Expert Comments:

	Charles Gibson, Edison Investment Research (5/25/17) "Wheaton Precious Metal Corp.'s Q1/17 results were closely aligned with our prior expectations. . .net earnings were $61.2M versus our expectation of $61.4M. . .additional upside exists in the potential expansion of Salobo and the development of Pascua Lama, among others."
	The Gold Report Article by Adrian Day (5/23/17) "Wheaton Precious Metals Corp. is the new name for Silver Wheaton, a reflection of the fact that the majority of its revenues no longer come from silver." read more >
Jefferson Research (5/19/17) "Wheaton Precious Metals Corp. is showing strong earnings quality and cash flow quality. . .the earnings quality for the company remains strongest. . .the cash flow quality rating for Wheaton remains strong."
	Charles Gibson, Edison Investment Research (5/18/17) "Wheaton Precious Metals Group's Q1/17 results were closely aligned with our prior expectations. . .for the second quarter in succession, gold sales exceeded silver sales. Nevertheless, net earnings for the quarter were $61.2M versus our expectation of $61.4M."
	Michael Gray, Macquarie Equity Research (5/11/17) "On May 9, after market close, Wheaton Precious Metals Corp. reported adjusted EPS/CFPS for Q1/17 of $0.14/$0.28 versus our estimates at $0.13/$0.30 and consensus at $0.14/$0.30. . .Ag production was 6.5 Moz. . .Au production was 85 Koz. . .we reiterate our Outperform."
Josh Wolfson, Eight Capital (5/10/17) "Wheaton Precious Metals Corp. reported Q1/17 adjusted EPS of $0.14, above our estimate of $0.13 and in line with consensus. . .the company reiterated 2017 guidance of 340 Koz gold and 28 Moz silver. . .it reported adjusted earnings of $61M, $2M above our estimate of $59M."
Silver Wheaton's Profile Boosted by Progress at Antamina Mine (3/16/17) Silver Wheaton and Franco-Nevada hosted a mine tour of the Antamina Mine in Peru on March 2, and the promise of substantial additions to the streaming company's assets prompted positive comments from two industry analysts. read more >

More Expert Comments

	Cosmos Chiu, CIBC World Markets (5/10/17) "Wheaton Precious Metals Corp. reported Q1/17 results that were largely in line, with EPS of $0.14 and CFPS of $0.28, compared to our estimates of $0.14 and $0.31 (consensus of $0.14 and $0.30), respectively. . .the company's revenue for the quarter of $198M was split 46%/54% between silver and gold, respectively."
	Andrew Kaip, BMO Capital Markets (5/9/17) "Wheaton Precious Metals Corp. reported EPS above our estimate but in line with consensus. . .the company paid down ~$130M in debt during Q1/17, and 2017 guidance was maintained. . .Silver Wheaton exited Q1/17 with $115M in cash."
	Charles Gibson, Edison Investment Research (4/27/17) "Silver Wheaton Corp.'s shares are trading on near-term financial measures that are cheaper than those of its royalty/streaming 'peers' in EPS 80% of instances considered, and the miners themselves in EPS 40%, despite being associated with materially less risk. Additional upside exists in the potential expansion of Salobo and the development of Pascua-Lama and Rosemont, among others."
Josh Wolfson, Eight Capital (4/24/17) "We estimate Silver Wheaton Corp.'s Q1/17 production in concentrate to be 7.1 Moz Ag and 84 Koz Au, for a total of 13 Moz Ag eq ounces. . .year-end inventories were an estimated 7.6 Moz Ag eq, and we estimate 8 Moz Ag eq as of Q1/17E."
	Michael Gray, Macquarie Capital Markets (4/16/17) "We think Silver Wheaton Corp. shares benefit from the pending restart of San Dimas on the back of a reset of the union agreement that paves the way for two years of labor stability along with a more efficient operating approach. We reiterate our Outperform recommendation."
	Charles Gibson, Edison Investment Research (3/30/17) "Silver Wheaton Corp.'s shares are trading on near-term financial measures that are cheaper than those of its royalty/streaming 'peers' in at least 83% of instances considered, and the miners themselves in at least 41%, despite being associated with materially less risk. Additional upside exists in the potential expansion of Salobo and the development of Pascua-Lama and Rosemont, among others."
Charles Gibson, Edison Investment Research (3/29/17) "In Q4/16, sales and cash flows derived by Silver Wheaton Corp. from gold operations exceeded those from silver for the first time ever. . .to better reflect the company's increasingly gold-rich asset base, the board of directors has recommended that Silver Wheaton change its name to Wheaton Precious Metals Corp."
	Cosmos Chiu, CIBC World Markets (3/22/17) "Silver Wheaton Corp. has proposed a name change to Wheaton Precious Metals Corp. Importantly, this reflects both the company's existing portfolio of silver and gold assets (2016 revenue was derived 54% from silver and 46% from gold) and an ongoing focus for future acquisitions."
Josh Wolfson, Eight Capital (3/22/17) "Silver Wheaton Corp. reported Q4/16 adjusted earnings of $0.19, above our estimate of $0.17 and consensus of $0.16. Q4/16 silver equivalent ounce production and sales exceeded our estimates by 10% and 9%, respectively, resulting in healthy free cash flow (FCF) generation. . .we calculate Q4/16 FCF before working capital changes of $165M, $9M above our estimate of $156M."
	Michael Gray, Macquarie Capital Markets (3/22/17) "Silver Wheaton Corp. is a Top Pick and should be a precious metals portfolio core position. . .Salobo contributed 71.3 Koz Au to overall gold production in Q4/16 as part of record quarterly gold production of 107.3 Koz (margin of ~$815/oz). . .we reiterate our Outperform."
	Andrew Kaip, BMO Capital Markets (3/21/17) "Silver Wheaton Corp. reported in line Q4/16 EPS, with silver and gold deliveries coming in 3% and 8% ahead of our expectations, respectively. The company expects production of 28 Moz silver and 340 Koz gold in 2017 (accounting for a three-month shutdown at San Dimas), and Silver Wheaton will seek shareholder approval to change its name to Wheaton Precious Metals."
