine Type: Underground 50% of excess
Process Method: Flotation Upfront Consideration: $285M
Origin of Attributable Payable Metal: Delivery Payment Per Ounce: $8.74 (annual 1% inflation adjustment)
Bulk, Zn concentrates (plus - in the event spot silver is above
$20 - 50% of the excess to a maximum of $10)
Guarantee / Security: Glencore International corporate guarantee
Cost Quartile: 1st

(Mt) (g/t) (Moz)
Inferred: 13.5 177.6 76.9

2013 2,618
2014 2,938
2015 2,717
YAULIYACU LONGITUDINAL SECTION OF M VEIN AND THE GRATON TUNNEL
CF 1600 -N CF 000 CF 1600 -S CF 3200 -S CF 4800 -S
Carlos LEGEND
Francisco
Carmen Conglomerats
5000m. El Inclened Shaft N33E N62E N48E 5000m. El
Shaft Casapalca red beds
200 Carlos Francisco porphyr y
4500m. El 800 4500m. El
t
ul
cc Jumasha formation
Fa
Raise Borer n e a
1700
im ta
at
Nivel Antuquito Tablachaca volcanics

Ch uani
4000m. El 4000m. El
re
2700 Bellavista Tunel

G
Aguas 800
Levels
J
3900 Calientes
3500m. El Shaft 3500m. El
cr cc v t pcf vt cc Consuelo cc vt pcf Silver Mineralization
Raise cr
5200 Graton Tunnel
pcf Borer km 11.750 km 11 km 10 km 9 Greater than 20 Oz. Ag.
3000m. El Central 3000m. El
Shaft 10 to 20 Oz. Ag.
vt
cr cj Scale 1:20,000
cc
0 200 1,000
CF 2400 -N CF 800 -N CF 800 -S CF 2400 -S CF 4000 -S Metres
40 2016/2017 HANDBOOK
ZINKGRUVAN
The Zinkgruvan mine is an underground zinc-lead-silver mine, owned and
operated by Lundin Mining Corporation, and located approximately 250
kilometres southwest of Stockholm, Sweden. This low-cost mine has been
producing on a continuous basis since 1857.
OPERATING ASSETS
Zinkgruvan employs a conventional underground crushing, grinding and flotation
milling process producing zinc and lead concentrates, which are transported
via ship to smelters in Europe. Nominal production capacity of zinc-rich ores is
SWEDEN
currently 1.1 Mtpa. A separate 0.3 Mtpa copper treatment line in the processing
plant was commissioned during 2010. This line was further modified during 2011
to allow it the flexibility to treat zinc-lead ore as well as copper ore.
The Zinkgruvan orebodies are dominated by sphalerite and galena and are
generally massive, well banded, and stratiform. Remobilization of galena and
silver has occurred in response to metamorphism and deformation, and is most
pronounced in the lead-rich western extension of Nygruvan and in the Burkland
area. Copper stockwork mineralization has been identified in the structural ZINKGRUVAN
hanging wall of the Burkland deposit. Chalcopyrite is the main copper mineral and
Operator: Lundin Mining
occurs as coarse disseminations and patches within a marble host rock. Current
mineral reserves are sufficient for a mine life in excess of 10 years and excellent Location: Sweden
opportunities for ongoing reserve and resource expansion exist at Zinkgruvan. Stream: Silver
Historically, the mine has been very successful at converting inferred resources Primary Metal: Zinc
into measured and indicated resources and subsequently into mineral reserves. Deposit: VMS
Process Method: Flotation
Date of Contract: 08-Dec-04
Pb, Zn, and Cu concentrates
Guarantee / Security: Lundin corporate guarantee and a pledge
of charge deed over mining operations
Cost Quartile: 2nd

(Mt) (g/t) (Moz)
Proven & Probable: Zinc Ore 11.7 70.9 26.7
Copper Ore 3.5 35.0 3.9
Measured & Indicated: Zinc Ore 6.7 87.5 18.8
Copper Ore 2.2 29.8 2.1
HIGHLIGHTS
Inferred: Zinc Ore 7.3 83.0 19.4
Copper Ore 0.2 39.0 0.2 In continuous production
SILVER PRODUCTION (Thousand Ounces) for well over 150 years
2013 2,468
2014 2,433 Record attributable production
2015 2,542
in 2015

NEVES-CORVO
The Neves-Corvo copper-zinc-silver mine is located approximately 220 kilometres
southeast of Lisbon in the Alentejo district of southern Portugal.
The underground mine exploits five major orebodies. The principle means of
mine access are provided by one vertical five metre diameter shaft and a ramp
OPERATING ASSETS
from surface. The mine is highly mechanized and a number of different stoping
methods are employed but the most significant are bench-and-fill and drift-and-
fill. The treatment facility at Neves-Corvo comprises of two processing plants.
PORTUGAL
The copper plant treats copper ores and has a maximum capacity of
approximately 2.6 Mtpa and the zinc plant (former tin plant) which treats zinc
or copper ores was expanded to 1.0 Mtpa capacity during 2011.
Base metal grades are segregated by the strong metal zoning into copper,
tin, and zinc zones. The massive sulphide deposits are typically underlain by
stockwork sulphide zones which form an important part of the copper orebodies.
Neves-Corvo has demonstrated significant exploration upside with discoveries
such as the Lombador zinc-lead-silver deposit, which lies immediately north of
NEVES-CORVO
the existing Neves-Corvo deposits. Recent underground exploration drilling has
Operator: Lundin Mining
mainly resulted in forming deeper extensions to the known mineralization.
Location: Portugal
Stream: Silver TECHNICAL/FINANCIAL DETAILS
Primary Metal: Copper Date of Contract: 05-Jun-07
Deposit: VMS Term of Stream: 50 years
Mine Type: Underground Stream Parameters: 100% of silver production
Origin of Attributable Payable Metal: Current Depletion Per Ounce: $1.48
Cu, Pb and Zn concentrates Guarantee / Security: Lundin corporate guarantee
Cost Quartile: 3rd

(Mt) (g/t) (Moz)
Proven & Probable: Copper Ore 25.9 36.7 30.6
Zinc Ore 25.3 66.3 54.0
Measured & Indicated: Copper Ore 44.5 49.2 70.5
Zinc Ore 82.5 55.2 146.4
Inferred: Copper Ore 13.4 37.0 15.9
Zinc Ore 12.6 55.0 22.3

2013 1,306
2014 1,388
HIGHLIGHTS
2015 1,329
Production from the Lombador
NEVES-CORVO MINE AND OREBODIES
orebody has helped contribute
to outperfromance at 5 km
Main Ramp
Neves-Corvo Zambujal
Shaft
Graa
Cor vo Neves
Semblana
1.1 km
Lombador
42 2016/2017 HANDBOOK
777
The 777 mine is an underground copper, zinc, gold, and silver mine located within
the Flin Flon Greenstone Belt (FFGB), immediately adjacent to Hudbays principal
concentrator in Flin Flon, Manitoba. Development of the 777 mine commenced in
1999 and commercial production began in 2004. The anticipated mine life is until
2020.
OPERATING ASSETS
Ore produced at the 777 mine is transported to Hudbays Flin Flon concentrator
for processing into copper and zinc concentrates. Copper concentrate is sold to
third party purchasers and zinc concentrate is sent to Hudbays Flin Flon zinc plant C ANADA
where it is further processed into special high grade zinc products before being
sold to third party purchasers.
The orebodies of the FFGB occur in an early Proterozoic island-arc assemblage that
stretches for an exposed length of 250 kilometres east-west and 75 kilometres
north-south. The deposits are copper-zinc volcanogenic massive sulfide (VMS)
type, rich in gold and silver, and hosted in both felsic and mafic volcanic rocks,
with the felsic type hosting the largest deposits.
777
Operator: Hudbay Minerals
TECHNICAL/FINANCIAL DETAILS Location: Canada
Date of Contract: 08-Aug-12
Stream: Gold and silver
Stream Parameters: 100% of gold production until later of
satisfaction of Constancia completion test Deposit: VMS
or the end of 2016; 50% of gold production Mine Type: Underground
thereafter; 100% of silver production Process Method: Flotation
Upfront Consideration: $455M Origin of Attributable Payable Metal:
Delivery Payment Per Ounce: $408 Au & $6.02 Ag (annual 1% inflation Cu concentrate
adjustment)
Guarantee / Security: Hudbay corporate guarantee and certain other
security over their assets and the 777 mine
Cost Quartile: 2nd
ATTRIBUTABLE GOLD & SILVER RESERVES AND RESOURCES

(Mt) (g/t) (Moz)
Proven & Probable: Gold 3.9 1.80 0.22
Silver 6.3 27.2 5.5
Measured & Indicated: Gold 0.4 1.83 0.02
Silver 0.7 26.3 0.6
Inferred: Gold 0.3 1.76 0.02
Silver 0.7 32.6 0.7
GOLD AND SILVER PRODUCTION (Thousand Ounces) GOLD SILVER

3-year Average 49.0 504
3D PLAN VIEW OF THE 777/CALLINAN MINE
51750 N N
17000 E
18000 E
19000 E
20000 E
51250 N
LEGEND
50750 N
777 Nor th Limb Lenses
777 South Limb Lenses
777 West Zone
50250 N
Meters Callinan South Zone Lenses
Callinan East Zone Lenses
0 250 500
49250 N Callinan Nor th Zone Lenses
Dan Zone

MINTO
The Minto copper-gold-silver mine located in Yukon, Canada, is an open pit and
underground mining operation that commenced commercial production in 2007.
Since 2007, the mine has undergone several successful expansions, more than
doubling mill throughput levels from 1,563 tonnes per day to its current design
throughput of 3,600 tonnes per day. The mill employs conventional crushing,
OPERATING ASSETS
grinding and flotation to produce copper and gravity concentrates with significant
gold and silver credits. Concentrates are exported via the Port of Skagway, Alaska,
to smelters in Asia for treatment and sale.
C ANADA
The Minto deposit is spread over a series of high grade areas interspersed with
large deposits of low grade material. The mine plan was designed for the highest
grade deposits to be mined sequentially in a series of small pits supplemented
with additional ore from underground. Surface mining of the Minto North pit
is expected to be completed in 2016, with the mill continuing to process Minto
North material until the middle of 2017. Capstone expects the operation will be
temporarily closed once all the ore from Minto North and the remaining stockpiles
MINTO are processed by mid-2017. Future production decisions will depend on a number
Operator: Capstone Mining of factors, most notably an improvement in the copper market outlook.
Location: Canada
Stream: Gold and silver TECHNICAL/FINANCIAL DETAILS
Primary Metal: Copper Date of Contract: 20-Nov-08

Deposit: Intrusion related (base metals)
Mine Type: Open pit, underground 100% of silver production
Process Method: Flotation Upfront Consideration: $55M
Origin of Attributable Payable Metal: Delivery Payment Per Ounce: $315 Au & $4.10 Ag (annual 1% inflation
Cu, gravity concentrate adjustment)
Current Depletion Per Ounce: $14.56 Ag & $489 Au
Guarantee / Security: Capstone c orporate guarantee
HIGHLIGHTS Cost Quartile: 3rd
Processing predominantly Minto ATTRIBUTABLE GOLD & SILVER RESERVES AND RESOURCES
North ore supplemented by

TONNAGE GRADE
(Mt) (g/t) (Moz)
CONTAINED
underground and stockpiled ore Proven & Probable: Gold 5.5 0.81 0.14
Silver 5.5 6.1 1.1
Silver 39.6 3.1 4.0
Silver 25.3 2.5 2.1
GOLD AND SILVER PRODUCTION (Thousand Ounces) GOLD SILVER

2013 22.6 162
2014 22.1 171
2015 17.9 171
44 2016/2017 HANDBOOK
COZAMIN
The underground Cozamin copper-silver-lead-zinc mine is located in the mineral-
rich state of Zacatecas, Mexico. Since its commissioning in 2006, the mine has
undergone two successful expansions, tripling production levels to the current
rate of 3,100 tonnes per day. The underground area of the mine is accessed by
either a shaft from the surface or one of two ramps. The mill produces copper,
OPERATING ASSETS
zinc, and lead concentrates that are shipped to the port of Manzanillo for export
to world markets.
Production is primarily from the Mala Noche Main Zone, supplemented by ore
from the Mala Noche Footwall Zone, which is higher in grade, but narrower
widths than the Main Zone. Pyrite is the dominant vein sulphide and occurs as fine MEXICO
disseminations and veinlets, coarse crystalline replacements, and pseudomorphs
of epithermal textured carbonate minerals and possible barite. Exploration
success has led to significant resource increases and excellent potential exists
to continue this expansion.
COZAMIN
Date of Contract: 04-Apr-07 Operator: Capstone Mining
Term of Stream: 10 years Location: Mexico
Stream Parameters: 100% of silver production Stream: Silver
Deposit: Epithermal (base metals)
Guarantee / Security: Capstone corporate guarantee Mine Type: Underground
Cost Quartile: 3rd Process Method: Flotation
ATTRIBUTABLE SILVER RESERVES Cu, Pb concentrates
(Mt) (g/t) (Moz)
Proven & Probable: 1.6 42.1 2.2 HIGHLIGHTS
SILVER PRODUCTION (Thousand Ounces) Stream comes to an end

2013 1,682
2014 1,628 in April 2017
2015 1,287

LOS FILOS
The Los Filos gold-silver mine is located in the Nukay mining district of central
Guerrero State in southern Mexico. The Los Filos operation consists of two open pit
mines (Los Filos and El Bermejal) and one underground mine, with common heap
leach, wet plant and ancillary facilities to produce a final gold dor product on site.
The open pit operation began commercial production in January 2008.
OPERATING ASSETS
The orebodies at Los Filos consist of iron-gold skarn with minor amounts of copper
and silver at the intrusive-limestone contact. Orebodies also occur with endoskarn
and are disseminated within the hydrothermally altered intrusive rocks. The
MEXICO mineralogy of the contact orebodies is predominantly iron oxides with gold, in
associations with lesser quantities of copper, lead, zinc, and arsenic occurring in
carbonates and oxides as well as sulfides. Primary minerals are hematite, magnetite,
and jasper with lesser amounts of pyrite, chalcopyrite, and arsenopyrite.
LOS FILOS
Term of Stream: 25 years
Operator: Goldcorp Stream Parameters: 100% of silver production
Location: Mexico Upfront Consideration: $4M
Stream: Silver Delivery Payment Per Ounce: $4.26 (annual 1% inflation adjustment)
Primary Metal: Gold Current Depletion Per Ounce: $5.34
Guarantee / Security: Goldcorp corporate guarantee
Deposit: Porphyry and skarn
Cost Quartile: 4th
Mine Type: Open pit, underground
Process Method: Leach ATTRIBUTABLE SILVER RESERVES AND RESOURCES
Origin of Attributable Payable Metal: Dor TONNAGE GRADE CONTAINED
(Mt) (g/t) (Moz)
Inferred: 141.0 9.2 41.6
PRODUCTION (Thousand Ounces)

3-year Average 121
46 2016/2017 HANDBOOK
STRATONI
The Stratoni mine is an underground lead-zinc-silver mine located approximately
4 kilometres from the coastal town of Stratoni in northern Greece. The mine
is 100% owned by Hellas Gold S.A., which is 95% owned by Eldorado Gold
Corporation and 5% owned by Aktor S.A., Greeces largest construction company.
The deposit is a lead-zinc-silver carbonate replacement deposit that is hosted
OPERATING ASSETS
within marble of the Kerdilya Formation. The deposit is localized along the south
dipping Stratoni Fault, a major structural feature and important mineralizing
GREECE
corridor in the centre of the Stratoni region. Stratoni has been in operation since
September 2005 and produces high quality lead-silver and zinc concentrates. The
mine has a capacity of 1,200 tonnes per day and utilizes conventional drift-and-fill
mining methods.
In October 2015, in order to incentivize additional exploration and potentially

extend the limited remaining mine life of Stratoni, Silver Wheaton and
Eldorado agreed to modify the Stratoni silver purchase agreement. The primary
modification is to increase the production price per ounce of silver delivered to
Silver Wheaton over the current fixed price by one of the following amounts: STRATONI
(i) $2.50 per ounce of silver delivered if 10,000 metres of drilling is completed Operator: Hellas Gold (Eldorado Gold)
outside of the existing ore body and within Silver Wheatons defined area of
Location: Greece
interest (Expansion Drilling); (ii) $5.00 per ounce of silver delivered if 20,000
Stream: Silver
metres of Expansion Drilling is completed; and (iii) $7.00 per ounce of silver
delivered if 30,000 metres of Expansion Drilling is completed. Drilling in all three Primary Metal: Zinc
cases must be completed by December 31, 2020, in order for the agreed upon Deposit: Carbonate replacement
increase in production price to be initiated. Mine Type: Underground
TECHNICAL/FINANCIAL DETAILS Origin of Attributable Payable Metal:
Date of Contract: 23-Apr-07 Pb concentrate
Upfront Consideration: $58M HIGHLIGHTS
Current Depletion Per Ounce: $10.04 Stream restructured
Guarantee / Security: Hellas Gold and European Goldfields provided
certain covenants in respect of their obligations
to encourage exploration
Cost Quartile: 4th to extend mine life
(Mt) (g/t) (Moz)
Inferred: 0.5 169.0 2.7

