Silver Wheaton shares are listed on both the Toronto Stock Exchange and the New York Stock Exchange under the symbol ‘SLW’. The company does not sell shares directly to the public; however, you can purchase shares directly through a full service or discount broker.

What is silver streaming?

Silver streaming allows Silver Wheaton to purchase, in exchange for an up-front cash payment, the by-product silver production of a mine that it does not own or operate. Silver Wheaton currently has fourteen silver purchase agreements and two precious metals agreements where, in exchange for an upfront payment, it has the right to purchase all or a portion of the silver production, at a low fixed cost, from a number of high-quality mines located in politically stables regions around the world.

What does Silver Wheaton pay to its mining partners for the silver?

There are two payments involved – an upfront cash payment, and a per ounce payment which is made as Silver Wheaton’s mining partners deliver silver to the Company. The delivery payment is pre-determined in the agreements, usually at approximately $4 per ounce with a small inflationary adjustment. This amount offsets our partners’ typical cost to produce an ounce of silver.

How do Silver Wheaton’s shareholders benefit from the company’s silver streaming business model?

Silver streaming mitigates many of the risks associated with traditional mining investments, while at the same time offering shareholders significant upside to increasing silver prices. One of the chief benefits of this model is its essentially fixed operating costs. Fixed costs reduce our shareholders’ downside risk, and, in a rising silver price environment, result in amongst the highest cash operation margins in the mining industry. Secondly, other than the initial upfront cash payment, Silver Wheaton does not contribute to future capital expenditures or exploration costs invested by the mine; yet, we benefit from the production and exploration growth that result from our partners’ expenditures. Silver streaming also allows for greater diversity of assets, and provides shareholders access to silver from some of the best mines in the world. Silver Wheaton’s simple and unique business model often translates into significant value creation for shareholders.

How do Silver Wheaton’s partners benefit from silver streaming agreements?

Silver Wheaton helps mining companies grow their businesses by offering a very attractive source of funds compared to other forms such as debt and equity. A silver stream allows a mine operator that produces silver as a by-product, such as a base metal company, to monetize the value of its future non-core silver production. Mine operators typically receive the upfront payment in the form of cash, which can be used to continue growing their company, either through exploration, production expansions, or by making acquisitions. Alternatively, the proceeds can be used to strengthen their capital structure by paying down debt.

How does Silver Wheaton sell its silver?

Under the terms of most of its silver purchase agreements, Silver Wheaton purchases silver from its partners, which is delivered in the form of silver credits to one of Silver Wheaton's metals trading accounts and is then sold at prevailing market prices. With a few of its contracts, Silver Wheaton purchases silver contained in concentrate produced by a mine. Silver Wheaton sells the silver contained in the concentrate to a customer (e.g. a smelter) and receives payment in accordance with the terms of a concentrate purchase agreement.

Does Silver Wheaton hedge its attributable silver production?

No. Silver Wheaton is 100% unhedged.

Can I purchase physical silver from Silver Wheaton?

Silver Wheaton does not sell silver to the retail market.

How can I get my shares registered in my name?

If you are a beneficial shareholder, please ask your broker or financial institution to transfer the shares into your name. You will then receive a share certificate and will become a registered shareholder. For US beneficial shareholders, your broker or financial institution can request a certificate through the Depository Trust Company, who will process the request for you. Silver Wheaton does not participate in the Direct Registration System.

Can I purchase options on Silver Wheaton shares?

Yes. Listed options on Silver Wheaton trade on both the Montreal Exchange and the Chicago Board Options Exchange.

Does Silver Wheaton have any warrants?

Yes, Silver Wheaton has one exchange traded warrant. The SLW.WT.U (“U”) warrant trades on the Toronto Stock Exchange in US dollars. The terms are: one warrants plus the exercise price of US$20.00 = one SLW common share. These warrants expire on September 5, 2013.

Does Silver Wheaton offer dividends?

Yes, Silver Wheaton pays a quarterly dividend to shareholders. On November 9, 2011, Silver Wheaton announced that it has adopted a new dividend policy linking quarterly dividend payments to operating cash flows in the prior quarter. The quarterly dividend per common share is now equal to 20% of the cash generated by operating activities in the previous quarter divided by the company’s outstanding common shares at the time the dividend is approved, all rounded to the nearest cent. Learn more by visiting the Dividend web page.

Does the company have a dividend reinvestment plan?

Silver Wheaton does not have a Dividend Reinvestment Plan.

Who do I contact if I did not receive my dividend cheque?

Beneficial shareholders should contact their broker to arrange payment. Registered shareholders need to contact Silver Wheaton’s Trust Company, CIBC Mellon, at 1-800-387-0825 for instructions.

Is there dividend withholding tax for US shareholders?

Yes. US shareholders receiving dividends will be taxed with a Canadian (15%) and a US (28%) withholding tax. Registered shareholders can provide documentation (click here for the W9 form) to Silver Wheaton’s Trust Company, CIBC Mellon, to request to reduce or eliminate the US withholding tax. CIBC Mellon accepts W9 forms only from registered shareholders. They require the original, signed form, and will not accept faxed or emailed copies. The shareholder account number must also be recorded on the form; this number appears on the top right hand side of the dividend cheque. The completed W9 can be returned by mail to: Maintenance Department, CIBC Mellon Trust Company, P.O. Box 7010, Adelaide Street Postal Station, Toronto, Ontario, Canada M5C 2W9. US beneficial holders must submit a completed W9 form to their broker. Separate W9 forms are not required for each stock held in an account. And generally, as long as the broker has a W9 from the client, they will not deduct the backup withholding tax.

How would you describe Silver Wheaton’s production profile?

Silver Wheaton has one of the strongest production growth profiles in the precious metals industry and we remain focused on continuing to create long term shareholder value by acquiring further high-quality silver streams. By 2015, based upon current agreements, annual attributable production is anticipated to increase significantly to approximately 43 million silver equivalent ounces. Beyond the initial upfront payment, no ongoing capital expenditures are required to generate this growth and Silver Wheaton does not hedge its silver production.

How does Silver Wheaton plan to continue providing shareholder value?

With one of the strongest cash operating margins in the industry, Silver Wheaton has the capacity to offer our shareholders meaningful long-term growth, both through capitalizing on the many silver streaming opportunities that we feel lie ahead, and through meaningful dividend growth.

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