Josh Wolfson, Eight Capital (3/14/17) "Silver Wheaton Corp. will be reporting FY16 financial results and 2017 guidance on Tuesday, March 21 after market close. . .at a 75x gold:silver ratio, we forecast 2017 silver equivalent production in concentrate of 53.3 Moz, consisting of 28.1 Moz silver and 335 Koz gold."
	Andrew Kaip, BMO Capital Markets (3/7/17) "A member of our research team had the opportunity to attend an analyst and investor tour of Silver Wheaton Corp.'s Antamina mine on March 2. . .substantial mine life extension potential exists, certainly in the open pit, but longer term potentially as an underground operation. Further, the mine has considerable resources, with the potential to upgrade material and add additional ounces through exploration."
Michael Siperco, Macquarie Capital Markets (3/6/17) "We attended a site visit on March 1 to 3 to Silver Wheaton Corp.'s Antamina mine. . .we gained further comfort with the long-term upside to reserves, as well as the robustness of the mine and infrastructure (including the +300 km pipeline) in a challenging environment (+4,200m above sea level). . . there is ample potential for extension from existing Measured and Indicated and Inferred resources, as well as underground (block cave?) potential and district-wide (700 km sq) exploration upside."
	Andrew Kaip, BMO Capital Markets (2/28/17) "Silver Wheaton Corp.'s production over the next five years is forecast to be 55% silver and 45% gold. . .current cornerstone assets include Salobo, which produced record gold production in 2015 of 126 Koz; Penasquito, where silver grade is expected to climb through 2019; Antamina, the eighth largest copper mine in the world; and San Dimas, the company's first stream."
	Charles Gibson, Edison Investment Research (2/23/17) "Silver Wheaton's Corp.'s Q3/16 results were characterized by silver production in line with our expectations but an exceptionally strong performance from its gold assets. . .quarterly profit before tax was still the highest since Q1/13 (when gold and silver prices were $1,645/oz and $29.89/oz, respectively)."
Charles Gibson, Edison Investment Research (12/15/16) "Silver Wheaton Corp.'s Q316 results were characterized by silver production in line with Edison's expectations, with an exceptionally strong performance from its gold assets. . .we forecast value per share of US$33.09, or C$44.72, in FY20 (at prices of US$23.98/oz Ag and US$1,362/oz Au). . .SLW's shares are trading on near-term financial ratios that are cheaper than those of its royalty/streaming 'peers' in at least 87% of measures considered, and the miners themselves in at least 46% of measures considered, despite being associated with materially less risk."
Charles Gibson, Edison Investment Research (12/6/16) "Silver Wheaton Corp.’s Q3/16 results were characterised by exceptionally strong production from its gold assets, supported by record quarterly output at Salobo and Minto and a strong performance at 777. . .a key advantage for Silver Wheaton compared to potential competitors is its size, scale and valuation, which allows it to raise equity on a non-dilutive basis to fund new streams, or even to issue counterparties with equity in consideration of new streams."
	The Gold Report Article by Adrian Day (12/5/16) "Silver Wheaton Corp. is a streaming company with approximately 55% of its revenues from silver, 45% from gold. The stock has been extremely weak since it reported good quarterly results. Depreciation hurt the bottom line, but quarterly "production" rose 17%, up over 50% from a year ago. Most mines on which it holds streams performed well. . .we like Silver Wheaton, and it is my favorite way to gain exposure to silver. The tax issue is priced into the stock for the most part, while there is good optionality on any gold or silver price increase. The stock is now undervalued relative to other major royalties and streamers (though part of that is justified given the differences in balance sheets). Silver Wheaton is a solid buy, under US$19." read more >
	Charles Gibson, Edison Investment Research (11/24/16) "Silver Wheaton Corp.'s Q316 results were characterized by silver production in line with Edison's expectations, but an exceptionally strong performance from its gold assets. . .we forecast a value per share of US$33.09, or C$44.72, in FY20 (prices of US$23.98/oz Ag and US$1,362/oz Au). . .SLW's shares are trading on near-term financial ratios that are cheaper than those of its royalty/streaming 'peers' in at least 87% of measures considered, and the miners themselves in at least 46% of measures considered, despite being associated with materially less risk."
Phil Russo, Raymond James (11/10/16) "Production from Silver Wheaton Corp.'s streams were generally in-line with our overall expectations as strong performance from Antamina and Salobo offset significant underperformance from San Dimas . . . earnings came in below our estimate primarily as a result of an increase in ounces produced but not sold. We view 4Q16 favorably as Silver Wheaton should see increased production at Peñasquito, and the latest Salobo interest positively contribute to revenue and earnings. . . Silver Wheaton remains our highest FCF yielding name amongst our large caps and has increased the quarterly dividend by 20% this quarter."
	Michael Gray, Macquarie Capital Markets (11/10/16) "Although Primero’s San Dimas asset is struggling in the near term with guidance revised lower for the second time, we think the market has overreacted to the downside and this is a key opportunity to buy Silver Wheaton Corp. at a discount. . .we expect a strong Q4/16 driven by inventory draw-downs from producers toward year-end. . .Salobo [is] delivering as the cornerstone asset. . .we think the recent copper price move will incentivize partner VALE to continue pushing a phase III expansion as Salobo is one of VALE’s best performing assets."
Josh Wolfson, Dundee Capital Markets (11/10/16) "Silver Wheaton Corp. reported silver equivalent production in concentrate of 15.1 MMoz [in Q3 results]. . .SEO production in concentrate was largely aided by higher gold output (+21 koz Au or 1.4 MMoz SEO) due to materially higher output at SLW’s Salobo mine (+12 koz variance) and the company's 'other' mines (+12 koz variance), which include Constancia, 777, and Minto. . .Silver Wheaton revised its production targets, with 2016 gold production now forecast to be 335 koz, up from 305 koz previously (DCM est 311 koz), due to better YTD results and the company’s expectations for 4Q Salobo and Sudbury output."
	Michael Gray, Macquarie Capital Markets (11/10/16) "Silver Wheaton Corp.'s gold production was a strong beat while silver production missed forecasts. . .SLW trades in-line with peers at ~1.4x NAV (FNV at ~1.6x NAV) while offering high quality streams with the majority of the assets operating in the bottom half of their respective cost curves."