3-year Average 823

BARRICK MINES
On September 8, 2009, the Company entered into an agreement with Barrick
to acquire an amount equal to 25% of the life of mine silver production from
its Pascua-Lama project located in Chile and Argentina, as well as 100% of the
PERU
silver production from its Lagunas Norte mine and Pierina mine, which are both
located in Peru, and its Veladero mine located in Argentina (collectively referred
OPERATING ASSETS
to as the Barrick mines) until the end of 2013. 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. During the fourth quarter of 2013,
Barrick announced the temporary suspension of construction activities at its
Pascua-Lama project, other than those required for environmental and regulatory
compliance. During 2014, the project was placed on care and maintenance.
ARGENTINA
As a result of Barricks decision to temporarily suspend construction activities
at the Pascua-Lama project, and the various amendments to the precious metal
purchase agreement between Silver Wheaton and Barrick, Silver Wheaton is now
entitled to 100% of the silver production from Barricks Lagunas Norte mine,
LAGUNAS NORTE / PIERINA / VELADERO Pierina mine (now in closure), and Veladero mine until the earlier of April 1, 2018
Operator: Barrick Gold or the date Barrick satisfies the completion test. Information on the Pascua-Lama
project can be found on Page 50 of the Handbook, and details on the Barrick
Location: Argentina / Peru
mines are below.
Stream: Silver
Primary Metal: Gold TECHNICAL/FINANCIAL DETAILS
Deposit: Epithermal (precious metal) Date of Contract: 08-Sep-09
Mine Type: Open pit Term of Stream: To March 31, 2018
Process Method: Leach Stream Parameters: 100% of silver production
Up to 8% of silver contained in ore (Veladero)
Origin of Attributable Payable Metal: Dor
Upfront Consideration: Part of Pascua-Lama transaction
Delivery Payment Per Ounce: $3.90
HIGHLIGHTS Current Depletion Per Ounce: $3.28
Guarantee/Security: Barrick corporate guarantee
Veladero and Lagunas Norte Cost Quartile: 1st / N/A / 2nd
are two of Barricks core ATTRIBUTABLE SILVER RESERVES

low-cost gold mines

TONNAGE
(Mt)
GRADE
(g/t)
CONTAINED
(Moz)
Proven & Probable: Lagunas Norte 32.2 4.1 4.2
Veladero 69.8 12.8 28.8
SILVER PRODUCTION (Thousand Ounces) COMBINED STREAM

2013 2,185
2014 1,688
2015 2,383
48 2016/2017 HANDBOOK
LAGUNAS NORTE
The Lagunas Norte gold-silver mine is located in north-central Peru, 175
kilometres north of Barricks Pierina mine. The Lagunas Norte mineralization
occurs on the 185 square kilometre Alto Chicama property. The mineralization
is of the high sulfidation type. It is disseminated and hosted in variably brecciated
sedimentary rocks as well as in volcanic breccias and tuffs. The orebody is mined
OPERATING ASSETS
as an open pit, truck-and-shovel operation, at an average mining rate of 80,000
tonnes per day. Ore is crushed and then transported via truck to the leach
pad, while run-of-mine ore is trucked directly to the leach pad. Gold and silver
recovered from the leached ore is smelted into dor on-site and shipped to
an outside refinery for processing into bullion.
PIERINA
The Pierina mine is located in the Andean Cordillera in the Department of Ancash
in north-central Peru, approximately 10 kilometres northwest of the city of
Huaraz, at an altitude of approximately 4,100 metres. Pierina is an open-pit,
truck-and-loader operation. Ore is crushed and transported through an overland
conveyor to the leach pad area. Closure activities were initiated at Pierina as of
August 2013. The mine continues to produce residual gold and silver from the
existing heap leach as well as occasionally stacking new ore encountered during
pit wall stabilization activities that are part of the mine closure plan.
VELADERO
The Veladero gold-silver mine is located in the highly prospective Frontera District
in the San Juan Province of Argentina, approximately 10 kilometres south of
Barricks Pascua-Lama project. The Veladero deposit is situated at the north end
of the El Indio Gold Belt, a 120 kilometre by 25 kilometre north-trending corridor
of Permian to late Miocene volcanic and intrusive rocks. The Veladero deposit is an
oxidized, high sulfidation gold-silver deposit hosted by volcaniclastic sediments,
tuffs, and volcanic breccias related to a Miocene diatreme-dome complex.
Disseminated precious metals mineralization forms a broad, 3 kilometre long by
400 metre to 700 metre wide tabular blanket localized between the 4,000 and
4,350 metre elevations. At Veladero, a conventional open-pit operation, ore is
crushed by a two-stage process and then transported via trucks to the leach pad
area. Run-of-mine ore is trucked directly to the valley-fill leach pad.

PASCUA-LAMA
The Pascua-Lama project is located on the border of Chile and Argentina, in
the Frontera district, approximately 10 kilometres from Barricks Veladero mine.
The Chilean part of the deposit is at an elevation of approximately 4,300 to

5,250 metres above sea level. The Pascua-Lama project is entitled to the benefits
of cross-border mining operations that are granted by a mining treaty between
Chile and Argentina. The Pascua-Lama project is designed as a large-scale open
pit operation with processing facilities having an initial designed throughput
ARGENTINA capacity of 45,000 tonnes per day.
Construction on the Pascua-Lama project began in October 2009. During

the fourth quarter of 2013, Barrick announced the temporary suspension of
construction. Barrick had previously suspended construction activities on
the Chilean side of the project as a result of the issuance of a preliminary
injunction. The ramp-down was completed in mid-2014. In late 2015, a temporary
suspension plan for Pascua-Lama was approved by the mining authorities in
Chile and Argentina. Barrick is preparing new business and execution plans to
PASCUA-LAMA optimize remaining construction activities at the Pascua-Lama project. A decision
Operator: Barrick Gold to re-start development will also depend on more certainty regarding legal and
permitting matters.
Location: Chile / Argentina
Stream: Silver The rock in the Pascua-Lama area contains sulfides that, when exposed to air
Primary Metal: Gold and water, produce acid rock drainage (ARD). While ARD occurs naturally in the
Deposit: Epithermal (precious metals) area, disturbance caused by mining activity can accelerate the process. This can
be harmful to the environment if not properly managed. In January 2013, Barrick
Mine Type: Open pit
reported a compliance failure of the water management system on the Chilean
Process Method: Flotation, leach side which resulted in the Chilean Environmental Authority (SMA) issuing a fine
Origin of Attributable Payable Metal: Dor, and suspending all construction activities in Chile until the water management
Cu concentrate system is completed in accordance with permit conditions.
Date of Contract: 08-Sep-09
Upfront Consideration: $625M (inclusive of the Barrick Mines
on pages 48 & 49)
Delivery Payment Per Ounce: $3.90 (annual 1% inflation adjustment
starting in 4th year)
Guarantee / Security: Barrick corporate guarantee
Cost Quartile: 1st

(Mt) (g/t) (Moz)
HIGHLIGHTS Proven & Probable: 81.2 64.7 168.7
If constructed, estimated Inferred: 4.9 20.1 3.2
contribution of 9 Moz per

year for first five years of
full production given existing
mine plan
50 2016/2017 HANDBOOK
ROSEMONT
The Rosemont Copper Project is a copper-molybdenum-silver porphyry deposit
located in Pima County, Arizona. Hudbay acquired the project in July 2014
through the acquisition of Augusta Resources Corporation.
The Rosemont Deposit consists of skarn-hosted copper-molybdenum-silver

mineralization related to quartz-monzonite porphyry intrusions. Genetically,
it is a style of porphyry copper deposit. Mineralization is mostly in the form of
primary (hypogene) copper-molybdenum-silver sulfides, found in stockwork UNITED STATES
veinlets and disseminated in the altered host rock. Some oxidized copper
mineralization is also present.
In 2015, Hudbay completed a two-year confirmatory drill program consisting of

89 holes and advanced the engineering in a number of areas, including through
a metallurgical test program. Furthermore, Hudbay is in the process of completing
a definitive feasibility study for the Rosemont project, including a current estimate
of the mineral reserves and resources. Permitting efforts remain ongoing.
On February 3, 2015, the Arizona Department of Environmental Quality issued the ROSEMONT
Clean Water Act Section 401 Water Quality Certification. The remaining required
Operator: Hudbay Minerals
key permits are the final Record of Decision from the U.S. Forest Service and
the Clean Water Act Section 404 Permit from the U.S. Army Corps of Engineers. Location: USA
TECHNICAL/FINANCIAL DETAILS Primary Metal: Copper
Date of Contract: 10-Feb-10 Deposit: Porphyry
Term of Stream: Life of Mine Mine Type: Open pit
100% of gold production
Cu concentrate
Delivery Payment Per Ounce: $3.90 Ag and $450 Au (annual 1% inflation
adjustment starting in 4th year)
Guarantee / Security: Augusta corporate guarantee and certain other
HIGHLIGHTS
security over the assets
Cost Quartile: 1st
Permitting and community
ATTRIBUTABLE SILVER RESERVES AND RESOURCES engagement ongoing
(Mt) (g/t) (Moz)
Well-established infrastructure
Inferred: 104.5 3.3 11.1
ROSEMONT PROJECT LOCATION MAP
Tucson N
Three Points
Mission Complex
Twin Buttes Mine ROSEMONT

ROSEMONT
Sierrita Mine
Green Valley
ARIZONA, US
PIMA
SANTA CRUZ Sonoita
Tucson MINE
Patagonia TOWN
RAILROAD
0 25km ROAD

KENO HILL
Alexco Resource Corp. (Alexco) commenced production of its silver-lead-zinc
Bellekeno mine, located within the Keno Hill District (District) in Yukon, Canada,
in the third quarter of 2010. The District is historically one of the highest-grade
and most prolific silver producing areas in the world. According to the Yukon
Governments published Minfile database, from 1913 to 1989, the 240 square
kilometre area, which comprises more than 30 historic mines, produced more
than 217 million ounces of silver with average grades in excess of 40 ounces
C ANADA per tonne silver, 5% lead, and 3% zinc. The Bellekeno mine, one of the worlds
highest-grade silver mines with a production grade of up to 1,000 grams per
tonne, was Canadas only operating primary silver mine from 2011 to 2013.
The conventional flotation mill has a designed capacity of 400 tonnes per day
and the mine employs either cut and fill mining or longhole methods.
Alexco is currently in interim suspension of operations at Bellekeno in order to

decrease costs and reposition the District for long-term, sustainable operations.
Alexco is rapidly exploring other promising high-grade silver prospects on its other
KENO HILL District properties, and has discovered two important new deposits the Flame &
Operator: Alexco Moth and Bermingham. The continuing discoveries of some of the largest deposits
Location: Canada ever in the District point to the prolific and prospective nature of Keno Hill.
Stream: Silver On June 6, 2014, the Company amended the Alexco silver purchase agreement to
Primary Metal: Silver increase the production payment to be a function of the silver price at the time
Deposit: Epithermal (base metals) of delivery. In addition, the area of interest was expanded to include properties
currently owned by Alexco and properties acquired by Alexco in the future which
fall within a one kilometre radius of existing Alexco holdings in the Keno Hill Silver
District. The amended Alexco Silver Purchase Agreement is conditional on Alexco
Origin of Attributable Payable Metal: paying Silver Wheaton $20 million by December 31, 2015, or at Alexcos option
Pb and Zn concentrates up to end of December 31, 2016.
Guarantee / Security: Alexco corporate guarantees and certain other
security over their assets and the Keno Hill mines
Cost Quartile: 4th
ATTRIBUTABLE SILVER RESOURCES

(Mt) (g/t) (Moz)
HIGHLIGHTS
Measured & Indicated: Underground 0.8 467.2 11.5
Elsa Tailings 0.6 119.0 2.4
District scale opportunity Inferred: Underground 0.3 363.4 3.0
Significant exploration potential SILVER PRODUCTION (Thousand Ounces)

3-year average prior to suspension 465
52 2016/2017 HANDBOOK
NAVIDAD
The Navidad project is one of the largest undeveloped silver deposits in the world.
Navidad is located in Chubut, Argentina and is made up of eight zones, seven of
which should be amenable to mining in a series of open pits. Silver Wheaton holds
a debenture convertible into an agreement to purchase 12.5% of the life of mine
silver production from the Loma de La Plata zone, which is one of the highest
grade zones within the Navidad deposit and represents approximately 25% of
the projects measured and indicated silver resources. Loma de La Plata is silver- ARGENTINA
rich, but is sulphide-poor and contains very low levels of lead, zinc, and copper.
Metallurgical testing has indicated that this zone is receptive to conventional
flotation processing with forecast silver recoveries of approximately 72%.
There are material governmental and legal factors that affect the mineral
resources at Navidad and the conversion of the mineral resources to mineral
reserves. Legislation in place in the Province of Chubut currently prohibits open pit
mining and the use of cyanide in the entire province. According to Pan American,
no cyanide will be used to process the material anticipated to be mined at
Navidad, but given the depth and orientation of the deposits, the economic mine LOMA DE LA PLATA - NAVIDAD
plan involves open pit mining. Because of these governmental and legal factors, Operator: Pan American
the otherwise economically viable portions of the deposit cannot be estimated Location: Argentina
as mineral reserves at this time.
Stream: Silver
Primary Metal: Silver
Date of Contract: Option Exercise
11 Deposit: Epithermal (base metals)
Term of Stream: Life of Mine Mine Type: Open pit
Stream Parameters: 12.5% of silver production Process Method: Flotation
Upfront Consideration: $43M Origin of Payable Metal: Cu/Ag, Pb/Ag
Delivery Payment Per Ounce: $4.00 (annual 1% inflation adjustment
concentrates
starting in 4th year)
Guarantee / Security: N/A
Cost Quartile: N/A HIGHLIGHTS
ATTRIBUTABLE SILVER RESOURCES

One of the most promising

(Mt) (g/t) (Moz)
undeveloped primary silver
Measured & Indicated: 3.6 169.0 19.8 projects
Inferred: 0.2 76.0 0.4

AL JUSTREL
The Aljustrel copper-zinc-lead-silver mine is located in Portugal and is 100%
owned by IM SGPS, a private company who purchased the mine from Lundin
Mining Corporation in early 2009. The mine was on care and maintenance for
fourteen years prior to being restarted by Lundin in December 2007. In November

2008, Aljustrel was placed back on care and maintenance following a decline
in metal prices.
Aljustrel has been owned and operated sporadically by IM SGPS since 2008.
PORTUGAL
As part of an agreement with IM SGPS dated July 16, 2014, Silver Wheaton
agreed to waive its rights to silver contained in copper concentrate at the Aljustrel
mine but retains a stream on future silver that may be produced from the zinc
and lead ores.
Date of Contract: 05-Jun-07
Term of Stream: 50 years
ALJUSTREL Stream Parameters: 100% of silver production in Zn & Pb concentrates
Operator: IM SGPS Upfront Consideration: $2M
Location: Portugal Delivery Payment Per Ounce: $4.06 (annual 1% inflation adjustment)
Guarantee / Security: IM SGPS corporate guarantee
Stream: Silver
Cost Quartile: 4th
Primary Metal: Zinc
Deposit: VMS ATTRIBUTABLE SILVER RESOURCES
Mine Type: Underground TONNAGE GRADE CONTAINED
(Mt) (g/t) (Moz)
Origin of Attributable Payable Metal: Inferred: 8.7 50.4 14.0
Zn, Pb concentrates
HIGHLIGHTS
Large resource, economic

at higher zinc prices
54 2016/2017 HANDBOOK
TOROPARU
The Toroparu gold-copper project is located in the Republic of Guyana, South
America. Discovered in 2007, the Toroparu Project has Proven and Probable
mineral reserves of 4.1 million ounces of gold contained in 127 million tonnes of
EARLY DEPOSIT STREAMS

ore at a grade of 1.0 g/t Au. The Toroparu Project and surrounding gold anomalies
lie at the edge of a large bending zone in the Puruni Shear Corridor, a regional
feature that can be traced more than 100 kilometres into the prolific Venezuelan
Gold District. GUYANA
The project has its Environmental Authorization, Mineral Agreement and Fiscal
Stability Agreement in place. A pre-feasibility study completed for the Toroparu
Project in 2013 at US$1400/oz gold outlined the design of an open pit mine
producing 228,000 ounces of gold per year over an initial 16-year mine life.
Sandspring has signed a Memorandum of Understanding with the Guyana
Government giving Sandspring exclusive rights to develop the Kurupung Hydro
Project, approximately 50 kilometres south of the Toroparu Project. Optimizing
the projects power supply by building the proposed run-of-river hydroelectric
facility could significantly reduce the estimated operating cash cost. TOROPARU
Operator: Sandspring
Location: Guyana
Date of Contract: 11-Nov-13
Stream: Gold and silver
Stream Parameters: 50% of silver production Primary Metal: Gold
10% of gold production Deposit: Intrusion related (precious metals)
Upfront Consideration: $154M Mine Type: Open pit
Delivery Payment Per Ounce: $3.90 Ag and $400 Au (annual 1% inflation Process Method: Leach, flotation
Guarantee / Security: Sandspring and ETK Inc. (owner of the Toroparu
project) corporate guarantees and certain other
security over their assets
Cost Quartile: 2nd
ATTRIBUTABLE GOLD & SILVER RESERVES AND RESOURCES

