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Silver Wheaton Reports Record 2012 Operating And Financial Results

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

3. Refer to discussion on non-IFRS measures at the end of this press release.

4. Results for San Dimas include 1.5 million ounces received from Goldcorp in connection with Goldcorp's four year commitment to deliver to Silver Wheaton 1.5 million ounces of silver per annum resulting from their sale of San Dimas to Primero.

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

6. Comprised of the operating Los Filos, Keno Hill, Mineral Park, Neves-Corvo, Stratoni, Campo Morado, Minto, 777 and Aljustrel silver interests in addition to the non-operating Rosemont silver and gold interest and Loma de La Plata and Constancia silver interests.

7. 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.

                                Three Months Ended December 31, 2011
                                                                    Average     Average
                                                                    Realized     Cash
                                                                     Price       Cost
                                      Ounces    Ounces              ($'s Per   ($'s Per
                                   Produced [2]  Sold     Sales      Ounce)   Ounce) [3]
    Silver
                San Dimas [4]             1,578  1,488   $  44,641    $ 30.00     $  4.09
                Zinkgruvan                  390    425      13,537      31.87        4.10
                Yauliyacu                   583    655      22,270      34.00        4.02
                Peñasquito                1,633    851      27,374      32.17        3.96
                Cozamin                     433    374      12,786      34.18        4.08
                Barrick [5]                 723    755      24,673      32.67        3.90
                Other [6]                 1,389  1,230      40,120      32.63        3.94
                                          6,729  5,778   $ 185,401    $ 32.09     $  4.01
    Gold
                Minto                     3,891  3,777       6,466      1,712         301
    Silver equivalent [7]                 6,931  5,974   $ 191,867    $ 32.12     $  4.06
    Corporate
                General and administrative
                Other
    Total corporate
                                          6,931  5,974   $ 191,867    $ 32.12     $  4.06

Table continues...

                                 Three Months Ended December 31, 2011
                                      Average
                                     Depletion                 Cash Flow
                                     ($'s Per       Net          From
                                      Ounce)      Earnings    Operations     Total Assets
    Silver
                San Dimas [4]         $  0.71    $  37,494     $  38,551      $   167,527
                Zinkgruvan               1.69       11,077        14,061           57,639
                Yauliyacu                5.02       16,350        19,637          230,012
                Peñasquito               2.41       21,954        24,004          504,973
                Cozamin                  4.62        9,531        10,260           25,115
                Barrick [5]              3.60       19,008        21,728          601,085
                Other [6]                4.22       30,089        36,301          251,716
                                      $  2.90    $ 145,503     $ 164,542      $ 1,838,067
    Gold
                Minto                     169        4,689         6,314           33,659
    Silver equivalent [7]             $  2.91    $ 150,192     $ 170,856      $ 1,871,726
    Corporate
                General and administrative       $  (6,115)
                Other                                  670
    Total corporate                              $  (5,445)    $  (7,142)     $ 1,000,609
                                      $  2.91    $ 144,747     $ 163,714      $ 2,872,335

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

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