	Andrew Kaip, BMO Capital Markets (11/9/16) "Silver Wheaton Corp. reported Q3/16 adjusted EPS of $0.19, a beat relative to our expectations. . .Q3/16 production of 7.7 Moz of silver and 109.2 Koz of gold was a strong beat relative to our expectations of 7 Moz silver and 83.9 Koz gold. The production beat was due to higher gold production at Salobo. . .given the strong YTD performance of Salobo and Sudbury, SLW raised 2016 gold guidance to 335 Koz (from 305 Koz). . .SLW also announced that Chuck Jeannes, former president and CEO of Goldcorp, has joined the board of directors."
	Charles Gibson, Edison Investment Research (10/31/16) "We forecast a value per share for Silver Wheaton Corp. of US$34.22 in FY20 (at prices of US$23.98/oz Ag and US$1,362/oz Au), implying an 11.0% pa total internal rate of return for investors in US dollar terms over the next four years. In the meantime, SLW's shares are trading on near-term financial ratios that are cheaper than those of its royalty/streaming 'peers' in at least 75% of instances considered, and the miners themselves in at least 46% of instances, despite being associated with materially less operational and cost risk."
Charles Gibson, Edison Investment Research (10/27/16) Silver Wheaton Corp.'s Q216 earnings were close to Edison’s forecast, but were still almost 50% better than the previous quarter. . . in the longer term, assuming no material purchases of additional streams (which is unlikely), we forecast a value per share for SLW of US$40.81, or C$53.21, in FY19 (at US$26.57/oz Ag and US$1,483/oz Au). . .in the meantime, SLW is trading on near-term financial ratios that are cheaper than those of its royalty/streaming peers and the miners themselves on a majority of valuation measures, despite being associated with materially less risk."
Kevin MacKenzie, PI Financial (10/5/16) "We are adding Silver Wheaton Corp. as a TOP Pick. . .given the political and economic uncertainty worldwide, we view Silver Wheaton to be a strong overall market hedge, and levered proxy to precious metal prices. . .Furthermore, given the company’s expanding margins, fix cost structure (2016-2020E: US$405/oz gold, US$4.57/oz silver), and robust asset base (96% producing assets within first half of cash cost curve), we view it as a preferred play among the senior producers. . .at present, we recommend Silver Wheaton with a BUY rating, US$35.50/sh target price and AVERAGE risk rating."
Josh Wolfson, Dundee Capital Markets (9/30/16) "Beyond Silver Wheaton Corp.'s average 2016-2020 production guidance of 31 MMoz Ag & 330 koz Au, it maintains several key development projects which could add an incremental 19 MMoz AgEq annually to its production profile. . .Key principles for SLW's investment in precious metals streams include the security structure of its investment, and a preference for long life, low cost operations . . .We maintain our BUY rating and our C$45.00 target, based on 2.1x our NAVPS at a long term gold price of $1,350/oz and 26x our sustainable FCF est(unch)."
	Michael Gray, Macquarie Equity Research (9/30/16) "The key messages in the initial Silver Wheaton Corp. session in our view were: 1) Streaming deals have commanded $19 of every $20 raised in equity (or debt) vs royalties at only $1 - this highlights the importance of the streaming model; 2) Technical due diligence is done at a high level - partners feedback to the SLW due diligence team is that their insights are typically value-add to the operations - we have stressed in a number of reports that this in-house due diligence team provides SLW with a key competitive advantage. . .We reiterate our Outperform recommendation and C$40.00 target."
Kevin MacKenzie, PI Financial (9/30/16) "With 96% of its streams now from assets within the lower half of the cash cost curve, fix attributable production costs of $4.57/oz silver and $405/oz gold, significant leverage to precious metal prices and an increasing dividend, Silver Wheaton Corp. continues to tick all of the investment boxes. . .In addition to the inherent investment leverage associated with a)advancing to production cheaper development stage ounces, and b) commodity cycle related investment timing, Silver Wheaton now benefits from the active concurrent exploration/discovery being conducted by its development staged streaming counterparties. . .At present, we maintain our current valuation of US $35.50/sh target price and AVERAGE risk rating."
Phil Russo, Raymond James (9/30/16) "We viewed the company’s maiden analyst day favorably overall as Silver Wheaton Corp. reaffirmed its core assets are long life, significant cash flow contributors with projections largely in-line with our expectations. . .From a valuation perspective, today we estimate Silver Wheaton trades at 1.5x P/NAV vs.the peer group at 1.8x (and Franco Nevada at 2.1x). On a P/CF basis, Silver Wheaton trades at 16.6x 2017 P/CF vs peer group at 20.1x. . .We continue to like Silver Wheaton Corp today for its leading portfolio of mines, peer leading cash flow profile and favorable valuation profile."
	Charles Gibson, Edison Investment Research (9/29/16) "Silver Wheaton Corp.'s Q2/16 earnings were close to Edison's forecast, but were still almost 50% better than the previous quarter. Performance was buoyed by record gold sales, driven by the continued ramp up at Salobo, a record production performance at Sudbury, continued outperformance at Antamina and continued inventory drawdown. . .SLW is trading on near-term financial ratios that are cheaper than those of its royalty/streaming peers and the miners themselves on a majority of valuation measures, despite being associated with materially less risk."
	Cosmos Chiu, CIBC World Markets (9/29/16) "With Silver Wheaton Corp. highlighting its early deposit streams in Toroparu and Cotabambas, CIBC has taken this opportunity to better ascribe value to these potential streams. CIBC's NAV for Silver Wheaton increases ~1%. . .Management gave a flavor for the company's deal-making process, showcasing a robust and nimble due diligence process that enables Silver Wheaton to act quickly on opportunities. . .The presentation of Salobo and Sudbury reaffirmed the quality and significance of these as world-class assets. . .The $33 price target is derived by taking the average of short-term and longer-term valuation metrics."
	Andrew Kaip, BMO Capital Markets (9/29/16) "Silver Wheaton Corp. emphasized the strength of its operating portfolio, which has a 26-year mine life when considering only proven and probable reserves. . .We came away impressed with a company that manages a portfolio of high-quality, long-life assets. . .Although it has no ownership or operating control, SLW has a strong technical team that has been adding value to its portfolio of assets. . .SLW continues to see exploration potential upside from a range of early-stage assets and has a strong balance sheet and cash flow profile to be able to execute on additional future opportunities."