(MT) (G/T) (MOZ)
Silver 120.1 0.8 3.1
Silver 64.8 0.1 0.2
TOROPARU OREBODIES AND CONCEPTUAL PITS
TOROPARU PIT
Constrained Resource shell
(green)
Reser ve pit shell
(blue)
Fresh Au/Cu Ore (red)

Processing: Float +
Float Tail Leach
Fresh Au Ore (grey)

SOUTHEAST PIT Processing: Whole Ore
Leach

COTABAMBAS
The Cotabambas copper-gold-silver deposit is located in Peru, South America,
and has been systematically explored since 1995. Cotabambas is located in the
mountainous terrain of the high Andean Cordillera. Elevations on the property
EARLY DEPOSIT STREAMS
vary between approximately 3,000 and 4,000 metres. The region is characterized
by deeply incised river valleys and canyons.
The Ccalla and Azulccacca zones of the Cotabambas deposit are porphyry copper
deposits. The two host porphyries cover an area about 2.5 kilometres long and
1.5 kilometres wide. Mineralization occurs in hypogene, supergene enrichment
PERU and oxide zones within the host porphyries and surrounding diorites. A well-
developed leached cap hosts the oxide mineralization. Mineralization occurs as
disseminated chalcopyrite and pyrite, pyrite-chalcopyrite stringers or veinlets,
and quartzchalcopyritepyrite veinlets. Sulphide mineralization consists of
chalcopyrite and pyrite, and gold grades are strongly correlated to copper grades
in the hypogene zone. Silver grades are not as strongly correlated to copper
grades as they are to gold grades, but are generally elevated where coppergold
COTABAMBAS mineralization is present. Cotabambas retains exploration potential and Panoro
Operator: Panoro has a number of geophysical, geochemical, structural and principal component
analysis targets that could support further work.
Location: Peru
Date of Contract: 21-Mar-16
Deposit: Porphyry Term of Stream: Life of Mine
Mine Type: Open pit Stream Parameters: 100% of silver production
Process Method: Flotation, leach 25% of gold production
Origin of Attributable Payable Metal: Upfront Consideration: $140M
Cu concentrate, dor Delivery Payment Per Ounce: $5.90 Ag and $450 Au (annual 1% inflation
Guarantee / Security: Panoro corporate guarantee and certain other
security over their assets
Cost Quartile: 2nd
ATTRIBUTABLE SILVER & GOLD RESOURCES

(Mt) (g/t) (Moz)
Measured & Indicated: Silver 117.1 2.7 10.3
Gold 29.3 0.23 0.21
Inferred: Silver 605.3 2.3 45.4
Gold 151.3 0.17 0.84
COTABAMBAS DEPOSITS
HIGHLIGHTS
Early deposit structure
Significant exploration potential
56 2016/2017 HANDBOOK
METATES
The Metates gold-silver property (Metates) is located in Mexico and is owned
by Chesapeake Gold Corp. Metates is one of the largest, undeveloped
disseminated gold and silver deposits in the world. The pre-feasibility study
of Metates envisions a conventional truck and shovel open pit mining operation
to support a Phase 1 rate of 30,000 tonnes per day ("tpd") to Phase II of 90,000
tpd in staged expansion process plant. Crushed ore will be fed to a conventional
SAG and ball mill circuit followed by a single stage flotation plant to produce
a bulk sulphide concentrate. This concentrate would then be transported
downhill to the processing site where the sulfides are oxidized in an autoclave
circuit prior to cyanidation to recover the gold and silver. Given the high-sulfide MEXICO
ROYALTY
nature of the concentrate, the autoclave process will produce large quantities
of acid that need to be neutralized. The neutralization process would have been
a significant cost for the operation and this drove the decision for Chesapeake
to propose to transport the concentrate slurry via a 103 kilometre pipeline to a
plant within Chesapeakes limestone concessions. The concentrate solution also
contains dissolved zinc and copper that may be recovered during the course of
neutralization. METATES
Operator: Chesapeake
On August 8, 2014, Chesapeake announced that it entered into an agreement
Location: Mexico
whereby Chesapeake assigned its interest in the 1.5% net smelter returns royalty
Royalty: 1.5% NSR
on Metates to Wheaton Precious Metals (Cayman) Co., a subsidiary of Silver
Wheaton, for US$9.0 million. As part of the agreement, Chesapeake has the right Primary Metal: Gold
at any time for a period of five years to repurchase two-thirds of the royalty for Deposit: Intrusion related (precious metals)
US$9.0 million, with Silver Wheaton continuing to hold a 0.5% royalty interest. Mine Type: Open pit
In addition, Silver Wheaton has a first refusal on any future silver stream or royalty Process Method: Flotation, leach
with Chesapeake on Metates.
Guarantee / Security: American Gold Metates, the owner of the HIGHLIGHTS
Metates properties, granted Silver Wheaton
a mortgage on the Metates properties Gives Silver Wheaton
Cost Quartile: 2nd ROFR on any future silver
ATTRIBUTABLE GOLD & SILVER RESERVES AND RESOURCES streams at Metates
(Mt) (g/t) (Moz)
Silver 17.2 14.2 7.9
Silver 1.0 9.7 0.3

COR PORATE
SOC IAL
RES PONSIBILITY
Our commitment to giving back to the communities in which we live and operate has
been part of Silver Wheatons culture since inception. Through our Corporate Social
Responsibility ("CSR") programs, Silver Wheaton is able to make a meaningful impact
CORPORATE SOCIAL
RESPONSIBILITY
on social and economic development in a lasting way. We support a number of worthy
causes and initiatives in Canada and abroad each year.
While financial support is important, it is also necessary to offer helping hands.
Where possible, Silver Wheaton encourages its employees to contribute their time,
resources, and skills to charitable organizations through volunteering and participation
in fundraisers, community events, and related activities. This approach maximizes our
ability to truly make a difference that counts and allows for employees to pursue causes
that are important to them.
PARTNER CSR PROGRAM
In 2014, we initiated a new corporate social We believe that Silver Wheatons financial contributions
responsibility program to help the mining communities will provide long-term, sustainable benefits to the
where our precious metals are produced. The program communities where these mining operations are
provides financial support for our mining partners located. To date, we are pleased with the results of the
CSR projects. Silver Wheaton typically matches funds Partner CSR Program and look forward to creating new
provided by our partners to specific projects managed agreements with existing and future mining partners.
by our partners within the mining communities.
We announced the launch of the program by
supporting projects led by two of our mining partners,
Primero and Barrick.

PRIMERO
SOCIAL DEVELOPMENT
CORPORATE SOCIAL
To start, Silver Wheaton partnered with Primero to finance

RESPONSIBILITY
the building of three community facilities in Tayoltita,

Mexico, a town located near the San Dimas mine, one of
our largest producers. The town of approximately 8,000
people is home to most of the San Dimas employees. For
the first time in Tayoltita, there are playgrounds, outdoor
fitness facilities for adults, softball and soccer fields,
and a multipurpose court for basketball and volleyball.
Completed in 2015, this project provides much-needed
recreational opportunities that promote health and
wellbeing while encouraging positive interactions within
the community.
60 2016/2017 HANDBOOK
BARRICK
WATER CONSERVATION
CORPORATE SOCIAL
Silver Wheaton supported a key Barrick initiative to
RESPONSIBILITY
improve agricultural water efficiency in the communities
of Jachal and Iglesia of San Juan Province, Argentina,
located near the Veladero mine and Pascua-Lama project.
The goal of this project was to enhance water conservation
and agricultural outputs by conserving and optimizing water
resources through the implementation of drip irrigation
technology. The program participants were also trained
on best practices for growing crops and water conservation
techniques as well as using fertilizers and utilizing the
infrastructure of the drip irrigation technology to apply
these fertilizers to the respective crops.
Both of these projects were completed in 2015.

With the irrigation systems in place, the local community
benefits from improved water management allowing
for significant increases in the harvest yields per hectare
of land. On average, the irrigation program allows water
conservation of up to 65% as compared to traditional
irrigation methods.

GOLDCORP
EDUCATION INITIATIVE
CORPORATE SOCIAL
At the Peasquito mine, 73% of the employees are from

With Goldcorp, Silver Wheatons partnership has an Zacatecas state municipalities. CONALEP is an upper
RESPONSIBILITY
educational focus, specifically providing funding to help secondary educational institution that is part of the
outfit the College of Vocational and Technical Education National System of Technological Education and provides
(CONALEP) in the community of Mazapil in the State of middle level technicians with the opportunity to continue
Zacatecas, Mexico near the Peasquito mine. This initiative onto higher education.
provides equipment for students and teachers, and funding
Currently, around 217 students are attending CONALEP
improvements to campus facilities. This enables students
in Mazapil. Around 200 students have graduated from
to have hands-on training in the areas that they plan to
CONALEP in Mazapil since the inception of the program
work in upon graduation. Also part of the program is the
in the community. Around 60 graduates have been hired
purchase of safety gear and equipment to ensure students
by the Peasquito mine and the mines contractors. Many
carry out training exercises using best safety practices.
students decide to pursue further post-secondary level
education upon graduating from CONALEP. This means
a significant social impact in a mainly agricultural region
that had few career prospects prior to the opening of
CONALEP. Silver Wheatons partnership with Goldcorp
is ongoing as we continue to fund the various stages
of support for the school.
62 2016/2017 HANDBOOK
VALE
IMPROVING REGIONAL HEALTHCARE study. Through the program, the local communities are
CORPORATE SOCIAL
educated about the key health related issues, prevention,
In Brazil, we are working with Vale to improve the and appropriate treatment. There is also a focus on
RESPONSIBILITY
operations of a Basic Health Unit in the town of strengthening the relationship between the community
Paraupebas, near the Salobo mine in the Par State. A Basic and the Basic Health Unit. As part of this project, a
Health Unit is very similar in concept to a walk-in clinic. permanent health education center will be established
Basic Health Units are a government run entity that enables in the community to enable for ongoing training and
the residents of the surrounding community to seek educational sessions to take place.
medical attention. The project funded by Silver Wheaton
involves a completion of a baseline study to understand
the types of health related issues in the community that
the Basic Health Unit serves.
The project provides relevant training of the health

care professionals working at the Basic Health Unit to
address the key health issues identified in the baseline

CANADIAN INITIATIVES
With our head office based in British Columbia, hospital, which will ultimately improve the quality
CORPORATE SOCIAL
having a positive impact on the local community of, and access to, pediatric care for BCs children
is an important aspect of our business. Over the and families. The new state-of-the-art hospital
RESPONSIBILITY
years, we have contributed to a wide variety of is expected to open in 2017.

causes and organizations focused on areas relating
Silver Wheaton takes pride in identifying
to health and wellness, education, community,
opportunities for investment that will significantly
and arts and culture.
improve the lives of youth and families in the
Since 2014, Silver Wheaton is proud to be the local community. Recently, the BC Integrated
presenting sponsor of the BC Ride to Conquer Youth Services Initiative, which grew out of initial
Cancer, the largest cycling fundraiser in British seed funding from Silver Wheatons donation
Columbias history. Silver Wheatons President to the Inner City Youth Program through St. Pauls
and CEO, and several other employees have Foundation in 2012, announced that the Provincial
experienced firsthand the compelling movement Government will be expanding the program by
of thousands of riders hitting the pavement and opening five new service centres around the
pedaling more than 200 km from Vancouver to province. The service centres will aim to improve
Seattle over two days in support of research that health and social outcomes of young people aged
is helping to improve the way cancer is prevented, 12 to 24 years by offering easy to access core
detected and treated. Our company is honoured services in one location. This new approach will
to be supporting the BC Cancer Foundations vision make it easier for young people throughout B.C.
for a world free from cancer to get the help they need to achieve wellness and
reach their full potential.
In addition, we are also the presenting sponsors
for the Canadian Cancer Societys Daffodil Ball, as Our interests in Canada and abroad are diverse,
well as, the Sports Celebrities Festival, in support of and we recognize that our business is dependent
the Special Olympics BC. Other notable donations on the industry operating in an ethical, responsible,
include funding provided to the BC Childrens and accountable manner.
Hospital to support the construction of a new
64 2016/2017 HANDBOOK
REDUCING EMISSIONS
Silver Wheaton recognizes the importance
CORPORATE SOCIAL
of taking action on climate change and we are
committed to reducing our carbon footprint. We
RESPONSIBILITY
are proud to be a carbon neutral company. As part
of the Carbon Disclosure Project, we measured
our total greenhouse gas emissions, reduced them
where possible, and offset the difference through
Offsetters, Canadas leading carbon management
solutions provider. We have contributed to projects
that prevent the equivalent amount of emissions
from entering the atmosphere.
In 2016, we contributed to the Luara Ceramic Fuel

Switching Project, which is enabling a ceramic
plant to switch from using local native firewood
to biomass. The project is located in Brazil,
where our largest stream, Salobo, is also located.
The complete substitution of unsustainably
harvested wood with waste biomass as fuel for
the kilns reduced annual operating emissions
by approximately 10,000 tCO2e relative to the
baseline. Such projects provide direct climate
benefits, and also contribute directly to the local
community through increased job opportunities.
The local forest is conserved through the use of
renewable biomass.

CORP ORATE
STRUCTURE
& MATTERS
The Companys active subsidiaries are Silver Wheaton (Caymans) Ltd. (Silver Wheaton
Caymans) and Wheaton Precious Metals (Cayman) Co. (Wheaton Precious Metals),
CORPORATE STRUCTURE
each of which is wholly-owned by the Company and is governed by the laws of the
Cayman Islands, and Silver Wheaton Luxembourg S.a.r.l. (Silver Wheaton Luxembourg)
& MATTERS
which is wholly-owned by Silver Wheaton Caymans and is governed by the laws of
Luxembourg.
SILVER WHEATON AND ITS PRINCIPAL SUBSIDIARIES
Silver Wheaton Corp.

(Parent Company)
Wheaton Precious Metals

Silver Wheaton (Caymans) Ltd.
(Cayman) Co.
Silver Wheaton Luxembourg

S.a.r.l.

SILVER WHEATON CORP.
SENIOR MANAGEMENT
CORPORATE STRUCTURE
& MATTERS
RANDY V. J. SMALLWOOD GARY D. BROWN CURT D. BERNARDI

