Enriching Our Native Way of Life


?it

August 29, 2019

Randy Smallwood

President 8 Chief Executive Of?cer
Wheaton Precious Metals Corp.
1021 West Hastings St., Suite 3500
Vancouver, BC Canada V6E 003

Dear Mr. Smallwood,

Bristol Bay Native Corporation (BBNC) is a for-pro?t corporation that was authorized by Congress
in the Alaska Native Claims Settlement Act (ANCSA) of 1971 to represent the economic, social
and cultural interests of the Native people of Bristol Bay, Alaska. Today BBNC has more than
10,500 who live in Bristol Bay or have ancestral ties to the region.

With the enactment of ANCSA, the people of Bristol Bay relinquished claims to millions of acres
of aboriginal homeland in exchange for uncontested title to more than three million surface and
subsurface acres in the Bristol Bay region and $30 million dollars. From inception, our
Directors have taken very seriously the responsibility to protect the assets put into their care and
followed a long term strategy of responsible development of lands and prudent investment of
BBNC ?nancial resources, all while maintaining our commitment to protect the Native cultures of
Bristol Bay and the subsistence way of life.

Alaska Governor Mike Dunleavy wrote to you in July and impliedly characterized the opposition to
the Pebble project as coming solely from national environmental groups. That is inaccurate.
There is strong opposition to the project within Bristol Bay and across Alaska. As one recent
example, earlier this year BBNC completed a poll of our shareholders in which we queried the
level of opposition to Pebble. Our shareholders are overwhelmingly opposed to the project, 76%
of all shareholders Oppose Pebble and that percentage increases to 83% if we consider only
shareholders who currently reside in Bristol Bay. In addition, 85% of all of our shareholders are
concerned about the potential risks Pebble would pose to the region's salmon runs. BBNC also
annually polls all Alaskans on a variety of issues, including Pebble. In these polls, less than 40%
(only 35% in 2019) of Alaskans have responded that they support the project.

The reasons for this opposition are easy to explain. While Alaska is a resource development state
and Alaskans generally support sensible and responsible resource development projects, Pebble
is not such a project. As our late Senator Ted Stevens proclaimed, Pebble ?is the wrong mine for
the wrong place." It is the wrong mine for the wrong place because it is a pyritic deposit, of very
low concentration, located near the headwaters of the world's greatest remaining wild sockeye
salmon ?shery. This summer, commercial ?shers harvested more than 41.5 million sockeye
salmon from Bristol Bay waters another astounding season in a commercial ?shery that has

111 West 16th Avenue, Suite 400 Anchorage, AK 99501 907.278.3602 907.276.3924

existed for over 135 years. The total return exceeded 53.6 million ?sh. This ?shery annually
generates more than a billion dollars in total economic output and supports thousands of jobs.

The region's salmon have also fed the people of Bristol Bay for thousands of years. Nearly every
household in Bristol Bay participates in the subsistence ?shery, harvesting hundreds of pounds of
salmon annually. This is a practice that every summer brings the people of Bristol Bay home and
connects multiple generations. It is why our shareholders consider themselves ?salmon people.? It
is a tradition that has sustained our communities for millennia and can continue to do so if the
resource is appropriately managed and protected.

Salmon is not the only species that thrives in Bristol Bay. The region?s rivers are also home to
trophy rainbow trout, grayling, char. and other sport?sh species. The lands are home to bear,
wolves, fox, moose, caribou and many other animals, both small and large. As a result, Bristol
Bay is dotted with sport?shing and wildlife lodges and tourism businesses that contribute
significantly to the region?s employment and economy.

Pebble threatens all of these economies and cultures and that is why the coalition opposing the
project is so broad and deep. There are not many issues that bring Alaska Native. commercial
fishing, sport?shing and wildlife tourism interests together. But as I noted above, Pebble is far
from your typical resource development project.

These threats are also why BBNC's Board of Directors passed a 2018 resolution that prohibits
BBNC's lands or resources to be used for Pebble?s transportation corridor. Every transportation
option being considered in the Draft Environmental Impact Statement crosses BBNC surface or
subsurface estate lands. BBNC will not grant the Pebble Limited Partnership any permission to
use our lands or resources. This is a prohibition we have candidly shared with both the Pebble
Limited Partnership and the Corps of Engineers.

To the extent Wheaton Precious Metals is looking at the Pebble project, I am sure you are doing
due diligence. What I hope you take away from this letter is that the proposed Pebble mine poses
risks to the economy. cultures and people of Bristol Bay that are unacceptable to BBNC and the
vast majority of people in Bristol Bay, and there is a dedicated and unwavering opposition to the
project both in Bristol Bay and across Alaska that will not go away and will not give up. Our home-
grown opposition is sincere, science and fact-based, deep, and committed.

I am available to talk by telephone orto meet in person should you wish to more deeply
understand our region?s opposition to the Pebble project.



Jason Metrokin
President CEO

Enclosures

Cc: Governor Mike Dunleavy

BBNC-Wheaton Precious Metals 2
August 29. 2019