Josh Wolfson, Dundee Capital Markets (9/20/16) "Silver Wehaton Corp. founded the streaming business model, and views an arbitrage opportunity available where precious metals output from a base metal mine can be valued more favourably by the market within its portfolio. Management outlined it maintains a sector-leading low-cost portfolio, with >95% of production sourced from assets within the lower half of the cost curve. . .at Salobo. . .SLW is expected to receive >225 koz annually. At Penasquito the completion of the pyrite leach circuit in 2019 will improve recoveries, and grades will improve from near-term lower grade ore."
Sean Williams, The Motley Fool (9/19/16) "When we take a step back and analyze the catalysts behind the move higher in precious metal spot prices, it's silver that could have considerably more upside than gold. . .Silver Wheaton Corp. is a royalty and asset streaming company in the silver- and gold-mining space. In return for upfront capital that miners use to develop and expand their mines, Silver Wheaton receives long-term or life-of-mine contracts that allow it to purchase a specified amount of gold or silver at a fraction of the current spot price. . .if silver rises substantially, so should Silver Wheaton's payout."
Jorge Beristain, Deutsche Bank (9/9/16) "We initiate coverage of Silver Wheaton Corp., the largest precious metals focused streaming company globally, with a Buy. . .we forecast silver equivalent production of 54.7m oz in 2016 and 57m oz in 2017 which then has the potential to increase in forward years through deals and/or project development with minimal additional overhead. . .Silver Wheaton is more levered than some peers, its Balance Sheet remains solid. Despite the recent share price rally, we still see upside."
	The Gold Report Article by Ben Kramer-Miller (9/8/16) "Several royalty and streaming companies, including Silver Wheaton Corp., have generated above-average returns in the long run, having outperformed mining stocks, broader stock market indexes and the underlying precious metals. . . the stream that Silver Wheaton owns on Primero Mining's San Dimas mine, it purchased more than 10 years ago back when Goldcorp owned the project. Silver Wheaton now generates ~50% of its initial investment on an annual basis, and the investment has already more than paid for itself. . .Silver Wheaton is inexpensive relative to its peers on a price-to-operating-cash-flow basis. Shares trade at ~20X forward cash flow, which sounds high. But the company's cash flow will be bolstered through mine expansions at two of its biggest streaming assets—Salobo and Peñasquito—over the next few years. The company also has exposure to some of the most efficient mines in the world, which will likely not shut down in the event of a commodity price slump. Such exposure makes up the bulk of Silver Wheaton's portfolio." read more >
Adrian Day, Global Analyst (9/2/16) "Silver Wheaton Corp. has seen higher revenue, as expected with high gold and silver prices (offset partly by the lower production as Penasquito, expectedly to be only temporary). Silver Wheaton has a good project pipeline and available resources for future acquisitions. Though cash is only $103 million against debt of about $1.5 billion, the debt is very serviceable and a line of credit is available as needed. SLW is trading at only a modest discount to industry leader Franco Nevada (just 2% if the reserves for the Canadian tax dispute are eventually used for that purpose). But of course, should Silver Wheaton win the case, there is considerable upside. Given the rally in the stock price, the risk from lower silver prices, and the valuation, we are holding." read more >
	Charles Gibson, Edison Investment Research (8/30/16) "Silver Wheaton Corp.'s Q2/16 earnings were within 2.5% of our forecast and almost 50% better than the previous quarter. Performance was buoyed by record gold sales, driven by the continued ramp up at Salobo, a record production performance at Sudbury (which was almost 6,000oz ahead of our expectations), continued outperformance at Antamina (for a third consecutive quarter) and inventory drawdown (for a second consecutive quarter)."
Charles Gibson, Edison Investment Research (8/25/16) "Silver Wheaton Corp.'s Q2/16 earnings were close to Edison's forecast, but were still almost 50% better than the previous quarter. Performance was buoyed by record gold sales, driven by the continued ramp up at Salobo, a record production performance at Sudbury, continued outperformance at Antamina and continued inventory drawdown. . .SLW is trading on near-term financial ratios that are cheaper than those of its royalty/streaming peers and the miners themselves on a majority of valuation measures, despite being associated with materially less operating and cost risk."
	Frank Holmes, U.S. Global Investors (8/22/16) "One of the best ways to play gold, I believe, is royalty and streaming companies; as a reminder, these companies serve as specialized financiers to explorers and producers. . .among our favorite names in this space is Silver Wheaton Corp., which has outperformed underlying gold for the 12-month period."
Kevin MacKenzie, PI Financial (8/15/16) “As opposed to many established miners, Silver Wheaton Corp. has a low operating risk profile, given the structure/quality of its streaming agreements, and benefits from its free exposure to project level exploration /development upside. . .We expect Silver Wheaton, as the only pure precious metal streaming/royalty company, to continue to outperform its peers. . .We are initiating coverage on Silver Wheaton with a BUY rating, US $35.50/sh target price and AVERAGE risk rating. . .Our target, which presents a 17% return to market, is derived from an equal weighting of 1.75x P/Operating NAV and 22x P/2017E CF.”
	Cosmos Chiu, CIBC World Markets (8/11/16) "Silver Wheaton Corp. reported a solid quarter for Q2/16, reporting 12.9 million ounces of silver equivalent production, in line with CIBC expectations. . .By metal, attributable production was 7.6 million ounces of silver and 70,200 ounces of gold, compared to CIBC estimates of 8.1 million ounces of silver and 65,000 ounces of gold. . .Reiterated 2016 attributable gold production guidance of 305,000 ounces and refined silver production guidance to 32 million ounces (from 32.8 million ounces) due to San Dimas, and for the five-year period (including 2016), an average of 330,000 ounces of gold and 31 million ounces of silver."
Josh Wolfson, Dundee Capital Markets (8/11/16) Silver Wheaton Corp. reported 2Q16 EPS of $0.14, above our estimate of $0.11 and in line with consensus of $0.14. Production was higher than forecast. . .SLW reported silver equivalent production of 12.8MMSEO, +8% our 11.9MMSEO estimate. Results consisted of silver production of 7.6 MMoz (+7% our 7.1 MMoz est.), and gold production of 70.2 koz (+9% our 64.6 koz est.). . .SLW announced a transaction to increase its attributable Salobo goldstream production by an additional 25% for US$800MM in cash, which the company intends to fund with cash and available credit."