President, Chief Executive Officer Senior Vice President Senior Vice President,
and Director and Chief Financial Officer Legal and Corporate Secretary
Mr. Smallwood holds a geological Mr. Brown is currently the Senior Vice Mr. Bernardi joined the Company in
engineering degree from the University President and Chief Financial Officer 2008 and has been practicing law since
of British Columbia. Mr. Smallwood of Silver Wheaton having joined the his call to the British Columbia bar in
was involved in the founding of Silver Company in June 2008. Prior to Silver 1994. He worked for the law firm of
Wheaton and in 2007, he joined Silver Wheaton, he was the Chief Financial Blake, Cassels & Graydon in the areas
Wheaton full time as Executive Vice Officer of TIR Systems Ltd. from of corporate finance, mergers and
President of Corporate Development, September 2005 to July 2007. He has acquisitions and general corporate law
primarily focusing on growing the also held senior finance roles with CAE until leaving to join Westcoast Energy
Company through the evaluation and Inc., Westcoast Energy Inc., and Creo in 1998. Following the acquisition of
acquisition of silver stream opportunities. Inc. Mr. Brown brings almost 26 years Westcoast Energy by Duke Energy in
In January 2010 he was appointed of experience as a finance professional 2002, Mr. Bernardi continued to work
President, and in April 2011 he was and holds professional designations as for Duke Energy Gas Transmission as
appointed Silver Wheatons Chief a Chartered Professional Accountant in-house legal counsel, working primarily
Executive Officer. Mr. Smallwood and a Chartered Financial Analyst as on reorganizations, mergers and
originally started as an exploration well as having earned a Masters Degree acquisitions, joint ventures and general
geologist with Wheaton River Minerals in Accounting from the University of corporate/commercial work. In 2005,
Ltd., and in 2001 was promoted to Waterloo. Mr. Brown has also been Mr. Bernardi joined Union Gas as
Director of Project Development, his role a director of Redzone Resources Ltd. their Director, Legal Affairs and was
through its 2005 merger with Goldcorp. since 2011. responsible for legal matters affecting
Before joining the original Wheaton Union Gas. In 2015, Mr. Bernardi received
River group in 1993, Mr. Smallwood the Western Canada General Counsel
also worked with Homestake Mining Award for Deal Making for outstanding
Company, Teck Corp. and Westmin performance in successfully completing
Resources. Mr. Smallwood was an complex transactions. He obtained
instrumental part of the team that built his Bachelor of Commerce from the
Wheaton River / Goldcorp into one of University of British Columbia and his
the largest, and more importantly most Bachelor of Law from the University of
profitable gold companies in the world, Toronto.
and he is now focused on continuing to
add to the impressive growth profile of
Silver Wheaton. In 2015, Mr. Smallwood
received the British Columbia Institute of
Technology Distinguished Alumni Award.
68 2016/2017 HANDBOOK
CORPORATE STRUCTURE
& MATTERS
HAYTHAM H. HODALY PATRICK E. DROUIN
Senior Vice President, Senior Vice President,
Corporate Development Investor Relations SILVER WHEATON TECHNICAL TEAM
Mr. Hodaly joined Silver Wheaton Mr. Drouin joined the Company in 2012, Silver Wheatons technical team, headed
as Senior Vice President, Corporate bringing with him 11 years of experience by Haytham Hodaly, is comprised of
Development in 2012 and has been in the financial industry. He worked for professional geologists, engineers, and
involved with more than $4.5 billion UBS Securities from 2007 to 2012 in metallurgists. Combined, the team has
worth of streaming transactions institutional equity sales across North an average of over 20 years of experience,
in the last five years. Prior to joining America and in Europe, most recently ranging from exploration, mine
Silver Wheaton, Mr. Hodaly brings in London as Head of European Sales construction, geological and engineering
with him over 16 years of experience in for UBS Canada. In this role, Mr. Drouin work in mining operations, consulting,
the North American securities industry, built a sales platform responsible for and even running a junior mining
most recently as Director and Mining advising fund managers on Canadian company. Some of the companies the
Analyst, Global Mining Research, at equities. He was also a member of the team has worked for include Goldcorp,
RBC Capital Markets. In this role, he UBS Canadian Executive Committee, Lundin Mining, Teck Resources,
was responsible for providing, to a wide which oversaw strategic decisions for Placer Dome, AMEC, SRK, Snowden
range of institutional clients around the Canadian business. Prior to this, and RBC Capital Markets.
the globe, up-to-date and insightful Mr. Drouin worked in both Toronto and
research coverage of North American- San Francisco for UBS Canada, advising
listed precious metals companies. Prior the largest US institutional investors
to this, Mr. Hodaly held the position on Canadian equities. Throughout his
of Co-Director of Research and Senior advisory career, he has focused on the
Mining Analyst at Salman Partners Inc., resource sector. Prior to UBS, he served as
in addition to holding the titles of Vice a Project Geologist in the San Francisco
President and Director of the firm. During Bay Area for William Lettis & Associates.
his tenure, he helped to establish Salman Mr. Drouin has an MBA from the Rotman
Partners Inc. as a leading independent, School of Management, University of
resource-focused and research-driven Toronto, and a Masters in Geology from
investment dealer. Mr. Hodaly is an the University of Memphis.
engineer with a B.A.Sc. in Mining and
Mineral Processing Engineering and
a Masters of Engineering, specializing
in Mineral Economics.

BOARD OF DIRECTORS
CORPORATE STRUCTURE
& MATTERS
DOUGLAS M. HOLTBY GEORGE L. BRACK Director

Chairman of the Board and Director
Mr. Brack serves as the non-Executive Chair of Capstone Mining
Mr. Holtby is currently the Vice Chairman of the Board and Corp. and Geologix Explorations Inc. and as a director of Timmins
Lead Director of Goldcorp, a director of BC Cancer Foundation Gold Corp. In addition to his current board roles, during the past
and President and Chief Executive Officer of Holtby Capital 15 years, Mr. Brack served as a director on the boards of Aurizon
Corporation, a private investment company. From June 1989 Mines Ltd., Newstrike Capital Inc., NovaGold Resources Inc., Red
to June 1996, Mr. Holtby was President, Chief Executive Officer Back Mining Inc. and chaired the board of Alexco Resources Corp.
and a director of WIC Western International Communications He has served on audit committees and has been both a member
Ltd., from 1989 to 1996, he was Chairman of Canadian Satellite and the chair of compensation/human resource committees,
Communications Inc., from 1998 to 1999, he was a Trustee corporate governance committees and special committees
of ROB.TV and CKVU, from 1974 to 1989, he was President of responding to takeover offers (Aurizon, Red Back and NovaGold).
Allarcom Limited and, from 1982 to 1989, he was President of Mr. Bracks 31 year career in the mining industry focused on
Allarcom Pay Television Limited. Mr. Holtby is a Fellow Chartered exploration, corporate development and investment banking,
Accountant, and a graduate of the Institute of Corporate Directors specifically identifying, evaluating and executing strategic mergers
- Director Education Program at the University of Toronto, Rotman and acquisitions, and raising equity capital. Until 2009, he was
School of Management. Managing Director and Industry Head, Mining at Scotia Capital.
Prior to joining Scotia in 2006 Mr. Brack spent seven years as
President of Macquarie North America Ltd. and led its northern
LAWRENCE I. BELL Director
hemisphere mining industry mergers and acquisitions advisory
Mr. Bell served as the non-executive Chairman of British Columbia business. Previously, Mr. Brack was Vice President, Corporate
Hydro and Power Authority until December 2007. From August Development at Placer Dome Inc., Vice President in the mining
2001 to November 2003, Mr. Bell was Chairman and Chief investment banking group at CIBC Wood Gundy, and worked on
Executive Officer of British Columbia Hydro and Power Authority the corporate development team at Rio Algom. Mr. Brack earned
and, from 1987 to 1991, he was Chairman and Chief Executive an MBA at York University, a B.A.Sc. in Geological Engineering at
Officer of British Columbia Hydro and Power Authority. He is also the University of Toronto and the CFA designation.
a director of Capstone and is former Chairman of the University
of British Columbia Board of Directors and former Chairman of JOHN A. BROUGH Director
Canada Line (Rapid Transit) Project. Mr. Bell was a director of
Mr. Brough had been President of both Torwest, Inc. and
Goldcorp from 2005 until May 2013 and a director of Matrix
Wittington Properties Limited, real estate development
Asset Management Inc. from 2010 until April 2014. Prior to these
companies, from 1998 to December 31, 2007, upon his
positions, Mr. Bell was Chairman and President of the Westar
retirement. Prior thereto, from 1996 to 1998, Mr. Brough was
Group and Chief Executive Officer of Vancouver City Savings
Executive Vice President and Chief Financial Officer of iSTAR
Credit Union. In the provinces public sector, Mr. Bell has served as
Internet, Inc. Prior thereto, from 1974 to 1996, he held a number
Deputy Minister of Finance and Secretary to the Treasury Board.
of positions with Markborough Properties, Inc., his final position
He holds a Bachelor of Arts degree and an Honorary Ph.D. from
being Senior Vice President and Chief Financial Officer which
the University of British Columbia. He also holds a Masters of Arts
position he held from 1986 to 1996. Mr. Brough is an executive
degree from San Jos State University, is a Fellow of the Institute
with over 40 years of experience in the real estate industry. He is
of Corporate Directors and holds the Order of British Columbia.
currently a director and Chairman of the Audit and Risk Committee
of Kinross Gold Corporation, a director and Chairman of the
Audit Committee and Lead Director of First National Financial
Corporation, and a director and Chairman of the Audit Committee
70 2016/2017 HANDBOOK
CORPORATE STRUCTURE
& MATTERS
of Canadian Real Estate Investment Trust. He holds a Bachelor of mining analyst at Sun Valley Gold LLP, a precious metals focused
Arts degree (Economics) from the University of Toronto and is a hedge fund. Between 2002 and 2008, Ms. Gosselin was the senior
Chartered Professional Accountant and a Chartered Accountant. mining analyst and a partner of Genuity Capital Markets and held
He is also a graduate of the Institute of Corporate Directors positions as a mining analyst with Haywood Securities Inc. and
Director Education Program at the University of Toronto, Rotman Dundee Securities Corporation. Between 1992 and 2000, she held
School of Management. Mr. Brough is a member of the Institute of various mine site management positions throughout the Americas
Corporate Directors and the Chartered Professional Accountants with Blackhawk Mining Inc. and Pan American Silver Corporation
of Ontario and the Chartered Professional Accountants of Canada. and within Canada with Dynatec Mining Corporation and Aur
Resources Inc. Ms. Gosselin received her Bachelor of Science Mine
R. PETER GILLIN Director Engineering degree from Laval University and completed a Master
Mr. Gillin was Chairman and Chief Executive Officer of Tahera in Business and Administration at Concordia University. She also
Diamond Corporation, a diamond exploration, development and completed the Chartered Investment Manager designation and
production company, from October 2003 to September 2008 and the Director Education Program. She currently serves as a director
Chief Restructuring Officer until December 2008. Since 2004, Mr. and a member of the audit, corporate governance and nominating
Gillin has been a member of the Independent Review Committee (Chair) and technical committees of Capstone as well as a director
of TD Asset Management Inc. and, from December 2005 to and member of the audit committee of Windiga Energy, a private
September 2012, a director of Trillium Health Care Products Inc. alternative energy company.
(a private company). Mr. Gillin has been a director of Turquoise Hill
EDUARDO LUNA Director
Resources Ltd. since May 2012, Sherritt International Corporation
since January 1, 2010 and lead director of Dundee Precious Metals Mr. Luna is currently Director, President and CEO of Rochester
Inc. since December 2009. Mr. Gillin has also been a director of Resources Ltd., Advisor of Mercator Minerals Ltd. Mr. Luna was
TD Mutual Funds Corporate Class Ltd. since 2010. From April Chairman of the Company from October 2004 to May 2009
2008 to March 2009, Mr. Gillin was a director of HudBay Minerals (and was Interim Chief Executive Officer of the Company from
Inc. From November 2002 to May 2003, Mr. Gillin was President October 2004 to April 2006), Executive Vice President of Wheaton
and Chief Executive Officer of Zemex Corporation, an industrial River from June 2002 to April 2005, Executive Vice President of
minerals producer, and had been a director of that company since Goldcorp from March 2005 to September 2007 and President
1999. From 1996 to 2002, Mr. Gillin was Vice Chairman and a of Luismin, S.A. de C.V. from 1991 to 2007. He holds a degree in
director of N.M. Rothschild & Sons Canada Limited, an investment Advanced Management from Harvard University, an MBA from
bank, and, from 2001 to 2002, was Acting Chief Executive Officer. Instituto Tecnologico de Estudios Superiores de Monterrey and
He holds a HBA degree from the Richard Ivey School of Business a Bachelor of Science in Mining Engineering from Universidad
at the University of Western Ontario and is a Chartered Financial de Guanajuato. He held various executive positions with Minera
Analyst. He is also a graduate of the Institute of Corporate Autlan for seven years and with Industrias Peoles for five years.
Directors Director Education Program at the University of He is the former President of the Mexican Mining Chamber and
Toronto, Rotman School of Management and has earned the the former President of the Silver Institute. He serves as Chairman
designation of ICD.D. from the Institute of Corporate Directors. of the Advisory Board of the Faculty of Mines at the University
of Guanajuato and as a board member of the Mineral Resources
CHANTAL GOSSELIN Director Council in Mexico.
Ms. Gosselin brings over 23 years of combined experience in the
RANDY V. J. SMALLWOOD
mining industry and financial services. Ms. Gosselin most recently
held the position of Vice President and Portfolio Manager at President, Chief Executive Officer and Director
Goodman Investment Counsel. Prior to that, she served as a senior

SILVER WHEATON (CAYMANS) LTD.
SENIOR MANAGEMENT
CORPORATE STRUCTURE
& MATTERS
NIK TATARKIN OUNESH REEBYE ANDRE BUDYLIN

President and Director Vice President, Streaming Director, Contract Compliance
Operations & Metal Sales
Mr. Tatarkin joined Silver Wheaton Mr. Budylin joined Silver Wheaton
Corp. in 2007 as Treasurer, focused on Mr. Reebye joined Silver Wheaton Caymans in 2014 as a Director, Contract
corporate finance and raising capital. Caymans as Vice President, Streaming Compliance. Mr. Budylin is responsible
In December of the same year, he was Operations & Metal Sales in 2013. for the ongoing management of
appointed Executive Director, and in Drawing from his background in streaming contracts. He is also
2011 the President of Silver Wheaton actuarial mathematics, market research, responsible for overseeing the Corporate
Caymans. He has overall responsibility and bullion sales, he is responsible for Social Responsibility programs carried
for oversight and management of overseeing bullion sales and streaming out at the partner operations as well
the portfolio of streaming contracts, activities. Prior to joining Silver Wheaton as undertaking due diligence and
bullion sales, and market research. Caymans, Mr. Reebye worked in monitoring activities in relation to the
In his current role, Mr. Tatarkin also Corporate Treasury Services for Thomson partners management of social risks.
oversees the corporate development Reuters and most recently in Treasury and Prior to joining Silver Wheaton Caymans,
activities and is directly involved with the Risk Management with Goldcorp Inc. In Mr. Budylin held various finance and
structuring and execution of all Silver this role, Mr. Reebye was responsible for commercial positions with Altynalmas
Wheaton Caymans precious metals Goldcorp's bullion sales, silver streaming Gold. Mr. Budylin also worked in a
streaming transactions. Prior to joining agreements, liquidity management, management position with KPMGs
Silver Wheaton Caymans, Mr. Tatarkin and implementation of the company's Industrial Markets group with a focus on
held various treasury and corporate treasury and risk management processes. the audits of multinational public mining
finance positions with Thomson Reuters During Mr. Reebyes tenure, he was also companies. Mr. Budylin holds a Bachelor
and Finning International. He holds a seconded to the World Gold Council to of Business Administration degree and is
Bachelor of Business Administration lead the development of the Conflict a Chartered Professional Accountant.
degree from Simon Fraser University, and Free Gold Standard. Mr. Reebye holds a
is a Chartered Financial Analyst. Bachelor of Commerce (Honours) with a
major in Actuarial Mathematics from the
University of Manitoba (Warren Centre
for Actuarial Studies and Research) and
a Post-Graduate Diploma in Applied
Information Technology, Computer
Science from the Information Technology
Institute.
72 2016/2017 HANDBOOK
CORPORATE STRUCTURE
& MATTERS
GISELLE PASSCHIER EMIL KALINOWSKI
Financial Controller Manager, Metals Market Research
Ms. Passchier joined Silver Wheaton Mr. Kalinowski joined Silver Wheaton
Caymans in 2013 as a Financial Caymans in 2014 as Manager, Metals
Controller. In this role, she has oversight Market Research. Mr. Kalinowski
of the finance, accounting, and treasury operates proprietary models interpreting
functions. She was previously the commodity prices, macroeconomic
Assistant Controller at Silver Wheaton trends, and long-term country risks.
Corp., having joined in 2007, where she Mr. Kalinowski earned the Chartered
was involved in financial reporting and Financial Analyst designation in 2013
treasury. Ms. Passchier is a Canadian and holds a Bachelor of Finance and
Chartered Professional Accountant Master of Business Administration
and Chartered Accountant and holds a from Arizona State University. Prior
Bachelor of Commerce degree from the to joining Silver Wheaton Caymans,
University of British Columbia. She is also Mr. Kalinowski held positions at
a member of the Cayman Islands Institute State Street and Goldman Sachs.
of Professional Accountants.

