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Silver Wheaton Reports Record 2012 Operating And Financial Results

3. Comprised of the Lagunas Norte, Pierina and Veladero silver interests.

4. Comprised of the Los Filos, Mineral Park, Neves-Corvo, Stratoni, Keno Hill, Minto, 777, Aljustrel and Campo Morado silver interests.

5. Gold ounces produced and sold are converted to a silver equivalent basis on the ratio of the average silver price received to the average gold price received during the period from the assets that produce both gold and silver.

6. Represents production for the period August 8, 2012 to September 30, 2012.

7. Based on management estimates.


                             Results of Operations and Operational Review

                                             Three Months Ended December 31, 2012
                                                                  Average       Average
                                                                  Realized        Cash
                                                                   Price          Cost
                             Ounces        Ounces                 ($'s Per      ($'s Per
                         Producedsquared    Sold       Sales       Ounce)      Ounce) [3]
    Silver
          San Dimas [4]            1,694    1,629   $  52,080   $    31.97   $       4.13
          Zinkgruvan                 566      532      16,485        30.99           4.15
          Yauliyacu                  616    1,097      30,753        28.03           4.08
          Peñasquito               1,445    1,642      53,697        32.71           3.99
          Cozamin                    372      406      13,109        32.25           4.12
          Barrick [5]                934      826      26,920        32.59           3.90
          Other [6]                1,407    1,215      38,182        31.43           4.43
                                   7,034    7,347   $ 231,226   $    31.47   $       4.12
    Gold
          Minto                    6,785    4,876   $   8,247   $    1,691   $        303
          777                     19,615   28,084      47,768        1,701            400
                                  26,400   32,960   $  56,015   $    1,699   $        386
    Silver equivalent
    [7]                            8,466    9,131   $ 287,241   $    31.46   $       4.70
    Corporate
          General and
          administrative
          Other
    Total corporate
                                   8,466    9,131   $ 287,241   $    31.46   $       4.70

Table continues...


                       Results of Operations and Operational Review

                                                  Three Months Ended December 31, 2012
                              Average
                             Depletion                  Cash Flow
                             ($'s Per        Net           From          Total
                              Ounce)       Earnings     Operations      Assets
    Silver
          San Dimas [4]    $      0.79   $   44,059   $     45,351   $   162,936
          Zinkgruvan              1.68       13,387         16,668        54,075
          Yauliyacu               5.02       20,773         32,106       215,295
          Peñasquito              2.96       42,287         47,147       487,272
          Cozamin                 4.05        9,790         11,873        19,135
          Barrick [5]             4.34       20,112         23,561       597,736
          Other [6]               6.29       25,167         33,296       381,467
                           $      3.46   $  175,575   $    210,002   $ 1,917,916
    Gold
          Minto            $       171   $    5,937   $      8,052   $    30,586
          777                      773       14,813         40,507       332,732
                           $       684   $   20,750   $     48,559   $   363,318
    Silver equivalent
    [7]                    $      5.25   $  196,325   $    258,561   $ 2,281,234
    Corporate
          General and
          administrative                 $   (9,159)
          Other                              (9,422)
    Total corporate                      $  (18,581)  $     (4,535)  $   908,103
                           $      5.25   $  177,744   $    254,026   $ 3,189,337

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

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