	Andrew Kaip, BMO Capital Markets (8/10/16) "Silver Wheaton reported headline Q2/16 EPS of $0.14; after adjusting for stock-based compensation, adjusted EPS was $0.15, ahead of BMO estimates of $0.10 and consensus of $0.14. . .the adjusted EPS beat relative to our estimates was attributable to higher-than-expected silver sales at Antamina and Penasquito. . .SLW retains flexibility to transact on further streaming agreements due to strong cash generative ability and total liquidity of over $600M after adjusting for the Salobo advance payment."
Phil Russo, Raymond James (8/3/16) "We reiterate our Outperform rating for Silver Wheaton and are increasing our target price to US$33.50 from US$28.00 following the company's announcement of the increased interest in Vale's Salobo life of mine (LOM) gold production. . .The increase in estimated free cash flow pushes Silver Wheaton to the top FCF yielding royalty/streamer in our coverage universe at 6% versus the peer group at 5%. . .We believe portfolio diversification, growth profile, precious metals exposure and FCF yield warrant our Outperform rating."
	Andrew Kaip, BMO Capital Markets (8/2/16) "Silver Wheaton announced the acquisition of an additional 25% gold stream from the Salobo Mine in Brazil. . . the NPV5% of the additional stream at Salobo is estimated at~$275M with an IRR of 8.6% at spot prices, which appears reasonable given SLW’s familiarity with Salobo, and the asset’s high-quality and long reserve life. The stream is forecast to increase EBITDA by ~10% annually with Salobo now representing ~30% of EBITDA on a go-forward basis, vs. ~20% previously. . .We rate shares of SLW as Outperform with a revised $31 target price."
Josh Wolfson, Dundee Capital Markets (8/2/16) "Silver Wheaton Corp. has agreed to acquire an additional 25% of LOM gold production from Vale's Salobo mine in Brazil for up-front cash consideration of US$800MM. . .Silver Wheaton has also amended the strike price on 10MM warrants previously issued to Vale to US$43.75/sh from US$65/sh. . .the transaction is 3% accretive to our spot corporate NAV, and could add an incremental $50MM in 2017/2018 corporate FCF (+8%). . .Silver Wheaton revised its 2016 gold production guidance to 305 koz, and average 5-year gold production of 330 koz."
	Cosmos Chiu, CIBC World Markets (8/2/16) "Silver Wheaton Corp. has announced the acquisition of an additional 25% gold stream from Vale on the Salobo mine in Brazil for $800 million (plus reduced strike price on previously issued warrants to Vale), bringing the total to a 75% stream. . .security for the entire 75% gold stream has been improved, with gold deliveries now guaranteed by Vale and the direct holder of Salobo, Salobo Metals S.A. . .Silver Wheaton has increased its attributable gold production to 305,000oz (from 265,000oz)."
"What Experts Predict for the New Silver Bull Market" Gold Report Article (7/27/16) "Silver Wheaton Corp. is levered to the silver price. In Raymond James' July 21 Q2/16 Precious Metals Preview report, the firm named Silver Wheaton a top pick both as a silver equity and a streamer. Credit Suisse upgraded Silver Wheaton at the end of June from Neutral to Outperform. Analyst Ralph Profit noted, "While CRA tax risk likely continues as an overhang, SLW's business model still provides investors with a highly levered play on precious metals prices and SLW should still command a multiple in-line with royalty valuations and a premium to precious metals miners based on its leverage to underlying prices, free cash flow, and strong balance sheet." read more >
Alpha Investor, Seeking Alpha (7/23/16) "Silver Wheaton Corp. shares have gone from strength to strength this year, rising more than 110% and currently trading close to 52-week highs. . .I believe that Silver Wheaton will be able to sustain this strong stock price momentum as it is on track to deliver robust second-quarter results in a couple of weeks. . . the company is anticipated to post top line growth of 23.4% in the second quarter to almost $203 million. . .Silver Wheaton is well-prepared to deliver strong revenue and earnings growth."
	Charles Gibson, Edison Investment Research (7/4/16) "Assuming no material purchases of additional streams (which is unlikely), we forecast a value per share for Silver Wheaton Corp. of US$37.62, or C$48.27, in FY19 (at silver and gold prices of US$26.57/oz and US$1,483/oz, respectively). At a share price of C$27.16, this represents a total internal rate of return to investors of 26.2% in US dollar terms. . .Silver Wheaton is trading on near-term financial ratios that are cheaper than those of its royalty/streaming peers."
Tony Lesiak, Canaccord Genuity (6/17/16) "We recently visited Vale's Salobo mine in Brazil; while the operation showed extremely well, the key takeaway was that Vale is not maximizing the potential of this world-class orebody at the current processing rate. Phase 3 seems very plausible with permits already in hand and almost half of the capital coming from Silver Wheaton Corp. . .we see strong potential for Salobo to see a phase 4 expansion (to 48 mtpa). . .an ultimate expansion to 48 Mtpa using only existing reserves/resources would trigger the maximum payout and would generate a 7.5% IRR to SLW at spot gold."
	Luke Burgess, Energy and Capital (5/29/16) "Silver Wheaton Corp. is actually the world's largest precious metal streaming company in the world by market cap. . .it derives approximately 60% of its revenue from the sale of silver and approximately 40% of its revenue from gold sales. . .the company currently has 20 precious metal purchase agreements with 15 operating partners, including majors like Barrick Gold and Goldcorp. Along with most other gold and silver–focused companies, Silver Wheaton has pulled back a bit from a 52-week high at the end of April, but I expect to see shares pop back over $20 in short order."
	Charles Gibson, Edison Investment Research (5/25/16) "After four quarters in which the production of both gold and silver achieved successive new records, output attributable to Silver Wheaton (SLW) moderated in Q116 – albeit to only the second-best ever – with good quarterly performances (again) from Antamina and Salobo. . .Silver Wheaton is trading on near-term financial ratios that are cheaper than those of its royalty/streaming 'peers' on at least 83% of valuation measures considered and the miners themselves on at least 61% of measures considered, despite being associated with materially less operational and cost risk, in particular."