SILVER WHEATON (CAYMANS) LTD.
BOARD OF DIRECTORS
CORPORATE STRUCTURE
BILL KOUTSOURAS Director PATRICK FORWARD Director

& MATTERS
Mr. Koutsouras is an international mining financier and financial Mr. Forward was appointed as Chief Operating Officer and
operator for the mining sector. He is the principal of Kouts Capital, a director of Euromax Resources in November 2012. He is
a strategic advisory and consultancy company to natural resource responsible for all operations including the development of
companies. He was Executive Vice President and Chief Financial the Ilovica - Shtuka copper gold project, which Euromax has
Officer at Endeavour Financial from 2002 to 2011, a mining- developed from an inferred resource to its current state of
focused merchant bank, where he directed and managed the advanced engineering design. He is also a non-executive director
Endeavour group of companies. Mr. Koutsouras was primarily of Silver Wheaton Caymans. Mr. Forward was previously VP,
responsible for investment activities, financial operations, and Projects & Exploration at European Goldfields, where he was
financial advisory mandates where he was involved in over $25 responsible for the development of the Skouries and Olympias
billion of merger and acquisition transactions and in excess of $4 projects in Greece, and the Certej project in Romania through
billion of financing for junior/mid-tier resource companies. Mr. feasibility work, basic engineering, and financing. In addition,
Koutsouras sits on several corporate boards of natural resource Mr. Forward was responsible for European Goldfields' exploration
companies. He is a Chartered Accountant and Chartered Financial properties in Romania, Greece, and Turkey and the growth
Analyst and is a member of the Canadian Institute of Chartered and compliance of that company's resource and reserve base.
Accountants and the CFA Institute. European Goldfields was sold to Eldorado Goldcorp for some $2.7
billion in early 2012. In the early 1990s, he managed exploration
projects in Europe, Ghana, and Venezuela before spending some
DAVID STREET Director
five years in Burkina Faso managing exploration programmes
Mr. Street is one of the founders of Tembo Capital, a mining including the discovery of Semafo Inc's 2.8 Moz Mana deposit.
private equity group which is focussed on Africa and other Before joining European Goldfields, Mr. Forward worked globally
emerging markets. Prior to joining Tembo, David was previously a as a consultant and specialized in geological due diligence,
Managing Director of Endeavour Financial, working on financial resource estimation, deposit evaluation, mine development, and is
advisory mandates for mining companies, in addition to working a Qualified Person with the respect to NI 43-101 reporting.
with Endeavour Mining, a mid-tier gold mining company, on its
merger and acquisition activities. Prior to this role, Mr. Street
BRAD CARPENTER Director
enjoyed a 15 year career in natural resource banking at NM
Rothschild & Sons, culminating in him becoming a Director of Mr. Carpenter is a Chartered Professional Accountant, Certified
Rothschild and Head of Mining and Metals in 2003. Mr. Street General Account and a Fellow with the Association of Chartered
also spent two years with Socit Gnrale as a Director in Certified Accountants with over twenty five years of progressive
the Mining & Metals team. Mr. Street graduated with a Master accounting and management experience gained primarily
of Arts (Honours) degree in Economics from the University of within the resource industry. Mr. Carpenter joined Silver
Cambridge in 1991. Wheaton Caymans in 2006 as Financial Controller, with overall
responsibility for accounting, finance and treasury functions as
well as additional responsibilities. Mr. Carpenter joined the Board
of Silver Wheaton Caymans in 2010 and continues to act as an
Independent Board member since ceasing as a full time employee
in 2014. He also holds a Bachelor of Business Administration
degree from Simon Fraser University.
NIK TATARKIN Director
74 2016/2017 HANDBOOK
CANADA REVENUE AGENCY
DISPUTE
CORPORATE STRUCTURE
On July 6, 2015, the Company received a proposal letter
& MATTERS
(the Proposal) from the Canada Revenue Agency (the
Silver Wheaton believes that it has filed
CRA) in which the CRA was proposing to reassess the
Company under the transfer pricing provisions contained its tax returns and paid applicable taxes
in the Income Tax Act (Canada) (the Tax Act). Subsequent
in compliance with Canadian tax law.
to the issuance of the Proposal, on September 24, 2015,
the Company received Notices of Reassessment (the
Reassessments) from the CRA for the 2005-2010
taxation years. The Reassessments are consistent with the interest accrued to-date plus estimated interest for the
Proposal and seek to increase Silver Wheatons income following year was delivered to the CRA on March 15, 2016
subject to tax in Canada for the 2005-2010 taxation years (See Note (1) to Status of CRA Matters table below.).
by approximately Cdn$715 million, which would result in
On January 8, 2016, Silver Wheaton filed a Notice of Appeal
federal and provincial taxes of approximately Cdn$201
with the Tax Court of Canada, electing to pursue resolution
million. In addition, the CRA is seeking to impose transfer
of the matters relating to the Reassessments issued by the
pricing penalties of approximately Cdn$72 million and
CRA for the 2005-2010 taxation years through a judicial
interest and other penalties of Cdn$81 million (calculated
court process rather than continue to pursue the CRAs
to September 24, 2015) for the 2005-2010 taxation years.
internal appeals process. The timing for the court process is
Total tax, interest and penalties sought by the CRA for the
uncertain.
2005-2010 taxation years is Cdn$353 million. The CRAs
position in the Reassessments is that the transfer pricing On January 19, 2016, the CRA commenced an audit of
provisions of the Tax Act relating to income earned by the Company's international transactions covering the
Silver Wheatons foreign subsidiaries outside of Canada 2011-2013 taxation years, which is currently ongoing.
should apply such that Silver Wheatons income subject to The Company has not received any proposal or notices
tax in Canada should be increased by an amount equal to of reassessment for the 2011-2013 taxation years in
substantially all of the income earned outside of Canada by connection with this audit.
Silver Wheatons foreign subsidiaries for the 2005 to 2010 The Company is not in a position to determine what, if
taxation years. any, position the CRA will take in respect of the 2011-2013
Management believes that it has filed its tax returns and taxation years. However, if the CRA were to take a position
paid applicable taxes in compliance with Canadian tax law, similar to that underlying the Reassessments for the 2005-
and as a result no amounts have been recorded for any 2010 taxation years, the Company estimates that the CRA
potential liability arising from this matter. Silver Wheaton could assert that taxes payable in Canada would increase
intends to vigorously defend its tax filing positions. for the 2011-2013 taxation years by approximately US$310
million(2)(3). Taxation years subsequent to 2013 also remain
On October 8, 2015, Silver Wheaton filed a notice of
open to audit by the CRA.
objection for each of the 2005-2010 taxation years. Silver
Wheaton is required to make a deposit of 50% of the The timing of the court process for the 2005-2010 taxation
reassessed amounts of tax, interest and penalties. On years and the audit of the 2011-2013 taxation years is
March 1, 2016, the Company received approval from the uncertain; however, management intends to vigorously
CRA to post security in the form of a letter of guarantee defend any challenge to the Company's tax filing positions.
for this amount as opposed to a cash deposit. The letter of For ease of reference, the following provides an overview of
guarantee in the amount of Cdn$192 million which includes the current status of CRA matters:
* See footnotes on next page.

CRA POSITION/ POTENTIAL INCOME POTENTIAL INCOME PAYMENTS MADE/
CORPORATE STRUCTURE
STATUS INCLUSION TAX PAYABLE PENDING TIMING
2005-2010 Transfer pricing CRA has reassessed CRA has reassessed Silver Wheaton has An appeal in
Taxation Years provisions of the Silver Wheaton Silver Wheaton posted security in the Tax Court
Act should apply and is seeking and is seeking to the form of a letter of Canada
such that Silver to increase Silver impose income tax of guarantee in the commenced
& MATTERS
Wheatons income Wheatons income of Cdn$201 million. amount of Cdn$192 January 8,

subject to tax in subject to tax (In addition, transfer million which 2016. Timing of
Canada should be in Canada by pricing penalties of includes interest resolution of the
increased by an Cdn$715 million. Cdn$72 million and accrued to-date matter in court is
amount equal to interest (calculated plus estimated uncertain.
substantially all of to September 24, interest for the
the income earned 2015) and other following year.(1)
outside of Canada penalties of Cdn$81
by Silver Wheatons million have been
foreign subsidiaries. assessed for total of
Cdn$353 million.(1)
2011-2013 CRA Audit If CRA were to If CRA were to N/A Time to complete
Taxation Years commenced reassess on similar reassess on similar CRA audit
January 19, 2016. basis as 2005- basis as 2005-2010 unknown.
CRA has not issued 2010 taxation taxation years,
a proposal or years, CRA would CRA would seek to
reassessment. seek to increase impose income tax
Silver Wheatons of approximately
income subject to $310 million.(2), (3)
tax in Canada by
approximately
$1.2 billion.(2)
2014-2015 Remain open to If CRA were to If CRA were to audit N/A N/A
Taxation Years audit by CRA. audit and then and then reassess
reassess on similar on similar basis as
basis as 2005- 2005-2010 taxation
2010 taxation years, CRA would
years, CRA would seek to impose
seek to increase income tax of
Silver Wheatons approximately
income subject $106 million.(2), (3)
to tax in Canada
by approximately
$410 million.(2)
1) Estimates of interest given as of the date stated. Interest accrues until payment date.
2) For precious metal purchase agreements with upfront payments paid in the form of a deposit, the estimates of income inclusion and tax payable are based on the cost of
precious metal acquired under such precious metal purchase agreements being equal to the market value of such precious metal.
3) This amount does not include potential interest and penalties to the extent may be applicable.
76 2016/2017 HANDBOOK
GLOSS ARY &
ADDITIONAL
INFORMATION
GLOSSARY
GLOSSARY & ADDITIONAL
acid rock drainage (ARD): Drainage with a pH of 2.0 to 4.5, issuing drift-and-fill mining: Similar to cut and fill, except it is used in ore
INFORMATION
from mines and their wastes. The process is initiated with oxidation of zones which are wider than the method of drifting will allow to be
sulfides exposed during mining, which produces sulfuric acid and sulfate mined. In this case the first drift is developed in the ore, and is backfilled
salts. The quality of the drainage water continues to be lowered as the using consolidated fill. The second drift is driven adjacent to the first
acid dissolves minerals in the rocks. drift. This carries on until the ore zone is mined out to its full width,
at which time the second cut is started atop of the first cut.
Ag: Silver.
endoskarn: Skarn formed by reactions within the intruded igneous rock
amphibolite: A metamorphic rock consisting mainly of amphibole
produced by the assimilation of the older country rock.
and plagioclase, little or no quartz, and having a crystalloblastic texture.
Amphibolite grades into hornblende-plagioclase gneiss as the content epithermal: Used to describe a hydrothermal mineral deposit formed
of quartz increases. within about 1 kilometre of the earths surface and in the temperature
range of 50 - 200C, occurring mainly as veins.
Au: Gold.
flotation: A mineral separation process done in the water medium.
autoclave: An apparatus in which special conditions (as high or low
It is based on the difference in the surface properties of the mineral
pressure or temperature) can be established for a variety of applications;
and gangue. The surface of the selected mineral is made hydrophobic
especially: an apparatus (as for sterilizing) using steam under high
(water repellent) by the use of selective reagents and these particles
pressure.
get attached to the air bubbles that are introduced in the system and
ball mill: A type of grinder used to grind and blend materials for use in collected as froth; whereas the hydrophilic (wetted) particles are left
mineral dressing processes, paints, pyrotechnics, ceramics and selective behind in the slurry.
laser sintering.
GEO: Gold equivalent ounces.
beneficiation: Upgrading of an ore by some process such as flotation,
greenfields: Greenfield exploration relies on the predictive power
milling, gravity concentration, or sintering.
of ore genesis models to find mineral deposits in previously unexplored
breccia: A coarse-grained clastic rock composed of broken, angular areas or in areas where they are not already known to exist.
rock fragments enclosed in a fine-grained matrix or held together by a
greenschist: A green, schistose, metamorphic rock whose colour
mineral cement. Unlike conglomerates, in which fragments are round,
is due to the presence of chlorite, epidote, or actinolite.
breccias consist of fragments that were not worn by abrasion prior to
their embedment in a matrix. greenstone belts: Zones of variably metamorphosed mafic to
ultramafic volcanic sequences with associated sedimentary rocks that
carbonates: (1) A mineral type containing the carbonate radical, (C03) -2.
occur within Archaean and Proterozoic cratons between granite and
Calcite, aragonite, and dolomite represent three groups of carbonate
gneiss bodies. The name comes from the green hue imparted by the
minerals. (2) A sediment composed of calcium, magnesium, and/or iron.
colour of the metamorphic minerals within the mafic rocks. Chlorite,
concentrate: is the product of physical concentration process, such as actinolite and other green amphiboles are the typical green minerals.
flotation or gravity concentration, which involves separating ore minerals
hydrothermal: Of or pertaining to heated water, its actions, or to
from unwanted waste rock. Concentrates require subsequent processing
products related to its actions, such as a mineral deposit precipitated
(such as smelting or leaching) to break down or dissolve the ore minerals
from a hot aqueous solution.
and obtain the desired elements, usually metals.
hypogene: Used to describe a geologic process, and of its resultant
concentrator: A facility that produces a mineral concentrate which is
features, occurring within and below the crust of the earth.
subsequently smelted or otherwise purified.
intrusive rock: Igneous rock formed of magma that consolidated
Cretaceous: In geologic time, the last of the three periods of the
beneath the earths surface. The texture of the intrusive rock depends
Mesozoic Era. The Cretaceous began 145.0 million years ago and ended
partly upon the depth at which it has cooled. Rocks at greater depths
66 million years ago; it followed the Jurassic Period and was succeeded
cool more slowly, allowing the growth of crystals, which results in a
by the Paleogene Period (the first of the two periods into which the
coarse texture characterized by clearly visible minerals.
Tertiary Period was divided). The Cretaceous is the longest period of the
Phanerozoic Eon. leaching: Dissolution of metals or minerals coming into contact with
cyanide bearing solution in agitated tanks or on stacked pads of ore.
Cu: Copper.
lithology: The description and study of rocks, as seen in hand-
diatremes: A breccia-filled volcanic pipe that was formed by a gaseous
specimens and outcrops, on the basis of colour, grain size, and
explosion.
composition.
dor: A dor bar is a semi-pure alloy of gold and silver, usually created
at the site of a mine. It is then transported to a refinery for further
purification. The proportions of silver and gold can vary widely.
78 2016/2017 HANDBOOK
metamorphosed: The mineralogical, chemical and structural adjustment sulphosalt: A type of sulfide in which both a metal and a semimetal
INFORMATION
of solid rocks to physical and chemical conditions imposed are present, forming a double sulfide, e.g. enargite, Cu3AsS 4.
at depth below the surface zones of weathering and cementation,
supergene: Said of a mineral deposit or enrichment formed near the
which differ from the conditions under which the rocks originated.
surface, commonly by descending solutions; also said of those solutions
micritic (micrite): A term used for the dull, semiopaque to opaque, and of that environment.
microcrystalline matrix of limestones, composed of chemically precipitated
treatment and refining charges (TC/RCs): The main costs of extracting
carbonate sediment with crystals less than five microns
metal from ore. Treatments costs are those of the smelting process which
in diameter.
uses heat to melt metal in order to extract it mechanically from the ore.
mineralization: The process by which valuable minerals are introduced Refining costs are those of electro-refining processes, the output of which
into a rock, resulting in an ore deposit, either actual or potential. is metal that is pure enough to be sold for most purposes. Treatment and
refining costs are an important component of the cash cost of mining.
Ni: Nickel.
volcanogenic massive sulfide (VMS): A type of metal sulfide
paragenesis: The sequence in which the minerals are formed in an ore
ore deposit, mainly copper-zinc which are associated with and created
deposit. Variations in the pressure and temperature and in the chemical
by volcanic-associated hydrothermal events in submarine environments.
constituents of a hydrothermal solution will result in the precipitation
of various minerals at different times within the same ore deposit. Zn: Zinc.
Pb: Lead.
porphyry: An igneous rock of any composition that contains conspicuous

phenocrysts in a fine-grained groundmass; a porphyritic igneous rock.
Precambrian: The period of time during which the earths crust

was formed and the first life appeared. The duration of Precambrian
is probably not less than 4,000 million years and covers 90% of
geologic time.
Proterozoic: The later of the two major subdivisions of the Precambrian.
pseudomorphs: A mineral whose outward crystal form is that of another

mineral; it is described as being after the mineral whose outward form it
has, e.g. quartz after fluorite.
SAG mill: A semi-autogenous grinding mill, or Sag mill, is responsible

for grinding materials from large chunks into small, usable pieces for
processing. The Sag mill is usually part of the primary stage in the grinding
process. Pieces of raw or fairly reduced materials are ground into smaller
pieces for further processing or sorting.
SEO: Silver equivalent ounces
skarn: The term is generally reserved for rocks composed mostly of lime-
bearing silicates, derived from nearly pure limestones and dolomites into
which large amounts of Si, Al, Fe and Mg have been introduced.
stockwork: A mineral deposit consisting of a three-dimensional network

of planar to irregular veinlets closely enough spaced that the whole mass
can be mined.
stratiform: Said of a special type of strata-bound deposit in which

the desired rock or ore constitutes, or is coextensive with, one or more rock
layers, e.g. beds of salt or iron oxide, ore layers rich in chromite
in a layered igneous complex.
sulphide: A mineral compound characterized by the linkage of sulfur with

a metal, such as galena, PbS, or pyrite, FeS2.

The following tables set forth the estimated Mineral to reflect the Companys percentage entitlement to
INFORMATION
Reserves and Mineral Resources (silver and/or gold only) silver and/or gold produced from such mines, as of
for the mines relating to which the Company has precious December 31, 2015, unless otherwise noted.
metal purchase agreements, adjusted where applicable
ATTRIBUTABLE PROVEN AND PROBABLE RESERVES (1,2,3,8,22)

As of December 31, 2015 unless otherwise noted (6)
PROVEN PROBABLE PROVEN & PROBABLE

Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained Process
Mt g/t Moz Mt g/t Moz Mt g/t Moz Recovery%(7)
Silver
Peasquito (25%) (10)
Mill 99.6 32.6 104.5 47.1 24.5 37.2 146.7 30.0 141.6 75-80%
Heap Leach 4.1 22.7 3.0 1.4 19.9 0.9 5.4 22.0 3.9 22-28%
San Dimas (10, 11) 1.5 325.8 15.2 3.8 330.0 40.0 5.2 328.8 55.2 94%
Antamina (33.75%) (12,13) 64.5 11.0 22.7 137.4 10.5 46.2 201.8 10.6 68.9 71%
Pascua-Lama (25%) (23) 8.0 69.8 17.9 73.2 64.1 150.8 81.2 64.7 168.7 82%
Veladero (12) 3.7 12.8 1.5 66.1 12.8 27.3 69.8 12.8 28.8 8%
Lagunas Norte (12) 7.0 4.1 0.9 25.2 4.1 3.3 32.2 4.1 4.2 34%
Constancia 500.0 3.0 47.8 114.0 2.9 10.8 614.0 3.0 58.6 71%
Zinkgruvan
Zinc 8.1 80.0 20.7 3.7 51.0 6.0 11.7 70.9 26.7 87%
Copper 3.5 35.0 3.9 - - - 3.5 35.0 3.9 65%
Neves-Corvo
Copper 6.3 39.0 7.9 19.7 36.0 22.8 25.9 36.7 30.6 35%
Zinc 11.5 71.5 26.4 13.9 62.0 27.6 25.3 66.3 54.0 20%
Yauliyacu (14) 0.7 136.6 3.1 3.2 137.9 14.1 3.9 137.6 17.1 85%
777 (15) 3.3 26.7 2.8 3.0 27.8 2.7 6.3 27.2 5.5 50%
Stratoni 0.4 172.0 2.4 0.2 184.0 1.3 0.7 176.2 3.7 84%
Cozamin (12) - - - 1.6 42.1 2.2 1.6 42.1 2.2 72%
Minto 1.7 8.3 0.5 3.8 5.2 0.6 5.5 6.1 1.1 78%
Los Filos 20.0 7.1 4.6 20.5 9.1 6.0 40.5 8.1 10.5 5%
Rosemont (16) 279.5 4.1 37.0 325.8 4.1 43.1 605.3 4.1 80.1 76%
Metates Royalty (17) 4.1 18.0 2.3 13.2 13.1 5.5 17.2 14.2 7.9 76%
Total Silver 325.0 448.3 773.3
Gold
Salobo (75%) (18) 490.8 0.38 6.03 376.7 0.31 3.72 867.6 0.35 9.75 66%
Sudbury (70%) (12) - - - 47.4 0.43 0.66 47.4 0.43 0.66 72%
Constancia (50%) 250.0 0.05 0.40 57.0 0.07 0.14 307.0 0.05 0.54 61%
777 (12,15) 2.0 1.80 0.12 1.8 1.80 0.11 3.9 1.80 0.22 55%
Minto 1.7 1.19 0.06 3.8 0.64 0.08 5.5 0.81 0.14 74%
Toroparu (10%) (19) 3.0 1.10 0.10 9.7 0.98 0.31 12.7 1.01 0.41 89%
Metates Royalty (17) 4.1 0.68 0.09 13.2 0.44 0.19 17.2 0.50 0.28 89%
Total Gold 6.80 5.19 11.99
80 2016/2017 HANDBOOK

ATTRIBUTABLE MEASURED & INDICATED RESOURCES (1,2,3,4,5,9,22)
INFORMATION
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
Mill 23.6 30.5 23.2 37.7 24.6 29.9 61.3 26.9 53.0
Heap Leach 3.1 25.5 2.6 8.7 17.0 4.8 11.9 19.3 7.4
San Dimas (10, 11) 0.3 189.1 2.0 0.9 189.1 5.2 1.2 189.1 7.2
Antamina (33.75%) (12,13) 21.9 9.5 6.7 146.5 11.1 52.3 168.4 10.9 59.1
Pascua-Lama (25%) (23) 3.7 26.4 3.1 35.7 22.3 25.5 39.4 22.7 28.7
Constancia 73.0 2.4 5.6 299.0 2.0 19.4 372.0 2.1 25.0
Zinkgruvan
Zinc 1.5 62.1 3.0 5.1 95.0 15.7 6.7 87.5 18.8
Copper 1.6 22.8 1.2 0.6 49.0 0.9 2.2 29.8 2.1
Neves-Corvo
Copper 8.2 51.4 13.6 36.3 48.7 56.9 44.5 49.2 70.5
Zinc 11.2 53.1 19.0 71.4 55.5 127.4 82.5 55.2 146.4
Yauliyacu (14) 1.3 162.2 6.7 7.0 199.3 44.6 8.2 193.5 51.3
777 (15) - - - 0.7 26.3 0.6 0.7 26.3 0.6
Stratoni 0.3 193.5 1.7 0.2 203.8 1.4 0.5 198.0 3.1
Minto 6.4 3.0 0.6 33.1 3.2 3.4 39.6 3.1 4.0
Los Filos 81.6 6.7 17.6 276.3 7.9 70.0 357.9 7.6 87.6
Rosemont (16) 38.5 3.0 3.7 197.7 2.7 17.1 236.2 2.7 20.8
Aljustrel (20) 1.3 65.6 2.7 20.5 60.3 39.7 21.8 60.7 42.4
Keno Hill (25%)
Underground - - - 0.8 467.2 11.5 0.8 467.2 11.5
Elsa Tailings - - - 0.6 119.0 2.4 0.6 119.0 2.4
Loma de La Plata (12.5%) - - - 3.6 169.0 19.8 3.6 169.0 19.8
Cotabambas (21) - - - 117.1 2.7 10.3 117.1 2.7 10.3
Toroparu (50%) (20) 22.2 1.2 0.8 97.9 0.7 2.3 120.1 0.8 3.1
Total Silver 113.9 561.0 674.9
Gold
Salobo (75%) (18) 33.1 0.48 0.51 138.8 0.37 1.65 171.8 0.39 2.16
Sudbury (70%) (12) - - - 16.2 0.22 0.12 16.2 0.22 0.12
Constancia (50%) 36.5 0.05 0.06 149.5 0.04 0.18 186.0 0.04 0.23
777 (12,15) - - - 0.4 1.83 0.02 0.4 1.83 0.02
Minto 6.4 0.34 0.07 33.1 0.34 0.37 39.6 0.34 0.44
Cotabambas (25%) (21) - - - 29.3 0.23 0.21 29.3 0.23 0.21
Toroparu (10%) (19) 0.9 0.87 0.03 7.9 0.83 0.21 8.8 0.84 0.24
Total Gold 0.67 2.76 3.42

ATTRIBUTABLE INFERRED RESOURCES (1,2,3,4,5,9, 22)

INFORMATION
INFERRED
Tonnage Grade Contained
Mt g/t Moz
Silver
Mill 4.9 20.6 3.2
Heap Leach 0.1 15.5 0.1
San Dimas (10, 11) 7.0 330.0 74.0
Antamina (33.75) (12,13) 351.1 11.1 125.3
Pascua-Lama (25%) (23) 4.9 20.1 3.2
Constancia 200.0 1.9 12.0
Zinkgruvan
Zinc 7.3 83.0 19.4
Copper 0.2 39.0 0.2
Neves-Corvo
Copper 13.4 37.0 15.9
Zinc 12.6 55.0 22.3
Yauliyacu (14) 13.5 177.6 76.9
777 (15) 0.7 32.6 0.7
Stratoni 0.5 169.0 2.7
Minto 25.3 2.5 2.1
Los Filos 141.0 9.2 41.6
Rosemont (16) 104.5 3.3 11.1
Aljustrel (20) 8.7 50.4 14.0
Keno Hill (25%)
Underground 0.3 363.4 3.0
Loma de La Plata (12.5%) 0.2 76.0 0.4
Cotabambas (21) 605.3 2.3 45.4
Toroparu (50%) (19) 64.8 0.1 0.2
Metates Royalty (17) 1.0 9.7 0.3
Total Silver 474.0
Gold
Salobo (75%) (18) 111.5 0.31 1.11
Sudbury (70%) (12) 12.0 0.52 0.20
Constancia (50%) 100.0 0.03 0.10
777 (12,15) 0.3 1.76 0.02
Minto 25.3 0.25 0.20
Cotabambas (25%) (21) 151.3 0.17 0.84
Toroparu (10%) (19) 13.0 0.74 0.31
Metates Royalty (17) 1.0 0.38 0.01
Total Gold 2.80
82 2016/2017 HANDBOOK

NOTES:
INFORMATION
1. All Mineral Reserves and Mineral Resources have been estimated in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (CIM)
Standards for Mineral Resources and Mineral Reserves and National Instrument 43-101 Standards for Disclosure for Mineral Projects (NI 43-101), or the 2012
Australasian Joint Ore Reserves Committee (JORC) Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.
2. Mineral Reserves and Mineral Resources are reported above in millions of metric tonnes (Mt), grams per metric tonne (g/t) and millions of ounces (Moz).
3. Individual qualified persons (QPs), as defined by the NI 43-101, for the technical information contained in this document (including the Mineral Reserve and
Mineral Resource estimates) for the following operations are as follows:
a. Salobo mine Gerrit Vos, P.Eng., Technical Director, Mining, Dr Georges Verly, P.Eng., Chief Geostatistician, Dr Armando Simon, P.Geo., Principal Geologist,
Pierre Lacombe, P.Eng., Consulting Metallurgist, Donald Hickson, P.Eng., Division Manager, Earth and Infrastructure, Vikram Khera, P.Eng., Senior Financial
Analyst, and Stella Searston, RM SME, Principal Geologist, all of whom are now, or were at the time of the preparation of the Salobo Report, employees of Amec
Foster Wheeler Americas Limited (Amec Foster Wheeler).
b. All other operations and development projects: the Companys 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 Companys QPs).
4. The Mineral Resources reported in the above tables are exclusive of Mineral Reserves. The San Dimas mine, Minto mine, Neves-Corvo mine, Zinkgruvan mine,
Stratoni mine and Toroparu project (gold only) report Mineral Resources inclusive of Mineral Reserves. The Companys 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, 2015 based on information available to the Company as of
the date of this document, and therefore will not reflect updates, if any, after such date.
a. Mineral Resources and Mineral Reserves for the Pascua-Lama project are reported as of December 31, 2013.
b. Mineral Resources for the Constancia mine (including the Pampacancha deposit) are reported as of September 30, 2013 and Mineral Reserves as of December
31, 2013.
c. Mineral Resources and Mineral Reserves for the Neves-Corvo and Zinkgruvan mines are reported as of June 30, 2015.
d. Mineral Resources and Mineral Reserves for the Rosemont project are reported as of August 28, 2012.
e. Mineral Resources for Aljustrels Feitais and Moinho mines are reported as of November 30, 2010. Mineral Resources for the Estaao project are reported as of
December 31, 2007.
f. Mineral Resources for Keno Hills Elsa Tailings project are reported as of April 22, 2010, Lucky Queen project as of July 27, 2011, Onek project as of October 15,
2014, Flame and Moth and Bermingham projects as of April 28, 2015, Bellekeno mine Inferred Mineral Resources as of September 30, 2012 and Bellekeno mine
Indicated Mineral Resources as of September 30, 2013.
g. Mineral Resources for the Loma de La Plata project are reported as of May 20, 2009.
h. Mineral Resources for the Cotabambas project are reported as of June 20, 2013.
i. Mineral Resources and Mineral Reserves for gold at the Toroparu project are reported as of March 31, 2013 and Mineral Resources for silver are reported as of
September 1, 2014.
j. Mineral Resources for the Metates royalty are reported as of February 16, 2012 and Mineral Reserves as of March 18, 2013.
7. Process recoveries are the average percentage of silver or gold in a saleable product (dor or concentrate) recovered from mined ore at the applicable site process
plants as reported by the operators.
8. Mineral Reserves are estimated using appropriate process and mine recovery rates, dilution, operating costs and the following commodity prices:
a. Antamina mine $2.96 per pound copper, $0.99 per pound zinc, $11.91 per pound molybdenum and $21.34 per ounce silver.
b. Constancia mine $1,250 per ounce gold, $25.00 per ounce silver, $3.00 per pound copper and $13.50 per pound molybdenum.
c. Cozamin mine $42.00 per tonne NSR cut-off assuming $20.00 per ounce silver, $2.50 per pound copper, $0.85 per pound lead and $0.80 per pound zinc.
d. Lagunas Norte and Veladero mines $1,000 per ounce gold and $15.00 per ounce silver.
e. Los Filos mine $1,100 per ounce gold and $16.50 per ounce silver.
f. Metates royalty 0.35 grams per tonne gold equivalent cut-off assuming $1,200 per ounce gold and $24.00 per ounce silver.

g. Minto mine 0.5% copper cut-off for Open Pit and $64.40 per tonne NSR cut-off for Underground assuming $300 per ounce gold, $3.90 per ounce silver and $2.50
per pound copper.
h. Neves-Corvo mine 1.6% copper cut-off for the copper Reserve and 4.8% zinc equivalent cut-off for all the zinc Reserves, both assuming $2.50 per pound copper,
$1.00 per pound lead and zinc.
i. Pascua-Lama project $1,100 per ounce gold, $21.00 per ounce silver and $3.00 per pound copper.
j. Peasquito mine $1,100 per ounce gold, $16.50 per ounce silver, $0.90 per pound lead and $0.95 per pound zinc.
INFORMATION
k. Rosemont project $4.90 per ton NSR cut-off assuming $20.00 per ounce silver, $2.50 per pound copper and $15.00 per pound molybdenum.
l. Salobo mine 0.253% copper equivalent cut-off assuming $1,250 per ounce gold and $3.45 per pound copper.
m. San Dimas mine 2.50 grams per tonne gold equivalent cut-off assuming $1,200 per ounce gold and $18.00 per ounce silver.
n. Stratoni mine 15.54% zinc equivalent cut-off assuming $0.91 per pound lead and zinc.
o. Sudbury mines $1,250 per ounce gold, $18.50 per ounce silver, $9.07 per pound nickel, $2.95 per pound copper, $1,550 per ounce platinum, $875 per ounce
palladium and $12.50 per pound cobalt.
p. Toroparu project 0.38 grams per tonne gold cut-off assuming $1,070 per ounce gold for fresh rock and 0.35 grams per tonne gold cut-off assuming $970 per
ounce gold for saprolite.
q. Yauliyacu mine $17.20 per ounce silver, $2.83 per pound copper, $0.91 per pound lead and $1.02 per pound zinc.
r. Zinkgruvan mine 3.98% zinc equivalent cut-off for the zinc Reserve and 1.5% copper cut-off for the copper Reserve, both assuming $2.50 per pound copper and
$1.00 per pound lead and zinc.
s. 777 mine $1,190 per ounce gold, $16.50 per ounce silver, $2.75 per pound copper and $1.16 per pound zinc.
9. Mineral Resources are estimated using appropriate recovery rates and the following commodity prices:
a. Aljustrel mine 4.5% zinc cut-off for Feitais and Moinho mines zinc Resources and 4.0% zinc cut-off for Estao zinc Resources.
b. Antamina mine $2.96 per pound copper $0.99 per pound zinc, $11.91 per pound molybdenum and $21.34 per ounce silver.
c. Constancia mine 0.12% copper cut-off for Constancia and 0.10% copper cut-off for Pampacancha.
d. Cotabambas project 0.2% copper equivalent cut-off assuming $1,350 per ounce gold, $23,00 per ounce silver, $3.20 per pound copper and $12,50 per pound
molybdenum.
e. Keno Hill mines:
i. Bellekeno mine $185 per tonne NSR cut-off assuming $22.50 per ounce silver, $0.85 per pound lead and $0.95 per pound zinc.
ii. Flame and Moth and Bermingham projects - $185 per tonne NSR cut-off assuming $1,300 per ounce gold, $20.00 per ounce silver, $0.94 per pound lead and
$1.00 per pound zinc.
iii. Lucky Queen project $185 per tonne NSR cut-off assuming $1,100 per ounce gold, $18.50 per ounce silver, $0.90 per pound lead and $0.95 per pound zinc.
iv. Onek project $185 per tonne NSR cut-off assuming $1,250 per ounce gold, $20.00 per ounce silver, $0.90 per pound lead and $0.95 per pound zinc.
v. Elsa Tailings project 50 grams per tonne silver cut-off.
f. Loma de La Plata project 50 gram per tonne silver equivalent cut-off assuming $12.50 per ounce silver and $0.50 per pound lead.
g. Los Filos mine $1,300 per ounce gold and $19.00 per ounce silver.
h. Metates royalty 0.35 grams per tonne gold equivalent cut-off assuming $1,200 per ounce gold and $24.00 per ounce silver.
i. Minto mine 0.5% copper cut-off.
j. Neves-Corvo mine 1.0% copper cut-off for the copper Resource and 3.0% zinc cut-off for the zinc Resource, both assuming $2.50 per pound copper and $1.00 per
pound lead and zinc.
k. Pascua-Lama project $1,500 per ounce gold, $24.00 per ounce silver and $3.50 per pound copper.
l. Peasquito mine $1,300 per ounce gold, $19.00 per ounce silver, $1.00 per pound lead and zinc.
m. Salobo mine 0.286% copper equivalent cut-off assuming $1,500 per ounce gold $3.67 per pound copper.
84 2016/2017 HANDBOOK
n. San Dimas mine 2.00 grams per tonne gold equivalent cut-off assuming $1,200 per ounce gold and $18.00 per ounce silver.
o. Stratoni mine 15.54% zinc equivalent cut-off assuming $0.91 per pound lead and zinc