	Andrew Kaip, BMO Capital Markets (5/24/16) "Recently, we attended a site visit of the Salobo mine in Brazil. . .Silver Wheaton Corp. has a life-of-mine stream to purchase 50% of the gold (an initial 25% in Q1/13 for $1.3B and a further 25% in Q1/15 for $0.9B) at a delivery charge of $400/oz that began to increase 1% annually in 2016. . . [at] current processing rates, Salobo has a 48-year mine life, providing SLW a cornerstone long-lived stream with annual deliverable gold sales of 145koz through 2042."
	The Gold Report Article by Jason Hamlin (5/19/16) "One the best-known streaming/royalty companies in the mining space is Silver Wheaton Corp.; it has performed well during the 2016 bounce in commodity prices, offering leverage to the underlying move of the metals." read more >
	Andrew Kaip, BMO Capital Markets (5/11/16) "A positive outlook for silver and gold prices combined with a view that the gold-to-silver ratio will continue to improve to approximately 65 to 1 should be a compelling catalyst for shares of Silver Wheaton Corp. . .in the context of an environment where silver outperforms gold, we expect shares of Silver Wheaton to deliver superior price performance relative to more gold-weighted peers. . . we expect Silver Wheaton will become increasingly attractive to generalist investors re-entering the sector and seeking exposure to silver."
Josh Wolfson, Dundee Capital Markets (5/9/16) "Silver Wheaton Corp. reported 1Q silver equivalent in-concentrate production of 12.7 MMSEO, 2% above our 12.5 MMSEO estimate. . .results benefitted from higher silver production from Antamina (2.0 MMoz Ag vs. our 1.4 MMoz est.). . . subsequent to quarter-end, the company completed its equity financing for net proceeds of $607MM, which was used to repay outstanding debt on its credit facility."
	Cosmos Chiu, CIBC World Markets (5/9/16) "Silver Wheaton Corp.'s Q1/16 attributable silver equivalent production benefitted from strong contributions from Salobo (up 39% YOY) and Antamina EPS 2014-2015 (second quarter of contribution), offsetting lower production from San Dimas. . .relative to 2016 guidance, both Antamina and Sudbury are tracking ahead of guidance, and higher production is expected from Salobo as it reaches full production capacity in H2/16."
	Andrew Kaip, BMO Capital Markets (5/9/16) "Silver Wheaton Corp. reported Q1/16 EPS of $0.10 above BMO estimates for $0.06. . .silver equivalent sales of 12.8 Moz were above our estimate 10.8 Moz, and 2016 guidance for production of 54 Moz silver equivalent was maintained. . .the earnings beat resulted from higher-than-expected silver sales from the Antamina stream. . .the company remains positioned to transact on further streaming arrangements, with ~$1.2B available under the revolving credit facility, and strong free cash flow generation of ~$150M per quarter at spot prices."
Phil Russo, Raymond James (5/9/16) "Silver Wheaton Corp. reported results that were consistent with our expectations as new streams continue to drive growth. We continue to believe that the company is well positioned to benefit through commodity cycles with a number of high-quality long-life streams generating material levels of cash flow today (Silver Wheaton is our highest FCF-yielding name among our large caps)."
	Frank Holmes, U.S. Global Investors (5/2/16) "Silver Wheaton Corp. had a phenomenal 2015 highlighted by two successful stream acquisitions, strong production and fully-funded growth. . .the stock is up more than 51 percent for the year. . .With only around 30 employees, Silver Wheaton has one of the highest sales-per-employee rates in the world. According to FactSet data, the company generates over $23 million per employee per year—compare that to a large senior producer like Newmont, which generates 'only' $200,000 per employee."
Trefis (4/29/16) "Silver Wheaton Corp. currently has fourteen silver purchase agreements and two precious metals agreements. . .based upon its current agreements and forecasts for 2015, attributable production is expected to total 54 Moz silver eq, including 265,000 oz of gold. The company's estimated average annual production over the next five years is anticipated to be approximately 52M silver eq oz, including 260,000 oz of gold. . .the Salobo mine is the most valuable division."
	Charles Gibson, Edison Investment Research (4/28/16) "A strong performance at Silver Wheaton Corp.'s gold division in Q4/15 was complemented by an equally impressive performance at its silver division, with records set for both production and sales, as each of its cornerstone assets performed in tandem. . .the company is trading on near-term financial ratios that make it the cheapest of its peers and, frequently, cheaper than the miners themselves, despite being associated with materially less risk."
Charles Gibson, Edison Investment Research (4/19/16) "In light of Silver Wheaton Corp.'s March bought deal, we now estimate that its net debt will reduce to $395.8M by FY16E (equating to gearing of 8% and leverage of 7.4%) and that it will now be debt free in FY17 (all other things being equal). . .we forecast a value per share for the company of $42.30, or CA$54.40, in FY19, based on the new number of shares in issue, representing a total internal rate of return to investors at the current share price of 42.1% in U.S. dollar terms over four years."
	Andrew Kaip, BMO Capital Markets (4/7/16) "We are resuming coverage of Silver Wheaton Corp. following a period of research restriction related to the company's bought-deal common share financing; a total of 33.1M common shares (8% dilution) were issued at a price of US$16.60/share for aggregate gross proceeds of US$550M. . .while we recognize that the company's intention is to apply net proceeds toward debt reduction, the financing also provides it greater flexibility to execute on future streaming transactions given pro forma liquidity of +US$1.0B. . .we also highlight that debt remains a low-cost source of funding for Silver Wheaton, with an effective interest rate below 2.0%."
	Charles Gibson, Edison Investment Research (3/24/16) "Notwithstanding a maiden contribution from Antamina, a strong performance at Silver Wheaton Corp.'s gold division was complemented by an equally impressive performance from its silver division, with records set in both the production and sales of precious metals, as each of its cornerstone assets (Salobo, Penasquito, San Dimas and Antamina) performed in tandem. Constancia, which is in the process of ramping up, also performed better than our expectations. . .excluding impairments, Q4/15 was therefore the best quarter of FY/15 and the company's best since Q3/14 (when the average silver price was $18.98/oz)."
Phil Russo, Raymond James (3/17/16) "Silver Wheaton Corp. reported strong Q4/15 results on the back of stronger-than-expected production. With the addition of streams from Salobo and Antamina in 2015, production growth is expected to continue into 2016. . .we continue to believe that the company is well positioned to benefit from the commodity cycle with a number of high-quality long-life streams supporting significant cash flow generation."
	Cosmos Chiu, CIBC World Markets (3/17/16) "Silver Wheaton Corp. reported its Q4/15 financial results with attributable Ag eq production of 15.5 Moz (sales of 13.6 Moz), adjusted earnings per share of $0.14 and cash flow per share of $0.33, compared with our estimates of 12.2 Moz (12.8 Moz), $0.15 and $0.30, respectively. For 2016, the company has provided guidance for attributable Ag eq production of 54 Moz (including 265,000 oz gold). . .representing a 13% increase in attributable Ag eq production year-over-year (including a 16% year-over-year increase in gold). . .we have increased the price target for Silver Wheaton's stock to $19.50 (from $16.50)."
Josh Wolfson, Dundee Capital Markets (3/17/16) "Silver Wheaton Corp. reported Q4/15 adjusted earnings per share of $0.14, above our $0.12 estimate and consensus of $0.13. . .total production was 15.5 Moz Ag eq, a material 22% above our 12.6 Moz Ag eq estimate. Total cash costs of $4.50/oz Ag eq were in-line with our $4.52/oz Ag eq estimate. . .Q4/15 sales totaled 13.6 Moz Ag eq, also a material 33% above our 10.2 Moz Ag eq estimate, thereby contributing to higher cash flow."
	Andrew Kaip, BMO Capital Markets (3/16/16) "Silver Wheaton Corp.'s Q4/15 adjusted EPS came in at $0.14, slightly above our estimate and consensus at $0.13. Q4/15 sales of 13.6 Moz silver equivalent were in line with our forecast of 13.5 Moz. . .for 2016, the company's estimated attributable silver equivalent production forecast stands at 54 Moz, in line with our forecast of 53.6 Moz."
	Charles Gibson, Edison Investment Research (2/15/16) "Silver Wheaton Corp.'s Q4/15 results are scheduled for release on March 16 and will include the Antamina gold stream for the first time. . .an operational update from Hudbay Minerals indicates that silver production attributable to Silver Wheaton from Constancia in Q4/15 was ahead of our expectations and gold production was in-line. . .at the same time, silver production of 2.32 Moz from San Dimas (Primero) is consistent with production attributable to Silver Wheaton of 1.9725 Moz (our calculation), with the mine exceeding expectations."
	Ben Kramer-Miller, miningWEALTH (2/9/16) "Silver Wheaton Corp. is a streaming company whose cash flow remains robust even in a low metal price scenario. For example, it pays just a little more than $4/oz for its silver. This compares with silver miners, who have costs at $10/oz on the low end. . .if gold and silver prices begin to rise, this will be an outperformer as a low-risk way for investors to get leverage to metal prices with predictable costs."
Hard Asset Investments, Seeking Alpha (2/3/16) "Last week Silver Wheaton Corp. announced it had signed a term sheet with Panoro Minerals to enter into an early deposit precious metals purchase agreement for the Cotabambas project in Peru. . .Silver Wheaton doesn't have to commit any capital until Panoro significantly de-risks the project with further drilling, engineering work and late-stage feasibility studies. Basically, I think this deal is simply a no-brainer for Silver Wheaton, and I view it as a leveraged long-term call option on metals prices. . .the company continues to invest in its business and its future."
	The Gold Report Interview with Ralph Aldis (2/1/16) "Silver Wheaton Corp. has some tax issues hanging out there that make it difficult to go out and tell the story. But the controversy could result in a very good entry point for some people." read more >
Trefis (1/27/16) "Silver Wheaton Corp. is the world's largest silver streaming company. . .by 2019, its attributable production is anticipated to increase significantly to 51 Moz Ag eq, including 325 Koz gold. . .no ongoing capital expenditures are required to generate this growth and the company does not hedge its silver production."
Phil Russo, Raymond James (1/20/16) "The announcement that the Canadian Revenue Agency will also review Silver Wheaton Corp.'s taxation years 2011–2013, in addition to the current claim for the 2005–2010 period, does not come as a surprise to us, given the original claim. . .longer-term investors who can tolerate the taxation dispute should consider that current levels given the fundamentals, while overshadowed today, remain strong. . .while the company believes that the court process will provide a quicker resolution to this matter, we don't expect a final resolution until sometime in 2017 at the earliest."
	Andrew Kaip, BMO Capital Markets (1/19/16) "Silver Wheaton Corp. received correspondence advising that the Canadian Revenue Agency (CRA) would be commencing an audit of the company's international transactions covering the 2011 to 2013 taxation years. . .ironically, elevation of the CRA position could be viewed as positive—investors now have a clearer picture of the CRA position for future tax years and can, with increasing certainty, assess the potential impact, thereby accelerating the time frame for shares of Silver Wheaton to move toward 'ex-CRA' and resume trading on fundamentals."