p. Sudbury mines $1,250 per ounce gold, $18.50 per ounce silver, $9.07 per pound nickel, $2.95 per pound copper, $1,550 per ounce platinum, $875 per ounce
palladium and $12.50 per pound cobalt.
q. Rosemont project 0.30% copper equivalent cut-off for Mixed and 0.15% copper equivalent for Sulfide assuming $20.00 per ounce silver, $2.50 per pound
copper and $15.00 per pound molybdenum.
INFORMATION
r. Toroparu project 0.30 grams per tonne gold cut-off assuming $1,350 per ounce gold.
s. Yauliyacu mine $17.20 per ounce silver, $2.83 per pound copper and $0.91 per pound lead and $1.02 per pound zinc.
t. Zinkgruvan mine 3.8% zinc equivalent cut-off for the zinc Resource and 1.0% copper cut-off for the copper Resource, both assuming $2.50 per pound copper
and $1.00 per pound lead and zinc.
u. 777 mine $1,190 per ounce gold, $16.50 per ounce silver, $2.75 per pound copper and $1.16 per pound zinc.
10. The scientific and technical information in this document regarding the Peasquito mine and the San Dimas mine was sourced by the Company from the following
SEDAR (www.sedar.com) filed documents:
a. Peasquito Goldcorp annual information form filed on March 29, 2016; and
b. San Dimas Primero annual information form filed on March 30, 2016.
The Company QPs have approved the disclosure of scientific and technical information in respect of the Peasquito mine and the San Dimas mine in this document.
11. The San Dimas silver purchase agreement provides that Primero will deliver to the Company a per annum amount equal to the first 6.0 million ounces of payable
silver produced at the San Dimas mine and 50% of any excess, for the life of mine.
12. The Companys attributable Mineral Resources and Mineral Reserves for the Lagunas Norte, Veladero, Cozamin, and Antamina silver interests, in addition to the
Sudbury and 777 gold interests, have been constrained to the production expected for the various contracts.
13. The Antamina Silver Purchase Agreement in respect to the Antamina mine (November 3, 2015) provides that Glencore will deliver 33.75% of the silver production
until 140 million ounces are delivered and 22.5% of silver production thereafter, for a 50 year term that can be extended in increments of 10 years at the Companys
discretion. Attributable reserves and resources have been calculated on the 33.75% / 22.5% basis.
14. On November 30, 2015, the Company amended its silver purchase agreement with Glencore in respect to the Yauliyacu mine. The term of the agreement which was
set to expire in 2026, was extended to life of mine. Additionally, effective January 1, 2016, Glencore will deliver to the Company a per annum amount equal to the
first 1.5 million ounces of payable silver produced at Yauliyacu and 50% of any excess.
15. The 777 precious metal purchase agreement provides that Hudbay will deliver 100% of the payable silver for the life of mine and 100% of the payable gold until
completion of the Constancia mine, after which the gold stream will reduce to 50%. The gold figures in this table represent the attributable 777 mine Mineral
Resources and Mineral Reserves constrained to the production expected for the 777 precious metal purchase agreement.
16. The Rosemont mine Mineral Resources and Mineral Reserves do not include the SX/EW leach material since this process does not recover silver.
17. Effective August 7, 2014, the Company entered into an agreement for a 1.5% net smelter returns royalty on Chesapeake Gold Corps (Chesapeake) Metates property,
located in Mexico. As part of the agreement, Chesapeake will have the right at any time for a period of five years to repurchase two-thirds of the royalty, with the
Company retaining a 0.5% royalty interest.
18. The Company has filed an updated technical report for the Salobo mine prepared by Amec Foster Wheeler on www.sedar.com.
19. The Companys agreement with Sandspring is an early deposit structure whereby the Company will have the option not to proceed with the 10% gold stream and
50% silver stream on the Toroparu project following the delivery of a bankable definitive feasibility study.
20. The Company only has the rights to silver contained in concentrates containing less than 15% copper at the Aljustrel mine.
21. Under the terms of the Cotabambas Early Deposit Agreement, the Company will be entitled to purchase 100% of the silver production and 25% of the gold
production from the Cotabambas project until 90 million silver equivalent ounces attributable to the Company have been delivered, at which point the stream will
drop to 66.67% of silver production and 16.67% of gold production for the life of mine.
22. Silver and gold are produced as by-product metal at all operations with the exception of silver at the Keno Hill mines and Loma de La Plata project and gold at the
Toroparu project; therefore, the economic cut-off applied to the reporting of silver and gold Mineral Resources and Mineral Reserves will be influenced by changes
in the commodity prices of other metals at the time of reporting.
23. B arrick has previously announced that the Pascua-Lama project has been placed on care and maintenance and that a temporary and partial closure plan has been
filed with the Chilean mining authority.
Statements made in this section contain forward-looking information. Please see endnote 1 Cautionary Note Regarding Forward-Looking Statements for material
risks, assumptions and important disclosure associated with this information.

SOURCES FOR ASSET DESCRIPTIONS
Salobo -Minto Phase VI Preliminary Feasibility Study Technical Report, dated

INFORMATION
-Salobo Operations Para State Brazil NI 43-101 Technical Report dated January 1, 2012, prepared by Brad Mercer and John Sagman.
December 31, 2015, prepared by Gerrit Vos, Dr Georges Verly, Dr Armando
Simon, Pierre Lacombe, Donald Hickson, Vikram Khera, and Stella Searston. Cozamin
-Capstone Website: http://capstonemining.com/operations/cozamin/
-Vale Presentation titled XVth Analyst & Investor Tour Canada 2015
overview/default.aspx
dated September 30, 2015.
-NI 43-101 Technical Report on the Cozamin Mine, Zacatecas, Mexico,
Peasquito dated August 5, 2014, prepared by Patrick Andrieux, Dave Hallman, Jenna
-Goldcorp Website: Hardy, Mel Lawson, Ken Major, Vivienne McLennan, Allan Schappert, Ali
http://www.goldcorp.com/English/Unrivalled-Assets/Mines-and-Projects/ Shahkar, Robert Sim, Brad Skeeles, and Jeremy Vincent.
Latin-America/Operations/Penasquito/Overview-and-Operating-
Highlights/default.aspx Veladero
-Barrick Website: http://www.barrick.com/operations/argentina/veladero/
-Goldcorp Presentation titled Investor Day dated April 9, 2015.
default.aspx
San Dimas -Barrick Gold Annual Information Form dated March 28, 2016
-Primero Website: http://www.primeromining.com/operations/producing-
mines/san-dimas-mine/default.aspx Lagunas Norte
-Barrick Website: http://www.barrick.com/operations/peru/lagunas-norte/
-Primero Presentation titled Corporate Update dated July 2016.
default.aspx
Antamina -Barrick Gold Annual Information Form dated March 28, 2016
-Antamina Website: http://www.antamina.com/en/sobre-antamina/
nuestras-operaciones/componentes-de-la-mina/ Pierina
-Barrick Website: http://www.barrick.com/operations/peru/pierina/default.
-GlencoreXstrata Resources & Reserves Report as at December 13, 2013.
aspx
Sudbury -Barrick Gold Annual Information Form dated March 28, 2016
-Vale Presentation titled XVth Analyst & Investor Tour Canada 2015
dated September 30, 2015. Los Filos
-Goldcorp Website: http://www.goldcorp.com/English/Unrivalled-Assets/
-Vale Website: http://www.vale.com/brasil/EN/aboutvale/news/Pages/
Mines-and-Projects/Latin-America/Operations/Los-Filos/Overview-and-
conheca-pouco-historia-bacia-sudbury-centro-operacoes-vale-ontario-
Operating-Highlights/default.aspx
canada.asp
Stratoni
Constancia
-Technical Report for Stratoni Project - Pb Zn Ag Deposit, Northern Greece,
-Hudbay Website: http://www.hudbayminerals.com/English/Our-Business/
dated September 21, 2010, prepared by Patrick Forward, Antony Francis,
Peru/default.aspx
and Niel Liddell.
-National Instrument 43-101 Technical Report Constancia Project dated
October 15, 2012, prepared by Cashel Meagher and Michael Humphries. Pascua Lama
-Barrick Gold Annual Information Form dated March 28, 2016.
Yauliyacu
-2010 Resource and Reserve Update for Yauliyacu Mine, Peru by Silver Rosemont
Wheaton dated March 30, 2011. -Hudbay Website: http://www.hudbayminerals.com/English/Our-Business/
Arizona/
777
-NI 43-101 Technical Report Updated Feasibility Study Pima County,
-Hudbay Website: http://www.hudbayminerals.com/English/Our-Business/
Arizona, USA, dated August 28, 2012, prepared by Conrad E. Huss, Susan
Manitoba/777-Mine/
C. Bird, Tom L. Drielick, Robert H. Fong, and John I. Ajie.
-Technical Report 777 Mine, Flin Flon, Manitoba, Canada dated October
15, 2012, prepared by Brett Pearson, Darren Lyhkun, Cassandra Spence, Keno Hill
Stephen West, and Robert Carter. -Alexco Website: http://www.alexcoresource.com/s/keno_hill.
asp?ReportID=515321
Zinkgruvan
-Updated Preliminary Economic Assessment for the Keno Hill Silver District
-Lundin Mining Website: http://www.lundinmining.com/s/Zinkgruvan.asp
Project Phase 2, Yukon, Canada, dated December 10, 2014, prepared by
-NI 43-101 Technical Report for the Zinkgruvan Mine, Central Sweden, Stephen Taylor and Dr. Gilles Arseneau.
dated January 2013, prepared by M.L. Owen and L.H.I. Meyer.
Navidad
Neves-Corvo -Pan American Website: http://www.panamericansilver.com/operations/
-Lundin Mining Website: http://www.lundinmining.com/s/Neves- argentina/navidad/
Corvo.asp
-Preliminary Assessment for Pan American Silver Corp. Navidad Project,
- NI 43-101 Technical Report for Neves-Corvo Mine and Semblana Deposit, dated January 14, 2010, prepared by Douglas C. J. Austin, Martin Wafforn,
Portugal, dated January 2013, prepared by M.L. Owen and L.H.I. Meyer. Herb Welhener, Michael Steinmann, Thomas L. Drielick and Pamela De
Mark.
Minto
-Capstone Website: http://capstonemining.com/operations/minto/
overview/default.aspx
86 2016/2017 HANDBOOK
Aljustrel Cotabambas
INFORMATION
-Lundin Mining Annual Information Form dated March 31, 2009. -Cotabambas Project Apurimac, Per, NI 43-101 Technical Report on
Preliminary Economic Assessment, dated September 22, 2015, prepared
-Lundin Mining News Release titled Lundin Mining Closes Sale of Aljustrel
by Stewart Twigg, Sergio Munoz, William Colquhoun, Vikram Khera, Dr
Mine dated February 5, 2009.
Robert Morrison, Joe Hirst, Paul Daigle, and Stella Searston.
Toroparu
Metates
-Sandspring Website: http://www.sandspringresources.com/s/toroparu-
-Metates Gold-Silver Project NI 43-101 Technical Report Updated
gold.asp?ReportID=649407
Preliminary Feasibility Study, dated April 29, 2016, prepared by Douglas
-NI 43-101 Technical Report Prefeasibility Study Toroparu Gold Project C.J. Austin, Art S. Ibrado, Gary A. Parkison, Michael G. Hester, Deepak
Upper Puruni River Area, Guyana, dated May 24, 2013, prepared by Alex Malhotra, Grenvil Dunn, and Richard K. Zimmerman.
Fisher, Allan Moran, D. Erik Spiller, Daniel Lloyd Evans, Daniel Y. Yang,
Dawn H. Garcia, Fernando Rodrigues, Frank Daviess, Jos Enrique Snchez Cost Quartiles
Marrou, Keith Mountjoy, Peter Clarke, and Thomas A. Chapel. -Based on company reports and Wood Mackenzie estimates for 2015 for
byproduct cost curves for gold, zinc/lead, copper, nickel, & silver mines.
-Sandspring Resources Presentation titled Toroparu Gold Project
Developing the Western Guyana Gold District dated June 2016.
PARTNERS
Alexco Hudbay Minerals
www.alexcoresource.com www.hudbayminerals.com
Barrick Gold Lundin Mining
www.barrick.com www.lundinmining.com
Capstone Mining Pan American Silver
www.capstonemining.com www.panamericansilver.com
Chesapeake Gold Corporation Panoro
www.chesapeakegold.com www.panoro.com
Eldorado Gold Primero Mining
www.eldoradogold.com www.primeromining.com
Glencore Sandspring Resources
www.glencore.com www.sandspringresources.com
Goldcorp Vale
www.goldcorp.com www.vale.com

ENDNOTES
1. CAUTIONARY NOTE REGARDING FORWARD LOOKING- continue to accept the Company posting security for amounts sought
INFORMATION
STATEMENTS by the CRA under notices of reassessment for the 2005-2010 taxation
years or will accept posting security for any other amounts that may be
The information contained herein contains forward-looking statements
sought by the CRA under other notices of reassessment; the length of
within the meaning of the United States Private Securities Litigation
time it would take to resolve any dispute with the CRA or an objection
Reform Act of 1995 and forward-looking information within the
to a reassessment; and assessments of the impact and resolution of
meaning of applicable Canadian securities legislation. Forward-looking
various tax matters, including outstanding audits, proceedings with
statements, which are all statements other than statements of historical
the CRA and proceedings before the courts; and
fact, include, but are not limited to, statements with respect to:
assessments of the impact and resolution of various legal and tax
future payments by Silver Wheaton in accordance with precious
matters.
metal purchase agreements, including any acceleration of payments,
estimated throughput and exploration potential; Generally, these forward-looking statements can be identified by the use
of forward-looking terminology such as plans, expects or does not
payments by Silver Wheatons wholly owned subsidiary, Silver
expect, is expected, budget, scheduled, estimates, forecasts,
Wheaton (Caymans) Ltd. to Panoro and its wholly owned subsidiary
projects, intends, anticipates or does not anticipate, or believes,
Cordillera Copper Ltd. in accordance with an early deposit precious
potential, or variations of such words and phrases or statements that
metal purchase agreement for the Cotabambas project, including any
certain actions, events or results may, could, would, might or
acceleration of payments, estimated throughput of the Cotabambas
will be taken, occur or be achieved. Forward-looking statements
project and exploration potential associated with the Cotabambas
are subject to known and unknown risks, uncertainties and other
project;
factors that may cause the actual results, level of activity, performance
the normal course issuer bid (NCIB) and the number of shares that or achievements of Silver Wheaton to be materially different from those
may be purchased under the NCIB; expressed or implied by such forward-looking statements, including but
projected increases to Silver Wheatons production and cash flow not limited to:
profile; fluctuations in the price of commodities;
the expansion and exploration potential at the Salobo mine; risks related to the mining operations from which Silver Wheaton
projected changes to Silver Wheatons production mix; purchases silver or gold (the Mining Operations) including risks
related to fluctuations in the price of the primary commodities mined
anticipated increases in total throughput at the Salobo mine;
at such operations, actual results of mining and exploration activities,
the effect of the SAT legal claim on Primero's business, financial environmental, economic and political risks of the jurisdictions in
condition, results of operations and cash flows for 2010-2014 and which the Mining Operations are located, and changes in project
2015-2019; parameters as plans continue to be refined;
the estimated future production; the absence of control over Mining Operations and having to rely
on the accuracy of the public disclosure and other information Silver
the future price of commodities;
Wheaton receives from the owners and operators of the Mining
the estimation of mineral reserves and mineral resources; Operations as the basis for its analyses, forecasts and assessments
the realization of mineral reserve estimates; relating to its own business;
the timing and amount of estimated future production (including 2016 differences in the interpretation or application of tax laws and
and average attributable annual production over the next five years); regulations or accounting policies and rules; and Silver Wheatons
interpretation of, or compliance with, tax laws and regulations or
the costs of future production;
accounting policies and rules, is found to be incorrect or the tax impact
reserve determination; to the Companys business operations is materially different than
currently contemplated;
estimated reserve conversion rates;
any challenge by the CRA of the Companys tax filings is successful and
any statements as to future dividends, the ability to fund outstanding
the potential negative impact to the Companys previous and future tax
commitments and the ability to continue to acquire accretive precious
filings;
metal stream interests;
the Companys business or ability to enter into precious metal purchase
confidence in the Companys business structure;
agreements is materially impacted as a result of any CRA reassessment;
the Companys position relating to any dispute with the CRA and the
any reassessment of the Companys tax filings and the continuation or
Companys intention to defend reassessments issued by the CRA; the
timing of any such process is outside the Companys control;
impact of potential taxes, penalties and interest payable to the CRA;
possible audits for taxation years subsequent to 2013; estimates as any requirement to pay reassessed tax;
to amounts that may be reassessed by the CRA in respect of taxation
the Company is not assessed taxes on its foreign subsidiarys income on
years subsequent to 2010; amounts that may be payable in respect
the same basis that the Company pays taxes on its Canadian income, if
of penalties and interest; the Companys intention to file future tax
taxable in Canada;
returns in a manner consistent with previous filings; that the CRA will
88 2016/2017 HANDBOOK
interest and penalties associated with a CRA reassessment having an risks relating to production estimates from Mining Operations,
INFORMATION
adverse impact on the Companys financial position; including anticipated timing of the commencement of production by
certain Mining Operations;
litigation risk associated with a challenge to the Companys tax filings;
uncertainties related to title and indigenous rights with respect to the
credit and liquidity risks;
mineral properties of the Mining Operations;
hedging risk;
fluctuation in the commodity prices other than silver or gold;
competition in the mining industry;
the ability of Silver Wheaton and the Mining Operations to obtain
risks related to Silver Wheatons acquisition strategy; adequate financing;
risks related to the market price of the common shares of Silver the ability of Mining Operations to complete permitting, construction,
Wheaton (the Common Shares) , including with respect to the development and expansion;
market price of the Common Shares being too high to ensure that
challenges related to global financial conditions;
purchases under the NCIB benefit Silver Wheaton or its shareholders;
risks relating to future sales or the issuance of equity securities; and
equity price risks related to Silver Wheatons holding of long term
investments in other exploration and mining companies; other risks discussed in the section entitled Description of the
Business Risk Factors in Silver Wheatons Annual Information Form
risks related to the declaration, timing and payment of dividends;
available on SEDAR at www.sedar.com, and in Silver Wheatons Form
the ability of Silver Wheaton and the Mining Operations to retain 40-F filed March 30, 2016 and Form 6-K filed March 16, 2016 both on
key management employees or procure the services of skilled and file with the U.S. Securities and Exchange Commission in Washington,
experienced personnel; D.C. (the Disclosure).
litigation risk associated with outstanding legal matters; Forward-looking statements are based on assumptions management
risks related to claims and legal proceedings against Silver Wheaton or currently believes to be reasonable, including but not limited to:
the Mining Operations; the satisfaction of each partys obligations in accordance with the
risks relating to unknown defects and impairments; terms of the precious metal purchase agreements;
risks relating to security over underlying assets; the satisfaction of each party's obligations in accordance with the
Cotabambas early deposit purchase agreement;
risks related to ensuring the security and safety of information systems,
including cyber security risks; no material adverse change in the market price of commodities;
risks related to the adequacy of internal control over financial that the Mining Operations will continue to operate and the mining
reporting; projects will be completed in accordance with public statements and
achieve their stated production estimates;
risks related to governmental regulations;
the continuing ability to fund or obtain funding for outstanding
risks related to international operations of Silver Wheaton and the
commitments;
Mining Operations;
Silver Wheatons ability to source and obtain accretive precious metal
risks relating to exploration, development and operations at the
stream interests;
Mining Operations;
expectations regarding the resolution of legal and tax matters,
risks related to the ability of the companies with which the Company
including the ongoing class action litigation and CRA audit involving
has precious metal purchase agreements to perform their obligations
the Company;
under those precious metal purchase agreements in the event of
a material adverse effect on the results of operations, financial Silver Wheaton will be successful in challenging any reassessment by
condition, cash flows or business of such companies; the CRA;
risks related to environmental regulations and climate change; Silver Wheaton has properly considered the application of Canadian
tax law to its structure and operations;
the ability of Silver Wheaton and the Mining Operations to obtain and
maintain necessary licenses, permits, approvals and rulings; Silver Wheaton will continue to be permitted to post security for
amounts sought by the CRA under notices of reassessment;
the ability of Silver Wheaton and the Mining Operations to comply with
applicable laws, regulations and permitting requirements; Silver Wheaton has filed its tax returns and paid applicable taxes in
compliance with Canadian tax law;
lack of suitable infrastructure and employees to support the Mining
Operations; Silver Wheaton will not change its business as a result of any CRA
reassessment;
uncertainty in the accuracy of mineral reserve and mineral resource
estimates; Silver Wheatons ability to enter into new precious metal purchase
agreements will not be impacted by any CRA reassessment;
inability to replace and expand mineral reserves;