	The Gold Report Interview with Charles Gibson (1/7/16) Charles Gibson: Silver Wheaton Corp., a Canadian streaming company, has good defensive characteristics in the current environment for commodities. In this market you want something that's going to give you solid defensive qualities if things get more difficult but could also ride any potential improvement in the market. Those two companies are well placed to perform those functions. The Gold Report: The Canada Revenue Agency (CRA) says Silver Wheaton owes the government millions in back taxes. Can it overcome those obligations without severely impairing its share price? CG: First of all, Silver Wheaton is vigorously defending itself against the CRA's position and this will likely go to litigation early next year. The amount the CRA is demanding works out to $0.66/share. By contrast, Silver Wheaton's shares are down a few dollars since the CRA announcement last July. That seems disproportionate. In addition (and the reason that Silver Wheaton is defending itself so vigorously), the CRA is seeking to reassess taxes on revenue streams from non-Canadian assets that go through a wholly owned but non-Canadian subsidiary. It's quite a stretch for the CRA to believe it can tax those assets. In any event, I would expect the share price to rise whether this issue is resolved either positively or negatively. Even in the unlikely scenario in which it were to lose its case, which I don't think is likely, I can't see Silver Wheaton paying a full Canadian tax charge ad infinitum. So I would expect it to take action, which, again, would reduce that tax charge to something close to historical norms. TGR: In a recent research report, you called Silver Wheaton "materially cheap" relative to its peers. Why? CG: Its price-earnings and yield multiples are lower than virtually every other major royalty company listed in North America. It is actually cheaper than quite a few of the major mining companies, which of course have a higher risk profile. That makes Silver Wheaton a very attractive investment. The market is overemphasizing the current and future implications of the CRA's tax reassessment, which has resulted in a share price reaction that is disproportionately to the downside. Silver Wheaton was not expensive, but this move has made it noticeably cheap. Silver Wheaton is trading at a fraction of Franco-Nevada Corp.'s multiples, for example. read more >
	The Gold Report Interview with Adrian Day (11/30/15) "'Silver Wheaton Corp. is making smart deals right now. The royalty and streaming companies are generally taking advantage of other companies' distress because typically they have better balance sheets,' Adrian Day says." read more >
Tony Lesiak, Canaccord Genuity (11/19/15) "Q3/15 was operationally a strong quarter for Silver Wheaton Corp. from key streams: Salobo, Penasquito, and San Dimas performed very well. Following Q3/15, the company added another quality asset to its already-robust portfolio with the acquisition of a silver stream from Glencore at Antamina. . .Silver Wheaton remains one of the highest-quality royalty names in the precious metals sector. . .we maintain our Buy rating, and the stock remains on our Focus list."
	Charles Gibson, Edison Investment Research (11/11/15) "Excluding a $154M impairment charge relating to its 777-mine gold stream beyond 2020. . .Silver Wheaton Corp.'s Q3/15 results were closely in-line with our expectations. Pre-tax income was 3.5% higher than our forecast. . .more significantly, the company has acquired a new silver stream from the world-class Antamina copper mine in Peru, which has caused us to increase both our earnings forecasts and our valuation."
Canaccord Genuity's Morning Coffee (11/6/15) "Silver Wheaton Corp. is paying $900M to embattled Glencore in exchange for rights to some of the future silver production from a Peruvian mine. . .the company said the new streaming agreement will help it deliver increased dividends despite flat commodity prices."
	Ash Guglani, Salman Partners (11/6/15) "Our 12-month target price for Silver Wheaton Corp.'s stock is CA$30/share (up from CA$29/share). Given management's strong ability to acquire high-quality, world-class assets, we maintain our Top Pick recommendation. The company remains in a strong position, as its growth to 2019 is fully funded and, with the acquisition of a stream from one of the lowest-cost copper mines in the world, more of its production by 2019 will come from assets that should withstand the lower commodity price environment (84% of production will come from mines operating in the first quartile of their respective cost curve)."
	Ben Kramer-Miller, miningWEALTH (11/5/15) "San Dimas is one of Silver Wheaton Corp.'s core assets, and it is rapidly growing production. Its operator, Primero, is growing low-opex gold and silver production from today's rate of ~2,500 tpd up to 3,000 tpd, and it should be able to do so in the first part of next year."
Phil Russo, Raymond James (11/4/15) "Silver Wheaton Corp.'s Q3/15 results were essentially in line with our estimates in the quarter as the company continues to generate significant cash flow. Silver Wheaton also announced a $900M silver stream with Glencore on the Antamina mine. . .this transaction introduces another large, long-life asset into its portfolio and bolsters its leading portfolio of streams."
	Cosmos Chiu, CIBC World Markets (11/4/15) "Silver Wheaton Corp. announced Q3/15 results which were largely in line, with attributable silver equivalent production of 11 Moz (sales of 10.2 Moz), EPS of $0.12 and CFPS of $0.25, compared with our estimate of 11.3 Moz (10.5 Moz), $0.13 and $0.26, respectively. . .at Q3/15E, the company had $81M in cash on hand."
	David Morgan, Silver Investor (11/4/15) "Silver Wheaton Corp. just announced a $900M silver streaming agreement with Glencore on its Antamina mine in Peru. . .this acquisition will immediately increase attributable production by 5.1 Moz Ag in 2016 and 2017 and 4.6–4.8 Moz/year Ag for at least the next 20+ years. And it gets even better because there still remains significant exploration upside potential."
	Andrew Kaip, BMO Capital Markets (11/3/15) "Silver Wheaton Corp. announced the acquisition of a silver stream from Glencore Plc at Antamina. . .it provides immediate cash flow from a low-cost, long-life operation with significant exploration upside and is forecast to increase EBITDA by ~8% annually. We estimate internal rate of return at 4.5% using spot prices, consistent with recent transactions in the sector."
Jefferson Research (10/30/15) "The earnings quality for Silver Wheaton Corp. improved from strong to strongest in Q2/15. . .operating cash flow increased in Q2/15 to $109M from $89M, and the ratio of operating cash flow:earnings has also improved."
	The Gold Report Interview with Marin Katusa (10/29/15) "Investors looking at the top-tier companies also have to consider the royalty streaming companies, like Silver Wheaton Corp. I would argue that the streaming companies are in better shape than the producers themselves." read more >

Experts Following This Company

	Jay Albany, Healthcare Analyst – SeeThruEquity
Jorge Beristain, Analyst – Deutsche Bank
	Cosmos Chiu, Executive Director of Precious Metals Equity Research – CIBC World Markets
	Adrian Day, Founder – Adrian Day Asset Management
	Charles Gibson, Director, Mining – Edison Investment Research
	Michael Gray, Analyst – Macquarie Capital Markets
Timothy Hayes – Davenport & Co.
	Frank Holmes, Chairman – U.S. Global Investors
	Andrew Kaip, Analyst – BMO Capital Markets
	Ben Kramer-Miller, Chief Analyst – miningWEALTH
Kevin MacKenzie, Analyst – PI Financial
Phil Russo, Research Associate – Raymond James
Michael Siperco, Analyst, Mining Equity Research – Macquarie Capital Markets
Josh Wolfson, Precious Metals Analyst – Eight Capital

The information provided above is from analysts, newsletters, the company and other contributors.

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