expectations and assumptions concerning prevailing tax laws and the 2. CAUTIONARY LANGUAGE REGARDING RESERVES AND
potential amount that could be reassessed as additional tax, penalties RESOURCES
and interest by the CRA;

For further information on Mineral Reserves and Mineral Resources and on
any foreign subsidiary income, if taxable in Canada, would be subject Silver Wheaton more generally, readers should refer to Silver Wheatons
to the same or similar tax calculations as Silver Wheatons Canadian Annual Information Form for the year ended December 31, 2015 and other
income, including the Companys position, in respect of precious metal continuous disclosure documents filed by Silver Wheaton since January 1,
purchase agreements with upfront payments paid in the form of a 2016, available on SEDAR at www.sedar.com. Silver Wheatons Mineral
deposit, that the estimates of income subject to tax is based on the Reserves and Mineral Resources are subject to the qualifications and notes
INFORMATION
cost of precious metal acquired under such precious metal purchase set forth therein. Mineral Resources which are not Mineral Reserves do not
agreements being equal to the market value of such precious metal; have demonstrated economic viability.
the estimate of the recoverable amount for any precious metal Cautionary Note to United States Investors Concerning
purchase agreement with an indicator of impairment; and Estimates of Measured, Indicated and Inferred Resources: The
information contained herein has been prepared in accordance with the
such other assumptions and factors as set out in the Disclosure.
requirements of the securities laws in effect in Canada, which differ from
Although Silver Wheaton has attempted to identify important factors the requirements of United States securities laws. The terms "mineral
that could cause actual results, level of activity, performance or reserve", "proven mineral reserve" and "probable mineral reserve" are
achievements to differ materially from those contained in forward- Canadian mining terms defined in accordance with Canadian National
looking statements, there may be other factors that cause results, level of Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI
activity, performance or achievements not to be as anticipated, estimated 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum
or intended. There can be no assurance that forward-looking statements (the "CIM") CIM Definition Standards on Mineral Resources and
will prove to be accurate and even if events or results described in the Mineral Reserves, adopted by the CIM Council, as amended (the "CIM
forward-looking statements are realized or substantially realized, there Standards"). These definitions differ from the definitions in Industry
can be no assurance that they will have the expected consequences to, Guide 7 ("SEC Industry Guide 7") under the U.S. Securities Act of 1933, as
or effects on, Silver Wheaton. Accordingly, readers should not place amended (the "U.S. Securities Act"). Under U.S. standards, mineralization
undue reliance on forward-looking statements and are cautioned that may not be classified as a "reserve" unless the determination has
actual outcomes may vary. The forward-looking statements included been made that the mineralization could be economically and legally
herein are for the purpose of providing investors with information to produced or extracted at the time the reserve determination is made.
assist them in understanding Silver Wheatons expected financial and Also, under SEC Industry Guide 7 standards, a "final" or "bankable"
operational performance and may not be appropriate for other purposes. feasibility study is required to report reserves, the three-year historical
Any forward looking statement speaks only as of the date on which it is average price is used in any reserve or cash flow analysis to designate
made. Silver Wheaton does not undertake to update any forward-looking reserves and the primary environmental analysis or report must be filed
statements that are included or incorporated by reference herein, except with the appropriate governmental authority. In addition, the terms
in accordance with applicable securities laws. "mineral resource", "measured mineral resource", "indicated mineral
resource" and "inferred mineral resource" are defined in and required to
be disclosed by NI 43-101; however, these terms are not defined terms
under SEC Industry Guide 7 and are normally not permitted to be used
in reports and registration statements filed with the SEC. Investors are
cautioned not to assume that any part or all of the mineral deposits in
these categories will ever be converted into reserves. "Inferred mineral
resources" have a great amount of uncertainty as to their existence and
as to their economic and legal feasibility. It cannot be assumed that all
or any part of an inferred mineral resource will ever be upgraded to a
higher category. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility studies,
except in rare cases. Investors are cautioned not to assume that all or any
part of an inferred mineral resource exists or is economically or legally
mineable. Mineral resources that are not mineral reserves do not have
demonstrated economic viability. Disclosure of "contained ounces" in a
resource is permitted disclosure under Canadian regulations; however,
the SEC normally only permits issuers to report mineralization that
does not constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measures. Accordingly, information
contained herein that describes Silver Wheatons mineral deposits may
not be comparable to similar information made public by U.S. companies
subject to reporting and disclosure requirements under the United
States federal securities laws and the rules and regulations thereunder.
United States investors are urged to consider closely the disclosure in
Silver Wheatons Form 40-F, a copy of which may be obtained from Silver
Wheaton or from http://www.sec.gov/edgar.shtml.
90 2016/2017 HANDBOOK
3. NON-IFRS MEASURES 4. References to Silver Wheaton or the Company in this Handbook
includes Silver Wheaton Corp. and/or its direct or indirect wholly-
Silver Wheaton has included, throughout this Handbook, certain non-

owned subsidiaries.
IFRS performance measures, including (i) adjusted net earnings and
adjusted net earnings per share; (ii) operating cash flow per share (basic
and diluted); (iii) average cash costs of silver and gold on a per ounce 5. Standard conditions for a stream agreement include permits,
basis and; (iv) cash operating margin. financing, security/guarantees and other typical requirements.
i. Adjusted net earnings and adjusted net earnings per share are
INFORMATION
calculated by removing the effects of the non-cash impairment 6. Completion tests generally require mining operations, mill
charges. The Company believes that, in addition to conventional throughput, etc. to reach a defined level of design capacity.
measures prepared in accordance with IFRS, management and
certain investors use this information to evaluate the Company's
7. If stream is cancelled, Silver Wheaton would be entitled to a return
performance.
of the deposit less a small non-refundable amount.
ii. Operating cash flow per share (basic and diluted) is calculated by
dividing cash generated by operating activities by the weighted
8. Once upfront payment is made, the Early Deposit Streaming
average number of shares outstanding (basic and diluted). The
agreement acts as a traditional streaming agreement and is subject to
Company presents operating cash flow per share as management
a completion test.
and certain investors use this information to evaluate the Company's
performance in comparison to other companies in the precious metal
mining industry who present results on a similar basis. 9. Statements made in this section contain forward-looking
information including the timing and amount of estimated future
iii. Average cash cost of silver and gold on a per ounce basis is calculated
production and readers are cautioned that actual outcomes may vary.
by dividing the total cost of sales, less depletion, by the ounces sold.
Please see Cautionary Note Regarding Forward-Looking Statements
In the precious metal mining industry, this is a common performance
for material risks, assumptions and important disclosure associated
measure but does not have any standardized meaning. In addition
with this information.
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. 10. Gold ounces produced are converted to a silver equivalent basis
based on either (i) the ratio of the average silver price received to the
iv. Cash operating margin is calculated by subtracting the average
average gold price received during the period from the assets that
cash cost of silver and gold on a per ounce basis from the average
produce both gold and silver; or (ii) the ratio of the price of silver to
realized selling price of silver and gold on a per ounce basis. The
the price of gold on the date of sale as per the London Bullion Metal
Company presents cash operating margin as management and
Exchange for the assets which produce only gold.
certain investors use this information to evaluate the Company's
performance in comparison to other companies in the precious metal
mining industry who present results on a similar basis. 11. On February 25, 2010, Silver Wheaton elected to convert its
debenture with Pan American into an agreement to acquire an amount
These non-IFRS measures do not have any standardized meaning
equal to 12.5% of the life of mine silver production from the Loma de
prescribed by IFRS, and other companies may calculate these measures
La Plata zone of the Navidad project. Subject to finalizing the definitive
differently. The presentation of these non-IFRS measures is intended to
terms of the agreement, Silver Wheaton will pay Pan American
provide additional information and should not be considered in isolation
upfront cash payments totaling US$32.4 million plus a payment equal
or as a substitute for measures of performance prepared in accordance
to the lesser of US$4.00 or the prevailing market price per ounce of
with IFRS.
silver delivered. The upfront payments will commence following the
satisfaction of certain conditions, including receipt of all necessary
permits to proceed with construction.
12. From Dec. 31, 2004 to Dec. 31, 2015, Mineral Reserves and Mineral
Resources are as of Dec. 31 for each year (see Silverwheaton.com);
Current reserves and resources include reserves and resources updated
to Dec 31 2015; Cumulative mined production based on management
estimates and company reports. Assumes an Au:Ag ratio of 80:1 for
conversation of gold reserves and resources into silver equivalent
ounces.

CORPORATE INFORMATION
CANADA HEAD OFFICE TRANSFER AGENT CAYMAN ISLANDS OFFICE

SILVER WHEATON CORP. CST TRUST COMPANY SILVER WHEATON (CAYMANS) LTD.
Suite 3500 1600 - 1066 West Hastings Street Suite 300, 94 Solaris Avenue
1021 West Hastings Street Vancouver, BC V6E 3X1 Camana Bay
Vancouver, BC V6E 0C3 P.O. Box 1791 GT, Grand Cayman
Toll-free in Canada and the United States: Cayman Islands KY1-1109
Canada
1 800 387 0825
T: 1 604 684 9648
F: 1 604 684 3123 DIRECTORS
Outside of Canada and the United States:
1 416 682 3860 BRAD CARPENTER
STOCK EXCHANGE LISTING PATRICK FORWARD
Toronto Stock Exchange: SLW E: inquiries@canstockta.com BILL KOUTSOURAS
New York Stock Exchange: SLW DAVID STREET
AUDITORS
NIK TATARKIN
DIRECTORS DELOITTE LLP
LAWRENCE BELL Vancouver, BC SENIOR MANAGEMENT
GEORGE BRACK NIK TATARKIN
JOHN BROUGH INVESTOR RELATIONS President
PETER GILLIN PATRICK DROUIN
CHANTAL GOSSELIN Senior Vice President, OUNESH REEBYE
DOUGLAS HOLTBY, Chairman Investor Relations Vice President,
EDUARDO LUNA T: 1 604 684 9648 Streaming Operations
RANDY SMALLWOOD TF: 1 844 288 9878 & Metal Sales
E: info@silverwheaton.com
SENIOR MANAGEMENT ANDRE BUDYLIN
RANDY SMALLWOOD Director, Contract Compliance
President & Chief Executive Officer
GISELLE PASSCHIER
CURT BERNARDI Financial Controller
Senior Vice President,
Legal & Corporate Secretary
GARY BROWN
Senior Vice President
& Chief Financial Officer
PATRICK DROUIN
Investor Relations
HAYTHAM HODALY
Corporate Development
Silver Wheaton is a registered trademark of Silver Wheaton Corp. in Canada, the United States and certain other jurisdictions.
SUITE 3500
1021 WEST HASTINGS STREET
VANCOUVER, BC V6E 0C3
CANADA
T: 1 604 684 9648

F: 1 604 684 3123
WWW.SILVERWHEATON.COM

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2016 / 2017 H A NDBOOK

30 assets with 14 different partners. The disciplined approach to acquisition

in the lowest half of their respective cost curve.

silver streams on Goldcorps Peasquito mine and Glencores Antamina mine.

Silver Wheatons business model creates significant shareholder value by providing:

The Company has an experienced management team

superior returns and some of the highest margins in the industry.

PRECIOUS METALS STREAMING BENEFITS TO SILVER WHEATONS SHAREHOLDERS

SILVER WHEATON FROM A TO Z 5

companies without many of the risks associated with mining activities.

100% PRECIOUS DIVERSE ASSET BASE

Silver Wheaton makes an upfront payment and ongoing delivery payments

of many different metals.

smaller amounts of silver and gold produced as a by-product.

SILVER WHEATON FROM A TO Z 9

Heres how precious metals streaming works.

PRECIOUS METALS TRADITIONAL

Pays a pre-determined As the mine produces,

Invest in Pay dividends

the market is able to value them more efficiently. Value is unlocked.

TRADITIONAL MINER STREAMING COMPANY

REASONS FOR DIFFERENCE IN VALUE

SILVER WHEATON FROM A TO Z 11

FINANCIAL DUE DILIGENCE

TECHNICAL DUE DILIGENCE

DETERMINE DISCOUNT RATE

IDENTIFY AND SHARE

STOCKPILE CONCENTRATE RECEIVE PAYMENT FROM

RECEIVE & AUDIT BUY OUNCES &

SILVER WHEATON FROM A TO Z 13

S ilver and gold payable rates will vary depending on

Streaming Permitting Upfront Completion YES Ounces delivered

Streaming Upfront Ounces delivered

Traditional streams can be used

SILVER WHEATON FROM A TO Z 15

LATE STAGE EXPLORATION TO EARLY STAGE DEVELOPMENT PROJECTS*

Pay Positive Permitting Advance

Advance Completion YES Ounces delivered

For relatively little upfront capital,

Silver Wheaton began trading

OPERATIONS & RESULTS

SILVER WHEATON FROM A TO Z 19

OPERATIONS & RESULTS

SILVER WHEATON FROM A TO Z 21

Revenue ($000s) $ 399,862 $ 648,687 $ 620,176 $ 706,472

Net earnings (loss) per share

OPERATIONS & RESULTS

Silver ounces produced 2

Total silver ounces produced 15,102 30,717 25,674 26,754

Total gold ounces produced 130,839 230,239 144,395 151,204

Total silver ounces sold 14,694 26,566 23,484 22,823

Total gold ounces sold 136,015 202,349 139,522 117,319

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

SILVER WHEATON FROM A TO Z 23

NORTH AMERICA 54% NORTH AMERICA 39% NORTH AMERICA 49%

BREAKDOWN BY PRIMARY METAL

COPPER 25% COPPER 84% COPPER 46%

BREAKDOWN BY COST QUARTILE

FIRST 75% FIRST 61% FIRST 70%

OPERATIONS & RESULTS

Gold Production (koz)

SILVER WHEATON FROM A TO Z 25

GROWTH IN ATTRIBUTABLE MINERAL RESERVES AND MINERAL RESOURCES

SILVER EQUIVALENT MINERAL RESERVES AND MINERAL RESOURCES (Moz) 2,12

S ilver and gold payable rates will vary depending on